EX-99.1 2 d216318dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

The Beachbody Company, Inc. Announces Second Quarter 2021 Financial
Results

Successfully Completed Three-Way Merger on June 25, 2021

Strong $347.2 Million Cash Position with No Debt

Strong Two-Year Growth in Revenue +21%, Subscriptions +55%, Total Streams +75%, and Engagement +330BPS

Poised to Accelerate Future Growth with an Additional 30% Increase in Bike Units, Launch of BOD Interactive, and Increased Media Investment in the Second Half of 2021

Santa Monica, Calif. (August 12, 2021) – The Beachbody Company, Inc. (NYSE: BODY) (“Beachbody” or the “Company”), a leading subscription health and wellness company, today announced financial results for its second quarter and six months ended June 30, 2021.

Beachbody completed a three-way business combination with Myx Fitness Holdings (“Myx”) and Forest Road Acquisition Corp. on June 25, 2021. Results for the second quarter and six months ended June 30, 2021 include five days of results for Myx.

“Over the last two decades, Beachbody has established itself as a worldwide leader in subscription health & wellness through the development of compelling digital fitness content and proprietary nutritional products that deliver results for millions of customers,” said Carl Daikeler, Beachbody’s Co-founder, Chairman and Chief Executive Office. “Completing our merger, adding connected fitness to the Beachbody portfolio, and bringing Beachbody to the public market has now set the stage for a multi-year period of accelerated growth,” he added. “The addition of Myx enhances our holistic approach to health & wellness and provides us with tremendous opportunity to serve our customers with the enhancements they have been asking for, specifically a high quality connected indoor bike and live content produced with the same innovation that has been Beachbody’s signature since the days of P90X. Looking ahead, we believe the business is poised to benefit from several drivers, including our first ever Beachbody brand advertising campaign, the launch of our new live interactive content subscription offering BOD Interactive (BODi), and the sell-in of the MYX bike to our customer base and powerful network of coaches and influencers.”

“We continued to execute to our proven business model during the second quarter, introducing new digital content and nutritional products that have been well received by our subscribers,” said Sue Collyns, Beachbody’s President and Chief Financial Officer. “However, the delay in closing our business combination resulted in us deferring $12 million of media investments and postponing the launch of the MYX bike within our coach ecosystem until the second half of the year,” she added. “Moving forward, we are well positioned to execute on our strategic objectives with over $347 million of cash on our balance sheet, a decision to ramp up connected fitness unit projections, and increase media investment by an incremental $33 million in the second half of 2021 compared to previous forecasts.”

“The digital disruption of fitness is here, unlocking and expanding the total addressable market. Beachbody is uniquely positioned at the forefront of three mega trends driving this shift—the rise of digital streaming subscriptions, the popularity of connected fitness and the heightened demand for effective health & wellness solutions,” stated Daikeler. “Beachbody has a proven approach, with entry points across multiple platforms and our long history of successfully acquiring, engaging and retaining subscribers. While we remain keenly aware that the near-term COVID variant and macro conditions present heightened uncertainty as we head into the second half of the year, I remain very upbeat on our long-term prospects and confident in our ability to scale the business and create significant shareholder value as conditions begin to normalize.”

Due to the impact of COVID-19 on second quarter 2020 results, the Company is also providing comparisons to the second quarter of 2019.


Second Quarter 2021 GAAP Results

 

   

Total Revenue was $223.1 million, a 2% increase compared to 2020 and a 21% increase compared to 2019

 

   

Digital revenue was $94.3 million, a 20% increase compared to 2020 and a 61% increase compared to 2019

 

   

Digital subscriptions were 2.7 million at period end, a 13% increase compared to 2020 and a 61% increase compared to 2019

 

   

31.9% DAU/MAU, a 130-basis point decrease compared to 2020, and a 330 basis points increase compared to 2019

 

   

44.5 million total streams, a 20% decrease compared to 2020, and a 75% increase compared to 2019

 

   

94.9% month-over-month digital retention, 140-basis point decrease compared to 2020 and 30-basis point decrease compared to 2019

 

   

Nutrition and other revenue was $128.8 million, an 8% decrease compared to 2020 and a 3% increase compared to 2019

 

   

Nutritional subscriptions were 0.4 million, compared to 0.5 million in 2020 and 0.3 million in 2019

 

   

Net loss was $12.4 million, compared to a net loss of $10.0 million in 2020 and net income of $19.6 million in 2019

 

   

