康寶萊 (HLF) 2026 Q2 法說會逐字稿

Welcome, and thank you for joining the second quarter 2026 earnings conference call for Herbalife Ltd. (Operator Instructions) As a reminder, today's conference call is being recorded.

歡迎各位，感謝您參加賀寶芙有限公司（Herbalife Ltd.）2026 年第二季財報電話會議。（接線員指示）提醒各位，今天的電話會議將被錄音。

I would now like to turn the call over to Samantha Holway, Vice President and Head of Investor Relations, to begin today's call. You may begin.

現在我想把電話會議交給投資人關係副總裁暨主管 Samantha Holway，開始今天的會議。您可以開始了。

Thank you, and welcome to everyone joining us. With us today are Stephan Gratziani, our Chief Executive Officer; and John DeSimone, our Chief Financial Officer.

謝謝，並歡迎所有加入我們的朋友。今天與我們一同出席的有執行長 Stephan Gratziani，以及財務長 John DeSimone。

Before we begin today's call, I would like to direct you to the cautionary statement regarding forward-looking statements on page 2 of our presentation and in our earnings release issued earlier today, which are both available under the Investor Relations section of our website. The presentation and earnings release include a discussion of some of the more important factors that could cause results to differ from those expressed in any forward-looking statement within the meaning of the Private Securities Litigation Reform Act of 1995. As is customary, the content of today's call and presentation will be governed by this language.

在開始今天的電話會議之前，我想請各位留意我們簡報第 2 頁以及今天稍早發布的財報新聞稿中，關於前瞻性陳述的警示聲明；兩者皆可在我們網站的投資人關係專區取得。簡報與財報新聞稿討論了若干較重要的因素，這些因素可能導致實際結果與任何前瞻性陳述所表達者有所差異；該等前瞻性陳述係依 1995 年《私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）之意義作出。依慣例，今天電話會議與簡報的內容將受此等文字所規範。

In addition, during today's call, we will be discussing certain non-GAAP financial measures. These non-GAAP financial measures exclude certain unusual or nonrecurring items that management believes impact the comparability of the periods referenced. Please refer to our earnings release and presentation materials for additional information regarding these non-GAAP financial measures and the reconciliations to the most directly comparable GAAP measure.

此外，在今天的電話會議中，我們將討論若干非 GAAP 財務衡量指標。這些非 GAAP 財務衡量指標排除某些不尋常或非經常性項目，管理層認為這些項目會影響所提及期間之可比性。有關這些非 GAAP 財務衡量指標的更多資訊，以及與最直接可比的 GAAP 指標之調節表，請參閱我們的財報新聞稿與簡報資料。

And with that, I will now turn the call over to our CEO, Stephan Gratziani.

接下來，我將把電話會議交給我們的執行長 Stephan Gratziani。

Thank you, Sam, and thank you all for joining us today. Before we begin, I'd like to welcome Samantha Holway, our new Vice President of Investor Relations. Sam brings more than a decade of experience across finance, strategy and most recently as the Head of Sales of North America at Herbalife, and we're excited to have her in this role.

謝謝你，Sam，也謝謝各位今天加入我們。在開始之前，我想歡迎 Samantha Holway 加入，擔任我們新的投資人關係副總裁。Sam 在財務、策略領域以及最近在賀寶芙擔任北美銷售主管方面，擁有超過十年的經驗，我們很高興她能擔任此職務。

Over the past year, we've made strategic investments to build capabilities that will drive Herbalife's next phase of growth. This quarter marks an important milestone as those investments began translating into tangible execution, bringing new innovations to market, expanding our addressable audience and creating new opportunities for our distributors.

過去一年，我們進行了策略性投資，以建立將推動賀寶芙下一階段成長的能力。本季是一個重要里程碑，因為這些投資開始轉化為具體的執行成果：將新創新推向市場、擴大我們可觸及的受眾，並為我們的經銷商創造新的機會。

Today, I'd like to share how those investments are beginning to take shape across our business. But first, let's review some financial highlights. We delivered net sales of $1.3 billion, up 5.4% year-over-year and at the top end of our guidance range. On a constant currency basis, net sales were up 5.8%, which exceeded guidance. This was our fourth consecutive quarter of year-over-year net sales growth on both a reported and constant currency basis, demonstrating the resilience of our business.

今天，我想分享這些投資如何開始在我們的業務中逐步成形。但首先，讓我們回顧一些財務重點。我們實現淨銷售額 13 億美元，年增 5.4%，並位於我們指引區間的上緣。以固定匯率計算，淨銷售額年增 5.8%，超出指引。這是我們連續第四個季度在申報口徑與固定匯率口徑下皆實現淨銷售額年增，展現了我們業務的韌性。

Net sales in North America were up 0.2%. And while nominal, this marks the second quarter of growth in the last four quarters. Adjusted EBITDA was $167 million and near the top end of our guidance range. We entered 2026 with momentum and a clear set of priorities. Throughout the second quarter, we focused on translating our growing capabilities into execution across the business, expanding how we take personalized nutrition to market.

北美地區淨銷售額年增 0.2%。雖然增幅不大，但這是過去四個季度中第二個出現成長的季度。調整後 EBITDA 為 1.67 億美元，接近我們指引區間的上緣。我們帶著動能進入 2026 年，並有一套清晰的優先事項。在第二季期間，我們專注於將日益增強的能力轉化為全公司層面的執行，擴大我們將個人化營養推向市場的方式。

Personalized nutrition has evolved into one of the fastest-growing segments in health and wellness. According to Grand View Research, the category extends well beyond supplements to include personalized recommendations, digital technology, health data, individualized formulations and ongoing engagement. Today, it represents a $34 billion growing global market. But while the category is being defined and given a name, personalization isn't new to Herbalife. And while many companies are focused on individual segments, we believe our unique opportunity comes from combining technology, science and human connection.

個人化營養已演變為健康與保健領域成長最快的細分市場之一。根據 Grand View Research，該類別遠不止於補充品，還包括個人化建議、數位科技、健康數據、個別化配方以及持續互動。目前，這是一個規模 340 億美元且持續成長的全球市場。但即使這個類別正在被定義並被命名，「個人化」對賀寶芙而言並不新鮮。而當許多公司專注於單一細分領域時，我們相信我們獨特的機會來自於結合科技、科學與人際連結。

For more than 45 years, Herbalife has been at the forefront of personalized nutrition, supported by decades of experience, global scale and the strength of our distributor community. Every day, our distributors personalize the customer experience, helping them understand what to measure, what to take, what to do and who to do it with.

45 年多來，賀寶芙一直站在個人化營養的最前沿，背後有數十年的經驗、全球規模，以及我們經銷商社群的力量作為支撐。每天，我們的經銷商都在個人化客戶體驗，協助他們了解要量測什麼、要補充什麼、要做什麼，以及要和誰一起做。

These four Ws have always been at the heart of our business. What's evolving is how technology is helping to amplify that experience for both customers and distributors. We are working to bring together AI-assisted technology, biomarker insights and individualized formulations while strengthening the human connection that has always set Herbalife apart.

這四個 W 一直是我們業務的核心。正在演進的是：科技如何協助放大客戶與經銷商的體驗。我們正致力於整合 AI 輔助技術、生物標記洞察與個別化配方，同時強化一直以來讓賀寶芙與眾不同的人際連結。

It's the reason we believe Herbalife is uniquely positioned to lead the next generation of personalized nutrition, beginning with our most recent launch. Bioniq Go is the first product we brought to market following our acquisition of Bioniq in April. It is a personalized daily supplement that provides a simple, consumer-friendly entry point into personalized nutrition.

這也是我們相信賀寶芙具備獨特優勢，能引領下一代個人化營養的原因，而這一切從我們最近的上市產品開始。Bioniq Go 是我們在 4 月收購 Bioniq 後，第一個推向市場的產品。這是一款個人化的每日補充品，為消費者提供一個簡單、友善的切入點，進入個人化營養。

Customers complete a digital wellness assessment and are matched to 1 of 40 personalized supplement formulas based on their individual profile and wellness goals. Supplements are the largest segment of the personalized nutrition market, accounting for nearly half of the category, and Bioniq Go represents the next generation of personalized nutrition for Herbalife.

