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    Douglas Lane

    Research Analyst at Water Tower Research

    Douglas Lane is the Head of Consumer Products at Water Tower Research, specializing in equity research and investor engagement for leading consumer product companies. He covers firms such as Bassett Furniture Industries, delivering expert sector insights and consistently facilitating investor relations events with top industry executives. Lane began his career in financial analysis and previously served as Vice President of Investor Relations before joining Water Tower Research, where he leads consumer sector research and strategy. He holds professional credentials including the CFA designation, reflecting his advanced expertise in investment analysis and consumer sector dynamics.

    Douglas Lane's questions to Prestige Consumer Healthcare (PBH) leadership

    Douglas Lane's questions to Prestige Consumer Healthcare (PBH) leadership • Q1 2026

    Question

    Douglas Lane from Water Tower Research LLC asked why supply constraints have been so pronounced in the sterile eye care category specifically. He also questioned if accelerated capital spending would be required to build out capacity and sought clarification on the disconnect between strong e-commerce consumption and company shipments.

    Answer

    Chairman, President & CEO Ron Lombardi explained that the lack of available third-party, high-volume sterile eye care capacity, combined with Clear Eyes' unique bottle, makes sourcing difficult, necessitating the in-house move. He stated that no major step-up in capital spending is expected, with the long-term outlook only moving from 1-2% to 1-3% of sales. CFO & COO Christine Sacco confirmed that the e-commerce channel was an area with a disconnect between consumption and shipments, and that the inventory build from Q4 had been worked off, with the current issue being new order volatility in July.

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    Douglas Lane's questions to Prestige Consumer Healthcare (PBH) leadership • Q4 2025

    Question

    Douglas Lane asked about the potential impact of the recently closed Opella (Sanofi consumer health spin-off) deal, questioning if it would affect Prestige competitively or act as an M&A catalyst.

    Answer

    Chairman, President & CEO Ron Lombardi stated that the Opella transaction does not fundamentally change the competitive landscape for Prestige. He noted that, similar to previous spinouts from large pharmaceutical companies, it could create future M&A opportunities as brands may come to market over time, viewing it as "more of the same."

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    Douglas Lane's questions to HERBALIFE (HLF) leadership

    Douglas Lane's questions to HERBALIFE (HLF) leadership • Q2 2025

    Question

    Douglas Lane inquired about the commercialization of Protocol, asking if the app and supplement would remain connected, if they could be purchased separately, and about the role of subscriptions. He also asked about the global rollout timeline for Protocol and the company's plans for its high-cost debt.

    Answer

    CEO Stephan Gratziani stated that distributors will have flexible options to offer the Protocol app as a standalone tool or bundled with products, and confirmed that subscriptions are a key part of the future strategy. He also noted that global expansion for Protocol is planned for 2026. CFO John DeSimone addressed the debt, explaining they will actively consider refinancing high-cost debt after a no-call protection period ends in April, citing the company's improved financial position.

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    Douglas Lane's questions to HERBALIFE (HLF) leadership • Q2 2025

    Question

    Douglas Lane from Water Tower Research LLC asked for details on the commercialization of Protocol, specifically if the app and supplement will be sold together on a subscription basis or if they can be purchased separately. He also inquired about the company's plans for its subscription model, the global rollout timeline for Protocol, and the strategy for managing high-cost debt.

    Answer

    CEO Stephan Gratziani clarified that distributors will have options, allowing them to offer the Protocol app as a standalone tool or bundled with the new supplement, supporting both existing and new business models. He acknowledged past subscription models were not ideal but sees significant future potential. Gratziani confirmed plans for a global Protocol rollout beginning in 2026. CFO John DeSimone addressed the debt, stating the company will actively consider refinancing its high-cost debt when the no-call protection expires in April, citing the company's much-improved financial position.

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    Douglas Lane's questions to HERBALIFE (HLF) leadership • Q2 2025

    Question

    Douglas Lane of Water Tower Research LLC asked for clarification on whether the Protocol app and the healthy lifespan supplement would remain bundled post-launch, the company's strategy for its subscription model, the envisioned global rollout timeline for Protocol beyond 2025, and plans for refinancing high-cost debt.

    Answer

    CEO Stephan Gratziani clarified that distributors will have flexible options, allowing them to offer the app as a standalone support tool or bundled with the new product to fit existing and new business models. He emphasized that while the subscription model is a key future element, it will take time to build. He also confirmed plans for global expansion of Protocol beginning in 2026. CFO John DeSimone addressed the debt, stating that the company will actively consider refinancing its high-cost debt after the two-year no-call protection on its bond expires in April 2026, citing the company's much-improved financial position.

