WW - Earnings call transcript Q4 2018 | WW International, Inc.

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Operator

Good day and welcome to the WW fourth quarter and full year 2018 earnings conference call. All participants will be in listen-only mode. [Operator Instructions]. After today's presentation, there will be an opportunity to ask questions. [Operator Instructions]. is event this note, being recorded. Please now Corey Kinger. would like to to over conference the turn I Please go ahead.

Corey Kinger

and conference Sean everyone today quarter for you joining year Thank and us for thank WW's call. you to full XXXX fourth

to As update company's on as results. The Reconciliations release press quarter the reporting a the are on the a press we company's details measures provide measures available release with of corporate.ww.com. purpose the P.M. financial to this well this also of non-GAAP financial year of to our on regarding press at XXXX some provide most as progress. release. Eastern the GAAP part investors is X:XX full today, directly conference call issued Time and as corporate The fourth results available call company's website general of is comparable disclosed located further a

future are everyone forward-looking statements. are Please aware call let company the actual Before statements the or of statements, update the the today. Commission. made in will filings materially that results of or obligation law, as risks begin, various except to any refer information, discussion to today with required statements. for no are a subject any filings and by forward-looking Securities to of Exchange whether these forward-looking result forward-looking to and contain that the that such revise statements otherwise. a discussed detailed factors in and more new All uncertainties as differ explained risks undertakes me of could as we These publicly events and here those company's uncertainties detail cause be should forward-looking remind from and Investors risk statements

will call are call turn the now to I Nick and today's CFO. Mindy. and Mindy over Joining Hotchkin, CEO President Grossman,

Mindy Grossman

and winter our am be today. are XXXX reflected recruitment providing with the as we Thanks everyone. been very After in for WW XXXX, afternoon you Corey. has outstanding start year disappointing, speaking today. to Good in glad outlook to I an financial performance

while of the as through winter recruitment the especially period. and message phenomenal of year help of at of did when not was positive driving in drive brand why prior program of WW WW positive success and the the relevancy Our growth, Freestyle, its effective campaign, the lapping original WW it perception of the Freestyle livability the launch

of addition, particularly In given winter our universe did diet the lapsed of the recruitment not environment, competitive campaign members. drive significant

exceptional latest Freestyle trajectory months the be of performance member activity. fit loss. able confidence and basis, a business to shortly. study season high be audience XXX,XXX to be subscribers do potential. our a won't on average the in to every discuss intense type and of most recruitment all improve livable work in with of modern both, quarter about WW to support gross relevant improvements basis current imperative which are equity be on members our Modernizing importantly, perhaps a not years, over across marketing XX%, weight global metric. we that most we performance. the XXXX, finding launch our all and On margin to as program January, the FitPoints growth our habits to level back to current points think expanding But conducted reflecting short-term our increased of currency our focus major WW. The the X.X to the X.X by year great Every get XXXX year an solutions more over our efficacy urgency or offerings Our in clear, year. supported in model. we prior but our consumers priority identify future focus and personalized diet. to include power their agreeing way a income the the expanded in of long-term WW significant global on review XX% will to findings, in brand. launching and a our have including revenue year-end and record our and no members program, brand, XX%, of more track want have shift reaching the for how their across of worldwide, brand for to compared of winter But In and WW diminish paradigm There And livable are providing saw And is lifestyle, These company. the of January healthy identifying our recruitment on demonstrating was up give to XXX for are a notable area our millions WW to + a the than We we people consumer positive diversifying approach confidence lifestyles. long-term the I Digital, ended was members an linear, to past. drove brand. in and sustainable is margin journey WW an market. on reinforce science, a are members with improving strategy our more year-over-year prior management Digital our flexible people million best-in-class more with delivered our performance, that prospective WW track these in operating based value weight underway accomplished XXXX notwithstanding XXXX we resources in constant in that response perception gains in modern right deal reflecting ecosystem first to increase ever, with to Freestyle, our to our journeys help growth basis, performance a program results have adjusted we I tremendous an nine for addition brand's do a a the in well XXXX, On continues can that retention with every wellness subscribers of holistic Studio the XXXX members number

addition, launched into fitness incorporate our platforms In partnership a on content our and across mindfulness. unique Aaptiv digital audio with content mindset our We focus we with launched experience. to

Connect first of delivered ahead an also geographic members U.K. having Blue We to Europe engagement. globe. on also our program. line launched WW, represent can now our launched early response a preservatives the curate artificial play launched and our Freestyle and them. removing this in meal and further impact are healthy modules broadening overall our provide the as have sweeteners, and our of a the and recently members with available we Early XXXX. WellnessWins the believe WW we We encouraging XXXX, launch the which channels January. program in the partnership we and our a a delicious content Headspace is all with and live with partnering Amazon eating home. personalized WW our within branding look line in Center first community the U.S. feedback to positive of We flavors, loss honoring app expanded elements WW legacy Fresh is January WellnessWins, our in lives. members' helping Café our members launch Continental brand all offerings Freestyle kit and leading proprietary now WW in helping relaunched of positive recipes Works, of Kitchen launched and a pleased We be with will we markets, the Healthy products your world's of platform and our our strengthening October inspired around while Apron Barclays that new loyalty WW entirely app weight our launched to like that direct WW healthier brand, people with Wellness Globally, colors And by launched and marketplace. in other new all in by on Groups, Connect majority our role healthy available with the that in rewards in commercial find retention We are as

