LifeVantage Corp (LFVN) 2026 Q2 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 life advantages second quarter of fiscal 2026 results. (Operator Instructions) Hosting today's conference call will be Reed Anderson with ICR. As a reminder, today's conference is being recorded. I would now like to turn the conference over to Mr. Reed Anderson. Please go ahead, sir.

各位女士、先生，大家好，感謝你們的耐心等待。歡迎參加今天的電話會議，我們將討論 Life Advantage 2026 財年第二季的業績。（操作員說明）今天主持電話會議的是 ICR 的 Reed Anderson。提醒各位，今天的會議正在錄影。現在我將把會議交給里德·安德森先生。請繼續，先生。

Thank you. Good afternoon and welcome to Life Vantage Corporation's conference call to discuss results for the second quarter of fiscal 2026. On the call today from Life Vantage 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 Life Vantage Corporation 的電話會議，本次會議將討論 2026 財年第二季的業績。今天出席電話會議並發表演講的 Life Vantage 總裁兼首席執行官 Steve Fife 和首席財務官 Carl Aure 已準備好發言稿。

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 Life Vantage's website at www.lifevantage.com. This call is being webcast, and a replay will be available on the company's website as well.

現在，所有人都應該可以查看今天下午大約美國東部時間下午 4:05 發布的財報了。如果您尚未收到新聞稿，可在Life Vantage公司網站www.lifevantage.com的投資者關係頁面查看。本次電話會議將進行網路直播，錄音回放也將在公司網站上提供。

Before we begin, I 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 Life Image's most recently filed Forms 10-K and 10-Q.

在開始之前，我想提醒大家，我們準備的發言稿中包含前瞻性陳述，管理階層可能會在回答大家的問題時做出額外的前瞻性陳述。這些聲明並不保證未來的業績，因此不應過度依賴這些聲明。這些聲明是基於公司管理層目前的預期，並涉及固有的風險和不確定性，包括 Life Image 最近提交的 10-K 和 10-Q 表格中「風險因素」部分所列的風險和不確定性。

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 Life Manage's ongoing results of operations, particularly when comparing underlying operating results from period to period. We've included 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，包括調整後的績效。管理層認為，這些財務指標有助於更全面地分析 Life Manage 的持續經營業績，並提高其透明度，尤其是在比較不同時期的基本經營業績時。我們在今天的新聞稿中附上了這些非GAAP指標的調節表。

This call also contains time sensitive information that is accurate only as of the date of this live broadcast, February 4, 2026.

本次通話也包含有時效性的訊息，這些訊息僅在本次直播當天（2026 年 2 月 4 日）有效。

Life Vantage assumes no obligation to update any forward-looking projection that may be made in today's release or call. Now I will turn the call over to Steve Fife, the President and Chief Executive Officer of Life Vantage.

Life Vantage 不承擔更新今天新聞稿或電話會議中可能作出的任何前瞻性預測的義務。現在我將把電話交給 Life Vantage 的總裁兼執行長 Steve Fife。

Thanks for reading. Good afternoon, everyone.

感謝閱讀。大家下午好。

Thank you for joining us today. The second quarter presented both challenges and opportunities as we navigated a rapidly evolving competitive landscape while executing on our strategic initiatives. While our Q2 revenue and earnings were down significantly from prior year levels, we were cycling the explosive launch of our Mind Body GLP1 system in October of last year.

感謝您今天蒞臨。第二季度，我們在快速變化的競爭環境中開展策略性舉措的同時，也面臨挑戰和機會。雖然我們第二季的營收和利潤比去年同期大幅下降，但我們正在消化去年 10 月推出的 Mind Body GLP1 系統的爆炸性成功。

Despite this headwind, we made significant progress on several key fronts and remain well positioned for long-term growth in the broader health and wellness ecosystem.

儘管面臨這些不利因素，我們在幾個關鍵領域取得了重大進展，並且仍然處於良好的地位，預計將在更廣泛的健康和保健生態系統中實現長期成長。

As a management team, we acknowledge that our performance during the quarter did not meet your expectation or ours. And we are redoubling our efforts to stabilize our GLP1 business and make the other changes necessary to return to revenue growth.

作為管理團隊，我們承認本季的業績沒有達到您和我們自己的預期。我們正在加倍努力穩定 GLP1 業務，並做出其他必要的改變，以恢復收入成長。

Let me start by addressing the primary driver for our revenue decline, the competitive dynamics we've experienced in the natural GLP1 market since launching our Mind Body GLP1 system last year.

首先，我想談談導致我們收入下降的主要原因，即自去年推出身心 GLP1 系統以來，我們在天然 GLP1 市場所經歷的競爭動態。

Our product is scientifically validated and proven effective, and we have a loyal customer base. However, the overall market has become significantly more competitive, with pharmaceutical GLP-1 drugs becoming more accessible and affordable, along with new formulations and formats, including pills.

我們的產品經過科學驗證，證明有效，我們擁有忠實的客戶群。然而，隨著 GLP-1 藥物的普及和價格的降低，以及新配方和劑型（包括藥片）的出現，整個市場競爭變得更加激烈。

When we launched Mind Body, pharmaceutical options were in short supply and cost several $100 per month to consumers. At that time, Mind-Body was a compelling value proposition, plus had the added benefit of not requiring any injections and being a proven all-natural solution.

當我們推出身心健康產品時，藥品選擇非常有限，而且每月要花費消費者數百美元。當時，身心療法具有很強的價值主張，而且無需注射，是一種經過驗證的全天然解決方案，這無疑是一大優勢。

Today, pharmaceutical options have come down significantly in price and are increasingly covered by insurance, which has led to much broader use by consumers. In addition, the drug is now available in more convenient formats, including pills. This rapidly shifting competitive dynamic has dramatically impacted the sale of our GLP-1 offering. As a result, to be conservative, we are recognizing a reserve against a portion of our GLP-1 inventory and evaluating all options to respond to the changing competitive landscape.

如今，藥品價格已大幅下降，並且越來越多地納入保險範圍，這使得藥品的使用範圍更加廣泛。此外，該藥物現在有更多方便的劑型可供選擇，包括藥片。這種快速變化的競爭格局極大地影響了我們 GLP-1 產品的銷售。因此，為了保守起見，我們對部分 GLP-1 庫存提列了準備金，並評估所有應對不斷變化的競爭格局的方案。

We are also taking a hard look at cost reduction opportunities to ensure we continue to maintain strong levels of profitability.

