USANA Health Sciences Inc (USNA) 2025 Q3 法說會逐字稿

Greetings and welcome to the Usana Health Sciences third quarter earnings call. (Operator Instructions)

各位來賓，歡迎參加優莎娜健康科學第三季財報電話會議。（操作說明）

I will now turn the conference over to your host Andrew Masuda, director of investor relations.

現在我將把會議交給主持人、投資者關係總監安德魯·馬蘇達。

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 third quarter results. Today's conference call is being broadcast live via webcast and can be accessed directly from our website at IR.Usana.com.

謝謝迭戈，大家早安。感謝您參加我們第三季業績回顧會議。今天的電話會議將透過網路直播，可直接透過我們的網站 IR.Usana.com 存取。

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

通話結束後不久，即可在我們的網站上觀看回放。再次提醒各位，在本次電話會議期間，管理層將就未來事件或公司未來財務表現發表前瞻性聲明。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. 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 FEC.

這些聲明的例子包括關於我們 2025 財年策略和展望的聲明，以及與全球經濟和經營環境相關的不確定性。以及我們的營運和財務表現。我們提醒您，這些聲明應與揭露資訊（包括具體風險因素和財務資料）一起考慮，這些資訊已包含在我們最近向聯邦選舉委員會提交的文件中。

I'm joined by our President and CEO Jim Brown, our Chief Financial Officer Doug Hecking, our Chief Commercial Officer Brent Neidig, our Chief Operating Officer Walter Note, as well as other executives. Yesterday after the market closed, we announced our third quarter results and posted our management commentary document on the company's website.

與我一同出席的還有我們的總裁兼執行長吉姆·布朗、財務長道格·赫金、首席商務官布倫特·內迪格、首席營運長沃爾特·諾特以及其他高階主管。昨天股市收盤後，我們公佈了第三季業績，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.

接下來，我們將聽取吉姆的簡短講話，之後將開放提問環節。

Thank you, Andrew, and good morning, everyone.

謝謝你，安德魯，大家早安。

We continue to execute our comprehensive commercial strategy in the third quarter, which was highlighted by the global rollout of our enhanced compensation plan.

第三季度，我們繼續執行全面的商業策略，其中最引人注目的是我們在全球範圍內推出了增強型薪酬計劃。

While third quarter results were impacted by softer sales and brand partner productivity leading up to the global convention in August. We are in the initial stages of the full rollout, and I'd like to be clear in saying that I'm encouraged by recent activity we are seeing in the business.

第三季業績受到銷售疲軟和品牌合作夥伴生產力下降的影響，而這主要是由於 8 月的全球大會臨近。我們正處於全面推廣的初期階段，我想明確表示，我對最近的業務進展感到鼓舞。

If you recall, we enhance our compensation plan to ensure Usana is at the forefront of today's evolving and competitive landscape for entrepreneurs. Our commercial strategy includes an enhanced compensation plan, product innovation, updated and refreshed brand story, and improved tools to assist with building a business.

如果你還記得的話，我們不斷完善薪酬方案，以確保優莎娜在當今不斷發展且競爭激烈的創業環境中始終處於領先地位。我們的商業策略包括改善薪酬方案、產品創新、更新和重塑品牌故事，以及改善業務拓展工具。

The enhanced compensation plan focuses on three key elements: share, grow, and lead. This new framework is designed to help our brand partners to have greater success in building their sales organization with new brand partners and customers in a simple and explainable way.

改進後的薪酬方案著重於三個關鍵要素：分享、成長和領導。這個新框架旨在幫助我們的品牌合作夥伴以簡單易懂的方式，與新的品牌合作夥伴和客戶建立更強大的銷售組織，從而取得更大的成功。

This is particularly relevant today, as the desire to earn part-time supplementary income or to earn income on one's own terms is as high as it has ever been.

這一點在今天尤其重要，因為人們渴望賺取兼職額外收入或以自己的方式賺取收入的願望比以往任何時候都更加強烈。

Our recent changes have systematically addressed the most important features of a competitive compensation plan in this market: simplicity, early earnings potential, and competitive pay for performance.

我們最近的改革系統地解決了市場上具有競爭力的薪酬計劃最重要的幾個特點：簡單易懂、早期盈利潛力以及具有競爭力的績效薪酬。

We have simplified the plan, made it easier for new people to understand, act, and share, improved the earnings capability of our new brand partners so that they have the potential to see success faster, and we've enhanced our pay-for-performance criteria, which will more greatly reward those who are doing more of the work. Simplicity and early success are key requirements of a younger demographic, and early indications are that this offering is resonating with that audience.

我們簡化了計劃，讓新成員更容易理解、行動和分享，提高了新品牌合作夥伴的盈利能力，使他們更有可能更快地獲得成功，並且我們加強了績效付費標準，這將對那些付出更多努力的人給予更大的獎勵。簡單易用和快速成功是年輕群體的重要要求，初步跡象表明，這款產品正在引起該群體的共鳴。

We are encouraged by our brand partners' response to the enhancements and the recent lift we have seen in sales activity and leader productivity.

