Nu Skin Enterprises Reports Second Quarter Results
Nu Skin Enterprises (NYSE: NUS) announced its Q2 2024 results, showing revenue of $439.1 million, a 12.2% decrease year-over-year, including a 4.2% FX impact.
The Rhyz division reported 32.3% growth to $67.8 million. Adjusted EPS was $0.21, excluding restructuring and impairment charges, down from $0.54 last year. Nu Skin reported a loss of $(2.38) per share when including these charges. The company experienced a decrease in customers and paid affiliates by 14% and 17%, respectively.
For Q3 2024, expected revenue is $430 to $465 million with EPS at $0.08 to $0.18. Full-year 2024 guidance projects revenue between $1.73 to $1.81 billion and EPS of $(2.01) to $(1.81).
Nu Skin is focusing on cost-saving initiatives, market expansion, and the launch of new platforms and products to navigate the current economic environment.
Nu Skin Enterprises (NYSE: NUS) ha annunciato i risultati del Q2 2024, registrando un fatturato di 439,1 milioni di dollari, con una diminuzione del 12,2% rispetto all'anno precedente, compreso un impatto FX del 4,2%.
La divisione Rhyz ha riportato una crescita del 32,3% raggiungendo 67,8 milioni di dollari. L'EPS rettificato è stato di 0,21 dollari, escludendo le spese di ristrutturazione e le svalutazioni, in calo rispetto allo 0,54 dollari dell'anno scorso. Nu Skin ha registrato una perdita di $(2.38) per azione includendo queste spese. L'azienda ha sperimentato un calo del numero di clienti e degli affiliati pagati rispettivamente del 14% e del 17%.
Per il Q3 2024, si prevede un fatturato compreso tra 430 e 465 milioni di dollari con un EPS tra 0,08 e 0,18. Le previsioni per l'intero anno 2024 stimano un fatturato tra 1,73 e 1,81 miliardi di dollari e un EPS tra $(2,01) e $(1,81).
Nu Skin si sta concentrando su iniziative di risparmio sui costi, espansione del mercato e lancio di nuove piattaforme e prodotti per affrontare l'attuale contesto economico.
Nu Skin Enterprises (NYSE: NUS) anunció sus resultados del Q2 2024, mostrando un ingreso de 439,1 millones de dólares, una disminución del 12,2% interanual, incluido un impacto de FX del 4,2%.
La división Rhyz reportó un crecimiento del 32,3% alcanzando 67,8 millones de dólares. El EPS ajustado fue de 0,21 dólares, excluyendo los cargos por reestructuración y deterioro, una baja en comparación con los 0,54 dólares del año pasado. Nu Skin reportó una pérdida de $(2.38) por acción al incluir estos cargos. La compañía experimentó una disminución del número de clientes y de afiliados pagos del 14% y 17%, respectivamente.
Para el Q3 2024, se espera un ingreso de entre 430 y 465 millones de dólares con un EPS de entre 0,08 y 0,18. La proyección para el año completo 2024 prevé ingresos entre 1,73 y 1,81 mil millones de dólares y un EPS de $(2,01) a $(1,81).
Nu Skin se está enfocando en iniciativas de ahorro de costos, expansión de mercado y el lanzamiento de nuevas plataformas y productos para navegar en el actual ambiente económico.
Nu Skin Enterprises (NYSE: NUS)는 2024년 2분기 결과를 발표했으며, 수익은 4억 3,910만 달러로 전년 대비 12.2% 감소했으며, 여기에는 4.2%의 환율 영향이 포함됩니다.
Rhyz 부문은 32.3% 성장하여 6,780만 달러에 달했습니다. 조정된 EPS는 0.21달러로, 구조조정 및 손실 비용을 제외한 수치로, 지난해의 0.54달러에서 감소했습니다. Nu Skin은 이러한 비용을 포함할 경우 주당 $(2.38)의 손실을 보고했습니다. 회사는 고객 수와 유료 제휴사가 각각 14%와 17% 감소했습니다.
2024년 3분기에는 예상 수익이 4억 3천만 달러에서 4억 6천5백만 달러 사이에 있으며, EPS는 0.08에서 0.18 사이로 예상됩니다. 2024년 전체 연도 가이드는 수익이 1,730만 달러에서 1,810만 달러 사이, EPS는 $(2.01)에서 $(1.81) 사이로 전망하고 있습니다.
