The Beachbody Company, Inc. Announces Third Quarter 2023 Financial Results

Delivered Third Quarter Revenue and Cash Used in Operations Ahead of the Midpoint of Guidance

Reduced Our Cash Used in Operations to $0.2 Million from $6.5 Million in the Second Quarter

Turnaround Plan Underway

The Beachbody Company, Inc. (NYSE: BODY) (“BODi” or the “Company”), a leading subscription health and wellness company, today announced financial results for its third quarter ended September 30, 2023.

"We are pleased with our third quarter results, with revenue, Adjusted EBITDA and cash used in operations once again within our guidance range. We are encouraged by the advancements we have made in our company transformation, particularly in our cost reduction efforts and reinventing our digital platform,” said Carl Daikeler, BODi’s Co-Founder and Chief Executive Officer. “For the remainder of the year, we are intensely focused on the execution of our sales and marketing initiatives, which we believe will drive activation, engagement and increased efficiency. Our turnaround is in place and we are building towards increasing liquidity and driving revenues that are more profitable. I would like to thank the BODi team for their extremely hard work, as we continue on our transformation.”

Third Quarter 2023 Results

  • Total revenue was $128.3 million compared to $166.0 million in the prior year period.
    • Digital revenue was $64.3 million compared to $72.2 million in the prior year period and digital subscriptions totaled 1.38 million in the third quarter.
    • Nutrition and Other revenue was $59.0 million compared to $90.4 million in the prior year period and nutritional subscriptions totaled 0.18 million in the third quarter.
    • Connected Fitness revenue was $4.9 million compared to $3.3 million in the prior year period and approximately 6,500 bikes were delivered in the third quarter.
  • Total operating expenses was $104.0 million compared to $140.9 million in the prior year period.
  • Operating loss improved by $7.2 million to $29.0 million compared to an operating loss of $36.2 million in the prior year period.
  • Net loss was $32.7 million compared to a net loss of $33.9 million in the prior year period.
  • Adjusted EBITDA1 was $(5.8) million compared to $(6.2) million in the prior year period.
  • Cash used in operating activities for the nine months ended September 30, 2023 was $14.6 million compared to $36.9 million in the prior year period, and cash used in investing activities was $9.7 million compared to $23.2 million in the prior year period. Total cash used in operating and investing activities was $24.3 million compared to $60.1 million in the prior year period.

Marc Suidan, Chief Financial Officer, stated: "In the quarter, our cash used in operations was $0.2 million compared to our guidance of cash used of less than $5 million. Year to date, cash used in operating and investing activities was $24 million, compared to $60 million last year and $248 million from 2021. We continue to manage our cash use and are reducing cash needs.”

Key Operational and Business Metrics

 

 

For the Three Months Ended

September 30,

 

 

For the Nine Months Ended

September 30,

 

 

 

 

2023

 

2022

 

Change v

2022

 

 

2023

 

2022

 

Change v

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Digital Subscriptions (in millions)

 

 

1.38

 

 

2.10

 

 

(34.3

%)

 

 

1.38

 

 

2.10

 

 

(34.3

%)

 

Nutritional Subscriptions (in millions)

 

 

0.18

 

 

0.24

 

 

(25.2

%)

 

 

0.18

 

 

0.24

 

 

(25.2

%)

 

Total Subscriptions

 

 

1.56

 

 

2.34

 

 

(33.4

%)

 

 

1.56

 

 

2.34

 

 

(33.4

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average Digital Retention

 

 

96.2

%

 

95.7

%

 

50bps

 

 

 

95.7

%

 

95.6

%

 

10bps

 

 

Total Streams (in millions)

 

 

22.9

 

 

27.5

 

 

(16.6

%)

 

 

77.9

 

 

96.7

 

 

(19.4

%)

 

DAU/MAU

 

 

30.8

%

 

29.5

%

 

130bps

 

 

 

31.6

%

 

