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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q

☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2025

OR

☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _____________ TO _____________

Commission File Number: 001-12421

| NU SKIN ENTERPRISES, INC. |
| (Exact name of registrant as specified in its charter) |

Delaware |  | 87-0565309
(State or other jurisdiction of incorporation or organization) |  | (IRS Employer Identification No.)

| 75 West Center Street Provo, Utah 84601 |
| (Address of principal executive offices, including zip code) |

| (801) 345-1000 |
| (Registrant’s telephone number, including area code) |

Securities registered pursuant to Section 12(b) of the Act:

Title of each class |  | Trading Symbol(s) |  | Name of each exchange on which registered
Class A Common Stock, $.001 par value |  | NUS |  | New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ | Accelerated filer ☑
Non-accelerated filer ☐ | Smaller reporting company ☐
| Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑
As of August 1, 2025, 49,497,715 shares of the registrant’s Class A common stock, $.001 par value per share, were outstanding.

NU SKIN ENTERPRISES, INC.
QUARTERLY REPORT ON FORM 10-Q – SECOND QUARTER 2025
TABLE OF CONTENTS

|  | Page
Part I. | Financial Information |
| Item 1. | Financial Statements (Unaudited): |
|  | Consolidated Balance Sheets | 1
|  | Consolidated Statements of Income | 2
|  | Consolidated Statements of Comprehensive Income | 3
|  | Consolidated Statements of Stockholders’ Equity | 4
|  | Consolidated Statements of Cash Flows | 6
|  | Notes to Consolidated Financial Statements | 7
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 20
| Item 3. | Quantitative and Qualitative Disclosures about Market Risk | 30
| Item 4. | Controls and Procedures | 30
Part II. | Other Information |
| Item 1. | Legal Proceedings | 31
| Item 1A. | Risk Factors | 31
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 31
| Item 3. | Defaults Upon Senior Securities | 32
| Item 4. | Mine Safety Disclosures | 32
| Item 5. | Other Information | 32
| Item 6. | Exhibits | 33
| Signature | 34

In this Quarterly Report on Form 10-Q, references to “dollars” and “$” are to United States (“U.S.”) dollars.
Nu Skin, Pharmanex, and ageLOC are our trademarks. The italicized product names used in this Quarterly Report on Form 10-Q are product names and also, in certain cases, our trademarks.

Table of Contents
PART I. FINANCIAL INFORMATION

ITEM 1. | FINANCIAL STATEMENTS

NU SKIN ENTERPRISES, INC.
Consolidated Balance Sheets (Unaudited)
(U.S. dollars in thousands)

|  | June 30, 2025 |  |  | December 31, 2024 |
ASSETS |  |  |  |  |  |
Current assets: |  |  |  |  |  |
Cash and cash equivalents |  | $ | 264,159 |  |  | $ | 186,883 |
Current investments |  |  | 1,211 |  |  |  | 11,111 |
Accounts receivable, net |  |  | 59,703 |  |  |  | 50,784 |
Inventories, net |  |  | 180,377 |  |  |  | 190,242 |
Prepaid expenses and other |  |  | 66,103 |  |  |  | 72,643 |
Current assets held for sale |  |  | — |  |  |  | 26,936 |
Total current assets |  |  | 571,553 |  |  |  | 538,599 |
Property and equipment, net |  |  | 374,207 |  |  |  | 379,595 |
Operating lease right-of-use assets |  |  | 77,736 |  |  |  | 72,605 |
Goodwill |  |  | 83,625 |  |  |  | 83,625 |
Other intangible assets, net |  |  | 45,937 |  |  |  | 74,278 |
Other assets |  |  | 290,635 |  |  |  | 298,008 |
Long-term assets held for sale |  |  | — |  |  |  | 22,204 |
Total assets |  | $ | 1,443,693 |  |  | $ | 1,468,914 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |
Accounts payable |  | $ | 28,734 |  |  | $ | 34,880 |
Accrued expenses |  |  | 220,172 |  |  |  | 217,808 |
Current portion of long-term debt |  |  | 35,000 |  |  |  | 30,000 |
Current liabilities held for sale |  |  | — |  |  |  | 13,919 |
Total current liabilities |  |  | 283,906 |  |  |  | 296,607 |
Operating lease liabilities |  |  | 61,837 |  |  |  | 58,439 |
Long-term debt |  |  | 213,900 |  |  |  | 363,613 |
Other liabilities |  |  | 96,296 |  |  |  | 97,475 |
Long-term liabilities held for sale |  |  | — |  |  |  | 1,325 |
Total liabilities |  |  | 655,939 |  |  |  | 817,459 |
Commitments and contingencies (Notes 6 and 12) |  |  |  |  |  |  |  |
Stockholders’ equity: |  |  |  |  |  |  |  |
Class A common stock – 500 million shares authorized, $0.001 par value, 90.6 million shares issued |  |  | 91 |  |  |  | 91 |
Additional paid-in capital |  |  | 627,515 |  |  |  | 627,787 |
Treasury stock, at cost – 41.1 million and 40.8 million shares |  |  | (1,560,411 | ) |  |  | (1,563,614 | )
Accumulated other comprehensive loss |  |  | (114,058 | ) |  |  | (124,758 | )
Retained earnings |  |  | 1,834,617 |  |  |  | 1,711,949 |
Total stockholders’ equity |  |  | 787,754 |  |  |  | 651,455 |
Total liabilities and stockholders’ equity |  | $ | 1,443,693 |  |  | $ | 1,468,914 |

The accompanying notes are an integral part of these consolidated financial statements.
1

Table of Contents
NU SKIN ENTERPRISES, INC.
Consolidated Statements of Income (Unaudited)
(U.S. dollars in thousands, except per share amounts)

|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Revenue |  | $ | 386,138 |  |  | $ | 439,081 |  |  | $ | 750,628 |  |  | $ | 856,387 |
Cost of sales |  |  | 120,405 |  |  |  | 131,904 |  |  |  | 237,934 |  |  |  | 255,146 |
Gross profit |  |  | 265,733 |  |  |  | 307,177 |  |  |  | 512,694 |  |  |  | 601,241 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Selling expenses |  |  | 128,228 |  |  |  | 165,463 |  |  |  | 246,774 |  |  |  | 319,005 |
General and administrative expenses |  |  | 106,725 |  |  |  | 117,921 |  |  |  | 219,929 |  |  |  | 242,487 |
Restructuring and impairment expenses |  |  | — |  |  |  | 149,350 |  |  |  | 25,114 |  |  |  | 156,484 |
Total operating expenses |  |  | 234,953 |  |  |  | 432,734 |  |  |  | 491,817 |  |  |  | 717,976 |
Operating income (loss) |  |  | 30,780 |  |  |  | (125,557 | ) |  |  | 20,877 |  |  |  | (116,735 | )
Interest expense |  |  | 2,526 |  |  |  | 6,720 |  |  |  | 5,809 |  |  |  | 14,045 |
Gain on sale of business |  |  | — |  |  |  | — |  |  |  | 176,162 |  |  |  | — |
Other income (expense), net |  |  | (843 | ) |  |  | 629 |  |  |  | (29,218 | ) |  |  | 233 |
Income (loss) before provision for income taxes |  |  | 27,411 |  |  |  | (131,648 | ) |  |  | 162,012 |  |  |  | (130,547 | )
Provision (benefit) for income taxes |  |  | 6,292 |  |  |  | (13,390 | ) |  |  | 33,378 |  |  |  | (11,756 | )
Net income (loss) |  | $ | 21,119 |  |  | $ | (118,258 | ) |  | $ | 128,634 |  |  | $ | (118,791 | )
Net income (loss) per share (Note 7): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.43 |  |  | $ | (2.38 | ) |  | $ | 2.59 |  |  | $ | (2.39 | )
Diluted |  | $ | 0.43 |  |  | $ | (2.38 | ) |  | $ | 2.59 |  |  | $ | (2.39 | )
Weighted-average common shares outstanding (000s): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 49,441 |  |  |  | 49,688 |  |  |  | 49,601 |  |  |  | 49,613 |
Diluted |  |  | 49,499 |  |  |  | 49,688 |  |  |  | 49,748 |  |  |  | 49,613 |

The accompanying notes are an integral part of these consolidated financial statements.
2

Table of Contents
NU SKIN ENTERPRISES, INC.
Consolidated Statements of Comprehensive Income (Unaudited)
(U.S. dollars in thousands)

|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Net income (loss) |  | $ | 21,119 |  |  | $ | (118,258 | ) |  | $ | 128,634 |  |  | $ | (118,791 | )
Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency translation adjustments |  |  | 11,398 |  |  |  | (4,875 | ) |  |  | 13,841 |  |  |  | (14,979 | )
Net unrealized gains on cash flow hedges, net of taxes of $(18) and $(152) for the three months ended June 30, 2025 and 2024, respectively and $(50) and $(587) for the six months ended June 30, 2025 and 2024, respectively |  |  | 64 |  |  |  | 553 |  |  |  | 183 |  |  |  | 2,127 |
Reclassification adjustment for realized gains in current earnings on cash flow hedges, net of taxes of $461 and $570 for the three months ended June 30, 2025 and 2024, respectively and $917 and $1,142 for the six months ended June 30, 2025 and 2024, respectively |  |  | (1,670 | ) |  |  | (2,066 | ) |  |  | (3,324 | ) |  |  | (4,137 | )
|  |  | 9,792 |  |  |  | (6,388 | ) |  |  | 10,700 |  |  |  | (16,989 | )
Comprehensive income (loss) |  | $ | 30,911 |  |  | $ | (124,646 | ) |  | $ | 139,334 |  |  | $ | (135,780 | )

The accompanying notes are an integral part of these consolidated financial statements.
3

Table of Contents
NU SKIN ENTERPRISES, INC.
Consolidated Statements of Stockholders’ Equity (Unaudited)
(U.S. dollars in thousands)

|  | For the Three Months Ended June 30, 2025 |
|  | Class A Common Stock |  |  | Additional Paid-in Capital |  |  | Treasury Stock |  |  | Accumulated Other Comprehensive Loss |  |  | Retained Earnings |  |  | Total |
Balance at April 1, 2025 |  | $ | 91 |  |  | $ | 623,477 |  |  | $ | (1,562,211 | ) |  | $ | (123,850 | ) |  | $ | 1,816,462 |  |  | $ | 753,969 |
Net income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 21,119 |  |  |  | 21,119 |
Other comprehensive income, net of tax |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9,792 |  |  |  | — |  |  |  | 9,792 |
Exercise of employee stock options (0.1 million shares)/vesting of stock awards |  |  | — |  |  |  | (1,780 | ) |  |  | 1,800 |  |  |  | — |  |  |  | — |  |  |  | 20 |
Stock-based compensation |  |  | — |  |  |  | 5,818 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,818 |
Cash dividends |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,964 | ) |  |  | (2,964 | )
Balance at June 30, 2025 |  | $ | 91 |  |  | $ | 627,515 |  |  | $ | (1,560,411 | ) |  | $ | (114,058 | ) |  | $ | 1,834,617 |  |  | $ | 787,754 |

|  | For the Three Months Ended June 30, 2024 |
|  | Class A Common Stock |  |  | Additional Paid-in Capital |  |  | Treasury Stock |  |  | Accumulated Other Comprehensive Loss |  |  | Retained Earnings |  |  | Total |
Balance at April 1, 2024 |  | $ | 91 |  |  | $ | 618,706 |  |  | $ | (1,564,942 | ) |  | $ | (110,607 | ) |  | $ | 1,866,958 |  |  | $ | 810,206 |
Net loss |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (118,258 | ) |  |  | (118,258 | )
Other comprehensive loss, net of tax |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (6,388 | ) |  |  | — |  |  |  | (6,388 | )
Exercise of employee stock options (0.1 million shares)/vesting of stock awards |  |  | — |  |  |  | (912 | ) |  |  | 852 |  |  |  | — |  |  |  | — |  |  |  | (60 | )
Stock-based compensation |  |  | — |  |  |  | 3,646 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,646 |
Cash dividends |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,982 | ) |  |  | (2,982 | )
Balance at June 30, 2024 |  | $ | 91 |  |  | $ | 621,440 |  |  | $ | (1,564,090 | ) |  | $ | (116,995 | ) |  | $ | 1,745,718 |  |  | $ | 686,164 |

The accompanying notes are an integral part of these consolidated financial statements.
4

Table of Contents
NU SKIN ENTERPRISES, INC.
Consolidated Statements of Stockholders’ Equity (Unaudited)
(U.S. dollars in thousands)

|  | For the Six Months Ended June 30, 2025 |
|  | Class A Common Stock |  |  | Additional Paid-in Capital |  |  | Treasury Stock |  |  | Accumulated Other Comprehensive Loss |  |  | Retained Earnings |  |  | Total |
Balance at January 1, 2025 |  | $ | 91 |  |  | $ | 627,787 |  |  | $ | (1,563,614 | ) |  | $ | (124,758 | ) |  | $ | 1,711,949 |  |  | $ | 651,455 |
Net income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 128,634 |  |  |  | 128,634 |
Other comprehensive income, net of tax |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 10,700 |  |  |  | — |  |  |  | 10,700 |
Repurchase of Class A common stock (Note 7) |  |  | — |  |  |  | — |  |  |  | (5,012 | ) |  |  | — |  |  |  | — |  |  |  | (5,012 | )
Exercise of employee stock options (0.4 million shares)/vesting of stock awards |  |  | — |  |  |  | (9,357 | ) |  |  | 8,215 |  |  |  | — |  |  |  | — |  |  |  | (1,142 | )
Stock-based compensation |  |  | — |  |  |  | 9,085 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9,085 |
Cash dividends |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (5,966 | ) |  |  | (5,966 | )
Balance at June 30, 2025 |  | $ | 91 |  |  | $ | 627,515 |  |  | $ | (1,560,411 | ) |  | $ | (114,058 | ) |  | $ | 1,834,617 |  |  | $ | 787,754 |

|  | For the Six Months Ended June 30, 2024 |
|  | Class A Common Stock |  |  | Additional Paid-in Capital |  |  | Treasury Stock |  |  | Accumulated Other Comprehensive Loss |  |  | Retained Earnings |  |  | Total |
Balance at January 1, 2024 |  | $ | 91 |  |  | $ | 621,853 |  |  | $ | (1,570,440 | ) |  | $ | (100,006 | ) |  | $ | 1,870,470 |  |  | $ | 821,968 |
Net income |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (118,791 | ) |  |  | (118,791 | )
Other comprehensive loss, net of tax |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (16,989 | ) |  |  | — |  |  |  | (16,989 | )
Exercise of employee stock options (0.3 million shares)/vesting of stock awards |  |  | — |  |  |  | (8,301 | ) |  |  | 6,350 |  |  |  | — |  |  |  | — |  |  |  | (1,951 | )
Stock-based compensation |  |  | — |  |  |  | 7,888 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,888 |
Cash dividends |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (5,961 | ) |  |  | (5,961 | )
Balance at June 30, 2024 |  | $ | 91 |  |  | $ | 621,440 |  |  | $ | (1,564,090 | ) |  | $ | (116,995 | ) |  | $ | 1,745,718 |  |  | $ | 686,164 |

