$WW
WW INTERNATIONAL, INC.

2020 Q3 Form 10-Q Financial Statement

#000156459020048882 Filed on October 29, 2020

View on sec.gov

Income Statement

Concept 2020 Q3
Revenue $320.7M
YoY Change -8.0%
Cost Of Revenue $130.6M
YoY Change -15.08%
Gross Profit $190.1M
YoY Change -2.4%
Gross Profit Margin 59.28%
Selling, General & Admin $96.30M
YoY Change -3.7%
% of Gross Profit 50.66%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $12.40M
YoY Change -4.95%
% of Gross Profit 6.52%
Operating Expenses $96.30M
YoY Change -3.7%
Operating Profit $92.64M
YoY Change -2.2%
Interest Expense -$29.70M
YoY Change -10.27%
% of Operating Profit -32.06%
Other Income/Expense, Net $200.0K
YoY Change -113.7%
Pretax Income $63.10M
YoY Change 4.82%
Income Tax $8.600M
% Of Pretax Income 13.63%
Net Earnings $54.53M
YoY Change 15.8%
Net Earnings / Revenue 17.0%
Basic Earnings Per Share $0.80
Diluted Earnings Per Share $0.78
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $204.4M
YoY Change -14.55%
Cash & Equivalents $204.4M
Short-Term Investments
Other Short-Term Assets $47.30M
YoY Change 35.53%
Inventory $33.30M
Prepaid Expenses
Receivables $36.40M
Other Receivables $0.00
Total Short-Term Assets $321.4M
YoY Change -2.58%
LONG-TERM ASSETS
Property, Plant & Equipment $189.1M
YoY Change -3.52%
Goodwill $152.8M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $28.50M
YoY Change 4.01%
Total Long-Term Assets $1.182B
YoY Change -0.41%
TOTAL ASSETS
Total Short-Term Assets $321.4M
Total Long-Term Assets $1.182B
Total Assets $1.503B
YoY Change -0.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.60M
YoY Change 2.6%
Accrued Expenses $154.1M
YoY Change -9.09%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $96.40M
YoY Change 25.19%
Total Short-Term Liabilities $364.3M
YoY Change -0.41%
LONG-TERM LIABILITIES
Long-Term Debt $1.427B
YoY Change -8.94%
Other Long-Term Liabilities $117.2M
YoY Change -6.69%
Total Long-Term Liabilities $1.544B
YoY Change -1.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $364.3M
Total Long-Term Liabilities $1.544B
Total Liabilities $2.088B
YoY Change -6.79%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$584.8M
YoY Change
Total Liabilities & Shareholders Equity $1.503B
YoY Change -0.88%