30.4

%

 

120bps

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Connected Fitness Units Delivered (in thousands)

 

 

6.5

 

 

2.3

 

 

182.7

%

 

 

16.7

 

 

27.7

 

 

(39.6

%)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Digital

 

$

64.3

 

$

72.2

 

 

(10.9

%)

 

$

194.3

 

$

232.0

 

 

(16.2

%)

 

Nutrition & Other

 

$

59.0

 

$

90.4

 

 

(34.8

%)

 

$

197.7

 

$

278.6

 

 

(29.0

%)

 

Connected Fitness

 

$

4.9

 

$

3.3

 

 

48.0

%

 

$

16.0

 

$

33.4

 

 

(52.0

%)

 

Revenue (in millions)

 

$

128.3

 

$

166.0

 

 

(22.7

%)

 

$

408.1

 

$

544.0

 

 

(25.0

%)

 

Net Income/(Loss) (in millions)

 

$

(32.7

)

$

(33.9

)

 

3.5

%

 

$

(87.6

)

$

(149.3

)

 

41.3

%

 

Adjusted EBITDA (in millions)

 

$

(5.8

)

$

(6.2

)

 

6.5

%

 

$

(11.5

)

$

(26.8

)

 

57.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outlook for The Fourth Quarter of 2023

 

 

Outlook For Quarter Ending December 31, 2023

 

 

(in millions)

 

 

 

 

 

 

Revenue

 

$

105

 

$

115

 

 

 

 

 

 

 

 

 

Net Loss

 

$

(30

)

$

(25

)

 

 

 

 

 

 

 

 

Adjustments:

 

 

 

 

 

 

Depreciation and Amortization

 

$

8

 

$

8

 

 

Amortization of Content Assets

 

$

5

 

$

5

 

 

Interest Expense

 

$

2

 

$

2

 

 

Equity-Based Compensation

 

$

5

 

$

5

 

 

Other Adjustment Items

 

$

4

 

$

4

 

 

Total Adjustments

 

$

24

 

$

24

 

 

 

 

 

 

 

 

 

Adjusted EBITDA

 

$

(6

)

$

(1

)

 

 

 

 

 

 

 

 

1 A definition of Adjusted EBITDA and reconciliation to net loss is at the end of this release.

Conference Call and Webcast Information

BODi will host a conference call at 5:00pm ET on Tuesday, November 7, 2023, to discuss its financial results and matters other than past results, such as guidance. To participate in the live call, please dial (833) 470-1428 (U.S. & Canada), or +1 (929) 526-1599 (all other locations) and provide the conference identification number: 617252. The conference call will also be available to interested parties through a live webcast at https://investors.thebeachbodycompany.com/.

A replay of the call will be available until November 14, 2023, by dialing (866) 813-9403 (U.S & Canada), or + 44 (204) 525-0658 (all other locations). The replay passcode is 696320.

After the conference call, a webcast replay will remain available on the investor relations section of the Company’s website for one year.

About BODi and The Beachbody Company, Inc.

Known as Beachbody for 24 years with such innovations such as P90X, Insanity, 21-Day Fix and Shakeology, the Company recently began referring to itself as BODi, which stands for Beachbody On Demand Interactive. The Company is headquartered in El Segundo, California. BODi is a leading company in the Health Esteem category, which combines digital fitness, nutrition, and mindset content with exceptional nutritional supplements. The BODi community represents millions of people supporting each other in their pursuit of a better life through weight loss, fitness, nutrition, and an improved mindset. The Beachbody Company, Inc. is the parent company of BODi. For more information, please visit TheBeachbodyCompany.com.

Safe Harbor Statement

This press release of The Beachbody Company, Inc. (“we,” “us,” “our,” and similar terms) contains "forward-looking" statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are statements other than statements of historical facts and statements in future tense. These statements include but are not limited to, statements regarding our future performance and our market opportunity, including expected financial results for the second quarter and full year, our business strategy, our plans, and our objectives and future operations.