客戶完成數位健康評估後，會依其個人檔案與健康目標，配對至 40 種個人化補充品配方之一。補充品是個人化營養市場中最大的細分領域，約占該類別近一半，而 Bioniq Go 代表賀寶芙個人化營養的下一代。

We launched Bioniq Go at our Europe and Africa Extravaganza in June across 11 markets, followed by the U.S. launch at our North America Extravaganza in July. Additional market launches are planned for the second half of the year. In conjunction with the Bioniq Go launch in the European markets, we introduced new digital commerce and subscription capabilities like those recently made available in the U.S. These capabilities make it even easier for distributors to do business and for customers to incorporate products into their daily routines and maintain consistency.

我們於 6 月在歐洲與非洲 Extravaganza 活動中，於 11 個市場推出 Bioniq Go，隨後於 7 月在北美 Extravaganza 活動中於美國上市。今年下半年還規劃在更多市場推出。配合 Bioniq Go 在歐洲市場的上市，我們也導入新的數位商務與訂閱功能，類似於近期在美國上線的功能。這些能力讓經銷商更容易經營業務，也讓客戶更容易把產品融入日常作息並維持一致性。

While we're excited about the opportunities Bioniq Go creates today, we're also looking ahead. Our acquisition agreement includes a call option for Bioniq Lab, a peptide distribution business, giving us the flexibility to evaluate that category over time. As always, we'll take a disciplined approach, continuing to assess the science, regulatory landscape and long-term opportunity before determining the right path for Herbalife. Bioniq Go advances the what to take element of our personalized nutrition strategy. At the center of that strategy is Pro2col, our personalized health operating system.

雖然我們對 Bioniq Go 目前所創造的機會感到振奮，但我們也著眼於未來。我們的收購協議包含對 Bioniq Lab（胜肽分銷業務）的買入選擇權（call option），使我們能隨時間彈性評估該類別。一如既往，我們將採取嚴謹自律的方法，在決定最適合賀寶芙的路徑之前，持續評估科學基礎、監管環境與長期機會。Bioniq Go 推進了我們個人化營養策略中「要補充什麼」的要素。而該策略的核心是 Pro2col——我們的個人化健康作業系統。

Through AI-assisted recommendations and connected digital tools, it brings every element of our personalized nutrition approach together in one experience for distributors and customers. AI is one of the most powerful forces transforming personalized nutrition and consumer engagement. According to Grand View Research, the AI-powered personalization nutrition market includes AI-enabled nutrition apps and test-based solutions that deliver individualized recommendations.

透過 AI 輔助建議與互聯的數位工具，它將我們個人化營養方法的每個要素整合在同一個體驗中，供經銷商與客戶使用。AI 是推動個人化營養與消費者互動轉型的最強大力量之一。根據 Grand View Research，AI 驅動的個人化營養市場包含 AI 賦能的營養 App 與基於檢測的解決方案，可提供個別化建議。

With nutrition apps representing the largest segment, the market is projected to grow from approximately $1.9 billion in 2026 to more than $10 billion by 2033, a 27% annual growth rate. Developed in partnership with our distributors, Pro2col is how we'll bring these capabilities together in a single personalized health platform, combining AI-assisted support across what to measure, what to take, what to do and who to do it with.

由於營養 App 代表最大的細分領域，該市場預計將從 2026 年約 19 億美元成長至 2033 年超過 100 億美元，年複合成長率為 27%。Pro2col 與我們的經銷商共同開發，將使我們把這些能力整合到單一的個人化健康平台中，結合 AI 輔助支援，涵蓋要量測什麼、要補充什麼、要做什麼，以及要和誰一起做。

We believe our distribution model gives us a distinct advantage to extend these capabilities through already established trusted relationships. Pro2col is currently in expanded beta as we're building it out as a platform rather than a single product launch. Our focus during this phase is on developing capabilities that will make the platform an integral part of our distributors' daily methods of operations. We expect it to be adopted in stages as new modules and capabilities are introduced through next year, creating value incrementally and driving broader adoption over time. At our North America Extravaganza, we introduced a significant update based on distributor feedback.

我們相信，我們的分銷模式使我們具備明顯優勢，能透過既有且受信賴的關係來延伸這些能力。Pro2col 目前正處於擴大測試版（expanded beta）階段，因為我們正將其打造為一個平台，而非單一產品的上市。在此階段，我們的重點是開發能使該平台成為我們分銷商日常營運方式中不可或缺一部分的能力。我們預期，隨著明年陸續推出新模組與新功能，將分階段被採用，逐步創造價值，並隨時間推進帶動更廣泛的採用。在我們的北美 Extravaganza 大會上，我們根據分銷商回饋推出了一項重大更新。

The update included an overhauled user experience and enhanced features. In the second half of the year, we plan to introduce features like smart device integrations and evolved biomarker support while also building out distributor-specific business model capabilities. We also introduced a beta program for blood testing and platform integration.

此次更新包含全面翻新的使用者體驗與強化功能。在今年下半年，我們計畫推出智慧裝置整合與進階的生物標記（biomarker）支援等功能，同時也將建置分銷商專屬的商業模式能力。我們也推出了血液檢測與平台整合的測試版計畫。

At this stage, we're focused on validating the end-to-end experience from ordering and self-administering the blood test to external lab processing and delivery of results through Pro2col. Beyond Pro2col, we're also expanding our personalized health and wellness portfolio in North America through Life I/O, our healthy lifespan brand, giving our distributors the opportunity to serve a broader and growing consumer audience.

在此階段，我們專注於驗證端到端體驗，從訂購與自行進行血液檢測，到外部實驗室處理，以及透過 Pro2col 交付結果。除了 Pro2col 之外，我們也透過 Life I/O（我們的健康長壽品牌）在北美擴展個人化健康與保健產品組合，讓我們的分銷商有機會服務更廣泛且持續成長的消費者族群。

According to McKinsey, longevity is one of the fastest-growing wellness categories with more than 60% of consumers globally prioritizing products and services that support long-term health and vitality. Life I/O is focused on this growing digitally engaged customer segment that takes a proactive approach to wellness and invests in long-term health. The Life I/O brand portfolio includes Baseline, which was launched last year and features Niagen to increase NAD+ levels and support cellular health; Helio, a daily all-in-one supershake, combining foundational nutrition with many of the functional ingredients consumers commonly purchase separately.

根據麥肯錫（McKinsey），長壽（longevity）是成長最快的健康類別之一，全球超過 60% 的消費者將支持長期健康與活力的產品與服務列為優先。Life I/O 聚焦於這個持續成長、數位參與度高的客群，他們以主動方式管理健康，並投資於長期健康。Life I/O 的品牌產品組合包含 Baseline（於去年推出），其特色是含有 Niagen，可提升 NAD+ 水平並支持細胞健康；以及 Helio，一款每日全方位的超級奶昔（all-in-one supershake），將基礎營養與多種消費者通常會分開購買的機能性成分結合在一起。

Each serving delivers 30 grams of protein and beneficial fats for sustained energy, 6 grams of diverse fibers to support the microbiome, 20-plus vitamins and minerals and a range of premium wellness ingredients like adaptogens and polyphenol blends. These unique ingredients all come together in a single product designed to simplify consumers' daily routine without compromising on taste.

每份提供 30 克蛋白質與有益脂肪以維持持久能量、6 克多元纖維以支持腸道微生態（microbiome）、20 多種維生素與礦物質，以及一系列高端健康成分，如適應原（adaptogens）與多酚複方（polyphenol blends）。這些獨特成分匯聚於單一產品中，旨在簡化消費者的日常流程，同時不犧牲口感。

Helio launched in July at our North America Extravaganza alongside Activate Energy. Activate Energy is our channel exclusive entry into the exogenous ketone category following our acquisition of Pruvit last year. It features D-BHB ketone technology as well as caffeine, B vitamins and electrolytes to support sustained energy, mental focus, hydration and metabolic health.

