10-Q Filing

HERBALIFE LTD. CIK: 1180262 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0000950170-22-007070`
Period End Date	20220331
Filing Date	20220503
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	hlf-20220331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 30 Cash Flow Statement 60 Comprehensive Income 14

Balance Sheet 66 line items

Line Item	Tag	Value	Unit	Period
Common shares, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common shares, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common shares, shares authorized	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Common shares, shares authorized	`CommonStockSharesAuthorized`	2.00B	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$601.50M	USD	Point-in-time
Common shares, shares outstanding	`CommonStockSharesOutstanding`	100.80M	shares	Point-in-time
Common shares, shares outstanding	`CommonStockSharesOutstanding`	98.80M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$569.70M	USD	Point-in-time
Treasury stock shares, at cost	`TreasuryStockCommonShares`	10.00M	shares	Point-in-time
Receivables, net of allowance for doubtful accounts	`ReceivablesNetCurrent`	$66.90M	USD	Point-in-time
Treasury stock shares, at cost	`TreasuryStockCommonShares`	10.00M	shares	Point-in-time
Receivables, net of allowance for doubtful accounts	`ReceivablesNetCurrent`	$84.00M	USD	Point-in-time
Inventories	`InventoryNet`	$570.00M	USD	Point-in-time
Inventories	`InventoryNet`	$575.70M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$187.70M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$215.40M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.43B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.44B	USD	Point-in-time
Property, plant, and equipment, at cost, net of accumulated depreciation and amortization	`PropertyPlantAndEquipmentNet`	$453.70M	USD	Point-in-time
Property, plant, and equipment, at cost, net of accumulated depreciation and amortization	`PropertyPlantAndEquipmentNet`	$442.10M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$214.80M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$220.00M	USD	Point-in-time
Marketing-related intangibles and other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$316.90M	USD	Point-in-time
Marketing-related intangibles and other intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$317.30M	USD	Point-in-time
Goodwill	`Goodwill`	$96.00M	USD	Point-in-time
Goodwill	`Goodwill`	$95.40M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$304.20M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$313.20M	USD	Point-in-time
Total assets	`Assets`	$2.82B	USD	Point-in-time
Total assets	`Assets`	$2.82B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$92.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$90.40M	USD	Point-in-time
Royalty overrides	`AccruedRoyaltyOverrides`	$363.20M	USD	Point-in-time
Royalty overrides	`AccruedRoyaltyOverrides`	$406.10M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$29.40M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$29.40M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$573.70M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$595.80M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.10B	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.08B	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$2.73B	USD	Point-in-time
Long-term debt, net of current portion	`LongTermDebtNoncurrent`	$2.79B	USD	Point-in-time
Non-current operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$201.20M	USD	Point-in-time
Non-current operating lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$195.90M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$196.50M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilitiesNoncurrent`	$196.00M	USD	Point-in-time
Total liabilities	`Liabilities`	$4.21B	USD	Point-in-time
Total liabilities	`Liabilities`	$4.28B	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common shares, $0.0005 par value; 2.0 billion shares authorized; 98.8 million (2022) and 100.8 million (2021) shares outstanding	`CommonStockValue`	$100.00K	USD	Point-in-time
Common shares, $0.0005 par value; 2.0 billion shares authorized; 98.8 million (2022) and 100.8 million (2021) shares outstanding	`CommonStockValue`	$100.00K	USD	Point-in-time
Paid-in capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$318.10M	USD	Point-in-time
Paid-in capital in excess of par value	`AdditionalPaidInCapitalCommonStock`	$173.00M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-211.80M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-210.00M	USD	Point-in-time
Net income	`RetainedEarningsAccumulatedDeficit`	$-1.09B	USD	Point-in-time
Net income	`RetainedEarningsAccumulatedDeficit`	$-1.17B	USD	Point-in-time
Treasury stock, at cost,10.0 million (2022) and 10.0 million (2021) shares	`TreasuryStockValue`	$328.90M	USD	Point-in-time
Treasury stock, at cost,10.0 million (2022) and 10.0 million (2021) shares	`TreasuryStockValue`	$328.90M	USD	Point-in-time
Total shareholders deficit	`StockholdersEquity`	$-1.39B	USD	Point-in-time
Total shareholders deficit	`StockholdersEquity`	$-856.10M	USD	Point-in-time
Total shareholders deficit	`StockholdersEquity`	$-1.45B	USD	Point-in-time
Total shareholders deficit	`StockholdersEquity`	$-1.36B	USD	Point-in-time
Total liabilities and shareholders deficit	`LiabilitiesAndStockholdersEquity`	$2.82B	USD	Point-in-time
Total liabilities and shareholders deficit	`LiabilitiesAndStockholdersEquity`	$2.82B	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.50B	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.34B	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$307.10M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$314.30M	USD	1 Quarter
Gross profit	`GrossProfit`	$1.03B	USD	1 Quarter
Gross profit	`GrossProfit`	$1.19B	USD	1 Quarter
Royalty overrides	`RoyaltyOverrides`	$433.80M	USD	1 Quarter
Royalty overrides	`RoyaltyOverrides`	$474.00M	USD	1 Quarter
Selling, general, and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$454.90M	USD	1 Quarter
Selling, general, and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$506.70M	USD	1 Quarter
Other operating income	`OtherOperatingIncomeExpenseNet`	$-15.90M	USD	1 Quarter
Other operating income	`OtherOperatingIncomeExpenseNet`	$-13.10M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$153.10M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$222.50M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$37.50M	USD	1 Quarter
Interest expense, net	`InterestExpense`	$29.70M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$185.00M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$123.40M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$25.20M	USD	1 Quarter
Income taxes	`IncomeTaxExpenseBenefit`	$37.60M	USD	1 Quarter
Net income	`NetIncomeLoss`	$98.20M	USD	1 Quarter
Net income	`NetIncomeLoss`	$147.40M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.98	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$1.36	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.96	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$1.33	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	99.90M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	108.40M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	101.70M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	111.10M	shares	1 Quarter

