康寶萊 (HLF) 2026 Q3 法說會逐字稿

Welcome, and thank you for joining the third quarter 2026 earnings conference call for Herbalife Limited. (Operator Instructions) As a reminder, today's conference call is being recorded. I would now like to turn the call over to Samantha Holway, Vice President, Head of Investor Relations, to begin today's call.

歡迎各位，感謝您參加 Herbalife Limited 2026 年第三季財報電話會議。(接線員指示) 提醒各位，今天的電話會議將被錄音。現在我想把電話交給投資人關係主管副總裁 Samantha Holway，由她開始今天的會議。

Thank you, and welcome to everyone joining us. With us today are John DeSimone, our Interim Chief Executive Officer; and Scott Schaefer, our Chief Financial Officer. Before we begin today's call, I would like to direct you to the cautionary statement regarding forward-looking statements on Page two of our presentation and in our earnings release issued earlier today, which are both available under the Investor Relations section of our website.

謝謝，歡迎所有加入我們的朋友。今天與我們一同出席的有：臨時執行長 John DeSimone，以及財務長 Scott Schaefer。在開始今天的會議之前，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。

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.

簡報與財報新聞稿中討論了若干較重要的因素；依據 1995 年《私人證券訴訟改革法》(Private Securities Litigation Reform Act of 1995) 的定義，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。依照慣例，今天電話會議與簡報的內容將受此等措辭所規範。

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 財務衡量指標排除了某些管理階層認為會影響所提及期間可比性的特殊或非經常性項目。關於這些非 GAAP 財務衡量指標的更多資訊，以及與最直接可比 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 Interim CEO, John DeSimone.

接下來，我將把電話交給我們的臨時執行長 John DeSimone。

Thank you, Sam, and thank you, everyone, for joining us today.Before turning to our results, I want to acknowledge Stephan and thank him for his leadership and contributions to Herbalife. His success as a distributor and deep understanding of our business brought a unique perspective to the CEO role. Herbalife has been an important part of my life for many years.

謝謝你，Sam，也謝謝各位今天加入我們。在談到業績之前，我想先向 Stephan 致意，並感謝他對 Herbalife 的領導與貢獻。他作為經銷商的成功，以及對我們業務的深刻理解，為執行長一職帶來了獨特的視角。多年來，Herbalife 一直是我生命中重要的一部分。

I've had the privilege of working alongside talented people, building relationships with distributors around the world and seeing firsthand the difference Herbalife can make in people's lives. I have tremendous belief in this company, our people and the entrepreneurial spirit of our distributors, and I have great confidence in our future.

我有幸與許多才華洋溢的人共事，與全球各地的經銷商建立關係，並親眼見證 Herbalife 能為人們的生活帶來的改變。我對這家公司、我們的團隊，以及經銷商的創業精神充滿信心，也對我們的未來深具信念。

As CEO, I'm excited to lead Herbalife at this important time. We have much to be proud of, and we have meaningful growth opportunities by strengthening our core business and better supporting our distributors and reaching new entrepreneurs and consumers. I'm stepping into this role with ownership, energy and a focus on execution and a commitment to results. I've worked closely with our leadership team and distributors to identify new growth opportunities and sharpen current priorities with a clear path forward. Today, I'll share some of that thinking along with our third quarter results.

身為執行長，我很期待在這個重要時刻帶領 Herbalife。我們有許多值得自豪之處；同時，透過強化核心業務、更好地支持經銷商，並觸及新的創業者與消費者，我們也擁有具意義的成長機會。我以主人翁精神、活力與對執行力的專注，以及對成果的承諾，接下這個角色。我已與領導團隊及經銷商密切合作，找出新的成長機會，並在清晰的前進路徑下，聚焦並強化當前的優先事項。今天，我將分享其中一些思考，並一併說明我們第三季的業績。

Let me start with the quarter. We delivered net sales of $1.4 billion, an increase of 6% year-over-year on a reported basis and 7.6% on a constant currency basis, exceeding our guidance. This marked our fifth consecutive quarter of net sales growth on both a reported and constant currency basis. Adjusted EBITDA was $182 million, also exceeding guidance, and our adjusted EBITDA margin improved 70 basis points year-over-year to 13.5%. I'm encouraged by our performance and the progress we're making.

我先從本季談起。我們實現淨銷售額 14 億美元；以報告基礎計算年增 6%，以固定匯率計算年增 7.6%，均超出我們的指引。這是我們連續第五個季度在報告基礎與固定匯率基礎下，淨銷售額皆呈現成長。調整後 EBITDA 為 1.82 億美元，同樣超出指引；調整後 EBITDA 利潤率年增 70 個基點至 13.5%。我對我們的表現以及正在取得的進展感到鼓舞。

At the same time, we recognize there's more work to do to continue to accelerate growth, improve productivity and build on the momentum we've established. Scott will provide more details on our financial results and regional performance shortly.

同時，我們也明白仍有更多工作要做，才能持續加速成長、提升生產力，並在既有動能上再接再厲。Scott 稍後將就我們的財務結果與各區域表現提供更多細節。

Over the past several years, we've made meaningful investments in our product portfolio, personalized nutrition and technology capabilities. These investments have strengthened our foundation. Now we're focused on leveraging that foundation to strengthen our core business and unlock more growth opportunities. At the center of our strategy is a simple principle. Herbalife succeeds when our distributors succeed.

