Medifast Inc (MED) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Medifast first quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Steven Zenker, Vice President, Investor Relations. Steven, please go ahead.

大家好，歡迎參加 Medifast 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興將電話轉交給投資人關係副總裁 Steven Zenker。史蒂文，請繼續。

Good afternoon, and welcome to Medifast's first quarter 2025 earnings conference call. On the call with me today are Dan Chard, Chairman and Chief Executive Officer; and Jim Maloney, Chief Financial Officer. By now, everyone should have access to the earnings release for the first quarter ended March 31, 2025, that went out this afternoon at approximately 4:05 PM Eastern Time.

下午好，歡迎參加 Medifast 2025 年第一季財報電話會議。今天與我一起通話的有董事長兼執行長 Dan Chard；以及財務長 Jim Maloney。現在，每個人都應該可以看到今天下午大約東部時間下午 4:05 發布的截至 2025 年 3 月 31 日的第一季財報。

If you have not received the release, it is available on the Investor Relations portion of Medifast's website at www.medifastinc.com. This call is being webcast, and a replay will also be available on the company's website.

如果您尚未收到該新聞稿，您可以在 Medifast 網站 www.medifastinc.com 的投資者關係部分找到它。這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.

在我們開始之前，我們想提醒大家，今天的準備好的評論包含前瞻性的陳述，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、預期和其他類似的表達通常表示前瞻性陳述。

These statements do not guarantee future performance, and therefore, undue reliance should not be placed on them. Actual results could differ materially from those projected in any forward-looking statement. 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.

這些聲明並不保證未來的表現，因此，不應過度依賴它們。實際結果可能與任何前瞻性聲明中預測的結果有重大差異。本文所包含的所有前瞻性陳述僅代表本次電話會議召開之日的觀點。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's 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. Good afternoon, everyone, and thank you for joining us today. There's no question that we are operating in a time of tremendous opportunity. The health and wellness space, particularly around weight loss and weight management, is evolving rapidly, and we believe Medifast is well positioned to take advantage. Scientific research has shown that use of GLP-1 medications can result in up to 40% of weight loss coming from muscle mass, equivalent to a decade's worth of muscle loss within just 12 months to 18 months.

謝謝你，史蒂夫。大家下午好，感謝大家今天的參與。毫無疑問，我們正處於一個充滿巨大機會的時代。健康和保健領域，特別是減肥和體重管理領域，正在迅速發展，我們相信 Medifast 已做好準備，充分利用這一優勢。科學研究表明，使用 GLP-1 藥物可導致體重減輕高達 40% 來自肌肉質量，相當於在短短 12 個月到 18 個月內損失十年的肌肉量。

Furthermore, for 88% of patients, GLP-1 medications do not fully support their achieving a healthy weight. We believe these findings reinforce the importance of supporting any health journey with a straightforward health and wellness lifestyle solution to achieve long-term health goals. This is relevant for those using weight-loss medications, as well as for those pursuing weight loss and improved health without the use of medications.

此外，對於 88% 的患者來說，GLP-1 藥物並不能完全幫助他們達到健康的體重。我們相信，這些發現強調了透過簡單的健康和保健生活方式解決方案來支持任何健康之旅以實現長期健康目標的重要性。這對於使用減肥藥的人以及那些追求減肥和改善健康但不使用藥物的人來說都很重要。

In either case, Medifast's OPTAVIA program helps preserve lean muscle and delivers healthier outcomes through healthy habits, nutrition and coaching for those seeking lasting health outcomes. At the same time, independent research that we have commissioned indicated that 83% of people looking to lose weight lack confidence in transitioning to a long-term healthy lifestyle. This is precisely the strength of our OPTAVIA program, which offers a holistic approach to weight loss and healthier living.

無論哪種情況，Medifast 的 OPTAVIA 計劃都有助於保持肌肉，並透過健康的習慣、營養和指導為尋求持久健康結果的人提供更健康的結果。同時，我們委託進行的獨立研究表明，83% 的減肥者對過渡到長期健康的生活方式缺乏信心。這正是我們的 OPTAVIA 計劃的優勢，它提供了一種整體的減肥和健康生活的方法。

Our offering combines science-backed products, personalized nutrition plans, the support of a dedicated OPTAVIA coach and integration into a like-minded community. Additionally, where appropriate, we provide access to weight loss medications through our collaboration with LifeMD. This integrated solution gives people the tools, accountability and encouragement they need to learn how to make a healthy lifestyle second nature, lose weight, keep it off and simplify a complex health journey.

我們提供的產品包括科學支援的產品、個人化的營養計劃、專門的 OPTAVIA 教練的支持以及志同道合的社區融合。此外，在適當的情況下，我們也透過與 LifeMD 合作提供減肥藥物。這種綜合解決方案為人們提供了所需的工具、責任和鼓勵，幫助他們學習如何養成健康的生活方式、減肥、維持體重並簡化複雜的健康之旅。

Coaches play a vital role in helping people navigate both the active weight loss phase and the weight management phase that follows. These coaches, having faced similar challenges themselves, bring in valuable experience to the process.

教練在幫助人們度過主動減重階段和隨後的體重管理階段方面發揮著至關重要的作用。這些教練自己也曾面臨類似的挑戰，為這個過程帶來了寶貴的經驗。

Studies indicate that most people using GLP-1 medications for weight loss struggle with long-term weight maintenance. An average of 2/3 of weight loss by people using medications is regained within a year of stopping them. And with up to 74% of people discontinuing GLP-1 medications within the first 12 months, it is clear that there is a demonstrated need for guidance in achieving health and wellness.

研究表明，大多數使用 GLP-1 藥物減肥的人都難以長期維持體重。平均而言，服用藥物的人減掉的體重的 2/3 在停藥一年內就會恢復。多達 74% 的人在前 12 個月內停止服用 GLP-1 藥物，顯然需要指導才能實現健康和保健。

This is exactly why our approach is so relevant. It not only helps people lose weight, but also instructs them in healthy habits that can be utilized to help preserve muscle mass, manage weight loss and improve health and wellness.

