UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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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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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
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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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Securities registered pursuant to Section 12(b) of the Act:
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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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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended
transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 |
Results of Operations and Financial Condition.
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On May 3, 2023, Nu Skin Enterprises, Inc. (the “Company”) issued a press release announcing its financial results for the three-month period ended March 31, 2023, and
certain other information. A copy of the press release is attached as Exhibit 99.1 to this report.
The information furnished pursuant to this Item 2.02 and Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), and shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act except as shall be expressly set forth by specific reference in such filing.
| Item 9.01 |
Financial Statements and Exhibits.
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(d)
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Exhibits.
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Nu Skin Enterprises’ press release dated May 3, 2023, regarding financial results for the three-month period ended March 31, 2023.
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104
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Cover Page Interactive Data File (embedded within the Inline XBRL document).
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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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: May 3, 2023
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Exhibit 99.1
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FOR IMMEDIATE RELEASE
Nu Skin Enterprises Reports First Quarter 2023 Financial Results
Company Reiterates 2023 Guidance
PROVO, Utah — May 3, 2023 — Nu Skin Enterprises, Inc. (NYSE: NUS) today announced first quarter 2023 results in line with expectations.
Executive Summary
Q1 2023 vs. Prior-year Quarter
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Revenue:
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$481.5 million; (20)%
• (4)% FX impact
or $(29) million
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||
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Earnings Per Share
(EPS):
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$0.23 or $0.37 excluding restructuring and impairment charges associated with the company’s strategic resource reallocation, compared to $0.76
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Customers:
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1,083,536; (18)%
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Paid Affiliates:
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221,354; (12)%
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Sales Leaders:
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43,755; (17)%
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“First quarter results were in line with our guidance reflecting better-than-expected performance in South Korea and Mainland China, while the
Americas and Southeast Asia continued to be impacted in large part by macro-economic factors including inflation and recession concerns,” said Ryan Napierski, Nu Skin president and CEO. “Although our results were down due to a difficult comparison
and persistent macro-economic challenges, we continue to make steady progress toward the key priorities that underpin our Nu Vision 2025 strategy. During the quarter, we experienced improving sequential trends in customers and paid affiliates in
Mainland China. We also introduced ageLOC® TRMe®, our personalized weight management system in South Korea, driving healthy results. In addition, our ageLOC® LumiSpa® iO device continues to gain traction with more than 3.7 million treatments
performed to date, while enhancements to the capabilities of our Vera® and Stela apps are driving customer conversion and user engagement.
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Nu Skin Enterprises Reports First Quarter 2023 Financial Results
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page 2
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“In the second half of this year, we’ll further strengthen our position as the world’s leading beauty device system brand with the introduction of
ageLOC WellSpa iO™, our next connected device system focused on holistic wellness and beauty. We will also continue to evolve our social commerce business model to empower our micro- and nano-influencers to scale their businesses and will build on
the continued adoption of Vera and Stela to develop deeper connections with our consumers and affiliates. With a dedicated team and a strong foundation, we remain confident in our Nu Vision 2025 strategy and are well positioned to drive long-term
sustainable growth and shareholder value.”
