USANA Health Sciences Inc (USNA) 2026 Q3 法說會逐字稿

Greetings, and welcome to the USANA Health Sciences third-quarter earnings conference call.

各位好，歡迎參加 USANA Health Sciences 第三季財報電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

(接線員指示) 提醒各位，本次會議將被錄音。

It is now my pleasure to introduce speaker, Andrew Masuda, Director of Investor Relations. Please go ahead, sir.

現在我很榮幸介紹發言人：投資人關係總監 Andrew Masuda。先生，請開始。

Thank you, 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，各位早安。感謝各位加入我們，一同回顧第三季業績。今天的電話會議將透過網路直播，並可直接於我們網站 ir.usana.com 收看。

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.

電話會議結束後不久，我們的網站將提供重播。提醒各位，在本次電話會議過程中，管理層將就未來事件或本公司未來財務表現發表前瞻性陳述。

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 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.

這些陳述涉及風險與不確定性，可能導致實際結果與此類前瞻性陳述所預測的結果出現差異，且差異可能相當重大。此類陳述的例子包括：我們對 2026 會計年度的策略與展望、與全球經濟及營運環境相關的不確定性，以及我們的營運與財務結果。我們提醒各位，應將這些陳述與我們最近向美國證券交易委員會（SEC）提交之文件中的揭露一併考量，其中包括特定風險因素與財務資料。

During today's call, we will also refer to certain non-GAAP financial measures, including adjusted EBITDA and free cash flow. Reconciliations of these measures to the most directly comparable GAAP measures are included in our earnings release.

在今天的電話會議中，我們也會提及若干非 GAAP 財務衡量指標，包括調整後 EBITDA 與自由現金流。這些指標與最直接可比的 GAAP 指標之調節表已包含於我們的財報新聞稿中。

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; our Chief Scientific Officer, Dr. Kathryn Armstrong and other executives.

與我一同出席的有：董事長兼執行長 Kevin Guest；財務長 Doug Hekking；商務長 Brent Neidig；營運長 Walter Noot；科學長 Kathryn Armstrong 博士，以及其他主管。

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

昨天收盤後，我們公布了第三季業績，並在公司網站上發布了管理層評論文件。

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

接下來在開放提問之前，我們將先聽 Kevin 與 Doug 的簡短談話。

Thank you, Andrew, and good morning, everyone. I'd like to speak to the strategy we're executing, where we're seeing progress, and where we still have work to do. Earnings release and management commentary present the numbers for the business, so I'll focus on providing context for the numbers, and then ask Doug to add more color on how our strategy is coming to fruition.

謝謝你，Andrew，各位早安。我想談談我們正在執行的策略、我們看到進展的地方，以及仍需努力的部分。財報新聞稿與管理層評論已呈現業務數字，因此我將著重於為這些數字提供背景脈絡，接著請 Doug 進一步補充我們的策略如何逐步落實。

Overall, this was a mixed quarter but one where I'm encouraged by the progress we're seeing with our strategy. Our strategy is to evolve USANA from a single channel direct selling company into a diversified omnichannel health and wellness company built on consumer acquisition and loyalty.

整體而言，這是一個好壞參半的季度，但我對我們策略所展現的進展感到鼓舞。我們的策略是將 USANA 從單一通路的直銷公司，轉型為以消費者獲取與忠誠度為基礎、具多元通路的全通路健康與保健公司。

In core nutrition, we're working to increase customer acquisition and customer loyalty by investing in the USANA brand, bringing new products to market and further refining our incentive structure.

在核心營養業務方面，我們透過投資 USANA 品牌、推出新產品並進一步精進獎勵制度，來提升客戶獲取與客戶忠誠度。

Through Hiya and Rise Wellness, we're expanding our business to reach consumers at more venues where they already shop, including retail and Amazon. Our debt-free balance sheet lets us fund this expansion with discipline.

透過 Hiya 與 Rise Wellness，我們正在擴展業務，觸及消費者既有的更多購物場域，包括零售通路與 Amazon。我們無負債的資產負債表讓我們能以紀律方式為此擴張提供資金。

Let me start with what's working. In our core nutritional business, we generated improved operating profitability through lower event and compensation expenses. Part of that is a favorable comparison against compensation plan in the last year's quarter that did not repeat, but the cost base is in better shape, and that gives us a stronger foundation to invest from.

