(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: | May 2, 2024 | By: | LIFEVANTAGE CORPORATION /s/ Carl A. Aure | |||||||||||
Name: | Carl A. Aure | |||||||||||||
Title: | Chief Financial Officer |
LIFEVANTAGE CORPORATION AND SUBSIDIARIES | |||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||
(Unaudited) | |||||||||||
(In thousands, except per share data) | March 31, 2024 | June 30, 2023 | |||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | $ | 17,377 | $ | 21,605 | |||||||
Accounts receivable | 2,135 | 1,612 | |||||||||
Income tax receivable | 360 | 241 | |||||||||
Inventory, net | 15,162 | 16,073 | |||||||||
Prepaid expenses and other | 2,763 | 4,753 | |||||||||
Total current assets | 37,797 | 44,284 | |||||||||
Property and equipment, net | 8,349 | 9,086 | |||||||||
Right-of-use assets | 9,382 | 8,738 | |||||||||
Intangible assets, net | 356 | 455 | |||||||||
Deferred income tax asset | 4,927 | 2,991 | |||||||||
Other long-term assets | 496 | 569 | |||||||||
TOTAL ASSETS | $ | 61,307 | $ | 66,123 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities | |||||||||||
Accounts payable | $ | 6,954 | $ | 3,505 | |||||||
Commissions payable | 6,093 | 6,651 | |||||||||
Income tax payable | 772 | — | |||||||||
Lease liabilities | 1,675 | 1,521 | |||||||||
Other accrued expenses | 6,981 | 7,932 | |||||||||
Total current liabilities | 22,475 | 19,609 | |||||||||
Long-term lease liabilities | 11,852 | 11,566 | |||||||||
Other long-term liabilities | 211 | 299 | |||||||||
Total liabilities | 34,538 | 31,474 | |||||||||
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 12,688 and 12,622 issued and outstanding as of March 31, 2024 and June 30, 2023, respectively | 1 | 1 | |||||||||
Additional paid-in capital | 136,198 | 134,314 | |||||||||
Accumulated deficit | (107,709) | (98,305) | |||||||||
Accumulated other comprehensive loss | (1,721) | (1,361) | |||||||||
Total stockholders’ equity | 26,769 | 34,649 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 61,307 | $ | 66,123 |
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) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
Revenue, net | $ | 48,245 | $ | 53,741 | $ | 151,233 | $ | 159,177 | |||||||||||||||
Cost of sales | 10,172 | 10,618 | 31,418 | 32,318 | |||||||||||||||||||
Gross profit | 38,073 | 43,123 | 119,815 | 126,859 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Commissions and incentives | 19,714 | 23,816 | 63,941 | 71,185 | |||||||||||||||||||
Selling, general and administrative | 16,425 | 17,708 | 54,452 | 54,018 | |||||||||||||||||||
Total operating expenses | 36,139 | 41,524 | 118,393 | 125,203 | |||||||||||||||||||
Operating income | 1,934 | 1,599 | 1,422 | 1,656 | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest income, net | 76 | 59 | 352 | 91 | |||||||||||||||||||
Other income (expense), net | (89) | 7 | (135) | (304) | |||||||||||||||||||
Total other income (expense) | (13) | 66 | 217 | (213) | |||||||||||||||||||
Income before income taxes | 1,921 | 1,665 | 1,639 | 1,443 | |||||||||||||||||||
Income tax expense | (262) | (643) | (7) | (869) | |||||||||||||||||||
Net income | $ | 1,659 | $ | 1,022 | $ | 1,632 | $ | 574 | |||||||||||||||
Net income per share: | |||||||||||||||||||||||
Basic | $ | 0.13 | $ | 0.08 | $ | 0.13 | $ | 0.05 | |||||||||||||||
Diluted | $ | 0.13 | $ | 0.08 | $ | 0.13 | $ | 0.05 | |||||||||||||||
Weighted-average shares outstanding: | |||||||||||||||||||||||
Basic | 12,424 | 12,615 | 12,525 | 12,538 | |||||||||||||||||||
Diluted | 12,986 | 12,770 | 13,010 | 12,555 |
LIFEVANTAGE CORPORATION AND SUBSIDIARIES | |||||||||||||||||||||||||||||||||||||||||||||||
Revenue by Region | |||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||
(In thousands) | 2024 | 2023 | 2023 | 2022 | |||||||||||||||||||||||||||||||||||||||||||
Americas | $ | 37,215 | 77 | % | $ | 39,532 | 74 | % | $ | 114,795 | 76 | % | $ | 115,606 | 73 | % | |||||||||||||||||||||||||||||||
Asia/Pacific & Europe | 11,030 | 23 | % | 14,209 | 26 | % | 36,438 | 24 | % | 43,571 | 27 | % | |||||||||||||||||||||||||||||||||||
Total | $ | 48,245 | 100 | % | $ | 53,741 | 100 | % | $ | 151,233 | 100 | % | $ | 159,177 | 100 | % | |||||||||||||||||||||||||||||||
Active Accounts | |||||||||||||||||||||||||||||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||||||||||||||||||||||||||||
As of March 31, | |||||||||||||||||||||||||||||||||||||||||||||||
2024 | 2023 | Change from Prior Year | Percent Change | ||||||||||||||||||||||||||||||||||||||||||||
Active Independent Consultants (1) | |||||||||||||||||||||||||||||||||||||||||||||||
Americas | 31,000 | 63 | % | 36,000 | 62 | % | (5,000) | (13.9) | % | ||||||||||||||||||||||||||||||||||||||
Asia/Pacific & Europe | 18,000 | 37 | % | 22,000 | 38 | % | (4,000) | (18) | % | ||||||||||||||||||||||||||||||||||||||
