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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Beachbody Company Inc | NYSE:BODI | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.2806 | 4.31% | 6.7906 | 6.7906 | 6.50 | 6.50 | 629 | 15:57:40 |
From Jul 2024 to Jan 2025
Lowest Net Loss Since Going Public
Third Consecutive Quarter of Positive Adjusted EBITDA
Overall gross margin of 69% - best since 2021
The Beachbody Company, Inc. (NYSE: BODi) (“BODi” or the “Company”), a leading fitness and nutrition company, today announced financial results for its second quarter ended June 30, 2024.
Carl Daikeler, BODi's Co-Founder and Chief Executive Officer, commented:
"Our focus is on returning to growth, particularly by focusing on the $164 billion nutrition market, which presents an opportunity more than 12 times larger than the $13 billion fitness market. Nutrition was once an $800 million product line for us, more than double our fitness offerings at the time."
"We are implementing multiple new strategies to recapture a significant portion of the vast nutrition market opportunity which is characterized by consistent growth. This is a market that the Company knows extremely well. BODi has had a meaningful presence in the nutrition market dating back 20 years, and runs this business with very high gross margins."
"In parallel, we have significantly improved our operations and efficiency, reducing our revenue breakeven point1 by more than 40% from over $900 million to under $500 million. This positions us well to generate sustainable cash flows as we execute our growth initiatives, with a key focus on the nutrition business."
Second Quarter 2024 Results
1Revenue breakeven point is defined as the revenue necessary to achieve a breakeven in our adjusted EBITDA, which is defined at the end of this release along with a reconciliation to net loss. 2A definition of (1) Adjusted EBITDA and reconciliation to net loss, (2) free cash flow and (3) net cash position are at the end of this release.
Key Operational and Business Metrics
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2024
2023
Change v 2023
2024
2023
Change v 2023
Digital Subscriptions (in millions)
1.15
1.53
(24.9
%)
1.15
1.53
(24.9
%)
Nutritional Subscriptions (in millions)
0.14
0.20
(26.2
%)
0.14
0.20
(26.2
%)
Total Subscriptions (in millions)
1.29
1.73
(25.0
%)
1.29
1.73
(25.0
%)
Average Digital Retention
96.5
%
95.2
%
130bps
96.1
%
95.5
%
60bps
Total Streams (in millions)
22.7
25.3
(10.4
%)
48.3
55.0
(12.1
%)
DAU/MAU
31.9
%
31.6
%
30bps
32.6
%
32.1
%
50bps
Connected Fitness Units Delivered (in thousands)
1.6
5.5
(71.7
%)
5.1
10.2
(50.1
%)
Digital
$58.8
$65.2
(9.9
%)
$120.3
$130.0
(7.5
%)
Nutrition & Other
$50.1
$64.6
(22.5
%)
$105.6
$138.7
(23.9
%)
Connected Fitness
$1.3
$5.1
(74.3
%)
$4.3
$11.1
(61.0
%)
Revenue (in millions)
$110.2
$134.9
(18.4
%)
$230.2
$279.8
(17.7
%)
Net Loss (in millions)
($10.9
)
($25.7
)
57.8
%
($25.1
)
($54.9
)
54.3
%
Adjusted EBITDA (in millions)
$4.9
($4.8
)
NM
$9.5
($5.7
)
NM
NM: Not Meaningful
Outlook for The Third Quarter of 2024
Outlook For Quarter Ending September 30, 2024
Low
High
(in millions)
Revenue
$
97
$
107
Net Loss
$
(13
)
$
(9
)
Adjustments:
Depreciation
$
6
$
6
Amortization of Content Assets
$
4
$
4
Interest Expense
$
1
$
1
Equity-Based Compensation
$
4
$
4
Other Adjustment Items
$
-
$
-
Total Adjustments
$
15
$
15
Adjusted EBITDA
$
2
$
6
Conference Call and Webcast Information
BODi will host a conference call at 5:00pm ET on Tuesday, August 6, 2024, to discuss its financial results and matters other than past results, such as guidance. To participate in the live call, please dial (833) 470-1428 (U.S. & Canada), or +1 (929) 526-1599 (all other locations) and provide the conference identification number: 868605. The conference call will also be available to interested parties through a live webcast at https://investors.thebeachbodycompany.com/.
A replay of the call will be available until August 13, 2024, by dialing (866) 813-9403 (U.S & Canada), or + 44 (204) 525-0658 (all other locations). The replay passcode is 798090.
After the conference call, a webcast replay will remain available on the investor relations section of the Company’s website for one year.
About BODi and The Beachbody Company, Inc.
