WW International Inc (WW) 2024 Q2 法說會逐字稿

Welcome to the WW International's second-quarter 2024 earnings conference call.

歡迎參加 WW International 2024 年第二季財報電話會議。

(Operator Instructions)

（操作員說明）

I would now like to turn the call over to your host, Corey Kinger, VP, Investor Relations.

現在我想將電話轉給主持人投資者關係副總裁 Corey Kinger。

You may begin.

你可以開始了。

Thank you, everyone, for joining us today for WW International's second-quarter 2024 conference call.

感謝大家今天加入我們 WW International 的 2024 年第二季電話會議。

At about 7:00 AM Eastern Time today, we issued a press release reporting our second-quarter 2024 results.

今天東部時間上午 7:00 左右，我們發布了一份新聞稿，報告了 2024 年第二季的業績。

The purpose of this call is to provide investors with some further details regarding the company's financial results, as well as to provide a general update on the company's progress.

這次電話會議的目的是向投資者提供有關公司財務業績的更多詳細信息，並提供有關公司進展的一般更新信息。

The press release is available on the company's corporate website located at corporate.ww.com.

新聞稿可在公司網站 Corporate.ww.com 上取得。

Supplemental investor materials are also available on the company's corporate website in the Investors section under Presentations and Events.

補充投資者資料也可在公司網站「演示和活動」下的「投資者」部分取得。

Reconciliations of non-GAAP measures disclosed on this conference call to the most directly comparable GAAP financial measures are also available as part of the press release.

本次電話會議上揭露的非公認會計原則指標與最直接可比較的公認會計原則財務指標的調節表也作為新聞稿的一部分提供。

Before we begin, let me remind everyone that this call will contain forward-looking statements.

在開始之前，讓我提醒大家，本次電話會議將包含前瞻性陳述。

Investors should be aware that any forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from those discussed here today.

投資者應注意，任何前瞻性陳述都受到各種風險和不確定性的影響，可能導致實際結果與今天討論的結果有重大差異。

These key risk factors are explained in detail in the company's filings with the Securities and Exchange Commission.

這些關鍵風險因素在該公司向美國證券交易委員會提交的文件中進行了詳細解釋。

Please refer to these filings for a more detailed discussion of forward-looking statements and the risks and uncertainties of such statements.

請參閱這些文件，以了解有關前瞻性陳述以及此類陳述的風險和不確定性的更詳細討論。

All forward-looking statements are made as of today.

所有前瞻性陳述均截至今日。

And except as required by law, the company undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

除法律要求外，本公司不承擔因新資訊、未來事件或其他原因而公開更新或修改任何前瞻性聲明的義務。

Joining today's call are Sima Sistani, CEO; and Heather Stark, CFO.

參加今天電話會議的還有執行長 Sima Sistani；和財務長希瑟·史塔克。

I will now turn the call over to Sima.

我現在將電話轉給司馬。

Thanks, Corey.

謝謝，科里。

Good morning, everyone.

大家早安。

Thank you for joining us today.

感謝您今天加入我們。

WeightWatchers has the right strategy to return the business to growth.

慧儷輕體擁有正確的策略來使業務恢復成長。

In order to win in this dynamic GLP-1 environment, we are completely reimagining how we operate to catalyze our path as the leading digital weight health provider.

為了在這個充滿活力的 GLP-1 環境中獲勝，我們正在徹底重新構想我們的營運方式，以推動我們成為領先的數位體重健康提供者的道路。

We have taken decisive actions to navigate through this dynamic landscape.

我們已採取果斷行動來應對這一動態格局。

While top line is pressured in the short term, we continue to expect strong adjusted operating income this year, which gives us ample runway for what we will -- what will be a monumental transformation of not only our business but also our culture at large treats and cares for people living with overweight and obesity.

儘管短期內收入面臨壓力，但我們仍然預計今年調整後的營業收入將強勁，這為我們提供了充足的空間來實現我們的目標——不僅是我們的業務，而且是我們的文化的巨大轉變並關心超重和肥胖的人。

WeightWatchers has a unique ability to provide a weight health solution that aligns with this major cultural shift.

慧儷輕體擁有獨特的能力，可以提供符合這項重大文化轉變的體重健康解決方案。

The specialized expertise we offer members and payers is critical to both managing costs and improving health outcomes.

我們為會員和付款人提供的專業知識對於管理成本和改善健康結果至關重要。

Our clinically proven program escalates or deescalates an intensity based on consumers' needs at every step along their journey.

我們經過臨床驗證的計劃會根據消費者在旅程中每一步的需求來升級或降低強度。

For instance, a member can start on our core behavioral program, then add-on clinic services such as registered dietitian's visits or metabolic panels, and if appropriate, a doctor visit and medication access.

例如，會員可以開始我們的核心行為計劃，然後添加附加診所服務，例如註冊營養師的就診或代謝小組，以及如果合適的話，還可以進行醫生就診和藥物治療。

Alternatively, many of our members want to move from clinic access to a behavioral maintenance program once their medications have been titrated.

或者，我們的許多會員希望在藥物滴定後從診所轉向行為維持計劃。

This is our one membership strategy, which is made possible by over 60 years of expertise and behavior change and the trusted community we have built over decades, paired with an innovative telehealth service and specialized clinicians who can prescribe a wide formulary.

這是我們的單一會員策略，它是透過60 多年的專業知識和行為改變以及我們幾十年來建立的值得信賴的社區，再加上創新的遠距醫療服務和可以開出廣泛處方的專業臨床醫生來實現的。

Our progress has been tempered near term by the complex and rapidly shifting external environment over the last few months.

過去幾個月，複雜且快速變化的外在環境影響了我們的進展。

While we continue to experience GLP-1 shortages, we have seen an increasing quantum of compounded, and in certain cases, even counterfeit medications enter in the ecosystem.

雖然我們繼續經歷 GLP-1 短缺，但我們看到越來越多的複合藥物，在某些情況下甚至是假冒藥物進入生態系統。

This causes both a more fragmented landscape for consumers to navigate as well as increasing cost of media for the same audience.

這不僅導致消費者的瀏覽環境更加分散，也導致相同受眾的媒體成本增加。

With regard to media, we continue to take a performance approach to subscriber acquisition, managing to a prudent LTV/CAC ratio.

在媒體方面，我們繼續採取績效方法來獲取用戶，管理審慎的 LTV/CAC 比率。

The increase in tax resulted in a decision to pull back marketing dollars initially dedicated to clinic acquisition.

稅收的增加導致決定撤回最初用於診所收購的行銷資金。

In addition, we postponed the rollout of our Refresh marketing campaign, which was initially planned for Q2 to integrate our latest findings and insights in this evolving environment.

此外，我們推遲了「刷新」行銷活動的推出，該活動最初計劃在第二季度進行，以在這個不斷變化的環境中整合我們的最新發現和見解。

Last week, we soft launched the Fits You marketing campaign, celebrating individuality, sharing real member stories, and showcasing our comprehensive support, including clinically proven behavior change, and the medication for those who need it.

上週，我們軟啟動了 Fits You 行銷活動，慶祝個性，分享真實的會員故事，並展示我們的全面支持，包括經臨床證明的行為改變，以及為有需要的人提供藥物。

Additionally, despite the fact that obesity is widely recognized as a chronic disease, we are disappointed to see health plans contracting coverage.

此外，儘管肥胖被廣泛認為是一種慢性疾病，但我們對健康計劃的覆蓋範圍縮小感到失望。

For instance, Michigan's largest insurance company said it would discontinue coverage of obesity medications and its commercial plans.

