Good afternoon. Thank you for attending today's The Beachbody Company third quarter 2025 earnings conference call. My name is Jayla, and I will be your moderator for today's call. All lines will be muted during the presentation portion of the call, with an opportunity for questions and answers at the end. I'll now pass the conference over to our host, Bruce Williams, the Managing Director of ICR. You may proceed, Bruce. Welcome, everyone, and thank you for joining us for our third quarter earnings call. With me on the call today are Marc Goldston, Executive Chairman of The Beachbody Company; Carl Daikeler, Co-Founder and Chief Executive Officer; and Brad Ramberg, Interim Chief Financial Officer. Following the prepared remarks, we'll open the call up for questions. Before we get started, I would like to remind you of the company's safe harbor language. Statements contained in this conference call, which are not historical facts, may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual future results may differ materially from those suggested by such statements due to a number of risks and uncertainties, all of which are described in the company's filings with the SEC, which includes today's press release. Today's call will include references to non-GAAP financial measures, such as Adjusted EBITDA, net cash, and free cash flow. A reconciliation of these non-GAAP financial measures to the most comparable GAAP financial measures is available within the earnings release, which can be found on our website. Now, I would like to turn the call over to Marc. Thank you, and good afternoon, everyone. I'd like to welcome you to The Beachbody's third quarter 2025 earnings call. We're pleased with our outstanding third quarter results and the progress and speed of our turnaround that's far exceeded our expectations. Let me put this achievement in perspective. We've now delivered eight consecutive quarters of positive Adjusted EBITDA. Our Free Cash Flow performance has been equally strong. We've generated $13.1 million in free cash flow through nine months, with Q3 alone contributing $9 million of free cash flow. Perhaps most significantly, we generated net income this quarter, a seminal milestone that we identified years ago as the ultimate marker of our turnaround effort. Our cash position of $33.9 million substantially exceeds our outstanding debt principal of $25 million, providing us with financial flexibility. Our operational metrics continue to demonstrate the structural improvements we've made. We've maintained strong gross margins while significantly reducing our revenue break-even point from approximately $900 million in 2022 down to $180 million today, a $720 million lowering of the break-even that positions us to generate operating leverage at a much lower revenue level. Looking ahead, we're focused on our growth strategy in 2026. This upcoming year will mark our transition from a financial restructuring to capitalizing on new revenue opportunities from our innovation pipeline and from market expansion. We're launching a comprehensive retail initiative that will leverage our portfolio of billion-dollar brands in entirely new channels. In 2026, we'll introduce Shakeology to retail for the first time in our company's history. That will be followed by our brand new P90X nutritional supplements line and Insanity branded supplements later in 2026. These products will be distributed in different form factors and different price points made possible by our new business model. Complementing our retail expansion, we will be launching a brand new P90X fitness program, the first in over a decade, which will create powerful cross-marketing opportunities between our digital content and our retail nutrition products. Going forward, we see a substantial opportunity to expand our TAM by developing innovative approaches, including a focus on health span and a shorter, easier-to-perform workout program to reach underserved segments, including the 185 million overweight Americans who do not currently engage in regular fitness routines. In our current business model, our revenues are generated via multiple channels, what we like to call the omnichannel opportunity. One of the smaller elements within the omnichannel opportunity is our affiliate program. Why do I say that? Because on a go-forward basis, the affiliate program will be a smaller portion of our total revenue mix, given our heavy focus on the maximization of both our direct-to-consumer channels and our upcoming brick-and-mortar retail initiative. This strategic shift reflects our evolution from what was previously an MLM-dependent model in 2024 to a now diversified omnichannel approach from 2025 and beyond. The transformation we've achieved positions The Beachbody Company as a fundamentally different company than it was just two years ago. We've proven our ability to generate consistent positive Adjusted EBITDA over the last eight quarters. We've generated positive