Medifast (MED) 10-K 20 Feb 24 2023 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2023	Feb. 06, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
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
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1
Entity Common Stock, Shares Outstanding		10,895,595
Documents Incorporated by Reference	Portions of the Registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission for its 2024 Annual Meeting of Stockholders are incorporated by reference into Part III of this Annual Report on Form 10-K.
Entity Central Index Key	0000910329
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	49
Auditor Name	RSM US LLP
Auditor Location	Baltimore, Maryland

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenue	$ 1,072,054	$ 1,598,577	$ 1,526,087
Cost of sales	296,204	458,163	398,490
Gross profit	775,850	1,140,414	1,127,597
Selling, general, and administrative	649,448	955,608	911,356
Income from operations	126,402	184,806	216,241
Other income (expense)
Interest income (expense)	2,490	(701)	(231)
Other (expense) income	(95)	(46)	119
Total other (expense) income	2,395	(747)	(112)
Income before provision for income taxes	128,797	184,059	216,129
Provision for income taxes	29,382	40,491	52,098
Net income	$ 99,415	$ 143,568	$ 164,031
Earnings per share - basic (in usd per share)	$ 9.13	$ 12.82	$ 14.01
Earnings per share - diluted (in usd per share)	$ 9.10	$ 12.73	$ 13.89
Weighted average shares outstanding
Basic (in shares)	10,884	11,195	11,705
Diluted (in shares)	10,921	11,276	11,813
Cash dividends declared per share (in usd per share)	$ 4.95	$ 6.56	$ 5.68

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 99,415	$ 143,568	$ 164,031
Other comprehensive income (loss), net of tax:
Foreign currency translation	(72)	(67)	112
Unrealized gains (losses) on investment securities	296	(20)	(42)
Other comprehensive income (loss)	224	(87)	70
Comprehensive income	$ 99,639	$ 143,481	$ 164,101

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current Assets
Cash and cash equivalents	$ 94,440	$ 87,691
Inventories	54,591	118,856
Investments	55,601	0
Income taxes, prepaid	8,727	0
Prepaid expenses and other current assets	10,670	16,237
Total current assets	224,029	222,784
Property, plant and equipment - net of accumulated depreciation	51,467	57,185
Right-of-use assets	15,645	18,460
Other assets	14,650	12,456
Deferred tax assets	4,117	5,328
TOTAL ASSETS	309,908	316,213
Current Liabilities
Accounts payable and accrued expenses	86,415	134,690
Income taxes payable	0	428
Current lease obligations	5,885	5,776
Total current liabilities	92,300	140,894
Lease obligations, net of current lease obligations	16,127	20,275
Total liabilities	108,427	161,169
Commitments (Note 12)
Stockholders' Equity
Common stock, par value $.001 per share: 20,000 shares authorized; 10,896 and 10,928 issued and 10,896 and 10,873 outstanding at December 31, 2023 and December 31, 2022, respectively	11	11
Additional paid-in capital	26,573	21,555
Accumulated other comprehensive income	248	24
Retained earnings	174,649	139,852
Less: treasury stock at cost, 0 and 54 shares at December 31, 2023 and December 31, 2022, respectively	0	(6,398)
Total stockholders' equity	201,481	155,044
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 309,908	$ 316,213

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	20,000	20,000
Common stock, issued (in shares)	10,896	10,928
Common stock, outstanding (in shares)	10,896	10,873
Treasury stock at cost (in shares)	0	54

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Activities
Net income	$ 99,415	$ 143,568	$ 164,031
Adjustments to reconcile net income to cash provided by operating activities
Depreciation and amortization	13,107	10,980	6,812
Non-cash lease expense	4,607	6,098	5,069
Share-based compensation	8,188	11,053	9,903
Loss on sale or disposal of property, plant and equipment	1,172	2,130	2
Amortization of (discount) premium on investment securities	(169)	14	89
Deferred income taxes	1,211	(924)	(3,715)
Unrealized gain on equity investment securities	(150)	0	0
Change in operating assets and liabilities:
Inventories	64,265	61,187	(126,651)
Income taxes	(9,155)	1,373	(945)
Prepaid expenses and other current assets	5,567	97	(9,887)
Other assets	(4,694)	(3,412)	(4,543)
Accounts payable and accrued expenses	(35,707)	(37,594)	54,380
Net cash flow provided by operating activities	147,657	194,570	94,545
Investing Activities
Purchase of investment securities	(54,564)	0	0
Sale and maturities of investment securities	0	5,267	5,145
Purchase of property and equipment	(6,483)	(16,681)	(34,209)
Net cash flow used in investing activities	(61,047)	(11,414)	(29,064)
Financing Activities
Options exercised by executives and directors	188	0	811
Net shares repurchased for taxes	(3,358)	(1,516)	(6,089)
Cash dividends paid to stockholders	(73,017)	(71,620)	(63,856)
Stock repurchases	(3,602)	(126,445)	(55,999)
Net cash flow used in financing activities	(79,789)	(199,581)	(125,133)
Foreign currency impact	(72)	(67)	112
Increase (Decrease) in cash and cash equivalents	6,749	(16,492)	(59,540)
Cash and cash equivalents - beginning of the period	87,691	104,183	163,723
Cash and cash equivalents - end of period	94,440	87,691	104,183
Supplemental disclosure of cash flow information
Income taxes paid	34,255	37,212	56,758
Dividends declared included in accounts payable	$ 1,407	$ 19,641	$ 17,186

CONSOLIDATED STATEMENTS OF CHAN

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 (in shares) at Dec. 31, 2020		11,822
Balance at Dec. 31, 2020	$ 157,246	$ 12	$ 7,842	$ 41	$ 154,351	$ (5,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	164,031				164,031
Share-based compensation (in shares)		55
Share-based compensation	9,596		9,454		142
Options exercised by executives and directors (in shares)		29
Options exercised by executives and directors	$ 811		811
Net shares repurchased for taxes (in shares)	(22)	(28)
Net shares repurchased for taxes	$ (6,089)		(6,089)
Treasury stock from stock repurchases	(55,999)					(55,999)
Treasury stock retired from stock repurchases (in shares)		(284)
Treasury stock retired from stock repurchases	0				(60,999)	60,999
Other comprehensive income	70			70
Cash dividends declared to stockholders	(67,192)				(67,192)
Balance (in shares) at Dec. 31, 2021		11,594
Balance at Dec. 31, 2021	202,474	$ 12	12,018	111	190,333	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	143,568				143,568
Share-based compensation (in shares)		20
Share-based compensation	$ 11,053		11,053
Options exercised by executives and directors (in shares)	0
Net shares repurchased for taxes (in shares)	(9)	(9)
Net shares repurchased for taxes	$ (1,516)		(1,516)
Treasury stock from stock repurchases	(126,445)					(126,445)
Treasury stock retired from stock repurchases (in shares)		(677)
Treasury stock retired from stock repurchases	(1)	$ (1)			(120,047)	120,047
Other comprehensive income	(87)			(87)
Cash dividends declared to stockholders	$ (74,002)				(74,002)
Balance (in shares) at Dec. 31, 2022	10,928	10,928
Balance at Dec. 31, 2022	$ 155,044	$ 11	21,555	24	139,852	(6,398)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	99,415				99,415
Share-based compensation (in shares)		76
Share-based compensation	$ 8,188		8,188
Options exercised by executives and directors (in shares)	7	7
Options exercised by executives and directors	$ 188		188
Net shares repurchased for taxes (in shares)	(31)	(31)
Net shares repurchased for taxes	$ (3,358)		(3,358)
Treasury stock from stock repurchases	(3,602)					(3,602)
Treasury stock retired from stock repurchases (in shares)		(84)
Treasury stock retired from stock repurchases	0				(10,000)	10,000
Other comprehensive income	224			224
Cash dividends declared to stockholders	$ (54,618)				(54,618)
Balance (in shares) at Dec. 31, 2023	10,896	10,896
Balance at Dec. 31, 2023	$ 201,481	$ 11	$ 26,573	$ 248	$ 174,649	$ 0

