LifeVantage Corp (LFVN) 2025 Q1 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 first quarter of fiscal 2025 results. (Operator Instructions) Hosting today's conference will be Reed Anderson with ICR. As a reminder, today's conference is being recorded.

美好的一天，女士們先生們。謝謝你的支持。歡迎參加今天的電話會議，討論 LifeVantage 2025 財年第一季的業績。（操作員說明）今天的會議將由 ICR 的 Reed Anderson 主持。提醒一下，今天的會議正在錄製中。

Now I'd like to turn the call over to Mr. Anderson. Please go ahead, sir.

現在我想把電話轉給安德森先生。請繼續，先生。

Thank you. Good afternoon, and welcome to LifeVantage Corporation's conference call to discuss results for the first quarter of fiscal 2025.

謝謝。下午好，歡迎參加 LifeVantage Corporation 的電話會議，討論 2025 財年第一季的業績。

On the call today from LifeVantage with prepared remarks are Steven Fife, President and Chief Executive Officer; and Carl Aure, Chief Financial Officer. By now, everyone should have access to the earnings release, which went out this afternoon at approximately 4:05 PM, 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.

今天，LifeVantage 總裁兼執行長 Steven Fife 在電話會議上發表了事先準備好的講話；卡爾‧奧雷 (Carl Aure)，財務長。到目前為止，每個人都應該可以看到該財報，該財報在東部時間下午 4 點左右發布。如果您尚未收到新聞稿，可以在 LifeVantage 網站 www.lifevantage.com 的投資者關係部分取得。該電話會議正在網路直播，並且公司網站上也將提供重播。

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.

在開始之前，我們想提醒大家，我們準備的言論包含前瞻性陳述，管理階層可能會針對您的問題做出額外的前瞻性陳述。這些陳述並不保證未來的表現，因此，不應過度依賴它們。這些陳述是基於公司管理層目前的預期，涉及固有風險和不確定性，包括 LifeVantage 最近提交的表格 10-K 和 10-Q 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 be discussing 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，我們將討論非公認會計準則財務指標，包括調整後的結果。管理階層認為，這些財務指標可以促進對 LifeVantage 的持續經營績效進行更完整的分析並提高透明度，特別是在比較不同期間的基本經營績效時。我們在今天的發布中包含了這些非公認會計原則措施的調節。

This call also contains time-sensitive information that is accurate only as of the date of this live broadcast, October 29, 2024. LifeVantage assumes no obligation to update any forward-looking projections that may be made in today's release or call.

此通話還包含時間敏感訊息，僅截至本次直播之日（2024 年 10 月 29 日）準確。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 Steven Fife, the President and Chief Executive Officer of LifeVantage.

現在，我將把電話轉給 LifeVantage 總裁兼執行長 Steven Fife。

Thanks, Reed, and good afternoon, everyone. Thank you for joining us today.

謝謝里德，大家下午好。感謝您今天加入我們。

It's an incredible time at LifeVantage as we just launched the MindBody GLP-1 System, an amazing evasion targeting consumers searching for an effective, sustainable weight management solution. This product significantly expands our total addressable market. And the initial response from our consultants and customers has been overwhelming.

這是 LifeVantage 的一個令人難以置信的時刻，因為我們剛剛推出了 MindBody GLP-1 系統，這是一個針對尋求有效、可持續體重管理解決方案的消費者的驚人規避方案。該產品顯著擴大了我們的總目標市場。我們的顧問和客戶的初步反應非常熱烈。

But before I go deeper into talking about MindBody, let me first give you a quick recap of our latest results, which are generally in line with our expectations. In the first quarter, we again delivered solid profitability metrics despite lower revenues, which continued to be impacted by macro headwinds, particularly in our international markets.

但在深入討論 MindBody 之前，讓我先快速回顧一下我們的最新結果，這些結果總體上符合我們的預期。在第一季度，儘管收入下降，但我們再次實現了穩健的獲利指標，收入繼續受到宏觀不利因素的影響，特別是在我們的國際市場。

Our adjusted EBITDA increased 11% versus last year, and our adjusted EBITDA margin was 9.4%, a 160 basis point improvement compared to last year's first quarter.

我們的調整後 EBITDA 比去年增長了 11%，調整後 EBITDA 利潤率為 9.4%，比去年第一季提高了 160 個基點。

Total revenue was down 8%, as lower consultant and customer numbers were partially offset by an increase in revenue per consultant. While the overall consumer environment remains challenging, we are highly encouraged by the strong response from consultants and customers to our new product.

