Core Insights - Tiger Finance has amended its credit facility with The Beachbody Company, Inc. (BODi) to enhance financial flexibility, reflecting BODi's improved performance and growth initiatives in the fitness and nutrition sector [1][2] Group 1: Financial Performance and Amendments - The revised terms with BODi acknowledge its strengthened liquidity position and financial performance, indicating a positive outlook for the company [2] - The amended financial covenants provide BODi with additional flexibility to execute growth strategies as it transitions from financial restructuring to new revenue opportunities in 2026 [2] Group 2: Company Background - BODi, originally known as Beachbody, has been innovating home fitness and nutrition programs for 25 years, with notable programs like P90X and Shakeology, helping over 30 million customers [4] - The BODi community supports individuals in achieving health goals, emphasizing accountability and well-being [4] Group 3: Tiger Finance Overview - Tiger Finance specializes in asset-based lending, providing various secured debt financing options across multiple industries, focusing on working capital and other assets [3]

Core Insights - Beachbody has demonstrated a successful turnaround, achieving net income profitability for the first time since going public, with a net income of over $3 million in Q3 2025 [7][8] - The company is shifting from a multi-level marketing (MLM) model to a multi-channel strategy, including retail distribution, which is expected to enhance growth opportunities [6][8] Company Overview - Beachbody, founded in 1998, has transitioned from DVD-based workout programs to a subscription-based digital platform, offering on-demand streaming of fitness content and nutrition coaching [19][20] - The company has built a strong portfolio of fitness brands, including P90X and Insanity, and has accumulated over 140 proprietary programs and 11,000 videos on its streaming platform, BODi [4][19] Market Opportunity - The overall wellness market is estimated at $6.5 trillion, with fitness and nutrition segments each valued at $1.1 trillion, indicating significant growth potential for Beachbody [2] Financial Performance - Beachbody has achieved eight consecutive quarters of positive adjusted EBITDA, totaling approximately $50 million, and has improved free cash flow from negative $300 million in 2021 to positive $13.1 million year-to-date in 2025 [7][8] - The company has successfully reduced its cash break-even point from approximately $900 million to about $180 million, a reduction of $720 million [8] Strategic Initiatives - The company plans to launch new products, including the P90X Generation Next program in February and the 10-Minute Body program, aimed at non-exercisers [10][11] - Beachbody is expanding its retail presence by introducing nutritional supplements under the P90X and Insanity brands, with plans to utilize QR codes for promotional offers [12][13] Cost Structure and Debt Management - The company has significantly reduced its workforce from over 1,000 employees to fewer than 300, optimizing its operational structure [18] - Debt refinancing efforts have led to a 44% reduction in overall interest expenses, improving financial stability [18]

Financial Data and Key Metrics Changes - The company has reduced its cash break-even level from $900 million in 2022 to approximately $180 million today, representing a $720 million reduction [24][25] - Free cash flow improved from negative $300 million in 2021 to positive $13.1 million in the first three quarters of 2025, marking a $300 million improvement [25] - Adjusted EBITDA transitioned from a loss of $86 million in 2021 to approximately $18 million of positive Adjusted EBITDA in 2025 [26] - The company achieved net income positive of over $3 million in Q3 2025 for the first time since going public [26] Business Line Data and Key Metrics Changes - The company has transitioned from a multi-level marketing (MLM) model to a multi-channel strategy, which includes direct-to-consumer, Amazon/Marketplace, affiliates, and retail [14][15] - The restructuring has led to a significant reduction in employee count from over 1,000 to less than 300 [15][22] - The company has maintained eight consecutive quarters of positive adjusted EBITDA, cumulatively around $50 million [17][22] Market Data and Key Metrics Changes - The general wellness market is valued at $6.5 trillion in 2023, with the fitness and nutrition categories each representing a $1.1 trillion potential market [5][6] - The company has a significant opportunity to expand its retail presence, which has not been previously utilized for its products [13] Company Strategy and Development Direction - The company is focusing on an innovation pipeline with new product launches scheduled between 2026 and 2027, including the 10-Minute Body program and a new P90X program [18][19] - A retail strategy is being implemented to sell previously unretail products, including nutritional supplements under well-known brand names [20][21] - The company aims to address the total addressable market (TAM) of non-exercisers and enhance brand exposure through retail partnerships [21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the turnaround, stating that the company is a year ahead of schedule and financially stable with cash levels exceeding debt [22][24] - The focus is now on innovation and creative exercise-related programs rather than financial survival [22][32] - The management highlighted the importance of adapting marketing strategies to different demographics and the potential benefits of retail exposure [38][39] Other Important Information - The company has restructured its debt, reducing overall interest expenses by 44% [15][22] - The average interest rate on debt is approximately 15.5%, with a cash position of $34 million against $25 million of debt [28] Q&A Session Summary Question: Has the retail rollout process changed? - The retail process is slower than anticipated due to planogram schedules, but the company is actively aggregating retailer responses [34] Question: What could the long-term margin structure look like? - Gross margins are expected to normalize in the low- to mid-70s, with potential for high 80s-90% in fitness and mid-40s-50% in nutrition as retail expands [36][37] Question: What online media has been most effective for the target demographic? - The company has not yet identified the best medium but acknowledges the need to tailor content for different platforms and demographics [38]