Total Active Independent Consultants | 49,000 | 100 | % | 58,000 | 100 | % | (9,000) | (15.5) | % | ||||||||||||||||||||||||||||||||||||||
Active Customers (2) | |||||||||||||||||||||||||||||||||||||||||||||||
Americas | 62,000 | 79 | % | 72,000 | 79 | % | (10,000) | (13.9) | % | ||||||||||||||||||||||||||||||||||||||
Asia/Pacific & Europe | 16,000 | 21 | % | 19,000 | 21 | % | (3,000) | (15.8) | % | ||||||||||||||||||||||||||||||||||||||
Total Active Customers | 78,000 | 100 | % | 91,000 | 100 | % | (13,000) | (14.3) | % | ||||||||||||||||||||||||||||||||||||||
Active Accounts (3) | |||||||||||||||||||||||||||||||||||||||||||||||
Americas | 93,000 | 73 | % | 108,000 | 72 | % | (15,000) | (13.9) | % | ||||||||||||||||||||||||||||||||||||||
Asia/Pacific & Europe | 34,000 | 27 | % | 41,000 | 28 | % | (7,000) | (17.1) | % | ||||||||||||||||||||||||||||||||||||||
Total Active Accounts | 127,000 | 100 | % | 149,000 | 100 | % | (22,000) | (14.8) | % | ||||||||||||||||||||||||||||||||||||||
(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 Consultant 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) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
GAAP Net income | $ | 1,659 | $ | 1,022 | $ | 1,632 | $ | 574 | |||||||||||||||
Interest income, net | (76) | (59) | (352) | (91) | |||||||||||||||||||
Provision for income taxes | 262 | 643 | 7 | 869 | |||||||||||||||||||
Depreciation and amortization(1) | 895 | 859 | 2,775 | 2,678 | |||||||||||||||||||
Non-GAAP EBITDA: | 2,740 | 2,465 | 4,062 | 4,030 | |||||||||||||||||||
Adjustments: | |||||||||||||||||||||||
Stock compensation expense | 796 | 817 | 2,524 | 2,242 | |||||||||||||||||||
Other expense, net | 89 | (7) | 135 | 304 | |||||||||||||||||||
Other adjustments(2) | 1,452 | 6 | 5,438 | 328 | |||||||||||||||||||
Total adjustments | 2,337 | 816 | 8,097 | 2,874 | |||||||||||||||||||
Non-GAAP Adjusted EBITDA | $ | 5,077 | $ | 3,281 | $ | 12,159 | $ | 6,904 | |||||||||||||||
(1) Includes $116,000 of accelerated depreciation related to a change in lease term for the nine months ended March 31, 2023. | |||||||||||||||||||||||
(2) Other adjustments breakout: | |||||||||||||||||||||||
Nonrecurring proxy contest related expenses | $ | 1,276 | $ | — | $ | 5,162 | $ | — | |||||||||||||||
Key management severance expenses | — | — | 100 | — | |||||||||||||||||||
Class-action lawsuit expenses, net of recoveries | — | (145) | $ | — | $ | (141) | |||||||||||||||||
Executive team recruiting and transition expenses | — | 147 | — | 147 | |||||||||||||||||||
Lease abandonment | — | 4 | — | 322 | |||||||||||||||||||
Other nonrecurring expenses | 176 | — | 176 | — | |||||||||||||||||||
Total adjustments | $ | 1,452 | $ | 6 | $ | 5,438 | $ | 328 |
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) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
GAAP Net income | $ | 1,659 | $ | 1,022 | $ | 1,632 | $ | 574 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Nonrecurring proxy contest related expenses | 1,276 | — | 5,162 | — | |||||||||||||||||||
Key management severance expenses | — | — | 100 | — | |||||||||||||||||||
Class-action lawsuit expenses, net of recoveries | — | (145) | — | (141) | |||||||||||||||||||
Executive team recruiting and transition expenses | — | 147 | — | 147 | |||||||||||||||||||
Accelerated depreciation related to change in lease term | — | — | — | 116 | |||||||||||||||||||
Lease abandonment(1) | — | 4 | — | 322 | |||||||||||||||||||
Other nonrecurring expenses | 176 | — | 176 | — | |||||||||||||||||||
Tax impact of adjustments(2) | (334) | (2) | (1,251) | (117) | |||||||||||||||||||
Total adjustments, net of tax | 1,118 | 4 | 4,187 | 327 | |||||||||||||||||||
Non-GAAP Net income: | $ | 2,777 | $ | 1,026 | $ | 5,819 | $ | 901 | |||||||||||||||
Three Months Ended March 31, | Nine Months Ended March 31, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Diluted earnings per share, as reported | $ | 0.13 | $ | 0.08 | $ | 0.13 | $ | 0.05 | |||||||||||||||
Total adjustments, net of tax | 0.09 | — | 0.32 | 0.03 | |||||||||||||||||||
Non-GAAP adjusted diluted earnings per share(3) | $ | 0.21 | $ | 0.08 | $ | 0.45 | $ | 0.07 | |||||||||||||||
(1) Includes remaining lease payments and other termination costs associated with lease abandonments. | |||||||||||||||||||||||
(2) Tax impact is based on the estimated annual tax rate for the years ended June 30, 2024 and 2023, respectively. | |||||||||||||||||||||||
(3) May not add due to rounding. |
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Cover Page |
May 02, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | May 02, 2024 |
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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