WW - Earnings call transcript Q3 2020 | WW International, Inc.

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Operator

Good day and welcome to the WW International third quarter 2020 earnings conference call. All participants will be in a 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 Investor turn I Relations. Please go ahead.

Corey Kinger

measures regarding to p.m. call. is Thank today also release. you reporting The as press with are of to as about call our conference on progress. The available press XXXX company's press website provide investors Reconciliations this for us are Investors results, general company's today, directly details X:XX disclosed At corporate most a on Presentations well the purpose the non-GAAP WW located available corporate.ww.com. International's release third some issued corporate GAAP as on materials everyone available investor third the quarter release this under for a financial the financial Eastern provide update Time the of measures joining in Events. section Supplemental conference company's call company's on part results. to comparable website we the at & quarter also XXXX further is the of

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

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

Mindy Grossman

call for you Thank you, everyone. our Corey. Good Thank joining today. afternoon,

do in powered experience. of in to experience offered robust This degree our continue unprecedented leadership members digital WW comparable model, to all for the is through our the our globe. and demonstrated a digital our that tech-enabled It wellness and We strength studio high a an Our throughout delivering performance teams This accelerated nearly platform technology as members revenue. loss us on agile business company, has work ability around great and the impactful our and and our and XX% uniquely despite every effective levels WW XXXX a negative as a we WW exceptional to cost accomplishments This innovate a delivers is talented structure market. our digital the foundation enabled and in been to the by model, was resilience in weight EPS solutions and our highlights we be COVID to operating differentiated trusted business of truly subscribers brand further decades. testament navigate impact income and environment most results passionate growth. in our of digital our by the position QX margin digital partner strong growth achieve unique year-on-year Today, member grew talented two app wellness, growth geographic for and our flexibility having globally. team, to with our of

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partially Given grew have our in the and e-commerce were XXX% offset to and QX. double the penetration studio the our Member in sales grow sales through where closures, impact grew most triple digits purchases we repeat in took seen digit. channel able product the place, of

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positioning experience term, the building innovative platform As see, have WW long that human technology delivers you as are on our been impact. can for agile, we and a

officially is turn team would WW DeVilbiss I excited to Amy of track discuss more onboard. she driving of maximizing her new QX expertise, as Amy growth welcoming we to financial years call and With after our I O'Keefe three makes are years has CFO that Her to that, record the results. over while business proven our of the Drive to XX will Healthcare. as joining join uniquely to CFO. profitability qualified Amy than like Next, WW

Amy O'Keefe

members. impressed Mindy. Thank the energy the other, have you, how been talent mission commitment at that I team. I each to say WW, team, happy the and first joining incredibly the month passion, be WW for In its they I of and am company, to by first want my the have

to off like on this call, strong what recruitment drew learn in would I was intently and MyWW and the the a I many accomplishment the across WW momentum performance, to company's to tell of you all my found global you, more tour season of well QX to XXXX perspectives just WW markets. engage member about early start. to year. more began discussing earnings the winter to Before on the strength has response tour I, myWW, listened Vision February enthusiasm launched, marketing about Oprah's me in incredible strong XXXX. the underway the with program, like was the and extraordinary

situation attractive and as several COVID-XX a crisis. a respond unfolded to was to direct next and able generation perform of watch company in consumer gross was higher I subscription of this the the cash time extremely months, margin the over model. as of Then, All the with

reduced virtual WW know how a extremely headcount. our planning forward business and even plan took record to in As WW workshops impressed was of its to responsive plan end be short the will more was to be the by Flexibility we to remote to a with model. million, knew in real myself, a cost see company as launching by with that estate I address a quickly order, and to well-positioned transition of reduce digital was member's a member hard quarter the subscribers. look environment. the at I key footprint responded in course, fixed cost variable a took second cost company and immediately In as company But place the rationalized continue put to needs I of number CFO, discipline XXXX and aim And a pleased technology action. going cost to its $XXX

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that limited. overall gatherings pressure to trend going our this workshop As continue business remain in-person discussed previously, will forward we anticipate as

or digital all-time continues QX margin retention our trend, are an be structure revenues ensuring workshop of rightsizing of times over a are studio were quarter were now growing outlook XXX while year-over-year experience a Adjusted high-quality XXXX, strong, up was of by product months. as the overall COVID and the currency year-over-year. down XX% cost sales very X% We virtual in our to year-over-year million. response same offset the with were revenues constant ago, at fees. up roughly in basis high constant strength Digital in XX workshop and on Member Digital Fast revenues of this this member XX% August, subscription pressures. each via basis. as digital subscription currency the over our provided on the $XXX in X% Revenues to declines Consistent to of a points year result geographic approximately A workshops. business forward size + basis two markets. gross fees Studio was in anticipated a are to

