10-Q Filing

Beachbody Company, Inc. CIK: 1826889 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0000950170-22-008572`
Period End Date	20220331
Filing Date	20220509
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	body-20220331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 65 Income Statement 32 Cash Flow Statement 65 Stockholders Equity 15 Comprehensive Income 12

Balance Sheet 65 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	100.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	100.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$63.43M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$104.05M	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$3.00M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory, net	`InventoryNet`	$99.99M	USD	Point-in-time
Common stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory, net	`InventoryNet`	$132.73M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	1.90B	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$15.86M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$16.15M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	1.90B	shares	Point-in-time
Other current assets	`OtherAssetsCurrent`	$40.98M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$43.73M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$299.37M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$220.55M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$102.98M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$113.10M	USD	Point-in-time
Content assets, net	`ContentAssetsNet`	$39.35M	USD	Point-in-time
Content assets, net	`ContentAssetsNet`	$39.75M	USD	Point-in-time
Goodwill and intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$166.95M	USD	Point-in-time
Goodwill and intangible assets, net	`IntangibleAssetsNetIncludingGoodwill`	$171.53M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$14.26M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$13.97M	USD	Point-in-time
Total assets	`Assets`	$637.61M	USD	Point-in-time
Total assets	`Assets`	$544.19M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$25.63M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$48.38M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$69.90M	USD	Point-in-time
Accrued expenses	`AccruedLiabilitiesCurrent`	$74.53M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$108.98M	USD	Point-in-time
Deferred revenue	`DeferredRevenueCurrent`	$107.09M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$5.79M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$6.23M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$236.23M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$210.28M	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$2.38M	USD	Point-in-time
Deferred tax liabilities	`DeferredIncomeTaxLiabilitiesNet`	$3.17M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$12.83M	USD	Point-in-time
Other liabilities	`OtherLiabilitiesNoncurrent`	$13.30M	USD	Point-in-time
Total liabilities	`Liabilities`	$225.97M	USD	Point-in-time
Total liabilities	`Liabilities`	$252.23M	USD	Point-in-time
Commitments and contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.0001 par value; 100,000,000 shares authorized, none issued and outstanding at March 31, 2022 and December 31, 2021	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.0001 par value; 100,000,000 shares authorized, none issued and outstanding at March 31, 2022 and December 31, 2021	`PreferredStockValue`	-	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$610.42M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$616.90M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-21.00K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-133.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-298.58M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-225.04M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$385.38M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$318.23M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$99.26M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$71.87M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$544.19M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$637.61M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$226.22M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$198.92M	USD	1 Quarter
Cost of Revenue	`CostOfRevenue`	$68.12M	USD	1 Quarter
Cost of Revenue	`CostOfRevenue`	$105.91M	USD	1 Quarter
Gross Profit	`GrossProfit`	$158.10M	USD	1 Quarter
Gross Profit	`GrossProfit`	$93.02M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$144.70M	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$106.44M	USD	1 Quarter
Enterprise technology and development	`EnterpriseTechnologyAndDevelopmentExpenses`	$33.70M	USD	1 Quarter
Enterprise technology and development	`EnterpriseTechnologyAndDevelopmentExpenses`	$27.09M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$17.95M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$20.07M	USD	1 Quarter
Restructuring	`GainLossOnRestructuringActivity`	$-7.22M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$167.44M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$189.73M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-31.63M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-74.42M	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-264.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$19.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$123.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$1.30M	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-64.00K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-74.24M	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-30.45M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-706.00K	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-395.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-73.53M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-30.06M	USD	1 Quarter
Net loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.12	USD	1 Quarter
Net loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.24	USD	1 Quarter
Weighted-average common shares outstanding, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	306.36M	shares	1 Quarter
Weighted-average common shares outstanding, basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	243.01M	shares	1 Quarter

