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Beachbody Company, Inc. (BODY) SEC Filing 10-K Annual Report for the fiscal year ending Sunday, December 31, 2023

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Forest Road Acquisition Corp.

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CIK: 1826889 Ticker: BODY

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

 

 

El Segundo, Calif. (March 11, 2024) – The Beachbody Company, Inc. (NYSE: BODi) (“BODi” or the “Company”), a leading subscription health and wellness company, today announced financial results for its fourth quarter ended December 31, 2023.

"2023 was a transformational year at BODi. Our turnaround plan successfully simplified our digital platform, lowering our breakeven point and enhancing our liquidity position,” said Carl Daikeler, BODi’s Co-Founder and Chief Executive Officer. "In 2024, our objective is fostering more profitable revenue streams and sustainable free cash flows, with a renewed focus on reshaping our nutrition business. Our accomplishments in 2023 set the foundation for continued execution of our turnaround in 2024. We expect to have positive cash flow from operating activities and free cash flow in the first quarter.”

Fourth Quarter 2023 Results

•
Total revenue was $119.0 million compared to $148.2 million in the prior year period and exceeded the high end of the guidance range.
o
Digital revenue was $64.0 million compared to $68.7 million in the prior year period and digital subscriptions totaled 1.31 million in the fourth quarter.
o
Nutrition and Other revenue was $51.8 million compared to $74.7 million in the prior year period and nutritional subscriptions totaled 0.16 million in the fourth quarter.
o
Connected Fitness revenue was $3.2 million compared to $4.7 million in the prior year period and approximately 4,100 bikes were delivered in the fourth quarter.
•
Total operating expenses were $134.3 million, which included a $43.1 million impairment of goodwill and intangible assets, compared to $132.8 million in the prior year period, which included an $18.9 million impairment of intangible assets.
•
Operating loss increased by $12.2 million to $60.4 million compared to an operating loss of $48.1 million in the prior year period.
•
Net loss was $65.0 million, which included a $43.1 million impairment of goodwill and intangible assets, compared to a net loss of $44.9 million in the prior year period, which included an $18.9 million impairment of intangible assets.
•
Adjusted EBITDA1 was $2.8 million compared to $3.5 million in the prior year period.

 

Full Year 2023 Results

•
Total revenue was $527.1 million compared to $692.2 million in the prior year.
o
Digital revenue was $258.4 million compared to $300.7 million in the prior year.
o
Nutrition and Other revenue was $249.5 million compared to $353.3 million in the prior year.
o
Connected Fitness revenue was $19.2 million compared to $38.2 million in the prior year and approximately 20,850 bikes were delivered in 2023.
•
Total operating expenses were $464.1 million, which included a $43.1 million impairment of goodwill and intangible assets, compared to $572.7 million in the prior year, which included a $19.9 million impairment of intangible assets.
•
Operating loss decreased by $62.2 million to $141.0 million compared to an operating loss of $203.2 million in the prior year.
•
Net loss was $152.6 million, which included a $43.1 million impairment of goodwill and intangible assets, compared to a net loss of $194.2 million in the prior year, which included a $19.9 million impairment of intangible assets.
•
Adjusted EBITDA1 was $(8.7) million compared to $(23.3) million in the prior year.
•
Cash used in operating activities for the year ended December 31, 2023 was $22.5 million compared to $47.2 million in the prior year, and cash used in investing activities was $10.8 million compared to $26.5 million in the prior year. Total
The following information was filed by Forest Road Acquisition Corp. (BODY) on Monday, March 11, 2024 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Forest Road Acquisition Corp.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2024 10-K Annual Report includes:

