Texas | 75-2508900 | |||||||
(State or other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |||||||
1410 Lakeside Parkway, Suite 200, Flower Mound, Texas | 75028 | |||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, par value $0.0001 per share | MTEX | The Nasdaq Stock Market LLC |
Large accelerated filer ¨ | Accelerated filer ¨ | Non-accelerated filer x | Smaller reporting company x | Emerging Growth Company ¨ |
Part I – FINANCIAL INFORMATION | |||||
Part II – OTHER INFORMATION | |||||
ASSETS | March 31, 2020 (unaudited) | December 31, 2019 | ASSETS | September 30, 2020 (unaudited) | December 31, 2019 | |||||||||||||
Cash and cash equivalents | $ | 24,489 | $ | 24,762 | Cash and cash equivalents | $ | 21,234 | $ | 24,762 | |||||||||
Restricted cash | 943 | 943 | Restricted cash | 943 | 943 | |||||||||||||
Accounts receivable, net of allowance of $717 and $708 in 2020 and 2019, respectively | 271 | 955 | ||||||||||||||||
Accounts receivable, net of allowance of $787 and $708 in 2020 and 2019, respectively | Accounts receivable, net of allowance of $787 and $708 in 2020 and 2019, respectively | 144 | 955 | |||||||||||||||
Income tax receivable | 1,243 | 220 | Income tax receivable | 825 | 220 | |||||||||||||
Inventories, net | 11,545 | 10,152 | Inventories, net | 13,512 | 10,152 | |||||||||||||
Prepaid expenses and other current assets | 2,947 | 2,239 | Prepaid expenses and other current assets | 2,516 | 2,239 | |||||||||||||
Deferred commissions | 1,789 | 1,758 | Deferred commissions | 1,729 | 1,758 | |||||||||||||
Total current assets | 43,227 | 41,029 | Total current assets | 40,903 | 41,029 | |||||||||||||
Property and equipment, net | 4,871 | 5,261 | Property and equipment, net | 4,007 | 5,261 | |||||||||||||
Construction in progress | 973 | 865 | Construction in progress | 1,411 | 865 | |||||||||||||
Long-term restricted cash | 4,993 | 5,295 | Long-term restricted cash | 4,049 | 5,295 | |||||||||||||
Other assets | 9,634 | 9,592 | Other assets | 11,712 | 9,592 | |||||||||||||
Long-term deferred tax assets, net | 1,013 | 881 | Long-term deferred tax assets, net | 963 | 881 | |||||||||||||
Total assets | $ | 64,711 | $ | 62,923 | Total assets | $ | 63,045 | $ | 62,923 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||
Current portion of finance leases | $ | 80 | $ | 87 | Current portion of finance leases | $ | 77 | $ | 87 | |||||||||
Accounts payable | 4,929 | 3,526 | Accounts payable | 4,763 | 3,526 | |||||||||||||
Accrued expenses | 6,573 | 8,209 | Accrued expenses | 7,823 | 8,209 | |||||||||||||
Commissions and incentives payable | 10,233 | 9,728 | Commissions and incentives payable | 9,807 | 9,728 | |||||||||||||
Taxes payable | 1,944 | 2,187 | Taxes payable | 1,080 | 2,187 | |||||||||||||
Current notes payable | 1,039 | 739 | Current notes payable | 689 | 739 | |||||||||||||
Deferred revenue | 5,223 | 4,416 | Deferred revenue | 5,034 | 4,416 | |||||||||||||
Total current liabilities | 30,021 | 28,892 | Total current liabilities | 29,273 | 28,892 | |||||||||||||
Finance leases, excluding current portion | 187 | 176 | Finance leases, excluding current portion | 152 | 176 | |||||||||||||
Deferred tax liabilities | 3 | 3 | Deferred tax liabilities | 3 | 3 | |||||||||||||
Long-term notes payable | 228 | 363 | Long-term notes payable | 0 | 363 | |||||||||||||
Other long-term liabilities | 5,937 | 6,214 | Other long-term liabilities | 7,373 | 6,214 | |||||||||||||
Total liabilities | 36,376 | 35,648 | Total liabilities | 36,801 | 35,648 | |||||||||||||
Commitments and contingencies | Commitments and contingencies | |||||||||||||||||
Shareholders’ equity: | Shareholders’ equity: | |||||||||||||||||
Preferred stock, $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding | — | — | Preferred stock, $0.01 par value, 1,000,000 shares authorized, no shares issued or outstanding | 0 | 0 | |||||||||||||
Common stock, $0.0001 par value, 99,000,000 shares authorized, 2,742,857 shares issued and 2,389,206 shares outstanding as of March 31, 2020 and 2,742,857 shares issued and 2,381,131 shares outstanding as of December 31, 2019 | — | — | ||||||||||||||||
Common stock, $0.0001 par value, 99,000,000 shares authorized, 2,742,857 shares issued and 2,089,002 shares outstanding as of September 30, 2020 and 2,742,857 shares issued and 2,381,131 shares outstanding as of December 31, 2019 | Common stock, $0.0001 par value, 99,000,000 shares authorized, 2,742,857 shares issued and 2,089,002 shares outstanding as of September 30, 2020 and 2,742,857 shares issued and 2,381,131 shares outstanding as of December 31, 2019 | 0 | 0 | |||||||||||||||
Additional paid-in capital | 34,063 | 34,143 | Additional paid-in capital | 33,765 | 34,143 | |||||||||||||
Retained earnings (accumulated deficit) | 1,797 | (690 | ) | Retained earnings (accumulated deficit) | 3,908 | (690) | ||||||||||||
Accumulated other comprehensive income | 2,123 | 3,757 | Accumulated other comprehensive income | 3,350 | 3,757 | |||||||||||||
Treasury stock, at average cost, 353,651 shares as of March 31, 2020 and 361,726 shares as of December 31, 2019 | (9,648 | ) | (9,935 | ) | ||||||||||||||
Treasury stock, at average cost, 653,855 shares as of September 30, 2020 and 361,726 shares as of December 31, 2019 | Treasury stock, at average cost, 653,855 shares as of September 30, 2020 and 361,726 shares as of December 31, 2019 | (14,779) | (9,935) | |||||||||||||||
Total shareholders’ equity | 28,335 | 27,275 | Total shareholders’ equity | 26,244 | 27,275 | |||||||||||||
Total liabilities and shareholders’ equity | $ | 64,711 | $ | 62,923 | Total liabilities and shareholders’ equity | $ | 63,045 | $ | 62,923 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net sales | $ | 37,966 | $ | 39,656 | $ | 112,218 | $ | 118,340 | |||||||||||||||
Cost of sales | 9,328 | 7,711 | 25,044 | 23,253 | |||||||||||||||||||
Gross profit | 28,638 | 31,945 | 87,174 | 95,087 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Commissions and incentives | 15,089 | 16,696 | 45,308 | 48,190 | |||||||||||||||||||
Selling and administrative expenses | 6,639 | 8,951 | 20,659 | 24,908 | |||||||||||||||||||
Depreciation and amortization expense | 468 | 519 | 1,525 | 1,564 | |||||||||||||||||||
Other operating costs | 5,062 | 5,214 | 15,180 | 16,721 | |||||||||||||||||||
Total operating expenses | 27,258 | 31,380 | 82,672 | 91,383 | |||||||||||||||||||
Income from operations | 1,380 | 565 | 4,502 | 3,704 | |||||||||||||||||||
Interest income (expense), net | 10 | (12) | 73 | (83) | |||||||||||||||||||
Other income (expense), net | 248 | (430) | 206 | 554 | |||||||||||||||||||
Income before income taxes | 1,638 | 123 | 4,781 | 4,175 | |||||||||||||||||||
Income tax (provision) benefit | (22) | (1,613) | 753 | (2,991) | |||||||||||||||||||
Net income (loss) | $ | 1,616 | $ | (1,490) | $ | 5,534 | $ | 1,184 | |||||||||||||||
Earnings per common share: | |||||||||||||||||||||||
Basic | $ | 0.77 | $ | (0.62) | $ | 2.42 | $ | 0.50 | |||||||||||||||
Diluted | $ | 0.76 | $ | (0.62) | $ | 2.38 | $ | 0.47 | |||||||||||||||
Weighted-average common shares outstanding: | |||||||||||||||||||||||
Basic | 2,098 | 2,391 | 2,286 | 2,393 | |||||||||||||||||||
Diluted | 2,135 | 2,391 | 2,312 | 2,450 |
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Net sales | $ | 36,605 | $ | 37,973 | |||
Cost of sales | 7,008 | 7,427 | |||||
Gross profit | 29,597 | 30,546 | |||||
Operating expenses: | |||||||