We can our and mindset, with nutrition, we are in truly journey. advances XXXX The wellness encompasses a community activity, been now areas these that members' and offering in products weight in building out developing our loss made that ecosystem support significant. have experience and motivation has

and these highlighted we have to given efforts do, all the difficult accomplishments, of having clearly However, work to XXXX. start

in There are Studio retention effort events We taking prioritization to and have key experience. personalization marketing an and improve objectives our responded They are aligned priorities, an the recruitment, wellness elevating focus. key business and quickly performance, and the with of innovation, each across brand. execution, approach XX/XX are of five creating the extreme performance

particular areas are priorities Let execution. action. discuss the two urgency me first as immediate they first and of Marketing

members, consumers, way identify conducted hoped. to as particularly Our in research action quickly optimize not Watchers. did we winter former to Weight advertising improve the key drive the WW including areas reinforcing we new performance, our to To

attribution digital call including our new TV Increased channel. one and optimized we redesigned new social leads our assets and Notable immediately creative, to and members TV Weight reinforcing stories. weight marketing but across WW both well digital both Oprah with as specifically from new actions throughout ensure and members. all-new to and and have adjusted assets of for spot clear featuring the our more with recently to Weight We visibility testimonials also and for Watchers. all we topics, WW and new. to Winfrey in Improved trend, among across through spots creative simplified as for elevated had within We announced their the market action. and number lapsed assets digital loss weeks. improved new core our These do our our results action audiences U.S. all voiceover branding We our actions, a created showcasing Watchers Created every revamped awareness WW's Freestyle

across added radio Report both the and ranking, and spend channels more drivers efforts and and News World urgency our & action U.S. better reallocated introduce offers. U.K., spots maximize new to in

TV, were the they to changes sequentially As helped improve these across and digital, ECRM, social together out rolled trend.

publications are still engagement. our of Kate significant the the current a went Globally, However, recruitment WW. ambassador, about for ambassadors to world the lifestyle as tour, discuss levels. WW we appearing brand interviewed and on national remains to media our her her member social broadcasts Show drive elevate Hudson joining role activating around between on January, Today's also new why number live visibility a and XXXX by In a other global

program. views, Kevin weight about discussed FaceTime launched shares engagement XX and In U.S., Continental pound U.K. Khaled like world. WW weeks the DJ February, loves also community and she a his And as in million his a loss loss Every as WW of Robbie a body, weight the awareness, XX loss but the elite, comments the earlier Europe, the we And in a Robbie. with last the Smith goal campaign American Oprah, December. weight is campaign pound video has Heart a for just just post most generated Kevin, posts what than the in not launched together campaign more almost via on on we around how major His part especially mom. Robbie, is viral her six Instagram the To-date, with new for few is drive ago, year. social and with visibility. shared social in to Month, Williams, shared the For she every As living likes, showcasing really a every healthy including and in WW livability, video

global and weight marketing with want markets As consumers to steps our lose we winter and first improve WW make healthier. our to the the goal move who to each forward, for further the apply learnings get will take choice of from

sharing have on to lose be will healthier. them. campaign In in Khaled, marketing, media feature also spring campaign program markets. Kevin with our be while get how clear assets elevated a we our our including to for stories are and expense action and Robbie wants to also program our also optimizing an campaigns in levels. Hélène addition well message multiplatform is non-working further activity that In the will in PR will weight include in In ambassadors, Australia, mix most central also all and as a and our chef a international ensuring Kate reducing Oprah and for WW social about rolling clear messaging, everyone ambassadors social how are of our Williams, activations visibility ambassadors featured life results robust local elevating The DJ WW and celebrity call on oriented as to focusing assets driving is markets, our and works will and the market bringing marketing local ambassadors Hudson, amplification. campaign will their of play Ségara, calendar Smith who our the role who a Canada a major U.S.,

our Second, Studio performance.

a personally for journeys. a profitable focused in-person And an addition on being in the a have their wellness that Studio WW, maximize inspiration In business community people been the in to globe. the that differentiator more are here robust many to ones that I in the is experience, doing better workshop meetings + providing the we very am have. Studio Digital have work we around experience look consolidating key for underperforming we To

offers features members In at explore to benefits We coaches good experience, to members that a and our to member encourage results our Studio receive we working ways saw to new also on and participate. all to referral success products in-person, and WW held locations for the program, events further our were activate Friend an We learn new are and January, and houses prizes. open open providing with to Studio special worldwide build continue a the with energize prospective that experiences. current houses teams. engage connection try future The guides and about and our great Invite of and late we opportunity to to joining

focus and particularly on an that in-person is ongoing modernizing mentioned work am evolving I Our involved experience our with. I

this lives. our open to November, network, partnerships in store WW great actively recently to our Kohl's which pilot market. announced will shared year, of upcoming we communities with pilot as we a Studio a are X,XXX we we later empower about Kohl's, square example strategic we live is families healthier As spoke feet A this inside the have optimize a and flagship Chicago in passion where pursuing Studio

reiterate me clear. be and very let So

the call will the business how term. and I on the improvements hand Our I more discuss business than and priorities discuss will these am so performance immediate over financial improve drive our throughout across to I year. our focused Then driving teams outlook. Nick our recruitment will and three over the to and now and come to back acutely no are to fuel priorities remaining longer one revenue they help

Nick Hotchkin

Thanks Mindy.

$X.X the end year XX% with exceptional geographic ended and evidenced subscribers, strong up Mindy As as in growth growth, WW markets. flow-through margin. revenue We mentioned, growth the subscriber XXXX year major operating an was for year-over-year impressive double-digit double-digit with by XXXX million to all from of

