WW International (WW) 8-K WW Announces Fourth Quarter and Full Year 2019 Results and Provides Full Year 2020 Guidance

Exhibit 99.1

For more information, contact:

Investors:

Corey Kinger

VP Investor Relations

212.601.7569

corey.kinger@ww.com

Media:

Nicole Penn

VP Corporate Communications

212.817.4341

nicole.penn@ww.com

WW Announces Fourth Quarter and Full Year 2019 Results and Provides Full Year 2020 Guidance

• FY 2019 End of Period Subscribers up 8% year-over-year to 4.2 million, anall-timeyear-end high

• Q4 2019 Revenues of $333 million; FY 2019 Revenues of $1.4 billion

• Q4 2019 EPS of $0.42; FY 2019 EPS of $1.72

• FY 2020 guidance: Revenues approaching $1.6 billion and EPS range of $2.15 to $2.40

NEW YORK (February 25, 2020)– WW International, Inc. (NASDAQ: WW) today announced its results for the fourth quarter and full year fiscal 2019 and provided its full year fiscal 2020 guidance.

“2020 is off to a terrific start. The global launch of the newmyWW program is resonating in every market, theWW Presents: Oprah’s 2020 Visiontour in the U.S. has been engaging sold-out crowds to lead healthier lives and is reinforcing WW’s new positioning in wellness and weight loss, and great marketing execution by the teams around the world has driven strong performance in member signups year-over-year,” said Mindy Grossman, the Company’s President and CEO. “Right now, we have more than 5 million members globally – a newall-time record for WW.”

“We ended 2019 with 4.2 million subscribers, a record level for ayear-end and up 8% from the end of 2018, with subscriber growth in all of our major geographic markets,” said Nick Hotchkin, the Company’s CFO, Operating Officer, North America and President, Emerging Markets. “Subscriber growth trends improved each quarter throughout the year, a testament to our global team’s focus and efforts to improve marketing execution. Member recruitment so far in 2020 has been well above the prior year, as expected, and is reflected in revenue and earnings growth guidance for full year 2020.”

Q4 2019 Consolidated Results

	Three Months Ended				% Change			% Change Adjusted for Constant Currency(1)
(in millions except percentages and per share amounts)	December 28, 2019		December 29, 2018
Service Revenues, net	$	288.7	$	288.8		(0.0	%)		0.8	%
Product Sales and Other, net		43.9		41.6		5.5	%		6.4	%
Revenues, net	$	332.6	$	330.4		0.7	%		1.5	%
Operating Income	$	65.9	$	80.3		(18.0	%)		(16.7	%)
Net Income*	$	29.4	$	43.8		(32.9	%)		(31.2	%)
EPS	$	0.42	$	0.63		(33.0	%)		(31.3	%)
Total Paid Weeks		56.9		53.8		5.7	%		N/A
Digital(2) Paid Weeks		39.3		34.7		13.4	%		N/A
Studio + Digital(3) Paid Weeks		17.6		19.2		(8.2	%)		N/A
End of Period Subscribers(4)		4.2		3.9		8.0	%		N/A
Digital Subscribers		3.0		2.6		15.1	%		N/A
Studio + Digital Subscribers		1.3		1.3		(5.8	%)		N/A

Note: Totals may not sum due to rounding.

(1) See “Reconciliation ofNon-GAAP Financial Measures” attached to this release for further detail on adjustments to GAAP financial measures.

(2) “Digital” refers to providing subscriptions to the Company’s digital product offerings, including the Personal Coaching + Digital product.

(3) “Studio + Digital” refers to providing access to the Company’s weeklyin-person workshops combined with the Company’s digital subscription product offerings to commitment plan subscribers. The “Studio + Digital” business also includes the provision of access to workshops for members who do not subscribe to commitment plans, including the Company’s“pay-as-you-go” members.

(4) “Subscribers” refers to Digital subscribers and Studio + Digital subscribers who participate in recur bill programs in Company-owned operations.

* Except in the case of the financials attached to this release, “Net Income” refers to Net Income attributable to WW International, Inc.

Q4 2019 Business and Financial Highlights

• End of Period Subscribers in Q4 2019 were up 8.0% versus the prior year period, driven by growth in all major geographic markets. Q4 2019 End of Period Digital Subscribers were up 15.1% and End of Period Studio + Digital Subscribers were down 5.8% versus the prior year period.

• Total Paid Weeks in Q4 2019 were up 5.7% versus the prior year period, driven by growth in all major geographic markets. Q4 2019 Digital Paid Weeks increased 13.4% and Studio + Digital Paid Weeks decreased 8.2% versus the prior year period.

• Revenuesin Q4 2019 were $332.6 million. On a constant currency basis, Q4 2019 revenues increased 1.5% versus the prior year period.

^¡  Service Revenues in Q4 2019 were $288.7 million. On a constant currency basis, these revenues increased 0.8% versus the prior year period, primarily driven by an increase in Digital subscribers.

^¡  Product Sales and Otherin Q4 2019 were $43.9 million. On a constant currency basis, these revenues increased 6.4% versus the prior year period, primarily due to an increase in product sales.

