Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 02, 2018 | Jun. 30, 2017 | |
Document And Entity Information | |||
Entity Registrant Name | NATURAL HEALTH TRENDS CORP. | ||
Entity Central Index Key | 912,061 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 11,376,092 | ||
Entity Public Float | $ 202,498,798 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 135,311 | $ 125,921 |
Inventories, net | 8,398 | 11,257 |
Other current assets | 7,534 | 4,066 |
Total current assets | 151,243 | 141,244 |
Property and equipment, net | 1,149 | 1,388 |
Goodwill | 1,764 | 1,764 |
Restricted cash | 3,167 | 2,963 |
Deferred Tax Assets, Net, Noncurrent | 1,435 | 0 |
Other assets | 796 | 692 |
Total assets | 159,554 | 148,051 |
Current liabilities: | ||
Accounts payable | 1,751 | 2,145 |
Income taxes payable | 309 | 663 |
Accrued commissions | 11,170 | 13,611 |
Other accrued expenses | 7,605 | 14,989 |
Deferred revenue | 4,455 | 4,948 |
Amounts held in eWallets | 15,152 | 19,165 |
Other current liabilities | 1,479 | 1,633 |
Total current liabilities | 41,921 | 57,154 |
Accrued Income Taxes, Noncurrent | 19,052 | 0 |
Deferred Tax Liabilities, Net, Noncurrent | 56 | 268 |
Long-term incentive | 7,904 | 8,190 |
Total liabilities | 68,933 | 65,612 |
Commitments and Contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued and outstanding at December 31, 2017 and 2016 | 0 | 0 |
Common stock, $0.001 par value; 50,000,000 shares authorized; 12,979,414 shares issued at December 31, 2017 and 2016 | 13 | 13 |
Additional paid-in capital | 86,683 | 86,574 |
Retained earnings (accumulated deficit) | 44,908 | 38,548 |
Accumulated other comprehensive (loss) income | (413) | (807) |
Treasury stock, at cost; 1,637,524 and 1,692,218 shares at December 31, 2017 and 2016, respectively | (40,570) | (41,889) |
Total stockholders’ equity | 90,621 | 82,439 |
Total liabilities and stockholders’ equity | $ 159,554 | $ 148,051 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 12,979,414 | 12,979,414 |
Treasury stock, shares | 1,637,524 | 1,692,218 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
Net sales | $ 197,563 | $ 287,728 | $ 264,860 |
Cost of sales | 38,645 | 54,903 | 54,098 |
Gross profit | 158,918 | 232,825 | 210,762 |
Operating expenses: | |||
Commissions expense | 83,638 | 125,050 | 126,598 |
Selling, general and administrative expenses | 31,685 | 43,245 | 36,024 |
Depreciation and amortization | 536 | 394 | 263 |
Total operating expenses | 115,859 | 168,689 | 162,885 |
Income from operations | 43,059 | 64,136 | 47,877 |
Other income (expense), net | 367 | (59) | (84) |
Income before income taxes | 43,426 | 64,077 | 47,793 |
Income tax provision | 19,848 | 8,991 | 552 |
Net income | $ 23,578 | $ 55,086 | $ 47,241 |
Income per common share: | |||
Net income allocated to common stockholders (in dollars per share) | $ 2.10 | $ 4.84 | $ 3.84 |
Net income allocated to common stockholders plus assumed conversions (in dollars per share) | $ 2.09 | $ 4.83 | $ 3.82 |
Weighted-average number of common shares outstanding: | |||
Weighted Average Number of Shares Outstanding, Basic | 11,251 | 11,382 | 12,302 |
Weighted Average Number of Shares Outstanding, Diluted | 11,267 | 11,407 | 12,372 |
Common Stock, Dividends, Per Share, Cash Paid | $ 1.52 | $ 0.61 | $ 0.14 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 23,578 | $ 55,086 | $ 47,241 |
Other comprehensive income (loss), net of tax: | |||
Foreign currency translation adjustments | 677 | (838) | (79) |
Release of cumulative translation adjustment | (258) | 132 | (82) |
Net change in foreign currency translation adjustment | 419 | (706) | (161) |
Unrealized losses on available-for-sale securities | (25) | 0 | (2) |
Comprehensive income | $ 23,972 | $ 54,380 | $ 47,078 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive (Loss) Income | Treasury Stock |
Treasury stock, shares | (384,220) | ||||||
Common stock, shares issued | 12,891,317 | ||||||
Preferred stock, shares outstanding | 0 | ||||||
BALANCE at Dec. 31, 2014 | $ 26,450 | $ 0 | $ 13 | $ 85,750 | $ (54,799) | $ 62 | $ (4,576) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 47,241 | 47,241 | |||||
Exercise of warrants (in shares) | 88,097 | ||||||
Exercise of warrants | 309 | 309 | |||||
Repurchase of common stock (in shares) | (547,042) | ||||||
Repurchase of common stock | (16,071) | $ (16,071) | |||||
Shares issued for stock-based compensation awards (in shares) | 91,060 | ||||||
Shares issued for stock-based compensation awards | 666 | (182) | (380) | $ 1,228 | |||
Dividends declared | (1,709) | (1,709) | |||||
Elimination of CTA upon dissolution | (82) | (82) | |||||
Foreign currency translation adjustments | (79) | (79) | |||||
Unrealized loss on available-for-sale securities | (2) | (2) | |||||
Stock-based compensation | 86 | 86 | |||||
BALANCE at Dec. 31, 2015 | 56,809 | $ 0 | $ 13 | 85,963 | (9,647) | (101) | $ (19,419) |
Treasury stock, shares | (840,202) | ||||||
Common stock, shares issued | 12,979,414 | ||||||
Preferred stock, shares outstanding | 0 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | $ 55,086 | 55,086 | |||||
Repurchase of common stock (in shares) | (903,031) | (903,031) | |||||
Repurchase of common stock | $ (23,704) | $ (23,704) | |||||
Shares issued for stock-based compensation awards (in shares) | 51,015 | ||||||
Shares issued for stock-based compensation awards | 1,741 | 507 | $ 1,234 | ||||
Dividends declared | (6,891) | (6,891) | |||||
Elimination of CTA upon dissolution | 132 | 132 | |||||
Foreign currency translation adjustments | (838) | (838) | |||||
Unrealized loss on available-for-sale securities | 0 | ||||||
Stock-based compensation | 104 | 104 | |||||
BALANCE at Dec. 31, 2016 | $ 82,439 | $ 0 | $ 13 | 86,574 | 38,548 | (807) | $ (41,889) |
Treasury stock, shares | (1,692,218) | (1,692,218) | |||||
Common stock, shares issued | 12,979,414 | 12,979,414 | |||||
Preferred stock, shares outstanding | 0 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | $ 23,578 | 23,578 | |||||
Adjustments to Additional Paid in Capital, Other | (5) | ||||||
Stock Issued During Period, Shares, Restricted Stock Award, Forfeited | (1,566) | ||||||
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures | $ (33) | ||||||
Restricted Stock Award, Forfeitures | (38) | ||||||
Shares issued for stock-based compensation awards (in shares) | 56,260 | ||||||
Shares issued for stock-based compensation awards | 1,431 | 79 | $ 1,352 | ||||
Dividends declared | (17,218) | (17,218) | |||||
Elimination of CTA upon dissolution | (258) | (258) | |||||
Foreign currency translation adjustments | 677 | 677 | |||||
Unrealized loss on available-for-sale securities | (25) | (25) | |||||
Stock-based compensation | 35 | 35 | |||||
BALANCE at Dec. 31, 2017 | $ 90,621 | $ 0 | $ 13 | $ 86,683 | $ 44,908 | $ (413) | $ (40,570) |
Treasury stock, shares | (1,637,524) | (1,637,524) | |||||
Common stock, shares issued | 12,979,414 | 12,979,414 | |||||
Preferred stock, shares outstanding | 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 23,578 | $ 55,086 | $ 47,241 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 536 | 394 | 263 |
Stock-based compensation | 35 | 104 | 86 |
Cumulative translation adjustment realized in net income | (258) | 132 | (82) |
Deferred Income Tax Expense (Benefit) | (1,644) | 217 | (15) |
Changes in assets and liabilities: | |||
Inventories, net | 2,843 | (851) | (6,762) |
Other current assets | (3,399) | (1,681) | (1,025) |
Other assets | (61) | (90) | (267) |
Accounts payable | (392) | (714) | 637 |
Income taxes payable | 18,676 | 303 | (115) |
Accrued commissions | (2,417) | (6,031) | 10,840 |
Other accrued expenses | (6,033) | 51 | 10,714 |
Deferred revenue | (481) | 947 | 1,331 |
Amounts held in eWallets | (3,875) | 2,752 | 14,350 |
Other current liabilities | (179) | 135 | 25 |
Long-term incentive | (324) | 2,420 | 4,105 |
Net cash provided by operating activities | 26,605 | 53,174 | 81,326 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property and equipment | (278) | (905) | (710) |
Increase in restricted cash | 0 | 0 | (3,028) |
Net cash used in investing activities | (278) | (905) | (3,738) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from exercise of warrants | 0 | 0 | 309 |
Repurchase of common stock | 0 | (23,704) | (16,071) |
Dividends paid | (17,218) | (6,891) | (1,709) |
Net cash used in financing activities | (17,218) | (30,595) | (17,471) |
Effect of exchange rates on cash and cash equivalents | 281 | (667) | (19) |
Net increase in cash and cash equivalents | 9,390 | 21,007 | 60,098 |
CASH AND CASH EQUIVALENTS, beginning of period | 125,921 | 104,914 | 44,816 |
CASH AND CASH EQUIVALENTS, end of period | 135,311 | 125,921 | 104,914 |
Income taxes, net of refunds | 6,772 | 8,791 | 707 |
Stock Issued | $ 1,393 | $ 1,741 | $ 666 |
Net Income Per Common Share (No
Net Income Per Common Share (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | NET INCOME PER COMMON SHARE The following table illustrates the computation of basic and diluted net income per common share for the periods indicated (in thousands, except per share data): Year Ended December 31, 2017 2016 2015 Income Shares Per Share Income Shares Per Share Income Shares Per Share Basic net income per common share: Net income available to common stockholders $ 23,578 11,251 $ 2.10 $ 55,086 11,382 $ 4.84 $ 47,241 12,302 $ 3.84 Effect of dilutive securities: Warrants to purchase common stock — — — — — 21 Non-vested restricted stock — 16 — 25 — 49 Diluted net income per common share: Net income available to common stockholders plus assumed conversions $ 23,578 11,267 $ 2.09 $ 55,086 11,407 $ 4.83 $ 47,241 12,372 $ 3.82 Warrants to purchase 88,097 shares of common stock were exercised during April 2015. Certain non-vested restricted stock is anti-dilutive upon applying the treasury stock method since the amount of compensation cost for future service results in the hypothetical repurchase of shares exceeding the actual number of shares to be vested. Non-vested restricted stock totaling 2,232 and 345 shares were not included for the years ended December 31, 2017 and 2016 |
Balance Sheet Components
Balance Sheet Components | 12 Months Ended |
Dec. 31, 2017 | |
Balance Sheet Components [Abstract] | |
Supplemental Balance Sheet Disclosures [Text Block] | BALANCE SHEET COMPONENTS The components of certain balance sheet amounts are as follows (in thousands): December 31, 2017 2016 Cash and cash equivalents: Cash $ 61,703 $ 52,453 Cash equivalents 73,608 73,468 $ 135,311 $ 125,921 Inventories: Finished goods $ 7,779 $ 10,722 Raw materials 799 617 Inventory reserve for obsolescence (180 ) (82 ) $ 8,398 $ 11,257 Property and equipment: Office equipment $ 530 $ 517 Office software 916 672 Machinery 30 28 Furniture and fixtures 276 241 Leasehold improvements 957 840 Construction in progress (including internal-use software development costs) 10 157 Property and equipment, at cost 2,719 2,455 Accumulated depreciation and amortization (1,570 ) (1,067 ) $ 1,149 $ 1,388 Other accrued expenses: Sales returns $ 614 $ 1,632 Employee-related expense 5,568 10,541 Warehousing, inventory-related and other 1,423 2,816 $ 7,605 $ 14,989 Deferred revenue: Unshipped product $ 2,411 $ 2,191 Auto ship advances 1,665 2,327 Enrollment package revenue 379 430 $ 4,455 $ 4,948 As of December 31, 2017 , cash and cash equivalents include $8.7 million |
