All right, we'll go ahead and get started. I'm Dave Mossberg with Three Part Advisors. We have Herbalife up next. This is a really good example of how we find companies to present at this conference. We went through L.A. a couple of years ago and met with the company and at the suggestion of one of our sponsors, who's a top 15 shareholder of you guys. We go around, it's much a curated list, and this is a good example of how we find companies to present. I'll turn it over to the company. I'll turn it over to Erin. Good morning, everyone. Thank you for joining us today, whether in person or via webcast. I'm Erin Banyas, Head of Investor Relations at Herbalife, and I'm joined today by John DeSimone, our Chief Financial Officer, who will lead the presentation. Before we begin, I would like to direct you to the cautionary statement regarding forward-looking statements on page two of our presentation, which is available under the Investor Relations section of our Herbalife's website. The presentation includes a discussion of some of the more important factors that could cause results to differ from those expressed in any forward-looking statement within the meaning of the Private Securities Litigation Reform Act of 1995. As is customary, the content of today's presentation will be governed by this language. In addition, during today's presentation, we will be discussing certain non-GAAP financial measures. These non-GAAP financial measures exclude certain unusual or non-recurring items that management believes impact the comparability of the periods referenced. Please refer to our presentation materials for additional information regarding these non-GAAP financial measures and the reconciliations to the most directly comparable GAAP measure. With that, I will now turn it over to John to begin today's presentation. Thanks, Erin. For those listening remotely, I'll let you know what page we're on, so as we turn pages, you can follow. I have a presentation, but let me start with what I think are maybe three key takeaways, the stories behind each that we'll go into in the presentation. First, for those who are unfamiliar with Herbalife, we've been around for 46 years. It's a very resilient company with a very resilient model. The company has had its ups and downs, both company specific and macro related, and has come out strong through all of it over the years. That resiliency is an important takeaway. Number two, we're in a category that's growing. We're a functional food company more than a supplement company, nutrition is growing, and our number one product is protein-based product, and proteins are an incredibly fast-growing market that's becoming more important. We have the number one protein shake in the world from a market share standpoint. That's the second point. Again, resilient company. We're in a category that's relevant and growing. The third, we generate a lot of cash. As a company, historically, we've generated a lot of cash. I'll give you some stories about that as we get through the presentation. To give you perspective, based on free cash, so operating cash less CapEx, in 2025 against today's market cap, we have over a 20% free cash flow yield. That's an important metric because we use that to drive value, and we will continue to drive value with that cash for our equity investors, and we'll talk about how we do that. Those are the three kind of themes that this presentation is wrapped around. Jumping to the first content slide, which is slide three. This is Herbalife at a glance. It's really just an overview. I'll talk about the boxes on the right first. We're a $5 billion company. That's our net sales. Our adjusted EBITDA margins last year were 13.1%. Now, there's a journey that we went through, as a lot of direct sellers did in COVID, where everything went great, and then coming out of COVID, there was a bubble. We've stabilized. I will tell you, in 2023, our adjusted EBITDA margins were 11.3%. We got them up to 13.1%, we continue to expect them to grow. Again, I'm moving left to right on the boxes. On the far right, it's our debt level. We've generated a lot of cash, we bought back a lot of stock. Some of it proactively by the company, some of it through an activist that was on the Board. At the end of 2023, our gross debt leverage ratio was 3.9x. We've gotten that down to 2.7x. On a net basis, it's 2.1x. I think that's an important metric for investors. We just redid a debt deal and saved a lot of money, and I'll talk about that later. Moving down on the boxes, number one protein shake in the world. I already said that. We have 6.4 million members, people that can buy directly from Herbalife. Of that, over 2 million are distributors that can buy and resell and sign people up. The last box, which is a very unique element of Herbalife, and I have a page on this in the presentation, is we sell through something called Nutrition Clubs. Not exclusively, it's an important part of our business model. It's a brick-and-mortar fixed location where people can get single-serving product. You just come in and get a shake, not a whole canister, just what you need for that day. I'll talk about that later, it's very unique to us. We have a little over 60,000 globally and almost 9,000 in the U.S. That's a quick look at the summary. You can see the pie charts. We're very diversified geographically, you can see the product categories that we operate in. Jumping to our vision. Our vision is to be the world's premier health and wellness company, community, and platform. Community and platform are an important part of that. We're really a community-based company. It's how we sell, it's an important part of how we drive success in the marketplace, I'll talk a little bit about that, too. This next slide, I'm moving to slide five for those online. This is really