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    Douglas Lane's questions to HERBALIFE (HLF) leadership • Q2 2025

    Question

    Douglas Lane inquired about the commercialization of Protocol, asking if the app and supplement would remain bundled or be available separately. He also asked about the company's strategy for its subscription model and the envisioned global rollout timeline for Protocol. Lastly, he questioned the plans for refinancing high-cost debt.

    Answer

    CEO Stephan Gratziani clarified that customers will have flexible options, allowing them to use the app with existing products or purchase the new supplement, supporting both current and new business models. He noted a global rollout for Protocol is planned for 2026. CFO John DeSimone stated that the company will actively consider refinancing its high-cost debt after a no-call protection period ends in April, citing the company's much-improved financial position.

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    Douglas Lane's questions to HERBALIFE (HLF) leadership • Q2 2025

    Question

    Douglas Lane inquired about the commercialization of Protocol, asking if the app and supplement would remain bundled and available via subscription. He also asked about the future of subscription models, the global rollout timeline for Protocol, and the company's plans for refinancing its high-cost debt.

    Answer

    CEO Stephan Gratziani clarified that distributors will have flexible options to offer the Protocol app as a standalone tool or bundled with products, supporting both current business models and creating new ones. He confirmed a global rollout is planned for 2026. CFO John DeSimone added that the company will actively consider refinancing its high-cost debt once the no-call protection period ends in April, citing the company's significantly improved financial position.

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    Douglas Lane's questions to HERBALIFE (HLF) leadership • Q1 2025

    Question

    Douglas Lane of Water Tower Research asked about the long-term capital investment outlook for Pro2col over the next 3-5 years and requested an early read on distributor engagement with the new Flex45 challenge.

    Answer

    CFO John DeSimone clarified that Pro2col investment will not permanently elevate CapEx, as it involves reprioritizing existing spend and leveraging the significant technology infrastructure already built. President and incoming CEO Stephan Gratziani reported strong excitement for the Flex45 challenge, with over 200,000 distributors preregistering and tens of thousands actively participating, viewing it as a simple, effective program for engagement and onboarding.

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    Douglas Lane's questions to HERBALIFE (HLF) leadership • Q4 2024

    Question

    Douglas Lane highlighted the sharp acceleration in new distributor growth to 22% and asked what is driving it and how this will ultimately translate into growth in the sales leader base.

    Answer

    Incoming CEO Stephan Gratziani attributed the growth to a series of initiatives launched in early 2024, particularly the 'Herbalife Premier League,' which for the first time created a focused program for recruiting and activating new distributors. He also cited more advanced, DMO-centric training and the efforts of the distributors themselves. While the average sales leader number has stabilized, he noted the timing of significant growth will vary by region but expressed confidence the company will 'hit our stride' in the second half of 2025.

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    Douglas Lane's questions to 1 800 FLOWERS COM (FLWS) leadership

    Douglas Lane's questions to 1 800 FLOWERS COM (FLWS) leadership • Q3 2025

    Question

    Douglas Lane asked for elaboration on why exiting retail during the pandemic was a mistake, for an early performance read on the new Long Island store, and about retail expansion plans for the next 12 to 18 months.

    Answer

    Chairman and CEO Jim McCann stated that, in hindsight, he would have preferred to keep the approximately $50 million in revenue from the shuttered stores, reaffirming his belief in a multichannel strategy. He described the new Long Island store as a successful 'stage' for multiple brands and live 'Celebrations Experiences,' with strong early results. President Tom Hartnett confirmed plans to open a 'handful' of year-round stores and expand the seasonal store program over the next 18 months, aided by a new real estate executive.

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    Douglas Lane's questions to 1 800 FLOWERS COM (FLWS) leadership • Q2 2025

    Question

    Douglas Lane asked a follow-up about the potential impact of tariffs on Colombia and questioned the drivers behind the significant performance shift where the wholesale business outperformed e-commerce.

    Answer

    CEO Jim McCann and President Tom Hartnett described the potential impact of Colombian tariffs as 'painful' and 'damaging,' noting the U.S. floral industry's dependence on the country for 50-60% of its supply. McCann explained that the strong wholesale performance was counter-indicative, reflecting increased in-store retail traffic which drew from e-commerce. However, he expects both channels to perform well going forward as the company has cultivated new wholesale relationships, broadening its customer base.

