Blackwells Capital Activist Presentation Deck
123
168
BW
Highly engaged subscriber base with low churn creates a strong, recurring revenue stream
217 245
HIGHLY ENGAGED SUBSCRIBER BASE WITH LOW CHURN &
SAAS BUSINESS UNIT ECONOMICS
Connected Fitness Subscribers
BLACKWELLS CAPITAL
276
362
457 511 562
712
Total Workouts
886
17,988 17,759 19,171 24,345
Source: Company filings.
1,091
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021
1,334
1,667
76,81777,767
44,155
TILI
2,081
98,075
2,331
149,541
2,501 3,231 5,902 6,223 7,069 9,336
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021
Q3
Q4 Q1 Q2 Q3 Q4
134,334
Attractive Underlying Unit Economics
Ability to drive significant operating leverage as business scales
High subscription contribution margin of 60% to 70%
Significant content leverage across existing studios (U.S. and
U.K.) and instructors
ā Attractive Lifetime Value
Low churn
Historically offset cost of customer acquisition with gross profit
earned on Connected Fitness Products
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