Ww International, Inc. · NASDAQ:WW
Ww International — Debt Investor Presentation (May 2025)
73 slides from Ww International's debt investor presentation, May 7, 2025
Slide 1: Lender Presentation May 2025
Exhibit 99.3 Lender Presentation May 2025 Lender Presentation
Slide 2: Disclaimer
Disclaimer This presentation (this “Presentation”) is being furnished to a limited number of parties who have expressed an interest in a GAAP financial measures of other companies may not be calculated in the same manner. These non-GAAP financial potential transaction (the Potential Transaction ) wi
Slide 3: Disclaimer (Cont'd)
Disclaimer (Cont'd) Various risks that could cause future results to differ from those expressed by the forward-looking statements included in this In light of these risks, uncertainties, assumptions and factors, the forward-looking events discussed in this Presentation and Presentation include, but
Slide 4: Table of Contents
Table of Contents Executive Summary 1 Company Overview 2 3 State of the Union 4 Path to Stabilization 5 5-Year Forecast 6 Growth Levers Lender Presentation 4
Slide 5: Executive Summary
Executive Summary 1 Lender Presentation
Slide 6: Management Team
Management Team Tara Comonte Felicia DellaFortuna Scott Honken Jacquie Cooke Michael Amsel Phillip Picardi President & Chief Financial Officer Chief Commercial Officer Chief Marketing Officer Chief Brand Officer Chief Legal and Chief Executive Officer Administrative Officer Joined in January 2025 Jo
Slide 7: A Legacy of Innovation
A Legacy of Innovation WeightWatchers acquires Weekend WeightWatchers launches Health, a subscription telehealth On June 11, 17,000 people jam digital tools. Madison Square Garden to platform offering access to 2001 Spokesperson Jennifer Hudson healthcare providers specializing in celebrate the 10th
Slide 8: WeightWatchers has experienced significant disruption
1 WeightWatchers has experienced 2 significant disruption significant disruption stabilization Focus on stabilization in recent years in 2025 and 2026 3 with a plan to revert ~$100M of annual to modest growth interest expense in 2027 and beyond impedes ability to fully capitalize on longer-term grow
Slide 9: Company Overview
Company 2 Overview Lender Presentation
Slide 10: 2024 by the Numbers
2024 by the Numbers $786M 3.3M Revenue Subscribers 1.1M ~3,000 Clinic prescriptions Coaches 11 27B 68% Month retention 1 Adjusted gross margins Foods tracked More than $149M 20,000 Adjusted EBITDAS meetings per month 10M ~410 2 Workshop check-ins Clinicians 19% 6.5B Adjusted EBITDAS 1 Activities tra
Slide 11: Still the most effective weight loss program
62 years later and we're still the most effective most effectiv weight loss program #1 Best Weight-Loss Diet—for the 15th Year by U.S. News & #1 1 World Report 2 US doctor-recommended weight-loss program #1 More effective for weight loss than reliance on standard 3.5x 3 nutritional guidance 4 More e
Slide 12: The most recognized brand in weight management
...And the most recognized brand in weight management 1 Brand Consideration 1 1 Aided Awareness Unaided Awareness 6% 5% Ro 26% Found 5% 44% 4% MyFitnessPal Noom Hims & Hers Hims & Hers 17% 0% Ro 73% Found 45% 95% WeightWatchers WeightWatchers WeightWatchers 17% Hims 54% 1% 30% Ro 32% MyFitnessPal 78
Slide 13: A holistic model of care
WeightWatchers offers a holistic model of care Community Points® Support & Program & Coaching Digital Tools B2B & Clinical Strategic Support Partnerships Programs Lender Presentation 13
Slide 14: 50+ years of global impact
50+ years of impac global t 50+ Years in global markets Canada Sweden UK Netherlands Germany Belgium 3.3M Switzerland USA France Members globally ~30% International revenue Australia 11 Markets New Zealand Source: Company data Fiscal Year Ended 2024 Lender Presentation 14
Slide 15: The Points program is the foundation of our behavior change program
® The Points program is the foundatio of our foundation behavior change program 1 Lose 4x more weight 4x Science-based, award-winning nutritional tracking Tailored plans for GLP-1 members and members living with diabetes Features to support day-to-day livability, e.g. AI-based photo tracking Thousan
Slide 16: Workshops are the center of our community
Workshops are the center of ourcommunity Members lose 2x as much weight as those 2x 1 trying to lose weight on their own Over 20,000 coach Workshops (in-person and virtual) monthly ~3,000 expert coaches and direct-to-coach group chats 24/7 unlimited access to expert and community support Dynamic, ev
