$HLF
HERBALIFE LTD.

2012 Q4 Form 10-Q Financial Statement

#000119312512439759 Filed on October 29, 2012

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q3 2012 Q2
Revenue $1.059B $1.017B $1.032B
YoY Change 19.76% 13.59% 17.3%
Cost Of Revenue $211.1M $201.6M $203.7M
YoY Change 23.45% 15.0% 19.14%
Gross Profit $848.2M $815.3M $828.2M
YoY Change 18.85% 13.25% 16.88%
Gross Profit Margin 80.07% 80.18% 80.26%
Selling, General & Admin $688.4M $324.2M $306.3M
YoY Change 18.83% 16.74% -44.86%
% of Gross Profit 81.16% 39.76% 36.99%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $19.00M $18.80M $18.00M
YoY Change 8.57% 6.21% -0.55%
% of Gross Profit 2.24% 2.31% 2.17%
Operating Expenses $688.4M $324.2M $306.3M
YoY Change 18.85% 16.74% -44.86%
Operating Profit $159.8M $160.8M $186.7M
YoY Change 18.81% 6.27% 21.95%
Interest Expense -$2.500M -$3.546M -$3.169M
YoY Change -278.57% 927.83% 252.11%
% of Operating Profit -1.56% -2.2% -1.7%
Other Income/Expense, Net $0.00
YoY Change
Pretax Income $157.3M $157.3M $183.5M
YoY Change 15.92% 4.17% 20.51%
Income Tax $52.70M $45.42M $51.59M
% Of Pretax Income 33.5% 28.88% 28.11%
Net Earnings $112.2M $111.9M $132.0M
YoY Change 6.45% 3.61% 18.71%
Net Earnings / Revenue 10.59% 11.0% 12.79%
Basic Earnings Per Share $1.04 $1.03 $1.13
Diluted Earnings Per Share $1.00 $0.98 $1.09
COMMON SHARES
Basic Shares Outstanding 108.0M shares 108.8M shares 116.6M shares
Diluted Shares Outstanding 113.6M shares 121.5M shares

Balance Sheet

Concept 2012 Q4 2012 Q3 2012 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $333.5M $321.7M $286.2M
YoY Change 28.86% 23.02% 12.46%
Cash & Equivalents $333.5M $321.7M $286.2M
Short-Term Investments
Other Short-Term Assets $194.9M $175.7M $188.9M
YoY Change 2.85% 27.87% 27.21%
Inventory $339.4M $313.6M $262.4M
Prepaid Expenses
Receivables $116.1M $114.2M $108.6M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $984.0M $925.2M $846.1M
YoY Change 25.25% 26.06% 14.55%
LONG-TERM ASSETS
Property, Plant & Equipment $242.9M $198.6M $196.8M
YoY Change 25.39% 8.62% 5.86%
Goodwill $105.5M $105.5M
YoY Change 0.0%
Intangibles $311.2M $311.3M
YoY Change -0.19%
Long-Term Investments
YoY Change
Other Assets $48.81M $45.48M $71.00M
YoY Change 18.67% -15.78% 22.41%
Total Long-Term Assets $740.1M $692.9M $684.7M
YoY Change 9.26% 5.92% 3.59%
TOTAL ASSETS
Total Short-Term Assets $984.0M $925.2M $846.1M
Total Long-Term Assets $740.1M $692.9M $684.7M
Total Assets $1.724B $1.618B $1.531B
YoY Change 17.84% 16.57% 9.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $75.21M $80.12M $79.00M
YoY Change 31.73% 29.43% 21.73%
Accrued Expenses $181.5M $169.7M $227.8M
YoY Change 18.84% -20.99% 5.9%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $56.30M $50.40M $800.0K
YoY Change 3653.33% 2700.0% -55.56%
Total Short-Term Liabilities $762.4M $663.9M $566.3M
YoY Change 31.54% 20.61% 4.35%
LONG-TERM LIABILITIES
Long-Term Debt $431.3M $450.1M $555.1M
YoY Change 113.41% 104.31% 249.56%
Other Long-Term Liabilities $42.56M $41.17M $65.90M
YoY Change 8.56% -8.32% 40.51%
Total Long-Term Liabilities $42.56M $41.17M $621.0M
YoY Change 8.56% -84.48% 201.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $762.4M $663.9M $566.3M
Total Long-Term Liabilities $42.56M $41.17M $621.0M
Total Liabilities $1.329B $1.247B $1.260B
YoY Change 45.22% 43.03% 56.81%
SHAREHOLDERS EQUITY
Retained Earnings $123.1M $110.0M
YoY Change -58.11%
Common Stock $304.1M $298.0M
YoY Change 4.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $395.5M $371.4M $270.7M
YoY Change
Total Liabilities & Shareholders Equity $1.724B $1.618B $1.531B
YoY Change 17.84% 16.57% 9.37%

Cashflow Statement

Concept 2012 Q4 2012 Q3 2012 Q2
OPERATING ACTIVITIES
Net Income $112.2M $111.9M $132.0M
YoY Change 6.45% 3.61% 18.71%
Depreciation, Depletion And Amortization $19.00M $18.80M $18.00M
YoY Change 8.57% 6.21% -0.55%
Cash From Operating Activities $167.9M $142.5M $137.0M
YoY Change 43.63% -0.35% -3.93%
INVESTING ACTIVITIES
Capital Expenditures -$62.30M -$19.50M -$15.00M
YoY Change 115.57% 14.04% -6.83%
Acquisitions
YoY Change
Other Investing Activities -$300.0K -$600.0K -$100.0K
YoY Change -78.57% -137.5% -94.12%
Cash From Investing Activities -$62.50M -$20.20M -$15.10M
YoY Change 106.27% 30.32% -15.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $427.9M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -93.40M -91.60M -134.0M
YoY Change 8.48% -11.41% 0.75%
NET CHANGE
Cash From Operating Activities 167.9M 142.5M 137.0M
Cash From Investing Activities -62.50M -20.20M -15.10M
Cash From Financing Activities -93.40M -91.60M -134.0M
Net Change In Cash 12.00M 30.70M -12.10M
YoY Change 2300.0% 27.39% 47.56%
FREE CASH FLOW
Cash From Operating Activities $167.9M $142.5M $137.0M
Capital Expenditures -$62.30M -$19.50M -$15.00M
Free Cash Flow $230.2M $162.0M $152.0M
YoY Change 57.89% 1.19% -4.22%

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<div> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>1. Organization</b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">Herbalife Ltd., a Cayman Islands exempt limited liability company, or Herbalife, was incorporated on April&#xA0;4, 2002. Herbalife Ltd. (and together with its subsidiaries, the &#x201C;Company&#x201D;) is a leading global nutrition company that sells weight management products, nutritional supplements, energy, sports&#xA0;&amp; fitness products and personal care products utilizing network marketing distribution. As of September&#xA0;30, 2012, the Company sold its products to and through a network of 3.1&#xA0;million independent distributors, which included 0.2&#xA0;million in China. In China, the Company currently sells its products through retail stores, sales representatives, sales officers and independent service providers. The Company reports revenue in six geographic regions: North America; Mexico; South and Central America; EMEA, which consists of Europe, the Middle East and Africa; Asia Pacific (excluding China); and China.</font></p> </div>
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AllocatedShareBasedCompensationExpense
8400000
CY2012Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4000000 shares
CY2012Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
6302000
CY2012Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
9113000
CY2012Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-3546000
CY2012Q3 hlf Royalty Overrides
RoyaltyOverrides
330247000
CY2012Q3 hlf Segment Reporting Information Contribution
SegmentReportingInformationContribution
485000000

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