這正是我們的方法如此重要的原因。它不僅可以幫助人們減肥，還可以指導他們養成健康的習慣，以幫助維持肌肉質量、控制體重並改善健康狀況。

With more than 40 years of experience supporting people with their health and wellness goals, including many years when we were selling through multiple channels, we continue to believe that our coaches represent a core competitive advantage. They are our most effective customer acquisition engine and the most efficient way to scale our business.

我們擁有 40 多年幫助人們實現健康和保健目標的經驗，其中包括多年來透過多種管道進行銷售的經驗，我們始終相信，我們的教練代表著核心競爭優勢。它們是我們最有效的客戶獲取引擎，也是我們擴展業務最有效的方式。

In 2025, we are sharpening our focus on reigniting that engine. We're taking action to help simplify the coaching experience, increase productivity and create scalable and successful businesses through stronger new customer acquisition, better retention and the re-engagement of former customers.

2025年，我們將更專注於重新點燃這具引擎。我們正在採取行動，透過更強大的新客戶獲取、更好的保留和重新吸引老客戶來幫助簡化輔導體驗、提高生產力並創建可擴展且成功的業務。

There are three key elements to this initiative. First, we are streamlining the coach development path, making it easier for coaches to succeed in the changed competitive environment. We envision that a more clearly defined path will show them how to achieve early wins and develop their business by placing more emphasis on building coach leadership skills.

這項倡議有三個關鍵要素。首先，我們正在簡化教練的發展路徑，使教練在變化的競爭環境中更容易取得成功。我們設想，一條更明確的道路將向他們展示如何透過更加重視培養教練領導技能來取得早期勝利並發展他們的業務。

We anticipate that with more intuitive incentives and clearer guidance on how to grow their businesses, coaches will be better empowered to optimize their efforts and achieve financial success. Through leadership education, podcasts, networking events and shared best practices, we are working to create an environment where coaches can thrive and where their success becomes repeatable and scalable.

我們預計，透過更直觀的激勵措施和更清晰的業務發展指導，教練將能夠更好地優化他們的努力並取得財務上的成功。透過領導力教育、播客、社交活動和共享最佳實踐，我們正在努力創造一個教練可以蓬勃發展、他們的成功可以重複和擴展的環境。

Second, we are enhancing the tools and insights available to the coaches. Upgrading digital business tools are expected to provide a more seamless way for coaches to track customers' progress. And they can use that data tailor solutions that best meet individual customer needs.

其次，我們正在增強教練可用的工具和見解。升級的數位業務工具有望為教練提供更無縫的方式來追蹤客戶的進度。他們可以利用這些數據來客製化最能滿足個人客戶需求的解決方案。

Education resources will focus on how to deliver more personalized customer service, equipping coaches with the skills and strategies to build stronger relationships and more sustainable businesses. This is especially important in their ability and confidence in supporting customers who are currently using or have used a GLP-1 medication.

教育資源將集中在如何提供更個人化的客戶服務，為教練提供建立更牢固的關係和更永續的業務的技能和策略。這對於他們支持目前正在使用或曾經使用過 GLP-1 藥物的客戶的能力和信心尤其重要。

Currently, almost half of OPTAVIA coaches have supported GLP-1 medication patients, the highest level we've seen to date, with 25% of coaches having had personal experience using GLP-1 medications themselves as part of their own weight loss and health journey.

目前，幾乎一半的 OPTAVIA 教練都曾支持過 GLP-1 藥物患者，這是我們迄今為止看到的最高水平，其中 25% 的教練自己也有使用 GLP-1 藥物的親身經歷，這是他們減肥和健康之旅的一部分。

Third, we are continuing to broaden our product offerings to give coaches more tools to serve their customers. Over the past 18 months, we've launched OPTAVIA ACTIVE for those individuals who want to incorporate exercise into their plans, as well as the OPTAVIA ASCEND line, which is designed specifically for those using GLP-1 medications for transitioning into a weight management phase after achieving their healthy weight.

第三，我們將繼續擴大我們的產品範圍，為教練提供更多工具來服務他們的客戶。在過去的 18 個月中，我們為想要將運動納入計畫的人推出了 OPTAVIA ACTIVE，以及 OPTAVIA ASCEND 系列，該系列專為那些使用 GLP-1 藥物在達到健康體重後過渡到體重管理階段的人而設計。

With its high protein content, the ASCEND line helps customers preserve lean muscle mass, a core concern for GLP-1 users and all people trying to lose weight and learning how to keep it off. With a more diverse set of offerings, our coaches have the flexibility to create highly tailored plans that meet customers wherever they are in their health and wellness journey.

ASCEND 系列產品蛋白質含量高，可幫助顧客保持瘦肌肉質量，這是 GLP-1 用戶以及所有試圖減肥並學習如何保持體重的人關注的核心問題。透過提供更多樣化的服務，我們的教練可以靈活地制定高度客製化的計劃，以滿足客戶在健康和保健旅程中的任何階段的需求。

Science remains at the core of our program and products. With recent development breakthroughs, our programs and products should be even more effective in delivering key benefits to support customer health and wellness journey. These development breakthroughs will first impact our OPTAVIA Essential line and will play an important role in the business transformation as we continue to implement changes over the next 12 months to 18 months.

科學仍然是我們計劃和產品的核心。隨著最近的發展突破，我們的計劃和產品應該更加有效地提供關鍵益處，以支持客戶的健康和保健之旅。這些發展突破將首先影響我們的 OPTAVIA Essential 系列，並將在我們在未來 12 個月到 18 個月內繼續實施變革的業務轉型中發揮重要作用。

Additionally, we are currently developing studies that will evaluate the efficacy of the new ASCEND line in the more established Essential line, along with the holistic OPTAVIA model, which pairs customers with a coach and teaches customers how to make a healthy lifestyle second nature, giving coaches even more points to demonstrate why OPTAVIA offers a unique and effective solution. We expect investment in these areas to be mitigated by reductions in company-led marketing costs. While those efforts helped re-engage past customers, they prove less efficient at attracting new ones.