Originally known as Beachbody, BODi has been innovating structured step-by-step home fitness and nutrition programs for 25 years such as P90X, Insanity, and 21-Day Fix, plus the first premium superfood nutrition supplement, Shakeology. Since its inception in 1999 BODi has helped over 30 million customers pursue extraordinary life-changing results. The BODi community represents millions of people helping each other stay accountable to goals of healthy weight loss, improved strength and energy, and resilient mental and physical well-being. For more information, please visit TheBeachBodyCompany.com.
Safe Harbor Statement
This press release of The Beachbody Company, Inc. (“we,” “us,” “our,” and similar terms) contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are statements other than statements of historical facts and statements in future tense. These statements include but are not limited to, statements regarding our future performance and our market opportunity, including expected financial results for the second quarter and full year, our business strategy, our plans, and our objectives and future operations.
Forward-looking statements are based upon various estimates and assumptions, as well as information known to us as of the date hereof, and are subject to risks and uncertainties. Accordingly, actual results could differ materially due to a variety of factors, including: our ability to effectively compete in the fitness and nutrition industries; our ability to successfully acquire and integrate new operations; our reliance on a few key products; market conditions and global and economic factors beyond our control; intense competition and competitive pressures from other companies worldwide in the industries in which we operate; and litigation and the ability to adequately protect our intellectual property rights. You can identify these statements by the use of terminology such as "believe", “plans”, "expect", "will", "should," "could", "estimate", "anticipate" or similar forward-looking terms. You should not rely on these forward-looking statements as they involve risks and uncertainties that may cause actual results to vary materially from the forward-looking statements. For more information regarding the risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements, as well as risks relating to our business in general, we refer you to the "Risk Factors" section of our Securities and Exchange Commission (SEC) filings, including those risks and uncertainties included in the Form 10-K filed with the SEC on March 11, 2024 and any subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, which are available on the Investor Relations page of our website at https://investors.thebeachbodycompany.com and on the SEC website at www.sec.gov.
All forward-looking statements contained herein are based on information available to us as of the date hereof and you should not rely upon forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, performance, or achievements. We undertake no obligation to update any of these forward-looking statements for any reason after the date of this press release or to conform these statements to actual results or revised expectations, except as required by law. Undue reliance should not be placed on forward-looking statements.
The Beachbody Company, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
June 30,
December 31,
2024
2023
(unaudited)
Assets
Current assets:
Cash and cash equivalents (restricted cash of $0.1 million at June 30, 2024 and December 31, 2023, respectively)
$
32,327
$
33,409
Restricted short-term investments
4,250
4,250
Inventory
23,782
24,976
Prepaid expenses
7,537
10,715
Other current assets
35,516
45,923
Total current assets
103,412
119,273
Property and equipment, net
31,991
45,055
Content assets, net
16,902
21,359
Goodwill
85,166
85,166
Right-of-use assets, net
3,335
3,063
Other assets
4,153
2,923
Total assets
$
244,959
$
276,839
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable
$
12,772
$
10,659
Accrued expenses
36,299
42,147
Deferred revenue
91,864
97,169
Current portion of lease liabilities
1,514
1,835
Current portion of Term Loan
2,188
8,068
Other current liabilities
1,950
5,325
Total current liabilities
146,587
165,203
Term Loan
19,271
21,491
Long-term lease liabilities, net
2,048
1,425
Deferred tax liabilities
—
10
Other liabilities
10,294
5,950
Total liabilities
178,200
194,079
Stockholders’ equity:
Preferred stock, $0.0001 par value; 100,000,000 shares authorized, none issued and outstanding at June 30, 2024 and December 31, 2023
—
—
Common stock, $0.0001 par value, 1,900,000,000 shares authorized (1,600,000,000 Class A, 200,000,000 Class X and 100,000,000 Class C);
Class A: 4,185,924 and 3,978,356 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively;
1
1
Class X: 2,729,003 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively;
1
1
Class C: no shares issued and outstanding at June 30, 2024 and December 31, 2023
—
—
Additional paid-in capital
663,703
654,657
Accumulated deficit
(596,957
)
(571,876
)
Accumulated other comprehensive income (loss)
11
(23
)
Total stockholders’ equity
66,759
82,760
Total liabilities and stockholders’ equity
$
244,959
$
276,839
The Beachbody Company, Inc.
