Nu Skin Enterprises Reports Fourth Quarter and 2021 Financial Results Company provides initial 2022 outlook and introduces Nu Vision 2025

Nu Skin Enterprises Reports Fourth Quarter and 2021 Financial Results

Company provides initial 2022 outlook and introduces Nu Vision 2025

PROVO, Utah - Feb. 16, 2022 - Nu Skin Enterprises, Inc. (NYSE: NUS) today announced fourth quarter and 2021 results.

Q4 2021 vs. Prior-year Quarter

Revenue:			$673.4 million; (10)% (2)% fx impact or $(11.9) million
Earnings Per Share (EPS):			$(0.18) or $1.11 excluding restructuring and impairment charges, compared to $1.40 in Q4 2020
Sales Leaders:			61,515; (13)% or 12% compared to 2019
Customers:			1,367,559; (12)% or 18% compared to 2019

2021 Annual vs. 2020

Revenue:			$2.70 billion; +4% 2% fx impact or $66.5 million
Earnings Per Share (EPS):			$2.86 or $4.14 excluding restructuring and impairment charges, compared to $3.63 in 2020, or $3.10 in 2019 (21)% or 14% excluding restructuring and impairment charges (8)% or 34% excluding restructuring and impairment charges compared to 2019

"For the year, we are encouraged with 4 percent year-over-year revenue growth and 11 percent growth compared to 2019, particularly considering the many COVID-related

government restrictions, continued global uncertainty and ongoing transformation of our business," said Ryan Napierski, Nu Skin President and CEO. "We generated strong demand for our two most recent products, Beauty Focus Collagen+ and ageLOC

Meta, as both performed well during the quarter. Our U.S. business grew 32 percent for the year on top of 37 percent in 2020, due in large part to ongoing adoption of our social selling model. Many of our Asian markets, including Mainland China,

continue to be impacted by strict lockdowns and restrictions on in-person sales events and promotional activities. However, South Korea is gaining some traction with social commerce and grew 9 percent due to the ageLOC Meta preview and continued

demand for our TR90 weight management product.

"Looking ahead to 2022, we anticipate another year of growth as we continue our transformation toward becoming the world's leading integrated beauty and wellness company,

powered by our dynamic affiliate opportunity platform. Our Nu Vision 2025 strategy, which we will introduce at our investor event later today, encompasses several key strategic imperatives to accelerate growth, including: our EmpowerMe

personalized beauty and wellness strategy with connected beauty devices; our affiliate-powered social commerce business model; and the expansion of our digital platform. We are confident in our plans as we work toward achieving our vision for the

Q4 2021 Year-over-year Operating Results

Revenue:			$673.4 million compared to $748.2 million (2)% fx impact
Gross Margin:			74.2% or 75.2% excluding restructuring and impairment charges compared to 74.0% Nu Skin business was 77.9% compared to 76.5%
Selling Expenses:			38.7% compared to 38.0% Nu Skin business was 41.0% compared to 40.3%
G&A Expenses:			24.7% compared to 24.1%
Operating Margin:			3.0% or 11.7% excluding restructuring and impairment charges compared to 11.9%
Other Income / (Expense):			$(1.9) million compared to $2.7 million
Income Tax Rate:			150.1% or 26.9% excluding restructuring and impairment charges, compared to 19.6%
EPS:			$(0.18) or $1.11 excluding restructuring and impairment charges, compared to $1.40

Dividend Payments:			$18.9 million
Stock Repurchases:			$10.0 million $245.4 million remaining in authorization

Q1 and Full-year 2022 Outlook

Q1 2022 Revenue:			$560 to $590 million; (13) to (17)% Approximately (2) to (3)% fx impact
Q1 2022 EPS:			$0.65 to $0.75; (18) to (28)%
2022 Revenue:			$2.66 to $2.77 billion; (1) to 3% Approximately (1) to (2)% fx impact
2022 EPS:			$4.05 to $4.45; +42 to 56% on a reported basis, or (2) to 8% non-GAAP

"We are especially pleased with our adjusted earnings per share of $4.14 for the year and $1.11 for the quarter, driven by gross margin and operational

improvements. Full year adjusted EPS results represent annual growth of 14 percent versus 2020 or 34 percent compared to 2019," added Mark Lawrence, chief financial officer. "During the quarter, we elected to exit our Grow Tech business and

re-focus those resources on key strategic initiatives and growth objectives in our core business. We took a one-time pre-tax charge of $58.5 million and anticipate that substantially all the non-cash charges were incurred in the fourth quarter of

2021. As a result of these charges, our reported earnings per share was $2.86 for the year and $(0.18) for the quarter. Our 2022 outlook indicates that we plan to re-invest the bulk of the savings from the exit into technology that will further

support our affiliates and drive long-term growth.

