LifeVantage Corp (LFVN) 2026 Q3 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 third quarter of fiscal 2026 results. (Operator Instructions)

各位女士、先生，大家好。感謝各位稍候。歡迎參加今天的電話會議，討論 LifeVantage 2026 會計年度第三季業績。(接線員指示)

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

今天的電話會議將由 ICR 的 Reed Anderson 主持。提醒各位，今天的會議將被錄音。現在我想把會議交給 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 2026. On the call today from LifeVantage are Michael Beindorff, Interim Chief Executive Officer; Carl Aure, Chief Financial Officer; and Kristen Cunningham, Chief Sales 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。各位下午好，歡迎參加 LifeVantage Corporation 的電話會議，討論 2026 會計年度第三季業績。今天與會的 LifeVantage 團隊成員包括：臨時執行長 Michael Beindorff；財務長 Carl Aure；以及銷售長 Kristen Cunningham。目前各位應已取得今天下午約美東時間 4:05 發布的財報新聞稿。

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. 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.

若您尚未收到新聞稿，可至 LifeVantage 網站 www.lifevantage.com 的投資人關係專區取得。本次電話會議亦提供網路直播，並將於公司網站提供重播。在開始之前，我們提醒各位，我們的事先準備發言包含前瞻性陳述，且管理層在回覆各位提問時也可能提出額外的前瞻性陳述。這些陳述不保證未來表現，因此不應過度依賴。這些陳述係基於公司管理層目前的預期，並涉及固有風險與不確定性，包括 LifeVantage 最近提交之 10-K 與 10-Q 表格中「風險因素」章節所列者。

Please note that during today's call, we will discuss non-GAAP financial measures, including results on an adjusted basis. Management believes these financial measures can facilitate a more complete analysis and greater transparency into LifeVantage's ongoing results of operations, particularly when comparing underlying operating results from period to period. We've included a reconciliation of these non-GAAP measures with today's release. This call also contains time-sensitive information that is accurate only as of the date of the live broadcast, May 6, 2026. LifeVantage assumes no obligation to update any forward-looking projections that may be made in today's release or call.

請注意，在今天的電話會議中，我們將討論非 GAAP 財務衡量指標，包括以調整後基礎呈現的結果。管理層認為，這些財務衡量指標可促進更完整的分析，並提高對 LifeVantage 持續營運結果的透明度，特別是在比較各期間的基礎營運結果時。我們已在今天的新聞稿中提供這些非 GAAP 指標的調節表。本次電話會議亦包含具時效性的資訊，僅截至直播當日（2026 年 5 月 6 日）為準且屬正確。LifeVantage 對於在今日新聞稿或電話會議中所作的任何前瞻性預測，不承擔更新義務。

Now, I will turn the call over to Michael Beindorff, Interim CEO of LifeVantage.

現在，我將把電話會議交給 LifeVantage 臨時執行長 Michael Beindorff。

Thank you, Reed. Good afternoon, and thank you all for joining us today. For those of you I haven't had the opportunity to meet, let me briefly introduce myself. I've had the privilege of serving on the LifeVantage Board of Directors since 2012, which gives me over 14 years of insight into this company's evolution, challenges, and the tremendous opportunities that we have in front of us. I've spent my career building consumer brands across a variety of business environments, including the Coca-Cola Company, Visa, and PlanetRx, among some others.

謝謝你，Reed。各位下午好，感謝大家今天加入我們。對於尚未有機會與各位見面的朋友，讓我先簡單自我介紹。我自 2012 年起有幸擔任 LifeVantage 董事會成員，這讓我對公司在過去超過 14 年的演進、挑戰，以及我們面前的巨大機會有深入的了解。我的職涯主要在各種不同的商業環境中打造消費品牌，曾任職於可口可樂公司、Visa、PlanetRx 等多家公司。

Before we dive into our quarterly results today, I want to take just a moment to recognize Steve Fife, who retired as our President and CEO on April 30. Steve's tenure at LifeVantage has been absolutely transformational. His strategic vision and his relentless focus on operational excellence have been instrumental in modernizing our business model, strengthening our financial position and laying the foundation for the future. So on behalf of the entire Board and the organization, I want to thank him for his leadership, and I want to wish him the very best in his retirement. Now you might ask why a long-serving Board member would step into an interim operating role.

