Weight Watchers International, Inc

Prepared by: Jack Ng

Updated as at 2 Apr 2015

NOTE to Students

• This is my effort to guide you to prepare for the exam case

• It is by no means a complete analysis or preparation of your exam

• You MUST put in your own effort to differentiate from others and achieve competitive advantage.

~ Jack Ng

Video

'I can honestly say I've never been happier!' Jessica Simpson looks white hot in snug sleeveless dress for Weight Watchers shoot, 5 March 2014

American singer

What WW say about themselves

• Weight Watchers International, Inc. is the world‘s leading provider of weight management services

• Operating globally through a network of Company-owned and franchise operations.

• Weight Watchers holds more than 40,000 meetings each week where members receive group support and learn about healthy eating patterns, behaviour modification and physical activity.

• Weight Watchers provides innovative, digital weight management products through its websites, mobile sites and apps. Weight Watchers is the leading provider of digital weight management products in the world.

• In addition, Weight Watchers offers a wide range of products, publications and programs for those interested in weight loss and weight control.

• Providing services for weight reduction planning, treatment and supervision; consultation services and provision of information in the fields of weight reduction, weight control, nutrition and fitness.

What WW say about themselves

Who?• Weight Watchers’ sources of revenues are meetings, subscription

based internet tools, product sales and licensing, franchise royalties and advertising revenues. 2011 was Weight Watcher’s best year in recent history, however the company has seen a shift in meeting attendance and internet subscription growth.

• Over 1 million members attend 40,000 Weight Watcher meetings every week

• Meeting are run by over 10,000 leaders who have lost weight themselves

• Weight watchers was an innovator in online diet tools in the 1990’s• Weight Watchers is the #1 online weight loss tool used and had 50%

market share!

How it works

• Recipes and meal ideas to create your own Meal Plans (over 5,000 recipes)

• Customised fitness plans for beginners to advanced

• Live coaching 7 days a week• Video tutorials

How it works

• Weight Watchers ProPoints plan makes weight loss simple to understand.– No counting calories or kilojoules– Choose the foods you want to eat

• Online tools and mobile tracking app

• Online Community• Weekly Support Emails

International Sites

WW Main Markets

These are the external environment PEST should cover

Plans and Pricing (Australia)

Current Performance

• WTW's sales of $1,530.3 million.• WTW's current ratio of 1.16, lower than the

preferred 2.0 for financially secure and defensive companies.

• The long term debt for WTW is $2.34 billion, while the net current assets are $60.6 million. Lack the financial stability.

Weight Watchers share price is down 60% year to date

“Management and the board at Weight Watchers International, Inc. (NYSE:WTW) need to go. I'm recommending a strong sell and/or an immediate short of WTW until this takes place.”

Contribute to company cannibalization of revenues by selling the FitBit among other third party products

“You have the cash to innovate, copy, or buy a FitBit-esque solution. Why have you not?”

WTW is now generating revenues in line with those that it did back at year-end 2010. However, WTW is in

double the debt hole with ~$2.33 billion in debt

“"We also have a term loan credit facility in an aggregate principal amount of $2.1 billion that will mature in April 2020. We expect to pay the principal and interest due in April 2020 from a combination of our cash flows provided by operating activities and by opportunistically using other means to repay or refinance our obligations as we determine appropriate (SOURCE: WTW 10-K)"

Cost Cutting

With top-line pressures refusing to abate, the company has also announced a $100M cost-cutting initiative. It "intends to finalize plans to resize its organization" in Q1.

Compare to NutriSystem (updated on 2 Apr 2015)

In contrast, rival NutriSystem (NASDAQ:NTRI)Its revenue inch up almost 2% from $396.88 million in 2012 to $403.08 million in 2014Its net loss of $2.81 million turned into a gain of $19.31 millionMost all of NutriSystem's revenue comes from the sale of food, so the business is less likely to be negatively impacted by the emergence of free or cheap online alternatives.

Does this mean WTW should adopt a concentric strategy to enter Weight Loss Food Market?

