$LFVN
Lifevantage Corp

2019 Q4 Form 10-Q Financial Statement

#000084914620000040 Filed on January 28, 2020

View on sec.gov

Income Statement

Concept 2019 Q4 2018 Q4
Revenue $61.24M $58.17M
YoY Change 5.29% 17.55%
Cost Of Revenue $10.23M $9.794M
YoY Change 4.45% 7.43%
Gross Profit $51.01M $48.37M
YoY Change 5.46% 19.84%
Gross Profit Margin 83.3% 83.16%
Selling, General & Admin $18.13M $19.62M
YoY Change -7.57% 33.96%
% of Gross Profit 35.54% 40.55%
Research & Development $300.0K $500.0K
YoY Change -40.0% 66.67%
% of Gross Profit 0.59% 1.03%
Depreciation & Amortization $710.0K $440.0K
YoY Change 61.36% 37.5%
% of Gross Profit 1.39% 0.91%
Operating Expenses $47.37M $47.79M
YoY Change -0.89% 25.64%
Operating Profit $3.646M $581.0K
YoY Change 527.54% -75.03%
Interest Expense $41.00K $100.0K
YoY Change -59.0% -2.91%
% of Operating Profit 1.12% 17.21%
Other Income/Expense, Net -$189.0K -$172.0K
YoY Change 9.88% -36.76%
Pretax Income $3.457M $409.0K
YoY Change 745.23% -80.1%
Income Tax -$846.0K -$420.0K
% Of Pretax Income -24.47% -102.69%
Net Earnings $4.303M $829.0K
YoY Change 419.06% 161.51%
Net Earnings / Revenue 7.03% 1.43%
Basic Earnings Per Share $0.31 $0.06
Diluted Earnings Per Share $0.30 $0.06
COMMON SHARES
Basic Shares Outstanding 13.90M shares 13.94M shares
Diluted Shares Outstanding 14.56M shares 14.96M shares

Balance Sheet

Concept 2019 Q4 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.48M $18.99M
YoY Change -23.75% 48.48%
Cash & Equivalents $14.48M $18.99M
Short-Term Investments
Other Short-Term Assets $6.120M $6.130M
YoY Change -0.16% 51.36%
Inventory $14.22M $13.30M
Prepaid Expenses
Receivables $1.788M $2.376M
Other Receivables $1.000M $2.860M
Total Short-Term Assets $37.61M $43.66M
YoY Change -13.85% 23.7%
LONG-TERM ASSETS
Property, Plant & Equipment $7.586M $5.848M
YoY Change 29.72% 25.93%
Goodwill
YoY Change
Intangibles $917.0K $1.049M
YoY Change -12.58% -11.18%
Long-Term Investments $2.210M
YoY Change
Other Assets $1.548M $1.255M
YoY Change 23.35% 9.89%
Total Long-Term Assets $17.41M $10.44M
YoY Change 66.8% 0.69%
TOTAL ASSETS
Total Short-Term Assets $37.61M $43.66M
Total Long-Term Assets $17.41M $10.44M
Total Assets $55.02M $54.09M
YoY Change 1.71% 18.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.900M $4.108M
YoY Change -5.06% 25.67%
Accrued Expenses $20.69M $22.49M
YoY Change -8.0% 31.91%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $484.0K $2.000M
YoY Change -75.8% 0.0%
Total Short-Term Liabilities $25.25M $28.76M
YoY Change -12.23% 26.55%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $2.427M
YoY Change -100.0% -45.55%
Other Long-Term Liabilities $387.0K $1.885M
YoY Change -79.47% -4.12%
Total Long-Term Liabilities $387.0K $4.312M
YoY Change -91.03% -32.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.25M $28.76M
Total Long-Term Liabilities $387.0K $4.312M
Total Liabilities $25.92M $33.08M
YoY Change -21.63% 13.46%
SHAREHOLDERS EQUITY
Retained Earnings -$96.79M -$102.5M
YoY Change -5.56% -3.41%
Common Stock $125.9M $123.5M
YoY Change 1.91% 0.7%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $29.10M $21.02M
YoY Change
Total Liabilities & Shareholders Equity $55.02M $54.09M
YoY Change 1.71% 18.48%

