NEW YORK, Aug. 3, 2017 /PRNewswire/ -- Weight Watchers
International, Inc. (NYSE: WTW) today announced its results for the
second quarter of fiscal 2017 and raised its full year fiscal 2017
earnings guidance.
"Weight Watchers' strong performance is due to the broad-based
improvements the Company has implemented, including updating the
program, enhancing the digital offerings, and refreshing the
meetings experience," said Mindy
Grossman, the Company's President and CEO. "With a proven,
science-based program, strong digital capabilities, and the support
and community offered by thousands of coaches and millions of
members worldwide, Weight Watchers offers a strong
value-proposition that positions the Company for continued growth.
By leveraging technology, innovation, and the power of community,
Weight Watchers will be able to realize the full growth potential
of the business and make a major impact on our members' lives."
"Weight Watchers delivered another quarter of continued momentum
with revenue growth in constant currency in every geographic
segment, driven by compelling marketing programs in our major
markets," said Nick Hotchkin, the
Company's CFO. "We expect strong growth in revenues and operating
income in the second half of this year."
|
Q2 2017
Consolidated Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
%
Change
|
|
Three Months
Ended
|
|
|
|
Adjusted
for
|
|
July
1,
|
|
July
2,
|
|
|
|
Constant
|
|
2017
|
|
2016
|
|
%
Change
|
|
Currency
|
|
(in millions except
percentages and per share amounts)
|
|
|
|
|
|
|
|
|
Service Revenues,
net
|
$283.0
|
|
$251.6
|
|
12.5%
|
|
14.2%
|
|
Product Sales and
Other, net
|
58.7
|
|
58.2
|
|
0.8%
|
|
2.8%
|
|
Revenues,
net
|
$341.7
|
|
$309.8
|
|
10.3%
|
|
12.1%
|
|
Operating
Income
|
$96.2
|
|
$73.7
|
|
30.5%
|
|
32.5%
|
|
Net
Income*
|
$45.2
|
|
$30.5
|
|
48.1%
|
|
51.3%
|
|
EPS
|
$0.67
|
|
$0.46
|
|
44.2%
|
|
47.2%
|
|
Total Paid
Weeks
|
48.1
|
|
41.1
|
|
16.8%
|
|
N/A
|
|
Meeting(1)
Paid Weeks
|
20.3
|
|
18.5
|
|
9.7%
|
|
N/A
|
|
Online(2)
Paid Weeks
|
27.7
|
|
22.6
|
|
22.6%
|
|
N/A
|
|
End of Period
Subscribers(3)
|
3.5
|
|
2.9
|
|
20.1%
|
|
N/A
|
|
Meeting
Subscribers
|
1.4
|
|
1.3
|
|
12.5%
|
|
N/A
|
|
Online
Subscribers
|
2.1
|
|
1.7
|
|
25.8%
|
|
N/A
|
|
Note: Totals may not
sum due to rounding.
See "Reconciliation
of Non-GAAP Financial Measures" attached to this release for
further detail on adjustments to GAAP financial
measures.
(1) "Meetings" refers
to monthly commitment plan subscribers, "pay-as-you-go" members,
Total Access subscribers and other meetings members.
(2) "Online" refers
to Weight Watchers Online, Weight Watchers OnlinePlus,
Personal Coaching and other digital subscription
products.
(3) "Subscribers"
refers to meetings members and Online subscribers who participate
in recurring billing programs, such as the Company's monthly
commitment plans for its meetings business.
*Except in the case
of the financials attached to this release, "Net Income" refers to
Net Income attributable to Weight Watchers International, Inc.
|
Q2 2017 Business and Financial Highlights
- End of Period Subscribers in Q2 2017 were up 20.1%
versus the prior year period, driven by growth in all major
geographic markets. Q2 2017 End of Period Meeting Subscribers were
up 12.5% and End of Period Online Subscribers were up 25.8% versus
the prior year period.
- Total Paid Weeks in Q2 2017 were up 16.8% versus the
prior year period, driven by growth in all major geographic
markets. Q2 2017 Meeting Paid Weeks increased 9.7% and Online Paid
Weeks increased 22.6% versus the prior year period.
- Revenues in Q2 2017 were $341.7
million. On a constant currency basis, Q2 2017 revenues
increased 12.1% versus the prior year period.
-
- Service Revenues in Q2 2017 were $283.0 million. On a constant currency basis,
these revenues increased 14.2% versus the prior year period.
This increase was driven by growth in all major geographic markets
on a constant currency basis.
- Product Sales and Other in Q2 2017 were $58.7 million. On a constant currency basis,
these revenues increased 2.8% versus the prior year period,
primarily reflecting revenue gains in North America.
- Operating Income in Q2 2017 was $96.2 million. On a constant currency basis,
operating income increased 32.5% versus the prior year
period. This increase was primarily driven by higher
member volumes in the quarter versus the prior year period.
- Tax Rate in Q2 2017 was 36.5% as compared to 31.5% in
the prior year period.
- Net Income in Q2 2017 was $45.2
million compared to $30.5
million in the prior year period.
- Earnings per fully diluted share (EPS) in Q2 2017 was
$0.67 compared to $0.46 in the prior year period.
Certain Items Affecting Year-Over-Year Comparability
- Q2 2017 results include a gain on early extinguishment of debt
of $1.6 million (or $0.01 per fully diluted share) for the Company's
previously disclosed debt prepayment in the quarter.
- Q2 2016 results benefited from a $2.5
million (or $0.04 per fully
diluted share) reversal of a valuation allowance related to tax
benefits for foreign losses that are expected to be realized.
Other Items
- Cash balance was $104.5
million as of July 1, 2017.
During Q2 2017, pursuant to a previously announced offer to
prepay at a discount to par, the Company made a cash payment of
$73.0 million (plus an amount
sufficient to pay accrued and unpaid interest on the prepaid
amount) to prepay $75.5 million of
the Company's Tranche B-2 Term Loans maturing in April 2020.