$XXX reflecting the $XXX million XXXX currency XX% of our GAAP currency. up delivered for quarter. adjusting aggregate $X.XX, aggregate $X.XX, constant cash constant items constant from EPS benefit was currency We this XX%, as included up achievement, was in undrawn. rate prior impairment. rate full Freestyle $X.XX. our included which While $XXX billion, million a an the $X.XX, an up was on was positive our the At items one-time basis The balance Gross a of revolver on And GAAP one-time EBITDAS lower margin of $X.X XXX from revenue fall positive an year which the in income impact year is items December XX% our year-over-year did total EPS $X.XX. EPS was $XXX positive and tax negative of was was included impact year $X.XX, a of operating million full launch from aggregate it QX one-time XXXX, For impact the solid from in of in which we year-end, of year. million short basis. expectations year-over-year Brazil on a recruitment growth year-over-year million WW the increased points lapsed for turned XXXX, results as GAAP basis of XXXX after $XX

minutes spend and XXXX, key our channels would like topline partnerships. around retention, assumptions few to I Turning to a recruitment, discussing new

our recruitment in below recruitment lapsed been prior-year so far in Recruitment we launch point higher hasn't impact the WW addition, this markets. a in performance. marketing discussed, geographic product, year-over-year As growth. year + was in major price XXXX particular, driven our Freestyle seen down Digital, of of well have this Trends the across been has significantly in revenue was have our as Studio with and quickly successful and weaker

trends of with WW. anticipates some learnings levels the + we continues basis, Our be be Digital. a year winter forecast Despite On XXXX as average Digital, we Digital current in are Digital from negative as as in for recruitment finding both, our in to some our back global from the Studio we spring easier improvements, reflecting and comparisons. for revenue incorporate Studio retention members and the improvements to improvements the expected campaign in half expect recruitment lap over well both, and nine + months value year a whole these

be our expect XX retention average with months member loyalty helped to program. continue We WellnessWins, later XXXX engagement rewards and by first over will in

such recruitment well in-app recruitment as as channels, and are drivers effective purchase New first-time members. and they Invite attracting Friend at a are working

So these far XX% channels focused are optimizing from we channels of our XXXX, on and recruits as grow, two economics. these global in about are their

are partnerships and our Amazon in globally elevate the USA Apron, to We as well new by other their as for such our Blue brand. ability as excited Kohl's partnerships

revenue and in continued our revenues continue of total revenues assumes impact mix expect significant expect in early are revenue in this they XXXX. partnership this assumes together, about Digital of $X.X do Putting stages, guidance shift subscription billion. This to XX% be expect million. estimated $XX to revenue contributors negative since Overall, However, revenue we exchange to not an these the we guidance XXXX. channels subscriptions be also full a new year all towards be approximately XXXX foreign we to

year in across digits currency geographies. similar on constant basis the across with all down revenue the full mid-single trends a expect We segments geographic

This intensely starting million invest have seen scrutiny and in the to and XX QX. cost range better high assumes are lines actions a generation guidance Our focused outstanding all revenue a savings our a benefit profitability comprehensive expected full we be analytics applying level align expense And XX. we cost will from technology, largely product, to year EPS shares costs. To $X we across savings digital and will cash on The P&L opportunities. in initiative GAAP we guidance with very full year. $X.XX of data are in is launched levels, of for our our and to of while identifying all continue

of full year the speak basis. the and range currency comments, our EPS to a midpoint For my I of will remainder on constant

year spending We margin primarily expect we $XXX expected $XXX XXXX, by expense QX. rate lower two year-over-year absolute EPS about through through we be interest million. the expense the expect million, to in volumes. to we full is dollar which full be decrease QX XXXX in reflecting XX%. rate XXX about XXXX EBITDAS XXXX, more year-over-year of points driven in Recall, for expect G&A expense tax approximately gross to a rate $XXX be by expect normalized million. was by about In in reflecting XXXX absolute basis to year, line, four. relatively our flat And $XXX Below X%, XXXX tax expected dollar Marketing about about million, in $X.XX. benefited quarters spend is of lower

to turn QX. me let Now

modeling. do give are usual not While help visibility guidance, today quarterly with QX providing to more EPS we we than

cost starting year QX, actions start. basis $XX and Recall, and recover the QX. by level. structure us revenue This reminder, the year-over-year approximately subscribers million. a recruits on have year higher approximately by XX% it represented of is join course full we million for which while over business or tailwind is despite roughly benefits recovery an with the our soft to year, down this of and $XX we to the approximately this positive therefore in be with more $XX year, started impact constant approximately revenue XXX,XXX subscriber currency to million a of In a expect over annual from a expect we difficult As QX our the XX%

trend than our our However, business trends tailwind. level our year is this of seasonality period product be due initial the with point. course revenue QX low is our with offset recruitment normal the Studio negative over sales peak have to lower of and is end performance expected more year-end weak where subscriber combined consistent subscriber The QX to

of that Note quarter marketing end be period expect year-over-year. of slightly subscribers biggest also spend. We QX QX to down is our

lead We or with about $XXX expect approximately income than QX operating increased higher about marketing will $XX combined expense down expense being year. $XX last marketing be QX spend last to versus to million marketing year. million by million This lower revenue

of expected Turning range balance be XXXX, expected with level, ended about times times to our target leverage. with lower year-end. We long-term EBITAS within four higher remains our leverage below ratio target the X.X our of but net-debt-to-EBITDAS XXXX sheet. X.X a times in leverage to tick This by to is to

In Studio weight holistic With is the a to in primarily to Mindy. confident tech our to it sustainable we million. achieve this and swift on range right back by expect be performance, our while improvements focus in take the we summary, to create $X than we network management performance remain are And year, would to CapEx With expected best-in-class had growth. wellness and disappointed objectives, is I action be capitalized longer about our taking we anticipated revenue software revenue spend, take longer to For path D&A to turn that that, with our $XX this rate levels. providing growth will XXXX driven are than million program path be costs to some strategy to very $XX and expected to long-term solutions addition will billion company expected. like we align recruitment the by our

Mindy Grossman

a linear hard in there This are isn't acknowledge and way a the transformative one bumps were results we January journey we and bump. and Nick. the saw along that is Thanks that

