(State or other jurisdiction of incorporation or organization) | (Commission File Number) | (IRS Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Exhibit No. | Description | ||||||||||
99.1 | |||||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Date: | April 29, 2021 | By: | LIFEVANTAGE CORPORATION /s/ Steven R. Fife | |||||||||||
Name: | Steven R. Fife | |||||||||||||
Title: | President, Chief Executive Officer, and Chief Financial Officer |
LIFEVANTAGE CORPORATION AND SUBSIDIARIES | |||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||
(unaudited) | |||||||||||
(In thousands, except per share data) | March 31, 2021 | June 30, 2020 | |||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 18,955 | $ | 22,138 | |||||||
Accounts receivable | 3,307 | 2,610 | |||||||||
Income tax receivable | 764 | — | |||||||||
Inventory, net | 14,820 | 13,888 | |||||||||
Prepaid expenses and other | 5,774 | 5,232 | |||||||||
Total current assets | 43,620 | 43,868 | |||||||||
Property and equipment, net | 11,428 | 7,170 | |||||||||
Right-of-use assets | 13,579 | 956 | |||||||||
Intangible assets, net | 752 | 851 | |||||||||
Deferred income tax asset | 1,823 | 2,164 | |||||||||
Equity securities | 2,205 | 2,205 | |||||||||
Other long-term assets | 1,712 | 1,663 | |||||||||
TOTAL ASSETS | $ | 75,119 | $ | 58,877 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 5,161 | $ | 3,521 | |||||||
Commissions payable | 7,929 | 9,219 | |||||||||
Income tax payable | 358 | 784 | |||||||||
Lease liabilities | 1,639 | 1,184 | |||||||||
Other accrued expenses | 7,190 | 10,311 | |||||||||
Total current liabilities | 22,277 | 25,019 | |||||||||
Long-term lease liabilities | 16,195 | — | |||||||||
Other long-term liabilities | 1,019 | 604 | |||||||||
Total liabilities | 39,491 | 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 13,989 and 14,313 issued and outstanding as of March 31, 2021 and June 30, 2020, respectively | 1 | 1 | |||||||||
Additional paid-in capital | 128,842 | 126,416 | |||||||||
Accumulated deficit | (93,320) | (93,307) | |||||||||
Accumulated other comprehensive income | 105 | 144 | |||||||||
Total stockholders’ equity | 35,628 | 33,254 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 75,119 | $ | 58,877 |
LIFEVANTAGE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||||||||
(In thousands, except per share data) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Revenue, net | $ | 51,570 | $ | 56,077 | $ | 165,405 | $ | 173,547 | |||||||||||||||
Cost of sales | 8,818 | 9,095 | 28,404 | 28,515 | |||||||||||||||||||
Gross profit | 42,752 | 46,982 | 137,001 | 145,032 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Commissions and incentives | 25,154 | 26,668 | 77,939 | 82,677 | |||||||||||||||||||
Selling, general and administrative | 15,510 | 17,281 | 48,027 | 53,098 | |||||||||||||||||||
Total operating expenses | 40,664 | 43,949 | 125,966 | 135,775 | |||||||||||||||||||
Operating income | 2,088 | 3,033 | 11,035 | 9,257 | |||||||||||||||||||
Other expense: | |||||||||||||||||||||||
Interest expense, net | (2) | (30) | (17) | (119) | |||||||||||||||||||
Other expense, net | (255) | (337) | (263) | (565) | |||||||||||||||||||
Total other expense | (257) | (367) | (280) | (684) | |||||||||||||||||||
Income before income taxes | 1,831 | 2,666 | 10,755 | 8,573 | |||||||||||||||||||
Income tax expense | (107) | (1,005) | (2,768) | (848) | |||||||||||||||||||
Net income | $ | 1,724 | $ | 1,661 | $ | 7,987 | $ | 7,725 | |||||||||||||||
Net income per share: | |||||||||||||||||||||||
