Financial Performance and Key Metrics - Revenue for Q2 2024 was $110 million, exceeding the midpoint of guidance, but down 8% quarter-over-quarter and 18% year-over-year [24] - The company reported a gross margin of 69%, the highest in three years, with a 160 basis points improvement from the prior quarter and an 800 basis points improvement year-over-year [24][26] - Net loss improved to $11 million from $14 million in the prior quarter and a 58% improvement from a $26 million loss in the same quarter last year [28] - Adjusted EBITDA was $5 million, marking the third consecutive quarter of positive adjusted EBITDA [28] Business Line Performance - Digital revenue decreased 4% from the prior quarter to $59 million and decreased 10% year-over-year, with a digital subscriber count of 1.15 million [24][25] - Nutrition revenue decreased 10% from the prior quarter to $50 million and decreased 22% year-over-year, with nutrition subscriptions at 145,000 [24][25] Market Data and Key Indicators - The total addressable market (TAM) for nutrition is estimated at $164 billion, significantly larger than the $13 billion TAM for fitness [8][9] - The nutrition business was previously a $800 million segment at its peak, indicating substantial growth potential [9][37] Company Strategy and Industry Competition - The company is focused on enhancing cash liquidity and reducing costs, with a goal of achieving $250 million in cost savings by 2024 compared to 2021 levels [6][7] - Strategic initiatives include expanding the digital program purchase option and launching new nutrition products, such as a zero-added sugar version of Shakeology [15][16] - The company aims to leverage its unique position of combining fitness and nutrition to capture a larger market share [8][9] Management Commentary on Operating Environment and Future Outlook - Management expressed optimism about the potential for growth in the nutrition segment, particularly as the company begins to market products outside its direct selling network [37][46] - The company is committed to maintaining a lower cost structure while focusing on generating free cash flow and profitable customer acquisition [42][46] Other Important Information - The company has successfully reduced its revenue breakeven point from over $900 million in 2022 to under $500 million in 2024 [6] - The company has entered the Australian market, launching the BODi app for digital fitness and nutrition content [22][23] Q&A Session Summary Question: What has driven the bullish outlook on the nutrition business? - Management highlighted the large TAM for nutrition and the potential to market superior products to a broader audience beyond the current subscriber base [37][38] Question: What is the status of the win-back campaign with the 14 million database? - The CRM campaign is gradually gaining traction, with efforts to segment the database for better targeting and conversion rates [40][41] Question: How has the partner network trended since commission changes? - The partner network has responded positively to the changes, with ongoing training and support to help them leverage new products and promotions [44]

Revenue Performance - For the three months ended June 30, 2024, total revenue was $110.2 million, an 18% decrease compared to $134.9 million for the same period in 2023[115] - Digital revenue was $58.8 million, a 10% decrease, while nutrition and other revenue was $50.1 million, a 22% decrease[115] - Connected fitness revenue was $1.3 million, reflecting a 74% decrease[115] - Total revenue for Q2 2024 was $110.2 million, a decrease of 18% compared to $134.9 million in Q2 2023[130] - Digital revenue decreased by 10% to $58.8 million in Q2 2024 from $65.2 million in Q2 2023, primarily due to a 25% reduction in subscriptions[133] - Nutrition and other revenue fell by 22% to $50.1 million in Q2 2024 from $64.6 million in Q2 2023, driven by a 26% decrease in nutritional subscriptions[134] - Connected fitness revenue dropped 74% to $1.3 million in Q2 2024 from $5.1 million in Q2 2023, attributed to a 70% decrease in bikes delivered[134] - For the six months ended June 30, 2024, total revenue was $230.2 million, an 18% decrease from $279.8 million in the same period of 2023[135] Operating Expenses and Profitability - Operating expenses were $85.9 million, down from $106.9 million[115] - Adjusted EBITDA for the three months ended June 30, 2024, was $4.9 million, compared to a loss of $4.8 million in the same period last year[115] - Net loss for the three months ended June 30, 2024, was $10.9 million, compared to a net loss of $25.7 million for the same period in 2023[115] - Adjusted EBITDA for Q2 2024 was $4.9 million, compared to a loss of $4.8 million in Q2 2023[128] - Net loss for Q2 2024 was $10.9 million, an improvement from a net loss of $25.7 million in Q2 2023[130] - Total operating expenses for Q2 2024 were $85.9 million, down from $106.9 million in Q2 2023[130] - The company incurred a loss of $719,000 on partial debt extinguishment in Q2 2024[130] Subscription and Retention Metrics - Digital subscriptions decreased to 1.15 million from 1.53 million year-over-year[119] - Average digital retention improved to 96.5% for the three months ended June 30, 2024, compared to 95.2% for the same period in 2023[120] - Total streams decreased to 22.7 million for the three months ended June 30, 2024, down from 25.3 million in the same period last year[120] Cost Management and Margins - Total revenue cost decreased by 35% to $33,807,000 in Q2 2024 from $52,204,000 in Q2 2023[141] - Digital gross margin increased to 80.5% in Q2 2024 from 75.0% in Q2 2023, while total gross margin improved to 69.3% from 61.3%[141] - Selling and marketing expenses decreased by 26% to $56,308,000 in Q2 2024 from $76,492,000 in Q2 2023, representing 51.1% of total revenue[145] - Nutrition and other revenue cost decreased by 28% to $19,621,000 in Q2 2024 from $27,202,000 in Q2 2023[141] - Connected fitness cost of revenue decreased by 69% to $2,710,000 in Q2 2024 from $8,666,000 in Q2 2023[141] - Total gross profit decreased by 8% to $76,376,000 in Q2 2024 from $82,744,000 in Q2 2023[141] - Enterprise technology and development expenses decreased by 8% to $17,162,000 in Q2 2024 from $18,650,000 in Q2 2023[148] - Nutrition and other gross margin increased to 60.8% in Q2 2024 from 57.9% in Q2 2023[141] - Total cost of revenue for the first six months of 2024 decreased by 31% to $72,571,000 from $105,765,000 in the same period of 2023[143] - Connected fitness gross margin remained flat despite a significant decrease in revenue, indicating stable cost management[143] General and Administrative Expenses - General and administrative expenses for the three months ended June 30, 2024, were $12.4 million, an increase of 4% compared to $11.9 million for the same period in 2023[153] - General and administrative expenses as a percentage of total revenue increased by 240 basis points to 11.2% for the three months ended June 30, 2024, compared to 8.8% in the prior year[154] - For the six months ended June 30, 2024, general and administrative expenses decreased by 13% to $25.9 million from $29.6 million in the same period in 2023[155] Restructuring and Debt Management - Restructuring charges for the six months ended June 30, 2024, were $1.6 million, a decrease of 69% compared to $5.3 million in the same period in 2023[158] - The company made a partial prepayment of $4.0 million on the Term Loan as part of the Fifth Amendment to the Financing Agreement[117] - As of June 30, 2024, the principal balance outstanding under the Term Loan was $25.4 million, with an effective interest rate of 22.71%[167] - The company made partial prepayments on the Term Loan totaling $25.5 million from June 30, 2023, to June 30, 2024[161] Cash Flow and Liquidity - Net cash provided by operating activities was $8.2 million for the six months ended June 30, 2024, compared to a cash used of $(14.4) million in the same period in 2023[165] - The company had cash and cash equivalents totaling $32.3 million as of June 30, 2024[164] - The Financing Agreement contains a minimum revenue financial covenant of $100 million for each fiscal quarter ending on or prior to December 31, 2024[168] - Future capital requirements may vary materially and will depend on revenue growth and economic conditions, with existing cash and cost control initiatives expected to provide sufficient liquidity for the next twelve months[171] Foreign Currency Exposure - Approximately 10% of the company's revenue for the six months ended June 30, 2024, was in foreign currencies, primarily in Canadian dollars and British pounds[175] - The notional amount of the company's outstanding foreign exchange options decreased to zero at June 30, 2024, as all options expired prior to March 31, 2024[176] - A hypothetical 10% change in exchange rates would result in an approximate $2.2 million increase or decrease in cost of revenue and operating expenses[178] - The aggregate notional amount of foreign exchange derivative instruments was $4.4 million at the year ended December 31, 2023[178]

