interest, taxes, depreciation, amortization, stock-based compensation, franchise rights acquired and goodwill impairments, net restructuring charges, and certain
non-recurring transaction costs in connection with the acquisition of Sequence (Adjusted EBITDAS); total debt less unamortized deferred financing costs, unamortized debt discount and cash on hand
(i.e., net debt); and a net debt/Adjusted EBITDAS ratio. Adjusted EBITDAS for the first quarter of fiscal 2023 as presented herein was recast to reflect certain non-recurring transaction costs in connection
with the acquisition of Sequence. In addition, the Company presents certain of its financial results on a constant currency basis in addition to GAAP results. Constant currency information compares results between periods as if exchange rates had
remained constant period-over-period. The Company calculates constant currency by calculating current-year results using prior-year foreign currency exchange rates.
Management believes these non-GAAP financial measures provide useful supplemental information for its and
investors evaluation of the Companys business performance and are useful for period-over-period comparisons of the performance of the Companys business. While management believes that these
non-GAAP financial measures are useful in evaluating the Companys business, this information should be considered as supplemental in nature and should not be considered in isolation or as a substitute
for the related financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly entitled measures reported by other companies. See
Reconciliation of Non-GAAP Financial Measures attached to this release and reconciliations, if any, included elsewhere in this release for a reconciliation of the
non-GAAP financial measures to the most directly comparable GAAP measures.
About WW International, Inc.
WeightWatchers is a human-centric technology company powered by our proven, science-based, clinically effective weight loss and weight management
program. For six decades, we have inspired millions of people to adopt healthy habits for real life. We combine technology and community to help members reach and sustain their goals on our program. To learn more about the WeightWatchers approach to
healthy living, please visit ww.com. For more information about our global business, visit our corporate website at corporate.ww.com.
This news
release and any attachments include forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, in
particular, any guidance and any statements about the Companys plans, strategies, objectives, initiatives, roadmap and prospects. The Company generally uses the words may, will, could, expect,
anticipate, believe, estimate, plan, intend, aim and similar expressions in this news release and any attachments to identify forward-looking statements. The Company bases these
forward-looking statements on its current views with respect to future events and financial performance. Actual results could differ materially from those projected in these forward-looking statements. These forward-looking statements are subject to
risks, uncertainties and assumptions, including, among other things: the impact of the COVID-19 pandemic on the Companys business and on the consumer environment and markets in which the Company
operates; competition from other weight management and wellness industry participants or the development of more effective or more favorably perceived weight management methods; the Companys failure to continue to retain and grow its
subscriber base; the Companys ability to continue to develop new, innovative services and products and enhance its existing services and products or the failure of its services, products or brands to continue to appeal to the market, or its
ability to successfully expand into new channels of distribution or respond to consumer trends or sentiment; the ability to successfully implement strategic initiatives; the Companys ability to transform its Workshops + Digital business
strategy to meet the evolving needs of its members; the effectiveness and efficiency of the Companys advertising and marketing programs, including the strength of the Companys social media presence; the impact on the Companys
reputation of actions taken by its franchisees, licensees, suppliers and other partners, including