NATURE OF THE BUSINESS

NATURE OF THE BUSINESS	12 Months Ended
	Dec. 31, 2023
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, 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 health and wellness company known for its habit-based and coach-guided lifestyle solution OPTA VIA. 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, OPTA VIA ACTIVE, and Optimal Health brands. The Company’s product line includes more than 65 consumable options, including, but not limited to, bars, puffs, cereal, crunchers, 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.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
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. All credit card and debit card transactions that process in less than seven days are classified as cash and cash equivalents. The amounts due from banks for these transactions classified as cash and cash equivalents totaled $3.7 million as of December 31, 2023, and $7.4 million as of December 31, 2022. Concentration of Credit Risk - Our cash and cash equivalents and available-for-sale debt 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 investments in debt and equity 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 debt securities are based on third-party pricing services provided by the Company’s investment advisory firm. The fair value of investments in equity securities with readily determinable fair values are based on the closing price on the last trading day of the period from the applicable exchange. Inventories - Inventories consist principally of raw materials and packaged meal replacements held in the Company’s warehouses and outsourced distribution center. 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. Investments - The Company’s investments consist of debt securities classified as available-for-sale securities and equity investments with readily determinable fair values. 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. Equity investments with readily determinable fair values are those securities in which the Company has no control or significant influence and is not the primary beneficiary. The securities are stated at fair value based on a quoted market price per unit in active markets multiplied by the number of units held without consideration of transaction costs (Level 1). Gains and losses are recorded in other income (expense), net on the consolidated statement of operations. 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 (2) 2 - 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. (2) Capitalized costs of cloud software are reported in Other assets on the balance sheet and are amortized over an estimated useful life of 2 to 5 years. 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 healthy living products. Revenue is recognized when control of the promised products is transferred to our customers, 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 Accounting Standards Codification ("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 customers at a point in time accounted for substantially all of our revenue for the years ended December 31, 2023, 2022, and 2021. Revenue on these contracts is recognized when the obligations under the terms of the contract with our customer are satisfied. Sales returns Our return policy allows for customer returns of consumable products from the time of order until 30 days following the date of receipt, and upon our authorization. We adjust revenues for the products expected to be returned and a liability is recognized for expected refunds to customers. 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 customers 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 customers 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 customers 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 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, 2023, 2022 and 2021, amounted to $3.4 million, $1.7 million and $1.6 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 $4.6 million, $4.5 million, $4.4 million in research and development expense for the years ended December 31, 2023, 2022 and 2021, 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. Market and performance-based share awards that are tied to the Company's total stockholder return ("TSR") are valued using the Monte Carlo method. 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. 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. 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 debt securities, and foreign currency translation adjustments. Accounting Pronouncements - Adopted in 2023 The Company has not adopted any new accounting standards during the year ended December 31, 2023. Recently Issued Accounting Pronouncements - Pending Adoption In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update ("ASU") 2022-03—Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions to (1) to clarify the guidance in Topic 820, Fair Value Measurement, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, (2) to amend a related illustrative example, and (3) to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company did not early adopt the standard, but is in compliance with the provisions as of December 31, 2023. In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures, including jurisdictional information, by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disclosures. The ASU is effective for public business entities for annual periods beginning after December 15, 2024, and for all other entities for annual periods beginning after December 15, 2025. Prospective application is required, though retrospective application is permitted. Entities are permitted to early adopt the standard. The Company did not early adopt for the 2023 reporting period. The Company is currently evaluating the impact of adopting the ASU on its consolidated financial statements.

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES Inventories consisted of the following (in thousands): December 31, 2023 December 31, 2022 Raw materials $ 7,944 $ 12,670 Packaging 1,962 3,611 Non-food finished goods 3,703 8,738 Finished goods 43,248 97,675 Reserve for obsolete inventory (2,266) (3,838) Total $ 54,591 $ 118,856

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT	12 Months Ended
	Dec. 31, 2023
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, 2023 December 31, 2022 Land $ 565 $ 565 Building and improvements and leasehold improvements 24,499 25,905 Equipment and fixtures 50,344 49,260 Software 23,270 21,278 Vehicles 95 118 Property, plant and equipment - gross 98,773 97,126 Less: accumulated depreciation (47,306) (39,941) Property, plant and equipment - net $ 51,467 $ 57,185 Depreciation expense for the years ended December 31, 2023, 2022 and 2021 was $10.0 million, $7.9 million and $5.7 million, respectively.

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	12 Months Ended
	Dec. 31, 2023
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, 2023 December 31, 2022 Trade payables and accrued expenses $ 39,193 $ 53,120 Accrued payroll and related taxes 17,184 13,581 OPTA VIA Coach compensation payable 13,277 23,633 Gross unrecognized tax liability, including interest and penalties 8,763 5,547 Promotional sales incentive accruals 4,923 10,240 Dividends payable 1,407 19,641 Sales tax payable 1,094 1,571 Deferred revenue 574 7,357 Total $ 86,415 $ 134,690

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2023
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, 2023, 2022 and 2021 (in thousands, except per share data): 2023 2022 2021 Numerator: Net income $ 99,415 $ 143,568 $ 164,031 Denominator: Weighted average shares of common stock outstanding 10,884 11,195 11,705 Effect of dilutive common stock equivalents 37 81 108 Weighted average shares of common stock outstanding 10,921 11,276 11,813 Earnings per share - basic $ 9.13 $ 12.82 $ 14.01 Earnings per share - diluted $ 9.10 $ 12.73 $ 13.89 The calculation of diluted earnings per share for the years ended December 31, 2023, 2022 and 2021 excluded 24 thousand, 5 thousand and less than 1 thousand antidilutive restricted stock awards, respectively.

