Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Apr. 02, 2022 | Apr. 28, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Apr. 2, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | WW | |
Entity Registrant Name | WW INTERNATIONAL, INC. | |
Entity Central Index Key | 0000105319 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 70,331,228 | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-16769 | |
Entity Incorporation, State or Country Code | VA | |
Entity Tax Identification Number | 11-6040273 | |
Entity Address, Address Line One | 675 Avenue of the Americas | |
Entity Address, Address Line Two | 6th Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10010 | |
City Area Code | 212 | |
Local Phone Number | 589-2700 | |
Title of 12(b) Security | Common Stock, no par value | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Apr. 02, 2022 | Jan. 01, 2022 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 127,640 | $ 153,794 |
Receivables (net of allowances: April 2, 2022 - $1,891 and January 1, 2022 - $1,726) | 39,266 | 29,321 |
Inventories | 29,496 | 30,566 |
Prepaid income taxes | 29,382 | 30,478 |
Prepaid expenses and other current assets | 31,841 | 27,014 |
TOTAL CURRENT ASSETS | 257,625 | 271,173 |
Property and equipment, net | 34,688 | 37,219 |
Operating lease assets | 86,302 | 89,902 |
Franchise rights acquired | 785,852 | 785,195 |
Goodwill | 163,353 | 157,374 |
Other intangible assets, net | 62,268 | 61,126 |
Deferred income taxes | 11,504 | 11,259 |
Other noncurrent assets | 17,834 | 15,686 |
TOTAL ASSETS | 1,419,426 | 1,428,934 |
CURRENT LIABILITIES | ||
Portion of operating lease liabilities due within one year | 18,969 | 20,297 |
Accounts payable | 29,339 | 22,444 |
Salaries and wages payable | 53,112 | 57,401 |
Accrued marketing and advertising | 10,191 | 15,904 |
Accrued interest | 10,815 | 5,085 |
Other accrued liabilities | 41,717 | 45,728 |
Derivative payable | 2,912 | 14,670 |
Income taxes payable | 618 | 1,748 |
Deferred revenue | 48,991 | 45,855 |
TOTAL CURRENT LIABILITIES | 216,664 | 229,132 |
Long-term debt, net | 1,419,149 | 1,418,104 |
Long-term operating lease liabilities | 75,527 | 78,157 |
Deferred income taxes | 154,759 | 157,718 |
Other | 2,656 | 2,227 |
TOTAL LIABILITIES | 1,868,755 | 1,885,338 |
TOTAL DEFICIT | ||
Common stock, $0 par value; 1,000,000 shares authorized; 122,052 shares issued at April 2, 2022 and 122,052 shares issued at January 1, 2022 | 0 | 0 |
Treasury stock, at cost, 51,923 shares at April 2, 2022 and 51,988 shares at January 1, 2022 | (3,117,434) | (3,120,149) |
Retained earnings | 2,675,767 | 2,682,349 |
Accumulated other comprehensive loss | (7,662) | (18,604) |
TOTAL DEFICIT | (449,329) | (456,404) |
TOTAL LIABILITIES AND TOTAL DEFICIT | $ 1,419,426 | $ 1,428,934 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Apr. 02, 2022 | Jan. 01, 2022 |
Statement Of Financial Position [Abstract] | ||
Receivables, allowances | $ 1,891 | $ 1,726 |
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 122,052,000 | 122,052,000 |
Treasury stock, shares | 51,923,000 | 51,988,000 |
CONSOLIDATED STATEMENTS OF NET
CONSOLIDATED STATEMENTS OF NET INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 02, 2022 | Apr. 03, 2021 | |
Revenues, net | $ 297,761 | $ 331,796 |
Cost of revenues | 117,663 | 138,361 |
Gross profit | 180,098 | 193,435 |
Marketing expenses | 107,570 | 116,933 |
Selling, general and administrative expenses | 63,558 | 73,671 |
Operating income | 8,970 | 2,831 |
Interest expense | 18,671 | 29,123 |
Other expense (income), net | 344 | (237) |
Loss before income taxes | (10,045) | (26,055) |
Benefit from income taxes | (1,802) | (7,828) |
Net loss | $ (8,243) | $ (18,227) |
Net loss per share | ||
Basic | $ (0.12) | $ (0.26) |
Diluted | $ (0.12) | $ (0.26) |
Weighted average common shares outstanding | ||
Basic | 70,086 | 69,084 |
Diluted | 70,086 | 69,084 |
Subscription | ||
Revenues, net | $ 256,985 | $ 279,820 |
Cost of revenues | 86,041 | 99,103 |
Product and Other | ||
Revenues, net | 40,776 | 51,976 |
Cost of revenues | $ 31,622 | $ 39,258 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2022 | Apr. 03, 2021 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net loss | $ (8,243) | $ (18,227) |
Other comprehensive gain: | ||
Foreign currency translation loss | (141) | (1,120) |
Income tax benefit on foreign currency translation loss | 35 | 282 |
Foreign currency translation loss, net of taxes | (106) | (838) |
Gain on derivatives | 14,756 | 5,204 |
Income tax expense on gain on derivatives | (3,708) | (1,311) |
Gain on derivatives, net of taxes | 11,048 | 3,893 |
Total other comprehensive gain | 10,942 | 3,055 |
Comprehensive income (loss) | $ 2,699 | $ (15,172) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN TOTAL DEFICIT - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Treasury Stock | Accumulated Other Comprehensive Loss | Retained Earnings |
Beginning balance at Jan. 02, 2021 | $ (548,211) | $ 0 | $ (3,140,903) | $ (25,149) | $ 2,617,841 |
Beginning balance (in shares) at Jan. 02, 2021 | 121,470 | 52,497 | |||
Comprehensive income (loss) | (15,172) | 3,055 | (18,227) | ||
Issuance of treasury stock under stock plans | (35) | $ 1,048 | (1,083) | ||
Issuance of treasury stock under stock plans (in shares) | (26) | ||||
Compensation expense on share-based awards | 5,340 | 5,340 | |||
Issuance of common stock | 2,300 | 2,300 | |||
Issuance of common stock (in shares) | 331 | ||||
Ending balance at Apr. 03, 2021 | (555,778) | $ 0 | $ (3,139,855) | (22,094) | 2,606,171 |
Ending balance (in shares) at Apr. 03, 2021 | 121,801 | 52,471 | |||
Beginning balance at Jan. 01, 2022 | (456,404) | $ 0 | $ (3,120,149) | (18,604) | 2,682,349 |
Beginning balance (in shares) at Jan. 01, 2022 | 122,052 | 51,988 | |||
Comprehensive income (loss) | 2,699 | 10,942 | (8,243) | ||
Issuance of treasury stock under stock plans | (324) | $ 2,715 | (3,039) | ||
Issuance of treasury stock under stock plans (in shares) | (65) | ||||
Compensation expense on share-based awards | 4,700 | 4,700 | |||
Ending balance at Apr. 02, 2022 | $ (449,329) | $ 0 | $ (3,117,434) | $ (7,662) | $ 2,675,767 |
Ending balance (in shares) at Apr. 02, 2022 | 122,052 | 51,923 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2022 | Apr. 03, 2021 | |
Operating activities: | ||
Net loss | $ (8,243) | $ (18,227) |
Adjustments to reconcile net loss to cash used for operating activities: | ||
Depreciation and amortization | 10,759 | 13,180 |
Amortization of deferred financing costs and debt discount | 1,254 | 2,231 |
Impairment of intangible and long-lived assets | 42 | 184 |
Share-based compensation expense | 4,700 | 5,341 |
Deferred tax benefit | (6,693) | (1,361) |
Allowance for doubtful accounts | 72 | (12) |
Reserve for inventory obsolescence | 1,254 | 2,416 |
Foreign currency exchange rate loss (gain) | 623 | (372) |
Changes in cash due to: | ||
Receivables | (10,596) | (6,008) |
Inventories | (120) | 2,792 |
Prepaid expenses | (4,106) | (4,313) |
Accounts payable | 7,118 | (842) |
Accrued liabilities | (5,268) | (1,756) |
Deferred revenue | 3,560 | (211) |
Other long term assets and liabilities, net | (3,003) | (738) |
Income taxes | (1,807) | (4,182) |
Cash used for operating activities | (10,454) | (11,878) |
Investing activities: | ||
Capital expenditures | (323) | (688) |
Capitalized software expenditures | (8,905) | (9,447) |
Cash paid for acquisitions | (4,350) | (10,849) |
Other items, net | (11) | (16) |
Cash used for investing activities | (13,589) | (21,000) |
Financing activities: | ||
Payments on long-term debt | (19,250) | |
Taxes paid related to net share settlement of equity awards | (374) | (237) |
Proceeds from stock options exercised | 2,468 | |
Other items, net | (35) | (43) |
Cash used for financing activities | (409) | (17,062) |
Effect of exchange rate changes on cash and cash equivalents | (1,702) | (2,634) |
Net decrease in cash and cash equivalents | (26,154) | (52,574) |
Cash and cash equivalents, beginning of period | 153,794 | 165,887 |
Cash and cash equivalents, end of period | $ 127,640 | $ 113,313 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Apr. 02, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 1. The accompanying consolidated financial statements include the accounts of WW International, Inc. and all of its subsidiaries. The terms “Company” and “WW” as used throughout these notes are used to indicate WW International, Inc. and all of its operations consolidated for purposes of its financial statements. The Company’s “Digital” business refers to providing subscriptions to the Company’s digital product offerings, including Personal Coaching + Digital. The Company’s “ Workshops + Digital” business refers to providing access to the Company’s workshops combined with the Company’s digital subscription product offerings to commitment plan subscribers. It also includes the provision of access to workshops for members who do not subscribe to commitment plans, including the Company’s The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and include amounts that are based on management’s best estimates and judgments. While all available information has been considered, actual amounts could differ from those estimates. For example, the Company considered the impact of COVID-19 and its variants on the assumptions and estimates used when preparing its Quarterly Report on Form 10-Q quarterly financial statements. These assumptions and estimates may change as new events occur and additional information is obtained, and such future changes may have an adverse impact on the Company's results of operations, financial position and liquidity. The consolidated financial statements include all of the Company’s majority-owned subsidiaries. All entities acquired, and any entity of which a majority interest was acquired, are included in the consolidated financial statements from the date of acquisition. All intercompany accounts and transactions have been eliminated in consolidation. The Company’s operating results for any interim period are not necessarily indicative of future or annual results. The consolidated financial statements are unaudited and, accordingly, they do not include all of the information necessary for a comprehensive presentation of results of operations, financial position and cash flow activity required by GAAP for complete financial statements but, in the opinion of management, reflect all adjustments including those of a normal recurring nature necessary for a fair statement of the interim results presented. These statements should be read in conjunction with the Company’s Annual Report on Form 10-K for fiscal 2021 filed on March 1, 2022, which includes additional information about the Company, its results of operations, its financial position and its cash flows. |
Accounting Standards Adopted in
Accounting Standards Adopted in Current Year | 3 Months Ended |
Apr. 02, 2022 | |
Accounting Changes And Error Corrections [Abstract] | |
Accounting Standards Adopted in Current Year | 2 . In October 2021, the Financial Accounting Standards Board (the “FASB”) issued updated guidance to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice and inconsistency related to (i) recognition of an acquired contract liability and (ii) payment terms and their effect on subsequent revenue recognized by the acquirer. The amendments in this update require an acquiring entity to recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. The effective date of the new guidance for public companies is for fiscal years beginning after December 15, 2022 and interim periods within those fiscal years. Early adoption is permitted. The new guidance should be applied prospectively to business combinations occurring on or after its effective date. On January 2, 2022, the Company early adopted this updated guidance on a prospective basis, which did not have a material impact on its consolidated financial statements. |
Leases
Leases | 3 Months Ended |
Apr. 02, 2022 | |
Leases [Abstract] | |
Leases | 3. Leases At April 2, 2022 and January 1, 2022, the Company’s lease assets and lease liabilities, primarily for its studios and corporate offices, were as follows: April 2, 2022 January 1, 2022 Assets: Operating lease assets $ 86,302 $ 89,902 Finance lease assets 136 127 Total leased assets $ 86,438 $ 90,029 Liabilities: Current Operating $ 18,969 $ 20,297 Finance 101 75 Noncurrent Operating $ 75,527 $ 78,157 Finance 22 29 Total lease liabilities $ 94,619 $ 98,558 For the three months ended April 2, 2022 and April 3, 2021, the components of the Company’s lease expense were as follows: Three Months Ended April 2, April 3, 2022 2021 Operating lease cost: Fixed lease cost $ 8,112 $ 11,044 Lease termination cost (120 ) 3,152 Variable lease cost 7 5 Total operating lease cost $ 7,999 $ 14,201 Finance lease cost: Amortization of leased assets 35 43 Interest on lease liabilities 1 2 Total finance lease cost $ 36 $ 45 Total lease cost $ 8,035 $ 14,246 At April 2, 2022 and January 1, 2022, the Company’s weighted average remaining lease term and weighted average discount rates were as follows: April 2, 2022 January 1, 2022 Weighted Average Remaining Lease Term (years) Operating leases 7.25 7.29 Finance leases 1.35 1.54 Weighted Average Discount Rate Operating leases 7.15 7.15 Finance leases 4.56 5.31 The Company’s leases have remaining lease terms of 0 to 10 years with a weighted average lease term of 7.24 years as of April 2, 2022. At April 2, 2022, the maturity of the Company’s lease liabilities in each of the next five fiscal years and thereafter were as follows: Operating Leases Finance Leases Total Remainder of fiscal 2022 $ 19,048 $ 86 $ 19,134 Fiscal 2023 21,532 36 21,568 Fiscal 2024 16,123 5 16,128 Fiscal 2025 11,811 — 11,811 Fiscal 2026 9,472 — 9,472 Thereafter 45,573 — 45,573 Total lease payments $ 123,559 $ 127 $ 123,686 Less imputed interest 29,063 4 29,067 Present value of lease liabilities $ 94,496 $ 123 $ 94,619 Supplemental cash flow information related to leases for the three months ended April 2, 2022 and April 3, 2021 were as follows: Three Months Ended April 2, April 3, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 8,509 $ 11,772 Operating cash flows from finance leases $ 1 $ 2 Financing cash flows from finance leases $ 35 $ 43 Leased assets obtained (modified) in exchange for new (modified) operating lease liabilities $ 2,859 $ (1,892 ) Leased assets obtained in exchange for new finance lease liabilities $ 46 $ — |
Revenue
Revenue | 3 Months Ended |
