Herbalife was punished by the market after a miss which involved positive but falling sales growth rate.
This is far worse.
But that is not what my complaint is about.
The company published its results WITHOUT a cash flow statement.
Call me old-fashioned but I like cash flow statements.
If you try to reconstruct it there is yet another quarter where cash generation does not reconcile with profits.
Also they drew a revolver after quarter end despite having almost $200 million of cash on the balance sheet and not obviously needing any more than the non-revolving part of the credit agreement.
I have no idea why.
Disclaimer: Short Nu Skin, unfortunately (yesterday) long Herbalife.