Medifast Inc (MED) 2024 Q4 法說會逐字稿

Greetings, and welcome to the Medifast fourth-quarter 2024 earnings conference call. (Operator Instructions)

大家好，歡迎參加 Medifast 2024 年第四季財報電話會議。（操作員指令）

As a reminder, this conference is being recorded. It is now my pleasure to introduce Steven Zenker, Vice President, Investor Relations. Please go ahead.

提醒一下，本次會議正在錄音。現在我很高興介紹投資者關係副總裁 Steven Zenker。請繼續。

Good afternoon. and welcome to Medifast's fourth-quarter and full-year 2024 earnings conference call. On the call with me today are Dan Chard, Chairman and Chief Executive Officer; and Jim Maloney, Chief Financial Officer.

午安.歡迎參加 Medifast 2024 年第四季和全年財報電話會議。今天與我一起參加電話會議的有董事長兼執行長 Dan Chard；以及財務長 Jim Maloney。

By now, everyone should have access to the earnings release for the fourth quarter and full year ended December 31, 2024, and that went out this afternoon at approximately 4:05 PM Eastern Time. If you have not received the release, it is available on the Investor Relations portion of Medifast website at www.medifastinc.com. This call is being webcast, and a replay will also be available on the company's website.

到目前為止，每個人都應該可以看到截至 2024 年 12 月 31 日的第四季度和全年收益報告，該報告於今天下午東部時間大約 4:05 發布。如果您尚未收到該新聞稿，您可以在 Medifast 網站的投資者關係部分（www.medifastinc.com）上查閱。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 today's prepared remarks contain forward-looking statements, and management may make additional forward-looking statements in response to your questions. The words believe, expect, anticipate, and other similar expressions generally identify forward-looking statements. These statements do not guarantee future performance, and therefore, undue reliance should not be placed on them.

在開始之前，我們想提醒大家，今天的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。相信、期望、預期以及其他類似的表達通常表示前瞻性陳述。這些聲明並不能保證未來的表現，因此，不應過度依賴它們。

Actual results could differ materially from those projected in any forward-looking statements. All of the forward-looking statements contained herein speak only as of the date of this call. Medifast assumes no obligation to update any forward-looking statements that may be made in today's release or call.

實際結果可能與任何前瞻性陳述中的預測有重大差異。本文所包含的所有前瞻性陳述僅代表本次電話會議發布之日的觀點。Medifast 不承擔更新今天發布或電話會議中可能做出的任何前瞻性陳述的義務。

Now I would like to turn the call over to Medifast Chairman and Chief Executive Officer, Dan Chard.

現在，我想將電話轉給 Medifast 董事長兼執行長 Dan Chard。

Thank you, Steve, and good afternoon, everyone. We appreciate your taking time to join us today to review our fourth-quarter and full-year 2024 results as well as our plans and priorities for 2025.

謝謝你，史蒂夫，大家下午好。感謝您今天抽出時間與我們一起回顧我們的 2024 年第四季度和全年業績以及 2025 年的計劃和優先事項。

This past year was a pivotal year for Medifast as we continue to transform our business to meet the changing nature of a health and wellness market that has been revolutionized by the rising acceptance of GLP-1 weight-loss medications. Throughout the year, we worked as a team to adapt to the new realities of the market and ensure that Medifast can flourish as a health and wellness company in the GLP-1 world. That means offering solutions to meet the diverse needs of customers, whether they are currently on GLP-1 medications, transitioning off of them, or pursuing weight loss only through our proven habit-based approach.

過去的一年對 Medifast 來說是關鍵的一年，我們繼續轉變業務以適應健康和保健市場的不斷變化的性質，而 GLP-1 減肥藥物的接受度不斷提高已經徹底改變了健康和保健市場。這一年，我們齊心協力適應市場的新現實，確保 Medifast 能夠作為 GLP-1 領域的健康和保健公司蓬勃發展。這意味著提供滿足客戶不同需求的解決方案，無論他們目前正在服用 GLP-1 藥物，還是正在停止服用，或僅透過我們經過驗證的基於習慣的方法來減肥。

Our differentiated solution combines scientifically developed products, clinically proven nutrition plans, the support of independent OPTAVIA Coaches and where appropriate, access to GLP-1 medications through our collaboration with LifeMD. Together, these elements create an integrated offering that reflects the reality of today's marketplace and provides a holistic approach that stays true to our over 40-year heritage.

我們的差異化解決方案結合了科學開發的產品、經過臨床驗證的營養計劃、獨立 OPTAVIA 教練的支持以及透過與 LifeMD 合作在適當情況下獲得的 GLP-1 藥物。這些元素共同打造出一種綜合產品，反映了當今市場的現實，並提供了符合我們 40 多年傳統的整體方法。

We've been encouraged by some of the sequential improvements within certain areas of our coach community. Our higher-performing coach teams have shown signs of increased productivity with more favorable recent trends. Revenue per active earning coach is a metric that we have consistently focused on as an indicator of coach progress in attracting and retaining customers. This metric reflects the productivity of our active base of coaches in attracting and supporting customers in a given quarter.

我們的教練社群在某些領域取得的一些持續進步令我們感到鼓舞。我們的績效較高的教練團隊已顯示出生產力提高的跡象，並且最近的趨勢更為有利。我們一直關注每位主動賺錢教練的收入指標，將其作為教練在吸引和留住客戶方面的進展指標。此指標反映了我們活躍的教練團隊在特定季度吸引和支持客戶的生產力。

This metric was the first disrupted by the changes in our business environment in 2022 and has been under significant pressure since then. In the fourth quarter of 2024, we saw a third consecutive quarter of moderating year-over-year declines in this metric at a negative 5.5% from a negative 22.2% during Q1 of 2024, which we believe indicates that our active earning coaches are making progress in transitioning to supporting customers that now include current and past GLP-1 medication users.

這項指標在 2022 年首次受到我們業務環境變化的影響，自那時起就承受著巨大的壓力。在 2024 年第四季度，我們看到該指標連續第三個季度同比下降，從 2024 年第一季度的負 22.2% 降至負 5.5%，我們認為這表明我們的主動收入教練在過渡到支持客戶方面正在取得進展，這些客戶現在包括當前和過去的 GLP-1 藥物使用者。

The progress in this area has been demonstrated by retaining and reinforcing the practices being utilized by our higher productivity coaches who are tailoring their offer to those both on GLP-1 medications and those who have transitioned off of them. The percentage of our customers that have used GLP-1 medications in the prior 12 months rose to 17% at year-end, up from just over 3% at the beginning of 2024. At year-end, approximately 44% of coaches were supporting at least one customer on a GLP-1 medication, up from 12% at the start of 2024, which really validates our focus on the needs of GLP-1 customers.