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$147.40M	USD	1 Quarter
Net income	`ProfitLoss`	$98.20M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$26.40M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$29.20M	USD	1 Quarter
Share-based compensation expenses	`ShareBasedCompensation`	$12.40M	USD	1 Quarter
Share-based compensation expenses	`ShareBasedCompensation`	$13.30M	USD	1 Quarter
Non-cash interest expense	`AmortizationOfFinancingCostsAndDiscounts`	$1.70M	USD	1 Quarter
Non-cash interest expense	`AmortizationOfFinancingCostsAndDiscounts`	$7.10M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$8.30M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$5.90M	USD	1 Quarter
Inventory write-downs	`InventoryWriteDown`	$9.50M	USD	1 Quarter
Inventory write-downs	`InventoryWriteDown`	$10.90M	USD	1 Quarter
Foreign exchange transaction loss	`ForeignExchangeTransactionGainLoss`	$-2.40M	USD	1 Quarter
Foreign exchange transaction loss	`ForeignExchangeTransactionGainLoss`	$-300.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$1.10M	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$3.80M	USD	1 Quarter
Receivables	`IncreaseDecreaseInReceivables`	$16.70M	USD	1 Quarter
Receivables	`IncreaseDecreaseInReceivables`	$21.90M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$31.50M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$7.90M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$28.80M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$15.70M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-2.30M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$23.40M	USD	1 Quarter
Royalty overrides	`RoyaltyOverridesIncreaseDecrease`	$-8.40M	USD	1 Quarter
Royalty overrides	`RoyaltyOverridesIncreaseDecrease`	$42.80M	USD	1 Quarter
Other current liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$-52.00M	USD	1 Quarter
Other current liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$-22.30M	USD	1 Quarter
Other	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-5.00M	USD	1 Quarter
Other	`IncreaseDecreaseInOtherOperatingCapitalNet`	$-8.80M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$130.50M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$110.10M	USD	1 Quarter
Purchases of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$41.30M	USD	1 Quarter
Purchases of property, plant, and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$33.40M	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$-100.00K	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-41.20M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-33.40M	USD	1 Quarter
Borrowings from senior secured credit facility, net of discount	`ProceedsFromIssuanceOfSeniorLongTermDebt`	$82.00M	USD	1 Quarter
Borrowings from senior secured credit facility, net of discount	`ProceedsFromIssuanceOfSeniorLongTermDebt`	$270.00M	USD	1 Quarter
Principal payments on senior secured credit facility and other debt	`RepaymentsOfSeniorDebt`	$89.30M	USD	1 Quarter
Principal payments on senior secured credit facility and other debt	`RepaymentsOfSeniorDebt`	$125.20M	USD	1 Quarter
Share repurchases	`PaymentsForRepurchaseOfCommonStock`	$116.20M	USD	1 Quarter
Share repurchases	`PaymentsForRepurchaseOfCommonStock`	$645.00M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$1.10M	USD	1 Quarter
Other	`ProceedsFromPaymentsForOtherFinancingActivities`	$1.00M	USD	1 Quarter
Net cash used in provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-499.20M	USD	1 Quarter
Net cash used in provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-122.40M	USD	1 Quarter
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-11.20M	USD	1 Quarter
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.30M	USD	1 Quarter
Net change in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-31.80M	USD	1 Quarter
Net change in cash, cash equivalents, and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-433.70M	USD	1 Quarter
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$620.30M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.05B	USD	Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$578.60M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$610.40M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$620.30M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.05B	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$578.60M	USD	Point-in-time
Cash, cash equivalents, and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$610.40M	USD	Point-in-time

Comprehensive Income 14 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$98.20M	USD	1 Quarter
Foreign currency translation adjustment, tax	`OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent`	-	USD	1 Quarter
Foreign currency translation adjustment, tax	`OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent`	$1.50M	USD	1 Quarter
Net income	`NetIncomeLoss`	$147.40M	USD	1 Quarter
Unrealized gain/loss on derivatives, tax	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTax`	-	USD	1 Quarter
Unrealized gain/loss on derivatives, tax	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTax`	-	USD	1 Quarter
Foreign currency translation adjustment, net of income taxes of $- and $1.5 for the three months ended March 31, 2022 and 2021, respectively.	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-23.70M	USD	1 Quarter
Foreign currency translation adjustment, net of income taxes of $- and $1.5 for the three months ended March 31, 2022 and 2021, respectively.	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$4.40M	USD	1 Quarter
Unrealized (loss) gain on derivatives, net of income taxes of $ - for the three months ended March 31, 2022 and 2021, respectively	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax`	$-2.60M	USD	1 Quarter
Unrealized (loss) gain on derivatives, net of income taxes of $ - for the three months ended March 31, 2022 and 2021, respectively	`OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTax`	$900.00K	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-22.80M	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$1.80M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$124.60M	USD	1 Quarter
Total comprehensive income	`ComprehensiveIncomeNetOfTax`	$100.00M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.