例如，密西根州最大的保險公司表示將停止承保肥胖藥物及其商業計劃。

These trends raised health equity concerns and are a meaningful setback in the effort to destigmatize a vulnerable population, largely women and people of color who are deserving of equitable care and access to life-saving medications.

這些趨勢引發了對健康公平的擔憂，並且是對弱勢群體（主要是婦女和有色人種）的污名化努力的重大挫折，他們應該得到公平的護理和獲得救生藥物的機會。

While our growth trajectory has been affected by the evolving medication supply constraints, our comprehensive approach to weight loss is perfectly positioned for growth.

雖然我們的成長軌跡受到不斷變化的藥物供應限制的影響，但我們的綜合減肥方法完全有利於成長。

Despite pulling back marketing dollars amid supply shortages, our end-of-period clinical subscribers increased 120% year over year, in part due to our existing membership base with about 30% of May and June clinic sign-ups converting from our behavioral program.

儘管由於供應短缺而撤回了行銷資金，但我們的期末臨床訂閱者同比增長了120%，部分原因是我們現有的會員基礎，其中約30% 的5 月和6 月診所註冊用戶從我們的行為計劃轉變而來。

In addition, we are seeing 10% of lapsed clinic subscribers move to our behavioral membership -- evidence of our one membership strategy meeting our members' needs along their weight health journeys.

此外，我們發現 10% 的流失診所訂閱者轉為我們的行為會員，這證明我們的單一會員策略滿足了會員在體重健康之旅中的需求。

With obesity specialized clinicians, our proven behavioral program, dedicated care team, insurance support, and engaged community, we are the number one doctor recommended way to lose and maintain weight loss.

憑藉肥胖症專業臨床醫生、經過驗證的行為計劃、專門的護理團隊、保險支持和積極參與的社區，我們是醫生推薦的減肥和維持減肥的第一方法。

On average, WeightWatchers clinic members achieved a 19.4% body weight loss at 12 months.

平均而言，WeightWatchers 診所成員在 12 個月內體重減輕了 19.4%。

The combination of personalized medication management with our behavior change program is compelling, delivering WeightWatchers Clinic members 11% more weight loss, compared to those taking medications alone.

個人化藥物管理與我們的行為改變計劃相結合非常引人注目，與單獨服用藥物的會員相比，WeightWatchers Clinic 會員的體重減輕量增加了 11%。

These impressive weight loss efficacy results demonstrate that we have a differentiated proven offering and increase our confidence that the initiatives in our expansion strategy will give us opportunities to catalyze our growth as we transform our business model, make our offerings accessible to more people, and deliver on our mission as the global leader in weight health.

這些令人印象深刻的減肥功效結果表明，我們擁有經過驗證的差異化產品，並增強了我們的信心，即我們的擴張策略中的舉措將為我們提供機會，以促進我們的成長，因為我們轉變了我們的業務模式，讓更多的人可以使用我們的產品，並交付我們作為體重健康領域的全球領導者的使命。

We are making progress hitting early milestones across each of the three pillars of project expansion.

我們正在專案擴展的三大支柱中取得早期里程碑。

On the first pillar of expanding care, this summer, we began making insurance covered nutrition counseling with registered dietitians available to eligible members, starting with a pilot in New Jersey.

在擴大護理的第一個支柱上，今年夏天，我們開始向符合資格的會員提供由註冊營養師提供的保險涵蓋的營養諮詢服務，首先在新澤西州進行試點。

In this pilot, 24% of new clinic members added on an RD visit.

在此試點中，24% 的新診所成員參加了 RD 就診。

Given the exciting uptake, we have started a phased rollout in 10 more states.

鑑於令人興奮的使用情況，我們已開始在另外 10 個州分階段推出。

Also, this week, we expanded our pilot to eligible behavioral members.

此外，本週，我們將試點範圍擴大到符合資格的行為成員。

Over time, we believe such incremental services will expand ARPU, while providing a value-added experience for our members.

隨著時間的推移，我們相信此類增量服務將擴大 ARPU，同時為我們的會員提供增值體驗。

We also launched a programmatic GLP-1 medication supply tracker to all clinic members.

我們也向所有診所成員推出了程式化 GLP-1 藥物供應追蹤器。

For over a year, WeightWatchers Clinic has been actively assisting members in locating supply.

一年多來，慧儷輕體診所一直積極協助會員尋找供應。

But with this enhancement, we are able to point our members to the pharmacy nearest them with medication in stock immediately after a prescription is written.

但透過這項增強功能，我們能夠在開出處方後立即將我們的會員指向距離他們最近的有庫存藥物的藥房。

This service has contributed to an increased retention, now approaching 6.5 months, which is up from last quarter as well as a 12-month high NPS.

這項服務提高了留存率，目前已接近 6.5 個月，高於上季度，NPS 也創 12 個月以來新高。

Other supply trackers in the market depend on crowd source medication availability, which is prone to error and puts the onus on the user to find and report medications.

市場上的其他供應追蹤器依賴眾包藥物的可用性，這很容易出錯，並讓用戶有責任尋找和報告藥物。

Our supply tracker provides up-to-date information on medication shortages directly from our proprietary pharmacy stock database.

我們的供應追蹤器直接從我們專有的藥房庫存資料庫提供有關藥物短缺的最新資訊。

You may have noticed that we've recently refreshed the entire design of the WeightWatchers app, to make it a more intuitive and unified user experience, providing members quick and easy access to all of our weight management tools.

您可能已經注意到，我們最近更新了 WeightWatchers 應用程式的整個設計，使其提供更直觀和統一的用戶體驗，讓會員能夠快速輕鬆地存取我們所有的體重管理工具。

This revamp is driving improvements to log-in rates, lifts in tracking, and longer sessions, all of which are positive for engagement, as demonstrated by a 16% surge in NPS last month.

此次改造正在推動登入率的提高、追蹤的提升和會話時間的延長，所有這些都對參與度產生積極影響，上個月 NPS 激增 16% 就證明了這一點。

For our second pillar, expanding access.

我們的第二個支柱是擴大准入。

We continue to make progress toward making WeightWatchers a covered benefit.

我們在使慧儷輕體成為承保福利方面不斷取得進展。

Despite some providers pulling back coverage, our B2B team is in active discussions with a large number of potential and existing customers.

儘管一些提供者取消了覆蓋範圍，但我們的 B2B 團隊仍在與大量潛在和現有客戶進行積極討論。

While an increasing number of vendors are claiming to have the right solution, WeightWatchers offers what the vast majority of them cannot, a comprehensive program addressing cost, member experience, and sustainability.

雖然越來越多的供應商聲稱擁有正確的解決方案，但慧儷輕體提供了絕大多數供應商無法提供的東西，即解決成本、會員體驗和可持續性的綜合計劃。

With over 33 years of enterprise experience, more than 500 enterprise clients and clinically proven results, WeightWatchers is the science fact leader in the weight health category.

WeightWatchers 擁有超過 33 年的企業經驗、500 多家企業客戶和經過臨床驗證的結果，是體重健康領域的科學事實領導者。

At Labcorp, which is one of our most recent B2B wins, the subscriber conversion rate is nearing 10% only six months in, proving that when our program becomes a covered benefit, we have the brand recognition and solutions for sizable enrollment.

Labcorp 是我們最近取得的B2B 勝利之一，僅六個月後，訂戶轉換率就接近10%，這證明當我們的計劃成為承保福利時，我們擁有適合大規模註冊的品牌認知度和解決方案。

Scaling our B2B business will take time but we continue to believe this channel will be a critical driver of growth and momentum in the years ahead, especially when enrolled ARPU generated from each subscriber is substantial, while also delivering health outcomes to the employees and the ROI to the employer.