Q1 2023 Year-over-year Operating Results
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Revenue:
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$481.5 million compared to $604.9 million
• (4)% FX impact
or $(29) million
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Gross Margin:
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72.3% compared to 73.3%
• Impacted by
global inflationary pressure
• Nu Skin
business was 76.4% compared to 76.5%
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Selling Expenses:
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39.1% compared to 40.1%
• Nu Skin
business was 41.7% compared to 43.0%
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G&A Expenses:
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27.8% compared to 24.6%
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Operating Margin:
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3.3% or 5.4% excluding restructuring and impairment charges, compared to 8.6%
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Other Income / (Expense):
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$(1.5) million compared to $(1.5) million
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Income Tax Rate:
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22.0% compared to 23.6%
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EPS:
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$0.23 or $0.37 excluding restructuring and impairment charges compared to $0.76
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Stockholder Value
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Dividend Payments:
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$19.4 million
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Stock Repurchases:
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$0.0 million
• $175.4 million
remaining in authorization
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Q2 and Full-year 2023 Outlook
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Q2 2023 Revenue:
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$485 to $525 million; (14) to (6)%
• Approximately
(1) to (2)% FX impact
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Q2 2023 EPS:
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$0.45 to $0.55
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2023 Revenue:
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$2.03 to $2.18 billion; (9)% to (2)%
• Approximately
(1) to (2)% FX impact
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2023 EPS:
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$2.27 to $2.67 or $2.41 to $2.81 non-GAAP
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Nu Skin Enterprises Reports First Quarter 2023 Financial Results
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page 3
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“We are reiterating our 2023 guidance with gradual sequential improvements in our business throughout the year despite a
challenging global macro environment,” said James Thomas, interim chief financial officer. “We are managing our cost structure conservatively and are investing in key growth initiatives that support our Nu Vision 2025 strategy. Our annual revenue
guidance remains at $2.03 to $2.18 billion, with an approximate 1 to 2 percent foreign currency headwind. We are also reiterating reported EPS of $2.27 to $2.67 and increasing non-GAAP EPS to $2.41 to $2.81, which excludes the first quarter
restructuring charge of $9.8 million. For the second quarter, we project revenue of $485 to $525 million, assuming a negative foreign currency impact of approximately 1 to 2 percent, with reported earnings per share of $0.45 to $0.55.”
Conference Call
The Nu Skin Enterprises management team will host a conference call with the investment community today at 5 p.m. (ET). Those
wishing to access the webcast, as well as the financial information presented during the call, can visit the Investor Relations page on the company’s website at ir.nuskin.com. A replay of the webcast will be available on the same page through May
17, 2023.
About Nu Skin Enterprises, Inc.
Nu Skin Enterprises, Inc. (NYSE: NUS) is a global integrated
beauty and wellness company, powered by a dynamic affiliate opportunity platform. The company helps people look, feel and live their best with products that combine the best of science, technology and nature. Backed by nearly 40 years of
scientific research, Nu Skin develops innovative products including Nu Skin® personal care, Pharmanex® nutrition and the ageLOC® anti-aging brand which includes an award-winning line of beauty device systems. Nu Skin operates in nearly 50 markets
worldwide in the Americas, Asia, Europe, Africa and the Pacific. Rhyz Inc. is the company’s strategic investment arm that includes a collection of technology and manufacturing companies to support growth in the core Nu Skin business. Nu Skin is
committed to sustainability, including global initiatives such as transitioning to reduced and sustainable packaging for all products by 2030. The Nu Skin Force for Good Foundation also strives to improve children’s health, education and economic
circumstances throughout the world. For more information, visit nuskin.com.
Important Information Regarding Forward-Looking Statements: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended, that represent the company’s current expectations and beliefs. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws and include, but are not
limited to, statements of management’s expectations regarding the macro-environment and the company’s performance, growth, shareholder value, strategies, transformation, initiatives, product pipeline and product introductions, digital and
social-commerce tools and initiatives, customers, sales leaders, and affiliates; projections regarding revenue, expenses, operating income, earnings per share, foreign currency fluctuations, uses of cash and other financial items; statements of
belief; and statements of assumptions underlying any of the foregoing. In some cases, you can identify these statements by forward-looking words such as “believe,” “expect,” “anticipate,” “project,” “continue,” “outlook,” “guidance,” “remain,”
“will,” “would,” “could,” “may,” “might,” the negative of these words and other similar words.
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Nu Skin Enterprises Reports First Quarter 2023 Financial Results
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page 4
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The forward-looking statements and related assumptions involve risks and uncertainties that could cause actual results and
outcomes to differ materially from any forward-looking statements or views expressed herein. These risks and uncertainties include, but are not limited to, the following:
| • |
risk that epidemics, including COVID-19 and related disruptions, and other crises could negatively impact our business;
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| • |
adverse publicity related to the company’s business, products, industry or any legal actions or complaints by the company’s sales force or others;
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| • |
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;
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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;
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| • |
political, legal, tax and regulatory uncertainties, including trade policies, associated with operating in Mainland China and other international markets;
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| • |
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;
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| • |
risk of foreign-currency fluctuations and the currency translation impact on the company’s business associated with these fluctuations;
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| • |
uncertainties regarding the future financial performance of the businesses the company has acquired;
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| • |
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;
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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;
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| • |
unpredictable economic conditions and events globally;
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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; and
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| • |
continued competitive pressures in the company’s markets.
