Business
WW Announces Second Quarter 2020 Results with Record Digital Subscribers
Q2 2020 End of Period Subscribers up 9% year-over-year to 5.0 million, an all-time Q2-end high Q2 2020 End of Period Digital Subscribers at all-time high and
About this update from Ww International, Inc.
[{"type":"text","content":"Q2 2020 End of Period Subscribers up 9% year-over-year to 5.0 million, an all-time Q2-end high Q2 2020 End of Period Digital Subscribers at all-time high and up 23% year-over-year Q2 2020 Revenues of $334 million, down 10%, or 9% on a constant currency basis, year-over-year due to studio closures Q2 2020 Gross Margin of 58%; excluding one-time charges, Q2 2020 adjusted gross margin of 60%, the highest level in 8 years NEW YORK, Aug. 04, 2020 (GLOBE NEWSWIRE) -- WW International, Inc. (NASDAQ: WW) today announced its results for the second quarter of fiscal 2020.\n “We ended the quarter with our highest-ever Q2 subscriber base of 5.0 million, driven by a record level of digital subscribers, which were up 23% year-over-year. These milestones combined with the strength in digital revenues and our high margins are all testament to the work of our teams and talent around the world,” said Mindy Grossman, the Company’s President and CEO. “The impact of our accelerated digital transformation is evident in our second quarter results and will continue to be a key driver of our future growth and profitability. Creating exciting new coaching experiences, adding new digital features and producing creative content that is insightful, interactive and engaging will greatly increase our ability to attract new members to WW, retain them longer, help them achieve their weight loss and wellness goals, and deliver on our mission to democratize wellness for all.” “Our second quarter results demonstrate the benefits of our digital focus with strength in digital revenues, ecommerce, and gross margin,” said Nick Hotchkin, the Company’s CFO, Operating Officer, North America and President, Emerging Markets. “While our Q2 2020 GAAP EPS was $0.20, excluding one-time charges in the quarter, adjusted EPS was $0.67, demonstrating strong performance despite the COVID-19 environment. We are nimbly managing our studio cost structure and are on-track to deliver on our $100 million cost-savings initiative, while maintaining strong liquidity and financial flexibility.” Q2 2020 Consolidated Results % Change % ChangeAdjusted forConstantCurrency(1) Three Months Ended June 27, June 29, 2020 2019 (in millions except percentages and per share amounts) Service Revenues, net$ 293.0 $ 313.8 (6.6%) (5.7%)Product Sales and Other, net 40.6 55.3 (26.5%) (25.7%)Revenues, net$ 333...