Helio 於 7 月在我們的北美 Extravaganza 大會上與 Activate Energy 一同上市。Activate Energy 是我們在收購 Pruvit（去年完成）後，於通路獨家推出、切入外源性酮（exogenous ketone）類別的產品。其採用 D-BHB 酮體技術，並含有咖啡因、B 群維生素與電解質，以支持持久能量、專注力、補水與代謝健康。

Together, Life I/O offerings broaden our product portfolio, strengthen our position in the healthy lifespan market and extend our reach to a broader consumer audience. While technology and science are essential for personalized nutrition, it's our distributors who have always made it meaningful.

Life I/O 的產品共同擴大了我們的產品組合，強化我們在健康長壽市場的定位，並將觸及範圍延伸至更廣泛的消費者族群。儘管科技與科學對個人化營養至關重要，但一直以來，讓其真正有意義的是我們的分銷商。

AI-assisted technology can provide data, insights and recommendations to help customers understand what to measure, what to take and what to do, but it's our distributors who turn those recommendations into action through encouragement, accountability and trusted relationships that foster human connection, build community and help customers stay motivated to achieve long-lasting results. That same philosophy guides how we train, educate and support our distributors through Extravaganza events around the world.

AI 輔助技術可提供數據、洞察與建議，協助顧客了解該測量什麼、該補充什麼、以及該做什麼；但真正能透過鼓勵、責任承諾（accountability）與受信賴的關係，將這些建議轉化為行動的是我們的分銷商——他們促進人與人的連結、建立社群，並幫助顧客保持動力以達成長期成果。同樣的理念也引導我們如何透過全球各地的 Extravaganza 活動來訓練、教育並支持我們的分銷商。

So far this year, more than 110,000 distributors have come together at Extravaganza events in India, Uzbekistan, China, Panama, Singapore, Poland and the United States to learn, connect and share best practices. That level of engagement is a powerful reminder that our distributors are deeply invested in Herbalife, committing their time and resources to develop their skills and build relationships that help them strengthen their businesses and better serve their customers. Our greatest competitive advantage is our distributor network and investing in the Herbalife brand they bring to life is an investment in their success.

截至今年目前為止，已有超過 110,000 名分銷商在印度、烏茲別克、 中國、巴拿馬、新加坡、波蘭與美國的 Extravaganza 活動中齊聚一堂，學習、交流並分享最佳實務。如此高的參與度有力地提醒我們：分銷商對賀寶芙（Herbalife）投入甚深，願意投入時間與資源來精進技能並建立關係，進而強化其事業並更好地服務顧客。我們最大的競爭優勢是分銷商網絡；投資於他們所賦予生命力的賀寶芙品牌，就是投資於他們的成功。

Through global campaigns and strategic partnerships, we increase brand awareness, reinforce our nutrition expertise and strengthen Herbalife's relevance with consumers around the world. One example is our Fuel Like Ronaldo campaign, which builds on our long-standing relationship with our global nutrition partner, Cristiano Ronaldo. Centered around the daily personalized nutrition habits that fuel his performance, the campaign took place around one of the year's biggest global sporting events.

透過全球行銷活動與策略合作夥伴關係，我們提升品牌知名度、強化我們在營養領域的專業，並提升賀寶芙在全球消費者心中的相關性。其中一個例子是我們的「Fuel Like Ronaldo」活動，延續我們與全球營養合作夥伴克里斯蒂亞諾・羅納度（Cristiano Ronaldo）的長期合作關係。該活動以支撐其表現的每日個人化營養習慣為核心，並在年度最重要的全球體育盛事之一期間展開。

It brought our personalized nutrition story to life across 45 markets through social, digital, traditional media and immersive fan experiences, helping deepen engagement with existing audiences while introducing Herbalife to new consumers around the world. Personalized nutrition is transforming our industry, and it's creating an opportunity that plays directly to our strengths.

我們透過社群、數位、傳統媒體與沉浸式粉絲體驗，在 45 個市場生動呈現個人化營養故事，既加深既有受眾的互動，也向全球新消費者介紹賀寶芙。個人化營養正在改變我們的產業，並創造一個與我們優勢高度契合的機會。

What makes us different is that we're bringing every element of personalized nutrition together in one ecosystem, science-backed products, digital technology, AI-assisted insights, health data and personal recommendations. We're building on our vast network of entrepreneurs and customers to deliver the next generation of personalization, and we're just getting started.

我們的不同之處在於：我們把個人化營養的每個要素整合到同一個生態系中——以科學為後盾的產品、數位科技、AI 輔助洞察、健康數據與個人化建議。我們正依託龐大的創業家與顧客網絡，提供新一代的個人化服務，而我們才剛剛開始。

Everything I've talked about today is possible because we built a strong company, one with a clear strategy, a solid financial foundation and a long-term vision of where we're headed. That foundation has been strengthened by John DeSimone's leadership over nearly two decades at Herbalife. As we announced today, John will begin his well-earned retirement at the end of the year.

我今天談到的一切之所以能實現，是因為我們建立了一家強健的公司——具備清晰策略、穩固的財務基礎，以及對未來方向的長期願景。在 John DeSimone 近二十年於賀寶芙的領導下，這個基礎得以進一步強化。正如我們今天宣布的，John 將於年底開始他實至名歸的退休生活。

Through his roles as President, Chief Strategic Officer and Chief Financial Officer, John has helped navigate a number of transformational periods for the company, all while maintaining a disciplined focus on our financial strength. His leadership has had lasting impact on Herbalife and helped position the company for its next chapter. I look forward to continuing to work alongside him through the remainder of this year.

在擔任總裁、首席策略長與財務長等職務期間，John 協助公司度過多個轉型時期，同時始終以嚴謹紀律聚焦於我們的財務實力。他的領導對賀寶芙產生了長遠影響，並協助公司為下一階段做好定位。我期待在今年剩餘時間繼續與他並肩合作。

Scott Schaefer, our Senior Vice President of Finance and Transformation, will succeed John as Chief Financial Officer at the start of 2027. Scott joined Herbalife in 2025 after 16 years at Zappos, where he most recently served as President and CEO.

我們的財務與轉型資深副總裁 Scott Schaefer 將於 2027 年初接任 John，擔任財務長。Scott 於 2025 年加入賀寶芙，此前在 Zappos 任職 16 年，最近期擔任總裁兼執行長。

Among other accomplishments over his tenure, he spearheaded a digital-first growth agenda that enhanced customer engagement, optimized and scaled operations and delivered significant bottom line improvements. Since joining Herbalife last year, he has become an important member of our leadership team, and I'm confident he'll provide the financial leadership and strategic perspective to help guide our next chapter. Over the next five months, John and Scott will continue to work closely together to ensure a seamless transition.

在其任期內的多項成就中，他主導以數位優先（digital-first）為核心的成長議程，提升顧客互動、優化並擴大營運規模，並帶來顯著的獲利（bottom line）改善。自去年加入賀寶芙以來，他已成為我們領導團隊的重要成員；我有信心他將提供財務領導力與策略視角，協助引領我們的下一篇章。在接下來五個月，John 與 Scott 將持續密切合作，以確保平順交接。

And now I'd like to turn it over to John.

現在我想把時間交給 John。

Thank you, Stephan. Turning to our second quarter financial highlights on slide 11. We delivered another strong quarter. Second quarter net sales were $1.3 billion, up 5.4% versus the second quarter of 2025 and at the high end of our guidance range of up 1.5% to 5.5%. This is our fourth consecutive quarter of year-over-year growth.

