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Acquisitions (Tables)
12 Months Ended
Dec. 31, 2022
Myx [Member]  
Business Acquisition [Line Items]  
Summary of Business Acquisitions

The Company acquired 100% of the equity of Myx pursuant to the Business Combination Agreement. The following summarizes the consideration transferred on the Closing Date for the Myx acquisition (in thousands):

 

Purchase Price

 

 

 

Cash consideration (1)

 

$

37,700

 

Share consideration (2)

 

 

162,558

 

Fair value of Myx instrument held by Old Beachbody (3)

 

 

18,402

 

Promissory note held by Old Beachbody (4)

 

 

4,216

 

Total consideration

 

$

222,876

 

 

(1) Cash consideration includes, among other things, the payoff of certain of Myx’s existing debt obligations, payments of certain of Myx’s transaction expenses, and cash payments as consideration for certain Myx equity units.

(2) Share consideration was calculated based on 13,546,503 shares of Class A Common Stock issued multiplied by the share closing price on the Closing Date of $12.00.

(3) Fair value of Myx instrument held by Old Beachbody was effectively settled on the Closing Date, see Note 1, Description of Business and Summary of Significant Accounting Policies.

(4) In April and June 2021, Old Beachbody entered into promissory note agreements with Myx. Such promissory notes were effectively settled on the Closing Date.

Summary of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the fair value of assets acquired and liabilities assumed (in thousands):

 

(in thousands)

 

 

 

Allocation

 

 

 

Goodwill

 

$

158,798

 

Intangible assets:

 

 

 

Trade name/Trademark

 

 

43,700

 

Developed technology

 

 

14,000

 

Customer relationships

 

 

20,400

 

 

 

 

78,100

 

Cash acquired

 

 

420

 

Inventory, net

 

 

10,639

 

Other assets

 

 

3,354

 

Content assets

 

 

3,400

 

Deferred revenue

 

 

(2,168

)

Other liabilities

 

 

(14,487

)

Deferred tax liabilities

 

 

(15,180

)

 

 

$

222,876

 

Summary of Business Acquisition Pro Forma Information

(in thousands)

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

Pro forma combined:

 

 

 

 

 

 

Revenue

 

$

904,861

 

 

$

893,253

 

Net loss

 

 

(164,765

)

 

 

(52,823

)

Ladder [Member]  
Business Acquisition [Line Items]  
Summary of Recognized Identified Assets Acquired and Liabilities Assumed The following table summarizes the components of consideration and the fair value estimates of assets acquired and liabilities assumed (in thousands):

 

Purchase Price

 

 

 

Common units issued in connection with acquisition (1)

 

$

27,889

 

 

 

 

 

Allocation

 

 

 

Goodwill

 

$

11,606

 

Intangible assets:

 

 

 

Trade name

 

 

7,500

 

Customer-related

 

 

300

 

Formulae

 

 

1,950

 

Talent and representation contracts

 

 

10,300

 

 

 

 

20,050

 

Cash acquired

 

 

1,247

 

Other assets acquired

 

 

1,132

 

Liabilities acquired

 

 

(1,834

)

Deferred tax liabilities

 

 

(4,312

)

 

 

$

27,889

 

 

(1) The fair value of common units issued in connection with the acquisition was calculated based on 1,449,537 common units of Old Beachbody multiplied by the estimated fair value per unit of $19.24.

Summary of Business Acquisition Pro Forma Information

(in thousands)

 

Year Ended December 31,

 

 

 

2020

 

Pro forma combined:

 

 

 

Revenue

 

$

865,757

 

Net income (loss)

 

 

(29,272

)