Medifast (MED) 10-K 23 Feb 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2021	Feb. 14, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	001-31573
Entity Registrant Name	Medifast, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-3714405
Entity Address, Address Line One	100 International Drive
Entity Address, City or Town	Baltimore
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21202
City Area Code	410
Local Phone Number	581-8042
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	MED
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 3.3
Entity Common Stock, Shares Outstanding		11,542,630
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Central Index Key	0000910329
Current Fiscal Year End Date	--12-31

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Firm ID	49
Auditor Name	RSM US LLP
Auditor Location	Baltimore, Maryland

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Revenue	$ 1,526,087	$ 934,842	$ 713,672
Cost of sales	398,490	237,027	176,814
Gross profit	1,127,597	697,815	536,858
Selling, general, and administrative	911,356	563,656	445,819
Income from operations	216,241	134,159	91,039
Other (expense) income
Interest (expense) income	(231)	246	1,295
Other income (expense)	119	(140)	29
Other income (expense)	(112)	106	1,324
Income from operations before income taxes	216,129	134,265	92,363
Provision for income taxes	52,098	31,406	14,447
Net income	$ 164,031	$ 102,859	$ 77,916
Basic earnings per share
Earnings per share, basic (in usd per share)	$ 14.01	$ 8.74	$ 6.62
Diluted earnings per share
Earnings per share, diluted (in usd per share)	$ 13.89	$ 8.68	$ 6.43
Weighted average shares outstanding -
Basic (in usd)	11,705	11,771	11,771
Diluted (in usd)	11,813	11,850	12,117
Cash dividends declared per share (in usd per share)	$ 5.68	$ 4.52	$ 3.38

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 164,031	$ 102,859	$ 77,916
Other comprehensive income (loss), net of tax:
Foreign currency translation	112	(21)	1
Unrealized gains (losses) on investment securities	(42)	37	197
Other comprehensive income (loss)	70	16	198
Comprehensive income	$ 164,101	$ 102,875	$ 78,114

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current Assets
Cash and cash equivalents	$ 104,183	$ 163,723
Inventories	180,043	53,392
Investment securities	5,361	10,752
Income taxes, prepaid	945	0
Prepaid expenses and other current assets	16,334	6,447
Total current assets	306,866	234,314
Property, plant and equipment - net of accumulated depreciation	56,131	27,633
Right-of-use assets	24,457	10,508
Other assets	6,468	2,937
Deferred tax assets	4,404	692
TOTAL ASSETS	398,326	276,084
Current Liabilities
Accounts payable and accrued expenses	163,309	107,677
Current lease obligations	6,523	3,673
Total current liabilities	169,832	111,350
Lease obligations, net of current lease obligations	26,020	7,488
Total liabilities	195,852	118,838
Commitments (Note 12)
Stockholders' Equity
Common stock, par value $.001 per share: 20,000 shares authorized; 11,822 and 12,272 issued and 11,772 and 11,764 outstanding at December 31, 2021 and December 31, 2020, respectively	12	12
Additional paid-in capital	12,018	7,842
Accumulated other comprehensive income	111	41
Retained earnings	190,333	154,351
Less: treasury stock at cost, 0 and 46 shares at December 31, 2021 and December 31, 2020, respectively	0	(5,000)
Total stockholders' equity	202,474	157,246
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 398,326	$ 276,084

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	20,000,000	20,000,000
Common stock, issued (in shares)	11,594,000	11,822,000
Common stock, outstanding (in shares)	11,593,000	11,772,000
Treasury stock at cost (in shares)	0	46

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Activities
Net income	$ 164,031	$ 102,859	$ 77,916
Adjustments to reconcile net income to cash provided by operating activities
Depreciation and amortization	6,812	4,316	4,624
Non-cash lease expense	5,069	3,189	2,624
Share-based compensation	9,903	6,796	4,520
Loss on sale of disposal of property, plant and equipment	2	212	17
Amortization of premium on investment securities	89	320	454
Deferred income taxes	(3,715)	601	1,598
Change in operating assets and liabilities:
Inventories	(126,651)	(4,621)	(9,883)
Income taxes, prepaid	(945)	5,169	(5,169)
Prepaid expenses and other current assets	(9,887)	1,086	(1,936)
Other assets	(4,543)	(2,741)	(2,615)
Accounts payable and accrued expenses	54,380	28,010	12,111
Net cash flow provided by operating activities	94,545	145,196	84,261
Investing Activities
Sale and maturities of investment securities	5,145	4,605	3,730
Purchase of property and equipment	(34,209)	(5,887)	(10,058)
Net cash flow used in investing activities	(29,064)	(1,282)	(6,328)
Financing Activities
Options exercised by executives and directors	811	1,597	278
Net shares repurchased for taxes	(6,089)	(551)	(14,092)
Cash dividends paid to stockholders	(63,856)	(53,190)	(35,396)
Stock repurchases	(55,999)	(5,000)	(33,114)
Net cash flow used in financing activities	(125,133)	(57,144)	(82,324)
Foreign currency impact	112	(21)	1
(Decrease) Increase in cash and cash equivalents	(59,540)	86,749	(4,390)
Cash and cash equivalents - beginning of the period	163,723	76,974	81,364
Cash and cash equivalents - end of period	104,183	163,723	76,974
Supplemental disclosure of cash flow information
Income taxes paid	56,758	24,636	17,314
Dividends declared included in accounts payable	$ 17,186	$ 13,831	$ 13,719

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Retained Earnings	Treasury Stock
Balance at Dec. 31, 2018	$ 109,106	$ 12	$ 8,802	$ (173)	$ 131,344	$ (30,879)
Balance (in shares) at Dec. 31, 2018		12,117
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	77,916				77,916
Share-based compensation	4,520		4,520
Share-based compensation (in shares)		273
Options exercised by executives and directors	278		278
Options exercised by executives and directors (in shares)		10
Net shares repurchased for employee taxes	$ (14,092)		(13,600)		(492)
Net shares repurchased for employee taxes, (in shares)	(128)	(128)
Treasury stock from stock repurchases	$ (33,114)					(33,114)
Other comprehensive income	198			198
Cash dividends declared to stockholders	(39,980)				(39,980)
Balance at Dec. 31, 2019	104,832	$ 12	0	25	168,788	(63,993)
Balance (in shares) at Dec. 31, 2019		12,272
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	102,859				102,859
Share-based compensation	6,796		6,796
Share-based compensation (in shares)		17
Options exercised by executives and directors	1,597		1,597
Options exercised by executives and directors (in shares)		28
Net shares repurchased for employee taxes	$ (551)		(551)		0
Net shares repurchased for employee taxes, (in shares)	(6)	(6)
Treasury stock from stock repurchases	$ (5,000)					(5,000)
Treasury stock retired from stock repurchases	$ 0				(63,993)	63,993
Treasury stock retired from stock repurchases (in shares)	(489)
Other comprehensive income	$ 16			16
Cash dividends declared to stockholders	(53,303)				(53,303)
Balance at Dec. 31, 2020	157,246	$ 12	7,842	41	154,351	(5,000)
Balance (in shares) at Dec. 31, 2020		11,822
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	164,031				164,031
Share-based compensation	9,596		9,454		142
Share-based compensation (in shares)		55
Options exercised by executives and directors	811		811
Options exercised by executives and directors (in shares)		29
Net shares repurchased for employee taxes	$ (6,089)		(6,089)
Net shares repurchased for employee taxes, (in shares)	(22)	(28)
Treasury stock from stock repurchases	$ (55,999)					(55,999)
Treasury stock retired from stock repurchases	$ 0				(60,999)	60,999
Treasury stock retired from stock repurchases (in shares)	(284)
Other comprehensive income	$ 70			70
Cash dividends declared to stockholders	(67,192)				(67,192)
Balance at Dec. 31, 2021	$ 202,474	$ 12	$ 12,018	$ 111	$ 190,333	$ 0
Balance (in shares) at Dec. 31, 2021		11,594