NEW Update: Refer to the new article dated 2 Apr 2015 on the financial analysisPlus the comparison with rival NutriSystem

WTW’s Board of Directors

“This Board is completely useless and has zero value to shareholders.The ages of the current board members and sector backgrounds: 61, 56, 49, 67, 42, 58, 56, consulting - specifically agricultural, healthcare, consulting - specifically pharmaceutical, law, finance, finance, and engineering.Have shown nothing worth keeping them around and on the payroll at WTW. Notably missing from this group of backgrounds is anybody with a technology expertise.Technology is the one thing that's going to save this malfunctioning corporation.”

Strategic Problems• Struggle to adjust to internet generation• Meeting attendance has gone down• Net income declined• High long term debt of $2.33 billion

Define Industry

• Define Industry: e.g. weight management products and services

• Decided on your own definition

Values of WW

• To Children and teenagers: Have more friends, a study discovered kids who played outdoors were more popular with other kids.

• To Adults: reduce risk of some potentially serious health problems; attractive outlook.

• To Parents: Savings on food and health care costs; healthy children.

Values of WW

• To Couple: Healthy eaters subconsciously influence their spouses to lose weight; a simple 10% loss of body weight skyrockets sex satisfaction levels, increase testosterone levels.

• To working adults: It sends a message that you want to be successful. That you'll take care of business the same way you take care of yourself—effectively

Values of WW

• To Public Figure e.g. Celebrities: The 33-year-old reality star, Jessica Simpson, - who lost 50 pounds following her first pregnancy - admitted her weight affected her confidence.

• 'It reminds me we don't have to do this alone. It's so much better to have some back up since we all face similar challenges. I can honestly say I've never been happier!'

Values of WW

• To Government Agencies e.g. The US Preventive Services Task Force (USPST): Use of the WW program yielded significantly greater weight loss than a self- help approach, Suggesting it is a viable community based provider of weight loss treatment, as recommended by the USPSTF.

PEST Analysis

• Here are some pointers, you should check the accuracy and refine it.

PEST - Political

• U.S. Department of Health and Human Services issued Physical Activity Guidelines for Americans, provides new guidelines for aerobic physical activity (i.e., activity that increases breathing and heart rate) and muscle strengthening physical activity in 2008

• The US Preventive Services Task Force (USPSTF) recommends that clinicians refer obese adults for intensive, Multicomponent behavioural counselling, yet most obese Americans choose a self-help approach to lose weight

PEST - Political

• The enormity of this economic burden and the huge toll that excess weight takes on health and well-being are beginning to raise global political awareness that individuals, communities, states, nations, and international organizations must do more to stem the rising tide of obesity.

• Singapore Health Promotion Board working on rolling out healthier food choices in schools, only drinks with the Healthier Choice Symbol are allowed in schools

• Please research on other countries WW is operating in.

PEST - EconomicUS: MODERATELY POSITIVE• US is projected to grow at a modest 2.9 % in 2015.• Profitability may come under increased pressure as the

business cycle matures and cost increases are imminent.

EURO-AREA: CAUTIOUS SHORT-TERM OPTIMISM, BUT DOWNSIDE RISKS ACCUMULATE• Despite significant downside risks, the Euro Area is projected

to grow at 1.4% in 2015• The substantial QE (Europe Quantitative Easing) program

implemented by the European Central Bank can have a positive effect on sentiment, but whether it will produce significant effects to boost the growth outlook is debated.

PEST - Economic• Modest recovery in domestic consumption is a likely source of

growth as labor markets improve.• Disinflation or even deflation could bring growth rates further.

ASIA-PACIFIC: CHALLENGING IN CHINA; MOSTLY POSITIVE ELSEWHERE• Despite softening growth rates, the Asia-Pacific region

remains the leader for global growth.• Growth rates of China and India are converging to 5.5%

growth on average from 2015–2019.• Despite short-term headwinds from the global economy,

Southeast Asia will continue to strengthen to become a global production hub.

PEST - Economic• Excess weight harms health in many ways. It increases the risk

of developing conditions such as diabetes, heart disease, osteoarthritis, and some cancers, to name just a few, and reduces the life span. Treating obesity and obesity-related conditions costs billions of dollars a year. In 2008 obesity-related medical spending cost America $147 billion

• The Bottom Line: Prevention Is Key to Trimming Obesity’s High Costs

PEST - Social

• Worldwide obesity has more than doubled since 1980.• In 2014, more than 1.9 billion adults (39%), 18 years

and older, were overweight. Of these over 600 million (13%)were obese.

• Most of the world's population live in countries where overweight and obesity kills more people than underweight.