Fair Value Measurements (Notes)
Fair Value Measurements (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | FAIR VALUE MEASUREMENTS Available-for-sale investments included in cash equivalents at the end of each period were as follows (in thousands): December 31, 2017 December 31, 2016 Adjusted Cost Gross Unrealized Gains/Losses Fair Value Adjusted Cost Gross Unrealized Gains/Losses Fair Value Municipal bonds and notes $ 13,320 $ (1 ) $ 13,319 $ 43,490 $ — $ 43,490 Corporate debt securities 49,432 (24 ) 49,408 1,673 (2 ) 1,671 Financial institution instruments 10,881 — 10,881 28,307 — 28,307 Total available-for-sale investments $ 73,633 $ (25 ) $ 73,608 $ 73,470 $ (2 ) $ 73,468 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Operating Leases The Company has entered into non-cancelable operating lease agreements for locations within the United States and for its international subsidiaries, with expirations through September 2025. Rent expense in connection with operating leases was $2.0 million , $1.8 million and $1.5 million during 2017 , 2016 and 2015 , respectively. Future minimum lease obligations as of December 31, 2017 are as follows (in thousands): 2018 $ 1,586 2019 1,114 2020 895 2021 337 2022 245 Thereafter 513 Total minimum lease obligations $ 4,690 Purchase Commitments In May 2013, the Company entered into an exclusive distribution agreement with one of its suppliers to purchase its product through July 2016 which automatically renews annually unless terminated 90 days prior to the termination date. To maintain exclusivity, the Company is required to purchase a minimum of $40,000 of product per month until the termination date. As of December 31, 2017 , the Company was in compliance with the exclusivity provision. The Company has a supply agreement with one of its suppliers to maintain worldwide exclusivity in return for purchasing a minimum of $6.6 million of product in 2018, plus certain raw material guarantees. If the Company does not purchase the minimum product as required, then a Cure Payment, as defined, will be due to the supplier. The term of the agreement is one year commencing January 2018 and shall automatically renew for a successive one year term unless notice of termination is provided by either party. Employment Agreements The Company has employment agreements with certain members of its management team that can be terminated by either the employee or the Company upon four weeks’ notice. The employment agreements entered into with the management team contain provisions that guarantee the payments of specified amounts in the event of a change in control, as defined, or if the employee is terminated without cause, as defined, or terminates employment for good reason, as defined. Securities Class Action In January 2016, two putative securities class action complaints were filed against the Company and its top executives in the United States District Court for the Central District of California. On March 29, 2016, the Court consolidated these actions under the caption Ford v. Natural Health Trends Corp. , Case No. 2:16-cv-00255-TJH-AFMx, appointed two Lead Plaintiffs, Mahn Dao and Juan Wang, and appointed the Rosen Law Firm and Levi & Korsinsky LLP as co-Lead Counsel for the purported class. Plaintiffs filed a consolidated complaint on April 29, 2016. The consolidated complaint purports to assert claims on behalf of all persons who purchased or otherwise acquired our common stock between March 6, 2015 and March 15, 2016 under (i) Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder against the Company and Chris T. Sharng, Timothy S. Davidson and George K. Broady (together, the “Individual Defendants”), and (ii) Section 20(a) of the Securities Exchange Act of 1934 against the Individual Defendants. The consolidated complaint alleges, among other things, that the Company has been running an allegedly illegal multilevel marketing business in China and that it has made materially false and misleading statements regarding the legality of its business operations in China. The consolidated complaint seeks an indeterminate amount of damages, plus interest and costs. On June 15, 2016, the Company filed a motion to dismiss the consolidated complaint, which was denied on December 5, 2016. On February 17, 2017, the Company filed an answer to the consolidated complaint. On July 10, 2017, the Court entered a stipulation between the parties, postponing all deadlines and staying the case to allow the parties to engage in settlement discussions. On July 17, 2017, the parties reached an agreement in principle to settle the action. The proposed class-wide settlement of $1.75 million was submitted to the Court on October 3, 2017. The Court entered an order preliminarily approving the settlement on November 17, 2017, which was amended on January 4, 2018. Plaintiffs have provided notice to the settlement class in accordance with the amended order, and a final approval hearing is currently set for April 2, 2018. If approved, the proposed settlement will be fully funded by the Company’s insurers. Defendants continue to believe that these claims are without merit and intend to vigorously defend against them if a settlement is not finalized and approved by the Court. Shareholder Derivative Claims In February 2016, a purported shareholder derivative complaint was filed in the Superior Court of the State of California, County of Los Angeles: Zhou v. Sharng . In March 2016, a purported shareholder derivative complaint was filed in the United States District Court for the Central District of California: Kleinfeldt v. Sharng (collectively the “Derivative Complaints”). The Derivative Complaints purport to assert claims for breach of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement and corporate waste against certain of the Company’s officers and directors. The Derivative Complaints also purport to assert fiduciary duty claims based on alleged insider selling and conspiring to enter into several stock repurchase agreements, which allegedly harmed the Company and its assets. The Derivative Complaints allege, among other things, that the Company has been running an allegedly illegal multilevel marketing business in China, and it has made materially false and misleading statements regarding the legality of its business operations in China, and that certain officers and directors sold common stock on the basis of this allegedly material, adverse non-public information. The Derivative Complaints seek an indeterminate amount of damages, plus interest and costs, as well as various equitable remedies. On February 1, 2017, pursuant to a stipulation among the parties, the Los Angeles Superior Court entered a stay of the Zhou action pending conclusion of the related federal class action in the United States District Court for the Central District of California: Ford v. Natural Health Trends Corp. A nearly identical stipulated stay was entered in the Kleinfeldt case on February 28, 2017. On November 10, 2017, the parties to both the Zhou and Kleinfeldt actions entered into a Memorandum of Understanding (“MOU”) to resolve both actions, subject to the negotiation of a written settlement agreement and approval by the federal court in the Kleinfeldt matter. On November 15, 2017, the parties filed a joint status report and stipulation in the Zhou matter, alerting the court to the MOU and seeking to maintain the stay pending finalization and court approval of the parties’ tentative settlement. The Zhou court entered an order continuing the stay on November 17, 2017. On March 9, 2018, the parties filed a Stipulation of Settlement and supporting papers in the Kleinfeldt action. On March 22, 2018, plaintiffs filed a motion for preliminary approval of the tentative settlement. The settlement is subject to both preliminary and final approval by the court. If approved, the proposed settlement will require certain corporate governance reforms and permit an award of up to $250,000 in attorneys’ fees to plaintiffs’ counsel, all of which will be fully funded by the Company’s insurers. Defendants continue to believe that these claims are without merit and intend to vigorously defend against them if the derivative settlement is not finalized and approved. The consolidated class action (if the settlement is not approved by the Court) and the Derivative Complaints (if the tentative settlement is not finalized or approved), or other actions alleging similar facts, could result in monetary or other penalties that may materially affect the Company’s operating results and financial condition. Other Claims |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity | STOCKHOLDERS’ EQUITY Authorized Shares The Company is authorized to issue two classes of capital stock consisting of up to 5,000,000 shares of preferred stock, $0.001 par value, and 50,000,000 shares of common stock, $0.001 par value. Dividends The following tables summarize the Company’s cash dividend activity during 2017 , 2016 and 2015 (in thousands, except per share data): Declaration Date Per Common Share Amount Payment Date October 30, 2017 (special) $ 0.15 $ 1,701 November 24, 2017 October 30, 2017 0.12 1,360 November 24, 2017 July 31, 2017 (special) 0.25 2,833 August 31, 2017 July 31, 2017 0.11 1,246 August 31, 2017 April 24, 2017 (special) 0.35 3,964 May 19, 2017 April 24, 2017 0.10 1,133 May 19, 2017 January 24, 2017 (special) 0.35 3,962 March 3, 2017 January 24, 2017 0.09 1,019 March 3, 2017 $ 1.52 $ 17,218 Declaration Date Per Common Share Amount Payment Date October 23, 2016 (special) $ 0.35 $ 3,941 November 25, 2016 October 23, 2016 0.08 901 November 25, 2016 July 19, 2016 0.07 787 August 26, 2016 April 21, 2016 0.06 686 May 20, 2016 March 1, 2016 0.05 576 March 24, 2016 Total $ 0.61 $ 6,891 Declaration Date Per Common Share Amount Payment Date October 21, 2015 $ 0.05 $ 598 November 20, 2015 July 28, 2015 0.04 489 August 28, 2015 May 4, 2015 0.03 372 May 29, 2015 February 27, 2015 0.02 250 March 27, 2015 Total $ 0.14 $ 1,709 Declaration and payment of any future dividends on shares of common stock will be at the discretion of the Company’s Board of Directors. Stock Repurchases On January 12, 2016, the Board of Directors authorized an increase to the Company’s stock repurchase program first approved on July 28, 2015 from $15.0 million to $70.0 million . Repurchases are expected to be executed to the extent that the Company’s earnings and cash-on-hand allow, and will be made in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Exchange Act. For all or a portion of the authorized repurchase amount, the Company may enter into one or more plans that are compliant with Rule 10b5-1 of the Exchange Act that are designed to facilitate these purchases. The stock repurchase program does not require the Company to acquire a specific number of shares, and may be suspended from time to time or discontinued. During February 2016, pursuant to the stock repurchase program, the Company authorized its broker to proceed with the purchase of shares of the Company’s common stock in the open market. During the year ended December 31, 2016, the Company