過去幾年，我們在產品組合、個人化營養以及科技能力方面進行了具意義的投資。這些投資強化了我們的基礎。現在，我們專注於運用這個基礎來強化核心業務，並釋放更多成長機會。我們策略的核心是一個簡單原則。當我們的經銷商成功時，Herbalife 就會成功。

Herbalife is a platform that enables entrepreneurs from around the world to deliver wellness and nutrition to millions of people worldwide. More than 3 million entrepreneurs in over 90 markets use our platform to build their own unique businesses; some run a nutrition club, some lead transformation challenges, some build communities through wellness profiles in person and online, while others use social media and social selling or run fit clubs or fit competitions. No matter the business model, each brings a personal connection to customers that no company could create on its own.

Herbalife 是一個平台，讓來自世界各地的創業者能將健康與營養帶給全球數百萬人。在超過 90 個市場中，逾 300 萬名創業者使用我們的平台建立各自獨特的事業；有人經營營養俱樂部，有人帶領轉型挑戰，有人透過線上線下的健康檔案建立社群，另一些人則運用社群媒體與社群銷售，或經營健身俱樂部或健身競賽。無論採用何種商業模式，每一種都能與顧客建立個人連結，這是任何公司單靠自身都無法創造的。

Our focus is making the platform stronger for each of them, because when they serve more customers, more people live healthier lives and Herbalife grows. Our opportunity is to develop dedicated expertise around their most significant business models while leaving room for new ones to emerge. This includes products, training, programs and digital tools tailored to how our distributors operate.

我們的重點是讓這個平台對每一位經銷商都更強大，因為當他們服務更多顧客時，就會有更多人過上更健康的生活，而 Herbalife 也會成長。我們的機會在於，針對他們最重要的商業模式建立專門的專業能力，同時也保留空間讓新的模式得以出現。這包括依據經銷商的運作方式，量身打造的產品、訓練、方案與數位工具。

It also means giving distributors flexibility to customize these capabilities and allowing regions to adapt products, programs and digital experiences to their local needs. Three strategic priorities I'll discuss on today's call illustrates how we're putting this approach into practice.

這也意味著賦予經銷商彈性來客製化這些能力，並允許各區域依其在地需求調整產品、方案與數位體驗。我今天將討論的三項策略優先事項，將說明我們如何把這種做法落實到實務中。

First, establishing a dedicated nutrition club vertical second, launching adaptable technology that empowers our distributors to grow their businesses in ways that work for them and their customers. and third, expanding into new entrepreneur and consumer segments through the Bioniq brand.

第一，建立專責的營養俱樂部垂直體系；第二，推出可調適的科技，讓經銷商能以適合他們及其顧客的方式擴展事業。第三，透過 Bioniq 品牌拓展至新的創業者與消費者族群。

Let's start with Nutrition Clubs, a key differentiator for Herbalife. With over 64,000 Nutrition Clubs globally, our distributors have built their businesses around personal relationships, community and helping consumers engage in their health and wellness journeys. Of those 64,000 clubs, almost 9,000 are in the U.S. These clubs accounted for 42% of US volume in the third quarter, with club productivity increasing over 10% year-over-year in each quarter of 2026.

我們先從營養俱樂部談起，這是 Herbalife 的關鍵差異化優勢。全球超過 64,000 家營養俱樂部，我們的經銷商以個人關係、社群，以及協助消費者投入其健康與福祉旅程為核心來建立事業。在這 64,000 家俱樂部中，接近 9,000 家位於美國。這些俱樂部在第三季占美國銷量的 42%，且 2026 年每一季的俱樂部生產力皆較去年同期提升超過 10%。

This increase in volume has been driven by a consistent growth of customers coming through the door, which is up more than 7% this quarter, along with increased visit frequency. This is just the contribution of Nutrition Clubs in one country. We see an opportunity to build on this foundation and drive even greater productivity and profitability by establishing an internal Nutrition Club organization focused on helping distributors grow their club businesses.

銷量的提升主要來自進店顧客數的持續成長，本季增加超過 7%，同時也來自到訪頻率的提高。這只是營養俱樂部在單一國家的貢獻。我們看到一個機會：透過建立一個內部的營養俱樂部組織，專注協助經銷商擴大其俱樂部業務，在此基礎上更進一步，推動更高的生產力與獲利能力。

That means better tools, Nutrition Clubs specific products, tailored programs and training and more coordinated support while preserving flexibility for regions and distributors to adapt successful approaches to their local needs.

這代表要提供更好的工具、營養俱樂部專用產品、量身打造的方案與訓練，以及更協調一致的支援，同時保留彈性，讓各區域與經銷商能依其在地需求調整成功做法。

Our goal is to help more clubs build on what's working, replicate proven practices and unlock potential across this important business model. This is the first of what we believe will be more specific internal organizations to support other large methods of operations our distributors utilize.

我們的目標是協助更多俱樂部在有效做法上持續加碼、複製已驗證的實務，並在這個重要的商業模式中釋放潛力。這是我們所相信的第一個更具針對性的內部組織；未來將有更多此類組織，用以支援經銷商所採用的其他大型營運方式。

Our second strategic priority is expanding our customer engagement platform. Earlier, I described Herbalife as a platform supporting many ways to build a business. Our technology needs to enable that flexibility. We already have building blocks in market. In the US, our Engage app allows customers to order directly from local Nutrition Clubs prior to arriving.

我們的第二項策略優先事項是擴展我們的顧客互動平台。先前我將 Herbalife 描述為一個支援多種創業方式的平台。我們的科技必須能支援這種彈性。我們在市場上已具備一些基礎模組。在美國，我們的 Engage 應用程式讓顧客在抵達前即可直接向當地營養俱樂部下單。

In Asia Pacific, our Hub app supports distributors running transformation challenges. Today, these operate as separate tools with separate data. We're building a common modular technology foundation designed to support different distributor business models and evolve with their needs. Many distributors currently rely on a patchwork of outside apps, tools and manual processes. Our expanded platform will bring essential capabilities together and turn proven practices from our most successful distributors into digital programs that are simple to adopt and use.

