Nature's Sunshine Products Inc (NATR) 2025 Q1 法說會逐字稿

Good afternoon, everyone, and thank you for participating in today's conference call to discuss Nature's Sunshine's financial results for the first quarter ended March 31, 2025. Joining us today are Nature's Sunshine CEO, Terrence Moorehead; CFO, Shane Jones; and General Counsel, Nate Brower. Following the remarks, we'll open the call for analyst questions.

大家下午好，感謝大家參加今天的電話會議，討論自然陽光截至 2025 年 3 月 31 日第一季的財務業績。今天與我們一起參加活動的有 Nature's Sunshine 執行長 Terrence Moorehead、財務長 Shane Jones 和總法律顧問 Nate Brower。發言結束後，我們將開始回答分析師的問題。

Before we go further, I would like to turn the call over to Mr. Brower as he reads the company's Safe Harbor statements within the meaning of the Private Securities Litigation Reform Act of 1995 that provides important cautions regarding forward-looking statements. Nate, please go ahead.

在我們進一步討論之前，我想將電話轉給布勞爾先生，他將根據 1995 年《私人證券訴訟改革法案》的含義閱讀公司的安全港聲明，該法案對前瞻性陳述提供了重要的警告。內特，請繼續。

Good afternoon, and thanks for joining our conference call to discuss our first-quarter 2025 financial results. I'd like to remind everyone that this call is available for replay via telephonic dial-in through May 20 and via a live webcast that will be posted in the Investor Relations portion of our website at ir.naturesunshine.com. The information on this call contains forward-looking statements. These statements are often characterized by terminologies such as believe, hope, may, anticipate, expect, will, and other similar expressions.

下午好，感謝您參加我們的電話會議討論我們的 2025 年第一季財務業績。我想提醒大家，本次電話會議可透過電話重播，截止日期為5月20日，也可透過網路直播重播，直播內容將發佈在我們網站ir.naturesunshine.com的投資者關係板塊。本次電話會議中的資訊包含前瞻性陳述。這些陳述通常以相信、希望、可能、預期、期望、將和其他類似的表達方式為特徵。

Forward-looking statements are not guarantees of future performance, and the actual results may be materially different from the results implied by forward-looking statements. Factors that could cause results to different materially from those implied herein include, but are not limited to, those factors disclosed in the company's annual report on Form 10-K under the caption Risk Factors and other reports filed with the Securities and Exchange Commission. The information on this call speaks only as of today's date, and the company disclaims any duty to update the information provided herein.

前瞻性陳述並非對未來績效的保證，實際結果可能與前瞻性陳述所暗示的結果有重大差異。可能導致結果與本文暗示的結果有重大差異的因素包括但不限於公司在 10-K 表格年度報告「風險因素」標題下披露的因素以及向美國證券交易委員會提交的其他報告中披露的因素。本次電話會議中的資訊僅代表截至今日的情況，本公司不承擔更新此處提供的資訊的任何義務。

Now I would like to turn the call over to the CEO of Nature's Sunshine, Terrence Moorehead. Terrence?

現在我想把電話轉給 Nature's Sunshine 的執行長 Terrence Moorehead。特倫斯？

Thank you, Nate, and good afternoon, everyone. I want to thank you for joining today's call to discuss our first quarter results. Today, I'll provide an overview of our first-quarter performance and offer some insights into how the business is building momentum. From there, Shane will take you through our financials in more detail.

謝謝你，內特，大家下午好。感謝您參加今天的電話會議來討論我們的第一季業績。今天，我將概述我們第一季的業績，並對業務如何發展提供一些見解。接下來，Shane 將向您更詳細地了解我們的財務狀況。

To begin, we find ourselves operating in an increasingly uncertain macroeconomic environment as international trade, tariffs, and consumer sentiment have become increasingly volatile. So before I dive in, I want to take a moment to share some thoughts on how we're approaching the current situation. And specifically, I'd like to talk about our plans to get ahead of the evolving tariff situation and the actions we're taking to protect the business and our customers.

首先，我們發現自己處在一個越來越不確定的宏觀經濟環境中，因為國際貿易、關稅和消費者情緒變得越來越不穩定。因此，在深入探討之前，我想花點時間分享一些關於我們如何處理當前情況的想法。具體來說，我想談談我們應對不斷變化的關稅情況的計劃，以及我們為保護企業和客戶而採取的行動。

Despite increased market uncertainty, the underlying demand for our products remains strong, and our outlook for 2025 remains positive. Importantly, we've taken some aggressive steps to minimize our exposure to the tariffs like increasing raw ingredient inventory, enforcing pricing contracts with key suppliers, and moving finished goods into selected markets to avoid retaliatory tariffs.

儘管市場不確定性增加，但我們產品的潛在需求依然強勁，我們對 2025 年的展望依然樂觀。重要的是，我們採取了一些積極措施來盡量減少關稅的影響，例如增加原材料庫存、與主要供應商簽訂定價合約以及將成品轉移到選定的市場以避免報復性關稅。

For our high-risk products, we're holding anywhere from 9 to 12 months of inventory. This gives us time to realign our supply chain, find alternative suppliers, identify product substitutes, evaluate pricing, or make any other necessary adjustments. Based on our plans, we believe we're well positioned to address the threat posed by the tariffs in 2025.