At July 1, 2017, under the Company's
credit facility, the Company had $1,935.4
million outstanding consisting entirely of Tranche B-2 Term
Loans and had $48.2 million in
available unused commitments under the revolving facility
thereunder.
Full Year Fiscal 2017 Earnings Guidance
The Company is raising its full year fiscal 2017 earnings
guidance to between $1.57 and $1.67
per fully diluted share.
Second Quarter 2017 Conference Call and Webcast
The Company has scheduled a conference call today at
5:00 p.m. ET. During the
conference call, Mindy Grossman,
President and Chief Executive Officer, and Nicholas Hotchkin, Chief Financial Officer, will
discuss the second quarter fiscal 2017 results and answer questions
from the investment community. Live audio of the conference
call will be simultaneously webcast over the Internet on the
Company's corporate website,
www.weightwatchersinternational.com. A replay of the webcast
will be available on this site for approximately 90 days.
Statement regarding Non-GAAP Financial Measures
The
following provides information regarding non-GAAP financial
measures used in this earnings release:
To supplement the Company's consolidated results presented in
accordance with accounting principles generally accepted in
the United States (GAAP), the
Company has disclosed non-GAAP financial measures of operating
results that exclude or adjust certain items. The Company
presents in the attachments to this release the non-GAAP financial
measure earnings before interest, taxes, depreciation, amortization
and stock-based compensation (EBITDAS). In addition, the
Company presents certain of its financial results on a constant
currency basis in addition to GAAP results. Constant currency
information compares results between periods as if exchange rates
had remained constant period-over-period. In this release and any
attachments, the Company calculates constant currency by
calculating current-year results using prior-year foreign currency
exchange rates.
Management believes these non-GAAP financial measures provide
useful supplemental information for its and investors' evaluation
of the Company's business performance and are useful for
period-over-period comparisons of the performance of the Company's
business. While management believes that these non-GAAP
financial measures are useful in evaluating the Company's business,
this information should be considered as supplemental in nature and
should not be considered in isolation or as a substitute for the
related financial information prepared in accordance with
GAAP. In addition, these non-GAAP financial measures may not
be the same as similarly entitled measures reported by other
companies. See "Reconciliation of Non-GAAP Financial
Measures" attached to this release and reconciliations, if any,
included elsewhere in this release for a reconciliation of the
non-GAAP financial measures to the most directly comparable GAAP
measures.
About Weight Watchers International, Inc.
Weight
Watchers International, Inc. is one of the most recognized and
trusted brand names among weight-conscious consumers. Weight
Watchers provides commercial weight management services through a
global network of Company-owned and franchise operations and offers
innovative, digital weight management products through its
websites, mobile sites and apps. These services and products are
built on the Company's weight management program, which helps
millions of people around the world lose weight through sensible
and sustainable food plans, activity, behavior modification and
group support. Weight Watchers has an unparalleled network of
service providers to assist members on their journey and also
offers a wide range of products, publications and programs for
those interested in weight loss and healthier living.
This news release and any attachments include
"forward-looking statements," within the meaning of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, including, in
particular, earnings guidance and any statements about the
Company's plans, strategies and prospects. The Company generally
uses the words "may," "will," "could," "expect," "anticipate,"
"believe," "estimate," "plan," "intend" and similar expressions in
this news release and any attachments to identify forward-looking
statements. The Company bases these forward-looking statements on
its current views with respect to future events and financial
performance. Actual results could differ materially from those
projected in the forward-looking statements. These forward-looking
statements are subject to risks, uncertainties and assumptions,
including, among other things: competition from other weight
management industry participants or the development of more
effective or more favorably perceived weight management methods;
the Company's ability to continue to develop new, innovative
services and products and enhance its existing services and
products or the failure of its services and products to continue to
appeal to the market, or the Company's ability to successfully
expand into new channels of distribution or respond to consumer
trends; the ability to successfully implement new strategic
initiatives; the effectiveness of the Company's advertising and
marketing programs, including the strength of its social media
presence; the impact on the Weight Watchers brand of actions taken
by the Company's franchisees, licensees, suppliers and other
partners; the inability to refinance the Company's debt obligations
on favorable terms or at all; the impact of the Company's debt
service obligations and restrictive debt covenants; uncertainties
regarding the satisfactory operation of the Company's information
technology or systems; the impact of security breaches or privacy
concerns; the recognition of asset impairment charges; the loss of
key personnel, strategic partners or consultants or failure to
effectively manage and motivate the Company's workforce; the
Company's chief executive officer transition; the inability to
renew certain of the Company's licenses, or the inability to do so
on terms that are favorable to the Company; the expiration or early
termination by the Company of leases; risks and uncertainties
associated with the Company's international operations, including
regulatory, economic, political and social risks and foreign
currency risks; uncertainties related to a downturn in general
economic conditions or consumer confidence; the Company's ability
to successfully make acquisitions or enter into joint ventures,
including its ability to successfully integrate, operate or realize
the anticipated benefits of such businesses; the seasonal nature of
the Company's business; the impact of events that discourage or
impede people from gathering with others or accessing resources;
the Company's ability to enforce its intellectual property rights
both domestically and internationally, as well as the impact of its
involvement in any claims related to intellectual property rights;
the outcomes of litigation or regulatory actions; the impact of
existing and future laws and regulations; the Company's failure to
maintain effective internal control over financial reporting; the
possibility that the interests of Artal Group S.A., who effectively
controls the Company, will conflict with other holders of the
Company's common stock; and other risks and uncertainties,
including those detailed from time to time in the Company's
periodic reports filed with the Securities and Exchange Commission.
You should not put undue reliance on any forward-looking
statements. You should understand that many important factors,
including those discussed herein, could cause the Company's results
to differ materially from those expressed or suggested in any
forward-looking statement. Except as required by law, the Company
does not undertake any obligation to update or revise these
forward-looking statements to reflect new information or events or
circumstances that occur after the date of this news release or to
reflect the occurrence of unanticipated events or otherwise.