我先從有效的部分談起。在核心營養業務中，我們透過降低活動與獎酬費用，提升了營運獲利能力。其中一部分來自於與去年同期相比的有利比較——去年第三季的獎酬計畫因素本季未再發生——但我們的成本基礎確實更健康，這也讓我們有更強的基礎進行投資。

We also saw a real improvement in Southeast Asia Pacific regions. Net sales grew 2% year over year after declining 13% last quarter. Active customers grew 3% sequentially and engagement among our field leaders has increased. It's one region and still early, but it's the improvement we're working on to generate elsewhere.

我們也看到東南亞與太平洋地區有明顯改善。淨銷售額年增 2%，相較上一季年減 13% 有所回升。活躍客戶數較前一季成長 3%，而我們的業務領袖參與度也有所提升。這只是其中一個地區且仍在早期階段，但這正是我們希望在其他地區也能帶動的改善。

At Hiya, after a difficult year for digital advertising, results began to improve. The team has been diversifying how it reaches customers beyond a single advertising platform, building creator and affiliate programs, and more recently, launching TikTok Shop.

在 Hiya 方面，經歷數位廣告艱困的一年後，業績開始改善。團隊正將觸及客戶的方式從單一廣告平台多元化，建立創作者與聯盟行銷計畫，並在近期推出 TikTok Shop。

As customer acquisition costs came down from the first half of the year, we intentionally invested in digital marketing to drive customer acquisition. Active monthly subscribers grew 18% sequentially, adding about 29,500 net subscribers and net sales returned to year-over-year growth. Target and Amazon net sales combined more than doubled from the second quarter, albeit from a small base.

隨著客戶獲取成本自上半年回落，我們有意加大數位行銷投資以推動客戶獲取。每月活躍訂閱戶較前一季成長 18%，淨增加約 29,500 名訂閱戶，淨銷售額也恢復年增。Target 與 Amazon 的淨銷售額合計較第二季增加逾一倍，儘管基期仍小。

Back-to-school seasonality helped and the added marketing investment pressure near-term margins. So we're staying measured, but the early results are encouraging. Hiya has historically seen strong retention and lifetime value. So the customers we have today should contribute for many quarters to come, which is why our focus is now on engaging and retaining them. Reflecting this progress, we raised our Hiya net sales outlook to $130 million.

返校季的季節性因素帶來助益，而新增的行銷投資則對短期毛利率造成壓力。因此我們仍保持審慎，但初步結果令人鼓舞。Hiya 歷來具有強勁的留存率與客戶終身價值。因此，我們今天所擁有的客戶應能在未來多個季度持續貢獻，這也是我們目前聚焦於提升互動並留住客戶的原因。反映這些進展，我們將 Hiya 的淨銷售額展望上調至 1.30 億美元。

There's still plenty of work ahead, and I'll take a few more minutes to share my thoughts on where we need to do better. First, core nutrition. We're tracking inside the range we expected for the year, but it isn't where we want to be and the clearest example is active customers, which are down 8% year over year.

未來仍有許多工作要做，我再花幾分鐘分享我們需要做得更好的地方。第一，核心營養業務。我們的表現仍在年初預期區間內，但並非我們希望達到的水準；最明顯的例子是活躍客戶數年減 8%。

Greater China, our largest market, account for most of the sequential decline in net sales and active customers. On lighter incentive and promotional activity during the third quarter and outside of Southeast Asia Pacific, every region declined in constant currency.

大中華區作為我們最大的市場，佔了淨銷售額與活躍客戶數環比下滑的大部分。在第三季獎勵與促銷活動較少的情況下，除東南亞與太平洋地區外，各地區以固定匯率計算皆呈下滑。

Growing our active customer base remains our top priority. Our brand investment, product innovation that we plan to begin introducing in 2027 and the incentive plan refinements are all aimed at growth in active customers, and we expect the benefits to build gradually.

擴大活躍客戶基礎仍是我們的首要任務。我們的品牌投資、預計自 2027 年開始推出的產品創新，以及獎勵計畫的精進，皆以推動活躍客戶成長為目標，我們預期相關效益將逐步累積。

Second, we're not satisfied with Rise Wellness' results and we're lowering our outlook again. Last year's third quarter included a large club order for Rise Bar that did not repeat and club orders again came in below our expectations. Club channel sales are inherently lumpy and reflecting, in part, order timing that we do not control.