總收入下降了 8%，因為顧問和客戶數量的減少被每位顧問收入的增加部分抵消。儘管整體消費者環境仍然充滿挑戰，但顧問和客戶對我們新產品的強烈反應令我們深受鼓舞。

September was a very strong month for us, as consultants built excitement in advance of the product launch, and October will be the highest bookings month in the company's history. And overall enrollments in October are approximately 4 times our recent monthly averages. We believe this momentum will continue to build as fiscal 2025 unfolds.

九月對我們來說是一個非常強勁的月份，因為顧問在產品發布之前就引起了人們的興奮，而十月將是公司歷史上預訂量最高的月份。10 月的總入學人數約為近期月平均入學人數的 4 倍。我們相信，隨著 2025 財年的到來，這一勢頭將繼續增強。

There's good reason to be excited about the MindBody GLP-1 System. GLP-1 is short for glucagon-like peptide 1, a hormone that works along the gut-brain axis to control digestion and balance blood sugar. GLP-1 also supports the health of several organs, including the heart, liver, and kidneys. Like many things in our body, production of the GLP-1 hormone declines due to age, poor diet, stress, and other lifestyle factors. This decline can cause cravings, faults hunger, and weight gain, among other health concerns.

MindBody GLP-1 系統有充分的理由令人興奮。GLP-1 是胰高血糖素樣勝肽 1 的縮寫，是一種沿著腸腦軸發揮作用以控制消化和平衡血糖的荷爾蒙。GLP-1 也支持多個器官的健康，包括心臟、肝臟和腎臟。就像我們體內的許多事物一樣，GLP-1 激素的產生會因年齡、不良飲食、壓力和其他生活方式因素而下降。這種下降可能會導致食慾、飢餓感和體重增加以及其他健康問題。

Just as our flagship product, Protandim Nrf2, activates antioxidant production in the body, our new MindBody GLP-1 System activates the production of GLP-1 using naturally sourced ingredients. You take the MindBody GLP-1 System to help your body make this essential impactful hormone. With this addition to our portfolio, we are, once again, demonstrating our ability to own health activation at the cellular level. When this innovative dual product solution helps your body restore GLP-1 production, the results are truly something you can see and feel.

正如我們的旗艦產品 Protandim Nrf2 活化體內抗氧化劑的產生一樣，我們的新型 MindBody GLP-1 系統使用天然成分來活化 GLP-1 的產生。您服用 MindBody GLP-1 系統來幫助您的身體產生這種重要的有影響力的荷爾蒙。隨著我們產品組合的增加，我們再次證明了我們在細胞層面上激活健康的能力。當這個創新的雙產品解決方案幫助您的身體恢復 GLP-1 的產生時，其結果確實是您可以看到和感受到的。

We completed a successful 12-week human clinical trial to evaluate the efficacy of MindBody. Results from this trial included an outstanding 140% average increase in GLP-1 levels in the body. Participants had an average weight loss of 9 pounds in eight weeks and up to 25 pounds in 12 weeks.

我們成功完成了為期 12 週的人體臨床試驗，以評估 MindBody 的功效。此試驗的結果包括體內 GLP-1 水準平均顯著增加 140%。參與者在 8 週內平均減重 9 磅，在 12 週內減重最多 25 磅。

Adding to the results, 100% of participants who lost weight did not lose muscle, but did lose up to 27% in visceral fat and 5% total body fat. Participants also reported exciting qualitative data as well. 95% had decreased sugar cravings, 96% chose smaller portions, 85% now eat for health instead of emotion, 85% agreed their food cravings decreased, and 82% felt more in control of their relationship with food.

除此之外，100% 的減重參與者並未減少肌肉，但內臟脂肪減少了 27%，全身脂肪減少了 5%。參與者還報告了令人興奮的定性數據。 95% 的人對糖的渴望減少了，96% 的人選擇了較小的份量，85% 的人現在吃東西是為了健康而不是情感，85% 的人同意他們對食物的渴望減少了，82 % 的人覺得更能控制自己與食物的關係。

The clinical trial built upon successful in vitro results, which found the MindBody GLP-1 System significantly increased GLP-1 production in L cells by activating key genes. The in vitro study also revealed a 38% reduction in DPP4 gene expression, allowing more GLP-1 to remain active within the body and a 53% increase in GLP-1R expression, which promotes the creation of GLP-1 cell receptors, further enhancing the body's ability to use GLP-1.

