Beachbody連續第四季錄得盈利 次季淨收入140萬美元勝預期

EX-99.1
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EX-99.1

 
 EX-99.1
 
 
 Exhibit 99.1

 Beachbody (BODi) Reports Second Quarter Financial Results 
 
Net Income and Operating Income Reported for Fourth Consecutive Quarter
Net Income and Adjusted EBITDA Exceed High End of Guidance
Revenue Exceeds Mid-Point of Guidance
Eleventh Consecutive Quarter of Positive Adjusted EBITDA
 
 
 
El Segundo, Calif. (August 10, 2026) – The Beachbody Company, Inc. (NASDAQ: BODi) (“BODi” or the “Company”), the proactive wellness company delivering nutrition, supplements, and proven fitness programs that help people take control of their health inside and out, today announced financial results for its second quarter ended June 30, 2026.
 
“Q2 marks our fourth consecutive quarter of net income and operating income, further validating the strength of our transformed business model,” said Carl Daikeler, co-founder and BODi’s Chief Executive Officer. “We’re continuing to build out our omni-channel nutrition strategy, bringing iconic brands like P90X and Shakeology to retail while expanding our direct-to-consumer reach. With our broad range of nutritional supplements, we can acquire nutrition customers efficiently and seamlessly migrate them to our digital fitness platform, delivering the total solution that has always driven our best customer results.”
 
“Our second quarter results mark our eleventh consecutive quarter of positive Adjusted EBITDA and our fourth consecutive quarter of double-digit Adjusted EBITDA margins, a clear sign that the operational discipline we’ve built into this business is durable,” said Mark Goldston, BODi’s Executive Chairman. “With our high gross margins, a dramatically lowered breakeven point, and a strong balance sheet, we have the financial flexibility to fund our omni channel expansion and innovation pipeline while continuing to capitalize on significant growth opportunities. We were also pleased to announce that on August 3, 2026 we amended our credit agreement to a more flexible covenant structure, which reflects our lender's continued confidence in the long-term trajectory of our business.”
 
Second Quarter 2026 Results
•Total revenue was $49.6 million compared to $63.9 million in the prior year period.

oDigital revenue was $31.2 million compared to $39.7 million in the prior year period and digital subscriptions totaled 0.76 million in the second quarter.

oNutrition and Other revenue was $18.5 million compared to $24.2 million in the prior year period and nutritional subscriptions totaled 0.07 million in the second quarter. 

oConnected Fitness revenue was $0.0 million compared to $0.1 million in the prior year period as we ceased the sale of bike inventory in the first quarter of 2025.

•Gross margin was 72.0% compared to 72.3% in the prior year period.

•Total operating expenses were $34.1 million compared to $50.2 million in the prior year period, which included $2.5 million of restructuring related costs.

•Operating income improved by $5.6 million to $1.7 million, the Company's fourth consecutive quarter of operating income, compared to an operating loss of $4.0 million in the prior year period. 

•Net income was $1.4 million, the Company's fourth consecutive quarter of net income, compared to a net loss of $5.9 million in the prior year period, which included $2.5 million of restructuring related costs.

•Adjusted EBITDA1 was $6.7 million compared to $4.6 million in the prior year period.

•Adjusted net income1 was $0.9 million compared to a loss of $2.8 million in the prior year period.

•Cash used in operating activities for the six months ended June 30, 2026 was $4.3 million compared to cash provided by operating activities of $6.6 million in the prior year period, and cash used in investing activities was $1.4 million compared to cash used in investing activities of $2.5 million in the prior year period. Free cash flow1 was $(5.7) million compared to $4.1 million in the prior year period.

 
 
1Definitions of (1) Adjusted EBITDA, (2) adjusted net income (loss), (3) free cash flow and (4) net cash position, and reconciliations to the comparable GAAP metrics, are at the end of this release.