第二，我們對 Rise Wellness 的表現並不滿意，因此再次下調展望。去年第三季包含一筆 Rise Bar 的大型俱樂部訂單，本季未再重複發生，而俱樂部訂單也再次低於我們的預期。俱樂部通路銷售本質上波動較大，部分反映了我們無法掌控的下單時點。

Improving gross margin remains a priority. Protein Pop is still a young brand. We launched Protein Pop Balance in Target in September. As we said, we would, and our goal is to broaden distribution beyond the club channel and turn this effort into more consistent results.

提升毛利率仍然是優先事項。Protein Pop 仍是一個相對年輕的品牌。我們於 9 月在 Target 上市 Protein Pop Balance。正如我們所說，我們的目標是將通路拓展至俱樂部通路以外，並讓這項努力帶來更一致的成果。

Third, Hiya. The work ahead is retention, building retail, and improving profitability. So while there's plenty of opportunity for improvement in all our brands, we're making progress, and I'm encouraged by what we're seeing come to fruition. These early results reinforce my confidence in our strategy and in the actions we're taking.

第三，Hiya。接下來的工作重點是留存、建立零售通路，以及提升獲利能力。因此，雖然我們所有品牌都有很大的改善空間，但我們正在取得進展，我也對我們看到的成果逐步落地感到鼓舞。這些初步結果強化了我對我們策略以及我們正在採取行動的信心。

With that, I'll ask Doug to walk through the correction to our second quarter non-GAAP figures and add some color on the outlook.

接下來，我請 Doug 說明我們第二季非 GAAP 數字的更正，並補充一些對前景的說明。

Thanks, Kevin. I'll briefly cover our updated outlook and our cash position and then turn it back to Kevin.

謝謝，Kevin。我會簡要說明我們更新後的展望與現金部位，然後再交回給 Kevin。

With the third quarter in the books, we now expect net sales approaching $900 million and adjusted EBITDA of approximately $77 million compared with our prior outlook of $80.5 million. The change reflects softer sales that Rise, our decision to invest at Hiya, which is partially offset by stronger profitability in the core nutritional segment.

第三季結束後，我們目前預期淨銷售額將接近 9 億美元，調整後 EBITDA 約為 7,700 萬美元，相較於先前展望的 8,050 萬美元。這項變動反映 Rise 的銷售較疲弱、我們決定在 Hiya 加大投資；部分則由核心營養品類更強的獲利能力所抵銷。

With about two months left in the year, we anticipate Hiya will build on momentum for the third quarter with sequential growth in net sales and adjusted EBITDA as the subscribers we add in the third quarter contribute for a full quarter and retail and Amazon keep building.

今年剩下約兩個月，我們預期 Hiya 將延續第三季的動能，淨銷售額與調整後 EBITDA 將呈現季增，因為第三季新增的訂閱戶將完整貢獻一整季，同時零售與 Amazon 通路也會持續成長。

For core nutritional, we're assuming net sales of roughly $740 million, within the range we provided at the beginning of the year and $10 million below our most recent outlook, reflecting fewer active customers.

就核心營養而言，我們假設淨銷售額約為 7.4 億美元，落在年初提供的區間內，且較我們最近一次展望低 1,000 萬美元，反映活躍客戶數較少。

For Rise, our outlook assumes certain retail orders currently scheduled for the fourth quarter to ship as planned. At the timing of those orders shift into the first quarter, our 2026 results could be modestly below the outlook, though, we would expect any changes in net sales and earnings to be realized in 2027.

就 Rise 而言，我們的展望假設目前排定於第四季的部分零售訂單將如期出貨。若這些訂單的時點延後至第一季，我們 2026 年的結果可能會略低於展望；不過，我們預期任何淨銷售額與獲利的變動將在 2027 年反映出來。

Finally, cash. Cash from operations totaled $45 million year to date, up from $26 million last year and free cash flow was $36 million, more than double last year. Inventory being down 13% from the end of the year was also a positive. We ended the quarter with $179 million in cash and no debt, which gives us the flexibility to continue investing in our strategy and drive future growth.