Financial Data and Key Metrics Changes - The company has reduced its cash break-even level from $900 million in 2022 to approximately $180 million today, representing a $720 million reduction [24][25] - Free cash flow improved from nearly negative $300 million in 2021 to positive $13.1 million in the first three quarters of 2025, a $300 million improvement [25] - Adjusted EBITDA transitioned from a loss of over $86 million in 2021 to approximately $18 million of positive Adjusted EBITDA in 2025 [26] - The company achieved net income positive of over $3 million in Q3 of 2025 for the first time since going public [26] Business Line Data and Key Metrics Changes - The company has transitioned from a multi-level marketing (MLM) model to a multi-channel strategy, which includes direct-to-consumer, Amazon/Marketplace, affiliates, and retail [14][15] - The restructuring has led to a significant reduction in employee count from over 1,000 to less than 300 [15][22] - The company has maintained eight consecutive quarters of positive adjusted EBITDA, cumulatively around $50 million [17][22] Market Data and Key Metrics Changes - The general wellness market is valued at $6.5 trillion in 2023, with the fitness and nutrition categories each representing a $1.1 trillion potential market [5][6] - The company aims to tap into a broader audience by launching retail products, including a new small serve of Shakeology priced below $40 [21][20] Company Strategy and Development Direction - The company is focusing on an innovation pipeline with new product launches scheduled between 2026 and 2027, including the 10-Minute BODi program and a new P90X program [18][19] - A retail strategy is being implemented to sell previously unretail products, enhancing brand exposure and market reach [13][20] - The company is addressing the non-exerciser demographic with new content and products designed to engage this audience [21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the turnaround, stating that the company is a year ahead of schedule and positioned for growth in 2026 and 2027 [24][32] - The financial flexibility gained from the turnaround allows the company to focus on innovation and creative product development rather than financial survival [22][32] Other Important Information - The company has restructured its debt, reducing overall interest expenses by 44% [15][22] - The average interest rate on debt is approximately 15.5%, with a cash position of $34 million against $25 million of debt [28] Q&A Session Summary Question: Has the retail rollout process changed? - The retail process is slower than anticipated due to planogram schedules, but the company is actively engaging with retailers and aggregating responses [34] Question: What could the long-term margin structure look like on an EBITDA level? - Management indicated that gross margins should normalize in the low- to mid-70s, with potential for high 80s to 90% on fitness and mid-40s to 50% in nutrition as the company grows [36][37] Question: What online media has been most effective for the target demographic? - The company has not yet identified the best medium but acknowledges the need to tailor content for different platforms, noting that audiences over 30 are less engaged with TikTok [38]

