WW International, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>WW International, Inc. has filed its 2023 10-K report, detailing its financial performance and corporate information.</b>

AI Summary

WW INTERNATIONAL, INC. (WW) filed a Annual Report (10-K) with the SEC on February 28, 2024. WW International, Inc. filed its 2023 10-K report on February 28, 2024, for the fiscal year ending December 30, 2023. The company's former name was Weight Watchers International Inc, with a name change effective November 23, 1999. WW International, Inc. is incorporated in Virginia (VA) and headquartered in New York, NY. The filing references various financial instruments and accounting standards, including employee stock options, revolving credit facilities, and interest rate swaps. Key dates mentioned include fiscal year ends (December 28) and specific transaction dates like April 3, 2022, for Kurbo Inc.

Why It Matters

For investors and stakeholders tracking WW INTERNATIONAL, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of WW International's financial health, operational activities, and strategic positioning for the fiscal year 2023. Investors and analysts can use this report to assess the company's performance, identify potential risks, and make informed investment decisions regarding WW International.

Risk Assessment

Risk Level: — WW INTERNATIONAL, INC. shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not immediately highlight any severe or unusual risks without further in-depth analysis of the specific risk factors section.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand WW International's current financial standing and future outlook.

Key Numbers

• 2023-12-30 — Fiscal Year End (Conformed period of report)
• 2024-02-28 — Filing Date (As of date)
• 1999-11-23 — Date of Name Change (Former company name change)

Key Players & Entities

• WW INTERNATIONAL, INC. (company) — Filer name
• WEIGHT WATCHERS INTERNATIONAL INC (company) — Former company name
• VA (company) — State of incorporation
• NY (company) — State of headquarters
• Kurbo Inc (company) — Acquisition/transaction reference
• Weekend Health Inc DBA Sequence (company) — Business entity reference

FAQ

Industry Context

WW International operates in the personal services sector, focusing on health and wellness programs.

Regulatory Implications

The filing is a standard 10-K report required by the SEC under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue trends and profitability.
2. Examine the risk factors section for potential business challenges.
3. Review management's discussion and analysis for strategic insights.

Year-Over-Year Comparison

This is the initial analysis of the 2023 10-K filing; comparison to prior filings would require access to those documents.

Key Financial Figures

• $6.72 — , 2023 (based upon the closing price of $6.72 per share of common stock as of June 30

Filing Documents

• ww-20231230.htm (10-K) — 5024KB
• ww-ex10_25.htm (EX-10.25) — 85KB
• ww-ex10_32.htm (EX-10.32) — 124KB
• ww-ex21_1.htm (EX-21.1) — 11KB
• ww-ex23_1.htm (EX-23.1) — 2KB
• ww-ex31_1.htm (EX-31.1) — 14KB
• ww-ex31_2.htm (EX-31.2) — 14KB
• ww-ex32_1.htm (EX-32.1) — 16KB
• ww-ex97_1.htm (EX-97.1) — 45KB
• img30938634_0.jpg (GRAPHIC) — 597KB
• 0000950170-24-022144.txt (&nbsp;) — 24205KB
• ww-20231230.xsd (EX-101.SCH) — 2577KB
• ww-20231230_htm.xml (XML) — 5132KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 14 Item 1B. Unresolved Staff Comments 37 Item 1C. Cybersecurity 37 Item 2.

Properties

Properties 39 Item 3.

Legal Proceedings

Legal Proceedings 39 Item 4. Mine Safety Disclosures 39 Information about our Executive Officers and Directors 40 Part II Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 44 Item 6. [Reserved] 45 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 46 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 69 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 70 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 70 Item 9A.

Controls and Procedures

Controls and Procedures 71 Item 9B. Other Information 71 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 72 Part III Item 10. Directors, Executive Officers and Corporate Governance 73 Item 11.

Executive Compensation

Executive Compensation 73 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 73 Item 13. Certain Relationships and Related Transactions, and Director Independence 73 Item 14. Principal Accountant Fees and Services 73 Part IV Item 15. Exhibits and Financial Statement Schedules 75 Item 16. Form 10-K Summary 81 i PART I BASIS OF PRESENTATION WW International, Inc. is a Virginia corporation with its principal executive offices in New York, New York. In this Annual Report on Form 10-K unless the context indicates otherwise: "we," "us," "our," the "Company," "Weight Watchers" and "WW" refer to WW International, Inc. and all of its operations consolidated for purposes of its financial statements; "North America" refers to our North American Company-owned operations and franchise revenues and related costs; and "International" refers to our Continental Europe Company-owned operations, United Kingdom Company-owned operations, and Australia, New Zealand and emerging markets operations. See "Item 1. Business—Business Organization—Changes in Segment Reporting" of this Annual Report on Form 10-K for information on recent segment changes. Our fiscal year ends on the Saturday closest to December 31st and consists of either 52- or 53-week periods. In this Annual Report on Form 10-K: "fiscal 2015" refers to our fiscal year ended January 2, 2016; "fiscal 2017" refers to our fiscal year ended December 30, 2017; "fiscal 2018" refers to our fiscal year ended December 29, 2018; "fiscal 2019" refers to our fiscal year ended December 28, 2019; "fiscal 2020" refers to our fiscal year ended January 2, 2021 (included a 53 rd week); "fiscal 2021" refers to our fiscal year ended January 1, 2022; "fiscal 2022" refers to our fiscal year ended December 31, 2022; "fiscal 2023" refers to our fiscal year ended December 30, 2023; "fiscal 2024" refers to our fiscal year ended December 28, 2024; "fiscal 2025" refers to our fisca

B usiness

Item 1. B usiness Overview We are a technology company at the forefront of weight health, grounded in nutritional and behavior change science. We are powered by our weight loss and weight management programs, our award-winning app and our commitment to tailoring solutions for our members to improve their weight health, including providing medical weight management treatment via access to clinician-prescribed weight management medications and related support through the WeightWatchers Clinic affiliated practices. Our portfolio of solutions empowers people to adopt healthy habits to help achieve lasting weight health. With six decades of weight management experience, expertise and know-how, we are one of the most recognized and trusted brand names among weight-conscious consumers. We educate our members and provide them with guidance, digital tools, and inspiring communities – via our exclusive social network, Connect, and our workshops -- to enable them on their personal weight health journeys. We also offer our science-backed behavior change GLP-1 Program. Our business has gone through a significant shift to a digital subscription model over the past several years and our primary sources of revenue are subscriptions for our digital, workshop, and clinical offerings. Our "Digital" business refers to providing subscriptions to our digital product offerings. Our "Workshops + Digital" business refers to providing unlimited access to our workshops combined with our digital subscription product offerings. Our "Clinical" business refers to providing subscriptions to our clinical product offerings provided by WeightWatchers Clinic (formally referred to as Sequence). For additional details on certain of our historic offerings, see "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations—Overview" in Part II of this Annual Report on Form 10-K. We believe that the power of our communities increases accountability and provides our mem

View Full Filing

View this 10-K filing on SEC EDGAR