Okay, good morning, everyone. Thanks for attending our conference. I am Susan Anderson, one of Canaccord's analysts in the consumer space, and we are very excited to have Nature's Sunshine here, and in particular, CEO Ken Romanzi. Nature's Sunshine is a leading natural health and wellness company and the number one herbal and botanical company in the world. With that, I will turn it over to you, Ken, to give us some more information on Nature's Sunshine. Thank you, Susan. I was told I need to show a safe harbor statement. You have all seen those before, so I do not think I have to read this. I was also told that people do not like video, but I do. So, this one-minute video will explain Nature's Sunshine better than I can myself. Who is Nature's Sunshine? We are the herbal experts since 1972, sharing the healing power of nature. We harness the pure and the potent, the trusted and the proven, from forests, fields and farms, from stems, seeds and soils, from mountain faces and exotic places, from watersheds and riverbeds to you. Over the course of decades, innovating, proving, building a dependable legacy of quality. Our love of health and nature has attracted a community, a tribe that we are driven to serve, a global family that cares for each other, shares with each other, and dares to make a difference for the world. We reward the achievers, affiliates, and ambassadors of Nature's Sunshine, those that help us reach our common goal: to share the healing power of nature and to preserve its gifts for the next generation. We are Nature's Sunshine. We invite you to be a force of nature. We will figure it out. Nature's Sunshine was founded in 1972 by Gene and Kristine Hughes of Provo, Utah. Gene suffered from gut health problems, and he ingested Capsicum for its natural healing properties. Capsicum is cayenne pepper. You imagine it was quite a difficult process for Gene. His wife one day said, "Why don't we figure out how to encapsulate the pepper to make it a little bit easier for you to ingest?" At their kitchen table, they actually invented the process of encapsulating herbs. Gene and Kristine's vision was to elevate people's lives through the power of nature, and they were going to elevate people's lives through the power of nature in two ways. One, improve their health through the natural healing properties that nature offers, with hundreds of ingredients from around the world that have been used for thousands of years, and with a line of nutritional supplements. The other way they were going to improve their lives is to give them economic opportunity for people to run their own business selling natural supplements. It really started in the U.S. with herbal practitioners, little shops, herbalists, apothecaries, things of that nature, where people would go for more natural remedies, and they would prescribe Nature's Sunshine Products. Certainly, they earn a commission off the selling of those products. More importantly, they felt that they were healers. They began in little shops like this all around the country. Today, Nature's Sunshine markets through an army of independent consultants. This is a picture of me with our top leader in Asia, Mr. Wong, and 4,000 of our top leaders in Asia. These are just the top leaders that earn incentives to go to a big Asian summit every year. This happened to be in southern Japan. We have tens of thousands of these independent consultants selling our products each and every day around the world. They sell two powerful brands. One is Nature's Sunshine, the other one is Synergy. Synergy joined Nature's Sunshine as a result of an acquisition 25 years ago. We sell those brands in over 40 countries around the world. We sell Nature's Sunshine in the Americas, Central and Eastern Europe, Russia, Ukraine, Baltic States, and in China. Synergy, we sell in the rest of Asia, Western Europe, and we sell a bit in the U.S. It's very small, but it's actually a place where we think there's tremendous growth opportunity for our second brand here in the U.S. We manufacture over 90% of our products in our own manufacturing facility under the strictest of quality standards. We achieve all the most important certifications around the world, including the toughest in the world, the TGA, out of Australia. In 2025, we did $480 million in sales, and we did 10% in EBITDA margin. Over the past four years, we significantly have outperformed our peers in the direct selling industry with top line annual growth rate of 4% and EBITDA annual growth rate of 16%, versus declines in the peer group. We have a rock-solid balance sheet with nearly $100 million in cash, and we have no debt. We've delivered total shareholder return more than two times the Russell 2000 index versus just since 2023. Who am I and why am I here? The business is doing pretty well. My name is Ken Romanzi, and I'm a 44-year veteran of the consumer packaged goods, food, and beverage industry. I started my career in marketing at Frito-Lay. I ran sales and distribution for the large Nabisco selling and distribution system. I was the Chief Operating Officer for Ocean Spray for 11 years through a dramatic period of growth, and I was the CEO of B&G Foods, a public food company based in New Jersey, from 2017 through COVID in 2020. I was recruited to Nature's Sunshine by an old colleague of mine, Heidi Wissmiller, the recently appointed chair of Nature's Sunshine, and she was the former chief growth officer of Rodan + Fields, a great success story in skincare. I was charged by the board to do one thing. One of our board members, Rob D. Straus, is sitting in the back of the room, as well as our Chief Accounting Officer, Jonathan D. Lanoy. The one thing they said is, "Hey, listen. We've been growing okay, but we think there's room for acceleration of