我們在該領域的進步已經透過保留和強化我們的高生產力教練所採用的實踐得到了證明，這些教練正在針對那些使用 GLP-1 藥物的人和那些已經停止使用 GLP-1 藥物的人量身定制他們的服務。在我們的客戶中，過去 12 個月使用過 GLP-1 藥物的比例從 2024 年初的 3% 多一點上升到年底的 17%。截至年底，約有 44% 的教練為至少一名使用 GLP-1 藥物的客戶提供支持，高於 2024 年初的 12%，這確實證實了我們對 GLP-1 客戶需求的關注。

We certainly expect this number to grow as the GLP-1 market continues to expand and as our new product line, OPTAVIA ASCEND, gains traction. OPTAVIA ASCEND is another key highlight of the fourth quarter and the year as a whole. The product line, which we launched in December, is another tool for people using GLP-1 medications and also supports those looking for help keeping weight off, regardless of whether the weight loss was achieved by using GLP-1 medications or by using the OPTAVIA program. More than just the introduction of the new products, OPTAVIA ASCEND is a demonstration of our commitment to addressing the full spectrum of consumer needs in today's weight loss market.

隨著 GLP-1 市場不斷擴大以及我們的新產品線 OPTAVIA ASCEND 的不斷發展，我們預計這一數字將會成長。OPTAVIA ASCEND 是第四季乃至全年的另一個重要亮點。該產品系列於 12 月推出，是 GLP-1 藥物使用者的另一種工具，同時也為尋求減肥幫助的人提供支持，無論減肥是透過使用 GLP-1 藥物還是使用 OPTAVIA 計劃實現的。OPTAVIA ASCEND 不僅是新產品的推出，還體現了我們致力於滿足當今減肥市場各種消費者需求的承諾。

ASCEND features high protein, fiber-rich mini meals, and daily nutrient packs that serve as the foundation for two new science-backed nutrition plans. The first is the GLP-1 nutrition support plan and is designed to complement GLP-1 medications by promoting muscle, digestive and bone health during an individual's weight loss journey.

ASCEND 以高蛋白、富含纖維的迷你餐和每日營養包為特色，為兩種新的科學支持的營養計劃奠定了基礎。第一個是 GLP-1 營養支持計劃，旨在透過在個人減肥過程中促進肌肉、消化和骨骼健康來補充 GLP-1 藥物。

The second is the optimization plan and is tailored for those who have achieved a healthy weight as well as those who have lost weight during GLP-1 medications and who choose to transition off the medications. Both of these groups are seeking to support and manage their weight loss and build habits that support long-term health.

第二個是優化計劃，針對那些已經達到健康體重的人以及在服用 GLP-1 藥物期間減肥並選擇停止服用藥物的人量身定制。這兩組人都在尋求支持和管理他們的減肥方法並養成有利於長期健康的習慣。

These products meet an important need in a high-value and high-growth GLP-1 market. Scientific research published by Medifast recently revealed that GLP-1 medications can cause muscle loss equivalent to a decade's worth of naturally occurring muscle loss within just 12 to 18 months. At the same time, while there can be no doubt that GLP-1 medications are effective for initiating weight loss, studies show that up to 74% of patients transition off the medications in the first 12 months of use. And studies also show that two-thirds of the weight loss on GLP-1 medications is typically regained within 12 months of stopping treatment with cardiometabolic benefits often reversing.

這些產品滿足了高價值、高成長的 GLP-1 市場的重要需求。Medifast 最近發表的科學研究表明，GLP-1 藥物可以在短短 12 到 18 個月內造成相當於十年自然發生的肌肉損失的肌肉損失。同時，雖然 GLP-1 藥物對於減肥效果毋庸置疑，但研究表明，多達 74% 的患者在使用後的前 12 個月內會停止服藥。研究還表明，服用 GLP-1 藥物後減掉的體重的三分之二通常會在停止治療後 12 個月內恢復，而心臟代謝方面的益處往往會發生逆轉。

This underscores the importance of paring GLP-1 medications with lifestyle modifications, including proper nutrition and resistance training. Our ASCEND plans address these needs with targeted nutrition solutions that help preserve lean muscle, promote metabolic health, and support weight management. Critically, when all of this is paired with the support of a coach, support from the OPTAVIA community and our proprietary Habits of Health Transformation system, we believe the program represents a comprehensive and effective approach to support those on GLP-1 medications or those managing their weight loss that is not widely available in the marketplace today.

這強調了將 GLP-1 藥物與生活方式改變（包括適當的營養和阻力訓練）結合的重要性。我們的 ASCEND 計畫透過有針對性的營養解決方案滿足這些需求，幫助維持肌肉、促進代謝健康和支持體重管理。至關重要的是，當所有這些與教練的支持、OPTAVIA 社區的支持以及我們專有的健康轉變習慣系統相結合時，我們相信該計劃代表了一種全面有效的方法，可以支持那些使用 GLP-1 藥物或管理減肥的人，而這種方法在當今市場上並不廣泛使用。

The ASCEND line has been very well received by both customers and coaches since its December launch. Approximately 17% of customer orders placed in January included ASCEND products which was in line with our expectations. Feedback has been overwhelmingly positive with coaches reporting that the products and new plans make it easier to engage with GLP-1 medication users and help them integrate healthy habits into their routines.

ASCEND 系列自 12 月推出以來，就受到顧客和教練的一致好評。1 月客戶訂單中約有 17% 包含 ASCEND 產品，符合我們的預期。教練們的回饋非常積極，他們表示這些產品和新計畫讓與 GLP-1 藥物使用者的互動變得更加容易，並幫助他們將健康習慣融入日常生活中。

Turning to our fourth-quarter performance. Results were largely in line with our expectations, reflecting continued pressure on new customer acquisition but showing very early signs of stabilization in certain areas. Revenue came in at the high end of our expectations and earnings per share came in above our guidance, but both were still down from prior year levels. Importantly, we continue to benefit from our fuel for the future cost reduction initiatives, which have allowed us to resize our business while laying the groundwork for growth in the future.

談談我們第四季的表現。結果基本上符合我們的預期，反映出新客戶獲取的持續壓力，但在某些領域顯示出非常早期的穩定跡象。收入達到了我們預期的高位，每股收益也高於我們的預期，但仍低於去年同期的水平。重要的是，我們繼續受益於未來的成本削減舉措，這使我們能夠調整業務規模，同時為未來的成長奠定基礎。

To support our coaches as they continue to expand into new customer segments, we continue to expand our education and training support. This includes online training modules, quarterly hands-on trainings in our manufacturing and product innovation facilities, and on-demand podcasts that address topics such as new customer acquisition and best practices for supporting new customer types. An early episode of the podcast series focused on how to implement successful practices employed by our top-performing coach groups in engaging GLP-1 medication users around our Habits of Health System.

為了支持我們的教練繼續擴展到新的客戶群，我們繼續擴大我們的教育和培訓支援。這包括線上培訓模組、在我們的製造和產品創新設施中進行的每季實踐培訓、以及涉及新客戶獲取和支援新客戶類型的最佳實踐等主題的點播播客。播客系列的早期劇集重點在於如何實施我們表現最好的教練團隊所採用的成功實踐，以讓 GLP-1 藥物使用者參與我們的健康習慣系統。

We believe that as more coaches adopt these practices and incorporate our programs into their offerings, we will see sustained improvement in certain metrics, including coach productivity and the percentage of active earning coaches acquiring new customers. 2024 also marked the first year of company-led marketing initiatives to complement the traditional coach-driven model for customer acquisition.

