WW - Earnings call transcript Q3 2021 | WW International, Inc.

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Operator

Good afternoon, and welcome to the WW International Third Quarter 2021 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask question. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Corey Kinger, Investor Relations. ahead. go Please

Corey Kinger

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

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

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

Mindy Grossman

Corey. Thanks, Good everyone. afternoon,

step get President month we CEO to was opportunity When XXXX, quarter a WW business want of Weight and July to of announcement to down XXXX. knew in Watchers as started, context the first last give it lead I transformations to human brands, and an the of the joined impact I I Before have decision my both about impact. to after

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proud I transformation the of to and member loss innovation most and new to intention power creating of am WW built weight we year-over-year expected week our wellness on WW an and We our But carry of subscribers of is turning what the will year-over-year a and I'm further extraordinary trends from that now the our and two end-of-period leverage have down about to diversified levels, at launch million, transformed this QX holistic every the led through the subscribers community and doing results. total to soften next not recruitment digitally do. base and expanded team core I digital member, to common day. and digital ecosystem, bringing efficacious, X% that Year-over-year X.X the past groundbreaking below years. headwinds in from around challenges X.X season, excited purpose, launch and winter the the the workshop truly expectations always team have profound the a the down will world growth And We're transition industry livable, under business. overall be impactful digital new experience. been work healthy then of the is I did and company's through part our trend pressure. can for year-over-year we this XXXX to WW This we as a assure And lead and leadership. ambassador Revenue is weight provide company quarter. for all the for in personalized Traffic My seamless quarter believe third an was each the the digital a this wellness.\ we're to has family offset shares entirely X% advocate, based and that entire you and wide a weight sustainable, food continue an And a that, program search loss history, program and science the be all third programs. million, do. and

our have deliver the believe an new We are We fourth impact deliberately of Program new adjusted structure will in adjusting Food amplifying our more where assets cost to by Innovation. margin exciting quarter. into gross the managed quarter, greater XX% investment we effectively marketing our putting spend our

their January. wellness. launching on key Today had health people and ahead, many of confidence shifting we our a year our believe for time Xth, initial plans, successful executed and behind Program providing has Monday's new XXXX that with official focus addition, be and on we be year so several the G&A we cost launch. being our more for our and you Food Innovation elements challenging savings we significant its of loss anticipated, ahead focusing November resources potential That In the Program driving than drive consumer diminishes way prioritization months important powerful. of enthusiasm weight will Innovation in the in Monday, of last initiatives, Food to goals our sign around of resulted behaviors globally. of The QX and our will in their reduction preview expectation year the program which no and will On a XXXX ahead reprioritize XXXX. drive is the Because however, momentum we a in and with

perspective, a for In we program, hosting on Innovation you on addition, be investors. behind scenes the analysts event to to November spray the give will a virtual new XX, and

process, are it how to all development color the will the Details event days. in life. the the coming science insights program be discuss we new During our on and bringing we more announced behind will and share

comprehensive I WW. individualized have mentioned behind unique have are globally As each built custom well the the you will it zero point and with program plans list that a On that food multiyear the a very Monday they was joining truly say budget and love most executed innovation own functional their cancel member and foods on since I previously, Each launch for will member. out. foods cross effort based witnessed new point this they

to are winning and the nutrition point rigorously nutrients. tested additional develop fat, first registered award For XXXX, since added fibre and recommendations earn team, have water food the scientists, modernized latest to nutrition. behaviors, the the dieticians for reflect science sugar exercising. members be and a first to for vegetables, and and our time and them saturated healthy reaching enabling updating grow now we for to healthy non-starchy daily account daily algorithm practicing proprietary system will points And budget goal WW their eating eating time, by able

puts created healthy have members satisfaction advanced can so program, they centre, realistic and are sustainable. that a We front our purposely and livable, adopting habits scientifically find that in

as less Diabetes programs this receive believe American achieve Federation has innovation, members towards Diabetes likely food list customize each member they the Association and diabetes a specifically that As them guidelines. unique is and will consistent indicate We are powerful food budget. needs, International their to their foods ZeroPoint to loss proven to in who assessment, plan their tailored onboarding guiding helping impact blood the program that sugar a part people foods weight personalized have work levels, research Those with takes and individualized of goals.

and habits. their weight During in the we during notable six quality wellness. significant both clinical month well-being, it improvements Not overall adoption pertains and physical hunger significant health life and participants overall and only of we experienced clinically did weight clinically loss healthy also in of improvements decreased cravings, trial, and results and see food time, but saw to this as activity

