USANA Health Sciences Inc (USNA) 2025 Q1 法說會逐字稿

Greetings. Welcome to the USANA Health Sciences first-quarter conference call. At this time, all participants are in a listen-only mode. (Operator Instructions)

問候。歡迎參加 USANA Health Sciences 第一季電話會議。此時，所有參與者都處於只聽模式。（操作員指示）

Please note that this conference is being recorded. I will now turn the conference over to your host, Andrew Masuda, Director of Investor Relations. Thank you. You may begin.

請注意，本次會議正在錄製。現在，我將會議交給主持人、投資者關係總監 Andrew Masuda。謝謝。你可以開始了。

Thank you, Diego, and good morning, everyone. We appreciate you joining us to review our first quarter results. Today's conference call is being broadcast live via webcast and can be accessed directly from our website at ir.usana.com. Shortly following the call, a replay will be available on our website.

謝謝你，迭戈，大家早安。感謝您與我們一起回顧我們的第一季業績。今天的電話會議將透過網路直播，您可以直接造訪我們的網站 ir.usana.com 觀看。會議結束後，我們將在網站上提供重播。

As a reminder, during the course of this conference call, management will make forward-looking statements regarding future events or the future financial performance of our company. Those statements involve risks and uncertainties that could cause actual results to differ perhaps materially from the results projected in such forward-looking statements.

提醒一下，在本次電話會議期間，管理層將對未來事件或公司未來財務表現做出前瞻性陳述。這些聲明涉及風險和不確定性，可能導致實際結果與此類前瞻性聲明中預測的結果有重大差異。

Examples of these statements include those regarding our strategies and outlook for fiscal year 2025, uncertainty related to the economic and operating environment around the world and our operations and financial results.

這些聲明的例子包括有關我們 2025 財年的策略和展望、與全球經濟和營運環境相關的不確定性以及我們的營運和財務表現的聲明。

We caution you that these statements should be considered in conjunction with disclosures, including specific risk factors and financial data contained in our most recent filings with the SEC. I'm joined by our President and CEO, Jim Brown; our Chief Financial Officer, Doug Hekking; our Chief Operating Officer, Walter Noot; our Chief Commercial Officer, Brent Neidig as well as other executives. Yesterday, after the market closed, we announced our first quarter results and posted our management commentary document on the company's website.

我們提醒您，這些聲明應與揭露內容結合考慮，包括我們最近向美國證券交易委員會提交的文件中包含的具體風險因素和財務資料。與我一同出席的還有我們的總裁兼執行長 Jim Brown、財務長 Doug Hekking、營運長 Walter Noot、首席商務長 Brent Neidig 以及其他高階主管。昨天收盤後，我們公佈了第一季業績，並在公司網站上發布了管理層評論文件。

We'll now hear brief remarks from Jim before opening the call for questions.

在開始提問之前，我們先聽聽吉姆的簡短發言。

Thank you, Andrew, and good morning, everyone. USANA is off to a solid start to the year. Our first quarter results were in line with our internal expectations as consolidated net sales grew 12% year-over-year in constant currency, which includes our first full quarter of contribution from Hiya.

謝謝你，安德魯，大家早安。USANA 今年開局良好。我們的第一季業績符合我們的內部預期，因為合併淨銷售額按固定匯率計算年增 12%，其中包括 Hiya 對我們第一季的貢獻。

Net sales and active customers in our direct selling business grew modestly on a sequential basis for the second consecutive quarter. While consumer sentiment in some of our key markets continues to reflect an overall cautious tone, we are seeing some pockets of strength.

我們的直銷業務的淨銷售額和活躍客戶連續第二季環比小幅成長。儘管我們一些主要市場的消費者信心繼續反映出整體謹慎的基調，但我們也看到了一些強勁的勢頭。

For example, sequential first quarter net sales and active customers in our largest market, Mainland China, grew 6% and 4%, respectively. We continue to execute our Associate first strategy that prioritizes associate engagement on multiple levels.