purchased a total of 903,031 shares of its common stock for an aggregate purchase price of $23.7 million , plus transaction costs. No shares of the Company’s common stock were repurchased by the Company during the year ended December 31, 2017 . As of December 31, 2017 , $32.0 million of the $70.0 million stock repurchase program approved on July 28, 2015 and increased on January 12, 2016 remained available for future purchases, inclusive of related estimated income tax. On July 28, 2015, the Board of Directors approved a stock repurchase program of up to $15.0 million of the Company’s outstanding shares of common stock. Repurchases are expected to be executed to the extent that the Company’s earnings and cash-on-hand allow, are anticipated to be conducted through December 2016, and will be made in accordance with all applicable securities laws and regulations, including Rule 10b-18 of the Exchange Act. For all or a portion of the authorized repurchase amount, the Company may enter into one or more plans that are compliant with Rule 10b5-1 of the Exchange Act that are designed to facilitate these purchases. The repurchase program does not require the Company to acquire a specific number of shares, and may be suspended from time to time or discontinued. In connection therewith, the Company was advised that George K. Broady, a director of the Company and owner of more than 5% of its outstanding shares of common stock, would participate in the stock repurchase program on a basis roughly proportional to his family’s ownership interest. During August 2015, pursuant to the foregoing stock repurchase program, the Company authorized its broker to proceed with the purchase of shares of the Company’s common stock in the open market for a total purchase price of $3.5 million . The open market repurchases were completed on August 4, 2015. The stock repurchase program, which included both open market purchases and the purchase of shares from Mr. Broady, resulted in the Company purchasing a total of 162,442 shares of its common stock for an aggregate purchase price of $5.0 million , plus transaction costs. During October 2015, the Company authorized its broker to proceed with the purchase of shares of the Company’s common stock in the open market for a total purchase price of $3.6 million . The open market repurchases were completed on October 30, 2015. The stock repurchase program, which included both open market purchases and the purchase of shares from Mr. Broady, resulted in the Company purchasing a total of 106,264 shares of its common stock for an aggregate purchase price of $5.0 million , plus transaction costs. On May 4, 2015, the Board of Directors approved a separate, prior stock repurchase program of up to $5.0 million of the Company’s outstanding shares of common stock. In connection therewith, the Company was advised by Mr. Broady that he would participate in the stock repurchase program on a basis roughly proportional to his family’s ownership interest (see Note 8). As such, the Company authorized its broker to proceed with the purchase of shares of the Company’s common stock in the open market for a total purchase price of $3.5 million in accordance with Rules 10b5-1 and 10b-18 under the Exchange Act. The stock repurchase program, which included both open market purchases and the purchase of shares from Mr. Broady, was completed on May 13, 2015, and resulted in the Company purchasing a total of 186,519 shares of its common stock for an aggregate purchase price of $5.0 million , plus transaction costs. On January 22, 2015, the Company entered into a stock repurchase agreement with Mr. Broady that provided for the Company’s purchase from Mr. Broady in off-the-market, private transactions of a total of 91,817 shares of the Company’s common stock, which would be purchased at the rate of 5,000 shares each trading day following the date of the agreement until all of such shares were purchased (see Note 8). The shares were purchased at a per share price equal to the closing price per share of the Company’s common stock on the preceding trading day, as reported on the primary market in which the Company’s common stock is publicly traded. The Company’s purchases concluded on February 19, 2015, and resulted in an aggregate purchase price of $1.1 million . Restricted Stock Stock-based compensation expense totaled approximately $35,000 , $104,000 and $86,000 for 2017 , 2016 and 2015 , respectively. During March 2016, the Company modified the vesting feature of an award granted to a director who decided to not stand for re-election at the Company’s 2016 annual meeting of stockholders. The modification of the award resulted in an additional $64,000 in stock-based compensation expense for the three months ended March 31, 2016. At the Company’s annual meeting of stockholders held on April 7, 2016, the Company’s stockholders approved the Natural Health Trends Corp. 2016 Equity Incentive Plan (the “2016 Plan”) to replace its 2007 Equity Incentive Plan. The 2016 Plan allows for the grant of various equity awards including incentive stock options, non-statutory options, stock, stock units stock appreciation rights and other similar equity-based awards to the Company’s employees, officers, non-employee directors, contractors, consultants and advisors of the Company. Up to 2,500,000 shares of the Company’s common stock (subject to adjustment under certain circumstances) may be issued pursuant to awards granted. As of December 31, 2017, 2,393,873 shares remained available for issuance under the 2016 Plan. On January 24, 2017, the Company granted 56,260 shares of restricted common stock under the 2016 Plan to certain employees for the purpose of further aligning their interest with those of its stockholders and settling fiscal 2016 performance incentives totaling $1.4 million . The shares vest on a quarterly basis over three years and are subject to forfeiture in the event of the employee’s termination of service to the Company under specified circumstances. On April 8, 2016, the Company granted 51,015 shares of restricted common stock under the 2016 Plan to certain employees for the purpose of further aligning their interest with those of its stockholders and settling fiscal 2015 performance incentives totaling $1.7 million . The shares vest on a quarterly basis over three years and are subject to forfeiture in the event of the employee’s termination of service to the Company under specified circumstances. The following table summarizes the Company’s restricted stock activity under the 2016 Plan: Shares Wtd. Avg. Price at Date of Issuance Nonvested at December 31, 2015 — $ — Granted 51,015 34.13 Vested (12,759 ) 34.13 Nonvested at December 31, 2016 38,256 34.13 Granted 56,260 25.44 Vested (35,336 ) 29.58 Forfeited (1,148 ) 28.55 Nonvested at December 31, 2017 58,032 28.72 On January 20, 2015, the Company’s Board of Directors granted 60,960 shares of restricted common stock to certain employees and its then-existing outside directors for the purpose of further aligning their interest with those of its stockholders and as to the employee shares, settling fiscal 2014 performance incentives. The shares vested on a quarterly basis over the next three years and were subject to forfeiture in the event of their termination of service to the Company under specified circumstances. On February 11, 2015, the Board of Directors granted an additional 6,116 shares of restricted common stock to its newly-elected outside directors subject to the same conditions. The following table summarizes the Company’s other restricted stock activity: Shares Wtd. Avg. Price at Date of Issuance Nonvested at December 31, 2014 — $ — Granted 67,076 12.15 Vested (22,364 ) 12.15 Nonvested at December 31, 2015 44,712 12.15 Vested (22,364 ) 12.15 Nonvested at December 31, 2016 22,348 12.15 Vested (21,930 ) 12.15 Forfeited (418 ) 12.28 Nonvested at December 31, 2017 — 12.15 On August 13, 2012, the Board of Directors authorized the Company, acting as trustee for certain of its non-officer, overseas employees, to execute a Rule 10b5-1 plan to purchase 100,000 shares of its common stock in accordance with guidelines specified under Rule 10b5-1 of the Exchange Act and the Company’s policies regarding stock transactions. Pursuant to this authority, the Company, as Trustee, entered into a 10b5-1 plan and began purchasing in December 2012. The latest 10b5-1 plan terminated in November 2014, and the Company, as Trustee, did not enter into a new 10b5-1 plan. The employees received the stock as incentive compensation in quarterly increments over three years beginning March 15, 2013, provided that they were employees of the Company on the date of the distribution. Any common stock that was forfeited by an employee whose employment terminated was delivered to the Company and held as treasury stock. Shares Wtd. Avg. Grant-Date Fair Value Nonvested at December 31, 2014 23,984 1.37 Vested (23,984 ) 1.37 Nonvested at December 31, 2015 — — |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES The components of income before income taxes consist of the following (in thousands): Year Ended December 31, 2017 2016 2015 Domestic $ (2,965 ) $ (3,106 ) $ (7,820 ) Foreign 46,391 67,183 55,613 Income before income taxes $ 43,426 $ 64,077 $ 47,793 The components of the income tax provision consist of the following (in thousands): Year Ended December 31, 2017 2016 2015 Current: Federal $ 20,277 $ 7,151 $ 12 State 2 (81 ) 100 Foreign 1,216 1,648 456 Total current taxes 21,495 8,718 568 Deferred taxes (1,647 ) 273 (16 ) Income tax provision $ 19,848 $ 8,991 $ 552 A reconciliation of the reported income tax provision to the provision that would result from applying the domestic federal statutory tax rate to pretax income is as follows (in thousands): Year Ended December 31, 2017 2016 2015 Income tax at federal statutory rate $ 15,200 $ 22,427 $ 16,250 Effect of permanent differences 459 12,496 370 Tax Cut & Jobs Act repatriation tax 20,792 — — Tax Cut & Jobs Act federal rate change 954 — — Change in valuation allowance (43 ) (3,877 ) 2,017 Foreign rate differential (15,002 ) (21,713 ) (18,099 ) Foreign tax credits (2,105 ) (261 ) — Other reconciling items (407 ) (81 ) 14 Income tax provision $ 19,848 $ 8,991 $ 552 Income before income taxes and the statutory tax rate for each country that materially contributed to the foreign rate differential presented above is as follows (in thousands): Year Ended December 31, Statutory Tax Rate 2017 2016 2015 Cayman Islands — % $ 39,954 $ 58,169 $ 50,993 Hong Kong 16.5 % 3,315 3,992 2,645 China 25.0 % 2,584 3,855 1,493 Deferred income taxes consist of the following (in thousands): December 31, 2017 2016 Deferred tax assets: Net operating losses $ 192 $ 235 Stock-based compensation 270 623 Accrued expenses 1,374 3,174 Tax credits — — Other 6 — Total deferred tax assets 1,842 4,032 Valuation allowance (192 ) (235 ) Net deferred tax assets 1,650 3,797 Deferred tax liabilities: Foreign earnings (4 ) (3,650 ) Other (267 ) (415 ) Total deferred tax liabilities (271 ) (4,065 ) Net deferred tax asset (liability) $ 1,379 $ (268 ) The effective income tax rate for the year ended December 31, 2017 was significantly impacted by recording the effect of the Tax Cuts and Jobs Act (the “Tax Act”), enacted on December 22, 2017 by the U.S. government. The Tax Act makes broad and complex changes to the Internal Revenue Code of 1986, as amended, which has affected the Company’s year ended December 31, 2017, including, but not limited to, reducing the maximum U.S. federal corporate tax rate from 35% to 21% effective January 1, 2018, and requiring a one-time repatriation tax on certain un-repatriated earnings of foreign subsidiaries at a rate of 15.5% tax on post-1986 foreign earnings held in cash and an 8% rate on all other post-1986 earnings that is payable over eight years beginning with 8% of the liability due with the filing of the year ended December 31, 2017 federal tax return that will be due in 2018. On December 22, 2017, the Securities and Exchange Commission staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for tax effects of the Tax Act. SAB 118 provides a measurement period that should not extend beyond one year from the Tax Act enactment date for companies to complete the accounting under ASC 740, Income Taxes . In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the Tax Act for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate to be included in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply ASC 740 on the basis of the provision of the tax laws that were in effect immediately before the enactment of the Tax Act. While the Company is able to make reasonable estimates of the impact of the reduction in the corporate income tax rate and the deemed repatriation transition tax, the final impact of the Tax Act may differ from these estimates, due to, among other things, changes in the Company’s interpretations and assumptions, additional guidance that may be issued by the Internal Revenue Service, and actions it may take. The Company is continuing to gather additional information to determine the final impact. Any adjustments recorded to the provisional amounts through the fourth quarter of 2018 will be included as an adjustment to income tax expense. As a result of the Tax Act, the Company recorded additional income tax expense of $20.7 million due to the repatriation tax on deemed repatriation of deferred foreign income and of $1.0 million due to a re-measurement of deferred tax assets and liabilities, in the three months ended December 31, 2017. The Deemed Repatriation Transition Tax (the “Repatriation Tax”) is a tax on previously untaxed accumulated earnings and profits (“E&P”) of certain of its foreign subsidiaries. To determine the amount of the Repatriation Tax, the Company must determine, in addition to other factors, the amount of post-1986 E&P of the relevant subsidiaries, as well as the amount of non-U.S. income taxes paid on such earnings. The Company is able to make a reasonable estimate and recorded a provisional Repatriation Tax obligation of $20.7 million . Because of the complexity of the new Global Intangible Low-Taxed Income (“GILTI”) tax rules, the Company continues to evaluate this provision of the Tax Act and the application of ASC 740. Under U.S. GAAP, the Company is allowed to make an accounting policy choice of either treating taxes due on future U.S. inclusions in taxable income related to GILTI as a current period expense when incurred (the “period cost method”) or factoring such amounts into the Company’s measurement of its deferred taxes (the “deferred method”). The Company is currently in the process of analyzing its structure and, as a result, is not yet able to reasonably estimate the effect of this provision of the Tax Act. Therefore, the Company has not made any adjustments related to potential GILTI tax in its financial statements and has not made a policy decision regarding whether to record deferred tax on GILTI. As of December 31, 2017 , the Company does not have a valuation allowance against its U.S. deferred tax assets. The Company analyzed all sources of available income and determined that they are more likely than not to realize the tax benefits of their deferred assets in future periods or carryback years. As of December 31, 2017 , the Company has a valuation allowance against certain foreign deferred tax assets. The Company is recording a valuation allowance in foreign jurisdictions with an overall deferred tax loss. The valuation allowance will be reduced at such time as management believes it is more likely than not that the deferred tax assets will be realized. Any reductions in the valuation allowance will reduce future income tax provision. As of December 31, 2017 , the Company has no U.S. federal net operating loss or credit carryforwards as any attributes are expected to be fully utilized to offset tax in the current year. At December 31, 2017 , the Company has foreign net operating loss carryforwards of approximately $1.25 million in various jurisdictions with various expirations. As a result of capital return activities approved by the Board of Directors during the first quarter of 2016 and anticipated future capital return activities, the Company determined that a portion of its current undistributed foreign earnings are no longer deemed reinvested indefinitely by its non-U.S. subsidiaries. The Company repatriated $19.8 million to the U.S. during the three months ended March 31, 2016, part of which was offset by U.S. net operating losses. Accordingly, the deferred tax liability previously established for undistributed foreign earnings up to its existing U.S. net operating losses was reduced. The excess amount repatriated during the year ended December 31, 2017 was generated from current foreign earnings. The Company will continue to periodically reassess the needs of its foreign subsidiaries and update its indefinite reinvestment assertion as necessary. To the extent that additional foreign earnings are not deemed permanently reinvested, the Company expects to recognize additional income tax provision at the applicable U.S. corporate income tax rate. As of December 31, 2017, the Company has recorded a state deferred tax liability for earnings that the Company plans to repatriate out of accumulated earnings in future periods. Due to the Tax Act, repatriation from foreign subsidiaries will be offset with a dividends received deduction, resulting in little to no impact on federal tax expense. All undistributed earnings in excess of 50% of current earnings on an annual basis are intended to be reinvested indefinitely as of December 31, 2017 . |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS Product Royalties On April 29, 2015, the Company entered into a Royalty Agreement and License with Broady Health Sciences, L.L.C., a Texas limited liability company, (“BHS”) regarding the manufacture and sale of a product called Soothe ™. The Company began selling this product in the fourth quarter of 2012 with the permission of BHS. Mr. Broady is owner of BHS. Under the agreement, the Company agreed to pay BHS a royalty of 2.5% of sales revenue in return for the right to manufacture (or have manufactured), market, import, export and sell this product worldwide. Further, the Company agreed to pay BHS $11,700 as royalties for the period it began selling the product in the fourth quarter of 2012 through 2014. The Company recognized royalties of $1,400 , $3,400 and $7,000 during 2017 , 2016 and 2015 , respectively. The Company is not required to purchase any product under the agreement, and the agreement may be terminated at any time on 120 days ’ notice. Otherwise, the agreement terminates March 31, 2020. In February 2013, the Company entered into a Royalty Agreement and License with BHS regarding the manufacture and sale of a product called ReStor™. Under this agreement, the Company agreed to pay BHS a royalty of 2.5% of sales revenue in return for the right to manufacture (or have manufactured), market, import, export and sell this product worldwide, with certain rights being exclusive outside the United States. On April 29, 2015, the Company and BHS amended the Royalty and Agreement and License to change the royalty to a price per unit instead of 2.5% of sales revenue. This provision was effective retroactive to January 1, 2015. The Company recognized royalties of $306,000 , $475,000 and $555,000 during 2017 , 2016 and 2015 , respectively. The Company is not required to purchase any product under the agreement, and the agreement may be terminated at any time on 120 days’ notice or, under certain circumstances, with no notice. Otherwise, the agreement terminates March 31, 2020. Stock Repurchase Agreements On October 28, 2015, the Company entered into a Stock Repurchase Agreement with Mr. Broady that provided for the Company’s purchase of common stock from Mr. Broady in off-the-market, private transactions at a rate equal to 0.4066 times the number of shares purchased by the Company’s broker in conjunction with the stock repurchase program authorized by the Company’s Board of Directors on July 28, 2015. The Company’s purchases from Mr. Broady concluded on November 2, 2015, were completed at a per share purchase price equal to the weighted average price per share paid by the Company’s broker in its open-market purchases, and resulted in an aggregate purchase price of $1.4 million . See Note 6. On July 31, 2015, the Company entered into a Stock Repurchase Agreement with Mr. Broady that provided for the Company’s purchase of common stock from Mr. Broady in off-the-market, private transactions at a rate equal to 0.4085 times the number of shares purchased by the Company’s broker in conjunction with the stock repurchase program authorized by the Company’s Board of Directors on July 28, 2015. The Company’s purchases from Mr. Broady concluded on August 6, 2015, were completed at a per share purchase price equal to the weighted average price per share paid by the Company’s broker in its open-market purchases, and resulted in an aggregate purchase price of $1.5 million . See Note 6. On May 7, 2015, the Company entered into a Stock Repurchase Agreement with Mr. Broady that provided for the Company’s purchase of common stock from Mr. Broady in off-the-market, private transactions at a rate equal to 0.4286 times the number of shares purchased by the Company’s broker in conjunction with the stock repurchase program authorized by the Company’s Board of Directors on May 4, 2015. The Company’s purchases from Mr. Broady concluded on May 13, 2015, were completed at a per share purchase price equal to the weighted average price per share paid by the Company’s broker in its open-market purchases, and resulted in an aggregate purchase price of $1.5 million . See Note 6. On January 22, 2015, the Company entered into a Stock Repurchase Agreement with Mr. Broady that provided for the Company’s purchase from Mr. Broady in off-the-market, private transactions of a total of 91,817 shares of the Company’s common stock, which would be purchased at the rate of 5,000 shares each trading day following the date of the agreement until all of such shares were purchased. The shares were purchased at a per share price equal to the closing price per share of the Company’s common stock on the preceding trading day, as reported on the primary market in which the Company’s common stock was publicly traded. The Company’s purchases concluded on February 19, 