The accompanying notes are an integral part of these consolidated financial statements.
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NU SKIN ENTERPRISES, INC.
Consolidated Statements of Cash Flows (Unaudited)
(U.S. dollars in thousands)

|  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |
Cash flows from operating activities: |  |  |  |  |  |
Net income (loss) |  | $ | 128,634 |  |  | $ | (118,791 | )
Adjustments to reconcile net income (loss) to cash flows from operating activities: |  |  |  |  |  |  |  |
Gain on sale of business |  |  | (176,162 | ) |  |  | — |
Impairment of goodwill, fixed assets and other intangibles |  |  | 25,114 |  |  |  | 147,350 |
Unrealized losses on equity investments |  |  | 28,077 |  |  |  | — |
Depreciation and amortization |  |  | 27,258 |  |  |  | 36,040 |
Non-cash lease expense |  |  | 13,055 |  |  |  | 14,769 |
Stock-based compensation |  |  | 15,126 |  |  |  | 7,888 |
Inventory write-down |  |  | 5,800 |  |  |  | 3,520 |
Foreign currency losses |  |  | 2,441 |  |  |  | 2,528 |
Gain on disposal of assets |  |  | (72 | ) |  |  | (446 | )
Deferred taxes |  |  | (6,793 | ) |  |  | (2,314 | )
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |
Accounts receivable, net |  |  | (8,660 | ) |  |  | 1,394 |
Inventories, net |  |  | 10,909 |  |  |  | 22,936 |
Prepaid expenses and other |  |  | 6,251 |  |  |  | (25,973 | )
Other assets |  |  | (7,356 | ) |  |  | (4,169 | )
Accounts payable |  |  | (6,824 | ) |  |  | (6,109 | )
Accrued expenses |  |  | (20,334 | ) |  |  | (10,722 | )
Other liabilities |  |  | (280 | ) |  |  | (13,376 | )
Net cash provided by operating activities |  |  | 36,184 |  |  |  | 54,525 |
Cash flows from investing activities: |  |  |  |  |  |  |  |
Purchases of property and equipment |  |  | (13,602 | ) |  |  | (20,404 | )
Purchases of investments |  |  | — |  |  |  | (8,567 | )
Proceeds on investment sales |  |  | 10,214 |  |  |  | 11,178 |
Proceeds from sale of business, net |  |  | 193,725 |  |  |  | — |
Net cash provided by (used in) investing activities |  |  | 190,337 |  |  |  | (17,793 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |
Exercise of employee stock options and taxes paid related to the net shares settlement of stock awards |  |  | (1,142 | ) |  |  | (1,951 | )
Payment of cash dividends |  |  | (5,966 | ) |  |  | (5,961 | )
Repurchase of shares of common stock |  |  | (5,012 | ) |  |  | — |
Finance lease principal payments |  |  | (1,120 | ) |  |  | (1,560 | )
Contingent consideration payments |  |  | — |  |  |  | (6,300 | )
Proceeds from debt |  |  | 15,000 |  |  |  | — |
Payments of debt |  |  | (160,000 | ) |  |  | (45,000 | )
Other, net |  |  | 1,213 |  |  |  | — |
Net cash used in financing activities |  |  | (157,027 | ) |  |  | (60,772 | )
Effect of exchange rate changes on cash |  |  | 7,782 |  |  |  | (7,767 | )
Net increase (decrease) in cash and cash equivalents |  |  | 77,276 |  |  |  | (31,807 | )
Cash and cash equivalents, beginning of period |  |  | 186,883 |  |  |  | 256,057 |
Cash and cash equivalents, end of period |  | $ | 264,159 |  |  | $ | 224,250 |

The accompanying notes are an integral part of these consolidated financial statements.
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NU SKIN ENTERPRISES, INC.
Notes to Consolidated Financial Statements

1. | The Company

Nu Skin Enterprises, Inc. (the “Company”) is a holding company, with Nu Skin being the primary operating unit. Nu Skin develops and distributes premium-quality, innovative beauty and wellness products that are sold worldwide primarily under the Nu Skin, Pharmanex and ageLOC brands. The Company reports revenue from nine segments, consisting of its seven geographic Nu Skin segments—Americas, which includes Canada, Latin America and the United States; Mainland China; Southeast Asia/Pacific, which includes Indonesia, Malaysia, the Philippines, Singapore, Thailand, Vietnam, Australia, New Zealand, and other markets; Japan; Europe and Africa, which includes markets in Europe as well as South Africa; South Korea; and Hong Kong/Taiwan, which also includes Macau—and two Rhyz segments—Manufacturing, which includes manufacturing and packaging subsidiaries it has acquired; and Rhyz Other, which includes other investments by its Rhyz business arm (the Company’s subsidiaries operating within each segment are collectively referred to as the “Subsidiaries”).

2. | Summary of Significant Accounting Policies

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. The unaudited consolidated financial statements include the accounts of the Company and its Subsidiaries. All intercompany accounts and transactions are eliminated in consolidation. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments, consisting of normal recurring adjustments, considered necessary for a fair statement of the Company’s financial information as of June 30, 2025, and for the three- and six-month periods ended June 30, 2025 and 2024. The results of operations of any interim period are not necessarily indicative of the results of operations to be expected for the fiscal year. The consolidated balance sheet as of December 31, 2024 has been prepared using information from the audited financial statements at that date. For further information, refer to the consolidated financial statements and accompanying footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
Accounting Pronouncements
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The guidance requires disclosure of disaggregated income taxes paid, prescribes standardized categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. ASU 2023-09 is effective for the Company’s annual periods beginning January 1, 2025, with early adoption permitted. The Company is currently evaluating the potential effect that the updated standard will have on its financial statement disclosures.
In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Topic 220). This standard requires disclosure of specific information about costs and expenses. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. The Company is currently evaluating the potential effect that the updated standard will have on its financial statement disclosures.
Inventories, net
Inventories, net consist of the following (U.S. dollars in thousands):

|  | June 30, 2025 |  |  | December 31, 2024 |
Raw materials |  | $ | 101,469 |  |  | $ | 121,929 |
Finished goods |  |  | 78,908 |  |  |  | 68,313 |
Total Inventory, net |  | $ | 180,377 |  |  | $ | 190,242 |

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Reserves of inventories consist of the following (U.S. dollars in thousands):

|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Beginning balance |  | $ | 79,409 |  |  | $ | 80,519 |  |  | $ | 84,006 |  |  | $ | 83,378 |
Additions |  |  | 2,715 |  |  |  | 1,517 |  |  |  | 5,800 |  |  |  | 3,520 |
Write-offs |  |  | (6,428 | ) |  |  | (11,753 | ) |  |  | (14,110 | ) |  |  | (16,615 | )
Ending Balance |  | $ | 75,696 |  |  | $ | 70,283 |  |  | $ | 75,696 |  |  | $ | 70,283 |

Revenue Recognition
Contract Liabilities – Customer Loyalty Programs
Contract liabilities, recorded as deferred revenue within the accrued expenses line in the consolidated balance sheets, include loyalty point program deferrals with certain customers which are accounted for as a reduction in the transaction price and are generally recognized as points are redeemed for additional products.
The balance of deferred revenue related to contract liabilities as of June 30, 2025 and December 31, 2024 was $7.4 million and $7.8 million, respectively. The contract liabilities’ impact to revenue for the three-month periods ended June 30, 2025 and 2024 was an increase of $0.1 million and an increase of $0.1 million, respectively. T he impact to revenue for the six-month periods ended June 30, 2025, and 2024 was an increase of $0.4 million and an increase of $0.8 million, respectively.

3. | Held for Sale

Assets and liabilities to be disposed of by sale are classified as “held for sale” if their carrying amounts are principally expected to be recovered through a sale transaction rather than through continuing use. The classification occurs when the disposal group is available for immediate sale and the sale is probable. These criteria are generally met when an agreement to sell exists, or management has committed to a plan to sell the assets within one year. Disposal groups are measured at the lower of carrying amount or fair value less costs to sell, and long-lived assets included within the disposal group are not depreciated or amortized. The fair value of a disposal group, less any costs to sell, is assessed each reporting period it remains classified as held for sale and any remeasurement to the lower of carrying value or fair value less costs to sell is reported as an adjustment to the carrying value of the disposal group. When the net realizable value of a disposal group increases during a period, a gain can be recognized to the extent that it does not increase the value of the disposal group beyond its original carrying value when the disposal group was reclassified as held for sale.
On January 2, 2025, the Company completed the sale of its Mavely entity to Clout.io Holdings, Inc. for $230 million in cash and shares of the purchaser’s common stock, subject to certain adjustments as set forth in the purchase agreement, including post-closing determination of net working capital and other elements of the purchase price. Following the completion of certain payments to other equity holders in Mavely and the payment of certain transaction expenses, the Company received net proceeds of $193.7 million and equity interest with an estimated fair value of $6.1 million. In the second quarter of 2025, the Company received an additional payment of $2.7 million with an additional $1.7 million expected to be received in the third quarter of 2025, following the finalization of net working capital. The estimated fair value was based on observable price changes and is classified as a level 3 fair value measurement and is accounted for under the measurement alternative described in ASC 321-10-35-2 for equity securities that lack readily determinable fair values. In the first quarter of 2025, the Company recorded a gain on sale of $176.2 million.
During the first quarter of 2025, the Company recorded $5.2 million of stock-based compensation expense related to profit interest units issued to the Mavely founders. This expense should have been recorded in the fourth quarter of 2024 when the performance conditions became probable of vesting. The impact of the adjustment to correct this item was immaterial to the current and prior period financial statements.
As of December 31, 2024, the Mavely disposal group, consisting of $26.9 million of current assets, $22.2 million of long-term assets, $13.9 million of current liabilities and $1.3 million of long-term liabilities within the Company’s Rhyz Other segment, was classified as “Current assets held for sale”, “Long-term assets held for sale”, “Current liabilities held for sale” and “Long-term liabilities held for sale” in the Consolidated Balance Sheet. The Company determined that as of December 31, 2024, the disposal group met the criteria for classification as held for sale but did not meet the criteria for classification as discontinued operations. The Company recognized income (loss) before provision for income taxes for the Mavely disposal group of $0.0 and $(0.2) million for the three months ended June 30, 2025 and 2024, respectively and $0.0 and $(1.7) million for the six months ended June 30, 2025 and 2024, respectively.
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The total assets and liabilities of the Mavely disposal group that met the classification of held for sale in the Company’s Consolidated Balance sheet are as follows (U.S. dollars in thousands):

|  | December 31, 2024 |
Assets |  |  |
Current assets |  |  |
Accounts receivable, net |  | $ | 26,455 |
Prepaid expenses and other |  |  | 481 |
Total current assets held for sale |  |  | 26,936 |
Property and equipment, net |  |  | 1,668 |
Goodwill |  |  | 12,602 |
Other intangible assets, net (1) |  |  | 7,934 |
Total long-term assets held for sale |  | $ | 22,204 |
Liabilities |  |  |  |
Current liabilities |  |  |  |
Accounts payable |  | $ | 208 |
Accrued expenses |  |  | 13,711 |
Total current liabilities held for sale |  |  | 13,919 |
Other liabilities |  |  | 1,325 |
Total long-term liabilities held for sale |  |  | 1,325 |

(1) | Net of accumulated amortization of $8.4 million as of December 31, 2024.

4. | Goodwill and Intangibles

Goodwill
The Company’s reporting units for goodwill are its operating segments, which are also its reportable segments, with the exception of Rhyz Other. The Rhyz Other segment is made up of two reporting units, which had goodwill of $4.7 million and $0.0, respectively, as of both June 30, 2025 and December 31, 2024.
The following table presents the change in carrying amount of goodwill by reporting unit for the six months ended June 30, 2025 (U.S. dollars in thousands):

|  | Nu Skin |  |  | Rhyz |  |  |  |
|  | Americas |  |  | Southeast Asia/Pacific |  |  | Mainland China |  |  | Japan |  |  | Europe & Africa |  |  | South Korea |  |  | Hong Kong/ Taiwan |  |  | Manufacturing |  |  | Rhyz Other |  |  | Total Segments |
Goodwill as of December 31, 2024 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 78,875 |  |  | $ | 4,750 |  |  | $ | 83,625 |
Goodwill as of June 30, 2025 |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 78,875 |  |  | $ | 4,750 |  |  | $ | 83,625 |

Accumulated impairment losses for each segment as of June 30, 2025 and December 31, 2024 are as follows:

|  | Nu Skin |  |  | Rhyz |  |  |  |
|  | Americas |  |  | Southeast Asia/Pacific |  |  | Mainland China |  |  | Japan |  |  | Europe & Africa |  |  | South Korea |  |  | Hong Kong/ Taiwan |  |  | Manufacturing |  |  | Rhyz Other |  |  | Total Segments |
Accumulated impairment losses |  | $ | 9,449 |  |  | $ | 18,537 |  |  | $ | 32,179 |  |  | $ | 16,019 |  |  | $ | 2,875 |  |  | $ | 29,261 |  |  | $ | 6,634 |  |  | $ | — |  |  | $ | 19,587 |  |  | $ | 134,541 |

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Intangibles
The Company reviews long-lived assets for impairment when performance expectations, events or change in circumstances indicate that the assets’ carrying value may not be recoverable. The evaluation is performed at the lowest level of identifiable cash flows by comparing the carrying value of the asset group to the net undiscounted cash flows. If the evaluation indicates that the carrying amount of the assets may not be recoverable, any potential impairment is measured based upon the fair value of the related asset group.
During the first quarter of 2025, the Company decided to make a strategic shift in how it operates the BeautyBio asset group. These strategy changes included exiting certain sales channels, which reduced the forecasted revenues for BeautyBio. The Company concluded these actions were an interim impairment triggering event. As a result, the Company performed an interim impairment test of the asset group and assessed the recoverability of the related asset group by comparing the carrying value of the asset group to the net undiscounted cash flow expected to be generated. The recoverability test indicated that the asset group was impaired. The Company concluded the asset group’s carrying value exceeded its estimated fair value, which was determined utilizing the discounted projected future cash flows, which resulted in an impairment charge. The estimated fair value was based on expected future cash flows using level 3 inputs and utilized management estimates related to revenue growth rates, profitability margins and discount rates. As a result, during the three months ended March 31, 2025, the Company recorded an impairment charge of $25.1 million on the BeautyBio asset group, which is part of its Rhyz Other segment within restructuring and impairment expenses on the consolidated statement of income. The BeautyBio asset group has a remaining carrying value of $2.3 million with a remaining weighted-average amortization period of approximately 7 years.