Apr. 02, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | 4 . Revenue Revenues are recognized when control of the promised services or goods is transferred to the Company’s customers, in an amount that reflects the consideration it expects to be entitled to in exchange for those services or goods. The following table presents the Company’s revenues disaggregated by revenue source: Three Months Ended April 2, April 3, 2022 2021 Digital Subscription Revenues $ 191,482 $ 206,062 Workshops + Digital Fees 65,503 73,758 Subscription Revenues, net $ 256,985 $ 279,820 Product sales and other, net 40,776 51,976 Revenues, net $ 297,761 $ 331,796 The following tables present the Company’s revenues disaggregated by revenue source and segment: Three Months Ended April 2, 2022 North Continental United America Europe Kingdom Other Total Digital Subscription Revenues $ 125,319 $ 53,475 $ 7,805 $ 4,883 $ 191,482 Workshops + Digital Fees 50,980 8,222 4,422 1,879 65,503 Subscription Revenues, net $ 176,299 $ 61,697 $ 12,227 $ 6,762 $ 256,985 Product sales and other, net 28,014 9,205 2,212 1,345 40,776 Revenues, net $ 204,313 $ 70,902 $ 14,439 $ 8,107 $ 297,761 Three Months Ended April 3, 2021 North Continental United America Europe Kingdom Other Total Digital Subscription Revenues $ 132,090 $ 58,915 $ 9,809 $ 5,248 $ 206,062 Workshops + Digital Fees 54,904 10,940 5,169 2,745 73,758 Subscription Revenues, net $ 186,994 $ 69,855 $ 14,978 $ 7,993 $ 279,820 Product sales and other, net 34,321 12,041 4,089 1,525 51,976 Revenues, net $ 221,315 $ 81,896 $ 19,067 $ 9,518 $ 331,796 Information about Contract Balances For Subscription Revenues, the Company can collect payment in advance of providing services. Any amounts collected in advance of services being provided are recorded in deferred revenue. In the case where amounts are not collected, but the service has been provided and the revenue has been recognized, the amounts are recorded in accounts receivable. The opening and ending balances of the Company’s deferred revenues were as follows: Deferred Deferred Revenue Revenue-Long Term Balance as of January 1, 2022 $ 45,855 $ 28 Net increase during the period 3,136 21 Balance as of April 2, 2022 $ 48,991 $ 49 Balance as of January 2, 2021 $ 50,475 $ 44 Net decrease during the period (459 ) (18 ) Balance as of April 3, 2021 $ 50,016 $ 26 Revenue recognized from amounts included in current deferred revenue as of January 1, 2022 was $41,393 for the three months ended April 2, 2022. Revenue recognized from amounts included in current deferred revenue as of January 2, 2021 was $45,275 for the three months ended April 3, 2021. The Company’s long-term deferred revenue, which is included in other liabilities on the Company’s consolidated balance sheet, represents revenue that will not be recognized during the next fiscal year and is generally related to upfront payments received as an inducement for entering into certain sales-based royalty agreements with third party licensees. This revenue is amortized on a straight-line basis over the term of the applicable agreement. |
Acquisitions
Acquisitions | 3 Months Ended |
Apr. 02, 2022 | |
Business Combinations [Abstract] | |
Acquisitions | 5 . Acquisitions Acquisitions of Franchisees On February 18, 2022, the Company acquired the entire issued share capital of its Republic of Ireland franchisee, Denross Limited, and its Northern Ireland franchisee, Checkweight Limited, as follows: (a) The Company acquired the entire issued share capital of Denross Limited for a purchase price of $4,500. Payment was in the form of cash paid on December 21, 2021 ($650), cash paid on February 18, 2022 ($3,100) and cash in reserves ($750). The total purchase price was allocated to goodwill ($4,645), deferred tax asset ($496) fully offset by a tax valuation allowance ($496), assumed liabilities ($166), customer relationship value ($14), cash ($4) and other receivables ($3). The goodwill will not be deductible for tax purposes; and (b) The Company acquired the entire issued share capital of Checkweight Limited for a purchase price of $1,500. Payment was in the form of cash ($1,250) and cash in reserves ($250). The total purchase price was allocated to goodwill ($1,291), franchise rights acquired ($240), assumed liabilities ($56), customer relationship value ($17), deferred tax asset ($5) fully offset by a tax valuation allowance ($5), cash ($4) and other receivables ($4). The goodwill will not be deductible for tax purposes. On August 16, 2021, the Company acquired substantially all of the assets of its franchisee for certain territories in Maine, Weight Watchers of Maine, Inc., for a purchase price of $2,250. Payment was in the form of cash ($1,999), cash in reserves ($225) and assumed net liabilities ($26). The total purchase price was allocated to goodwill ($2,153), customer relationship value ($56) and franchise rights acquired ($41). The goodwill will be deductible for tax purposes. On March 22, 2021, the Company acquired substantially all of the assets of its Michigan franchisee, The WW Group, Inc., and its Ontario, Canada franchisee, The WW Group Co., as follows: (a) The Company acquired substantially all of the assets of The WW Group, Inc., which operated franchises in certain territories in Michigan, for an aggregate purchase price of $17,500. Payment was in the form of cash paid on March 22, 2021 ($8,255), cash paid on July 30, 2021 ($6,450), cash in reserves ($2,300) and assumed net liabilities ($495). The total purchase price was allocated to franchise rights acquired ($16,885), customer relationship value ($408), inventories ($162), property and equipment, net ($41) and other assets ($4); and (b) The Company acquired substantially all of the assets of The WW Group Co., which operated franchises in certain territories in Ontario, Canada, for an aggregate purchase price of $3,114. Payment was in the form of cash ($2,605), cash in reserves ($599) and assumed net assets ($90). The total purchase price was allocated to franchise rights acquired ($3,040), customer relationship value ($42), property and equipment, net ($25), inventories ($6) and other assets ($1). These acquisitions have been accounted for under the purchase method of accounting and, accordingly, earnings of the acquired franchises have been included in the consolidated operating results of the Company since the date of acquisition. |
Franchise Rights Acquired, Good
Franchise Rights Acquired, Goodwill and Other Intangible Assets | 3 Months Ended |
Apr. 02, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Franchise Rights Acquired, Goodwill and Other Intangible Assets | 6 . Franchise Rights Acquired, Goodwill and Other Intangible Assets Franchise rights acquired are due to acquisitions of the Company’s franchised territories as well as the acquisition of franchise promotion agreements and other factors associated with the acquired franchise territories. For the three months ended April 2, 2022, the change in the carrying value of franchise rights acquired was due to the effect of exchange rate changes and the Northern Ireland franchisee acquisition as described in Note 5. Goodwill primarily relates to the acquisition of the Company by The Kraft Heinz Company (successor to H.J. Heinz Company) in 1978 , and the Company’s acquisitions of WW.com, LLC (formerly known as WW.com, Inc. and WeightWatchers.com, Inc.) in 2005 and the Company’s franchised territories . See Note 5 for additional information about acquisitions by the Company. For the three months ended April 2, 2022 , the change in the carrying amount of goodwill was due to the Republic of Ireland franchisee and Northern Ireland franchisee a cquisition s as described in Note 5 and the effect of exchange rate changes as follows: North Continental United America Europe Kingdom Other Total Balance as of January 2, 2021 $ 145,071 $ 7,792 $ 1,268 $ 1,486 $ 155,617 Goodwill acquired during the period 2,153 — — — 2,153 Effect of exchange rate changes 306 (606 ) (14 ) (82 ) (396 ) Balance as of January 1, 2022 $ 147,530 $ 7,186 $ 1,254 $ 1,404 $ 157,374 Goodwill acquired during the period — — 5,936 — 5,936 Effect of exchange rate changes 418 (211 ) (210 ) 46 43 Balance as of April 2, 2022 $ 147,948 $ 6,975 $ 6,980 $ 1,450 $ 163,353 Finite-lived Intangible Assets The carrying values of finite-lived intangible assets as of April 2, 2022 and January 1, 2022 were as follows: April 2, 2022 January 1, 2022 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization Capitalized software costs $ 116,152 $ 97,682 $ 115,065 $ 94,771 Website development costs 118,528 83,342 110,678 78,629 Trademarks 12,126 11,730 12,116 11,677 Other 13,992 5,776 14,021 5,677 Trademarks and other intangible assets $ 260,798 $ 198,530 $ 251,880 $ 190,754 Franchise rights acquired 8,301 4,995 7,905 4,766 Total finite-lived intangible assets $ 269,099 $ 203,525 $ 259,785 $ 195,520 Aggregate amortization expense for finite-lived intangible assets was recorded in the amounts of $8,174 and $7,998 for the three months ended April 2, 2022 and April 3, 2021, respectively. Estimated amortization expense of existing finite-lived intangible assets for the next five fiscal years and thereafter was as follows: Remainder of fiscal 2022 $ 22,659 Fiscal 2023 $ 21,472 Fiscal 2024 $ 11,013 Fiscal 2025 $ 1,769 Fiscal 2026 and thereafter $ 8,661 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Apr. 02, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 7 . The components of the Company’s long-term debt were as follows: April 2, 2022 January 1, 2022 Principal Balance Unamortized Deferred Financing Costs Unamortized Debt Discount Effective Rate (1) Principal Balance Unamortized Deferred Financing Costs Unamortized Debt Discount Effective Rate (1) Revolving Credit Facility due April 13, 2026 $ — $ — $ — 0.00 % $ — $ — $ — 2.61 % Term Loan Facility due April 13, 2028 945,000 6,653 13,787 4.46 % 945,000 6,930 14,362 4.48 % Senior Secured Notes due April 15, 2029 500,000 5,411 — 4.66 % 500,000 5,604 — 4.70 % Total $ 1,445,000 $ 12,064 $ 13,787 4.53 % $ 1,445,000 $ 12,534 $ 14,362 5.15 % Less: Current portion — — Unamortized deferred financing costs 12,064 12,534 Unamortized debt discount 13,787 14,362 Total long-term debt $ 1,419,149 $ 1,418,104 (1) Includes amortization of deferred financing costs and debt discount. On April 13, 2021, the Company (1) repaid in full approximately $1,189,750 in aggregate principal amount of senior secured tranche B term loans due in 2024 under its then-existing credit facilities and (2) redeemed all of the $300,000 in aggregate principal amount of its then-outstanding 8.625% Senior Notes due in 2025 (the “Discharged Senior Notes”). On April 13, 2021, the Company’s then-existing credit facilities included a senior secured revolving credit facility (which included borrowing capacity available for letters of credit) due in 2022 with $175,000 in an aggregate principal amount of commitments. There were no outstanding borrowings under such revolving credit facility on that date. The Company funded such repayment of loans and redemption of notes with cash on hand as well as with proceeds received from approximately $1,000,000 in an aggregate principal amount of borrowings under its new credit facilities (as amended from time to time, the “Credit Facilities”) and proceeds received from the issuance of $500,000 in aggregate principal amount of 4.500% Senior Secured Notes due 2029 (the “Senior Secured Notes”), each as described below. These transactions are collectively referred to herein as the “April 2021 debt refinancing”. During the second quarter of fiscal 2021, t Credit Facilities The Credit Facilities were issued under a credit agreement, dated April 13, 2021 (as amended from time to time, the “Credit Agreement”), among the Company, as borrower, the lenders party thereto, and Bank of America, N.A. (“Bank of America”), as administrative agent and an issuing bank. The Credit Facilities consist of (1) $1,000,000 in aggregate principal amount of senior secured tranche B term loans due in 2028 (the “Term Loan Facility”) and (2) $175,000 in an aggregate principal amount of commitments under a senior secured revolving credit facility (which includes borrowing capacity available for letters of credit) due in 2026 (the “Revolving Credit Facility”). In December 2021, the Company made voluntary prepayments at par in an aggregate amount of $52,500 in respect of its outstanding term loans under the Term Loan Facility In accordance with the terms of the Credit Agreement, the Company expects to have an obligation to make an excess cash flow prepayment offer currently estimated to be $30,575 to the term loan lenders during the second quarter of fiscal 2023. The Company expects to satisfy this obligation with a prepayment no later than the required payment date. As of April 2, 2022, the Company had $945,000 in an aggregate principal amount of loans outstanding under the Credit Facilities, with $173,911 of availability and $1,089 in issued but undrawn letters of credit outstanding under the Revolving Credit Facility. There were no outstanding borrowings under the Revolving Credit Facility as of April 2, 2022. All obligations under the Credit Agreement are guaranteed by, subject to certain exceptions, each of the Company’s current and future wholly-owned material domestic restricted subsidiaries. All obligations under the Credit Agreement, and the guarantees of those obligations, are secured by substantially all of the assets of the Company and each guarantor, subject to customary exceptions, including: • a pledge of 100% of the equity interests directly held by the Company and each guarantor in any wholly-owned material subsidiary of the Company or any guarantor (which pledge, in the case of any non-U.S. subsidiary of a U.S. subsidiary, will not include more than 65% of the voting stock of such first-tier non-U.S. subsidiary), subject to certain exceptions; and • a security interest in substantially all other tangible and intangible assets of the Company and each guarantor, subject to certain exceptions. The Credit Facilities require the Company to prepay outstanding term loans, subject to certain exceptions, with: • 50% (which percentage will be reduced to 25% and 0% if the Company attains certain first lien secured net leverage ratios) of the Company’s annual excess cash flow; • 100% of the net cash proceeds of certain non-ordinary course asset sales by the Company and its restricted subsidiaries (including casualty and condemnation events, subject to de minimis thresholds), and subject to the right to reinvest 100% of such proceeds, subject to certain qualifications; and • 100% of the net proceeds of any issuance or incurrence of debt by the Company or any of its restricted subsidiaries, other than certain debt permitted under the Credit