擴大我們的B2B 業務需要時間，但我們仍然相信該管道將成為未來幾年成長和勢頭的關鍵驅動力，特別是當每個訂戶產生的註冊ARPU 相當可觀時，同時也為員工帶來健康成果和投資報酬率給雇主。

And on our third pillar, expanding payment options.

我們的第三個支柱是擴大支付方式。

In addition to our B2B efforts, our goal is to also enable D2C members to use their insurance to reduce their cost burden and increase their access to incremental services, thereby driving greater ARPU.

除了 B2B 的努力外，我們的目標還在於使 D2C 會員能夠利用保險來減輕成本負擔並增加獲得增量服務的機會，從而提高 ARPU。

As mentioned, we are now offering insurance-covered registered dietitian visits to eligible WeightWatchers members in the US.

如前所述，我們現在為美國符合資格的慧儷輕體會員提供保險範圍內的註冊營養師就診服務。

The ability to process insurance claims for WeightWatchers services will have a positive impact on sign-ups and retention and is a natural extension of our existing ability to provide insurer support for WeightWatchers clinic members.

處理慧儷輕體服務的保險索賠的能力將對慧儷輕體的註冊和保留產生積極影響，並且是我們為慧儷輕體診所會員提供保險公司支持的現有能力的自然延伸。

While these initiatives will expand our reach and enable us to serve a broader population, catalyzing our return to top-line growth, we are maximizing profitability and running a more efficient organization.

雖然這些舉措將擴大我們的影響力並使我們能夠為更廣泛的人群提供服務，促進我們恢復營收成長，但我們正在最大限度地提高盈利能力並運營一個更有效率的組織。

Today, we are executing a strategic streamlining of our operational structure, which will result in a significantly lower cost base and allow us to focus on a narrow list of high-impact product initiatives, increase our nimbleness and impact across the product road map, and bolster profitability and our cash position.

今天，我們正在對營運結構進行策略性精簡，這將顯著降低成本基礎，使我們能夠專注於一系列高影響力的產品計劃，提高我們在整個產品路線圖上的靈活性和影響力，並增強獲利能力和我們的現金狀況。

Our organizational changes start with revamping our product organization under the leadership of our new Chief Product Officer, Donna Boyer.

我們的組織變革首先是在新任首席產品長唐娜·博耶 (Donna Boyer) 的領導下改造我們的產品組織。

We are all aligning on cross-functional teams focused on outcomes that enhance collaboration, creativity and velocity, and ultimately tied to financial outcomes.

我們都在組建跨職能團隊，專注於增強協作、創造力和速度的成果，並最終與財務成果掛鉤。

This simplified structure will allow for agile team work and reduced overheads.

這種簡化的結構將允許敏捷的團隊工作並減少管理費用。

In a rapidly evolving environment, it's crucial that we operate faster and empower teams to adapt quickly.

在快速發展的環境中，我們必須加快營運速度並讓團隊能夠快速適應，這一點至關重要。

WeightWatchers is positioned to lead.

慧儷輕體處於領先地位。

We are adopting fast tech forward operating principles while benefiting from a 60-year track record of proven results with behavior modification.

我們正在採用快速技術前沿的營運原則，同時受益於 60 年行為矯正成果的良好記錄。

This provides the foundation of member support and trust, which fuels long-term success.

這為會員的支持和信任奠定了基礎，從而推動了長期的成功。

I will now turn the call over to Heather to discuss our financial results and outlook.

我現在將把電話轉給希瑟，討論我們的財務表現和前景。

Thanks, Sima.

謝謝，司馬。

As Sima highlighted, despite current headwinds, we are confident that we have the strategy, positioning, and resources to return the business to growth.

正如 Sima 所強調的那樣，儘管目前面臨阻力，但我們相信我們擁有使業務恢復成長的策略、定位和資源。

In the immediate term, we are laser-focused on profitability and making the right decisions that will best enable the company for the longer term.

在短期內，我們將專注於獲利能力並做出正確的決策，以最有利於公司的長期發展。

Turning to our second-quarter 2024 results.

轉向我們 2024 年第二季的業績。

Note that all year-over-year financial comparisons are on a constant currency basis.

請注意，所有同比財務比較均以固定匯率為基礎。

We ended Q2 with 3.8 million subscribers, a decline of 6% year over year.

第二季末，我們的訂戶數為 380 萬，年減 6%。

Revenue totaled $202 million.

收入總計 2.02 億美元。

Subscription revenues of $200 million declined 5% year over year, driven by a higher mix of subscribers within initial lower price commitment periods, mix shift from workshops to digital subscriptions, and lower sign-ups for our WeightWatchers behavioral offerings, partially offset by a nearly 120% increase in clinical subscribers year over year, driving $20 million in clinical revenue, up $12 million year over year.

訂閱收入為 2 億美元，年減 5%，原因是最初的較低價格承諾期內訂閱者組合增多、從研討會向數字訂閱的組合轉變，以及WeightWatchers 行為產品的註冊人數減少，部分抵消了近乎臨床訂閱用戶年增120%，帶動臨床收入2,000 萬美元，較去年同期成長1200 萬美元。

Other revenue declined $13 million due to the discontinuation of our low-margin consumer products business.

由於我們的低利潤消費品業務的終止，其他收入下降了 1300 萬美元。

Adjusted gross margin was a record high of 67.9% and up from 63.4% in the prior year, primarily driven by the discontinuation of the lower-margin consumer products business at the end of 2023.

調整後毛利率創下 67.9% 的歷史新高，高於前一年的 63.4%，這主要是由於 2023 年底終止了利潤率較低的消費品業務。

In addition, gross margin reflects our actions in reducing our fixed cost base.

此外，毛利率反映了我們在降低固定成本基礎方面所採取的行動。

Marketing expenses of $54 million were up 5% year over year, reflecting higher online advertising, partially offset by lower spend on TV advertising and production and agency fees.

行銷費用為 5,400 萬美元，年增 5%，反映出線上廣告費用增加，但部分被電視廣告、製作和代理費用減少所抵銷。

Adjusted G&A of $46 million was down 22% versus prior year, primarily due to compensation and related costs.

調整後的一般管理費用為 4,600 萬美元，比上年下降 22%，主要是由於薪酬和相關成本。

Adjusted operating income was $38 million, an increase of 13%, reflecting our efforts to improve margins and contain costs.

調整後營業收入為 3,800 萬美元，成長 13%，反映出我們為提高利潤率和控製成本所做的努力。

Restructuring charges totaled $2 million in the quarter related to prior-year plans.

本季與上年度計畫相關的重組費用總計 200 萬美元。

Income tax was a benefit of $16 million, which, consistent with last quarter, reflected the impact of an unusually high negative annual effective tax rate driven by a valuation allowance and a small pretax loss reflected in the company's full-year fiscal 2024 guidance.

所得稅收益為 1600 萬美元，與上季度一致，反映了估值津貼導致的異常高的負年度有效稅率的影響以及公司 2024 年全年財務指引中反映的小額稅前虧損。

GAAP EPS was $0.29 compared to $0.65 in the year-ago quarter.

GAAP 每股收益為 0.29 美元，去年同期為 0.65 美元。

As Sima discussed, we are streamlining our operational structure to optimize our product portfolio, focusing on high-impact initiatives to enhance efficiency, accountability, and speed.

正如 Sima 所討論的，我們正在精簡我們的營運結構以優化我們的產品組合，並專注於高影響力的舉措以提高效率、問責制和速度。

We are reducing our global head count, primarily in corporate roles, including a 40% reduction in VP and above positions and resulting in approximately $60 million in annualized cash savings mainly benefiting G&A.