Financial Data and Key Metrics Changes - The company has reduced its cash break-even level from $900 million in 2022 to approximately $180 million today, representing a $720 million reduction [15][23] - Free cash flow improved from nearly negative $300 million in 2021 to positive $13.1 million in the first three quarters of 2025, a $300 million improvement [23] - Adjusted EBITDA transitioned from a loss of over $86 million in 2021 to approximately $18 million of positive Adjusted EBITDA in 2025 [24] - The company achieved net income positive status for the first time since going public, reporting over $3 million in Q3 of 2025 [24] Business Line Data and Key Metrics Changes - The company has transitioned from a multi-level marketing (MLM) model to a multi-channel strategy, which includes direct-to-consumer, Amazon/Marketplace, affiliates, and retail [14] - The restructuring has led to a significant reduction in employee count from over 1,000 to less than 300 [15] - The company has launched new products, including the 10-Minute Body program and a new P90X program, which are aimed at expanding its customer base [17][18] Market Data and Key Metrics Changes - The general wellness market is valued at $6.5 trillion, with the fitness and nutrition categories each representing a $1.1 trillion potential market [5] - The company aims to tap into the retail market for its products, which have never been sold in retail before, indicating a significant growth opportunity [13] Company Strategy and Development Direction - The company is focused on innovation and has a robust pipeline of new products scheduled for launch between 2026 and 2027 [17][30] - The strategy includes launching a retail line for its major brands, such as P90X and Shakeology, to increase brand exposure and sales [19][20] - The company is addressing the non-exerciser market with new content and smaller product sizes to attract a broader audience [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the turnaround, stating that the company is a year ahead of schedule and financially stable with cash levels exceeding debt [16][21] - The management highlighted the importance of the innovation pipeline and the potential for significant growth in the coming years [30] Other Important Information - The company has restructured its debt, reducing overall interest expenses by 44% [15] - The marketing expenses have been reduced from over 50% to the low-to-mid-30s percentage, allowing for increased media spending [27] Q&A Session Summary Question: Has the retail rollout process changed? - The retail process is slower than anticipated due to planogram schedules, but the company is actively engaging with retailers for product placement [32][33] Question: What could the long-term margin structure look like? - Gross margins are expected to normalize in the low- to mid-70s, with potential for high 80s-90% on fitness and mid-40s-50% in nutrition as retail grows [34][35] Question: What online media has been most effective for the demographic? - The company has not yet identified the best platform but acknowledges the need to tailor content for different audiences across various media [36][38]

Core Insights - The Beachbody Company, Inc. (BODi) will present at the 2026 ICR Conference on January 12, 2026, at 11:30 am EST [1] - A live webcast of the presentation will be available on the company's investor website [2] Company Overview - BODi, formerly known as Beachbody, has been a leader in structured home fitness and nutrition programs for nearly 30 years, with popular programs such as P90X, INSANITY, and 21 Day Fix [3] - The company has helped over 30 million people achieve significant health results and aims to assist busy individuals in integrating healthy habits into their daily lives [3] - BODi's mission focuses on empowering individuals to maintain motivation and accountability, promoting healthy weight management, improved metabolic function, and overall well-being [3]