Cashflow Statement

Concept 2019 Q4 2018 Q4
OPERATING ACTIVITIES
Net Income $4.303M $829.0K
YoY Change 419.06% 161.51%
Depreciation, Depletion And Amortization $710.0K $440.0K
YoY Change 61.36% 37.5%
Cash From Operating Activities $9.230M $4.570M
YoY Change 101.97% 109.63%
INVESTING ACTIVITIES
Capital Expenditures -$880.0K -$180.0K
YoY Change 388.89% -80.85%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$600.0K
YoY Change -100.0%
Cash From Investing Activities -$880.0K -$780.0K
YoY Change 12.82% -17.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.820M -1.990M
YoY Change 242.71% 165.33%
NET CHANGE
Cash From Operating Activities 9.230M 4.570M
Cash From Investing Activities -880.0K -780.0K
Cash From Financing Activities -6.820M -1.990M
Net Change In Cash 1.530M 1.800M
YoY Change -15.0% 267.35%
FREE CASH FLOW
Cash From Operating Activities $9.230M $4.570M
Capital Expenditures -$880.0K -$180.0K
Free Cash Flow $10.11M $4.750M
YoY Change 112.84% 52.24%

Facts In Submission

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dei Entity Registrant Name
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us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
122000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-805000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
420000 USD
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-105000 USD
us-gaap Increase Decrease In Other Noncurrent Liabilities
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-384000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
5765000 USD
us-gaap Origination Of Notes Receivable From Related Parties
OriginationOfNotesReceivableFromRelatedParties
0 USD
us-gaap Origination Of Notes Receivable From Related Parties
OriginationOfNotesReceivableFromRelatedParties
2000000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1633000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
272000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1633000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2272000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
3405000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1500000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1000000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
4421000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
0 USD
lfvn Proceeds From Issuance Of Common Stock Under Employee Stock Purchase Plan
ProceedsFromIssuanceOfCommonStockUnderEmployeeStockPurchasePlan
339000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
65000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
184000 USD
CY2018Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
121000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-30000 USD
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-4000 USD
CY2019Q4 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-14000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-30000 USD
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-4000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
6034000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
1736000 USD
CY2019Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
11000 USD
CY2019Q4 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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1503000 USD
CY2019Q4 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
54000 USD
CY2019Q4 us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
4360000 USD
CY2019Q4 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
2012000 USD
CY2019Q4 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-14000 USD
CY2019Q4 us-gaap Net Income Loss
NetIncomeLoss
4303000 USD
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
29098000 USD
us-gaap Net Income Loss
NetIncomeLoss
6064000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2316000 USD
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-55000 USD
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-17000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-4345000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
2337000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
18989000 USD
us-gaap Interest Paid Net
InterestPaidNet
36000 USD
us-gaap Interest Paid Net
InterestPaidNet
152000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
654000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
1066000 USD
us-gaap Net Income Loss
NetIncomeLoss
1740000 USD
lfvn Operating Lease Right Of Use Asset Amortization
OperatingLeaseRightOfUseAssetAmortization
1148000 USD
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
4000 USD
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
452000 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-323000 USD
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
1000000 USD
lfvn Increase Decrease In Lease Liabilities
IncreaseDecreaseInLeaseLiabilities
-1328000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
6942000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-8422000 USD
CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
18824000 USD
CY2018Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
16652000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
14479000 USD
CY2019Q4 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
100000 USD
CY2018Q4 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
-100000 USD
CY2019Q4 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
-200000 USD
CY2018Q4 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
-25000 USD
CY2018Q4 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 USD
CY2019Q4 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 USD
CY2019Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
10738000 USD
CY2019Q4 lfvn Inventory Finished Goods Percent Of Total Inventory
InventoryFinishedGoodsPercentOfTotalInventory
0.755
CY2019Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
9903000 USD
CY2019Q2 lfvn Inventory Finished Goods Percent Of Total Inventory
InventoryFinishedGoodsPercentOfTotalInventory
0.720
CY2019Q4 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
3484000 USD
CY2019Q4 lfvn Raw Materials Percent Of Total Inventory
RawMaterialsPercentOfTotalInventory
0.245
CY2019Q2 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
3850000 USD
CY2019Q4 us-gaap Inventory Net
InventoryNet
14222000 USD
lfvn Money Back Guarantee Period
MoneyBackGuaranteePeriod
P30D
CY2019Q4 us-gaap Contract With Customer Refund Liability
ContractWithCustomerRefundLiability
300000 USD
CY2019Q2 us-gaap Contract With Customer Refund Liability
ContractWithCustomerRefundLiability
400000 USD
CY2019Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
300000 USD
CY2019Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
100000 shares
CY2019Q4 us-gaap Net Income Loss
NetIncomeLoss
4303000 USD
CY2018Q4 us-gaap Net Income Loss
NetIncomeLoss
829000 USD
CY2019Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13902000 shares
CY2018Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13944000 shares
CY2019Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
660000 shares
