USANA Health Sciences Inc (USNA) 2025 Q2 法說會逐字稿

Good morning and welcome to the USANA Health Sciences second-quarter earnings call. At this time, all participants are in a listen-only mode. (Operator Instructions)

早安，歡迎參加 USANA Health Sciences 第二季財報電話會議。此時，所有參與者都處於只聽模式。（操作員指示）

I will now turn the conference over to your host, Andrew Masuda, Director of Investor Relations.

現在，我將會議交給主持人、投資者關係總監 Andrew Masuda。

Thank you. You may begin.

謝謝。你可以開始了。

Thanks, Diego, and good morning, everyone. We appreciate you joining us to review our second-quarter results. Today’s conference call is being broadcast live via web webcast and can be accessed directly from our website at ir.usana.com.

謝謝，迭戈，大家早安。感謝您與我們一起回顧我們的第二季業績。今天的電話會議透過網路直播，可直接從我們的網站 ir.usana.com 存取。

Shortly following the call, a replay will be available on our website. 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.

通話結束後不久，我們的網站將提供重播。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。

Those statements involve risks and uncertainties that could cause actual results to differ, perhaps materially, from the results projected in such forward looking statements. 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.

這些聲明涉及風險和不確定性，可能導致實際結果與這些前瞻性聲明中預測的結果有差異，甚至可能存在重大差異。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 Commercial Officer, Brent Neidig; our Chief Operating Officer, Walter Noot as well as other executives.

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、商務長 Brent Neidig、營運長 Walter Noot 以及其他高階主管。

Yesterday, after the market closed, we announced our second-quarter results and posted our management commentary document on the company’s website.

昨天，股市收盤後，我們公佈了第二季度業績，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 delivered positive second quarter results consistent with our internal expectations. Consolidated net sales grew 11% year over year and adjusted earnings per share increased 36% from the prior year.

謝謝你，安德魯，大家早安。USANA 第二季業績表現良好，符合我們的內部預期。合併淨銷售額年增 11%，調整後每股收益較上年增長 36%。

Notably, we repaid our line of credit, which had carried a balance since our acquisition of Hiya this past December and ended the quarter debt free with $151 million in cash on the balance sheet. From an execution standpoint, this was a pivotal quarter for USANA as several strategic initiatives are in the process of being implemented.

值得注意的是，我們償還了信用額度，自去年 12 月收購 Hiya 以來一直保持餘額，並且在本季度末無債務，資產負債表上有 1.51 億美元現金。從執行的角度來看，這是 USANA 的關鍵季度，因為多項策略措施正在實施中。

These initiatives are designed to strengthen our partnership with our brand partners whom we used to refer to as associates, accelerate product innovation, elevate the business opportunity and evolve our brand messaging.

這些措施旨在加強我們與品牌合作夥伴（我們過去稱之為同事）的合作關係，加速產品創新，提升商業機會並發展我們的品牌訊息。

As I mentioned, we made a deliberate and intentional decision to change the terminology we use when referencing our sales leaders from associates to brand partners. USANA brand partners reflect a more strategic collaborative relationship and better represents the crucial role these individuals play in the sustainable long-term growth of our business.

正如我所提到的，我們經過深思熟慮並有意地決定將提及銷售領導時使用的術語從“助理”改為“品牌合作夥伴”。USANA品牌合作夥伴體現了更具策略性的合作關係，更能體現了這些個人在我們業務的長期永續成長中所發揮的關鍵作用。

If you recall, last year we reorganized our sales, marketing, and communications departments in our Direct Selling business into one cohesive commercial team. This team is focused on delivering three fundamental benefits to our brand partners; best-in-class products, an income opportunity that is simple and motivates the entrepreneur with a rewarding compensation plan and messaging that conveys product benefits and an income opportunity in a simple and compelling manner.

如果你還記得的話，去年我們將直銷業務中的銷售、行銷和傳播部門重組為一個有凝聚力的商業團隊。團隊致力於為我們的品牌合作夥伴提供三大基本利益：一流的產品、簡單的收入機會，並透過獎勵計劃和訊息激勵企業家，以簡單而引人注目的方式傳達產品優勢和收入機會。

This structure also positions us to improve the value proposition of USANA to our brand partners and customers by enhancing our already best in class products; become faster and more agile in developing and releasing new products; better understand specific brand partner and customer needs in each of our markets to deliver a more tailored experience; provide increased opportunities for brand partner engagement, including events, meetings, and reward trips; and improve USANA 's compensation offering for both part-time and full-time entrepreneurs.

