0001639825-24-000163 | 10-Q | XBRL Viewer

Equity-Based Compensation

3 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

2019 Equity Incentive Plan

In August 2019, the Board of Directors adopted the 2019 Equity Incentive Plan (the “2019 Plan”), which was subsequently approved by the Company’s stockholders in September 2019. The 2019 Plan serves as the successor to the 2015 Stock Plan (the "2015 Plan"). The 2015 Plan continues to govern the terms and conditions of the outstanding awards previously granted thereunder. Any reserved shares not issued or subject to outstanding grants under the 2015 Plan on the effective date of the 2019 Plan became available for grant under the 2019 Plan and will be issued as Class A common stock.

Under the terms of the 2019 Plan, for stock option and restricted stock unit grants, vesting generally occurs over four years. Stock option grants are not exercisable after the expiration of ten years from the date of grant or such shorter period as specified in a stock award agreement.

The number of shares reserved for issuance under the 2019 Plan will increase automatically on July 1 of each of 2020 through 2029 by the number of shares of Class A common stock equal to 5% of the total outstanding shares of all of the Company’s classes of common stock as of each June 30 immediately preceding the date of increase (the “evergreen feature”), or a lesser amount as determined by the Board of Directors. On July 1, 2024, the number of shares of Class A common stock available for issuance under the 2019 Plan was automatically increased according to its terms by 18,813,085 shares.

In October 2023, the Company’s Board of Directors adopted an amendment to the 2019 Plan (the “Amendment”) that increases the number of shares available under the 2019 Plan by 36,000,000 shares of Class A common stock (and retains the existing evergreen feature through July 1, 2029) and extends the right to grant awards under the 2019 Plan through October 24, 2033. The Amendment became effective following approval by the Company’s stockholders on December 7, 2023. As of September 30, 2024, 60,724,755 shares of Class A common stock were available for future award under the 2019 Plan.

Stock Options

The following summary sets forth the stock option activity under the 2019 Plan:


	Options Outstanding
	Number of Stock Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in millions)
Outstanding — June 30, 2024	28,901,489	$	20.14	4.7	$	3.4
Granted	255,145	$	4.63
Exercised	(298,996)	$	3.00		$	0.6
Forfeited or expired	(1,454,932)	$	11.95
Outstanding — September 30, 2024	27,402,706	$	20.62	4.8	$	6.7
Vested and Exercisable — September 30, 2024	22,226,512	$	19.40	4.3	$	6.5

Unvested option activity is as follows:


	Options	Weighted-Average Grant Date Fair Value
Unvested — June 30, 2024	6,348,265	$	17.24
Granted	255,145	$	2.86
Vested	(1,327,270)	$	14.40
Forfeited or expired	(99,946)	$	17.21
Unvested — September 30, 2024	5,176,194	$	17.26

The aggregate intrinsic value of options outstanding and vested and exercisable, were calculated as the difference between the exercise price of the options and the fair value of the Company’s common stock as of September 30, 2024. The fair value of the common stock is the closing stock price of Class A common stock as reported on The Nasdaq Global Select Market. The aggregate intrinsic value of exercised options was $0.6 million and $5.0 million for the three months ended September 30, 2024 and 2023, respectively.

For the three months ended September 30, 2024, the weighted-average grant date fair value per option was $2.86, and for the three months ended September 30, 2023 no options were granted. The fair value of each option was estimated at the grant date using the Black-Scholes method with the following assumptions:


	Three Months Ended September 30,
	2024
Weighted average risk-free interest rate (1)	3.7	%
Weighted average expected term (in years)	3.3
Weighted average expected volatility (2)	90.6	%
Expected dividend yield	—

____________________________

(1) Based on U.S. Treasury yield curve in effect at the time of grant.

(2) Expected volatility is based on the historical volatility of the price of Class A common stock.