此外，我們目前正在進行研究，評估新的 ASCEND 系列在更成熟的 Essential 系列中的功效，以及整體的 OPTAVIA 模型，該模型將客戶與教練配對，並教導客戶如何讓健康的生活方式成為第二天性，讓教練有更多的理由來證明 OPTAVIA 為何能提供獨特而有效的解決方案。我們預計，由於公司主導的行銷成本的降低，這些領域的投資將會減少。雖然這些努力有助於重新吸引老客戶，但事實證明，它們在吸引新客戶方面效率較低。

This year, we're putting the emphasis squarely back on our coach community, which remains central to the strength of our brand and the success of our program. The impact of coach support was measured in our clinical research and showed that customers who receive coaching support while using the OPTAVIA plan lost 10 times more weight, 17 times more fat for the self-directed group.

今年，我們重新將重點放在教練社群上，這仍然是我們品牌實力和計劃成功的核心。我們的臨床研究衡量了教練支持的影響，結果表明，在使用 OPTAVIA 計劃時獲得教練支持的客戶減掉的體重是自我指導組的 10 倍，減掉的脂肪是自我指導組的 17 倍。

Turning to our first quarter results. Revenues and EPS were in guidance range, with bright spots continuing to appear in parts of the business. For the fourth consecutive quarter, we saw lower year-over-year coach productivity declines, driven in part by increased productivity of newer coach cohorts. These new cohorts are exhibiting new customer growth ahead of last year and are at levels we experienced back when the business was growing.

談到我們的第一季業績。營收和每股盈餘均處於指導範圍內，部分業務持續出現亮點。連續第四個季度，我們看到客車生產率年減幅度降低，部分原因是新客車團隊的生產力提高。這些新客戶群表現出比去年同期更快的新客戶成長，並且達到了我們業務成長時的水平。

Q1 marked the first meaningful year-over-year increase in new coaches in the past three years, with a double-digit increase compared to the same period last year. While this hasn't yet made a meaningful impact on revenue, we believe it sets the stage for future improvement in overall coach productivity and new customer acquisition and positions us for coach growth the back half of 2026 if the trend holds. In the meantime, our continued focus on driving cost savings is helping us maintain a strong balance sheet.

第一季度，新增客車數量出現三年來首次較去年同期大幅成長，與去年同期相比增幅達到兩位數。雖然這尚未對收入產生重大影響，但我們相信，這為未來整體客車生產率和新客戶獲取的提高奠定了基礎，如果趨勢持續下去，這將使我們在 2026 年下半年實現客車增長。同時，我們持續致力於節約成本，這有助於我們維持強勁的資產負債表。

While a weaker economy could present consumer demand headwinds, we've historically seen that economic slowdowns can actually help increase coach recruitment as more people seek additional income earning opportunities. Also, we presently do not expect tariffs to have any meaningful impact on our business this year.

雖然經濟疲軟可能會對消費需求造成阻力，但歷史經驗表明，經濟放緩實際上有助於增加長途汽車招聘，因為更多的人尋求額外的收入機會。此外，我們目前預計關稅不會對我們今年的業務產生任何重大影響。

As 2025 progresses, we expect to get a clearer picture just how resilient these early positive indicators are. The foundation we're putting in place through our coach-led strategy and evolving product mix supports our focus on delivering more definitive signs of a turnaround by the end of the year.

隨著 2025 年的到來，我們期望能夠更清楚地了解這些早期正向指標的彈性。我們透過教練主導的策略和不斷發展的產品組合所建立的基礎支持我們專注於在年底前提供更明確的轉變跡象。

In summary, our focus in 2025 is on empowering our coaches to be more productive, more successful and better equipped to meet the needs of a growing and diverse customer base. By providing a holistic solution inclusive of clinically proven plans, access to weight loss medications through LifeMD and the power of customized coaching, we're delivering a differentiated solution that addresses the full spectrum of weight loss and long-term health. This proven business model has been highly successful in the past. And we are optimistic about its potential to drive growth again in the near future.

總而言之，我們 2025 年的重點是讓我們的教練更有效率、更成功，並更好地滿足日益增長和多樣化的客戶群的需求。透過提供包括臨床驗證的計劃、透過 LifeMD 獲取減重藥物以及客製化指導在內的整體解​​決方案，我們提供解決全方位減重和長期健康問題的差異化解決方案。這種經過驗證的商業模式在過去非常成功。我們對其在不久的將來再次推動成長的潛力充滿信心。

With that, I'll turn it over to Jim.

說完這些，我就把麥克風交給吉姆。

Thank you, Dan. Good afternoon, everyone. As Dan mentioned, first quarter 2025 results for both revenue and EPS were within our guidance ranges. Revenue for the first quarter was $115.7 million, a decrease of 33.8% versus the year earlier period, primarily due to a decrease in the number of active earning OPTAVIA coaches. We ended the quarter with approximately 25,400 active earning OPTAVIA coaches, a decrease of 32.8% from the first quarter of 2024.

謝謝你，丹。大家下午好。正如丹所提到的，2025 年第一季的營收和每股盈餘均在我們的指導範圍內。第一季營收為 1.157 億美元，較去年同期下降 33.8%，主要原因是 OPTAVIA 活躍收入教練數量減少。截至本季末，OPTAVIA 活躍教練人數約為 25,400 名，較 2024 年第一季下降了 32.8%。

As Dan mentioned, we continue to see lower year-over-year declines in revenue per active earning coach. Average revenue per active earning OPTAVIA coach for the first quarter was $4,556, a year-over-year decrease of 1.4% compared to a year-over-year decrease of [22%] during Q1 of 2024.

正如丹所提到的，我們繼續看到每位活躍收入教練的收入比去年同期下降幅度較小。第一季 OPTAVIA 每位活躍收入教練的平均收入為 4,556 美元，年減 1.4%，而 2024 年第一季的年減幅為 [22%]。

This moderation is being driven in part by increased productivity of newer coach cohorts, which are exhibiting new customer growth ahead of last year. Gross profit decreased 33.8% year-over-year to $84.2 million, driven by lower sales volumes. Gross profit margin for the current quarter was 72.8%, which was consistent with the year earlier period.

