LifeVantage Corporation (Nasdaq: LFVN) today reported financial
results for its fourth quarter and full fiscal year ended
June 30, 2021.
Fourth Quarter Fiscal 2021 Summary*:
- Revenue of $54.8
million, a decrease of 7.7% from the prior year period and an
increase of 6.2% sequentially;
- Total active accounts decreased 5.0% compared to the prior
period while increasing 1.2% sequentially to 170,000. The year over
year decline includes a decline in distributors of 13.7%, partially
offset by an increase of 0.9% in customers. Compared to the third
quarter of fiscal 2021, the number of distributors was flat and
customers grew by 1.9%;
- Earnings per diluted
share were $0.35, up 34.6% over the prior year period and up 191.7%
sequentially;
- Adjusted earnings
per diluted share were $0.31, up 10.7% compared to $0.28 in the
prior year period and up 55.0% sequentially; and
- Adjusted EBITDA
decreased 19.3% to $6.6 million compared to the prior period and
increased 37.9% sequentially.
* All comparisons are on a year over year basis and compare the
fourth quarter of fiscal 2021 to the fourth quarter of fiscal 2020,
unless otherwise noted.
Fiscal Year 2021 Summary**:
- Revenue decreased
5.5% to $220.2 million;
- Revenue in the
Americas decreased 7.0% and revenue in Asia/Pacific & Europe
decreased 1.6%;
- Earnings per diluted
share were $0.90, compared to $0.79 in fiscal 2020;
- Adjusted earnings
per diluted share were $1.00, compared to $0.86 in fiscal
2020;
- Adjusted EBITDA
increased 3.7% to $24.8 million;
- Repurchased 1.2
million, or $11.9 million, of common shares; and
- Strong balance sheet
with $23.2 million of cash and no debt.
**All growth rates compare fiscal 2021 to fiscal 2020.
“Fourth quarter revenues results were in line with our
expectations and earnings were slightly ahead as we continued to
focus on our core strategies for driving long-term growth and
operational improvement. Adjusted earnings per share increased 11%
despite an 8% decline in net sales,“ said Steve Fife, Chief
Executive Officer and Chief Financial Officer of LifeVantage. “The
sequential improvement in the number of customers was particularly
encouraging and the first positive inflection in the past year. Our
initiatives to drive active account growth through distributor
enrollment and increased retention continue to gain traction and we
expect to show further progress over the next several quarters.
Consumers continue prioritizing health and wellness, which we
believe creates a compelling long-term growth outlook for
LifeVantage based on our proven products, strong balance sheet and
deeply committed management team.”
Fourth Quarter Fiscal 2020 Results
For the fourth fiscal quarter ended June 30, 2021, the
Company reported revenue of $54.8 million, a 7.7% decrease over the
fourth quarter of fiscal 2020. Revenue in the Americas for the
fourth quarter of fiscal 2021 decreased 9.6% compared to the fourth
quarter of fiscal 2020 and revenue in the Asia/Pacific & Europe
region decreased 3.3% compared to the fourth quarter of fiscal
2020. Revenue for the fourth quarter of fiscal 2021 was positively
impacted $0.8 million, or 1.3%, by foreign currency fluctuations
associated with revenue generated in international markets when
compared to the fourth quarter of fiscal 2020.
Gross profit for the fourth quarter of fiscal 2021 was $45.0
million, or 82.1% of revenue, compared to $49.9 million, or 84.1%
of revenue, for the same period in fiscal 2020. The decrease in
gross margin as a percentage of revenue is primarily due to
increased shipping expenses to customers due to COVID-19, decreased
fee revenues as a result of fewer in-person distributor events
being held during the current year period due to the COVID-19
pandemic, and shifts in geographic and product sales mix.
Commissions and incentives expense for the fourth quarter of
fiscal 2021 was $25.6 million, or 46.7% of revenue, compared to
$28.9 million, or 48.7% of revenue, for the same period in fiscal
2020. The decrease in commissions and incentives expense as a
percentage of revenue is due mainly to the timing and magnitude of
promotional and incentive activities as compared to the prior year
quarter.
