Exhibit 99.1

The Beachbody Company, Inc. Announces Second Quarter 2022 Financial Results

Second Quarter Results Show Significant Sequential Improvement in Profitability

Reduced Cash Usage by More than $30 Million Compared to First Quarter 2022

Strong Growth Compared to 2019 Pre-COVID Baseline: Total Digital and Nutritional Subscriptions

+26%, Average Digital Retention +40BPS, Total Streams +22%, DAU/MAU +140BPS

Secured $50 Million in Debt Financing

El Segundo, Calif. (August 8, 2022) – The Beachbody Company, Inc. (NYSE: BODY) (“Beachbody” or the “Company”), a leading subscription health and wellness company, today announced financial results for its second quarter ended June 30, 2022.

“Our results in the second quarter reflect continued progress on our One Brand strategy to make the business more efficient and more productive. With strong focus and solid execution, we reduced cash usage by more than $30 million compared to the first quarter, drove profitable customer acquisition through new content releases, our highly effective proprietary sales network and disciplined marketing, and delivered Adjusted EBITDA above our guidance,” said Carl Daikeler, Beachbody’s Co-Founder, Chairman, and Chief Executive Officer. “While the near-term environment remains dynamic, the actions we are taking to adapt our business model position us to successfully navigate current market realities. We will continue to leverage our unique business model, significant scale and our talented and focused management team to capitalize on the significant long-term opportunity we see in what remains a large and massively underpenetrated market.”

Second Quarter 2022 Results

• Total revenue was $179.1 million, a 20% decrease compared to 2021 and a 3% decrease compared to 2019

• Digital revenue was $78.0 million, a 17% decrease compared to 2021

• Digital subscriptions were 2.28 million, a 16% decrease compared to 2021 and a 35% increase compared to 2019

• 95.6% month-over-month average digital retention, a 70-basis point increase compared to 2021 and a 40-basis point increase compared to 2019

• 31.0 million total streams, a 30% decrease compared to 2021, and a 22% increase compared to 2019

• 30.0% DAU/MAU, a 190-basis point decrease compared to 2021, and a 140-basis point increase compared to 2019

• Connected Fitness revenue was $10.6 million, compared to none in 2021¹

• Approximately 8,800 bikes delivered in the second quarter

• On a pre-merger basis, Connected Fitness revenue was $11.0 million in Q2 2021, with approximately 10,200 bikes delivered

• Nutrition and Other revenue was $90.5 million, a 30% decrease compared to 2021

• Nutritional subscriptions were 0.28 million, compared to 0.42 million in 2021 and 0.34 million in 2019

• Net loss was $41.9 million, compared to a net loss of $12.4 million in 2021 and net income of $19.6 million in 2019

• Adjusted EBITDA² was ($1.5) million, compared to ($4.4) million in 2021 and $17.7 million in 2019

¹  Q2 2021 only included 5 days of results for Connected Fitness.

²  A definition of Adjusted EBITDA and reconciliation to net loss is at the end of this release.

Key Operational and Business Metrics

	For the Three Months Ended June 30,										For the Six Months Ended June 30,
	2022		2021		Change v 2021		2019		Change v 2019 Pre-Covid Baseline		2022		2021		Change v 2021		2019		Change v 2019 Pre-Covid Baseline
Connected Fitness Units Delivered (in thousands)		8.8		0.5		NM		0.0		NM		25.4		0.5		NM		0.0		NM
Digital Subscriptions (in millions)		2.28		2.72		(16%)		1.69		35%		2.28		2.72		(16%)		1.69		35%
Nutritional Subscriptions (in millions)		0.28		0.42		(33%)		0.34		(18%)		0.28		0.42		(33%)		0.34		(18%)
Total Subscriptions		2.56		3.14		(18%)		2.03		26%		2.56		3.14		(18%)		2.03		26%
Average Digital Retention		95.6%		94.9%		70bps		95.2%		40bps		95.6%		95.4%		20bps		95.1%		50bps
Total Streams (in millions)		31.0		44.5		(30%)		25.5		22%		69.2		100.4		(31%)		52.0		33%
DAU/MAU		30.0%		31.9%		(190bps)		28.6%		140bps		31.6%		33.5%		(190bps)		29.1%		250bps
Digital		$78.0		$94.3		(17%)		$58.8		33%		$159.8		$189.5		(16%)		$124.8		28%
Connected Fitness		$10.6		$0.0		NM		$0.0		NM		$30.1		$0.0		NM		$0.0		NM
Nutrition & other		$90.5		$128.8		(30%)		$124.9		(28%)		$188.2		$259.8		(28%)		$269.9		(30%)
Revenue (in millions)		$179.1		$223.1		(20%)		$183.7		(3%)		$378.1		$449.3		(16%)		$394.7		(4%)
Net Income/(Loss) (in millions)		($41.9)		($12.4)		(238%)		$19.6		(314%)		($115.4)		($42.5)		(172%)		$27.1		(526%)
Adjusted EBITDA (in millions)		($1.5)		($4.4)		66%		$17.7		(108%)		($20.6)		($16.1)		(28%)		$39.7		(152%)

Balance Sheet Update

The Company also announced that it has entered into an agreement with Blue Torch Capital to provide $50 million in debt financing, which will serve to enhance Beachbody’s financial flexibility. The agreement also includes the option for Beachbody to borrow up to an additional $25 million, subject to the terms of the credit agreement.