growth. Can you get this thing growing faster?" Our leadership team is now made up of both industry veterans and company veterans, as well as newcomers, and we've got our leadership pretty much set. Let me introduce you. Bryant Yates and Dan C. Norman on the bottom left and center. They are 25-plus year veterans of this company and experts in the industry. Bryant Yates runs a massive amount of geography. Central, Eastern, Western Europe, Russia, Ukraine, Baltic States. He also runs Latin America. He's fluent not only in English, of course, but Russian, Ukrainian. He gets by in Poland pretty well as well, and speaks a little bit of broken Spanish. Totally invaluable in our business there. Dan C. Norman was the past president of Synergy WorldWide and now runs our Asia-Pacific business, which is 40% of our sales. When I got there, I immediately recorded, front and center on the top, Erich Fritz, who's a longtime colleague of mine and a best-in-class operations supply chain executive with me at Nabisco, Ocean Spray, and B&G Foods. Most recently, we brought in Janine Weber, lower right, to run our North American business. Janine's a 25-year veteran of the direct selling industry, worked with Heidi Wissmiller at Rodan + Fields, helping make that a billion-dollar brand and the number one skincare company at the time in the U.S. Lastly, last week we just announced Ruth Perkins will join us September 1st as our Chief Financial Officer. Ruth brings a tremendous amount of excellent financial leadership experience in global consumer product companies like Ford, most recently Estée Lauder, and nearly 20 years at PepsiCo, which is really an academic company that just pumps out CFO candidates. Our team has an aggressive vision for growth. We want to double sales to $1 billion and want to improve our EBITDA margin to 15% through scale and leverage. We believe we'll do that by staying true to the mission of Gene Hughes and Kristine Hughes, continuing to elevate lives through the power of Nature's Sunshine, helping people improve their health through natural remedies, as well as improve their economic stature by giving them a business to run independently with our support. By executing four strategic growth drivers. The first is geographic penetration, more business in the countries we're in, plus new countries. Digital channel expansion, superior marketing, and then lastly, M&A. We have a lot of opportunity to look at strategic M&A that's complementary to our business. We have excess manufacturing capacity, and we can fold in incremental business pretty simply with little to no incremental fixed costs. This is kind of a roadmap to our $1 billion. We believe that we can get more business out of our existing business. We think there's opportunity to, again, double our digital growth, our digital business. New geographies will add business, new channels will add business, and then to put us over the top, M&A. We believe there's room in this very large growing market. This is our vision of how we're going to increase our EBITDA margins. We'll get leverage through gross margin expansion as we put more volume through our manufacturing facilities. We'll get leverage on our G&A. Lastly, our modeling shows that with a bolt-on acquisition, we can add a point or 2 of EBITDA margin to the bottom line. As I said, we believe there's a lot of opportunity in this market. It's $1 trillion. We've been keeping pace with the market, roughly growing about 4%, but all the industry experts believe that the growth rate's going to increase to higher single digits, and we intend to accelerate right along with it. We'll accelerate, as I mentioned, through those 4 strategic growth drivers. Let me just comment on a few of them in my closing. The first is geographic penetration. This is a great example. This is Japan, where yes, we're in Japan, but we're a Tokyo-centric business. Recently, we've opened up a new office in Southern Japan, in the city of Fukuoka, and that has driven momentum in the business. Next year, we'll open another city. In a few years, another city. So there's opportunities to establish more footprint in a country where we're already doing about $45 million worth of annual business, but we're really Tokyo centric. We have other markets like that. In Seoul, in Korea, we're a Seoul-centric business. There are other cities we can expand to. In China, we're a Shanghai and Shenzhen centered business, and there's huge amount of urban concentration there where we can expand our business. The next example is expanding into new markets. Earlier this year, we expanded into Germany, the largest supplement market in Europe and the largest direct selling market in Europe. Now, it'll be small to start, but our experience is after a few years of startup, it starts to ramp very quickly. So we expect it to be a very significant contributor to our business. Also, next year, we're planning a yet-to-be-named country in Asia. We're not sharing the name because we're waiting for government approvals. But we do have our powerful agent Synergy system that is looking to expand to contiguous geography. Last but not least, Synergy, actually, we sell a little bit of Synergy in the U.S. It's less than $10 million in revenue. But we believe there's tremendous opportunity to treat the U.S. as a brand-new country for Synergy and think it has tremendous growth potential. The only market in the world where we'll plan to market both Synergy and Nature's Sunshine together in separate systems. Regarding channel expansion, the retail and digital channels are the largest and fastest growing channels in supplements, yet we're hardly in them. We do direct selling through independent consultants. We plan to expand on both. We've already expanded into the digital channel. In just 5 