例如，我們最大的市場中國大陸第一季的淨銷售額和活躍客戶數量分別增加了 6% 和 4%。我們將繼續執行「員工優先」策略，優先考慮多層次的員工參與。

Accordingly, we held several leadership events across various markets during the quarter and have many events planned throughout the remainder of the year. Early in the second quarter, we hosted our China National Sales Meeting in Nanjing, China. Attendance was strong while we focus on business building, strategy and training, leadership recognition and USANA Associate first commitment.

因此，我們在本季在各個市場舉辦了多場領導活動，並計劃在今年剩餘時間內舉辦多場活動。第二季初，我們在中國南京舉辦了中國全國銷售會議。當我們專注於業務建設、策略和培訓、領導力認可和 USANA 會員優先承諾時，出席人數眾多。

We also use this event to broaden our product offering in China with the introduction of additional products. Both attendees and our executive team came away from this event energized and motivated. We also successfully expanded our product offering in several other markets with the rollout of new products during the first quarter. Simultaneously, the team continued to increase their efforts on several new product launches that are planned to be announced in the second half of the year.

我們也利用這次活動推出更多產品，擴大我們在中國的產品供應。參加者和我們的執行團隊都對這次活動充滿了活力和動力。我們也在第一季推出新產品，成功地擴大了我們在其他幾個市場的產品供應。同時，團隊繼續加大力度，計劃於下半年發布幾款新產品。

For instance, Dr. Kathryn Armstrong, our Chief Scientific Officer, traveled to several of our Asia Pacific markets where she met with leaders and our local management teams to gather valuable insights and customer feedback as well as collaborate on future product ideas.

例如，我們的首席科學官凱瑟琳·阿姆斯特朗博士前往了我們亞太地區的幾個市場，與領導者和當地管理團隊會面，收集寶貴的見解和客戶反饋，並就未來的產品創意進行合作。

Overall, our direct selling business remains on track to meet the sales guidance range we provided at the beginning of the year. Moving to our newly acquired Hiya business. The team continues to deliver robust results with strong growth in net sales and active monthly subscribers. Hiya continues to see increasing subscriber adoption of both its core product offering as well as new products.

整體而言，我們的直銷業務仍有望達到年初提供的銷售指引範圍。轉向我們新收購的 Hiya 業務。該團隊持續取得強勁業績，淨銷售額和每月活躍訂閱用戶數量強勁成長。Hiya 持續看到其核心產品和新產品的用戶採用率不斷增加。

For example, [Kids Daily Greens] which was launched in the third quarter of 2024, has continued to sell at a higher-than-expected pace. We expect this year-over-year growth in highest momentum to continue as the management team executes its plans to launch several new products this year, unveiling another strategic partnership and expand to additional channels.

例如，2024年第三季推出的[Kids Daily Greens]持續以高於預期的速度銷售。我們預計，隨著管理團隊執行今年推出多款新產品、建立另一項策略合作夥伴關係並拓展更多管道的計劃，這種最高勢頭的同比增長將持續下去。

We're confident in the continued growth of the business and are proud to be reaching a new customer demographic and children's health and wellness. Before opening the call for questions, I'd like to provide some thoughts on USANA's position as it relates to tariffs and other trade-related actions by the US and its trading partners around the world.

我們對業務的持續成長充滿信心，並為能夠接觸到新的客戶群和兒童的健康和保健而感到自豪。在開始提問之前，我想先就 USANA 對美國及其全球貿易夥伴的關稅和其他貿易相關行動的立場發表一些看法。

The impact of potential trade policies and tariffs remain highly uncertain at this time. As such, we have not reflected any potential impact in our financial guidance. As a reminder, we manufacture in China for our China market and manufacture for the rest of the world here in the US.

目前，潛在貿易政策和關稅的影響仍存在很大的不確定性。因此，我們沒有在財務指導中反映任何潛在影響。提醒一下，我們在中國為中國市場生產產品，並在美國為世界其他地區生產產品。

While this structure does afford some insulation from recently enacted tariffs, we do source certain raw materials from various markets around the globe and therefore, have exposure to tariffs. Our primary focus for now is on the potential tariff impact associated with importing certain raw materials from China into the US and importing certain raw materials from the US into China. Our team responsible for supply chain management has proactively built inventory over the last several quarters to mitigate tariff exposure and has continued to explore alternative sourcing relationships.