Slide 17: Virtual care platform enables specialized clinical support
Virtual care platform enables Fitness Specialist specialized specializ clinical support Registered Dietitian Insurance Specialist More weight loss when combining weight-loss 11% 1 medication with our behavior change program Clinician Care Coordinator Dedicated expert Care Team with ~410 clinicians s
Slide 18: Extensive Clinical offering with accessible price points
Extensive Clinical offering with price poin accessible ts Branded GLP-1s Compounded GLP-1s Oral AOMs Wegovy, Ozempic, Zepbound, Mounjaro, & Saxenda Compounded Semaglutide Metformin, Bupropion, & Naltrexone Available through Clinic Membership with copays as low as $25/mo Medication cost bundled with
Slide 19: WW4B: Meeting the unique needs of employers and payers
WW4B: Meeting the unique needs of emp emplo loy y er e s s and pay payer erss Tailored programming WeightWatchers for Business (WW4B) delivers a full- spectrum weight health platform designed to meet the dynamic needs of employers, health plans, and PBMs Flexible delivery model Members engage how, w
Slide 20: Leading obesity experts ground our program in clinical evidence
Leading obesity experts ground our program in the latest clinical evidence Clinical Research Partners Scientific Advisory Board Amy Ahern, Ph.D. Cheryl A.M. Anderson Gary G. Bennett, Ph.D. Ania Jastreboff, M.D., Ph.D. Ph.D., MPH, M.S. Duke University Yale University University of Cambridge UC San Di
Slide 21: Grounded in years of scientific innovation
50 years Grounded in of scientific innovation 180+ 64 43 Scientific From Randomized Measured Impact Across Publications Controlled Trials (RCTs) Clinical and Behavioral Metrics Formative Pilots Agile research initiatives designed to answer key program development questions and drive continuous impro
Slide 22: With superior results, WeightWatchers outpaces competition
With superior results, WeightWatchers outpaces competition Clinic offering Weight Loss at 3 months Weight Loss at 12 months 1 WeightWatchers Clinic 19.4% 1 WeightWatchers Clinic 8.9% 4 Ro 16% 2 Hims & Hers 7% 3 Calibrate Hims 16% 7% 3 Calibrate 5 7% Form 15% 1 WeightWatchers: Ard JD, Hong YR, Foster
Slide 23: Breadth of Revenue Offerings
Breadth of Revenue Offerings business Attractive business attributes model Workshops — Premium WW4B Points® — Core Clinic Starting at Licensing $45/Mo $23/Mo 1 Recurring subscription model $74/Mo Strong repeat members Registered Over 20,000 Workshops 4.8/5 Star Rated App Over 400 Clinicians Dietitia
Slide 24: State of the Union
State of 3 the Union Lender Presentation
Slide 25: Key Challenges Impacting Business Performance
Key Challenges Impacting Business Performance 1 Evolving consumer consumer preferences behavior and the 2 growth of GLP-1s Es Esca calatin latin g c g ompetition in a rapidly 3 expanding market Strategic ov shifts erpivots in reaction to market dynamics Lender Presentation 25
Slide 26: Evolving Consumer Preferences
Shift toward wellness over traditional dieting Consumers are increasingly prioritizing holistic health and rejecting traditional weight-loss narratives Rise of free digital tools Evolving Consumer Preferences The rise of free and low-cost DIY weight-loss apps reflects consumers’ growing demand for s
Slide 27: Rapid adoption of GLP-1s is transforming weight management
Evolving Consumer Preferences Rapid adoption of GLP-1s is tr trans ansfformin orming g Projected US Obesity the weight management landscape 4 Market for GLP-1 Drugs $44 1 Over 100 million Americans today have obesity $39 GLP-1 prescriptions for weight loss surged 300% $31 from 2021 to 2023 $25 2 1 i
Slide 28: Intensifying Competition
Intensifying Competition New competitors and innovations are reshaping the weight management market The rise of wearables, social media content, free apps and prescription medications is rapidly changing Escalating competition consumer behavior in a r rapidly apidly expanding Increasingly fragmented
Slide 29: Intensifying Competition
Intensifying Competition Food Activity Medication Weight Loss Programs (Paid) On-demand fitness Branded Telehealth Branded Medications Connected Fitness Other Over-the- Compounded PCPs Med Spas Counter GLP-1s DIY and Free Special Diets Traditional DIY Wearables Whole30 South Beach Keto Paleo Avoidin
Slide 30: WeightWatchers marketing spend significantly lags competitors
