如新 (NUS) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q1 2025 Nu Skin Enterprises earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Nu Skin Enterprises 2025 年第一季財報電話會議。 （操作員指示）請注意，今天的會議正在錄音。

I would now like to turn the conference over to your speaker for today, B.G. Hunt. You may go ahead.

現在我想將會議交給今天的發言人 B.G.打獵。你可以繼續。

Thanks, Lisa, and good afternoon, everyone. I'm joined by Ryan Napierski, President and CEO; and James Thomas, CFO. We are excited to share Nu Skin's results from Q1 of 2025. Before I turn the time over to Ryan, let me point out that on today's call, comments will be made that include forward-looking statements. These statements involve risks and uncertainties, and actual results may differ materially from those discussed or anticipated.

謝謝，麗莎，大家下午好。與我一起參加的是總裁兼首席執行官 Ryan Napierski；以及首席財務官詹姆斯·托馬斯 (James Thomas)。我們很高興與大家分享 Nu Skin 2025 年第一季的業績。在我將時間交給 Ryan 之前，請允許我指出，在今天的電話會議上，我們將發表包括前瞻性陳述在內的評論。這些聲明涉及風險和不確定性，實際結果可能與討論或預期的結果有重大差異。

Please refer to today's earnings release and our SEC filings for a complete discussion of these risks. Also during the call, certain financial numbers may be discussed that differ from comparable numbers obtained in our financial statements. We believe these non-GAAP numbers assist in comparing period-to-period results in a more consistent manner. Please refer to our investor website, ir.nuskin.com for any required reconciliation of these non-GAAP numbers.

請參閱今天的收益報告和我們向美國證券交易委員會提交的文件，以全面了解這些風險。此外，在通話過程中，我們討論的某些財務數字可能會與我們的財務報表中獲得的可比較數字有所不同。我們相信這些非公認會計準則數字有助於以更一致的方式比較不同時期的結果。有關這些非 GAAP 數據的任何必要調節，請參閱我們的投資者網站 ir.nuskin.com。

And with that, I'd like now to turn the call over to Ryan.

現在，我想將電話轉給瑞安 (Ryan)。

Thanks, B.G. Thanks, everyone, for joining the call. I'll begin with an overview of our Q1 performance and then provide an update on our key priorities for 2025 as we pursue our mission of being a global force for good by empowering people to look, feel and live better lives. Having just returned from our Japan live event and our Americas success trip in Paris, I'm increasingly optimistic about the company's future in spite of near-term macroenvironmental factors as we remain focused on our mission. We have a strong partnership with our amazing sales leaders and experienced management team, who have proven to innovate and exercise resilience in the face of challenges.

謝謝，B.G.感謝大家參加電話會議。我將首先概述我們第一季的業績，然後介紹我們 2025 年的主要優先事項，我們將致力於成為全球向善的力量，讓人們擁有更美好的生活、感受和過上更好的生活。我剛結束了在日本的現場活動和在巴黎的美洲成功之旅，儘管存在一些近期宏觀環境因素，但我對公司的未來越來越樂觀，因為我們仍然專注於我們的使命。我們與出色的銷售領導和經驗豐富的管理團隊建立了牢固的合作夥伴關係，他們已證明自己能夠在挑戰面前進行創新並發揮韌性。

We achieved first-quarter revenue at the high end of our guidance range due in part to improving business trends in certain markets and exceeded our earnings expectations for adjusted earnings per share as we effectively control expenses around the world.

我們第一季的營收達到了預期範圍的高端，部分原因是某些市場的業務趨勢改善，並且由於我們有效地控制了全球的開支，調整後每股收益超出了我們的盈利預期。

We experienced significant growth in Latin America as our developing market strategy continues to take hold in that region. Those gains were offset by the US and Canada related to the increasing macro pressures on the business. We are pleased to see improving trends in our KPIs in both South Korea and China as we continue to stabilize these important markets, and Europe and Africa demonstrated improving results related to the implementation of our enhanced sales performance plan. And we were pleased to see growth in several markets in Southeast Asia Pacific, though Indonesia reported additional headwinds during the quarter.