最後是現金。年初至今營運活動現金流合計 4,500 萬美元，高於去年的 2,600 萬美元；自由現金流為 3,600 萬美元，較去年增加逾一倍。庫存較年末下降 13% 也是正面因素。本季末我們持有 1.79 億美元現金且無負債，讓我們能更有彈性地持續投資於策略並推動未來成長。

With that, I'll turn it back to Kevin.

接下來我把時間交回給 Kevin。

Thanks, Doug. To close, we still have plenty of opportunity for improvement, but I repeat, we're making progress. Our priorities are clear. Grow customer acquisition and loyalty in core nutrition, engage and retain Hiya's new subscribers, and improve margins at Rise.

謝謝，Doug。最後總結，我們仍有很大的改善空間，但我再次強調，我們正在取得進展。我們的優先事項很明確。在核心營養方面提升客戶獲取與忠誠度、促進並留住 Hiya 的新訂閱戶，以及改善 Rise 的毛利率。

We have a strategy we believe in and the teams who are executing it. Thank you for joining us.

我們有一套我們深信的策略，也有正在落實執行的團隊。感謝各位參與。

Operator, please open the line for questions.

接線員，請開放提問。

(Operator Instructions) Anthony Lebiedzinski, Sidoti.

(接線員指示) Anthony Lebiedzinski，Sidoti。

Good morning, everyone, and thanks for taking the questions. So first, on the core nutritional side, it was good to see some pockets of growth as you called out the Southeast Asia Pacific. I guess it's a multi-part question here. Are you doing anything meaningfully different there versus the other regions?

各位早安，謝謝讓我提問。首先，在核心營養方面，很高興看到你們提到的東南亞太平洋地區出現一些成長亮點。我這裡有一個多段式問題。你們在那個地區是否有做出任何與其他地區顯著不同的作法？

And I guess the second part of that question, as you look to evolve your brand partner incentive plan, can you give more specifics as far as what changes do you expect to achieve from this? And what's the timeframe as to when we could see some improvements in the customer count and also the segment revenue as well?

另外，當你們著手調整品牌夥伴獎勵計畫時，能否更具體說明預期透過這些調整要達成哪些改變？以及大概在什麼時間點，我們可能會看到客戶數以及該事業部營收出現一些改善？

Those are excellent questions. We have some really strong leadership around the world, and we are seeing some things work in Southeast Asia that we are expanding the other markets around the world. I'd love to have Brent Neidig, our Chief Commercial Officer, who deals directly with those markets, also respond to that question.

這些問題非常好。我們在全球各地都有很強的領導團隊，我們也看到東南亞有一些有效作法，正在擴展到全球其他市場。我也希望請我們的首席商務長 Brent Neidig，他直接負責那些市場，也來回應這個問題。

Thanks, Kevin, and good morning, Anthony. Thank you for the question. Yeah. It was great to see the results from Southeast Asia. I think it's a combination of many things. Southeast Asia has been in a rebuild for the last many quarters and a couple of years, actually.

謝謝，Kevin，早安，Anthony。謝謝你的提問。是的，看到東南亞的成果非常好。我認為這是多項因素的綜合。東南亞在過去許多季、其實是過去幾年，一直處於重建階段。

We've changed leadership in several markets, and that's producing fruit. In the quarter, specifically, we had an incentive program that ran, which was quite successful and we are going to build on that into the fourth quarter.

我們在多個市場更換了領導團隊，而這正在產生效果。就本季而言，我們推出了一項獎勵方案，成效相當好，我們會在第四季延續並加碼。

But I think where the real magic came together was that we have seen a great deal of reengagement from our top brand partner leaders in many of those core markets, specifically in Australia, Malaysia, even in Korea, the Philippines, and that combination of reengagement from our brand partners, who are driving the growth, combined with the incentive program that we ran, is really delivering the results that we're seeing.

但我認為真正的關鍵在於，我們看到許多核心市場的頂尖品牌夥伴領導人重新高度投入，特別是在澳洲、馬來西亞，甚至在韓國、菲律賓；這些推動成長的品牌夥伴重新投入，再加上我們所執行的獎勵方案，確實帶來了我們目前看到的成果。

I wouldn't necessarily call it a new trend line, but we're very optimistic to see those results continue to build in some of those core markets. Remind me the second part of that question, Anthony?