對於高風險產品，我們持有 9 至 12 個月的庫存。這使我們有時間重新調整供應鏈、尋找替代供應商、確定產品替代品、評估價格或進行任何其他必要的調整。根據我們的計劃，我們相信我們已準備好應對 2025 年關稅帶來的威脅。

We continue to monitor the situation and are particularly sensitive to how consumer spending will be impacted if household budgets come under increased pressure. Our goal is to continue our positive customer growth trend so we've tried to position ourselves in a way that allows us to avoid tariff-related price increases that might interrupt our momentum.

我們將繼續監測局勢，並特別關注如果家庭預算面臨越來越大的壓力，消費者支出將受到怎樣的影響。我們的目標是延續積極的客戶成長趨勢，因此我們努力避免與關稅相關的價格上漲，因為這可能會阻礙我們的發展勢頭。

Now with that as a backdrop, we're very pleased to report that 2025 is off to a strong start. First-quarter results beat analyst expectations as revenue came in at $113 million or $115 million on a constant currency basis, up 5% versus prior year. Adjusted EBITDA was also strong, coming in at $11 million, up 20% versus prior year. The results reflect strong execution of our strategies in Asia Pacific and Europe, while leading indicators show us building momentum in North America.

以此為背景，我們非常高興地報告，2025 年將迎來一個強勁的開局。第一季業績超出分析師預期，營收達 1.13 億美元，以固定匯率計算為 1.15 億美元，較上年成長 5%。調整後的 EBITDA 也表現強勁，達到 1,100 萬美元，較上年增長 20%。業績反映了我們在亞太地區和歐洲的策略執行力度強勁，而領先指標則顯示我們在北美的發展勢頭強勁。

In Asia Pacific, we continue to benefit from the strategic changes that we made to our marketing mix as first-quarter revenue increased 10% versus prior year on a local currency basis. Once again, Japan and Taiwan were standout performers as sales increased 24% and 18%, respectively, on a local currency basis. Our strategy to refocus the business on high-velocity products that offer an attractive repay purchase opportunity continued to drive strong order growth, while the expansion of our Subscribe & Thrive autoship program helped improve customer activation and drive orders. Overall, we remain very encouraged by the strength of our business in the region.

在亞太地區，我們繼續受益於對行銷組合做出的策略性改變，第一季營收以當地貨幣計算較上年同期成長了 10%。日本和台灣再次表現突出，銷售額以當地貨幣計算分別成長了 24% 和 18%。我們的策略是將業務重點重新放在提供有吸引力的償還購買機會的高速產品上，這繼續推動訂單的強勁增長，而我們的「訂閱與繁榮」自動發貨計劃的擴展有助於提高客戶激活度並推動訂單。總體而言，我們對我們在該地區的業務實力感到非常鼓舞。

In Europe, our performance continued to strengthen, as sales increased 9% on a constant currency basis. The strong performance was primarily driven by Central Europe, which was up 16% in local currency, as we continued to see positive results from the team's disciplined approach and strong execution. An intensified focus on the power line continued to drive sales and customer spend while our expansion into the Baltic states helped increase customer activation. Moving forward, we expect to see continued positive momentum in the region.

在歐洲，我們的業績持續增強，銷售額以固定匯率計算成長了 9%。強勁的表現主要得益於中歐地區，該地區以當地貨幣計算上漲了 16%，因為我們繼續看到團隊嚴謹的態度和強有力的執行所帶來的積極成果。對電力線的加強關注繼續推動銷售和客戶支出，而我們向波羅的海國家的擴張有助於提高客戶活躍度。展望未來，我們預計該地區將繼續保持積極勢頭。

In North America, sales were down 4% and on a very difficult comparison versus prior year. Having said that, Q1 performance was slightly ahead of expectations as we saw our third consecutive quarter of sequential order growth a positive sign that we're building momentum.

在北美，銷售額下降了 4%，與去年同期相比，情況非常嚴峻。話雖如此，第一季的業績略高於預期，因為我們看到連續第三個季度的訂單增長，這是一個積極的信號，表明我們正在積累動力。

Additionally, our nutritional health practitioners, specialty retailers, and affiliates continued to show improved fundamentals in response to some organizational changes that were put in place to improve touch management, discipline, and support. We also continued to build our digital capabilities to attract and retain customers.

此外，為了改善接觸管理、紀律和支持，我們的營養保健從業者、專業零售商和附屬公司繼續表現出基本面的改善，以回應一些組織變革。我們也繼續建立我們的數位能力來吸引和留住客戶。

In the first quarter, digital sales increased 19% versus prior year, which is more than double the supplement industry's digital growth rate. So we continue to gain share in this segment and are on track with our strategy.