Cash Flow Statement 65 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-73.53M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-30.06M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$13.73M	USD	1 Quarter
Depreciation and amortization expense	`DepreciationDepletionAndAmortization`	$21.59M	USD	1 Quarter
Amortization of content assets	`AmoritsationOfContentAssets`	$6.16M	USD	1 Quarter
Amortization of content assets	`AmoritsationOfContentAssets`	$2.82M	USD	1 Quarter
Provision for inventory and net realizable value adjustment	`InventoryWriteDown`	$2.04M	USD	1 Quarter
Provision for inventory and net realizable value adjustment	`InventoryWriteDown`	$16.90M	USD	1 Quarter
Realized losses on hedging derivative financial instruments	`GainLossOnSaleOfDerivatives`	$-167.00K	USD	1 Quarter
Realized losses on hedging derivative financial instruments	`GainLossOnSaleOfDerivatives`	$-69.00K	USD	1 Quarter
Gain on investment in convertible instrument	`GainLossOnInvestments`	$1.38M	USD	1 Quarter
Change in fair value of warrant liabilities	`FairValueAdjustmentOfWarrants`	$-264.00K	USD	1 Quarter
Equity-based compensation	`ShareBasedCompensation`	$4.56M	USD	1 Quarter
Equity-based compensation	`ShareBasedCompensation`	$2.57M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-808.00K	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-528.00K	USD	1 Quarter
Other non-cash items	`OtherNoncashIncomeExpense`	$-91.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-15.89M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$2.32M	USD	1 Quarter
Content assets	`IncreaseDecreaseInContentAssets`	$7.42M	USD	1 Quarter
Content assets	`IncreaseDecreaseInContentAssets`	$6.45M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$2.14M	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$293.00K	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$-2.90M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherCurrentAssets`	$8.48M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-20.75M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$7.14M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$6.14M	USD	1 Quarter
Accrued expenses	`IncreaseDecreaseInAccruedLiabilities`	$-1.39M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$2.37M	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$9.22M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$-410.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherCurrentLiabilities`	$-374.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-33.37M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-8.88M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$13.30M	USD	1 Quarter
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$12.40M	USD	1 Quarter
Investment in convertible instrument	`PaymentToAcquireInvestmentInConvertibleInstrument`	$5.00M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-12.40M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-18.30M	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$2.12M	USD	1 Quarter
Remittance of taxes withheld from employee stock awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$192.00K	USD	1 Quarter
Borrowings under Credit Facility	`ProceedsFromLongTermLinesOfCredit`	$20.00M	USD	1 Quarter
Deferred financing costs	`PaymentsOfFinancingCosts`	$2.24M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$17.76M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.92M	USD	1 Quarter
Effect of exchange rates on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$223.00K	USD	1 Quarter
Effect of exchange rates on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$243.00K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-9.18M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-43.63M	USD	1 Quarter
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$63.43M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$107.05M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$47.65M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$56.83M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$63.43M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$107.05M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$47.65M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$56.83M	USD	Point-in-time
Cash paid during the year for interest	`InterestPaidNet`	$10.00K	USD	1 Quarter
Cash paid during the year for interest	`InterestPaidNet`	$58.00K	USD	1 Quarter
Cash paid during the year for income taxes, net	`IncomeTaxesPaid`	$32.00K	USD	1 Quarter
Cash paid during the year for income taxes, net	`IncomeTaxesPaid`	$16.00K	USD	1 Quarter
Property and equipment acquired but not yet paid for	`CapitalExpendituresIncurredButNotYetPaid`	$4.22M	USD	1 Quarter
Property and equipment acquired but not yet paid for	`CapitalExpendituresIncurredButNotYetPaid`	$6.20M	USD	1 Quarter
Deferred financing costs, accrued but not paid	`DeferredFinancingCostsAccruedButNotPaid`	$3.81M	USD	1 Quarter

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$385.38M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$318.23M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$99.26M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$71.87M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-73.53M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-30.06M	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-112.00K	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$100.00K	USD	1 Quarter
Equity-based compensation	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$4.56M	USD	1 Quarter
Equity-based compensation	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$2.57M	USD	1 Quarter
Options exercised, net of tax withholdings	`StockIssuedDuringPeriodValueStockOptionsExercised`	$1.92M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$385.38M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$318.23M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$99.26M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$71.87M	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-73.53M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-30.06M	USD	1 Quarter
Change in fair value of derivative financial instruments, net of tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-109.00K	USD	1 Quarter
Change in fair value of derivative financial instruments, net of tax	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-185.00K	USD	1 Quarter
Reclassification of losses on derivative financial instruments included in net loss	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationTax`	$69.00K	USD	1 Quarter
Reclassification of losses on derivative financial instruments included in net loss	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationReclassificationAdjustmentFromAOCIRealizedUponSaleOrLiquidationTax`	$167.00K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$4.00K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$42.00K	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-112.00K	USD	1 Quarter
Total other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$100.00K	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-29.96M	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-73.64M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.