我不一定會把它稱為一條新的趨勢線，但我們非常樂觀，期待這些成果能在部分核心市場持續累積。Anthony，提醒我一下你問題的第二部分是什麼？

Sure. Yeah. So as far as the comment about evolving your brand partner incentive plan, so if you could just comment on what types of changes you expect to achieve from these incentive plan changes and the timeframe as to when we could see some tangible results from that.

當然。是的。關於你提到要調整品牌夥伴獎勵計畫的部分，如果你能說明一下，透過這些獎勵計畫的變更，你們預期要達成哪些改變，以及大概何時能看到一些具體成果。

Yeah. Sure. We've talked about this many times. Our major evolution to the plan took place last year in July is when the first parts that rolled out. What that was designed to do was to bring some more money from the back end of the plan to the front end to encourage increased acquisition and help people see success as soon as they come in the door. That's been successful.

好的，當然。我們已經談過很多次。我們對該計畫的主要演進是在去年 7 月進行，第一部分就是在那時推出。其設計目的，是把計畫後端的一部分獎金前移到前端，以鼓勵更多獲客，並幫助新加入的人一進來就能更快看到成功。這已經證明是有效的。

We have seen increased brand partner engagement. And when you look at the numbers, our brand partner decline is less than our preferred customer decline. So we think that the acquisition engine is still intact and still working.

我們看到品牌合作夥伴的參與度有所提升。而當你看數據時，我們的品牌合作夥伴下滑幅度小於我們的優選客戶下滑幅度。因此我們認為獲客引擎仍然完好且仍在運作。

Where we really see an opportunity going forward is in consumer loyalty. And Kevin addressed that in his prepared remarks, but the consumer loyalty piece, that's where we see an opportunity to make some slight adjustments to the current plan, nothing major, but some adjustments to qualification criteria and timing of payout of certain incentives which we believe will drive increased retention and loyalty, ultimately, driving LTV.

我們真正看到未來機會的地方在於消費者忠誠度。Kevin 在他事先準備的發言中也提到了這點，但就消費者忠誠度這一塊而言，我們認為有機會對現行方案做一些小幅調整，不是重大變更，而是對資格認定標準以及部分獎勵的發放時點做些調整；我們相信這將提升留存與忠誠度，最終帶動 LTV。

So that's the program that we've got queued up, and we expect that to roll out throughout 2027, so it's going to be a phase-in approach.

所以這就是我們已排程準備推出的計畫，我們預期會在 2027 年期間逐步上線，因此會採取分階段導入的方式。

Got it. Yeah. Thanks, Brent. And then as far as the -- a comment on the -- as far as new product introduction, can you speak to the pipeline of new products that you have for next year? And also, it looks like you're going to be a bit more aggressive with digital marketing. How do we think about the impact that may have on your costs?

了解。是的。謝謝你，Brent。另外，關於——關於新品導入方面的評論，你能談談你們明年新品的研發/推出管線嗎？而且看起來你們在數位行銷上會更積極一些。我們該如何看待這對你們成本可能帶來的影響？

Those are great questions. Meeting people where they're at is a key part of our strategy and also speaking to them effectively where they're at and relevant communications is a big part of that as we think about our product launch and expansion and growth.

這些問題問得很好。在客戶所在之處與他們相遇是我們策略的關鍵部分；同時，在他們所在的場域以有效且具相關性的溝通方式與他們對話，也是我們在思考產品上市、擴張與成長時的重要一環。

And we've actually done a couple of test markets here in the US that are reaping positive results that we're very optimistic around the consumer-driven product base offerings.

而且我們其實已在美國做了幾個測試市場，取得了正向成果；對於以消費者驅動的產品基礎供給，我們非常樂觀。

And so I would like to ask Kathryn Armstrong. Dr. Armstrong, our Chief Science Officer, and would you comment on his question?

因此我想請 Kathryn Armstrong。Armstrong 博士，我們的首席科學長，來回應你的問題。

Hi, Anthony, this is Kathryn. Thanks, Kevin.

嗨，Anthony，我是 Kathryn。謝謝你，Kevin。

Good morning.

