You just got back from Nashville. I read the press release Monday showing that you were holding your Momentum Academy there with your consultant leadership. So maybe if you could go over, basically, who attended the event and what were the key themes and messages that were covered?
Yeah. Thanks, Doug. Yeah. Our Momentum Academies. We're actually holding these in every country that we're operating in in the spring. They're in-person events for all of our consultants in those countries. It's really a follow-up to our virtual kickoff that we had in January that we've spoken about before. It's really to bring the teams, the consultants together.
Our theme for this year is to rise up. So it's to help them build out their business plans. We refer to these people as consultants, but I really they're entrepreneurs. These are individuals that are attracted to LifeVantage because of our products, but also the business opportunity that they have to share and earn money selling our products. So we bring them together on about a quarterly basis. Every other one is virtual. This one was in person.
Again, we've had very similar events in Canada, Mexico, Europe, Australia. This weekend in Thailand and the Philippines are having very similar events. It's a chance for us to kind of regroup after the virtual event to build on kind of the momentum and set the plan and the course for calendar 2024.
I see. So the Momentum Academies are really each geography is holding one. Are all of them in person, or was just the one in the U.S. in person?
They are. They're all in person. And what was really exciting about this, we had a few things going on that were unique, I guess, to this event. First was this is LifeVantage's 15th year of doing business as a direct selling company. And so we actually kicked off the event recognizing what we're referring to as a Founders Circle .
And so individuals that have generated more than $50 million from the beginning of the company or from their time with the company were recognized as tier one or gold member founders. And individuals that have generated between $15 million-$50 million of revenue or volume over a period of the last 15 years were recognized as tier two or silver. It was a great way to kind of kick off where we are as a company and really to give thanks and tribute to the people that helped put us in this position of where we are today.
So there was a recognition as part of the event, which is important, I know, in direct selling when you get the people together. How many people do you think were at the event in Nashville?
We had over 1,300 registered. The room was in fact, we had to bring some chairs in. It was full. I don't know if I have an exact count of attendees, but registered were over 1,300.
Okay. So it was a large event. Along with recognition, obviously, new products were important in direct selling. Looks like there was a lot of new product news coming out of the event. We've talked about it before. The TrueScience activated skincare collection. Maybe if you could dive down a little bit deeper on the new products and the reception and how they fit into the overall LifeVantage activation theme.
Yeah. Our mission as a company is to help people find a better path of wellness. When we use that term wellness, I think of it as, first and foremost, financial wellness, actually, from a consultant standpoint. Obviously, our customers are looking for health wellness. This company was founded on, at the time, a breakthrough product we refer to as Protandim Nrf2, which is an activation product for a pathway that deals with oxidative stress in our bodies. About 10 years ago, the company introduced a skincare regimen or line that incorporated those patented Nrf2 ingredients into a topical skincare regimen. A lot has happened over the last 10 years as it relates to technology and ingredients and evolution of skincare.
We did announce in Nashville and, excuse me, and I'm happy to say at every one of our Momentum Academies because this is a global launch of this refresh. We have a global formula that's applicable in all of our countries, but a refresh of our TrueScience skincare line. We started this, actually, in October with a product that we called TrueRenew, kind of the new flagship of our skincare line, which is a retinol alternative. But we also updated our cleanser, our eye cream, and our moisturizer and added several active ingredients, increased the studies and the science behind it, new packaging, new branding, improvement in the overall cleanness of it from a Think Dirty.
I don't know if you're familiar with that app or program, but it's a company that evaluates all consumer products from a cleanliness standpoint and rates them on a scale of 0 to 4. And each of these products in our new skincare line are a 0 or a 1, meaning they're extremely clean and obviously also have recycling packaging. So we're super excited about the upgrade. We feel like we kept all of the best of our existing line and upleveled it to incorporate a lot more activation. And the attendees at each of the events have been really impressed and excited. And we also introduced in the U.S. only a SPF product, so a very clean SPF 30 product that comes in a little stick container that you put on your face or your body and carry with you.
It's been a product that our customers have been demanding for a long time or requesting for a long time. We were excited to be able to introduce that new product in the U.S.
Okay. I have heard about this app. Just to refresh my memory, what was it called again?
Think Dirty.
Okay. And this is available in the App Store, right?
Yeah. If you just go to an App Store, iOS or Apple, and you can download it, and you can actually scan any barcode of any product you have in your household. It will evaluate it. They study it. It's an independent company. It shows just how clean the products are.
Well, that's important. I would imagine your leadership would really be interested in that because you can then demonstrate how your product holds up or compares to what you can buy on the shelf or what the potential consumer might be using and demonstrate why it's cleaner or better or something like that. So I imagine.