Nu Skin은 현재의 경제 환경을 헤쳐 나가기 위해 비용 절감 이니셔티브, 시장 확장 및 새로운 플랫폼과 제품 출시를 집중적으로 추진하고 있습니다.
Nu Skin Enterprises (NYSE: NUS) a annoncé ses résultats du 2ème trimestre 2024, affichant un chiffre d'affaires de 439,1 millions de dollars, soit une diminution de 12,2 % par rapport à l'année précédente, y compris un impact de change de 4,2 %.
La division Rhyz a enregistré une croissance de 32,3 % pour atteindre 67,8 millions de dollars. Le BAA ajusté était de 0,21 dollar, excluant les charges de restructuration et de dépréciation, en baisse par rapport à 0,54 dollar l'année dernière. Nu Skin a enregistré une perte de $(2,38) par action en incluant ces charges. L'entreprise a connu une baisse du nombre de clients et des affiliés payants de 14 % et 17 %, respectivement.
Pour le 3ème trimestre 2024, le chiffre d'affaires attendu se situe entre 430 et 465 millions de dollars avec un BAA de 0,08 à 0,18. Les prévisions pour l'année complète 2024 estiment un chiffre d'affaires entre 1,73 et 1,81 milliard de dollars et un BAA de $(2,01) à $(1,81).
Nu Skin se concentre sur des initiatives de réduction des coûts, l'expansion du marché et le lancement de nouvelles plateformes et produits pour naviguer dans l'environnement économique actuel.
Nu Skin Enterprises (NYSE: NUS) hat die Ergebnisse für das 2. Quartal 2024 bekannt gegeben, die einen Umsatz von 439,1 Millionen US-Dollar zeigen, was einem Rückgang von 12,2% im Jahresvergleich entspricht, einschließlich eines Währungs影響 von 4,2%.
Die Rhyz-Division verzeichnete ein Wachstum von 32,3% auf 67,8 Millionen US-Dollar. Das bereinigte EPS betrug 0,21 US-Dollar, ohne Berücksichtigung von Umstrukturierungs- und Abschreibungskosten, ein Rückgang von 0,54 US-Dollar im letzten Jahr. Nu Skin stellte bei Berücksichtigung dieser Kosten einen Verlust von $(2,38) pro Aktie fest. Das Unternehmen erlebte einen Rückgang der Kunden und bezahlten Affiliates um 14% bzw. 17%.
Für das 3. Quartal 2024 wird ein Umsatz von 430 bis 465 Millionen US-Dollar bei einem EPS von 0,08 bis 0,18 erwartet. Die Prognose für das Gesamtjahr 2024 rechnet mit einem Umsatz zwischen 1,73 und 1,81 Milliarden US-Dollar und einem EPS von $(2,01) bis $(1,81).
Nu Skin konzentriert sich auf Kostensenkungsinitiativen, Marktexpansion sowie die Einführung neuer Plattformen und Produkte, um sich in der aktuellen wirtschaftlichen Lage zurechtzufinden.
- Rhyz division revenue grew 32.3% to $67.8 million.
- Adjusted EPS slightly exceeded projections at $0.21, excluding restructuring and impairment charges.
- Sequential gains in multiple markets, including the U.S. and Southeast Asia/Pacific.
- Introduction of Nu Skin/Mavely app planned for late 2024.
- Total revenue decreased by 12.2%, impacted by a 4.2% FX headwind.
- EPS dropped to $(2.38), significantly lower than last year's $0.54.
- Customer base declined by 14%, and paid affiliates decreased by 17%.
- Gross margin fell to 70.0% from 72.9% year-over-year.
