LifeVantage Corp (LFVN) 2023 Q2 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by. Welcome to today's conference call to discuss LifeVantage's Second Quarter Fiscal 2023 Results. (Operator Instructions). Hosting today's conference will be Reed Anderson with ICR. As a reminder, today's conference is being recorded.

女士們先生們，美好的一天。謝謝你的支持。歡迎參加今天的電話會議，討論 LifeVantage 的 2023 財年第二季度業績。 （操作員說明）。主持今天會議的將是 Reed Anderson with ICR。提醒一下，今天的會議正在錄製中。

And now I would like to turn the conference over to Mr. Anderson. Please go ahead, sir.

現在我想把會議轉交給安德森先生。請繼續，先生。

Thank you. Good afternoon, and welcome to LifeVantage Corporation's conference call to discuss results for the second quarter of fiscal 2023. On the call today from LifeVantage with prepared remarks are Steve Fife, President and Chief Executive Officer; and Carl Aure, Chief Financial Officer.

謝謝。下午好，歡迎參加 LifeVantage Corporation 的電話會議，討論 2023 財年第二季度的業績。今天在 LifeVantage 的電話會議上，總裁兼首席執行官 Steve Fife 發表了準備好的講話；和首席財務官 Carl Aure。

By now, everyone should have access to the earnings release, which went out this afternoon at approximately 4:05 p.m. Eastern Time. If you have not received the release, it is available on the Investor Relations portion of LifeVantage's website at www.lifevantage.com. This call is being webcast, and a replay will be available on the company's website as well.

到現在為止，每個人都應該可以看到今天下午大約下午 4:05 發布的收益報告。東部時間。如果您還沒有收到新聞稿，可以在 LifeVantage 網站 www.lifevantage.com 的投資者關係部分找到。此電話會議正在網絡廣播中，重播也將在公司網站上提供。

Before we begin, we would like to remind everyone that our prepared remarks contain forward-looking statements, and management may make additional forward-looking statements in response to your questions. These statements do not guarantee future performance, and therefore, undue reliance should not be placed upon them. These statements are based on current expectations of the company's management and involve inherent risks and uncertainties, including those identified in the Risk Factors section of LifeVantage's most recently filed Forms 10-K and 10-Q.

在我們開始之前，我們想提醒大家，我們準備好的評論包含前瞻性陳述，管理層可能會針對您的問題作出額外的前瞻性陳述。這些陳述不保證未來的表現，因此，不應過分依賴它們。這些聲明基於公司管理層當前的預期，涉及固有的風險和不確定性，包括 LifeVantage 最近提交的 10-K 和 10-Q 表格的風險因素部分中確定的風險和不確定性。

Please note that during today's call, we will discuss non-GAAP financial measures, including results on an adjusted basis. Management believes these financial measures can facilitate a more complete analysis and greater transparency into LifeVantage's ongoing results of operations, particularly when comparing underlying operating results from period to period. We've included a reconciliation of these non-GAAP measures with today's release.

請注意，在今天的電話會議中，我們將討論非 GAAP 財務指標，包括調整後的結果。管理層認為，這些財務措施可以促進對 LifeVantage 的持續運營結果進行更完整的分析和更高的透明度，尤其是在比較不同時期的基本運營結果時。我們在今天的發布中包含了這些非 GAAP 措施的對賬。

This call also contains time-sensitive information that is accurate only as of the date of this live broadcast, February 2, 2023. LifeVantage assumes no obligation to update any forward-looking projections that may be made in today's release or call.

此電話會議還包含時效性信息，這些信息僅在本次現場直播之日（2023 年 2 月 2 日）之前是準確的。LifeVantage 不承擔更新今天發布或電話會議中可能做出的任何前瞻性預測的義務。

Now I will turn the call over to Steve Fife, the President and Chief Executive Officer of LifeVantage.