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The company’s financial performance and the forward-looking statements contained herein are further qualified by a detailed
discussion of associated risks set forth in the documents filed by the company with the Securities and Exchange Commission. The forward-looking statements set forth the company’s beliefs as of the date that such information was first provided, and
the company assumes no duty to update the forward-looking statements contained in this release to reflect any change except as required by law.
Non-GAAP Financial Measures:
Constant-currency revenue change is a non-GAAP financial measure that removes the impact of fluctuations in foreign-currency exchange rates, thereby facilitating period-to-period comparisons of the company’s
performance. It is calculated by translating the current period’s revenue at the same average exchange rates in effect during the applicable prior-year period and then comparing that amount to the prior-year period’s revenue. The company
believes that constant-currency revenue change is useful to investors, lenders and analysts because such information enables them to gauge the impact of foreign-currency fluctuations on the company’s revenue from period to period.
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Nu Skin Enterprises Reports First Quarter 2023 Financial Results
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page 5
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Earnings per share and operating margin, each excluding restructuring and impairment charges, also are non-GAAP financial
measures. Restructuring and impairment charges are not part of the ongoing operations of our underlying business. The company believes that these non-GAAP financial measures are useful to investors, lenders and analysts because removing the impact
of restructuring and impairment charges facilitates period-to-period comparisons of the company’s performance. Please see the reconciliations of these items to our earnings per share and operating margin calculated under GAAP, below.
The following table sets forth revenue for the three-month periods ended March 31, 2023 and 2022 for each of our reportable segments (U.S. dollars
in thousands):
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Three Months Ended
March 31,
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Constant-
Currency
|
|||||||||||||||
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2023
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2022
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Change
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Change
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|||||||||||||
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Nu Skin
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||||||||||||||||
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Americas
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$
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101,157
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$
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123,580
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(18
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)%
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(15
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)%
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||||||||
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South Korea
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70,324
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72,133
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(3
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)%
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3
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%
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||||||||||
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Mainland China
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67,976
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124,495
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(45
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)%
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(41
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)%
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||||||||||
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Southeast Asia/Pacific
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67,810
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90,236
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(25
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)%
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(21
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)%
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||||||||||
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Japan
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52,606
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61,791
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(15
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)%
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(3
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)%
|
||||||||||
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EMEA
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47,444
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52,968
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(10
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)%
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(6
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)%
|
||||||||||
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Hong Kong/Taiwan
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34,548
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38,494
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(10
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)%
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(5
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)%
|
||||||||||
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Nu Skin other
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(115
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)
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620
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(119
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)%
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(119
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)%
|
|||||||||
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Total Nu Skin
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441,750
|
564,317
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(22
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)%
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(17
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)%
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||||||||||
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Rhyz Investments
|
||||||||||||||||
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Manufacturing
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35,767
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40,341
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(11
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)%
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(11
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)%
|
||||||||||
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Rhyz other
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3,945
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241
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1537
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%
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1537
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%
|
||||||||||
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Total Rhyz Investments
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39,712
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40,582
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(2
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)%
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(2
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)%
|
||||||||||
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Total
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$
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481,462
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$
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604,899
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(20
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)%
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(16
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)%
|
||||||||
The following table provides information concerning the number of Customers, Paid Affiliates and Sales Leaders in our core Nu Skin business for
the three-month periods ended March 31, 2023 and 2022:
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Three Months Ended
March 31,
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||||||||||||
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2023
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2022