• Operating Incomein Q4 2019 was $65.9 million compared to $80.3 million in the prior year period. This decrease in operating income was primarily driven by operating deleverage on lower revenue from Studio + Digital Fees and higher marketing spend in the quarter versus the prior year period.

• Effective Tax Ratein Q4 2019 was 13.7% compared to 2.0% in the prior year period.

• Net Incomein Q4 2019 was $29.4 million compared to $43.8 million in the prior year period.

• Earnings per fully diluted share (EPS)in Q4 2019 was $0.42 compared to $0.63 in the prior year period.

^¡  Certain items in Q4 2018 affect year-over-year comparability. The following items in the aggregate positively impacted Q4 2018 EPS by $0.17 per fully diluted share:

◾ $0.12 per fully diluted share tax benefit due to the reversal of a valuation allowance on foreign tax credits that have been fully utilized.

◾ $0.05 per fully diluted share tax benefit due to the reversal of a valuation allowance related to certain net operating losses that are now expected to be realized.

Full Year 2019 Consolidated Results

	Twelve Months Ended				% Change			% Change Adjusted for Constant Currency(1)
(in millions except percentages and per share amounts)	December 28, 2019		December 29, 2018
Service Revenues, net	$	1,207.3	$	1,273.2		(5.2	%)		(3.5	%)
Product Sales and Other, net		206.1		240.9		(14.5	%)		(12.8	%)
Revenues, net	$	1,413.3	$	1,514.1		(6.7	%)		(5.0	%)
Operating Income	$	288.0	$	389.0		(26.0	%)		(24.4	%)
Net Income*	$	119.6	$	223.7		(46.5	%)		(44.7	%)
EPS	$	1.72	$	3.19		(46.1	%)		(44.2	%)
Total Paid Weeks		235.0		227.9		3.1	%		N/A
Digital(2) Paid Weeks		160.0		144.6		10.6	%		N/A
Studio + Digital(3) Paid Weeks		75.1		83.3		(9.8	%)		N/A
End of Period Subscribers(4)		4.2		3.9		8.0	%		N/A
Digital Subscribers		3.0		2.6		15.1	%		N/A
Studio + Digital Subscribers		1.3		1.3		(5.8	%)		N/A

Note: Totals may not sum due to rounding.

(1) See “Reconciliation ofNon-GAAP Financial Measures” attached to this release for further detail on adjustments to GAAP financial measures.

(2) “Digital” refers to providing subscriptions to the Company’s digital product offerings, including the Personal Coaching + Digital product.

(3) “Studio + Digital” refers to providing access to the Company’s weeklyin-person workshops combined with the Company’s digital subscription product offerings to commitment plan subscribers. The “Studio + Digital” business also includes the provision of access to workshops for members who do not subscribe to commitment plans, including the Company’s“pay-as-you-go” members.

(4) “Subscribers” refers to Digital subscribers and Studio + Digital subscribers who participate in recur bill programs in Company-owned operations.

* Except in the case of the financials attached to this release, “Net Income” refers to Net Income attributable to WW International, Inc.

Full Year 2019 Business and Financial Highlights

• Total Paid Weeks in fiscal 2019 were up 3.1% versus the prior year, driven by growth in all major geographic markets. Fiscal 2019 Digital Paid Weeks increased 10.6% and Studio + Digital Paid Weeks decreased 9.8% versus the prior year.

• Revenuesin fiscal 2019 were $1,413.3 million. On a constant currency basis, fiscal 2019 revenues decreased 5.0% versus the prior year.

^¡  Service Revenues in fiscal 2019 were $1,207.3 million. On a constant currency basis, these revenues decreased 3.5% versus the prior year, primarily driven by a decrease in Studio + Digital subscribers.

^¡  Product Sales and Otherin fiscal 2019 were $206.1 million. On a constant currency basis, these revenues decreased 12.8% versus the prior year, primarily due to a decrease in product sales.

• Operating Incomein fiscal 2019 was $288.0 million compared to $389.0 million in the prior year. This decrease in operating income was primarily driven by operating deleverage on lower revenue from Studio + Digital fees versus the prior year.

• Effective Tax Ratein fiscal 2019 was 20.9% compared to 8.4% in the prior year.

• Net Incomein fiscal 2019 was $119.6 million compared to $223.7 million in the prior year.

• Earnings per fully diluted share (EPS)in fiscal 2019 was $1.72 compared to $3.19 in the prior year.

^¡  Certain items affect year-over-year comparability.

◾ Fiscal 2019 EPS was negatively impacted by $0.07 per fully diluted share from expenses related to the Company’s previously disclosed organizational realignment.

◾ Fiscal 2018 EPS was positively impacted by $0.48 per fully diluted share in the aggregate due to the following items:

• $0.25 per fully diluted share tax benefit from Ms. Oprah Winfrey’s exercise of a portion of her stock options, as previously disclosed in March 2018.

• $0.12 per fully diluted share tax benefit due to the reversal of a valuation allowance on foreign tax credits that have been fully utilized.

• $0.06 per fully diluted share tax benefit related to favorable tax return adjustments.

• $0.05 per fully diluted share tax benefit due to the reversal of a valuation allowance related to certain net operating losses that are now expected to be realized.

Other Items

• Cashbalance as of December 28, 2019 was $182.7 million. On that same date, the Company had no outstanding borrowings under its $150.0 million revolving credit facility.

