Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 30, 2023 | Feb. 01, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 30, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | WW | ||
Entity Registrant Name | WW INTERNATIONAL, INC. | ||
Entity Central Index Key | 0000105319 | ||
Current Fiscal Year End Date | --12-30 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Common Stock, Shares Outstanding | 79,203,460 | ||
Entity Public Float | $ 519,986,148 | ||
Entity File Number | 001-16769 | ||
Entity Incorporation, State or Country Code | VA | ||
Entity Tax Identification Number | 11-6040273 | ||
Entity Address, Address Line One | 675 Avenue of the Americas | ||
Entity Address, Address Line Two | 6th Floor | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10010 | ||
City Area Code | 212 | ||
Local Phone Number | 589-2700 | ||
Title of 12(b) Security | Common Stock, no par value | ||
Security Exchange Name | NASDAQ | ||
Entity Interactive Data Current | Yes | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Financial Statement Error Correction [Flag] | true | ||
Document Financial Statement Restatement Recovery Analysis [Flag] | false | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Location | New York, New York | ||
Auditor Firm ID | 238 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive Proxy Statement for its 2024 annual meeting of shareholders are incorporated herein by reference in Part III, Items 10-14. Such Proxy Statement will be filed with the SEC no later than 120 days after the registrant’s fiscal year ended December 30, 2023. |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 109,366 | $ 178,326 |
Receivables (net of allowances: December 30, 2023 - $1,041 and December 31, 2022 - $976) | 14,938 | 24,273 |
Inventories | 68 | 20,528 |
Prepaid income taxes | 25,370 | 19,447 |
Prepaid marketing and advertising | 10,149 | 7,927 |
Prepaid expenses and other current assets | 19,583 | 30,830 |
TOTAL CURRENT ASSETS | 179,474 | 281,331 |
Property and equipment, net | 19,741 | 28,229 |
Operating lease assets | 52,272 | 75,696 |
Franchise rights acquired | 386,526 | 386,745 |
Goodwill | 243,441 | 155,998 |
Other intangible assets, net | 63,208 | 63,306 |
Deferred income taxes | 19,683 | 22,246 |
Other noncurrent assets | 17,685 | 14,879 |
TOTAL ASSETS | 982,030 | 1,028,430 |
CURRENT LIABILITIES | ||
Portion of operating lease liabilities due within one year | 9,613 | 17,955 |
Accounts payable | 18,507 | 18,890 |
Salaries and wages payable | 79,096 | 72,577 |
Accrued marketing and advertising | 18,215 | 17,927 |
Accrued interest | 5,346 | 5,289 |
Deferred acquisition payable | 16,500 | 1,166 |
Other accrued liabilities | 22,610 | 28,952 |
Income taxes payable | 1,609 | 1,646 |
Deferred revenue | 33,966 | 32,156 |
TOTAL CURRENT LIABILITIES | 205,462 | 196,558 |
Long-term debt, net | 1,426,464 | 1,422,284 |
Long-term operating lease liabilities | 53,461 | 68,099 |
Deferred income taxes | 41,994 | 25,084 |
Other | 15,743 | 2,185 |
TOTAL LIABILITIES | 1,743,124 | 1,714,210 |
Commitments and contingencies (Note 16) | ||
TOTAL DEFICIT | ||
Common stock, $0 par value; 1,000,000 shares authorized; 130,048 shares issued at December 30, 2023 and 122,052 shares issued at December 31, 2022 | 0 | 0 |
Treasury stock, at cost, 50,859 shares at December 30, 2023 and 51,496 shares at December 31, 2022 | (3,064,628) | (3,097,304) |
Retained earnings | 2,314,834 | 2,416,994 |
Accumulated other comprehensive loss | (11,300) | (5,470) |
TOTAL DEFICIT | (761,094) | (685,780) |
TOTAL LIABILITIES AND TOTAL DEFICIT | $ 982,030 | $ 1,028,430 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Receivables, allowances | $ 1,041 | $ 976 |
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 130,048,000 | 122,052,000 |
Treasury stock | 50,859,000 | 51,496,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Revenues, net | $ 889,551 | $ 1,039,835 | $ 1,211,165 |
Cost of revenues | 360,248 | 418,456 | 484,498 |
Gross profit | 529,303 | 621,379 | 726,667 |
Marketing expenses | 238,387 | 244,783 | 261,457 |
Selling, general and administrative expenses | 264,950 | 263,840 | 268,614 |
Franchise rights acquired and goodwill impairments | 3,633 | 396,727 | |
Operating income (loss) | 22,333 | (283,971) | 196,596 |
Interest expense | 95,893 | 81,141 | 87,909 |
Other expense, net | 72 | 1,691 | 1,358 |
Early extinguishment of debt | 30,352 | ||
(Loss) income before income taxes | (73,632) | (366,803) | 76,977 |
Provision for (benefit from) income taxes | 38,623 | (109,935) | 9,852 |
Net (loss) income | $ (112,255) | $ (256,868) | $ 67,125 |
(Net loss) earnings per share | |||
Basic | $ (1.46) | $ (3.65) | $ 0.96 |
Diluted | $ (1.46) | $ (3.65) | $ 0.95 |
Weighted average common shares outstanding | |||
Basic | 76,677 | 70,321 | 69,640 |
Diluted | 76,677 | 70,321 | 70,744 |
Subscription | |||
Revenues, net | $ 822,755 | $ 919,055 | $ 1,061,429 |
Cost of revenues | 301,062 | 321,528 | 368,454 |
Product and Other | |||
Revenues, net | 66,796 | 120,780 | 149,736 |
Cost of revenues | $ 59,186 | $ 96,928 | $ 116,044 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Statement of Comprehensive Income [Abstract] | |||
Net (loss) income | $ (112,255) | $ (256,868) | $ 67,125 |
Other comprehensive (loss) gain: | |||
Foreign currency translation gain (loss) | 2,880 | (11,222) | (4,797) |
Income tax (expense) benefit on foreign currency translation gain (loss) | (703) | 2,790 | 1,206 |
Foreign currency translation gain (loss), net of taxes | 2,177 | (8,432) | (3,591) |
(Loss) gain on derivatives | (10,673) | 28,768 | 13,539 |
Income tax benefit (expense) on (loss) gain on derivatives | 2,666 | (7,202) | (3,403) |
(Loss) gain on derivatives, net of taxes | (8,007) | 21,566 | 10,136 |
Total other comprehensive (loss) gain | (5,830) | 13,134 | 6,545 |
Comprehensive (loss) income | $ (118,085) | $ (243,734) | $ 73,670 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN TOTAL DEFICIT - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Treasury Stock | Accumulated Other Comprehensive Loss | Retained Earnings |
Beginning Balance at Jan. 02, 2021 | $ (544,944) | $ 0 | $ (3,140,903) | $ (25,149) | $ 2,621,108 |
Beginning balance (in shares) at Jan. 02, 2021 | 121,470 | 52,497 | |||
Comprehensive income (loss) | 73,670 | 6,545 | 67,125 | ||
Issuance of treasury stock under stock plans | (7,029) | $ 20,754 | (27,783) | ||
Issuance of treasury stock under stock plans (in shares) | (509) | ||||
Compensation expense on share-based awards | 21,348 | 21,348 | |||
Issuance of common stock | 4,051 | 4,051 | |||
Issuance of common stock (in shares) | 582 | ||||
Ending balance at Jan. 01, 2022 | (452,904) | $ 0 | $ (3,120,149) | (18,604) | 2,685,849 |
Ending balance (in shares) at Jan. 01, 2022 | 122,052 | 51,988 | |||
Comprehensive income (loss) | (243,734) | 13,134 | (256,868) | ||
Issuance of treasury stock under stock plans | (2,099) | $ 22,845 | (24,944) | ||
Issuance of treasury stock under stock plans (in shares) | (492) | ||||
Compensation expense on share-based awards | 12,957 | 12,957 | |||
Ending balance at Dec. 31, 2022 | (685,780) | $ 0 | $ (3,097,304) | (5,470) | 2,416,994 |
Ending balance (in shares) at Dec. 31, 2022 | 122,052 | 51,496 | |||
Comprehensive income (loss) | (118,085) | (5,830) | (112,255) | ||
Issuance of treasury stock under stock plans | (1,475) | $ 32,676 | (34,151) | ||
Issuance of treasury stock under stock plans (in shares) | (637) | ||||
Compensation expense on share-based awards | 11,303 | 11,303 | |||
Issuance of common stock | 32,943 | 32,943 | |||
Issuance of common stock (in shares) | 7,996 | ||||
Ending balance at Dec. 30, 2023 | $ (761,094) | $ 0 | $ (3,064,628) | $ (11,300) | $ 2,314,834 |
Ending balance (in shares) at Dec. 30, 2023 | 130,048 | 50,859 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Operating activities: | |||
Net (loss) income | $ (112,255) | $ (256,868) | $ 67,125 |
Adjustments to reconcile net (loss) income to cash provided by operating activities: | |||
Depreciation and amortization | 52,471 | 43,801 | 48,550 |
Amortization of deferred financing costs and debt discount | 5,018 | 5,018 | 6,136 |
Impairment of franchise rights acquired and goodwill | 3,633 | 396,727 | |
Impairment of intangible and long-lived assets | 1,112 | 3,455 | 521 |
Share-based compensation expense | 15,185 | 12,957 | 21,348 |
Deferred tax provision (benefit) | 19,821 | (145,829) | (15,565) |
Allowance for doubtful accounts | 1,306 | (460) | (214) |
Reserve for inventory obsolescence | 7,350 | 6,796 | 7,657 |
Foreign currency exchange rate loss | 263 | 2,374 | 744 |
Early extinguishment of debt | 30,352 | ||
Changes in cash due to: | |||
Receivables | 17,112 | (7,558) | 4,707 |
Inventories | 14,018 | 3,733 | 1,816 |
Prepaid expenses | (4,133) | 8,878 | 1,554 |
Accounts payable | (54) | (2,691) | 373 |
Accrued liabilities | (11,625) | 20,925 | 960 |
Deferred revenue | 1,273 | (11,733) | (3,886) |
Other long term assets and liabilities, net | (3,598) | (2,291) | (7,962) |
Income taxes | (211) | (588) | (6,935) |
Cash provided by operating activities | 6,686 | 76,646 | 157,281 |
Investing activities: | |||
Capital expenditures | (2,485) | (2,065) | (2,446) |
Capitalized software and website development expenditures | (33,816) | (36,187) | (35,205) |
Cash paid for acquisitions, net of cash acquired | (38,362) | (4,350) | (12,836) |
Other items, net | (33) | (42) | (2,266) |
Cash used for investing activities | (74,696) | (42,644) | (52,753) |
Financing activities: | |||
Proceeds from long term debt | 1,500,000 | ||
Financing costs and debt discount | (37,910) | ||
Payments on long-term debt | (1,564,000) | ||
Taxes paid related to net share settlement of equity awards | (2,241) | (2,197) | (7,494) |
Proceeds from stock options exercised | 718 | 4,469 | |
Cash paid for acquisitions | (1,178) | (2,413) | (6,450) |
Other items, net | (48) | (112) | (151) |
Cash used for financing activities | (2,749) | (4,722) | (111,536) |
Effect of exchange rate changes on cash and cash equivalents | 1,799 | (4,748) | (5,085) |
Net (decrease) increase in cash and cash equivalents | (68,960) | 24,532 | (12,093) |
Cash and cash equivalents, beginning of period | 178,326 | 153,794 | 165,887 |
Cash and cash equivalents, end of period | $ 109,366 | $ 178,326 | $ 153,794 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 30, 2023 | Sep. 30, 2023 | Jul. 01, 2023 | Apr. 01, 2023 | Dec. 31, 2022 | Oct. 01, 2022 | Jul. 02, 2022 | Apr. 02, 2022 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Pay vs Performance Disclosure | |||||||||||
Net Income (Loss) | $ (88,135) | $ 43,731 | $ 50,828 | $ (118,679) | $ (35,781) | $ (206,037) | $ (6,801) | $ (8,249) | $ (112,255) | $ (256,868) | $ 67,125 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 30, 2023 | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | From time to time, our directors and officers may engage in open-market transactions with respect to their Company equity holdings for diversification or other personal reasons. All such transactions by directors and officers must comply with the Company’s Amended and Restated Securities Trading Policy, which requires that such transactions be in accordance with applicable U.S. federal securities laws that prohibit trading while in possession of material nonpublic information. Rule 10b5-1 under the Exchange Act provides an affirmative defense that enables directors and officers to prearrange transactions in the Company’s securities in a manner that avoids concerns about initiating transactions while in possession of material nonpublic information. No contracts, instructions or written plans for the purchase or sale of Company securities were adopted or terminated by our directors or officers (as defined in Rule 16a-1(f) under the Exchange Act) during the quarter ended December 30, 2023, that were intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). No “non-Rule 10b5–1 trading arrangements” (as defined by Item 408(c) of Regulation S-K) or other Rule 10b5-1 trading arrangements were entered into or terminated, nor were any such arrangements modified, by our directors or officers during such period. |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying consolidated financial statements include the accounts of WW International, Inc., all of its subsidiaries and the variable interest entities of which WW International, Inc. is the primary beneficiary (as discussed below). The terms “Company” and “WW” as used throughout these notes are used to indicate WW International, Inc. and all of its operations consolidated for purposes of its financial statements. The Company’s “Digital” business refers to providing subscriptions to the Company’s digital product offerings, which formerly included Digital 360 (as applicable). The Company’s “Workshops + Digital” business refers to providing unlimited access to the Company’s workshops combined with the Company’s digital subscription product offerings to commitment plan subscribers, including former Digital 360 members (as applicable). It also formerly included the provision of access to workshops for members who did not subscribe to commitment plans, which included the Company’s “pay-as-you-go” members. The Company’s “Clinical” business refers to providing subscriptions to the Company’s clinical product offerings provided by WeightWatchers Clinic (formally referred to as Sequence). In the second quarter of fiscal 2022, the Company ceased offering its Digital 360 product. More than a majority of associated members were transitioned from the Company’s Digital business to its Workshops + Digital business during the second quarter of fiscal 2022, with a de minimis number transitioning during the beginning of the third quarter of fiscal 2022. The cessation of this product offering and these transitions of former Digital 360 members at the then-current pricing for such product impacted the number of End of Period Subscribers in each business as well as the associated Paid Weeks and Revenues for each business. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) and include all of the Company’s majority-owned subsidiaries. All entities acquired, and any entity of which a majority interest was acquired, are included in the consolidated financial statements from the date of acquisition. All intercompany accounts and transactions have been eliminated in consolidation. On April 10, 2023, the Company completed its previously announced acquisition of Weekend Health, Inc., doing business as Sequence (“Sequence”). The accompanying consolidated financial statements include the results of operations of Sequence (now operating as WeightWatchers Clinic) from the date of acquisition. See Note 6 for additional information on the Company’s acquisitions. With respect to the Company’s previously announced change in segment reporting for fiscal 2023, segment data for the fiscal years ended December 31, 2022 and January 1, 2022 has been updated to reflect this reportable segment structure. See Notes 5 and 17 for disclosures related to segments. Prior period amounts have been reclassified to conform with the current period presentation. Revision of Previously Issued Consolidated Financial Statements As previously disclosed, after the three months ended September 30, 2023, the Company identified misstatements in its accounting for income taxes resulting primarily from the recording of a U.S. deferred tax liability related to a foreign branch of the U.S., partially offset by a U.S. deferred tax asset related to its U.S. leases, that should have been recorded in prior fiscal years. The Company evaluated the misstatements and concluded that the misstatements were not material, either individually or in aggregate, to its current or previously issued consolidated financial statements. To correct the immaterial misstatements, the Company has revised its previously issued consolidated financial statements as of and for the year ended December 31, 2022 and for the year ended January 1, 2022. The revision of the historical consolidated financial statements also includes the correction of other immaterial misstatements that the Company had primarily previously recorded as out-of-period adjustments or did not record on the basis of materiality. The Company had previously determined that these previously identified misstatements did not, either individually or in the aggregate, result in a material misstatement of its previously issued consolidated financial statements and reached the same conclusion when aggregating the previously identified misstatements with the recently identified misstatements. See Note 24 for further information regarding the misstatements and related revisions. The accompanying financial statements and relevant notes to the consolidated financial statements for the periods referenced above and prior in t his Annual Report on Form 10-K have been revised to correct for such misstatements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Fiscal Year The Company’s fiscal year ends on the Saturday closest to December 31st and consists of either 52 or 53-week periods. Fiscal 2023, fiscal 2022 and fiscal 2021 each contained 52 weeks. Use of Estimates The preparation of financial statements, in conformity with GAAP, requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and judgments, including those related to inventories, the impairment analysis for goodwill and other indefinite-lived intangible assets, revenue, share-based compensation, income taxes, tax contingencies and litigation. The Company bases its estimates on historical experience and on various other factors and assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. While all available information has been considered, actual amounts could differ from these estimates. These assumptions and estimates may change as new events occur and additional information is obtained, and such future changes may have an adverse impact on the Company's results of operations, financial position and liquidity. Variable Interest Entity The Company evaluates its ownership, contractual and other interests in entities to determine if it has any variable interest in a variable interest entity (“VIE”). These evaluations are complex and involve judgment and the use of estimates and assumptions based on available information. If the Company determines that an entity in which it holds a contractual or ownership interest is a VIE and that the Company is the primary beneficiary, such entity is consolidated in the Company’s consolidated financial statements. The primary beneficiary of a VIE is the party that meets both of the following criteria: (i) has the power to make decisions that most significantly affect the economic performance of the VIE; and (ii) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. The Company performs ongoing reassessments of whether changes in the facts and circumstances regarding the Company’s involvement with a VIE will cause the consolidation conclusion to change. Through WeightWatchers Clinic, the Company operates certain clinical telehealth groups which are deemed to be Friendly-Physician Entities (“FPEs”) and due to legal requirements, the physician-owners must retain 100 % of the equity interest. The Company’s agreements with FPEs generally consist of both an Administrative Service Agreement, which provides for various administrative and management services to be provided by the Company to the FPE, and Stock Transfer Restriction (“STR”) agreements with the physician-owners of the FPEs, which provide for the transition of ownership interest of the FPEs under certain conditions. The Company has the right to receive income as an ongoing management fee, which effectively absorbs all of the residual interests, and can also provide financial support through loans to the FPEs. The Company has exclusive responsibility for the provision of all nonmedical services including technology and intellectual property required for the day-to-day operation and management of each of the FPEs. In addition, the STR agreements provide that the Company has the right to designate a person(s) to purchase the equity interest of the FPE for a nominal amount in the event of a succession event at the Company’s discretion. Based on the provisions of these agreements, the Company determined that the FPEs are VIEs due to their equity holder having insufficient capital at risk, and the Company has a variable interest in the FPEs. The contractual arrangements described above allow the Company (through Sequence) to direct the activities that most significantly affect the economic performance of the FPEs. Accordingly, the Company is the primary beneficiary of the FPEs and consolidates the FPEs under the VIE model. Furthermore, as a direct result of nominal initial equity contributions by the physicians, the financial support the Company can provide to the FPEs (e.g., loans) and the provisions of the contractual arrangements and nominee shareholder succession arrangements described above, the interests held by noncontrolling interest holders lack economic substance and do not provide them with the ability to participate in the residual profits or losses generated by the FPEs. Therefore, all income and expenses recognized by the FPEs are consolidated by the Company. The Company does not hold interests in any VIEs for which the Company is not deemed to be the primary beneficiary. Translation of Foreign Currencies For all foreign operations, the functional currency is the local currency. Assets and liabilities of these operations are translated into U.S. dollars using the exchange rate in effect at the end of each reporting period. Income statement accounts are translated at the average rate of exchange prevailing during each reporting period. Translation adjustments arising from the use of differing exchange rates from period to period are included in accumulated other comprehensive loss. Foreign currency gains and losses arising from the translation of intercompany receivables and intercompany payables with the Company’s international subsidiaries are recorded as a component of other expense , net, unless the receivable or payable is considered long-term in nature, in which case the foreign currency gains and losses are recorded as a component of accumulated other comprehensive loss. Cash Equivalents Cash and cash equivalents are defined as highly liquid investments with original maturities of three months or less. Cash balances may, at times, exceed insurable amounts. The Company believes it mitigates this risk by investing in or through major financial institutions. Cash includes balances due from third-party credit card companies. Inventories Inventories, which consist of finished goods, are stated at the lower of cost or net realizable value on a first-in, first-out basis, net of reserves for obsolescence and shrinkage. Property and Equipment Property and equipment are recorded at cost. For financial reporting purposes, equipment is depreciated on the straight-line method over the estimated useful lives of the assets ( 3 to 10 years ). Leasehold improvements are amortized on the straight-line method over the shorter of the term of the lease or the useful life of the related assets. Expenditures for new facilities and improvements that substantially extend the useful life of an asset are capitalized. Ordinary repairs and maintenance are expensed as incurred. When assets are retired or otherwise disposed of, the cost and related depreciation are removed from the accounts and any related gains or losses are included in income. Impairment of Long-Lived Assets The Company reviews long-lived assets, including amortizable intangible assets, for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. In fiscal 2023, fiscal 2022 and fiscal 2021, the Company recorded impairment charges o f $ 900 , $ 714 and $ 5 , respectively, related to internal-use computer software and website development costs that were not expected to provide substantive service potential. In fiscal 2023, fiscal 2022 and fiscal 2021, the Company recorded impairment charges of $ 212 , $ 61 and $ 516 , respectively, related to property, plant and equipment that were expected to be disposed of before the end of their estimated useful lives. In fiscal 2022, the Company recorded lease asset impairment charges of $ 2,680 in the aggregate. See No te 4 for further information on the Company’s leases. Franchise Rights Acquired Finite-lived franchise rights acquired are amortized over the remaining contractual period, which is generally less than one year . Indefinite-lived franchise rights acquired are tested for potential impairment on at least an annual basis or more often if events so require. In performing the impairment analysis for indefinite-lived franchise rights acquired, the fair value for franchise rights acquired is estimated using a discounted cash flow approach referred to as the hypothetical start-up approach for franchise rights related to the Company’s Workshops + Digital business and a relief from royalty methodology for franchise rights related to the Company’s Digital business. The aggregate estimated fair value for these franchise rights is then compared to the carrying value of the unit of account for these rights. The Company has determined the appropriate unit of account for purposes of assessing impairment to be the combination of the rights in both the Workshops + Digital business and the Digital business in the country in which the applicable acquisition occurred. The net book values of these franchise rights in the United States, Australia, United Kingdom and New Zealand as of the December 30, 2023 balance sheet date were $ 374,353 , $ 4,232 , $ 2,806 and $ 2,420 , respectively, which represented 97.6 %, 1.1 %, 0.7 % and 0.6 %, respectively, of total franchise rights acquired as of December 30, 2023 of $ 383,811 . The net book values of these franchise rights in the United States, Australia, United Kingdom and New Zealand as of the December 31, 2022 balance sheet date were $ 374,353 , $ 4,232 , $ 2,666 and $ 2,432 , respectively, which represented 97.6 %, 1.1 %, 0.7 % and 0.6 %, respectively, of total franchise rights acquired as of December 31, 2022 of $ 383,683 . In its hypothetical start-up approach analysis for fiscal 2023, the Company assumed that the year of maturity was reached after 7 years. Subsequent to the year of maturity, the Company estimated future cash flows for the Workshops + Digital business in each country based on assumptions regarding revenue growth and operating income margins. In the Company’s relief from royalty approach analysis for fiscal 2023, the cash flows associated with the Digital business in each country were based on the expected Digital revenue for such country and the application of a royalty rate based on current market terms. The cash flows for the Workshops + Digital and the Digital businesses were discounted utilizing rates which were calculated using the weighted average cost of capital, which included the cost of equity and the cost of debt. Goodwill In performing the impairment analysis for goodwill, the fair value for the Company’s reporting units is estimated using a discounted cash flow approach. This approach involves projecting future cash flows attributable to the reporting unit and discounting those estimated cash flows using an appropriate discount rate. The estimated fair value is then compared to the carrying value of the reporting unit. Excluding the goodwill associated with the acquisitio n of Sequence, the Company has determined the appropriate reporting unit for purposes of assessing annual impairment to be the country for all reporting units. The net book values of goodwill, excluding the $ 89,742 of goodwill associated with the acquisition of Sequence, in the United States, Canada and other countries as of the December 30, 2023 balance sheet date were $ 104,019 , $ 40,463 and $ 9,217 , respectively, which represen ted 42.7 %, 16.6 % and 3.8 %, respectively, of total goodwill as of December 30, 2023 of $ 243,441 . The net book values of goodwill in the United States, Canada and other countries as of the December 31, 2022 balance sheet dat e were $ 104,019 , $ 39,547 and $ 12,432 , respectively, which represented 66.7 %, 25.3 % and 8.0 %, respectively, of total goodwill as of December 31, 2022 of $ 155,998 . In performing the impairment analysis for goodwill, for all of the Company’s reporting units, the Company estimated future cash flows by utilizing the historical debt-free cash flows (cash flows provided by operations less capital expenditures) attributable to that country and then applied expected future operating income growth rates for such country. The Company utilized operating income as the basis for measuring its potential growth because it believes it is the best indicator of the performance of its business. The Company then discounted the estimated future cash flows utilizing a discount rate which was calculated using the weighted average cost of capital, which included the cost of equity and the cost of debt. Indefinite-Lived Franchise Rights Acquired and Goodwill Impairment Tests The Company reviews indefinite-lived intangible assets, including franchise rights acquired with indefinite lives, and goodwill for potential impairment on at least an annual basis or more often if events so require. The Company performed its annual fair value impairment testing as of May 7, 2023 and May 8, 2022, each the first day of fiscal May, on its indefinite-lived intangible assets and goodwill. In addition, based on triggering events, the Company performed an interim impairment test as of October 1, 2022 on certain of its indefinite-lived intangible assets for the third quarter of fiscal 2022 and an interim impairment test as of December 31, 2022 on its indefinite-lived intangible assets and goodwill for its Republic of Ireland reporting unit for the fourth quarter of fiscal 2022. See Note 7 f or further information regarding the results of the franchise rights acquired and goodwill annual impairment tests, the franchise rights acquired interim impairment test for the third quarter of fiscal 2022 and the franchise rights acquired and goodwill interim impairment tests for the fourth quarter of fiscal 2022. Other Intangible Assets Other finite-lived intangible assets are amortized using the straight-line method over their estimated useful lives of 3 to 20 years . The Company expenses all software costs incurred during the preliminary project stage and capitalizes all internal and external direct costs of materials and services consumed in developing software once the development has reached the application development stage. Application development stage costs generally include software configuration, coding, installation to hard ware and testing. These costs are amortized over their estimated useful lives of 3 to 5 years for software and website development costs. All costs incurred for upgrades, maintenance and enhancements, including the cost of website content, which do not result in additional functionality, are expensed as incurred. Revenue Recognition Revenues are recognized when control of the promised services or goods is transferred to the Company’s customers in an amount that reflects the consideration it expects to be entitled to in exchange for those services or goods. The Company earns revenue from subscriptions for its Digital and Clinical products and by conducting workshops, for which it charges a fee, predominantly through commitment plans, as well as prepayment plans. The Company also earns revenue by collecting royalties related to licensing agreements, collecting royalties from franchisees, and publishing. Prior to fiscal 2024, the Company also earned revenue by selling consumer products. Commitment plan revenues and prepaid workshop fees are recorded to revenue on a straight-line basis as control is transferred since these performance obligations are satisfied over time. “Digital Subscription Revenues,” consisting of the fees associated with subscriptions for the Company’s Digital products, are recognized on a straight-line basis as control is transferred since these performance obligations are satisfied over time. One-time Digital sign-up fees are considered immaterial in the context of the contract and the related revenue is amortized into revenue over the commitment period. “Workshops + Digital Fees”, consisting of the fees associated with subscription plans for combined workshops and digital offerings and other payment arrangements for access to workshops, are recognized on a straight-line basis as control is transferred since these performance obligations are satisfied over time. In the Workshops + Digital business, the Company generally charges non-refundable registration and starter fees in exchange for access to the Company’s digital subscription products, an introductory information session and materials it provides to new members. Revenue from these registration and starter fees is considered immaterial in the context of the contract and is amortized into revenue over the commitment period. “Clinical Subscription Revenues” consist of revenues earned from initial consultations that are conducted to determine if a prospective member is eligible to be a Clinical subscriber and from subscriptions for the Company’s Clinical products, for which it charges a fee, predominantly through monthly commitment plans and prepayment plans. One-time initial consultation fees are recorded as revenue at the point in time control is transferred, which is when the initial consultation takes place. Commitment plan revenues and prepaid subscription fees are recognized on a straight-line basis as control is transferred since these performance obligations are satisfied over time. Revenue from workshop fees and royalties are recognized at the point in time control is transferred, which is when services are rendered and royalties are earned, respectively. Revenue from consumer product sales is recognized at the point in time control is transferred, which is when products are shipped to customers and partners and title and risk of loss passes to them. For revenue transactions that involve multiple performance obligations, the amount of revenue recognized is determined using the relative fair value approach, which is generally based on each performance obligation’s stand-alone selling price. Discounts to customers, including free registration offers, are recorded as a deduction from gross revenue in the period such revenue was recognized. The Company grants refunds in aggregate amounts that historically have not been material. Because the period of payment of the refund generally approximates the period revenue was originally recognized, refunds are recorded as a reduction of revenue over the same period. The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. The Company expenses sales commissions when incurred (amortization period would have been one year or less) and these expenses are recorded within selling, general and administrative expenses. The Company treats shipping and handling fees as fulfillment costs and not as a separate performance obligation, and as a result, any fees received from customers are included in the transaction price allocated to the performance obligation of providing goods with a corresponding amount accrued within cost of product sales and other for amounts paid to applicable carriers. Sales tax, value-added tax and other taxes the Company collects concurrent with revenue-producing activities are excluded from revenue. Advertising Costs Advertising costs consist primarily of broadcast and digital media. All costs related to advertising are expensed in the period incurred, except for media production-related costs, which are expensed the first time the advertising takes place. Total advertising expenses for the fiscal years ended December 30, 2023, December 31, 2022 and January 1, 2022 were $ 235,227 , $ 238,978 and $ 252,754 , respectively. Income Taxes Deferred income tax assets and liabilities result primarily from temporary differences between the financial statement and tax bases of assets and liabilities, using enacted tax rates in effect for the year in which differences are expected to reverse. If it is more-likely-than-not that some portion of a deferred tax asset will not be realized, a valuation allowance is recognized. The Company considers historic levels of income, estimates of future taxable income and feasible tax planning strategies in assessing the need for a tax valuation allowance. The Company recognizes a benefit for uncertain tax positions when a tax position taken or expected to be taken in a tax return is more-likely-than-not to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Company recognizes accrued interest and penalties associated with uncertain tax positions as part of the provision for income taxes on its consolidated statements of operations. In addition, assets and liabilities acquired in purchase business combinations are assigned their fair values and deferred taxes are provided for lower or higher tax bases. Derivative Instruments and Hedging The Company is exposed to certain risks related to its ongoing business operations, primarily interest rate risk and foreign currency risk. Interest rate swaps were entered into to hedge a portion of the cash flow exposure associated with the Company’s variable-rate borrowings. The Company does not use any derivative instruments for trading or speculative purposes. The Company recognizes the fair value of all derivative instruments as either assets or liabilities on the balance sheet. The Company has designated and accounted for interest rate swaps as cash flow hedges of its variable-rate borrowings. For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of accumulated other comprehensive loss and reclassified into earnings in the periods during which the hedged transactions affect earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. The fair value of the Company’s interest rate swaps is reported as a component of accumulated other comprehensive loss on its balance sheet. See Note 18 for a f urther discussion regarding the fair value of the Company’s interest rate swaps. The net effect of the interest payable and receivable under the Company’s effective interest rate swap is included in interest expense on its consolidated statements of operations. Deferred Financing Costs Deferred financing costs consist of fees paid by the Company as part of the establishment, exchange and/or modification of the Company’s long-term debt. Amortization expense for the fiscal years ended December 30, 2023, December 31, 2022 and January 1, 2022 was $ 5,018 , $ 5,018 and $ 6,136 , respectively. |
Accounting Standards Adopted in
Accounting Standards Adopted in Current Year | 12 Months Ended |
Dec. 30, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Standards Adopted in Current Year | 3. Accounting Standards Adopted in Current Year There were no new accounting standards adopted during the fiscal year ended December 30, 2023 . 21. Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” , to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, ASU 2023-07 enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment and contains other disclosure requirements. The effective date of the new guidance for public companies is for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The new guidance should be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is currently evaluating the impact the adoption of this guidance will have on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” , to improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. ASU 2023-09 also improves the effectiveness and comparability of income tax disclosures by (1) adding disclosures of pretax income (or loss) and income tax expense (or benefit) and (2) removing disclosures that no longer are considered cost beneficial or relevant. The effective date of the new guidance for public companies is for annual periods beginning after December 15, 2024. Early adoption is permitted. The new guidance should be applied prospectively, although retrospective application is permitted. The Company is currently evaluating the impact the adoption of this guidance will have on its consolidated financial statements. The Company has determined that other recently issued accounting pronouncements are not expected to have a material impact on its consolidated financial statements. |
Leases
Leases | 12 Months Ended |
Dec. 30, 2023 | |
Leases [Abstract] | |