Commissions and incentives | 14,889 | 15,199 | |||||
Selling and administrative expenses | 6,855 | 7,576 | |||||
Depreciation and amortization expense | 520 | 528 | |||||
Other operating costs | 5,322 | 6,123 | |||||
Total operating expenses | 27,586 | 29,426 | |||||
Income from operations | 2,011 | 1,120 | |||||
Interest income (expense), net | 50 | (95 | ) | ||||
Other (expense) income, net | (208 | ) | 4 | ||||
Income before income taxes | 1,853 | 1,029 | |||||
Income tax (provision) benefit | 934 | (341 | ) | ||||
Net income | $ | 2,787 | $ | 688 | |||
Earnings per common share: | |||||||
Basic | $ | 1.17 | $ | 0.29 | |||
Diluted | $ | 1.15 | $ | 0.28 | |||
Weighted-average common shares outstanding: | |||||||
Basic | 2,391 | 2,396 | |||||
Diluted | 2,415 | 2,462 |
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Net income | $ | 2,787 | $ | 688 | |||
Foreign currency translations | (1,634 | ) | (441 | ) | |||
Comprehensive income | $ | 1,153 | $ | 247 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Net income (loss) | $ | 1,616 | $ | (1,490) | $ | 5,534 | $ | 1,184 | |||||||||||||||
Foreign currency translations | 679 | (763) | (407) | (1,393) | |||||||||||||||||||
Comprehensive income (loss) | $ | 2,295 | $ | (2,253) | $ | 5,127 | $ | (209) |
Common stock Par value | Additional paid-in capital | Retained earnings (accumulated deficit) | Accumulated other comprehensive income | Treasury stock | Total shareholders’ equity | ||||||||||||||||||||||||||||||
Balance at January 1, 2020 | $ | 0 | $ | 34,143 | $ | (690) | $ | 3,757 | $ | (9,935) | $ | 27,275 | |||||||||||||||||||||||
Net income | — | — | 2,787 | — | — | 2,787 | |||||||||||||||||||||||||||||
Payment of cash dividends | — | — | (300) | — | — | (300) | |||||||||||||||||||||||||||||
Charge related to stock-based compensation | — | 83 | — | — | — | 83 | |||||||||||||||||||||||||||||
Issuance of unrestricted shares | — | (163) | — | — | 373 | 210 | |||||||||||||||||||||||||||||
Repurchase of common stock | — | — | — | — | (86) | (86) | |||||||||||||||||||||||||||||
Foreign currency translations | — | — | — | (1,634) | — | (1,634) | |||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | 0 | $ | 34,063 | $ | 1,797 | $ | 2,123 | $ | (9,648) | $ | 28,335 | |||||||||||||||||||||||
Net income | — | — | 1,130 | — | — | 1,130 | |||||||||||||||||||||||||||||
Payment of cash dividends | — | — | (299) | — | — | (299) | |||||||||||||||||||||||||||||
Charge related to stock-based compensation | — | 34 | — | — | — | 34 | |||||||||||||||||||||||||||||
Stock option exercises | — | (333) | — | — | 333 | 0 | |||||||||||||||||||||||||||||
Repurchase of common stock | — | — | — | — | (5,109) | (5,109) | |||||||||||||||||||||||||||||
Foreign currency translations | — | — | — | 548 | — | 548 | |||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | 0 | $ | 33,764 | $ | 2,628 | $ | 2,671 | $ | (14,424) | $ | 24,639 | |||||||||||||||||||||||
Net income | — | — | 1,655 | — | — | 1,616 | |||||||||||||||||||||||||||||
Payment of cash dividends | — | — | (336) | — | — | (336) | |||||||||||||||||||||||||||||
Charge related to stock-based compensation | — | 1 | — | — | — | 1 | |||||||||||||||||||||||||||||
Repurchase of common stock | — | — | — | — | (355) | (355) | |||||||||||||||||||||||||||||
Foreign currency translations | — | — | — | 679 | — | 679 | |||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | 0 | $ | 33,765 | $ | 3,908 | $ | 3,350 | $ | (14,779) | $ | 26,244 |
Common stock Par value | Additional paid-in capital | Retained earnings (accumulated deficit) | Accumulated other comprehensive income | Treasury stock | Total shareholders’ equity | Common stock Par value | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive income | Treasury stock | Total shareholders’ equity | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at January 1, 2019 | $ | — | $ | 33,939 | $ | (2,782 | ) | $ | 4,337 | $ | (10,170 | ) | $ | 25,324 | Balance at January 1, 2019 | $ | 0 | $ | 33,939 | $ | (2,782) | $ | 4,337 | $ | (10,170) | $ | 25,324 | |||||||||||||||||||||||||||||||
Net income | — | — | 688 | — | — | 688 | Net income | — | — | 688 | — | — | 688 | |||||||||||||||||||||||||||||||||||||||||||||
Payment of cash dividends | — | — | (303 | ) | — | — | (303 | ) | Payment of cash dividends | — | — | (303) | — | — | (303) | |||||||||||||||||||||||||||||||||||||||||||
Charge related to stock-based compensation | — | 107 | — | — | — | 107 | Charge related to stock-based compensation | — | 107 | — | — | — | 107 | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of unrestricted shares | — | (141 | ) | — | — | 421 | 280 | Issuance of unrestricted shares | — | (141) | — | — | 421 | 280 | ||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | — | — | — | (9 | ) | (9 | ) | Repurchase of common stock | — | — | — | — | (9) | (9) | ||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translations | — | — | — | (441 | ) | — | (441 | ) | Foreign currency translations | — | — | — | (441) | — | (441) | |||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2019 | $ | — | $ | 33,905 | $ | (2,397 | ) | $ | 3,896 | $ | (9,758 | ) | $ | 25,646 | Balance at March 31, 2019 | $ | 0 | $ | 33,905 | $ | (2,397) | $ | 3,896 | $ | (9,758) | $ | 25,646 | |||||||||||||||||||||||||||||||
Balance at January 1, 2020 | $ | — | $ | 34,143 | $ | (690 | ) | $ | 3,757 | $ | (9,935 | ) | $ | 27,275 | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | 2,787 | — | — | 2,787 | Net income | — | — | 1,987 | — | — | 1,987 | |||||||||||||||||||||||||||||||||||||||||||||
Payment of cash dividends | — | — | (300 | ) | — | — | (300 | ) | Payment of cash dividends | — | — | (300) | — | — | (300) | |||||||||||||||||||||||||||||||||||||||||||
Charge related to stock-based compensation | — | 83 | — | — | — | 83 | Charge related to stock-based compensation | — | 160 | — | — | — | 160 | |||||||||||||||||||||||||||||||||||||||||||||
Issuance of unrestricted shares | — | (163 | ) | — | — | 373 | 210 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Stock option exercises | Stock option exercises | — | (39) | — | — | 38 | (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | — | — | — | — | (86 | ) | (86 | ) | Repurchase of common stock | — | — | — | — | (58) | (58) | |||||||||||||||||||||||||||||||||||||||||||
Foreign currency translations | — | — | — | (1,634 | ) | — | (1,634 | ) | Foreign currency translations | — | — | — | (189) | — | (189) | |||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | — | $ | 34,063 | $ | 1,797 | $ | 2,123 | $ | (9,648 | ) | $ | 28,335 | |||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2019 | Balance at June 30, 2019 | $ | 0 | $ | 34,026 | $ | (710) | $ | 3,707 | $ | (9,778) | $ | 27,245 | |||||||||||||||||||||||||||||||||||||||||||||
Net loss | Net loss | — | — | (1,490) | — | — | (1,490) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Payment of cash dividends | Payment of cash dividends | — | — | (299) | — | — | (299) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Charge related to stock-based compensation | Charge related to stock-based compensation | — | 106 | — | — | — | 106 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of unrestricted shares | Issuance of unrestricted shares | — | (71) | — | — | 71 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | Repurchase of common stock | — | — | — | — | (154) | (154) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency translations | Foreign currency translations | — | — | — | (763) | — | (763) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2019 | Balance at September 30, 2019 | $ | 0 | $ | 34,061 | $ | (2,499) | $ | 2,944 | $ | (9,861) | $ | 24,645 |