cash flow through 2025 year to date, and we finally achieved a positive Net Income quarter in Q3 of 2025. During the two-year turnaround effort, which began when I joined back in June of 2023, we've eliminated the huge structural inefficiencies that previously required a massive $900 million revenue level just to break even on a cash basis, and we've reduced that cash break even by 80% and brought it down to an incredibly low $180 million break even through a complete re-architecture of the company and the way we operate. The efficiencies we've built into the company have allowed us to construct a powerful and nimble operating model that will allow future revenue growth to drive significant operating leverage and increased EBITDA. The headline for Q3 2025 is that BODi has completely reinvented itself over the last two-plus years, and with the benefits of the financial restructuring, the elimination of the MLM model, massive improvement in profitability, an increase in direct-to-consumer focus, a significant improvement in gross margins, and a more efficient sales and marketing spend. As a result of accomplishing all of the financial turnaround goals, BODi is now poised to open the hatch of the innovation pipeline for 2026 and roll out a slew of new innovations in both digital fitness and nutrition that will not only fortify our DTC business, but it will also open up a whole new arm of our omnichannel strategy with brick-and-mortar retail and an expanded Amazon presence featuring popularly priced P90X and Insanity nutritional supplements and a new lower-priced, smaller serving size Shakeology lineup. We've revolutionized and significantly improved our financial foundation. We've filled the innovation pipeline, and those initiatives are set to be in motion in 2026, and the market opportunities and huge increase in TAM are substantial. We could not be happier with the progress that we've made, the speed with which the turnaround has been performed, and the exciting and modernized future we see for BODi. With that, I'll turn the call over to our CEO, Carl Daikeler, to discuss the operational details. Carl? Thanks, Marc, and thanks to everyone for joining us today. I'm excited to share our Q3 results, which I believe demonstrate the meaningful progress we're making in executing our long-term strategy. The results that Marc described and that Brad will outline in detail in a moment really tell the story of a company hitting its stride. The vision we've had for over two decades is finally getting a chance to come to fruition. We're executing with more efficiency thanks to our expanded sales channels and an aggressive approach to tailoring our marketing for an environment that is definitely showing signs of improved demand as longevity and health span have entered the mainstream. We've got the library of proven content that's getting deeper every quarter and new content coming online by the end of the year that's going to open up the TAM to the real holy grail of helping the more than 185 million non-exercisers in the U.S. who are just looking for an easy way to get the benefits of lifestyle change without devoting thousands of dollars to equipment or hours in the gym. In the near term, we have some very exciting launches going into Black Friday and Cyber Monday, the holidays, and the first quarter. We launched a compelling $19 per month offer in Q3, which we're starting to build momentum around, especially in conjunction with the launch of two brand new alternative subscriptions, what we call a super trainer subscription, where people can subscribe to just the content from one super trainer for just $9.99 a month. These are essentially curated capsule collections from our world-class trainers. We launched this test with both the Autumn Calabrese collection and the Shaun T collection and are encouraged by the initial response. As you might recall, we said we'd be launching new content in Q3 that included a line extension to BODi Lava called Slow Burn Yoga. We also launched Autumn Calabrese's Track Pilates, an innovative at-home Pilates program that drove strong demand in the third quarter, thanks to the overall strength in the Pilates category right now. So far in the fourth quarter, we've added the appropriately named Power of Four, a program from the original P90X super trainer, Tony Horton. We have just started to promote the Black Friday launch of a new program from Shaun T that is a hybrid of his popular weightlifting program, Dig Deeper, with low-impact Insanity cardio, which our subscribers are lining up to start on December 1 in what is going to be the largest test group in our company's history. As Marc mentioned, we started teasing the launch of P90X Generation Next, a new addition to the P90X portfolio for the first time in over 10 years, leveraging the most recognizable brand in extreme home fitness. Last week, we announced that renowned British trainer Waz Asher is leading that program, and the