我們相信，隨著越來越多的教練採用這些做法並將我們的計劃納入他們的服務範圍，我們將看到某些指標的持續改善，包括教練的生產力和獲得新客戶的主動賺錢教練的百分比。 2024 年也是公司主導的行銷計畫的第一年，旨在補充傳統的教練驅動的客戶獲取模式。

While initial efforts resulted in a higher-than-expected customer acquisition cost, we made some changes to our strategy in the fourth quarter to allow us to optimize our messaging, media mix and targeting. These changes have begun improving our marketing efficiency and effectiveness in certain areas such as e-mail marketing, and we anticipate putting further focus on these areas in the future.

雖然最初的努力導致客戶獲取成本高於預期，但我們在第四季度對策略進行了一些改變，以優化我們的訊息傳遞、媒體組合和目標定位。這些變化已經開始提高我們在某些​​領域（例如電子郵件行銷）的行銷效率和效果，我們預計未來將進一步關注這些領域。

The launch of resolution season in January provided the first opportunity to fully deploy our updated marketing approach, including campaigns that spotlight our traditional OPTAVIA and ASCEND lines. To further support new customer acquisition and encourage deeper engagement, we recently introduced a two-week starter kit designed to lower barriers to entry for prospective customers.

一月份推出的決心季為我們提供了首次全面部署更新的行銷方法的機會，其中包括聚焦我們傳統的 OPTAVIA 和 ASCEND 系列的活動。為了進一步支持新客戶獲取並鼓勵更深入的參與，我們最近推出了為期兩週的入門套件，旨在降低潛在客戶的進入門檻。

From this initiative, we have developed some important insights that we will use as we continue to streamline our offer. Our marketing efforts continue to focus on our expanded target that includes three population groups: those who prefer a medication-free habit-based approach to weight loss, those currently using GLP-1 medications and those transitioning off medications.

透過這項舉措，我們獲得了一些重要的見解，我們將在繼續簡化我們的服務時運用這些見解。我們的行銷工作繼續集中在擴大後的目標人群，其中包括三類人群：喜歡採用基於習慣的非藥物減肥方法的人、目前使用 GLP-1 藥物的人和正在停止使用藥物的人。

Our holistic weight management focus enables us to address the broad spectrum of customer needs across all three groups, emphasizing the importance of lifestyle modifications, whether using medications or not. Our recent surveys validated our approach with results showing that the majority of US adults trying to lose weight agree that lasting weight loss success depends on changes to diet, exercise, and overall habits.

我們專注於整體體重管理，這使我們能夠滿足所有三個群體的廣泛客戶需求，並強調改變生活方式的重要性，無論是否使用藥物。我們最近的調查驗證了我們的方法，結果顯示，大多數試圖減肥的美國成年人都認為持久的減肥成功取決於飲食、運動和整體習慣的改變。

Our financial position remains strong with no debt and a solid cash balance that provides the flexibility needed to invest in key growth initiatives. In 2024, Fuel for the Future, deliver $21 million in cost savings, exceeding our initial targets. We anticipate additional savings of $15 million to $20 million in 2025 as we continue to optimize our operations.

我們的財務狀況依然強勁，沒有債務，並且擁有穩健的現金餘額，為投資關鍵成長計劃提供了所需的靈活性。2024 年，「未來燃料」計畫將節省 2,100 萬美元的成本，超出我們最初的目標。隨著我們繼續優化運營，我們預計到 2025 年將額外節省 1500 萬至 2000 萬美元。

Looking ahead, our priorities for 2025 include: first, accelerating customer acquisition. Through both company-led marketing and enhanced co-driven efforts, we aim to attract new customers and reactivate last participants. Second priority, improving coach productivity. By scaling best practices from high-performing teams and leveraging new coach education resources, we look to drive sustained improvements in new customer acquisition across the coach community.

展望未來，我們2025年的重點工作包括：第一，加速獲取客戶。透過公司主導的營銷和加強的共同驅動努力，我們的目標是吸引新客戶並重新激活先前的參與者。第二要務，提高教練的生產力。透過擴展高效團隊的最佳實踐並利用新的教練教育資源，我們希望推動整個教練社群新客戶獲取的持續改善。

Third priority, advancing clinical research. In 2025, we expect to initiate studies evaluating the outcomes for customers using OPTAVIA programs alongside GLP-1 medications as well as those looking for help in long-term weight and maintenance, while also focusing on areas such as lean muscle mass retention. Fourth priority, expanding product offerings. Beyond ASCEND, we will continue to enhance our introductory product offer based on learnings from our two-week intro package. As a final priority, we are also evaluating the possibility of entering new categories, including women's health to offer tailored solutions for different need states, thereby broadening our reach and impact.

第三個重點，推進臨床研究。2025 年，我們預計將啟動研究，評估使用 OPTAVIA 計劃和 GLP-1 藥物的客戶以及尋求長期體重控制和維持幫助的客戶的結果，同時也關注肌肉質量保持等領域。第四大重點，擴大產品供應。除了 ASCEND 之外，我們還將根據兩週的介紹套餐所獲得的經驗，繼續增強我們的介紹產品。作為最後的優先事項，我們也正在評估進入新類別的可能性，包括婦女健康，以便針對不同的需求狀態提供量身定制的解決方案，從而擴大我們的影響力和覆蓋範圍。

In summary, the rise of GLP-1 medications has reshaped the weight loss market, but it has also underscored the critical need for solutions that address the full picture of health. Medifast is committed to moving with the market to meet changing needs and to providing offerings that help people achieve their health and wellness goals. Our focus on providing integrated solutions that combine lifestyle modifications clinical guidance and community support, puts us in a strong position, and I'm confident in our team's ability to execute on the strategy to position the company for future growth.

總而言之，GLP-1藥物的興起重塑了減重市場，但也凸顯了解決全方面健康問題的解決方案的迫切需求。Medifast 致力於順應市場變化，滿足不斷變化的需求，並提供協助人們實現健康和保健目標的產品。我們專注於提供將生活方式改變、臨床指導和社區支持相結合的綜合解決方案，這使我們處於有利地位，我相信我們的團隊有能力執行策略，為公司的未來成長做好準備。

Now I'll turn the call over to Jim to discuss the financials in greater detail.

現在我將把電話轉給吉姆，更詳細地討論財務問題。

Thank you, Dan. Good afternoon, everyone. Our fourth-quarter 2024 revenue was at the upper end of our guidance range and EPS was above the range. Revenue for the fourth quarter was $119 million, a decrease of 37.7% versus the year earlier period. primarily driven by a decrease in the number of active earning OPTAVIA Coaches and lower coach productivity.

謝謝你，丹。大家下午好。我們的 2024 年第四季營收處於指引範圍的上限，每股盈餘也高於該範圍。第四季營收為1.19億美元，較去年同期下降37.7%。主要是由於 OPTAVIA 活躍教練數量減少以及教練生產力下降。

Customer acquisition continues to be impacted by the growing adoption of GLP-1 medications. We ended the quarter with approximately 27,100 active earning OPTAVIA Coaches, a decrease of 34.1% and from the fourth quarter of 2023. Average revenue per active earning OPTAVIA Coach for the fourth quarter was $4,391, a year-over-year decline of 5.5%, reflecting the continued headwinds to customer acquisition, but an improvement from where the metric was down 22.2% in Q1 2024, as Dan mentioned earlier.

