$WW
WW INTERNATIONAL, INC.

2014 Q1 Form 10-Q Financial Statement

#000119312514189918 Filed on May 08, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q4 2013 Q1
Revenue $409.4M $366.1M $490.8M
YoY Change -16.59% -10.95% -3.16%
Cost Of Revenue $186.5M $164.3M $207.2M
YoY Change -9.99% -0.06% -3.73%
Gross Profit $222.9M $201.8M $283.6M
YoY Change -21.41% -18.63% -2.59%
Gross Profit Margin 54.45% 55.11% 57.79%
Selling, General & Admin $56.51M $121.5M $58.32M
YoY Change -3.1% -9.06% 5.51%
% of Gross Profit 25.35% 60.21% 20.56%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.50M $14.80M $10.50M
YoY Change 9.52% 49.49% 22.09%
% of Gross Profit 5.16% 7.33% 3.7%
Operating Expenses $56.51M $121.5M $58.32M
YoY Change -3.1% -9.06% 5.51%
Operating Profit $51.05M $79.14M $103.1M
YoY Change -50.49% -35.41% 0.34%
Interest Expense -$25.30M -$26.80M -$22.60M
YoY Change 11.95% -11.84% 71.21%
% of Operating Profit -49.56% -33.86% -21.92%
Other Income/Expense, Net -$270.0K $200.0K -$1.296M
YoY Change -79.17% -66.67% -354.62%
Pretax Income $36.06M $52.50M $79.27M
YoY Change -54.51% -43.37% -10.72%
Income Tax $14.53M $21.70M $30.52M
% Of Pretax Income 40.29% 41.33% 38.5%
Net Earnings $21.53M $30.80M $48.75M
YoY Change -55.84% -46.9% -10.72%
Net Earnings / Revenue 5.26% 8.41% 9.93%
Basic Earnings Per Share $0.38 $0.55 $0.87
Diluted Earnings Per Share $0.38 $0.54 $0.87
COMMON SHARES
Basic Shares Outstanding 56.43M shares 56.40M shares 55.80M shares
Diluted Shares Outstanding 56.51M shares 56.25M shares

Balance Sheet

Concept 2014 Q1 2013 Q4 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $231.6M $174.6M $121.4M
YoY Change 90.77% 148.72% 52.51%
Cash & Equivalents $231.6M $174.6M $121.4M
Short-Term Investments
Other Short-Term Assets $63.30M $64.00M $65.80M
YoY Change -3.8% 0.63% 5.96%
Inventory $32.67M $40.94M $44.29M
Prepaid Expenses
Receivables $40.40M $36.20M $42.30M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $368.0M $315.7M $273.8M
YoY Change 34.41% 44.85% 18.38%
LONG-TERM ASSETS
Property, Plant & Equipment $84.18M $87.05M $81.98M
YoY Change 2.68% 21.3% 57.44%
Goodwill $110.0M $79.29M $63.47M
YoY Change 73.25% 26.41% 26.89%
Intangibles $43.35M $45.30M $51.08M
YoY Change -15.13% -13.69% 30.8%
Long-Term Investments
YoY Change
Other Assets $2.847M $2.682M $3.307M
YoY Change -13.91% -21.12% -42.94%
Total Long-Term Assets $1.115B $1.093B $1.041B
YoY Change 7.12% 9.25% 10.17%
TOTAL ASSETS
Total Short-Term Assets $368.0M $315.7M $273.8M
Total Long-Term Assets $1.115B $1.093B $1.041B
Total Assets $1.483B $1.409B $1.315B
YoY Change 12.8% 15.62% 11.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $55.85M $45.50M $54.70M
YoY Change 2.11% -7.81% 10.3%
Accrued Expenses $178.4M $186.4M $171.9M
YoY Change 3.75% 2.29% 14.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $30.00M $30.00M $204.2M
YoY Change -85.31% -73.84% 59.48%
Total Short-Term Liabilities $399.0M $345.8M $586.3M
YoY Change -31.95% -22.78% -54.52%
LONG-TERM LIABILITIES
Long-Term Debt $2.352B $2.358B $2.196B
YoY Change 7.11% 2.89% 35.31%
Other Long-Term Liabilities $16.26M $15.67M $16.24M
YoY Change 0.12% 3.69% 54.95%
Total Long-Term Liabilities $2.368B $2.374B $2.212B
YoY Change 7.06% 2.9% 35.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $399.0M $345.8M $586.3M
Total Long-Term Liabilities $2.368B $2.374B $2.212B
Total Liabilities $2.936B $2.884B $2.935B
YoY Change 0.01% -0.02% -3.21%
SHAREHOLDERS EQUITY
Retained Earnings $1.794B $1.773B $1.642B
YoY Change 9.3% 10.59% 153.98%
Common Stock $0.00 $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.255B $3.256B $3.277B
YoY Change -0.66% -0.77% 30.51%
Treasury Stock Shares 55.53M shares 55.56M shares 56.10M shares
Shareholders Equity -$1.461B -$1.475B -$1.621B
YoY Change
Total Liabilities & Shareholders Equity $1.483B $1.409B $1.315B
YoY Change 12.8% 15.62% 11.78%

