Revenue Performance - Total revenue for Q4 2024 was $86.4 million, down 27.4% from $119.0 million in the prior year, 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]. 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]. - The average digital retention rate improved to 97.8%, up from 96.9% in the prior year[8]. Profitability and Loss - Adjusted EBITDA for Q4 2024 was $8.7 million, compared to $2.8 million in the prior year, marking the fifth consecutive quarter of positive adjusted EBITDA[5][8]. - 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]. - Net loss for the year ended December 31, 2024, was $71.6 million, compared to a net loss of $152.6 million in 2023, showing an improvement of 53%[20]. - Operating loss for the year ended December 31, 2024, was $66.2 million, an improvement from an operating loss of $141.0 million in 2023[20]. Cash Flow and Liquidity - Cash and cash equivalents decreased to $20.2 million at the end of 2024 from $33.4 million at the end of 2023, a decline of 39.2%[22]. - Cash flows from operating activities provided $2.6 million in 2024, a significant improvement from cash used of $22.5 million in 2023[22]. - The net cash position as of December 31, 2024, was $1,019 thousand, down from $3,850 thousand as of December 31, 2023[34]. - Free cash flow for the year ended December 31, 2024, was $(1,980) thousand, compared to $(29,113) thousand for the year ended December 31, 2023[37]. Restructuring and Impairment - 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]. - Total restructuring costs associated with the Pivot for the year ended December 31, 2024, amounted to $18.5 million[39]. - The company recorded an impairment of goodwill of $20,000 thousand for the year ended December 31, 2024[26]. - The company incurred $20 million in goodwill impairment in 2024, compared to $40 million in 2023[20]. Guidance and Future Outlook - The company expects Q1 2025 revenue guidance between $60 million and $70 million, with a projected net loss between $11 million and $7 million[9].
The Beachbody Company(BODI) - 2024 Q4 - Annual Results