CY2018Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1019000 shares
CY2019Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14562000 shares
CY2018Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14963000 shares
CY2019Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.31
CY2018Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.06
CY2019Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.30
CY2018Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.06
lfvn Number Of Geographic Segments
NumberOfGeographicSegments
2 Segment
lfvn Number Of Geographic Segments
NumberOfGeographicSegments
2 Segment
CY2019Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
61242000 USD
CY2018Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
58167000 USD
CY2019Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
3300000 USD
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y3D
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0492
CY2019Q4 us-gaap Operating Lease Expense
OperatingLeaseExpense
700000 USD
CY2019Q4 us-gaap Operating Lease Payments
OperatingLeasePayments
720000 USD
CY2019Q4 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1413000 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1203000 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2616000 USD
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
2558000 USD
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
2872000 USD
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1140000 USD
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
4012000 USD
CY2017Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
5000000 USD
CY2017Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
5000000 USD
CY2019Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
15000000 USD
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
300000 shares
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:8pt;margin-bottom:8pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;">Use of Estimates</span></div><div style="text-indent:22.5pt;margin-top:8pt;margin-bottom:8pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">The Company prepares the condensed consolidated financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America (GAAP). In preparing these statements, the Company is required to use estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates and assumptions. On an ongoing basis, the Company reviews its estimates, including those related to inventory valuation and obsolescence, sales returns, income taxes and tax valuation reserves, transfer pricing methodology and positions, impairment of receivables, share-based compensation, and loss contingencies.</span></div>
us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
12000 USD
us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
-100000 USD
us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
-300000 USD
us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
-100000 USD
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
Concentration of Credit RiskAccounting guidance for financial instruments requires disclosure of significant concentrations of credit risk regardless of the degree of such risk. Financial instruments with significant credit risk include cash and investments.
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 USD
CY2019Q4 lfvn Sharebased Compensation Arrangementby Sharebased Payment Award Increase Decreaseof Sharebased Liabilities
SharebasedCompensationArrangementbySharebasedPaymentAwardIncreaseDecreaseofSharebasedLiabilities
100000 USD
CY2018Q4 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
1000000.0 USD
CY2018Q4 lfvn Sharebased Compensation Arrangementby Sharebased Payment Award Increase Decreaseof Sharebased Liabilities
SharebasedCompensationArrangementbySharebasedPaymentAwardIncreaseDecreaseofSharebasedLiabilities
700000 USD
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
Commitments and Contingencies<div style="margin-top:8pt;margin-bottom:8pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;">Contingencies</span></div><div style="text-indent:22.5pt;margin-top:8pt;margin-bottom:8pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">The Company accounts for contingent liabilities in accordance with ASC 450, </span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;">Contingencies</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">. This guidance requires management to assess potential contingent liabilities that may exist as of the date of the financial statements to determine the probability and amount of loss that may have occurred, which inherently involves an exercise of judgment. If the assessment of </span></div><div style="margin-top:8pt;margin-bottom:8pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. For loss contingencies considered remote, no accrual or disclosures are generally made. Management has assessed potential contingent liabilities as of December 31, 2019, and based on the assessment, there are no probable loss contingencies requiring accrual or disclosures within its financial statements.</span></div><div style="margin-top:8pt;margin-bottom:8pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;">Legal Accruals</span></div><div style="text-indent:22.5pt;margin-top:8pt;margin-bottom:8pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">In addition to commitments and obligations in the ordinary course of business, from time to time, the Company is subject to various claims, pending and potential legal actions, investigations relating to governmental laws and regulations and other matters arising out of the normal conduct of its business. Management assesses contingencies to determine the degree of probability and range of possible loss for potential accrual in the consolidated financial statements. An estimated loss contingency is accrued in the consolidated financial statements if it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Because evaluating legal claims and litigation results are inherently unpredictable and unfavorable results could occur, assessing contingencies is highly subjective and requires judgments about future events. When evaluating contingencies, management may be unable to provide a meaningful estimate due to a number of factors, including the procedural status of the matter in question, the presence of complex or novel legal theories, and/or the ongoing discovery and development of information important to the matters. In addition, damage amounts claimed or asserted against the Company may be unsupported, exaggerated or unrelated to possible outcomes, and as such are not meaningful indicators of a potential liability. Management regularly reviews contingencies to determine the adequacy of financial statement accruals and related disclosures. The amount of ultimate loss may differ from these estimates. It is possible that cash flows or results of operations could be materially affected in any particular period by the unfavorable resolution of one or more of these contingencies. Whether any losses finally determined in any claim, action, investigation or proceeding could reasonably have a material effect on the Company's business, financial condition, results of operations or cash flows will depend on a number of variables, including: the timing and amount of such losses; the structure and type of any remedies; the significance of the impact of any such losses, damages or remedies may have on the consolidated financial statements; and the unique facts and circumstances of the particular matter that may give rise to additional factors.