• Debt Prepayments:As previously disclosed, during fiscal 2019, the Company voluntarily prepaid $100.0 million in aggregate principal amount of term loans outstanding under its credit agreement.

Full Year Fiscal 2020 Guidance

The Company is providing its full year fiscal 2020 revenue guidance of approaching $1.6 billion and earnings guidance of between $2.15 and $2.40 per fully diluted share.

Fiscal 2020 includes a 53^rdweek, which bridges the last week of December 2020 and the first week of January 2021 (ending on January 2, 2021). The Company’s full year EPS guidance incorporates an expected $0.06 per fully diluted share negative impact from seasonally high marketing activity in the 53^rd week.

Fourth Quarter and Full Year 2019 Conference Call and Webcast

The Company has scheduled a conference call today at 5:00 p.m. ET. During the conference call, Mindy Grossman, President and Chief Executive Officer, and Nicholas Hotchkin, Chief Financial Officer, Operating Officer, North America & President, Emerging Markets, will discuss the fourth quarter and full year fiscal 2019 results and answer questions from the investment community.

The live webcast of the conference call will be available on the Company’s corporate website, corporate.ww.com, in the Investors section under Presentations and Events. Supplemental investor materials will also be available in the same location prior to the start of the webcast. A replay of the webcast will be available on this site for approximately 90 days.

Statement regardingNon-GAAP Financial Measures

The following provides information regardingnon-GAAP financial measures used in this earnings release and today’s scheduled conference call:

To supplement the Company’s consolidated results presented in accordance with accounting principles generally accepted in the United States (“GAAP”), the Company has disclosednon-GAAP financial measures of operating results that exclude or adjust certain items. The Company presents in the attachments to this release thenon-GAAP financial measures earnings before interest, taxes, depreciation, amortization and stock-based compensation (“EBITDAS”), net debt and a net debt to EBITDAS ratio. In addition, the Company presents certain of its financial results on a constant currency basis in addition to GAAP results. Constant currency information compares results between periods as if exchange rates had remained constant period-over-period. In this release and any attachments, the Company calculates constant currency by calculating current-year results using prior-year foreign currency exchange rates.

Management believes thesenon-GAAP financial measures provide useful supplemental information for its and investors’ evaluation of the Company’s business performance and are useful for period-over-period comparisons of the performance of the Company’s business. While management believes that thesenon-GAAP financial measures are useful in evaluating the Company’s business, this information should be considered as supplemental in nature and should not be considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP. In addition, thesenon-GAAP financial measures may not be the same as similarly entitled measures reported by other companies. See “Reconciliation ofNon-GAAP Financial Measures” attached to this release and reconciliations, if any, included elsewhere in this release for a reconciliation of thenon-GAAP financial measures to the most directly comparable GAAP measures. A reconciliation of the forward-looking full year EBITDAS outlook to net income cannot be provided without unreasonable effort because of the inherent difficulty of accurately forecasting the occurrence and financial impact of the various adjusting items necessary for such reconciliation that have not yet occurred, are out of the Company’s control, or cannot be reasonably predicted. For the same reasons, the Company is unable to assess the probable significance of the unavailable information, which could have a material impact on its future GAAP financial results.

About WW International, Inc.

WW – Weight Watchers reimagined – is a global wellness company powered by the world’s leading commercial weight management program. We inspire millions of people to adopt healthy habits for real life. Through our engaging tech-enabled experience andface-to-face group workshops, members follow our livable and sustainable program of healthy eating, physical activity, and a helpful mindset. Leveraging more than five decades of experience in building inspired communities and our deep expertise in behavioral science, we aim to democratize wellness and to deliver wellness for all. To learn more about the WW approach to healthy living, please visit ww.com. For more information about our global business, visit our corporate website at corporate.ww.com.

This news release and any attachments include “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, in particular, revenue and earnings guidance and any statements about the Company’s plans, strategies and prospects. The Company generally uses the words “may,” “will,” “could,” “expect,” “anticipate,” “believe,” “estimate,” “plan,” “intend,” “aim” and similar expressions in this news release and any attachments to identify forward-looking statements. The Company bases these forward-looking statements on its current views with respect to future events and financial performance. Actual results could differ materially from those projected in the forward-looking statements. These forward-looking statements are subject to risks, uncertainties and assumptions, including, among other things: competition from other weight management and wellness industry participants or the development of more effective or more favorably perceived weight management methods; the Company’s ability to continue to develop new, innovative services and products and enhance its existing services and products or the failure of its services, products or brands to continue to appeal to the market, or the Company’s ability to successfully expand into new channels of distribution or respond to consumer trends; the ability to successfully

