Herbalife Ltd. (NYSE: HLF) today reported financial results for
the second quarter ended June 30, 2023:
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the full release here:
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“We are building strong momentum and our trends are improving.
While we still have work to do, I remain confident we are on the
path to return to growth in fourth quarter 2023,” said Michael
Johnson, Chairman and CEO of Herbalife.
Highlights
- Second quarter 2023 net sales of $1.3 billion, down 5.7%
compared to second quarter 2022; on a constant currency basis1, net
sales declined 4.2% compared to the prior year period
- Year-over-year reported net sales trends improved for two
sequential quarters
- Second quarter 2023 reported net income of $59.9 million and
adjusted EBITDA2 of $169.6 million
- Second quarter 2023 reported diluted EPS of $0.60 and adjusted
diluted EPS2 of $0.74
- Annual cost savings of at least $90 million now expected
related to Company’s Transformation Program, with more than $45
million anticipated to be realized in 2023
- Recognized pre-tax expenses of approximately $10 million in
second quarter related to Company’s Transformation Program
- Herbalife One digital technology platform development continues
to progress and remains on track
________________ 1 Growth/decline in net sales excluding
the effects of foreign exchange is based on “net sales in local
currency,” a non-GAAP financial measure. See Schedule A –
“Reconciliation of Non-GAAP Financial Measures” for a discussion of
why we believe adjusting for the effects of foreign exchange is
useful. 2 Adjusted EBITDA and adjusted diluted EPS are non-GAAP
measures. See Schedule A – “Reconciliation of Non-GAAP Financial
Measures” for a detailed reconciliation of these measures to the
most directly comparable GAAP measure, and a discussion of why we
believe these non-GAAP measures are useful.
Management Commentary
Herbalife reported second quarter 2023 net sales of $1.3
billion, down 5.7% year-over-year, marking the second consecutive
quarter of improved year-over-year net sales trends. On a constant
currency basis1, net sales declined 4.2% year-over-year.
Second quarter gross profit margin improved to 77.0% from 76.2%
in first quarter 2023. On a year-over-year basis, gross margin
benefited by approximately 300 basis points of pricing, while input
cost inflation and foreign currency remained a headwind of
approximately 180 basis points and 90 basis points, respectively.
Second quarter net income was $59.9 million. Adjusted EBITDA2 of
$169.6 million includes approximately $17 million of foreign
currency headwinds year-over-year, with adjusted EBITDA margin of
12.9%. Diluted EPS was $0.60, with adjusted diluted EPS2 of $0.74,
which includes a $0.12 year-over-year foreign currency
headwind.
During the second quarter, approximately 75,000 distributors
from around the world attended Extravaganza training events in
Singapore, China, Peru and India. Distributor engagement remains
strong with record attendance levels in India. The Extravaganzas
marked the return of in person events in these regions for the
first time since 2019, bringing renewed energy to attending
distributors.
At the end of July, the Company held its North America
Extravaganza in San Antonio, Texas, where it launched for the U.S.
market its first-ever vegan product line, Herbalife V. The line
includes five plant-based products, all of which are third-party
certified Vegan, Organic, Kosher, and non-GMO Project Verified.
The development of Herbalife One, the Company’s new, fully
integrated, modernized digital technology platform, continues to
progress and remains on track. The platform is expected to
streamline the Company’s business, accelerate data utilization,
reduce costs and simplify transactions for its distributors and
their customers. The Company will begin launching its new
modernized website in late third quarter 2023, starting with
Singapore, where it will test, refine and optimize the content and
functionality as necessary prior to expanding to approximately 40
additional markets that represent approximately 80% of the
Company’s sales by the end of the year. In fourth quarter 2023, the
Company plans to launch its new distributor e-commerce platform in
the UK and Spain, with the majority of the remaining markets
expected to launch in 2024. Total planned investments for Herbalife
One is approximately $400 million through 2025.
For the six months ended June 30, 2023, capital expenditures,
including the digital technology platform, were approximately $69
million. We expect to incur total capital expenditures of
approximately $150 million to $200 million for the full year of
2023.
“This is a pivotal time for Herbalife. Our trends are improving,
we are delivering on our product innovation commitments and our
distributors are more energized and engaged in our business than
I’ve ever seen,” said Chairman and CEO, Michael Johnson. “We expect
this high-level of engagement and strong momentum to continue,
driving our return to growth by the end of 2023.”