客戶獲取繼續受到 GLP-1 藥物日益普及的影響。截至本季度，OPTAVIA 活躍教練人數約為 27,100 名，較 2023 年第四季下降 34.1%。OPTAVIA Coach 在第四季度每位活躍收入的平均收入為 4,391 美元，年減 5.5%，反映出客戶獲取持續面臨阻力，但與 Dan 先前提到的 2024 年第一季度該指標下降 22.2% 的情況相比有所改善。

Gross profit decreased 37.6% year-over-year to $88.2 million, driven by lower sales volumes. Gross profit margin improved 10 basis points to 74.1%. SG&A expense was down 34.1% year over year to $87.5 million, primarily due to a $27.4 million decrease in OPTAVIA Coach compensation, a $7.1 million decrease in employee compensation, a $5.8 million decrease to nonrecurring cost incurred in the fourth quarter of 2023 to establish the company's medically supportive weight-loss initiative, which includes collaboration costs with LifeMD and a $3 million decrease in cost for coach-related events. These decreases were partially offset by to $6.5 million of cost for the company-led marketing efforts in the quarter.

由於銷售量下降，毛利年減 37.6% 至 8,820 萬美元。毛利率提高10個基點至74.1%。銷售、一般及行政開支年減 34.1% 至 8750 萬美元，主要原因是 OPTAVIA 教練薪酬減少 2740 萬美元、員工薪酬減少 710 萬美元、2023 年第四季度為建立公司醫學支持減肥計劃而發生的非經常性成本減少 580 萬美元，其中合作成本包括與 LifeMD 的成本減少成本以及 300 萬美元。這些減少被本季度公司主導的營銷活動的 650 萬美元成本部分抵消。

SG&A as a percentage of revenue increased 400 basis points, primarily reflecting 550 basis points of the company-led marketing spend and 210 basis points of loss of leverage on fixed cost partially offset by a 300 basis point decrease due to nonrecurring costs incurred in the fourth quarter of 2023 to establish the company's medically supportive weight loss initiative as well as 100 basis points decrease for coach-related events.

銷售、一般及行政費用佔收入的百分比增加了 400 個基點，主要反映了公司主導的營銷支出的 550 個基點和固定成本槓桿損失的 210 個基點，但因 2023 年第四季度為建立公司的醫學支持計劃而產生的非經常性成本以及教練相關活動的 100 個減肥基點減少而抵消基點減少了基點的減少。

On a non-GAAP adjusted basis, which excludes non-GAAP adjustments in the prior comparable period for IT and supply chain optimization and the LifeMD collaboration cost, SG&A decreased 30.1% and moved 800 basis points higher as a percentage of revenue.

在非 GAAP 調整基礎上，不包括上年同期針對 IT 和供應鏈優化以及 LifeMD 協作成本的非 GAAP 調整，銷售、一般及行政費用下降 30.1%，佔收入的百分比上升了 800 個基點。

Income from operations was $700,000 in the fourth quarter of 2024, down 91.8% versus the year earlier period, driven by lower gross profit partially offset by lower SG&A. As a percentage of revenue, income from operations was 0.6% in the fourth quarter, a 390-basis-point decline versus the year earlier level. On a non-GAAP adjusted basis, which excludes onetime expenses in the prior year period, as described previously, income from operations decreased 95.6% and as a percentage of revenue decreased 790 basis points from the year-ago period.

2024 年第四季的營業收入為 70 萬美元，較去年同期下降 91.8%，原因是毛利下降，但銷售、一般及行政費用下降部分抵銷了這一影響。以營收百分比計算，第四季營業收入為 0.6%，較去年同期下降 390 個基點。如前所述，以非 GAAP 調整後基礎計算，即不包括去年同期的一次性費用，營業收入較去年同期下降了 95.6%，佔收入的百分比下降了 790 個基點。

Other income decreased 49.7% year over year to $600,000, primarily due to the unrealized losses on our investment in LifeMD common stock. On a non-GAAP adjusted basis, which excludes those unrealized losses on the LifeMD common stock, our income decreased 18.2%, primarily due to the write-off of unamortized debt issuance cost.

其他收入年減 49.7% 至 60 萬美元，主要原因是我們對 LifeMD 普通股的投資產生了未實現損失。在非 GAAP 調整基礎上，不包括 LifeMD 普通股的未實現損失，我們的收入下降了 18.2%，主要原因是註銷了未攤銷的債務發行成本。

The effective tax rate of 37.3% was slightly lower than the 38.4% recorded in the prior year's fourth quarter. On a non-GAAP adjusted basis, the effective tax rate in the fourth quarter was 34.6% compared to 36.1% in the prior year period.

37.3%的有效稅率略低於去年同期的38.4%。以非美國通用會計準則調整後，第四季有效稅率為 34.6%，去年同期為 36.1%。

Net income in the fourth quarter of 2024 was $800,000 or $0.07 per diluted share, compared to $6 million or $0.55 per diluted share in the year-earlier period. On a non-GAAP adjusted basis, net income in the fourth quarter of 2024 was $1.1 million or $0.10 per diluted share. With respect to our balance sheet, we ended the year with $162.3 million in cash, cash equivalents and investment securities and no debt.

2024 年第四季淨收入為 80 萬美元或每股攤薄收入 0.07 美元，去年同期為 600 萬美元或每股攤薄收入 0.55 美元。以非 GAAP 調整後計算，2024 年第四季淨收入為 110 萬美元，即每股攤薄收入 0.10 美元。就我們的資產負債表而言，截至年底，我們的現金、現金等價物和投資證券為 1.623 億美元，沒有債務。

Now I'll turn to guidance. We are expecting our first-quarter revenue to range from $100 million to $120 million, reflecting continued customer acquisition challenges that we expect will continue through at least the first half of the year. We expect our earnings loss per share for the quarter to range from $0.00 to a loss of $0.50 per share. The guidance excludes any gains or losses from the changes in the market price of our LifeMD common stock holdings, which we are unable to estimate.

現在我將轉向指導。我們預計第一季的營收將在 1 億至 1.2 億美元之間，這反映出我們預計持續的客戶獲取挑戰至少會持續到今年上半年。我們預計本季每股收益損失在 0.00 美元至每股損失 0.50 美元之間。該指引不包括我們持有的 LifeMD 普通股的市場價格變化所造成的任何收益或損失，我們無法估計這些收益或損失。

Our visibility for the year continues to be limited, but we are hopeful that the initiatives we have undertaken will allow us to start to see some positive comparisons as we go through the second half of the year. We expect coach productivity will be an early indicator of this turn with growth in the number of active earning coaches historically following after a period of time.

我們對今年的可見性仍然有限，但我們希望，我們所採取的舉措將使我們在進入下半年時開始看到一些積極的比較。我們預計，教練的生產力將是這一轉變的早期指標，歷史上，在一段時間之後，活躍賺錢教練的數量將會增加。

With that, let me turn the call back to the operator for questions.

說完這些，請允許我將電話轉回給接線員以回答您的問題。

(Operator Instructions) Jim Salera, Stephens.