Insights
Nu Skin's Q2 results paint a mixed picture. Revenue of
Nu Skin's results reflect broader industry trends. The direct selling model faces challenges, evident in the
Nu Skin's technological initiatives are promising but nascent. The planned Nu Skin/Mavely app, integrating over 1,200 brands and 70,000 influencers, could be a game-changer for affiliate engagement and sales. The MYND360 cognitive health division hints at diversification into tech-driven wellness products. However, these are still in development stages. The company's exploration of digital marketing and third-party marketplaces shows awareness of omnichannel necessities. Yet, the
Executive Summary |
|
Q2 2024 vs. Prior-year Quarter |
|
Revenue |
|
Earnings Per Share (EPS) |
|
Customers |
893,514; (14)% |
Paid Affiliates |
155,486; (17)% or (9)% excluding an adjustment to eligibility requirements |
Sales Leaders |
38,592; (16)% |
“We are pleased with our progress as we perform to plan on our transformational efforts, and we are on track as evidenced by our second quarter results,” said Ryan Napierski, Nu Skin president and CEO. “Our revenue was in-line with our expectations despite a 4 percent FX headwind, while adjusted earnings per share slightly exceeded our projections due to heightened operational discipline, excluding our restructuring and impairment charges. As our core Nu Skin business continues to navigate the macro-economic environment, we were encouraged by sequential gains in several of our markets including the
“We are intensifying our transformation efforts to become a leading integrated beauty, wellness and lifestyle ecosystem by building synergistic value between our Nu Skin core and Rhyz. In late July, we held our first Western market, in-person affiliate event in over five years with a similar event for Eastern markets coming in September. At the event, we were able to drive energy and alignment among our leaders as we previewed our MYND360 cognitive health division and promoted new activation efforts to grow our salesforce. We also announced plans for a Nu Skin/Mavely app, with Mavely’s more than 1,200 brands and 70,000 everyday influencers, for our Nu Skin affiliates, anticipated for second-half introduction in the
“We are enhancing our developing market strategy including a revised business model, targeted product offering and streamlined operating infrastructure beginning with
Q2 2024 Year-over-year Operating Results |
|
Revenue |
|
Gross Margin |
|
Selling Expenses |
|
G&A Expenses |
|
Operating Margin |
(28.6)% or |
Interest Expense |
|
Other Income/(Expense) |
|
Income Tax Rate |
|
EPS |
|
Stockholder Value |
|
Dividend Payments |
|
Stock Repurchases |
|
Q3 and Full-year 2024 Outlook |
|
Q3 2024 Revenue |
|
Q3 2024 EPS |
|
2024 Revenue |
|
2024 EPS |
|
“As we continue to refine our operating model during our transformation, we remain diligent in pursuing cost saving initiatives going forward, including additional product portfolio optimization along with expense management,” said James D. Thomas, chief financial officer. “We remain on track with our cost efficiency program as reflected by our reductions in G&A expense, helping to protect profitability despite revenue pressures. During the quarter, we generated
“Given that we have performed in-line with expectations for the first half of the year while also considering the increasing FX headwind, we believe it prudent to narrow our annual revenue guidance range. We are now projecting 2024 revenue in the
Conference Call
The Nu Skin Enterprises management team will host a conference call with the investment community today at 5 p.m. (ET). Those wishing to access the webcast, as well as the financial information presented during the call, can visit the Investor Relations page on the company's website at ir.nuskin.com. A replay of the webcast will be available on the same page through Aug. 22, 2024.
About Nu Skin Enterprises Inc.
The Nu Skin Enterprises Inc. (NYSE: NUS) family of companies includes Nu Skin and Rhyz Inc. Nu Skin is an integrated beauty and wellness company, powered by a dynamic affiliate opportunity platform, which operates in nearly 50 markets worldwide. Backed by 40 years of scientific research, the company’s products help people look, feel and live their best with brands including Nu Skin® personal care, Pharmanex® nutrition and ageLOC® anti-aging, which includes an award-winning line of beauty device systems. Formed in 2018, Rhyz is a synergistic ecosystem of consumer, technology and manufacturing companies focused on innovation within the beauty, wellness and lifestyle categories.
Important Information Regarding Forward-Looking Statements: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that represent the company’s current expectations and beliefs. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws and include, but are not limited to, statements of management’s expectations regarding the macro environment and the company’s performance, growth and growth opportunities, strategies, sales force, shareholder value, product previews and launches, product portfolio optimization, transformation, evolution, operational and financial initiatives, digital tools and initiatives, new market expansion, and plans for developing and emerging markets; projections regarding revenue, expenses, margins, tax rates, earnings per share, foreign currency fluctuations, future dividends, uses of cash, financial position and other financial items; statements of belief; and statements of assumptions underlying any of the foregoing. In some cases, you can identify these statements by forward-looking words such as “believe,” “expect,” “anticipate,” “become,” “”plan,” accelerate,” “project,” “continue,” “outlook,” “guidance,” “improve,” “will,” “would,” “could,” “may,” “might,” the negative of these words and other similar words.