response to the first peek at the teasers for the program was more enthusiastic and productive at attracting subscribers than we could have imagined. This new trainer is going to be a superstar. He's the new James Bond of the P90X franchise, if you will, and the user results we've seen in our initial testing of the program confirm that his new P90X format is going to introduce the greatest extreme home fitness program of all time to a new generation of users with stunning transformations. The retail opportunity will be particularly meaningful both for leveraging the existing awareness of P90X plus Insanity and Shakeology on store shelves, but using that visibility to achieve massive exposure of the BODi brand by giving retail buyers a first-of-its-kind value add of rewarding them with access to our digital content, which will support our digital subscriber growth objectives. I'm really excited for the new supplements coming under the P90X and Insanity brands because we're actually underpenetrated in selling nutrition to our digital fitness subscribers, largely because our prices were set at a premium level, largely due to the requirements of the MLM model. That means in 2026, we're going to be adding more new supplements to the catalog at more affordable prices than we ever have in our 26 years, a significant opportunity for us to increase LTV and to acquire new nutrition customers. 2026 marks our commitment to expand into nutrition in a very significant way, both at retail and direct-to-consumer. All of this is the innovation pipeline Marc and I have been talking about for two years, the opportunity to reach this massive TAM of over 185 million adults in the U.S. alone who are overweight or obese. Now, with the progress and speed of our financial turnaround exceeding projections, this vision can start to materialize in 2026 and really hit full stride in 2027. As I mentioned last quarter, all of this will be supported by our transition to Shopify Plus and its robust set of AI features in March 2026, which we believe will benefit order conversion and average order value at checkout. Speaking of AI, I'm also excited to add that following ChatGPT's announcement of their app development toolkit and the upcoming ChatGPT App Store, our team is quickly developing the tech to be among the first fitness apps on ChatGPT in Q1 2026, making our programs discoverable and actionable within ChatGPT. We're initially focused on personalized fitness recommendations with the goal of driving acquisition, leveraging our most recognizable brand. We view this most as an evolving opportunity to learn how conversational AI can enhance discovery with a more personalized recommendation engine to ultimately create a more intelligent, connected experience for our members at mass scale. We've been the one company focused on the mass market of health and fitness for over 26 years, and now with eight quarters of positive Adjusted EBITDA and our first quarter of positive net income since we went public in 2021, we can see that the never-quit attitude of this team is really paying off, and it's incredibly impressive how our staff, trainers, affiliates, and even our subscribers believe so passionately in what we do. I'm excited for the fourth quarter, especially as we head into Black Friday and Cyber Monday and our aggressive marketing initiatives heading into Q1. Now, let me turn the call over to our Interim CFO, Brad Ramberg, to walk through the specifics of our Q3 results. Brad? Thank you, Carl, and thank you everyone for joining the call today. I will review our Q3 results and provide our outlook for the fourth quarter. We produced major milestones this quarter. We exceeded our guidance for revenue, Adjusted EBITDA, and net income. We generated our eighth consecutive quarter of positive Adjusted EBITDA and had Net Income for the first time since going public in 2021. We are on track for positive free cash flow for the full year. Now, I'd like to provide more details about the quarter. Total revenues of $59.9 million declined 6.3% sequentially and declined 41.4% year over year in line with our expectations as we continue our strategic transition. Revenues continue to be impacted in the near term by the shift away from a multi-level marketing platform to an omnichannel model. Consolidated Q3 gross margins were 74.6%, representing an increase of 230 basis points over the prior quarter and an increase of 730 basis points compared to the prior year. We're pleased to report the consolidated gross margin was at the high end of our long-term target of 70-75%, underscoring the strength of our operational execution. Moving to digital and nutrition and other revenues. Digital revenue decreased 8.3% from the prior quarter to $36.4 million and decreased 32.2% year over year. Revenues were impacted by continued pressure on our digital subscription counts, which decreased 4.3% sequentially to approximately 900,000 and declined 18.9% compared to the same