Weight Watchers International Financials

$341.7 M

Revenue Q2, 2017

$5.1 B

Mkt cap, 16-Feb-2018
Gross profit (Q2, 2017)221.3 M
Gross profit margin (Q2, 2017), %65%
Net income (Q2, 2017)45.2 M
EBIT (Q2, 2017)96.2 M
Cash, 07-Jan-2017104.5 M
EV6.9 B

Market Value

Revenue/Financials

Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016

Revenue

1.7 b1.5 b1.2 b1.2 b

Revenue growth, %

(14%)(21%)0%

Cost of goods sold

477.9 m468.8 m

Gross profit

686.5 m696.1 m

Gross profit Margin, %

59%60%

General and administrative expense

190.3 m

Operating expense total

190.3 m

EBIT

460.8 m273.3 m168.1 m200.8 m

EBIT margin, %

27%18%14%17%

Interest expense

121.8 m115.2 m

Pre tax profit

55.6 m84.1 m

Income tax expense

22.8 m16.6 m

Net Income

204.7 m98.6 m32.8 m67.5 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q3, 2015Q1, 2016Q2, 2015Q3, 2016Q1, 2016Q2, 2016Q1, 2017Q2, 2017

Revenue

393.9 m409.4 m397.5 m345.2 m273.3 m309.8 m280.8 m306.9 m309.8 m329.1 m341.7 m

Cost of goods sold

163.9 m144.6 m135.3 m122.1 m114 m120 m111.5 m124.7 m119.8 m124.9 m120.3 m

Gross profit

230 m264.7 m262.2 m223.1 m159.4 m189.8 m169.3 m182.2 m190 m204.2 m221.3 m

Gross profit Margin, %

58%65%66%65%58%61%60%59%61%62%65%

General and administrative expense

59.1 m56.5 m65 m59.4 m46.4 m48.5 m47.4 m49.6 m46.1 m47.4 m50.8 m

Operating expense total

59.1 m56.5 m65 m59.4 m46.4 m48.5 m47.4 m49.6 m46.1 m47.4 m50.8 m

EBIT

124.5 m51.1 m114.6 m91.4 m63.1 m70.6 m66.8 m13.6 m73.7 m30.2 m96.2 m

EBIT margin, %

32%12%29%26%23%23%24%4%24%9%28%

Interest expense

26.9 m25.3 m31.2 m33 m30.1 m30.5 m28.3 m30 m28.6 m28.1 m27.1 m

Pre tax profit

98 m36.1 m82.5 m56.9 m32.6 m46.5 m38.6 m(16.4 m)44.5 m1.5 m71.2 m

Income tax expense

37.7 m14.5 m28.4 m19.1 m10.8 m18.7 m4 m14 m26 m

Net Income

60.3 m21.5 m54.1 m37.8 m21.8 m(5.5 m)27.8 m34.6 m(10.8 m)30.5 m10.6 m45.2 m

Balance Sheet

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016

Cash

174.6 m301.2 m241.5 m108.7 m

Inventories

40.9 m32.4 m27.8 m32.6 m

Current Assets

315.7 m427.7 m359 m235.2 m

PP&E

87.1 m74.7 m58.2 m49.6 m

Goodwill

79.3 m106.8 m159.3 m166.1 m

Total Assets

1.4 b1.5 b1.4 b1.3 b

Accounts Payable

45.5 m54.5 m38.2 m40.6 m

Current Liabilities

345.8 m377 m503.1 m292.4 m

Long-term debt

2.4 b2.3 b2 b2 b

Total Debt

2 b

Total Liabilities

2.5 b

Retained Earnings

1.8 b1.9 b2 b2.1 b

Debt to Assets Ratio

1.6 x

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q3, 2015Q1, 2016Q2, 2015Q3, 2016Q1, 2016Q2, 2016Q1, 2017Q2, 2017

Cash

181.3 m231.6 m276.5 m327.4 m212.3 m211 m149.7 m99 m127.8 m114.5 m135.2 m104.5 m

Inventories

33.6 m32.7 m28.5 m23.5 m12.3 m28.1 m18.5 m29.5 m29.8 m29 m25.5 m22.9 m

Current Assets

304.4 m368 m399.6 m439 m322.1 m345.2 m250.6 m215.1 m241.2 m216.2 m266.7 m214.9 m

PP&E

89.4 m84.2 m81.1 m76.8 m62.2 m72.1 m67.4 m51.8 m55.2 m51.9 m47.7 m47.8 m

Goodwill

75.9 m110 m114.8 m110.7 m161.6 m167.7 m167.5 m167.6 m163.9 m168.5 m167.4 m167.9 m