（操作員指示）吉姆·薩萊拉，史蒂芬斯。

I wanted to start off with the 1Q guide. If I just kind of take a look at the midpoint, it implies, I think, down around 37% year over year which is pretty much in line or kind of sequentially the same as what you guys did in 4Q. Just any thoughts around with the ASCEND launch and some of the company-supported marketing? Any reason why we might not expect that to improve and just some of the puts and takes around what you guys have coming on in the beginning of the year that you would expect to drive maybe towards the upper end of that revenue range?

我想從 1Q 指南開始。如果我只看一下中點，則意味著同比下降約 37％，這與你們在第四季度所做的基本一致或連續相同。您對 ASCEND 的推出以及一些公司支援的行銷活動有什麼看法？為什麼我們可能不希望這種情況有所改善？

Yes. So Jim, as I mentioned in the prepared remarks, we do expect that coach productivity, the percent of it year over year, to be the early indicator of return to growth and then followed by the number of active earning coaches' growth. And that typically historically has taken some time. So we're going to continue to see pressure on the coach number, and that's why you're not seeing that in the top line revenue number.

是的。所以吉姆，正如我在準備好的發言中提到的那樣，我們確實預計教練的生產力（同比增長的百分比）將成為恢復增長的早期指標，然後是活躍收入教練數量的增長。從歷史上看，這通常需要一些時間。因此，我們將繼續看到教練數量面臨壓力，這就是為什麼你沒有在營收數字中看到這一點。

So Dan and I mentioned in our prepared remarks that we are starting to see stability as a percent in the productivity numbers. So in Q1 of 2024, it was a negative 22% year over year. It's gained traction to a negative 5.5% in Q4. We're hopeful that we see that number -- that metric turns to positive in 2025. Once we see that metric turn positive, which is the early indicator, then we would expect that coach growth would follow because it historically has followed after a period of time, and then the top line shows that growth.

因此，丹和我在我們的準備好的演講中提到，我們開始將穩定性視為生產力數字的百分比。因此，2024 年第一季的銷售額年減了 22%。第四季度，該數字已降至負 5.5%。我們希望看到這個數字——這個指標在 2025 年變成正值。一旦我們看到該指標變為正值，這是早期指標，那麼我們就會預期教練人數會隨之增長，因為從歷史上看，這種情況會在一段時間後出現，然後頂線就會顯示出這種增長。

Okay. If I think about then maybe using the first half of the year to set up the back half of the year, if I can characterize it that way. Can you just give us some thoughts on the cadence of the company-led marketing efforts because, obviously, you have this new product launch. I'm sure you want to be visible with that and really drive on kind of the unique characteristics of the ASCEND products. Should we expect more company-led marketing kind of front-half weighted? Or just any thoughts on how that should be spaced out across the year?

好的。如果我考慮的話，也許可以用上半年來規劃下半年，如果可以這樣描述的話。您能否向我們介紹一下公司主導的行銷活動的節奏，因為顯然你們要推出新產品。我確信您希望這一點得到充分展示，並真正發揮 ASCEND 產品的獨特特性。我們是否應該期待更多由公司主導的前半部行銷？或者您對於全年應如何分配有什麼想法？

Yes. So what we're currently thinking is the spend itself doesn't need to have the heavy -- this heavy investment as we did in 2024 to get the same results. And the reason behind that is, in 2024 we had to invest in nonworking marketing more significant than we think we do in 2025. We're not going to give an amount out but the way I would think about this is our more significant spending in marketing is actually in coach compensation.

是的。因此，我們目前的想法是，支出本身不需要像 2024 年那樣進行大量投資才能獲得相同的結果。背後的原因是，2024 年我們必須在無效行銷上投入比我們預期的 2025 年更多的資金。我們不會透露具體金額，但我認為我們在行銷方面更大的支出實際上是教練薪資。

So I wouldn't bring down the number that you have in your model if you're using 2024's information because we're going to be investing in growth either in coach commissions or in company-led acquisition. We did mention in the prepared remarks that the CAC for advertising is not where we would like it to be. We are seeing benefits of reactivation of customers; it's a much better CAC. So we plan on continuing to do that investment.

因此，如果您使用 2024 年的信息，我不會降低您模型中的數字，因為我們將投資於教練佣金或公司主導的收購的增長。我們確實在準備好的評論中提到過，廣告的 CAC 並沒有達到我們所希望的水平。我們看到了重新激活客戶的好處；這是一個更好的CAC。因此我們計劃繼續進行這項投資。

I was going to say, just to give you a little bit more color on what Jim is describing. As we mentioned earlier, the ratio to look at closely during this period of time is productivity, which is a reflection of how effective our coaches are at bringing in new clients. It's also reflective of some of our older, tenured coaches transitioning out and being replaced by coaches who have experience in sharing a story that includes GLP-1 experience.

我本來想說，只是想讓你更詳細地了解吉姆的描述。正如我們前面提到的，在此期間需要密切關注的比例是生產力，它反映了我們的教練吸引新客戶的效率。這也反映了我們的一些年長的、資深的教練正在轉型，並被有經驗的教練所取代，這些教練可以分享包括 GLP-1 經驗在內的故事。

As we said, 44% of our coaches now in our current base have -- are supporting at least 1 customer who is using a GLP-1 drug. That number is kind of continues to kind of slow down with 22% of our OPTAVIA coaches having themselves used a GLP-1 drug at some point in their weight loss journey. And our overall base is reflective of that as well. I mean, with 17% of our customers now having used medication in the last 12 months. Some of those are still on medication, although the others are not.

正如我們所說，我們目前的 44% 的教練正在支援至少 1 位使用 GLP-1 藥物的客戶。這個數字還在持續下降，因為 22% 的 OPTAVIA 教練在減肥過程中都曾使用過 GLP-1 藥物。我們的整體基礎也反映了這一點。我的意思是，我們 17% 的客戶在過去 12 個月內使用過藥物。其中有些人仍在接受藥物治療，但其他人則沒有。

What we see from these new coaches is that improved productivity that's driving this number up. But there's this transition period, which is what Jim is reflecting that's taking place, and this is kind of the question you're getting to, how long does that transition take. And we'll go through the first half and even into the second half.

我們從這些新教練身上看到的是生產效率的提高推動了這個數字的上升。但是有一個過渡期，這就是吉姆所反映的正在發生的，這就是你要問的問題是，這個過渡需要多長時間。我們將度過上半場，甚至進入下半場。

But as that number continues to be pressured meaning the active earning coach number, it's actually changing in terms of its makeup to be reflective of coaches who are more efficient and more effective at bringing in new clients. and those new clients are reflective of being able to be supported in those new market segments, specifically those who are on GLP-1 drugs currently, those who have transitioned off and then we continue to have a majority of our customers who represent that 50% who don't want to use GLP-1 drugs.

但隨著這一數字不斷受到壓力，即活躍賺錢教練的數量，其組成實際上正在發生變化，以反映出那些在吸引新客戶方面更有效率和更有效的教練。這些新客戶反映了我們能夠在這些新的細分市場中獲得支持，特別是那些目前正在使用 GLP-1 藥物的客戶，那些已經停止使用 GLP-1 藥物的客戶，以及我們繼續擁有的大多數客戶，他們佔 50% 不想使用 GLP-1 藥物。

So we see the mix changing and reflecting more what's happening in the market as well as the capability of our coach community in improving in terms of their ability to both attract and to support. So that's where we feel good about the transition that we're seeing in terms of the sequential, I'll say, moderating negative trend that we anticipate that turning just before we see a change in the base of active earning coaches.