Exhibit 99.1 Beachbody (BODi) Announces Q2 2024 Results: Revenue Surpasses Midpoint of Guidance, Net Loss and Adjusted EBITDA Better Than Guidance Lowest Net Loss Since Going Public Third Consecutive Quarter of Positive Adjusted EBITDA Overall gross margin of 69% - best since 2021 El Segundo, Calif. (August 6, 2024) – 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 ...

The Beachbody Company, Inc. (NYSE:BODI) Q1 2024 Results Conference Call May 6, 2024 5:00 PM ET Company Participants Bruce Williams - Managing Director of ICR Investor Relations Mark Goldston - Executive Chairman of The Beachbody Company Carl Daikeler - Co-Founder and Chief Executive Officer Marc Suidan - Chief Financial Officer Conference Call Participants George Kelly - Roth MKM Jonathan Komp - Baird Susan Anderson - Canaccord BJ Cook - Singular Research Operator Good afternoon, ladies and gentlemen. Welco ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO Section 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-39735 The Beachbody Company, Inc. (Exact name of registrant as specified in its charter) Delaware 85-3222090 (State or other jurisdiction ...

Exhibit 99.1 Beachbody (BODi) Reports Q1 2024 Cash Flow from Operations of $9.1 Million and the First Sequential Quarterly Revenue Growth Since 2021 Revenue Exceeds the Midpoint of Guidance First Quarterly Positive Free Cash Flow1 since 2020 El Segundo, Calif. (May 6, 2024) – The Beachbody Company, Inc. (NYSE: BODi) ("BODi" or the "Company"), a leading subscription health and fitness company, today announced financial results for its first quarter ended March 31, 2024. "We are pleased with our performance i ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting ...

Exhibit 99.1 The Beachbody Company, Inc. Announces Q4 and FY 2023 Financial Results; Expects Positive Cash Flow from Operating Activities and Free Cash Flow in Q1 2024 Exhibit 99.1 cash used in operating activities minus the purchase of property and equipment, which we call free cash flow, was $29.1 million compared to $73.7 million in the prior year. Marc Suidan, Chief Financial Officer, stated: "With our new cost structure in place, we should have positive free cash flow in the first quarter of 2024. We h ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO Section 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to (Address of principal executive offices) (Zip Code) (310) 883-9000 Registrant's telephone number, including area code Securities registered pursuant to Section 12 ...

FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO Section 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Washington, D.C. 20549 (I.R.S. Employer Identification No.) 400 Continental Blvd, Suite 400 El Segundo, California 90245 (Address of principal executive offices) (Zip Code) (310) 883-9000 Registrant's telephone number, inclu ...