"Our 2022 revenue guidance is $2.66 to $2.77 billion with EPS of $4.05 to $4.45. First quarter projected revenue is $560 to $590 million with EPS of $0.65

to $0.75. Although our near-term guidance continues to be impacted by global uncertainty, we believe our strategic initiatives will enable stronger growth in the second half. We remain committed to driving operational improvements along the way

toward our stated mid-term 13 percent operating income target," concluded Lawrence.

The Nu Skin Enterprises management team will host an investor day event

today at noon (ET). To tune in to the webcast and view supplemental materials, visit Nu Skin's investor relations page at ir.nuskin.com when the event begins. A replay of the event, along with supplemental materials, will be available on the same page through March 2, 2022.

About Nu Skin Enterprises, Inc.

Nu Skin Enterprises, Inc. (NYSE: NUS) is a leading beauty and wellness company, powered by a dynamic affiliate opportunity platform. The company

helps people live, look and feel their best with products that combine the best of science, technology and nature. Backed by more than 35 years of scientific research, Nu Skin develops innovative products including Nu Skin personal care,

Pharmanex nutrition and the ageLOC anti-aging brand which includes an award-winning line of beauty device systems. Nu Skin operates in approximately 50 markets worldwide in the Americas, Asia, Europe, Africa and the Pacific. Rhyz Inc. is the

company's strategic investment arm that includes a collection of technology and manufacturing companies to support growth in the core Nu Skin business. Nu Skin is committed to sustainability, including global initiatives such as transitioning to

reduced and sustainable packaging for all products by 2030. The Nu Skin Force for Good Foundation also strives to improve children's health, education and economic circumstances throughout the world. For more information, visit nuskin.com.

Important Information Regarding Forward-Looking

Statements: This press release 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 the company's 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 the company's performance, growth, shareholder value, vision, transformation, initiatives, product pipeline and product introductions, digital tools, customers

and sales leaders, affiliates, strategies and initiatives; operational improvements, projections regarding revenue, expenses, operating income, earnings per share, foreign currency fluctuations, uses of cash and other financial items; 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," "anticipate," "project," "outlook," "guidance," "remain," "become,"

"plan," "opportunity," "expand," "will," "would," "could," "may," "might," the negative of these words and other similar words.

The forward-looking statements and related assumptions involve risks and uncertainties that could cause actual results and outcomes to differ

materially from any forward-looking statements or views expressed herein. These risks and uncertainties include, but are not limited to, the following:

The company's financial performance and the forward-looking statements contained herein are further qualified by a detailed discussion of

associated risks set forth in the documents filed by the company with the Securities and Exchange Commission. The forward-looking statements set forth the company's beliefs as of the date that such information was first provided, and the company

assumes no duty to update the forward-looking statements contained in this release to reflect any change except as required by law.

The following table sets forth revenue for the three-month periods ended December 31, 2021 and 2020 for each of our reportable segments (U.S. dollars in thousands):

	Three Months Ended December 31,						Constant- Currency
	2021			2020			Change	Change
Nu Skin
Mainland China	$	130,708			$	172,442		(24	)%	(26	)%
Americas		144,000				140,586		2	%	4	%
South Korea		92,528				90,384		2	%	8	%
Southeast Asia/Pacific		90,313				99,589		(9	)%	(8	)%
EMEA		68,066				82,656		(18	)%	(14	)%
Japan		63,215				73,132		(14	)%	(6	)%
Hong Kong/Taiwan		47,816				45,864		4	%	3	%
Nu Skin other		(801	)			(391	)	(105	)%	(105	)%
Total Nu Skin		635,845				704,262		(10	)%	(8	)%
Rhyz Investments
Manufacturing		36,360				43,364		(16	)%	(16	)%
Grow Tech		957				567		69	%	69	%
Rhyz other		274				-
Total Rhyz Investments		37,591				43,931		(14	)%	(14	)%
Total	$	673,436			$	748,193		(10	)%	(8	)%

The following table sets forth revenue for the years ended December 31, 2021 and 2020 for each of our reportable segments (U.S. dollars in thousands):

	Year Ended December 31,					Constant- Currency
	2021		2020			Change	Change
Nu Skin
Mainland China	$	568,774		$	625,538		(9	)%	(15	)%
Americas		547,755			453,022		21	%	20	%
South Korea		354,252			326,478		9	%	6	%
Southeast Asia/Pacific		336,651			361,627		(7	)%	(9	)%
EMEA		283,200			230,246		23	%	18	%
Japan		266,216			273,681		(3	)%	-
Hong Kong/Taiwan		162,611			161,117		1	%	(2	)%
Nu Skin other		1,549			(17	)	9,212	%	9,212	%
Total Nu Skin		2,521,008			2,431,692		4	%	1	%
Rhyz Investments
Manufacturing		172,120			149,339		15	%	15	%
Grow Tech		2,104			903		133	%	133	%
Rhyz other		437			-
Total Rhyz Investments		174,661			150,242		16	%	16	%
Total	$	2,695,669		$	2,581,934		4	%	2	%

