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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Nu Skin Enterprises Inc | NYSE:NUS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.08 | -0.81% | 9.79 | 9.91 | 9.60 | 9.70 | 468,639 | 01:00:00 |
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Date of Report (Date of earliest event reported)
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(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification Number)
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(Address of principal executive offices and zip code)
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(
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(Registrant’s telephone number, including area code)
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N/A
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(Former name or former address, if changed since last report)
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4 (c))
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Item 2.02 |
Results of Operations and Financial Condition.
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Item 9.01 |
Financial Statements and Exhibits.
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(d) |
Exhibits.
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Nu Skin Enterprises’ press release dated August 8, 2024, regarding financial results for the three- and six-month periods ended June 30, 2024.
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document).
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NU SKIN ENTERPRISES, INC.
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(Registrant)
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/s/ James D. Thomas
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James D. Thomas
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Chief Financial Officer
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Date: August 8, 2024
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Revenue
|
$439.1 million; (12.2)%
• (4.2)% FX impact or $(21.0) million
• Rhyz revenue $67.8 million; 32.3%
|
||
Earnings Per Share (EPS)
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$(2.38) or $0.21 excluding restructuring and impairment charges, compared to $0.54
|
||
Customers
|
893,514; (14)%
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||
Paid Affiliates
|
155,486; (17)% or (9)% excluding an adjustment to eligibility requirements
|
||
Sales Leaders
|
38,592; (16)%
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Nu Skin Enterprises Reports Second Quarter 2024 Financial Results |
page 2
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Revenue
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$439.1 million compared to $500.3 million
• (4.2)% FX impact or $(21.0) million
• Rhyz revenue $67.8 million; +32.3%
|
||
Gross Margin
|
70.0% compared to 72.9%
• Nu Skin business was 76.1% compared to 77.2%
|
||
Selling Expenses
|
37.7% compared to 37.0%
• Nu Skin business was 42.2% compared to 40.2%
|
||
G&A Expenses
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26.9% compared to 27.4%
|
||
Operating Margin
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(28.6)% or 5.4% excluding restructuring and impairment charges compared to 8.5%
|
||
Interest Expense
|
$6.7 million compared to $5.8 million
|
||
Other Income/(Expense)
|
$0.6 million compared to $0.4 million
|
||
Income Tax Rate
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10.2% or 41.4% excluding restructuring and impairment charges compared to 27.5%
|
||
EPS
|
$(2.38) or $0.21 excluding restructuring and impairment charges compared to $0.54
|
Dividend Payments
|
$3.0 million
|
||
Stock Repurchases
|
$0.0 million
• $162.4 million remaining in authorization
|
Nu Skin Enterprises Reports Second Quarter 2024 Financial Results |
page 3
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Q3 2024 Revenue
|
$430 to $465 million; (14)% to (7)%
• Approximately (4) to (3)% FX impact
|
||
Q3 2024 EPS
|
$0.08 to $0.18 or $0.15 to $0.25 non-GAAP
|
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2024 Revenue
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$1.73 to $1.81 billion; (12)% to (8)%
• Approximately (4) to (3)% FX impact
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2024 EPS
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$(2.01) to $(1.81) or $0.75 to $0.95 non-GAAP
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Nu Skin Enterprises Reports Second Quarter 2024 Financial Results |
page 4
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• |
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;
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• |
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;
|
Nu Skin Enterprises Reports Second Quarter 2024 Financial Results |
page 5
|
• |
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.
|
Nu Skin Enterprises Reports Second Quarter 2024 Financial Results |
page 6
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Three Months Ended
