The Beachbody Company, Inc. · NASDAQ:BODI
The Beachbody — 26th Annual Needham Growth Conference (January 2024)
20 slides from The Beachbody's conference presentation, Jan 17, 2024
Slide 1: The Beachbody Company
The Beachbody Company Ticker: BODY January 2024
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS Ticker: BODY § This presentation of The Beachbody Company, Inc. (the "Company”) contains “forward-looking” statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, which are statements other than historical fact or in the f
Slide 3: The Only Fitness, Nutrition & Wellness Platform
Ticker: BODY THE ONLY FITNESS, NUTRITION, & WELLNESS PLATFORM BODi Bike+ PREMIUM CONTENT Q3-23 KEY METRICS TRACK RECORD • Online catalog of 120 programs • $128M revenue (LTM: $556M) • History of EBITDA Profitability and 8,500+ streaming videos • 1.6M total paid subscriptions • Impacted 30M+ consumer
Slide 4: Management Team
MANAGEMENT TEAM Ticker: BODY A Strong, Collaborative Team with Extensive Experience Carl Daikeler Mark Goldston Marc Suidan Co-Founder & CEO Executive Chairman • Chairman and CEO of United Chief Financial Officer • Home Fitness category • Led Global PwC TMT Online (and predecessor NetZero) pioneer D
Slide 5: Key Metrics
KEY METRICS Ticker: BODY 46% 50% OF REV OF REV NUTRITION DIGITAL 1.4M 75% 177K 55% Paid Subscriptions Gross Margin Gross Margin Paid Subscriptions 23M 120 6 Streamed Views Streaming programs Owned Brands 8,500 96% $83 Unique Streaming Average Monthly Monthly Average Videos Retention Order Value 30+
Slide 6: Revenue Drivers
REVENUE DRIVERS Ticker: BODY 46% 50% 4% NUTRITION SUPPLEMENTS OF REV DIGITAL STREAMING OF REV CONNECTED OF REV FITNESS § Sold through BODi network, Amazon and § Monthly, Quarterly, semi-annual and annual § Professional grade Direct to Consumer (DTC) membership membership stationary bike § Annual pri
Slide 7: Nutrition Products & Supplements
NUTRITION PRODUCTS & SUPPLEMENTS SUPERFOOD HEALTH CLEAN ENERGY SNACK BARS NUTRITION SHAKE SUPPLEMENTS & HYDRATION 7
Slide 8: Premium Fitness Content with 120 Programs
PREMIUM FITNESS CONTENT WITH 120 PROGRAMS Ticker: BODY 8
Slide 9: BODi Is Ranked #1 Workout App by CNN
BODi IS RANKED #1 WORKOUT APP BY CNN Ticker: BODY BODi was ranked the best tested workout app for 2023 by CNN Testing better than: § Centr § Down Dog § Future § Ladder § Nike Training Club § MTNTOUCH § Obé § Peloton
Slide 10: Focused on Cash Flow
FOCUSED ON CASH FLOW Ticker: BODY Proven History of EBITDA Profitability Revenue Adjusted EBITDA $ in Thousand $ in Thousand Annual Q3 Annual Q3 $863,582 $873,645 $755,779 $692,199 2021 2022 Q3-2022 Q3-2023 $165,975 $128,250 2019 2020 2019 2020 2021 2022 Q3-2022 Q3-2023 Gross Adj. Margin 72.2% 71.1%
Slide 11: Cash Used in Operating and Investing Activities
CASH USED IN OPERATING AND INVESTING ACTIVITIES Ticker: BODY Cash used in operating and investing activities Cash used in operating and investing activities (QoQ) $ in Thousand $ in Thousand 11
Slide 12: Current vs. Targeted Financial Model
CURRENT VS. TARGETED FINANCIAL MODEL Ticker: BODY Q3 2023 Target Nutrition Gross Margin 55% 60% Digital Gross Margin 75% 80% Blended Gross Margin 59% 65-70% Sales & Marketing Expense (% of revenue) 54% 45% Tech & G&A Expense (% of revenue) 26% 20-25% Net Income, EBITDA & Free Cash Flow Negative Posi
Slide 13: Our Turnaround Story
OUR TURNAROUND STORY Ticker: BODY Completing our Transformation Key Pillars Initiative Status Commentary Dramatically Lower Cost Reduction Complete $165M+ in cost savings since 2021 Breakeven New Digital Platform BOD to BODi Transition Complete Rated best workout and Fitness app of 2023 Freemium Tie
Slide 14: Recent Developments
RECENT DEVELOPMENTS Ticker: BODY ü Reduction in Sales & Marketing Expense • Changes to partner network compensation combined with re-activating past customers results in additional savings starting in January 2024 ü Addition of Brendon Burchard as Chief Growth and Performance Advisor • #1 New York T
Slide 15: Operating in a Large, Underpenetrated Market
OPERATING IN A LARGE, UNDERPENETRATED MARKET Ticker: BODY OUR TAMs: PERSISTING HEALTH ISSUES $237 BILLION OPPORTUNITY TOTAL ADDRESSABLE MARKET § 74% of adults in the US are overweight—this presents a massive opportunity IN BILLIONS $49B § Digital Fitness: $13 billion, growing at 31% through 2032 DIG
Slide 16: Created Several Billion Dollar Franchises
CREATED SEVERAL BILLION DOLLAR FRANCHISES At Each Major Pivot, We Accelerated Our Path to a $1B in Aggregate Revenues Ticker: BODY YEAR YEARS YEARS OUR KEY PIVOTS LAUNCHED TO $100M (cum) TO $1B (cum) 2000 5 17 2009 3 7 2016 1 6 2023 1 5 16
Slide 17: Our Social Media Following
OUR SOCIAL MEDIA FOLLOWING Ticker: BODY Company Micro-Influencers (Coaches/Partners) Beachbody/BODi Shakeology BODiCoach411 Carl Daikeler Emily Fauver Natasha Pehrson Hailey Peters Jess Dukes 4.5M 1.0M 0.8M 0.4M 5.5M 2.4M 1.4M 0.6M Super Trainers Shaun T Ilana Muhlstein Autumn Calabrese Joel Freeman
Slide 18: Valuable Underlying Assets
VALUABLE UNDERLYING ASSETS Ticker: BODY ü Comprehensive, diverse fitness library with 120 programs and 8,500+ unique streaming videos • Competitive moat, hard to replicate 25+ years of content creation ü Strong nutrition & other subscription business with ~$270 million of revenue at ~55% gross margi
Slide 19: Adjusted EBITDA Reconciliation
ADJUSTED EBITDA RECONCILIATION Ticker: BODY 19
Slide 20: Q&A
Ticker: BODY Q&A 20
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