隨著我們的發展市場策略在拉丁美洲繼續紮根，我們在該地區取得了顯著的成長。由於美國和加拿大對業務的宏觀壓力不斷增加，這些收益被抵銷了。隨著我們繼續穩定這些重要市場，我們很高興看到韓國和中國的 KPI 呈現改善趨勢，而歐洲和非洲在實施增強銷售業績計畫方面也取得了改善的成果。儘管印尼在本季度報告了額外的阻力，但我們仍然很高興看到東南亞太平洋地區的多個市場實現了成長。

Japan remained relatively consistent on a local currency basis as we continue to develop our stable consumer base.

隨著我們繼續發展穩定的消費者群體，日本的當地貨幣保持相對穩定。

Our Rhyz segments performed well during the quarter with 10% year-over-year growth in manufacturing and growing interest in LifeDNA, one of our upcoming enterprise innovations that I'm excited to talk with you about as we delve deeper into our intelligent wellness platform strategy that I'll speak to in just a moment. Overall, we continue to experience macroeconomic pressures as consumers remain cautious in their purchasing behaviors for premium beauty and wellness products amid uncertainty around the potential impact of tariffs on inflation and driving down consumer sentiment around the world.

我們的 Rhyz 部門在本季度表現良好，製造業年增 10%，人們對 LifeDNA 的興趣日益濃厚，LifeDNA 是我們即將推出的企業創新之一，我很高興與大家談論這個話題，我們將深入探討我們的智能健康平台戰略，我稍後會談到這個戰略。總體而言，我們繼續面臨宏觀經濟壓力，因為在關稅對通膨的潛在影響和壓低全球消費者信心的不確定性下，消費者在購買高端美容和保健產品時仍保持謹慎。

Looking ahead, you may recall that we outlined three strategic priorities for 2025. First, strengthening our core Nu Skin business; second, accelerating innovation related to our iO intelligent beauty and wellness platform; and third, improving our operational performance and efficiency. Collectively, our progress on these priorities will help us continue to move closer towards our long-term beauty, wellness and lifestyle ecosystem vision.

展望未來，您可能還記得，我們​​概述了 2025 年的三大策略重點。首先，加強我們的核心 Nu Skin 業務；第二，加速與我們的iO智慧美容和健康平台相關的創新；第三，提高我們的營運績效和效率。總的來說，我們在這些優先事項上的進展將幫助我們繼續接近我們的長期美麗、健康和生活方式生態系統願景。

So let's dive deeper into each priority. First, in terms of strengthening our core business, we remain wholly committed to our mission of empowering people around the world to look, feel and live better lives via our rewarding entrepreneurial business opportunity. We recently achieved a major milestone that very few companies in our industry ever achieved, surpassing $20 billion in sales compensation paid to our sales force.

因此，讓我們更深入地探討每個優先事項。首先，在加強我們的核心業務方面，我們將繼續全力致力於我們的使命，即透過我們有益的創業機會，讓世界各地的人們看到、感受到並過上更好的生活。我們最近實現了一個重要的里程碑，這是我們行業中很少有公司能夠實現的，即向我們的銷售團隊支付的銷售報酬超過了 200 億美元。

While direct selling continues to evolve in terms of the how we do business, the why of our mission is as strong today as it ever has been. We are focused on continuously enhancing our sales compensation plan to more effectively reward our brand affiliates for building their businesses in a social-first manner, while maintaining our commitment to rewarding our global sales leaders for training and motivating their sales teams.

儘管直銷在經營方式上不斷發展，但我們使命的初衷卻一如既往地堅定。我們專注於不斷加強我們的銷售薪酬計劃，以更有效地獎勵我們的品牌附屬公司以社交優先的方式建立他們的業務，同時保持我們的承諾，獎勵我們的全球銷售領導者培訓和激勵他們的銷售團隊。

Our latest sales performance plan is showing improving trends in South Korea, Europe and Pacific markets, while we continue to optimize within North America. Evolving our leadership-driven customer-obsessed model is critical to ensuring the vibrancy of our business as we look into the future of how consumers are engaging with beauty and wellness brands via social media first.