Restricted Stock and Restricted Stock Units

The following table summarizes the activity related to the Company's restricted stock and restricted stock units:


	Restricted Stock Units Outstanding
	Number of Awards	Weighted-Average Grant Date Fair Value
Outstanding — June 30, 2024	55,811,463	$	6.80
Granted	25,936,757	$	4.47
Vested and converted to shares	(4,214,886)	$	9.03
Cancelled	(2,885,825)	$	6.71
Outstanding — September 30, 2024	74,647,509	$	5.87

Employee Stock Purchase Plan

In August 2019, the Board of Directors adopted, and in September 2019, the Company's stockholders approved, the Employee Stock Purchase Plan (“ESPP”), through which eligible employees may purchase shares of Class A common stock at a discount through accumulated payroll deductions. The ESPP became effective on September 25, 2019, the date the registration statement, in connection with the Company’s initial public offering, was declared effective by the SEC (the “Effective Date”). The number of shares of Class A common stock that will be available for issuance and sale to eligible employees under the ESPP will increase automatically on the first day of each fiscal year of the Company beginning on July 1, 2020 through 2029, in an amount equal to 1% of the total number of outstanding shares of all classes of the Company's common stock on the immediately preceding June 30, or such lesser number as may be determined by the Board of Directors or applicable committee in its sole discretion. On July 1, 2024, the number of shares of Class A common stock available for issuance under the ESPP was automatically increased according to its terms by 3,762,617 shares. As of September 30, 2024, 18,632,205 shares of Class A common stock were available for sale to employees under the ESPP.

Unless otherwise determined by the Board of Directors, each offering period will consist of four six-month purchase periods, provided that the initial offering period commenced on the Effective Date and ended on August 31, 2021, and the initial purchase period ended February 28, 2020. Thereafter, each offering period and each purchase period commences on September 1 and March 1 and ends on August 31 and February 28 of each two-year period or each six-month period, respectively, subject to a reset provision. If the closing price of Class A common stock on the first day of an offering period is higher than the closing price of Class A common stock on the last day of any applicable purchase period, participants will be withdrawn from the ongoing offering period immediately following the purchase of ESPP shares on the purchase date and would automatically be enrolled in the subsequent offering period (“ESPP reset”), resulting in a modification under ASC 718, Compensation - Stock Compensation.

Unless otherwise determined by the Board of Directors, the purchase price for each share of Class A common stock purchased under the ESPP will be 85% of the lower of the fair market value per share on the first trading day of the applicable offering period or the fair market value per share on the last trading day of the applicable purchase period.

The Black-Scholes option pricing model assumptions used to calculate the fair value of shares estimated to be purchased at the commencement of the ESPP offering periods were as follows:


	Three Months Ended September 30,
	2024		2023
Weighted average risk-free interest rate	2.7	%	1.6	%
Weighted average expected term (in years)	1.3		1.3
Weighted average expected volatility	92.4	%	92.4	%
Expected dividend yield	—		—

The expected term assumptions were based on each offering period's respective purchase date. The expected volatility is based on the historical volatility of the price of Class A common stock. The risk-free rate assumptions were based on the U.S. treasury yield curve in effect at the time of the grants. The dividend yield assumption was zero as the Company has not historically paid any dividends and does not expect to declare or pay dividends in the foreseeable future.

During the three months ended September 30, 2024 and 2023, the Company recorded stock-based compensation expense associated with the ESPP of $1.6 million and $1.1 million, respectively.

In connection with the offering period that ended on August 31, 2024, employees purchased 375,829 shares of Class A common stock at a weighted-average price of $3.91 under the ESPP. As of September 30, 2024, total unrecognized compensation cost related to the ESPP was $7.0 million, which will be amortized over a weighted-average remaining period of 1.8 years.

Stock-Based Compensation Expense

The Company's total stock-based compensation expense was as follows:


	Three Months Ended September 30,
	2024		2023
	(in millions)
Cost of revenue
Connected Fitness Products	$	2.3	$	2.3
Subscription	8.7		9.7
Total cost of revenue	11.0		12.0
Sales and marketing	3.7		4.7
General and administrative	21.1		35.4
Research and development	11.4		14.9
Restructuring expense	—		7.2
Total stock-based compensation expense	$	47.2	$	74.2

As of September 30, 2024, the Company had $433.7 million of unrecognized stock-based compensation expense related to unvested stock-based awards that is expected to be recognized over a weighted-average period of 2.4 years.