Forward-looking statements are based upon various estimates and assumptions, as well as information known to us as of the date hereof, and are subject to risks and uncertainties. Accordingly, actual results could differ materially due to a variety of factors, including: our ability to effectively compete in the fitness and nutrition industries; our ability to successfully acquire and integrate new operations; our reliance on a few key products; market conditions and global and economic factors beyond our control; intense competition and competitive pressures from other companies worldwide in the industries in which we operate; and litigation and the ability to adequately protect our intellectual property rights. You can identify these statements by the use of terminology such as "believe", “plans”, "expect", "will", "should," "could", "estimate", "anticipate" or similar forward-looking terms. You should not rely on these forward-looking statements as they involve risks and uncertainties that may cause actual results to vary materially from the forward-looking statements. For more information regarding the risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements, as well as risks relating to our business in general, we refer you to the "Risk Factors" section of our Securities and Exchange Commission (SEC) filings, including those risks and uncertainties included in the Form 10-K filed with the SEC on March 16, 2023 and any subsequent Quarterly Reports on Form 10-Q or Current Reports on Form 8-K, which are available on the Investor Relations page of our website at https://investors.thebeachbodycompany.com and on the SEC website at www.sec.gov.

All forward-looking statements contained herein are based on information available to us as of the date hereof and you should not rely upon forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, performance, or achievements. We undertake no obligation to update any of these forward-looking statements for any reason after the date of this press release or to conform these statements to actual results or revised expectations, except as required by law. Undue reliance should not be placed on forward-looking statements.

The Beachbody Company, Inc.

Condensed Consolidated Balance Sheets

(in thousands, except share and per share data)

 

 

September 30,

 

 

December 31,

 

 

 

2023

 

 

2022

 

 

 

(unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

38,191

 

 

$

80,091

 

Restricted short-term investments

 

 

4,250

 

 

 

 

Inventory, net

 

 

31,747

 

 

 

54,060

 

Prepaid expenses

 

 

8,753

 

 

 

13,055

 

Other current assets

 

 

47,733

 

 

 

39,248

 

Total current assets

 

 

130,674

 

 

 

186,454

 

Property and equipment, net

 

 

50,328

 

 

 

74,147

 

Content assets, net

 

 

26,605

 

 

 

34,888

 

Goodwill

 

 

125,166

 

 

 

125,166

 

Intangible assets, net

 

 

4,370

 

 

 

8,204

 

Right-of-use assets, net

 

 

3,541

 

 

 

5,030

 

Other assets

 

 

6,640

 

 

 

9,506

 

Total assets

 

$

347,324

 

 

$

443,395

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

16,116

 

 

$

17,940

 

Accrued expenses

 

 

46,190

 

 

 

64,430

 

Deferred revenue

 

 

101,812

 

 

 

95,587

 

Current portion of lease liabilities

 

 

2,089

 

 

 

2,150

 

Current portion of Term Loan

 

 

1,250

 

 

 

1,250

 

Other current liabilities

 

 

5,307

 

 

 

3,283

 

Total current liabilities

 

 

172,764

 

 

 

184,640

 

Term Loan

 

 

27,742

 

 

 

39,735

 

Long-term lease liabilities, net

 

 

1,698

 

 

 

3,318

 

Deferred tax liabilities

 

 

60

 

 

 

181

 

Other liabilities

 

 

3,989

 

 

 

3,979

 

Total liabilities

 

 

206,253

 

 

 

231,853

 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock, $0.0001 par value; 100,000,000 shares authorized, none issued and outstanding at September 30, 2023 and December 31, 2022

 

 

 

 

 

 

Common stock, $0.0001 par value, 1,900,000,000 shares authorized (1,600,000,000 Class A, 200,000,000 Class X and 100,000,000 Class C);

 

 

 

 

 

 