我們正在減少全球員工人數，主要是公司職位，包括副總裁及以上職位減少 40%，這將導致年化現金節省約 6000 萬美元，主要有利於 G&A。

We expect to take a restructuring charge of $12 million to $15 million in the second half of the year.

我們預計下半年將承擔 1,200 萬至 1,500 萬美元的重組費用。

Cash outlays for restructuring including the 2024 plan and remaining payments for prior year actions are expected to be approximately $30 million in 2024 and $10 million in 2025.

包括 2024 年計畫和上一年行動剩餘付款在內的重組現金支出預計 2024 年約為 3,000 萬美元，2025 年約為 1,000 萬美元。

Importantly, this action reduces our employee-related cash expenses this year versus our prior expectations.

重要的是，與我們先前的預期相比，這項行動減少了我們今年與員工相關的現金支出。

These actions are part of a broader cost reduction initiative targeting $100 million in annualized savings, including $20 million of savings currently reflected in our 2024 guidance.

這些行動是更廣泛的成本削減計劃的一部分，目標是每年節省 1 億美元，其中包括我們目前在 2024 年指南中反映的 2000 萬美元的節省。

Shifting to our outlook.

轉向我們的觀點。

For the full year 2024, we now expect year-end total subscribers of at least 3.1 million, which, given our subscription business model, will drive a revenue headwind into 2025.

對於 2024 年全年，我們現在預計年終訂閱者總數至少為 310 萬，考慮到我們的訂閱業務模式，這將在 2025 年帶來收入逆風。

Total revenue of at least $770 million, adjusted operating income of at least $100 million, and adjusted EBITDA of at least $150 million.

總收入至少​​ 7.7 億美元，調整後營業收入至少 1 億美元，調整後 EBITDA 至少 1.5 億美元。

The cost actions we announced today as well as the actions we have taken thus far demonstrate our ability to control what we can in this dynamic industry environment.

我們今天宣布的成本行動以及迄今為止所採取的行動表明我們有能力在這個充滿活力的行業環境中控制我們的能力。

By tightly controlling costs and improving efficiencies, we are focused on maximizing profitability as we manage through a challenging sign-up environment.

透過嚴格控製成本和提高效率，我們致力於在充滿挑戰的註冊環境中實現盈利最大化。

For the full year, we expect income tax expense of up to $10 million.

我們預計全年所得稅費用將高達 1000 萬美元。

Excluding the impact of valuation allowance, Q1 impairment, and other discrete tax items, we continue to expect an income tax benefit of up to $10 million.

排除估值準備、第一季減損和其他離散稅收項目的影響，我們仍然預計所得稅優惠高達 1,000 萬美元。

We continue to expect cash taxes to be between $20 million and $30 million for the year.

我們仍然預計今年的現金稅將在 2,000 萬至 3,000 萬美元之間。

As a reminder, given the small pretax loss reflected in the company's full year fiscal 2024 guidance, any updates to the expected pretax loss or income tax expense can result in significant impacts in quarterly income tax results.

提醒一下，鑑於公司 2024 財年全年指引中反映的稅前損失很小，任何對預期稅前損失或所得稅費用的更新都可能對季度所得稅結果產生重大影響。

Full-year interest expense is expected to be between $105 million and $110 million with the year-over-year increase largely driven by the expiration of our $500 million hedge at the start of Q2 '24.

全年利息支出預計在 1.05 億美元至 1.1 億美元之間，年成長主要是由於我們的 5 億美元對沖在 2024 年第二季初到期。

Due to lower subscriber and revenue levels than previously anticipated, we expect to have a modest use of cash from operations for the full year 2024.

由於訂戶和收入水準低於先前的預期，我們預計 2024 年全年營運現金的使用量將適度。

CapEx, which is primarily capitalized software, is expected to be in the $20 million to $25 million range.

資本支出主要是資本化軟體，預計在 2,000 萬至 2,500 萬美元範圍內。

Depreciation and amortization is expected to be around $40 million.

折舊和攤提預計約4000萬美元。

Turning to our capital structure.

轉向我們的資本結構。

We ended Q2 with approximately $43 million of cash plus an undrawn revolver.

第二季結束時，我們擁有大約 4300 萬美元的現金以及未提取的左輪手槍。

Our cash needs in the first half of the year were much higher than our expectations for the second due to increased marketing, compensation timing, and the Sequence acquisition anniversary payment.

由於行銷、薪酬時間表和 Sequence 收購週年付款的增加，我們上半年的現金需求遠高於下半年的預期。

With our cash position plus our revolving credit facility and bolstered by the cost actions we are taking today, we believe we have sufficient liquidity for our working capital needs, including cash outlays related to our restructuring actions and servicing our debt.

憑藉我們的現金狀況加上我們的循環信貸安排以及我們今天採取的成本行動的支持，我們相信我們有足夠的流動性來滿足我們的營運資金需求，包括與我們的重組行動和償還債務相關的現金支出。

At Q2 end, our net debt to adjusted EBITDA leverage ratio was 9.6 times.

第二季末，我們的淨負債與調整後 EBITDA 槓桿率為 9.6 倍。

As a reminder, we have very attractive debt terms with no maturities until 2028 and 2029.

提醒一下，我們的債務條款非常有吸引力，直到 2028 年和 2029 年才到期。

And we are comfortable with our liquidity profile, which gives us ample time to deliver on our transformation strategy.

我們對我們的流動性狀況感到滿意，這給了我們充足的時間來實施我們的轉型策略。

We will continue to opportunistically evaluate options to reduce our leverage ratio on terms we believe are strategically beneficial.

我們將繼續機會主義地評估各種選擇，以我們認為對策略有利的方式降低槓桿率。

I will now turn the call back to Sima.

我現在將電話轉回西馬。

We are executing against our strategic pillars to expand care, expand access, and expand payment options for our members.

我們正在根據我們的策略支柱執行擴大護理、擴大服務範圍和擴大會員支付選擇的範圍。

These initiatives enable us to serve a broader population as the leading digital health provider of weight health, catalyzing our return to growth and positioning WeightWatchers for long-term success.

這些措施使我們能夠作為領先的體重健康數位健康提供者，為更廣泛的人群提供服務，促進我們恢復成長，並使慧儷輕體取得長期成功。

WeightWatchers has an impressive competitive moat and high barriers to entry with our significant subscriber base, extensive database of former members, strong retention, solid NPS, positive customer perception, brand trust, and clinically proven program.

慧儷輕體擁有令人印象深刻的競爭護城河和很高的進入壁壘，擁有龐大的訂戶基礎、廣泛的前會員資料庫、強大的保留率、可靠的NPS、積極的客戶認知、品牌信任和經過臨床驗證的計劃。

A significant opportunity lies before us, and we have the foundation, strategies, and structure to successfully navigate the current environment and emerge stronger.

一個重要的機會擺在我們面前，我們擁有成功駕馭當前環境並變得更強大的基礎、策略和結構。

Thanks for joining us.

感謝您加入我們。

We are now happy to take your questions.

我們現在很樂意回答您的問題。

At this time, we will conduct the question-and-answer session.

這時，我們將進行問答環節。

(Operator Instructions) Jack Wallace, Guggenheim Securities.

（操作員指令）傑克華萊士，古根漢證券公司。

I wanted to ask about the clinical business, and it sounds like there were some -- a number of headwinds in the quarter.

我想詢問臨床業務，聽起來本季存在一些阻力。

It sounds like mostly marketing, but can you talk a little bit about the -- whether it's the perceived impact from the compounded GLP-1s.

這聽起來主要是行銷，但您能否談談 - 是否是複合 GLP-1 的感知影響。

Have you noticed or you've got any feedback on attrition there, again, recognize the difficult marketing environment that -- a delay in the marketing refresh.