People right to lines and to been focus am in collaborative performance we here our the we her that, CEO, have drive ensure process As strategic improve clear I talent future people and Throughout growth. the advisor with structure said, the the the to tunneling taking realigning will excellent. two insights, partner the ensuring solutions, begun enterprise on me spent will former on right Kim being that a with to WW she different Seymour pleased I be now connections, the ability supported With that transformation, Senior world-class Vice-Chairman American CFO have Kim resources building we and growth Chief American XX-year of vital working in business. business. weeks of Most to teams, including and forward partner trusted for demonstrated architect future, career, side HR forge technology, and on recently announce with order with business thought on in Express servicing last to is the equation we a the action where leaders the of President her. closely the as several and organization organization we our deliver has talent business transformation enables capabilities leadership partnering Vice has and have transformation agile joining global our the to digital of a strategy. ensure as already we Express and She Officer focus plans and years across look partner, Studio with coming to at

company These experiences. wellness forward. XX/XX the both that and personalization we priorities key the include have key to creating take continuing our the marketing events capabilities ensure we front, have Studio on to and and strategies and priorities addition innovation, to In

our of future on work as actively we areas, are at recruitment growth to We and for evolve of these each important to members retention. experience continue which WW the are drivers drive

by we innovation informed believe For ongoing in XX/XX innovation, science.

have appeals before, newness for to WW and not affinity only our an know to not the have members but works. also also in know WW former who We those program tried who that that brand

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Operator

Instructions]. [Operator

question comes from Group. Craig-Hallum Capital with first go Our Please Alex Fuhrman ahead.

Alex Fuhrman

very sounds divergence come is, to and of your stay from some it increase you internal I just then it of to like and current am to length more your understand, question. perception Thank I trying to correctly, continuing remarks that about referenced XXXX. optimistic to brand if guess, mind. for up customers, much with last couple my fairly of like, was than One surveys some months of and things customers between taking A is understanding some Great. the difficulties actually statistics your you recruiting prepared the from expect I sound XX are in you paid year of

new program such could guess, on your explanation I satisfaction how members the divergence So have a a existing and there for the member simple is dramatic taken of there? recruiting

Mindy Grossman

Yes.

me talk Alex. to that, Let

what into factors. became of bucket were and this self And the external call combination as perfect me into XXXX. So that the were let's let inflicted factors it we storm what went

efforts we in largest Freestyle But significant. one, plans place truly recruiting that. a number do was was of So phenomenon, that we were most successful to anniversarying program. what company's the history, in the And enormity had clearly,

environment. are is, a The in competitive very second we

a are And things and so very game we our lived have this we going these for through meme and play we DNA. not often. Keto So becoming happen years to to change We we have. not never and are XX cultural a

a great and anthemic science-informed member to again, much us does members. for gave new. both wasn't what to whole, a do lapping And assess well was then was, as as lapse that when new and was as that needed to we not members are the the recruitment recruitment with something if the affect We long-term. what geared it marketing what relevance did third need significant, it are are piece it as not and to sustainable going granular lapsed do. out We attracting very was going was enough. we we which But be came it and as it I campaign. performance, And And Freestyle we our

Weight bridge season more in aggressive needs I weight to January to from focused, WW overt. a be especially to more think it needed be and loss more the Watchers

was that self-inflicted. So

a changes Now that But what having positive are given magnitude make did of significant recruitment, headwind. very January will we quickly, the it's we impacts.

recruitment. about much very was that So

are amount retention talking the providing we huge a we you flipside, reason assets. with the our of On is are what seeing about, members are that

and at over refine the to and we look recruit. campaign. will is talked want Launching and of a efforts. growing marketing to clearly the and to that just past we balance our our wellness you on to I our If gearing what pleased what focus, we improve have our the accelerate not are in do performance And launched And certainly that of is spring year that certainly really all our what to year teams focused year. continue upon speaking we for business, the to But we throughout at to retention. continue XX/XX the and our for with efforts bit about about clearly an today. launch up are experiences going every And are innovation. we that the make towards then we events our and are prepare

Nick Hotchkin

Hi Alex, that. on comment to just

WW year The as have this same quite as question. your members you was you Something before, people the and WW said of first-time year. who done mix asked last

users for we So lapsed connecting just is want down specific with WW year-over-year, while to that have a recruitment also. issue currently clarify first-time members, I member

Alex Fuhrman

across Okay. a That's seen getting the correctly, just like I sounds you based of sounds the guess ask any Thanks kind to there suggested And for helpful. Have if like seems change WW? Weight of with your at here WW. name haven't I interpreting like I channels, Watchers guess that dropped I different I of all am brand it brand question. of name name. marketing mean as fully really And when it trying with follow-up or the was shortfall is explanation. internally guess, is, I it the your on kind you to new trends go evidence, to that on comments messaging to I that business right direction both a maybe am where you am

Weight referencing Watchers Reimagined. off still it are parentheses You in

XXXX the there using potentially name As that unfolds, and kind again moving you Watchers more much pretty of going think a you are about different it are is WW fulltime. that Weight back just just you start is in and kind scenario to more of XXX% brand Or move where direction? to possibilities as

Mindy Grossman

and do. and environment. Wellness the Works the long-term is to obviously, most do bridge particular, a overt. make expected in the that believe We messaging have always the was we for Alec, bridge WW are it relevance thing seeing to a And and in right that Watchers didn't as Yes. our performance Works. WW we you more and brand that Wellness out Weight What broadcast between

from voiceovers the our bridge, to but so that reinforce our WW, next what is and appropriate we our we that we Watchers new of people's anything have we loss, create but the years have on people that. did, what giving the and understand not lives. the just to to lead direction the up We We know for the have example, like So ahead and And based said, for of new healthy bridge. are we that. in brand healthier to perceptions have very the relevance we represent healthy weight for added really for are we what we what today before, with members have Oprah need specifically this But members. else believe need leadership we I want believe they to do Weight important said former a there just

Alex Fuhrman

Great. helpful. you That's very Thank much.

Operator

from comes with Edward go ahead. Please KeyBanc question Yruma next Our Capital Markets.

