Exhibit 99.1

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

Q3 Results and Revised 2021 Revenue Guidance Reflect Product Launch Delays and a Challenging Consumer Demand and Media Environment

Strong Two-Year Growth in Total Subscriptions +46%, Average Digital Retention +40BPS, Total Streams +35%, and DAU/MAU +20BPS, Reflecting Strong Long-Term Secular Trends

Implements Action Plan to Optimize Near-Term Performance While Advancing Long-Term Growth Strategies

Announces Strategic Appointments to Leadership Team

Santa Monica, Calif. (November 15, 2021) – The Beachbody Company, Inc. (NYSE: BODY) (“Beachbody” or the “Company”), a leading subscription health and wellness company, today announced financial results for its third quarter ended September 30, 2021.

“While we continued to execute on our strategy to drive growth, the third quarter proved more challenging than forecasted. Our results reflect a confluence of external factors, including softer at-home fitness demand as consumers grew tired of social distancing, and a challenging media environment that did not meet our disciplined ROI requirements, coupled with a short delay in product launches from September to October. Although our digital subscriber base remains strong and engaged with high levels of retention, we did not acquire new subscribers at the rate we expected,” said Carl Daikeler, Beachbody’s Co-Founder, Chairman, and Chief Executive Officer. “We maintained disciplined cost control in the quarter, and we are taking immediate steps to improve customer acquisition and lifetime value, getting back on course to driving profitable growth. As both the CEO and the single largest shareholder, I am laser focused on driving revenue growth, creating value for shareholders, and delivering on our mission.”

Third Quarter 2021 Results

• Total revenue was $208.1 million, a 17% decrease compared to 2020 and a 6% increase compared to 2019

• Digital revenue was $94.1 million, a 5% decrease compared to 2020 and a 38% increase compared to 2019

• Digital subscriptions were 2.64 million, a 1% increase compared to 2020 and a 55% increase compared to 2019

• 95.6% month-over-month average digital retention, a 50-basis point increase compared to 2020 and a 40-basis point increase compared to 2019

• 35.9 million total streams, a 26% decrease compared to 2020, and a 35% increase compared to 2019

• 29.6% DAU/MAU, a 250-basis point decrease compared to 2020, and a 20-basis point increase compared to 2019

• Connected Fitness revenue was $5.9 million, compared to none in 2020, which preceded the Myx Fitness acquisition

• There were approximately 14,700 bikes sold in the third quarter. However, only 44% of bikes were delivered to customers, which determines when revenue can be recognized

• On a pro forma basis, Connected Fitness revenue was $8.9 million in Q3 2020, with roughly 8,600 bikes sold and 118% of bikes sold delivered in the quarter

• Nutrition and Other revenue was $108.1 million, a 29% decrease compared to 2020 and a 16% decrease compared to 2019

• Nutritional subscriptions were 0.34 million, compared to 0.44 million in 2020 and 0.34 million in 2019

• Net loss was $39.9 million, compared to net income of $13.8 million in 2020 and net income of $3.4 million in 2019

• Adjusted EBITDA was ($43.4) million, compared to $31.4 million in 2020 and $19.5 million in 2019

Key Operational and Business Metrics

The Beachbody Company	Post Merger										Post Merger
	For the Three Months Ended September 30,										For the Nine Months Ended September 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)		14.7		0.0		NM		0.0		NM		15.2		0.0		NM		0.0		NM
Digital Subscriptions (in millions)		2.64		2.61		1%		1.70		55%		2.64		2.61		1%		1.70		55%
Nutritional Subscriptions (in millions)		0.34		0.44		-23%		0.34		0%		0.34		0.44		-23%		0.34		0%
Total Subscriptions		2.98		3.05		-2%		2.04		46%		2.98		3.05		-2%		2.04		46%
Average Digital Retention		95.6%		95.1%		50bps		95.2%		40bps		95.5%		95.4%		10bps		95.1%		40bps
Total Streams (in millions)		35.9		48.5		-26%		26.5		35%		136.4		137.2		-1%		78.5		74%
DAU/MAU		29.6%		32.1%		(250bps)		29.4%		20bps		32.1%		31.9%		20bps		29.2%		290bps
Connected Fitness		$5.9		$0.0		NM		$0.0		NM		$5.9		$0.0		NM		$0.0		NM
Digital		$94.1		$99.1		-5%		$68.1		38%		$283.5		$240.0		18%		$192.8		47%
Nutrition & other		$108.1		$152.4		-29%		$127.9		-16%		$367.9		$399.3		-8%		$397.8		-8%
Revenue (in millions)		$208.1		$251.5		-17%		$196.0		6%		$657.4		$639.3		3%		$590.7		11%
Net Income/(Loss) (in millions)		$(39.9)		$13.8		-390%		$3.4		-1277%		$(82.4)		$(4.6)		-1707%		$30.5		-370%
Adjusted EBITDA (in millions)		$(43.4)		$31.4		-238%		$19.5		-322%		$(59.5)		$34.9		-270%		$59.2		-201%

