☑
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2016
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _____________ TO _____________
|
NU SKIN ENTERPRISES, INC.
|
||||
(Exact name of registrant as specified in its charter)
|
||||
Delaware
|
87-0565309
|
|||
(State or other jurisdiction of incorporation or organization)
|
75 WEST CENTER STREET
PROVO, UTAH 84601
|
(IRS Employer Identification No.)
|
||
(Address of principal executive offices, including zip code)
|
||||
(801) 345-1000
|
||||
(Registrant's telephone number, including area code)
|
Large accelerated filer
☑
|
Accelerated filer
☐
|
Non-accelerated filer
☐
(Do not check if a smaller reporting company)
|
Smaller reporting company
☐
|
Page
|
||||
Part I.
|
Financial Information
|
|||
Item 1.
|
||||
1
|
||||
2
|
||||
3
|
||||
4
|
||||
5
|
||||
Item 2.
|
18
|
|||
Item 3.
|
26
|
|||
Item 4.
|
26
|
|||
Part II.
|
Other Information
|
|||
Item 1.
|
26
|
|||
Item 1A.
|
28
|
|||
Item 2.
|
28
|
|||
Item 3.
|
28
|
|||
Item 4.
|
28
|
|||
Item 5.
|
29
|
|||
Item 6.
|
29
|
|||
Signature
|
30
|
September 30,
|
December 31,
|
|||||||
2016
|
2015
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
516,994
|
$
|
289,354
|
||||
Current investments
|
15,603
|
14,371
|
||||||
Accounts receivable
|
35,985
|
35,464
|
||||||
Inventories, net
|
253,350
|
265,256
|
||||||
Prepaid expenses and other
|
160,537
|
101,947
|
||||||
982,469
|
706,392
|
|||||||
Property and equipment, net
|
451,571
|
454,537
|
||||||
Goodwill
|
114,954
|
112,446
|
||||||
Other intangible assets, net
|
65,408
|
67,009
|
||||||
Other assets
|
137,413
|
165,459
|
||||||
Total assets
|
$
|
1,751,815
|
$
|
1,505,843
|
||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
40,490
|
$
|
28,832
|
||||
Accrued expenses
|
337,562
|
310,916
|
||||||
Current portion of long-term debt
|
73,328
|
67,849
|
||||||
451,380
|
407,597
|
|||||||
Long-term debt
|
356,298
|
181,745
|
||||||
Other liabilities
|
89,726
|
90,880
|
||||||
Total liabilities
|
897,404
|
680,222
|
||||||
Commitments and contingencies (Note 10)
|
||||||||
Stockholders' equity:
|
||||||||
Class A common stock – 500 million shares authorized, $.001 par value, 90.6 million shares issued
|
91
|
91
|
||||||
Additional paid-in capital
|
431,563
|
419,921
|
||||||
Treasury stock, at cost – 34.8 million and 34.6 million shares, respectively
|
(1,047,975
|
)
|
(1,017,063
|
)
|
||||
Accumulated other comprehensive loss
|
(68,523
|
)
|
(71,269
|
)
|
||||
Retained earnings
|
1,539,255
|
1,493,941
|
||||||
854,411
|
825,621
|
|||||||
Total liabilities and stockholders' equity
|
$
|
1,751,815
|
$
|
1,505,843
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Revenue
|
$
|
604,162
|
$
|
571,308
|
$
|
1,676,468
|
$
|
1,674,849
|
||||||||
Cost of sales
|
125,863
|
152,755
|
391,937
|
368,073
|
||||||||||||
Gross profit
|
478,299
|
418,553
|
1,284,531
|
1,306,776
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Selling expenses
|
255,274
|
240,260
|
699,196
|
713,714
|
||||||||||||
General and administrative expenses
|
140,651
|
135,752
|
415,014
|
410,074
|
||||||||||||
Total operating expenses
|
395,925
|
376,012
|
1,114,210
|
1,123,788
|
||||||||||||
Operating income
|
82,374
|
42,541
|
170,321
|
182,988
|
||||||||||||
Other income (expense), net
|
(5,695
|
)
|
(14,428
|
)
|
(19,618
|
)
|
(29,454
|
)
|
||||||||
Income before provision for income taxes
|
76,679
|
28,113
|
150,703
|
153,534
|
||||||||||||
Provision for income taxes
|
19,807
|
11,846
|
45,802
|
56,328
|
||||||||||||
Net income
|
$
|
56,872
|
$
|
16,267
|
$
|
104,901
|
$
|
97,206
|
||||||||
Net income per share (Note 2):
