Thank you for attending our conference. I'm Susan Anderson, one of Canaccord's analysts in the consumer space, and we're very excited to have with Beachbody, and in particular, Mark Goldston, Executive Chairman, Brad Ramberg, CFO. Mark, maybe I'll turn it over to you. Yeah. I think you have a presentation here. Awesome. At the end if we have time for Q&A. Thank you. Thanks. Let's put up the forward-looking statement. Well, welcome everybody. I'll be taking you through essentially the road that we've taken to the turnaround and where we're going to go from here. Just to start out with on the mission of this company, we say that our mission is we're helping people achieve their goals to lead healthier and more fulfilling lives. We've got them covered from both an exercise, nutrition, and lifestyle basis. The origins of this company, first of all, it's 28 years old. We've had 230 + programs, 11,500 individual videos. We've got 10 nutrition brands. We've had massive qualified views since inception. It's over 1 billion. 32 million people have used this product, and we've generated over $12.5 billion in sales. The market, as you know, is huge, a $6.5 trillion market. The relevant components of that, which is nutrition and the physical part of the market, physical activity, is about $2.2 trillion, so plenty of opportunity for us. We had 22 years of positive EBITDA, reached a peak of $1.2 billion in revenue and $135 million in adjusted EBITDA back in 2015. It was originally an infomercial-based company, and it was expanded later into a multi-level marketing company in 2008. At one point, we had 100,000 of MLM sellers. Company went public as a de-SPAC back in 2021, and market cap was $3.2 billion. Had a bunch of headwinds happen post-COVID, and we'll go through a bunch of that. I joined three years ago, almost to the month. My background is I've been running public companies for close to 40 years. I came in as executive chairman. My specialty is doing turnarounds of consumer companies. I wrote a book called "The Turnaround Prescription," turned around Fabergé, Reebok, L.A. Gear, was the original chairman and CEO of NetZero, which became United Online, which was one of the most profitable Internet companies of all time. Was the original CEO and built out Einstein Bros. Bagels, et cetera. I came here because the assets of this company, in my view, were massively more valuable than the market cap of the company. We recently, about a year ago, did a Hilco valuation on our fitness library. Came in at over a $500 million of value. The brand names in this company are legendary. The best-selling fitness program of all time, P90X, with a 62% aided brand awareness level, Insanity right behind that, et cetera. We are the Netflix of fitness, essentially. Then we have a nutrition business with the world's first superfood shake, which is Shakeology. Then we have Energize, and we just recently launched a line of P90X supplements, taking our legendary fitness brand name and putting it on supplements. The goal, basically, of this turnaround was to turn us into an omni-channel business and get out of the MLM structure with its burdensome comp structure, which is what we've done. The MLM was disbanded in December of 2024, and we basically moved back to our roots as a DTC company, and now we're also expanding with brick-and-mortar retail distribution, which we'll talk more about. We've completely re-architected this company. I've been doing turnarounds, as I said, for close to four decades, and I've never seen results like we've achieved in the past three years. The headcount's been reduced from over 1,000 people to under 300. Our adjusted EBITDA breakeven level was $900 million to make a dime, and it is now down to $160 million breakeven, which is really quite remarkable. We reduced our selling and marketing expenses by 22 points. In so doing, we did not spend less money on conventional media. We just took out all the ancillary costs that were in this business that did not need to be there. We previously, when I joined, had $50 million of debt. We have refinanced that since down to $25 million with Tiger Finance, lowered our interest rate by 47% in so doing that. The company's turnaround from a financial standpoint is well in excess of a year ahead of schedule. We have now had 11 consecutive quarters of positive adjusted EBITDA. I have been here 12 quarters. The first quarter, I was kind of figuring out where everything was. From the very next quarter on, we have had 11 consecutive quarters generating $76.5 million of adjusted EBITDA. We reported full-year operating income in 2025. That is the first time since the IPO in 2021, and we are operating income positive first half of 2026. We were free cash flow positive for the year in 2025. We also had positive net income in each of the four quarters ending in June 30th of 2026, and also positive adjusted net income for the year 2025. That is the first time that has happened since the IPO of 2021. Since we have done this amazing financial turnaround a year ahead of schedule, we have taken our innovation pipeline that we have created, which was originally going to come out in 2027, and now it is coming out throughout 2026, and we will talk about that. We have a lot of key programs, one of which is the 10-Minute BODi that was launched in December. This is a program designed to go after people who do not exercise, which is 185 million sedentary, overweight