Readers are advised to review the Company's filings with the
Securities and Exchange Commission (which are available from the
SEC's EDGAR database at www.sec.gov, at various SEC reference
facilities in the United States
and via the Company's website at
www.weightwatchersinternational.com).
|
Contact
Information:
|
|
|
Investors:
|
Media:
|
|
Brainerd
Communicators, Inc.
|
Stacie
Sherer
|
|
Corey
Kinger
|
(212)
589-2737
|
|
(212)
986-6667
|
stacie.sherer@weightwatchers.com
|
|
kinger@braincomm.com
|
|
|
WEIGHT WATCHERS
INTERNATIONAL, INC. AND SUBSIDIARIES
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(IN
MILLIONS)
|
|
UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
July
1,
|
|
December
31,
|
|
2017
|
|
2016
|
|
|
|
|
|
ASSETS
|
|
|
|
|
Current
assets
|
$
214.9
|
|
$
235.2
|
|
Property and
equipment, net
|
47.8
|
|
49.6
|
|
Goodwill, franchise
rights and other intangible assets, net
|
972.0
|
|
973.4
|
|
Other
assets
|
12.6
|
|
12.8
|
|
TOTAL ASSETS
|
$
1,247.3
|
|
$
1,271.0
|
|
|
|
|
|
LIABILITIES AND TOTAL
DEFICIT
|
|
|
|
|
Current
liabilities
|
$
272.8
|
|
$
292.4
|
|
Long-term
debt
|
1,899.7
|
|
1,981.3
|
|
Deferred income
taxes, other
|
213.4
|
|
200.2
|
|
TOTAL
LIABILITIES
|
$
2,385.9
|
|
$
2,473.9
|
|
|
|
|
|
Redeemable
noncontrolling interest
|
4.6
|
|
4.7
|
|
|
|
|
|
Shareholders'
deficit
|
(1,143.2)
|
|
(1,207.6)
|
|
|
|
|
|
TOTAL LIABILITIES AND TOTAL
DEFICIT
|
$
1,247.3
|
|
$
1,271.0
|
|
|
|
|
|
WEIGHT WATCHERS
INTERNATIONAL, INC. AND SUBSIDIARIES
|
|
|
CONSOLIDATED
STATEMENTS OF NET INCOME
|
|
|
(IN MILLIONS,
EXCEPT PER SHARE AMOUNTS)
|
|
|
UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
|
July
1,
|
|
July
2,
|
|
|
|
|
|
2017
|
|
2016
|
|
|
Service revenues, net
(1)
|
|
|
$
283.0
|
|
$
251.6
|
|
|
Product sales and
other, net (2)
|
|
|
58.7
|
|
58.2
|
|
|
Revenues,
net
|
|
|
341.7
|
|
309.8
|
|
|
Cost of services
(3)
|
|
|
120.3
|
|
119.8
|
|
|
Cost of product sales
and other (4)
|
|
|
32.3
|
|
29.0
|
|
|
Cost of
revenues
|
|
|
152.7
|
|
148.7
|
|
|
Gross
profit
|
|
|
189.0
|
|
161.0
|
|
|
Marketing
expenses
|
|
|
42.0
|
|
41.2
|
|
|
Selling, general and
administrative expenses
|
|
|
50.8
|
|
46.1
|
|
|
Operating
income
|
|
|
96.2
|
|
73.7
|
|
|
Interest
expense
|
|
|
27.1
|
|
28.6
|
|
|
Other (income)
expense, net
|
|
|
(0.5)
|
|
0.6
|
|
|
Gain on early
extinguishment of debt
|
|
|
(1.6)
|
|
-
|
|
|
Income before income
taxes
|
|
|
71.2
|
|
44.5
|
|
|
Provision for income
taxes
|
|
|
26.0
|
|
14.0
|
|
|
Net income
|
|
|
45.2
|
|
30.5
|
|
|
Net loss attributable
to the noncontrolling interest
|
|
|
0.0
|
|
0.0
|
|
|
Net income
attributable to Weight Watchers International, Inc.
|
|
$
45.2
|
|
$
30.5
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
attributable to Weight Watchers International, Inc.
|
|
|
|
|
|
|
Basic
|
|
|
$
0.70
|
|
$
0.48
|
|
|
Diluted
|
|
|
$
0.67
|
|
$
0.46
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
|
|
64.3
|
|
63.7
|
|
|
Diluted
|
|
|
67.7
|
|
65.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Totals
may not sum due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Consists of net "Meeting Fees"
and net "Online Subscription Revenues". "Meeting Fees" consist of
the fees associated with the Company's monthly commitment plans for
unlimited access to meetings and other payment arrangements for
access to meetings, including the Company's "pay-as-you-go" payment
arrangement and fees associated with the Company's Total Access
product. "Online Subscription Revenues" consist of the fees
associated with subscriptions for the Company's Online subscription
products, including the Company's Personal Coaching
product.
|
|
|
(2)
Consists of sales of products to members in meetings and online,
revenues from licensing, magazine subscriptions, publishing and
third-party advertising in publications, payments from the sale of
third-party online advertising and By Mail, other revenues, and
franchise fees with respect to commitment plans and
commissions.
|
|
|
(3)
Consists of meeting operating expense and online cost of revenues
excluding online advertising costs.
|
|
|
(4)
Consists of meetings cost of product, online advertising costs,
non-meeting cost of products and other.