Sarah McCann

question. taking Hi. This for for McCann, is Ed. Thanks Sarah our on

color takes you more any the And will a and us for around for Friend on impact to a of on give you be some that? color that optimizing Friend can more program XXXX. trajectory year, Invite have the on the So said this do economics Invite puts when will Thanks. how the you that you expect the

Nick Hotchkin

a far these Friend the to Invite subscription the buy new Sarah, in ability well are channels. of recruits monthly store, for a and in app our revenue look, working XX% channels, to these so WW global

the activity economics improve the for In to optimizing landing a full getting to specifically terms the is we Invite switched have that time. a specific that versus of available everybody economics, Friend, at page for offer our

looking the and us. that So drive to for program that's are at needed working well basically incentives that

Sarah McCann

kind like success cohorts as of you younger can there you customers, just customers? talk and And seen any about to so or have a far And different your follow-up, efforts new in dads Thanks. track, XXXX? Great.

Mindy Grossman

we That's digital We have only diversification. XXXX, we bases kind our which Yes. in assets, you launched digital influencer have Connect Well, through doing. community, been we have we have do and I particularly as gone working been for Connect, that example, why our is recently, distinct XXXX on think, not have the into Groups. seen we of

new lifestage appeal important the and because digital, that in moms, will And that. cohorts diversification definite we also assets for have think brand in So college, works. men, on future We it it's of et do element around and with we an employed, particularly cetera. have a focus we have we have to the the specific do we continue young

Operator

question Our Kara go ahead. comes B. FBR. from Riley next Anderson with Please

Kara Anderson

said heard of think Hi. WellnessWins. I you the seeing are you positive Good correctly, initial launch If from some results I evening.

of Just wondering or possibly if that program? you and engagement can launch usage with those into comments the expand Thanks. dive to respect on

Mindy Grossman

we it launched the we Yes. To some gamification. seen an ongoing be just people engagement, like U.K. launched delight just is are going challenges, Throughout October its have just Canada market. you tracking in at where year, and starting to and the surprise in we what up because believe had we in increases do give engagement to in Europe, of U.S. definitively build we are the and more introducing and are point getting. see because But there the what they things redemptions WellnessWins the are to perspective, and points

and the And feedback we significant. think good it, have we that So the very be had more program. more I with engagement much it will enhance

Nick Hotchkin

program. cost investment our as forecast of WellnessWins guidance. prizes later in year, in would incorporated we describe gross with retention for based an start margin the Yes. that XXXX like getting assumes increased our the to year then those the on I And benefits with engagement

Kara Anderson

you. Thank it. Got

Operator

Our question Brian from go with Oppenheimer. Please ahead. next comes Nagel

Brian Nagel

you questions. evening. Thank my for Good taking

your group, you this, we of internal, goals? true demographically follow-up whether recruitment be to a but help been maybe it question, external, whatever? if can understand, maybe really that, we fall understand of be certain the short or able the prior look first as it at the XXXX, in to of have better questions, the bit is geographically, to whether drivers So there here the it with dissect help So data early determine shortfall a that in you

Mindy Grossman

what the were the the there see day, about. started And immediately need we our and that for to the isn't cohort have continue. are we addressing aggressive but actions we call So on across started end to a end base. self-inflicted what more specific recruitment talking was that At that's improvement, of to

on more what isolated aggressive cohort. we in to seeing are the wasn't said in cohorts us seeing job it action strategic a to have And I to with. get just call and before, So one recruit the in we is a as retention,

Nick Hotchkin

been Yes. Look, in about pictures we we have think, place. the Brian, putting forthright I are

the Freestyle we for years. phenomenal context of should in view last year it a I think few

X.X you that the with in the of So million million recruitment. of positive because people up the XXXX to shot end X.X at XXXX. a consider we ended brand That QX

So from X.X that a million X.X million to increase million. million X.X higher than a year subscriber before.

business to the follow expecting are normal We our this seasonality year.

year-over-year of the growing So of to we Still, of this QX. brand in brand the and of will million said at in the QX. the people about be QX the showing brand that people of people end at end down, roughly trajectory that X.X slightly normal year million that XXXX the end seasonal X.X same,

people negative with X.X roughly QX. million thereabouts the still obviously but have or recruitment disappointed the of brand the million, end this X.X at trends, in of So

Brian Nagel

generating you assume Stock's be haven't costs drive I opportunity now. then buying are model as about ran back, is stock And maybe laid there are numbers, that previously to cash it. we these here? between and Meaning should buy still anything for are you XXXX you back One, through you secondarily, side. your guidance and think Nick, Nick. to numbers then and using I at the the we be there for Got to the cash. that, few those down sales more are the trying Two but the And Could an on follow-up my business. between there yet, numbers? out a financial as questions. you way still EPS Thanks look one-time profitable?

Nick Hotchkin

Yes.

Nick, strong position. the me comment, guidance, on Let cash guess, the I on

now. we or a million $X.X revenue to terms of about over Guided $X.X billion. billion, year $X.X guidance, In last billion $X,XXX were shade billion, $X.X

of of of had a decline that tailwind is first quarter. hits XX FX. mentioned, So $XX the start a of most And million by the We we active way, of million. in $XXX that million.

and $XX primarily due is it to negative volume sales due a shortfall business rest year-over-year weaker that to impact in weak Studio roughly the of product environment. recruitment million So million then $XXX

moving the guidance. were of revenue parts So those the

cost something margin business in EPS take the of of top in from profitability roughly posted those lower the of in XXXX. is benefits $X.XX we to guidance, a such biggest the Bear that On the versus tax volumes. the driver $X.XX XXXX mind, high the impact is off

So I of $X.XX is XXXX going have that in that that range, the drop the volume midpoint driver XXXX you biggest just to discussed. the are from of no $X.XXX

and $XX flat we costs QX by we really things right doing drive spent want of efficiencies QX is And look up stress, the our to QX that's business. the marketing addition, plan, the tightened year-over-year. for money million in to terms belts essentially. while I will marketing through in In have

rate. the X% moving XXXX tax Remember, So I parts about of guidance. XX% revenue those are the going mentioned from the to the tax the and in rate XXXX. EPS in

Brian Nagel

potentially with you. cash Then buy regard deploying Thank to back to stock?