Americans. These are programs that are designed in 10-minute intervals to just get you up and get you moving. We are really excited about the prospects for that. We launched the new P90X program in early part of 2026. That is the first new P90X program in over a decade. It is called Next Generation. That is really exciting. We did that sort of coincident to the launch of a brand-new line of supplements under the P90X brand name. Shakeology, which was the original superfood protein brand, has been around for 15 years. It has generated $3.7 billion of cumulative sales, over 1 billion servings. It has never been sold at retail, and until a year ago, was not even really sold on our website. It was sold through the direct selling force. In May of this year, we started selling in Sprouts stores. We originally were in about 88 Sprouts stores. We have recently been expanded, because we are doing very well there, up to 131 Sprouts stores. So we are almost 50% more doors in just a couple of months. Starting two days ago, we are now in 481 The Vitamin Shoppe stores all around the country. We have created a new form factor. What you see on this page is a lot of what we created in the innovation pipeline over the past two years. At the top, you see Shakeology. That is the retail package. It is a seven-serve. It says right across the top, "Over 1 billion servings sold." Then you see the P90X supplement line in the center, and then there's a P90X energy drink on the lower left, and an Insanity energy drink on the lower right, and those are going into a Southern California test market in the second half of 2026. Insanity is called Liquid Shock. It's got 300 mg of caffeine, so it's kind of for the your hair's on fire crowd. The P90X energy drink has an X-Factor in it, which is an ATP X, which is basically designed for scientifically-oriented beverage consumers. Really excited about this. In February, we launched our first new P90X exercise program in 13 years with our new trainer, Waza Shire. P90X is the most successful fitness program in history, and over $1 billion of cumulative sales. The other programs in the pipeline, which were originally scheduled to come out in 2027, have now been pushed earlier into 2026 because our financial turnaround is so much ahead of schedule. The multi-channel strategy will feature P90X, Insanity, and Shakeology nutritional products at retail and DTC and on Amazon. We made a pivot about four months ago to prioritize nutrition in favor of fitness in our advertising because the fitness market is about $13 billion, but the nutritional supplement market's $164 billion. As a catchment vehicle, we're leading with nutrition to then convert back to fitness. We're really doing all of this under the new umbrella of body wellness. We're really positioning our company as a wellness company under the BODi name, and a lot of momentum that will be built there with all these new items that'll be coming out. These next slides, honestly, like I said, in four decades, I've never seen anything like this. I joined in 2023. In 2022, this company needed to do $900 million to break even, and we've now gotten this down to $160 million. The operating leverage we've built into this P&L is enormous. From a key free cash flow standpoint, we had a $310 million improvement. We've gone from a negative $293 million to now a positive $17.4 million in 2025. Adjusted EBITDA's had $116.9 million improvement. We went from a negative 86.1 in 2024. We made $28.3 million in 2025. We made 30, and we've already made 14.7 in the first half of this year. This is really pretty amazing. I've been here 12 quarters, and after the first quarter is when we really hit our stride. We've had 11 consecutive quarters of this positive EBITDA, as you can see. That's a cumulative $76.5 million from a company that not too long ago was losing $86.1 million at the EBITDA level. We're really excited about that. Net income. We were - $228 million in net income. Now we've had four consecutive quarters of positive net income, about $12 million+. Adjusted net income has improved almost $179 million in the same period of time. These look like telephone numbers. It's just really kind of amazing that this has been done. What we like to say is, what are the highlights of the turnaround? Probably the top 10 highlights would be, look, we've got a $32.4 million cash position, and we only have $25 million of debt. That's really something that's new for us and something that we're very comfortable with. Eleven consecutive quarters of positive EBITDA at $76.5 million. 25 was $30.8 million. Great first half of 2026. Free cash flow phenomenal at $17.4 million last year. Four quarters in a row of positive net income. Our annual debt cash interest is only about $3.1 million on the $25 million of debt. Of course, this amazing reduction of $740 million reduction in the break even of the company. In terms of the innovation pipeline, and again, this was supposed to be 2027. Now it is 2026. We launched the 10-Minute BODi, which is a series of over 450 individual programs covering strength, core, cardio, et cetera. The new P90X program we launched in February. The new P90X nutrition line that launched at the end of March. The first time ever, we have a seven-serve, $34.95 product from Shakeology. We previously only sold Shakeology in a 30-serve, $129 bag. This really opens up channels like Amazon because we are selling $130, $140 bags