Summary of The Beachbody Company (NYSE:BODI) Conference Call - December 10, 2025 Company Overview - The Beachbody Company, ticker BODI, is undergoing a significant turnaround after facing financial difficulties in previous years, with losses of -$200 million and -$100 million in prior years [2][3] - The company transitioned from a multi-level marketing (MLM) structure to an omnichannel sales model, focusing on direct-to-consumer sales and partnerships [3][5] Financial Performance - The company has achieved EBITDA positivity for the last eight quarters, totaling $49 million in cumulative EBITDA [3] - Year-to-date EBITDA for the first nine months of 2025 is reported at $17.9 million, with positive free cash flow of $13.1 million [4] - The first positive net income quarter was reported in Q3 2025, with a net income of $3.6 million, marking the first net income since the IPO in 2021 [4] - The break-even revenue level has been significantly reduced from $900 million to $180 million [5] - The company has $34 million in cash and $25 million in debt, with a new effective cash rate of 13.4% after refinancing [4][5] Business Model Transformation - The company eliminated its MLM structure, reducing its manpower from over 1,300 to less than 300 [5] - A new omnichannel approach includes direct sales through the website, an affiliate program, and retail partnerships [5][6] - The launch of a new line of nutritional products under well-known brands like P90X and Shakeology is planned for Q1 2026 [6][8] Product and Market Strategy - The company is targeting the 185 million Americans who are overweight and do not exercise, with new fitness programs and nutritional products [9][10] - A new P90X exercise program and a line of nutritional supplements are set to launch, with a focus on accessibility and affordability [10][18] - The company aims to leverage partnerships, such as with Reebok, to expand its reach and visibility [14][16] Marketing and Customer Engagement - Marketing expenses have been reduced from high 40s% of sales to low 30s%, allowing for increased media spending [12] - The company is focusing on customer acquisition and retention metrics, particularly in digital subscriptions and nutritional product sales [32] - A significant opportunity exists to convert existing fitness customers to nutrition product users, as currently less than 10% of fitness customers use the nutrition products [23][24] Future Outlook - The company anticipates that 2026 will be the first year for year-over-year comparisons under the new business model [11] - New product launches and marketing strategies are expected to drive revenue growth, with a focus on the new customer base and existing CRM [28][33] - The management emphasizes the importance of innovation and product diversification to capture market share in the fitness and nutrition sectors [28][32] Conclusion - The Beachbody Company is positioned for a strong recovery and growth trajectory following its strategic overhaul, with a focus on profitability, customer engagement, and innovative product offerings [27][33]

Group 1 - The Beachbody Company, Inc. (BODi) will participate in a Fireside Chat at NobleCon21 on December 3rd, featuring key executives including Mark Goldston, Carl Daikeler, and Brad Ramberg [1] - A high-definition video webcast of the presentation will be available on the company's website and Noble Capital Markets' conference website, archived for 90 days [2] - BODi has been innovating home fitness and nutrition programs for 26 years, helping over 30 million customers achieve life-changing results [4] Group 2 - Noble Capital Markets, established in 1984, is a full-service broker-dealer providing investment and advisory services, with a focus on middle-market expertise [6] - NobleCon is a large-scale in-person conference hosted by Noble, along with multi-sector virtual conferences throughout the year [6] - Channelchek, launched in 2018, offers free institutional-quality research on emerging growth public companies, featuring over 7,000 companies [7]

Financial Data and Key Metrics Changes - The company achieved net income of $3.6 million in Q3 2025, marking its first net income since going public in 2021, compared to a net loss of $12 million in the prior year [23] - Adjusted EBITDA was $9.5 million, up from $4.6 million in the prior quarter and down from $10.1 million in the prior year [23] - Total revenues were $59.9 million, a decline of 6.3% sequentially and 41.4% year over year, aligning with expectations due to the strategic transition [18] - Gross margins improved to 74.6%, an increase of 230 basis points from the prior quarter and 730 basis points year over year [19] Business Line Data and Key Metrics Changes - Digital revenue decreased 8.3% from the prior quarter to $36.4 million and decreased 32.2% year over year, impacted by a decline in digital subscription counts [19] - Nutrition and other revenue decreased 2.8% from the prior quarter to $23.5 million and fell 50.4% year over year, with nutrition subscriptions remaining flat sequentially at approximately 70,000 [20] Market Data and Key Metrics Changes - The company is transitioning from a multi-level marketing (MLM) model to an omnichannel approach, which has impacted revenue streams and customer acquisition strategies [18][19] - The shift has opened new growth channels that were previously inaccessible, with expectations for a stronger balance sheet and long-term business model [25] Company Strategy and Development Direction - The company plans to launch a comprehensive retail initiative in 2026, introducing products like Shakeology and new nutritional supplements to retail for the first time [5][6] - A new P90X fitness program will be launched, creating cross-marketing opportunities between digital content and retail nutrition products [6] - The focus will be on expanding the total addressable market (TAM) by targeting the 185 million overweight Americans who do not currently engage in regular fitness routines [6][14] Management's Comments on Operating Environment and Future Outlook - Management expressed satisfaction with the turnaround progress, achieving eight consecutive quarters of positive adjusted EBITDA and a significant reduction in the revenue break-even point from $900 million to $180 million [4][7] - The company anticipates that 2026 will mark the transition from financial restructuring to capitalizing on new revenue opportunities [5][15] - Management highlighted the importance of leveraging AI and technology to enhance customer experience and drive acquisition [15][16] Other Important Information - The company has generated $13.1 million in free cash flow year-to-date, with $9 million generated in Q3 alone [4] - The cash position stands at $33.9 million, exceeding outstanding debt of $25 million, providing financial flexibility [4] Q&A Session Summary Question: Changes in Customer Base with New Business Model - Management noted that the customer demographic remains similar, focusing on individuals seeking convenience and shorter workout durations [32] Question: New Product Pipeline and Rollout Timing - The company is excited about launching numerous new products in 2026, including affordable nutrition products and fitness programs [38][39] Question: Marketing Spend and Cost Management - Management confirmed that marketing spend is aligned with the new business model, maintaining operational leverage while managing costs effectively [41][62] Question: Retail Launch Visibility - The company is currently coordinating sell-in meetings with major retailers, expecting to appear on shelves by late Q1 to Q2 2026 [59] Question: Nutrition Margin Expectations - Management anticipates a steady state for nutrition margins between 46-52%, with a focus on generating revenue and subscriber growth [74]