Basic | $ | 0.12 | $ | 0.12 | $ | 0.56 | $ | 0.55 | |||||||||||||||
Diluted | $ | 0.12 | $ | 0.11 | $ | 0.55 | $ | 0.53 | |||||||||||||||
Weighted-average shares outstanding: | |||||||||||||||||||||||
Basic | 14,071 | 14,252 | 14,175 | 14,054 | |||||||||||||||||||
Diluted | 14,212 | 14,689 | 14,420 | 14,592 |
LIFEVANTAGE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||
Revenue by Region | |||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||
Americas | $ | 36,421 | 71 | % | $ | 40,181 | 72 | % | $ | 116,980 | 71 | % | $ | 124,646 | 72 | % | |||||||||||||||||||||||||||||||
Asia/Pacific & Europe | 15,149 | 29 | % | 15,896 | 28 | % | 48,425 | 29 | % | 48,901 | 28 | % | |||||||||||||||||||||||||||||||||||
Total | $ | 51,570 | 100 | % | $ | 56,077 | 100 | % | $ | 165,405 | 100 | % | $ | 173,547 | 100 | % | |||||||||||||||||||||||||||||||
Active Accounts | |||||||||||||||||||||||||||||||||||||||||||||||
(unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
As of March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Change from Prior Year | Percent Change | ||||||||||||||||||||||||||||||||||||||||||||
Active Independent Distributors (1) | |||||||||||||||||||||||||||||||||||||||||||||||
Americas | 42,000 | 67 | % | 44,000 | 67 | % | (2,000) | (4.5) | % | ||||||||||||||||||||||||||||||||||||||
Asia/Pacific & Europe | 21,000 | 33 | % | 22,000 | 33 | % | (1,000) | (4.5) | % | ||||||||||||||||||||||||||||||||||||||
Total Active Independent Distributors | 63,000 | 100 | % | 66,000 | 100 | % | (3,000) | (4.5) | % | ||||||||||||||||||||||||||||||||||||||
Active Customers (2) | |||||||||||||||||||||||||||||||||||||||||||||||
Americas | 79,000 | 75 | % | 85,000 | 78 | % | (6,000) | (7.1) | % | ||||||||||||||||||||||||||||||||||||||
Asia/Pacific & Europe | 26,000 | 25 | % | 24,000 | 22 | % | 2,000 | 8.3 | % | ||||||||||||||||||||||||||||||||||||||
Total Active Customers | 105,000 | 100 | % | 109,000 | 100 | % | (4,000) | (3.7) | % | ||||||||||||||||||||||||||||||||||||||
Active Accounts (3) | |||||||||||||||||||||||||||||||||||||||||||||||
Americas | 121,000 | 72 | % | 129,000 | 74 | % | (8,000) | (6.2) | % | ||||||||||||||||||||||||||||||||||||||
Asia/Pacific & Europe | 47,000 | 28 | % | 46,000 | 26 | % | 1,000 | 2.2 | % | ||||||||||||||||||||||||||||||||||||||
Total Active Accounts | 168,000 | 100 | % | 175,000 | 100 | % | (7,000) | (4.0) | % | ||||||||||||||||||||||||||||||||||||||
(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 Distributor accounts and Active Customer accounts. |
LIFEVANTAGE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||
Reconciliation of GAAP Net Income to Non-GAAP EBITDA and Non-GAAP Adjusted EBITDA | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
GAAP Net income | $ | 1,724 | $ | 1,661 | $ | 7,987 | $ | 7,725 | |||||||||||||||
Interest Expense | 2 | 30 | 17 | 119 | |||||||||||||||||||
Provision for income taxes | 107 | 1,005 | 2,768 | 848 | |||||||||||||||||||
Depreciation and amortization(1) | 860 | 708 | 2,643 | 1,953 | |||||||||||||||||||
Non-GAAP EBITDA: | 2,693 | 3,404 | 13,415 | 10,645 | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Stock compensation expense | 668 | 1,163 | 2,115 | 4,081 | |||||||||||||||||||
Other expense, net | 255 | 337 | 263 | 565 | |||||||||||||||||||
Other adjustments(2) | 1,184 | 186 | 2,436 | 472 | |||||||||||||||||||
Total adjustments | 2,107 | 1,686 | 4,814 | 5,118 | |||||||||||||||||||
Non-GAAP Adjusted EBITDA | $ | 4,800 | $ | 5,090 | $ | 18,229 | $ | 15,763 | |||||||||||||||