Nature of the Business

Nature of the Business	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business	NATURE OF THE BUSINESS Medifast, Inc. (the “Company” or “Medifast”) is a Delaware corporation, incorporated in 1989. The Company’s operations are primarily conducted through its wholly owned subsidiaries, Jason Pharmaceuticals, Inc., OPTA VIA, LLC, Jason Enterprises, Inc., Jason Properties, LLC, Medifast Franchise Systems, Inc., Seven Crondall Associates, LLC, Corporate Events, Inc., OPTA VIA (Hong Kong) Limited, OPTA VIA (Singapore) PTE. LTD and OPTA VIA Health Consultation (Shanghai) Co., Ltd. Medifast is the company behind one of the fastest-growing health and wellness communities called OPTA VIA. OPTA VIA is a highly effective lifestyle solution for people for whom diets alone have failed. The Company has one modern, United States Food and Drug Administration (the “FDA”) approved manufacturing facility located in Owings Mills, Maryland. Medifast sells a variety of weight loss, weight management and healthy living products all based on our proprietary formulas under the OPTA VIA, Optimal Health by Take Shape for Life, and Flavors of Home ® brands. The Company’s product line includes more than 95 consumable options, including, but not limited to, bars, bites, pretzels, puffs, cereal crunch, drinks, hearty choices, oatmeal, pancakes, pudding, soft serve, shakes, smoothies, soft bakes, and soups. Medifast’s nutritional products are formulated with high-quality ingredients. The processing, formulation, packaging, labeling and advertising of the Company’s products are subject to regulation by one or more federal agencies, including the FDA, the Federal Trade Commission (the “FTC”), the Consumer Product Safety Commission, the United States Department of Agriculture, and the United States Environmental Protection Agency.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation - The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company’s fiscal year ends on December 31. Reclassification - Certain amounts reported for prior periods have been reclassified to be consistent with the current period presentation. No reclassification in the consolidated financial statements had a material impact on the presentation. Use of Estimates - The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates. Cash and Cash Equivalents - Cash and cash equivalents consist of cash on deposit in financial institutions, institutional money funds and other short-term investments with a maturity of 90 days or less at the time of purchase. Concentration of Credit Risk - Our cash and cash equivalents and available-for-sale securities are maintained at several financial institutions and the balances with these financial institutions often exceed the amount of insurance provided on such accounts by the Federal Deposit Insurance Corporation. The cash and cash equivalents generally are maintained with financial institutions with reputable credit, and therefore bear minimal credit risk. Historically, we have not experienced any losses due to such concentration of credit risk. Fair Value of Financial Instruments - Our financial instruments include cash and cash equivalents, and investment in available-for-sale securities. The carrying amounts of cash and cash equivalents approximate fair value due to their short maturities. The fair value of investments in available-for-sale securities are based on third-party pricing services provided by the Company’s investment advisory firm. Inventories - Inventories consist principally of raw materials and packaged meal replacements held in the Company’s warehouses and outsourced distribution centers. Inventories are stated at the lower of cost or net realizable value, utilizing the first-in, first-out method. The cost of finished goods includes the cost of raw materials, packaging supplies, direct and indirect labor, and other indirect manufacturing costs. On a quarterly basis, management reviews inventories for unsalable or obsolete inventories. Investment Securities - The Company’s investments consist of debt securities classified as available-for-sale securities. Available-for-sale debt securities are stated at fair value and unrealized holding gains and losses, net of the related deferred tax effect, are reported as a separate component of accumulated other comprehensive income (loss) in stockholders’ equity. Interest and dividends on marketable debt securities are recognized in income when declared. Realized gains and losses, if any, are included in income. Property, Plant, and Equipment - Property, plant and equipment are stated at cost less accumulated depreciation and amortization. The Company computes depreciation and amortization using the straight-line method over the estimated useful lives of the assets acquired as follows: Building and building improvements 10 - 35 years Leasehold Improvements (1) Lease term Equipment and fixtures 3 - 15 years Software 5 years Vehicles 5 years (1) The depreciation life for leasehold improvements is the lesser of the estimated useful life of the addition or the term of the related lease. Long-lived Asset Impairment - Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Revenue Recognition - Our revenue is derived primarily from point of sale transactions executed over an e-commerce platform for weight loss, weight management, and other consumable health and nutritional products. Revenue is recognized upon receipt by customer and net of discounts, rebates, promotional adjustments, price adjustments, allocated consideration to loyalty programs, and estimated returns. Revenue is recognized when control of the promised products is transferred to our clients, in an amount that reflects the consideration we expect to be entitled to in exchange for transferring those products. When determining whether the customer has obtained control of the products, we consider any future performance obligations. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in ASC 606, Revenue from Contracts with Customers . A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, each performance obligation is satisfied. Our contracts have performance obligations to fulfill and deliver products from the point of sale transaction along with the related customer reward programs. Our performance obligations are satisfied at a point in time. Revenue from products transferred to clients at a point in time accounted for substantially all of our revenue for the years ended December 31, 2021, 2020 and 2019. Revenue on these contracts is recognized when obligations under the terms of the contract with our customer are satisfied. Generally, this occurs with the transfer of control upon receipt of products by our clients. Any consideration received prior to the fulfillment of the Company’s performance obligation is deferred and recognized as a liability. Sales returns Our return policy allows for customer returns of consumable products within 30 days of purchase and upon our authorization. We adjust revenues for the products expected to be returned and a liability is recognized for expected refunds to clients. We estimate expected returns based on historical levels and project this experience into the future. Customer reward programs and sales incentives Our sales contracts may give clients the option to purchase additional products priced at a discount. Options to acquire additional products at a discount can come in many forms, such as customer reward programs and incentive offerings including pricing arrangements and promotions. We reduce the transaction price for certain customer reward programs and incentive offerings including pricing arrangements, promotions, and incentives that represent variable consideration and separate performance obligations. The Company accounts for sales rewards that provide the customer with a material right as a separate performance obligation of the transactions, and therefore allocates consideration between the initial sale of products and the customer reward program and incentive offering. Shipping and handling costs Amounts billed to clients for shipping and handling activities are treated as a promised service performance obligation and are recorded in revenue in the accompanying Consolidated Statements of Income upon fulfillment of the performance obligation. Shipping and handling costs incurred by the Company for the delivery of products to clients are considered a cost to fulfill the contract and are included in cost of sales in the accompanying Consolidated Statements of Income. Contract costs We expense OPTA VIA Coach compensation and credit card fees during the period in which the corresponding revenue is earned. These costs are deferred along with the revenues for goods that are in transit and not received by clients by period end. These costs are recorded in selling, general and administrative expense in the accompanying Consolidated Statements of Income. Leases - The Company determines if an arrangement is a lease at inception and categorizes leases with contractual terms longer than twelve months as either operating or finance. All the Company’s leases are operating leases. The right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent an obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit interest rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The ROU asset also consists of any prepaid lease payments and lease incentives received. The lease terms used to calculate the ROU asset and related lease liability include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense. Advertising Costs - Advertising costs are expensed as incurred, except for the preparation, layout, design and production of advertising costs which are expensed when the advertisement is first used. They are recorded in selling, general, and administrative expense in the accompanying Consolidated Statements of Income. Advertising expense, excluding broker fees, for the years ended December 31, 2021, 2020 and 2019, amounted to $1.6 million, $4.4 million and $5.3 million, respectively. Research and Development - The Company incurs research and development costs in connection with the development of new products and programs and clinical research activities, which are expensed as incurred. They are recorded in selling, general, and administrative expense in the accompanying Consolidated Statements of Income. The Company incurred $4.4 million, $2.8 million, $2.7 million in research and development expense for the years ended December 31, 2021, 2020 and 2019, respectively. Share-Based Compensation - Share-based compensation consists primarily of restricted stock awards, performance-based share awards, and stock options granted to employees and directors. Restricted stock awards are measured at the grant date, based on the calculated fair value of the award, and are recognized as an expense over the requisite service period. Performance-based share awards are measured based on the grant-date market price of the Company's common stock adjusted by expected level of achievement over the performance period. The fair value of the incentive stock options and non-qualified stock options is calculated using the Black-Scholes option pricing model as of the grant date and recognized over the service period. The Company issues new shares upon the exercise of stock options, the granting of restricted stock awards, and the achieved performance against pre-determined performance goals over the performance period for performance-based share awards. Income Taxes - Deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. The benefit of a tax position is recognized in the consolidated financial statements in the period during which, based on all available evidence, management believes it is more-likely-than-not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above is reflected as a liability for unrecognized tax benefits in the accompanying Consolidated Balance Sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. Our policy is to recognize interest and penalties accrued on uncertain tax positions as part of income tax expense. We evaluated our tax positions and determined that we did not have any material uncertain tax positions. Earnings Per Share - Basic earnings per share (“EPS”) computations are calculated utilizing the weighted average number of shares of common stock outstanding during the periods presented. Diluted EPS is calculated utilizing the weighted average number of shares of common stock outstanding adjusted for the effect of dilutive common stock equivalents. Comprehensive Income - Other comprehensive income refers to revenues, expenses, and gains and losses that are not included in net income but rather are recorded directly in stockholders’ equity. Comprehensive income consists of net income, unrealized gains and losses on available-for-sale securities, and foreign currency translation adjustments. Accounting Pronouncements - Adopted in 2021 On January 1, 2021, the beginning of the Company’s fiscal year, the Company adopted Accounting Standard Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is designed to simplify the accounting for income taxes by eliminating certain exceptions to the general principles in Topic 740. There was no material impact on the Company’s consolidated financial statements upon adoption of this ASU. Recently Issued Accounting Pronouncements - Pending Adoption We have considered all new accounting pronouncements and have concluded that there are no new pronouncements that have the potential for a material impact on our results of operations, financial condition, or cash flows, based on current information, except for: In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying accounting principles under GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met and to other derivative instruments if there is a change to the interest rates used for discounting, margining or contract price alignment. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. We are currently evaluating our contracts and the optional expedients provided by the new standard as it pertains to the credit agreement disclosed in Note 13.

