$LFVN
Lifevantage Corp

2024 Q1 Form 10-Q Financial Statement

#000084914624000016 Filed on January 30, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4
Revenue $48.25M $51.62M
YoY Change -10.23% -3.8%
Cost Of Revenue $10.17M $11.07M
YoY Change -4.2% -5.89%
Gross Profit $38.07M $40.56M
YoY Change -11.71% -3.21%
Gross Profit Margin 78.92% 78.56%
Selling, General & Admin $16.43M $20.07M
YoY Change -7.25% 2.48%
% of Gross Profit 43.14% 49.47%
Research & Development $200.0K $100.0K
YoY Change 0.0% -50.0%
% of Gross Profit 0.53% 0.25%
Depreciation & Amortization $895.0K $960.0K
YoY Change 2.99% -0.83%
% of Gross Profit 2.35% 2.37%
Operating Expenses $36.14M $41.82M
YoY Change -12.97% -3.05%
Operating Profit $1.934M -$1.261M
YoY Change 20.95% 2.35%
Interest Expense -$24.00K $145.0K
YoY Change -100.07% -37.5%
% of Operating Profit -1.24%
Other Income/Expense, Net -$13.00K $149.0K
YoY Change -119.7% -5.1%
Pretax Income $1.921M -$1.112M
YoY Change 15.38% 3.44%
Income Tax $262.0K -$456.0K
% Of Pretax Income 13.64%
Net Earnings $1.659M -$656.0K
YoY Change 62.33% -38.0%
Net Earnings / Revenue 3.44% -1.27%
Basic Earnings Per Share $0.13 -$0.05
Diluted Earnings Per Share $0.13 -$0.05
COMMON SHARES
Basic Shares Outstanding 12.87M shares 12.71M shares
Diluted Shares Outstanding 12.99M shares 12.61M shares

Balance Sheet

Concept 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.38M $17.33M
YoY Change -11.02% -0.22%
Cash & Equivalents $17.38M $17.33M
Short-Term Investments
Other Short-Term Assets $2.763M $3.789M
YoY Change -17.42% 16.44%
Inventory $15.16M $14.97M
Prepaid Expenses
Receivables $2.135M $2.335M
Other Receivables $360.0K $234.0K
Total Short-Term Assets $37.80M $38.66M
YoY Change -14.76% -12.84%
LONG-TERM ASSETS
Property, Plant & Equipment $8.349M $8.970M
YoY Change -11.69% -3.7%
Goodwill
YoY Change
Intangibles $356.0K $389.0K
YoY Change -27.05% -25.34%
Long-Term Investments
YoY Change
Other Assets $496.0K $518.0K
YoY Change -62.05% -62.35%
Total Long-Term Assets $23.51M $24.02M
YoY Change 3.39% 2.33%
TOTAL ASSETS
Total Short-Term Assets $37.80M $38.66M
Total Long-Term Assets $23.51M $24.02M
Total Assets $61.31M $62.68M
YoY Change -8.61% -7.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.954M $6.237M
YoY Change 19.42% -24.2%
Accrued Expenses $14.75M $15.96M
YoY Change -5.33% 5.62%
Deferred Revenue $700.0K $900.0K
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $22.48M $23.02M
YoY Change 5.01% -1.36%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $211.0K $225.0K
YoY Change -33.86% -29.91%
Total Long-Term Liabilities $211.0K $225.0K
YoY Change -33.86% -29.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.48M $23.02M
Total Long-Term Liabilities $211.0K $225.0K
Total Liabilities $34.54M $35.38M
YoY Change 2.67% -1.56%
SHAREHOLDERS EQUITY
Retained Earnings -$107.7M -$107.0M
YoY Change 8.79% 7.38%
Common Stock $136.2M $135.5M
YoY Change 2.08% 2.23%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $26.77M $27.31M
YoY Change
Total Liabilities & Shareholders Equity $61.31M $62.68M
YoY Change -8.61% -7.59%

Cashflow Statement

Concept 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income $1.659M -$656.0K
YoY Change 62.33% -38.0%
Depreciation, Depletion And Amortization $895.0K $960.0K
YoY Change 2.99% -0.83%
Cash From Operating Activities $3.093M $1.752M
YoY Change -10.17% 81.18%
INVESTING ACTIVITIES
Capital Expenditures $291.0K $546.0K
YoY Change -70.61% -34.77%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$291.0K -$546.0K
YoY Change -70.61% -34.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.464M -2.542M
YoY Change 705.23% 535.5%
NET CHANGE
Cash From Operating Activities 3.093M 1.752M
Cash From Investing Activities -291.0K -546.0K
Cash From Financing Activities -2.464M -2.542M
Net Change In Cash 338.0K -1.336M
YoY Change -84.26% 394.81%
FREE CASH FLOW
Cash From Operating Activities $3.093M $1.752M
Capital Expenditures $291.0K $546.0K
Free Cash Flow $2.802M $1.206M
YoY Change 14.23% 827.69%

