Great. Welcome, everyone. Thanks, everyone, for joining us in person and on the webcast. My name is Bernie McTernan, Needham and Company, internet equity analyst. My pleasure to introduce the team at Beachbody. We have Marc Suidan, CFO. He's gonna run us through about a 20-minute presentation, and then we will take questions. If you have questions in the webcast, just email me. But if not, or without further ado, I'll turn it over to Marc. Thank you, Bernie. Great to be here today. Thanks for hosting us. All right, so, like, like you said, I'm the CFO of the company. I joined two years ago, the company de-SPACed in 2021, and I'm part of a turnaround team. Let me... First of all, just putting the forward-looking statements. I mean, all our filings are, check our SEC filings are all on our website. So we're all in good shape there. So presenting BODi, we're in the process of rebranding to BODi, just who we are exactly. We're, we're usually known for one of our programs. We did, like, P90X. I mean, if you ask anything, anybody what's a fitness home fitness program, they know most people recognize P90X. We actually have 120 of those. Similar to P90X, we have 120 different programs. That drives about half our revenue. We also have about half our business that's nutrition supplements. I'll walk through that shortly. And we also have a connected fitness bike. Our trailing twelve-month revenue is $556 million. We have 1.6 million paying subscriptions. We run at 59% gross margin, so very healthy gross margin. We operate in four countries, mainly U.S., big in Canada, and also U.K. and France. Incredible track record of being EBITDA profitable. And we've impacted, since we started, over 30 million people. That's consumers that have joined us, since we started. Since 2016, when we launched our streaming app, we've streamed 786 million sessions. So management team, we're led by Carl Daikeler, our co-founder and CEO, a visionary in the industry. So pretty much a category definer of what's called the home fitness, as well as, he's, you know, the creator of Shakeology superf ood health shake. So a very visionary guy. Mark Goldston, our executive chairman, an experienced turnaround expert, actually written a book called The Turnaround Prescription. He's worked in private equity, e-commerce. He currently now is also the co-founder of Athletic Propulsion Labs. He's got an incredible track record in consumer products. Myself, I've been a CFO at startups, before. I spent 17 years in the consulting world, helping companies through M&A and transformations. Michael Neimand, a network marketing expert, is the president, and Kathy Vrabeck, an experienced executive in the digital world, including Electronic Arts and Activision. So key metrics about the business to understand it better. When I said half our business is roughly nutrition supplements, that is- that takes two forms. We have people who are on recurring subscriptions. We have 177,000 of those. That business runs at 55% gross margin. We have eight brands of products I'll walk through shortly. The average order value of those 177,000 subscriptions is $83. So while the subscriptions there is a lot lower than digital, you know, when you multiply that by 12, that's a very different value of a customer profile, and we have over 30 products I'll walk through shortly. The digital side of the business, and by the way, it's all one connected ecosystem, is 50% of revenue, 1.4 million paying subscribers. That runs at 75% gross margin. As of... In Q3, we had 23 million streams of the 120 programs. We also have independent workouts. Some people like live on-demand workouts. There's 8,500 of those. Our average monthly retention rate is 96%, and the average user, active user, did over five workouts per month. So I walked through briefly each business. Let me deep dive a bit on each one. On the nutritional side, we have four major categories. The first one is what we call our superf ood health shake. It's everything you want to take on a daily basis in terms of superfoods packed into a health shake. This was created 12 years ago. It has 42% aided brand awareness, which is very powerful. We also have the classic all sorts of supplements like collagen nootropic things that you take in the morning to naturally improve your immune system and be more focused and aware without caffeine. So we have all sorts of those kinds of things. We have what we call clean energy and hydration, as well as the stuff you take after a workout, like protein supplements. Those are huge markets. And then we have what I'd call healthy snacks, like Beach Bars, is what we call ours. Very low sugar, high fiber, around 10 grams of protein. On the fitness side, I talked about 120 programs. I mean, that's... You know, some of you may be aware of some of the ones we've done, like 21 Day Fix or P90X or Insanity. So that's a very unique thing we do because it's very different than just joining and doing a workout and then disappearing. It's people who follow a program. A program could last four weeks or eight weeks or 90 days, but it's a sequence of step-by-step that really whoever joins it and does a program, at the end of that program, they could feel and see their physical transformation in their body. So it's a very valuable asset that we've developed over the time and consider a competitive mode, 'cause nobody seems to be developing similar programs. In 2023, we launched a revamp of our digital app. That's available in the App Store and on Google Store, as well as Roku and all sorts of media, and it was rated the number one fitness and workout app by CNN for 2023. And they tested against pretty much all the ones you see on there. So it just says that whatever we launched was very powerful and very well-received by consumers. 