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    Douglas Lane's questions to 1 800 FLOWERS COM (FLWS) leadership • Q1 2025

    Question

    Douglas Lane asked for clarification on the $3 million wholesale order shift, an update on broad cost trends for shipping and labor, and details on how this year's favorable pear crop impacts the business.

    Answer

    CFO Bill Shea explained the $3 million wholesale order shift from Q1 to Q2 was a simple timing issue dictated by clients. CEO Jim McCann noted the seasonal labor situation has stabilized. On costs, Shea mentioned benefits from lower fuel surcharges and logistics optimization are helping offset carrier rate hikes. Management collectively highlighted that this year's excellent pear crop reduces the need for third-party sourcing and extends the selling season, which is a net positive.

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    Douglas Lane's questions to 1 800 FLOWERS COM (FLWS) leadership • Q4 2024

    Question

    Douglas Lane sought more detail on the FY25 guidance, asking if positive sales growth could occur in the December quarter, what drove weak GFGB margins in the June quarter, and if guidance implies higher marketing spend. He also requested an update on the Personalization Mall business.

    Answer

    CFO Bill Shea indicated that revenue trends should improve in Q2 but stopped short of forecasting positive growth. He explained Q4 margins were impacted by lower sales leverage but met expectations. CEO Jim McCann confirmed the guidance allows for increased marketing spend, with potential upside dependent on its yield. Regarding Personalization Mall, McCann and President Tom Hartnett noted it was impacted by its lower-income customer focus but is gaining traction by integrating the higher-end Things Remembered brand onto its efficient operational platform.

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    Douglas Lane's questions to 1 800 FLOWERS COM (FLWS) leadership • Q3 2025

    Question

    Douglas Lane asked for elaboration on why exiting retail during the pandemic was considered a mistake, what would have been done differently with the Harry & David stores, for an early read on the new Long Island store, and about retail expansion plans over the next 12-18 months.

    Answer

    Chairman and CEO James McCann stated that, in hindsight, he would have preferred to keep the approximately $50 million in revenue from the closed stores, calling the decision a mistake. He praised the new Long Island store as a 'beautiful stage' for multiple brands and a hub for customer experiences, noting that well-executed retail is 'free marketing.' President Tom Hartnett confirmed that future plans include opening a handful of year-round stores over the next 18 months while also 'doubling down' on the successful seasonal holiday store concept.

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    Douglas Lane's questions to Lifevantage (LFVN) leadership

    Douglas Lane's questions to Lifevantage (LFVN) leadership • Q3 2025

    Question

    Douglas Lane questioned the drivers behind the lowered full-year revenue guidance, the cause of the sequential decline in Americas active accounts, and the key learnings from marketing the new MindBody GLP-1 product.

    Answer

    Executive Steven Fife attributed the lowered revenue guidance to lingering effects from the Q2 stock-out and uncertainty in the new international launch. Executive Carl Aure added that the drop in Americas active accounts was primarily customer attrition from the same stock-out. Fife also elaborated on marketing learnings for the MindBody product, explaining a strategic shift to emphasize long-term, sustainable health benefits over a simple weight-loss narrative, which has improved consultant success and customer retention.

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    Douglas Lane's questions to Lifevantage (LFVN) leadership • Q2 2025

    Question

    Douglas Lane asked about the subscription rate for the new MindBody system, the sales mix of the product in stacks versus standalone units, and the potential for a special dividend given the company's strong cash position.

    Answer

    Executive Steven Fife stated that MindBody's subscription rate is tracking higher than the company average, with over 50% of new customers joining on subscription. CFO Carl Aure noted that while standalone sales were high initially, the trend is moving toward a higher proportion of sales in stacks. Regarding a special dividend, Aure confirmed it is an option but is being balanced against the need for internal investments in brand awareness and ensuring sufficient inventory for international launches.

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    Douglas Lane's questions to Lifevantage (LFVN) leadership • Q1 2025

    Question

    Douglas Lane of Lane Research questioned LifeVantage's decision to maintain its fiscal 2025 guidance despite the highly successful launch and subsequent stock-out of the new MindBody GLP-1 system. He also inquired about the potential impact of the inventory shortage on consultants, the product's pricing structure, and the timeline for its international rollout.

    Answer

    Chief Financial Officer Carl Aure stated that while they expect to hit the high end of their guidance, it was too early—only two weeks post-launch—to formally raise it, given the inventory situation. Executive Steven Fife addressed the stock-out, noting that consultant excitement remains high as thousands of new users can now create testimonials, driving future demand. Fife detailed the product's pricing, with a 30-day supply costing $179 on subscription for customers. He also outlined the international launch plan, with Canada currently having access for personal consumption and a broader rollout planned for most markets in March/April 2025, subject to regulatory approval.

