USANA Health Sciences Inc (USNA) 2025 Q4 法說會逐字稿

Greetings. Welcome to the USANA Health Sciences fourth quarter and fiscal-year 2025 earnings call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加優莎娜健康科學公司2025財年第四季及全年業績電話會議。（操作員說明）請注意，本次會議正在錄音。

At this time, I'll now turn the conference over to Andrew Masuda, Director of Investor Relations. Thank you, Andrew. You may now begin.

現在，我將把會議交給投資者關係總監 Andrew Masuda。謝謝你，安德魯。現在你可以開始了。

Thanks, Rob, and good morning, everyone. We appreciate you joining us to review our fourth quarter and fiscal-year 2025 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.

謝謝羅布，大家早安。感謝您參加我們第四季和 2025 財年業績回顧會議。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。會議結束後不久，您可以在我們的網站上觀看錄音回放。

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. Examples of these statements include those regarding our strategies and outlook for fiscal year 2026, 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 SEC.

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。這些聲明的例子包括關於我們 2026 財年的策略和展望、全球經濟和經營環境的不確定性以及我們的營運和財務表現的聲明。我們提醒您，這些聲明應與我們最近向美國證券交易委員會提交的文件中所揭露的資訊（包括具體風險因素和財務數據）一併考慮。

I'm joined by our Chairman and Chief Executive Officer, Kevin Guest; our Chief Financial Officer, Doug Hekking; our Chief Commercial Officer, Brent Neidig; our Chief Operating Officer, Walter Noot, as well as other executives. Yesterday, after the market closed, we announced our fourth quarter and fiscal-year 2025 results and posted our management commentary document on the company's website.

與我一同出席的還有我們的董事長兼執行長凱文·格斯特；首席財務官道格·赫金；首席商務官布倫特·內迪格；首席營運官沃爾特·努特以及其他高管。在昨天股市收盤後，我們公佈了第四季度和 2025 財年的業績，並在公司網站上發布了管理層評論文件。

We'll now hear brief remarks from Kevin and Doug before opening the call for questions.

接下來，我們將聽取凱文和道格的簡短講話，之後將開放提問環節。

Thank you, Andrew, and good morning, everyone. As we sharpen our strategic focus and position the company for renewed and sustainable growth, I'm honored to return as Chief Executive Officer while continuing to serve as Chairman of the Board. I appreciate the Board's confidence in my leadership and its commitment to ensuring continued stability and disciplined execution during this next phase of growth. As I reassume the role of CEO, I do so with a deep understanding of USANA's strengths and a clear view of the opportunities ahead with the fruition of our strategic plans that we will execute. Having spent more than three decades at this company, including eight years as CEO, I have seen firsthand the power of our science-based products, the dedication of our employees, and the resilience of our sales force across the world.

謝謝你，安德魯，大家早安。隨著我們不斷明確策略重點，為公司實現新的永續成長做好準備，我很榮幸能夠再次擔任首席執行官，同時繼續擔任董事會主席。我感謝董事會對我的領導能力的信任，以及確保公司在下一階段發展中保持穩定和嚴格執行的承諾。當我重新擔任執行長一職時，我對優莎娜的優勢有著深刻的理解，並且清楚地看到了隨著我們將要執行的戰略計劃的實現，未來將出現的機遇。我在這家公司工作了三十多年，其中擔任執行長八年，親眼目睹了我們以科學為基礎的產品的強大力量、我們員工的奉獻精神以及我們遍布全球的銷售團隊的韌性。

These elements form the core of USANA's competitive advantage and establish a solid foundation for the long-term value creation that we intend to deliver. During my previous tenure, USANA expanded its international footprint, strengthened operational capabilities, and achieved record financial results. While this external environment continues to evolve, our strategic pillars remain consistent. Scientific excellence at the center of product innovation, operational discipline and cost efficiency, a high-performing aligned global sales force, and a culture rooted in integrity, resilience, and execution. Over the past several weeks, I've engaged in extensive discussions with our leadership team as well as our brand partners. These conversations reinforce that USANA remains well positioned with strong underlying fundamentals and meaningful opportunities for growth across multiple markets and channels. However, the clear message is that we must move with greater speed, focus, relevancy, and precision.