雖然這種結構確實在一定程度上抵禦了最近頒布的關稅，但我們確實從全球各地的不同市場採購某些原材料，因此會受到關稅的影響。我們目前主要關注的是從中國進口某些原材料到美國以及從美國進口某些原材料到中國可能產生的關稅影響。我們負責供應鏈管理的團隊在過去幾季中積極建立庫存以減輕關稅風險，並繼續探索替代採購關係。

Our team will continue to evaluate and pursue these strategies to address the potential impact of tariffs and emerging trade policies as they evolve. And we plan to provide additional information as we gain greater visibility.

我們的團隊將繼續評估和推行這些策略，以應對關稅和新興貿易政策演變的潛在影響。隨著知名度的提高，我們計劃提供更多資訊。

With that, I'll now ask the operator to please open the lines for questions.

現在，我請接線生開立問答專線。

(Operator Instructions)

（操作員指示）

Anthony Lebiedzinski, Sidoti & Company.

安東尼·萊比津斯基（Anthony Lebiedzinski），Sidoti & Company。

Yes, good morning, everyone, and thanks for taking the questions. So first, China and South Korea that posted net sales and active customer count increases on a sequential basis. You guys talked about incentive offerings helping those out at the start of the year. So just curious as to what your plans are for additional incentives in these countries? And elsewhere, how do you guys think about that as far as that's concerned. Would love to hear your thoughts on that.

是的，大家早安，感謝你們回答問題。首先，中國和韓國的淨銷售和活躍客戶數量連續增加。你們談到了在年初提供激勵措施來幫助這些人。所以我很好奇，您對這些國家有什麼額外的激勵計劃？而在其他地方，你們對此有何看法？很想聽聽你對此的想法。

So saying, hey Anthony, it's Brent here. Good morning.

所以說，嘿安東尼，我是布倫特。早安.

Good morning.

早安.

China did have a good quarter. It was helped at the beginning of the year, we had a couple of product promotions that took place before Chinese New Year, and those were all very, very successful and which helped drive the quarterly results.

中國確實有一個不錯的季度。這在年初起到了幫助作用，我們在農曆新年前進行了幾次產品促銷，這些促銷活動都非常成功，有助於推動季度業績。

We're always opportunistic, and we're always looking at promotions when they're going to make the most sense, how we can drive the best value for our distributors and customers around the world. So we are always going to continue to evaluate promotions.

我們始終把握機會，始終在尋找最合理的促銷方式，並致力於為全球經銷商和客戶創造最大價值。因此我們將始終持續評估促銷活動。

And throughout every one of the quarters, the rest of this year, we do have promotional incentives planned. So that's currently on the docket. Korea, it also was a good first quarter relative to Q4 of last year. I think in both of those markets, we're starting to see some really positive momentum, especially with our event that we had in China during the first quarter -- first part of the second quarter, really great event that we had there in Nanjing with 13,000 attendees. It just really strong momentum and great things that we're seeing there.

在今年剩餘的每個季度中，我們都計劃推出促銷激勵措施。所以這目前已列入議程。韓國第一季的表現與去年第四季相比也不錯。我認為在這兩個市場中，我們都開始看到一些非常積極的勢頭，特別是我們在第一季——第二季上半段在中國舉辦的活動，我們在南京舉辦的活動非常棒，有 13,000 名與會者。我們在那裡看到的確實強勁勢頭和偉大的事情。

That's encouraging to hear. And then with respect to Hiya. So you talked about the seasonality of the business, which is understandable. As far as the new product launches that are planned for this year, can you share some more specifics about the timing and kind of what's embedded in your guidance?

聽到這個消息令人鼓舞。然後是關於 Hiya。所以您談到了業務的季節性，這是可以理解的。就今年計劃推出的新產品而言，您能否分享一些有關時間和指導內容的更多細節？

Yeah, they have plans. I think the timing, you'll see that systematically kind of happen over the year. They have -- right now, there's a plan for a pretty meaningful launch of kind of a new relationship at the beginning of May. But the team is always bringing different ideas and really is a point to go back and engage a broader funnel and engage more customers and acquiring those customers.