在亞太地區，我們的 Hub 應用程式支援經銷商運作轉型挑戰。目前，這些工具彼此獨立運作，資料也各自分離。我們正在打造一個共通的模組化科技基礎，旨在支援不同的經銷商商業模式，並隨其需求演進。許多經銷商目前仰賴外部應用程式、工具與人工流程拼湊而成的作業方式。我們擴展後的平台將把關鍵能力整合在一起，並把最成功經銷商的已驗證做法轉化為易於採用與使用的數位化方案。

With a sheer foundation, we can introduce new programs faster, direct investment towards those demonstrating consumer demand and attractive returns. We're targeting the first quarter of 2027 to begin introducing these new capabilities starting with the 24 games with additional programs to follow. The platform will give distributors greater flexibility to create customer experiences that fit their businesses while helping us capture consumer transactions that develop insights to improve customer engagement, retention and growth.

憑藉堅實的基礎，我們能更快推出新方案，並將投資直接導向那些展現消費者需求且具吸引力回報的項目。我們的目標是在 2027 年第一季開始導入這些新能力，先從 24 games 著手，後續將推出更多方案。該平台將讓經銷商更具彈性地打造符合其業務的客戶體驗，同時協助我們掌握消費者交易，形成洞察以提升客戶互動、留存與成長。

Over time, these insights will help us better understand consumer needs, develop more relevant products and services and build a more predictable and sustainable business. Our goal is to capture at least 50% of our distributors' global consumer transactions within our technology ecosystem over the next three years.

隨著時間推移，這些洞察將幫助我們更深入了解消費者需求，開發更相關的產品與服務，並建立更可預測且更具永續性的業務。我們的目標是在未來三年內，於我們的技術生態系中捕捉至少 50% 經銷商的全球消費者交易。

Alongside our efforts to strengthen existing distributor businesses, Bioniq gives us an opportunity to reach new entrepreneur and consumer segments and expand growth. When we acquired Bioniq, it was primarily a personalized nutrition business. We're now expanding it into a premium health and wellness brand spanning personalized nutrition, sports performance and healthy lifespan.

在我們強化既有經銷商業務的同時，Bioniq 也讓我們有機會觸及新的創業者與消費者族群，並擴大成長。當我們收購 Bioniq 時，它主要是一家個人化營養業務。我們現在正將其擴展為高端健康與保健品牌，涵蓋個人化營養、運動表現與健康長壽。

Throughout 2027, we plan to offer more convenient formats and premium offerings, including introducing additional personalized nutrition SKUs. Bioniq also creates another pathway for entrepreneurs to join our platform, giving them greater flexibility to build their businesses around the products, brand and consumers that they're most passionate about.

在 2027 年期間，我們計畫提供更便利的形式與高端產品組合，包括推出更多個人化營養 SKU。Bioniq 也為創業者加入我們的平台創造另一條途徑，讓他們能更有彈性地圍繞自己最有熱情的產品、品牌與消費者來打造事業。

We believe Bioniq can bring the energy and appeal of an insurgent brand to our platform, attracting new entrepreneurs and consumers. By leveraging our existing infrastructure, global reach and scale, Bioniq can become a meaningful contributor to our growth and long-term value.

我們相信 Bioniq 能為我們的平台帶來新興品牌的活力與吸引力，吸引新的創業者與消費者。透過運用我們既有的基礎設施、全球觸及與規模，Bioniq 可望成為我們成長與長期價值的重要貢獻者。

These initiatives are integral to our strategy, but they are not the entirety of our growth agenda. We're also expanding support for other distributor business models, broadening the global reach of our skin care offerings and developing nutritional products and programs for evolving consumer needs, including those for people using GLP-1 medications. Importantly, we're focused on driving performance across our core business and have established clear objectives for our strategic initiatives. We will measure our progress, hold ourselves accountable and keep investors informed as we execute.

這些舉措是我們策略的重要組成部分，但並非我們成長議程的全部。我們也在擴大對其他經銷商商業模式的支援，拓展我們護膚產品的全球覆蓋，並針對不斷演變的消費者需求開發營養產品與方案，包括針對使用 GLP-1 藥物的人群。重要的是，我們專注於推動核心業務的表現，並已為我們的策略性舉措建立明確目標。我們將衡量進展、對自身負責，並在執行過程中讓投資人保持知情。

Before turning the call over to Scott, I want to share one more reason I'm excited about Herbalife's future, and that's the power of human connection. Technology has made it easier than ever to connect digitally. But despite being more connected than ever, people are increasingly experiencing social isolation and loneliness. The World Health Organization estimates that one in six people worldwide experiences loneliness and roughly half of US adults report filling only.

在把電話會議交給 Scott 之前，我想再分享一個讓我對 Herbalife 未來感到振奮的原因，那就是人與人之間連結的力量。科技讓數位連結比以往任何時候都更容易。但儘管連結前所未有地緊密，人們卻越來越常感到社交孤立與孤獨。世界衛生組織估計，全球每六人就有一人經歷孤獨，而約一半的美國成年人回報感到孤獨。

Research also suggests that people are more likely to stay engaged with wellness programs when digital tools are paired with personal support. Our distributors have been bringing people together through Nutrition Clubs, fitness activities, wellness challenges and other community-based experiences for decades. That's a competitive advantage we can leverage even more effectively.