品牌合作夥伴對這些改善措施的正面回饋以及近期銷售活動和領導者生產力的提升都令我們倍感鼓舞。

We are seeing improvement across several key metrics, including engagement as indicated by meeting attendance, brand partner attraction, and customer acquisition.

我們看到幾個關鍵指標都有所改善，包括會議出席率所反映的參與度、品牌合作夥伴吸引力和客戶獲取情況。

Speed to earnings, their first commission, and general stickiness of brand partners and customers. Qualitatively, brand partners across the world are sharing how these new changes have brought renewed excitement, energy, and success to their businesses.

獲利速度、首筆佣金以及品牌合作夥伴和客戶的整體黏性。從定性角度來看，世界各地的品牌合作夥伴都在分享這些新變化如何為他們的業務帶來了新的熱情、活力和成功。

Our vision of brand partners being a focal point continues to resonate and build trust with these entrepreneurs, as they have expressed improved confidence in sharing the opportunity.

我們以品牌合作夥伴為核心的願景持續引起這些創業家的共鳴，並不斷建立起他們的信任，因為他們對分享這個機會展現了更大的信心。

During the quarter, we reported an increase in inventories that can be attributed in great part to new product introductions to support our growth strategy, increased investments in the location of our inventory to support tariff mitigation efforts, and working capital investments in our venture companies, HIA and Rise bar.

本季度，我們的庫存增加，這主要歸因於為支持我們的成長策略而推出的新產品、為支持關稅緩解措施而增加的庫存地點投資，以及對我們風險投資公司 HIA 和 Rise bar 的營運資金投資。

We have also begun the process of targeted in-house production for our venture companies. We believe our in-house manufacturing capabilities contribute to better margins, improve control of inventory levels, and help to mitigate supply chain risks while providing a meaningful contribution to delivering the highest quality nutritional products.

我們也已開始為我們的創投公司進行有針對性的內部生產。我們相信，我們內部的生產能力有助於提高利潤率，改善庫存水準控制，並有助於降低供應鏈風險，同時為提供最高品質的營養產品做出有意義的貢獻。

Moving on to our other businesses, if you recall, these businesses provide UAA the ability to reach a broader demographic of the health and wellness market while providing diversification and strengthening Usana's financial profile. Overall, we're encouraged by the year-to-date sales growth of these entities. I'll start by sharing an update on our direct-to-consumer business.

接下來談談我們的其他業務。如果你還記得的話，這些業務使優莎娜能夠接觸到更廣泛的健康和保健市場人群，同時實現多元化並增強優莎娜的財務狀況。總體而言，我們對這些實體今年迄今的銷售成長感到鼓舞。首先，我將向大家介紹我們面向消費者的直接業務的最新進展。

Although Haye experienced some challenges in top-line growth in the third quarter, the company has delivered 26% year-to-date sales growth, putting them on track to deliver another year of record sales. Notably, we have made significant progress on several integration initiatives.

儘管 Haye 在第三季營收成長方面遇到了一些挑戰，但該公司今年迄今的銷售額成長了 26%，使其有望再創一年的銷售紀錄。值得注意的是，我們在多項整合措施中取得了重大進展。

In the first half of the year, a large focus was placed on the implementation of a new ERP system and related controls to ensure that HIA is fully operating as a subsidiary of a public company. There has been significant progress made that we believe will support the Hyatt team moving forward.

今年上半年，公司重點放在實施新的 ERP 系統及相關控制措施上，以確保 HIA 作為一家上市公司的子公司全面運作。我們相信，目前已取得的重大進展將有助於凱悅團隊繼續前進。

We have also been working on other areas that provide operational synergies. For example, during the quarter, we assisted the team in the transition to a new logistics partner, which is anticipated to drive operational efficiency in the coming year.

我們也在努力開拓其他能帶來營運綜效的領域。例如，在本季度，我們協助團隊過渡到新的物流合作夥伴，預計這將提高來年的營運效率。

We also continue to leverage core competencies at UAA, including research and development activities, manufacturing, and general operational expertise to support HAA in new product formulation, international expansion, and cost savings opportunities.

我們也將繼續利用 UAA 的核心競爭力，包括研發活動、製造和一般營運專業知識，以支援 HAA 的新產品配方、國際擴張和成本節約機會。

Another example: we anticipate beginning the manufacturing of Hayer products in-house over the next several months, which we anticipate will continue to improve margins in the late second quarter and back half of 2026.

另一個例子：我們預計將在未來幾個月內開始自主生產 Hayer 產品，我們預計這將在 2026 年第二季末和下半年繼續提高利潤率。

Altogether, we're pleased with the progress we've made on all these fronts and continue to expect Hiatus to generate double-digit sales growth for the full 2025.

