Good day, ladies and gentlemen, and welcome to the Winter Wrap-Up MicroCap Rodeo Virtual Conference. The next presenting company is LifeVantage. If you'd like to ask a question during the webcast, you can do so at any point during the presentation by clicking on the Ask Question button on the left of your screen. Type your question into the box and hit the Send button to submit your questions. I'd now like to turn the floor over to today's host, Steve Fife, President and CEO of LifeVantage. Sir, the floor is yours. Thank you, Matthew, and appreciate everyone jumping on this call to learn a little bit more about LifeVantage today. Just going through a couple of our initial slides around who we are and what we're doing. You know, we're about a $200 million company trading on the Nasdaq. We've been a publicly traded company for about 15 years, celebrating it in a couple of months, 15 years on the Nasdaq. You know, our vision is to inspire the remarkable through wellness products and entrepreneurial programs that help people feel better and fuel their purpose. We do this through our products, which are nutrigenomically-based products. So taking natural substances to and combine those in unique blends to have your body do what it was originally programmed to do. We sell our products through a direct selling channel. We're members of the Direct Selling Association. We have a financial plan for our consultants, where they can earn money by both selling product as well as building organizations who in turn sell products. And we have created a social community and a community of like-minded people who are, you know, intrigued with our products as well as a business opportunity. When I look at our products, you know, they're categorized into three broad categories to optimize health, achieve more, and look radiant. They're all scientifically based products with, you know, our flagship product really being our Protandim Nrf2 product, which is geared towards the reduction of oxidative stress. It's the product that our company was founded on several years ago. More recently, we've also introduced a liquid collagen product that is part of our Look Radiant product category. And then in terms of achieving more, we have a weight loss or a fat burn product, as well as the nootropic products. A little bit about our products. I mentioned, you know, our flagship product, the Protandim Nrf2. We couple that with two other products, Nrf1 and NAD. And collectively, those products we refer to as a Tri-Synergizer, and they address three of the key aging deficiencies or syndromes that people encompass. We use those same ingredients that are in our digestible products into a skincare line, which we call TrueScience. And so we talk about aging, addressing it both inside your body and outside the body. Really excited to announce on this that, after about 10 years, our TrueScience product line is receiving a refresh that we're going to be launching at the beginning of March. So more, a lot more to come on this, on our refreshed skincare line. We also, I mentioned earlier that we launched, about a year and a half ago, a TrueScience Liquid Collagen product, that has been proven to increase collagen density in as little as 4 weeks. It's been a tremendous success for us, where we're now at a run rate at over $4 million per month. We've also done some additional work in the synergistic benefits of combining our liquid collagen with our Nrf2 product, and sell those together as a package. You know, our products are all geared for specific health solutions, are sold on a subscription model basis. They're all geared towards a 30-day consumption. About 70% of our revenue comes from subscriptions, and you can see targeted areas again that our products address. In terms of markets that we serve, we're in over 20 markets, and including the top 6 markets or 6 out of the top 10 markets for the direct selling industry itself. The U.S. is by far the largest market for the industry and also represents about 65% of LifeVantage's overall revenue when we look at it on a country basis. From an industry standpoint, you can see that the direct selling industry experienced some fairly significant growth during the early periods of COVID. Most recently, the data, you know, the industry dropped a little bit, but it's still quite a robust industry as we look at the model and the industry itself. In terms of activities of what we're doing to accelerate growth within LifeVantage, this is a timeline that really tracks at a level what we've been doing over the last few years. I've been the CEO of the company for about three years now. Started with the company seven years ago as the Chief Financial Officer, and the board asked if I would step in as the CEO, like I said, about three years ago. And during the last three years, you know, we have rebuilt the executive management team. We've introduced a number of new products as well as countries that we've launched products in. And we've also, you know, taken a look at our capital allocation. Carl will talk a little bit more about this in a few minutes, but we've had a fairly robust stock repurchase program in place over the last several years. But in May of 2022, we also initiated a quarterly dividend. This journey, the last couple of years, has really been a transformation of our business. We refer to it internally as LifeVantage or LV360, and really, at the core of this strategy is growing our enrollments and active purchasers of our products. The activity that we went through encompassed six different areas: product, social, compensation, consumer experience, digital, and community. I'll talk a little bit more about those in a second here, but all captured around the values that we have as a company. And it was important that we take this holistic approach at our business. I think previous, you know, to the launching this and overall strategy, growth strategy, the company had some starts and around looking at one or two of these different areas, and we'd see some short-term success. And as soon as we focused on something else, you know, we'd see our revenue decline back down to a baseline. And, you know, we decided to take this holistic approach in terms of building and looking