In the three months ended September 30, 2023 one employee who was eligible to participate in the Company’s Severance and Change in Control Plan (the “Severance Plan”) terminated employment. Certain modifications were made to equity awards, including the extension of the post-termination period during which an employee may exercise outstanding stock options from 90 days to the earlier of the original expiration date or 3 years. The employee transitioned to a non-executive advisory role and as a result of this modification, the Company recognized incremental stock-based compensation expense of $5.4 million for the three months ended September 30, 2023 within Restructuring expense in the Condensed Consolidated Statements of Operations and Comprehensive Loss

Fair Value Measurements (Tables)

3 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following tables present the estimated fair values of the Company’s financial instruments that are not recorded at fair value on the Condensed Consolidated Balance Sheets:


	As of September 30, 2024
	Level 1		Level 2		Level 3		Total
	(in millions)
0.00% Convertible Senior Notes due 2026	$	—	$	180.5	$	—	$	180.5
5.50% Convertible Senior Notes due 2029	$	—	$	463.4	$	—	$	463.4


	As of June 30, 2024
	Level 1		Level 2		Level 3		Total
	(in millions)
0.00% Convertible Senior Notes due 2026	$	—	$	175.0	$	—	$	175.0
5.50% Convertible Senior Notes due 2029	$	—	$	353.0	$	—	$	353.0