the roadmap for the presentation. There's eight topics on here. Each one of these has some slides behind it. We'll talk about our distribution channel and what we think is a competitive advantage. We'll talk about our brand recognition, our science, the categories we operate in, how they have large growing total adjustable market. We'll talk about some acquisitions we've done, our geographic diversification, our management team. Lastly, we'll talk about the financial performance, which is super important. Slide six. This is the power of our distribution channel. We're a direct seller. We're going to talk about clubs on the next slide. I want to get to Nutrition Clubs. The important thing is we're leveraging the power of community and connection to help people drive results. It's an important part of helping people achieve nutrition or any kind of health-oriented goals is to do it in a community setting. Some of that community can be online, some of it can be in person, we're leveraging that. We're not moving away from people, we're moving to people, it's been part of our legacy, it's part of our future. We think it's an important part of ultimately having the products drive results, because results are the most important thing for people to stay on the products. I'm going to spend a moment on Nutrition Clubs. This is slide seven. A Nutrition Club, as I said earlier, is a fixed brick-and-mortar location owned and operated by a distributor or a group of distributors. I'm going to paint an image for you. Not an image of what it might look like inside, just how it transacts inside, then we'll talk about how it looks. I'm going to use Starbucks. Not to say I want you to picture a Starbucks, right? You can buy a pound of coffee, make it at home, some people do. You can make your own coffee at home, you can go to Starbucks and get a single serving of coffee. That's what you can do with Herbalife. You can buy your own canisters of products, make it yourself, put it in your cabinet at home, you can go to a Nutrition Club and buy a single serving. Nutrition Clubs operate in lots of different formats. A lot of those formats have menus. You go into the club, there's a menu, you pick what you want to order. You can pick the flavor. It can be an energy tea, it can be a meal replacement shake. It can be whatever that club offers. It's made with Herbalife product. Okay. The Nutrition Club flips direct selling upside down, right. Direct selling is generally characterized by a distributor meeting a customer or a group of customers infrequently and asking for a large purchase. Our distributors through clubs see their customers frequently and ask for a small purchase. It's much more sticky, right. It has a lot of benefits for distributors, too, in that it creates a forced discipline for a distributor because they have to get up every morning, put a key in the door because they have customers coming. That's different than traditional direct selling where a distributor has to figure out what to do every day and who to talk to. It's a very unique model to Herbalife, and it has a lot of strengths that's not available in other direct selling channels. To give you a perspective on the strength of that model in the U.S., and I'm going to give you data on the next slide, but about a third of our sales in the U.S. happen in that single-serving format. About another third happen through club operators, meaning they also sell other things besides the single serving. Clubs are an important part of our business in the U.S.. Different markets, it has different levels of importance. All right. I'm going to jump to the next slide. This gives the geographic diversity of Nutrition Clubs. We have 63,000 globally. You can see the percentage on the map. I'm going to talk about the box on the bottom left, which is in the U.S. specifically, we have our own POS system. We see every transaction that happens. We don't have that everywhere, but we have that in the U.S.. In the U.S. in 2025, a little under 9,000 Nutrition Clubs, a little under 4 million unique customers came through those clubs. There were 49 million retail transactions. The average transaction was $18.50. The retail business for the clubs was a little under $1 billion, $900 million. Not all of those are our sales. Those are distributors buying from us, reselling it with their markup, That's their sales. Almost a billion-dollar business in the U.S. through Nutrition Clubs. It's an incredibly powerful business model. I will say many of you might be asking, well, if you have almost 9,000 of these clubs, why haven't I seen them? The reason you haven't seen them is we don't allow our distributors to put Herbalife on their sign. I know this is going to sound odd, so I want to explain it. There's a concept in direct selling called protect the second sale, and what that means, if a distributor spends the time and effort and energy to sell a customer the first time, they want to know they have a chance at that second sale. What's happened in direct selling in the past for other companies is when they put their product on shelf at retail and compete with the distributors, it destroys their distributor business because it demotivates their sales force. Avon tried it. Tupperware tried it twice with Target. Every time these direct sellers go to retail, it kills their direct selling business, it's in their 10-Ks that it killed their business, they pulled out. If I were a distributor and wanted to sell Herbalife to you the first time and knew you can go to any one of 9,000 stores you could drive by and buy product, I wouldn't feel motivated. That's the reason we don't allow signage. It's been a real journey for us as we've went from a traditional direct seller to the Nutrition Club models. We realized we had lots of rules, those rules change over