第一季度，數位銷售額較上年同期成長了 19%，是補充劑產業數位成長率的兩倍多。因此，我們在該領域的份額不斷增加，並且我們的策略也在穩步推進。

We're also encouraged by our Subscribe & Thrive autoship program that represents approximately 26% of total sales and about 45% of DTC sales. We expect to see continued growth from Subscribe & Thrive as it continues to be the most attractive way to buy our products. Moving forward, we believe there is significant untapped potential in North America and expect to continue to build momentum in 2025.

我們的「訂閱與繁榮」自動出貨計畫也令我們感到鼓舞，該計畫約佔總銷售額的 26% 和 DTC 銷售額的 45% 左右。我們預計「訂閱與繁榮」將持續成長，因為它仍然是購買我們產品最具吸引力的方式。展望未來，我們相信北美還有巨大的未開發潛力，並預計到 2025 年將繼續保持強勁發展勢頭。

Finally, in March, we launched our 2024 impact report that outlines our ongoing commitment to sustainability and transparency. Our customers understand and appreciate the value of our sustainability initiatives offer, and they count on us to bring them the best, most reliable products in the world.

最後，我們在三月發布了 2024 年影響報告，概述了我們對永續性和透明度的持續承諾。我們的客戶理解並欣賞我們的永續發展舉措所提供的價值，他們依靠我們為他們帶來世界上最好、最可靠的產品。

To live up to their expectations, we set bold sustainability goals that include everything from reducing our carbon emissions by 50% and to cutting waste by 35% from utilizing 100% solar power at our manufacturing facility to achieving zero waste certification at our US distribution centers and delivering zero waste to landfill in the US.

為了不辜負他們的期望，我們制定了大膽的可持續發展目標，其中包括減少 50% 的碳排放、減少 35% 的浪費、在製造工廠使用 100% 的太陽能、在美國配送中心實現零浪費認證以及在美國實現零浪費填埋。

I'm pleased to share that we achieved most of the sustainability goals we established, which is a testament to the strength of our culture and our commitment to responsible business practices. Of course, we look forward to doing more to proactively impact our planet in the future.

我很高興地告訴大家，我們實現了大部分既定的永續發展目標，證明了我們文化的力量和我們對負責任的商業實踐的承諾。當然，我們期待未來能做出更多努力來正面影響我們的地球。

In closing, as we look ahead to the balance of 2025, we're encouraged by the strength of our first quarter results and remain confident in the underlying fundamentals of the business. Our investments in field activation, product marketing and digital have been instrumental in strengthening demand for our products as evidenced by our double-digit growth in Asia Pacific, exceptional growth in Europe and double-digit customer growth in North America.

最後，展望 2025 年，我們對第一季業績的強勁表現感到鼓舞，並對業務的基本面充滿信心。我們在現場活化、產品行銷和數位化方面的投資對於增強我們產品的需求起到了重要作用，這從我們在亞太地區的兩位數增長、在歐洲的卓越增長以及在北美的兩位數客戶增長中可以看出。

We're excited about the opportunities in front of us, and will continue to drive operational improvements and capitalize on emerging opportunities to deliver long-term value for our shareholders.

我們對眼前的機會感到興奮，並將繼續推動營運改進，利用新興機會為股東創造長期價值。

With that, I'd like to turn the call over to our Chief Financial Officer, Shane Jones. Shane?

說到這裡，我想把電話轉給我們的財務長 Shane Jones。肖恩？

Thank you, Terrence. Let's talk about results in more detail. Net sales in the first quarter were $113.2 million compared to $111 million in the year ago quarter, a 2% increase versus the prior year were a 5% increase, excluding the impact of foreign exchange rates. As Terrence discussed, this was driven by strong performance across both Asia Pacific and Europe.

謝謝你，特倫斯。讓我們更詳細地討論結果。第一季淨銷售額為 1.132 億美元，而去年同期為 1.11 億美元，較去年同期成長 2%，不包括外匯匯率的影響，較去年同期成長 5%。正如特倫斯所討論的，這是由亞太地區和歐洲的強勁表現所推動的。

Looking at sales by market in Q1, I'll start with APAC. In Asia Pacific, we reported growth of 5% to $48.7 million or up 10% when excluding the impact of foreign exchange. This was driven by a very strong growth in Taiwan and Japan, where sales on a local currency basis grew 18% and 24%, respectively, in Q1. The strategies we implemented last year continue to produce the results intended doing growth in both customers and transactions. We're especially excited about the momentum that we see in Japan, where new customer growth has exceeded 20% for three straight quarters now.

從第一季各市場銷售額來看，我將從亞太地區開始。在亞太地區，我們的營收成長了 5%，達到 4,870 萬美元，若排除外匯影響則成長了 10%。這是由於台灣和日本的強勁成長所致，這兩個地區第一季的銷售額以當地貨幣計算分別成長了 18% 和 24%。我們去年實施的策略持續產生預期成果，實現了客戶和交易的成長。我們對日本的發展動能感到特別興奮，日本新客戶成長率已連續三個季度超過 20%。

Sales in Europe during Q1 increased 8% on a reported basis and 9% on a local currency basis. Excellent field execution, combined with the strong adoption of our Power Line products and continued expansion in the Baltics, drove robust growth in Central Europe, where sales increased 15%. We're also seeing some encouraging signs in Eastern Europe, where sales grew 8% year-over-year during Q1.