您是否注意到或收到任何有關人員流失的回饋，再次認識到行銷環境的困難——行銷更新的延遲。

Just thinking about the competitive threat there.

只是想想那裡的競爭威脅。

Thank you.

謝謝。

Thanks, Jack.

謝謝，傑克。

Yeah, we saw a significant increase in our clinic CAC in the second quarter, really driven by the increased number of competitors in programmatic channels such as

是的，我們看到第二季診所 CAC 顯著增加，這實際上是由於程序化管道中競爭對手數量的增加所致，例如

[Search].

[搜尋].

And there's probably about 50% more competitors in 2024 than 2023, many of them offering compounded medications.

2024 年的競爭對手可能比 2023 年增加約 50%，其中許多提供複合藥物。

And I think we're also seeing just the cost of media is going up due to this being an election year and one-off of the Olympics.

我認為，由於今年是選舉年和一次性奧運會，我們也看到媒體成本正在上升。

And I fully believe that this business is set up to grow.

我完全相信這項業務將會不斷發展。

We are seeing increased retention in that business to 6.5 months.

我們發現該業務的保留時間增加至 6.5 個月。

We're at a 12-month high in NPS.

NPS 處於 12 個月以來的最高點。

And our general ability to move people between programs and realizing our one membership strategy, we're seeing that.

我們在專案之間調動人員並實現單一會員策略的整體能力，我們已經看到了這一點。

So ultimately, this is about managing to the long-term health of the business, and we decided to pull back marketing dollars given the external turbulence and just take a real performance marketing focus here on the path forward with clinic.

因此，歸根結底，這是為了管理業務的長期健康發展，鑑於外部動盪，我們決定撤回行銷資金，並將真正的績效行銷重點放在診所的前進道路上。

Appreciate.

欣賞。

That makes sense.

這是有道理的。

And then kind of following up on your response there about the one membership and being able to get members to toggle up and down based on their needs.

然後跟進您對單一會員資格的回复，並能夠讓會員根據他們的需求上下切換。

It seems like that's an attractive proposition for employers.

這對雇主來說似乎是一個有吸引力的提議。

You made some comments about the B2B pipeline in your prepared remarks.

您在準備好的發言中對 B2B 頻道發表了一些評論。

Can you just give us a kind of updated thoughts on the materiality of expected contribution next year?

您能否就明年預期貢獻的重要性向我們提供一些最新的想法？

And then just also give us a reminder for how we should be expecting -- once a benefits customer comes online, what the enrollment or utilization trends should look like over the course of the year?

然後提醒我們應該如何期待——一旦福利客戶上線，一年中的註冊或使用趨勢應該是什麼樣子？

Thank you.

謝謝。

Yes.

是的。

Thank you for that question.

謝謝你提出這個問題。

Certainly, the flip side of the popularity and efficacy of these medications is the cost.

當然，這些藥物的普及和功效的另一面是成本。

And I mean, we're the leaders in this market, and we can enable employers and insurance companies to provide coverage in cost-effective ways that really generate ROI and proven health outcomes.

我的意思是，我們是這個市場的領導者，我們可以使雇主和保險公司以具有成本效益的方式提供保險，真正產生投資回報率和經過驗證的健康結果。

And the key to that is you can't generate that ROI without the population actually enrolling and then engaging.

關鍵是，如果沒有人口實際註冊並參與，你就無法產生投資報酬率。

And that requires a strong brand, a proven program.

這需要強大的品牌和經過驗證的計劃。

Nobody comes close to us on that front.

在這方面沒有人能接近我們。

And we are pleased with our sales momentum.

我們對我們的銷售勢頭感到滿意。

We've seen large players, obviously, have longer sales cycle, but they're enthusiastic.

顯然，我們看到大型企業的銷售週期較長，但他們很熱情。

We closed five deals last quarter.

上季我們完成了五筆交易。

We already have four lined up for this quarter.

本季我們已經有四個人排隊了。

Look forward to hopefully announcing some of those soon.

期待盡快宣布其中一些。

All these deals represent 10,000-plus lives in these larger player categories.

所有這些交易都代表了這些更大的球員類別中 10,000 多名球員的生命。

But no deal on its own is going to be material to our bottom line in a year, but we are really pleased with the activity that we are seeing now, even though there is this overall trend of contraction.

但任何交易本身都不會對我們一年內的利潤產生重大影響，但我們對現在所看到的活動感到非常滿意，儘管總體上存在收縮趨勢。

Employers seem to be picking up where the insurance -- insurers are contracting.

雇主似乎正在接受保險——保險公司正在簽約的地方。

Let me just add on to that -- to the sizing question.

讓我補充一下尺寸問題。

We are enthusiastic, obviously, about the BB expansion and opportunity.

顯然，我們對 BB 的擴張和機會充滿熱情。

And for a reference point, this year, we're expecting about $30 million of revenue from the business.

作為參考，今年我們預計該業務的收入約為 3,000 萬美元。

But I would just repeat what Sima said, singular contracts aren't necessarily material for the total business, but it is encouraging to see traction in the sales motion and as well on conversion we're seeing in our most recently signed contracts that we shared in the prepared remarks.

但我只想重複西馬所說的，單一合約對於整個業務來說並不一定重要，但令人鼓舞的是，我們在最近簽署的合約中看到了銷售動向以及轉換的牽引力在準備好的發言中。

Michael Lasser, UBS.

麥可拉瑟，瑞銀集團。

Good morning.

早安.

This is Henry Carr on for Michael Lasser.

我是亨利·卡爾 (Henry Carr) 替邁克爾·拉瑟 (Michael Lasser) 發言。

Thanks a lot for taking our questions this morning.

非常感謝您今天早上回答我們的問題。

So I wanted to ask about the guided end-of-period subscribers of at least 3.1. Last year in 2023, WeightWatchers made a lot of progress on kind of stopping that subscriber decline from 1Q to the end of the year.

所以我想問至少3.1的引導期末訂閱者。去年，也就是 2023 年，WeightWatchers 在阻止第一季到年底的訂閱用戶下降方面取得了巨大進展。

This new guidance kind of implies that we're right back to that historical pattern of subscriber leakage.

這項新的指導方針意味著我們又回到了用戶流失的歷史模式。

So I guess is the promotional strategy that's signing up -- that's helping aid and drive subscriber growth, is that still being successful?

所以我想正在簽署的促銷策略 - 有助於幫助和推動訂戶成長，這仍然是成功的嗎？

Or are you seeing a lot of subscribers and your subscription after that promotional period ends?

或者在促銷期結束後您是否看到很多訂閱者和您的訂閱？

Thanks.

謝謝。

Yeah.

是的。

Thanks for the question, Henry.

謝謝你的提問，亨利。

And yes, to the question of the long-term commitment plans and their efficacy, we're seeing these still working as expected.

是的，對於長期承諾計劃及其效力的問題，我們看到這些計劃仍在按預期發揮作用。

We're seeing continued lengthening average commitment.

我們看到平均承諾持續延長。

And for instance, our digital average commitment length has increased to 8.9 months -- in Q2 '24, up from 7.6 months this time last year.

例如，我們的數位平均承諾期限已從去年同期的 7.6 個月增加到 24 年第二季的 8.9 個月。

And we're going to continue to leverage LTCs to optimize for LTV/CAC and ultimately maximize our revenue and end-of-period subscribers.

我們將繼續利用 LTC 來優化 LTV/CAC，並最終最大化我們的收入和期末訂戶。

I'll say we're always open and continue -- always continue to test to find the offer structure that both attracts and retains the most customers over time.

我想說的是，我們始終保持開放並繼續進行——始終繼續測試，以找到能夠隨著時間的推移吸引並留住最多客戶的報價結構。

Yeah.