Nine Months Ended September 30, | |||||||||||
2020 | 2019 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income | $ | 5,534 | $ | 1,184 | |||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Depreciation and amortization | 1,525 | 1,564 | |||||||||
Non-cash operating lease expense | 1,746 | 1,219 | |||||||||
Provision for inventory losses | 418 | 857 | |||||||||
Provision for doubtful accounts | 116 | (32) | |||||||||
Loss on disposal of assets | (1) | 62 | |||||||||
Charge related to stock-based compensation | 328 | 653 | |||||||||
Deferred income taxes | (82) | 999 | |||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 695 | (38) | |||||||||
Income tax receivable | (605) | 172 | |||||||||
Inventories | (3,778) | (199) | |||||||||
Prepaid expenses and other current assets | (359) | 1,976 | |||||||||
Deferred commissions | 29 | 93 | |||||||||
Other assets | (1,097) | 850 | |||||||||
Accounts payable | 1,237 | (2,049) | |||||||||
Accrued expenses and other liabilities | (2,015) | (177) | |||||||||
Taxes payable | (1,107) | 444 | |||||||||
Commissions and incentives payable | 79 | (1,854) | |||||||||
Deferred revenue | 618 | 428 | |||||||||
Net cash provided by operating activities | 3,281 | 6,152 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Acquisition of property and equipment | (759) | (998) | |||||||||
Proceeds from sale of assets | (8) | — | |||||||||
Net cash used in investing activities | (767) | (998) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Repurchase of common stock | (5,550) | (221) | |||||||||
Payment of cash dividends | (936) | (902) | |||||||||
Proceeds from Paycheck Protection Program note payable | 2,244 | — | |||||||||
Repayment of Paycheck Protection Program note payable | (2,244) | — | |||||||||
Repayment of other notes payable and finance lease obligations | (373) | (968) | |||||||||
Net cash used in financing activities | (6,859) | (2,091) | |||||||||
Effect of currency exchange rate changes on cash and cash equivalents | (429) | (1,346) | |||||||||
Net (decrease) increase in cash, cash equivalents, and restricted cash | (4,774) | 1,717 | |||||||||
Cash, cash equivalents, and restricted cash at the beginning of the period | 31,000 | 30,584 | |||||||||
Cash, cash equivalents, and restricted cash at the end of the period | $ | 26,226 | $ | 32,301 | |||||||
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net income | $ | 2,787 | $ | 688 | |||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||
Depreciation and amortization | 520 | 528 | |||||
Non-cash operating lease expense | 576 | 441 | |||||
Provision for inventory losses | 36 | 178 | |||||
Provision for doubtful accounts | 21 | 37 | |||||
Loss on disposal of assets | — | 62 | |||||
Charge related to stock-based compensation | 292 | 388 | |||||
Deferred income taxes | (132 | ) | 200 | ||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | 663 | (74 | ) | ||||
Income tax receivable | (1,024 | ) | 49 | ||||
Inventories | (1,429 | ) | (206 | ) | |||
Prepaid expenses and other current assets | 257 | (35 | ) | ||||
Deferred commissions | (31 | ) | 29 | ||||
Other assets | (1,166 | ) | (285 | ) | |||
Accounts payable | 1,403 | (844 | ) | ||||
Accrued expenses and other liabilities | (1,735 | ) | (137 | ) | |||
Taxes payable | (243 | ) | (117 | ) | |||
Commissions and incentives payable | 505 | (1,110 | ) | ||||
Deferred revenue | 807 | 119 | |||||
Net cash provided by (used in) operating activities | 2,107 | (89 | ) | ||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Acquisition of property and equipment | (232 | ) | (429 | ) | |||
Net cash used in investing activities | (232 | ) | (429 | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Repurchase of common stock | (86 | ) | (9 | ) | |||
Payment of cash dividends | (300 | ) | (303 | ) | |||
Repayment of notes payable and finance lease obligations | (458 | ) | (247 | ) | |||
Net cash used in financing activities | (844 | ) | (559 | ) | |||
Effect of currency exchange rate changes on cash and cash equivalents | (1,606 | ) | (426 | ) | |||
Net decrease in cash, cash equivalents, and restricted cash | (575 | ) | (1,503 | ) | |||
Cash, cash equivalents, and restricted cash at the beginning of the period | 31,000 | 30,584 | |||||
Cash, cash equivalents, and restricted cash at the end of the period | $ | 30,425 | $ | 29,081 | |||
Three Months Ended March 31, | Nine Months Ended September 30, | |||||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | |||||||||||||||||
Income taxes paid | $ | 362 | $ | 181 | Income taxes paid | $ | 969 | $ | 1,089 | |||||||||
Interest paid on finance leases and other financing arrangements | 19 | 27 | Interest paid on finance leases and other financing arrangements | $ | 56 | 93 | ||||||||||||
Assets acquired through other financing arrangements | Assets acquired through other financing arrangements | 0 | 25 | |||||||||||||||
Operating lease right-of-use assets recorded upon adoption of ASC 842 | — | 4,638 | Operating lease right-of-use assets recorded upon adoption of ASC 842 | 0 | 4,730 | |||||||||||||
Finance lease right-of-use assets recorded upon adoption of ASC 842 | — | 103 | Finance lease right-of-use assets recorded upon adoption of ASC 842 | 0 | 76 | |||||||||||||
Operating lease right-of-use assets acquired in exchange for new operating lease liabilities | — | 207 | Operating lease right-of-use assets acquired in exchange for new operating lease liabilities | 2,769 | 2,916 | |||||||||||||
Finance lease right-of-use assets acquired in exchange for new finance lease liabilities | 47 | — | Finance lease right-of-use assets acquired in exchange for new finance lease liabilities | 47 | 236 |
September 30, 2020 | December 31, 2019 | ||||||||||
Cash and cash equivalents at beginning of period | $ | 24,762 | $ | 21,845 | |||||||
Current restricted cash at beginning of period | 943 | 1,514 | |||||||||
Long-term restricted cash at beginning of period | 5,295 | 7,225 | |||||||||
Cash, cash equivalents, and restricted cash at beginning of period | $ | 31,000 | $ | 30,584 | |||||||
Cash and cash equivalents at end of period | $ | 21,234 | $ | 24,762 | |||||||
Current restricted cash at end of period | 943 | 943 | |||||||||
Long-term restricted cash at end of period | 4,049 | 5,295 | |||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 26,226 | $ | 31,000 |
March 31, 2020 | December 31, 2019 | ||||||
Cash and cash equivalents at beginning of period | $ | 24,762 | $ | 21,845 | |||
Current restricted cash at beginning of period | 943 | 1,514 | |||||
Long-term restricted cash at beginning of period | 5,295 | 7,225 | |||||
Cash, cash equivalents, and restricted cash at beginning of period | $ | 31,000 | $ | 30,584 | |||
Cash and cash equivalents at end of period | $ | 24,489 | $ | 24,762 | |||
Current restricted cash at end of period | 943 | 943 | |||||
Long-term restricted cash at end of period | 4,993 | 5,295 | |||||
Cash, cash equivalents, and restricted cash at end of period | $ | 30,425 | $ | 31,000 |
Loyalty program | (in thousands) | ||||
Loyalty deferred revenue as of January 1, 2019 | $ | 4,231 | |||
Loyalty points forfeited or expired | (4,348) | ||||