第一季歐洲銷售額按報告計算成長了 8%，以當地貨幣計算成長了 9%。出色的現場執行，加上我們電力線產品的廣泛採用以及波羅的海地區的持續擴張，推動了中歐地區的強勁增長，銷售額增長了 15%。我們也在東歐看到了一些令人鼓舞的跡象，那裡第一季的銷售額年增了 8%。

Looking at our North America business, sales declined 4% on both a reported and local currency basis. The sales decline in North America is reflective of a difficult year-over-year comp as Q1 2024 was a strong quarter over 5% growth.

縱觀我們的北美業務，銷售額按報告貨幣和當地貨幣計算均下降了 4%。北美銷售額的下滑反映出同比業績的艱難，因為 2024 年第一季的增幅超過 5%。

In addition to that, we continue to see increased uncertainty in the North America macroeconomic environment, which is impacting consumer sentiment. Despite that headwind, we see encouraging signs in both our digital and core businesses. The additional business grew 19% in Q1, showing 2 points of sequential acceleration versus Q4. This growth was driven by a 30% increase in DTC customers, along with increases in ordering accounts, retention and Amazon sales.

除此之外，我們繼續看到北美宏觀經濟環境的不確定性增加，這正在影響消費者情緒。儘管面臨逆風，我們仍然看到數位業務和核心業務中令人鼓舞的跡象。第一季附加業務成長19%，較第四季季增2個百分點。這一增長得益於 DTC 客戶數量增加 30%，以及訂購帳戶、保留率和亞馬遜銷售額的成長。

In addition to this strength, we are also seeing stabilization and early signs of improvement in our core business, which should lead to sequential improvement in sales trends during Q2 and Q3. The combination of these factors increases our confidence that we're moving in the right direction as we work to stabilize and reaccelerate growth in the region.

除了這一優勢之外，我們還看到核心業務的穩定和早期改善跡象，這將導致第二季和第三季的銷售趨勢持續改善。這些因素的結合增強了我們的信心，讓我們相信，我們在努力穩定和加速該地區成長的過程中，正朝著正確的方向前進。

Gross margin in the first quarter increased 90 basis points to 72.1% compared to a year ago, driven by the results of our gross margin initiatives, combined with disciplined cost management. Q1 gross margin results also showed sequential improvement from Q4, reflecting steady margin improvement.

第一季毛利率較去年同期成長 90 個基點，達到 72.1%，這得益於我們毛利率舉措的成果以及嚴格的成本管理。第一季毛利率結果也較第四季有所改善，反映出利潤率穩定提高。

We expect that trend to continue in coming quarters as we realize savings from our initiatives and as the negative impact of foreign exchange rates diminishes. This improvement will be despite negative headwinds caused by recent tariff announcements and volatility due to the rapidly evolving trade landscape. We have a diverse supply chain and have already taken measures to prepare for and mitigate the impacts of recent trade policy changes. Therefore, we believe we are well positioned to be able to adapt and adjust as necessary and expect minimal impact to gross margin in 2025.

我們預計，隨著我們透過這些措施實現節省，並且外匯匯率的負面影響逐漸減弱，這一趨勢將在未來幾季繼續下去。儘管近期的關稅公告和快速變化的貿易狀況帶來的波動帶來了不利影響，但這種情況仍將得到改善。我們擁有多元化的供應鏈，並已採取措施應對和減輕近期貿易政策變化的影響。因此，我們相信我們有能力根據需要進行調整，並預計 2025 年對毛利率的影響將降至最低。

Volume incentives as a percentage of net sales were 30.8% compared to 30.2% in the year ago quarter. The increase was primarily due to changes in market mix. Selling, general and administrative expenses during the first quarter were $40.6 million compared to $40.8 million in the year ago quarter. The decrease was due to our cost-out initiatives and strong cost control. As a percentage of net sales, SG&A expenses decreased to 35.8% in the first quarter compared to 36.7% a year ago. We continue to scrutinize costs closely and ensure that investments have a strong return on investment. As such, we expect SG&A to remain near these levels as we progress through the year.

銷售獎勵佔淨銷售額的 30.8%，去年同期為 30.2%。成長主要是由於市場結構的變化。第一季的銷售、一般及行政開支為 4,060 萬美元，而去年同期為 4,080 萬美元。成本下降是由於我們的成本削減措施和強有力的成本控制。淨銷售額的百分比，銷售、一般及行政費用在第一季下降至 35.8%，而去年同期為 36.7%。我們將繼續嚴格審查成本，確保投資獲得豐厚的投資回報。因此，我們預計，隨著全年的推進，銷售、一般及行政費用 (SG&A) 將保持在這些水準附近。

Operating income increased to $6.2 million or 5.4% of net sales compared to $4.6 million or 4.2% of net sales in the year ago quarter. GAAP net income attributable to common shareholders for the first quarter was $4.7 million or $0.25 per diluted common share compared to net income of $2.3 million or $0.12 per diluted share in the year ago quarter. Adjusted EBITDA, as defined in our earnings release, increased 20% to $11 million compared to $9.2 million in the year ago quarter.