The Company continues to make progress implementing its
Transformation Program, which was initiated in 2021 to
strategically optimize global business processes. During the
quarter, the Company recognized pre-tax expenses of approximately
$10 million in SG&A related to the program, which are excluded
from the adjusted results. Based on the Company’s actions to date,
it now expects to deliver total program run rate savings of at
least $90 million (up from more than $70 million) in 2024 and
beyond, with more than $45 million of these savings anticipated to
be realized in 2023 (up from approximately $35 million). The
Company expects to incur total program pre-tax expenses of at least
$75 million (up from at least $60M).
“The second quarter marks our second consecutive quarter of
improved year-over-year net sales trends,” said Chief Financial
Officer, Alex Amezquita. “Our Transformation Program has exceeded
our initial expectations and the higher cost savings are
positioning us to improve future profitability.”
In a separate announcement today, the Company announced Stephan
Paulo Gratziani, an independent Herbalife distributor for over 32
years and a member of the Company’s Founder’s Circle, has been
appointed Chief Strategy Officer effective August 4, 2023. Mr.
Gratziani will report to Michael Johnson.
Additionally, John DeSimone will transition from his position as
Chief Strategic Officer to Special Advisor to the Company.
Second Quarter 2023 Key Metrics
Regional Net Sales and Foreign Exchange (“FX”) Impact
Region
Reported Net Sales 2Q
’23 (mil)
Growth/Decline
including FX vs. 2Q ’22
Growth/Decline
excluding FX vs. 2Q ’22 1
Asia Pacific
$
425.8
(5.5%)
(1.3%)
North America
303.6
(11.6%)
(11.5%)
EMEA
289.6
0.2%
2.2%
Latin America(a)
207.0
0.6%
(4.4%)
China
88.0
(15.1%)
(10.0%)
Worldwide Total
$
1,314.0
(5.7%)
(4.2%)
Regional Volume Point Metrics
Volume Points
Region
2Q '23 (mil)
YoY % Chg.
Asia Pacific
530.5
(8.5%)
North America
313.4
(21.1%)
EMEA
331.2
(6.7%)
Latin America(a)
258.5
(16.9%)
China
62.6
(10.3%)
Worldwide Total
1,496.2
(12.6%)
(a) During the third quarter of 2022, the Company combined its
Mexico and South and Central America regions into one geographic
region now named Latin America. Historical information has been
reclassified to conform with the current period geographic
presentation.
Earnings Conference Call
Herbalife senior management will host a live audio webcast and
conference call to discuss its recent financial results and provide
an update on current business trends on Wednesday, August 2, 2023,
at 2:30 p.m. PT (5:30 p.m. ET).
The live audio webcast will be available at
edge.media-server.com/mmc/p/hxvi5qqq. Participants joining via the
conference call will need to register to receive dial-in
information to the call, and may do so by visiting the Investor
Relations section of the Company’s website at
https://ir.herbalife.com/news-events/ir-calendar/detail/10611/q2-2023-herbalife-nutrition-ltd-earnings-conference-call.
Senior management also plans to reference slides during the call,
which will also be available on the Investor Relations section of
the Company’s website.
A replay of the event will be available following the completion
of the live audio webcast and conference call under the Investor
Relations section of the Company's website at
https://ir.herbalife.com.
About Herbalife Ltd.
Herbalife (NYSE: HLF) is a premier health and wellness company
and community that has been changing people's lives with great
nutrition products and a business opportunity for its independent
distributors since 1980. The Company offers science-backed products
to consumers in more than 90 markets through entrepreneurial
distributors who provide one-on-one coaching and a supportive
community that inspires their customers to embrace a healthier,
more active lifestyle in order to live their best life.
For more information, visit https://ir.herbalife.com.
Forward-Looking Statements
This 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.
All statements other than statements of historical fact are
“forward-looking statements” for purposes of federal and state
securities laws, including any projections of earnings, revenue or
other financial items; any statements of the plans, strategies and
objectives of management, including for future operations, capital
expenditures, or share repurchases; any statements concerning
proposed new products, services, or developments; any statements
regarding future economic conditions or performance; any statements
of belief or expectation; and any statements of assumptions
underlying any of the foregoing or other future events.
Forward-looking statements may include, among others, the words
“may,” “will,” “estimate,” “intend,” “continue,” “believe,”
“expect,” “anticipate” or any other similar words.