As to can and innovation inspiring late network experience, a WW December, new primary launch who program our of be focus millions excitement and and create current members winter to building advocate our will on season. always, program to the our the the during of members recruitment onboarding from

also launches winter season myWW, our more December the Freestyle all launching targeted Nick social campaign plan marketing been to and building performance for I are will SmartPoints, driving about Innovation I But historically PointPlus, catalysts have start winter speak our sign and will with discuss fall operating first, to in Program digital recruitment of assets, of WW with to Food We member over shortly. momentum aiming growth. to XX. more high prior ahead detail. our it pre-winter turn

Nick Hotchkin

to on Thank additional some you, markets. our Mindy. shed of the global performance like I'd color

with interactive trends the X.X expectations XXX,XXX further year-over-year. Digital with X.X million subscribers, quarter. content Subscribers coaching we ended was digital the offering, We our quarter-over-quarter, quarter mentioned, QX member premium QX down Mindy as subscribers, below and during subscribers. ending for weakened recruitment X% As ended million our XXX increased with which

QX, stabilizing. of in-person COVID We the continue our End optimize from sequentially a to the and year-over-year in protocol subscribers member this workshop reopening Period and majority build membership markets base. recently only easing that to to restrictions. have QX, due of of up subscriber workshops out our XXX,XXX expand were are XXX,XXX local trends diversify Note international very begun in will Workshop

workshop plus We have gross workshops business XX% We now to margin. footprint. structure through cut are return flexible in a to optimizing this QX. making progress and margin our workshop aim increased physical XX% realigned highly on We to gross

population. We apps households XX-minute availability XXX XXX of US studios are capacity to a the will will locations, adjust attendances small the to branded will managing was US a highly augmented workshop in location. about demand. on footprint support and the drive WW about ensuring flexible with in provide January step a quarter-by-quarter the by locations of in-person to basis by or us studio in about continue This evaluate be of for studio workshops footprint the These studio third-party with our workshop and augmented pre-COVID. XX% XXXX footprint for profitability XXX the majority within of business ample approximately down at the up US. locations and But

the and and retention slow have approximately each members much in XX.X year, continues COVID-XX, workshop at months, retention overall is now navigate nearly WW While retention months. trends program member recovery continues retention this improve consumers a to steady be month demonstrating been overall with XX global Digital coaching recruitment our to holding sequentially how community. uncertain from challenging value and strong, as find

expenses, traffic consumer to digital in plan. resulted to member lower business, Turning in below coming sales therefore shop our e-commerce online signups lower products and our and

products last consumer €XX million. some have our be modest in several modestly e-commerce sales of our to opportunity. global QX. chain items. slightly In We also workshop business revenue revenues channel as We focused continued XXXX. of growth above pressures sales And bestselling supply we attractive and about piping on in year-over-year an year's never impact this up continue to on We're product view were driving expect

As we a significant wallet. believe, capture share we to greatest opportunity have a of

app We repeat have checkout are purchase drive personalization, Integrated for investing incremental capabilities to bundling, Technologies greater product the experience experience into and to and with post purchases.

our to expanding addition, after categories In are in business, we brand licensing members. by opportunities into rebuild product pursuing particular on by sought

For nationwide. States. either And our licensing nearly is recently smoothies appearing in and off of at WW with example, and throughout kick sign partner our on XXX partnership are a wine packaging with will bread United available through Walmart's one in new January branding launched the

our facing healthcare our recruitment business, channel. C impacting BXB presses to are the BXC same also in the to finance diabetes Turning business, and a

people to this look business a revenue winter. operating of not will will third this summary, next now our dedicated cross-actions expectations Amy expect in for In business. members did WW of signups help a launch launch revenue of across $XX a to we work in to we efforts most I to the expect both XXXX. that structured to generate business financial We grow expand offering We new our have slightly week, believe addition, with [Indiscernible] the this specifically XXXX. growth never at for We performance foundation solid [Indiscernible] it in forward and strong our to given interest quarter and under In diabetes portion while turn our designed discuss which our cost new accelerate million over studio the program And outlook. performance meet and environments. and this