這種放緩的部分原因是新長途客車隊伍生產力的提高，新長途客車隊伍的新乘客數量比去年有所增長。由於銷售量下降，毛利年減 33.8% 至 8,420 萬美元。本季毛利率為72.8%，與去年同期持平。

SG&A expense was down 28.4% year-over-year to $85.5 million, primarily due to a $22.4 million decrease in OPTAVIA coach compensation on lower volume, $3 million on market research and investment costs related to medically supported weight loss, which were incurred during the first quarter of 2024 that did not occur in the current quarter, a $2.5 million decrease in employee compensation and a $1.3 million decrease in credit card fees.

銷售、一般及行政費用 (SG&A) 年減 28.4% 至 8,550 萬美元，主要原因是由於 OPTAVIA 教練薪酬因銷量下降而減少 2,240 萬美元，與醫學支持減肥相關的市場研究和投資成本減少 300 萬美元（這些成本於 2024 年第一季度發生但薪酬未在本季度減少 20 萬美元，200 萬美元薪酬在 30 萬美元，20 萬美元，130 萬美元，10 萬美元）發生薪酬未在 20 萬美元，20 萬美元，20 萬美元，130 萬美元）發生但工資

SG&A as a percentage of revenue increased 560 basis points, primarily due to approximately 440 basis points of loss of leverage of fixed costs due to lower sales volumes and 200 basis points of company-led marketing efforts primarily due to lower sales volumes.

銷售、一般及行政費用佔收入的百分比增加了 560 個基點，主要原因是銷售量下降導致固定成本槓桿損失約 440 個基點，以及銷售量下降導致公司主導的營銷力度減少 200 個基點。

These increases were partially offset by 170 basis points of market research and investment costs related to medically supported weight loss which were incurred during the first quarter of 2024 and did not recur in the current quarter.

這些成長部分被 2024 年第一季發生的、與醫學支持減重相關的 170 個基點的市場研究和投資成本所抵消，本季沒有再次發生。

Loss from operations was $1.3 million in the first quarter of 2025, down $9.2 million versus the year earlier period as the decline in gross profit was largely offset by lower SG&A. As a percentage of revenue, loss from operations was 1.1% in the first quarter, 560 basis points below the year earlier level.

2025 年第一季營業虧損為 130 萬美元，較去年同期減少 920 萬美元，因為毛利的下降在很大程度上被銷售、一般及行政費用的降低所抵銷。以營收百分比計算，第一季營業虧損為 1.1%，比去年同期低 560 個基點。

Other income decreased 50.9% year-over-year to $1.8 million due to higher unrealized gains on our investments in LifeMD common stock in the year earlier period. The company's unrealized gain on investments in LifeMD common stock for the first quarter of 2025 was $0.6 million.

其他收入年減 50.9% 至 180 萬美元，因為去年同期我們對 LifeMD 普通股的投資獲得了更高的未實現收益。該公司 2025 年第一季對 LifeMD 普通股投資的未實現收益為 60 萬美元。

Income tax expense of $1.3 million for the first quarter of 2025 was lower than the $3.3 million recorded in the prior year's first quarter. The decrease in income tax expense was primarily driven by a decrease in pretax income and a tax shortfall for stock compensation, partially offset by a change in unrecognized tax benefits due to finalization of a state tax examination.

2025 年第一季的所得稅費用為 130 萬美元，低於去年同期的 330 萬美元。所得稅費用的減少主要是由於稅前收入的減少和股票薪酬的稅收缺口，但部分被州稅審查結束導致的未確認稅收優惠的變化所抵消。

Net loss in the first quarter of 2025 was $0.8 million or $0.07 per share compared to net income of $8.3 million or $0.76 per diluted share in the year earlier period. Turning to our balance sheet. Our financial position remains strong with $164.6 million in cash, cash equivalents and no interest-bearing debt as of March 31, 2025.

2025 年第一季淨虧損為 80 萬美元，即每股 0.07 美元，而去年同期淨收入為 830 萬美元，即每股攤薄收益 0.76 美元。轉向我們的資產負債表。我們的財務狀況依然強勁，截至 2025 年 3 月 31 日，現金、現金等價物為 1.646 億美元，且無計息債務。

Now I will turn to guidance. We are expecting second quarter revenue to range from $85 million to $105 million and loss per share for the quarter to range from $0.00 to $0.55. Guidance excludes any gains or losses from 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。我們預計第二季營收將在 8,500 萬美元至 1.05 億美元之間，每股虧損將在 0.00 美元至 0.55 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帶來的任何收益或損失，我們無法估計這些收益或損失。

While it continues to prove challenging to forecast our results for the remainder of the year, we continue to see bright spots in certain pockets of the business and believe they set the stage for improvement in coach productivity in the second half of 2025 with coach growth in the second half of 2026.

儘管預測今年剩餘時間的業績仍然具有挑戰性，但我們仍然看到某些業務領域的亮點，並相信它們為 2025 年下半年客車生產率的提高和 2026 年下半年客車數量的增長奠定了基礎。

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

說完這些，請允許我將電話轉給接線員以回答問題。

(Operator Instructions)

（操作員指示）

Jim Salera, Stephens.

吉姆·薩萊拉、史蒂芬斯。

Guys, good afternoon. Thanks for taking [our] question. I wanted to start off on the second quarter top line guidance. If we look at where the kind of the rate of decline for the top line over the past four quarters, it's been improving every quarter and that -- the rate of the year-over-year sales decline has slowed.

大家下午好。感謝您回答我們的問題。我想先從第二季的營收預測開始。如果我們看一下過去四個季度的營業收入下降率，就會發現每季都在改善，而且年比銷售額下降的速度已經放緩。

Then if I just take the midpoint of the guidance, it's right around [95], that would actually imply an acceleration in the year-over-year rate of decline. So just any color around what's going on there in the second quarter and why that shouldn't continue the trend we've seen over the prior four quarters?

那麼，如果我只取指導的中點，它就在[95]左右，這實際上意味著同比下降速度的加速。那麼第二季的情況如何？為什麼第二季的趨勢沒有持續？

Thanks, Jim. To address that question right on, when you look at the midpoint of the range and looking at what you're exactly talking about, it could indicate an acceleration. However, you have to take into consideration the timing of promotions that the company has done over Q1 of this year versus Q1, what we're planning on doing and what we did last year. So in Q1 of this year, we did run a promotion that did quite well. Dan mentioned it in the prepared remarks.