營業收入增至 620 萬美元，佔淨銷售額的 5.4%，去年同期為 460 萬美元，佔淨銷售額的 4.2%。第一季歸屬於普通股股東的 GAAP 淨利潤為 470 萬美元，即每股攤薄收益 0.25 美元，而去年同期的淨利潤為 230 萬美元，即每股攤薄收益 0.12 美元。調整後的 EBITDA（如我們的收益報告中所定義）較去年同期的 920 萬美元增長 20%，達到 1,100 萬美元。

Our balance sheet remains clean with cash and cash equivalents of $86.5 million and zero debt. Inventory increased to $64.9 million at the end of the first quarter which is $5.5 million more than we ended 2024. We made a conscious decision to increase inventory levels of both raw materials and finished goods to support service levels and in preparation for tariff-related costs and delays. Net cash provided by operating activities was $2.6 million compared to $2.2 million in the prior year period.

我們的資產負債表保持清潔，現金和現金等價物為 8,650 萬美元，且零債務。第一季末庫存增加至 6,490 萬美元，比 2024 年底的庫存多出 550 萬美元。我們有意識地決定增加原材料和成品的庫存水平，以支持服務水平並為與關稅相關的成本和延誤做好準備。經營活動產生的淨現金為 260 萬美元，去年同期為 220 萬美元。

We repurchased 38,000 shares for approximately $0.5 million during the quarter ended March 31, 2025, with $8.3 million remaining on our previous $30 million share repurchase program. As announced today, the company's Board of Directors increased our share repurchase authority by an additional $25 million, bringing the total to $33.3 million, we believe that our shares are substantially undervalued and plan to leverage this increased buyback authority to take advantage of the current opportunity. Looking beyond share repurchases, our healthy capital allocation structure positions us well to continue our digital transformation and other strategic initiatives.

在截至 2025 年 3 月 31 日的季度中，我們以約 50 萬美元的價格回購了 38,000 股，而我們先前的 3,000 萬美元股票回購計畫還剩餘 830 萬美元。正如今天宣布的那樣，公司董事會將我們的股票回購權額外增加了 2500 萬美元，使總額達到 3330 萬美元，我們認為我們的股票被嚴重低估，併計劃利用這一增加的回購權來利用當前的機會。除了股票回購之外，我們健康的資本配置結構使我們能夠繼續進行數位轉型和其他策略性舉措。

Now turning to our 2025 outlook. We are reiterating our previous guidance, expecting full year 2025 net sales to range between $445 million and $470 million, inclusive of an estimated $5 million headwind to growth due to foreign exchange, thereby implying year-over-year growth net of foreign exchange between negative 1% and 5%.

現在轉向我們的 2025 年展望。我們重申先前的指引，預計 2025 年全年淨銷售額將在 4.45 億美元至 4.7 億美元之間，其中包括因外匯造成的約 500 萬美元的成長阻力，這意味著扣除外匯因素後的同比增長率將在-1% 至 5% 之間。

This guidance includes the assumption of a challenged macroeconomic environment, both in the United States and globally. It also reflects a conservative stance as we assess the impact of tariffs on raw materials supply chain disruptions and the effect on consumer behavior. For adjusted EBITDA, we continue to expect to range between $38 million and $44 million. This assumes that gross margin will be flat to modestly higher in 2025 and that quarterly SG&A will be $40 million to $42 million.

該指南假設美國和全球的宏觀經濟環境都面臨挑戰。當我們評估關稅對原材料供應鏈中斷的影響以及對消費者行為的影響時，這也反映了保守的立場。對於調整後的 EBITDA，我們繼續預計在 3800 萬美元至 4400 萬美元之間。這假設 2025 年毛利率將保持穩定或略有上升，且季度銷售、一般及行政費用 (SG&A) 將為 4,000 萬美元至 4,200 萬美元。

Overall, we believe that the company is very well positioned to capture current market opportunities while navigating and adjusting to shifting trade policy and macroeconomic uncertainty. Our strategic initiatives are yielding good results and our cost-out measures have made us more streamlined and more efficient. This work, combined with our best-in-class product portfolio, passionate distributors and loyal customer base, position us well for significant future growth and continued profitability despite potential short-term headwinds.

總體而言，我們相信該公司完全有能力抓住當前的市場機會，同時應對和適應不斷變化的貿易政策和宏觀經濟不確定性。我們的策略性措施正在產生良好的效果，我們的成本削減措施使我們更加精簡、更有效率。這項工作，加上我們一流的產品組合、熱情的分銷商和忠誠的客戶群，使我們在面臨短期潛在阻力的情況下，能夠實現未來的顯著增長和持續盈利。

Now I will turn the time back to the operator.

現在我將把時間交還給接線員。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Brian Holland, Davidson.