Inventories

Inventories	12 Months Ended
	Dec. 31, 2021
Inventory Disclosure [Abstract]
Inventories	INVENTORIES Inventories consisted of the following (in thousands): December 31, 2021 December 31, 2020 Raw materials $ 15,196 $ 13,428 Packaging 3,641 4,071 Non-food finished goods 15,991 8,078 Finished goods 152,687 29,858 Reserve for obsolete inventory (7,472) (2,043) Total $ 180,043 $ 53,392

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	PROPERTY, PLANT AND EQUIPMENT Property, plant, and equipment consisted of the following (in thousands): December 31, 2021 December 31, 2020 Land $ 565 $ 565 Building and leasehold improvements 23,518 13,013 Equipment and fixtures 42,708 20,955 Software 21,894 20,047 Vehicles 145 145 Property, plant and equipment - gross 88,830 54,725 Less: accumulated depreciation (32,699) (27,092) Property, plant and equipment - net $ 56,131 $ 27,633 Depreciation expense for the years ended December 31, 2021, 2020 and 2019 was $5.7 million, $4.1 million and $3.7 million, respectively.

Accounts Payable And Accrued Ex

Accounts Payable And Accrued Expenses	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consisted of the following (in thousands): December 31, 2021 December 31, 2020 Trade payables and accrued expenses $ 70,894 $ 36,092 OPTA VIA Coach compensation payable 28,733 22,598 Dividends payable 17,186 13,831 Accrued payroll and related taxes 24,940 16,948 Promotional sales incentive accruals 10,935 7,621 Deferred revenue 8,050 7,606 Sales tax payable 2,571 2,981 Total $ 163,309 $ 107,677

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	EARNINGS PER SHARE The following table sets forth the computation of basic and diluted EPS for the years ended December 31, 2021, 2020 and 2019 (in thousands, except per share data): 2021 2020 2019 Numerator: Net income $ 164,031 $ 102,859 $ 77,916 Denominator: Weighted average shares of common stock outstanding 11,705 11,771 11,771 Effect of dilutive common stock equivalents 108 79 346 Weighted average shares of common stock outstanding 11,813 11,850 12,117 Earnings per share - basic $ 14.01 $ 8.74 $ 6.62 Earnings per share - diluted $ 13.89 $ 8.68 $ 6.43

Equity

Equity	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Equity	EQUITY Authorized Shares Pursuant to the Company’s Restated and Amended Certificate of Incorporation, the Company has the authority to issue 21,500,000 capital shares consisting of: (i) 20,000,000 shares of common stock having a par value of $0.001 per share and (ii) 1,500,000 shares of preferred stock having a par value $0.001 per share. As of December 31, 2021, there were approximately 11,594,000 and 0 shares of common stock and preferred stock issued, respectively. Issuance of Additional Common Stock On May 18, 2017, the stockholders of the Company approved the Medifast, Inc. Amended and Restated 2012 Share Incentive Plan (the “Amended and Restated 2012 Plan”) that increased the number of shares of the Company’s common stock that may be awarded under the Amended and Restated 2012 Plan by 600,000, to an aggregate of 1,600,000. Stock Repurchase Plan The Company implemented a stock repurchase plan on September 16, 2014 (the “Stock Repurchase Plan”). On September 12, 2019, the Company's Board of Directors authorized an additional 2,000,000 shares for repurchase under the Stock Repurchase Plan. The Company repurchased approximately 238,000 and 46,000 shares during the years ended December 31, 2021 and 2020, respectively. As of December 31, 2021, there were approximately 2,084,000 shares of common stock remaining under the Company’s Stock Repurchase Plan. There is no guarantee as to the exact number of shares of the Company’s common stock, if any, that will be repurchased under the Stock Repurchase Plan.

Share-based Compensation

Share-based Compensation	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Share-based Compensation	SHARE-BASED COMPENSATION Stock Options: The Company has issued non-qualified and incentive stock options to employees and nonemployee directors. The fair value of these options are estimated on the date of grant using the Black-Scholes option pricing model, which requires estimates of the expected term of the option, the risk-free interest rate, the expected volatility of the price of the Company’s common stock, and dividend yield. Options outstanding as of December 31, 2021 generally vest over a period of three years and expire ten years from the date of grant. The exercise price of these options ranges from $26.52 to $66.68. Due to the Company’s lack of option exercise history on the date of grant, the expected term is calculated using the simplified method defined as the midpoint between the vesting period and the contractual term of each option. The risk free interest rate is based on the U.S. Treasury yield curve in effect on the date of grant that most closely corresponds to the expected term of the option. The expected volatility is based on the historical volatility of the Company’s common stock over the period of time equivalent to the expected term for each award. The dividend yield is computed as the annualized dividend rate at the grant date divided by the strike price of the stock option. For the years ended December 31, 2021 and 2020, the Company did not grant stock options. The number of stock options and weighted-average exercise prices as of December 31, 2021 and 2020 are as follows: 2021 2020 Awards Weighted-Average Exercise Price Awards Weighted-Average Exercise Price (awards in thousands) Outstanding at beginning of period 61 $ 48.19 97 $ 52.53 Exercised (29) 40.53 (28) 57.79 Forfeited — — (8) 68.45 Outstanding at end of the period 32 $ 54.98 61 $ 48.19 Exercisable at end of the period 23 $ 49.50 44 $ 39.98 As of December 31, 2021, the weighted-average remaining contractual life was 5.3 years with an aggregate intrinsic value of $5.1 million for outstanding stock options and the weighted-average remaining contractual life was 4.9 years with an aggregate intrinsic value of $3.6 million for exercisable options. The unrecognized compensation expense calculated under the fair value method for shares expected to vest as of December 31, 2021 was $0.1 million and is expected to be recognized over a weighted average period of 1.1 years. The Company received $0.8 million, $1.6 million and $0.3 million in cash proceeds from the exercise of stock options during the years ended December 31, 2021, 2020 and 2019, respectively. The total intrinsic value of options exercised during the years ended December 31, 2021, 2020 and 2019 was $5.9 million, $1.5 million and $1.0 million, respectively. Restricted Stock: The Company has issued restricted stock to employees and nonemployee directors generally with vesting terms up to five years after the date of grant. The fair value of the restricted stock is equal to the market price of the Company’s common stock on the date of grant. Expense for restricted stock is amortized ratably over the vesting period. A summary of outstanding restricted stock activity as of December 31, 2021 and 2020 are as follows: 2021 2020 Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value (shares in thousands) Outstanding at beginning of period 50 $ 116.06 46 $ 98.28 Granted 22 264.58 43 113.87 Vested (26) 116.68 (32) 88.71 Forfeited (3) 169.47 (7) 108.86 Outstanding at end of the period 43 $ 183.51 50 $ 116.06 The Company withheld approximately 22,000, 6,000 and 128,000 shares of the Company’s common stock to cover minimum tax liability withholding obligations upon the vesting of shares of restricted stock for the years ended December 31, 2021, 2020 and 2019, respectively. The total fair value of restricted stock awards vested during the years ended December 31, 2021, 2020 and 2019 was $7.0 million, $3.7 million and $4.7 million, respectively. Performance-based Share Awards: The Company has issued performance-based share awards to certain key executives who were granted a target number of deferred shares and may earn between 0% and 200% of the target number depending upon achieved performance against pre-determined performance goals over a three-year performance period after the date of grant. The fair value of the performance-based share awards is equal to the market price of the Company’s common stock on the date of grant adjusted by expected level of achievement over the performance period. Expense for performance-based share awards is amortized ratably over the performance period. Share-based compensation expense is recorded in selling, general, and administrative expense in the accompanying Consolidated Statements of Income. The total expenses during the years ended December 31, 2021, 2020 and 2019 are as follows (in thousands): 2021 2020 2019 Shares Share-Based Compensation Expense Shares Share-Based Compensation Expense Shares Share-Based Compensation Expense Options and restricted stock 75 $ 4,302 111 $ 3,493 143 $ 3,817 Performance-based share awards granted in 2021 15 1,986 — — — — Performance-based share awards granted in 2020 26 1,807 28 1,662 — — Performance-based share awards granted in 2019 — 1,808 17 1,641 18 703 Total share-based compensation 116 $ 9,903 156 $ 6,796 161 $ 4,520 The total income tax benefit recognized in the accompanying Consolidated Statements of Income for restricted stock awards was $2.4 million, $1.4 million and $7.5 million for the years ended December 31, 2021, 2020 and 2019, respectively.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	12 Months Ended
	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Accumulated Other Comprehensive Income	ACCUMULATED OTHER COMPREHENSIVE INCOME The following table sets forth the components of accumulated other comprehensive income, net of tax where applicable (in thousands): December 31, 2021 December 31, 2020 Foreign currency translation $ 90 $ (22) Unrealized gains on investment securities 21 63 Accumulated other comprehensive income $ 111 $ 41