2015, and resulted in an aggregate purchase price of $1.1 million |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS The Company has a 401(k) defined contribution plan which permits participating employees in the United States to defer up to a maximum of 90% of their compensation, subject to limitations established by the Internal Revenue Service. Employees age 21 and older are eligible to contribute to the plan starting the first day of the following month of employment. Participating employees are eligible to receive discretionary matching contributions and profit sharing, subject to certain conditions, from the Company. In 2017 , 2016 and 2015 , the Company matched employee deferral contributions up to 4.5% of salary, which vested 100% immediately. No profit sharing has been paid under the plan. The Company recorded compensation expense of $171,000 , $134,000 and $115,000 for 2017 , 2016 and 2015 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATION The Company sells products to a member network that operates in a seamless manner from market to market, except for the China market where it sells to consumers through an e-commerce platform, and the Russia and Kazakhstan market where the Company’s engagement of a third-party service provider results in a different economic structure than its other markets. Otherwise, the Company believes that all of its other operating segments have similar economic characteristics and are similar in the nature of the products sold, the product acquisition process, the types of customers products are sold to, the methods used to distribute the products, and the nature of the regulatory environment. There is no separate segment manager who is held accountable by the Company’s chief operating decision-makers, or anyone else, for operations, operating results and planning for the China market or the Russia and Kazakhstan market on a stand-alone basis, and neither market is material for the periods presented. As such, the Company believes that all operating segments should be aggregated into a single reportable segment for disclosure purposes. The Company’s net sales by geographic area are as follows (in thousands): Year Ended December 31, 2017 2016 2015 Net sales from external customers: United States $ 3,348 $ 4,100 $ 3,246 Canada 1,938 1,809 2,746 Peru 508 — — Hong Kong 1 174,926 263,482 245,737 China 7,282 9,086 4,425 Taiwan 5,591 6,213 5,965 South Korea 466 691 1,129 Russia, Kazakhstan and Ukraine 2 913 858 1,139 Europe 2,278 1,234 382 Other foreign countries 313 255 91 Total net sales $ 197,563 $ 287,728 $ 264,860 _____________________________ 1 Substantially all of our Hong Kong revenues are derived from the sale of products that are delivered to members in China. See “Item 1A. Risk Factors”. 2 The Company discontinued its Ukraine operations during the second quarter of 2015. The Company’s net sales by product and service are as follows (in thousands): Year Ended December 31, 2017 2016 2015 Net sales by product and service: Product sales $ 187,591 $ 269,731 $ 253,041 Enrollment package revenue, freight and other 13,676 25,616 17,623 Less: sales returns (3,704 ) (7,619 ) (5,804 ) Total net sales $ 197,563 $ 287,728 $ 264,860 Due to system constraints, it is impracticable for the Company to separately disclose sales by product category for the years presented. The Company’s long-lived assets by geographic area are as follows (in thousands): December 31, 2017 2016 Long-lived assets: United States $ 648 $ 763 Hong Kong 78 140 China 112 199 Other foreign countries 311 286 Total long-lived assets $ 1,149 $ 1,388 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS On February 6, 2018 , the Board of Directors declared a cash dividend of $0.13 on each share of common stock outstanding. Such dividends were paid on March 9, 2018 to stockholders of record on February 27, 2018 . Declaration and payment of any future dividends on shares of common stock will be at the discretion of the Company’s Board of Directors. On February 1, 2018, the Company granted 34,202 shares of restricted common stock under the 2016 Plan to certain employees for the purpose of settling fiscal 2017 performance incentives. The shares vest on a quarterly basis over the next three years and are subject to forfeiture in the event of their termination of service to the Company under specified circumstances. On January 26, 2018, the Company entered into an exclusive distribution, license and royalty agreement with a new supplier to purchase products through January 2021 and shall renew for successive one year terms unless notice of termination is provided by either party. To maintain exclusivity, the Company is required to purchase between $453,000 and $3.6 million |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation |
Use of Estimates | Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reported period. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include the Company’s investments in debt securities, comprising municipal notes, bonds and corporate debt, money market funds and time deposits. The Company considers all highly liquid investments with original maturities of three months or less, when purchased, to be cash equivalents. Debt securities classified as cash equivalents are required to be accounted for in accordance with ASC 320, Investments - Debt and Equity Securities . As such, the Company determined its investments in debt securities held at December 31, 2017 should be classified as available-for-sale and are carried at fair value with unrealized gains and losses reported in accumulated other comprehensive loss in stockholders’ equity. The cost of debt securities is adjusted for amortization of premiums and discounts to maturity. This amortization is included in other income. Realized gains and losses, as well as interest income, are also included in other income. The fair values of securities are based on quoted market prices. The Company includes credit card receivables due from certain of its credit card processors in its cash and cash equivalents as the cash proceeds are received within two to five days. |
Restricted Cash | Restricted Cash In June 2015, the Company funded a bank deposit account in the amount of CNY 20 million (USD 3.1 million at December 31, 2017 ) in anticipation of submitting a direct selling license application in China. Such deposit is required by Chinese laws to establish a consumer protection fund. |
Inventories | Inventories |
Property and Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally three to five years for office equipment, office software and capitalized internal-use software development costs and five to seven years for furniture and fixtures. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the assets. Expenditures for maintenance and repairs are charged to expense as incurred. |
Goodwill | Goodwill |
Income Taxes | Income Taxes The Company recognizes income taxes under the liability method of accounting for income taxes. Deferred income taxes are recognized for differences between the financial reporting and tax bases of assets and liabilities at enacted statutory tax rates in effect for the years in which the temporary differences are expected to be recovered or settled. Deferred tax expense or benefit is a result of changes in deferred tax assets and liabilities. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be ultimately realized based on the more likely than not recognition criteria. The Company recognizes tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company has evaluated its tax positions and determined that there are no uncertain tax positions for the current year or years prior. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate resolution. The Company recognizes interest and penalties related to unrecognized tax benefits as a component of income tax expense. Deferred taxes are not provided for state income tax purposes on the portion of undistributed earnings of subsidiaries outside of the United States when these earnings are considered permanently reinvested. |
Amounts Held in Distributor eWallets | Amounts Held in eWallets |
Long-Term Incentive | Long-Term Incentive Financial rewards earned under the 2014 Long-Term Incentive Plan (the “LTI Plan”) are recognized over the performance period as specified performance or other goals are achieved or exceeded. In accordance with the LTI Plan, fifty percent of any cash payment earned is payable in thirty-five equal consecutive monthly installments commencing in February of the calendar year immediately following the conclusion of the performance period and the remaining fifty percent of the payment earned is payable in thirty-five equal consecutive monthly installments commencing in February 2021 and ending in December 2023. As such, certain installments to be paid are reflected on the balance sheet as a non-current liability, and the current portion of the installments is reflected in other accrued expenses. |
Foreign Currency | Foreign Currency |
Revenue Recognition | Revenue Recognition Product sales are recorded when the products are shipped and title passes to independent members. Product sales to members are made pursuant to a member agreement that provides for transfer of both title and risk of loss upon the Company’s delivery to the carrier that completes delivery to the members, which is commonly referred to as “F.O.B. Shipping Point.” The Company primarily receives payment by credit card at the time members place orders. Amounts received for unshipped product are recorded as deferred revenue. The Company’s sales arrangements do not contain right of inspection or customer acceptance provisions other than general rights of return. Actual product returns are recorded as a reduction to net sales. The Company estimates and accrues a reserve for product returns based on its return policies and historical experience. Enrollment package revenue, including any nonrefundable set-up fees, is deferred and recognized over the term of the arrangement, generally twelve months. Enrollment packages provide members access to both a personalized marketing website and a business management system. No upfront costs are deferred as the amount is nominal. Shipping charges billed to members are included in net sales. Costs associated with shipments are included in cost of sales. Event and training revenue is deferred and recognized as the event or training occurs. Costs of events and member training are included within selling, general and administrative expenses. |
Commissions | Commissions Independent members earn commissions based on total personal and group bonus volume points per weekly sales period. Each of the Company’s products are designated a specified number of bonus volume points, which is essentially a percentage of the product’s wholesale price. The Company accrues commissions when earned and pays commissions on product sales generally two weeks following the end of the weekly sales period. In some markets, the Company also pays certain bonuses on purchases by up to three generations of personally enrolled members, as well as bonuses on commissions earned by up to three generations of personally enrolled members. Independent members may also earn incentives based on meeting certain qualifications during a designated incentive period, which may range from several weeks to up to a year. The Company estimates and accrues all costs associated with the incentives as the members meet the qualification requirements. |
Operating Leases | Operating Leases |
Stock-Based Compensation | Stock-Based Compensation |
Income Per Share | Net Income Per Common Share |
Certain Risks and Concentrations | Certain Risks and Concentrations A substantial portion of the Company’s sales are generated in Hong Kong (see Note 10). Substantially all of the Company’s Hong Kong revenues are derived from the sale of products that are delivered to members in China. In contrast to the Company’s operations in other parts of the world, the Company has not implemented a direct sales model in China. The Chinese government permits direct selling only by organizations that have a license, which the Company has applied for, and has also adopted anti-multilevel marketing legislation. The Company operates an e-commerce direct selling model in Hong Kong and recognizes the revenue derived from sales to both Hong Kong and Chinese members as being generated in Hong Kong. Products purchased by members in China are delivered to third parties that act as the importers of record under agreements to pay applicable duties. In addition, through a Chinese entity, the Company sells products in China using an e-commerce retail model. The Chinese entity operates separately from the Hong Kong entity, and a Chinese member may elect to participate separately or in both. The Company believes that its e-commerce direct selling model in Hong Kong does not violate any applicable laws in China, even though it is used for the internet purchase of the Company’s products by members in China. The Company also believes that its Chinese entity, including its e-commerce retail platform, is operating in compliance with applicable Chinese laws. However, there can be no assurance that the Chinese authorities will agree with the Company’s interpretations of applicable laws and regulations or that China will not adopt new laws or regulations. Should the Chinese government determine that the Company’s activities violate China’s direct selling or anti-multilevel marketing legislation, or should new laws or regulations be adopted, there could be a material adverse effect on the Company’s business, financial condition and results of operations. Although the Company attempts to work closely with both national and local Chinese governmental agencies in conducting its business, the Company’s efforts to comply with national and local laws may be harmed by a rapidly evolving regulatory climate, concerns about activities resembling violations of direct selling or anti-multi-level marketing legislation, subjective interpretations of laws and regulations, Chinese nationals collaborating with short traders to damage the Company’s business and activities by individual members that may violate laws notwithstanding the Company’s strict policies prohibiting such activities. Any determination that the Company’s operations or activities, or the activities of its individual members or employee sales representatives, or importers of record are not in compliance with applicable laws and regulations could result in the imposition of substantial fines, extended interruptions of business, restrictions on the Company’s future ability to obtain business licenses or expand into new locations, changes to its business model, the termination of required licenses to conduct business, or other actions, any of which could materially harm the Company’s business, financial condition and results of operations. The Company’s Premium Noni Juice and Enhanced Essential Probiotics ® |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts of the Company’s financial instruments, including cash and cash equivalents and accounts payable, approximate fair value because of their short maturities. The carrying amount of the noncurrent restricted cash approximates fair value since, absent the restrictions, the underlying assets would be included in cash and cash equivalents. The Company’s cash equivalents are valued based on level 1 inputs which consist of quoted prices in active markets. |
Recently Issued and Adopted Accounting Pronouncements | Recently Issued and Adopted Accounting Pronouncements In November 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-18, Statement of Cash Flows - Restricted Cash , that requires amounts generally described as restricted cash or restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The new standard will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, and early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation: Improvements to Employee Share-Based Payment Accounting , that simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The new standard was effective for fiscal years beginning after December 15, 2016, including interim periods within those annual years, and early adoption was permitted. The Company adopted this guidance as of the quarter ended March 31, 2017. The adoption of this guidance did not have a material effect on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases , that requires organizations that lease assets, referred to as “lessees”, to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases with lease terms of more than 12 months. ASU 2016-02 will also require disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases and will include qualitative and quantitative requirements. The new standard will be effective for fiscal years beginning after December 15, 2018, including interim periods within those annual years, and early application is permitted. The Company is currently assessing the impact that this standard will have on its consolidated financial statements. In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes . Under this guidance, entities are required to present deferred tax assets and deferred tax liabilities as noncurrent in a classified balance sheet. This guidance was effective for annual and interim periods beginning after December 15, 2016, with early adoption permitted. Entities were permitted to adopt this guidance either prospectively or retrospectively. The Company elected to early adopt this guidance prospectively as of the quarter ended December 31, 2016. In July 2015, the FASB issued ASU No. 2015-11, Inventory: Simplifying the Measurement of Inventory. Under this guidance, inventory not measured using either the last in, first out (LIFO) or the retail inventory method are to be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable cost of completion, disposal, and transportation. The new standard was effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years, with early adoption permitted. The Company adopted this guidance as of the quarter ended March 31, 2017. The adoption of this guidance did not have a material effect on the Company’s consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue From Contracts With Customers , that outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. ASU 2014-09 is based on the principle that an entity should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to fulfill a contract. Entities have the option of using either a full retrospective or a modified retrospective approach for the adoption of the new standard. In July 2015, the FASB approved the deferral of the effective date for annual reporting periods that begin after December 15, 2017, including interim reporting periods. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 2017 2016 2015 Income Shares Per Share Income Shares Per Share Income Shares Per Share Basic net income per common share: Net income available to common stockholders $ 23,578 11,251 $ 2.10 $ 55,086 11,382 $ 4.84 $ 47,241 12,302 $ 3.84 Effect of dilutive securities: Warrants to purchase common stock — — — — — 21 Non-vested restricted stock — 16 — 25 — 49 Diluted net income per common share: Net income available to common stockholders plus assumed conversions $ 23,578 11,267 $ 2.09 $ 55,086 11,407 $ 4.83 $ 47,241 12,372 $ 3.82 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Balance Sheet Components [Abstract] | |
Schedule of Additional Balance Sheet Components [Table Text Block] | December 31, 2017 2016 Cash and cash equivalents: Cash $ 61,703 $ 52,453 Cash equivalents 73,608 73,468 $ 135,311 $ 125,921 Inventories: Finished goods $ 7,779 $ 10,722 Raw materials 799 617 Inventory reserve for obsolescence (180 ) (82 ) $ 8,398 $ 11,257 Property and equipment: Office equipment $ 530 $ 517 Office software 916 672 Machinery 30 28 Furniture and fixtures 276 241 Leasehold improvements 957 840 Construction in progress (including internal-use software development costs) 10 157 Property and equipment, at cost 2,719 2,455 Accumulated depreciation and amortization (1,570 ) (1,067 ) $ 1,149 $ 1,388 Other accrued expenses: Sales returns $ 614 $ 1,632 Employee-related expense 5,568 10,541 Warehousing, inventory-related and other 1,423 2,816 $ 7,605 $ 14,989 Deferred revenue: Unshipped product $ 2,411 $ 2,191 Auto ship advances 1,665 2,327 Enrollment package revenue 379 430 $ 4,455 $ 4,948 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Available-for-sale Securities [Table Text Block] | December 31, 2017 December 31, 2016 Adjusted Cost Gross Unrealized Gains/Losses Fair Value Adjusted Cost Gross Unrealized Gains/Losses Fair Value Municipal bonds and notes $ 13,320 $ (1 ) $ 13,319 $ 43,490 $ — $ 43,490 Corporate debt securities 49,432 (24 ) 49,408 1,673 (2 ) 1,671 Financial institution instruments 10,881 — 10,881 28,307 — 28,307 Total available-for-sale investments $ 73,633 $ (25 ) $ 73,608 $ 73,470 $ (2 ) $ 73,468 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | 2018 $ 1,586 2019 1,114 2020 895 2021 337 2022 245 Thereafter 513 Total minimum lease obligations $ 4,690 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Dividends Payable | Declaration Date Per Common Share Amount Payment Date October 30, 2017 (special) $ 0.15 $ 1,701 November 24, 2017 October 30, 2017 0.12 1,360 November 24, 2017 July 31, 2017 (special) 0.25 2,833 August 31, 2017 July 31, 2017 0.11 1,246 August 31, 2017 April 24, 2017 (special) 0.35 3,964 May 19, 2017 April 24, 2017 0.10 1,133 May 19, 2017 January 24, 2017 (special) 0.35 3,962 March 3, 2017 January 24, 2017 0.09 1,019 March 3, 2017 $ 1.52 $ 17,218 Declaration Date Per Common Share Amount Payment Date October 23, 2016 (special) $ 0.35 $ 3,941 November 25, 2016 October 23, 2016 0.08 901 November 25, 2016 July 19, 2016 0.07 787 August 26, 2016 April 21, 2016 0.06 686 May 20, 2016 March 1, 2016 0.05 576 March 24, 2016 Total $ 0.61 $ 6,891 Declaration Date Per Common Share Amount Payment Date October 21, 2015 $ 0.05 $ 598 November 20, 2015 July 28, 2015 0.04 489 August 28, 2015 May 4, 2015 0.03 372 May 29, 2015 February 27, 2015 0.02 250 March 27, 2015 Total $ 0.14 $ 1,709 |