在我們深入討論本季業績之前，我想先花一點時間表揚 Steve Fife，他已於 4 月 30 日自總裁兼執行長職務退休。Steve 在 LifeVantage 的任期可說是徹底帶來轉型。他的策略願景以及對營運卓越的持續專注，對於現代化我們的商業模式、強化財務體質並為未來奠定基礎，發揮了關鍵作用。因此，我謹代表整個董事會與全體同仁，感謝他的領導，並祝福他退休生活一切順利。現在你可能會問，為什麼一位長期服務的董事會成員會走入臨時的營運職務。

And the answer to that is pretty simple. I believe deeply in LifeVantage's products, its people, and its potential. My 14 years of Board service, I think, give me a pretty unique perspective on what makes this company special. I'm excited about our product portfolio, from our flagship Protandim family to innovations like TrueScience Liquid Collagen, the MindBody GLP-1 system and our comprehensive gut activator, P84. These products represent genuine innovation in cellular health activation and are all backed by rigorous scientific validation.

答案其實很簡單。我對 LifeVantage 的產品、人才與潛力抱持深刻信心。我在董事會服務的 14 年，我認為讓我對這家公司之所以特別有相當獨特的視角。我對我們的產品組合感到振奮，從旗艦 Protandim 系列，到 TrueScience 液態膠原蛋白、MindBody GLP-1 系統，以及我們全面性的腸道活化產品 P84 等創新。這些產品代表了細胞健康活化領域的真正創新，並且皆有嚴謹的科學驗證作為後盾。

But what truly gets me excited is our passionate consultant community. Having spent almost my entire career building consumer brands, I deeply appreciate the power of authentic advocacy. Our consultants understand the uniqueness of our products and the deep scientific validation behind them. And they deliver this information and these products to people every day. They share their personal health journeys, and they create genuine entrepreneurial opportunities.

但真正讓我感到興奮的是我們充滿熱情的顧問社群。我幾乎整個職涯都在打造消費品牌，因此我非常理解真誠倡議的力量。我們的顧問了解我們產品的獨特性，以及其背後深厚的科學驗證。他們每天把這些資訊與產品帶給人們。他們分享自身的健康旅程，並創造真正的創業機會。

That's a combination that is both powerful and sustainable. Our most recent Momentum Academy in Las Vegas was a great example of this. It perfectly captured the energy and the potential of our consultant community. It was centered around the theme of breakthrough, and this 3-day immersive experience brought together our independent consultants from across the country for powerful leadership training, business building strategies, and meaningful connection with each other.

這樣的組合既強大又可持續。我們最近在拉斯維加斯舉辦的 Momentum Academy 就是一個很好的例子。它完美展現了我們顧問社群的能量與潛力。活動以「突破」為主題，這場為期 3 天的沉浸式體驗，匯聚全國各地的獨立顧問，進行有力的領導力訓練、事業拓展策略，以及彼此之間有意義的連結。

Among other things, during the conference, the company announced the VIP bonus, our first ever 12-month volume growth incentive program for consultants. This program will handsomely reward consultants who meet their growth goals, and we believe the program can be a game changer, not only as a catalyst for growth, but also in terms of leadership development.

此外，在會議期間，公司宣布推出 VIP 獎金計畫，這是我們首次為顧問推出的 12 個月業績量成長激勵方案。該計畫將對達成成長目標的顧問提供相當優渥的獎勵；我們相信，這項計畫不僅能成為成長的催化劑，也可能在領導力發展方面帶來顛覆性的改變。

In addition to incentivizing growth, the program is designed to identify and elevate consultants who demonstrate the leadership behaviors associated with long-term success. We think that by rewarding these behaviors, we'll build a stronger leadership pipeline and align our field organization around what is required to improve the company's long-term growth trajectory. The passion, the clarity, and the commitment that I witnessed in Las Vegas reinforce my confidence in our community strength and our company's future. Now before Carl details our Q3 results, I want to provide a brief high-level perspective on where we stand today and where this enterprise is headed in the future.

除了激勵成長之外，該計畫亦旨在辨識並提升那些展現與長期成功相關之領導行為的顧問。我們認為，透過獎勵這些行為，我們將建立更強的領導人才管道，並使我們的外勤組織在「改善公司長期成長軌跡所需的要素」上達成一致。我在拉斯維加斯所見證的熱情、清晰度與承諾，進一步強化了我對我們社群實力與公司未來的信心。現在，在 Carl 詳述我們第三季業績之前，我想先就我們目前的狀況以及這家企業未來的走向，提供一個簡短的高層次觀點。

The direct selling business continues to evolve, and LifeVantage has been proactive in adapting our business model to meet the changing consumer preferences and market dynamics. We've invested in digital capabilities, upgraded our consultant compensation plan, we've enhanced our consultant tools, and support systems, and we've continued to innovate our product offerings to address emerging health and wellness trends. And these investments in our future are continuing.

