$NATR
NATURES SUNSHINE PRODUCTS INC

2023 Q3 Form 10-Q Financial Statement

#000162828023028655 Filed on August 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $111.2M $116.5M $104.2M
YoY Change 6.41% 11.89% -4.42%
Cost Of Revenue $29.96M $31.92M $28.67M
YoY Change 1.12% 11.35% 0.73%
Gross Profit $81.24M $84.62M $75.49M
YoY Change 8.5% 12.1% -6.24%
Gross Profit Margin 73.05% 72.61% 72.47%
Selling, General & Admin $41.29M $42.27M $68.94M
YoY Change 12.22% -38.68% 93.71%
% of Gross Profit 50.82% 49.95% 91.32%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.125M $2.833M $2.685M
YoY Change 17.44% 5.51% -4.14%
% of Gross Profit 3.85% 3.35% 3.56%
Operating Expenses $41.29M $42.27M $68.94M
YoY Change 12.22% -38.68% 93.71%
Operating Profit $5.832M $7.037M $6.555M
YoY Change 16.36% 7.35% -30.9%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$927.0K -$1.087M -$442.0K
YoY Change -59.36% 145.93% -183.55%
Pretax Income $4.905M $5.950M $5.313M
YoY Change 79.6% 11.99% -46.95%
Income Tax $1.763M $3.273M $4.361M
% Of Pretax Income 35.94% 55.01% 82.08%
Net Earnings $2.832M $2.422M $516.0K
YoY Change 3046.67% 369.38% -92.11%
Net Earnings / Revenue 2.55% 2.08% 0.5%
Basic Earnings Per Share $0.15 $0.13 $0.03
Diluted Earnings Per Share $0.15 $0.12 $26.33K
COMMON SHARES
Basic Shares Outstanding 19.10M shares 19.05M shares 19.47M shares
Diluted Shares Outstanding 19.49M shares 19.75M shares 19.59M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $76.04M $68.97M $56.34M
YoY Change 33.43% 22.41% -24.78%
Cash & Equivalents $76.04M $68.97M $56.34M
Short-Term Investments
Other Short-Term Assets $8.409M $8.609M $9.618M
YoY Change 2.09% -10.49% 22.51%
Inventory $66.29M $65.86M $70.64M
Prepaid Expenses
Receivables $9.491M $12.47M $10.54M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $160.2M $155.9M $147.1M
YoY Change 12.2% 5.95% 2.41%
LONG-TERM ASSETS
Property, Plant & Equipment $46.29M $45.37M $67.16M
YoY Change -2.24% -32.44% 28.68%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $692.0K $740.0K $743.0K
YoY Change 0.0% -0.4% -24.49%
Other Assets $9.103M $10.01M $18.01M
YoY Change -0.07% -44.45% 68.04%
Total Long-Term Assets $79.69M $80.25M $85.91M
YoY Change -1.26% -6.6% -4.01%
TOTAL ASSETS
Total Short-Term Assets $160.2M $155.9M $147.1M
Total Long-Term Assets $79.69M $80.25M $85.91M
Total Assets $239.9M $236.2M $233.1M
YoY Change 7.34% 1.33% -0.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.238M $6.938M $9.423M
YoY Change -3.17% -26.37% 21.1%
Accrued Expenses $32.10M $29.13M $54.38M
YoY Change 29.13% -46.43% 106.73%
Deferred Revenue $1.337M $1.430M
YoY Change -8.42%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $216.0K $537.0K $1.263M
YoY Change -83.02% -57.48% 3.02%
Total Short-Term Liabilities $73.31M $71.01M $69.12M
YoY Change 14.75% 2.74% 6.35%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $537.0K
YoY Change -100.0% -100.0% -70.17%
Other Long-Term Liabilities $1.124M $1.041M $17.71M
YoY Change 6.64% -94.12% 1333.01%
Total Long-Term Liabilities $1.124M $1.041M $18.25M
YoY Change 6.64% -94.3% 1376.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $73.31M $71.01M $69.12M
Total Long-Term Liabilities $1.124M $1.041M $18.25M
Total Liabilities $87.90M $86.75M $92.48M
YoY Change 7.52% -6.19% 7.49%
SHAREHOLDERS EQUITY
Retained Earnings $40.75M $37.92M
YoY Change 24.69%
Common Stock $123.0M $122.9M
YoY Change 1.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $146.9M $144.6M $140.6M
YoY Change
Total Liabilities & Shareholders Equity $239.9M $236.2M $233.1M