Leases | 4. Leases A lease is defined as an arrangement that contractually specifies the right to use and control an identified asset for a specific period of time in exchange for consideration. Operating leases are included in operating lease assets, portion of operating lease liabilities due within one year, and long-term operating lease liabilities in the Company’s consolidated balance sheets. Finance leases are included in property and equipment, net, other accrued liabilities, and other long-term liabilities in the Company’s consolidated balance sheets. Lease assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Lease assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term, using the Company’s incremental borrowing rate commensurate with the lease term, since the Company’s lessors do not provide an implicit rate, nor is one readily available. The incremental borrowing rate is calculated based on the Company’s credit yield curve and adjusted for collateralization, credit quality and economic environment impact, all where applicable. The lease asset includes scheduled lease payments and excludes lease incentives, such as free rent periods and tenant improvement allowances. The Company has certain leases that may include an option to renew and when it is reasonably probable to exercise such option, the Company will include the renewal option terms in determining the lease asset and lease liability. The Company does not have any renewal options that would have a material impact on the terms of the leases and that are also reasonably expected to be exercised as of December 30, 2023. A lease may contain both fixed and variable payments. Variable lease payments that are linked to an index or rate are measured based on the current index or rate at the implementation of the lease accounting standard, or lease commencement date for new leases, with the impact of future changes in the index or rate being recorded as a period expense. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components and has elected not to separate non-lease components from lease components and instead to account for each separate lease component and non-lease component as a single lease component. The Company has elected the short-term lease exception accounting policy, whereby the recognition requirements of the updated guidance is not applied and lease expense is recorded on a straight-line basis with respect to leases with an initial term of 12 months or less. The Company’s operating leases are primarily for its studios and corporate offices. At December 30, 2023 and December 31, 2022, the Company’s lease assets and lease liabilities were as follows: December 30, 2023 December 31, 2022 Assets: Operating leases $ 52,272 $ 75,696 Finance leases 5 54 Total lease assets $ 52,277 $ 75,750 Liabilities: Current Operating leases $ 9,613 $ 17,955 Finance leases 4 31 Noncurrent Operating leases 53,461 68,099 Finance leases — 7 Total lease liabilities $ 63,078 $ 86,092 For the fiscal years ended December 30, 2023, December 31, 2022 and January 1, 2022, the components of the Company’s lease expense were as follows: Fiscal Year Ended December 30, December 31, January 1, 2023 2022 2022 Operating lease cost: Fixed lease cost $ 21,259 $ 33,227 $ 37,688 Lease termination cost 12,718 2,726 8,542 Variable lease cost 62 27 21 Total operating lease cost $ 34,039 $ 35,980 $ 46,251 Finance lease cost: Amortization of leased assets $ 48 $ 112 $ 151 Interest on lease liabilities 1 6 8 Total finance lease cost $ 49 $ 118 $ 159 Total lease cost $ 34,088 $ 36,098 $ 46,410 As previously disclosed, in conjunction with the continued rationalization of its real estate portfolio, the Company entered into subleases with commencement dates in the first quarter of fiscal 2023 , which resulted in lease asset impairment charges of $ 2,680 in the aggregate that were recognized in general and administrative expenses in the Company's consolidated statements of operations for the fiscal year ended December 31, 2022. The Company recorded $ 3,375 of sublease income for the fiscal year ended December 30, 2023 as an offset to general and administrative expenses. At December 30, 2023 and December 31, 2022, the Company’s weighted average remaining lease term and weighted average discount rates were as follows: December 30, 2023 December 31, 2022 Weighted Average Remaining Lease Term (years) Operating leases 7.31 6.90 Finance leases 0.48 1.00 Weighted Average Discount Rate Operating leases 7.54 7.03 Finance leases 4.10 3.52 The Company’s leases have remaining lease terms of 0 to 9 years with a weighted average lease term of 7.31 years as of December 30, 2023. At December 30, 2023, the maturity of the Company’s lease liabilities in each of the next five fiscal years and thereafter were as follows: Operating Finance Total Fiscal 2024 $ 14,031 $ 4 $ 14,035 Fiscal 2025 12,852 — 12,852 Fiscal 2026 10,130 — 10,130 Fiscal 2027 9,391 — 9,391 Fiscal 2028 9,042 — 9,042 Thereafter 26,811 — 26,811 Total lease payments $ 82,257 $ 4 $ 82,261 Less imputed interest 19,183 0 19,183 Present value of lease liabilities $ 63,074 $ 4 $ 63,078 Supplemental cash flow information related to leases for the fiscal years ended December 30, 2023, December 31, 2022 and January 1, 2022 were as follows: Fiscal Year Ended December 30, December 31, January 1, 2023 2022 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 22,013 $ 31,580 $ 39,747 Operating cash flows from finance leases $ 1 $ 6 $ 8 Financing cash flows from finance leases $ 48 $ 112 $ 151 Lease assets (modified) obtained in exchange for (modified) new operating lease liabilities $ ( 7,086 ) $ 13,297 $ 1,057 Lease assets obtained in exchange for new finance lease liabilities $ — $ 49 $ 81 |
Revenue
Revenue | 12 Months Ended |
Dec. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | 5. Revenue Revenues are recognized when control of the promised services or goods is transferred to the Company’s customers in an amount that reflects the consideration it expects to be entitled to in exchange for those services or goods. See Note 2 for further information on the Company’s revenue recognition policies. The following table presents the Company’s revenues disaggregated by revenue source: Fiscal Year Ended December 30, December 31, January 1, 2023 2022 2022 Digital Subscription Revenues $ 571,074 $ 662,668 $ 786,563 Workshops + Digital Fees 221,139 256,387 274,866 Clinical Subscription Revenues 30,542 — — Subscription Revenues, net $ 822,755 $ 919,055 $ 1,061,429 Product sales and other, net 66,796 120,780 149,736 Revenues, net $ 889,551 $ 1,039,835 $ 1,211,165 Segment information for the fiscal years ended December 31, 2022 and January 1, 2022 presented below has been updated to reflect the fiscal 2023 reportable segment structure. The following tables present the Company’s revenues disaggregated by revenue source and segment: Fiscal Year Ended December 30, 2023 North America International Total Digital Subscription Revenues $ 374,004 $ 197,070 $ 571,074 Workshops + Digital Fees 179,054 42,085 221,139 Clinical Subscription Revenues 30,542 — 30,542 Subscription Revenues, net $ 583,600 $ 239,155 $ 822,755 Product sales and other, net 54,596 12,200 66,796 Revenues, net $ 638,196 $ 251,355 $ 889,551 Fiscal Year Ended December 31, 2022 North America International Total Digital Subscription Revenues $ 436,148 $ 226,520 $ 662,668 Workshops + Digital Fees 204,115 52,272 256,387 Subscription Revenues, net $ 640,263 $ 278,792 $ 919,055 Product sales and other, net 87,095 33,685 120,780 Revenues, net $ 727,358 $ 312,477 $ 1,039,835 Fiscal Year Ended January 1, 2022 North America International Total Digital Subscription Revenues $ 502,866 $ 283,697 $ 786,563 Workshops + Digital Fees 210,076 64,790 274,866 Subscription Revenues, net $ 712,942 $ 348,487 $ 1,061,429 Product sales and other, net 102,502 47,234 149,736 Revenues, net $ 815,444 $ 395,721 $ 1,211,165 Information about Contract Balances For Subscription Revenues, the Company can collect payment in advance of providing services. Any amounts collected in advance of services being provided are recorded in deferred revenue. In the case where amounts are not collected, but the service has been provided and the revenue has been recognized, the amounts are recorded in accounts receivable. The opening and ending balances of the Company’s deferred revenues were as follows: Deferred Deferred Revenue Revenue-Long Term Balance as of January 1, 2022 $ 45,855 $ 28 Net (decrease) increase during the period ( 13,699 ) 332 Balance as of December 31, 2022 $ 32,156 $ 360 Net increase (decrease) during the period 1,810 ( 195 ) Balance as of December 30, 2023 $ 33,966 $ 165 Revenue recognized from amounts included in current deferred revenue as of December 31, 2022 was $ 32,156 for the fiscal year ended December 30, 2023 . Revenue recognized from amounts included in current deferred revenue as of January 1, 2022 was $ 45,678 for the fiscal year ended December 31, 2022 . The Company’s long-term deferred revenue, which is included in other liabilities on its consolidated balance sheet, represents revenue that will not be recognized during the next 12 months and is generally related to upfront payments received as an inducement for entering into certain sales-based royalty agreements with third-party licensees. This revenue is amortized on a straight-line basis over the term of the applicable agreement. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 30, 2023 | |
Business Combinations [Abstract] | |
Acquisitions | 6. Acquisitions Acquisition of Sequence On April 10, 2023 ( the “Closing Date”), the Company completed its previously announced acquisition of Weekend Health, Inc., doing business as Sequence, a Delaware corporation (“Sequence”), subject to the terms and conditions set forth in the Agreement and Plan of Merger, dated as of March 4, 2023, by and among the Company, Well Holdings, Inc., a Delaware corporation and a wholly-owned subsidiary of the Company, Sequence, and Fortis Advisors LLC, a Delaware limited liability company, solely in its capacity as the Equityholders’ Representative (as defined therein) for Sequence (the “Merger Agreement”), pursuant to which Sequence continued as a wholly-owned subsidiary of the Company (the “Acquisition”). Sequence provides a technology powered care platform and mobile web application through its subscription based service, which includes a comprehensive weight management program, pharmacotherapy treatment, nutrition plans, health insurance coordination services, and access to clinicians, dietitians, fitness coaches and care coordinators. As consideration for the Acquisition, the Company agreed to pay an aggregate amount equal to $ 132,000 , subject to the adjustments set forth in the Merger Agreement (the “Merger Consideration”). Subject to the terms and conditions of the Merger Agreement, the Merger Consideration has been paid, or is payable, as f ollows: (i) approximately $ 64,217 in cash (inclusive of approximately $ 25,800 of cash on the balance sheet of Sequence) and approximately $ 34,702 in the form of approximately 7,996 newly issued shares of Company common stock (valued at $ 4.34 per share), in each case, paid on or promptly following the Closing Date, (ii) $ 16,000 in cash to be paid on April 10, 2024, and (iii) $ 16,000 in cash to be paid on April 10, 2025, in each case, subject to the adjustments and deductions set forth in the Merger Agreement. The following table show s the purchase price allocation for Sequence to the acquired identifiable assets, liabilities assumed and goodwill: Total consideration: Cash paid at closing $ 64,217 Cash to be paid on April 10, 2024 16,000 Cash to be paid on April 10, 2025 (1) 12,420 Total cash payments $ 92,637 Less stock-based compensation expense attributable to post combination vesting ( 3,882 ) Common shares issued 7,996 Stock price as of April 10, 2023 (2) $ 4.12 Total stock issuance purchase price (2) 32,943 Aggregated merger consideration $ 121,698 Assets acquired: Cash $ 25,776 Prepaid expenses and other current assets 2,220 Property, plant and equipment 34 Intangible assets 7,222 Total assets acquired 35,252 Liabilities assumed: Accounts payable $ 70 Accrued liabilities 14 Deferred revenue 1,300 Deferred tax liability 1,912 Total liabilities assumed 3,296 Net assets acquired 31,956 Total goodwill $ 89,742 (1) Reflects $ 16,000 of cash payable on April 10, 2025 as Merger Consideration discounted using the Company's weighted average cost of debt. (2) Represents the fair value of the shares transferred to the sellers as Merger Consideration, based on the number of shares to be issued, 7,996 , multiplied by the closing price of the Company's ordinary shares on April 10, 2023 of $ 4.12 per share. The Acquisition has been accounted for under the purchase method of accounting. The Acquisition resulted in goodwill related to, among other things, expected synergies in operations. The goodwill will not be deductible for tax purposes. The results of operations of Sequence (now operating as WeightWatchers Clinic) have been included in the consolidated operating results of the Company from the Closing Date. The Company incurred transaction-related costs of $ 8,605 for t he fiscal year ended December 30, 2023. These costs were associated with legal and professional services and were recognized as operating expenses on the consolidated statements of operations. The Company’s consolidated statements of operations for the fiscal year ended December 30, 2023 included total revenu e of $ 30,542 and net loss of $ 5,477 from WeightWatchers Clinic. Acquisitions of Franchisees On February 18, 2022, the Company acquired the entire issued share capital of its Republic of Ireland franchisee, Denross Limited, and its Northern Ireland franchisee, Checkweight Limited, as follows: (a) The Company acquired the entire issued share capital of Denross Limited for a purchase price of $ 4,500 . Payment was in the form of cash paid on December 21, 2021 ($ 650 ), cash paid on February 18, 2022 ($ 3,100 ) and cash in reserves ($ 750 ) , of which $ 375 was paid on February 17, 2023 . The total purchase price was allocated to goodwill ($ 4,645 ), deferred tax asset ($ 496 ) fully offset by a tax valuation allowance ($ 496 ), assumed liabilities ($ 166 ), customer relationship value ($ 14 ), cash ($ 4 ) and other receivables ($ 3 ). The goodwill will not be deductible for tax purposes; and (b) The Company acquired the entire issued share capital of Checkweight Limited for a purchase price of $ 1,500 . Payment was in the form of cash ($ 1,250 ) and cash in reserves ($ 250 ) , of which $ 125 was paid on February 17, 2023 . The total purchase price was allocated to goodwill ($ 1,291 ), franchise rights acquired ($ 240 ), assumed liabilities ($ 56 ), customer relationship value ($ 17 ), deferred tax asset ($ 5 ) fully offset by a tax valuation allowance ($ 5 ), cash ($ 4 ) and other receivables ($ 4 ). The goodwill will not be deductible for tax purposes. On August 16, 2021, the Company acquired substantially all of the assets of its franchisee for certain territories in Maine, Weight W atchers of Maine, Inc., for a purchase price of $ 2,250 . Payment was in the form of cash ($ 1,999 ), cash in reserves ($ 225 ) , of which $ 112.5 was paid on August 22, 2022 and $ 112.5 was paid on August 17, 2023, and assumed net liabilities ($ 26 ). The total purchase price was allocated to goodwill ($ 2,153 ), customer relationship value ($ 56 ) and franchise rights acquired ($ 41 ). The goodwill will be deductible for tax purposes. On March 22, 2021, the Company acquired substantially all of the assets of its Michigan franchisee, The WW Group, Inc., and its Ontario, Canada franchisee, The WW Group Co., as follows: (a) The Company acquired substantially all of the assets of The WW Group, Inc., which operated franchises in certain territories in Michigan, for an aggregate purchase price of $ 17,500 . Payment was in the form of cash paid on March 22, 2021 ($ 8,255 ), cash paid on July 30, 2021 ($ 6,450 ), cash in reserves ($ 2,300 ), which was paid in full on October 3, 2022, and assumed net liabilities ($ 495 ). The total purchase price was allocated to franchise rights acquired ($ 16,885 ), customer relationship value ($ 408 ), inventories ($ 162 ), property and equipment, net ($ 41 ) and other assets ($ 4 ); and (b) The Company acquired substantially all of the assets of The WW Group Co., which operated franchises in certain territories in Ontario, Canada, for an aggregate purchase price of $ 3,114 . Payment was in the form of cash ($ 2,605 ), cash in reserves ($ 599 ), which was paid in full on April 3, 2023, and assumed net assets ($ 90 ). The total purchase price was allocated to franchise rights acquired ($ 3,040 ), customer relationship value ($ 42 ), property and equipment, net ($ 25 ), inventories ($ 6 ) and other assets ($ 1 ). These acquisitions have been accounted for under the purchase method of accounting and, accordingly, earnings of the acquired franchises have been included in the consolidated operating results of the Company since the date of acquisition. |
Franchise Rights Acquired, Good
Franchise Rights Acquired, Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Franchise Rights Acquired, Goodwill and Other Intangible Assets | 7. Franchise Rights Acquired, Goodwill and Other Intangible Assets Franchise rights acquired are due to acquisitions of the Company’s franchised territories as well as the acquisition of franchise promotion agreements and other factors associated with the acquired franchise territories. For the fiscal year ended December 30, 2023, the change in the carrying value of franchise rights acquired was due to the effect of exchange rate changes and the impairment of the Northern Ireland unit of account as discussed below. Goodwill primarily relates to the acquisition of the Company by The Kraft Heinz Company (successor to H.J. Heinz Company) in 1978, and the Compa ny’s acquisitions of WW.com, LLC (formerly known as WW.com, Inc. and WeightWatchers.com, Inc.) in 2005, Sequence in 2023 and the Company’s franchised territories. See Note 6 for additional information on the Company’s acquisitions. For the fiscal year ended December 30, 2023, the change in the carrying amount of goodwill was due to the acquisition of Sequence as described in Note 6, the impairments of the Republic of Ireland and Northern Ireland reporting units as discussed below and the effect of exchange rate changes as follows: North America International Total Balance as of January 1, 2022 $ 147,530 $ 9,844 $ 157,374 Goodwill acquired during the period — 5,936 5,936 Goodwill impairment ( 1,101 ) ( 2,023 ) ( 3,124 ) Effect of exchange rate changes ( 2,862 ) ( 1,326 ) ( 4,188 ) Balance as of December 31, 2022 $ 143,567 $ 12,431 $ 155,998 Goodwill acquired during the period 89,742 — 89,742 Goodwill impairment — ( 3,586 ) ( 3,586 ) Effect of exchange rate changes 916 371 1,287 Balance as of December 30, 2023 $ 234,225 $ 9,216 $ 243,441 Accumulated goodwill impairment loss for the North America segment was $ 1,101 and $ 1,101 at December 30, 2023 and December 31, 2022, respectively. Accumulated goodwill impairment loss for the International segment was $ 24,010 and $ 20,424 at December 30, 2023 and December 31, 2022, respectively. Indefinite-Lived Franchise Rights Acquired and Goodwill Annual Impairment Tests The Company performed its annual fair value impairment testing of indefinite-lived intangible assets, including franchise rights acquired with indefinite lives, and goodwill for fiscal 2023 and fiscal 2022 on May 7, 2023 and May 8, 2022, respectively. In performing its annual impairment analysis as of May 7, 2023, the Company determined that the carrying amounts of its franchise rights acquired with indefinite-lived units of account and goodwill reporting units did not exceed their respective fair values and, therefore, no impairment existed. In performing its annual impairment analysis as of May 8, 2022, the Company determined that (i) the carrying amounts of its Canada and New Zealand franchise rights acquired with indefinite-lived units of account exceeded their respective fair values and, as a result, the Company recorded impairment charges for its Canada and New Zealand units of account of $ 24,485 and $ 834 , respectively, in the second quarter of fiscal 2022; and (ii) the carrying amounts of all of its other franchise rights acquired with indefinite-lived units of account did not exceed their respective fair values and, therefore, no impairment existed with respect thereto. In performing its annual impairment analysis as of May 8, 2022, the Company determined that the carrying amounts of its goodwill reporting units did not exceed their respective fair values and, therefore, no impairment existed. Based on the results of the Company’s May 7, 2023 annual franchise rights acquired impairment analysis performed for all of its units of account, all units, except for New Zealand, had an estimated fair value at least 70 % higher than the respective unit’s carrying amount. Collectively, these units of account represent ed 99.4 % of the Company’s franchise rights acquired as of the December 30, 2023 balance sheet date. Based on the results of the Company’s May 7, 2023 annual franchise rights acquired impairment analysis performed for its New Zealand unit of account, which hel d 0.6 % o f the Company’s franchise rights acquired as of the December 30, 2023 balance sheet date, the estimated fair value of this unit of account exceeded its carrying value by approximately 20 %. Accordingly, a change in the underlying assumptions for the New Zealand unit of account may change the results of the impairment assessment and, as such, could result in an impairment of the franchise rights acquired related to New Zealand, for which the net book value was $ 2,420 as of December 30, 2023. In performing the annual franchise rights acquired impairment analysis for fiscal 2023, in the Company’s hypothetical start-up approach analysis, for the year of maturity, it assumed Workshops + Digital revenue (comprised of Workshops + Digital Fees and revenues from products sold to members in studios) growth of ( 37.1 %) to ( 18.4 %) in the year of maturity from fiscal 2022, in each case, earned in the applicable country, and assumed cumulative annual revenue growth rates for the years beyond the year of maturity of 2.8 %. For the year of maturity and beyond, the Company assumed operating income margin rates of ( 6.4 %) to 12.7 %. In the Company’s relief from royalty approach, it assumed Digital revenue growth in each country of ( 14.8 %) to 7.5 % for fiscal 2023. Based on the results of the Compa ny’s May 7, 2023 annual goodwill impairment analysis performed for all of its reporting units, all units, except for the Republic of Ireland, had an estimated fair value at least 120 % higher than the respective unit’s carrying amount. Collectively, these reporting units repres ented 100.0 % of the Company’s goodwill as of the December 30, 2023 balance sheet date, since goodwill for the Republic of Ireland was fully impaired during the fourth quarter of fiscal 2023 as discussed below. The following are the more significant assumptions utilized in the Company's annual goodwill impairment analyses for fiscal 2023 and fiscal 2022: Fiscal 2023 Fiscal 2022 Debt-Free Cumulative Annual Cash Flow Growth Rate 3.9 % to 24.9 % 1.2 % to 20.6 % Discount Rate 10.8 % 9.6 % Republic of Ireland and Northern Ireland Goodwill Impairments With respect to its Republic of Ireland reporting unit, during the fourth quarter of fiscal 2022, the Company made a strategic decision to delay the launch of the Digital business in that country. As a result of this decision, a triggering event occurred which required the Company to perform an interim goodwill impairment analysis. In performing its discounted cash flow analysis, the Company determined that the carrying amount of this reporting unit exceeded its fair value and, as a result, recorded an impairment charge of $ 2,023 . The preponderance of this impairment was driven by a decrease in projected revenues and an increased weighted average cost of capital used in this interim impairment test as compared to the weighted average cost of capital used in the May 8, 2022 annual impairment test of its goodwill, reflecting market factors including higher interest rates and the trading values of the Company's equity and debt. During the fourth quarter of fiscal 2023, the Company had a shift in future strategic priorities and as a result, a triggering event occurred which required the Company to impair the remaining goodwill balances for the Republic of Ireland and Northern Ireland reporting units, resulting in goodwill impairment charges of $ 2,383 and $ 1,203 , respectively. Third Quarter Fiscal 2022 Indefinite-Lived Franchise Rights Acquired Interim Impairment Test During the quarter ended October 1, 2022, the Company identified various qualitative and quantitative factors which collectively, when combined with the difference or lack thereof between the estimated fair value of the applicable unit of account and its carrying value for the United States, Canada and New Zealand units of account, indicated a triggering event had occurred within these units of account. These factors included actual business performance as compared to the assumptions used in its annual impairment test, the continued decline in the Company’s market capitalization and market factors, including the increase in interest rates. As a result of this triggering event, the Company performed an interim impairment test of these units of account. In performing the interim franchise rights acquired impairment test as of October 1, 2022 , the Company determined that the carrying amounts of its United States, Canada and New Zealand franchise rights acquired with indefinite-lived units of account exceeded their respective fair values. Accordingly, the Company recorded impairment charges for its United States, Canada and New Zealand units of account of $ 298,291 , $ 13,312 and $ 1,138 , respectively, in the third quarter of fiscal 2022. The preponderance of these impairments was driven by the increased weighted average cost of capital used in this interim impairment test as compared to the weighted average cost of capital used in the May 8, 2022 annual impairment test of its indefinite-lived franchise rights acquired, reflecting market factors including higher interest rates and the trading values of the Company's equity and debt. Fourth Quarter Fiscal 2022 Indefinite-Lived Franchise Rights Acquired Interim Impairment Test During the quarter ended December 31, 2022, the Company identified various qualitative and quantitative factors which collectively indicated a triggering event had occurred. These factors included (i) actual business performance as compared to the assumptions used in its third quarter fiscal 2022 interim impairment test for the United States, Canada and New Zealand units of account and as compared to the assumptions used in its annual impairment test in the second quarter of fiscal 2022 for the United Kingdom and Australia units of account; and (ii) the further decline in the Company’s market capitalization and market factors, including the increase in interest rates. As a result of this triggering event, the Company performed an interim impairment test for all of its franchise rights acquired units of account in the fourth quarter of fiscal 2022. In performing the interim franchise rights acquired impairment test as of December 31, 2022, the Company determined that the carrying amounts of its United States, Canada, United Kingdom and Australia franchise rights acquired with indefinite-lived units of account exceeded their respective fair values. Accordingly, the Company recorded impairment charges for its United States, Canada, United Kingdom and Australia units of account of $ 25,739 , $ 19,657 (which comprised the remaining balance of franchise rights acquired for this unit of account), $ 8,275 and $ 1,872 , respectively, in the fourth quarter of fiscal 2022. These impairments were driven by the increased weighted average cost of capital used in this interim impairment test as compared to the weighted average cost of capital used in the third quarter fiscal 2022 interim impairment test for the United States and Canada units of account and as compared the weighted average cost of capital used in the May 8, 2022 annual impairment test for the United Kingdom and Australia units of account, reflecting market factors including higher interest rates and the trading values of the Company's equity and debt. Additionally, these impairments were driven by the decline in the assumptions used in the hypothetical start-up approach and relief from royalty approach analyses as compared to the assumptions used in the third quarter fiscal 2022 interim impairment test for the United States and Canada units of account and as compared the assumptions used in the May 8, 2022 annual impairment test for the United Kingdom and Australia units of account. The carrying amount of its New Zealand franchise rights acquired with indefinite-lived unit of account did not exceed its respective fair value and, therefore, no impairment existed with respect thereto. Kurbo Goodwill Impairment On August 10, 2018, the Company acquired substantially all of the assets of Kurbo Health, Inc., a family-based healthy lifestyle coaching program, for a net purchase price of $ 3,063 , of which $ 1,101 was allocated to goodwill. The goodwill was deductible annually for tax purposes. The Company determined in the second quarter of fiscal 2022 to exit the business of its wholly-owned subsidiary Kurbo, Inc. (“Kurbo”) in the third quarter of fiscal 2022 as part of its strategic plan. As a result of this determination, the Company recorded an impairment charge of $ 1,101 in the second quarter of fiscal 2022, which comprised the entire goodwill balance for Kurbo. Finite-lived Intangible Assets The carrying values of finite-lived intangible assets as of December 30, 2023 and December 31, 2022 were as follows: December 30, 2023 December 31, 2022 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization Capitalized software and website development costs $ 251,410 $ 195,696 $ 241,047 $ 185,857 Trademarks 12,188 12,024 12,162 11,882 Other 13,991 6,661 13,961 6,125 Trademarks and other intangible assets $ 277,589 $ 214,381 $ 267,170 $ 203,864 Franchise rights acquired 8,029 5,314 8,164 5,101 Total finite-lived intangible assets $ 285,618 $ 219,695 $ 275,334 $ 208,965 During the fourth quarter of fiscal 2023, the Company had a shift in future strategic priorities and as a result, a triggering event occurred which required the Company to impair the remaining franchise rights acquired balance for the Northern Ireland unit of account, resulting in a franchise rights acquired impairment charge of $ 47 . Aggregate amortization expense for finite-lived intangible assets was recorded in the amounts of $ 42,449 , $ 33,676 and $ 32,220 for the fiscal years ended December 30, 2023, December 31, 2022 and January 1, 2022, respectively. Estimated amortization expense of existing finite-lived intangible assets for the next five fiscal years and thereafter is as follows: Fiscal 2024 $ 30,247 Fiscal 2025 $ 19,783 Fiscal 2026 $ 7,813 Fiscal 2027 $ 906 Fiscal 2028 $ 712 Thereafter $ 6,462 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 8. Property and Equipment The carrying values of property and equipment as of December 30, 2023 and December 31, 2022 were as follows: December 30, 2023 December 31, 2022 Equipment $ 31,264 $ 55,303 Leasehold improvements 42,039 66,860 $ 73,303 $ 122,163 Less: Accumulated depreciation and amortization ( 53,562 ) ( 93,934 ) $ 19,741 $ 28,229 Depreciation and amortization expense of property and equipment for the fiscal years ended December 30, 2023, December 31, 2022 and January 1, 2022 was $ 10,022 , $ 10,125 and $ 16,330 , respectively. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 30, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 9. Long-Term Debt The components of the Company’s long-term debt were as follows: December 30, 2023 December 31, 2022 Principal Unamortized Unamortized Effective (1) Principal Unamortized Unamortized Effective (1) Revolving Credit Facility due $ — $ — $ — 0.00 % $ — $ — $ — 0.00 % Term Loan Facility due 945,000 4,712 9,766 9.21 % 945,000 5,821 12,064 5.85 % Senior Secured Notes due 500,000 4,058 — 4.70 % 500,000 4,831 — 4.70 % Total $ 1,445,000 $ 8,770 $ 9,766 7.64 % $ 1,445,000 $ 10,652 $ 12,064 5.45 % Less: Current portion — — Unamortized deferred 8,770 10,652 Unamortized debt discount 9,766 12,064 Total long-term debt $ 1,426,464 $ 1,422,284 (1) Includes amortization of deferred financing costs and debt discount. On April 13, 2021, the Company (1) repaid in full approximately $ 1,189,750 in aggregate principal amount of senior secured tranche B term loans due in 2024 under its then-existing credit facilities and (2) redeemed all of the $ 300,000 in aggregate principal amount of its then-outstanding 8.625 % Senior Notes due in 2025 (the “Discharged Senior Notes”). On April 13, 2021, the Company’s then-existing credit facilities included a senior secured revolving credit facility (which included borrowing capacity available for letters of credit) due in 2022 with $ 175,000 in an aggregate principal amount of commitments. There were no outstanding borrowings under such revolving credit facility on that date. The Company funded such repayment of loans and redemption of notes with cash on hand as well as with proceeds received from approximately $ 1,000,000 in an aggregate principal amount of borrowings under its new credit facilities (as amended from time to time, the “Credit Facilities”) and proceeds received from the issuance of $ 500,000 in aggregate principal amount of 4.500 % Senior Secured Notes due 2029 (the “Senior Secured Notes”), each as described below. These transactions are collectively referred to herein as the “April 2021 debt refinancing”. During the second quarter of fiscal 2021, the Company incurred fees of $ 37,910 (which included $ 12,939 of a prepayment penalty on the Discharged Senior Notes and $ 5,000 of a debt discount on its Term Loan Facility (as defined below)) in connection with the April 2021 debt refinancing. In addition, the Company recorded a loss on early extinguishment of debt of $ 29,169 in connection thereto. This early extinguishment of debt charge was comprised of $ 12,939 of a prepayment penalty on the Discharged Senior Notes, $ 9,017 of financing fees paid in connection with the April 2021 debt refinancing and the write-off of $ 7,213 of pre-existing deferred financing fees and debt discount. Credit Facilities The Credit Facilities were issued under a credit agreement, dated April 13, 2021 (as amended from time to time, the “Credit Agreement”), among the Company, as borrower, the lenders party thereto, and Bank of America, N.A. (“Bank of America”), as administrative agent and an issuing bank. The Credit Facilities consist of (1) $ 1,000,000 in aggregate principal amount of senior secured tranche B term loans due in 2028 (the “Term Loan Facility”) and (2) $ 175,000 in an aggregate principal amount of commitments under a senior secured revolving credit facility (which includes borrowing capacity available for letters of credit) due in 2026 (the “Revolving Credit Facility”). In December 2021, the Company made voluntary prepayments at par in an aggregate amount of $ 52,500 in respect of its outstanding term loans under the Term Loan Facility. As a result of these prepayments, the Company wrote off a debt discount and deferred financing fees of $ 1,183 in the aggregate in the fourth quarter of fiscal 2021. As of December 30, 2023, the Company had $ 945,000 in an aggregate principal amount of loans outstanding under the Credit Facilities, with $ 173,841 of av ailability and $ 1,159 in iss ued but undrawn letters of credit outstanding under the Revolving Credit Facility subject to its terms and conditions as discussed below. There were no out standing borrowings under the Revolving Credit Facility as of December 30, 2023. All obligations under the Credit Agreement are guaranteed by, subject to certain exceptions, each of the Company’s current and future wholly-owned material domestic restricted subsidiaries. All obligations under the Credit Agreement, and the guarantees of those obligations, are secured by substantially all of the assets of the Company and each guarantor, subject to customary exceptions, including: • a pledge of 100 % of the equity interests directly held by the Company and each guarantor in any wholly-owned material subsidiary of the Company or any guarantor (which pledge, in the case of any non-U.S. subsidiary of a U.S. subsidiary, will not include more than 65 % of the voting stock of such first-tier non-U.S. subsidiary), subject to certain exceptions; and • a security interest in substantially all other tangible and intangible assets of the Company and each guarantor, subject to certain exceptions. The Credit Facilities require the Company to prepay outstanding term loans, subject to certain exceptions, with: • 50 % (which percentage will be reduced to 25 % and 0 % if the Company attains certain first lien secured net leverage ratios) of the Company’s annual excess cash flow; • 100 % of the net cash proceeds of certain non-ordinary course asset sales by the Company and its restricted subsidiaries (including casualty and condemnation events, subject to de minimis thresholds), and subject to the right to reinvest 100 % of such proceeds, subject to certain qualifications; and • 100 % of the net proceeds of any issuance or incurrence of debt by the Company or any of its restricted subsidiaries, other than certain debt permitted under the Credit Agreement. The foregoing mandatory prepayments will be used to reduce the installments of principal on the Term Loan Facility. The Company may voluntarily repay outstanding loans under the Credit Facilities at any time without penalty, except for customary “breakage” costs with respect to Term SOFR loans under the Credit Facilities. In June 2023, in connection with the planned phase-out of LIBOR, the Company amended its Credit Facilities to replace LIBOR with Term SOFR as the benchmark rate under the Credit Agreement, which will be calculated to include a credit spread adjustment of 0.11448 %, 0.26161 %, 0.42826 %, or 0.71513 % for 1, 3, 6, or 12 months period, respectively, in addition to the Term SOFR Screen Rate (as defined in the Credit Agreement) and the margin (which was not amended). Borrowings under the Term Loan Facility bear interest at a rate per annum equal to, at the Company’s option, either (1) an applicable margin plus a base rate determined by reference to the highest of (a) 0.50 % per annum plus the Federal Funds Effective Rate as determined by the Federal Reserve Bank of New York, (b) the prime rate of Bank of America and (c) the Term SOFR rate determined by reference to the cost of funds for U.S. dollar deposits for an interest period of one month adjusted for certain additional costs, plus 1.00 %; provided that such rate is not lower than a floor of 1.50 % or (2) an applicable margin plus a Term SOFR rate determined by reference to the cost of funds for U.S. dollar deposits for the interest period relevant to such borrowing adjusted for certain additional costs, provided that Term SOFR is not lower than a floor of 0.50 %. Borrowings under the Revolving Credit Facility bear interest at a rate per annum equal to an applicable margin based upon a leverage-based pricing grid, plus, at the Company’s option, either (1) a base rate determined by reference to the highest of (a) 0.50 % per annum plus the Federal Funds Effective Rate as determined by the Federal Reserve Bank of New York, (b) the prime rate of Bank of America and (c) the Term SOFR rate determined by reference to the cost of funds for U.S. dollar deposits for an interest period of one month adjusted for certain additional costs, plus 1.00 %; provided that such rate is not lower than a floor of 1.00 % or (2) a Term SOFR rate determined by reference to the cost of funds for U.S. dollar deposits for the interest period relevant to such borrowing adjusted for certain additional costs, provided such rate is not lower than a floor of zero . As of December 30, 2023, the applicable margins for the Term SOFR rate borrowings under the Term Loan Facility and the Revolving Credit Facility were 3.50 % and 2.75 %, resp ectively. On