謝謝你，Stephan。接著看投影片 11 的第二季財務重點。我們再度交出強勁的一季。第二季淨銷售額為 13 億美元，較 2025 年第二季成長 5.4%，並達到我們指引區間（成長 1.5% 至 5.5%）的高端。這是我們連續第四季實現年對年成長。

On a constant currency basis, net sales increased 5.8% year-over-year. We've now delivered year-over-year constant currency growth in 9 of the last 11 quarters. This quarter's constant currency growth of 5.8% was approximately 80 basis points above the high end of our guidance. FX rates moved unfavorably during the quarter versus the assumptions included in guidance. Our Q2 guidance had included 50 basis points tailwind, but we experienced 40 basis points year-over-year headwind in the quarter.

以固定匯率（constant currency）計，淨銷售額年對年成長 5.8%。在最近 11 個季度中，我們已有 9 個季度實現固定匯率口徑的年對年成長。本季 5.8% 的固定匯率成長約比我們指引上緣高出 80 個基點。本季匯率（FX）走勢相較於指引所採用的假設更為不利。我們的第二季指引原本包含 50 個基點的順風，但本季實際出現年對年 40 個基點的逆風。

Our second quarter net sales outperformance was led by India, but even without the outperformance of India, our Q2 net sales would have been above the midpoint of guidance. I'll provide more details on our regional performance later in the call. Adjusted EBITDA was $167 million, also at the high end of our guidance range of $150 million to $170 million. CapEx was $11 million for the quarter, below our guidance range of $15 million to $25 million, primarily due to timing. Capitalized SaaS implementation costs were $8 million.

我們第二季淨銷售的優於預期表現主要由印度帶動；即使不計入印度的超預期表現，我們第二季淨銷售仍將高於財測指引的中點。我稍後會在電話會議中提供更多關於各區域表現的細節。調整後 EBITDA 為 1.67 億美元，同樣位於我們 1.50 億至 1.70 億美元指引區間的高端。本季資本支出（CapEx）為 1,100 萬美元，低於我們 1,500 萬至 2,500 萬美元的指引區間，主要是由於時點因素。資本化的 SaaS 導入成本為 800 萬美元。

Gross profit margin was 77.7% for the quarter, down 30 basis points year-over-year. This reflected approximately 50 basis points of country mix, 20 basis points of higher other costs and 20 basis points from higher inventory reserves and 10 basis points from changes related to self-manufacturing and sourcing. These were partially offset by 60 basis points of pricing benefits. Second quarter net loss attributable to Herbalife was $26 million. This GAAP net loss was expected and was primarily driven by a nearly $95 million pretax loss on the extinguishment of debt related to our successful April debt refinancing.

本季毛利率為 77.7%，較去年同期下降 30 個基點。這反映了約 50 個基點的國家組合影響、20 個基點的其他成本上升、20 個基點來自較高的存貨備抵，以及 10 個基點來自自製與採購相關變動。上述影響部分被 60 個基點的定價效益所抵銷。第二季歸屬於 Herbalife 的淨損為 2,600 萬美元。此 GAAP 淨損在預期之內，主要是由於我們於 4 月成功完成債務再融資所引致、與債務清償相關的近 9,500 萬美元稅前損失。

On an adjusted basis, net income was approximately $53 million. Second quarter diluted loss per share was $0.25. As I just stated, the loss was due to the debt extinguishment from April's refinancing. Adjusted diluted EPS was $0.51, which included a $0.04 FX headwind versus the second quarter of 2025. Our adjusted effective tax rate was 43.2%, up from 27.7% for Q2 of last year, which drove an approximately $0.14 unfavorable impact to adjusted diluted EPS.

以調整後基礎計算，淨利約為 5,300 萬美元。第二季稀釋後每股虧損為 0.25 美元。如我剛才所述，虧損係由 4 月再融資所造成的債務清償所致。調整後稀釋 EPS 為 0.51 美元，其中包含相較於 2025 年第二季 0.04 美元的外匯逆風。我們的調整後有效稅率為 43.2%，高於去年第二季的 27.7%，使調整後稀釋 EPS 產生約 0.14 美元的不利影響。

The higher adjusted tax rate was driven primarily by country mix and certain discrete items in the quarter. For full year 2026, we expect our adjusted effective tax rate to be approximately 35%, primarily due to these items. Our operating cash flow this quarter is best viewed on a year-to-date basis due to the timing of employee bonus payments, which were moved to Q2 this year versus Q1 in 2025.

調整後稅率較高主要由國家組合以及本季若干一次性項目所驅動。就 2026 全年而言，我們預期調整後有效稅率約為 35%，主要也是因為這些項目。由於員工獎金支付時點的影響（今年由 2025 年的第一季改至第二季支付），本季營運現金流最好以年初至今的角度來看。

Operating cash for the first half of 2026 was $147 million, up 52% year-over-year, demonstrating the continued strength of our cash generation. Credit agreement EBITDA for the second quarter was $191 million, and our total leverage ratio remained 2.7 times at June 30, while our net leverage ratio was 2.2 times. For additional details regarding the adjustments between adjusted EBITDA and credit agreement EBITDA as well as the calculation of net debt, total leverage ratio and net leverage ratio, please refer to the presentation appendix in the earnings press release.

2026 年上半年營運現金流為 1.47 億美元，年增 52%，展現我們持續強勁的現金創造能力。第二季信貸協議口徑 EBITDA 為 1.91 億美元；截至 6 月 30 日，我們的總槓桿比率維持在 2.7 倍，淨槓桿比率為 2.2 倍。關於調整後 EBITDA 與信貸協議口徑 EBITDA 之間的調整項目，以及淨負債、總槓桿比率與淨槓桿比率的計算方式等更多細節，請參閱財報新聞稿中的簡報附錄。

Turning to slide 12. Reported net sales increased nearly $70 million in the quarter or 5.4%, while constant currency net sales increased 5.8%. Volume increased 5.8% worldwide, marking our fourth consecutive quarter of year-over-year volume growth. Pricing provided an approximately $37 million benefit in the quarter, while country mix was an approximately $38 million headwind to net sales. FX was an approximately $5 million or 40 basis points headwind.

接著看第 12 頁投影片。本季報告淨銷售增加近 7,000 萬美元（或 5.4%），以固定匯率計算的淨銷售增加 5.8%。全球銷量成長 5.8%，為連續第四季實現年對年銷量成長。定價在本季帶來約 3,700 萬美元的效益，而國家組合對淨銷售造成約 3,800 萬美元的逆風。外匯約造成 500 萬美元（或 40 個基點）的逆風。

Turning to slide 13. We have the regional net sales results for the second quarter. Three of our five regions delivered year-over-year net sales growth this quarter on both a reported and constant currency basis. On a sequential basis, these same regions showed improvements on a year-over-year constant currency basis.

接著看第 13 頁投影片。這裡是第二季各區域的淨銷售結果。我們五大區域中有三個區域在本季無論以報告口徑或固定匯率口徑計算，皆實現年對年淨銷售成長。以季對季來看，這些相同區域在年對年固定匯率基礎上也呈現改善。

As Stephan mentioned, North America returned to slight growth this quarter. Results reflected higher year-over-year pricing, partially offset by a 2% decline in volume. Latin America delivered its fourth consecutive quarter of double-digit year-over-year growth. Reported net sales increased 17% with constant currency results up 8%. Results reflected favorable year-over-year pricing and sales mix, approximately 2% volume growth and 840 basis points FX tailwind.

如 Stephan 所提到，北美本季回到小幅成長。結果反映年對年定價提高，但部分被銷量下滑 2% 所抵銷。拉丁美洲連續第四季達成兩位數的年對年成長。報告淨銷售成長 17%，固定匯率結果成長 8%。結果反映有利的年對年定價與銷售組合、約 2% 的銷量成長，以及 840 個基點的外匯順風。

Within the Latin American region, Mexico posted reported net sales up 17% year-over-year and local currency net sales increase of 5%. The reported net sales increase was driven primarily by favorable year-over-year pricing and significant FX tailwinds.