 

 
 Exhibit 99.1

 Key Operational and Business Metrics 

 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 For the Three Months Ended June 30,

  

 For the Six Months Ended June 30,

  

 

 
  

  

 2026

 2025

 Change v 2025

  

 2026

 2025

 Change v 2025

  

 

 
  

  

  

  

  

  

  

  

  

  

 

 
 Digital Subscriptions (in millions)

  

 0.76

 0.94

 (19.1%)

  

 0.76

 0.94

 (19.1%)

  

 

 
 Nutritional Subscriptions (in millions)

  

 0.07

 0.07

 0.0%

  

 0.07

 0.07

 0.0%

  

 

 
 Total Subscriptions (in millions)

  

 0.83

 1.01

 (17.8%)

  

 0.83

 1.01

 (17.8%)

  

 

 
  

  

  

  

  

  

  

  

  

  

 

 
 Average Digital Retention

  

 96.1%

 96.7%

 (60bps)

  

 96.0%

 96.8%

 (80bps)

  

 

 
 Total Streams (in millions)

  

 15.2

 18.0

 (15.6%)

  

 33.1

 38.8

 (14.8%)

  

 

 
 DAU/MAU

  

 31.9%

 31.4%

 50bps

  

 32.5%

 32.0%

 50bps

  

 

 
  

  

  

  

  

  

  

  

  

  

 

 
 Connected Fitness Units Delivered (in thousands)

  

 —

 —

 —%

  

 —

 1.5

 (100.0%)

  

 

 
  

  

  

  

  

  

  

  

  

  

 

 
 Digital

  

 $31.2

 $39.7

 (21.5%)

  

 $64.7

 $82.6

 (21.7%)

  

 

 
 Nutrition & Other

  

 $18.5

 $24.2

 (23.7%)

  

 $39.2

 $52.8

 (25.8%)

  

 

 
 Connected Fitness

  

 $—

 $0.1

 (100.0%)

  

 $—

 $0.9

 (100.0%)

  

 

 
 Revenue (in millions)

  

 $49.6

 $63.9

 (22.4%)

  

 $103.9

 $136.3

 (23.8%)

  

 

 
 Net Income (loss) (in millions)

  

 $1.4

 ($5.9)

 NM

  

 $3.7

 ($11.6)

 NM

  

 

 
 Adjusted Net Income (loss) (in millions)

  

 $0.9

 ($2.8)

 NM

  

 $3.4

 ($7.9)

 NM

  

 

 
 Adjusted EBITDA (in millions)

  

 $6.7

 $4.6

 45.7%

  

 $14.6

 $8.3

 75.9%

  

 

 
  

  

  

  

  

  

  

  

  

  

 

 NM: Not Meaningful
 
Outlook for The Third Quarter of 2026

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Outlook For Quarter Ending September 30, 2026

  

  

 

 
  

  

 Low

  

 High

  

  

 

 
 (in millions)

  

  

  

  

  

  

 

 
 Revenue

  

 $

 44

  

 $

 48

  

  

 

 
  

  

  

  

  

  

  

 

 
 Net Income (Loss)(1)

  

 $

 (3

 )

 $

 —

  

  

 

 
 Adjusted Net Income (Loss)(1)

  

 $

 (3

 )

 $

 —

  

  

 

 
  

  

  

  

  

  

  

 

 
 Adjustments:

  

  

  

  

  

  

 

 
 Depreciation

  

 $

 1

  

 $

 1

  

  

 

 
 Amortization of Content Assets

  

 $

 2

  

 $

 2

  

  

 

 
 Interest Expense

  

 $

 1

  

 $

 1

  

  

 

 
 Equity-Based Compensation

  

 $

 2

  

 $

 2

  

  

 

 
 Total Adjustments

  

 $

 6

  

 $

 6

  

  

 

 
  

  

  

  

  

  

  

 

 
 Adjusted EBITDA

  

 $

 3

  

 $

 6

  

  

 

 
  

  

  

  

  

  

  

 

 (1)A reconciliation between the outlook of net income (loss) and the outlook for adjusted net income (loss) has not been provided given the inability to forecast certain reconciling items without unreasonable efforts. In particular the outlook for net income (loss) and adjusted net income (loss) does not include the change in fair value of warrant liabilities as that is significantly impacted by the 

  

 
 Exhibit 99.1

 change in the Company's stock price which cannot be estimated and other potential reconciling items such as impairment of goodwill that are not normal, recurring operating activities that cannot be reasonably forecasted.