The forward-looking statements and related assumptions involve risks and uncertainties that could cause actual results and outcomes to differ materially from any forward-looking statements or views expressed herein. These risks and uncertainties include, but are not limited to, the following:
- any failure of current or planned initiatives or products to generate interest among the company’s sales force and customers and generate sponsoring and selling activities on a sustained basis;
-
risk that direct selling laws and regulations in any of the company’s markets, including
the United States and Mainland China, may be modified, interpreted or enforced in a manner that results in negative changes to the company’s business model or negatively impacts its revenue, sales force or business, including through the interruption of sales activities, loss of licenses, increased scrutiny of sales force actions, imposition of fines, or any other adverse actions or events; - economic conditions and events globally;
- competitive pressures in the company’s markets;
- risk that epidemics, including COVID-19 and related disruptions, or other crises could negatively impact our business;
- adverse publicity related to the company’s business, products, industry or any legal actions or complaints by the company’s sales force or others;
- political, legal, tax and regulatory uncertainties, including trade policies, associated with operating in Mainland China and other international markets;
- uncertainty regarding meeting restrictions and other government scrutiny in Mainland China, as well as negative media and consumer sentiment in Mainland China on our business operations and results;
- risk of foreign-currency fluctuations and the currency translation impact on the company’s business associated with these fluctuations;
- uncertainties regarding the future financial performance of the businesses the company has acquired;
- risks related to accurately predicting, delivering or maintaining sufficient quantities of products to support planned initiatives or launch strategies, and increased risk of inventory write-offs if the company over-forecasts demand for a product or changes its planned initiatives or launch strategies;
- regulatory risks associated with the company’s products, which could require the company to modify its claims or inhibit its ability to import or continue selling a product in a market if the product is determined to be a medical device or if the company is unable to register the product in a timely manner under applicable regulatory requirements; and
-
the company’s future tax-planning initiatives, any prospective or retrospective increases in duties or tariffs on the company’s products imported into the company’s markets outside of
the United States , and any adverse results of tax audits or unfavorable changes to tax laws in the company’s various markets.
The company’s financial performance and the forward-looking statements contained herein are further qualified by a detailed discussion of associated risks set forth in the documents filed by the company with the Securities and Exchange Commission. The forward-looking statements set forth the company’s beliefs as of the date that such information was first provided, and the company assumes no duty to update the forward-looking statements contained in this release to reflect any change except as required by law.
Non-GAAP Financial Measures: Constant-currency revenue change is a non-GAAP financial measure that removes the impact of fluctuations in foreign-currency exchange rates, thereby facilitating period-to-period comparisons of the company’s performance. It is calculated by translating the current period’s revenue at the same average exchange rates in effect during the applicable prior-year period and then comparing that amount to the prior-year period’s revenue. The company believes that constant-currency revenue change is useful to investors, lenders and analysts because such information enables them to gauge the impact of foreign-currency fluctuations on the company’s revenue from period to period.
Earnings per share, operating margin and income tax rate, each excluding restructuring and impairment charges, also are non-GAAP financial measures. Restructuring and impairment charges are not part of the ongoing operations of our underlying business. The company believes that these non-GAAP financial measures are useful to investors, lenders and analysts because removing the impact of these charges facilitates period-to-period comparisons of the company’s performance. Please see the reconciliations of these items to our earnings per share, operating margin and income tax rate calculated under GAAP, below.