研究也顯示，當數位工具搭配個人支持時，人們更可能持續參與健康計畫。數十年來，我們的經銷商透過營養俱樂部、健身活動、健康挑戰及其他以社群為基礎的體驗，將人們凝聚在一起。這是我們可以更有效運用的競爭優勢。

The 24 games I mentioned earlier are a great example. What began as a distributor's idea years ago, the games are a team-based fitness event where participants compete, cheer on their teams and connect their own health and wellness. Local competitors can progress to larger events and ultimately compete in our extravaganza or events in Europe and in the US. And this format can be replicated and scaled as we work toward a broader global rollout.

我先前提到的 24 games 就是一個很好的例子。這項活動起初源自多年前一位經銷商的想法；它是一個以團隊為基礎的健身賽事，參與者彼此競賽、為隊伍加油，並在過程中連結自身的健康與保健。地方參賽者可晉級到更大型的活動，最終在我們的盛會（extravaganza）或歐洲與美國的賽事中競賽。而在我們推動更廣泛的全球推廣之際，這種形式也可被複製並擴大規模。

Our first 24 games event in the US was held last week in Miami, bringing together more than 350 attendees. These experiences create opportunities to engage consumers, bring local communities together and introduce more people to Herbalife and showcase our commitment to a healthy active lifestyle. The 24 games are just one example of what we do best and how we can build on it.

我們在美國的首場 24 games 活動於上週在邁阿密舉行，匯聚了超過 350 名與會者。這些體驗創造了與消費者互動的機會，將在地社群凝聚在一起，並讓更多人認識 Herbalife，同時展現我們對健康、積極生活方式的承諾。24 games 只是我們最擅長之事以及我們如何在其上持續發展的其中一個例子。

We're not trying to reinvent what makes Herbalife successful. We're leveraging the strength and entrepreneurial spirit already within our business while structuring the organization and putting tools and capabilities in place to unlock more of the potential and expand our opportunities for growth. I have great confidence in Herbalife, in our leadership team, in our distributors and in the opportunities ahead to drive sustainable growth and long-term shareholder value.

我們並不是要重新發明讓 Herbalife 成功的要素。我們正運用業務內部既有的力量與創業精神，同時調整組織架構並建立工具與能力，以釋放更多潛力並擴大成長機會。我對 Herbalife、我們的領導團隊、我們的經銷商，以及未來推動永續成長與長期股東價值的機會充滿信心。

With that, I'll turn the call over to Scott Schaefer, our new Chief Financial Officer, for a closer look at our financial performance. Scott, over to you.

接下來，我把電話會議交給我們的新任財務長 Scott Schaefer，請他更深入說明我們的財務表現。Scott，交給你。

Thank you, John.Starting with our third quarter financial highlights. We delivered another strong quarter. Third quarter net sales were $1.4 billion, up 6% versus the third quarter of 2025 and exceeding our guidance range of up 0.5% to 4.5%. This is our fifth consecutive quarter of year-over-year growth. On a constant currency basis, net sales increased 7.6% year-over-year, approximately 210 basis points above the high end of our guidance range of up 1.5% to 5.5%.

謝謝你，John。先從我們第三季的財務重點開始。我們再度交出強勁的一季。第三季淨銷售額為 14 億美元，較 2025 年第三季成長 6%，並超越我們先前指引的成長 0.5% 至 4.5% 區間。這是我們連續第五季年對年成長。以固定匯率計，淨銷售額年對年成長 7.6%，約高出我們指引區間（成長 1.5% 至 5.5%）上緣 210 個基點。

We have now delivered year-over-year constant currency growth in 10 of the last 12 quarters. FX was a 160 basis point headwind in the quarter, stronger than the 100 basis point headwind included in our guidance. India was the largest contributor to our third quarter net sales strength, though net sales would have exceeded the midpoint of our guidance range even without India's outperformance.

我們在過去 12 個季度中，有 10 個季度實現了固定匯率口徑的年對年成長。本季匯率（FX）帶來 160 個基點的不利影響，強於我們指引中納入的 100 個基點不利影響。印度是我們第三季淨銷售強勁表現的最大貢獻者；不過，即使沒有印度的超預期表現，淨銷售額仍會高於我們指引區間的中點。

Adjusted EBITDA was $182 million, also above our guidance range of $160 million to $180 million, and adjusted EBITDA margin was 13.5%, up 70 basis points year-over-year. CapEx was $19 million for the quarter with our guidance range of $15 million to $25 million. Capitalized and prepaid SaaS implementation costs were $15 million.

調整後 EBITDA 為 1.82 億美元，也高於我們 1.60 億至 1.80 億美元的指引區間；調整後 EBITDA 利潤率為 13.5%，年對年提升 70 個基點。本季資本支出（CapEx）為 1,900 萬美元，落在我們 1,500 萬至 2,500 萬美元的指引區間內。資本化及預付的 SaaS 導入成本為 1,500 萬美元。

Gross profit margin was 77.3% for the quarter, down 40 basis points year-over-year. This decline reflected approximately 44 basis points of country mix, 36 basis points from cost changes related to self-manufacturing and sourcing and 26 basis points of higher other costs. These were partially offset by 61 basis points of pricing benefits and 9 basis points of favorable FX. Third quarter net income attributable to Herbalife was $59 million, up 36% year-over-year.