Financial Data and Key Metrics Changes - The company achieved net income of $3.6 million in Q3 2025, marking its first net income since going public in 2021, compared to a net loss of $12 million in the prior year [23] - Adjusted EBITDA was $9.5 million, an increase from $4.6 million in the prior quarter and $10.1 million in the prior year, representing eight consecutive quarters of positive adjusted EBITDA [23] - Total revenues for Q3 2025 were $59.9 million, a decline of 6.3% sequentially and 41.4% year over year, in line with expectations due to the strategic transition [18] Business Line Data and Key Metrics Changes - Digital revenue decreased 8.3% from the prior quarter to $36.4 million and decreased 32.2% year over year, impacted by a decline in digital subscription counts [19] - Nutrition and other revenue decreased 2.8% from the prior quarter to $23.5 million and decreased 50.4% year over year, with nutrition subscriptions remaining flat sequentially at approximately 70,000 [20] - Consolidated gross margins improved to 74.6%, an increase of 230 basis points over the prior quarter and 730 basis points compared to the prior year [19] Market Data and Key Metrics Changes - The company is transitioning from a multi-level marketing (MLM) model to an omnichannel approach, which has impacted revenue streams and customer acquisition strategies [18][19] - The shift has opened new growth channels, with expectations for a stronger balance sheet and a more viable long-term business model [25] Company Strategy and Development Direction - The company plans to launch a comprehensive retail initiative in 2026, introducing products like Shakeology and new nutritional supplements to retail for the first time [5][6] - A new P90X fitness program will be launched, creating cross-marketing opportunities between digital content and retail nutrition products [6] - The focus will be on expanding the total addressable market (TAM) by reaching underserved segments, particularly the 185 million overweight Americans [6][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the turnaround progress, noting that the financial restructuring has been completed ahead of schedule [84] - The company anticipates significant growth opportunities in 2026 and beyond, driven by new product launches and an expanded retail presence [5][6][84] - The management highlighted the importance of maintaining operational leverage and disciplined spending as the company transitions to its new business model [43][45] Other Important Information - The company generated $13.1 million in free cash flow year-to-date, with $9 million generated in Q3 alone [4] - The cash position stands at $33.9 million, exceeding outstanding debt of $25 million, providing financial flexibility [4] Q&A Session Summary Question: Changes in customer base with the new business model - Management noted that the customer demographic remains similar, focusing on individuals seeking convenient home workouts [32] Question: Details on the new product pipeline - The company is excited about launching numerous new products in 2026, including affordable nutrition options and fitness programs [38] Question: Anticipated marketing spend around retail rollout - Marketing spend will align with wholesale orders and revenue, with a focus on the new P90X program launching in Q1 [79]