Business
Beachbody (BODi) Reports Q1 2024 Cash Flow from Operations of $9.1 Million and the First Sequential Quarterly Revenue Growth Since 2021
Revenue Exceeds the Midpoint of Guidance First Quarterly Positive Free Cash Flow1 since 2020 EL SEGUNDO, Calif.--(BUSINESS WIRE)-- The Beachbody Company,
About this update from The Beachbody Company, Inc.
[{"type":"text","content":"\nRevenue Exceeds the Midpoint of Guidance\nFirst Quarterly Positive Free Cash Flow1 since 2020\n\n\n EL SEGUNDO, Calif.--(BUSINESS WIRE)--\nThe Beachbody Company, Inc. (NYSE: BODi) (“BODi” or the “Company”), a leading subscription health and fitness company, today announced financial results for its first quarter ended March 31, 2024.\n\n\n\"We are pleased with our performance in the first quarter, beating the midpoint of our revenue and adjusted EBITDA guidance, all while delivering against our strategic initiatives. Most notably, we are excited to announce that we have achieved our first positive free cash flow quarter since 2020,” said Carl Daikeler, BODi’s Co-Founder and Chief Executive Officer. “We have had an excellent start to 2024 and for the remainder of the year, we will continue to deliver against the objectives in our turnaround plan.\"\n\n\nFirst Quarter 2024 Results\n\n\n\nTotal revenue was $120.0 million compared to $144.9 million in the prior year period.\n\n\nDigital revenue was $61.5 million compared to $64.8 million in the prior year period and digital subscriptions totaled 1.22 million in the first quarter.\n\n\n\nNutrition and Other revenue was $55.5 million compared to $74.1 million in the prior year period and nutritional subscriptions totaled 0.15 million in the first quarter.\n\n\n\nConnected Fitness revenue was $3.0 million compared to $6.0 million in the prior year period and approximately 3,500 bikes were delivered in the first quarter.\n\n\n\n\n\n\nTotal operating expenses were $92.1 million compared to $118.8 million in the prior year period.\n\n\n\nOperating loss improved by $16.6 million to $10.8 million compared to an operating loss of $27.4 million in the prior year period.\n\n\n\nNet loss was $14.2 million compared to a net loss of $29.2 million in the prior year period.\n\n\n\nAdjusted EBITDA1 was $4.6 million compared to $(0.9) million in the prior year period.\n\n\n\nCash provided by operating activities for the three months ended March 31, 2024 was $9.1 million compared to cash used in operating activities of $7.9 million in the prior year period, and cash provided by investing activities was $3.9 million compared to cash used in investing activities of $3.4 million in the prior year period. Free cash flow was $7.4 million compared to $(11.3) million in the prior year period.\n\n\n\nMarc S...