• 42 million children under the age of 5 were overweight or obese in 2013.

• Obesity is preventable.

PEST - Social

• Over the past three decades, obesity in the United States has escalated such that nearly 70 % of American adults are either overweight or obese and;

• Over 30% of children are now classified as overweight or obese.

• These findings are striking, particularly since childhood obesity predicts adult obesity; 50 percent of obese children are likely to become obese adults.

• Such children and young adults are also more likely to be carrying risk factors like elevated cholesterol, diabetes, and high blood pressure that predict heart disease.

PEST - Social

• Obesity in one or both parents influences the risk of obesity in a child as a consequence of both shared genetics and environmental factors.

• And children of overweight parents are likely to be reared in environments promoting accelerated weight gain, the so called “obesogenic household,” and such children are likely to become overweight or obese adults, with the prospect of heart disease, which is the leading cause of death among American men and women.

PEST - Social

• More than 1/3 of all adults do not meet the major recommendations for aerobic physical activity based on the 2008 Physical Activity Guidelines for Americans.

PEST - Technology

• The smartphone penetration is over 40% for any of the developed countries.

• Singapore is top at 85%, Korea (80%), Sweden (75%), HK (74%), USA (57%), Australia (66%).

• More than 100,000 apps on the iOS and Android app stores

• The mobile health app market will have produced $26 billion in revenue by the end of 2017 (Research2Guidance)

PEST - Technology

• .

PEST - Technology

• Most mobile apps are still fitness or wellness oriented (Research2Guidance)

• 30.9% are Fitness apps; Wellness apps (15.5 %).• The health apps that connected to the most

device APIs were MyFitnessPal, MapMyFitness, and EveryMove, around 30 integrations each.

• The devices that connected with the most apps were Withings, connected to 90 apps, and Wahoo, connected to 70 apps.

PEST - TechnologyWithings Pulse

Withings Smart Body Analyzer Withings Blood Pressure Monitor

PEST - Technology

• What is the impact? • WW’s in-person, face-to-face business model

is being threatened by both digital or online weight loss communities (for lack of a better term) and by the new fad of fitness trackers.

PEST - Technology

• .

Five forces Analysis• Here is a guide• You should develop / refine it further

Bargaining Power of Suppliers (low)

• Being an industry leader, Weight Watchers has the option to turn to other suppliers, which decreases supplier power.

• Over 1 million members attend 40,000 Weight Watcher meetings every week

• 43.2% U.S. market share

Threats of new entrants (High)

• Entry barriers are low due to low capital needed to start up

• With the rising rate of obesity, weight loss is a huge industry where new competitors will constantly be emerging

• The increase in technology use including the internet has opened up marketing channels for many new competitors.

Bargaining Power of Customers (Low to Moderate)

• For end consumers, switching costs may be , but individual still have no bargaining power over WW (updated on 30 Mar 2015). Power is Low

• For corporate healthcare customers, these customers has higher power.

Threat of Substitutes (High)

• There are many alternatives available in the weight loss industry, including pill supplements, meal replacements, surgery, sports games and exercises e.g. cycling, swimming

Industry Analysis- Rivals (High)• Jenny Craig, Inc., often known simply as Jenny Craig, is a weight loss,

weight management, and nutrition company founded in 1983 by Jenny Craig and her husband, Sidney Craig. The program was started in Melbourne, Victoria and later began operations in the United States in 1985. Today, the company is headquartered in Carlsbad, California, and has been a part of North Castle Partners since 2013.

• The company has more than 700 weight management centres in Australia, the United States, Canada, France, New Zealand, and Puerto Rico. The program combines individual weight management counseling with a menu of frozen meals and other foods, which are distributed through its centers or shipped directly to clients.

• Jenny Craig– PR, TV, Other Media– Celebrity Representatives– Online, Print Advertisements

• NutriSystem– Image Library

- Celebrity representatives- Individual before and after success stories- Logos, packaging & food imagery- Current online, broadcast and print advertisements

• Ediets– Online Magazines & Newsletters– Co-branding and Sponsorships– Video and Content Partnerships– PR, TV and other Media– Ecommerce and Subscription– Affiliate Marketing

Industry Analysis- Rivals (High)

• slim fast (slimfast.co.uk)• Lose weight with simple meal plans,

recipes and motivation from Slim·Fast dieters.