早安。

Good morning. When we talk about our new product launches, to Kevin's point, it's really about the holistic approach of how do we bring these to market. And so we're focusing a lot on women's and kids' initiatives. To Kevin's point, we have a lot of experience in those areas and we've been testing out new ideas both through our core brands as well as through our extended set of brands in terms of how we can leverage product execution to drive customer loyalty. And you can expect to see those coming to fruition in 2027 with launches.

早安。談到我們的新產品上市，如 Kevin 所說，重點其實在於我們如何以整體性的方式把這些產品推向市場。因此我們非常聚焦在女性與兒童相關的計畫。如 Kevin 所提，我們在這些領域有很多經驗，也一直透過核心品牌以及延伸品牌組合測試新想法，思考如何運用產品落地執行來驅動客戶忠誠度。你可以預期在 2027 年看到這些想法隨著產品上市而開花結果。

Okay. Thank you. And then with respect to Hiya, how do we think about the balance between marketing spending and profitability for the brand? And I guess, as you look to scale Hiya across the core subscription business and add more retail, as you look at building this brand over the course of the next few years, how do we think about gross margins, operating margins for Hiya, where they could be?

好的。謝謝。接著關於 Hiya，我們該如何看待該品牌在行銷支出與獲利能力之間的平衡？我想，當你們把 Hiya 擴展到核心訂閱業務並增加更多零售通路、在未來幾年打造這個品牌的過程中，我們該如何看待 Hiya 的毛利率、營業利益率可能落在什麼水準？

When we first acquired Hiya, the thing that got me really excited, most excited about Hiya was the competency of their team and how a proactive and how effective they were at building a national brand and how focused they were. And it's great to see them expand and grow inside their channel and their product base.

當我們最初收購 Hiya 時，最讓我興奮、最看好 Hiya 的，是他們團隊的能力，以及他們在打造全國性品牌方面的主動性與高效率，還有他們的專注度。很高興看到他們在自身通路與產品基礎上持續擴張與成長。

But I'd like to ask Walter, who's coordinating from our home office with the Hiya leadership team on the go forward in execution.

不過我想請 Walter 來回答，他正從我們總部與 Hiya 的領導團隊協調後續的執行工作。

Yeah. Think about it this way, Anthony. So when the customer first buys from Hiya, first order is half price. And the first order comes with a nice bottle and it's got a really nice box and it's an expensive presentation that gets sent to that customer.

是的。Anthony，你可以這樣想。當客戶第一次向 Hiya 購買時，首筆訂單是半價。而首筆訂單會附上一個很不錯的瓶子，還有一個很精美的盒子；這是一個成本較高的包裝呈現，寄送給該客戶。

Hiya invest in that new customer. And we have a really high LTV and it's very predictable. It's been predictable since the beginning. We've actually seen it gone up over the last year. And so with Hiya, you'll see months like September, especially September, but even this last quarter, where CAC went down a little bit, and so it gave us an opportunity to go out and acquire more customers.

Hiya 會在新客戶身上投入。而我們的 LTV 非常高且可預測。從一開始就一直很可預測。事實上，過去一年我們看到它還上升了。因此對 Hiya 而言，你會看到像 9 月這樣的月份——尤其是 9 月——甚至在上一季，CAC 下降了一點，這讓我們有機會出去獲取更多客戶。

And you saw a net gain of about 30,000 new customers that came in. And those customers are going to stay for a long time. And so what happens in first month as you'll see lower EBITDA, lower margins, and then you'll start seeing us reap that just like Doug said.

而你也看到淨增加大約 30,000 名新客戶。這些客戶會留存很長一段時間。因此在第一個月，你會看到 EBITDA 較低、利潤率較低，接著你會開始看到我們收割成果，就像 Doug 說的那樣。

So in Q4, you'll start seeing margins going up quite substantially. Same thing that will probably happen in Q1 of next year, you'll see a lot more acquisition because beginning of the year, you will acquire a whole bunch more customers, and then throughout the year, we'll start benefiting from that.

所以在第四季，你會開始看到利潤率相當明顯地上升。同樣的情況也可能發生在明年第一季：年初你會進行更多獲客，因為年初會獲取一大批新客戶，然後在全年期間，我們會開始從中受益。

And then on the retail space, we have a much higher margin on the retail space. So we're in target right now. That's getting us good margins, and that's growing very quickly. And then, we're going into club at the beginning of next year, early Q1. And you'll see, as time goes on, I think we'll build a nice base.