The following table sets forth revenue for the three-month periods ended June 30, 2024, and 2023 for each of our reportable segments (
Three Months Ended June 30, |
|
|
Constant-Currency |
|||||||||||
|
2024 |
|
|
2023 |
|
Change |
|
Change |
||||||
Nu Skin |
||||||||||||||
|
$ |
84,935 |
|
|
$ |
107,641 |
|
|
(21.1 |
)% |
|
(15.1 |
)% |
|
Mainland |
|
64,710 |
|
|
88,362 |
|
|
(26.8 |
)% |
|
(24.5 |
)% |
||
|
|
60,341 |
|
|
|
63,764 |
|
|
(5.4 |
)% |
|
(0.5 |
)% |
|
|
|
42,587 |
|
|
|
50,862 |
|
|
(16.3 |
)% |
|
(4.9 |
)% |
|
|
|
44,119 |
|
|
|
53,686 |
|
|
(17.8 |
)% |
|
|
(14.3 |
)% |
|
|
40,714 |
|
|
|
46,968 |
|
|
(13.3 |
)% |
|
(12.3 |
)% |
|
|
|
33,846 |
|
|
|
37,108 |
|
|
(8.8 |
)% |
|
(5.5 |
)% |
|
Nu Skin other |
|
(4 |
) |
|
|
597 |
|
|
(100.7 |
)% |
|
|
(100.8 |
)% |
Total Nu Skin |
371,248 |
|
448,988 |
(17.3 |
)% |
(12.6 |
)% |
|||||||
Rhyz Investments |
||||||||||||||
Manufacturing |
51,473 |
|
45,551 |
13.0 |
% |
13.0 |
% |
|||||||
Rhyz other |
16,360 |
|
5,718 |
186.1 |
% |
186.1 |
% |
|||||||
Total Rhyz Investments |
67,833 |
|
51,269 |
32.3 |
% |
32.3 |
% |
|||||||
Total |
$ |
439,081 |
|
|
$ |
500,257 |
|
|
(12.2 |
)% |
|
(8.0 |
)% |
|
The following table sets forth revenue for the six-month periods ended June 30, 2024, and 2023 for each of our reportable segments (
Six Months Ended June 30, |
|
|
Constant-Currency |
||||||||||
|
2024 |
|
2023 |
|
Change |
|
Change |
||||||
Nu Skin |
|||||||||||||
|
$ |
159,966 |
|
$ |
208,798 |
|
|
(23.4 |
)% |
|
(17.5 |
)% |
|
Mainland |
|
125,777 |
|
156,338 |
|
|
(19.5 |
)% |
|
(16.5 |
)% |
||
|
|
120,406 |
|
|
131,574 |
|
|
(8.5 |
)% |
|
(4.4 |
)% |
|
|
|
86,823 |
|
|
103,468 |
|
|
(16.1 |
)% |
|
(5.3 |
)% |
|
|
|
85,082 |
|
|
124,010 |
|
|
(31.4 |
)% |
|
|
(28.5 |
)% |
|
|
82,987 |
|
|
94,412 |
|
|
(12.1 |
)% |
|
(12.1 |
)% |
|
|
|
64,312 |
|
|
71,656 |
|
|
(10.2 |
)% |
|
(7.6 |
)% |
|
Nu Skin other |
|
668 |
|
|
482 |
|
|
38.6 |
% |
|
|
38.6 |
% |
Total Nu Skin |
726,021 |
890,738 |
(18.5 |
)% |
(14.1 |
)% |
|||||||
Rhyz Investments |
|||||||||||||
Manufacturing |
101,775 |
81,318 |
25.2 |
% |
25.2 |
% |
|||||||
Rhyz other |
28,591 |
9,663 |
195.9 |
% |
195.9 |
% |
|||||||
Total Rhyz Investments |
130,366 |
90,981 |
43.3 |
% |
43.3 |
% |
|||||||
Total |
$ |
856,387 |
|
$ |
981,719 |
|
|
(12.8 |
)% |
|
(8.8 |
)% |
|
The following table provides information concerning the number of Customers, Paid Affiliates and Sales Leaders in our core Nu Skin business for the three-month periods ended June 30, 2024, and 2023:
Three Months Ended June 30, |
|||||||
2024 |
|
2023 |
Change |
||||
Customers |
|
|
|
|
|
|
|
|
|
226,626 |
263,138 |
(14)% |
|||
Mainland |
|
179,021 |
214,907 |
(17)% |
|||
|
|
88,662 |
106,283 |
(17)% |
|||
|
|
109,357 |
112,484 |
|
(3)% |
||
|
|
99,358 |
112,019 |
(11)% |
|||
|
|
143,336 |
177,472 |
(19)% |
|||
|
|
47,154 |
54,815 |
(14)% |
|||
Total Customers |
893,514 |
1,041,118 |
(14)% |
||||
Paid Affiliates |
|
|
|
|
|
|
|
|
|
29,531 |
36,048 |
(18)% |
|||
Mainland |
|
24,404 |
28,825 |
(15)% |
|||
|
|
29,701 |
32,769 |
(9)% |
|||
|
|
21,575 |
36,765 |
(41)% |
|||
|
|
22,116 |
23,012 |
(4)% |
|||
|
|
17,402 |
19,906 |
(13)% |
|||
|
|
10,757 |
10,327 |
|
|||
Total Paid Affiliates |