這些要素構成了優莎娜競爭優勢的核心，並為我們旨在實現的長期價值創造奠定了堅實的基礎。在我之前的任期內，優莎娜擴大了國際商業版圖，增強了營運能力，並取得了創紀錄的財務表現。儘管外部環境不斷變化，但我們的策略支柱始終保持不變。以卓越的科學技術為產品創新核心，注重營運紀律和成本效益，擁有一支高效協作的全球銷售團隊，並秉持誠信、韌性和執行力為文化基石。在過去的幾周里，我與我們的領導團隊以及品牌合作夥伴進行了廣泛的討論。這些對話進一步證實，優莎娜依然擁有良好的基本面，並在多個市場和通路中擁有重要的成長機會。然而，明確的訊息是，我們必須以更快的速度、更專注的行動、更切合實際的行動和更精準的行動來推進工作。

As we look ahead, our priorities are straightforward. First, strengthen USANA's global brand positioning by delivering science-backed nutrition through an omnichannel platform and evolving the company's identity from a legacy direct selling business to a modern science-driven nutritional products company. Second, enhance the customer and brand partner experience to drive retention, loyalty and long-term brand equity; third, reinvigorate global sales momentum through enhanced field support, market-specific strategies, and strengthen leadership engagement; fourth, advance our product innovation pipeline by leveraging our world-class research and science teams to deliver differentiated offerings; fifth, improve operational efficiencies across the organization through disciplined cost management and streamlined processes; and sixth, execute with accountability at every level of the business, ensuring our actions translate into measurable, sustainable results.

展望未來，我們的工作重點非常明確。首先，透過全通路平台提供科學支援的營養產品，加強優莎娜的全球品牌定位，並將公司形象從傳統的直銷企業轉變為現代科學驅動的營養產品公司。第二，提升客戶和品牌合作夥伴體驗，以提高客戶留存率、忠誠度和長期品牌資產；第三，透過加強現場支援、制定針對特定市場的策略以及強化領導層參與，重振全球銷售勢頭；第四，利用我們世界一流的研發團隊，推進產品創新，提供差異化產品；第五，透過嚴格的成本管理和精簡的流程，提高整個企業的營運流程，可提高整個業務的方式

We are committed to delivering shareholder value by focusing on these top priorities. Importantly, our consolidated net sales outlook for fiscal 2026 is for growth of 4% at the midpoint, reflecting confidence in our strategy and our ability to execute. We will also remain focused on long-term strategic execution, not short-term optimization as we strengthen the company for its next chapter of growth. Our fiscal 2026 operating strategy entails the following: first, expand our omnichannel reach by leveraging USANA's strong nutrition foundation and diversifying distribution channels to access a larger global base of health-conscious consumers and strengthen brand relevance; second, advance product innovation through refreshed branding, alignment with modern consumer usage behaviors and robust pipeline for upgraded and new products launching globally in 2026. Third, accelerate technology modernization by adopting best-in-practice third-party platforms to improve customer experience, enable scalable growth, and drive long-term IT and operational efficiencies.

我們致力於透過專注於這些首要任務來為股東創造價值。重要的是，我們對 2026 財年的綜合淨銷售額預期中位數為成長 4%，這反映了我們對自身策略和執行能力的信心。我們將繼續專注於長期策略執行，而不是短期優化，從而增強公司實力，為公司下一個成長階段做好準備。我們 2026 財年的營運策略包括：首先，利用 USANA 強大的營養基礎和多元化的分銷管道，擴大我們的全通路覆蓋範圍，以接觸到更廣泛的全球健康意識消費者群體，並增強品牌相關性；其次，透過更新品牌形象、與現代消費者使用習慣保持一致以及強大的產品線，推進產品創新，以便在 2026 年在全球範圍內推出新範圍內。第三，透過採用最佳實踐的第三方平台來加速技術現代化，從而改善客戶體驗，實現可擴展的成長，並推動長期的 IT 和營運效率。

Fourth, drive Hiya's growth through continued direct-to-consumer expansion, new channel and product launches, and entering into additional markets. We are also leveraging USANA's capabilities to improve margins, including transitioning to in-house manufacturing to increase speed, efficiency and reduce costs. Fifth, scale Rise Wellness performance by building on the strong recent momentum, expanding the Rise Bar footprint and accelerating Protein Pop distribution, particularly within major retailers and within club retail channels.

第四，透過持續擴大直接面向消費者的業務、推出新通路和產品以及進入更多市場來推動 Hiya 的成長。我們也正在利用優莎娜的各項能力來提高利潤率，包括過渡到內部生產，以提高速度、效率和降低成本。第五，擴大 Rise Wellness 的業績規模，鞏固近期強勁的發展勢頭，擴大 Rise Bar 的市場份額，並加快 Protein Pop 的分銷，尤其是在大型零售商和俱樂部零售通路中。

USANA's mission, culture and people have always been at the heart of our success. As we embark on this transition, I am confident in our direction and energized by the opportunities ahead. Together with clarity, discipline, and a shared vision, we will position USANA to deliver stronger performance and create enduring value for all stakeholders.

USANA 的使命、文化和員工一直是公司成功的核心。在我們開啟這項轉型之際，我對我們的方向充滿信心，並對未來的機會感到振奮。憑藉著清晰的思路、嚴明的紀律和共同的願景，我們將使優莎娜取得更佳的業績，並為所有利害關係人創造持久的價值。

With that, I'll now ask Doug to provide additional color on our fiscal 2026 outlook.