Loyalty points used | (9,127) | ||||
Loyalty points vested | 11,320 | ||||
Loyalty points unvested | 1,051 | ||||
Loyalty deferred revenue as of December 31, 2019 | $ | 3,127 |
Loyalty program | (in thousands) | ||
Loyalty deferred revenue as of January 1, 2019 | $ | 4,231 | |
Loyalty points forfeited or expired | (4,348 | ) | |
Loyalty points used | (9,127 | ) | |
Loyalty points vested | 11,320 | ||
Loyalty points unvested | 1,051 | ||
Loyalty deferred revenue as of December 31, 2019 | $ | 3,127 |
Loyalty deferred revenue as of January 1, 2020 | $ | 3,127 | |||
Loyalty points forfeited or expired | (2,601) | ||||
Loyalty points used | (6,879) | ||||
Loyalty points vested | 8,404 | ||||
Loyalty points unvested | 1,145 | ||||
Loyalty deferred revenue as of September 30, 2020 | $ | 3,196 |
Loyalty deferred revenue as of January 1, 2020 | $ | 3,127 | |
Loyalty points forfeited or expired | (678 | ) | |
Loyalty points used | (2,524 | ) | |
Loyalty points vested | 1,959 | ||
Loyalty points unvested | 1,159 | ||
Loyalty deferred revenue as of March 31, 2020 | $ | 3,043 |
Sales reserve as of January 1, 2019 | $ | 76 | |||
Provision related to sales made in current period | 1,037 | ||||
Adjustment related to sales made in prior periods | 31 | ||||
Actual returns or credits related to current period | (973) | ||||
Actual returns or credits related to prior periods | (103) | ||||
Sales reserve as of December 31, 2019 | $ | 68 | |||
Sales reserve as of January 1, 2020 | $ | 68 | |||
Provision related to sales made in current period | 722 | ||||
Adjustment related to sales made in prior periods | 5 | ||||
Actual returns or credits related to current period | (647) | ||||
Actual returns or credits related to prior periods | (68) | ||||
Sales reserve as of September 30, 2020 | $ | 80 |
Sales reserve as of January 1, 2019 | $ | 76 | |
Provision related to sales made in current period | 1,037 | ||
Adjustment related to sales made in prior periods | 31 | ||
Actual returns or credits related to current period | (973 | ) | |
Actual returns or credits related to prior periods | (103 | ) | |
Sales reserve as of December 31, 2019 | $ | 68 | |
Sales reserve as of January 1, 2020 | $ | 68 | |
Provision related to sales made in current period | 248 | ||
Adjustment related to sales made in prior periods | (8 | ) | |
Actual returns or credits related to current period | (179 | ) | |
Actual returns or credits related to prior periods | (55 | ) | |
Sales reserve as of March 31, 2020 | $ | 74 |
September 30, 2020 | December 31, 2019 | ||||||||||
Raw materials | $ | 2,716 | $ | 2,685 | |||||||
Finished goods | 11,320 | 8,341 | |||||||||
Inventory reserves for obsolescence | (524) | (874) | |||||||||
Total | $ | 13,512 | $ | 10,152 |
March 31, 2020 | December 31, 2019 | ||||||
Raw materials | $ | 2,733 | $ | 2,685 | |||
Finished goods | 9,512 | 8,341 | |||||
Inventory reserves for obsolescence | (700 | ) | (874 | ) | |||
Total | $ | 11,545 | $ | 10,152 |
Three Months Ended March 31, | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Total gross compensation expense | $ | 38 | $ | 108 | Total gross compensation expense | $ | 7 | $ | 106 | $ | 118 | $ | 374 | |||||||||||||||||
Total tax benefit associated with compensation expense | 4 | 6 | Total tax benefit associated with compensation expense | 1 | 4 | 8 | 20 | |||||||||||||||||||||||
Total net compensation expense | $ | 34 | $ | 102 | Total net compensation expense | $ | 6 | $ | 102 | $ | 110 | $ | 354 |
Three months ending December 31, 2020 | Year ending December 31, | ||||||||||||||||||||||
2021 | 2022 | 2023 | |||||||||||||||||||||
Total gross unrecognized compensation expense | $ | 6 | $ | 15 | $ | 3 | $ | 0 | |||||||||||||||
Tax benefit associated with unrecognized compensation expense | 1 | 3 | 1 | 0 | |||||||||||||||||||
Total net unrecognized compensation expense | $ | 5 | $ | 12 | $ | 2 | $ | 0 |
Nine months ending December 31, 2020 | Year ending December 31, | ||||||||||||||
2021 | 2022 | 2023 | |||||||||||||
Total gross unrecognized compensation expense | $ | 38 | $ | 8 | $ | — | $ | — | |||||||
Tax benefit associated with unrecognized compensation expense | 4 | 2 | — | — | |||||||||||
Total net unrecognized compensation expense | $ | 34 | $ | 6 | $ | — | $ | — |
Foreign Currency Translation | Pension Postretirement Benefit Obligation | Accumulated Other Comprehensive Income, Net | |||||||||||||||
Balance as of December 31, 2019 | $ | 3,435 | $ | 322 | $ | 3,757 | |||||||||||
Current-period change (1) | (407) | 0 | (407) | ||||||||||||||
Balance as of September 30, 2020 | $ | 3,028 | $ | 322 | $ | 3,350 |
Foreign Currency Translation | Pension Postretirement Benefit Obligation | Accumulated Other Comprehensive Income, Net | |||||||||
Balance as of December 31, 2019 | $ | 3,435 | $ | 322 | $ | 3,757 | |||||
Current-period change (1) | (1,634 | ) | — | (1,634 | ) | ||||||
Balance as of March 31, 2020 | $ | 1,801 | $ | 322 | $ | 2,123 |
Leases | Classification | March 31, 2020 | March 31, 2019 | Leases | Classification | September 30, 2020 | September 30, 2019 | ||||||||||||||||||||||
Right-of-use assets | Right-of-use assets | ||||||||||||||||||||||||||||
Operating leases | Other assets | $ | 5,060 | $ | 4,812 | Operating leases | Other assets | $ | 6,960 | $ | 6,410 | ||||||||||||||||||
Finance leases | Property and equipment, net | 362 | 136 | Finance leases | Property and equipment, net | 309 | 383 | ||||||||||||||||||||||
Total right-of-use assets | $ | 5,422 | $ | 4,948 | Total right-of-use assets | $ | 7,269 | $ | 6,793 | ||||||||||||||||||||
Lease liabilities | |||||||||||||||||||||||||||||
Current portion | |||||||||||||||||||||||||||||
Current portion of lease liabilities | Current portion of lease liabilities | ||||||||||||||||||||||||||||
Operating leases | Accrued expenses | $ | 1,386 | $ | 1,836 | Operating leases | Accrued expenses | $ | 1,927 | $ | 1,929 | ||||||||||||||||||
Finance leases | Current portion of finance leases | 80 | 81 | Finance leases | Current portion of finance leases | 77 | 99 | ||||||||||||||||||||||
Long-term | |||||||||||||||||||||||||||||
Long-term portion of lease liabilities | Long-term portion of lease liabilities | ||||||||||||||||||||||||||||
Operating leases | Other long-term liabilities | 5,009 | 4,618 | Operating leases | Other long-term liabilities | 6,379 | 5,759 | ||||||||||||||||||||||
Finance leases | Finance leases, excluding current portion | 187 | 73 | Finance leases | Finance leases, excluding current portion | 152 | 201 | ||||||||||||||||||||||
Total leased liabilities | $ | 6,662 | $ | 6,608 | |||||||||||||||||||||||||
Total lease liabilities | Total lease liabilities | $ | 8,535 | $ | 7,988 |
Lease Cost | Classification | Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | ||||||
Operating lease cost | Other operating cost | $ | 616 | $ | 755 | ||||
Finance lease cost | |||||||||
Amortization of leased assets | Depreciation and amortization | 22 | 23 | ||||||
Interest on lease liabilities | Interest expense | 4 | 2 | ||||||
Total lease cost | $ | 642 | $ | 780 |
Lease Payments | Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | ||||||
Cash paid for amounts included in the measurement of lease liabilities | ||||||||
Operating cash flows from operating leases | $ | 559 | $ | 755 | ||||
Financing cash flows from finance leases | 47 | 12 |
March 31, 2020 | September 30, 2020 | |||||||||||||||||||||||||||||||||