是的。

And I'll just add to that.

我將對此進行補充。

We are seeing that our retention is up 1% quarter over quarter.

我們發現我們的留存率比上一季成長了 1%。

And these basis point move, they compound and activation rate is up 5% year over year.

這些基點移動後，它們會復合，活化率年增 5%。

It's really tempting to spend into growth, but we want to spend where it's most effective, when it is most effective.

投資成長確實很誘人，但我們希望在最有效的時候把錢花在最有效的地方。

We are making decisions in real time in order to maximize, as Heather said, our LTV/CAC.

正如 Heather 所說，我們正在即時做出決策，以便最大限度地提高我們的 LTV/CAC。

Great.

偉大的。

Thanks so much.

非常感謝。

And just as a follow-up, I think earlier in the call, you said about 10% of lapsed members for clinical, instead of just ending their subscription behavioral program.

作為後續行動，我認為在電話會議的早些時候，您說過大約 10% 的流失會員將接受臨床治療，而不僅僅是結束他們的訂閱行為計劃。

I just wanted to understand (technical difficulty) what's happening here.

我只是想了解（技術難度）這裡發生了什麼。

Henry, you cut out there for a minute.

亨利，你先停一下。

Can you repeat the -- I heard you were asking about, I think, the one membership strategy.

你能重複嗎——我聽說你問的是單一會員策略。

Could you just repeat that again?

你能再重複一遍嗎？

Yeah.

是的。

I think earlier on the call, you stated that a metric of 10% of subscribers are shifting from clinical to behavioral programs.

我想您在電話會議的早些時候曾說過，有 10% 的訂戶正在從臨床項目轉向行為項目。

Could you just explain that metric a little bit better or unpack it for me?

您能否更好地解釋一下該指標或為我解開它？

Is that clinical members shifting from that clinical subscription to a base behavioral change program?

臨床成員是否從臨床訂閱轉向基本行為改變計畫？

I want to understand that better.

我想更好地理解這一點。

Thanks.

謝謝。

That's exactly what you said.

這正是你所說的。

Essentially, the one membership strategy is such that we want to be able to grow and/or de-escalate an intensity based on what the consumer needs.

從本質上講，單一會員策略是我們希望能夠根據消費者的需求來增加和/或降低會員強度。

So we are seeing behavioral members decide that whether they've hit a plateau that they are interested in meeting with a clinician and seeing if medication support is right for them.

因此，我們看到行為成員決定他們是否已經達到了一個平台，他們有興趣與臨床醫生會面，看看藥物支持是否適合他們。

And then there are those who once they've been on the plan, we're seeing that 68% of consumers do want and intend to come off medications like -- and working with the medical professional.

還有一些人一旦加入了該計劃，我們發現 68% 的消費者確實希望並打算停止服用藥物，例如——並與醫療專業人士合作。

They -- we partner with them to help them find the best way to maintain their weight loss.

他們——我們與他們合作，幫助他們找到維持減肥的最佳方法。

And so part of that is helping them move to the behavioral program which maintains their lifestyle intervention.

因此，其中一部分就是幫助他們轉向維持生活方式介入的行為計畫。

And I think this is the path forward.

我認為這就是前進的道路。

Weight health is complicated.

體重健康很複雜。

Every journey is unique.

每一次旅程都是獨一無二的。

And we need to be able to move up and down with a person's unique needs, whether that is somebody who is living with diabetes and needs to wear a CGM so that they can track their A1C, or whether that is somebody who is on a lifestyle intervention on our core behavioral program that decides that they want to register dietitian's visit to better understand their nutrition and nutrient density.

我們需要能夠根據一個人的獨特需求上下調整，無論是患有糖尿病並需要佩戴 CGM 以便追踪 A1C 的人，還是正在生活方式的人對我們核心行為計劃的干預決定他們想要登記營養師的訪問，以便更好地了解他們的營養和營養密度。

Or obviously, it's somebody who needs to see a doctor, and we help them with the medication as well as the insurance support, if appropriate.

或者顯然，有人需要看醫生，我們會在藥物方面幫助他們，並​​在適當的情況下提供保險支援。

And they're going to move up and down that spectrum.

他們將在這個範圍內上下移動。

And we are unique in our ability to provide a care model that provides that kind of service.

我們在提供此類服務的護理模式方面具有獨特的能力。

Nathan Feather, Morgan Stanley.

內森費瑟，摩根士丹利。

Just a quick one.

只是快一點。

How do you return the clinic business to sequential growth in the back half of the year in '25, if the market remains highly competitive and ad rates stay elevated?

如果市場競爭依然激烈且廣告費率保持在高位，您如何使診所業務在 25 年下半年恢復連續成長？

Thank you.

謝謝。

So thanks for the question, Nathan.

謝謝你的提問，內森。

And we are working on that, and we're working on that within the context of our WeightWatchers as one platform strategy.

我們正在努力實現這一目標，並在慧儷輕體作為一個平台策略的背景下開展這項工作。

And we're in an environment where CAC has been challenging.

我們所處的環境對 CAC 來說一直充滿挑戰。

Competition is challenging.

競爭充滿挑戰。

We're seeing the GLP-1 impact on our space is pretty dramatic.

我們看到 GLP-1 對我們領域的影響非常巨大。

And we've put forward a prudent plan, and we are expecting to continue to work through that.

我們已經提出了一個審慎的計劃，我們期望繼續努力解決這個問題。

We're not pulling back on spend.

我們不會削減支出。

We will be aiming to continue to lean in where it is appropriate and efficient from a marketing perspective.

我們的目標是繼續從行銷的角度來看合適且高效的領域。

And I would call out we're also doing things that we see expand NPS and retentive behaviors, and ultimately, ARPU by adding things like registered dietitian visits.

我想說的是，我們也在做一些事情，我們看到擴大了 NPS 和記憶行為，並最終透過增加註冊營養師就診等措施來擴大 ARPU。

The early indicators of the pilot we've put out are promising, and we look forward to sharing more in the next quarter as we continue to grow this.

我們推出的試點項目的早期指標非常有希望，隨著我們繼續發展這一項目，我們期待在下個季度分享更多資訊。

Yeah.

是的。

And I just want to add that our strategy here is to tell a story in a compelling way, which is going to break through this noise, where -- as we said, it's a complicated landscape, but that's also impacting consumers who are looking for solutions, who are looking for trusted solutions.

我只想補充一點，我們的策略是以引人入勝的方式講述一個故事，這將打破這種噪音，正如我們所說，這是一個複雜的景觀，但這也影響了正在尋找的消費者解決方案，他們正在尋找值得信賴的解決方案。

We hope our latest campaign Fits You is going to drive more CAC efficiency, and it's going to do a better job of telling the story of our entire suite of products.

我們希望我們最新的活動 Fits You 能夠提高 CAC 效率，並且能夠更好地講述我們整套產品的故事。

We took a really conservative approach to modeling our CAC outlook given the cost of media, but both from new interest, but also from the one-off of driving cost up sales such as the election.

考慮到媒體成本，我們採取了一種非常保守的方法來建模我們的 CAC 前景，但這既來自於新的興趣，也來自於選舉等一次性推動成本上漲的銷售。

But that's all reflected in our guidance.

但這一切都反映在我們的指導下。

We are really excited to see this campaign and our one membership strategy come to life.

我們非常高興看到這項活動和我們的單一會員策略得以實現。

Okay.

好的。

Great.

偉大的。

That's helpful.

這很有幫助。

And then any way to frame how much of the $100 million of annualized cost savings is variable versus fixed?