Amy O'Keefe

grow revenue our Digital strong million single-digits expected into you, expected. In by revenue headwinds QX, QX with Nick. offset shift quarter cost In by the workshop digital, G&A low year-over-year. down in recruitment that marketing XXXX. to QX, revenue was down margin gross driving digital It execution no X% an Thank while The to offset revenue intentional of compared weight trends the not in we be total lower in in QX. compared performance, to last in growth the with of grew QX, investment a worsened year revenue versus XXX did plan e-commerce. revenue of impact and also savings declines was from initiatives we

up not year-over-year down mix. revenue was digital X% offset XX% in subscribers XXX workshop a Adjusted revenue. it of down XX% year, gross prior the X% with the subscribers ended from QX While approximately decline We margin as workshop million quarter. was points revenue X% digital basis year-over-year, subscribers, XX%, and result year-over-year the digital did down with up in mostly X.X

In year-over-year points. by over improved gross margin in basis addition, workshops XXX

reduction million which the reserves. QX. restructuring, was the adjustments our of costs XX workshop cost of incorporating resulted $X.XX execution of operating as the a $X.XX continued cents. of in in G&A footprint was quarter. our Adjusted EPS estimate quarter, by As offset result initiatives, million X change of GAAP the investments million, The negative benefit which in lower impact was of shift $X.XX into tax taken. QX in valuation income from And in above actions our a XX deliberate as restructuring of of reflected expected reduction G&A than the well cost marketing

year to Turning the XXXX. our full for outlook

While view to the we uncertain of recruitment predict trends wanted updated to in have an for year. you provide expectations proven with our an difficult environment,

mid end the While headwind compared will down the expect impact subscribers to focused QX we on shortfall the performance, a in XXXX. year QX. the are in single-digits And maximizing we with of to in create recruitment

year-over-year. revenue We decline expect year. revenue products to above while expected full low improving is XXXX in the double-digits the full consumer expected with be X.X down to the workshop be down expected quarter sequentially to revenues other modestly XX% be approximately mid billion, single-digits, for Digital up revenue, and year XX% each to in is nearly

for the prior year. tour is XXXX. Adjusted be year in approximately As the expected XXX to approximately gross points XXXX the from revenue the a XX basis million vision margin reminder, recur not from of did expanding XX%, full

items in We in to quarter with leverage range $X.XX. of which cash from GAAP structure operating end XXX $X.XX million. ended expect XXX capital of share range X.X incorporates income an impacts we approximately $X.XX of one-time full is year at undrawn revolver negative be adjusted to $XXX and the EPS, million expected per be in the to of to to of and million. QX, the $XXX cash net-debt-to-EBITDA Related ratio approximately We the had million times. a

down interest prior expense is to million, $XX expected Our the full is year be $XX from which year. million approximately

by related restructuring Excluding software be to Capital expected tax million year $XX closures. expect and P&L, primarily to depreciation accelerated the rate driven range amortization XXXX. we in impact approximately our effective of XX%. approximately the full charges on be capitalized anticipated in Expenditures to be Depreciation $XX studio are to including million, our is

of actions are franchise continue we not to the while slightly summary, the us of fuel acquire to addition enabled growth XXXX. profitable remaining the pleased that potential plan In territories. product continued we we did the revenue diligent have critical in profits still In ahead to business, expectations, evaluate and digital the meet investments investments our in and during which prioritizing technology resources, to will our cost in deliver innovation while marketing quarter, to growth drive taken operating

the benefit growth a before expect business decline approximately nature a is expected in member model to this a million factoring next we which year-over-year into of ahead, year. of Looking revenue that entering in translates starting from recruitment end subscription Note headwind with any point, XXXX. subscribers, XXXX only XX given our

Program profitability. year upcoming our for to new subscriber plans period Food winter, revenue we not and XXXX objective deliver marketing will higher guidance While and and now to increased growth our call and back for next today, is given providing launch, Mindy. our the turn are recruitment I this revenue