Facts In Submission

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<div style="margin-bottom:8pt;margin-top:8pt"><span style="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="margin-bottom:8pt;margin-top:8pt;text-indent:22.5pt"><span style="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, but not limited to, those related to inventory valuation and obsolescence, sales returns, income taxes and tax valuation reserves, transfer pricing methodology and positions, impairment of assets, share-based compensation, and loss contingencies.</span></div>
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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lfvn Number Of Geographic Segments
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CY2023Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Operating Lease Expense
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us-gaap Operating Lease Expense
OperatingLeaseExpense
1500000 usd
CY2023Q3 lfvn Debt Instrument Covenant Maximum Dividend
DebtInstrumentCovenantMaximumDividend
750000 usd
CY2023Q4 us-gaap Operating Lease Cost
OperatingLeaseCost
462000 usd
CY2022Q4 us-gaap Operating Lease Cost
OperatingLeaseCost
742000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
992000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
1413000 usd
CY2023Q4 us-gaap Variable Lease Cost
VariableLeaseCost
45000 usd
CY2022Q4 us-gaap Variable Lease Cost
VariableLeaseCost
58000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
94000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
85000 usd
CY2023Q4 us-gaap Short Term Lease Cost
ShortTermLeaseCost
12000 usd
CY2022Q4 us-gaap Short Term Lease Cost
ShortTermLeaseCost
22000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
23000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
45000 usd
CY2023Q4 us-gaap Lease Cost
LeaseCost
519000 usd
CY2022Q4 us-gaap Lease Cost
LeaseCost
822000 usd
us-gaap Lease Cost
LeaseCost
1109000 usd
us-gaap Lease Cost
LeaseCost
1543000 usd
CY2023Q4 us-gaap Operating Lease Payments
OperatingLeasePayments
533000 usd
CY2022Q4 us-gaap Operating Lease Payments
OperatingLeasePayments
755000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
1090000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
1506000 usd
CY2023Q4 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 usd
CY2022Q4 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1502000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1071000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1937000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1978000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2019000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2061000 usd
CY2023Q4 lfvn Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
6394000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
15460000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1681000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
13779000 usd
CY2022Q4 lfvn Debt Instrument Covenant Maximum Dividend
DebtInstrumentCovenantMaximumDividend
500000 usd
CY2023Q4 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
100000 shares
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
22000 shares
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
CY2019Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
15000000 usd
CY2020Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
35000000 usd
CY2020Q3 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
35000000 usd
CY2022Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
60000000 usd
CY2023Q4 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
300000 shares
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
400000 shares
CY2023Q4 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1900000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
2700000 usd
CY2023Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
0 shares
CY2023Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
24200000 usd
CY2023Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
1 shares
CY2023Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
1 shares
CY2023Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
20
CY2023Q3 lfvn Class Of Warrant Or Right Percent Of Common Stock Acquisition That Makes Rights Exercisable
ClassOfWarrantOrRightPercentOfCommonStockAcquisitionThatMakesRightsExercisable
0.12
CY2023Q3 lfvn Class Of Warrant Or Right Percent Of Common Stock Acquisition That Makes Rights Exercisable Passive Investors
ClassOfWarrantOrRightPercentOfCommonStockAcquisitionThatMakesRightsExercisablePassiveInvestors
0.20
CY2023Q3 lfvn Class Of Warrants Or Right Discount
ClassOfWarrantsOrRightDiscount
0.50
CY2023Q4 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
500000 usd
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
6000000 usd
CY2023Q4 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.035
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.47
CY2022Q4 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
400000 usd
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
800000 usd
CY2022Q4 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.03
us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.06
us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
39000 shares
us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
36000 shares
CY2023Q4 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
800000 usd
CY2022Q4 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
800000 usd
us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
1700000 usd
us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
1400000 usd
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
Commitments and Contingencies<div style="margin-bottom:8pt;margin-top:8pt"><span style="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="margin-bottom:8pt;margin-top:8pt;text-indent:22.5pt"><span style="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, Contingencies. 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 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, 2023, and based on the assessment, there are no probable loss contingencies requiring accrual or disclosures within its financial statements.</span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="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="margin-bottom:8pt;margin-top:8pt;text-indent:22.5pt"><span style="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 publicity or resolution of one or more of these contingencies. Whether any losses finally determined in any claim, action, investigation or proceeding or publicity related to such 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><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Other Matters.</span><span style="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.

Files In Submission

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lfvn-20231231_cal.xml Edgar Link unprocessable
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lfvn-20231231_htm.xml Edgar Link completed
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