on Amazon. Now we can sell $34.95 seven serve, which is where we need to be. The P90X Insanity line of energy drinks will be in test market in the second half year of 2026, and they are really unique. You can see the packaging. This is all very compelling. None of this existed, essentially, before I joined. We are launching a new program from Shaun T, who is our iconic trainer who created Insanity, so that is called MAX BUILT. We will have an Insanity supplement, which you can see on the right side, right below Shakeology. It is a pre-workout supplement. Then we are going to do a new Insanity program in November of this year with a three-time Hyrox world champion, Hunter McIntyre, as the new Insanity man. Then we have a new Pilates program coming out, barre Pilates program, with Andrea Rogers, and that will be in the first quarter of 2027. So this is a chock-full pipeline, and all of this is going to be happening essentially over the next, call it five months. So we have been in business 28 years. We have done in excess of $12.5 billion accumulative sales. We have got a lot of new news in that pipeline, and we like to say that we are the total fitness and nutrition solution, which makes our company unique within the marketplace. So with that, I will open it up to any questions anybody might have. I felt a little bit like the FedEx commercial, Susan. I want to make sure I got through it in 15 minutes. I think I hit it right on the head. Anybody got any questions? Yep. Of the new Shakeology stuff, what is the nutritional pro- I saw a plant-based, you go whey-based, but what are you modeling that after? Are you competing with a Fairlife type of drink or yeah, what- Good question. Just to repeat for the people listening, question is on the Shakeology, who are you really competing against from a formulation standpoint and positioning standpoint? What is interesting is we are pretty much unique because we are the original superfood shake. While everybody in the category is pretty much selling between 17 and 26 g of protein in a classic protein shake, we are selling you essentially 20, 17 g of protein and 30+ superfood. What we like to say, Carl Daikeler, who is our co-founder and CEO, he likes to say that he eats like a third grader, and the reason that Shakeology was created was to give you all the vital nutrients you need for the day in a 140 calorie shake, so that if you did decide to eat McDonald's for lunch and Pizza Hut for dinner, you know that you have gotten your nutritional elements in the morning. That is what Shakeology is. Again, $3.7 billion of sales, it has never been in a retail store. Now it is. We are in Sprouts, we are in The Vitamin Shoppe. We will be in a lot more. We are excited about this because we have got a product. This is not a new product. We have had a billion servings of this thing to probably more than 10 million users in the last 15 years. It is just we are now making it available at retail. Good question, Susan. Yeah. Mark, I think maybe talk about, I know you have talked about this in the past, but just the overlap between the digital business and the nutrition business, and I am just curious if you have seen any increase at all in that overlap. It is still early days, but as you put some of the Shakeology into the retail stores, are you also advertising the digital business on that product packaging or anything? That's a great question. Susan's question was, what are we seeing in terms of penetration crossover between our digital fitness and nutrition? Interestingly, Susan, research would indicate that 60%-65% of the people who are using digital fitness products also buy nutritional products. That is not our case. Our case, as you know, is it has been sub 10%. The reason is we were formerly a multilevel marketing company, and when you pay people 50% sales commission on everything they sell, you have to have a much higher price point to clear your cost of goods hurdle. What we were essentially doing was pricing ourselves out of the competitive market, which is why our crossover penetration did not approximate what the market experience is. Now, P90X supplements sell for between $15 and $39.95, and the new seven-serve Shakeology is $34.95. Vastly different than where the price points were of the company's nutritional products previously. While it's early days, we just launched these new form factors, as you know, in the past 30-90 days. We believe that over time, there is good reasoning behind a higher crossover penetration, and we will be cross-marketing. We do cross-market at retail by offering BODi programs to people on a free trial basis. There will be more of that because once they come in the franchise, then we have the ability to contact them. We have 10 million+ people in our CRM base, probably over $1.5 billion of former nutritional users of our products who were in and churned, probably because of form factor and price point. We've now solved form factor and we've solved price point, so instead of going out and spending $50, $60, $70 on a CAC to get a brand new Susan, we've got 10 million of them in a pool that perhaps with new products, lower price points, smaller form factors, we can regenerate them essentially CAC free. That's the plan. Yes, ma'am. You have your videos, and then you have your shakes and beverages. Are you going to expand into other things like nutrition bars or, and also ancillary things like Pilates, mats or