By Karen Roman
The Beachbody Company, Inc. (NYSE: BODI) said it had first positive free cash flow for the first time since going public– a sign that its turnaround plan is ahead of schedule.
Free cash flow in the first quarter was $7.4 million compared with a loss of $11.3million in in the first quarter last year, it said.
The company also reported adjusted EBITDA of $4.6 million, exceeding the midpoint of the firm’s EBITDA guidance.
“We have had an excellent start to 2024 and for the remainder of the year, we will continue to deliver against the objectives in our turnaround plan,” said Carl Daikeler, BODi’s Co-Founder and CEO.
Total revenue reached $120 million in comparison to $144.9 million in the same period of 2023, it reported. The company said digital revenue was $61.5 million in contrast with $64.8 million in the prior year period.
Total operating expenses were $92.1 million in Q1 2024 related to $118.8 million in Q1 2023, BODI said. Operating loss decreased $16.6 million to reach $10.8 million in contrast to $27.4 million in the same period of last year, a 61% decline, the company noted. As a result, net loss decreased by 51% reaching $14.2 million against $29.2 million in Q1 2023, it stated.
The first quarter saw cash from operating activities reaching $9.1 million in relation to $7.9 million cash used in operating activities for Q1 2023, BODI said. Also, cash from investing activities totaled $3.9 million in contrast to $3.4 million cash used in investing activities in Q1 2023, the company reported.
“We made a concerted effort to improve our liquidity position,” said Marc Suidan, the company’s Chief Financial Officer. This represents approximately a $10 million improvement in our liquidity in one quarter.”
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