at, you know, how we actually go to market and the products, the compensation, all of these aspects to drive a more fundamental and foundational growth. And just taking a minute to talk about each one of these, you know, we developed a product strategy, and I mentioned we launched a liquid collagen product. We've also launched some other products recently. But products, you know, we defined a product definition that in order to both attract and retain new customers, our products needed to be demonstrable, be scientifically based, be shareable on social media. And this new product strategy has really helped define and put some guardrails in place for who we are as a company from a product standpoint, but also, you know, who we are not, and has aided in how we are selling and utilizing social platforms to sell our product. Second, the category or area of this flywheel is our social strategy, where we have become much more active in terms of promoting the LifeVantage brand, the benefits of our products, as well as the business opportunity. Third area of our flywheel and really core to our consultant base is our compensation plan and how our consultants are ultimately paid. We have about 50,000 independent consultants throughout the world that are selling our product. The compensation plan that had previously been in place was developed about 15 years ago, and if you imagine just how our world has changed over the last 15 years, we felt that it was important that we update this how we compensate our consultants and provide an opportunity for people that solely want to sell products to be able to earn a reasonable side income, side hustle income. For those who also want to, or maybe more entrepreneurial focused and want to build a business, they can also earn a reasonable income by building a team of like-minded people. So we launched our Evolve Compensation Plan in our four biggest markets, the U.S., Japan, Australia and New Zealand, a year ago, and just recently launched it in Canada, Mexico, and Europe. We will launch in our remaining Southeast Asia countries, we're targeting by the end of this year. So all of our current countries will be on the Evolve Compensation Plan. The other thing that we also did as part of this was put in place a loyalty program so that customers could earn discounts on products and rewards through their subscriptions and being loyal customers to us. This is something that was new to LifeVantage and is being very well received. The fourth area is just this consumer experience, and it really, you know, the biggest area there is this loyalty program that I just mentioned, as well as being active on social and helping them, as well as improving the experience that they have as consumers. And that really ties into our overall digital strategy, where we've invested heavily, not just in our compensation plan, but in a LifeVantage app to help our consultants build their business, as well as tools that they have to manage their business and always increasing the consumers' experience as they go and purchase product. And last but certainly not least, in terms of importance, is our LifeVantage community. And you know, we learned a lot of things during COVID, and this is a business that has historically been built, kind of on a face-to-face, belly-to-belly, in-person type of an environment. When COVID came, you know, we had to pivot, along with many other companies, but to take advantage of technology, and it's why we invested so heavily in our digital tools during this period of time. But the other thing that occurred, as we pivoted from in-person events to virtual events, is that the power and the strength that comes from our LifeVantage community became really apparent, and people wanting to still feel connected with something bigger than what you can offer individually. And as restrictions in COVID started to loosen up, we have, in many cases, returned to in-person meetings again and have, I guess, launched more of a hybrid type of a model, where we have in-person meetings, but we also do virtual meetings. The power of our community, I think, has never been stronger as we bring these like-minded people together to share both our business opportunity as well as our products. With that, I'm going to turn it over to Carl Aure, our Chief Financial Officer, to walk through our financials. Carl? Thank you, Steve. Yeah, and good afternoon, everyone. I appreciate the opportunity to learn more about LifeVantage today. I just wanted to start off and just review our business model from a financial perspective. We've got a highly efficient business model. As Steve mentioned earlier, over 70% of our revenues come from a subscription-based model, which is great from our perspective, from a cash flow and a predictability standpoint. And as you look at our gross margins, our gross margins have been historically pretty high. They've been in excess of 80%. Historically, we dipped right below the 80% last year, but we do have a long-term target of getting that gross margin just above that 80% threshold. On the expense side, our biggest expense that we have is the compensation that we pay to our third-party consultants, and it's primarily variable. So as revenue grows, that'll, you know, that scales, but as, proportionally, as a percentage of revenue, for our third-party independent consultants. On the SG&A side, you know, we've historically have been, you know, in those high mid to upper twenties on the SG&A side. The last couple of fiscal years, we've had a little bit of an increase on the SG&A as we've increased investment in these LV360 initiatives that Steve addressed. But longer term, we really believe that our expense structure, we can support higher levels of revenue with our expense structure. So, you know, we really believe that we're well positioned to keep that in line as we see some growth in revenue going forward. From a profitability perspective, our long-term target is to get to double-digit EBITDA margins in that 10%-12% range. Historically, in the last, you know, two or three years ago, we were in that 10% or 11% range. As I mentioned, in the recent years, we've dropped a little bit below that as we've invested in LV360, but we are really targeting