LifeVantage Corp (LFVN) 2025 Q3 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by. Welcome to today's conference call to discuss LifeVantage's third quarter of fiscal 2025 results. (Operator Instructions)

女士們、先生們，大家好！感謝各位的收看。歡迎參加今天的電話會議，討論 LifeVantage 2025 財年第三季的業績。 （操作員指示）

Hosting today's conference call will be Reed Anderson with ICR. As a reminder, today's conference is being recorded. And now I would like to turn the conference over to Mr. Anderson. Please go ahead, sir.

今天的電話會議由 ICR 的 Reed Anderson 主持。提醒一下，今天的會議正在錄製中。現在我想將電話會議交給 Anderson 先生。先生，請開始。

Thank you. Good afternoon, and welcome to LifeVantage Corporation's conference call to discuss results for the third quarter of fiscal 2025. On the call today from LifeVantage with prepared remarks are: Steve 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.

謝謝。下午好，歡迎參加LifeVantage Corporation的電話會議，討論2025財年第三季的業績。 LifeVantage今天在電話會議上準備發言的嘉賓有：總裁兼執行長Steve Fife；財務長Carl Aure。現在，大家應該已經可以查看財報了，該財報今天下午4:05左右（美國東部時間）發布。

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.

如果您尚未收到該新聞稿，請造訪 LifeVantage 網站 www.lifevantage.com 的「投資者關係」板塊查看。本次電話會議將進行網路直播，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.

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做出額外的前瞻性陳述。

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.

這些聲明並非未來業績的保證，因此不應過度依賴。這些聲明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 最新提交的 10-K 和 10-Q 表格中「風險因素」部分所列明的風險和不確定性。

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.

請注意，在今天的電話會議上，我們將討論非公認會計準則 (Non-GAAP) 財務指標，包括調整後的績效。管理階層認為，這些財務指標有助於更全面地分析 LifeVantage 的持續經營業績，並提高透明度，尤其是在比較不同期間的基礎經營績效時。

We've included a reconciliation of these non-GAAP measures with today's release. This call also contains time-sensitive information that is accurate only as of the date of this live broadcast, May 6, 2025. LifeVantage assumes no obligation to update any forward-looking projections that may be made in today's release or call.

我們在今天的新聞稿中已包含這些非公認會計準則 (non-GAAP) 指標的對帳表。本次電話會議也包含一些時效性訊息，這些訊息僅在本次直播之日（即2025年5月6日）有效。 LifeVantage 不承擔更新今天新聞稿或電話會議中可能做出的任何前瞻性預測的義務。

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

現在我想將電話轉給 LifeVantage 總裁兼執行長 Steve Fife。

Thanks, Reed, and good afternoon, everyone. Thank you for joining us today. Third quarter results were strong with revenues of $58.4 million, up 21% year over year. Demand for our MindBody GLP-1 system served as the primary growth driver in Q3.

謝謝，Reed，大家下午好。感謝大家今天加入我們。第三季業績強勁，營收達5,840萬美元，較去年同期成長21%。 MindBody GLP-1系統的需求是第三季的主要成長動力。

Revenues in the US grew 31%, offset by a decline of 7% in our international markets year over year. Our declines internationally remain a significant area of focus for us. We expect the international launch of our MB system will help turn the declines, but there are also other opportunities we are focused on to reverse this trend. I'm also pleased to report stability in our supply chain of MindBody and the disruption of our out-of-stock and logistic issues has been resolved and is now behind us.

美國市場收入成長31%，但國際市場營收年減7%，抵銷了這一成長。國際市場收入的下滑仍然是我們關注的重點領域。我們預計MB系統的全球發布將有助於扭轉下滑趨勢，但我們也正在關注其他機會以扭轉這一趨勢。我還很高興地報告，MindBody的供應鏈已恢復穩定，缺貨和物流中斷問題已解決，目前已基本解決。

In mid-March, we began the international expansion of MindBody starting in Japan to both consultants and customers and to consultants in Australia, New Zealand, Mexico, the UK, Europe, and Thailand. These launches had minimal impact in our third quarter results, but momentum is building in these markets with customers in these regions gaining access on April 25.

三月中旬，我們開始將MindBody從日本拓展到國際市場，首先面向顧問和客戶，然後面向澳洲、紐西蘭、墨西哥、英國、歐洲和泰國的顧問。這些舉措對我們第三季的業績影響甚微，但隨著這些地區的顧客於4月25日開始使用MindBody，這些市場的勢頭正在增強。

We continue to be excited by the results people are experiencing with the MindBody system as well as the advancing science helping us understand the important role the natural hormone has on overall health. We also delivered another quarter of improving profitability, including a 210-basis-point improvement in gross margin versus a year ago.