5. | Debt

Credit Agreement
On June 14, 2022, the Company entered into an Amended and Restated Credit Agreement (the “Credit Agreement”) with several financial institutions as lenders and Bank of America, N.A., as administrative agent, which amended and restated the 2018 Credit Agreement. The Credit Agreement provides for a $400 million term loan facility and a $500 million revolving credit facility, each with a term of five years. Both facilities bear interest at the SOFR, plus a margin based on the Company’s consolidated leverage ratio. Commitment fees payable under the Credit Agreement are also based on the consolidated leverage ratio as defined in the Credit Agreement and range from 0.175% to 0.30% on the unused portion of the total lender commitments then in effect. The term loan facility amortizes in quarterly installments in amounts resulting in an annual amortization of 2.5% during the first year and 5.0% during the second, third, fourth and fifth years after the closing date of the Credit Agreement, with the remainder payable at final maturity. The Credit Agreement is guaranteed by certain of the Company’s domestic subsidiaries and collateralized by assets of such subsidiaries, including a pledge of 65% of the capital stock of certain foreign subsidiaries. The Credit Agreement requires the Company to maintain a consolidated leverage ratio not exceeding 2.75 to 1.00 and a consolidated interest coverage ratio of no less than 3.00 to 1.00. As of June 30, 2025, the Company was in compliance with all covenants under the Credit Agreement. In January 2025, the Company made a $115.0 million payment on the term loan facility using a portion of the proceeds from the Mavely sale.
The following table summarizes the Company’s debt facilities as of June 30, 2025 and December 31, 2024:

Facility or Arrangement |  | Original Principal Amount |  | Balance as of June 30, 2025(1)(2) |  | Balance as of December 31, 2024(1)(2) |  | Interest Rate |  | Repayment Terms
Credit Agreement term loan facility |  | $400.0 million |  | $235.0 million |  | $360.0 million |  | Variable 30 day: 6.43% |  | 21% of the principal amount is payable in increasing quarterly installments over a five-year period that began on September 30, 2022, with the remainder payable at the end of the five-year term.
Credit Agreement revolving credit facility |  |  |  | $15.0 million |  | $35.0 million |  | Variable 30 day: 6.41% |  | Revolving line of credit expires June 14, 2027.

(1) | As of June 30, 2025 and December 31, 2024, the current portion of the Company’s debt (i.e., becoming due in the next 12 months) included $20.0 million and $20.0 million, respectively, of the balance of its term loan under the Credit Agreement and $15.0 and $10.0 million, respectively, of the balance under the revolving line of credit.

(2) | The carrying value of the debt reflects the amounts stated in the above table, less debt issuance costs of $1.1 million and $1.4 million as of June 30, 2025 and December 31, 2024, respectively, related to the Credit Agreement, which are not reflected in this table.

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6. | Leases

As of June 30, 2025, the weighted-average remaining lease term was 6.6 and 4.3 years for operating and finance leases, respectively. As of June 30, 2025, the weighted-average discount rate was 3.7% and 6.6% for operating and finance leases, respectively.
The components of lease expense were as follows (U.S. dollars in thousands):

|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Operating lease expense |  |  |  |  |  |  |  |  |  |  |  |
Operating lease cost |  | $ | 5,956 |  |  | $ | 5,873 |  |  | $ | 11,872 |  |  | $ | 11,939 |
Variable lease cost |  |  | 1,273 |  |  |  | 964 |  |  |  | 2,234 |  |  |  | 2,740 |
Finance lease expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortization of right-of-use assets |  |  | 551 |  |  |  | 725 |  |  |  | 1,081 |  |  |  | 1,483 |
Interest on lease liabilities |  |  | 165 |  |  |  | 94 |  |  |  | 333 |  |  |  | 203 |
Total lease expense |  | $ | 7,945 |  |  | $ | 7,656 |  |  | $ | 15,520 |  |  | $ | 16,365 |

Supplemental cash flow information related to leases was as follows (U.S. dollars in thousands):

|  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |
Operating cash outflow from operating leases |  | $ | 11,956 |  |  | $ | 12,515 |
Operating cash outflow from finance leases |  | $ | 351 |  |  | $ | 204 |
Financing cash outflow from finance leases |  | $ | 1,120 |  |  | $ | 1,560 |
Right-of-use assets obtained in exchange for operating lease obligations |  | $ | 15,201 |  |  | $ | 14,595 |
Right-of-use assets obtained in exchange for finance lease obligations |  | $ | 47 |  |  | $ | 10 |

Maturities of lease liabilities were as follows (U.S. dollars in thousands):

Year Ending December 31 |  | Operating Leases |  |  | Finance Leases |
2025 |  | $ | 11,250 |  |  | $ | 1,374 |
2026 |  |  | 19,357 |  |  |  | 2,743 |
2027 |  |  | 14,389 |  |  |  | 2,720 |
2028 |  |  | 10,090 |  |  |  | 2,600 |
2029 |  |  | 9,201 |  |  |  | 2,118 |
Thereafter |  |  | 24,813 |  |  |  | — |
Total |  |  | 89,100 |  |  |  | 11,555 |
Less: Finance charges |  |  | 8,872 |  |  |  | 1,507 |
Total principal liability |  | $ | 80,228 |  |  | $ | 10,048 |

The Company has additional lease liabilities of $5.8 million which have not yet commenced as of June 30, 2025, and as such, have not been recognized on the consolidated balance sheets.

7. | Capital Stock

Net income per share
Net income per share is computed based on the weighted-average number of common shares outstanding during the periods presented. Additionally, diluted earnings per share data gives effect to all potentially dilutive common shares that were outstanding during the periods presented. For the three-month periods ended June 30, 2025 and 2024, stock awards and options of 1.8 million and 1.7 million, respectively, and for the six-month periods ended June 30, 2025 and 2024, stock awards and options of 1.8 million and 1.7 million, respectively, were excluded from the calculation of diluted earnings per share because they were anti-dilutive.
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Dividends
In February and May 2025, the Company’s board of directors declared quarterly cash dividends of $0.06 per share. These quarterly cash dividends of $3.0 million were paid on March 5, 2025 and June 11, 2025, respectively, to stockholders of record on February 24, 2025 and May 30, 2025, respectively. In August 2025, the Company’s board of directors declared a quarterly cash dividend of $0.06 per share to be paid on September 10, 2025 to stockholders of record on August 29, 2025.
Repurchase of common stock
During the six-month period ended June 30, 2025, the Company repurchased 0.6 million shares of its Class A common stock under its stock repurchase plan for $5.0 million. The Company repurchased no shares of its Class A common stock under its stock repurchase plan during the three-month period ended June 30, 2025 and the three- and six-month periods ended June 30, 2024. As of June 30, 2025, $157.4 million was available for repurchases under the Company’s stock repurchase plan.

8. | Fair Value and Equity Investments

Fair Value
The carrying value of financial instruments including cash and cash equivalents, accounts receivable and accounts payable approximates fair values due to the short-term nature of these instruments. The carrying value of debt approximates fair value due to the variable 30-day interest rate. Fair value estimates are made at a specific point in time, based on relevant market information.
The FASB Codification defines fair value as the price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. On a quarterly basis, the Company measures at fair value certain financial assets, including cash equivalents. Accounting standards specify a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. These two types of inputs have created the following fair-value hierarchy:

| ■ | Level 1 – quoted prices in active markets for identical assets or liabilities;

| ■ | Level 2 – inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

| ■ | Level 3 – unobservable inputs based on the Company’s own assumptions.

Accounting standards permit companies, at their option, to measure certain financial instruments and other eligible items at fair value. The Company has elected not to apply the fair value option to existing eligible items beyond what is required by US GAAP.
The following tables present the fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis (U.S. dollars in thousands):

|  | Fair Value at June 30, 2025 |
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total |
Financial assets: |  |  |  |  |  |  |  |  |
Cash equivalents and current investments |  | $ | 8,531 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,531 |
Derivative financial instruments asset |  |  | — |  |  |  | 700 |  |  |  | — |  |  |  | 700 |
Life insurance contracts |  |  | — |  |  |  | — |  |  |  | 46,026 |  |  |  | 46,026 |
Total |  | $ | 8,531 |  |  | $ | 700 |  |  | $ | 46,026 |  |  | $ | 55,257 |

|  | Fair Value at December 31, 2024 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents and current investments |  | $ | 23,914 |  |  | $ | — |  |  | $ | — |  |  | $ | 23,914 |
Derivative financial instruments asset |  |  | — |  |  |  | 4,708 |  |  |  | — |  |  |  | 4,708 |
Life insurance contracts |  |  | — |  |  |  | — |  |  |  | 44,091 |  |  |  | 44,091 |
Contingent consideration |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 23,914 |  |  | $ | 4,708 |  |  | $ | 44,091 |  |  | $ | 72,713 |

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The following table provides a summary of changes in fair value of the Company’s Level 3 life insurance contracts (U.S. dollars in thousands):

|  | 2025 |  |  | 2024 |
Beginning balance at January 1 |  | $ | 44,091 |  |  | $ | 45,041 |
Actual return on plan assets |  |  | 1,935 |  |  |  | 3,532 |
Ending balance at June 30 |  | $ | 46,026 |  |  | $ | 48,573 |

Life insurance contracts: Accounting Standards Codification (“ASC”) 820 preserves practicability exceptions to fair value measurements provided by other applicable provisions of U.S. GAAP. The guidance in ASC 715-30-35-60 allows a reporting entity, as a practical expedient, to use cash surrender value or conversion value as an expedient for fair value when it is present. Accordingly, the Company determines the fair value of its life insurance contracts as the cash-surrender value of life insurance policies held in its Rabbi Trust.
The following table provides a summary of changes in fair value of the Company’s Level 3 contingent consideration (U.S. dollars in thousands):

|  | 2024 |
Beginning balance at January 1 |  | $ | (6,300 | )
Payments |  |  | 6,300 |
Ending balance at June 30 |  | $ | — |

Contingent consideration: Contingent consideration represents the obligations incurred in connection with acquisitions. The estimate of fair value of the contingent consideration obligations requires subjective assumptions to be made regarding the future business results, discount rates, discount periods and probabilities assigned to various potential business result scenarios and was determined using probability assessments with respect to the likelihood of reaching various targets or of achieving certain milestones. The fair value measurement is based on significant inputs unobservable in the market and thus represents a Level 3 measurement. Changes in current expectations of progress could change the probability of achieving the targets within the measurement periods and result in an increase or decrease in the fair value of the contingent consideration obligation.
Equity Investments
The Company maintains equity investments in companies which are accounted for under the measurement alternative described in ASC 321-10-35-2 for equity securities that lack readily determinable fair values. The carrying amount of an equity security held by the Company without readily determinable fair values was $0.0 and $28.1 million as of June 30, 2025 and December 31, 2024, respectively. The Company recognized $18.1 million of cumulative upward fair value adjustments, based on the valuation of additional equity issued by the investee which was deemed to be an observable transaction of a similar investment under ASC 321. During the three months ended March 31, 2025, based on significant deterioration of the business prospects of the investment, the Company recorded a $28.1 million impairment of the investment. These charges were recorded within Other income (expense), net on the Consolidated Statement of Income. The first quarter of 2025 estimated fair value was determined using a market-based method with level 3 inputs, including revenue and earnings multiples. The Company also had equity securities held without readily determinable fair values of $14.0 million and $7.6 million as of June 30, 2025 and December 31, 2024, respectively.

9. | Income Taxes

Provision (benefit) for income taxes for the three- and six-month periods ended June 30, 2025 was $6.3 million and $33.4 million, respectively, compared to $(13.4) million and $(11.8) million for the prior-year periods. The effective tax rates for the three- and six-month periods ended June 30, 2025, were 23.0% and 20.6% of pre-tax income, respectively, compared to 10.2% and 9.0% in the prior-year periods. The Company’s effective tax rate for the three-month period ended June 30, 2025 benefited by the release of uncertain tax positions. The Company's effective tax rate for the six-month period ended June 30, 2025 was impacted by the following items recorded discretely in the period ended March 31, 2025: the sale of the Company’s subsidiary Mavely, the impairment of the BeautyBio asset group, and the impairment of an equity investment. The Company’s effective tax rates for the three- and six-month periods ended June 30, 2024 were impacted by the second quarter of 2024 goodwill impairment.
The Company accounts for income taxes in accordance with ASC Topic 740 “Income Taxes.” These standards establish financial accounting and reporting standards for the effects of income taxes that result from an enterprise’s activities during the current and preceding years. The Company takes an asset and liability approach for financial accounting and reporting of income taxes. The Company pays income taxes in many foreign jurisdictions based on the profits realized in those jurisdictions, which can be significantly impacted by terms of intercompany transactions between the Company and its foreign affiliates. Deferred tax assets and liabilities are created in this process. The Company has netted these deferred tax assets and deferred tax liabilities by jurisdiction. Valuation allowances are established when necessary to reduce deferred tax assets to the amounts expected to be ultimately realized. The Company had net deferred tax assets of $179.5 million and $173.9 million as of June 30, 2025 and December 31, 2024, respectively.
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The Company evaluates its indefinite reinvestment assertions with respect to foreign earnings for each quarter. For all foreign earnings, the Company accrues the applicable foreign income taxes. For the earnings that have been indefinitely reinvested, the Company does not accrue foreign withholding taxes. Undistributed earnings that the Company has indefinitely reinvested, for which no foreign withholding taxes have been provided, aggregate to $60.0 million as of December 31, 2024. If the amount designated as indefinitely reinvested as of December 31, 2024 were repatriated to the United States, the amount of incremental taxes would be approximately $6.0 million. The Company intends to utilize the indefinitely reinvested offshore earnings to fund foreign investments, specifically capital expenditures.
The Company files income tax returns in the U.S. federal jurisdiction, and in various state and foreign jurisdictions. In 2009, the Company entered into a voluntary program with the IRS called Compliance Assurance Process (“CAP”). The objective of CAP is to contemporaneously work with the IRS to achieve federal tax compliance and resolve all or most of the issues prior to filing of the tax return. As of December 31, 2024, tax years through 2020, 2022 and 2023 have been audited and are effectively closed to further examination. For tax year 2021, the Company was in the Bridge phase of the CAP program, pursuant to which the IRS will not accept disclosures, will not conduct reviews and will not provide letters of assurance for the Bridge years. There are limited circumstances that tax years in the Bridge phase will be opened for examination. For tax years 2024 and 2025, the Company has been accepted in the IRS’s Bridge Plus program. The Company may elect to continue participating in CAP for future tax years; the Company may withdraw from the program at any time. With a few exceptions, the Company is no longer subject to state and local income tax examination by tax authorities for the years before 2021. Foreign jurisdictions have varying lengths of statutes of limitations for income tax examinations. Some statutes are as short as three years and in certain markets may be as long as ten years. The Company is currently under examination in certain foreign jurisdictions; however, the outcomes of those reviews are not yet determinable. The Company’s unrecognized tax benefits relate to multiple jurisdictions. Due to potential increases in unrecognized tax benefits from the multiple jurisdictions in which the Company operates, as well as the expiration of various statutes of limitations, it is reasonably possible that the Company’s gross unrecognized tax benefits, net of foreign currency adjustments, may increase in the next 12 months by approximately $3.0 to $4.0 million.
In 2021, as part of the Organization for Economic Co-operation and Development’s (“OECD”) Inclusive Framework, 140 member countries agreed to the implementation of the Pillar Two Global Minimum Tax (“Pillar Two”) of 15%. The OECD continues to release additional guidance, including administrative guidance on how Pillar Two rules should be interpreted and applied by jurisdictions as they adopt Pillar Two. A number of countries have utilized the administrative guidance as a starting point for legislation that went into effect January 1, 2024. Based on current enacted legislation, the Company anticipates the impact of Pillar Two to be immaterial for 2025.
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. The Company is currently assessing its impact on its consolidated financial statements.