  

 
 Exhibit 99.1

 Conference Call and Webcast Information
 
BODi will host a conference call at 5:00pm ET on Monday, August 10, 2026, to discuss its financial results and matters other than past results, such as guidance. To participate in the live call, please dial (833) 461-5787 (U.S. & Canada) and provide the conference identification number: 309733825. The conference call will also be available to interested parties through a live webcast at https://investors.thebeachbodycompany.com/.
 
After the conference call, a webcast replay will remain available on the investor relations section of the Company’s website for one year.
 
About BODi and The Beachbody Company, Inc.
 
BODi is the proactive wellness company delivering nutrition, supplements, and proven fitness programs that help people take control of their health inside and out. With nearly three decades of experience, BODi, formerly Beachbody, has evolved from a leader in home fitness into a comprehensive health and fitness ecosystem designed to help people achieve their goals and lead healthier, more fulfilling lives. Anchored by science-backed nutrition solutions like Shakeology and supported by its portfolio of proven fitness and habit-building programs, including P90X and INSANITY, BODi is creating a more accessible and effective path to long-term health. Since its inception, BODi has supported more than 30 million customers in achieving lasting results. The company continues to innovate across nutrition and digital fitness to deliver simple, proven solutions for modern lifestyles. For more information, please visit TheBeachBodyCompany.com.
 
Safe Harbor Statement
 
This press release of The Beachbody Company, Inc. (“we,” “us,” “our,” and similar terms) 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 third quarter and full year, 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 Form 10-K filed with the SEC on March 10, 2026 and any subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, which are available on the Investor Relations page of our website at https://investors.thebeachbodycompany.com and on the SEC's 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.

  

 
 Exhibit 99.1

 The Beachbody Company, Inc. 
Condensed Consolidated Balance Sheets 
(in thousands, except share and per share data)

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 June 30,

  

  

 December 31,

  

 

 
  

  

 2026

  

  

 2025

  

 

 
  

  

 (unaudited)

  

  

  

  

 

 
 Assets

  

  

  

  

  

  

 

 
 Current assets:

  

  

  

  

  

  

 

 
 Cash and cash equivalents (restricted cash of $0.1 million at June 30, 2026 and December 31, 2025, respectively)

  

 $

 32,389

  

  

 $

 39,017

  

 

 
 Restricted short-term investments

  

  

 4,250

  

  

  

 4,250

  

 

 
 Inventory

  

  

 12,570

  

  

  

 9,410

  

 

 
 Prepaid expenses

  

  

 4,995

  

  

  

 6,823

  

 

 
 Other current assets

  

  

 3,202

  

  

  

 4,338

  

 

 
 Total current assets

  

  

 57,406

  

  

  

 63,838

  

 

 
 Property and equipment, net

  

  

 5,815

  

  

  

 8,523

  

 

 
 Content assets, net

  

  

 5,452

  

  

  

 6,292

  

 

 
 Goodwill

  

  

 65,166

  

  

  

 65,166

  

 

 
 Right-of-use assets, net

  

  

 1,224

  

  

  

 1,625

  

 

 
 Other assets

  

  

 1,446

  

  

  

 1,591

  

 

 
 Total assets

  

 $

 136,509

  

  

 $

 147,035

  

 

 
 Liabilities and Stockholders’ Equity

  

  

  

  

  

  

 

 
 Current liabilities:

  

  

  

  

  

  

 

 
 Accounts payable

  

 $

 6,839

  

  

 $

 5,304

  

 

 
 Accrued expenses

  

  

 13,091

  

  

  

 18,408

  

 

 
 Deferred revenue

  

  

 48,785

  

  

  

 56,866

  

 

 
 Current portion of lease liabilities

  

  

 796

  

  

  

 1,036

  

 

 
 Current portion of Term Loan

  

  

 2,125

  

  

  

 1,062

  

 

 
 Other current liabilities

  

  

 1,351

  