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Change
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Customers
|
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Americas
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266,378
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318,458
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(16
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)%
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||||||||
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South Korea
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120,907
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140,648
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(14
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)%
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Mainland China
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217,101
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289,060
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(25
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)%
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Southeast Asia/Pacific
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117,266
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165,657
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(29
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)%
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||||||||
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Japan
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115,161
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122,616
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(6
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)%
|
||||||||
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EMEA
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190,313
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216,037
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(12
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)%
|
||||||||
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Hong Kong/Taiwan
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56,410
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68,975
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(18
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)%
|
||||||||
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Total Customers
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1,083,536
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1,321,451
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(18
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)%
|
||||||||
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Paid Affiliates
|
||||||||||||
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Americas
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38,707
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46,317
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(16
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)%
|
||||||||
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South Korea
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40,599
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49,474
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(18
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)%
|
||||||||
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Mainland China
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24,522
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22,783
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8
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%
|
||||||||
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Southeast Asia/Pacific
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36,431
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43,347
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(16
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)%
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||||||||
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Japan
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37,155
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38,096
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(2
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)%
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||||||||
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EMEA
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27,654
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33,914
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(18
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)%
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||||||||
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Hong Kong/Taiwan
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16,286
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17,928
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(9
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)%
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||||||||
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Total Paid Affiliates
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221,354
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251,859
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(12
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)%
|
||||||||
|
Nu Skin Enterprises Reports First Quarter 2023 Financial Results
|
page 6
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Sales Leaders
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||||||||||||
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Americas
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8,242
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9,548
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(14
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)%
|
||||||||
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South Korea
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6,242
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6,072
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3
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%
|
||||||||
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Mainland China(1)
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10,034
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14,146
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(29
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)%
|
||||||||
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Southeast Asia/Pacific
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6,337
|
8,012
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(21
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)%
|
||||||||
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Japan
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5,688
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5,977
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(5
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)%
|
||||||||
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EMEA
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4,524
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5,455
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(17
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)%
|
||||||||
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Hong Kong/Taiwan
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2,688
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3,253
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(17
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)%
|
||||||||
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Total Sales Leaders
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43,755
|
52,463
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(17
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)%
|
||||||||
(1) The March 31, 2023 number reflects a modified Sales Leader definition, as described in our quarterly report on Form 10-Q.
| ● |
“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, INC.
Consolidated Statements of Income (Unaudited)
(U.S. dollars in thousands, except per share amounts)
|
Three Months Ended
March 31,
|
||||||||
|
2023
|
2022
|
|||||||
|
Revenue
|
$
|
481,462
|
$
|
604,899
|
||||
|
Cost of sales
|
133,588
|
161,499
|
||||||
|
Gross profit
|
347,874
|
443,400
|
||||||
|
Operating expenses:
|
||||||||
|
Selling expenses
|
188,124
|
242,699
|
||||||
|
General and administrative expenses
|
133,899
|
148,556
|
||||||
|
Restructuring and impairment expenses
|
9,787
|
—
|
||||||
|
Total operating expenses
|
331,810
|
391,255
|
||||||
|
Operating income
|
16,064
|
52,145
|
||||||
|
Other income (expense), net
|
(1,476
|
)
|
(1,453
|
)
|
||||
|
Income before provision for income taxes
|
14,588
|
50,692
|
||||||
|
Provision for income taxes
|
3,212
|
11,976
|
||||||
|
Net income
|
$
|
11,376
|
$
|
38,716
|
||||
|
Net income per share:
|
||||||||
|
Basic
|
$
|
0.23
|
$
|
0.77
|
||||
|
Diluted
|
$
|
0.23
|
$
|
0.76
|
||||
|
Weighted-average common shares outstanding (000s):
|
||||||||
|
Basic
|
49,644
|
49,991
|
||||||
|
Diluted
|
50,058
|
51,066
|
||||||
|
Nu Skin Enterprises Reports First Quarter 2023 Financial Results
|
page 7
|
NU SKIN ENTERPRISES, INC.