a quarterly basis, the Company pays a commitment fee to the lenders under the Revolving Credit Facility in respect of unutilized commitments thereunder, which commitment fee fluctuates depending upon the Company’s Consolidated First Lien Leverage Ratio (as defined in the Credit Agreement). The Credit Agreement contains other customary terms, including (1) representations, warranties and affirmative covenants, (2) negative covenants, including limitations on indebtedness, liens, mergers, acquisitions, asset sales, investments, distributions, prepayments of subordinated debt, amendments of material agreements governing subordinated indebtedness, changes to lines of business and transactions with affiliates, in each case subject to baskets, thresholds and other exceptions, and (3) customary events of default. The availability of certain baskets and the ability to enter into certain transactions are also subject to compliance with certain financial ratios. In addition, if the aggregate principal amount of extensions of credit outstanding under the Revolving Credit Facility as of any fiscal quarter end exceeds 35 % of the amount of the aggregate commitments under the Revolving Credit Facility in effect on such date, the Company must be in compliance with a Consolidated First Lien Leverage Ratio of 5.50 :1.00 for the period ending after the first fiscal quarter of 2023 through and including the first fiscal quarter of 2024, with a step down to 5.25 :1.00 for the period ending after the first fiscal quarter of 2024 through and including the first fiscal quarter of 2025, and an additional step down to 5.00 :1.00 for the period following the first fiscal quarter of 2025. As of December 30, 2023, the Company’s actual Consolidated First Lien Leverage Ratio was 8.49 :1.00 and there were no bor rowings under its Revolving Credit Facility and total letters of credit issued wer e $ 1,159 . Th e Company was not in compliance with the Consolidated First Lien Leverage Ratio as of December 30, 2023 , and as a result, the Company is limited to borrowing no more than 35 %, or $ 61,250 , of the amount of the aggregate commitments under the Revolving Credit Facility as of each fiscal quarter end until the Company complies with the applicable ratio. Senior Secured Notes The Senior Secured Notes were issued pursuant to an Indenture, dated as of April 13, 2021 (as amended, supplemented or modified from time to time, the “Indenture”), among the Company, the guarantors named therein and The Bank of New York Mellon, as trustee and notes collateral agent. The Indenture contains customary terms, events of default and covenants for an issuer of non-investment grade debt securities. These covenants include limitations on indebtedness, liens, mergers, acquisitions, asset sales, investments, distributions, prepayments of subordinated debt and transactions with affiliates, in each case subject to baskets, thresholds and other exceptions. The Senior Secured Notes accrue interest at a rate per annum equal to 4.500 % and will mature on April 15, 2 029 . Interest on the Senior Secured Notes is payable semi-annually on April 15 and October 15 of each year, beginning on October 15, 2021. On or after April 15, 2024 , the Company may on any one or more occasions redeem some or all of the Senior Secured Notes at a purchase price equal to 102.250 % of the principal amount of the Senior Secured Notes, plus accrued and unpaid interest, if any, to, but not including, the redemption date, such optional redemption price decreasing to 101.125 % on or after April 15, 2025 and to 100.000 % on or after April 15, 2026 . Prior to April 15, 2024, the Company may on any one or more occasions redeem up to 40 % of the aggregate principal amount of the Senior Secured Notes with an amount not to exceed the net proceeds of certain equity offerings at 104.500 % of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the redemption date. Prior to April 15, 2024, the Company may redeem some or all of the Senior Secured Notes at a make-whole price plus accrued and unpaid interest, if any, to, but not including, the redemption date. In addition, during any twelve-month period ending prior to April 15, 2024, the Company may redeem up to 10 % of the aggregate principal amount of the Senior Secured Notes at a purchase price equal to 103.000 % of the principal amount of the Senior Secured Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. If a change of control occurs, the Company must offer to purchase for cash the Senior Secured Notes at a purchase price equal to 101 % of the principal amount of the Senior Secured Notes, plus accrued and unpaid interest, if any, to, but not including, the purchase date. Following the sale of certain assets and subject to certain conditions, the Company must offer to purchase for cash the Senior Secured Notes at a purchase price equal to 100 % of the principal amount of the Senior Secured Notes, plus accrued and unpaid interest, if any, to, but not including, the purchase date. The Senior Secured Notes are guaranteed on a senior secured basis by the Company’s subsidiaries that guarantee the Credit Facilities. The Senior Secured Notes and the note guarantees are secured by a first-priority lien on all the collateral that secures the Credit Facilities, subject to a shared lien of equal priority with the Company’s and each guarantor’s obligations under the Credit Facilities and subject to certain thresholds, exceptions and permitted liens. Outstanding Debt At December 30, 2023, the Company had $ 1,445,000 outstanding under the Credit Facilities and the Senior Secured Notes, consisting of borrowings under the Term Loan Facility of $ 945,000 , $ 0 drawn down on the Revolving Credit Facility and $ 500,000 in aggregate principal amount of Senior Secured Notes issued and outstanding. At December 30, 2023 and December 31, 2022, the Company’s debt consisted of both fixed and variable-rate instruments. Interest rate swaps were entered into to hedge a portion of the cash flow exposure associated with the Company’s variable-rate borrowings. See Note 19 for information on the Company’s interest rate swaps. The weighted average interest rate (which includes amortization of deferred financing costs and debt discount) on the Company’s outstanding debt, exclusive of the impact of the swaps then in effect, was approximately 7.64 % an d 5.45 % per annum at December 30, 2023 and December 31, 2022, respectively, based on interest rates on these dates. The weighted average interest rate (which includes amortization of deferred financing costs and debt discount) on the Company’s outstanding debt, including the impact of the swaps then in effect, was approximatel y 6.53 % and 5.50 % per annum at December 30, 2023 and December 31, 2022, respectively, based on interest rates on these dates. Maturities At December 30, 2023, the aggregate amounts of the Company’s existing long-term debt maturing in each of the next five fiscal years and thereafter are as follows: Fiscal 2024 $ — Fiscal 2025 — Fiscal 2026 — Fiscal 2027 10,000 Fiscal 2028 935,000 Thereafter 500,000 $ 1,445,000 |
Treasury Stock
Treasury Stock | 12 Months Ended |
Dec. 30, 2023 | |
Class of Stock Disclosures [Abstract] | |
Treasury Stock | 10. Treasury Stock On October 9, 2003, the Company’s Board of Directors authorized, and the Company announced, a program to repurchase up to $ 250,000 of the Company’s outstanding common stock. On each of June 13, 2005, May 25, 2006 and October 21, 2010, the Company’s Board of Directors authorized, and the Company announced, the addition of $ 250,000 to the program. The repurchase program allows for shares to be purchased from time to time in the open market or through privately negotiated transactions. The repurchase program currently has no expiration date. During the fiscal years ended December 30, 2023, December 31, 2022 and January 1, 2022 , the Company repurchased no shares of its common stock under this program. As of the end of fiscal 2023, $ 208,933 remained available to purchase shares of the Company’s common stock under the repurchase program. |
Per Share Data
Per Share Data | 12 Months Ended |
Dec. 30, 2023 | |
Earnings Per Share [Abstract] | |
Per Share Data | 11. Per Share Data Basic (net loss) earnings per share is calculated utilizing the weighted average number of common shares outstanding during the periods presented. Diluted (net loss) earnings per share is calculated utilizing the weighted average number of common shares outstanding during the periods presented adjusted for the effect of dilutive common stock equivalents. The following table sets forth the computation of basic and dilute d (net loss) earnings per share data for the fiscal years ended: Fiscal Year Ended December 30, December 31, January 1, 2023 2022 2022 Numerator: Net (loss) income $ ( 112,255 ) $ ( 256,868 ) $ 67,125 Denominator: Weighted average shares of common stock outstanding 76,677 70,321 69,640 Effect of dilutive common stock equivalents — — 1,104 Weighted average diluted common shares outstanding 76,677 70,321 70,744 (Net loss) earnings per share Basic $ ( 1.46 ) $ ( 3.65 ) $ 0.96 Diluted $ ( 1.46 ) $ ( 3.65 ) $ 0.95 The number of anti-dilutive common stock equivalents excluded from the calculation of the weighted average number of common shares for diluted (net loss) earnings per share wa s 9,113 , 8,540 and 5,270 for the fiscal years ended December 30, 2023, December 31, 2022 and January 1, 2022 , respectively. |
Stock Plans
Stock Plans | 12 Months Ended |
Dec. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Plans | 12. Stock Plans Incentive Compensation Plans and Inducement Option On May 6, 2008, the Company’s shareholders approved the 2008 Stock Incentive Plan (the “2008 Plan”). On May 6, 2014, the Company’s shareholders approved the 2014 Stock Incentive Plan (as amended and restated, the “2014 Plan”, and together with the 2008 Plan, the “Stock Plans”), which replaced the 2008 Plan for all equity-based awards granted on or after May 6, 2014. The 2014 Plan is designed to promote the long-term financial interests and growth of the Company by attracting, motivating and retaining employees with the ability to contribute to the success of the business and to align compensation for the Company’s employees over a multi-year period directly with the interests of the shareholders of the Company. The Company’s long-term equity incentive compensation program has historically included time-vesting non-qualified stock option and/or restricted stock unit (“RSUs”) (including performance-based stock unit with both time- and performance-vesting criteria (“PSUs”)) awards. From time to time, the Company has granted fully-vested shares of its common stock to individuals in connection with special circumstances. The Company’s Board of Directors or a committee thereof administers the 2014 Plan. Under the 2014 Plan, grants may take the following forms at the Company’s Board of Directors’ Compensation and Benefits Committee’s (the “Compensation Committee”) discretion: non-qualified stock options, incentive stock options, stock appreciation rights, RSUs, restricted stock and other stock-based awards. As of December 30, 2023, the maximum number of shares of common stock available for grant under the 2014 Plan was 12,500 , subj ect to increase and adjustment as set forth in the 2014 Plan. Under the 2014 Plan, the Company also grants fully-vested shares of its common stock to certain members of its Board of Directors. While these shares are fully vested, the directors are restricted from selling these shares while they are still serving on the Company’s Board of Directors subject to limited exceptions. During the fiscal years ended December 30, 2023, December 31, 2022 and January 1, 2022, the Company granted to members of the Company’s Board of Directors an a ggregate of 70 , 77 and 29 fully-vested shares, respectively, and recognized compensation expense of $ 404 , $ 624 an d $ 757 , respectively. Commencing during the fiscal year ended December 31, 2022, the above-referenced members of the Company’s Board of Directors could elect to defer receipt of such grants of fully vested shares of the Company’s common stock with respect to their service on the Company’s Board of Directors. Certain members of the Company’s Board of Directors made such an election such that for the fiscal years ended December 30, 2023 and December 31, 2022 , the Company granted to those members of its Board of Directors an aggregate of 54 and 27 deferred stock units, re spectively, and recognized compensation expense of $ 373 and $ 174 , resp ectively . These deferred stock units will be settled on the date of separation from service from the Company's Board of Directors of the applicable member of the Company’s Board of Directors or earlier based on his or her election or upon a change in control of the Company. During the fiscal year ended December 30, 2023, an aggregate of 23 deferred stock units were settled. In fiscal 2022, as part of an initial equity award, the Company granted stock options to purchase 1,000 shares in the aggregate of its common stock (collectively, the “Inducement Option”) to its new Chief Executive Officer upon commencement of her employment. The Inducement Option vests proportionately over four years on each anniversary of the grant date and expires on the seven-year anniversary of the grant date. While the Inducement Option was granted in reliance on an employment inducement exemption and not awarded pursuant to the 2014 Plan, it is subject to the same terms and conditions of the 2014 Plan. The Company issues common stock for share-based compensation awards from treasury stock. The total compensation cost that has been charged against income for share-based compensation awards was $ 10,715 , $ 12,333 and $ 21,348 for the fiscal years ended December 30, 2023, December 31, 2022 and January 1, 2022, respectively. The total income tax benefit recognized in the Company’s consolidated statements of operations for all share-based compensation awards was $ 1,850 , $ 2,603 and $ 5,175 for the fiscal years ended December 30, 2023, December 31, 2022 and January 1, 2022 , respectively. The tax benefits realized from options exercised and RSUs and PSUs vested totaled $ 1,287 , $ 1,017 and $ 7,999 for the fiscal years ended December 30, 2023, December 31, 2022 and January 1, 2022 , respectively. No compensation costs were capitalized. As of December 30, 2023 , there was $ 22,177 of total unrecognized compensation cost related to stock options and RSUs granted under the Stock Plans and the Inducement Option. That cost is expected to be recognized over a weighted average period of approximately 1.6 ye ars. Additionally, the Company charged $ 3,882 of compensation costs against income for share-based compensation expense attributable to post combination vesting in relation to the Sequence acquisition. See Note 6 for additional information on the Company’s acquisitions. Such amounts have been included as a component of selling, general and administrative expenses. Stock Option Awards with Time-Vesting Criteria Stock options with time-vesting criteria (“Time-Vesting Options”) are exercisable based on the terms and conditions outlined in the applicable award agreement. Time-Vesting Options outstanding at December 30, 2023, December 31, 2022 and January 1, 2022 vest over a perio d of three to four years and the expiration term is seven to ten years . Time-Vesting Options outstanding at December 30, 2023, December 31, 2022 and January 1, 2022 have an exercise price between $ 5.25 and $ 60.00 per shar e. The fair value of each of these option awards is estimated on the date of grant using the Black-Scholes option pricing model with the weighted average assumptions noted in the following table. Expected volatility is based on the historical volatility of the Company’s common stock. The expected term takes into consideration option exercise history. The risk-free interest rate is based on the U.S. Treasury yield curve in effect on the date of grant which most closely corresponds to the expected term of the Time-Vesting Options. The dividend yield is based on the Company’s historic average dividend yield. The Company did not grant any Time-Vesting Options for the fiscal year ended December 30, 2023. December 31, January 1, 2022 2022 Dividend yield 0.0 % 0.0 % Volatility 57.0 % - 57.1 % 56.7 % Risk-free interest rate 2.36 % - 2.86 % 1.13 % Expected term (years) 6.0 - 7.0 6.5 Option Activity A summary of all option activity for the fiscal year ended December 30, 2023 is presented below. Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Life (Yrs.) Value Outstanding at December 31, 2022 7,404 $ 33.23 Granted — $ — Exercised ( 98 ) $ 6.69 Cancelled ( 355 ) $ 14.35 Outstanding at December 30, 2023 6,951 $ 34.57 2.7 $ 1,255 Exercisable at December 30, 2023 5,635 $ 36.24 2.0 $ 1,075 T he weighted average grant date fair value of all options granted was $ 3.96 and $ 15.64 for the fiscal years ended December 31, 2022 and January 1, 2022 , respectively. The total intrinsic value of all options exercised was $ 248 , $ 0 and $ 18,497 for the fiscal years ended December 30, 2023, December 31, 2022 and January 1, 2022, respectively. Cash received from Time-Vesting Options exercised during the fiscal years ended December 30, 2023, December 31, 2022 and January 1, 2022 wa s $ 718 , $ 0 and $ 4,469 , respectively. Restricted Stock Unit Awards with Time-Vesting Criteria RSUs are exercisable based on the terms outlined in the applicable award agreement. The RSUs generally vest over a period of two to four ye ars . The fair value of RSUs is determined using the closing market price of the Company’s common stock on the date of grant. A summary of RSU activity under the Stock Plans for the fiscal year ended December 30, 2023 is presented below. Weighted Average Grant Date Fair Shares Value Outstanding at December 31, 2022 2,411 $ 9.09 Granted 2,010 $ 7.43 Vested ( 743 ) $ 10.68 Forfeited ( 1,021 ) $ 8.15 Outstanding at December 30, 2023 2,657 $ 7.75 The weighted average grant date fair value of RSUs granted was $ 7.43 , $ 6.69 and $ 24.29 for the fiscal years ended December 30, 2023, December 31, 2022 and January 1, 2022, respectively. The total fair value of RSUs vested during the fiscal years ended December 30, 2023, December 31, 2022 and January 1, 2022 was $ 7,943 , $ 14,576 and $ 18,097 , respectively. Performance-Based Stock Unit Awards with Time- and Performance-Vesting Criteria In fiscal 2023, the Company granted 239 PSUs having both time- and performance-vesting criteria. The time-vesting criteria for these PSUs will be satisfied upon continued employment (with limited exceptions) on the third anniversary of the grant date. The performance-vesting criteria for these PSUs will be based on a relative total shareholder return performance goal, measuring the Company’s stock price performance against the performance of the Russell 2000 Index from the start of fiscal 2023 through the end of fiscal 2025. The Company estimated the fair value of the PSUs granted in fiscal 2023 to be $ 13.80 . The Company estimated this fair value using a Monte Carlo simulation that used various assumptions that included expected volatility of 86.2 %, a risk-free rate of 3.79 %, an expected term of 3.0 years and a dividend yield of 0.00 %. Expected volatility was based on the historical volatility of the Company’s stock. The risk-free interest rate was based on the U.S. Treasury yield curve in effect on the date of grant which most closely corresponds to the performance measurement period. The expected term represents the three-year performance measurement period. Compensation expense is recognized ratably over the three-year required service period. In fiscal 2019, the Company granted 280 PSUs having both time- and performance-vesting criteria. The time-vesting criteria for these PSUs was satisfied upon continued employment (with limited exceptions) on the third anniversary of the grant date. The performance-vesting criteria for these PSUs was not satisfied and 0 PSUs became vested in fiscal 2022 upon the satisfaction of the time-vesting criteria. The Company accrued compensation expense in an amount equal to the outcome upon vesting. In fiscal 2018, the Company granted 81 PSUs having both time- and performance-vesting criteria. The time-vesting criteria for these PSUs was satisfied upon continued employment (with limited exceptions) on May 15, 2021. The performance-vesting criteria for these PSUs was not satisfied and 0 PSUs became vested in fiscal 2021 upon the satisfaction of the time-vesting criteria. The Company accrued compensation expense in an amount equal to the outcome upon vesting. A summary of PSU activity for the fiscal year ended December 30, 2023 is presented below. Weighted Average Grant Date Fair Shares Value Outstanding at December 31, 2022 — $ — Granted 239 $ 13.80 Vested — $ — Forfeited ( 24 ) $ 13.80 Outstanding at December 30, 2023 215 $ 13.80 The weighted average grant date fair value of PSUs granted was $ 13.80 during the fiscal year ended December 30, 2023 . There were no PSUs vested during the fiscal year ended December 30, 2023 . There were no PSUs granted or vested during the fiscal years ended December 31, 2022 and January 1, 2022 . |
Taxes
Taxes | 12 Months Ended |
Dec. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Taxes | 13. Taxes Income Taxes The components of the Company’s consolidated (loss) income before income taxes consist of the following: Fiscal Year Ended December 30, December 31, January 1, 2023 2022 2022 Domestic $ ( 222,260 ) $ ( 376,710 ) $ ( 27,451 ) Foreign 148,628 9,907 104,428 $ ( 73,632 ) $ ( 366,803 ) $ 76,977 The following table summarizes the Company’s consolidated provision for (benefit from) U.S. federal, state and foreign income taxes: Fiscal Year Ended December 30, December 31, January 1, 2023 2022 2022 Current: U.S. federal $ 1,330 $ 12,426 $ 117 State 1,947 3,446 1,055 Foreign 15,525 20,022 24,245 $ 18,802 $ 35,894 $ 25,417 Deferred: U.S. federal $ ( 12,419 ) $ ( 110,611 ) $ ( 8,510 ) State 4,263 ( 23,213 ) ( 9,589 ) Foreign 27,977 ( 12,005 ) 2,534 $ 19,821 $ ( 145,829 ) $ ( 15,565 ) Total provision for (benefit from) income taxes $ 38,623 $ ( 109,935 ) $ 9,852 The effective tax rates for the fiscal years ended December 30, 2023, December 31, 2022 and January 1, 2022 were ( 52.5 %) , 30.0 % and 12.8 %, respectively. The difference between the U.S. federal statutory tax rate and the Company’s consolidated effective tax rate is as follows: The Company’s effective tax rate for the fiscal year ended December 30, 2023 was impacted by the following items: (i) a $ 53,626 tax expense due to a valuation allowance and (ii) a $ 12,172 tax expense related to income earned in foreign jurisdictions at rates higher than the U.S. These expenses were partially offset by (i) a $ 9,441 tax benefit related to state tax and (ii) a $ 2,637 tax benefit related to foreign-derived intangible income (“FDII”). The Company’s effective tax rate for the fiscal year ended December 31, 2022 was impacted by the following items: (i) a $ 45,748 tax benefit from a legal entity restructuring in connection with the Organizational Realignment (as defined below), which resulted in a reversal of certain deferred tax liabilities, and (ii) a $ 4,450 tax benefit related to FDII. These benefits were partially offset by (i) a $ 27,108 tax expense from a valuation allowance established to offset certain deferred tax assets due to the uncertainty of realizing future tax benefits from its interest expense carryforwards, (ii) a $ 2,245 tax expense related to income earned in foreign jurisdictions at rates higher than the U.S., and (iii) a $ 1,732 tax expense related to tax shortfalls from stock compensation. The Company’s effective tax rate for the fiscal year ended January 1, 2022 was impacted by the following items: (i) a $ 6,347 tax benefit related to a decrease in the applicable state tax rate on certain deferred income, (ii) a $ 3,548 tax benefit related to tax windfalls from stock compensation, and (iii) a $ 1,560 tax benefit due to the reversal of a valuation allowance related to certain non-U.S. net operating losses that are now expected to be realized. These benefits were partially offset by $ 6,888 of tax expense related to income earned in foreign jurisdictions at rates higher than the U.S. Fiscal Year Ended December 30, December 31, January 1, 2023 2022 2022 U.S. federal statutory tax rate 21.0 % 21.0 % 21.0 % State income taxes (net of federal benefit) 12.8 % 3.8 % ( 1.8 %) Research and development credit 3.0 % 0.4 % ( 1.8 %) Tax windfall/shortfall on share-based awards ( 0.9 %) ( 0.5 %) ( 4.6 %) Reserves for uncertain tax positions 0.0 % 0.0 % 0.2 % Tax rate changes ( 0.1 %) 0.3 % ( 8.1 %) Executive compensation limitation ( 1.4 %) ( 0.2 %) 1.8 % FDII 3.6 % 1.2 % 0.0 % Change in valuation allowance ( 72.8 %) ( 7.1 %) ( 2.0 %) Impact of foreign operations ( 16.5 %) ( 1.6 %) 8.9 % Reversal of certain deferred tax liabilities 0.0 % 12.5 % 0.0 % Nondeductible costs ( 1.3 %) 0.0 % 0.0 % Other 0.1 % 0.2 % ( 0.8 %) Total effective tax rate ( 52.5 %) 30.0 % 12.8 % The deferred tax assets and liabilities recorded on the Company’s consolidated balance sheets are as follows: December 30, 2023 December 31, 2022 Interest expense disallowance $ 76,350 $ 54,259 Operating lease liabilities 16,174 22,076 Operating loss carryforwards 12,446 10,102 Provision for estimated expenses 3,657 2,815 Salaries and wages 13,489 10,282 Share-based compensation 14,920 15,190 Other comprehensive income 3,833 1,841 Other 4,287 4,211 Less: valuation allowance ( 89,801 ) ( 35,818 ) Total deferred tax assets $ 55,355 $ 84,958 Goodwill and intangible assets $ ( 47,323 ) $ ( 54,588 ) Operating lease assets ( 13,285 ) ( 19,270 ) Depreciation ( 12,749 ) ( 13,498 ) Termination fee ( 3,408 ) — Prepaid expenses ( 900 ) ( 440 ) Total deferred tax liabilities $ ( 77,665 ) $ ( 87,796 ) Net deferred tax liabilities $ ( 22,310 ) $ ( 2,838 ) As of December 30, 2023 and December 31, 2022 , the Company had primarily foreign and state net operating loss carryforwards of approximately $ 107,415 and $ 82,184 , respectively, some of which have an unlimited carryforward period, while others expire in various years beginning in fiscal 2024. The Company maintains a full valuation allowance on its state and certain foreign net operating loss carryforwards as it is deemed more likely than not that such losses will not be realized. In fiscal 2022, the Company established a $ 27,108 valuation allowance on its business interest expense carryforwards. As of December 30, 2023 , the Company increased the valuation allowance on its business interest expense carryforwards by $ 20,268 and established a $ 30,331 valuation allowance on its remaining U.S. deferred tax assets. The Company does not assert its $ 91,792 of undistributed foreign earnings as of December 30, 2023 are permanently reinvested. The Company has considered whether there would be any potential future costs of not asserting indefinite reinvestment and does not expect such costs to be significant. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Fiscal Year Ended December 30, December 31, January 1, 2023 2022 2022 Balance at beginning of year $ 611 $ 1,055 $ 851 Increases related to tax positions taken in current year — 145 196 Increases related to tax positions taken in prior years 9 8 260 Reductions related to tax positions taken in prior years ( 9 ) ( 95 ) ( 199 ) Reductions related to settlements with tax authorities — ( 273 ) — Reductions related to lapse of statutes of limitations — ( 206 ) — Effects of foreign currency translation 2 ( 23 ) ( 53 ) Balance at end of year $ 613 $ 611 $ 1,055 At December 30, 2023 , the total amount of unrecognized tax benefits that, if recognized, would affect the Company’s effective tax rate is $ 509 . The Company files income tax returns in the U.S. federal jurisdiction, and various state and foreign jurisdictions. At December 30, 2023, with few exceptions, the Company was no longer subject to U.S. federal, state or local income tax examinations by tax authorities for fiscal years prior to 2020, or non-U.S. income tax examinations by tax authorities for fiscal years prior to 2017. The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. The Company had $ 83 and $ 83 of accrued interest and penalties at December 30, 2023 and December 31, 2022 , respectively. The Company recognized $ 0 , $( 60 ) and $ 54 of income tax expense in interest and penalties during the fiscal years ended December 30, 2023, December 31, 2022 and January 1, 2022 , respectively. It is reasonably possible that within the next twelve months the Company’s unrecognized tax benefits could change due to the resolution of open tax matters, which would reduce unrecognized tax benefits by $ 126 . Non-Income Tax Matters The Internal Revenue Service (the “IRS”) notified the Company of certain penalties assessed related to the annual disclosure and reporting requirements of the Affordable Care Act. The Company is in the process of appealing this determination and does not believe it has any liability with respect to this matter. Until the appeals process is complete, the IRS will maintain a federal tax lien which is currently limited to certain IRS refunds due to the Company. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 30, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | 14. Employee Benefit Plans The Company sponsors the WW Savings Plan (the “Savings Plan”) for salaried and certain hourly U.S. employees of the Company. The Savings Plan is a defined contribution plan that provides for employer matching contributions of 50 % of the employee’s tax deferred contributions up to 6 % of an employee’s eligible compensation for the fiscal years ended December 30, 2023, December 31, 2022 and January 1, 2022. Expense related to these contributions for the fiscal years ended December 30, 2023, December 31, 2022 and January 1, 2022 was $ 3,227 , $ 2,564 and $ 3,136 , respectively. The Company received a favorable determination letter from the IRS that qualifies the Savings Plan under Section 401(a) of the Internal Revenue Code. Pursuant to the Savings Plan, the Company also makes profit sharing contributions for all full-time salaried U.S. employees who are eligible to participate in the Savings Plan (except for certain personnel above a determined compensation level). The profit sharing contribution is a guaranteed monthly employer contribution on behalf of each participant based on the participant’s age and a percentage of the participant’s eligible compensation. The Savings Plan also has a discretionary supplemental profit sharing employer contribution component that is determined annually by the Compensation Committee. Effective as of March 6, 2022, the Company suspended profit sharing contributions. Expense related to these contributions for the fiscal years ended December 30, 2023, December 31, 2022 and January 1, 2022 was $ 0 , $ 179 and $ 1,342 , respectively. For certain U.S. personnel above a determined compensation level, the Company sponsors the Second Amended and Restated Weight Watchers Executive Profit Sharing Plan (“EPSP”). Under the IRS definition, the EPSP is considered a Nonqualified Deferred Compensation Plan. There is a promise of payment by the Company made on the employees’ behalf instead of an individual account with a cash balance. The EPSP provides for a guaranteed employer contribution on behalf of each participant based on the participant’s age and a percentage of the participant’s eligible compensation. The EPSP has a discretionary supplemental employer contribution component that is determined annually by the Compensation Committee. The EPSP is valued at the end of each fiscal month, based on an annualized interest rate of prime plus 2 %, with an annualized cap of 15 %. Effective as of March 6, 2022, although the Company suspended EPSP contributions, EPSP balances continue to accrue interest. Expense related to this commitment for the fiscal years ended December 30, 2023, December 31, 2022 and January 1, 2022 was $ 1,005 , $ 929 and $ 3,975 , respectively. |
Cash Flow Information
Cash Flow Information | 12 Months Ended |
Dec. 30, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow Information | 15. Cash Flow Information Fiscal Year Ended December 30, December 31, January 1, 2023 2022 2022 Net cash paid during the year for: Interest $ 91,614 $ 76,216 $ 79,374 Income taxes (1) $ 30,908 $ 25,815 $ 41,377 Noncash investing and financing activities were as follows: Fair value of net assets acquired in connection with acquisitions $ 7,256 $ 240 $ 20,032 Capital expenditures and capitalized software included in accounts payable and accrued expenses $ 802 $ 1,466 $ 1,835 Common stock issued in connection with acquisition of Sequence $ 32,943 $ — $ — (1) Fiscal years ended December 30, 2023, December 31, 2022 and January 1, 2022 include tax refunds received of $ 7,054 , $ 5,109 and $ 1,077 , respectively. See Note 4 for dis closures on supplemental cash flow information related to leases. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 16. Commitments and Contingencies Litigation Matters Due to the nature of the Company’s activities, it is, at times, subject to pending and threatened legal actions that arise out of the ordinary course of business. In the opinion of management, the disposition of any such matters is not expected, individually or in the aggregate, to have a material adverse effect on the Company’s results of operations, financial condition or cash flows. However, the results of legal actions cannot be predicted with certainty. Therefore, it is possible that the Company’s results of operations, financial condition or cash flows could be materially adversely affected in any particular period by the unfavorable resolution of one or more legal actions. Commitments Minimum commitments under non-cancelable purchase obligations at December 30, 2023 were $ 26,674 , of which $ 12,948 is due in fiscal 2024, $ 9,483 is due in fiscal 2025, $ 1,981 is due in fiscal 2026, $ 1,696 is due in fiscal 2027, and the remaining $ 566 is due in fiscal 2028. See Note 4 for di sclosures related to minimum commitments under lease obligations, primarily for the Company’s studios and corporate offices. |
Segment and Geographic Data
Segment and Geographic Data | 12 Months Ended |
Dec. 30, 2023 | |
Segment Reporting [Abstract] | |
Segment and Geographic Data | 17. Segment and Geographic Data As previously disclosed, effective the first day of fiscal 2023 (i.e., January 1, 2023), the Company realigned its organizational structure and resources to more closely align with its strategic priorities and centralized the global management of certain functions and systems. As a result of the change in its organizational structure, in fiscal 2023 the Company had two reportable segments, consisting of North America and International, for the purpose of making operational and resource decisions and assessing financial performance. “North America” refers to the Company’s North American Company-owned operations and franchise revenues and related costs; and “International” refers to the Company’s Continental Europe Company-owned operations, United Kingdom Company-owned operations, and Australia, New Zealand and emerging markets operations. These reportable segments continued to provide similar services and products. To be consistent with the information that is presented to the chief operating decision maker, the Company does not include intercompany activity in the segment results. Segment information for the fiscal years ended December 31, 2022 and January 1, 2022 presented below has been updated to reflect the fiscal 2023 reportable segment structure. Information about the Company’s reportable segments is as follows: Total Revenues, net for the Fiscal Year Ended December 30, December 31, January 1, 2023 2022 2022 North America $ 638,196 $ 727,358 $ 815,444 International 251,355 312,477 395,721 Total revenues, net $ 889,551 $ 1,039,835 $ 1,211,165 Net (Loss) Income for the Fiscal Year Ended December 30, December 31, January 1, 2023 2022 2022 Segment operating income (loss): North America $ 104,539 $ ( 220,018 ) $ 218,569 International 71,664 83,330 130,622 Total segment operating income (loss) $ 176,203 $ ( 136,688 ) $ 349,191 General corporate expenses 153,870 147,283 152,595 Interest expense 95,893 81,141 87,909 Other expense, net 72 1,691 1,358 Early extinguishment of debt — — 30,352 Provision for (benefit from) income taxes 38,623 ( 109,935 ) 9,852 Net (loss) income $ ( 112,255 ) $ ( 256,868 ) $ 67,125 Depreciation and Amortization for the Fiscal Year Ended December 30, December 31, January 1, 2023 2022 2022 North America $ 32,101 $ 32,521 $ 39,270 International 1,005 1,660 2,671 Total segment depreciation and amortization $ 33,106 $ 34,181 $ 41,941 General corporate depreciation and amortization 24,383 14,638 12,745 Depreciation and amortization $ 57,489 $ 48,819 $ 54,686 The following tables present information about the Company’s revenue and other information by geographic area. There were no material amounts of sales or transfers among geographic areas and no material amounts of U.S. export sales. Total Revenues, net December 30, December 31, January 1, 2023 2022 2022 United States $ 604,441 $ 682,428 $ 760,384 Germany 97,085 116,452 147,273 Other 188,025 240,955 303,508 $ 889,551 $ 1,039,835 $ 1,211,165 Long-Lived Assets (1) December 30, 2023 December 31, 2022 United States $ 18,171 $ 24,417 Germany 418 459 Other 1,152 3,353 $ 19,741 $ 28,229 (1) Amounts include finance lease assets Operating Lease Assets December 30, 2023 December 31, 2022 United States $ 48,870 $ 68,062 Germany 446 702 Other 2,956 6,932 $ 52,272 $ 75,696 Effective the first day of fiscal 2024 (i.e., December 31, 2023), as a result of the continued evolution of the Company’s centralized organizational structure in fiscal 2023, and management’s 2024 strategic planning process, the Company’s reporting segments changed to one segment based on total revenue for the purpose of making operational and resource decisions and assessing financial performance. The segment information presented in these financial statements does not reflect this change in reportable segments as the change did not take effect internally until the Company’s first quarter of fiscal 2024. The Company will begin reporting segment information based on the new segment in its Quarterly Report on Form 10-Q for the first quarter of fiscal 2024. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 18. Fair Value Measur ements Accounting guidance on fair value measurements for certain financial assets and liabilities requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories: • Level 1 — Quoted prices in active markets for identical assets or liabilities. • Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. When measuring fair value, the Company is required to maximize the use of observable inputs and minimize the use of unobservable inputs. Fair Value of Financial Instruments The Company’s significant financial instruments include long-term debt and interest rate swap agreements as of December 30, 2023 and December 31, 2022 . Since there were no outstanding borrowings under the Revolving Credit Facility as of December 30, 2023 and December 31, 2022 , the fair value approximated a carrying value of $ 0 at both December 30, 2023 and December 31, 2022. The fair value of the Company’s Credit Facilities is determined by utilizing average bid prices on or near the end of each fiscal quarter (Level 2 input). As of December 30, 2023 and December 31, 2022, the fair value of the Company’s long-term debt was approximately $ 996,429 and $ 782,384 , respectively, as compared to the carrying value (net of deferred financing costs and debt discount) of $ 1,426,464 and $ 1,422,284 , respectively. Derivative Financial Instruments The fair values for the Company’s derivative financial instruments are determined using observable current market information such as the prevailing Term SOFR interest rate and Term SOFR yield curve rates and include consideration of counterparty credit risk. See Note 19 for disclosures related to derivative financial instruments. The following table presents the aggregate fair value of the Company’s derivative financial instruments: Fair Value Measurements Using: Total Quoted Prices in Significant Other Significant Interest rate swap current asset at December 30, 2023 $ 3,555 $ — $ 3,555 $ — Interest rate swap current asset at December 31, 2022 $ 11,748 $ — $ 11,748 $ — Interest rate swap noncurrent asset at December 31, 2022 $ 2,450 $ — $ 2,450 $ — The Company did no t have any transfers into or out of Levels 1 and 2 and did no t maintain any assets or liabilities classified as Level 3 during the fiscal years ended December 30, 2023 and December 31, 2022 . |