• Nestle Optifast, A medically monitored weight loss programme that is clinically proven to help people lose weight and keep it off for the long term.

• It is relatively easy to replicate Weight Watchers points system

Industry Analysis- Rivals (High)

Core Competencies

• WW’s Plan is simple and focused on behavior, food, exercise and support.

• Forming strong customer bonds by adding social benefits (organising group meeting to encourage them for weight loss, sharing of recipes, experiences)

• Adding structural ties by providing food scales, cookbooks, water bottles, snacks and desserts available at most of the grocery stores.

• Recipes for self preparation also available instead of packed food.

• Long term membership with one time cost for advice and support for maintaining weight.

Core Competencies• Offering special assistance to males by discussing link between

obesity and erectile dysfunction.• Technology oriented techniques to point values of food at any

place.• 24*7 connect to registered dietitian.• Design the food schedule on the basis of cultural, social and

personal factors.• Give weekly propoints allowance: hello to wine ,food and fun.• The costs for Weight Watchers were based on individuals

attending weekly sessions for 6 months followed by monthly sessions for a further 18 months and the effectiveness was based on published scientific literature i.e.. High perceived benefits.

Core Competencies

• 2015 Best Diets rankings released today by U.S. News & World Report.

• Ranked #1 for "Best Weight Loss Diet" for the fifth consecutive year

• Ranked #1 for "Best Commercial Diet Plan" for the fifth consecutive year

• Ranked #1 for "Easiest Diet to Follow" for the fourth consecutive year since the category was added

Core Competencies

• Research shows that the Weight Watchers program helps people lose eight times more weight than when they go at it alone

• Knowledge of weight loss for over 50 years• The human factor - weight loss Coaches will

keep you motivated every step of the way. You can choose between online, group, phone or 1 on 1 coaching, and use Live Chat to speak with a Coach 7 days a week.

Core Competencies

• Thousands of success stories. • Flexible program means you can choose the

support you need for weight loss, and personalise the plan to suit you.

• Digital tools to keep you on Track - Smartphone, you can download WTW app and track your weight loss on the go. You can also connect your activity device to your Weight Watchers online account.

value chain analysisPlease construct one

Technology

• The Mobiquity, Weight Watchers partnership to date has proved to be successful with key mobile developments including Weight Watchers barcode scanner app for iOS and Android devices with APIs that tie into other Weight Watchers apps. Mobiquity also played an important role in strategic updates for the Weight Watchers tracker app for iOS and Android, available in the U.S. and internationally.

SWOT - Strengths• Leading market position• Loyal customer base• Internationally recognized• Strong Brand name• Strong company culture• Relevant spokespeople

SWOT - Weaknesses• Stagnant Brand• Not enough resources used on technology• High cost for consumers• High capital costs• Points system has become outdated

SWOT - Opportunities• Adult and child obesity is on the rise• Expanding to new markets• Aging population• Fitness programs becoming popular• Obesity Health awareness• High smart phone data usage

SWOT - Threats• High competition in weight loss industry -

Quick fixes• Fad diets less popular than they used to be• Rivalry among Existing Competitors• New Technology competitors

A fad diet is a weight loss plan or aid that promises dramatic results

SWOT - Threats

• Weight Watchers in-person meetings are the most important business unit. (Meeting fees plus in-meeting sales made up 62% of Weight Watchers revenue for FY2013.)

• This in-person, face-to-face business model is being threatened by both digital or online weight loss communities and by the new fad of fitness trackers.

Current Corporate Strategies

• The company’s earnings press release had this telling statement by Jim Chambers, the company’s President and Chief Executive Officer: “While we still believe in our underlying strategies, I am disappointed that we are not yet where we hoped to be and our turnaround will take longer than we had anticipated. Therefore, as we continue to enhance our consumer offerings, we are taking more aggressive steps to right-size our cost structure with a $100 million cost-savings initiative.”

• This (FY2014) was the fourth straight year of declining meeting sales. How many years of declining sales does the company need before they stop believing in their current strategy?

Go Big Online (Corporate Concentration Horizontal Growth Strategy)

• They have a lot of content and educational material online, but WTW has not attempted to replicate the social aspect of meetings online.

• This is the most crucial part of the Weight Watchers experience and its value-add over other competitors.

