 Record Fiscal 2020 Revenue of 233 millionFiscal 2020 Adjusted EBITDA Increased 31.3 Year over YearSALT LAKE CITY, Aug. 18, 2020 GLOBE NEWSWIRE -- LifeVantage Corporation Nasdaq: LFVN today reported financial results for its fourth quarter and full fiscal year ended June 30, 2020. Fourth Quarter Fiscal 2020 Highlights: Revenue of 59.4 million was up 5.7 from the prior year period; Revenue in the Americas increased 5.9 and revenue in AsiaPacific Europe increased 5.1; Average revenue per account increased 12.8; Total active accounts increased 2.3 sequentially to 179,000, while declining year over year by 3.2. The sequential growth included a 10.6 increase in distributors and a 2.8 decline in customers. On a year over year basis, distributors increased 10.6 and customers declined 10.9; Earnings per diluted share were 0.26, consistent with the prior year period; Adjusted earnings per diluted share were 0.28, compared to 0.26 in the prior year period; and Adjusted EBITDA increased 6.7 to 8.2 million year over year. All comparisons are on a year over year basis and compare the fourth quarter of fiscal 2020 to the fourth quarter of fiscal 2019, unless otherwise noted.Fiscal Year 2020 Highlights: Revenue increased 3.1 to 232.9 million; Revenue in the Americas increased 1.9 and revenue in AsiaPacific Europe increased 6.1; Earnings per diluted share were 0.79, compared to 0.50 in fiscal 2019; Adjusted earnings per diluted share were 0.86, compared to 0.59 in fiscal 2019; Adjusted EBITDA increased 31.3 to 24.0 million; Repurchased 387,000, or 5.4 million, of common shares, and paid down 1.5 million of long-term debt, reflecting strong cash flow from operations of 18.3 million; and Strong balance sheet with 22.1 million of cash and no debt.All growth rates compare fiscal 2020 to fiscal 2019.We are pleased to finish fiscal 2020 with a strong quarter while navigating the challenges of the current global pandemic, stated LifeVantage President and Chief Executive Officer, Darren Jensen. During the quarter, we saw continued momentum in revenue, operating margin and EBITDA, as well as sequential growth in the number of total active accounts. We finished the year with 31 adjusted EBITDA growth and in a very strong financial position with 22 million in cash and zero debt. I am so proud of our team across the board who has excelled during these unprecedented times and want to thank each and every one of our employees and distributors for making 2020 a record year.Fourth Quarter Fiscal 2020 ResultsFor the fourth fiscal quarter ended June 30, 2020, the Company reported revenue of 59.4 million, a 5.7 increase over the fourth quarter of fiscal 2019. Revenue in the Americas for the fourth quarter increased 5.9 compared to the fourth quarter of fiscal 2019 and revenue in the AsiaPacific Europe region increased 5.1 compared to the fourth quarter of fiscal 2019. Revenue for the fourth quarter of fiscal 2020 was negatively impacted 0.1 million, or 0.1, by foreign currency fluctuations associated with revenue generated in international markets when compared to the fourth quarter of fiscal 2019.Gross profit for the fourth quarter of fiscal 2020 was 49.9 million, or 84.1 of revenue, compared to 46.5 million, or 82.7 of revenue, for the same period in fiscal 2019. The increase in gross margin as a percentage of revenue is primarily due to benefits of a price update during the second half of fiscal 2020 and decreased inventory obsolescence and handling costs, partially offset by changes to our geographic and product sales mix related to the revenue growth and product expansion outside of the United States.Commissions and incentives expense for the fourth quarter of fiscal 2020 was 28.9 million, or 48.7 of revenue, compared to 25.5 million, or 45.3 of revenue, for the same period in fiscal 2019. The increase in commissions and incentives expense as a percentage of revenue is due mainly to the timing and magnitude of investments in our promotional and incentive programs and our red carpet program.Selling, general and administrative expense SGA for the fourth quarter of fiscal 2020 was 14.8 million, or 25.0 of revenue, compared to 15.3 million, or 27.3 of revenue, for the same period in fiscal 2019. Adjusted for nonrecurring expenses, which are detailed in the GAAP to non-GAAP reconciliation tables included at the end of this press release, adjusted non-GAAP SGA expenses for the fourth quarter of fiscal 2020 were 14.3 million, or 24.1 of revenue, compared to adjusted non-GAAP SGA for the fourth quarter of fiscal 2019 of 15.2 million, or 27.1 of revenue. The year over year decrease in non-GAAP SGA primarily was due to decreased expenses associated with employee compensation costs, including both cash and stock incentive compensation, and decreased events expenses as