Cashflow Statement

Concept 2014 Q1 2013 Q4 2013 Q1
OPERATING ACTIVITIES
Net Income $21.53M $30.80M $48.75M
YoY Change -55.84% -46.9% -10.72%
Depreciation, Depletion And Amortization $11.50M $14.80M $10.50M
YoY Change 9.52% 49.49% 22.09%
Cash From Operating Activities $80.90M $22.10M $115.2M
YoY Change -29.75% -51.75% 9.93%
INVESTING ACTIVITIES
Capital Expenditures $2.052M -$8.600M $17.92M
YoY Change -88.55% -64.46% 9.71%
Acquisitions $11.92M $35.00M
YoY Change -65.95%
Other Investing Activities $53.00K -$5.300M -$34.00K
YoY Change -255.88% -61.03% -173.91%
Cash From Investing Activities -$17.90M -$13.90M -$58.17M
YoY Change -69.23% -63.32% 177.25%
FINANCING ACTIVITIES
Cash Dividend Paid $73.00K $4.000K
YoY Change 1725.0% -99.97%
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $6.000M $6.343M
YoY Change -5.41% -76.52%
Cash From Financing Activities -6.100M -15.30M -3.100M
YoY Change 96.77% -40.23% -94.13%
NET CHANGE
Cash From Operating Activities 80.90M 22.10M 115.2M
Cash From Investing Activities -17.90M -13.90M -58.17M
Cash From Financing Activities -6.100M -15.30M -3.100M
Net Change In Cash 56.90M -7.100M 53.89M
YoY Change 5.59% -59.89% 74.04%
FREE CASH FLOW
Cash From Operating Activities $80.90M $22.10M $115.2M
Capital Expenditures $2.052M -$8.600M $17.92M
Free Cash Flow $78.85M $30.70M $97.25M
YoY Change -18.92% -56.14% 9.97%