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    Douglas Lane's questions to Lifevantage (LFVN) leadership • Q4 2024

    Question

    Douglas Lane of Lane Research questioned the expected cadence of fiscal 2025 revenue growth, the drivers behind the sequential improvement in total active accounts, the competitive impact of rivals shifting to affiliate marketing, and the strategy for entering the weight management market with a new GLP-1 activating product.

    Answer

    CFO Carl Aure indicated that fiscal 2025 would see moderate improvement each quarter, with momentum building in the second half after a Q2 product launch. Executive Steven Fife attributed the growth in active accounts to the company's new Evolve compensation plan, which has improved both retention and enrollment. Fife noted the plan's flexibility attracts both traditional direct sellers and affiliate-style marketers. Regarding the new weight management product, Fife explained it is a natural, two-part system designed to activate the body's own GLP-1 production, differentiating it as a healthy, long-term alternative to drug-based options.

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    Douglas Lane's questions to MEDIFAST (MED) leadership

    Douglas Lane's questions to MEDIFAST (MED) leadership • Q1 2025

    Question

    Douglas Lane of Water Tower Research asked for perspective on the impact of GLP-1 medications on the OPTAVIA coach community, questioning if the topic's controversial nature has created challenges. He also inquired about the total monthly cost for a client who is using both a GLP-1 medication and Medifast's supporting nutritional programs.

    Answer

    Chief Field Operations Officer Nicholas Johnson characterized the GLP-1 emergence not as a controversy but as a market disruption requiring coach retraining, noting new coaches are adapting well. Chairman and CEO Dan Chard elaborated that the market now better understands GLP-1s as a tool, not a total solution, creating opportunities for coaches to address issues like muscle loss and weight regain. He stated that 50% of coaches have supported a GLP-1 user. Regarding cost, Chard explained most clients use the standard plan at around $400/month, with GLP-1 costs typically handled separately through a client's own physician and insurance.

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    Douglas Lane's questions to USANA HEALTH SCIENCES (USNA) leadership

    Douglas Lane's questions to USANA HEALTH SCIENCES (USNA) leadership • Q4 2024

    Question

    Douglas Lane asked about the 2025 balance sheet outlook, including cash flow, debt retirement, and share repurchases. He also questioned Hiya's capital needs, the overall CapEx forecast, and the strategic thinking behind modifications to the business model.

    Answer

    CFO Doug Hekking projected strong cash generation in 2025, with plans to retire the $23 million in debt from the Hiya deal by mid-year. He stated share repurchases would at least offset dilution from equity compensation. Hekking confirmed Hiya has low capital intensity and that overall CapEx would be around 1-1.5% of sales. CEO Jim Brown clarified that the changes are 'tweaks' to make the direct selling model more attractive upfront, reiterating a firm commitment to the existing channel.

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    Douglas Lane's questions to Vera Bradley (VRA) leadership

    Douglas Lane's questions to Vera Bradley (VRA) leadership • Q2 2025

    Question

    Douglas Lane asked for color on the inventory swing that contributed to negative free cash flow in the first half, questioned the decision to maintain capital spending guidance amid a difficult environment, and inquired about the potential business impact of the upcoming election.

    Answer

    CFO Michael Schwindle explained the first-half inventory build was a temporary timing issue from overlapping assortments for Project Restoration, and he expects inventory to be a source of cash in the second half. He and CEO Jacqueline Ardrey affirmed that this is an investment year, and maintaining CapEx and marketing spend is crucial for long-term growth. Regarding the election, Ardrey stated the company is focused on 'controlling the controllables' and not speculating on political impacts.

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    Douglas Lane's questions to BUILD-A-BEAR WORKSHOP (BBW) leadership

    Douglas Lane's questions to BUILD-A-BEAR WORKSHOP (BBW) leadership • Q2 2024

    Question

    Douglas Lane asked if there was an opportunity for Build-a-Bear to accelerate reinvestment in the business through increased capital expenditures or acquisitions, given its strong financial position.

    Answer

    CFO Vojin Todorovic stated that the company continuously evaluates its capital allocation strategy, balancing business investments with shareholder returns. He noted that the current global expansion is asset-light through partners, but they continue to invest in corporate stores and are open to opportunities with a strong ROI. CEO Sharon John added that while the company maintains an open mind for synergistic acquisitions, its most significant historical purchase was the acquisition of its U.K. store operations.

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