|
||||||||||||||||
Basic
|
$
|
1.02
|
$
|
0.28
|
$
|
1.87
|
$
|
1.66
|
||||||||
Diluted
|
$
|
0.98
|
$
|
0.28
|
$
|
1.85
|
$
|
1.63
|
||||||||
Weighted-average common shares outstanding (000s):
|
||||||||||||||||
Basic
|
55,983
|
57,725
|
55,963
|
58,403
|
||||||||||||
Diluted
|
57,852
|
58,663
|
56,586
|
59,565
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Net income
|
$
|
56,872
|
$
|
16,267
|
$
|
104,901
|
$
|
97,206
|
||||||||
Other comprehensive income, net of tax:
|
||||||||||||||||
Foreign currency translation adjustment, net of taxes of $(760) and $2,787 for the
three months ended September 30, 2016 and 2015, respectively, and $(2,324) and
$(3,036) for the nine months ended September 30, 2016 and 2015, respectively
|
2,463
|
(9,629
|
)
|
4,413
|
(20,355
|
)
|
||||||||||
Net unrealized gains/(losses) on foreign currency cash flow hedges, net of taxes
of $147 and $61 for the three months ended September 30, 2016 and 2015,
respectively, and $1,722 and $(109) for the nine months ended September 30,
2016 and 2015, respectively
|
(266
|
)
|
(110
|
)
|
(3,126
|
)
|
199
|
|||||||||
Reclassification adjustment for realized losses/(gains) in current earnings,
net of taxes of $(409) and $5 for the three months ended September 30, 2016
and 2015, respectively, and $(803) and $729 for the nine months ended
September 30, 2016 and 2015, respectively
|
743
|
(10
|
)
|
1,459
|
(1,323
|
)
|
||||||||||
2,940
|
(9,749
|
)
|
2,746
|
(21,479
|
)
|
|||||||||||
Comprehensive income
|
$
|
59,812
|
$
|
6,518
|
$
|
107,647
|
$
|
75,727
|
Nine Months Ended
|
||||||||
September 30,
|
||||||||
2016
|
2015
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$
|
104,901
|
$
|
97,206
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
53,402
|
52,101
|
||||||
Japan customs expense
|
31,355
|
-
|
||||||
Foreign currency losses
|
14,749
|
24,953
|
||||||
Stock-based compensation
|
5,163
|
4,444
|
||||||
Deferred taxes
|
(5,718
|
)
|
12,110
|
|||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
671
|
(2,067
|
)
|
|||||
Inventories, net
|
14,957
|
65,692
|
||||||
Prepaid expenses and other
|
(59,230
|
)
|
(3,586
|
)
|
||||
Other assets
|
(3,842
|
)
|
(18,387
|
)
|
||||
Accounts payable
|
10,927
|
2,252
|
||||||
Accrued expenses
|
19,635
|
15,455
|
||||||
Other liabilities
|
(1,540
|
)
|
(8,209
|
)
|
||||
Net cash provided by operating activities
|
185,430
|
241,964
|
||||||
Cash flows from investing activities:
|
||||||||
Purchases of property and equipment
|
(35,019
|
)
|
(44,171
|
)
|
||||
Proceeds of investment sales
|
14,591
|
11,526
|
||||||
Purchases of investments
|
(17,024
|
)
|
(11,526
|
)
|
||||
Acquisitions
|
(4,400
|
)
|
-
|
|||||
Net cash used in investing activities
|
(41,852
|
)
|
(44,171
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Exercises of employee stock options
|
6,295
|
(1,107
|
)
|
|||||
Payments of cash dividends
|
(59,585
|
)
|
(61,382
|
)
|
||||
Payments on debt financing
|
(50,452
|
)
|
(31,954
|
)
|
||||
Proceeds from long-term debt
|
233,721
|
36,217
|
||||||
Payment of debt issuance costs
|
(6,596
|
)
|
-
|
|||||
Income tax benefit of options exercised
|
4,186
|
4,731
|
||||||
Repurchases of shares of common stock
|
(41,693
|
)
|
(104,058
|
)
|
||||
Net cash provided by (used in) financing activities
|
85,876
|
(157,553
|
)
|
|||||
Effect of exchange rate changes on cash
|
(1,814
|
)
|
(22,847
|
)
|
||||
Net increase in cash and cash equivalents
|
227,640
|
17,393
|
||||||
Cash and cash equivalents, beginning of period
|
289,354
|
288,415
|
||||||
Cash and cash equivalents, end of period
|
$
|
516,994
|
$
|
305,808
|