因此，我們看到組合正在發生變化，更反映了市場的變化以及我們的教練社群在吸引和支持能力方面的提升。因此，我們對所看到的連續轉變感到滿意，我想說，我們預計在看到活躍收入教練基礎改變之前，負面趨勢會逐漸緩和。

I appreciate the detail on that. And maybe if I could sneak in one more kind of higher-level question. I'm not sure if you guys have data that you can speak to on this. But for the customers that have come off of GLP-1, do you have any sense for what the retention rate is and staying on the program relative to a non-medically supported weight loss customer who takes their target goal and going off the program? Like do you see a higher fall off with the people that utilize GLP-1 drugs versus people that go the traditional route?

我很欣賞你對此的詳細說明。也許我可以偷偷問一個更高級的問題。我不確定你們是否有可以就此提供的數據。但對於已經停止使用 GLP-1 的客戶，您是否知道相對於達到減肥目標而停止使用該計劃的無醫學支持減肥客戶，他們的保留率是多少以及是否繼續使用該計劃？例如，您是否發現使用 GLP-1 藥物的人比採用傳統療法的人的下降幅度更大？

It's a little bit mixed. What we see is -- and this kind of ties back to some of those numbers we shared in the prepared remarks, up to 74% of GLP-1 patients quit sometime in months between -- in the first year all the way up till to month 18. And we're bringing in a portion of those about, like I said, 17% are in that category. Interestingly, and this kind of ties, I think, to the question you're asking. Well, a small portion of those, only the number is 12%, only 12% of GLP-1 patients actually achieve their healthy weight before their results plateau, and that's that plateau effect that we talked about in our supplemental slides.

有點混亂。我們看到的是——這與我們在準備好的評論中分享的一些數字有關——在第一年至第 18 個月的幾個月內，多達 74% 的 GLP-1 患者在幾個月內的某個時候戒菸。我們正在引入其中的一部分，正如我所說，大約 17％ 屬於這一類。有趣的是，我認為這與您提出的問題有某種關聯。嗯，其中的一小部分，只有 12%，只有 12% 的 GLP-1 患者在結果穩定之前真正達到了健康體重，這就是我們在補充幻燈片中討論的平台效應。

But that plateau effect essentially means that they have two choices, either they stay on the GLP-1 medication and have their rates stabilized, but still they could be in the overweight or obese category or they leverage our program. So we're seeing a portion of those patients come and use coaching to complete that process, which means depending on how long they have to stay in, they can be on our products to lose 10, 20, 30 pounds. We also, just as a reminder, that the end product that we just launched is meant to address this issue of how they optimize or manage to stay at that healthy way they achieved.

但這種平台效應本質上意味著他們有兩種選擇，要么繼續服用 GLP-1 藥物並穩定他們的速度，但他們仍然可能屬於超重或肥胖類別，要么利用我們的計劃。因此，我們看到一部分患者來這裡是透過指導來完成這個過程的，這意味著，根據他們需要住院的時間長短，他們可以透過我們的產品減掉 10、20、30 磅。我們也需要提醒的是，我們剛推出的最終產品旨在解決他們如何優化或設法保持健康狀態的問題。

And so that, we believe, will add an additional value to the lifetime of each of these customers who's coming in. So we're still -- we still feel like we're in early days in seeing the dynamics of this new customer base, but we feel good that we're now seeing a reflection inside our customer base that shows what's happening in the broader category and our coaches are doing a good job supporting that new client base and then bringing in more like that.

因此，我們相信，這將為每位新顧客的一生增添額外的價值。因此，我們仍然 - 我們仍然覺得我們才剛開始觀察這個新客戶群的動態，但我們很高興看到我們現在看到了客戶群內部的反映，顯示了更廣泛類別中正在發生的事情，我們的教練在支持新客戶群方面做得很好，然後帶來了更多這樣的客戶。

Linda Bolton-Weiser, D.A. Davidson.

琳達·博爾頓-韋瑟，地方檢察官戴維森。

I was wondering, first, if you could just give me the operating cash flow and capital spending for 2024?

首先，我想知道您能否告訴我 2024 年的營運現金流和資本支出？

Yes, the operating for 2024 -- one second, it'll take me a second to get to. Yes. So the operating cash flow for the full year is $24.476 million. And the CapEx that's in investing activities is $7.454 million.

是的，2024 年的營運——一秒鐘，我需要一秒鐘才能到達。是的。因此全年經營現金流為2447.6萬美元。投資活動的資本支出為 745.4 萬美元。

Okay, thanks. And then -- so in terms of the marketing spend you're talking about the advertising spend, I guess, marketing and advertising, you had talked about I think something like $24 million to $25 million in 2024, is that the way it came out for the year? Is that the number for the full year?

好的，謝謝。然後 - 就行銷支出而言，您談論的是廣告支出，我想，行銷和廣告，您談到的我認為 2024 年的數字是 2400 萬到 2500 萬美元，這是今年的結果嗎？這是全年的數字嗎？

Yes. We hit approximately $24 million, correct.

是的。我們達到了大約 2,400 萬美元，正確。

Okay. And then I think somebody already asked it, but I mean for 2025, you're saying that dollar spend will be about the same? Or will it be lower? Or do you have a projection?

好的。然後我想有人已經問過了，但我的意思是到 2025 年，您是說美元支出將大致相同嗎？或者說會更低嗎？或者你有一個預測嗎？

Yes. So we're not providing a projection because we're still working through that. But the way I would look at that is we're not going to need as much spend in marketing in 2025 as we did in 2024 because there was quite a bit of non-working marketing that we had to invest in 2024. However, we're going to do the right things to invest, which is -- which may be adjusting the way we provide coach compensation -- because as you know, Linda, coaches actually do more marketing than the company.

是的。因此我們不提供預測，因為我們仍在努力解決這個問題。但我的看法是，我們不需要在 2025 年像 2024 年那樣投入那麼多的行銷資金，因為我們必須在 2024 年投入相當多的無效行銷資金。然而，我們將做正確的投資，這可能會調整我們向教練提供報酬的方式，因為正如你所知，琳達，教練實際上比公司做了更多的行銷。

So last year, we spent a significant amount in coach compensation well in excess of what we spend in company-led acquisition of customers. So that's why I was trying to say that we haven't made a final decision and that's why we're not providing a number. But I wouldn't think of -- you sort of have to look at the total bucket as you're modeling, and we're going to invest in growth, and that's really the message.

因此，去年我們在教練薪資方面花費了相當多的資金，遠遠超過了公司主導的客戶獲取方面的支出。所以我想說我們還沒有做出最終決定，而且我們沒有提供數字。但我不會這麼想——在建模時你必須考慮整體情況，我們將投資於成長，這才是真正的訊息。

So I'm not sure I understand. Are you meaning that you spent some kind of additional spending on top of coach commissions in 2024? Or are you just referring to the big bucket that's the commission payments to the coaches?