總而言之，我們對在所有這些方面取得的進展感到滿意，並繼續期望 Hiatus 在 2025 年全年實現兩位數的銷售成長。

The team has several exciting growth initiatives planned for next year, which we will address next quarter when we provide our initial outlook for fiscal 2026.

團隊為明年制定了幾項令人興奮的成長計劃，我們將在下個季度提供 2026 財年初步展望時對此進行詳細介紹。

Bar, which was acquired in 2022, reported record quarterly net sales, and year-to-date net sales have increased by 169%. Although Rise Bar is still relatively small as a percentage of our sales portfolio, we're very pleased with the progress, including channel expansion and new product offerings that we believe will contribute to strong future sales heading into 2026.

Bar 於 2022 年被收購，其季度淨銷售額創歷史新高，年初至今的淨銷售額增長了 169%。儘管 Rise Bar 在我們銷售組合中所佔比例仍然相對較小，但我們對其取得的進展非常滿意，包括通路擴張和新產品推出，我們相信這些都將有助於在 2026 年實現強勁的未來銷售。

We are investing additional resources and working capital, as well as leveraging UAA's operational expertise to capitalize on current momentum and to drive long-term growth and efficiencies.

我們正在投入更多資源和營運資金，並利用阿拉斯加大學的營運專長，以充分利用當前的勢頭，推動長期成長和效率提升。

We believe there are meaningful growth opportunities in the health and food space over the next several years.

我們相信，未來幾年健康和食品領域將迎來意義重大的成長機會。

As included in our third quarter earnings release, we reported that we have initiated and are executing a global cost reduction process, including a rightsizing of our workforce.

正如我們在第三季財報中所述，我們已經啟動並正在執行一項全球成本削減計劃，其中包括調整員工規模。

This process will focus on prioritizing top strategic priorities while also targeting efficiencies that support a more agile and adaptable organization moving forward.

這個過程將著重於優先考慮最重要的策略重點，同時致力於提高效率，以支持組織在未來發展中更加敏捷和適應性強。

We expect to incur an estimated one-time charge of $4.7 million in the fourth quarter, which has been reflected in our updated outlook.

我們預計第四季將產生約 470 萬美元的一次性費用，這已反映在我們更新後的展望中。

In closing, we remain confident that our comprehensive commercial team strategy will position Usana to drive long-term growth in our direct selling business and deliver long-term value for our customers and brand partners.

最後，我們仍然相信，我們全面的商業團隊策略將使優莎娜能夠在直銷業務方面實現長期成長，並為我們的客戶和品牌合作夥伴創造長期價值。

Additionally, we are succeeding in our diversification strategy with the growth of higher in the children's health and wellness market and the growth of rise in the healthy foods market. Together these elements reinforce our positive outlook for the future and our commitment to create lasting value across our portfolio.

此外，我們的多元化策略也取得了成功，兒童健康和保健市場以及健康食品市場均實現了成長。這些因素共同強化了我們對未來的正面展望，以及我們致力於在整個投資組合中創造持久價值的承諾。

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

那麼，我現在請接線員開通提問專線。

(Operator Instructions)

（操作說明）

Anthony Levizinski , Fidelity and Company.

Anthony Levizinski，富達投資公司。

Good morning, everyone, and thank you for taking the questions. So, you have stated both in the release and this morning that you have seen a pickup in sales activity and leader productivity in recent weeks, which is encouraging. So, can you just kind of walk us through, maybe share some additional details as far as the trajectory of your business trends as you went from July to August, September, and maybe so far in October, if you could comment on that.

各位早安，感謝你們回答問題。所以，您在新聞稿和今天早上都提到，最近幾週銷售活動和領導者的工作效率都有所提高，這令人鼓舞。那麼，您能否為我們詳細介紹一下，從 7 月到 8 月、9 月，以及 10 月至今，您的業務趨勢發展軌跡有哪些細節？如果您能就此發表一些看法的話。

Sure, Anthony, it's Brent. It's good to hear from you.

當然，安東尼，我是布倫特。很高興收到你的來信。

Likewise, we have seen some promising trends from our new compensation plan that was launched earlier this year, earlier in July.

同樣，我們從今年稍早（7 月初）推出的新薪酬計畫中也看到了一些令人鼓舞的趨勢。

And I think primarily what we've seen is we've seen more engagement and excitement around the offering than we historically have seen over the last couple of years.

而且我認為我們主要看到的是，與過去幾年相比，人們對這產品的參與度和熱情更高。

So, it's been quite promising from that perspective, as Jim mentioned in his notes. We're really trying to focus on the upfront earnings opportunity. We know that as soon as people can engage with UAA, as soon as they see success, and that they can see that success sooner on, they're more likely to stay with us longer. And so, that's what's really resonated with our field right now and our brand partners.