在拉丁美洲區域內，墨西哥的報告淨銷售年對年成長 17%，以當地貨幣計算的淨銷售成長 5%。報告淨銷售的成長主要由有利的年對年定價以及顯著的外匯順風所帶動。

In Asia Pacific, reported net sales increased 15% year-over-year, while constant currency net sales increased 23%, driven by approximately 26% volume growth and favorable year-over-year pricing, partially offset by unfavorable country mix and FX movements. Within APAC, India delivered another strong quarter with reported net sales up 33% year-over-year and constant currency net sales up 47%. Growth was driven by a 45% increase in volume and favorable sales mix.

在亞太地區，報告淨銷售年對年成長 15%，固定匯率淨銷售成長 23%，主要由約 26% 的銷量成長與有利的年對年定價所驅動，但部分被不利的國家組合與外匯變動所抵銷。在亞太區內，印度再度交出強勁的一季，報告淨銷售年對年成長 33%，固定匯率淨銷售成長 47%。成長由銷量增加 45% 以及有利的銷售組合所帶動。

Pricing was neutral and FX was a meaningful headwind. In EMEA, reported and constant currency net sales declined 3.5% and 5.6%, respectively. This reflects a 12% volume decline that offset the higher pricing, favorable sales mix and FX tailwinds. In China, our smallest region and less than 5% of our worldwide net sales, reported net sales decline of 25% year-over-year, while constant currency net sales declined 29%, reflecting a partial benefit from foreign exchange. The decline was driven primarily by a 29% decrease in volume.

定價影響為中性，而外匯則是顯著的逆風。在 EMEA，報告與固定匯率淨銷售分別下滑 3.5% 與 5.6%。這反映銷量下滑 12%，抵銷了較高的定價、有利的銷售組合以及外匯順風。在中國（我們最小的區域，且占全球淨銷售不到 5%），報告淨銷售年對年下滑 25%，固定匯率淨銷售下滑 29%，反映外匯帶來的部分抵銷效益。下滑主要由銷量下降 29% 所致。

Turning to slide 14. We see the drivers of the second quarter year-over-year change in our adjusted EBITDA. Adjusted EBITDA was $166.6 million. On a constant currency basis, adjusted EBITDA increased to $174.4 million, up slightly year-over-year. Looking at the bridge, we first see the drivers of the year-over-year change in gross profit, including our fourth consecutive quarter of volume growth, along with pricing benefits, partially offset by unfavorable sales mix.

接著看第 14 頁投影片。我們可以看到第二季調整後 EBITDA 年對年變動的驅動因素。調整後 EBITDA 為 1.666 億美元。以固定匯率計算，調整後 EBITDA 增至 1.744 億美元，較去年同期小幅成長。從橋接表來看，首先是毛利年對年變動的驅動因素，包括連續第四季的銷量成長與定價效益，但部分被不利的銷售組合所抵銷。

Other changes included the expected timing of the Chinese government grant income and the timing of certain distributor events. The China grant received in Q1 this year compared with Q2 last year, while there were certain other distributor events that occurred in Q2 this year that were in Q3 last year. Additionally, there is an unfavorable net impact from India GST. Foreign exchange was approximately $8 million headwind to adjusted EBITDA and 53 basis points headwind to adjusted EBITDA margin.

其他變動包括中國政府補助收入的預期入帳時點，以及部分經銷商活動的時點差異。今年第一季收到的中國補助，相較於去年是在第二季；同時，今年第二季發生的某些其他經銷商活動，去年則是在第三季發生。此外，印度 GST 也帶來不利的淨影響。外匯對調整後 EBITDA 造成約 800 萬美元的逆風，並對調整後 EBITDA 利潤率造成 53 個基點的逆風。

Moving to slide 15. I'll provide an update on our capital structure. We ended the quarter with $370 million of cash. At quarter end, $135 million was outstanding under the revolving credit facility. Our total leverage ratio was 2.7 times and net leverage ratio was 2.2 times at the end of the quarter. We are still targeting a net leverage ratio below 2 times by the end of the year. This is the first quarter reflecting our April refinancing, and we are already seeing the positive impact on our net interest expense, which was $37 million, down from $54 million in the second quarter of 2025.

接著看第 15 頁投影片。我將更新我們的資本結構。本季末我們持有 3.70 億美元現金。截至季末，循環信用額度項下尚有 1.35 億美元未償餘額。本季末總槓桿比率為 2.7 倍，淨槓桿比率為 2.2 倍。我們仍以年底前將淨槓桿比率降至 2 倍以下為目標。這是首個反映我們 4 月再融資的季度，我們已看到對淨利息費用的正面影響；淨利息費用為 3,700 萬美元，低於 2025 年第二季的 5,400 萬美元。

Turning to slide 16. I'll review our outlook for the third quarter and full year. We are continuing to provide net sales and adjusted EBITDA guidance on both a reported and constant currency basis, with reported guidance based on average daily exchange rates from the first two weeks of July. For the third quarter, we expect foreign exchange to be a modest headwind to net sales and adjusted EBITDA.

接著看第16頁投影片。我將回顧我們對第三季與全年之展望。我們持續同時提供以報告基礎與固定匯率基礎計算的淨銷售額與調整後EBITDA指引；其中報告基礎指引係以7月前兩週的平均每日匯率為基礎。就第三季而言，我們預期外匯對淨銷售額與調整後EBITDA將帶來溫和的不利影響。

On a reported basis, we expect net sales to increase 0.5% to 4.5% year-over-year, including 100 basis points currency headwind. On a constant currency basis, we expect net sales to increase 1.5% to 5.5% year-over-year. We expect third quarter adjusted EBITDA to be in the range of $160 million to $180 million on a reported basis and in the range of $165 million to $185 million on a constant currency basis. Third quarter capital expenditures are expected to be in the range of $15 million to $25 million.

以報告基礎計算，我們預期淨銷售額年增0.5%至4.5%，其中包含100個基點的匯率不利因素。以固定匯率基礎計算，我們預期淨銷售額年增1.5%至5.5%。我們預期第三季調整後EBITDA以報告基礎計算為1.60億至1.80億美元區間；以固定匯率基礎計算為1.65億至1.85億美元區間。第三季資本支出預期為1,500萬至2,500萬美元區間。

For the full year, we have narrowed our net sales guidance ranges and raised the midpoint on both a reported and constant currency basis. We expect reported and constant currency net sales to increase 2.5% to 5.5% year-over-year. For full year adjusted EBITDA, we have narrowed the ranges on both a reported and constant currency basis. We have raised the midpoint of adjusted EBITDA on a constant currency basis. However, changes in foreign exchange rates have resulted in us slightly lowering the midpoint of guidance on a reported basis.

就全年而言，我們已縮窄淨銷售額指引區間，並同時上調報告基礎與固定匯率基礎的中位數。我們預期報告基礎與固定匯率基礎的淨銷售額年增2.5%至5.5%。就全年調整後EBITDA而言，我們也在報告基礎與固定匯率基礎上縮窄了指引區間。我們上調了固定匯率基礎下調整後EBITDA的中位數。然而，外匯匯率變動使我們在報告基礎下略微下調了指引中位數。

We expect full year adjusted EBITDA to be in the range of $670 million to $690 million on a reported basis and in the range of $690 million to $710 million on a constant currency basis. We expect 2026 capital expenditures to be $50 million to $70 million, narrowed from previous guidance. Additionally, we continue to expect capitalized SaaS implementation costs of $35 million to $55 million, which are incremental to CapEx.

我們預期全年調整後EBITDA以報告基礎計算為6.70億至6.90億美元區間；以固定匯率基礎計算為6.90億至7.10億美元區間。我們預期2026年資本支出為5,000萬至7,000萬美元，較先前指引有所縮窄。此外，我們仍預期資本化的SaaS導入成本為3,500萬至5,500萬美元，該項目為資本支出以外的增量。

Before we move to Q&A, I'd like to close with two brief comments. First, on our capital allocation priorities. Herbalife is a resilient business that generates significant free cash flow. And relative to our current market capitalization, this cash generation is especially meaningful.