period a year ago. We continue to experience the impact from our transition away from the MLM, which has had an outsized impact to nutrition subscriptions as our nutrition products were almost sold exclusively through our MLM network. Nutrition and other revenue decreased 2.8% from the prior quarter to $23.5 million and decreased 50.4% year over year. Nutrition subscriptions stayed essentially flat sequentially at approximately 70,000 and fell 46.2% year over year. Digital gross margin was 88.1% for the quarter, increasing 40 basis points from the prior quarter and representing an 810 basis point improvement from the prior year. Our digital gross margin was in line with our previous long-term target of 86-89%. The continued strength in year-over-year gross margin was primarily due to a decrease in digital content amortization and depreciation as a result of a more disciplined production and fixed asset spend. Nutrition and other gross margin was 53.7%, representing a 230 basis point increase from the prior quarter and a 490 basis point decline year over year. Nutrition gross margins exceeded our long-term target of 46-52%. The increase from the prior quarter was primarily due to one-time lower shipping and fulfillment costs, while the decline from the prior year quarter was primarily due to the discontinuation of preferred customer fees on November 1, 2024, which were part of our old business model where customers paid a monthly fee to purchase products at a discount, as well as from higher level of promotional activities in the current period. Operating expenses for the quarter declined 21% sequentially and declined 51.5% year over year to $39.7 million. Selling and marketing expenses as a percent of revenue decreased 800 basis points in the prior quarter and declined 1,270 basis points over the prior year to 31.9%. This significant improvement over the prior periods was primarily driven by the pivot away from the multi-level marketing channel as we no longer have partner compensation on our new sales after November 1, 2024. Enterprise technology and development expenses as a percent of revenue increased 80 basis points from the prior quarter and decreased 160 basis points year over year to 17.4% of revenue. The improvement as compared to the prior year was primarily due to a decrease in depreciation expense due to lower technology spend. The increase as a percent of revenue compared to the prior quarter was due to revenue deleverage. G&A was 16.9% of revenue, a decrease of 120 basis points sequentially, and an increase of 540 basis points from the prior year. The improvement as compared to the prior quarter was primarily due to a decrease in equity-based compensation from the headcount reduction over the past year due to the restructurings and a decrease in outside professional fees. The increase as a percent of revenue as compared to the prior year was due to revenue deleverage. The Q3 2025 net income of $3.6 million, our first net income since we went public in 2021, compared to a net loss of $12 million from the prior year. Adjusted EBITDA was $9.5 million compared to $4.6 million in the prior quarter and $10.1 million in the prior year. Notably, this quarter marks our eighth consecutive quarter of positive adjusted EBITDA. Now, I'd like to move on to the balance sheet and cash flows. As we discussed on our last call, in May, we entered into a new lending agreement with Tiger Finance and SG Capital Partners for a $25 million three-year loan facility that allowed us to retire the $17.3 million of outstanding debt ahead of its February 2026 maturity date. This refinancing provided us with approximately $5 million of additional capital on the balance sheet. The effective interest rate on this new facility is approximately 15.2% compared to the approximately 28% in the prior facility. Our cash balance is $33.9 million compared to $25.6 million in the prior quarter. Our cash generated from operations for the quarter was $10.2 million. Our year-to-date free cash flow is $13.1 million, of which $9 million was generated this quarter. Q3 had a $2 million benefit from the timing of payroll, which was accrued in Q3 but paid in Q4. Turning to our fourth quarter guidance, while we are pleased with the execution of our transformation, I want to reiterate that we're still in the first year of the company's new business model. As discussed, we significantly lowered expenses and our revenue break-even point when we strategically pivoted away from the MLM model to our omnichannel marketing and distribution model. This shift has opened new growth channels that we could not previously access, and we're very excited about the opportunities ahead. We now have a stronger balance sheet and a more viable long-term business model. As with companies that are undergoing a transformation, it will take time to develop traction in these new lines of business. We expect fourth quarter revenues to be in the range of $50 million-$57 