直銷業務持續演進，LifeVantage 一直積極調整我們的商業模式，以因應消費者偏好與市場動態的變化。我們已投資數位能力、升級我們的顧問獎酬計畫、強化顧問工具與支援系統，並持續創新產品組合，以回應新興的健康與保健趨勢。而這些對未來的投資仍在持續進行。

As we told you in February, we're making a significant investment in upgrading our e-commerce platform. The launch of Shopify, along with a totally revamped and upgraded back-office system will dramatically improve both our customers and our consultants' e-commerce experience with LifeVantage from end to end.

正如我們在二月向各位說明的，我們正在大幅投資升級我們的電子商務平台。Shopify 的上線，加上全面改版並升級的後台系統，將大幅改善我們客戶與顧問在 LifeVantage 端到端的電商體驗。

We plan to start launching Shopify later this year, and we're excited about the prospects as we roll the Shopify launch through our markets. In addition, our business fundamentals are solid. We have a clean balance sheet, no debt, and cash reserves that give us flexibility.

我們計畫在今年稍晚開始推出 Shopify，並對於在各市場逐步推進 Shopify 上線的前景感到振奮。此外，我們的業務基本面穩健。我們的資產負債表乾淨、沒有負債，且現金儲備讓我們具備彈性。

Looking ahead, we see significant opportunities. The health and wellness market continues to expand, and our unique positioning in Nutrigenomics gives us credibility and we think differentiates us in a crowded marketplace. We remain committed to operational excellence, strategic execution and delivering value for all stakeholders.

展望未來，我們看到顯著的機會。健康與保健市場持續擴張，而我們在營養基因體學（Nutrigenomics）的獨特定位賦予我們公信力，我們認為這也使我們在競爭擁擠的市場中脫穎而出。我們仍致力於營運卓越、策略執行，並為所有利害關係人創造價值。

With that, let me turn it over to Carl, to take you through our financial results.

接下來，讓我把時間交給 Carl，由他帶各位回顧我們的財務結果。

Thank you, Michael, 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 where applicable. You can refer to the GAAP to non-GAAP reconciliations in today's press release for additional details. For the third quarter of fiscal 2026, we delivered net revenue of $43.7 million, which was down 25.2% compared to $58.4 million in the third quarter of fiscal 2025.

謝謝你，Michael，各位下午好。我將帶各位回顧我們第三季的財務結果。請注意，在適用之處我將討論我們的非 GAAP 調整後結果。更多細節請參考我們今日新聞稿中的 GAAP 與非 GAAP 調節表。在 2026 會計年度第三季，我們的淨營收為 4,370 萬美元，較 2025 會計年度第三季的 5,840 萬美元下降 25.2%。

The decrease was primarily driven by a decline in sales of our MindBody GLP-1 System, partially offset by sales of LoveBiome, which we acquired in October of 2025. Revenue in the Americas region decreased 28.9% to $34.3 million, reflecting decreased sales of our MindBody GLP-1 System and a decrease in total active accounts.

營收下滑主要是由於我們 MindBody GLP-1 System 的銷售下降所致，部分被我們於 2025 年 10 月收購的 LoveBiome 的銷售所抵銷。美洲地區營收下降 28.9% 至 3,430 萬美元，反映 MindBody GLP-1 System 銷售下滑以及活躍帳戶總數減少。

Revenue in the Asia Pacific and Europe region decreased 7.7% to $9.4 million, primarily driven by a decrease in total active accounts. Foreign currency had a negligible impact on Asia Pacific and Europe during the quarter, positively impacting results by $100,000. Our gross profit percentage for the third quarter was 79%, down from 81% in the prior year period, reflecting increases in shipping and warehouse expenses, along with higher inventory obsolescence-related expenses.