Adjusted EBITDA was ($4.4) million, compared to $0.9 million in 2020 and $17.7 million in 2019

Six Months 2021 GAAP Results

 

   

Total Revenue was $449.3 million, a 16% increase compared to 2020 and a 14% increase compared to 2019

 

   

Digital revenue was $189.5 million, a 34% increase compared to 2020 and a 52% increase compared to 2019

 

   

Digital subscriptions were 2.7 million at period end, a 13% increase compared to 2020 and a 61% increase compared to 2019

 

   

33.5% DAU/MAU, a 190-basis point increase compared to 2020, and a 440 basis points increase compared to 2019

 

   

100.4 million total streams, a 13% increase compared to 2020, and a 93% increase compared to 2019

 

   

95.4% month-over-month digital retention, 20-basis point decrease compared to 2020 and 30-basis point increase compared to 2019

 

   

Nutrition and other revenue was $259.9 million, a 5% increase compared to 2020 and a 4% decrease compared to 2019

 

   

Nutritional subscriptions were 0.4 million, compared to 0.5 million in 2020 and 0.3 million in 2019

 

   

Net loss was $42.5 million, compared to a net loss of $18.3 million in 2020 and net income of $27.1 million in 2019

 

   

Adjusted EBITDA was ($16.1) million, compared to $3.6 million in 2020 and $39.7 million in 2019

Financial Performance Guidance for 2021 2

The merger between Beachbody, Forest Road Acquisition Corp., and Myx Fitness Holdings, LLC on June 25, 2021 occurred one quarter after the forecasted date and resulted in deferring $12.0 million of media investments to the second half of the year. With the merger complete, we now plan to integrate the content of both digital platforms onto the bike in September 2021. In addition, given our strong cash position of $347.2 million, we also plan to increase our media investment in the second half of 2021 compared to previous forecasts by $33.0 million, for a total of $189.0 million in 2021. Additionally, we are increasing our estimated connected fitness bike forecasts by approximately 30% to 95,000 units. While we expect these initiatives to drive long-term value, they are projected to negatively impact Adjusted EBITDA in the second half of 2021 as they are not forecasted to generate a meaningful in-year payback. Given the many consumer and supply chain variables created by the pandemic, we feel it is prudent to present a more conservative view with respect to our outlook for the remainder of the year. Accordingly, for the fiscal year ending December 31, 2021 the Company currently expects:

 

   

Total revenue1 between $930.0 million and $960.0 million

 

   

Adjusted EBITDA1 between ($110.0) million and ($100.0) million

 

1

Total revenue and Adjusted EBITDA projects the post-merger consolidated revenue and Adjusted EBITDA ranges (with only six months and five days of Myx results in 2021 from 6/26/2021-12/31/2021).

2

Net loss guidance is not reasonably available due to changes in stock compensation, taxes and other matters that we cannot forecast at this time.


Conference Call and Webcast Information

Beachbody will host a conference call at 5.00pm ET on Thursday, August 12, 2021 to discuss its financial results. To participate in the live call, please dial (833) 989-3106 (domestic) or (873) 415-0233 (international) and provide the conference identification number: 1094283. The conference call will also be available to interested parties through a live webcast at https://investors.thebeachbodycompany.com/.

A replay of the call will be available until August 19, 2021, by dialing (800) 585-8367 (domestic) or (416) 621-4642 (international) and entering the conference identification number: 1094283.

After the conference call, a webcast replay will remain available on the investor relations section of the Company’s website for one year.

About The Beachbody Company, Inc.

Headquartered in Southern California, Beachbody is a worldwide leading digital fitness and nutrition subscription company with over two decades of creating innovative content and powerful brands. The Beachbody Company is the parent company of the Beachbody On Demand streaming platform (BOD), the Openfit live digital streaming platform and MYXfitness, the company’s connected fitness brand. For more information, please visit TheBeachbodyCompany.com.

Safe Harbor Statement

This press release contains “forward-looking” statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are statements other than statements of historical facts and statements in future tense. These statements include but are not limited to, statements regarding our future performance and our market opportunity, including expected financial results for the full year, the potential impact of COVID-19 on the fitness and wellness industry in general as well as our business, our business strategy, our plans and our objectives and future operations.