That's exactly right. It is a differentiator for us. We do look at competitive products in the marketplace. We're just thrilled with how our new products in the skincare line showed up in the app.
That's great. Yeah. Now, we have new products, but one thing about LifeVantage I've known from following you guys for a while is that you have packs and stacks. And there's a certain synergistic effect of your products. They don't really operate just standalone. Maybe if you could dive a little bit more into how that works in a more holistic picture, not just product by product.
Yeah. Yeah. No, it's absolutely right. A lot of our study and research is focused on finding the incremental synergistic benefits when you combine our products because there's a number of ways to activate your body. Our research shows that when you take, for example, NRF2, we've got clinical studies that prove the efficacy of it. When you take our liquid collagen, there's benefits of it.
And then there's incremental benefits when you take both of them together. So we have and we talk about packs and stacks. We enroll consultants on a pack because in addition to product groupings, we also include in that business tools to help them get started with their business and including coupons that they can share with consultants and customers so that they can find some early success in enrolling new people into the business.
So we enroll with a pack, and then we subscribe with a stack. And so the stack is intended to be what you sign up with as an ongoing subscription after that original enrollment because you don't need the starter kit every time afterwards. That's just kind of a one-time business tool. And we've put together our largest pack. We call it our business pack. And it really incorporates virtually all of our products into one box where you can sample and become really a product of the product. And that's really geared towards people who are coming in and know from the very start that they want to take advantage of a discount on buying the products, but also get acquainted with all of them as they set up their business.
And then the other packs that we have are a combination of Nrf2 and our new skincare line with collagen or Nrf2 with our True Renew. So we'd have three or four different packs that have a very cohesive story that, again, helps our consultants talk to consumers and other consultants around the best way for them to come in, what interests them, and kind of steer that conversation. But then also, as I've said, there's a complementary stack. And we are a fairly data-driven organization. And we know that people that come in on a subscription, their longevity with the company and their experience with our product is significantly greater than people that come in and just purchase on a one-off basis. We also know that someone who earns money in their first week and this is cash in bank.
We pay on a daily basis, a weekly basis, and a monthly basis. And so people that earn some money in that first week, they have a longer lifetime experience with LifeVantage as well as if they enroll a consultant in their first 30 days. And so a lot of what we've talked about at our Momentum Academies and what is really paramount in our compensation plan is reinforcing those behaviors to utilize our packs, get people on a subscription with a stack, and then to help them earn money and enroll someone else as quickly as they can. And that was a big theme of our Momentum Academy. Like I said, it's just reinforcing that story.
What percentage of your business do you figure is on subscription?
About 70% of our revenue is on all of our. Virtually all of our products are intended to be 30-day usage. So products lend themselves to a subscription. Some of them last a little bit longer. I'd love to obviously see that subscription percentage be even higher. Some of them do last longer than the 30 days. So that hurts us a little bit from that standpoint. But it's something that is a focus of us. I know that just financially as a company, the more we can drive subscriptions, obviously, the more stable our business is as well.
No, that's a huge plus. If you can get that much on a subscription, it does make your business a lot more predictable. I saw in the press release Monday, you talked about Rise incentives for the consultants and also a Rise Retreat. So can we switch gears and talk a little bit more about what kind of incentives you were talking about and introducing for your leadership this week?
Yeah. Yeah, yeah. Yeah. We introduced, I guess, in January, a Rise ERA incentive, maybe playing off of someone else's ERA's popularity recently. But it also lines up really well with kind of the fundamentals of our business. And ERA stands for Enroll, Retain, and Advance. And again, from our consultants or our entrepreneurs' standpoint, to build a business, you've got to enroll people. And that's both other consultants and customers. Successful ones retain a high percentage of those people.
And in doing so, you can advance your career within LifeVantage. And so we introduced an incentive. And this is going to be a full calendar year-long incentive that we're just instilling. It complements very well our Evolve Compensation Plan. It ties in very well with the behaviors. And for each one of the if you enroll someone, you can earn a track.
If you retain someone and subscriptions grow, you can earn a track. And if you advance or one of your personal enrollees advance, you can earn a track. And with each track, you can earn prizes. And those prizes kind of refresh on a quarterly basis. But it's all geared towards focusing our consultants on those real core behaviors. So those tracks can be earned throughout the year. We announced we call it a Rise Retreat, a trip that and each of our countries announce this. And there will be local trips in each country. In the U.S., it's going to be a trip to Park City. And I think it's the August timeframe. And so people that earn a certain number of tracks within the next three or four months will be able to come into Park City for a few days, and we'll celebrate that accomplishment.