本季毛利率為 77.3%，年對年下降 40 個基點。這一下降反映了約 44 個基點的國家組合影響、36 個基點來自自製生產與採購相關的成本變動，以及 26 個基點的其他成本上升。上述影響部分被 61 個基點的定價效益與 9 個基點的有利匯率所抵銷。第三季歸屬於 Herbalife 的淨利為 5,900 萬美元，年對年成長 36%。

On an adjusted basis, net income was approximately $69 million. Diluted EPS was $0.55, up $0.13 year-over-year. Adjusted diluted EPS was $0.64, up $0.14, which included a $0.06 FX headwind versus the third quarter of 2025. Our adjusted effective tax rate this quarter was 41.4% due to timing of discrete items, and we continue to expect approximately 35% for the full year. Year-to-date, operating cash flow was $298 million, up $63 million or approximately 27% versus the first nine months of 2025, continuing to demonstrate the strength of our cash generation.

以調整後口徑計，淨利約為 6,900 萬美元。稀釋後每股盈餘（EPS）為 0.55 美元，年對年增加 0.13 美元。調整後稀釋 EPS 為 0.64 美元，年對年增加 0.14 美元，其中包含相較於 2025 年第三季的 0.06 美元匯率不利影響。本季調整後有效稅率為 41.4%，係因一次性項目的時點影響；我們仍預期全年約為 35%。年初至今，營運現金流為 2.98 億美元，較 2025 年前九個月增加 6,300 萬美元（約 27%），持續展現我們強勁的現金創造能力。

Credit agreement EBITDA for the third quarter was $199 million, and I'll cover our leverage ratios when we turn to our capital allocation priorities. 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 and the earnings press release.

第三季信貸協議口徑 EBITDA 為 1.99 億美元；在我們談到資本配置優先事項時，我會說明槓桿比率。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，請參閱簡報附錄與財報新聞稿。

Reported net sales increased approximately $77 million in the quarter or 6%, while constant currency net sales increased 7.6%. Volume increased 8.6% worldwide, marking our fifth consecutive quarter of year-over-year volume growth. Pricing provided an approximately $36 million benefit in the quarter, while country mix was an approximately $47 million headwind to net sales. FX was an approximately $21 million or 160 basis point headwind.

本季公告淨銷售額增加約 7,700 萬美元，或 6%，而以固定匯率計算的淨銷售額增加 7.6%。全球銷量增加 8.6%，為我們連續第五季實現年對年銷量成長。本季定價帶來約 3,600 萬美元的助益，而國家組合對淨銷售額造成約 4,700 萬美元的不利影響。外匯對淨銷售額造成約 2,100 萬美元或 160 個基點的不利影響。

Moving to our regional net sales for the quarter. Three of our five regions delivered year-over-year net sales growth this quarter on a reported and constant currency basis. Asia Pacific led our growth with constant currency net sales up 26% and India continues to be the primary driver. India's net sales increased $87 million year-over-year or 39% and 52% in local currency on nearly 50% volume growth. The GST change in the third quarter of 2025 added momentum to an Indian business that was already growing.

接著看本季各區域的淨銷售額。我們五個區域中有三個在本季以公告與固定匯率口徑均實現年對年淨銷售額成長。亞太地區以固定匯率計算的淨銷售額成長 26%，領先帶動成長，而印度仍是主要驅動力。印度淨銷售額年對年增加 8,700 萬美元，或 39%；以當地貨幣計算成長 52%，在銷量接近 50% 成長的帶動下達成。2025 年第三季的 GST 變更，為原本已在成長的印度業務增添動能。

As we lap that change in the fourth quarter, our first full quarter doing so, we expect to see continued growth in India. Latin America grew 5.1% in constant currency and reported growth of 9%. North America net sales increased 1.7%, our second consecutive quarter of year-over-year growth. The revenue recognition timing shift from the first quarter to the third quarter mentioned on our first quarter earnings call contributed to this quarter's net sales growth versus last year. These gains were partially offset by EMEA and China.

隨著我們在第四季進入與該變更相比的基期（這也是我們首次完整一季如此比較），我們預期印度仍將持續成長。拉丁美洲以固定匯率計算成長 5.1%，公告成長 9%。北美淨銷售額增加 1.7%，為連續第二季年對年成長。我們在第一季法說會提到的收入認列時點由第一季移轉至第三季，亦促成本季相較去年淨銷售額的成長。上述增長部分被 EMEA 與中國所抵銷。

Moving now to the drivers of third quarter year-over-year change in our adjusted EBITDA. Adjusted EBITDA was $182 million, and our adjusted EBITDA margin expanded 70 basis points to 13.5%. On a constant currency basis, adjusted EBITDA increased to $194 million. Looking at the bridge, we first see the drivers of year-over-year change in gross profit, including our fifth consecutive quarter of volume growth, along with pricing benefits, partially offset by unfavorable sales mix and input costs. We also saw a favorable impact in promotional-related spend, primarily due to the timing of major distributor events, which is occurring in the fourth quarter this year compared to the third quarter in 2025.

接下來說明第三季調整後 EBITDA 年對年變動的驅動因素。調整後 EBITDA 為 1.82 億美元，調整後 EBITDA 利潤率擴張 70 個基點至 13.5%。以固定匯率計算，調整後 EBITDA 增加至 1.94 億美元。從橋接分析來看，首先是毛利年對年變動的驅動因素，包括連續第五季的銷量成長與定價效益，但部分被不利的銷售組合與投入成本所抵銷。我們也看到促銷相關支出出現有利影響，主要因大型經銷商活動的時點安排所致；今年該活動發生在第四季，而 2025 年則在第三季。

Other changes include an unfavorable net impact from India GST. Foreign exchange was an approximately $11 million headwind to adjusted EBITDA. Moving to our capital allocation priorities next. Our disciplined capital allocation framework is centered on three priorities. First, we will continue to invest in the business, prioritizing the highest return opportunities across our distributor network, product portfolio and digital capabilities to support sustainable long-term growth.