Financial Instruments

Financial Instruments	12 Months Ended
	Dec. 31, 2021
Investments, All Other Investments [Abstract]
Financial Instruments	FINANCIAL INSTRUMENTS Certain financial assets and liabilities are accounted for at fair value, which is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy prioritizes the inputs used to measure fair value: Level 1 – Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2 – Pricing inputs are other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 2 includes those financial instruments that are valued using models or other valuation methodologies. Level 3 – Pricing inputs include significant inputs that are generally less observable from objective sources. These inputs may be used with internally developed methodologies that result in management’s best estimate of fair value from the perspective of a market participant. The following tables present the Company’s cash and financial assets that are measured at fair value on a recurring basis for each of the hierarchy levels (in thousands): December 31, 2021 Cost Unrealized Accrued Estimated Cash & Cash Investment Cash and cash equivalents $ 94,824 $ — $ — $ 94,824 $ 94,824 $ — Level 1: Money market accounts 9,359 — — 9,359 9,359 — Government & agency securities 1,401 12 — 1,413 — 1,413 10,760 12 — 10,772 9,359 1,413 Level 2: Municipal bonds 3,880 9 59 3,948 — 3,948 Total $ 109,464 $ 21 $ 59 $ 109,544 $ 104,183 $ 5,361 December 31, 2020 Cost Unrealized Accrued Estimated Cash & Cash Investment Cash and cash equivalents $ 159,754 $ — $ — $ 159,754 $ 159,754 $ — Level 1: Money market accounts 3,969 — — 3,969 3,969 — Government & agency securities 2,829 45 — 2,874 — 2,874 6,798 45 — 6,843 3,969 2,874 Level 2: Municipal bonds 7,689 42 147 7,878 — 7,878 Total $ 174,241 $ 87 $ 147 $ 174,475 $ 163,723 $ 10,752 The Company had no realized losses or gains for the years ended December 31, 2021, 2020 and 2019, respectively. As of December 31, 2021, the maturities of the Company’s investment securities were less than 1 year for all the municipal bonds, government and agency securities.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES Income tax expense for the years ended December 31, 2021, 2020 and 2019 consisted of the following (in thousands): 2021 2020 2019 Current Federal $ 49,433 $ 28,520 $ 11,024 State 6,380 2,285 1,825 Total current 55,813 30,805 12,849 Deferred Federal (3,424) 477 2,323 State (291) (77) (729) Foreign — 201 4 Total deferred (3,715) 601 1,598 Provision for income taxes $ 52,098 $ 31,406 $ 14,447 The total provision for income taxes for the years ended December 31, 2021, 2020 and 2019 was $52.2 million, $31.4 million and $14.5 million, respectively. Those amounts have been allocated to the following financial statement items: 2021 2020 2019 Income from operations $ 52,098 $ 31,406 $ 14,447 Stockholders' equity, unrealized gains on investment securities & foreign currency 66 14 75 Total provision for income taxes $ 52,164 $ 31,420 $ 14,522 The reconciliation of the United States federal statutory tax provision to the Company’s provision for income taxes for the years ended December 31, 2021, 2020 and 2019 (in thousands, except percentages): 2021 2020 2019 Statutory federal tax $ 45,405 21.0 % $ 28,196 21.0 % $ 19,396 21.0 % State income taxes, net of federal benefit 4,980 2.3 % 1,470 1.1 % 864 0.9 % Foreign taxes Hong Kong 91 0.0 % 94 0.1 % 1 0.0 % Singapore 32 0.0 % 107 0.1 % 3 0.0 % Share-based compensation - windfall (1,835) -0.8 % (415) -0.3 % (6,424) -7.0 % Research and development and jobs credits (503) -0.2 % (370) -0.3 % (579) -0.6 % Executive compensation 2,652 1.2 % 966 0.7 % 442 0.4 % Valuation allowance 468 0.2 % 1,342 1.0 % — 0.0 % Other permanent differences 808 0.4 % 16 0.0 % 744 0.9 % Provision for income taxes $ 52,098 24.1 % $ 31,406 23.4 % $ 14,447 15.6 % Significant components of the Company’s deferred tax assets (liabilities) consisted of the following (in thousands): December 31, 2021 December 31, 2020 Reserves on inventory and sales $ 2,022 $ 753 Credit and loss carryforwards 3,052 2,546 Stock compensation 420 1,015 Accrued expenses and deferred costs 4,240 3,274 Inventory capitalization 3,514 120 Lease obligations 7,191 2,178 Valuation allowance (1,904) (1,436) Total deferred tax assets 18,535 8,450 Right-of-use assets (5,375) (2,032) Unrealized loss on investment securities (6) (24) Prepaid expenses (1,175) (1,022) Depreciation (7,575) (4,680) Total deferred tax liabilities (14,131) (7,758) Net deferred tax assets $ 4,404 $ 692 On March 27, 2020, the President of the United States signed into law the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”). It amends the Internal Revenue Code to provide relief and supportive measures for taxpayers impacted by the outbreak of COVID-19 virus. The key components of the Act are as follows: eliminating taxable income limitation for certain net operating losses (“NOL”) and permitting carry back NOLs arising in 2019 , 2020 and 2021 to five prior tax years; accelerating refunds of previously generated Alternative Minimum Tax credit; increasing business interest limitation from 30 percent to 50 percent of adjusted taxable income; amending depreciation for qualified improvement property (“QIP”) to 15- year property for QIP placed in service after December 31, 2018. The Company's income tax provision provided under the CARES Act did not have a material impact on the year ended December 31, 2021 and 2020. The impact to the Company’s 2021 earnings per common share was immaterial. The Company has separate state and foreign net operating loss carry forwards totaling $28.4 million that start expiring in 2029. The company continues to utilize the net operating loss carry forwards in 2022. The Company has recorded a valuation allowance for the portion of the net operating loss carry forwards which is not expected to be realized. We file income tax returns in the United States and various states and foreign jurisdictions. We are generally no longer subject to United States federal, state and local income tax examinations by tax authorities for the years before 2018.

Leases and Commitments

Leases and Commitments	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Leases and Contingencies	LEASES AND COMMITMENTS Operating Leases: The Company has operating leases for office and warehouse space and certain equipment. In certain of the Company’s lease agreements, the rental payments are adjusted periodically based on defined terms within the lease. The Company did not have any finance leases as of December 31, 2021 and 2020, respectively, or for the years then ended. Our leases relating to office and warehouse space have terms of 19 months to 126 months. Our leases relating to equipment have lease terms of 24 months to 203 months, with certain of them having clauses relating to automatic renewal. The Company’s warehouse agreements also contain non-lease components, in the form of payments towards variable logistics services and labor charges, which the Company is obligated to pay based on the services consumed by it. Such amounts are not included in the measurement of the lease liability but will be recognized as expense when they are incurred. The operating lease expense was $5.6 million, $3.6 million and $3.1 million for the years ended December 31, 2021, 2020 and 2019, respectively. Supplemental cash flow information related to the Company’s operating leases were as follows (in thousands): 2021 2020 Cash paid for amounts included in the measurements of lease liabilities Operating cash flow used in operating leases $ 4,504 $ 3,775 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 18,872 $ 887 As of December 31, 2021, the weighted average remaining lease term was 5.4 years and the weighted average discount rate was 2.1%. The following table presents the maturity of the Company’s operating lease liabilities as of December 31, 2021 (in thousands): 2022 $ 7,130 2023 6,207 2024 5,693 2025 5,825 2026 4,160 Thereafter 5,412 Total lease payments $ 34,427 Less: imputed interest (1,884) Total $ 32,543 Unconditional purchase obligations: At December 31, 2021, the Company had $198.9 million in unconditional purchase obligations primarily for inventories, outsourced information technology and Coach events.