million, net income in the range of negative $1 million to positive $3 million, and adjusted EBITDA to be in the range of $5 million-$9 million. As we continue the transition to our new business model, we want to provide additional updates to help you contextualize changes in our new financial model. As of today, we anticipate revenues to approximate 61% digital and 39% nutrition. Our long-term digital gross margin target is 87%-89%. Our long-term nutrition and other gross margin is in the range of 46-52%, which is in line with our volume expectations and certain promotional activities planned. Our long-term total gross margin target is from 70-75%. Over the last two years, we've made considerable progress against our business transformation. We've significantly lowered our break-even point and strengthened our financial position, putting us on a solid foundation to execute against our growth initiatives that will drive long-term shareholder value. I look forward to updating you on our progress on our next earnings call. I'll now turn it back over to Marc for closing remarks. Thank you, Brad. Operator, Charlotte, could you please open it up to questions? Absolutely. At this time, if you would like to ask a question, it is star followed by one on your telephone keypad. If for any reason you would like to remove that question, it is star followed by two. Again, to ask a question, it is star one. As a reminder, if you're using a speakerphone, please remember to pick up your handset before asking a question. I'll pause briefly here as questions are registered. Our first question comes from Suzanne Anderson with the company Canaccord Genuity. Suzanne, your line is now open. Hi, good evening. Thanks for taking my question. Nice job on the quarter. I guess maybe if you could talk about. Thanks. I'm curious, just the customer base, if you're seeing any big change with the new business model, and then maybe if you could share any details on what type of customers are signing up for the Unbundled Super Trainer subscription. Are these new customers of the BODi that maybe will kind of tack on more subscriptions down the road, or were they existing customers? Thanks. Thanks, Susan. Nice to hear from you. We're really dealing with the same type of customer that we've dealt with for 26 years, quite honestly, the people who are too busy to go for a gym membership. They want the convenience of doing things at home, and they want it somewhere between 20-45 minutes per workout. In general, we're seeing the demographic be similar. In terms of the specific subscriptions, the Autumn Calabrese collection and the Shaun T collection, those are both doing a great job of winning back customers who are really just interested in the affinity with their particular trainer, but we are seeing a nice percentage of those people upgrade to the full subscription. It's doing the job of what you might see from a high-volume, low-price gym where people are attracted to the $9.99 per month, but then seeing the value of the overall subscription and upgrading to the full monthly or annual price. In terms of new customer acquisition, we're seeing that come from really the more broad advertising of helping people get healthy, helping people improve their overall well-being, and that is sort of business as usual as we go into the fourth quarter, and we're very excited by the prospect of bringing in new customers with the launch of Shaun T's Dig Deeper program and the promise of the largest test group that we've ever run as a company. Okay, great. Maybe if you can give some more color just on your new product pipeline. It sounds like you have a number of things lined up through holiday and then maybe into next year. Maybe if you could just talk about timing of the rollouts and any color you could give maybe around the new P90X product and then also other products that are going to roll out, whether they're in digital or the nutrition segment. Oh, and then also I was. Yeah, well. Sorry, go ahead, and then I have a follow-up. Okay. So just real quick, as we mentioned, we're very excited by the number of products that we're launching into the catalog, nutrition products in 2026. We haven't launched this many new products, particularly at a price point that's much more affordable to our database, to our current subscribers, and to new prospective customers. Since we launched the MLM, obviously, we had to support the compensation plan for the MLM when that was such a big part of the business model. Now that we don't have the MLM, we can be far more competitive in the nutrition segment with our pricing and with our unit economics, both a form factor in the 7-14 servings versus everything being in a monthly unit. We've got the P90X line of supplements, and we have the Insanity line of supplements, and we have expansion of Shakeology as we take that out into retail. Nutrition is largely expanding in 2026. For the balance of 2025, we have, as I mentioned