Derivative Instruments and Hedg
Derivative Instruments and Hedging | 12 Months Ended |
Dec. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging | 19. Derivative Instruments and Hedging In June 2023, the Company amended the terms of its interest rate swap agreements to implement a forward-looking interest rate based on Term SOFR in place of LIBOR. Since the interest rate swap agreements were affected by reference rate reform, the Company applied the expedients and exceptions provided to preserve the past presentation of its derivatives without de-designating the existing hedging relationships. All amendments to interest rate swap agreements were executed with the existing counterparties and did not change the notional amounts, maturity dates, or other critical terms of the hedging relationships. As of December 30, 2023 and December 31, 2022 , the Company had in effect interest rate swaps with an aggregate notional amount totaling $ 500,000 . On June 11, 2018, in order to hedge a portion of its variable rate debt, the Company entered into a forward-starting interest rate swap (the “2018 swap”) with an effective date of April 2, 2020 and a termination date of March 31, 2024 . The initial notional amount of this swap was $ 500,000 . During the term of this swap, the notional amount decreased from $ 500,000 effective April 2, 2020 to $ 250,000 on March 31, 2021 . Following the transition from LIBOR to Term SOFR, this interest rate swap effectively fixed the variable interest rate on the notional amount of this swap at 3.1513 %. On June 7, 2019, in order to hedge a portion of its variable rate debt, the Company entered into a forward-starting interest rate swap (the “2019 swap”, and together with the 2018 swap, the “current swaps”) with an effective date of April 2, 2020 and a termination date of March 31, 2024 . The notional amount of this swap is $ 250,000 . Following the transition from LIBOR to Term SOFR, this interest rate swap effectively fixed the variable interest rate on the notional amount of this swap at 1.9645 %. The current swaps qualify for hedge accounting and, therefore, changes in the fair value of the current swaps have been recorded in accumulated other comprehensive loss. As of December 30, 2023, the cumulative unrealized gain for qualifying hedges was reported as a component of accumulated other comprehensive loss in the amount of $ 2,716 ($ 3,474 before taxes). As of December 31, 2022 , the cumulative unrealized gain for qualifying hedges was reported as a component of accumulated other comprehensive loss in the amount of $ 10,723 ($ 14,146 before taxes). The following table presents the aggregate fair value of the Company’s derivative financial instruments by balance sheet classification and location: Fair Value Balance Sheet Classification Balance Sheet December 30, 2023 December 31, 2022 Assets: Interest rate swaps - current swaps Current asset Prepaid expenses and other current assets $ 3,555 $ 11,748 Interest rate swaps - current swaps Noncurrent asset Other noncurrent assets — 2,450 Total assets $ 3,555 $ 14,198 The Company is hedging forecasted transactions for periods not exceeding the next year. The Company expects approximately $ 2,716 ($ 3,474 before taxes) of net derivative gains included in accumulated other comprehensive loss at December 30, 2023 , based on current market rates, will be reclassified into earnings within the next 12 months. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 30, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | 20. Accumulated Other Comprehensive Loss Amounts reclassified out of accumulated other comprehensive loss were as follows: Changes in Accumulated Other Comprehensive Loss by Component (1) Fiscal Year Ended December 30, 2023 Gain on Loss on Total Beginning balance at December 31, 2022 $ 10,723 $ ( 16,193 ) $ ( 5,470 ) Other comprehensive income before reclassifications, net of tax 1,731 2,177 3,908 Amounts reclassified from accumulated other comprehensive loss, net of tax (2) ( 9,738 ) — ( 9,738 ) Net current period other comprehensive (loss) income $ ( 8,007 ) $ 2,177 $ ( 5,830 ) Ending balance at December 30, 2023 $ 2,716 $ ( 14,016 ) $ ( 11,300 ) (1) Amounts in parentheses indicate debits (2) See separate table below for details about these reclassifications Fiscal Year Ended December 31, 2022 (Loss) Gain on Loss on Total Beginning balance at January 1, 2022 $ ( 10,843 ) $ ( 7,761 ) $ ( 18,604 ) Other comprehensive income (loss) before reclassifications, net of tax 19,250 ( 8,432 ) 10,818 Amounts reclassified from accumulated other comprehensive loss, net of tax (2) 2,316 — 2,316 Net current period other comprehensive income (loss) $ 21,566 $ ( 8,432 ) $ 13,134 Ending balance at December 31, 2022 $ 10,723 $ ( 16,193 ) $ ( 5,470 ) (1) Amounts in parentheses indicate debits (2) See separate table below for details about these reclassifications Fiscal Year Ended January 1, 2022 Loss on Loss on Total Beginning balance at January 2, 2021 $ ( 20,979 ) $ ( 4,170 ) $ ( 25,149 ) Other comprehensive income (loss) before reclassifications, net of tax 2,452 ( 3,591 ) ( 1,139 ) Amounts reclassified from accumulated other comprehensive loss, net of tax (2) 7,684 — 7,684 Net current period other comprehensive income (loss) $ 10,136 $ ( 3,591 ) $ 6,545 Ending balance at January 1, 2022 $ ( 10,843 ) $ ( 7,761 ) $ ( 18,604 ) (1) Amounts in parentheses indicate debits (2) See separate table below for details about these reclassifications Reclassifications out of Accumulated Other Comprehensive Loss (1) Fiscal Year Ended December 30, December 31, January 1, 2023 2022 2022 Details about Other Comprehensive Amounts Reclassified from Affected Line Item in the Gain (Loss) on Qualifying Hedges Interest rate contracts $ 12,980 $ ( 3,090 ) $ ( 10,271 ) Interest expense 12,980 ( 3,090 ) ( 10,271 ) (Loss) income before income taxes ( 3,242 ) 774 2,587 Provision for (benefit from) income taxes $ 9,738 $ ( 2,316 ) $ ( 7,684 ) Net (loss) income (1) Amounts in parentheses indicate debits to profit/loss |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 12 Months Ended |
Dec. 30, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Standards Adopted in Current Year | 3. Accounting Standards Adopted in Current Year There were no new accounting standards adopted during the fiscal year ended December 30, 2023 . 21. Recently Issued Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (the “FASB”) issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” , to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, ASU 2023-07 enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment and contains other disclosure requirements. The effective date of the new guidance for public companies is for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The new guidance should be applied retrospectively to all prior periods presented in the financial statements. Upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is currently evaluating the impact the adoption of this guidance will have on its consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” , to improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. ASU 2023-09 also improves the effectiveness and comparability of income tax disclosures by (1) adding disclosures of pretax income (or loss) and income tax expense (or benefit) and (2) removing disclosures that no longer are considered cost beneficial or relevant. The effective date of the new guidance for public companies is for annual periods beginning after December 15, 2024. Early adoption is permitted. The new guidance should be applied prospectively, although retrospective application is permitted. The Company is currently evaluating the impact the adoption of this guidance will have on its consolidated financial statements. The Company has determined that other recently issued accounting pronouncements are not expected to have a material impact on its consolidated financial statements. |
Related Party
Related Party | 12 Months Ended |
Dec. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party | 22. Related Party As previously disclosed, on October 18, 2015, the Company entered into the Strategic Collaboration Agreement with Oprah Winfrey, under which she consulted with the Company and participated in developing, planning, executing and enhancing the WW program and related initiatives, and provided it with services in her discretion to promote the Company and its programs, products and services for an initial term of five years (the “Initial Term”). As previously disclosed, on December 15, 2019, the Company entered into an amendment of the Strategic Collaboration Agreement with Ms. Winfrey, pursuant to which, among other things, the Initial Term of the Strategic Collaboration Agreement was extended until April 17, 2023 (with no additional successive renewal terms), after which a second term commenced that will continue through the earlier of the date of the Company’s 2025 annual meeting of shareholders or May 31, 2025. Ms. Winfrey will continue to provide certain consulting and other services to the Company during the second term. In addition to the Strategic Collaboration Agreement, Ms. Winfrey and her related entities provided services to the Company totaling $ 574 , $ 861 and $ 918 for the fiscal years ended December 30, 2023, December 31, 2022 and January 1, 2022, respectively, which services included advertising, production and related fees. The Company had no outstanding payables to parties related to Ms. Winfrey at December 30, 2023 and December 31, 2022. During the fiscal year ended January 1, 2022, as permitted by the transfer provisions set forth in the previously disclosed Share Purchase Agreement, dated October 18, 2015, between the Company and Ms. Winfrey, as amended, and the previously disclosed Winfrey Option Agreement, dated October 18, 2015, between the Company and Ms. Winfrey, Ms. Winfrey sold 1,542 of the shares she purchased under such purchase agreement and exercised a portion of her stock options granted in fiscal 2015 resulting in the sale of 581 shares issuable under such options, respectively. |
Restructuring
Restructuring | 12 Months Ended |
Dec. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | 23. Restructuring 2023 Plan As previously disclosed, in the fourth quarter of fiscal 2022, management reviewed the then-current global business operations of the Company as well as the different functions and systems supporting those operations and contrasted them with the Company's strategic priorities and requirements for fiscal 2023 and beyond. Based on that review, in December 2022, the Company's management resolved to centralize its global management of certain functions and systems, deprioritize and in some cases cease operations for certain non-strategic business lines, and continue the rationalization of its real estate portfolio to align with its future needs. Throughout December 2022 and January 2023, management developed and continued refining a detailed plan to achieve these goals. The Company has committed to a restructuring plan consisting of (i) an organizational restructuring and rationalization of certain functions and systems to centralize the Company’s management, align resources with strategic business lines and reduce costs associated with certain functions and systems (the “Organizational Restructuring”) and (ii) the continued rationalization of its real estate portfolio and resulting operating lease termination charges and the associated employment termination costs (the “Real Estate Restructuring,” and together with the Organizational Restructuring, the “2023 Plan”). Refer to the tables below for the total restructuring charges under the 2023 Plan recorded for the fiscal years ended December 30, 2023 and December 31, 2022. The cumulative amount incurred as of December 30, 2023 related to the aggregate 2023 Plan is $ 67,351 . The Company currently does not expect to record additional restructuring charges in connection with the 2023 Plan in fiscal 2024. The Organizational Restructuring has resulted and will further result in the elimination of certain positions and the termination of employment for certain employees worldwide. A significant portion of these charges were recorded in the fourth quarter of fiscal 2022 at the time management resolved to undertake the Organizational Restructuring. Refer to the tables below for the employee termination benefit costs related to the Organizational Restructuring under the 2023 Plan recorded for the fiscal years ended December 30, 2023 and December 31, 2022. The cumulative amount incurred as of December 30, 2023 related to the aggregate employee termination benefit costs related to the Organizational Restructuring under the 2023 Plan is $ 38,737 . Refer to the tables below for the lease termination costs and employee termination benefit costs related to the Real Estate Restructuring under the 2023 Plan recorded for the fiscal years ended December 30, 2023 and December 31, 2022, as applicable. The cumulative amount incurred as of December 30, 2023 related to the aggregate lease termination costs and employee termination benefit costs related to the Real Estate Restructuring under the 2023 Plan is $ 12,924 and $ 7,476 , respectively. Refer to the tables below for the other cash restructuring charges and other non-cash restructuring charges under the 2023 Plan recorded for the fiscal year ended December 30, 2023. The cumulative amount incurred as of December 30, 2023 related to the aggregate other cash restructuring charges and total non-cash restructuring charges under the 2023 Plan is $ 1,577 and $ 6,637 , respectively. For the fiscal year ended December 30, 2023, the components of the Company’s restructuring charges for the 2023 Plan were as follows: Fiscal Year Ended December 30, 2023 Cash restructuring charges: Real Estate Restructuring - Lease termination costs $ 12,924 Real Estate Restructuring - Employee termination benefit costs 5,678 Organizational Restructuring - Employee termination benefit costs 26,927 Other cash restructuring charges 1,577 Total cash restructuring charges $ 47,106 Non-cash restructuring charges: Accelerated depreciation and amortization charges $ 6,831 Other non-cash restructuring charges ( 194 ) Total non-cash restructuring charges $ 6,637 Total restructuring charges $ 53,743 For the fiscal year ended December 30, 2023, restructuring charges for the 2023 Plan were recorded in the Company’s consolidated statements of operations as follows: Fiscal Year Ended December 30, 2023 Cost of revenues $ 21,116 Selling, general and administrative expenses 32,627 Total restructuring charges $ 53,743 For the fiscal year ended December 31, 2022, the components of the Company’s restructuring charges for the 2023 Plan were as follows: Fiscal Year Ended December 31, 2022 Cash restructuring charges: Real Estate Restructuring - Employee termination benefit costs $ 1,798 Organizational Restructuring - Employee termination benefit costs 11,810 Total restructuring charges $ 13,608 For the fiscal year ended December 31, 2022, restructuring charges for the 2023 Plan were recorded in the Company’s consolidated statements of operations as follows: Fiscal Year Ended December 31, 2022 Cost of revenues $ 1,798 Selling, general and administrative expenses 11,810 Total restructuring charges $ 13,608 All expenses were recorded to general corporate expenses and, therefore, there was no impact to the segments. The following table presents a roll-forward of cash restructuring-related liabilities, which is included within accrued expenses in the Company’s consolidated balance sheets: Real Estate Restructuring - Real Estate Restructuring - Organizational Restructuring - Lease termination costs Employee termination benefit costs Employee termination benefit costs Other cash restructuring charges Total Balance as of December 31, 2022 $ — $ 1,798 $ 11,810 $ — $ 13,608 Charges 12,924 5,678 26,927 1,577 47,106 Payments ( 12,768 ) ( 4,813 ) ( 15,142 ) ( 1,233 ) ( 33,956 ) Balance as of December 30, 2023 $ 156 $ 2,663 $ 23,595 $ 344 $ 26,758 The Company expects the remaining lease termination liability related to the Real Estate Restructuring, the remaining employee termination benefit liability related to the Real Estate Restructuring, the remaining employee termination benefit liability related to the Organizational Restructuring and other cash restructuring charges to be paid in full by the end of fiscal 2025. 2022 Plan As previously disclosed, in the second quarter of fiscal 2022, the Company committed to a restructuring plan consisting of (i) an organizational realignment to simplify the Company’s corporate structure and reduce associated costs (the “Organizational Realignment”) and (ii) a continued rationalization of its real estate portfolio resulting in the termination of certain of the Company’s operating leases (together with the Organizational Realignment, the “2022 Plan”). The Organizational Realignment has resulted in the elimination of certain positions and termination of employment for certain employees worldwide. Refer to the tables below for the total restructuring charges under the 2022 Plan recorded for the fiscal year ended December 31, 2022. The cumulative amount incurred as of December 30, 2023 related to the aggregate 2022 Plan is $ 28,316 . For the fiscal year ended December 31, 2022, the components of the Company’s restructuring charges for the 2022 Plan were as follows: Fiscal Year Ended December 31, 2022 Cash restructuring charges: Lease termination costs $ 2,424 Employee termination benefit costs 19,170 Other cash restructuring charges 995 Total cash restructuring charges $ 22,589 Non-cash restructuring charges: Lease impairments $ 2,680 Accelerated depreciation and amortization charges 1,453 Other non-cash restructuring charges 459 Total non-cash restructuring charges $ 4,592 Total restructuring charges $ 27,181 See Note 4 for additional information in regard to the Company's lease impairments for the fiscal year ended December 31, 2022. For the fiscal year ended December 31, 2022, restructuring charges for the 2022 Plan were recorded in the Company’s consolidated statements of operations as follows: Fiscal Year Ended December 31, 2022 Cost of revenues $ 6,476 Selling, general and administrative expenses 20,705 Total restructuring charges $ 27,181 All expenses were recorded to general corporate expenses and, therefore, there was no impact to the segments. The following table presents a roll-forward of cash restructuring-related liabilities, which is included within accrued expenses in the Company’s consolidated balance sheets: Lease termination costs Employee termination benefit costs Other cash restructuring charges Total Balance as of January 1, 2022 $ — $ — $ — $ — Charges 2,424 19,170 995 22,589 Payments ( 1,877 ) ( 10,909 ) — ( 12,786 ) Balance as of December 31, 2022 $ 547 $ 8,261 $ 995 $ 9,803 Payments ( 122 ) ( 8,880 ) ( 995 ) ( 9,997 ) Change in estimate ( 425 ) 1,560 — 1,135 Balance as of December 30, 2023 $ — $ 941 $ — $ 941 As of December 30, 2023, the Company expects the remaining employee termination benefit liability to be paid in full by the end of fiscal 2024. 2021 Plan As previously disclosed, in the first quarter of fiscal 2021, as the Company continued to evaluate its cost structure, anticipate consumer demand and focus on costs, the Company committed to a plan which has resulted in the termination of operating leases and elimination of certain positions worldwide. Refer to the tables below for the total restructuring charges under the 2021 Plan recorded for the fiscal years ended December 31, 2022 and January 1, 2022 . The cumulative amount incurred as of December 30, 2023 related to the aggregate 2021 Plan is $ 21,227 . For the fiscal year ended January 1, 2022, the components of the Company’s restructuring charges were as follows: Fiscal Year Ended January 1, 2022 Cash restructuring charges: Lease termination costs $ 9,004 Employee termination benefit costs 8,846 Total cash restructuring charges $ 17,850 Non-cash restructuring charges: Accelerated depreciation and amortization charges $ 3,067 Other non-cash restructuring charges 617 Total non-cash restructuring charges $ 3,684 Total restructuring charges $ 21,534 For the fiscal year ended January 1, 2022, restructuring charges were recorded in the Company’s consolidated statements of operations as follows: Fiscal Year Ended January 1, 2022 Cost of revenues $ 16,727 Selling, general and administrative expenses 4,807 Total restructuring charges $ 21,534 All expenses were recorded to general corporate expenses and, therefore, there was no impact to the segments. The following table presents a roll-forward of cash restructuring-related liabilities, which is included within accrued expenses in the Company’s consolidated balance sheets: Lease termination costs Employee termination benefit costs Total Balance as of January 2, 2021 $ — $ — $ — Charges 9,004 8,846 17,850 Payments ( 7,640 ) ( 4,802 ) ( 12,442 ) Change in estimate ( 3 ) — ( 3 ) Balance as of January 1, 2022 $ 1,361 $ 4,044 $ 5,405 Charges 97 148 245 Payments ( 777 ) ( 3,814 ) ( 4,591 ) Change in estimate ( 681 ) 72 ( 609 ) Balance as of December 31, 2022 $ — $ 450 $ 450 Payments — ( 507 ) ( 507 ) Change in estimate — 57 57 Balance as of December 30, 2023 $ — $ — $ — 2020 Plan As previously disclosed, in the second quarter of fiscal 2020, in connection with its cost-savings initiative, and its continued response to the COVID-19 pandemic and the related shift in market conditions, the Company committed to a plan of reduction in force which has resulted in the elimination of certain positions and termination of employment for certain employees worldwide. To adjust to anticipated consumer demand, the Company evolved its workshop strategy and expanded its restructuring plan to include lease termination and other related costs. Refer to the tables below for the total restructuring charges under the 2020 Plan recorded for the fiscal year ended January 2, 2021 . The cumulative amount incurred as of December 30, 2023 related to the aggregate 2020 Plan is $ 30,729 . For the fiscal year ended January 2, 2021, the components of the Company’s restructuring charges were as follows: Fiscal Year Ended January 2, 2021 Cash restructuring charges: Lease termination costs $ 5,966 Employee termination benefit costs 25,103 Total cash restructuring charges $ 31,069 Non-cash restructuring charges: Accelerated depreciation and amortization charges $ 677 Other non-cash restructuring charges 1,346 Total non-cash restructuring charges $ 2,023 Total restructuring charges $ 33,092 For the fiscal year ended January 2, 2021, restructuring charges were recorded in the Company’s consolidated statements of operations as follows: Fiscal Year Ended January 2, 2021 Cost of revenues $ 23,300 Selling, general and administrative expenses 9,792 Total restructuring charges $ 33,092 All expenses were recorded to general corporate expenses and, therefore, there was no impact to the segments. The following table presents a roll-forward of cash restructuring-related liabilities, which is included within accrued expenses in the Company’s consolidated balance sheets: Lease termination costs Employee termination benefit costs Total Balance as of December 28, 2019 $ — $ — $ — Charges 5,966 25,103 31,069 Payments ( 645 ) ( 15,434 ) ( 16,079 ) Change in estimate — 180 180 Balance as of January 2, 2021 $ 5,321 $ 9,849 $ 15,170 Payments ( 4,649 ) ( 6,773 ) ( 11,422 ) Change in estimate ( 470 ) ( 1,136 ) ( 1,606 ) Balance as of January 1, 2022 $ 202 $ 1,940 $ 2,142 Payments ( 86 ) ( 1,202 ) ( 1,288 ) Change in estimate ( 116 ) ( 621 ) ( 737 ) Balance as of December 31, 2022 $ — $ 117 $ 117 Payments — ( 97 ) ( 97 ) Change in estimate — ( 20 ) ( 20 ) Balance as of December 30, 2023 $ — $ — $ — |
Revision of Previously Issued F
Revision of Previously Issued Financial Statements | 12 Months Ended |
Dec. 30, 2023 | |
Prior Period Adjustment [Abstract] | |
Revision of Previously Issued Financial Statements | 24. Revision of Previously Issued Financial Statements As previously disclosed, after the three months ended September 30, 2023, the Company identified misstatements in its accounting for income taxes resulting primarily from the recording of a U.S. deferred tax liability related to a foreign branch of the U.S., partially offset by a U.S. deferred tax asset related to its U.S. leases, that should have been recorded in prior fiscal years. The Company concluded that these misstatements were not material, either individually or in aggregate, to its current or previously issued consolidated financial statements, and is revising its previously issued consolidated financial statements to correct for these misstatements. In connection with such revisions, the Company is also correcting for other previously identified immaterial misstatements that were previously corrected as out-of-period adjustments during the fiscal year ended December 31, 2022. Due to these misstatements, which originated prior to fiscal 2023, the opening retained earnings balance as of January 1, 2023 was overstated by $ 5,465 due to the net impact of the income tax misstatement of $ 1,965 and other previously identified misstatements of $ 3,500 . Such previously identified misstatements were previously corrected through out-of-period adjustments and included income tax misstatements related to the reversal of (i) a basis difference related to goodwill and other intangibles and (ii) a U.S. federal income tax receivable, in addition to the release of a brand marketing accrual that should have been released in a prior year. Additionally, the Company is revising the consolidated statement of operations for the fiscal year ended January 1, 2022 to correct for the immaterial application of an incorrect commission rate resulting in an overstatement of both revenue and cost of subscription revenues of $ 1,610 . The revisions to the accompanying audited consolidated balance sheet, consolidated statement of operations, consolidated statement of comprehensive (loss) income and consolidated statement of cash flows as of and for the fiscal year ended December 31, 2022 are presented below. There were no changes to the consolidated statement of changes in total deficit that have not otherwise been reflected in the consolidated balance sheet, consolidated statement of operations and consolidated statement of comprehensive (loss) income as detailed in the tables below. At December 31, 2022 As Previously Reported Adjustments As Revised CONSOLIDATED BALANCE SHEET Deferred income taxes $ 23,119 $ 1,965 $ 25,084 Total Liabilities $ 1,712,245 $ 1,965 $ 1,714,210 Retained earnings $ 2,418,959 $ ( 1,965 ) $ 2,416,994 Total Deficit $ ( 683,815 ) $ ( 1,965 ) $ ( 685,780 ) Fiscal Year Ended December 31, 2022 As Previously Reported Adjustments As Revised CONSOLIDATED STATEMENT OF OPERATIONS Product sales and other, net $ 121,801 $ ( 1,021 ) $ 120,780 Revenues, net $ 1,040,856 $ ( 1,021 ) $ 1,039,835 Gross profit $ 622,400 $ ( 1,021 ) $ 621,379 Operating loss $ ( 282,950 ) $ ( 1,021 ) $ ( 283,971 ) Loss before income taxes $ ( 365,782 ) $ ( 1,021 ) $ ( 366,803 ) Benefit from income taxes $ ( 114,379 ) $ 4,444 $ ( 109,935 ) Net loss $ ( 251,403 ) $ ( 5,465 ) $ ( 256,868 ) Net loss per share Basic $ ( 3.58 ) $ ( 0.08 ) $ ( 3.65 ) Diluted $ ( 3.58 ) $ ( 0.08 ) $ ( 3.65 ) Fiscal Year Ended December 31, 2022 As Previously Reported Adjustments As Revised CONSOLIDATED STATEMENT OF COMPREHENSIVE (LOSS) INCOME Net loss $ ( 251,403 ) $ ( 5,465 ) $ ( 256,868 ) Comprehensive loss $ ( 238,269 ) $ ( 5,465 ) $ ( 243,734 ) Fiscal Year Ended December 31, 2022 As Previously Reported Adjustments As Revised CONSOLIDATED STATEMENT OF CASH FLOWS Net loss $ ( 251,403 ) $ ( 5,465 ) $ ( 256,868 ) Adjustments to reconcile net loss to cash provided by operating activities: Deferred tax benefit $ ( 150,994 ) $ 5,165 $ ( 145,829 ) Changes in cash due to: Prepaid expenses $ 9,599 $ ( 721 ) $ 8,878 Accrued liabilities $ 19,904 $ 1,021 $ 20,925 Cash provided by operating activities $ 76,646 $ — $ 76,646 The revisions to the accompanying audited consolidated statement of operations, consolidated statement of comprehensive (loss) income and consolidated statement of cash flows for the fiscal year ended January 1, 2022 are presented below. There were no changes to the consolidated statement of changes in total deficit that have not otherwise been reflected in the consolidated statement of operations and consolidated statement of comprehensive (loss) income as detailed in the tables below. Fiscal Year Ended January 1, 2022 As Previously Reported Adjustments As Revised CONSOLIDATED STATEMENT OF OPERATIONS Subscription revenues, net $ 1,063,039 $ ( 1,610 ) $ 1,061,429 Product sales and other, net $ 149,424 $ 312 $ 149,736 Revenues, net $ 1,212,463 $ ( 1,298 ) $ 1,211,165 Cost of subscription revenues $ 370,064 $ ( 1,610 ) $ 368,454 Cost of revenues $ 486,108 $ ( 1,610 ) $ 484,498 Gross profit $ 726,355 $ 312 $ 726,667 Operating income $ 196,284 $ 312 $ 196,596 Income before income taxes $ 76,665 $ 312 $ 76,977 Provision for income taxes $ 9,773 $ 79 $ 9,852 Net income $ 66,892 $ 233 $ 67,125 Earnings per share Basic $ 0.96 $ 0.00 $ 0.96 Diluted $ 0.95 $ 0.00 $ 0.95 Fiscal Year Ended January 1, 2022 As Previously Reported Adjustments As Revised CONSOLIDATED STATEMENT OF COMPREHENSIVE (LOSS) INCOME Net income $ 66,892 $ 233 $ 67,125 Comprehensive income $ 73,437 $ 233 $ 73,670 Fiscal Year Ended January 1, 2022 As Previously Reported Adjustments As Revised CONSOLIDATED STATEMENT OF CASH FLOWS Net income $ 66,892 $ 233 $ 67,125 Changes in cash due to: Accrued liabilities $ 1,272 $ ( 312 ) $ 960 Income taxes $ ( 7,014 ) $ 79 $ ( 6,935 ) Cash provided by operating activities $ 157,281 $ — $ 157,281 |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 30, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | 25. Quarterly Financial Information (Unaudited) The following is a summary of the unaudited quarterly consolidated results of operations for the fiscal years ended December 30, 2023 and December 31, 2022. For the Fiscal Quarters Ended April 1, July 1, September 30, December 30, 2023 2023 2023 2023 Fiscal year ended December 30, 2023 Revenues, net $ 241,895 $ 226,830 $ 214,871 $ 205,955 Gross profit $ 119,511 $ 143,180 $ 141,755 $ 124,857 Operating (loss) income $ ( 28,583 ) $ 26,317 $ 30,607 $ ( 6,008 ) Provision for (benefit from) income taxes $ 67,580 $ ( 48,066 ) $ ( 38,447 ) $ 57,556 Net (loss) income $ ( 118,679 ) $ 50,828 $ 43,731 $ ( 88,135 ) Basic (net loss) earnings per share $ ( 1.68 ) $ 0.65 $ 0.55 $ ( 1.11 ) Diluted (net loss) earnings per share $ ( 1.68 ) $ 0.65 $ 0.54 $ ( 1.11 ) Basic and diluted (net loss) earnings per share are computed independently for each of the periods presented. Accordingly, the sum of the quarterly amounts may not agree to the total for the year. As discussed in Note 23, the Company recorded restructuring charges of $ 22,660 , $ 2,650 , $ 5,975 and $ 23,629 during the first, second, third and fourth quarters of fiscal 2023, respectively, in connection with employee termination benefit costs, lease termination costs and other restructuring charges associated with its previously disclosed plans to restructure its organization. As discussed in Note 6, the Company incurred transaction-related costs in connection with its acquisition of Sequence of $ 3,719 in the first quarter of fiscal 2023 and $ 4,886 in the second quarter of fiscal 2023. As discussed in Note 7, in the fourth quarter of fiscal 2023, the Company recorded goodwill impairment charges related to its Republic of Ireland and Northern Ireland reporting units of $ 2,383 and $ 1,203 , respectively, and a franchise rights acquired impairment charge related to its Northern Ireland unit of account of $ 47 . For the Fiscal Quarters Ended April 2, July 2, October 1, December 31, 2022 2022 2022 2022 Fiscal year ended December 31, 2022 Revenues, net $ 297,761 $ 269,454 $ 249,718 $ 222,902 Gross profit $ 180,098 $ 162,962 $ 152,351 $ 125,968 Operating income (loss) $ 8,970 $ 13,366 $ ( 254,529 ) $ ( 51,778 ) Benefit from income taxes $ ( 1,796 ) $ ( 701 ) $ ( 70,748 ) $ ( 36,690 ) Net loss $ ( 8,249 ) $ ( 6,801 ) $ ( 206,037 ) $ ( 35,781 ) Basic net loss per share $ ( 0.12 ) $ ( 0.10 ) $ ( 2.93 ) $ ( 0.51 ) Diluted net loss per share $ ( 0.12 ) $ ( 0.10 ) $ ( 2.93 ) $ ( 0.51 ) Basic and diluted net loss per share are computed independently for each of the periods presented. Accordingly, the sum of the quarterly amounts may not agree to the total for the year. As discussed in Note 7, in the second quarter of fiscal 2022, the Company recorded franchise rights acquired impairment charges related to its Canada and New Zealand units of account of $ 24,485 and $ 834 , respectively, and a goodwill impairment charge related to Kurbo of $ 1,101 ; in the third quarter of fiscal 2022, the Company recorded franchise rights acquired impairment charges related to its United States, Canada and New Zealand units of account of $ 298,291 , $ 13,312 and $ 1,138 , respectively; and in the fourth quarter of fiscal 2022, the Company recorded franchise rights acquired impairment charges related to its United States, Canada, United Kingdom and Australia units of account of $ 25,739 , $ 19,657 , $ 8,275 and $ 1,872 , respectively, and a goodwill impairment charge related to its Republic of Ireland reporting unit of $ 2,023 . As discussed in Note 23, the Company recorded restructuring charges of $ 149 , $ 18,550 , $ 3,660 and $ 17,352 during the first, second, third and fourth quarters of fiscal 2022, respectively, in connection with employee termination benefit costs, lease termination costs and other restructuring charges associated with its previously disclosed plans to restructure its organization. As discussed in Note 24, the Company revised previously issued financial statements primarily due to misstatements in its accounting for income taxes and other previously identified immaterial misstatements that were previously corrected as out-of-period adjustments. As a result, in the first quarter of fiscal 2022, the Company decreased benefit from income taxes by $ 6 , increased net loss by $ 6 and there was no impact on basic and diluted net loss per share; in the second quarter of fiscal 2022, the Company decreased benefit from income taxes by $ 2,178 , increased net loss by $ 2,178 and increased basic and diluted net loss per share by $ 0.03 ; in the third quarter of fiscal 2022, the Company decreased benefit from income taxes by $ 1, increased net loss by $ 1 and there was no impact on basic and diluted net loss per share; and in the fourth quarter of fiscal 2022, the Company decreased revenues, net by $ 1,021 , decreased gross profit by $ 1,021 , increased operating loss by $ 1,021 , decreased benefit from income taxes by $ 2,259 , increased net loss by $ 3,280 and increased basic and diluted net loss per share by $ 0.05 . |
VALUATION AND QUALIFYING ACCOUN
VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | 12 Months Ended |
Dec. 30, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
VALUATION AND QUALIFYING ACCOUNTS AND RESERVES | SCHEDULE II—VALUATION AND QUA LIFYING ACCOUNTS AND RESERVES (IN THOUSANDS) Additions Balance at Charged to Charged Balance at Beginning Costs and to Other Deductions End of Period Expenses Accounts (1) of Period FISCAL YEAR ENDED DECEMBER 30, 2023 Allowance for credit losses $ 976 $ 1,306 $ — $ ( 1,241 ) $ 1,041 Inventory and other reserves $ 6,468 $ 7,350 $ — $ ( 4,930 ) $ 8,888 Tax valuation allowance $ 35,818 $ 53,946 $ 110 $ ( 73 ) $ 89,801 FISCAL YEAR ENDED DECEMBER 31, 2022 Allowance for credit losses $ 1,726 $ ( 460 ) $ — $ ( 290 ) $ 976 Inventory and other reserves $ 7,141 $ 6,796 $ — $ ( 7,469 ) $ 6,468 Tax valuation allowance $ 10,083 $ 27,871 $ ( 143 ) $ ( 1,993 ) $ 35,818 FISCAL YEAR ENDED JANUARY 1, 2022 Allowance for credit losses $ 2,298 $ ( 214 ) $ — $ ( 358 ) $ 1,726 Inventory and other reserves $ 10,239 $ 7,657 $ — $ ( 10,755 ) $ 7,141 Tax valuation allowance $ 7,190 $ 1,266 $ 4,437 $ ( 2,810 ) $ 10,083 (1) Primarily represents the utilization of established reserves, net of recoveries, where applicable. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 30, 2023 | |
Accounting Policies [Abstract] | |
Fiscal Year | Fiscal Year The Company’s fiscal year ends on the Saturday closest to December 31st and consists of either 52 or 53-week periods. Fiscal 2023, fiscal 2022 and fiscal 2021 each contained 52 weeks. |
Use of Estimates | Use of Estimates The preparation of financial statements, in conformity with GAAP, requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and judgments, including those related to inventories, the impairment analysis for goodwill and other indefinite-lived intangible assets, revenue, share-based compensation, income taxes, tax contingencies and litigation. The Company bases its estimates on historical experience and on various other factors and assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. While all available information has been considered, actual amounts could differ from these estimates. These assumptions and estimates may change as new events occur and additional information is obtained, and such future changes may have an adverse impact on the Company's results of operations, financial position and liquidity. |
Variable Interest Entity | Variable Interest Entity The Company evaluates its ownership, contractual and other interests in entities to determine if it has any variable interest in a variable interest entity (“VIE”). These evaluations are complex and involve judgment and the use of estimates and assumptions based on available information. If the Company determines that an entity in which it holds a contractual or ownership interest is a VIE and that the Company is the primary beneficiary, such entity is consolidated in the Company’s consolidated financial statements. The primary beneficiary of a VIE is the party that meets both of the following criteria: (i) has the power to make decisions that most significantly affect the economic performance of the VIE; and (ii) has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. The Company performs ongoing reassessments of whether changes in the facts and circumstances regarding the Company’s involvement with a VIE will cause the consolidation conclusion to change. Through WeightWatchers Clinic, the Company operates certain clinical telehealth groups which are deemed to be Friendly-Physician Entities (“FPEs”) and due to legal requirements, the physician-owners must retain 100 % of the equity interest. The Company’s agreements with FPEs generally consist of both an Administrative Service Agreement, which provides for various administrative and management services to be provided by the Company to the FPE, and Stock Transfer Restriction (“STR”) agreements with the physician-owners of the FPEs, which provide for the transition of ownership interest of the FPEs under certain conditions. The Company has the right to receive income as an ongoing management fee, which effectively absorbs all of the residual interests, and can also provide financial support through loans to the FPEs. The Company has exclusive responsibility for the provision of all nonmedical services including technology and intellectual property required for the day-to-day operation and management of each of the FPEs. In addition, the STR agreements provide that the Company has the right to designate a person(s) to purchase the equity interest of the FPE for a nominal amount in the event of a succession event at the Company’s discretion. Based on the provisions of these agreements, the Company determined that the FPEs are VIEs due to their equity holder having insufficient capital at risk, and the Company has a variable interest in the FPEs. The contractual arrangements described above allow the Company (through Sequence) to direct the activities that most significantly affect the economic performance of the FPEs. Accordingly, the Company is the primary beneficiary of the FPEs and consolidates the FPEs under the VIE model. Furthermore, as a direct result of nominal initial equity contributions by the physicians, the financial support the Company can provide to the FPEs (e.g., loans) and the provisions of the contractual arrangements and nominee shareholder succession arrangements described above, the interests held by noncontrolling interest holders lack economic substance and do not provide them with the ability to participate in the residual profits or losses generated by the FPEs. Therefore, all income and expenses recognized by the FPEs are consolidated by the Company. The Company does not hold interests in any VIEs for which the Company is not deemed to be the primary beneficiary. |