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the unusually $X.XX tax in $X.XX $X.XX one-time GAAP QX the EPS EPS items. to from in effective exclude regulations the XXXX in benefit elect permitting by already subject catch-up quarter of in a EPS income to share. $X.XX impacted to benefited around rate prior Our a to GILTI QX was quarter. due tax compared foreign to updated positively per companies The high rate. This by was low XX.X% was reversal

EPS restructuring. addition, from share negative our impact per $X.XX included a organizational In

macro would for While in or a plans, time. we revenue subscriber, EPS we are providing you uncertainty, provide given confidence to the we modeling. at But continued have our like this assumptions directional guidance not few with your

declines digital that trend saw to the offset strong On we in with by growth QX expect the QX in studio-related in overall continue topline, we in revenues.

that training. XXrd the January of gross activity on be expect reminder, program includes and marketing the will $XX XXXX million in marketing bridges year to week, X, QX December impacted our and that we QX heavy a launch ends versus XXXX. As be last fiscal cost week, XXXX the A to spend quarter. Due by prior higher week usual, QX which margin during approximately

action savings for on cost deliberate in plan take and track to and continue announced $XXX the QX. million We cost swift we we are that

reductions million interest to a cost expense As provided, to studio is driven up a of initiative demand. to by previously $XX.X savings Full million. anticipated strategic estimate previously be operations increasing consumer expected approximately are from adjust our the global expense $XXX year we result, our cost to to estimated million, $XX disclosed

in full continue We be year tax rate approximate tax charges rate XXXX QX. before expect XX%, to to XX% GAAP implies an our approximately which restructuring

While membership the types. across XXXX is on intent all not to for time, guidance we winter at our are opportunities providing upcoming this recruitment maximize season

mix subscribers subscriber the declines headwind will XXXX. in We approximately $XX in full year expect in revenue million an shift result studio and

was XXXX tour, highly addition, liquidity. also offset with strong related million that is benefit business In expenses. a WW Oprah's by cash Vision which reminder from QX generative revenue fully XXXX a $XX had tour

and have December and November dates XXXX loan our a term respectively. We are covenant structure XXXX, bond until debt and light not maturity

revolver million Reducing end at Our lien of undrawn. a be continues with net to our basis. our We quarter debt QX levered cash structure leverage X.X balance the was priority. was on and or to EBITDAS first ended our $XXX adjusted the capital overall X.X times a ratio debt

companies. and acquisitions to and tuck-in to addition potential digital of technology will continue we talent, technology in product resources evaluate In investing

addition, franchise are for acquiring seeing In we good opportunities territories.

we franchise to other call in Nick are are I areas discussions summary, fuel In and Arizona of this term will long growth areas the Just to on focused now right with growth. we acquired and franchisees. believe week, to the about initiatives profitability. talk of the several we these turn over

Nick Hotchkin

Amy. you you speak I to have on are everyone say thrilled I at Thank board. when we WW for can

I COO, all cultivating As with on e-commerce. as such as markets coordination, performance am vehicles focused execution well WW health global and solutions across as growth collaboration and

to our enriching, to-date, the experience more app personalized it myWW food nutrition, most on the myWW+ of activity, personalized we winter, program, of interactive the launching are all and program, key support sleep. making will end-to-end mindset for success pillars comprehensive we In across Looking a members. of and be non-food innovation more building our proven deeply

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Mindy Grossman

than reinforce priorities WW our beyond. some and is provide needs XXXX details commentary the and like for that would Coalition I now and more the world newly to ever. marketing share of our winter plans, clear launch Healthy launched Nick. on It Living Thanks

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Operator

[Operator Instructions].