我們持續為使用者使用MindBody系統所取得的成果感到興奮，也為不斷進步的科學研究幫助我們理解這種天然激素對整體健康的重要作用感到振奮。本季度，我們的獲利能力再次提升，毛利率較去年同期提升了210個基點。

Adjusted EBITDA increased 27% year over year to $6.4 million and adjusted EBITDA margin improved 50 basis points to 11%. Active account metrics showed strong year-over-year growth, and we continue to benefit from increased levels of new enrollments.

調整後EBITDA年增27%，達640萬美元，調整後EBITDA利潤率提升50個基點，達11%。活躍帳戶指標年增強勁，新註冊人數的成長也持續為我們帶來收益。

For the third quarter year over year, the number of active accounts increased by 17% in the Americas region, including a 13% increase in the number of independent consultants and a 19% increase in the number of customers.

第三季美洲地區活躍帳戶數量年增17%，其中獨立顧問數量增加13%，客戶數量增加19%。

Subscriptions also showed strong year-over-year growth with global active templates increasing by over 10,000 with subscription orders also demonstrating positive trends in purchasing across the broader product portfolio.

訂閱量也呈現強勁的同比增長，全球活躍模板增加了 10,000 多個，訂閱訂單也顯示出更廣泛產品組合的購買趨勢呈現正面趨勢。

On March 1, we launched the Evolve Compensation Plan, along with other LV360 initiatives into the Philippines, Taiwan, Hong Kong, and Singapore. This followed the launch into Canada, Mexico, and Europe in February of 2024; and the launch in the US, Australia, New Zealand, and Japan in March of 2023. The launch of the LV360 initiatives into these markets is a pivotal milestone for LifeVantage.

3月1日，我們在菲律賓、台灣、香港和新加坡推出了Evolve獎勵計畫以及其他LV360計畫。此前，該計劃於2024年2月在加拿大、墨西哥和歐洲推出；並於2023年3月在美國、澳洲、紐西蘭和日本推出。 LV360計劃在這些市場的推出是LifeVantage的關鍵里程碑。

As a reminder, the vision driving LV360 was to ensure our business and LifeVantage consultants had the tools, compensation, products, programs, and incentives to thrive in an ever-changing market, setting their business up for success against the headwinds other direct selling businesses currently are facing.

提醒一下，LV360 的願景是確保我們的業務和 LifeVantage 顧問擁有工具、薪酬、產品、計劃和激勵措施，以便在不斷變化的市場中蓬勃發展，使他們的業務能夠抵禦其他直銷企業目前面臨的逆風，從而獲得成功。

The broad success of our LV360 efforts reflect the strength and position we find ourselves in today. We have a clear vision for our future, and our consultants have a proven pathway for building and shaping businesses that are fully aligned with the future of the direct selling industry.

我們LV360計畫的巨大成功，反映了我們如今的實力和地位。我們對未來有著清晰的願景，我們的顧問擁有成熟的業務發展路徑，能夠幫助企業建構和塑造與直銷產業未來發展完全契合的企業。

The Evolve Compensation Plan is designed to provide consultants opportunities for multiple income streams tied to business building and product sales initiatives with a clear path to success. It supports both entrepreneurs focus on sharing and selling products within their networks and those looking to build strong collaborative teams.

Evolve 薪酬計畫旨在為顧問提供多種收入來源，這些收入來源與業務建設和產品銷售計劃緊密相關，並為他們提供清晰的成功之路。該計劃既支持專注於在其網路內分享和銷售產品的創業者，也支持那些希望建立強大協作團隊的人士。

With early income bonuses that encourage smart business strategies from day 1, along with performance and mentorship rewards that recognize leadership and achievement, consultants are empowered to grow at every stage.

透過從第一天起就鼓勵智慧商業策略的早期收入獎金，以及認可領導力和成就的績效和指導獎勵，顧問可以在每個階段中獲得成長。

Our product strategy is aligned to a heightened focus globally on holistic wellness, metabolic balance, and overall vitality. Our activation differentiation offers consumers a superior approach to supplementation, empowering the body to work as designed.

我們的產品策略與全球對整體健康、代謝平衡和整體活力的高度關注相一致。我們以差異化賦能為消費者提供卓越的營養補充方案，賦能身體，使其正常運作。

We are proud with what we've accomplished with LV360 and the position it has put us in as a company. On April 24, we held our annual global convention in Salt Lake City, and thousands of independent LifeVantage consultants from around the world gathered to participate in the multi-day event.