亞太及歐洲地區營收下降 7.7% 至 940 萬美元，主要由活躍帳戶總數減少所致。本季外幣對亞太及歐洲的影響可忽略不計，對結果帶來 10 萬美元的正面影響。第三季毛利率為 79%，低於去年同期的 81%，反映運輸與倉儲費用增加，以及與存貨報廢相關的費用上升。

Excluding a $183,000 allowance related to MindBody inventory, our non-GAAP adjusted gross profit percentage was 79.4%. Commissions and incentive expense as a percentage of revenue was 43.5% in the third quarter compared to 44.8% in the prior year period. The decrease as a percentage of revenue was primarily due to the timing and magnitude of our promotional incentive programs and changes to the mix of customers and independent consultants. We anticipate the full year fiscal 2026 commissions and incentive expense to be approximately 42.5% of revenue.

若排除與 MindBody 存貨相關的 18.3 萬美元備抵，我們的非 GAAP 調整後毛利率為 79.4%。第三季佣金與獎勵費用占營收比重為 43.5%，去年同期為 44.8%。占比下降主要由於促銷獎勵方案的時點與規模，以及客戶與獨立顧問組合變化所致。我們預期 2026 會計年度全年佣金與獎勵費用約占營收的 42.5%。

Selling, general, and administrative expenses were $13.9 million or 31.7% of revenue compared to $17.1 million or 29.2% of revenue in the prior year period. The increase as a percentage of revenue was primarily due to the overall decrease in sales volume.

銷售、一般及行政費用為 1,390 萬美元，占營收 31.7%，去年同期為 1,710 萬美元，占營收 29.2%。占比上升主要是由於整體銷售量下滑。

GAAP operating income was $1.7 million compared to $4.1 million in the prior year period. Adjusted non-GAAP operating income was $1.8 million compared to $4.1 million in the prior year period. GAAP net income was $1.4 million or $0.11 per diluted share compared to $3.5 million or $0.26 per diluted share in the prior year period. Adjusted non-GAAP net income was $1.5 million or $0.12 per diluted share compared to $3.5 million or $0.26 per diluted share in the prior year period.

GAAP 營業利益為 170 萬美元，去年同期為 410 萬美元。非 GAAP 調整後營業利益為 180 萬美元，去年同期為 410 萬美元。GAAP 淨利為 140 萬美元，或稀釋後每股盈餘 0.11 美元；去年同期為 350 萬美元，或稀釋後每股盈餘 0.26 美元。非 GAAP 調整後淨利為 150 萬美元，或稀釋後每股盈餘 0.12 美元；去年同期為 350 萬美元，或稀釋後每股盈餘 0.26 美元。

We recorded income tax expense of $300,000 in the third quarter compared to $700,000 in the prior year period. We expect our full year effective tax rate for fiscal 2026 to be approximately 18% to 20%. Adjusted EBITDA for the third quarter was $3.2 million or 7.3% of revenues compared to $6.4 million and 11% in the same period a year ago.

第三季我們認列所得稅費用 30 萬美元，去年同期為 70 萬美元。我們預期 2026 會計年度全年有效稅率約為 18% 至 20%。第三季調整後 EBITDA 為 320 萬美元，或占營收 7.3%；去年同期為 640 萬美元，或占 11%。

Our financial position remains solid with $12.5 million of cash and no debt at the end of the third quarter. We generated $5.5 million of cash from operations during the first nine months of fiscal 2026 compared to $10.8 million in the same period in fiscal 2025, primarily due to the payment of accrued employee-related incentive compensation and consultant incentive trip expenses.

截至第三季末，我們的財務狀況仍然穩健，現金 1,250 萬美元且無負債。2026 會計年度前九個月，我們由營運活動產生現金 550 萬美元，較 2025 會計年度同期的 1,080 萬美元減少，主要由於支付已提列的員工相關獎勵薪酬以及顧問獎勵旅遊費用。

Capital expenditures totaled $2.5 million for the first nine months of fiscal 2026 compared to $1.2 million in the prior year period, reflecting our continued investment in technology infrastructure, including the Shopify integration. We also utilized $3.7 million in cash during the first nine months of fiscal 2026 relating to the closing of the LoveBiome transaction.

2026 會計年度前九個月資本支出合計 250 萬美元，去年同期為 120 萬美元，反映我們持續投資於技術基礎設施，包括 Shopify 整合。此外，2026 會計年度前九個月，我們亦因完成 LoveBiome 交易而使用 370 萬美元現金。

Turning to capital allocation. We repurchased 206,000 shares for an aggregate purchase price of $1 million during the quarter. During the first nine months of fiscal 2026, we have repurchased approximately 250,000 shares for an aggregate purchase price of $1.6 million.