Cassel with Lauren ahead. first comes Stanley. Please Our Morgan from go question

Lauren Cassel

footprint reworked months, think all, now? there? Great. Thanks offering architecture looks And the Nick. and at of innovations number Thank in add right one come estate are further see which The if consolidation should where room of then the much. the studios? think the how for do so thinking about you the next branded Lots Is you to tiers subscription the one should like is so helpful. value pricing different you subscriber. then about the over do Digital was And much. from studio for few changing, you exciting offering? what really XXX the there we of Or XXX guess, to I U.S.? of tremendous How year real pricing physically, update

Mindy Grossman

vehicle Okay. membership right about them. into we To the your launch people excited as the myWW to marketing tier point, bring the for are really

how in So I pricing way business. mid-tier digital and about and think our right we it But we And workshops a it's a high XXX at Digital very touch about tier high can between all finalizing you sit digital be XXXX, then in the when one-on-one that will are think coaching. one-on-one coaching are the you now, we individual and it. relaunch because testing that's our finalizing will platform as But exactly. think unlimited

Nick Hotchkin

look, cost aggressively business. And of the that us see the on footprint side, structure you will studio managing

social in which XX% U.S. started for distancing. XXX, the So down think the people least with year. in can have and States, hotel avenue with entering about the hotels, only great winter in new more total That United branded XXX attend of setting. locations studios XXX We a us, I locations XXX where not are we

have renewals You XXXX. about in XXXX XXX we footprint, roughly lease asked

United workshops by day, our and the flexibility to virtual have and supplemented a XX to seven lots manage days can more Serving States cost meet obviously studio footprint attend continue before, to continue flexibility, So XX% a with they available structure of this people like workshops of more where are. members too. we so population never hours reduced convenience, much week virtual

Lauren Cassel

Great. Thank you.

Operator

from ahead. comes Jefferies. with question Please next Our go Steph Wissink

Steph Wissink

marketing XXX. for for the the Amy, of quarter. to some your What as want just Good investment, test XXrd Mindy week But we you remarks the back baseline with of talked you you think you. on that Thank prepared question the just things about just tinkered then you. that shared has specifically. everyone. I the the first learned have is And I how about marketing afternoon, Thank some a what are go given for of experience? you. expense to Digital question know you should about on plan? the Mindy, fourth

Mindy Grossman

own coaches. to towards this will found of opportunity suite very by the would really it's whom the are built followings really is And high community, is really a platform always-on and in are geared digital have recruit new millennials, members. but Members And all to Digital certainly a XX/X, engagement. content core program for multiple attribute have coaches, and a demand with I seen their millennials engage have and right. on-demand of we What and who social say coaching, we though engage, Sure. content digital have And of XXX platform. and the retain

have who and fitness, We coaches nutrition, are in mindset in medications. in

the make had to capability. high AI the really have addition, the with to platforms, the our to in opportunity an platform, very of personalization And all of really personal basis a for level really which that able is there utilization on-demand is of myWW+ you. be So experience

to So Digital new platform, the us, XXX with of And to that, the audiences. platform. our new reach exciting allowed combined really that, combination us virtual is and

Amy O'Keefe

comments, to an marketing. week as my heavy I of it mentioned unusually XX week it's in marketing, As relates

to wanted we flat of your accordingly. the so And be spend, QX to week able make adjust sure new, modeling about In underlying the XXXX. of that to you XX, my impact excluding will were

Steph Wissink

you. Thank

Operator

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

Jason English

both of quick couple questions. Hi. They a for Good evening, So folks. Thanks

the First, drop on on continued out what percentage meeting am seeing back the of fall Not of who the are it subscriber. situation of up digital-only out we those picking a given curious, subscribers, offering? the there. surprisingly, I off program are

Nick Hotchkin

to it. It's that in people with The Nick, the workshops those coaching experience we Hi stick And Look, really much different. like immersive offerings don't that Jason. are WW tend switching.

really digital I than the people more would is Webby our So award-winning, that no and say usual. winning choosing what's driving growth digital WW app.

a studio So transferring from very digital. of the digital people to the number is choosing proportion are of folks WW small who

Mindy Grossman

one certainly our members think because we we what workshops. an is studio and all-access all-time of aren't restricted our really that cohort thing opportunity in I The we and have to still by big build the high great have But now have why our see is relaunch framework virtual retention a the new degree, workshops geography.

and the other have cohort lifestyle bring in had coach together. we able cohorts, really initial of great and that, So feedback. response we And to are really test

Nick Hotchkin

to those Terrific back workshop win members, opportunity absolutely.