接下來，我將請道格為我們 2026 財年的展望提供更多細節。

Thanks, Kevin, and good morning, everyone. I'd like to provide some additional color on our fiscal 2026 outlook and the key financial considerations shaping our guidance for the upcoming year. As Kevin mentioned, we're expecting net sales growth at the midpoint of about 4%. The sales growth is being driven by our venture companies, Rise Wellness and Hiya. Note that our outlook reflects a 52-week fiscal year in 2026, which includes one less week of operations when compared to fiscal 2025.

謝謝你，凱文，大家早安。我想就我們 2026 財年的展望以及影響我們來年業績指引的關鍵財務因素做一些補充說明。正如凱文所提到的，我們預期淨銷售額成長率中位數約為 4%。銷售成長主要由我們的創投公司 Rise Wellness 和 Hiya 推動。請注意，我們的展望反映的是 2026 年的 52 週財政年度，與 2025 財年相比，營運時間少了一週。

As Kevin indicated in his remarks, we intend to accelerate our technology roadmap to fundamentally improve how customers experience our brand as well as allow for future benefits in both speed and cost efficiency. This incremental investment has not been factored into our fiscal 2026 outlook at this time. We will provide updated information once the scope, timing, and capital requirements of this project are finalized.

正如凱文在演講中所指出的那樣，我們打算加快技術路線圖的推進，從根本上改善客戶體驗我們品牌的方式，並為未來在速度和成本效益方面帶來益處。目前，這筆新增投資尚未納入我們 2026 財年的展望中。一旦該專案的範圍、時間表和資金需求最終確定，我們將提供更新資訊。

Turning to inventory. Inventories increased $35 million or 48% to $107 million at the end of fiscal '25. Approximately 80% of the year-over-year increase was driven by initiatives to support the significant growth opportunities at Rise Wellness and Hiya. Let me break this down further. For Rise Wellness, the increase reflects the inventory necessary to support the launch and growth of Protein Pop, particularly retailers like Costco. For Hiya, the inventory increase largely reflects channel expansion, including distribution into Target, international expansion into Canada and the United Kingdom, and building raw materials inventory in connection with USANA to begin manufacturing Hiya products in-house. Given the growth trajectories of both Rise Wellness and Hiya, we anticipate elevated inventory levels throughout fiscal 2026.

開始清點庫存。截至 2025 財年末，庫存增加 3,500 萬美元，增幅 48%，達到 1.07 億美元。年比成長約 80% 是由支持 Rise Wellness 和 Hiya 重大成長機會的舉措推動的。讓我進一步解釋一下。對於 Rise Wellness 而言，庫存增加反映了為支持 Protein Pop 的上市和成長（尤其是像 Costco 這樣的零售商）所需的庫存。對於 Hiya 而言，庫存增加主要反映了通路擴張，包括向 Target 分銷、向加拿大和英國進行國際擴張，以及與 USANA 合作建立原材料庫存，以便開始自行生產 Hiya 產品。鑑於 Rise Wellness 和 Hiya 的成長軌跡，我們預計 2026 財年庫存水準將保持在較高水準。

Although we will continue to focus on working capital efficiency, our intention is to continue supporting product demand as well as the expansion of distribution channels and geographies for these important brands. We expect Rise Wellness to operate at approximately breakeven in fiscal 2026, while we position the company for future growth, thoughtfully scale the business, and strengthen long-term revenue and profitability profile.

儘管我們將繼續專注於提高營運資金效率，但我們的目標是繼續支持這些重要品牌的產品需求，並擴大分銷管道和地理範圍。我們預計 Rise Wellness 在 2026 財年將實現盈虧平衡，同時我們將為公司未來的成長做好準備，謹慎地擴大業務規模，並加強長期收入和獲利能力。

Let me now touch on our expected effective income tax rate. Our effective tax rate guidance for fiscal 2026 is expected to range between 55% and 60%. The primary challenge we continue to face is a geographic misalignment between revenue generated and costs incurred. This dynamic has been particularly evident in our effective tax rate during the second half of fiscal 2025 and particularly felt with the recognition of certain one-time costs during the period. Execution of our growth strategy as well as targeted cost efficiencies are expected to contribute to a lower effective tax rate in future years.

現在讓我談談我們預期的實際所得稅率。我們預計 2026 財年的有效稅率將在 55% 至 60% 之間。我們目前面臨的主要挑戰是收入和成本在地理上有錯位。這種動態在 2025 財年下半年的實際稅率中尤其明顯，尤其是在該期間確認某些一次性成本時，這種感覺更加強烈。預計我們成長策略的實施以及有針對性的成本效益措施將有助於在未來幾年降低實際稅率。

With that, I'll now turn the call back to Kevin before we open the line for questions.