Class A: 176,264,868 and 170,911,819 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively;

 

 

18

 

 

 

17

 

Class X: 136,450,256 and 141,250,310 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively;

 

 

14

 

 

 

14

 

Class C: no shares issued and outstanding at September 30, 2023 and December 31, 2022

 

 

 

 

 

 

Additional paid-in capital

 

 

648,071

 

 

 

630,709

 

Accumulated deficit

 

 

(506,837

)

 

 

(419,235

)

Accumulated other comprehensive income (loss)

 

 

(195

)

 

 

37

 

Total stockholders’ equity

 

 

141,071

 

 

 

211,542

 

Total liabilities and stockholders’ equity

 

$

347,324

 

 

$

443,395

 

 

The Beachbody Company, Inc.

Unaudited Condensed Consolidated Statements of Operations

(in thousands, except per share data)

 

 

Three months ended

September 30,

 

 

Nine months ended

September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Digital

 

$

64,339

 

 

$

72,228

 

 

$

194,326

 

 

$

231,988

 

Nutrition and other

 

 

58,981

 

 

 

90,416

 

 

 

197,729

 

 

 

278,596

 

Connected fitness

 

 

4,930

 

 

 

3,331

 

 

 

16,044

 

 

 

33,449

 

Total revenue

 

 

128,250

 

 

 

165,975

 

 

 

408,099

 

 

 

544,033

 

Cost of revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Digital

 

 

16,429

 

 

 

16,078

 

 

 

47,732

 

 

 

50,909

 

Nutrition and other

 

 

26,699

 

 

 

40,486

 

 

 

84,940

 

 

 

127,262

 

Connected fitness

 

 

10,091

 

 

 

4,745

 

 

 

26,312

 

 

 

80,910

 

Total cost of revenue

 

 

53,219

 

 

 

61,309

 

 

 

158,984

 

 

 

259,081

 

Gross profit

 

 

75,031

 

 

 

104,666

 

 

 

249,115

 

 

 

284,952

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Selling and marketing

 

 

69,127

 

 

 

93,145

 

 

 

222,195

 

 

 

286,213

 

Enterprise technology and development

 

 

18,879

 

 

 

25,686

 

 

 

56,625

 

 

 

83,516

 

General and administrative

 

 

14,759

 

 

 

19,532

 

 

 

44,362

 

 

 

59,189

 

Restructuring

 

 

1,270

 

 

 

1,492

 

 

 

6,550

 

 

 

10,047

 

Impairment of intangible assets

 

 

 

 

 

1,000

 

 

 

 

 

 

1,000

 

Total operating expenses

 

 

104,035

 

 

 

140,855

 

 

 

329,732

 

 

 

439,965

 

Operating loss

 

 

(29,004

)

 

 

(36,189

)

 

 

(80,617

)

 

 

(155,013

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Loss on partial debt extinguishment

 

 

(3,168

)

 

 

 

 

 

(3,168

)

 

 

 

Change in fair value of warrant liabilities

 

 

1,072

 

 

 

2,362

 

 

 

1,504

 

 

 

4,696

 

Interest expense

 

 

(2,074

)

 

 

(1,152

)

 

 

(6,773

)

 

 

(1,174

)

Other income, net

 

 

571

 

 

 

571

 

 

 

1,551

 

 

 

696

 

Loss before income taxes

 

 

(32,603

)

 

 

(34,408

)

 

 

(87,503

)

 

 

(150,795

)

Income tax (provision) benefit

 

 

(63

)

 

 

549

 

 

 

(99

)

 

 

1,536

 

Net loss

 

$

(32,666

)

 

$

(33,859

)

 

$

(87,602

)

 

$

(149,259

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per common share, basic and diluted

 

$

(0.11

)

 

$

(0.11

)

 

$

(0.28

)

 

$

(0.49

)

Weighted-average common shares outstanding, basic and diluted

 

 

308,931

 

 

 

307,949

 

 

 

310,794

 

 

 

307,178

 

 

The Beachbody Company, Inc.