implement new strategic initiatives; the effectiveness of the Company’s advertising and marketing programs, including the strength of its social media presence; the impact on the Company’s reputation of actions taken by its franchisees, licensees, suppliers and other partners; the impact of the Company’s substantial amount of debt, debt service obligations and debt covenants, and the Company’s exposure to variable rate indebtedness; the ability to generate sufficient cash to service the Company’s debt and satisfy its other liquidity requirements; uncertainties regarding the satisfactory operation of the Company’s technology or systems; the impact of data security breaches or privacy concerns, including the costs of compliance with evolving privacy laws and regulations; the recognition of asset impairment charges; the loss of key personnel, strategic partners or consultants or failure to effectively manage and motivate the Company’s workforce; the inability to renew certain of the Company’s licenses, or the inability to do so on terms that are favorable to the Company; the expiration or early termination by the Company of leases; risks and uncertainties associated with the Company’s international operations, including regulatory, economic, political, social, intellectual property and foreign currency risks; uncertainties related to a downturn in general economic conditions or consumer confidence; the Company’s ability to successfully make acquisitions or enter into joint ventures, including its ability to successfully integrate, operate or realize the anticipated benefits of such businesses; the seasonal nature of the Company’s business; the impact of events that discourage or impede people from gathering with others or accessing resources; the Company’s ability to enforce its intellectual property rights both domestically and internationally, as well as the impact of its involvement in any claims related to intellectual property rights; the outcomes of litigation or regulatory actions; the impact of existing and future laws and regulations; the Company’s failure to maintain effective internal control over financial reporting; the possibility that the interests of Artal Group S.A., the largest holder of the Company’s common stock and a shareholder with significant influence over the Company, will conflict with the Company’s interests or the interests of other holders of the Company’s common stock; the impact that the sale of substantial amounts of the Company’s common stock by existing large shareholders, or the perception that such sales could occur, could have on the market price of the Company’s common stock; and other risks and uncertainties, including those detailed from time to time in the Company’s periodic reports filed with the Securities and Exchange Commission. You should not put undue reliance on any forward-looking statements. You should understand that many important factors, including those discussed herein, could cause the Company’s results to differ materially from those expressed or suggested in any forward-looking statement. Except as required by law, the Company does not undertake any obligation to update or revise these forward-looking statements to reflect new information or events or circumstances that occur after the date of this news release or to reflect the occurrence of unanticipated events or otherwise. Readers are advised to review the Company’s filings with the United States Securities and Exchange Commission (which are available on the SEC’s EDGAR database at www.sec.gov and via the Company’s website at corporate.ww.com).

WW INTERNATIONAL, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS)

UNAUDITED

	December 28, 2019			December 29, 2018
ASSETS
Cash and cash equivalents	$	182,736		$	236,974
Other current assets		112,654			129,450
TOTAL CURRENT ASSETS		295,390			366,424
Property and equipment, net		54,066			52,202
Operating lease assets		151,983			—
Goodwill, franchise rights and other intangible assets, net		970,392			960,815
Other assets		26,483			35,100
TOTAL ASSETS	$	1,498,314		$	1,414,541
LIABILITIES AND TOTAL DEFICIT
Portion of long-term debt due within one year	$	96,250		$	77,000
Portion of operating lease liabilities due within one year		33,236			—
Other current liabilities		264,584			264,316
TOTAL CURRENT LIABILITIES		394,070			341,316
Long-term debt		1,479,920			1,669,708
Long-term operating lease liabilities		128,464			—
Deferred income taxes, other		177,681			208,547
TOTAL LIABILITIES	$	2,180,135		$	2,219,571
Redeemable noncontrolling interest		3,722			3,913
Shareholders’ deficit		(685,543	)		(808,943	)
TOTAL LIABILITIES AND TOTAL DEFICIT	$	1,498,314		$	1,414,541

WW INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF NET INCOME

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

UNAUDITED

	Three Months Ended
	December 28,			December 29,
	2019			2018
Service revenues, net(1)	$	288,731		$	288,834
Product sales and other, net(2)		43,852			41,552
Revenues, net		332,583			330,386
Cost of services(3)		129,454			118,181
Cost of product sales and other		27,978			26,985
Cost of revenues		157,432			145,166
Gross profit		175,151			185,220
Marketing expenses		43,455			36,464
Selling, general and administrative expenses		65,810			68,409
Operating income		65,886			80,347
Interest expense		32,222			35,108
Other expense, net		(443	)		600
Income before income taxes		34,107			44,639
Provision for income taxes		4,679			912
Net income		29,428			43,727
Net (income) loss attributable to the noncontrolling interest		(45	)		58
Net income attributable to WW International, Inc.	$	29,383		$	43,785
Earnings Per Share attributable to WW International, Inc.
Basic	$	0.44		$	0.65
Diluted	$	0.42		$	0.63
Weighted average common shares outstanding:
Basic		67,365			66,895
Diluted		70,018			69,942

Note: Totals may not sum due to rounding.

(1) Consists of net “Digital Subscription Revenues” and net “Studio + Digital Fees”. “Digital Subscription Revenues” consist of the fees associated with subscriptions for the Company’s Digital offerings, including the Personal Coaching + Digital product. “Studio + Digital Fees” consist of the fees associated with the Company’s subscription plans for combined workshops and digital offerings and other payment arrangements for access to workshops.

(2) Consists of sales of consumer products in workshops, viae-commerce, and through several trusted retail partners, revenues from licensing, magazine subscriptions, publishing and third-party advertising in publications and on the Company’s websites and sales from the By Mail product, other revenues, and franchise fees with respect to commitment plans and royalties.

(3) Consists of cost of revenues and operating expenses for the Company’s Digital and Studio + Digital services.