所以我不確定我是否理解了。你的意思是你在 2024 年除了教練佣金之外還花了一些額外開支？還是你指的只是支付給教練的佣金那一大筆錢？

No, I'm referring to what you're -- yes. No, I'm only talking about coach compensation but when we talk to investors, we talk to them regarding the different levels of what the coaches do to earn that compensation, what we ask them to do is -- one of the big things we ask them to do is to do a word-of-mouth campaign in attracting new customers. That is one of the items that we're asking, which is that ask is actually more than the ask of what we do for company led. So we always historically have really never spent much on a marketing activity of the company we have that in the dollars of coach compensation.

不，我指的是你——是的。不，我只談論教練的薪酬，但是當我們與投資者交談時，我們會與他們談論教練為獲得薪酬而做的不同級別的工作，我們要求他們做的一件大事是——我們要求他們做的其中一件大事就是進行口碑宣傳來吸引新客戶。這是我們提出的要求之一，這個要求實際上不僅僅是我們為公司所做的事情的要求。因此，從歷史上看，我們實際上從未在公司的行銷活動上投入太多資金，我們只在教練薪酬上投入了資金。

So in addition, a different way to look at it, Linda, is we're continuously looking at how efficient our spending is both in the form of company-led acquisition, which is kind of the traditional advertising. The other big bucket has been our own mail campaigns, which are to attract or reattract lapsed users. And then the third big bucket, which represents the majority is that portion of the commissions that go against coaches who are attracting new clients. And as we're evaluating the relative efficiency of each of those buckets, what we're finding or continue to find is that as our coaches are becoming better at attracting new customers.

因此，此外，琳達，從不同的角度來看，我們正在不斷關注我們的支出效率，無論是以公司主導的收購形式，還是以傳統廣告形式。另一個大項目是我們自己的郵件活動，目的是吸引或重新吸引流失的用戶。然後第三個大桶，佔大多數的是那些與吸引新客戶的教練背道而馳的佣金部分。當我們評估每個環節的相對效率時，我們發現或繼續發現我們的教練在吸引新客戶方面做得越來越好。

And so I'm referencing those newer coaches who understand how to attract clients in this new environment. that the spend efficiency with that money spent with coaches doing the attraction is the most efficient use of our cash. So it's kind of taking an additional increment to continue to use our own company-led advertising dollars in the most efficient way, and that second most efficient way is to reattract lapsed users, which really comes out more to be reflected in a lifetime value component. But those two things are what's driving or what are driving that productivity number, coaches becoming better at doing it and our optimizing the customer -- laps customer attraction.

因此，我建議那些懂得如何在新環境中吸引客戶的新教練。花錢聘請旅遊巴士來吸引遊客，而花費效率是我們資金最有效的利用方式。因此，這有點像是採取額外的增量來繼續以最有效的方式使用我們自己公司主導的廣告費用，而第二有效的方式是重新吸引流失的用戶，這實際上更多地反映在終身價值組成部分中。但這兩件事才是推動生產力數字的因素，教練在這方面做得更好，以及我們對客戶的最佳化——吸引客戶。

Okay. So of the 17% of your, I think it's customers, you said at year end, that are on the GLP-1 drugs. What percentage of the 17% got the drug by -- through LifeMD?

好的。所以，我認為，您在年底時說過，在您客戶中，有 17% 的人正在服用 GLP-1 藥物。在這 17% 的人中，有多少人透過 LifeMD 獲得了藥物？

Actually, it's a -- the majority are getting it through their own providers. So I don't have a percentage to share with you, but the majority are coming through their own providers and a portion of those are -- so if you say that 17%, think of those as two different groups, those who are on GLP-1 drugs and those who have transitioned off and it's about half and half. So roughly who are still on the drug and they're majority coming through their own provider and then another half who have transitioned off and we're using just the OPTAVIA program.

事實上，大多數人都是透過自己的提供者獲得的。因此，我沒有具體百分比可以告訴您，但大多數患者是透過自己的供應商就診的，其中一部分是 — — 如果您說 17%，請將他們視為兩個不同的群體，即正在服用 GLP-1 藥物的患者和已經停用該藥物的患者，大約各佔一半。大致來說，目前仍在服用該藥物的人大多數是透過自己的供應商來服用的，還有一半已經停止服用，而我們只使用 OPTAVIA 計劃。

Do you find that your coaches are actually advertising the fact that they have the connection with LifeMD or not really?

您是否發現您的教練實際上在宣傳他們與 LifeMD 有聯繫這一事實？

Yes, they are. They -- so if we think about the LifeMD offers access to the drugs, when coaches have a customer who doesn't have a primary care physician, they're actively using LifeMD to help that customer gain access. But the majority of the customers that are using have a primary care physician, and they're able to access the drug through them. What they can access through the physician services are the lifestyle component. So they use our coaches for that.

是的，他們是。所以如果我們考慮 LifeMD 提供的藥物，當教練有一位沒有初級保健醫生的客戶時，他們會積極使用 LifeMD 來幫助該客戶獲得藥物。但大多數使用者都有初級保健醫生，他們可以透過醫生獲得藥物。他們可以透過醫生服務獲得生活方式部分。所以他們使用我們的教練來實現這一點。

So some of the other direct selling companies especially the ones that are selling like nutritional supplement types of things, they're reassessing their MLM models, their actual structure of their models because they feel that they are outdated in the sense that they over reward the people at the top of the structure and are not paying enough to the people at the bottom who are really working hard to kind of ramp up and gather customers, et cetera. And these other companies are actually talking about changing their compensation structures. Do you feel the need to do that? Or have you done any of that? Or kind of what are your thoughts on that issue?

因此，其他一些直銷公司，特別是那些銷售營養補充劑類產品的公司，正在重新評估他們的 MLM 模式，即他們模式的實際結構，因為他們覺得這些模式已經過時了，因為他們過度獎勵了結構頂端的人，而沒有向底層那些真正努力工作以吸引和聚集客戶的人支付足夠的報酬，等等。而其他公司實際上正在討論改變其薪酬結構。您覺得有必要這麼做嗎？或者你曾經做過其中任何一件事嗎？或者您對這個問題有什麼看法？

I mean we've made some small adjustments over the years that are reflective of making sure that we're rewarding the type of work that you're talking about. We're starting in a very different place from probably most of the direct sellers that you're talking about. We actually have, I'll say, much more of a front-end oriented compensation plan. So we compensate coaches who are doing nothing but coaching, close to 30% in commissions.

我的意思是，這些年來我們做了一些小的調整，以確保我們能夠獎勵你所談論的工作類型。我們的起點可能與您提到的大多數直銷商非常不同。事實上，我想說，我們的薪酬計畫更像是以前端為導向的。因此，我們會向那些只從事指導工作的教練支付接近 30% 的佣金。

And so that's higher than what most are able to pay out. And then we also have I'll say, a generous compensation structure for those who are also leading. But it's -- we haven't had that. I know what you're referring to, and I know some of the companies that you're referring to that are doing that, but we're not contemplating anything like what you're describing.

