WW International Inc (WW) 2024 Q4 法說會逐字稿

Good day, and welcome to the WeightWatchers fourth quarter and full-year 2024 results conference call. (Operator Instructions) Please note that this event is being recorded.

大家好，歡迎參加 WeightWatchers 2024 年第四季和全年業績電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to David Helderman, Director of Investor Relations. Please go ahead.

現在，我想將會議交給投資者關係總監 David Helderman。請繼續。

Thank you, everyone, for joining us today for WW International's fourth quarter and full-year 2024 conference call. This afternoon, we issued a press release reporting our fourth quarter and full-year 2024 results. 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.

感謝大家今天參加 WW International 2024 年第四季和全年電話會議。今天下午，我們發布了一份新聞稿，報告了我們第四季度和2024年全年的業績。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資訊以及公司進展的整體更新。

The press release is available on the company's corporate website located at corporate.ww.com. Supplemental investor materials are also available on the company's corporate website under Events and Presentations. Reconciliations of non-GAAP measures disclosed on this conference call to the most directly comparable GAAP financial measures are also available as part of this press release.

新聞稿可在公司網站 corporate.ww.com 上查閱。補充投資者資料也可在公司網站的「活動和演示」欄位下取得。本新聞稿也提供了本次電話會議中揭露的非 GAAP 指標與最直接可比較的 GAAP 財務指標的對帳表。

Before we begin, let me remind everyone that this call will contain forward-looking statements. 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. These risk factors are explained in detail in the company's latest annual report on Form 10-K and other filings with the Securities and Exchange Commission. Please refer to these filings for a more detailed discussion of forward-looking statements and the risks and uncertainties of such statements.

在我們開始之前，請允許我提醒大家，本次電話會議將包含前瞻性陳述。投資者應意識到，任何前瞻性陳述都可能受到各種風險和不確定性的影響，這些風險和不確定性可能導致實際結果與今天討論的結果有重大差異。這些風險因素在公司最新的 10-K 表年度報告和向美國證券交易委員會提交的其他文件中進行了詳細解釋。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, 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.

所有前瞻性陳述均截至今日作出，除法律要求外，本公司不承擔公開更新或修改任何前瞻性陳述的義務，無論其是否因新資訊、未來事件或其他原因而產生。

Joining today's call are Tara Comonte, President and Chief Executive Officer; Felicia DellaFortuna, Chief Financial Officer; and Donna Boyer, Chief Product Officer.

參加今天電話會議的有總裁兼執行長 Tara Comonte； Felicia DellaFortuna，財務長；以及首席產品長 Donna Boyer。

I will now turn the call over to Tara.

現在我將把電話轉給塔拉。

Thank you, David. And thank you all for joining us today, and I'm pleased to officially welcome Felicia to her first WeightWatchers earnings call. Felicia joined us as CFO on January 1, and we're thrilled to benefit from her extensive strategic and financial leadership experience as part of the WeightWatchers team.

謝謝你，大衛。感謝大家今天的到來，我很高興正式歡迎費利西亞參加她的第一次 WeightWatchers 收益電話會議。費利西亞於 1 月 1 日加入我們擔任首席財務官，我們很高興能夠從她作為 WeightWatchers 團隊的一員所積累的豐富戰略和財務領導經驗中受益。

In addition, and as you may have seen in our earnings press release, I'm pleased to lead our call today as the President and CEO of WeightWatchers, transitioning from my interim role over the last 5 months. I'd like to thank the Board of Directors for their trust in my leadership of this iconic brand and incredible company at such a critical time. I look forward to continuing to drive our business forward together with our very passionate and talented team.

此外，正如您可能在我們的收益新聞稿中看到的那樣，我很高興今天以 WeightWatchers 總裁兼首席執行官的身份主持我們的電話會議，過去 5 個月來我一直擔任臨時職務。我要感謝董事會在如此關鍵的時刻對我領導這個標誌性品牌和令人難以置信的公司的信任。我期待著與我們充滿熱情和才華的團隊一起繼續推動我們的業務向前發展。

Ahead of Felicia taking you through the numbers, I'd like to share how we're thinking about the business, some recent trends and where we're focused moving forward as we work to stabilize and lay the path back to long-term, sustainable growth. WeightWatchers has experienced significant disruption in recent years. The lasting impact of COVID-19 led to widespread and in many cases, permanent closures of our in-person workshops and the rapid adoption of GLP-1 weight loss medication is fundamentally reshaping the weight management landscape.

在 Felicia 向大家介紹這些數字之前，我想先分享我們對業務的看法、一些最新趨勢以及我們未來的重點，以穩定和鋪平長期可持續增長的道路。近年來，慧儷輕體 (WeightWatchers) 經歷了重大的混亂。COVID-19 的持久影響導致我們的現場研討會大範圍關閉，在許多情況下是永久關閉，而 GLP-1 減肥藥物的迅速普及從根本上重塑了體重管理格局。

Over the same period, we wound down our consumer products business, scaled back licensing activities and reduced focus on our international operations. Collectively, these changes have created a challenging period of transition for the business, which continues to be evidenced in our fourth quarter revenue, down 10% from the same period last year, with our behavioral business down 12%, partially offset, however, by a healthy 58% growth in our Clinical business.

在同一時期，我們結束了消費品業務，縮減了授權活動，並減少了對國際業務的關注。總的來說，這些變化為業務帶來了一段充滿挑戰的過渡期，這從我們第四季度的收入中可以看出，與去年同期相比下降了 10%，其中行為業務下降了 12%，但臨床業務 58% 的健康成長部分抵消了這一下降。

Despite the challenges of recent times, the foundation upon which WeightWatchers was built 62 years ago and the core reason we exist has never been more relevant or important. As the trusted leader in weight management, WeightWatchers continues to combine science and community to help millions lead their healthiest lives.

儘管近年來面臨許多挑戰，但 62 年前成立的 WeightWatchers 的基礎以及我們存在的核心原因從未像現在這樣重要。作為體重管理領域值得信賴的領導者，WeightWatchers 繼續結合科學和社會幫助數百萬人過上最健康的生活。

We're more than just a digital telehealth player. We exist in real life, fostering active, engaged communities, supported by powerful digital tools. Our science-backed approach is well proven in its ability to help members build lifelong, healthy habits, including for those members on or coming off weight loss medication.

我們不僅僅是一家數位遠距醫療服務提供者。我們存在於現實生活中，在強大的數位工具的支持下，培育活躍、參與的社群。我們的科學方法已被充分證明能夠幫助會員建立終身健康的習慣，包括正在服用或停止服用減肥藥的會員。

We believe our most successful members will be those who embrace our solutions holistically, integrating them into their daily lives as part of sustainable, long-term journeys. In a world where more people than ever are considering medication, yet are also seeking livability in treatment and sustainability of results, this is where WeightWatchers excels.

我們相信，我們最成功的會員將是那些全面接受我們的解決方案並將其融入日常生活並成為可持續的長期旅程的一部分的會員。在當今世界，越來越多的人正在考慮藥物治療，同時也在尋求治療的可行性和療效的可持續性，而這正是 WeightWatchers 的優勢所在。

This strong foundation gives us a powerful platform for the future. However, we also recognize the realities of our current business landscape, the challenges of our existing capital structure and the work ahead. We entered 2025 with a starting revenue headwind of approximately $45 million, driven by a lower 2024 ending subscriber base. At the same time, we committed to removing $100 million in run rate costs by the end of 2025, the vast majority of which has already been actioned.

這一堅實基礎為我們的未來提供了強大的平台。然而，我們也認識到當前業務狀況的現實、現有資本結構的挑戰以及未來的工作。進入 2025 年，我們的起始收入逆風約為 4,500 萬美元，這是由於 2024 年最終用戶群較低所致。同時，我們承諾在 2025 年底消除 1 億美元的營運成本，其中絕大部分已經實施。

While these factors shape our starting point, 2025 is ultimately a year of significant reset, one where we focus on stabilization, recovery and rebuilding to lay the groundwork for sustained future growth. We believe we have multiple growth levers over the mid to long term and hold a unique competitive position in this evolving market. That said, transformations take time and they take investment and our existing debt, which results in approximately $100 million of annual interest payments is a significant ongoing burden for the company, not least in this period of necessary speed and innovation.

雖然這些因素決定了我們的起點，但 2025 年最終是重大重置的一年，我們將專注於穩定、復甦和重建，為未來的持續成長奠定基礎。我們相信，從中長期來看，我們擁有多種成長槓桿，並在這個不斷發展的市場中佔據獨特的競爭地位。話雖如此，轉型需要時間，也需要投資，而我們現有的債務導致每年約 1 億美元的利息支出，這對公司來說是一個持續的沉重負擔，尤其是在這個需要速度和創新的時期。

Despite the limitations presented by our current leverage, our teams across the business are driving progress in several key priority areas, some of which we'll touch on today. One of those key areas of immediate focus, as mentioned on our last call, is improving the end-to-end member experience. Today, becoming and staying a WeightWatchers member is more complicated than it should be with an unclear, disjointed journey from initial sign-up through the various components of our program once you are a member.