Near-Term Actions to Optimize Performance

The Company has implemented immediate actions to optimize near-term performance, while advancing its long-term growth strategies. Actions include:

• Sharpening Marketing Focus by adjusting media investment to maximize ROI

• Prioritizing the Highest-Return Growth Opportunities by leveraging BODi to drive acquisition and lifetime value and continuing to scale the Connected Fitness business across the Beachbody on Demand and Openfit platforms

• Maximizing the Micro-Influencer Coach Network through the return of in-person live events and new product introductions

• Maintaining Cost Discipline, including a transition to a work-from-anywhere environment with the successful lease assignment of our Santa Monica office

• Strengthening the Leadership Team with a specific focus on revenue growth and long-term strategy, with appointments including:

• Jon Congdon, Beachbody’s Co-Founder and CEO of Openfit appointed as Vice Chairman of the Company, in a newly-created role focused on long-term strategy and business development effective November 15, 2021

• Jean-Michel Fournier appointed to the new role of President, Global Partnerships and Corporate Development effective November 1, 2021

• Christina Cartwright appointed to the role of Senior Vice President, Nutrition effective October 28, 2021

• Blake Bilstad appointed as Chief Legal Officer and Corporate Secretary effective October 28, 2021

2021 Guidance ¹

While the Company remains confident in the significant long-term opportunity in the health and wellness space, the third quarter results, delayed product launches, media spend reassessment, COVID-related consumer behavior and market uncertainty have resulted in a more conservative view for 2021 revenue compared to previous guidance.

Accordingly, for the fiscal year ended December 31, 2021 the Company now expects:

• Total revenue² to be between $820.0 million and $830.0 million

• Adjusted EBITDA² to be between ($110.0) million and ($100.0) million, consistent with previous expectations

¹ Net loss guidance is not reasonably available due to changes in stock compensation, taxes and other matters that we cannot forecast at this time.

²  Total revenue and Adjusted EBITDA project 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).

Conference Call and Webcast Information

Beachbody will host a conference call at 5:00pm ET on Monday, November 15, 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: 2666107. 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 November 22, 2021 by dialing (800) 585-8367 (domestic) or (416) 621-4642 (international) and entering the conference identification number: 2666107.

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 live digital streaming platform Openfit, and MYXfitness, the Company’s connected indoor bike. 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

(in thousands, except par value and share data)	As of September 30, 2021			As of December 31, 2020
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	199,839		$	56,827
Accounts receivable, net		1,378			855
Inventory, net		141,139			65,354
Prepaid expenses		14,014			8,650
Other current assets		48,556			37,364
Total current assets		404,926			169,050
Property and equipment, net		115,338			80,169
Content assets, net		34,786			19,437
Intangible assets, net		92,587			21,120
Goodwill		176,903			18,981
Right-of-use assets, net		27,434			33,272
Other assets		6,847			14,224
Total assets	$	858,821		$	356,253
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	48,298		$	28,981
Accrued expenses		89,844			79,955
Deferred revenue		126,894			97,504
Current portion of lease liabilities		9,977			10,371
Other current liabilities		2,656			3,106
Total current liabilities		277,669			219,917
Long-term lease liabilities, net		23,845			31,252
Deferred tax liabilities		6,415			3,729
Warrant liabilities		19,900			—
Other liabilities		5,362			2,097
Total liabilities		333,191			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 September 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); 168,218,173 and 101,762,614 Class A shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively; 141,250,310 Class X shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively and no Class C shares issued and outstanding at September 30, 2021 and December 31, 2020		31			24
Additional paid-in capital		604,665			96,097
Accumulated other comprehensive income (loss)		15			(202	)
Retained earnings (accumulated deficit)		(79,081	)		3,339
Total stockholders’ equity		525,630			99,258
Total liabilities and stockholders’ equity	$	858,821		$	356,253

The Beachbody Company, Inc.

Condensed Consolidated Statements of Operations and Comprehensive (Loss)

Unaudited (in thousands, except per share amounts)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Revenue:
Digital	$	94,072		$	99,082		$	283,547		$	239,964
Connected fitness		5,927			—			5,937			—
Nutrition and other		108,053			152,397			367,895			399,335
Total revenue		208,052			251,479			657,379			639,299
Cost of revenue:
Digital		12,124			9,843			34,858			27,507
Connected fitness		10,261			—			10,417			—
Nutrition and other		50,682			61,082			164,679			151,654
Total cost of revenue		73,067			70,925			209,954			179,161
Gross profit		134,985			180,554			447,425			460,138
Operating expenses:
Selling and marketing		153,782			123,980			438,672			352,872
Enterprise technology and development		29,680			23,852			83,718			67,558
General and administrative		23,346			16,523			58,523			46,229
Restructuring gain		—			(1,677	)		—			(1,677	)
Total operating expenses		206,808			162,678			580,913			464,982
Operating income (loss)		(71,823	)		17,876			(133,488	)		(4,844	)
Other income (expense)
Change in fair value of warrant liabilities		30,274			—			35,664			—
Interest expense		(62	)		(89	)		(490	)		(432	)
Other income, net		202			113			3,155			555
Income (loss) before income taxes		(41,409	)		17,900			(95,159	)		(4,721	)
Income tax benefit (provision)		1,487			(4,129	)		12,739			161
Net income (loss)	$	(39,922	)	$	13,771		$	(82,420	)	$	(4,560	)
Net income (loss) per common share, basic	$	(0.13	)	$	0.06		$	(0.31	)	$	(0.02	)
Net income (loss) per common share, diluted	$	(0.13	)	$	0.05		$	(0.31	)	$	(0.02	)
Weighted-average common shares outstanding, basic		304,599			238,831			265,117			238,374
Weighted-average common shares outstanding, diluted		304,599			252,085			265,117			238,374