Selling, general and administrative expense (SG&A) for the
fourth quarter of fiscal 2021 was $12.8 million, or 23.4% of
revenue, compared to $14.8 million, or 25.0% of revenue, for the
same period in fiscal 2020. Adjusted for nonrecurring expenses,
which are detailed in the GAAP to non-GAAP reconciliation tables
included at the end of this press release, adjusted non-GAAP
SG&A expense for the fourth quarter of fiscal 2021 was $13.6
million, or 24.8% of revenue, compared to adjusted non-GAAP
SG&A expense for the fourth quarter of fiscal 2020 of $14.3
million, or 24.1% of revenue. The year over year decrease in
non-GAAP SG&A expense was primarily due to decreased stock and
incentive compensation expenses due to performance against current
year bonus targets as well as the departure of executives during
the current year period.
Operating income for the fourth quarter of fiscal 2021 was $6.6
million, or 12.0% of revenue, compared to $6.2 million, or 10.5% of
revenue, for the fourth quarter of fiscal 2020. Accounting for the
non-GAAP adjustments noted previously, adjusted non-GAAP operating
income for the fourth quarter of fiscal 2021 was $5.8 million, or
10.6% of revenue, compared to $6.7 million, or 11.3% of revenue,
for the fourth quarter of fiscal 2020.
Net income for the fourth quarter of fiscal 2021 was $4.9
million, or $0.35 per diluted share. This compares to net income
for the fourth quarter of fiscal 2020 of $3.8 million, or $0.26 per
diluted share. Accounting for the non-GAAP adjustments noted
previously, net of tax, adjusted non-GAAP net income for the fourth
quarter of fiscal 2021 increased 4.6% to $4.3 million, or $0.31 per
diluted share. Accounting for the non-GAAP adjustments noted
previously, net of tax, adjusted non-GAAP net income for the fourth
quarter of fiscal 2020 was $4.1 million, or $0.28 per diluted
share. The Company’s effective tax rate decreased to 24.3% in the
fourth quarter of fiscal 2021 compared to 37.2% in the prior year
period. The decrease in the tax rate in the current year period
positively impacted adjusted earnings per share by approximately
$0.05.
Adjusted EBITDA decreased 19.3% to $6.6 million for the fourth
quarter of fiscal 2021, compared to $8.2 million for the comparable
period in fiscal 2020.
Fiscal 2021 Full Year Results
For the fiscal year ended June 30, 2021, the Company
reported net revenue of $220.2 million, a decrease of 5.5% compared
to $232.9 million for fiscal 2020. In fiscal 2021, revenue in the
Americas decreased 7.0% and revenue in Asia/Pacific & Europe
decreased 1.6%. Revenue for fiscal 2020 was positively impacted
$2.6 million, or 1.1%, by foreign currency fluctuations associated
with revenue generated in international markets when compared to
fiscal year 2020.
Gross profit during fiscal 2021 was $182.0
million, or 82.7% of revenue, compared to $195.0 million, or 83.7%
of revenue, for fiscal 2020. The decrease in gross margin as a
percentage of revenue is primarily due to increased shipping
expenses as global demand for shipping increased significantly due
to the COVID-19 pandemic.
Commissions and incentives expense for fiscal 2021 was $103.5
million, or 47.0% of revenue, compared to $111.6 million, or 47.9%
of revenue, for fiscal 2020. Commissions and incentives expense as
a percentage of revenue decreased as a result of the cancellation
of incentive events during the year due to the COVID 19 pandemic
and associated travel and meeting restrictions as well as the
continued refinement and the timing and magnitude of our various
promotional and incentive programs during the year.
SG&A expense for fiscal 2021 was $60.8 million, or 27.6% of
revenue, compared to $67.9 million, or 29.2% of revenue, for fiscal
2020. Adjusted for nonrecurring expenses and recoveries, which are
detailed in the GAAP to non-GAAP reconciliation tables included at
the end of this press release, adjusted non-GAAP SG&A expense
for fiscal 2021 was $59.2 million, or 26.9% of revenue, compared to
adjusted non-GAAP SG&A expense for fiscal 2020 of $66.7
million, or 28.6% of revenue. The year over year decrease in
non-GAAP SG&A expense was primarily due to the cancellation of
in-person events and decreased travel expenses related to the
restrictions associated with the COVID-19 pandemic, as well as
lower stock and incentive compensation expense due to performance
against current year bonus targets as well as the departure of
executives during the current year.
Operating income for fiscal 2021 was $17.6 million, or 8.0% of
revenue, compared to $15.5 million, or 6.6% of revenue, for fiscal
2020. Accounting for non-GAAP adjustments noted previously,
adjusted non-GAAP operating income for fiscal 2021 was $19.2
million, or 8.7% of revenue, compared to $16.7 million, or 7.2% of
revenue, for fiscal 2020.