Agreement. The foregoing mandatory prepayments will be used to reduce the installments of principal on the Term Loan Facility. The Company may voluntarily repay outstanding loans under the Credit Facilities at any time without penalty, except for customary “breakage” costs with respect to LIBOR loans under the Credit Facilities. Borrowings under the Term Loan Facility bear interest at a rate per annum equal to, at the Company’s option, either (1) an applicable margin plus a base rate determined by reference to the highest of (a) 0.50% per annum plus the Federal Funds Effective Rate as determined by the Federal Reserve Bank of New York, (b) the prime rate of Bank of America and (c) the LIBOR rate determined by reference to the cost of funds for U.S. dollar deposits for an interest period of one month adjusted for certain additional costs, plus 1.00%; provided that such rate is not lower than a floor of 1.50% or (2) an applicable margin plus a LIBOR rate determined by reference to the cost of funds for U.S. dollar deposits for the interest period relevant to such borrowing adjusted for certain additional costs, provided that LIBOR is not lower than a floor of 0.50%. Borrowings under the Revolving Credit Facility bear interest at a rate per annum equal to an applicable margin based upon a leverage-based pricing grid, plus, at the Company’s option, either (1) a base rate determined by reference to the highest of (a) 0.50% per annum plus the Federal Funds Effective Rate as determined by the Federal Reserve Bank of New York, (b) the prime rate of Bank of America and (c) the LIBOR rate determined by reference to the cost of funds for U.S. dollar deposits for an interest period of one month adjusted for certain additional costs, plus 1.00%; provided that such rate is not lower than a floor of 1.00% or (2) a LIBOR rate determined by reference to the cost of funds for U.S. dollar deposits for the interest period relevant to such borrowing adjusted for certain additional costs, provided such rate is not lower than a floor of zero. As of April 2, 2022, the applicable margins for the LIBOR rate borrowings under the Term Loan Facility and the Revolving Credit Facility were 3.50% and 2.75%, respectively. In the event that LIBOR is phased out as is currently expected, the Credit Agreement provides that the Company and the administrative agent may amend the Credit Agreement to replace the LIBOR definition therein with a successor rate subject to notifying the lending syndicate of such change and not receiving within five business days of such notification objections to such replacement rate from lenders holding at least a majority of the aggregate principal amount of loans and commitments then outstanding under the Credit Agreement; provided that such lending syndicate may not object to a SOFR-based successor rate contained in any such amendment. If the Company fails to do so, its borrowings will be based off of the alternative base rate plus a margin. On a quarterly basis, the Company pays a commitment fee to the lenders under the Revolving Credit Facility in respect of unutilized commitments thereunder, which commitment fee fluctuates depending upon the Company’s Consolidated First Lien Leverage Ratio (as defined in the Credit Agreement). The Credit Agreement contains other customary terms, including (1) representations, warranties and affirmative covenants, (2) negative covenants, including limitations on indebtedness, liens, mergers, acquisitions, asset sales, investments, distributions, prepayments of subordinated debt, amendments of material agreements governing subordinated indebtedness, changes to lines of business and transactions with affiliates, in each case subject to baskets, thresholds and other exceptions, and (3) customary events of default. The availability of certain baskets and the ability to enter into certain transactions are also subject to compliance with certain financial ratios. In addition, if the aggregate principal amount of extensions of credit outstanding under the Revolving Credit Facility as of any fiscal quarter end exceeds 35 % of the amount of the aggregate commitments under the Revolving Credit Facility in effect on such date, the Company must be in compliance with a Consolidated First Lien Leverage Ratio of, on or prior to the end of the first fiscal quarter of 2022, 6.00 :1.00, with a step down to 5.75 :1.00 for the period ending after the first fiscal quarter of 2022 through and including with the first fiscal quarter of 2023, with an additional step down to 5.50 :1.00 for the period ending after the first fiscal quarter of 2023 through and including with the first fiscal quarter of 2024, with a step down to 5.25 :1.00 for the period ending after the first fiscal quarter of 2024 through and including with the first fiscal quarter of 2025 and again to 5.00 :1.00, for the period following the first fiscal quarter of 2025. Senior Secured Notes The Senior Secured Notes were issued pursuant to an Indenture, dated as of April 13, 2021 (as amended, supplemented or modified from time to time, the “Indenture”), among the Company, the guarantors named therein and The Bank of New York Mellon, as trustee and notes collateral agent. The Indenture contains customary terms, events of default and covenants for an issuer of non-investment grade debt securities. These covenants include limitations on indebtedness, liens, mergers, acquisitions, asset sales, investments, distributions, prepayments of subordinated debt and transactions with affiliates, in each case subject to baskets, thresholds and other exceptions. The Senior Secured Notes accrue interest at a rate per annum equal to 4.500% and will mature on April 15, 2029. Interest on the Senior Secured Notes is payable semi-annually on April 15 and October 15 of each year, beginning on October 15, 2021. On or after April 15, 2024, the Company may on any one or more occasions redeem some or all of the Senior Secured Notes at a purchase price equal to 102.250% of the principal amount of the Senior Secured Notes, plus accrued and unpaid interest, if any, to, but not including, the redemption date, such optional redemption price decreasing to 101.125% on or after April 15, 2025 and to 100.000% on or after April 15, 2026. Prior to April 15, 2024, the Company may on any one or more occasions redeem up to 40% of the aggregate principal amount of the Senior Secured Notes with an amount not to exceed the net proceeds of certain equity offerings at 104.500% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the redemption date. Prior to April 15, 2024, the Company may redeem some or all of the Senior Secured Notes at a make-whole price plus accrued and unpaid interest, if any, to, but not including, the redemption date. In addition, during any twelve-month period ending prior to April 15, 2024, the Company may redeem up to 10% of the aggregate principal amount of the Senior Secured Notes at a purchase price equal to 103.000% of the principal amount of the Senior Secured Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. If a change of control occurs, the Company must offer to purchase for cash the Senior Secured Notes at a purchase price equal to 101% of the principal amount of the Senior Secured Notes, plus accrued and unpaid interest, if any, to, but not including, the purchase date. Following the sale of certain assets and subject to certain conditions, the Company must offer to purchase for cash the Senior Secured Notes at a purchase price equal to 100% of the principal amount of the Senior Secured Notes, plus accrued and unpaid interest, if any, to, but not including, the purchase date. The Senior Secured Notes are guaranteed on a senior secured basis by the Company’s subsidiaries that guarantee the Credit Facilities. The Senior Secured Notes and the note guarantees are secured by a first-priority lien on all the collateral that secures the Credit Facilities, subject to a shared lien of equal priority with the Company’s and each guarantor’s obligations under the Credit Facilities and subject to certain thresholds, exceptions and permitted liens. Outstanding Debt At April 2, 2022, the Company had $1,445,000 outstanding under the Credit Facilities and the Senior Secured Notes, consisting of borrowings under the Term Loan Facility of $945,000, $0 drawn down on the Revolving Credit Facility and $500,000 in aggregate principal amount of Senior Secured Notes issued and outstanding. At April 2, 2022 and January 1, 2022, the Company’s debt consisted of both fixed and variable-rate instruments. Interest rate swaps were entered into to hedge a portion of the cash flow exposure associated with the Company’s variable-rate borrowings. See Note 11 for information on the Company’s interest rate swaps. The weighted average interest rate (which includes amortization of deferred financing costs and debt discount) on the Company’s outstanding debt, exclusive of the impact of the swaps then in effect, was approximately 4.53% and 5.11% per annum at April 2, 2022 and January 1, 2022, respectively, based on interest rates on these dates. The weighted average interest rate (which includes amortization of deferred financing costs and debt discount) on the Company’s outstanding debt, including the impact of the swaps then in effect, was approximately 5.07% and 5.62% per annum at April 2, 2022 and January 1, 2022, respectively, based on interest rates on these dates. |
Per Share Data
Per Share Data | 3 Months Ended |
Apr. 02, 2022 | |
Earnings Per Share [Abstract] | |
Per Share Data | 8. Basic net loss per share is calculated utilizing the weighted average number of common shares outstanding during the periods presented. Diluted net loss per share is calculated utilizing the weighted average number of common shares outstanding during the periods presented adjusted for the effect of dilutive common stock equivalents. The following table sets forth the computation of basic and diluted net loss per share data: Three Months Ended April 2, April 3, 2022 2021 Numerator: Net loss $ (8,243 ) $ (18,227 ) Denominator: Weighted average shares of common stock outstanding 70,086 69,084 Effect of dilutive common stock equivalents — — Weighted average diluted common shares outstanding 70,086 69,084 Net loss per share Basic $ (0.12 ) $ (0.26 ) Diluted $ (0.12 ) $ (0.26 ) The number of anti-dilutive common stock equivalents excluded from the calculation of the weighted average number of common shares for diluted net loss per share was 7,040 and 6,360 for the three months ended April 2, 2022 and April 3, 2021, respectively. |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 02, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. The effective tax rates for the three months ended April 2, 2022 and April 3, 2021 were 17.9% and 30.0%, respectively. For the three months ended April 2, 2022, the difference between the U.S. federal statutory tax rate and the Company’s consolidated effective tax rate was primarily due to a tax benefit related to foreign-derived intangible income (“FDII”), partially offset by state income tax expense and tax expense from income earned in foreign jurisdictions. For the three months ended April 3, 2021, the difference between the U.S. federal statutory tax rate and the Company’s consolidated effective tax rate was primarily due to state income tax expense and tax expense from income earned in foreign jurisdictions, partially offset by a tax benefit related to FDII a . |
Legal
Legal | 3 Months Ended |
Apr. 02, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Legal | 10. Federal Trade Commission Matter The Company received a letter from the U.S. Federal Trade Commission (the “FTC”) dated September 3, 2019, advising that the FTC was conducting a non-public inquiry into the practices of the Company's wholly-owned subsidiary Kurbo, Inc. (“Kurbo”) relating to the collection, use, disclosure and sharing of personal information. Kurbo offers a paid private coaching service as well as a free app to help families teach children healthy habits. The FTC focused on whether certain practices in the Kurbo free app complied with the Children's Online Privacy Protection Act ("COPPA"). On February 16, 2022, the FTC filed a complaint and proposed settlement order in the U nited States District Court for the Northern District of California to resolve allegations that Kurbo violated COPPA by failing to provide required notices and obtain verifiable parental consent prior to collecting, using, and disclosing personal information from children using the Kurbo app. In connection with the settlement, Kurbo and the Company were required, among other things: (i) to update their procedures to ensure that they obtain verifiable parental consent before collecting personal information from children, (ii) to destroy all of the personal information they may have obtained without verifiable parental consent as well as any models or algorithms based on that information, (iii) to update their records retention policy to require destruction of user information one year after a child stops tracking in the Kurbo app, and (iv) to pay a civil penalty of $1,500. Kurbo and the Company deny all of the material allegations in the FTC complaint and deny that either Kurbo or the Company ever violated COPPA or otherwise engaged in any wrongdoing. They entered into the settlement solely to resolve the matter and avoid the expense of litigation. The settlement became final when the court entered the Consent Order on March 3, 2022. Other Litigation Matters Due to the nature of the Company’s activities, it is also, at times, subject to other pending and threatened legal actions that arise out of the ordinary course of business. In the opinion of management, the disposition of any such matters is not expected, individually or in the aggregate, to have a material adverse effect on the Company’s results of operations, financial condition or cash flows. However, the results of legal actions cannot be predicted with certainty. Therefore, it is possible that the Company’s results of operations, financial condition or cash flows could be materially adversely affected in any particular period by the unfavorable resolution of one or more legal actions. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging | 3 Months Ended |