time, they may change in the future, but that's where we are now, that's why you may not see them. Having said that, if you're interested in the story after this presentation, let us give you some addresses of clubs so you can go and see it. I think as an investor, the benefit you get from going to a club is. It becomes more tangible business for you than what you might think of for a direct seller. You get to see customers, see transactions, see how they operate, you get to channel check. You get to talk to distributors, see how the business is going, hear what they're telling you about the business, the strengths and weaknesses. It gives an investor a more tangible way to understand the business, but also talk to people besides the company to find out how the business is going. I would suggest going to more than one club because they're in lots of different formats. There can be clubs that are beautiful, high-end, lots of flavors, 150 flavors of shakes, to more down-market. Distributors are allowed to open and operate clubs that fit the community they're trying to serve. That's why they're in many different formats. It's an important model, I just wanted to spend a little time on that. I'm going to jump to slide nine. Don't need to spend a lot of time on slide nine, it's still an important point. We have something called a sales leader. When you have a distributor who's selling product or at least signing up with the hopes that they can sell product. Right? A lot of people in direct selling, it's a very low-risk opportunity to see if you want to be in the business or not. That's the top of the funnel. The bottom of the funnel, they become a sales leader, which means they have the opportunity to earn on their organization. Right? They've built a business, they can earn commissions. We call it royalties, I think in your terminology, think of commissions three levels deep on other people's businesses, they can get bonuses and whatnot. Our retention rate of our sales leaders, excuse me, our retention rate of our sales leaders is around 70% globally. There's a mix by region, but it's still very strong. We think this is industry-leading, and the only reason we think and don't know is because other direct sellers don't report this number. I can tell you, 20-something years ago when our current Executive Chairman joined as CEO, this retention rate was 27%, 27.3%. Huge progress. A lot of our business is done through these distributors that have been in for a while and that are retained. I'm not going to spend a lot of time on this slide. This just talks about our market share and who our competitors are. It's not all of our categories, it's not all of our competitors. It's just done by Euromonitor and what they pick as our top competitors. Our competitors are really different regionally. We have the number one active and lifestyle nutrition brand in the world, number one weight management and well-being brand in the world, and the number one protein shake in the world. Seed to Feed, this is a strategy we have. We got into self-manufacturing in 2000, I want to say, 2000. Don't quote that. I think it was like 2009. I don't know. Somewhere around 2010, a little after we got into self-manufacturing. Prior to that, everything was outsourced. We manufacture about maybe a little less than 50% of our nutrition products, but we have quality control for all of it. We have seven labs globally. All the labs are ISO/IEC 17025 certified, My Green Lab certified. We got all the certifications. I think the key takeaway here is we put a lot of effort and energy into quality and efficacy, and we go right back to being able to trace the field for which our ingredients come from. On the botanicals, which is the extraction of ingredients from botanicals, we have our own manufacturing extraction facility, for which we extract our own botanicals. Next couple slides just look at some of the product portfolio and the brand portfolio within Herbalife. I don't need to spend a lot of time on this. You can do your own research on it. Like I said, we're mostly a functional food company. Two-thirds of our products are more, again, classified as food. I call them functional food because they have purpose. It's food with a purpose. We're pretty small in the supplement business. You'll see that's an opportunity for us, and we'll talk about how we're going to take advantage of that opportunity in the future in the supplement space. Much more of a functional food company. We also sell under a number of different brands. We have the Herbalife brand. We have Herbalife V, which is the vegan brand. Life I/O is a new brand that we're launching. Bioniq is a brand we just purchased that we're launching. We'll talk about that, too. Herbalife24 is our sports brand. A couple skin lines. The second to last line is an Ayurveda product line. We have a lot of different brands for which we sell. Looking at the total addressable market, there's really three categories here. I don't love the setup of this. It's done by third parties. A lot of our products that fall into weight management are protein products that get used for other things than weight management. They're in the weight management category, and that's mostly protein shakes. Targeted nutrition is what I want you to think of as supplements, and we have a very low market share in that category. Yet, most people think of us as a supplement company. I'm going to tell you why and what we're going to do to really grow that business. In the sports business, we have a strong sports line. We have a big opportunity in sports, but we have a very strongly formulated sports line that does well for us. Before I turn the page, well, let me go back. On the supplement category, one of the reasons we don't have a lot of supplement business is it doesn't really fit our