Net income for fiscal 2021 was $12.9 million, or $0.90 per
diluted share, compared to $11.5 million, or $0.79 per diluted
share for fiscal 2020. Accounting for the non-GAAP adjustments
noted previously, net of tax, adjusted non-GAAP net income for
fiscal 2021 increased 14.4% to $14.3 million, or $1.00 per diluted
share. This compares to adjusted non-GAAP net income for fiscal
2020 of $12.5 million, or $0.86 per diluted share. On a non-GAAP
basis, the Company’s effective tax rate increased to 24.1% in
fiscal 2021 compared to an effective tax rate of 21.6% in the prior
year. The increase in the current year tax rate negatively impacted
adjusted earnings per share by approximately $0.03.
Adjusted EBITDA increased 3.7% to $24.8 million for fiscal 2021,
compared to $24.0 million for fiscal 2020.
Balance Sheet & Liquidity
The Company generated $16.3 million of cash from operations
during fiscal 2021 compared to $18.3 million during fiscal 2020.
The Company's cash and cash equivalents at June 30, 2021 were
$23.2 million, compared to $22.1 million at June 30, 2020. The
Company had no debt outstanding at June 30, 2021 and 2020,
respectively. During the fourth quarter of fiscal 2021, the Company
repurchased approximately 0.5 million common shares for $3.9
million under its share repurchase program.
Fiscal Year 2022 Guidance
The Company expects to generate revenue in the range of $225
million to $235 million in fiscal year 2022 and adjusted EBITDA of
$22 million to $24 million, with adjusted earnings per share in the
range of $0.83 to $0.87, which assumes a full year tax rate of
approximately 26%. This guidance reflects the current trends in the
business and the Company’s current view as to the impact of the
COVID-19 pandemic on its business. The Company's guidance for
adjusted non-GAAP EBITDA and adjusted non-GAAP earnings per diluted
share excludes any non-operating or non-recurring expenses that may
materialize during fiscal 2022. The Company is not providing
guidance for GAAP earnings per diluted share for fiscal 2022 due to
the potential occurrence of one or more non-operating, one-time
expenses, which the Company does not believe it can reliably
predict.
Conference Call Information
The Company will hold an investor conference call today at 2:30
p.m. MST (4:30 p.m. EST). Investors interested in participating in
the live call can dial (877) 705-6003 from the U.S. International
callers can dial (201) 493-6725. A telephone replay will be
available approximately two hours after the call concludes and will
be available through Thursday, August 26, 2021, by dialing (844)
512-2921 from the U.S. and entering confirmation code 13721246, or
(412) 317-6671 from international locations, and entering
confirmation code 13721246.
There will also be a simultaneous, live webcast available on the
Investor Relations section of the Company's web site at
http://investor.lifevantage.com/events-and-presentations or
directly at http://public.viavid.com/index.php?id=145578.The
webcast will be archived for approximately 30 days.
About LifeVantage Corporation
LifeVantage Corporation (Nasdaq: LFVN) is a pioneer in
nutrigenomics, the study of how nutrition and naturally occurring
compounds affect human genes to support good health. The Company
engages in the identification, research, development, formulation
and sale of advanced nutrigenomic activators, dietary supplements,
nootropics, pre- and pro-biotics, weight management, skin and hair
care, bath & body, and targeted relief products. The Company’s
line of scientifically-validated dietary supplements includes its
flagship Protandim® family of products, LifeVantage® Omega+,
ProBio, and Daily Wellness dietary supplements, TrueScience® is the
Company's line of skin, hair, bath & body, and targeted relief
products. The Company also markets and sells Petandim®, its
companion pet supplement formulated to combat oxidative stress in
dogs, Axio® its nootropic energy drink mixes, and PhysIQ™, its
smart weight management system. LifeVantage was founded in 2003 and
is headquartered in Lehi, Utah. For more information, visit
www.lifevantage.com.