years, we built a business that delivered $40 million in revenue last year. It's profitable, and it's on track to do $50 million this year. This is the place where we're really going to put the pedal to the metal and continue to expand our direct-to-consumer digital business. In the U.S. versus the rest of the world, we're already a multi-channel business. We sell through independent consultants. We sell direct to consumer, as I just showed you, now on track to do $50 million in sales. Our heritage is health practitioners, and we do some specialty retail, but they're small mom-and-pop shops. There's no chain stores. Our intent is to test our way into larger retail chains, particularly in the natural food channel, where we believe our brand fits very well with their brand and their customer. Turning to marketing, we plan to really sharpen our brand positioning and focus and share that with consumers. We believe we're the leader and the only one that really takes all of these unbelievable botanical ingredients from around the world, blend them with science for efficacious products to restore the body and the mind and people's health. There are, as you might have noticed in the supplement business, a fair amount of brands with the word Nature in it. To differentiate ourselves, there's no brand other than ours that has the Sunshine in its name. We'll be unveiling a new campaign called Live on the Bright Side, celebrating the sun, which is really the source of everything good in nature, to really differentiate our brand. Like I said, we'll be unveiling that mostly digitally in the fall of this year. We'll continue to build through our extensive product portfolio. This kind of shows the breakout of our business by health area. We're big in digestive health, general health, and cardiovascular. Then we have a fairly long tail of other products. But in the United States, gut health is really how we were founded way back from when Gene Hughes was ingesting Capsicum, back to gut health. So it's a major portion of our business here, and we're looking to expand our new product pipeline in these areas. One is continued innovation in gut health. It's a big category. It's a huge concern. It affects about 75% of Americans. It's one of the number one reasons why people actually visit a doctor, some type of gastrointestinal distress. We're also working on what we call GLP-1 support products. We're not going into GLP weight loss. We're not going to try to compete with the big pharmaceutical companies. We are developing products that will naturally offer benefits to the side effects of GLP-1 support naturally to people on their weight loss journey. We're developing products specific to women's health. While men and women are equal, they're not the same. Women's health is different than men's health. So women's health is one that is a fast-growing market, and we're developing products there. We've already launched into skincare as a totally adjacent business in our Asian markets. 85% of our consultants in Asia are young women, and Korean skincare is a very hot topic around the world. So they're embracing skincare as a whole other business line. It's very small as a percentage of our sales now, but it's a product category that we intend to expand greatly in our Asian markets. And with success in building a strong subscription program, we do this in all of our businesses in all of our regions. Here is just a small example of how subscription sales has ramped up 40% of our sales in Japan, 23% in Taiwan. It is now over 35%. Last year, it was 2025 in our digital sales. This is a terrific way to generate recurring revenue, and increase in the lifetime value of our customers. Last but not least, as I said, we are on the hunt for accretive acquisitions complementary to our business, something we can fold into our supply chain and improve our margins literally overnight, and diversify our revenue mix. So in summary, we are planning to take our 50-year heritage of elevating lives through the power of nature with a trillion-dollar, a huge market with terrific growth, continue our strong financial performance through our army of consultants with an aggressive vision for growth to expanding our geographies and our channels, already seeing some traction in expanding our channel diversity with a deep and passionate leadership team ready to deliver and have you all come join us and Live on the Bright Side. So with that, I would be happy to answer questions and engage in discussion about Nature's Sunshine, Synergy WorldWide and what we have going on at the company. Yes. Yeah. So can you maybe talk about in the U.S. how you have had a pretty successful e-commerce business, continues to grow double digits, and then so maybe talk about the transition into e-commerce or more direct DTC versus direct selling, and then also if you can maybe give the audience an idea of the direct selling business in the U.S., which I think is a little bit different because it is sold through a lot of mom-and-pop shops, et cetera. Yes. So, that is a great question. So number one, around the world, we go through independent consultants. We are pure direct selling, direct marketing. Some people call it multilevel marketing. Very pure. Although we do have outlets around the world, they are not necessarily for you and I as a consumer to walk into. In the United States, the business was built in a very different way. It was built through health practitioners, whether it be someone you go and they have clients where they would then give health advice, or someone who has a shop, someone who does both. We also have people that are resellers. So, we have people that buy products and they run their own websites. So, this company decided to get into direct-to-consumer with a strong