  

  

 3,920

  

 

 
 Total current liabilities

  

  

 72,987

  

  

  

 86,596

  

 

 
 Term Loan

  

  

 21,440

  

  

  

 22,564

  

 

 
 Long-term lease liabilities, net

  

  

 511

  

  

  

 738

  

 

 
 Other liabilities

  

  

 4,381

  

  

  

 5,817

  

 

 
 Total liabilities

  

  

 99,319

  

  

  

 115,715

  

 

 
 Stockholders’ equity:

  

  

  

  

  

  

 

 
 Preferred stock, $0.0001 par value; 100,000,000 shares    authorized, none issued and outstanding at June 30, 2026    and December 31, 2025

  

  

 —

  

  

  

 —

  

 

 
 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);

  

  

  

  

  

  

 

 
 Class A: 4,554,406 and 4,450,721 shares issued and    outstanding at June 30, 2026 and December 31,     2025, respectively;

  

  

 1

  

  

  

 1

  

 

 
 Class X: 2,729,003 shares issued and outstanding    at June 30, 2026 and December 31, 2025,    respectively;

  

  

 1

  

  

  

 1

  

 

 
 Class C: no shares issued and outstanding at    June 30, 2026 and December 31, 2025

  

  

 —

  

  

  

 —

  

 

 
 Additional paid-in capital

  

  

 679,931

  

  

  

 677,743

  

 

 
 Accumulated deficit

  

  

 (642,708

 )

  

  

 (646,378

 )

 

 
 Accumulated other comprehensive loss

  

  

 (35

 )

  

  

 (47

 )

 

 
 Total stockholders’ equity

  

  

 37,190

  

  

  

 31,320

  

 

 
 Total liabilities and stockholders’ equity

  

 $

 136,509

  

  

 $

 147,035

  

 

  

  

 
 Exhibit 99.1

 The Beachbody Company, Inc. 
Unaudited Condensed Consolidated Statements of Operations 
(in thousands, except per share data)

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Three months ended June 30,

  

  

 Six months ended June 30,

  

 

 
  

  

 2026

  

  

 2025

  

  

 2026

  

  

 2025

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Revenue:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Digital

  

 $

 31,158

  

  

 $

 39,693

  

  

 $

 64,720

  

  

 $

 82,604

  

 

 
 Nutrition and other

  

  

 18,455

  

  

  

 24,172

  

  

  

 39,177

  

  

  

 52,825

  

 

 
 Connected fitness

  

  

 —

  

  

  

 76

  

  

  

 —

  

  

  

 875

  

 

 
 Total revenue

  

  

 49,613

  

  

  

 63,941

  

  

  

 103,897

  

  

  

 136,304

  

 

 
 Cost of revenue:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Digital

  

  

 4,030

  

  

  

 4,893

  

  

  

 8,260

  

  

  

 11,104

  

 

 
 Nutrition and other

  

  

 9,837

  

  

  

 11,740

  

  

  

 20,892

  

  

  

 25,191

  

 

 
 Connected fitness

  

  

 —

  

  

  

 1,070

  

  

  

 —

  

  

  

 2,222

  

 

 
 Total cost of revenue

  

  

 13,867

  

  

  

 17,703

  

  

  

 29,152

  

  

  

 38,517

  

 

 
 Gross profit

  

  

 35,746

  

  

  

 46,238

  

  

  

 74,745

  

  

  

 97,787

  

 

 
 Operating expenses:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Selling and marketing

  

  

 15,634

  

  

  

 25,528

  

  

  

 34,393

  

  

  

 56,498

  

 

 
 Enterprise technology and development

  

  

 9,884

  

  

  

 10,611

  

  

  

 19,291

  

  

  

 23,207

  

 

 
 General and administrative

  

  

 8,560

  

  

  

 11,571

  

  

  

 16,279

  

  

  

 23,228

  

 

 
 Restructuring

  

  

 —

  

  

  

 2,492

  

  

  

 —

  

  

  

 2,492

  

 

 
 Total operating expenses

  

  

 34,078

  

  

  

 50,202

  

  

  