155,486 |
187,652 |
(17)% |
Sales Leaders |
|
|
|
|
|
|
|
|
|
6,070 |
7,872 |
(23)% |
|||
Mainland |
10,266 |
13,777 |
(25)% |
||||
|
|
5,601 |
5,814 |
(4)% |
|||
|
|
6,116 |
5,853 |
|
|||
|
|
4,689 |
5,784 |
(19)% |
|||
|
|
3,432 |
4,105 |
(16)% |
|||
|
|
2,418 |
2,602 |
(7)% |
|||
Total Sales Leaders |
38,592 |
45,807 |
(16)% |
(1) The June 30, 2024, number is affected by a change in eligibility requirements for receiving certain rewards within our compensation structure. We plan to implement these changes in additional segments over the next several quarters. |
- “Customers” are persons who have purchased directly from the Company during the three months ended as of the date indicated. Our Customer numbers include members of our sales force who made such a purchase, including Paid Affiliates and those who qualify as Sales Leaders, but they do not include consumers who purchase directly from members of our sales force.
- “Paid Affiliates” are any Brand Affiliates, as well as members of our sales force in Mainland China, who earned sales compensation during the three-month period. In all of our markets besides Mainland China, we refer to members of our independent sales force as “Brand Affiliates” because their primary role is to promote our brand and products through their personal social networks.
- “Sales Leaders” are the three-month average of our monthly Brand Affiliates, as well as sales employees and independent marketers in Mainland China, who achieved certain qualification requirements as of the end of each month of the quarter.
NU SKIN ENTERPRISES, INC. Consolidated Statements of Income (Unaudited)
( |
|||||||||||||
|
|
|
|
||||||||||
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||
|
2024 |
|
|
2023 |
|
2024 |
|
|
2023 |
||||
Revenue |
$ |
439,081 |
|
|
$ |
500,257 |
|
$ |
856,387 |
|
|
$ |
981,719 |
Cost of sales |
|
131,904 |
|
|
|
135,542 |
|
|
255,146 |
|
|
|
269,130 |
Gross profit |
|
307,177 |
|
|
|
364,715 |
|
|
601,241 |
|
|
|
712,589 |
|
|
|
|
|
|
|
|
|
|
|
|
||
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
||
Selling expenses |
|
165,463 |
|
|
|
185,165 |
|
|
319,005 |
|
|
|
373,289 |
General and administrative expenses |
|
117,921 |
|
|
|
137,044 |
|
|
242,487 |
|
|
|
270,943 |
Restructuring and impairment expenses |
149,350 |
|
— |
156,484 |
|
9,787 |
|||||||
Total operating expenses |
|
432,734 |
|
|
|
322,209 |
|
|
717,976 |
|
|
|
654,019 |
|
|
|
|
|
|
|
|
|
|
|
|
||
Operating income (loss) |
|
(125,557 |
) |
|
|
42,506 |
|
|
(116,735 |
) |
|
|
58,570 |
Interest expense |
|
6,720 |
|
|
|
5,769 |
|
|
14,045 |
|
|
|
10,657 |
Other expense, net |
|
629 |
|
|
|
376 |
|
|
233 |
|
|
|
3,788 |
|
|
|
|
|
|
|
|
|
|
|
|
||
Income (loss) before provision for income taxes |
|
(131,648 |
) |
|
|
37,113 |
|
|
(130,547 |
) |
|
|
51,701 |
Provision (benefit) for income taxes |
|
(13,390 |
) |
|
|
10,221 |
|
|
(11,756 |
) |
|
|
13,433 |
|
|
|
|
|
|
|
|
|
|
|
|
||
Net income (loss) |
$ |
(118,258 |
) |
|
$ |
26,892 |
|
$ |
(118,791 |
) |
|
$ |
38,268 |
|
|
|
|
|
|
|
|
|
|
|
|
||
Net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
||
Basic |
$ |
(2.38 |
) |
|
$ |
0.54 |
|
$ |
(2.39 |
) |
|
$ |
0.77 |
Diluted |