Apr. 02, 2022 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging | 1 1 . As of April 2, 2022 and January 1, 2022, the Company had in effect interest rate swaps with an aggregate notional amount totaling $500,000. On June 11, 2018, in order to hedge a portion of its variable rate debt, the Company entered into a forward-starting interest rate swap (the “2018 swap”) with an effective date of April 2, 2020 and a termination date of March 31, 2024. The initial notional amount of this swap was $500,000. During the term of this swap, the notional amount decreased from $500,000 effective April 2, 2020 to $250,000 on March 31, 2021. This interest rate swap effectively fixed the variable interest rate on the notional amount of this swap at 3.1005%. On June 7, 2019, in order to hedge a portion of its variable rate debt, the Company entered into a forward-starting interest rate swap (the “2019 swap”, and together with the 2018 swap, the “current swaps”) with an effective date of April 2, 2020 and a termination date of March 31, 2024. The notional amount of this swap is $250,000. This interest rate swap effectively fixed the variable interest rate on the notional amount of this swap at 1.901%. The current swaps qualify for hedge accounting and, therefore, changes in the fair value of the current swaps have been recorded in accumulated other comprehensive loss. As of April 2, 2022, the cumulative unrealized gain for qualifying hedges was reported as a component of accumulated other comprehensive income in the amount of $205 ($134 before taxes). As of January 1, 2022, the cumulative unrealized loss for qualifying hedges was reported as a component of accumulated other comprehensive loss in the amount of $10,843 ($14,622 before taxes). As of April 2, 2022, the fair value of the Company’s 2018 swap was a current liability of $2,912, which was included in derivative payable in the consolidated balance sheet. As of April 2, 2022, the fair value of the Company’s 2019 swap consisted of both a current asset of $30, which was included in prepaid expenses and other current assets in the consolidated balance sheet, and a noncurrent asset of $2,944, which was included in other noncurrent assets in the consolidated balance sheet. As of January 1, 2022, the aggregate fair value of the Company’s current swaps was a current liability of $14,670, which was included in derivative payable in the consolidated balance sheet. The Company is hedging forecasted transactions for periods not exceeding the next two years. The Company expects approximately $531 ($709 before taxes) of net derivative losses included in accumulated other comprehensive loss at April 2, 2022, based on current market rates, will be reclassified into earnings within the next 12 months. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Apr. 02, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 1 2 . Accounting guidance on fair value measurements for certain financial assets and liabilities requires that assets and liabilities carried at fair value be classified and disclosed in one of the following three categories: • Level 1 – Quoted prices in active markets for identical assets or liabilities. • Level 2 – Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. When measuring fair value, the Company is required to maximize the use of observable inputs and minimize the use of unobservable inputs. Fair Value of Financial Instruments The Company’s significant financial instruments include long-term debt and interest rate swap agreements as of April 2, 2022 and January 1, 2022. Since there were no outstanding borrowings under the Revolving Credit Facility as of April 2, 2022 and January 1, 2022, the fair value approximated a carrying value of $0 at both April 2, 2022 and January 1, 2022. The fair value of the Company’s Credit Facilities is determined by utilizing average bid prices on or near the end of each fiscal quarter (Level 2 input). As of April 2, 2022 and January 1, 2022, the fair value of the Company’s long-term debt was approximately $1,242,201 and $1,389,306, respectively, as compared to the carrying value (net of deferred financing costs and debt discount) of $1,419,149 and $1,418,104, respectively. Derivative Financial Instruments The fair values for the Company’s derivative financial instruments are determined using observable current market information such as the prevailing LIBOR interest rate and LIBOR yield curve rates and include consideration of counterparty credit risk. See Note 11 for disclosures related to derivative financial instruments. The following table presents the aggregate fair value of the Company’s derivative financial instruments: Fair Value Measurements Using: Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Interest rate swap current asset at April 2, 2022 $ 30 $ — $ 30 $ — Interest rate swap noncurrent asset at April 2, 2022 $ 2,944 $ — $ 2,944 $ — Interest rate swap current liability at April 2, 2022 $ 2,912 $ — $ 2,912 $ — Interest rate swap current liability at January 1, 2022 $ 14,670 $ — $ 14,670 $ — The Company did not have any transfers into or out of Levels 1 and 2 and did not maintain any assets or liabilities classified as Level 3 during the three months ended April 2, 2022 and the fiscal year ended January 1, 2022. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Apr. 02, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | 1 3 . Amounts reclassified out of accumulated other comprehensive loss were as follows: Changes in Accumulated Other Comprehensive Loss by Component ( 1 ) Three Months Ended April 2, 2022 (Loss) Gain on Qualifying Hedges Loss on Foreign Currency Translation Total Beginning balance at January 1, 2022 $ (10,843 ) $ (7,761 ) $ (18,604 ) Other comprehensive income (loss) before reclassifications, net of tax 9,391 (106 ) 9,285 Amounts reclassified from accumulated other comprehensive loss, net of tax (2) 1,657 — 1,657 Net current period other comprehensive income (loss) 11,048 (106 ) 10,942 Ending balance at April 2, 2022 $ 205 $ (7,867 ) $ (7,662 ) ( 1 ) Amounts in parentheses indicate debits ( 2 ) See separate table below for details about these reclassifications Three Months Ended April 3, 2021 Loss on Qualifying Hedges Loss on Foreign Currency Translation Total Beginning balance at January 2, 2021 $ (20,979 ) $ (4,170 ) $ (25,149 ) Other comprehensive income (loss) before reclassifications, net of tax 1,175 (838 ) 337 Amounts reclassified from accumulated other comprehensive loss, net of tax (2) 2,718 — 2,718 Net current period other comprehensive income (loss) 3,893 (838 ) 3,055 Ending balance at April 3, 2021 $ (17,086 ) $ (5,008 ) $ (22,094 ) (1) Amounts in parentheses indicate debits (2) See separate table below for details about these reclassifications Reclassifications out of Accumulated Other Comprehensive Loss ( 1 ) Three Months Ended April 2, April 3, 2022 2021 Details about Other Comprehensive Loss Components Amounts Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Statement Where Net Income is Presented Loss on Qualifying Hedges Interest rate contracts $ (2,213 ) $ (3,633 ) Interest expense (2,213 ) (3,633 ) Loss before income taxes 556 915 Benefit from income taxes $ (1,657 ) $ (2,718 ) Net loss ( 1 ) Amounts in parentheses indicate debits to profit/loss |
Segment Data
Segment Data | 3 Months Ended |
Apr. 02, 2022 | |
Segment Reporting [Abstract] | |
Segment Data | 1 4 . The Company has four reportable segments based on an integrated geographical structure as follows: North America, Continental Europe (CE), United Kingdom and Other. Other consists of Australia, New Zealand and emerging markets operations and franchise revenues and related costs, all of which have been grouped together as if they were a single reportable segment because they do not meet any of the quantitative thresholds and are immaterial for separate disclosure. To be consistent with the information that is presented to the chief operating decision maker, the Company does not include intercompany activity in the segment results. Information about the Company’s reportable segments is as follows: Total Revenues, net Three Months Ended April 2, April 3, 2022 2021 North America $ 204,313 $ 221,315 Continental Europe 70,902 81,896 United Kingdom 14,439 19,067 Other 8,107 9,518 Total revenues, net $ 297,761 $ 331,796 Net Loss Three Months Ended April 2, April 3, 2022 2021 Segment operating income (loss): North America $ 21,514 $ 27,582 Continental Europe 20,443 20,054 United Kingdom (2,201 ) 543 Other (80 ) 103 Total segment operating income 39,676 48,282 General corporate expenses 30,706 45,451 Interest expense 18,671 29,123 Other expense (income), net 344 (237 ) Benefit from income taxes (1,802 ) (7,828 ) Net loss $ (8,243 ) $ (18,227 ) Depreciation and Amortization Three Months Ended April 2, April 3, 2022 2021 North America $ 8,453 $ 10,312 Continental Europe 263 434 United Kingdom 148 257 Other 95 113 Total segment depreciation and amortization 8,959 11,116 General corporate depreciation and amortization 3,054 4,295 Depreciation and amortization $ 12,013 $ 15,411 |
Related Party
Related Party | 3 Months Ended |
Apr. 02, 2022 | |
Related Party Transactions [Abstract] | |
Related Party | 1 5 . As previously disclosed, on October 18, 2015, the Company entered into the Strategic Collaboration Agreement with Oprah Winfrey, under which she would consult with the Company and participate in developing, planning, executing and enhancing the WW program and related initiatives, and provide it with services in her discretion to promote the Company and its programs, products and services for an initial term of five years (the “Initial Term”). As previously disclosed, on December 15, 2019, the Company entered into an amendment of the Strategic Collaboration Agreement with Ms. Winfrey, pursuant to which, among other things, the Initial Term of the Strategic Collaboration Agreement was extended until April 17, 2023 (with no additional successive renewal terms) after which a second In addition to the Strategic Collaboration Agreement, Ms. Winfrey and her related entities provided services to the Company totaling $432 and $474 for the three months ended April 2, 2022 and April 3, 2021, respectively, which services included advertising, production and related fees. The Company’s accounts payable to parties related to Ms. Winfrey at April 2, 2022 and January 1, 2022 was $74 and $120, respectively. In March 2021, as permitted by the transfer provisions set forth in the previously disclosed Share Purchase Agreement, dated October 18, 2015, between the Company and Ms. Winfrey, as amended, and the previously disclosed Winfrey Option Agreement, dated October 18, 2015, between the Company and Ms. Winfrey, Ms. Winfrey sold 875 of the shares she purchased under such purchase agreement and exercised a portion of her stock options granted in fiscal 2015 resulting in the sale of 330 shares issuable under such options, respectively. |
Restructuring
Restructuring | 3 Months Ended |
Apr. 02, 2022 | |
Restructuring And Related Activities [Abstract] | |
Restructuring | 16. Restructuring 2022 Plan – Subsequent Event As previously disclosed, in the second quarter of fiscal 2022, the Company committed to a restructuring plan consisting of (i) an organizational realignment to simplify the Company’s corporate structure and reduce associated costs (the “Organizational Realignment”) and (ii) a continued rationalization of its real estate portfolio resulting in the termination of certain of the Company’s operating leases (together with the Organizational Realignment, the “2022 Plan”). In connection with the 2022 Plan, the Company anticipates recording restructuring charges which it currently estimates will range between $18,000 to $22,000 in the aggregate. The Organizational Realignment will result in the elimination of certain positions and termination of employment for certain employees worldwide. In connection with its Organizational Realignment, the Company anticipates recording charges of approximately $12,000 to $16,000 in the aggregate with respect to employee termination benefit costs (which are expected to consist of general and administrative expenses), the majority of which will be recorded in the second quarter of fiscal 2022. In connection with the termination of certain of its operating leases, the Company anticipates recording charges of approximately $6,000 in the aggregate consisting of lease termination and other related costs, the majority of which will be recorded in the second quarter of fiscal 2022. Substantially all of these costs arising from the 2022 Plan are expected to result in cash expenditures related to separation payments, other employee termination expenses, and lease termination payments. The Company expects the 2022 Plan to be fully paid by the end of fiscal 2023. 2021 Plan As previously disclosed, in the first quarter of fiscal 2021, as the Company continued to evaluate its cost structure, anticipate consumer demand and focus on costs, the Company committed to a plan which has resulted in the termination of operating leases and elimination of certain positions worldwide. $21,534 ($16,109 after tax). For the fiscal year ended January 1, 2022 , the components of the Company’s restructuring expenses were as follows: Fiscal Year Ended January 1, 2022 Lease termination and other related costs $ 12,688 Employee termination benefit costs 8,846 Total restructuring expenses $ 21,534 For the fiscal year ended January 1, 2022 , restructuring expenses were recorded in the Company’s consolidated statements of net income as follows: Fiscal Year Ended January 1, 2022 Cost of revenues $ 16,727 Selling, general and administrative expenses 4,807 Total restructuring expenses $ 21,534 All expenses were recorded to general corporate expenses and, therefore, there was no impact to the segments. For the fiscal year ended January 1, 2022 , the Company made payments of $7,640 towards the liability for the lease termination costs and decreased provision estimates by $3 . For the fiscal year ended January 1, 2022 , the Company made payments of $4,802 towards the liability for the employee termination benefit costs. For the ended April 2, 2022, the Company made payments of $172 towards the liability for the lease termination costs, decreased provision estimates by $102 and incurred additional lease termination and other related costs of $120 . For the ended April 2, 2022, the Company made payments of $1,956 towards the liability for the employee termination benefit costs, increased provision estimates by $98 and incurred additional employee termination benefit costs of $148. The Company expects the remaining lease termination liability of $1,186 and the remaining employee termination benefit liability of $2,334 to be paid in full in fiscal 2023. 