(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: | LIFEVANTAGE CORPORATION | |||||||
By: | LIFEVANTAGE CORPORATION /s/ Carl A. Aure | |||||||
Name: | Carl A. Aure | |||||||
Title: | Chief Financial Officer |
LIFEVANTAGE CORPORATION AND SUBSIDIARIES | |||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||
As of | |||||||||||
(In thousands, except per share data) | June 30, 2023 | June 30, 2022 | |||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 21,605 | $ | 20,190 | |||||||
Accounts receivable | 1,612 | 3,338 | |||||||||
Income tax receivable | 241 | 1,752 | |||||||||
Inventory | 16,073 | 16,472 | |||||||||
Prepaid expenses and other | 4,753 | 5,205 | |||||||||
Total current assets | 44,284 | 46,957 | |||||||||
Property and equipment, net | 9,086 | 9,500 | |||||||||
Right-of-use assets | 8,738 | 11,040 | |||||||||
Intangible assets, net | 455 | 587 | |||||||||
Deferred income tax asset | 2,991 | 1,289 | |||||||||
Other long-term assets | 569 | 1,333 | |||||||||
TOTAL ASSETS | $ | 66,123 | $ | 70,706 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 3,505 | $ | 7,462 | |||||||
Commissions payable | 6,651 | 7,285 | |||||||||
Income tax payable | — | 453 | |||||||||
Lease liabilities | 1,521 | 2,601 | |||||||||
Other accrued expenses | 7,932 | 7,927 | |||||||||
Total current liabilities | 19,609 | 25,728 | |||||||||
Long-term lease liabilities | 11,566 | 13,154 | |||||||||
Other long-term liabilities | 299 | 308 | |||||||||
Total liabilities | 31,474 | 39,190 | |||||||||
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 12,622 and 12,493 issued and outstanding as of June 30, 2023 and 2022, respectively | 1 | 1 | |||||||||
Additional paid-in capital | 134,314 | 131,075 | |||||||||
Accumulated deficit | (98,305) | (98,437) | |||||||||
Accumulated other comprehensive income | (1,361) | (1,123) | |||||||||
Total stockholders’ equity | 34,649 | 31,516 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 66,123 | $ | 70,706 |
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) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
Revenue, net | $ | 54,221 | $ | 50,943 | $ | 213,398 | $ | 206,360 | |||||||||||||||
Cost of sales | 11,069 | 9,332 | 43,387 | 38,097 | |||||||||||||||||||
Gross profit | 43,152 | 41,611 | 170,011 | 168,263 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Commissions and incentives | 23,502 | 24,502 | 94,687 | 97,263 | |||||||||||||||||||
Selling, general and administrative | 17,047 | 15,613 | 71,065 | 63,425 | |||||||||||||||||||
Total operating expenses | 40,549 | 40,115 | 165,752 | 160,688 | |||||||||||||||||||
Operating income | 2,603 | 1,496 | 4,259 | 7,575 | |||||||||||||||||||
Other expense: | |||||||||||||||||||||||
Interest income (expense) | 107 | — | 198 | (10) | |||||||||||||||||||
Other expense, net | (154) | (284) | (458) | (669) | |||||||||||||||||||
Impairment of investment | — | (2,205) | — | (2,205) | |||||||||||||||||||
Total other expense, net | (47) | (2,489) | (260) | (2,884) | |||||||||||||||||||
Income (loss) before income taxes | 2,556 | (993) | 3,999 | 4,691 | |||||||||||||||||||
Income tax expense | (590) | (423) | (1,459) | (1,571) | |||||||||||||||||||
Net income (loss) | $ | 1,966 | $ | (1,416) | $ | 2,540 | $ | 3,120 | |||||||||||||||
Net income (loss) per share: | |||||||||||||||||||||||
Basic | $ | 0.16 | $ | (0.11) | $ | 0.20 | $ | 0.24 | |||||||||||||||
Diluted | $ | 0.15 | $ | (0.11) | $ | 0.20 | $ | 0.24 | |||||||||||||||
Weighted-average shares outstanding: | |||||||||||||||||||||||
Basic | 12,616 | 12,488 | 12,557 | 12,886 | |||||||||||||||||||
Diluted | 12,980 | 12,488 | 12,567 | 13,069 | |||||||||||||||||||
LIFEVANTAGE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||
Revenue by Region | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, (unaudited) | Fiscal Year Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||
Americas | $ | 39,755 | 73 | % | $ | 33,723 | 66 | % | $ | 155,361 | 73 | % | $ | 138,323 | 67 | % | |||||||||||||||||||||||||||||||
Asia/Pacific & Europe | 14,466 | 27 | % | 17,220 | 34 | % | 58,037 | 27 | % | 68,037 | 33 | % | |||||||||||||||||||||||||||||||||||
Total | $ | 54,221 | 100 | % | $ | 50,943 | 100 | % | $ | 213,398 | 100 | % | $ | 206,360 | 100 | % | |||||||||||||||||||||||||||||||
Active Accounts (unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
As of June 30, | |||||||||||||||||||||||||||||||||||||||||||||||
2023 | 2022 | Change from Prior Year | Percent Change | ||||||||||||||||||||||||||||||||||||||||||||
Active Independent Consultants(1) | |||||||||||||||||||||||||||||||||||||||||||||||
Americas | 33,000 | 61 | % | 37,000 | 59 | % | (4,000) | (10.8) | % | ||||||||||||||||||||||||||||||||||||||
Asia/Pacific & Europe | 21,000 | 39 | % | 26,000 | 41 | % | (5,000) | (19.2) | % | ||||||||||||||||||||||||||||||||||||||