其他變動包括印度 GST 帶來的不利淨影響。外匯對調整後 EBITDA 造成約 1,100 萬美元的不利影響。接著談我們的資本配置優先事項。我們嚴謹的資本配置框架聚焦於三項優先事項。第一，我們將持續投資於業務，優先投入於經銷商網路、產品組合與數位能力中回報最高的機會，以支持可持續的長期成長。

Second, we will continue strengthening our balance sheet, progressing towards our long-term objectives of approximately $1.4 billion of total debt and $1 billion of net debt, while maintaining a net leverage at or below 2 times. At quarter end, we achieved that target with a net leverage ratio of 2.0 times, down from 2.2 times at the end of the second quarter.

第二，我們將持續強化資產負債表，朝向長期目標邁進：總負債約 14 億美元、淨負債 10 億美元，同時將淨槓桿維持在 2 倍或以下。截至季末，我們以 2.0 倍的淨槓桿比率達成該目標，較第二季末的 2.2 倍下降。

Our April refinancing, combined with the continued debt paydown, reduced net interest expense by $19 million year-over-year in the quarter. In addition, the recent refinancing extended our maturity profile with no significant maturity until our 2028 convertible notes, further strengthening our financial flexibility.

我們在 4 月的再融資，加上持續償還債務，使本季淨利息費用年對年減少 1,900 萬美元。此外，近期再融資也延長了到期結構，在 2028 年可轉換公司債之前沒有重大到期，進一步強化我們的財務彈性。

And third, we will return capital to shareholders through our recently authorized $250 million share repurchase program. We plan to begin repurchasing shares in the fourth quarter and intend to execute the program systematically and opportunistically over time. We also generated more than $151 million of operating cash flow during the quarter and finished the period with $409 million of cash. This included paying down $88 million of debt while maintaining only $50 million outstanding under our revolving credit facility.

第三，我們將透過近期核准的 2.5 億美元庫藏股回購計畫向股東返還資本。我們計畫於第四季開始回購股票，並將隨時間以系統性且把握機會的方式執行該計畫。本季我們也產生超過 1.51 億美元的營運現金流，期末現金為 4.09 億美元。其中包括償還 8,800 萬美元債務，同時在循環信用額度項下僅維持 5,000 萬美元未償餘額。

Now I'll review our outlook for the fourth quarter and full year. We are continuing to provide net sales and adjusted EBITDA guidance on both reported and constant currency basis, with reported guidance based on an average daily exchange rate for the first two weeks of October. For the fourth quarter, we expect foreign exchange to continue being a headwind to net sales and adjusted EBITDA. On a reported basis, we expect net sales to increase 0.5% to 4.5% year-over-year, including a 200 basis points currency headwind. On a constant currency basis, we expect net sales to increase 2.5% to 6.5% year-over-year.

接下來我將回顧我們對第四季與全年展望。我們持續以公告與固定匯率兩種口徑提供淨銷售額與調整後 EBITDA 指引；其中公告口徑指引係以 10 月前兩週的平均每日匯率為基礎。就第四季而言，我們預期外匯仍將對淨銷售額與調整後 EBITDA 造成不利影響。以公告口徑計算，我們預期淨銷售額年對年增加 0.5% 至 4.5%，其中包含 200 個基點的匯率不利影響。以固定匯率計算，我們預期淨銷售額年對年增加 2.5% 至 6.5%。

We expect fourth quarter adjusted EBITDA to be in the range of $145 million to $165 million on a reported basis and in the range of $155 million to $175 million on a constant currency basis. Fourth quarter capital expenditures are expected to be in the range of $13 million to $23 million.

我們預期第四季調整後 EBITDA 以公告口徑計算將介於 1.45 億至 1.65 億美元之間；以固定匯率計算將介於 1.55 億至 1.75 億美元之間。第四季資本支出預期介於 1,300 萬至 2,300 萬美元之間。

For the full year, we have raised our net sales guidance on both a reported and constant currency basis. We now expect reported net sales to increase 4.9% to 5.9% year-over-year and constant currency net sales to increase 5.3% to 6.3%. For full year adjusted EBITDA, we are maintaining our range of $670 million to $690 million on a reported basis and raising our range to $700 million to $720 million on a constant currency basis. We now expect 2026 capital expenditures to be $55 million to $65 million, narrowed from previous guidance and capitalized and prepaid SaaS implementation costs of $35 million to $45 million, also narrowed, which are incremental to CapEx.

就全年而言，我們已在公告與固定匯率兩種口徑上調淨銷售額指引。我們目前預期公告淨銷售額年對年增加 4.9% 至 5.9%，固定匯率淨銷售額年對年增加 5.3% 至 6.3%。就全年調整後 EBITDA 而言，我們維持公告口徑 6.70 億至 6.90 億美元的區間，並將固定匯率口徑區間上調至 7.00 億至 7.20 億美元。我們目前預期 2026 年資本支出為 5,500 萬至 6,500 萬美元（較先前指引收斂），以及資本化與預付的 SaaS 導入成本為 3,500 萬至 4,500 萬美元（亦收斂），且該等成本為額外增加項目，不包含在 CapEx 之內。

Before we move to Q&A, I'd like to close with a few words on margins. We expanded adjusted EBITDA margin by 70 basis points this quarter. Looking ahead, we expect the path to further expansion to be more gradual. Our fourth quarter guidance reflects a lower margin than the third quarter, and we're monitoring input costs as we plan for 2027.

在進入問答之前，我想以幾句話談談利潤率。本季我們的調整後 EBITDA 利潤率擴張 70 個基點。展望未來，我們預期進一步擴張的路徑將更為循序漸進。我們的第四季指引反映的利潤率低於第三季，且在規劃 2027 年時，我們正密切關注投入成本。

Stepping into the CFO role, one of my top priorities is a clear and disciplined approach to margin. On our fourth quarter call, I look forward to sharing our three-year margin objectives, including the levers we're prioritizing and how we'll measure our progress.