|
|
|
WEIGHT WATCHERS
INTERNATIONAL, INC. AND SUBSIDIARIES
|
|
|
CONSOLIDATED
STATEMENTS OF NET INCOME
|
|
|
(IN MILLIONS,
EXCEPT PER SHARE AMOUNTS)
|
|
|
UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
|
|
|
July
1,
|
|
July
2,
|
|
|
|
|
|
2017
|
|
2016
|
|
|
Service revenues, net
(1)
|
|
|
$
544.5
|
|
$
495.3
|
|
|
Product sales and
other, net (2)
|
|
|
126.3
|
|
121.4
|
|
|
Revenues,
net
|
|
|
670.7
|
|
616.7
|
|
|
Cost of services
(3)
|
|
|
245.2
|
|
244.4
|
|
|
Cost of product sales
and other (4)
|
|
|
72.4
|
|
61.5
|
|
|
Cost of
revenues
|
|
|
317.6
|
|
306.0
|
|
|
Gross
profit
|
|
|
353.1
|
|
310.7
|
|
|
Marketing
expenses
|
|
|
128.4
|
|
127.7
|
|
|
Selling, general and
administrative expenses
|
|
|
98.3
|
|
95.7
|
|
|
Operating
income
|
|
|
126.4
|
|
87.3
|
|
|
Interest
expense
|
|
|
55.2
|
|
58.6
|
|
|
Other expense,
net
|
|
|
0.2
|
|
0.5
|
|
|
Gain on early
extinguishment of debt
|
|
|
(1.6)
|
|
0.0
|
|
|
Income before income
taxes
|
|
|
72.6
|
|
28.1
|
|
|
Provision for income
taxes
|
|
|
16.9
|
|
8.4
|
|
|
Net income
|
|
|
55.7
|
|
19.7
|
|
|
Net loss attributable
to the noncontrolling interest
|
|
|
0.1
|
|
0.1
|
|
|
Net income
attributable to Weight Watchers International, Inc.
|
|
$
55.8
|
|
$
19.7
|
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
attributable to Weight Watchers International, Inc.
|
|
|
|
|
|
|
Basic
|
|
|
$
0.87
|
|
$
0.31
|
|
|
Diluted
|
|
|
$
0.83
|
|
$
0.30
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
|
|
64.1
|
|
63.6
|
|
|
Diluted
|
|
|
67.3
|
|
65.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Totals
may not sum due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Consists of net "Meeting Fees"
and net "Online Subscription Revenues". "Meeting Fees" consist of
the fees associated with the Company's monthly commitment plans for
unlimited access to meetings and other payment arrangements for
access to meetings, including the Company's "pay-as-you-go" payment
arrangement and fees associated with the Company's Total Access
product. "Online Subscription Revenues" consist of the fees
associated with subscriptions for the Company's Online subscription
products, including the Company's Personal Coaching
product.
|
|
|
(2)
Consists of sales of products to members in meetings and online,
revenues from licensing, magazine subscriptions, publishing and
third-party advertising in publications, payments from the sale of
third-party online advertising and By Mail, other revenues, and
franchise fees with respect to commitment plans and
commissions.
|
|
|
(3)
Consists of meeting operating expense and online cost of revenues
excluding online advertising costs.
|
|
|
(4)
Consists of meetings cost of product, online advertising costs,
non-meeting cost of products and other.
|
|
|
WEIGHT WATCHERS
INTERNATIONAL, INC. AND SUBSIDIARIES
|
|
OPERATIONAL
STATISTICS
|
|
(IN MILLIONS,
EXCEPT PERCENTAGES)
|
|
UNAUDITED
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
July
1,
|
|
July
2,
|
|
Variance
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Meeting Paid
Weeks (1)
|
|
|
|
|
|
|
|
North
America
|
|
13.9
|
|
12.2
|
|
13.8%
|
|
UK
|
|
2.7
|
|
2.7
|
|
0.6%
|
|
CE
|
|
3.0
|
|
3.0
|
|
1.0%
|
|
Other
(2)
|
|
0.7
|
|
0.6
|
|
8.8%
|
|
Total Meeting
Paid Weeks
|
|
20.3
|
|
18.5
|
|
9.7%
|
|
|
|
|
|
|
|
|
Online Paid
Weeks (1)
|
|
|
|
|
|
|
|
North
America
|
|
17.9
|
|
14.7
|
|
21.8%
|
|
UK
|
|
1.9
|
|
1.6
|
|
17.7%
|
|
CE
|
|
7.3
|
|
5.7
|
|
28.4%
|
|
Other
(2)
|
|
0.6
|
|
0.6
|
|
0.8%
|
|
Total Online
Paid Weeks
|
|
27.7
|
|
22.6
|
|
22.6%
|
|
|
|
|
|
|
|
|
Total Paid
Weeks (1)
|
|
|
|
|
|
|
|
North
America
|
|
31.9
|
|
27.0
|
|
18.2%
|
|
UK
|
|
4.6
|
|
4.3
|
|
7.0%
|
|
CE
|
|
10.4
|
|
8.7
|
|
19.0%
|
|
Other
(2)
|
|
1.3
|
|
1.2
|
|
5.0%
|
|
Total Paid
Weeks
|
|
48.1
|
|
41.1
|
|
16.8%
|
|
|
|
|
|
|
|
|
End of
Period Meeting Subscribers (3)
|
|
|
|
|
|
|
|
North
America
|
|
1.0
|
|
0.8
|
|
16.2%
|
|
UK
|
|
0.2
|
|
0.2
|
|
6.1%
|
|
CE
|
|
0.2
|
|
0.2
|
|
4.0%
|
|
Other
(2)
|
|
0.0
|
|
0.0
|
|
7.6%
|
|
Total End of
Period Meeting Subscribers
|
|
1.4
|
|
1.3
|
|
12.5%
|
|
|
|
|
|
|
|
|
End of
Period Online Subscribers (3)
|
|
|
|
|
|
|
|
North
America
|
|
1.4
|
|
1.1
|
|
25.7%
|
|
UK
|
|
0.1
|
|
0.1
|
|
18.1%
|
|
CE
|
|
0.6
|
|
0.4
|
|
30.8%
|
|
Other
(2)
|
|
0.0
|
|
0.0
|
|
0.1%
|
|
Total End of
Period Online Subscribers
|
|
2.1
|
|
1.7
|
|
25.8%
|
|
|
|
|
|
|
|
|
Total End of
Period Subscribers (3)
|
|
|
|
|
|
|
|
North
America
|
|
2.3
|
|
1.9
|
|
21.5%
|
|
UK
|
|
0.3
|
|
0.3
|
|
10.9%
|
|
CE
|
|
0.8
|
|
0.6
|
|
22.1%
|
|
Other
(2)
|
|
0.1
|
|
0.1
|
|
3.4%
|
|
Total End of
Period Subscribers
|
|
3.5
|
|
2.9
|
|
20.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Totals
may not sum due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
The "Paid Weeks"
metric reports paid weeks by Weight Watchers customers in
Company-owned operations for a given period as follows: (i)
"Meeting Paid Weeks" is the sum of total paid commitment plan weeks
(including Total Access) and total "pay-as-you-go" weeks; (ii)
"Online Paid Weeks" is the total paid subscription weeks for the
Company's digital subscription products (including Personal
Coaching); and (iii) "Total Paid Weeks" is the sum of Meeting Paid
Weeks and Online Paid Weeks.