那麼有什麼方法可以確定每年節省的 1 億美元成本中有多少是可變的與固定的呢？

And how should we think about those in terms of expense line buckets of savings?

我們應該如何從節省開支的角度來考慮這些問題？

Thanks, Nathan.

謝謝，內森。

So as we shared in the prepared remarks, we are expecting this cost action to deliver about $100 million of total savings. $20 million of that should read through into 2024 and an incremental $80 million into 2025.

因此，正如我們在準備好的發言中所分享的那樣，我們預計這項成本行動將帶來約 1 億美元的總節省。其中 2000 萬美元應該持續到 2024 年，並增加 8000 萬美元到 2025 年。

We haven't guided to the specific P&L items.

我們還沒有指導具體的損益項目。

I would say it's largely fixed and largely impacting G&A.

我想說它基本上是固定的並且很大程度上影響了一般行政費用。

You should expect that.

你應該預料到這一點。

And yeah, it's impactfully improving our ability to sustain our way into the future.

是的，它正在有效地提高我們維持未來發展的能力。

Alex Fuhrman, Craig Hallum.

亞歷克斯·福爾曼，克雷格·哈勒姆。

It seems like consumers are really demanding more affordable access to medically supported weight loss.

消費者似乎確實需要更實惠的醫療支持減肥方法。

And just wondering, Sima, what your plan is in the future to kind of offer that to customers.

只是想知道，Sima，您將來有什麼計劃向客戶提供這種服務。

I know in the past, you've talked about WeightWatchers being certainly against compounded medications.

我知道您過去曾說過慧儷輕體肯定反對複方藥物。

I don't know if there's any scenario maybe in the future, if there's more efficacy data that would cause you to rethink that or maybe opportunities to offer on generic versions of older GLP-1, because it sounds like insurance coverage is getting worse, not better.

我不知道將來是否會出現任何情況，是否有更多功效數據會讓您重新考慮這一點，或者可能有機會提供舊版GLP-1 的通用版本，因為聽起來保險覆蓋範圍正在變得越來越糟，沒有更好。

We would love to just hear what your strategy is to tap into that demand for more affordable medical weight loss.

我們很想聽聽您的策略是如何滿足人們對更實惠的醫療減肥的需求。

Thanks for your question, Alex.

謝謝你的提問，亞歷克斯。

Look, the members come to us because they trust us.

看，會員來找我們是因為他們信任我們。

And we're only going to consider medication options that are safe, effective, high quality.

我們只會考慮安全、有效、高品質的藥物選擇。

So FDA-approved medications are our preferred path.

因此 FDA 核准的藥物是我們的首選途徑。

That being said, with shortage is expected to persist for some time and coverage being in limbo, we are investigating alternative paths to best serve our members, which is about improving their access -- health equity.

話雖這麼說，由於短缺預計將持續一段時間，而且覆蓋範圍也懸而未決，我們正在研究為我們的會員提供最佳服務的替代途徑，即改善他們的機會——健康公平。

It's about helping to bring safe solutions to a broader population.

這是為了幫助為更廣泛的人群提供安全的解決方案。

Stephanie Davis, Barclays.

史蒂芬妮戴維斯，巴克萊銀行。

I have, I guess, two on the B2B channel.

我想，我在 B2B 頻道上有兩個。

So first, when we look at your B2B channel, is that all direct sales?

那麼首先，當我們看看你們的B2B頻道時，都是直銷嗎？

Or have you established broader partnerships in that broker channel?

或者您已在該經紀商管道中建立了更廣泛的合作夥伴關係？

And how are you thinking about that account manager role on direct sales given the 40% reduction in your VP and above roles?

鑑於副總裁及以上職位減少了 40%，您如何看待直銷中的客戶經理角色？

Thank you, Stephanie.

謝謝你，斯蒂芬妮。

Yeah, I mean, it's both.

是的，我的意思是，兩者都是。

We announced some of our broker relationships like Personify Health and CVS.

我們宣布了一些經紀人關係，例如 Personify Health 和 CVS。

But we also have a direct sales motion.

但我們還有一項直銷動議。

And I think we're really well positioned and well equipped.

我認為我們的位置非常好，裝備也很好。

Thanks to our leading brand and 60 years of science-backed evidence, a full suite of integrated services, 3.9 times ROI to employers, which was validated by a third-party actuarial firm.

憑藉我們的領先品牌和 60 年的科學證據，全套綜合服務，為雇主帶來 3.9 倍的投資回報率，並得到第三方精算公司的驗證。

We're really well positioned here.

我們在這裡的位置非常好。

And the number of RFPs just in, I would say, in this last quarter or at least in the first half of the year, submitted was the same amount of RFPs we did for the entire full year previously.

我想說，最後一個季度或至少今年上半年提交的 RFP 數量與我們之前全年提交的 RFP 數量相同。

So the foundation of our 33 years and over 500 existing clients just makes it such that we can have a leaner, smarter sales motion.

因此，我們 33 年的基礎和 500 多個現有客戶使我們能夠擁有更精簡、更明智的銷售行動。

And we do continue to expect to invest in this area.

我們確實期望繼續在這一領域進行投資。

In fact, we will be adding some sales leadership talent here as well.

事實上，我們還將在這裡增加一些銷售領導人才。

I would love to hear about the talent, but I also have a question just on the go-to-market motion, since that's becoming a bigger part of your strategy.

我很想聽聽有關人才的信息，但我也有一個關於上市動議的問題，因為這正在成為你們戰略的重要組成部分。

I am hearing given vendor fatigue for the digital health solutions that some large employers are putting in more stringent financial and compliance reviews.

我聽說，鑑於供應商對數位健康解決方案感到厭倦，一些大型雇主正在實施更嚴格的財務和合規審查。

I get that early on, you've just announced the turnaround.

我很早就知道，你剛剛宣布了轉變。

But how are you thinking about the impact of the restructuring as you're kind of going to market with these employers, given some of the more stringent requirements?

但是，考慮到一些更嚴格的要求，您如何考慮重組的影響，因為您將與這些雇主一起進入市場？

Well, the stringent requirements around -- can you be more specific, Stephanie?

嗯，嚴格的要求——你能說得更具體一點嗎，史蒂芬妮？

Are you talking about like features or are you talking about just the market contraction in general?

您是在談論類似的功能還是只是在談論整體市場萎縮？

So for example, a large employer like a Barclays or a JPMorgan, you're going to have a pretty thorough financial review and compliance review.

例如，像巴克萊銀行或摩根大通這樣的大型雇主，您將進行相當徹底的財務審查和合規審查。

And oftentimes, they'll look at things like leverage or sustainability of the vendor.

通常，他們會考慮供應商的槓桿率或永續性等因素。

Okay.

好的。

Got it.

知道了。

Yes, so far -- I mean, we haven't seen that come up.

是的，到目前為止——我的意思是，我們還沒有看到這種情況出現。

If anything, the fact that we are a public company with a track record has really benefited us.

如果有什麼不同的話，那就是我們是一家擁有良好業績記錄的上市公司，這一事實確實讓我們受益匪淺。

A lot of the other vendors we see in this marketplace are -- have much less sophistication and infrastructure than we do.

我們在這個市場上看到的許多其他供應商的複雜程度和基礎設施都比我們低得多。

And I also think just with regards to the market in general, because I did want to talk about that for a minute, that we're seeing some overall contraction in RFPs switching over from full access -- full spectrum care, but they're moving to core.

我還認為，就整個市場而言，因為我確實想談一下這一點，我們看到從完全訪問（全頻譜護理）轉變為 RFP 的整體收縮，但它們是轉向核心。

There's still an appetite more than ever now for weight health solutions.

