The Beachbody Company, Inc., which re-branded as Bodi in March, reported total fourth-quarter revenue decreased 31 percent to $148.2 million for the period ended December 31, compared to the prior year period. The company posted a net loss of $44.9 million in the fourth quarter, compared to a net loss of $146.0 million in the prior-year period.
Digital revenue for the quarter decreased 16 percent to $68.7 million and digital subscriptions decreased 23 percent to 2.0 million. Nutrition and Other revenue decreased 23 percent to $74.7 million and nutritional subscriptions decreased by 27 percent to 220,000 for the quarter. Connected Fitness revenue decreased 87 percent to $4.8 million and approximately 3,700 bikes were delivered in the fourth quarter.
Operating loss improved by $115.7 million to $48.1 million, compared to an operating loss of $163.8 in the prior-year quarter. Adjusted EBITDA was $3.5 million compared to a loss of $26.6 million in the prior-year period.
Cash used in operating activities was $10.3 million compared to $75.9 million in the q4 period in the prior year, and cash used in investing activities was $3.3 million compared to $16.9 million in the prior-year period. Total cash used in operating and investing activities was $13.6 million compared to $92.8 million in the prior-year period.
“We were pleased to deliver another quarter of solid progress of our one-brand strategy as we continue to focus our efforts to improve profitability and expand our total addressable market,” said Carl Daikeler, Beachbody’s co-founder, chairman and chief executive officer. “While 2022 was a challenging year in many ways, I am proud of our team’s efforts to continue delivering incredibly effective fitness and nutrition solutions to millions of people, while dramatically reducing costs. As we move into 2023, I am excited for the unprecedented long-term opportunities ahead of us as we expand the positioning of our platform and simplify the business for our Partners. We remain committed to improving our profitability, returning to growth and maximizing shareholder value all while helping people achieve their goals to lead healthy fulfilling lives.”
For the full year, Bodi reported total revenue decreased 21 percent to $692.2 million compared to 2021.
- Digital revenue decreased 18 percent to $300.7 million;
- Nutrition and Other revenue decreased 24 percent to $353.3 million; and
- Connected Fitness revenue decreased 11 percent to $38.2 million.
The company’s operating loss improved by $94.1 million to $203.2 million compared to an operating loss of $297.3 million in 2021. The net loss for the year was $194.2 million compared to a net loss of $228.4 million in 2021. Adjusted EBITDA was a $23.3 million loss compared to an $86.1 million loss in 2021. Cash used in operating activities was $47.2 million compared to $215.2 million in 2021, and cash used in investing activities was $26.5 million compared to $125.2 million in 2021. Total cash used in operating and investing activities was $73.7 million compared to $340.4 million in 2021. Cash and cash equivalents decreased 23 percent to $80.1 million compared to the 2021 year-end.
Looking ahead, the company expects that the 2023 first-quarter total revenue will be in the range of $135.0 million to $140.0 million. Adjusted EBITDA loss is projected at $3.0 million to $6.0 million for the quarter.