Forward Looking Statements
This document contains forward-looking statements made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Words and expressions reflecting optimism,
satisfaction or disappointment with current prospects, as well as
words such as "believe," "will," "hopes," "intends," "estimates,"
"expects," "projects," "plans," "anticipates," "look forward to,"
"goal," “may be,” and variations thereof, identify forward-looking
statements, but their absence does not mean that a statement is not
forward-looking. Examples of forward-looking statements include,
but are not limited to, statements we make regarding executing
against and the benefits of our key initiatives, future growth,
including geographic and product expansion, and expected financial
performance. Such forward-looking statements are not guarantees of
performance and the Company's actual results could differ
materially from those contained in such statements. These
forward-looking statements are based on the Company's current
expectations and beliefs concerning future events affecting the
Company and involve known and unknown risks and uncertainties that
may cause the Company's actual results or outcomes to be materially
different from those anticipated and discussed herein. These risks
and uncertainties include, among others, further deterioration to
the global economic and operating environments as a result of
future COVID-19 developments, as well as those discussed in greater
detail in the Company's Annual Report on Form 10-K and the
Company's Quarterly Report on Form 10-Q under the caption "Risk
Factors," and in other documents filed by the Company from time to
time with the Securities and Exchange Commission. The Company
cautions investors not to place undue reliance on the
forward-looking statements contained in this document. All
forward-looking statements are based on information currently
available to the Company on the date hereof, and the Company
undertakes no obligation to revise or update these forward-looking
statements to reflect events or circumstances after the date of
this document, except as required by law.
About Non-GAAP Financial Measures
We define Non-GAAP EBITDA as earnings before interest expense,
income taxes, depreciation and amortization and Non-GAAP Adjusted
EBITDA as earnings before interest expense, income taxes,
depreciation and amortization, stock compensation expense, other
income, net, and certain other adjustments. Non-GAAP EBITDA and
Non-GAAP Adjusted EBITDA may not be comparable to similarly titled
measures reported by other companies. We define Non-GAAP Net Income
as GAAP net income less certain tax adjusted non-recurring one-time
expenses incurred during the period and Non-GAAP Earnings per Share
as Non-GAAP Net Income divided by weighted-average shares
outstanding.
We are presenting Non-GAAP EBITDA, Non-GAAP Adjusted EBITDA,
Non-GAAP Net Income and Non-GAAP Earnings Per Share because
management believes that they provide additional ways to view our
operations when considered with both our GAAP results and the
reconciliation to net income, which we believe provides a more
complete understanding of our business than could be obtained
absent this disclosure. Non-GAAP EBITDA, Non-GAAP Adjusted EBITDA,
Non-GAAP Net Income and Non-GAAP Earnings Per Share are presented
solely as supplemental disclosure because: (i) we believe these
measures are a useful tool for investors to assess the operating
performance of the business without the effect of these items; (ii)
we believe that investors will find this data useful in assessing
shareholder value; and (iii) we use Non-GAAP EBITDA, Non-GAAP
Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP Earnings Per
Share internally as benchmarks to evaluate our operating
performance or compare our performance to that of our competitors.
The use of Non-GAAP EBITDA, Non-GAAP Adjusted EBITDA, Non-GAAP Net
Income and Non-GAAP Earnings per Share has limitations and you
should not consider these measures in isolation from or as an
alternative to the relevant GAAP measure of net income prepared in
accordance with GAAP, or as a measure of profitability or
liquidity.
The tables set forth below present reconciliations of Non-GAAP
EBITDA, Non-GAAP Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP
Earnings per Share, which are non-GAAP financial measures to Net
Income and Earnings per Share, our most directly comparable
financial measures presented in accordance with GAAP.