現在我將把電話轉給 LifeVantage 的總裁兼首席執行官史蒂夫法夫。

Thanks, Reed. And good afternoon, everyone. Thank you for joining us today. It's an incredibly exciting time at LifeVantage. Our Rock the Rhythm event held earlier this month on January 18 and simultaneously broadcast to our U.S., Japan, Australia, New Zealand markets served as the public announcement for major transformation initiatives designed to forge a new, more modern chapter in our company.

謝謝，里德。大家下午好。感謝您今天加入我們。這是 LifeVantage 令人難以置信的激動人心的時刻。我們於本月早些時候於 1 月 18 日舉行的 Rock the Rhythm 活動同時向我們的美國、日本、澳大利亞和新西蘭市場播出，作為重大轉型計劃的公開聲明，旨在為我們的公司打造一個新的、更現代的篇章。

Over a year ago, myself, along with the executive team, took a hard look at where we were as an organization and what was needed to propel sustainable growth. LifeVantage has always had a reputation for having superior products, which delivered years of stability, but it was time to get back to being the company to watch. Our team dug deep into consumer trends. We met with top industry advisors. We evaluated the options we had to support growth opportunities and multiple paths to earn for our consultants, previously known as our distributors.

一年多以前，我本人和執行團隊認真審視了我們作為一個組織所處的位置以及推動可持續增長所需的條件。 LifeVantage 一直以擁有卓越的產品而著稱，這些產品提供了多年的穩定性，但現在是時候重新成為值得關注的公司了。我們的團隊深入研究了消費者趨勢。我們會見了頂級行業顧問。我們評估了我們必須支持增長機會的選項以及為我們的顧問（以前稱為我們的分銷商）賺取收入的多種途徑。

The strategic plan that emerged from this comprehensive analysis was called LV360 because to really deliver the outcomes we were looking for, we needed to take a holistic approach with innovations happening across all the major touch points of our consultant and customer experience. One of the biggest components of LV360 is Evolve, our new industry-leading modern compensation plan.

從這項綜合分析中得出的戰略計劃被稱為 LV360，因為要真正交付我們正在尋找的結果，我們需要採取整體方法，在我們的顧問和客戶體驗的所有主要接觸點進行創新。 LV360 的最大組成部分之一是 Evolve，這是我們全新的行業領先的現代薪酬計劃。

Evolve focuses on driving key consultant behaviors, including product sales with commissions possible through new 3-tier pricing structure and graduated bonus incentives. Evolve outlines 3 progressive stages of the consulting paths: share, build and grow, and lead. And this clearly defines the earning opportunities at each stage.

Evolve 專注於推動關鍵顧問行為，包括通過新的 3 層定價結構和分級獎金激勵可能帶來的產品銷售佣金。 Evolve 概述了諮詢路徑的 3 個漸進階段：共享、構建和成長以及領導。這清楚地定義了每個階段的賺錢機會。

Evolve meets consultants where they are on their respective journeys, rewarding them for working in the way that works for their personalities and lifestyles. It is a simple path that is attractive to both direct sales professionals and those who simply want to earn by sharing products they love.

Evolve 會見顧問，他們在各自的旅程中，獎勵他們以適合他們的個性和生活方式的方式工作。這是一條簡單的途徑，對直銷專業人士和那些只想通過分享他們喜歡的產品來賺錢的人都有吸引力。

A new customer loyalty program called Rewards Circle is another key element of LV360. Like our updated compensation plan, Rewards Circle is structured in a simple and efficient manner, which enhances its value proposition. With each subscription order, LifeVantage customers earn towards reward credits, which once earned can be applied as a discount on future orders. Insider status is unlocked once a certain subscription spend threshold is met. Once insider status is earned, reward credits double in value.

