Financial Performance - Q4 FY23 - Net sales were $68 million, a decrease of 43% compared to FY22 and 19% compared to FY20[3, 13] - Gross profit was $11 million, with a gross margin of 16%, a decrease of 2 percentage points compared to FY22's 18%[13] - Excluding Nautilus branded products, Q4 net sales were $62 million and gross margin was 20%, an increase of 2.5 percentage points year-over-year[13] - Adjusted EBITDA loss from continuing operations, excluding the Nautilus brand, was $11 million, a 37% reduction compared to FY22[3, 16] Financial Performance - FY23 - Net sales for FY23 were $287 million, a decrease of 51% compared to FY22[29, 31] - Gross profit was $52 million, with a gross margin of 18%, a decrease of 7 percentage points compared to FY22's 25%[31, 34] - Adjusted EBITDA loss from continuing operations was $47 million[29, 31] Balance Sheet and Liquidity - Liquidity was $33 million as of March 31, 2023[17] - Inventory decreased by 58% compared to Q4 FY22[4, 18] - Free cash flow was +$29 million in Q4 2023, an improvement of +$34 million compared to Q3 2023[18] FY24 Guidance - Revenue is projected to be between $270 million and $300 million[20] - Adjusted EBITDA is projected to be between a $15 million loss and break-even[29]
BowFlex (BFX) - 2023 Q4 - Earnings Call Presentation