a result of changes to our event schedule and due to the cancellation of events as a result of meeting restrictions related to the COVID-19 pandemic. The decreases were partially offset by increased depreciation expense due to digital assets placed in service as well as increased bank fees due to our increased revenues during the year.Operating income for the fourth quarter of fiscal 2020 was 6.2 million, or 10.5 of revenue, compared to 5.7 million, or 10.1 of revenue, for the fourth quarter of fiscal 2019. Accounting for the non-GAAP adjustments noted previously, adjusted non-GAAP operating income for the fourth quarter of fiscal 2020 was 6.7 million, or 11.3 of revenue, compared to 5.8 million, or 10.3 of revenue, for the fourth quarter of fiscal 2019.Net income for the fourth quarter of fiscal 2020 was 3.8 million, or 0.26 per diluted share. This compares to net income for the fourth quarter of fiscal 2019 of 3.9 million, or 0.26 per diluted share. Accounting for the non-GAAP adjustments noted previously, net of tax, adjusted non-GAAP net income for the fourth quarter of fiscal 2020 increased 3.9 to 4.1 million, or 0.28 per diluted share. Accounting for the non-GAAP adjustments noted previously, net of tax, adjusted non-GAAP net income for the fourth quarter of fiscal 2019 was 4.0 million, or 0.26 per diluted share.Adjusted EBITDA increased 6.7 to 8.2 million for the fourth quarter of fiscal 2020, compared to 7.7 million for the comparable period in fiscal 2019.Fiscal 2020 Full Year ResultsFor the fiscal year ended June 30, 2020, the Company reported net revenue of 232.9 million, an increase of 3.1 compared to 226.0 million for fiscal 2019. In fiscal 2020, revenue in the Americas increased 1.9 and revenue in AsiaPacific Europe increased 6.1. Revenue for fiscal 2020 was positively impacted 0.4 million, or 0.2, by foreign currency fluctuations associated with revenue generated in international markets when compared to fiscal year 2019.Gross profit during fiscal 2020 was 195.0 million, or 83.7 of revenue, compared to 188.0 million, or 83.2 of revenue, for fiscal 2019. The increase in gross margin as a percentage of revenue is primarily due to benefits of a price update during the second half of fiscal 2020 and decreased inventory obsolescence and handling costs, partially offset by changes to our geographic and product sales mix related to the revenue growth and product expansion outside of the United States.Commissions and incentives expense for fiscal 2020 was 111.6 million, or 47.9 of revenue, compared to 108.6 million, or 48.1 of revenue, for fiscal 2019. Commissions and incentives expense as a percentage of revenue decreased slightly during the comparable periods due, in part, to continued refinement of our various promotional and incentive programs during the year.SGA for fiscal 2020 was 67.9 million, or 29.2 of revenue, compared to 69.6 million, or 30.8 of revenue, for fiscal 2019. Adjusted for nonrecurring expenses, which are detailed in the GAAP to non-GAAP reconciliation tables included at the end of this press release, adjusted non-GAAP SGA for fiscal 2020 was 66.7 million, or 28.6 of revenue, compared to adjusted non-GAAP SGA for fiscal 2019 of 68.5 million, or 30.3 of revenue. The year over year decrease in non-GAAP SGA primarily was due to decreased expenses associated with employee compensation costs, including both cash and stock incentive compensation, and decreased events expenses as a result of changes to our event schedule and due to the cancellation of events as a result of meeting restrictions related to the COVID-19 pandemic. The decreases were partially offset by increased depreciation expense due to digital assets placed in service as well as increased bank fees due to our increased revenues during the year.Operating income for fiscal 2020 was 15.5 million, or 6.6 of revenue, compared to 9.8 million, or 4.3 of revenue, for fiscal 2019. Accounting for non-GAAP adjustments noted previously, adjusted non-GAAP operating income for fiscal 2020 was 16.7 million, or 7.2 of revenue, compared to 10.8 million, or 4.8 of revenue, for fiscal 2019.Net income for fiscal 2020 was 11.5 million, or 0.79 per diluted share, compared to 7.4 million, or 0.50 per diluted share for fiscal 2019. Accounting for the non-GAAP adjustments noted previously, net of tax, adjusted non-GAAP net income for fiscal 2020 increased 40.5 to 12.5 million, or 0.86 per diluted share. This compares to adjusted non-GAAP net income for fiscal 2019 of 8.9 million, or 0.59 per diluted share.Adjusted EBITDA increased 31.3 to 24.0 million for fiscal 2020, compared to 18.2 million for fiscal 2019.Balance Sheet LiquidityThe Company generated 18.3 million of cash from operations during fiscal 2020 compared to generating 17.8 million during fiscal 2019. 