我們最新的銷售業績計畫顯示韓國、歐洲和太平洋市場呈現改善趨勢，同時我們持續在北美進行優化。當我們展望未來消費者如何首先透過社群媒體與美容和保健品牌互動時，發展我們以領導力為導向的客戶至上模式對於確保我們業務的活力至關重要。

We're also strengthening our core business by more assertively pursuing our developing market strategy. This simplified and focused business model is driving strong, 144% year-on-year growth in Latin America and is driving improved profitability as well. A streamlined product portfolio priced affordably at retail, together with an enhanced compensation plan and a scalable operating infrastructure powered by our dynamic group of dedicated sales leaders enables a more focused and profitable approach to growth in the market.

我們也透過更積極地推行發展市場策略來加強我們的核心業務。這種簡化且專注的商業模式推動了拉丁美洲地區年增 144% 的強勁成長，同時也提高了獲利能力。精簡的產品組合在零售價上價格合理，加上增強的薪酬計劃和由我們充滿活力的專業銷售領導團隊支持的可擴展的營運基礎設施，使我們能夠以更有針對性和更有利可圖的方式實現市場成長。

We look forward to applying learnings from this model to strengthen developing markets in Europe and Southeast Asia Pacific. We will be leveraging these learnings as we expand into India later this year. India holds enormous mid- to long-term potential with its 1.4 billion population, highly entrepreneurial tendencies and rapidly expanding beauty and wellness industries.

我們期待運用此模式的經驗來加強歐洲和東南亞太平洋地區的發展中市場。我們將在今年稍後向印度擴張時利用這些經驗。印度擁有 14 億人口、高度創業精神以及快速發展的美容和保健產業，擁有巨大的中長期潛力。

We plan to enter with a prelaunch for qualified brand representatives in Q4 of this year with a formal market launch to follow in mid-2026. We will enter the market with a suite of locally manufactured beauty and wellness products tailored to India consumer needs and a localized version of our global sales compensation plan that rewards Indian affiliates for the promotion of selling Nu Skin products and building sales teams.

我們計劃在今年第四季為合格的品牌代表進行預發布，並於 2026 年中期正式推出市場。我們將帶著一系列根據印度消費者需求量身定制的本地生產的美容和保健產品進入市場，並推出我們全球銷售補償計劃的本地化版本，獎勵印度分支機構推廣銷售 Nu Skin 產品和建立銷售團隊。

We are working with our partners at Infosys to also provide a digital-first experience tailored to the unique market dynamics. We're excited to enter this rapidly developing market with -- where micro entrepreneurship is a central driver to their economic growth.

我們正在與 Infosys 的合作夥伴合作，提供針對獨特市場動態客製化的數位優先體驗。我們很高興進入這個快速發展的市場——微型創業是其經濟成長的核心驅動力。

Our second priority in 2025 is to accelerate innovation with the introduction of Prysm iO, our truly intelligent wellness platform. We've been preparing for this opportunity for more than 20 years of collective scientific studies and research and development. With recent technological advancements in machine learning and artificial intelligence, we are now reaching a point of enabling us to realize this vision in a more integral way that will enhance our ability to develop even deeper relationships with our consumers and make more intelligent product recommendations and subscriptions to improve customer retention and overall lifetime value. This will then further empower our brand affiliates and sales leaders to grow their intelligent beauty and wellness businesses.

我們 2025 年的第二個重點是透過推出真正聰明的健康平台 Prysm iO 來加速創新。為了這個機會，我們進行了 20 多年的集體科學研究和研發。隨著機器學習和人工智慧技術的最新進步，我們現在能夠以更全面的方式實現這一願景，這將增強我們與消費者建立更深層關係的能力，並提供更聰明的產品推薦和訂閱，以提高客戶保留率和整體終身價值。這將進一步增強我們的品牌附屬公司和銷售領導者發展智慧美容和健康業務的能力。

To better understand the future, I need to describe the foundation upon which Prysm iO is built. More than $485 billion of nutritional supplements were consumed around the world in 2024, growing at 6.4% per year, with little to no way of knowing whether these supplements are actually improving one's overall health. Prysm iO built upon technology Nu Skin first launched in 2003 with the BioPhotonic Scanner to noninvasively measure carotenoid levels in the skin.