名為 Rewards Circle 的新客戶忠誠度計劃是 LV360 的另一個關鍵要素。與我們更新後的薪酬計劃一樣，Rewards Circle 的結構簡單高效，增強了其價值主張。對於每個訂閱訂單，LifeVantage 客戶都可以獲得獎勵積分，一旦獲得積分，就可以作為未來訂單的折扣。一旦達到特定的訂閱支出閾值，內部人員狀態就會解鎖。一旦獲得內幕身份，獎勵積分的價值就會翻倍。

Other program benefits include a free full-size product on a customer's second consecutive qualifying subscription order as well as a product gift on their anniversary. Existing customers on subscription as of March 1 will automatically have insider status in the loyalty program. Both Evolve and Rewards Circle are scheduled to launch in the U.S., Australia, New Zealand and Japan on March 1. These initiatives are planned to roll out to our other markets where LifeVantage products are sold and distributed over the next 12 months.

其他計劃優惠包括客戶連續第二次符合條件的訂閱訂單可免費獲贈全尺寸產品，以及週年紀念日可獲贈產品禮品。截至 3 月 1 日訂閱的現有客戶將自動在忠誠度計劃中擁有內部人身份。 Evolve 和 Rewards Circle 計劃於 3 月 1 日在美國、澳大利亞、新西蘭和日本推出。這些舉措計劃在未來 12 個月內推廣到我們銷售和分銷 LifeVantage 產品的其他市場。

Another important element of LV360. Our product innovation initiative kicked off last calendar year with strong activation positionings across the portfolio. The product initiative includes last year's launch of liquid collagen. And in October, at Global Convention, we launched our activation paths: optimize health, achieve more, look radiant and evolve possibilities, to make it easier for consultants to guide customers through their wellness journey. At Rock the Rhythm, 3 new products were launched in the U.S., Japan, Australia and New Zealand markets.

LV360的另一個重要元素。我們的產品創新計劃於去年啟動，對整個產品組合進行了強有力的激活定位。該產品計劃包括去年推出的液體膠原蛋白。 10 月，在全球大會上，我們推出了我們的激活路徑：優化健康、實現更多、容光煥發和發展可能性，讓顧問更輕鬆地指導客戶完成他們的健康之旅。 Rock the Rhythm在美國、日本、澳大利亞和新西蘭市場推出了3款新產品。

The Rise AM & Reset PM system is a multi-nutrient blend of vitamins, minerals and adaptogens intelligently designed with time-wise nutrient delivery, a system that aligns with the natural circadian rhythms of your body to deliver the right nutrients in the right amounts at the right time. The formula supports cell signaling and gene activation to help maximize the effectiveness of the Protandim line.

Rise AM & Reset PM 系統是維生素、礦物質和適應原的多營養混合物，經過智能設計，具有按時營養輸送，該系統與您身體的自然晝夜節律保持一致，可在合適的時間。該配方支持細胞信號傳導和基因激活，有助於最大限度地發揮 Protandim 系列的功效。

To demonstrate the important role of micronutrients in cellular communication and activation, we performed a clinical study targeting key genetic markers such as catalase, glutathione and sirtuins. The combination of Rise AM & Reset PM with Protandim Nrf2 Synergizer increased gene expression in glutathione peroxidase by 67% over Protandim Nrf2 Synergizer alone. The combination of Rise AM & Reset PM with Tri-Synergizer increased the total sirtuins activity by 68% over Tri-Synergizer alone.

為了證明微量營養素在細胞通訊和激活中的重要作用，我們進行了一項針對關鍵遺傳標記（如過氧化氫酶、穀胱甘肽和去乙酰化酶）的臨床研究。 Rise AM & Reset PM 與 Protandim Nrf2 Synergizer 的組合使穀胱甘肽過氧化物酶的基因表達比單獨使用 Protandim Nrf2 Synergizer 提高了 67%。與單獨使用 Tri-Synergizer 相比，Rise AM & Reset PM 與 Tri-Synergizer 的組合使總去乙酰化酶活性提高了 68%。

These and other results from the study, combined with data from Mintel showing that 76% of Americans rely on dietary supplementation to fill nutritional gaps, positions this product well with our current Protandim users as well as opens the door to new market share as we reach new customers currently purchasing a multivitamin elsewhere.