所以，從這個角度來看，情況相當樂觀，正如吉姆在他的筆記中提到的那樣。我們真正想關注的是前期收益機會。我們知道，一旦人們能夠參與 UAA 的活動中，一旦他們看到成功，並且能夠更快地看到成功，他們就更有可能長期留在我們這裡。因此，這正是目前真正引起我們產業和品牌合作夥伴共鳴的內容。

Historically, that's somewhat been a challenge over the last couple of years, and as people's expectations have changed in today's marketplace, they've been looking for an easier upfront earnings opportunity, and we feel like we've delivered on that front. So, it's still early yet. What we've seen in September, and now the first couple of weeks in October—all signs are pretty promising, especially from our more mature markets like the United States. We've seen some re-engagement from some of our longer-tenured brand partners, which is really encouraging to see.

從歷史上看，過去幾年這在某種程度上一直是個挑戰，隨著當今市場中人們的期望發生了變化，他們一直在尋找更容易獲得前期收益的機會，我們覺得我們在這方面已經做到了。所以，現在還為時過早。從九月以及十月的前兩週來看，所有跡像都相當樂觀，尤其是來自美國等較成熟的市場。我們看到一些長期合作的品牌合作夥伴重新與我們建立了聯繫，這真的令人鼓舞。

Yeah, just to further comment on that during the quarter, we mentioned we didn't have the best quarter, or it didn't meet our expectations. We did the kind of launch the beginning of July of the compensation enhancement as well as some other stuff for our brand partners, and we saw a slowdown at that point intime where people were absorbing and not really getting into the business for a while.

是的，關於本季業績，我們進一步評論說，我們本季的業績並不理想，或者說沒有達到我們的預期。我們在 7 月初推出了薪酬提升計劃以及一些針對品牌合作夥伴的其他舉措，當時我們看到業務增長放緩，人們都在消化這些信息，並沒有真正投入到業務中。

And then we've seen what Brent talked about the pickup has really been after our global convention in August, so it really hit right at the end of August. September, so very promising sides, but again early yet yes.

然後我們看到了布倫特所說的，銷量回升確實是在我們 8 月的全球大會之後發生的，所以銷量回升確實是在 8 月底發生的。九月，前景非常光明，但現在下結論還為時過早。

Anthony, this is Doug just for context and we talked about a little bit of this in the pre-release. We anticipated when you roll a lot of information out as Jim said, it takes some time to process, so we anticipated a little bit of softness as they took time to digest and understand and have some more of these in-person meetings, and our convention served and that investment there, I think, served us well to be able to have some of those conversations.

安東尼，我是道格，這裡只是提供一些背景信息，我們在預發佈時也稍微討論過這個問題。正如吉姆所說，我們預料到，當你發布大量資訊時，需要一些時間來消化，所以我們預料到，在他們消化和理解的過程中，可能會出現一些緩和的情緒，並且需要進行更多這樣的面對面會議。我認為，我們的大會以及在那方面的投入，對我們進行這些對話起到了很好的作用。

But we saw, maybe a little bit softer than we anticipate and last a little bit longer, but as Jim and Brent both indicated, we're pleased by kind of the traction we have now. There's a lot of work to do, but we, we're definitely leaning into it and working on executing the plan.

但我們看到，情況可能比我們預期的要稍微好一些，持續時間也稍微長一些，但正如吉姆和布倫特都指出的那樣，我們對目前的進展感到滿意。還有很多工作要做，但我們一定會全力以赴，努力執行計劃。

All right, that's very helpful context, and I guess that that explains why the Americas and Europe region perform relatively better than some of your other regions, I guess, right, as far as looking at the percentage of the sales declines, is that why? Because they're more mature.

好的，這提供了非常有幫助的背景資訊。我想，這就能解釋為什麼美洲和歐洲地區的表現相對優於你們的其他一些地區了，對吧？從銷售額下降的百分比來看，是這樣嗎？因為他們更成熟。

Those markets.

那些市場。

Well, no I think we had the event. We had some sales at the event. The other thing you have to recognize is because the rise bar has been a relatively small percentage of sales, and because it's been there, we indicate, you can see in the tables that we include that in the Americas and Europe number and so part of that contribution, without a doubt what Brent said is accurate, but part of that contribution is also from the pickup an performance at Rise bar as well.

不，我想我們已經舉辦過那場活動了。我們在活動期間達成了一些銷售目標。你還必須認識到，由於 Rise 酒吧的銷售額佔比相對較小，而且正如我們在表格中指出的，我們已將其計入美洲和歐洲的銷售額中，因此，毫無疑問，布倫特所說的部分貢獻是準確的，但部分貢獻也來自 Rise 酒吧的取貨和表演。

Got it. Okay, thank you for that. And then, can you just also talk about the incentives that you planned for the fourth quarter and you know whether some of those incentives may need to spill over into early 26 or you think this is just a short-term 1 quarter event?

知道了。好的，謝謝。那麼，您能否也談談您為第四季度製定的激勵措施，以及您是否知道其中一些激勵措施可能需要延續到 2026 年初，或者您認為這只是一個短期的季度事件？

Yeah, Anthony, we're going to continue to look for strategic opportunities to provide incentives for our brand partners. Specifically, now, as we've just launched our new compensation offering, it's really important for all of our brand partners around the world to understand it, to feel excitement around that offering, and to really get going, working according to that plan.

