...August 16, 2024 WW International Inc.'s earnings were generally in line with our expectations for the first half of the year. For the first six months of 2024, revenues declined 13% due to tighter consumer spending and heightened competition, which drove lower revenue per digital subscriber and the number of subscribers. Our forecast continues to assume that WW will discount its digital and workshop membership fees in 2024 to extend the average retention period per subscriber with the intent to convert some subscribers to clinical. However, the company reported weaker subscriber levels than expected with core digital and workshop subscribers totaling around 3.8 million as of June 30, 2024, versus our expectation of about 4 million, and clinical subscribers of 81,000 versus our expectations of 100,000, down from 87,000 at the start of the quarter. This marks the first sequential decline in clinical subscribers since WW acquired Sequence. We think this is due to existing clinical subscribers...