It's just reinforcing that core fundamental behavior of what we know will drive business success for our consultants and, in turn, LifeVantage.
No, that makes sense. Certainly, Park City in August is a good place to be.
Yeah.
Can you update any updates? I know we've talked about LV360 launched a year ago, and then phase two, I think we talked about earlier this year. Any news there, any updates? Everything still going as planned?
It is. We launched effective February 1st in our Phase 2 markets, which was Canada, all of Europe, and Mexico. Part of these Momentum Academies in those countries was to reinforce the launch of our Evolve Compensation Plan. I attended the Canada and Mexico events. What's exciting is with these changes, there are a lot of our consultants that are coming back and reengaging.
They see momentum starting to occur. Maybe there's a little FOMO, but they're seeing other people finding success. It's been very, very well received in those three countries. It really will remain a focus for us as we now have our Southeast Asia countries still to launch on it. We're working on the plans for those countries as well as just reinforcing the aspects of this compensation plan. You know that changes to compensation plans are a challenge.
But I'm thrilled with how receptive people have been around the changes.
No, that can be the law of unexpected consequences when you start messing around with the compensation plan. So that's good news. Yeah, that things are as you expected. Carl, we're looking at a week or so away from the June quarter here. And LifeVantage initiated a dividend in 2022 in the June quarter and then a regular dividend. I mean, there was a special dividend last year, but the regular dividend was launched in the June quarter of 2022. And then it was increased in the June quarter of 2023. So it seems safe to say that a logical conclusion would be that there could be another increase in the dividend in the June quarter this year?
Yeah. Well, I mean, it's something that we'll certainly be evaluating. Now is the time that we would do that. As you mentioned, we initiated the dividend almost 2 years ago. We're certainly committed to that as a company. We reevaluated it last year. We'll do that again. We've made a commitment at the board level.
We always have a robust discussion around capital allocation and what is best for our shareholders at the end of the day. But we will certainly look at it. Obviously, it will be a board decision at the end of the day. We'll evaluate it. We want to maintain this balanced approach to capital allocation where just balancing between internal investment. As we've discussed before, we've been very active from a share repurchase front. But also, the dividend is also an important component to this. All of that will certainly get evaluated. Now is the timing for that.
Okay. Well, we'll stay tuned and look forward to news on that front over the next couple of months. And then also just stepping back, a few press releases, or at least one press release this year regarding the board of directors. So there have been some changes there. I wondered if you could just catch us up on the latest on the board of directors and what their thinking is behind those changes.
Yeah. I think it's great news for our shareholders. The board has gone through, I'd say, a fairly extensive refreshment plan and just ensuring that we have the right balance of both skills and tenure on our board. I think the press release or releases, maybe, that you're referring to is one of our board members, Ray Greer, was appointed after our annual meeting as our new chairman. Ray's been on the board for about seven years and has been a tremendous contributor, but now is settling into the chairman role. I think great things are going to come from that. Then we also recently announced the addition of a board member, Dayton Judd, who joined us. Dayton is one of our largest shareholders.
I think it will be great for our board to have that kind of perspective on our board. We look forward to working with Dayton and what he brings to the table. I think our board is in a great position right now.
Okay. Thanks for the update there. And then I see we're getting close to time here. But before I let you go, can you update us on the thinking on geographic expansion? A lot of your peers have been talking about India being a big driver of growth. And some of the companies have just recently announced they're entering India. So maybe talk about geographic expansion in general and then start with India specifically as an opportunity.
Yeah. First and foremost, I'd say in the very short term, our focus is still on optimizing our existing countries. The last thing we want to do is to go through all of these changes and move on or take our eye off the ball prematurely. There's still a lot of education and learning, even in the U.S., let alone in Canada, Mexico, and Europe, where we just announced the comp plan change.
And like I said, we have yet to launch in our Southeast Asia countries yet. So excuse me, immediate priority is just the optimization of our current activities. And we do have some preliminary work going on evaluating other countries. I'd say India is part of that, probably not our next country. But we know that we have tremendous growth opportunities outside of our core U.S. business.
The U.S. is about 65%-70% of our overall revenue. Fortunately, it is growing. I expect it's going to continue to grow. But I also see more enhanced growth opportunities coming outside of the U.S. So we are evaluating those continuously.
Yeah. It seems that international will be a big opportunity where many of your peers are 10%-20% in the U.S. and much bigger outside. And again, I'm not expecting the U.S. to go down. I would figure the outside would go up as part of the overall mix over time. But anyway, we are at time. Steve and Carl, thank you very much for joining us today. And I look forward to having you back soon.
Sounds great.
Awesome.
Thanks, Doug.
Thanks, Doug. Appreciate it.
Yep.
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