| Q1 2024 Variance | ||||||||||||||||||||||||
| 2024 | ||||||||||||||||||||||||
| Constant | ||||||||||||||||||||||||
| Q1 2024 | Q1 2023 | 2024 | Currency | |||||||||||||||||||||
| Currency | Constant | vs | vs | |||||||||||||||||||||
| GAAP | Adjustment | Currency | GAAP | 2023 | 2023 | |||||||||||||||||||
| Selected Financial Data | ||||||||||||||||||||||||
| Total Revenues | $ | 206,548 | $ | (783) | $ | 205,765 | $ | 241,895 | (14.6 | %) | (14.9 | %) | ||||||||||||
| Digital Subscription Revenues (1) | $ | 137,633 | $ | (602) | $ | 137,031 | $ | 149,344 | (7.8 | %) | (8.2 | %) | ||||||||||||
| Workshops + Digital Subscription Revenues (2) | $ | 47,671 | $ | (168) | $ | 47,503 | $ | 61,688 | (22.7 | %) | (23.0 | %) | ||||||||||||
| Clinical Subscription Revenues (3) | $ | 18,752 | $ | — | $ | 18,752 | $ | — | N/A | N/A | ||||||||||||||
| Subscription Revenues (4) | $ | 204,056 | $ | (770) | $ | 203,286 | $ | 211,032 | (3.3 | %) | (3.7 | %) | ||||||||||||
| Other Revenues (5) | $ | 2,492 | $ | (13) | $ | 2,479 | $ | 30,863 | (91.9 | %) | (92.0 | %) | ||||||||||||
| Three Months Ended | ||||||||
| March 30, | April 1, | |||||||
| 2024 | 2023 | |||||||
| Operating activities: | ||||||||
| Net loss | $ | (347,902) | $ | (118,679) | ||||
| Adjustments to reconcile net loss to cash used for operating activities: | ||||||||
| Depreciation and amortization | 10,403 | 11,989 | ||||||
| Amortization of deferred financing costs and debt discount | 1,254 | 1,254 | ||||||
| Impairment of franchise rights acquired | 257,988 | — | ||||||
| Impairment of intangible and long-lived assets | 24 | 171 | ||||||
| Share-based compensation expense | 2,402 | 2,669 | ||||||
| Deferred tax benefit | (18,244) | (3,110) | ||||||
| Allowance for doubtful accounts | 2,757 | (74) | ||||||
| Reserve for inventory obsolescence | 85 | 2,037 | ||||||
| Foreign currency exchange rate gain | (1,304) | (389) | ||||||
| Changes in cash due to: | ||||||||
| Receivables | 3,788 | (5,961) | ||||||
| Inventories | 79 | 7,994 | ||||||
| Prepaid expenses | 13,882 | 4,937 | ||||||
| Accounts payable | 4,130 | 2,728 | ||||||
| Accrued liabilities | (26,393) | 3,188 | ||||||
| Deferred revenue | 2,321 | 3,405 | ||||||
| Other long term assets and liabilities, net | (1,796) | 734 | ||||||
| Income taxes | 60,491 | 60,385 | ||||||
| Cash used for operating activities | (36,035) | (26,722) | ||||||
| Investing activities: | ||||||||
| Capital expenditures | (476) | (990) | ||||||
| Capitalized software and website development expenditures | (4,333) | (9,350) | ||||||
| Other items, net | (1) | (8) | ||||||
| Cash used for investing activities | (4,810) | (10,348) | ||||||
| Financing activities: | ||||||||
| Taxes paid related to net share settlement of equity awards | (114) | (205) | ||||||
| Proceeds from stock options exercised | — | 7 | ||||||
| Cash paid for acquisitions | (500) | (500) | ||||||
| Other items, net | (2) | (26) | ||||||
| Cash used for financing activities | (616) | (724) | ||||||
| Effect of exchange rate changes on cash and cash equivalents | (1,290) | 315 | ||||||
| Net decrease in cash and cash equivalents | (42,751) | (37,479) | ||||||
| Cash and cash equivalents, beginning of period | 109,366 | 178,326 | ||||||
| Cash and cash equivalents, end of period | $ | 66,615 | $ | 140,847 | ||||
| Three Months Ended | ||||||||||||
| March 30, 2024 | April 1, 2023 | Variance | ||||||||||
| Paid Weeks (1) | ||||||||||||
| Digital Paid Weeks | 42,319 | 40,801 | 3.7% | |||||||||
| Workshops + Digital Paid Weeks | 8,425 | 10,151 | (17.0%) | |||||||||
| Clinical Paid Weeks | 1,056 | — | N/A | |||||||||