在進入問答之前，我想以兩點簡短說明作結。第一點，關於我們的資本配置優先順序。Herbalife是一項具韌性的業務，能產生可觀的自由現金流。相較於我們目前的市值，這樣的現金創造能力尤其具有意義。

On a trailing 12-month basis, our free cash flow yield is just over 23%, which we calculate as free cash flow or cash flow from operations less capital expenditures, divided by our market capitalization at the close of the quarter. We believe a yield at this level speaks to the underlying value of the business, and we continue to believe the best use of that cash is to keep reducing debt. Our commitment to repay more than $600 million by the end of 2028 remains a core priority.

以過去12個月計算，我們的自由現金流殖利率略高於23%；我們的計算方式為自由現金流（或營運活動現金流量減資本支出），再除以本季季末收盤時的市值。我們認為此一水準的殖利率反映了業務的內在價值，而我們仍相信這些現金的最佳用途是持續降低負債。我們承諾在2028年底前償還超過6億美元，仍是核心優先事項。

And all else equal, we believe delivering on it will create meaningful long-term value for our shareholders. My second comment is to acknowledge the leadership transition we announced this afternoon. I returned to the CFO role more than two years ago to help strengthen our financial foundation and position the company for its next chapter, and I believe we have accomplished those objectives. Together, we've returned the business to growth and improved EBITDA margins. We have meaningfully reduced both our total debt and our leverage ratios.

在其他條件不變的情況下，我們相信達成該目標將為股東創造具意義的長期價值。第二點，我想提及我們今天下午宣布的領導階層交接。我在兩年多前回任CFO職務，是為了協助強化我們的財務基礎並讓公司為下一個階段做好準備；我相信我們已達成這些目標。在大家共同努力下，我們讓業務重回成長並改善了EBITDA利潤率。我們也大幅降低了總負債與槓桿比率。

We have strengthened our balance sheet through our refinancing and significantly reduced our borrowing cost, and we reintroduced quarterly guidance in the financial discipline that supports greater predictability. We accomplished all of this while continuing to invest in the initiatives that we believe will drive the company's long-term growth. Last year, we hired Scott. And since he joined, I've had the benefit of working side-by-side with him. He has earned my confidence as a financial leader, a trusted business partner for Stephan and the right person to lead our financial organization in the years ahead.

我們透過再融資強化了資產負債表並顯著降低借款成本，同時在支持更高可預測性的財務紀律下，重新導入季度指引。我們在完成上述各項的同時，也持續投資於我們相信能推動公司長期成長的各項計畫。去年，我們聘用了Scott。自他加入以來，我有幸能與他並肩合作。他已贏得我對其作為財務領導者的信任、作為Stephan可信賴的業務夥伴的信任，並且是未來數年領導我們財務組織的合適人選。

For these reasons, I believe this is the right time to begin an orderly transition. Over the next five months, Scott and I will continue to work side by side to ensure a seamless transition. And with that, this concludes our opening remarks.

基於這些原因，我相信現在是開始有序交接的適當時機。在接下來五個月，Scott與我將持續並肩合作，以確保交接順暢無縫。以上為我們的開場致詞。

Operator, please open the line for questions.

接線員，請開放提問。

(Operator Instructions) William Reuter, Bank of America.

(接線員指示) 美國銀行 William Reuter。

Hey, Bill.

嗨，Bill。

Check to see if you're on mute.

請確認你是否處於靜音狀態。

We can come back to Bill

我們可以稍後再回到Bill。

Nicholas Sherwood, Maxim Group.

Maxim Group 的 Nicholas Sherwood。

So there's been substantial distributor growth in Asia Pacific, I'm sure in part driven by the growth in India. How do you ensure to have stronger distributor retention during and after this rapid growth phase in that region?

亞太地區的經銷商成長相當顯著，我相信部分是由印度的成長所帶動。在該地區快速成長階段期間及之後，你們如何確保經銷商留存率更強？

Yes, Nick, thanks. I'll take this one. First of all, I think what you're seeing in terms of the growth is really driven by strong business models, strong customer support and systems that the distributor have actually -- distributors have put in place, the leadership. And so this is really a tremendous amount of growth, which is partially driven by what would be a correction in price, not correction, but just an adjustment in price, making the products more accessible to a greater number of customers and then the knock-on effect of the distributors and their systems and being able to take the influx of customers and duplicate. And so systems are in place.

是的，Nick，謝謝。這題我來回答。首先，我認為你所看到的成長，確實是由強健的商業模式、強大的客戶支援，以及經銷商—經銷商們在領導力帶動下所建立的系統所驅動。因此，這是非常可觀的成長，其中一部分來自於價格的調整（不是修正，而是調整），讓產品更容易被更多客戶所負擔；接著帶來連鎖效應，使經銷商及其系統能夠承接大量湧入的客戶並加以複製擴張。因此，相關系統已經到位。

We've never experienced this type of growth over a period of time like this. But everything that we're seeing in terms of the way the distributors are actually through their systems, their clubs, both virtual and physical, they were able to actually increase the amount of customer flow in ways that we've not quite seen in the past. So we're confident that that leads to the growth, and that will also support the growth as well.

我們從未在這樣一段時間內經歷過這種類型的成長。但就我們所觀察到的，經銷商透過其系統與其俱樂部（線上與實體）運作，能以我們過去不太常見的方式提升客戶流量。因此，我們有信心這將帶動成長，也將同樣支撐後續成長。

Yes. And if I could add maybe just a little bit of history to, kind of, give some confidence in India's ability to manage growth. I mean, I know this is a very unique situation with the GST and the type of growth. But India has had 18 straight years of growth. And so they were able to accomplish that because they've been able to build in the discipline underneath that growth. So that also gives us confidence.

是的。如果我可以補充一點歷史背景，來對印度管理成長的能力提供一些信心。我知道這是非常特殊的情況，涉及GST以及這種成長型態。但印度已連續18年成長。他們之所以能做到，是因為能在成長之下建立起相應的紀律。這也讓我們更有信心。

Okay. Yes. And then looking at North America, I know it's not direct one-to-one, but net sales per distributor is up year-over-year. And then also you have active sales leaders growing from the first quarter to the second quarter, where looking historically, usually, that number goes down from the first quarter to the second quarter. Are we looking at just sort of individual distributors are kind of doing better in North America? And is there any reason behind that?

了解。是的。再看北美地區，我知道不是完全一對一對照，但每位經銷商的淨銷售額年增。另外，你們的活躍銷售領導人數從第一季到第二季增加；而從歷史來看，通常這個數字會從第一季到第二季下降。我們是否可以解讀為北美的個別經銷商表現變得更好？背後是否有任何原因？

I can speak to the productivity. So we are seeing increased productivity with distributors in North America and even a greater change in productivity of new people than more of a traditional run rate within North America. So I think your takeaway is accurate. I don't quite look at it the same way you look at it, but I look at it from a productivity standpoint, and we look at productivity by class when an individual came in. And I will tell you -- and maybe this is an important takeaway. Nutrition Club productivity is up.

我可以談談生產力。因此，我們確實看到北美經銷商的生產力提升，而且新加入人員的生產力提升幅度，甚至高於北美較傳統的常態水準。所以我認為你的結論是正確的。我看待的角度不完全和你一樣；我從生產力角度來看，而我們也會依個人加入的批次（類別）來觀察生產力。我可以告訴你—也許這是個重要重點。營養俱樂部的生產力正在上升。

Okay. Yes, that's really helpful. I know it's only been one month, but -- what have you seen from your distributors since the launch of the new Life I/O products and how they've been able to reach what is be considered a more sophisticated consumer with those products?

好的。是的，這真的很有幫助。我知道才過了一個月，但——自從新的 Life I/O 產品上市以來，你從經銷商那邊看到了什麼？以及他們如何藉由這些產品觸及可被視為更成熟的消費者？

Look, so we launched it in July, right, which is a Q3 event. We barely just closed July. I think it's really better to hold this question until next quarter and not ask about the Q2 results. It really is -- look, I think you were at the event, lots of excitement. But before we start giving figures out, I think we should get through Q3 and do it on the next call.