為了更了解未來，我需要描述 Prysm iO 建立的基礎。 2024 年，全球營養補充品的消費量超過 4,850 億美元，年增率為 6.4%，但幾乎無法知道這些補充劑是否真的能改善人們的整體健康。 Prysm iO 建立在 Nu Skin 於 2003 年首次推出的技術基礎之上，該技術採用生物光子掃描儀，可無創地測量皮膚中的類胡蘿蔔素水平。

Carotenoids are an important source of antioxidants that are widely understood as a critical biomarker for fruit and vegetable intake and a key indicator of overall cellular health. We have since amassed one of the world's largest antioxidant databases with more than 20 million scans across more than 50 countries, which provides us with significant insights into the critical biomarker throughout the world.

類胡蘿蔔素是抗氧化劑的重要來源，被廣泛認為是水果和蔬菜攝取量的關鍵生物標記和整體細胞健康的關鍵指標。我們累積了世界上最大的抗氧化劑資料庫之一，其中包含來自 50 多個國家的 2000 多萬次掃描，這為我們了解世界各地的關鍵生物標記提供了重要的見解。

Fast forward to 2021, when we took our Euromonitor acclaimed world's #1 beauty and wellness device systems and began connecting them with the launch of ageLOC LumiSpa iO, followed by ageLOC WellSpa iO or ReNuSpa iO. With these connected devices, we have now added more than 28 million treatments from nearly 500,000 devices with more than 100 million data points providing further beauty and wellness insights into behaviors and product usage within our iO wellness platform.

快進到 2021 年，我們推出了歐睿國際 (Euromonitor) 讚譽的世界第一美容和健康設備系統，並開始將它們與 ageLOC LumiSpa iO 的推出相結合，隨後又推出了 ageLOC WellSpa iO 或 ReNuSpa iO。透過這些連網設備，我們現在已經從近 50 萬台設備中添加了超過 2800 萬種治療方法，擁有超過 1 億個數據點，為我們 iO 健康平台內的行為和產品使用情況提供了進一步的美容和健康洞察。

In 2025, we will take the next significant step in accelerating our business out of our intelligent beauty -- me, our intelligent wellness platform with the introduction of Prysm iO, a palm-sized device that accurately measures the carotenoid levels in your skin via a fingertip to provide insights into consumers about their overall antioxidant score. Leveraging our extensive aging science database and powerful AI capabilities, our customers can receive intelligent insights into their healthy lifestyle as well as product recommendations to improve their antioxidant score and assist in overall healthier living. We will also leverage macro insights from this intelligent wellness platform to develop more customized nutrition solutions for consumers based upon geographic and dietary micronutrient needs.

2025 年，我們將邁出重要的一步，加速智慧美容業務的發展——我們智慧健康平台將推出 Prysm iO，這是一種手掌大小的設備，可以透過指尖準確測量皮膚中的類胡蘿蔔素水平，為消費者提供有關其整體抗氧化劑評分的見解。利用我們廣泛的衰老科學資料庫和強大的人工智慧功能，我們的客戶可以獲得有關他們的健康生活方式的智慧洞察以及產品推薦，以提高他們的抗氧化評分並幫助他們整體更健康的生活。我們也將利用此智慧健康平台的宏觀洞察力，根據地理和飲食微量營養素需求為消費者開發更客製化的營養解決方案。

We anticipate incorporating deeper insights acquired by a genetic testing from LifeDNA into our intelligent wellness platform as part of our next phase of development anticipated to be in 2026 and '27 as we further build out this holistic wellness ecosystem. We'll begin to roll out our Prysm iO in limited quantities for qualified sales leaders during Q3 and Q4 of this year, followed by leader launches around the globe in the first half of 2026 with broader-based consumer distribution thereafter.

我們期望將 LifeDNA 基因檢測所獲得的更深入見解融入我們的智慧健康平台，作為我們下一階段發展的一部分，預計在 2026 年和 2027 年，我們將進一步建構這個整體健康生態系統。我們將在今年第三季和第四季開始向合格的銷售領導者限量推出 Prysm iO，隨後在 2026 年上半年在全球範圍內向領導者推出，之後再向更廣泛的消費者分銷。

The launch of Prysm iO will be accompanied by restages of our leading nutrition supplement life pack line, incorporating updated formulas to meet geographic dietary needs at various pricing tiers to meet different customer segments across our developed, developing and emerging markets. As more consumers get their intelligent antioxidant score with Prysm iO, we anticipate nutritional supplement purchases and subscriptions will increase, driving incremental revenue and retention, which will result in a greater customer lifetime value and will also provide greater opportunities for our sales force to grow their independent beauty and wellness businesses.

