USANA健康科學公司 2024年10月22日
2024年第三季管理評論
關鍵財務和營運結果
•第三季網銷售額為20000萬美元，較2023年第三季的21300萬美元低。
•第三季度攤薄後每股收益為0.56美元，而2023年第三季度為0.59美元。
•公司將2024財年淨銷售和攤薄後每股收益的預期修訂為約$85000萬和$2.45，分別（先前為$85000萬至$88000萬和$2.40至$2.55）。
概覽
第三季的銷售表現略低於我們的預期，因為我們許多市場的營運環境仍然具有挑戰性。由於宏觀經濟因素的影響，我們許多市場的消費支出依然壓力重重，這導致我們的合作夥伴在吸引新客戶方面難以建立動力，尤其是在我們最大的市場，中國大陸。
儘管環境艱鉅，我們仍在執行我們的長期戰略舉措。我們的業務團隊在今年早些時候重新組織，一直在執行這些舉措，以增強我們對客戶的整體價值主張，我們在一些領域已開始看到成效。
在本季，我們持續與銷售領袖進行互動，其中在內華達州拉斯維加斯舉辦的美洲和歐洲大會是重點。培訓、發展和表彰是此次活動的重點，強調可行的倡議以幫助我們的銷售領袖發展他們的業務。此外，我們還預覽了旨在改善數位工具的活動。
旨在提升整體銷售和購物體驗。反饋一直是積極的，領導者們也積極採納這些新倡議。
在我們的美洲和歐洲會議上，我們推出了兩款新產品：Celavive Resurfacing Serum 和 Whey Protein Isolate。這些產品推出是我們產品創新策略和員工優先的初期階段的一部分，其中包括增加新產品和升級高質量、相關和高級產品的節奏。除了預期的產品創新帶來的好處外，新的商業團隊還在推動從配方到商業化的時間縮短，並探索增強的銷售策略以支持我們的員工優先取向。
對於第四季，我們預計我們許多市場的營運環境將繼續具有挑戰性。我們計劃適度增加促銷活動，以幫助抵消這些市場壓力並推動銷售動能。雖然我們正在監控中國最近宣布的刺激措施，但我們不認為這些措施對我們第四季的營運結果將有實質性正面影響。
我們專注於執行支撐我們長期策略的五項關鍵舉措。這些包括（i）從我們重組的商業團隊中提升業績，（ii）擴大產品創新和商業化，（iii）加大努力以Associate為先的方式與我們的銷售領導人合作，（iv）擴大我們在印度市場的份額，和（v）評估更多業務發展活動。這些舉措是一項意義深遠、延續多年的工作，致力於使USANA的整體價值提案更加具有說服力，最終推動長期業績和利益相關者價值的創建。
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2024年第三季財務表現
| 合併結果 | ||||||||
| 淨銷售額 | 20000萬美元 | •-6% 相對於2023年第三季 | ||||||
•外匯期貨對年度同比無實質影響 | ||||||||
•相較上季下滑6% | ||||||||
| 攤薄後每股收益 | $0.56 | •-5%相對第三季2023年 | ||||||
•+4%按次序 | ||||||||
| 活躍用戶 | 452,000 | •較2023年第3季下降3% | ||||||
•-3% 按季算計 | ||||||||
資產負債表和股份回購活動
我們在第三季度產生了3,000萬美元的營運現金流，並以36500萬美元的現金及現金等價物作為季末結餘，同時保持無債務。
截至2024年9月28日，庫存為6700萬美元，較2023財年年結餘高出4%。庫存的小幅增加可以歸因於在該季度進行某些原材料的戰略性採購。我們內部採資源和製造業能力使我們能更好地控制庫存水平，有助於減輕供應鏈風險，同時對提供最高品質的營養產品作出有意義的貢獻。
我們在本季未回購任何股份。截至2024年9月28日，我們在目前的股票回購授權中仍剩約6200萬美元。
季度收入報表討論
毛利率從去年的基準點上升了30個基點，達到淨銷售額的80.4%。 增加主要歸因於較低的原料成本、市場組合所帶來的有利變化和價格上漲，部分被外幣貨幣兌換匯率的負面影響所抵銷。
與前一年相比，聯盟激勵下降了10個基點，佔淨銷售額的42.0%。 該減少主要反映了當年季度內較低的激勵和促銷費用。
銷售、一般及行政費用從上一年增加了90個基點至30.6%，佔淨銷售額比例。 相對增加主要是由於失去了槓桿優勢。
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年度淨銷售額下降。從絕對數字來看，年同比銷售及管理費用減少了200萬美元，主要歸因於活動和廣告相關費用的降低。
截至本年度，有效稅率從2023年可比期間的38.0%上升至43.0%。 較高的有效稅率主要可以歸因於：1）中國在USANA銷售組合中相對份額的增加，2）美國企業總部在基礎設施成本方面的集中，以及3）普遍較低的運營績效，包括對全球其他市場的不利匯率影響。
2024年第三季 區域型成果：
| 亞太地區 | ||||||||
| 營業額淨額 | 1 億 6 億美元 | •與 2023 年第三季度比較下降 6% | ||||||
•沒有意義的同比外匯影響 | ||||||||
•按順序減少 6% | ||||||||
•合併淨銷售額的 80% | ||||||||
| 活躍客戶 | 360,000 | •與 2023 年第三季度比較下跌 1% | ||||||
•順序減少 2% | ||||||||
| 亞太地區 | ||||||||
| 大中華區 | ||||||||
| 營業額淨額 | 一億二千二百萬元 | •與 2023 年第三季度比較下降 4% | ||||||
•與 2023 年第三季度相比，固定貨幣下降 5% | ||||||||
•按順序下降 11% | ||||||||
| 活躍客戶 | 243,000 | •與 2023 年第三季相比增加 6% | ||||||
•順序減少 3% | ||||||||
| 北亞 | ||||||||
| 營業額淨額 | 二千一百萬美元 | •與二零二零三年第三季相比增加 15% | ||||||
•與 2023 年第三季度相比，固定貨幣下降 12% | ||||||||
•按順序增加 4% | ||||||||
| 活躍客戶 | 41,000 | •與二零二三年第三季度比較下降 16% | ||||||
•順序減少 2% | ||||||||
| 東南亞太平洋地區 | ||||||||
| 營業額淨額 | 三千七百萬元 | •與 2023 年第三季度比較下降 5% | ||||||
•與 2023 年第三季度相比，固定貨幣下降 6% | ||||||||
•按順序增加 5% | ||||||||
| 活躍客戶 | 76,000 | •與 2023 年第三季度比較下降 8% | ||||||
•順序減少 1% | ||||||||
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大中華： 大中華地區的淨銷售和當地貨幣銷售同比分別下降了4%和5%。該市場的活躍客戶同比增長了7%，與有利可比情況下進行比較。區域表現在序列上受到了我們中國大陸市場的影響，該市場的淨銷售和活躍客戶分別下降了13%和3%。同比和序列表現的主要推動因素很大程度上歸因於經濟日益疲軟的環境，這對消費者的可支配收入產生負面影響，並導致本季度每位客戶的平均支出降低。
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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