10. | Derivatives and Hedging Activities

Risk Management Objective of Using Derivatives
The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s borrowings.
Cash Flow Hedges of Interest Rate Risk
The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. During 2025, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt.
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For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in Accumulated Other Comprehensive Income and subsequently reclassified into interest expense/income in the same period(s) during which the hedged transaction affects earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense/income as interest payments are made/received on the Company’s variable-rate debt. During the next twelve months, the Company estimates that an additional $0.7 million will be reclassified as a reduction to interest expense.
As of June 30, 2025 and December 31, 2024, the Company had four outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk with a total notional amount of $200 million and a maturity date in the third quarter of 2025.
Fair Values of Derivative Instruments on the Balance Sheet
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Balance Sheet:

|  |  |  | Fair Values of Derivative Instruments |
Derivatives in Cash flow Hedging Relationships: |  | Balance Sheet Location |  | June 30, 2025 |  |  | December 31, 2024 |
Interest Rate Swap - Asset |  | Prepaid expenses and other |  | $ | 700 |  |  | $ | 4,708 |

Effect of Cash Flow Hedge Accounting on Accumulated Other Comprehensive Loss
The tables below present the effect of cash flow hedge accounting on Accumulated Other Comprehensive Loss.

|  | Amount of Gain Recognized in Other Comprehensive Income on Derivatives |
|  | Three Months Ended |  |  | Six Months Ended |
|  | June 30, |  |  | June 30, |
Derivatives in Cash flow Hedging Relationships: |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Interest Rate Swaps |  | $ | 82 |  |  | $ | 705 |  |  | $ | 233 |  |  | $ | 2,714 |

|  |  |  | Amount of Gain Reclassified from Accumulated Other Comprehensive Income into Income |
|  |  |  | Three Months Ended |  |  | Six Months Ended |
|  |  |  | June 30, |  |  | June 30, |
Derivatives in Cash flow Hedging Relationships: |  | Income Statement Location |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Interest Rate Swaps |  | Interest expense |  | $ | 2,131 |  |  | $ | 2,636 |  |  | $ | 4,241 |  |  | $ | 5,279 |

11. | Segment Information

The Company reports revenue from nine segments, consisting of its seven geographic Nu Skin segments—Americas, Southeast Asia/Pacific, Mainland China, Japan, Europe & Africa, South Korea, and Hong Kong/Taiwan—and two Rhyz segments—Manufacturing and Rhyz Other. The Nu Skin Other category includes miscellaneous corporate revenue and related adjustments. The Rhyz Other segment includes two operating segments that are aggregated into one reporting segment and includes other investments by our Rhyz business arm. The Chief Executive Officer is the chief operating decision maker (“CODM”). These segments reflect the way the CODM evaluates the Company’s business performance and allocates resources. Reported revenue includes only the revenue generated by sales to external customers.
Profitability by segment as determined under US GAAP is driven primarily by the Company’s transfer pricing policies. Segment contribution, which is the Company’s segment profitability metric presented in the table below, excludes certain intercompany charges, specifically royalties, license fees, transfer pricing, discrete charges and other miscellaneous items. These charges have been included in Corporate and other expenses. Corporate and other expenses also include costs related to the Company’s executive and administrative offices, information technology, research and development, and marketing and supply chain functions not recorded at the segment level.
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The accounting policies of the segments are the same as those described in Note 2, “Summary of Significant Accounting Policies.” The Company evaluates the performance of its segments based on segment contribution. Each segment records direct expenses related to its employees and its operations.
Summarized financial information for the Company’s reportable segments is shown in the following tables. Asset information is not reviewed or included with the Company’s internal management reporting. Therefore, the Company has not disclosed asset information for each reportable segment.

| Three Months Ended June 30, 2025 |
| Nu Skin |  | Rhyz |  |  |
| Americas |  | Southeast Asia/ Pacific |  | Mainland China |  | Japan |  | Europe & Africa |  | South Korea |  | Hong Kong/ Taiwan |  | Manufacturing (1) |  | Rhyz Other |  | Total Segments |
Revenue |  | $ | 72,946 |  |  | $ | 50,834 |  |  | $ | 53,224 |  |  | $ | 44,550 |  |  | $ | 37,328 |  |  | $ | 34,068 |  |  | $ | 27,527 |  |  | $ | 60,400 |  |  | $ | 4,834 |  |  | $ | 385,711 |
Cost of sales |  |  | 18,401 |  |  |  | 12,025 |  |  |  | 9,800 |  |  |  | 9,035 |  |  |  | 9,531 |  |  |  | 7,058 |  |  |  | 4,662 |  |  |  | 46,963 |  |  |  | 1,085 |  |  |  | 118,560 |
Other segment items (2) |  |  | 37,729 |  |  |  | 26,587 |  |  |  | 28,967 |  |  |  | 23,562 |  |  |  | 21,877 |  |  |  | 16,934 |  |  |  | 14,536 |  |  |  | 9,737 |  |  |  | 3,886 |  |  |  | 183,815 |
Segment contribution |  | $ | 16,816 |  |  | $ | 12,222 |  |  | $ | 14,457 |  |  | $ | 11,953 |  |  | $ | 5,920 |  |  | $ | 10,076 |  |  | $ | 8,329 |  |  | $ | 3,700 |  |  | $ | (137 | ) |  | $ | 83,336 |

| Three Months Ended June 30, 2024 |
| Nu Skin |  | Rhyz |  |  |
| Americas |  | Southeast Asia/ Pacific |  | Mainland China |  | Japan |  | Europe & Africa |  | South Korea |  | Hong Kong/ Taiwan |  | Manufacturing (1) |  | Rhyz Other |  | Total Segments |
Revenue |  | $ | 84,935 |  |  | $ | 60,341 |  |  | $ | 64,710 |  |  | $ | 42,587 |  |  | $ | 40,714 |  |  | $ | 44,119 |  |  | $ | 33,846 |  |  | $ | 51,473 |  |  | $ | 16,360 |  |  | $ | 439,085 |
Cost of sales |  |  | 22,074 |  |  |  | 16,469 |  |  |  | 11,394 |  |  |  | 8,617 |  |  |  | 10,627 |  |  |  | 8,864 |  |  |  | 6,588 |  |  |  | 40,687 |  |  |  | 2,406 |  |  |  | 127,726 |
Other segment items (2) |  |  | 45,482 |  |  |  | 33,166 |  |  |  | 39,943 |  |  |  | 22,266 |  |  |  | 24,682 |  |  |  | 21,932 |  |  |  | 18,844 |  |  |  | 9,029 |  |  |  | 19,427 |  |  |  | 234,771 |
Segment contribution |  | $ | 17,379 |  |  | $ | 10,706 |  |  | $ | 13,373 |  |  | $ | 11,704 |  |  | $ | 5,405 |  |  | $ | 13,323 |  |  | $ | 8,414 |  |  | $ | 1,757 |  |  | $ | (5,473 | ) |  | $ | 76,588 |

| Six Months Ended June 30, 2025 |
| Nu Skin |  | Rhyz |  |  |
| Americas |  | Southeast Asia/ Pacific |  | Mainl and China |  | Japan |  | Europe & Africa |  | South Korea |  | Hong Kong/ Taiwan |  | Manufacturing (1) |  | Rhyz Other |  | Total Segments |
Revenue |  | $ | 142,004 |  |  | $ | 103,006 |  |  | $ | 100,999 |  |  | $ | 87,315 |  |  | $ | 70,349 |  |  | $ | 66,583 |  |  | $ | 55,974 |  |  | $ | 115,690 |  |  | $ | 7,752 |  |  | $ | 749,672 |
Cost of sales |  |  | 36,167 |  |  |  | 25,024 |  |  |  | 18,788 |  |  |  | 17,789 |  |  |  | 17,905 |  |  |  | 13,499 |  |  |  | 9,714 |  |  |  | 91,938 |  |  |  | 2,374 |  |  |  | 233,198 |
Other segment items (2) |  |  | 73,274 |  |  |  | 53,610 |  |  |  | 57,202 |  |  |  | 45,719 |  |  |  | 41,862 |  |  |  | 32,256 |  |  |  | 28,241 |  |  |  | 18,273 |  |  |  | 7,895 |  |  |  | 358,332 |
Segment contribution |  | $ | 32,563 |  |  | $ | 24,372 |  |  | $ | 25,009 |  |  | $ | 23,807 |  |  | $ | 10,582 |  |  | $ | 20,828 |  |  | $ | 18,019 |  |  | $ | 5,479 |  |  | $ | (2,517 | ) |  | $ | 158,142 |

| Six Months Ended June 30, 2024 |
| Nu Skin |  | Rhyz |  |  |
| Americas |  | Southeast Asia/ Pacific |  | Mainland China |  | Japan |  | Europe & Africa |  | South Korea |  | Hong Kong/ Taiwan |  | Manufacturing (1) |  | Rhyz Other |  | Total Segments |
Revenue |  | $ | 159,966 |  |  | $ | 120,406 |  |  | $ | 125,777 |  |  | $ | 86,823 |  |  | $ | 82,987 |  |  | $ | 85,082 |  |  | $ | 64,312 |  |  | $ | 101,775 |  |  | $ | 28,591 |  |  | $ | 855,719 |
Cost of sales |  |  | 41,420 |  |  |  | 31,642 |  |  |  | 21,976 |  |  |  | 17,324 |  |  |  | 22,747 |  |  |  | 17,061 |  |  |  | 12,233 |  |  |  | 79,528 |  |  |  | 5,027 |  |  |  | 248,958 |
Other segment items (2) |  |  | 86,191 |  |  |  | 66,974 |  |  |  | 78,175 |  |  |  | 45,789 |  |  |  | 51,559 |  |  |  | 42,515 |  |  |  | 36,298 |  |  |  | 18,523 |  |  |  | 34,979 |  |  |  | 461,003 |
Segment contribution |  | $ | 32,355 |  |  | $ | 21,790 |  |  | $ | 25,626 |  |  | $ | 23,710 |  |  | $ | 8,681 |  |  | $ | 25,506 |  |  | $ | 15,781 |  |  | $ | 3,724 |  |  | $ | (11,415 | ) |  | $ | 145,758 |

(1) | The Manufacturing segment had $8.6 million and $9.0 million of intersegment revenue for the three months ended June 30, 2025 and 2024, respectively, and $17.5 million and $17.6 million for the six months ended June 30, 2025 and 2024, respectively. Intersegment revenue is eliminated in the consolidated financial statements, as well as the reported segment revenue in the table above.

(2) | Other segment items primarily include selling expenses and general and administrative expenses.