這種結構還使我們能夠透過增強我們已經一流的產品來提高 USANA 對我們的品牌合作夥伴和客戶的價值主張；更快、更靈活地開發和發布新產品；更好地了解每個市場中特定的品牌合作夥伴和客戶需求，以提供更加量身定制的體驗；為品牌合作夥伴提供更多參與機會，包括活動、會議和獎勵旅行；並提高 USANA 薪酬為兼職企業家的薪酬。

By making these changes, USANA will be at the forefront of today's evolving and competitive landscape for entrepreneurs. At a high level, our new opportunity entails an enhanced compensation plan, improved business building tools, and updated brand story.

透過這些改變，USANA 將在當今不斷演變和競爭激烈的企業家環境中佔據領先地位。從高層次來看，我們的新機會包括加強薪酬計畫、改善業務建立工具和更新品牌故事。

Our updated compensation plan is a meaningful step forward in modernizing and simplifying our direct sales model to attract, reward -- and reward new generations of entrepreneurs, as well as existing brand partners. Some of these enhancement incentives have already been deployed, and more incentives will roll out throughout the third quarter and fully launched by October, providing USANA brand partners with an improved opportunity and supporting resources to drive customer acquisition and retention.

我們更新的薪酬計劃是朝著現代化和簡化我們的直銷模式邁出的重要一步，旨在吸引、獎勵新一代企業家以及現有的品牌合作夥伴。其中一些增強激勵措施已經實施，更多激勵措施將在第三季度推出，並於10月份全面啟動，為USANA品牌合作夥伴提供更好的機會和支援資源，以推動客戶獲取和保留。

The compensation enhancements also simplify the opportunity for brand partners to attract new generations of entrepreneurs by providing a better opportunity for new brand partners to earn compensation early in the USANA journey while simultaneously rewarding existing brand partners for activity that contributes to growth.

薪資提升也簡化了品牌合作夥伴吸引新一代創業家的機會，為新品牌合作夥伴提供了更好的機會，讓他們能夠在 USANA 旅程的早期獲得報酬，同時獎勵現有品牌合作夥伴為成長做出貢獻的活動。

Along with these enhancements, we've also launched new tools in our back office and mobile environment to make operating a USANA business easier than ever. For example, new functionalities will provide brand partners with data-driven recommendations on how to grow their business and maximize their earnings.

除了這些增強功能之外，我們還在後台和行動環境中推出了新工具，使 USANA 業務的運作變得比以往更加輕鬆。例如，新功能將為品牌合作夥伴提供數據驅動的建議，幫助他們發展業務並最大化收益。

We have refined our brand by using clear language that highlights USANA 's key differentiators and presents them in a compelling and easily repeatable format. Additionally, we continue to enhance our in-person meeting strategy, and our key regions plan to host more in-person events that are upscale and modern to attract new and younger generations.

我們透過使用清晰的語言來突出 USANA 的主要差異化因素，並以引人注目且易於重複的形式呈現它們，從而完善了我們的品牌。此外，我們繼續加強我們的面對面會議策略，我們的重點地區計劃舉辦更多高檔、現代化的面對面活動，以吸引新一代和年輕一代。

In conjunction with our new opportunity, we plan to announce several additional product launches along with various sales incentive offerings at our upcoming global convention next month in Salt Lake City. We expect approximately 3,500 of our best and most active brand partners from around the world to attend our global convention, and we plan to focus on recognizing their efforts and on actionable training to help them grow their businesses and to share more product.

結合我們的新機遇，我們計劃在下個月於鹽湖城舉行的全球大會上宣布推出幾款其他產品以及各種銷售激勵措施。我們預計來自世界各地的約 3,500 名最優秀、最活躍的品牌合作夥伴將參加我們的全球大會，我們計劃重點表彰他們的努力並提供可行的培訓，以幫助他們發展業務並分享更多產品。

We're excited, optimistic, and confident that these changes we are making to our direct sales model will be additive to customer growth, increased engagement, and deliver long term sustainable growth.

我們感到興奮、樂觀和自信，我們對直銷模式所做的這些改變將促進客戶成長、提高參與度並實現長期可持續成長。

Moving on to our acquired businesses, we are encouraged by the recent performance of these entities which provide USANA the ability to reach a broader demographic of health and wellness market while providing diversification and strengthening USANA's financial profile.

談到我們收購的業務，這些實體的近期表現令我們感到鼓舞，它們使 USANA 能夠接觸到更廣泛的健康和保健市場人群，同時提供多樣化並增強 USANA 的財務狀況。

I'll start by sharing an update on our direct-to-consumer business, Hiya. Hiya had another strong quarter as year-over-year topline growth remained strong with improved profitability. Overall, business activity levels remain encouraging as the Hiya team recently launched a new partnership with Disney and rolled out special edition Disney Lion King and Disney Princesses branded multivitamin packs.