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except per share data)
Three months ended June 30,
Six months ended June 30,
2024
2023
2024
2023
Revenue:
Digital
$
58,771
$
65,214
$
120,277
$
129,987
Nutrition and other
50,101
64,628
105,613
138,748
Connected fitness
1,311
5,106
4,339
11,114
Total revenue
110,183
134,948
230,229
279,849
Cost of revenue:
Digital
11,476
16,336
24,338
31,303
Nutrition and other
19,621
27,202
41,905
58,241
Connected fitness
2,710
8,666
6,328
16,221
Total cost of revenue
33,807
52,204
72,571
105,765
Gross profit
76,376
82,744
157,658
174,084
Operating expenses:
Selling and marketing
56,308
76,492
115,569
153,068
Enterprise technology and development
17,162
18,650
34,879
37,746
General and administrative
12,388
11,887
25,871
29,603
Restructuring
—
(107
)
1,644
5,280
Total operating expenses
85,858
106,922
177,963
225,697
Operating loss
(9,482
)
(24,178
)
(20,305
)
(51,613
)
Other income (expense):
Loss on partial debt extinguishment
(719
)
—
(1,928
)
—
Change in fair value of warrant liabilities
647
375
(77
)
432
Interest expense
(1,652
)
(2,368
)
(3,527
)
(4,699
)
Other income, net
408
411
885
980
Loss before income taxes
(10,798
)
(25,760
)
(24,952
)
(54,900
)
Income tax (provision) benefit
(67
)
12
(129
)
(36
)
Net loss
$
(10,865
)
$
(25,748
)
$
(25,081
)
$
(54,936
)
Net loss per common share, basic and diluted
$
(1.59
)
$
(4.10
)
$
(3.70
)
$
(8.81
)
Weighted-average common shares outstanding, basic and diluted
6,813
6,286
6,787
6,235
The Beachbody Company, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)
Six months ended June 30,
2024
2023
Cash flows from operating activities:
Net loss
$
(25,081
)
$
(54,936
)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization expense
10,789
21,632
Amortization of content assets
8,652
11,020
Provision for inventory and inventory purchase commitments
1,012
5,072
Realized (gains) losses on hedging derivative financial instruments
64
(26
)
Change in fair value of warrant liabilities
77
(432
)
Equity-based compensation
9,104
12,716
Deferred income taxes
1
(121
)
Amortization of debt issuance costs
1,153
980
Paid-in-kind interest expense
405
746
Loss on partial debt extinguishment
1,928
—
Change in lease assets
(272
)
—
Gain on sale of property and equipment
(784
)
—
Changes in operating assets and liabilities:
Inventory
131
6,037
Content assets
(4,195
)
(5,325
)
Prepaid expenses
3,177
4,506
Other assets
9,217
(8,912
)
Accounts payable
2,371
(4,179
)
Accrued expenses
(5,603
)
(14,356
)
Deferred revenue
(768
)
12,221
Other liabilities
(3,169
)
(1,010
)
Net cash provided by (used in) operating activities
8,209
(14,367
)
Cash flows from investing activities:
Purchase of property and equipment
(2,945
)
(5,030
)
Proceeds from sale of property and equipment
5,600
—
Net cash provided by (used in) investing activities
2,655
(5,030
)
Cash flows from financing activities:
Debt repayments
(11,446
)
(625
)
Proceeds from issuance of common shares in the Employee Stock Purchase Plan
165
384
Tax withholding payments for vesting of restricted stock
(223
)
(2,159
)
Net cash used in financing activities
(11,504
)
(2,400
)
Effect of exchange rates on cash, cash equivalents, and restricted cash
(442
)
392
Net decrease in cash, cash equivalents, and restricted cash
(1,082
)
(21,405
)
Cash, cash equivalents and restricted cash, beginning of period
33,409
80,091
Cash, cash equivalents, and restricted cash, end of period
$
32,327
$
58,686
Supplemental disclosure of cash flow information:
Cash paid during the period for interest
$
1,938
$
2,958
Cash paid (received) during the period for income taxes, net
185
(46
)
Supplemental disclosure of noncash investing activities:
Property and equipment acquired but not yet paid for
$
413
$
128
Supplemental disclosure of noncash financing activities:
Change in fair value of Term Loan warrants due to amended exercise price
$
141
$
—
Paid-in-kind fee recorded as incremental debt issuance cost
566
—
The Beachbody Company, Inc. Adjusted EBITDA
We use Adjusted EBITDA, which is a non-GAAP performance measure, to supplement our results presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). We believe Adjusted EBITDA is useful in evaluating our operating performance, as it is similar to measures reported by our public competitors and is regularly used by security analysts, institutional investors, and other interested parties in analyzing operating performance and prospects. Adjusted EBITDA is not intended to be a substitute for any GAAP financial measure and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry.