我們也在認真研究降低成本的機會，以確保我們繼續保持強勁的獲利能力。

We remain committed to our mind-body GLP1 system. It is a great product that works, and we continue to believe strongly in the positioning of natural weight management solutions. The science supporting our approach is robust, and we see this as a temporary market adjustment.

我們將繼續致力於我們的身心GLP1系統。這是一款效果顯著的好產品，我們仍然堅信天然體重管理方案的市場定位。我們的方法有充分的科學根據，我們認為這只是暫時的市場調整。

What excites us most about this quarter is the continued momentum from our LoveBiome acquisition. From an operational perspective, we successfully integrated the LoveBiome team and systems, and we're realizing the operational synergies. The combined expertise of our teams is already evident in our product development pipeline and go to market strategies

本季最令我們興奮的是，我們收購 LoveBiome 後的發展勢頭持續強勁。從營運角度來看，我們成功整合了 LoveBiome 團隊和系統，並且正在實現營運綜效。我們團隊的綜合專業知識已在我們的產品開發流程和市場推廣策略中充分體現。

To new products from the Lovebiome portfolio launched earlier this week. That should drive engagement, consultant growth, and continue to diversify our product portfolio. First is AXIO X, a new addition to our AXIO line that focuses on pre-workout consumers looking for long-lasting energy, enhancing oxygen uptake, and stamina.

本週早些時候，Lovebiome推出了一系列新產品。這將有助於提升客戶參與度，促進顧問人數成長，並持續豐富我們的產品組合。首先是 AXIO X，這是我們 AXIO 系列的新成員，專注於為尋求持久能量、增強氧氣吸收和耐力的鍛鍊前消費者提供服務。

Second is PhytoPower B, where the B stands for blocker. An innovative approach that helps to slow sugar absorption and support a healthy metabolism. These launches represent the power of our combined innovation capabilities and demonstrate how the LoveBiome acquisition is already paying dividends in terms of product diversification and market growth.

其次是 PhytoPower B，其中 B 代表阻斷劑。一種有助於減緩糖分吸收並支持健康新陳代謝的創新方法。這些新品發布體現了我們合併後的創新能力，也證明了收購 LoveBiome 已在產品多元化和市場成長方面帶來了回報。

Over the next couple of months, we will be launching additional LoveBiome products, further leveraging and expanding the Love Biome portfolio.

在接下來的幾個月裡，我們將推出更多 LoveBiome 產品，進一步利用並擴展 Love Biome 產品組合。

Our now patent pending P84 product continues to be a hero product with strong positioning in the rapidly growing gut microbiome market. The In vitro testing results we announced in October at our Momentum Academy event further validate the science behind this comprehensive gut health activator, and we're seeing strong adoption among both our combined consultant and consumer base.

我們正在申請專利的 P84 產品繼續保持其明星產品的地位，在快速成長的腸道微生物組市場中佔據著強大的市場地位。我們在 10 月的 Momentum Academy 活動上公佈的體外測試結果進一步驗證了這種綜合腸道健康活化劑背後的科學原理，並且我們看到它在我們的顧問和消費者群體中都得到了廣泛的認可。

The Healthy Edge stack, which combines our proven pro tandem NRF2 synergizer with P84, has become a lead enrollment story for our consultants.

Healthy Edge 組合將我們久經考驗的 NRF2 協同增效劑與 P84 相結合，已成為我們顧問的主要招生案例。

In January, we released the results of our third-party cell study that shows this combination delivers foundational health support throughout the entire body, and the synergistic benefits are resonating strongly with health conscious consumers.

今年一月，我們公佈了第三方細胞研究的結果，結果表明這種組合能夠為全身提供基礎健康支持，其協同增效作用引起了注重健康的消費者的強烈共鳴。

I'm also pleased to report continued progress on our Shopify partnership. This strategic initiative represents a significant modernization in our technology for infrastructure and will deliver enhanced e-commerce capabilities that benefit both Lifevantage and our consultants. We're on track for our pilot program and expect this platform to drive improved conversion rates and customer experience.

我也很高興地報告，我們與 Shopify 的合作持續取得進展。這項策略性舉措代表著我們在基礎設施技術方面的重大現代化，並將帶來增強的電子商務能力，使 Lifevantage 和我們的顧問都能從中受益。我們的試點計畫進展順利，預計平台將提高轉換率和客戶體驗。

Looking at our international expansion efforts, we continue to see opportunities for growth in key markets. The infrastructure we've built through the low biointegration positions us well to scale our operations globally and serve the evolving needs of health conscious consumers worldwide.

展望我們的國際擴張計劃，我們持續看到重點市場存在成長機會。我們透過低生物整合建立的基礎設施使我們能夠更好地在全球範圍內擴大業務規模，並滿足世界各地註重健康的消費者不斷變化的需求。

Now, as we look ahead, I'm optimistic about our positioning. We have a comprehensive wellness ecosystem that addresses multiple aspects of human health, from cellular health with pro tandem to metabolic wellness with mind-body, to get health with P84 to beauty and longevity with true science liquid collagen.

展望未來，我對我們的市場地位持樂觀態度。我們擁有一個全面的健康生態系統，涵蓋人類健康的多個方面，從透過 Pro Tandem 實現的細胞健康，到透過身心療法實現的代謝健康，再到透過 P84 獲得健康，以及透過真正的科學液體膠原蛋白實現的美麗和長壽。

Combined with our industry-leading evolved compensation plan and vibrant consultant community, we're uniquely positioned to serve the evolving needs of both consumers and entrepreneurs.

憑藉我們行業領先的先進薪酬方案和充滿活力的顧問團隊，我們擁有獨特的優勢，能夠滿足消費者和企業家不斷變化的需求。

The direct sales industry continues to evolve, and companies that can combine innovative products, compelling compensation, modern technology, and authentic communities will be the winners. We believe Life managed, enhanced by our lovebiome partnership and strengthened by our commitment to science validation, is perfectly positioned to lead in this new era.