這比大多數人能夠支付的金額要高。然後我想說的是，我們為領導者提供了慷慨的薪酬結構。但事實是──我們還沒有這樣做過。我知道您在說什麼，我也知道您所指的一些公司正在這樣做，但我們並沒有考慮您所描述的任何事情。

Okay. And then, let's see. I guess the operating cash flow for the year, I guess it sort of came out a little bit lower than I would have thought. So therefore, your free cash flow is a little bit dwindled down very small here. I mean, do you envision that the free cash flow -- well, I know you're not giving guidance, but I would expect it could still stay positive in 2025? Is there any color you can give on that?

好的。然後，我們再看看。我想，今年的經營現金流可能比我想像的還要低。因此，您的自由現金流在這裡會稍微減少一些。我的意思是，您是否預計自由現金流——好吧，我知道您沒有給出指導，但我預計它在 2025 年仍能保持正值？您能對此給出任何解釋嗎？

Yes. I mean the color I'll give on that is we decided in October to cancel our credit facility because we're looking out using our long-range planning that we were not going to need to borrow any funds through the credit facility. So we made a conscious decision to cancel that credit facility and -- because we were obviously spending having fees on that credit facility, and we just didn't think the need for it was there. So that should give the investor confidence that we believe that our cash position, cash and investments, for the foreseeable future should be in a very strong point.

是的。我的意思是，我要給的是，我們在十月份決定取消我們的信貸安排，因為我們正在根據我們的長期規劃尋找不再需要透過信貸安排借入任何資金的方法。因此，我們做出了取消該信貸安排的決定，因為我們顯然在該信貸安排上花費了費用，而我們只是認為沒有必要這樣做。因此，這應該會讓投資者有信心，我們相信，在可預見的未來，我們的現金狀況、現金和投資應該處於非常強勁的水平。

Okay. And then my last question is, I mean, you are giving guidance for the first quarter. Usually, in a normal time -- in your historical kind of performance, you would see a seasonal uptick sequentially in coaches in the first quarter because of the weight-loss season. Do you expect a sequential uptick in the number of coaches in the first quarter of 2025?

好的。我的最後一個問題是，您給出了第一季的指導。通常，在正常時期——在歷史表現中，由於減重季節，您會看到第一季教練人數出現季節性上升。您預計 2025 年第一季長途客車數量會較上季上升嗎？

Yes. So what we're expecting is that coaches -- the number of coaches will continue to be pressured until we get our coach productivity metric in a positive nature year over year. So historically, when we look back at when we grew back in '16-, '17-time frame, once we started that growth path, what we saw at that point in time is the revenue per active earning coach turned positive, and then we saw coach growth. So it's going to continue to be pressured until we get the growth of the metric regarding coach productivity in a better spot, which we do believe that's going to happen sometime in 2025.

是的。因此，我們預期教練人數將繼續面臨壓力，直到我們的教練生產力指標逐年呈現正面趨勢。因此，從歷史上看，當我們回顧我們在 2016 年和 2017 年的成長情況時，一旦我們開始了那條成長之路，我們在那個時間點看到的是每位活躍教練的收入都變成了正數，然後我們看到了教練的成長。因此，我們將繼續面臨壓力，直到我們將有關教練生產力的指標成長提高到一個更好的水平，我們確實相信這將在 2025 年的某個時候發生。

So when you say pressure, do you mean a consistent sequential decline in coaches every single quarter? That's kind of what you're talking about?

所以您說的壓力是指每季教練的數量持續下降嗎？這就是你所說的內容嗎？

For Q1, we do expect there to be pressure on that number. So yes, we do expect that to have a decline in coaches.

對於第一季度，我們確實預計該數字會面臨壓力。所以是的，我們確實預計教練數量會減少。

And then just one more question. When you look at that year-over-year decline in coach productivity, I guess it was 5.5% in the quarter, in the fourth quarter. If you had to break it down between like, I don't know how you would do it, like unit sales versus mix because you're offering under the GLP-1 offerings are, I think, lower kind of price per unit. The customer is spending less money on your product. So is there any way to think of the down 5.5% in terms of like volume versus mix or something?

還有一個問題。當您查看客車生產率的同比下降時，我估計第四季度的降幅是 5.5%。如果您必須將其分解，我不知道您會怎麼做，例如單位銷售額與組合，因為您根據 GLP-1 產品提供的產品，我認為，每單位價格較低。客戶在你的產品上花費的錢更少了。那麼，有沒有辦法從交易量與組合或其他方面來考慮 5.5% 的下降呢？

Yes. So overall, I would say our average order hasn't changed dramatically. So the dollars haven't changed that dramatically. So that's really still -- what's happening is the new customers and being able to attract lapsed customers is actually moderating that number more than a dollar change in the quarter.

是的。所以總的來說，我們的平均訂單量並沒有發生巨大的變化。因此美元的匯率並沒有太大的變動。所以實際上仍然是——正在發生的事情是，新客戶和能夠吸引流失的客戶實際上正在緩和該數字，而不是本季一美元的變化。

So it's more that the coaches are sort of like coaching fewer people or something rather than each person buying less or something. Is that kind of it?

因此，這更像是教練指導更少的人或諸如此類的事情，而不是每個人購買更少的東西或諸如此類的事情。是那樣的嗎？

Yes, but it's actually -- it's getting -- it's stabilizing because we're starting to see certain coach groups having very good productivity. So there are certain coaches that are doing very well, and that's helping that number do better. So when we mention it going from a negative 22% year over year to a negative 5.5% year over year, from Q1 of 2024 to Q4 of 2024.

是的，但實際上 - 它正在 - 它正在穩定下來，因為我們開始看到某些教練組具有非常好的生產力。所以有些教練表現得非常出色，這有助於球隊取得更好的成績。因此，當我們提到從 2024 年第一季到 2024 年第四季度，成長率將從年比負 22% 變為年比負 5.5% 時。

That moderation is because certain coach lines are doing better and we're seeing that. we're seeing that certain coach lines are actually attracting new customers in all three segments, customers that are using medication customers that are not using medications, and customers that are coming off the medications. So we're seeing that happen in real time.

這種放緩是因為某些長途客運線路的經營狀況有所好轉，我們看到了這一點。我們發現某些旅遊線路實際上正在吸引這三個領域的新客戶，即正在使用藥物的客戶、未使用藥物的客戶以及即將停用藥物的客戶。所以我們實時看到了這一幕的發生。

There are no further questions at this time. I'd like to hand the floor back over to Dan Chard for any closing comments.

目前沒有其他問題。我想將發言權交還給丹·查德 (Dan Chard)，請他發表最後評論。

I'd like to thank you for those questions and for the opportunity to further discuss our progress in our business transformation. As we adjust our model, train our coaches and introduce new products, we aim to better meet the needs of our customers in this changing environment. We look forward to continuing our efforts to improve coach productivity as we move forward, and we'll provide you with additional details regarding our progress on the next call. Thank you, everyone. Have a great day.

我感謝您提出這些問題，也感謝您給予我們機會進一步討論我們在業務轉型方面的進展。隨著我們調整模式、培訓教練和推出新產品，我們的目標是在不斷變化的環境中更好地滿足客戶的需求。我們期待在未來的工作中繼續努力提高教練的工作效率，並將在下次電話會議中為您提供有關我們進展的更多詳細資訊。謝謝大家。祝你有美好的一天。

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

今天的會議到此結束。現在您可以斷開您的線路。感謝您的參與。