</span></div><div style="text-indent:18pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:115%;">Class Action Lawsuit (</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%;">Smith v. LifeVantage Corp</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:115%;">.): </span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;">On January 24, 2018, a purported class action was filed in the United States District Court for the District of Connecticut, entitled </span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:115%;">Smith v. LifeVantage Corp</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;">., Case No. 3:18-cv-a35 (D. Connecticut filed Jan. 24, 2018). In this action, Plaintiffs alleged that the Company, its Chief Executive Officer, Chief Sales Officer and Chief Marketing Officer operated a pyramid scheme in violation of a variety of federal and state statutes, including RICO and the Connecticut Unfair Trade Practices Act. On April 16, 2018, the Company filed motions with the court to dismiss the complaint against LifeVantage, dismiss the complaint against the Company's executives, transfer the venue of the case from the State of Connecticut to the State of Utah, and contest class certification. On July 23, 2018, the parties filed a stipulation with the Court agreeing to transfer the case to the Federal District Court for Utah. On September 20, 2018, Plaintiffs filed an amended complaint in Utah. As per the parties stipulated agreement, Plaintiff's amended complaint dropped the RICO and Connecticut state law claims and removed the Company's Chief Sales Officer and Chief Marketing Officer as individual defendants (the Chief Executive Officer remains a defendant in the case). The Plaintiffs' amended complaint added an antitrust claim, alleging that the Company fraudulently obtained patents for its products and is attempting to use those patents in an anti-competitive manner. The Company filed a Motion to Dismiss the amended complaint on November 5, 2018, Plaintiffs filed a response to the Company’s Motion to Dismiss on December 17, 2018, and the Company filed a reply brief on January 10, 2019. The Court ruled on the motion on December 5, 2019, dismissing three of the Plaintiff's four claims, including the antitrust claim, unjust enrichment claim, and the securities claim for the sale of unregistered securities. On December 19, 2019, Plaintiffs filed a second amended complaint which included three causes of action, including a 10(b)(5) securities fraud claim, and renewed claims relating to the sale of unregistered securities and unjust enrichment. The Company's response is due on January 28, 2020. The Company has not established a loss contingency accrual for this lawsuit as it believes liability is not probable or estimable, and the Company plans to vigorously defend against this lawsuit. Nonetheless, an unfavorable resolution of this matter could have a material adverse effect on the Company's business, results of operations or financial condition.</span></div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;">Other Matters.</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;"> </span>In addition to the matters described above, the Company also may become involved in other litigation and regulatory matters incidental to its business and the matters disclosed in this quarterly report on Form 10-Q, including, but not limited to, product liability claims, regulatory actions, employment matters and commercial disputes. The Company intends to defend itself in any such matters and does not currently believe that the outcome of any such matters will have a material adverse effect on the Company's business, financial condition, results of operations and cash flows.
CY2019Q2 lfvn Raw Materials Percent Of Total Inventory
RawMaterialsPercentOfTotalInventory
0.280
CY2019Q4 lfvn Inventory Percent Of Total Inventory
InventoryPercentOfTotalInventory
1.000
CY2019Q2 us-gaap Inventory Net
InventoryNet
13753000 USD
CY2019Q2 lfvn Inventory Percent Of Total Inventory
InventoryPercentOfTotalInventory
1.000
CY2019Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
200000 USD
CY2019Q2 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
200000 USD
CY2018Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
500000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
500000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
900000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
200000 USD
CY2018Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
100000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
200000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
200000 shares
us-gaap Net Income Loss
NetIncomeLoss
6064000 USD
us-gaap Net Income Loss
NetIncomeLoss
1740000 USD
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13908000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13996000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
607000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14515000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14996000 shares
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.44
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.12
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.42
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.12
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
117470000 USD
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
113776000 USD
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
3900000 USD
us-gaap Operating Lease Expense
OperatingLeaseExpense
1300000 USD
us-gaap Operating Lease Payments
OperatingLeasePayments
1440000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 USD
CY2019Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
58000 USD
CY2019Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
5400000 USD
CY2019Q4 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
1400000 USD
us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
2700000 USD
lfvn Sharebased Compensation Arrangementby Sharebased Payment Award Increase Decreaseof Sharebased Liabilities
SharebasedCompensationArrangementbySharebasedPaymentAwardIncreaseDecreaseofSharebasedLiabilities
200000 USD
us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
1600000 USD
lfvn Sharebased Compensation Arrangementby Sharebased Payment Award Increase Decreaseof Sharebased Liabilities
SharebasedCompensationArrangementbySharebasedPaymentAwardIncreaseDecreaseofSharebasedLiabilities
1400000 USD

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