'Cause while our price increased in 2023, our monthly retention rate stayed the same, so that tell you people received it really well. We're heavily focused on cash flow. When you wanna understand the business, I mean, clearly, we roughly speaking, when you look at revenues, 2019, we were $755 million in revenue. The business peaked during COVID times 'cause everybody was working out at home. It's contracted since. When I look at that 2019 revenue and the related EBITDA, EBITDA was $78 million. So when I say we have a history of being profitable, I'm really not going back 15 or 20 years. That's like a pretty recent history. So right now, we're reshaping the business to go back to what it was just pretty recently to produce that 10% EBITDA, and we've been making big strides in that, and I think that's best reflected in the cash flows. So when I take the cash used in operations and investing activities, if I look at 2021, it was 340 million. In 2022, we cut that back to 73 million, and in 2023, year to date through Q3, that was down to 24 million. So you could see a very aggressive decline in cash use. If we double-click on the 2023 one, then you could see even by quarter, it's been coming down as we head to, into 2024, where we wanna make it cash flow positive. If I look at our current operating model and where we want it to be, nutrition gross margin is currently running at 55%. It actually used to run not too long ago at 65%. Largely because of scale, it went down to 49, so we got it back up to 55. Our aim is to get it to 60. Our digital gross margin was running, just two years ago at 87% gross margin. It's at 75 now. Largely a scale issue, 'cause once you produce your content, you amortize it over whatever revenue base you got. So our aim is to get it at 80 or above. You can look at the blended gross margin, currently 59%. We should be in the high 60s is our aim. Sales and marketing in 2023 was mid-50s. We announced some changes to our sales and marketing programs, where in 2024, it should be at 45%, so that's a 1,000 basis points improvement. So if you think about our trailing twelve-month revenues of 556 million, that's a $55 million benefit to the bottom line. Our tech and G&A, despite declining revenues, we've been able to maintain that as a percentage of revenue and even bring it down. It's currently at 26%, and we aim to keep the combination of those two at 20%-25%. That's how we plan to set ourselves to be positive. Our aim is to be positive in net income, GAAP net income, EBITDA, and free cash flows. So the how we're doing it, our turnaround story, we have three key pillars. The first one is cost reduction on the left-hand side. The aim there is to dramatically reduce the break-even point of the company. So we've achieved 165 million by the end of 2023 in cost savings over our 2021 cost structure. So that includes fixed cost and CapEx. New digital platform. I spoke about launching a new digital platform. It was rated number one by CNN, so that's very powerful. So we were very successful while cutting back costs to release a revamped platform that drove the best consumer experience. And now we're really focused on this third one, which is all white here, the sales and marketing. That's where I said, in addition to the 165 million, there's this 1,000 basis points improvement that we just deployed. The way we're doing that is we launched in November a premium model, meaning people that when we advertise, come to our website, we convert 2%-3% of them into paying customers. That's the industry standard if you Google it. So here, what we wanna do is capture the other 98% so that we engage them in a free model where they get to sample each of our 120 workouts, and then we get to convert them to paying customers. So that launch in November, it's having good success. We're driving a very aggressive win-back campaign. Past customers or prospective customers, we have a database of 14 million people. If you could imagine the marketing spend to build a database of 14 million people, it's massive. Industry standard is around $100 per user. That's $1.4 billion spend we don't have to do 'cause we have those people in that database. So we're running campaigns to reactivate these people, so that's reactivating customers at no customer acquisition cost. We're enhancing our performance marketing to convert people better. We've launched things like refer a friend, gifting, and new affiliate models. So that's all been launched. Amazon, we are on Amazon, but not in a very proactive way. So we just selected a new partner that's considered a very high-ranking agency in positioning products on Amazon, better placements, better descriptions, and really understand the data science behind how Amazon works. So a big focus on Amazon going forward, digital