謝謝，吉姆。為了正確回答這個問題，當您查看範圍的中點並查看您究竟在談論什麼時，它可能表明加速。但是，你必須考慮公司今年第一季的促銷活動與去年第一季的促銷活動、我們計劃開展的活動以及我們去年開展的活動。因此，在今年第一季度，我們確實開展了一項促銷活動，效果相當不錯。丹在準備好的發言中提到了這一點。

It is the first time we saw new coaches actually see a year-over-year improvement, and we haven't seen that in about three years. And that was due to -- that was really the first time we've seen those improvements in the business when we ran a promotion in a really -- incentivize the field to focus on acquiring new customers and also acquiring and sponsoring new coaches. So that worked very well. So when you run a promotion like that in a quarter, it does have impacts to the next quarter.

這是我們第一次看到新教練的成績比去年同期有所進步，而這種情況我們已經有三年沒有見過了。這是因為——這是我們第一次看到業務上的這些改進，當時我們進行了一次真正的促銷活動——激勵該領域專注於吸引新客戶以及吸引和贊助新教練。所以效果非常好。因此，當您在一個季度進行這樣的促銷時，它確實會對下一季產生影響。

So last year, we ran a -- we had a promotion in Q2. And in this year, in our guidance, we're not really planning on having a promotion. That's not to say that we could not change our minds, but what our guidance is showing is that we're not going to be doing such things in this year. So hopefully, that addresses your question. And this -- I guess the last thing I wanted to say on that is that doesn't mean the following quarters would have that same accelerated trend, like you're referring to.

因此，去年，我們在第二季進行了促銷。而今年，根據我們的預期，我們實際上並沒有計劃進行促銷。這並不是說我們不能改變主意，但我們的指導表明，我們今年不會做這樣的事情。希望這能解答您的問題。我想我最後想說的是，這並不意味著接下來的幾季會出現同樣的加速趨勢，就像你提到的那樣。

Hey Jim -- go ahead and finish your question, and then I just have a couple of comments.

嘿，吉姆——繼續完成你的問題，然後我只想發表幾點評論。

No, go ahead.

不，繼續吧。

No, finish asking your question to Jim, and then I have just a couple of points to make.

不，先問吉姆你的問題，然後我只想說幾點。

So essentially, we should see 2Q as the low point in terms of year-over-year rate of decline, like it should be the highest year-over-year rate of decline for the year, if I'm interpreting what you're saying correctly?

因此，從本質上講，我們應該將第二季度視為同比下降率的最低點，就像它應該是今年同比下降率最高的季度一樣，如果我理解正確的話？

Well, I can't really go into that since we're not providing guidance, but that's the impact what you're seeing in Q2. But that -- I wouldn't lead that into -- if you're modeling it, that that trend will continue. That's really all I can say on that point.

嗯，我無法深入探討這個問題，因為我們沒有提供指導，但這就是您在第二季度看到的影響。但是 — — 我不會將其引入 — — 如果你對其進行建模，那麼這種趨勢將會持續下去。關於這一點我只能說這麼多。

Okay. That's fair.

好的。這很公平。

And Jim, I wanted to make you aware as well as anyone else who's joining the call for Q&A that we have joining us today for the Q&A session, Nick Johnson, as well. Some of you have met yet Nick before, but Nick is our Chief Field Operations Officer and President of OPTAVIA. And Nick is the one who works closely with our now 25,000 coaches across the country.

吉姆，我想讓你以及其他參加問答環節的人都知道，今天我們還有尼克·約翰遜參加問答環節。你們中的一些人可能之前已經見過尼克，但尼克是我們的首席現場營運長兼 OPTAVIA 總裁。尼克與我們目前在全國的 25,000 名教練密切合作。

And we want to specifically for him to be here so we can respond to any specific questions you have about progress and programs that we're making progress with the programs we're making that we're introducing to our coaches, as well as client acquisition productivity.

我們特別希望他能來這裡，這樣我們就可以回答您關於進展和計劃的任何具體問題，我們正在製定並向我們的教練介紹的計劃，以及客戶獲取效率。

Jim already touched on one of the important bright spots that we're talking about that we've seen in the field, which is a year-over-year improvement in new coaches. I think the other thing we've talked about over the past several quarters which continues to be an important trend is the improvement of productivity, which continues to moderate to this most recent quarter of being down 1.4% year-over-year.

吉姆已經談到了我們正在談論的、我們在該領域看到的一個重要亮點，那就是新教練的數量逐年提高。我認為我們在過去幾個季度中討論的另一件事仍然是一個重要趨勢，那就是生產力的提高，這一趨勢持續放緩，最近一個季度同比下降了 1.4%。

But that, as I've said before, is a reflection of what we believe is a trend and improving ability for our coaches to acquire new clients and also a key indicator, which has been in the past as we've analyzed the business for the last 15 years has been a -- correlated with what typically has been an improvement in year-over-year active earning coach numbers.

但正如我之前所說，這反映了我們認為的一種趨勢，即我們的教練獲取新客戶的能力正在提高，這也是一個關鍵指標，正如我們分析過去 15 年的業務一樣，這與通常逐年增加的活躍收入教練數量有關。

So I'll let you ask any specific questions, but I want to make sure that we'll give a few minutes or just a brief opportunity for Nick to talk about some of these programs that are helping us see that improvement in -- or an improvement in coach productivity. So Nick, just take a minute to reflect on what's happening in the field.

所以我會讓你問任何具體的問題，但我想確保我們能給尼克幾分鐘或一個簡短的機會來談論一些幫助我們看到教練生產力提高或提高的項目。所以尼克，請花一點時間來回顧現場發生的事情。

Yes. Thanks, Dan. And thanks, Jim. So if we look at those new cohorts as a bright spot we've been talking about in the prepared remarks, it really comes down to four factors. Number one, coach leaders have evolved their trainings to the new environment, which is key.