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
EQUITY	EQUITY Authorized Shares Pursuant to the Company’s Restated and Amended Certificate of Incorporation, the Company has the authority to issue 21.5 million capital shares consisting of: (i) 20.0 million shares of common stock having a par value of $0.001 per share and (ii) 1.5 million shares of preferred stock having a par value $0.001 per share. As of December 31, 2023, there were approximately 10.9 million 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 0.6 million, to an aggregate of 1.6 million. 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 2.0 million shares for repurchase under the Stock Repurchase Plan. The Company repurchased approximately 31 thousand and 739 thousand shares during the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023, there were approximately 1.3 million 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, 2023
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 non-employee directors. The fair value of these options were estimated on the date of grant using the Black-Scholes option pricing model, which required 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, 2023 generally vested 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 was 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 was based on the U.S. Treasury yield curve in effect on the date of grant that most closely corresponded to the expected term of the option. The expected volatility was 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 was 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, 2023 and 2022, the Company did not grant stock options. The number of stock options and weighted-average exercise prices as of December 31, 2023 and 2022 are as follows: 2023 2022 Awards Weighted-Average Exercise Price Awards Weighted-Average Exercise Price (awards in thousands) Outstanding at beginning of period 32 $ 54.98 32 $ 54.98 Exercised (7) 27.40 — — Forfeited — — — — Outstanding at end of the period 25 $ 62.20 32 $ 54.98 Exercisable at end of the period 25 $ 62.20 28 $ 52.76 As of December 31, 2023, the weighted-average remaining contractual life was 45 months with an aggregate intrinsic value of $0.1 million for both outstanding and exercisable stock options. The compensation expense calculated under the fair value method as of December 31, 2023 was less than $0.1 million and was fully recognized during the period. The Company received $0.2 million, $0.0 million, and $0.8 million in cash proceeds from the exercise of stock options during the years ended December 31, 2023, 2022, and 2021, respectively. The total intrinsic value of options exercised during the years ended December 31, 2023, 2022, and 2021 was $0.4 million, $0.0 million, and $5.9 million, respectively. Restricted Stock: The Company has issued restricted stock to employees and non-employee 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, 2023 and 2022 are as follows: 2023 2022 Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value (shares in thousands) Outstanding at beginning of period 60 $ 187.94 43 $ 183.51 Granted 87 97.96 38 176.60 Vested (25) 169.69 (20) 156.68 Forfeited (8) 133.57 (1) 188.60 Outstanding at end of the period 114 $ 127.87 60 $ 187.94 The Company withheld approximately 31 thousand, 9 thousand and 22 thousand 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, 2023, 2022 and 2021, respectively. The total fair value of restricted stock awards vested during the years ended December 31, 2023, 2022 and 2021 was $8.3 million, $3.5 million and $7.0 million, respectively. Market and Performance-based Share Awards: The Company has issued market and performance-based share awards to certain key executives who were granted deferred shares and may earn between 0% and 250% of the target number depending upon both the Company's TSR and the Company's performance against predetermined performance goals over a three-year performance period after the date of grant. Market and performance-based share awards that are tied to the Company's TSR are valued using the Monte Carlo method and recognized ratably as expense over the award's performance period. 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. In the event that management determines that the Company will not reach the lower threshold of the predetermined performance goals established in the grant agreement, any previously recognized expense is reversed in the period in which such a determination is made. Management determined that the market and performance-based share awards granted in 2022 would not reach the lower threshold of the predetermined performance goal resulting in a $1.4 million decrease in the Company’s share-based compensation expense for the year ended December 31, 2023. 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, 2023, 2022 and 2021 are as follows (in thousands): 2023 2022 2021 Shares Share-Based Compensation Expense Shares Share-Based Compensation Expense Shares Share-Based Compensation Expense Options and restricted stock 139 $ 5,926 92 $ 5,167 75 $ 4,302 Market and performance-based share awards granted in 2023 47 1,536 — — — — Market and performance-based share awards granted in 2022 24 (1,388) 25 1,389 — — Performance-based share awards granted in 2021 14 2,005 15 2,595 15 1,986 Performance-based share awards granted in 2020 — 109 52 1,902 26 1,807 Performance-based share awards granted in 2019 — — — — — 1,808 Total share-based compensation 224 $ 8,188 184 $ 11,053 116 $ 9,903 The total income tax benefit recognized in the accompanying Consolidated Statements of Income for restricted stock awards was $0.6 million, $1.2 million and $2.4 million for the years ended December 31, 2023, 2022 and 2021, respectively. There was $7.5 million of total unrecognized compensation cost related to restricted stock awards as of December 31, 2023, which is expected to be recognized over a weighted-average period of 21 months. There was $4.0 million of unrecognized compensation cost related to th e 85 thousand p erformance-based shares discussed above as of December 31, 2023, which is expected to be recognized ove

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE INCOME	12 Months Ended
	Dec. 31, 2023
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, 2023 December 31, 2022 Foreign currency translation $ (48) $ 24 Unrealized gains on investment securities 296 — Accumulated other comprehensive income $ 248 $ 24