此臨床試驗建立在成功的體外結果的基礎上，結果發現 MindBody GLP-1 系統透過活化關鍵基因顯著增加了 L 細胞中 GLP-1 的產量。體外研究也顯示，DPP4基因表現減少了38%，使更多的GLP-1在體內保持活性，GLP-1R表達增加了53%，從而促進了GLP-1細胞受體的產生，進一步增強了GLP -1R的表達。

Thanks to the results of this research, the MindBody GLP-1 System is patent pending, ensuring that innovation remains something only LifeVantage and our consultants can deliver. The MindBody GLP-1 System is a 2-part system, made up of MB Core and MB Enhance, that is uniquely paired to deliver results leading to total transformation.

由於這項研究的結果，MindBody GLP-1 系統正在申請專利，確保只有 LifeVantage 和我們的顧問才能提供創新。MindBody GLP-1 系統是一個由 2 部分組成的系統，由 MB 核心和 MB 增強組成，它們獨特地配對以提供導致全面轉型的結果。

MB Core is a blend of acacia, lemon bioflabinoids, berberine, esperiden, eggplant, and chromium that directly activate GLP-1 in specialized L cells, promoting fullness through the gut-brain axis. It reduces creams, slows gastric emptying, and once key hunger hormones. It is two capsules taken daily, 30 minutes before consuming any calories.

MB Core 是阿拉伯膠、檸檬生物類黃酮、小檜鹼、esperiden、茄子和鉻的混合物，可直接活化特殊 L 細胞中的 GLP-1，透過腸腦軸促進飽足感。它可以減少奶油，減緩胃排空，以及曾經關鍵的飢餓激素。每天服用兩粒膠囊，在攝取任何卡路里前 30 分鐘服用。

MB Enhance combines resistant starches and fibers, including potato and tapioca, which ferment in the large intestine. These fibers act as prebiotics, supporting gut health, providing indirect activation through the priming of L cells. MB Enhance provides 48% of daily dietary fiber, with a light vanilla flavor that complements smoothies and other beverages consumed throughout the day.

MB Enhance 結合了抗性澱粉和纖維，包括在大腸中發酵的馬鈴薯和木薯粉。這些纖維充當益生元，支持腸道健康，透過啟動 L 細胞提供間接活化。MB Enhance 提供 48% 的每日膳食纖維，具有淡淡的香草味，可與全天飲用的冰沙和其他飲料相得益彰。

Our comprehensive approach provides effective, sustainable weight loss and overall wellness. Unlike traditional weight management methods, MindBody emphasizes long-term lifestyle changes and a healthier relationship with food. The system helped stop the toxic cycle of trendy fads and yo-yo dieting, with results coming from helping your body work is designed. The press release issued earlier today provides a recap of all these exciting results.

我們的綜合方法提供有效、可持續的減肥和整體健康。與傳統的體重管理方法不同，MindBody 強調長期生活方式的改變以及與食物的更健康的關係。該系統有助於阻止流行時尚和溜溜球節食的有毒循環，結果來自於幫助您的身體工作設計。今天早些時候發布的新聞稿回顧了所有這些令人興奮的結果。

The new MindBody GLP-1 System was unveiled at our recent Market Connect event held October 11 and 12 in Kansas City. The initial on-site inventory fell within a couple of hours, so additional inventory was shipped to the event to meet the overwhelming demand. The demand was also reflected in our e-commerce sales, exceeding forecasts.

新的 MindBody GLP-1 系統在我們最近於 10 月 11 日至 12 日在堪薩斯城舉行的 Market Connect 活動中亮相。最初的現場庫存在幾個小時內就下降了，因此額外的庫存被運送到活動現場以滿足巨大的需求。這種需求也反映在我們的電子商務銷售中，超越了預期。

Our initial inventory, order of MindBody System is now sold out. We are officially on backorder, meaning, orders continue to be placed by both consultants and customers with product shipping when we are back in stock in approximately seven weeks. The level of demand for this product is many multiples of what we saw when our liquid collagen product was first introduced a couple of years ago, giving us a high degree of optimism about future growth potential.