on the call, we just launched Tony Horton's Power of Four program, which we licensed from him. We just launched a series of new bike programs called Chasing the West, which have gotten great response from our subscribers. We're launching Shaun T's Dig Deeper program, which is a hybrid between a low-impact Insanity program plus a very popular Dig Deeper weightlifting program. I'll also say we're launching something at the end of the year. I can't go into too much detail right now, but I happen to want to say to you particularly, it was inspired by a conversation that you and I had because you love running so much, but I know you want to keep doing your resistance training to help your bone density and your overall muscle tone, and I think you're going to love what we're coming out with, what we're coming out with at the end of December. P90X Generation Next just started to get teased last week, and the response to that just blew us away, both in terms of attracting new subscribers and in terms of the current subscribers being excited for that program, and that launches on February 3. That's the extent of what we've announced so far, and I think it's, frankly, 2025 was such a transition year for us. We did not put that much new content into the pipeline. I think between now and the end of 2026, our subscribers and prospective subscribers are going to be very impressed with what the platform offers. Okay, great. That sounds exciting. I'm excited to see the new product. Maybe if you could talk about, oh, I was just curious too, should we think about any increase in investment in the new product, should that impact the P&L at all in the OpEx, or have you guys already kind of planned for that? Thanks, and that's all. It's all in line with the economics that we've been running for the business. I'll let Brad speak to any specifics, but we're really running the business in a responsible way that takes advantage and maintains the advantage of the operational leverage that we've built into the business over the last two years. The company's just done such an incredible job of being both disciplined but maintaining our product quality and the innovation pipeline, which resulted in we're so excited by having an in-home Pilates program. The whole fitness industry is aware of how big Pilates has gotten, and the fact that we have a Track Pilates program that people can do for $100 of equipment is just an exciting asset for us to take into 2026. Bottom line is we're going to maintain our economics, and we feel very good about the base of assets that we have to work with. Hi, Susan. This is Brad. Nice to hear from you. We are very disciplined with our spend. We are excited about our spend, and the numbers are baked into our guidance for the fourth quarter. Great. Thanks so much. Good luck the rest of the year. Thank you. Thank you, Susan. Our next question comes from JP Wallen with ROTH Capital Partners. JP, your line is now open. Great. Good afternoon, guys. Appreciate you taking my questions here. If we could just maybe start on the nutrition side. It looks like that kind of sequential decline there was actually pretty minimal, maybe given some expectations out there. Just wondering if there's any more detail you can share on kind of what drove that. I think there might have been some mention of promotional activity, so if there's anything specific to call out in terms of promotions that worked well, that'd be helpful. Hi, JP. This is Brad. Nice to talk to you. Thanks for asking the question. Before the strategic transition, we were selling an MLM-based product. Our hero product was Shakeology at $130 a month. As we've moved away from that, we are doing more price testing. We are coming up with lower-priced SKUs, as Carl and Marc said. We'll be introducing a new Shakeology at a smaller form factor, lower servings, lower price. We've been doing more bundled activities and more price testing, and we are seeing good demand at these new price points. We are able to maintain the number of subs, and we are able to do that at a lower price point, which makes sense given the transition away from the MLM to the new omnichannel model. Perfect. And then maybe just as we kind of. And then. Oh, go ahead. No, I said JP, and this is Marc. Just on a go-forward basis, because remember, we started basically a new company January 1, so there's really no year-over-year comparisons because we dismantled the MLM, as you know, at the end of last year. Going forward, these new nutrition products that we're bringing out under the P90X brand name, which will range in price from probably $15-$39, and the new smaller form factor, lower-priced Shakeology, and then Insanity, these are price points that the company has never offered before and certainly never offered in the retail market. We're not only excited about the potential in a brick-and-mortar store, but from a direct-to-consumer standpoint, between our Amazon channel and our BODi website