USANA健康科学公司 2024年10月22日
2024年第三季管理评论
关键财务和营运结果
•第三季网销售额为20000万美元，较2023年第三季的21300万美元低。
•第三季度摊薄后每股收益为0.56美元，而2023年第三季度为0.59美元。
•公司将2024财年净销售和摊薄后每股收益的预期修订为约$85000万和$2.45，分别（先前为$85000万至$88000万和$2.40至$2.55）。
概览
第三季的销售表现略低于我们的预期，因为我们许多市场的营运环境仍然具有挑战性。由于宏观经济因素的影响，我们许多市场的消费支出依然压力重重，这导致我们的合作伙伴在吸引新客户方面难以建立动力，尤其是在我们最大的市场，中国大陆。
尽管环境艰巨，我们仍在执行我们的长期战略举措。我们的业务团队在今年早些时候重新组织，一直在执行这些举措，以增强我们对客户的整体价值主张，我们在一些领域已开始看到成效。
在本季，我们持续与销售领袖进行互动，其中在内华达州拉斯维加斯举办的美洲和欧洲大会是重点。培训、发展和表彰是此次活动的重点，强调可行的倡议以帮助我们的销售领袖发展他们的业务。此外，我们还预览了旨在改善数位工具的活动。
旨在提升整体销售和购物体验。反馈一直是积极的，领导者们也积极采纳这些新倡议。
在我们的美洲和欧洲会议上，我们推出了两款新产品：Celavive Resurfacing Serum 和 Whey Protein Isolate。这些产品推出是我们产品创新策略和员工优先的初期阶段的一部分，其中包括增加新产品和升级高质量、相关和高级产品的节奏。除了预期的产品创新带来的好处外，新的商业团队还在推动从配方到商业化的时间缩短，并探索增强的销售策略以支持我们的员工优先取向。
对于第四季，我们预计我们许多市场的营运环境将继续具有挑战性。我们计划适度增加促销活动，以帮助抵消这些市场压力并推动销售动能。虽然我们正在监控中国最近宣布的刺激措施，但我们不认为这些措施对我们第四季的营运结果将有实质性正面影响。
我们专注于执行支撑我们长期策略的五项关键举措。这些包括（i）从我们重组的商业团队中提升业绩，（ii）扩大产品创新和商业化，（iii）加大努力以Associate为先的方式与我们的销售领导人合作，（iv）扩大我们在印度市场的份额，和（v）评估更多业务发展活动。这些举措是一项意义深远、延续多年的工作，致力于使USANA的整体价值提案更加具有说服力，最终推动长期业绩和利益相关者价值的创建。
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2024年第三季财务表现
| 合并结果 | ||||||||
| 净销售额 | 20000万美元 | •-6% 相对于2023年第三季 | ||||||
•外汇期货对年度同比无实质影响 | ||||||||
•相较上季下滑6% | ||||||||
| 摊薄后每股收益 | $0.56 | •-5%相对第三季2023年 | ||||||
•+4%按次序 | ||||||||
| 活跃用户 | 452,000 | •较2023年第3季下降3% | ||||||
•-3% 按季算计 | ||||||||
资产负债表和股份回购活动
我们在第三季度产生了3,000万美元的营运现金流，并以36500万美元的现金及现金等价物作为季末结余，同时保持无债务。
截至2024年9月28日，库存为6700万美元，较2023财年年结余高出4%。库存的小幅增加可以归因于在该季度进行某些原材料的战略性采购。我们内部采资源和制造业能力使我们能更好地控制库存水平，有助于减轻供应链风险，同时对提供最高品质的营养产品作出有意义的贡献。
我们在本季未回购任何股份。截至2024年9月28日，我们在目前的股票回购授权中仍剩约6200万美元。
季度收入报表讨论
毛利率从去年的基准点上升了30个基点，达到净销售额的80.4%。 增加主要归因于较低的原料成本、市场组合所带来的有利变化和价格上涨，部分被外币货币兑换汇率的负面影响所抵销。
与前一年相比，联盟激励下降了10个基点，占净销售额的42.0%。 该减少主要反映了当年季度内较低的激励和促销费用。
销售、一般及行政费用从上一年增加了90个基点至30.6%，占净销售额比例。 相对增加主要是由于失去了杠杆优势。
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年度净销售额下降。从绝对数字来看，年同比销售及管理费用减少了200万美元，主要归因于活动和广告相关费用的降低。
截至本年度，有效税率从2023年可比期间的38.0%上升至43.0%。 较高的有效税率主要可以归因于：1）中国在USANA销售组合中相对份额的增加，2）美国企业总部在基础设施成本方面的集中，以及3）普遍较低的运营绩效，包括对全球其他市场的不利汇率影响。
2024年第三季 区域型成果：
| 亚太地区 | ||||||||
| 营业额净额 | 1 亿 6 亿美元 | •与 2023 年第三季度比较下降 6% | ||||||
•没有意义的同比外汇影响 | ||||||||
•按顺序减少 6% | ||||||||
•合并净销售额的 80% | ||||||||
| 活跃客户 | 360,000 | •与 2023 年第三季度比较下跌 1% | ||||||