INVESTMENTS

INVESTMENTS	12 Months Ended
	Dec. 31, 2023
Investments, All Other Investments [Abstract]
INVESTMENTS	INVESTMENTS 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, 2023 Cost Unrealized Accrued Estimated Cash & Cash Investment Cash and cash equivalents, excluding money market accounts $ 88,778 $ — $ — $ 88,778 $ 88,778 $ — Level 1: Money market accounts 5,662 — — 5,662 5,662 — Government & agency securities 15,282 126 40 15,448 — 15,448 Equity securities 10,000 150 — 10,150 — 10,150 30,944 276 40 31,260 5,662 25,598 Level 2: Corporate bonds 29,440 293 270 30,003 — 30,003 Total $ 149,162 $ 569 $ 310 $ 150,041 $ 94,440 $ 55,601 December 31, 2022 Cost Unrealized Accrued Estimated Cash & Cash Investment Cash and cash equivalents $ 87,691 $ — $ — $ 87,691 $ 87,691 $ — Total $ 87,691 $ — $ — $ 87,691 $ 87,691 $ — The Company had no realized losses or gains for the years ended December 31, 2023, 2022 and 2021. During the fourth quarter of 2023, the Company entered into an agreement to purchase common stock of LifeMD (Nasdaq: LFMD), a leading provider of virtual primary care. The securities are subject to a registration rights agreement which stipulates that the registration of the securities is to be made as soon as practicable, but not later than 90 days, following written demand by the Company. Written notice of demand for registration was submitted to LifeMD on December 12, 2023. In addition, the shares are subject to a 180-day lock-up period from the closing date of the agreement, December 11, 2023. The fair value of the investment is recorded within the investment securities of the consolidated balance sheet. The gains related to the Company's LifeMD investment for the year ended December 31, 2023, 2022 and 2021 are summarized in the table below (in thousands): December 31, 2023 December 31, 2022 December 31, 2021 Net gains recognized during the period on equity securities $ 150 $ — $ — Less: Net gains recognized on equity securities sold — — — Unrealized gains recognized during the reporting period on equity securities still held at the reporting date $ 150 $ — $ — The Company concurrently entered into an agreement in which LifeMD would provide services to stand-up the collaboration between LifeMD and the Company. The agreement stipulated an initial milestone payment of $5 million due upon execution of the agreement for these services. The services under the initial milestone were completed prior to December 31, 2023, and this amount was included in the Company's selling, general, and administrative expenses on the consolidated statement of income. The agreement between the Company and LifeMD has two additional milestones aggregating to $5.0 million for which work began in 2024, and that will be recognized in the consolidated statement of income as the services are rendered.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income tax expense for the years ended December 31, 2023, 2022 and 2021 consisted of the following (in thousands): 2023 2022 2021 Current Federal $ 25,170 $ 35,857 $ 49,433 State 3,001 5,558 6,380 Total current 28,171 41,415 55,813 Deferred Federal 1,523 (738) (3,424) State (312) (186) (291) Foreign — — — Total deferred 1,211 (924) (3,715) Provision for income taxes $ 29,382 $ 40,491 $ 52,098 The total provision for income taxes for the years ended December 31, 2023, 2022 and 2021 was $29.5 million, $40.5 million and $52.2 million, respectively. Those amounts have been allocated to the following financial statement items: 2023 2022 2021 Income before provision for income taxes $ 29,382 $ 40,491 $ 52,098 Stockholders' equity, unrealized (losses) gains on investment securities & foreign currency 112 (27) 66 Total provision for income taxes $ 29,494 $ 40,464 $ 52,164 The reconciliation of the United States federal statutory tax provision to the Company’s provision for income taxes for the years ended December 31, 2023, 2022 and 2021 (in thousands, except percentages): 2023 2022 2021 Statutory federal tax $ 27,048 21.0 % $ 38,621 21.0 % $ 45,405 21.0 % State income taxes, net of federal benefit 2,124 1.7 % 4,635 2.5 % 4,980 2.3 % Foreign taxes Hong Kong 63 0.0 % 75 0.0 % 91 0.0 % Singapore (199) (0.2) % 28 0.0 % 32 0.0 % Share-based compensation 143 0.1 % (26) 0.0 % (1,835) (0.8) % Research and development and jobs credits (1,258) (1.0) % (819) (0.4) % (503) (0.2) % Executive compensation 1,895 1.5 % 1,470 0.8 % 2,652 1.2 % Charitable donations (1,094) (0.8) % (4,316) (2.3) % — 0.0 % Valuation allowance (613) (0.5) % 396 0.2 % 468 0.2 % Intercompany loan restructuring 1,167 0.9 % — — % — — % Other permanent differences 106 0.1 % 427 0.2 % 808 0.4 % Provision for income taxes $ 29,382 22.8 % $ 40,491 22.0 % $ 52,098 24.1 % Significant components of the Company’s deferred tax assets (liabilities) consisted of the following (in thousands): December 31, 2023 December 31, 2022 Reserves on inventory and sales $ 721 $ 1,069 Credit and loss carryforwards 2,881 3,713 Stock compensation 1,784 2,374 Accrued expenses and deferred costs 2,986 5,153 Inventory capitalization 587 1,781 Lease obligations 5,542 5,773 Capitalized research costs 5,841 2,502 Charitable donations 114 1,862 State taxes 1,520 — Other 164 190 Valuation allowance (1,680) (2,523) Total deferred tax assets 20,460 21,894 Right-of-use assets (3,938) (4,089) Prepaid expenses (2,084) (1,289) Depreciation (10,321) (11,165) Other — (23) Total deferred tax liabilities (16,343) (16,566) Net deferred tax assets $ 4,117 $ 5,328 On August 12, 2022, the President of the United States signed into law the Inflation Reduction Act. The two primary tax implications for corporations are a 15% alternative minimum tax (“AMT”) that applies to corporations with at least one billion of pretax income and a one percent surtax on share buybacks. The AMT will not apply to the Company in 2023 since the Company’s 2023 pretax income does not exceed the threshold. The share buyback surtax will not apply to the Company as its share issuances exceed its share buybacks in 2023. The Inflation Reduction Act did not have a material impact on the Company’s tax provision for the years ended December 31, 2023 and 2022. We file income tax returns in the United States and various states and foreign jurisdictions. The Company has separate state and foreign net operating loss carry forwards totaling $28.7 million that start expiring in 2029. The Company has recorded a valuation allowance for the portion of the net operating loss carry forwards which are not expected to be realized. As of December 31, 2023, the Company had $7.5 million of gross unrecognized tax benefits, which would have a net $6.2 million impact on the effective tax rate, if recognized. As of December 31, 2022, the Company had $6.0 million of gross unrecognized tax benefits, which would have a net $4.8 million impact on the effective tax rate, if recognized. The change for both 2023 and 2022 primarily relates to additional gross unrecognized benefits for current and prior year tax positions. The amounts of unrecognized tax benefits were as follows: December 31, 2023 December 31, 2022 Unrecognized tax benefit at the beginning of the period $ 6,011 $ 2,714 Increase for current year tax positions 1,744 860 Increase for prior period tax positions 38 2,487 Reduction due to lapse in statute of limitations (291) (50) Unrecognized tax benefit at the end of the period $ 7,502 $ 6,011 The Company recognizes interest and penalty expenses related to unrecognized tax positions as a component of the income tax provision. As of December 31, 2023, and 2022, interest and penalties accrued were $1.3 million and $0.9 million, respectively. For 2023 and 2022, the Company recorded expenses (benefits) related to interest and penalties of $0.3 million and $0.2 million, respectively. As of December 31, 2023, the current year reduction primarily relates to the expiration of federal, state, and foreign statutes of limitation. The Company cannot reasonably project the change in its uncertain tax positions over the next twelve months. Our tax returns are subject to examination by various federal, state, and local tax authorities. The Company believes that it has adequately provided for all tax positions; however, amounts asserted by taxing authorities could be greater than our accrued position. Pending the resolution of one examination, and specific to jurisdictions where the Company has filed tax returns and examination of such returns is constrained by a statute of limitations, we are no longer subject to United States federal, state, and local income tax examinations by tax authorities for years prior to 2020.

LEASES AND COMMITMENTS

LEASES AND COMMITMENTS	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
LEASES AND COMMITMENTS	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, 2023 and 2022, respectively, or for the years then ended. Our leases relating to office and warehouse space have terms of 18 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 $5.1 million, $6.7 million and $5.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. Supplemental cash flow information related to the Company’s operating leases were as follows (in thousands): 2023 2022 Cash paid for amounts included in the measurements of lease liabilities Operating cash flow used in operating leases $ 6,333 $ 7,199 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 1,785 $ 101 As of December 31, 2023, the weighted average remaining lease term was 48 months and the weighted average discount rate was 2.3%. The following table presents the maturity of the Company’s operating lease liabilities as of December 31, 2023 (in thousands): 2024 $ 6,312 2025 6,462 2026 4,783 2027 2,553 2028 2,618 Thereafter 240 Total lease payments $ 22,968 Less: imputed interest (956) Total $ 22,012 Unconditional purchase obligations: At December 31, 2023, the Company had $72.2 million in unconditional purchase obligations with a remaining term in excess of one year primarily for inventories, outsourced information technology and Coach events.

DEBT

DEBT	12 Months Ended
	Dec. 31, 2023
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. On May 31, 2022, the Credit Agreement was amended to increase the borrowing capacity and convert the interest rate to be based on Secured Overnight Financing Rate ("SOFR"), from London Inter-Bank Offered Rate (LIBOR) ("the "Amended Credit Agreement"). The Amended Credit Agreement provides for a $225.0 million senior secured revolving credit facility with a $20.0 million letter of credit sublimit. The Amended 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 Amended 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 Amended 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 Amended 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 Amended Credit Agreement bear interest at a rate per annum equal to (i) the Term SOFR Rate for the interest period plus the Applicable Rate (as defined in the Amended Credit Agreement) based on the Company’s Total Net Leverage Ratio or (ii) the Alternate Base Rate (as defined in the Amended 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, 2023, the Applicable Rate for SOFR Loans is 1.25% per annum and the Applicable Rate for ABR Loans is 0.25% per annum. SOFR based loans also include a Credit Spread Adjustment based on the duration of the borrowing. The Amended 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 Amended 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 Amended Credit Agreement requires the Company to maintain a Total Net Leverage Ratio of no more than 2.75 to 1.00 and an Interest Coverage Ratio of at least 3.50 to 1.00. The Company had no borrowings under the Amended Credit Agreement as of December 31, 2023 and December 31, 2022.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
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
Concentration of Credit Risk	Concentration of Credit Risk - Our cash and cash equivalents and available-for-sale debt 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 investments in debt and equity 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 debt securities are based on third-party pricing services provided by the Company’s investment advisory firm. The fair value of investments in equity securities with readily determinable fair values are based on the closing price on the last trading day of the period from the applicable exchange.
Inventories	Inventories - Inventories consist principally of raw materials and packaged meal replacements held in the Company’s warehouses and outsourced distribution center. 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.
Investments	Investments - The Company’s investments consist of debt securities classified as available-for-sale securities and equity investments with readily determinable fair values. 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:
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 healthy living products. Revenue is recognized when control of the promised products is transferred to our customers, 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 Accounting Standards Codification ("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 customers at a point in time accounted for substantially all of our revenue for the years ended December 31, 2023, 2022, and 2021. Revenue on these contracts is recognized when the obligations under the terms of the contract with our customer are satisfied. Sales returns Our return policy allows for customer returns of consumable products from the time of order until 30 days following the date of receipt, and upon our authorization. We adjust revenues for the products expected to be returned and a liability is recognized for expected refunds to customers. 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 customers 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 customers 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 customers 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 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
Research and Development	Research and Development
Share-Based Compensation	Share-Based Compensation
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. 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.
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 debt securities, and foreign currency translation adjustments.
Accounting Pronouncements and Recently Issued Accounting Pronouncements	Accounting Pronouncements - Adopted in 2023 The Company has not adopted any new accounting standards during the year ended December 31, 2023. Recently Issued Accounting Pronouncements - Pending Adoption In June 2022, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update ("ASU") 2022-03—Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions to (1) to clarify the guidance in Topic 820, Fair Value Measurement, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, (2) to amend a related illustrative example, and (3) to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. The Company did not early adopt the standard, but is in compliance with the provisions as of December 31, 2023. In December 2023, the Financial Accounting Standards Board (FASB) issued ASU 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures to enhance the transparency and decision usefulness of income tax disclosures, including jurisdictional information, by requiring consistent categories and greater disaggregation of information in the rate reconciliation and income taxes paid disclosures. The ASU is effective for public business entities for annual periods beginning after December 15, 2024, and for all other entities for annual periods beginning after December 15, 2025. Prospective application is required, though retrospective application is permitted. Entities are permitted to early adopt the standard. The Company did not early adopt for the 2023 reporting period. The Company is currently evaluating the impact of adopting the ASU on its consolidated financial statements.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of Property Plant and Equipment Useful Lives	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 (2) 2 - 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. (2) Capitalized costs of cloud software are reported in Other assets on the balance sheet and are amortized over an estimated useful life of 2 to 5 years.