是的，安東尼，我們將繼續尋找策略機遇，為我們的品牌合作夥伴提供激勵措施。具體來說，現在我們剛剛推出了新的補償方案，因此對於我們世界各地的所有品牌合作夥伴來說，了解該方案、對該方案感到興奮並真正開始按照該方案開展工作就顯得尤為重要。

So, I think it's been indicated already, but we do have some incentives planned for the fourth quarter. Which should help us land with where we're guiding in terms of revenue, and it certainly will spill over into Q1 of next year just like it always does. We, we're always looking for opportunities for promotions to incentivize our brand partners.

所以，我認為之前已經有所暗示，我們確實計劃在第四季度推出一些激勵措施。這應該有助於我們實現預期的收入目標，而且肯定會像往常一樣延續到明年第一季。我們一直在尋找促銷機會來激勵我們的品牌合作夥伴。

Understood. Okay. And then just switching gears to HA, so as I look at the active customer count that has declined, can you talk about the reasons for that and how confident are you that Haya can get back to growth next year?

明白了。好的。然後我們換個話題談談Haya，我看到活躍用戶數量下降，您能談談造成這種情況的原因嗎？您對Haya明年能否恢復成長有多大信心？

Yeah, this is Walter. Yes, we're very confident with Haya. We've had some slowdowns.

是的，這是沃特。是的，我們對Haya非常有信心。我們遇到了一些放緩的情況。

In the third quarter we expected more pickup because typically you know their business is all DTC and they do a lot of lot of marketing through Meta has changed algorithms and so we're trying to figure that out and we've been through this multiple times with Haya in the past.

我們預計第三季會有更多成長，因為你知道，他們的業務通常是 DTC（直接面向消費者），他們透過 Meta 進行大量的行銷。 Meta 的演算法已經改變，所以我們正在努力弄清楚這一點，而且我們過去也曾多次與 Haya 一起經歷過這種情況。

So, we expect that to bounce back and as high it continues to grow through DTC and retail and international expansion, yeah, we expect that to continue to grow.

因此，我們預計這種情況會反彈，並且隨著 DTC、零售和國際擴張的持續增長，是的，我們預計這種情況會繼續增長。

Got it. Okay. And then.

知道了。好的。然後。

Got it. Okay. Lastly, for me, before I pass it on to others, so in terms of just the rightsizing of your organization that you plan to do in the fourth quarter, how should we think about the level of annualized operating cost savings that you plan to achieve with this?

知道了。好的。最後，在把它傳遞給其他人之前，我想問一下，就您計劃在第四季度進行的組織規模調整而言，我們應該如何看待您計劃透過此舉實現的年度營運成本節約水準？

Yeah, Anthony, this. This is Doug. So we're barely, very early in the process, and so one of the components, as Jim mentioned, is the right sizing of staff as part of it. There's far more to it than there. And so I think what we'll look to do because we still got a lot of work and analysis and progress to make, we'll look to comment on that in February more fully, but we definitely expect to go back and see some cost savings ad kind of cost reduction as a part of this process, and we'll talk about that in more detail in February.

是的，安東尼，就是這樣。這是道格。所以我們現在還處於非常早期的階段，正如吉姆所提到的，其中一個組成部分是合理配置員工人數。事情遠不止這些。因此，我認為我們接下來要做的，因為我們還有很多工作、分析和進展要做，我們將在二月份對此進行更全面的評論，但我們肯定希望在這個過程中看到一些成本節約和成本降低，我們將在二月份更詳細地討論這一點。

Got it. Well, thank you very much and best of luck.

知道了。非常感謝，祝你好運。

(Operator Instructions)

（操作說明）

Susan Anderson, Cancor Genuity.

蘇珊安德森，Cancor Genuity。

Hi, good morning. I guess maybe just a follow-up on high, it sounds like as you integrate it further, maybe there's some more efficiencies to be had there, maybe if you could talk about that a little bit more. I don't know if you can quantify it and the impact it's going to have to margins at all.

您好，早安。我想就高層方面再補充一點，聽起來隨著你們進一步整合，或許還能提高效率，也許你們可以再多談談這方面。我不知道能否量化這種影響，以及它對利潤率的影響。

Well, I won't give you all the details as far as – this is Walter, by the way. I won't give you all the details on Quantified. I think we'll have more information in February about that. But specifically, you know, hiya makes vitamins. That's their number one product. They also do protein powders. And we have reformulated or formulated their products for our manufacturing process.

好吧，我不會透露所有細節，順便說一下，這是沃爾特。我不會透露關於 Quantified 的所有細節。我認為二月我們會得到更多相關資訊。但具體來說，你知道，hiya生產維生素。那是他們的頭號產品。他們也生產蛋白質粉。我們已根據我們的生產流程對他們的產品進行了重新配方或調整。

We've got that ready. So, we'll be making all of their vitamins here in-house, which we have all capabilities to do that. Also, as far as operational efficiency, there's just a lot. We're really good at operations because of the size of our business. And so, we're able to absorb a lot of support for supply chain and manufacturing. And they had a 3PL that they were using that we helped them move, transition to a different 3PL. And that reduced our cost by quite a bit and allowed them to be much more efficient.