•顺序减少 2% | ||||||||
| 亚太地区 | ||||||||
| 大中华区 | ||||||||
| 营业额净额 | 一亿二千二百万元 | •与 2023 年第三季度比较下降 4% | ||||||
•与 2023 年第三季度相比，固定货币下降 5% | ||||||||
•按顺序下降 11% | ||||||||
| 活跃客户 | 243,000 | •与 2023 年第三季相比增加 6% | ||||||
•顺序减少 3% | ||||||||
| 北亚 | ||||||||
| 营业额净额 | 二千一百万美元 | •与二零二零三年第三季相比增加 15% | ||||||
•与 2023 年第三季度相比，固定货币下降 12% | ||||||||
•按顺序增加 4% | ||||||||
| 活跃客户 | 41,000 | •与二零二三年第三季度比较下降 16% | ||||||
•顺序减少 2% | ||||||||
| 东南亚太平洋地区 | ||||||||
| 营业额净额 | 三千七百万元 | •与 2023 年第三季度比较下降 5% | ||||||
•与 2023 年第三季度相比，固定货币下降 6% | ||||||||
•按顺序增加 5% | ||||||||
| 活跃客户 | 76,000 | •与 2023 年第三季度比较下降 8% | ||||||
•顺序减少 1% | ||||||||
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大中华： 大中华地区的净销售和当地货币销售同比分别下降了4%和5%。该市场的活跃客户同比增长了7%，与有利可比情况下进行比较。区域表现在序列上受到了我们中国大陆市场的影响，该市场的净销售和活跃客户分别下降了13%和3%。同比和序列表现的主要推动因素很大程度上归因于经济日益疲软的环境，这对消费者的可支配收入产生负面影响，并导致本季度每位客户的平均支出降低。
North Asia: Net sales and local currency sales in South Korea declined 15% and 13% year-over-year, respectively, and Active Customers declined 17%. On a sequential basis, net sales and local currency sales increased 4% and 3%, respectively, while Active Customers declined 2%. Year-over-year declines reflect, in great part, a challenging environment due to macroeconomic weakness. We did, however, report sequential sales growth in this region through continued investments in promotional activity designed to support and generate positive growth momentum.
Southeast Asia Pacific: Net sales and local currency sales in Malaysia decreased 3% and 6% year-over-year, respectively, while Active Customers declined 17% year-over-year. Sequentially, net sales in Malaysia increased 6% (flat in local currency) and Active Customers decreased 4%. Year-over-year results reflect lower relative promotional activity. In the Philippines, net sales and local currency sales declined 11% and 9% year-over-year, respectively, while Active Customers were 5% lower. Sequentially, net sales and local currency sales in the Philippines grew 4% and 3%, respectively, while Active Customers increased 6%. Year-over-year results reflect cautious consumer sentiment in this market while sequential results reflect relatively stable levels of sales and customer counts since the beginning of the year.