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2023
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following (in thousands): December 31, 2023 December 31, 2022 Raw materials $ 7,944 $ 12,670 Packaging 1,962 3,611 Non-food finished goods 3,703 8,738 Finished goods 43,248 97,675 Reserve for obsolete inventory (2,266) (3,838) Total $ 54,591 $ 118,856

PROPERTY, PLANT AND EQUIPMENT (

PROPERTY, PLANT AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Schdule of Property, Plant and Equipment	Property, plant, and equipment consisted of the following (in thousands): December 31, 2023 December 31, 2022 Land $ 565 $ 565 Building and improvements and leasehold improvements 24,499 25,905 Equipment and fixtures 50,344 49,260 Software 23,270 21,278 Vehicles 95 118 Property, plant and equipment - gross 98,773 97,126 Less: accumulated depreciation (47,306) (39,941) Property, plant and equipment - net $ 51,467 $ 57,185

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and accrued expenses consisted of the following (in thousands): December 31, 2023 December 31, 2022 Trade payables and accrued expenses $ 39,193 $ 53,120 Accrued payroll and related taxes 17,184 13,581 OPTA VIA Coach compensation payable 13,277 23,633 Gross unrecognized tax liability, including interest and penalties 8,763 5,547 Promotional sales incentive accruals 4,923 10,240 Dividends payable 1,407 19,641 Sales tax payable 1,094 1,571 Deferred revenue 574 7,357 Total $ 86,415 $ 134,690

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted EPS	The following table sets forth the computation of basic and diluted EPS for the years ended December 31, 2023, 2022 and 2021 (in thousands, except per share data): 2023 2022 2021 Numerator: Net income $ 99,415 $ 143,568 $ 164,031 Denominator: Weighted average shares of common stock outstanding 10,884 11,195 11,705 Effect of dilutive common stock equivalents 37 81 108 Weighted average shares of common stock outstanding 10,921 11,276 11,813 Earnings per share - basic $ 9.13 $ 12.82 $ 14.01 Earnings per share - diluted $ 9.10 $ 12.73 $ 13.89

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	The number of stock options and weighted-average exercise prices as of December 31, 2023 and 2022 are as follows: 2023 2022 Awards Weighted-Average Exercise Price Awards Weighted-Average Exercise Price (awards in thousands) Outstanding at beginning of period 32 $ 54.98 32 $ 54.98 Exercised (7) 27.40 — — Forfeited — — — — Outstanding at end of the period 25 $ 62.20 32 $ 54.98 Exercisable at end of the period 25 $ 62.20 28 $ 52.76
Schedule of Restricted Stock Activity	A summary of outstanding restricted stock activity as of December 31, 2023 and 2022 are as follows: 2023 2022 Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value (shares in thousands) Outstanding at beginning of period 60 $ 187.94 43 $ 183.51 Granted 87 97.96 38 176.60 Vested (25) 169.69 (20) 156.68 Forfeited (8) 133.57 (1) 188.60 Outstanding at end of the period 114 $ 127.87 60 $ 187.94
Schedule of Share-based Compensation Expense	The total expenses during the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands): 2023 2022 2021 Shares Share-Based Compensation Expense Shares Share-Based Compensation Expense Shares Share-Based Compensation Expense Options and restricted stock 139 $ 5,926 92 $ 5,167 75 $ 4,302 Market and performance-based share awards granted in 2023 47 1,536 — — — — Market and performance-based share awards granted in 2022 24 (1,388) 25 1,389 — — Performance-based share awards granted in 2021 14 2,005 15 2,595 15 1,986 Performance-based share awards granted in 2020 — 109 52 1,902 26 1,807 Performance-based share awards granted in 2019 — — — — — 1,808 Total share-based compensation 224 $ 8,188 184 $ 11,053 116 $ 9,903

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 December 31, 2022 Foreign currency translation $ (48) $ 24 Unrealized gains on investment securities 296 — Accumulated other comprehensive income $ 248 $ 24

INVESTMENTS (Tables)

INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
Investments, All Other Investments [Abstract]
Schedule of Cash and Financial Assets Measured at Fair Value on a Recurring Basis	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, 2023 Cost Unrealized Accrued Estimated Cash & Cash Investment Cash and cash equivalents, excluding money market accounts $ 88,778 $ — $ — $ 88,778 $ 88,778 $ — Level 1: Money market accounts 5,662 — — 5,662 5,662 — Government & agency securities 15,282 126 40 15,448 — 15,448 Equity securities 10,000 150 — 10,150 — 10,150 30,944 276 40 31,260 5,662 25,598 Level 2: Corporate bonds 29,440 293 270 30,003 — 30,003 Total $ 149,162 $ 569 $ 310 $ 150,041 $ 94,440 $ 55,601 December 31, 2022 Cost Unrealized Accrued Estimated Cash & Cash Investment Cash and cash equivalents $ 87,691 $ — $ — $ 87,691 $ 87,691 $ — Total $ 87,691 $ — $ — $ 87,691 $ 87,691 $ —
Summary of Investment Gains	The gains related to the Company's LifeMD investment for the year ended December 31, 2023, 2022 and 2021 are summarized in the table below (in thousands): December 31, 2023 December 31, 2022 December 31, 2021 Net gains recognized during the period on equity securities $ 150 $ — $ — Less: Net gains recognized on equity securities sold — — — Unrealized gains recognized during the reporting period on equity securities still held at the reporting date $ 150 $ — $ —