Total Assets

1.4 b1.5 b1.5 b1.6 b1.4 b1.4 b1.3 b1.3 b1.3 b1.3 b1.3 b1.2 b

Accounts Payable

40.9 m55.8 m37.9 m36.6 m36.8 m56.9 m39.8 m31.6 m69 m31.2 m41.2 m20.2 m

Current Liabilities

384.2 m399 m385.7 m378.4 m515.7 m606.2 m457.8 m313.7 m414.9 m362.3 m299.9 m272.8 m

Long-term debt

2.4 b2.4 b2.3 b2.3 b2 b2 b2 b2 b2 b2 b2 b1.9 b

Total Debt

2.4 b2.4 b2.3 b2.3 b2 b2 b2 b2 b2 b2 b2 b1.9 b

Total Liabilities

2.9 b2.9 b2.9 b2.9 b2.7 b2.8 b2.7 b2.5 b2.6 b2.5 b2.5 b2.4 b

Retained Earnings

1.7 b1.8 b1.9 b1.9 b2 b1.9 b1.9 b2 b2 b2 b2.1 b2.1 b

Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016

Net Income

204.7 m98.6 m32.8 m67.5 m

Depreciation and Amortization

44.9 m49.2 m53.2 m52.6 m

Inventories

(2.2 m)(3.2 m)(3.1 m)(9.5 m)

Accounts Payable

(3.6 m)9.9 m(13.9 m)461 k

Cash From Operating Activities

323.5 m231.6 m54.8 m119 m

Capital Expenditures

(40.7 m)(9.1 m)(4 m)(5.6 m)

Long-term Borrowings

(2.5 b)(30 m)(158.1 m)(165.3 m)

Income Taxes Paid

4.5 m(1.4 m)(10 m)(2.2 m)

Free Cash Flow

364.2 m240.7 m58.8 m113.5 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q3, 2015Q1, 2016Q2, 2015Q3, 2016Q1, 2016Q2, 2016Q1, 2017Q2, 2017

Net Income

173.9 m21.5 m75.6 m113.4 m44.1 m(5.5 m)22.3 m54.3 m(10.8 m)19.7 m10.6 m55.7 m

Depreciation and Amortization

33.1 m11.5 m23.6 m36.3 m40.7 m13.9 m28.3 m39.1 m12.9 m25.8 m12.9 m25.6 m

Inventories

7.2 m6 m8.4 m6.4 m13.2 m1.7 m8.1 m(4.8 m)(3.1 m)(3.3 m)4.6 m5.9 m

Accounts Payable

(8.1 m)10.2 m(7.8 m)(8.7 m)(14.9 m)3.3 m(12 m)(7.2 m)30.2 m(7.1 m)3.2 m(19.7 m)

Cash From Operating Activities

301.4 m80.9 m145.5 m221.3 m52.9 m26.3 m93.9 m46.4 m42.3 m98.1 m

Capital Expenditures

(37.7 m)(2.1 m)(4.5 m)(6 m)(3.6 m)(1.4 m)(3.8 m)(4.6 m)(1.1 m)(1.7 m)(3.4 m)(5.6 m)

Long-term Borrowings

(2.4 b)(6 m)(12 m)(18 m)(104.9 m)(65.1 m)(147.6 m)(160.1 m)(149.6 m)(154.8 m)(5.3 m)(83.3 m)

Income Taxes Paid

20.7 m(6.8 m)(1 m)6.1 m(2.2 m)(3.1 m)(6.3 m)1.1 m1.3 m1.4 m5.9 m8.8 m

Free Cash Flow

263.8 m78.8 m141 m215.3 m49.3 m22.5 m89.4 m44.7 m38.9 m92.5 m

Ratios

USDY, 2017

EV/EBIT

72 x

EV/CFO

70.6 x

EV/FCF

74.9 x

Revenue/Employee

19 k