Unaudited Condensed Consolidated Statements of Cash Flows

(in thousands)

 

 

Nine months ended September 30,

 

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(87,602

)

 

$

(149,259

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

Impairment of intangible assets

 

 

 

 

 

1,000

 

Depreciation and amortization expense

 

 

31,395

 

 

 

58,858

 

Amortization of content assets

 

 

16,487

 

 

 

18,673

 

Provision for inventory and inventory purchase commitments

 

 

9,370

 

 

 

35,195

 

Realized (gains) losses on hedging derivative financial instruments

 

 

131

 

 

 

141

 

Change in fair value of warrant liabilities

 

 

(1,504

)

 

 

(4,696

)

Equity-based compensation

 

 

19,152

 

 

 

13,166

 

Deferred income taxes

 

 

(166

)

 

 

(1,754

)

Amortization of debt issuance costs

 

 

1,288

 

 

 

262

 

Paid-in-kind interest expense

 

 

1,042

 

 

 

221

 

Non-cash component of loss on partial debt extinguishment

 

 

2,418

 

 

 

 

Other non-cash items

 

 

 

 

 

311

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Inventory

 

 

11,884

 

 

 

31,676

 

Content assets

 

 

(8,201

)

 

 

(16,111

)

Prepaid expenses

 

 

4,302

 

 

 

8,681

 

Other assets

 

 

(4,531

)

 

 

4,496

 

Accounts payable

 

 

(1,471

)

 

 

(30,379

)

Accrued expenses

 

 

(15,809

)

 

 

(209

)

Deferred revenue

 

 

6,995

 

 

 

(3,690

)

Other liabilities

 

 

237

 

 

 

(3,525

)

Net cash used in operating activities

 

 

(14,583

)

 

 

(36,943

)

Cash flows from investing activities:

 

 

 

 

 

 

Purchase of property and equipment

 

 

(5,499

)

 

 

(23,236

)

Investment in restricted short-term investments

 

 

(4,250

)

 

 

 

Net cash used in investing activities

 

 

(9,749

)

 

 

(23,236

)

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from exercise of stock options

 

 

 

 

 

3,162

 

Remittance of taxes withheld from employee stock awards

 

 

 

 

 

(308

)

Debt borrowings

 

 

 

 

 

50,000

 

Debt repayments

 

 

(15,938

)

 

 

(313

)

Proceeds from issuance of common shares in the Employee Stock Purchase Plan

 

 

384

 

 

 

 

Tax withholding payments for vesting of restricted stock

 

 

(2,173

)

 

 

(183

)

Payment of debt issuance costs

 

 

 

 

 

(4,075

)

Net cash (used in) provided by financing activities

 

 

(17,727

)

 

 

48,283

 

Effect of exchange rates on cash and cash equivalents

 

 

159

 

 

 

(1,095

)

Net decrease in cash and cash equivalents

 

 

(41,900

)

 

 

(12,991

)

Cash, cash equivalents and restricted cash, beginning of period

 

 

80,091

 

 

 

107,054

 

Cash and cash equivalents, end of period

 

$

38,191

 

 

$

94,063

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

Cash paid during the period for interest

 

$

4,177

 

 

$

738

 

Cash (received) paid during the period for income taxes, net

 

 

(10

)

 

 

365

 

Supplemental disclosure of noncash investing activities:

 

 

 

 

 

 

Property and equipment acquired but not yet paid for

 

$

267

 

 

$

789

 

Supplemental disclosure of noncash financing activities:

 

 

 

 

 

 

Warrants issued in relation to Term Loan

 

$

 

 

$

5,236

 

Change in fair value of Term Loan warrants due to amended exercise price

 

 

802

 

 

 

 

Debt issuance costs, accrued but not paid

 

 

 

 

 

136

 

Paid-in-kind fee recorded as incremental debt issuance cost

 

 

488

 

 

 

 

 

The Beachbody Company, Inc.