我們為 LV360 所取得的成就以及它為我們公司帶來的卓越地位感到自豪。 4 月 24 日，我們在鹽湖城舉辦了年度全球大會，來自世界各地的數千名 LifeVantage 獨立顧問齊聚一堂，參加了這場為期數日的盛會。

Attendees heard from LifeVantage executives, members of our Board, and consultant leader speakers on key business updates, exciting product announcements, exclusive business and compensation plan and product trainings, and initiatives designed to help consultants go further with their LifeVantage businesses.

與會者聽取了 LifeVantage 高管、董事會成員和顧問領導發言人關於關鍵業務更新、激動人心的產品公告、獨家業務和薪酬計劃及產品培訓以及旨在幫助顧問進一步發展 LifeVantage 業務的舉措的演講。

As part of the celebration, the results of the company's latest clinical study on the MindBody GLP-1 system and MB system, as it's known internationally, were revealed. The clinical study completed in early April revealed that both systems increased GLP-1 levels in the body by over 200% on average, increasing the US number from 140% and validating the increase of GLP-1 naturally for international markets.

作為慶祝活動的一部分，該公司公佈了MindBody GLP-1系統和國際知名的MB系統的最新臨床研究結果。 4月初完成的臨床研究表明，這兩個系統都使體內GLP-1水平平均提高了200%以上，在美國則提高了140%，證明了GLP-1在國際市場上的自然增效作用。

Attendees also learn more about Drive ERA calendar Q2 sales incentives we rolled out in April that doubles the bonus regularly offered to those who rank -- reached the rank of Senior Consultant 1 within their first three months in business and offers the chance for their enrolling sponsors to earn custom LifeVantage shoes.

與會者還可以了解更多有關我們於 4 月份推出的 Drive ERA 日曆 Q2 銷售獎勵計劃的信息，該計劃將定期向那些在業務開展前三個月內達到高級顧問 1 級別的人員提供的獎金翻倍，並為其招募的讚助商提供獲得定制 LifeVantage 鞋的機會。

This incentive reinforces the company's commitment to rewarding consultants' fast product sales growth and team building efforts. Looking forward, we remain focused on many of the same initiatives that have been propelling our business and financial performance, including: one, continuing to enhance our digital capability and consultant tools; two, building greater brand awareness as we reach new customer segments; three, maintaining our strong profitability metrics while funding growth initiatives; and four, continuing to ramp growth of the MB system in the international markets.

這項激勵措施強化了公司對獎勵顧問快速的產品銷售成長和團隊建立工作的承諾。展望未來，我們將繼續專注於推動業務和財務業績的諸多舉措，包括：一、繼續提升我們的數位化能力和顧問工具；二、在拓展新的客戶群的同時，提升品牌知名度；三、在為增長計劃提供資金的同時，保持強勁的盈利指標；四、繼續推動MB系統在國際市場的增長。

In early summer and later this year, we plan to launch the MB system in our remaining markets, completing the global rollout and reinforcing our commitment to providing natural activation solutions worldwide. Despite the significant growth we've experienced with our MindBody system over the past six months, we are still in the very early innings, and we continue to believe this product will have an enduring transformational impact on our business.

我們計劃在今年初夏及稍後在剩餘市場推出MB系統，完成全球推廣，並強化我們致力於在全球範圍內提供自然激活解決方案的承諾。儘管MindBody系統在過去六個月取得了顯著成長，但我們仍處於起步階段，我們堅信這款產品將對我們的業務產生持久的變革性影響。

The incremental growth we are seeing in revenue as well as consultant and customers during the initial rollout period is well above what we've experienced historically with other hero products like Liquid Collagen.

在最初推出期間，我們看到的收入以及顧問和客戶的增量成長遠高於我們歷史上使用液體膠原蛋白等其他明星產品所經歷的成長。

In addition, the total addressable market is significantly larger, which is helping us attract a much broader audience and should open up many new potential avenues for growth in the future. In summary, third quarter results were strong and momentum continues to build.

此外，潛在市場規模顯著擴大，這有助於我們吸引更廣泛的受眾，並有望為未來開闢許多新的潛在成長途徑。總而言之，第三季業績強勁，且成長動能持續增強。

Our unique product offerings and robust capabilities, combined with our distinctive model that allows individuals to create businesses on their own terms, gives us confidence in the future. We remain well positioned for significant growth in revenue, improving profitability, and driving shareholder value. Now let me turn the call over to Carl to review our third quarter financial results in detail.

我們獨特的產品組合、強大的能力，加上我們獨特的模式，讓個人可以按照自己的意願創業，讓我們對未來充滿信心。我們仍處於有利地位，可望實現收入大幅成長、獲利能力提升，並提升股東價值。現在，請卡爾詳細回顧我們第三季的財務表現。

Thank you, Steve, and good afternoon, everyone. Let me walk you through our third 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.