這些和其他研究結果，加上 Mintel 的數據顯示 76% 的美國人依靠膳食補充劑來填補營養缺口，該產品在我們當前的 Protandim 用戶中佔據了很好的位置，並在我們達到新的市場份額時打開了大門目前在別處購買複合維生素的新客戶。

Also added to the product line, LifeVantage D3+, does more than simply supplement you with Vitamin D. It is also an excellent source of vitamin K2, magnesium and calcium to support strong bones, immune and cardiovascular health, muscle and nerve health as well as improves mood.

LifeVantage D3+ 也加入了該產品系列，其作用不僅僅是為您補充維生素 D。它還是維生素 K2、鎂和鈣的極佳來源，可支持強健骨骼、免疫和心血管健康、肌肉和神經健康，以及改善情緒。

LV360 includes major enhancements to our digital experience as well. Starting on March 1 and continuing over the next couple of months, we will be introducing a revamped e-commerce experience as well as major enhancements to account and subscription management, which will continue to elevate our overall user experience and drive engagement. We are thrilled to unveil LV360 and the initiatives designed to drive growth for our company.

LV360 還對我們的數字體驗進行了重大改進。從 3 月 1 日開始並持續到接下來的幾個月，我們將引入改進後的電子商務體驗以及對帳戶和訂閱管理的重大改進，這將繼續提升我們的整體用戶體驗並推動參與度。我們很高興推出 LV360 以及旨在推動我們公司發展的舉措。

Several new promotions and incentives have already kicked off in advance of the March 1 launch to help consultants prepare for the exciting new opportunities that lie ahead. We are executing on a well-thought-out training plan, which includes over 50 road shows and virtual training sessions worldwide. These trainings hosted by a corporate team and partnered with our top leaders are aimed at developing confident consultants excited to share their best-in-class opportunity with others.

在 3 月 1 日發布之前，已經啟動了幾項新的促銷和激勵措施，以幫助顧問為即將到來的激動人心的新機遇做好準備。我們正在執行一項經過深思熟慮的培訓計劃，其中包括全球 50 多個路演和虛擬培訓課程。這些培訓由企業團隊主持並與我們的高層領導合作，旨在培養自信的顧問，他們樂於與他人分享他們的一流機會。

Current LV360 trainings will culminate at regional Evolve events, which will be held in March in the U.S., Australia and Japan to continue field support and kick off the next phase of field training and development as well as a new recognition program. It was important for us to work towards the public announcement of LV360 while laying a strong foundation for the initiatives to build on.

當前的 LV360 培訓將在 3 月在美國、澳大利亞和日本舉行的地區性 Evolve 活動中達到高潮，以繼續提供現場支持並啟動下一階段的現場培訓和發展以及新的認可計劃。重要的是我們要努力實現 LV360 的公開發布，同時為後續舉措奠定堅實的基礎。

Second quarter revenue of $53.7 million was up 2.8%, our first year-over-year increase in 10 quarters. And on a constant currency basis, revenue was up 7.4%. The U.S. was the key driver with second quarter revenue up 15.4%. Internationally, our Philippines launch continues to show progress, and we are encouraged by recent trends in several other key markets. Liquid collagen remains the top performer and contributor to the U.S. revenue gains.

第二季度收入為 5370 萬美元，增長 2.8%，這是 10 個季度以來的首次同比增長。在固定匯率的基礎上，收入增長了 7.4%。美國是第二季度收入增長 15.4% 的主要推動力。在國際上，我們在菲律賓的推出繼續取得進展，我們對其他幾個主要市場的近期趨勢感到鼓舞。液體膠原蛋白仍然是美國收入增長的最佳表現者和貢獻者。

Supply chain challenges surrounding the products were able to be resolved in Q2. Recall that we first launched this product in June and in the first full quarter of sales, which would have been our fiscal year ending in September, orders sharply exceeded forecast, resulting in a significant backlog. The breadth of the demand for our unique collagen product bodes well for future quarters as well as our overall product strategy.

