Nu Skin(US:NUS)2024-05-08 20:20Financial Performance - Q1 2024 revenue was $417.3 million, a decrease of 13.3% year-over-year, with a foreign exchange impact of $(18.2) million[2] - Earnings per share (EPS) for Q1 2024 was $(0.01), compared to $0.23 in the prior year, or $0.09 excluding restructuring charges[2] - Total revenue for Q1 2024 was $417.3 million, a decrease of 13.3% from $481.5 million in Q1 2023[24] - Gross profit for Q1 2024 was $294.1 million, down 15.5% from $347.9 million in Q1 2023[24] - Operating income decreased to $8.8 million in Q1 2024, compared to $16.1 million in Q1 2023, reflecting a decline of 45.1%[24] - Net loss for Q1 2024 was $(533,000), a significant drop from net income of $11.4 million in Q1 2023[24] - The effective tax rate for Q1 2024 was 148.4%, compared to 22.0% in Q1 2023, indicating a substantial increase[30] Customer Metrics - The total number of customers decreased by 19% year-over-year to 875,261[2] - Paid affiliates decreased by 30% to 154,171, or 14% excluding an adjustment to eligibility requirements[2] - The company plans to implement changes in eligibility requirements for receiving certain rewards, which is expected to reduce customer numbers by approximately 14,000 in Japan and 5,000 in Europe & Africa[21] Revenue Guidance - Q2 2024 revenue guidance is projected between $420 million and $455 million, reflecting a decrease of 16% to 9% year-over-year[5] - Full-year 2024 revenue guidance is set between $1.73 billion and $1.87 billion, a decrease of 12% to 5% year-over-year[6] Profitability Metrics - The gross margin for Q1 2024 was 70.5%, down from 72.3% in the prior year[7] - Adjusted operating income, excluding restructuring impacts, was $15.96 million for Q1 2024, compared to $25.85 million in Q1 2023[28] - Diluted earnings per share for Q1 2024 was $(0.01), down from $0.23 in Q1 2023[31] - Adjusted EPS for Q2 2024 is projected to be between $0.01 and $0.10, while for the full year 2024, it is expected to range from $0.77 to $1.16[34] - Restructuring expenses impacted EPS by $0.15 in Q2 2024 and $0.29 for the full year 2024[34] - The tax impact on EPS was $(0.06) for Q2 2024 and $(0.11) for the full year 2024[34] Strategic Initiatives - The company plans to launch the new MYND360 cognitive health line and expand into India next year[3] Shareholder Returns - Dividend payments for the quarter were $3.0 million, with $162.4 million remaining in stock repurchase authorization[4] Asset and Liability Overview - Total current assets decreased to $647.3 million as of March 31, 2024, down from $701.9 million at the end of 2023[26] - Total liabilities decreased to $931.7 million as of March 31, 2024, compared to $984.5 million at the end of 2023[26] Revenue Growth - Rhyz revenue grew by 57.5% year-over-year to $62.5 million[2]