儘管我們目前的槓桿率有其局限性，但我們整個業務的團隊正在推動幾個關鍵優先領域的進展，我們今天將討論其中一些領域。正如我們上次電話會議中提到的，目前重點關注的領域之一是改善端到端會員體驗。如今，成為並保留 WeightWatchers 會員比想像中要複雜得多，從最初的註冊到成為會員後我們計劃的各個組成部分，整個過程都顯得不清晰、脫節。

Our product team has a clear plan to radically simplify and streamline this experience, eliminating unnecessary friction and better integrating and showcasing the full breadth of our offerings. This foundational work is essential to ensuring a more seamless, engaging and intuitive experience for all our members and continues to be a top priority.

我們的產品團隊有一個明確的計劃，從根本上簡化和精簡這種體驗，消除不必要的摩擦，更好地整合和展示我們的全部產品。這項基礎工作對於確保我們所有會員獲得更無縫、更具吸引力和更直觀的體驗至關重要，並且仍然是重中之重。

Part of this member journey initiative involves improved integration of our Clinical business, both in terms of how it presents to new and existing members as well as how we integrate our teams and functions internally. We acquired Weekend Health, also known as Sequence in April 2023. This was a critically important acquisition for us, allowing us to meet a high-growth, high-demand, exciting new area in weight loss. However, we're only partway through the integration of this business and completing it fully is a priority for this year.

會員旅程計畫的一部分涉及改善我們臨床業務的整合，包括如何向新舊會員呈現，以及如何在內部整合我們的團隊和職能。我們在 2023 年 4 月收購了 Weekend Health（也稱為 Sequence）。這對我們來說是至關重要的收購，使我們能夠滿足減肥領域高成長、高需求、令人興奮的新領域。然而，我們對這項業務的整合才剛進行到一半，全面完成它是今年的首要任務。

This is important because we believe in the increasing power of a full continuum of care for our members, creating a seamless journey across our extensive spectrum of solutions. Our behavioral and clinical offerings strengthen and complement each other when we bring them together. We know that when members engage across this broader WeightWatchers journey, they do better.

這很重要，因為我們相信，為我們的會員提供全方位的持續護理將發揮越來越大的作用，並透過我們廣泛的解決方案創造一個無縫的旅程。當我們將行為和臨床服務結合在一起時，它們會相互加強和補充。我們知道，當會員參與更廣泛的 WeightWatchers 旅程時，他們會做得更好。

Case in point, members on weight management medication, combined with our behavioral program, lose 11% more weight than those on medication alone. We also know that not everyone wants to stay on medication forever nor do they always have the ability to pay due to the price point. But when they come off, they're often worried about putting weight back on. However, in a recent internal study, we also saw that when our members, who transitioned from our clinic program but continue to engage in our behavioral program, not only did they keep the weight off, they continued to lose weight over that measurement period.

例如，服用體重管理藥物並結合我們的行為計劃的會員比僅服用藥物的會員減輕了 11% 的體重。我們也知道，並不是每個人都願意永遠服藥，而且由於價格原因，他們也不總是有支付能力。但當他們減肥成功後，他們常常擔心體重會再次增加。然而，在最近的內部研究中，我們還發現，當我們的會員從我們的診所計劃轉變但繼續參與我們的行為計劃時，他們不僅保持了體重，而且在測量期間繼續減肥。

There is true and proven power in the breadth of our full WeightWatchers offering, and we're focused this year on bringing that to the forefront of our full product experience for all members. Currently, only a small percentage of our members fully utilize the breadth of solutions we offer, presenting a significant growth opportunity. By better showcasing, educating and simplifying access to our full continuum of care, we can drive deeper engagement over time, ultimately leading to both stronger member experiences and superior outcomes.

我們全方位的 WeightWatchers 產品具有真實且經過驗證的強大功效，今年我們致力於將其帶到所有會員的完整產品體驗的最前沿。目前，只有一小部分會員充分利用了我們提供的各種解決方案，這帶來了巨大的成長機會。透過更好地展示、教育和簡化我們全方位護理的訪問，我們可以隨著時間的推移推動更深入的參與，最終帶來更強大的會員體驗和更卓越的結果。

Beyond the deeper product integration, we also continue to enhance and expand our offerings with a focus on increasing engagement and lifetime value. In recent months, leading into peak season, we launched several new features designed to make weight management easier, more personalized and more sustainable. These include an AI-powered food scanner that instantly calculates points from a photo, an online recipe importer that not only allows for easy tracking but also supports members in discovering and utilizing recipes within the app and a much requested macro nutrient tracking feature.

除了更深層的產品整合之外，我們還將繼續增強和擴展我們的產品，重點是提高參與度和終身價值。最近幾個月，進入旺季，我們推出了幾項新功能，旨在使體重管理更容易、更個人化、更永續。這些功能包括一個人工智慧食品掃描儀，可以根據照片立即計算積分；一個在線食譜導入器，不僅可以輕鬆跟踪，還支持會員在應用程序內發現和使用食譜；以及一個備受期待的宏觀營養素跟踪功能。

Early feedback has been encouraging with fast approaching 2 million meals tracked using the scanner, almost 1 million recipes already imported and macros driving a 5% increase in tracked food since launch. As well as providing value for actively engaged members, we're pleased to see this work directly and positively impact the engagement of members who've not recently tracked, something that can be challenging to do. Collectively, these new features translated into our highest activation rate for the start of the year since 2020, together with encouraging, positive traction across many of our January brand survey metrics.

早期回饋令人鼓舞，使用掃描器追蹤的餐點已快速接近 200 萬份，已導入近 100 萬份食譜，宏指令自推出以來推動追蹤的食物數量增加了 5%。除了為積極參與的會員提供價值之外，我們很高興看到這項工作直接且積極地影響了最近未跟踪的會員的參與度，而這是一件具有挑戰性的事情。總的來說，這些新功能使我們實現了自 2020 年以來年初的最高激活率，同時我們 1 月份品牌調查指標中許多都表現出令人鼓舞的積極勢頭。

While new features like these don't immediately translate to new subscribers or revenue, improving engagement, reengagement and brand metrics are positive leading indicators for the future. These types of ongoing innovations are a commitment moving forward and an important and integral part of how we will continue to drive incremental value for our members, critical in a recurring revenue subscription business.

雖然這些新功能不會立即轉化為新用戶或收入，但提高參與度、重新參與度和品牌指標是未來的積極領先指標。這些持續的創新是我們向前邁進的承諾，也是我們繼續為會員創造增量價值的重要組成部分，這對於經常性收入訂閱業務至關重要。

We also have vast amounts of data at our disposal and are well placed to much more aggressively lean into AI opportunities for continued personalization and other value-creation opportunities in the future. More to come on our broader data strategy, but we see very real value over the long term in being much more proactive here.

我們也擁有大量可供使用的數據，並且能夠更積極地利用人工智慧機會，以實現未來持續的個人化和其他價值創造機會。我們更廣泛的數據策略還有更多內容，但從長遠來看，我們認為在此採取更積極主動的措施具有非常現實的價值。

As well as improvements to the existing product, we recently expanded the ability for a US member to access one-on-one registered dietitian services. This was previously available only to clinical members, but expanded to all members in December on both an insurance covered and cash pay basis.

除了對現有產品進行改進之外，我們最近還擴大了美國會員獲得一對一註冊營養師服務的能力。這項服務以前只對臨床會員開放，但從 12 月起擴展到所有會員，包括保險覆蓋和現金支付。

Uptake has been positive, requiring us to scale our credential dietitians faster than expected to keep up with demand. While this is, of course, a small part of our overall business today, we feel good about the opportunity for growth here moving forward, particularly as approximately half of our current members have existing insurance coverage for this type of service.

吸收情況一直很積極，要求我們比預期更快地擴大我們的認證營養師規模以滿足需求。雖然這當然只是我們目前整體業務的一小部分，但我們對未來的成長機會感到樂觀，特別是因為我們目前約有一半的會員已經為此類服務購買了保險。

Our Clinical business is an important part of how we expect to return to enterprise-level growth over the coming years, and we were pleased with fourth quarter performance as well as a strong start to Q1. WeightWatchers Clinic prescribes both branded and generic weight loss medications, supported by our AI-enabled proprietary platform for prior authorization filing and fulfillment. Through our state-of-the-art, tech-enabled process, we conduct thousands of stock checks per day to help members more easily find medication, sometimes within hours of obtaining a prescription. This level of support sets WeightWatchers apart in an increasingly transactional market, ensuring our members receive seamless, real-time access to care.