Suggestions

SuggestionsGo Big Online (Corporate Concentration Growth Strategy)

• Weight Watchers needs to embrace the digital age in a big way. Yes, this might continue to cannibalize in-person meeting fees but it’s better to erode your own sales then have a competitor do it.

• For Weight Watchers to give consumers the option to move their entire meeting experience online. Let consumers attend the meetings online. Focus on creating digital or electronic communities. Make sure that everything a person gets from an in-person meeting can be accomplished online.

• Note: Weight Watchers is starting to roll out: one-on-one support such as virtual fitness coaches and nutritionists.

Wearables Activity Tracker

Embrace the Wearables Fad

Left: Up by Jawbone. funky and coolMiddle two are FitBits (clip and watch form) small and sleek and convenientRight: Weight Watchers point plus pedometer. a giant misshapen marshmallow.

Wearables Activity Tracker

• Weight Watchers wants to use it to get people into their meetings programs (online or in person). But must pay for some type of Weight Watchers program in order to use the tracker.

• Weight Watchers uses it to get people into their meetings programs (online or in person). But must pay for some type of Weight Watchers program in order to use the tracker.

• Make a nice sleek Activity Tracker and let consumers use it without having to pay or sign up for a Weight Watchers’ account.

• Weight Watchers has been successful in licensing their brand to various food products. Likely to be successful to apply that same brand savvy to wearables. (Corporate Concentric growth strategy)

Suggestions

Other Suggestion - Corporate Healthcare

• Weight Watchers strong in corporate healthcare, will benefit the company and shareholders the most.

• Weight Watchers is subject to economic cycles as weight loss programs are one of the first expenditures consumers will cut in a downturn.

• Second, the company is subject to the fitness fad cycle. The low carb diet phase took a big chunk out of Weight Watchers enrollment numbers just like a recession would.

• Corporate healthcare contracts represent a way for Weight Watchers to smooth out revenue.

Proposed Concentration Growth Strategy

• A subsidiary brand that will serve obese children and their families and leverage their existing customer base, the majority of which are women and mothers.

• Goal: generates 10% increase in revenues within 5 years.Value Proposition: • Addresses a new customer growing segment of obese and

overweight children• Extends and serves an existing “mommy” customer segment• Social initiative that extends Weight Watcher’s existing brand

positively • Creates brand affiliation and partnership opportunities• Creates Lifetime Customer by early adoption behavior

Directional strategy

• Revision of your lecture notes

Directional strategy

• Directional strategy is concerned with the firm’s orientation towards growth

• What’s driving your direction?• 3 options :

1.Growth Strategies (expand activities)2.Stability Strategy (no change to activities)3.Retrenchment Strategy (reduce activities)

Corporate Directional Strategies

Corporate directional strategies

Growth

Stability

Retrenchment

Decision 1 Decision 2 Decision 3VerticalHorizontal

ConcentricRelated Industry Value Chain

ConglomerateUnrelated industry value chain

Same industry value chain

Inte

rnal

or E

xter

nal

Concentration

Growth optionsVertical growth or Horizontal growth

Diversification

Growth Strategies: Internal/External

• Internal: Corporation can grow internally (aka organic growth) by expansion of operations globally and domestically:

• External: OR through Mergers, Acquisitions and Strategic Alliances (external growth)

Growth Strategies

Basic Concentration Strategies:

–Vertical growth

–Horizontal growth

Growth Strategies– Concentration

• Vertical Growth: integrating forwards or backwards on the same industry value chain– Reasons:

» Reduce power of suppliers/buyers» Maintain a channel to buyer» Access to raw materials

– Issue of costs– Carter Holt Harvey:

» Forestry - sawmilling- paper products

• Horizontal Growth: Same point on same industry value chain– More products within the industry to same

market or same product in different (usually geographic) markets

– E.g. bank sells mortgages plus credit cards, insurance (more products to same market)

– Wizard Home loans expansion to WA (same product in diff mkt)

Growth Strategies

Basic Diversification Strategies:

– Concentric Diversification

– Conglomerate Diversification

By Concentric Growth– Growth via related industries

• Leverage off distinctive competencies that can be applied in different industries: Search for synergies

• useful when firm holds strong competitive position but industry attractiveness is low

• McCafe– Potential economies of scope

Conglomerate Diversification: When?