$ |
(2.38 |
) |
|
$ |
0.54 |
|
$ |
(2.39 |
) |
|
$ |
0.76 |
|
|
|
|
|
|
|
|
|
|
|
|
||
Weighted-average common shares outstanding (000s): |
|
|
|
|
|
|
|
|
|
|
|
||
Basic |
|
49,688 |
|
|
|
49,931 |
|
|
49,613 |
|
|
|
49,789 |
Diluted |
|
49,688 |
|
|
|
50,161 |
|
|
49,613 |
|
|
|
50,098 |
NU SKIN ENTERPRISES, INC. Consolidated Balance Sheets (Unaudited)
( |
|||||||
|
|
|
|
||||
|
June 30, 2024 |
|
December 31, 2023 |
||||
ASSETS |
|
|
|
||||
Current assets: |
|
|
|
||||
Cash and cash equivalents |
$ |
224,250 |
|
|
$ |
256,057 |
|
Current investments |
|
8,671 |
|
|
|
11,759 |
|
Accounts receivable, net |
|
71,554 |
|
|
|
72,879 |
|
Inventories, net |
|
243,994 |
|
|
|
279,978 |
|
Prepaid expenses and other |
|
105,937 |
|
|
|
81,198 |
|
Total current assets |
|
654,406 |
|
|
|
701,871 |
|
|
|
|
|
|
|
||
Property and equipment, net |
|
411,918 |
|
|
|
432,965 |
|
Operating lease right-of-use assets |
88,071 |
|
90,107 |
|
|||
Goodwill |
|
99,885 |
|
|
|
230,768 |
|
Other intangible assets, net |
|
88,464 |
|
|
|
105,309 |
|
Other assets |
|
243,228 |
|
|
|
245,443 |
|
Total assets |
$ |
1,585,972 |
|
|
$ |
1,806,463 |
|
|
|
|
|
|
|
||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
||
Accounts payable |
$ |
36,305 |
|
|
$ |
43,505 |
|
Accrued expenses |
|
242,288 |
|
|
|
260,366 |
|
Current portion of long-term debt |
|
30,000 |
|
|
|
25,000 |
|
Total current liabilities |
|
308,593 |
|
|
|
328,871 |
|
|
|||||||
Operating lease liabilities |
|
70,318 |
|
|
|
70,943 |
|
Long-term debt |
|
428,327 |
|
|
|
478,040 |
|
Other liabilities |
|
92,570 |
|
|
|
106,641 |
|
Total liabilities |
|
899,808 |
|
|
|
984,495 |
|
|
|
|
|
|
|
||
Commitments and contingencies |
|
|
|
|
|
||
|
|
|
|
|
|
||
Stockholders’ equity: |
|
|
|
|
|
||
Class A common stock – 500 million shares authorized, |
|
91 |
|
|
|
91 |
|
Additional paid-in capital |
|
621,440 |
|
|
|
621,853 |
|
Treasury stock, at cost – 40.9 million and 41.1 million shares |
|
(1,564,090 |
) |
|
|
(1,570,440 |
) |
Accumulated other comprehensive loss |
|
(116,995 |
) |
|
|
(100,006 |
) |
Retained earnings |
|
1,745,718 |
|
|
|
1,870,470 |
|
Total stockholders' equity |
|
686,164 |
|
|
|
821,968 |
|
Total liabilities and stockholders’ equity |
$ |
1,585,972 |
|
|
$ |
1,806,463 |
|
NU SKIN ENTERPRISES, INC.
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three months ended
|
|
Six months ended
|
||||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Operating Income |
|
$ |
(125,557 |
) |
|
$ |
42,506 |
|
|
$ |
(116,735 |
) |
|
$ |
58,570 |
|
Impact of restructuring and impairment: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Restructuring and impairment |
|
|
149,350 |
|
|
|
- |
|
|
|
156,484 |
|
|
|
9,787 |
|
Adjusted operating income |
|
$ |
23,793 |
|
|
$ |
42,506 |
|
|
$ |
39,749 |
|
|
$ |
68,357 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating margin |
|
|
(28.6 |
)% |
|
|
8.5 |
% |
|
|
(13.6 |
)% |
|
|
6.0 |
% |
Operating margin, excluding restructuring impact |
|
|
5.4 |
% |
|
|
8.5 |
% |
|
|
4.6 |
% |
|
|
7.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Revenue |
|
$ |
439,081 |
|
|
$ |
500,257 |
|
|
$ |
856,387 |
|
|
$ |
981,719 |
|
NU SKIN ENTERPRISES, INC.