Translation of Foreign Currencies | Translation of Foreign Currencies For all foreign operations, the functional currency is the local currency. Assets and liabilities of these operations are translated into U.S. dollars using the exchange rate in effect at the end of each reporting period. Income statement accounts are translated at the average rate of exchange prevailing during each reporting period. Translation adjustments arising from the use of differing exchange rates from period to period are included in accumulated other comprehensive loss. Foreign currency gains and losses arising from the translation of intercompany receivables and intercompany payables with the Company’s international subsidiaries are recorded as a component of other expense , net, unless the receivable or payable is considered long-term in nature, in which case the foreign currency gains and losses are recorded as a component of accumulated other comprehensive loss. |
Cash Equivalents | Cash Equivalents Cash and cash equivalents are defined as highly liquid investments with original maturities of three months or less. Cash balances may, at times, exceed insurable amounts. The Company believes it mitigates this risk by investing in or through major financial institutions. Cash includes balances due from third-party credit card companies. |
Inventories | Inventories Inventories, which consist of finished goods, are stated at the lower of cost or net realizable value on a first-in, first-out basis, net of reserves for obsolescence and shrinkage. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost. For financial reporting purposes, equipment is depreciated on the straight-line method over the estimated useful lives of the assets ( 3 to 10 years ). Leasehold improvements are amortized on the straight-line method over the shorter of the term of the lease or the useful life of the related assets. Expenditures for new facilities and improvements that substantially extend the useful life of an asset are capitalized. Ordinary repairs and maintenance are expensed as incurred. When assets are retired or otherwise disposed of, the cost and related depreciation are removed from the accounts and any related gains or losses are included in income. |
Impairment of Long Lived Assets | Impairment of Long-Lived Assets The Company reviews long-lived assets, including amortizable intangible assets, for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. In fiscal 2023, fiscal 2022 and fiscal 2021, the Company recorded impairment charges o f $ 900 , $ 714 and $ 5 , respectively, related to internal-use computer software and website development costs that were not expected to provide substantive service potential. In fiscal 2023, fiscal 2022 and fiscal 2021, the Company recorded impairment charges of $ 212 , $ 61 and $ 516 , respectively, related to property, plant and equipment that were expected to be disposed of before the end of their estimated useful lives. In fiscal 2022, the Company recorded lease asset impairment charges of $ 2,680 in the aggregate. See No te 4 for further information on the Company’s leases. |
Franchise Rights Acquired and Goodwill | Franchise Rights Acquired Finite-lived franchise rights acquired are amortized over the remaining contractual period, which is generally less than one year . Indefinite-lived franchise rights acquired are tested for potential impairment on at least an annual basis or more often if events so require. In performing the impairment analysis for indefinite-lived franchise rights acquired, the fair value for franchise rights acquired is estimated using a discounted cash flow approach referred to as the hypothetical start-up approach for franchise rights related to the Company’s Workshops + Digital business and a relief from royalty methodology for franchise rights related to the Company’s Digital business. The aggregate estimated fair value for these franchise rights is then compared to the carrying value of the unit of account for these rights. The Company has determined the appropriate unit of account for purposes of assessing impairment to be the combination of the rights in both the Workshops + Digital business and the Digital business in the country in which the applicable acquisition occurred. The net book values of these franchise rights in the United States, Australia, United Kingdom and New Zealand as of the December 30, 2023 balance sheet date were $ 374,353 , $ 4,232 , $ 2,806 and $ 2,420 , respectively, which represented 97.6 %, 1.1 %, 0.7 % and 0.6 %, respectively, of total franchise rights acquired as of December 30, 2023 of $ 383,811 . The net book values of these franchise rights in the United States, Australia, United Kingdom and New Zealand as of the December 31, 2022 balance sheet date were $ 374,353 , $ 4,232 , $ 2,666 and $ 2,432 , respectively, which represented 97.6 %, 1.1 %, 0.7 % and 0.6 %, respectively, of total franchise rights acquired as of December 31, 2022 of $ 383,683 . In its hypothetical start-up approach analysis for fiscal 2023, the Company assumed that the year of maturity was reached after 7 years. Subsequent to the year of maturity, the Company estimated future cash flows for the Workshops + Digital business in each country based on assumptions regarding revenue growth and operating income margins. In the Company’s relief from royalty approach analysis for fiscal 2023, the cash flows associated with the Digital business in each country were based on the expected Digital revenue for such country and the application of a royalty rate based on current market terms. The cash flows for the Workshops + Digital and the Digital businesses were discounted utilizing rates which were calculated using the weighted average cost of capital, which included the cost of equity and the cost of debt. Goodwill In performing the impairment analysis for goodwill, the fair value for the Company’s reporting units is estimated using a discounted cash flow approach. This approach involves projecting future cash flows attributable to the reporting unit and discounting those estimated cash flows using an appropriate discount rate. The estimated fair value is then compared to the carrying value of the reporting unit. Excluding the goodwill associated with the acquisitio n of Sequence, the Company has determined the appropriate reporting unit for purposes of assessing annual impairment to be the country for all reporting units. The net book values of goodwill, excluding the $ 89,742 of goodwill associated with the acquisition of Sequence, in the United States, Canada and other countries as of the December 30, 2023 balance sheet date were $ 104,019 , $ 40,463 and $ 9,217 , respectively, which represen ted 42.7 %, 16.6 % and 3.8 %, respectively, of total goodwill as of December 30, 2023 of $ 243,441 . The net book values of goodwill in the United States, Canada and other countries as of the December 31, 2022 balance sheet dat e were $ 104,019 , $ 39,547 and $ 12,432 , respectively, which represented 66.7 %, 25.3 % and 8.0 %, respectively, of total goodwill as of December 31, 2022 of $ 155,998 . In performing the impairment analysis for goodwill, for all of the Company’s reporting units, the Company estimated future cash flows by utilizing the historical debt-free cash flows (cash flows provided by operations less capital expenditures) attributable to that country and then applied expected future operating income growth rates for such country. The Company utilized operating income as the basis for measuring its potential growth because it believes it is the best indicator of the performance of its business. The Company then discounted the estimated future cash flows utilizing a discount rate which was calculated using the weighted average cost of capital, which included the cost of equity and the cost of debt. Indefinite-Lived Franchise Rights Acquired and Goodwill Impairment Tests The Company reviews indefinite-lived intangible assets, including franchise rights acquired with indefinite lives, and goodwill for potential impairment on at least an annual basis or more often if events so require. The Company performed its annual fair value impairment testing as of May 7, 2023 and May 8, 2022, each the first day of fiscal May, on its indefinite-lived intangible assets and goodwill. In addition, based on triggering events, the Company performed an interim impairment test as of October 1, 2022 on certain of its indefinite-lived intangible assets for the third quarter of fiscal 2022 and an interim impairment test as of December 31, 2022 on its indefinite-lived intangible assets and goodwill for its Republic of Ireland reporting unit for the fourth quarter of fiscal 2022. See Note 7 f or further information regarding the results of the franchise rights acquired and goodwill annual impairment tests, the franchise rights acquired interim impairment test for the third quarter of fiscal 2022 and the franchise rights acquired and goodwill interim impairment tests for the fourth quarter of fiscal 2022. |
Other Intangible Assets | Other Intangible Assets Other finite-lived intangible assets are amortized using the straight-line method over their estimated useful lives of 3 to 20 years . The Company expenses all software costs incurred during the preliminary project stage and capitalizes all internal and external direct costs of materials and services consumed in developing software once the development has reached the application development stage. Application development stage costs generally include software configuration, coding, installation to hard ware and testing. These costs are amortized over their estimated useful lives of 3 to 5 years for software and website development costs. All costs incurred for upgrades, maintenance and enhancements, including the cost of website content, which do not result in additional functionality, are expensed as incurred. |
Revenue Recognition | Revenue Recognition Revenues are recognized when control of the promised services or goods is transferred to the Company’s customers in an amount that reflects the consideration it expects to be entitled to in exchange for those services or goods. The Company earns revenue from subscriptions for its Digital and Clinical products and by conducting workshops, for which it charges a fee, predominantly through commitment plans, as well as prepayment plans. The Company also earns revenue by collecting royalties related to licensing agreements, collecting royalties from franchisees, and publishing. Prior to fiscal 2024, the Company also earned revenue by selling consumer products. Commitment plan revenues and prepaid workshop fees are recorded to revenue on a straight-line basis as control is transferred since these performance obligations are satisfied over time. “Digital Subscription Revenues,” consisting of the fees associated with subscriptions for the Company’s Digital products, are recognized on a straight-line basis as control is transferred since these performance obligations are satisfied over time. One-time Digital sign-up fees are considered immaterial in the context of the contract and the related revenue is amortized into revenue over the commitment period. “Workshops + Digital Fees”, consisting of the fees associated with subscription plans for combined workshops and digital offerings and other payment arrangements for access to workshops, are recognized on a straight-line basis as control is transferred since these performance obligations are satisfied over time. In the Workshops + Digital business, the Company generally charges non-refundable registration and starter fees in exchange for access to the Company’s digital subscription products, an introductory information session and materials it provides to new members. Revenue from these registration and starter fees is considered immaterial in the context of the contract and is amortized into revenue over the commitment period. “Clinical Subscription Revenues” consist of revenues earned from initial consultations that are conducted to determine if a prospective member is eligible to be a Clinical subscriber and from subscriptions for the Company’s Clinical products, for which it charges a fee, predominantly through monthly commitment plans and prepayment plans. One-time initial consultation fees are recorded as revenue at the point in time control is transferred, which is when the initial consultation takes place. Commitment plan revenues and prepaid subscription fees are recognized on a straight-line basis as control is transferred since these performance obligations are satisfied over time. Revenue from workshop fees and royalties are recognized at the point in time control is transferred, which is when services are rendered and royalties are earned, respectively. Revenue from consumer product sales is recognized at the point in time control is transferred, which is when products are shipped to customers and partners and title and risk of loss passes to them. For revenue transactions that involve multiple performance obligations, the amount of revenue recognized is determined using the relative fair value approach, which is generally based on each performance obligation’s stand-alone selling price. Discounts to customers, including free registration offers, are recorded as a deduction from gross revenue in the period such revenue was recognized. The Company grants refunds in aggregate amounts that historically have not been material. Because the period of payment of the refund generally approximates the period revenue was originally recognized, refunds are recorded as a reduction of revenue over the same period. The Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less. The Company expenses sales commissions when incurred (amortization period would have been one year or less) and these expenses are recorded within selling, general and administrative expenses. The Company treats shipping and handling fees as fulfillment costs and not as a separate performance obligation, and as a result, any fees received from customers are included in the transaction price allocated to the performance obligation of providing goods with a corresponding amount accrued within cost of product sales and other for amounts paid to applicable carriers. Sales tax, value-added tax and other taxes the Company collects concurrent with revenue-producing activities are excluded from revenue. |
Advertising Costs | Advertising Costs Advertising costs consist primarily of broadcast and digital media. All costs related to advertising are expensed in the period incurred, except for media production-related costs, which are expensed the first time the advertising takes place. Total advertising expenses for the fiscal years ended December 30, 2023, December 31, 2022 and January 1, 2022 were $ 235,227 , $ 238,978 and $ 252,754 , respectively. |
Income Taxes | Income Taxes Deferred income tax assets and liabilities result primarily from temporary differences between the financial statement and tax bases of assets and liabilities, using enacted tax rates in effect for the year in which differences are expected to reverse. If it is more-likely-than-not that some portion of a deferred tax asset will not be realized, a valuation allowance is recognized. The Company considers historic levels of income, estimates of future taxable income and feasible tax planning strategies in assessing the need for a tax valuation allowance. The Company recognizes a benefit for uncertain tax positions when a tax position taken or expected to be taken in a tax return is more-likely-than-not to be sustained upon examination by taxing authorities. The amount recognized is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. The Company recognizes accrued interest and penalties associated with uncertain tax positions as part of the provision for income taxes on its consolidated statements of operations. In addition, assets and liabilities acquired in purchase business combinations are assigned their fair values and deferred taxes are provided for lower or higher tax bases. |
Derivative Instruments and Hedging | Derivative Instruments and Hedging The Company is exposed to certain risks related to its ongoing business operations, primarily interest rate risk and foreign currency risk. Interest rate swaps were entered into to hedge a portion of the cash flow exposure associated with the Company’s variable-rate borrowings. The Company does not use any derivative instruments for trading or speculative purposes. The Company recognizes the fair value of all derivative instruments as either assets or liabilities on the balance sheet. The Company has designated and accounted for interest rate swaps as cash flow hedges of its variable-rate borrowings. For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of accumulated other comprehensive loss and reclassified into earnings in the periods during which the hedged transactions affect earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in current earnings. The fair value of the Company’s interest rate swaps is reported as a component of accumulated other comprehensive loss on its balance sheet. See Note 18 for a f urther discussion regarding the fair value of the Company’s interest rate swaps. The net effect of the interest payable and receivable under the Company’s effective interest rate swap is included in interest expense on its consolidated statements of operations. |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs consist of fees paid by the Company as part of the establishment, exchange and/or modification of the Company’s long-term debt. Amortization expense for the fiscal years ended December 30, 2023, December 31, 2022 and January 1, 2022 was $ 5,018 , $ 5,018 and $ 6,136 , respectively. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Leases [Abstract] | |
Schedule of Lease Assets and Lease Liabilities | At December 30, 2023 and December 31, 2022, the Company’s lease assets and lease liabilities were as follows: December 30, 2023 December 31, 2022 Assets: Operating leases $ 52,272 $ 75,696 Finance leases 5 54 Total lease assets $ 52,277 $ 75,750 Liabilities: Current Operating leases $ 9,613 $ 17,955 Finance leases 4 31 Noncurrent Operating leases 53,461 68,099 Finance leases — 7 Total lease liabilities $ 63,078 $ 86,092 |
Schedule of Components of Lease Expense | For the fiscal years ended December 30, 2023, December 31, 2022 and January 1, 2022, the components of the Company’s lease expense were as follows: Fiscal Year Ended December 30, December 31, January 1, 2023 2022 2022 Operating lease cost: Fixed lease cost $ 21,259 $ 33,227 $ 37,688 Lease termination cost 12,718 2,726 8,542 Variable lease cost 62 27 21 Total operating lease cost $ 34,039 $ 35,980 $ 46,251 Finance lease cost: Amortization of leased assets $ 48 $ 112 $ 151 Interest on lease liabilities 1 6 8 Total finance lease cost $ 49 $ 118 $ 159 Total lease cost $ 34,088 $ 36,098 $ 46,410 |
Summary of Weighted Average Remaining Lease Term and Weighted Average Discount Rates | At December 30, 2023 and December 31, 2022, the Company’s weighted average remaining lease term and weighted average discount rates were as follows: December 30, 2023 December 31, 2022 Weighted Average Remaining Lease Term (years) Operating leases 7.31 6.90 Finance leases 0.48 1.00 Weighted Average Discount Rate Operating leases 7.54 7.03 Finance leases 4.10 3.52 |
Schedule of Maturity of Lease Liabilities | At December 30, 2023, the maturity of the Company’s lease liabilities in each of the next five fiscal years and thereafter were as follows: Operating Finance Total Fiscal 2024 $ 14,031 $ 4 $ 14,035 Fiscal 2025 12,852 — 12,852 Fiscal 2026 10,130 — 10,130 Fiscal 2027 9,391 — 9,391 Fiscal 2028 9,042 — 9,042 Thereafter 26,811 — 26,811 Total lease payments $ 82,257 $ 4 $ 82,261 Less imputed interest 19,183 0 19,183 Present value of lease liabilities $ 63,074 $ 4 $ 63,078 |
Summary of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases for the fiscal years ended December 30, 2023, December 31, 2022 and January 1, 2022 were as follows: Fiscal Year Ended December 30, December 31, January 1, 2023 2022 2022 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 22,013 $ 31,580 $ 39,747 Operating cash flows from finance leases $ 1 $ 6 $ 8 Financing cash flows from finance leases $ 48 $ 112 $ 151 Lease assets (modified) obtained in exchange for (modified) new operating lease liabilities $ ( 7,086 ) $ 13,297 $ 1,057 Lease assets obtained in exchange for new finance lease liabilities $ — $ 49 $ 81 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenues Disaggregated by Revenue Source | The following table presents the Company’s revenues disaggregated by revenue source: Fiscal Year Ended December 30, December 31, January 1, 2023 2022 2022 Digital Subscription Revenues $ 571,074 $ 662,668 $ 786,563 Workshops + Digital Fees 221,139 256,387 274,866 Clinical Subscription Revenues 30,542 — — Subscription Revenues, net $ 822,755 $ 919,055 $ 1,061,429 Product sales and other, net 66,796 120,780 149,736 Revenues, net $ 889,551 $ 1,039,835 $ 1,211,165 Segment information for the fiscal years ended December 31, 2022 and January 1, 2022 presented below has been updated to reflect the fiscal 2023 reportable segment structure. |
Schedule of Revenues Disaggregated by Revenue Source and Segment | The following tables present the Company’s revenues disaggregated by revenue source and segment: Fiscal Year Ended December 30, 2023 North America International Total Digital Subscription Revenues $ 374,004 $ 197,070 $ 571,074 Workshops + Digital Fees 179,054 42,085 221,139 Clinical Subscription Revenues 30,542 — 30,542 Subscription Revenues, net $ 583,600 $ 239,155 $ 822,755 Product sales and other, net 54,596 12,200 66,796 Revenues, net $ 638,196 $ 251,355 $ 889,551 Fiscal Year Ended December 31, 2022 North America International Total Digital Subscription Revenues $ 436,148 $ 226,520 $ 662,668 Workshops + Digital Fees 204,115 52,272 256,387 Subscription Revenues, net $ 640,263 $ 278,792 $ 919,055 Product sales and other, net 87,095 33,685 120,780 Revenues, net $ 727,358 $ 312,477 $ 1,039,835 Fiscal Year Ended January 1, 2022 North America International Total Digital Subscription Revenues $ 502,866 $ 283,697 $ 786,563 Workshops + Digital Fees 210,076 64,790 274,866 Subscription Revenues, net $ 712,942 $ 348,487 $ 1,061,429 Product sales and other, net 102,502 47,234 149,736 Revenues, net $ 815,444 $ 395,721 $ 1,211,165 |
Schedule of Deferred Revenues | The opening and ending balances of the Company’s deferred revenues were as follows: Deferred Deferred Revenue Revenue-Long Term Balance as of January 1, 2022 $ 45,855 $ 28 Net (decrease) increase during the period ( 13,699 ) 332 Balance as of December 31, 2022 $ 32,156 $ 360 Net increase (decrease) during the period 1,810 ( 195 ) Balance as of December 30, 2023 $ 33,966 $ 165 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Business Combinations [Abstract] | |
Summary of Purchase Price Allocation for Acquired Identifiable Assets, Liabilities Assumed and Goodwill | The following table show s the purchase price allocation for Sequence to the acquired identifiable assets, liabilities assumed and goodwill: Total consideration: Cash paid at closing $ 64,217 Cash to be paid on April 10, 2024 16,000 Cash to be paid on April 10, 2025 (1) 12,420 Total cash payments $ 92,637 Less stock-based compensation expense attributable to post combination vesting ( 3,882 ) Common shares issued 7,996 Stock price as of April 10, 2023 (2) $ 4.12 Total stock issuance purchase price (2) 32,943 Aggregated merger consideration $ 121,698 Assets acquired: Cash $ 25,776 Prepaid expenses and other current assets 2,220 Property, plant and equipment 34 Intangible assets 7,222 Total assets acquired 35,252 Liabilities assumed: Accounts payable $ 70 Accrued liabilities 14 Deferred revenue 1,300 Deferred tax liability 1,912 Total liabilities assumed 3,296 Net assets acquired 31,956 Total goodwill $ 89,742 (1) Reflects $ 16,000 of cash payable on April 10, 2025 as Merger Consideration discounted using the Company's weighted average cost of debt. (2) Represents the fair value of the shares transferred to the sellers as Merger Consideration, based on the number of shares to be issued, 7,996 , multiplied by the closing price of the Company's ordinary shares on April 10, 2023 of $ 4.12 per share. |
Franchise Rights Acquired, Go_2
Franchise Rights Acquired, Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Change in Carrying Amount of Goodwill | For the fiscal year ended December 30, 2023, the change in the carrying amount of goodwill was due to the acquisition of Sequence as described in Note 6, the impairments of the Republic of Ireland and Northern Ireland reporting units as discussed below and the effect of exchange rate changes as follows: North America International Total Balance as of January 1, 2022 $ 147,530 $ 9,844 $ 157,374 Goodwill acquired during the period — 5,936 5,936 Goodwill impairment ( 1,101 ) ( 2,023 ) ( 3,124 ) Effect of exchange rate changes ( 2,862 ) ( 1,326 ) ( 4,188 ) Balance as of December 31, 2022 $ 143,567 $ 12,431 $ 155,998 Goodwill acquired during the period 89,742 — 89,742 Goodwill impairment — ( 3,586 ) ( 3,586 ) Effect of exchange rate changes 916 371 1,287 Balance as of December 30, 2023 $ 234,225 $ 9,216 $ 243,441 |
Schedule of Assumptions Utilized in Annual Goodwill Impairment Analysis | The following are the more significant assumptions utilized in the Company's annual goodwill impairment analyses for fiscal 2023 and fiscal 2022: Fiscal 2023 Fiscal 2022 Debt-Free Cumulative Annual Cash Flow Growth Rate 3.9 % to 24.9 % 1.2 % to 20.6 % Discount Rate 10.8 % 9.6 % |
Schedule of Carrying Values of Finite-lived Intangible Assets | The carrying values of finite-lived intangible assets as of December 30, 2023 and December 31, 2022 were as follows: December 30, 2023 December 31, 2022 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization Capitalized software and website development costs $ 251,410 $ 195,696 $ 241,047 $ 185,857 Trademarks 12,188 12,024 12,162 11,882 Other 13,991 6,661 13,961 6,125 Trademarks and other intangible assets $ 277,589 $ 214,381 $ 267,170 $ 203,864 Franchise rights acquired 8,029 5,314 8,164 5,101 Total finite-lived intangible assets $ 285,618 $ 219,695 $ 275,334 $ 208,965 |
Schedule of Estimated Amortization Expense of Finite-lived Intangible Assets | Estimated amortization expense of existing finite-lived intangible assets for the next five fiscal years and thereafter is as follows: Fiscal 2024 $ 30,247 Fiscal 2025 $ 19,783 Fiscal 2026 $ 7,813 Fiscal 2027 $ 906 Fiscal 2028 $ 712 Thereafter $ 6,462 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | The carrying values of property and equipment as of December 30, 2023 and December 31, 2022 were as follows: December 30, 2023 December 31, 2022 Equipment $ 31,264 $ 55,303 Leasehold improvements 42,039 66,860 $ 73,303 $ 122,163 Less: Accumulated depreciation and amortization ( 53,562 ) ( 93,934 ) $ 19,741 $ 28,229 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Debt Disclosure [Abstract] | |
Components of Long-Term Debt | The components of the Company’s long-term debt were as follows: December 30, 2023 December 31, 2022 Principal Unamortized Unamortized Effective (1) Principal Unamortized Unamortized Effective (1) Revolving Credit Facility due $ — $ — $ — 0.00 % $ — $ — $ — 0.00 % Term Loan Facility due 945,000 4,712 9,766 9.21 % 945,000 5,821 12,064 5.85 % Senior Secured Notes due 500,000 4,058 — 4.70 % 500,000 4,831 — 4.70 % Total $ 1,445,000 $ 8,770 $ 9,766 7.64 % $ 1,445,000 $ 10,652 $ 12,064 5.45 % Less: Current portion — — Unamortized deferred 8,770 10,652 Unamortized debt discount 9,766 12,064 Total long-term debt $ 1,426,464 $ 1,422,284 (1) Includes amortization of deferred financing costs and debt discount. |
Schedule of Maturities of Long-term Debt | At December 30, 2023, the aggregate amounts of the Company’s existing long-term debt maturing in each of the next five fiscal years and thereafter are as follows: Fiscal 2024 $ — Fiscal 2025 — Fiscal 2026 — Fiscal 2027 10,000 Fiscal 2028 935,000 Thereafter 500,000 $ 1,445,000 |
Per Share Data (Tables)
Per Share Data (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted (Net Loss) Earnings Per Share Data | The following table sets forth the computation of basic and dilute d (net loss) earnings per share data for the fiscal years ended: Fiscal Year Ended December 30, December 31, January 1, 2023 2022 2022 Numerator: Net (loss) income $ ( 112,255 ) $ ( 256,868 ) $ 67,125 Denominator: Weighted average shares of common stock outstanding 76,677 70,321 69,640 Effect of dilutive common stock equivalents — — 1,104 Weighted average diluted common shares outstanding 76,677 70,321 70,744 (Net loss) earnings per share Basic $ ( 1.46 ) $ ( 3.65 ) $ 0.96 Diluted $ ( 1.46 ) $ ( 3.65 ) $ 0.95 |
Stock Plans (Tables)
Stock Plans (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of each of these option awards is estimated on the date of grant using the Black-Scholes option pricing model with the weighted average assumptions noted in the following table. Expected volatility is based on the historical volatility of the Company’s common stock. The expected term takes into consideration option exercise history. The risk-free interest rate is based on the U.S. Treasury yield curve in effect on the date of grant which most closely corresponds to the expected term of the Time-Vesting Options. The dividend yield is based on the Company’s historic average dividend yield. The Company did not grant any Time-Vesting Options for the fiscal year ended December 30, 2023. December 31, January 1, 2022 2022 Dividend yield 0.0 % 0.0 % Volatility 57.0 % - 57.1 % 56.7 % Risk-free interest rate 2.36 % - 2.86 % 1.13 % Expected term (years) 6.0 - 7.0 6.5 |
Schedule of Share-based Compensation, Stock Options Activity | A summary of all option activity for the fiscal year ended December 30, 2023 is presented below. Weighted Weighted Average Average Remaining Aggregate Exercise Contractual Intrinsic Shares Price Life (Yrs.) Value Outstanding at December 31, 2022 7,404 $ 33.23 Granted — $ — Exercised ( 98 ) $ 6.69 Cancelled ( 355 ) $ 14.35 Outstanding at December 30, 2023 6,951 $ 34.57 2.7 $ 1,255 Exercisable at December 30, 2023 5,635 $ 36.24 2.0 $ 1,075 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity | A summary of RSU activity under the Stock Plans for the fiscal year ended December 30, 2023 is presented below. Weighted Average Grant Date Fair Shares Value Outstanding at December 31, 2022 2,411 $ 9.09 Granted 2,010 $ 7.43 Vested ( 743 ) $ 10.68 Forfeited ( 1,021 ) $ 8.15 Outstanding at December 30, 2023 2,657 $ 7.75 |
Schedule of Share-based Compensation, Performance Stock Units Award Activity | A summary of PSU activity for the fiscal year ended December 30, 2023 is presented below. Weighted Average Grant Date Fair Shares Value Outstanding at December 31, 2022 — $ — Granted 239 $ 13.80 Vested — $ — Forfeited ( 24 ) $ 13.80 Outstanding at December 30, 2023 215 $ 13.80 |
Taxes (Tables)
Taxes (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | The components of the Company’s consolidated (loss) income before income taxes consist of the following: Fiscal Year Ended December 30, December 31, January 1, 2023 2022 2022 Domestic $ ( 222,260 ) $ ( 376,710 ) $ ( 27,451 ) Foreign 148,628 9,907 104,428 $ ( 73,632 ) $ ( 366,803 ) $ 76,977 |
Schedule of Components of Income Tax Expense (Benefit) | The following table summarizes the Company’s consolidated provision for (benefit from) U.S. federal, state and foreign income taxes: Fiscal Year Ended December 30, December 31, January 1, 2023 2022 2022 Current: U.S. federal $ 1,330 $ 12,426 $ 117 State 1,947 3,446 1,055 Foreign 15,525 20,022 24,245 $ 18,802 $ 35,894 $ 25,417 Deferred: U.S. federal $ ( 12,419 ) $ ( 110,611 ) $ ( 8,510 ) State 4,263 ( 23,213 ) ( 9,589 ) Foreign 27,977 ( 12,005 ) 2,534 $ 19,821 $ ( 145,829 ) $ ( 15,565 ) Total provision for (benefit from) income taxes $ 38,623 $ ( 109,935 ) $ 9,852 |
Schedule of Effective Income Tax Rate Reconciliation | The difference between the U.S. federal statutory tax rate and the Company’s consolidated effective tax rate is as follows: Fiscal Year Ended December 30, December 31, January 1, 2023 2022 2022 U.S. federal statutory tax rate 21.0 % 21.0 % 21.0 % State income taxes (net of federal benefit) 12.8 % 3.8 % ( 1.8 %) Research and development credit 3.0 % 0.4 % ( 1.8 %) Tax windfall/shortfall on share-based awards ( 0.9 %) ( 0.5 %) ( 4.6 %) Reserves for uncertain tax positions 0.0 % 0.0 % 0.2 % Tax rate changes ( 0.1 %) 0.3 % ( 8.1 %) Executive compensation limitation ( 1.4 %) ( 0.2 %) 1.8 % FDII 3.6 % 1.2 % 0.0 % Change in valuation allowance ( 72.8 %) ( 7.1 %) ( 2.0 %) Impact of foreign operations ( 16.5 %) ( 1.6 %) 8.9 % Reversal of certain deferred tax liabilities 0.0 % 12.5 % 0.0 % Nondeductible costs ( 1.3 %) 0.0 % 0.0 % Other 0.1 % 0.2 % ( 0.8 %) Total effective tax rate ( 52.5 %) 30.0 % 12.8 % |
Schedule of Deferred Tax Assets and Liabilities | The deferred tax assets and liabilities recorded on the Company’s consolidated balance sheets are as follows: December 30, 2023 December 31, 2022 Interest expense disallowance $ 76,350 $ 54,259 Operating lease liabilities 16,174 22,076 Operating loss carryforwards 12,446 10,102 Provision for estimated expenses 3,657 2,815 Salaries and wages 13,489 10,282 Share-based compensation 14,920 15,190 Other comprehensive income 3,833 1,841 Other 4,287 4,211 Less: valuation allowance ( 89,801 ) ( 35,818 ) Total deferred tax assets $ 55,355 $ 84,958 Goodwill and intangible assets $ ( 47,323 ) $ ( 54,588 ) Operating lease assets ( 13,285 ) ( 19,270 ) Depreciation ( 12,749 ) ( 13,498 ) Termination fee ( 3,408 ) — Prepaid expenses ( 900 ) ( 440 ) Total deferred tax liabilities $ ( 77,665 ) $ ( 87,796 ) Net deferred tax liabilities $ ( 22,310 ) $ ( 2,838 ) |
Schedule of Unrecognized Tax Benefit Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Fiscal Year Ended December 30, December 31, January 1, 2023 2022 2022 Balance at beginning of year $ 611 $ 1,055 $ 851 Increases related to tax positions taken in current year — 145 196 Increases related to tax positions taken in prior years 9 8 260 Reductions related to tax positions taken in prior years ( 9 ) ( 95 ) ( 199 ) Reductions related to settlements with tax authorities — ( 273 ) — Reductions related to lapse of statutes of limitations — ( 206 ) — Effects of foreign currency translation 2 ( 23 ) ( 53 ) Balance at end of year $ 613 $ 611 $ 1,055 |
Cash Flow Information (Tables)
Cash Flow Information (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures | Fiscal Year Ended December 30, December 31, January 1, 2023 2022 2022 Net cash paid during the year for: Interest $ 91,614 $ 76,216 $ 79,374 Income taxes (1) $ 30,908 $ 25,815 $ 41,377 Noncash investing and financing activities were as follows: Fair value of net assets acquired in connection with acquisitions $ 7,256 $ 240 $ 20,032 Capital expenditures and capitalized software included in accounts payable and accrued expenses $ 802 $ 1,466 $ 1,835 Common stock issued in connection with acquisition of Sequence $ 32,943 $ — $ — (1) Fiscal years ended December 30, 2023, December 31, 2022 and January 1, 2022 include tax refunds received of $ 7,054 , $ 5,109 and $ 1,077 , respectively. See Note 4 for dis closures on supplemental cash flow information related to leases. |
Segment and Geographic Data (Ta
Segment and Geographic Data (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Segment Reporting [Abstract] | |
Information About Reportable Segments | Information about the Company’s reportable segments is as follows: Total Revenues, net for the Fiscal Year Ended December 30, December 31, January 1, 2023 2022 2022 North America $ 638,196 $ 727,358 $ 815,444 International 251,355 312,477 395,721 Total revenues, net $ 889,551 $ 1,039,835 $ 1,211,165 Net (Loss) Income for the Fiscal Year Ended December 30, December 31, January 1, 2023 2022 2022 Segment operating income (loss): North America $ 104,539 $ ( 220,018 ) $ 218,569 International 71,664 83,330 130,622 Total segment operating income (loss) $ 176,203 $ ( 136,688 ) $ 349,191 General corporate expenses 153,870 147,283 152,595 Interest expense 95,893 81,141 87,909 Other expense, net 72 1,691 1,358 Early extinguishment of debt — — 30,352 Provision for (benefit from) income taxes 38,623 ( 109,935 ) 9,852 Net (loss) income $ ( 112,255 ) $ ( 256,868 ) $ 67,125 Depreciation and Amortization for the Fiscal Year Ended December 30, December 31, January 1, 2023 2022 2022 North America $ 32,101 $ 32,521 $ 39,270 International 1,005 1,660 2,671 Total segment depreciation and amortization $ 33,106 $ 34,181 $ 41,941 General corporate depreciation and amortization 24,383 14,638 12,745 Depreciation and amortization $ 57,489 $ 48,819 $ 54,686 |
Information About Sources of Revenue, Long-Lived Assets and Operating Lease Assets by Geographic Area | The following tables present information about the Company’s revenue and other information by geographic area. There were no material amounts of sales or transfers among geographic areas and no material amounts of U.S. export sales. Total Revenues, net December 30, December 31, January 1, 2023 2022 2022 United States $ 604,441 $ 682,428 $ 760,384 Germany 97,085 116,452 147,273 Other 188,025 240,955 303,508 $ 889,551 $ 1,039,835 $ 1,211,165 Long-Lived Assets (1) December 30, 2023 December 31, 2022 United States $ 18,171 $ 24,417 Germany 418 459 Other 1,152 3,353 $ 19,741 $ 28,229 (1) Amounts include finance lease assets Operating Lease Assets December 30, 2023 December 31, 2022 United States $ 48,870 $ 68,062 Germany 446 702 Other 2,956 6,932 $ 52,272 $ 75,696 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Aggregate Fair Value of Derivative Financial Instruments | The following table presents the aggregate fair value of the Company’s derivative financial instruments: Fair Value Measurements Using: Total Quoted Prices in Significant Other Significant Interest rate swap current asset at December 30, 2023 $ 3,555 $ — $ 3,555 $ — Interest rate swap current asset at December 31, 2022 $ 11,748 $ — $ 11,748 $ — Interest rate swap noncurrent asset at December 31, 2022 $ 2,450 $ — $ 2,450 $ — |
Derivative Instruments and He_2
Derivative Instruments and Hedging (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Aggregate Fair Value of Derivative Financial Instruments by Balance Sheet Classification and Location | The following table presents the aggregate fair value of the Company’s derivative financial instruments by balance sheet classification and location: Fair Value Balance Sheet Classification Balance Sheet December 30, 2023 December 31, 2022 Assets: Interest rate swaps - current swaps Current asset Prepaid expenses and other current assets $ 3,555 $ 11,748 Interest rate swaps - current swaps Noncurrent asset Other noncurrent assets — 2,450 Total assets $ 3,555 $ 14,198 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss by Component | Amounts reclassified out of accumulated other comprehensive loss were as follows: Changes in Accumulated Other Comprehensive Loss by Component (1) Fiscal Year Ended December 30, 2023 Gain on Loss on Total Beginning balance at December 31, 2022 $ 10,723 $ ( 16,193 ) $ ( 5,470 ) Other comprehensive income before reclassifications, net of tax 1,731 2,177 3,908 Amounts reclassified from accumulated other comprehensive loss, net of tax (2) ( 9,738 ) — ( 9,738 ) Net current period other comprehensive (loss) income $ ( 8,007 ) $ 2,177 $ ( 5,830 ) Ending balance at December 30, 2023 $ 2,716 $ ( 14,016 ) $ ( 11,300 ) (1) Amounts in parentheses indicate debits (2) See separate table below for details about these reclassifications Fiscal Year Ended December 31, 2022 (Loss) Gain on Loss on Total Beginning balance at January 1, 2022 $ ( 10,843 ) $ ( 7,761 ) $ ( 18,604 ) Other comprehensive income (loss) before reclassifications, net of tax 19,250 ( 8,432 ) 10,818 Amounts reclassified from accumulated other comprehensive loss, net of tax (2) 2,316 — 2,316 Net current period other comprehensive income (loss) $ 21,566 $ ( 8,432 ) $ 13,134 Ending balance at December 31, 2022 $ 10,723 $ ( 16,193 ) $ ( 5,470 ) (1) Amounts in parentheses indicate debits (2) See separate table below for details about these reclassifications Fiscal Year Ended January 1, 2022 Loss on Loss on Total Beginning balance at January 2, 2021 $ ( 20,979 ) $ ( 4,170 ) $ ( 25,149 ) Other comprehensive income (loss) before reclassifications, net of tax 2,452 ( 3,591 ) ( 1,139 ) Amounts reclassified from accumulated other comprehensive loss, net of tax (2) 7,684 — 7,684 Net current period other comprehensive income (loss) $ 10,136 $ ( 3,591 ) $ 6,545 Ending balance at January 1, 2022 $ ( 10,843 ) $ ( 7,761 ) $ ( 18,604 ) (1) Amounts in parentheses indicate debits (2) See separate table below for details about these reclassifications |