| Total Paid Weeks | 51,799 | 50,952 | 1.7% | |||||||||
| End of Period Subscribers (2) | ||||||||||||
| End of Period Digital Subscribers | 3,277 | 3,254 | 0.7% | |||||||||
| End of Period Workshops + Digital Subscribers | 640 | 768 | (16.7%) | |||||||||
| End of Period Clinical Subscribers | 91 | — | N/A | |||||||||
| Total End of Period Subscribers | 4,008 | 4,022 | (0.4%) | |||||||||
| Three Months Ended | ||||||||
| March 30, | April 1, | |||||||
| 2024 | 2023 | |||||||
| Net Loss | $ | (347,902) | $ | (118,679) | ||||
| Interest | 24,727 | 22,846 | ||||||
| Taxes | 55,448 | 67,580 | ||||||
| Depreciation and Amortization | 10,403 | 10,273 | ||||||
| Stock-based Compensation | 2,402 | 2,669 | ||||||
| EBITDAS | $ | (254,922) | $ | (15,311) | ||||
| Franchise Rights Acquired Impairments (1) | 257,988 | — | ||||||
| 2023 Plan Restructuring Charges (2) | 5,493 | 22,632 | ||||||
| 2022 Plan Restructuring Charges (3) | 244 | 40 | ||||||
| 2021 Plan Restructuring Charges (4) | — | (7) | ||||||
| 2020 Plan Restructuring Charges (5) | — | (5) | ||||||
| Acquisition Transaction Costs (6) | — | 3,719 | ||||||
| Adjusted EBITDAS | $ | 8,803 | $ | 11,068 | ||||
| March 30, | December 30, | |||||||
| 2024 | 2023 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS | ||||||||
| Cash and cash equivalents | $ | 66,615 | $ | 109,366 | ||||
| Receivables (net of allowances: March 30, 2024 - $1,887 and December 30, 2023 - $1,041) | 13,173 | 14,938 | ||||||
| Prepaid income taxes | 14,316 | 25,370 | ||||||
| Prepaid marketing and advertising | 2,982 | 10,149 | ||||||
| Prepaid expenses and other current assets | 19,888 | 19,651 | ||||||
| TOTAL CURRENT ASSETS | 116,974 | 179,474 | ||||||
| Property and equipment, net | 19,068 | 19,741 | ||||||
| Operating lease assets | 50,133 | 52,272 | ||||||
| Franchise rights acquired | 128,213 | 386,526 | ||||||
| Goodwill | 242,258 | 243,441 | ||||||
| Other intangible assets, net | 58,031 | 63,208 | ||||||
| Deferred income taxes | 20,328 | 19,683 | ||||||
| Other noncurrent assets | 19,243 | 17,685 | ||||||
| TOTAL ASSETS | $ | 654,248 | $ | 982,030 | ||||
| LIABILITIES AND TOTAL DEFICIT | ||||||||
| CURRENT LIABILITIES | ||||||||
| Portion of operating lease liabilities due within one year | $ | 9,660 | $ | 9,613 | ||||
| Accounts payable | 22,514 | 18,507 | ||||||
| Salaries and wages payable | 52,769 | 79,096 | ||||||
| Accrued marketing and advertising | 15,789 | 18,215 | ||||||
| Accrued interest | 11,204 | 5,346 | ||||||
| Deferred acquisition payable | 16,000 | 16,500 | ||||||
| Other accrued liabilities | 23,019 | 22,610 | ||||||
| Income taxes payable | 62,088 | 1,609 | ||||||
| Deferred revenue | 36,004 | 33,966 | ||||||
| TOTAL CURRENT LIABILITIES | 249,047 | 205,462 | ||||||
| Long-term debt, net | 1,427,509 | 1,426,464 | ||||||
| Long-term operating lease liabilities | 51,256 | 53,461 | ||||||
| Deferred income taxes | 22,544 | 41,994 | ||||||
| Other | 16,191 | 15,743 | ||||||
| TOTAL LIABILITIES | 1,766,547 | 1,743,124 | ||||||
| TOTAL DEFICIT | ||||||||
| Common stock, $0 par value; 1,000,000 shares authorized; 130,048 shares issued at March 30, 2024 and 130,048 shares issued at December 30, 2023 | 0 | 0 | ||||||
| Treasury stock, at cost, 50,803 shares at March 30, 2024 and 50,859 shares at December 30, 2023 | (3,062,005) | (3,064,628) | ||||||
| Retained earnings | 1,966,625 | 2,314,834 | ||||||
| Accumulated other comprehensive loss | (16,919) | (11,300) | ||||||
| TOTAL DEFICIT | (1,112,299) | (761,094) | ||||||
| TOTAL LIABILITIES AND TOTAL DEFICIT | $ | 654,248 | $ | 982,030 | ||||