我們的臨床業務是我們預計未來幾年恢復企業級成長的重要組成部分，我們對第四季度的表現以及第一季的強勁開局感到滿意。WeightWatchers Clinic 開立品牌和通用減肥藥，並由我們支援人工智慧的專有平台支援事先授權備案和履行。透過我們最先進的技術支援流程，我們每天進行數千次庫存檢查，以幫助會員更輕鬆地找到藥物，有時在獲得處方後數小時內即可找到。這種程度的支援使 WeightWatchers 在交易日益激烈的市場中脫穎而出，確保我們的會員能夠獲得無縫、即時的護理。

Above all, we've always cared about access at WeightWatchers. For years, we've provided access to science-backed nutritional and behavioral guidance, and our approach to our clinical care remains the same, whether that's access to these life-changing medications or access to care by obesity-trained clinicians. And it's clearly important to our members; both clinical NPS and retention have improved significantly versus a year ago with both metrics meaningfully impacted by members' access to medication.

最重要的是，我們始終關心 WeightWatchers 的存取權限。多年來，我們一直提供以科學為基礎的營養和行為指導，我們的臨床護理方法始終如一，無論是獲得這些改變生活的藥物，還是獲得接受過肥胖症培訓的臨床醫生的護理。這對我們的會員來說顯然很重要；與一年前相比，臨床 NPS 和保留率均有顯著提高，這兩個指標都受到會員獲得藥物的顯著影響。

I'm sure everyone on this call saw the announcement last week that the FDA determined that one of the GLP-1 medications, semaglutide, is no longer in short supply. However, our supply monitoring efforts in the fourth quarter demonstrated continuing significant challenges in accessing supply of branded GLP-1 medications. Of the nearly 750,000 pharmacy stock checks conducted in the fourth quarter, branded semaglutide and tirzepatide were in stock just 6% and 5% of the time, respectively. These availability levels have remained consistent in our checks throughout January and February.

我相信參加這次電話會議的每個人都看到了上週的公告，FDA 確定 GLP-1 藥物之一司美格魯肽不再短缺。然而，我們在第四季度的供應監控工作表明，獲取品牌 GLP-1 藥物的供應仍面臨重大挑戰。在第四季進行的近 75 萬次藥局庫存檢查中，品牌藥司美格魯肽和替澤帕肽的庫存率分別僅為 6% 和 5%。在我們的一月和二月檢查中，這些可用性水準一直保持一致。

As we've consistently communicated, we're committed to providing medication access to our members in a manner that's compliant with all applicable laws and regulations. Accordingly, we're carefully monitoring the impact of the FDA's decision and potential implications on our ability to provide compounded semaglutide in the future. We have strong conviction in the long-term potential of the weight loss medication market, fueled by continued innovation, increasing investment in supply expansion and growing recognition from insurers of the downstream health benefits of obesity treatment.

正如我們一貫傳達的那樣，我們致力於以符合所有適用法律法規的方式為我們的會員提供藥物。因此，我們正在密切關注 FDA 的決定及其對我們未來提供複方司美格魯肽的能力的潛在影響。我們對減肥藥物市場的長期潛力充滿信心，這得益於持續的創新、對擴大供應的投資不斷增加以及保險公司對肥胖治療的下游健康益處的日益認可。

Beyond direct-to-consumer growth, our capabilities also support our B2B expansion, a key focus for the coming years. While this business has a longer lead time, employers and payers are under growing pressure to cover weight loss medications. In evaluating this, they increasingly seek comprehensive weight management solutions that combine medication support with lifestyle coaching and personalized care. We're seeing promising traction in this space. Labcorp, our new 2024 partner, now has utilization above 11% of eligible lives.

除了直接面向消費者的成長之外，我們的能力還支持我們的 B2B 擴張，這是未來幾年的重點。雖然這項業務的準備時間較長，但雇主和付款人面臨越來越大的減肥藥費用壓力。在評估這一點時，他們越來越多地尋求將藥物支援與生活方式指導和個人化護理相結合的綜合體重管理解決方案。我們看到這一領域有良好的發展前景。Labcorp 是我們 2024 年的新合作夥伴，目前其利用率已超過符合條件人口的 11%。

And our first client through our new Personify partnership has already reached nearly 10% utilization within a couple of months. Additionally, in December, we expanded our relationship with CVS, allowing employer clients of CVS Caremark to integrate our behavioral and clinical programs, optimizing GLP-1 effectiveness through personalized nutrition and coaching while managing the cost of weight-related chronic conditions.

透過與 Personify 的新合作，我們的第一位客戶在幾個月內就已經達到了近 10% 的利用率。此外，12 月，我們擴大了與 CVS 的關係，讓 CVS Caremark 的雇主客戶整合我們的行為和臨床計劃，透過個人化營養和指導優化 GLP-1 的有效性，同時管理與體重相關的慢性病的成本。

I want to underscore that while top line revenue growth remains a priority, we are equally focused on optimizing how we operate to drive long-term, profitable growth. A significant portion of our revenue is allocated to paid marketing, a strategy that has grown increasingly dominant alongside a reliance on heavy discounting. While promotions have their place, our brand strength, differentiated offerings and proven outcomes should be the foundation of sustainable growth. Transitioning away from this model will take time and trade-offs, and we're confident in the effectiveness of our program, the trust in our brand and the strength of our community to fuel organic growth over the long term.

我想強調的是，雖然營收成長仍然是我們的首要任務，但我們同樣注重優化營運方式，以推動長期獲利成長。我們收入的很大一部分用於付費行銷，隨著對大幅折扣的依賴，這項策略變得越來越主導。雖然促銷有其必要性，但我們的品牌實力、差異化產品和經過驗證的成果才是永續成長的基礎。擺脫這種模式需要時間和權衡，但我們對我們計劃的有效性、對我們品牌的信任以及我們社區的力量充滿信心，相信它們能夠推動長期的有機成長。

Alongside these efforts, we're also elevating and modernizing our marketing, shifting towards a bolder, more confident and modern aesthetic, one that celebrates the unique and powerful strengths of WeightWatchers as well as the real-life success stories of our incredible members. I'm particularly proud of the team's work during peak season, which showcased authentic member experiences through a simplified, unified message, highlighting our full spectrum of care model. Additionally, we're strengthening our capabilities by recently welcoming top-tier talent, including new leadership in both our social and our influencer teams.

除了這些努力之外，我們還在提升和現代化我們的行銷，轉向更大膽、更自信和更現代的美學，以頌揚慧儷輕體獨特而強大的優勢以及我們不可思議的會員的真實成功故事。我對團隊在旺季的工作特別感到自豪，他們透過簡化、統一的訊息展示了真實的會員體驗，突顯了我們全方位的照護模式。此外，我們最近還透過引進頂尖人才來增強我們的能力，包括我們的社交和影響力團隊的新領導。

Over the past 12 months and in prior years, we've taken out significant cost, reducing adjusted G&A by over 25% when comparing 2024 to 2021. We remain on track to achieve our previously committed $100 million in run rate cost savings by the end of 2025, but our work doesn't stop there. In addition to our Weekend Health integration, we're conducting a comprehensive review of resourcing, operations and spend across the business to unlock greater efficiency and effectiveness. For example, integrating multiple, disparate functions and systems across the company, including engineering, product, marketing, member support and operations. In parallel, we're actively increasing adoption of existing automation and AI-driven solutions across the organization.

在過去 12 個月以及前幾年中，我們削減了大量成本，與 2021 年相比，2024 年的調整後 G&A 費用減少了 25% 以上。我們仍有望實現先前承諾的 2025 年底節省 1 億美元運行成本的目標，但我們的工作不會就此止步。除了週末健康整合之外，我們還在對整個業務的資源、營運和支出進行全面審查，以提高效率和效力。例如，整合公司內多個不同的功能和系統，包括工程、產品、行銷、會員支援和營運。同時，我們正在積極推動整個組織採用現有的自動化和人工智慧驅動的解決方案。

I give the team a huge amount of credit for the hard work to date on these cost savings, which is never easy. It is, however, evidenced in a near-record fourth quarter adjusted gross margin of 69.1%. In addition, adjusted operating income margin was 20% and adjusted EBITDAS margin was 27.4%, both of which represent the highest level since the third quarter 2022.

我高度讚揚團隊迄今為止為節省成本所付出的辛勤努力，這絕非易事。然而，第四季調整後的毛利率接近歷史最高水平，達到 69.1%。此外，調整後的營業利潤率為20%，調整後的EBITDAS利潤率為27.4%，均為2022年第三季以來的最高水準。

While we're ambitious and committed to our path towards recovery and long-term growth, we know that meaningful transformation takes time. This journey will extend beyond 2025, and it's essential that we set clear and realistic near-term expectations. Our immediate priority is stabilization, but our focus remains firmly on positioning WeightWatchers for sustained, long-term success.

雖然我們雄心勃勃並致力於走復甦和長期成長的道路，但我們知道有意義的轉變需要時間。這趟旅程將延續到 2025 年以後，我們必須設定清晰、現實的近期預期。我們的當務之急是穩定，但我們的重點仍然是讓 WeightWatchers 獲得持續的長期成功。

At the same time, we recognize that executing on our vision, both in the near term and for future growth, requires sufficient deployment of capital. Many of the initiatives we've discussed as well as others on the horizon will require investment, and we must balance these opportunities with realities of our current financial obligations.

同時，我們認識到，實現我們的願景，無論是短期內還是未來的成長，都需要充足的資本部署。我們已經討論過的許多舉措以及即將出台的其他舉措都需要投資，我們必須在這些機會與我們當前財務義務的現實之間取得平衡。

The benefit of our capital-light, high gross margin, cash-generative subscription model that underpins our business is almost fully offset by the strain and cost of our balance sheet. This is why we engaged strategic advisers towards the end of 2024 to help us assess our capital structure strategy moving forward. We publicly announced a few weeks ago that we anticipate engaging in discussions with our lenders and bondholders to explore transactions to increase our financial flexibility, and we won't be taking questions today on this particular topic.

我們的輕資本、高毛利率、現金產生訂閱模式是我們業務的基礎，但這項優勢幾乎完全被我們資產負債表的壓力和成本所抵銷。這就是為什麼我們在 2024 年底聘請了策略顧問來幫助我們評估未來的資本結構策略。幾週前，我們公開宣布，我們預計將與我們的貸方和債券持有人進行討論，探討提高財務靈活性的交易，今天我們不會就這個特定主題回答問題。

As a leader in weight management, we have 62 years of proven results and a legacy of positively impacting millions on their weight loss journeys. Rooted in best-in-class science and innovation, we are a globally trusted brand with a passionate community of over 3 million members. Our broad spectrum of proven solutions meet members wherever they are on their journey, giving us a unique opportunity to drive lasting impact. These are exciting times for WeightWatchers, but challenging ones nonetheless.

作為體重管理領域的領導者，我們擁有 62 年的減肥經驗和對數百萬減肥者產生積極影響的傳統。我們植根於一流的科學和創新，是一個全球值得信賴的品牌，擁有超過 300 萬會員的熱情社群。我們經過驗證的解決方案種類繁多，能夠滿足會員在旅途中的任何需求，為我們帶來獨特的機會來產生持久的影響。對慧儷輕體來說，這是令人興奮的時刻，但同時也充滿挑戰。

With that, I'll hand over to Felicia to take us through the financials.

說完這些，我將交給費莉西亞 (Felicia) 來帶我們了解財務狀況。

Thank you, Tara. I'm excited to join WeightWatchers at this pivotal time and to contribute to the ongoing transformation of this iconic brand. In my short time here, it's clear that significant work is already underway to drive the business forward, and I look forward to leveraging my experience to enhance operational efficiency, financial discipline and long-term stability. A key part of this will be ensuring we have the right financial foundation to support our strategic priorities, balancing investment in growth with the necessary work on our balance sheet.

謝謝你，塔拉。我很高興在這個關鍵時刻加入 WeightWatchers，並為這個標誌性品牌的持續轉型做出貢獻。在我任職的短暫時間內，很明顯公司已經在進行重要工作來推動業務發展，我期待利用我的經驗來提高營運效率、財務紀律和長期穩定性。其中一個關鍵部分是確保我們擁有正確的財務基礎來支持我們的策略重點，平衡成長投資和資產負債表上的必要工作。

Now turning to the quarter. Q4 results were largely as expected with full year 2024 results around or ahead of previously shared guidance. End-of-period subscribers were 3.3 million, a decline of 12% year over year, but above prior guidance of at least 3.1 million. While recent trends continued in our Digital + Workshop businesses, we were encouraged to see Clinical subscribers return to sequential growth ending the year at 92,000, growing 18% from the third quarter and 38% on the prior year. These subscriber trends were reflected in our full-year 2024 revenue of $786 million, above prior guidance of at least $770 million, but a decline of 12% versus the prior year.

現在轉向本季。第四季業績基本上符合預期，2024 年全年業績達到或超過先前預期。期末訂閱用戶數為 330 萬，年減 12%，但高於先前預期的至少 310 萬。雖然我們的數位+研討會業務近期趨勢仍在繼續，但我們仍欣喜地看到，臨床訂閱用戶數量在年底恢復了連續增長，達到 92,000 人，較第三季度增長 18%，較上年同期增長 38%。這些用戶趨勢反映在我們 2024 年全年 7.86 億美元的營收中，高於先前至少 7.7 億美元的預期，但與前一年相比下降了 12%。

Within this, subscription revenue declined 6% year over year due to the ongoing headwinds in the behavioral business, partially offset by growth in Clinical revenue, which totaled $78 million. As Clinical subscribers deliver a significantly higher LTV and rate per paid week compared to Digital + Workshop subscribers, our overall rate per paid week increased sequentially in the fourth quarter due to a higher mix of Clinical subscribers.

其中，由於行為業務持續遭遇阻力，訂閱收入年減 6%，但臨床收入成長（總計 7,800 萬美元）部分抵銷了這一下降。由於臨床訂閱者的 LTV 和每週付費費率明顯高於數位 + 研討會訂閱者，因此由於臨床訂閱者組合的增加，我們第四季度的每週付費總體費率環比增長。

We continue to focus on maintaining high levels of profitability despite revenue headwinds. Adjusted gross margin was 69.1% in the fourth quarter, with full year 2024 adjusted gross margin expanding over 650 basis points compared to the prior year. Adjusted EBITDAS in the fourth quarter was $50 million, an increase of $17 million year over year. This resulted in an adjusted EBITDAS margin of 27.4% in the quarter.

儘管面臨收入阻力，我們仍將繼續致力於維持高獲利水準。第四季調整後毛利率為 69.1%，2024 年全年調整後毛利率較前一年擴大 650 個基點以上。第四季調整後息稅折舊攤提前利潤 (EBITDAS) 為 5,000 萬美元，較去年同期增加 1,700 萬美元。這使得本季調整後的 EBITDAS 利潤率達到 27.4%。

We ended 2024 with $53 million of cash and cash equivalents on the balance sheet. For the full year, cash from operations was a use of $17 million, inclusive of $33 million in onetime restructuring payments and $97 million of interest payments. Cash flow from operations, excluding these items, would have been positive $113 million.

截至 2024 年，我們的資產負債表上有 5,300 萬美元的現金和現金等價物。全年營運現金流為 1,700 萬美元，其中包括 3,300 萬美元的一次性重組付款和 9,700 萬美元的利息付款。不包括這些項目，經營活動產生的現金流應為正 1.13 億美元。

Additionally, $16 million of cash was paid on the first anniversary of the Sequence acquisition. The profile of this business is one that is highly cash generative, pre-debt servicing charges, reflective of recurring subscription revenue, high incremental margins and low capital intensity. And as you saw in our 8-K earlier this month, we drew the full amount under our $175 million revolving credit facility in order to provide maximum financial flexibility ahead of engaging with lenders and bondholders in the coming months.

此外，在 Sequence 收購一周年之際還支付了 1,600 萬美元現金。該業務的特點是現金流強勁，扣除債務服務費用後，可產生經常性訂閱收入，增量利潤率高，資本密集度低。正如您在本月初的 8-K 報告中看到的那樣，我們已提取 1.75 億美元循環信貸額度下的全部金額，以便在未來幾個月與貸方和債券持有人接觸之前提供最大的財務靈活性。

With our cash position plus our revolving credit facility and bolstered by recent and ongoing cost actions, we believe we have sufficient liquidity for our working capital needs. However, our current leverage and associated annual interest payments place a significant challenge around our ability to invest to the level we otherwise would in future growth initiatives.

憑藉我們的現金狀況、循環信貸額度以及近期和持續的成本行動，我們相信我們擁有足夠的流動性來滿足我們的營運資金需求。然而，我們目前的槓桿率和相關的年度利息支付對我們在未來成長計畫中投資的能力構成了重大挑戰。

Now turning to our fourth quarter 2024 financial detail. Revenue totaled $184 million, down 10% year-over-year, reflecting continued headwinds in our Digital + Workshop businesses and the closure of our consumer products business at the end of 2023, partially offset by nearly 60% growth in clinical revenue. Subscription revenue overall was down 7% in the quarter.

現在來看看我們 2024 年第四季的財務細節。總收入為 1.84 億美元，年減 10%，反映出我們的數位 + 研討會業務持續面臨阻力，以及我們的消費品業務將於 2023 年底關閉，但臨床收入成長近 60% 部分抵消了這一影響。本季訂閱收入整體下降了 7%。

Adjusted gross margin remained near record highs at 69.1%, up from 61.4% in the prior year, driven primarily by cost actions taken and the closure of our lower-gross-margin consumer products business. Marketing expenses of $48 million was down 5% year-over-year in the quarter as we managed our LTV to CAC ratios. In the fourth quarter, CAC remained elevated due to continued high levels of competitive spend.

調整後的毛利率仍接近歷史最高水平，為 69.1%，高於去年的 61.4%，這主要得益於採取的成本行動以及關閉毛利率較低的消費品業務。由於我們管理了 LTV 與 CAC 比率，本季行銷費用為 4,800 萬美元，年減 5%。第四季度，由於競爭支出持續高企，CAC 仍維持高位。

In G&A, we have maintained high levels of cost discipline with adjusted G&A of $42 million, down 22% or $12 million versus the prior year, reflecting our previously announced cost savings initiatives. As a result, we saw material leverage in G&A, bringing G&A as a percentage of revenue from 26% to 23%, now in line with 2022 levels. As mentioned previously, we remain on track to achieve a full run rate $100 million cost savings by the end of 2025, split roughly evenly across G&A and cost of revenue in 2025.

在一般及行政開支方面，我們保持了高水準的成本紀律，調整後的一般及行政開支為 4,200 萬美元，比上年下降 22% 或 1,200 萬美元，這反映了我們先前宣布的成本節約措施。結果，我們看到 G&A 中的實質槓桿作用，使 G&A 佔收入的百分比從 26% 上升到 23%，目前與 2022 年的水平一致。如前所述，我們仍有望在 2025 年底實現 1 億美元的全額成本節約，大致平均分配到 2025 年的 G&A 和收入成本。

Adjusted operating income was $37 million, reflecting an operating income margin of 20%, a year-over-year increase of over 950 basis points, primarily due to the adjusted gross margin expansion and lower adjusted G&A as a percentage of revenue. Adjusted EBITDAS was $50 million, and adjusted EPS was $0.32 and included a $0.28 tax benefit from the valuation allowance mentioned in our press release. You can find a reconciliation between adjusted operating income and adjusted EBITDAS as well as the P&L impact of non-GAAP adjustments within our supplemental materials and in the financial details section of our earnings press release posted on our investor site.

調整後的營業收入為 3,700 萬美元，反映營業收入利潤率為 20%，年成長超過 950 個基點，主要原因是調整後的毛利率擴大以及調整後的 G&A 佔收入的百分比降低。調整後的 EBITDAS 為 5000 萬美元，調整後的 EPS 為 0.32 美元，其中包括我們新聞稿中提到的估值準備金的 0.28 美元稅收優惠。您可以在我們的補充資料中以及在我們投資者網站上發布的收益新聞稿的財務細節部分中找到調整後的營業收入和調整後的 EBITDAS 之間的對帳以及非 GAAP 調整對損益的影響。

In 2025, we are working to gradually stabilize the business and ensure we build the foundation for a future return to growth. While we are not providing full year 2025 guidance at this time, we are providing some color on the quarter-to-date and highlighting a couple of other notable points for 2025. Revenue starts with a significant headwind from 2024 ending subscriber level, but we continue to maintain high levels of disciplined cost management.

2025年，我們將努力逐步穩定業務，為未來恢復成長奠定基礎。雖然我們目前還沒有提供 2025 年全年的指引，但我們會提供一些本季迄今為止的情況，並強調 2025 年的其他值得注意的要點。從 2024 年起，收入將面臨巨大阻力，但我們將繼續維持高水準的嚴格成本管理。

While we are encouraged by engagement following recent product enhancements, acquisition challenges remain within our behavioral business quarter-to-date, and we do not expect to see material changes in those trends over the short to midterm. Meanwhile, clinical subscriber growth continued to be strong in January and February, albeit we may experience some volatility over the next few quarters due to uncertainties surrounding compounded semaglutide.

雖然我們對近期產品改進後的參與度感到鼓舞，但本季迄今為止，我們的行為業務中仍然存在收購挑戰，我們預計短期至中期內這些趨勢不會發生重大變化。同時，1 月和 2 月臨床用戶成長持續保持強勁，儘管由於圍繞複方索馬魯肽的不確定性，未來幾季我們可能會經歷一些波動。

In marketing, Q1 will be our highest spend quarter of the year with elevated CAC continuing quarter-to-date, a trend that is expected given seasonality and heightened competition. We are committed to disciplined LTV-to-CAC efficiency and we'll look to capitalize on product experience improvements later in the year to drive further efficiency. As we assess our marketing strategy for the remainder of 2025, we are evaluating overall spend levels and may scale back less profitable spend in the short to midterm, reallocating resources to areas with higher, longer-term, strategic impact.

在行銷方面，第一季將是我們今年支出最高的季度，CAC 的成長也將持續到本季度，考慮到季節性和競爭加劇，這一趨勢是可以預料的。我們致力於提高 LTV 到 CAC 的效率，並希望在今年稍後利用產品體驗的改進來進一步提高效率。在評估 2025 年剩餘時間的行銷策略時，我們正在評估整體支出水平，並可能在短期至中期內縮減利潤較低的支出，將資源重新分配到具有更高、更長期策略影響的領域。

Our 2025 fiscal year includes a 53rd week, something we last saw in fiscal 2020. Our fiscal 2025 year-end, therefore, will bridge the last week of December 2025 and end on January 3, 2026. Given the importance of this 53rd week in our early peak period, it will likely include higher levels of marketing investment ahead of revenue. As such, the inclusion of this additional week in our 2025 fiscal year is expected to have a modest negative impact on EBITDAS and operating income.

我們的 2025 財年包括第 53 週，這是我們上次在 2020 財年看到的。因此，我們的 2025 財年末將從 2025 年 12 月的最後一週開始，到 2026 年 1 月 3 日結束。鑑於第 53 週在我們早期高峰期的重要性，它可能會包括比收入更高水準的行銷投資。因此，預計在 2025 財年增加這一周將對 EBITDAS 和營業收入產生輕微負面影響。

Before I turn the call back to Tara, I want to emphasize our commitment to delivering results and protecting our cash position as we navigate a challenging and rapidly evolving industry. While we have made significant progress in reducing our cost structure, we remain highly focused on disciplined profitability management.

在我將電話轉回給塔拉之前，我想強調一下，在應對充滿挑戰和快速發展的行業時，我們致力於取得成果並保護我們的現金狀況。雖然我們在降低成本結構方面取得了重大進展，但我們仍然高度重視嚴格的獲利能力管理。

At the same time, we recognize the constraints of operating with limited resources and a highly leveraged balance sheet with nearly $100 million in annual interest expense impacting cash flow. This makes it even more critical that we take the right strategic steps to balance short-term stability with our longer-term path back to enterprise-level growth.

同時，我們認識到資源有限和高槓桿資產負債表的營運限制，每年近 1 億美元的利息支出影響了現金流。這使得我們採取正確的策略步驟來平衡短期穩定與恢復企業級成長的長期道路變得更加重要。

Turning it back to Tara.

將其轉回給塔拉。

Thanks, Felicia. As we've discussed today, we are operating in a challenging environment, one that requires both discipline and adaptability as we work towards stabilization, recovery and ultimately, a return to growth. We recognize the road ahead will take time and thoughtful execution, but we are clear-eyed about the work required and committed to making the necessary moves to position WeightWatchers for long-term success. With that, we're happy to take your questions.

謝謝，費利西亞。正如我們今天所討論的，我們正處於一個充滿挑戰的環境中，在我們努力實現穩定、復甦並最終恢復成長的過程中，需要紀律和適應性。我們認識到未來的道路需要時間和深思熟慮的執行，但我們對所需的工作有著清晰的認識，並致力於採取必要的舉措，使 WeightWatchers 獲得長期成功。我們很樂意回答您的問題。

(Operator Instructions) Nathan Feather, Morgan Stanley.

（操作員指示） Nathan Feather，摩根士丹利。

I want to dig a little bit more into peak season and the trends you saw through there. Have the changes you've made to the product and marketing translated to improving gross adds or LTV to CAC? Just any way to get a sense of kind of the early green shoots, if any, there? And then can you provide some color to how the marketing environment evolved in 1Q? Understanding that's been under pressure, but certainly seems like a lot of competitive activity.

我想更深入地了解旺季以及您在那裡看到的趨勢。您對產品和行銷所做的改變是否能夠提高總增加價值或 LTV 和 CAC？有什麼方法可以了解早期綠芽的出現嗎（如果有的話）？那麼能否介紹一下第一季行銷環境的變化呢？理解這一點一直面臨壓力，但肯定看起來像是有很多競爭活動。

Nathan, thanks for the question. Yes, I mean, as it relates to peak, we shared obviously some color in the prepared remarks. We were encouraged with some of our trends coming out of quarter four and into peak as it relates to the clinic performance. More of the same, candidly, as it relates to challenges and headwinds in the behavioral business. And I think we're going to continue to see those for a while as we work through some of the strategic initiatives that we shared as it relates to both improving that experience and driving conversion and retention in that member experience.

內森，謝謝你的提問。是的，我的意思是，就高峰而言，我們在準備好的發言中顯然分享了一些色彩。我們對第四季度的一些趨勢感到鼓舞，這些趨勢與診所的表現有關，並達到了頂峰。坦白說，這與行為業務中的挑戰和阻力有關。我認為，隨著我們實施一些我們分享的策略性舉措，我們將繼續看到這些情況一段時間，因為這些舉措既涉及改善體驗，也涉及推動會員體驗的轉換和保留。

Felicia, maybe you want to jump on marketing. But yes, listen, before we do that in terms of green shoots, we shared some of them. We have some great product launches and some feature launches for peak, some much requested after extended periods of time from our members, not least the macros. And the engagement that we saw there, both in terms of actively engaged members and some less-engaged members coming back to engage in those features was really encouraging.

費莉西亞，也許你想從事行銷工作。但是的，聽著，在我們就綠芽問題採取上述行動之前，我們先分享了一些。我們推出了一些很棒的產品和一些功能，其中一些是我們會員在很長一段時間後要求推出的，尤其是宏。我們在那裡看到的參與度確實令人鼓舞，無論是積極參與的會員還是一些參與度較低的會員都回來參與這些功能。

Same with some of the brand metrics that we talked about. So these are all leading indicators. They don't flow through to the P&L or sort of top line growth KPIs immediately. But we think they're signs that we're heading in the right direction with a lot of this work. But you're not wrong on the competitive marketing environment.

與我們討論的一些品牌指標相同。這些都是領先指標。它們不會立即流入損益表或某種頂線成長 KPI。但我們認為，這些跡象表明，我們的許多工作正朝著正確的方向前進。但你對於競爭激烈的行銷環境的看法並沒有錯。

Felicia, do you want to jump on that one?

費莉西亞，你想跳上去嗎？

Sure. And just to provide a bit more color to what Tara said, last year, we did see a step-up of about 5% from Q4 2023 to Q1 2024, which is typical in a business like ours. We, as she mentioned, did see the recruitment challenges on behavioral, but clinic was great growth. And we did sequentially see it grow from Q3 to Q4 by 18%. We did see that acceleration into the peak season.

當然。為了更詳細地解釋塔拉所說的話，去年，我們確實看到從 2023 年第四季到 2024 年第一季成長了約 5%，這對我們這樣的企業來說是很常見的。正如她所提到的，我們確實看到了行為方面的招募挑戰，但診所取得了巨大的發展。我們確實看到它從第三季到第四季連續成長了 18%。我們確實看到了旺季的加速。

So overall, we do expect to be slightly lower in terms of a seasonal step-up year-over-year as it relates to peak, but we are encouraged by some of the product improvements that Donna has made during peak.

因此，總體而言，我們確實預期與高峰期相比，季節性增幅會略低，但 Donna 在高峰期所做的部分產品改進令我們感到鼓舞。

And before I pass to Donna, just quickly on your question as it relates to marketing, we have seen a lessening of declines on our LTV, which is also an encouraging trend as we work towards product improvements and the return to growth. We have continued to see tech costs increase. And as it relates to overall marketing, we are taking a very comprehensive look at our marketing throughout the 2025 year, and there will be more to come on that topic.

在我把話題轉到唐娜之前，我想快速回答一下您關於行銷的問題，我們發現客戶生命週期價值 (LTV) 的下降幅度有所減緩，這也是一個令人鼓舞的趨勢，因為我們正致力於產品改進和恢復成長。我們持續看到技術成本的增加。就整體行銷而言，我們正在對整個 2025 年的行銷進行非常全面的審視，並且關於該主題還會有更多內容。

But Donna, do you want to go through some of the product improvements from peak?

但是唐娜，你想了解 Peak 的一些產品改進嗎？

Sure. Tara covered it well. The only thing I think I would add to that is directly attributable to the features that we launched. We are seeing our highest activation rate since 2020. And that is the key engagement metric that is an early indicator of retention.

當然。塔拉 (Tara) 很好地掩蓋了這一點。我認為我唯一要補充的是直接歸因於我們推出的功能。我們看到了自 2020 年以來最高的活化率。這是參與度的關鍵指標，也是留任率的早期指標。

Again, it's too early to pull that through into a direct financial impact. But between the usage we're seeing in the product and the reception from -- on socials and in Connect, we are seeing green shoots and encouraged.

再次強調，現在將其轉化為直接的財務影響還為時過早。但從我們在產品中看到的使用情況以及在社群媒體和 Connect 上的反響來看，我們看到了復甦的跡象，並且受到了鼓舞。

Great. That's really helpful. And then just one follow-up for me. I guess encouraging to see clinics get back to net add growth. How important was the addition of generic GLP-1 to the clinic outperformance in 4Q?

偉大的。這真的很有幫助。然後我只需要跟進一次。我認為看到診所恢復淨增增長是令人鼓舞的。仿製 GLP-1 的加入對於第四季的臨床表現有多重要？

And then just any way to give us a sense to kind of think about the mix of branded versus generic gross adds as you've kind of gone through 4Q and peak season?

那麼，在經歷了第四季和旺季之後，有什麼方法可以讓我們思考一下品牌廣告和通用廣告的組合情況嗎？

Sure. I'll take that one. Our focus has always been on ensuring safe member access to medication. And due to the shortages, enabling this access through compounding in Q4 saw an increase across all of our key metrics: subscriptions, NPS and retention. So we're really encouraged by seeing that growth and that rebound as we were able to alleviate the shortages.

當然。我要那個。我們的重點始終是確保會員安全地獲得藥物。由於短缺，透過第四季度的複合成長，我們所有關鍵指標（訂閱量、NPS 和保留率）均有所增加。因此，看到這種成長和反彈，我們感到非常鼓舞，因為我們能夠緩解短缺問題。

And we're seeing that as those shortages improve, the mix to branded, well, we're expecting to see go back as well.

我們看到，隨著這些短缺狀況的改善，品牌組合也有望回升。

As those shortages increase, a reminder -- or decrease. As a reminder, we, unlike many of our competitors offer a broad formulary of medications, including branded and generics. So we welcome the return to available supply. It's good for our members to be able to have that coverage through their insurance. We have -- as Tara noted earlier, we have an AI-powered proprietary platform to expedite filing of prior auth and supply rounding.

隨著這些短缺的增加，提醒——或者減少。提醒一下，與許多競爭對手不同，我們提供廣泛的藥物處方，包括品牌藥和仿製藥。因此，我們歡迎恢復可用供應。我們的會員能夠透過保險獲得這種保障，這是一件好事。正如塔拉之前提到的，我們有一個由人工智慧驅動的專有平台，可以加快提交事先授權和供應舍入。

So we feel very well positioned to scale as supply and insurance coverage improves back to branded.

因此，隨著供應和保險覆蓋範圍恢復到品牌化，我們感覺自己處於非常有利的擴大規模的條件。

The only thing I'd add to that is I think we -- and that's why we shared some of those stop check numbers, we are thrilled that supply comes back. It is our number 1 issue or has been as it relates to being able to meet member demand and which has been reflected in things like our NPS where our members cannot -- simply can't get access to medication. And so we were pleased to be able to launch compounding to help fill that gap.

我唯一想補充的是，我認為——這就是我們分享一些停工檢查數字的原因，我們很高興供應恢復了。這是我們面臨的首要問題，或者一直是首要問題，因為它與能否滿足會員需求有關，這反映在我們的 NPS 等方面，我們的會員根本無法獲得藥物。因此，我們很高興能夠推出複合技術來填補這一空白。

To the extent that branded supply is coming back, fantastic. At the end of the day, as Donna said, we have a broad formulary. And whether it's branded, compounded generic, our focus is on providing access, providing access, safety through a trusted platform with extensive wraparound support in the form of our nutritional program, our community, all the other aspects of the WeightWatchers holistic care model. And so the data to date is not particularly encouraging as it relates to the shortage ending. But again, we're encouraged if we start seeing that change.

就品牌供應的恢復而言，這真是太棒了。最終，正如唐娜所說，我們有一個廣泛的處方集。無論是品牌藥還是複合仿製藥，我們的重點是透過值得信賴的平台提供訪問、提供訪問和安全，並以我們的營養計劃、我們的社區以及 WeightWatchers 整體護理模式的所有其他方面提供廣泛的全方位支持。因此，迄今為止的數據對於解決短缺問題來說並不是特別令人鼓舞。但如果我們看到這種變化，我們就會感到鼓舞。

And as a reminder, as it relates to us providing access to medication, we do record our revenue net of the cost of medication. And so if you do look at Q4 with compounding launched in October, it did have a fairly material impact on our end-of-period subscribers. However, it did not have a material impact on our Q4 revenue. And so the large majority of that growth was through growth of our clinic business outside of compounding.

需要提醒的是，由於這涉及到我們提供藥物，因此我們確實會記錄扣除藥物成本後的收入。因此，如果你看一下 10 月推出的複利第四季度，它確實對我們的期末訂閱用戶產生了相當大的影響。但它並沒有對我們第四季的收入產生重大影響。因此，這種成長絕大部分是透過複合以外的診所業務的成長實現的。

Michael Lasser, UBS.

瑞銀集團的麥可拉瑟。

Tara, how do you work to avoid this downward virtuous cycle where WeightWatchers has fewer subscribers, thus less resources to drive subscriber growth and it becomes a virtuous cycle down, especially at a time where there are so many distractions and alternatives for those who are looking to lose weight?

塔拉，您如何避免這種向下的良性循環？即 WeightWatchers 的訂閱用戶越來越少，從而導致推動訂閱用戶成長的資源越來越少，最終形成一種良性循環，尤其是在現在，對於想要減肥的人來說，有如此多的干擾和替代品？

Michael, we focus on substance. And when we look at WeightWatchers and everything that we have built over 62 years, why we were created 62 years ago and why we exist today, we look at the value that, that can offer our members and subscribers today and in the future and how we use those fundamentals to get back to growth, along with innovation in new product features, potentially product extensions and improving the existing products that we already have as well as some of the other initiatives that we touched on as it relates to adjacencies like RDs, how we think about going back to our marketing strategy and so on and so forth.

邁克爾，我們注重實質。當我們回顧慧儷輕體以及我們 62 年來所建立的一切，回顧我們 62 年前成立的原因以及我們今天存在的原因時，我們會思考它能為我們的會員和訂閱者現在和將來提供的價值，以及我們如何利用這些基本要素恢復增長，同時進行新產品功能的創新、潛在的產品擴展和改進我們已有的現有產品，以及相鄰的舉措

And so fundamentally, we believe we have the world's leading trusted brand as it relates to weight management, as it relates to livable weight management. And we shared a couple of these claims on the call. We have 62 years' worth of claims that shows that WeightWatchers works. Now WeightWatchers was historically a nutritional and a community-based program. Today, it is a nutritional, community-based, digital-supported program that also has clinical access, and we're really unique in that breadth of offering.

因此，從根本上來說，我們相信我們擁有世界領先的值得信賴的體重管理品牌，以及可行的體重管理品牌。我們在電話中分享了其中的一些說法。我們有 62 年的記錄證明 WeightWatchers 是有效的。從歷史上看，WeightWatchers 是一個營養和社區計畫。如今，它是一個營養的、以社區為基礎的、數位支援的計劃，同時也提供臨床服務，我們在提供廣泛服務方面確實是獨一無二的。

To answer your question, listen, we're very candid about it. I'm very candid about it. We have a lot of work to do to remind the world, both our existing consumers and our existing subscribers and future consumers, future subscribers, the extent of that value proposition that WeightWatchers really brings to bear.

為了回答你的問題，請聽我說，我們對此非常坦誠。我對此非常坦誠。我們還有很多工作要做，以提醒全世界，包括我們現有的消費者、現有的訂戶和未來的消費者、未來的訂戶，WeightWatchers 真正帶來的價值主張的程度。

As more and more people seek medication, they're also seeking livability of that treatment, support around that treatment, guidance around that treatment. Many people don't want to stay on medication for the long term or can't stay on medication for the long term. How do they ramp off? how do we support them with that?

隨著越來越多的人尋求藥物治療，他們也在尋求治療的可行性、治療支持和治療指導。很多人不願意長期吃藥或無法長期吃藥。他們如何逐漸擺脫困境？我們如何支持他們？

We have this incredible platform and refocusing on that as we talk about all these different product initiatives as well as innovating around it. And we've shared a couple today, but there are many more. Not -- we touched high level today on data. We didn't go into any sort of detail, but we have this vast data platform and data set, proprietary data set that candidly, we haven't done a ton with as it relates to product innovation, product improvement and how we really leverage that in delivering greater benefit to our members.

我們擁有這個令人難以置信的平台，當我們談論所有這些不同的產品計劃以及圍繞它的創新時，我們重新關注它。今天我們已經分享了幾個，但還有很多。不是——我們今天在數據方面觸及了高水準。我們沒有深入探討任何細節，但我們擁有龐大的數據平台和數據集，坦白說，我們還沒有在產品創新、產品改進以及如何真正利用這些數據集為我們的會員帶來更大利益方面做大量工作。

So all that to say, we believe we've got a huge suite of assets at our disposal as we stabilize and then reset this business for growth. We have to use them. We have to improve some of them. We have to invest in some of them. We believe we can also expand around them.

總而言之，我們相信，隨著我們業務的穩定和成長，我們擁有大量可供支配的資產。我們必須使用它們。我們必須改進其中的一些。我們必須對其中一些進行投資。我們相信我們也可以圍繞它們進行擴展。

So we're really bullish about the levers that we have for the mid- to long term. But this is a journey. We have work to do to get there. But even sharing things like our activation rate, which was, as we mentioned, our highest entering activation rates of 2020. NPS going up dramatically in our clinic business, retention extending, brand survey metrics going up.

因此，我們對中長期的槓桿作用非常樂觀。但這是一次旅程。為了實現這一目標我們還需要做一些工作。但即使分享我們的激活率之類的信息，正如我們所提到的，這是我們 2020 年的最高進入激活率。我們的診所業務中的 NPS 大幅上升，保留率延長，品牌調查指標上升。

Green shoots are encouraging. We're highly analytical in terms of how we're measuring our progress. And we believe we have a lot of what we need even in a world of restrained resources. But it does mean that we need to be very smart with the capital that we have. And it's certainly -- the $100 million of interest is certainly a challenge on our business as it relates to proactively making significant investment ahead of the curve that potentially others with a different balance sheet may be able to do. So it's challenging, but we are focused.

綠芽令人鼓舞。我們對如何衡量我們的進步有著高度的分析性。我們相信，即使在資源有限的世界裡，我們仍然擁有許多我們所需要的東西。但這確實意味著我們需要非常明智地利用我們擁有的資本。毫無疑問，1 億美元的利息對我們的業務來說是一個挑戰，因為它涉及主動進行重大投資，而其他擁有不同資產負債表的公司可能也能夠做到這一點。所以這很有挑戰性，但我們很專注。

We are bullish, and we are doubling down on everything we've been through for the last 62 years and everything that we need for the next 62 and have a high degree of confidence in our ability to get there and the team's ability to get there.

我們充滿信心，我們正在加倍努力，完成過去 62 年所經歷的一切以及未來 62 年所需的一切，並且對我們實現目標的能力和團隊實現目標的能力充滿信心。

My follow-up question is, and you alluded to this in the prepared remarks, but end-of-period subscribers were down 12% as of the fourth quarter. There was nearly 40% growth in Clinical subscribers. Should we extrapolate those rates of change over the course of this year as we're calibrating our models? And is there a base level of traditional subscribers that WeightWatchers needs in order to generate at least $100 million of free cash flow or cash flow to satisfy the interest obligations?

我的後續問題是，您在準備好的發言中提到了這一點，但截至第四季度，期末訂閱用戶數量下降了 12%。臨床訂閱用戶數量增加了近40%。在校準模型時，我們是否應該推斷今年的變化率？為了產生至少 1 億美元的自由現金流或滿足利息義務的現金流，WeightWatchers 是否需要一定數量的基礎傳統訂戶？

Yes, I can take that. I think, just to Tara's earlier point, like while we are challenged on volume and overall subscriber count, specifically as it relates to our behavioral business, and we do anticipate that the recruitment challenges will continue in 2025 on our behavioral business. It is a very exciting step for us that our ARPU did increase for Q4 sequentially, and it did hit a record high of $4, especially as clinic becomes a larger percentage of total. So I do want us to take into account the mix as well of higher revenue, higher LTV, even though there is lower subscriber count.

是的，我可以接受。我認為，正如塔拉之前所說，我們在數量和整體用戶數量方面面臨挑戰，特別是與我們的行為業務相關的挑戰，我們確實預計，2025 年我們的行為業務仍將面臨招募挑戰。對我們來說，這是一個非常令人興奮的進步，我們的 ARPU 在第四季度確實環比增長，並且創下了 4 美元的歷史新高，特別是隨著診所佔總收入的比例越來越大。因此，我確實希望我們也能考慮到更高的收入、更高的 LTV 的組合，即使用戶數量較低。

And I do think for Clinical, we did note earlier that we had seen an acceleration of our subscriber count in Clinical in Q1 relative to Q4. And I think that is something we do anticipate to continue, albeit we are still trying to understand the impact of compounding on the Clinical business. But we are feeling good.

我確實認為對於 Clinical 來說，我們之前確實注意到，相對於第四季度，第一季 Clinical 的訂閱用戶數量有所增加。我認為這是我們確實預計會繼續下去的事情，儘管我們仍在試圖了解複合對臨床業務的影響。但我們感覺很好。

As it relates to your cash question, we did end the year at $53 million, and we did have positive operating cash of $113 million last year when you exclude the restructuring cost of $33 million and the interest of $97 million. So the company did put up record adjusted EBITDAS margins in Q4 as well as operating margins. And I think that is largely due to the cost actions. So we will have the benefit of four quarters in 2025 as a result of those cost actions as well.

就您的現金問題而言，我們去年的現金餘額為 5,300 萬美元，如果扣除 3,300 萬美元的重組成本和 9,700 萬美元的利息，我們的營運現金為 1.13 億美元。因此，該公司第四季的調整後 EBITDAS 利潤率和營業利潤率確實創下了紀錄。我認為這主要是由於成本行動。因此，由於這些成本行動，我們在 2025 年也將獲得四個季度的收益。

Alex Fuhrman, Craig-Hallum Capital Group.

克雷格-哈勒姆資本集團 (Craig-Hallum Capital Group) 的亞歷克斯·福爾曼 (

Can we talk through a little bit more the possible outcomes this year based on whether you're able to continue selling semaglutide or not on a compounded basis? It seems to me like WeightWatchers is a little late to the game having a compounded offering. And as a result, the business really struggled last year, plateaued pretty early on in the year and kind of bled subscribers up until the point where you've launched the compounded offering. And that seems to have really turned things around in Q4 and so far in Q1.

我們能否根據您是否能夠繼續以複合方式銷售司美格魯肽，進一步討論今年可能出現的結果？在我看來，WeightWatchers 在推出複合型產品方面似乎有些晚了。結果，去年業務確實舉步維艱，年初就陷入停滯，直到推出複合產品之前，訂閱用戶數量一直在不斷流失。這似乎確實扭轉了第四季度和第一季迄今為止的情況。

Can you talk about the different strategies that you might have, whether you're able to continue offering compounded semaglutide? or if you're not, is there really any strategy in place to keep the Clinical business from resuming those sequential declines if you're forced to go back to a branded-only business?

您能否談談您可能擁有的不同策略，以及您是否能夠繼續提供複方司美格魯肽？或者如果不是，如果您被迫回到僅品牌業務，是否真的有任何策略可以防止臨床業務恢復連續下滑？

I'm happy to take that one. I think one thing I want to stress is, again, the access. So when we launched compounding in Q4, the key motivator for that was the lack of branded availability for that. And getting that access back where people were so supply constrained really was what drove that acceleration through Q4.

我很高興接受這個。我想再次強調的一點是存取權限。因此，當我們在第四季推出複合業務時，主要動機是缺乏品牌可用性。在供應如此受限的情況下重新獲得這種訪問權才是推動第四季加速發展的真正原因。

So we are so well positioned to, as shortages resolve, to go back to branded medication that we continue to believe that both shortages will resolve. And as new medications continue to go to market at lower prices, that branded medication will be a key part of our overall portfolio as it was when we entered the space.

因此，隨著短缺問題的解決，我們完全有能力恢復使用品牌藥物，我們仍然相信這兩種短缺問題都將得到解決。隨著新藥繼續以較低的價格進入市場，品牌藥物將成為我們整體產品組合的重要組成部分，就像我們進入該領域一樣。

Again, overall, safe access remains our top priority, and it's a quickly evolving situation with, again, understanding like we're still at more of our -- like what we've seen from the data, as Tara mentioned, it's still at 5% to 6% of our overall supply stock, and so we're going to continue to watch that.

再次強調，總體而言，安全准入仍然是我們的首要任務，而且情況正在迅速變化，再次強調，我們仍然處於 - 正如我們從數據中看到的那樣，正如塔拉提到的那樣，它仍然占我們整體供應庫存的 5％ 到 6％，因此我們將繼續關注這一點。

We are actively evaluating our options, again, expanding our formulary. We are considering liraglutide. We have been offering Zepbound vial since September, right, and we are continuing to watch the changes quickly. As with the Zepbound coming off shortages, we saw the time lines change with the FDA, and we're continuing to watch that carefully as well.

我們正在積極評估我們的選擇，再次擴大我們的處方集。我們正在考慮利拉魯肽。我們從九月開始就提供 Zepbound 小瓶，對吧，我們正在繼續快速關注變化。隨著 Zepbound 擺脫短缺，我們看到 FDA 的時間表發生了變化，我們也繼續密切關注這一點。

So it is a new, freshly evolving situation. We are well prepared to go back to branded medication and continue to ramp that, leveraging the platform that we built for this as those shortages continue to resolve and that grows. We are also prepared to look at other alternatives, including liraglutide again and also continuing to stay very in touch with the actual supply and continuing to making sure that we have the availability for our members as it evolves.

所以這是一個新的、剛出現的情況。隨著短缺問題的不斷解決和成長，我們已做好充分準備恢復品牌藥物並繼續擴大其規模，利用我們為此建立的平台。我們也準備好研究其他替代方案，包括再次使用利拉魯肽，並繼續密切注意實際供應情況，並繼續確保我們能夠為會員提供可用的藥物。

So it's rapidly evolving. We are continuing to evaluate our options. But given the breadth of our formulary, we do not expect to see the return to the slowdown that we saw when there just was no supply available. Rather, we expect to see the growth that we had when we were focused on branded initially and supply was available.

所以它正在快速發展。我們正在繼續評估我們的選擇。但考慮到我們藥方的廣度，我們預期不會再出現供應不足時的那種放緩趨勢。相反，我們期望看到我們最初專注於品牌並且供應充足時所取得的成長。

Okay. Yes, that's helpful. I guess I'd be curious how many takers you've had on the lower-priced vials of the medication and what you're seeing with insurance coverage. I would imagine for a lot of your long-time WeightWatchers members, it's equally about affordability as it is about access. Are you seeing any green shoots in terms of people kind of gravitating to that somewhat lower-cost Zepbound vial or having more success getting their insurance to cover the full-price, branded drugs?

好的。是的，這很有幫助。我想我很好奇有多少人服用過這種低價藥瓶，以及保險覆蓋範圍如何。我想，對於許多長期的 WeightWatchers 會員來說，負擔能力和獲取服務同樣重要。您是否看到一些積極的跡象，例如人們開始青睞價格稍低的 Zepbound 藥瓶，或者人們更願意透過保險購買全價品牌藥品？

Yeah. So when branded drugs are available and covered by insurance, that's the lowest-cost alternative for our members. And so that's partially why we put so much focus on enabling prior authorizations to go through quickly, supply stocks to go through quickly so we can get medication into people's hands as quickly as possible when insurance covers it.

是的。因此，當品牌藥物可用且在保險範圍內時，這對我們的會員來說是成本最低的替代方案。這就是為什麼我們如此重視快速完成事先授權和快速供應庫存，以便當保險覆蓋藥品時，我們能夠盡快將藥品送到人們手中。

On your question about vials, I think vials -- and you have seen the announcements on lower cost there as well. As a cash pay option, the availability of compounding when supply was on shortage was a lower-priced option there. With medication going off shortages, right, we welcome vials. And again, it's the lowest-cost offering around branded medication, continues to be the most cost effective.

關於您關於小瓶的問題，我認為小瓶——而且您也看到了有關降低成本的公告。作為一種現金支付選項，當供應短缺時，複利是一種價格較低的選擇。由於藥物短缺，我們歡迎小瓶藥物。再說一次，它是品牌藥物中成本最低的產品，仍然是最具成本效益的。

As supply increases, we think we know that those who have access and prior authorization, that alleviates that, and we expect that insurance coverage will continue to expand as prices go down. As a compounded option, we are actively evaluating compounded liraglutide to provide a lower-cost option for people who are cash paying.

隨著供應的增加，我們認為我們知道那些有權獲得事先授權的人會減輕這種情況，並且我們預計隨著價格下降，保險覆蓋範圍將繼續擴大。作為複合選擇，我們正在積極評估複合利拉魯肽，為現金支付的人提供一種更低成本的選擇。

This concludes our question-and-answer session. I would like to turn the conference back over to Tara Comonte, CEO, for any closing remarks.

我們的問答環節到此結束。我想將會議交還給執行長塔拉·科蒙特 (Tara Comonte)，請她做最後發言。

Did you want to say something, Felicia?

你想說些什麼嗎，費莉西亞？

Yes. Just to make one clarification point. I said record. However, for ARPU, we are still very excited about it as it's the highest since Q1 2023 and adjusted EBITDAS is the highest since Q3 2022.

是的。只是想澄清一點。我說的是記錄。然而，對於 ARPU，我們仍然感到非常興奮，因為它是自 2023 年第一季以來的最高水平，調整後的 EBITDAS 是自 2022 年第三季以來的最高水平。

Okay. Thanks for that clarification. Well, thank you, everyone, for joining the call today. If we have no further questions, we will thank you for your time and look forward to following up with some of you directly in our next quarter call. Thank you all.

好的。感謝您的澄清。好吧，謝謝大家今天參加電話會議。如果我們沒有其他問題，我們將感謝您的時間，並期待在下一季電話會議中直接與您中的一些人進行跟進。謝謝大家。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。