是的。謝謝，丹。謝謝你，吉姆。因此，如果我們將這些新群體視為我們在準備好的發言中談到的一個亮點，那麼它實際上可以歸結為四個因素。首先，教練領導者已經將他們的訓練發展到適應新環境，這是關鍵。

Those new coaches that have been brought in in the first quarter really only have experienced the GLP-1 environment. And as Dan said before, they're experiencing productivity rates that are consistent with even high-growth periods in the past.

第一季引入的那些新教練實際上只體驗過 GLP-1 環境。正如丹之前所說，他們的生產力與過去的高成長時期一致。

Second point here is the training has included support for those on and off GLP-1s. Half of our coaches in fact, have supported someone on the GLP-1 already. 25% of our coaches have been on a GLP-1 medication. So the third point here is growth in new coaches and growth in that new coach productivity, looking at it year-over-year. A lot of that has to do with some of the programming that we enacted in the first quarter.

第二點是訓練包括使用和未使用 GLP-1 的患者的支持。事實上，我們有一半的教練已經為 GLP-1 上的某個人提供過支持。我們的 25% 教練都曾服用過 GLP-1 藥物。因此，第三點是新教練數量的增長以及新教練生產力的增長，按年來看。這在很大程度上與我們在第一季實施的一些計劃有關。

So these are incentives that are designed to both drive client acquisition, which improves productivity. And it drives coach sponsoring. So as they're getting activated in their first few months acquiring new clients, then they're on to the next step, which is sponsoring coaches and becoming a mentoring coach or a business coach.

因此，這些激勵措施旨在推動客戶獲取，從而提高生產力。這也推動了教練贊助。因此，當他們在前幾個月積極招募新客戶時，他們就進入了下一步，即贊助教練並成為指導教練或商業教練。

So those incentives for coach leaders to help their new clients and coaches win in their early months is key to their progress through the compensation plan. As we talked about before, we did continue to pulse the client acquisition side through promotions. And we did that through our Spring Into Health program, which assisted in driving productivity for new coaches as well, pulling up those averages as we look year-over-year.

因此，對於教練領導者來說，幫助他們的新客戶和教練在最初幾個月取得成功的激勵措施是他們透過薪酬計畫取得進步的關鍵。正如我們之前所談到的，我們確實繼續透過促銷來推動客戶獲取方面。我們透過「Spring Into Health」計畫實現了這一目標，該計畫也有助於提高新教練的工作效率，並逐年提高平均水平。

I appreciate the thoughts. Maybe one question for you and then either Jim and Dan. So do you have a sense for -- of the new coaches, how many of them personally have utilized GLP-1? And is that new cohort, one that are kind of over-indexing to the portion of your coaches that utilize GLP-1? And then maybe a tag-on question to that. I think you guys said on the last call in January, the ASCEND product line was just under like 20% of orders. Just any update on that and how that progressed through the quarter and where we are today?

我很欣賞這些想法。也許我要問你一個問題，然後是吉姆和丹。那麼，您是否了解—在新的教練中，有多少人親自使用過 GLP-1？那麼，這個新群體是否對您使用 GLP-1 的那部分教練來說過於重要了？然後也許會有一個附加問題。我想你們在一月的上次電話會議上說過，ASCEND 產品線的訂單量略低於 20%。有關於此的任何更新以及本季度的進展情況以及我們目前的情況如何？

I can comment on that specific question with respect to how we're looking at those new coaches coming in. We haven't necessarily done that segmentation, but that is something that we could likely provide through Jim following the call. And then I'll let Jim respond to the ASCEND question.

我可以就我們如何看待這些新教練這一具體問題發表評論。我們不一定做過這種細分，但我們很可能會在電話會議後透過 Jim 提供這些資訊。然後我會讓吉姆回答 ASCEND 問題。

Yes. So on the ASCEND question, Jim, is we mentioned last call that we were -- that we were right in line with our expectations with the ASCEND line. And it continues -- that trend continued all the way through Q1. And we're at -- at the end of Q1, we're basically in the mid-teens for the ASCEND line for -- as the number of orders as a percent. So it's right in line with our expectations.

是的。因此，關於 ASCEND 問題，Jim，我們上次提到，我們與 ASCEND 系列的預期完全一致。而這種趨勢一直持續到第一季。而我們 — — 在第一季末，我們的 ASCEND 系列的訂單數量佔比基本上處於十幾歲左右。所以這完全符合我們的預期。

Okay. And then maybe one last question for me. If I think about the shift in focus on the company-led marketing and pulling back on the company-led marketing and investing back into the coaches, how should we think about that as impacting SG&A? Does that mean that you're pulling -- when you say pulling back, like you're not doing any company-led marketing anymore? Or it's just a reduction in the amount? Just kind of help us size up what that impact might look like on SG&A as we think about the progression there through the remainder of the year?

好的。這是我最後一個問題。如果我考慮將重點轉移到公司主導的行銷上，並撤回公司主導的行銷並重新投資於教練，我們應該如何看待這對 SG&A 的影響？這是否意味著您正在撤退——當您說撤退時，就像您不再進行任何公司主導的營銷一樣？還是只是數量的減少？當我們考慮今年剩餘時間內銷售、一般和行政費用的進度時，能否幫助我們評估一下這對銷售、一般和行政費用可能產生的影響？

Yes. So when you're doing your modeling, Jim -- look, we're doing things with the company-led, as we mentioned in our prepared remarks. But remember, that's -- as a percent of revenue, that was not that large of a percent as compared to the compensation we pay our coaches. And we look at those and we look at the driver of which one is -- has the better customer acquisition cost.

是的。因此，當你進行建模時，吉姆——看，我們正在以公司為主導開展工作，正如我們在準備好的發言中提到的那樣。但請記住，作為收入的百分比，與我們支付給教練的報酬相比，這個百分比並不是很大。我們會研究這些因素，看看哪一個驅動因素有更好的客戶獲取成本。

We looked at that when we first started piloting it through Q1, and what we've determined is reactivation works quite well with company-led. So we will continue to do that. So there will be some pullback, but it's not going to be that dramatic in your modeling.

當我們在第一季首次開始試行時，我們就研究過這個問題，並且我們確定，在公司主導下，重新激活效果很好。因此我們將繼續這樣做。因此會出現一些回調，但在您的建模中不會那麼劇烈。

Okay. We'll pass it on.