布萊恩·霍蘭德，戴維森。

Thanks. Good afternoon and congratulations on the strong start to the year. To clarify this, how did 1Q come in vis-a-vis internal expectations? Were they ahead?

謝謝。下午好，祝賀您今年取得了良好的開端。為了澄清這一點，第一季與內部預期相比如何？他們領先嗎？

We were slightly ahead of our internal expectations for the quarter.

我們本季的業績略高於內部預期。

Perfect. So just maybe a little bit more specificity around thinking about guidance over the balance of the year, trying to discern how much of what we're seeing here in the maintaining of guidance is a reflection of and it's only one quarter versus trying to signal forthcoming pressures or headwinds whether it's tariffs or whatever.

完美的。因此，在思考全年的指導方針時，可能需要更加具體一些，試圖辨別我們在維持指導方針中所看到的有多少是反映，而且這只是一個季度，而不是試圖預示即將到來的壓力或逆風，無論是關稅還是其他什麼。

So I guess what I'm getting at is, can you assume at the midpoint of guidance that the macro backdrop worsens from what we saw in 1Q over the balance of the year or sustains from where we've been over the last three months?

所以我想我要問的是，在指導的中期，你能否假設宏觀背景會比我們在今年第一季看到的情況更糟，還是會維持過去三個月的情況？

Yes. Thanks for the question, Brian. Yes, so we're very encouraged by the way that the year has started. We had a good Q1. Our continued -- our business continues to run very well.

是的。謝謝你的提問，布萊恩。是的，我們對今年的開局感到非常鼓舞。我們的第一季表現良好。我們的業務持續運作良好。

We just noted an uncertain environment. And so therefore, we're taking a conservative stance. As you think about the guidance that we've given, really, the midpoint of the guidance would say that we continue to have some macroeconomic instability that we continue to see some issues with tariffs, and we continue to see that impact not only in the United States but other parts of the country.

我們剛剛注意到一個不確定的環境。因此，我們採取保守的立場。當你思考我們給出的指導時，實際上，指導的中間點會說我們繼續存在一些宏觀經濟不穩定性，我們繼續看到一些關稅問題，我們繼續看到這種影響不僅在美國，而且在該國其他地區。

The lower end of that guidance would say we're really in a recession-type environment, where things get very bad. And then the upper end would say that we continue to see the things that we've seen in Q1. We continue to see good results, and we get to that number.

這份指引的下限是說，我們確實處於衰退型環境中，情況變得非常糟糕。然後上端會說我們繼續看到我們在第一季看到的事情。我們繼續看到良好的結果，並且我們達到了這個數字。

Very helpful. Yes. No, that's perfect. And one other follow-up on the guidance. Relative to whatever may have been factored into the initial guide for tariffs, if anything, going back a couple of months, based on what's known today, any changes there for better or worse with respect to other than obviously some of the pauses that have been put in place, anything look better or worse relative to what might have been embedded in initial expectations?

非常有幫助。是的。不，那太完美了。還有另一項關於該指南的後續行動。相對於最初的關稅指南中可能考慮到的所有因素，如果有的話，回顧幾個月前，根據今天已知的情況，除了顯然已經實施的一些暫停措施之外，還有什麼變化是好是壞，相對於最初的預期，有什麼看起來更好或更壞嗎？

That's a rapidly changing environment, obviously. So day-to-day, obviously, things can change all the time. So I can't say that nothing has changed. But at the same time, when we issued this guidance last quarter, we were very conservative, very thoughtful about making sure that it would encompass all situations that could occur.

顯然，這是一個快速變化的環境。因此，顯然，每天都會發生一些變化。所以我不能說什麼都沒有改變。但同時，當我們在上個季度發布該指南時，我們非常保守，非常周到，以確保它涵蓋所有可能發生的情況。

I would say -- I would reiterate that again to say we are trying to encompass things that we may not even know at this point as far as impacts to the economy from tariffs.

我想說——我想再次重申這一點，我們正試圖涵蓋目前我們可能還不知道的關稅對經濟的影響。

And I think what we would say is we've tried to do our homework on our end to make sure that we've done everything that we can do to prepare to offset, as Shane has mentioned earlier, the potential impact of tariffs.

我想我們要說的是，我們已經盡力做好了準備，以確保我們已盡一切努力做好準備，以抵消關稅的潛在影響，正如肖恩之前提到的那樣。

So we've tried to be prepared. We've tried to buy ourselves some time so that we can react to things across our supply chain. But it's a highly uncertain volatile market but we've done everything we think we can to protect ourselves in 2025.

因此我們盡力做好準備。我們試圖為自己爭取一些時間，以便能夠對整個供應鏈中的問題做出反應。但這是一個高度不確定且波動的市場，但我們已經盡了一切努力來保護自己在 2025 年的安全。

I'm tired of answering the question. I thought it would be fun to see someone else try to take a swing at it, but I appreciate the color, very helpful.