|
|
(2)
|
Represents Asia
Pacific and emerging markets.
|
|
(3)
|
The "End of Period
Subscribers" metric reports Weight Watchers subscribers in
Company-owned operations at a given period end as follows: (i) "End
of Period Meeting Subscribers" is the total number of Weight
Watchers monthly commitment plan subscribers (including Total
Access); (ii) "End of Period Online Subscribers" is the total
number of Weight Watchers Online, Weight Watchers OnlinePlus
and Personal Coaching subscribers; and (iii) "End of Period
Subscribers" is the sum of End of Period Meeting Subscribers and
End of Period Online Subscribers.
|
|
WEIGHT WATCHERS
INTERNATIONAL, INC. AND SUBSIDIARIES
|
|
OPERATIONAL
STATISTICS
|
|
(IN MILLIONS,
EXCEPT PERCENTAGES)
|
|
UNAUDITED
|
|
|
|
|
|
|
|
|
|
Six Months
Ended
|
|
|
|
|
July
1,
|
|
July
2,
|
|
Variance
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Meeting Paid
Weeks (1)
|
|
|
|
|
|
|
North
America
|
26.8
|
|
23.7
|
|
13.1%
|
|
UK
|
|
5.3
|
|
5.4
|
|
(1.3%)
|
|
CE
|
|
5.9
|
|
5.9
|
|
0.1%
|
|
Other
(2)
|
1.4
|
|
1.3
|
|
10.0%
|
|
Total Meeting
Paid Weeks
|
39.4
|
|
36.2
|
|
8.7%
|
|
|
|
|
|
|
|
|
Online Paid
Weeks (1)
|
|
|
|
|
|
|
North
America
|
34.3
|
|
28.8
|
|
19.0%
|
|
UK
|
|
3.6
|
|
3.1
|
|
14.8%
|
|
CE
|
|
13.9
|
|
11.1
|
|
25.3%
|
|
Other
(2)
|
1.2
|
|
1.1
|
|
3.1%
|
|
Total Online
Paid Weeks
|
52.9
|
|
44.1
|
|
19.9%
|
|
|
|
|
|
|
|
|
Total Paid
Weeks (1)
|
|
|
|
|
|
|
North
America
|
61.0
|
|
52.5
|
|
16.3%
|
|
UK
|
|
8.9
|
|
8.5
|
|
4.6%
|
|
CE
|
|
19.8
|
|
17.0
|
|
16.6%
|
|
Other
(2)
|
2.6
|
|
2.4
|
|
6.8%
|
|
Total Paid
Weeks
|
92.3
|
|
80.3
|
|
14.9%
|
|
|
|
|
|
|
|
|
End of
Period Meeting Subscribers (3)
|
|
|
|
|
|
|
North
America
|
1.0
|
|
0.8
|
|
16.2%
|
|
UK
|
|
0.2
|
|
0.2
|
|
6.1%
|
|
CE
|
|
0.2
|
|
0.2
|
|
4.0%
|
|
Other
(2)
|
0.0
|
|
0.0
|
|
7.6%
|
|
Total End of
Period Meeting Subscribers
|
1.4
|
|
1.3
|
|
12.5%
|
|
|
|
|
|
|
|
|
End of
Period Online Subscribers (3)
|
|
|
|
|
|
|
North
America
|
1.4
|
|
1.1
|
|
25.7%
|
|
UK
|
|
0.1
|
|
0.1
|
|
18.1%
|
|
CE
|
|
0.6
|
|
0.4
|
|
30.8%
|
|
Other
(2)
|
0.0
|
|
0.0
|
|
0.1%
|
|
Total End of
Period Online Subscribers
|
2.1
|
|
1.7
|
|
25.8%
|
|
|
|
|
|
|
|
|
Total End of
Period Subscribers (3)
|
|
|
|
|
|
|
North
America
|
2.3
|
|
1.9
|
|
21.5%
|
|
UK
|
|
0.3
|
|
0.3
|
|
10.9%
|
|
CE
|
|
0.8
|
|
0.6
|
|
22.1%
|
|
Other
(2)
|
0.1
|
|
0.1
|
|
3.4%
|
|
Total End of
Period Subscribers
|
3.5
|
|
2.9
|
|
20.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Totals
may not sum due to rounding.
|
|
|
|
|
|
|
(1)
|
The "Paid Weeks"
metric reports paid weeks by Weight Watchers customers in
Company-owned operations for a given period as follows: (i)
"Meeting Paid Weeks" is the sum of total paid commitment plan weeks
(including Total Access) and total "pay-as-you-go" weeks; (ii)
"Online Paid Weeks" is the total paid subscription weeks for the
Company's digital subscription products (including Personal
Coaching); and (iii) "Total Paid Weeks" is the sum of Meeting Paid
Weeks and Online Paid Weeks.