 69,963

  

  

  

 105,425

  

 

 
 Operating income (loss)

  

  

 1,668

  

  

  

 (3,964

 )

  

  

 4,782

  

  

  

 (7,638

 )

 

 
 Other income (expense):

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Loss on debt extinguishment

  

  

 —

  

  

  

 (2,166

 )

  

  

 —

  

  

  

 (2,166

 )

 

 
 Change in fair value of warrant liabilities

  

  

 519

  

  

  

 1,558

  

  

  

 328

  

  

  

 869

  

 

 
 Interest expense

  

  

 (1,009

 )

  

  

 (1,268

 )

  

  

 (2,023

 )

  

  

 (2,833

 )

 

 
 Other income, net

  

  

 324

  

  

  

 41

  

  

  

 733

  

  

  

 266

  

 

 
 Income (loss) before income taxes

  

  

 1,502

  

  

  

 (5,799

 )

  

  

 3,820

  

  

  

 (11,502

 )

 

 
 Income tax provision

  

  

 (118

 )

  

  

 (101

 )

  

  

 (150

 )

  

  

 (146

 )

 

 
 Net income (loss)

  

 $

 1,384

  

  

 $

 (5,900

 )

  

 $

 3,670

  

  

 $

 (11,648

 )

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Net income (loss) per common share, basic (1)

  

 $

 0.19

  

  

 $

 (0.85

 )

  

 $

 0.51

  

  

 $

 (1.68

 )

 

 
 Net income (loss) per common share, diluted (1)

  

 $

 0.11

  

  

 $

 (0.85

 )

  

 $

 0.47

  

  

 $

 (1.68

 )

 

 
 Weighted-average common shares outstanding, basic

  

  

 7,182

  

  

  

 6,951

  

  

  

 7,148

  

  

  

 6,917

  

 

 
 Weighted-average common shares outstanding, diluted

  

  

 7,905

  

  

  

 6,951

  

  

  

 7,696

  

  

  

 6,917

  

 

 (1) In computing basic and diluted net income per common share, net income is reduced by the amount of undistributed net income allocated to participating securities other than common shares, as required under the two-class method. In computing the diluted net income per share, net income is adjusted for the change in fair value of warrant liabilities for warrants that are dilutive. 
 

  

 
 Exhibit 99.1

 The Beachbody Company, Inc. 
Unaudited Condensed Consolidated Statements of Cash Flows 
(in thousands)

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Six months ended June 30,

  

 

 
  

  

 2026

  

  

 2025

  

 

 
  

  

  

  

  

  

  

 

 
 Cash flows from operating activities:

  

  

  

  

  

  

 

 
 Net income (loss)

  

 $

 3,670

  

  

 $

 (11,648

 )

 

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

  

  

  

  

  

  

 

 
 Depreciation and amortization expense

  

  

 4,174

  

  

  

 4,910

  

 

 
 Amortization of content assets

  

  

 2,669

  

  

  

 5,018

  

 

 
 Provision for inventory

  

  

 829

  

  

  

 559

  

 

 
 Change in fair value of warrant liabilities

  

  

 (328

 )

  

  

 (869

 )

 

 
 Equity-based compensation

  

  

 2,403

  

  

  

 3,741

  

 

 
 Amortization of debt issuance costs

  

  

 364

  

  

  

 1,119

  

 

 
 Paid-in-kind interest expense

  

  

 —

  

  

  

 218

  

 

 
 Loss on debt extinguishment

  

  

 —

  

  

  

 2,166

  

 

 
 Change in lease assets

  

  

 400

  

  

  

 523

  

 

 
 Changes in operating assets and liabilities:

  

  

  

  

  

  

 

 
 Inventory

  

  

 (3,990

 )

  

  

 4,340

  

 

 
 Content assets

  

  

 (1,829

 )

  

  

 (1,290

 )

 

 
 Prepaid expenses

  

  

 1,828

  

  

  

 4,348

  

 

 
 Other assets

  

  

 1,361

  

  

  

 18,497

  

 

 
 Accounts payable

  

  

 1,531

  

  

  