謝謝史蒂夫，大家下午好。我先來介紹一下我們第三季的財務表現。請注意，我將討論的是非公認會計準則 (Non-GAAP) 調整後的績效。更多詳情，請參閱今天新聞稿中的 GAAP 與非 GAAP 的對帳表。

Third quarter revenue was $58.4 million, up 21.1% on a year-over-year basis. Foreign currency negatively impacted revenue by $500,000 in the third quarter. Excluding the negative impact of foreign currency fluctuations, third quarter revenue was up approximately 22.1% compared to the prior year period.

第三季營收為5,840萬美元，較去年同期成長21.1%。外匯對第三季營收造成50萬美元的負面影響。剔除外匯波動的負面影響後，第三季營收年增約22.1%。

Revenue in the Americas region increased 29.5% to $48.2 million in the quarter, primarily driven by the continued success of our MindBody GLP-1 system, which launched in the US market in October of 2024. Total active accounts increased 17.2% in the Americas in comparison to the prior year period. Total average revenue per consultant was also up approximately 15% in the Americas in the current quarter.

本季美洲地區營收成長29.5%，達到4,820萬美元，主要得益於我們MindBody GLP-1系統的持續成功，該系統於2024年10月在美國市場上市。美洲地區活躍帳戶總數較去年同期成長17.2%。本季美洲地區每位顧問的平均總收入也成長了約15%。

Revenue in our Asia Pacific and Europe region decreased 7.2% to $10.2 million in the quarter, primarily driven by an 8.8% decrease in total active accounts and the negative impact from foreign currency exchange rate fluctuations.

本季度，我們亞太和歐洲地區的收入下降 7.2% 至 1,020 萬美元，主要原因是活躍帳戶總數下降 8.8% 以及外匯匯率波動的負面影響。

Excluding the negative impact from foreign currency fluctuations, which are primarily attributable to Japan, third quarter revenue in our Asia Pacific and Europe region was down approximately 4.7% as compared to the prior year period.

排除主要歸因於日本的外匯波動的負面影響，我們亞太和歐洲地區第三季的營收與去年同期相比下降了約 4.7%。

On a constant currency basis, revenue in Japan increased 2.7% in the third quarter, reflecting the launch of our MindBody GLP-1 system in that market starting in March of 2025. Gross margin was 81% for the third quarter, a 210-basis-point improvement compared to 78.9% in the prior year period.

以固定匯率計算，日本第三季營收成長 2.7%，這反映了我們於 2025 年 3 月開始在該市場推出 MindBody GLP-1 系統。第三季毛利率為 81%，較去年同期的 78.9% 提高了 210 個基點。

The increase in gross margin was primarily due to product mix factors, including strong sales of MindBody as well as lower inventory obsolescence and lower inventory-related variance expenses as well as lower shipping and warehouse expenses.

毛利率的成長主要歸功於產品組合因素，包括MindBody的強勁銷售、庫存過時率的降低、庫存相關的差異費用的降低以及運輸和倉儲費用的降低。

Commissions and incentive expense as a percentage of revenue was 44.8%, up from 40.9% in the prior year period, but was down 320 basis points sequentially from Q2. The year-over-year increase was due to higher qualifications within existing promotional incentive programs and changes in sales mix within our active accounts between our independent consultants and customers.

佣金和獎勵費用佔收入的百分比為44.8%，高於去年同期的40.9%，但季減了320個基點。年比增長的原因是現有促銷獎勵計劃的資格要求提高，以及我們獨立顧問和客戶之間活躍帳戶銷售結構的變化。

Non-GAAP adjusted SG&A expense was $17 million compared with $15 million in the prior year period. The year-over-year increase was primarily due to the higher variable portion of employee compensation and stock-based compensation expenses.

非公認會計準則調整後銷售、一般及行政費用為1700萬美元，去年同期為1500萬美元。年比成長主要由於員工薪酬和股票薪酬費用中可變部分增加。

Adjusted non-GAAP operating income was $4.1 million compared with adjusted non-GAAP operating income of $3.4 million in the prior year period. Adjusted non-GAAP net income was $3.5 million or $0.26 per fully diluted share in the third quarter compared to adjusted non-GAAP income of $2.8 million or $0.21 per fully diluted share in the prior year period.

調整後非公認會計準則 (Non-GAAP) 營業利潤為 410 萬美元，而去年同期調整後非公認會計準則 (Non-GAAP) 營業利潤為 340 萬美元。第三季調整後非公認會計準則 (Non-GAAP) 淨利為 350 萬美元，即每股完全稀釋後 0.26 美元，而去年同期調整後非公認會計準則 (Non-GAAP) 淨利為 280 萬美元，即每股完全稀釋後 0.21 美元。

We recorded income tax expense of $700,000 in the third quarter, which translates to an effective tax rate of approximately 17% compared to income tax expense of $300,000 in the prior year period and an effective rate of 14%. The increase in our effective rate was primarily due to the impact of discrete items. We continue to expect our full year, FY 2025, income tax rate to be approximately 22% to 24%.

