优莎娜 (USNA) 2026年第三季度财报电话会：Hiya增长，EBITDA预期下调

优莎娜健康科学（USNA）公布的2026财年第三季度运营表现喜忧参半：核心营养品（Core Nutrition）业务盈利能力增强以及Hiya品牌重拾增长动能，但被核心营养品客户数量减少以及Rise Wellness销售疲软所抵消。管理层目前预计，2026财年净销售额将接近9亿美元，调整后EBITDA约为7700万美元。

核心要点

• 预计2026财年净销售额将接近9亿美元，而调整后EBITDA指引则从8050万美元下调至约7700万美元。
• 核心营养品业务活跃客户同比下降8%。管理层预计该分部销售额约为7.4亿美元，较最新预期低1000万美元。
• 东南亚及太平洋地区净销售额同比增长2%，上一季度为同比下降13%；活跃客户环比增长3%。
• Hiya月度活跃订阅用户环比增长18%，净增约29,500名。管理层将Hiya 2026年净销售额预期上调至1.3亿美元。
• 年初至今经营现金流从去年同期的2600万美元增至4500万美元，自由现金流达到3600万美元。优莎娜在三季度末拥有1.79亿美元现金，且无负债。
• 由于仓储会员店渠道订单持续低于预期，且销售额继续受到订单交付时间节点的影响，Rise Wellness的业绩指引再度被下调。

关键财务数据

业务与运营表现

核心营养品业务

由于活动及薪酬支出减少，核心营养品业务的营业利润率有所提升。这一改善部分得益于同比基数有利，即去年同期的薪酬计划支出未在本次重现。

客户增长态势依然疲软。活跃客户同比下降8%，大中华区占销售额和活跃客户环比降幅的大部分。除东南亚及太平洋地区外，所有地区按固定汇率计算均出现下滑。

东南亚及太平洋地区是表现改善最明显的区域。销售额同比增长2%（上一季度为同比下降13%），活跃客户环比增长3%。管理层将这一改善归功于一线业务主管参与度的提高、多个市场的领导层调整以及激励计划的成功实施。

优莎娜计划通过品牌投入、新品上市以及调整激励计划来促进获客与留存。新产品举措将部分聚焦于女性和儿童群体，预计将于2027年陆续推出。

Hiya

随着获客成本较上半年水平回落，Hiya销售额重回同比正增长轨道。优莎娜加大了数字营销投入，推动月度活跃订阅用户环比增长18%，净增约29,500名订阅用户。

塔吉特（Target）与亚马逊的合计销售额较第二季度增长了一倍以上，但管理层指出这是建立在较低基数之上的。此外，Hiya还通过创作者合作计划、联盟营销项目以及TikTok Shop拓展获客渠道。

由于新客户首单享受折扣并配有高端初始包装，获客支出的增加压低了近期利润率。管理层表示，Hiya的留存率和客户生命周期价值依然强劲，随着新获取的订阅用户在后续季度持续贡献收入，盈利状况预计将逐步改善。公司还指出，零售渠道的利润率高于直面消费者（DTC）渠道。

Rise Wellness

Rise Wellness继续受到仓储会员店渠道订单波动的承压。去年同期包含一笔未再复购的Rise Bar大额会员店订单，而当前会员店订单再次低于公司预期。

优莎娜正推动Rise的分销渠道向仓储会员店之外拓展。管理层预计，到2026年底，Protein Pop将在包括塔吉特（Target）和杂货超市在内的4,100家零售网点铺货。融合了蛋白质和益生元纤维的Protein Pop Balance已于9月在塔吉特上市，预计将成为该品牌在2027年的核心发力点。

管理层业绩指引

管理层预计2026财年净销售额将接近9亿美元，调整后EBITDA将达到约7700万美元。相较于此前8050万美元的预期，EBITDA指引的下调反映出Rise销售疲软以及Hiya投资加大，不过核心营养品业务盈利能力的增强部分抵消了这些负面影响。

针对Hiya，管理层预计第四季度净销售额和调整后EBITDA均将实现环比增长。该预期假定第三季度新增的订阅用户将在整个季度持续贡献收入，且塔吉特（Target）和亚马逊将继续保持增长势头。

核心营养品业务全年销售额预计约为7.4亿美元，处于2026年初给出的指引区间内，但由于活跃客户减少，低于公司最新的预期。

Rise的业绩指引假定计划中的第四季度零售订单能如期交付。管理层表示，若这些订单推迟至2027年第一季度，2026财年的销售额和收益可能会略低于最新预期，相应贡献也将顺延至2027年。

风险与关注焦点

• 核心营养品业务的活跃客户群依然承压，尤其是大中华区。
• Hiya高企的获客投入可能导致季度EBITDA和利润率出现波动。
• Rise Wellness部分依赖仓储会员店渠道订单，管理层称这类订单在交付时间上天然存在不规律性，且不受公司控制。
• Rise在拓展更广泛零售渠道的同时，仍将提高毛利率作为优先任务。
• Hiya的无形资产摊销以及优莎娜风险投资业务目前的表现，仍对有效税率构成拖累。
• 激励计划调整和新品上市带来的改善预计将逐步显现，而非立竿见影。