YoY Change 7.34% 1.33% -0.06%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income $2.832M $2.422M $516.0K
YoY Change 3046.67% 369.38% -92.11%
Depreciation, Depletion And Amortization $3.125M $2.833M $2.685M
YoY Change 17.44% 5.51% -4.14%
Cash From Operating Activities $14.36M $7.939M -$1.419M
YoY Change 121.77% -659.48% -117.8%
INVESTING ACTIVITIES
Capital Expenditures $4.483M $2.422M -$2.239M
YoY Change -560.74% -208.17% 16.74%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$4.483M -$2.422M -$2.239M
YoY Change 360.74% 8.17% 16.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.552M -657.0K -4.644M
YoY Change 20.59% -85.85% -79.19%
NET CHANGE
Cash From Operating Activities 14.36M 7.939M -1.419M
Cash From Investing Activities -4.483M -2.422M -2.239M
Cash From Financing Activities -1.552M -657.0K -4.644M
Net Change In Cash 8.329M 4.860M -8.302M
YoY Change 97.51% -158.54% -48.96%
FREE CASH FLOW
Cash From Operating Activities $14.36M $7.939M -$1.419M
Capital Expenditures $4.483M $2.422M -$2.239M
Free Cash Flow $9.881M $5.517M $820.0K
YoY Change 32.63% 572.8% -91.71%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
natr Operating Lease Non Cash Lease Expense
OperatingLeaseNonCashLeaseExpense
2104000 usd
natr Operating Lease Non Cash Lease Expense
OperatingLeaseNonCashLeaseExpense
2785000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-2722000 usd
natr Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-2040000 usd
natr Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-2503000 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
0 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
300000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
256000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1129000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
920000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
11971000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1813000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-14018000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-1766000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
8938000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-29840000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
68970000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
56344000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
5129000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
4173000 usd
us-gaap Interest Paid Net
InterestPaidNet
114000 usd
us-gaap Interest Paid Net
InterestPaidNet
113000 usd
us-gaap Use Of Estimates
UseOfEstimates
<div><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><span><br/></span></div><div style="text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities, in these financial statements and accompanying notes. Actual results could differ from these estimates and those differences could have a material effect on our financial position and results of operations.</span></div>The significant accounting estimates inherent in the preparation of our financial statements include estimates associated with our determination of liabilities related to independent consultant incentives, the determination of income tax assets and liabilities, certain other non-income tax and value-added tax contingencies, and legal contingencies. In addition, significant estimates form the basis for allowances with respect to inventory valuations. Various assumptions and other factors enter into the determination of these significant estimates. The process of determining significant estimates takes into account historical experience and current and expected economic conditions.
