Business
WW Announces First Quarter 2021 Results and Continued Strong Digital Subscriber Growth
Q1 2021 End of Period Subscribers of 5.0 millionQ1 2021 End of Period Digital Subscribers up 16% year-over-year to an all-time high of 4.2 millionQ1 2021
About this update from Ww International, Inc.
[{"type":"text","content":"Q1 2021 End of Period Subscribers of 5.0 millionQ1 2021 End of Period Digital Subscribers up 16% year-over-year to an all-time high of 4.2 millionQ1 2021 Revenues of $332 millionQ1 2021 Gross Margin of 58%; excluding one-time charges, Q1 2021 adjusted gross margin increased over 700 basis points year-over-year to 60% NEW YORK, May 05, 2021 (GLOBE NEWSWIRE) -- WW International, Inc. (NASDAQ: WW) today announced its results for the first quarter of fiscal 2021. “WW had a strong start to the year, ending Q1 with 5.0 million subscribers, record Digital subscribers, and member retention remaining at an all-time high of over 10 months,” said Mindy Grossman, the Company’s President and CEO. “Today, we are the world’s leading weight loss and wellness digital subscription platform with multiple membership verticals and diverse revenue streams, creating a healthier, more profitable and more sustainable business model. Our continued digital transformation to a personalized, technology experience company was clearly evident in our first quarter results with our high-margin Digital membership growth driving performance and positioning us for subscriber, revenue and profit growth over the balance of 2021.” Amy O’Keefe, the Company’s CFO, said, “Our first quarter performance was ahead of our expectations, with margin expansion driven by Digital growth and continued cost management in our Workshops business. In addition, our recent refinancing has further strengthened our balance sheet and significantly lowered our interest rates. As the world reopens, we will continue to take decisive actions to capitalize on consumer trends, flex our cost structure to meet demand, and position WW for accelerated momentum.” Q1 2021 Consolidated Results Three Months Ended % Change % ChangeAdjusted forConstantCurrency(1) April 3, March 28, 2021 2020 (in millions except percentages and per share amounts) Subscription Revenues, net$279.8 $324.7 (13.8%) (16.5%)Product Sales and Other, net 52.0 75.7 (31.3%) (33.4%)Revenues, net$331.8 $400.4 (17.1%) (19.7%)Gross Profit$193.4 $211.0 (8.3%) (11.8%)Adjustments 2021 Restructuring Charges 5.2 -- Adjusted Gross Profit(1)$198.6 $211.0 (5.9%) (9.3%)Operating Income$2.8 $24.9 (88.6%) (97.4%)Adjustments 2021 Restructuring Charges 5.5 -- Goodwill Impairment -- 3.7 Adjusted Operating Income(1)$8.4 $28.5 (70.7%) (78.3%)Net Loss* ...