接下來，我將把電話轉回給凱文，之後我們將開放提問環節。

Thanks, Doug. Let me close by saying this. We believe USANA is in a strong position, and the path ahead is both clear and compelling. Our core business has faced year-over-year sales declines, but we are seeing encouraging signs of stabilization as we take the right steps to return the business to growth. Hiya and Rise Wellness broaden our market and bring new energy to the portfolio, while our strategic investments are strengthening the foundation that will support our next phase of expansion.

謝謝你，道格。最後我想補充一點。我們相信優莎娜處於有利地位，未來的道路清晰而充滿希望。我們的核心業務面臨著同比銷售額下降的局面，但隨著我們採取正確的措施使業務重回成長軌道，我們看到了令人鼓舞的穩定跡象。Hiya 和 Rise Wellness 拓展了我們的市場，並為產品組合注入了新的活力，而我們的策略投資正在加強基礎，這將支持我們下一階段的擴張。

And with a solid financial position, including a strong cash balance and an efficient model that generates healthy cash flow, we have the flexibility to invest thoughtfully, execute with confidence, and build long-term value. Put simply, we have the people, the products, and the financial strength to win, and we're committed to doing exactly that. This, we believe, will deliver sustainable value creation for our shareholders.

憑藉穩健的財務狀況，包括充裕的現金餘額和能夠產生健康現金流的高效模式，我們能夠靈活地進行深思熟慮的投資，充滿信心地執行計劃，並創造長期價值。簡而言之，我們擁有贏得勝利所需的人才、產品和財力，我們也致力於實現這一目標。我們相信，這將為我們的股東帶來可持續的價值創造。

I'll now turn the call back to the operator for Q&A.

現在我將把電話轉回給接線生進行問答環節。

(Operator Instructions)

（操作說明）

Anthony Lebiedzinski, Sidoti & Company.

Anthony Lebiedzinski，Sidoti & Company。

It's certainly nice to see the better-than-expected results for the fourth quarter as well as the higher-than-expected EPS guidance for '26 as well. So as we look at the guidance for both revenue and EPS, obviously, you provided revenue guidance in January. But nevertheless, they are pretty wide ranges. Can you just walk us through the different puts and takes as to what you would need to do to get to the top end of the guidance? Are you perhaps assuming a notable improvement in the macro environment?

第四季業績好於預期，2026 年每股收益預期也高於預期，這當然令人欣喜。因此，當我們查看營收和每股盈餘的預期時，顯然，你們在1月提供了營收預期。但即便如此，它們的範圍仍然相當廣泛。您能否詳細介紹要達到指導的最高等級需要採取哪些不同的步驟和措施？你是不是假設宏觀環境會有顯著改善？

Maybe just kind of walk us through the different puts and takes for revenue and EPS guidance.

或許可以給我們簡單介紹一下營收和每股盈餘預期方面的各種可能性。

Yeah. So I think it's easier if we break it down by some of the kind of the key brands we talked about, Anthony. And so with Rise Wellness, they're really on an emerging path. There are some of these orders we have in our back pocket and some are banking on having orders in the back half of the year. And so as we look at Rise, that's kind of the range that we provided specifically on the sales there.

是的。所以我覺得，如果我們按照我們之前討論的一些主要品牌來分解，會更容易些，安東尼。因此，Rise Wellness 確實走上了一條新興的道路。我們已經掌握了一些訂單，還有一些訂單則寄望下半年能接到。所以，當我們審視 Rise 時，這基本上就是我們專門針對其銷售提供的範圍。

Hiya is just very, very newly into Canada and will soon be in the UK and then launching Target here in April. So there's a lot of activity on the horizon there to go back and bridge that. I think in short, when we look at the revenue kind of equation and kind of the margin profile, I think achieving the top line is going to be the main thing that will help us go back and deliver the top end of the EPS.

Hiya 剛進入加拿大市場，很快就會進入英國市場，然後在四月在 Target 推出產品。所以，未來有很多活動將在那裡展開，以彌補這一差距。簡而言之，我認為，當我們審視收入等式和利潤率情況時，實現營收目標將是幫助我們重回正軌並實現每股收益最高目標的關鍵。

Yeah. And Walt -- we have Walter here. Walter, will you just give some color to what Doug said? Walter is on the management team that's in the trenches day-to-day on some of these things, and I thought I might bring you some added color to hear from Walter on this subject.

是的。還有沃特——我們這裡有沃特。沃特，你能補充一下道格剛才說的話嗎？沃特是負責日常營運的管理團隊成員之一，我想聽聽沃特對此事的看法，或許能為大家帶來一些新的見解。

Yeah. As what Doug was saying, we've got -- we've booked a lot of business on the retail side that when you look at the inventory buildup, most of that inventory buildup is already committed revenue, which is -- which we've had through these retailers. We've got Target. We're in all the Target stores in the US. We're in all the Costco stores now as of last week.