Although we believe that the expectations reflected in any of
our forward-looking statements are reasonable, actual results or
outcomes could differ materially from those projected or assumed in
any of our forward-looking statements. Our future financial
condition and results of operations, as well as any forward-looking
statements, are subject to change and to inherent risks and
uncertainties, many of which are beyond our control. Important
factors that could cause our actual results, performance and
achievements, or industry results to differ materially from
estimates or projections contained in or implied by our
forward-looking statements include the following:
- the potential impacts of current global economic conditions,
including inflation, on us; our Members, customers, and supply
chain; and the world economy;
- our ability to attract and retain Members;
- our relationship with, and our ability to influence the actions
of, our Members;
- our noncompliance with, or improper action by our employees or
Members in violation of, applicable U.S. and foreign laws, rules,
and regulations;
- adverse publicity associated with our Company or the
direct-selling industry, including our ability to comfort the
marketplace and regulators regarding our compliance with applicable
laws;
- changing consumer preferences and demands and evolving industry
standards, including with respect to climate change,
sustainability, and other environmental, social, and governance, or
ESG, matters;
- the competitive nature of our business and industry;
- legal and regulatory matters, including regulatory actions
concerning, or legal challenges to, our products or network
marketing program and product liability claims;
- the Consent Order entered into with the FTC, the effects
thereof and any failure to comply therewith;
- risks associated with operating internationally and in
China;
- our ability to execute our growth and other strategic
initiatives, including implementation of our Transformation Program
and increased penetration of our existing markets;
- any material disruption to our business caused by natural
disasters, other catastrophic events, acts of war or terrorism,
including the war in Ukraine, cybersecurity incidents, pandemics
such as the COVID-19 pandemic, and/or other acts by third
parties;
- our ability to adequately source ingredients, packaging
materials, and other raw materials and manufacture and distribute
our products;
- our reliance on our information technology infrastructure;
- noncompliance by us or our Members with any privacy laws,
rules, or regulations or any security breach involving the
misappropriation, loss, or other unauthorized use or disclosure of
confidential information;
- contractual limitations on our ability to expand or change our
direct-selling business model;
- the sufficiency of our trademarks and other intellectual
property;
- product concentration;
- our reliance upon, or the loss or departure of any member of,
our senior management team;
- restrictions imposed by covenants in the agreements governing
our indebtedness;
- risks related to our convertible notes;
- changes in, and uncertainties relating to, the application of
transfer pricing, income tax, customs duties, value added taxes,
and other tax laws, treaties, and regulations, or their
interpretation;
- our incorporation under the laws of the Cayman Islands;
and
- share price volatility related to, among other things,
speculative trading and certain traders shorting our common
shares.
Additional factors and uncertainties that could cause actual
results or outcomes to differ materially from our forward-looking
statements are set forth in the Company's Quarterly Report on Form
10-Q for the fiscal quarter ended June 30, 2023, filed with the
Securities and Exchange Commission on August 2, 2023, including
under the heading "Management's Discussion and Analysis of
Financial Condition and Results of Operations" and in our Condensed
Consolidated Financial Statements and the related Notes, and in
Part I, Item 1A, Risk Factors, of the Company’s Annual Report on
Form 10-K for the fiscal year ended December 31, 2022 filed with
the Securities and Exchange Commission on February 14, 2023. In
addition, historical, current, and forward-looking
sustainability-related statements may be based on standards for
measuring progress that are still developing, internal controls and
processes that continue to evolve, and assumptions that are subject
to change in the future.
Forward-looking statements made in this release speak only as of
the date hereof. We do not undertake any obligation to update or
release any revisions to any forward-looking statement or to report
any events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events, except as required by law.