Reclassifications out of Accumulated Other Comprehensive Loss | Reclassifications out of Accumulated Other Comprehensive Loss (1) Fiscal Year Ended December 30, December 31, January 1, 2023 2022 2022 Details about Other Comprehensive Amounts Reclassified from Affected Line Item in the Gain (Loss) on Qualifying Hedges Interest rate contracts $ 12,980 $ ( 3,090 ) $ ( 10,271 ) Interest expense 12,980 ( 3,090 ) ( 10,271 ) (Loss) income before income taxes ( 3,242 ) 774 2,587 Provision for (benefit from) income taxes $ 9,738 $ ( 2,316 ) $ ( 7,684 ) Net (loss) income (1) Amounts in parentheses indicate debits to profit/loss |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Components of Restructuring Expenses | For the fiscal year ended December 30, 2023, the components of the Company’s restructuring charges for the 2023 Plan were as follows: Fiscal Year Ended December 30, 2023 Cash restructuring charges: Real Estate Restructuring - Lease termination costs $ 12,924 Real Estate Restructuring - Employee termination benefit costs 5,678 Organizational Restructuring - Employee termination benefit costs 26,927 Other cash restructuring charges 1,577 Total cash restructuring charges $ 47,106 Non-cash restructuring charges: Accelerated depreciation and amortization charges $ 6,831 Other non-cash restructuring charges ( 194 ) Total non-cash restructuring charges $ 6,637 Total restructuring charges $ 53,743 For the fiscal year ended December 30, 2023, restructuring charges for the 2023 Plan were recorded in the Company’s consolidated statements of operations as follows: Fiscal Year Ended December 30, 2023 Cost of revenues $ 21,116 Selling, general and administrative expenses 32,627 Total restructuring charges $ 53,743 For the fiscal year ended December 31, 2022, the components of the Company’s restructuring charges for the 2023 Plan were as follows: Fiscal Year Ended December 31, 2022 Cash restructuring charges: Real Estate Restructuring - Employee termination benefit costs $ 1,798 Organizational Restructuring - Employee termination benefit costs 11,810 Total restructuring charges $ 13,608 For the fiscal year ended December 31, 2022, restructuring charges for the 2023 Plan were recorded in the Company’s consolidated statements of operations as follows: Fiscal Year Ended December 31, 2022 Cost of revenues $ 1,798 Selling, general and administrative expenses 11,810 Total restructuring charges $ 13,608 For the fiscal year ended December 31, 2022, the components of the Company’s restructuring charges for the 2022 Plan were as follows: Fiscal Year Ended December 31, 2022 Cash restructuring charges: Lease termination costs $ 2,424 Employee termination benefit costs 19,170 Other cash restructuring charges 995 Total cash restructuring charges $ 22,589 Non-cash restructuring charges: Lease impairments $ 2,680 Accelerated depreciation and amortization charges 1,453 Other non-cash restructuring charges 459 Total non-cash restructuring charges $ 4,592 Total restructuring charges $ 27,181 For the fiscal year ended December 31, 2022, restructuring charges for the 2022 Plan were recorded in the Company’s consolidated statements of operations as follows: Fiscal Year Ended December 31, 2022 Cost of revenues $ 6,476 Selling, general and administrative expenses 20,705 Total restructuring charges $ 27,181 For the fiscal year ended January 1, 2022, the components of the Company’s restructuring charges were as follows: Fiscal Year Ended January 1, 2022 Cash restructuring charges: Lease termination costs $ 9,004 Employee termination benefit costs 8,846 Total cash restructuring charges $ 17,850 Non-cash restructuring charges: Accelerated depreciation and amortization charges $ 3,067 Other non-cash restructuring charges 617 Total non-cash restructuring charges $ 3,684 Total restructuring charges $ 21,534 For the fiscal year ended January 1, 2022, restructuring charges were recorded in the Company’s consolidated statements of operations as follows: Fiscal Year Ended January 1, 2022 Cost of revenues $ 16,727 Selling, general and administrative expenses 4,807 Total restructuring charges $ 21,534 For the fiscal year ended January 2, 2021, the components of the Company’s restructuring charges were as follows: Fiscal Year Ended January 2, 2021 Cash restructuring charges: Lease termination costs $ 5,966 Employee termination benefit costs 25,103 Total cash restructuring charges $ 31,069 Non-cash restructuring charges: Accelerated depreciation and amortization charges $ 677 Other non-cash restructuring charges 1,346 Total non-cash restructuring charges $ 2,023 Total restructuring charges $ 33,092 For the fiscal year ended January 2, 2021, restructuring charges were recorded in the Company’s consolidated statements of operations as follows: Fiscal Year Ended January 2, 2021 Cost of revenues $ 23,300 Selling, general and administrative expenses 9,792 Total restructuring charges $ 33,092 |
Schedule of Restructuring-related Liabilities | The following table presents a roll-forward of cash restructuring-related liabilities, which is included within accrued expenses in the Company’s consolidated balance sheets: Real Estate Restructuring - Real Estate Restructuring - Organizational Restructuring - Lease termination costs Employee termination benefit costs Employee termination benefit costs Other cash restructuring charges Total Balance as of December 31, 2022 $ — $ 1,798 $ 11,810 $ — $ 13,608 Charges 12,924 5,678 26,927 1,577 47,106 Payments ( 12,768 ) ( 4,813 ) ( 15,142 ) ( 1,233 ) ( 33,956 ) Balance as of December 30, 2023 $ 156 $ 2,663 $ 23,595 $ 344 $ 26,758 The following table presents a roll-forward of cash restructuring-related liabilities, which is included within accrued expenses in the Company’s consolidated balance sheets: Lease termination costs Employee termination benefit costs Other cash restructuring charges Total Balance as of January 1, 2022 $ — $ — $ — $ — Charges 2,424 19,170 995 22,589 Payments ( 1,877 ) ( 10,909 ) — ( 12,786 ) Balance as of December 31, 2022 $ 547 $ 8,261 $ 995 $ 9,803 Payments ( 122 ) ( 8,880 ) ( 995 ) ( 9,997 ) Change in estimate ( 425 ) 1,560 — 1,135 Balance as of December 30, 2023 $ — $ 941 $ — $ 941 The following table presents a roll-forward of cash restructuring-related liabilities, which is included within accrued expenses in the Company’s consolidated balance sheets: Lease termination costs Employee termination benefit costs Total Balance as of January 2, 2021 $ — $ — $ — Charges 9,004 8,846 17,850 Payments ( 7,640 ) ( 4,802 ) ( 12,442 ) Change in estimate ( 3 ) — ( 3 ) Balance as of January 1, 2022 $ 1,361 $ 4,044 $ 5,405 Charges 97 148 245 Payments ( 777 ) ( 3,814 ) ( 4,591 ) Change in estimate ( 681 ) 72 ( 609 ) Balance as of December 31, 2022 $ — $ 450 $ 450 Payments — ( 507 ) ( 507 ) Change in estimate — 57 57 Balance as of December 30, 2023 $ — $ — $ — The following table presents a roll-forward of cash restructuring-related liabilities, which is included within accrued expenses in the Company’s consolidated balance sheets: Lease termination costs Employee termination benefit costs Total Balance as of December 28, 2019 $ — $ — $ — Charges 5,966 25,103 31,069 Payments ( 645 ) ( 15,434 ) ( 16,079 ) Change in estimate — 180 180 Balance as of January 2, 2021 $ 5,321 $ 9,849 $ 15,170 Payments ( 4,649 ) ( 6,773 ) ( 11,422 ) Change in estimate ( 470 ) ( 1,136 ) ( 1,606 ) Balance as of January 1, 2022 $ 202 $ 1,940 $ 2,142 Payments ( 86 ) ( 1,202 ) ( 1,288 ) Change in estimate ( 116 ) ( 621 ) ( 737 ) Balance as of December 31, 2022 $ — $ 117 $ 117 Payments — ( 97 ) ( 97 ) Change in estimate — ( 20 ) ( 20 ) Balance as of December 30, 2023 $ — $ — $ — |
Revision of Previously Issued_2
Revision of Previously Issued Financial Statements (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Prior Period Adjustment [Abstract] | |
Schedule of Error Corrections and Prior Period Adjustments | The revisions to the accompanying audited consolidated balance sheet, consolidated statement of operations, consolidated statement of comprehensive (loss) income and consolidated statement of cash flows as of and for the fiscal year ended December 31, 2022 are presented below. There were no changes to the consolidated statement of changes in total deficit that have not otherwise been reflected in the consolidated balance sheet, consolidated statement of operations and consolidated statement of comprehensive (loss) income as detailed in the tables below. At December 31, 2022 As Previously Reported Adjustments As Revised CONSOLIDATED BALANCE SHEET Deferred income taxes $ 23,119 $ 1,965 $ 25,084 Total Liabilities $ 1,712,245 $ 1,965 $ 1,714,210 Retained earnings $ 2,418,959 $ ( 1,965 ) $ 2,416,994 Total Deficit $ ( 683,815 ) $ ( 1,965 ) $ ( 685,780 ) Fiscal Year Ended December 31, 2022 As Previously Reported Adjustments As Revised CONSOLIDATED STATEMENT OF OPERATIONS Product sales and other, net $ 121,801 $ ( 1,021 ) $ 120,780 Revenues, net $ 1,040,856 $ ( 1,021 ) $ 1,039,835 Gross profit $ 622,400 $ ( 1,021 ) $ 621,379 Operating loss $ ( 282,950 ) $ ( 1,021 ) $ ( 283,971 ) Loss before income taxes $ ( 365,782 ) $ ( 1,021 ) $ ( 366,803 ) Benefit from income taxes $ ( 114,379 ) $ 4,444 $ ( 109,935 ) Net loss $ ( 251,403 ) $ ( 5,465 ) $ ( 256,868 ) Net loss per share Basic $ ( 3.58 ) $ ( 0.08 ) $ ( 3.65 ) Diluted $ ( 3.58 ) $ ( 0.08 ) $ ( 3.65 ) Fiscal Year Ended December 31, 2022 As Previously Reported Adjustments As Revised CONSOLIDATED STATEMENT OF COMPREHENSIVE (LOSS) INCOME Net loss $ ( 251,403 ) $ ( 5,465 ) $ ( 256,868 ) Comprehensive loss $ ( 238,269 ) $ ( 5,465 ) $ ( 243,734 ) Fiscal Year Ended December 31, 2022 As Previously Reported Adjustments As Revised CONSOLIDATED STATEMENT OF CASH FLOWS Net loss $ ( 251,403 ) $ ( 5,465 ) $ ( 256,868 ) Adjustments to reconcile net loss to cash provided by operating activities: Deferred tax benefit $ ( 150,994 ) $ 5,165 $ ( 145,829 ) Changes in cash due to: Prepaid expenses $ 9,599 $ ( 721 ) $ 8,878 Accrued liabilities $ 19,904 $ 1,021 $ 20,925 Cash provided by operating activities $ 76,646 $ — $ 76,646 The revisions to the accompanying audited consolidated statement of operations, consolidated statement of comprehensive (loss) income and consolidated statement of cash flows for the fiscal year ended January 1, 2022 are presented below. There were no changes to the consolidated statement of changes in total deficit that have not otherwise been reflected in the consolidated statement of operations and consolidated statement of comprehensive (loss) income as detailed in the tables below. Fiscal Year Ended January 1, 2022 As Previously Reported Adjustments As Revised CONSOLIDATED STATEMENT OF OPERATIONS Subscription revenues, net $ 1,063,039 $ ( 1,610 ) $ 1,061,429 Product sales and other, net $ 149,424 $ 312 $ 149,736 Revenues, net $ 1,212,463 $ ( 1,298 ) $ 1,211,165 Cost of subscription revenues $ 370,064 $ ( 1,610 ) $ 368,454 Cost of revenues $ 486,108 $ ( 1,610 ) $ 484,498 Gross profit $ 726,355 $ 312 $ 726,667 Operating income $ 196,284 $ 312 $ 196,596 Income before income taxes $ 76,665 $ 312 $ 76,977 Provision for income taxes $ 9,773 $ 79 $ 9,852 Net income $ 66,892 $ 233 $ 67,125 Earnings per share Basic $ 0.96 $ 0.00 $ 0.96 Diluted $ 0.95 $ 0.00 $ 0.95 Fiscal Year Ended January 1, 2022 As Previously Reported Adjustments As Revised CONSOLIDATED STATEMENT OF COMPREHENSIVE (LOSS) INCOME Net income $ 66,892 $ 233 $ 67,125 Comprehensive income $ 73,437 $ 233 $ 73,670 Fiscal Year Ended January 1, 2022 As Previously Reported Adjustments As Revised CONSOLIDATED STATEMENT OF CASH FLOWS Net income $ 66,892 $ 233 $ 67,125 Changes in cash due to: Accrued liabilities $ 1,272 $ ( 312 ) $ 960 Income taxes $ ( 7,014 ) $ 79 $ ( 6,935 ) Cash provided by operating activities $ 157,281 $ — $ 157,281 |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 30, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Unaudited Quarterly Consolidated Results of Operations | The following is a summary of the unaudited quarterly consolidated results of operations for the fiscal years ended December 30, 2023 and December 31, 2022. For the Fiscal Quarters Ended April 1, July 1, September 30, December 30, 2023 2023 2023 2023 Fiscal year ended December 30, 2023 Revenues, net $ 241,895 $ 226,830 $ 214,871 $ 205,955 Gross profit $ 119,511 $ 143,180 $ 141,755 $ 124,857 Operating (loss) income $ ( 28,583 ) $ 26,317 $ 30,607 $ ( 6,008 ) Provision for (benefit from) income taxes $ 67,580 $ ( 48,066 ) $ ( 38,447 ) $ 57,556 Net (loss) income $ ( 118,679 ) $ 50,828 $ 43,731 $ ( 88,135 ) Basic (net loss) earnings per share $ ( 1.68 ) $ 0.65 $ 0.55 $ ( 1.11 ) Diluted (net loss) earnings per share $ ( 1.68 ) $ 0.65 $ 0.54 $ ( 1.11 ) For the Fiscal Quarters Ended April 2, July 2, October 1, December 31, 2022 2022 2022 2022 Fiscal year ended December 31, 2022 Revenues, net $ 297,761 $ 269,454 $ 249,718 $ 222,902 Gross profit $ 180,098 $ 162,962 $ 152,351 $ 125,968 Operating income (loss) $ 8,970 $ 13,366 $ ( 254,529 ) $ ( 51,778 ) Benefit from income taxes $ ( 1,796 ) $ ( 701 ) $ ( 70,748 ) $ ( 36,690 ) Net loss $ ( 8,249 ) $ ( 6,801 ) $ ( 206,037 ) $ ( 35,781 ) Basic net loss per share $ ( 0.12 ) $ ( 0.10 ) $ ( 2.93 ) $ ( 0.51 ) Diluted net loss per share $ ( 0.12 ) $ ( 0.10 ) $ ( 2.93 ) $ ( 0.51 ) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Organization And Summary Of Significant Accounting Policies Disclosure [Line Items] | |||
Lease asset impairment charge | $ 2,680 | ||
Net book value of franchise rights acquired | $ 383,811 | 383,683 | |
Franchise right maturity period | 7 years | ||
Net book value of goodwill | $ 243,441 | 155,998 | $ 157,374 |
Revenue, practical expedient, remaining performance obligation, description | contracts with an original expected length of one year or less. | ||
Revenue, remaining performance obligation, optional exemption, performance obligation | true | ||
Advertising expenses | $ 235,227 | 238,978 | 252,754 |
Deferred financing costs, amortization expense | $ 5,018 | 5,018 | 6,136 |
Minimum | |||
Organization And Summary Of Significant Accounting Policies Disclosure [Line Items] | |||
Equipment, estimated useful life (in years) | 3 years | ||
Finite-lived intangible assets, estimated useful life (in years) | 3 years | ||
Maximum | |||
Organization And Summary Of Significant Accounting Policies Disclosure [Line Items] | |||
Equipment, estimated useful life (in years) | 10 years | ||
Finite-lived intangible assets, estimated useful life (in years) | 20 years | ||
Property, Plant and Equipment | |||
Organization And Summary Of Significant Accounting Policies Disclosure [Line Items] | |||
Long-lived assets, impairment charges | $ 212 | 61 | 516 |
Friendly-Physician Entities | |||
Organization And Summary Of Significant Accounting Policies Disclosure [Line Items] | |||
Percentage of equity interest of physician-owners | 100% | ||
Internal Use Computer Software and Website Development Costs | |||
Organization And Summary Of Significant Accounting Policies Disclosure [Line Items] | |||
Long-lived assets, impairment charges | $ 900 | 714 | $ 5 |
Franchise Rights Acquired | Maximum | |||
Organization And Summary Of Significant Accounting Policies Disclosure [Line Items] | |||
Finite-lived intangible assets, estimated useful life (in years) | 1 year | ||
Software and website development costs | Minimum | |||
Organization And Summary Of Significant Accounting Policies Disclosure [Line Items] | |||
Finite-lived intangible assets, estimated useful life (in years) | 3 years | ||
Software and website development costs | Maximum | |||
Organization And Summary Of Significant Accounting Policies Disclosure [Line Items] | |||
Finite-lived intangible assets, estimated useful life (in years) | 5 years | ||
United States | |||
Organization And Summary Of Significant Accounting Policies Disclosure [Line Items] | |||
Net book value of goodwill | $ 104,019 | $ 104,019 | |
Percentage of goodwill | 42.70% | 66.70% | |
United States | Franchise Rights Acquired | |||
Organization And Summary Of Significant Accounting Policies Disclosure [Line Items] | |||
Net book value of franchise rights acquired | $ 374,353 | $ 374,353 | |
Percentage of franchise rights acquired | 97.60% | 97.60% | |
Canada | |||
Organization And Summary Of Significant Accounting Policies Disclosure [Line Items] | |||
Net book value of goodwill | $ 40,463 | $ 39,547 | |
Percentage of goodwill | 16.60% | 25.30% | |
United Kingdom | Franchise Rights Acquired | |||
Organization And Summary Of Significant Accounting Policies Disclosure [Line Items] | |||
Net book value of franchise rights acquired | $ 2,806 | $ 2,666 | |
Percentage of franchise rights acquired | 0.70% | 0.70% | |
Australia | Franchise Rights Acquired | |||
Organization And Summary Of Significant Accounting Policies Disclosure [Line Items] | |||
Net book value of franchise rights acquired | $ 4,232 | $ 4,232 | |
Percentage of franchise rights acquired | 1.10% | 1.10% | |
New Zealand | Franchise Rights Acquired | |||
Organization And Summary Of Significant Accounting Policies Disclosure [Line Items] | |||
Net book value of franchise rights acquired | $ 2,420 | $ 2,432 | |
Percentage of franchise rights acquired | 0.60% | 0.60% | |
Other Countries | |||
Organization And Summary Of Significant Accounting Policies Disclosure [Line Items] | |||
Net book value of goodwill | $ 9,217 | $ 12,432 | |
Percentage of goodwill | 3.80% | 8% | |
Sequence | |||
Organization And Summary Of Significant Accounting Policies Disclosure [Line Items] | |||
Net book value of goodwill | $ 89,742 |
Leases - Schedule of Lease Asse
Leases - Schedule of Lease Assets and Lease Liabilities (Detail) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Assets: | ||
Operating leases | $ 52,272 | $ 75,696 |
Finance leases | $ 5 | $ 54 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property and equipment, net | Property and equipment, net |
Total lease assets | $ 52,277 | $ 75,750 |
Current | ||
Operating leases | 9,613 | 17,955 |
Finance leases | $ 4 | $ 31 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other accrued liabilities | Other accrued liabilities |
Noncurrent | ||
Operating leases | $ 53,461 | $ 68,099 |
Finance leases | $ 7 | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other | |
Total lease liabilities | $ 63,078 | $ 86,092 |
Leases - Schedule of Components
Leases - Schedule of Components of Lease Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Operating lease cost: | |||
Fixed lease cost | $ 21,259 | $ 33,227 | $ 37,688 |
Lease termination cost | 12,718 | 2,726 | 8,542 |
Variable lease cost | 62 | 27 | 21 |
Total operating lease cost | 34,039 | 35,980 | 46,251 |
Finance lease cost: | |||
Amortization of leased assets | 48 | 112 | 151 |
Interest on lease liabilities | 1 | 6 | 8 |
Total finance lease cost | 49 | 118 | 159 |
Total lease cost | $ 34,088 | $ 36,098 | $ 46,410 |
Leases - Summary of Weighted Av
Leases - Summary of Weighted Average Remaining Lease Term and Weighted Average Discount Rates (Detail) | Dec. 30, 2023 | Dec. 31, 2022 |
Weighted Average Remaining Lease Term (years) | ||
Operating leases | 7 years 3 months 21 days | 6 years 10 months 24 days |
Finance leases | 5 months 23 days | 1 year |
Weighted Average Discount Rate | ||
Operating leases | 7.54% | 7.03% |
Finance leases | 4.10% | 3.52% |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Lessee Lease Description [Line Items] | ||
Lease weighted average remaining lease term | 7 years 3 months 21 days | |
Lease asset impairment charge | $ 2,680 | |
Sublease income | $ 3,375 | |
Selling, General and Administrative Expenses | ||
Lessee Lease Description [Line Items] | ||
Lease asset impairment charge | $ 2,680 | |
Minimum | ||
Lessee Lease Description [Line Items] | ||
Leases, remaining lease term | 0 years | |
Maximum | ||
Lessee Lease Description [Line Items] | ||
Leases, remaining lease term | 9 years |
Leases - Schedule of Maturity o
Leases - Schedule of Maturity of Lease Liabilities (Detail) $ in Thousands | Dec. 30, 2023 USD ($) |
Operating Leases | |
Fiscal 2024 | $ 14,031 |
Fiscal 2025 | 12,852 |
Fiscal 2026 | 10,130 |
Fiscal 2027 | 9,391 |
Fiscal 2028 | 9,042 |
Thereafter | 26,811 |
Total lease payments | 82,257 |
Less imputed interest | 19,183 |
Present value of lease liabilities | 63,074 |
Finance Leases | |
Fiscal 2024 | 4 |
Total lease payments | 4 |
Less imputed interest | 0 |
Present value of lease liabilities | 4 |
Total | |
Fiscal 2024 | 14,035 |
Fiscal 2025 | 12,852 |
Fiscal 2026 | 10,130 |
Fiscal 2027 | 9,391 |
Fiscal 2028 | 9,042 |
Thereafter | 26,811 |
Total lease payments | 82,261 |
Less imputed interest | 19,183 |
Present value of lease liabilities | $ 63,078 |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities | |||
Operating cash flows from operating leases | $ 22,013 | $ 31,580 | $ 39,747 |
Operating cash flows from finance leases | 1 | 6 | 8 |
Financing cash flows from finance leases | 48 | 112 | 151 |
Lease assets (modified) obtained in exchange for (modified) new operating lease liabilities | $ (7,086) | 13,297 | 1,057 |
Lease assets obtained in exchange for new finance lease liabilities | $ 49 | $ 81 |
Revenue - Schedule of Revenues
Revenue - Schedule of Revenues Disaggregated by Revenue Source (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 30, 2023 | Sep. 30, 2023 | Jul. 01, 2023 | Apr. 01, 2023 | Dec. 31, 2022 | Oct. 01, 2022 | Jul. 02, 2022 | Apr. 02, 2022 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues, net | $ 205,955 | $ 214,871 | $ 226,830 | $ 241,895 | $ 222,902 | $ 249,718 | $ 269,454 | $ 297,761 | $ 889,551 | $ 1,039,835 | $ 1,211,165 |
Digital Subscription Revenues | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues, net | 571,074 | 662,668 | 786,563 | ||||||||
Workshops + Digital Fees | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues, net | 221,139 | 256,387 | 274,866 | ||||||||
Clinical Subscription Revenues | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues, net | 30,542 | ||||||||||
Subscription Revenues, net | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues, net | 822,755 | 919,055 | 1,061,429 | ||||||||
Product sales and other, net | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues, net | $ 66,796 | $ 120,780 | $ 149,736 |
Revenue - Schedule of Revenue_2
Revenue - Schedule of Revenues Disaggregated by Revenue Source and Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 30, 2023 | Sep. 30, 2023 | Jul. 01, 2023 | Apr. 01, 2023 | Dec. 31, 2022 | Oct. 01, 2022 | Jul. 02, 2022 | Apr. 02, 2022 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues, net | $ 205,955 | $ 214,871 | $ 226,830 | $ 241,895 | $ 222,902 | $ 249,718 | $ 269,454 | $ 297,761 | $ 889,551 | $ 1,039,835 | $ 1,211,165 |
North America | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues, net | 638,196 | 727,358 | 815,444 | ||||||||
International | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues, net | 251,355 | 312,477 | 395,721 | ||||||||
Digital Subscription Revenues | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues, net | 571,074 | 662,668 | 786,563 | ||||||||
Digital Subscription Revenues | North America | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues, net | 374,004 | 436,148 | 502,866 | ||||||||
Digital Subscription Revenues | International | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues, net | 197,070 | 226,520 | 283,697 | ||||||||
Workshops + Digital Fees | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues, net | 221,139 | 256,387 | 274,866 | ||||||||
Workshops + Digital Fees | North America | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues, net | 179,054 | 204,115 | 210,076 | ||||||||
Workshops + Digital Fees | International | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues, net | 42,085 | 52,272 | 64,790 | ||||||||
Clinical Subscription Revenues | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues, net | 30,542 | ||||||||||
Clinical Subscription Revenues | North America | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues, net | 30,542 | ||||||||||
Subscription Revenues, net | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues, net | 822,755 | 919,055 | 1,061,429 | ||||||||
Subscription Revenues, net | North America | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues, net | 583,600 | 640,263 | 712,942 | ||||||||
Subscription Revenues, net | International | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues, net | 239,155 | 278,792 | 348,487 | ||||||||
Product sales and other, net | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues, net | 66,796 | 120,780 | 149,736 | ||||||||
Product sales and other, net | North America | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues, net | 54,596 | 87,095 | 102,502 | ||||||||
Product sales and other, net | International | |||||||||||
Disaggregation Of Revenue [Line Items] | |||||||||||
Revenues, net | $ 12,200 | $ 33,685 | $ 47,234 |
Revenue - Schedule of Deferred
Revenue - Schedule of Deferred Revenues (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Deferred Revenue - Short Term | ||
Contract With Customer Asset And Liability [Line Items] | ||
Deferred Revenue, Beginning balance | $ 32,156 | $ 45,855 |
Net (decrease) increase during the period | 1,810 | (13,699) |
Deferred Revenue, Ending balance | 33,966 | 32,156 |
Deferred Revenue - Long Term | ||
Contract With Customer Asset And Liability [Line Items] | ||
Deferred Revenue, Beginning balance | 360 | 28 |
Net (decrease) increase during the period | (195) | 332 |
Deferred Revenue, Ending balance | $ 165 | $ 360 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Revenues [Abstract] | ||
Deferred revenue recognized | $ 32,156 | $ 45,678 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Aug. 17, 2023 | Apr. 10, 2023 | Apr. 03, 2023 | Feb. 17, 2023 | Oct. 03, 2022 | Aug. 22, 2022 | Feb. 18, 2022 | Dec. 21, 2021 | Aug. 16, 2021 | Jul. 30, 2021 | Mar. 22, 2021 | Jul. 01, 2023 | Apr. 01, 2023 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Business Acquisition [Line Items] | ||||||||||||||||
Goodwill | $ 243,441,000 | $ 155,998,000 | $ 157,374,000 | |||||||||||||
Business acquisition, purchase price allocation, tax asset valuation allowance | 89,801,000 | $ 35,818,000 | ||||||||||||||
Denross Limited | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business acquisition, aggregate purchase price | $ 4,500,000 | |||||||||||||||
Business acquisition, cash payment | $ 375,000 | 3,100,000 | $ 650,000 | |||||||||||||
Business acquisition, cash in reserves | 750,000 | |||||||||||||||
Business acquisition, purchase price allocation, assumed liabilities | 166,000 | |||||||||||||||
Business acquisition, purchase price allocation, cash | 4,000 | |||||||||||||||
Goodwill | 4,645,000 | |||||||||||||||
Business acquisition, purchase price allocation, deferred tax asset | 496,000 | |||||||||||||||
Business acquisition, purchase price allocation, tax asset valuation allowance | 496,000 | |||||||||||||||
Business acquisition, purchase price allocation, other receivables | 3,000 | |||||||||||||||
Denross Limited | Customer Relationship | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business acquisition, purchase price allocation, finite lived intangible assets | 14,000 | |||||||||||||||
Checkweight Limited | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business acquisition, aggregate purchase price | 1,500,000 | |||||||||||||||
Business acquisition, cash payment | $ 125,000 | 1,250,000 | ||||||||||||||
Business acquisition, cash in reserves | 250,000 | |||||||||||||||
Business acquisition, purchase price allocation, assumed liabilities | 56,000 | |||||||||||||||
Business acquisition, purchase price allocation, cash | 4,000 | |||||||||||||||
Goodwill | 1,291,000 | |||||||||||||||
Business acquisition, purchase price allocation, deferred tax asset | 5,000 | |||||||||||||||
Business acquisition, purchase price allocation, tax asset valuation allowance | 5,000 | |||||||||||||||
Business acquisition, purchase price allocation, other receivables | 4,000 | |||||||||||||||
Checkweight Limited | Franchise Rights Acquired | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business acquisition, purchase price allocation, finite lived intangible assets | 240,000 | |||||||||||||||
Checkweight Limited | Customer Relationship | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business acquisition, purchase price allocation, finite lived intangible assets | $ 17,000 | |||||||||||||||
Weight Watchers of Maine, Inc. | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business acquisition, aggregate purchase price | $ 2,250,000 | |||||||||||||||
Business acquisition, cash payment | $ 112,500 | $ 112,500 | 1,999,000 | |||||||||||||
Business acquisition, cash in reserves | 225,000 | |||||||||||||||
Business acquisition, assumed net liabilities | 26,000 | |||||||||||||||
Goodwill | 2,153,000 | |||||||||||||||
Weight Watchers of Maine, Inc. | Franchise Rights Acquired | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business acquisition, purchase price allocation, finite lived intangible assets | 41,000 | |||||||||||||||
Weight Watchers of Maine, Inc. | Customer Relationship | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business acquisition, purchase price allocation, finite lived intangible assets | $ 56,000 | |||||||||||||||
The WW Group, Inc. | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business acquisition, aggregate purchase price | $ 17,500,000 | |||||||||||||||
Business acquisition, cash payment | $ 2,300,000 | $ 6,450,000 | 8,255,000 | |||||||||||||
Business acquisition, cash in reserves | 2,300,000 | |||||||||||||||
Business acquisition, assumed net liabilities | 495,000 | |||||||||||||||
Business acquisition, purchase price allocation, inventories | 162,000 | |||||||||||||||
Business acquisition, purchase price allocation, property and equipment | 41,000 | |||||||||||||||
Business acquisition, purchase price allocation, other assets | 4,000 | |||||||||||||||
The WW Group, Inc. | Franchise Rights Acquired | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business acquisition, purchase price allocation, indefinite lived intangible assets | 16,885,000 | |||||||||||||||
The WW Group, Inc. | Customer Relationship | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business acquisition, purchase price allocation, finite lived intangible assets | 408,000 | |||||||||||||||
The WW Group Co. | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business acquisition, aggregate purchase price | 3,114,000 | |||||||||||||||
Business acquisition, cash payment | $ 599,000 | 2,605,000 | ||||||||||||||
Business acquisition, cash in reserves | 599,000 | |||||||||||||||
Business acquisition, assumed net assets | 90,000 | |||||||||||||||
Business acquisition, purchase price allocation, inventories | 6,000 | |||||||||||||||
Business acquisition, purchase price allocation, property and equipment | 25,000 | |||||||||||||||
Business acquisition, purchase price allocation, other assets | 1,000 | |||||||||||||||
The WW Group Co. | Franchise Rights Acquired | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business acquisition, purchase price allocation, indefinite lived intangible assets | 3,040,000 | |||||||||||||||
The WW Group Co. | Customer Relationship | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business acquisition, purchase price allocation, finite lived intangible assets | $ 42,000 | |||||||||||||||
Weekend Health, Inc. d/b/a Sequence | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business acquisition effective date | Apr. 10, 2023 | |||||||||||||||
Business acquisition, aggregate purchase price | $ 132,000,000 | |||||||||||||||
Business acquisition, cash payment | 64,217,000 | |||||||||||||||
Business acquisition, purchase price allocation, cash | 25,800,000 | |||||||||||||||
Business acquisition, amount to be paid one year from closing date | 16,000,000 | |||||||||||||||
Business acquisition, amount to be paid two years from closing date | 16,000,000 | |||||||||||||||
Transaction related costs | $ 4,886,000 | $ 3,719,000 | 8,605,000 | |||||||||||||
Total revenue | 30,542,000 | |||||||||||||||
Net loss | 5,477,000 | |||||||||||||||
Goodwill | $ 89,742,000 | |||||||||||||||
Weekend Health, Inc. d/b/a Sequence | Common Stock | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Business acquisition, equity interest issued as consideration for acquisition, value | $ 34,702,000 | |||||||||||||||
Business acquisition, equity interest issued as consideration for acquisition, shares | 7,996 | |||||||||||||||
Business acquisition, common stock price per share | $ 4.34 |
Acquisitions - Summary of Purch
Acquisitions - Summary of Purchase Price Allocation for Acquired Identifiable Assets, Liabilities Assumed and Goodwill (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Apr. 10, 2023 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Liabilities assumed: | |||||
Total goodwill | $ 243,441 | $ 155,998 | $ 157,374 | ||
Weekend Health, Inc. d/b/a Sequence | |||||
Total consideration: | |||||
Cash paid at closing | $ 64,217 | ||||
Cash to be paid on April 10, 2024 | 16,000 | ||||
Cash to be paid on April 10, 2025 | 16,000 | ||||
Aggregated merger consideration | 132,000 | ||||
Assets acquired: | |||||
Cash | 25,800 | ||||
Liabilities assumed: | |||||
Total goodwill | $ 89,742 | ||||
Weekend Health, Inc. d/b/a Sequence | Purchase Price Allocation | |||||
Total consideration: | |||||
Cash paid at closing | 64,217 | ||||
Cash to be paid on April 10, 2024 | 16,000 | ||||
Cash to be paid on April 10, 2025 | [1] | 12,420 | |||
Total cash payments | 92,637 | ||||
Less stock-based compensation expense attributable to post combination vesting | (3,882) | ||||
Aggregated merger consideration | 121,698 | ||||
Assets acquired: | |||||
Cash | 25,776 | ||||
Prepaid expenses and other current assets | 2,220 | ||||
Property, plant and equipment | 34 | ||||
Intangible assets | 7,222 | ||||
Total assets acquired | 35,252 | ||||
Liabilities assumed: | |||||
Accounts payable | 70 | ||||
Accrued liabilities | 14 | ||||
Deferred revenue | 1,300 | ||||
Deferred tax liability | 1,912 | ||||
Total liabilities assumed | 3,296 | ||||
Net assets acquired | 31,956 | ||||
Total goodwill | $ 89,742 | ||||
Weekend Health, Inc. d/b/a Sequence | Common Stock | |||||
Total consideration: | |||||
Common shares issued | 7,996 | ||||
Stock price as of April 10, 2023 | $ 4.34 | ||||
Weekend Health, Inc. d/b/a Sequence | Common Stock | Purchase Price Allocation | |||||
Total consideration: | |||||
Common shares issued | 7,996 | ||||
Stock price as of April 10, 2023 | [2] | $ 4.12 | |||
Total stock issuance purchase price | [2] | $ 32,943 | |||
[1] Reflects $ 16,000 of cash payable on April 10, 2025 as Merger Consideration discounted using the Company's weighted average cost of debt. Represents the fair value of the shares transferred to the sellers as Merger Consideration, based on the number of shares to be issued, 7,996 , multiplied by the closing price of the Company's ordinary shares on April 10, 2023 of $ 4.12 per share. |
Acquisitions - Summary of Pur_2
Acquisitions - Summary of Purchase Price Allocation for Acquired Identifiable Assets, Liabilities Assumed and Goodwill (Parenthetical) (Detail) - Weekend Health, Inc. d/b/a Sequence $ / shares in Units, shares in Thousands, $ in Thousands | Apr. 10, 2023 USD ($) $ / shares shares | |
Business Acquisition [Line Items] | ||
Cash to be paid on April 10, 2025 | $ | $ 16,000 | |
Common Stock | ||
Business Acquisition [Line Items] | ||
Common shares issued | shares | 7,996 | |
Stock price | $ / shares | $ 4.34 | |
Purchase Price Allocation | ||
Business Acquisition [Line Items] | ||
Cash to be paid on April 10, 2025 | $ | $ 12,420 | [1] |
Purchase Price Allocation | Common Stock | ||
Business Acquisition [Line Items] | ||
Common shares issued | shares | 7,996 | |
Stock price | $ / shares | $ 4.12 | [2] |
[1] Reflects $ 16,000 of cash payable on April 10, 2025 as Merger Consideration discounted using the Company's weighted average cost of debt. Represents the fair value of the shares transferred to the sellers as Merger Consideration, based on the number of shares to be issued, 7,996 , multiplied by the closing price of the Company's ordinary shares on April 10, 2023 of $ 4.12 per share. |
Franchise Rights Acquired, Go_3
Franchise Rights Acquired, Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
May 07, 2023 | May 08, 2022 | Aug. 10, 2018 | Dec. 30, 2023 | Dec. 31, 2022 | Oct. 01, 2022 | Jul. 02, 2022 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Goodwill And Intangible Assets Disclosure [Line Items] | ||||||||||
Net book value of franchise rights acquired | $ 383,811 | $ 383,683 | $ 383,811 | $ 383,683 | ||||||
Net book value of goodwill | 243,441 | 155,998 | 243,441 | 155,998 | $ 157,374 | |||||
Goodwill impairment | $ 0 | $ 0 | 3,586 | 3,124 | ||||||
Finite-lived intangible assets, aggregate amortization expense | 42,449 | 33,676 | 32,220 | |||||||
Kurbo, Inc | ||||||||||
Goodwill And Intangible Assets Disclosure [Line Items] | ||||||||||
Goodwill impairment | $ 1,101 | |||||||||
Kurbo Health, Inc | ||||||||||
Goodwill And Intangible Assets Disclosure [Line Items] | ||||||||||
Net purchase price | $ 3,063 | |||||||||
Net book value of goodwill | $ 1,101 | |||||||||
North America | ||||||||||
Goodwill And Intangible Assets Disclosure [Line Items] | ||||||||||
Accumulated goodwill impairment loss | 1,101 | 1,101 | 1,101 | 1,101 | ||||||
Net book value of goodwill | 234,225 | 143,567 | 234,225 | 143,567 | 147,530 | |||||
Goodwill impairment | 1,101 | |||||||||
International | ||||||||||
Goodwill And Intangible Assets Disclosure [Line Items] | ||||||||||
Accumulated goodwill impairment loss | 24,010 | 20,424 | 24,010 | 20,424 | ||||||
Net book value of goodwill | $ 9,216 | 12,431 | 9,216 | 12,431 | $ 9,844 | |||||
Goodwill impairment | $ 3,586 | 2,023 | ||||||||
All Reporting Units Except for Republic of Ireland | ||||||||||
Goodwill And Intangible Assets Disclosure [Line Items] | ||||||||||
Percentage of goodwill held | 100% | 100% | ||||||||
All Reporting Units Except for Republic of Ireland | Goodwill | Minimum | ||||||||||
Goodwill And Intangible Assets Disclosure [Line Items] | ||||||||||
Percentage of estimated fair value in excess of carrying amount | 120% | |||||||||
Republic of Ireland | ||||||||||
Goodwill And Intangible Assets Disclosure [Line Items] | ||||||||||
Goodwill impairment | $ 2,383 | 2,023 | ||||||||
Northern Ireland | ||||||||||
Goodwill And Intangible Assets Disclosure [Line Items] | ||||||||||
Goodwill impairment | 1,203 | |||||||||
United States | ||||||||||
Goodwill And Intangible Assets Disclosure [Line Items] | ||||||||||
Net book value of goodwill | 104,019 | 104,019 | $ 104,019 | 104,019 | ||||||
Canada | ||||||||||
Goodwill And Intangible Assets Disclosure [Line Items] | ||||||||||
Net book value of goodwill | 40,463 | 39,547 | $ 40,463 | $ 39,547 | ||||||
Franchise Rights Acquired | Northern Ireland | ||||||||||
Goodwill And Intangible Assets Disclosure [Line Items] | ||||||||||
Finite-lived intangible assets, impairment charges | $ 47 | |||||||||
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration] | Asset Impairment Charges | |||||||||
Franchise Rights Acquired | New Zealand | ||||||||||
Goodwill And Intangible Assets Disclosure [Line Items] | ||||||||||
Indefinite-lived intangible assets, impairment charges | 0 | |||||||||
Franchise Rights Acquired | ||||||||||
Goodwill And Intangible Assets Disclosure [Line Items] | ||||||||||
Indefinite-lived intangible assets, impairment charges | $ 0 | |||||||||
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration] | Asset Impairment Charges | |||||||||
Assumed cumulative annual revenue growth rate | 2.80% | |||||||||