我們最初的庫存、MindBody 系統的訂單現已售罄。我們正式處於缺貨狀態，這意味著當我們在大約七週內恢復庫存時，顧問和客戶將繼續下訂單並運送產品。該產品的需求水準是我們幾年前首次推出液體膠原蛋白產品時的許多倍，這使我們對未來的成長潛力高度樂觀。

In addition to MindBody, market offered exclusive business training for consultants, emphasizing the new commission bonuses and the latest enhancements to the Evolve Compensation Plan. which will take effect on November 1. We also announced several improvements to the consultant experience, including a new feature that allows the creation of a suggested shopping card for new consultants joining LifeVantage. The event generated significant excitement and was an outstanding success, further energizing our consultant community.

除了 MindBody 之外，market 還為顧問提供了獨家業務培訓，重點介紹了新的佣金獎金和 Evolve 薪酬計劃的最新增強功能。將於 11 月 1 日生效。我們還宣布了對顧問體驗的幾項改進，包括一項新功能，允許為加入 LifeVantage 的新顧問創建建議購物卡。這項活動引起了極大的關注並取得了巨大的成功，進一步激發了我們的顧問社群的活力。

Regarding the latest updates to the Evolve Compensation Plan, we are rolling out enhancements to offer greater simplicity and increased earning potential for our independent LifeVantage consultants. These enhancements will go live on November 1, 2024, across the US, Japan, Australia, New Zealand, Canada, Mexico, and European markets. At the heart of this optimization is the new sharing bonus. This sharing bonus is a simple 10% commission, on top of other elements of the compensation plan earned when your new consultant and their customers purchase products.

關於 Evolve 薪酬計劃的最新更新，我們正在推出增強功能，為我們的獨立 LifeVantage 顧問提供更大的簡單性並增加收入潛力。這些增強功能將於 2024 年 11 月 1 日在美國、日本、澳洲、紐西蘭、加拿大、墨西哥和歐洲市場上線。此次優化的核心是新的分享獎金。這種分享獎金是簡單的 10% 佣金，除了您的新顧問及其客戶購買產品時賺取的薪酬計劃的其他內容之外。

We have also reimagined accelerators to help new consultants achieve early income success. During the first four months of their business, consultants are eligible to receive double the sharing bonus, up to 20%, instead of the standard 10%. Additionally, new consultants earn a bonus upon reaching the key milestone rank of Senior Consultant 1. Finally, we continue to focus on enhancing the appeal of a model for entrepreneurs, including making it easier for them to grow and operate their businesses.

我們也重新設計了加速器，幫助新顧問實現早期收入成功。在其業務的前四個月內，顧問有資格獲得雙倍的分享獎金，最高可達 20%，而不是標準的 10%。此外，新顧問在達到高級顧問 1 的關鍵里程碑等級後還可獲得獎金。最後，我們繼續致力於增強該模式對企業家的吸引力，包括讓他們更容易發展和經營自己的業務。

We have recently partnered with Clearwater to offer LifeVantage healthcare, a health insurance option for consultants. Clearwater offers a variety of major medical, health share and supplemental plans, including holistic and wellness options. The response to this offer has been tremendous, with many consultants expressing that this partnership removes a large barrier for those looking to go all in on their LifeVantage business.

我們最近與 Clearwater 合作，提供 LifeVantage 醫療保健，這是為顧問提供的健康保險選擇。Clearwater 提供各種主要的醫療、健康共享和補充計劃，包括整體和健康選項。這項提議得到了巨大的反響，許多顧問表示，這種合作夥伴關係為那些希望全力投入 LifeVantage 業務的人消除了巨大的障礙。

In summary, we are incredibly excited about the launch of our new MindBody GLP-1 System, and believe it will be a game changer for our consultants and their businesses. It significantly expands LifeVantage's activation story into the rapidly growing category of weight loss. We also remain focused on continuing to drive strong financial performance and significant long-term value for our shareholders.

總而言之，我們對新 MindBody GLP-1 系統的推出感到非常興奮，並相信它將改變我們的顧問及其業務的遊戲規則。它顯著地將 LifeVantage 的激活故事擴展到快速增長的減肥類別。我們也持續致力於持續為股東帶來強勁的財務表現和顯著的長期價值。

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

現在，讓我將電話轉給我們的財務長 Carl Aure，回顧我們第一季的財務表現。

Thank you, Steve, and good afternoon, everyone. Let me walk you through our first-quarter financial results.