rubber bands or anything? Yeah. Great question. So the question is, you have your digital fitness and you have your shakes, et cetera. Are you going to be expanding into other product categories such as bars and potentially bands and mats, Pilates, yoga, et cetera? Couple of things. One, we have bars, they are called BEACHBAR, and we are working on Shakeology bars, which will ultimately be launched, which I think will be really unique, almost like a shake in a bar. So you will see that. And the bars category is very hot. There may even be in the future something we should do on P90X with that as well, but certainly from Shakeology. So that is number one. Number two is we are working on a bunch of other new products, whether they be ready to drinks or whatever the case may be, in our franchises, and we have talked about that publicly, and that will be coming out hopefully in 2027. We have been previously selling fitness accessories, as you have alluded to. It is a terrible business. It is high inventory. They do not turn very well. There is not a lot of margin in it. It uses up working capital, and it is just not a great use of our time and effort. So what we want to stay focused on is fitness, nutrition, and wellness, and to the degree that we can, stay away from physical equipment product. It is just not a good business. We had it, and we are out of it. Does that answer your question? Thank you, Susan. Yeah. Maybe if you could talk about, so you guys have introduced the 10-minute videos, I do not know how long it has been now, but fairly recently. Talk about the consumer response to those. Yeah. Are you seeing new customers come to the platform, I guess, just for those? Because I think they are a little bit unique. Then also maybe if you could talk about if you have seen any change in consumer behavior, pressure. Do you think there is any more pressure or not pressure or any change in purchasing on your site? Thanks. So, basic question is, what's happening with the 10-Minute BODi program? Is it bringing in incremental people, and are you seeing that they're responding to either external pressure or social pressure, whatever the case may be? I would say that the 10-Minute BODi is doing a lot for us. It's giving us exposure to a group of people who might have been intimidated by the nature of a fitness library with the likes of P90X and 80 Day Obsession and 21 Day Fix and Muscle Burns Fat. That might have been intimidating to people who don't exercise. There's 240 million American adults, and 185 million of them are categorized as being overweight. 75 million of them are clinically obese. They're not the people, logically, who are going to rush out to sign up for P90X or Insanity, et cetera. On the other hand, many of them are taking GLP-1 drugs. As you know, the number one risk of a GLP-1 drug is the loss of lean muscle mass. You have to eat protein, and you must exercise if you take a GLP-1, or you will lose what you don't want to have losing at age 45+, which is lean muscle mass. We've got specific programs in the 10-Minute BODi as well to address that. So what we're trying to do is to get those people moving, not get crazy fit. I work out 2 and a half hours a day. I've been doing it every day for 45 years. I am not the market. That is not where you're going. You're going to get people who don't exercise or who exercise intermittently, and we can take you on a journey. We can get you going with the 10-Minute BODi. We can graduate you into a 30-day program, then graduate you into a 90-day program. If you want to change genres, we got tons of genres. We've got Pilates, we got yoga, we got core, we got muscle build. You name it, we've got it. And so we want to get you on a get moving, get healthy, get nutrition. That's what we do on that journey. And if 10-Minute BODi can help us optically reach people who previously might have felt intimidated by the product offering. Think about it like when you were kids in school, like me. You read the CliffsNotes. Me. And then you read the Monarch Notes. Anything but reading the novel. So essentially, the 10-Minute BODi is CliffsNotes. So for those of you that don't want to read the book, but you want to get the point, buy the CliffsNotes. 10-Minute BODi. So, I pitch that to anybody who. I say our target audience is hold out your right hand, take two fingers, and put it on your wrist. If you can feel something beating, that's the target audience. So, that's how we look at it. Then just on the consumer spending, what are you seeing out of the consumer? Are you seeing any change of behavior? We're not really seeing a change in behavior. The people who exercise are kind of a unique group. Some of them are crazy devoted. Some of them are yo-yos. They come in, they go back, they come. The people who don't exercise, don't exercise, and they have no interest in doing it. But since there's millions of people on GLP-1s, and now that they've lost weight, A, they're feeling better about themselves, and B, now maybe they can exercise. So we got to be able to bring them in on a non-intimidating basis and then take them on a journey. So I think there's a whole fresh group of people, Susan, that were not available to us before, who as a byproduct of weight loss on GLP-1s, can now be part of our franchise. Okay, great. Any other questions in the audience? Anybody else got a question? All right. Great. Thank you. Thank you very much. Thanks, Mark.