The Beachbody Company, Inc. · NASDAQ:BODI
The Beachbody — Q1 2024 Earnings Presentation
22 slides from The Beachbody's earnings presentation, May 6, 2024
Slide 1: The Beachbody Company
The Beachbody Company Ticker: BODi May 2024
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS Ticker: BODi § 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: BODi THE ONLY FITNESS, NUTRITION, & WELLNESS PLATFORM BODi Bike+ PREMIUM CONTENT FY2023 KEY METRICS TRACK RECORD • Online catalog of 134 programs • FY23 Revenue $527M • History of EBITDA Profitability and approximately 9,000 streaming • 1.5M total paid subscriptions • Impacted 30M+ consumers
Slide 4: Management Team
MANAGEMENT TEAM Ticker: BODi 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: Revenue Drivers
REVENUE DRIVERS Ticker: BODi 46% 51% 3% OF REV OF REV CONNECTED OF REV NUTRITION SUPPLEMENTS DIGITAL STREAMING FITNESS § Sold through BODi network, Amazon and § Monthly, quarterly, semi-annual and annual § Commercial grade Direct to Consumer (DTC) membership stationary bike § Annual price: $179 Note
Slide 6: Key Metrics
KEY METRICS Ticker: BODi 46% 51% OF REV OF REV NUTRITION DIGITAL 1.2M 79% 151K 60% Paid Subscriptions Gross Margin Gross Margin Paid Subscriptions 26M 134 6 Streamed Views Streaming programs Owned Brands 9,000 96% $118 Unique Streaming Average Monthly Monthly Average Videos Retention Order Value 30+
Slide 7: Nutrition Products & Supplements
NUTRITION PRODUCTS & SUPPLEMENTS Ticker: BODi SUPERFOOD HEALTH CLEAN ENERGY SNACK BARS NUTRITION SHAKE SUPPLEMENTS & HYDRATION 7
Slide 8: Premium Fitness Content with 134 Programs
PREMIUM FITNESS CONTENT WITH 134 PROGRAMS Ticker: BODi 8
Slide 9: BODi Is Ranked #1 Workout App by CNN Underscored
BODi IS RANKED #1 WORKOUT APP BY CNN UNDERSCORED Ticker: BODi BODi was ranked the best tested workout app for 2023 by CNN underscored Testing better than: § Centr § Down Dog § Future § Ladder § Nike Training Club § MTNTOUCH § Obé § Peloton 9
Slide 10: Revenue and Adjusted EBITDA
REVENUE AND ADJUSTED EBITDA Ticker: BODi Improving Adjusted EBITDA Profile Annual Revenue Annual Adjusted EBITDA ($ in millions) ($ in millions) $78 $51 $864 $874 $756 $692 $527 ($9) ($23) ($86) 2019 2020 2021 2022 2023 2019 2020 2021 2022 2023 Adj. Gross 72.2% 71.1% 62.4% 53.4% 61.3% EBITDA 10.4% 6
Slide 11: Cash Flow Improvements
CASH FLOW IMPROVEMENTS Ticker: BODi Cash Provided by (Used in) Operating & Investing Cumulative Savings in Expenses Activities ($ in millions) ($ in millions) Annual Quarterly December 2022 125 125 December 2023 125 40 165 December 2024 165 35 200 1000 bps Selling & 200 50 250 Marketing Total Potent
Slide 12: Current vs Targeted Financial Model
CURRENT VS TARGETED FINANCIAL MODEL Ticker: BODi Q1 2024 Long Term Target Nutrition Gross Margin 60% 60% Digital Gross Margin 79% 80% Blended Gross Margin 68% 65-70% Sales & Marketing Expense (% of revenue) 49% 45% Tech & G&A Expense (% of revenue) 26% 20-25% Net Income Negative Positive Adjusted EB
Slide 13: Our Turnaround Story
OUR TURNAROUND STORY Ticker: BODi Completing our Transformation Key Pillars Initiative Status Commentary Dramatically Lower On Track by end of Cost Reduction $200M+ in cost savings since 2021 Breakeven 2024 New Digital Platform BOD to BODi Transition Complete Rated best workout and Fitness app of 20
Slide 14: Recent Developments
RECENT DEVELOPMENTS Ticker: BODi ü Reduction in Selling & 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
Slide 15: Operating in a Large, Underpenetrated Market
OPERATING IN A LARGE, UNDERPENETRATED MARKET Ticker: BODi 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: BODi 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: BODi Company Micro-Influencers (Partners, fka Coaches) 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 Fr
Slide 18: Valuable Underlying Assets
VALUABLE UNDERLYING ASSETS Ticker: BODi ü Comprehensive, diverse fitness library with 134 programs and approximately 9,000 unique streaming videos • Competitive moat, hard to replicate 25+ years of content creation ü Strong nutrition & other subscription business with ~$250 million of revenue at ~56
Slide 19: Adjusted EBITDA Reconciliation - Q1
ADJUSTED EBITDA RECONCILIATION - Q1 Ticker: BODi 19
Slide 20: Adjusted EBITDA Reconciliation - FY
ADJUSTED EBITDA RECONCILIATION - FY
Slide 21: Free Cash Flow and Net Cash Position Reconciliation
FREE CASH FLOW AND NET CASH POSITION RECONCILIATION Net Cash Position Free Cash Flow
Slide 22: Q&A
Ticker: BODi Q&A 22
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