Beachbody Company, Inc.
For the period ended Aug 10, 2026. Filed Aug 10, 2026.
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Aug 10, 2026 · Filed Aug 10, 2026
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EX-99.1 · Adjusted EBITDA
Adjusted EBITDA
We use Adjusted EBITDA, which is a non-GAAP performance measure, to supplement our results presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). We believe Adjusted EBITDA is useful in evaluating our operating performance, as it is similar to measures reported by our public competitors and is regularly used by security analysts, institutional investors, and other interested parties in analyzing operating performance and prospects. Adjusted EBITDA is not intended to be a substitute for any GAAP financial measure and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry.
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 tax provision, equity-based compensation, restructuring costs, and other items that are not normal, recurring, operating expenses necessary to operate the Company’s business as described in the reconciliation below.
We include this non-GAAP financial measure because it is used by management to evaluate BODi’s core operating performance and trends and to make strategic decisions regarding the allocation of capital and new investments. Adjusted EBITDA excludes certain expenses that are required in accordance with GAAP because they are non-cash (for example, in the case of depreciation and amortization and equity-based compensation) or are not related to our underlying business performance (for example, in the case of restructuring costs, interest income and expense).
The table below presents our Adjusted EBITDA reconciled to our net income (loss), the closest GAAP measure, for the periods indicated:
| Three months ended June 30, | Six months ended June 30, | |||
|---|---|---|---|---|
| (in thousands) | 2026 | 2025 | 2026 | 2025 |
| Net income (loss) | $1,384 | $(5,900) | $3,670 | $(11,648) |
| Adjusted for: | ||||
| Loss on debt extinguishment (1) | — | 2,166 | — | 2,166 |
| Depreciation and amortization | 1,946 | 2,022 | 4,174 | 4,910 |
| Amortization of capitalized cloud computing implementation costs | 347 | 38 | 384 | 75 |
| Amortization of content assets | 1,300 | 2,289 | 2,669 | 5,018 |
| Interest expense | 1,009 | 1,268 | 2,023 | 2,833 |
| Income tax provision | 118 | 101 | 150 | 146 |
| Equity-based compensation (2) | 1,285 | 2,015 | 2,403 | 3,741 |
| Restructuring (3) | — | 2,492 | — | 2,492 |
| Change in fair value of warrant liabilities | (519) | (1,558) | (328) | (869) |
| Non-operating (4) | (219) | (301) | (535) | (519) |
| Adjusted EBITDA | $6,651 | $4,632 | $14,610 | $8,345 |
1 The three and six months ended June 30, 2025 represents the loss related to the $17.3 million debt extinguishment that the Company made on May 13, 2025.
2 Includes benefits due to the modification of stock awards of approximately zero and $0.9 million for the three and six months ended June 30, 2025, respectively.
3 Includes post-Pivot restructuring expenses, primarily termination benefits, of $2.5 million for the three and six months ended June 30, 2025.
4 Primarily includes interest income.
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