首先，我想分享一下我們的直接面向消費者的業務 Hiya 的最新情況。Hiya 又度過了一個強勁的季度，營收年成長依然強勁，獲利能力也有所提高。總體而言，業務活動水平仍然令人鼓舞，因為 Hiya 團隊最近與迪士尼建立了新的合作夥伴關係，並推出了特別版迪士尼獅子王和迪士尼公主品牌的多種維生素包。

We completed additional integration milestones during the quarter, and as we move into the next phase of integration in the back half of the year, we will look to execute upon identified synergy and operational efficiency opportunities across logistics and manufacturing.

我們在本季度完成了額外的整合里程碑，隨著我們進入下半年整合的下一階段，我們將尋求在物流和製造領域實現已確定的協同效應和營運效率機會。

We remain confident in Hiya's growth outlook as the Hiya's team continues to execute its strategies to increase its market share in the children's health and wellness market by further growing and expanding its product offering, entering new distribution channels, and expanding its geographic footprint into international markets.

我們仍然對 Hiya 的成長前景充滿信心，因為 Hiya 團隊將繼續執行其策略，透過進一步擴大和擴展其產品供應、進入新的分銷管道以及將其地理覆蓋範圍擴展到國際市場，來增加其在兒童健康和保健市場的市場份額。

Rise Bar, which was acquired in 2022, delivered strong double-digit topline growth in the second quarter, driven by solid order activity with key retail partners. While still relatively small, we are encouraged by the recent momentum, and the Rise Bar team remains confident and focused on expanding its product offerings, growing further with existing retail partners, and landing new retail partners.

Rise Bar 於 2022 年被收購，由主要零售合作夥伴的穩健訂單活動推動，第二季度實現了強勁的兩位數營收成長。儘管規模仍然相對較小，但我們對最近的發展勢頭感到鼓舞，Rise Bar 團隊仍然充滿信心並專注於擴大其產品供應，與現有零售合作夥伴進一步發展，並尋找新的零售合作夥伴。

Please note that we are investing meaningfully in the third quarter as we hold our global convention, introduce new and updated products, and roll out exciting changes to our brand partner compensation plan. These investments, which have been included in our annual guidance, are anticipated to create short-term pressure on our operating monitoring margin during the third quarter.

請注意，我們將在第三季度進行有意義的投資，因為我們將舉行全球大會，推出新的和更新的產品，並對我們的品牌合作夥伴薪酬計劃進行令人興奮的改變。這些投資已包含在我們的年度指引中，預計將在第三季對我們的營運監控利潤率造成短期壓力。

In closing, this is an exciting time for USANA as we take meaningful steps to modernize and evolve our direct sales business. Our acquired businesses are performing well, and we will and will further allow us to expand our reach in the health and wellness market. We remain confident in our fiscal 2025 outlook and believe that the successful execution of our strategies will deliver sustainable long-term growth.

最後，對於 USANA 來說，這是一個令人興奮的時刻，因為我們採取了有意義的措施來實現直銷業務的現代化和發展。我們收購的業務表現良好，我們將進一步擴大我們在健康和保健市場的影響力。我們對 2025 財年前景充滿信心，並相信我們策略的成功執行將帶來可持續的長期成長。

With that, I'll now ask the operator to open a line for questions.

現在，我請接線員開通一條熱線來回答問題。

(Operator Instructions) Anthony Lebiedzinski, Sidoti & Company.

（操作員指示）Anthony Lebiedzinski，Sidoti & Company。

Hi, good morning, everyone, and thanks for taking the questions. So first, starting off with China. So your sales in your largest market outperformed our expectations even with a drop in active customers. So can you just provide more insight as to what’s going on in China? What are you seeing there?

大家早安，感謝你們回答問題。首先，從中國開始。因此，即使活躍客戶數量有所下降，您在最大市場的銷售仍超出了我們的預期。那麼，您能否提供更多關於中國正在發生的事情的見解？你在那裡看到了什麼？

What happened in the quarter? And how should we think about the balance of the year, especially with the upcoming incentive program changes?

本季發生了什麼事？我們應該如何考慮今年的平衡，特別是即將到來的激勵計劃變化？

You bet. Anthony, it’s Brent here. Thanks for the question. We were pleased with the performance of China throughout the quarter. Now if you recall, there were a lot of tariff activity that took place this year obviously and especially with our Chinese business.

當然。安東尼，我是布倫特。謝謝你的提問。我們對中國整個季度的表現感到滿意。如果你還記得的話，今年顯然發生了很多關稅活動，尤其是針對我們的中國業務。

We have about -- we have a little bit of exposure from cross border goods that are coming from the United States into China. And because of the tariff uncertainty, we did experience some increased buy up from our consumers in the market, which did attribute to some of the increase in performance throughout the quarter.

