The Beachbody Company, Inc. Announces Leaseback Agreement Further Strengthening Liquidity Position
March 05, 2024 at 04:36 pm IST
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The Beachbody Company, Inc. announced that it has sold its Van Nuys production facility which had a net carrying value of $4.8 million at December 31, 2023, for $6.2 million. Simultaneous with the sale, the Company entered into a five-year lease of the facility, with two options to extend the lease for a period of three years each. The Company used the net proceeds received from the sale to make a partial prepayment on its Term Loan of $5.5 million.
The amounts related to the sale of the facility and the partial prepayment will be recorded in the quarter ended March 31, 2024.
The Beachbody Company, Inc. is a subscription health and wellness company. The Company's products include digital subscriptions, nutritional products and connected fitness products. Its digital subscriptions include BOD and a live interactive premium subscription, BODi. The Company's digital platforms provide a one-stop-shop for all types of fitness and nutrition content, with brands such as P90X, Insanity, 21 Day Fix, 80 Day Obsession, LIIFT4, Unstress Meditations, Portion Fix, 4 Weeks of Focus, Sure Thing, and others. The Company's nutrition-first programs, Portion Fix and 2B Mindset, teach healthy eating habits and promote healthy, sustainable weight loss. Its offerings deliver both fitness and nutritional content, and personal development mindset content. Its nutritional products include Shakeology, Beachbody Performance supplements, BEACHBARs and Bevvy supplements and others. Its digital subscription offerings are complemented by its connected fitness products acquired from Myx.