2020 Plan As previously disclosed, in the second quarter of fiscal 2020, in connection with its cost-savings initiative, and its continued response to the COVID-19 pandemic and the related shift in market conditions, the Company committed to a plan of reduction in force which has resulted in the elimination of certain positions and termination of employment for certain employees worldwide. To adjust to anticipated consumer demand, the Company evolved its workshop strategy and expanded its restructuring plan to include lease termination and other related costs . For the fiscal year ended January 2, 2021, the Company recorded restructuring expenses totaling $33,092 ($24,756 after tax). For the fiscal year ended January 2, 2021 , the components of the Company’s restructuring expenses were as follows: Fiscal Year Ended January 2, 2021 Lease termination and other related costs $ 7,989 Employee termination benefit costs 25,103 Total restructuring expenses $ 33,092 For the fiscal year ended January 2, 2021, restructuring expenses were recorded in the Company’s consolidated statements of net income as follows: Fiscal Year Ended January 2, 2021 Cost of revenues $ 23,300 Selling, general and administrative expenses 9,792 Total restructuring expenses $ 33,092 All expenses were recorded to general corporate expenses and, therefore, there was no impact to the segments. For the fiscal year ended January 2, 2021 , the Company made payments of $645 towards the liability for the lease termination costs. For the fiscal year ended January 2, 2021 , the Company made payments of $15,434 towards the liability for the employee termination benefit costs and increased provision estimates by $180. For the fiscal year ended January 1, 2022 , the Company made payments of $4,649 towards the liability for the lease termination costs and decreased provision estimates by $470. For the fiscal year ended January 1, 2022 , the Company made payments of $6,773 towards the liability for the employee termination benefit costs and decreased provision estimates by $1,136. For the three months ended April 2, 2022 , the Company decreased provision estimates for the lease termination costs by $116. For the three months ended April 2, 2022 , the Company made payments of $605 towards the liability for the employee termination benefit costs. The Company expects the remaining lease termination liability of $86 and the remaining employee termination benefit liability of $1,335 to be paid in full in fiscal 2022. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Apr. 02, 2022 | |
Leases [Abstract] | |
Schedule of Lease Assets and Lease Liabilities | At April 2, 2022 and January 1, 2022, the Company’s lease assets and lease liabilities, primarily for its studios and corporate offices, were as follows: April 2, 2022 January 1, 2022 Assets: Operating lease assets $ 86,302 $ 89,902 Finance lease assets 136 127 Total leased assets $ 86,438 $ 90,029 Liabilities: Current Operating $ 18,969 $ 20,297 Finance 101 75 Noncurrent Operating $ 75,527 $ 78,157 Finance 22 29 Total lease liabilities $ 94,619 $ 98,558 |
Schedule of Components of Lease Expense | For the three months ended April 2, 2022 and April 3, 2021, the components of the Company’s lease expense were as follows Three Months Ended April 2, April 3, 2022 2021 Operating lease cost: Fixed lease cost $ 8,112 $ 11,044 Lease termination cost (120 ) 3,152 Variable lease cost 7 5 Total operating lease cost $ 7,999 $ 14,201 Finance lease cost: Amortization of leased assets 35 43 Interest on lease liabilities 1 2 Total finance lease cost $ 36 $ 45 Total lease cost $ 8,035 $ 14,246 |
Summary of Weighted Average Remaining Lease Term and Weighted Average Discount Rates | At April 2, 2022 and January 1, 2022, the Company’s weighted average remaining lease term and weighted average discount rates were as follows: April 2, 2022 January 1, 2022 Weighted Average Remaining Lease Term (years) Operating leases 7.25 7.29 Finance leases 1.35 1.54 Weighted Average Discount Rate Operating leases 7.15 7.15 Finance leases 4.56 5.31 |
Schedule of Maturity of Lease Liabilities | At April 2, 2022, the maturity of the Company’s lease liabilities in each of the next five fiscal years and thereafter were as follows: Operating Leases Finance Leases Total Remainder of fiscal 2022 $ 19,048 $ 86 $ 19,134 Fiscal 2023 21,532 36 21,568 Fiscal 2024 16,123 5 16,128 Fiscal 2025 11,811 — 11,811 Fiscal 2026 9,472 — 9,472 Thereafter 45,573 — 45,573 Total lease payments $ 123,559 $ 127 $ 123,686 Less imputed interest 29,063 4 29,067 Present value of lease liabilities $ 94,496 $ 123 $ 94,619 |
Summary of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases for the three months ended April 2, 2022 and April 3, 2021 were as follows: Three Months Ended April 2, April 3, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 8,509 $ 11,772 Operating cash flows from finance leases $ 1 $ 2 Financing cash flows from finance leases $ 35 $ 43 Leased assets obtained (modified) in exchange for new (modified) operating lease liabilities $ 2,859 $ (1,892 ) Leased assets obtained in exchange for new finance lease liabilities $ 46 $ — |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Apr. 02, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Schedule of Revenues Disaggregated by Revenue Source | The following table presents the Company’s revenues disaggregated by revenue source: Three Months Ended April 2, April 3, 2022 2021 Digital Subscription Revenues $ 191,482 $ 206,062 Workshops + Digital Fees 65,503 73,758 Subscription Revenues, net $ 256,985 $ 279,820 Product sales and other, net 40,776 51,976 Revenues, net $ 297,761 $ 331,796 |
Schedule of Revenues Disaggregated by Revenue Source and Segment | The following tables present the Company’s revenues disaggregated by revenue source and segment: Three Months Ended April 2, 2022 North Continental United America Europe Kingdom Other Total Digital Subscription Revenues $ 125,319 $ 53,475 $ 7,805 $ 4,883 $ 191,482 Workshops + Digital Fees 50,980 8,222 4,422 1,879 65,503 Subscription Revenues, net $ 176,299 $ 61,697 $ 12,227 $ 6,762 $ 256,985 Product sales and other, net 28,014 9,205 2,212 1,345 40,776 Revenues, net $ 204,313 $ 70,902 $ 14,439 $ 8,107 $ 297,761 Three Months Ended April 3, 2021 North Continental United America Europe Kingdom Other Total Digital Subscription Revenues $ 132,090 $ 58,915 $ 9,809 $ 5,248 $ 206,062 Workshops + Digital Fees 54,904 10,940 5,169 2,745 73,758 Subscription Revenues, net $ 186,994 $ 69,855 $ 14,978 $ 7,993 $ 279,820 Product sales and other, net 34,321 12,041 4,089 1,525 51,976 Revenues, net $ 221,315 $ 81,896 $ 19,067 $ 9,518 $ 331,796 |
Schedule of Deferred Revenues | The opening and ending balances of the Company’s deferred revenues were as follows: Deferred Deferred Revenue Revenue-Long Term Balance as of January 1, 2022 $ 45,855 $ 28 Net increase during the period 3,136 21 Balance as of April 2, 2022 $ 48,991 $ 49 Balance as of January 2, 2021 $ 50,475 $ 44 Net decrease during the period (459 ) (18 ) Balance as of April 3, 2021 $ 50,016 $ 26 |
Franchise Rights Acquired, Go_2
Franchise Rights Acquired, Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Apr. 02, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Change in Carrying Amount of Goodwill | For the three months ended April 2, 2022 , the change in the carrying amount of goodwill was due to the Republic of Ireland franchisee and Northern Ireland franchisee a cquisition s as described in Note 5 and the effect of exchange rate changes as follows: North Continental United America Europe Kingdom Other Total Balance as of January 2, 2021 $ 145,071 $ 7,792 $ 1,268 $ 1,486 $ 155,617 Goodwill acquired during the period 2,153 — — — 2,153 Effect of exchange rate changes 306 (606 ) (14 ) (82 ) (396 ) Balance as of January 1, 2022 $ 147,530 $ 7,186 $ 1,254 $ 1,404 $ 157,374 Goodwill acquired during the period — — 5,936 — 5,936 Effect of exchange rate changes 418 (211 ) (210 ) 46 43 Balance as of April 2, 2022 $ 147,948 $ 6,975 $ 6,980 $ 1,450 $ 163,353 |
Schedule of Carrying Values of Finite-lived Intangible Assets | The carrying values of finite-lived intangible assets as of April 2, 2022 and January 1, 2022 were as follows: April 2, 2022 January 1, 2022 Gross Gross Carrying Accumulated Carrying Accumulated Amount Amortization Amount Amortization Capitalized software costs $ 116,152 $ 97,682 $ 115,065 $ 94,771 Website development costs 118,528 83,342 110,678 78,629 Trademarks 12,126 11,730 12,116 11,677 Other 13,992 5,776 14,021 5,677 Trademarks and other intangible assets $ 260,798 $ 198,530 $ 251,880 $ 190,754 Franchise rights acquired 8,301 4,995 7,905 4,766 Total finite-lived intangible assets $ 269,099 $ 203,525 $ 259,785 $ 195,520 |
Schedule of Estimated Amortization Expense of Finite-lived Intangible Assets | Estimated amortization expense of existing finite-lived intangible assets for the next five fiscal years and thereafter was as follows: Remainder of fiscal 2022 $ 22,659 Fiscal 2023 $ 21,472 Fiscal 2024 $ 11,013 Fiscal 2025 $ 1,769 Fiscal 2026 and thereafter $ 8,661 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Apr. 02, 2022 | |
Debt Disclosure [Abstract] | |
Components of Long-Term Debt | The components of the Company’s long-term debt were as follows: April 2, 2022 January 1, 2022 Principal Balance Unamortized Deferred Financing Costs Unamortized Debt Discount Effective Rate (1) Principal Balance Unamortized Deferred Financing Costs Unamortized Debt Discount Effective Rate (1) Revolving Credit Facility due April 13, 2026 $ — $ — $ — 0.00 % $ — $ — $ — 2.61 % Term Loan Facility due April 13, 2028 945,000 6,653 13,787 4.46 % 945,000 6,930 14,362 4.48 % Senior Secured Notes due April 15, 2029 500,000 5,411 — 4.66 % 500,000 5,604 — 4.70 % Total $ 1,445,000 $ 12,064 $ 13,787 4.53 % $ 1,445,000 $ 12,534 $ 14,362 5.15 % Less: Current portion — — Unamortized deferred financing costs 12,064 12,534 Unamortized debt discount 13,787 14,362 Total long-term debt $ 1,419,149 $ 1,418,104 (1) Includes amortization of deferred financing costs and debt discount. |
Per Share Data (Tables)
Per Share Data (Tables) | 3 Months Ended |
Apr. 02, 2022 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Loss Per Share Data | The following table sets forth the computation of basic and diluted net loss per share data: Three Months Ended April 2, April 3, 2022 2021 Numerator: Net loss $ (8,243 ) $ (18,227 ) Denominator: Weighted average shares of common stock outstanding 70,086 69,084 Effect of dilutive common stock equivalents — — Weighted average diluted common shares outstanding 70,086 69,084 Net loss per share Basic $ (0.12 ) $ (0.26 ) Diluted $ (0.12 ) $ (0.26 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Apr. 02, 2022 | |
Fair Value Disclosures [Abstract] | |
Aggregate Fair Value of Derivative Financial Instruments | The following table presents the aggregate fair value of the Company’s derivative financial instruments: Fair Value Measurements Using: Total Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Interest rate swap current asset at April 2, 2022 $ 30 $ — $ 30 $ — Interest rate swap noncurrent asset at April 2, 2022 $ 2,944 $ — $ 2,944 $ — Interest rate swap current liability at April 2, 2022 $ 2,912 $ — $ 2,912 $ — Interest rate swap current liability at January 1, 2022 $ 14,670 $ — $ 14,670 $ — |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Apr. 02, 2022 | |
Equity [Abstract] | |
Changes in Accumulated Other Comprehensive Loss by Component | Amounts reclassified out of accumulated other comprehensive loss were as follows: Changes in Accumulated Other Comprehensive Loss by Component ( 1 ) Three Months Ended April 2, 2022 (Loss) Gain on Qualifying Hedges Loss on Foreign Currency Translation Total Beginning balance at January 1, 2022 $ (10,843 ) $ (7,761 ) $ (18,604 ) Other comprehensive income (loss) before reclassifications, net of tax 9,391 (106 ) 9,285 Amounts reclassified from accumulated other comprehensive loss, net of tax (2) 1,657 — 1,657 Net current period other comprehensive income (loss) 11,048 (106 ) 10,942 Ending balance at April 2, 2022 $ 205 $ (7,867 ) $ (7,662 ) ( 1 ) Amounts in parentheses indicate debits ( 2 ) See separate table below for details about these reclassifications Three Months Ended April 3, 2021 Loss on Qualifying Hedges Loss on Foreign Currency Translation Total Beginning balance at January 2, 2021 $ (20,979 ) $ (4,170 ) $ (25,149 ) Other comprehensive income (loss) before reclassifications, net of tax 1,175 (838 ) 337 Amounts reclassified from accumulated other comprehensive loss, net of tax (2) 2,718 — 2,718 Net current period other comprehensive income (loss) 3,893 (838 ) 3,055 Ending balance at April 3, 2021 $ (17,086 ) $ (5,008 ) $ (22,094 ) (1) Amounts in parentheses indicate debits (2) See separate table below for details about these reclassifications |
Reclassifications out of Accumulated Other Comprehensive Loss | Reclassifications out of Accumulated Other Comprehensive Loss ( 1 ) Three Months Ended April 2, April 3, 2022 2021 Details about Other Comprehensive Loss Components Amounts Reclassified from Accumulated Other Comprehensive Loss Affected Line Item in the Statement Where Net Income is Presented Loss on Qualifying Hedges Interest rate contracts $ (2,213 ) $ (3,633 ) Interest expense (2,213 ) (3,633 ) Loss before income taxes 556 915 Benefit from income taxes $ (1,657 ) $ (2,718 ) Net loss ( 1 ) Amounts in parentheses indicate debits to profit/loss |
Segment Data (Tables)
Segment Data (Tables) | 3 Months Ended |
Apr. 02, 2022 | |
Segment Reporting [Abstract] | |
Information About Reportable Segments | Information about the Company’s reportable segments is as follows: Total Revenues, net Three Months Ended April 2, April 3, 2022 2021 North America $ 204,313 $ 221,315 Continental Europe 70,902 81,896 United Kingdom 14,439 19,067 Other 8,107 9,518 Total revenues, net $ 297,761 $ 331,796 Net Loss Three Months Ended April 2, April 3, 2022 2021 Segment operating income (loss): North America $ 21,514 $ 27,582 Continental Europe 20,443 20,054 United Kingdom (2,201 ) 543 Other (80 ) 103 Total segment operating income 39,676 48,282 General corporate expenses 30,706 45,451 Interest expense 18,671 29,123 Other expense (income), net 344 (237 ) Benefit from income taxes (1,802 ) (7,828 ) Net loss $ (8,243 ) $ (18,227 ) Depreciation and Amortization Three Months Ended April 2, April 3, 2022 2021 North America $ 8,453 $ 10,312 Continental Europe 263 434 United Kingdom 148 257 Other 95 113 Total segment depreciation and amortization 8,959 11,116 General corporate depreciation and amortization 3,054 4,295 Depreciation and amortization $ 12,013 $ 15,411 |
Restructuring (Tables)
Restructuring (Tables) | 3 Months Ended |
Apr. 02, 2022 | |
Restructuring And Related Activities [Abstract] | |