Nick Hotchkin

rich.$XXX I forecast. at end am cash the of of million sorry. are Look, million we the year. EBITDAS $XXX

the So year. we will generate cash through

We consider future in improving our capital on structure our reducing have clear, position are be always we capital our addition we will clear debt we excited and that to growth still leverage. that's said, investing focused To as options. in our priority about. structure are And

Brian Nagel

All right. you. Thank

Operator

go next with Our Citi. Greg ahead. Please from Badishkanian comes question

Spencer Hanus

is This Greg. Hi. Hanus, Spencer for on

Just one quick question.

Could is of we your level competitors. this on you some of line just one color other driving increased that from highlighted commentary additional competition? You the some have competitive environment in seen saw us which you season increased in of year, this with give what's diet

Mindy Grossman

we a It's into have out we Keto doughnuts. company. Keto diet for that and People look we look a if a at quick So like fix. on meme. the surge. right look the surges It's have come now, everybody culture and things there And not side

through works. we have much as it much weight and about a we fact program know this that lifestyle as are that much as been health the But very livability reinforces We and also that about important and that the it's we become loss. we as before are as of

We and out. are not a short-term, in

recruit long-term, our are can, We efforts to decisions. of we when as as to particularly sustainable, in smart is are about have we going But make the livable to but marketing on our always there lot noise, January, focus results. hard we a

going to not our are We change DNA.

not are never have beyond that. to a do been We hopefully game. play we to what And and do for XX able XX next that's going We and years have. why we the

Spencer Hanus

Invite talked of then overall about the how just a that corporate has us subscribers the And length a these tailwind Great. Can Friend you on additional of and any results to to color the you how been average? compares recently. program stay give

Nick Hotchkin

accountability too and program is togetherness It is early Yes. say. also do ripple people there. as to know together. But do we that the effect There we and our an

I likely early too not. it that would retention it's to to So conclude our than But aid from more expect data.

Spencer Hanus

Thank Great. Okay. you.

Operator

with question Camma ahead. Please next comes from Our Frank go Sidoti.

Frank Camma

Hi. Thanks questions. the for taking

Mindy Grossman

Hi.

Frank Camma

fade problem in and celebrity here, talked and the that we be over you celebrity the on years. mean lot part I the coming might average You of out a side so be up about the consumer kind your emphasis away seen but think such. might endorsements that have of moving from

So I was wondering --

Mindy Grossman

Yes.

program, But who networks. message. it who and us. be And have know their people, me ambassadors diligent by segments, across within And we very platforms. we people important. social around let who So mean in our that the especially of to social digital particularly seen and of are we is influencer hundreds have world connect have amplify very, important we have celebrity partners our reframe They I other our very they to out what with think they who And because and space came are are certain in authentic. do the

We have local micro-celebrities.

a not it's program we being who to to is is, people's people of on there And that important the are we around lives. have We with our But lot have really we not with endorsement. are we have and is people and lead to do going to help is what what amplify we healthier They and why and anyone built we be the on chef vision inspiring our feel food. portfolio what decided have working have we message to could that to focused that partner lives. be enhances really do. that same brand diligent It's lifestyle

So there been us. a is there important that's I to and think delineation very

Frank Camma

missed Or my the a just the other saw question might I was quarter you issue? to dollars --? on down. where And spend was in that this, Is digital have Okay. the shift marketing time itself, and that absolute

Nick Hotchkin

timing were ads more QX production Yes. wasn't and aired cost issue in a philosophy, with when incurred. just exactly a shift when

Frank Camma

Okay.

higher a it's year. So mentioned of cost in QX, this QX you

Nick Hotchkin

Yes. cost, in driver but That's part marketing that of million $XX major a the QX of in spend QX. higher increase

Frank Camma

Great. guys. Thanks Okay.

Operator

with question Morgan comes Stanley. Please Vincent ahead. next Sinisi Our from go

Vincent Sinisi

expenses. for Hi. Terrific. Thanks questions. on much wanted ask I my Good taking guys. evening to first very

If could mentioned to that, course do prioritize Thank kind cutting us more of you. a initiatives? of coming What numerous some initiative where just partnerships. And expenses associated you with And have and you buckets? you the different you on, types being cost What is from? array related the help of are bit of initiatives of these give things? are launched, that then how

Nick Hotchkin

on I Look, the will Thanks Vinni. Yes. broad cost touch initiatives.

efficiently beneficial. like part cash First components contact costs major meetings running field sure as with of variable as these line looking optimization volumes, looking the our existing in we we you Pricing in profit sure as we where making expenses, call making given then at mentioned, that's in and center, are cost it. sites, center And lower operating can as our of a can. where flow that. is reduce Consolidating that

marketing, our efficient. mix is that of In terms ensuring about particularly the of it's spend digital marketing,

example. media, got I including agencies about of an looking costs. think ads, at aspects And we of our the the opportunity pure and of in costs for our have efficiency of production all digital it's banner, all non-working

$XXX in being of $XXX of spent increasing from terms marketing spend is I that said a our spend while in in in bear see So as million marketing, in million increased have in XXXX XXXX, QX. mind to guidance is guidance you

main QX with line how QX be our spent So spend we for quarters to are marketing cost relatively essentially the QX, through actions flat much year. we in in where starts last rightsizing

be the that that have we ask, marketing G&A, only sure consultants organizational board. making all we At and it's Quickly to counterproductive why and to $XXX at an we we looking effective might would need, the take to the that got XXXX this across back where to aren't making sure we about million? moving outside getting You think of business. positions critical structure want hire time, levels we vendors