and our affiliates, you've now got something in the arsenal that we just haven't had before, which is these monster brand-name products under P90X, Insanity, and now Shakeology at much more affordable price points because we were hamstrung in the previous model by the costs and the compensation costs related to the MLM, which no longer exists. Going forward into the back half of 2026 and into 2027, I think you're going to see nutritional business with much different character in terms of its composition because of our ability to sell a lower-priced, broader appealing product line. Perfect. I think on the last call, we were talking about you guys being sort of in the early stages still of working with a broker in terms of getting some wins in terms of retail. I'm just wondering if there's anything you can update us on in terms of visibility for that retail launch coming up next year. Yeah. Great question. As you know, or maybe you don't, in the retail marketplace, most of the major retailers work on something called a planogram, which is the shelf set that you see when you walk in a store. They usually have planogram revision dates that are either one time or two times a year. Our broker partner is coordinating our sell-in meetings based on the calendars of these new planogram reset dates. Typically, when you go to an account, a major retailer, and they say, "Yes, I'd love to add this product. I'm going to put it into my new planogram shelf set," it's usually about five to six months from that day when you're accepted until you actually physically appear on the retail shelf. Our teams are out there right now selling in the product, making presentations. We're expecting to get answers on how that's going in the next four to six weeks. Assuming it goes the way we all expect and hope it will, we should start appearing on the shelf in some of these places late part of Q1, most of them into Q2. The majority of that revenue will start to materialize Q2 and then into Q3 and Q4. As you know, it's a rollout. Essentially, first you got to get it sold in, then they have to reset the section, then you launch, and then you grow after that. All according to how our plan was expected to go. Now, that does not apply to the DTC business. When we launch these brand new products starting in January, we will be able to immediately start making them available on a DTC basis and on an Amazon basis. For brick-and-mortar, we have to run the offense, which is the planogram date, acceptance, reset of the shelf, and you show up probably five to six months later. Understood. Appreciate that, Collyns. If I could just slide one more in quickly here. As we look at the selling and marketing line, obviously, a great sequential step down there in terms of managing costs. Wondering if you could, one, just kind of provide a bridge from 2Q to 3Q. I think there is a little bit of an advertising reduction and maybe a reduction in kind of some deferred commissions. One, if you could provide that bridge at all. Two, just now being sort of 32% of sales, how are you feeling about that line item and whether there is more cost to come out there? Sure, JP. This is Brad, I'll take that question. One, if you look back at the end of last year while we were still in the MLM model, we had upwards of $25 million, $26 million of deferred partner costs on the books. We've been expensing that over the course of the year, and we're now down to about $3.5 million of deferred partner costs. So that's all cost related to the legacy business. As that has declined over time, we're really looking at the advertising and marketing rates on the new business. We're at about 31.9% for Q3. I would expect going forward it to be in the mid-30s-ish with some variation of seasonality. The sequential decline really is driven by the transition away from the MLM business. JP, just to provide additional color on that, there are seasonal fluctuations between the quarters because Q1 is always your highest marketing spend quarter. What is important is that that sales and marketing line, which was reduced from $25.5 million in Q2 down to $19.1 million in Q3, really was not a result of spending less money on actual advertising and marketing. A lot of that was the costs that Brad just alluded to, which were associated with the former MLM, which are now sort of burning off. We have not reduced our spend to the consumer. We did not cut the media budget. We just shed all those legacy marketing costs that were affiliated with the MLM. You will not see that similar type of decline, obviously, in Q1 because Q1 will be your higher spending quarter. I just want to put color around that because when you look at the sales and marketing line, your first inclination is to say the company cut its marketing spend level to the consumer. The answer to that is an emphatic no, we did not. Perfect. Appreciate the detail and best of luck going forward, guys. Thank you, JP. Our next question comes from