Intensifying Competition WeightWatchers marketing spend significantly lags competitors Marketing % Of Total Revenue Brand Marketing % Of Total Marketing An equivalent Hims & Hers $125M more WW marketing spend 17% 47% Ro Ro 46% 25% 2 Hims Hims 2% 3 WW 17% 30% 39% Noom 1 WW Noom Source: Top tier consu
Slide 31: Strategic Shifts
Strategic Shifts Abrupt pivot from in-person workshops An exit from consumer products & licensing strategy shifts Reactive strategy shift Centralization of international operations have driven long-term Overreliance on performance marketing revenue headwinds and discounting Lender Presentation 31
Slide 32: Strategic Shifts: legacy channels created brand awareness
Strategic Shifts Legacy business channels created significant brand awareness; organic growth strategy pivots under way Consumer products Celebrity endorsements Physical workshops Brand awareness Lender Presentation 32
Slide 33: Material revenue impact from workshop closures
Strategic Shifts Material revenue impact from workshop closures in 000's $ in millions ….Driving Workshops Revenue Average Workshops per Week down 82% Decline of 21% CAGR ~15pt Improvement in adjusted Gross 1 Margins 2019A 2020A 2021A 2022A 2023A 2024A 2019A 2020A 2021A 2022A 2023A 2024A 1 Reflects
Slide 34: Exit from consumer products eliminated a material revenue stream
Strategic Shifts Exit from consumer products eliminated a material revenue stream Wound down the consumer products and e-commerce business due to margin profile and operational complexity Licensing scaled back as the brand moved away from artificial sweeteners and preservatives Consumer Products & L
Slide 35: Strategic Shifts led to headwinds across key growth metrics
Strategic Shifts Led to headwind across key growth metrics… headwinds Subs in 000's $5. $5.14 14 $4.6 $4.67 7 $4.37 $4.37 $4.26 $4.26 $3. $3.97 97 $3. $3.9 95 5 2019 2019A A 2020 2020A A 2021A 2021A 2022 2022A A 2023 2023A A 2024 2024A A To Tot ta al l E Eo oP P S Su ub bs sc cr ri ib be er rs s Av
Slide 36: Strategic Shifts and Financial Metrics
Strategic Shifts …and Financial Metrics Product, Licensing, & Other Adj. EBITDAS ($M) and % of Revenue Revenue ($M) by Line of Business $1,378 Clinical $1,211 $192 Premium 26% $148 23% 19% $1,040 $443 Core 20% $275 $890 $121 16% $67 $786 $256 $31 $788 $78 $743 $221 $186 $663 $571 $513 2020A 2021A 20
Slide 37: Path to Stabilization
Path to Stabilization 4 Lender Presentation
Slide 38: The trusted leader in weight management
The trus trust ted leade ed leader in weight management, combining science and commu science and community to help our millions o millions of member f member s live their healthiest lives Lender Presentation 38
Slide 39: 2025 Strategic Priorities
2025 Strategic Priorities 1 Deliver a unified unified 2 and engaging Revitalize member our brand and experience 3 reclaimour reclaim Innovate Innovat and 4 leadership expand expandadjacent position Drive revenue streams operational excellence excellence efficiency and efficiency Lender Presentation
Slide 40: Strategic Priorities
Strategic Priorities 1 Deliver a unified unified 2 and engaging Revitalize member our brand and experience 3 reclaimour reclaim Innovate Innovat and 4 leadership expand expandadjacent position Drive revenue streams operational excellence excellence efficiency and efficiency Lender Presentation 40
Slide 41: Unify the Member Experience
Unify the Member Experience Rebuilding and op optimizin timizin g the website experience presents a major opportunity to drive new member signups Communicate breadth of offerings High-intent & SEO optimized landing pages Engaging lower-intent visitors Personalized plan matching Clear pricing & membe
Slide 42: Unify the Member Experience: innovative features
Unify the Member Experience Innovative features that Streak Widget Targeted Interventions AI Food Scanner make weight management easie, more personalized, easier and sustainable sustainable Launched several new features with more fast follows in 2025: AI Food Scanner, Recipe Analyzer, Macronutrients
Slide 43: Revitalize the Workshop program and expand member base
Unify the Member Experience Revitalize the Workshop program and expand member base Expand and advance Modernize digital Invest in Optimize workshop virtual programming workshop experience Coaches footprint Lender Presentation 43
Slide 44: Unmatched scale of dataset to power and improve outcomes