接著談資本配置。本季我們回購 20.6 萬股，總買回金額為 100 萬美元。2026 會計年度前九個月，我們已回購約 25 萬股，總買回金額為 160 萬美元。

As of March 31, there was $59 million remaining under the new $60 million share repurchase authorization approved by our Board of Directors in January. Today, we also announced a quarterly cash dividend of $0.05 per share of common stock, which represents an 11% increase to the previous dividend amount. This dividend will be paid on June 15, 2026, to shareholders of record as of June 1, 2026. We remain committed to our balanced capital allocation strategy in order to maximize shareholder value.

截至 3 月 31 日，董事會於 1 月核准的新 6,000 萬美元庫藏股回購授權中，尚餘 5,900 萬美元可用。今天我們也宣布每季現金股利為每股普通股 0.05 美元，較先前股利金額增加 11%。該股利將於 2026 年 6 月 15 日支付給截至 2026 年 6 月 1 日登記在冊的股東。我們仍致力於平衡的資本配置策略，以最大化股東價值。

Turning to our outlook for fiscal 2026. We now expect to end fiscal 2026 with revenue, adjusted EBITDA, and adjusted earnings per share close to the lower end of our previously issued guidance range. This updated guidance reflects the current trends in the business, including the competitive dynamics in the GLP-1 market and our commitment to managing costs while investing in strategic growth initiatives. We remain focused on improving our profitability metrics and driving long-term value for our stockholders.

接著談談我們對2026會計年度的展望。我們目前預期在2026會計年度結束時，營收、調整後EBITDA，以及調整後每股盈餘將接近先前發布之指引區間的下緣。此更新後的指引反映了業務的當前趨勢，包括GLP-1市場的競爭態勢，以及我們在投資策略性成長計畫的同時，致力於成本管理的承諾。我們仍專注於改善獲利能力指標，並為股東創造長期價值。

With that, let me turn the call back over to Michael.

接下來，我把電話交回給Michael。

Thanks, Carl. Before we get into the Q&A, I have just a couple more comments. We recently made a couple of very important announcements. First, we've been granted a US patent for our Healthy Glow Essentials Stack, which features Protandim Nrf2 Synergizer and TrueScience Liquid Collagen, further validation of our leadership in scientific innovation.

謝謝，Carl。在進入問答之前，我還有幾點補充。我們最近發布了幾項非常重要的公告。首先，我們的Healthy Glow Essentials Stack已獲得美國專利，其中包含Protandim Nrf2 Synergizer與TrueScience Liquid Collagen，這進一步驗證了我們在科學創新方面的領導地位。

Second, and perhaps more importantly, on April 16, the Board of Directors announced the appointment of Terrence Moorehead as our next Chief Executive Officer. Terrence will join us in August, bringing over 30 years of leadership experience, revitalizing brands, and accelerating growth, particularly in direct selling. During our extensive search, we talked to nearly every CEO, President, and General Manager in the direct selling space. And interestingly enough, almost every one of those candidates that we spoke with wanted the job. I think they all saw the potential and the opportunity that LifeVantage presents.

第二點，或許更重要的是，董事會於4月16日宣布任命Terrence Moorehead為我們下一任執行長。Terrence將於8月加入我們，帶來超過30年的領導經驗，擅長重振品牌並加速成長，尤其是在直銷領域。在我們廣泛的搜尋過程中，我們幾乎與直銷產業中每一位執行長、總裁與總經理都進行了交流。而有趣的是，我們談過的幾乎每一位候選人都想要這份工作。我想他們都看到了LifeVantage所具備的潛力與機會。

But when we met Terrence, we recognized instantly that he was different. He is a deeply experienced transformative leader with an outstanding track record that speaks for itself. I'm excited about the expertise and the vision that he will bring to LifeVantage.

但當我們見到Terrence時，我們立刻就意識到他與眾不同。他是一位經驗深厚、能帶來轉型的領導者，且擁有不言自明的卓越實績。我對他將為LifeVantage帶來的專業與願景感到振奮。

During the transition period, I'm working closely with our executive team, including Kristen Cunningham, our Chief Sales Officer; and Carl, our Chief Financial Officer. This team knows the business inside and out, and I have complete confidence in their ability to execute.