你看，我們是在 7 月推出的，對吧，這是第三季的一個事件。我們才剛結束 7 月。我覺得最好把這個問題留到下個季度再問，而不是問第二季的結果。這確實是——你看，我想你也在現場，大家都很興奮。但在我們開始提供數據之前，我認為我們應該先走完第三季，然後在下一次電話會議再談。

Hale Holden, Barclays.

Hale Holden，巴克萊。

I have two quick questions. The first is the narrowing of the CapEx range for the year, or it looks like actually a modest reduction. Is there something that's slipping into '27 or something that you're not doing? I just was wondering what the driver was.

我有兩個簡短問題。第一個是今年資本支出（CapEx）區間的收窄，或者看起來其實是小幅下調。是不是有什麼延後到 2027 年之類，或是有什麼你們不做了？我只是想知道背後的驅動因素是什麼。

We've had -- so we have a very disciplined approach to reviewing capital expenditure projects. And so we have a forecast. But then before every individual project is approved, we do the ROI analysis. And we've had a history over the last couple of years of maybe delaying a few or reprioritizing and saving a little bit of money. I think it's important to note, we're investing in those things that we think can add value.

我們一直——我們對資本支出專案的審查採取非常嚴謹的方式。因此我們會有一個預測。但在每一個單獨專案核准之前，我們都會做投資報酬率（ROI）分析。而且過去幾年我們有一個歷史，就是可能延後一些專案或重新排序優先順序，並省下一點錢。我認為重要的是要指出，我們是在投資那些我們認為能夠創造價值的事情。

So this is not a financial constraint. This is more of just good practices that we put in place. And so we've been underspending a little bit from what we've expected. So I think it's more of an underspend than it is a pushing out until next year.

所以這不是財務上的限制。這更多只是我們建立起來的良好做法。因此我們的支出比原先預期略少一些。所以我認為這更像是少花（underspend），而不是把支出推遲到明年。

Got it. I actually viewed it as a positive, John. Not a negative, but that's fine.

了解。John，我其實把它看作是正面的。不是負面的，但沒問題。

Yes. The important thing I want to make sure people take away is when we underspend in capital expenditures is because we are prioritizing projects in a way that can add value, not because of cash constraints, right? We generate plenty of cash.

是的。我想確保大家帶走的重點是：當我們在資本支出上少花，是因為我們以能創造價值的方式來排定專案優先順序，而不是因為現金受限，對吧？我們產生的現金非常充裕。

Great. And then, Stephan, I had, like, a sort of more of a thought question for you. It does feel like we're, if not hitting, at least on the road to maximum protein with Pop-Tarts launching a protein Pop-Tart covered in sugar. And that's always been Herbalife's kind of wheelhouse and go-to in their consumer, and it was nice to see the North America growth up in the quarter. But I was wondering, does this help your distributors?

很好。然後，Stephan，我有一個比較偏思考題的問題想問你。感覺我們即使還沒到，也至少正在走向「蛋白質最大化」的路上——Pop-Tarts 推出了一款裹著糖的蛋白質 Pop-Tart。而那一直是 Herbalife 在其消費者端的強項與主打。而且看到北美本季成長上升也很不錯。

Does it hurt them? How does having protein in every single piece of food that's out there in the grocery aisle affect you?

會傷害他們嗎？當雜貨走道上每一種食物幾乎都加了蛋白質，這對你們有什麼影響？

Yes. Well, I think, number one, it's a good thing. What we've been doing for 45 years, over 45 years and how we've been approaching it and meal replacement and finding our place as a leader, it definitely leads the market. You mentioned just kind of thoughts around it. One of the things is are we taking advantage of it to the extent that we can.

是的。嗯，我想第一，這是好事。我們過去 45 年、超過 45 年所做的事，以及我們在代餐領域的切入方式、並找到自己作為領導者的位置，確實引領了市場。你提到一些想法。其中一點是，我們是否已在我們能做到的範圍內充分利用這個趨勢。

And so I don't want to talk a lot about it, but we are looking very close at everything that we're doing in the area of protein and just being able to look at it through the lens of how can we go and grab more market share and extend that lead.

所以我不想談太多，但我們正在非常密切地檢視我們在蛋白質領域所做的一切，並從「我們如何能夠取得更多市占、並擴大這個領先優勢」的角度來看。

So you're right. It's showing everywhere. I think we've led in the fact that it's been vital to health and well-being and reaching goals. And now the market also is catching on, and it's just expanding the market. So we're going to be taking advantages of that. But it's a lot of good things coming. More consumer awareness is always a positive thing.

所以你說得對。它到處都在出現。我認為我們一直領先，因為我們早就強調它對健康與福祉、以及達成目標至關重要。而現在市場也跟上了，這只是在擴大整體市場。所以我們會把握這個機會。而且會有很多好事即將到來。更多的消費者認知永遠是正面的。

Carla Casella, JPMorgan.

Carla Casella，摩根大通。

Two things. One, can you talk about what you expect the cost or inflation to be for next year? I may have missed it in the prepared remarks. And if you have any issues with -- given the whey shortages or costs that we're hearing about?

兩件事。第一，你能談談你們對明年成本或通膨的預期嗎？我可能在事先準備的發言中漏聽了。另外，考量到我們聽到的乳清短缺或成本上升，你們是否有任何問題？

Yes. So you're talking input costs. We're seeing some pressure. It's manageable for us. Whey is one of the bigger increases that we're seeing, but we have lots of different kinds of protein.

是的。所以你指的是投入成本。我們確實看到一些壓力。但對我們來說是可控的。乳清是我們看到漲幅較大的項目之一，但我們有很多不同種類的蛋白質。

Whey is not the dominant type of protein that we sell. But there is an impact. And then packaging and on freight because of the oil prices, we're seeing some pressure there, too. I think it's a lot less on us than maybe some other companies. But what we're seeing is, like I said, I think it's manageable.

乳清並不是我們銷售的主要蛋白質類型。但確實會有影響。另外，包材以及運輸方面，因為油價，我們也看到一些壓力。我認為相較於其他一些公司，對我們的影響小很多。但如我所說，我們目前看到的是可控的。

I think we probably will be able to recover those costs with our normal price increase structure next year. We'll know more as we start projecting next year, but that's the feel we have right now.

我想明年我們大概可以透過我們正常的調價機制把這些成本回收。等我們開始做明年的預測時會更清楚，但目前的感覺是這樣。

Okay. Great. And then just with new CFO coming in, any potential changes to your leverage target or thoughts of capital allocation?

好的。很好。然後，新任 CFO 上任後，你們的槓桿目標或資本配置的想法，是否有任何潛在變化？

No, not at this time. I mean, so Scott has been here for about a year. He joined last year. He and I share similar thinking on that. And I reiterated what our policy -- not policy, but what our priorities are with capital allocation on the earnings call.

不，目前沒有。我的意思是，Scott 在這裡大約一年了。他是去年加入的。他和我在這方面的想法相近。而且我在財報電話會議上也重申了我們的資本配置優先順序——不是政策，但就是我們的優先事項。

And I did that so that investors would know as of right now, it hasn't changed. I can't tell you that as a company, that priority won't change over time, but that's not where we are now. And I don't believe that Scott is going to be a driver of the change unless the circumstances change and the Board will do it. Because when we think of capital allocation, it's a Board-level decision.

我這麼做是為了讓投資人知道，就目前而言，這沒有改變。我不能跟你保證公司這個優先順序不會隨時間改變，但我們現在不是那個狀態。而且我不認為 Scott 會成為推動改變的因素，除非情勢改變，董事會才會做出調整。因為我們在思考資本配置時，那是董事會層級的決策。

So I want to make that clear. So it's not going to be just -- we have a new CFO and things are going to change.

所以我想把這點說清楚。所以不會只是——因為我們換了新的 CFO，事情就會改變。

(Operator Instructions) Doug Lane, Water Tower Research.