Maturity of lease liabilities | Operating Leases | Financing Leases | Maturity of lease liabilities | Operating Leases | Financing Leases | |||||||||||||||||||||||||||||
Remaining 2020 | $ | 1,258 | $ | 77 | Remaining 2020 | $ | 625 | $ | 24 | |||||||||||||||||||||||||
2021 | 1,585 | 100 | 2021 | 2,201 | 91 | |||||||||||||||||||||||||||||
2022 | 1,161 | 74 | 2022 | 1,737 | 73 | |||||||||||||||||||||||||||||
2023 | 604 | 45 | 2023 | 1,174 | 45 | |||||||||||||||||||||||||||||
2024 | 612 | 21 | 2024 | 1,259 | 21 | |||||||||||||||||||||||||||||
2025 | 2025 | 872 | 1 | |||||||||||||||||||||||||||||||
Thereafter | 2,139 | 1 | Thereafter | 1,528 | 0 | |||||||||||||||||||||||||||||
Total minimum lease payments | $ | 7,359 | $ | 318 | Total minimum lease payments | $ | 9,396 | $ | 255 | |||||||||||||||||||||||||
Imputed interest | (964 | ) | (52 | ) | Imputed interest | (1,090) | (26) | |||||||||||||||||||||||||||
Present value of minimum lease payments | $ | 6,395 | $ | 266 | Present value of minimum lease payments | $ | 8,306 | $ | 229 |
Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | ||||
Operating leases | |||||
Weighted-average remaining lease term (years) | 6.1 | 7.1 | |||
Weighted-average discount rate | 4.3 | % | 4.7 | % | |
Financing leases | |||||
Weighted-average remaining lease term (years) | 3.4 | 2.3 | |||
Weighted-average discount rate | 5.6 | % | 6.9 | % |
September 30, 2020 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Money Market Funds – JPMorgan Chase, US | $ | 2,345 | $ | 0 | $ | 0 | $ | 2,345 | |||||||||||||||
Interest bearing deposits – various banks | 7,019 | 0 | 0 | 7,019 | |||||||||||||||||||
Total assets | $ | 9,364 | $ | 0 | $ | 0 | $ | 9,364 | |||||||||||||||
Amounts included in: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 4,850 | $ | 0 | $ | 0 | $ | 4,850 | |||||||||||||||
Restricted cash | 679 | 0 | 0 | 679 | |||||||||||||||||||
Long-term restricted cash | 3,835 | 0 | 0 | 3,835 | |||||||||||||||||||
Total | $ | 9,364 | $ | 0 | $ | 0 | $ | 9,364 |
December 31, 2019 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Money Market Funds – Fidelity, US | $ | 5,000 | $ | 0 | $ | 0 | $ | 5,000 | |||||||||||||||
Interest bearing deposits – various banks | 8,962 | 0 | 0 | 8,962 | |||||||||||||||||||
Total assets | $ | 13,962 | $ | 0 | $ | 0 | $ | 13,962 | |||||||||||||||
Amounts included in: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 8,636 | $ | 0 | $ | 0 | $ | 8,636 | |||||||||||||||
Restricted cash | 679 | 0 | 0 | 679 | |||||||||||||||||||
Long-term restricted cash | 4,647 | 0 | 0 | 4,647 | |||||||||||||||||||
Total | $ | 13,962 | $ | 0 | $ | 0 | $ | 13,962 |
March 31, 2020 | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Assets | |||||||||||||||
Money Market Funds – JPMorgan Chase, US | $ | 5,089 | $ | — | $ | — | $ | 5,089 | |||||||
Interest bearing deposits – various banks | 9,708 | — | — | 9,708 | |||||||||||
Total assets | $ | 14,797 | $ | — | $ | — | $ | 14,797 | |||||||
Amounts included in: | |||||||||||||||
Cash and cash equivalents | $ | 9,740 | $ | — | $ | — | $ | 9,740 | |||||||
Restricted cash | 679 | — | — | 679 | |||||||||||
Long-term restricted cash | 4,378 | — | — | 4,378 | |||||||||||
Total | $ | 14,797 | $ | — | $ | — | $ | 14,797 |
December 31, 2019 | Level 1 | Level 2 | Level 3 | Total | |||||||||||
Assets | |||||||||||||||
Money Market Funds – Fidelity, US | $ | 5,000 | $ | — | $ | — | $ | 5,000 | |||||||
Interest bearing deposits – various banks | 8,962 | $ | — | $ | — | 8,962 | |||||||||
Total assets | $ | 13,962 | $ | — | $ | — | $ | 13,962 | |||||||
Amounts included in: | |||||||||||||||
Cash and cash equivalents | $ | 8,636 | $ | — | $ | — | $ | 8,636 | |||||||
Restricted cash | 679 | — | — | 679 | |||||||||||
Long-term restricted cash | 4,647 | — | — | 4,647 | |||||||||||
Total | $ | 13,962 | $ | — | $ | — | $ | 13,962 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
Region | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||
Americas | $ | 11.4 | 30.0 | % | $ | 11.8 | 29.7 | % | $ | 34.1 | 30.4 | % | $ | 36.1 | 30.5 | % | |||||||||||||||||||||||||||||||
Asia/Pacific | 23.0 | 60.5 | % | 24.3 | 61.2 | % | 67.9 | 60.5 | % | 71.9 | 60.8 | % | |||||||||||||||||||||||||||||||||||
EMEA | 3.6 | 9.5 | % | 3.6 | 9.1 | % | 10.2 | 9.1 | % | 10.3 | 8.7 | % | |||||||||||||||||||||||||||||||||||
Totals | $ | 38.0 | 100.0 | % | $ | 39.7 | 100.0 | % | $ | 112.2 | 100.0 | % | $ | 118.3 | 100.0 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||||||||||
Consolidated product sales | $ | 35.7 | $ | 38.7 | $ | 108.7 | $ | 115.8 | |||||||||||||||
Consolidated pack sales and associate fees | 2.0 | 0.7 | 2.8 | 1.8 | |||||||||||||||||||
Consolidated other | 0.3 | 0.3 | 0.7 | 0.7 | |||||||||||||||||||
Consolidated total net sales | $ | 38.0 | $ | 39.7 | $ | 112.2 | $ | 118.3 |
Three Months Ended March 31, | |||||||||||||
Region | 2020 | 2019 | |||||||||||
Americas | $ | 11.7 | 32.0 | % | $ | 11.9 | 31.3 | % | |||||
Asia/Pacific | 21.4 | 58.5 | % | 22.8 | 60.0 | % | |||||||
EMEA | 3.5 | 9.5 | % | 3.3 | 8.7 | % | |||||||
Totals | $ | 36.6 | 100.0 | % | $ | 38.0 | 100.0 | % |
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Consolidated product sales | $ | 35.9 | $ | 37.2 | |||
Consolidated pack sales and associate fees | 0.5 | 0.6 | |||||
Consolidated other | 0.2 | 0.2 | |||||
Consolidated total net sales | $ | 36.6 | $ | 38.0 |
Region | September 30, 2020 | December 31, 2019 | |||||||||
Americas | $ | 4.5 | $ | 5.1 | |||||||
Asia/Pacific | 0.9 | 1.0 | |||||||||
EMEA | 0 | 0 | |||||||||
Total | $ | 5.4 | $ | 6.1 |
Region | March 31, 2020 | December 31, 2019 | |||||
Americas | $ | 4.8 | $ | 5.1 | |||
Asia/Pacific | 1.0 | 1.0 | |||||
EMEA | — | — | |||||
Total | $ | 5.8 | $ | 6.1 |
Region | September 30, 2020 | December 31, 2019 | |||||||||
Americas | $ | 6.1 | $ | 5.4 | |||||||
Asia/Pacific | 5.9 | 3.8 | |||||||||
EMEA | 1.5 | 1.0 | |||||||||
Total | $ | 13.5 | $ | 10.2 |
Region | March 31, 2020 | December 31, 2019 | |||||
Americas | $ | 5.5 | $ | 5.4 | |||
Asia/Pacific | 4.8 | 3.8 | |||||
EMEA | 1.2 | 1.0 | |||||
Total | $ | 11.5 | $ | 10.2 |
2020 | 2019 | Change from 2019 to 2020 | |||||||||||||||||||||||||||||||||
Total dollars | % of net sales | Total dollars | % of net sales | Dollar | Percentage | ||||||||||||||||||||||||||||||
Net sales | $ | 37,966 | 100.0 | % | $ | 39,656 | 100.0 | % | $ | (1,690) | (4.3) | % | |||||||||||||||||||||||
Cost of sales | 9,328 | 24.6 | % | 7,711 | 19.4 | % | 1,617 | 21.0 | % | ||||||||||||||||||||||||||
Gross profit | 28,638 | 75.4 | % | 31,945 | 80.6 | % | (3,307) | (10.4) | % | ||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||||||||
Commissions and incentives | 15,089 | 39.7 | % | 16,696 | 42.1 | % | (1,607) | (9.6) | % | ||||||||||||||||||||||||||
Selling and administrative expenses | 6,639 | 17.5 | % | 8,951 | 22.6 | % | (2,312) | (25.8) | % | ||||||||||||||||||||||||||
Depreciation and amortization expense | 468 | 1.2 | % | 519 | 1.3 | % | (51) | (9.8) | % | ||||||||||||||||||||||||||
Other operating costs | 5,062 | 13.3 | % | 5,214 | 13.1 | % | (152) | (2.9) | % | ||||||||||||||||||||||||||
Total operating expenses | 27,258 | 71.8 | % | 31,380 | 79.1 | % | (4,122) | (13.1) | % | ||||||||||||||||||||||||||
Income from operations | 1,380 | 3.6 | % | 565 | 1.4 | % | 815 | 144.2 | % | ||||||||||||||||||||||||||
Interest income | 10 | — | % | (12) | — | % | 22 | 183.3 | % | ||||||||||||||||||||||||||