在接任 CFO 職務後，我的首要任務之一是以清晰且嚴謹的方法管理利潤率。在第四季電話會議上，我期待分享我們的三年利潤率目標，包括我們優先採取的槓桿，以及我們將如何衡量進展。

With that, this concludes our prepared remarks. John will close the call after Q&A. Operator, please open the line for questions.

以上為我們事先準備的發言。問答結束後將由 John 作結。接線員，請開放提問。

(Operator Instructions)

(接線員指示)

Anthony Vendetti, Maxim Group.

Anthony Vendetti，Maxim Group。

Thank you. John, I was just wondering, obviously, with GLP-1s having potential side effects and maybe also the increase in the desire for protein replacement, have you adjusted or are you refocusing Herbalife's offering or seeing changes in demand for the current product set? And then I just had a question on the priorities for Pro2col, Bioniq and Life I/O, has that I know you just stepped into the interim CEO role, but maybe just give an update on the priorities of those three new products.

謝謝。John，我想請教，顯然 GLP-1 類藥物可能有副作用，且市場對蛋白質替代的需求似乎也在提升；你們是否已調整或重新聚焦 Herbalife 的產品供給，或是否看到現有產品組合的需求出現變化？另外我也想問 Pro2col、Bioniq 與 Life I/O 的優先事項；我知道你剛接任臨時 CEO 的角色，但能否就這三項新產品的優先順序提供最新進度。

Sure. So I'll start with the GLP-1. And I, like you think there is a big opportunity for our products to coexist with consumers who take GLP-1 medication. And I mentioned that in the opening monologue that, that is an opportunity for us to grow. I mean, I know one of our big categories of product is weight management, but it's far more than just weight management.

當然。我先從 GLP-1 談起。我和你一樣認為，我們的產品與使用 GLP-1 藥物的消費者共存有很大的機會。我在開場發言中也提到，這是我們成長的一個機會。我的意思是，我知道我們的一大產品類別是體重管理，但它遠不只是體重管理而已。

In fact, we probably need to stop working on calling it something else because it's a lot of protein that gets used for other things. It's teas and that get used for energy and whatnot. So there is a program we're putting together for our current products to exist and be taken by consumers who take GLP-1. I think it's actually a big opportunity. There's a couple of elements that excite me.

事實上，我們可能需要停止再把它稱作別的東西，因為有大量蛋白質會被用於其他用途。還有茶飲等會被用來提供能量之類的。因此，我們正在為現有產品規劃一個方案，讓正在使用 GLP-1 的消費者也能持續使用並採用我們的產品。我認為這其實是一個很大的機會。有幾個要素讓我感到很振奮。

One is, our current products can do the job. So it's not about developing new products or rolling it out, which we all know takes time. This is about positioning our current products to be taken with GLP-1 and position it in a way that consumers can accept it, and that is one of our key strategies.

其中之一是，我們現有的產品就能勝任。所以這不是在開發新產品或把新產品推向市場——我們都知道那需要時間。這是關於如何把我們現有產品定位為可與 GLP-1 一起使用，並以消費者能接受的方式來定位，而這是我們的關鍵策略之一。

If I move to your second part of your question, which was Pro2col, Bioniq and then I think you asked Life I/O. So I'm going to start with Bioniq. I actually think Bioniq is a really big opportunity for us. It started as a personalized formulated product. We launched one SKU, it's doing fine.

如果我轉到你問題的第二部分，也就是 Pro2col、Bioniq，然後我想你還問了 Life I/O。那我先從 Bioniq 開始。我其實認為 Bioniq 對我們來說是一個非常大的機會。它一開始是一個個人化配方產品。我們推出了一個 SKU，目前表現還不錯。

We've had a little less than 50,000 units sold since we launched. But the energy and excitement around the Bioniq brand is much greater than the actual sales, which I think we've always said that this opportunity of Bioniq is beyond just the direct impact. It's this indirect impact. And so we're going to expand Bioniq to have a more complete product portfolio with other personalized products beyond just the vitamins and minerals that currently exist.

自推出以來，我們已售出不到 50,000 件。但圍繞 Bioniq 品牌的能量與興奮程度遠高於實際銷售表現；我想我們一直都說，Bioniq 的機會不僅僅在於直接影響。而是在於這種間接影響。因此，我們將擴展 Bioniq，打造更完整的產品組合，推出除目前既有的維生素與礦物質之外的其他個人化產品。

We're going to roll Life I/O into Bioniq because when we were developing Life I/O, we didn't own Bioniq, so you don't need two brands. We're going to launch sports within the Bioniq brand. and launch a business opportunity within the Bioniq brand that still sits with Herbalife, so you can sell either. But I think the Bioniq brand can reach consumers, maybe the Herbalife brand can't in certain markets and certain demographics, and there's a lot of energy built around that. So I think Bioniq is a priority, and I think it has a lot of opportunity to drive growth.

我們會把 Life I/O 併入 Bioniq，因為當我們在開發 Life I/O 時，我們還沒有擁有 Bioniq，所以不需要兩個品牌。我們會在 Bioniq 品牌之下推出運動品類。也會在 Bioniq 品牌之下推出一個商業機會，但仍隸屬於 Herbalife，因此你可以銷售任一品牌。但我認為在某些市場與特定族群中，Bioniq 品牌可能能觸及到 Herbalife 品牌未必能觸及的消費者，而這方面已累積了很大的動能。所以我認為 Bioniq 是優先事項，而且我認為它有很大的機會帶動成長。

And I mentioned Life I/O in there. So the last one is Pro2col was never our entire customer engagement platform. It was meant to be just one element of it. And it was designed at least currently for one particular approach to operating. It's still in beta.