Amount of Gain (Loss)
Recognized in Other Comprehensive Loss
|
||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||
September 30,
|
September 30,
|
|||||||
Derivatives designated as hedging instruments:
|
2016
|
2015
|
2016
|
2015
|
||||
Foreign currency forward contracts related to intercompany license fee, product sales,
and selling
expense hedges
|
$ (266)
|
$ (110)
|
$ (3,126)
|
$ 199
|
Derivatives designated
as hedging instruments:
|
Location of Gain (Loss)
Reclassified from Accumulated Other Comprehensive Loss into Income
|
Amount of Gain (Loss) Reclassified from
Accumulated Other Comprehensive Loss into Income
|
||||||||||||||||
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||||
Foreign currency forward contracts related
to intercompany license fees and product
sales hedges
|
Revenue
|
$
|
(300
|
)
|
$
|
(50
|
)
|
$
|
(609
|
)
|
$
|
1,091
|
||||||
Foreign currency forward contracts related
to intercompany selling expense hedges
|
Selling expenses
|
$
|
(443
|
)
|
$
|
60
|
$
|
(850
|
)
|
$
|
232
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
Revenue:
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Greater China
|
$
|
216,460
|
$
|
188,669
|
$
|
611,887
|
$
|
576,172
|
||||||||
North Asia
|
208,677
|
167,748
|
525,771
|
512,757
|
||||||||||||
South Asia/Pacific
|
70,867
|
108,857
|
226,742
|
247,697
|
||||||||||||
Americas
|
71,250
|
70,775
|
204,882
|
234,115
|
||||||||||||
EMEA
|
36,908
|
35,259
|
107,186
|
104,108
|
||||||||||||
Totals
|
$
|
604,162
|
$
|
571,308
|
$
|
1,676,468
|
$
|
1,674,849
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
Revenue:
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Nu Skin
|
$
|
343,131
|
$
|
324,115
|
$
|
998,386
|
$
|
1,018,317
|
||||||||
Pharmanex
|
259,896
|
245,569
|
674,624
|
652,345
|
||||||||||||
Other
|
1,135
|
1,624
|
3,458
|
4,187
|
||||||||||||
Totals
|
$
|
604,162
|
$
|
571,308
|
$
|
1,676,468
|
$
|
1,674,849
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
Revenue:
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
Mainland China
|
$
|
168,320
|
$
|
138,050
|
$
|
471,319
|
$
|
421,498
|
||||||||
South Korea
|
136,188
|
104,012
|
315,342
|
321,812
|
||||||||||||
Japan
|
72,489
|
63,736
|
210,429
|
190,945
|
||||||||||||
United States
|
51,714
|
52,720
|
148,975
|
170,288
|
Long-lived assets:
|
September 30, 2016
|
December 31, 2015
|
||||||
Mainland China
|
$
|
101,482
|
$
|
110,839
|
||||
South Korea
|
46,960
|
48,702
|
||||||
Japan
|
13,910
|
13,587
|
||||||
United States
|
278,994
|
271,057
|
September 30, 2016
|
December 31, 2015
|
|||||||
Raw materials
|
$
|
118,313
|
$
|
114,193
|
||||
Finished goods
|
135,037
|
151,063
|
||||||
$
|
253,350
|
$
|
265,256
|
Facility or
Arrangement
|
Original Principal Amount
|
Balance as of
December 31, 2015
|
Balance as of
September 30, 2016
(1)(2)
|
Interest Rate
|
Repayment terms
|
|||||
Credit Agreement term loan facility:
|
||||||||||
U.S. dollar denominated:
|
$127.5 million
|
$118.7 million
|
$111.6 million
|
Variable 30 day: 3.2744%
|
One half of the principal amount payable in increasing quarterly installments over a five-year period that began on December 31, 2014, with the remainder payable at the end of the five-year term.
|
|||||
Japanese yen denominated:
|
6.6 billion yen
|
6.1 billion yen ($51.1 million as of December 31, 2015)
|
5.8 billion yen ($56.9 million as of September 30, 2016)
|
Variable 30 day: 2.75%
|
One half of the principal amount payable in increasing quarterly installments over a five-year period that began on December 31, 2014, with the remainder payable at the end of the five-year term.