我們已經準備好了。所以，我們將自行生產他們所有的維生素，我們完全有能力做到這一點。此外，就營運效率而言，提升空間也很大。由於公司規模龐大，我們的營運非常出色。因此，我們能夠吸收大量的供應鏈和製造業支援。他們之前使用一家第三方物流公司，我們幫助他們遷移到另一家第三方物流公司。這大大降低了我們的成本，也讓他們能夠更有效率地工作。

Okay, great, that's really helpful and then maybe if you could just talk about a little bit about just the industry in general, are you seeing any, I guess slowdown from consumers as it relates to either VMS or wellness purchases? Are they looking for more value maybe than what they were, six months or a year ago and I guess maybe if you could talk about it by region as well. Thanks.

好的，太好了，這真的很有幫助。那麼，您能否談談整個產業的情況呢？您是否注意到消費者在維生素、礦物質和保健品（VMS）或健康產品方面的購買量有所放緩？他們是否在尋求比六個月前或一年前更高的價值？我想，如果能按地區來談談這個問題就更好了。謝謝。

Yeah, Susan, to clarify that this is on the broader business, not specifically related to high. Is that. Accurate?

是的，蘇珊，需要澄清的是，這是關於更廣泛的業務，而不是專門與高有關。就是這樣。準確的？

Correct, yes, just in the industry in general.

沒錯，就是整個產業的狀況。

Yeah, we're a part of some associations that help the industry in general, and quite honestly, the direct selling business has struggled over the past few years, probably since COVID. A lot of direct selling companies are basically enhancing their offerings, making it quicker and easier to earn modest income as well as share products.

是的，我們加入了一些旨在幫助整個行業的協會，坦白說，直銷行業在過去幾年裡一直舉步維艱，可能自從新冠疫情以來就是如此。許多直銷公司都在不斷改進產品和服務，讓人們能夠更快、更容易地賺取少量收入並分享產品。

So, you know, we have seen that same struggle over that time period, but I think we're getting there when it comes to what we just offered in July through August of this year. And We're setting ourselves up for the future. Yes, and definitely the product or the vitamin side of the business has struggled some. There is a lot of competition out there, and our biggest challenge is to make sure that we can easily show people our competitive offering.

所以，你知道，在那段時間裡，我們也經歷了同樣的掙扎，但我認為，就我們今年7月到8月所提供的服務而言，我們正在取得進展。我們正在為未來做好準備。是的，而且維生素產品方面的業務確實遇到了一些困難。市場競爭非常激烈，我們面臨的最大挑戰是確保我們能夠輕鬆地向人們展示我們具有競爭力的產品和服務。

And again, our offering is a little bit different than some of the companies out there because of the direct selling industry. We offer fantastic products as well as an opportunity to earn. So You know, that's one of our highlights when we go out there. When we look at HIA and RISE and that information, I'll let Walter speak to that.

此外，由於直銷業的特殊性，我們提供的產品與市面上一些公司的產品略有不同。我們提供優質的產品以及賺錢的機會。所以你知道，這是我們外出比賽時的一大亮點。當我們研究 HIA 和 RISE 以及相關資訊時，我會讓 Walter 來談談這方面的情況。

Yeah, I, higher children's vitamins and the children's vitamin markets been.

是的，我，兒童維生素含量較高，兒童維生素市場也一直如此。

I would say is, they're quiet, there's quite a bit of competition there, but HIA creates a complete, a different experience for their customers and because of that because they're DTC and because they're all subscription.

我想說的是，他們很低調，那裡的競爭相當激烈，但 HIA 為他們的客戶創造了完整的、不同的體驗，正因為他們是 DTC 模式，而且他們全部都採用訂閱模式。

That business has actually been really good for us, and they've been able to take market share from other companies, and I think they'll continue to do that. So, for the higher side, it's been really good rise is. Are protein powders, bars, RTD and that business is really good for us too, with especially with the protein business in the US.

那項業務實際上對我們非常有利，他們已經從其他公司手中奪取了市場份額，我認為他們會繼續這樣做。所以，對於價格較高的一方來說，漲勢確實非常強勁。蛋白質粉、蛋白棒、即飲飲料等產品對我們來說也是非常好的生意，尤其是在美國的蛋白質市場。

You just see a huge uptake and huge demand for proteins and we're capitalizing that with high with rise. That's why we're seeing such growth.

你會看到蛋白質的需求量龐大，我們正在利用這一點，實現高成長。這就是我們看到如此增長的原因。

Yeah, and a little bit more colour on kind of just the broader category and what we're seeing with the consumers. We also play in a space where we have what I believe to be the best quality product out there. And one of the commercial team strategies is get better and better and better at articulating that story so they really understand the value proposition.