We define and calculate Adjusted EBITDA as net income (loss) adjusted for depreciation and amortization, amortization of capitalized cloud computing implementation costs, amortization of content assets, interest expense, income taxes, equity-based compensation, and other items that are not normal, recurring, operating expenses necessary to operate the Company’s business as described in the reconciliation below.
We include this non-GAAP financial measure because it is used by management to evaluate BODi’s core operating performance and trends and to make strategic decisions regarding the allocation of capital and new investments. Adjusted EBITDA excludes certain expenses that are required in accordance with GAAP because they are non-cash (for example, in the case of depreciation and amortization and equity-based compensation) or are not related to our underlying business performance (for example, in the case of restructuring costs, interest income and expense).
The table below presents our Adjusted EBITDA reconciled to our net loss, the closest GAAP measure, for the periods indicated:
Three months ended June 30,
Six months ended June 30,
(in thousands)
2024
2023
2024
2023
Net loss
$
(10,865
)
$
(25,748
)
$
(25,081
)
$
(54,936
)
Adjusted for:
Loss on partial debt extinguishment (1)
719
—
1,928
—
Depreciation and amortization
5,411
10,919
10,789
21,632
Amortization of capitalized cloud computing implementation costs
38
40
75
81
Amortization of content assets
4,112
5,459
8,652
11,020
Interest expense
1,652
2,368
3,527
4,699
Income tax provision (benefit)
67
(12
)
129
36
Equity-based compensation
4,739
3,161
9,104
12,716
Employee incentives, expected to be settled in equity (2)
—
—
—
(5,466
)
Restructuring and platform consolidation costs (3)
—
(107
)
1,644
5,952
Change in fair value of warrant liabilities
(647
)
(375
)
77
(432
)
Gain on sale of property and equipment
—
—
(784
)
—
Non-operating (4)
(298
)
(479
)
(578
)
(963
)
Adjusted EBITDA
$
4,928
$
(4,774
)
$
9,482
$
(5,661
)
1 Represents the loss related to the $1.0 million, $5.5 million and $4.0 million partial debt prepayments that the Company made on January 9, 2024, February 29, 2024 and April 5, 2024, respectively. 2 The non-cash charge for employee incentives which were expected to be settled in equity was recorded and included in the Adjusted EBITDA calculation during the year ended December 31, 2022. During the three months ended March 31, 2023, we reclassified the non-cash charge from employee incentives expected to be settled in equity to equity-based compensation because we settled certain employee incentives with RSU awards during the period. 3 Includes restructuring expense and personnel costs associated with the Company's key initiatives during the three and six months ended June 30, 2024 and with executing our key growth priorities during the three and six months ended June 30, 2023. 4 Primarily includes interest income.
The Beachbody Company, Inc. Net Cash Position and Free Cash Flow
Net Cash Position
We use net cash position, which is a non-GAAP liquidity measure, to supplement our liquidity as presented in accordance with GAAP. We believe that net cash position is useful in viewing our liquidity, as it is similar to measures reported by our public competitors and is regularly used by security analysts, institutional investors, and other interested parties in analyzing liquidity. Net cash position is not intended to be a substitute for GAAP financial measures and, as calculated may not be comparable to other similarly titled measures of liquidity for other companies in other industries or within the same industry.
The table below presents our net cash position, which is our cash and cash equivalents less the debt on our balance sheet for the periods indicated:
June 30,
December 31,
(in thousands)
2024
2023
Cash and cash equivalents
$
32,327
$
33,409
Less:
Current portion of Term Loan
2,188
8,068
Term Loan
19,271
21,491
Net cash position
$
10,868
$
3,850
Free Cash Flow
We use free cash flow, which is a non-GAAP liquidity measure, to supplement our cash provided by (used in) operating activities as presented in accordance with GAAP. We believe that free cash flow is useful in evaluating our liquidity, as it is similar to measures reported by our public competitors and is regularly used by security analysts, institutional investors, and other interested parties in analyzing liquidity. Free cash flow is not intended to be a substitute for GAAP financial measures and, as calculated may not be comparable to other similarly titled measures of liquidity for other companies in other industries or within the same industry.
The table below presents our free cash flow, which is our net cash provided by (used in) operating activities less cash used for the purchase of property and equipment for the periods indicated:
Six months ended June 30,
(in thousands)
2024
2023
Net cash provided by (used in) operating activities
$
8,209
$
(14,367
)
Less:
Cash used in the purchase of property and equipment
2,945
5,030
Free cash flow
$
5,264
$
(19,397
)
View source version on businesswire.com: https://www.businesswire.com/news/home/20240806939105/en/
Investor Relations IR@BODi.com
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