圍繞產品的供應鏈挑戰在第二季度得以解決。回想一下，我們在 6 月首次推出該產品，在第一個完整的銷售季度（本應是我們在 9 月結束的財政年度）中，訂單大大超出預期，導致大量積壓。對我們獨特的膠原蛋白產品的廣泛需求預示著未來幾個季度以及我們的整體產品戰略。

Customer penetration was 24.1% in Q2, up from 18.2% in Q1. And consultant penetration reached 27.2%, compared to 25.3% in Q1. On a blended basis, penetration was 24.8% in Q2, compared to 20.3% in Q1. Customer acquisition similarly benefited from our liquid collagen product, which accounted for approximately $9.1 million or approximately 17% of Q2 revenues.

第二季度的客戶滲透率為 24.1%，高於第一季度的 18.2%。顧問滲透率達到 27.2%，而第一季度為 25.3%。在混合基礎上，第二季度的滲透率為 24.8%，而第一季度為 20.3%。客戶獲取同樣受益於我們的液體膠原蛋白產品，該產品約佔第二季度收入的 910 萬美元或約 17%。

We will be launching liquid collagen in Japan, Australia, New Zealand in March in a fashion similar to the U.S. launch in June. We look forward to sharing results from those launches with you in future quarters. The launch of Protandim NAD in Japan, Australia and Mexico enabled us to introduce the Protandim Tri-Synergizer stack in these markets.

我們將於 3 月在日本、澳大利亞和新西蘭推出液體膠原蛋白，其方式與 6 月在美國推出的方式類似。我們期待在未來幾個季度與您分享這些發布的結果。 Protandim NAD 在日本、澳大利亞和墨西哥的推出使我們能夠在這些市場推出 Protandim Tri-Synergizer 堆棧。

Consisting of Protandim Nrf2, Protandim Nrf1 and Protandim NAD, the Tri-Synergizer stack has been a top performer in the U.S. and initial results in these markets show similar potential. Our blended penetration rate in Japan was 13.4%. In Australia, it was 4.8%. And in Mexico, it was 12.5%, showing strong early adoption.

Tri-Synergizer 堆棧由 Protandim Nrf2、Protandim Nrf1 和 Protandim NAD 組成，在美國一直表現最佳，這些市場的初步結果顯示出類似的潛力。我們在日本的混合滲透率為 13.4%。在澳大利亞，這一比例為 4.8%。在墨西哥，這一比例為 12.5%，表明早期採用率很高。

Energy levels in the field remain high as we continue to elevate and sharpen our brand messaging. Trends have remained very favorable across our social media channels, with November's total user engagement with brand content up 178% and December up 226% compared to those months in 2021.

隨著我們繼續提升和強化我們的品牌信息，該領域的能量水平仍然很高。我們的社交媒體渠道的趨勢仍然非常有利，與 2021 年的那幾個月相比，11 月用戶對品牌內容的總參與度增長了 178%，12 月增長了 226%。

The MVP Builder incentive and collagen cash have continued to drive key behaviors for consultants as well as set them up for success with our new evolved compensation plan. In Q2, we also introduced the sharing bonus for NAD and Axio that is structured similar to collagen cash for new products in Australia, New Zealand and Japan.

MVP Builder 獎勵和膠原蛋白現金繼續推動顧問的關鍵行為，並通過我們新的進化薪酬計劃為他們的成功做好準備。第二季度，我們還推出了 NAD 和 Axio 的分享獎金，其結構類似於澳大利亞、新西蘭和日本新產品的膠原蛋白現金。

Our newest incentive, Run to Pro 4, is also designed to help consultants earn with Evolve. Finally, the upward advancement of consultants provides further proof of our strong momentum and as 8 individuals recently qualified for their first Elite Retreat.