|
|
(2)
|
Represents Asia
Pacific and emerging markets.
|
|
(3)
|
The "End of Period
Subscribers" metric reports Weight Watchers subscribers in
Company-owned operations at a given period end as follows: (i) "End
of Period Meeting Subscribers" is the total number of Weight
Watchers monthly commitment plan subscribers (including Total
Access); (ii) "End of Period Online Subscribers" is the total
number of Weight Watchers Online, Weight Watchers OnlinePlus
and Personal Coaching subscribers; and (iii) "End of Period
Subscribers" is the sum of End of Period Meeting Subscribers and
End of Period Online Subscribers.
|
|
WEIGHT WATCHERS
INTERNATIONAL, INC. AND SUBSIDIARIES
|
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
|
|
(IN MILLIONS,
EXCEPT PERCENTAGES)
|
|
UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2017
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
|
|
|
|
|
Constant
|
|
|
Q2 2017
|
|
Q2 2016
|
|
2017
|
|
Currency
|
|
|
|
|
Currency
|
|
Constant
|
|
|
|
vs
|
|
vs
|
|
|
GAAP
|
|
Adjustment
|
|
Currency
|
|
GAAP
|
|
2016
|
|
2016
|
|
Selected Financial
Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Company
Revenues
|
$
341.7
|
|
$
5.4
|
|
$
347.1
|
|
$ 309.8
|
|
10.3%
|
|
12.1%
|
|
Consolidated Meeting
Fees (1)
|
$
175.0
|
|
$
2.6
|
|
$
177.6
|
|
$ 160.6
|
|
8.9%
|
|
10.6%
|
|
Consolidated Online
Subscription Revenues (2)
|
$
108.0
|
|
$
1.6
|
|
$
109.6
|
|
$
90.9
|
|
18.8%
|
|
20.6%
|
|
Consolidated Service
Revenues (3)
|
$
283.0
|
|
$
4.3
|
|
$
287.3
|
|
$ 251.6
|
|
12.5%
|
|
14.2%
|
|
Consolidated Product
Sales and Other (4)
|
$
58.7
|
|
$
1.2
|
|
$
59.8
|
|
$
58.2
|
|
0.8%
|
|
2.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
|
|
|
|
|
|
|
|
|
|
|
|
Meeting Fees
(1)
|
$
129.7
|
|
$
0.4
|
|
$
130.1
|
|
$ 114.9
|
|
12.8%
|
|
13.2%
|
|
Online Subscription
Revenues(2)
|
$
73.5
|
|
$
0.2
|
|
$
73.8
|
|
$
63.0
|
|
16.7%
|
|
17.1%
|
|
Service Revenues
(3)
|
$
203.2
|
|
$
0.6
|
|
$
203.8
|
|
$ 177.9
|
|
14.2%
|
|
14.6%
|
|
Product Sales and
Other(4)
|
$
35.8
|
|
$
0.1
|
|
$
35.9
|
|
$
33.6
|
|
6.4%
|
|
6.6%
|
|
Total
Revenues
|
$
239.0
|
|
$
0.7
|
|
$
239.7
|
|
$ 211.5
|
|
13.0%
|
|
13.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UK
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Meeting Fees
(1)
|
$
14.0
|
|
$
1.7
|
|
$
15.7
|
|
$
15.1
|
|
(6.8%)
|
|
4.3%
|
|
Online Subscription
Revenues(2)
|
$
5.7
|
|
$
0.7
|
|
$
6.4
|
|
$
5.1
|
|
13.6%
|
|
27.2%
|
|
Service Revenues
(3)
|
$
19.8
|
|
$
2.4
|
|
$
22.1
|
|
$
20.1
|
|
(1.7%)
|
|
10.1%
|
|
Product Sales and
Other(4)
|
$
6.7
|
|
$
0.8
|
|
$
7.5
|
|
$
7.6
|
|
(12.2%)
|
|
(1.8%)
|
|
Total
Revenues
|
$
26.4
|
|
$
3.2
|
|
$
29.6
|
|
$
27.7
|
|
(4.6%)
|
|
6.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Meeting Fees
(1)
|
$
24.8
|
|
$
0.7
|
|
$
25.5
|
|
$
24.7
|
|
0.5%
|
|
3.4%
|
|
Online Subscription
Revenues(2)
|
$
25.7
|
|
$
0.7
|
|
$
26.4
|
|
$
20.1
|
|
28.0%
|
|
31.7%
|
|
Service Revenues
(3)
|
$
50.5
|
|
$
1.4
|
|
$
51.9
|
|
$
44.8
|
|
12.8%
|
|
16.1%
|
|
Product Sales and
Other(4)
|
$
11.0
|
|
$
0.3
|
|
$
11.3
|
|
$
12.3
|
|
(10.5%)
|
|
(7.9%)
|
|
Total
Revenues
|
$
61.5
|
|
$
1.8
|
|
$
63.3
|
|
$
57.0
|
|
7.8%
|
|
10.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
Meeting Fees
(1)
|
$
6.5
|
|
$
(0.2)
|
|
$
6.4
|
|
$
6.0
|
|
9.1%
|
|
6.5%
|
|
Online Subscription
Revenues(2)
|
$
3.0
|
|
$
(0.0)
|
|
$
3.0
|
|
$
2.8
|
|
8.2%
|
|
7.4%
|
|
Service Revenues
(3)
|
$
9.5
|
|
$
(0.2)
|
|
$
9.4
|
|
$
8.8
|
|
8.8%
|
|
6.8%
|
|
Product Sales and
Other(4)
|
$
5.2
|
|
$
(0.0)
|
|
$
5.2
|
|
$
4.7
|
|
10.8%
|
|
10.5%
|
|
Total
Revenues
|
$
14.7
|
|
$
(0.2)
|
|
$
14.5
|
|
$
13.5
|
|
9.5%
|
|
8.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Totals
may not sum due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
"Meeting Fees"
consist of the fees associated with the Company's monthly
commitment plans for unlimited access to meetings and other payment
arrangements for access to meetings, including the Company's
"pay-as-you-go" payment arrangement and fees associated with the
Company's Total Access product.