Schedule of Components of Restructuring Expenses | For the fiscal year ended January 1, 2022 , the components of the Company’s restructuring expenses were as follows: Fiscal Year Ended January 1, 2022 Lease termination and other related costs $ 12,688 Employee termination benefit costs 8,846 Total restructuring expenses $ 21,534 For the fiscal year ended January 1, 2022 , restructuring expenses were recorded in the Company’s consolidated statements of net income as follows: Fiscal Year Ended January 1, 2022 Cost of revenues $ 16,727 Selling, general and administrative expenses 4,807 Total restructuring expenses $ 21,534 For the fiscal year ended January 2, 2021 , the components of the Company’s restructuring expenses were as follows: Fiscal Year Ended January 2, 2021 Lease termination and other related costs $ 7,989 Employee termination benefit costs 25,103 Total restructuring expenses $ 33,092 For the fiscal year ended January 2, 2021, restructuring expenses were recorded in the Company’s consolidated statements of net income as follows: Fiscal Year Ended January 2, 2021 Cost of revenues $ 23,300 Selling, general and administrative expenses 9,792 Total restructuring expenses $ 33,092 |
Accounting Standards Adopted _2
Accounting Standards Adopted in Current Year - Additional Information (Detail) - ASU 2021-08 | Apr. 02, 2022 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Change in accounting principle, accounting standards update, adopted | true |
Change in accounting principle, accounting standards update, adoption date | Jan. 2, 2022 |
Change in accounting principle, accounting standards update, immaterial effect | true |
Leases - Schedule of Lease Asse
Leases - Schedule of Lease Assets and Lease Liabilities (Detail) - USD ($) $ in Thousands | Apr. 02, 2022 | Jan. 01, 2022 |
Assets: | ||
Operating lease assets | $ 86,302 | $ 89,902 |
Finance lease assets | $ 136 | $ 127 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property and equipment, net | Property and equipment, net |
Total leased assets | $ 86,438 | $ 90,029 |
Current | ||
Operating | 18,969 | 20,297 |
Finance | $ 101 | $ 75 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other accrued liabilities | Other accrued liabilities |
Noncurrent | ||
Operating | $ 75,527 | $ 78,157 |
Finance | $ 22 | $ 29 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other | Other |
Total lease liabilities | $ 94,619 | $ 98,558 |
Leases - Schedule of Components
Leases - Schedule of Components of Lease Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2022 | Apr. 03, 2021 | |
Operating lease cost: | ||
Fixed lease cost | $ 8,112 | $ 11,044 |
Lease termination cost | (120) | 3,152 |
Variable lease cost | 7 | 5 |
Total operating lease cost | 7,999 | 14,201 |
Finance lease cost: | ||
Amortization of leased assets | 35 | 43 |
Interest on lease liabilities | 1 | 2 |
Total finance lease cost | 36 | 45 |
Total lease cost | $ 8,035 | $ 14,246 |
Leases - Summary of Weighted Av
Leases - Summary of Weighted Average Remaining Lease Term and Weighted Average Discount Rates (Detail) | Apr. 02, 2022 | Jan. 01, 2022 |
Weighted Average Remaining Lease Term (years) | ||
Operating leases | 7 years 3 months | 7 years 3 months 14 days |
Finance leases | 1 year 4 months 6 days | 1 year 6 months 14 days |
Weighted Average Discount Rate | ||
Operating leases | 7.15% | 7.15% |
Finance leases | 4.56% | 5.31% |
Leases - Additional Information
Leases - Additional Information (Detail) | 3 Months Ended |
Apr. 02, 2022 | |
Lessee Lease Description [Line Items] | |
Lease weighted average remaining lease term | 7 years 2 months 26 days |
Minimum | |
Lessee Lease Description [Line Items] | |
Leases, remaining lease term | 0 years |
Maximum | |
Lessee Lease Description [Line Items] | |
Leases, remaining lease term | 10 years |
Leases - Schedule of Maturity o
Leases - Schedule of Maturity of Lease Liabilities (Detail) $ in Thousands | Apr. 02, 2022USD ($) |
Operating Leases | |
Remainder of fiscal 2022 | $ 19,048 |
Fiscal 2023 | 21,532 |
Fiscal 2024 | 16,123 |
Fiscal 2025 | 11,811 |
Fiscal 2026 | 9,472 |
Thereafter | 45,573 |
Total lease payments | 123,559 |
Less imputed interest | 29,063 |
Present value of lease liabilities | 94,496 |
Finance Leases | |
Remainder of fiscal 2022 | 86 |
Fiscal 2023 | 36 |
Fiscal 2024 | 5 |
Total lease payments | 127 |
Less imputed interest | 4 |
Present value of lease liabilities | 123 |
Total | |
Remainder of fiscal 2022 | 19,134 |
Fiscal 2023 | 21,568 |
Fiscal 2024 | 16,128 |
Fiscal 2025 | 11,811 |
Fiscal 2026 | 9,472 |
Thereafter | 45,573 |
Total lease payments | 123,686 |
Less imputed interest | 29,067 |
Present value of lease liabilities | $ 94,619 |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2022 | Apr. 03, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | $ 8,509 | $ 11,772 |
Operating cash flows from finance leases | 1 | 2 |
Financing cash flows from finance leases | 35 | 43 |
Leased assets obtained (modified) in exchange for new (modified) operating lease liabilities | 2,859 | $ (1,892) |
Leased assets obtained in exchange for new finance lease liabilities | $ 46 |
Revenue - Schedule of Revenues
Revenue - Schedule of Revenues Disaggregated by Revenue Source (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2022 | Apr. 03, 2021 | |
Disaggregation Of Revenue [Line Items] | ||
Revenues, net | $ 297,761 | $ 331,796 |
Digital Subscription Revenues | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues, net | 191,482 | 206,062 |
Workshops + Digital Fees | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues, net | 65,503 | 73,758 |
Subscription Revenues, net | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues, net | 256,985 | 279,820 |
Product sales and other, net | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues, net | $ 40,776 | $ 51,976 |
Revenue - Schedule of Revenue_2
Revenue - Schedule of Revenues Disaggregated by Revenue Source and Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2022 | Apr. 03, 2021 | |
Disaggregation Of Revenue [Line Items] | ||
Revenues, net | $ 297,761 | $ 331,796 |
North America | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues, net | 204,313 | 221,315 |
Continental Europe | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues, net | 70,902 | 81,896 |
United Kingdom | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues, net | 14,439 | 19,067 |
Other | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues, net | 8,107 | 9,518 |
Digital Subscription Revenues | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues, net | 191,482 | 206,062 |
Digital Subscription Revenues | North America | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues, net | 125,319 | 132,090 |
Digital Subscription Revenues | Continental Europe | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues, net | 53,475 | 58,915 |
Digital Subscription Revenues | United Kingdom | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues, net | 7,805 | 9,809 |
Digital Subscription Revenues | Other | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues, net | 4,883 | 5,248 |
Workshops + Digital Fees | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues, net | 65,503 | 73,758 |
Workshops + Digital Fees | North America | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues, net | 50,980 | 54,904 |
Workshops + Digital Fees | Continental Europe | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues, net | 8,222 | 10,940 |
Workshops + Digital Fees | United Kingdom | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues, net | 4,422 | 5,169 |
Workshops + Digital Fees | Other | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues, net | 1,879 | 2,745 |
Subscription Revenues, net | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues, net | 256,985 | 279,820 |
Subscription Revenues, net | North America | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues, net | 176,299 | 186,994 |
Subscription Revenues, net | Continental Europe | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues, net | 61,697 | 69,855 |
Subscription Revenues, net | United Kingdom | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues, net | 12,227 | 14,978 |
Subscription Revenues, net | Other | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues, net | 6,762 | 7,993 |
Product sales and other, net | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues, net | 40,776 | 51,976 |
Product sales and other, net | North America | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues, net | 28,014 | 34,321 |
Product sales and other, net | Continental Europe | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues, net | 9,205 | 12,041 |
Product sales and other, net | United Kingdom | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues, net | 2,212 | 4,089 |
Product sales and other, net | Other | ||
Disaggregation Of Revenue [Line Items] | ||
Revenues, net | $ 1,345 | $ 1,525 |
Revenue - Schedule of Deferred
Revenue - Schedule of Deferred Revenues (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2022 | Apr. 03, 2021 | |
Deferred Revenue - Short Term | ||
Contract With Customer Asset And Liability [Line Items] | ||
Deferred Revenue, Beginning balance | $ 45,855 | $ 50,475 |
Net increase (decrease) during the period | 3,136 | (459) |
Deferred Revenue, Ending balance | 48,991 | 50,016 |
Deferred Revenue - Long Term | ||
Contract With Customer Asset And Liability [Line Items] | ||
Deferred Revenue, Beginning balance | 28 | 44 |
Net increase (decrease) during the period | 21 | (18) |
Deferred Revenue, Ending balance | $ 49 | $ 26 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2022 | Apr. 03, 2021 | |
Revenues [Abstract] | ||
Deferred revenue recognized | $ 41,393 | $ 45,275 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | Feb. 18, 2022 | Dec. 21, 2021 | Aug. 16, 2021 | Jul. 30, 2021 | Mar. 22, 2021 | Apr. 02, 2022 | Jan. 01, 2022 | Jan. 02, 2021 |
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 163,353 | $ 157,374 | $ 155,617 | |||||
Denross Limited | ||||||||
Business Acquisition [Line Items] | ||||||||
Business acquisition, aggregate purchase price | $ 4,500 | |||||||
Business acquisition, cash payment | 3,100 | $ 650 | ||||||
Business acquisition, purchase price allocation, assumed liabilities | 166 | |||||||
Business acquisition, cash in reserves | 750 | |||||||
Goodwill | 4,645 | |||||||
Business acquisition, purchase price allocation, deferred tax asset | 496 | |||||||
Business acquisition, purchase price allocation, tax asset valuation allowance | 496 | |||||||
Business acquisition, purchase price allocation, cash | 4 | |||||||
Business acquisition, purchase price allocation, other receivables | 3 | |||||||
Denross Limited | Customer Relationship | ||||||||
Business Acquisition [Line Items] | ||||||||
Business acquisition, purchase price allocation, finite lived intangible assets | 14 | |||||||
Checkweight Limited | ||||||||
Business Acquisition [Line Items] | ||||||||
Business acquisition, aggregate purchase price | 1,500 | |||||||
Business acquisition, cash payment | 1,250 | |||||||
Business acquisition, purchase price allocation, assumed liabilities | 56 | |||||||
Business acquisition, cash in reserves | 250 | |||||||
Goodwill | 1,291 | |||||||
Business acquisition, purchase price allocation, deferred tax asset | 5 | |||||||
Business acquisition, purchase price allocation, tax asset valuation allowance | 5 | |||||||
Business acquisition, purchase price allocation, cash | 4 | |||||||
Business acquisition, purchase price allocation, other receivables | 4 | |||||||
Checkweight Limited | Customer Relationship | ||||||||
Business Acquisition [Line Items] | ||||||||
Business acquisition, purchase price allocation, finite lived intangible assets | 17 | |||||||
Checkweight Limited | Franchise Rights | ||||||||
Business Acquisition [Line Items] | ||||||||
Business acquisition, purchase price allocation, finite lived intangible assets | $ 240 | |||||||
Weight Watchers of Maine, Inc. | ||||||||
Business Acquisition [Line Items] | ||||||||
Business acquisition, aggregate purchase price | $ 2,250 | |||||||
Business acquisition, cash payment | 1,999 | |||||||
Business acquisition, cash in reserves | 225 | |||||||
Goodwill | 2,153 | |||||||
Business acquisition, assumed net liabilities | 26 | |||||||
Weight Watchers of Maine, Inc. | Customer Relationship | ||||||||
Business Acquisition [Line Items] | ||||||||
Business acquisition, purchase price allocation, finite lived intangible assets | 56 | |||||||
Weight Watchers of Maine, Inc. | Franchise Rights | ||||||||
Business Acquisition [Line Items] | ||||||||
Business acquisition, purchase price allocation, finite lived intangible assets | $ 41 | |||||||
The WW Group, Inc. | ||||||||
Business Acquisition [Line Items] | ||||||||
Business acquisition, aggregate purchase price | $ 17,500 | |||||||
Business acquisition, cash payment | $ 6,450 | 8,255 | ||||||
Business acquisition, cash in reserves | 2,300 | |||||||
Business acquisition, assumed net liabilities | 495 | |||||||
Business acquisition, purchase price allocation, inventories | 162 | |||||||
Business acquisition, purchase price allocation, property and equipment | 41 | |||||||
Business acquisition, purchase price allocation, other assets | 4 | |||||||
The WW Group, Inc. | Customer Relationship | ||||||||
Business Acquisition [Line Items] | ||||||||
Business acquisition, purchase price allocation, finite lived intangible assets | 408 | |||||||
The WW Group, Inc. | Franchise Rights | ||||||||
Business Acquisition [Line Items] | ||||||||
Business acquisition, purchase price allocation, indefinite lived intangible assets | 16,885 | |||||||
The WW Group Co. | ||||||||
Business Acquisition [Line Items] | ||||||||
Business acquisition, aggregate purchase price | 3,114 | |||||||
Business acquisition, cash payment | 2,605 | |||||||
Business acquisition, cash in reserves | 599 | |||||||
Business acquisition, purchase price allocation, inventories | 6 | |||||||
Business acquisition, purchase price allocation, property and equipment | 25 | |||||||
Business acquisition, purchase price allocation, other assets | 1 | |||||||
Business acquisition, assumed net assets | 90 | |||||||
The WW Group Co. | Customer Relationship | ||||||||
Business Acquisition [Line Items] | ||||||||
Business acquisition, purchase price allocation, finite lived intangible assets | 42 | |||||||
The WW Group Co. | Franchise Rights | ||||||||
Business Acquisition [Line Items] | ||||||||
Business acquisition, purchase price allocation, indefinite lived intangible assets | $ 3,040 |
Franchise Rights Acquired, Go_3
Franchise Rights Acquired, Goodwill and Other Intangible Assets - Change in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Apr. 02, 2022 | Jan. 01, 2022 | |