|
|||||
Credit Agreement revolving credit facility:
|
||||||||||
$47.5 million
|
$47.5 million
|
Variable 30 day: 3.2744%
|
Revolving line of credit expires October 2019.
|
|||||||
Korea subsidiary loan:
|
||||||||||
$20.0 million
|
$20.0 million
|
$10.0 million
|
1.12%
|
Remaining balance payable on March 16, 2018.
|
||||||
Japan subsidiary loan:
|
||||||||||
2.0 billion yen
|
2.0 billion yen ($16.6 million as of December 31, 2015)
|
1.3 billion yen ($13.2 million as of September 30, 2016)
|
0.66%
|
Payable in semi-annual installments over three years that began on January 31, 2016.
|
||||||
Convertible note
(3)
|
||||||||||
$210.0 million
|
-
|
$210.0 million
|
4.75%
|
Principal amount payable on June 15, 2020.
|
(1) |
As of September 30, 2016, the current portion of the Company's debt (i.e., becoming due in the next 12 months) included $60.3 million of the balance of its U.S. dollar-denominated debt under the Credit Agreement term loan facility, $6.5 million of the balance of its Japanese yen-denominated debt under the Credit Agreement term loan facility and $6.5 million of the Japan subsidiary loan. The Company has classified the amount borrowed under the Credit Agreement revolving credit facility as short term because it is the Company's intention to use this line of credit to borrow and pay back funds over short periods of time.
|
(2) |
The carrying value of the debt reflects the amounts stated in the above table less a debt discount of $3.4 million on the Credit Agreement and $16.1 million on the convertible debt, which is not reflected in this table.
|
September 30, 2016
|
||||
Principal
|
$
|
210,000
|
||
Unamortized debt discount (conversion option)
|
(10,231
|
)
|
||
Total long-term debt, net
|
199,769
|
|||
Unamortized debt discount (issuance costs)
|
(5,854
|
)
|
||
Net carrying amount
|
$
|
193,915
|
Fair Value at September 30, 2016
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Financial assets (liabilities):
|
||||||||||||||||
Cash equivalents and current investments
|
$
|
57,616
|
$
|
−
|
$
|
−
|
$
|
57,616
|
||||||||
Forward contracts
|
−
|
(3,044
|
)
|
−
|
(3,044
|
)
|
||||||||||
Life insurance contracts
|
−
|
−
|
31,033
|
31,033
|
||||||||||||
Total
|
$
|
57,616
|
$
|
(3,044
|
)
|
$
|
31,033
|
$
|
85,605
|
Fair Value at December 31, 2015
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Financial assets (liabilities):
|
||||||||||||||||
Cash equivalents and current investments
|
$
|
47,121
|
$
|
−
|
$
|
−
|
$
|
47,121
|
||||||||
Forward contracts
|
−
|
485
|
−
|
485
|
||||||||||||
Life insurance contracts
|
−
|
−
|
27,292
|
27,292
|
||||||||||||
Total
|
$
|
47,121
|
$
|
485
|
$
|
27,292
|
$
|
74,898
|
Life Insurance Contracts
|
||||
Beginning balance at January 1, 2016
|
$
|
27,292
|
||
Actual return on plan assets:
|
||||
Relating to assets still held at the reporting date
|
1,914
|
|||
Purchases and issuances
|
2,029
|
|||
Sales and settlements
|
(202
|
)
|
||
Transfers into Level 3
|
-
|
|||
Ending balance at September 30, 2016
|
$
|
31,033
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||||||||||
2016
|
2015
|
Change
|
2016
|
2015
|
Change
|
|||||||||||||||||||
Mainland China
|
$
|
168.3
|
$
|
138.1
|
22%
|
|
$
|
471.3
|
$
|
421.5
|
12%
|
|
||||||||||||
Taiwan/Hong Kong
|
48.2
|
50.6
|
(5%)
|
|
140.6
|
154.7
|
(9%)
|
|
||||||||||||||||
Greater China total
|
$
|
216.5
|
$
|
188.7
|
15%
|
|
$
|
611.9
|
$
|
576.2
|
6%
|
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||||||||||
2016
|
2015
|
Change
|
2016
|
2015