Debt

Debt	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Debt	DEBT Credit Agreement On April 13, 2021, the Company and certain of its subsidiaries (collectively, the “Guarantors”) entered into a credit agreement (the “Credit Agreement”) among the Company, the Guarantors, the lenders party thereto and Citibank, N.A., in its capacity as administrative agent. The Credit Agreement provides for a $125.0 million senior secured revolving credit facility with a $20.0 million letter of credit sublimit. The Credit Agreement also provides for an uncommitted incremental facility that permits the Company, subject to certain conditions, to increase the senior secured revolving credit facility by up to $100.0 million. The Credit Agreement matures on April 13, 2026. The Company’s obligations under the Credit Agreement are guaranteed by the Guarantors. The obligations of the Company and the Guarantors are secured by first-priority liens on substantially all of the assets of the Company and the Guarantors, subject to certain exceptions. Under the Credit Agreement, the Company will pay to the administrative agent for the account of each revolving lender a commitment fee on a quarterly basis based on amounts committed but unused under the revolving facility from 0.20 to 0.40% per annum depending on the Company’s Total Net Leverage Ratio (as defined in the Credit Agreement). The Company is also obligated to pay the administrative agent customary fees for credit facilities of this size and type. Revolving borrowings under the Credit Agreement bear interest at a rate per annum equal to (i) the Adjusted LIBOR Rate for the interest period plus the Applicable Rate (as defined in the Credit Agreement) based on the Company’s Total Net Leverage Ratio (with customary provisions under the Credit Agreement providing for the replacement of LIBOR with a successor rate) or (ii) the Alternate Base Rate (as defined in the Credit Agreement) as in effect from time to time plus the Applicable Rate based on the Company’s Total Net Leverage Ratio. As of December 31, 2021, the Applicable Rate for Eurodollar Loans is 1.25% per annum and the Applicable Rate for ABR Loans is 0.25% per annum. The Credit Agreement contains affirmative and negative covenants customarily applicable to senior secured credit facilities, including covenants that, among other things, limit or restrict the ability of the Company and its subsidiaries, subject to negotiated exceptions, to incur additional indebtedness and additional liens on their assets, engage in mergers or acquisitions or dispose of assets, pay dividends or make other distributions, voluntarily prepay other indebtedness, enter into transactions with affiliated persons, make investments and change the nature of their businesses. The Credit Agreement also contains customary events of default, subject to thresholds and grace periods, including, among others, payment default, covenant default, cross default to other material indebtedness and judgment default. In addition, the Credit Agreement requires the Company to maintain a Total Net Leverage Ratio of no more than 3.00 to 1.00 and an Interest Coverage Ratio of at least 3.50 to 1.00. The Company has no borrowings under the Credit Agreement as of the date of this report.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Principles of Consolidation	Principles of Consolidation - The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company’s fiscal year ends on December 31.
Reclassification	Reclassification - Certain amounts reported for prior periods have been reclassified to be consistent with the current period presentation. No reclassification in the consolidated financial statements had a material impact on the presentation.
Use of Estimates	Use of Estimates - The preparation of financial statements in conformity with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents - Cash and cash equivalents consist of cash on deposit in financial institutions, institutional money funds and other short-term investments with a maturity of 90 days or less at the time of purchase.
Concentration of Credit Risk	Concentration of Credit Risk - Our cash and cash equivalents and available-for-sale securities are maintained at several financial institutions and the balances with these financial institutions often exceed the amount of insurance provided on such accounts by the Federal Deposit Insurance Corporation. The cash and cash equivalents generally are maintained with financial institutions with reputable credit, and therefore bear minimal credit risk. Historically, we have not experienced any losses due to such concentration of credit risk.
Fair Value of Financial Instruments	Fair Value of Financial Instruments - Our financial instruments include cash and cash equivalents, and investment in available-for-sale securities. The carrying amounts of cash and cash equivalents approximate fair value due to their short maturities. The fair value of investments in available-for-sale securities are based on third-party pricing services provided by the Company’s investment advisory firm.
Inventories	Inventories - Inventories consist principally of raw materials and packaged meal replacements held in the Company’s warehouses and outsourced distribution centers. Inventories are stated at the lower of cost or net realizable value, utilizing the first-in, first-out method. The cost of finished goods includes the cost of raw materials, packaging supplies, direct and indirect labor, and other indirect manufacturing costs. On a quarterly basis, management reviews inventories for unsalable or obsolete inventories.
Investment Securities	Investment Securities - The Company’s investments consist of debt securities classified as available-for-sale securities. Available-for-sale debt securities are stated at fair value and unrealized holding gains and losses, net of the related deferred tax effect, are reported as a separate component of accumulated other comprehensive income (loss) in stockholders’ equity. Interest and dividends on marketable debt securities are recognized in income when declared. Realized gains and losses, if any, are included in income.
Property, Plant, and Equipment	Property, Plant, and Equipment - Property, plant and equipment are stated at cost less accumulated depreciation and amortization. The Company computes depreciation and amortization using the straight-line method over the estimated useful lives of the assets acquired as follows: Building and building improvements 10 - 35 years Leasehold Improvements (1) Lease term Equipment and fixtures 3 - 15 years Software 5 years Vehicles 5 years (1) The depreciation life for leasehold improvements is the lesser of the estimated useful life of the addition or the term of the related lease.
Long-lived Asset Impairment	Long-lived Asset Impairment - Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset.
Revenue Recognition	Revenue Recognition - Our revenue is derived primarily from point of sale transactions executed over an e-commerce platform for weight loss, weight management, and other consumable health and nutritional products. Revenue is recognized upon receipt by customer and net of discounts, rebates, promotional adjustments, price adjustments, allocated consideration to loyalty programs, and estimated returns. Revenue is recognized when control of the promised products is transferred to our clients, in an amount that reflects the consideration we expect to be entitled to in exchange for transferring those products. When determining whether the customer has obtained control of the products, we consider any future performance obligations. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer, and is the unit of account in ASC 606, Revenue from Contracts with Customers . A contract’s transaction price is allocated to each distinct performance obligation and recognized as revenue when, or as, each performance obligation is satisfied. Our contracts have performance obligations to fulfill and deliver products from the point of sale transaction along with the related customer reward programs. Our performance obligations are satisfied at a point in time. Revenue from products transferred to clients at a point in time accounted for substantially all of our revenue for the years ended December 31, 2021, 2020 and 2019. Revenue on these contracts is recognized when obligations under the terms of the contract with our customer are satisfied. Generally, this occurs with the transfer of control upon receipt of products by our clients. Any consideration received prior to the fulfillment of the Company’s performance obligation is deferred and recognized as a liability. Sales returns Our return policy allows for customer returns of consumable products within 30 days of purchase and upon our authorization. We adjust revenues for the products expected to be returned and a liability is recognized for expected refunds to clients. We estimate expected returns based on historical levels and project this experience into the future. Customer reward programs and sales incentives Our sales contracts may give clients the option to purchase additional products priced at a discount. Options to acquire additional products at a discount can come in many forms, such as customer reward programs and incentive offerings including pricing arrangements and promotions. We reduce the transaction price for certain customer reward programs and incentive offerings including pricing arrangements, promotions, and incentives that represent variable consideration and separate performance obligations. The Company accounts for sales rewards that provide the customer with a material right as a separate performance obligation of the transactions, and therefore allocates consideration between the initial sale of products and the customer reward program and incentive offering. Shipping and handling costs Amounts billed to clients for shipping and handling activities are treated as a promised service performance obligation and are recorded in revenue in the accompanying Consolidated Statements of Income upon fulfillment of the performance obligation. Shipping and handling costs incurred by the Company for the delivery of products to clients are considered a cost to fulfill the contract and are included in cost of sales in the accompanying Consolidated Statements of Income. Contract costs We expense OPTA VIA Coach compensation and credit card fees during the period in which the corresponding revenue is earned. These costs are deferred along with the revenues for goods that are in transit and not received by clients by period end. These costs are recorded in selling, general and administrative expense in the accompanying Consolidated Statements of Income.
Leases	Leases - The Company determines if an arrangement is a lease at inception and categorizes leases with contractual terms longer than twelve months as either operating or finance. All the Company’s leases are operating leases. The right-of-use (“ROU”) assets represent the Company’s right to use an underlying asset for the lease term, and lease liabilities represent an obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit interest rate, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. The ROU asset also consists of any prepaid lease payments and lease incentives received. The lease terms used to calculate the ROU asset and related lease liability include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense.
Advertising Costs	Advertising Costs - Advertising costs are expensed as incurred, except for the preparation, layout, design and production of advertising costs which are expensed when the advertisement is first used. They are recorded in selling, general, and administrative expense in the accompanying Consolidated Statements of Income. Advertising expense, excluding broker fees, for the years ended December 31, 2021, 2020 and 2019, amounted to $1.6 million, $4.4 million and $5.3 million, respectively.
Research and Development	Research and Development - The Company incurs research and development costs in connection with the development of new products and programs and clinical research activities, which are expensed as incurred. They are recorded in selling, general, and administrative expense in the accompanying Consolidated Statements of Income.
Share-Based Compensation	Share-Based Compensation - Share-based compensation consists primarily of restricted stock awards, performance-based share awards, and stock options granted to employees and directors. Restricted stock awards are measured at the grant date, based on the calculated fair value of the award, and are recognized as an expense over the requisite service period. Performance-based share awards are measured based on the grant-date market price of the Company's common stock adjusted by expected level of achievement over the performance period. The fair value of the incentive stock options and non-qualified stock options is calculated using the Black-Scholes option pricing model as of the grant date and recognized over the service period. The Company issues new shares upon the exercise of stock options, the granting of restricted stock awards, and the achieved performance against pre-determined performance goals over the performance period for performance-based share awards.
Income Taxes	Income Taxes - Deferred tax assets are recognized for deductible temporary differences and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.
Earnings per Share	Earnings Per Share - Basic earnings per share (“EPS”) computations are calculated utilizing the weighted average number of shares of common stock outstanding during the periods presented. Diluted EPS is calculated utilizing the weighted average number of shares of common stock outstanding adjusted for the effect of dilutive common stock equivalents.
Comprehensive Income	Comprehensive Income - Other comprehensive income refers to revenues, expenses, and gains and losses that are not included in net income but rather are recorded directly in stockholders’ equity. Comprehensive income consists of net income, unrealized gains and losses on available-for-sale securities, and foreign currency translation adjustments.
Recent Accounting Pronouncements	Accounting Pronouncements - Adopted in 2021 On January 1, 2021, the beginning of the Company’s fiscal year, the Company adopted Accounting Standard Update (“ASU”) 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is designed to simplify the accounting for income taxes by eliminating certain exceptions to the general principles in Topic 740. There was no material impact on the Company’s consolidated financial statements upon adoption of this ASU. Recently Issued Accounting Pronouncements - Pending Adoption We have considered all new accounting pronouncements and have concluded that there are no new pronouncements that have the potential for a material impact on our results of operations, financial condition, or cash flows, based on current information, except for: In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying accounting principles under GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met and to other derivative instruments if there is a change to the interest rates used for discounting, margining or contract price alignment. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. We are currently evaluating our contracts and the optional expedients provided by the new standard as it pertains to the credit agreement disclosed in Note 13.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Property Plant And Equipment Useful Lives	Building and building improvements 10 - 35 years Leasehold Improvements (1) Lease term Equipment and fixtures 3 - 15 years Software 5 years Vehicles 5 years (1) The depreciation life for leasehold improvements is the lesser of the estimated useful life of the addition or the term of the related lease.