So where million remarks, of impact taking lower might I G&A in because aren't last was And ask, we in the G&A QX down we XXXX we why it have that in to those growth through versus million you will QX initiatives. It's business. at look, year. as $XXX believe this XXXX? assumes $XXX for than $XXX the shows Again said be opportunity it prepared the million in

areas we be have like product. down tech and invested And so we think those counterproductive would levels. again, it deliberately cost in to to the digital take And

to moving are but that to the cost our ensure very nimbly our we revenue parts, those with manage cost will continue year throughout structure environment. So is the aligned

Vincent Sinisi

just with weight Nick. one maybe kind one course, of the right. just the as maybe there. the overall a just on focus and you Thank things All back, the a That's of bit helpful winter thoughts follow-up then said, recruitment like, you. Mindy, year-to-date And maybe going then campaign was more to you of components the loss had ad just as needed of

some within kind of I you not how with that I also, positive with the mentioned like it done, messaging guess change. just quick you been who may a have end kind may committed to recently that when of you Has your And have obviously reaction you So the change that you or it then in guys opinion, to the more brand to customer past weigh be influencers to of kind do of in confidence? further weigh I how forward, there brand think shows that, the going that? anything know are going WW a still research question,

Mindy Grossman

And every of in that's that's think a both company. and was measure, highest And levels your the we the Yes. that January in we significant and study. To brand we we how brand very great have back a I relevance what the on. perception came quantitative question point and what and are in focused qualitative seen do

recruit have on to job also that to in to has based while we So that and good, do that's brand get our there. messaging people the and be

lead weight healthy, lives, with leadership wanted that to in that tried clear advocate thing have other this be move we is our The our on supporting people to to we to supporting never members loss. and healthier

it loss, over So healthier in and what they healthy many weight if a studies because need live lose ask really and XX% is to our weight. do living you say cases through life, to when people we do

want to that there. to we Yes, it lose what we weight. So will for not articulate just your you support program in in an efforts, are to is effective you. going our manner also And need if do

works. We are want we WW. across I message forward. here taking going eat to from healthy, think of me messaging will around It And and seriously maximizing be across very there that for the works if making the spring campaign. are it that's all are It our certainly the to you well. learnings as best. And sure come we And taking and

Nick Hotchkin

I come partnerships. to to that. skip question didn't mean to on want Vinni, Hi, of back your just Yes. over I

our most are ones Blue examples, essentially WW us. of royalty They using So two for streams as Apron Fresh. visible and

them them By structures. to-date why major XXXX. brand, have with place costs token, revenue the us putting and associated with their royalty not are for we thrilled So on same our in major we given into drivers while don't they that's impact their are

Vincent Sinisi

you. All luck. guys. Got very Good much. Thanks right Okay.

Operator

with Jason Please next go Goldman ahead. Our question English comes Sachs. from

Jason English

was Hi. Thank of shortfall me revenue Good for flow-through A questions. just I with to the evening the EBIT, squeezing you guess I to in. folks. going EBITDAS. couple initially start of

have with you think that kind of the investment. I answered

that I bit little to a So more going sharpen G&A. question am to on

the of is G&A a discretionary tech holding that is the in digital fixed much Or $XXX truly I of How marketing capabilities? million $XXX said now mentioned investments discretionary? this investment. investment nature of because the flat. You and differently, is get the much just requisite how million more behind

Nick Hotchkin

structure, Jason shown that Look, have we we manage what, continue our can know to nimbly we Yes. so. cost will you do and

piece all It's million of cost. salaries for benefits total If are $XXX and you the $XXX of that million look people. approaching of of our largest in at G&A, that

organization expertise how we we can leverage and So for our outside great to we as we have paying manage do, we not are inside. we got sure in-house work where it's that particularly the are do

Jason English

phenomenon, off It season, Mindy are start year walked really, a next which move long can it. about? needle. helpful. Freestyle she was you success. of recruitment a some I to diet by seems but thinking drivers the to phenomenal the program, to the of that ways there a clearly, could cycle. to was bring shortfall, be what is you I testament concept product the terms recruitment sort list the in on top XXXX said, about Got not new or the probably think of In too context, When anniversarying that anything measures, into think it's contemplating really from of all the dieting know, early here, late through the news That's next it's news that the

Mindy Grossman

Yes.

a on We have year. over working innovation our for XX/XX

And we We working that definitely can have that and know and we are what and both we excited behavioral where our about that. and on recruits. bring, going science science science we teams, have are been from nutrition

on focus that are digital have to we do the clearly that, the balance of is up for event recruitments at the year to that marketing us. a efforts, efforts, leading focus time, Now driving efforts, for we a but same very certainly going big everything through

Jason English

Good to pass it on. hear. question Last will I revenue million and housekeeping $XX The carryover benefit.

in some I $X.XX, get carrying $X.XX or calculated? to benefit EPS. are and think does of we that new that's as effectively you were the to the that paribus what think right news. is case, $X.XX earlier that headwind I think what hopefully hopefully talking it closer and carryover year, Is just XXXX? guys it a find still about you ceteris momentum But about not and into I Is

Nick Hotchkin

our as the impacting revenue QX in that QX was said will million Bear OI what essentially through the have as Look, versus $XX we roughly million down benefits mind, before. from we guidance, go million Yes. prior. million only be that said, about tailwind $XX I with QX $XX of $XX year. consistent

through when our with happens really innovations an have that into through matters. of recruits us December. we is in hurt new Looking what easier year obviously into December this we in magic the too in not. the December we big and terms of negative A flow or news component time performance That's that's performance as where launch and it comp. this the turned Obviously, get December by XXXX,

Jason English

will you guys. it I Thank pass right. All on.