business model that well. Okay. We're changing that. The way we're changing it is to get into personalized nutrition. Before I get into the next slide, personalized nutrition is the ability to formulate a supplement specifically for you based on your needs, a one-to-one relationship between the ingredients and the quantities of those ingredients and what you need. For everybody in this room, you could each have your own formula. That's what we're getting into. I'm going to talk on this slide about some acquisitions we've done. I'll start with our acquisition strategy. We generate a lot of cash, but we do not use a lot of cash for acquisitions. Our acquisition strategy is to find good content, really good content, that doesn't have distribution, and we can leverage our distribution. We can buy the good content cheap, and we can create value by leveraging our distribution. We did four acquisitions in the last just over a year. The first one is a health and wellness application. Okay. It's been launched in beta, but what I want you to think of, I'll talk a little bit more about the application, it's called Pro2col. It's going to be a connective device to have as much consumer data into our ecosystem. If you go back to our vision, we want to be that platform company. That's part of that vision. Platform means we need the customer transactions, the customer data in our system, not just having a distributor buy and resell. It's a connective device. It's an app. It's the experience layer for a consumer. I'll spend a little time on that in the next couple slides. We've done two personalized nutrition acquisitions. One is called Link BioSciences, which is not a brand, it's a manufacturing business. Bioniq is a brand. They both sell in different formats, the personalized nutrition formulas I just spoke about. As a customer of Herbalife, you can answer questions, and based on those questions, we can create a personalized formula for you with your name on it. One formula for all your supplements. You don't need to take a bunch of tablets. One form, Link BioSciences, is this powder, which can have more ingredients, and Bioniq is granules. Think of Bioniq as a more accessible price point, and Link won't be the brand we sell it, but Link is the acquisition, will be a higher price point. It will come with your name on it. If it was a powder from Link, it'll have all your ingredients in one powder, you get your two scoops, put it in a drink, and you've had all your supplementations for a day. In Bioniq, it's the same thing. That's an important strategy. I'll come back to Bioniq because we're launching Bioniq this month in a bunch of countries and next month in the U.S., and I'll talk about that in a moment. Then the third one is Pruvit. It was another direct seller, but the real unique element of Prüvit was ketone products that they had exclusively for the channel that we want, and we're launching that this year also. A little bit more on Bioniq. Look, I don't need to talk too much about Bioniq. It's an established brand. They struggled with distribution, which is why we were able to get them at a good price. We are launching it in 11 European countries later this month and in the U.S. next month in July. It's a category that should be incremental for us because we're very small in the supplement category, and it's a very unique selling proposition that I think will lift the entire business because it gives distributors a reason to go and talk to their customers because it's unique. It's not something you can go buy anywhere. I think this is an important part. Of these four acquisitions that we've done, this is the first launch of anything a distributor can use to make money. It starts to come to everything we've said for the last year to our distributors, it's all been, here's what's coming. Now something is going to be here that they can monetize. I think it's an important element of the future for us. Pro2col is an app. I don't have to get too deep into it, but we put it into four buckets. It tells you what to measure, so you can measure all your health data. What to take, it can tell you the products you need to take, and it can link you to Bioniq based off your inputs. You can get your outputs. That's why, by the way, Life I/O, the I/O is input/output. It's using your input to create an output product for you specifically. It tells you what to do and what to measure and who to do it with, which is your distributor. I think it's in beta. It'll get a big enhancement in July. When we can start transacting within that app is when we're likely to go live and take the word beta off. It's an important part of our strategy also because it's the experience layer. I think one important element, and maybe this is just to build some credibility for Pro2col, I think everybody knows who's on the screen. I'm on page 16, 18, excuse me. Cristiano Ronaldo, who we've sponsored for a long time, so we have a good relationship with him. I will tell you a little bit about him first is he thinks he's, and we think he's the most measured athlete in the world. What we're talking about with Bioniq, he was a customer of Bioniq, by the way, and a part owner in Bioniq. He has always measured his personal data and created his own supplementation for performance. The challenge, of course, is he could do it. He's a wealthy athlete, but it wasn't available to the masses. What we're doing is bringing it to the masses. What Cristiano Ronaldo did is he invested in Pro2col, so he's a minority interest holder in Pro2col. He put in $7.5 million. For that, he got 5%, then he had another 5% ownership for the ability to use his likeness and some other performance criteria that he has around supporting Pro2col when we're ready to have him support Pro2col. He sees the value in this also. Guys, he's the most