Nonvested Restricted Stock Shares Activity [Table Text Block] | The following table summarizes the Company’s restricted stock activity under the 2016 Plan: Shares Wtd. Avg. Price at Date of Issuance Nonvested at December 31, 2015 — $ — Granted 51,015 34.13 Vested (12,759 ) 34.13 Nonvested at December 31, 2016 38,256 34.13 Granted 56,260 25.44 Vested (35,336 ) 29.58 Forfeited (1,148 ) 28.55 Nonvested at December 31, 2017 58,032 28.72 Shares Wtd. Avg. Price at Date of Issuance Nonvested at December 31, 2014 — $ — Granted 67,076 12.15 Vested (22,364 ) 12.15 Nonvested at December 31, 2015 44,712 12.15 Vested (22,364 ) 12.15 Nonvested at December 31, 2016 22,348 12.15 Vested (21,930 ) 12.15 Forfeited (418 ) 12.28 Nonvested at December 31, 2017 — 12.15 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | Year Ended December 31, 2017 2016 2015 Domestic $ (2,965 ) $ (3,106 ) $ (7,820 ) Foreign 46,391 67,183 55,613 Income before income taxes $ 43,426 $ 64,077 $ 47,793 |
Schedule of Components of Income Tax Expense (Benefit) | Year Ended December 31, 2017 2016 2015 Current: Federal $ 20,277 $ 7,151 $ 12 State 2 (81 ) 100 Foreign 1,216 1,648 456 Total current taxes 21,495 8,718 568 Deferred taxes (1,647 ) 273 (16 ) Income tax provision $ 19,848 $ 8,991 $ 552 |
Schedule of Effective Income Tax Rate Reconciliation | Year Ended December 31, 2017 2016 2015 Income tax at federal statutory rate $ 15,200 $ 22,427 $ 16,250 Effect of permanent differences 459 12,496 370 Tax Cut & Jobs Act repatriation tax 20,792 — — Tax Cut & Jobs Act federal rate change 954 — — Change in valuation allowance (43 ) (3,877 ) 2,017 Foreign rate differential (15,002 ) (21,713 ) (18,099 ) Foreign tax credits (2,105 ) (261 ) — Other reconciling items (407 ) (81 ) 14 Income tax provision $ 19,848 $ 8,991 $ 552 |
Income Tax Foreign Rate Differential [Table Text Block] | Year Ended December 31, Statutory Tax Rate 2017 2016 2015 Cayman Islands — % $ 39,954 $ 58,169 $ 50,993 Hong Kong 16.5 % 3,315 3,992 2,645 China 25.0 % 2,584 3,855 1,493 |
Schedule of Deferred Tax Assets and Liabilities | December 31, 2017 2016 Deferred tax assets: Net operating losses $ 192 $ 235 Stock-based compensation 270 623 Accrued expenses 1,374 3,174 Tax credits — — Other 6 — Total deferred tax assets 1,842 4,032 Valuation allowance (192 ) (235 ) Net deferred tax assets 1,650 3,797 Deferred tax liabilities: Foreign earnings (4 ) (3,650 ) Other (267 ) (415 ) Total deferred tax liabilities (271 ) (4,065 ) Net deferred tax asset (liability) $ 1,379 $ (268 ) |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area | Year Ended December 31, 2017 2016 2015 Net sales from external customers: United States $ 3,348 $ 4,100 $ 3,246 Canada 1,938 1,809 2,746 Peru 508 — — Hong Kong 1 174,926 263,482 245,737 China 7,282 9,086 4,425 Taiwan 5,591 6,213 5,965 South Korea 466 691 1,129 Russia, Kazakhstan and Ukraine 2 913 858 1,139 Europe 2,278 1,234 382 Other foreign countries 313 255 91 Total net sales $ 197,563 $ 287,728 $ 264,860 |
Schedule of Segment Reporting Information, by Segment | Year Ended December 31, 2017 2016 2015 Net sales by product and service: Product sales $ 187,591 $ 269,731 $ 253,041 Enrollment package revenue, freight and other 13,676 25,616 17,623 Less: sales returns (3,704 ) (7,619 ) (5,804 ) Total net sales $ 197,563 $ 287,728 $ 264,860 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country | December 31, 2017 2016 Long-lived assets: United States $ 648 $ 763 Hong Kong 78 140 China 112 199 Other foreign countries 311 286 Total long-lived assets $ 1,149 $ 1,388 |
Nature of Operations and Summ26
Nature of Operations and Summary of Significant Accounting Policies - Narrative (Details) ¥ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($)installment | Dec. 31, 2016USD ($)installment | Dec. 31, 2015USD ($) | Jun. 30, 2015CNY (¥) | |
Property, Plant and Equipment [Line Items] | |||||
Restricted cash | $ | $ 3,100,000 | ||||
Loss on foreign exchange | $ | $ (451,000) | $ (333,000) | $ (204,000) | ||
Long-Term Incentive Plan, Payment Commencing in February of the Calendar Year Immediately Following the Conclusion of the Performance Period | |||||
Property, Plant and Equipment [Line Items] | |||||
Long-term incentive plan, percentage of award payable in cash | 50.00% | ||||
Long-term incentive plan, number of installments | installment | 35 | ||||
Long-Term Incentive Plan, Payment Commencing in February 2021 and Ending in December 2023 | |||||
Property, Plant and Equipment [Line Items] | |||||
Long-term incentive plan, percentage of award payable in cash | 50.00% | ||||
Long-term incentive plan, number of installments | installment | 35 | ||||
Software and Software Development Costs [Member] | Minimum | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, and equipment useful life | 3 years | ||||
Software and Software Development Costs [Member] | Maximum | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, and equipment useful life | 5 years | ||||
Furniture and Fixtures | Minimum | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, and equipment useful life | 5 years | ||||
Furniture and Fixtures | Maximum | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, and equipment useful life | 7 years | ||||
China | |||||
Property, Plant and Equipment [Line Items] | |||||
Restricted cash | ¥ | ¥ 20 |
Net Income Per Common Share (De
Net Income Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Apr. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Net Income (Loss) Available to Common Stockholders, Basic | $ 23,578 | $ 55,086 | $ 47,241 | |
Net income allocated to common stockholders (in dollars per share) | $ 2.10 | $ 4.84 | $ 3.84 | |
Weighted Average Number of Shares Outstanding, Basic | 11,251,000 | 11,382,000 | 12,302,000 | |
Incremental Common Shares Attributable to Dilutive Effect of Call Options and Warrants | 21,000 | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 88,097 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,232 | 345 | ||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 16,000 | 25,000 | 49,000 | |
Net Income (Loss) Available to Common Stockholders, Diluted | $ 23,578 | $ 55,086 | $ 47,241 | |
Weighted Average Number of Shares Outstanding, Diluted | 11,267,000 | 11,407,000 | 12,372,000 | |
Net income allocated to common stockholders plus assumed conversions (in dollars per share) | $ 2.09 | $ 4.83 | $ 3.82 |
Balance Sheet Components - Comp
Balance Sheet Components - Components of Balance Sheet Accounts (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Cash and Cash Equivalents [Abstract] | ||||
Cash | $ 61,703 | $ 52,453 | ||
Cash Equivalents, at Carrying Value | 73,608 | 73,468 | ||
Cash and Cash Equivalents, at Carrying Value | 135,311 | 125,921 | $ 104,914 | $ 44,816 |
Inventory, Finished Goods, Gross | 7,779 | 10,722 | ||
Inventory, Raw Materials and Supplies, Gross | 799 | 617 | ||
Inventory Valuation Reserves | (180) | (82) | ||
Inventories, net | 8,398 | 11,257 | ||
Property and Equipment [Abstract] | ||||
Office equipment | 530 | 517 | ||
Capitalized Computer Software, Gross | 916 | 672 | ||
Machinery and Equipment, Gross | 30 | 28 | ||
Furniture and Fixtures, Gross | 276 | 241 | ||
Leasehold Improvements, Gross | 957 | 840 | ||
Construction in Progress, Gross | 10 | 157 | ||
Property, Plant and Equipment, Gross | 2,719 | 2,455 | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 1,570 | 1,067 | ||
Property, Plant and Equipment, Net | 1,149 | 1,388 | ||
Other accrued expenses: | ||||
Accrued Sales Returns | 614 | 1,632 | ||
Accrued Employee Benefits, Current | 5,568 | 10,541 | ||
Accrued Warehousing And Inventory Related Expense | 1,423 | 2,816 | ||
Other Accrued Liabilities, Current | 7,605 | 14,989 | ||
Deferred Revenue [Abstract] | ||||
Deferred Revenue, Current | 4,455 | 4,948 | ||
Unshipped Product [Member] | ||||
Deferred Revenue [Abstract] | ||||
Deferred Revenue | 2,411 | 2,191 | ||
Auto Ship Advances [Member] | ||||
Deferred Revenue [Abstract] | ||||
Deferred Revenue | 1,665 | 2,327 | ||
Enrollment Package Revenue [Member] | ||||
Deferred Revenue [Abstract] | ||||
Deferred Revenue | 379 | $ 430 | ||
China | ||||
Cash and Cash Equivalents [Abstract] | ||||
Cash and Cash Equivalents, at Carrying Value | $ 8,700 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 73,633 | $ 73,470 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax | (25) | (2) |
Available-for-sale Securities | 73,608 | 73,468 |
Municipal Bonds and Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 13,320 | 43,490 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax | (1) | 0 |
Available-for-sale Securities | 13,319 | 43,490 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 49,432 | 1,673 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax | (24) | (2) |
Available-for-sale Securities | 49,408 | 1,671 |
Financial Institution Instruments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 10,881 | 28,307 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax | 0 | 0 |
Available-for-sale Securities | $ 10,881 | $ 28,307 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Loss Contingencies [Line Items] | |||
Rent expense for operating leases | $ 2,000,000 | $ 1,800,000 | $ 1,500,000 |
Minimum monthly purchase amount | 40,000 | ||
Minimum annual purchase amount | $ 6,600,000 | ||
Purchase commitment term | 3 years | ||
Purchase commitment renewal term | 3 years | ||
shareholder derivative claim [Member] | |||
Loss Contingencies [Line Items] | |||
Litigation Settlement, Amount | $ 250,000 | ||
Securities Class Action [Member] | |||
Loss Contingencies [Line Items] | |||
Litigation Settlement, Amount | $ 1,750,000 |
Commitments and Contingencies31
Commitments and Contingencies - Future Minimum Lease Obligations (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,016 | $ 1,586 |
2,017 | 1,114 |
2,018 | 895 |
2,019 | 337 |
2,020 | 245 |
Thereafter | 513 |
Total minimum lease obligations | $ 4,690 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) | Jan. 24, 2017USD ($)shares | Apr. 08, 2016USD ($)shares | Oct. 30, 2015USD ($)shares | Aug. 04, 2015USD ($)shares | Aug. 03, 2015USD ($) | May 13, 2015USD ($)shares | May 04, 2015USD ($) | Feb. 11, 2015shares | Jan. 22, 2015USD ($)shares | Jan. 20, 2015shares | Mar. 31, 2017class | Mar. 31, 2016USD ($) | Sep. 30, 2017$ / shares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Apr. 07, 2016shares | Jan. 12, 2016USD ($) | Jul. 28, 2015USD ($) | Dec. 31, 2014$ / sharesshares | Aug. 13, 2012shares |
Class of Stock [Line Items] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares | 0 | 23,984 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 23,984 | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | $ / shares | $ 1.37 | ||||||||||||||||||||
Number of classes of stock | class | 2 | ||||||||||||||||||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |||||||||||||||||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | |||||||||||||||||||
Common stock, shares authorized | 50,000,000 | 50,000,000 | |||||||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | |||||||||||||||||||
Authorized amount of shares to be repurchased | $ | $ 5,000,000 | $ 70,000,000 | $ 15,000,000 | ||||||||||||||||||
Treasury stock, purchase price | $ | $ 3,600,000 | $ 3,500,000 | $ 3,500,000 | ||||||||||||||||||
Repurchase of common stock (in shares) | 106,264 | 162,442 | 186,519 | 903,031 | |||||||||||||||||
Repurchase of common stock | $ | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | $ 23,704,000 | $ 16,071,000 | ||||||||||||||||
Remaining authorized repurchase amount | $ | $ 32,000,000 | ||||||||||||||||||||