我們對從美國到中國的跨境貨物有一定程度的了解。而且由於關稅的不確定性，我們確實看到市場上消費者的購買量增加，這確實促進了整個季度業績的成長。

But that tariff exposure outside of that, we were pleased with the performance from our brand partners. There still is a lot of optimism in the marketplace. We have a great management team there and there’s a lot of cohesion amongst our brand partners.

但除了關稅風險之外，我們對品牌合作夥伴的表現感到滿意。市場上仍然充滿樂觀情緒。我們擁有一支優秀的管理團隊，我們的品牌合作夥伴之間有著強烈的凝聚力。

So things are still performing well. There is economic uncertainty, which we’re still saying very close paying close attention to. But outside of that, I think we’re very optimistic about what the long term potential of that Chinese market is.

所以事情仍然進展良好。存在經濟不確定性，我們仍在密切關注。但除此之外，我認為我們對中國市場的長期潛力非常樂觀。

Got it. Yes. Thanks, Brent, for that. And then just looking at your overall active customer count, so as far as the overall decline that we saw in the second quarter, how much do you think was macro driven versus some of it was because of the upcoming changes in the compensation programs do you think?

知道了。是的。謝謝你，布倫特。然後，僅看一下您的整體活躍客戶數量，就我們在第二季度看到的整體下降而言，您認為其中有多少是宏觀因素驅動的，還是部分是由於即將發生的薪酬計劃變化造成的？

I think there’s a good portion that’s attributable to the latter. Word did get out that we were going to be making adjustments to the incentive program and our sales teams around the world have been working for the last month in extensive communication with our brand partners to help them understand what the changes are.

我認為很大一部分原因在於後者。有消息指出我們將對激勵計劃進行調整，我們遍布全球的銷售團隊在過去的一個月裡一直在與我們的品牌合作夥伴進行廣泛的溝通，以幫助他們了解這些變化。

And naturally through that process there’s always going to be some reservation about learning what that new program is, how that affects them. And so we did see a decrease to acquisition especially in the latter half of the quarter and that really impacts that active customer count.

當然，在這個過程中，人們總是會對了解新計劃是什麼以及它將如何影響他們有所保留。因此，我們確實看到客戶獲取量下降，尤其是在本季的後半段，這確實影響了活躍客戶數量。

So that’s something that we knew would happen and we’re optimistic that that trend will turn around here in the third quarter as these new incentives continue to roll out.

所以我們知道會發生這種事，我們樂觀地認為，隨著這些新激勵措施的持續推出，這種趨勢將在第三季出現轉變。

Got it. Okay. So perhaps, I mean, you could just give us an example of -- maybe just walk us through an example of how a new brand partner would be compensated under the new incentive program compared to the legacy incentive program. Is this something you could just provide us kind of more details with?

知道了。好的。所以也許，我的意思是，您可以給我們舉個例子——也許可以給我們舉個例子，說明一下與傳統的激勵計劃相比，新的激勵計劃如何向新的品牌合作夥伴提供報酬。您能否向我們提供更多有關這方面的詳細資訊？

Yeah, sure. So we found through our research and through our data that especially with the current trends in the marketplace, it’s becoming harder and harder for people to find success early on in their journey with USANA.

是的，當然。因此，我們透過研究和數據發現，尤其是在當前市場趨勢下，人們在使用 USANA 的早期階段取得成功變得越來越困難。

And so that’s something we specifically wanted to address with these enhancements. The vast majority of our incentive program has remained unchanged. But there are some smaller elements of the plan that specifically relate to bonuses for behavior that we’ve made adjustments to. And we’ve brought some money forward in the beginning part of the journey of a new brand partner.

因此，我們特別想透過這些增強功能來解決這個問題。我們的激勵計畫絕大部分維持不變。但該計劃中有一些較小的元素特別與行為獎金有關，我們已經做出了調整。我們在新的品牌合作夥伴旅程的初期就投入了一些資金。

So before you might be able to a new brand partner would join, they would buy product for themselves and they would try to start selling product to other people. And oftentimes it would take them too long for them to earn their first commission check.

因此，在新的品牌合作夥伴加入之前，他們會為自己購買產品，並嘗試開始向其他人銷售產品。而且他們常常要花很久才能賺到第一張佣金支票。

And so with these enhancements, we’ve -- as I said, we brought some money forward in that journey to where you can immediately start earning income off every single sell that you make to a new customer or to a new brand partner.