Results of Operations
Herbalife Ltd. and Subsidiaries Condensed Consolidated
Statements of Income (In millions, except per share amounts)
Three Months Ended Six Months
Ended
6/30/2023 6/30/2022 6/30/2023
6/30/2022 (unaudited) North America
$
303.6
$
343.5
$
600.8
$
669.7
EMEA
289.6
289.0
557.7
584.0
Asia Pacific
425.8
450.7
839.4
858.4
Latin America
207.0
205.8
412.5
407.1
China
88.0
103.7
155.7
209.3
Worldwide Net sales
1,314.0
1,392.7
2,566.1
2,728.5
Cost of sales
301.6
315.8
600.2
622.9
Gross profit
1,012.4
1,076.9
1,965.9
2,105.6
Royalty overrides
429.7
452.9
845.7
886.7
Selling, general, and administrative expenses
460.5
470.0
936.4
924.9
Other operating income (1)
(1.2
)
(1.8
)
(10.1
)
(14.9
)
Operating income
123.4
155.8
193.9
308.9
Interest expense, net
38.4
31.7
77.8
61.4
Income before income taxes
85.0
124.1
116.1
247.5
Income taxes
25.1
37.6
26.9
62.8
Net income
$
59.9
$
86.5
$
89.2
$
184.7
Weighted-average shares outstanding:
Basic
99.1
98.2
98.8
99.1
Diluted
99.5
98.7
99.8
100.2
Earnings per share: Basic
$
0.60
$
0.88
$
0.90
$
1.86
Diluted
$
0.60
$
0.88
$
0.89
$
1.84
(1) Other operating income for the three and
six months ended June 30, 2023 and June 30, 2022 relates to certain
China government grant income. Herbalife Ltd.
and Subsidiaries Condensed Consolidated Balance Sheets (In
millions) Jun 30, 2023 Dec 31, 2022 (unaudited)
ASSETS Current Assets: Cash and cash equivalents
$
526.6
$
508.0
Receivables, net
86.3
70.6
Inventories
525.1
580.7
Prepaid expenses and other current assets
233.4
196.8
Total Current Assets
1,371.4
1,356.1
Property, plant and equipment, net
485.8
486.3
Operating lease right-of-use assets
200.5
207.1
Marketing-related intangibles and other intangible assets, net
314.8
315.7
Goodwill
94.4
93.2
Other assets
303.7
273.6
Total Assets
$
2,770.6
$
2,732.0
LIABILITIES AND SHAREHOLDERS' DEFICIT Current
Liabilities: Accounts payable
$
88.6
$
89.8
Royalty overrides
328.0
343.3
Current portion of long-term debt
295.8
29.5
Other current liabilities
528.4
514.0
Total Current Liabilities
1,240.8
976.6
Non-current liabilities: Long-term debt, net of current
portion
2,326.5
2,662.5
Non-current operating lease liabilities
184.1
192.4
Other non-current liabilities
169.6
166.4
Total Liabilities
3,921.0
3,997.9
Commitments and Contingencies Shareholders' deficit:
Common shares
0.1
0.1
Paid-in capital in excess of par value
202.8
188.7
Accumulated other comprehensive loss
(238.0
)
(250.2
)
Accumulated deficit
(1,115.3
)
(1,204.5
)
Total Shareholders' Deficit
(1,150.4
)
(1,265.9
)
Total Liabilities and Shareholders' Deficit
$
2,770.6
$
2,732.0
Herbalife Ltd. and Subsidiaries Condensed Consolidated
Statements of Cash Flows (In millions) Six Months Ended
6/30/2023 6/30/2022 (unaudited) CASH FLOWS FROM OPERATING
ACTIVITIES: Net income
$
89.2
$
184.7
Adjustments to reconcile net income to net cash provided by
operating activities: Depreciation and amortization
56.7
58.6
Share-based compensation expenses
22.0
26.1
Non-cash interest expense
3.6
3.3
Deferred income taxes
(8.4
)
7.6
Inventory write-downs
16.9
16.6
Foreign exchange transaction loss (gain)
1.0
(0.7
)
Other
3.4
(8.7
)
Changes in operating assets and liabilities: Receivables
(16.6
)
(19.3
)
Inventories
50.7
(15.3
)
Prepaid expenses and other current assets
(17.5
)
(23.0
)
Accounts payable
(0.8
)
10.2
Royalty overrides
(21.3
)
(9.5
)
Other current liabilities
15.3
(13.4
)
Other
(12.4
)
12.1
NET CASH PROVIDED BY OPERATING ACTIVITIES
181.8
229.3
CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant
and equipment
(68.6
)
(75.9
)
Other
0.1
0.1
NET CASH USED IN INVESTING ACTIVITIES
(68.5
)
(75.8
)
CASH FLOWS FROM FINANCING ACTIVITIES: Borrowings from senior
secured credit facility
71.0
159.0
Principal payments on senior secured credit facility and other debt
(146.7
)
(173.7
)
Debt issuance costs
(1.8
)
-
Share repurchases
(9.4
)
(146.5
)
Other
1.6
2.2
NET CASH USED IN FINANCING ACTIVITIES
(85.3
)
(159.0
)
EFFECT OF EXCHANGE RATE CHANGES ON CASH, CASH EQUIVALENTS, AND
RESTRICTED CASH
3.0
(15.0
)
NET CHANGE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH
31.0
(20.5
)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, BEGINNING OF PERIOD
516.3
610.4
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, END OF PERIOD
$
547.3
$
589.9
Year to Date 2023 Key Metrics
Regional Net Sales and Foreign Exchange (“FX”) Impact
Region
Reported Net Sales YTD
’23 (mil)
Growth/Decline
including FX vs. YTD ’22
Growth/Decline
excluding FX vs. YTD ’22 1
Asia Pacific
$ 839.4
(2.2%)
3.3%
North America
600.8
(10.3%)
(10.1%)
EMEA
557.7
(4.5%)
(0.3%)
Latin America(a)
412.5
1.3%
(2.2%)
China
155.7
(25.6%)
(20.4%)
Worldwide Total
$ 2,566.1
(6.0%)
(3.4%)
Regional Volume Point Metrics
Volume Points
Region
YTD '23 (mil)
YoY % Chg.