Increased Member Engagement Unify the Member Experience power Unmatched scale of dataset to power and impr impro ov ve ou ed out tcomes comes Personalized Recommendations and Interventions Tens of millions of daily data points Opportunity for unmatched behavioral insights Product roadmap includes sh
Slide 45: Strategic Priorities
Strategic Priorities 1 Deliver a unified unified 2 and engaging Revitalize member our brand and experience 3 reclaimour reclaim Innovate Innovat and 4 leadership expand expandadjacent position Drive revenue streams operational excellence excellence efficiency and efficiency Lender Presentation 45
Slide 46: Brand Revitalization
Brand Revitalization awareness consideration Revitalizing our brand to bridge the gap between awarenes and consideration Awareness Influence Authority Identity 2x 128% +5pts 23% Awareness that WW offers Growth in social Perception as an authority Click-through rate in medications since August engage
Slide 47: Brand Revitalization: Amplifying our influence
Brand Revitalization Amplifying our influence Celebrity strategy Top-of-funnel celebrity alignments tied to product and clinical innovation roadmap First effort in this space will debut tied to key late Summer/Fall launch Investing in influencer Multi-pronged influencer strategy WW Member Advocate T
Slide 48: Brand Revitalization: Expanding our Authority
Brand Revitalization Expanding our Authority The Scientific Authority A new slate of initiatives—from medical myth-busting to pioneering studies Focus on the advancement of medication access and health equity Assert our trusted expertise and advocacy Food & Recipe Development Re-activate WW nutritio
Slide 49: Strategic Priorities
Strategic Priorities 1 Deliver a unified unified 2 and engaging Revitalize member our brand and experience 3 reclaimour reclaim Innovate Innovat and 4 leadership expand expandadjacent position Drive revenue streams operational excellence excellence efficiency and efficiency Lender Presentation 49
Slide 50: WW4B delivers for clients regardless of GLP-1 approach
Expand Adjacent Revenue WW4B deliversfor clients regardless of GLP-1 approach delivers What’s changing? Our Approach The Results Full-spectrum platform from digital to 1 2 1.5x-3.9x diabetes to GLP-1 wraparound 5 ROI $173B 5.8% Obesity costs the Expected increase in U.S. healthcare system Health Ben
Slide 51: Direct to Employer
Expand Adjacent Revenue Direct to Employer Expanded channel options to unlock accelerating growth 300+ Enterprise clients 6.9M Covered lives Foundational Channels Health Plan PBM Channel Partnership Lender Presentation 51
Slide 52: Revitalize and grow our global licensing business
Expand Adjacent Revenue R Re evit vita aliz lize and gr e and grow our global licensing business Unique legacy as a trusted brand Kickstart licensing rebuild leveraging agency relationships Resource-light approach High margin incremental business Support the needs of our members while enhancing bran
Slide 53: 1:1 visits with a Registered Dietitian
Expand Adjacent Revenue 1:1 visits with a Registered Dietitian now available to US members Personalized nutrition counseling on dietary and lifestyle modifications Patients have payment options (insurance-covered and cash-pay) Strong demand and positive reception: 4.9 out of 5 CSAT Showcases ability
Slide 54: Strategic Priorities
Strategic Priorities 1 Deliver a unified unified 2 and engaging Revitalize member our brand and experience 3 reclaimour reclaim Innovate Innovat and 4 leadership expand expandadjacent position Drive revenue streams operational excellence excellence efficiency and efficiency Lender Presentation 54
Slide 55: Operational Excellence
Operational Excellence Complete Weekend Health integration to maximize efficiency, improve member experience and extend LTV Deliver efficiencies through systems, data and team integrations Consolidation of vendors and platforms Build a seamless member experience in a holistic model of care Leverage
Slide 56: Operational Excellence: G&A leverage improving
Operational Excellence G&A leverage improving Name for Chart through realization of Adj. G&A Trending ($M) significant cost savings Personalized Member Experience 2024 cost saving initiative resulted in ~$100M reductions actioned Corporate real estate rationalization underway Vendor consolidation an
Slide 57: 5-Year Forecast
5-Year Forecast 5 Lender Presentation
Slide 58: Business Plan reflects priorities of stabilizing and returning to growth