(1) Includes $101,000 of accelerated depreciation related to a change in lease term and $335,000 leasehold depreciation for the nine months ended March 31, 2021. Includes $152,000 of accelerated depreciation related to a change in lease term for the nine months ended March 31, 2020. | |||||||||||||||||||||||
(2) Other adjustments breakout: | |||||||||||||||||||||||
Class-action lawsuit expenses | $ | 645 | $ | 182 | $ | 858 | $ | 369 | |||||||||||||||
Executive team severance expenses, net | 168 | — | 691 | — | |||||||||||||||||||
Executive team recruiting and transition expenses | 371 | — | 392 | — | |||||||||||||||||||
Lease abandonment | — | — | 495 | — | |||||||||||||||||||
Other nonrecurring legal and accounting expenses | — | 4 | — | 103 | |||||||||||||||||||
Total adjustments | $ | 1,184 | $ | 186 | $ | 2,436 | $ | 472 |
LIFEVANTAGE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||
Reconciliation of GAAP Net Income to Non-GAAP Net Income and Non-GAAP Adjusted EPS | |||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||||||||
(In thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
GAAP Net income | $ | 1,724 | $ | 1,661 | $ | 7,987 | $ | 7,725 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Executive team severance expenses, net(1) | 112 | — | 185 | — | |||||||||||||||||||
Executive team recruiting and transition expenses | 371 | — | 392 | — | |||||||||||||||||||
Class-action lawsuit expenses | 645 | 182 | 858 | 369 | |||||||||||||||||||
Other nonrecurring legal and accounting expenses | — | 4 | — | 103 | |||||||||||||||||||
Accelerated depreciation related to change in lease term | — | 152 | 101 | 304 | |||||||||||||||||||
Lease abandonment(2) | — | — | 830 | — | |||||||||||||||||||
Tax impact of adjustments | (66) | (127) | (380) | (141) | |||||||||||||||||||
Total adjustments, net of tax | 1,062 | 211 | 1,986 | 635 | |||||||||||||||||||
Non-GAAP Net Income: | $ | 2,786 | $ | 1,872 | $ | 9,973 | $ | 8,360 | |||||||||||||||
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Diluted earnings per share, as reported | $ | 0.12 | $ | 0.11 | $ | 0.55 | $ | 0.53 | |||||||||||||||
Total adjustments, net of tax | 0.07 | 0.01 | 0.14 | 0.04 | |||||||||||||||||||
Non-GAAP adjusted diluted earnings per share(3) | $ | 0.20 | $ | 0.13 | $ | 0.69 | $ | 0.57 | |||||||||||||||
(1) Net of $56,000 and $506,000 of compensation expense benefit related to unvested stock award reversals for the three and nine months ended March 31, 2021, respectively. | |||||||||||||||||||||||
(2) Includes remaining lease rent expense of $495,000 and leasehold depreciation of $335,000 for the nine months ended March 31, 2021. | |||||||||||||||||||||||
(3) May not add due to rounding. |
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Cover Page |
Apr. 29, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Apr. 29, 2021 |
Entity Registrant Name | LIFEVANTAGE CORP |
Entity Central Index Key | 0000849146 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-35647 |
Entity Tax Identification Number | 90-0224471 |
Entity Address, Address Line One | 3300 Triumph Blvd |
Entity Address, Address Line Two | Suite 700 |
Entity Address, City or Town | Lehi |
Entity Address, State or Province | UT |
Entity Address, Postal Zip Code | 84043 |
City Area Code | 801 |
Local Phone Number | 432-9000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $0.0001 |
Trading Symbol | LFVN |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
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