是的。正如道格所說，我們在零售方面已經預定了很多業務，當你查看庫存積累情況時，你會發現大部分庫存積累已經是已承諾的收入，也就是我們透過這些零售商獲得的收入。我們有塔吉特百貨。我們的產品已進駐美國所有Target門市。從上週開始，我們的產品已經進駐所有 Costco 門市。

And then we've got other major US retailers that we're talking to right now. And so that's really, as we move forward, we're adding more flavors to the Protein Pop line that's going to go into Target. And then, of course, all the new retailers that are coming in. So we just see a huge upside, a huge potential for us.

此外，我們目前也正在與其他一些美國大型零售商洽談。所以，隨著我們不斷推進，我們將為即將進入 Target 的 Protein Pop 系列產品增加更多口味。當然，還有所有新進駐的零售商。所以我們看到了巨大的發展前景和潛力。

But again, that's why we put such a big range on the guidance. And with Hiya, we're super excited with what we've seen so far in Canada. It's been really good. We just barely launched that probably in the next couple of weeks, next three weeks, we're going to see the UK go live in April.

但正因如此，我們才將指導範圍設定得如此之大。對於 Hiya，我們對目前在加拿大看到的情況感到非常興奮。真的很好。我們剛剛發布了這項服務，可能在接下來的幾週、三週內，英國將在四月正式上線。

You see Target go live on the retail side, and that's a stand up that goes into every store. So we're -- like we're pretty bullish on both these businesses and the growth of these businesses. And a lot of it is just -- because there's such a range, I mean, the reason the range is there is because you don't know exactly what you're going to do, but Hiya has been such a great brand. The company has spent so much money on marketing and creating so much awareness in the US. We think the retail channel is going to be really good for us.

你會看到 Target 在零售方面上線，每家店都會配備一個直立式顯示器。所以，我們對這兩家企業及其發展前景都非常看好。很多時候，這只是因為產品種類繁多，我的意思是，產品種類繁多的原因在於你不知道自己具體要做什麼，但 Hiya 一直是一個非常棒的品牌。該公司在美國投入了大量資金用於行銷和提升品牌知名度。我們認為零售通路對我們來說會非常有利。

And one of the things that I'm sure of which you all are aware is that the omnichannel strategy is also a diversification of revenue strategy, meaning the more of these succeed and we're generating money, so it's not disproportionate to China and more locally based, that will help our effective tax rate where we're generating income, which is part of our also long-term strategy just to diversify where revenue is being generated because as you can see from what hit us this last quarter, it's pretty significant. And so that's a very real opportunity for us.

我相信大家都明白，全通路策略也是收入多角化策略的一部分。這意味著，這些策略越成功，我們賺的錢就越多，收入就越不會過度集中於中國，而是更多地來自本地市場。這將有助於降低我們實際的稅率，因為我們在收入來源地實現收入多元化，這也是我們長期策略的一部分。正如你們從上個季度我們受到的影響所看到的，收入來源非常多元化。所以這對我們來說是一個非常現實的機會。

Yeah. And maybe, Anthony, to kind of go full circle on this, we're still very bullish on our core nutritional business, and there are so many opportunities. I think Kevin's initiative to go back and look at technology and advance some of those roadmaps and really support that team. But I think we're at a time where people want health and wellness products, and we make as good as products as you can find out there. And so we really see these things as enablers moving forward.

是的。安東尼，或許我們可以把話題完整地串連起來，我們仍然非常看好我們的核心營養業務，而且有很多機會。我認為凱文主動回頭審視技術，推進一些路線圖，並真正支持團隊的做法值得稱讚。但我認為，現在人們想要的是健康保健產品，而我們生產的產品也是市面上最好的產品之一。因此，我們認為這些因素確實能夠推動未來發展。

Got you. So as we look to update our models here, is there anything that you guys can say as far -- I mean, obviously, you will have one less week of sales in the fourth quarter. So I realize that. But other than that, I mean, for -- as we look at the business quarter one to two, three, and four, I mean, is there anything to keep in mind as far as will the revenue ramp up as the year progresses? Or do we think that it should be more kind of even throughout the year?

抓到你了。所以，在我們著手更新模型的時候，你們有什麼要說的嗎？我的意思是，很明顯，第四季你們的銷售額會減少一週。我明白了。但除此之外，我的意思是，當我們展望第一、二、三、四季的業務時，隨著一年的推進，收入是否會成長，有什麼需要注意的嗎？或者我們認為它應該全年都更加均勻？

Anything to point out to as far as the seasonality of the business?