Forward-looking statements are based upon various estimates and assumptions, as well as information known to us as of the date hereof, and are subject to risks and uncertainties. Accordingly, actual results could differ materially due to a variety of factors, including: our ability to effectively compete in the fitness and nutrition industries; our ability to successfully acquire and integrate new operations; our reliance on a few key products; market conditions and global and economic factors beyond our control; intense competition and competitive pressures from other companies worldwide in the industries in which we operate; and litigation and the ability to adequately protect our intellectual property rights. You can identify these statements by the use of terminology such as “believe”, “plans”, “expect”, “will”, “should,” “could”, “estimate”, “anticipate” or similar forward-looking terms. You should not rely on these forward-looking statements as they involve risks and uncertainties that may cause actual results to vary materially from the forward-looking statements. For more information regarding the risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements, as well as risks relating to our business in general, we refer you to the “Risk Factors” section of our Securities and Exchange Commission (SEC) filings, including those risks and uncertainties included in the Amendment No. 5 to Form S-4 Registration Statement filed with the SEC on May 27, 2021, which are available on the Investor Relations page of our website at https://investors.thebeachbodycompany.com and on the SEC website at www.sec.gov.

All forward-looking statements contained herein are based on information available to us as of the date hereof and you should not rely upon forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, performance, or achievements. We undertake no obligation to update any of these forward-looking statements for any reason after the date of this press release or to conform these statements to actual results or revised expectations, except as required by law. Undue reliance should not be placed on forward-looking statements.


The Beachbody Company, Inc.

Condensed Consolidated Balance Sheets

Unaudited (in thousands)

 

     As of June 30,
             2021              
    As of December 31,
             2020              
 

Assets

    

Current assets:

    

Cash and cash equivalents

   $ 347,229     $ 56,827  

Accounts receivable, net

     3,165       855  

Inventory, net

     74,238       65,354  

Prepaid expenses

     10,438       8,650  

Other current assets

     46,286       37,364  
  

 

 

   

 

 

 

Total current assets

     481,356       169,050  

Property and equipment, net

     94,439       80,169  

Content assets, net

     30,955       19,437  

Intangible assets, net

     95,917       21,120  

Goodwill

     176,903       18,981  

Right-of-use assets, net

     29,366       33,272  

Other assets

     7,026       14,224  
  

 

 

   

 

 

 

Total assets

   $ 915,962     $ 356,253  
  

 

 

   

 

 

 

Liabilities and Stockholders’ Equity

    

Current liabilities:

    

Accounts payable

   $ 50,648     $ 28,981  

Accrued expenses

     87,440       79,955  

Deferred revenue

     116,590       97,504  

Current portion of lease liabilities

     9,976       10,371  

Other current liabilities

     2,352       3,106  
  

 

 

   

 

 

 

Total current liabilities

     267,006       219,917  

Long-term lease liabilities, net

     26,466       31,252  

Deferred tax liabilities

     7,977       3,729  

Warrant liabilities

     50,173       —    

Other liabilities

     5,887       2,097  
  

 

 

   

 

 

 

Total liabilities

     357,509       256,995  
  

 

 

   

 

 

 

Commitments and contingencies (Note 14)

    

Stockholders’ equity:

    

Preferred stock, $0.0001 par value; 100,000,000 shares authorized, none issued and outstanding as of June 30, 2021 and December 31, 2020

     —         —    

Common stock, $0.0001 par value, 1,900,000,000 shares authorized (1,600,000,000 Class A, 200,000,000 Class X and 100,000,000 Class C); 166,925,632 and 101,762,614 Class A shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively; 141,250,310 Class X shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively and no Class C shares issued and outstanding at June 30, 2021 and December 31, 2020.

     31       24  

Additional paid-in capital

     597,598       96,097  

Accumulated other comprehensive loss

     (17     (202

Retained earnings (accumulated deficit)

     (39,159     3,339  
  

 

 

   

 

 

 

Total stockholders’ equity

     558,453       99,258  
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 915,962     $ 356,253  
  

 

 

   

 

 

 


The Beachbody Company, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

Unaudited (in thousands, except per share amounts)

 

     Three Months Ended June 30,     Six Months Ended June 30,  
     2021     2020     2021     2020  

Revenue:

        

Digital

   $ 94,325     $ 78,357     $ 189,475     $ 140,882  

Nutrition and other

     128,783       140,127       259,852       246,938  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total revenue

     223,108       218,484       449,327       387,820  
  

 

 

   

 

 

   

 

 

   

 

 

 

Cost of revenue:

        

Digital

     11,612       9,292       22,734       17,664  

Nutrition and other

     57,158       50,097       114,153       90,572  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total cost of revenue

     68,770       59,389       136,887       108,236  
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