因此，透過這些增強功能，正如我所說，我們在這過程中帶來了一些收益，您可以立即從向新客戶或新品牌合作夥伴進行的每次銷售中賺取收入。

So that’s a big adjustment that’s been made. We’ve made some other tweaks to some of the other bonuses within the program. But as a whole, our main goal is to drive acquisition through these enhancements to make it easier for people to join, make it easier for them to earn.

所以這是一個很大的調整。我們對該計劃中的一些其他獎金做了一些調整。但總的來說，我們的主要目標是透過這些增強功能來推動收購，讓人們更容易加入，讓他們更容易賺錢。

And as they earn more quickly, they’ll feel and know that USANA is successful, that this journey was the right choice for them and they’ll want to stick with it longer.

隨著他們賺得越來越多，他們會感覺到並知道 USANA 是成功的，這趟旅程對他們來說是正確的選擇，他們會想持續更久。

That's very helpful. And just circling back to the impact of tariffs, I know you touched on this a little bit here, but just overall thinking about the business as a whole, not just China, but you just can you just, can you speak to the impact of tariffs that you think you had on your business in the quarter and kind of how are you thinking about that for the balance of the year?

這非常有幫助。回到關稅的影響問題，我知道您在這裡稍微提到了這一點，但請從整體考慮業務，而不僅僅是中國，您能否談談您認為關稅對本季度業務的影響，以及您如何看待今年剩餘時間的關稅影響？

Yes. Anthony, this is Doug. The impact thus far has been fairly minimal. The operations and procurement team has done a really good job getting ahead of this with their sourcing strategy and really buying ahead of some of the potential exposure on the tariffs. We really haven’t seen that much get put into place and this is on kind of primarily the importing of raws from market to market which is not a real big part regardless.

是的。安東尼，這是道格。迄今為止，其影響還相當小。營運和採購團隊在這方面做得非常好，他們制定了採購策略，並提前購買了部分可能受到關稅影響的商品。我們確實沒有看到那麼多措施得到落實，這主要是從一個市場進口原材料到另一個市場，但這並不是一個真正重要的部分。

We still -- we see a lot of positioning from negotiating power. Not quite sure where that will land. And so I think we’ll just keep evaluating and definitely put in a lot of effort. You can see that in our inventory build during the quarter and we’ll update as we get more visibility to see what type of tariffs or trade policy type impact we see going forward.

我們仍然——從談判實力上看到很多定位。不太確定它會落在哪裡。所以我認為我們會繼續評估並付出很多努力。您可以在本季度的庫存構建中看到這一點，並且隨著我們獲得更多可見性以了解未來關稅類型或貿易政策類型的影響，我們將進行更新。

Got you. Yeah. Thanks, Doug. And then switching gears to Hiya. So as far as their second-quarter sales results, we could see what you guys did here.

明白了。是的。謝謝，道格。然後切換到“Hiya”。就他們第二季的銷售業績而言，我們可以看到你們的表現。

Can you give us a sort of a frame of reference as to how that compares to the year ago as far as the growth level there? Can you speak to that? Would be curious to get your thoughts on that.

您能否為我們提供一個參考框架，讓我們看看與去年同期相比，那裡的成長水平如何？你能談談這個嗎？我很想知道你對此的看法。

Hiya has had -- this is Walter, by the way, Anthony. Hiya has had, I mean, obviously, good growth. At the beginning of the year, that’s when they started building up customers. Usually during the summer months there's a little bit of a slowdown which they've had and that's -- that was predicted. That's what we had in our models.

嗨，有——順便說一下，這是沃爾特，安東尼。我的意思是，Hiya 顯然已經取得了良好的成長。從年初開始，他們就開始累積客戶。通常在夏季，他們的業務會出現一些放緩，這是可以預料到的。這就是我們的模型中所擁有的。

And then as the year picks up, sales start picking up. So we’ve got -- we’ve had really good growth this year over last year, significant growth as you see in the numbers. But we expect August, especially with Princess coming out and the Disney and products come out, think that that’s going to be a big deal for those guys.

隨著時間的推移，銷售額也開始回升。因此，與去年相比，我們今年取得了非常好的成長，正如您在數字中看到的那樣，成長非常顯著。但我們預計八月份，尤其是《公主》和迪士尼產品的推出，對這些人來說將是一件大事。

Got you. Okay. And then just thinking about the integration, it sounds like you guys are pleased with how that’s performed so far. Can you speak to the expected synergies and operational efficiencies that you may get from improved manufacturing and logistics? And I guess the second part would be also how are you guys thinking about expanding distribution of Hiya products beyond the core subscription business?