rights. Right now, we're a streaming business. You subscribe, you get access to everything. So we're launching in a few month, a process in which you could actually, if you really like one program, and you don't want to subscribe to anything else, you could buy that program. So it's a new business model we're launching in a few month, and we feel there's a lot of latent demand for that. And then our e-commerce experience as it relates to nutrition hasn't been best in class. We're running through a transformation now, where we're going to improve the digital experience, so we can improve the attach rate of nutrition to digital streaming. So you saw we have 1.4 million digital streamers and 177,000 nutritional subscriptions. We feel the best way to drive that out is improve that attach rate, so we're revamping our whole e-commerce site, so we could do just that. So recent development, I spoke about a reduction in sales and marketing. That's largely from developing new models, where people come in at a lower customer acquisition cost. And also, we changed our affiliate program and compensation models, where we'll have a lower payout. We also, in Q3, announced that Brendon Burchard would be a chief growth and performance advisor to our network of partners that sell our products. He's considered one of the world's best high-performance habits authors and speakers. And so when you add that, that all up, combined with the fact that Q1 is a busy fitness season, you know, we should be in pretty good shape to turn cash flow positive pretty soon. When you step back and you look at the TAMs, the nutrition supplement TAM is a massive TAM and is growing. So the repositioning of our e-commerce platform and selling it better on Amazon, should turn that business into growth mode. As it relates to digital streaming, you could see between Q2 and Q3, it remained pretty flat, so we've stabilized on that front. And then, you know, during COVID, people were working at a lot of home. Post-COVID, like I said earlier, people wanted to be outside. Now, we're returning back to what's called the normal pre-COVID situation. We should see healthy growth in that, in that TAM come back now, and it's expected to grow quite dramatically in the next 10 years as a TAM. When we think about the big franchises we've built over time and how they reach a cumulative of $1 billion in revenue, so we're very well known for P90X. That actually took 17 years for us to, you know, derive an accumulative of $1 billion out of it. Shakeology, seven years. And then Beachbody On Demand, the streaming service, six years, and the BODi platform we launched this year, we're aiming to accelerate that further. So we got a track record of launching franchises that deliver a billion-dollar plus in cumulative revenue, and every time, we got through it faster. Another thing that helps us really with our reach to customers at a low customer acquisition cost is we could reach 20 million people on social media without having to pay customer or marketing spend, sponsored spend, either through us, our company handles, or our super trainers, or our top affiliates. When you step back and you think about the underlying value of the assets, like I said, with the kind of library we have of 120 programs that touch everything from yoga to weightlifting to cardio, anything you want, kind of, for different types of users, it's a very powerful asset. I mean, building that for us cost over $500 million. So if anybody wants to do it, let alone have 120 ideas and the capability in an in-house studio, it's not just a money thing, it's just, it's really hard to do. And we've seen lots of players join in the industry and eventually quit out 'cause it's not easy to produce amazing content. The nutrition business, I mean, roughly running at the past 12-month $270 million run rate at 55% gross margin is a very attractive business. So our two main business lines are really nice gross margins, which we believe, with the lower break-even point, makes this a very attractive business. A database of 14 million past customers, like I said earlier, incredibly powerful to reactivate people with no customer acquisition cost. Like I spoke about, an incredible reach to 20 million people at a press of a button. We've obviously accumulated a lot of net operating losses, so as this industry continues to restructure, there'll be opportunities in the future to utilize those, and we believe that's a big asset as well. So with that, I included also the net loss to EBITDA slide, so everybody understands the GAAP to non-GAAP data that's in there, but it's all in our SEC filings. So with that, I'm going to open it up- Yeah. Bernie, to questions. Yeah, great. Thanks, Marc. That was great. So if anyone has any questions in the room, we can get to them, but maybe just to start, I have a couple. So this path to profitability, you know, the execution or the plan seems to be mostly focused on the cost side. What's the potential for, you know, revenue to play into this? And especially when, I think it was slide eight or nine, when you have that 20 basis or, yeah, 20-point swing in EBITDA margins, I mean, revenue is a lot higher. Like, can you get back to 10% margins at this, at this revenue base? Or, you know, how investors