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| Three Months Ended June 30, |  | Six Months Ended June 30, |
| 2025 |  | 2024 |  | 2025 |  | 2024 |
Total segment revenue |  | $ | 385,711 |  |  | $ | 439,085 |  |  | $ | 749,672 |  |  | $ | 855,719 |
Core Nu Skin adjustment |  |  | 427 |  |  |  | (4 | ) |  |  | 956 |  |  |  | 668 |
Total revenue |  | $ | 386,138 |  |  | $ | 439,081 |  |  | $ | 750,628 |  |  | $ | 856,387 |

|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Total segment contribution |  | $ | 83,336 |  |  | $ | 76,588 |  |  | $ | 158,142 |  |  | $ | 145,758 |
Corporate and Other |  |  | (52,556 | ) |  |  | (202,145 | ) |  |  | (137,265 | ) |  |  | (262,493 | )
Operating income (loss) |  |  | 30,780 |  |  |  | (125,557 | ) |  |  | 20,877 |  |  |  | (116,735 | )
Interest expense |  |  | 2,526 |  |  |  | 6,720 |  |  |  | 5,809 |  |  |  | 14,045 |
Gain on sale of business |  |  | — |  |  |  | — |  |  |  | 176,162 |  |  |  | — |
Other income (expense), net |  |  | (843 | ) |  |  | 629 |  |  |  | (29,218 | ) |  |  | 233 |
Income before provision for income taxes |  | $ | 27,411 |  |  | $ | (131,648 | ) |  | $ | 162,012 |  |  | $ | (130,547 | )

Depreciation and Amortization

|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(U.S. dollars in thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Nu Skin |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 43 |  |  | $ | 93 |  |  | $ | 93 |  |  | $ | 198 |
Southeast Asia/Pacific |  |  | 193 |  |  |  | 174 |  |  |  | 383 |  |  |  | 423 |
Mainland China |  |  | 2,032 |  |  |  | 2,726 |  |  |  | 4,100 |  |  |  | 5,500 |
Japan |  |  | 58 |  |  |  | 71 |  |  |  | 115 |  |  |  | 152 |
South Korea |  |  | 152 |  |  |  | 261 |  |  |  | 326 |  |  |  | 506 |
Europe & Africa |  |  | 277 |  |  |  | 274 |  |  |  | 541 |  |  |  | 547 |
Hong Kong/Taiwan |  |  | 353 |  |  |  | 318 |  |  |  | 730 |  |  |  | 897 |
Total Nu Skin |  |  | 3,108 |  |  |  | 3,917 |  |  |  | 6,288 |  |  |  | 8,223 |
Rhyz |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Manufacturing |  |  | 3,294 |  |  |  | 3,432 |  |  |  | 6,628 |  |  |  | 6,767 |
Rhyz Other |  |  | 370 |  |  |  | 1,966 |  |  |  | 1,282 |  |  |  | 3,852 |
Total Rhyz |  |  | 3,664 |  |  |  | 5,398 |  |  |  | 7,910 |  |  |  | 10,619 |
Corporate and other |  |  | 6,280 |  |  |  | 8,288 |  |  |  | 13,060 |  |  |  | 17,198 |
Total |  | $ | 13,052 |  |  | $ | 17,603 |  |  | $ | 27,258 |  |  | $ | 36,040 |

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Capital Expenditures

|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(U.S. dollars in thousands) |  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Nu Skin |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 6 |  |  | $ | 12 |  |  | $ | 19 |  |  | $ | 33 |
Southeast Asia/Pacific |  |  | 79 |  |  |  | 9 |  |  |  | 79 |  |  |  | 18 |
Mainland China |  |  | 470 |  |  |  | 1,578 |  |  |  | 948 |  |  |  | 4,267 |
Japan |  |  | — |  |  |  | 23 |  |  |  | — |  |  |  | 21 |
South Korea |  |  | 18 |  |  |  | — |  |  |  | 18 |  |  |  | 22 |
Europe & Africa |  |  | 5 |  |  |  | 124 |  |  |  | 11 |  |  |  | 289 |
Hong Kong/Taiwan |  |  | 52 |  |  |  | 38 |  |  |  | 120 |  |  |  | 236 |
Total Nu Skin |  |  | 630 |  |  |  | 1,784 |  |  |  | 1,195 |  |  |  | 4,886 |
Rhyz |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Manufacturing |  |  | 988 |  |  |  | 1,115 |  |  |  | 1,662 |  |  |  | 2,464 |
Rhyz Other |  |  | — |  |  |  | 434 |  |  |  | 16 |  |  |  | 1,069 |
Total Rhyz |  |  | 988 |  |  |  | 1,549 |  |  |  | 1,678 |  |  |  | 3,533 |
Corporate and other |  |  | 3,399 |  |  |  | 4,790 |  |  |  | 10,729 |  |  |  | 11,985 |
Total |  | $ | 5,017 |  |  | $ | 8,123 |  |  | $ | 13,602 |  |  | $ | 20,404 |

12. | Commitments and Contingencies

The Company is subject to government regulations pertaining to product formulation, labeling and packaging, product claims and advertising, and the Company’s direct selling system. The Company is also subject to the jurisdiction of numerous foreign tax and customs authorities. Any assertions or determination that either the Company or the Company’s sales force is not in compliance with existing statutes, laws, rules or regulations could have a material adverse effect on the Company’s operations. In addition, in any country or jurisdiction, the adoption of new statutes, laws, rules or regulations or changes in the interpretation of existing statutes, laws, rules or regulations could have a material adverse effect on the Company and its operations. No assurance can be given that the Company’s compliance with applicable statutes, laws, rules and regulations will not be challenged by foreign authorities or that such challenges will not have a material adverse effect on the Company’s financial position, results of operations or cash flows. The Company and its Subsidiaries are defendants in litigation, investigations and other proceedings involving various matters. Management believes that the ultimate liability arising from such claims and contingencies, if any, is not likely to have a material adverse effect on the Company’s consolidated financial condition, results of operations or cash flows.
The Company is subject to regular audits by federal, state and foreign tax authorities. These audits may result in additional tax liabilities. The Company believes it has appropriately provided for income taxes for all years. Several factors drive the calculation of its tax reserves. Some of these factors include: (i) the expiration of various statutes of limitations; (ii) changes in tax law and regulations; (iii) issuance of tax rulings; and (iv) settlements with tax authorities. Changes in any of these factors may result in adjustments to the Company’s reserves, which would impact its reported financial results.
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13. | Restructuring

In the fourth quarter of 2023, the Company adopted a strategic plan (“2023 Plan”) to focus resources on the Company’s global priorities and optimize future growth and profitability. The global program includes workforce reductions and fixed asset impairments associated with our consolidation of technology assets. Total charges under the program included approximately $27.9 million in cash charges of severance, approximately $1.1 million in other cash charges and approximately $38.8 million in non-cash charges, including approximately $36.6 million in fixed asset impairments. The Company has incurred all expected charges under the 2023 Plan, and anticipates making the remaining payments in the back half of 2025.

| ● | During the fourth quarter of 2023, the Company incurred charges to be settled in cash of $10.0 million in severance charges. During the fourth quarter of 2023, the Company made cash payments of $0.3 million, leaving an ending restructuring accrual of $9.7 million.

| ● | During the first quarter of 2024, the Company incurred charges to be settled in cash of $4.1 million in severance charges and $2.0 million in other associated cost, and non-cash charges of $1.0 million in write-down of assets. During the first quarter of 2024, the Company made cash payments of $7.0 million, leaving an ending restructuring accrual of $8.8 million.

| ● | During the second quarter of 2024, the Company incurred charges to be settled in cash of $1.0 million in severance charges and $0.1 million in other cash charges. In the second quarter of 2024, the Company incurred non-cash charges of $7.2 million, consisting of $6.4 million in fixed asset impairments and $0.8 million in other asset write-downs. During the second quarter of 2024, the Company made cash payments of $2.8 million, leaving an ending restructuring accrual of $7.1 million.

| ● | During the third quarter of 2024, the Company incurred no additional charges and made cash payments of $3.9 million, leaving an ending restructuring accrual of $3.2 million.

| ● | During the fourth quarter of 2024, the Company incurred charges to be settled in cash of $12.8 million in severance charges and $(1.1) million in other cash charges. In the fourth quarter of 2024, the Company incurred non-cash charges of $30.2 million of fixed asset impairments and $0.4 million of other non-cash charges. During the fourth quarter of 2024, the Company made cash payments of $8.7 million, leaving an ending restructuring accrual of $6.2 million.

| ● | During the first quarter of 2025, the Company incurred no further charges, and it made cash payments of $4.7 million leaving an ending restructuring accrual of $1.5 million.

| ● | During the second quarter of 2025, the Company incurred no further charges, and it made cash payments of $0.5 million leaving an ending restructuring accrual of $1.0 million.

Restructuring expense by segment – 2023 Plan

|  | Three Months Ended |  |  |  |
(U.S. dollars in thousands) |  | December 31, 2024 |  |  | June 30, 2024 |  |  | March 31, 2024 |  |  | December 31, 2023 |  |  | Total |
Nu Skin |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 159 |  |  | $ | 267 |  |  | $ | 3,145 |  |  | $ | 598 |  |  | $ | 4,169 |
Southeast Asia/Pacific |  |  | 1,589 |  |  |  | 190 |  |  |  | 307 |  |  |  | 862 |  |  |  | 2,948 |
Mainland China |  |  | 3,449 |  |  |  | (162 | ) |  |  | 1,017 |  |  |  | 2,910 |  |  |  | 7,214 |
Japan |  |  | 1 |  |  |  | — |  |  |  | 24 |  |  |  | — |  |  |  | 25 |
Europe & Africa |  |  | 1,152 |  |  |  | 414 |  |  |  | 677 |  |  |  | 554 |  |  |  | 2,797 |
South Korea |  |  | 1,646 |  |  |  | (134 | ) |  |  | 134 |  |  |  | — |  |  |  | 1,646 |
Hong Kong/Taiwan |  |  | 294 |  |  |  | (147 | ) |  |  | 357 |  |  |  | 432 |  |  |  | 936 |
Total Nu Skin |  |  | 8,290 |  |  |  | 428 |  |  |  | 5,661 |  |  |  | 5,356 |  |  |  | 19,735 |
Rhyz |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Manufacturing |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Rhyz Other |  |  | 1,040 |  |  |  | 40 |  |  |  | — |  |  |  | — |  |  |  | 1,080 |
Total Rhyz |  |  | 1,040 |  |  |  | 40 |  |  |  | — |  |  |  | — |  |  |  | 1,080 |
Corporate and other |  |  | 32,887 |  |  |  | 7,896 |  |  |  | 1,473 |  |  |  | 4,647 |  |  |  | 46,903 |
Total |  | $ | 42,217 |  |  | $ | 8,364 |  |  | $ | 7,134 |  |  | $ | 10,003 |  |  | $ | 67,718 |

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ITEM 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This Quarterly Report on Form 10-Q (this “Quarterly Report”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that represent our current expectations and beliefs. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws and include, but are not limited to, statements of management’s expectations regarding our performance, initiatives, strategies, product introductions and offerings, acquisitions, and the integration of acquired companies, growth, opportunities and risks; statements of projections regarding future sales, expenses, operating results, taxes and duties, capital expenditures, sources and uses of cash, foreign-currency fluctuations or devaluations, repatriation of undistributed earnings, and other financial items; statements of management’s expectations and beliefs regarding our markets and global economic conditions; statements regarding the payment of future dividends and stock repurchases; statements regarding the outcome of litigation, audits, investigations or other regulatory actions; statements regarding government policies and regulations relating to our industry, including government policies and regulations in or related to the United States and Mainland China; statements regarding tariffs and trade policies; accounting estimates and assumptions; statements of belief; and statements of assumptions underlying any of the foregoing. In some cases, you can identify these statements by forward-looking words such as “believe,” “expect,” “optimistic,” “project,” “anticipate,” “determine,” “estimate,” “intend,” “plan,” “goal,” “objective,” “targets,” “become,” “likely,” “will,” “would,” “could,” “may,” “might,” the negative of these words and other similar words. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. We caution and advise readers that these statements are based on assumptions that may not be realized and involve important risks and uncertainties that could cause actual results to differ materially from the expectations and beliefs contained herein. For a summary of these risks, see the risk factors included in our Annual Report on Form 10-K for the 2024 fiscal year and in any of our subsequent Securities and Exchange Commission filings, including this Quarterly Report.
The following Management’s Discussion and Analysis should be read in conjunction with our consolidated financial statements and related notes and Management’s Discussion and Analysis included in our Annual Report on Form 10-K for the 2024 fiscal year, and our other reports filed with the Securities and Exchange Commission through the date of this Quarterly Report.
Overview
Revenue for the three-month period ended June 30, 2025 decreased 12% to $386.1 million, compared to $439.1 million in the prior-year period, and revenue for the six-month period ended June 30, 2025 decreased 12% to $750.6 million, compared to $856.4 million in the prior-year period. Our revenue in the second quarter and first six months of 2025 benefited 0.3% and was negatively impacted 1.2%, respectively, from foreign-currency fluctuations. Our Customers, Paid Affiliates and Sales Leaders declined 14%, 16% and 23%, respectively, on a year-over-year basis.
The declines for the second quarter and first six months of 2025 were largely driven by the continued macroeconomic challenges we have been facing in our markets, which have negatively impacted consumer spending and customer acquisition. In addition, while we continue to make progress on our long-term vision, we have experienced headwinds from the transformation process. Our priorities for 2025 focus on business model optimization, driven by the continued rollout of enhancements to our sales performance plan, a limited preview of our next connected device Prysm iO and business expansion into India. Due to the timing of the limited leader preview we are not anticipating material revenue from the Prysm iO device sales in 2025. We are currently anticipating nominal revenue from our fourth quarter India market pre-opening, as we are preparing for the formal launch in mid-2026.
Earnings per share for the second quarter of 2025 increased to $0.43, compared to $(2.38) in the prior-year period. Earnings per share for the first six months of 2025 increased to $2.59, compared to $(2.39) in the prior-year period. In the second quarter of 2024 we recorded restructuring and impairment charges of $149.4 million. In addition, our earnings per share for the first six months of 2025 increased due to the sale of our Mavely business, which generated a pre-tax gain of approximately $176.2 million, partially offset by the associated taxes, a $25.1 million impairment of the BeautyBio asset group, a non-cash loss on investment of $28.1 million and the decline in revenue.
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Segment Results
We report our business in nine segments to reflect our current management approach. These segments consist of our seven geographic Nu Skin segments—Americas, Mainland China, Southeast Asia/Pacific, Japan, Europe & Africa, South Korea and Hong Kong/Taiwan—and our two Rhyz segments—Manufacturing and Rhyz Other. The Nu Skin Other category includes miscellaneous corporate revenue and related adjustments.
The following table sets forth revenue for the three- and six-month periods ended June 30, 2025 and 2024 for each of our reportable segments (U.S. dollars in thousands):

|  | Three Months Ended June 30, |  |  |  |  |  | Constant- Currency |  |  | Six Months Ended June 30, |  |  |  |  |  | Constant- Currency |
|  | 2025 |  |  | 2024 |  |  | Change |  |  | Change(1) |  |  | 2025 |  |  | 2024 |  |  | Change |  |  | Change(1) |
Nu Skin |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Americas |  | $ | 72,946 |  |  | $ | 84,935 |  |  |  | (14.1 | )% |  |  | (8.2 | )% |  | $ | 142,004 |  |  | $ | 159,966 |  |  |  | (11.2 | )% |  |  | (5.0 | )%
Southeast Asia/Pacific |  |  | 50,834 |  |  |  | 60,341 |  |  |  | (15.8 | )% |  |  | (17.3 | )% |  |  | 103,006 |  |  |  | 120,406 |  |  |  | (14.5 | )% |  |  | (14.7 | )%
Mainland China |  |  | 53,224 |  |  |  | 64,710 |  |  |  | (17.7 | )% |  |  | (18.0 | )% |  |  | 100,999 |  |  |  | 125,777 |  |  |  | (19.7 | )% |  |  | (19.2 | )%
Japan |  |  | 44,550 |  |  |  | 42,587 |  |  |  | 4.6 | % |  |  | (3.1 | )% |  |  | 87,315 |  |  |  | 86,823 |  |  |  | 0.6 | % |  |  | (1.9 | )%
Europe & Africa |  |  | 37,328 |  |  |  | 40,714 |  |  |  | (8.3 | )% |  |  | (13.0 | )% |  |  | 70,349 |  |  |  | 82,987 |  |  |  | (15.2 | )% |  |  | (16.3 | )%
South Korea |  |  | 34,068 |  |  |  | 44,119 |  |  |  | (22.8 | )% |  |  | (21.3 | )% |  |  | 66,583 |  |  |  | 85,082 |  |  |  | (21.7 | )% |  |  | (17.4 | )%
Hong Kong/Taiwan |  |  | 27,527 |  |  |  | 33,846 |  |  |  | (18.7 | )% |  |  | (21.1 | )% |  |  | 55,974 |  |  |  | 64,312 |  |  |  | (13.0 | )% |  |  | (13.0 | )%
Nu Skin Other |  |  | 427 |  |  |  | (4 | ) |  |  | 10,775.0 | % |  |  | 10,775.0 | % |  |  | 956 |  |  |  | 668 |  |  |  | 43.1 | % |  |  | 43.1 | %
Total Nu Skin |  |  | 320,904 |  |  |  | 371,248 |  |  |  | (13.6 | )% |  |  | (13.9 | )% |  |  | 627,186 |  |  |  | 726,021 |  |  |  | (13.6 | )% |  |  | (12.1 | )%
Rhyz |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Manufacturing |  |  | 60,400 |  |  |  | 51,473 |  |  |  | 17.3 | % |  |  | 17.3 | % |  |  | 115,690 |  |  |  | 101,775 |  |  |  | 13.7 | % |  |  | 13.7 | %
Rhyz Other |  |  | 4,834 |  |  |  | 16,360 |  |  |  | (70.5 | )% |  |  | (70.5 | )% |  |  | 7,752 |  |  |  | 28,591 |  |  |  | (72.9 | )% |  |  | (72.9 | )%
Total Rhyz |  |  | 65,234 |  |  |  | 67,833 |  |  |  | (3.8 | )% |  |  | (3.8 | )% |  |  | 123,442 |  |  |  | 130,366 |  |  |  | (5.3 | )% |  |  | (5.3 | )%
Total |  | $ | 386,138 |  |  | $ | 439,081 |  |  |  | (12.1 | )% |  |  | (12.4 | )% |  | $ | 750,628 |  |  | $ | 856,387 |  |  |  | (12.3 | )% |  |  | (11.1 | )%

(1) | Constant-currency revenue change is a non-GAAP financial measure. See “Non-GAAP Financial Measures,” below.