Goodwill [Line Items] | ||
Beginning balance | $ 157,374 | $ 155,617 |
Goodwill acquired during the period | 5,936 | 2,153 |
Effect of exchange rate changes | 43 | (396) |
Ending balance | 163,353 | 157,374 |
North America | ||
Goodwill [Line Items] | ||
Beginning balance | 147,530 | 145,071 |
Goodwill acquired during the period | 2,153 | |
Effect of exchange rate changes | 418 | 306 |
Ending balance | 147,948 | 147,530 |
Continental Europe | ||
Goodwill [Line Items] | ||
Beginning balance | 7,186 | 7,792 |
Effect of exchange rate changes | (211) | (606) |
Ending balance | 6,975 | 7,186 |
United Kingdom | ||
Goodwill [Line Items] | ||
Beginning balance | 1,254 | 1,268 |
Goodwill acquired during the period | 5,936 | |
Effect of exchange rate changes | (210) | (14) |
Ending balance | 6,980 | 1,254 |
Other | ||
Goodwill [Line Items] | ||
Beginning balance | 1,404 | 1,486 |
Effect of exchange rate changes | 46 | (82) |
Ending balance | $ 1,450 | $ 1,404 |
Franchise Rights Acquired, Go_4
Franchise Rights Acquired, Goodwill and Other Intangible Assets - Schedule of Carrying Values of Finite-lived Intangible Assets (Detail) - USD ($) $ in Thousands | Apr. 02, 2022 | Jan. 01, 2022 |
Finite-Lived Intangible Assets | ||
Gross Carrying Amount | $ 269,099 | $ 259,785 |
Accumulated Amortization | 203,525 | 195,520 |
Capitalized software costs | ||
Finite-Lived Intangible Assets | ||
Gross Carrying Amount | 116,152 | 115,065 |
Accumulated Amortization | 97,682 | 94,771 |
Website development costs | ||
Finite-Lived Intangible Assets | ||
Gross Carrying Amount | 118,528 | 110,678 |
Accumulated Amortization | 83,342 | 78,629 |
Trademarks | ||
Finite-Lived Intangible Assets | ||
Gross Carrying Amount | 12,126 | 12,116 |
Accumulated Amortization | 11,730 | 11,677 |
Other | ||
Finite-Lived Intangible Assets | ||
Gross Carrying Amount | 13,992 | 14,021 |
Accumulated Amortization | 5,776 | 5,677 |
Trademarks and other intangible assets | ||
Finite-Lived Intangible Assets | ||
Gross Carrying Amount | 260,798 | 251,880 |
Accumulated Amortization | 198,530 | 190,754 |
Franchise Rights | ||
Finite-Lived Intangible Assets | ||
Gross Carrying Amount | 8,301 | 7,905 |
Accumulated Amortization | $ 4,995 | $ 4,766 |
Franchise Rights Acquired, Go_5
Franchise Rights Acquired, Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2022 | Apr. 03, 2021 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Finite-lived intangible assets, aggregate amortization expense | $ 8,174 | $ 7,998 |
Franchise Rights Acquired, Go_6
Franchise Rights Acquired, Goodwill and Other Intangible Assets - Schedule of Estimated Amortization Expense of Finite-lived Intangible Assets (Detail) $ in Thousands | Apr. 02, 2022USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Remainder of fiscal 2022 | $ 22,659 |
Fiscal 2023 | 21,472 |
Fiscal 2024 | 11,013 |
Fiscal 2025 | 1,769 |
Fiscal 2026 and thereafter | $ 8,661 |
Long-Term Debt - Components of
Long-Term Debt - Components of Long-Term Debt (Detail) - USD ($) $ in Thousands | Apr. 02, 2022 | Jan. 01, 2022 | Jul. 03, 2021 | |
Debt Instrument | ||||
Total Debt | $ 1,445,000 | $ 1,445,000 | ||
Unamortized Deferred Financing Costs | 12,064 | 12,534 | ||
Unamortized Debt discount | 13,787 | 14,362 | ||
Total long-term debt | $ 1,419,149 | $ 1,418,104 | ||
Effective Interest Rate | [1] | 4.53% | 5.15% | |
Term Loan Facility due April 13, 2028 | ||||
Debt Instrument | ||||
Total Debt | $ 945,000 | $ 945,000 | ||
Unamortized Deferred Financing Costs | 6,653 | 6,930 | ||
Unamortized Debt discount | $ 13,787 | $ 14,362 | $ 5,000 | |
Effective Interest Rate | [1] | 4.46% | 4.48% | |
Senior Secured Notes due April 15, 2029 | ||||
Debt Instrument | ||||
Total Debt | $ 500,000 | $ 500,000 | ||
Unamortized Deferred Financing Costs | $ 5,411 | $ 5,604 | ||
Effective Interest Rate | [1] | 4.66% | 4.70% | |
Revolving Credit Facility due April 13, 2026 | ||||
Debt Instrument | ||||
Total Debt | $ 0 | $ 0 | ||
Effective Interest Rate | [1] | 0.00% | 2.61% | |
[1] | Includes amortization of deferred financing costs and debt discount. |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) | Mar. 30, 2025 | Apr. 14, 2024 | Apr. 13, 2021USD ($) | Dec. 31, 2021USD ($) | Apr. 02, 2022USD ($) | Jan. 01, 2022USD ($) | Jul. 03, 2021USD ($) | Apr. 03, 2021USD ($) | Mar. 29, 2025 | Apr. 15, 2024 | Mar. 30, 2024 | Apr. 01, 2023 | Jan. 01, 2022USD ($) | |
Debt Instrument | ||||||||||||||
Repayment of aggregate principal amount | $ 19,250,000 | |||||||||||||
Loan outstanding amount | $ 1,445,000,000 | $ 1,445,000,000 | $ 1,445,000,000 | |||||||||||
Aggregate principal amount | 1,419,149,000 | 1,418,104,000 | 1,418,104,000 | |||||||||||
Fees incurred in connection with debt refinancing | $ 37,910,000 | |||||||||||||
Unamortized Debt discount | $ 13,787,000 | $ 14,362,000 | $ 14,362,000 | |||||||||||
Loss on early extinguishment of debt | 29,169,000 | |||||||||||||
Financing costs in connection with debt refinancing | 9,017,000 | |||||||||||||
Write-off of pre-existing deferred financing fees and debt discount | 7,213,000 | |||||||||||||
Percentage of equity interests pledged | 100.00% | |||||||||||||
Percentage of annual excess cash flow | 50.00% | |||||||||||||
Percentage of annual excess cash flow after attaining first lien secured net leverage ratio one | 25.00% | |||||||||||||
Percentage of annual excess cash flow after attaining first lien secured net leverage ratio two | 0.00% | |||||||||||||
Percentage of net cash proceeds of certain non ordinary course asset sales by company and its restricted subsidiaries | 100.00% | |||||||||||||
Percentage of right to invest of net cash proceeds of certain non ordinary course asset sales by company and its restricted subsidiaries subject to certain qualifications | 100.00% | |||||||||||||
Percentage of net proceeds of any issuance or incurrence of debt by the Company or any of its restricted subsidiaries | 100.00% | |||||||||||||
Effective Interest Rate | [1] | 4.53% | 5.15% | 5.15% | ||||||||||
Average interest rate on outstanding debt, exclusive the impact of swap | 4.53% | 5.11% | 5.11% | |||||||||||
Average interest rate on outstanding debt, including the impact of swap | 5.07% | 5.62% | ||||||||||||
Maximum | ||||||||||||||
Debt Instrument | ||||||||||||||
Pledge percentage of first tier foreign subsidiaries directly owned by company or wholly owned subsidiaries | 65.00% | |||||||||||||
4.500% Senior Secured Notes due 2029 | ||||||||||||||
Debt Instrument | ||||||||||||||
Debt Instrument Interest Rate Stated Percentage | 4.50% | |||||||||||||
Aggregate principal amount | $ 500,000,000 | |||||||||||||
Senior Secured Tranche B Term Loan | ||||||||||||||
Debt Instrument | ||||||||||||||
Repayment of aggregate principal amount | $ 1,189,750,000 | |||||||||||||
Debt Instrument, maturity year | 2024 | |||||||||||||
8.625% Senior Notes due in 2025 | ||||||||||||||
Debt Instrument | ||||||||||||||
Debt Instrument, maturity year | 2025 | |||||||||||||
Debt instrument redeemed amount | $ 300,000,000 | |||||||||||||
Debt Instrument Interest Rate Stated Percentage | 8.625% | |||||||||||||
Fees incurred in connection with debt refinancing | 12,939,000 | |||||||||||||
Credit Facilities | ||||||||||||||
Debt Instrument | ||||||||||||||
Loan outstanding amount | $ 945,000,000 | |||||||||||||
Proceeds received from long-term debt | $ 1,000,000,000 | |||||||||||||
Senior Secured Revolving Credit Facility Due in 2022 | ||||||||||||||
Debt Instrument | ||||||||||||||
Loan outstanding amount | $ 0 | |||||||||||||
Term Loan Facility due April 13, 2028 | ||||||||||||||
Debt Instrument | ||||||||||||||
Loan outstanding amount | 945,000,000 | $ 945,000,000 | $ 945,000,000 | |||||||||||
Unamortized Debt discount | $ 13,787,000 | $ 14,362,000 | $ 5,000,000 | $ 14,362,000 | ||||||||||
Effective Interest Rate | [1] | 4.46% | 4.48% | 4.48% | ||||||||||
Term Loan Facility due April 13, 2028 | Federal Funds Effective Rate | ||||||||||||||
Debt Instrument | ||||||||||||||
Credit facility, interest rate | 0.50% | |||||||||||||
Term Loan Facility due April 13, 2028 | London Interbank Offered Rate (LIBOR) | ||||||||||||||
Debt Instrument | ||||||||||||||
Credit facility, interest rate | 1.00% | |||||||||||||
Debt instrument variable rate floor percent determined option one | 0.50% | |||||||||||||
Effective Interest Rate | 3.50% | |||||||||||||
Term Loan Facility due April 13, 2028 | Maximum | London Interbank Offered Rate (LIBOR) | ||||||||||||||
Debt Instrument | ||||||||||||||
Debt instrument variable rate floor percent determined option one | 1.50% | |||||||||||||
Revolving Credit Facility | ||||||||||||||
Debt Instrument | ||||||||||||||
Loan outstanding amount | $ 0 | |||||||||||||
Revolving Credit Facility | Federal Funds Effective Rate | ||||||||||||||
Debt Instrument | ||||||||||||||
Credit facility, interest rate | 0.50% | |||||||||||||
Revolving Credit Facility | London Interbank Offered Rate (LIBOR) | ||||||||||||||
Debt Instrument | ||||||||||||||
Credit facility, interest rate | 1.00% | |||||||||||||
Debt instrument variable rate floor percent determined option one | 0.00% | |||||||||||||
Effective Interest Rate | 2.75% | |||||||||||||
Revolving Credit Facility | Maximum | London Interbank Offered Rate (LIBOR) | ||||||||||||||
Debt Instrument | ||||||||||||||
Debt instrument variable rate floor percent determined option one | 1.00% | |||||||||||||
Senior Secured Notes due April 15, 2029 | ||||||||||||||
Debt Instrument | ||||||||||||||
Debt Instrument Interest Rate Stated Percentage | 4.50% | |||||||||||||
Loan outstanding amount | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | |||||||||||
Effective Interest Rate | [1] | 4.66% | 4.70% | 4.70% | ||||||||||
Debt instrument issued date | Apr. 13, 2021 | |||||||||||||
Debt instrument, mature date | Apr. 15, 2029 | |||||||||||||
Debt instrument interest payment term | Interest on the Senior Secured Notes is payable semi-annually on April 15 and October 15 of each year, beginning on October 15, 2021. | |||||||||||||
Debt Instrument, redemption, description | On or after April 15, 2024, the Company may on any one or more occasions redeem some or all of the Senior Secured Notes at a purchase price equal to 102.250% of the principal amount of the Senior Secured Notes, plus accrued and unpaid interest, if any, to, but not including, the redemption date, such optional redemption price decreasing to 101.125% on or after April 15, 2025 and to 100.000% on or after April 15, 2026. Prior to April 15, 2024, the Company may on any one or more occasions redeem up to 40% of the aggregate principal amount of the Senior Secured Notes with an amount not to exceed the net proceeds of certain equity offerings at 104.500% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the redemption date. Prior to April 15, 2024, the Company may redeem some or all of the Senior Secured Notes at a make-whole price plus accrued and unpaid interest, if any, to, but not including, the redemption date. In addition, during any twelve-month period ending prior to April 15, 2024, the Company may redeem up to 10% of the aggregate principal amount of the Senior Secured Notes at a purchase price equal to 103.000% of the principal amount of the Senior Secured Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. | |||||||||||||
Senior Secured Notes due April 15, 2029 | Change of Control | ||||||||||||||
Debt Instrument | ||||||||||||||
Debt instrument, percentage of aggregate principal amount that may be redeemed (up to) | 101.00% | |||||||||||||
Senior Secured Notes due April 15, 2029 | Sale of Assets | ||||||||||||||
Debt Instrument | ||||||||||||||
Debt instrument, percentage of aggregate principal amount that may be redeemed (up to) | 100.00% | |||||||||||||
Senior Secured Notes due April 15, 2029 | Debt Instrument Redemption Date, April 15, 2024 | ||||||||||||||
Debt Instrument | ||||||||||||||
Debt Instrument, percentage of principal can be redeemed | 102.25% | |||||||||||||
Debt Instrument, redemption date | Apr. 15, 2024 | |||||||||||||
Senior Secured Notes due April 15, 2029 | Debt Instrument Redemption Date, April 15, 2025 | ||||||||||||||
Debt Instrument | ||||||||||||||
Debt Instrument, percentage of principal can be redeemed | 101.125% | |||||||||||||
Debt Instrument, redemption date | Apr. 15, 2025 | |||||||||||||
Senior Secured Notes due April 15, 2029 | Debt Instrument Redemption Date, April 15, 2026 | ||||||||||||||
Debt Instrument | ||||||||||||||
Debt Instrument, percentage of principal can be redeemed | 100.00% | |||||||||||||
Debt Instrument, redemption date | Apr. 15, 2026 | |||||||||||||
Senior Secured Notes due April 15, 2029 | Forecast | ||||||||||||||
Debt Instrument | ||||||||||||||
Debt Instrument, percentage of principal can be redeemed | 103.00% | |||||||||||||
Senior Secured Notes due April 15, 2029 | Maximum | Forecast | ||||||||||||||
Debt Instrument | ||||||||||||||
Debt Instrument, percentage of principal can be redeemed | 104.50% | |||||||||||||
Percent of principal amount of debt that may be redeemed (up to) | 40.00% | |||||||||||||
Debt instrument, percentage of aggregate principal amount that may be redeemed (up to) | 10.00% | |||||||||||||
Credit Facilities and Senior Secured Notes | ||||||||||||||
Debt Instrument | ||||||||||||||
Loan outstanding amount | $ 1,445,000,000 | |||||||||||||
Revolving Credit Facility | ||||||||||||||
Debt Instrument | ||||||||||||||
Loan outstanding amount | 0 | $ 0 | $ 0 | |||||||||||
Aggregate principal amount | 0 | $ 0 | $ 0 | |||||||||||
Credit facility available amount | 173,911,000 | |||||||||||||
Line of credit facility, issued but undrawn letters of credit | $ 1,089,000 | |||||||||||||
Effective Interest Rate | [1] | 0.00% | 2.61% | 2.61% | ||||||||||
Minimum outstanding amount to compliance springing maintenance covenant | 35.00% | |||||||||||||
Consolidated first lien leverage ratio | 6 | |||||||||||||
Revolving Credit Facility | Forecast | ||||||||||||||
Debt Instrument | ||||||||||||||
Increase decrease in consolidated first lien leverage ratio | 5 | 5.25 | 5.50 | 5.75 | ||||||||||
Revolving Credit Facility | Senior Secured Revolving Credit Facility Due in 2022 | ||||||||||||||
Debt Instrument | ||||||||||||||
Debt Instrument, maturity year | 2022 | |||||||||||||
Credit Facility, maximum borrowing capacity | $ 175,000,000 | |||||||||||||
Revolving Credit Facility | Senior Secured Revolving Credit Facility | ||||||||||||||
Debt Instrument | ||||||||||||||
Debt Instrument, maturity year | 2026 | |||||||||||||
Credit Facility, maximum borrowing capacity | $ 175,000,000 | |||||||||||||
Term Loan Facility | Senior Secured Tranche B Term Loan | ||||||||||||||
Debt Instrument | ||||||||||||||