June 30,
|
Constant-
Currency
|
|||||||||||||||
2024
|
2023
|
Change
|
Change
|
|||||||||||||
Nu Skin
|
||||||||||||||||
Americas
|
$
|
84,935
|
$
|
107,641
|
(21.1
|
)%
|
(15.1
|
)%
|
||||||||
Mainland China
|
64,710
|
88,362
|
(26.8
|
)%
|
(24.5
|
)%
|
||||||||||
Southeast Asia/Pacific
|
60,341
|
63,764
|
(5.4
|
)%
|
(0.5
|
)%
|
||||||||||
Japan
|
42,587
|
50,862
|
(16.3
|
)%
|
(4.9
|
)%
|
||||||||||
South Korea
|
44,119
|
53,686
|
(17.8
|
)%
|
(14.3
|
)%
|
||||||||||
Europe & Africa
|
40,714
|
46,968
|
(13.3
|
)%
|
(12.3
|
)%
|
||||||||||
Hong Kong/Taiwan
|
33,846
|
37,108
|
(8.8
|
)%
|
(5.5
|
)%
|
||||||||||
Nu Skin other
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(4
|
)
|
597
|
(100.7
|
)%
|
(100.8
|
)%
|
|||||||||
Total Nu Skin
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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
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%
|
32.3
|
%
|
||||||||||
Total
|
$
|
439,081
|
$
|
500,257
|
(12.2
|
)%
|
(8.0
|
)%
|
Six Months Ended
June 30,
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Constant-
Currency
|
|||||||||||||||
2024
|
2023
|
Change
|
Change
|
|||||||||||||
Nu Skin
|
||||||||||||||||
Americas
|
$
|
159,966
|
$
|
208,798
|
(23.4
|
)%
|
(17.5
|
)%
|
||||||||
Mainland China
|
125,777
|
156,338
|
(19.5
|
)%
|
(16.5
|
)%
|
||||||||||
Southeast Asia/Pacific
|
120,406
|
131,574
|
(8.5
|
)%
|
(4.4
|
)%
|
||||||||||
Japan
|
86,823
|
103,468
|
(16.1
|
)%
|
(5.3
|
)%
|
||||||||||
South Korea
|
85,082
|
124,010
|
(31.4
|
)%
|
(28.5
|
)%
|
||||||||||
Europe & Africa
|
82,987
|
94,412
|
(12.1
|
)%
|
(12.1
|
)%
|
||||||||||
Hong Kong/Taiwan
|
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
|
)%
|
Nu Skin Enterprises Reports Second Quarter 2024 Financial Results |
page 7
|
Three Months Ended
June 30,
|
||||||||||||
2024
|
2023
|
Change
|
||||||||||
Customers
|
||||||||||||
Americas
|
226,626
|
263,138
|
(14
|
)%
|
||||||||
Mainland China
|
179,021
|
214,907
|
(17
|
)%
|
||||||||
Southeast Asia/Pacific
|
88,662
|
106,283
|
(17
|
)%
|
||||||||
Japan
|
109,357
|
112,484
|
(3
|
)%
|
||||||||
South Korea
|
99,358
|
112,019
|
(11
|
)%
|
||||||||
Europe & Africa
|
143,336
|
177,472
|
(19
|
)%
|
||||||||
Hong Kong/Taiwan
|
47,154
|
54,815
|
(14
|
)%
|
||||||||
Total Customers
|
893,514
|
1,041,118
|
(14
|
)%
|
Paid Affiliates
|
||||||||||||
Americas
|
29,531
|
36,048
|
(18
|
)%
|
||||||||
Mainland China
|
24,404
|
28,825
|
(15
|
)%
|
||||||||
Southeast Asia/Pacific(1)
|
29,701
|
32,769
|
(9
|
)%
|
||||||||
Japan(1)
|
21,575
|
36,765
|
(41
|
)%
|
||||||||
South Korea
|
22,116
|
23,012
|
(4
|
)%
|
||||||||
Europe & Africa
|
17,402
|
19,906
|
(13
|
)%
|
||||||||
Hong Kong/Taiwan
|
10,757
|
10,327
|
4
|
%
|
||||||||
Total Paid Affiliates
|
155,486
|
187,652
|
(17
|
)%
|
Sales Leaders
|
||||||||||||
Americas
|
6,070
|
7,872
|
(23
|
)%
|
||||||||
Mainland China
|
10,266
|
13,777
|
(25
|
)%
|
||||||||
Southeast Asia/Pacific
|
5,601
|
5,814
|
(4
|
)%
|
||||||||
Japan
|
6,116
|
5,853
|
4
|
%
|
||||||||
South Korea
|
4,689
|
5,784
|
(19
|
)%
|
||||||||
Europe & Africa
|
3,432
|
4,105
|
(16
|
)%
|
||||||||
Hong Kong/Taiwan
|
2,418
|
2,602
|
(7
|
)%
|
||||||||
Total Sales Leaders
|
38,592
|
45,807
|
(16
|
)%
|
● |
“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 Reports Second Quarter 2024 Financial Results |
page 8
|
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 Reports Second Quarter 2024 Financial Results |
page 9
|
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, $0.001 par value, 90.6 million shares issued
|
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 Reports Second Quarter 2024 Financial Results |
page 10
|
Three months ended
June 30,
|
Six months ended
June 30,
|
|||||||||||||||
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
|
Three months ended
June 30,
|
Six months ended
June 30,
|
|||||||||||||||
|
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 Reports Second Quarter 2024 Financial Results |
page 11
|
Three months ended
June 30,
|
Six months ended
June 30,
|
|||||||||||||||
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
|
Three months ended
September 30, 2024
|
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
|
Document and Entity Information |
Aug. 08, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Aug. 08, 2024 |
Entity File Number | 001-12421 |
Entity Registrant Name | NU SKIN ENTERPRISES, INC. |
Entity Central Index Key | 0001021561 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 87-0565309 |
Entity Address, Address Line One | 75 West Center Street |
Entity Address, City or Town | Provo |
Entity Address, State or Province | UT |
Entity Address, Postal Zip Code | 84601 |
City Area Code | 801 |
Local Phone Number | 345-1000 |
Title of 12(b) Security | Class A Common Stock, $.001 par value |
Trading Symbol | NUS |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
1 Year Nu Skin Enterprises Chart |
1 Month Nu Skin Enterprises Chart |
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