CY2022Q2 us-gaap Minority Interest Period Increase Decrease
MinorityInterestPeriodIncreaseDecrease
400000 usd
us-gaap Minority Interest Period Increase Decrease
MinorityInterestPeriodIncreaseDecrease
700000 usd
CY2023Q2 us-gaap Minority Interest
MinorityInterest
4800000 usd
CY2022Q4 us-gaap Minority Interest
MinorityInterest
4100000 usd
CY2023Q2 us-gaap Debt Securities Trading Restricted
DebtSecuritiesTradingRestricted
700000 usd
CY2022Q4 us-gaap Debt Securities Trading Restricted
DebtSecuritiesTradingRestricted
700000 usd
us-gaap Debt Securities Trading Realized Gain Loss
DebtSecuritiesTradingRealizedGainLoss
100000 usd
us-gaap Debt Securities Trading Realized Gain Loss
DebtSecuritiesTradingRealizedGainLoss
-200000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2422000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
516000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
3282000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-2434000 usd
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19479000 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.13
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.03
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.17
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.12
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19293000 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19386000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19073000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19479000 shares
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
454000 shares
CY2022Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
208000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
387000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19747000 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19594000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19460000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19479000 shares
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.12
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.03
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.17
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.12
CY2023Q2 natr Dilutive Securities Excludedfrom Computationof Earnings
DilutiveSecuritiesExcludedfromComputationofEarnings
735000 shares
CY2022Q2 natr Dilutive Securities Excludedfrom Computationof Earnings
DilutiveSecuritiesExcludedfromComputationofEarnings
341000 shares
natr Dilutive Securities Excludedfrom Computationof Earnings
DilutiveSecuritiesExcludedfromComputationofEarnings
735000 shares
natr Dilutive Securities Excludedfrom Computationof Earnings
DilutiveSecuritiesExcludedfromComputationofEarnings
0 shares
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
77000 shares
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
25000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
102000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
341000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
341000 shares
CY2021Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
15000000 usd
CY2022Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
30000000 usd
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
99000 shares
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
741000 shares
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
900000 usd
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
12000000 usd
CY2023Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
23100000 usd
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4 segment
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
116548000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
104161000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
225182000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
214655000 usd
CY2023Q2 natr Contribution Margin
ContributionMargin
49310000 usd
CY2022Q2 natr Contribution Margin
ContributionMargin
42621000 usd
natr Contribution Margin
ContributionMargin
93124000 usd
natr Contribution Margin
ContributionMargin
84553000 usd
CY2023Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
42273000 usd
CY2022Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
36866000 usd
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
85915000 usd
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
77489000 usd
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
7037000 usd
CY2022Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
5755000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
7209000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
7064000 usd
CY2023Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1087000 usd
CY2022Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-442000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
427000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-756000 usd
CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
5950000 usd
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
5313000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
7636000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
6308000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
116548000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
104161000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
225182000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
214655000 usd
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
116548000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
104161000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
225182000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
214655000 usd
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
45373000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
46162000 usd
CY2023Q2 us-gaap Assets
Assets
236152000 usd
CY2022Q4 us-gaap Assets
Assets
229778000 usd
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.55
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.821
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.485
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
1.275
CY2023Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
200000 usd
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
200000 usd
natr Revenuefrom Contractwith Customer Refund Period
RevenuefromContractwithCustomerRefundPeriod
P90D
natr Numberof Principal Categoriesof Products
NumberofPrincipalCategoriesofProducts
6 product_category
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4 segment
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
Synergy Japan LossOn February 17, 2023, we became aware that Synergy Worldwide Japan G.K., a Japan entity and wholly owned subsidiary of the Company (“Synergy Japan”), was the victim of a criminal scheme involving employee impersonation and fraudulent requests targeting Synergy Japan. The criminal scheme resulted in a series of fraudulently induced wire transfers between February 1, 2023, and February 17, 2023 totaling $4.8 million. We promptly launched an investigation, led by an independent third party, to determine the full extent of the fraud scheme and related potential exposure. We self-discovered this fraudulent activity and promptly initiated contact with our bank as well as appropriate law enforcement authorities in an effort to, among other things, recover the transferred funds. To date, we have not found any evidence of additional fraudulent activity and do not believe the incident resulted in any unauthorized access to confidential consumer information or other data maintained by the Company. As a result of this matter, we incurred investigation and other professional fees of $1.0 million, which along with the initial $4.8 million loss, were recorded in Selling, General and Administrative expense for the six months ended June 30, 2023. We do not expect this incident to otherwise have a material impact on our business.

Files In Submission

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