明白了。好的。然後想想整合，聽起來你們對目前的表現感到滿意。您能否談談透過改進製造和物流可以獲得的預期綜效和營運效率？我想第二部分也是你們如何考慮在核心訂閱業務之外擴大 Hiya 產品的分銷？

Yeah, and maybe I'll take those in reverse that Walter chime in here if he needs some clarification. I think right now we're going to just focus on the Hiya products within Hiya. We definitely see some opportunity down the road there and we'll evaluate that over some reasonable period of time.

是的，也許我會反過來問這些問題，如果 Walter 需要澄清的話，他會在這裡附和他。我認為現在我們只關注 Hiya 內部的 Hiya 產品。我們確實看到了未來的一些機會，我們將在一段合理的時間內對其進行評估。

The group has been actively working on a host of operational initiatives and integration initiatives relative to getting Hiya really prepped. They got a great team and getting them ready to be part of a public company. And we're making good progress on stuff, probably a little bit earlier early to be calling our shots as far as the savings and the uplift from there, but as we as we start seeing those get realized, we'll report on those and create some visibility.

該集團一直積極致力於一系列營運計劃和整合計劃，以使 Hiya 做好真正的準備。他們擁有一支優秀的團隊，並準備好成為上市公司的一部分。我們在某些方面取得了良好的進展，可能需要更早一點才能實現節省和提升的目標，但當我們開始看到這些目標實現時，我們會進行報告並創造一些知名度。

Yeah, and I would say -- without really giving numbers yet, I would say that the benefit that we're giving them is it's our expertise in operations because we have big operations teams and they're really great at doing DTC. They're amazing at that and you know we think they've been outsourcing their manufacturing of vitamins, powders.

是的，我想說——雖然還沒有給出具體數字，但我想說我們為他們帶來的好處是我們在營運方面的專業知識，因為我們擁有龐大的營運團隊，他們非常擅長做 DTC。他們在這方面做得非常出色，我們認為他們一直在外包維生素和粉末的生產。

There are 3PL that they've used, all those different things that we do throughout the world, we've been helping them with and we're -- I think, you'll see -- in the next few quarters you'll see -- you'll start seeing progress with those things. It'll be really good. Yeah.

他們使用過 3PL，我們在世界各地所做的所有不同的事情，我們都在幫助他們，而且我們——我想，你會看到——在接下來的幾個季度裡，你會看到——你會開始看到這些事情的進展。這將會非常好。是的。

This is Jim, and we mentioned -- I mentioned in my comments at the beginning, but we are also helping them when it comes to potential international businesses and markets that they may go in. Nothing that would be immediate, but that'd be something you'd see in 2026 or later. But again, our teams are helping them because we have really good people who have done this to get us in our 25 markets around the world.

我是吉姆，我們在一開始的評論中提到過，我們也在為他們可能進入的潛在國際業務和市場提供幫助。這不是什麼立即就會發生的事情，但那是在 2026 年或以後會看到的事情。但是，我們的團隊正在幫助他們，因為我們擁有非常優秀的人才，他們幫助我們進入了全球 25 個市場。

Got it. Okay, yeah, thanks for that and, nice to see you guys accelerating the share buyback so far this year. Just curious as to what your appetite is for additional share buybacks, kind of going forward here.

知道了。好的，是的，謝謝你，很高興看到你們今年到目前為止加快了股票回購。我只是好奇您對未來額外股票回購的興趣如何。

Yeah, we're going to be somewhat opportunistic. We really haven't comment and don't comment on perspective buyback, but this is a conversation we have every Board meeting, and we discuss it and kind of discuss the efficient kind of deployment and allocation of capital and so that that'll be kind of top of mind and trying to maximize kind of the resources the company has and I think we feel very good about the strength of our balance sheet moving forward as well.

是的，我們會採取一些機會主義的做法。我們確實沒有對未來回購發表評論，但這是我們每次董事會會議都會討論的問題，我們會討論這個問題，並討論如何有效地部署和分配資本，因此這將是最重要的，並試圖最大限度地利用公司擁有的資源，我認為我們對未來資產負債表的實力感到非常滿意。

Gotcha. Okay, and then lastly for me, I mean, so obviously you're still busy integrating Hiya, but longer term, what's your outlook about potential additional acquisition opportunities?

明白了。好的，最後對我來說，我的意思是，顯然您仍在忙於整合 Hiya，但從長遠來看，您對潛在的額外收購機會有何看法？

Yes, just like Doug mentioned, we’re looking at cash flow and cash management and we need to have some time to build, but we do have an active M&A department who are looking at opportunities. We’d love to find something out there again, Hiya number two or something that fits into our direction from health products.

是的，正如 Doug 所提到的，我們正在關注現金流和現金管理，我們需要一些時間來建設，但我們確實有一個活躍的併購部門正在尋找機會。我們很高興能再次找到一些東西，Hiya 第二個或一些符合我們健康產品方向的東西。

But again, it’s probably going to take a little bit of time to build up enough cash to find something that’s appealing to us. But we do have that team out there looking. And you never know, something may come across their desk today and we’d have to react to it.