Jason English

architecture, pushing have mindful to digital am to on where components? are plus digital, programs guess as launch the digital in assets Any ears, coach. four the different earlier lot the that. price of I to a But digital-only Correct me XXX and of others if more those earlier pricing offering, XXX, that be to of premium, out tier question, or the to wrong you I me I am you you contemplating You Digital changes coming the my if launching And guess wrong, correct going of somewhere you market. personal down mentioned kind Digital back about are think, point? came meeting like on are. I question you an middle have a guys are I

Mindy Grossman

the are myWW+ Yes. What in personalized seeing added digital feel time I app. And providing you know, that interesting, are launch recognizing value think mentioned extremely people with years converting just if and the certainly for offered what's and value think is, the are our them. free of you are we platform have what we of is had we we the think the really first we value two there. we in very the we of trial that now is immersive, at reason the And I into rate last high being a had the

Jason English

actually paid And into the are Sorry? up a percentage they what converting people What trading those of are who subscriber? are to? trial taking free

Nick Hotchkin

to given Any week, close XX%.

Jason English

Well, that's great.

Mindy Grossman

are of And think to to what today experience offer. is, asset. to think Yes. the us I And we really giving people really we it who that's lot a and I an opportunity as have been

Jason English

on. I it pass guys. you, Thank will

Mindy Grossman

you. Thank

Operator

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

Mindy Grossman

Hi Brian.

Brian Nagel

Thanks Hi. Congratulations Good my questions. on evening. the for taking initiatives.

I questions. So of had a couple

similar affecting But COVID of digital impressive there you then something the type I those just here short if numbers XXX. And to and in quarter have, question then Or I is way parse factor? numbers you some subscription First, the saw new your COVID with with short Digital second the is the the particularly in initiatives there as to crisis a out strategic. term well. third The is term, something growth the any way? I as respect and the more quarter, think in asked last and at particularly look

but now will new consumers, to to as about to initial the and allow on is maybe help tool larger customers allow a of your it As a done you Thanks. Or cater existing customer? TAM, larger side? it going and of you further more, this really your is you think to retention there is to you now you a more piece have recognizing think testing, do be to early, a it it's a that's give

Nick Hotchkin

Look, the we best Brian, that app have I sustainable our think and features wonderful based experience it's on on the impressive tech growth, and the on had. product digital digital

is will in the be what our we more growth and myWW, experience think approach add by launching so winter And what we we driven the new with features, in I wonderful features with are personalized digital we provide. innovative do

Now has look, think product wonderful growth in wellness world health than the But our providing. we people are a more need and been by I propelled COVID certainly ever.

Mindy Grossman

seeing of skew seeing membership that audience. growth, also younger digital are we to we what And Yes. a are

XXX, are but experience to the be cohort, to a acquisitions, able marketing them our of upgrade. to able see absolutely more to get be a we So and different question immersive particularly the growth. see the we an opportunities. experience opportunity digital down level new in we seeing customer opportunity already member gives definitely And be will We to digital members ability around upgrade accountability see have the younger the for to we a that for to digital an that a giving to two and for on that

two So different opportunities.

Brian Nagel

thank you much. very Well,

Mindy Grossman

Thanks.

Operator

Please comes ahead. question D.A. with Davidson. go Weiser from next Linda Bolton Our

Mindy Grossman

Hi Linda.

Linda Bolton Weiser

a kind you those are Thanks. sub and using? narrowed? why the of quarter Is Hi. Can gap numbers. growth XX%. big a revenues more of gap quarter, growth between XX% revenue of XX%, that has the but up was with But big difference narrow fairly you digital subscriber Kind Last still on digital this is there. question you that gap promotions That there XX%, out digital numbers there digital the just come of growth of it's way XX% explain and fairly explain why gap because are? they can

Nick Hotchkin

are the promotions your using I our And right on price the side Yes. focused absolutely. realization, was pleased on digital particularly we QX. with during pricing Look, and

effective and So app strong marketing. strong I performance think the it's just really continued driven by

Linda Bolton Weiser

trends at Thanks. loss with there is sale that think weight staying people benefiting at other home. that more more, And of then program involve with programs you been I home can Do food? just has ask, your cooking versus that

Mindy Grossman

number the overall food, will within the implemented look, app ability loving are the It and extensive more and we we Well, it recipes high. fitness that our one our the you. And of are and have is actually, engaging members very, any search create of and for aspects food tracking, engagement very across will kind create dietary app, in both one database. recipe our to

are for that us people at we looking see cooking do those So tips.

what like with your further even myWW+ customized it we even and takes actually the based on meal one see will of that part and new What excited also your personalize We cooking planning, home. recipes things Instagram live and you our about is, of classes at that. are have

Nick Hotchkin

easily question. I retention fantastic. could, digital a Look, back on just studio if to And little more coming bit as your good is Yes. initial retention. It's as detail

people of So have joined in beauty the staying us the that a flywheel the people are QX. subscription QX, on who business. full and the you all revenue, In of the for quarter digital from the us more fact XX got of they than months, we join revenue,

of that's the So part dynamic also.