謝謝史蒂夫，大家下午好。讓我向您介紹我們第一季的財務表現。

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.

請注意，我將討論我們的非公認會計原則調整後的結果。您可以參閱今天新聞稿中的 GAAP 與非 GAAP 調整表，以了解更多詳細資訊。

First quarter revenue was $47.2 million, down 8.1% on a year-over-year basis, and foreign currency negatively impacted revenue by approximately $200,000. Excluding the negative impact of foreign currency fluctuations, first quarter revenue was down approximately 7.7% compared to the prior year period.

第一季營收為 4,720 萬美元，年減 8.1%，外匯對營收產生了約 20 萬美元的負面影響。剔除匯率波動的負面影響，第一季營收較去年同期下降約7.7%。

Revenue in the Americas region decreased 4.2% to $36.9 million in the quarter, due to a 6.1% decrease in total active accounts partially offset by higher average revenue per account, resulting from changes in product mix and increased shipping charges.

本季美洲地區的收入下降 4.2%，至 3,690 萬美元，原因是活躍帳戶總數下降 6.1%，但產品組合變化和運費增加導致每個帳戶平均收入增加，部分抵消了這一下降。

Revenue in our Asia Pacific and Europe region decreased 19.7% to $10.3 million in the quarter, primarily driven by a 20.5% decrease in total active accounts and the negative impact from foreign currency exchange rate fluctuations. Excluding the negative impact from foreign currency fluctuations, which are primarily attributable to Japan, first quarter revenue in our Asia Pacific and Europe region was down 18.7% as compared to the prior year period.

本季亞太和歐洲地區的營收下降 19.7% 至 1,030 萬美元，主要是由於活躍帳戶總數減少 20.5% 以及外幣匯率波動的負面影響。剔除主要由日本造成的外匯波動的負面影響，亞太和歐洲地區第一季營收較去年同期下降18.7%。

Gross margin was 79.9% for the first quarter, just slightly below the 80.2% we reported in the prior year period. We are encouraged that we were able to maintain gross margin percentages despite the decrease in revenue. We continue to focus on identifying cost savings opportunities across our supply chain to improve our gross margins back above our 80% target.

第一季毛利率為 79.9%，略低於我們去年同期報告的 80.2%。儘管收入下降，但我們仍能維持毛利率，這讓我們感到鼓舞。我們繼續專注於尋找整個供應鏈中的成本節約機會，以將毛利率提高到 80% 的目標之上。

Commissions and incentive expense in the first quarter decreased $2.2 million year over year. As a percentage of revenue, commission and incentive expense was 43%, down 80 basis points versus year ago levels.

第一季的佣金和獎勵費用較去年同期減少 220 萬美元。佣金和激勵費用佔收入的百分比為 43%，比去年同期水準下降 80 個基點。

The decrease was due to changes in sales mix, along with the timing and magnitude of our various promotional and incentive programs.

下降的原因是銷售組合的變化，以及我們各種促銷和激勵計劃的時間和規模。

Non-GAAP adjusted SG&A expense was $14.7 million compared with $16.6 million in the prior year period and was 130 basis points lower as a percentage of revenue to 31.1%. Adjusted non-GAAP operating income was $2.7 million compared with adjusted non-GAAP operating income of $2.1 million in the prior year period.

非 GAAP 調整後的 SG&A 費用為 1,470 萬美元，而去年同期為 1,660 萬美元，佔收入的百分比下降了 130 個基點，降至 31.1%。調整後的非 GAAP 營業收入為 270 萬美元，而去年同期調整後的非 GAAP 營業收入為 210 萬美元。

Adjusted non-GAAP net income was $1.9 million or $0.15 per fully diluted share in the first quarter compared to adjusted non-GAAP net income of $1.7 million or $0.13 per fully diluted share in the prior year period.

第一季調整後的非 GAAP 淨利潤為 190 萬美元，或完全稀釋每股 0.15 美元，而去年同期調整後的非 GAAP 淨利潤為 170 萬美元，或完全稀釋每股 0.13 美元。

We recorded income tax expense of $0.8 million in the first quarter, which translates to an effective rate of approximately 29% compared to $0.2 million in the prior year period at an effective rate of 24%. The increase in our effective tax rate in the current quarter was due to the impact of discrete items.