Asia Pacific
1,035.7
(5.7%)
North America
627.9
(21.5%)
EMEA
645.5
(13.5%)
Latin America(a)
529.9
(16.0%)
China
111.2
(18.7%)
Worldwide Total
2,950.2
(13.5%)
(a) During the third quarter of 2022, the
Company combined its Mexico and South and Central America regions
into one geographic region now named Latin America. Historical
information has been reclassified to conform with the current
period geographic presentation.
Supplemental Information
SCHEDULE A: RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Unaudited and unreviewed), (All tables provide Dollars in
millions, except per Share Data)
Adjusted Net Income, Adjusted Diluted EPS and Adjusted
EBITDA
In addition to its reported results calculated in accordance
with GAAP, the Company has included in this release adjusted net
income, adjusted diluted EPS and adjusted EBITDA, performance
measures that the Securities and Exchange Commission defines as
“non-GAAP financial measures.” Adjusted net income, adjusted
diluted EPS and adjusted EBITDA exclude the impact of certain
unusual or non-recurring items such as net expenses related to
COVID-19 pandemic, expenses related to Transformation Program,
expenses related to digital technology program and charges related
to the Russia-Ukraine conflict, as further detailed in the
reconciliations below. Adjusted EBITDA margin represents adjusted
EBITDA divided by net sales.
Management believes that such non-GAAP financial measures, when
read in conjunction with the Company’s reported results, calculated
in accordance with GAAP, can provide useful supplemental
information for investors because they facilitate a period to
period comparative assessment of the Company’s operating
performance relative to its performance based on reported results
under GAAP, while isolating the effects of some items that vary
from period to period without any correlation to core operating
performance and eliminate certain charges that management believes
do not reflect the Company’s operations and underlying operational
performance. The Company’s definition and calculation as set forth
in the tables below of adjusted net income, adjusted diluted EPS
and adjusted EBITDA may not be comparable to similarly titled
measures used by other companies because other companies may not
calculate them in the same manner as the Company does and should
not be viewed in isolation from nor as alternatives to net income
or diluted EPS calculated in accordance with GAAP.
Currency Fluctuation
Our international operations have provided and will continue to
provide a significant portion of our total net sales. As a result,
total net sales will continue to be affected by fluctuations in the
U.S. dollar against foreign currencies. In order to provide a
framework for assessing how our underlying businesses performed
excluding the effect of foreign currency fluctuations, in addition
to comparing the percent change in net sales from one period to
another in U.S. dollars, we also compare the percent change in net
sales from one period to another period using “net sales in local
currency.” Net sales in local currency is not a measure presented
in accordance with U.S. GAAP. Net sales in local currency removes
from net sales in U.S. dollars the impact of changes in exchange
rates between the U.S. dollar and the local currencies of our
foreign subsidiaries, by translating the current period net sales
into U.S. dollars using the same foreign currency exchange rates
that were used to translate the net sales for the previous
comparable period. We believe presenting net sales in local
currency is useful to investors because it allows a meaningful
comparison of net sales of our foreign operations from period to
period. However, net sales in local currency should not be
considered in isolation or as an alternative to net sales in U.S.
dollar measures that reflect current period exchange rates, or to
other financial measures calculated and presented in accordance
with U.S. GAAP.