直銷產業不斷發展，能夠將創新產品、優渥的報酬、現代科技和真實的社群結合起來的公司將會成為贏家。我們相信，Life managed，憑藉我們與 lovebiome 的合作以及我們對科學驗證的承諾，已經做好了引領這個新時代的充分準備。

We also continue to have a strong balance sheet and proven track record of returning excess capital to shareholders. Since the beginning of fiscal 2024, we've returned over $20 million to shareholders through dividends and share repurchases, and today we announced a new $60 million share repurchase authorization, underscoring our commitment to the future and commitment to driving long-term value.

我們也保持穩健的資產負債表，並有向股東返還超額資本的良好記錄。自 2024 財年開始以來，我們已透過股利和股票回購向股東返還了超過 2,000 萬美元，今天我們宣布了一項新的 6,000 萬美元股票回購授權，這凸顯了我們對未來和推動長期價值的承諾。

The board remains committed to this perspective, as evidenced by the quarterly dividend and new share repurchase program just announced.

董事會仍然堅持這一觀點，剛剛宣布的季度分紅和新的股票回購計畫就證明了這一點。

With that, let me turn the call over to Carl for the detailed review of our financial results and outlook.

接下來，我將把電話交給卡爾，讓他詳細回顧我們的財務表現和展望。

Thank you, Steve, and good afternoon, everyone.

謝謝你，史蒂夫，大家下午好。

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

讓我帶您了解我們第二季的財務表現。請注意，我將在適用情況下討論我們的非GAAP調整後表現。有關更多詳細信息，請參閱今天新聞稿中的 GAAP 與非 GAAP 調整表。

For the second quarter of fiscal 2026, we delivered net revenue of $48.9 million, which was down 27.8% compared to $67.8 million in the second quarter of fiscal 2025. But was up 2.9% sequentially from the first quarter. The decrease compared to the prior year period was primarily driven by declines in sales of our mind-body GLP-1 system, which decreased $16.2 million compared to the prior year period.

2026 財年第二季度，我們實現了 4,890 萬美元的淨收入，與 2025 財年第二季度的 6,780 萬美元相比下降了 27.8%。但與第一季相比成長了 2.9%。與去年同期相比，下降的主要原因是我們的身心 GLP-1 系統銷售額下降，與去年同期相比減少了 1,620 萬美元。

This decline was partially offset by sales of the LoveBiome product line which contributed $4.1 million in revenue following our October acquisition. Breaking down our regional performance, revenue in the Americas region decreased 32.6% to $38.5 million, while revenue in the Asia Pacific and Europe region decreased 2.1% to $10.4 million. The America's decline was primarily driven by lower sales of our mind-body GLP1 system and a 25.2% decrease in total active accounts, mostly from decreases in our active customer base.

此次下滑部分被 LoveBiome 產品線的銷售額所抵消，該產品線在我們 10 月收購後貢獻了 410 萬美元的收入。從區域業績來看，美洲地區收入下降 32.6% 至 3,850 萬美元，而亞太和歐洲地區收入下降 2.1% 至 1,040 萬美元。美洲地區的下滑主要是由於我們的身心 GLP1 系統銷售下降，以及活躍帳戶總數下降 25.2%，這主要是由於我們的活躍客戶群減少所致。

In Asia, Pacific and Europe, the decline in revenue reflected a 6.5% decrease in total active accounts. Revenues did increase slightly in Japan on a constant currency basis.

在亞洲、太平洋和歐洲，收入下降反映了活躍帳戶總數下降了 6.5%。以固定匯率計算，日本的營收略有成長。

Our gross profit percentage for the second quarter was 74%, down from 80.5% in the prior year period, reflecting a one-time allowance for inventory obsolescence related to mind-body inventory, along with increases in shipping and warehouse related expenses. Excluding the $2.4 million one-time inventory reserve, our non-GAAP adjusted gross profit percentage was 78.8%.

第二季毛利率為 74%，低於去年同期的 80.5%，反映了與身心庫存相關的一次性庫存過時準備金，以及運輸和倉儲相關費用的增加。扣除 240 萬美元的一次性庫存準備金後，我們的非 GAAP 調整後毛利率為 78.8%。

Commissions and incentive expense as a percentage of revenue was 40.7% in the second quarter compared to 48% in the prior year period. The decrease as a percentage of revenue was primarily due to elevated incentive-related expenses recorded in the prior year period and impact from changes to the mix of customers and consultants in our overall active account base.

第二季佣金和激勵支出佔收入的 40.7%，而去年同期為 48%。收入百分比的下降主要是由於去年同期記錄的激勵相關支出增加，以及我們整體活躍客戶群中客戶和顧問組合變化的影響。

Selling general and administrative expenses were $15.8 million or 32.3% of revenue compared to %18.6 million or 27.5% of revenue in the prior year period. The increase as a percentage of revenue was primarily due to the overall decrease in sales volume and elevated event-related expenses in comparison to the prior year period.

銷售一般及行政費用為 1,580 萬美元，佔營收的 32.3%，而上年同期為 1,860 萬美元，佔營收的 27.5%。收入佔比成長的主要原因是與去年同期相比，銷售總量下降以及與活動相關的支出增加。

GAAP operating income was $0.5 million compared to $3.4 million in the prior year period. Adjusted non-GAAP operating income was $2.6 million compared to $3.9 million in the prior year period. GAAP net income was $0.3 million or $0.02 per diluted share compared to $2.6 million or $0.19 per diluted share in the prior year period.

以美國通用會計準則計算，營業收入為 50 萬美元，而去年同期為 340 萬美元。經調整的非GAAP營業收入為260萬美元，而上年同期為390萬美元。GAAP淨利為30萬美元，即每股攤薄收益0.02美元，而上年同期為260萬美元，即每股攤薄收益0.19美元。

Adjusted non-GAAP net income was $1.9 million or $0.15 per diluted share compared to $3 million or $0.22 per diluted share in the prior year period. Adjusted EBITDA for the second quarter was $3.9 million or 7.9% of revenues compared to $6.5 million and 9.6% in the same period a year ago.

經調整的非GAAP淨收入為190萬美元，即每股攤薄收益0.15美元，而上年同期為300萬美元，即每股攤薄收益0.22美元。第二季調整後 EBITDA 為 390 萬美元，佔營收的 7.9%，去年同期為 650 萬美元，佔營收的 9.6%。

Our financial position remains strong, with $10.2 million of cash and no debt at the end of the second quarter. We generated $0.5 million of cash from operations during the first six months of fiscal 2026 compared to $8.6 million in the same period in fiscal 2025, mostly due to the timing of incentive payments of other accrued liabilities, and other working capital changes.