我們第一季的所得稅費用為 80 萬美元，有效稅率約為 29%，而去年同期的所得稅費用為 20 萬美元，有效稅率為 24%。本季有效稅率的增加是由於離散項目的影響。

Adjusted EBITDA for the first quarter was $4.4 million or 9.4% of revenues compared to $4 million and 7.8% in the same period a year ago. Please note that all of the adjustments from GAAP to non-GAAP that I discuss today are reconciled in our earnings press release issued this afternoon.

第一季調整後 EBITDA 為 440 萬美元，佔營收的 9.4%，去年同期為 400 萬美元，佔營收的 7.8%。請注意，我今天討論的從 GAAP 到非 GAAP 的所有調整均已在我們今天下午發布的收益新聞稿中進行了調整。

Our financial position remains strong, with $14.6 million of cash and no debt at the end of the first quarter. Capital expenditures totaled $0.3 million in the first quarter compared to $1.1 million in the same period a year ago.

我們的財務狀況依然強勁，第一季末擁有 1,460 萬美元現金，沒有債務。第一季資本支出總額為 30 萬美元，而去年同期為 110 萬美元。

We continue to focus on our capital allocation priorities to drive value for stockholders. During the first quarter, we used approximately $1 million in cash to repurchase approximately 140,000 shares of common stock under the stock repurchase authorization. As of September 30, 2024, there is still $19.3 million remaining under the authorization.

我們繼續專注於資本配置優先事項，為股東創造價值。第一季度，我們根據股票回購授權使用了約 100 萬美元現金回購了約 14 萬股普通股。截至2024年9月30日，授權仍有1,930萬美元。

We also announced a quarterly cash dividend of $0.04 per share of common stock or approximately $500,000 in the aggregate. The dividend will be paid on December 16, 2024, to stockholders of record as of December 2, 2024. Since the beginning of fiscal 2024, we have returned approximately $15 million in total value to our stockholders through share repurchases and dividends.

我們也宣布季度現金股利為每股普通股 0.04 美元，總計約 50 萬美元。股利將於2024年12月16日支付給截至2024年12月2日在冊的股東。自 2024 財年開始以來，我們已透過股票回購和股利向股東返還了約 1,500 萬美元的總價值。

Turning to our outlook for fiscal 2025. We continue to anticipate our full year revenue will be in the range of $200 million to $210 million and closer to the upper end of the range based on the early success and demand associated with the MindBody GLP-1 product launch.

轉向我們對 2025 財年的展望。基於 MindBody GLP-1 產品發布的早期成功和需求，我們繼續預計全年收入將在 2 億至 2.1 億美元之間，並接近該範圍的上限。

We also expect adjusted non-GAAP EBITDA in the range of $18 million to $21 million, with adjusted non-GAAP earnings per share in the range of $0.70 to $0.80 per share. We remain committed to continuing to improve our adjusted EBITDA margins and believe we are well on track to reach our long-term target of low double; digits in the near future.

我們也預期調整後的非 GAAP EBITDA 在 1,800 萬美元至 2,100 萬美元之間，調整後的非 GAAP 每股收益在 0.70 美元至 0.80 美元之間。我們仍致力於持續提高調整後的 EBITDA 利潤率，並相信我們有望實現低雙倍的長期目標；在不久的將來的數字。

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

接下來，讓我將電話轉回給接線生詢問問題。操作員？

(Operator Instructions) Doug Lane, Water Tower Research.

（操作員說明）Doug Lane，水塔研究中心。

Yeah. Hi. Good afternoon, everybody. Carl, you just went over your guidance, which remains unchanged from the last quarter. And obviously, you had a very successful launch here with MindBody having sold out of inventory already. So what was the thought process in not adjusting your guidance despite the very strong reception to MindBody?

是的。你好。大家下午好。卡爾，您剛剛回顧了您的指導，與上季度相比沒有變化。顯然，您在這裡的發布非常成功，MindBody 的庫存已經售罄。那麼，儘管 MindBody 受到了強烈的歡迎，但沒有調整你的指導，你的思考過程是什麼？

Yeah. Thanks, Doug, for the question. We definitely gave that some thought. And in the comment that I made on the script, I mean, we do believe that we're going to be at the top end of that range in the guidance. And I think the other thing is that we're really only two weeks in to the launch of the MB product that we had. And we launched it on October 11. And we were out of inventory within two weeks.