（接線員指示）Doug Lane，Water Tower Research。

Also in the competitive environment, there was some M&A news this week with P&G buying a premium supplement company, Thorne. Does that change any of your thinking on how to go to market? Or what does that really say about the competitive environment in premium nutritional supplements?

同樣在競爭環境方面，本週有一些併購消息，P&G 收購了一家高端補充品公司 Thorne。這會改變你們對市場進入策略的任何想法嗎？或者這對高端營養補充品的競爭環境究竟意味著什麼？

Doug, it's --

Doug，這--

Tells me it's undervalued.

告訴我它被低估了。

Right. $3.8 billion, right?

對。38億美元，對吧？

There was 6 times this year's projected revenue. And so --

是今年預估營收的6倍。所以--

Yes. So again, back to the awareness, right? So this is talking to this $34 billion global personalized nutrition market. And it's just validation that the strategy of the company and the capabilities that we're bringing to market is sound. And it's a natural progression for us as a company.

是的。所以再回到認知度，對吧？所以這是在談這個340億美元的全球個人化營養市場。而這也只是驗證了公司的策略以及我們帶到市場的能力是健全的。而且對我們公司而言，這是一個自然的演進。

So definitely see that as a validation. And when you think about the Life I/O brand, it's exactly to start targeting that audience. So this is the direction, and it's great to see. Obviously, I'm with JD on that in terms of valuation, though.

所以我確實把這視為一種驗證。而當你想到 Life I/O 品牌時，它正是用來開始鎖定那個受眾。所以這就是方向，看到這樣的發展很棒。不過就估值而言，我顯然也同意 JD 的看法。

That's understandable. At the Extravaganza last month, there was a lot made of the beta test of the blood biomarker diagnostics. So I'm just curious how the reaction has been among the distributors to the beta test? And what have you seen over the last three or four weeks with that?

這可以理解。在上個月的 Extravaganza 上，大家很關注血液生物標記診斷的 Beta 測試。所以我只是好奇，經銷商對這次 Beta 測試的反應如何？以及過去三到四週你們看到了什麼？

Yes, it's interesting. I mean, if you're speaking of news, I think Function Health's current -- recent, I think $450 million that they raised in blood diagnostics. And so here we go again into the market of the personalized nutrition market, which the blood-based testing and biomarkers is a part of that. So again, launching in beta in North America, an at-home test that allows an affordable, simple, easy way to have biomarkers and then do it at home, send it in, have all of the results put into Pro2col and make it accessible for people to educate and to support people on their health journey. It's an opportunity.

是的，這很有意思。我的意思是，如果你說的是新聞，我想 Function Health 近期在血液診斷方面募得了——我記得是4.5億美元。所以我們又再次回到個人化營養市場，而以血液為基礎的檢測與生物標記正是其中的一部分。所以同樣地，我們在北美以 Beta 形式推出一項居家檢測，讓大家能以可負擔、簡單、容易的方式取得生物標記資料，並在家完成採樣、寄回，然後把所有結果匯入 Pro2col，讓人們更容易取得資訊、學習並在健康旅程中獲得支持。這是一個機會。

So we are -- this is, again, beta, this is new capabilities. So we are every step of the way from the ordering to the administration at home to the sending in of it to how it shows up and the API into Pro2col. So it's the beginning of a process for us. And again, uniquely positioned for ourselves. And that's part of the what to measure, right? This is -- we've been doing it 45 years. It's just the evolution.

所以我們——這再次強調是 Beta，這是新的能力。因此我們會在每一步都密切關注，從下單到在家操作到寄回，再到結果如何呈現，以及 API 如何串接到 Pro2col。所以對我們而言，這是一個流程的開始。而且再次強調，我們具備獨特的定位。這也是「要量測什麼」的一部分，對吧？這——我們已經做了45年。這只是演進。

No, that makes sense. And then on the personalized nutrition, there is big news with Bioniq rolling out in Europe in June and North America in July. So what's next in the personalized nutrition space?

不，這很合理。然後在個人化營養方面，Bioniq 將於6月在歐洲推出、7月在北美推出，這是重大消息。那麼在個人化營養領域接下來是什麼？

The continuing evolution. So additional markets in the end of the year and Bioniq Go being the first in the line in the category, and there will be more to come. So we're not really ready to talk about it right now.

持續的演進。所以在年底前會進入更多市場，而 Bioniq Go 會是該品類產品線中的第一個，後面還會有更多。所以我們現在還不太準備談這些。

Ladies and gentlemen, I'm showing no further questions in the queue. I would now like to turn the call back over to Stephan Gratziani for closing remarks.

各位女士先生，我看到佇列中沒有其他問題了。現在我想把電話交回給 Stephan Gratziani 作結語。

Thank you, and thank you, everyone, for joining today. I want to leave you with three thoughts. One is Herbalife is 45 years of a proven strength in our business model. We just reported our fourth consecutive quarter of reported net sales. As John mentioned, we've delivered constant currency net sales growth in 9 of the 11 last quarters.

謝謝，也謝謝各位今天加入。我想留給各位三點想法。第一，Herbalife 的商業模式已經有45年經過驗證的實力。我們剛剛公布了連續第四季的淨銷售額。如 John 所提到的，我們在過去11個季度中有9個季度實現了按固定匯率計算的淨銷售成長。

And we've just talked about how the consumer health and the personalized nutrition market is evolving and the opportunity that it's creating. The important thing to understand is that Herbalife has been here for over 46 years, and we have been a personalization company. Our distributors, that's been the key of personalization, taking an individual based on what they're looking for, who they are and personalizing their nutrition through our products and supporting them on their journey. So we're uniquely positioned to lead in this. The personalization in the nutrition industry, it's a lot of segments.

而我們也剛談到消費者健康與個人化營養市場如何演變，以及它所創造的機會。重要的是要理解，Herbalife 已經在這裡超過46年，而我們一直是一家個人化公司。我們的經銷商一直是個人化的關鍵：根據個人想要什麼、他是誰，透過我們的產品為其量身打造營養，並在旅程中支持他們。因此我們具備獨特的定位來引領這一切。營養產業中的個人化包含很多細分領域。

We just talked about a couple of them. Herbalife brings them all together. We're in the process of building out so that we can actually partake in the growth of these segments, all while driving our primary segment, which is the nutrition piece. And our distributors are the superpower. A lot of the companies that you see in this space, they don't have a superpower of millions of distributors across 95 markets that are the voice in the spirits and the heart of helping people on their journey to better health and wellness.

我們剛剛談了其中幾個。Herbalife 把它們全部整合在一起。我們正在建構相關能力，以便能實際參與這些細分領域的成長，同時推動我們的主要領域，也就是營養這一塊。而我們的經銷商就是超能力。你在這個領域看到的很多公司，並沒有橫跨95個市場、數百萬名經銷商這樣的超能力；他們是聲音、精神與核心，幫助人們走向更健康與更好的福祉之路。

This creates a unique opportunity for us. And so we're building on that foundation. And then lastly, this opportunity and what we're building is built on a position of strength because of the company that we are and the foundation that we have. We generate strong cash flow that allows us to invest in the future and at the same time, reducing debt, strengthening the balance sheet and creating long-term value for our shareholders. So this is the three things or these are the three things I want to leave you with.

這為我們創造了獨特的機會。因此我們正在這個基礎上持續建構。最後，這個機會以及我們正在打造的事，是建立在強勢地位之上，因為我們的公司本質與我們所擁有的基礎。我們產生強勁的現金流，使我們能投資未來，同時降低負債、強化資產負債表，並為股東創造長期價值。所以這就是我想留給各位的三點。

And then the last is just thanks. Thank you to all of our employees, our distributors and shareholders. Your continued commitment and support is very important for us. And we thank you for participating today, and we look forward to updating you next quarter.

最後就是感謝。感謝我們所有員工、經銷商與股東。你們持續的承諾與支持對我們非常重要。也謝謝各位今天的參與，我們期待在下個季度向各位更新。

That concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以掛線。