Investor Relations Contact:
Reed Anderson, ICR (646) 277-1260reed.anderson@icrinc.com
LIFEVANTAGE CORPORATION AND SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
|
|
As of |
(In thousands, except per
share data) |
June 30, 2021 |
|
June 30, 2020 |
ASSETS |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
23,174 |
|
|
$ |
22,138 |
|
Accounts receivable |
2,925 |
|
|
2,610 |
|
Income tax receivable |
1,038 |
|
|
— |
|
Inventory, net |
16,145 |
|
|
13,888 |
|
Prepaid expenses and other |
4,772 |
|
|
5,232 |
|
Total current assets |
48,054 |
|
|
43,868 |
|
|
|
|
|
Property and equipment, net |
11,123 |
|
|
7,170 |
|
Right-of-use assets |
13,700 |
|
|
956 |
|
Intangible assets, net |
719 |
|
|
851 |
|
Deferred income tax asset |
1,208 |
|
|
2,164 |
|
Equity securities |
2,205 |
|
|
2,205 |
|
Other long-term assets |
1,723 |
|
|
1,663 |
|
TOTAL ASSETS |
$ |
78,732 |
|
|
$ |
58,877 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
Current liabilities |
|
|
|
Accounts payable |
$ |
6,744 |
|
|
$ |
3,521 |
|
Commissions payable |
8,138 |
|
|
9,219 |
|
Income tax payable |
830 |
|
|
784 |
|
Lease liabilities |
2,151 |
|
|
1,184 |
|
Other accrued expenses |
7,336 |
|
|
10,311 |
|
Current portion of long-term debt, net |
— |
|
|
— |
|
Total current liabilities |
25,199 |
|
|
25,019 |
|
|
|
|
|
Long-term lease
liabilities |
16,032 |
|
|
— |
|
Other long-term
liabilities |
694 |
|
|
604 |
|
Total liabilities |
41,925 |
|
|
25,623 |
|
Commitments and
contingencies |
|
|
|
Stockholders' equity |
|
|
|
Preferred stock — par value $0.0001 per share, 5,000 shares
authorized, no shares issued or outstanding |
— |
|
|
— |
|
Common stock — par value $0.0001 per share, 40,000 shares
authorized and 13,609 and 14,113 issued and outstanding as of
June 30, 2021 and 2020, respectively |
1 |
|
|
1 |
|
Additional paid-in capital |
129,048 |
|
|
126,416 |
|
Accumulated deficit |
(92,346 |
) |
|
(93,307 |
) |
Accumulated other comprehensive income |
104 |
|
|
144 |
|
Total stockholders’ equity |
36,807 |
|
|
33,254 |
|
TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY |
$ |
78,732 |
|
|
$ |
58,877 |
|
|
|
|
|
|
|
|
|
LIFEVANTAGE CORPORATION AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF OPERATIONS |
|
|
|
|
|
|
|
|
|
For the Three Months Ended June
30,(unaudited) |
|
Fiscal Year Ended June 30, |
(In thousands, except per
share data) |
2021 |
|
2020 |
|
2021 |
|
2020 |
Revenue, net |
$ |
54,777 |
|
|
$ |
59,368 |
|
|
$ |
220,181 |
|
|
$ |
232,915 |
|
Cost of sales |
9,782 |
|
|
9,449 |
|
|
38,187 |
|
|
37,964 |
|
Gross profit |
44,995 |
|
|
49,919 |
|
|
181,994 |
|
|
194,951 |
|
Operating expenses: |
|
|
|
|
|
|
|
Commissions and incentives |
25,603 |
|
|
28,894 |
|
|
103,541 |
|
|
111,571 |
|
Selling, general and administrative |
12,811 |
|
|
14,816 |
|
|
60,838 |
|
|
67,914 |
|
Total operating expenses |
38,414 |
|
|
43,710 |
|
|
164,379 |
|
|
179,485 |
|
Operating income |
6,581 |
|
|
6,209 |
|
|
17,615 |
|
|
15,466 |
|
Other expense: |
|
|
|
|
|
|
|
Interest expense |
— |
|
|
(1 |
) |
|
(17 |
) |
|
(120 |
) |
Other expense, net |
(103 |
) |
|
(120 |
) |
|
(366 |
) |
|
(685 |
) |
Total other expense |
(103 |
) |
|
(121 |
) |
|
(383 |
) |
|
(805 |
) |
Income before income taxes |
6,478 |
|
|
6,088 |
|
|
17,232 |
|
|
14,661 |
|
Income tax expense |
(1,571 |
) |
|
(2,264 |
) |
|
(4,338 |
) |
|
(3,112 |
) |
Net income |
$ |