我們最新的激勵措施 Run to Pro 4 也旨在幫助顧問通過 Evolve 賺錢。最後，顧問的晉升進一步證明了我們的強勁勢頭，因為最近有 8 名顧問有資格參加他們的第一次 Elite Retreat。

In summary, the evolution of our business model and culture solidifies our leadership as the activation company and positions us for growth and improved profitability. We've invested over $2 million during calendar 2022, which further demonstrates our commitment to the LV360 initiatives and strategic plan. We are very pleased with our latest results, including a return to top line growth in the second quarter, but recognize it is still early in our transformation journey.

總而言之，我們商業模式和文化的演變鞏固了我們作為活化公司的領導地位，並為我們的增長和盈利能力的提高奠定了基礎。我們在 2022 年期間投資了超過 200 萬美元，這進一步證明了我們對 LV360 計劃和戰略計劃的承諾。我們對我們的最新業績感到非常滿意，包括第二季度收入恢復增長，但我們認識到這仍處於轉型之旅的早期階段。

Organizationally, the alignment between corporate and the field is more unified than ever, giving us a high degree of confidence in our future trajectory. Top leaders within this field are driving implementation within their teams as well, which is creating so much energy and excitement. There has never been a better time to be part of this company.

在組織上，公司和領域之間的一致性比以往任何時候都更加統一，使我們對未來的軌跡充滿信心。該領域的頂級領導者也在他們的團隊中推動實施，這創造瞭如此多的能量和興奮。現在是加入這家公司的最佳時機。

Now let me turn the call over to Carl Aure, our Chief Financial Officer, to review our second quarter financial results.

現在讓我將電話轉給我們的首席財務官 Carl Aure，以審查我們第二季度的財務業績。

Thank you, Steve. And good afternoon, everyone. Let me walk you through our second quarter financial results. Please note that I will be discussing our non-GAAP adjusted results. You can refer to the GAAP to non-GAAP reconciliations in today's press release for additional details.

謝謝你，史蒂夫。大家下午好。讓我向您介紹我們第二季度的財務業績。請注意，我將討論我們的非 GAAP 調整後結果。您可以參考今天新聞稿中的 GAAP 與非 GAAP 對賬，了解更多詳細信息。

Second quarter revenue was $53.7 million, up 2.8% on a year-over-year basis and up 3.6% sequentially from the first quarter. Foreign currency fluctuations negatively impacted revenue by $2.4 million in the second quarter. Excluding the negative impact of foreign currency fluctuations, second quarter revenue was up $3.9 million, or approximately 7.4%, compared to the prior-year period.

第二季度收入為 5370 萬美元，同比增長 2.8%，比第一季度增長 3.6%。外匯波動對第二季度的收入產生了 240 萬美元的負面影響。排除外匯波動的負面影響，第二季度收入較上年同期增長 390 萬美元，增幅約為 7.4%。

Revenue in the Americas region increased 14.4%, including a 15.4% increase in the United States, compared to the prior-year period to $39.7 million, driven primarily by the launch of our TrueScience Liquid Collagen product and partially offset by a 7.1% decline in total active accounts in the region.

與去年同期相比，美洲地區的收入增長了 14.4%，其中美國增長了 15.4%，達到 3,970 萬美元，這主要是由於推出了我們的 TrueScience 液體膠原蛋白產品，部分被 7.1% 的下降所抵消該地區的活躍賬戶總數。

Revenue in our Asia Pacific and Europe region decreased 20.2% to $14 million, driven by a 12% decrease in total active accounts and negative impacts from foreign currency exchange rate fluctuations. Excluding the negative impact from foreign currency fluctuations, second quarter revenue in our Asia Pacific and Europe region was down 7%.