分析师问答亮点

管理层表示，核心营养品业务最初的激励计划调整将薪酬倾斜至计划前期阶段，以鼓励获客并帮助新品牌合伙人尽早获得成效。后续调整将侧重于资格标准和奖励发放时间节点，以提高留存率、忠诚度和客户生命周期价值。相关调整预计将于2027年分阶段推出。

关于Hiya，管理层解释称，获客成本降低为第三季度加速订阅用户增长创造了契机。这部分支出虽然在短期内压低了利润率，但公司预计随着订阅用户保持活跃以及零售业务在销售结构中占比扩大，盈利能力将有所改善。此外，Hiya还计划于2027年第一季度初进军仓储会员店渠道。

针对Rise Wellness，管理层强调在塔吉特（Target）和杂货超市建立更加稳固的零售基础，以降低对波动较大的仓储会员店订单的依赖。近期产品发力点将以Protein Pop Balance为主，同时也在规划更多后续新品。

关于税负问题，管理层指出，Hiya、Rise以及其他创投业务更好的执行力是长期降低实际税负的主要途径。此外，在运营可行的情况下，公司还考虑在各个市场将更多支出布局在更贴近消费端的位置。

业绩电话会完整纪要

完整财报电话会议逐字稿

管理层陈述

Operator

Greetings, and welcome to the USANA Health Sciences Third Quarter Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce speaker, Andrew Masuda, Director of Investor Relations. Please go ahead, sir.

Andrew Masuda

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.

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. 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.

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. 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.

Yesterday, after the market closed, we announced our third quarter results and posted our management commentary document on the company's website. We'll now hear brief remarks from Kevin and Doug before opening the call for questions.

Kevin Guest

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. Our 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.

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.

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. 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.

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 favorable -- 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.

We also saw 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.

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.

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.

Back-to-school seasonality helped and the added marketing investment pressured 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 add 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. 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.

Greater China, our largest market, accounted 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.

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.

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 reflect in part order timing that we do not control.

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.

Third, Hiya. The work ahead is retention, building retail and improving profitability. So while there are -- 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. 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.

G. Hekking

Thanks, Kevin. I'll briefly cover our updated outlook and our cash position and then turn it back to 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 at Rise, our decision to invest at Hiya, which is partially offset by stronger profitability in the Core Nutritional segment. With about 2 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.

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. For Rise, our outlook assumes certain retail orders currently scheduled for the fourth quarter to ship as planned. If 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.

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

Kevin Guest

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. We have a strategy we believe in and the teams who are executing it. Thank you for joining us. Operator, please open the line for questions.

Operator

[Operator Instructions] Our first question we will hear from Anthony Lebiedzinski with Sidoti.

分析师问答

Anthony Lebiedzinski

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 multipart question here. Are you doing anything meaningfully different there versus the other regions?

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? What's the time frame as to when we could see some improvements in the customer count and also the segment revenue as well?

Kevin Guest

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 in 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.

Brent Neidig

Thanks, Kevin. Anthony, thank you for the question. Yes, 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.

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. We are going to build on that into the fourth quarter. 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. 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?

Anthony Lebiedzinski

Sure. Yes. 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 kind of the time frame as to when we could see some tangible results from that?

Brent Neidig

Yes, 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 of 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 they -- as soon as they come in the door. That's been successful.

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. 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. 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 phased-in approach.

Anthony Lebiedzinski

Got it. Yes. And then as far as the 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?

Kevin Guest

Well, 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. And we've actually done a couple of test markets here in the U.S. that are reaping positive results that we're very optimistic around the consumer-driven product-based offerings. And so -- but I would like to ask Kathryn Armstrong. Dr. Armstrong is our Chief Science Officer. And would you comment on his question?

Kathryn Armstrong

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

Anthony Lebiedzinski

Okay. 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, kind of 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?

Kevin Guest

When we first acquired Hiya, the thing that got me really excited -- most excited about Hiya was the competency of their team and how 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. But I'd like to ask Walter, who's coordinating from our home office with the Hiya leadership team on the go-forward and execution.

Walter Noot

Yes. 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. Hiya invests 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. 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 is you'll see lower EBITDA, lower margins, and then you'll start seeing us reap that just like Doug said. 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, we'll acquire a whole bunch more customers.

And then throughout the year, we'll start benefiting from that. 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 fairly quickly. And then we're going into club at the beginning of next year and early Q1. And so you'll see -- as time goes on, I think we'll build a nice base. With DTC, especially with Hiya's business, the kind of 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.

Anthony Lebiedzinski

Okay. That's very helpful context. And then kind of, 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? Just how do we think about the trajectory for Rise Wellness?

Walter Noot

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 kind of back and forth.

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. I mean, this is September last year, we launched at 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 and 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. 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. This year -- this 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 #1 clear protein product in the U.S. 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. We are -- we have just launched a new product in Protein Pop, that's called Protein Pop Balance. It's a prebiotic 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.

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.

Anthony Lebiedzinski

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 that 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?

G. Hekking

Yes. 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. 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 comment every Board meeting, and it's an interesting navigation. 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. But I think just generally getting traction in the businesses and executing on the plans that we have with our venture companies are the best opportunity.

Operator

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

Andrew Masuda

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.

Operator

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