Prysm iO 的推出將伴隨我們領先的營養補充劑生活包系列的重新推出，該系列將結合更新的配方，以滿足不同價格層級的地理飲食需求，滿足已開發市場、發展中市場和新興市場的不同客戶群。隨著越來越多的消費者透過 Prysm iO 獲得智慧抗氧化評分，我們預計營養補充劑的購買量和訂閱量將會增加，從而推動增量收入和保留率的提高，這將帶來更高的客戶終身價值，並為我們的銷售人員提供更多機會發展獨立的美容和健康業務。

And our third priority for 2025 is improving operational performance and efficiency. I'm pleased with the ongoing efforts to steadily improve profitability as we deploy our product portfolio and expense optimization efforts around the world. We are making steady progress towards our improving gross margin target for the core business as well as our broader market profitability improvement efforts.

我們 2025 年的第三大重點是提高營運績效和效率。我很高興看到我們在全球部署產品組合和費用優化工作，並不斷努力穩步提高盈利能力。我們正在穩步推進核心業務毛利率目標的提高以及更廣泛的市場盈利能力的提升。

Let me turn the time over to James now, who will dive deeper into our progress on this critical priority and to take you through our financial performance in Q1 and outlook for the remainder of this year. He'll also cover how we are strengthening our balance sheet and overall financial position as we seek to improve shareholder value through steadily improving revenue performance and earnings per share. James?

現在，我將時間交給詹姆斯，他將深入探討我們在這一關鍵優先事項上取得的進展，並向您介紹我們第一季的財務表現以及今年剩餘時間的展望。他還將介紹我們如何透過穩步提高收入表現和每股收益來增強我們的資產負債表和整體財務狀況，從而提高股東價值。詹姆斯？

Thank you, Ryan. Good afternoon, and thank you for joining us today for our Q1 earnings call. I'm pleased to provide an overview of our performance for the first quarter of the year, including key highlights, challenges and our outlook for the rest of 2025. As always, I'll walk through the financial results, touch on some key business dynamics, discuss our outlook for Q2 and provide an update on how we're navigating the current macroeconomic environment.

謝謝你，瑞安。下午好，感謝您今天參加我們的第一季財報電話會議。我很高興能為您概述我們今年第一季的業績，包括主要亮點、挑戰以及我們對 2025 年剩餘時間的展望。像往常一樣，我將介紹財務業績，談及一些關鍵的業務動態，討論我們對第二季度的展望，並提供我們如何應對當前宏觀經濟環境的最新情況。

I'll be speaking to adjusted non-GAAP financial measures as it pertains to our financial results. Reconciliations to the most directly comparable GAAP measures can be found on our Investor Relations website.

我將談論與我們的財務表現有關的調整後的非公認會計準則財務指標。在我們的投資者關係網站上可以找到與最直接可比較的 GAAP 指標的對帳表。

Turning to our financial results for the quarter. I'm pleased to report solid performance in several key areas. For the first quarter, we delivered revenue at the top end of the range at $364.5 million, which included a 3% negative foreign currency impact of $12.3 million. GAAP earnings per share came in at $2.14, whereas adjusted earnings per share came in at $0.23, excluding the gain from the sale of Mavely and other charges. This surpassed our guidance and demonstrated significant improvement over the prior year $0.09.

談談我們本季的財務業績。我很高興地報告我們在幾個關鍵領域表現穩健。第一季度，我們的營收達到了最高水準 3.645 億美元，其中包括 3% 的負面外匯影響，即 1,230 萬美元。每股 GAAP 收益為 2.14 美元，而調整後每股收益為 0.23 美元（不包括出售 Mavely 的收益和其他費用）。這超出了我們的預期，並且比去年同期的 0.09 美元有顯著改善。

Our Q1 gross margin was 67.8% compared to 70.5% in the prior year, primarily due to the revenue mix between Rhyz entities and the Nu Skin core following the sale of Mavely. Within our core Nu Skin business, gross margin was 76.7%, slightly down from the prior year, however, showing three quarters of sequential adjusted gross margin improvement from the Nu Skin business. We expect this trend to continue into Q2. Selling expense as a percentage of revenue was 32.5% for the quarter, a decline from the prior year, primarily reflecting the overall revenue mix between our core Nu Skin business and Rhyz.