should think about long-term margins. Yeah. I mean, by dramatically lowering our break-even point, Bernie, right? We've restructured the business so we could deliver on that at this size. Frankly, if we were to go back to the 2019 number of 755 million, our EBITDA wouldn't be 78 million. It'd be well in excess of 160 million, based on the current cost structure. So we've created a lot of operating leverage. And the sales and marketing initiatives we're doing... So if you notice, like, the, you know, the transformation slide, if I go back to it, had three elements, right?... The cost reduction is done. We're doing more, but it's largely done. The new digital platform is done. Now, really what we're focused on sales and marketing, so that's also about bringing in new customers at a more efficient sales and marketing. That helps both the bottom line, but also stabilizes and gets the revenue back into growth. Right. Okay. The price increase, just elasticity in the industry is something I think is really interesting because you have, you know, these workout classes where it might be $50 per class. And then you have, you know, services that are, you know, $40 a month or something like that. How do you- And then, and then you also, you know, you can go on YouTube and get workout classes for free as well. So just how you think about just elasticity of the industry and, and the ability to continue to take prices, it seemed like retention was, was quite strong. Yeah, look, I mean, when we revamped the platform, before that, we had a more affordable version at $99 a year, and we had a more expensive one at $300 a year. So when we launched this new one in March, we said: "Let's just create one new one." We gave it an annual price of $180. The fact that monthly retention did not change before and after that launch of the price change just tells you customers accept the new price and see the value in it, which is a very good sign. And then what it helps you do from a customer acquisition cost standpoint is, frankly, it gives you more budget to spend on marketing and be cash flow positive from the get-go with that consumer. So it's been very helpful from that standpoint. And, you know, it, it also gives you flexibility to run promotions. When you're at $99, you can't run promotions. And even at $180, keep in mind, it is 50 cents a day, so it's still incredibly affordable, when people are seeking solutions from, you know, $1,000 a month for a GLP-1 or high-end gyms at $300. So when you think about the consumer feeling very tight, this remains a very viable solution to them. Right. And then off that, the freemium, product or subscription. I don't, I won't call it subscription, but freemium- Yeah ... product. How do you think about what's the right amount of content to put in there? 'Cause, you know, obviously, the whole point is to drive conversion at some point. So, and how you guys think about conversion? So it's a good point there, right? 'Cause like you said, there's no shortage of content out there. Our aim of that site is to give people a taste of the 120 different types of programs we have, so they could find something they like. Once they find something they like, then they could unlock it and pay. Currently, the only thing you could do is become a subscriber. Eventually, in a few months, you could frankly buy the whole program and just own it. So that's our—I think that's our advantage, is because we have these programs, you're not just doing one workout, then you feel good about it, then you don't know what else you want to do. It means you like it, you see what it could do for you, so you could, you know, either subscribe or buy that whole program. So it's meant to really give people a taste of each of the 120, so they could jump in and do more. Got it. Perfect. You guys are in four countries right now. What's the opportunity to go global? And like, I always think, you know, if you're just, you know... I remember the day that Netflix flipped the switch, and all of a sudden, they were in 126 countries worldwide. I mean, how hard is that to do, just from, like, an operational standpoint, and is that on the roadmap in the coming years? Yeah, I mean, so we have a digital and a nutrition side. Obviously, nutrition side, you need labeling, attention, and permits, and approval, and supply chain, so it's a bit more complex there. But on the digital side, as you know, it's not that hard, right? So it's just a question of, we already have three languages. We have English, French, and Spanish. So if you don't want to incur additional cost within those three languages, where could you start off, and make sure we got the right time and bandwidth to flip those switches? And then you got to do some performance marketing in those markets. So that should be an easier path that we'll eventually do, versus nutrition. And then, and then when you start thinking about other languages, that, that's where you got to double-click on the analysis, 'cause then you got to, you know, either produce new content or dub your existing content. But at least within the three languages we have today, I think there's a huge opportunity to get into a lot of markets- Right ... with very low spend. Okay. Yeah. I have two questions. Okay, one, they're kind of separate. One