 (4,647

 )

 

 
 Accrued expenses

  

  

 (5,309

 )

  

  

 (4,906

 )

 

 
 Deferred revenue

  

  

 (8,946

 )

  

  

 (12,360

 )

 

 
 Other liabilities

  

  

 (3,109

 )

  

  

 (3,139

 )

 

 
 Net cash (used in) provided by operating activities

  

  

 (4,282

 )

  

  

 6,580

  

 

 
 Cash flows from investing activities:

  

  

  

  

  

  

 

 
 Purchase of property and equipment

  

  

 (1,444

 )

  

  

 (2,511

 )

 

 
 Net cash used in investing activities

  

  

 (1,444

 )

  

  

 (2,511

 )

 

 
 Cash flows from financing activities:

  

  

  

  

  

  

 

 
 Proceeds from exercise of stock options

  

  

 98

  

  

  

 47

  

 

 
 Debt borrowings

  

  

 —

  

  

  

 25,000

  

 

 
 Debt repayments

  

  

 —

  

  

  

 (22,582

 )

 

 
 Proceeds from issuance of common shares in the Employee Stock Purchase Plan

  

  

 95

  

  

  

 78

  

 

 
 Tax withholding payments for vesting of restricted stock

  

  

 (408

 )

  

  

 (215

 )

 

 
 Payment of debt issuance costs

  

  

 (425

 )

  

  

 (1,543

 )

 

 
 Net cash (used in) provided by financing activities

  

  

 (640

 )

  

  

 785

  

 

 
 Effect of exchange rates on cash, cash equivalents, and restricted cash

  

  

 (262

 )

  

  

 520

  

 

 
 Net (decrease) increase in cash, cash equivalents, and restricted cash

  

  

 (6,628

 )

  

  

 5,374

  

 

 
 Cash, cash equivalents and restricted cash, beginning of period

  

  

 39,017

  

  

  

 20,187

  

 

 
 Cash, cash equivalents, and restricted cash, end of period

  

 $

 32,389

  

  

 $

 25,561

  

 

 
 Supplemental disclosure of cash flow information:

  

  

  

  

  

  

 

 
 Cash paid during the period for interest

  

 $

 1,656

  

  

 $

 900

  

 

 
 Cash received during the year for US Federal income taxes

  

 $

 —

  

  

 $

 (324

 )

 

 
 Cash paid during the year for Texas GMT income taxes

  

  

 69

  

  

  

 73

  

 

 
 Cash (received) paid during the year for UK income taxes

  

  

 (4

 )

  

  

 16

  

 

 
 Cash paid during the year for Canada income taxes

  

  

 11

  

  

  

 19

  

 

 
 Cash paid during the year for income taxes from other jurisdictions

  

  

 14

  

  

  

 21

  

 

 
 Supplemental disclosure of noncash investing activities:

  

  

  

  

  

  

 

 
 Property and equipment acquired but not yet paid for

  

 $

 302

  

  

 $

 481

  

 

 
 Supplemental disclosure of noncash financing activities:

  

  

  

  

  

  

 

 
 Debt issuance costs, accrued but not paid

  

  

 —

  

  

  

 238

  

 

  

  

 
 Exhibit 99.1

 The Beachbody Company, Inc.
Non GAAP Information
 
Adjusted EBITDA
 
We use Adjusted EBITDA, which is a non-GAAP performance measure, to supplement our results presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). We believe Adjusted EBITDA is useful in evaluating our operating performance, as it is similar to measures reported by our public competitors and is regularly used by security analysts, institutional investors, and other interested parties in analyzing operating performance and prospects. Adjusted EBITDA is not intended to be a substitute for any GAAP financial measure and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry. 
 
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 tax provision, equity-based compensation, restructuring costs, and other items that are not normal, recurring, operating expenses necessary to operate the Company’s business as described in the reconciliation below.
 
We include this non-GAAP financial measure because it is used by management to evaluate BODi’s core operating performance and trends and to make strategic decisions regarding the allocation of capital and new investments. Adjusted EBITDA excludes certain expenses that are required in accordance with GAAP because they are non-cash (for example, in the case of depreciation and amortization and equity-based compensation) or are not related to our underlying business performance (for example, in the case of restructuring costs, interest income and expense). 
 