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2021
Inventory Disclosure [Abstract]
Inventories	Inventories consisted of the following (in thousands): December 31, 2021 December 31, 2020 Raw materials $ 15,196 $ 13,428 Packaging 3,641 4,071 Non-food finished goods 15,991 8,078 Finished goods 152,687 29,858 Reserve for obsolete inventory (7,472) (2,043) Total $ 180,043 $ 53,392

Property, Plant And Equipment (

Property, Plant And Equipment (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	Property, plant, and equipment consisted of the following (in thousands): December 31, 2021 December 31, 2020 Land $ 565 $ 565 Building and leasehold improvements 23,518 13,013 Equipment and fixtures 42,708 20,955 Software 21,894 20,047 Vehicles 145 145 Property, plant and equipment - gross 88,830 54,725 Less: accumulated depreciation (32,699) (27,092) Property, plant and equipment - net $ 56,131 $ 27,633

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and accrued expenses consisted of the following (in thousands): December 31, 2021 December 31, 2020 Trade payables and accrued expenses $ 70,894 $ 36,092 OPTA VIA Coach compensation payable 28,733 22,598 Dividends payable 17,186 13,831 Accrued payroll and related taxes 24,940 16,948 Promotional sales incentive accruals 10,935 7,621 Deferred revenue 8,050 7,606 Sales tax payable 2,571 2,981 Total $ 163,309 $ 107,677

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share, Basic and Diluted	The following table sets forth the computation of basic and diluted EPS for the years ended December 31, 2021, 2020 and 2019 (in thousands, except per share data): 2021 2020 2019 Numerator: Net income $ 164,031 $ 102,859 $ 77,916 Denominator: Weighted average shares of common stock outstanding 11,705 11,771 11,771 Effect of dilutive common stock equivalents 108 79 346 Weighted average shares of common stock outstanding 11,813 11,850 12,117 Earnings per share - basic $ 14.01 $ 8.74 $ 6.62 Earnings per share - diluted $ 13.89 $ 8.68 $ 6.43

Share-based Compensation (Table

Share-based Compensation (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Stock Option Activity	The number of stock options and weighted-average exercise prices as of December 31, 2021 and 2020 are as follows: 2021 2020 Awards Weighted-Average Exercise Price Awards Weighted-Average Exercise Price (awards in thousands) Outstanding at beginning of period 61 $ 48.19 97 $ 52.53 Exercised (29) 40.53 (28) 57.79 Forfeited — — (8) 68.45 Outstanding at end of the period 32 $ 54.98 61 $ 48.19 Exercisable at end of the period 23 $ 49.50 44 $ 39.98
Restricted Stock Activity	A summary of outstanding restricted stock activity as of December 31, 2021 and 2020 are as follows: 2021 2020 Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value (shares in thousands) Outstanding at beginning of period 50 $ 116.06 46 $ 98.28 Granted 22 264.58 43 113.87 Vested (26) 116.68 (32) 88.71 Forfeited (3) 169.47 (7) 108.86 Outstanding at end of the period 43 $ 183.51 50 $ 116.06
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award	The total expenses during the years ended December 31, 2021, 2020 and 2019 are as follows (in thousands): 2021 2020 2019 Shares Share-Based Compensation Expense Shares Share-Based Compensation Expense Shares Share-Based Compensation Expense Options and restricted stock 75 $ 4,302 111 $ 3,493 143 $ 3,817 Performance-based share awards granted in 2021 15 1,986 — — — — Performance-based share awards granted in 2020 26 1,807 28 1,662 — — Performance-based share awards granted in 2019 — 1,808 17 1,641 18 703 Total share-based compensation 116 $ 9,903 156 $ 6,796 161 $ 4,520

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	12 Months Ended
	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Income	The following table sets forth the components of accumulated other comprehensive income, net of tax where applicable (in thousands): December 31, 2021 December 31, 2020 Foreign currency translation $ 90 $ (22) Unrealized gains on investment securities 21 63 Accumulated other comprehensive income $ 111 $ 41

Financial Instruments (Tables)

Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2021
Investments, All Other Investments [Abstract]
Cash and Available for Sale Securities Adjusted Cost, Gross Unrealized Gains, Gross Unrealized Losses, and Fair Value by Significant Investment Category	The following tables present the Company’s cash and financial assets that are measured at fair value on a recurring basis for each of the hierarchy levels (in thousands): December 31, 2021 Cost Unrealized Accrued Estimated Cash & Cash Investment Cash and cash equivalents $ 94,824 $ — $ — $ 94,824 $ 94,824 $ — Level 1: Money market accounts 9,359 — — 9,359 9,359 — Government & agency securities 1,401 12 — 1,413 — 1,413 10,760 12 — 10,772 9,359 1,413 Level 2: Municipal bonds 3,880 9 59 3,948 — 3,948 Total $ 109,464 $ 21 $ 59 $ 109,544 $ 104,183 $ 5,361 December 31, 2020 Cost Unrealized Accrued Estimated Cash & Cash Investment Cash and cash equivalents $ 159,754 $ — $ — $ 159,754 $ 159,754 $ — Level 1: Money market accounts 3,969 — — 3,969 3,969 — Government & agency securities 2,829 45 — 2,874 — 2,874 6,798 45 — 6,843 3,969 2,874 Level 2: Municipal bonds 7,689 42 147 7,878 — 7,878 Total $ 174,241 $ 87 $ 147 $ 174,475 $ 163,723 $ 10,752