Linda Bolton Weiser

Thank you very much.

Operator

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

Kasey O'Brien

Kasey O'Brien, on Hi. for for the Thanks This taking is question. Ed.

Mindy Grossman

Hi.

Kasey O'Brien

Hi. the Historically, at digital premium more offering How margins approaching and AI-powered has virtual very new had XX%. high the ill contribution coaching least programs compare?

Mindy Grossman

digital program. Well, is program into everything the core the is do. integrated myWW+ That of we

So that's that's about margin, about not experience. really

the high Our addition is very digital margins, with with workshop high-margin. we And coming opportunity unlimited of very, significant. to obviously, XXX digital which Actually, has to that to the a and years, also now, the also are higher being think et virtual, will continue margins, certainly higher be is of cetera primarily portion so. being months, Digital significant drive over margins blended continue

Kasey O'Brien

Great. Thank you.

Operator

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

Mike Schwartz

North changes subscribers is in America This happen it think without backdrop? studio the for our for is, Lasser. Thanks Do Hi. you Schwartz, Question question. virus Mike can stabilize? when will taking in Michael underlying

Mindy Grossman

of Nick to said, at and kind that - very, option our as making look come but the looking okay. and members who as The way experience. to footprint them an I like. one, in new diligent want be we but that Digital is express are an security like will is, option what virtual only not too would members we all first, have to entire for sure that going of in workshop very give cohort putting We, Unlimited safety Certainly, are

mentioned, face-to-face would workshop overhead XXXX. Nick will a we have will The other for we second look we And into don't thing experiences hard at continue to costs. where taking is, going that options at be look we those have where as

forward. more holistic looking So are going as it workshop member strategy we

Nick Hotchkin

the of on strike. including look, you of on all our launch XXXX if wonderful Look, at doing COVID look studio cylinders, right. really heels That's myWW, the until nicely a performance firing business was

QX. that's of And of that's into fully will in with our members QX results, high-margin the obviously look creation value as QX XX%-plus in the XX% But and gross So think too. maximize fast-growing, I business. kind subscription will growing margin digital being to nicely, an product our we subscribers we the course, where and of the for is, digital company for workshop opportunities and a look having you that factor the

Mike Schwartz

topline to the it And to you. as expectation is Under a dollars into stabilize? of profit your trends expect realistic follow-up. a gross of Thank quarter, quick fourth continuation

Mindy Grossman

as digital in invest about perspective, studio into expect comments, revenue do bit product to mentioned QX. a Looking margin my the From training trends remain both tend I we we QX, and the to in for and launches same. in more a

expect for QX would to to slightly. I So down QX be margin sequential

Mike Schwartz

you. Thank

Operator

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

Olivia Tong

Thank Good These you. Great. interesting. programs evening. new are really

virtual could to incremental the obviously some expenditure if understand with Thanks. if just understand middle like So your build as XX% you above well? So is and want margin XX%? Just then the studio on and XXX of profile one-on-one, because the XX%, and margin like is programs. I one-on-one help us view the is new that the is tier, the top coaching digital profile this as you out there tier XX%

Nick Hotchkin

with to today, forward over products. Obviously, a and digital look, But question. first I virtual the XXX, cost Digital historically side. rightsize would XX%. workshops and say, why in products moving digital will studio are good aggressively what we the launching and that's the a clearly we launching, seeing it's to of yes, margin think margin, I uptake. Look, Less XX% Look, are we Yes. look winter subscription

margins margin. a Obviously, community you digital so it's to more to a can expect experience. those akin subscription And rich content, and coach-led be

the the of those digital digital be of businesses studio to the than middle but the would closer probably expect because product. I to of in So margins characteristics