現在人們對體重健康解決方案的需求仍然比以往任何時候都更大。

And it has become apparent that even if the payers aren't willing to cover the full spectrum care, the GLP-1s that they will and are interested and have more appetite to providing our core program as a covered benefit.

很明顯，即使付款人不願意承保全方位護理，他們也會有興趣並更有興趣提供我們的核心計劃作為承保福利的 GLP-1。

I mean, ultimately, GLP-1s -- this is going to be inevitable.

我的意思是，最終，GLP-1——這將是不可避免的。

Just this morning, new evidence from Lilly trial showing tirzepatide reduced the risk of heart failure outcomes by 38%.

就在今天早上，禮來公司試驗的新證據顯示，替西帕肽可將心臟衰竭結果的風險降低 38%。

We are going in this direction.

我們正在朝這個方向前進。

It's a slow burn, but the medications are providing the tangible health benefit, treating obesity, multiple comorbidities, and we are best set up with the right infrastructure across account management, support compliance to help these businesses.

這是一個緩慢的過程，但這些藥物正在提供切實的健康益處，治療肥胖和多種合併症，我們最好在客戶管理、支持合規性方面建立正確的基礎設施，以幫助這些企業。

Karru Martinson, Jefferies.

卡魯馬丁森，傑弗里斯。

Good morning.

早安.

Just trying to understand the year-end sub count here.

只是想了解這裡的年終子數。

Trying to square -- you're saying you don't want to spend into growth that it's tempting, but at the same time, saying you're not pulling back on spend where it's efficient.

試著平衡——你是說你不想把錢花在成長上，因為它很誘人，但同時，你也說你不會在有效的地方縮減支出。

So trying to understand what's driving the reduction?

那麼想要了解是什麼推動了這種減少呢？

Is it just that we have a different view on clinical?

難道只是我們對臨床的看法不同？

Is it that we feel there will be pressure in our core?

是我們覺得自己的核心會有壓力？

What's driving that revision?

是什麼推動了這次修訂？

Thanks for the question, Karru.

謝謝你的提問，卡魯。

So look, we experienced a dramatic rise of competition, largely driven by compounding in our space.

所以看，我們經歷了競爭的急劇加劇，這主要是由我們領域的複利所推動的。

It's a rapidly evolving space, and we are positioned to win in it.

這是一個快速發展的領域，我們有能力在其中獲勝。

The moment drove an increase in cost to acquire with the crowding in the space.

隨著空間的擁擠，這一刻導致了購買成本的增加。

And look, as we looked forward and wanted to project guidance for the balance of the year, we factored that these new realities might worsen through the back half of the year.

看，當我們展望並希望為今年剩餘時間提供指導時，我們考慮到這些新的現實可能會在今年下半年惡化。

We've built that into our forward assumptions and we've been prudent in planning for them.

我們已將其納入我們的前瞻性假設中，並且我們一直謹慎地為其進行規劃。

So there is an assumption that this continues.

所以有一個假設，這種情況會持續下去。

And that CACs continue to rise, GLP-1 competition continues.

CAC 持續上升，GLP-1 競爭仍在持續。

And importantly, we have a cost action that's been designed to preserve our adjusted operating income as we build for the future.

重要的是，我們採取了一項成本行動，旨在在我們為未來建設的同時保留調整後的營業收入。

And I do recognize that we are short of our prior guidance, want to ensure that we have provided you with an outlook that we're confident is achievable.

我確實認識到我們缺乏先前的指導，希望確保我們為您提供了我們有信心可以實現的前景。

We're operating in a dynamic and difficult to predict environment.

我們在一個動態且難以預測的環境中運作。

And we are controlling what we can.

我們正在盡我們所能進行控制。

We're focused on achieving our profitability targets and our costs as appropriate to do so.

我們專注於實現我們的獲利目標和適當的成本。

I just want to add that when we talk about prudent LTV/CAC, this is really an outcome of this dynamic market, and us, optimizing for unit economics that are still attractive.

我只是想補充一點，當我們談論審慎的 LTV/CAC 時，這實際上是這個充滿活力的市場和我們針對仍然有吸引力的單位經濟效益進行優化的結果。

So definitely less attractive than we have thought at the beginning of the year.

所以肯定沒有我們年初想的那麼有吸引力。

But with our new campaign, we are looking forward to seeing better CAC efficiency as well as continue to pull into this one membership strategy, which we noted is our ability to move a core member who we can acquire at an attractive LTV/CAC and that 30% rate that we are seeing them move over to clinic.

但透過我們的新活動，我們期待看到更好的 CAC 效率，並繼續推動這項會員策略，我們指出，我們有能力以有吸引力的 LTV/CAC 吸引核心會員，並且我們看到他們轉移到診所的比例為30%。

And so that's a winning strategy for the long-term health of the business.

因此，這是企業長期健康發展的勝利策略。

All right.

好的。

And just on the compounding front, you mentioned the shortages are expected to continue.

就複利而言，您提到短缺預計將持續下去。

What's the timetable there?

那裡的時間表是怎樣的？

And then as you investigate alternatives for yourself, what's the timetable that could potentially be there as well?

然後，當您自己研究替代方案時，可能的時間表是什麼？

Yeah.

是的。

I appreciate that question, Karru, but I really don't have anything further to share at this time on that topic.

卡魯，我很欣賞這個問題，但目前我真的沒有關於這個主題的更多內容可以分享。

All right.

好的。

And then just lastly, you mentioned capital structure.

最後，您提到了資本結構。

Given where it is today, how are you guys approaching that?

考慮到今天的情況，你們是如何實現這一目標的？

So we are committed to improving our leverage as we execute this turnaround, and we're focused on growing EBITDAS.

因此，我們致力於在實施這項轉變時提高我們的槓桿率，並且我們專注於提高息稅折舊攤提前利潤 (EBITDAS)。

I will remind you, we have very attractive long-term debt agreements with no maturities until 2028 and 2029.

我要提醒您的是，我們有非常有吸引力的長期債務協議，直到 2028 年和 2029 年才到期。

And we continue to be comfortable operating with our current cash on hand, and we do have access of $61.25 million of revolver for additional cushion.

我們繼續放心地利用現有的現金進行運營，並且我們確實可以使用 6,125 萬美元的左輪手槍作為額外的緩衝。

And we'll continue to opportunistically evaluate options to reduce our leverage ratio on terms we believe are strategically beneficial.

我們將繼續機會主義地評估各種選項，以我們認為對策略有利的方式降低槓桿率。

And at this time, there are no further questions.

而此時，已經沒有其他問題了。

I would like to turn the call back over to Sima Sistani for closing remarks.

我想將電話轉回給西馬·西斯塔尼（Sima Sistani）做總結發言。

Thank you all for the questions.

謝謝大家的提問。

WeightWatchers has a bold transformation strategy to expand access, expand care, and expand payment options.

慧儷輕體 (WeightWatchers) 制定了大膽的轉型策略，旨在擴大服務範圍、擴大照護範圍並擴大支付選擇。

Our operational changes will motivate and strengthen our execution against project expansion.

我們的營運變革將激勵並加強我們對專案擴張的執行力。

It's difficult to part with many talented colleagues.

與許多才華橫溢的同事分開是很難的。

These are employees who have made important contributions to WeightWatchers, helping to make us a great company.

這些員工為慧儷輕體做出了重要貢獻，幫助我們成為一家偉大的公司。

I thank each and every one of them for their service and wish them all the best in their future.

我感謝他們每一個人的服務，並祝福他們未來一切順利。

Thank you for joining us today.

感謝您今天加入我們。

I look forward to updating you on our progress.

我期待向您通報我們的最新進展。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for attending.

感謝您的出席。

You may now disconnect.

您現在可以斷開連線。