我們第三季的所得稅費用為70萬美元，相當於實際稅率約為17%，而去年同期的所得稅費用為30萬美元，實際稅率為14%。實際稅率的上升主要由於單一項目的影響。我們預計2025財年全年的所得稅稅率仍約為22%至24%。

Adjusted EBITDA for the third quarter was $6.4 million or 11% of revenues compared to $5.1 million and 10.5% in the same period a year ago. Please note that all of the adjustments from GAAP to non-GAAP that I discussed today are reconciled in our earnings press release issued this afternoon.

第三季調整後息稅折舊攤提前利潤（EBITDA）為640萬美元，佔營收的11%，而去年同期為510萬美元，佔營收的10.5%。請注意，我今天討論的所有從GAAP到非GAAP的調整，均已在我們今天下午發布的財報新聞稿中進行了核對。

Our financial position remains strong with $22.5 million of cash and no debt at the end of the third quarter. We also have access to a $5 million revolving line of credit. Capital expenditures totaled $300,000 in the third quarter compared to $300,000 in the same period a year ago.

我們的財務狀況依然強勁，截至第三季末，現金餘額為2,250萬美元，且無任何負債。我們還擁有500萬美元的循環信貸額度。第三季資本支出總計30萬美元，而去年同期為30萬美元。

We anticipate total capital expenditures to be approximately $1.5 million in fiscal 2025. Turning to capital allocation. We did not repurchase any shares during the third quarter ended March 31, 2025. Through the first nine months of fiscal 2025, we've repurchased 140,000 common shares for an aggregate purchase price of $1.1 million.

我們預計2025財年的總資本支出約為150萬美元。談到資本配置。截至2025年3月31日的第三季度，我們沒有回購任何股票。在2025財年的前九個月，我們回購了14萬股普通股，總回購價為110萬美元。

As of March 31, 2025, there is still $19.3 million remaining under our existing share repurchase authorization. We also announced a quarterly cash dividend of $0.045 per share of common stock or approximately $600,000 in the aggregate. This dividend will be paid on June 13, 2025, to stockholders of record as of May 30, 2025.

截至2025年3月31日，我們現有的股票回購授權仍有1,930萬美元剩餘。我們也宣布了每股普通股0.045美元的季度現金股息，總計約60萬美元。該股將於2025年6月13日支付給截至2025年5月30日登記在冊的股東。

Since the beginning of fiscal 2024, we have returned over $16 million in total value to our stockholders through stock repurchases and dividends. We will continue to focus on our balanced capital allocation strategy in order to drive value for our stockholders.

自2024財年開始，我們已透過股票回購和股利向股東返還了總計超過1,600萬美元的價值。我們將繼續專注於均衡的資本配置策略，以驅動股東價值的提升。

Turning to our outlook for fiscal 2025, we anticipate our fiscal 2025 revenue will be $228 million to $235 million, representing a 16% increase year over year at the midpoint of the range versus fiscal 2024. We are reiterating our profitability guidance despite lower revenues and expect adjusted EBITDA to be $21 million to $24 million and adjusted non-GAAP earnings per share of $0.72 to $0.88.

展望 2025 財年，我們預計 2025 財年營收將達到 2.28 億美元至 2.35 億美元，與 2024 財年相比，按區間中點計算，年增 16%。儘管營收下降，我們仍重申獲利預期，預計調整後的 EBITDA 為 2,100 萬美元至 2,400 萬美元，調整後非 GAAP 每股收益為 0.72 美元至 0.88 美元。

We are pleased with the continued improvement in our profitability metrics and remain committed to continuing to improve our adjusted EBITDA margins, and we believe we are well on track to reach our long-term goals of low double digits in the near future. And with that, let me turn the call back over to the operator for questions. Operator?

我們對獲利指標的持續改善感到欣慰，並將繼續致力於提升調整後EBITDA利潤率，我們相信我們預計在不久的將來實現低兩位數的長期目標。好了，請將電話轉回給接線生，以便我們解答您的疑問。接線生？

(Operator Instructions) Brooks O'Neil, Lake Street Capital Markets.

（操作員指示）布魯克斯奧尼爾（Brooks O'Neil），Lake Street Capital Markets。

This is Aaron on the line for Brooks. So as far as new customers, do you have a rough percentage of people coming on via subscription? We noticed a slight downdraft in total active accounts quarter over quarter, although granted there was some nice growth on an annual basis. I'm assuming you'd like to see that subscription percentage higher over time. Just curious on some of those recent trends, and if that had any sort of weight into your top line assumptions?