Debt Instrument, maturity year | 2028 | |||||||||||||
Credit Facility, maximum borrowing capacity | $ 1,000,000,000 | |||||||||||||
Write-off of pre-existing deferred financing fees and debt discount | $ 1,183,000 | |||||||||||||
Prepayments of aggregate principal amount | $ 52,500,000 | |||||||||||||
Estimated excess cash flow prepayment offer obligation amount | $ 30,575,000 | |||||||||||||
[1] | Includes amortization of deferred financing costs and debt discount. |
Per Share Data - Computation of
Per Share Data - Computation of Basic and Diluted Net Loss Per Share Data (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 02, 2022 | Apr. 03, 2021 | |
Numerator: | ||
Net loss | $ (8,243) | $ (18,227) |
Denominator: | ||
Weighted average shares of common stock outstanding | 70,086 | 69,084 |
Weighted average diluted common shares outstanding | 70,086 | 69,084 |
Net loss per share | ||
Basic | $ (0.12) | $ (0.26) |
Diluted | $ (0.12) | $ (0.26) |
Per Share Data - Additional Inf
Per Share Data - Additional Information (Detail) - shares shares in Thousands | 3 Months Ended | |
Apr. 02, 2022 | Apr. 03, 2021 | |
Earnings Per Share [Abstract] | ||
Anti-dilutive common stock equivalents excluded from the calculation of diluted EPS | 7,040 | 6,360 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) | 3 Months Ended | |
Apr. 02, 2022 | Apr. 03, 2021 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 17.90% | 30.00% |
Legal - Additional Information
Legal - Additional Information (Detail) $ in Thousands | Feb. 16, 2022USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Loss Contingency Accrual | $ 1,500 |
Derivative Instruments and He_2
Derivative Instruments and Hedging - Additional Information (Detail) - USD ($) | Mar. 31, 2021 | Apr. 02, 2020 | Jun. 07, 2019 | Jun. 11, 2018 | Apr. 02, 2022 | Jan. 01, 2022 |
Derivative | ||||||
Maximum length of time hedging forecasted | 2 years | |||||
Derivative loss included in accumulated other comprehensive income (loss) that are expected to be reclassified into earnings within the next 12 months, net of tax | $ 531,000 | |||||
Derivative loss included in accumulated other comprehensive income (loss) that are expected to be reclassified into earnings within the next 12 months, before tax | 709,000 | |||||
2018 Swap | Derivative Payable | ||||||
Derivative | ||||||
Interest rate swap liability | 2,912,000 | |||||
2019 Swap | Prepaid Expenses and Other Current Assets | ||||||
Derivative | ||||||
Interest rate swap assets | 30,000 | |||||
2019 Swap | Other Noncurrent Assets | ||||||
Derivative | ||||||
Interest rate swap assets | 2,944,000 | |||||
Interest Rate Swap | ||||||
Derivative | ||||||
Cumulative gain (loss) for qualifying hedges reported as a component of accumulated other comprehensive income (loss) net of tax | 205,000 | $ (10,843,000) | ||||
Cumulative gain (loss) for qualifying hedges reported as a component of accumulated other comprehensive income (loss) before tax | 134,000 | (14,622,000) | ||||
Interest Rate Swap | 2018 Swap | ||||||
Derivative | ||||||
Forward-starting interest rate swap, effective date | Apr. 2, 2020 | |||||
Forward starting interest rate swap, termination date | Mar. 31, 2024 | |||||
Derivative interest rate swap percentage | 3.1005% | |||||
Interest Rate Swap | 2019 Swap | ||||||
Derivative | ||||||
Forward-starting interest rate swap, effective date | Apr. 2, 2020 | |||||
Forward starting interest rate swap, termination date | Mar. 31, 2024 | |||||
Derivative interest rate swap percentage | 1.901% | |||||
Interest Rate Swap | Cash Flow Hedging | ||||||
Derivative | ||||||
Notional amount | $ 500,000,000 | 500,000,000 | ||||
Interest Rate Swap | Cash Flow Hedging | 2018 Swap | ||||||
Derivative | ||||||
Notional amount | $ 250,000,000 | $ 500,000,000 | $ 500,000,000 | |||
Forward-starting interest rate swap, effective date | Mar. 31, 2021 | Apr. 2, 2020 | ||||
Interest Rate Swap | Cash Flow Hedging | 2019 Swap | ||||||
Derivative | ||||||
Notional amount | $ 250,000,000 | |||||
Current Swaps | Derivative Payable | ||||||
Derivative | ||||||
Interest rate swap liability | $ 14,670,000 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Apr. 02, 2022 | Jan. 01, 2022 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Debt outstanding amount | $ 1,419,149,000 | $ 1,418,104,000 |
Fair value of long-term debt | 1,242,201,000 | 1,389,306,000 |
Fair value assets, transfer between level 1 to level 2 | 0 | 0 |
Fair value liabilities, transfer between level 1 to level 2 | 0 | 0 |
Fair value assets, transfer between level 2 to level 1 | 0 | 0 |
Fair value liabilities, transfer between level 2 to level 1 | 0 | 0 |
Revolving Credit Facility | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Carrying value of long-term debt | 0 | 0 |
Debt outstanding amount | $ 0 | $ 0 |
Fair Value Measurements - Aggre
Fair Value Measurements - Aggregate Fair Value of Derivative Financial Instruments (Detail) - Fair Value, Measurements, Recurring - Interest Rate Swap - USD ($) $ in Thousands | Apr. 02, 2022 | Jan. 01, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Interest rate swap current asset | $ 30 | |
Interest rate swap noncurrent asset | 2,944 | |
Interest rate swap liability | 2,912 | $ 14,670 |
Fair Value Measurements Using Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis | ||
Interest rate swap current asset | 30 | |
Interest rate swap noncurrent asset | 2,944 | |
Interest rate swap liability | $ 2,912 | $ 14,670 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss by Component (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 02, 2022 | Apr. 03, 2021 | ||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Other comprehensive income (loss) before reclassifications, net of tax | [1] | $ 9,285 | $ 337 |
Amounts reclassified from accumulated other comprehensive loss, net of tax | [1],[2] | 1,657 | 2,718 |
Net current period other comprehensive income (loss) | [1] | 10,942 | 3,055 |
(Loss) Gain on Qualifying Hedges | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | [1] | (10,843) | (20,979) |
Other comprehensive income (loss) before reclassifications, net of tax | [1] | 9,391 | 1,175 |
Amounts reclassified from accumulated other comprehensive loss, net of tax | [1],[2] | 1,657 | 2,718 |
Net current period other comprehensive income (loss) | [1] | 11,048 | 3,893 |
Ending balance | [1] | 205 | (17,086) |
Loss on Foreign Currency Translation | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | [1] | (7,761) | (4,170) |
Other comprehensive income (loss) before reclassifications, net of tax | [1] | (106) | (838) |
Net current period other comprehensive income (loss) | [1] | (106) | (838) |
Ending balance | [1] | (7,867) | (5,008) |
Accumulated Other Comprehensive Loss | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | [1] | (18,604) | (25,149) |
Amounts reclassified from accumulated other comprehensive loss, net of tax | [1],[2] | 1,657 | 2,718 |
Ending balance | [1] | $ (7,662) | $ (22,094) |
[1] | Amounts in parentheses indicate debits | ||
[2] | See separate table below for details about these reclassifications |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Reclassifications out of Accumulated Other Comprehensive Loss (Detail) - Reclassification out of Accumulated Other Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | ||
Apr. 02, 2022 | Apr. 03, 2021 | ||
Interest Expense | Interest Rate Contract | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Loss on Qualifying Hedges | [1] | $ (2,213) | $ (3,633) |
Loss Before Income Taxes | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Loss on Qualifying Hedges | [1] | (2,213) | (3,633) |
Benefit From Income Taxes | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Loss on Qualifying Hedges | [1] | 556 | 915 |
Net Loss | |||
Reclassification Adjustment Out Of Accumulated Other Comprehensive Income [Line Items] | |||
Loss on Qualifying Hedges | [1] | $ (1,657) | $ (2,718) |
[1] | Amounts in parentheses indicate debits to profit/loss |
Segment Data - Additional Infor
Segment Data - Additional Information (Detail) | 3 Months Ended |
Apr. 02, 2022Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 4 |
Segment Data - Information Abou
Segment Data - Information About Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2022 | Apr. 03, 2021 | |
Segment Reporting Information [Line Items] | ||
Revenues, net | $ 297,761 | $ 331,796 |
Operating income (loss) | 8,970 | 2,831 |
Interest expense | 18,671 | 29,123 |
Other expense (income), net | 344 | (237) |
Benefit from income taxes | (1,802) | (7,828) |
Net loss | (8,243) | (18,227) |
Depreciation and amortization | 12,013 | 15,411 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Operating income (loss) | 39,676 | 48,282 |
Depreciation and amortization | 8,959 | 11,116 |
General corporate expenses | ||
Segment Reporting Information [Line Items] | ||
General corporate expenses | 30,706 | 45,451 |
Depreciation and amortization | 3,054 | 4,295 |
North America | ||
Segment Reporting Information [Line Items] | ||
Revenues, net | 204,313 | 221,315 |
North America | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenues, net | 204,313 | 221,315 |
Operating income (loss) | 21,514 | 27,582 |
Depreciation and amortization | 8,453 | 10,312 |
Continental Europe | ||
Segment Reporting Information [Line Items] | ||
Revenues, net | 70,902 | 81,896 |
Continental Europe | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenues, net | 70,902 | 81,896 |
Operating income (loss) | 20,443 | 20,054 |
Depreciation and amortization | 263 | 434 |
United Kingdom | ||
Segment Reporting Information [Line Items] | ||
Revenues, net | 14,439 | 19,067 |
United Kingdom | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenues, net | 14,439 | 19,067 |
Operating income (loss) | (2,201) | 543 |
Depreciation and amortization | 148 | 257 |
Other | ||
Segment Reporting Information [Line Items] | ||
Revenues, net | 8,107 | 9,518 |
Other | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenues, net | 8,107 | 9,518 |
Operating income (loss) | (80) | 103 |
Depreciation and amortization | $ 95 | $ 113 |
Related Party - Additional Info
Related Party - Additional Information (Detail) - USD ($) shares in Thousands, $ in Thousands | Oct. 18, 2015 | Mar. 31, 2021 | Apr. 02, 2022 | Apr. 03, 2021 | Jan. 01, 2022 |
Related Party Transaction [Line Items] | |||||
Initial agreement term | 5 years | ||||
Ms. Winfrey and her related entities | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, service provided by related party | $ 432 | $ 474 | |||
Ms. Winfrey | |||||
Related Party Transaction [Line Items] | |||||
Accounts payable to related parties | $ 74 | $ 120 | |||
Number of shares purchased from related party | 875 | ||||
Stock options exercised | 330 |
Restructuring - Additional Info
Restructuring - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Apr. 02, 2022 | Jan. 01, 2022 | Jan. 02, 2021 | Jul. 02, 2022 | |
2022 Plan | Lease Termination Costs | Forecast | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Estimated cost | $ 6,000 | |||
2022 Plan | Minimum | Forecast | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Estimated cost | 18,000 | |||
2022 Plan | Minimum | Employee Severance | Forecast | General and Administrative Expenses | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Estimated cost | 12,000 | |||
2022 Plan | Maximum | Forecast | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Estimated cost | 22,000 | |||
2022 Plan | Maximum | Employee Severance | Forecast | General and Administrative Expenses | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Estimated cost | $ 16,000 | |||
2021 Plan | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring expenses | $ 21,534 | |||
Restructuring expenses after tax | 16,109 | |||
2021 Plan | Lease Termination Costs | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring expenses | $ 120 | 12,688 | ||
Payments | 172 | 7,640 | ||
Provision estimates | (102) | (3) | ||
Restructuring liability | 1,186 | |||
2021 Plan | Employee Severance | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring expenses | 148 | 8,846 | ||
Payments | 1,956 | 4,802 | ||
Provision estimates | (98) | |||
Restructuring liability | 2,334 | |||
2020 Plan | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring expenses | $ 33,092 | |||
Restructuring expenses after tax | 24,756 | |||
2020 Plan | Lease Termination Costs | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring expenses | 7,989 | |||
Payments | 4,649 | 645 | ||
Provision estimates | (116) | (470) | ||
Restructuring liability | 86 | |||
2020 Plan | Employee Severance | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring expenses | 25,103 | |||
Payments | 605 | 6,773 | 15,434 | |
Provision estimates | $ (1,136) | $ 180 | ||
Restructuring liability | $ 1,335 |
Restructuring - Components of R
Restructuring - Components of Restructuring Expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Apr. 02, 2022 | Jan. 01, 2022 | Jan. 02, 2021 | |
2021 Plan | |||
Restructuring Cost And Reserve [Line Items] | |||
Total restructuring expenses | $ 21,534 | ||
2020 Plan | |||
Restructuring Cost And Reserve [Line Items] | |||
Total restructuring expenses | $ 33,092 | ||
Lease Termination Costs | 2021 Plan | |||
Restructuring Cost And Reserve [Line Items] | |||
Total restructuring expenses | $ 120 | 12,688 | |
Lease Termination Costs | 2020 Plan | |||
Restructuring Cost And Reserve [Line Items] | |||
Total restructuring expenses | 7,989 | ||
Employee Severance | 2021 Plan | |||
Restructuring Cost And Reserve [Line Items] | |||
Total restructuring expenses | $ 148 | $ 8,846 | |
Employee Severance | 2020 Plan | |||
Restructuring Cost And Reserve [Line Items] | |||
Total restructuring expenses | $ 25,103 |
Restructuring - Schedule of Res
Restructuring - Schedule of Restructuring Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Jan. 01, 2022 | Jan. 02, 2021 | |
2021 Plan | ||
Restructuring Cost And Reserve [Line Items] | ||
Total restructuring expenses | $ 21,534 | |
2020 Plan | ||
Restructuring Cost And Reserve [Line Items] | ||
Total restructuring expenses | $ 33,092 | |
Cost of Revenues | 2021 Plan | ||
Restructuring Cost And Reserve [Line Items] | ||
Total restructuring expenses | 16,727 | |
Cost of Revenues | 2020 Plan | ||
Restructuring Cost And Reserve [Line Items] | ||
Total restructuring expenses | 23,300 | |
Selling, General and Administrative Expenses | 2021 Plan | ||
Restructuring Cost And Reserve [Line Items] | ||
Total restructuring expenses | $ 4,807 | |
Selling, General and Administrative Expenses | 2020 Plan | ||
Restructuring Cost And Reserve [Line Items] | ||
Total restructuring expenses | $ 9,792 |