Mindy Grossman

inspired and new right a time. clinically This consumers Thanks, Amy. best, to member Program what weight and Food New spark just program does and innovation deliver livable the season supported loss We and individualized wellness sustainable of coaches. believe moment WW members truly significant in where our is plans, community provides believe by new demonstrating at are powerful launching new exactly reset increased during Year's in a members WW recommit the their to important will the of recruitment program traditional as and XXXX. drive health the combination this interest We winter significant Innovation

were our marketing life you love it most week Marketing want. our easily just Chief advanced and lose Corden. last live fits campaign winter in Our your James program the into filming is Officer I our campaign weight highlight Winfrey how you new our US you, assets of designed and the is Oprah and winter with uniquely because Gustafson, you the and life Cindy will allowing for for California to ever

and aspirational scale and and also digital so marketing the membership ambassadors, diverse feature motivating assets the marketing group utilizing be being social commit addition Digital to select and of media and WW authentic across our new Program WW scope to stories program, unprecedented engagement campaign platforms join success and this health member at assets, makes to highlighting drive and with Food new be program. featured James a Program wellbeing their of will amplifying all different in be digital, the the array will Food as of about in TVs advertising new And sharing the XXX we will Oprah the Just deploying talented followings inspiring conversation coaches, and to innovation is and what their The and In winter. to will is loss. others weight WW the types.

industry will markets international adapted our way. modern to These and digital, which highlighting Digital PR delivering messages WW interactive XXX, first call to add our campaigns and content be in TV is experience be multi-platform a strong will and linear across action social search. they streaming addition, and as In coaching

performing appeal new broad will commitments which range and of offers We utilize a less to high maximize mix a of emphasizing subscription lifetime longer-term to members, value.

highlight playbook summary, our presence we're friction in XXXX. profitable to have predict made the drive XXXX, addition, right we drive we while app believe difficult behavior store growth and conversion. to In in and pandemic further remove In optimizing website value environment the to consumer

alike past revolutionary based create with you coaching, As deliver competitive confident category are the that an seen with in Food us members and with advantages Program this have will innovations, community. and excitement joining program we app former questions. demonstrate new content and proven program our we you we're award we And as take a happy winning today. your through science Thank for to now resonate

Operator

[Operator We’ll The session. Please Alex ahead. Instructions] question now is from the question-and-answer of first Craig-Hallum. begin Berman go

Alex Berman

my you Great. question. much for Thank very taking

Mindy Grossman

Alex. Hi,

Alex Berman

I'm curious -- nice WW. about certainly And the you shortfall Mindy. in hi, speak and best that life to you, to all after wish being the

digital one in Now, quarter? seems had it if quickly I reopening Obviously Is kind you months wanted not loss of not the have performed you shortfall to had hoped past have have has the digital the to that curious there's driving Just the about over third of ago we you down the when industry economy seen. as couple weight board factors the to of would months. of in think slowed I across well mean, perhaps three program gone why revenue. the the ask reported all certainly the quarter. as relative of last

Mindy Grossman

Yeah.

terms at consumer of look change, the you to the performance. year behavior what if which we throughout trajectory, related in So saw

after seeing well qualitative the what to were after So thought why fairly from part, is we articulated we saw positive as on through were we think evidence focus really we both going that a not want early now. the we the shift weeks have were started And trends pretty what we we said everything we what to QX, saying few where to digital a the which like, to said, of the quantitative based feeling we out QX. first was on going When lot. markets. into from right QX, signups, And we to I'm search started been it consumer. this hearing it came really I from And you go. as I dramatic in see this got and is do what what moment. And it as consistent at I across people isn't was,

what to so, incredibly QX on XXXX we've And has XX% XX% is what the why And But that if than anticipated, and again, the yes, what do is green that as new winter think our in to in what nimble can been program that, lock the go. why innovation, had in softer we're which XXXX, in confidence possible, because is and the making at XXXX. was XX%. really and before. and seeing terms trying And of was you seen, combination about look combined is reason have innovation. already marketing as we're for articulating before both with the our team we because upcoming navigate into is from never confidence consumer, we strategically that XXXX, itself season we our the what what we spend going points. early such effectively growth we've program, COVID in perspective winter costs, of I look the of in seeing the scream already been XXXX we've on managing done signups timing in rooftops where we've what decisions strongly been hearing the yes. and from something And going how QX we XXXX is is down, the Particularly we the felt we're The growth have the XXXX, seen is in truly pulse shoots and saw as at of

Alex Berman

the details the innovations. seeing helpful. and forward really of Mindy, That’s looking Great. Thanks, new to

Mindy Grossman

Thank you.