是的，他們有計劃。我認為，從時間上看，你會看到這種情況在一年內系統性地發生。他們現在計劃在五月初建立一個非常有意義的新關係。但團隊總是會帶來不同的想法，真正的重點是回顧並參與更廣泛的管道並吸引更多的客戶並獲得這些客戶。

And so this is probably the primary part of their growth strategy right now is on product innovation, broadening that product offering out. You also see them exploring channel opportunities and really kind of evaluating kind of that experience with the customer, which has, I think, been a real strength of theirs. And so I think we see a continuation of that.

因此，這可能是他們目前成長策略的主要部分，即產品創新，擴大產品供應。您還會看到他們正在探索通路機會，並真正評估與客戶的體驗，我認為這是他們的真正優勢。所以我認為我們會看到這種情況的持續。

But it really is -- continues to be focused on the children's health and wellness category, and that will be squarely in focus as they move forward here. And so I think there's quite a few opportunities they're encouraged by and some that may play a little bit different potentially in different channels than what they currently operate.

但它確實繼續專注於兒童健康和保健類別，這將是他們前進過程中的重點。因此，我認為有很多機會會讓他們感到鼓舞，而且有些機會可能會在與他們目前經營的管道不同的管道中發揮略有不同的作用。

Thanks, Doug. And so now that you've had Hiya for four months, do you guys have any updated thoughts on the synergy opportunities?

謝謝，道格。現在你們已經擁有 Hiya 四個月了，對於協同機會，你們有什麼最新的想法嗎？

Yeah, this is Walter. Yes, we've been working with Hiya, especially operationally because it's one of our strengths. We do manufacturing -- we understand supply chain real well, and we can really help them with that. So there are definitely synergies. There are a lot of things we're helping with them with IT. So yes, lots of projects going on right now where both teams are collaborating.

是的，這是沃特。是的，我們一直在與 Hiya 合作，尤其是在營運方面，因為這是我們的優勢之一。我們從事製造業——我們非常了解供應鏈，我們真的可以在這方面幫助他們。因此肯定存在協同效應。我們在 IT 方面為他們提供了許多幫助。是的，目前有很多專案正在進行，兩個團隊正在合作。

Yeah, we're taking a very systematic approach. The one thing that we have to be careful with is with a lot of opportunities for synergies. We don't want to overwhelm the Hiya team and somehow distract them from their strategy for 2025 and 2026. So we're taking a very measured approach when we're looking at ways to improve them from an operational standpoint.

是的，我們採取非常有系統的方法。我們必須小心的一件事是，有很多協同效應的機會。我們不想給 Hiya 團隊帶來巨大壓力，也不想以某種方式分散他們對 2025 年和 2026 年策略的注意力。因此，當我們從營運角度尋找改進方法時，我們採取了非常謹慎的方法。

And I would say many of these things, Anthony, I think the yields and the benefits you're not going to see on an immediacy basis, you'll see the kind of systematically layered in there as we do that. And so we're really focused on things that will be additive and beneficial to both parties.

安東尼，我想說，這些事情中的很多，我認為你不會立即看到收益和好處，但當我們這樣做時，你會看到其中系統地分層出現的東西。因此，我們真正關注的是那些對雙方都有好處的事情。

Got it. That makes sense. And can you give us any update on India, how that's progressing?

知道了。這很有道理。您能否向我們介紹印度的最新情況以及進展？

Yeah, India is still a promising market for us. We still have high expectations and high hopes for it to become a very solid, stable market for us in the future. It still is a slow roll, as we've mentioned in previous quarters. Our Chief Sales officer is over there currently right now, meeting with our leaders and our leadership team over there. we have a lot of energy and emphasis is being placed on that market to see it start to pick up its growth momentum.