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	Income tax expense for the years ended December 31, 2021, 2020 and 2019 consisted of the following (in thousands): 2021 2020 2019 Current Federal $ 49,433 $ 28,520 $ 11,024 State 6,380 2,285 1,825 Total current 55,813 30,805 12,849 Deferred Federal (3,424) 477 2,323 State (291) (77) (729) Foreign — 201 4 Total deferred (3,715) 601 1,598 Provision for income taxes $ 52,098 $ 31,406 $ 14,447
Schedule Of Components Of Total Income Tax Provision	Those amounts have been allocated to the following financial statement items: 2021 2020 2019 Income from operations $ 52,098 $ 31,406 $ 14,447 Stockholders' equity, unrealized gains on investment securities & foreign currency 66 14 75 Total provision for income taxes $ 52,164 $ 31,420 $ 14,522
Schedule of Effective Income Tax Rate Reconciliation	The reconciliation of the United States federal statutory tax provision to the Company’s provision for income taxes for the years ended December 31, 2021, 2020 and 2019 (in thousands, except percentages): 2021 2020 2019 Statutory federal tax $ 45,405 21.0 % $ 28,196 21.0 % $ 19,396 21.0 % State income taxes, net of federal benefit 4,980 2.3 % 1,470 1.1 % 864 0.9 % Foreign taxes Hong Kong 91 0.0 % 94 0.1 % 1 0.0 % Singapore 32 0.0 % 107 0.1 % 3 0.0 % Share-based compensation - windfall (1,835) -0.8 % (415) -0.3 % (6,424) -7.0 % Research and development and jobs credits (503) -0.2 % (370) -0.3 % (579) -0.6 % Executive compensation 2,652 1.2 % 966 0.7 % 442 0.4 % Valuation allowance 468 0.2 % 1,342 1.0 % — 0.0 % Other permanent differences 808 0.4 % 16 0.0 % 744 0.9 % Provision for income taxes $ 52,098 24.1 % $ 31,406 23.4 % $ 14,447 15.6 %
Schedule of Deferred Tax Assets and Liabilities	Significant components of the Company’s deferred tax assets (liabilities) consisted of the following (in thousands): December 31, 2021 December 31, 2020 Reserves on inventory and sales $ 2,022 $ 753 Credit and loss carryforwards 3,052 2,546 Stock compensation 420 1,015 Accrued expenses and deferred costs 4,240 3,274 Inventory capitalization 3,514 120 Lease obligations 7,191 2,178 Valuation allowance (1,904) (1,436) Total deferred tax assets 18,535 8,450 Right-of-use assets (5,375) (2,032) Unrealized loss on investment securities (6) (24) Prepaid expenses (1,175) (1,022) Depreciation (7,575) (4,680) Total deferred tax liabilities (14,131) (7,758) Net deferred tax assets $ 4,404 $ 692

Leases and Commitments (Tables)

Leases and Commitments (Tables)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Summary of supplemental cash flow information	Supplemental cash flow information related to the Company’s operating leases were as follows (in thousands): 2021 2020 Cash paid for amounts included in the measurements of lease liabilities Operating cash flow used in operating leases $ 4,504 $ 3,775 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 18,872 $ 887
Summary of maturity of the Company's operating lease liabilities	The following table presents the maturity of the Company’s operating lease liabilities as of December 31, 2021 (in thousands): 2022 $ 7,130 2023 6,207 2024 5,693 2025 5,825 2026 4,160 Thereafter 5,412 Total lease payments $ 34,427 Less: imputed interest (1,884) Total $ 32,543

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Narrative) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Advertising expense	$ 1.6	$ 4.4	$ 5.3
Research and development expense	$ 4.4	$ 2.8	$ 2.7

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Summary of Estimated Useful Lives Of Assets) (Detail)	12 Months Ended
	Dec. 31, 2021
Building and building improvements | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	10 years
Building and building improvements | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	35 years
Equipment and fixtures | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	3 years
Equipment and fixtures | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	15 years
Software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years
Vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life	5 years

Inventories (Detail)

Inventories (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 15,196	$ 13,428
Packaging	3,641	4,071
Non-food finished goods	15,991	8,078
Finished goods	152,687	29,858
Reserve for obsolete inventory	(7,472)	(2,043)
Total	$ 180,043	$ 53,392

Property, Plant And Equipment_2

Property, Plant And Equipment (Property, Plant and Equipment) (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Property, plant and equipment - gross	$ 88,830	$ 54,725
Less: accumulated depreciation	(32,699)	(27,092)
Property, plant and equipment - net	56,131	27,633
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment - gross	565	565
Building and leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment - gross	23,518	13,013
Equipment and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment - gross	42,708	20,955
Software
Property, Plant and Equipment [Line Items]
Property, plant and equipment - gross	21,894	20,047
Vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment - gross	$ 145	$ 145

Property, Plant and Equipment_3

Property, Plant and Equipment (Narrative) (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Continuing operations
Depreciation and amortization	$ 5.7	$ 4.1	$ 3.7

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Accounts Payable and Accrued Expenses) (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accounts Payable and Accrued Liabilities [Abstract]
Trade payables and accrued expenses	$ 70,894	$ 36,092
OPTAVIA Coach compensation payable	28,733	22,598
Dividends payable	17,186	13,831
Accrued payroll and related taxes	24,940	16,948
Promotional sales incentive accruals	10,935	7,621
Deferred revenue	8,050	7,606
Sales tax payable	2,571	2,981
Total	$ 163,309	$ 107,677

Earnings Per Share (Earnings Pe

Earnings Per Share (Earnings Per Share) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net income	$ 164,031	$ 102,859	$ 77,916
Denominator:
Weighted average shares of common stock outstanding	11,705	11,771	11,771
Effect of dilutive common stock equivalents	108	79	346
Weighted average shares of common stock outstanding	11,813	11,850	12,117
Basic earnings per share
Earnings per share, basic (in usd per share)	$ 14.01	$ 8.74	$ 6.62
Diluted earnings per share
Earnings per share, diluted (in usd per share)	$ 13.89	$ 8.68	$ 6.43

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Detail) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Stock Options
Anti-dilutive awards	0	358	984
Restricted Stock
Anti-dilutive awards	368	2,658	718

Equity (Narrative) (Details)

Equity (Narrative) (Details) - $ / shares	May 18, 2017	Dec. 31, 2021	Dec. 31, 2020	Sep. 12, 2019
Equity [Abstract]
Capital units authorized		21,500,000
Common stock, authorized (in shares)		20,000,000	20,000,000
Common stock, par value (in usd per share)		$ 0.001	$ 0.001
Preferred stock, shares authorized		1,500,000
Preferred stock, par value (in usd per share)		$ 0.001
Common stock, issued (in shares)		11,594,000	11,822,000
Preferred stock, issued		0
Increase in the number of shares authorized	600,000
Shares authorized for issuance	1,600,000
Additional shares authorized for repurchase				2,000,000
Stock repurchased		238,000	46,000
Remaining number of shares authorized to be repurchased		2,084,000

Share-based Compensation (Narra

Share-based Compensation (Narrative) (Detail) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from stock options exercised	$ 0.8	$ 1.6	$ 0.3
Awards granted (in shares)	0	0
Shares withheld for employee taxes	22,000	6,000	128,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total income tax benefit recognized related to restricted stock awards	$ 2.4	$ 1.4	$ 7.5
Compensation cost recognition weighted average period	1 year 8 months 12 days
Award vesting period	5 years
Share-based compensation arrangement, fair value of awards vested	$ 7	$ 3.7	4.7
Shares granted in period	22,000	43,000
Shares vested in period	26,000	32,000
Unrecognized compensation costs	$ 4.8
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee service share based compensation nonvested awards total compensation cost not yet recognized	$ 0.1
Compensation cost recognition weighted average period	1 year 1 month 6 days
Weighted-average remaining contractual life of options outstanding	5 years 3 months 18 days
Aggregate intrinsic value of options outstanding	$ 5.1
Weighted-average remaining contractual life of options exercisable	4 years 10 months 24 days
Aggregate intrinsic value of options exercisable	$ 3.6
Award vesting period	3 years
Award expiration period	10 years
Share-based compensation, shares authorized under stock option plans, exercise price range, lower range limit	$ 26.52
Share-based compensation, shares authorized under stock option plans, exercise price range, upper range limit	$ 66.68
Intrinsic value of options exercised	$ 5.9	$ 1.5	$ 1
Performance Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Compensation cost recognition weighted average period	1 year 9 months 18 days
Shares granted in period	40,610
Unrecognized compensation costs	$ 7.3

Share-based Compensation (Summa

Share-based Compensation (Summary of Stock Options Activity) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, Granted	0	0
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, Outstanding at beginning of period	61,000	97,000
Shares, Exercised	(29,000)	(28,000)
Shares, Forfeited	0	(8,000)
Shares, Outstanding at end of the period	32,000	61,000
Shares, Exercisable at end of the period	23,000	44,000
Weighted-Average Exercise Price, Outstanding at beginning of period	$ 48.19	$ 52.53
Weighted-Average Exercise Price, Exercised	40.53	57.79
Weighted-Average Exercise Price, Forfeited	0	68.45
Weighted-Average Exercise Price, Outstanding at end of the period	54.98	48.19
Weighted-Average Exercise Price, Exercisable at end of the period	$ 49.50	$ 39.98

Share-based Compensation (Sum_2

Share-based Compensation (Summary of Restricted Stock Activity) (Detail) - Restricted Stock - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Shares
Outstanding at beginning of period	50	46
Granted	22	43
Vested	(26)	(32)
Forfeited	(3)	(7)
Outstanding at end of the period	43	50
Weighted-Average Grant Date Fair Value
Outstanding at beginning of period	$ 116.06	$ 98.28
Granted	264.58	113.87
Vested	116.68	88.71
Forfeited	169.47	108.86
Outstanding at end of the period	$ 183.51	$ 116.06