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense	Income tax expense for the years ended December 31, 2023, 2022 and 2021 consisted of the following (in thousands): 2023 2022 2021 Current Federal $ 25,170 $ 35,857 $ 49,433 State 3,001 5,558 6,380 Total current 28,171 41,415 55,813 Deferred Federal 1,523 (738) (3,424) State (312) (186) (291) Foreign — — — Total deferred 1,211 (924) (3,715) Provision for income taxes $ 29,382 $ 40,491 $ 52,098
Schedule of Components of Total Income Tax Provision	Those amounts have been allocated to the following financial statement items: 2023 2022 2021 Income before provision for income taxes $ 29,382 $ 40,491 $ 52,098 Stockholders' equity, unrealized (losses) gains on investment securities & foreign currency 112 (27) 66 Total provision for income taxes $ 29,494 $ 40,464 $ 52,164
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, 2023, 2022 and 2021 (in thousands, except percentages): 2023 2022 2021 Statutory federal tax $ 27,048 21.0 % $ 38,621 21.0 % $ 45,405 21.0 % State income taxes, net of federal benefit 2,124 1.7 % 4,635 2.5 % 4,980 2.3 % Foreign taxes Hong Kong 63 0.0 % 75 0.0 % 91 0.0 % Singapore (199) (0.2) % 28 0.0 % 32 0.0 % Share-based compensation 143 0.1 % (26) 0.0 % (1,835) (0.8) % Research and development and jobs credits (1,258) (1.0) % (819) (0.4) % (503) (0.2) % Executive compensation 1,895 1.5 % 1,470 0.8 % 2,652 1.2 % Charitable donations (1,094) (0.8) % (4,316) (2.3) % — 0.0 % Valuation allowance (613) (0.5) % 396 0.2 % 468 0.2 % Intercompany loan restructuring 1,167 0.9 % — — % — — % Other permanent differences 106 0.1 % 427 0.2 % 808 0.4 % Provision for income taxes $ 29,382 22.8 % $ 40,491 22.0 % $ 52,098 24.1 %
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, 2023 December 31, 2022 Reserves on inventory and sales $ 721 $ 1,069 Credit and loss carryforwards 2,881 3,713 Stock compensation 1,784 2,374 Accrued expenses and deferred costs 2,986 5,153 Inventory capitalization 587 1,781 Lease obligations 5,542 5,773 Capitalized research costs 5,841 2,502 Charitable donations 114 1,862 State taxes 1,520 — Other 164 190 Valuation allowance (1,680) (2,523) Total deferred tax assets 20,460 21,894 Right-of-use assets (3,938) (4,089) Prepaid expenses (2,084) (1,289) Depreciation (10,321) (11,165) Other — (23) Total deferred tax liabilities (16,343) (16,566) Net deferred tax assets $ 4,117 $ 5,328
Schedule of Unrecognized Tax Benefits Roll Forward	The amounts of unrecognized tax benefits were as follows: December 31, 2023 December 31, 2022 Unrecognized tax benefit at the beginning of the period $ 6,011 $ 2,714 Increase for current year tax positions 1,744 860 Increase for prior period tax positions 38 2,487 Reduction due to lapse in statute of limitations (291) (50) Unrecognized tax benefit at the end of the period $ 7,502 $ 6,011

LEASES AND COMMITMENTS (Tables)

LEASES AND COMMITMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
Leases [Abstract]
Schedule of Supplemental Cash Flow Information	Supplemental cash flow information related to the Company’s operating leases were as follows (in thousands): 2023 2022 Cash paid for amounts included in the measurements of lease liabilities Operating cash flow used in operating leases $ 6,333 $ 7,199 Right-of-use assets obtained in exchange for lease obligations Operating leases $ 1,785 $ 101
Schedule of Maturity of Company's Operating Lease Liabilities	The following table presents the maturity of the Company’s operating lease liabilities as of December 31, 2023 (in thousands): 2024 $ 6,312 2025 6,462 2026 4,783 2027 2,553 2028 2,618 Thereafter 240 Total lease payments $ 22,968 Less: imputed interest (956) Total $ 22,012

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Due from banks	$ 3.7	$ 7.4
Advertising expense	3.4	1.7	$ 1.6
Research and development expense	$ 4.6	$ 4.5	$ 4.4

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - Estimated Useful Lives of Assets (Details)	Dec. 31, 2023
Building and building improvements | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	10 years
Building and building improvements | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	35 years
Equipment and fixtures | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	3 years
Equipment and fixtures | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	15 years
Software | Minimum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	2 years
Software | Maximum
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	5 years
Vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment, useful life (in years)	5 years

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 7,944	$ 12,670
Packaging	1,962	3,611
Non-food finished goods	3,703	8,738
Finished goods	43,248	97,675
Reserve for obsolete inventory	(2,266)	(3,838)
Total	$ 54,591	$ 118,856

PROPERTY, PLANT AND EQUIPMENT -

PROPERTY, PLANT AND EQUIPMENT - Property, Plant and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment - gross	$ 98,773	$ 97,126
Less: accumulated depreciation	(47,306)	(39,941)
Property, plant and equipment - net	51,467	57,185
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment - gross	565	565
Building and improvements and leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment - gross	24,499	25,905
Equipment and fixtures
Property, Plant and Equipment [Line Items]
Property, plant and equipment - gross	50,344	49,260
Software
Property, Plant and Equipment [Line Items]
Property, plant and equipment - gross	23,270	21,278
Vehicles
Property, Plant and Equipment [Line Items]
Property, plant and equipment - gross	$ 95	$ 118

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation	$ 10	$ 7.9	$ 5.7

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Trade payables and accrued expenses	$ 39,193	$ 53,120
Accrued payroll and related taxes	17,184	13,581
OPTAVIA Coach compensation payable	13,277	23,633
Gross unrecognized tax liability, including interest and penalties	8,763	5,547
Promotional sales incentive accruals	4,923	10,240
Dividends payable	1,407	19,641
Sales tax payable	1,094	1,571
Deferred revenue	574	7,357
Total	$ 86,415	$ 134,690

EARNINGS PER SHARE - Computatio

EARNINGS PER SHARE - Computation of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net income	$ 99,415	$ 143,568	$ 164,031
Denominator:
Weighted average shares of common stock outstanding (in shares)	10,884	11,195	11,705
Effect of dilutive common stock equivalents (in shares)	37	81	108
Weighted average shares of common stock outstanding (in shares)	10,921	11,276	11,813
Earnings per share - basic (in usd per share)	$ 9.13	$ 12.82	$ 14.01
Earnings per share - diluted (in usd per share)	$ 9.10	$ 12.73	$ 13.89

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive awards (less than in 2021) (in shares)	24	5	1

EQUITY (Details)

EQUITY (Details) - $ / shares shares in Thousands		12 Months Ended
	May 18, 2017	Dec. 31, 2023	Dec. 31, 2022	Sep. 12, 2019
Equity [Abstract]
Capital units authorized (in shares)		21,500
Common stock, authorized (in shares)		20,000	20,000
Common stock, par value (in usd per share)		$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)		1,500
Preferred stock, par value (in usd per share)		$ 0.001
Common stock, issued (in shares)		10,896	10,928
Preferred stock, issued (in shares)		0
Increase in the number of shares authorized (in shares)	600
Shares authorized for issuance (in shares)	1,600
Additional shares authorized for repurchase (in shares)				2,000
Stock repurchased (in shares)		31	739
Remaining number of shares authorized to be repurchased (in shares)		1,300