4,907 |
|
|
$ |
3,824 |
|
|
$ |
12,894 |
|
|
$ |
11,549 |
|
Net income per share: |
|
|
|
|
|
|
|
Basic |
$ |
0.36 |
|
|
$ |
0.27 |
|
|
$ |
0.92 |
|
|
$ |
0.82 |
|
Diluted |
$ |
0.35 |
|
|
$ |
0.26 |
|
|
$ |
0.90 |
|
|
$ |
0.79 |
|
Weighted-average shares
outstanding: |
|
|
|
|
|
|
|
Basic |
13,754 |
|
|
14,258 |
|
|
14,070 |
|
|
14,105 |
|
Diluted |
13,879 |
|
|
14,703 |
|
|
14,268 |
|
|
14,599 |
|
LIFEVANTAGE CORPORATION AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by Region |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30,(unaudited) |
|
Fiscal Year Ended June 30, |
(In thousands) |
2021 |
|
2020 |
|
2021 |
|
2020 |
Americas |
$ |
37,677 |
|
|
69 |
% |
|
$ |
41,690 |
|
|
70 |
% |
|
$ |
154,655 |
|
|
70 |
|
% |
|
$ |
166,336 |
|
|
71 |
% |
Asia/Pacific & Europe |
17,100 |
|
|
31 |
% |
|
17,678 |
|
|
30 |
% |
|
65,526 |
|
|
30 |
|
% |
|
66,579 |
|
|
29 |
% |
Total |
$ |
54,777 |
|
|
100 |
% |
|
$ |
59,368 |
|
|
100 |
% |
|
$ |
220,181 |
|
|
100 |
|
% |
|
$ |
232,915 |
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Active Accounts(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of June 30, |
|
|
|
|
|
|
|
|
|
2021 |
|
2020 |
|
Change from Prior Year |
|
Percent Change |
|
|
|
|
Active Independent
Distributors(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
41,000 |
|
|
65 |
% |
|
49,000 |
|
|
67 |
% |
|
(8,000 |
) |
|
(16.3 |
) |
% |
|
|
|
|
Asia/Pacific & Europe |
22,000 |
|
|
35 |
% |
|
24,000 |
|
|
33 |
% |
|
(2,000 |
) |
|
(8.3 |
) |
% |
|
|
|
|
Total Active Independent Distributors |
63,000 |
|
|
100 |
% |
|
73,000 |
|
|
100 |
% |
|
(10,000 |
) |
|
(13.7 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Active Customers(2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
78,000 |
|
|
73 |
% |
|
83,000 |
|
|
78 |
% |
|
(5,000 |
) |
|
(6.0 |
) |
% |
|
|
|
|
Asia/Pacific & Europe |
29,000 |
|
|
27 |
% |
|
23,000 |
|
|
22 |
% |
|
6,000 |
|
|
26.1 |
|
% |
|
|
|
|
Total Active Customers |
107,000 |
|
|
100 |
% |
|
106,000 |
|
|
100 |
% |
|
1,000 |
|
|
0.9 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Active Accounts(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas |
119,000 |
|
|
70 |
% |
|
132,000 |
|
|
74 |
% |
|
(13,000 |
) |
|
(9.8 |
) |
% |
|
|
|
|
Asia/Pacific & Europe |
51,000 |
|
|
30 |
% |
|
47,000 |
|
|
26 |
% |
|
4,000 |
|
|
8.5 |
|
% |
|
|
|
|
Total Active Accounts |
170,000 |
|
|
100 |
% |
|
179,000 |
|
|
100 |
% |
|
(9,000 |
) |
|
(5.0 |
) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Active
Independent Distributors have purchased product in the prior three
months for retail or personal consumption. |
(2) Active
Customers have purchased product in the prior three months for
personal consumption only. |
(3) Total Active
Accounts is the sum of Active Independent Distributors and Active
Customers. |
LIFEVANTAGE CORPORATION AND SUBSIDIARIES |
Reconciliation of GAAP Net Income to Non-GAAP EBITDA and
Non-GAAP Adjusted EBITDA: |
(Unaudited) |
|
|
|
|
|
Three Months Ended June 30, |
|
Fiscal Year Ended June 30, |
(In thousands) |
2021 |
|
2020 |
|
2021 |
|
2020 |
GAAP Net income |
$ |
4,907 |
|
|
$ |
3,824 |
|
|
$ |
12,894 |
|
|
$ |
11,549 |
|
Interest expense |
— |
|
|
1 |
|
|
17 |
|
|
120 |
|
Provision for income
taxes |
1,571 |
|
|
2,264 |
|
|
4,338 |
|
|
3,112 |
|
Depreciation and
amortization(1) |
817 |
|
|
824 |
|
|
3,460 |
|
|
2,777 |
|
Non-GAAP EBITDA: |