     154,338       159,095       312,440       279,584  

Operating expenses:

        

Selling and marketing

     140,194       134,666       284,890       228,892  

Enterprise technology and development

     26,949       22,373       54,038       43,706  

General and administrative

     17,231       14,522       35,177       29,706  
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     184,374       171,561       374,105       302,304  
  

 

 

   

 

 

   

 

 

   

 

 

 

Operating loss

     (30,036     (12,466     (61,665     (22,720

Other income (expense)

        

Change in fair value of warrant liabilities

     5,390       —         5,390       —    

Interest expense

     (305     (248     (428     (343

Other income, net

     1,654       34       2,953       442  
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss before income taxes

     (23,297     (12,680     (53,750     (22,621

Income tax benefit

     10,857       2,677       11,252       4,290  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

   $ (12,440   $ (10,003   $ (42,498   $ (18,331
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss per common share, basic

   $ (0.05   $ (0.04   $ (0.17   $ (0.08
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss per common share, diluted

   $ (0.05   $ (0.04   $ (0.17   $ (0.08
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted-average common shares outstanding, basic

     247,062       238,143       245,049       238,143  
  

 

 

   

 

 

   

 

 

   

 

 

 

Weighted-average common shares outstanding, diluted

     247,062       238,143       245,049       238,143  
  

 

 

   

 

 

   

 

 

   

 

 

 

 

     Three Months Ended June 30,     Six Months Ended June 30,  
     2021     2020     2021     2020  

Net loss

   $ (12,440   $ (10,003   $ (42,498   $ (18,331

Other comprehensive income:

        

Change in fair value of derivative financial instruments, net of tax

     (99     (217     (208     193  

Reclassification of losses on derivative financial instruments

     —         —         —         —    

included in net loss

     172       (73     339       (47

Foreign currency translation adjustment

     12       49       54       (327
  

 

 

   

 

 

   

 

 

   

 

 

 

Total other comprehensive income (loss)

     85       (241     185       (181
  

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive loss

   $ (12,355   $ (10,244   $ (42,313   $ (18,512
  

 

 

   

 

 

   

 

 

   

 

 

 


The Beachbody Company, Inc.

Condensed Consolidated Statements of Cash Flows

Unaudited (in thousands)

 

     Six Months Ended June 30,  
     2021     2020  

Cash flows from operating activities:

    

Net loss

   $ (42,498   $ (18,331

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

Depreciation and amortization expense

     25,941       20,678  

Amortization of content assets

     6,119       3,196  

Provision for excess and obsolete inventory

     2,791       (76

Allowance for doubtful accounts

     —         32  

Change in fair value of derivative financial instruments

     169       199  

Gain on investment in convertible instrument

     (3,114     —    

Change in fair value of warrant liabilities

     (5,390     —    

Equity-based compensation

     5,095       1,908  

Deferred income taxes

     (11,349     (3,973

Changes in operating assets and liabilities:

    

Accounts receivable

     (2,007     (2,184

Inventory

     (194     (2,477

Content assets

     (14,237     (6,399

Prepaid expenses

     (1,789     6,502  

Other assets

     (5,604     (5,487

Accounts payable

     6,656       (1,013

Accrued expenses

     (461     17,831  

Deferred revenue

     16,547       40,502  

Other liabilities

     (2,162     (6,862
  

 

 

   

 

 

 

Net cash provided by (used in) operating activities

     (25,487     44,046  
  

 

 

   

 

 

 

Cash flows from investing activities:

    

Purchase of property and equipment

     (27,200     (18,756

Investment in convertible instrument

     (5,000     —    

Equity investment

     (5,000     —    

Cash paid for acquisition of Myx, net of cash acquired

     (37,280     —    
  

 

 

   

 

 

 

Net cash used in investing activities

     (74,480     (18,756
  

 

 

   

 

 

 

Cash flows from financing activities:

    

Borrowings under Credit Facility

     42,000       32,000  

Repayments under Credit Facility

     (42,000     (32,000

Business Combination, net of issuance costs paid

     389,775       —    
  

 

 

   

 

 

 

Net cash provided by financing activities

     389,775       —    
  

 

 

   

 

 

 

Effect of exchange rates on cash

     594       (638

Net increase in cash and cash equivalents

     290,402       24,652  

Cash and cash equivalents, beginning of period

     56,827       41,564  
  

 

 

   

 

 

 

Cash and cash equivalents, end of period

   $ 347,229     $ 66,216  
  

 