是的，印度對我們來說仍然是一個有前景的市場。我們仍然對它未來成為一個非常穩固、穩定的市場抱有很高的期望和希望。正如我們在前幾個季度所提到的，這仍然是一個緩慢的過程。我們的首席銷售長目前正在那裡與我們的領導和領導團隊會面。我們把大量的精力和重點放在了那個市場上，希望看到它開始恢復成長勢頭。

So we have a few plans in place and we're optimistic about where it's going to go

所以我們制定了一些計劃，我們對未來的發展持樂觀態度

Then lastly for me. As far as the potential tariff impact. So I know you guys brought in some additional inventories to try to get ahead of that. So do you think what you have done so far, is this for one quarter out as far as the higher inventory? Or is it more than that?

最後對我來說。就潛在的關稅影響而言。所以我知道你們帶來了一些額外的庫存，試圖解決這個問題。那麼，您認為到目前為止所做的一切，是否只針對一個季度較高的庫存？或不只這些？

I mean just trying to -- obviously, it's still a very fluid and dynamic environment as it relates to tariffs. But just maybe if you could expand on that as far as the level of inventory that you have for raw materials? Is it good -- how long of a period of time should that be good for?

我的意思是嘗試——顯然，就關稅而言，這仍然是一個非常不穩定和動態的環境。但是，您能否詳細說明一下原材料庫存水準？這是否很好——這應該持續多長時間？

This is Walter. As far as raw material, we've built that up, especially for our nutritional products because that's a lion's share of our revenue, a lot of it comes from there. We -- in February, we started recognizing that there might be tariffs coming.

這是沃特。就原料而言，我們已經建立了這種資源，特別是針對我們的營養產品，因為這是我們收入的最大份額，許多收入都來自那裡。我們在二月就開始意識到可能會有關稅。

So we bought ahead. But again, the real issue -- I mean, it's a little bit of what Jim said earlier, we don't have a ton of inventory coming, for instance, from China to the US. It's 6% of our overall raw materials that come from China. So we've worked on that for the last four years.

所以我們提前購買了。但真正的問題是——我的意思是，這有點像吉姆之前說的，例如，我們沒有大量的庫存從中國運往美國。我們整體原料的6%來自中國。所以我們過去四年一直致力於此。

The impact isn't as bad, but it's still -- there's still money there to be made. And so we want to make sure we had inventory ready. We've also been manufacturing finished goods and getting them out to markets just again, to prepare for tariffs.

雖然影響沒有那麼糟糕，但仍然可以賺錢。因此，我們要確保已準備好庫存。我們也一直在生產成品並再次將其推向市場，為應對關稅做好準備。

Yeah, and over the last few years to Walter and the supply chain team, and we've mentioned this has really worked on multiple sources, and they can come from different geographic locations as well. So that has also lessens the impact some

是的，過去幾年來，對於 Walter 和供應鏈團隊來說，我們已經提到過，這確實在多個來源上發揮了作用，而且它們也可以來自不同的地理位置。因此這也減輕了一些

That makes a lot of sense. Well, thank you very much, guys, and best of luck.

這很有道理。好吧，非常感謝你們，祝你們好運。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Ivan Feinseth, Tigress Financial Partners.

伊凡·費因塞斯（Ivan Feinseth），Tigress Financial Partners 成員。

Congratulations on the great start to the year and the success with the Hiya acquisition. So just starting with China, what have been some of the new products that were launched there and the reception that you're getting and what do you see as some of the new categories that you're going to be launching?

恭喜您今年的良好開端以及 Hiya 收購的成功。那就從中國開始吧，你們在那裡推出了哪些新產品，受到了怎樣的歡迎，你們將要推出哪些新類別？

Sure thing, Ivan. So at our event in the second quarter, so first part of the second quarter there in Nanjing, we only had a couple of new products that were launched. One was a new chewable calcium product for our children, and that was really well received. It beat our forecast. And then a couple of other products that were launched through our cross-border e-commerce channel.