|
|
(2)
|
"Online Subscription
Revenues" consist of the fees associated with subscriptions for the
Company's Online subscription products, including the Company's
Personal Coaching product.
|
|
(3)
|
"Service Revenues"
equal "Meeting Fees" plus "Online Subscription
Revenues".
|
|
(4)
|
"Product Sales" are
sales of products to members in meetings and online, and "Other"
are revenues from licensing, magazine subscriptions, publishing and
third-party advertising in publications, payments from the sale of
third-party online advertising and By Mail, other revenues, and, in
the case of the consolidated financial results and Other reportable
segment, includes franchise fees with respect to commitment plans
and commissions.
|
|
(5)
|
Represents Asia
Pacific, emerging markets and franchise revenues.
|
|
WEIGHT WATCHERS
INTERNATIONAL, INC. AND SUBSIDIARIES
|
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
|
|
(IN MILLIONS,
EXCEPT PERCENTAGES)
|
|
UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Half 2017
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
|
|
|
|
|
Constant
|
|
|
First Half
2017
|
|
First Half
2016
|
|
2017
|
|
Currency
|
|
|
|
|
Currency
|
|
Constant
|
|
|
|
vs
|
|
vs
|
|
|
GAAP
|
|
Adjustment
|
|
Currency
|
|
GAAP
|
|
2016
|
|
2016
|
|
Selected Financial
Data
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Company
Revenues
|
$
670.7
|
|
$
9.9
|
|
$
680.6
|
|
$
616.7
|
|
8.8%
|
|
10.4%
|
|
Consolidated Meeting
Fees (1)
|
$
339.4
|
|
$
4.5
|
|
$
343.8
|
|
$
316.4
|
|
7.3%
|
|
8.7%
|
|
Consolidated Online
Subscription Revenues (2)
|
$
205.1
|
|
$
2.8
|
|
$
207.9
|
|
$
178.9
|
|
14.6%
|
|
16.2%
|
|
Consolidated Service
Revenues (3)
|
$
544.5
|
|
$
7.3
|
|
$
551.8
|
|
$
495.3
|
|
9.9%
|
|
11.4%
|
|
Consolidated Product
Sales and Other (4)
|
$
126.3
|
|
$
2.6
|
|
$
128.8
|
|
$
121.4
|
|
4.0%
|
|
6.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
North
America
|
|
|
|
|
|
|
|
|
|
|
|
|
Meeting Fees
(1)
|
$
253.7
|
|
$
0.1
|
|
$
253.8
|
|
$
226.6
|
|
12.0%
|
|
12.0%
|
|
Online Subscription
Revenues(2)
|
$
141.7
|
|
$
0.1
|
|
$
141.8
|
|
$
125.7
|
|
12.7%
|
|
12.7%
|
|
Service Revenues
(3)
|
$
395.3
|
|
$
0.2
|
|
$
395.6
|
|
$
352.3
|
|
12.2%
|
|
12.3%
|
|
Product Sales and
Other(4)
|
$
76.4
|
|
$
(0.0)
|
|
$
76.4
|
|
$
68.1
|
|
12.2%
|
|
12.2%
|
|
Total
Revenues
|
$
471.7
|
|
$
0.2
|
|
$
471.9
|
|
$
420.4
|
|
12.2%
|
|
12.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UK
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Meeting Fees
(1)
|
$
26.1
|
|
$
3.6
|
|
$
29.7
|
|
$
30.4
|
|
(14.1%)
|
|
(2.4%)
|
|
Online Subscription
Revenues(2)
|
$
10.2
|
|
$
1.4
|
|
$
11.6
|
|
$
10.0
|
|
2.2%
|
|
15.9%
|
|
Service Revenues
(3)
|
$
36.3
|
|
$
4.9
|
|
$
41.3
|
|
$
40.4
|
|
(10.1%)
|
|
2.2%
|
|
Product Sales and
Other(4)
|
$
14.1
|
|
$
1.9
|
|
$
16.0
|
|
$
16.2
|
|
(13.0%)
|
|
(1.0%)
|
|
Total
Revenues
|
$
50.4
|
|
$
6.9
|
|
$
57.3
|
|
$
56.6
|
|
(10.9%)
|
|
1.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Meeting Fees
(1)
|
$
46.8
|
|
$
1.5
|
|
$
48.3
|
|
$
48.1
|
|
(2.8%)
|
|
0.4%
|
|
Online Subscription
Revenues(2)
|
$
47.2
|
|
$
1.6
|
|
$
48.8
|
|
$
37.9
|
|
24.6%
|
|
28.8%
|
|
Service Revenues
(3)
|
$
94.0
|
|
$
3.1
|
|
$
97.1
|
|
$
86.0
|
|
9.3%
|
|
12.9%
|
|
Product Sales and
Other(4)
|
$
24.9
|
|
$
0.8
|
|
$
25.7
|
|
$
26.7
|
|
(6.8%)
|
|
(3.7%)
|
|
Total
Revenues
|
$
118.9
|
|
$
3.9
|
|
$
122.8
|
|
$
112.8
|
|
5.5%
|
|
8.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
Meeting Fees
(1)
|
$
12.8
|
|
$
(0.7)
|
|
$
12.0
|
|
$
11.2
|
|
13.7%
|
|
7.1%
|
|
Online Subscription
Revenues(2)
|
$
6.0
|
|
$
(0.2)
|
|
$
5.8
|
|
$
5.3
|
|
12.7%
|
|
9.1%
|
|
Service Revenues
(3)
|
$
18.8
|
|
$
(0.9)
|
|
$
17.8
|
|
$
16.6
|
|
13.4%
|
|
7.7%
|
|
Product Sales and
Other(4)
|
$
10.9
|
|
$
(0.2)
|
|
$
10.7
|
|
$
10.3
|
|
5.2%
|
|
3.3%
|
|
Total
Revenues
|
$
29.6
|
|
$
(1.1)
|
|
$
28.5
|
|
$
26.9
|
|
10.2%
|
|
6.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Totals
may not sum due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
"Meeting Fees"
consist of the fees associated with the Company's monthly
commitment plans for unlimited access to meetings and other payment
arrangements for access to meetings, including the Company's
"pay-as-you-go" payment arrangement and fees associated with the
Company's Total Access product.