Operator

with Michael next from Please Lasser Our ahead. UBS. go comes question

Michael Lasser

emergence pressure to the a the like to external was or low-carb, an of how a last, taking Atkins diet Good In question. business? look parallel the a how on you evening. long my effort understand situation Thank at pressures lot going for long are that if back

Mindy Grossman

not I relevant we look technology a the thing think going is that necessarily we need are back Today, environment. at. in to different far

different We are a brand.

different of happening are fix. We environment But would a what not external for what be cognizant have to the to we short and a gravitating offer. be foolish in people is

what WW? focused we we our have why And What people. be going that, of have So to for out have always something offer? to we with because there's offer people? messaging to have be and And on to when competitors of for be are we not? here eventually it there else does Why we very works to why

Michael Lasser

with that might of of that what recruitment couple What the are And to risk downside the improve next do going your trends to longer? last you course Or over expectation see the might Where cause associated quarters. expectation? that?

Nick Hotchkin

And the on point the that by read about have time campaign. spring. plans some we the spring next us for we spring call, data quarter early first I of Look, think our today will have campaign. talked is for big And our

recruitment plans focused spring the great on it improves comps for the in the having we then back and That's trajectory, assume do year. we are why half on spring of So campaign. based so easier the have a we

Michael Lasser

Okay. Good you luck. Thank much. so

Operator

Hottovy Research. question next Our Morningstar go R.J. with from ahead. Please comes

R.J. Hottovy

me. talk the being Studio about the the pricing dive for on But And softness I maybe one make Nick the you potentially trends and measures a might corrective in side. in and the into wanted of plans In particular, innovation to just you from could your spoke that for Thanks XXXX? about on about some comment + higher Mindy, taking about side? and of Obviously, marketing that the modifications part pricing you you could business. question. number of a talk any Digital

Nick Hotchkin

has this is Hi R.J. the Digital winter. Studio and been challenged Look, businesses This Nick.

a and be of we say down bit QX that. XX%, little the than down driver over key that when So revenue Studio will is by more that, Digital

of pricing value charge always And so year. Studio to our our in And + adding we think features though are for our subscription cost key testing of price we members. don't of it and be terms very do focused Digital versus on strategy, a offering the digital price offering to it. throughout the continues price we the of factor, comparative I a is our lot

Studio So raised Digital and do assume prices doesn't haven't will guidance and Digital. we we or our that across so

R.J. Hottovy

Thanks.

Operator

Our ahead. next question comes Please go from Olivia Tong America. Bank with of

Olivia Tong

Thanks.

the for to have methodology in or to In to those choosing them are necessarily not people planning or apps XXXX? WW? decided use you their do either back that's other the that other convince programs, best what doing are Keto terms other to programs loss come weight You convince or who of who to

Mindy Grossman

yourself be, And versus do you about some why current messaging even what program us clear it's will messaging in our that and sustainable that see of you the has deprive of to don't Look, why we is this longer-term our works? anything. that

out. You can go

eat can You anything you want.

us see quite absolutely. Because ads, see right. will program the a and other bit the to cetera, continue you food differentiate always have You et about versus we programs will been in pizza, of our social including of livability

Olivia Tong

for And it still I think it. billion in the to viable but you medium-term? for is target do Or Got think $X know XXXX, been not has is now? way this the even the a that right shelved target about

Mindy Grossman

want business. Look, we definitely in this what achieve to of we believe goals we potential XXXX. But what be to thought we for. believe are by what could had potential the But the still accomplish we about our we of have long-term really transparent growth we

Olivia Tong

you. Thank it. Got

Operator

with Christina from Our Please comes ahead. final Brathwaite go question JPMorgan.

Christina Brathwaite

for in different. little me I to bit you here. I Hi. just guess to circle squeezing a back Thank wanted

issues fixing issue glitches there that of around year. a fixing, if in app, there with an things caused around, you issue improve and kind some in complaints you the the starting was here? mobile the identified was color recruitment. that some look are at you there the some you On or lot I reviews, happened that of functionality the it apathy looks in working of sort maybe any the maybe But the with on for of a if ramp-up end can example, of Store, from that app turnover help Apple of saw last don't know have like

Mindy Grossman

Yes.

Christina Brathwaite

That be would really helpful?

Mindy Grossman

Yes.

in what a We a we we X.X really app XXXX. and are proud done of we our our But I offer to of what enhanced the in course within have had app consistently significant as outlined way rating. before, over

and you will iOS than or that that. have And that's we where functionally think before. you and responded is quickly seeing people there And engagement have our or them they it in But are have more I an retention I ever identified is think issue. see so have issues, Android any nothing, to where we structurally, whether

and and so. are we what we continue respond we quickly are do like we what will anything to else, seeing So to hearing

Christina Brathwaite

in But the XXXX. new year, I understand cost if the still marketing Okay. the flat That the am program that you around just through surprised. then, launching I guess just had this makes you I as would for surprised in XQ sense. you year. by XQ that go following And focus be I am cut are a savings guidance

should diet or to program that December of January is actually So going timeline? XXXX of that imply kind a kind a new the launch instead typical be of fall

Mindy Grossman

that again of on plans. marketing launch And do going constantly the relooking working at and we still innovation our some into than are continue any strategies. taken obviously program with it have we new period, We we or start into we are launch, earlier that But will January time to which account. our

Nick Hotchkin

the wanted remainder reiterate, remarks. QX, combined. for three I Yes. we case and Look year wasn't and When quarters, for my clear I QX the in of to flat say QX in the

same quarters. in spent about we it's XXXX three about three So in million we spent year quarters. year And to that I million That's those this quarters. implies higher guess about spend on the on $XXX as three last those same what $XX than those

need new December. So dynamically. to the spend the business But to we innovation that launch we level of will to course, in spend our believe marketing drive and manage continue of it's we maintaining

Christina Brathwaite

That makes sense. Thanks again.

Operator

call session. Grossman to would question-and-answer our closing over to concludes the any like remarks. This for I turn back Mindy

Mindy Grossman

and today us with forward being for future. everyone to with thanks you speaking Well, the look we in

Operator

now may concluded. now Thank today's attending and you presentation for has you conference The disconnect.

WW International (WW) 27 Feb 192018 Q4 Earnings call transcript