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Inside Forest Road Acquisition Corp.'s 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Financial Statement Schedule - (Details)
Consolidated Balance Sheets
Consolidated Balance Sheets (Parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Loss
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Equity
Accrued Expenses
Accrued Expenses (Tables)
Accrued Expenses - Additional Information (Details)
Accrued Expenses - Summary Of Accrued Expenses (Details)
Acquisitions - Summary Of Recognized Identified Assets Acquired And Liabilities Assumed (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Additional Information (Details)
Commitments And Contingencies - Summary Of Purchase Obligation, Fiscal Year Maturity (Details)
Content Assets, Net
Content Assets, Net (Tables)
Content Assets, Net - Additional Information (Details)
Content Assets, Net - Summary Of Film Cost (Details)
Debt
Debt (Tables)
Debt - Additional Information (Details)
Debt - Schedule Of Aggregate Amounts Of Payments Due And Reconciliation Of Debt Balances, Net Of Debt Discount And Debt Issuance Costs (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Additional Information (Details)
Derivative Financial Instruments - Summary Of Derivative Instrument (Details)
Derivative Financial Instruments - Summary Of Pre-Tax Effects Of The Company's Derivative Instruments On Its Unaudited Condensed Consolidated Statements Of Operations (Details)
Description Of Business And Summary Of Significant Accounting Policies
Description Of Business And Summary Of Significant Accounting Policies (Policies)
Description Of Business And Summary Of Significant Accounting Policies - Additional Information (Details)
Earnings (Loss) Per Share
Earnings (Loss) Per Share (Tables)
Earnings (Loss) Per Share - Additional Information (Details)
Earnings (Loss) Per Share - Summary Of Common Shares That Are Excluded From The Computation Of Diluted Net Loss Per Common Share (Details)
Earnings (Loss) Per Share - Summary Of The Computation Of Loss Per Share Of Class A And Class X Common Stock (Details)
Employee Benefit Plan
Employee Benefit Plan - Additional Information (Details)
Equity-Based Compensation
Equity-Based Compensation (Tables)
Equity-Based Compensation - Additional Information (Details)
Equity-Based Compensation - Summary Of Assumptions Used To Determine The Fair Value Of Option Grants (Details)
Equity-Based Compensation - Summary Of Equity-Based Compensation Expense (Details)
Equity-Based Compensation - Summary Of Rsu Activity (Details)
Equity-Based Compensation - Summary Of The Option Activity Under The Equity Compensation Plans (Details)
Equity-Based Compensation - Summary Of The Unvested Option Activity (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Summary Of Change In The Fair Value Of The Warrants (Details)
Fair Value Measurements - Summary Of Fair Value Measurements, Recurring And Nonrecurring (Details)
Fair Value Measurements - Summary Of Fair Value Of Significant Assumptions Utilized In The Valuation (Details)
Fair Value Measurements - Summary Of Fair Value, Assets Measured On Nonrecurring Basis Using Unobservable Inputs (Details)
Fair Value Measurements -Additional Information (Details)
Financial Statement Schedule
Goodwill
Goodwill (Tables)
Goodwill - Additional Information (Details)
Goodwill - Summary Of Goodwill (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Actual Tax Rate On Loss Before Income Taxes Reconciles (Details)
Income Taxes - Additional Information (Details)
Income Taxes - Components Of Income Tax Benefit (Provision) (Details)
Income Taxes - Components Of Loss Before Income Taxes (Details)
Income Taxes - Schedule Of Components Of Deferred Tax Assets And Liabilities (Details)
Income Taxes - Summary Of Activity Related To Gross Unrecognized Tax Benefits (Details)
Intangible Assets, Net
Intangible Assets, Net (Additional Information) (Details)
Intangible Assets, Net (Tables)
Intangible Assets, Net - Schedule Of Intangible Assets (Details)
Inventory, Net
Inventory, Net (Tables)
Inventory, Net - Additional Information (Details)
Inventory, Net - Schedule Of Inventory, Current (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Summary Of Lease Cost (Details)
Leases - Summary Of Lease Other Information (Details)
Leases - Summary Of Maturities Of Operating And Finance Lease Liabilities, Excluding Short-Term Leases (Details)
Other Current Assets
Other Current Assets (Tables)
Other Current Assets - Summary Of Other Current Assets (Details)
Parent Only Financial Statements
Parent Only Financial Statements (Tables)
Parent Only Financial Statements - Condensed Balance Sheet (Details)
Parent Only Financial Statements - Condensed Balance Sheet (Parenthetical) (Details)
Parent Only Financial Statements - Condensed Statement Of Cash Flows (Details)
Parent Only Financial Statements - Condensed Statement Of Operations And Comprehensive Loss (Details)
Property And Equipment, Net
Property And Equipment, Net (Tables)
Property And Equipment, Net - Additional Information (Details)
Property And Equipment, Net - Summary Of Depreciation Expense Related To Property And Equipment (Details)
Property And Equipment, Net - Summary Of Property And Equipment, Net (Details)
Related Party Transactions
Related Party Transactions - Additional Information (Details)
Restructuring
Restructuring (Tables)
Restructuring - Additional Information (Details)
Restructuring - Summary Of Restructuring Related Liability And Restructuring Costs Activity (Details)
Revenue
Revenue (Tables)
Revenue - Additional Information (Details)
Revenue - Additional Information (Details)1
Revenue - Disaggregation Of Revenue (Details)
Segment Information - Additional Information (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Additional Information (Details)
Stockholders' Equity - Summarize Changes In Accumulated Other Comprehensive Income (Loss), Net Of Tax (Details)
Subsequent Events
Subsequent Events - Additional Information (Details)
Ticker: BODY
CIK: 1826889
Form Type: 10-K Annual Report
Accession Number: 0000950170-24-029409
Submitted to the SEC: Mon Mar 11 2024 5:10:47 PM EST
Accepted by the SEC: Mon Mar 11 2024
Period: Sunday, December 31, 2023
Industry: Retail Nonstore Retailers

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