Nov. 4, 2022
WW reported its results for the 3rd quarter of 2022.
Management said that: “We are encouraged by early indicators that our data-informed approach to product development – focused on our core pillars of community, accountability, and coaching – is starting to yield positive results,” said Sima Sistani, the Company’s CEO. “With nearly 60 years of weight loss efficacy and a community of millions, we have a strong foundation on which to build a digital experience for the future.” Amy O’Keefe, the Company’s CFO, said, “Adjusted operating income in Q3 was ahead of our expectations, despite continued pressure on revenue from lower subscriber levels year-over-year and headwinds from foreign exchange. “
Revised FY 2022 Guidance: Revenues for 2022 are expected to be approximately $1.04 billion.
- Q3 2022 End of Period Subscribers of 3.8 million
- Q3 2022 Revenues of $249.7 million
- Q3 2022 Gross Margin of 61.0%
- End of Period Subscribers in Q3 2022 were down 15.0% versus the prior year period, primarily driven by declines in the Digital business in all geographic markets. Q3 2022 End of Period Digital Subscribers decreased 17.7% versus the prior year period. Q3 2022 End of Period Workshops + Digital Subscribers decreased 2.0% versus the prior year period, substantially benefitting from the transition of former Digital 360 members from the Digital business to the Workshops + Digital business during Q2 and Q3 2022, as previously disclosed.
- Total Paid Weeks in Q3 2022 were down 13.6% versus the prior year period, driven by declines in the Digital business in all geographic markets. Q3 2022 Digital Paid Weeks decreased 17.3% versus the prior year period. Q3 2022.
- Operating Loss in Q3 2022 was $254.5 million, compared to operating income of $79.7 million in the prior year period.
- The complete Press Release, with detailed financial tables, can be found here: