WW International Inc (WW) 2025 Q4 法說會逐字稿

Good day, and welcome to the WeightWatchers fourth quarter and full-year 2025 earnings conference call. (Operator Instructions)

大家好，歡迎參加 WeightWatchers 2025 年第四季及全年財報電話會議。（操作說明）

Please note this event is being recorded. I would now like to turn the conference over to David Helderman, Senior Director, Investor Relations. Please go ahead.

請注意，本次活動正在錄影。現在我將把會議交給投資者關係高級總監大衛·赫爾德曼。請繼續。

Thank you for joining us today for the WeightWatchers fourth quarter and full-year 2025 earnings conference call. Earlier this morning, we released a shareholder letter and press release with our fourth quarter and full-year 2025 results. which are available on the company's corporate website located at corporate.ww.com.

感謝您今天參加 WeightWatchers 2025 年第四季及全年財報電話會議。今天早些時候，我們發布了一封致股東信和新聞稿，其中包含了我們2025年第四季和全年業績。這些文件可在公司官網corporate.ww.com上查閱。

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. 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 shareholder letter and press release.

本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細節，並就公司的最新進展提供整體更新。本次電話會議中揭露的非GAAP指標與最直接可比較的GAAP財務指標的調節表，也可在股東信和新聞稿中找到。

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, the earnings release, the shareholder letter, and is updated by the company's 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。投資人應注意，任何前瞻性陳述都存在各種風險和不確定性，可能導致實際結果與今天在此討論的結果有重大差異。這些風險因素在公司最新的 10-K 表格年度報告、盈利公告、股東信中均有詳細解釋，並且公司向美國證券交易委員會提交的其他文件中也有更新。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，請參閱這些文件。

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，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訂任何前瞻性陳述的義務。

Joining today's call are Tara Comonte, President and Chief Executive Officer; and Felicia DellaFortuna, Chief Financial Officer. Jon Volkmann, Chief Operations Officer, will also join for the Q&A.

今天參加電話會議的有總裁兼執行長 Tara Comonte 和財務長 Felicia DellaFortuna。營運長 Jon Volkmann 也將參加問答環節。

Thanks, David. Before we get started, I encourage everyone to read our shareholder letter, which we posted on our Investor Relations site earlier this morning. In there, we share our progress against our strategic priorities latest exciting efficacy claims and unique differentiators for the company and our programs. We also share key financial trends, including 2025 results, while we were pleased to be previously provided revenue and adjusted EBITDA guidance. Felicia will also provide more color on our results later in our call.

謝謝你，大衛。在正式開始之前，我建議大家先閱讀我們今天早上早些時候發佈在投資者關係網站上的致股東信。在這裡，我們將分享我們在策略重點方面取得的進展、最新的令人興奮的功效聲明以及公司和我們專案的獨特差異化優勢。我們也分享了關鍵的財務趨勢，包括 2025 年的業績，同時我們很高興之前獲得了收入和調整後 EBITDA 的指導。Felicia稍後將在電話會議中對我們的結果進行更詳細的說明。

Two quarters ago, we emerged from Chapter 11 financial reorganization with a mandate to transform our company to lead in a GLP-1 world. There were many legitimate questions to answer at the time, perhaps the longest of which where the WeightWatchers a brand known the world over, could reinvent itself and successfully compete. As we sit here today, reflecting on how we exited 2025 and have started 2026. We answered that question with the resounding yes.

兩個季度前，我們完成了破產重組（第 11 章），肩負著將公司轉型為 GLP-1 領域領導者的使命。當時有許多合理的問題需要解答，其中最棘手的問題或許是：像 WeightWatchers 這樣享譽全球的品牌，能否重塑自我，成功參與競爭。今天，當我們坐在這裡，回顧2025年的結束和2026年的開始。我們對這個問題給出了響亮的“是”的答案。

Our fourth-quarter results and the momentum we've experienced already in the first quarter of 2026, provide us with exciting and additional conviction in our future and all that's possible for WeightWatchers in the years ahead.

我們第四季的業績以及我們在 2026 年第一季已經取得的進展，讓我們對未來充滿信心，並對 WeightWatchers 在未來幾年取得的成就充滿期待。

Over the last year or so, more dramatically in the month since exiting Chapter 11, WeightWatchers is beginning to feel different, look different, and sign different. We've reduced our legacy debt by more than 70% and freeing capital for investment in the future. We've completely rebuilt the leadership team.

在過去一年左右的時間裡，尤其是在擺脫破產保護後的一個月裡，WeightWatchers 開始變得不一樣了，感覺不一樣了，看起來也不一樣了，連招牌都變了。我們已將歷史債務減少了 70% 以上，從而釋放了資金用於未來的投資。我們已經徹底重組了領導團隊。

We've repositioned and clearly defined our go-forward strategy, refreshed and reintroduced the WeightWatchers brand reset our product and pricing architecture and started the extensive execution against our technology modernization road map. All of this in service of supporting and growing our member base while returning to sustainable profitable growth.

我們重新定位並明確了未來的發展策略，更新並重新推出了 WeightWatchers 品牌，重置了我們的產品和定價架構，並開始根據我們的技術現代化路線圖進行廣泛執行。這一切都是為了支持和發展我們的會員基礎，同時恢復可持續的獲利成長。

In our call last quarter, I shared that we were entering a transformative new era in Weight Health. In the months since as adoption of GLP-1s continues to accelerate. It's clearer than ever that our sector is undergoing massive generational change. GLP-1 medications represent a permanent structural shift in how the world understands weight, obesity, and metabolic health.

在上個季度的電話會議上，我曾說過，我們正在進入體重健康領域的一個變革性新時代。此後的幾個月裡，GLP-1 療法的應用持續加速。現在比以往任何時候都更清楚的是，我們這個產業正在經歷巨大的世代變革。GLP-1 藥物代表著世界對體重、肥胖和代謝健康的理解方式的永久性結構性轉變。

Today, about 10 million Americans are estimated to be on GLP-1. By 2030, McKinsey estimates that number will be between 25 million and 50 million. Already, calorie consumption patterns are changing. Cardiovascular risks are declining. And entire industries from food to alcohol to airlines to apparel are recalibrating in real time. This is not a continuation of anything we've seen in our past. This is a category being rebuilt from the inside out.

據估計，目前約有 1000 萬美國人正在接受 GLP-1 治療。麥肯錫估計，到 2030 年，這一數字將在 2,500 萬至 5,000 萬之間。人們的卡路里攝取模式已經開始改變。心血管疾病風險正在下降。從食品、酒類到航空、服裝等各行業都在即時進行調整。這並非我們過去所見任何事件的延續。這是一個正在從內到外重建的類別。

WeightWatchers is being rebuilt too. We're fast evolving from a primarily behavioral subscription business that originally grew from in-person meetings to pairing and personal connections with the digital behavioral subscription and now into an integrated weight health ecosystem that includes medication access and clinical care.

WeightWatchers 也正在進行重建。我們正在快速發展，從最初以行為訂閱為主的業務，發展到透過數位行為訂閱進行配對和建立個人聯繫，現在又發展成為一個綜合的體重健康生態系統，包括藥物獲取和臨床護理。

But we're about so much more than just a prescription. We are building out decades of providing real human comprehensive weight health support wherever our members need it. That commitment doesn't go away with GLP-1s. Far from it, it becomes all the more important. Signs from leading health authorities like the World Health Organization emphasize that medication alone will not solve the global obesity problem and the GLP-1s works best in combination with healthy habits and community support.

但我們提供的遠不止是處方。我們正在建立一個未來幾十年內能夠為會員提供真正人性化、全面的體重健康支持的服務體系，無論他們身在何處，只要他們需要，我們都會提供幫助。即使使用 GLP-1 受體激動劑，這種承諾也不會消失。恰恰相反，它變得更重要了。世界衛生組織等權威衛生機構的跡象表明，單靠藥物治療無法解決全球肥胖問題，GLP-1 類藥物與健康的生活習慣和社區支持相結合才能發揮最佳效果。

In fact, data we recently published showed that members who regularly engage with the unique behavioral support delivered by our WeightWatchers GLP-1 Success program, whose 29% more body weight at 12 months old average than those who use medication without the structured behavioral support. Additionally, when we look at the results published by competition in our field, our WeightWatchers Med+ members prescribed GLP-1 medications, reported over 30% more body weight loss on average at 12 months from those competitors.

事實上，我們最近發布的數據顯示，經常參與 WeightWatchers GLP-1 Success 計劃提供的獨特行為支持的會員，在 12 個月大時的平均體重比那些沒有結構化行為支持而使用藥物的會員高出 29%。此外，當我們查看我們領域競爭對手公佈的結果時，我們的 WeightWatchers Med+ 會員服用 GLP-1 藥物後，在 12 個月內平均減重效果比競爭對手高出 30% 以上。

We published these and other exciting results in the GLP-1 report and press release last week, which you can also find on our site, and I encourage you to take a read. Taking a step back, though, the data is planes day. GLP-1 work better with WeightWatchers. And as a result, we have a unique opportunity as we embark on this next chapter. Over the last year or so, and particularly in the few quarters since exiting Chapter 11, we've been focused on reinventing nearly every aspect of our company to execute on our strategic priorities.

我們在上週發布的 GLP-1 報告和新聞稿中公佈了這些以及其他令人興奮的結果，您也可以在我們的網站上找到這些內容，我鼓勵您閱讀。但從另一個角度來看，數據反映的是飛機日的情況。GLP-1 與 WeightWatchers 搭配使用效果更佳。因此，當我們開啟人生新篇章時，我們擁有一個獨特的機會。在過去一年左右的時間裡，尤其是在擺脫破產保護後的幾個季度裡，我們一直致力於重塑公司的幾乎每一個方面，以實現我們的戰略重點。

We're creating a deeply engaging end-to-end member experience, innovating to capitalize on new technologies that can continue to support better results and deliver a broad range of solutions to our members. On an increasingly personalized basis to meet them wherever they are in their journey. We're growing our new and emerging medical offerings and diversifying our revenue streams, scaling our clinical business, growing our GLP-1 success program our recently launched Manapol program, making registered dietitians more widely accessible and expanding through other channels such as B2B as we work to grow access to new and expanded audiences.

我們正在打造深度互動的端到端會員體驗，不斷創新以利用新技術，從而持續取得更好的成果，並為我們的會員提供廣泛的解決方案。以越來越個性化的方式，在他們旅程的任何階段為他們提供服務。我們正在發展新興的醫療產品和服務，實現收入來源多元化，擴大臨床業務規模，發展 GLP-1 成功計劃和最近推出的 Manapol 計劃，讓註冊營養師更容易被大眾所接受，並透過 B2B 等其他管道進行擴張，努力拓展新的受眾群體。

We're revisiting and refreshing our brand shows up, leaning into the trust and scientific credibility for which we've been on for decades, but in a modern, relevant way for today's consumer. Including with a focus on our role in the medication led space. And after decades lacking sufficient technology investments, we're modernizing our tools. systems and platforms to ensure we are building on a robust foundation from which growth and innovation can be both nimble and efficient moving forward. Those are our areas of strategic focus today and moving through this year.

我們正在重新審視和更新我們的品牌形象，依靠我們幾十年來一直秉持的信任和科學信譽，但以一種現代的、與當今消費者相關的方式呈現。包括重點關注我們在藥物治療領域的作用。由於數十年來缺乏足夠的技術投資，我們正在對工具、系統和平台進行現代化改造，以確保我們能夠在一個強大的基礎上發展，從而使未來的成長和創新既靈活又高效。這些是我們目前以及今年的策略重點領域。

Let's talk about how they show up in our product offerings. We're working to build a connected ecosystem of solutions, one that increasingly facilitates a member's ability to transition across our portfolio based on their specific goals and needs at any point in time. In terms of our programs, members can subscribe to our base level behavioral core program in order to access our tried and true points tracking system within our mobile app, along with new digital tools launched earlier this year.

我們來談談它們是如何體現在我們的產品中的。我們正在努力建立一個互聯互通的解決方案生態系統，該系統將持續促進會員根據其特定目標和需求，隨時在我們的產品組合中進行轉換。就我們的項目而言，會員可以訂閱我們的基礎級行為核心項目，以便在我們的行動應用程式中使用我們久經考驗的積分追蹤系統，以及今年早些時候推出的新數位工具。

Core is our premium behavioral offering that provides additional human connection, expert coaching and community support through in-person and virtual workshops as well as our newer GLP-1 success in menopause programs. Our GLP-1 success program allows us to support members on GLP-1 to get their medications outside of WeightWatchers, which typically via their primary care or other specialist physicians.

Core 是我們的高級行為服務，透過面對面和虛擬研討會以及我們最新的 GLP-1 更年期成功計劃，提供更多的人際聯繫、專家指導和社區支持。我們的 GLP-1 成功計劃允許我們支持使用 GLP-1 的會員在 WeightWatchers 之外獲得他們的藥物，這些藥物通常是透過他們的初級保健醫生或其他專科醫生獲得的。

And Med+ is our clinical offering, that combines all of our behavioral programming and expertise plus access to board certified clinicians who can provide specialist care, including GLP-1 and HRT prescriptions for eligible members in the US. This program takes our decades of expertise in behavioral science, lifestyle change and community support and curate it for those on medication. It does say by providing a unique wraparound system to help guide a member be most successful on their medically guided weight loss journey.

Med+ 是我們的臨床服務，它結合了我們所有的行為療法和專業知識，以及獲得委員會認證的臨床醫生的服務，這些醫生可以提供專科護理，包括為美國符合條件的會員提供 GLP-1 和 HRT 處方。該計劃匯集了我們在行為科學、生活方式改變和社區支持方面數十年的專業知識，並針對正在服藥的人群進行了精心策劃。它表示，透過提供獨特的全方位支援系統，幫助會員在醫療指導的減肥之旅中取得最大成功。

Each of these offerings builds on the other. There are foundations for creating an engaged and increasingly retended member base with higher average revenue per member and importantly, the opportunity for superior health outcomes. The work ahead of us is to continue to strengthen and enrich each of these experiences while raising awareness in the marketplace. In just a few short weeks this year, we saw clear proof points that our brand repositioning and awareness efforts were resonating. Our priority of the peak season was to drive a reconsideration of WeightWatchers as a modern relevant leader in the medical weight loss space.

這些產品之間相互關聯，彼此促進。建立積極參與且會員忠誠度不斷提高的會員基礎，提高每位會員的平均收入，更重要的是，創造更好的健康結果的機會，這些都是實現這一目標的基礎。我們接下來的工作是持續加強和豐富每一種體驗，同時提高市場認知度。今年短短幾週內，我們看到了明確的證據表明，我們的品牌重新定位和知名度提升工作正在產生效果。我們在旺季的首要任務是推動 WeightWatchers 重新成為醫療減重領域現代化的領導者。

And yes, one has survived an extensively reported bankruptcy process. Our assets also targeted a simple and important message that is central to our go-forward strategy. That among many other things we are known for that WeightWatchers also now provides access to clinicians who can prescribe GLP-1 medications. Awareness that we even have this offering is low and therefore, represents a significant opportunity ahead. The results from our January campaign were exciting.

是的，其中一家公司經歷了廣為人知的破產程序後倖存了下來。我們的資產也旨在傳達一個簡單而重要的訊息，這對於我們未來的發展策略至關重要。除了其他許多服務之外，WeightWatchers 現在還提供與臨床醫生溝通的管道，這些醫生可以開立 GLP-1 藥物。目前人們對我們提供的這項服務知之甚少，因此，這代表著未來巨大的發展機會。我們一月份的宣傳活動成果令人振奮。

Delivering an increase in awareness of our nets offering of 8 points to 30% while improving our brand modernization perception by 9 bps. Completely repositioning a 60-year-old brand takes more than a few weeks. So to see such material shifts in the space in a relatively short time gives us immense confidence in the leadership role, this powerful, trusted global brand can play in this new world moving forward.

將我們釣具產品的認知度提高了 8 個百分點至 30%，同時將我們的品牌現代化感知度提高了 9 個基點。徹底重新定位一個擁有60年歷史的品牌，需要的絕對不只是幾週的時間。因此，在相對較短的時間內看到該領域發生如此實質的變化，讓我們對這個強大、值得信賴的全球品牌在未來新世界中能夠發揮的領導作用充滿信心。

We also relaunched our mobile experience in January. It's the first iteration of our app on a newly rebuilt foundational infrastructure and modern code base, one that brought with it new tools and programs to market for our members. Like any release of this scale, we moved quickly to incorporate member feedback and address ad hoc performance issues.

我們還在1月重新推出了行動端體驗。這是我們基於全新重建的基礎架構和現代程式碼庫推出的應用程式的第一個版本，它為我們的成員帶來了新的工具和程式。與任何如此大規模的版本發布一樣，我們迅速採取行動，採納成員的回饋意見，並解決臨時出現的效能問題。

As we sit here in March, we've shipped numerous releases since the beginning of the year centered on removing points of friction in the user experience as well as showcasing exciting new additions. These include the new AI body scanner, new personalized modes to support different phases of the wages journey, a proprietary weight health score and expanded coach-led virtual meetings among other ongoing innovations. Nowhere has our commitment to constant improvement been more evident than in the future in store road map we've laid out for the rest of this year.

時值三月，自年初以來，我們已經發布了多個版本，這些版本主要致力於消除用戶體驗中的摩擦點，並展示了令人興奮的新功能。其中包括新的 AI 身體掃描儀、支援不同階段工資旅程的新個人化模式、專有的體重健康評分以及擴大的教練指導虛擬會議等其他正在進行的創新。我們對持續改善的承諾，在我們為今年剩餘時間制定的未來門市發展路線圖中體現得最為明顯。

Our driving motivation is to help members successfully achieve their weight health goals with a build fast iterate mindset. We're fortunate to have attracted incredibly accomplished and proven new leaders to help lead us through this transformation. In science and clinical innovation, technology, marketing, brand, community and so much more. In the last few weeks, we've also filled more specialist in critically important areas such as data, AI, product and user experience among others.

我們的主要動力是幫助會員以快速迭代的思維方式成功實現他們的體重健康目標。我們很幸運地吸引了許多成就卓著、經驗豐富的新領導人來幫助我們完成這次轉型。在科學和臨床創新、技術、行銷、品牌、社群等許多領域。在過去的幾周里，我們也補充了更多在數據、人工智慧、產品和用戶體驗等關鍵領域的專家。

Turnarounds always take time, but the aloe faster and more successfully with the right team in place. and I could not be more proud of the leaders who are overseeing this next chapter for the company. In the run-up to our critical peak season, we executed across the company to reintroduce our brand rebuild our websites and acquisition funnels and relaunched this mobile experience in time for January.

轉型總是需要時間，但有了合適的團隊，轉型就能更快、更成功。我為帶領公司開啟新篇章的領導者感到無比自豪。在關鍵旺季到來之前，我們全公司執行了一系列行動，重新推出我們的品牌，重建了我們的網站和客戶獲取管道，並及時在 1 月重新推出了行動體驗。

The market is taking note and our strategy is working. We're seeing a level of momentum in our Med offering that is both validating and energizing with member acquisitions reaching accelerated levels as we exited 2025 and new highs as we scaled into the first quarter of 2026, our marketing efforts to reposition the WeightWatchers brand and shift consumer perception are also helping us reach an entirely new audience.

市場已經注意到這一點，我們的策略正在發揮作用。我們看到，我們的醫療服務業務發展勢頭強勁，這既令人欣慰又令人振奮。隨著 2025 年的結束，會員獲取量加速成長，並在 2026 年第一季達到新高。此外，我們為重新定位 WeightWatchers 品牌和轉變消費者認知而進行的行銷活動也幫助我們接觸到全新的受眾群體。

In January, the proportion of first-time WeightWatchers members in the US increased to 35% across all programs and reached even higher levels in Med+ where 50% of all new Med+ members were new to the WeightWatchers brand. We're also successfully reengaging prior WeightWatchers members, many of whom are returning with clear interest in our newer clinically focused offerings. Of course, we are clear eyed that this opportunity and associated pace of change does not come without challenges, particularly to a 10-year established business like us.

1 月份，美國 WeightWatchers 所有計劃中首次加入會員的比例增加到 35%，在 Med+ 計劃中甚至更高，50% 的新 Med+ 會員都是 WeightWatchers 品牌的新成員。我們也成功地重新吸引了以前的 WeightWatchers 會員，其中許多人對我們新推出的以臨床為中心的服務表現出了濃厚的興趣。當然，我們也清楚地認識到，這種機會和隨之而來的變化速度並非沒有挑戰，特別是對於像我們這樣成立 10 年的企業而言。

As GLP-1 adoption continues to grow, clinically focused solutions will continue to disrupt stand-alone behavioral alternatives. Which is exactly why both our strategy and competitive advantage involves adapting our behavioral business for today's consumers and integrating this curated, tailored programming into our fast scaling clinical capabilities, again, engaging members wherever they are on our [Waikele] journey, whether they are new, existing or returning.

隨著 GLP-1 的應用不斷增長，以臨床為中心的解決方案將繼續顛覆獨立的行為療法替代方案。正因為如此，我們的策略和競爭優勢都包括調整我們的行為業務以適應當今的消費者，並將這種精心策劃、量身定制的方案融入我們快速擴展的臨床能力中，再次讓會員在我們 [Waikele] 旅程的任何地方都能參與其中，無論他們是新會員、現有會員還是回歸會員。

Speaking of engagement, in January, we were very pleased to see virtual workshop attendance among core+ members in the US, increasing nearly 30% year over year. And notably, when our affiliated physician leads sessions, at tenders more than doubled. These metrics represent clear and exciting signals for our business, validating the extent to which our members value the unique integration of medical expertise with human connections through our supportive one-of-a-kind WeightWatchers community.

說到參與度，1 月我們非常高興地看到，美國核心會員參加虛擬研討會的人數比去年同期增加了近 30%。值得注意的是，當我們的合作醫生主持會議時，投標價格翻了一番還多。這些指標代表了我們業務的清晰而令人興奮的信號，驗證了我們的會員對透過我們獨特的 WeightWatchers 支持社區將醫療專業知識與人際關係獨特結合的重視程度。

As GLP-1s mature, the question is quickly shifting from how do I access these medications to how do I live on the Industry data indicates nearly one in five patients discontinued use of GLP-1 medication within the first few months, largely due to side effects.

隨著 GLP-1 的成熟，問題正迅速地從如何獲得這些藥物轉變為如何依靠它們生活。產業數據顯示，近五分之一的患者在最初幾個月內停止使用 GLP-1 藥物，這主要是由於副作用。

We offer the support that can best help our members succeed on these medications, and it shows. In fact, 72% of our Med+ numbers reported that our GLP-1 success program helps them minimize their side effects.

我們提供的支持能夠最大程度地幫助我們的會員成功服用這些藥物，而且效果顯著。事實上，72% 的 Med+ 用戶表示，我們的 GLP-1 成功計畫幫助他們最大限度地減少了副作用。

What's more, Med+ members guided by one of our registered dietitians during their first 12 weeks or 30% less likely to discontinue their treatment plan. These are just a couple of clear yet powerful data points that demonstrate the measurable impact the programs and support systems we are building can serve all our members' ability to be successful.

此外，在最初的 12 週內由我們註冊營養師指導的 Med+ 會員，中止治療計劃的可能性降低 30%。以上僅是幾個清晰而有力的數據點，顯示我們正在建構的專案和支援系統能夠對提升所有成員的成功能力產生可衡量的影響。

They, together with an increasing number of additional proof points give us confidence in the power and unique value of our model as we move forward. This expansive progress across so many parts of our business is without question deeply encouraging and serves our belief in the sizable opportunity ahead but also realistic knowing that we're in the early days of this work.

它們以及越來越多的其他證據點，使我們對我們的模型的強大功能和獨特價值充滿信心，並推動我們繼續前進。毫無疑問，我們在業務的許多方面都取得瞭如此廣泛的進展，這令人深受鼓舞，也印證了我們對未來巨大機遇的信念，但同時也讓我們意識到，這項工作還處於早期階段。

As is the case with any generational business reinvention, the transition requires both time and careful management. This is all the more critical when managing the balance between exciting and significant growth of new and emerging business lines with ongoing headwinds in a high-margin legacy revenue stream. WeightWatchers exit the first quarter with high levels of conviction in our future. As we deploy capital against our strategic priorities in this fast-evolving market, we will continue to proactively manage the balance between the relative maturities and margin profiles of our different lines of business. We stand at an inflection point.

任何代際企業轉型都需要時間和精心管理，就像其他轉型一樣。在管理新興業務線令人振奮的顯著成長與高利潤傳統收入來源持續面臨的逆風之間的平衡時，這一點就顯得尤為重要。WeightWatchers 對未來充滿信心，結束了第一季。在這個快速變化的市場中，隨著我們根據策略重點部署資本，我們將繼續積極管理我們不同業務線的相對成熟度和利潤率之間的平衡。我們正站在一個轉折點上。

The industry we helped create is going through males life-affirming change, and we do not plan to stand on the sidelines watching. Our WeightWatchers team has both energy and belief in the large-scale opportunity before us. We have never been more confident in our ability to succeed. But most importantly, we have never been more committed to our mission to help our members the world over live longer, happier and healthier lives. And with that, I'll turn it to Felicia to cover the financials.

我們幫助創建的這個行業正在經歷男性生活品質的提升，我們不打算袖手旁觀。我們的 WeightWatchers 團隊充滿活力，並對我們面前的大規模機會充滿信心。我們從未像現在這樣對成功充滿信心。但最重要的是，我們從未像現在這樣致力於幫助世界各地的會員過著更長壽、更幸福、更健康的生活。接下來，我將把發言權交給費莉西亞，讓她來介紹財務方面的內容。

Thanks, Tara. Q4 marked the end of one of the most significant financial years in the company's history. Our capital structure was reset through a financial reorganization that eliminated over $1.1 billion of debt, allowing the company to refocus on investment and execution for the future. Q4 results were consistent with our strategic and financial objectives, and we are proud to have over delivered on our previously provided 2025 guidance.

謝謝你，塔拉。第四季度標誌著公司歷史上最重要的財政年度之一的結束。透過財務重組，我們重置了資本結構，消除了超過 11 億美元的債務，使公司能夠重新專注於未來的投資和執行。第四季業績與我們的策略和財務目標一致，我們很自豪能夠超額完成先前給出的 2025 年業績指引。

We maintained strong adjusted gross margins with disciplined cost actions while also strategically reinvesting to support targeted growth initiatives. Note that the year-over-year adjusted EBITDA comparison was impacted by a change in our fiscal reporting calendar end. These additional calendar days included about $10 million of marketing spend from the start of peak season. End-of-period clinical subscribers were 130,000 at the end of Q4, returning to sequential growth following the completion of our transition from our former compounded semaglutide offering.

我們透過嚴格的成本控制措施維持了強勁的調整後毛利率，同時也進行了策略性再投資，以支持有針對性的成長計畫。請注意，由於我們財務報告日曆結束日期的變更，同比調整後的 EBITDA 比較受到了影響。新增的這些日曆日包含了從旺季開始約 1000 萬美元的行銷支出。截至第四季末，臨床訂閱用戶數為 13 萬，在我們完成從以前的複合索馬魯肽產品過渡後，恢復了連續成長。

This momentum strengthens further into Q1, even while lapping strong growth from that offering in Q1 2025. We are expecting to end Q1 with approximately 200,000 end-of-period clinical subscribers, which when adjusted for compounded semaglutide last year would be roughly 100% year-over-year growth. In Q1, we leaned into marketing to solidify our Med+ positioning and drive member acquisition during peak season, which was also timed with the (inaudible) entering the market.

這一勢頭在第一季進一步增強，儘管要超越 2025 年第一季的強勁成長。我們預計第一季末臨床訂閱用戶將達到約 20 萬，如果將去年複合索馬魯肽的銷量進行調整，則年增約 100%。第一季度，我們加大了行銷力度，以鞏固 Med+ 的市場定位，並在旺季期間推動會員獲取，這也與（聽不清楚）進入市場的時間相吻合。

While we expect sequential growth for clinical subscribers in the remaining quarters of the year, we also anticipate seasonally lower demand following peak season, lower levels of overall marketing spend and a rebalancing of our spend allocation across behavioral and clinical for the remainder of the year. End of period behavioral subscribers were $2.6 million at the end of Q4 2025. Our behavioral business is further defined by two increasingly different trajectories. Core faces multiyear ongoing secular headwinds and incremental customer acquisition pressure following our financial reorganization.

雖然我們預計今年剩餘幾季的臨床訂閱用戶將持續成長，但我們也預計旺季過後需求將出現季節性下降，整體行銷支出水準將降低，並且我們將在今年剩餘時間內重新平衡行為和臨床方面的支出分配。截至 2025 年第四季末，期末行為訂閱用戶價值 260 萬美元。我們的行為業務由兩條日益不同的發展軌跡進一步定義。在我們的財務重組之後，Core 將面臨多年持續的長期不利因素和不斷增加的客戶獲取壓力。

While this line of business saw further pressure in Q1 2026. This was due in part to our strategic decision to prioritize awareness and acquisition efforts for a Med+ offering in the US during peak season. We were encouraged, however, with improvements in increasing signs of stabilization in core including member engagement and acquisition trends as we work to position this as our premium behavioral offering. This is particularly true as we increase focus over time on our medically-centric life stage programs, including GLP-1 success, as our data continues to show such encouraging superior health outcomes associated with this offering.

儘管該業務線在 2026 年第一季面臨進一步的壓力。這部分是由於我們做出了戰略決策，即在旺季期間優先提高美國 Med+ 產品的知名度和客戶獲取率。不過，我們感到鼓舞的是，核心業務（包括會員參與度和獲取趨勢）的穩定跡像日益明顯，我們正在努力將其定位為我們的高級行為產品。隨著我們逐漸將注意力集中在以醫療為中心的生命階段項目上，包括 GLP-1 的成功，這一點尤其如此，因為我們的數據不斷顯示，該產品能夠帶來令人鼓舞的卓越健康結果。

We are expecting to end Q1 with approximately 2.45 million end-of-period behavioral subscribers which would be a decline of approximately 26% year over year. An important part of our strategy involves increasing levels of existing member migration across our portfolio alongside reengagement of lapsed behavioral members into Core+ and Med+. Over 2025, we saw approximately 30% of our clinical sign-ups transitioning directly from our behavioral base. A trend that continued into the first quarter, albeit at slightly lower levels within larger overall new member volumes.

我們預計第一季末的行為用戶數約為 245 萬，年減約 26%。我們策略的重要組成部分包括提高現有會員在我們投資組合中的遷移率，同時重新吸引流失的行為會員加入 Core+ 和 Med+。到 2025 年，我們看到大約 30% 的臨床註冊用戶直接來自我們的行為資料庫。這一趨勢延續到了第一季度，儘管在整體新會員數量增加的情況下，會員數量略有下降。

Additionally, in Q4, we saw approximately 30% of our core plus sign-ups transitioning directly from Core+. While these dynamics create a further subscriber and revenue headwinds for the core behavioral business, they represent a high-value transition to an accretive ARPU profile and increased lifetime member value. Monthly subscription revenue per average subscriber or ARPU increased 8% year over year to $18.73 in Q4.

此外，在第四季度，我們看到大約 30% 的核心升級版註冊用戶直接從核心升級版過渡而來。雖然這些動態為核心行為業務帶來了更多用戶和收入方面的阻力，但它們代表著向增值型 ARPU 模式和提高終身會員價值的高價值轉型。第四季度，每位平均訂閱用戶（ARPU）的月度訂閱收入年增 8%，達到 18.73 美元。

This growth is anchored by the significant premium of our clinical business, where ARPU remains over 4 times higher than our behavioral business. Additionally, within the behavioral business, we expect to see the benefit of core plus which commands a price point nearly 2 times higher than our standard core offering and represents around 20% of our behavioral subscriber base. The sequential ARPU improvement was further supported by the normalization of pricing following a clinical promotional period designed to transition our remaining compounded semaglutide members.

這一成長主要得益於我們臨床業務的顯著溢價，該業務的 ARPU 比我們行為業務高出 4 倍以上。此外，在行為行銷業務方面，我們預期核心增強版將帶來收益，其定價幾乎是我們標準核心產品的兩倍，約佔我們行為行銷用戶群的 20%。ARPU 的連續改善得益於在臨床推廣期結束後價格的正常化，該推廣期旨在過渡我們剩餘的複合索馬魯肽會員。

Total revenue in Q4 was $163 million, down 12% year over year, reflecting the varying dynamics between our lines of business. a 32% growth in clinical revenue and a 17% decline in behavioral revenue. Foreign exchange provided a $3 million benefit in the quarter and fiscal Q4 2025 included one extra day compared to fiscal Q4 2024. Adjusted gross margin remained near record highs at 74.4% in Q4, and but declined slightly compared to Q3, which reflected both the seasonal staffing of clinicians ahead of peak season and the accelerating mix shift towards clinical.

第四季總營收為1.63億美元，年減12%，反映出我們各業務線之間的差異：臨床收入成長32%，行為健康收入下降17%。外匯交易在本季帶來了 300 萬美元的收益，並且 2025 財年第四季比 2024 財年第四季多出一天。第四季調整後的毛利率仍接近歷史高位，達到 74.4%，但與第三季相比略有下降，這反映了旺季前臨床醫生季節性人員配備以及向臨床方向加速轉變的趨勢。

While clinical carries a higher cost of service due to physician staffing, clinical is highly accretive because of its higher ARPU. Marketing expense in Q4 was 40% of revenue, which increased year over year, primarily due to the inclusion of three calendar days of peak season marketing spend as a result of the change in our fiscal reporting calendar end.

雖然臨床服務由於醫生配備而導致服務成本較高，但由於其 ARPU 較高，臨床服務具有很高的增值潛力。第四季行銷費用佔營收的 40%，年成長，這主要是由於我們財務報告日曆結束日期的變更，導致旺季行銷支出增加了三天。

Additionally, Q4 2025 reflects our accelerated efforts to raise awareness of our Med+ offering and start of the peak season. Adjusted product development expense in Q4 and which primarily includes personnel costs for engineering, product, design and data teams was 5% of revenue.

此外，2025 年第四季反映了我們加快提高對 Med+ 產品的認知度的努力以及旺季的開始。第四季調整後的產品開發費用（主要包括工程、產品、設計和數據團隊的人員成本）佔收入的 5%。

Adjusted SG&A in Q4 was 18% of revenue remaining relatively flat despite revenue declines, a result of structural cost actions and continued expense discipline. Q4 adjusted EBITDA was $18 million, reflecting an adjusted EBITDA margin of 11.1%. Our profitability remains supported by the structural cost actions we have taken over the past years, which, along with financial restructuring, have allowed us to fund strategic growth initiatives while maintaining a disciplined margin profile. Now shifting to cash on the balance sheet. We ended Q4 with $160 million in cash and cash equivalents compared to $170 million at the end of Q3.

第四季調整後的銷售、一般及行政費用佔收入的 18%，儘管收入下降，但仍保持相對穩定，這是結構性成本控制措施和持續的費用控制的結果。第四季調整後 EBITDA 為 1,800 萬美元，調整後 EBITDA 利潤率為 11.1%。過去幾年，我們採取了結構性成本控制措施，加上財務重組，使我們得以在保持穩健利潤率的同時，為戰略增長計劃提供資金，從而繼續保持盈利能力。現在資產負債表上的資產轉向現金。第四季末，我們持有現金及現金等價物1.6億美元，第三季末為1.7億美元。

The sequential change primarily reflects Q4 adjusted EBITDA and quarterly interest on our term loan of $13 million, capital expenditures of $7 million and prepayments associated with Q1 marketing commitments. For the full year 2025, net cash taxes were $10 million, which was lower than full year 2024, reflecting transaction-related deductions from our financial reorganization and the current benefits of tax legislation. Following our Q2 2025 financial reorganization, we have fundamentally transformed our balance sheet.

環比變化主要反映了第四季度調整後的 EBITDA 和 1300 萬美元定期貸款的季度利息、700 萬美元的資本支出以及與第一季行銷承諾相關的預付款。2025 年全年淨現金稅額為 1000 萬美元，低於 2024 年全年，這反映了我們財務重組中的交易相關扣除額以及當前稅收立法帶來的好處。繼我們 2025 年第二季財務重組之後，我們的資產負債表發生了根本性的改變。

Our GAAP profile consists of a term loan of $465 million with an interest rate of SOFR plus 680 basis points, with the maturity of June 24, 2030. Now shifting to our 2026 outlook. We enter 2026 managing two distinct realities. Our performance reflects a deliberate evolution of our model as we move from a collection of stand-alone behavior offerings toward a fully integrated wait health ecosystem that includes clinical care, allowing us to proactively support member migration and recapture lapsed behavioral subscribers.

我們的 GAAP 財務狀況包括一筆 4.65 億美元的定期貸款，利率為 SOFR 加 680 個基點，到期日為 2030 年 6 月 24 日。現在轉向對2026年的展望。進入2026年，我們將面臨兩種截然不同的現實。我們的業績反映了我們模式的深思熟慮的演變，我們從一系列獨立的行為服務轉向一個完全整合的候診健康生態系統，其中包括臨床護理，這使我們能夠主動支持會員遷移並重新吸引流失的行為服務訂閱者。

This involves advancing the significant momentum of our clinical Med+ offering while recalibrating our behavioral business across core and core plus offerings following multiyear secular headwinds and the commercial impact of our 2025 Chapter 11 reorganization. Our 2025 end-of-period behavioral subscribers translates into an opening subscription revenue headwinds in 2026 of approximately $50 million. Within clinical, 2025 included approximately $20 million of revenue from our former compounded semaglutide offering, which we exited in full compliance with FDA guidance following the end of medication shortages.

這包括推進我們臨床 Med+ 產品的巨大發展勢頭，同時在經歷了多年的長期不利因素和 2025 年第 11 章重組的商業影響之後，重新調整我們涵蓋核心和核心附加產品的行為業務。我們 2025 年底的行為訂閱用戶數量轉化為 2026 年開局訂閱收入約 5,000 萬美元的不利因素。在臨床方面，2025 年的收入約為 2,000 萬美元，這筆收入來自我們先前推出的複合型索瑪魯肽產品。在藥品短缺結束後，我們完全按照 FDA 的指導退出了產品。

As we focus on a mix shift toward clinical, we also remain focused on our long-term margin profile by leveraging workflow automation, technology enablement and cost discipline to drive further efficiency as we scale. Turning to operating expenses. We expect 2026 marketing expense as a percentage of revenue to increase modestly compared to 2025. We front-loaded approximately 40% to 45% of our full year marketing spend into Q1 as discussed earlier, which results in lower levels of overall marketing spend for the remaining quarters of the year.

隨著我們專注於向臨床領域轉型，我們也將繼續關注長期利潤狀況，透過利用工作流程自動化、技術賦能和成本控制來提高效率，從而擴大規模。接下來談談營運費用。我們預計 2026 年行銷費用佔收入的百分比將比 2025 年略有成長。如前所述，我們將全年行銷支出的約 40% 至 45% 提前投入第一季度，這導致今年剩餘季度的整體行銷支出水準較低。

It will also see a reallocation across our behavioral and clinical lines business. Due to the subscription nature of our model, this means the impact of this reallocation of spend may not be fully visible in the 2026 P&L. On product development expenses for 2026, we expect to remain at a similar quarterly run rate to the second half of 2025 as we continue to execute on our multiyear technology road map. We expect modest SG&A savings in 2026, primarily driven by the exit from our corporate headquarters lease and ongoing operational discipline.

此外，我們的行為和臨床業務線也將重新分配。由於我們的模式是訂閱性質的，這意味著此次支出重新分配的影響可能不會在 2026 年的損益表中完全顯現出來。關於 2026 年的產品開發費用，我們預計其季度運行速度將與 2025 年下半年類似，因為我們將繼續執行我們的多年技術路線圖。我們預計 2026 年銷售、一般及行政費用將略有節省，主要原因是公司總部租賃合約的到期以及持續的營運紀律。

With these components in mind, for fiscal year 2026, we expect revenue to be in the range of $620 million to $635 million and we expect adjusted EBITDA to be in the range of $105 million to $115 million. With regard to our Q1 cash flow expectations, as is typical for the business, we expect a meaningful use of cash in the first quarter. A deliberate investment fees aligned with our strategic priorities. Q1 represents our peak marketing investment period, and this year includes additional spend to support our brand relaunch and evolving member experience. with Q1 capital expenditures and interest payments expected to remain consistent with Q4 levels.

考慮到這些因素，我們預計 2026 財年的營收將在 6.2 億美元至 6.35 億美元之間，調整後的 EBITDA 將在 1.05 億美元至 1.15 億美元之間。關於我們對第一季現金流的預期，正如該業務的慣例，我們預計第一季將有大量現金使用。為配合我們的策略重點而設定的審慎投資費用。第一季是我們行銷投入的高峰期，今年的額外支出將用於支持品牌重塑和提升會員體驗。預計第一季的資本支出和利息支出將與第四季持平。

Per our credit agreement, there are annual prepayments to be made for excess cash above $100 million, based on the last 10 calendar days of the first quarter. In the case of 2026, any excess cash payment would be due on June 24, 2026. We do not expect Q1 cash usage to be indicative of full year trends. As marketing spend moderates significantly following peak season, we will continue to manage liquidity and capital allocation with a focus on durable cash generation. We expect 2026 capital expenditures to begin to return towards historical levels as we continue to invest in product innovation, technology, infrastructure and growth initiatives.

根據我們的信貸協議，對於超過 1 億美元的超額現金，每年需按第一季最後 10 個日曆日進行預付款。2026 年的任何超額現金支付將於 2026 年 6 月 24 日到期。我們預期第一季的現金使用情況並不能代表全年的趨勢。隨著旺季過後行銷支出大幅放緩，我們將繼續管理流動性和資本配置，並專注於可持續的現金流。我們預計，隨著我們繼續投資於產品創新、技術、基礎設施和成長計劃，2026 年資本支出將開始恢復到歷史水準。

We expect 2026 net cash taxes to be between $5 million and $10 million. We view 2026 as an important inflection year, unlocking the potential for sustainable future growth. With that, I will now turn it over to the operator to open it up for Q&A.

我們預計 2026 年淨現金稅將在 500 萬美元至 1,000 萬美元之間。我們認為 2026 年是一個重要的轉捩點，將釋放未來永續成長的潛力。接下來，我將把發言權交給接線員，由他來開啟問答環節。

(Operator Instructions) Alex Fuhrman, Lucid Capital Markets.

（操作員說明）Alex Fuhrman，Lucid Capital Markets。

Congratulations on all you accomplished in 2025. Wanted to ask about some of the changes you're seeing in demand for weight loss medication, it seems like you guys really took the long-term approach you're betting on FDA-approved medications, and that really seems to be paying off now, especially with the lower-priced oral medications coming out. Can you talk about what demand has looked like for the week OV pill and just how we should think about the next three, six months now that you're kind of lapping the last of when you had compounded GLP-1s back when that was allowed per FDA rules.

恭喜您在2025年所取得的所有成就。我想問一下你們觀察到的減肥藥需求變化，你們似乎採取了長期策略，押注於 FDA 批准的藥物，現在看來這確實取得了成效，尤其是隨著價格更低的口服藥物的推出。您能否談談目前對週 OV 藥丸的需求情況，以及鑑於您現在正逐漸接近 FDA 允許使用複合 GLP-1 藥物的最後階段，我們應該如何考慮未來三到六個月的情況？

Alex, it's Tara. Thanks for the question. Listen, I think we are seeing a consistent trend of increasing consumer interest increasing consumer openness and increasing consumer adoption of GLP-1 medication. Sure the price comes down, but also more and more people are seeing incredible results on these medications and as new forms come to market. So we are definitely very focused there, as you rightly point out, and as you can see in our Q1, both strategy and subscriber estimates and expectations.

Alex，我是Tara。謝謝你的提問。聽著，我認為我們看到了一種持續的趨勢，即消費者對 GLP-1 藥物的興趣不斷增加，消費者的接受度不斷提高，消費者對 GLP-1 藥物的接受度也在不斷提高。價格當然會下降，但越來越多的人也看到這些藥物帶來了驚人的效果，而且隨著新劑型的上市，效果也越來越好。正如您所指出的，我們確實非常重視這一點，而且正如您在我們的第一季中所看到的，包括策略和訂閱用戶估算及預期。

But again, just to reinforce that with this increased demand for medication, our position is not to shift this business to be a prescription-only telehealth business. Our strategy here is very much to lean into this part of the weight loss ecosystem and this part of innovation in the field, but to be building on and integrating everything we've spent six years building.

但再次強調，隨著對藥物需求的增加，我們的立場是不會將這項業務轉變為僅提供處方藥的遠距醫療業務。我們的策略是大力投入減肥生態系統的這一部分以及該領域的創新，同時鞏固和整合我們六年來所建立的一切。

Our focus, number one, two, and three is driving superior long-term member outcomes. And so the more we see data around we've had some of it in the call and then the prepared documents today and in our white paper last week, if you saw the more we have conviction in the power of this model. So yes, leaning in the clinic, yes, we're seeing the consumer do the same thing. But really, our unique positioning is in the form of the power of the integration. But Jon, maybe you want to just touch on (inaudible).

我們關注的重點是：為會員帶來卓越的長期成果。因此，我們看到的數據越多（我們在電話會議、今天準備的文件以及上週的白皮書中都提到了一些），我們就越發相信這個模型的力量。所以，是的，在診所裡，我們看到消費者也做了同樣的事情。但實際上，我們獨特的市場定位在於整合的力量。但喬恩，或許你只想簡單提一下…（聽不清楚）

Yes. Yes. Thanks, Tara. Regarding the (inaudible), I mean we're incredibly pleased with the launch. So as we previously highlighted, our platform empowers trained obesity clinicians to work directly with patients to identify the treatment path that's right for them. And thus, the addition of a new option and particularly one with such clear clinical differentiation is a significant tailwind for our business. And demand has exceeded our initial projections.

是的。是的。謝謝你，塔拉。關於（聽不清楚），我的意思是，我們對這次發布非常滿意。正如我們之前強調的那樣，我們的平台使訓練有素的肥胖症臨床醫生能夠直接與患者合作，確定適合他們的治療方案。因此，新增一種治療方案，尤其是一種具有如此明顯臨床差異化的治療方案，對我們的業務來說是一個重要的利好因素。需求已經超過了我們最初的預期。

And more importantly, we're seeing as expanding our total addressable market. We're seeing a higher percentage of patients who are entirely new to obesity medicine interested in this treatment option. And this confirms our thesis that a needle-free oral option significantly lowers the psychological barrier to entry for millions of prospective members. And from an operations standpoint, with the launch, we were ready on day one. So through our integration with Novo Care we were able to onboard interested patients to this new format seamlessly.

更重要的是，我們看到我們的潛在市場規模正在擴大。我們發現，越來越多以前從未接觸過肥胖症治療的患者對這種治療方案感興趣。這證實了我們的論點，無針口服療法顯著降低了數百萬潛在會員的心理進入門檻。從營運角度來看，在產品發布當天，我們就做好了準備。因此，透過與 Novo Care 的整合，我們能夠讓有興趣的患者無縫地適應這種新模式。

And then regarding patient access, the market at launch was primarily cash pay, and that was supported by those lower cash paid prices than previous branded GLP-1 launches that you mentioned. However, we have seen in subsequent weeks a steady increase in prior authorization approval rates as more formularies adopt and our dual track ability to support members, whether they want to cash pay or utilize insurance remains a core competitive advantage of ours. And so overall, we really view this launch as validating our position as the leader in the wait health space.

至於患者獲取途徑，上市初期市場主要以現金支付為主，這得益於現金支付價格低於您提到的先前上市的品牌 GLP-1 的價格。然而，在接下來的幾周里，我們看到預先授權批准率穩步上升，因為更多的藥品目錄採用了我們的雙軌制支援能力，無論會員是想現金支付還是使用保險，這仍然是我們的核心競爭優勢。因此，總的來說，我們認為此次發布真正驗證了我們在孕期健康領域的領導地位。

Our clinical infrastructure is medication agnostic. So we're built to evolve alongside the science. We view moments like these when new medications and new form factors come to market as an opportunity to truly shine in an increasingly complex landscape. Consumers are looking for a trusted authority to help them navigate treatment options safely and effectively. And to bring it back to member outcomes, as Tara said, our real-world data where we've demonstrated 19.4% weight loss at 12 months is significantly higher than competitors.

我們的臨床基礎設施與藥物無關。因此，我們的構造使其能夠與科學共同發展。我們認為，當新藥和新劑型上市時，這是一個在日益複雜的市場環境中真正脫穎而出的機會。消費者正在尋找值得信賴的權威機構，以幫助他們安全有效地選擇治療方案。回到會員成果方面，如 Tara 所說，我們的真實世界數據顯示，12 個月內減重率達 19.4%，明顯高於競爭對手。

And this proves that the combination of our high-quality clinical support when paired with behavioral support nutritional guidance is really a long-term winning strategy.

這證明，將我們高品質的臨床支持與行為支持和營養指導相結合，確實是一種長期的勝利策略。

I would also just add a couple of points on the first part of your question as well. So, as you know, our ARPU on the clinic is 4 times higher than that of behavioral. And last year, in the first half of 2025, we were seeing approximately 50% growth in end-of-period subscribers when we were compounding. If you strip out that impact of compounding in Q1 2025, our estimate for Q1 2026 is showing 100% growth year over year.

關於你問題的第一部分，我還想補充幾點。如您所知，我們診所的平均每位使用者收入 (ARPU) 是行為治療的 4 倍。去年，也就是 2025 年上半年，我們以複利計算，期末訂閱用戶數增加了約 50%。如果剔除 2025 年第一季的複利影響，我們對 2026 年第一季的預測顯示，年增 100%。

Okay. That's really helpful. All three of you for that. And then -- sorry, you mentioned in your prepared remarks that about 50% of the Med+ members that have been joining lately are new to the brand. That sounds pretty high.

好的。這真的很有幫助。謝謝你們三個。然後——抱歉，您在準備好的演講稿中提到，最近加入的 Med+ 會員中約有 50% 是該品牌的新會員。聽起來挺高的。

How does that compare to the last couple of years of growth for clinical and curious how that compares to your new subs on the behavioral side? And what's driving the new interest in the brand from those that are new to it.

與過去幾年臨床方面的成長相比如何？另外，與你們在行為學方面的新進展相比又如何？是什麼因素激發了新用戶對品牌的興趣？

Yes. Great question. I mean, 50% is certainly a number that we're pleased about, particularly as we think about this brand coming back to market. We also are bringing more lapsed members back into the Med+ offering, which is really interesting to see. So just continued increases there. And I think, again, some of that goes to here sort of multiple factors. The strength and awareness of the WeightWatchers brand generally. And we have a lot of people around the world who know this brand.

是的。問得好。我的意思是，50% 這個數字我們當然很滿意，尤其是當我們考慮這個品牌重返市場的時候。我們也讓更多曾經失去會員資格的會員重新加入 Med+ 服務，真的很有意思。所以，成長勢頭一直持續。而且我認為，這其中一部分原因在於多種因素。WeightWatchers 品牌的整體實力和知名度。世界各地有很多了解這個品牌的人。

However, we have less who know that we are in the clinical space. and that we offer access to physicians who can prescribe these medications. So as we really think about peak and sort of some of those success metrics repositioning this brand for people who have not engaged before, repositioning this brand as a leader, not just in wait health, but in medically centric weight health.

然而，知道我們身處臨床領域，能夠提供醫生開立這些藥物的人卻不多。因此，當我們真正思考巔峰以及一些成功指標時，我們將重新定位這個品牌，吸引以前從未接觸過的人，將這個品牌重新定位為領導者，不僅在體重健康領域，而且在以醫學為中心的體重健康領域。

Repositioning this brand is not one that is either behavioral of the past or medication only of the future but really one that is an integrated whole-person support platform that can help you throughout your entire journey and building on everything that we've always sort of led within the market is how we're approaching this sort of next chapter for the company. So it's really twofold.

重新定位這個品牌，既不是回到過去的行為模式，也不是展望未來只關注藥物治療，而是一個真正意義上的全人支持平台，可以幫助您完成整個旅程。我們將以我們一直以來在市場上的領先地位為基礎，開啟公司的新篇章。所以這其實是雙重的。

Yes, we need to be bringing new members to the brand, and that's where things like brand relevance modernization perceptions, all these types of metrics are really important leading indicators and signals, for our conviction that the brands can play and lead in this next chapter, but also the reconsideration of people who have members who have been with us in the past, but it's exciting to see them coming back, but coming back into some of these newer offerings.

是的，我們需要為品牌吸引新成員，而品牌相關性、現代化認知等指標，所有這些指標都是非常重要的領先指標和信號，它們讓我們確信品牌能夠在下一個篇章中發揮作用並引領潮流，同時也讓我們重新考慮那些過去一直是我們成員的人，看到他們回歸併參與我們的一些新產品/服務，這令人興奮。

So early days, but very positive trends across all signs of this of this brand and the shift that we're very intentionally trying to make. But again, as I also said in my prepared remarks, you don't reposition a 63-year-old brands over four weeks in January. So this is just the beginning of this, but Q1 gives us a lot of conviction in our ability to be successful over the long term.

現在還處於早期階段，但從各個方面來看，這個品牌的發展趨勢以及我們正在努力實現的轉變都呈現出非常積極的態勢。但是，正如我在準備好的演講稿中所說，你不可能在一月份的四個星期內重新定位一個擁有 63 年歷史的品牌。所以這只是個開始，但第一季的業績讓我們對長期成功的能力充滿信心。

Justin Ages, CJS Securities.

賈斯汀·阿格斯，CJS證券。

Good morning. So clearly, it looks like the marketing spend is working with the 2000 clinical members. Just wanted to see if we could dig in a little bit and see if the profile of the ads is changing. So is the demographic of new people coming to WeightWatchers. Is that different than the demographic that's been in the past?

早安.顯然，行銷支出似乎對這 2000 名臨床成員起到了作用。只是想看看我們能否深入挖掘一下，看看廣告的類型是否改變了。因此，加入 WeightWatchers 的新會員的人口統計特徵也發生了變化。這與以往的人口結構有何不同？

It's getting there. Thanks for the question. I mean I think as we talked about -- we are seeing new members come back. We're seeing lapsed members come back. We're also seeing younger members start to come into the brand. So yes, I think slowly but surely, we are seeing that expand. But again, we're talking about a pretty short period of time here.

快完成了。謝謝你的提問。我的意思是，正如我們之前討論的那樣——我們看到有新成員回歸。我們看到一些流失的會員重新回歸。我們也看到越來越多的年輕會員開始加入這個品牌。所以，是的，我認為我們正在緩慢但肯定地看到這種情況擴大。但話說回來，我們這裡說的只是很短的一段時間。

So I would expect demographics to continue to expand over time as we really continue in these efforts to make this a brand that can truly meet you where you are, whether you are thinking about medication, whether you are on medication but getting it from your physician, whether you are looking for access to medication from one of our clinicians or will come off -- ramp off medication but maintain the weight or none of the above, but do that in an environment where you have human connection, real-life support and all the behavioral and additional tools that can support you.

因此，我預計隨著我們不斷努力將這個品牌打造成為一個真正能夠滿足您需求的品牌，無論您是在考慮藥物治療，還是正在服用藥物但從您的醫生那裡獲得藥物，無論您是想從我們的臨床醫生那裡獲得藥物，還是打算逐漸減少藥物用量但保持體重，或者以上情況都不是充滿工具、這一點

So I think that we would expect to see demographics continue to widen as time goes on, but some interesting early signs.

所以我認為隨著時間的推移，人口結構會繼續擴大，但目前已經出現了一些有趣的早期跡象。

I would also add this is, as you could see in our Q1 marketing spend, this was us very much focusing on a full funnel marketing strategy. And so we were across a spectrum of offerings as across television and out-of-home as a way of very much expanding our reach with the intent to improve customer acquisition costs overall in the future.

我還要補充一點，正如您從我們第一季的行銷支出中看到的那樣，我們非常注重全通路行銷策略。因此，我們透過電視和戶外廣告等多種管道，大力拓展業務範圍，旨在未來降低客戶獲取成本。

All right. Very helpful. I appreciate that. And then along similar lines and obviously, early days of the whole reorganization. But are you seeing any indications in how members are signing up in terms of length of contract? Are you seeing more longer term? Or is it shifting month-to-month?

好的。很有幫助。我很感激。然後，沿著類似的思路，顯然，這是整個重組的早期階段。但從會員簽約的合約期限來看，您是否觀察到任何跡象？你看到的是更長期的結果嗎？還是每個月都在變動？

I mean, we've mentioned in our previous calls, specifically with clinics that we were seeing greater adoption of 12-month LTCs relative to the other plans. We are also seeing a similar trend in our behavioral business with folks adopting longer plans. So all positive trends as it relates to looking out past 2026.

我的意思是，我們在先前的電話會議中，特別是與診所的電話會議中提到，我們發現 12 個月的長期照護計劃比其他計劃更受歡迎。我們在行為健康業務中也看到了類似的趨勢，人們越來越傾向於制定更長的計劃。因此，展望2026年以後，所有趨勢都是正面的。

And just to remind -- yes, we're also sort of in the early stages is going to be a common theme of we reset our pricing product architecture for peak. And you should expect us to continue to test and learn there as it relates to how that product architecture continues to evolve. So as Felicia said, we are continuing to evolve not just the product offerings, but the payment structures, the subscription models to meet those needs in the marketplace. But again, I would just I would just say expect us to continue to be testing and learning as we go.

再次提醒一下——是的，我們也還處於早期階段，我們將重新調整定價產品架構以應對高峰期，這將是一個常見的主題。您應該預料到，我們會繼續在那裡進行測試和學習，以了解該產品架構如何不斷發展演變。正如 Felicia 所說，我們不僅在產品供應方面，而且在支付結構和訂閱模式方面也在不斷發展，以滿足市場需求。但是，我再次強調，我們將繼續邊做邊測邊學。

Yes. And if you're looking specifically at the clinical business, we see both retention and adherence very significantly across the individual patient level. And it's well documented that there are a number of reasons that folks might discontinue or cycle off medication from side effects to cost considerations to just reaching their goals. And that's why we've really taken the approach of providing a high-quality holistic care system.

是的。如果具體來看臨床業務，我們會發現患者個體層面的留存率和依從性都非常高。有大量文獻記載，人們停止服用或停止服用藥物的原因有很多，從副作用到費用考慮，再到僅僅為了達到他們的目標。正因如此，我們才採取了提供高品質整體照護體系的方法。

As mentioned, we have 72% of our Med+ members reported that the GLP-1 success program helped them minimize their side effects, which is critical to maintain the adherence. So we view our goal as supporting people wherever they are in their way health journey.

如前所述，我們 72% 的 Med+ 會員報告稱，GLP-1 成功計劃幫助他們最大限度地減少了副作用，這對於保持依從性至關重要。因此，我們的目標是支持人們在健康之旅中的任何階段。

And we don't see that journey ending, particularly when the prescription stops. So our model is built to help members when appropriate. Transition seamlessly from medication-assisted treatment back to our core and behavioral programs to ensure that we can support their long-term health goals and weight management, even if they stop clinical therapy.

我們看不到這段旅程的終點，尤其是在停止服用處方藥之後。因此，我們的模式旨在適當的時候幫助成員。即使他們停止臨床治療，我們也能確保他們從藥物輔助治療無縫過渡回我們的核心和行為治療方案，從而支持他們的長期健康目標和體重管理。

William Reuter, Bank of America.

威廉‧羅伊特，美國銀行。

I have two questions. The first, on your general pricing strategy, where are you at this point and thoughts on how promotional you may be in 2026, whether you're going to be pulsing different offerings throughout the year and thoughts upon the importance of average revenue per user versus increased numbers.

我有兩個問題。首先，關於您的整體定價策略，您目前處於什麼階段？您對 2026 年的促銷有何看法？您是否會在一年中推出不同的產品？您認為平均每用戶收入與用戶數量增長相比哪個更重要？

Yes. So as we look out to kind of 2026 and specifically as it relates to our pricing and promotional structure, one of the big shifts that we have made kind of leading into the 2026 year was allowing members to renew from a long-term commitment to another long-term commitment. Historically, once the long-term commitment had ended, members would have to wait until the next big promotion to rejoin WeightWatchers.

是的。因此，展望 2026 年，特別是就我們的定價和促銷結構而言，我們在邁向 2026 年之際做出的一項重大轉變是允許會員將長期承諾續訂到另一個長期承諾。從歷史上看，一旦長期承諾結束，會員必須等到下一次大型促銷活動才能重新加入 WeightWatchers。

And so we are very excited about giving folks the opportunity specifically on our behavioral offering to renew from an LTC to LTC. This is one of kind of the first steps. We do anticipate that this has a slight impact to ARPU overall because what we -- as I just mentioned before, do see folks joining the 12-month LTC, which is at a lower price than our 1-month. However, I would note that we are using promotional activity more deliberately in the 2026 year and as well as in the past in the 2025 year.

因此，我們非常高興能夠為人們提供機會，讓他們透過我們的行為保險產品，從長期照護保險續保到長期照護保險。這算是踏出的第一步。我們預計這會對 ARPU 整體產生輕微影響，因為正如我剛才提到的，我們看到有人加入了 12 個月的 LTC，它的價格比我們的 1 個月 LTC 低。不過，我想指出的是，我們在 2026 年將更有意識地進行促銷活動，就像過去在 2025 年一樣。

So for example, in Q3 2025, we provided specific clinical promotional activity as we were moving to try to migrate as many members who are part of our compounding semaglutide offering. To our other branded Med+ that we offer. And so that was a very calculated choice that we have since kind of resumed back to more normal pricing on our clinic offerings. So see us being out there.

例如，在 2025 年第三季度，我們開展了具體的臨床推廣活動，以便盡可能地將參與我們複合索馬魯肽產品的成員遷移過來。以及我們提供的其他品牌 Med+。因此，這是一個經過深思熟慮的選擇，我們現在已經恢復了診所服務的正常定價。所以請關注我們的動態。

And then just to kind of remind on the ARPUs, like overall, the corp less ARPU SKU is about 2 times that of the or only SKU. And so as we kind of see the mix shift happening to clinic and also seeing core plus stabilize relative to core, we do anticipate that, that over time will increase ARPU and create for ARPU expansion.

然後，再提醒一下 ARPU，整體而言，沒有 ARPU 的 SKU 大約是只有 ARPU 的 SKU 的 2 倍。因此，隨著我們看到診所的成分發生某種轉變，核心業務相對於核心業務趨於穩定，我們預計，隨著時間的推移，這將提高每位用戶平均收入 (ARPU)，並促進 ARPU 的擴張。

Yes. And with our clinical pricing specifically, we feel very confident looking across the landscape that our price to value for our membership is very strong. We have one of the lower entry points to a clinical telehealth program in the space. And when you consider the holistic support system that we provide with that membership, we feel very strong about our price-to-value ratio.

是的。就我們的臨床定價而言，我們非常有信心，縱觀整個市場，我們的會員性價比非常高。我們在臨床遠距醫療計畫的進入門檻方面處於較低水準。考慮到我們為會員提供的全方位支援體系，我們對自身的性價比感到非常滿意。

Got it. That's very helpful. And then my second question, you guys referenced the B2B initiative. I'm wondering if you could share any data points on your success there, the size of the program and what type of growth you might expect or hope for this year?

知道了。那很有幫助。我的第二個問題是，你們提到了B2B計畫。我想請您分享您在該專案上取得的成功數據，例如專案規模，以及您今年預期或希望取得怎樣的成長？

Yes. So on our B2B business, this was an area that we had discussed having a disproportionate impact by bankruptcy just because it has a much longer sales cycle. And we were going through Chapter 11 during what was prime B2B sales cycle season.

是的。因此，在我們的 B2B 業務中，我們曾討論過破產會對這個領域產生不成比例的影響，因為它的銷售週期要長得多。而且，我們當時正處於 B2B 銷售旺季，卻還在經歷破產保護（第 11 章）。

However, since then, we are very enthused about our pipeline and pleased about the activity. We have taken a much more active effort in our B2B efforts overall. And so this -- like we do see as a really important initiative for us. It's still a small percentage of total revenue.

然而，自那以後，我們對我們的產品線感到非常興奮，並對目前的進展感到滿意。我們在B2B業務方面採取了更積極的措施。因此，我們認為這是一項非常重要的措施。這仍然只佔總收入的一小部分。

However, B2B subscribers are included in our behavioral and clinic business lines in the subscriber counts. But we are pleased with the momentum here and are happy with the diversification that it provides both on acquisition as well as with employer relationships.

但是，B2B 訂閱用戶已計入我們的行為健康和診所業務線的訂閱用戶數量。但我們對目前的勢頭感到滿意，也對它在收購和雇主關係方面帶來的多元化發展感到高興。

Yes. And to speak to a couple of the initiatives on that front, we're really excited about expanding our partnership with UnitedHealth really across multiple lines of business, including their hub, total weight support, UHD store and the pilot for fully insured members and broadly just looking to continue expanding our collaboration with them to meet -- to reach more employers.

是的。談到這方面的幾項舉措，我們非常高興能夠擴大與 UnitedHealth 的合作，涵蓋多個業務領域，包括他們的中心、全面體重支持、UHD 商店以及面向全額保險會員的試點項目，並且我們更希望繼續擴大與他們的合作，以接觸更多雇主。

And then to speak a little bit to the Rx Flex Fund, which was something that we announced on our last call, I believe. We did that based on the express needs of our clients, and we've seen others fast follow, which we view as evidence of demand for this type of offering. And with that, we offer -- we enable a partial subsidy from employers for GLP-1 costs to reduce the cost burden for members versus paying the full direct-to-consumer medication costs.

然後，我想稍微談談 Rx Flex 基金，我相信我們在上次電話會議上已經宣布了這項基金。我們這樣做是出於客戶的明確需求，我們看到其他人也迅速效仿，我們認為這證明了市場對這類產品的需求。因此，我們提供——我們允許雇主對 GLP-1 的費用進行部分補貼，以減輕會員的成本負擔，而不是支付全部直接面向消費者的藥物費用。

And one of the key differentiators for that program are that we embedded that plus offering within the RxFlexFund solution for comprehensive care in the program that's easy to add and implement. And as a part of that, as we speak to that price to value, members get access to our GLP-1 success program. as part of the overall offering to ensure they're getting wraparound support versus just contributing money to GLP-1.

該計劃的關鍵區別之一在於，我們將這項附加服務嵌入到 RxFlexFund 解決方案中，為該計劃提供易於添加和實施的全面護理。作為其中的一部分，正如我們談到性價比時所說，會員可以獲得我們的 GLP-1 成功計劃，這是整體服務的一部分，旨在確保他們獲得全方位的支持，而不僅僅是為 GLP-1 捐款。

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。我謹將會議交還給執行長塔拉·科蒙特，請她作總結發言。

Thanks, everyone. I appreciate you all joining us today. Very much appreciate you also your support and continued interest in the company, particularly at this really important time of transition for WeightWatchers. We have a huge opportunity ahead of us, and we are working very hard to deliver on our mandate of transforming this company to meet it. So it's early days.

謝謝大家。感謝各位今天蒞臨。非常感謝您對公司的支持和持續關注，尤其是在 WeightWatchers 經歷如此重要的轉型時期。我們面前有一個巨大的機遇，我們正在努力履行我們的使命，將公司轉型以迎接這個機會。現在還為時過早。

We know we've got plenty of work ahead but we believe we're very much on the right track, and we have a high level of confidence and conviction in our future. So we look forward to following up with some of you after the call, and thank you again for joining us today.

我們知道前方還有很多工作要做，但我們相信我們正走在正確的道路上，我們對未來充滿信心和信念。所以我們期待在通話結束後與你們中的一些人進行後續溝通，再次感謝你們今天參加我們的電話會議。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。