The following is a reconciliation of net income to adjusted net
income: Three Months Ended Six Months Ended 6/30/2023
6/30/2022 6/30/2023 6/30/2022 (in millions) Net income
$
59.9
$
86.5
$
89.2
$
184.7
Net expenses related to COVID-19 pandemic (1) (2)
-
1.6
-
3.3
Expenses related to Transformation Program (1) (2)
10.1
3.2
37.4
4.8
Digital technology program costs (1) (2)
7.0
-
10.5
-
Russia-Ukraine conflict charges (1) (2)
-
5.4
-
5.4
Income tax adjustments for above items (1) (2)
(3.0
)
(1.9
)
(9.2
)
(2.4
)
Adjusted net income
$
74.0
$
94.8
$
127.9
$
195.8
The following is a reconciliation of diluted earnings
per share to adjusted diluted earnings per share: Three
Months Ended Six Months Ended 6/30/2023 6/30/2022 6/30/2023
6/30/2022 (per share) Diluted earnings per share
$
0.60
$
0.88
$
0.89
$
1.84
Net expenses related to COVID-19 pandemic (1) (2)
-
0.02
-
0.03
Expenses related to Transformation Program (1) (2)
0.10
0.03
0.37
0.05
Digital technology program costs (1) (2)
0.07
-
0.11
-
Russia-Ukraine conflict charges (1) (2)
-
0.05
-
0.05
Income tax adjustments for above items (1) (2)
(0.03
)
(0.02
)
(0.09
)
(0.02
)
Adjusted diluted earnings per share (3)
$
0.74
$
0.96
$
1.28
$
1.96
The following is a reconciliation of net income to EBITDA
and adjusted EBITDA: Three
Months Ended Six Months Ended 6/30/2023
6/30/2022 6/30/2023 6/30/2022 (in millions)
Net income
$
59.9
$
86.5
$
89.2
$
184.7
Interest expense, net
38.4
31.7
77.8
61.4
Income taxes
25.1
37.6
26.9
62.8
Depreciation and amortization
29.1
29.4
56.7
58.6
EBITDA
$
152.5
$
185.2
$
250.6
$
367.5
Net expenses related to COVID-19 pandemic (1) (2)
-
1.6
-
3.3
Expenses related to Transformation Program (1) (2)
10.1
3.2
37.4
4.8
Digital technology program costs (1) (2)
7.0
-
10.5
-
Russia-Ukraine conflict charges (1) (2)
-
5.4
-
5.4
Adjusted EBITDA
$
169.6
$
195.4
$
298.5
$
381.0
(1) Based on interim
income tax reporting rules, these expenses are not considered
discrete items. The tax effect of the adjustments between our GAAP
and non-GAAP results takes into account the tax treatment and
related tax rate(s) that apply to each adjustment in the applicable
tax jurisdiction(s). (2) Excludes tax (benefit)/expense as
follows: Three Months Ended Six Months Ended 6/30/2023 6/30/2022
6/30/2023 6/30/2022 (in millions) Net expenses related to
COVID-19 pandemic
$
-
$
(0.4
)
$
-
$
(0.7
)
Expenses related to Transformation Program
(2.5
)
(0.3
)
(8.5
)
(0.5
)
Digital technology program costs
(0.5
)
-
(0.7
)
-
Russia-Ukraine conflict charges
-
(1.2
)
-
(1.2
)
Total income tax adjustments
$
(3.0
)
$
(1.9
)
$
(9.2
)
$
(2.4
)
Three Months Ended Six Months Ended 6/30/2023
6/30/2022 6/30/2023 6/30/2022 (per share) Net expenses
related to COVID-19 pandemic
$
-
$
-
$
-
$
(0.01
)
Expenses related to Transformation Program
(0.02
)
-
(0.09
)
-
Digital technology program costs
(0.01
)
-
(0.01
)
-
Russia-Ukraine conflict charges
-
(0.01
)
-
(0.01
)
Total income tax adjustments (3)
$
(0.03
)
$
(0.02
)
$
(0.09
)
$
(0.02
)
(3) Amounts may not total due to rounding.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230802526262/en/
Media Contact: Gary Kishner Senior Director, Public Relations
213.745.0456 Investor Contact: Erin Banyas Vice President, Head of
Investor Relations 213.745.0433
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