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three months ended
|
|
Six months ended
|
||||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
Provision (benefit) for income taxes |
|
$ |
(13,390 |
) |
|
$ |
10,221 |
|
|
$ |
(11,756 |
) |
|
$ |
13,433 |
|
Impact of restructuring and impairment on provision for income taxes |
|
|
20,715 |
|
|
|
- |
|
|
|
23,071 |
|
|
|
2,593 |
|
Provision for income taxes, excluding impact of restructuring and impairment |
|
$ |
7,325 |
|
|
$ |
10,221 |
|
|
$ |
11,315 |
|
|
$ |
16,026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income before provision for income taxes |
|
|
(131,648 |
) |
|
|
37,113 |
|
|
|
(130,547 |
) |
|
|
51,701 |
|
Impact of restructuring and impairment expense: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Restructuring and impairment |
|
|
149,350 |
|
|
|
- |
|
|
|
156,484 |
|
|
|
9,787 |
|
Income before provision for income taxes, excluding impact of restructuring and impairment |
|
$ |
17,702 |
|
|
$ |
37,113 |
|
|
$ |
25,937 |
|
|
$ |
61,488 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Effective tax rate |
|
|
10.2 |
% |
|
|
27.5 |
% |
|
|
9.0 |
% |
|
|
26.0 |
% |
Effective tax rate, excluding restructuring and impairment impact |
|
|
41.4 |
% |
|
|
27.5 |
% |
|
|
43.6 |
% |
|
|
26.1 |
% |
NU SKIN ENTERPRISES, INC.
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Three months ended
|
|
Six months ended
|
|||||||||||
|
|
2024 |
|
|
2023 |
|
2024 |
|
|
2023 |
|
||||
Net income |
|
$ |
(118,258 |
) |
|
$ |
26,892 |
|
$ |
(118,791 |
) |
|
$ |
38,268 |
|
Impact of restructuring and impairment expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|||
Restructuring and impairment |
|
|
149,350 |
|
|
|
- |
|
|
156,484 |
|
|
|
9,787 |
|
Tax impact |
|
|
(20,715 |
) |
|
|
- |
|
|
(23,071 |
) |
|
|
(2,593 |
) |
Adjusted net income |
|
$ |
10,377 |
|
|
$ |
26,892 |
|
$ |
14,622 |
|
|
$ |
45,462 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Diluted earnings per share |
|
$ |
(2.38 |
) |
|
$ |
0.54 |
|
$ |
(2.39 |
) |
|
$ |
0.76 |
|
Diluted earnings per share, excluding restructuring impact |
|
$ |
0.21 |
|
|
$ |
0.54 |
|
$ |
0.29 |
|
|
$ |
0.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Weighted-average common shares outstanding (000) |
|
|
49,688 |
|
|
|
50,161 |
|
|
49,613 |
|
|
|
50,098 |
|
NU SKIN ENTERPRISES, INC.
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three months ended
|
|
Year ended December 31, 2024 |
||||||||||||
|
|
Low end |
|
High end |
|
Low end |
|
High end |
||||||||
Earnings Per Share |
|
$ |
0.08 |
|
|
$ |
0.18 |
|
|
$ |
(2.01 |
) |
|
$ |
(1.81 |
) |
Impact of restructuring and impairment expense: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Restructuring and impairment |
|
|
0.10 |
|
|
|
0.10 |
|
|
|
3.25 |
|
|
|
3.25 |
|
Tax impact |
|
|
(0.03 |
) |
|
|
(0.03 |
) |
|
|
(0.50 |
) |
|
|
(0.50 |
) |
Adjusted EPS |
|
$ |
0.15 |
|
|
$ |
0.25 |
|
|
$ |
0.75 |
|
|
$ |
0.95 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240808830471/en/
Media: media@nuskin.com, (801) 345-6397
Investors: investorrelations@nuskin.com, (801) 345-3577
Source: Nu Skin Enterprises Inc.
FAQ
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