我是 Brooks 的 Aaron。關於新客戶，你們透過訂閱獲得新客戶的比例大概是多少？我們注意到，雖然總活躍帳戶數與上一季相比略有下降，但年比來看，還是有不錯的成長。我想你們希望訂閱帳戶比例能隨著時間的推移而上升。我很好奇最近的一些趨勢，以及這些趨勢是否對你們的營收預期產生了影響？

Yes. Thanks, Aaron. This is Steve. And we did see a slight decline in active accounts sequentially, but actually, the subscription rate increased and which was encouraging to us. Well, historically, about 70% of our revenue has been fulfilled on a subscription.

是的。謝謝，Aaron。我是Steve。我們確實看到活躍帳戶數量環比略有下降，但實際上訂閱率有所上升，這對我們來說是令人鼓舞的。從歷史上看，我們大約70%的收入來自訂閱。

And what we're seeing, and specifically around MindBody that during the quarter, about 85% of the people coming in on MindBody during the quarter were on a subscription. So I think that lends itself to the nature of the product, how we've positioned it, that it's not a magic pill that you take once or for a month or a period of time, but it is a lifestyle thing that really to get the full benefits, you need to be on it for multiple months. And so far, the data is supporting that that's how our -- the new customers are coming in.

我們看到，尤其是在MindBody方面，本季大約85%的MindBody用戶都是訂閱用戶。我認為這與產品的本質以及我們對它的定位有關：它不是那種只需服用一次、一個月或一段時間的靈丹妙藥，而是一種生活方式的改變，要想真正獲得全部益處，你需要堅持幾個月。到目前為止，數據也支持這一點，這就是我們吸引新客戶的方式。

Got it. Got it. I appreciate that color, Steve. And then are you guys seeing more purchases in stacks versus stand-alone maybe [comparing] to last quarter? I'm just curious how that dynamic has sort of played out over the last few months as well.

明白了。明白了。史蒂夫，我很欣賞你的顏色。那麼，你們看到堆疊式設備的購買量比單機設備購買量更大嗎？ （與上個季度相比）？我只是好奇這種動態在過去幾個月是如何發展的。

Yes. I think that, that's also positive and true. This -- when we look specifically at MindBody, about 55% or so of the revenue during the quarter was MindBody stand-alone, and the remaining 45% on the purchases were occurring with another product.

是的。我認為這是正面的，也是事實。具體來看MindBody，本季約55%的營收來自MindBody本身，其餘45%的購買來自其他產品。

And the most common additional product would be either our Protandim Nrf2 or our Liquid Collagen. And in part, again, it's the positioning that we have as a company and our consultants sharing kind of the synergistic benefits of taking those three products together.

最常見的附加產品是我們的Protandim Nrf2或液體膠原蛋白。這部分取決於我們公司的定位，以及我們的顧問分享這三種產品組合帶來的協同效益。

So again, we're encouraged with the amount of stack revenue. Obviously, that helps our ARPA and it helps our stickiness as new consumers aren't just coming in and learning about MindBody, but they're also being exposed to other products in our product portfolio.

所以，我們對堆疊收入的金額感到鼓舞。顯然，這有助於我們的ARPA，也有助於提高我們的用戶黏性，因為新消費者不僅會來了解MindBody，還會接觸到我們產品組合中的其他產品。

Doug Lane, Water Tower Research.

道格·萊恩（Doug Lane），水塔研究公司。

Sticking on the top line, the change in the outlook there, brought it down by what -- maybe $7 million or $8 million at the midpoint. And the third quarter revenue number wasn't that far off of what I had in my models. I know you don't give quarterly guidance. But I guess my question is, is the revenue reduction mostly due to the results in the March quarter or anticipated results in the June quarter?

就營收而言，前景展望的變化導致營收下降了——大概是中位數的700萬或800萬美元。第三季的營收數字與我模型的預測相差不大。我知道你們不提供季度業績指引。但我的問題是，營收下降主要是因為3月季度的業績，還是因為6月季度的預期業績？

Yes. I would say there's a little of both there, Doug. We -- I think in our last call and in a number of subsequent follow-up calls, we talked about the challenges after our launch. In October, when we launched the product, it was a massive success to the point where we were out of inventory for a couple -- after a couple of weeks.

是的。道格，我想說兩者都有一點。我記得在我們上次電話會議以及之後的幾次跟進電話會議中，我們談到了產品發布後的挑戰。去年10月，我們推出產品時取得了巨大的成功，以至於幾週後我們的庫存就斷貨了。

So virtually for six weeks, we were in an out-of-stock position. We got inventory back in the middle of December, and we were able to fulfill all of those back orders, which left a lot of our customers and consultants with, in certain cases, multiple sets of MB product. And that progressed into our fiscal Q3.