The tables below set forth summarized financial information for each of our reportable segments for the three- and six-month periods ended June 30, 2025 and 2024 (U.S. dollars in thousands). Segment contribution excludes certain intercompany charges, specifically royalties, license fees, transfer pricing and other miscellaneous items. We use segment contribution to measure the portion of profitability that the segment managers have the ability to control for their respective segments. For additional information regarding our segments and the calculation of segment contribution, see Note 11 to the consolidated financial statements contained in this report.

|  | Three Months Ended June 30, 2025 |
|  | Nu Skin |  |  | Rhyz Investments |  |  |  |
|  | Americas |  |  | Southeast Asia / Pacific |  |  | Mainland China |  |  | Japan |  |  | Europe & Africa |  |  | South Korea |  |  | Hong Kong / Taiwan |  |  | Manufacturing |  |  | Rhyz Other |  |  | Total Segments |
Revenue |  | $ | 72,946 |  |  | $ | 50,834 |  |  | $ | 53,224 |  |  | $ | 44,550 |  |  | $ | 37,328 |  |  | $ | 34,068 |  |  | $ | 27,527 |  |  | $ | 60,400 |  |  | $ | 4,834 |  |  | $ | 385,711 |
Cost of sales |  |  | 18,401 |  |  |  | 12,025 |  |  |  | 9,800 |  |  |  | 9,035 |  |  |  | 9,531 |  |  |  | 7,058 |  |  |  | 4,662 |  |  |  | 46,963 |  |  |  | 1,085 |  |  |  | 118,560 |
Other segment items |  |  | 37,729 |  |  |  | 26,587 |  |  |  | 28,967 |  |  |  | 23,562 |  |  |  | 21,877 |  |  |  | 16,934 |  |  |  | 14,536 |  |  |  | 9,737 |  |  |  | 3,886 |  |  |  | 183,815 |
Segment contribution |  | $ | 16,816 |  |  | $ | 12,222 |  |  | $ | 14,457 |  |  | $ | 11,953 |  |  | $ | 5,920 |  |  | $ | 10,076 |  |  | $ | 8,329 |  |  | $ | 3,700 |  |  | $ | (137 | ) |  | $ | 83,336 |
Segment contribution as a percentage of revenue |  |  | 23.1 | % |  |  | 24.0 | % |  |  | 27.2 | % |  |  | 26.8 | % |  |  | 15.9 | % |  |  | 29.6 | % |  |  | 30.3 | % |  |  | 6.1 | % |  |  | (2.8 | )% |  |  | 21.6 | %

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|  | Three Months Ended June 30, 2024 |
|  | Nu Skin |  |  | Rhyz Investments |  |  |  |
|  | Americas |  |  | Southeast Asia / Pacific |  |  | Mainland China |  |  | Japan |  |  | Europe & Africa |  |  | South Korea |  |  | Hong Kong / Taiwan |  |  | Manufacturing |  |  | Rhyz Other |  |  | Total Segments |
Revenue |  | $ | 84,935 |  |  | $ | 60,341 |  |  | $ | 64,710 |  |  | $ | 42,587 |  |  | $ | 40,714 |  |  | $ | 44,119 |  |  | $ | 33,846 |  |  | $ | 51,473 |  |  | $ | 16,360 |  |  | $ | 439,085 |
Cost of sales |  |  | 22,074 |  |  |  | 16,469 |  |  |  | 11,394 |  |  |  | 8,617 |  |  |  | 10,627 |  |  |  | 8,864 |  |  |  | 6,588 |  |  |  | 40,687 |  |  |  | 2,406 |  |  |  | 127,726 |
Other segment items |  |  | 45,482 |  |  |  | 33,166 |  |  |  | 39,943 |  |  |  | 22,266 |  |  |  | 24,682 |  |  |  | 21,932 |  |  |  | 18,844 |  |  |  | 9,029 |  |  |  | 19,427 |  |  |  | 234,771 |
Segment contribution |  | $ | 17,379 |  |  | $ | 10,706 |  |  | $ | 13,373 |  |  | $ | 11,704 |  |  | $ | 5,405 |  |  | $ | 13,323 |  |  | $ | 8,414 |  |  | $ | 1,757 |  |  | $ | (5,473 | ) |  | $ | 76,588 |
Segment contribution as a percentage of revenue |  |  | 20.5 | % |  |  | 17.7 | % |  |  | 20.7 | % |  |  | 27.5 | % |  |  | 13.3 | % |  |  | 30.2 | % |  |  | 24.9 | % |  |  | 3.4 | % |  |  | (33.5 | )% |  |  | 17.4 | %

|  | Six Months Ended June 30, 2025 |
|  | Nu Skin |  |  | Rhyz Investments |  |  |  |
|  | Americas |  |  | Southeast Asia / Pacific |  |  | Mainland China |  |  | Japan |  |  | Europe & Africa |  |  | South Korea |  |  | Hong Kong / Taiwan |  |  | Manufacturing |  |  | Rhyz Other |  |  | Total Segments |
Revenue |  | $ | 142,004 |  |  | $ | 103,006 |  |  | $ | 100,999 |  |  | $ | 87,315 |  |  | $ | 70,349 |  |  | $ | 66,583 |  |  | $ | 55,974 |  |  | $ | 115,690 |  |  | $ | 7,752 |  |  | $ | 749,672 |
Cost of sales |  |  | 36,167 |  |  |  | 25,024 |  |  |  | 18,788 |  |  |  | 17,789 |  |  |  | 17,905 |  |  |  | 13,499 |  |  |  | 9,714 |  |  |  | 91,938 |  |  |  | 2,374 |  |  |  | 233,198 |
Other segment items |  |  | 73,274 |  |  |  | 53,610 |  |  |  | 57,202 |  |  |  | 45,719 |  |  |  | 41,862 |  |  |  | 32,256 |  |  |  | 28,241 |  |  |  | 18,273 |  |  |  | 7,895 |  |  |  | 358,332 |
Segment contribution |  | $ | 32,563 |  |  | $ | 24,372 |  |  | $ | 25,009 |  |  | $ | 23,807 |  |  | $ | 10,582 |  |  | $ | 20,828 |  |  | $ | 18,019 |  |  | $ | 5,479 |  |  | $ | (2,517 | ) |  | $ | 158,142 |
Segment contribution as a percentage of revenue |  |  | 22.9 | % |  |  | 23.7 | % |  |  | 24.8 | % |  |  | 27.3 | % |  |  | 15.0 | % |  |  | 31.3 | % |  |  | 32.2 | % |  |  | 4.7 | % |  |  | (32.5 | )% |  |  | 21.1 | %

|  | Six Months Ended June 30, 2024 |
|  | Nu Skin |  |  | Rhyz Investments |  |  |  |
|  | Americas |  |  | Southeast Asia / Pacific |  |  | Mainland China |  |  | Japan |  |  | Europe & Africa |  |  | South Korea |  |  | Hong Kong / Taiwan |  |  | Manufacturing |  |  | Rhyz Other |  |  | Total Segments |
Revenue |  | $ | 159,966 |  |  | $ | 120,406 |  |  | $ | 125,777 |  |  | $ | 86,823 |  |  | $ | 82,987 |  |  | $ | 85,082 |  |  | $ | 64,312 |  |  | $ | 101,775 |  |  | $ | 28,591 |  |  | $ | 855,719 |
Cost of sales |  |  | 41,420 |  |  |  | 31,642 |  |  |  | 21,976 |  |  |  | 17,324 |  |  |  | 22,747 |  |  |  | 17,061 |  |  |  | 12,233 |  |  |  | 79,528 |  |  |  | 5,027 |  |  |  | 248,958 |
Other segment items |  |  | 86,191 |  |  |  | 66,974 |  |  |  | 78,175 |  |  |  | 45,789 |  |  |  | 51,559 |  |  |  | 42,515 |  |  |  | 36,298 |  |  |  | 18,523 |  |  |  | 34,979 |  |  |  | 461,003 |
Segment contribution |  | $ | 32,355 |  |  | $ | 21,790 |  |  | $ | 25,626 |  |  | $ | 23,710 |  |  | $ | 8,681 |  |  | $ | 25,506 |  |  | $ | 15,781 |  |  | $ | 3,724 |  |  | $ | (11,415 | ) |  | $ | 145,758 |
Segment contribution as a percentage of revenue |  |  | 20.2 | % |  |  | 18.1 | % |  |  | 20.4 | % |  |  | 27.3 | % |  |  | 10.5 | % |  |  | 30.0 | % |  |  | 24.5 | % |  |  | 3.7 | % |  |  | (39.9 | )% |  |  | 17.0 | %

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The following table provides information concerning the number of Customers, Paid Affiliates and Sales Leaders in our core Nu Skin business for the three-month periods ended June 30, 2025 and 2024.

| ● | “Customers” are persons who have purchased directly from the Company during the three months ended as of the date indicated. Our Customer numbers include members of our sales force who made such a purchase, including Paid Affiliates and those who qualify as Sales Leaders, but they do not include consumers who purchase directly from members of our sales force.

| ● | “Paid Affiliates” are any Brand Affiliates, as well as members of our sales force in Mainland China, who earned sales compensation during the three-month period. In all of our markets besides Mainland China, we refer to members of our independent sales force as “Brand Affiliates” because their primary role is to promote our brand and products through their personal social networks.

| ● | “Sales Leaders” are the three-month average of our monthly Brand Affiliates, as well as sales employees and independent marketers in Mainland China, who achieved certain qualification requirements as of the end of each month of the quarter.

|  | Three Months Ended June 30, |  |  |  |
|  | 2025 |  |  | 2024 |  |  | Change |
Customers |  |  |  |  |  |  |  |  |
Americas |  |  | 240,477 |  |  |  | 226,626 |  |  |  | 6 | %
Southeast Asia/Pacific |  |  | 72,814 |  |  |  | 88,662 |  |  |  | (18 | )%
Mainland China |  |  | 117,325 |  |  |  | 179,021 |  |  |  | (34 | )%
Japan |  |  | 105,961 |  |  |  | 109,357 |  |  |  | (3 | )%
Europe & Africa |  |  | 126,146 |  |  |  | 143,336 |  |  |  | (12 | )%
South Korea |  |  | 67,313 |  |  |  | 99,358 |  |  |  | (32 | )%
Hong Kong/Taiwan |  |  | 41,371 |  |  |  | 47,154 |  |  |  | (12 | )%
Total Customers |  |  | 771,407 |  |  |  | 893,514 |  |  |  | (14 | )%
Paid Affiliates |  |  |  |  |  |  |  |  |  |  |  |
Americas |  |  | 28,827 |  |  |  | 29,531 |  |  |  | (2 | )%
Southeast Asia/Pacific |  |  | 21,092 |  |  |  | 29,701 |  |  |  | (29 | )%
Mainland China |  |  | 19,399 |  |  |  | 24,404 |  |  |  | (21 | )%
Japan |  |  | 19,605 |  |  |  | 21,575 |  |  |  | (9 | )%
Europe & Africa |  |  | 15,320 |  |  |  | 17,402 |  |  |  | (12 | )%
South Korea |  |  | 16,986 |  |  |  | 22,116 |  |  |  | (23 | )%
Hong Kong/Taiwan |  |  | 9,570 |  |  |  | 10,757 |  |  |  | (11 | )%
Total Paid Affiliates |  |  | 130,799 |  |  |  | 155,486 |  |  |  | (16 | )%
Sales Leaders |  |  |  |  |  |  |  |  |  |  |  |
Americas |  |  | 5,971 |  |  |  | 6,070 |  |  |  | (2 | )%
Southeast Asia/Pacific |  |  | 4,126 |  |  |  | 5,601 |  |  |  | (26 | )%
Mainland China |  |  | 5,790 |  |  |  | 10,266 |  |  |  | (44 | )%
Japan |  |  | 5,882 |  |  |  | 6,116 |  |  |  | (4 | )%
Europe & Africa |  |  | 2,695 |  |  |  | 3,432 |  |  |  | (21 | )%
South Korea |  |  | 3,066 |  |  |  | 4,689 |  |  |  | (35 | )%
Hong Kong/Taiwan |  |  | 2,063 |  |  |  | 2,418 |  |  |  | (15 | )%
Total Sales Leaders |  |  | 29,593 |  |  |  | 38,592 |  |  |  | (23 | )%