Franchise Rights Acquired | Minimum | ||||||||||
Goodwill And Intangible Assets Disclosure [Line Items] | ||||||||||
Assumed Workshops + Digital revenue growth rate | (37.10%) | |||||||||
Assumed operating income margin rates | (6.40%) | |||||||||
Assumed Digital revenue growth rate | (14.80%) | |||||||||
Franchise Rights Acquired | Maximum | ||||||||||
Goodwill And Intangible Assets Disclosure [Line Items] | ||||||||||
Assumed Workshops + Digital revenue growth rate | (18.40%) | |||||||||
Assumed operating income margin rates | 12.70% | |||||||||
Assumed Digital revenue growth rate | 7.50% | |||||||||
Franchise Rights Acquired | Other Units of Account | ||||||||||
Goodwill And Intangible Assets Disclosure [Line Items] | ||||||||||
Indefinite-lived intangible assets, impairment charges | $ 0 | |||||||||
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration] | Asset Impairment Charges | |||||||||
Franchise Rights Acquired | Australia | ||||||||||
Goodwill And Intangible Assets Disclosure [Line Items] | ||||||||||
Indefinite-lived intangible assets, impairment charges | $ 1,872 | |||||||||
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration] | Asset Impairment Charges | |||||||||
Percentage of franchise rights acquired | 1.10% | 1.10% | 1.10% | 1.10% | ||||||
Net book value of franchise rights acquired | $ 4,232 | $ 4,232 | $ 4,232 | $ 4,232 | ||||||
Franchise Rights Acquired | United States | ||||||||||
Goodwill And Intangible Assets Disclosure [Line Items] | ||||||||||
Indefinite-lived intangible assets, impairment charges | $ 25,739 | $ 298,291 | ||||||||
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration] | Asset Impairment Charges | Asset Impairment Charges | ||||||||
Percentage of franchise rights acquired | 97.60% | 97.60% | 97.60% | 97.60% | ||||||
Net book value of franchise rights acquired | $ 374,353 | $ 374,353 | $ 374,353 | $ 374,353 | ||||||
Franchise Rights Acquired | United Kingdom | ||||||||||
Goodwill And Intangible Assets Disclosure [Line Items] | ||||||||||
Indefinite-lived intangible assets, impairment charges | $ 8,275 | |||||||||
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration] | Asset Impairment Charges | |||||||||
Percentage of franchise rights acquired | 0.70% | 0.70% | 0.70% | 0.70% | ||||||
Net book value of franchise rights acquired | $ 2,806 | $ 2,666 | $ 2,806 | $ 2,666 | ||||||
Franchise Rights Acquired | Canada | ||||||||||
Goodwill And Intangible Assets Disclosure [Line Items] | ||||||||||
Indefinite-lived intangible assets, impairment charges | $ 19,657 | $ 13,312 | $ 24,485 | |||||||
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration] | Asset Impairment Charges | Asset Impairment Charges | Asset Impairment Charges | |||||||
Franchise Rights Acquired | New Zealand | ||||||||||
Goodwill And Intangible Assets Disclosure [Line Items] | ||||||||||
Indefinite-lived intangible assets, impairment charges | $ 0 | $ 1,138 | $ 834 | |||||||
Impairment, Intangible Asset, Indefinite-Lived (Excluding Goodwill), Statement of Income or Comprehensive Income [Extensible Enumeration] | Asset Impairment Charges | Asset Impairment Charges | Asset Impairment Charges | |||||||
Percentage of estimated fair value in excess of carrying amount | 20% | |||||||||
Percentage of franchise rights acquired | 0.60% | 0.60% | 0.60% | 0.60% | ||||||
Net book value of franchise rights acquired | $ 2,420 | $ 2,432 | $ 2,420 | $ 2,432 | ||||||
Franchise Rights Acquired | All Reporting Units Except for New Zealand | ||||||||||
Goodwill And Intangible Assets Disclosure [Line Items] | ||||||||||
Percentage of franchise rights acquired | 99.40% | 99.40% | ||||||||
Franchise Rights Acquired | All Reporting Units Except for New Zealand | Minimum | ||||||||||
Goodwill And Intangible Assets Disclosure [Line Items] | ||||||||||
Percentage of estimated fair value in excess of carrying amount | 70% |
Franchise Rights Acquired, Go_4
Franchise Rights Acquired, Goodwill and Other Intangible Assets - Change in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
May 07, 2023 | May 08, 2022 | Dec. 30, 2023 | Dec. 31, 2022 | |
Goodwill [Line Items] | ||||
Beginning balance | $ 155,998 | $ 157,374 | ||
Goodwill acquired during the period | 89,742 | 5,936 | ||
Goodwill impairment | $ 0 | $ 0 | (3,586) | (3,124) |
Effect of exchange rate changes | 1,287 | (4,188) | ||
Ending balance | 243,441 | 155,998 | ||
North America | ||||
Goodwill [Line Items] | ||||
Beginning balance | 143,567 | 147,530 | ||
Goodwill acquired during the period | 89,742 | |||
Goodwill impairment | (1,101) | |||
Effect of exchange rate changes | 916 | (2,862) | ||
Ending balance | 234,225 | 143,567 | ||
International | ||||
Goodwill [Line Items] | ||||
Beginning balance | 12,431 | 9,844 | ||
Goodwill acquired during the period | 5,936 | |||
Goodwill impairment | (3,586) | (2,023) | ||
Effect of exchange rate changes | 371 | (1,326) | ||
Ending balance | $ 9,216 | $ 12,431 |
Franchise Rights Acquired, Go_5
Franchise Rights Acquired, Goodwill and Other Intangible Assets - Schedule of Assumptions Utilized in Annual Goodwill Impairment Analysis (Details) | 12 Months Ended | |
Dec. 30, 2023 | Dec. 31, 2022 | |
Assumptions Utilized in Annual Goodwill Impairment Analysis [Line Items] | ||
Discount Rate | 10.80% | 9.60% |
Minimum | ||
Assumptions Utilized in Annual Goodwill Impairment Analysis [Line Items] | ||
Debt-Free Cumulative Annual Cash Flow Growth Rate | 3.90% | 1.20% |
Maximum | ||
Assumptions Utilized in Annual Goodwill Impairment Analysis [Line Items] | ||
Debt-Free Cumulative Annual Cash Flow Growth Rate | 24.90% | 20.60% |
Franchise Rights Acquired, Go_6
Franchise Rights Acquired, Goodwill and Other Intangible Assets - Schedule of Carrying Values of Finite-lived Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets | ||
Gross Carrying Amount | $ 285,618 | $ 275,334 |
Accumulated Amortization | 219,695 | 208,965 |
Capitalized software and website development costs | ||
Finite-Lived Intangible Assets | ||
Gross Carrying Amount | 251,410 | 241,047 |
Accumulated Amortization | 195,696 | 185,857 |
Trademarks | ||
Finite-Lived Intangible Assets | ||
Gross Carrying Amount | 12,188 | 12,162 |
Accumulated Amortization | 12,024 | 11,882 |
Other | ||
Finite-Lived Intangible Assets | ||
Gross Carrying Amount | 13,991 | 13,961 |
Accumulated Amortization | 6,661 | 6,125 |
Trademarks and other intangible assets | ||
Finite-Lived Intangible Assets | ||
Gross Carrying Amount | 277,589 | 267,170 |
Accumulated Amortization | 214,381 | 203,864 |
Franchise Rights Acquired | ||
Finite-Lived Intangible Assets | ||
Gross Carrying Amount | 8,029 | 8,164 |
Accumulated Amortization | $ 5,314 | $ 5,101 |
Franchise Rights Acquired, Go_7
Franchise Rights Acquired, Goodwill and Other Intangible Assets - Schedule of Estimated Amortization Expense of Finite-lived Intangible Assets (Detail) $ in Thousands | Dec. 30, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Fiscal 2024 | $ 30,247 |
Fiscal 2025 | 19,783 |
Fiscal 2026 | 7,813 |
Fiscal 2027 | 906 |
Fiscal 2028 | 712 |
Thereafter | $ 6,462 |
Property and Equipment (Detail)
Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Abstract] | ||
Equipment | $ 31,264 | $ 55,303 |
Leasehold improvements | 42,039 | 66,860 |
Property and equipment, gross | 73,303 | 122,163 |
Less: Accumulated depreciation and amortization | (53,562) | (93,934) |
Property and equipment, net | $ 19,741 | $ 28,229 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization expense, property and equipment | $ 10,022 | $ 10,125 | $ 16,330 |
Long-Term Debt - Components of
Long-Term Debt - Components of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 | Jul. 03, 2021 | |
Debt Instrument | ||||
Total debt | $ 1,445,000 | $ 1,445,000 | ||
Unamortized deferred financing costs | 8,770 | 10,652 | ||
Unamortized debt discount | 9,766 | 12,064 | ||
Total long term debt | $ 1,426,464 | $ 1,422,284 | ||
Effective rate | [1] | 7.64% | 5.45% | |
Revolving Credit Facility due April 13, 2026 | ||||
Debt Instrument | ||||
Total debt | $ 0 | $ 0 | ||
Effective rate | [1] | 0% | 0% | |
Term Loan Facility due April 13, 2028 | ||||
Debt Instrument | ||||
Total debt | $ 945,000 | $ 945,000 | ||
Unamortized deferred financing costs | 4,712 | 5,821 | ||
Unamortized debt discount | $ 9,766 | $ 12,064 | $ 5,000 | |
Effective rate | [1] | 9.21% | 5.85% | |
Senior Secured Notes due April 15, 2029 | ||||
Debt Instrument | ||||
Total debt | $ 500,000 | $ 500,000 | ||
Unamortized deferred financing costs | $ 4,058 | $ 4,831 | ||
Effective rate | [1] | 4.70% | 4.70% | |
[1] Includes amortization of deferred financing costs and debt discount. |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Mar. 30, 2025 | Apr. 14, 2024 | Apr. 13, 2021 USD ($) | Jun. 30, 2023 | Dec. 31, 2021 USD ($) | Jan. 01, 2022 USD ($) | Jul. 03, 2021 USD ($) | Mar. 29, 2025 | Apr. 15, 2024 | Mar. 30, 2024 | Dec. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jan. 01, 2022 USD ($) | ||
Debt Instrument | ||||||||||||||
Repayment of aggregate principal amount | $ 1,564,000,000 | |||||||||||||
Loan outstanding amount | $ 1,445,000,000 | $ 1,445,000,000 | ||||||||||||
Proceeds received from long-term debt | 1,500,000,000 | |||||||||||||
Aggregate principal amount | 1,426,464,000 | 1,422,284,000 | ||||||||||||
Fees incurred in connection with debt refinancing | $ 37,910,000 | |||||||||||||
Unamortized debt discount | $ 9,766,000 | $ 12,064,000 | ||||||||||||
Loss on early extinguishment of debt | 29,169,000 | $ 30,352,000 | ||||||||||||
Financing costs in connection with debt refinancing | 9,017,000 | |||||||||||||
Write-off of pre-existing deferred financing fees and debt discount | 7,213,000 | |||||||||||||
Percentage of equity interests pledged | 100% | |||||||||||||
Percentage of annual excess cash flow | 50% | |||||||||||||
Percentage of annual excess cash flow after attaining first lien secured net leverage ratio one | 25% | |||||||||||||
Percentage of annual excess cash flow after attaining first lien secured net leverage ratio two | 0% | |||||||||||||
Percentage of net cash proceeds of certain non ordinary course asset sales by company and its restricted subsidiaries | 100% | |||||||||||||
Percentage of right to invest of net cash proceeds of certain non ordinary course asset sales by company and its restricted subsidiaries subject to certain qualifications | 100% | |||||||||||||
Percentage of net proceeds of any issuance or incurrence of debt by the Company or any of its restricted subsidiaries | 100% | |||||||||||||
Effective Interest Rate | [1] | 7.64% | 5.45% | |||||||||||
Average interest rate on outstanding debt, exclusive the impact of swap | 7.64% | 5.45% | ||||||||||||
Average interest rate on outstanding debt, including the impact of swap | 6.53% | 5.50% | ||||||||||||
One-Month Term Secured Overnight Financing Rate (SOFR) | ||||||||||||||
Debt Instrument | ||||||||||||||
Credit facility, interest rate | 0.11448% | |||||||||||||
Three-Month Term Secured Overnight Financing Rate (SOFR) | ||||||||||||||
Debt Instrument | ||||||||||||||
Credit facility, interest rate | 0.26161% | |||||||||||||
Six-Month Term Secured Overnight Financing Rate (SOFR) | ||||||||||||||
Debt Instrument | ||||||||||||||
Credit facility, interest rate | 0.42826% | |||||||||||||
Twelve-Month Term Secured Overnight Financing Rate (SOFR) | ||||||||||||||
Debt Instrument | ||||||||||||||
Credit facility, interest rate | 0.71513% | |||||||||||||
Maximum | ||||||||||||||
Debt Instrument | ||||||||||||||
Pledge percentage of first tier foreign subsidiaries directly owned by company or wholly owned subsidiaries | 65% | |||||||||||||
4.500% Senior Secured Notes due 2029 | ||||||||||||||
Debt Instrument | ||||||||||||||
Debt Instrument, maturity year | 2029 | |||||||||||||
Debt Instrument Interest Rate Stated Percentage | 4.50% | |||||||||||||
Aggregate principal amount | $ 500,000,000 | |||||||||||||
Senior Secured Tranche B Term Loan | ||||||||||||||
Debt Instrument | ||||||||||||||
Repayment of aggregate principal amount | $ 1,189,750,000 | |||||||||||||
Debt Instrument, maturity year | 2024 | |||||||||||||
8.625% Senior Notes due in 2025 | ||||||||||||||
Debt Instrument | ||||||||||||||
Debt Instrument, maturity year | 2025 | |||||||||||||
Debt instrument redeemed amount | $ 300,000,000 | |||||||||||||
Debt Instrument Interest Rate Stated Percentage | 8.625% | |||||||||||||
Fees incurred in connection with debt refinancing | 12,939,000 | |||||||||||||
Credit Facilities | ||||||||||||||
Debt Instrument | ||||||||||||||
Loan outstanding amount | $ 945,000,000 | |||||||||||||
Proceeds received from long-term debt | $ 1,000,000,000 | |||||||||||||
Senior Secured Revolving Credit Facility Due in 2022 | ||||||||||||||
Debt Instrument | ||||||||||||||
Loan outstanding amount | $ 0 | |||||||||||||
Term Loan Facility due April 13, 2028 | ||||||||||||||
Debt Instrument | ||||||||||||||
Loan outstanding amount | 945,000,000 | $ 945,000,000 | ||||||||||||
Unamortized debt discount | $ 5,000,000 | $ 9,766,000 | $ 12,064,000 | |||||||||||
Effective Interest Rate | [1] | 9.21% | 5.85% | |||||||||||
Term Loan Facility due April 13, 2028 | Federal Funds Effective Rate | ||||||||||||||
Debt Instrument | ||||||||||||||
Credit facility, interest rate | 0.50% | |||||||||||||
Term Loan Facility due April 13, 2028 | Secured Overnight Financing Rate (SOFR) | ||||||||||||||
Debt Instrument | ||||||||||||||
Credit facility, interest rate | 1% | |||||||||||||
Debt instrument variable rate floor percent determined option one | 0.50% | |||||||||||||
Effective Interest Rate | 3.50% | |||||||||||||
Term Loan Facility due April 13, 2028 | Maximum | Secured Overnight Financing Rate (SOFR) | ||||||||||||||
Debt Instrument | ||||||||||||||
Debt instrument variable rate floor percent determined option one | 1.50% | |||||||||||||
Senior Secured Notes due April 15, 2029 | ||||||||||||||
Debt Instrument | ||||||||||||||
Debt Instrument Interest Rate Stated Percentage | 4.50% | |||||||||||||
Loan outstanding amount | $ 500,000,000 | $ 500,000,000 | ||||||||||||
Effective Interest Rate | [1] | 4.70% | 4.70% | |||||||||||
Debt instrument issued date | Apr. 13, 2021 | |||||||||||||
Debt instrument, mature date | Apr. 15, 2029 | |||||||||||||
Debt instrument interest payment term | Interest on the Senior Secured Notes is payable semi-annually on April 15 and October 15 of each year, beginning on October 15, 2021. | |||||||||||||
Debt Instrument, redemption, description | On or after April 15, 2024, the Company may on any one or more occasions redeem some or all of the Senior Secured Notes at a purchase price equal to 102.250% of the principal amount of the Senior Secured Notes, plus accrued and unpaid interest, if any, to, but not including, the redemption date, such optional redemption price decreasing to 101.125% on or after April 15, 2025 and to 100.000% on or after April 15, 2026. Prior to April 15, 2024, the Company may on any one or more occasions redeem up to 40% of the aggregate principal amount of the Senior Secured Notes with an amount not to exceed the net proceeds of certain equity offerings at 104.500% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the redemption date. Prior to April 15, 2024, the Company may redeem some or all of the Senior Secured Notes at a make-whole price plus accrued and unpaid interest, if any, to, but not including, the redemption date. In addition, during any twelve-month period ending prior to April 15, 2024, the Company may redeem up to 10% of the aggregate principal amount of the Senior Secured Notes at a purchase price equal to 103.000% of the principal amount of the Senior Secured Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. | |||||||||||||
Senior Secured Notes due April 15, 2029 | Change of Control | ||||||||||||||
Debt Instrument | ||||||||||||||
Debt instrument, percentage of aggregate principal amount that may be redeemed (up to) | 101% | |||||||||||||
Senior Secured Notes due April 15, 2029 | Sale of Assets | ||||||||||||||
Debt Instrument | ||||||||||||||
Debt instrument, percentage of aggregate principal amount that may be redeemed (up to) | 100% | |||||||||||||
Senior Secured Notes due April 15, 2029 | Debt Instrument Redemption Date, April 15, 2024 | ||||||||||||||
Debt Instrument | ||||||||||||||
Debt Instrument, percentage of principal can be redeemed | 102.25% | |||||||||||||
Debt Instrument, redemption date | Apr. 15, 2024 | |||||||||||||
Senior Secured Notes due April 15, 2029 | Debt Instrument Redemption Date, April 15, 2025 | ||||||||||||||
Debt Instrument | ||||||||||||||
Debt Instrument, percentage of principal can be redeemed | 101.125% | |||||||||||||
Debt Instrument, redemption date | Apr. 15, 2025 | |||||||||||||
Senior Secured Notes due April 15, 2029 | Debt Instrument Redemption Date, April 15, 2026 | ||||||||||||||
Debt Instrument | ||||||||||||||
Debt Instrument, percentage of principal can be redeemed | 100% | |||||||||||||
Debt Instrument, redemption date | Apr. 15, 2026 | |||||||||||||
Senior Secured Notes due April 15, 2029 | Forecast | ||||||||||||||
Debt Instrument | ||||||||||||||
Debt Instrument, percentage of principal can be redeemed | 103% | |||||||||||||
Senior Secured Notes due April 15, 2029 | Maximum | Forecast | ||||||||||||||
Debt Instrument | ||||||||||||||
Debt Instrument, percentage of principal can be redeemed | 104.50% | |||||||||||||
Percent of principal amount of debt that may be redeemed (up to) | 40% | |||||||||||||
Debt instrument, percentage of aggregate principal amount that may be redeemed (up to) | 10% | |||||||||||||
Credit Facilities and Senior Secured Notes | ||||||||||||||
Debt Instrument | ||||||||||||||
Loan outstanding amount | $ 1,445,000,000 | |||||||||||||
Revolving Credit Facility | ||||||||||||||
Debt Instrument | ||||||||||||||
Credit Facility, maximum borrowing capacity | 61,250,000 | |||||||||||||
Loan outstanding amount | 0 | $ 0 | ||||||||||||
Aggregate principal amount | 0 | $ 0 | ||||||||||||
Credit facility available amount | 173,841,000 | |||||||||||||
Line of credit facility, issued but undrawn letters of credit | $ 1,159,000 | |||||||||||||
Effective Interest Rate | [1] | 0% | 0% | |||||||||||
Minimum outstanding amount to compliance springing maintenance covenant | 35% | |||||||||||||
Consolidated first lien leverage ratio | 8.49 | |||||||||||||
Revolving Credit Facility | Forecast | ||||||||||||||
Debt Instrument | ||||||||||||||
Consolidated first lien leverage ratio compliance | 5 | 5.25 | 5.50 | |||||||||||
Revolving Credit Facility | Federal Funds Effective Rate | ||||||||||||||
Debt Instrument | ||||||||||||||
Credit facility, interest rate | 0.50% | |||||||||||||
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | ||||||||||||||
Debt Instrument | ||||||||||||||
Credit facility, interest rate | 1% | |||||||||||||
Debt instrument variable rate floor percent determined option one | 0% | |||||||||||||
Effective Interest Rate | 2.75% | |||||||||||||
Revolving Credit Facility | Maximum | Secured Overnight Financing Rate (SOFR) | ||||||||||||||
Debt Instrument | ||||||||||||||
Debt instrument variable rate floor percent determined option one | 1% | |||||||||||||
Revolving Credit Facility | Senior Secured Revolving Credit Facility Due in 2022 | ||||||||||||||
Debt Instrument | ||||||||||||||
Debt Instrument, maturity year | 2022 | |||||||||||||
Credit Facility, maximum borrowing capacity | $ 175,000,000 | |||||||||||||
Revolving Credit Facility | Senior Secured Revolving Credit Facility | ||||||||||||||
Debt Instrument | ||||||||||||||
Debt Instrument, maturity year | 2026 | |||||||||||||
Credit Facility, maximum borrowing capacity | $ 175,000,000 | |||||||||||||
Term Loan Facility | Senior Secured Tranche B Term Loan | ||||||||||||||
Debt Instrument | ||||||||||||||
Debt Instrument, maturity year | 2028 | |||||||||||||
Credit Facility, maximum borrowing capacity | $ 1,000,000,000 | |||||||||||||
Write-off of pre-existing deferred financing fees and debt discount | $ 1,183,000 | |||||||||||||
Prepayments of aggregate principal amount | $ 52,500,000 | |||||||||||||
[1] Includes amortization of deferred financing costs and debt discount. |
Long-Term Debt - Long-Term Debt
Long-Term Debt - Long-Term Debt Maturities (Detail) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Fiscal 2027 | $ 10,000 | |
Fiscal 2028 | 935,000 | |
Thereafter | 500,000 | |
Total Debt | $ 1,445,000 | $ 1,445,000 |
Treasury Stock - Additional Inf
Treasury Stock - Additional Information (Detail) - USD ($) | 12 Months Ended | |||||||
Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 30, 2023 | Oct. 21, 2010 | May 25, 2006 | Jun. 13, 2005 | Oct. 09, 2003 | |
Class of Stock Disclosures [Abstract] | ||||||||
Treasury Stock, value of common stock shares authorized for repurchase | $ 250,000,000 | $ 250,000,000 | $ 250,000,000 | $ 250,000,000 | ||||
Treasury Stock, common stock shares repurchased | 0 | 0 | 0 | |||||
Amount remained available to purchase shares under repurchase program | $ 208,933,000 |
Per Share Data - Computation of
Per Share Data - Computation of Basic and Diluted (Net loss) Earnings Per Share Data (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 30, 2023 | Sep. 30, 2023 | Jul. 01, 2023 | Apr. 01, 2023 | Dec. 31, 2022 | Oct. 01, 2022 | Jul. 02, 2022 | Apr. 02, 2022 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Numerator: | |||||||||||
Net (loss) income | $ (88,135) | $ 43,731 | $ 50,828 | $ (118,679) | $ (35,781) | $ (206,037) | $ (6,801) | $ (8,249) | $ (112,255) | $ (256,868) | $ 67,125 |
Denominator: | |||||||||||
Weighted average shares of common stock outstanding | 76,677 | 70,321 | 69,640 | ||||||||
Effect of dilutive common stock equivalents | 1,104 | ||||||||||
Weighted average diluted common shares outstanding | 76,677 | 70,321 | 70,744 | ||||||||
(Net loss) earnings per share | |||||||||||
Basic | $ (1.11) | $ 0.55 | $ 0.65 | $ (1.68) | $ (0.51) | $ (2.93) | $ (0.1) | $ (0.12) | $ (1.46) | $ (3.65) | $ 0.96 |
Diluted | $ (1.11) | $ 0.54 | $ 0.65 | $ (1.68) | $ (0.51) | $ (2.93) | $ (0.1) | $ (0.12) | $ (1.46) | $ (3.65) | $ 0.95 |
Per Share Data - Additional Inf
Per Share Data - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Earnings Per Share [Abstract] | |||
Anti-dilutive common stock equivalents excluded from the calculation of diluted (net loss) earnings per share | 9,113 | 8,540 | 5,270 |
Stock Plans - Additional Inform
Stock Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 28, 2019 | Dec. 29, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based compensation expense | $ 15,185,000 | $ 12,957,000 | $ 21,348,000 | ||
Total income tax benefit recognized for all share-based compensation awards | 1,850,000 | 2,603,000 | 5,175,000 | ||
Tax benefits realized from options exercised and RSUs and PSUs vested | 1,287,000 | 1,017,000 | 7,999,000 | ||
Compensation costs capitalized | 0 | $ 0 | $ 0 | ||
Total unrecognized compensation cost related to stock options and RSUs granted | $ 22,177,000 | ||||
Compensation expense recognition period (years) | 1 year 7 months 6 days | ||||
Options outstanding, exercise price, lower range | $ 5.25 | $ 5.25 | $ 5.25 | ||
Options outstanding, exercise price, upper range | $ 60 | 60 | $ 60 | ||
Expected term (years) | 6 years 6 months | ||||
Weighted-average grant-date fair value of all options granted | $ 3.96 | $ 15.64 | |||
Total intrinsic value of all options exercised | $ 248,000 | $ 0 | $ 18,497,000 | ||
Cash received from options exercised | $ 718,000 | $ 0 | $ 4,469,000 | ||
Volatility rate | 56.70% | ||||
Risk-free interest rate | 1.13% | ||||
Dividend yield | 0% | 0% | |||
Restricted Stock Units | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Weighted-average grant-date fair value granted | $ 7.43 | $ 6.69 | $ 24.29 | ||
Total fair value vested | $ 7,943,000 | $ 14,576,000 | $ 18,097,000 | ||
Granted | 2,010,000 | ||||
Vested | 743,000 | ||||
Incremental shares vested | $ 10.68 | ||||
Performance-based Stock Unit | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Expected term (years) | 3 years | ||||
Weighted-average grant-date fair value granted | $ 13.8 | ||||
Total fair value vested | $ 0 | $ 0 | $ 0 | ||
Granted | 239,000 | 0 | 0 | 280,000 | 81,000 |
Vested | 0 | 0 | 0 | ||
Estimated fair value, per share | $ 13.8 | ||||
Volatility rate | 86.20% | ||||
Risk-free interest rate | 3.79% | ||||
Dividend yield | 0% | ||||
Incremental shares vested | $ 0 | ||||
Inducement Option | Chief Executive Officer | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock options to purchase shares of common stock | 1,000,000 | ||||
Vesting period (years) | 4 years | ||||
Expiration term (years) | 7 years | ||||
Minimum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Expected term (years) | 6 years | ||||
Minimum | Employee Stock Option | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period (years) | 3 years | 3 years | 3 years | ||
Expiration term (years) | 7 years | 7 years | 7 years | ||
Minimum | Restricted Stock Units | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period (years) | 2 years | 2 years | 2 years | ||
Maximum | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Expected term (years) | 7 years | ||||
Maximum | Employee Stock Option | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period (years) | 4 years | 4 years | 4 years | ||
Expiration term (years) | 10 years | 10 years | 10 years | ||
Maximum | Restricted Stock Units | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Vesting period (years) | 4 years | 4 years | 4 years | ||
Employees and Third Parties, Excluding Directors | Selling, General and Administrative Expenses | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share-based compensation expense | $ 10,715,000 | $ 12,333,000 | $ 21,348,000 | ||
Share-based compensation expense attributable to post combination vesting | $ 3,882,000 | ||||
2014 Stock Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Maximum number of shares of common stock available for grant | 12,500,000 | ||||
2014 Stock Incentive Plan | Board of Directors | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share based compensation, fully-vested shares granted | 70,000 | 77,000 | 29,000 | ||
Share based compensation, value of fully-vested shares granted | $ 404,000 | $ 624,000 | $ 757,000 | ||
2014 Stock Incentive Plan | Deferred Stock Units | Board of Directors | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share based compensation, fully-vested shares granted | 54,000 | 27,000 | |||
Share based compensation, fully-vested shares settled | 23,000 | ||||
Share based compensation, value of fully-vested shares granted | $ 373,000 | $ 174,000 |
Stock Plans - Weighted Average
Stock Plans - Weighted Average Assumptions Used to Estimate Fair Value of Option Award on Grand Date (Detail) | 12 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Dividend yield | 0% | 0% |
Volatility | 56.70% | |
Volatility, minimum | 57% | |
Volatility, maximum | 57.10% | |
Risk-free interest rate | 1.13% | |
Risk-free interest rate, minimum | 2.36% | |
Risk-free interest rate, maximum | 2.86% | |
Expected term (years) | 6 years 6 months | |
Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (years) | 6 years | |
Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (years) | 7 years |
Stock Plans - Summary of Option
Stock Plans - Summary of Option Activity and Initial Option Agreement (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 30, 2023 USD ($) $ / shares shares | |
Shares | |
Beginning Balance | shares | 7,404 |
Exercised | shares | (98) |
Cancelled | shares | (355) |
Ending Balance | shares | 6,951 |
Exercisable at December 30, 2023 | shares | 5,635 |
Weighted-Average Exercise Price | |
Beginning Balance | $ / shares | $ 33.23 |
Exercised | $ / shares | 6.69 |
Cancelled | $ / shares | 14.35 |
Ending Balance | $ / shares | 34.57 |
Exercisable at December 30, 2023 | $ / shares | $ 36.24 |
Weighted-Average Remaining Contractual Life, Outstanding at December 30, 2023 | 2 years 8 months 12 days |
Weighted-Average Remaining Contractual Life, Exercisable at December 30, 2023 | 2 years |
Aggregate Intrinsic Value, Outstanding at December 30, 2023 | $ | $ 1,255 |
Aggregate Intrinsic Value, Exercisable at December 30, 2023 | $ | $ 1,075 |
Stock Plans - Summary of RSU Ac
Stock Plans - Summary of RSU Activity Under Stock Plans (Detail) - Restricted Stock Units - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Shares | |||
Beginning Balance | 2,411 | ||
Granted | 2,010 | ||
Vested | (743) | ||
Forfeited | (1,021) | ||
Ending Balance | 2,657 | 2,411 | |
Weighted-Average Grant-Date Fair Value | |||
Beginning Balance | $ 9.09 | ||
Granted | 7.43 | $ 6.69 | $ 24.29 |
Vested | 10.68 | ||
Forfeited | 8.15 | ||
Ending Balance | $ 7.75 | $ 9.09 |
Stock Plans - Summary of PSU Ac
Stock Plans - Summary of PSU Activity Under Stock Plans (Detail) - Performance-Based Stock Units - $ / shares | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Shares | |||
Granted | 239 | ||
Vested | 0 | 0 | 0 |
Forfeited | (24) | ||
Ending Balance | 215 | ||
Weighted-Average Grant-Date Fair Value | |||
Granted | $ 13.8 | ||
Vested | 0 | ||
Forfeited | 13.8 | ||
Ending Balance | $ 13.8 |
Taxes - Components of Consolida
Taxes - Components of Consolidated Income Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (222,260) | $ (376,710) | $ (27,451) |
Foreign | 148,628 | 9,907 | 104,428 |
(Loss) income before income taxes | $ (73,632) | $ (366,803) | $ 76,977 |
Taxes - Summary of Consolidated
Taxes - Summary of Consolidated Provision for (Benefit from) US Federal State and Foreign Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 30, 2023 | Sep. 30, 2023 | Jul. 01, 2023 | Apr. 01, 2023 | Dec. 31, 2022 | Oct. 01, 2022 | Jul. 02, 2022 | Apr. 02, 2022 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Current: | |||||||||||
U.S. federal | $ 1,330 | $ 12,426 | $ 117 | ||||||||
State | 1,947 | 3,446 | 1,055 | ||||||||
Foreign | 15,525 | 20,022 | 24,245 | ||||||||
Current tax provision (benefit) | 18,802 | 35,894 | 25,417 | ||||||||
Deferred: | |||||||||||
U.S. federal | (12,419) | (110,611) | (8,510) | ||||||||
State | 4,263 | (23,213) | (9,589) | ||||||||
Foreign | 27,977 | (12,005) | 2,534 | ||||||||
Deferred tax provision (benefit) | 19,821 | (145,829) | (15,565) | ||||||||
Total provision for (benefit from) income taxes | $ 57,556 | $ (38,447) | $ (48,066) | $ 67,580 | $ (36,690) | $ (70,748) | $ (701) | $ (1,796) | $ 38,623 | $ (109,935) | $ 9,852 |
Taxes - Additional Information
Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Income Taxes [Line Items] | |||
Effective income tax rate | (52.50%) | 30% | 12.80% |
Tax benefit from legal entity restructuring | $ 45,748 | ||
Tax expense (benefit) related to tax windfalls/shortfalls from stock compensation | 1,732 | $ (3,548) | |
Tax expense related to income earned in foreign jurisdictions | $ 12,172 | 2,245 | 6,888 |
Tax benefit related to state tax | 9,441 | ||
Tax benefit related to foreign-derived intangible income | 2,637 | 4,450 | |
Tax benefit related to a decrease in applicable state tax rate on certain deferred income | 6,347 | ||
Tax expense (benefit) from change in valuation allowance | 53,626 | 27,108 | |
Deferred tax assets, valuation allowance | 89,801 | 35,818 | |
Valuation allowance on remaining U.S. deferred tax assets | 30,331 | ||
Net operating loss carry forwards | 107,415 | 82,184 | |
Undistributed foreign earnings | 91,792 | ||
Total amount of unrecognized tax benefits, if recognized, would affect effective tax rate | 509 | ||
Unrecognized tax benefits, accrued interest and penalties | 83 | 83 | |
Unrecognized tax benefits, interest and penalties recognized | 0 | (60) | 54 |
Unrecognized tax benefits would reduce due to resolution of open tax matters | 126 | ||
Business Interest Expense Carryforwards | |||
Income Taxes [Line Items] | |||
Deferred tax assets, valuation allowance | $ 27,108 | ||
Increase in valuation allowance | $ 20,268 | ||
Foreign | |||
Income Taxes [Line Items] | |||
Tax expense (benefit) from change in valuation allowance | $ (1,560) |
Taxes - Schedule of Effective I
Taxes - Schedule of Effective Income Tax Rate Reconciliation (Detail) | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory tax rate | 21% | 21% | 21% |
State income taxes (net of federal benefit) | 12.80% | 3.80% | (1.80%) |
Research and development credit | 3% | 0.40% | (1.80%) |
Tax windfall/shortfall on share-based awards | (0.90%) | (0.50%) | (4.60%) |
Reserves for uncertain tax positions | 0% | 0% | 0.20% |
Tax rate changes | (0.10%) | 0.30% | (8.10%) |
Executive compensation limitation | (1.40%) | (0.20%) | 1.80% |
FDII | 3.60% | 1.20% | 0% |
Change in valuation allowance | (72.80%) | (7.10%) | (2.00%) |
Impact of foreign operations | (16.50%) | (1.60%) | 8.90% |
Reversal of certain deferred tax liabilities | 0% | 12.50% | 0% |
Nondeductible costs | (1.30%) | 0% | 0% |
Other | 0.10% | 0.20% | (0.80%) |
Total effective tax rate | (52.50%) | 30% | 12.80% |
Taxes - Deferred Tax Assets and
Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Interest expense disallowance | $ 76,350 | $ 54,259 |
Operating lease liabilities | 16,174 | 22,076 |
Operating loss carryforwards | 12,446 | 10,102 |
Provision for estimated expenses | 3,657 | 2,815 |
Salaries and wages | 13,489 | 10,282 |
Share-based compensation | 14,920 | 15,190 |
Other comprehensive income | 3,833 | 1,841 |
Other | 4,287 | 4,211 |
Less: valuation allowance | (89,801) | (35,818) |
Total deferred tax assets | 55,355 | 84,958 |
Goodwill and intangible assets | (47,323) | (54,588) |
Operating lease assets | (13,285) | (19,270) |
Depreciation | (12,749) | (13,498) |
Termination fee | (3,408) | |
Prepaid expenses | (900) | (440) |
Total deferred tax liabilities | (77,665) | (87,796) |
Net deferred tax liabilities | $ (22,310) | $ (2,838) |
Taxes - Schedule of Unrecognize
Taxes - Schedule of Unrecognized Tax Benefit Roll Forward (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of year | $ 611 | $ 1,055 | $ 851 |
Increases related to tax positions taken in current year | 145 | 196 | |
Increases related to tax positions taken in prior years | 9 | 8 | 260 |
Reductions related to tax positions taken in prior years | (9) | (95) | (199) |
Reductions related to settlements with tax authorities | (273) | ||
Reductions related to lapse of statutes of limitations | (206) | ||
Effects of foreign currency translation | (2) | (23) | (53) |
Balance at end of year | $ 613 | $ 611 | $ 1,055 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Profit Sharing Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employee benefit plans, contribution cost | $ 0 | $ 179 | $ 1,342 |
Executive Profit Sharing Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employee benefit plans, contribution cost | $ 1,005 | $ 929 | $ 3,975 |
EPSP annualized interest rate, added percentage above prime rate | 2% | ||
Maximum | Executive Profit Sharing Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
EPSP annualized interest rate cap | 15% | ||
Savings Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employee benefit plans, employer contribution percentage | 6% | 6% | 6% |
Employee benefit plans, contribution cost | $ 3,227 | $ 2,564 | $ 3,136 |
Savings Plan | Maximum | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employee benefit plans, employer matching contribution percentage | 50% | 50% | 50% |
Cash Flow Information - Schedul
Cash Flow Information - Schedule of Cash Flow, Supplemental Disclosures (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | ||
Net cash paid during the year for: | ||||
Interest | $ 91,614 | $ 76,216 | $ 79,374 | |
Income taxes | [1] | 30,908 | 25,815 | 41,377 |
Noncash investing and financing activities were as follows: | ||||
Fair value of net assets acquired in connection with acquisitions | 7,256 | 240 | 20,032 | |
Capital expenditures and capitalized software included in accounts payable and accrued expenses | 802 | $ 1,466 | $ 1,835 | |
Common stock issued in connection with acquisition of Sequence | $ 32,943 | |||
[1] Fiscal years ended December 30, 2023, December 31, 2022 and January 1, 2022 include tax refunds received of $ 7,054 , $ 5,109 and $ 1,077 , respectively. |
Cash Flow Information - Sched_2
Cash Flow Information - Schedule of Cash Flow, Supplemental Disclosures (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |||
Tax refunds received | $ 7,054 | $ 5,109 | $ 1,077 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | Dec. 30, 2023 USD ($) |
Commitments and Contingencies [Line Items] | |
Minimum commitments under non-cancelable purchase obligations | $ 26,674 |
Minimum commitments under non-cancelable purchase obligations, due in 2024 | 12,948 |
Minimum commitments under non-cancelable purchase obligations, due in 2025 | 9,483 |
Minimum commitments under non-cancelable purchase obligations, due in 2026 | 1,981 |
Minimum commitments under non-cancelable purchase obligations, due in 2027 | 1,696 |
Minimum commitments under non-cancelable purchase obligations, due in 2028 | $ 566 |
Segment and Geographic Data - A
Segment and Geographic Data - Additional Information (Detail) | 12 Months Ended |
Dec. 30, 2023 Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment and Geographic Data - I
Segment and Geographic Data - Information About Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 30, 2023 | Sep. 30, 2023 | Jul. 01, 2023 | Apr. 01, 2023 | Dec. 31, 2022 | Oct. 01, 2022 | Jul. 02, 2022 | Apr. 02, 2022 | Jul. 03, 2021 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Segment Reporting Information [Line Items] | ||||||||||||
Revenues, net | $ 205,955 | $ 214,871 | $ 226,830 | $ 241,895 | $ 222,902 | $ 249,718 | $ 269,454 | $ 297,761 | $ 889,551 | $ 1,039,835 | $ 1,211,165 | |
Operating income (loss) | (6,008) | 30,607 | 26,317 | (28,583) | (51,778) | (254,529) | 13,366 | 8,970 | 22,333 | (283,971) | 196,596 | |
Interest expense | 95,893 | 81,141 | 87,909 | |||||||||
Other expense, net | 72 | 1,691 | 1,358 | |||||||||
Early extinguishment of debt | $ 29,169 | 30,352 | ||||||||||
Provision for (benefit from) income taxes | 57,556 | (38,447) | (48,066) | 67,580 | (36,690) | (70,748) | (701) | (1,796) | 38,623 | (109,935) | 9,852 | |
Net (loss) income | $ (88,135) | $ 43,731 | $ 50,828 | $ (118,679) | $ (35,781) | $ (206,037) | $ (6,801) | $ (8,249) | (112,255) | (256,868) | 67,125 | |
Depreciation and amortization | 57,489 | 48,819 | 54,686 | |||||||||
Operating Segments | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating income (loss) | 176,203 | (136,688) | 349,191 | |||||||||
Depreciation and amortization | 33,106 | 34,181 | 41,941 | |||||||||
General Corporate | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
General corporate expenses | 153,870 | 147,283 | 152,595 | |||||||||
Depreciation and amortization | 24,383 | 14,638 | 12,745 | |||||||||
North America | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues, net | 638,196 | 727,358 | 815,444 | |||||||||
North America | Operating Segments | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating income (loss) | 104,539 | (220,018) | 218,569 | |||||||||
Depreciation and amortization | 32,101 | 32,521 | 39,270 | |||||||||
International | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Revenues, net | 251,355 | 312,477 | 395,721 | |||||||||
International | Operating Segments | ||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||
Operating income (loss) | 71,664 | 83,330 | 130,622 | |||||||||
Depreciation and amortization | $ 1,005 | $ 1,660 | $ 2,671 |
Segment and Geographic Data - S
Segment and Geographic Data - Sources of Revenue and Other Information by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 30, 2023 | Sep. 30, 2023 | Jul. 01, 2023 | Apr. 01, 2023 | Dec. 31, 2022 | Oct. 01, 2022 | Jul. 02, 2022 | Apr. 02, 2022 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||||||||
Revenues, net | $ 205,955 | $ 214,871 | $ 226,830 | $ 241,895 | $ 222,902 | $ 249,718 | $ 269,454 | $ 297,761 | $ 889,551 | $ 1,039,835 | $ 1,211,165 | |
Long-lived assets | [1] | 19,741 | 28,229 | 19,741 | 28,229 | |||||||
Operating lease assets | 52,272 | 75,696 | 52,272 | 75,696 | ||||||||
United States | ||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||||||||
Revenues, net | 604,441 | 682,428 | 760,384 | |||||||||
Long-lived assets | [1] | 18,171 | 24,417 | 18,171 | 24,417 | |||||||
Operating lease assets | 48,870 | 68,062 | 48,870 | 68,062 | ||||||||
Germany | ||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||||||||
Revenues, net | 97,085 | 116,452 | 147,273 | |||||||||
Long-lived assets | [1] | 418 | 459 | 418 | 459 | |||||||
Operating lease assets | 446 | 702 | 446 | 702 | ||||||||