is, can you give a little bit of backdrop to being a SPAC and how that happened? And then my other thing relates more to the content. Who really is your demographic, the young or the older, like? Yeah. Well, on the first one, at this point, we're a public company, like any other public company. Obviously, there was, I think some 200 SPACs in 2021. And SPACs have a cloud over them 'cause a lot of them were underperforming or didn't have a lot of revenues, right? I think in our case, I think we've got the size, we got the scale. It's a bit of a different story. We had been around for already 23 years at that time, and we're profitable for most of that time. On the number two, demographics, I mean, it's funny, our demographics, if I go 15 years ago, at the days of P90X, it was largely male. And then, as we got into programs of 21 Day Fix, and so on, it turned to a largely, I'd say, the ideal stereotypical profile is a young mom, right? Just had kids, very tight on time, and needs to get fit after after pregnancy. That would be the stereotypical one. The market is equally of equal size on both fronts. So we are starting to, I'd say, revamp our efforts to target the male audience, 'cause we feel like our marketing had largely neglected that. So right now, we're bifurcating our marketing, so we attract both, 'cause we feel there's a really huge opportunity to rebuild the male side, 'cause there's no new content required. We have all sorts of weightlifting programs, which is very popular among men, as an example. Yep, in the back. I'm curious, who is there an agent of change in the leadership? Because there hasn't been much turnover, so who's sort of driving this now? How did it get, you know, what happened that the same folks didn't see this as an issue spending-wise, and just walk us through the catalyst that are pushing this? Well, of the five people we presented, three are new. Okay. Right? So that- So, the Executive Chairman joined in June. Ah. I joined two years ago. The Chief Operating Officer joined three years ago. So we're all, I'd say... I'd say we got a pretty healthy mix geared more towards the new. And, you know, Carl has an incredible track record with the company, is a visionary and majority shareholder. So I think when you bring that combination together, you build a stellar team to turn this around and bring it back to profitable profitability in a digital time. Great. Maybe just high level, mix shift of revenue, you know, basically 50/50 right now, where do you see it going, you know, in the next couple of years? Yeah, listen, I think, historically, the company was just fitness DVDs, then became digital streaming in 2016. In 2016, it was probably 25% of that fitness business and 75% nutrition. Right now, we're 50/50. If I look at the TAMs, both TAMs are growing in a healthy way. I see them both growing equally going forward. I think the... It's just if I step back and look at our business, the macro trend of digital home fitness was a you know had a lot of headwinds in the past two years, now it's stabilizing. So the fact that we were flat Q2 to Q3 and have healthy gross margin, I feel that's like tweaking of what we have to do there. Versus when I step back and I look in our nutrition business, you know, frankly, it is a growing TAM, so us declining, we got to step back and look at what do we need to fix in the, you know, the pricing, the portfolio, the placement, and the promotion. So a lot of the initiatives we're doing now is revamping the consumer experience. We're looking in the product lineup. If you think about Amazon, that's about diversifying the channel and generating new demand because the market there is growing, and there is no dominant player in any of those segments. It's highly fragmented, so I think the consumer needs trusted brands and companies they could believe in, and we have an incredible lineup of products there. Got it. Yep. So this has to do more with, like, security or sharing passwords. Do you have any protocols in place to, let's say, that I work out, and then I want to, you know, give the password to my sister or something like that? How do you control for that or do you consider that? When you open an account, you could create different profiles, 'cause for families, I mean, what's different about this versus a Netflix, let's say, for an example, where you had that issue, is in our case, people want to track what they're doing. Mm-hmm. Right? They want to put in data that relates to their heart rates and their zones. So we have less of an issue of, we don't have a problem with people abusing that, right? As it relates to families, we let people create profiles for the, you know, parents and kids. Like in my case, in my home, there's five profiles on mine. That way, everybody joins in and could, you know- Okay ... work out against or under one subscription. Yeah. We don't see an issue of people abusing this across families in any way, 'cause then it just won't be their profile. And then when they enter their information to order nutrition, right, they got to put in all their credit card information, and it's got to ship to their address. So, you know, we haven't seen anything there, nor an abuse of it, nor an opportunity to rationalize password sharing. What was the retention