SHARE-BASED COMPENSATION - Narr

SHARE-BASED COMPENSATION - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards granted (in shares)	0	0
Weighted-average remaining contractual life of options outstanding (in months)	45 months
Aggregate intrinsic value of options outstanding	$ 100
Aggregate intrinsic value of options exercisable	100
Proceeds from stock options exercised	188	$ 0	$ 811
Intrinsic value of options exercised	$ 400	$ 0	$ 5,900
Shares withheld for employee taxes	31,000	9,000	22,000
Share-based compensation expense	$ 8,188	$ 11,053	$ 9,903
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	3 years
Award expiration period (in years)	10 years
Exercise price range, lower range limit (in usd per share)	$ 26.52
Exercise price range, upper range limit (in usd per share)	$ 66.68
Employee service share based compensation nonvested awards	$ 100
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period (in years)	5 years
Share-based compensation arrangement, fair value of awards vested	$ 8,300	3,500	7,000
Total income tax benefit recognized related to restricted stock awards	600	$ 1,200	2,400
Unrecognized compensation costs	$ 7,500
Compensation cost recognition weighted average period (in months)	21 months
Shares granted in period	87,000	38,000
Market and Performance-Based Share Awards | Granted In 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ (1,388)	$ 1,389	$ 0
Market and Performance-Based Share Awards | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares earned (as a percent)	0%
Market and Performance-Based Share Awards | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares earned (as a percent)	250%
Performance-Based Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs	$ 4,000
Compensation cost recognition weighted average period (in months)	20 months
Shares granted in period	85,000

SHARE-BASED COMPENSATION - Stoc

SHARE-BASED COMPENSATION - Stock Options Activity (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Awards
Shares, Outstanding at beginning of period (in shares)	32	32
Shares, Exercised (in shares)	(7)	0
Shares, Forfeited (in shares)	0	0
Shares, Outstanding at end of the period (in shares)	25	32
Shares, Exercisable at end of the period (in shares)	25	28
Weighted-Average Exercise Price
Weighted-Average Exercise Price, Outstanding at beginning of period (in usd per share)	$ 54.98	$ 54.98
Weighted-Average Exercise Price, Exercised (in usd per share)	27.40	0
Weighted-Average Exercise Price, Forfeited (in usd per share)	0	0
Weighted-Average Exercise Price, Outstanding at end of the period (in usd per share)	62.20	54.98
Weighted-Average Exercise Price, Exercisable at end of the period (in usd per share)	$ 62.20	$ 52.76

SHARE-BASED COMPENSATION - Rest

SHARE-BASED COMPENSATION - Restricted Stock Activity (Details) - Restricted Stock - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Shares
Outstanding at beginning of period (in shares)	60	43
Granted (in shares)	87	38
Vested (in shares)	(25)	(20)
Forfeited (in shares)	(8)	(1)
Outstanding at end of the period (in shares)	114	60
Weighted-Average Grant Date Fair Value
Outstanding at beginning of period (in usd per share)	$ 187.94	$ 183.51
Granted (in usd per share)	97.96	176.60
Vested (in usds per share)	169.69	156.68
Forfeited (in usd per share)	133.57	188.60
Outstanding at end of the period (in usd per share)	$ 127.87	$ 187.94

SHARE-BASED COMPENSATION - Expe

SHARE-BASED COMPENSATION - Expenses (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares	224	184	116
Share-Based Compensation Expense	$ 8,188	$ 11,053	$ 9,903
Options and restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares	139	92	75
Share-Based Compensation Expense	$ 5,926	$ 5,167	$ 4,302
Market and performance-based share awards | Granted In 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares	47	0	0
Share-Based Compensation Expense	$ 1,536	$ 0	$ 0
Market and performance-based share awards | Granted In 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares	24	25	0
Share-Based Compensation Expense	$ (1,388)	$ 1,389	$ 0
Performance-based share awards | Granted In 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares	14	15	15
Share-Based Compensation Expense	$ 2,005	$ 2,595	$ 1,986
Performance-based share awards | Granted In 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares	0	52	26
Share-Based Compensation Expense	$ 109	$ 1,902	$ 1,807
Performance-based share awards | Granted In 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares	0	0	0
Share-Based Compensation Expense	$ 0	$ 0	$ 1,808

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE INCOME - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]
Foreign currency translation	$ (48)	$ 24
Unrealized gains on investment securities	296	0
Accumulated other comprehensive income	$ 248	$ 24

INVESTMENTS - Cash and Financia

INVESTMENTS - Cash and Financial Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Cash And Cash Equivalents And Marketable securities [Line Items]
Cost, Cash and cash equivalents, excluding money market accounts	$ 88,778	$ 87,691
Estimated Fair Value, Cash and cash equivalents, excluding money market accounts	88,778	87,691
Unrealized Gains, Investment securities	569	0
Accrued Interest, Investment securities	310	0
Cost	149,162	87,691
Estimated Fair Value	150,041	87,691
Cash & Cash Equivalents
Cash And Cash Equivalents And Marketable securities [Line Items]
Estimated Fair Value, Cash and cash equivalents, excluding money market accounts	88,778	87,691
Estimated Fair Value	94,440	87,691
Investment Securities
Cash And Cash Equivalents And Marketable securities [Line Items]
Estimated Fair Value	55,601	$ 0
Level 1
Cash And Cash Equivalents And Marketable securities [Line Items]
Cost, Equity securities	10,000
Unrealized Gains, Equity securities	150
Accrued Interest, Equity securities	0
Estimated Fair Value, Equity securities	10,150
Cost, Investment securities	30,944
Unrealized Gains, Investment securities	276
Accrued Interest, Investment securities	40
Estimated Fair Value, Investment securities	31,260
Level 1 | Cash & Cash Equivalents
Cash And Cash Equivalents And Marketable securities [Line Items]
Estimated Fair Value, Equity securities	0
Estimated Fair Value, Investment securities	5,662
Level 1 | Investment Securities
Cash And Cash Equivalents And Marketable securities [Line Items]
Estimated Fair Value, Equity securities	10,150
Estimated Fair Value, Investment securities	25,598
Level 1 | Money market accounts
Cash And Cash Equivalents And Marketable securities [Line Items]
Cost, Debt Securities	5,662
Estimated Fair Value, Debt securities	5,662
Level 1 | Money market accounts | Gains
Cash And Cash Equivalents And Marketable securities [Line Items]
Unrealized Gains, Debt securities	0
Level 1 | Money market accounts | Accrued Interest
Cash And Cash Equivalents And Marketable securities [Line Items]
Unrealized Gains, Debt securities	0
Level 1 | Money market accounts | Cash & Cash Equivalents
Cash And Cash Equivalents And Marketable securities [Line Items]
Estimated Fair Value, Debt securities	5,662
Level 1 | Money market accounts | Investment Securities
Cash And Cash Equivalents And Marketable securities [Line Items]
Estimated Fair Value, Debt securities	0
Level 1 | Government & agency securities
Cash And Cash Equivalents And Marketable securities [Line Items]
Cost, Debt Securities	15,282
Estimated Fair Value, Debt securities	15,448
Level 1 | Government & agency securities | Gains
Cash And Cash Equivalents And Marketable securities [Line Items]
Unrealized Gains, Debt securities	126
Level 1 | Government & agency securities | Accrued Interest
Cash And Cash Equivalents And Marketable securities [Line Items]
Unrealized Gains, Debt securities	40
Level 1 | Government & agency securities | Cash & Cash Equivalents
Cash And Cash Equivalents And Marketable securities [Line Items]
Estimated Fair Value, Debt securities	0
Level 1 | Government & agency securities | Investment Securities
Cash And Cash Equivalents And Marketable securities [Line Items]
Estimated Fair Value, Debt securities	15,448
Level 2 | Corporate bonds
Cash And Cash Equivalents And Marketable securities [Line Items]
Cost, Debt Securities	29,440
Estimated Fair Value, Debt securities	30,003
Level 2 | Corporate bonds | Gains
Cash And Cash Equivalents And Marketable securities [Line Items]
Unrealized Gains, Debt securities	293
Level 2 | Corporate bonds | Accrued Interest
Cash And Cash Equivalents And Marketable securities [Line Items]
Unrealized Gains, Debt securities	270
Level 2 | Corporate bonds | Cash & Cash Equivalents
Cash And Cash Equivalents And Marketable securities [Line Items]
Estimated Fair Value, Debt securities	0
Level 2 | Corporate bonds | Investment Securities
Cash And Cash Equivalents And Marketable securities [Line Items]
Estimated Fair Value, Debt securities	$ 30,003

