WW International (WW) -14% on missing revenue consensus by $15.79M. The company reported a GAAP EPS loss of -$0.07, including a net impact of $0.47 from non-cash intangible impairment charges and restructuring charges.
Revenues were $269.5M, down 10% Y/Y.
Subscription Revenues were $240.4M, down 8.3% Y/Y on a constant currency basis.
End of period subscribers were 4.27M, down 12.3% Y/Y primarily driven by declines in the digital business in all major geographic markets.
End of period digital subscribers decreased 16.5% Y/Y to 3.44M.
End of period workshops + digital subscribers increased 10.6% Y/Y to 828K benefitting from the transition of former Digital 360 members from the Digital business to the Workshops + Digital business.
Total paid weeks were down 10.7% Y/Y to 57.47M, driven by declines in all major geographic markets.
Digital paid weeks decreased 13.4% Y/Y to 47.25M.
Workshops + digital paid weeks increased 4.3% Y/Y to 10.22M, benefitting from the transition of former digital 360 members from the digital business to the Workshops + Digital business.
Product Sales and Other were $29.1M, down 21.9% Y/Y on a constant currency basis.
The company lowered FY22 revenue guidance to $1.05B to $1.09B from prior revenue guidance of $1.09B to $1.14B.
GAAP EPS now expected in the range of $0.25 to $0.30 including net negative impact of ~$0.55 (non-cash intangible impairment charges in Q2 2022) from prior guidance of $0.72 to $0.78 including negative impact of ~$0.20 to $0.24 per fully diluted share of estimated restructuring charges.
Press Release, 10-Q