關於業務的季節性，有什麼需要特別指出的嗎？

Yeah. So seasonality, I think, particularly in our core nutrition business has really, as we evolved and grown in China has revolved around that Lunar New Year. And it's fairly impactful. And so that market as well as many of our markets in the Asia Pacific region really set up a pretty heavy promotional cadence surrounding that to support the business as we go through there. And so the -- I would say the activity that we see quarter-to-quarter isn't perfectly equal.

是的。所以我認為，季節性，尤其是在我們核心營養業務方面，隨著我們在中國的發展壯大，實際上已經圍繞著農曆新年展開。而且影響相當大。因此，亞太地區的許多市場，包括亞太地區的其他市場，都圍繞著這個市場制定了相當密集的促銷節奏，以支持我們在那裡的業務發展。因此，我認為我們每季看到的活動並不完全相等。

And so you'll see some ebbs and flows, which we can just give color as the year progresses.

因此你會看到一些起伏，我們可以隨著時間的推移賦予它們色彩。

Yeah. And I have -- we have Brent Neidig here at the table, who is our Chief Commercial Officer that also could add some color to what we're seeing from the revenue base as it relates specifically to our core nutritional business. Brent?

是的。而且，我們這裡還有首席商務官布倫特·內迪格 (Brent Neidig)，他也可以為我們核心營養業務的收入基礎提供一些見解。布倫特？

Yeah. Thanks, Kevin. Doug just highlighted, there is a certain element of seasonality in our core nutritional business, especially with our predominance within the Chinese community. We're currently in Chinese New Year right now, and typically leading up to that new year in many of our Chinese markets, specifically in Mainland China, there is a heavier emphasis on promotional activity as many of our brand partners want to stock up on product to provide for gifts and other selling opportunities throughout the Chinese New Year. That's why we typically see a stronger Q1.

是的。謝謝你，凱文。正如道格剛才強調的那樣，我們的核心營養業務具有一定的季節性，尤其是在我們在中國社區佔據主導地位的情況下。我們現在正值中國新年，通常在我們許多中國市場，特別是中國大陸，在新年到來之前，促銷活動會更加重視，因為我們的許多品牌合作夥伴都希望儲備產品，以便在春節期間提供禮品和其他銷售機會。這就是為什麼我們通常會看到第一季業績表現更強勁的原因。

And then that momentum starts to escalate into Q2 as well as we have different conventions and events that kick off both in our first quarter and our second quarter. As we hit Q3, summer season and a lot of our brand partners typically take time off where they go on vacation, they spend time with families, their kids are out of school. So we typically see a lull there. That's what we're expecting. That's what I'm continuing to expect.

然後，這種勢頭會延續到第二季​​度，因為我們在第一季和第二季都有不同的會議和活動拉開序幕。進入第三季度，夏季來臨，我們許多品牌合作夥伴通常會放假，他們會去度假，陪伴家人，孩子們也放假了。所以，我們通常會看到一段平靜期。這就是我們所預期的。我一直都這麼認為。

And then Q4, people start to get back into action and prepare for the following year. So that's typically the model that I see.

然後到了第四季度，人們開始恢復工作，為來年做準備。這就是我通常看到的模式。

Got you. And then as it relates to Hiya and then Rise, any added color there that you can share?

抓到你了。那麼，關於 Hiya 和 Rise，您還有什麼補充資訊可以分享嗎？

This is Walter. I don't know how much color I can share. When I look at that business, of course, there's -- it's a growing trend. Protein, especially Protein Pop, there's a really strong trend there. And we basically introduced late last year, we really introduced Protein Pop retail.

這是沃特。我不知道我能分享多少色彩。當我觀察這個行業時，當然，這是一個不斷增長的趨勢。蛋白質，尤其是蛋白棒，現在非常流行。去年年底，我們正式推出了 Protein Pop 零售業務。

So it's a very new brand, and it's building. And as that brand continues to build, I think we'll continue to see it grow in the retail channel. I don't know exactly what the numbers are going to look like, but we've put some guidance in place, and we're feeling really good about where we're going.

所以這是一個非常新的品牌，它正在發展壯大。隨著品牌不斷發展壯大，我認為我們會看到它在零售通路繼續成長。我不知道具體數字會是什麼樣子，但我們已經制定了一些指導方針，我們對未來的發展方向感到非常樂觀。

Got you. All right. And so -- and it sounds like you also feel good about Hiya as well. So as far as the cost realignment that you guys did in the fourth quarter, can you just help us out as far as how much that lowered your headcount? And then I know you're using some of those cost savings for other things as well.

抓到你了。好的。所以——聽起來你對Hiya也感覺不錯。那麼，關於你們在第四季進行的成本調整，能否幫我們說明一下，這導致你們的員工人數減少了多少？我知道你們還會把節省下來的部分成本用在其他方面。

But maybe just you can also touch on how to think about gross margins here for '26 as well as your SG&A? Any sort of added color there would be certainly appreciated.