2022 Financial Outlook ³

During fiscal 2022, the Company now expects to realize a combined Adjusted EBITDA loss improvement and capital expenditure reduction of approximately $110 million to $120 million, compared to 2021.

For the third quarter of 2022 the Company expects:

• Total revenue of $150 million to $160 million

• Adjusted EBITDA loss of $15 million to $20 million

³ Net loss guidance is not reasonably available due to potential changes in matters that we cannot forecast at this time.

Conference Call and Webcast Information

Beachbody will host a conference call at 5:00pm ET on Monday, August 8, 2022 to discuss its financial results. To participate in the live call, please dial (844) 200-6205 (U.S. & Canada), or (646) 904-5544 (all other locations) and provide the conference identification number: 440786. 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 August 15, 2022 by dialing (866) 813-9403 (U.S & Canada), or (929) 458-6194 (all other locations). The replay passcode is 669965.

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 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), including its live digital streaming subscription BODi, and the Beachbody Bike powered by MYXfitness, the Company’s connected indoor bike. For more information, please visit TheBeachbodyCompany.com.

Safe Harbor Statement

This press release contains “forward-looking” statements pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995, which are statements other than historical fact or in the 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 second 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 1, 2022 and quarterly reports on Form 10-Q, which are available on the Investor Relations page of the Beachbody 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 share and per share data)

	June 30, 2022			December 31, 2021
	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	57,060		$	104,054
Restricted cash		—			3,000
Inventory, net		72,271			132,730
Prepaid expenses		10,317			15,861
Other current assets		44,828			43,727
Total current assets		184,476			299,372
Property and equipment, net		92,301			113,098
Content assets, net		38,098			39,347
Goodwill and intangible assets, net		162,361			171,533
Other assets		12,803			14,262
Total assets	$	490,039		$	637,612
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	22,676		$	48,379
Accrued expenses		62,349			74,525
Deferred revenue		107,282			107,095
Other current liabilities		4,564			6,233
Total current liabilities		196,871			236,232
Deferred tax liabilities		2,031			3,165
Other liabilities		10,981			12,830
Total liabilities		209,883			252,227
Commitments and contingencies (Note 8) Stockholders’ equity:
Preferred stock, $0.0001 par value; 100,000,000 shares authorized, none issued and outstanding at June 30, 2022 and December 31, 2021		—			—
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: 170,263,772 and 168,333,463 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively;		17			17
Class X: 141,250,310 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively;		14			14
Class C: no shares issued and outstanding at June 30, 2022 and December 31, 2021		—			—
Additional paid-in capital		620,643			610,418
Accumulated other comprehensive loss		(75	)		(21	)
Accumulated deficit		(340,443	)		(225,043	)
Total stockholders’ equity		280,156			385,385
Total liabilities and stockholders’ equity	$	490,039		$	637,612

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,
	2022			2021			2022			2021
Revenue:
Digital	$	78,015		$	94,325		$	159,760		$	189,475
Connected fitness		10,605			10			30,118			10
Nutrition and other		90,516			128,773			188,180			259,842
Total revenue		179,136			223,108			378,058			449,327
Cost of revenue:
Digital		18,406			11,612			34,831			22,734
Connected fitness		31,459			156			76,165			156
Nutrition and other		42,002			57,002			86,776			113,997
Total cost of revenue		91,867			68,770			197,772			136,887
Gross profit		87,269			154,338			180,286			312,440
Operating expenses:
Selling and marketing		86,624			140,194			193,068			284,890
Enterprise technology and development		24,133			26,949			57,830			54,038
General and administrative		19,584			17,231			39,657			35,177
Restructuring		1,332			—			8,555			—
Total operating expenses		131,673			184,374			299,110			374,105
Operating loss		(44,404	)		(30,036	)		(118,824	)		(61,665	)
Other income (expense):
Change in fair value of warrant liabilities		2,070			5,390			2,334			5,390
Interest expense		(3	)		(305	)		(22	)		(428	)
Other income, net		189			1,654			125			2,953
Loss before income taxes		(42,148	)		(23,297	)		(116,387	)		(53,750	)
Income tax benefit		281			10,857			987			11,252
Net loss	($	41,867	)	($	12,440	)	($	115,400	)	($	42,498	)
Net loss per common share, basic and diluted	($	0.14	)	($	0.05	)	($	0.38	)	($	0.17	)
Weighted-average common shares outstanding, basic and diluted		307,205			247,062			306,786			245,049

The Beachbody Company, Inc.