是的，還需要更詳細地介紹更廣泛的類別以及我們從消費者中觀察到的情況。我們也在一個我認為是市面上品質最好的產品環境中進行比賽。而商業團隊的策略之一就是不斷改進和完善品牌故事的闡述，以便讓顧客真正理解品牌的價值主張。

We're not a commodity-type product. That's not a place we're going to play in. We're going to continue to differentiate what we're offering, and we're going to make sure that we convey that story, so consumers understand the differentiation of our products.

我們不是普通商品。我們不會去那裡比賽。我們將繼續使我們提供的產品和服務與眾不同，並且我們將確保傳達這一理念，以便消費者了解我們產品的差異化優勢。

Okay, great. And then I guess maybe if you could just talk about if you think there's opportunity, there's high has been pretty successful, the DTC business seems to be doing better. I mean, is there opportunity you think to maybe buy a couple more, DPC businesses maybe to tack on to that or how are you thinking about kind of like your future strategy?

好的，太好了。然後我想，如果你能談談你是否認為存在機會，DTC 業務似乎發展得更好，而且 DTC 業務也相當成功，那麼 DTC 業務的發展似乎更好。我的意思是，您是否考慮過再收購幾家DPC公司來擴充您的業務？或者說，您對未來的策略有什麼想法？

Yeah, this is Jim. You're definitely hitting it. Our future strategy is diversification. We're committed to the direct selling channel. We're going to continue to work on making that grow and be a big engine as we get cash through our business. We're going to look at other opportunities in M&A or opportunities within the companies that they're there to actually expand.

是的，這是吉姆。你肯定擊中了要害。我們未來的策略是多元化。我們致力於發展直銷通路。我們將繼續努力，使其發展壯大，成為我們業務獲利的重要引擎。我們將著眼於併購方面的其他機會，或是公司內部的擴張機會。

Within. So yes, that is part of our strategy. I think diversification will make a stronger use on and we'll continue down that path. And even if you look at, where we've been with direct sales and getting modest growth there just over time with the growth rates of both high-end rises, we'll see a shift in overall in our overall portfolio getting more omnichannel and more diversified.

之內。是的，這是我們策略的一部分。我認為多元化投資會發揮更大的作用，我們將繼續沿著這條道路走下去。即使回顧我們過去在直銷方面取得的進展，以及隨著時間的推移，高端產品的成長率雖然有所提高，但我們仍會看到整體產品組合轉變，變得更加全通路和多元化。

I would also say kind of given the recent announcement during the 4th quarter as we look to pivot to be more agile and adaptable and work on some of these cost reductions from a capital allocation priority in the near term. It'll be investing in the commercial strategy, the top priority, and as Jim mentioned, kind of our venture companies because we see really good opportunity in both Hyatt and rise, and we continue to evaluate different opportunities, but those without a doubt will be our priorities from the capital allocation.

鑑於最近在第四季度發布的公告，我們正尋求轉型，變得更加靈活和適應性強，並將近期資本配置優先事項中的一些成本削減工作作為重點，我也想說，某種程度上來說是這樣。我們將把投資重點放在商業策略上，這是首要任務，正如吉姆所提到的，我們也會投資一些創投公司，因為我們看到了凱悅酒店和Rise集團的巨大發展潛力，我們也在不斷評估不同的投資機會，但毫無疑問，這些將是我們資本配置的優先事項。

Yeah, okay, great. Thank you so much. Good luck the rest of the year.

好的，太好了。太感謝了。祝你今年剩下的日子一切順利。

Thank you.

謝謝。

Ivan Feinseth , Tigris Financial Partners.

伊凡‧費恩塞斯，底格里斯金融合作夥伴。

Hi, thanks for taking my question. I have a few questions as far as now and see, your strategy is to delineate between direct to consumer and still your sales marketing channel. But as an example, there's still a lot of confusion about supplements that I feel that your advisor channel can help. Everybody's saying the number one supplement that you should take is magnesium, but there's just tons of different formulations.

您好，感謝您回答我的問題。我有一些問題，目前看來，你們的策略是區分直接面向消費者和你們的銷售行銷管道。但舉例來說，關於保健品仍然存在著許多困惑，我覺得你們的顧問頻道可以幫忙解答這些問題。大家都說最該補充的營養素是鎂，但鎂的配方卻五花八門。

You should take magnesium formulated with different amino acids or different formulations at night versus the morning. How do you feel your product line could meet some of those demands and that your advisor channel could help consumers better understand that?

晚上服用鎂補充劑時，應選擇含有不同胺基酸或其他不同配方的鎂補充劑，而不是早上服用。您認為您的產品線可以如何滿足其中的一些需求？您的顧問管道又可以幫助消費者更能理解這些需求嗎？

Hi, Ivan. It's Kathryn. You know, I think the data on magnesium is interesting and still, as we have discussed, a little confusing, right? So when we look at the clinical data and sort of who has been pushing the clinicals and what types of forms have been studied and whether or not there's been a lot of A-B testing of them versus each other, the data there is not consistent and solid.