另外在零售通路方面，我們在零售端的利潤率要高得多。所以我們目前已進入 Target。這帶來了不錯的利潤率，而且成長非常快。接著我們會在明年年初、第一季初期進入量販/會員制通路（club）。隨著時間推進，我認為我們會建立起一個不錯的基礎。

With DTC, especially with Hiya's business, the way it's set up with that first order being half price, that creates some inconsistency in EBITDA. But over time, as we start adding retail, that will start to change.

在 DTC 方面，特別是以 Hiya 的商業模式來看，由於首筆訂單是半價，這會造成 EBITDA 有些不一致/波動。但隨著時間推進，當我們開始增加零售比重，這種情況會開始改變。

Okay. That's very helpful context then. Thanks, Walter. And then, I guess, a similar question on Rise Wellness. So it does appear that it's a bit more lumpy than expected. However, as you look to diversify your retail distribution, how do we think about sales and profitability for the brand and whether that includes any new additional products that you're thinking of as far as potentially announcing next year, or just how do we think about the the trajectory for Rise Wellness?

好的。這樣的背景脈絡非常有幫助。謝謝你，Walter。接著我想問一個類似的問題，關於 Rise Wellness。看起來它的表現比預期更不平滑、波動更大一些。不過，當你們希望讓零售通路分布更多元時，我們該如何看待該品牌的銷售與獲利能力？以及這是否包含你們可能在明年宣布的任何新增產品？或者我們該如何看待 Rise Wellness 的發展軌跡？

So with Rise, like you said, it has been lumpy, especially because of club stores. And even though we still are -- it's very promising. Club stores are still very interested in the brand and what we're doing with them. It's just that they do a lot of testing with us and they'll order on a regional basis rather than a national basis at times, so we're going back and forth.

所以關於 Rise，如你所說，表現一直比較不平穩，尤其是因為會員制倉儲通路。儘管我們目前仍然——但前景非常可期。會員制倉儲通路對這個品牌以及我們與他們合作的內容仍然非常感興趣。只是他們會和我們做很多測試，有時候下單是以區域而非全國為單位，所以我們一直在來回協調。

But we have not just conversations, but we've got orders coming in, and we think it's going to be positive long term. But in the meantime, we've had to start building a base because if you think about it, Protein Pop was a brand-new brand last year.

但我們不只是有對話，我們也已經有訂單進來，而且我們認為長期會是正面的。不過在此期間，我們必須開始建立基本盤，因為如果你想想看，Protein Pop 去年還是一個全新的品牌。

I mean, September last year, we launched the Target. So it's a new brand we have to build up. We have gone -- by the end of this year, we'll have in the retail space, not club, but this is grocery and target in grocery, we'll have 4,100 stores that we'll be in, which is a huge amount of growth that's all happened this year.

我是說，去年 9 月我們在 Target 上市。所以這是一個我們必須逐步建立的新品牌。我們已經——到今年年底，在零售通路（非會員制倉儲），也就是雜貨通路以及 Target 的雜貨通路，我們將進入 4,100 家門市，這是非常巨大的成長，而且全部都發生在今年。

That will build a base for us and allow us to -- especially in grocery, there's a better profitability margin for us. And so I think that you'll see -- obviously, we didn't do well this year because -- especially because of club and because of some of the lumpiness of that business.

這將為我們建立基本盤，並讓我們——尤其在雜貨通路，我們的獲利率更好。因此我認為你會看到——很明顯地，我們今年表現不佳，因為——尤其是因為會員制倉儲通路，以及該業務的波動性。

This year -- next year and the rest of this year, we'll start having more business going through those retail channels. Protein Pop is -- the units per store and dollars per store is the number one clear protein product in the US. So it's -- and that's a product that started in September last year. So there's -- and there's a huge opportunity for us still in the grocery space and in the club space.