INVESTMENTS - Investment Gains

INVESTMENTS - Investment Gains (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Text Block [Abstract]
Net gains recognized during the period on equity securities	$ 150	$ 0	$ 0
Less: Net gains recognized on equity securities sold	0	0	0
Unrealized gains recognized during the reporting period on equity securities still held at the reporting date	$ 150	$ 0	$ 0

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) - Collaborative Arrangement - LifeMD $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($) milestone
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Number of milestones | milestone		2
Milestone payment		$ 5
Forecast | Subsequent Event
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payment	$ 5

INCOME TAXES - Income Tax Expen

INCOME TAXES - Income Tax Expense from Continuing Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Current
Federal	$ 25,170	$ 35,857	$ 49,433
State	3,001	5,558	6,380
Total current	28,171	41,415	55,813
Deferred
Federal	1,523	(738)	(3,424)
State	(312)	(186)	(291)
Foreign	0	0	0
Total deferred	1,211	(924)	(3,715)
Provision for income taxes	$ 29,382	$ 40,491	$ 52,098

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense (benefit), intraperiod tax allocation	$ 29,494	$ 40,464	$ 52,164
Operating loss carryforwards	28,700
Gross unrecognized tax liability, including interest and penalties	7,502	6,011	$ 2,714
Unrecognized tax benefits	6,200	4,800
Income tax examination, penalties and interest accrued	1,300	900
Income tax penalties and interest expense	$ 300	$ 200

INCOME TAXES - Tax Provision Al

INCOME TAXES - Tax Provision Allocation to Financial Statement Items (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income before provision for income taxes	$ 29,382	$ 40,491	$ 52,098
Stockholders' equity, unrealized (losses) gains on investment securities & foreign currency	112	(27)	66
Total provision for income taxes	$ 29,494	$ 40,464	$ 52,164

INCOME TAXES - Statutory Tax Ra

INCOME TAXES - Statutory Tax Rate and Effective Tax Rate (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Statutory federal tax	$ 27,048	$ 38,621	$ 45,405
State income taxes, net of federal benefit	2,124	4,635	4,980
Share-based compensation	143	(26)	(1,835)
Research and development and jobs credits	(1,258)	(819)	(503)
Executive compensation	1,895	1,470	2,652
Charitable donations	(1,094)	(4,316)	0
Valuation allowance	(613)	396	468
Intercompany loan restructuring	1,167	0	0
Other permanent differences	106	427	808
Provision for income taxes	$ 29,382	$ 40,491	$ 52,098
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Statutory federal tax, effective tax rate, percent	21%	21%	21%
State income taxes, net of federal benefit, effective tax rate, percent	1.70%	2.50%	2.30%
Share-based compensation - windfall, effective tax rate, percent	0.10%	0%	(0.80%)
Research and development and jobs credits, effective tax rate, percent	(1.00%)	(0.40%)	(0.20%)
Executive compensation, effective tax rate, percent	1.50%	0.80%	1.20%
Charitable donations, effective tax rate, percent	(0.80%)	(2.30%)	0%
Valuation allowance, effective tax rate, percent	(0.50%)	0.20%	0.20%
Intercompany loan restructuring, effective tax rate, percent	0.009	0	0
Other permanent differences, effective tax rate, percent	0.10%	0.20%	0.40%
Provision for income taxes, effective tax rate, percent	22.80%	22%	24.10%
Hong Kong
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Foreign taxes	$ 63	$ 75	$ 91
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Foreign taxes, effective tax rate, percent	0%	0%	0%
Singapore
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Foreign taxes	$ (199)	$ 28	$ 32
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Foreign taxes, effective tax rate, percent	(0.20%)	0%	0%

INCOME TAXES - Deferred Tax Ass

INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Reserves on inventory and sales	$ 721	$ 1,069
Credit and loss carryforwards	2,881	3,713
Stock compensation	1,784	2,374
Accrued expenses and deferred costs	2,986	5,153
Inventory capitalization	587	1,781
Lease obligations	5,542	5,773
Capitalized research costs	5,841	2,502
Charitable donations	114	1,862
State taxes	1,520	0
Other	164	190
Valuation allowance	(1,680)	(2,523)
Total deferred tax assets	20,460	21,894
Right-of-use assets	(3,938)	(4,089)
Prepaid expenses	(2,084)	(1,289)
Depreciation	(10,321)	(11,165)
Other	0	(23)
Total deferred tax liabilities	(16,343)	(16,566)
Net deferred tax assets	$ 4,117	$ 5,328

INCOME TAXES - Unrecognized Tax

INCOME TAXES - Unrecognized Tax Benefits Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Unrecognized tax benefit at the beginning of the period	$ 6,011	$ 2,714
Increase for current year tax positions	1,744	860
Increase for prior period tax positions	38	2,487
Reduction due to lapse in statute of limitations	(291)	(50)
Unrecognized tax benefit at the end of the period	$ 7,502	$ 6,011

LEASES AND COMMITMENTS - Narrat

LEASES AND COMMITMENTS - Narratives (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Leased Assets [Line Items]
Operating lease expense	$ 5.1	$ 6.7	$ 5.6
Weighted average remaining lease term (in months)	48 months
Weighted average discount rate (as a percent)	2.30%
Inventories
Operating Leased Assets [Line Items]
Unconditional purchase obligation	$ 72.2
Minimum | Operating Lease Arrangement for Real Estate
Operating Leased Assets [Line Items]
Lease term (in months)	18 months
Minimum | Operating Lease Arrangement for Equipment
Operating Leased Assets [Line Items]
Lease term (in months)	24 months
Maximum | Operating Lease Arrangement for Real Estate
Operating Leased Assets [Line Items]
Lease term (in months)	126 months
Maximum | Operating Lease Arrangement for Equipment
Operating Leased Assets [Line Items]
Lease term (in months)	203 months

LEASES AND COMMITMENTS - Supple

LEASES AND COMMITMENTS - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Operating cash flow used in operating leases	$ 6,333	$ 7,199
Operating leases	$ 1,785	$ 101

LEASES AND COMMITMENTS - Future

LEASES AND COMMITMENTS - Future Minimum Lease Commitments (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Leases [Abstract]
2024	$ 6,312
2025	6,462
2026	4,783
2027	2,553
2028	2,618
Thereafter	240
Total lease payments	22,968
Less: imputed interest	(956)
Total	$ 22,012

DEBT (Details)

DEBT (Details) - Amended Credit Agreement		12 Months Ended
	Apr. 13, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Maximum total net leverage ratio	2.75
Minimum interest coverage ratio	3.50
Borrowings outstanding		$ 0	$ 0
SOFR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		1.25%
Base Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)		0.25%
Minimum
Debt Instrument [Line Items]
Commitment fee ( as a percent )	0.20%
Maximum
Debt Instrument [Line Items]
Commitment fee ( as a percent )	0.40%
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 225,000,000
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