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Following is a narrative discussion of our results in each segment, which supplements the tables above.
Americas. The results in our Americas segment reflect a continued decline in our North America markets, while our Latin America markets grew year-over-year. We also introduced enhancements to the sales performance plan in North America starting in November 2024, which has caused disruption as our sales force adapts to the enhancements. In addition, our reported revenue reflects negative impacts from unfavorable foreign currency fluctuations of 5.9% and 6.2% for the second quarter and first half of 2025, respectively.
In the second quarter of 2024, we launched our developing market strategy in Argentina, with a revised operating model with a focused product portfolio and modified business model that has enabled us to reach a broader demographic. During early 2025, we continued to roll out this strategy in additional Latin America markets. For the second quarter of 2025, our Latin America markets revenue increased from $11.9 million to $24.7 million, a 107% year-over-year increase; in addition, Latin America Customers increased 112%, Paid Affiliates increased 52%, and Sales Leaders increased 121%.
The year-over-year increase in segment contribution for the first half of 2025 primarily reflects increased profitability in Latin America, partially offset by the overall decline in revenue.
Southeast Asia/Pacific. The decline in revenue, Customers, Paid Affiliates and Sales Leaders for the second quarter and first half of 2025 is partially attributable to slowing momentum from the general macroeconomic factors in the markets. In response to these challenges, we are leveraging learnings from our developing market strategy, including with the launch of products specifically aimed at expanding our customer base.
The year-over-year increases in segment contribution for the second quarter and first half of 2025 are primarily attributable to a 3.6 percentage point and 2.0 percentage point increase to gross margin, from product mix and a 1.9 percentage point and 2.2 percentage point decrease in selling expenses as a percentage of revenue from a sales force event that was held in the second quarter of 2024, partially offset by declines in revenue.
Mainland China. Our Mainland China market continued to be challenged during the first half of 2025, with ongoing macroeconomic factors, the associated decrease in consumer spending and a negative sentiment towards U.S. brands leading to declines in revenue.
The increase in segment contribution for the second quarter of 2025 primarily reflects a 6.2 percentage point decrease in selling expenses as a percent of revenue, partially offset by the decline in revenue. The year-over-year decrease in segment contribution for the first half of 2025 primarily reflects lower revenue, partially offset by a 4.6 percentage point decrease in selling expense as a percent of revenue. The salaries and service fees of our Sales Leaders in Mainland China are fixed until they are adjusted in a quarterly evaluation process. As a result, we have variations in our selling expenses as a percentage of revenue, particularly when there is a sequential change in revenue.
Japan. The 4.6% and 0.6% increase in revenue for the second quarter and first half of 2025 is primarily attributable to a 7.7% and 2.5% benefit from favorable foreign-currency fluctuations. On a local currency basis, revenue decreased 3.1% and 1.9%, which is partially attributable to consumer inflationary pressures which depressed spending.
The year-over-year increase in segment contribution is primarily attributable to increased revenue.
Europe & Africa. The reduction in revenue, Customers, Paid Affiliates and Sales Leaders reflects continued softness in these markets, as well as the macroeconomic factors that have led to a decline in the purchasing power of our customers. We introduced enhancements to the sales performance plan in Europe & Africa starting in March 2025.
The year-over-year increase in segment contribution was primarily driven by a 2.1 percentage point and a 2.7 percentage point decline in selling expenses as a percent of revenue for the second quarter and first half of 2025, respectively, primarily from elevated sales force events costs in the prior-year periods, partially offset by the decline in revenue.
South Korea. Our South Korea market was challenged by difficult macroeconomic trends, including inflationary pressures, political instability, and our associated price increases which negatively impacted our revenue, Customers, Paid Affiliates and Sales Leaders for the three- and six-month periods ended June 30, 2025.
The year-over-year decline in segment contribution primarily reflects the decline in revenue.
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Hong Kong/Taiwan. The declines in our Hong Kong/Taiwan segment for the second quarter and first half of 2025 are attributable to macroeconomic issues, which are resulting in less purchasing power for our consumers.
The decline in segment contribution for the second quarter was primarily driven by the decline in revenue, partially offset by a 2.5 percentage point improvement in gross margin and a 2.9 percentage point decrease in selling expenses. For the first half of 2025, the increase in segment contribution was primarily driven by a 3.4 percentage point decrease in selling expenses and a 2.6 percentage point decrease in general and administrative, from our recent cost saving efforts, partially offset by the decline in revenue.
Manufacturing. Our Manufacturing segment revenue increased 17.3% and 13.7% for the second quarter and first half of 2025, primarily driven by growth at our Wasatch manufacturing entity.
The increase in segment contribution for the second quarter and first half of 2025 is primarily from the revenue mix amongst our manufacturing entities as well as product mix, which resulted in more profitability for the periods presented.
Rhyz Other. The decrease in revenue of our Rhyz Other segment is primarily driven by the January 2, 2025 sale of Mavely. Mavely recognized $12.0 million and $19.0 million of revenue in the second quarter and first half of 2024. In addition, our BeautyBio entity continues to be challenged, with a 40.0% and a 58.0% decline in revenue for the second quarter and first half of 2025, as we continue to implement our strategy to minimize future losses and better position the brand.
The increase in segment contribution is primarily from the sale of Mavely, which operated at a loss during the first half of 2024, as well as our cost saving efforts at BeautyBio, which had smaller losses for the second quarter and first half of 2025.
Consolidated Results
Revenue
Revenue for the three-month period ended June 30, 2025 decreased 12% to $386.1 million, compared to $439.1 million in the prior-year period. Revenue for the six-month period ended June 30, 2025 decreased 12% to $750.6 million compared to $856.4 million. Our revenue in the second quarter and first six months of 2025 benefited 0.3% and was negatively impacted 1.2%, respectively, from foreign-currency fluctuations. For a discussion and analysis of these decreases in revenue, see “Overview” and “Segment Results,” above.
Gross profit
Gross profit as a percentage of revenue was 68.8% for the second quarter of 2025, compared to 70.0% for the prior-year period, and 68.3% for the first six months of 2025, compared to 70.2% for the prior-year period. Gross profit as a percentage of revenue for our Nu Skin business increased 1.4 percentage points to 77.5% for the second quarter of 2025 and increased 0.6 percentage points to 77.1% for the first six months of 2025. Our gross margin was also impacted by the gross margin of our owned manufacturing entities, which as previously disclosed, is significantly lower than the gross margin of our core Nu Skin business. With the year-over-year growth within our Manufacturing segment, its revenue represented a higher proportion of our overall consolidated revenue for the quarter.
We continue to monitor macroeconomic trends and uncertainties related to international trade relations and trade policy, including those related to tariffs. Incremental tariffs did not have a significant impact on our financial results for the first half of 2025 but could adversely impact our results in the future. While we remain focused on mitigating the impact of the tariffs, we currently estimate up to $5 million of incremental cost pressure for the remainder of 2025. We continue to monitor and plan to take proactive measures to minimize the potential impact.
Selling expenses
Selling expenses as a percentage of revenue decreased to 33.2% for the second quarter of 2025, compared to 37.7% for the prior-year period, and decreased to 32.9% for the first six months of 2025, compared to 37.3% for the prior-year period. Core Nu Skin selling expenses as a percentage of revenue decreased 2.2 percentage points to 40.0% for the second quarter of 2025 and decreased 2.7 percentage points to 39.3% for the first six months of 2025. Selling expenses for our core Nu Skin business are driven by the specific performance of our individual Sales Leaders. Given the size of our sales force and the various components of our compensation and incentive programs, selling expenses as a percentage of revenue typically fluctuate plus or minus approximately 100 basis points from period to period. Our second quarter and first half of 2025 core Nu Skin selling expenses decrease is partially attributable to the sequential decline in revenue and Sales Leaders, which resulted in a decline in those qualifying for increased sales compensation. In addition, approximately 2.0 percentage points and 1.7 percentage points of the decline in selling expenses as a percentage of revenue in our consolidated results are attributable to the January 2, 2025 sale of Mavely.
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General and administrative expenses
General and administrative expenses decreased to $106.7 million in the second quarter of 2025, compared to $117.9 million in the prior-year period and decreased to $219.9 million in the first six months of 2025, compared to $242.5 million in the prior-year period. The $11.2 million decline for the second quarter is from contraction in labor expenses, $2.9 million from the first quarter of 2025 sale of Mavely, a decline in professional fees and a decrease in promotional expenses in connection with our prior-year product launches. The $22.6 million decline for the first half of 2025 is primarily from a $6.8 million contraction in labor expenses, $5.3 million from the sale of Mavely and a decrease in promotional expenses in connection with our prior-year product launches. General and administrative expenses as a percentage of revenue increased to 27.6% for the second quarter of 2025, from 26.9% for the prior-year period, and increased to 29.3% for the first six months of 2025, from 28.3% for the prior-year period.
Restructuring and impairment expenses
2023 restructuring plan. In the fourth quarter of 2023, we adopted a strategic plan to focus resources on our global priorities and optimize future growth and profitability. The global program includes workforce reductions and fixed asset impairments associated with our consolidation of technology assets. Total charges under the program included approximately $27.9 million in cash charges of severance, approximately $1.1 million in other cash charges and approximately $38.8 million in non-cash charges, including approximately $36.6 million in fixed asset impairments. We have incurred all expected charges under the 2023 plan and anticipate making the remaining payments in the back half of 2025. During the fourth quarter of 2023, we incurred charges to be settled in cash of $10.0 million in severance charges. During the first quarter of 2024, we incurred charges to be settled in cash of $4.1 million in severance charges and $2.0 million in other associated cost, and non-cash charges of $1.0 million in write-down of assets. During the second quarter of 2024, we incurred charges to be settled in cash of $1.0 million in severance charges and $0.1 million in other cash charges, and non-cash charges of $6.4 million in fixed asset impairments and $0.8 million in other write-downs. In the fourth quarter of 2024, we incurred charges to be settled in cash of $12.8 million in severance charges and $(1.1) million in other cash charges, and non-cash charges of $30.2 million of fixed asset impairments and $0.4 million of other non-cash charges. During the second quarter and first half of 2025, we incurred no further charges.
Intangibles and fixed asset impairment. During the three months ended March 31, 2025, we decided to make a strategic shift in how we operate the BeautyBio asset group. These strategic changes include exiting certain sales channels, which reduced the forecasted revenues for BeautyBio. We concluded these actions were an interim impairment triggering event that required us to perform an interim impairment analysis on our BeautyBio asset group. We assessed the recoverability of the related asset group comparing the carrying value to the undiscounted cash flows expected to be generated. The recoverability test indicated the asset group was impaired. We concluded that the carrying value of the asset group exceeded the estimated fair value which resulted in an impairment charge of $25.1 million in our Rhyz Other segment during the three months ended March 31, 2025.
Interest expense
Interest expense decreased to $2.5 million in the second quarter of 2025, compared to $6.7 million in the prior-year period. Interest expense for the first six months of 2025 decreased to $5.8 million compared to $14.0 million for the prior-year period. The decrease in interest expense was primarily due to the debt payments made in the first quarter of 2025 using a portion of the proceeds from the Mavely sale. Our interest rate swap arrangements that we entered into in 2020 have a maturity date of July 31, 2025, at which time our effective interest rate will increase.
Gain on sale of business
In January 2025, we completed the sale of our Mavely entity for $230 million in cash and shares of the purchaser’s common stock, subject to certain adjustments as set forth in the purchase agreement, including post-closing determination of net working capital and other elements of purchase price. Following the completion of certain payments to other equity holders in Mavely and the payment of certain transaction expenses, we received $193.7 million of cash and equity interest with an estimated fair value of $6.1 million. In the second quarter of 2025, we received an additional payment of $2.7 million with an additional $1.7 million expected to be received in the third quarter of 2025, following the finalization of net working capital. In the first quarter of 2025, we recorded a pre-tax gain on disposition of $176.2 million.
Other income (expense), net
Other income (expense), net was $(0.8) million for the second quarter of 2025 compared to $0.6 million for the prior-year period and $(29.2) million for the first six months of 2025 compared to $0.2 million for the prior-year period. The increase in other expense for the first half of 2025 is primarily from a $28.1 million unrealized loss on investment. See Note 8 to the consolidated financial statements contained in this report for more information on the unrealized equity investment and the associated loss.
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Provision (benefit) for income taxes
Provision (benefit) for income taxes for the three- and six-month periods ended June 30, 2025 was $6.3 million and $33.4 million, respectively, compared to $(13.4) million and $(11.8) million for the prior-year periods. The effective tax rates for the three- and six-month periods ended June 30, 2025 were 23.0% and 20.6% of pre-tax income, respectively, compared to 10.2% and 9.0% in the prior-year periods. Our effective tax rate for the three-month period ended June 30, 2025 benefited by the release of uncertain tax positions. Our effective tax rate for the six-month period ended June 30, 2025 was impacted by the following items recorded discretely in the period ended March 31, 2025: the sale of our Mavely entity, the impairment of the BeautyBio asset group, and the impairment of an equity investment. Our effective tax rates for the three- and six-month periods ended June 30, 2024 were impacted by the second quarter of 2024 goodwill impairment.
On July 4, 2025, the One Big Beautiful Bill Act (“OBBBA”) was enacted in the U.S. The OBBBA includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. We are currently assessing its impact on our consolidated financial statements.
Net income (loss)
As a result of the foregoing factors, net income (loss) for the second quarter of 2025 was $21.1 million, compared to $(118.3) million in the prior-year period. Net income (loss) for the first six months of 2025 was $128.6 million, compared to $(118.8) million for the first six months of 2024.
Liquidity and Capital Resources
Historically, our principal uses of cash have included operating expenses (particularly selling expenses) and working capital (principally inventory purchases), as well as capital expenditures, stock repurchases, dividends, and debt repayment. We have at times incurred long-term debt, or drawn on our revolving line of credit, to fund strategic transactions, stock repurchases, capital investments and short-term operating needs. We typically generate positive cash flow from operations due to favorable margins and have generally relied on cash from operations to fund operating activities. In the first six months of 2025, we generated $36.2 million in cash from operations, compared to $54.5 million during the prior-year period. The decrease in cash flow from operations primarily reflects cash payments made in the first quarter of 2025 related to expenses accrued as of year-end, which included restructuring and other accrued expenses, partially offset by a decline in prepaid expenses associated with the utilization of prepaid income taxes. Cash and cash equivalents, including current investments, as of June 30, 2025 and December 31, 2024 were $265.4 million and $198.0 million, respectively, with the increase being driven by the proceeds from the sale of Mavely and cash generated from operations as described above, partially offset by $145.0 million in debt payments, which was comprised of $125.0 million toward our term loan and $20.0 million toward our revolving credit facility.
Working capital. As of June 30, 2025, working capital was $287.6 million, compared to $242.0 million as of December 31, 2024. Our increase in working capital is primarily attributable to changes in our cash balance as explained above.
Capital expenditures. Capital expenditures for the six months ended June 30, 2025 were $13.6 million. We expect that our capital expenditures in 2025 will be primarily related to:

| ● | Rhyz plant expansion to increase capacity and capabilities;

| ● | purchases and expenditures for computer systems and equipment, software, and application development; and

| ● | the expansion and upgrade of facilities in our various markets.

