Parent Only Financial Statements

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Note 22. Parent Only Financial Statements

The Beachbody Company, Inc. has no material assets or standalone operations other than its ownership in its consolidated subsidiaries. There are restrictions under the Financing Agreement described in Note 11, Debt, on the Company's ability to obtain funds from any of its subsidiaries through dividends. Accordingly, the following condensed financial information is presented on a "Parent Only" basis in which The Beachbody Company, Inc.'s investment in its consolidated subsidiaries are presented under the equity method of accounting.

Schedule I

The Beachbody Company, Inc.

(Parent Company Only)

Condensed Balance Sheet

(in thousands, except share data)


	As of December 31,
	2023
Assets
Current assets:
Cash and cash equivalents	$	25
Prepaid expenses		12
Investment in subsidiaries		463,955
Total current assets		463,992
Total assets	$	463,992
Liabilities and Stockholders’ Equity
Current liabilities:
Accrued expenses	$	7
Due to subsidiaries		378,100
Total current liabilities		378,107
Warrant liabilities		3,125
Total liabilities		381,232
Stockholders’ equity:
Class A: 3,978,356 shares issued and outstanding at December 31, 2023		1
Class X: 2,729,003 shares issued and outstanding at December 31, 2023		1
Additional paid-in capital		654,657
Accumulated deficit		(571,899	)
Total stockholders’ equity		82,760
Total liabilities and stockholders’ equity	$	463,992

See note to condensed financial statements.

Schedule I

The Beachbody Company, Inc.

(Parent Company Only)

Condensed Statement of Operations and Comprehensive Loss

(in thousands)


	Year Ended December 31,
	2023
Change in fair value of warrant liabilities	$	2,679
Other income		127
Equity in net loss of subsidiaries		(155,507	)
Net loss and total comprehensive loss	$	(152,701	)

See note to condensed financial statements.

Schedule I

The Beachbody Company, Inc.

(Parent Company Only)

Condensed Statement of Cash Flows

(in thousands)


	Year Ended December 31,
	2023
Cash flows from operating activities:
Net loss	$	(152,701	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Change in fair value of warrant liabilities		(2,679	)
Equity in net loss of subsidiaries		155,507
Changes in operating assets and liabilities:
Prepaid expenses		8
Accrued expenses		9
Net cash provided by operating activities		144
Cash flows from investing activities:
Net cash used in investing activities		—
Cash flows from financing activities:
Decrease in due to subsidiaries		(8,299	)
Proceeds from issuance of common shares in the Employee Stock Purchase Plan		553
Tax withholdings payments for vesting of restricted stock		(2,178	)
Proceeds from issuance of Equity Offering, net of issuance costs		4,908
Net cash used in financing activities		(5,016	)
Net decrease in cash and cash equivalents		(4,872	)
Cash and cash equivalents, beginning of year		4,897
Cash and cash equivalents, end of year	$	25

See note to condensed financial statements.

Note to Condensed Financial Statements of The Beachbody Company, Inc. (Parent Company Only)

Basis of Presentation

These condensed parent company-only financial statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X, as the restricted net assets of the subsidiaries of The Beachbody Company, Inc. (as defined in Rule 4-08(e)(3) of Regulation S-X) exceed the specified threshold amount of the consolidated net assets of the Company. The ability of The Beachbody Company, Inc.'s operating subsidiaries to pay dividends may be restricted due to the terms of the subsidiaries’ outstanding Term Loan as described in Note 11, Debt, to the audited consolidated financial statements. These condensed parent company-only financial statements have been prepared using the same accounting principles and policies described in the notes to the consolidated financial statements, with the only exception being that the parent company accounts for its subsidiaries using the equity method. These condensed parent company-only financial statements should be read in conjunction with the consolidated financial statements and related notes.

The Company has omitted the condensed parent company only consolidated financial statements as of and for the year ended December 31, 2022 since the Financing Agreement was only in place for a portion of the year ended December 31, 2022 and would therefore not be meaningful.