但或許您也可以談談如何看待 2026 年的毛利率以及銷售、一般及行政費用？如果能添加一些色彩，那就太好了。

Yeah, Anthony, so the total was about 10% of the workforce that was impacted in that cost realignment. Overall, on a net basis after some of the money has been repurposed, we're probably about $10 million or so in savings, maybe $10 million plus in that range. I think a lot of the things these are being repurposed to are very important to the business and executing strategy and stabilizing. But that's -- those would primarily reside in SG&A. I wouldn't expect a whole lot in gross margin or cost of sales.

是的，安東尼，因此，受成本調整影響的員工總數約佔員工總數的 10%。總的來說，在部分資金被重新分配後，淨節省下來的金額可能在 1,000 萬美元左右，甚至可能超過 1,000 萬美元。我認為這些資源被重新利用的許多用途對企業、策略執行和穩定發展都非常重要。但這些費用主要會包含在銷售、一般及行政費用中。我不指望毛利率或銷售成本會很高。

The primary issue you're going to see on a few of our key line items is the mix between the different businesses, right? And so as you see Rise grow, and right now, we talked about them being breakeven this year, they're going to be at a little bit -- they'll be at a much thinner gross margin. And so that will kind of give the impression, but we'll break that out accordingly so you have some optics there as we move forward into the year as well.

您將在我們一些關鍵項目上看到的主要問題是不同業務之間的組合，對嗎？因此，隨著 Rise 的發展，我們之前討論過他們今年將實現盈虧平衡，但他們的毛利率將會更低一些。所以這會給人一種印象，但我們會相應地進行細分，以便您在今年接下來的時間裡也能對情況有所了解。

Got you. Okay. And then you touched on some of the -- you mentioned technology initiatives that you're working on. I know you're not ready to share specifics. It sounds like it's still something that you're working on.

抓到你了。好的。然後您談到了一些——您提到了您正在進行的一些技術項目。我知道你還沒準備好透露具體細節。聽起來你還在研究這個問題。

But can you give us a sneak peek as to what you're thinking as far as how impactful that could be as far as some of the changes that you're looking to do on the technology side?

但您能否透露一下，您在考慮技術方面的一些變革時，認為這些變革會產生多大的影響？

Well, this is Kevin. From my perspective, the notion of staying relevant in today's world is so important for us and how people interact with our brand and/or brands is very critical and will determine the future growth of our company, I believe. And so I want to focus on the ability to be quick and be nimble. And our traditional approach has been where we build things in-house, and that has served us very well. Strategically, we're going to look at how can we leverage outside resources in a more robust way, both in the US as well as internationally. But I think speed to market and speed to change and the relevance of how people interact will be a big part of the focus of the strategy behind our technology spend, which will allow people to interact in a much more robust way with our brand and our brands across the board.

這位是凱文。在我看來，在當今世界保持相關性對我們來說非常重要，人們如何與我們的品牌互動至關重要，我相信這將決定我們公司的未來發展。因此，我想專注於培養快速靈活能力。我們一直以來的做法都是自主研發，這種做法對我們非常有效。從戰略角度來看，我們將研究如何更有效地利用外部資源，包括美國國內和國際資源。但我認為，快速進入市場、快速適應變化以及人們互動方式的相關性，將是我們技術支出策略重點的重要組成部分，這將使人們能夠以更強大的方式與我們的品牌以及我們旗下的所有品牌互動。

The other thing we're going to do, which we haven't really spoken much about is we're going to leverage the knowledge and expertise. For instance, Hiya, they have a great knowledge and expertise in brand awareness. And so how can we utilize some of their expertise and resources to help us leverage the USANA brand and the USANA brand awareness. And so as we move forward, that's very kind of high-level fluff and not real detail, but I just -- I am convinced that if we can leverage especially AI in a way that we see many, many really high-end brands interact and utilize AI, which we aren't to its fullest capacity right now, and it's changing literally every day. And we have to play in that space and be as good at technology and utilizing AI as we are in Nutrition is the goal. I think that's the future of a growth company in our space.

我們還要做另一件事，雖然我們還沒怎麼談到，那就是我們要充分利用現有的知識和專業技能。例如，Hiya 在品牌知名度方面擁有豐富的知識和專業技能。那麼，我們該如何利用他們的專業知識和資源來幫助我們提升優莎娜品牌和優莎娜品牌知名度呢？因此，隨著我們不斷前進，這只是一些非常高層次的空談，而不是真正的細節，但我確信——如果我們能夠利用人工智慧，讓許多真正的高端品牌能夠互動並利用人工智慧（我們目前還沒有充分利用人工智慧，而且它幾乎每天都在變化），那麼我們就能取得更大的成就。我們必須在這個領域有所作為，並且在技術和人工智慧的應用方面要像在營養領域一樣出色，這是我們的目標。我認為這就是我們這個領域成長型公司的未來。

One of the things I'm most excited about is, if you look at the -- I've seen numbers, a global CAGR of about anywhere from 5% to 8% growth in the health and wellness space. Well, that's where we play. We should be on those curves as a company, and technology plays a key role in that growth. So that's where my head is at.