WW INTERNATIONAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF NET INCOME

(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

UNAUDITED

	Twelve Months Ended
	December 28,		December 29,
	2019		2018
Service revenues, net(1)	$	1,207,266	$	1,273,196
Product sales and other, net(2)		206,071		240,925
Revenues, net		1,413,337		1,514,121
Cost of services(3)		502,907		508,477
Cost of product sales and other		123,748		139,234
Cost of revenues		626,655		647,711
Gross profit		786,682		866,410
Marketing expenses		243,998		226,319
Selling, general and administrative expenses		254,699		251,106
Operating income		287,985		388,985
Interest expense		135,267		142,346
Other expense, net		1,758		2,578
Income before income taxes		150,960		244,061
Provision for income taxes		31,513		20,493
Net income		119,447		223,568
Net loss attributable to the noncontrolling interest		169		181
Net income attributable to WW International, Inc.	$	119,616	$	223,749
Earnings Per Share attributable to WW International, Inc.
Basic	$	1.78	$	3.38
Diluted	$	1.72	$	3.19
Weighted average common shares outstanding:
Basic		67,188		66,280
Diluted		69,550		70,115

Note: Totals may not sum due to rounding.

(1) Consists of net “Digital Subscription Revenues” and net “Studio + Digital Fees”. “Digital Subscription Revenues” consist of the fees associated with subscriptions for the Company’s Digital offerings, including the Personal Coaching + Digital product. “Studio + Digital Fees” consist of the fees associated with the Company’s subscription plans for combined workshops and digital offerings and other payment arrangements for access to workshops.

(2) Consists of sales of consumer products in workshops, viae-commerce, and through several trusted retail partners, revenues from licensing, magazine subscriptions, publishing and third-party advertising in publications and on the Company’s websites and sales from the By Mail product, other revenues, and franchise fees with respect to commitment plans and royalties.

(3) Consists of cost of revenues and operating expenses for the Company’s Digital and Studio + Digital services.

WW INTERNATIONAL, INC. AND SUBSIDIARIES

OPERATIONAL STATISTICS

(IN THOUSANDS, EXCEPT PERCENTAGES)

UNAUDITED

	Three Months Ended
	December 28,		December 29,		Variance
	2019		2018
Digital Paid Weeks (1)
North America		24,800		22,174		11.8	%
CE		11,138		9,637		15.6	%
UK		2,544		2,112		20.4	%
Other(2)		817		729		12.1	%
Total Digital Paid Weeks		39,299		34,652		13.4	%
Studio + Digital Paid Weeks (1)
North America		11,892		13,182		(9.8	%)
CE		2,685		2,878		(6.7	%)
UK		2,494		2,507		(0.5	%)
Other(2)		548		622		(11.8	%)
Total Studio + Digital Paid Weeks		17,619		19,189		(8.2	%)
Total Paid Weeks (1)
North America		36,692		35,356		3.8	%
CE		13,822		12,515		10.4	%
UK		5,038		4,619		9.1	%
Other(2)		1,366		1,351		1.1	%
Total Paid Weeks		56,918		53,841		5.7	%
End of Period Digital Subscribers (3)
North America		1,871		1,648		13.5	%
CE		863		730		18.2	%
UK		190		160		18.5	%
Other(2)		61		56		11.0	%
Total End of Period Digital Subscribers		2,985		2,594		15.1	%
End of Period Studio + Digital Subscribers (3)
North America		852		910		(6.4	%)
CE		197		210		(6.4	%)
UK		172		174		(1.0	%)
Other(2)		40		44		(9.5	%)
Total End of Period Studio + Digital Subscribers		1,260		1,338		(5.8	%)
Total End of Period Subscribers (3)
North America		2,722		2,558		6.4	%
CE		1,060		940		12.7	%
UK		361		334		8.3	%
Other(2)		102		100		1.8	%
Total End of Period Subscribers		4,245		3,932		8.0	%

Note: Totals may not sum due to rounding.

(1) The “Paid Weeks” metric reports paid weeks by WW customers in Company-owned operations for a given period as follows: (i) “Digital Paid Weeks” is the total paid subscription weeks for the Company’s digital subscription products (including Personal Coaching + Digital); (ii) “Studio + Digital Paid Weeks” is the sum of total paid commitment plan weeks which include workshops and digital offerings and total“pay-as-you-go” weeks; and (iii) “Total Paid Weeks” is the sum of Digital Paid Weeks and Studio + Digital Paid Weeks.

(2) Represents Australia, New Zealand and emerging markets.

(3) The “End of Period Subscribers” metric reports WW subscribers in Company-owned operations at a given period end as follows: (i) “End of Period Digital Subscribers” is the total number of Digital, including Personal Coaching + Digital, subscribers; (ii) “End of Period Studio + Digital Subscribers” is the total number of commitment plan subscribers that have access to combined workshops and digital offerings; and (iii) “End of Period Subscribers” is the sum of End of Period Digital Subscribers and End of Period Studio + Digital Subscribers.