Consolidated Balance Sheets (Unaudited)
(U.S. dollars in thousands)
|
March 31,
2023
|
December 31,
2022
|
|||||||
|
ASSETS
|
||||||||
|
Current assets:
|
||||||||
|
Cash and cash equivalents
|
$
|
229,941
|
$
|
264,725
|
||||
|
Current investments
|
16,774
|
13,784
|
||||||
|
Accounts receivable, net
|
60,008
|
47,360
|
||||||
|
Inventories, net
|
366,537
|
346,183
|
||||||
|
Prepaid expenses and other
|
100,302
|
87,816
|
||||||
|
Total current assets
|
773,562
|
759,868
|
||||||
|
Property and equipment, net
|
437,986
|
444,806
|
||||||
|
Operating lease right-of-use assets
|
98,683
|
98,734
|
||||||
|
Goodwill
|
206,432
|
206,432
|
||||||
|
Other intangible assets, net
|
64,711
|
66,701
|
||||||
|
Other assets
|
243,271
|
244,429
|
||||||
|
Total assets
|
$
|
1,824,645
|
$
|
1,820,970
|
||||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
|
Current liabilities:
|
||||||||
|
Accounts payable
|
$
|
49,494
|
$
|
53,963
|
||||
|
Accrued expenses
|
275,774
|
280,280
|
||||||
|
Current portion of long-term debt
|
47,500
|
25,000
|
||||||
|
Total current liabilities
|
372,768
|
359,243
|
||||||
|
Operating lease liabilities
|
78,776
|
76,540
|
||||||
|
Long-term debt
|
372,609
|
377,466
|
||||||
|
Other liabilities
|
107,522
|
110,425
|
||||||
|
Total liabilities
|
931,675
|
923,674
|
||||||
|
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
|
611,483
|
613,278
|
||||||
|
Treasury stock, at cost – 40.7 million and 41.1 million shares
|
(1,559,080
|
)
|
(1,569,061
|
)
|
||||
|
Accumulated other comprehensive loss
|
(91,005
|
)
|
(86,509
|
)
|
||||
|
Retained earnings
|
1,931,481
|
1,939,497
|
||||||
|
Total stockholders’ equity
|
892,970
|
897,296
|
||||||
|
Total liabilities and stockholders’ equity
|
$
|
1,824,645
|
$
|
$1,820,970
|
||||
|
Nu Skin Enterprises Reports First Quarter 2023 Financial Results
|
page 8
|
NU SKIN ENTERPRISES, INC.
Reconciliation of Operating Margin Excluding Impact of Restructuring and Impairment
to GAAP Operating Margin
(in thousands, except for per share amounts)
|
Three months ended
March 31,
|
||||||||
|
2023
|
2022
|
|||||||
|
Operating Income
|
$
|
16,064
|
$
|
52,145
|
||||
|
Impact of restructuring and impairment:
|
||||||||
|
Restructuring and impairment
|
9,787
|
-
|
||||||
|
Adjusted operating income
|
$
|
25,851
|
$
|
52,145
|
||||
|
Operating margin
|
3.3
|
%
|
8.6
|
%
|
||||
|
Operating margin, excluding restructuring impact
|
5.4
|
%
|
8.6
|
%
|
||||
|
Revenue
|
$
|
481,462
|
$
|
604,899
|
||||
NU SKIN ENTERPRISES, INC.
Reconciliation of Earnings Per Share Excluding Impact of Restructuring to GAAP
Earnings Per Share
(in thousands, except for per share amounts)
|
Three Months Ended
March 31,
|
||||||||
|
2023
|
2022
|
|||||||
|
Net income
|
$
|
11,376
|
$
|
38,716
|
||||
|
Impact of restructuring and impairment expense:
|
||||||||
|
Restructuring and impairment
|
9,787
|
-
|
||||||
|
Tax impact
|
(2,593
|
)
|
-
|
|||||
|
Adjusted net income
|
$
|
18,570
|
$
|
38,716
|
||||
|
Diluted earnings per share
|
$
|
0.23
|
$
|
0.76
|
||||
|
Diluted earnings per share, excluding restructuring impact
|
$
|
0.37
|
$
|
0.76
|
||||
|
Weighted-average common shares outstanding (000)
|
50,058
|
51,066
|
||||||
|
Nu Skin Enterprises Reports First Quarter 2023 Financial Results
|
page 9
|
NU SKIN ENTERPRISES, INC.
Reconciliation of Earnings Per Share Excluding Impact of Restructuring to GAAP
Earnings Per Share
|
Year ended December 31,
|
||||||||
|
2023 - Low-end
|
2023 High-end
|
|||||||
|
Earnings Per Share
|
$
|
2.27
|
$
|
2.67
|
||||
|
Impact of restructuring and impairment expense:
|
||||||||
|
Restructuring and impairment
|
0.19
|
0.19
|
||||||
|
Tax impact
|
(0.05
|
)
|
(0.05
|
)
|
||||
|
Adjusted EPS
|
$
|
2.41
|
$
|
2.81
|
||||
# # #
CONTACTS:
Media: media@nuskin.com, (801) 345-6397
Investors: investorrelations@nuskin.com, (801) 345-3577