Herbalife Ltd.

Good afternoon, and thank you for joining the first quarter 2021 earnings conference call for Herbalife Nutrition Limited. On the call today is Dr. John Aguinobi, the company's chairman and CEO, John DeSimone, the company's president, Alex Amaskita, the company's chief financial officer, and Eric Munro, the company's senior director investor relations. I would now like to turn the call over to Eric Monroe to read the company's Safe Harbor language.

Before we begin, as a reminder, during this conference call, we may make forward-looking statements within the meaning of the federal securities laws. These statements involve assumptions and are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those discussed or anticipated. For a complete discussion of risks associated with these forward-looking statements in our business, we encourage you to refer to today's earnings release and our SEC filings, including our most recent quarterly report on Form 10Q. Our forward-looking statements are based upon information currently available to us. We do not undertake any obligation to update or release any revisions to any forward-looking statement, or to report any future events or circumstances, or to reflect the occurrence of unanticipated events. In addition, during this call, certain financial performance measures may be discussed that differ from comparable measures contained in our financial statements prepared in accordance with U.S. generally accepted accounting principles referred to by the Securities and Exchange Commission as non-GAAP financial measures. We believe that these non-GAAP financial measures assist management and investors in evaluating our performance and preparing period-to-period results of operations in a more meaningful and consistent manner, as discussed in greater detail in the supplemental schedules to our earnings release. A reconciliation of these non-GAAP measures to the most comparable GAAP financial measures is included in our earnings press release submitted to the SEC. These reconciliations, together with additional supplemental information, are available at the Investor Relations section of our website, Herbalife.com. Additionally, when management makes reference to volumes during this conference call, they are referring to volume points. I will now turn the call over to our Chairman and CEO, John Aguinobi.

Good afternoon, everyone. Thank you for joining us on the call today. We followed up our record performance in 2020, by delivering the largest first quarter net sales results in company history. Reported net sales of $1.5 billion increased 18.9% compared to the prior year. Five of our six regions experienced net sales growth, with three of our regions, North America, Asia Pacific, and EMEA, growing by more than 20%. Our year-over-year net sales growth rate accelerated compared to the prior quarter, and our two-year stack growth rate of 28.1% is the largest since the first quarter of 2014. And we ended the quarter on a high note, with the month of March representing the single-month worldwide net sales record. Our sports nutrition product line continues to drive growth and expand our portfolio. with worldwide net sales in our energy, sports, and fitness category increasing approximately 34% during the first quarter. Over the past year, we have rolled out additional products in our sports nutrition line to markets including China, Mexico, EMEA, and Brazil. Outside of sports nutrition... Our core weight management product category grew by 16% in the quarter, and targeted nutrition, which includes our health and wellness product offerings, grew by 21%. Our strong performance in the first quarter gives us further confidence in our outlook for the remainder of the year. As we announced in our press release, we have meaningfully raised and narrowed our full year 2021 guidance. Our new guidance calls for net sales growth to be in a range of 9% to 15%, up from our prior range of 6% to 14%. Additionally, the midpoint of our reported EPS guidance range increased by approximately 7%. Alex will take you through the details of the financials later in the call, as well as provide a full update on our guidance. Let me highlight a few of our regional results for the first quarter. Consumer interest in Herbalife Nutrition remains strong in the U.S., with net sales increasing 28% compared to the first quarter of 2020. Our sales force continues to expand, with new distributors increasing by approximately 15% compared to the prior year period and 24% sequentially. New preferred members grew 44% in the quarter compared to the prior year and 52% sequentially. The Asia-Pacific region had a record quarter with net sales growth of 22% versus the prior year. The region also had notable growth from India, which grew 37%, Vietnam, which grew 45%, Malaysia, which grew 55%, and Australia, which grew 62%. In China, net sales declined 11% compared to the first quarter of 2020. This decline for the quarter is in line with our expectations as our sales force continues to transition through the recent enhancement made to our China marketing plan. You know, we had discussed that at our last quarter's call. We continue to make progress on our digital transformation in China and anticipate our new middleware platform being developed with Alibaba will be deployed in the second quarter of this year. The EMEA region set a new quarterly net sales record with year-over-year growth of 37%. Consumer demand for our products is driving the results, along with record increases in our local sales force. Nine out of the top ten countries in EMEA had double-digit growth in the quarter. Performance was exceptionally strong in the UK, up 157%, and Turkey, which was up 70%. Spain and Italy have displayed consistent growth that began in Q3 of 2020 and continued through the first quarter. Our distributors have continued to use social media and messaging apps to engage and retain new customers. We have an acute focus on the retention of our customer base, a strategy we will be sharing with you at our upcoming Investor Day. We believe we have the right strategy in place to continue delivering results. As such, we are eager to announce that we will host a virtual investor day in August following our Q2 earnings release, where we'll be able to give you an even deeper dive into our company, our strategy, and the initiatives that we have underway to continue to drive growth. The global demand for better nutrition continues to rise, and more consumers than ever before are turning to Herbalife Nutrition. We are committed to finding innovative solutions to help people thrive. ensuring that they can have access to nutrient-rich foods and a support system, a community, to help them live their best lives. I will now turn the call over to Alex to review the financials.