Good afternoon, everyone. I'm Michael Kopinski, the Director of Research at Noble Capital Markets and the analyst that covers the Beachbody. The stock symbol is B-O-D-I. The shares are rated outperform. I believe that you will learn that this is a very interesting turnaround story and that the company is at a very compelling inflection point towards growth. My research on the company may be found on channelcheck.com i am pleased to have mark goldston the executive chairman we have carl deichler the ceo and brad ramberg the cfo with us today and as a reminder please feel free to send in questions on the chat section i will address as many of those questions as i possibly can and so it's now my pleasure to turn the call over i'm going to turn it over to

carl go ahead carl thanks so much and appreciate everybody for joining us today i'll give you a quick little bit of background on the business that's been running quite successfully since we formed it in 1999. But let's go to slide three, and we'll start to talk about the roots of the business. It all started with a mission of helping people achieve their goals and lead healthier, more fulfilling lives. That commitment is actually stronger than ever and serves us extremely well because the opportunity continues to expand. We're dedicated to helping people with a very specific approach to fitness and nutrition. We create step-by-step tools, so nothing random. We test everything we create so that people actually do get the results that they expect when they use our programs. And it's done with this very agile model of creating content that fits the time, opens up our reach and expands our audience and some of those brands that you might be familiar with p90x being the most famous of all that a program that started because i was looking to see what sort of results i could achieve in 90 days when as i turned 40 and uh and that when we launched p90x uh it took a little bit of time but then just absolutely achieved something that you know we could never have predicted where literally they were doing it in the White House, the entire Secret Service. We had stars talking about it on Oprah and in the halftimes of NBA broadcasts. That also led to developments of programs like Insanity, which was dubbed the hardest workout ever created, featuring Sean T. And we also combine that with a model, very unique model, frankly, that creates supplements that are highly functional and support the objectives that people have. We want people to get results with our programs so that they continue to use what the next content and the next content. And what happens is as they're getting these results, they're inspiring other people. Let's go to slide four. The origins of the business really are this model that has led to the creation of over 140 streaming workout programs, all created and tested to be step-by-step and get people the results that they expect with different genre, different modalities. We've got over 11,000 streaming videos on the platform now, including we also have six owned nutrition brands and multiple SKUs under those brands. Again, that help people with pre-workout energy. I drink my superfood protein nutrition shake every morning. And that has led to over 900 million qualified views. We're approaching a billion at this point since we launched the business, 32 or since we launched the digital business and 32 million customers since our inception and 12 over $12 billion in sales since we started the business. and that has led to a very significant market opportunity if we can go to slide five and in fact it's quite interesting it really coming out of the pandemic we saw the industry shifting and expanding at the end of the pandemic which actually required us to change to remove the limitations of our initial business model and see what we could do to capture this TAM of this unique business model that included both fitness content and nutritional supplements, which together are a $2.2 trillion opportunity. Now, I've been lucky enough to be the CEO and co-founder of the business since its inception 27 years ago. But as a public company, I realized to be able to bring the cost down and unlock this massive opportunity, I was going to need help. And that's when I was lucky enough to meet a gentleman named Mark Goldston. And I'll turn the call over to Mark as we go to slide six to talk about how we've opened up the aperture and turned this