Adjusted EBITDA

In addition to our results determined in accordance with accounting principles generally accepted in the United States, or GAAP, we believe the following non-GAAP financial measure of Adjusted EBITDA is useful in evaluating our operating performance.

We define and calculate Adjusted EBITDA as net income (loss) adjusted for depreciation and amortization, amortization of capitalized cloud computing implementation costs, amortization of content assets, interest expense, income taxes, equity-based compensation, inventory net realizable value adjustments, restructuring, change in fair value of warrant liabilities, and other items that are not normal, recurring, operating expenses necessary to operate the Company’s business.

The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Investors are encouraged to review the reconciliation of this non-GAAP financial measure to its most directly comparable GAAP financial measure. A reconciliation of our non-GAAP Adjusted EBITDA to GAAP net income (loss) can be found below:

 

 

Three months ended

September 30,

 

 

Nine months ended

September 30,

 

(in thousands)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(32,666

)

 

$

(33,859

)

 

$

(87,602

)

 

$

(149,259

)

Adjusted for:

 

 

 

 

 

 

 

 

 

 

 

 

Impairment of intangible assets

 

 

 

 

 

1,000

 

 

 

 

 

 

1,000

 

Loss on partial debt extinguishment (1)

 

 

3,168

 

 

 

 

 

 

3,168

 

 

 

 

Depreciation and amortization

 

 

9,763

 

 

 

17,306

 

 

 

31,395

 

 

 

58,858

 

Amortization of capitalized cloud computing implementation costs

 

 

41

 

 

 

126

 

 

 

122

 

 

 

462

 

Amortization of content assets

 

 

5,467

 

 

 

5,493

 

 

 

16,487

 

 

 

18,673

 

Interest expense

 

 

2,074

 

 

 

1,152

 

 

 

6,773

 

 

 

1,174

 

Income tax provision (benefit)

 

 

63

 

 

 

(549

)

 

 

99

 

 

 

(1,536

)

Equity-based compensation

 

 

6,436

 

 

 

5,601

 

 

 

19,152

 

 

 

13,166

 

Employee incentives, expected to be settled in equity (2)

 

 

 

 

 

 

 

 

(5,466

)

 

 

 

Inventory net realizable value adjustment (3)

 

 

 

 

 

(1,867

)

 

 

 

 

 

23,569

 

Restructuring and platform consolidation costs (4)

 

 

1,270

 

 

 

1,745

 

 

 

7,222

 

 

 

11,718

 

Change in fair value of warrant liabilities

 

 

(1,072

)

 

 

(2,362

)

 

 

(1,504

)

 

 

(4,696

)

Non-operating (5)

 

 

(377

)

 

 

(15

)

 

 

(1,340

)

 

 

63

 

Adjusted EBITDA

 

$

(5,833

)

 

$

(6,229

)

 

$

(11,494

)

 

$

(26,808

)

1 Represents the loss related to the $15.0 million partial debt prepayment that the Company made on July 24, 2023.

2 The non-cash charge for employee incentives which were expected to be settled in equity was recorded and included in the Adjusted EBITDA calculation during the year ended December 31, 2022. During the three months ended March 31, 2023, we reclassified the non-cash charge from employee incentives expected to be settled in equity to equity-based compensation because we settled certain employee incentives with RSU awards during the period.

3 Represents a non-cash expense to reduce the carrying value of our connected fitness inventory and related future commitments. This adjustment was included during the three and nine months ended September 30, 2022, because of its unusual magnitude due to disruptions in the connected fitness market.

4 Includes restructuring expense and personnel costs associated with executing our key growth priorities during the three and nine months ended September 30, 2023, and with the consolidation of our digital platforms during the three and nine months ended September 30, 2022.

5 Primarily includes interest income.

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