最令我興奮的事情之一是，如果你看一下——我看到了一些數據——全球健康和保健領域的複合年增長率大約在 5% 到 8% 之間。嗯，那就是我們玩耍的地方。作為一家公司，我們應該沿著這些曲線發展，而科技在這一成長過程中發揮關鍵作用。這就是我目前的想法。

Ivan Feinseth, Tigress Financial.

伊凡·費恩塞斯，Tigress Financial。

Congratulations on the ongoing success of Hiya and the new Rise Bars, which I sampled at the ICR Conference, and were really delicious and subsequently have purchased them. So I think that's really great.

恭喜 Hiya 和新款 Rise Bars 持續成功，我在 ICR 會議上品嚐過，味道真的很好，之後就買了。所以我認為這真的很棒。

Going to the technology question for Kevin, what are your focus and thoughts on integrating technology into the consumer health management journey? Recently, another company launched a product that can give you a nutritional absorption reading through your finger. And when I was at the ICR Conference with Doug and Andrew and Patrick, we were talking about the monitor from Kohler and what gets measured, gets managed, and the more technology that a consumer can use to give insight to their health and nutrition journey, the more they can see where they need products or creating product opportunities for your company.

接下來是凱文提出的技術問題，您在將科技融入消費者健康管理過程中有哪些關注和想法？最近，另一家公司推出了一款產品，可以透過手指測量營養吸收情況。當我和道格、安德魯和帕特里克一起參加 ICR 會議時，我們討論了科勒的監測器，以及測量什麼、管理什麼，消費者能夠利用的技術越多，就越能深入了解他們的健康和營養狀況，他們就越能發現自己需要哪些產品，或者為貴公司創造產品機會。

So Ivan, thanks for the question. That's a great question. I am highly interested in the utilization of technology and the ability to personalize how a person receives their nutrition and not have it based on a one-size-fits-all approach and moving further into the technology space. I have our Chief Science Officer here with us, Kathryn Armstrong. Kathryn, do you want to jump in on this real quick with this conversation with Ivan?

伊万，謝謝你的提問。這是一個很好的問題。我對利用科技實現營養個人化，而不是採用一刀切的方式，以及進一步深入科技領域非常感興趣。我們的首席科學官凱瑟琳·阿姆斯特朗也在這裡。凱瑟琳，你想不想立刻插一句你和伊凡的對話？

Hi, Ivan, it's good to talk to you again. So I think for us, we have obviously a focus on integrity and ensuring that everything we provide to our customers through all of our brands meets scientific rigor. And I know all of us have watched with eager anticipation over the past decade and more as these types of devices have been launched and then really struggle to link to clinical efficacy. And it's a lot about behavioral science versus physiological science, as you know. So are we actively looking at how to help individuals personalize and monitor their health status, of course, we' will continue to do so.

嗨，伊万，很高興再次和你聊天。所以我認為，對我們來說，我們顯然非常注重誠信，並確保我們透過所有品牌提供給客戶的所有產品和服務都符合科學嚴謹性。我知道在過去的十多年裡，我們所有人都滿懷期待地關注著這類設備的推出，但這些設備卻很難與臨床療效聯繫起來。如你所知，這很大程度上是行為科學與生理科學之間的區別。所以，我們當然會積極研究如何幫助個人個人化地監測自己的健康狀況，我們也會繼續這樣做。

And we are partnering to better understand how to advance that in a way that has scientific integrity and ensures our customers are able to apply their spend to true physiological benefit.

我們正在攜手合作，以更好地了解如何以科學嚴謹的方式推進這項工作，並確保我們的客戶能夠將他們的支出用於真正的生理益處。

(Operator Instructions) Thank you. At this time, this will conclude our question-and-answer session. I'll turn the floor back to Andrew Masuda for closing comments.

（操作說明）謝謝。至此，我們的問答環節就結束了。接下來，我將把發言權交還給 Andrew Masuda，請他做總結發言。

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.

感謝各位在今天的電話會議上提出問題並積極參與。如果您還有任何疑問，請隨時聯繫投資者關係部，電話：(801) 954-7210。

Ladies and gentlemen, this does conclude today's conference. You may disconnect your lines at this time, and have a wonderful day.

女士們、先生們，今天的會議到此結束。現在您可以斷開線路了，祝您有美好的一天。