business around. Thank you, Carl. Thanks, everybody. Yeah, I came in in June of 2023 to help Carl and Brad and the team conduct the turnaround of the company. You know, I was incredibly impressed by the assets of the company, hugely valuable. We have a fitness library that It had an outside valuation done on it about a year ago, 140 program library, which has in excess of $500 million of asset value. The brand names in that library, as Carl said, are household brand names. We have 140 titles, over 9,000 hours of video. We are essentially the Netflix of fitness. And then our nutrition business, with brands like Shakeology and Energize and Recover, we've had, you know, Shakeology is, you know, probably the most successful superfood shake ever. It's debt in excess of $3 billion of cumulative sales, over a billion servings, and over 10 million people have used it since inception. So it's never been sold in the retail market. And we're about to change that. As you can see on slide seven, we had this 22-year run of positive EBITDA company reached a peak of a billion two in revenue 135 million in EBITDA in 2015 was founded as an infomercial based business Carl was the pioneer of this whole infomercial fitness industry it then expanded into becoming a multi-level marketing company which is something that I thought we strongly needed to get out of and we put that to rest at the end of 2024 there is no more MLM. We are now direct-to-consumer. The company went public on a D-SPAC in 2021, and the valuation reached $3.2 billion in June of that year. I can candidly say that the asset value of the company today is greater than the asset value was back then, and therein lies the opportunity with the market cap hopefully getting aligned with the value of the company. Slide eight will show you that, you know, post-IPO and COVID, you know, the entire fitness industry started dealing with these headwinds. The MLM model was absolutely something we knew we needed to get out of. It carried 40 to 55 percent commission structures, which means that you had to artificially inflate the price of your product so that you could afford to be able to pay these ridiculously high commissions. So the goal of the turnaround was to get out of that business and get into more of a direct-to-consumer business, which is where the world was moving. So as I said, December 24, we disbanded that. Now we have an omni-channel strategy, direct-to-consumer through our website, Amazon and marketplaces, an affiliate program, which is essentially like having an influencer program where you pay people for referring them to your brand. And then starting at the end of this quarter and into next quarter, we will have a brick-and-mortar retail distribution strategy, taking these brand new supplements we've created under the P90X brand name and a new derivative form factor for our Shakeology brand and taking that to retail into food, drug, mass merchant, big box, club stores, and convenience stores. On slide nine, what you can see is the company has basically not only done a turnaround financially that you can see in the numbers, but we've re-architected the entire business. We went from well over 1,000 people to 300 people in four years. Our break-even level at EBITDA was $900 million before I joined. We've now gotten that down to $180 million break-even. So we've had a $720 million reduction in our EBITDA break-even level in less than three years. We've taken our sales and marketing expenses way down from the mid-50s to the low-30s. But what's interesting is that we're actually spending more money on actual working media. We were able to take the other expenses out, which were related to the former MLM business model. When I came in, we had a $50 million debt load that was paying 28.5% interest. We've restructured that out of Blue Torch Capital now with Tiger Finance, and it's only $25 million in debt, and our interest rate's down to 15.5% all in and only 13.2% on a cash basis. Next slide. Essentially, what we told people was this was going to be a three-year turnaround financially, and then in 2027, we'd start to roll out innovations. I am very happy to announce that we are a year ahead of schedule. So the financial turnaround happened a little over two years instead of taking three, as you can see. And Brad will talk about this impressive performance that we've had. But we are a very profitable company a year ahead of schedule. So we were able to open up this innovation pipeline that we've developed a year earlier, which is 2026. The first program that we launched was done several weeks ago, which was designed to go after the 185 million American adults who do not exercise, who are overweight and sedentary. So in addition to the 40 million people who do exercise, and we've got our massive fitness library for them, we've now developed something to go after the people who don't exercise without making a six-pack ab and a big arms approach, but talking about getting their blood pressure down, their cholesterol down, their blood sugar down, eliminating their sedentary lifestyle. And we've created the 10-minute body, which is a series of over 400 individual workouts under muscle, core, fitness, stability, beginner. And it's easy to do. It's 10 minutes a day. You can do it in your own home, and it's $10 a month. And our goal is to get everyone in America moving to get them healthier. The next innovation pipeline that came out, which was three days ago, was the launch of the new P90X program. First time in 15 years, there's been a new P90X program with a new trainer. His name is Waz Ashire. We call him our new James Bond of fitness. And we're super excited because as you know, P90X is the best-selling name in the history of the fitness market. In addition, at the end of this next month in March, we will be creating a line of nutritional supplements and energy drinks under the P90X Insanity brands. The P90X brand will launch on our website end of March, early April, and then appear in retail stores throughout the second quarter, taking advantage of these billion-dollar brand names we've got and taking them into nutritional supplements. And we'll be running a test market later this summer using the P90X and Insanity brand names in the energy drink category with very innovative packaging and innovative formulas designed to give us an incremental business. So you're now going to see the omni-channel strategy in all of its glory have come to fore, where we've got the direct-to-consumer business, the marketplace business, the affiliate business, and now we'll have a brick-and-mortar retail business taking our billion-dollar historical brand names to retail. In addition, we'll be launching our Shakeology brand for the first time ever in retail stores over the next 60 to 90 days. Slide 11 shows you this is what the P90X Insanity and Shakeology supplement lines look like. You can see very dynamic packaging. All of our P90X products feature an X factor, which is a unique ingredient in each specific product designed to drive more effectiveness of those products. And then Insanity, you can see how that approaches. And Shakeology, right on the packaging, it says over a billion servings sold. It's a seven-serving size, $39 retail price point. Right now, we sell a 30-serve bag for $130. So this is really going to open up the opportunity for us and really get the retail market focused on the original superfood protein shake. So what you're going to see is an entirely new arm of the business when we go through 2026, which will be this retail component. Slide 12, Brad. And then this P90X Generation Next. We're going to be in New York next week on Thursday for a big press day, talking about the launch of this brand new P90X program that launched on February 3rd and then unveiling our P90X nutritional line. I mean, it is an amazing business. It's cumulatively had over a billion in sales, probably 20 or 25 million people have used it. And what we're going to be doing is on all of our retail packaging, we're going to have a QR code where the consumer can scan it and we will give them free access to our exercise programs as a result of them being a purchaser of the new P90X nutritional supplements at retail. So great way to do cross-marketing. Next slide, Brent. So the turnaround is a year ahead of schedule. We've had eight consecutive quarters of positive EBITDA. We've been pre-casual positive throughout the entire year. Company reported net income in Q3 2025 for the first time since the IPO in 2021. And that's why we're now able to open up this impressive innovation pipeline and hopefully end of 26 and into 27, try to return to being a top-line growth company, take advantage of the massive operating leverage we've built into this P&L, which will allow us with a 25% increase in revenue to get a doubling of our EBITDA should we be fortunate enough to have those accomplishments. And now I'll turn it over to Brad, and he'll take you through the specifics of the financial program.