to be back above that 10%. Year-to-date in our current fiscal year, we're just under 7%. We're at about 6.9% Adjusted EBITDA margin, and based off of our guidance that's out there, we're anticipating to be in that 8% range or so for fiscal 2024, and shortly thereafter, we're hoping to be forward to that double-digit number going forward. From a revenue perspective, historically, we are a June 30 fiscal year end. So we completed our FY 2023 at the end of June. We were around just over $213 million in total revenue. In revenue, we did experience some moderate growth over FY 2022. We're up just about 3.5% from that prior year, and on a constant currency basis, we were up almost 7% YoY. Like a lot of other international companies, we did experience some negative headwinds from FX, but on a constant currency basis, we did experience some growth in 2023. In 2024, based off of where our updated guidance is out there, we are anticipating on the high end to essentially be flat over where we were in FY 2023 or slightly down from where we finished the prior year. From a geographical perspective, we report, and we essentially are two reporting regions that we report, the Americas region and then our Asia Pacific and Europe region. As Steve mentioned earlier, we are selling our products in about 20 countries. We have, including which, we've got 6 offices in these foreign locations. In the U.S. is currently our largest market, that just, you know, almost 70% and of that total balance. And then looking internationally, Japan is our largest international market, which represents about 15% of the total. So overall, I think from our perspective, we really believe that there's significant opportunity for us to look for long-term growth in international markets. As we look at a lot of our direct selling peers that are out there, a lot of them have significant... Those ratios are the inverse, where the majority of their business is international. And we believe that there's a real opportunity for us to really grow internationally as we look forward to those markets in the next couple years. From a balance sheet perspective, we have a very strong balance sheet. We've got a great, strong financial foundation. Historically, we've generated healthy free cash flow in each year. In recent years, we maintained strong cash balances. The company has no debt outstanding, very clean from an equity perspective. We only have one class of shares outstanding. We don't have any warrants or convertible debt. So very strong from a balance sheet position, and I think that really puts us in a great position for us to strategically invest where we feel like we need to invest, and as we move forward and really roll out these initiatives to LV360 to these other countries. From a capital allocation perspective, I just wanted to touch on this. You know, we've given a lot of thought on how—what is the best allocation from a capital allocation perspective. And then we've looked at really of a balanced approach as we look back of what we've done over the last couple of years. Number one, you know, with our free cash flow, we've wanted to reinvest in the company where we see that that's appropriate. LV360, we've invested over $6 million internally, and as we've rolled out LV360 to the country, the development of the comp plan, the development of the loyalty program. So for us, we felt that it was very important to invest where we can. But on the flip side, where we do still have some excess cash flow that we're generating, we have. We did initiate a quarterly dividend back in Q4 of our FY 2022, and we've maintained that dividend and actually raised it this last year. In addition to that, we also, in September, we announced a special one-time dividend of $0.40 per share. As we accumulated some excess cash during this transition process, we felt that it was appropriate to return some additional funds to shareholders through that mechanism. So that's something that we've recently done. And then we've also been very active on a share repurchase front. We currently have the board approved a $60 million share repurchase authorization, of which we've repurchased almost $36 million of that, and we currently have about $24 million remaining under that share repurchase authorization. So we'll continue to monitor that as the market conditions allow. And then the last piece I wanna touch on there, just with our shareholder return, our current TSR. On a one-year basis, we have a TSR of over 62%. Our stock has done really well over this last year, and we believe that it's attributable to our increasing profitability and the early signs that we're seeing from the success of LV360. Just in comparison to our direct selling peer group, is a - 27%, and then just the Russell overall is 5%. So we're very happy with where things have headed and look forward to continued growth there in the future. Yeah. Thanks, Carl. And I guess just to wrap things up here, appreciate you all being on the call with us. You know, we believe that we are very well positioned from a product standpoint, a channel standpoint, and an industry standpoint to enable entrepreneurs to build their business in an environment that is well suited for them. You know, we continue to have unique product innovation, big upside in terms of international market expansion and positive trends at a macro level for this industry. We generate, you know, good cash flow with incremental margins and on a subscription model. And you know, the way I think about our business model, we've got four activation paths. Three that are focused on our products to provide a health solution for individuals, as well as one path that is really focused on the business opportunity to allow, enable people to earn a side income or greater than a side income, depending on their level of effort, but to take our products to people that need and deserve to have them. So I appreciate you listening in. Carl and I are always available to follow up with any questions that you have, and if not, look forward to updating you with new insights in the near future. Thanks a lot. Turn it back over to the operator. Certainly. Ladies and gentlemen, that does conclude LifeVantage presentation. You may now disconnect.