Share-based Compensation (Sum_3

Share-based Compensation (Summary of Performance-based Share Awards) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options and restricted stock (in shares)	116,000	156,000	161,000
Awards granted (in shares)	0	0
Share-based payment arrangement, expense	$ 9,903	$ 6,796	$ 4,520
Options And Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options and restricted stock (in shares)	75,000	111,000	143,000
Share-based payment arrangement, expense	$ 4,302	$ 3,493	$ 3,817
Performance Shares | Granted In 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options and restricted stock (in shares)	15,000	0	0
Share-based payment arrangement, expense	$ 1,986	$ 0	$ 0
Performance Shares | Granted In 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options and restricted stock (in shares)	26,000	28,000	0
Share-based payment arrangement, expense	$ 1,807	$ 1,662	$ 0
Performance Shares | Granted In 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options and restricted stock (in shares)	0	17,000	18,000
Share-based payment arrangement, expense	$ 1,808	$ 1,641	$ 703

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Foreign currency translation	$ 90	$ (22)
Unrealized gains on investment securities	21	63
Accumulated other comprehensive income	$ 111	$ 41

Financial Instruments (Narrativ

Financial Instruments (Narrative) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Financial Instruments [Line Items]
Realized loss or gains	$ 0	$ 0	$ 0
US treasury and government short-term debt securities
Financial Instruments [Line Items]
Available for sale securities maturity period		1 year

Financial Instruments (Cash and

Financial Instruments (Cash and Available for Sale Securities Adjusted Cost, Gross Unrealized Gains, Gross Unrealized Losses, and Fair Value by Significant Investment Category) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash And Cash Equivalents And Marketable securities [Line Items]
Cost	$ 109,464	$ 174,241
Unrealized Gains	21	87
Accrued Interest	59	147
Estimated Fair Value	109,544	174,475
Cash & Cash Equivalents	104,183	163,723
Investment Securities	5,361	10,752
Cash and cash equivalents
Cash And Cash Equivalents And Marketable securities [Line Items]
Cost	94,824	159,754
Estimated Fair Value	94,824	159,754
Cash & Cash Equivalents	94,824	159,754
Fair value, inputs, level 1
Cash And Cash Equivalents And Marketable securities [Line Items]
Cost	10,760	6,798
Unrealized Gains	12	45
Estimated Fair Value	10,772	6,843
Cash & Cash Equivalents	9,359	3,969
Investment Securities	1,413	2,874
Fair value, inputs, level 1 | Money market accounts
Cash And Cash Equivalents And Marketable securities [Line Items]
Cost	9,359	3,969
Estimated Fair Value	9,359	3,969
Cash & Cash Equivalents	9,359	3,969
Fair value, inputs, level 1 | Government & agency securities
Cash And Cash Equivalents And Marketable securities [Line Items]
Cost	1,401	2,829
Unrealized Gains	12	45
Estimated Fair Value	1,413	2,874
Investment Securities	1,413	2,874
Fair value, inputs, level 2 | Municipal bonds
Cash And Cash Equivalents And Marketable securities [Line Items]
Cost	3,880	7,689
Unrealized Gains	9	42
Accrued Interest	59	147
Estimated Fair Value	3,948	7,878
Investment Securities	$ 3,948	$ 7,878

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income tax expense (benefit), intraperiod tax allocation	$ 52,164	$ 31,420	$ 14,522
Operating loss carryforwards	$ 28,400

Income Taxes (Income Tax Expens

Income Taxes (Income Tax Expense from Continuing Operations) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current
Federal	$ 49,433	$ 28,520	$ 11,024
State	6,380	2,285	1,825
Total current	55,813	30,805	12,849
Deferred
Federal	(3,424)	477	2,323
State	(291)	(77)	(729)
Foreign	0	201	4
Total deferred	(3,715)	601	1,598
Provision for income taxes	$ 52,098	$ 31,406	$ 14,447

Income Taxes (Summary of Tax Pr

Income Taxes (Summary of Tax Provision Allocation to Financial Statement Items) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 52,098	$ 31,406	$ 14,447
Stockholders' equity, unrealized gain (loss) on investment securities & foreign currency	66	14	75
Total Income Tax Expense	$ 52,164	$ 31,420	$ 14,522

Income Taxes (Statutory Tax Rat

Income Taxes (Statutory Tax Rate and Effective Tax Rate) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Examination [Line Items]
Statutory federal tax	$ 45,405	$ 28,196	$ 19,396
Statutory federal tax, effective tax rate, percent	21.00%	21.00%	21.00%
State income taxes, net of federal benefit	$ 4,980	$ 1,470	$ 864
State income taxes, net of federal benefit, effective tax rate, percent	2.30%	1.10%	0.90%
Share-based compensation - windfall	$ (1,835)	$ (415)	$ (6,424)
Share-based compensation - windfall, effective tax rate, percent	(0.80%)	(0.30%)	(7.00%)
Research and development and jobs credits	$ (503)	$ (370)	$ (579)
Research and development and jobs credits, effective tax rate, percent	(0.20%)	(0.30%)	(0.60%)
Executive compensation	$ 2,652	$ 966	$ 442
Executive compensation, effective tax rate, percent	1.20%	0.70%	0.40%
Valuation allowance	$ 468	$ 1,342	$ 0
Valuation allowance, effective tax rate, percent	0.20%	1.00%	0.00%
Other permanent differences	$ 808	$ 16	$ 744
Other permanent differences, effective tax rate, percent	0.40%	0.00%	0.90%
Provision for income taxes	$ 52,098	$ 31,406	$ 14,447
Provision for income taxes, effective tax rate, percent	24.10%	23.40%	15.60%
Inland Revenue, Hong Kong
Income Tax Examination [Line Items]
Foreign taxes	$ 91	$ 94	$ 1
Foreign taxes, effective tax rate, percent	0.00%	0.10%	0.00%
Inland Revenue, Singapore (IRAS)
Income Tax Examination [Line Items]
Foreign taxes	$ 32	$ 107	$ 3
Foreign taxes, effective tax rate, percent	0.00%	0.10%	0.00%

Income Taxes (Deferred Tax Asse

Income Taxes (Deferred Tax Assets (Liabilities)) (Detail) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Reserves on inventory and sales	$ 2,022	$ 753
Credit and loss carryforwards	3,052	2,546
Stock compensation	420	1,015
Accrued expenses and deferred costs	4,240	3,274
Inventory capitalization	3,514	120
Lease obligations	7,191	2,178
Valuation allowance	(1,904)	(1,436)
Total deferred tax assets	18,535	8,450
Right-of-use assets	(5,375)	(2,032)
Unrealized loss on investment securities	(6)	(24)
Prepaid expenses	(1,175)	(1,022)
Depreciation	(7,575)	(4,680)
Total deferred tax liabilities	(14,131)	(7,758)
Net deferred tax assets	$ 4,404	$ 692

Leases and Commitments - Narrat

Leases and Commitments - Narratives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating Leased Assets [Line Items]
Non-cash lease expense	$ 5.6	$ 3.6	$ 3.1
Weighted average remaining lease term	5 years 4 months 24 days
Weighted average discount rate	2.10%
Inventories
Operating Leased Assets [Line Items]
Unconditional purchase obligation	$ 198.9
Minimum | Operating Lease Arrangement for Real Estate
Operating Leased Assets [Line Items]
Lease term	19 months
Minimum | Operating Lease Arrangement for Equipment
Operating Leased Assets [Line Items]
Lease term	24 months
Maximum | Operating Lease Arrangement for Real Estate
Operating Leased Assets [Line Items]
Lease term	126 months
Maximum | Operating Lease Arrangement for Equipment
Operating Leased Assets [Line Items]
Lease term	203 months

Leases and Commitments (Schedul

Leases and Commitments (Schedule of Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating cash flow used in operating leases	$ 4,504	$ 3,775
Operating leases	$ 18,872	$ 887

Leases and Commitments (Sched_2

Leases and Commitments (Schedule of Future Minimum Lease Commitments ) (Details) $ in Thousands	Dec. 31, 2021USD ($)
Leases [Abstract]
2022	$ 7,130
2023	6,207
2024	5,693
2025	5,825
2026	4,160
Thereafter	5,412
Total lease payments	34,427
Less: imputed interest	(1,884)
Total	$ 32,543

Debt (Details)

Debt (Details) - Credit Agreement	Apr. 13, 2021USD ($)	Dec. 31, 2021USD ($)
Debt Instrument [Line Items]
Maximum total net leverage ratio	3
Minimum interest coverage ratio	3.50
Borrowings outstanding		$ 0
Eurodollar
Debt Instrument [Line Items]
Basis spread on variable rate	1.25%
Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate	0.25%
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 125,000,000
Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	20,000,000
Uncommitted Incremental Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 100,000,000
Minimum
Debt Instrument [Line Items]
Commitment fee	0.20%
Maximum
Debt Instrument [Line Items]
Commitment fee	0.40%