Brad. Hi, Mark. Thank you, Mark. Thank you, Carl. Now I'd like to talk about some of the literally fantastic milestones that we've achieved over the past four years or so first is on our revenue breakeven literally in 2022 we needed to do 900 million dollars of revenue to break even on an EBITDA basis in 2025 that number is 180 million dollars that's a 720 million dollar reduction in revenue to break even on EBITDA. Free cash flow. In 2021, we had negative free cash flow of close to $300 million. In the first three quarters of 2025, we had positive free cash flow of over $13 million. That's over a $300 million improvement in free cash flow between 2021 and 25. Adjusted EBITDA. In 2021, we had negative adjusted EBITDA of over 86 million dollars, negative 86 million dollars. In the first three quarters of 2025, we had positive adjusted EBITDA of almost 18 million dollars. That's about a 104 million dollar positive swing in adjusted EBITDA from 21 to 25 and then importantly net income in 2021 we had negative net income of about 230 million dollars and in 2025 year to date first three quarters we had negative 8.1 million but our net income in q3 of 2025 was 3.6 million positive that is our first net income positive since going public in 25 so you can see the results of our financial turnaround over the past couple years and that shows why we are locked and loaded and poised for growth so now i'll turn it back over to mark to to summarize some of the turnaround highlights and then we'll we'll open up the questions thanks brad so yeah essentially we've got a roughly 34

million dollar cash position at the end of september which are the first time in a long time it's substantially above our 25 million dollars of debt our annual debt service is only a little bit over three million dollars eight consecutive quarters of positive adjusted ebitda of 49 million nine months of 2025 which is what we've reported 17.9 million of cumulative ebitda nine months of free cash flow has been 13.1 million which is impressive milestone for the company our nine months net income was negative 8.1 but as brad said in q3 posted our first positive net income quarter since 2021 when we went public of 3.6 million and essentially our revenue break even as he said down 720 million to 180 million which is why we have such massive operating leverage that we built into this pnl in the two and a half years of this turnaround and of course the reduction in sales and marketing down to 31.9% from 53.3, but with more actual working media spend. So an impressive two and a half year run. Now our next step is to focus on the innovation pipeline. And this is what we talked about. So we've got our super trainer curated collections at 10 bucks a month. The 10 minute body program just launched. P90X launched this week. The nutrition line comes out at the end of March. Shakeology and P90X and Insanity will start to appear at retail throughout Q2. And we're really excited about the other things that we've got even in down the road in advance of that. So with that, I'd like to turn the call back over to Mike who can ask us a couple of questions and then open it up to anybody in the audience that might

have questions for us. So I'll turn it to you, Mike. Thank you, Mark. And I think everyone could agree that you have a very impressive turnaround there um obviously you just announced that uh the new p90x release and i was just wondering if you can give us any initial reads on the demand that you see for the product and then any additional color that you can add there obviously you said that you're going to have some additional color next week on your unveiling but um if you can add any additional highlights in terms of your sponsorships, maybe broader opportunities on

your sponsorship opportunities there as well. Well, the launch is less than 48 hours old. So I probably still do a workout. So not much to report on that yet. But listen, we have high hopes for it. It is, you know, it's really interesting as a marketer, when you can launch a product that's got a 62% aided awareness level in the consuming public. More than 20 million people have used it in its history. I mean, and you're walking in with now a brand new trainer and a brand new set of workouts that's designed using modern scientific backed exercise techniques. Not that the old techniques don't work because muscle confusion, all of that still works, but this has really been modernized and we're going to get a whole new generation of people to do P90X, which is why we have the name P90X Generation Next. So the partnerships will evolve as the word grows that this new P90X program is here and it catches on virally. And then of course, Michael, we'll back that up with the retail launch of these nutritional supplements and the media value that we will get from being in retail stores on shelf with P90X products, coincident to the launch of the new P90X program with the QR code cross-marketing benefits, I mean, we're set up for success.

And what's interesting is that you said that the supplement line, the P90X supplement line was going to debut in March, and it sounds like you're going to be announcing that next week. The next phase was going to be retail distribution and select major retailers and so forth. Anything that you can highlight there?