我已經厭倦回答這個問題了。我認為看到別人嘗試揮舞它會很有趣，但我很欣賞這種顏色，非常有幫助。

Switching maybe strategically, curious about the new digital toolkit. Just checking to see, is that still on track for launch in North America in the second half of '25. And then maybe to what extent have your practitioners been able to test, get comfortable with the toolkit?

轉換可能具有戰略意義，對新的數位工具包感到好奇。只是想確認一下，它是否仍有望在 25 年下半年在北美推出。那麼，您的從業人員在多大程度上能夠測試並熟悉該工具包？

And maybe just this would be a fairly significant rollout. So anything else you're doing to minimize order disruption during the introductory phase?

或許這只是相當重要的舉措。那麼，您還採取了什麼措施來盡量減少介紹階段的訂單中斷呢？

Yes. We do not anticipate any order disruption. This would be an incremental opportunity for them. So this won't interrupt any of the processes that the practitioners or retailers who want to use the tools it won't disrupt them in any way. We are still on track for a kind of back half of the year launch.

是的。我們預計不會有任何訂單中斷的情況。這對他們來說將是一個漸進的機會。因此，這不會中斷任何流程，對於想要使用這些工具的從業者或零售商來說，也不會以任何方式乾擾他們。我們仍計劃在今年下半年推出某種產品。

In preparation for that, we will be getting it in people's hands. So right now, it's still kind of in our hands internally -- we have some processes to go through before we can kind of start showing it and getting it out to people, but on a larger scale. So we're very optimistic and very, very pleased about the potential of really getting some powerful tools in our people's hands that will allow them to manage their customer bases better and hopefully attract new customers to their businesses as well.

為了做好準備，我們將把它交到人們手中。所以現在，它仍然在我們內部掌控之中——我們還需要經過一些流程才能開始展示它並向人們發布，但規模要更大。因此，我們非常樂觀，也非常高興，我們真的能夠為員工提供一些強大的工具，讓他們能夠更好地管理客戶群，並希望為他們的業務吸引新客戶。

Susan Anderson, Canaccord Genuity.

蘇珊安德森（Susan Anderson），Canaccord Genuity。

Hi, good evening, thanks for taking questions. How's it going?

大家好，晚上好，感謝您的提問。怎麼樣了？

Great, how are you doing today?

太好了，你今天過得怎麼樣？

Good. If you can talk a little bit about Europe and Asia, obviously, seeing very strong performance there. I think Europe has been growing for several quarters now and Asia, kind of just right behind them.

好的。如果您能稍微談談歐洲和亞洲，顯然您會看到那裡的表現非常強勁。我認為歐洲已經連續幾個季度保持成長，而亞洲則緊隨其後。

So I guess how are you thinking about kind of the tailwinds there, the drivers there to kind of continue that growth as we look forward? Do you still see a lot of kind of market share or customers that you can kind of grab in those markets to continue to drive that growth?

那麼我想問一下，您如何看待那裡的順風因素以及推動未來繼續成長的驅動因素？您是否仍然認為您可以在這些市場中搶佔大量市場份額或客戶，以繼續推動這種成長？

I think the market opportunities continue to be there for us. The businesses in both of those two regions are driven by very strong fundamentals across sales and marketing. So we feel very good about that. We feel confident that when we go to market with either new products or we want to engage with kind of even to penetrate further with existing products. We have a powerful kind of approach to the market. So I think we feel good about both of those businesses and the opportunities are still there.

我認為市場機會仍然存在。這兩個地區的業務都受到銷售和行銷方面強勁基本面的推動。因此我們對此感到非常高興。我們相信，當我們將新產品推向市場，或者我們想進一步滲透現有產品時。我們對市場採取了強而有力的方法。所以我認為我們對這兩項業務都感到滿意，而且機會仍然存在。

Having said that, in APAC, they'll be going up in the back half of the year against some of their largest sales. And so right now, they've got great runway ahead of them. The challenge is going to be for them to keep that momentum up in the back half of the year. But again, it's a very strong team, very strong kind of opportunity for us. Shane, do you have any additional thoughts kind of on that one?

話雖如此，在亞太地區，他們的一些最大銷售額將在下半年成長。所以現在，他們已經擁有了廣闊的發展空間。他們面臨的挑戰是如何在今年下半年保持這種勢頭。但話說回來，這對我們來說是一個非常強大的團隊，一個非常好的機會。Shane，您對此還有其他想法嗎？

Yes. No, as we look at places like Japan, we're really encouraged. As I mentioned, we see new customer growth of over 20% each quarter for three consecutive quarters. That's our best leading indicator for the future. So we have a lot of confidence, especially in Japan, we should see that continue.

是的。不，當我們看到日本這樣的地方時，我們真的受到了鼓舞。正如我所提到的，我們連續三個季度看到新客戶成長率超過 20%。這是我們未來的最佳領先指標。因此我們非常有信心，特別是在日本，我們應該看到這種勢頭持續下去。

But to Terrence's point, if you look at the comps in Q3 and Q4 for both of those, we had an amazing results last year that they'll have to lap. So it's difficult to say that we're going to continue at 20% clip in those markets.

