WW International, Inc. Files 10-Q for Period Ending March 30, 2024

TL;DR

<b>WW International, Inc. filed its Q1 2024 10-Q, detailing financial performance and restructuring activities.</b>

AI Summary

WW INTERNATIONAL, INC. (WW) filed a Quarterly Report (10-Q) with the SEC on May 2, 2024. WW International, Inc. filed a 10-Q report for the period ending March 30, 2024. The filing includes data related to fiscal year 2023 plans and restructuring charges. Specific financial elements mentioned include Digital Subscription Revenues and Senior Secured Notes. The report references asset impairment charges and lease termination costs. Key dates include April 14, 2024, and March 30, 2024, related to financial reporting and restructuring.

Why It Matters

For investors and stakeholders tracking WW INTERNATIONAL, INC., this filing contains several important signals. This filing provides a quarterly update on WW International's financial health and operational adjustments, crucial for investors tracking performance and strategic changes. The inclusion of restructuring charges and specific revenue streams like Digital Subscriptions offers insight into the company's cost management and revenue diversification efforts.

Risk Assessment

Risk Level: medium — WW INTERNATIONAL, INC. shows moderate risk based on this filing. The company's financial performance is subject to ongoing restructuring efforts and potential asset impairment charges, indicating potential volatility.

Analyst Insight

Monitor WW International's upcoming earnings reports for signs of recovery and successful integration of restructuring initiatives.

Key Numbers

• 2024-03-30 — Period End Date (Conformed Period of Report)
• 2024-05-02 — Filing Date (Filed As Of Date)
• 2023-01-01 — Start Date for Digital Subscription Revenues (ww:DigitalSubscriptionRevenuesMember)
• 2023-04-01 — End Date for Digital Subscription Revenues (ww:DigitalSubscriptionRevenuesMember)
• 2024-04-14 — Date related to Senior Secured Notes (srt:MaximumMember ww:SeniorSecuredNotesDueAprilFifteenTwoThousandTwentyNineMember)

Key Players & Entities

• WW INTERNATIONAL, INC. (company) — Filer name
• 2024-03-30 (date) — Conformed period of report
• 2024-05-02 (date) — Filed as of date
• 675 AVENUE OF THE AMERICAS (address) — Business address street 1
• 2125892700 (phone) — Business phone
• WEIGHT WATCHERS INTERNATIONAL INC (company) — Former company name
• 19991123 (date) — Date of name change
• WW (ticker) — Ticker symbol

FAQ

Risk Factors

• Asset Impairment Charges [medium — financial]: The filing references asset impairment charges, indicating potential write-downs of asset values.
• Restructuring Activities [medium — operational]: The company is undergoing organizational and real estate restructuring, involving employee termination benefits and lease termination costs.

Key Dates

• 2024-03-30: Period End Date — End of the reporting quarter for the 10-Q filing.
• 2024-05-02: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a snapshot of the company's financial condition and performance during the quarter.)

Filing Documents

• ww-20240330.htm (10-Q) — 2350KB
• ww-ex31_1.htm (EX-31.1) — 16KB
• ww-ex31_2.htm (EX-31.2) — 16KB
• ww-ex32_1.htm (EX-32.1) — 14KB
• 0000950170-24-052105.txt (&nbsp;) — 10685KB
• ww-20240330.xsd (EX-101.SCH) — 1597KB
• ww-20240330_htm.xml (XML) — 2075KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 2 Unaudited Consolidated Balance Sheets at March 30, 2024 and December 30, 2023 2 Unaudited Consolidated Statements of Operations for the three months ended March 30, 2024 and April 1, 2023 3 Unaudited Consolidated Statements of Comprehensive Loss for the three months ended March 30, 2024 and April 1, 2023 4 Unaudited Consolidated Statements of Changes in Total Deficit for the three months ended March 30, 2024 and April 1, 2023 5 Unaudited Consolidated Statements of Cash Flows for the three months ended March 30, 2024 and April 1, 2023 6 Notes to Unaudited Consolidated Financial Statements 7 Cautionary Notice Regarding Forward-Looking Statements 25 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 43 Item 4.

Controls and Procedures

Controls and Procedures 43

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 44 Item 1A.

Risk Factors

Risk Factors 44 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 44 Item 3. Defaults Upon Senior Securities 44 Item 4. Mine Safety Disclosures 44 Item 5. Other Information 44 Item 6. Exhibits 45

—FINANCI AL INFORMATION

PART I—FINANCI AL INFORMATION

FINANCI AL STATEMENTS

ITEM 1. FINANCI AL STATEMENTS WW INTERNATIONAL, INC. AND SUBSIDIARIES UNAUDITED CONSOLIDATE D BALANCE SHEETS AT (IN THOUSANDS) March 30, December 30, 2024 2023 ASSETS CURRENT ASSETS Cash and cash equivalents $ 66,615 $ 109,366 Receivables (net of allowances: March 30, 2024 - $ 1,887 and December 30, 2023 - $ 1,041 ) 13,173 14,938 Prepaid income taxes 14,316 25,370 Prepaid marketing and advertising 2,982 10,149 Prepaid expenses and other current assets 19,888 19,651 TOTAL CURRENT ASSETS 116,974 179,474 Property and equipment, net 19,068 19,741 Operating lease assets 50,133 52,272 Franchise rights acquired 128,213 386,526 Goodwill 242,258 243,441 Other intangible assets, net 58,031 63,208 Deferred income taxes 20,328 19,683 Other noncurrent assets 19,243 17,685 TOTAL ASSETS $ 654,248 $ 982,030 LIABILITIES AND TOTAL DEFICIT CURRENT LIABILITIES Portion of operating lease liabilities due within one year $ 9,660 $ 9,613 Accounts payable 22,514 18,507 Salaries and wages payable 52,769 79,096 Accrued marketing and advertising 15,789 18,215 Accrued interest 11,204 5,346 Deferred acquisition payable 16,000 16,500 Other accrued liabilities 23,019 22,610 Income taxes payable 62,088 1,609 Deferred revenue 36,004 33,966 TOTAL CURRENT LIABILITIES 249,047 205,462 Long-term debt, net 1,427,509 1,426,464 Long-term operating lease liabilities 51,256 53,461 Deferred income taxes 22,544 41,994 Other 16,191 15,743 TOTAL LIABILITIES 1,766,547 1,743,124 TOTAL DEFICIT Common stock, $ 0 par value; 1,000,000 shares authorized; 130,048 shares issued at March 30, 2024 and 130,048 shares issued at December 30, 2023 0 0 Treasury stock, at cost, 50,803 shares at March 30, 2024 and 50,859 shares at December 30, 2023 ( 3,062,005 ) ( 3,064,628 ) Retained earnings 1,966,62

View Full Filing

View this 10-Q filing on SEC EDGAR