Cashflow Statement

Concept 2020 Q3
OPERATING ACTIVITIES
Net Income $54.53M
YoY Change 15.8%
Depreciation, Depletion And Amortization $12.40M
YoY Change -4.95%
Cash From Operating Activities $79.90M
YoY Change 11.13%
INVESTING ACTIVITIES
Capital Expenditures -$8.500M
YoY Change -21.3%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$8.600M
YoY Change -18.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -20.00M
YoY Change 3900.0%
NET CHANGE
Cash From Operating Activities 79.90M
Cash From Investing Activities -8.600M
Cash From Financing Activities -20.00M
Net Change In Cash 51.30M
YoY Change -15.62%
FREE CASH FLOW
Cash From Operating Activities $79.90M
Capital Expenditures -$8.500M
Free Cash Flow $88.40M
YoY Change 6.89%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
3665000
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2020Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-584750000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
54155000
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-4109000
ww Adjustments To Retained Earnings Share Based Compensation Requisite Service Period Recognition Value
AdjustmentsToRetainedEarningsShareBasedCompensationRequisiteServicePeriodRecognitionValue
48680000
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
2067000
CY2020Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-584750000
CY2019Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
41731000
CY2019Q3 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-416000
CY2019Q3 ww Adjustments To Retained Earnings Share Based Compensation Requisite Service Period Recognition Value
AdjustmentsToRetainedEarningsShareBasedCompensationRequisiteServicePeriodRecognitionValue
5243000
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-808943000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
73926000
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-3512000
ww Adjustments To Retained Earnings Share Based Compensation Requisite Service Period Recognition Value
AdjustmentsToRetainedEarningsShareBasedCompensationRequisiteServicePeriodRecognitionValue
14927000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-623000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-350000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-60962000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-112421000
ww Proceeds From Stock Options Exercised Gross
ProceedsFromStockOptionsExercisedGross
475000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2951000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-2755000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
21661000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
5094000
us-gaap Payments For Proceeds From Other Investing Activities
PaymentsForProceedsFromOtherInvestingActivities
-244000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-47752000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-34317000
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
0
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
0
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
57750000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
107750000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
4953000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
4796000
ww Proceeds From Stock Options Exercised Gross
ProceedsFromStockOptionsExercisedGross
2364000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
2188000
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="align:left;"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse; width:100%;"> <tr> <td style="width:4.54%;white-space:nowrap" valign="top"> <p style="margin-bottom:0pt;margin-top:18pt;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2.</span></p></td> <td valign="top"> <p style="margin-bottom:0pt;margin-top:18pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;"><span style="font-weight:normal;"/>Recently Issued Accounting Standards </p></td></tr></table></div> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In December 2019, the Financial Accounting Standards Board (the “FASB”)<span style="Background-color:#FFFFFF;"> </span>issued updated guidance simplifying the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 as well as by improving consistent application of GAAP by clarifying and amending existing guidance. The effective date of the new guidance for public companies is for fiscal years beginning after December 15, 2020 and interim periods within those fiscal years. Early adoption is permitted. The Company does not expect the adoption of this guidance to have a material impact on its consolidated financial statements.</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For a discussion of the Company’s significant accounting policies, see “Summary of Significant Accounting Policies” in the Notes to Consolidated Financial Statements of the Company’s Annual Report on Form 10-K for fiscal 2019. For a discussion of accounting standards adopted in the current year, see Note 3.</p>
CY2019Q4 us-gaap Goodwill
Goodwill
157916000
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
3665000
us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-1460000
CY2020Q3 us-gaap Goodwill
Goodwill
152791000
CY2020Q3 ww Income Tax Reconciliation Tax Expense Benefit To Claim Relief From Prior Year Taxes Previously Accrued Attributable To Global Intangible Low Taxed Income
IncomeTaxReconciliationTaxExpenseBenefitToClaimReliefFromPriorYearTaxesPreviouslyAccruedAttributableToGlobalIntangibleLowTaxedIncome
-7566000
us-gaap Maximum Length Of Time Hedged In Cash Flow Hedge1
MaximumLengthOfTimeHedgedInCashFlowHedge1
P4Y
CY2020Q3 us-gaap Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next12 Months Net
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNext12MonthsNet
-6422000
CY2020Q3 ww Interest Rate Cash Flow Hedge Gain Loss To Be Reclassified During Next Twelve Months Before Tax
InterestRateCashFlowHedgeGainLossToBeReclassifiedDuringNextTwelveMonthsBeforeTax
-8609000
CY2019Q4 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2019Q4 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2019Q4 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2019Q4 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-14549000
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
-6143000
ww Other Comprehensive Income Loss After Reclassification Of Tax Effect Net Of Tax
OtherComprehensiveIncomeLossAfterReclassificationOfTaxEffectNetOfTax
-8406000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
-93000
us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-15188000
us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodNetOfTax
1157000
ww Other Comprehensive Income Loss After Reclassification Of Tax Effect Net Of Tax
OtherComprehensiveIncomeLossAfterReclassificationOfTaxEffectNetOfTax
-16345000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Noncontrolling Interest
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest
-38000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
4
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1080754000
us-gaap Interest And Debt Expense
InterestAndDebtExpense
103045000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-2201000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
26834000
us-gaap Profit Loss
ProfitLoss
90019000
us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-214000
us-gaap Net Income Loss
NetIncomeLoss
90233000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
40419000
CY2015Q4 ww Initial Term Of Agreement
InitialTermOfAgreement
P5Y
us-gaap Restructuring Charges
RestructuringCharges
20000
CY2020Q3 us-gaap Restructuring Charges
RestructuringCharges
20000
CY2020Q3 us-gaap Restructuring And Related Cost Expected Cost Remaining1
RestructuringAndRelatedCostExpectedCostRemaining1
5393000
CY2020Q3 ww Anticipates Recording Additional Expenses In Connection With Restructuring
AnticipatesRecordingAdditionalExpensesInConnectionWithRestructuring
9000000
us-gaap Severance Costs1
SeveranceCosts1
6331000
ww Severance Costs Net Of Tax
SeveranceCostsNetOfTax
4727000
CY2019 us-gaap Payments For Restructuring
PaymentsForRestructuring
5077000
CY2019 us-gaap Restructuring Charges
RestructuringCharges
83000
CY2020Q2 us-gaap Restructuring And Related Cost Expected Cost1
RestructuringAndRelatedCostExpectedCost1
14000000
CY2020Q3 us-gaap Restructuring And Related Cost Expected Cost1
RestructuringAndRelatedCostExpectedCost1
22500000
ww Percentage Of Reduction In Headcount
PercentageOfReductionInHeadcount
0.35
ww Number Of Majority Employee Servicing As Part Time
NumberOfMajorityEmployeeServicingAsPartTime
11
CY2020Q3 us-gaap Severance Costs1
SeveranceCosts1
2251000
CY2020Q3 ww Severance Costs Net Of Tax
SeveranceCostsNetOfTax
1680000
us-gaap Severance Costs1
SeveranceCosts1
13459000
ww Severance Costs Net Of Tax
SeveranceCostsNetOfTax
9996000
CY2020Q3 us-gaap Payments For Restructuring
PaymentsForRestructuring
4419000
us-gaap Payments For Restructuring
PaymentsForRestructuring
8086000

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