是的。謝謝道格提出這個問題。我們確實考慮過這一點。在我對劇本的評論中，我的意思是，我們確實相信我們將處於指南中該範圍的頂端。我認為另一件事是，我們距離推出 MB 產品實際上只有兩週時間。我們於 10 月 11 日推出了它。我們的庫存在兩週內就售空了。

And I just think, as we've looked through and there's still some uncertainty and we talked about getting the product back in stock and where we are from a stock-out situation, but I think that was the preliminary thought. I still think that we're highly optimistic about a long-term success of MB. But just due to where things are at, we felt that that was the appropriate range at this point.

我只是認為，正如我們所看到的，仍然存在一些不確定性，我們談到了讓產品恢復庫存以及我們擺脫缺貨情況的情況，但我認為這是一個初步的想法。我仍然認為我們對 MB 的長期成功非常樂觀。但正是由於目前的情況，我們認為這是目前合適的範圍。

That's fair enough. It is still early days. So I mean, this is a good problem to have, but you are dealing now with a stock out situation for a product that is, obviously, you've done a good job teasing and promoting and launching. So what do you think the impact will be of moving into a stock situation so quickly among your consultants?

這很公平。現在還為時過早。所以我的意思是，這是一個很好的問題，但你現在正在處理一種產品缺貨的情況，顯然，你在戲弄、推廣和發布方面做得很好。那麼，您認為如此迅速地進入庫存狀況會對您的顧問產生什麼影響？

Yeah. I think we have kind of a proof here of the excitement around this product, not just because of selling it out so quickly that if I look back in terms of our September activity, in September before the product was even available, our enrollments virtually doubled over that of the previous several months. And again, that was in advance of the product.

是的。我認為我們在這裡有一種證據證明了這款產品令人興奮，不僅僅是因為它賣得如此之快，以至於如果我回顧一下我們9 月份的活動，在產品上市之前的9 月份，我們的註冊人數幾乎翻了一番超過前幾個月。再說一次，那是在產品出現之前。

And what drove that, really, was we had a group of 55 people that were kind of our trial group. They had access to the product since about August 20, and they were taking before-and-after pictures and building their stories. And in September, those stories started getting out there and drove the excitement around the product and the launch.

事實上，推動這一目標的是我們有一個由 55 人組成的試驗小組。他們大約從 8 月 20 日起就可以使用該產品，並拍攝前後照片並建立自己的故事。九月份，這些故事開始流傳開來，引發了人們對產品和發布的興奮。

And fast forward to October 11, we have an amazing launch. You were there, you were able to see the excitement around it. And two weeks later, we've sold out. And now in my mind, and I think the way our consultants are really looking at it, is now there's not just 55, but there's thousands of people that have access to the product. And they will be able to build their personal stories about the product over the next several weeks until the product comes in.

快進到 10 月 11 日，我們推出了令人驚嘆的產品。你在那裡，你能夠看到周圍的興奮。兩週後，我們的產品就賣完了。現在在我看來，我認為我們的顧問真正看待這個問題的方式是，現在不僅有 55 人，而且有數千人可以使用該產品。在接下來的幾週內，他們將能夠建立有關該產品的個人故事，直到產品上市。

And there's no indication from our consultant leadership group right now that anyone is slowing down in terms of talking to people and enrolling people. And the way we've communicated access to the product when we do get it, it's going to be those people that are signed up on a subscription now are going to be the first ones to get product once it comes into inventory.

我們的顧問領導小組目前沒有跡象表明任何人在與人們交談和招募人員方面正在放慢速度。當我們獲得產品時，我們傳達產品存取權限的方式是，一旦產品進入庫存，現在註冊訂閱的人將成為第一批獲得產品的人。

So there's still excitement around the product. We have, like I said, thousands more people talking about it than we did in September. So I still remain really optimistic that it's going to continue to build the excitement.

因此，該產品仍然令人興奮。正如我所說，與 9 月相比，現在討論這個問題的人數增加了數千人。因此，我仍然非常樂觀地認為它將繼續引起人們的興奮。

Now do I wish we had inventory? Absolutely. But I'm really pleased with how our field has embraced this, and they see the demand for the product, and I think it's encouraged them as well in terms of what this really can be.

