The Beachbody pany(US:BODY)2025-03-27 20:06Revenue Performance - Total revenue for Q4 2024 was $86.4 million, down 27.4% from $119.0 million in the prior year period, and at the high end of guidance[5]. - Full year 2024 total revenue was $418.8 million, down 20.5% from $527.1 million in the prior year[5]. - Total revenue for the year ended December 31, 2024, was $418.8 million, a decrease of 20.6% compared to $527.1 million in 2023[20]. - Digital revenue decreased to $224.3 million in 2024 from $258.4 million in 2023, representing a decline of 13.2%[20]. - Nutrition and other revenue fell to $187.8 million in 2024, down 24.7% from $249.5 million in 2023[20]. Digital and Subscription Metrics - Digital revenue decreased by 21.4% to $50.4 million, with digital subscriptions totaling 1.07 million, an 18.1% decline from 1.31 million[5][8]. - Nutrition and Other revenue fell by 32.8% to $34.8 million, with nutritional subscriptions down 44.1% to 0.09 million[5][8]. Profitability and Loss - Net loss for Q4 2024 was $34.6 million, a 46.8% improvement from a net loss of $65.0 million in the prior year[5][8]. - The company reported a net loss of $71.6 million for the year ended December 31, 2024, compared to a net loss of $152.6 million in 2023, indicating an improvement of 53%[20]. - The company achieved a significant reduction in operating loss, decreasing by $27.5 million to $32.9 million compared to the prior year[5]. - Operating loss for 2024 was $66.2 million, a reduction from an operating loss of $141.0 million in 2023[20]. Cash Flow and Assets - Cash and cash equivalents at the end of 2024 were $20.2 million, down from $33.4 million at the end of 2023[22]. - Total current assets decreased to $78.7 million in 2024 from $119.3 million in 2023, a decline of 34.1%[20]. - The net cash position as of December 31, 2024, was $1,019 thousand, down from $3,850 thousand in 2023[34]. - Free cash flow for the year ended December 31, 2024, was $(1,980) thousand, an improvement from $(29,113) thousand in 2023[37]. Restructuring and Costs - The company incurred approximately $9.3 million in costs associated with the Pivot restructuring in the three months ended December 31, 2024[38]. - The Pivot restructuring resulted in a reduction of approximately 170 employees, representing 33% of the company's workforce[38]. - The company recorded total restructuring costs of $18.5 million for the year ended December 31, 2024, due to the Pivot[39]. - Accelerated depreciation expense related to the Pivot was $8.2 million for the three months ended December 31, 2024[27]. Future Outlook - The outlook for Q1 2025 projects revenue between $60 million and $70 million, with an expected net loss between $11 million and $7 million[9]. - The company is focused on executing a multi-channel strategy and developing new innovative products to maximize market opportunities in 2025[2]. - The company expects to cease the sale of connected fitness inventory beginning in early 2025, leading to inventory adjustments of $1.2 million[41].