Other income, net | 248 | 0.7 | % | (430) | (1.1) | % | 678 | (157.7) | % | ||||||||||||||||||||||||||
Income before income taxes | 1,638 | 4.3 | % | 123 | 0.3 | % | 1,515 | 1,231.7 | % | ||||||||||||||||||||||||||
Provision for income taxes | (22) | (0.1) | % | (1,613) | (4.1) | % | 1,591 | (98.6) | % | ||||||||||||||||||||||||||
Net income (loss) | $ | 1,616 | 4.3 | % | $ | (1,490) | (3.8) | % | $ | 3,106 | (208.5) | % |
2020 | 2019 | Change from 2019 to 2020 | ||||||||||||||||||
Total dollars | % of net sales | Total dollars | % of net sales | Dollar | Percentage | |||||||||||||||
Net sales | $ | 36,605 | 100.0 | % | $ | 37,973 | 100.0 | % | $ | (1,368 | ) | (3.6 | )% | |||||||
Cost of sales | 7,008 | 19.1 | % | 7,427 | 19.6 | % | (419 | ) | (5.6 | )% | ||||||||||
Gross profit | 29,597 | 80.9 | % | 30,546 | 80.4 | % | (949 | ) | (3.1 | )% | ||||||||||
Operating expenses: | ||||||||||||||||||||
Commissions and incentives | 14,889 | 40.7 | % | 15,199 | 40.0 | % | (310 | ) | (2.0 | )% | ||||||||||
Selling and administrative expenses | 6,855 | 18.7 | % | 7,576 | 20.0 | % | (721 | ) | (9.5 | )% | ||||||||||
Depreciation and amortization expense | 520 | 1.4 | % | 528 | 1.4 | % | (8 | ) | (1.5 | )% | ||||||||||
Other operating costs | 5,322 | 14.5 | % | 6,123 | 16.1 | % | (801 | ) | (13.1 | )% | ||||||||||
Total operating expenses | 27,586 | 75.4 | % | 29,426 | 77.5 | % | (1,840 | ) | (6.3 | )% | ||||||||||
Income from operations | 2,011 | 5.5 | % | 1,120 | 2.9 | % | 891 | 79.6 | % | |||||||||||
Interest income (expense) | 50 | 0.1 | % | (95 | ) | (0.3 | )% | 145 | 152.6 | % | ||||||||||
Other income (expense), net | (208 | ) | (0.6 | )% | 4 | — | % | (212 | ) | (5,300.0 | )% | |||||||||
Income before income taxes | 1,853 | 5.1 | % | 1,029 | 2.7 | % | 824 | 80.1 | % | |||||||||||
Benefit (provision) for income taxes | 934 | 2.6 | % | (341 | ) | (0.9 | )% | 1,275 | (373.9 | )% | ||||||||||
Net income | $ | 2,787 | 7.6 | % | $ | 688 | 1.8 | % | $ | 2,099 | 305.1 | % |
2020 | 2019 | Change from 2019 to 2020 | ||||||||||||||||||||||||||||||||||||
Total dollars | % of net sales | Total dollars | % of net sales | Dollar | Percentage | |||||||||||||||||||||||||||||||||
Net sales | $ | 112,218 | 100.0 | % | $ | 118,340 | 100.0 | % | $ | (6,122) | (5.2) | % | ||||||||||||||||||||||||||
Cost of sales | 25,044 | 22.3 | % | 23,253 | 19.6 | % | 1,791 | 7.7 | % | |||||||||||||||||||||||||||||
Gross profit | 87,174 | 77.7 | % | 95,087 | 80.4 | % | (7,913) | (8.3) | % | |||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||
Commissions and incentives | 45,308 | 40.4 | % | 48,190 | 40.7 | % | (2,882) | (6.0) | % | |||||||||||||||||||||||||||||
Selling and administrative expenses | 20,659 | 18.4 | % | 24,908 | 21.0 | % | (4,249) | (17.1) | % | |||||||||||||||||||||||||||||
Depreciation and amortization expense | 1,525 | 1.4 | % | 1,564 | 1.3 | % | (39) | (2.5) | % | |||||||||||||||||||||||||||||
Other operating costs | 15,180 | 13.5 | % | 16,721 | 14.1 | % | (1,541) | (9.2) | % | |||||||||||||||||||||||||||||
Total operating expenses | 82,672 | 73.7 | % | 91,383 | 77.2 | % | (8,711) | (9.5) | % | |||||||||||||||||||||||||||||
Income from operations | 4,502 | 4.0 | % | 3,704 | 3.1 | % | 798 | 21.5 | % | |||||||||||||||||||||||||||||
Interest income (expense) | 73 | 0.1 | % | (83) | (0.1) | % | 156 | 188.0 | % | |||||||||||||||||||||||||||||
Other income (expense), net | 206 | 0.2 | % | 554 | 0.5 | % | (348) | (62.8) | % | |||||||||||||||||||||||||||||
Income before income taxes | 4,781 | 4.3 | % | 4,175 | 3.5 | % | 606 | 14.5 | % | |||||||||||||||||||||||||||||
Benefit (provision) for income taxes | 753 | 0.7 | % | (2,991) | (2.5) | % | 3,744 | (125.2) | % | |||||||||||||||||||||||||||||
Net income | $ | 5,534 | 4.9 | % | $ | 1,184 | 1.0 | % | $ | 4,350 | 367.4 | % |
Three-month period ended (in millions, except percentages) | September 30, 2020 | September 30, 2019 | Constant $ Change | ||||||||||||||||||||||||||
GAAP Measure: Total $ | Non-GAAP Measure: Constant $ | GAAP Measure: Total $ | Dollar | Percent | |||||||||||||||||||||||||
Net sales | $ | 38.0 | $ | 38.2 | $ | 39.7 | $ | (1.5) | (3.8) | % | |||||||||||||||||||
Product | 35.7 | 36.0 | 38.7 | (2.7) | (7.0) | % | |||||||||||||||||||||||
Pack sales and associate fees | 2.0 | 1.9 | 0.7 | 1.2 | 171.4 | % | |||||||||||||||||||||||
Other | 0.3 | 0.3 | 0.3 | — | — | % | |||||||||||||||||||||||
Gross profit | 28.6 | 28.8 | 31.9 | (3.1) | (9.7) | % | |||||||||||||||||||||||
Income from operations | 1.4 | 1.4 | 0.6 | 0.8 | 133.3 | % |
Three-month period ended (in millions, except percentages) | March 31, 2020 | March 31, 2019 | Constant $ Change | |||||||||||||||
GAAP Measure: Total $ | Non-GAAP Measure: Constant $ | GAAP Measure: Total $ | Dollar | Percent | ||||||||||||||
Net sales | $ | 36.6 | $ | 37.8 | $ | 38.0 | $ | (0.2 | ) | (0.5 | )% | |||||||
Product | 35.9 | 37.0 | 37.2 | (0.2 | ) | (0.5 | )% | |||||||||||
Pack sales and associate fees | 0.5 | 0.5 | 0.6 | (0.1 | ) | (16.7 | )% | |||||||||||
Other | 0.2 | 0.2 | 0.2 | — | — | % | ||||||||||||
Gross profit | 29.6 | 30.5 | 30.5 | — | — | % | ||||||||||||
Income from operations | 2.0 | 2.3 | 1.1 | 1.2 | 109.1 | % |
Nine-month period ended (in millions, except percentages) | September 30, 2020 | September 30, 2019 | Constant $ Change | ||||||||||||||||||||||||||
GAAP Measure: Total $ | Non-GAAP Measure: Constant $ | GAAP Measure: Total $ | Dollar | Percent | |||||||||||||||||||||||||
Net Sales | $ | 112.2 | $ | 115.1 | $ | 118.3 | $ | (3.2) | (2.7) | % | |||||||||||||||||||
Product | 108.7 | 111.5 | 115.8 | (4.3) | (3.7) | % | |||||||||||||||||||||||
Pack | 2.8 | 2.9 | 1.8 | 1.1 | 61.1 | % | |||||||||||||||||||||||
Other | 0.7 | 0.7 | 0.7 | — | — | % | |||||||||||||||||||||||
Gross Profit | 87.2 | 89.3 | 95.1 | (5.8) | (6.1) | % | |||||||||||||||||||||||
Income from Operations | 4.5 | 5.0 | 3.7 | 1.3 | 35.1 | % |
Region | Three Months Ended September 30, 2020 | Three Months Ended September 30, 2019 | |||||||||||||||||||||
Americas | $ | 11.4 | 30.0 | % | $ | 11.8 | 29.7 | % | |||||||||||||||
Asia/Pacific | 23.0 | 60.5 | % | 24.3 | 61.2 | % | |||||||||||||||||
EMEA | 3.6 | 9.5 | % | 3.6 | 9.1 | % | |||||||||||||||||
Total | $ | 38.0 | 100.0 | % | $ | 39.7 | 100.0 | % |
Region | Three Months Ended March 31, 2020 | Three Months Ended March 31, 2019 | |||||||||||
Americas | $ | 11.7 | 32.0 | % | $ | 11.9 | 31.3 | % | |||||
Asia/Pacific | 21.4 | 58.5 | % | 22.8 | 60.0 | % | |||||||
EMEA | 3.5 | 9.5 | % | 3.3 | 8.7 | % | |||||||
Total | $ | 36.6 | 100.0 | % | $ | 38.0 | 100.0 | % |
Region | Nine Months Ended September 30, 2020 | Nine Months Ended September 30, 2019 | |||||||||||||||||||||
Americas | $ | 34.1 | 30.4 | % | $ | 36.1 | 30.5 | % | |||||||||||||||
Asia/Pacific | 67.9 | 60.5 | % | 71.9 | 60.8 | % | |||||||||||||||||
EMEA | 10.2 | 9.1 | % | 10.3 | 8.7 | % | |||||||||||||||||
Total | $ | 112.2 | 100.0 | % | $ | 118.3 | 100.0 | % |
Three Months Ended September 30, | Change | ||||||||||||||||||||||
2020 | 2019 | Dollar | Percentage | ||||||||||||||||||||
Consolidated product sales | $ | 35.7 | $ | 38.7 | $ | (3.0) | (7.8) | % | |||||||||||||||
Consolidated pack sales and associate fees | 2.0 | 0.7 | 1.3 | 185.7 | % | ||||||||||||||||||
Consolidated other | 0.3 | 0.3 | — | — | % | ||||||||||||||||||
Total consolidated net sales | $ | 38.0 | $ | 39.7 | $ | (1.7) | (4.3) | % |
Three Months Ended March 31, | Change | |||||||||||||