|
|
(2)
|
"Online Subscription
Revenues" consist of the fees associated with subscriptions for the
Company's Online subscription products, including the Company's
Personal Coaching product.
|
|
(3)
|
"Service Revenues"
equal "Meeting Fees" plus "Online Subscription
Revenues".
|
|
(4)
|
"Product Sales" are
sales of products to members in meetings and online, and "Other"
are revenues from licensing, magazine subscriptions, publishing and
third-party advertising in publications, payments from the sale of
third-party online advertising and By Mail, other revenues, and, in
the case of the consolidated financial results and Other reportable
segment, includes franchise fees with respect to commitment plans
and commissions.
|
|
(5)
|
Represents Asia
Pacific, emerging markets and franchise revenues.
|
|
WEIGHT WATCHERS
INTERNATIONAL, INC. AND SUBSIDIARIES
|
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
|
|
(IN MILLIONS,
EXCEPT PERCENTAGES)
|
|
UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2017
Variance
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
Q2 2017
|
|
Q2 2016
|
|
|
|
|
Constant
|
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
Currency
|
|
|
|
|
|
Currency
|
|
Constant
|
|
|
|
|
vs
|
|
|
vs
|
|
|
|
GAAP
|
|
Adjustment
|
|
Currency
|
|
|
GAAP
|
|
2016
|
|
|
2016
|
|
|
Selected Financial
Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Profit
|
$
189.0
|
|
$
3.1
|
|
$
192.1
|
|
|
$
161.0
|
|
17.4%
|
|
|
19.3%
|
|
|
Gross
Margin
|
55.3%
|
|
|
|
55.3%
|
|
|
52.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, General and
Administrative Expenses
|
$
50.8
|
|
$
0.6
|
|
$
51.4
|
|
|
$
46.1
|
|
10.2%
|
|
|
11.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
$
96.2
|
|
$
1.5
|
|
$
97.7
|
|
|
$
73.7
|
|
30.5%
|
|
|
32.5%
|
|
|
Operating Income
Margin
|
28.2%
|
|
|
|
28.1%
|
|
|
23.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Totals
may not sum due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHT WATCHERS
INTERNATIONAL, INC. AND SUBSIDIARIES
|
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
|
|
(IN MILLIONS,
EXCEPT PERCENTAGES)
|
|
UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Half 2017
Variance
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
|
First Half
2017
|
|
First Half
2016
|
|
|
|
|
Constant
|
|
|
|
|
|
|
|
|
|
|
|
|
2017
|
|
|
Currency
|
|
|
|
|
|
Currency
|
|
Constant
|
|
|
|
|
vs
|
|
|
vs
|
|
|
|
GAAP
|
|
Adjustment
|
|
Currency
|
|
|
GAAP
|
|
2016
|
|
|
2016
|
|
|
Selected Financial
Data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
Profit
|
$
353.1
|
|
$
5.4
|
|
$
358.5
|
|
|
$
310.7
|
|
13.6%
|
|
|
15.4%
|
|
|
Gross
Margin
|
52.6%
|
|
|
|
52.7%
|
|
|
50.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, General and
Administrative Expenses
|
$
98.3
|
|
$
1.0
|
|
$
99.2
|
|
|
$
95.7
|
|
2.7%
|
|
|
3.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
Income
|
$
126.4
|
|
$
2.2
|
|
$
128.6
|
|
|
$
87.3
|
|
44.9%
|
|
|
47.3%
|
|
|
Operating Income
Margin
|
18.9%
|
|
|
|
18.9%
|
|
|
14.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Totals
may not sum due to rounding.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHT WATCHERS
INTERNATIONAL, INC. AND SUBSIDIARIES
|
|
RECONCILIATION OF
NON-GAAP FINANCIAL MEASURES
|
|
(IN
MILLIONS)
|
|
UNAUDITED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Six Months
Ended
|
|
|
|
|
|
|
July
1,
|
|
July
2,
|
|
|
July
1,
|
|
July
2,
|
|
|
|
|
|
|
2017
|
|
2016
|
|
|
2017
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
|
|
$
45.2
|
|
$
30.5
|
|
|
$
55.8
|
|
$
19.7
|
|
Interest
|
|
|
|
|
27.1
|
|
28.6
|
|
|
55.2
|
|
58.6
|
|
Taxes
|
|
|
|
|
26.0
|
|
14.0
|
|
|
16.9
|
|
8.4
|
|
Depreciation and
Amortization
|
|
|
|
12.7
|
|
12.9
|
|
|
25.6
|
|
25.8
|
|
Stock-based
Compensation
|
|
|
|
2.5
|
|
1.7
|
|
|
4.8
|
|
4.9
|
|
EBITDAS
|
|
|
|
|
$
113.4
|
|
$
87.8
|
|
|
$
158.3
|
|
$
117.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Totals
may not sum due to rounding.
|
|
|
|
|
|
|
|
|
|
View original
content:http://www.prnewswire.com/news-releases/weight-watchers-announces-second-quarter-2017-results-and-raises-full-year-2017-guidance-300499382.html
SOURCE Weight Watchers International, Inc.