在交接期間，我正與我們的高階管理團隊密切合作，包括我們的首席銷售長Kristen Cunningham，以及我們的首席財務長Carl。這個團隊對業務瞭若指掌，我對他們的執行能力充滿信心。

Looking forward, our dedication to optimizing health remains absolutely unwavering as does our commitment to equipping our independent consultants with the resources and the products necessary to build thriving businesses so they can deliver exceptional value to our customers. I want to express my gratitude to our employees, our independent consultants, our shareholders and most of all, our loyal customers.

展望未來，我們對於優化健康的投入依然堅定不移；同樣地，我們也承諾為獨立顧問提供建立蓬勃事業所需的資源與產品，使他們能為客戶提供卓越價值。我要向我們的員工、獨立顧問、股東，尤其是我們忠誠的客戶表達感謝。

Finally, to be very clear, we recognize that our performance over the last few quarters has not been up to our standards. On my desk, I keep a plaque that simply reads the world belongs to the discontented. Well, let me assure you that we are not content, and I pledge to work tirelessly with this team on behalf of all of our stakeholders to improve the results.

最後，為了非常清楚地說明，我們也認知到過去幾季的表現未達我們的標準。在我的桌上，我放著一塊牌匾，上面簡單寫著：世界屬於不滿足的人。我可以向各位保證，我們並不滿足；我承諾將與這個團隊不懈努力，代表所有利害關係人改善成果。

There is much to do, but I'm certain that the solid groundwork we've laid and the talented team we have will pay dividends in the quarters and the years ahead. Thank you for your confidence and your support of our mission.

還有許多工作要做，但我確信我們打下的穩固基礎，以及我們擁有的優秀團隊，將在未來幾季與未來幾年帶來回報。感謝各位對我們使命的信任與支持。

With that, operator, we'll open it up for questions.

那麼，接線員，我們開放提問。

(Operator Instructions)

(接線員指示)

Doug Lane, Water Tower Research.

Doug Lane，Water Tower Research。

Carl, looking at the cash flow, you mentioned $5.5 million cash from operations generated this year, but the $5 million came in the March quarter despite the shortfall versus what we were looking for. So I don't know, you don't really talk to this in your guidance, but there's nothing going on in the fourth quarter that wouldn't think you could be positive in cash from operations. Is there?

Carl，從現金流來看，你提到今年營運活動產生了550萬美元現金，但其中有500萬美元是在3月季度進來的，儘管表現低於我們原先的預期。所以我不確定，你在指引中並沒有特別談到這點，但第四季看起來沒有什麼因素會讓人認為營運活動現金流不會是正的。是嗎？

Yes. No, that's right, Doug. So yes, in the recent quarter, we generated about $5 million of cash from operations, and we'll anticipate to do a similar amount in Q4 as well. We anticipate to continue to build cash. I think we talked at the last call, we had some unusual timing differences in the first quarter that really led to some of those declines or unusual quarter comparisons we saw earlier in the year.

是的。沒錯，Doug。所以是的，在最近一季，我們的營運活動現金流約為500萬美元，我們也預期在第四季會有類似的金額。我們預期將持續累積現金。我想我們在上次電話會議中提到，第一季有一些不尋常的時間差異，確實導致我們在年初看到的一些下滑或不尋常的季度比較。

So going forward, we anticipate to continue to generate cash based off of the current model.

因此展望未來，我們預期將依據目前的模式持續產生現金。

Then again, looking at your CapEx, about $1 million in the March quarter. I know you talked about investments, Shopify, what have you. But is that $1 million a quarter run rate kind of a steady state here? Or is there something coming down the pipe that might divert that up or down?

再來看你們的資本支出，3月季度大約100萬美元。我知道你提到投資Shopify等等。但這每季100萬美元算是這裡的穩態水準（run rate）嗎？還是接下來有什麼事項可能讓它上升或下降？

Yes. No, I think that will be consistent, I would say, for the next quarter or two. We're getting closer on the implementation of Shopify. We should be -- we're targeting to get things in place later, probably not by the end of Q4, but into rolling into Q1, and there'll be a staggered approach as we roll it out internationally. So we'll continue to see some of those development costs, particularly in Q4 and probably start to reduce once we get into Q1 of next fiscal year. And after that, they should really start to eliminate.

是的。不，我認為接下來一到兩季大致會維持一致。我們在Shopify的導入上已更接近完成。我們應該會——我們的目標是在稍晚完成就緒，可能不會在第四季末之前，但會延續到下一會計年度第一季，並且在國際市場推行時採取分階段方式。因此我們仍會看到部分開發成本，特別是在第四季，並且可能在下一會計年度第一季開始下降。之後，這些成本應該就會逐步消除。

With the December quarter release, you announced a $60 million share buyback. And I just wanted to see if you could update us on what your thought is there. It looks like you didn't buy back much in the March quarter, but what should we look for, for share buybacks for the next few quarters?