2020 | 2019 | Dollar | Percentage | |||||||||||
Consolidated product sales | $ | 35.9 | $ | 37.2 | $ | (1.3 | ) | (3.5 | )% | |||||
Consolidated pack sales and associate fees | 0.5 | 0.6 | (0.1 | ) | (16.7 | )% | ||||||||
Consolidated other | 0.2 | 0.2 | — | — | % | |||||||||
Total consolidated net sales | $ | 36.6 | $ | 38.0 | $ | (1.4 | ) | (3.7 | )% |
Nine Months Ended September 30, | Change | ||||||||||||||||||||||
2020 | 2019 | Dollar | Percentage | ||||||||||||||||||||
Consolidated product sales | $ | 108.7 | $ | 115.8 | $ | (7.1) | (6.1) | % | |||||||||||||||
Consolidated pack sales and associate fees | 2.8 | 1.8 | 1.0 | 55.6 | % | ||||||||||||||||||
Consolidated other | 0.7 | 0.7 | — | — | % | ||||||||||||||||||
Total consolidated net sales | $ | 112.2 | $ | 118.3 | $ | (6.1) | (5.2) | % |
Three Months Ended September 30, | Change | ||||||||||||||||||||||
2020 | 2019 | Dollar | Percentage | ||||||||||||||||||||
New | $ | 0.2 | $ | 0.1 | $ | 0.1 | 100.0 | % | |||||||||||||||
Continuing | 1.8 | 0.6 | 1.2 | 200.0 | % | ||||||||||||||||||
Total | $ | 2.0 | $ | 0.7 | $ | 1.3 | 185.7 | % |
Three Months Ended March 31, | Change | |||||||||||||
2020 | 2019 | Dollar | Percentage | |||||||||||
New | $ | 0.1 | $ | 0.2 | $ | (0.1 | ) | (50.0 | )% | |||||
Continuing | 0.4 | 0.4 | — | — | % | |||||||||
Total | $ | 0.5 | $ | 0.6 | $ | (0.1 | ) | (16.7 | )% |
Nine Months Ended September 30, | Change | ||||||||||||||||||||||
2020 | 2019 | Dollar | Percentage | ||||||||||||||||||||
New | $ | 0.4 | $ | 0.4 | $ | — | — | % | |||||||||||||||
Continuing | 2.4 | 1.4 | 1.0 | 71.4 | % | ||||||||||||||||||
Total | $ | 2.8 | $ | 1.8 | $ | 1.0 | 55.6 | % |
2020 | 2019 | ||||||||||||||||||||||
New | 81,000 | 45.0 | % | 83,000 | 47.2 | % | |||||||||||||||||
Continuing | 99,000 | 55.0 | % | 93,000 | 52.8 | % | |||||||||||||||||
Total | 180,000 | 100.0 | % | 176,000 | 100.0 | % |
2020 | 2019 | ||||||||||
New | 80,000 | 48.2 | % | 88,000 | 43.3 | % | |||||
Continuing | 86,000 | 51.8 | % | 115,000 | 56.7 | % | |||||
Total | 166,000 | 100.0 | % | 203,000 | 100.0 | % |
Country | 2020 | 2019 | |||||||||
Australia | 30.0 | % | 30.0 | % | |||||||
Canada | 26.5 | % | 26.5 | % | |||||||
China(1) | 5.0 | % | 25.0 | % | |||||||
Colombia(2) | 33.0 | % | 33.0 | % | |||||||
Cyprus | 12.5 | % | 12.5 | % | |||||||
Denmark | 22.0 | % | 22.0 | % | |||||||
Gibraltar | 10.0 | % | 10.0 | % | |||||||
Hong Kong | 16.5 | % | 16.5 | % | |||||||
Japan | 34.6 | % | 30.2 | % | |||||||
Mexico | 30.0 | % | 30.0 | % | |||||||
Norway | 23.0 | % | 23.0 | % | |||||||
Republic of Korea | 22.0 | % | 22.0 | % | |||||||
Russia(3) | 20.0 | % | 20.0 | % | |||||||
Singapore | 17.0 | % | 17.0 | % | |||||||
South Africa | 28.0 | % | 28.0 | % | |||||||
Sweden | 22.0 | % | 22.0 | % | |||||||
Switzerland(4) | 9.2 | % | 9.2 | % | |||||||
Taiwan | 20.0 | % | 20.0 | % | |||||||
Ukraine(5) | 18.0 | % | 18.0 | % | |||||||
United Kingdom | 19.0 | % | 19.0 | % | |||||||
United States(6) | 23.8 | % | 23.8 | % | |||||||
Country | 2020 | 2019 | |||
Australia | 30.0 | % | 30.0 | % | |
Canada | 26.5 | % | 26.5 | % | |
China(1) | 5.0 | % | 25.0 | % | |
Colombia(2) | 33.0 | % | 33.0 | % | |
Cyprus | 12.5 | % | 12.5 | % | |
Denmark | 22.0 | % | 22.0 | % | |
Gibraltar | 10.0 | % | 10.0 | % | |
Hong Kong | 16.5 | % | 16.5 | % | |
Japan | 34.6 | % | 30.2 | % | |
Mexico | 30.0 | % | 30.0 | % | |
Norway | 23.0 | % | 23.0 | % | |
Republic of Korea | 22.0 | % | 22.0 | % | |
Russia(3) | 20.0 | % | 20.0 | % | |
Singapore | 17.0 | % | 17.0 | % | |
South Africa | 28.0 | % | 28.0 | % | |
Sweden | 22.0 | % | 22.0 | % | |
Switzerland(4) | 9.2 | % | 9.2 | % | |
Taiwan | 20.0 | % | 20.0 | % | |
Ukraine(5) | 18.0 | % | 18.0 | % | |
United Kingdom | 19.0 | % | 19.0 | % | |
United States | 23.8 | % | 23.8 | % |
Provided by/(Used in): | 2020 | 2019 | |||||||||
Operating activities | $ | 3.3 | $ | 6.2 | |||||||
Investing activities | $ | (0.8) | $ | (1.0) | |||||||
Financing activities | $ | (6.9) | $ | (2.1) |
Provided by/(Used in): | 2020 | 2019 | |||||
Operating activities | $ | 2.1 | $ | (0.1 | ) | ||
Investing activities | $ | (0.2 | ) | $ | (0.4 | ) | |
Financing activities | $ | (0.8 | ) | $ | (0.6 | ) |
Commitments and obligations | Remaining 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | ||||||||||||||||||||||||||||||||||||||||||
Finance lease obligations | $ | 24 | $ | 91 | $ | 73 | $ | 45 | $ | 21 | $ | 1 | $ | — | $ | 255 | ||||||||||||||||||||||||||||||||||
Purchase obligations (1)(2)(3) | 489 | 4,742 | 67 | — | — | — | — | 5,298 | ||||||||||||||||||||||||||||||||||||||||||
Operating lease obligations (6) (7) | 654 | 2,425 | 1,929 | 1,316 | 1,323 | 1,528 | 966 | 10,141 | ||||||||||||||||||||||||||||||||||||||||||
Note payable and other financing arrangements | 290 | 468 | — | — | — | — | — | 758 | ||||||||||||||||||||||||||||||||||||||||||
Employment agreements | 110 | 330 | — | — | — | — | — | 440 | ||||||||||||||||||||||||||||||||||||||||||
Royalty agreement | 15 | 7 | — | — | — | — | — | 22 | ||||||||||||||||||||||||||||||||||||||||||
Tax liability (4) | — | — | — | — | — | — | 200 | 200 | ||||||||||||||||||||||||||||||||||||||||||
Other obligations (5) | 222 | 33 | 184 | 24 | 123 | — | 514 | 1,100 | ||||||||||||||||||||||||||||||||||||||||||
Total commitments and obligations | $ | 1,804 | $ | 8,096 | $ | 2,253 | $ | 1,385 | $ | 1,467 | $ | 1,529 | $ | 1,680 | $ | 18,214 |
Commitments and obligations | Remaining 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Thereafter | Total | ||||||||||||||||||||||
Finance lease obligations | $ | 77 | $ | 100 | $ | 74 | $ | 45 | $ | 21 | $ | 1 | $ | — | $ | 318 | ||||||||||||||
Purchase obligations (1)(2) | 3,875 | 67 | 67 | — | — | — | — | 4,009 | ||||||||||||||||||||||
Operating lease obligations (3) | 1,511 | 1,613 | 1,196 | 605 | 612 | 611 | 1,528 | (6) | 7,676 | |||||||||||||||||||||
Note payable and other financing arrangements | 865 | 449 | — | — | — | — | — | 1,314 | ||||||||||||||||||||||
Employment agreements | 440 | — | — | — | — | — | — | 440 | ||||||||||||||||||||||
Royalty agreement | 44 | 7 | — | — | — | — | — | 51 | ||||||||||||||||||||||
Tax liability (4) | — | — | — | — | — | — | 194 | 194 | ||||||||||||||||||||||
Other obligations (5) | 212 | 33 | 181 | 24 | 120 | — | 495 | 1,065 | ||||||||||||||||||||||
Total commitments and obligations | $ | 7,024 | $ | 2,269 | $ | 1,518 | $ | 674 | $ | 753 | $ | 612 | $ | 2,217 | $ | 15,067 |
Estimated useful life | Net carrying value at | ||||||||||
Office furniture and equipment | 5 to 7 years | $0.8 million | |||||||||
Computer hardware and software | 3 to 5 years | ||||||||||
Automobiles | 3 to 5 years | 0.1 million | |||||||||
Leasehold improvements (1) | 2 to 10 years | ||||||||||
Total | $ |
Loyalty program | (in thousands) | ||||
Loyalty deferred revenue as of January 1, 2019 | $ | 4,231 | |||
Loyalty points forfeited or expired | (4,348) | ||||
Loyalty points used | (9,127) | ||||
Loyalty points vested | 11,320 | ||||
Loyalty points unvested | 1,051 | ||||
Loyalty deferred revenue as of December 31, 2019 | $ | 3,127 |
Loyalty deferred revenue as of January 1, 2020 | $ | 3,127 | |||
Loyalty points forfeited or expired | (2,601) | ||||
Loyalty points used | (6,879) | ||||
Loyalty points vested | 8,404 | ||||
Loyalty points unvested | 1,145 | ||||
Loyalty deferred revenue as of September 30, 2020 | $ | 3,196 |
Loyalty program | (in thousands) | ||
Loyalty deferred revenue as of January 1, 2019 | $ | 4,231 | |