Other | ||||||||||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||||||||||
Revenues, net | 188,025 | 240,955 | $ 303,508 | |||||||||
Long-lived assets | [1] | 1,152 | 3,353 | 1,152 | 3,353 | |||||||
Operating lease assets | $ 2,956 | $ 6,932 | $ 2,956 | $ 6,932 | ||||||||
[1] Amounts include finance lease assets |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Dec. 30, 2023 | Dec. 31, 2022 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt outstanding amount | $ 1,426,464,000 | $ 1,422,284,000 |
Fair value of long-term debt | 996,429,000 | 782,384,000 |
Fair value assets, transfer between level 1 to level 2 | 0 | 0 |
Fair value liabilities, transfer between level 1 to level 2 | 0 | 0 |
Fair value assets, transfer between level 2 to level 1 | 0 | 0 |
Fair value liabilities, transfer between level 2 to level 1 | 0 | 0 |
Revolving Credit Facility | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Carrying value of long-term debt | 0 | 0 |
Debt outstanding amount | $ 0 | $ 0 |
Fair Value Measurements - Aggre
Fair Value Measurements - Aggregate Fair Value of Derivative Financial Instruments (Detail) - Fair Value, Measurements, Recurring - Interest Rate Swap - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Interest rate swap current asset | $ 3,555 | $ 11,748 |
Interest rate swap noncurrent asset | 2,450 | |
Fair Value Measurements Using Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Interest rate swap current asset | $ 3,555 | 11,748 |
Interest rate swap noncurrent asset | $ 2,450 |
Derivative Instruments and He_3
Derivative Instruments and Hedging - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Apr. 02, 2020 | Jun. 07, 2019 | Jun. 11, 2018 | Dec. 30, 2023 | Dec. 31, 2022 |
Derivative | ||||||
Derivative loss included in accumulated other comprehensive income (loss) that are expected to be reclassified into earnings within the next 12 months, net of tax | $ 2,716 | |||||
Derivative loss included in accumulated other comprehensive income (loss) that are expected to be reclassified into earnings within the next 12 months, before tax | 3,474 | |||||
Interest Rate Swap | ||||||
Derivative | ||||||
Cumulative gain (loss) for qualifying hedges reported as a component of accumulated other comprehensive income (loss) net of tax | 2,716 | $ 10,723 | ||||
Cumulative gain (loss) for qualifying hedges reported as a component of accumulated other comprehensive income (loss) before tax | 3,474 | 14,146 | ||||
Interest Rate Swap | 2018 Swap | ||||||
Derivative | ||||||
Forward-starting interest rate swap, effective date | Apr. 02, 2020 | |||||
Forward starting interest rate swap, termination date | Mar. 31, 2024 | |||||
Derivative interest rate swap percentage | 3.1513% | |||||
Interest Rate Swap | 2019 Swap | ||||||
Derivative | ||||||
Forward-starting interest rate swap, effective date | Apr. 02, 2020 | |||||
Forward starting interest rate swap, termination date | Mar. 31, 2024 | |||||
Derivative interest rate swap percentage | 1.9645% | |||||
Interest Rate Swap | Cash Flow Hedging | ||||||
Derivative | ||||||
Notional amount | $ 500,000 | $ 500,000 | ||||
Interest Rate Swap | Cash Flow Hedging | 2018 Swap | ||||||
Derivative | ||||||
Notional amount | $ 250,000 | $ 500,000 | $ 500,000 | |||
Forward-starting interest rate swap, effective date | Mar. 31, 2021 | Apr. 02, 2020 | ||||
Interest Rate Swap | Cash Flow Hedging | 2019 Swap | ||||||
Derivative | ||||||
Notional amount | $ 250,000 |
Derivative Instruments and He_4
Derivative Instruments and Hedging - Aggregate Fair Value of Derivative Financial Instruments by Balance Sheet Classification and Location (Detail) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Derivative assets | $ 3,555 | $ 14,198 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Assets | Assets |
Interest Rate Swap - Current Swaps | ||
Derivative [Line Items] | ||
Derivative assets, current | $ 3,555 | $ 11,748 |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Prepaid Expense and Other Assets, Current | Prepaid Expense and Other Assets, Current |
Derivative assets, noncurrent | $ 2,450 | |
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss by Component (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning Balance | $ (685,780) | $ (452,904) | $ (544,944) | |
Other comprehensive income (loss) before reclassifications, net of tax | [1] | 3,908 | 10,818 | (1,139) |
Amounts reclassified from accumulated other comprehensive loss, net of tax | [1],[2] | (9,738) | 2,316 | 7,684 |
Net current period other comprehensive income (loss) | [1] | (5,830) | 13,134 | 6,545 |
Ending balance | (761,094) | (685,780) | (452,904) | |
(Loss) Gain on Qualifying Hedges | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning Balance | [1] | 10,723 | (10,843) | (20,979) |
Other comprehensive income (loss) before reclassifications, net of tax | [1] | 1,731 | 19,250 | 2,452 |
Amounts reclassified from accumulated other comprehensive loss, net of tax | [1],[2] | (9,738) | 2,316 | 7,684 |
Net current period other comprehensive income (loss) | [1] | (8,007) | 21,566 | 10,136 |
Ending balance | [1] | 2,716 | 10,723 | (10,843) |
Loss on Foreign Currency Translation | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning Balance | [1] | (16,193) | (7,761) | (4,170) |
Other comprehensive income (loss) before reclassifications, net of tax | [1] | 2,177 | (8,432) | (3,591) |
Net current period other comprehensive income (loss) | [1] | 2,177 | (8,432) | (3,591) |
Ending balance | [1] | (14,016) | (16,193) | (7,761) |
Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Beginning Balance | [1] | (5,470) | (18,604) | (25,149) |
Ending balance | [1] | $ (11,300) | $ (5,470) | $ (18,604) |
[1] Amounts in parentheses indicate debits See separate table below for details about these reclassifications |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Reclassifications out of Accumulated Other Comprehensive Loss (Detail) - Interest Rate Contract - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | ||
Interest Expense | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Gain (Loss) on Qualifying Hedges | [1] | $ 12,980 | $ (3,090) | $ (10,271) |
(Loss) Income Before Income Taxes | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Gain (Loss) on Qualifying Hedges | [1] | 12,980 | (3,090) | (10,271) |
Provision for (benefit from) income taxes | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Gain (Loss) on Qualifying Hedges | [1] | (3,242) | 774 | 2,587 |
Net (loss) income | ||||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | ||||
Gain (Loss) on Qualifying Hedges | [1] | $ 9,738 | $ (2,316) | $ (7,684) |
[1] Amounts in parentheses indicate debits to profit/loss |
Related Party - Additional Info
Related Party - Additional Information (Detail) - USD ($) shares in Thousands | 12 Months Ended | |||
Oct. 18, 2015 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Related Party Transaction [Line Items] | ||||
Initial agreement term | 5 years | |||
Services provided by related party | $ 264,950,000 | $ 263,840,000 | $ 268,614,000 | |
Stock options exercised by related party | 98 | |||
Ms. Winfrey | ||||
Related Party Transaction [Line Items] | ||||
Number of shares sold by related party | 1,542 | |||
Stock options exercised by related party | 581 | |||
Ms. Winfrey | Related Party | ||||
Related Party Transaction [Line Items] | ||||
Services provided by related party | $ 574,000 | 861,000 | $ 918,000 | |
Outstanding payables to related parties | $ 0 | $ 0 |
Restructuring - Additional Info
Restructuring - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | 15 Months Ended | 21 Months Ended | 36 Months Ended | 45 Months Ended | ||||||||||
Dec. 30, 2023 | Sep. 30, 2023 | Jul. 01, 2023 | Apr. 01, 2023 | Dec. 31, 2022 | Oct. 01, 2022 | Jul. 02, 2022 | Apr. 02, 2022 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Jan. 02, 2021 | Dec. 30, 2023 | Dec. 30, 2023 | Dec. 30, 2023 | Dec. 30, 2023 | |
Restructuring Cost And Reserve [Line Items] | ||||||||||||||||
Restructuring charges | $ 23,629 | $ 5,975 | $ 2,650 | $ 22,660 | $ 17,352 | $ 3,660 | $ 18,550 | $ 149 | ||||||||
2023 Plan | ||||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||||
Restructuring charges | $ 53,743 | $ 13,608 | ||||||||||||||
2023 Plan | Non-cash Restructuring Charges | ||||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||||
Restructuring charges | 6,637 | |||||||||||||||
2023 Plan | Cumulative Amount Incurred | ||||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||||
Restructuring charges | $ 67,351 | |||||||||||||||
2023 Plan | Cumulative Amount Incurred | Non-cash Restructuring Charges | ||||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||||
Restructuring charges | 6,637 | |||||||||||||||
2023 Plan | Other Cash Restructuring Charges | Cumulative Amount Incurred | ||||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||||
Restructuring charges | 1,577 | |||||||||||||||
2023 Plan | Organizational Restructuring | Employee Termination Benefit Costs | Cumulative Amount Incurred | ||||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||||
Restructuring charges | 38,737 | |||||||||||||||
2023 Plan | Real Estate Restructuring | Lease Termination Costs | Cumulative Amount Incurred | ||||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||||
Restructuring charges | $ 12,924 | |||||||||||||||
2023 Plan | Real Estate Restructuring | Employee Termination Benefit Costs | Cumulative Amount Incurred | ||||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||||
Restructuring charges | $ 7,476 | |||||||||||||||
2022 Plan | ||||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||||
Restructuring charges | 27,181 | |||||||||||||||
2022 Plan | Non-cash Restructuring Charges | ||||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||||
Restructuring charges | $ 4,592 | |||||||||||||||
2022 Plan | Cumulative Amount Incurred | ||||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||||
Restructuring charges | $ 28,316 | |||||||||||||||
2021 Plan | ||||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||||
Restructuring charges | $ 21,534 | |||||||||||||||
2021 Plan | Non-cash Restructuring Charges | ||||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||||
Restructuring charges | $ 3,684 | |||||||||||||||
2021 Plan | Cumulative Amount Incurred | ||||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||||
Restructuring charges | $ 21,227 | |||||||||||||||
2020 Plan | ||||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||||
Restructuring charges | $ 33,092 | |||||||||||||||
2020 Plan | Non-cash Restructuring Charges | ||||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||||
Restructuring charges | $ 2,023 | |||||||||||||||
2020 Plan | Cumulative Amount Incurred | ||||||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||||||
Restructuring charges | $ 30,729 |
Restructuring - Components of R
Restructuring - Components of Restructuring Charges (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 30, 2023 | Sep. 30, 2023 | Jul. 01, 2023 | Apr. 01, 2023 | Dec. 31, 2022 | Oct. 01, 2022 | Jul. 02, 2022 | Apr. 02, 2022 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Jan. 02, 2021 | |
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | $ 23,629 | $ 5,975 | $ 2,650 | $ 22,660 | $ 17,352 | $ 3,660 | $ 18,550 | $ 149 | ||||
2023 Plan | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | $ 53,743 | $ 13,608 | ||||||||||
2023 Plan | Cost of Revenues | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | 21,116 | 1,798 | ||||||||||
2023 Plan | Selling, General and Administrative Expenses | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | 32,627 | 11,810 | ||||||||||
2023 Plan | Cash Restructuring Charges | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | 47,106 | |||||||||||
2023 Plan | Cash Restructuring Charges | Other Cash Restructuring Charges | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | 1,577 | |||||||||||
2023 Plan | Cash Restructuring Charges | Real Estate Restructuring | Lease Termination Costs | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | 12,924 | |||||||||||
2023 Plan | Cash Restructuring Charges | Real Estate Restructuring | Employee Termination Benefit Costs | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | 5,678 | 1,798 | ||||||||||
2023 Plan | Cash Restructuring Charges | Organizational Restructuring | Employee Termination Benefit Costs | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | 26,927 | 11,810 | ||||||||||
2023 Plan | Non-cash Restructuring Charges | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | 6,637 | |||||||||||
2023 Plan | Non-cash Restructuring Charges | Accelerated Depreciation And Amortization Charges | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | 6,831 | |||||||||||
2023 Plan | Non-cash Restructuring Charges | Other Non-cash Restructuring Charges | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | $ (194) | |||||||||||
2022 Plan | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | 27,181 | |||||||||||
2022 Plan | Cost of Revenues | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | 6,476 | |||||||||||
2022 Plan | Selling, General and Administrative Expenses | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | 20,705 | |||||||||||
2022 Plan | Cash Restructuring Charges | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | 22,589 | |||||||||||
2022 Plan | Cash Restructuring Charges | Lease Termination Costs | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | 2,424 | |||||||||||
2022 Plan | Cash Restructuring Charges | Employee Termination Benefit Costs | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | 19,170 | |||||||||||
2022 Plan | Cash Restructuring Charges | Other Cash Restructuring Charges | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | 995 | |||||||||||
2022 Plan | Non-cash Restructuring Charges | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | 4,592 | |||||||||||
2022 Plan | Non-cash Restructuring Charges | Lease Impairments | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | 2,680 | |||||||||||
2022 Plan | Non-cash Restructuring Charges | Accelerated Depreciation And Amortization Charges | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | 1,453 | |||||||||||
2022 Plan | Non-cash Restructuring Charges | Other Non-cash Restructuring Charges | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | 459 | |||||||||||
2021 Plan | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | $ 21,534 | |||||||||||
2021 Plan | Cost of Revenues | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | 16,727 | |||||||||||
2021 Plan | Selling, General and Administrative Expenses | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | 4,807 | |||||||||||
2021 Plan | Cash Restructuring Charges | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | 245 | 17,850 | ||||||||||
2021 Plan | Cash Restructuring Charges | Lease Termination Costs | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | 97 | 9,004 | ||||||||||
2021 Plan | Cash Restructuring Charges | Employee Termination Benefit Costs | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | $ 148 | 8,846 | ||||||||||
2021 Plan | Non-cash Restructuring Charges | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | 3,684 | |||||||||||
2021 Plan | Non-cash Restructuring Charges | Accelerated Depreciation And Amortization Charges | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | 3,067 | |||||||||||
2021 Plan | Non-cash Restructuring Charges | Other Non-cash Restructuring Charges | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | $ 617 | |||||||||||
2020 Plan | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | $ 33,092 | |||||||||||
2020 Plan | Cost of Revenues | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | 23,300 | |||||||||||
2020 Plan | Selling, General and Administrative Expenses | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | 9,792 | |||||||||||
2020 Plan | Cash Restructuring Charges | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | 31,069 | |||||||||||
2020 Plan | Cash Restructuring Charges | Lease Termination Costs | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | 5,966 | |||||||||||
2020 Plan | Cash Restructuring Charges | Employee Termination Benefit Costs | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | 25,103 | |||||||||||
2020 Plan | Non-cash Restructuring Charges | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | 2,023 | |||||||||||
2020 Plan | Non-cash Restructuring Charges | Accelerated Depreciation And Amortization Charges | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | 677 | |||||||||||
2020 Plan | Non-cash Restructuring Charges | Other Non-cash Restructuring Charges | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | $ 1,346 |
Restructuring - Schedule of Res
Restructuring - Schedule of Restructuring Charges (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 30, 2023 | Sep. 30, 2023 | Jul. 01, 2023 | Apr. 01, 2023 | Dec. 31, 2022 | Oct. 01, 2022 | Jul. 02, 2022 | Apr. 02, 2022 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Jan. 02, 2021 | |
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | $ 23,629 | $ 5,975 | $ 2,650 | $ 22,660 | $ 17,352 | $ 3,660 | $ 18,550 | $ 149 | ||||
2023 Plan | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | $ 53,743 | $ 13,608 | ||||||||||
2023 Plan | Cost of Revenues | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | 21,116 | 1,798 | ||||||||||
2023 Plan | Selling, General and Administrative Expenses | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | $ 32,627 | 11,810 | ||||||||||
2022 Plan | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | 27,181 | |||||||||||
2022 Plan | Cost of Revenues | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | 6,476 | |||||||||||
2022 Plan | Selling, General and Administrative Expenses | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | $ 20,705 | |||||||||||
2021 Plan | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | $ 21,534 | |||||||||||
2021 Plan | Cost of Revenues | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | 16,727 | |||||||||||
2021 Plan | Selling, General and Administrative Expenses | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | $ 4,807 | |||||||||||
2020 Plan | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | $ 33,092 | |||||||||||
2020 Plan | Cost of Revenues | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | 23,300 | |||||||||||
2020 Plan | Selling, General and Administrative Expenses | ||||||||||||
Restructuring Cost And Reserve [Line Items] | ||||||||||||
Total restructuring charges | $ 9,792 |
Restructuring - Schedule of R_2
Restructuring - Schedule of Restructuring-related Liabilities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | 36 Months Ended | ||||||||||
Dec. 30, 2023 | Sep. 30, 2023 | Jul. 01, 2023 | Apr. 01, 2023 | Dec. 31, 2022 | Oct. 01, 2022 | Jul. 02, 2022 | Apr. 02, 2022 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Jan. 02, 2021 | Dec. 30, 2023 | |
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring charges | $ 23,629 | $ 5,975 | $ 2,650 | $ 22,660 | $ 17,352 | $ 3,660 | $ 18,550 | $ 149 | |||||
2023 Plan | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring charges | $ 53,743 | $ 13,608 | |||||||||||
2023 Plan | Cash Restructuring Charges | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Beginning Balance | 13,608 | 13,608 | |||||||||||
Restructuring charges | 47,106 | ||||||||||||
Payments | (33,956) | ||||||||||||
Ending Balance | 26,758 | 13,608 | 26,758 | 13,608 | $ 26,758 | ||||||||
2023 Plan | Cash Restructuring Charges | Other Cash Restructuring Charges | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring charges | 1,577 | ||||||||||||
Payments | (1,233) | ||||||||||||
Ending Balance | 344 | 344 | 344 | ||||||||||
2023 Plan | Cash Restructuring Charges | Real Estate Restructuring | Lease Termination Costs | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring charges | 12,924 | ||||||||||||
Payments | (12,768) | ||||||||||||
Ending Balance | 156 | 156 | 156 | ||||||||||
2023 Plan | Cash Restructuring Charges | Real Estate Restructuring | Employee Termination Benefit Costs | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Beginning Balance | 1,798 | 1,798 | |||||||||||
Restructuring charges | 5,678 | 1,798 | |||||||||||
Payments | (4,813) | ||||||||||||
Ending Balance | 2,663 | 1,798 | 2,663 | 1,798 | 2,663 | ||||||||
2023 Plan | Cash Restructuring Charges | Organizational Restructuring | Employee Termination Benefit Costs | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Beginning Balance | 11,810 | 11,810 | |||||||||||
Restructuring charges | 26,927 | 11,810 | |||||||||||
Payments | (15,142) | ||||||||||||
Ending Balance | 23,595 | 11,810 | 23,595 | 11,810 | 23,595 | ||||||||
2022 Plan | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring charges | 27,181 | ||||||||||||
2022 Plan | Cash Restructuring Charges | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Beginning Balance | 9,803 | 9,803 | |||||||||||
Restructuring charges | 22,589 | ||||||||||||
Payments | (9,997) | (12,786) | |||||||||||
Change in estimate | 1,135 | ||||||||||||
Ending Balance | 941 | 9,803 | 941 | 9,803 | 941 | ||||||||
2022 Plan | Cash Restructuring Charges | Lease Termination Costs | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Beginning Balance | 547 | 547 | |||||||||||
Restructuring charges | 2,424 | ||||||||||||
Payments | (122) | (1,877) | |||||||||||
Change in estimate | (425) | ||||||||||||
Ending Balance | 547 | 547 | |||||||||||
2022 Plan | Cash Restructuring Charges | Employee Termination Benefit Costs | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Beginning Balance | 8,261 | 8,261 | |||||||||||
Restructuring charges | 19,170 | ||||||||||||
Payments | (8,880) | (10,909) | |||||||||||
Change in estimate | 1,560 | ||||||||||||
Ending Balance | $ 941 | 8,261 | 941 | 8,261 | 941 | ||||||||
2022 Plan | Cash Restructuring Charges | Other Cash Restructuring Charges | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Beginning Balance | 995 | 995 | |||||||||||
Restructuring charges | 995 | ||||||||||||
Payments | (995) | ||||||||||||
Ending Balance | 995 | 995 | |||||||||||
2021 Plan | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring charges | $ 21,534 | ||||||||||||
2021 Plan | Cash Restructuring Charges | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Beginning Balance | 450 | 5,405 | 450 | 5,405 | |||||||||
Restructuring charges | 245 | 17,850 | |||||||||||
Payments | (507) | (4,591) | (12,442) | ||||||||||
Change in estimate | 57 | (609) | (3) | ||||||||||
Ending Balance | 450 | 450 | 5,405 | ||||||||||
2021 Plan | Cash Restructuring Charges | Lease Termination Costs | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Beginning Balance | 1,361 | 1,361 | |||||||||||
Restructuring charges | 97 | 9,004 | |||||||||||
Payments | (777) | (7,640) | |||||||||||
Change in estimate | (681) | (3) | |||||||||||
Ending Balance | 1,361 | ||||||||||||
2021 Plan | Cash Restructuring Charges | Employee Termination Benefit Costs | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Beginning Balance | 450 | 4,044 | 450 | 4,044 | |||||||||
Restructuring charges | 148 | 8,846 | |||||||||||
Payments | (507) | (3,814) | (4,802) | ||||||||||
Change in estimate | 57 | 72 | |||||||||||
Ending Balance | 450 | 450 | 4,044 | ||||||||||
2020 Plan | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Restructuring charges | $ 33,092 | ||||||||||||
2020 Plan | Cash Restructuring Charges | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Beginning Balance | 117 | 2,142 | 117 | 2,142 | 15,170 | 15,170 | |||||||
Restructuring charges | 31,069 | ||||||||||||
Payments | (97) | (1,288) | (11,422) | (16,079) | |||||||||
Change in estimate | (20) | (737) | (1,606) | 180 | |||||||||
Ending Balance | 117 | 117 | 2,142 | 15,170 | |||||||||
2020 Plan | Cash Restructuring Charges | Lease Termination Costs | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Beginning Balance | 202 | 202 | 5,321 | 5,321 | |||||||||
Restructuring charges | 5,966 | ||||||||||||
Payments | (86) | (4,649) | (645) | ||||||||||
Change in estimate | (116) | (470) | |||||||||||
Ending Balance | 202 | 5,321 | |||||||||||
2020 Plan | Cash Restructuring Charges | Employee Termination Benefit Costs | |||||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||||
Beginning Balance | $ 117 | $ 1,940 | 117 | 1,940 | 9,849 | $ 9,849 | |||||||
Restructuring charges | 25,103 | ||||||||||||
Payments | (97) | (1,202) | (6,773) | (15,434) | |||||||||
Change in estimate | $ (20) | (621) | (1,136) | 180 | |||||||||
Ending Balance | $ 117 | $ 117 | $ 1,940 | $ 9,849 |
Revision of Previously Issued_3
Revision of Previously Issued Financial Statements - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 30, 2023 | Sep. 30, 2023 | Jul. 01, 2023 | Apr. 01, 2023 | Dec. 31, 2022 | Oct. 01, 2022 | Jul. 02, 2022 | Apr. 02, 2022 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Jan. 01, 2023 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Total stockholders' equity | $ (761,094) | $ (685,780) | $ (761,094) | $ (685,780) | ||||||||
Revenues, net | $ 205,955 | $ 214,871 | $ 226,830 | $ 241,895 | 222,902 | $ 249,718 | $ 269,454 | $ 297,761 | 889,551 | 1,039,835 | $ 1,211,165 | |
Cost of revenues | 360,248 | 418,456 | 484,498 | |||||||||
Product and Other | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Revenues, net | 66,796 | 120,780 | 149,736 | |||||||||
Cost of revenues | 59,186 | 96,928 | 116,044 | |||||||||
Subscription | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Revenues, net | 822,755 | 919,055 | 1,061,429 | |||||||||
Cost of revenues | $ 301,062 | 321,528 | 368,454 | |||||||||
Adjustments | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Total stockholders' equity | (1,965) | (1,965) | ||||||||||
Revenues, net | $ (1,021) | (1,021) | (1,298) | |||||||||
Cost of revenues | (1,610) | |||||||||||
Adjustments | Product and Other | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Revenues, net | $ (1,021) | 312 | ||||||||||
Adjustments | Subscription | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Revenues, net | (1,610) | |||||||||||
Cost of revenues | $ (1,610) | |||||||||||
Retained Earnings | Adjustments | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Total stockholders' equity | $ 5,465 | |||||||||||
Retained Earnings | Adjustments | Income Tax Misstatement | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Total stockholders' equity | 1,965 | |||||||||||
Retained Earnings | Adjustments | Other Misstatements | ||||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||||
Total stockholders' equity | $ 3,500 |
Revision of Previously Issued_4
Revision of Previously Issued Financial Statements - Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 30, 2023 | Dec. 31, 2022 |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Deferred income taxes | $ 41,994 | $ 25,084 |
Total Liabilities | 1,743,124 | 1,714,210 |
Retained earnings | 2,314,834 | 2,416,994 |
Total Deficit | $ (761,094) | (685,780) |
As Previously Reported | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Deferred income taxes | 23,119 | |
Total Liabilities | 1,712,245 | |
Retained earnings | 2,418,959 | |
Total Deficit | (683,815) | |
Adjustments | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||
Deferred income taxes | 1,965 | |
Total Liabilities | 1,965 | |
Retained earnings | (1,965) | |
Total Deficit | $ (1,965) |
Revision of Previously Issued_5
Revision of Previously Issued Financial Statements - Statement of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 30, 2023 | Sep. 30, 2023 | Jul. 01, 2023 | Apr. 01, 2023 | Dec. 31, 2022 | Oct. 01, 2022 | Jul. 02, 2022 | Apr. 02, 2022 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Revenues, net | $ 205,955 | $ 214,871 | $ 226,830 | $ 241,895 | $ 222,902 | $ 249,718 | $ 269,454 | $ 297,761 | $ 889,551 | $ 1,039,835 | $ 1,211,165 |
Cost of revenues | 360,248 | 418,456 | 484,498 | ||||||||
Gross profit | 124,857 | 141,755 | 143,180 | 119,511 | 125,968 | 152,351 | 162,962 | 180,098 | 529,303 | 621,379 | 726,667 |
Operating income (loss) | (6,008) | 30,607 | 26,317 | (28,583) | (51,778) | (254,529) | 13,366 | 8,970 | 22,333 | (283,971) | 196,596 |
(Loss) income before income taxes | (73,632) | (366,803) | 76,977 | ||||||||
Provision for (benefit from) income taxes | 57,556 | (38,447) | (48,066) | 67,580 | (36,690) | (70,748) | (701) | (1,796) | 38,623 | (109,935) | 9,852 |
Net (loss) income | $ (88,135) | $ 43,731 | $ 50,828 | $ (118,679) | $ (35,781) | $ (206,037) | $ (6,801) | $ (8,249) | $ (112,255) | $ (256,868) | $ 67,125 |
(Net loss) earnings per share | |||||||||||
Basic | $ (1.11) | $ 0.55 | $ 0.65 | $ (1.68) | $ (0.51) | $ (2.93) | $ (0.1) | $ (0.12) | $ (1.46) | $ (3.65) | $ 0.96 |
Diluted | $ (1.11) | $ 0.54 | $ 0.65 | $ (1.68) | $ (0.51) | $ (2.93) | $ (0.1) | $ (0.12) | $ (1.46) | $ (3.65) | $ 0.95 |
Subscription | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Revenues, net | $ 822,755 | $ 919,055 | $ 1,061,429 | ||||||||
Cost of revenues | 301,062 | 321,528 | 368,454 | ||||||||
Product and Other | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Revenues, net | 66,796 | 120,780 | 149,736 | ||||||||
Cost of revenues | $ 59,186 | 96,928 | 116,044 | ||||||||
As Previously Reported | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Revenues, net | 1,040,856 | 1,212,463 | |||||||||
Cost of revenues | 486,108 | ||||||||||
Gross profit | 622,400 | 726,355 | |||||||||
Operating income (loss) | (282,950) | 196,284 | |||||||||
(Loss) income before income taxes | (365,782) | 76,665 | |||||||||
Provision for (benefit from) income taxes | (114,379) | 9,773 | |||||||||
Net (loss) income | $ (251,403) | $ 66,892 | |||||||||
(Net loss) earnings per share | |||||||||||
Basic | $ (3.58) | $ 0.96 | |||||||||
Diluted | $ (3.58) | $ 0.95 | |||||||||
As Previously Reported | Subscription | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Revenues, net | $ 1,063,039 | ||||||||||
Cost of revenues | 370,064 | ||||||||||
As Previously Reported | Product and Other | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Revenues, net | $ 121,801 | 149,424 | |||||||||
Adjustments | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Revenues, net | $ (1,021) | (1,021) | (1,298) | ||||||||
Cost of revenues | (1,610) | ||||||||||
Gross profit | (1,021) | (1,021) | 312 | ||||||||
Operating income (loss) | (1,021) | (1,021) | 312 | ||||||||
(Loss) income before income taxes | (1,021) | 312 | |||||||||
Provision for (benefit from) income taxes | 2,259 | $ 1 | $ 2,178 | $ 6 | 4,444 | 79 | |||||
Net (loss) income | $ (3,280) | $ (1) | $ (2,178) | $ (6) | $ (5,465) | $ 233 | |||||
(Net loss) earnings per share | |||||||||||
Basic | $ (0.05) | $ 0 | $ (0.03) | $ 0 | $ (0.08) | $ 0 | |||||
Diluted | $ (0.05) | $ 0 | $ (0.03) | $ 0 | $ (0.08) | $ 0 | |||||
Adjustments | Subscription | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Revenues, net | $ (1,610) | ||||||||||
Cost of revenues | (1,610) | ||||||||||
Adjustments | Product and Other | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Revenues, net | $ (1,021) | $ 312 |
Revision of Previously Issued_6
Revision of Previously Issued Financial Statements - Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 30, 2023 | Sep. 30, 2023 | Jul. 01, 2023 | Apr. 01, 2023 | Dec. 31, 2022 | Oct. 01, 2022 | Jul. 02, 2022 | Apr. 02, 2022 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Net (loss) income | $ (88,135) | $ 43,731 | $ 50,828 | $ (118,679) | $ (35,781) | $ (206,037) | $ (6,801) | $ (8,249) | $ (112,255) | $ (256,868) | $ 67,125 |
Comprehensive (loss) income | $ (118,085) | (243,734) | 73,670 | ||||||||
As Previously Reported | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Net (loss) income | (251,403) | 66,892 | |||||||||
Comprehensive (loss) income | (238,269) | 73,437 | |||||||||
Adjustments | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Net (loss) income | $ (3,280) | $ (1) | $ (2,178) | $ (6) | (5,465) | 233 | |||||
Comprehensive (loss) income | $ (5,465) | $ 233 |
Revision of Previously Issued_7
Revision of Previously Issued Financial Statements - Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 30, 2023 | Sep. 30, 2023 | Jul. 01, 2023 | Apr. 01, 2023 | Dec. 31, 2022 | Oct. 01, 2022 | Jul. 02, 2022 | Apr. 02, 2022 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Net (loss) income | $ (88,135) | $ 43,731 | $ 50,828 | $ (118,679) | $ (35,781) | $ (206,037) | $ (6,801) | $ (8,249) | $ (112,255) | $ (256,868) | $ 67,125 |
Adjustments to reconcile net loss to cash provided by operating activities: | |||||||||||
Deferred tax benefit | 19,821 | (145,829) | (15,565) | ||||||||
Changes in cash due to: | |||||||||||
Prepaid expenses | (4,133) | 8,878 | 1,554 | ||||||||
Accrued liabilities | (11,625) | 20,925 | 960 | ||||||||
Income taxes | (211) | (588) | (6,935) | ||||||||
Cash provided by operating activities | $ 6,686 | 76,646 | 157,281 | ||||||||
As Previously Reported | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Net (loss) income | (251,403) | 66,892 | |||||||||
Adjustments to reconcile net loss to cash provided by operating activities: | |||||||||||
Deferred tax benefit | (150,994) | ||||||||||
Changes in cash due to: | |||||||||||
Prepaid expenses | 9,599 | ||||||||||
Accrued liabilities | 19,904 | 1,272 | |||||||||
Income taxes | (7,014) | ||||||||||
Cash provided by operating activities | 76,646 | 157,281 | |||||||||
Adjustments | |||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | |||||||||||
Net (loss) income | $ (3,280) | $ (1) | $ (2,178) | $ (6) | (5,465) | 233 | |||||
Adjustments to reconcile net loss to cash provided by operating activities: | |||||||||||
Deferred tax benefit | 5,165 | ||||||||||
Changes in cash due to: | |||||||||||
Prepaid expenses | (721) | ||||||||||
Accrued liabilities | $ 1,021 | (312) | |||||||||
Income taxes | $ 79 |
Quarterly Financial Informati_3
Quarterly Financial Information (Unaudited) - Summary of Unaudited Quarterly Consolidated Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 30, 2023 | Sep. 30, 2023 | Jul. 01, 2023 | Apr. 01, 2023 | Dec. 31, 2022 | Oct. 01, 2022 | Jul. 02, 2022 | Apr. 02, 2022 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues, net | $ 205,955 | $ 214,871 | $ 226,830 | $ 241,895 | $ 222,902 | $ 249,718 | $ 269,454 | $ 297,761 | $ 889,551 | $ 1,039,835 | $ 1,211,165 |
Gross profit | 124,857 | 141,755 | 143,180 | 119,511 | 125,968 | 152,351 | 162,962 | 180,098 | 529,303 | 621,379 | 726,667 |
Operating income (loss) | (6,008) | 30,607 | 26,317 | (28,583) | (51,778) | (254,529) | 13,366 | 8,970 | 22,333 | (283,971) | 196,596 |
Provision for (benefit from) income taxes | 57,556 | (38,447) | (48,066) | 67,580 | (36,690) | (70,748) | (701) | (1,796) | 38,623 | (109,935) | 9,852 |
Net (loss) income | $ (88,135) | $ 43,731 | $ 50,828 | $ (118,679) | $ (35,781) | $ (206,037) | $ (6,801) | $ (8,249) | $ (112,255) | $ (256,868) | $ 67,125 |
Basic (net loss) earnings per share | $ (1.11) | $ 0.55 | $ 0.65 | $ (1.68) | $ (0.51) | $ (2.93) | $ (0.1) | $ (0.12) | $ (1.46) | $ (3.65) | $ 0.96 |
Diluted (net loss) earnings per share | $ (1.11) | $ 0.54 | $ 0.65 | $ (1.68) | $ (0.51) | $ (2.93) | $ (0.1) | $ (0.12) | $ (1.46) | $ (3.65) | $ 0.95 |
Quarterly Financial Informati_4
Quarterly Financial Information (Unaudited) - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
May 07, 2023 | May 08, 2022 | Dec. 30, 2023 | Sep. 30, 2023 | Jul. 01, 2023 | Apr. 01, 2023 | Dec. 31, 2022 | Oct. 01, 2022 | Jul. 02, 2022 | Apr. 02, 2022 | Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | |
Quarterly Financial Information [Line Items] | |||||||||||||
Restructuring charges | $ 23,629 | $ 5,975 | $ 2,650 | $ 22,660 | $ 17,352 | $ 3,660 | $ 18,550 | $ 149 | |||||
Goodwill impairment | $ 0 | $ 0 | $ 3,586 | $ 3,124 | |||||||||
Net (loss) income | (88,135) | 43,731 | 50,828 | (118,679) | (35,781) | (206,037) | (6,801) | (8,249) | (112,255) | (256,868) | $ 67,125 | ||
Provision for (benefit from) income taxes | $ 57,556 | $ (38,447) | $ (48,066) | $ 67,580 | $ (36,690) | $ (70,748) | $ (701) | $ (1,796) | $ 38,623 | $ (109,935) | $ 9,852 | ||
Basic (net loss) earnings per share | $ (1.11) | $ 0.55 | $ 0.65 | $ (1.68) | $ (0.51) | $ (2.93) | $ (0.1) | $ (0.12) | $ (1.46) | $ (3.65) | $ 0.96 | ||
Diluted (net loss) earnings per share | $ (1.11) | $ 0.54 | $ 0.65 | $ (1.68) | $ (0.51) | $ (2.93) | $ (0.1) | $ (0.12) | $ (1.46) | $ (3.65) | $ 0.95 | ||
Revenues, net | $ 205,955 | $ 214,871 | $ 226,830 | $ 241,895 | $ 222,902 | $ 249,718 | $ 269,454 | $ 297,761 | $ 889,551 | $ 1,039,835 | $ 1,211,165 | ||
Gross profit | 124,857 | 141,755 | 143,180 | 119,511 | 125,968 | 152,351 | 162,962 | 180,098 | 529,303 | 621,379 | 726,667 | ||
Operating income (loss) | (6,008) | $ 30,607 | 26,317 | (28,583) | (51,778) | (254,529) | 13,366 | 8,970 | 22,333 | (283,971) | 196,596 | ||
Adjustments | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Net (loss) income | (3,280) | (1) | (2,178) | (6) | (5,465) | 233 | |||||||
Provision for (benefit from) income taxes | $ 2,259 | $ 1 | $ 2,178 | $ 6 | $ 4,444 | $ 79 | |||||||
Basic (net loss) earnings per share | $ (0.05) | $ 0 | $ (0.03) | $ 0 | $ (0.08) | $ 0 | |||||||
Diluted (net loss) earnings per share | $ (0.05) | $ 0 | $ (0.03) | $ 0 | $ (0.08) | $ 0 | |||||||
Revenues, net | $ (1,021) | $ (1,021) | $ (1,298) | ||||||||||
Gross profit | (1,021) | (1,021) | 312 | ||||||||||
Operating income (loss) | (1,021) | (1,021) | 312 | ||||||||||
Franchise Rights Acquired | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Indefinite-lived intangible assets, impairment charges | $ 0 | ||||||||||||
Weekend Health, Inc. d/b/a Sequence | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Transaction related costs | $ 4,886 | $ 3,719 | 8,605 | ||||||||||
Kurbo, Inc | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Goodwill impairment | $ 1,101 | ||||||||||||
Republic of Ireland | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Goodwill impairment | 2,383 | 2,023 | |||||||||||
Northern Ireland | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Goodwill impairment | 1,203 | ||||||||||||
Northern Ireland | Franchise Rights Acquired | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Finite-lived intangible assets, impairment charges | $ 47 | ||||||||||||
United States | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Revenues, net | $ 604,441 | $ 682,428 | $ 760,384 | ||||||||||
United States | Franchise Rights Acquired | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Indefinite-lived intangible assets, impairment charges | 25,739 | $ 298,291 | |||||||||||
Canada | Franchise Rights Acquired | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Indefinite-lived intangible assets, impairment charges | 19,657 | 13,312 | 24,485 | ||||||||||
United Kingdom | Franchise Rights Acquired | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Indefinite-lived intangible assets, impairment charges | 8,275 | ||||||||||||
New Zealand | Franchise Rights Acquired | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Indefinite-lived intangible assets, impairment charges | 0 | $ 1,138 | $ 834 | ||||||||||
Australia | Franchise Rights Acquired | |||||||||||||
Quarterly Financial Information [Line Items] | |||||||||||||
Indefinite-lived intangible assets, impairment charges | $ 1,872 |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts and Reserves (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 30, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | ||
Allowance for credit losses | ||||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | $ 976 | $ 1,726 | $ 2,298 | |
Additions charged to Costs and Expenses | 1,306 | (460) | (214) | |
Deductions | [1] | (1,241) | (290) | (358) |
Balance at End of Period | 1,041 | 976 | 1,726 | |
Inventory and other reserves | ||||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | 6,468 | 7,141 | 10,239 | |
Additions charged to Costs and Expenses | 7,350 | 6,796 | 7,657 | |
Deductions | [1] | (4,930) | (7,469) | (10,755) |
Balance at End of Period | 8,888 | 6,468 | 7,141 | |
Tax valuation allowance | ||||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||||
Balance at Beginning of Period | 35,818 | 10,083 | 7,190 | |
Additions charged to Costs and Expenses | 53,946 | 27,871 | 1,266 | |
Additions charged to Other Accounts | 110 | (143) | 4,437 | |
Deductions | [1] | (73) | (1,993) | (2,810) |
Balance at End of Period | $ 89,801 | $ 35,818 | $ 10,083 | |
[1] Primarily represents the utilization of established reserves, net of recoveries, where applicable. |