今年——明年以及今年剩下的時間，我們會開始有更多業務透過這些零售通路進行。Protein Pop——以每店銷量與每店銷售額來看，是美國排名第一的透明蛋白產品。所以它——而且這個產品是去年 9 月才開始的。因此——我們在雜貨通路與會員制倉儲通路仍然有很大的機會。

We have just launched a new product in Protein Pop, that's called Protein Pop Balance. It's a prebiotic, a fiber, and a protein. And it's a lower amount of protein. So it competes in the grocery aisle -- or sorry, in the soda aisle.

我們剛在 Protein Pop 推出一個新產品，叫做 Protein Pop Balance。它含有益生元、纖維和蛋白質。而且蛋白質含量較低。因此它是在雜貨通路的貨架——抱歉，是在汽水貨架上競爭。

So because of that, we think we'll get more units per user per customer. We think it will consume more. And we also think that being in the soda aisle, we'll get a lot more sales per store per week. And that's really been our focus. I think for the next year, I mean, we definitely have new products we'll be launching. But I think Protein Pop Balance is probably our focus for the next year.

因此，我們認為每位使用者、每位顧客的購買單位數會更高。我們認為消費量會更大。我們也認為因為在汽水貨架上，我們每店每週的銷售額會高很多。而那一直是我們的重點。我想在接下來一年，我是說，我們確實會推出新產品。但我認為 Protein Pop Balance 可能會是我們未來一年的重點。

Thank you. And I guess my last question is probably for Doug. So the tax rate has been a headwind. Just wondering if there are any things you can try to do to minimize the tax impact, anything structurally that you could perhaps do differently, or as far as the tax impact? And how do we think about the tax rate beyond 2026?

謝謝。我想我最後一個問題可能是問 Doug。稅率一直是個逆風。想請教是否有任何事情可以嘗試把稅務影響降到最低，有沒有任何結構性的作法可能可以做得不同，或就稅務影響而言？以及我們該如何看待 2026 年之後的稅率？

Yeah. I think everything that we just talked about with Hiya, Rise and even Kevin's strategic comments on the core, all feed into that. I think we've had a little bit of a drag on our venture companies, which I think are -- there's so much positive information there.

是的。我想我們剛才談到的 Hiya、Rise，甚至 Kevin 對核心業務的策略性評論，都與此相關。我想我們的創投型公司業務有一點拖累，而我認為——那裡其實有非常多正面的資訊。

But as you see that, you just don't get the benefit from a tax standpoint. I think, particularly, with the amortization of intangibles at Hiya, and so that really is a headwind. And so one of the things we look at is the absolute tax amount and the rate is not something, believe me, we sit through Board meetings and it's a common every board meeting and it's an interesting navigation.

但如你所見，從稅務角度你就是無法享受到那個好處。我想特別是 Hiya 的無形資產攤銷，因此那確實是一個逆風。所以我們會看的其中一件事是絕對稅額，而稅率本身並不是——相信我——我們在董事會會議上反覆討論的事情；幾乎每次董事會都會談到，這是一個需要有趣地去拿捏與因應的議題。

I think there's opportunities to shift some of the spend closer to the consumers in different markets, and there's some opportunity there. I think any of those considerations, we want to be very thoughtful and very intentional about something that's going to be additive to the business.

我認為有機會把部分支出更貼近不同市場的消費者端，這方面有一些空間。但我想對於任何這類考量，我們都希望非常審慎、非常有目的性，確保這些作法能對業務帶來加分。

But I think just generally getting traction in the businesses and executing on the plans that we have with our venture companies for the best opportunity.

但我認為總體而言，讓各項業務取得進展，並把我們對創投型公司的計畫執行到位，才是最佳機會。

All right. Well, thank you very much and best of luck.

好的。非常感謝，祝你們好運。

Thanks, Anthony.

謝謝你，Anthony。

There are no further questions at this time. I would like to turn the floor back to Andrew Masuda for closing remarks.

目前沒有其他問題。我想把時間交回給 Andrew Masuda 作結語。

Thank you, Rochelle, and 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.

謝謝你，Rochelle，也感謝各位今天在電話會議中的提問與參與。如果你還有任何問題，請隨時聯絡投資人關係部，電話是 801-954-7210。

Thank you. This does conclude today's teleconference. We thank you for your participation. You may disconnect your lines at this time.

謝謝。今天的電話會議到此結束。感謝各位的參與。此時你可以掛斷電話線。