WW INTERNATIONAL, INC. AND SUBSIDIARIES

OPERATIONAL STATISTICS

(IN THOUSANDS, EXCEPT PERCENTAGES)

UNAUDITED

	Twelve Months Ended
	December 28,		December 29,		Variance
	2019		2018
Digital Paid Weeks (1)
North America		100,920		93,906		7.5	%
CE		45,809		38,845		17.9	%
UK		10,056		8,944		12.4	%
Other(2)		3,180		2,899		9.7	%
Total Digital Paid Weeks		159,965		144,594		10.6	%
Studio + Digital Paid Weeks (1)
North America		50,735		57,305		(11.5	%)
CE		11,604		12,574		(7.7	%)
UK		10,454		10,886		(4.0	%)
Other(2)		2,291		2,521		(9.1	%)
Total Studio + Digital Paid Weeks		75,084		83,286		(9.8	%)
Total Paid Weeks (1)
North America		151,655		151,211		0.3	%
CE		57,413		51,419		11.7	%
UK		20,509		19,830		3.4	%
Other(2)		5,472		5,420		1.0	%
Total Paid Weeks		235,050		227,880		3.1	%
End of Period Digital Subscribers (3)
North America		1,871		1,648		13.5	%
CE		863		730		18.2	%
UK		190		160		18.5	%
Other(2)		61		56		11.0	%
Total End of Period Digital Subscribers		2,985		2,594		15.1	%
End of Period Studio + Digital Subscribers (3)
North America		852		910		(6.4	%)
CE		197		210		(6.4	%)
UK		172		174		(1.0	%)
Other(2)		40		44		(9.5	%)
Total End of Period Studio + Digital Subscribers		1,260		1,338		(5.8	%)
Total End of Period Subscribers (3)
North America		2,722		2,558		6.4	%
CE		1,060		940		12.7	%
UK		361		334		8.3	%
Other(2)		102		100		1.8	%
Total End of Period Subscribers		4,245		3,932		8.0	%

Note: Totals may not sum due to rounding.

(1) The “Paid Weeks” metric reports paid weeks by WW customers in Company-owned operations for a given period as follows: (i) “Digital Paid Weeks” is the total paid subscription weeks for the Company’s digital subscription products (including Personal Coaching + Digital); (ii) “Studio + Digital Paid Weeks” is the sum of total paid commitment plan weeks which include workshops and digital offerings and total“pay-as-you-go” weeks; and (iii) “Total Paid Weeks” is the sum of Digital Paid Weeks and Studio + Digital Paid Weeks.

(2) Represents Australia, New Zealand and emerging markets.

(3) The “End of Period Subscribers” metric reports WW subscribers in Company-owned operations at a given period end as follows: (i) “End of Period Digital Subscribers” is the total number of Digital, including Personal Coaching + Digital, subscribers; (ii) “End of Period Studio + Digital Subscribers” is the total number of commitment plan subscribers that have access to combined workshops and digital offerings; and (iii) “End of Period Subscribers” is the sum of End of Period Digital Subscribers and End of Period Studio + Digital Subscribers.

WW INTERNATIONAL, INC. AND SUBSIDIARIES

RECONCILIATION OFNON-GAAP FINANCIAL MEASURES

(IN THOUSANDS, EXCEPT PERCENTAGES)

UNAUDITED

										Q4 2019 Variance
													2019
													Constant
	Q4 2019							Q4 2018		2019			Currency
			Currency			Constant				vs			vs
	GAAP		Adjustment			Currency		GAAP		2018			2018
Selected Financial Data
Consolidated Company Revenues	$	332,583	$	2,763		$	335,346	$	330,386		0.7	%		1.5	%
Consolidated Digital Subscription Revenues(1)	$	150,232	$	1,542		$	151,774	$	134,902		11.4	%		12.5	%
Consolidated Studio + Digital Fees(2)	$	138,498	$	878		$	139,376	$	153,932		(10.0	%)		(9.5	%)
Consolidated Service Revenues(3)	$	288,731	$	2,420		$	291,151	$	288,834		(0.0	%)		0.8	%
Consolidated Product Sales and Other(4)	$	43,852	$	343		$	44,195	$	41,552		5.5	%		6.4	%
North America
Digital Subscription Revenues (1)	$	98,700	$	(5	)	$	98,695	$	89,675		10.1	%		10.1	%
Studio + Digital Fees(2)	$	103,680	$	—		$	103,680	$	114,173		(9.2	%)		(9.2	%)
Service Revenues(3)	$	202,381	$	(5	)	$	202,376	$	203,848		(0.7	%)		(0.7	%)
Product Sales and Other (4)	$	27,589	$	—		$	27,589	$	24,410		13.0	%		13.0	%
Total Revenues	$	229,969	$	(4	)	$	229,965	$	228,258		0.7	%		0.7	%
CE
Digital Subscription Revenues (1)	$	41,010	$	1,359		$	42,369	$	36,140		13.5	%		17.2	%
Studio + Digital Fees(2)	$	19,687	$	632		$	20,319	$	23,605		(16.6	%)		(13.9	%)
Service Revenues(3)	$	60,697	$	1,990		$	62,687	$	59,745		1.6	%		4.9	%
Product Sales and Other (4)	$	7,905	$	286		$	8,191	$	8,062		(1.6	%)		1.6	%
Total Revenues	$	68,604	$	2,274		$	70,878	$	67,807		1.2	%		4.5	%
UK
Digital Subscription Revenues (1)	$	6,879	$	(6	)	$	6,873	$	5,756		19.5	%		19.4	%
Studio + Digital Fees(2)	$	10,651	$	8		$	10,659	$	11,124		(4.2	%)		(4.2	%)
Service Revenues(3)	$	17,530	$	2		$	17,532	$	16,880		3.8	%		3.9	%
Product Sales and Other (4)	$	4,958	$	25		$	4,983	$	5,340		(7.2	%)		(6.7	%)
Total Revenues	$	22,488	$	27		$	22,515	$	22,221		1.2	%		1.3	%
Other(5)
Digital Subscription Revenues (1)	$	3,643	$	194		$	3,837	$	3,331		9.4	%		15.2	%
Studio + Digital Fees(2)	$	4,480	$	239		$	4,719	$	5,030		(11.0	%)		(6.2	%)
Service Revenues(3)	$	8,123	$	433		$	8,556	$	8,361		(2.9	%)		2.3	%
Product Sales and Other (4)	$	3,400	$	61		$	3,461	$	3,738		(9.0	%)		(7.4	%)
Total Revenues	$	11,522	$	494		$	12,016	$	12,099		(4.8	%)		(0.7	%)

