Good day, ladies and gentlemen. Thank you for standing by. Welcome to today's conference call to discuss LifeVantage's Fourth Quarter and Full Fiscal Year 2023 Results. [Operator Instructions] I would like to inform you that LifeVantage intends to file a proxy statement and related proxy materials with the SEC in connection with its fiscal year 2024 Annual Meeting of Stockholders and in connection therewith its directors and certain of its executive officers are participants in the solicitation of proxies from our stockholders in connection with such annual meetings. Stockholders of LifeVantage are strongly encouraged to read such proxy statement and all other related materials filed with the SEC carefully and in their entirety when they become available as they will contain important information about the fiscal year 2024 Annual Meeting of Stockholders, including the identity of the participants in the solicitation and their direct or indirect interest by security holdings or otherwise. At this time, we would like to make no further comments on our upcoming annual meeting or any matters or circumstances related to it. Hosting today's conference will be Reed Anderson with ICR. As a reminder, today's conference is being recorded. And now I would like to turn the conference over to Mr. Anderson. Please go ahead.

Thank you. Good afternoon, and welcome to LifeVantage Corporation's conference call to discuss results for the fourth quarter and full fiscal year 2023. On the call today from LifeVantage with prepared remarks are Steve Fife, President and Chief Executive Officer; and Carl Aure, Chief Financial Officer. By now, everyone should have access to the earnings release, which went out this afternoon at approximately 4:05 p.m. Eastern Time. If you have not received the release, it is available on the Investor Relations portion of LifeVantage's website at www.lifevantage.com. This call is being webcast, and a replay will be available on the company's website. Before we begin, we would like to remind everyone that our prepared remarks contain forward-looking statements and management may make additional forward-looking statements in response to your questions. These statements do not guarantee future performance and therefore, undue reliance should not be placed upon them. These statements are based on current expectations of the company's management and involve inherent risks and uncertainties, including those identified in the Risk Factors section of LifeVantage's most recently filed Forms 10-K and 10-Q. Please note that during today's call, we will discuss non-GAAP financial measures, including results on an adjusted basis. Management believes these financial measures can facilitate a more complete analysis and greater transparency into LifeVantage's ongoing results of operations, particularly when comparing underlying operating results from period to period. We've included a reconciliation of these non-GAAP measures with today's release. This call also contains time-sensitive information that is accurate only as of the date of this live broadcast, August 28, 2023. LifeVantage assumes no obligation to update any forward-looking projection that is made in today's release or call. Now I will turn the call over to Steve Fife, the President and Chief Executive Officer of LifeVantage.

Thanks, Reed, and good afternoon, everyone. Thank you for joining us today. We are very pleased with our fourth quarter results, reflecting strong momentum across our business as the key initiatives that underpin our LV360 transformation continued to gain traction. Total revenue in the fourth quarter increased 6.4% year-over-year to $54.2 million, exceeding our guidance and was up 7.8% on a currency-neutral basis, driven by 17.9% growth in the Americas regions and continues to reflect higher average revenue per account due to strong demand for our TrueScience Liquid Collagen product. We also delivered a sharp improvement in profitability in the fourth quarter reflecting our disciplined approach to cost management alongside progress with our strategic LV360 initiatives. Fourth quarter adjusted EBITDA increased 179% year-over-year to $4.8 million, and our adjusted EBITDA margin was 8.9%, up 550 basis points versus our year earlier. And finally, concurrent with our earnings release, and reflecting our excellent marketplace momentum, strong balance sheet and free cash flow in addition to our quarterly cash dividend of $0.035 per common share, we also announced a special onetime cash dividend of $0.40 per share, which will be in the aggregate amount approximately $5 million. Both of these dividends will be paid on September 22 to shareholders of record on September 8. This underscores our long-standing commitment to driving value for shareholders. We will cover this in more detail later in our prepared remarks. As a reminder, just under two years ago, we set out to change the trajectory of LifeVantage. Starting with a complete refreshment of our senior executive team, we dove deep into our people, business model, programs and tools and concluded several elements of our business were ripe for enhancement in line with our efforts to realize our vision for the company and maximize value creation for…

Thank you, Steve, and good afternoon, everyone. Let me walk you through our fourth quarter financial results. Please note that I will be discussing our non-GAAP adjusted results. You can refer to the GAAP to non-GAAP reconciliations in today's press release for additional details. Fourth quarter revenue was $54.2 million, up 6.4% on a year-over-year basis and up 0.9% from the third quarter. This represents our fifth consecutive quarter of sequential quarter-over-quarter revenue growth. Foreign currency fluctuations negatively impacted revenue by $0.6 million in the fourth quarter. Excluding the negative impact of foreign currency fluctuations, fourth quarter revenue was up $3.9 million or approximately 7.8% compared to the prior year period. Revenue in the Americas region increased 17.9% to $39.8 million in the quarter, including an 18.6% increase in the United States as compared to the prior year period. This increase was primarily driven by the early success of the LV360 initiatives and higher average revenue per account from the continued success of our TrueScience Liquid Collagen product. Revenue in our Asia Pacific and Europe region decreased 16% to $14.5 million, driven by an 18% decrease in total active accounts and the negative impacts from foreign currency exchange rate fluctuations. Excluding the negative impact from currency fluctuations, fourth quarter revenue in our Asia Pacific and Europe region was down 3.9%. The foreign currency impact continues to be driven by fluctuations in Japan, accounting for $0.5 million of the impact. Adjusting for this impact, Japan delivered 7.7% growth on a constant currency basis in the quarter driven by the successful launch of NAD earlier this year in TrueScience Liquid Collagen in March. Gross margin was 79.6% in the fourth quarter compared to 81.7% in the prior year period. The decrease in gross margin was primarily due to increased shipping expenses, higher…

Thanks, Carl, and thank you for joining us today. In closing, I want to take this opportunity to thank all of our employees for their hard work and dedication as well as our outstanding independent consultants and loyal customers. Our latest results demonstrate the power of our platform and competitive advantage of our model to help individuals build businesses on their own terms with a proven committed leadership team, amazing lineup of unique products, highly engaged consultant base and strong balance sheet, we are very well positioned to deliver significant growth, improved profitability and drive meaningful value for shareholders. Thank you.

Ladies and gentlemen, this does conclude today's teleconference. Thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.