當然可以，伊凡。因此，在我們第二季的活動中，也就是第二季上半段在南京舉行的活動中，我們只推出了幾款新產品。其中一款是專為兒童設計的新型咀嚼鈣產品，非常受歡迎。它超出了我們的預測。然後，我們也透過跨境電子商務管道推出了其他幾款產品。

They were some of our existing USANA nutritionals products that were then introducing into China for the first time, and those were also very well received. So at the beginning of the year, it is more of a slow roll. As we've talked about in the past, the product introductions and enhancements that are going to take place will accelerate in the back half of the year.

這些都是我們現有的USANA營養產品，首次引進中國，也受到了熱烈歡迎。因此，在年初，這更像是一個緩慢的過程。正如我們過去所討論的，即將推出的產品推出和改進將在今年下半年加速。

So that is going to be the same for here in the United States and in China and in our other markets around the world. So we expect in the second half of the year, you should see a greater acceleration of new product introductions.

因此，對於美國、中國以及我們在世界其他市場來說，情況也是一樣的。因此，我們預計今年下半年，新產品的推出將加速。

Yeah, Ivan, as you know from the past that we have our international convention in August. And we usually use big meetings like that, like, for example, what Brent was talking about in China has launching point. So when we talk about the second half, a lot of it will come around that mid-August time frame.

是的，伊万，正如你過去所知，我們八月將舉行國際大會。我們通常會舉行這樣的大型會議，例如，布倫特在中國談論的事情就是一個起點。因此，當我們談論下半年時，很多事情將在八月中旬左右發生。

Okay. And then for my big question is that there are a lot of competing products on the market that contain a lot of bad ingredients. And now what do you think your opportunity is as RFK starts to implement the elimination of a lot of these colors, dies artificial ingredients and you tend to lean toward a more natural product. How do you feel that the opportunity -- how do you feel that, that will create an opportunity for you?

好的。我最大的疑問是，市場上有許多競爭產品含有大量有害成分。現在，當羅伯特甘迺迪 (RFK) 開始消除大量色素和人工成分，而您傾向於使用更天然的產品時，您認為您的機會是什麼？您覺得這個機會怎麼樣－您覺得這會為您創造機會嗎？

Yeah, Ivan, this is Doug. I think we've always been well positioned just from the ethos of the company to capitalize on that. And I think one of the things Brent and his team have really done is focused a lot more on gauging the story and telling the differentiation.

是的，伊万，這是道格。我認為，從公司精神來看，我們一直處於有利地位，可以利用這一點。我認為布倫特和他的團隊真正做的事情之一就是更加重視衡量故事並講述差異化。

And I think as we continue to perfect that message, you get it out there, that resonates at a greater and greater level. And so yes, I think it's an opportunity for us. It's something that we've always done. We've always had that as part of our identity, and have some of those things come to light, I think, provides us ability to tell a more differentiated story moving forward.

我認為，隨著我們不斷完善這一訊息，它會在傳播過程中產生越來越大的共鳴。是的，我認為這對我們來說是一個機會。這是我們一直在做的事情。我們一直將其作為我們身份的一部分，我認為，其中一些事情的曝光，讓我們有能力在未來講述一個更差異化的故事。

And it actually goes into Hiya well. They're in the same boat, very clean products. So this again is an opportunity for both Hiya and USANA.

而且它實際上很好地融入了 Hiya。他們的情況是一樣的，產品非常乾淨。所以這對 Hiya 和 USANA 來說又是一個機會。

Thank you. Congratulations again and wish you a great year.

謝謝。再次恭喜您並祝您新年快樂。

Thanks Ivan.

謝謝伊万。

(Operator Instructions) And there appears to be no additional questions at this time. I'll hand the floor back to Andrew Masuda for closing remarks.

（操作員指示）目前似乎沒有其他問題。我將把發言權交還給 Andrew Masuda，請他做最後發言。

Thanks for your questions and participation on today's conference call. If you have any remaining questions, please feel free to contact Investor Relations at 801 954-7210.

感謝您的提問和參加今天的電話會議。如果您還有任何疑問，歡迎致電投資者關係部：801 954-7210。

Thank you. This concludes today's call. All parties may disconnect. Have a good day.

謝謝。今天的電話會議到此結束。各方均可斷開連線。祝你有美好的一天。