WeightWatchers 2013 Annual Report Download - page 45

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Working Capital
The changes in the working capital deficit are primarily the result of year-over-year increases related to cash
in connection with operations and a decrease in the current portion of long-term debt related to the refinancing of
our credit facilities as well as the shift in timing of tax payments, accruals related to the UK self-employment
matter and other operational items.
Franchise Acquisitions
The following are our key acquisitions since the beginning of fiscal 2009:
Acquisitions of Alberta and Saskatchewan, West Virginia, Columbus, Reno, Manitoba and Franklin and St.
Lawrence Counties. On March 4, 2013, we acquired substantially all of the assets of our Alberta and
Saskatchewan, Canada franchisees, Weight Watchers of Alberta Ltd. and Weight Watchers of Saskatchewan
Ltd., for an aggregate purchase price of $35.0 million. On July 15, 2013, we acquired substantially all of the
assets of our West Virginia franchisee, Weight Watchers of West Virginia, Inc., for a net purchase price of $16.0
million. On July 22, 2013, we acquired substantially all of the assets of our Columbus, Ohio franchisee, Weight
Watchers of Columbus, Inc., for a net purchase price of $23.3 million and our Reno, Nevada franchisee, Weight
Watchers of Northern Nevada, Inc., for a net purchase price of $4.0 million. On October 28, 2013, we acquired
substantially all of the assets of our Manitoba, Canada franchisee, Weight Watchers of Manitoba Ltd., for a net
purchase price of $5.2 million and our Franklin and St. Lawrence Counties, New York franchisee, Weight
Watchers of Franklin and St. Lawrence Counties Inc., for a net purchase price of $0.3 million.
Acquisitions of Southeastern Ontario and Ottawa, Adirondacks and Memphis. On September 10, 2012, we
acquired substantially all of the assets of our Southeastern Ontario and Ottawa, Canada franchisee, Slengora
Limited, for a net purchase price of $16.8 million. On November 2, 2012, we acquired substantially all of the
assets of our Adirondacks franchisee, Weight Watchers of the Adirondacks, Inc., for a purchase price of $3.4
million. On December 20, 2012, we acquired substantially all of the assets of our Memphis, Tennessee
franchisee, Weight Watchers of the Mid-South, Inc., for a purchase price of $10.0 million.
These acquisitions were financed through cash from operations. These acquisitions have been accounted for
as purchases and financial results have been included in our consolidated operating results since their respective
dates of acquisition.
31