因此，實際上有六週時間，我們一直處於缺貨狀態。 12月中旬，我們恢復了庫存，並完成了所有積壓訂單，這導致我們的許多客戶和顧問，在某些情況下，持有多套MB產品。這種情況一直持續到我們的第三財季。

I think what's really positive right now is that, one, we've resolved all of the supply chain issues, the logistic issues around that out of stock, and we were able to do that kind of in the January, February time frame. And what we saw during the quarter was kind of a leveling of new orders coming in. So our bookings, if you will, during the quarter really stabilized.

我認為目前真正積極的是，首先，我們已經解決了所有供應鏈問題，以及與缺貨相關的物流問題，而且我們能夠在1月和2月期間完成這些工作。我們在本季看到新訂單量有所回升。所以，可以說，我們本季的訂單量確實穩定了下來。

And so, I really believe that all of the noise around the initial launch is behind us. And the change to our range then is to really take into account we still have a lot of chop and uncertainty within our international markets.

所以，我確信圍繞著首次發布的所有喧囂都已過去。我們調整產品範圍，是考慮到我們國際市場仍然存在許多波動和不確定性。

Now we launched the product towards the very end of the quarter and really to customers fully just a few weeks ago. So how much upside and growth comes out of our international markets with MB is a bit of an unknown right now, obviously. And so, we're hedging a little bit on that. But we do believe that the noise from our fiscal Q2 is behind us and are looking forward now to build going forward.

我們在本季末推出了這款產品，幾週前才正式全面面對客戶。因此，目前 MB 在國際市場上能帶來多少成長空間顯然還是個未知數。因此，我們對此有所顧慮。但我們確信，第二財季的低迷已經過去，現在我們期待繼續前進。

Okay. That makes sense. Another number, the active accounts in the Americas was 115 in the December quarter and it dropped to 109 in March, which I might not have anticipated. I think I had it at least holding steady. So I wonder, is that fallout from the stock out? Or is there something else going on?

好的。這說得通。另一個數據是，美洲地區的活躍帳戶在12月季度為115個，而3月份下降到109個，這我可能沒有預料到。我想我至少之前一直保持穩定。所以我想知道，這是庫存流失的影響嗎？還是還有其他原因？

Yes. I think it is primarily attributable to the stock out there, Doug. And it really is -- if you look at the lines there in more detail, it's really coming from our customer base in the Americas. If you were to look at the total active accounts or the consultant portion of those active accounts, we were really flat sequentially. We're still up significantly year over year.

是的。道格，我認為這主要歸功於庫存。確實如此——如果你更詳細地看一下這些數字，你會發現這實際上來自我們在美洲的客戶群。如果你看一下活躍帳戶總數或這些活躍帳戶中的顧問部分，你會發現我們的環比增長基本上持平。但我們的同比增長仍然顯著。

But sequentially, on the consultant side, we're flat. But we feel the elevated attrition associated with customers there was just due to a lot of the noise that we experienced with MB in the quarter, and we think the majority of that is behind us now. So we're looking to build from this point going forward.

但就顧問業務而言，環比成長持平。我們認為，客戶流失率上升是由於本季我們在MB業務上遇到的許多問題，我們認為這些問題現在大部分已經過去了。因此，我們希望以此為基礎，繼續前進。

Okay. Okay. I get that. And then now you launched MB in October, here we are in May. What have you learned about the MB product?

好的。好的。我明白了。你們在十月推出了 MB，現在已經是五月了。您對 MB 產品有什麼了解？

Because it is a novel idea, the idea of using nutrigenomics to generate your own GLP-1 is not like taking a shot that you see on TV. So what have you learned about educating your sales force on the GLP-1 product?

由於這是一個新穎的想法，利用營養基因組學來生產自己的GLP-1並不像電視上看到的那種注射。那麼，您在訓練銷售人員了解GLP-1產品方面學到了什麼？

Yes. It has been a learning experience. And I'll just tell you, during this last quarter in the January, February, March -- I guess, all throughout the quarter really, we looked at just how our consultant base was positioning the product, how they were selling it, the messaging they were creating around it.

是的，這是一次學習經驗。我只想告訴你，在最近的這個季度，也就是1月、2月、3月——我想，實際上整個季度，我們都在關注我們的顧問團隊如何定位產品、如何銷售產品，以及他們圍繞產品所構建的信息傳遞方式。

And I'd say there were two different camps. One was taking, I'd say, a much more long-term sustainable approach where this is a highly differentiated product, a 100% natural that is focused on long-term weight management as well as other health benefits; and not a magic pill.