我們第一季的毛利率為 67.8%，而去年同期為 70.5%，這主要歸因於出售 Mavely 後 Rhyz 實體和 Nu Skin 核心之間的收入組合。在我們的核心 Nu Skin 業務中，毛利率為 76.7%，略低於上年，但顯示 Nu Skin 業務的調整後毛利率連續三個季度有所提高。我們預計這一趨勢將持續到第二季​​。本季銷售費用佔收入的 32.5%，較上年有所下降，主要反映了我們的核心 Nu Skin 業務和 Rhyz 之間的整體收入組合。

Within the core Nu Skin segment, selling expense was 38.7%, down from 41.7% in the prior year. The decline was largely driven by lower sales performance in the US, China, and Southeast Asia Pacific markets due to global trade tensions and other macroeconomic pressures. We anticipate selling expense to return to our historic norm of 40% as the business strengthens around the world and the enhanced compensation plan gains adoption.

在核心 Nu Skin 部門中，銷售費用為 38.7%，低於上年的 41.7%。下降的主要原因是全球貿易緊張和其他宏觀經濟壓力導緻美國、中國和東南亞太平洋市場的銷售表現下降。隨著全球業務的增強和增強薪酬計劃的普及，我們預計銷售費用將恢復到 40% 的歷史正常水平。

General and administrative expenses improved as a percentage of revenue, declining to 28.9% from 29.9%, reflecting cost reduction efforts in labor, migration to a shared service model for technology and aligning our fixed overhead to current levels of revenue. Adjusted operating margin for the quarter was 6.4%, up 250 basis points from 3.8% in the prior year despite continued top-line pressures. We believe there is still room for efficiency gains in this area as we remain disciplined in our cost management efforts.

一般及行政開支佔收入的百分比有所改善，從 29.9% 下降至 28.9%，這反映了勞動力成本的降低、技術向共享服務模式的遷移以及固定間接費用與當前收入水平的調整。儘管營收壓力持續存在，但本季調整後的營業利潤率為 6.4%，較去年同期的 3.8% 上升了 250 個基點。我們相信，只要我們在成本管理上保持嚴謹，這一領域仍有提高效率的空間。

During the quarter, we had non-recurring gains and other charges that we've adjusted from earnings to reflect the ongoing operations of the business. In the quarter, we recorded $176 million gain from the sale of Mavely, which was partially offset by other impairments and charges related to the operational shifts of our Rhyz portfolio companies and investments.

在本季度，我們有非經常性收益和其他費用，我們已從收益中調整這些費用以反映業務的持續營運。本季度，我們透過出售 Mavely 獲得了 1.76 億美元的收益，但該收益被我們 Rhyz 投資組合公司和投資的營運轉變相關的其他減損和費用部分抵消。

I'd now like to turn to our balance sheet and liquidity position. During the quarter, we reduced our outstanding debt by $155 million, bringing our total debt to $239 million, our lowest level in more than 10 years. We ended the quarter with $204 million in cash, marking continued progress toward our goal of achieving cash to debt neutrality.

現在我想談談我們的資產負債表和流動性狀況。本季度，我們減少了 1.55 億美元的未償債務，使總債務降至 2.39 億美元，這是我們十多年來的最低水準。本季末，我們持有 2.04 億美元現金，這標誌著我們朝著實現現金與債務中性的目標繼續邁進。

In line with our disciplined capital allocation strategy, we returned approximately $8 million to shareholders comprised of $3 million in dividends and $5 million in share repurchases. At quarter end, we had $157.4 million remaining under our current share repurchase authorization.