 

   

 

 

 

Supplemental disclosure of cash flow information:

    

Cash paid during the year for interest

   $ 283     $ 69  

Cash paid during the year for income taxes, net

   $ 198     $ 114  

Supplemental disclosure of noncash investing activities:

    

Property and equipment acquired but not yet paid for

   $ 15,322     $ 3,103  

Class A common shares issued in connection with the acquisition of Myx

   $ 162,558     $ —    

Fair value of Myx instrument and promissory note held by Old Beachbody

   $ 22,618    

Supplemental disclosure of noncash financing activities:

    

Business Combination transaction costs, accrued by not paid

   $ 650     $ —    

Net assets assumed from Forest Road in the Business Combination

   $ 293     $ —    


The Beachbody Company, Inc.

Adjusted EBITDA

In addition to our results determined in accordance with accounting principles generally accepted in the United States, or GAAP, we believe the following non-GAAP financial measure of Adjusted EBITDA is useful in evaluating our operating performance.

We define and calculate Adjusted EBITDA as net income (loss) adjusted for depreciation and amortization, amortization of capitalized cloud computing implementation costs, amortization of content assets, interest expense, income taxes, equity-based compensation, and other items that are not normal, recurring, operating expenses necessary to operate the Company’s business.

The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are encouraged to review the reconciliation of this non-GAAP financial measure to their most directly comparable GAAP financial measure. A reconciliation of the non-GAAP Adjusted EBITDA to GAAP measures can be found below:

 

(in thousands)    Three Months Ended June 30,      Six Months Ended June 30,  
     2021      2020      2021      2020  

Net loss

   $ (12,440    $ (10,003    $ (42,498    $ (18,331

Adjusted for:

           

Depreciation and amortization

     12,215        10,534        25,941        20,678  

Amortization of capitalized cloud computing implementation costs

     168        —          336        —    

Amortization of content assets

     3,302        1,715        6,119        3,196  

Interest expense

     305        248        428        343  

Income tax benefit

     (10,857      (2,677      (11,252      (4,290

Equity- based compensation

     2,522        1,013        5,095        1,908  

Transaction costs

     1,509        —          2,142        —    

Other adjustment items (1)

     6,038        —          6,038        —    

Non-operating costs (2)

     (7,147      60        (8,478      54  
  

 

 

    

 

 

    

 

 

    

 

 

 

Adjusted EBITDA

   $ (4,385    $ 890      $ (16,129    $ 3,558  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1)

Other adjustment items includes incremental costs associated with Covid-19.

(2)

Non-operating primarily includes the change in fair value of warrant liabilities, interest income and gain on investment in the Myx convertible instrument.

Key Operating Metrics and Non-GAAP Financial Measures

In addition to the measures presented in our interim condensed consolidated financial statements, we are presenting Post Merger Operating Metrics for the three and six months ended June 30, 2021 and June 30, 2020.

The Post Merger Operating Metrics include the completed three-way business combination with Myx and Forest Road Acquisition Corp. on June 25, 2021 with results for the second quarter and six months ended June 30, 2021, including five days of results for Myx.

We are presenting this information to help readers understand the key operational and business metrics and non-GAAP financial measures in those respective periods.


The Beachbody Company, Inc.

 

Key Operational and Business Metrics

                                 
    Post Merger           Post Merger  

    

                                 
   
Beachbody   For the Three Months Ended June 30,            For the Six Months Ended June 30,  
    2021           2020    

 

   

Change v

2020

    2019           Change v
2019
          2021           2020           Change v
2020
    2019          

Change v

2019

 

Digital Subscriptions (in millions)

    2.7         2.4         11%       1.7         59%         2.7         2.4         11%       1.7         59%  

Nutrition Subscriptions (in millions)

    0.4         0.5         -12%       0.3         23%         0.4         0.5         -12%       0.3               23%  

Total Subscriptions

    3.1         2.9         7%       2.0         53%         3.1         2.9         7%       2.0         53%  
           

Average Digital Retention

    94.9%         96.3%         (140bps)       95.2%         (30bps)         95.4%         95.6%         (20bps)       95.1%         30bps  

Total Streams (in millions)

    44.4         55.5         -20%       25.5         74%         100.4         88.7         13%       52.0         93%  

DAU/MAU

    31.9%         33.2%         (120bps)       28.6%         330bps         33.5%         31.6%         200bps       29.1%         440bps  
           

Connected Fitness

   

 
     

 
     