現在我希望我們有庫存嗎？絕對地。但我對我們的領域如何接受這一點感到非常高興，他們看到了對該產品的需求，我認為這也鼓勵了他們，因為這也鼓舞了他們的真正潛力。

Yeah. No, there was a lot of excitement in the event for sure. And did you mention what the price of the product is? I assume that it's going to be geared for monthly subscription.

是的。不，這次活動確實令人興奮。你有沒有提到產品的價格是多少？我認為它將適合按月訂閱。

It is. We sell the -- it's a two-part system. We sell them only in tandem. And that's critical because the efficacy of the products and really all of our studies, our human clinical our patent that we've filed for are based on the combination of those two products. And for the two products, at a customer retail price, it's $1.99. At a customer subscription, the price is $1.79. And for our consultants, it's $1.59, and that's for a 30-day supply.

這是。我們銷售的是──它是一個由兩個部分組成的系統。我們僅將它們串聯出售。這一點至關重要，因為產品的功效以及我們所有的研究、人體臨床、我們申請的專利都是基於這兩種產品的組合。這兩種產品的客戶零售價為 1.99 美元。客戶訂閱的價格為 1.79 美元。對於我們的顧問來說，價格為 1.59 美元，這是 30 天的用量。

Right, month supply. Got it. And then the launch was in the US at the Kansas City event. What are the plans for launching this product in the markets outside the US? And can you clarify is this in Canada yet?

對了，月供應量。知道了。隨後，記者會在美國堪薩斯城舉行。該產品在美國以外市場推出的計畫是什麼？您能澄清一下這是在加拿大嗎？

It is (technical difficulty) in Canada on Nfr are not for resale basis, so they can purchase it for personal consumption in Canada. We also have a program where any person throughout the world can actually purchase product. And we're seeing some of the product -- and again, just for personal consumption, we do see people throughout the world buying it, especially in Australia and New Zealand right now; not large quantities, but they're trying to get a jump start on that.

它在加拿大的 Nfr 上（技術難度）不用於轉售，因此他們可以在加拿大購買它用於個人消費。我們還有一個計劃，世界各地的任何人都可以實際購買產品。我們看到了一些產品——再說一遍，只是為了個人消費，我們確實看到世界各地的人們都在購買它，特別是現在在澳洲和紐西蘭；數量不是很多，但他們正試圖在這方面取得快速進展。

And our launch, it's going to be really kind of dependent on regulatory approval, but we're targeting in the March, April timeframe of next year of 2025 to have most of our countries -- launching in most of our countries. We know that there's a couple of countries where the regulatory time will be longer than that, but most of our international markets will launch in the March, April timeframe.

我們的推出確實取決於監管部門的批准，但我們的目標是在 2025 年明年 3 月、4 月的時間範圍內，在我們大多數國家推出。我們知道有幾個國家的監管時間會比這更長，但我們的大多數國際市場將在三月、四月的時間範圍內啟動。

Okay. Thank you. That's very helpful.

好的。謝謝。這非常有幫助。

Thanks, Doug.

謝謝，道格。

There are no further questions at this time. I'd like to pass the call back over to Steve for closing remarks.

目前沒有其他問題。我想將電話轉回史蒂夫以供結束語。

Thank you, operator, and thank you for joining us today. As we conclude, I want to extend my appreciation to our committed employees, outstanding independent consultants, stockholders, and faithful customer.

謝謝您，接線員，也謝謝您今天加入我們。最後，我要向我們忠誠的員工、傑出的獨立顧問、股東和忠實的客戶表示感謝。

We are incredibly excited about the overall response for new MindBody GLP-1 System that significantly expands our total addressable market. This is an amazing innovation targeting customers, searching for and effect a sustainable weight management solution. We believe it has the potential to drive significant growth and value creation in the future as we leverage the strength of our distinctive platform, along with the competitive edge of our business model that empowers individuals to establish businesses on their own terms.

我們對新 MindBody GLP-1 系統的整體反應感到非常興奮，該系統顯著擴大了我們的整體目標市場。這是一項針對客戶的驚人創新，旨在尋找並實現可持續的體重管理解決方案。我們相信，它有潛力在未來推動顯著成長和價值創造，因為我們利用我們獨特平台的優勢，以及我們商業模式的競爭優勢，使個人能夠以自己的方式建立企業。

Thanks again for joining us, and we look forward to updating you with our Q2 results at the end of January. Thanks, everyone.

再次感謝您加入我們，我們期待在一月底向您提供第二季的最新結果。謝謝大家。

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。