Business Plan reflects the priorities of stabilizing the business and returning to growth Subscribers projected to stabilize in 5-Year Forecast 2028 but revenue trough in 2025 as LTV shifts with Clinic mix 2029 Adjusted EBITDAS is projected to be $153M Lender Presentation 58
Slide 59: 5-Year Forecast
5-Year Forecast Revenue ($M) Adj. Gross Profit ($M) 2025 is a transition year refocus and repositioning; for refocus and repositioning; to stabilize the business, and revert to modest growth in future years; assumes limited free cash flow available for 2020 2021 2022 2023 2024 2025 2026 2027 2028 20
Slide 60: Subscribers and Revenue Outlook
Subscribers and Revenue Outlook Total subscribers level at ~2.4M; mix shifting to higher LTV Clinic members, plus growth in B2B; each driving increase in ARPU Subscribers by Line of Business (‘000s) Revenue by Line of Business (M’s) $5.84 $5.49 $5.06 2,883 $4.60 $4.19 2,689 129 $806 2,498 2,426 $761
Slide 61: Margin Profile
Margin Profile Gross margin percentage declines slightly over time due to increased Clinic mix; Adjusted EBITDAS relatively flat increasing in outer years Adjusted Gross Profit ($M) Adjusted EBITDAS ($M) 21% 20% 19% 18% 19% 68% 67% 66% 66% 65% $153 $150 $140 $139 $138 $138 $526 $499 $484 $480 $472 2
Slide 62: Growth Levers
6 Growth Levers Lender Presentation
Slide 63: Growth Opportunities
Growth Opportunities Behavioral Product Innovation International Refocus Eased capital constraint unlocks major revenue major revenue opportunities Wraparound Care Programs Clinical Adjacency Extensions Top of Funnel Expansion Lender Presentation 63
Slide 64: Member testimonial
Lost 60 lbs You reach a point where “ someone believes you deserve help that is not demeaning or stigmatizing—and they recognize you’re a human being, that you deserve to be happy and healthy.” — WeightWatchers Member Lender Presentation 64
Slide 65: Thank You
Thank You Lender Presentation
Slide 66: Appendix
Appendix Lender Presentation
Slide 67: 5-Year Forecast
5-Year Forecast (1) (2) (2) 5-Year Forecast 2025E 2026E 2027E 2028E 2029E ($ in M) FY FY FY FY FY Revenue $702 $706 $729 $761 $806 Change YoY % (10.7%) 0.6% 3.2% 4.4% 5.9% (-) Adj. Cost of Sales (222) (234) (245) (262) (280) Adj. Gross Profit $480 $472 $484 $499 $526 Margin % 68.4% 66.8% 66.3% 65.5%
Slide 68: 5-Year Forecast notes
5-Year Forecast Note: Totals may not sum due to rounding. (1) Please see Appendix for reconciliations of historical non-GAAP financial measures to the closest GAAP financial measures. The Company cannot provide a reconciliation between its non-GAAP projections and the most directly comparable GAAP m
Slide 69: Net Income (Loss) to Adjusted EBITDAS Reconciliation and Net Leverage
Net Income (Loss) to Adjusted EBITDAS Reconciliation and Net Leverage In thousands, except percentages and ratios (1) Twelve Months Ended December 28, 2024 December 30, 2023 December 31, 2022 January 1, 2022 January 2, 2021 Net Income (Loss) $(345,701) $(112,255) $(256,868) $66,892 $75,079 Interest
Slide 70: Net Income (Loss) to Adjusted EBITDAS Reconciliation and Net Leverage notes
Net Income (Loss) to Adjusted EBITDAS Reconciliation and Net Leverage In thousands, except percentages and ratios Note: Totals may not sum due to rounding. (1) The Company cannot provide a reconciliation between its non-GAAP projections and the most directly comparable GAAP measures without unreason
Slide 71: Gross Profit Reconciliation
Gross Profit Reconciliation In thousands, except percentages (1) Twelve Months Ended December 28, 2024 December 30, 2023 December 31, 2022 January 1, 2022 January 1, 2021 December 31, 2022 Gross Profit (4) GAAP $533,103 $529,303 $621,379 $726,355 $777,841 Gross Margin % 59.5% 67.8% 59.8% 59.9% 56.4%
Slide 72: Selling, General, and Administrative Expenses Reconciliation
Selling, General, and Administrative Expenses Reconciliation In thousands Twelve Months Ended December 28, 2024 December 30, 2023 December 31, 2022 January 1, 2022 Selling, General and Administrative Expenses GAAP $217,825 $264,950 $263,840 $268,614 (1) (2) (3) (4) Adjustment (20,998) (42,332) (32,7
Slide 73: Operating Activities to Free Cash Flow Reconciliation
Net Cash Provided by (used in) Operating Activities to Free Cash Flow Reconciliation In thousands December 28, 2024 December 30, 2023 December 31, 2022 January 1, 2022 January 1, 2021 Twelve Months Ended December 31, 2022 Gross Profit $(16,840) $6,686 $76,646 $157,281 $135,940 Net cash provided by (
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