The table below presents our Adjusted EBITDA reconciled to our net income (loss), the closest GAAP measure, for the periods indicated:

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Three months ended June 30,

  

  

 Six months ended June 30,

  

 

 
 (in thousands)

  

 2026

  

  

 2025

  

  

 2026

  

  

 2025

  

 

 
  

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Net income (loss)

  

 $

 1,384

  

  

 $

 (5,900

 )

  

 $

 3,670

  

  

 $

 (11,648

 )

 

 
 Adjusted for:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Loss on debt extinguishment (1)

  

  

 —

  

  

  

 2,166

  

  

  

 —

  

  

  

 2,166

  

 

 
 Depreciation and amortization

  

  

 1,946

  

  

  

 2,022

  

  

  

 4,174

  

  

  

 4,910

  

 

 
 Amortization of capitalized cloud computing implementation costs

  

  

 347

  

  

  

 38

  

  

  

 384

  

  

  

 75

  

 

 
 Amortization of content assets

  

  

 1,300

  

  

  

 2,289

  

  

  

 2,669

  

  

  

 5,018

  

 

 
 Interest expense

  

  

 1,009

  

  

  

 1,268

  

  

  

 2,023

  

  

  

 2,833

  

 

 
 Income tax provision

  

  

 118

  

  

  

 101

  

  

  

 150

  

  

  

 146

  

 

 
 Equity-based compensation (2)

  

  

 1,285

  

  

  

 2,015

  

  

  

 2,403

  

  

  

 3,741

  

 

 
 Restructuring (3)

  

  

 —

  

  

  

 2,492

  

  

  

 —

  

  

  

 2,492

  

 

 
 Change in fair value of warrant liabilities

  

  

 (519

 )

  

  

 (1,558

 )

  

  

 (328

 )

  

  

 (869

 )

 

 
 Non-operating (4)

  

  

 (219

 )

  

  

 (301

 )

  

  

 (535

 )

  

  

 (519

 )

 

 
 Adjusted EBITDA

  

 $

 6,651

  

  

 $

 4,632

  

  

 $

 14,610

  

  

 $

 8,345

  

 

 1 The three and six months ended June 30, 2025 represents the loss related to the $17.3 million debt extinguishment that the Company made on May 13, 2025. 
2 Includes benefits due to the modification of stock awards of approximately zero and $0.9 million for the three and six months ended June 30, 2025, respectively.
3 Includes post-Pivot restructuring expenses, primarily termination benefits, of $2.5 million for the three and six months ended June 30, 2025. 
4 Primarily includes interest income. 
 
 
Adjusted Net Income (Loss)
We use adjusted net income (loss), which is a non-GAAP performance measure, to supplement our results presented in accordance with GAAP. We believe adjusted net income (loss) is useful in evaluating our operating performance, as it is similar to measures reported by our public competitors and is regularly used by security analysts, institutional investors, and other interested parties in 

  

 
 Exhibit 99.1

 analyzing operating performance and prospects. Adjusted net income (loss) is not intended to be a substitute for any GAAP financial measure and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry. 
 
We define and calculate adjusted net income (loss) as net income (loss) adjusted for impairment of goodwill, restructuring costs, the change in fair value of warrant liabilities, and other items that are not normal, recurring operating activities necessary to operate the Company's business, and the tax impact of the adjustments as described in the reconciliation below.
We include this non-GAAP financial measure because it is used by management to evaluate BODi’s core operating performance and trends and to make strategic decisions regarding the allocation of capital and new investments. Adjusted net income (loss) excludes certain expenses that are required in accordance with GAAP because they are non-cash (for example, in the case of impairment of goodwill and the change in fair value of warrant liabilities) or are not related to our underlying business performance (for example, in the case of restructuring costs). 
 