followed, I don't want to say athlete, human being on the planet. He has over a billion followers on social media. There's a lot of value that he can create, he can bring a lot of those followers to us, he has the opportunity to maybe earn a little bit off of that too, that's another revenue stream for him. Again, think of an influencer model, which we haven't really got into. This is kind of our first launch into that model, it's with the biggest influencer in the world. It's a huge opportunity for us once we're ready to launch it. Moving away from that, back to geographic diversity. We're in 95 markets. You can see how it's spread across the world. Not a ton of concentration risk. A little bit of concentration risk, not as much as many companies. Little bit about our management team. Top row, the most senior execs, if you add them up, their years of experience, 140 years of experience on that top row. Importantly, I'll point to the second person, which is our Chief Executive Officer. He was our number two distributor in the world. He joined the company as a distributor, I think it was 1992 or somewhere in the early 90s. He's 32+ years as a distributor. Uber successful. Woke up every day for 32 years trying to sell more Herbalife product at street level and build sales organizations, he's done both incredibly successfully. Like I said, the second most successful distributor in the 46-year history of Herbalife. We brought him in as Head of Strategy a few years ago, promoted him to President, then he became CEO. We're lucky to have him because, even though we've got a lot of talent at Herbalife, it's great to have somebody on the inside who's actually sold Herbalife at street level. I think it's a huge competitive advantage. Then you can see through the rest, that middle row there's a good mix of experience and new people as we bring in new blood and same for that third row. I'm going to spend a moment on this slide 21. This looks a little complex, I'll talk you through it. The gray bar, that light gray bar, that's our debt level. Little bit of history. We generate cash, why do we have debt? We bought back over $6.5 billion of stock since 2007. I was CFO from 2010 to 2018, so I was a big part of that. My first time around as CFO. We did that, I thought, pretty prudently and without levering up a little bit. We went through a big activist campaign, one- on- one side, one on the other. We had Carl Icahn on the Board. He was a big shareholder. He had the company buy back a 1.9 billion of stock directly from him. A 1.2 billion of it was during COVID. We levered up for that. What we've been doing now is paying that down. Right? We only have leverage. We generate plenty of cash. We only had leverage because of buyback. Some of it was because it was forced as part of getting an activist out. Again, generate cash is the key message here. Okay? There's also EBITDA on there. You can see the percentage drop coming out of COVID and how we're working our way back up. You can see cash flow from operations, and then you can see interest expense. The interest expense is the last bar, $206 million last year. The reason why that's important is we had a very expensive debt deal we did in 2024, which is when I came back as CFO and helped out with that deal. That's on page 22. Well, 22 is the new deal, but the old deal was done coming out of COVID. Performance was bad. Industry was struggling. Look, our high yield coupon, which was just part of that deal, was at 12.25%, had a 12% handle. We just redid that deal. Same notional value for the high yield. Got it at 7.75%. 450 basis point improvement. Also did a Term Loan A. Didn't do a Term Loan B, but replaced the Term Loan B, increased the revolver. Long story short, $45 million of annual interest savings with the new debt deal versus the old debt deal. It's a huge opportunity to generate a lot more cash from a business that already has a cash flow yield of over 20%. It gives us a huge amount of flexibility into generating value in the future. We have said publicly we want our debt to get down to a $1.4 billion gross by the end of 2028 and $ 1 billion net. We still plan to pay down debt. Doesn't mean buybacks are off the table, because we generate enough cash to be able to hit the $1.4 billion. We said that was our focus, and that's kind of where we are now. We're not opposed to looking at the best way to generate value for our shareholders. That's something we have said publicly, that we're going to continue to generate cash and pay down debt. Which, by the way, also, look, our multiple's incredibly low. That's a reality, right? We can generate value for shareholders by paying down debt. If our multiple doesn't change, it's still transferring. If it's $600 million more we're going to pay down in debt, that's $600 million of value that transfers to equity holders. That's a little under 60% return on the current equity value. It's a huge opportunity, right? There can be arguments that buying stock can add more value. Either way, we generate a lot of cash, and we're going to add value with that cash to our equity holders. What's the best way? That's up for debate, but either way, it adds value into equity holders, and it's a big opportunity. Little bit more now on slide 24. Let me get just to the financial highlights. We had a $1.3 billion sales in Q1, 7.8% net sales growth, 5.4% constant currency. We had the benefit of currency. EBITDA margins for the quarter was 13.3%. Had a little bit of CapEx in the quarter. We're not a capital-intensive business. That's important. We do spend, but we're not big. Just for the sake of time, because we're down to four and a half minutes, and I want to leave a second for questions and answers. I'm just going to jump to the last content slide, which is our guidance. The top section is Q2. The