brand. Because quite frankly, our direct selling business in the United States wasn't doing well for quite some time. A lot of our health practitioners that Gene and Kristine Hughes brought on the business 50 years ago are aging out. The company went into direct-to-consumer. Now, we're one of the only companies that are really doing that effectively, because if you're an independent consultant selling your product, they see that as possibly the company competing with them. There was a fair amount of channel conflict when the company rolled out direct-to-consumer. But our plans now is to expand and differentiate by product. Our independent consultants will have special products that they will sell, that you and I won't be able to find on our website and amazon.com and TikTok and so forth. As we expand our digital presence, we'll start pulling the brand apart from a product offering. We'll have a bunch of products for the consumers to buy directly, but we'll also have special products for our independent consultants to continue to push, like this new gut initiative we're working on. We have to differentiate and somewhat if we want to do channels in both. The one thing to understand about direct selling, and the reason why we believe there's such an opportunity in direct-to-consumer and retail, is because in direct selling, unlike my experience in consumer packaged goods when you're constantly innovating with new products all the time, like annually, direct selling, they do very well with a simplified product line that can be repeated over and over and over again, and recruiting more people to do the same thing. For instance, in Asia, most of our Asian business is centered around a kit of three packages that are really good for your cardiovascular or metabolic health. They've been selling that same kit for the same last 12 years. As they enter new countries in Asia, and as they keep expanding in the U.S., they're planning to sell that kit. Now, they've got about 30 products in total. But those three products in one kit, that's the predominant thing of their business. That's how they get new people, to keep it very simple. Barraging a direct selling business with a lot of innovation, they can't handle it all. It diffuses their focus. Replicating selling the same thing over and over again really does well. It's actually not dissimilar to my experience at Nabisco. When everybody wanted new products, we just said, "Sell more Oreo. Get more Oreo and more distribution." Back when I was at Nabisco in the '90s, you couldn't find Oreo in every place in the world. Travel around the world today, and in any convenience store, you'll see our Oreo. That's the best new product you can actually imagine. Your best-selling product in more points of distribution. It's particularly important in direct selling. Having said that, we have such a prolific sourcing and product development group that we have more new products than our direct selling business can handle. That's why we believe we can expand channels very aggressively and really grow both businesses. Great. I guess I'll ask one more. Yes. I guess just on the M&A front, I know you're looking for something that you can put into your supply chain, but maybe talk a little bit more about geographies. Are you looking for here in the U.S., globally? And then also, are you looking for more of a DTC type product or direct selling? We are very focused on, number one, something we can fold into our manufacturing. That's the first priority because that's really what drives most of the synergies. Number two, we'd like it to be diversifying our revenue mix. We'd like it to be a direct-to-consumer/retail channel business. It could be anywhere. We're focused more on the U.S. than anything else, but we manufacture for the world. In China, we produce for China. We produce for the rest of the world in Utah. We're agnostic to the geography. If we can expand our business anywhere, we'd look at it, although we'd probably have a better chance of folding it in successfully with the U.S. business. Yeah. There are a lot of smaller supplement companies that don't do their own manufacturing. We see the integration of a business that doesn't have their own manufacturing as nothing simple, but relatively easy to do. Okay. Because we wouldn't have to decommission someone's manufacturing system. We could just take in product from a co-packer or a co-manufacturer. Erich Fritz, our head of supply chain, and I have a lot of experience with. We've done several acquisitions, just bolt-on. We've modeled $75 million to $125 million in sales. We're not talking about doubling the size of the company through acquisition. We're not going to overreach. We make 16.5 million units in our Utah facility. We looked at a model of a candidate acquisition opportunity that would put in 1.5 million incremental units in our business overnight, in product forms that we have excess capacity. That's a relatively easily fold in. That's not the only thing that we're looking at. We don't want to buy a falling knife. Meaning, we'll have a nice surge in volume the first year, and then it's going to be declining. We do want to look at something that has some growth potential in a channel or in a product category that we're underdeveloped, so that we can add to our growth profile, as well as the immediate synergistic first-year savings that we can drive. Yeah. Great. Thank you. We got to be able to make it simply, diversify our revenue mix, and it's got to have some potential. We'll be very disciplined. We're not going to do something that doesn't meet those criteria. We're going to be pretty picky. Yeah. Anything else? Well, thanks for your attention today. If anybody wants to ask any questions one-on-one, I am happy to stick around. Thank you.