在12月季度的發布中，你們宣布了6,000萬美元的庫藏股回購。我想請你更新一下你們對此的想法。看起來你們在3月季度回購不多，但接下來幾季的股票回購，我們應該期待什麼？

Yes. No, I think we're still very committed to the share buyback. Just I mean, I think that was evidenced by the Board's approval of the new $60 million authorization. During the quarter, we repurchased about $1 million worth of a little over 200,000 shares that we repurchased in the quarter. And I still think that where current valuations are at, we're still committed to this, and we'll still be looking to opportunistically buy over the next few quarters as market conditions permit.

是的。不，我認為我們仍然非常致力於股票回購。我的意思是，我想董事會核准新的6,000萬美元授權，已經證明了這一點。在本季，我們回購了約100萬美元、略高於200,000股的股票。我仍認為以目前的估值水準來看，我們仍會投入其中，並將在未來幾季視市場狀況允許，伺機進行回購。

Getting back to the lower sales, the consultant count was a little bit below what I was looking for. In the Americas, in particular, it dropped a couple of thousand sequentially from 32,000 to 30,000. So what do you think is driving the shortfall in consultants in the Americas, which is your biggest market? And what do you think -- what are you guys doing to try to get that number going the other way?

回到較低的銷售額，顧問人數略低於我的預期。尤其是在美洲，顧問人數較上一期連續下降了幾千人，從32,000降至30,000。所以你認為是什麼原因導致美洲（你們最大的市場）顧問人數不如預期？以及你們正在做些什麼，試圖讓這個數字往相反方向走？

Yes. Doug, it's Kristen. Definitely not a number we're excited about, but I think what has us all really excited, myself included, is just the engagement that we're starting to see, the activity that we're starting to see. And for us, it's how do we reinforce that consultant group in really a foundational approach versus creating just a pop and drop to continue to drive sales. And we're seeing a lot of simplification around the business, which, as you know, harder to simplify almost than anything, but we're seeing consultants going back to kind of the foundation of their own business from a product standpoint.

是的。Doug，我是Kristen。這個數字當然不是我們感到興奮的，但我認為讓我們所有人（包括我自己）真正感到振奮的是，我們開始看到的參與度與活動量。對我們而言，重點在於如何以更基礎、扎實的方式強化這個顧問群體，而不是只做出一波短暫的拉抬、隨後又回落來持續推動銷售。我們也看到業務在很多方面變得更簡化；如你所知，簡化幾乎比任何事都更難，但我們看到顧問從產品角度回到他們自身業務的基礎。

They are excited about Protandim, about Collagen, about Healthy Glow, about our recent announcement that we made about it. Those are our stickiest products. So from a retention standpoint, we're feeling good about that.

他們對Protandim、Collagen、Healthy Glow，以及我們最近就此所做的公告感到興奮。這些是我們黏著度最高的產品。因此從留存的角度來看，我們對此感覺良好。

Our incentive programs -- oftentimes, when you launch an incentive program, it can be complicated, but we've really tried to create a program that is simplified, that really complements what we are doing strategically. And the message, as you really heard us talk about is about how do we get more storytellers, more consultants talking about LifeVantage and our incentives complement that.

我們的激勵方案——很多時候，當你推出一個激勵方案時，它可能會很複雜，但我們確實努力打造一個更簡化、且能真正呼應我們策略方向的方案。而你也聽到我們一直在談的訊息是：我們要如何讓更多說故事的人、更多顧問來談論LifeVantage，而我們的激勵措施就是在配合這一點。

Plus when we layer that with our VIP program, which is about identifying the right leaders. I mean, you can have the right -- everything in the business, but with the wrong leadership and the wrong sentiment in the field, it's really challenging to turn that.

再加上我們的VIP計畫，重點在於辨識合適的領導者。我的意思是，你可以在業務上具備一切正確要素，但若現場（市場端）的領導力不對、氛圍與情緒不對，要扭轉局面就會非常具挑戰。

We are confident in our leadership right now, and we're addressing that through this VIP program where we're incentivizing growth, but we're also asking it to be like an opt-in. We didn't just say this is available to everybody in the US. It was they had to raise their hand and say, no, we are part of the leadership team who are committed to growth.