7,295 |
|
|
6,913 |
|
|
20,709 |
|
|
17,558 |
|
Adjustments: |
|
|
|
|
|
|
|
Stock compensation
expense |
(79 |
) |
|
838 |
|
|
2,036 |
|
|
4,919 |
|
Other expense, net |
103 |
|
|
120 |
|
|
366 |
|
|
685 |
|
Other adjustments(2) |
(700 |
) |
|
334 |
|
|
1,736 |
|
|
806 |
|
Total adjustments |
(676 |
) |
|
1,292 |
|
|
4,138 |
|
|
6,410 |
|
Non-GAAP Adjusted EBITDA |
$ |
6,619 |
|
|
$ |
8,205 |
|
|
$ |
24,847 |
|
|
$ |
23,968 |
|
|
|
|
|
|
|
|
|
(1) Includes
$101,000 of accelerated depreciation related to a change in lease
term and $335,000 leasehold depreciation for the fiscal year ended
June 30, 2021. Includes $152,000 and $456,000 of accelerated
depreciation related to a change in lease term for the three months
and fiscal year ended June 30, 2020. |
|
|
|
|
|
|
|
|
(2) Other adjustments
breakout: |
|
|
|
|
|
|
|
Lease abandonment |
$ |
— |
|
|
$ |
— |
|
|
$ |
495 |
|
|
$ |
— |
|
Class-action lawsuit expenses, net of recoveries |
$ |
(1,002 |
) |
|
$ |
334 |
|
|
$ |
(144 |
) |
|
$ |
703 |
|
Executive team severance expenses, net |
160 |
|
|
— |
|
|
851 |
|
|
— |
|
Executive team recruiting and transition expenses |
142 |
|
|
— |
|
|
534 |
|
|
— |
|
Other nonrecurring legal and accounting expenses |
— |
|
|
— |
|
|
— |
|
|
103 |
|
Insurance reimbursement |
— |
|
|
— |
|
|
— |
|
|
— |
|
Change in estimate of accrued import liabilities |
— |
|
|
— |
|
|
— |
|
|
— |
|
Total adjustments |
$ |
(700 |
) |
|
$ |
334 |
|
|
$ |
1,736 |
|
|
$ |
806 |
|
LIFEVANTAGE CORPORATION AND SUBSIDIARIES |
Reconciliation of GAAP Net Income to Non-GAAP Net Income
and Non-GAAP Adjusted EPS: |
(Unaudited) |
|
|
|
|
|
Three Months Ended June 30, |
|
Fiscal Year Ended June 30, |
(In thousands) |
2021 |
|
2020 |
|
2021 |
|
2020 |
GAAP Net income |
$ |
4,907 |
|
|
$ |
3,824 |
|
|
$ |
12,894 |
|
|
$ |
11,549 |
|
Adjustments: |
|
|
|
|
|
|
|
Executive team severance expenses, net(1) |
83 |
|
|
— |
|
|
269 |
|
|
— |
|
Executive team recruiting and transition expenses |
142 |
|
|
— |
|
|
534 |
|
|
— |
|
Lease abandonment(2) |
— |
|
|
— |
|
|
830 |
|
|
— |
|
Class-action lawsuit expenses, net of recoveries |
(1,002 |
) |
|
334 |
|
|
(144 |
) |
|
703 |
|
Other nonrecurring legal and accounting expenses |
— |
|
|
— |
|
|
— |
|
|
103 |
|
Accelerated depreciation related to change in lease term |
— |
|
|
152 |
|
|
101 |
|
|
456 |
|
Tax impact of adjustments |
188 |
|
|
(181 |
) |
|
(192 |
) |
|
(323 |
) |
Total adjustments, net of
tax |
(589 |
) |
|
305 |
|
|
1,398 |
|
|
939 |
|
Non-GAAP Net Income |
$ |
4,318 |
|
|
$ |
4,129 |
|
|
$ |
14,292 |
|
|
$ |
12,488 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Fiscal Year Ended June 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Diluted earnings per share, as
reported |
$ |
0.35 |
|
|
$ |
0.26 |
|
|
$ |
0.90 |
|
|
$ |
0.79 |
|
Total adjustments, net of tax |
(0.04 |
) |
|
0.02 |
|
|
0.10 |
|
|
0.06 |
|
Diluted earnings per share, as
adjusted(3) |
$ |
0.31 |
|
|
$ |
0.28 |
|
|
$ |
1.00 |
|
|
$ |
0.86 |
|
|
|
|
|
|
|
|
|
(1) Net of $77,000
and $582,000 of compensation expense benefit related to unvested
stock award reversals for the three months and fiscal year ended
June 30, 2021 |
(2) Includes
remaining lease rent expense of $495,000 and leasehold depreciation
of $335,000 for the fiscal year ended June 30, 2021. |
(3) May not add due
to rounding. |
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