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CY2013Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2590000
CY2013Q1 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
12269000
CY2013Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
1021000
CY2013Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1783000
CY2013Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
657000
CY2013Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
5817000
CY2013Q1 wtw Product Sales And Other Revenue Net
ProductSalesAndOtherRevenueNet
119289000
CY2013Q1 wtw Increase Decrease In United Kingdom Self Employment Liability
IncreaseDecreaseInUnitedKingdomSelfEmploymentLiability
-7272000
CY2013Q2 us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
44817000
CY2013Q2 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
21685000
CY2014Q1 dei Trading Symbol
TradingSymbol
WTW
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
WEIGHT WATCHERS INTERNATIONAL INC
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-29
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000105319
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--01-03
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.38
CY2014Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.38
CY2014Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.00
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
56506000 shares
CY2014Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
78000 shares
CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
80850000
CY2014Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.403 pure
CY2014Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Reclassification:</i></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">Certain prior year amounts have been reclassified to conform to the current period presentation. With respect to the Company&#x2019;s previously announced change in segment reporting, segment data for the three months ended March&#xA0;30, 2013 has been revised to reflect the new reportable segment structure. See Note 13 for disclosures related to segments.</font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 12px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">In addition, the components of Revenues and Cost of revenues as presented in the Consolidated Statements of Net Income have been reclassified to reflect the integration of the Company&#x2019;s Internet-based business with its meetings and other businesses. Revenues are comprised of service revenues, which are comprised of meetings fees, Online subscription revenue and eTools subscription revenue, and revenues from product sales and other. Cost of revenues is comprised of cost of services and cost of product sales and other.</font></p> </div>
CY2014Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2190000 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
56428000 shares
CY2014Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4 Segment
CY2014Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
26000
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2052000
CY2014Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
73000
CY2014Q1 us-gaap Profit Loss
ProfitLoss
21531000
CY2014Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
12974000
CY2014Q1 us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
53000
CY2014Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Before Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentBeforeTax
-1300000
CY2014Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
11919000
CY2014Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-270000
CY2014Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
6000000
CY2014Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
316697000
CY2014Q1 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
-209000
CY2014Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Before Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesBeforeTax
-13413000
CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
36061000
CY2014Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-375000
CY2014Q1 us-gaap Revenues
Revenues
409358000
CY2014Q1 us-gaap Business Combination Step Acquisition Equity Interest In Acquiree Remeasurement Gain Or Loss
BusinessCombinationStepAcquisitionEquityInterestInAcquireeRemeasurementGainOrLoss
10540000
CY2014Q1 us-gaap Gross Profit
GrossProfit
222900000
CY2014Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
155000
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
51053000
CY2014Q1 us-gaap Payments For Software
PaymentsForSoftware
3921000
CY2014Q1 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-751000
CY2014Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-9057000
CY2014Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Net Of Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesNetOfTax
-8182000
CY2014Q1 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
3201000
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
21531000
CY2014Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-6029000
CY2014Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-8557000
CY2014Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
41849000
CY2014Q1 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-500000
CY2014Q1 us-gaap Inventory Write Down
InventoryWriteDown
2939000
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-6072000
CY2014Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
10857000
CY2014Q1 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
29928000
CY2014Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
-925000
CY2014Q1 us-gaap Cost Of Services
CostOfServices
144609000
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1448000
CY2014Q1 us-gaap Goodwill Translation Adjustments
GoodwillTranslationAdjustments
737000
CY2014Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
299000
CY2014Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
11454000
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
57076000
CY2014Q1 us-gaap Marketing Expense
MarketingExpense
115335000
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-17945000
CY2014Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
56512000
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
14530000
CY2014Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
243000
CY2014Q1 us-gaap Restructuring And Related Cost Expected Cost
RestructuringAndRelatedCostExpectedCost
6500000
CY2014Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
26083000
CY2014Q1 us-gaap Interest And Debt Expense
InterestAndDebtExpense
25262000
CY2014Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
7785000
CY2014Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-6791000
CY2014Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
10193000
CY2014Q1 us-gaap Severance Costs1
SeveranceCosts1
3656000
CY2014Q1 us-gaap Cost Of Revenue
CostOfRevenue
186458000
CY2014Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0
CY2014Q1 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
13413000
CY2014Q1 us-gaap Other Comprehensive Income Loss Derivatives Qualifying As Hedges Tax
OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax
-5231000
CY2014Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1959000
CY2014Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
1000
CY2014Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
6193000
CY2014Q1 us-gaap Indefinite Lived Intangible Assets Translation Adjustments
IndefiniteLivedIntangibleAssetsTranslationAdjustments
2213000
CY2014Q1 wtw Severance Costs After Tax
SeveranceCostsAfterTax
2235000
CY2014Q1 wtw Product Sales And Other Revenue Net
ProductSalesAndOtherRevenueNet
92661000
CY2014Q1 wtw Increase Decrease In United Kingdom Self Employment Liability
IncreaseDecreaseInUnitedKingdomSelfEmploymentLiability
0
CY2014Q1 wtw Amount In Excess Of Under Revolving Facility To Require Maintenance Of Specified Financial Ratio
AmountInExcessOfUnderRevolvingFacilityToRequireMaintenanceOfSpecifiedFinancialRatio
50000000

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