我們對目前的領導團隊有信心，並透過這個VIP計畫來處理：我們在激勵成長，但也要求它像是「自願加入」（opt-in）。我們並不是直接說這對美國所有人都開放。而是他們必須舉手表態，說不，我們是承諾成長的領導團隊一員。

And we're seeing so much activity kind of because of those three things combined. So really encouraged about what we've seen coming out of Vegas, but staying consistent with that over the past couple of weeks, and we'll continue to drive it day in and day out.

而我們看到非常多的活動量，某種程度上正是因為這三件事的結合。所以我們對從拉斯維加斯活動後所看到的情況感到非常鼓舞；而且在過去幾週也保持一致，我們會持續日復一日地推動。

No, those are -- the VIP bonus sounds like it's very exciting. I guess the last thing is really new products. I mean, you've had the P84 that you acquired from LoveBiome and you had the Healthy Edge Stack. But what do you have on tap for new product news maybe for the remainder of the calendar year?

不，那些——VIP獎金聽起來非常令人興奮。我想最後一點其實是新產品。你們收購LoveBiome後有P84，也有Healthy Edge Stack。但在今年剩餘的日曆年度裡，你們在新產品消息方面還有什麼規劃？

Yes, I can speak to that a little bit, Doug. And we've got -- our next big event is scheduled for October. So we have our annual convention slated for October of this coming year. In some of the previous calls and some of the other investor-related discussions we've had, we've talked about a product launch at that event. As you know, our typical product cadence for launching a hero product is every 18 months to two years.

是的，Doug，我可以稍微談一下。我們的下一個大型活動安排在10月。所以我們今年10月將舉辦年度大會。在之前的一些電話會議以及其他與投資人相關的討論中，我們曾提到會在該活動上進行產品上市。如你所知，我們推出旗艦（hero）產品的典型節奏是每18個月至兩年一次。

And as you know, the last major launch we had was MindBody, which was about two years ago. We did add the LoveBiome line that you had mentioned. But so we are -- we do have something in the works. We haven't talked a lot about exactly what category that falls into, but it will be in line with the typical LifeVantage science-backed product and something that we're really excited about going forward.

而如你所知，我們上一次重大上市是MindBody，大約是兩年前。我們也加入了你提到的LoveBiome產品線。不過我們確實——我們正在籌備一些東西。我們還沒有談太多它具體屬於哪個品類，但它會符合LifeVantage一貫的科學實證（science-backed）產品定位，而且是我們對未來非常期待的項目。

Most of your recent news has really been around gut health between MindBody and P84. So are we going deeper in gut health? Or is there something new on the horizon?

你們近期大多數消息其實都圍繞在腸道健康，介於MindBody與P84之間。所以我們是要在腸道健康領域更深入嗎？還是說有新的方向正在醞釀？

Well, I think this category is not necessarily in gut health itself. We still believe -- we believe in that P84 product and the LoveBiome entity or business that we acquired in October. So we -- gut health is still an important part of our product portfolio. I think looking forward, we have some other complementary products that we'll be introducing around to support P84, but P84 is still one of our four hero product lines and something that we'll continue to lean into.

嗯，我認為這個品類本身不一定是腸道健康。我們仍然相信——我們相信P84這個產品，以及我們在10月收購的LoveBiome這個實體或業務。所以——腸道健康仍是我們產品組合中重要的一部分。我想展望未來，我們會推出一些其他互補型產品來支援P84，但P84仍是我們四大旗艦產品線之一，也是我們會持續加碼投入的方向。

This concludes the question-and-answer session. I'd like to turn the floor back over to Michael Beindorff for closing comments.

問答環節到此結束。我想把時間交回給Michael Beindorff做結語。

Well, I want to thank all of you again for joining us today. We know that we have a lot of work to do. That said, we're optimistic. I believe we have the people and then we have the products, and we're absolutely focused on delivering improved results for our shareholders. So I look forward to reporting our progress on all of these initiatives in August, and I thank you for joining us today.

好的，我想再次感謝各位今天加入我們。我們知道還有很多工作要做。話雖如此，我們仍然保持樂觀。我相信我們有人才，也有產品，而且我們絕對專注於為股東帶來更好的成果。因此我期待在8月向各位報告我們在所有這些計畫上的進展，也感謝各位今天的參與。

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。您現在可以掛斷電話線。感謝您的參與。