Note: Totals may not sum due to rounding.

(1) “Digital Subscription Revenues” consist of the fees associated with subscriptions for the Company’s Digital offerings, including the Personal Coaching + Digital product.

(2) “Studio + Digital Fees” consist of the fees associated with the Company’s subscription plans for combined workshops and digital offerings and other payment arrangements for access to workshops.

(3) “Service Revenues” equal “Digital Subscription Revenues” plus “Studio + Digital Fees”.

(4) “Product Sales” are sales of consumer products in workshops, viae-commerce, and through several trusted retail partners, and “Other” are revenues from licensing, magazine subscriptions, publishing and third-party advertising in publications and on the Company’s websites and sales from the By Mail product, other revenues, and, in the case of the consolidated financial results and Other reportable segment, includes franchise fees with respect to commitment plans and royalties.

(5) Represents Australia, New Zealand, emerging markets and franchise revenues.

WW INTERNATIONAL, INC. AND SUBSIDIARIES

RECONCILIATION OFNON-GAAP FINANCIAL MEASURES

(IN THOUSANDS, EXCEPT PERCENTAGES)

UNAUDITED

									Full Year 2019 Variance
												2019
												Constant
	Full Year 2019						Full Year 2018		2019			Currency
			Currency		Constant				vs			vs
	GAAP		Adjustment		Currency		GAAP		2018			2018
Selected Financial Data
Consolidated Company Revenues	$	1,413,337	$	25,754	$	1,439,091	$	1,514,121		(6.7	%)		(5.0	%)
Consolidated Digital Subscription Revenues(1)	$	609,996	$	12,429	$	622,425	$	567,767		7.4	%		9.6	%
Consolidated Studio + Digital Fees(2)	$	597,270	$	9,213	$	606,483	$	705,429		(15.3	%)		(14.0	%)
Consolidated Service Revenues(3)	$	1,207,266	$	21,642	$	1,228,908	$	1,273,196		(5.2	%)		(3.5	%)
Consolidated Product Sales and Other(4)	$	206,071	$	4,112	$	210,183	$	240,925		(14.5	%)		(12.8	%)
North America
Digital Subscription Revenues (1)	$	401,890	$	675	$	402,565	$	378,678		6.1	%		6.3	%
Studio + Digital Fees(2)	$	446,576	$	736	$	447,312	$	522,372		(14.5	%)		(14.4	%)
Service Revenues(3)	$	848,466	$	1,411	$	849,877	$	901,050		(5.8	%)		(5.7	%)
Product Sales and Other (4)	$	130,836	$	204	$	131,040	$	146,201		(10.5	%)		(10.4	%)
Total Revenues	$	979,302	$	1,615	$	980,917	$	1,047,251		(6.5	%)		(6.3	%)
CE
Digital Subscription Revenues (1)	$	167,008	$	9,467	$	176,475	$	149,571		11.7	%		18.0	%
Studio + Digital Fees(2)	$	87,962	$	5,039	$	93,001	$	107,528		(18.2	%)		(13.5	%)
Service Revenues(3)	$	254,970	$	14,505	$	269,475	$	257,099		(0.8	%)		4.8	%
Product Sales and Other (4)	$	38,263	$	2,297	$	40,560	$	47,226		(18.9	%)		(14.1	%)
Total Revenues	$	293,233	$	16,803	$	310,036	$	304,325		(3.6	%)		1.9	%
UK
Digital Subscription Revenues (1)	$	26,898	$	1,216	$	28,114	$	25,557		5.2	%		10.0	%
Studio + Digital Fees(2)	$	44,145	$	2,064	$	46,209	$	52,676		(16.2	%)		(12.3	%)
Service Revenues(3)	$	71,043	$	3,280	$	74,323	$	78,233		(9.2	%)		(5.0	%)
Product Sales and Other (4)	$	23,514	$	1,168	$	24,682	$	28,839		(18.5	%)		(14.4	%)
Total Revenues	$	94,557	$	4,448	$	99,005	$	107,072		(11.7	%)		(7.5	%)
Other(5)
Digital Subscription Revenues (1)	$	14,200	$	1,071	$	15,271	$	13,961		1.7	%		9.4	%
Studio + Digital Fees(2)	$	18,587	$	1,375	$	19,962	$	22,853		(18.7	%)		(12.7	%)
Service Revenues(3)	$	32,787	$	2,446	$	35,233	$	36,814		(10.9	%)		(4.3	%)
Product Sales and Other (4)	$	13,458	$	464	$	13,922	$	18,659		(27.8	%)		(25.3	%)
Total Revenues	$	46,245	$	2,910	$	49,155	$	55,473		(16.6	%)		(11.4	%)

Note: Totals may not sum due to rounding.