We estimate that capital expenditures for the uses listed above will total approximately $35–55 million for 2025.
Credit Agreement. On June 14, 2022, we entered into an Amended and Restated Credit Agreement (the “Credit Agreement”) with various financial institutions as lenders and Bank of America, N.A., as administrative agent. The Credit Agreement provides for a $400.0 million term loan facility and a $500.0 million revolving credit facility, each with a term of five years. We used the proceeds of the term loan and the draw on the revolving facility to pay off the previous credit agreement. Both facilities bear interest at the SOFR, plus a margin based on our consolidated leverage ratio. The term loan facility amortizes in quarterly installments in amounts resulting in an annual amortization of 2.5% during the first year and 5.0% during the subsequent years after the closing date of the Credit Agreement, with the remainder payable at final maturity. As of June 30, 2025 and December 31, 2024, we had $15.0 million and $35.0 million of outstanding borrowings under our revolving credit facility, and $235.0 million and $360.0 million on our term loan facility. The carrying value of the debt also reflects debt issuance costs of $1.1 million and $1.4 million as of June 30, 2025 and December 31, 2024, respectively, related to the Credit Agreement. The Credit Agreement requires us to maintain a consolidated leverage ratio not exceeding 2.75 to 1.00 and a consolidated interest coverage ratio of no less than 3.00 to 1.00. As of June 30, 2025, we were in compliance with all debt covenants under the Credit Agreement.
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Derivative Instruments. As of June 30, 2025, we had four interest rate swaps, with a total notional principal amount of $200 million and a maturity date of July 31, 2025. We entered into these interest rate swap arrangements during the third quarter of 2020 to hedge the variable cash flows associated with our variable-rate debt under the Credit Agreement.
Stock repurchase plan. In 2018, our board of directors approved a stock repurchase plan authorizing us to repurchase up to $500.0 million of our outstanding shares of Class A common stock on the open market or in private transactions. During the second quarter of 2025, we completed no repurchases of our Class A common stock under the plan. As of June 30, 2025, $157.4 million was available for repurchases under the plan. Our stock repurchases are used primarily to offset dilution from our equity incentive plans and for strategic initiatives.
Dividends. In February and May 2025, our board of directors declared quarterly cash dividends of $0.06 per share. The quarterly cash dividends of $3.0 million and $3.0 million were paid on March 5, 2025 and June 11, 2025 to stockholders of record on February 24, 2025 and May 30, 2025. In August 2025, our board of directors declared a quarterly cash dividend of $0.06 per share to be paid on September 10, 2025 to stockholders of record on August 29, 2025. Currently, we anticipate that our board of directors will continue to declare quarterly cash dividends and that the cash flows from operations will be sufficient to fund our future dividend payments. However, the continued declaration of dividends is subject to the discretion of our board of directors and will depend upon various factors, including our net earnings, financial condition, cash requirements, future prospects and other relevant factors.
Cash from foreign subsidiaries. As of June 30, 2025 and December 31, 2024, we held $265.4 million and $198.0 million, respectively, in cash and cash equivalents, including current investments. These amounts include $214.5 million and $154.1 million as of June 30, 2025 and December 31, 2024, respectively, held in our operations outside of the U.S. Substantially all of our non-U.S. cash and cash equivalents are readily convertible into U.S. dollars or other currencies, subject to procedural or other requirements in certain markets, as well as an indefinite-reinvestment designation, as described below.
We typically fund the cash requirements of our operations in the U.S. through intercompany dividends, intercompany loans and intercompany charges for products, use of intangible property, and corporate services. However, some markets impose government-approval or other requirements for the repatriation of dividends. For example, in Mainland China, we are unable to repatriate cash from current operations in the form of dividends until we file the necessary statutory financial statements for the relevant period. As of June 30, 2025, we had $47.6 million in cash denominated in Chinese RMB. We also have experienced delays in repatriating cash from Argentina. As of June 30, 2025 and December 31, 2024, we had $23.7 million and $22.4 million, respectively, in intercompany receivables with our Argentina subsidiary. We also have intercompany loan arrangements in some of our markets, including Mainland China, that allow us to access available cash, subject to certain limits in Mainland China and other jurisdictions. We also have drawn on our revolving line of credit to address cash needs until we can repatriate cash from Mainland China or other markets, and we may continue to do so. Except for $60.0 million of earnings in Mainland China that we designated as indefinitely reinvested during the second quarter of 2018, we currently plan to repatriate undistributed earnings from our non-U.S. operations as necessary, considering the cash needs of our non-U.S. operations and the cash needs of our U.S. operations for dividends, stock repurchases, capital investments, debt repayment and strategic transactions. Repatriation of non-U.S. earnings is subject to withholding taxes in certain foreign jurisdictions. Accordingly, we have accrued the necessary withholding taxes related to the non-U.S. earnings.
We currently believe that existing cash balances, future cash flows from operations and existing lines of credit will be adequate to fund our cash needs on both a short- and long-term basis. The majority of our historical expenses have been variable in nature, and as such, a potential reduction in the level of revenue would reduce our cash flow needs. In the event that our current cash balances, future cash flow from operations and current lines of credit are not sufficient to meet our obligations or strategic needs, we would consider raising additional funds in the debt or equity markets or restructuring our current debt obligations. Additionally, we would consider realigning our strategic plans, including a reduction in capital spending, stock repurchases or dividend payments.
Contingent Liabilities
Please refer to Note 12 to the consolidated financial statements contained in this Quarterly Report for information regarding our contingent liabilities.
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Critical Accounting Policies and Estimates
There were no significant changes in our critical accounting policies or estimates during the second quarter of 2025.
Seasonality and Cyclicality
In addition to general economic factors, we are impacted by seasonal factors and trends such as major cultural events and vacation patterns. For example, most Asian markets celebrate their respective local New Year in the first quarter, which generally has a negative impact on that quarter. We believe that direct selling is also generally negatively impacted during the third quarter, when many individuals, including our sales force, traditionally take vacations.
Prior to making a product generally available for purchase in a market, we often do one or more introductory offerings of the product, such as a preview of the product to our Sales Leaders or other product introduction or promotion. These offerings sometimes generate significant activity and a high level of purchasing, which can result in a higher-than-normal increase in revenue, Sales Leaders, Paid Affiliates and/or Customers during the quarter and can skew year-over-year and sequential comparisons.
Non-GAAP Financial Measures
Constant-currency revenue change is a non-GAAP financial measure that removes the impact of fluctuations in foreign-currency exchange rates, thereby facilitating period-to-period comparisons of the Company’s performance. It is calculated by translating the current period’s revenue at the same average exchange rates in effect during the applicable prior-year period and then comparing that amount to the prior-year period’s revenue. We believe that constant-currency revenue change is useful to investors, lenders and analysts because such information enables them to gauge the impact of foreign-currency fluctuations on our revenue from period to period.
Available Information
Our website address is www.nuskin.com. We make available, free of charge on our Investor Relations website, ir.nuskin.com, our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 as soon as reasonably practicable after we electronically file such material with, or furnish it to, the Securities and Exchange Commission.
We also use our Investor Relations website, ir.nuskin.com, as a channel of distribution of additional Company information that may be deemed material. Accordingly, investors should monitor this channel, in addition to following our press releases, Securities and Exchange Commission filings and public conference calls and webcasts. The contents of our website shall not be deemed to be incorporated herein by reference.
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ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Currency Risk and Exchange Rate Information
A majority of our revenue and many of our expenses are recognized outside of the United States, except for inventory purchases, a significant portion of which are primarily transacted in U.S. dollars from vendors in the United States. The local currency of each of our Subsidiaries’ primary markets is considered the functional currency with the exception of our Asia product-distribution subsidiary in Singapore and, as discussed below, our subsidiary in Argentina. All revenue and expenses are translated at weighted-average exchange rates for the periods reported. Therefore, our reported revenue and earnings will be positively impacted by a weakening of the U.S. dollar and will be negatively impacted by a strengthening of the U.S. dollar. These impacts may be significant because a large portion of our business is derived from outside of the United States. Given the uncertainty of exchange rate fluctuations, it is difficult to predict the effect of these fluctuations on our future business, product pricing and results of operations or financial condition.
In the second quarter of 2018, published inflation indices indicated that the three-year cumulative inflation in Argentina exceeded 100 percent, and as of July 1, 2018, we elected to adopt highly inflationary accounting for our subsidiary in Argentina. Under highly inflationary accounting, the functional currency for our subsidiary in Argentina became the U.S. dollar, and the income statement and balance sheet for this subsidiary have been measured in U.S. dollars using both current and historical rates of exchange. The effect of changes in exchange rates on peso-denominated monetary assets and liabilities has been reflected in earnings in Other income (expense), net and was not material. As of June 30, 2025, our subsidiary in Argentina had a small net peso monetary position. Net sales of our subsidiary in Argentina were less than 4% of our consolidated net sales for the three- and six-month periods ended June 30, 2025 and 2024.
We may seek to reduce our exposure to fluctuations in foreign currency exchange rates through the use of foreign currency exchange contracts and through intercompany loans of foreign currency. We do not use derivative financial instruments for trading or speculative purposes. We regularly monitor our foreign currency risks and periodically take measures to reduce the impact of foreign exchange fluctuations on our operating results. As of June 30, 2025 and 2024, we did not hold material non-designated mark-to-market forward derivative contracts to hedge foreign denominated intercompany positions or third party foreign debt. As of June 30, 2025, and 2024 we did not hold any material forward contracts designated as foreign currency cash flow hedges. We continue to evaluate our foreign currency hedging policy.
For additional information about our market risk see Note 10 to the consolidated financial statements contained in this Quarterly Report.

ITEM 4. | CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures
As of the end of the period covered by this Quarterly Report, under the supervision and with the participation of our management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), we evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). Based on that evaluation, our CEO and our CFO concluded that our disclosure controls and procedures were effective as of June 30, 2025.
Changes in Internal Controls Over Financial Reporting.
We made no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) during the fiscal quarter ended June 30, 2025 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II. OTHER INFORMATION

ITEM 1. | LEGAL PROCEEDINGS

From time to time, we are involved in legal proceedings arising in the ordinary course of business.

ITEM 1A. | RISK FACTORS

The information presented below supplements and should be read in conjunction with the detailed discussion of risks associated with our business in our recent SEC filings, including our Annual Report on Form 10-K for the 2024 fiscal year and subsequent reports.
Changes to tariff and import/export regulations, and trade disputes between the United States and other jurisdictions have had a negative effect on global economic conditions and could negatively affect our business, financial results and financial condition.
The United States and other foreign jurisdictions have changed customs regulations or tariff rates that are applied to our imports or exports, and they could make further changes at any time. Tariff changes are difficult to predict and may cause us material short-term or long-term cost fluctuations. The new political administration in the United States has implemented new tariffs, some of which have been paused but may continue in the future, and has expressed an intention to continue using tariffs more robustly in pursuing government policy. When increases are made to U.S. duty rates or tariffs, retaliatory action by other countries has occurred and could continue occurring. Any increases could impact the price of our products and cause a decline in the demand for our products, as well as cause disruptions in our supply chain. We rely on the use of Free Trade Agreements, where available, that may experience alterations, suspensions or cancellations, which could increase our customs expenses or otherwise harm our business. Although we may take actions in response to tariffs, such as shifting our sourcing and production to alternate locations, there is no assurance that such actions would be successful in mitigating the additional tariffs.
In addition to duties and tariffs, any actions taken by the United States or by foreign countries to further implement trade policy changes, including limiting foreign investment or trade, banning imports from particular countries, increasing regulatory requirements, other actions that impact our ability to obtain necessary licenses or approvals, or any other restrictions on international trade, could negatively impact our business. These actions are unpredictable, and any of them could also have a material adverse effect on global economic conditions and the stability of global financial markets, significantly reduce global trade, or restrict our access to suppliers or customers, any of which would have a material adverse effect on our business, financial condition and results of operations.

ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Purchases of Equity Securities by the Issuer

|  | (a) |  |  | (b) |  |  | (c) |  |  | (d) |
Period |  | Total Number of Shares Purchased |  |  | Average Price Paid per Share |  |  | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |  |  | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (in millions)(1) |
April 1 - 30, 2025 |  |  | — |  |  | $ | — |  |  |  | — |  |  | $ | 157.4 |
May 1 - 31, 2025 |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 157.4 |
June 1 - 30, 2025 |  |  | — |  |  |  | — |  |  |  | — |  |  | $ | 157.4 |
Total |  |  | — |  |  | $ | — |  |  |  | — |  |  |  |  |

(1) | In August 2018, we announced that our board of directors approved a stock repurchase plan. Under this plan, our board of directors authorized the repurchase of up to $500 million of our outstanding Class A common stock on the open market or in privately negotiated transactions.

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ITEM 3. | DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. | MINE SAFETY DISCLOSURES

Not Applicable.

ITEM 5. | OTHER INFORMATION

None.
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ITEM 6. | EXHIBITS

Exhibits Regulation S-K Number |  | Description
10.1 |  | Nu Skin Enterprises, Inc. Amended and Restated 2024 Omnibus Incentive Plan (“Amended and Restated 2024 Plan”) (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed May 30, 2025).
10.2 |  | Form of Amended and Restated 2024 Plan Director Restricted Stock Unit Grant Agreement.
31.1 |  | Certification by Ryan S. Napierski, Chief Executive Officer, pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2 |  | Certification by James D. Thomas, Chief Financial Officer, pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1 |  | Certification by Ryan S. Napierski, Chief Executive Officer, pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2 |  | Certification by James D. Thomas, Chief Financial Officer, pursuant to Section 1350, Chapter 63 of Title 18, United States Code, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS |  | Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document)
101.SCH |  | Inline XBRL Taxonomy Extension Schema Document
101.CAL |  | Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF |  | Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB |  | Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE |  | Inline XBRL Taxonomy Extension Presentation Linkbase Document
104 |  | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

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Table of Contents
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

August 7, 2025
NU SKIN ENTERPRISES, INC.
By: | /s/ James D. Thomas |
| James D. Thomas |
| Chief Financial Officer |
| (Duly Authorized Officer and Principal Financial Officer) |

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