Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities:
Net loss	$ (11,648)	$ (25,081)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization expense	4,910	10,789
Amortization of content assets	5,018	8,652
Realized losses on hedging derivative financial instruments	0	64
Provision for inventory	559	1,012
Change in fair value of warrant liabilities	(869)	77
Equity-based compensation	3,741	9,104
Deferred income taxes	(0)	1
Amortization of debt issuance costs	1,119	1,153
Paid-in-kind interest expense	218	405
Loss on debt extinguishment	2,166	1,928
Change in lease assets	523	(272)
Gain on sale of property and equipment		(784)
Changes in operating assets and liabilities:
Inventory	4,340	131
Content assets	(1,290)	(4,195)
Prepaid expenses	4,348	3,177
Other assets	18,497	9,217
Accounts payable	(4,647)	2,371
Accrued expenses	(4,906)	(5,603)
Deferred revenue	(12,360)	(768)
Other liabilities	(3,139)	(3,169)
Net cash provided by operating activities	6,580	8,209
Cash flows from investing activities:
Purchase of property and equipment	(2,511)	(2,945)
Proceeds from sale of property and equipment		5,600
Net cash (used in) provided by investing activities	(2,511)	2,655
Cash flows from financing activities:
Proceeds from exercise of stock options	47
Debt Borrowings	25,000
Debt repayments	(22,582)	(11,446)
Proceeds from issuance of common shares in the Employee Stock Purchase Plan	78	165
Tax withholding payments for vesting of restricted stock	(215)	(223)
Payment of debt issuance costs	(1,543)
Net cash provided by (used in) financing activities	785	(11,504)
Effect of exchange rates on cash, cash equivalents, and restricted cash	520	(442)
Net increase (decrease) in cash, cash equivalents, and restricted cash	5,374	(1,082)
Cash, cash equivalents and restricted cash, beginning of period	20,187	33,409
Cash, cash equivalents, and restricted cash, end of period	25,561	32,327
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	900	1,938
Cash (received) paid during the period for income taxes, net	(195)	185
Supplemental disclosure of noncash investing activities:
Property and equipment acquired but not yet paid for	481	413
Supplemental disclosure of noncash financing activities:
Change in fair value of term loan warrants due to amended exercise price	0	141
Debt issuance costs, accrued but not paid	238
Paid-in-kind fee recorded as incremental debt issuance cost	$ 0	$ 566

Beachbody Company, Inc. 10-Q