你好，伊万。是凱瑟琳。你知道，我覺得有關鎂的數據很有趣，但正如我們討論過的，仍然有點令人困惑，對吧？所以，當我們查看臨床數據，以及誰在推動臨床試驗，研究了哪些類型的藥物，以及是否對它們進行了大量的 A/B 測試時，我們發現這些數據並不一致，也不夠可靠。

You know, I think in alignment with USANA's core values, right, we are always prioritizing science and ensuring that our customers and brand partners have the best possible options. So we continue to look at different magnesium blends, as well as, you know, all of the different elements that are important for human health. And we'll continue to look at that and to ensure that the research that's being vetted is being vetted objectively.

你知道，我認為，為了與優莎娜的核心價值保持一致，我們始終將科學放在首位，確保我們的客戶和品牌合作夥伴擁有最佳的選擇。因此，我們繼續研究不同的鎂混合物，以及所有對人體健康重要的不同元素。我們將繼續關注這一點，並確保正在接受審查的研究得到客觀公正的審查。

Thanks. And then how do you feel that RFKs, Make America Healthy initiative is helping you to create some sales opportunity, getting more people interested in the need for supplements? How are you kind of, capitalizing on that both direct to consumer and to your, sales channels?

謝謝。那麼，您認為羅伯特甘迺迪的「讓美國更健康」倡議在多大程度上幫助您創造了銷售機會，讓更多人對營養補充劑的需求產生興趣？您是如何利用這一點，直接面向消費者以及透過您的銷售管道進行銷售的？

Yeah, I think, this is Jim, I think in general we appreciate any direction that shows that vitamins and supplements are very important for people around the world. I mean, even if we look in at some of our other markets, there's initiatives from the government standpoint that we can attached to and educate and give people great offerings to meet the needs. We've talked about this for years. Our diets really aren't hitting the mark, and that's why supplements are so important. And I think over time, people are getting more and more educated and understand that, and that just helps USANA, and it helps the whole industry in general.

是的，我想，我是吉姆，我認為總的來說，我們讚賞任何表明維生素和補充劑對世界各地的人們都非常重要的指導。我的意思是，即使我們看看其他一些市場，也會發現政府方面有一些舉措，我們可以利用這些舉措進行宣傳教育，並為人們提供優質的產品和服務來滿足他們的需求。我們已經討論這個問題好幾年了。我們的飲食真的不夠均衡，所以補充品是如此重要。我認為隨著時間的推移，人們的教育程度越來越高，也越來越理解這一點，這對優莎娜以及整個產業都有好處。

Like Doug had said a minute ago, the thing that we supply is the best vitamins in the world, and we'll continue to do that. We'll always look to see what our customers and brand partners need and make additions or adaptations to what we're offering. But, I mean, any time you have the government or even other agencies talk about how supplements are needed for your overall balance and diet, it's just a benefit to us.

正如道格剛才所說，我們提供的是世界上最好的維生素，我們將繼續這樣做。我們會始終專注於客戶和品牌合作夥伴的需求，並對我們提供的產品和服務進行補充或調整。但是，我的意思是，任何時候，當政府甚至其他機構談到補充劑對於整體平衡和飲食的重要性時，這對我們來說都是一件好事。

So, for a long time, the government has kind of been a headwind to the supplement industry, and now it really looks like it's going to be a tremendous tailwind led by, you know, the Make America Healthy initiatives

所以，長期以來，政府對保健品產業一直是一種阻力，但現在看來，在「讓美國更健康」計畫的推動下，政府將真正成為一股強大的順風。

Yeah, I agree with that. And, again, that's just fantastic for the industry, and we've believed that all along. We've been in business 30 years. I can only imagine, I've been with the company right at 20, how difficult it was at the beginning when vitamins were really not looked at positively or there was just no information about it. and our founder, Dr. Wentz, made the decision to move forward and give us the best product line out there. So, yes, again, we'll go along with what's out there, and it's especially helpful when it's positive to the industry.

是的，我同意。而且，這對整個產業來說絕對是件好事，我們一直都這麼認為。我們已經經營了30年。我只能想像，我從20歲就加入公司，創業初期有多艱難，那時人們對維生素的看法並不積極，或者根本沒有相關資訊。而我們的創辦人溫茨博士決定勇往直前，為我們打造了市面上最好的產品線。所以，是的，我們會順應潮流，尤其當它對產業有正面影響時，就更有幫助了。

Alright thank you. Good luck for a strong year and finish.

好的，謝謝。祝你今年一切順利，圓滿收場。

Thanks, Ivan.

謝謝你，伊凡。

(Operator Instructions)

（操作說明）

Thanks Diego and thank you all for your questions and participation on today's conference call.

謝謝迭戈，也謝謝大家在今天電話會議上提出的問題和參與。