|
Change
|
|||||||||||||||||||
South Korea
|
$
|
136.2
|
$
|
104.0
|
31%
|
|
$
|
315.4
|
$
|
321.8
|
(2%)
|
|
||||||||||||
Japan
|
72.5
|
63.7
|
14%
|
|
210.4
|
191.0
|
10%
|
|
||||||||||||||||
North Asia total
|
$
|
208.7
|
$
|
167.7
|
24%
|
|
$
|
525.8
|
$
|
512.8
|
3%
|
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||||||||||
2016
|
2015
|
Change
|
2016
|
2015
|
Change
|
|||||||||||||||||||
South Asia/Pacific
|
$
|
70.9
|
$
|
108.9
|
(35%)
|
|
$
|
226.7
|
$
|
247.7
|
(8%)
|
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||||||||||
2016
|
2015
|
Change
|
2016
|
2015
|
Change
|
|||||||||||||||||||
United States/Canada
|
$
|
63.3
|
$
|
61.9
|
2%
|
|
$
|
181.1
|
$
|
199.1
|
(9%)
|
|
||||||||||||
Latin America
|
8.0
|
8.9
|
(10%)
|
|
23.8
|
35.0
|
(32%)
|
|
||||||||||||||||
Americas total
|
$
|
71.3
|
$
|
70.8
|
1%
|
|
$
|
204.9
|
$
|
234.1
|
(12%)
|
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||||||||||
2016
|
2015
|
Change
|
2016
|
2015
|
Change
|
|||||||||||||||||||
EMEA
|
$
|
36.9
|
$
|
35.3
|
5%
|
|
$
|
107.2
|
$
|
104.1
|
3%
|
|
• |
purchases and expenditures for computer systems and equipment, software, and application development.
|
As of September 30, 2016
|
As of September 30, 2015
|
||||||
Region:
|
Actives
|
Sales Leaders
|
Actives
|
Sales Leaders
|
|||
Greater China
|
257,000
|
30,617
|
211,000
|
25,044
|
|||
North Asia
|
334,000
|
18,688
|
374,000
|
18,038
|
|||
South Asia/Pacific
|
116,000
|
7,213
|
120,000
|
9,925
|
|||
Americas
|
171,000
|
6,660
|
178,000
|
7,962
|
|||
EMEA
|
121,000
|
4,104
|
110,000
|
4,120
|
|||
Total
|
999,000
|
67,282
|
993,000
|
65,089
|
(a)
|
(b)
|
(c)
|
(d)
|
|||||
Period
|
Total Number of Shares Purchased
|
Average Price Paid per Share
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs
(in millions)
(1)
|
||||
July 1 – 31, 2016
|
-
|
N/A
|
-
|
$ 422.7
|
||||
August 1 – 31, 2016
|
-
|
N/A
|
-
|
$ 422.7
|
||||
September 1 – 30, 2016
|
274,269
|
$ 63.43
|
274,269
|
$ 405.3
|
||||
Total
|
274,269
|
274,269
|
(1) |
In October 2015, we announced that our board of directors approved a stock repurchase plan. Under this plan, our board of directors authorized the repurchase of up to $500.0 million of our outstanding Class A common stock on the open market or in privately negotiated transactions.
|
10.1 |
Form of Indemnification Agreement between the Company and its executive officers and directors.
|
31.1 |
Certification by M. Truman Hunt, President and Chief Executive Officer, pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.2 |
Certification by Ritch N. Wood, Chief Financial Officer, pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32.1 |
Certification by M. Truman Hunt, President and Chief Executive Officer, pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
32.2 |
Certification by Ritch N. Wood, Chief Financial Officer, pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
101.INS |
XBRL Instance Document
|
101.SCH |
XBRL Taxonomy Extension Schema Document
|
101.CAL |
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF |
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB |
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE |
XBRL Taxonomy Extension Presentation Linkbase Document
|
By:
|
/s/ Ritch N. Wood
|
|
|
|
Ritch N. Wood
|
|
|
|
Chief Financial Officer
(Duly Authorized Officer and Principal Financial and Accounting Officer)
|
|
|
NU SKIN ENTERPRISES, INC.
|
|
|
|
|
|
|
|
|
|
|
|
By:
|
|
|
|
|
Name:
|
|
|
|
Title:
|
|
|
|
|
|
|
INDEMNITEE:
|
|
|
|
|
|
|
Name: |