bottom section is full- year. The first column is net sales. It goes to EBITDA and CapEx. You can see in net sales, we're projecting growth for the year. Both on a constant currency and reported basis, both for Q2 and for full- year. EBITDA, there's some timing issues in Q2, so EBITDA this year in Q2 will be below last year, but there's a few things that happen from timing that's swinging it, but it doesn't change the year. Full- year, we're looking for EBITDA growth. You can see our CapEx is $58 million. That does not include capitalized SaaS costs, which are a little more that'll add to that. Long story short, CapEx and capitalized SaaS costs and acquisitions combined, somewhere between 2% and 3% of net sales. That's the historic run- rate, and that's where we expect to stay. I kind of breezed through that, but I got three and a half minutes left. I wanted to leave it open for questions, if anybody has questions. Yes. Could you talk about the Nutrition Clubs, and are they growing? Are they flat? Are they declining? Help me understand them a little bit. The question was, for those online, what's going on with Nutrition Clubs? Are they growing, shrinking, leveling off? What's happening? I'll start with the U.S. and talk globe. The U.S. had a huge spike in clubs during COVID. Pre-COVID, we were at 6,000. COVID, because they delivered food, right? They were food, so they were essential. They were allowed not only to stay open, to open. We jumped from 6,000 to 12,000. We're down at nine, and it's been pretty steady now for a year. It's stable in the U.S. We could predict which ones are going to close based on volume, but a lot of people, just in direct selling in general, I mean, rents were super low during COVID. Some people could open places for nothing, it was the only way to operate the business, a lot of people did clubs. We're in a net better place than we were pre-COVID, and we're steady now, but we went through a decline. Globally, we're pretty stable. Thank you. Yes. There's been a very public fight between the two activists. What, if anything, resulted on Herbalife, or what changed? That's a great question. The question is, with what happened with the two activists, we had a short seller and then we had somebody opposite. What changed at Herbalife? Obviously through the short seller, high profile, we did have an FTC investigation into the model, and we did make some changes. What I will say is the core argument that the short seller had was we have no customers, right? People didn't really want to buy the product, that they were forced to. That was the argument. What we agreed to with the FTC for the U.S. is that we would not reward our distributors when other distributors buy product. We can only reward our distributors when they resell it to a customer, and they can only qualify to earn by reselling it to a customer who is not a distributor. It has to be a clean customer. We had to implement that change. We had to build systems to do it. We had to do a POS system for clubs, and they gave us, I think, nine months to build it, we built it. I think what we've proven is, A, we've had the clubs. I mean, we had the customers, right? Because as soon as we had a track, and we could, that started in 2017, we started tracking customers. The key thing that changed is the reward mechanism for distributors can now only be earned through sales to customers. The inherent risk in direct selling is if I recruit you, a distributor, and I convince you to buy $1,000 in product and tell you can make money. You buy $1,000 in product, I've made my commission, and I leave you, and it's called inventory loading, right? We don't have that. I mean, we had controls against that. We didn't think it was happening anyway, right? The incentive program could drive that behavior without the proper controls. What we agreed to with the FTC is build those controls into the reward system by taking that incentive away for somebody to potentially do something bad. I have no motivation to sell you a distributor product that you can't resell because I don't earn on it till you resell it. That was the key change. Like I said, I think implementing it successfully proved the thesis of the short seller wrong anyway, but it also better protects us in the future and you as an investor because now we have that change in place, and we've had it now, we're nine years in now. You mentioned there was an activist in the Board. Carl Icahn. He's just getting out. He was getting out, and he got out in, I think we bought back, I want to say like $600 million from him in 2018. He really got control of the board in kind of 2020, and in 2021 and 2022, we bought back $1.2 billion from him. Okay. Got him out. He's no longer involved. He has not been involved for years. The reason I was saying that is because that's the reason we have the debt levels we have, right? Basically buying that activist out of his position. He was pro Herbalife on the Board. His exit strategy wasn't to do a secondary. It was have the company buy back stock. It wasn't a request, if you know what I mean. That's why we had the debt, and now we're paying it off and getting back to a more reasonable level. The people, all these direct salespeople, how much do they own of, if anything, of Herbalife at this point? The question was how much do our direct sellers own of Herbalife? Very little. There might be some. I'm not aware of anything particular that our distributors own of the company. I mean, our CEO bought some stock. There might be distributors who bought stock. Some bought stock when the company was purchased by private equity back in 2002. I don't know if they still own it or not. If it's anything, it's really small. Thank you. Yeah. Thank you. Yeah. Thank you. I think we're two minutes over. I appreciate everybody. Thank you.