Yeah, well, we are with the largest broker company in America, which is Advantage out of St. Louis. You know, they work for companies like PepsiCo, Unilever, Procter. They're out selling the product for us. As you know, the retail market, you sell it into the buyer. Then they have to do a new planogram once or twice a year to outfit the section. then you fill their distribution centers, then you appear at retail. So it's a whole process. That process is well underway. And we're waiting to get responses from the buyers who have seen the product line are excited about as to when we can get in those stores with the new planograms, fill the DCs. In the meantime, we're not waiting. So the end of March, we're taking this direct to consumer on our website to our 8 million people in our former user database. and to the almost 1 million subscribers we have currently to let them know that we now have a product line that sells from $15 to $35. We have always sold supplements from $50 to $130. So now because we don't have an MLM anymore, we're not paying 50% commissions, we can sell a whole line of world-class products at popular price points, which will also set us up for success on Amazon, which is, you know, typically does 20 to 30 percent of any supplement company's business. We can now give a killer brand name, world class formulas and popular price points for the first time ever.

Yeah. And just taking a question from the audience here, they they highlight that the shake market is becoming very competitive and they want to ask you to differentiate your shake. And then along that line, you might want to just talk a little bit about your retail distribution timeline for Shakeology and just add a little color there.

Well, one of the reasons, thankfully, that the market has gotten competitive is because Carl and his team were the pioneers of the market with Shakeology 15 years ago. And that's why we've had over a billion servings. So people kind of got on to the fact that this is probably a big idea. The difference is the majority of the retail market is selling protein powders to make protein shakes. What we are is a superfood shake with 17 grams of protein. So we've got almost 20 different ingredients in there. So that what we say is for 140 calories, you get all of your vital nutrients for the entire day. We don't suggest that you follow this other plan I'm about to say. but if you ate fast food for lunch and qsr food for dinner but you had your shake in the morning as carl does it shows you every day that 140 calorie shake would have given you all of your vital nutrients so if you ate junk food at lunch and in dinner you would still have your daily vital nutrients because of shakeology that's unique nobody else does it and we walk into a retail environment with a seven-serve bag at $39. We normally sell a 30-serve bag for $130. So we walk you with a brand name that's had 10 million users, over 3 billion in sales, over a billion servings, and it's never been available in a retail store until now.

One of the things, if I can, one of the things that I've found really interesting, particularly in the last six months, when we disbanded the MLM to sort of take the limitations off the business, because so many people won't buy from a network marketing organization. So to open that up and really get that TAM, obviously, the people who were originally in the network went off and started to look at other shakes and other nutrition companies. And I am blown away at how many of them have come back, even though we don't have the same business opportunity and i think the difference here from a competitive standpoint is the rigor that we put into sourcing ingredients you can actually feel i drink this every day and not as a demonstration of product loyalty but because i eat like a third grader i'm actually mark's example of a guy who if i didn't have this i wouldn't get the greens i wouldn't get the fiber the prebiotics probiotics and superfoods into my diet and i'd be a 62 year old very different looking human being and it's because the team is so vigilant about this quality we'll have many competitors but very few people in fact none that i know of in the market that you can actually feel the substance the clean energy and get the benefits to your gut microbiome and digestion that this product has delivered for over 15 years. That's why it's so exciting that a product that's sold over a billion servings because people loved it is now leaving the walled garden and going into retail. And that we believe is a massive opportunity with a brand that's known well enough that it will stand apart on the store shelves. So it's a very exciting time.

I'm gonna add on to Carl's thing, Michael, and this is really important. When we've lost people, when they've churned off of Shakeology. A big reason that they said was, look, it's a 30-serve bag, it's 130 bucks. You know, that's, for me, every month, that's a lot. And I don't necessarily take it every day, even though I ought to. So they have stuff left over. We've now created a seven-serve that's designed for retail distribution. It's only $39. You know, Albertsons isn't gonna sell a $130 30-serve bag. So we're gonna go to all the people who said, boy, I wish I could get a smaller form factor, and I wish I could spend less money on it. Well, now we're going to have a $39 product in supposed to $130 product, and we're in a whole different realm. So the 10 million people who have used Shakeology historically, if they left because of form factor and price, we've solved that problem. I think that explains it very well.

We're running out of time, but I want to give you the opportunity, Mark, to summarize and have some

closing comments my closing comments are that this turnaround has been phenomenal ahead of schedule uh i cannot understand for the life of me why the company has an 80 plus million dollar market cap when you know it's got this incredible performance balance sheet and brand names but that therein lies the opportunity we're excited about the future we're all about execution and as maverick as we are as marketers and innovators that's how conservative we are in terms of our financial custodianship of this public company and i want everyone to understand that and that's what you'll

see from us going forward thank you mark and that is all the time we have i want to thank the management of beach body and thank all of you for your participation again for more information and research reports on the company please go to channelcheck.com thank you everyone thank you noble