我剛才也提到了 Life I/O。最後一個是，Pro2col 從來就不是我們完整的客戶互動平台。它原本就只是其中一個元素。而且至少就目前而言，它是為某一種特定的營運方式所設計。它仍處於 beta 測試階段。

Its usage is low. We're going to continue taking a parallel path with Pro2col, but we're also developing a more broader customer engagement app/platform that's built with a common element, but that's very customizable, so are configurable. So it's this platform. Our distributors run different businesses and our technology needs to match those businesses. So we'll have a common component, and then there will be modules for each DMO.

它的使用率偏低。我們會持續讓 Pro2col 走一條並行路徑，但同時也在開發一個更廣泛的客戶互動 App／平台；它建立在共同的核心元素之上，但可高度客製化，也就是可配置。所以這是一個平台。我們的經銷商經營不同的事業，而我們的技術需要與這些事業相匹配。因此我們會有一個共通元件，然後針對每個 DMO 設置模組。

And then within each module, there'll be the ability to configure. So distributors can use this platform the way they currently operate the business to drive incremental value. And then as far as like I said, we're going to launch the first DMO on this platform will be the 24 games, that will be in the first quarter, and then it will be followed by challenges in the Nutrition Clubs and so forth. And at the end of the day, usage decides value. Distributors will use the various apps based on the value it helps create for them, and that will determine Pro2col's ultimate value and how Pro2col fits in. It was a long-winded, but I think you asked a pretty complex set of questions. So hopefully, it came through.

接著在每個模組內，還會有可配置的能力。因此，經銷商可以依照他們目前的營運方式來使用這個平台，以創造增量價值。另外，如我所說，我們會在這個平台上推出第一個 DMO，也就是 24 games，會在第一季推出，接著會推出營養俱樂部中的挑戰等。歸根結底，使用率決定價值。經銷商會根據各種 App 能為他們創造的價值來使用，而這將決定 Pro2col 的最終價值，以及 Pro2col 如何融入其中。我講得有點冗長，但我認為你問的是一組相當複雜的問題。所以希望我有回答清楚。

Yeah, that was great. I appreciate it. I'll hope back in the queue. Thanks so much.

是的，那很棒。我很感謝。我會回到隊列裡。非常感謝。

(Operator Instructions) And I'm not showing any further questions at this time. I'd like to turn the call back over to Interim CEO, John DeSimone.

(接線員指示) 目前我這邊沒有顯示其他問題。我想把電話會議交回給臨時執行長 John DeSimone。

Yeah, well, first, I want to thank everybody for joining today. I want to close by reinforcing at least what I believe is fundamentally critical to Herbalife. We have millions of entrepreneurs all around the world. They develop their own unique ways of doing business, serving customers and creating communities that work for them.

好的，首先，我想感謝各位今天的參與。我想在結束前再次強調，至少在我看來，對 Herbalife 而言在根本上至關重要的一點。我們在全球各地擁有數百萬名創業者。他們發展出各自獨特的經營方式，服務客戶並建立對他們有效的社群。

They do it through Nutrition Clubs, fitness challenges and one of the many other business models they've created, and our distributors continually demonstrate tremendous innovation. That diversity of business models and the entrepreneurial spirit behind them is one of our greatest competitive advantages. I think it's what makes Herbalife different from every other company, every other direct seller around the globe and what gives us so much confidence in our future.

他們透過營養俱樂部、健身挑戰，以及他們所創造的眾多其他商業模式之一來做到這一點，而我們的經銷商持續展現出極大的創新能力。這種商業模式的多樣性，以及其背後的創業精神，是我們最重要的競爭優勢之一。我認為這正是 Herbalife 與全球其他任何公司、任何其他直銷商不同之處，也讓我們對未來充滿信心。

I believe we have an incredible opportunity to grow by expanding our platform capabilities, enabling entrepreneurial innovation to flourish. By providing brands, so not just one brand, but we launching Bioniq as its own brand by providing top products that may also be DMO-specific and technology that's adaptable to the different ways our distributors go to market.

我相信，我們有一個極佳的成長機會：透過擴展我們的平台能力，讓創業創新得以蓬勃發展。透過提供品牌——不只是單一品牌，而是我們將 Bioniq 作為獨立品牌推出——並提供頂尖產品（也可能是 DMO 專屬），以及能適應我們經銷商不同市場推廣方式的技術。

And I think it will help them serve more customers. And I think the single biggest opportunity we have is to get more value from the millions of customers we see every day now around the globe. And this strategy will help do that. So when our distributors succeed, Herbalife succeeds and together, we can bring health and wellness to more people around the world.

我認為這將幫助他們服務更多客戶。我也認為，我們最大的單一機會，是從我們現在每天在全球各地接觸到的數百萬名客戶身上創造更多價值。而這項策略將有助於做到這一點。因此，當我們的經銷商成功，Herbalife 就會成功；我們也能一起把健康與福祉帶給全球更多人。

And with that, I just want to thank everybody, and thanks for joining today, and we'll see you next quarter.

最後，我只想再次感謝各位，謝謝今天的參與，我們下個季度再見。

Thank you, ladies and gentlemen. This does conclude today's presentation. We thank you for your participation. You may now disconnect, and have a wonderful day.

謝謝各位女士、先生。今天的簡報到此結束。感謝各位的參與。您現在可以掛線，祝您有美好的一天。