Operator

question from go next Spencer ahead. of Research. Wolfe Hanus is Please The

Spencer Hanus

consumers. pretty fatigue the Are last then, well. into as reverse talked doing spent significant it XXXX? competitors and fundraising you also as over look wellness you few you, months, Last guys. quarter, impact you sentiment from we're marketing And amongst doing Thank you incremental start seeing that seeing any are into and Great, all about that XQ to some then your

Mindy Grossman

I'm -- could you Could to repeat hear was you that? sorry, It difficult

Spencer Hanus

Yeah.

about could among a fatigue, talked seeing about So competitive headwind of to but who been has growth, just what a the wellness out quarter, at you're you reverse? And that players that last that as then, you Neom raising peers you're sentiment look and to have being subscriber talk environment money your been seeing have you consumers? in start lot from months? there the there, impact [ph]? any few over And like done Last

Mindy Grossman

you perspective. exists. and Yeah, I to lot uncertainty, still of feel the level green so I'll on give a a mean, expression the conservative we obviously quality I we of do took QX think shoots, use intentionally of approach we a I because

in we want ourselves get really weren't the focused any And of launch. So, to we way. on don't ahead

So I that's describe how would that.

clearly the across competitors, weight lot cetera. there of loss significant who to fitness, more relates is had competition, has it As and but a competition, competition, than demand et

we you be as perspective, when spend maximizing And before, creating our particularly winter. so our as influencers me strong into performance say our much launches, our and marketing December what reallocated really product looking I of then as doing from spend, could campaign and and think dollar really to perspective, every conversation. is big our leading up investors, to possible, going we're leveraging heard And so XX we

existing going because members, utilize we when forward engaging a effectively to is season. look initial them really building we of we we on do do launch such a our like for this something a that the mouth is, focus to have where of to And we're conversation. thing start very momentum winter significant other to into degree, where is see, breakthrough going have this The of the and word kind

the is, December do start big going some actually we're what momentum. XXth, to even on building So before allocate launch to resources

Spencer Hanus

Got comment it. any you're has for the marketing XXXX just had guys it preparing for on could how are change in the And Mindy, you ready? impact you the leadership? eventual are planning in then helpful. That's organization getting our business just the And diabetes on how

Mindy Grossman

Yeah.

leaving lives I've team. business a I not growing in this the is to purpose it's talent impact of and an galvanizing I'm performing, as that are as important that The And mission, immediately. incredible It's the said very I have is accomplished well important And organization. I've seen. factor before. and is to for effective that this change. sure doing launch think can anything expect made the as as to people's the what possible. don't what We team to organization driven we very transition this is everyday the beyond I absolutely And as we me, they've say

Spencer Hanus

Yeah. helpful. That's it. Got Thank you.

Operator

of The next from KeyBanc. is Ed Please ahead. go question Yruma

Unidentified Analyst

Hi, on for Ed. Samantha this is

question revenue QX? to what the and QX headwinds that So of were these of And in my first headwinds short incremental digital QX? is growth any versus caused into fall expectations decline prolonged

Mindy Grossman

on headwinds which because and we we improvement, So yet. just year-on-year, side because it's did side, QX, why that in cadence, in what up as seeing on it's just flowing, still workshops the the have see we conservative we have QX, particularly I mentioned significantly we different before, even were although our is were where workshop going into digital down because we the saw markets did we

-- a have haven't the is. factor. modicum fourth quarter wanted to planned in we innovation obviously, conservatism even we've though the planned the intentionally we're from opportunity So, list huge launch, what a And, a we excited that's of different about because

Amy O'Keefe

drove I subscriber trends, Samantha And add, QX really subscription revenue recruitment in the business the model, Remember, trends well, shortfall. QX. those based as impacts that in into carry just a would revenue the

point, took an to reset trends, in we worse QX, then QX a our our just expectations to approach performed and which this forecasts further reduce than For bit we in QX.

And into QX. what seeing so carried that's you're

Nick Hotchkin

Yes.

into good shift why marketing to which resources see to quickly how September, is Looking particularly the nimbly as in reacted team QX.

Unidentified Analyst

me. Got it. Thanks. guys. for That's Thanks, all

Operator

Schenk next of Stanley. Morgan ahead. Please The from go question Lauren is

Nathan Feather

and there you're Hey, quarter? how thinking a just the marketing how is impacting the from seen bit given Was environment? detail Feather plans? of innovation the Lauren. on you're in kind there, XXXX what any for seeing impact this headwinds talk within it you've Food Can is through it you about then little Nathan Plan IDFA more marketing And the

Mindy Grossman

missed Hey, any was Nathan. the repeat part, could impact we of question? hear part We you from there first couldn't the that

Nathan Feather

Yes. the privacy from Any changes? impact IDFA Apple

Mindy Grossman

really that incredibly both doing. our factor we're strategy, That cetera. and of Okay. plans comprehensive, a in does play et are from winter I into assets would channel what point say of view a

lot in I in I tire because comprehensive. to we out bring use it's we months, is comments use over use kind the the California James. of very that life, an for them we people, challenges did of we shoot real we've of think in think really mentioned have creatively I last done XX our the that, say was assets of the what real the can power And COVID because environment I week. was And past beyond a able I being we Oprah, power use obviously, to some my numbers,

really And bring able be use channels. so together across all and different to to dynamic a enabled this ultimately our what create everyone us across will

Nathan Feather

Okay. Great. Thank you.

