2015 Q1 Form 10-K Financial Statement

#000119312515076854 Filed on March 04, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2015 2013 Q4
Revenue $327.8M $1.480B $366.1M
YoY Change -19.92% 0.0% -10.95%
Cost Of Revenue $161.6M $677.4M $164.3M
YoY Change -13.33% -0.01% -0.06%
Gross Profit $166.3M $802.6M $201.8M
YoY Change -25.39% -0.01% -18.63%
Gross Profit Margin 50.73% 54.23% 55.11%
Selling, General & Admin $124.0M $241.0M $121.5M
YoY Change 119.42% -52.11% -9.06%
% of Gross Profit 74.56% 30.03% 60.21%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.90M $58.54M $14.80M
YoY Change 12.17% 18.98% 49.49%
% of Gross Profit 7.76% 7.29% 7.33%
Operating Expenses $123.9M $241.0M $121.5M
YoY Change 119.25% -52.11% -9.06%
Operating Profit $42.40M $299.3M $79.14M
YoY Change -16.95% -0.03% -35.41%
Interest Expense -$33.60M -$121.8M -$26.80M
YoY Change 32.81% -0.98% -11.84%
% of Operating Profit -79.25% -40.69% -33.86%
Other Income/Expense, Net -$500.0K -$3.206M $200.0K
YoY Change 85.19% 0.19% -66.67%
Pretax Income $8.200M $88.02M $52.50M
YoY Change -77.26% -52.08% -43.37%
Income Tax $3.900M $65.93M $21.70M
% Of Pretax Income 47.56% 74.9% 41.33%
Net Earnings $4.400M $117.8M $30.80M
YoY Change -79.56% -0.01% -46.9%
Net Earnings / Revenue 1.34% 7.96% 8.41%
Basic Earnings Per Share $2.08 $0.55
Diluted Earnings Per Share $77.33K $2.08 $0.54
COMMON SHARES
Basic Shares Outstanding 56.71M shares 56.61M shares 56.40M shares
Diluted Shares Outstanding 56.71M shares

Balance Sheet

Concept 2015 Q1 2015 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $301.2M $241.5M $174.6M
YoY Change 30.05% -19.82% 148.72%
Cash & Equivalents $301.2M $241.5M $174.6M
Short-Term Investments
Other Short-Term Assets $60.10M $52.80M $64.00M
YoY Change -5.06% -12.15% 0.63%
Inventory $32.38M $27.80M $40.94M
Prepaid Expenses
Receivables $32.00M $29.30M $36.20M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $425.7M $351.5M $315.7M
YoY Change 15.66% -17.43% 44.85%
LONG-TERM ASSETS
Property, Plant & Equipment $74.65M $58.20M $87.05M
YoY Change -11.32% -22.09% 21.3%
Goodwill $168.3M $79.29M
YoY Change 53.04% 26.41%
Intangibles $45.30M
YoY Change -13.69%
Long-Term Investments
YoY Change
Other Assets $4.306M $11.60M $2.682M
YoY Change 51.25% -68.65% -21.12%
Total Long-Term Assets $1.109B $1.043B $1.093B
YoY Change -0.54% -5.97% 9.25%
TOTAL ASSETS
Total Short-Term Assets $425.7M $351.5M $315.7M
Total Long-Term Assets $1.109B $1.043B $1.093B
Total Assets $1.535B $1.394B $1.409B
YoY Change 3.48% -9.15% 15.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $52.41M $38.20M $45.50M
YoY Change -6.16% -27.1% -7.81%
Accrued Expenses $189.9M $145.8M $186.4M
YoY Change 6.45% -23.22% 2.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $80.73M $213.3M $30.00M
YoY Change 169.09% 164.31% -73.84%
Total Short-Term Liabilities $431.7M $503.1M $345.8M
YoY Change 8.2% 16.54% -22.78%
LONG-TERM LIABILITIES
Long-Term Debt $2.277B $1.996B $2.358B
YoY Change -3.18% -12.34% 2.89%
Other Long-Term Liabilities $16.88M $23.90M $15.67M
YoY Change 3.84% 41.42% 3.69%
Total Long-Term Liabilities $2.294B $2.020B $2.374B
YoY Change -3.13% -11.94% 2.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $431.7M $503.1M $345.8M
Total Long-Term Liabilities $2.294B $2.020B $2.374B
Total Liabilities $2.902B $2.684B $2.884B
YoY Change -1.15% -7.68% -0.02%
SHAREHOLDERS EQUITY
Retained Earnings $1.901B $1.773B
YoY Change 5.92% 10.59%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $3.254B $3.256B
YoY Change -0.05% -0.77%
Treasury Stock Shares 55.49M shares 55.56M shares
Shareholders Equity -$1.373B -$1.290B -$1.475B
YoY Change
Total Liabilities & Shareholders Equity $1.535B $1.394B $1.409B
YoY Change 3.48% -9.15% 15.62%