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| Americas and Europe Region | ||||||||
| Net Sales | $40 million | •-7% vs. Q3 2023 | ||||||
•-6% constant currency vs. Q3 2023 | ||||||||
•-5% sequentially | ||||||||
•20% of consolidated net sales | ||||||||
| Active Customers | 92,000 | •-10% vs. Q3 2023 | ||||||
•-7% sequentially | ||||||||
Americas and Europe Region: Net sales and local currency sales in Canada decreased 6% and 4%, respectively, while Active Customers decreased 6%. Both net sales and Active Customers in the United States declined 9% year-over-year. Sequentially, net sales and local currency sales in Canada decreased 7% and 8%, respectively, while Active Customers declined 9%. In the United States, net sales declined 1% sequentially while Active Customers were 5% lower. Results in both markets reflect a challenging environment for attracting new customers as consumer discretionary spending remains pressured.
Fiscal Year 2024 Outlook
The Company is updating its net sales and earnings per share outlook for fiscal year 2024, as follows:
Fiscal Year 2024 Outlook | ||||||||
Target | Previous Range | |||||||
| Consolidated Net Sales | $850 million | $850 - $880 million | ||||||
| Diluted EPS | $2.45 | $2.40 - $2.55 | ||||||
Our updated outlook for the year reflects:
•An unfavorable currency exchange rate impact on net sales of around $11 million (previously unfavorable impact of approximately $20 million).
•An operating margin of approximately 8.5% (previously 8.0% to 8.8)
•An annual effective tax rate of approximately 43.5% (previously 43% to 44%)
•An annualized diluted share count of 19.1 million (previously 19.2 million)
Despite the challenging macroeconomic environment, USANA is well positioned to benefit from the growing consumer focus on personal health and wellness. We will continue to invest in
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organic strategic initiatives with an Associate-first mentality, expand and enhance our best-in-class products, and evaluate accretive business development opportunities. While it will take time to fully realize the rewards of these efforts, we are confident that the successful execution of these strategies will position USANA to return to sustainable long-term growth.
Jim Brown
President and CEO
Douglas Hekking
CFO
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Safe Harbor
This Management Commentary contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act. Our actual results could differ materially from those projected in these forward-looking statements, which involve a number of risks and uncertainties, including: global economic conditions generally, including continued inflationary pressure around the world and negative impact on our operating costs, consumer demand and consumer behavior in general; reliance upon our network of independent Associates; risk that our Associate compensation plan, or changes that we make to the compensation plan, will not produce desired results, benefit our business or, in some cases, could harm our business; risk associated with governmental regulation of our products, manufacturing and direct selling business model in the United States, China and other key markets; potential negative effects of deteriorating foreign and/or trade relations between or among the United States, China and other key markets; potential negative effects from geopolitical relations and conflicts around the world, including the Russia-Ukraine conflict and the conflict in Israel; compliance with data privacy and security laws and regulations in our markets around the world; potential negative effects of material breaches of our information technology systems to the extent we experience a material breach; material failures of our information technology systems; adverse publicity risks globally; risks associated with commencing operations in India and future international expansion and operations; uncertainty relating to the fluctuation in U.S. and other international currencies; and the potential for a resurgence of COVID-19, or another pandemic, in any of our markets in the future and any related impact on consumer health, domestic and world economies, including any negative impact on discretionary spending, consumer demand, and consumer behavior in general. The contents of this Management Commentary should be considered in conjunction with the risk factors, warnings, and cautionary statements that are contained in our most recent filings with the Securities and Exchange Commission. The forward-looking statements in this Management Commentary set forth our beliefs as of the date hereof. We do not undertake any obligation to update any forward-looking statement after the date hereof or to conform such statements to actual results or changes in the Company’s expectations, except as required by law.
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Non-GAAP Financial Measures
The Company prepares its financial statements using U.S. generally accepted accounting principles (“U.S. GAAP” or “GAAP”). Constant currency net sales, earnings, EPS and other currency-related financial information (collectively, “Financial Results”) are non-GAAP financial measures that remove the impact of fluctuations in foreign-currency exchange rates (“FX”) and help facilitate period-to-period comparisons of the Company’s Financial Results that we believe provide investors an additional perspective on trends and underlying business results. Constant currency Financial Results are calculated by translating the current period's Financial Results at the same average exchange rates in effect during the applicable prior-year period and then comparing this amount to the prior-year period's Financial Results.
| Investor contact: | Andrew Masuda | ||||
| Investor Relations | |||||
| (801) 954-7210 | |||||
investor.relations@usanainc.com | |||||
| Media contact: | 801-954-7280 | ||||
media@usanainc.com | |||||
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