Following the release of preliminary results for 3Q:25 on October 9, we found no meaningful surprises in the company's actual September quarter results, which were reported last night. Total 3Q:25 revenue of $213.7 million was a 6.7% gain from 3Q:24, mainly due to the acquisition of Hiya Health in December 2024, as the core direct selling business posted an 11.4% sales decline amid recent changes to compensation plans; we expected total sales of $213.9 million. Within the core direct selling segment, USNA posted a sales decline of 12.9% in Asia Pacific to $139.4 million (we expected $144.6 million), while sales in the Americas and Europe were down 5.2% to $36.4 million (we estimated $38.7 million). As reported earlier this month, Hiya Health also had a soft quarter, with revenue decreasing 7% sequentially to $30.8 million given a lower active customer count. USNA also registered another $7.0 million of other revenue (mostly attributable to the fast growing sales of Rise Bar health foods). As detailed in Exhibit 1 below, the gross margin trailed our estimate, though this was offset by lower than anticipated operating expenses, which resulted in operating income matching our estimate. For 2025, USNA lowered its revenue guidance to about $920 million (was $920 million to $1.0 billion) and now projects EPS of around $1.73 (was $2.35-$3.00). With the updated revenue forecast just slightly above our previous estimate and EPS expected to be slightly above our recently reduced outlook, we now anticipate EPS of $1.73 in 2025 (was $1.70). We will have additional comments, may update our 2026 EPS forecast and will introduce our 2027 EPS estimates after the 11am ET conference call (866-405-1201). Our $39 price target is based on 15x our 2026 EPS forecast of $2.60, or about 12x excluding net cash of $7.95 at the end of 3Q:25. We assign a moderate risk rating given USNA's solid balance sheet and ample free cash flow (which we estimate will be $1.21 per share in 2025 and $2.26 per share in 2026).