Unaudited Condensed Consolidated Statements of Cash Flows

(in thousands)

	Six Months Ended June 30,
	2022			2021
Cash flows from operating activities:
Net loss	($	115,400	)	($	42,498	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense		41,552			25,941
Amortization of content assets		13,180			6,119
Provision for inventory and net realizable value adjustment		32,019			2,791
Realized losses on hedging derivative financial instruments		143			339
Gain on investment in convertible instrument		—			(3,114	)
Change in fair value of warrant liabilities		(2,334	)		(5,390	)
Equity-based compensation		7,565			5,095
Deferred income taxes		(1,143	)		(11,349	)
Other non-cash items		311			—
Changes in operating assets and liabilities:
Inventory		28,400			(194	)
Content assets		(11,940	)		(14,237	)
Prepaid expenses		5,545			(1,789	)
Other assets		167			(5,774	)
Accounts payable		(22,753	)		6,656
Accrued expenses		(7,739	)		(461	)
Deferred revenue		1,000			16,547
Other liabilities		(1,829	)		(4,169	)
Net cash used in operating activities		(33,256	)		(25,487	)
Cash flows from investing activities:
Purchase of property and equipment		(19,222	)		(27,200	)
Investment in convertible instrument		—			(5,000	)
Other investment		—			(5,000	)
Cash paid for acquisition, net of cash acquired		—			(37,280	)
Net cash used in investing activities		(19,222	)		(74,480	)
Cash flows from financing activities:
Proceeds from exercise of stock options		2,968			—
Remittance of taxes withheld from employee stock awards		(308	)		—
Borrowings under Credit Facility		—			42,000
Repayments under Credit Facility		—			(42,000	)
Business combination, net of issuance costs paid		—			389,775
Net cash provided by financing activities		2,660			389,775
Effect of exchange rates on cash		(176	)		594
Net (decrease) increase in cash and cash equivalents		(49,994	)		290,402
Cash, cash equivalents and restricted cash, beginning of period		107,054			56,827
Cash and cash equivalents, end of period	$	57,060		$	347,229
Supplemental disclosure of cash flow information:
Cash paid during the year for interest	$	17		$	283
Cash paid during the year for income taxes, net		310			198
Supplemental disclosure of noncash investing activities:
Property and equipment acquired but not yet paid for	$	2,330		$	15,322
Class A Common Stock issued in connection with acquisition		—			162,558
Fair value of Myx instrument and promissory note held by Old Beachbody		—			22,618
Supplemental disclosure of noncash financing activities:
Business Combination transaction costs, accrued but not paid		—			650
Net assets assumed 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, net realizable value adjustment, transaction costs, restructuring expense, change in fair value of warrant liabilities, 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 its most directly comparable GAAP financial measure. A reconciliation of our non-GAAP Adjusted EBITDA to GAAP net loss can be found below:

(in thousands)	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Net loss	($	41,867	)	($	12,440	)	($	115,400	)	($	42,498	)
Adjusted for:
Depreciation and amortization		19,965			12,215			41,552			25,941
Amortization of capitalized cloud computing implementation costs		168			168			336			336
Amortization of content assets		7,016			3,302			13,180			6,119
Interest expense		3			305			22			428
Income tax benefit		(281	)		(10,857	)		(987	)		(11,252	)
Equity-based compensation		3,001			2,522			7,565			5,095
Inventory net realizable value adjustment (1)		10,502			—			25,436			—
Transaction costs		—			1,509			2			2,142
Restructuring and platform consolidation costs (2)		2,086			—			9,973			—
Change in fair value of warrant liabilities		(2,070	)		(5,390	)		(2,334	)		(5,390	)
Other adjustment items (3)		—			6,038			—			6,038
Non-operating (4)		5			(1,757	)		76			(3,088	)
Adjusted EBITDA	($	1,472	)	($	4,385	)	($	20,579	)	($	16,129	)

(1) Represents a non-cash expense to reduce the carrying value of our connected fitness inventory and related future commitments. This adjustment is included because of its unusual magnitude due to disruptions in the connected fitness market.

(2) Includes restructuring expense and non-recurring personnel costs associated with the consolidation of our digital platforms.

(3) Incremental costs associated with COVID-19.

(4) Includes interest income, and during the three and six months ended June 30, 2021, also includes the gain on investment on the Myx convertible instrument.

Source: The Beachbody Company, Inc.

Media

Jill Murray

Jillian.Murray@teneo.com

Investor Relations

Edward Plank

eplank@beachbody.com