但同樣，我們可能需要花一點時間來累積足夠的現金，以找到對我們有吸引力的東西。但我們確實有團隊在那裡尋找。你永遠不知道，今天他們可能會遇到一些事情，我們必須對其做出反應。

Understood. Well, thank you very much, guys, and best of luck.

明白了。好吧，非常感謝你們，祝你們好運。

(Operator Instructions) Ivan Feinseth, Tigress Financial Partners.

（操作員指示）Ivan Feinseth，Tigress Financial Partners。

Hi. Thank you for taking my question and congratulations on the results and ongoing progress.

你好。感謝您回答我的問題，並祝賀所取得的成果和持續的進展。

Appreciate it, Ivan.

非常感謝，伊万。

All right. So, in light of RFK’s Make America Healthy initiative, especially targeting ingredients in products and especially for children, what kind of opportunities do you see that gives you a competitive advantage in where you are and what do you see as opportunities to follow this trend or get in on this trend going forward?

好的。那麼，鑑於羅伯特甘迺迪的「讓美國更健康」倡議，特別是針對產品成分，特別是兒童產品成分，您認為什麼樣的機會可以讓您在當前情況下獲得競爭優勢？您認為有哪些機會可以順應這一趨勢或在未來加入這一趨勢？

Ivan, this is Doug. I think really foundationally the way the company is run, we’ve been very deliberate, very intentional with how we develop and introduce products and what we feel really good about. It’s really in our DNA.

伊万，這是道格。我認為從根本上來說，公司的運作方式是，我們非常謹慎、非常有針對性地開發和推出產品，以及我們真正喜歡的東西。它確實存在於我們的 DNA 中。

I think moving forward you’ll see more of that and I think sometimes the environment fits there and I think it’ll weed out some of the products that pop up day in and day out and kind of roll off and so I think that definitely provides some opportunity for us. Brent, I don’t know if anything else from kind of our product strategy approach.

我認為，展望未來，你會看到更多這樣的情況，而且我認為有時環境會適應這種情況，我認為它會淘汰一些日復一日出現並逐漸消失的產品，所以我認為這肯定為我們提供了一些機會。布倫特，我不知道我們的產品策略方法還有什麼其他面向。

Clearly, we’re always taking a look at the external environment and trying to evaluate what we’re doing internally to make sure that there’s a good match there. I think the one thing that I’d say on this point, Ivan, is that we feel very confident in the internal team that we’ve developed both on the commercial side and within the R&D function with the leadership of those two groups and with the teams that they have created that we can be more agile and more responsive to key trends that we see in the marketplace. We’ve always been strong at that but I think with the adjustments that we’ve made over the last year that we’ve become even more responsive.

顯然，我們始終關注外部環境，並嘗試評估我們的內部工作，以確保兩者相得益彰。伊万，我想在這一點上我要說的是，我們對我們在商業方面和研發職能方面建立的內部團隊非常有信心，在這兩個集團的領導下，以及在他們創建的團隊的幫助下，我們可以更加靈活，對我們在市場上看到的關鍵趨勢做出更快的反應。我們在這方面一直很強，但我認為，透過去年我們所做的調整，我們的回應能力會更強。

That’s been a big part of the commercial team’s restructure is that we want to make sure that we have a very robust product engine that is quick, that is responsive, and that it’s really responding to what’s happening on the marketplace and giving our brand partners the right products that they need to succeed out in the marketplace.

這是商業團隊重組的一個重要部分，我們希望確保我們擁有一個非常強大的產品引擎，它快速、響應迅速，能夠真正響應市場上發生的情況，並為我們的品牌合作夥伴提供他們在市場上取得成功所需的正確產品。

So we’re confident in our team’s ability moving forward and we’ll continue to pay attention to those trends.

因此，我們對團隊未來的發展能力充滿信心，我們將繼續關注這些趨勢。

Ivan, this is Walter. You talked about kids health. I mean that’s what Hiya does and they’re really poised for this. This is one of the reasons we were very excited about them when we saw them because they were beating all the trends in kids vitamins because they have really clean natural products and we really believe in what they sell. So they’re going to do great.

伊万，這是沃爾特。您談到了孩子的健康。我的意思是，這就是 Hiya 所做的，他們確實為此做好了準備。這就是我們在看到它們時感到非常興奮的原因之一，因為它們打敗了兒童維生素的所有趨勢，因為它們擁有真正純淨的天然產品，我們真的相信它們銷售的產品。所以他們將會做得很好。

I think healthy habits begin early. So that is a good place to start with young people who can deviate down sometimes bad eating habits. But so I really like that your acquisition of Hiya and the progress that they are making with them.