我們的財務狀況依然穩健，截至第二季末，我們擁有1,020萬美元現金，且無任何債務。2026 財年上半年，我們從經營活動中產生的現金為 50 萬美元，而 2025 財年同期為 860 萬美元，這主要是由於其他應計負債的激勵支付時間以及其他營運資金的變化。

Capital expenditures totaled $1.5 million for the first six months of fiscal 2026 compared to $0.8 million in the prior year period, reflecting our continued investment in technology infrastructure. We also utilize $3.7 million in cash during the second quarter relating to the closing of the LoveBiome transaction.

2026 財年上半年資本支出總額為 150 萬美元，而去年同期為 80 萬美元，這反映了我們對技術基礎設施的持續投資。第二季度，我們也動用了 370 萬美元現金，完成 LoveBiome 交易。

Turning to capital allocation, we did not repurchase any shares during the second quarter. During the first six months of fiscal 2026, we repurchased 44,000 shares for an aggregate purchase price of $0.6 million. We are also pleased to announce the company's board of directors recently approved a new $60 million share repurchase program, which replaces in its entirety the prior share repurchase program. And authorizes the company to repurchase shares in both open market and private transactions through December 30, 2027.

就資本配置而言，我們在第二季沒有回購任何股票。在 2026 財年的前六個月，我們回購了 44,000 股股票，總購買價格為 060 萬美元。我們也欣然宣布，公司董事會最近批准了一項新的 6,000 萬美元股票回購計劃，該計劃將完全取代先前的股票回購計劃。並授權該公司在 2027 年 12 月 30 日之前透過公開市場交易和私人交易回購股份。

Today we also announced a quarterly cash dividend of $4.5 per share of common stock. This dividend will be paid on March 16, 2026 to stockholders of record as of March 2, 2026.

今天我們也宣布派發每股普通股 4.5 美元的季度現金股利。該股將於 2026 年 3 月 16 日支付給截至 2026 年 3 月 2 日登記在冊的股東。

Turning to our outlook for fiscal 2026, we now expect revenue in the range of $185 million to $200 million adjusted EBITDA of $15 million to $19 million and adjusted earnings per share in the range of $0.60 to $0.80 per fully diluted share.

展望 2026 財年，我們現在預計營收在 1.85 億美元至 2 億美元之間，調整後 EBITDA 在 1500 萬美元至 1900 萬美元之間，調整後每股收益在 0.60 美元至 0.80 美元之間（完全稀釋後）。

This guidance reflects the current trends in our business, including the competitive dynamics in the GLP-1 market, the positive momentum from our Love biome integration, and the expected impact of our February product launches. We remain committed to improving our profitability metrics and driving long-term value for our shareholders.

這項指導意見反映了我們業務的當前趨勢，包括 GLP-1 市場的競爭動態、我們 Love 生物組整合帶來的正面勢頭，以及我們 2 月產品上市的預期影響。我們將繼續致力於提高獲利能力指標，並為股東創造長期價值。

And with that, let me turn the call back over to Steve.

那麼，現在讓我把電話交還給史蒂夫。

Thanks, Carl. Immediately following our earnings release today, we also issued another press release announcing my planned retirement in April of this year.

謝謝你，卡爾。在今天發布盈利報告後，我們立即發布了另一份新聞稿，宣布我計劃在今年四月退休。

While these decisions are never easy, I'm confident now is the right time for this transition after accomplishing so much as a team over the last nine years and laying the foundation for Life Vantage's next chapter of growth.

雖然這些決定從來都不容易，但我相信，在過去的九年裡，我們團隊取得瞭如此多的成就，並為 Life Vantage 的下一個發展篇章奠定了基礎，現在是進行這種轉變的合適時機。

The board has been working closely with me on a comprehensive succession planning process for my eventual retirement. That ensures leadership continuity and positions life vantage for continued success.

董事會一直在與我密切合作，制定一套全面的繼任計劃，為我最終退休做好準備。這確保了領導層的延續性，並為持續成功奠定了基礎。

Leading Lifevantage has been one of the most rewarding experiences of my career, and I am incredibly proud of what we've achieved. From evolving our business model to strengthening our market position and impacting the lives of thousands of individuals. Our entrepreneurial opportunity is unlike any other industry. And I have complete confidence in our talented team and the board's ability to guide Lifevanage into its future.

領導 Lifevantage 是我職業生涯中最有意義的經歷之一，我為我們所取得的成就感到無比自豪。從不斷改進我們的商業模式，到鞏固我們的市場地位，再到影響成千上萬人的生活。我們的創業機會與其他行業都截然不同。我對我們才華橫溢的團隊和董事會帶領 Lifevanage 走向未來的能力充滿信心。

Operator, we're now ready to open up the call for questions.

接線員，我們現在可以開始接受提問了。

Thank you. (Operator Instructions) Doug Lane with Water Tower Research.

謝謝。（操作說明）Doug Lane，來自 Water Tower Research。

Yes, thank You. And, good afternoon, everybody, and, Steve, best wishes on your retirement and all the best.

是的，謝謝。大家下午好，史蒂夫，祝你退休生活幸福美滿，一切順利。

Let me ask about LoveBiome that you mentioned that $3.7 million cash at closing. Is that transaction cost or is that the actual purchase price for Lovebiome?

我想問您提到的LoveBiome，成交時會支付370萬美元現金。這是交易成本還是 Lovebiome 的實際購買價格？

Yeah, Doug, that's the actual cash transaction price related to the love biome piece. And so, I think that we've also talked a little bit more if you look in the details of the 10-Q, and I think we've talked about this in, some of our previous discussions, but that the deal was structured in two pieces. You had the cash down payment component which.

是的，道格，那是與愛情生物群落相關的實際現金交易價格。所以，我認為，如果你仔細查看 10-Q 表格的細節，我們也會更多地談到這一點，而且我認為我們在之前的一些討論中也談到過這一點，那就是這筆交易是分兩部分進行的。你已經支付了現金首付。

Worked out to be that $3.7 million dollar number and then there's also the ability for a future earnout that's based off of future revenue targets and so those are really the two components of that so any further either cash or stock compensation there would be subject to the long-term earnout.