Michael Lapinsky with Noble Capital Markets. Michael, your line is now open. Thank you. Thanks for taking my questions. Congratulations on a stellar quarter and reaching your profit milestones. Thank you. Final questions. I believe that in Q3, you kind of indicated that you felt like most of your restructuring of your sales force was going to be complete. I was just wondering, has that now all been completed? Brad? Yeah. Generally, the reorganization has taken place, and we're now multi-channel with, as Marc mentioned, the performance marketing or direct-to-consumer business. We've got the Amazon business. We've got a small contribution from affiliate and obviously CRM, and we're excited to launch into retail next year. Mike, this is Brad. I'll say we're always looking for cost. We're always looking for cost efficiencies, and we'll continue to do so. The financial restructuring is, for the most part, complete. Now, we're really looking at growth mode beginning now in 2026. Okay. Perfect. I was wondering in terms of margin with all these retail distribution rollouts and also with the new products that you're talking about. I was just wondering if you can just talk a little bit about margin. Are you anticipating giving up any margin? Obviously, with some of the lower price points that you're talking about with some of your products, if you could just add a little color on that. Sure. I'll tell you. In Q3, we hit a nutrition margin of about 53%. Right now, with a lower price point and more promotional activities, we are guiding to a lower nutrition margin. We're guiding to kind of a steady state in between 46-52%. Retail in 2026 is not a significant driver of revenue, at least in Q1, certainly not in Q4. We'll continue to adjust our margin as we gain more experience in retail. Right now, we are looking to a little bit of a decline in the nutrition margin as we're looking to a pickup in the number of units and subscribers. At the end of the day, it really is about generating dollars, and it's about generating the most number of subscribers. Gotcha. The margin is also reflective of our increased focus on selling one-time purchases versus just selling subscriptions. Because we're actually expanding the audience, those people will ultimately end up subscribing. Yep. I was just wondering, do you guys frame for us the anticipated marketing spend around the retail rollout of P90X release? I'm sorry. Say that again. Can you just kind of frame maybe the anticipated marketing spend around the retail rollout for your P90X release? Yes. Maybe just give us a timeline for the new P90X exercise program? Yeah. The new P90X exercise program is a Q1 program, and that will certainly be part of our overall marketing spend because of its high profile and ability to attract people into the franchise. In terms of the actual retail products, the marketing spend will be in line with what we end up getting in terms of wholesale orders and what that revenue line will look like. We do not have that number right now, but it will be on a normalized advertising-to-sales ratio based on the wholesale volume that we generate. That is all going to be baked into our numbers. Gotcha. That's all I have. Congratulations again. Great. Thank you very much. Appreciate it. Thanks, Michael. At this time, there are no more questions regarding Q. Again, if you would like to ask a question, it is star followed by 1 on your telephone keypad. There are no more questions regarding Q. At this time, I'd like to pass the conference back over to our hosting team for closing remarks. Thank you, Jayla. Thank you, everybody, for attending today. I just want to say in closing, again, this was not only an outstanding and seminal milestone quarter for us achieving net income positivity, but the fact that, in our opinion, the financial turnaround has largely been completed well ahead of schedule, almost, I would say, almost 12 months ahead of schedule. The headline is great new operating structure, much reduced break-even level down to the $180 million level. Now we're at the point where instead of waiting till the back half of 2026, we can actually open up this innovation pipeline starting at the beginning of 2026. You will see a lot of new exciting programs which will expand this franchise, take advantage of the operating leverage that has now been built into this P&L, and give us the opportunity to achieve all of the goals that Carl has been articulating for years about not trying to reach just the serious exerciser and the serious nutrition consumer, but to go out to the broader audience and that huge TAM of the 185 million Americans who do not currently exercise on a regular basis and who are taking nutritional supplement products, and we want to drive them to our franchise. Thanks, everybody. We look forward to talking to you on the next quarter's earnings call. That concludes today's call. Thank you for your participation and enjoy the rest of your day. Thank you.