The Beachbody Company, Inc.

Condensed Consolidated Statements of Cash Flows

Unaudited (in thousands)

	Nine Months Ended September 30,
	2021			2020
Cash flows from operating activities:
Net loss	$	(82,420	)	$	(4,560	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization expense		40,557			31,881
Amortization of content assets		10,008			5,103
Provision for excess and obsolete inventory		4,431			1,083
Allowance for doubtful accounts		—			77
Change in fair value of derivative financial instruments		294			16
Gain on investment in convertible instrument		(3,114	)		—
Change in fair value of warrant liabilities		(35,664	)		—
Equity-based compensation		10,839			3,169
Deferred income taxes		(12,964	)		398
Other non-cash items		—			6
Changes in operating assets and liabilities:
Accounts receivable		(226	)		(2,150	)
Inventory		(68,765	)		(17,510	)
Content assets		(21,958	)		(9,922	)
Prepaid expenses		(5,364	)		7,838
Other assets		(5,575	)		(4,387	)
Accounts payable		9,095			9,216
Accrued expenses		(406	)		19,806
Deferred revenue		27,041			41,775
Other liabilities		(5,068	)		(9,499	)
Net cash provided by (used in) operating activities		(139,259	)		72,340
Cash flows from investing activities:
Purchase of property and equipment		(61,065	)		(28,107	)
Investment in convertible instrument		(5,000	)		—
Other investment		(5,000	)		—
Cash acquired in acquisition of Ladder		—			1,247
Cash paid for acquisition of Myx, net of cash acquired		(37,280	)		—
Net cash used in investing activities		(108,345	)		(26,860	)
Cash flows from financing activities:
Proceeds from exercise of stock options		4,477			—
Remittance of taxes withheld from employee stock awards		(3,154	)		—
Borrowings under Credit Facility		42,000			32,000
Repayments under Credit Facility		(42,000	)		(32,000	)
Business Combination, net of issuance costs paid		389,125			—
Net cash provided by financing activities		390,448			—
Effect of exchange rates on cash		168			(397	)
Net increase in cash and cash equivalents		143,012			45,083
Cash and cash equivalents, beginning of period		56,827			41,564
Cash and cash equivalents, end of period	$	199,839		$	86,647
Supplemental disclosure of cash flow information:
Cash paid during the year for interest	$	389		$	335
Cash paid during the year for income taxes, net	$	389		$	377
Supplemental disclosure of noncash investing activities:
Property and equipment acquired but not yet paid for	$	13,640		$	3,914
Class A Common Stock issued in connection with the acquisition of Myx	$	162,558		$	—
Fair value of Myx instrument and promissory note held by Old Beachbody	$	22,618		$	—
Old Beachbody Common units issued in connection with acquisition	$	—		$	27,889
Supplemental disclosure of noncash financing activities:
Tax asset contribution	$	—		$	(135	)
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 September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Net income (loss)	$	(39,922	)	$	13,771		$	(82,420	)	$	(4,560	)
Adjusted for:
Depreciation and amortization		14,616			11,203			40,557			31,881
Amortization of capitalized cloud computing implementation costs		168			—			504			—
Amortization of content assets		3,889			1,907			10,008			5,103
Interest expense		62			89			490			432
Income tax (benefit) provision		(1,487	)		4,129			(12,739	)		(161	)
Equity-based compensation		5,744			1,261			10,839			3,169
Transaction costs		677			612			2,819			612
Restructuring gain		—			(1,677	)		—			(1,677	)
Change in fair value of warrant liabilities		(30,274	)		—			(35,664	)		—
Other adjustment items (1)		3,044			—			9,082			—
Non-operating items (2)		71			77			(3,017	)		131
Adjusted EBITDA	$	(43,412	)	$	31,372		$	(59,541	)	$	34,930

(1) Other adjustment items include incremental costs associated with Covid-19.

(2) Non-operating primarily includes interest income and gain on investment in the Myx convertible instrument.

Source: The Beachbody Company, Inc.

Media

Madeleine O’Hagan

madeleine.ohagan@teneo.com

Investor Relations

Edward Plank

eplank@beachbody.com