但正如特倫斯所說，如果你看看 Q3 和 Q4 的比賽情況，你會發現去年我們取得了驚人的成績，他們必須超越。因此很難說我們將在這些市場繼續保持 20% 的成長速度。

But the good news, again, is the growth we're seeing is based on orders, it's based on customers, that's sustainable. So we're not just trying to sell more products into the same people. So again, we feel good about the business.

但好消息是，我們看到的成長是基於訂單、基於客戶，這是可持續的。因此，我們不只是想向同樣的人群銷售更多的產品。因此，我們對這項業務再次感到滿意。

Okay. Great. That's some really good results. And then maybe if you could just talk about North America. And I guess, what do you think needs to -- the digital sales are great, obviously.

好的。偉大的。這確實是好結果。那麼也許您可以談談北美。我想，您認為需要什麼——數位銷售顯然很棒。

It's nice to see that 19% growth. In terms of the practitioners and the retailers, like how are you thinking about kind of getting that channel back on track in North America?

很高興看到 19% 的成長率。就從業者和零售商而言，您如何考慮讓該通路在北美重回正軌？

Yes, Susan, a couple of things. I think kind of first and foremost, it is about focus and building out the fundamentals there, as I had mentioned when I was talking. So we put some new -- a new team in place, this new leadership. Not just at the top, but kind of all the way down throughout the organization. So I think we've got a great team on the ground there to help build out the fundamentals, put some discipline in place, build out kind of stronger support as well. I think a big piece of them turning the corner is going to be kind of getting them the right tools in place also.

是的，蘇珊，有幾件事。我認為，首先也是最重要的，就是集中精力並打好基礎，正如我在演講中提到的那樣。因此，我們組建了新的團隊和新的領導階層。不僅僅是在最高層，而是在整個組織中一直如此。所以我認為我們在那裡有一支優秀的團隊來幫助建立基礎，建立一些紀律，並提供更強大的支持。我認為他們成功的關鍵還在於擁有合適的工具。

So again, in the back half of the year, they're going to have a completely new toolkit that will allow them to access consumers better, talk to their consumers better, access social media much more effectively. So really, it's a combination of building out the field fundamentals with getting the right kind of tools in their hand and then, of course, getting our marketing proposition, which is kind of really strengthening getting that right as well.

因此，在今年下半年，他們將擁有一個全新的工具包，使他們能夠更好地接觸消費者，並更好地與消費者交談，更有效地使用社群媒體。所以實際上，這是建立領域基礎知識、讓他們掌握正確的工具，然後當然還要獲得我們的行銷主張的結合，這實際上也加強了正確的做法。

So it's kind of a combination of those three things, I think, will really help them kind of catch up to the type of growth we're seeing in -- on the digital side of the business and really start to be complementary.

所以我認為這三者的結合將真正幫助他們趕上我們所看到的業務數位化方面的成長，並真正開始互補。

Great. And then if I could just ask a couple of model questions here. I guess how should we think about the balance between gross margin and then op expenses to kind of get to your EBITDA for the rest of the year? And is there any cadence we should be thinking about as well?

偉大的。然後我可以在這裡問幾個典型問題。我想我們應該如何考慮毛利率和營運費用之間的平衡，以獲得今年剩餘時間的 EBITDA？我們是否也應該考慮一些節奏？

Shane, do you want to grab that?

肖恩，你想抓住它嗎？

Yes. So for gross margin, we should see modest improvement as we progress through the year, not substantial, but modest improvement. So we should see a slight build each quarter but modest. And then on our SG&A side, we expect between $40 million and $42 million of SG&A each quarter.

是的。因此，就毛利率而言，隨著時間的推移，我們應該會看到適度的改善，雖然不是實質的，但也是適度的改善。因此，我們應該會看到每個季度都有輕微的成長，但幅度不大。在我們的銷售、一般及行政費用方面，我們預計每季的銷售、一般及行政費用將在 4,000 萬美元至 4,200 萬美元之間。

And then also just any timing on the new share repurchase program or cadence of repurchases or anything like that we should take into consideration.

然後，我們也應該考慮新股票回購計畫的任何時間或回購節奏或類似的事情。

We're going to take advantage of market opportunities. and we believe we're very undervalued at this point in time. So we're going to buy aggressively when the opportunity present itself.

我們將利用市場機會。我們相信，目前我們的價值被嚴重低估了。因此，當機會出現時，我們將積極購買。

At this time, this concludes our question-and-answer session. I would now like to turn the call back to Mr. Moorehead for closing remarks.

至此，我們的問答環節就結束了。現在我想請穆爾黑德先生作結束語。

Okay. Thank you, Chloe. We'd like to take -- thank everyone for listening to today's call, and we look forward to speaking with you when we report our second-quarter 2025 results. And again, thanks for joining us, and take care.

好的。謝謝你，克洛伊。我們想感謝大家聆聽今天的電話會議，我們期待在報告 2025 年第二季業績時與您交談。再次感謝您的參與，請保重。

Ladies and gentlemen, this concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation.

女士們、先生們，今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。