Total Active Independent Consultants | 54,000 | 100 | % | 63,000 | 100 | % | (9,000) | (14.3) | % | ||||||||||||||||||||||||||||||||||||||
Active Customers(2) | |||||||||||||||||||||||||||||||||||||||||||||||
Americas | 69,000 | 78 | % | 69,000 | 74 | % | — | — | % | ||||||||||||||||||||||||||||||||||||||
Asia/Pacific & Europe | 20,000 | 22 | % | 24,000 | 26 | % | (4,000) | (16.7) | % | ||||||||||||||||||||||||||||||||||||||
Total Active Customers | 89,000 | 100 | % | 93,000 | 100 | % | (4,000) | (4.3) | % | ||||||||||||||||||||||||||||||||||||||
Active Accounts(3) | |||||||||||||||||||||||||||||||||||||||||||||||
Americas | 102,000 | 71 | % | 106,000 | 68 | % | (4,000) | (3.8) | % | ||||||||||||||||||||||||||||||||||||||
Asia/Pacific & Europe | 41,000 | 29 | % | 50,000 | 32 | % | (9,000) | (18.0) | % | ||||||||||||||||||||||||||||||||||||||
Total Active Accounts | 143,000 | 100 | % | 156,000 | 100 | % | (13,000) | (8.3) | % | ||||||||||||||||||||||||||||||||||||||
(1) Active Independent Consultants 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 Consultants 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) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
GAAP Net income (loss) | $ | 1,966 | $ | (1,416) | $ | 2,540 | $ | 3,120 | |||||||||||||||
Interest (income) expense | (107) | — | (198) | 10 | |||||||||||||||||||
Provision for income taxes | 590 | 423 | 1,459 | 1,571 | |||||||||||||||||||
Depreciation and amortization(1) | 901 | 818 | 3,579 | 3,261 | |||||||||||||||||||
Non-GAAP EBITDA: | 3,350 | (175) | 7,380 | 7,962 | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Stock compensation expense | 946 | 406 | 3,188 | 1,768 | |||||||||||||||||||
Other expense, net | 154 | 284 | 458 | 669 | |||||||||||||||||||
Impairment of investment | — | 2,205 | — | 2,205 | |||||||||||||||||||
Other adjustments(2) | 368 | (996) | 695 | 228 | |||||||||||||||||||
Total adjustments | 1,468 | 1,899 | 4,341 | 4,870 | |||||||||||||||||||
Non-GAAP Adjusted EBITDA | $ | 4,818 | $ | 1,724 | $ | 11,721 | $ | 12,832 | |||||||||||||||
(1) Includes $116,000 of accelerated depreciation related to a change in lease term for the year ended June 30, 2023. | |||||||||||||||||||||||
(2) Other adjustments breakout: | |||||||||||||||||||||||
Lease abandonment | $ | 10 | $ | — | $ | 227 | $ | — | |||||||||||||||
Class-action lawsuit expenses, net of recoveries | $ | — | $ | (996) | $ | (139) | $ | (456) | |||||||||||||||
Executive team severance expenses, net | 358 | — | 607 | 653 | |||||||||||||||||||
Executive team recruiting and transition expenses | — | — | — | 31 | |||||||||||||||||||
Total adjustments | $ | 368 | $ | (996) | $ | 695 | $ | 228 |
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) | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||
GAAP Net income (loss) | $ | 1,966 | $ | (1,416) | $ | 2,540 | $ | 3,120 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Executive team severance expenses, net(1) | 358 | — | 607 | 531 | |||||||||||||||||||
Executive team recruiting and transition expenses | — | — | — | 31 | |||||||||||||||||||
Lease abandonment(2) | 10 | — | 227 | — | |||||||||||||||||||
Class-action lawsuit expenses, net of recoveries | — | (996) | (139) | (456) | |||||||||||||||||||
Impairment of investment | — | 2,205 | — | 2,205 | |||||||||||||||||||
Accelerated depreciation related to change in lease term | — | — | 116 | — | |||||||||||||||||||
Tax impact of adjustments | (179) | 374 | (296) | (128) | |||||||||||||||||||
Total adjustments, net of tax(3) | 189 | 1,583 | 515 | 2,183 | |||||||||||||||||||
Non-GAAP Net Income | $ | 2,155 | $ | 167 | $ | 3,055 | $ | 5,303 | |||||||||||||||
Three Months Ended June 30, | Fiscal Year Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Diluted earnings (loss) per share, as reported | $ | 0.15 | $ | (0.11) | $ | 0.20 | $ | 0.24 | |||||||||||||||
Total adjustments, net of tax | 0.01 | 0.13 | 0.04 | 0.17 | |||||||||||||||||||
Diluted earnings per share, as adjusted(4) | $ | 0.17 | $ | 0.01 | $ | 0.24 | $ | 0.41 | |||||||||||||||
(1) Net of $122,000 of compensation expense benefit related to unvested stock award reversals the three and twelve months ended June 30, 2022. | |||||||||||||||||||||||
(2) Includes remaining lease payments and other termination costs associated with lease abandonments | |||||||||||||||||||||||
(3) Tax impact is based on the estimated annual tax rate for the years ended June 30, 2023 and 2022, respectively | |||||||||||||||||||||||
(4) May not add due to rounding. |
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Cover Page |
Aug. 28, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Aug. 28, 2023 |
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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