By Conglomerate diversificationExample: Wesfarmers and Coles

growth in unrelated industries Unattractive current industry: Lack of product skills to transfer to other related

industries – use conglomerate diversification Focus is on financial considerations $rich company with limited opportunities in current

industry moves into industry with big opportunities but sparse cash

Mergers, Acquisitions, Takeovers

• External growth strategies • External growth strategies can take the same form as

internal : in the form concentration (horizontal/vertical) or diversification (concentric/conglomerate) via mergers, acquisitions and takeovers

Mergers Transaction involving 2 or more companies in which

stock is exchanged However, only 1 company survives Usually occur between firms of a similar size and are

“friendly” Resulting firm likely to have a name derived from its

composite firms e.g. Pricewaterhouse Coopers

Reasons for Acquisitions

Increased market power – size of the firm and its resources and capabilities to compete in the marketplace: Invocare and Bledisloe Holdings

Overcoming entry barriersinternational entry/market segment entry SAB Miller (no. 2) wants to enter Australia via Foster’s

Cost of new product development Microsoft

Increased speed to market: Volvo and Geely Lower risk than new product development

Increased diversification: blessing and curse Avoid excessive competition: takeover competitor: Wild

Oats+ and Whole Foods

Acquisitions

Problems in achieving success

Adapted from Figure 7.1

Integration difficulties

Inadequate evaluation of target

Large or extraordinary debt

Inability to achieve synergy

Too much diversification

Managers overly focused on acquisitions

Too large

Problems in achieving acquisition success (cont’d)Integration difficulties

Melding two disparate corporate cultures: Daimler Chrylser

Linking different financial and control systemsBuilding effective working relationships (particularly

when management styles differ)Resolving problems regarding the status of the

newly acquired firm’s executivesRetaining key personnel: which CEO stays?

Problems in achieving acquisition success (cont’d)Inadequate evaluation of the target

Due diligenceThe process of evaluating a target firm for

acquisition• Ineffective due diligence may result in the

acquirer paying an excessive premium One of the issues behind the failure of

HIH Insurance Group

Problems in achieving acquisition success (cont’d)Inadequate evaluation of the target

Evaluation requires examining the:Financing of the intended transactionDifferences in culture between acquiring

and target firmsTax consequences of the transactionActions necessary to meld two

workforcesHuman capital aspects: knowledge and

experience

Problems in achieving acquisition success (cont’d)

Large or extraordinary debtHigh debt taken on by the firm can:

Increase the likelihood of bankruptcy: z-score?

Impact on profitability, ability to raise additional debt

Lead to downgrading of its credit ratingPreclude investment in:

• Research and development• Human resource training• Marketing

Problems in achieving acquisition success (cont’d)Inability to achieve synergy

Synergy exists when assets create more value working together than they do independentlyPepsi and food holdings

Firms experience transaction costs when using acquisition strategies to create synergyFirms may underestimate costs:

• Direct – such as bank charges• Indirect – such as investment of managerial time

Problems in achieving acquisition success (cont’d)Too much diversification

Firms must process more informationBroad scope may cause managers to rely too much

on financial rather than strategic controlsReinforcing cycle of acquisitions becomes a

substitute for internal innovation. Over time, the firm becomes increasingly reliant on other companies’ innovations

Point of diminishing utilityPepsiCo: Used to own KFC, Taco Bell, Pizza Hut,

Wilson Sporting Goods;

Problems in achieving acquisition success (cont’d)Too large

Additional costs of controls may exceed the benefits of the economies of scale and additional market power: e.g. Saatchi and Saatchi

More bureaucratic controls due to large size:Formalised controls often lead to relatively rigid and

standardised managerial behaviourFirm may become less flexible and then produce

less innovationChallenge of becoming big while retaining the

flexibility of being small: 3M

Growth Strategies: Internal/External

• Internal: Corporation can grow internally (aka organic growth) by expansion of operations globally and domestically:

• External: OR through Mergers, Acquisitions and Strategic Alliances (external growth)

Stay Hungry, Stay Foolish

• Stay Hungry - Never be satisfied, and always push yourself further.

• Stay Foolish - Do the things people say cannot be done.

One last video

“Don’t ever let someone tell you, you can’t do something. Not even me.”~ Chris Gardner – On Pursuits Of Happyness

Jack Ng

Thank you for being so wonderful!

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