Olivia Tong

to then Thanks. you, first. meet Got it. Amy, And mice

Amy O'Keefe

you Nice to too. meet

Olivia Tong

guidance to understand of sort want forward. I your going on approach

because you and no said had what of now. that was macro have there You the right conditions commissions that guidance

as suggest the you Thank guide COVID because of the which for it of color lack the fairly sizeable of it that not to visibility? probably you are a lot programs if am lack here, of spending. about in And you into of EPS, function is year as something the a else So then, else?? going of did go-forward, as Or more is I there mindful think full is you. But long obviously, of, fiscal despite new lot QX curious that guide, is sort to would anything given You obviously too. just XXXX? need of a you downshift kind have week about of of thinking we XXrd give

Amy O'Keefe

Understood.

this guidance, guidance. prudent in company was to to of As period it withhold the I for think uncertainty, it relates

that QX. continued for We practice

certainly will it on We February year-end the call. reevaluate

We into the season. winter marketing headed are

We active into period. very are a subscriber headed

And so four. will through we quarter we get definitely revisit as

hard think I had a you. I hearing time

you question. think you I repeat Could a XX please? that week had

Olivia Tong

Sure.

suggest seem a So QX. fairly just of trying pieces is there which downshift in gave for a number fair to understand because EPS you on QX would to that sizable

is of that, spending. that obviously piece main the that confirm to wanted incremental just I first, So

and to QX, a from obviously too. As the pretty we goes marketing look look nicely then but year-over-year through mix is or plus QX. to sales, said offset on similar the minus, quite basis dramatically you margins up shift Gross rate about tax benefiting the

those just pieces understood big So to a downshift. fairly sure make want to does that it suggest I all because seem

Amy O'Keefe

here that So let's Nick walk then well. and in can as through weigh

will right. of But week incremental that gets XX. We an there everybody as it relates be make incremental revenue. is clarify, marketing to $XX there just an million to to just week sure also So of want

spend, intention incremental of guide be marketing down And to not so clear. to the was $XX million just because

of We expect for to impact XX approximately the week be net EPS $X.XX.

how a And is to I mean, Nick, look you not change. clarification that. just a add? have do that's so anything and else a at It's reminder, I

Nick Hotchkin

No.

right. XX $XX No, models. absolutely their want week to not a in downshift performance week of of XX It make that's sure think certainly I expected. driving implies million up just We folks to revenue. have contemplated

Amy O'Keefe

No, piece. a that of week winter very is recruitment first big

Nick Hotchkin

seen obviously we in QX. look, And our strong trends have Yes.

and momentum exactly those strong studio to continued our guided we recruitment October through a QX. have in we continued as outlook. expected, We to But as digital weakness, was Strong October start trends seen continue also.

Amy O'Keefe

in Right. quarter. about very new And fourth our launches the obviously optimistic

Olivia Tong

you for Great. Thank much I clarification. so it. appreciate the

Amy O'Keefe

Sure.

Operator

Our Fuhrman ahead. Craig-Hallum. final Please question with comes go from Alex

Alex Fuhrman

offering. less, + question. It Great. your is, very to One my at down, of I for Thanks thing the geographies. it results all like wanted about was just ask uniformly looks Studio for Digital taking or more much looking in the

there? has curious different world, to have countries? such as all am into back I studios any major report, different call your presence You over that big seen Anything been since you of have out appetite your get in to the you

Mindy Grossman

dramatic. Nothing

I obviously a the time markets to were closing, and different at think open to different markets right. be point able different now are

And up them I That consistent. to. even motivated. member they studio been someone think for pretty experience virtual that that I is because necessarily not least a for them existing our feel ability So can't be difference who the think having to it's at it's go to going to continue sign about keeps more the go physically in experience back

Alex Fuhrman

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

Mindy Grossman

you. Thank

Operator

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

Mindy Grossman

Great.

during So for first our teams around the thank I want passionate time. to exceptional globe their and once again this work talented

human-centric accelerate enabling create differentiated our strategy, member technology-fueled truly a us to to We continue experience.

digital and growing maximize We to agile developing growth. margin focus structure, our flexible for be path and engagement and new in high business on our model, retention subscription continue cost

plans season really new actually winter month. launches next We our the forward more are for and very excited we the look to sharing over and about

today. thanks us joining So, for everyone

Operator

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

You may disconnect. now

WW International (WW) 31 Oct 202020 Q3 Earnings call transcript