好的。我們會傳達它。

Doug Lane, Water Tower Research.

道格·萊恩（Doug Lane），水塔研究公司。

Thanks. Good afternoon, everybody. Nick, glad you could be on the call. I think what I'd like to get maybe from you, if I could, is some perspective on the impact that GLP-1 has had on your coaching community. I mean, I get all the opportunities that you mentioned with the weight loss and gaining it back after you go off the drug, but it also makes it controversial. So I wonder if the controversy of adding GLP-1 into the equation has had an impact on your coaching community?

謝謝。大家下午好。尼克，很高興你能接聽電話。如果可以的話，我想從您那裡了解 GLP-1 對您的教練界產生的影響。我的意思是，我得到了你提到的所有減肥機會，並且在停藥後體重會反彈，但這也引起了爭議。所以我想知道將 GLP-1 添加到方程式中的爭議是否對您的教練社群產生了影響？

Thanks, Doug, for the question. Certainly, the impact of the GLP-1 environment has been reflected in what we've been seeing throughout the last couple of years. It really, for us, is a training opportunity, if not necessarily a controversial topic in and of itself. It's simply a disruption that causes us to have to retrain around the new environment specifically.

謝謝道格提出這個問題。當然，GLP-1 環境的影響已經反映在過去幾年我們所看到的情況。對我們來說，這確實是一個培訓機會，儘管它本身並不一定是一個有爭議的話題。這只是一個中斷，導致我們必須圍繞新環境重新進行訓練。

And as you know, it takes time for a training around a new way of looking at the market and looking at your offering as it takes time to take hold and start to duplicate at scale inside of the network. So the disruption really has an effect on the training approach and adjusting our sales to what the environment is giving us. But also, we continue to see bright spots, as we said in the prepared remarks, as Dan said in the prepared remarks around what our new coaches are experiencing today. They only know the GLP-1 environment. They only know that the GLP-1s do exist. So it's not controversial for them.

如您所知，需要時間來培訓如何以新的方式看待市場和產品，因為它需要時間來紮根並開始在網路內部大規模複製。因此，這種中斷確實對培訓方法以及根據環境調整銷售產生了影響。但同時，我們也繼續看到亮點，正如我們在準備好的發言中所說的那樣，正如丹在準備好的發言中談到我們的新教練今天所經歷的事情一樣。他們只知道 GLP-1 環境。他們只知道 GLP-1 確實存在。所以這對他們來說並不具爭議。

They're still offering what we've historically offered in our core and then delivering beyond that from a lifestyle transformation perspective. So that's how I would respond to that question, Doug. Dan, anything from your side?

他們仍然提供我們過去在核心領域提供的產品，並從生活方式轉變的角度提供更進一步的產品。這就是我對這個問題的回答，道格。丹，你那邊有什麼消息嗎？

Yes. I think it's important, Doug, and I think you're kind of hitting on this. I mean, it's now been a little over two years since we've started to see GLP-1 drugs have a big impact across the country. And specifically, among what had been a pretty stable group of clients who are using OPTAVIA for their solution.

是的。我認為這很重要，道格，而且我認為你正在探討這個問題。我的意思是，我們開始看到 GLP-1 藥物在全國範圍內產生重大影響已經有兩年多了。具體來說，在相當穩定的客戶群中，他們都使用 OPTAVIA 作為解決方案。

But initially, the GLP-1 drugs were positioned as a solution to a problem that had been challenging for people who are struggling with overweightness or obesity. And what it's turned out and increasingly clear is that it's a tool to help, but not a solution for it. I mean consistently, the drugs were prescribed by physicians, along with lifestyle, but most either didn't know how to pursue a healthy lifestyle or what that actually meant or chose to take the easy route and just used them as an appetite suppressant.

但最初，GLP-1 藥物被定位為解決超重或肥胖者面臨的難題的解決方案。而事實越來越清楚的是，它是一種輔助工具，而不是解決方案。我的意思是，這些藥物一直是由醫生開的，與生活方式有關，但大多數人要么不知道如何追求健康的生活方式，要么不知道這實際上意味著什麼，要么選擇走捷徑，只是將它們用作食慾抑製劑。

In both cases, the challenges that were created with the GLP-1 drugs have become more apparent today than they were two years ago or the time between, which is when somebody uses a GLP-1 drug without modifying their lifestyle, has a very dramatic impact on their lean muscle mass. So you can lose up to 40% of your lean muscle mass or the weight loss in lean muscle mass.

在這兩種情況下，GLP-1 藥物所帶來的挑戰比兩年前或兩年間的時期更加明顯，即當人們使用 GLP-1 藥物而不改變生活方式時，他們的肌肉質量會受到非常顯著的影響。因此，您可能會損失高達 40% 的瘦肌肉質量或瘦肌肉質量的減輕。

And the other saying that the other part of the GLP-1 regimen that was not understood until more recently is that most are not interested in staying on drug for the rest of their lives. And as a result, 74% of GLP-1 patients stop taking the drug after one year. And that those who stopped taking it unless they engage in a lifestyle modification regain the weight back within the first year. And so what we are seeing with our coaches now that they have an understanding of that is an ability to bring in some of those what we refer to as off -- GLP off-ramp prospective clients and have them engage in the OPTAVIA program.

另一種說法是，GLP-1 方案的另一部分直到最近才被人們所理解，那就是大多數人對終生服用該藥物不感興趣。結果，74% 的 GLP-1 患者在一年後停止服用該藥物。那些停止服用該藥物的人除非改變生活方式，否則體重會在第一年內反彈。因此，我們現在看到的是，我們的教練們已經了解這一點，他們有能力引進一些我們所說的 GLP 出口潛在客戶，並讓他們參與 OPTAVIA 計畫。

And that's what's driving some of those statistics that we mentioned in the prepared remarks, which are that roughly 50% of our coaches now have had experience in coaching GLP-1 clients, so someone who is on or who has been on a GLP-1 drug. And also, 25% of our coaches themselves have either tried or are using a GLP-1 drug.