pre-COVID? It's 97% right now, and after this MLM cuts, with the trainers, have the retention go lower or do you know? So the changes we have here are all—I would say, over the past year and a half and two years since I've joined the company, Michelle, I haven't seen a change in the monthly retention rate. Even in all the recent affiliate compensation changes, hasn't changed. You know, when we launched the new platform in March, there was a price increase. We were afraid existing customers would not stick with the renewals, but you know, you see it in the publicly disclosed monthly retention rate. We haven't had an issue there. Where there was an issue was generating new customer acquisitions, and that's why when you look at this slide, you know, what's grayed out is what we've done, and then you see two-thirds of it is focused on sales and marketing. So it's both reducing the customer acquisition costs and leveraging assets we have to bring in customers, 'cause that, that's where things faltered earlier in the year, and that's the heavy focus now, to bring people via these different channels and forms. Yep. Okay. We'll go there afterward. This is just like, kind of like a math question, but if you raise your price and retention didn't go down, how is revenue down? Okay, so, no, fair enough. Our subscribers, our number of subscribers has gone down, and that's what I was saying just a few minutes earlier, is the, the customer acquisitions numbers went down. So we've acquired less customers, so we had less new starters, but the existing consumers are renewing at the same rate. You know, you gotta the, the fall off at the bottom is the same, you're just not replenishing as fast as you were before. So a lot of these initiatives are centered around that, versus needing to fix a retention. We don't have a retention issue. I had a question: Is your business cyclical? Like, do more people sign up in January and then drop off? And then my other question is, when people sign up, you said that they on average work out about five times a month. Do you ever find, like, there's people who work out, like, 30 days a week? I mean, how average is that average? It's the average, but what's the mean, like? Yeah, so that is probably the mean, based on the numbers, 'cause you're talking about a pretty big sample base. And you were asking is the business cyclical in that with the- The seasonality. Yeah, seasonality. I would say more seasonal versus cyclical. It's definitely seasonal, 'cause if you think about us, I mean, we probably meet five of the top 10 New Year's resolutions, right? Which is, I wanna be healthier, I wanna get fit, I wanna lose weight, I wanna save money. So these are four off the bat that were always in there. So yeah, so January is our busiest month of the year. What was the deal with the offering in December? Why'd that happen after you posted all these break-even metrics? Looks like kind of healthy—I mean, not terrible balance sheet, I guess. I don't, I don't understand. Fair enough. I mean, if you look at our market cap, it's pretty low. And that's not tied to the revenue size or the profit opportunity. I think it was tied more to fear of lack of liquidity on the balance sheet. So just to reinforce the balance sheet, because going back to it is a seasonal business, Q4 is that toughest quarter you wanna get to, and a lot of the changes we've spoken about, the 165 million in savings was in by December, but the 1,000 basis points for sales and marketing started in January. So until you get to that January, we had to make sure the balance sheet was strong enough. And listen, we'll... We just filed an 8-K on Friday, where we had a private investment. We consider that a non-core asset. We sold it and generated $1 million. So anything that is non-core at this point, we will look to sell and create more liquidity on the balance sheet. But that offering was really just around reinforcing the balance sheet. I don't think we need to do that on a recurring basis, but we felt that was a good move, given we are in a turnaround, and the turnarounds are bumpy, right? So we just wanna make sure we have enough to get through it. Now, you have this new promotion, buy one, get one free. So is that like a price reduction? Is that elasticity question which, No, because it's not permanent. It's just, it's just a promotion. We run promotions all the time, and that's why I said the nice thing about a $180 price is you could keep it at $180, or you have flexibility to run promotions. Now, when you do a buy one, get one free, you're still getting $180 upfront. Now, the revenue recognition spreads over 24 months, so it impacts revenue, but from a cash standpoint, you actually got an immediate payback and your profits on that transaction. Because even though the ARPU looks lower on an annual basis, the transaction value is still very healthy. Non-core asset sales, I missed the 8-K. Are there a lot of opportunities like that? Like a handful, a couple handfuls? I mean, listen, we've reduced inventory levels for about seven quarters in a row. I think there we've like mastered how much it could be. Real estate-wise, I think we had like nine offices, now we're down to two. One of them is an owned real estate. I mean, it's public data. It's up for