我認為健康的習慣要從小開始。因此，對於那些有時會養成不良飲食習慣的年輕人來說，這是一個很好的起點。但我真的很喜歡你們對 Hiya 的收購以及他們所取得的進展。

Second, on the new brand partner concept, what kind of tools or infrastructure are you focusing on or building that help them as far as, let’s say, on the technology side with CRM system as an example and on the social media side to provide brand partners with support and growing their business on using platforms like that?

其次，關於新的品牌合作夥伴概念，您關注或建立了哪些工具或基礎設施來幫助他們，例如在技術方面（例如 CRM 系統）以及在社交媒體方面，為品牌合作夥伴提供支持，並幫助他們利用這樣的平台發展業務？

And it's really creating an infrastructure that brings the brand partners that are choosing to make this a career to really have the business development tools to make it a successful career.

它實際上創建了一個基礎設施，讓選擇以此為職業的品牌合作夥伴真正擁有業務開發工具，從而使其成為成功的職業。

That’s a great question. In addition to providing the right product to sell, the right incentive offering for them to be successful in the sale of that product, we think one of the third leg to that stool is making sure that they have the right tools so that they can be successful.

這是一個很好的問題。除了提供合適的產品、提供合適的激勵措施以確保他們成功銷售產品之外，我們認為，實現這一目標的第三條支柱是確保他們擁有合適的工具，以確保他們能夠獲得成功。

Part of this compensation enhancement that we’ve rolled out this last quarter -- the end of last quarter and into the third quarter includes exactly what you’re referencing which is an enhancement to the IT infrastructure or the tools that we’re providing to our sellers.

我們在上個季度（上個季度末和第三季度）推出的薪酬增強措施的一部分包括您所提到的 IT 基礎設施增強或我們為賣家提供的工具增強。

We’re now trying to be more predictive and providing them with data driven predictions about who it is they should be working with within their network, who is opportunistic to make it to the next level. So we have provided a couple of new tools as part of this launch and there’s some more tools that are going to be provided as the launch continues throughout the quarter.

我們現在正試圖提高預測能力，並為他們提供數據驅動的預測，告訴他們應該與網路中的誰合作，誰有機會進入下一個層次。因此，我們在此次發布中提供了一些新工具，隨著整個季度的發布，我們還將提供更多工具。

We are evaluating some additional tools from a social media standpoint, how to ensure our brand partners are effective in delivering the message on social media. So we have one tool that’s currently being trialed with a small group of brand partners.

我們正在從社群媒體的角度評估一些額外的工具，如何確保我們的品牌合作夥伴能夠有效地在社群媒體上傳遞訊息。我們有一個工具，目前正在與一小部分品牌合作夥伴進行試用。

Assuming that goes well, we may try to expand that to other parts of the country and the world. But we’re always opportunistic in that area and we’ll continue to evaluate tools and provide our brand partners with the things that they need to be successful.

如果進展順利，我們可能會嘗試將其擴展到該國其他地區和世界。但我們在該領域始終充滿機遇，我們將繼續評估工具並為我們的品牌合作夥伴提供他們成功所需的一切。

Yeah, Ivan, this is Jim. Another area just to add on to what Brent is talking about is we’re like a lot of companies getting more and more involved with AI and we see that as an opportunity to advance our tools for the future.

是的，伊万，這是吉姆。除了布倫特所談論的內容之外，還有一個領域需要補充，那就是我們像許多公司一樣，越來越多地參與到人工智慧中，我們將此視為推進未來工具的機會。

We have a few tools right now that are being evaluated. Got to make sure we feel comfortable with how the AI functions with our data points. But I think it’s going to be a big improvement over the next few quarters and years when it comes down to how we can help our brand partners make decisions on where to put their efforts.

我們現在有幾個工具正在接受評估。必須確保我們對 AI 如何處理我們的數據點感到滿意。但我認為，在未來幾季和幾年內，當談到我們如何幫助我們的品牌合作夥伴決定將精力投入到哪裡時，這將是一個巨大的進步。

Thank you. Congratulations again and good luck going forward.

謝謝。再次恭喜並祝你未來好運。

Thank you. Appreciate it, Ivan.

謝謝。非常感謝，伊万。

Thank you, and there are no further questions at this time, so I'll hand the floor back to Andrew Masuda for closing remarks.

謝謝，現在沒有其他問題了，因此我將發言權交還給 Andrew Masuda 作結束語。

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.

感謝您在今天的電話會議中提出的問題和參與。如果您還有任何疑問，請隨時致電 801-954-7210 聯絡投資者關係部。

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。