Cashflow Statement

Concept 2015 Q1 2015 2013 Q4
OPERATING ACTIVITIES
Net Income $4.400M $117.8M $30.80M
YoY Change -79.56% -0.01% -46.9%
Depreciation, Depletion And Amortization $12.90M $58.54M $14.80M
YoY Change 12.17% 18.98% 49.49%
Cash From Operating Activities $10.30M $54.80M $22.10M
YoY Change -87.27% -76.34% -51.75%
INVESTING ACTIVITIES
Capital Expenditures -$24.40M $9.097M -$8.600M
YoY Change -1289.08% -117.6% -64.46%
Acquisitions $16.68M
YoY Change
Other Investing Activities $2.800M $628.0K -$5.300M
YoY Change 5183.02% -103.63% -61.03%
Cash From Investing Activities -$21.60M -$40.30M -$13.90M
YoY Change 20.67% -41.59% -63.32%
FINANCING ACTIVITIES
Cash Dividend Paid $80.00K
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $30.00M
YoY Change
Cash From Financing Activities -11.60M -68.60M -15.30M
YoY Change 90.16% 133.33% -40.23%
NET CHANGE
Cash From Operating Activities 10.30M 54.80M 22.10M
Cash From Investing Activities -21.60M -40.30M -13.90M
Cash From Financing Activities -11.60M -68.60M -15.30M
Net Change In Cash -22.90M -54.10M -7.100M
YoY Change -140.25% -140.62% -59.89%
FREE CASH FLOW
Cash From Operating Activities $10.30M $54.80M $22.10M
Capital Expenditures -$24.40M $9.097M -$8.600M
Free Cash Flow $34.70M $45.70M $30.70M
YoY Change -55.99% -83.87% -56.14%

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1647000
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149000
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17796000
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17016000
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559325000
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1134000
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43710000
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0
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CY2012 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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823000
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CY2012 wtw Adjustments To Retained Earnings Share Based Compensation Requisite Service Period Recognition Value
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8845000
CY2012 wtw Stock Repurchase Program Fees And Expenses Related To Tender Offer
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5287000
CY2012 wtw Product Sales And Other Revenue Net
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CY2012 wtw Repayments Of Proceeds From Revolving Credit Facilities
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30000000
CY2015 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2015 dei Trading Symbol
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WTW
CY2015 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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98000 shares
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0.014 pure
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
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91000 shares
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1601000 shares
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23.76
CY2015 dei Document Type
DocumentType
10-K
CY2015 dei Entity Registrant Name
EntityRegistrantName
WEIGHT WATCHERS INTERNATIONAL INC
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6.51
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0 shares
CY2015 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2015 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
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0.0493 pure
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P2Y2M12D
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CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
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24.37
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CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0.000 pure
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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536000 shares
CY2015 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Upper Range Limit
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63.59
CY2015 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.016 pure
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CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
725000 shares
CY2015 us-gaap Use Of Estimates
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 18px"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Use of Estimates:</i></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">The preparation of financial statements, in conformity with accounting principles generally accepted in the United States of America, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and judgments, including those related to inventories, the impairment analysis for goodwill and other indefinite-lived intangible assets, share-based compensation, income taxes, tax contingencies and litigation. The Company bases its estimates on historical experience and on various other factors and assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual amounts could differ from these estimates.</font></p> </div>
CY2015 dei Document Period End Date
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2015-01-03
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0.020 pure
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CY2015 us-gaap Fiscal Period
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px"><font style="FONT-FAMILY: Times New Roman" size="2"><i>Fiscal Year:</i></font></p> <p style="MARGIN-BOTTOM: 0px; PADDING-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">The Company&#x2019;s fiscal year ends on the Saturday closest to December&#xA0;31</font><font style="FONT-FAMILY: Times New Roman" size="1"><sup style="VERTICAL-ALIGN: baseline; POSITION: relative; BOTTOM: 0.8ex">st</sup></font> <font style="FONT-FAMILY: Times New Roman" size="2">and consists of either 52 or 53-week periods. Fiscal year 2014 contained 53 weeks and fiscal years 2013 and 2012 each contained 52 weeks. In 2014, when the Company realigned its organizational structure and changed the determination of its reportable segments, the Company&#x2019;s Online business accordingly changed its fiscal year end to be the same as the Company&#x2019;s fiscal year end, which did not have a material effect on the consolidated financial statements. See Note 14 for further information on the Company&#x2019;s reportable segments. In fiscal years 2013 and 2012, the Company&#x2019;s Online business&#x2019; fiscal year ended on December&#xA0;31st of each year. This difference in fiscal years did not have a material effect on the consolidated financial statements.</font></p> </div>
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
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61.82
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2015 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
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36.55
CY2015 dei Amendment Flag
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CY2015 dei Current Fiscal Year End Date
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--01-03
CY2015 dei Document Fiscal Year Focus
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21.73
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19.74
CY2015 dei Entity Central Index Key
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0000105319
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0.350 pure
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802551000
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35232000
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250000
CY2015 dei Document Fiscal Period Focus
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FY
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3073000 shares
CY2015 us-gaap Number Of Reportable Segments
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4 Segment
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 18px"><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 year presentation.</font></p> </div>
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128870000
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169101000
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30000000
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80000
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3285000
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3218000
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10540000
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28000 shares
CY2015 dei Entity Current Reporting Status
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Yes
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56607000 shares
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42589000
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273257000
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70570000
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301000
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1304000
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628000
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9097000
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184000
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98647000
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1181945000
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-18528000
CY2015 us-gaap Increase Decrease In Prepaid Expense
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722000
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68319000
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22182000
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20635000
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99000
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126655000
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535320000
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348000
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0
CY2015 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
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26057000
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59014000
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44228000
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49234000
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