這就是我們在準備好的評論中提到的一些統計數據的驅動因素，即現在大約有 50% 的教練都有指導 GLP-1 客戶的經驗，也就是正在服用或曾經服用過 GLP-1 藥物的人。此外，我們 25% 的教練自己也嘗試過或正在使用 GLP-1 藥物。

So we're seeing this as a changing environment with an increasing opportunity for our coaches to support three segments: Those who don't want a GLP-1 drug to be part of their weight loss or health regimen; those who are transitioning off, so that 74%; and those who are on and want support with their lifestyle program that works with it. So it's a less kind of -- there are fewer questions now and more answers than we had previously, and our coaches are starting to perform accordingly.

因此，我們認為這是一個不斷變化的環境，我們的教練有越來越多的機會來支持三類人群：那些不想將 GLP-1 藥物作為減肥或健康養生方案一部分的人；那些正在轉型的人，佔 74%；以及那些正在使用並希望獲得與其相符的生活方式計劃支持的人。因此，現在的問題比以前少了，答案也多了，我們的教練也開始表現得更好了。

It's very helpful. That's good color. I mean, I get it, the landscape shifted dramatically with the introduction of GLP-1s. And so you adopted. And so now you're coaching. Your coaches are shipping as well in their ability to sell to all 3 of those clientele. But this is a lot of products now. Just out of curiosity, how much is a monthly cost of being fully on the GLP-1 and the supporting nutritional programs?

這非常有幫助。這顏色真好。我的意思是，我明白，隨著 GLP-1 的引入，情況發生了巨大變化。所以你就採用了。所以現在你是教練。您的教練也具備向所有這 3 種客戶群進行銷售的能力。但現在有很多這樣的產品。只是出於好奇，全面使用 GLP-1 和支持營養計劃每月的費用是多少？

Well, actually, the majority of the clients who are on a GLP-1 drug or have transitioned off and want to continue their weight loss, the majority are using our [5 & 1] program, so our classic program. Some of them also add the ACTIVE line, which is not a significant cost, but the -- think about the monthly cost of being on the 5 & 1 program is roughly $400. If you break that down into how much it is per meal, it's actually quite reasonable as that's feeding them 80% of their food in a given day.

嗯，實際上，大多數正在服用 GLP-1 藥物或已停藥並希望繼續減肥的客戶都在使用我們的 [5 & 1] 計劃，也就是我們的經典計劃。他們中的一些人還添加了 ACTIVE 線路，這不是一個很大的成本，但——想想 5&1 計劃的每月成本大約是 400 美元。如果你將其分解為每餐的量，這實際上是相當合理的，因為這相當於他們一天中 80% 的食物量。

So five out of the six meals is enough to be a program. So the change has not been dramatic, and the impact and the benefits of adding either the ACTIVE product or transitioning to the ASCEND line is actually very much in line with what they have paid in the past.

因此，六餐中的五餐足以成為一個計劃。因此，變化並不大，添加 ACTIVE 產品或過渡到 ASCEND 系列的影響和好處實際上與他們過去支付的費用非常一致。

Okay. And have you talked about LifeMD charges for the GLP-1 monthly?

好的。您有沒有談過 LifeMD 每月對 GLP-1 的收費情況？

LifeMD, I mean, is going -- there's a subscription cost to use their telehealth service, which is less than $20, I think.

我的意思是，LifeMD 正在推出——使用他們的遠距醫療服務的訂閱費用我認為不到 20 美元。

Yes. A month, yes. Yes.

是的。是的，一個月。是的。

And then the -- they have some -- a variety of price plans for their products, but the majority of people now I think is just true of our coaches who use them as well are covered through their insurance. And most of our coaches -- or the clients of our coaches who are using a GLP-1 drug are using their primary care physician in their own insurance. So we have about -- we'll just say a majority who are using their own physician services, but we have a complete offer that allows us to use LifeMD where necessary.

然後，他們針對其產品製定了各種價格計劃，但我認為現在大多數人，包括使用其產品的教練，都透過保險獲得了保障。我們的大多數教練——或者使用 GLP-1 藥物的教練的客戶都在自己的保險中使用他們的初級保健醫生。因此，我們大概可以說大多數人都在使用自己的醫生服務，但我們也提供完整的服務，讓我們在必要時可以使用 LifeMD。

Okay. That's helpful. Well, it's good to hear about the new coach cohorts. And hopefully, that bodes well for 2026 and beyond. Thank you.

好的。這很有幫助。嗯，很高興聽到有關新教練團隊的消息。希望這對 2026 年及以後來說是個好兆頭。謝謝。

Thanks, Doug.

謝謝，道格。

Thank you. We reached the end of our question-and-answer session. I'd like to turn the floor back over for any further or closing comments.

謝謝。我們的問答環節已經結束。我想再次請大家發表進一步的評論或結束語。

Thank you. I just wanted to say that we appreciate your questions and for the opportunity to further discuss the progress in our business transformation. And as we adjust our model and train our coaches and continue to refine our offer, we're focusing on better meeting the needs of customers in this changing environment. But continue to emphasize that today, we understand in a far deeper way, how our lifestyle program integrates with those who are on GLP-1 drugs, transitioning off or those who choose not to use them.

謝謝。我只想說，我們感謝您的提問，也感謝您給我們機會進一步討論我們業務轉型的進展。隨著我們調整模式、訓練教練並不斷完善我們的服務，我們正致力於在這個不斷變化的環境中更好地滿足客戶的需求。但繼續強調的是，今天，我們以更深入的方式理解了我們的生活方式計劃如何與那些正在服用 GLP-1 藥物、正在停用或選擇不使用 GLP-1 藥物的人相結合。

So we look forward to continuing our efforts to improve productivity as we move forward, and we'll provide you with additional details regarding our progress in our next call or for those of you who are participating in investor conferences that we'll be on. We will see you there as well. Thank you, everyone, and have a great day.

因此，我們期待在未來繼續努力提高生產力，我們將在下次電話會議上向您提供有關我們進展的更多詳細信息，或者為參加我們將參加的投資者會議的各位提供有關我們進展的更多詳細信息。我們也會在那裡見到您。謝謝大家，祝大家有個愉快的一天。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your lines at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路直播到此結束。此時您可以斷開線路，享受美好的一天。我們感謝您今天的參與。