亞太和歐洲地區的收入下降 20.2% 至 1,400 萬美元，這是由於活躍賬戶總數下降 12% 以及外幣匯率波動的負面影響所致。排除匯率波動的負面影響，我們亞太和歐洲地區第二季度的收入下降了 7%。

The foreign currency impact was primarily related to currency fluctuations in Japan, which drove lower revenue in the country. Despite the foreign currency headwinds, we continue to be encouraged by the results we are seeing from our launch of the Philippines due to continued distributor leadership, development and advancement.

外匯影響主要與日本的貨幣波動有關，這導致該國收入下降。儘管外匯逆風，但由於分銷商的持續領導、發展和進步，我們在菲律賓的推出所取得的成果繼續令我們感到鼓舞。

Gross margin was 78.1% for the second quarter, compared to 81.5% in the prior-year period. The decrease in gross margin was primarily due to elevated shipping expenses, the negative impacts of foreign currency fluctuations as well as shifts in geographic and product sales mix. We are actively pursuing cost savings initiatives across our entire supply chain to help offset the recent cost increases that have negatively impacted our gross margins.

第二季度毛利率為 78.1%，上年同期為 81.5%。毛利率下降的主要原因是運費增加、匯率波動的負面影響以及地域和產品銷售組合的變化。我們正在整個供應鏈中積極推行成本節約計劃，以幫助抵消最近對我們的毛利率產生負面影響的成本增加。

Commissions and incentive expense in the second quarter decreased $1.9 million year-over-year. As a percentage of revenue, commissions and incentive expense decreased 490 basis points to 43.9% versus one-year-ago levels, which was primarily driven by the timing and magnitude of various promotional and incentive programs.

第二季度的佣金和獎勵費用同比減少 190 萬美元。與一年前的水平相比，佣金和激勵費用佔收入的百分比下降了 490 個基點至 43.9%，這主要是受各種促銷和激勵計劃的時間和規模的推動。

Non-GAAP adjusted SG&A expense was $19.4 million versus $16.7 million in the prior-year quarter and was up 400 basis points as a percentage of revenue to 36.1%. This increase was primarily a result of higher event-related costs, increased travel expenses, higher employee compensation-related expenses and outside professional service fees related to the upcoming initiatives launching in the second half of fiscal 2023, all as compared to the prior-year period.

非 GAAP 調整後的 SG&A 費用為 1940 萬美元，而去年同期為 1670 萬美元，佔收入的百分比上升 400 個基點至 36.1%。這一增長主要是由於與上一年相比，與 2023 財年下半年即將推出的計劃相關的活動相關成本增加、差旅費用增加、員工薪酬相關費用增加以及外部專業服務費用增加時期。

Adjusted operating loss was $0.9 million, compared with adjusted operating income of $0.3 million in the prior-year period. Adjusted net loss was $0.8 million, or $0.07 per fully diluted share, in the second quarter, compared to adjusted net income of $0.6 million, or $0.05 per fully diluted share, in the comparable period last year.

調整後的營業虧損為 90 萬美元，而去年同期調整後的營業收入為 30 萬美元。第二季度調整後淨虧損為 80 萬美元，即每股完全攤薄收益 0.07 美元，而去年同期調整後淨收入為 60 萬美元，即每股完全攤薄收益為 0.05 美元。

We recorded a tax benefit of $17,000 in the second quarter, compared to a tax benefit of $0.6 million a year earlier. The decrease in tax benefit was primarily due to the favorable impact of discrete tax adjustments relating to taxes on foreign income recorded in the comparable period last year. For fiscal year 2023, we expect our effective tax rate will be approximately 31%.

我們在第二季度錄得 17,000 美元的稅收優惠，而去年同期為 60 萬美元。稅收優惠的減少主要是由於與去年可比期間記錄的外國收入稅收相關的離散稅收調整的有利影響。對於 2023 財年，我們預計我們的有效稅率約為 31%。

Adjusted EBITDA for the second quarter was $0.8 million, or 1.5% of revenues, compared to $1.9 million and 3.6% in the same period a year ago. Please note that all of the adjustments from GAAP to non-GAAP I discussed today are reconciled in our earnings press release issued this afternoon. We ended the second quarter in a strong financial position with $17.4 million of cash and no debt. We also continue to maintain $5 million of availability under our revolving line of credit.