 
   

 
     

 
     

 
     

 
     

 
   

 
     

 

Digital Revenue

    $94.2         $78.4         20%       $58.8         60%         $189.4         $140.9         34%       $124.8         52%  

Nutrition & Other Revenue

    $128.8         $140.1         -8%       $124.9         3%         $259.9         $246.9               5%       $269.9         -4%  

Revenue (millions)

    $223.0         $218.5         2%       $183.7         21%         $449.3         $387.8         16%       $394.7         14%  

Net Income/(Loss) (millions)

    ($12.1       ($10.0       -21%       $19.6         -162%         ($42.2       ($18.3       -130%       $27.1         -256%  

EBITDA (millions)

    ($4.1             $0.9               -557%       $17.7               -123%               ($15.8             $3.6               -544%       $39.7               -140%  

    

                                 
    Post Merger (includes 5 Days After Merger Date  from 6/26-6/30)           Post Merger (includes 5 Days After Merger Date  from 6/26-6/30)  

    

                                 
   
Myx Fitness   For the Three Months Ended June 30,           For the Six Months Ended June 30,  
    2021           2020          

Change v

2020

    2019          

Change v

2019

   

  

    2021           2020          

Change v

2020

    2019          

Change v

2019

 
           

Connected Fitness Units Sold (in thousands)

    0.5                                       0.5                                
           

Digital Subscriptions (in thousands)

    41.6                                       41.6                                

Nutrition Subscriptions (in millions)

                                                                         

Total Subscriptions (in thousands)

    41.6                                       41.6                                
           

Average Digital Retention

    95.0%                                       95.0%                                

Total Streams (in millions)

    0.04                                       0.04                                

DAU/MAU

    23.4%                                       23.4%                                
           

Connected Fitness

    $0.011                                       $0.011                                

Digital Revenue

    $0.077                                       $0.077                                

Nutrition & Other Revenue

   

 
                                                                   

Revenue (millions)

    $0.1                                       $0.1                                

Net Income/(Loss) (millions)

    ($0.3                                     ($0.3                              

EBITDA (millions)

    ($0.3                                                             ($0.3                                                

    

                                 
   

Post Merger (Includes 5 Days of Myx Results from  6/26-6/30)

         

Post Merger (Includes 5 Days of Myx Results from 6/26-6/30)

 
                                 
   

Consolidated

 

For the Three Months Ended June 30,

         

For the Six Months Ended June 30,

 
             
    2021           2020          

Change v

2020

    2019          

Change v

2019

           2021           2020          

Change v

2020

    2019          

Change v

2019

 
           

Connected Fitness Units Sold (in thousands)

    0.5                                       0.5                                
           

Digital Subscriptions (in millions)

    2.7         2.4         13%       1.7         61%         2.7         2.4         13%       1.7         61%  

Nutrition Subscriptions (in millions)

    0.4         0.5         -12%       0.3         23%         0.4         0.5         -12%       0.3         23%  

Total Subscriptions

    3.1         2.9         9%       2.0         55%         3.1         2.9         9%       2.0         55%  
           

Average Digital Retention

    94.9%         96.3%         (140bps)       95.2%         (30bps)         95.4%         95.6%         (20bps)       95.1%         30bps  

Total Streams (in millions)

    44.5         55.5         -20%       25.5         75%         100.4         88.7         13%       52.0         93%  

DAU/MAU

    31.9%         33.2%         (130bps)       28.6%         330bps         33.5%         31.6%         190bps       29.1%         440bps  
           

Connected Fitness

    $0.011                                       $0.011                                

Digital Revenue

    $94.3         $78.4         20%       $58.8         61%         $189.5         $140.9         34%       $124.8         52%  

Nutrition & Other Revenue

    $128.8         $140.1         -8%       $124.9         3%         $259.9         $246.9         5%       $269.9         -4%  

Revenue (millions)

    $223.1         $218.5         2%       $183.7         21%         $449.3         $387.8         16%       $394.7         14%  

Net Income/(Loss) (millions)

    ($12.4)         ($10.0)         -24%       $19.6         -163%         ($42.5)         ($18.3)         -132%       $27.1         -257%  

Adjusted EBITDA (millions)

    ($4.4)               $0.9               -593%       $17.7               -125%         ($16.1)               $3.6               -553%       $39.7               -141%  


Source: The Beachbody Company, Inc.

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BODYPR@icrinc.com

Investor Relations

Edward Plank

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BeachbodyIR@icrinc.com