根據我們嚴謹的資本配置策略，我們向股東返還了約 800 萬美元，其中包括 300 萬美元的股息和 500 萬美元的股票回購。截至季末，我們目前的股票回購授權餘額為 1.574 億美元。

Looking ahead to the remainder of 2025, we're encouraged by improving revenue trends across developing markets. At the same time, we remain mindful of persistent global uncertainties, including the potential impact of tariffs and evolving geopolitical dynamics. To mitigate risk and ensure continuity, we are implementing proactive supply chain strategies such as diversified sourcing and optimized inventory planning.

展望 2025 年剩餘時間，我們對發展中市場收入趨勢的改善感到鼓舞。同時，我們仍然關注持續存在的全球不確定性，包括關稅和不斷變化的地緣政治動態的潛在影響。為了降低風險並確保連續性，我們正在實施積極主動的供應鏈策略，例如多元化採購和優化庫存計劃。

While current projections suggest tariffs are unlikely to materially impact our costs in the near term, we continue to closely monitor potential effects on consumer sentiment and overall demand for Nu Skin products.

雖然目前的預測表明關稅不太可能在短期內對我們的成本產生重大影響，但我們將繼續密切關注對消費者情緒和如新產品整體需求的潛在影響。

Given the ongoing uncertainty and limited visibility into the remainder of the year, we are maintaining our current guidance with the expectation of providing more informed updates at the end of Q2 when we anticipate having clear insight into consumer behaviors and top-line trends. We project second-quarter revenue between $355 million and $390 million, factoring in an expected foreign currency headwind between 2% to 3%. Q2 reported earnings per share is anticipated to be in the range of $0.20 to $0.30.

鑑於持續的不確定性和對今年剩餘時間的有限可見性，我們維持目前的指導，期望在第二季末提供更明智的更新，屆時我們預計會對消費者行為和收入趨勢有清晰的了解。我們預計第二季營收在 3.55 億美元至 3.9 億美元之間，預計外匯逆風將在 2% 至 3% 之間。預計第二季每股收益在 0.20 美元至 0.30 美元之間。

In conclusion, we're pleased to have delivered on our Q1 guidance and remain focused on executing our strategy amid a complex global environment. Despite these challenges, we remain confident in our ability to adapt and are committed to driving operational performance, managing costs, accelerating growth in key regions and maintaining a strong financial position. We look forward to updating you on our progress as we move through the second quarter of 2025.

總而言之，我們很高興能夠實現第一季的預期，並在複雜的全球環境下繼續專注於執行我們的策略。儘管面臨這些挑戰，我們仍然對我們的適應能力充滿信心，並致力於提高營運績效、管理成本、加速關鍵地區的成長並保持強勁的財務狀況。我們期待在 2025 年第二季向您通報我們的進展。

I will now turn the time back over to Ryan for closing comments.

現在我將時間交還給 Ryan 來做最後發言。

Thanks, James. So in summary, while the operating environment remains somewhat uncertain, we remain focused on driving our critical strategic priorities of: number one, strengthening our core Nu Skin business; two, accelerating innovation with Prysm iO and our truly intelligent wellness platform and improved profitability to drive increasing shareholder value.

謝謝，詹姆斯。總而言之，雖然經營環境仍然存在一些不確定性，但我們仍然專注於推動我們的關鍵戰略重點：第一，加強我們的核心 Nu Skin 業務；二、利用 Prysm iO 和我們真正智能的健康平台加速創新，提高盈利能力，從而推動股東價值的增長。

We will be aligning with our amazing team of global sales leaders in June as we recognize their commitment to Nu Skin and our mission of empowering people around the world to look, feel and live better lives. We're well positioned to create significant long-term value on our journey to becoming the world's leading beauty, wellness and lifestyle leadership opportunity platform.

我們將於 6 月與我們出色的全球銷售領導團隊進行會晤，因為我們認識到他們對 Nu Skin 的承諾以及我們讓世界各地的人們看起來、感覺和過上更美好生活的使命。在成為世界領先的美容、健康和生活方式領導機會平台的過程中，我們已準備好創造重大的長期價值。

Thank you for joining the call. And if you have questions, please reach out to our Investor Relations team, and we'll get back to you soon. Thank you.

感謝您參加此通話。如果您有任何疑問，請聯絡我們的投資者關係團隊，我們將盡快回覆您。謝謝。

This does conclude today's conference call. You may all disconnect.

今天的電話會議到此結束。你們都可以斷開連線。