最終算出來是 370 萬美元，此外還有根據未來收入目標而定的未來盈利支付機制，所以這實際上是兩個組成部分，因此任何進一步的現金或股票補償都將取決於長期盈利支付機制。

Got it. So that explains about almost half of the $10 million reductions in cash on your balance sheet. What are one or two other big things that are that impacted that reduction in cash, on your balance sheet from the first quarter?

知道了。這就解釋了資產負債表上現金減少 1,000 萬美元中近一半的原因。從第一季開始，導致貴公司資產負債表上現金減少的其他一兩件大事是什麼？

Yeah, that was definitely one of the big items. The other big items just the timing of accrued payables, if you look at where we were at the end of June, we had some pretty significant accrued payables that just the timing of those turned, here during the first half of the year.

是的，那絕對是重點項目之一。其他一些重要事項是應計應付帳款的時間安排。如果你看看六月底的情況，你會發現我們有一些相當大的應計應付帳款，而這些應付帳款的結算時間在今年上半年就已經確定了。

And then the other component that we had is that one of the other items we do is when we settle. Stock-based compensation, the withholding tax from employees vesting, the company utilized about $3 million of cash associated with that during the first half of the year. So, I would say just between those three buckets that really accounts for the $10 million decline from where we were in June.

另一個組成部分是，我們做的另一件事是當我們安頓下來的時候。該公司在今年上半年使用了與股票選擇權相關的約 300 萬美元現金，其中包括員工股票選擇權歸屬時產生的預扣稅款。所以，我認為光是這三個方面的損失就足以解釋我們比六月減少了 1000 萬美元。

But looking forward, as I look at the back half of the year that I would anticipate that we'll start to really start to build cash here in the back half of the year from now through the end of our fiscal year.

但展望未來，展望下半年，我預計從現在到本財年結束，我們將真正開始累積現金。

Okay, that makes sense. And can you give us an update with Mind Body, so far this year as you enter the weight loss season? What are your marketing plans? How are you approaching that and, what's sort of an early read on how things are going?

嗯，這說得通。進入減重季，您能否向我們介紹一下您今年在身心健康方面的進展？你們的行銷計畫是什麼？您是如何著手處理的？目前來看，事情進展如何？

Yeah, we kicked off in our fiscal Q2 in November, in December, a whole kind of go to market strategy around Mind Body. It included a 20% off sale for the product, which we've carried over through January and now into February. So our product has been. Discounted, by the 20% promotion we have.

是的，我們在11月、12月的第二財季啟動了一整套圍繞身心健康的市場推廣策略。其中包括該產品 20% 的折扣促銷，我們從 1 月一直延續到 2 月。所以我們的產品一直都是如此。享受我們20%的促銷折扣。

We also, had an event in December that people could qualify for, we call it our Activate90 event, which was a, is a weekly, access to professional trainers, lifestyle, and business individuals. That on every week on Thursday evenings they have access.

12 月，我們還舉辦了一項活動，人們可以申請參加，我們稱之為 Activate90 活動，這是一個每週一次的活動，讓人們有機會接觸到專業教練、生活方式和商業人士。每週四晚上他們都可以訪問。

To these individuals, that talk to them, holistically about health and wealth, maintenance and management, those calls, the people qualified to be on those calls live we record them and now distribute them, out or they're made available to everyone.

對於那些與他們談論健康和財富、維護和管理等問題的人，我們會與他們進行全面的溝通，由有資格參與這些電話會議的人進行現場錄音，然後分發出去，或者說，這些電話會議內容將提供給所有人。

Now, after the events occur, so that's kind of this weekly, reminder for the field. We've also in January introduced a new feature in our app. Our app has previously been, really consultant driven and to help them with their businesses. But we also now have provided access a tracking mechanism for customers and consultants to go through and utilize it to help, track their calories, their activities, daily reminders and goal setting.

現在，在事件發生之後，這就是每週對該領域的提醒。今年一月，我們還在應用程式中推出了一項新功能。我們的應用程式以前主要是由諮詢顧問主導的，旨在幫助他們開展業務。但我們現在也為客戶和顧問提供了一個追蹤機制，他們可以透過該機制來追蹤卡路里攝取量、活動情況、每日提醒和目標設定。

We all know that, having those kinds of devices and reminders help all of us kind of be more mindful of our activities regardless of what it is and so we were pleased to be able to introduce that in in January and we see and and received positive feedback from that.

我們都知道，擁有這類設備和提醒功能可以幫助我們所有人更加關注自己的行為，無論是什麼行為。因此，我們很高興能夠在 1 月推出這項功能，並且我們收到了正面的回饋。

We also, I guess the last thing that I'd say is we have a very active win back campaign where we target consumers of mind body that were part of, that had utilized it in the past and maybe even going back to a year ago, where all of our minds, tend to drift a little bit as it relates to weight management in in this time of year. That win back campaigns and offering them incentives to come back and. Get back on the product or try the product again so it's really, I'd say multi-pronged in terms of what we're doing to focus our attentions on it.

最後我想說的是，我們正在積極進行客戶挽回活動，目標是那些曾經使用過我們身心健康服務的客戶，甚至可能追溯到一年前。在每年的這個時候，我們所有人的注意力在體重管理上都容易有些分散。進行挽回客戶活動，並提供獎勵措施吸引他們回歸。重新開始使用該產品或再次嘗試該產品，所以我認為，就我們集中精力解決這個問題而言，我們採取的是多管齊下的策略。

Okay, getting back to lovebiome, I see in the queue I got a chance to look briefly at it that it contributed about $4 million to the quarter. That sound about right? I did not see what if you even, disclosed how it impacted your consultant numbers and your customer numbers

好的，回到 Lovebiome，我在隊列中看到，我有機會快速查看了一下，它為該季度貢獻了約 400 萬美元。聽起來差不多吧？我沒有看到您是否披露過這會對您的顧問人數和客戶人數產生什麼影響。

Yeah, on the product revenue that $4 million that we disclosed that relates to the actual the LoveBiome products that were sold during the quarter, so just the products that they brought over through the transaction. There would have also been other revenue of LoveBiome consultants that came over that purchased Life Vantage products.