我認為有兩種不同的陣營。一種陣營採取一種更長期的可持續發展策略，即打造一款高度差異化的產品，100%純天然，專注於長期體重管理以及其他健康益處；而不是一種靈丹妙藥。

And another camp of consultants were much more focused on the weight loss story. And I think with -- as we sit here now six months post launch, that first group has had much more, although maybe slower but more sustainable month-over-month-over-month growth. Their retention is higher. Their enrollments are more consistent than the group that really launched hard and leading with the weight loss and comparisons to the synthetic alternatives out there. So as I've thought about it, it's a little bit of the rabbit and the tortoise, I think, that we're experiencing.

另一群顧問則更關注減重故事。我認為，在產品發布六個月後，第一批顧問的月環比增長雖然可能更慢，但增長更可持續。他們的留存率更高。他們的註冊人數比那些真正努力推出產品、在減肥方面領先、並與市面上合成替代品進行比較的團隊更穩定。所以，我認為我們正在經歷的有點像兔子和烏龜的遊戲。

And we really invested quite significantly during the quarter. We held what we referred to as a Town Hall meeting. And really, we had almost 1,000 consultants on that call to reiterate really the message around, a, the benefits of this product.

我們在本季確實投入了相當多的資金。我們召開了所謂的「全體會議」。實際上，我們有近1000名顧問參加了那次會議，並重申了這款產品的優勢。

Now we've got an updated study that both for the US formula and our international formula. This independent study supports a claim around 200% increase in average of the GLP-1 production. And what that really means, and it doesn't necessarily just equal weight loss. It does over a period of time. But at the end of the day, it's still a caloric story. And if you're eating more than your -- you can still out-eat GLP-1, either synthetics or our products.

現在，我們針對美國配方和國際配方進行了一項更新的研究。這項獨立研究支持了GLP-1產量平均增加約200%的說法。這實際上意味著，它並不一定意味著體重減輕。它會在一段時間內起作用。但歸根結底，這仍然是一個卡路里問題。如果你的攝取量超過了你的預期——你仍然可能攝取過量的GLP-1，無論是合成的還是我們的產品。

And so we added to our story just mindful activation lifestyle changes, things that are very common sense around exercise, sleep, reducing sugar intake, increasing water consumption, taking the product with protein, some very, very common sense types of things that reiterates that, again, this isn't a quick magic pill. This is a lifestyle. This is a long-term health alternative. And one of the benefits can be losing weight in inches.

因此，我們在故事中加入了正念激活生活方式的改變，這些改變都是非常常見的，例如運動、睡眠、減少糖攝入、增加飲水量、服用含蛋白質的產品等等，這些非常常見的做法再次強調，這不是速效靈丹妙藥。這是一種生活方式，一種長期的健康選擇。其中一個好處就是可以減掉幾吋的體重。

And that really, again, I think, resonated with our consultant group, and we've seen kind of a pivot in terms of how people are talking about it, which I think bodes very well for long-term growth with this product for LifeVantage.

我認為這確實引起了我們顧問團隊的共鳴，而且我們看到人們談論它的方式發生了某種轉變，我認為這對 LifeVantage 的這款產品的長期增長來說是一個非常好的預兆。

It is still a highly innovative natural alternative to the drugs that are out there. We're pleased as can be with our positioning as that alternative. And really, it's on us. It's on our consultant base to continue to evangelize to get the word out about the benefits of having this alternative solution. The market has created a massive awareness for us, and that's -- and it's up for us now to take advantage of it.

它仍然是一種高度創新的天然藥物替代品，可以取代現有的藥物。我們對自己作為這種替代品的定位感到非常滿意。實際上，這取決於我們。我們的顧問團隊有責任繼續宣傳，讓更多人了解這種替代解決方案的益處。市場已經為我們帶來了廣泛的認知，而現在，輪到我們利用它了。

This concludes the question-and-answer session. I will now turn the floor back over to Steve Fife for closing remarks.

問答環節到此結束。現在，我將把發言權交還給史蒂夫·法伊夫，請他作總結發言。

Thanks, operator, and thank you, everyone, for joining us on the call today. As we conclude, I really want to extend my appreciation to all of our employees who do so much. Our -- of course, our outstanding independent consultants who sell our products, our stockholders, and our very committed customer base. We're excited about where we are as a company and our future, and we look forward to updating you in our next quarter. Thanks a lot.

謝謝接線員，也謝謝大家今天參加我們的電話會議。最後，我要向所有辛勤付出的員工致以誠摯的謝意。當然，也感謝我們優秀的獨立顧問，他們負責銷售我們的產品，我們的股東，以及我們忠誠的客戶群。我們對公司現況和未來充滿期待，期待在下一季向大家報告最新進展。非常感謝。

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。您可以掛斷電話了。感謝您的參與。