The company's Customers and Sales Leaders statistics by segment as of December 31, 2021 and 2020 are presented in the following table:

	2021		2020		% Increase (Decrease)
	Customers		Sales Leaders		Customers	Sales Leaders	Customers		Sales Leaders
Mainland China		315,418		17,658		381,460		21,990		(17	)%	(20	)%
Americas		336,564		10,340		366,688		12,754		(8	)%	(19	)%
South Korea		146,354		7,108		158,953		7,059		(8	)%	1	%
Southeast Asia/Pacific		169,601		10,386		192,622		10,588		(12	)%	(2	)%
EMEA		210,414		6,124		258,587		7,063		(19	)%	(13	)%
Japan		122,813		5,872		128,400		6,318		(4	)%	(7	)%
Hong Kong/Taiwan		66,395		4,027		70,592		4,663		(6	)%	(14	)%
Total		1,367,559		61,515		1,557,302		70,435		(12	)%	(13	)%

"Customers" are persons who purchased products directly from the company during the previous three months. Our Customer numbers do not include consumers who purchase products directly from members of our sales force.

"Sales Leaders" are independent distributors, and sales employees and independent marketers in China, who achieve certain qualification requirements.

NU SKIN ENTERPRISES, INC.

Consolidated Statements of Income (Unaudited)

(U.S. dollars in thousands, except per share amounts)

	Three Months Ended December 31,			Years Ended December 31,
	2021			2020			2021		2020
Revenue	$	673,436			$	748,193		$	2,695,669		$	2,581,934
Cost of sales		173,775				194,751			675,223			658,028
Gross profit		499,661				553,442			2,020,446			1,923,906
Operating expenses:
Selling expenses		260,831				284,129			1,068,189			1,019,494
General and administrative expenses		166,641				180,616			666,395			646,848
Restructuring and impairment expenses		51,870				-			51,870			-
Total operating expenses		479,342				464,745			1,786,454			1,666,342
Operating income		20,319				88,697			233,992			257,564
Other income (expense), net		(1,883	)			2,736			(1,533	)		(1,332	)
Income before provision for income taxes		18,436				91,433			232,459			256,232
Provision for income taxes		27,666				17,966			85,193			64,877
Net income	$	(9,230	)		$	73,467		$	147,266		$	191,355
Net income per share:
Basic	$	(0.19	)		$	1.44		$	2.93		$	3.66
Diluted	$	(0.18	)		$	1.40		$	2.86		$	3.63
Weighted-average common shares outstanding (000s):
Basic		49,862				50,971			50,193			52,296
Diluted		50,801				52,403			51,427			52,765

NU SKIN ENTERPRISES, INC.

Consolidated Balance Sheets (Unaudited)

(U.S. dollars in thousands)

	December 31, 2021			December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents	$	339,593			$	402,683
Current investments		15,221				21,216
Accounts receivable, net		41,299				63,370
Inventories, net		399,931				314,366
Prepaid expenses and other		76,906				101,563
Total current assets		872,950				903,198
Property and equipment, net		453,674				468,181
Operating lease right-of-use assets		120,973				155,104
Goodwill		206,432				202,979
Other intangible assets, net		76,991				89,532
Other assets		175,460				138,082
Total assets	$	1,906,480			$	1,957,076
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	49,993			$	66,174
Accrued expenses		372,201				446,682
Current portion of long-term debt		107,500				30,000
Total current liabilities		529,694				542,856
Operating lease liabilities		88,759				112,275
Long-term debt		268,781				305,393
Other liabilities		106,474				102,281
Total liabilities		993,708				1,062,805
Commitments and contingencies
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		601,703				579,801
Treasury stock, at cost - 40.7 million and 39.7 million shares		(1,526,860	)			(1,461,593	)
Accumulated other comprehensive loss		(73,896	)			(64,768	)
Retained earnings		1,911,734				1,840,740
Total stockholders' equity		912,772				894,271
Total liabilities and stockholders' equity	$	1,906,480			$	1,957,076

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. The company believes 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 the company's revenue from

Gross margin, operating margin, income tax rate, earnings per share and adjusted earnings per share growth, each excluding impairment and

restructuring charges, also are non-GAAP financial measures. Impairment and restructuring charges are not part of the ongoing operations of our underlying business. The company believes that these non-GAAP financial measures are useful to

investors, lenders and analysts because removing the impact of impairment and restructuring charges facilitates period-to-period comparisons of the company's performance. Please see the reconciliations of these items to our gross margin, operating

margin, income tax rate, earnings per share and earnings per share growth calculated under GAAP, below.

NU SKIN ENTERPRISES, INC.

Reconciliation of Earnings Per Share Excluding Impact of Restructuring and Impairment to GAAP Earnings Per Share