是的，我們揭露的 400 萬美元產品收入與本季實際售出的 LoveBiome 產品有關，也就是他們透過交易帶來的產品。此外，還有一些 LoveBiome 顧問來購買 Life Vantage 產品，也會為他們帶來其他收入。

We didn't break that out separately in the queue, but, so that's what that $4 million refers to is just the the LoveBiome product line itself, and then as far as on the consultants, we have, we didn't disclose the number of active consultants that came over, but there were, they've been integrated correctly, and that's something that maybe we can speak to in in the future time.

我們沒有在隊列中單獨列出這部分，但是，這 400 萬美元指的是 LoveBiome 產品線本身，至於顧問方面，我們沒有透露有多少活躍顧問加入，但他們已經正確融入團隊，這或許是我們將來可以討論的話題。

The other thing just adding on to that, we, I did say in my prepared remarks, we did, we launched two LoveBiome products, on Monday actually we had a kickoff, we had just under 1,000 participants on Monday night and Tuesday night this week, where we launched, two of LoveBiome's previous products. AXIO X, which is a fit into our AXIO product line, it's targeting more, a higher level of energy, and people use it for pre-workouts or when they would need a boost during the day

另外補充一點，正如我在準備好的演講稿中提到的，我們推出了兩款 LoveBiome 產品。實際上，本週一我們舉行了啟動儀式，本週一晚上和週二晚上有近 1000 名參與者，我們在儀式上推出了 LoveBiome 之前的兩款產品。AXIO X 是我們 AXIO 產品線中的產品，它旨在提供更強大、更豐富的能量，人們通常在運動前或白天需要提神時服用。

And then PhytoPower B, B stands for blocker and so it's a product designed to be not necessarily a daily use product but one where all you know in in anticipation of a of a big meal, it helps to com combat, the downside of sugar and carbs as we consume them.

然後是 PhytoPower B，B 代表阻斷劑，所以這是一款設計上不一定是日常使用的產品，而是在預期要吃大餐時，幫助對抗我們攝取糖和碳水化合物帶來的負面影響的產品。

So these kickoff calls that we had on Monday and Tuesday night, it was really expanding the knowledge of those launching the products and then educating, the Lifevantage consultants is still the phenomenal products that they are, a lot of it was actually led by LoveBiome individuals, because they had access to this, the products previously, so we're.

因此，我們在周一和周二晚上舉行的這些啟動電話會議，實際上是為了擴展產品發布者的知識，然後教育 Lifevantage 顧問，讓他們了解這些產品仍然非常出色，其中很多實際上是由 LoveBiome 的個人領導的，因為他們之前就接觸過這些產品，所以我們。

Thrilled to now make them available to everyone and expect them to, provide some growth in the second half of the year and then also I mentioned there will be two additional products that will be launched here that again were previous loveBiome products that will be launched in the next couple of months and that that will kind of then round out the portfolio of products. That came to us through that acquisition.

很高興現在能將這些產品提供給所有人，並期待它們在下半年帶來一些成長。我還提到過，接下來幾個月還將推出兩款新的產品，它們也是 loveBiome 之前的產品，這將使我們的產品組合更加完善。那項收購使我們獲得了它。

Okay, got it, and, just looking at the sales, I get the tough comparison with Mind Body, that, we saw coming but. I noticed in the previous three years in the second quarter you were north of $50 million pretty consistent, and then now you're a little bit below that and maybe even more so if you exclude LoveBiome.

好的，明白了。從銷售額來看，我理解與 Mind Body 的比較會很艱難，這一點我們早就預料到了。我注意到，在前三年的第二季度，你們的收入一直穩定在 5,000 萬美元以上，而現在你們的收入略低於這個數字，如果排除 LoveBiome 的收入，下降幅度可能會更大。

So, I'm just wondering if there's something else, one or two things besides mind body that maybe wasn't working up to your expectations in the December quarter.

所以，我只是想知道，除了身心方面，是否還有其他一兩件事在十二月這個季度沒有達到您的期望。

Well, no, I think it has been, we, we've had a decline in our, especially in our customer base and modestly in our consultant base and really, I think the top-line story there is over the last year, Mind Body became the enrollment story, for many of our consultants.

不，我認為確實如此，我們的客戶群有所下降，顧問數量也有所減少。我認為，過去一年來，最主要的問題是，身心健康成為了我們許多顧問的主要招生重點。

And as you know some of the challenges that we described and again the prepared remarks started to play out throughout the year, the consultants continued to push Mind Body, but we lost some momentum around, the other hero products that we have, and specifically NRF2 and collagen and It's one of the reasons why, we're so excited about now having added LoveBiome to the mix and having another hero product that has really re-engaged a lot of our consultants, with a new story and really opening up a whole new white space for Life vantage consultants to take a gut health activator

如您所知，我們之前提到的一些挑戰，以及我們準備的發言稿，在這一年中逐漸顯現出來。顧問們繼續推廣身心健康產品，但我們在其他明星產品，特別是NRF2和膠原蛋白方面，卻失去了一些動力。正因如此，我們現在非常高興地將LoveBiome加入產品線，它又是一款明星產品，以全新的故事重新吸引了許多顧問的關注，並為Life Vantage顧問開闢了一個全新的市場空間，讓他們可以服用腸道健康激活劑。

And so, it's just, that shift doesn't turn overnight, the enthusiasm, excitement about P84 and I and we talked, you and I have spoken, we spoke in the past around our healthy edge stack, which is a combination of P84 and NRF2, and that combination, I think, will very shortly be our biggest and highest enrollment.

所以，這種轉變不會在一夜之間發生，人們對 P84 的熱情和興奮，我和你也談過，我們過去也談論過我們健康的邊緣堆棧，它是 P84 和 NRF2 的組合，我認為，這種組合很快就會成為我們規模最大、註冊人數最高的。

Product because of how, the synergistic benefits and where our consultant, base heads are right now. So we're repositioning, my body is still a great product for us. It contributed just under 10% of our revenue for the quarter, and. The science behind it, the benefits that people feel, and are achieving are real, they're demonstrable that we're trying to now also balance now the other good, great products that we have and incorporating them into that, enrollment story.