Number of shares authorized to be repurchased | 100,000 | ||||||||||||||||||||
Allocated Share-based Compensation Expense | $ | $ 35,000 | $ 104,000 | $ 86,000 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost | $ | $ 64,000 | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,393,873 | ||||||||||||||||||||
Stock Issued During Period, Value, Restricted Stock Award, Gross | $ | $ 1,400,000 | $ 1,700,000 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value | $ / shares | $ 0 | $ 1.37 | |||||||||||||||||||
George K. Broady | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Repurchase of common stock (in shares) | 91,817 | ||||||||||||||||||||
Repurchase of common stock | $ | $ 1,100,000 | ||||||||||||||||||||
Shares repurchased per trading day | 5,000 | ||||||||||||||||||||
Restricted Stock [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 0 | 22,348 | 44,712 | 0 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ / shares | $ 12.15 | $ 12.15 | $ 0 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 12.15 | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 56,260 | 51,015 | 6,116 | 60,960 | 67,076 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (21,930) | (22,364) | (22,364) | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 12.15 | $ 12.15 | $ 12.15 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (418) | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ / shares | $ 12.28 | ||||||||||||||||||||
Equity Incentive 2016 Plan [Member] | Restricted Stock [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 58,032 | 38,256 | 0 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ / shares | $ 28.72 | $ 34.13 | $ 0 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 25.44 | $ 34.13 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 56,260 | 51,015 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (35,336) | (12,759) | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 29.58 | $ 34.13 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (1,148) | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ / shares | $ 28.55 | ||||||||||||||||||||
Common Stock | Equity Incentive 2016 Plan [Member] | |||||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,500,000 |
Stockholders' Equity - Dividend
Stockholders' Equity - Dividend Activity (Details) - USD ($) | Nov. 24, 2017 | Aug. 31, 2017 | May 19, 2017 | Mar. 03, 2017 | Nov. 25, 2016 | Aug. 26, 2016 | May 20, 2016 | Mar. 24, 2016 | Nov. 20, 2015 | Aug. 28, 2015 | May 29, 2015 | Mar. 27, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Stockholders' Equity Note [Abstract] | |||||||||||||||
Dividends Per Share, Common (in dollars per share) | $ 0.12 | $ 0.11 | $ 0.10 | $ 0.09 | $ 0.08 | $ 0.07 | $ 0.06 | $ 0.05 | $ 0.05 | $ 0.04 | $ 0.03 | $ 0.02 | $ 1.52 | $ 0.61 | $ 0.14 |
CommonStockSpecialDividendsPerShareDeclared | $ 0.15 | $ 0.25 | $ 0.35 | $ 0.35 | $ 0.35 | ||||||||||
Dividends, cash | $ 1,360,000 | $ 1,246,000 | $ 1,133,000 | $ 1,019,000 | $ 901,000 | $ 787,000 | $ 686,000 | $ 576,000 | $ 598,000 | $ 489,000 | $ 372,000 | $ 250,000 | $ 17,218,000 | $ 6,891,000 | $ 1,709,000 |
Payment Date | Nov. 24, 2017 | Aug. 31, 2017 | May 19, 2017 | Mar. 3, 2017 | Nov. 25, 2016 | Aug. 26, 2016 | May 20, 2016 | Mar. 24, 2016 | Nov. 20, 2015 | Aug. 28, 2015 | May 29, 2015 | Mar. 27, 2015 | |||
Dividends, Common Stock, Cash | $ 1,701,000 | $ 2,833,000 | $ 3,964,000 | $ 3,962,000 | $ 3,941,000 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Loss Carryforwards [Line Items] | |||||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Amount | $ 20,700 | ||||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 1,000 | $ 954 | $ 0 | $ 0 | |
Foreign Earnings Repatriated | $ 19,800 | ||||
Net operating loss carryforwards | 0 | 0 | |||
Foreign net operating loss carryforwards | $ 1,250 | $ 1,250 |
Income Taxes - Components of In
Income Taxes - Components of Income Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (2,965) | $ (3,106) | $ (7,820) |
Foreign | 46,391 | 67,183 | 55,613 |
Income before income taxes | $ 43,426 | $ 64,077 | $ 47,793 |
Income Taxes - Components of Be
Income Taxes - Components of Benefit From Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | |||
Federal | $ 20,277 | $ 7,151 | $ 12 |
State | 2 | (81) | 100 |
Foreign | 1,216 | 1,648 | 456 |
Total current taxes | 21,495 | 8,718 | 568 |
Deferred foreign taxes | (1,647) | 273 | (16) |
Income tax provision | $ 19,848 | $ 8,991 | $ 552 |
Income Taxes - Income Tax Recon
Income Taxes - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Income tax at federal statutory rate | $ 15,200 | $ 22,427 | $ 16,250 | |
Effect of permanent differences | 459 | 12,496 | 370 | |
TaxcutsandjobsactTransitionTax | 20,792 | 0 | 0 | |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | $ 1,000 | 954 | 0 | 0 |
Change in valuation allowance | (43) | (3,877) | 2,017 | |
Foreign rate differential | (15,002) | (21,713) | (18,099) | |
Effective Income Tax Rate Reconciliation, Tax Credit, Other, Amount | (2,105) | (261) | 0 | |
Other reconciling items | (407) | (81) | 14 | |
Income tax provision | $ 19,848 | $ 8,991 | $ 552 |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Net operating losses | $ 192 | $ 235 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 270 | 623 |
Accrued expenses | 1,374 | 3,174 |
Tax credits | 0 | 0 |
Other | 6 | 0 |
Total deferred tax assets | 1,842 | 4,032 |
Valuation allowance | (192) | (235) |
Deferred tax assets, net | 1,650 | 3,797 |
Deferred tax liabilities: | ||
Foreign earnings | (4) | (3,650) |
Other | (267) | (415) |
Total deferred tax liabilities | (271) | (4,065) |
Deferred Tax Assets, Net | $ 1,379 | |
Total deferred tax liabilities | $ (268) |
Income Taxes Income Taxes - For
Income Taxes Income Taxes - Foreign Rate Differentials (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Foreign Rate Differential [Line Items] | |||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | $ 46,391 | $ 67,183 | $ 55,613 |
CAYMAN ISLANDS | |||
Income Tax Foreign Rate Differential [Line Items] | |||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | $ 39,954 | 58,169 | 50,993 |
statutorytaxrate | 0.00% | ||
Hong Kong | |||
Income Tax Foreign Rate Differential [Line Items] | |||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | $ 3,315 | 3,992 | 2,645 |
statutorytaxrate | 16.50% | ||
China | |||
Income Tax Foreign Rate Differential [Line Items] | |||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | $ 2,584 | $ 3,855 | $ 1,493 |
statutorytaxrate | 25.00% |
Related Party Transactions - Na
Related Party Transactions - Narrative (Details) | Oct. 30, 2015USD ($)shares | Oct. 28, 2015USD ($) | Aug. 04, 2015USD ($)shares | Jul. 31, 2015USD ($) | May 13, 2015USD ($)shares | May 07, 2015USD ($) | Apr. 29, 2015 | Feb. 19, 2015USD ($) | Jan. 22, 2015shares | Feb. 28, 2013 | Dec. 31, 2014USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($) |
Related Party Transaction [Line Items] | ||||||||||||||
Royalty rate | 2.50% | |||||||||||||
Termination notice, number of days | 120 days | |||||||||||||
Repurchase of common stock | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | $ 23,704,000 | $ 16,071,000 | |||||||||
Repurchase of common stock (in shares) | shares | 106,264 | 162,442 | 186,519 | 903,031 | ||||||||||
Director | George Broady | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Treasury stock acquired rate | 0.4066 | 0.4085 | 0.4286 | |||||||||||
Repurchase of common stock | $ 1,100,000 | |||||||||||||
Repurchase of common stock (in shares) | shares | 91,817 | |||||||||||||
Shares repurchased per trading day | shares | 5,000 | |||||||||||||
Director | George K. Broady | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Repurchase of common stock | $ 1,400,000 | $ 1,500,000 | $ 1,500,000 | |||||||||||
Soothe | Broady Health Sciences | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Royalty rate | 2.50% | |||||||||||||
Royalty expense | $ 11,700 | $ 1,400 | $ 3,400 | 7,000 | ||||||||||
Termination notice, number of days | 120 days | |||||||||||||
ReStore [Member] | Broady Health Sciences | ||||||||||||||
Related Party Transaction [Line Items] | ||||||||||||||
Royalty expense | $ 306,000 | $ 475,000 | $ 555,000 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | ||||
Maximum compensation percentage | 90.00% | |||
Age requirement for 401 K contributions | 21 years | |||
Employer matching contribution, percent of employees' gross pay | 4.50% | |||
Employers matching contribution, immediate vesting percentage | 100.00% | |||
Defined contribution plan, cost recognized | $ 171,000 | $ 134,000 | $ 115,000 |
Segment Information - Net Sales
Segment Information - Net Sales by Market (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 197,563 | $ 287,728 | $ 264,860 |
United States | |||
Segment Reporting Information [Line Items] | |||
Net sales | 3,348 | 4,100 | 3,246 |
Canada | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,938 | 1,809 | 2,746 |
PERU | |||
Segment Reporting Information [Line Items] | |||
Net sales | 508 | 0 | 0 |
Hong Kong | |||
Segment Reporting Information [Line Items] | |||
Net sales | 174,926 | 263,482 | 245,737 |
China | |||
Segment Reporting Information [Line Items] | |||
Net sales | 7,282 | 9,086 | 4,425 |
Taiwan | |||
Segment Reporting Information [Line Items] | |||
Net sales | 5,591 | 6,213 | 5,965 |
South Korea | |||
Segment Reporting Information [Line Items] | |||
Net sales | 466 | 691 | 1,129 |
Commonwealth of Independent States (Russia, Kazakhstan and Ukraine) | |||
Segment Reporting Information [Line Items] | |||
Net sales | 913 | 858 | 1,139 |
Europe [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 2,278 | 1,234 | 382 |
Other foreign countries | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 313 | $ 255 | $ 91 |
Segment Information - The Compa
Segment Information - The Company's Net Sales by Product and Service (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net sales by product and service: | |||
Product sales | $ 187,591 | $ 269,731 | $ 253,041 |
Enrollment package revenue, freight and other | 13,676 | 25,616 | 17,623 |
Less: sales returns | (3,704) | (7,619) | (5,804) |
Total net sales | $ 197,563 | $ 287,728 | $ 264,860 |
Segment Information - Long Live
Segment Information - Long Lived Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 1,149 | $ 1,388 |
United States | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 648 | 763 |
Hong Kong | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 78 | 140 |
China | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | 112 | 199 |
Other foreign countries | ||
Segment Reporting Information [Line Items] | ||
Long-lived assets | $ 311 | $ 286 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] - USD ($) | Feb. 06, 2018 | Feb. 01, 2018 | Jan. 26, 2018 |
Subsequent Event [Line Items] | |||
Common Stock, Dividends, Per Share, Declared | $ 0.13 | ||
Restricted Stock [Member] | |||
Subsequent Event [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 34,202 | ||
Minimum [Member] | |||
Subsequent Event [Line Items] | |||
Long-term Purchase Commitment, Amount | $ 453,000 | ||
Maximum [Member] | |||
Subsequent Event [Line Items] | |||
Long-term Purchase Commitment, Amount | $ 3,600,000 |