Beachbody Company, Inc. (BODI): restructuring charge — Beachbody transitions from MLM to affiliate program, cuts workforce by 33%, lowers revenue break-even to <$225M

Beachbody Company, Inc.

Workforce reduction of ~33%; expects $6-8M cash severance charges in Q3 2024, $11M non-cash charges in Q4 2024.
Overhead savings of $54M on annualized run-rate; revenue break-even point lowered from <$430M to <$225M.
President Michael Neimand's position eliminated in connection with pivot; he declined alternative role.
Reaffirms Q3 guidance: rev $97-107M, net loss $9-13M (excl. restructuring charges), Adj EBITDA $2-6M.
New affiliate program launches Nov 1, 2024; MLM network to wind down by Jan 1, 2025.

item 2.05 item 5.02 item 7.01 item 8.01 item 9.01

Executive movements

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Departed

Michael Neimand

President

BODI · Beachbody Company, Inc.

Effective: 2024-09-30
Filed: September 30, 2024, 7:59 PM ET

On September 30, 2024, Michael Neimand, President, Beachbody, was provided notice that his position was being eliminated in connection with the Pivot and decided not to take an alternative position as offered by the Company.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Michael Neimand departed as President at Beachbody Company, Inc..

Action: position eliminated
Role: President

Exact text from the filing

On September 30, 2024, Michael Neimand, President, Beachbody, was provided notice that his position was being eliminated in connection with the Pivot and decided not to take an alternative position as offered by the Company.

View on SEC.gov

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Beachbody Company, Inc. announced a restructuring with charges of approximately $11 million in non-cash charges affecting accelerated depreciation for certain assets.

Type: restructuring
Charge: approximately $11 million in non-cash charges
Affected area: accelerated depreciation for certain assets

Exact text from the filing

The Company estimates approximately $11 million in non-cash charges to be recorded primarily in the fourth quarter of 2024 related principally to accelerated depreciation for certain assets that are not expected to be used by the Company after December 31, 2024 due to the Pivot.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Beachbody Company, Inc. announced a restructuring with charges of approximately $6 - $8 million affecting workforce reduction (approximately 33%).

Type: restructuring
Charge: approximately $6 - $8 million
Affected area: workforce reduction
Headcount: approximately 33%

Exact text from the filing

the Company intends to reduce its workforce by approximately 33%. As a result of the Pivot, the Company estimates that it will incur aggregate net cash charges in connection with the workforce reduction of approximately $6 - $8 million, which relate primarily to employee severance under a one-time severance program and will be primarily recorded in the third quarter of 2024.

View on SEC.gov

1 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

Beachbody Company, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-24-229116

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