該產品之所以如此受歡迎，是因為它具有協同效應，而且我們的顧問和基地負責人目前都處於這種狀態。所以我們正在重新定位，我的身體對我們來說仍然是一個很好的產品。它貢獻了我們本季近 10% 的收入，並且。它背後的科學原理，人們所感受到的好處和所取得的成就都是真實的，是可以證明的。我們現在也在努力平衡我們擁有的其他優秀產品，並將它們融入招生故事中。

Thanks Steve. That's a good color. And just one more for me, I, the Shopify thing you've been talking about and it looks like it's, about to be underway here. Can you take a little bit deeper dive into how you're going to use Shopify? Are there other direct sellers that use Shopify, or are you basically pioneering that for the channel? Just a little bit more color on how Shopify is going to impact your business.

謝謝你，史蒂夫。這個顏色真好看。還有一個問題，就是你一直提到的 Shopify 的事情，看起來它馬上就要開始了。您能否更詳細地介紹一下您打算如何使用 Shopify？有其他直銷商使用 Shopify 嗎？還是說你們是這個頻道的先驅？再詳細說說 Shopify 將如何影響您的業務。

Yeah, Shopify is, probably the best known and leader from an e-commerce customer experience platform standpoint. They started off as really a solution to the mom and pop small business areas, people that didn't have resources to, address, the.

是的，從電子商務客戶體驗平台的角度來看，Shopify 可能是最知名、最領先的平台。他們最初是為了解決夫妻店式小企業的問題而提出的方案，這些企業沒有資源來解決這個問題。

The technology associated with owning a business. And since those early years, and that's really how they cut their teeth, they built their reputation and there, the high technology standard that they are known for today. And over the past several years they have, expanded and are working up the food chain, if you will, to larger and larger companies and expanding their capabilities to address, bigger companies and ecommerce and those platforms and you know there's a lot of benefit that we are going to see from this.

與企業營運相關的技術。從早期開始，他們就真正地磨練技藝，建立起自己的聲譽，並由此形成瞭如今聞名遐邇的高科技標準。在過去的幾年裡，他們不斷發展壯大，並逐步向上攀升，服務於越來越大的公司，拓展自身能力，以服務更大的公司、電子商務平台等等。你知道，我們將從中看到很多好處。

The some of them like, I again I think I mentioned this in the prepared remarks around conversion rates and just the ease of a customer experience of going through checkout and having a modern approach. I'm sure you've been on our site and purchased products it has not been a seamless experience for consumers.

其中一些人，例如，我想我在關於轉換率的準備發言中也提到過這一點，以及客戶在結帳過程中體驗的便利性，以及採用現代化的方法。我相信您一定曾經造訪過我們的網站並購買過產品，但對於消費者來說，這並非一次流暢的體驗。

And the data, that's been provided by Shopify in conversions of previous systems to Shopify is pretty staggering around the improvement in that conversion. So that's one aspect of it. The other aspect is just ease of use from a corporate standpoint in when we do promotions, how we display our products, our internal pricing and how do we get it, onto our e-commerce website.

Shopify 提供的數據顯示，從先前的系統遷移到 Shopify 後，轉換率的提升非常驚人。這是其中一個面向。另一方面，從企業角度來看，使用起來也很方便，例如我們做促銷活動時如何展示產品、內部定價以及如何將產品資訊匯入到我們的電子商務網站上。

The technology that we're currently using is fairly dated and it takes a lot of internal resources to navigate that and so we think that there will be some, benefits from a process improvement standpoint. And I guess the last one just again at a high level is these gives us the opportunity to, although not directly tied to Shopify [per sale] that gives us the opportunity and we're taking it to look at our whole consultant tool base.

我們目前使用的技術相當過時，需要投入大量內部資源來駕馭它，因此我們認為從流程改進的角度來看，這將帶來一些好處。我想最後一點，從宏觀層面來說，這給了我們一個機會，雖然與 Shopify（按銷售額）沒有直接關係，但這給了我們一個機會，我們正在利用這個機會來審視我們整個顧問工具庫。

So, what we refer to as the back office, what their consultants are looking at to run their business, we are taking the opportunity to also make enhancements to that so that it again ties in now with the ease of use from a Shopify standpoint and you know one of the things about Shopify is again that they are the industry leader in this space.

所以，我們所說的後台，也就是他們的顧問用來經營業務的那個系統，我們也藉此機會對其進行改進，使其再次與 Shopify 的易用性結合。你知道，Shopify 的優勢之一就是他們是這個領域的產業領導者。

And by creating this partnership with them we're really putting our future in a position where we're not chasing what's next we've partnered with someone who's always going to be at the forefront of technology as it relates to e-commerce and so you know there's a there's going to be a short-term benefit but.

透過與他們建立這種合作關係，我們真正將我們的未來置於一個有利的位置，我們不必追逐下一個潮流，而是與一家始終走在電子商務技術前沿的公司合作，所以你知道，這會帶來短期利益，但是。

Knowing that you know 10 years from now we're going to continue to be part of a technology trend that is only going to accelerate and be bigger and be part of being able to leverage that and not, being in a constant catch up mode like we are today.

要知道，10 年後我們將繼續成為科技趨勢的一部分，而這一趨勢只會加速發展，規模越來越大，我們將能夠利用這一趨勢，而不是像今天這樣一直處於追趕狀態。

Okay, thank you. Thanks sir.

好的，謝謝。謝謝您，先生。

(Operator Instructions) Ryan Meyers with Lake Street Capital

（操作說明）瑞安·邁爾斯，來自湖街資本

Yeah guys, thanks for taking my questions. Given the demand and competitive dynamics in the mind body and GLP one space, why do you feel like that's a category that you guys can return to growth in and why is that a category that you feel like you guys can actually win in?

好的，謝謝各位回答我的問題。鑑於身心健康及 GLP 領域的市場需求和競爭態勢，您認為貴公司能夠在這個領域重回成長軌道，並且能夠在這個領域取得成功，這是為什麼呢？

We believe that because of our solution, we still, when you look at our clinical studies, our science and our results, and you layer on top of that a natural solution versus it doesn't matter really if it's an injectable or a pill that you're taking. It is still introducing the GLP-1 hormone into your body and not helping your body to actually produce and be more effective in the production of that natural hormone.