The table below presents our adjusted net income (loss) reconciled to our net income (loss), the closest GAAP measure, for the periods indicated:
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Three Months Ended June 30,

  

  

 Six months ended June 30,

  

 

 
 (in thousands)

  

 2026

  

  

 2025

  

  

 2026

  

  

 2025

  

 

 
 Net income (loss)

  

 $

 1,384

  

  

 $

 (5,900

 )

  

 $

 3,670

  

  

 $

 (11,648

 )

 

 
 Adjusted for:

  

  

  

  

  

  

  

  

  

  

  

  

 

 
 Loss on debt extinguishment (1)

  

  

 —

  

  

  

 2,166

  

  

  

 —

  

  

  

 2,166

  

 

 
 Restructuring (2)

  

  

 —

  

  

  

 2,492

  

  

  

 —

  

  

  

 2,492

  

 

 
 Change in fair value of warrant liabilities

  

  

 (519

 )

  

  

 (1,558

 )

  

  

 (328

 )

  

  

 (869

 )

 

 
 Tax impact of adjustment (3)

  

  

 20

  

  

  

 (39

 )

  

  

 13

  

  

  

 (48

 )

 

 
 Adjusted net income (loss)

  

 $

 885

  

  

 $

 (2,839

 )

  

 $

 3,355

  

  

 $

 (7,907

 )

 

 (1) The three and six months ended June 30, 2025 represents the loss related to the $17.3 million debt extinguishment that the Company made on May 13, 2025. 
(2) Includes post-Pivot restructuring expenses, primarily termination benefits, of $2.5 million for the three and six months ended June 30, 2025. 
(3) Tax impact calculated using the annual effective tax rate.
 
Net Cash Position
 
We use net cash position, which is a non-GAAP liquidity measure, to supplement our liquidity as presented in accordance with GAAP. We believe that net cash position is useful in viewing our liquidity, as it is similar to measures reported by our public competitors and is regularly used by security analysts, institutional investors, and other interested parties in analyzing liquidity. Net cash position is not intended to be a substitute for GAAP financial measures and, as calculated may not be comparable to other similarly titled measures of liquidity for other companies in other industries or within the same industry. 
 
The table below presents our net cash position, which is our cash and cash equivalents less the debt on our balance sheet for the periods indicated:

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 June 30,

  

  

 December 31,

  

 

 
 (in thousands)

  

 2026

  

  

 2025

  

 

 
  

  

  

  

  

  

  

 

 
 Cash and cash equivalents

  

 $

 32,389

  

  

 $

 39,017

  

 

 
 Less:

  

  

  

  

  

  

 

 
 Current portion of Term Loan

  

  

 2,125

  

  

  

 1,062

  

 

 
 Term Loan

  

  

 21,440

  

  

  

 22,564

  

 

 
 Net cash position

  

 $

 8,824

  

  

 $

 15,391

  

 

 
  

  

  

  

  

  

  

 

  
Free Cash Flow 
 
We use free cash flow, which is a non-GAAP liquidity measure, to supplement our cash provided by (used in) operating activities as presented in accordance with GAAP. We believe that free cash flow is useful in evaluating our liquidity, as it is similar to measures 

  

 
 Exhibit 99.1

 reported by our public competitors and is regularly used by security analysts, institutional investors, and other interested parties in analyzing liquidity. Free cash flow is not intended to be a substitute for GAAP financial measures and, as calculated may not be comparable to other similarly titled measures of liquidity for other companies in other industries or within the same industry. 
 
The table below presents our free cash flow, which is our net cash provided by operating activities less cash used for the purchase of property and equipment for the periods indicated:

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Six months ended June 30,

  

 

 
 (in thousands)

  

 2026

  

  

 2025

  

 

 
  

  

  

  

  

  

  

 

 
 Net cash (used in) provided by operating activities

  

 $

 (4,282

 )

  

 $

 6,580

  

 

 
 Less:

  

  

  

  

  

  

 

 
 Cash used in the purchase of property and equipment

  

  

 1,444

  

  

  

 2,511

  

 

 
 Free cash flow

  

 $

 (5,726

 )

  

 $

 4,069

  

 

 
  

  

  

  

  

  

  

 

  
 
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