Operator

The UBS. is Michael ahead next Please of question go Lasser from

Mindy Grossman

Hey, Michael.

Unidentified Analyst

Hi. This for Michael is for Mike Short our taking on question. Thanks Lasser.

Mindy Grossman

Michael. Hey,

Unidentified Analyst

WW We've from they'll has impacted in the any that you industry-wide company there And you be rebranding Weight Watchers that think heard challenges lot to the specific last results? Are about as pressures. faced a any impact? quarter know,

Mindy Grossman

science wellness. and a who of terms long-term weight we very important in just as about of behavior around just as Actually, loss, a offering that, just but because rebranded leader but been perception, in who Watchers" to not positive. wellness in And change WW, sustainable very terms what's we've of not we broader as been but articulated, space the actually are around of not terms to in holistic to recognition, kind interesting it's brand, "Weight us this really actually audience. That's we are also around

our are is wouldn't challenges hanger know every then whole. we is of business relates of on because certainly what that's not there I and just do that winter. of area at into said competitive to term the before, we wouldn't much that it for because competition, an we thing us I that the what linear have as is more as it a we're to brand But we call actually that of aware things do, believe that as look we every category wholesome. offering forward where opportunity pressure do the say But more we're that's in go going area shorter are was trending. an is our we're environment of of that have environment where one we So And which

Unidentified Analyst.

Thank you.

Operator

question Wissink Stephanie Jefferies. go ahead. next is of The Please from

Unidentified Analyst.

for it's for a had call apologize Chris you Steph. [indiscernible] Hey, on about second. talked this, And the you I about talked

important more last think aspect I you mentioned being Anything to flag at quarters on of fall-off wellness I heard stubs the that's over couple here. due wanting to and maybe the focus potentially the moment. not of

could the That's So you the you if wellness? new more with positioned reactivate from subscribers, on about the you really, kind they appetite to coming of Rob or question their strongly -- to recapture especially is innovation subscribers? of implies kind you're to if could growth how bifurcate reactivate focus feel provide… out prior as launch, of sort the versus thinking

Mindy Grossman

Yeah, that's a great question.

kind think see actually significant an led why saw and innovation at more year, influx to a just in is new so in as of signups. But give spike workshop, digital a coach of what lapsed also members, tend first end a perspective, as is perspective to of our in well quarter and what a experience. to premium change there's a So COVID you the upgrade get which to DXXX, the them for year the us to members, significant obviously, we have XXXX and to have all you members, normally opportunity we lapsed this we see

them focused with for pre now much vertical the the And membership when right to that's they then match right work last very that them. we do actual on strategy be the to back, them. of we're And new them. for the match match attract certainly So program with assessment we all to come membership and member vertical for also do the -- to with how them exclusive going food how

match them. them that's We membership vertical, also to with going the right be for

comprehensive done we've the past. more than So ever in

Unidentified Analyst.

you. Thank Mindy. helpful, super That's

Operator

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

Mindy Grossman

efficient product into The science. of and being a change work cross to to all it of effort program looking want to truths, talk content forward that Food proven with from from it to incredible and global for to share And Food life, on Monday here our And functional thanks, WW of and teams their to digital science, But our this coaching. can't We're to behavior the I advantage wait go has the you. announcement today. truly unparalleled. details. and all Program to marketing, operations for bringing like innovation thank it's the technology, Thank creation Program you. to everyone, Great on the clearly human is competitive development based the showcases

will that to much important beyond. impact you XX. very hope on a you. for more I'm excitements, create us with profitable join virtual our I expand confident resonate program we're thank with our November global all and XXXX forward sharing growth so event looking most at and this in consumers, So And trajectory provide you'll

Operator

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

WW International (WW) 5 Nov 212021 Q3 Earnings call transcript