sale in a sale-leaseback. So if we enter into that, that could generate some cash on the balance sheet, and that would be a... You know, we're not in the real estate business, we don't need to own it. Right. So that could be another opportunity, yeah. One thing I wanted to hit on, just the, the influencer marketing or affiliate program: Do you know what channels that they typically engage their audience with? Or, you know, I think you said followers. Was that TikTok, Instagram, whatever it may be? Yeah, the account we have on there is Instagram, Facebook, TikTok, YouTube. Okay, got it. Those are the top platform. I mean, you'll definitely catch over 80% of it via those. Any thoughts on—and the reason why I'm trying to get at it is that Peloton relationship with TikTok, just if you had any thoughts on it or... Yeah, I mean, I couldn't... Honestly, I couldn't make that much sense out of it. What I would say is partnerships are important. They've announced quite a few. We're, you know, partnerships are things like kind of longer effort. Some will work, some won't work, but we're definitely focused on doing strategic partnerships that could help us bring people into the fold, at a much lower customer acquisition cost. So that'll be a focus area in the coming year. Got it. So we should see more of those coming out. Just lastly from me, have you guys ever done analysis or thought about just, like, with all this new management coming in, like, what's the pitch to get them that there is this turnaround story here? I think it's that there's some sort of, like, either, like, replacement level cost of the content or what... You know, which I think is the main underlying asset of the company, but how you think about kind of like, what's the ultimate value of, you know, 20+ years of content? I mean, at a minimum, replacement cost, like I said, would be well over $500 million. Clearly, that's all reflected in our, you know, stock market asset value, and I think that's largely because investors, you know, wanna see us go in the direction of, I would say, top three metrics I'm focused on are generating cash, increasing cash, improving liquidity. I think once you fix that, then I think investors will look at, you know, "Hey, are you- how do I value you?" 'Cause when I look at comps out there, 'cause I compete with different companies, right? There's home fitness, there's supplements. I mean, whatever way I cut it, I just- there's nobody that has the kind of comps we have. So I do think it's really a factor of turning cash flow positive, and when you look at the kinds of things we're doing, or I think we're getting there as fast as possible, and I think we start then entering more normal comps versus where we are today. That's great. Any last ones from me? Yep. I have- Yes. This is just out of curiosity. So you have all the trainers you had on the bottom, like- Yeah ... their, their followings and stuff. How... I'm just, I'm just curious, how competitive is it to be a trainer on a platform like yours versus something else or having your own brand? You know, it's definitely that that's an art Carl's mastered over the years, right? Like, how do you find somebody that has that potential? So you're not bringing people with stardom, you're creating stardom around them. And that's kind of the cycle you go through. So did that trainer have all those followers, before- No ... joining you? So it's, so it's as a result of joining your platform? Yeah. Okay. Yeah. I think it's absolutely symbiotic. Anything else? Yep. I mean, if you had to rely on, like, organic traffic- Yeah ... for business, and you weren't spending all that money on sales and marketing, what would be the size of the business, a good guess? Yeah, that's a good one. I mean, that's why if you look at the efforts around the 14 million, is about leveraging an existing asset. Because if you think about 14 million people at an industry standard spend of $100, that's $1.4 billion of spend you don't have to do to talk to 14 million people. The freemium model, you know, it's that net to capture that 98%, so you don't have to spend. So if you look at what we're doing, I mean, in the end, like, bringing it down by 1,000 basis points is good. I think there's more to be done long-term. So if these initiatives are successful, I only see that going further in terms of improvements of sales and marketing as a percentage of cost. And then, of course, you got the other side of it, which is, you know, 96% monthly retention is industry standard. I mean, everybody would love to be Netflix, Costco, and Amazon Prime, but we're not, right? So, then what do you do? 'Cause, you know, she was asking, for instance, "Is everybody working out five times a month?" No. So for those not working out, I mean, the beauty of being on a SaaS platform is you know who is and who isn't. You know when they work out, you know what they like, and you start getting better at engaging with them to improve retention. So if you improve retention and you bring people in through a more efficient funnel, I mean, the operating leverage and the profitability you could create out of this is tremendous. Well, great. That's all the time we have, Mark. Thank you so much for joining us. Thanks, everyone in the audience and on the webcast.