我們相信，由於我們的解決方案，當你查看我們的臨床研究、科學和結果時，你會發現，再加上一種天然的解決方案，無論你服用的是注射劑還是藥丸，其實都無關緊要。它仍然只是將 GLP-1 激素引入你的體內，而沒有幫助你的身體真正產生這種天然激素，也沒有幫助你的身體更有效地產生這種天然激素。

So there are millions of people out there that look more to prevention and natural holistic alternatives that are still going to be very are and will continue to be interested in our option and that that will always be the case. With our products versus synthetic drugs that might be same kind of results but without which we are able to do it in a natural way.

因此，有數百萬人更傾向於預防和自然整體療法，他們仍然會對我們的方案非常感興趣，而且這種情況將持續下去。我們的產品與合成藥物相比，可能也能達到類似的效果，但我們無需使用合成藥物就能以自然的方式達到相同的效果。

Got it and then, walk us through the decision to take the inventory charge and just the background information on that.

明白了，那麼請您詳細解釋一下決定收取庫存費用的原因以及相關的背景資訊。

Yeah, no, I can share some more insight there, Ryan. As when we launched the GOP1 product last October, a year and a half ago, we just had an incredible response to the demand of that product. We sold out really quickly. We sold out the initial stock that we had within a three week period and just based of that demand, we really ramped up our supply chain. Based on that those early months of demand, we really felt like we needed to build up inventory and frankly we got a little bit ahead of ourselves.

是的，瑞恩，我還可以分享一些其他的見解。就像一年半前，也就是去年十月我們推出 GOP1 產品時一樣，當時市場對產品的需求給予了難以置信的迴響。我們很快就賣光了。我們在三週內就售罄了最初的庫存，並且根據這一需求，我們迅速擴大了供應鏈。根據最初幾個月的需求，我們真的覺得需要增加庫存，坦白說，我們有點操之過急了。

I think now that we've got the more right size demand that Mind Body has really settled in and we have more visibility into what the seasonality looks like, we decided to take a conservative approach and put a reserve. Against some of the inventory that we have the shelf life of the product is two years, but we felt that it was appropriate to put a reserve against it, to be conservative. We'll still look for other ways to find a way to either sell that or find other uses for it, but that was really the background behind why we went ahead with the inventory reserve.

我認為，現在身心健康的需求規模更加合適，而且我們對季節性變化也有了更清晰的認識，所以我們決定採取保守的做法，並預留一部分庫存。我們庫存中的某些產品的保質期為兩年，但我們認為為了保守起見，應該為此預留一筆儲備金。我們仍會尋找其他方式來出售這些庫存或找到其他用途，但這正是我們決定進行庫存儲備的背景原因。

Got it. And then just lastly, how should we be thinking about the revenue split in the second half of the year? I mean, have you guys seen a rebound at all here in the third quarter? Just any commentary on what we should be thinking about for Q3 and Q4 in terms of revenue split would be.

知道了。最後，我們該如何考慮下半年的所得分配？我的意思是，你們在第三節看到任何反彈嗎？任何關於第三季和第四季營收分配的評論都將是…

Helpful.

很有幫助。

Yeah, I think when we think about the back half of the year, we do believe that the mind-body trends have stabilized a bit and this is a traditional weight loss season, but I do think that we anticipate the bill to build from third quarter and then also again into the fourth quarter.

是的，我認為當我們展望下半年時，我們確實相信身心健康趨勢已經趨於穩定，而且這又是傳統的減肥季，但我確實認為我們預計賬單會從第三季度開始增長，然後在第四季度再次增長。

So, and especially coming from as we integrate the LoveBiome acquisition and we get their leaders more engaged in the continued rollout of the LoveBiome product, I would anticipate that when you're balancing between the two quarters that that Q4 will likely have a higher proportion of the revenue versus Q3.

因此，尤其是在我們整合 LoveBiome 收購案，並讓他們的領導層更多地參與到 LoveBiome 產品的持續推廣中之後，我預計在平衡這兩個季度時，第四季度的收入比例可能會高於第三季度。

Got it, that's helpful. Thank you.

明白了，這很有幫助。謝謝。

Thanks, Ryan.

謝謝你，瑞恩。

We have reached the end of our question-and-answer session. I would like to turn the conference back over to Steve for closing remarks.

我們的問答環節到此結束。我謹將會議交還給史蒂夫，請他作閉幕致詞。

Thanks, operator, and thank you everyone for joining us today. The clearly, the second quarter presented some challenges for us and although that's the case, we do remain confident in our strategic direction and the strength of our diversified both product portfolio and our business model.

謝謝接線員，也謝謝今天所有收看節目的朋友們。顯然，第二季度給我們帶來了一些挑戰，儘管如此，我們仍然對我們的策略方向以及我們多元化的產品組合和商業模式的實力充滿信心。

The successful integration of LoveBiome and our incredible consultants and. Our recent product and future product launches, our international expansion plans, and our continued focus on scientific innovation position us well for sustainable growth.

LoveBiome 與我們優秀的顧問團隊成功整合。我們近期推出的產品和未來即將推出的產品、我們的國際擴張計畫以及我們對科學創新的持續關注，使我們具備了實現永續成長的良好條件。

As we move forward, we remain committed to our mission of activating optimal health processes at a cellular level while providing our independent consultants with the tools and opportunities they need to build successful businesses.

展望未來，我們將繼續致力於在細胞層面激活最佳健康過程，同時為我們的獨立顧問提供建立成功事業所需的工具和機會。

I want to extend my appreciation to our dedicated employees, outstanding consultants, loyal stockholders, and faithful customers. And while I'm approaching my end as tenure as CEO, I'm excited about the bright future ahead of Life Vantage and I'm confident in the strong foundation we've built together. We'll continue to drive innovation and growth for years to come.

我要對我們敬業的員工、傑出的顧問、忠誠的股東和忠實的客戶表示感謝。雖然我作為執行長的任期即將結束，但我對 Life Vantage 的美好未來感到興奮，並且對我們共同建立的堅實基礎充滿信心。我們將繼續推動創新和成長，並持續邁向未來。

Thank you once again for your continued support and trust in our mission.

再次感謝您一直以來對我們使命的支持與信任。

Thank you. This will conclude today's conference. You may disconnect at this time and thank you for your participation.

謝謝。今天的會議到此結束。現在您可以斷開連接了，感謝您的參與。