Loyalty points forfeited or expired | (4,348 | ) | |
Loyalty points used | (9,127 | ) | |
Loyalty points vested | 11,320 | ||
Loyalty points unvested | 1,051 | ||
Loyalty deferred revenue as of December 31, 2019 | $ | 3,127 |
Loyalty deferred revenue as of January 1, 2020 | $ | 3,127 | |
Loyalty points forfeited or expired | (678 | ) | |
Loyalty points used | (2,524 | ) | |
Loyalty points vested | 1,959 | ||
Loyalty points unvested | 1,159 | ||
Loyalty deferred revenue as of March 31, 2020 | $ | 3,043 |
June 2020 Grant | |||||||||||
Estimated fair value per share of options granted: | $ | 5.76 | |||||||||
Assumptions: | |||||||||||
Annualized dividend yield | 3.0 | % | |||||||||
Risk-free rate of return | 0.3 | % | |||||||||
Common stock price volatility | 52.5 | % | |||||||||
Expected average life of stock options (in years) | 4.5 |
Nine months ended September 30, 2020 | As of September 30, 2020 | |||||||||||||||||||||||||
Country (foreign currency name) | Low | High | Average | Spot | ||||||||||||||||||||||
Australia (Australian Dollar) | 0.57275 | 0.73850 | 0.67703 | 0.71112 | ||||||||||||||||||||||
Canada (Canadian Dollar) | 0.68826 | 0.77088 | 0.73942 | 0.74736 | ||||||||||||||||||||||
China (Renminbi) | 0.13968 | 0.14790 | 0.14299 | 0.14670 | ||||||||||||||||||||||
Colombia (Peso) | 0.00024 | 0.00031 | 0.00027 | 0.00026 | ||||||||||||||||||||||
Czech Republic (Koruna) | 0.03893 | 0.04567 | 0.04269 | 0.04309 | ||||||||||||||||||||||
Denmark (Kroner) | 0.14347 | 0.16064 | 0.15079 | 0.15725 | ||||||||||||||||||||||
Hong Kong (Hong Kong Dollar) | 0.12829 | 0.12904 | 0.12891 | 0.12903 | ||||||||||||||||||||||
Japan (Yen) | 0.00895 | 0.00976 | 0.00930 | 0.00947 | ||||||||||||||||||||||
Mexico (Peso) | 0.03999 | 0.05396 | 0.04628 | 0.04468 | ||||||||||||||||||||||
New Zealand (New Zealand Dollar) | 0.56727 | 0.67751 | 0.63873 | 0.65813 | ||||||||||||||||||||||
Norway (Krone) | 0.08547 | 0.11469 | 0.10524 | 0.10582 | ||||||||||||||||||||||
Republic of Korea (Won) | 0.00079 | 0.00087 | 0.00083 | 0.00086 | ||||||||||||||||||||||
Singapore (Singapore Dollar) | 0.68556 | 0.74362 | 0.71957 | 0.73004 | ||||||||||||||||||||||
South Africa (Rand) | 0.05252 | 0.07163 | 0.06019 | 0.05884 | ||||||||||||||||||||||
Sweden (Krona) | 0.09641 | 0.11608 | 0.10660 | 0.11107 | ||||||||||||||||||||||
Switzerland (Franc) | 1.01544 | 1.10703 | 1.05289 | 1.08478 | ||||||||||||||||||||||
Taiwan (New Taiwan Dollar) | 0.03285 | 0.03454 | 0.03359 | 0.03446 | ||||||||||||||||||||||
United Kingdom (British Pound) | 1.15537 | 1.34114 | 1.27143 | 1.28593 | ||||||||||||||||||||||
Various countries (1) (Euro) | 1.06994 | 1.19568 | 1.12439 | 1.17068 |
Three months ended March 31, 2020 | As of March 31, 2020 | |||||||||||
Country (foreign currency name) | Low | High | Average | Spot | ||||||||
Australia (Australian Dollar) | 0.57275 | 0.70174 | 0.65980 | 0.61522 | ||||||||
Canada (Canadian Dollar) | 0.68826 | 0.77088 | 0.74642 | 0.70859 | ||||||||
China (Renminbi) | 0.14094 | 0.14580 | 0.14331 | 0.14094 | ||||||||
Colombia (Peso) | 0.00024 | 0.00031 | 0.00029 | 0.00025 | ||||||||
Czech Republic (Koruna) | 0.03896 | 0.04479 | 0.04317 | 0.04047 | ||||||||
Denmark (Kroner) | 0.14347 | 0.15298 | 0.14771 | 0.14814 | ||||||||
Hong Kong (Hong Kong Dollar) | 0.12829 | 0.12902 | 0.12869 | 0.12897 | ||||||||
Japan (Yen) | 0.00895 | 0.00976 | 0.00918 | 0.00928 | ||||||||
Mexico (Peso) | 0.04007 | 0.05396 | 0.05058 | 0.04192 | ||||||||
New Zealand (New Zealand Dollar) | 0.56727 | 0.67358 | 0.63657 | 0.60162 | ||||||||
Norway (Krone) | 0.08547 | 0.11406 | 0.10617 | 0.09473 | ||||||||
Republic of Korea (Won) | 0.00079 | 0.00087 | 0.00084 | 0.00082 | ||||||||
Singapore (Singapore Dollar) | 0.68556 | 0.74362 | 0.72293 | 0.70168 | ||||||||
South Africa (Rand) | 0.05585 | 0.07163 | 0.06560 | 0.05585 | ||||||||
Sweden (Krona) | 0.09641 | 0.10708 | 0.10364 | 0.10011 | ||||||||
Switzerland (Franc) | 1.01544 | 1.07957 | 1.03380 | 1.04511 | ||||||||
Taiwan (New Taiwan Dollar) | 0.03285 | 0.03347 | 0.03322 | 0.03306 | ||||||||
United Kingdom (British Pound) | 1.15537 | 1.32627 | 1.28191 | 1.23961 | ||||||||
Various countries (1) (Euro) | 1.06994 | 1.14256 | 1.10345 | 1.10591 |
Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced programs(a) | Dollar value of shares that may yet be purchased (b) (in thousands) | ||||||||||||||||||||||
July 1, 2020 - July 31, 2020 | — | $ | — | — | $ | 13,331 | ||||||||||||||||||||
August 1, 2020 - August 31, 2020 | 3,962 | $ | 16.63 | 3,962 | $ | 13,265 | ||||||||||||||||||||
September 1, 2020 - September 30, 2020 | 8,276 | $ | 17.27 | 8,276 | $ | 13,122 | ||||||||||||||||||||
Total | 12,238 | 12,238 |
Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced programs(a) | Dollar value of shares that may yet be purchased (b) (in thousands) | ||||||||||
January 1, 2020 - January 31, 2020 | 2,403 | $ | 16.08 | 2,403 | $ | 18,559 | ||||||||
February 1, 2020 - February 29, 2020 | 2,896 | $ | 16.37 | 2,896 | $ | 18,512 | ||||||||
March 1, 2020 - March 31, 2020 | — | $ | — | — | $ | 18,512 | ||||||||
Total | 5,299 | 5,299 |
Incorporated by Reference | ||||||||||||||||||||||||||||||||
Exhibit Number | Exhibit Description | Form | File No. | Exhibit (s) | Filing Date | |||||||||||||||||||||||||||
Amended and Restated Articles of Incorporation of Mannatech, dated May 19, 1998. | S-1 | 333-63133 | 3.1 | October 28, 1998 | ||||||||||||||||||||||||||||
Certificate of Amendment to the Amended and Restated Articles of Incorporation of Mannatech, dated January 13, 2012. | 8-K | 000-24657 | 3.1 | January 17, 2012 | ||||||||||||||||||||||||||||
Fifth Amended and Restated Bylaws of Mannatech, dated August 25, 2014. | 8-K | 000-24657 | 3.1 | August 27, 2014 | ||||||||||||||||||||||||||||
Specimen Certificate representing Mannatech’s common stock, par value $0.0001 per share. | S-1 | 333-63133 | 4.1 | October 28, 1998 | ||||||||||||||||||||||||||||
31.1* | Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of the Chief Executive Officer of Mannatech. | * | * | * | * | |||||||||||||||||||||||||||
31.2* | Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, of the Chief Financial Officer of Mannatech. | * | * | * | * | |||||||||||||||||||||||||||
32.1* | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of the Chief Executive Officer of Mannatech. | * | * | * | * | |||||||||||||||||||||||||||
32.2* | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of the Chief Financial Officer of Mannatech. | * | * | * | * | |||||||||||||||||||||||||||
101.INS* | XBRL Instance Document | * | * | * | * | |||||||||||||||||||||||||||
101.SCH* | XBRL Taxonomy Extension Schema Document | * | * | * | * | |||||||||||||||||||||||||||
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document | * | * | * | * | |||||||||||||||||||||||||||
101.LAB* | XBRL Taxonomy Extension Label Linkbase Document | * | * | * | * | |||||||||||||||||||||||||||
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document | * | * | * | * | |||||||||||||||||||||||||||
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document | * | * | * | * |
* | Filed herewith. |
MANNATECH, INCORPORATED | ||||||||
Dated: | By: | /s/ Alfredo Bala | ||||||
Alfredo Bala | ||||||||
Chief Executive Officer | ||||||||
(principal executive officer) |
Dated: | By: | /s/ David A. Johnson | ||||||
David A. Johnson | ||||||||
Chief Financial Officer | ||||||||
(principal financial officer) |