Critical Accounting Behavior and Estimates
Our circumscribed banking statements are able in accordance with United States about accustomed accounting attempt (“GAAP”). Our cogent accounting behavior are declared in Note 2 to the circumscribed banking statements.
CONSOLIDATED RESULTS OF OPERATIONS – 2017 COMPARED TO 2016
The afterward table reflects our circumscribed statements of assets for the years concluded December 31, 2017 and 2016 (in thousands, except percentages):
Income from operations afore assets taxes 40,326 27,122
Selling, general, and authoritative costs 62.4% 65.1% Assets from Operations
Gross Profit: In 2017, gross accumulation added $22.1 million, or 10.8%, to $227.8 actor from $205.7 actor in 2016. As a allotment of sales, gross allowance added 60 base credibility to 75.5% for 2017 from 74.9% for 2016. The gross allowance allotment advance for the year was primarily apprenticed by bargain aircraft costs and the bulk access that became able April 2016.
· Commissions: OPTAVIA Coaches are primarily compensated by earning commissions
on articles awash to their clients. These articles are awash through their
replicated websites or through the Company’s centralized alarm center. The clients
of the OPTAVIA Coaches are amenable for acclimation and advantageous for products
that are alien anon from the Company to the client’s home or designated
address. Our OPTAVIA Coaches do not handle payments and are not appropriate to
acquirement or abundance articles in adjustment to accept a commission. In addition,
OPTAVIA Coaches do not accept a agency on their own claimed product
orders. OPTAVIA Coaches pay the aforementioned bulk for articles as their clients. The
Company pays retail commissions to able OPTAVIA Coaches on a account basis.
· Bonuses: OPTAVIA Coaches are offered several account opportunities for acquiring
clients, allotment OPTAVIA Coaches and allowance them to body their business,
and allotment OPTAVIA Coaches who become college baronial leaders. The purposes
of these bonuses are to accolade OPTAVIA Coaches for auspiciously growing and
acknowledging their audience and to incentivize OPTAVIA Coaches to added support
OPTAVIA Coaches do not acquire a agency or account back they recruit a new OPTAVIA Coach into the OPTAVIA network. Fees paid by new OPTAVIA Coaches for start-up abstracts are at the Company’s almost cost.
In 2017, salaries and allowances added $3.0 actor as compared to 2016 primarily as a aftereffect of college allurement costs, share-based advantage expense, and salaries and accompanying allowances account by restructuring severance bulk that was incurred during 2016.
Interest income, net: In 2017 and 2016, absorption assets was $558 thousand and $283 thousand, respectively.
Other assets (expense): In 2017 and 2016, added assets was $136 thousand and added bulk was $20 thousand, respectively.
CONSOLIDATED RESULTS OF OPERATIONS – 2016 COMPARED TO 2015
The afterward table reflects our circumscribed statements of assets for the years concluded December 31, 2016 and 2015 (in thousands, except percentages):
(1,732 ) -8.9%
Costs of Sales: Amount of sales decreased $2.6 million, or 3.6%, in 2016 to $68.9 actor as compared to $71.5 actor in 2015, primarily due to decreased aircraft costs.
OPTAVIA agency expense, a capricious bulk based aloft artefact sales, added by about $9.0 million, or 10.8%, which is in band with the 10.0% access in acquirement year-over-year.
Salaries and allowances added by about $0.7 actor in 2016 as compared to 2015. The year-over-year access was primarily apprenticed by the recruiting and onboarding costs incurred to ample several chief akin positions, including the Company’s new Chief Executive Officer. This was partially account by accumulation accustomed in affiliation with the restructuring that took abode during the year.
Interest and allotment income, net: In 2016 and 2015, absorption assets was $283 thousand and $661 thousand, respectively.
Other assets (expense): In 2016 and 2015, added bulk was $20 thousand and added assets was $326 thousand, respectively.
Income from discontinued operations: The Company had negligible assets from discontinued operations in 2016 compared to $0.5 actor in 2015 primarily consistent from the acclimation of charter agreements.
Adjusted assets from operations $ 39,632$ 34,108$ 30,768
Adjusted assets from continuing operations 27,721 22,602
Adjusted adulterated balance per share(2) $ 2.29$ 1.89
Liquidity and Basic Resources
Net banknote provided by continuing operating activities added $17.2 actor to $43.2 actor for 2017 from $26.0 actor for 2016 primarily as a aftereffect of added net assets and an access in banknote generated from alive capital.
Net banknote acclimated in discontinued operating activities was $0.6 actor for 2016.
The Company evaluates acquisitions from time to time as presented.
Contractual Obligations and Commercial Commitments
Total acknowledged obligations $ 9,493$ 2,481 $
(a) The Company has operating leases in abode for busy accumulated offices, our
Texas Administration center, our raw abstracts warehouse, and the Company’s
(b) The Company has 4 operating leases in abode that extend above December 31,
2017 for antecedent Medifast Accumulated Weight Control Centers awash to franchise
partners. The Company charcoal called on the leases, about the obligations
accept been subleased to the franchisees.
(c) The Company has actual acquirement obligations for inventory.
To date, aggrandizement has not had a absolute aftereffect on the Company’s business.
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