Business
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.--(BUSINESS WIRE)-- The Beachbody Company, Inc. (NYSE: BODi) (“BODi” or the “Company”), a leading subscription health and wellness company,
About this update from The Beachbody Company, Inc.
[{"type":"text","content":" EL SEGUNDO, Calif.--(BUSINESS WIRE)--\nThe 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.\n\n\n\"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.”\n\n\nFourth Quarter 2023 Results\n\n\n\nTotal revenue was $119.0 million compared to $148.2 million in the prior year period and exceeded the high end of the guidance range.\n\n\nDigital 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.\n\n\n\nNutrition 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.\n\n\n\nConnected 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.\n\n\n\n\n\n\nTotal 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.\n\n\n\nOperating loss increased by $12.2 million to $60.4 million compared to an operating loss of $48.1 million in the prior year period.\n\n\n\nNet 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.\n\n\n\nAdjusted EBITDA1 was $2.8 million compared to $3.5 million in the prior year period.\n\n\n\nFull Year 2023 Results\n\n\n\nTotal revenue was $527.1 million compared to $692.2 million in the pr...