(1) “Digital Subscription Revenues” consist of the fees associated with subscriptions for the Company’s Digital offerings, including the Personal Coaching + Digital product.

(2) “Studio + Digital Fees” consist of the fees associated with the Company’s subscription plans for combined workshops and digital offerings and other payment arrangements for access to workshops.

(3) “Service Revenues” equal “Digital Subscription Revenues” plus “Studio + Digital Fees”.

(4) “Product Sales” are sales of consumer products in workshops, viae-commerce, and through several trusted retail partners, and “Other” are revenues from licensing, magazine subscriptions, publishing and third-party advertising in publications and on the Company’s websites and sales from the By Mail product, other revenues, and, in the case of the consolidated financial results and Other reportable segment, includes franchise fees with respect to commitment plans and royalties.

(5) Represents Australia, New Zealand, emerging markets and franchise revenues.

WW INTERNATIONAL, INC. AND SUBSIDIARIES

RECONCILIATION OFNON-GAAP FINANCIAL MEASURES

(IN THOUSANDS, EXCEPT PERCENTAGES)

UNAUDITED

												Q4 2019 Variance
															2019
															Constant
	Q4 2019								Q4 2018			2019			Currency
				Currency		Constant						vs			vs
	GAAP			Adjustment		Currency			GAAP			2018			2018
Selected Financial Data
Gross Profit	$	175,151		$	1,751	$	176,902		$	185,220			(5.4	%)		(4.5	%)
Gross Margin		52.7	%				52.8	%		56.1	%
Selling, General and Administrative Expenses	$	65,810		$	379	$	66,189		$	68,409			(3.8	%)		(3.2	%)
Operating Income	$	65,886		$	1,028	$	66,914		$	80,347			(18.0	%)		(16.7	%)
Operating Income Margin		19.8	%				20.0	%		24.3	%

Note: Totals may not sum due to rounding.

WW INTERNATIONAL, INC. AND SUBSIDIARIES

RECONCILIATION OFNON-GAAP FINANCIAL MEASURES

(IN THOUSANDS, EXCEPT PERCENTAGES)

UNAUDITED

												Full Year 2019 Variance
															2019
															Constant
	Full Year 2019								Full Year 2018			2019			Currency
				Currency		Constant						vs			vs
	GAAP			Adjustment		Currency			GAAP			2018			2018
Selected Financial Data
Gross Profit	$	786,682		$	15,458	$	802,140		$	866,410			(9.2	%)		(7.4	%)
Gross Margin		55.7	%				55.7	%		57.2	%
Selling, General and Administrative Expenses	$	254,699		$	3,490	$	258,189		$	251,106			1.4	%		2.8	%
Operating Income	$	287,985		$	5,999	$	293,984		$	388,985			(26.0	%)		(24.4	%)
Operating Income Margin		20.4	%				20.4	%		25.7	%

Note: Totals may not sum due to rounding.

WW INTERNATIONAL, INC. AND SUBSIDIARIES

RECONCILIATION OFNON-GAAP FINANCIAL MEASURES

(IN THOUSANDS)

UNAUDITED

	Three Months Ended				Twelve Months Ended
	December 28,		December 29,		December 28,		December 29,
	2019		2018		2019		2018
Net Income	$	29,383	$	43,785	$	119,616	$	223,749
Interest		32,222		35,108		135,267		142,346
Taxes		4,679		912		31,513		20,493
Depreciation and Amortization		11,474		11,467		45,017		44,061
Stock-based Compensation		5,544		4,842		20,471		20,188
EBITDAS	$	83,302	$	96,114	$	351,884	$	450,837

Note: Totals may not sum due to rounding.

WW INTERNATIONAL, INC. AND SUBSIDIARIES

RECONCILIATION OFNON-GAAP FINANCIAL MEASURES

(IN THOUSANDS, EXCEPT RATIO)

UNAUDITED

	Q1 2019			Q2 2019		Q3 2019		Q4 2019		Trailing Twelve Months
Net Debt to EBITDAS
Net (Loss) Income	$	(10,687	)	$	53,834	$	47,086	$	29,383	$	119,616
Interest		35,195			34,732		33,118		32,222		135,267
Taxes		(2,875	)		16,586		13,123		4,679		31,513
Depreciation and Amortization		11,405			11,288		10,850		11,474		45,017
Stock-based Compensation		4,812			4,872		5,243		5,544		20,471
EBITDAS	$	37,850		$	121,312	$	109,420	$	83,302	$	351,884
Total Debt										$	1,576,170
Less: Cash											182,736
Net Debt										$	1,393,435
Net Debt to EBITDAS											4.0 X

Note: Totals may not sum due to rounding.