第二季度調整後的 EBITDA 為 80 萬美元，佔收入的 1.5%，而去年同期為 190 萬美元和 3.6%。請注意，我今天討論的從 GAAP 到非 GAAP 的所有調整都在我們今天下午發布的收益新聞稿中進行了調整。我們以 1740 萬美元的現金和無債務結束了第二季度，財務狀況良好。我們還在循環信貸額度下繼續保持 500 萬美元的可用性。

Capital expenditures totaled $0.8 million in the second quarter. We anticipate total capital expenditures for fiscal 2023 to be approximately $3 million.

第二季度資本支出總計 80 萬美元。我們預計 2023 財年的總資本支出約為 300 萬美元。

Now turning to our fiscal 2023 outlook. We anticipate our fiscal 2023 revenue will be in the range of $202 million to $212 million, and adjusted non-GAAP EBITDA in the range of $11 million to $13 million with adjusted non-GAAP earnings per share in the range of $0.22 to $0.28 per share.

現在轉向我們的 2023 財年展望。我們預計我們 2023 財年的收入將在 2.02 億美元至 2.12 億美元之間，調整後的非 GAAP EBITDA 在 1100 萬至 1300 萬美元之間，調整後的非 GAAP 每股收益在 0.22 美元至 0.28 美元之間.

And with that, let me turn the call back over to the operator for questions. Operator?

就這樣，讓我把電話轉回給接線員提問。操作員？

(Operator Instructions) Our first question is from [Dustin Ryker, LifeVantage].

（操作員說明）我們的第一個問題來自 [Dustin Ryker，LifeVantage]。

Yes. I just was interested to hear how -- with the new comp plan, how you feel that this is going to be better than the old one?

是的。我只是想知道如何——有了新的補償計劃，你覺得這會比舊的更好嗎？

Yes. Thanks. We feel like this is going to address some of the gaps that we've had in our plan and especially become much more appealing for people that want to sell products. We're proud of our history of products that we have and the innovation that comes with those. But, frankly, our new plan does a much better job of incentivizing and paying people that are interested in selling products along with those that want to also build the business.

是的。謝謝。我們覺得這將解決我們計劃中的一些差距，尤其是對想要銷售產品的人更具吸引力。我們為我們擁有的產品歷史以及隨之而來的創新感到自豪。但是，坦率地說，我們的新計劃在激勵和支付對銷售產品感興趣的人以及想要建立業務的人方面做得更好。

Is it those that are in the middle of the company or at the top?

是公司的中層還是高層？

It's throughout the organization.

它貫穿於整個組織。

It appears that there are no further questions at this time. I would now like to turn the floor back over to Steve Fife for closing comments.

看來此時沒有進一步的問題了。我現在想將發言權轉回給 Steve Fife，請他發表結束評論。

All right. Well, thank you for joining us today. In closing, I want to take the opportunity to thank all of our employees for their hard work and dedication as well as our outstanding team of independent consultants and loyal customers. We are very excited about this modernization of our company and remain focused on the opportunities that lie ahead.

好的。好吧，謝謝你今天加入我們。最後，我想藉此機會感謝我們所有員工的辛勤工作和奉獻精神，以及我們出色的獨立顧問團隊和忠誠的客戶。我們對公司的現代化感到非常興奮，並將繼續關注未來的機遇。

We hope you all stay safe and healthy and look forward to updating you on our next call. Have a great day.

我們希望大家保持安全和健康，並期待在我們的下一次電話會議上為您更新。祝你有美好的一天。

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。此時您可以斷開線路。感謝您的參與。