Net Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Basic and diluted net loss per share:
Net loss attributable to common stockholders, basic	$ (0.9)	$ (159.3)
Net loss attributable to common stockholders, diluted	$ (0.9)	$ (159.3)
Shares used in computation:
Weighted-average common shares outstanding, basic (in shares)	378,776,423	358,547,563
Basic net loss per share (in dollars per share)	$ 0	$ (0.44)
Diluted net loss per share (in dollars per share)	$ 0	$ (0.44)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ DEFICIT - USD ($) shares in Millions, $ in Millions	Total	Common Stock Class A and Class B Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Accumulated Deficit
Beginning balance (in shares) at Jun. 30, 2023		356.8
Beginning balance at Jun. 30, 2023	$ (295.1)	$ 0.0	$ 4,619.8	$ 16.8	$ (4,931.8)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Activity related to stock-based compensation (in shares)		3.3
Activity related to stock-based compensation	79.5		79.5
Issuance of common stock under employee stock purchase plan (in shares)		0.4
Issuance of common stock under employee stock purchase plan	2.0		2.0
Other comprehensive income (loss)	1.9			1.9
Net loss	(159.3)				(159.3)
Ending balance (in shares) at Sep. 30, 2023		360.4
Ending balance at Sep. 30, 2023	(370.9)	$ 0.0	4,701.4	18.7	(5,091.0)
Beginning balance (in shares) at Jun. 30, 2024		376.3
Beginning balance at Jun. 30, 2024	(519.1)	$ 0.0	4,948.6	15.9	(5,483.7)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Activity related to stock-based compensation (in shares)		4.5
Activity related to stock-based compensation	48.1		48.1
Issuance of common stock under employee stock purchase plan (in shares)		0.4
Issuance of common stock under employee stock purchase plan	1.5		1.5
Other comprehensive income (loss)	(9.9)			(9.9)
Net loss	(0.9)				(0.9)
Ending balance (in shares) at Sep. 30, 2024		381.3
Ending balance at Sep. 30, 2024	$ (480.3)	$ 0.0	$ 4,998.2	$ 6.0	$ (5,484.6)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	The accompanying interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") regarding interim financial reporting. Certain monetary amounts, percentages, and other figures included elsewhere in these financial statements have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be the arithmetic aggregation of the figures that precede them, and figures expressed as percentages in the text may not total 100% or, as applicable, when aggregated may not be the arithmetic aggregation of the percentages that precede them.
Use of Estimates	The preparation of these financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosures. On an ongoing basis, the Company evaluates its estimates, including, among others, those related to revenue related reserves, product recall and corrective action cost, the realizability of inventory, fair value measurements, the incremental borrowing rate associated with lease liabilities, impairment of long-lived and intangible assets, useful lives of long-lived assets, including property and equipment and finite-lived intangible assets, product warranty, goodwill, accounting for income taxes, stock-based compensation expense, transaction price estimates, the fair values of assets acquired and liabilities assumed in business combinations and asset acquisitions, future restructuring charges, contingent consideration, and commitments and contingencies. Actual results may differ from these estimates.
Recently Issued Accounting Pronouncements and Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted ASU 2023-07 In November 2023, the Financial Accounting Standards Board issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, and is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis. The Company is currently evaluating the impact of adopting ASU 2023-07. ASU 2023-09 In December 2023, the Financial Accounting Standards Board issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 enhances income tax information primarily through changes in the rate reconciliation and income taxes paid information, and is effective for fiscal years beginning after December 15, 2024 on a prospective basis. The Company is currently evaluating the impact of adopting ASU 2023-09.
Revenue	The Company determines revenue recognition through the following steps: •Identification of the contract, or contracts, with a customer; •Identification of the performance obligations in the contract; •Determination of the transaction price; •Allocation of the transaction price to the performance obligations in the contract; and •Recognition of revenue when, or as, the Company satisfies a performance obligation. Revenue is recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration that the Company expects to be entitled to in exchange for those goods or services. The Company’s revenue is reported net of sales returns and concessions, discounts and allowances, incentives, and rebates to commercial distributors as a reduction of the transaction price. Certain contracts include consideration payable that is accounted for as a payment for distinct goods or services. The Company’s transaction price estimate includes its estimate for product returns and concessions based on the terms and conditions of home trial programs, historical return trends by product category, impact of seasonality, an evaluation of current economic and market conditions, and current business practices, and the Company records the expected customer refund liability as a reduction to revenue, and the expected inventory right to return asset as a reduction of cost of revenue. If actual return costs differ from previous estimates, the amount of the liability and corresponding revenue are adjusted in the period in which such costs occur. For customer contracts that include multiple performance obligations, the Company accounts for individual performance obligations if they are distinct. The transaction price is then allocated to each performance obligation based on its standalone selling price. The Company generally determines the standalone selling price based on the prices charged to customers. The Company applies the practical expedient as per ASC 606-10-50-14 and does not disclose information related to remaining performance obligations due to their original expected terms being one year or less. The Company also applies the practical expedient as per ASC 340-40-25-4 and expenses sales commissions when incurred if the amortization period of the asset that the Company otherwise would have recognized is one year or less. These costs are recorded in Sales and marketing in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss. Some of the Company’s revenues relate to arrangements for our Bike rental products. The Company’s rental program allows Members to lease certain Bike products with a Peloton Rental Membership for a single monthly cost and a one-time delivery fee, and gives the Member the option to purchase the equipment outright or cancel at any time with no penalty. These lease arrangements include both lease and non-lease components. Consideration is allocated between the lease and non-lease components based on management’s best estimate of the relative standalone selling price of each component. The lease component relates to the customer’s right to use the equipment over the lease term and is accounted for as an operating lease in accordance with ASC 842, Leases. Lease revenue is recognized on a straight-line basis over the term of the lease within Connected Fitness Products Revenue and was $12.5 million and $9.1 million for the three months ended September 30, 2024 and 2023, respectively. The underlying equipment subject to the lease remains within Property and equipment, net on the Company’s Condensed Consolidated Balance Sheets and depreciates over the equipment’s useful life. Depreciation expense associated with the underlying equipment is reflected in Connected Fitness Products Cost of revenue in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss. Non-lease components primarily consist of an All-Access Membership, which is recognized ratably over the subscription term within Subscription Revenue. Connected Fitness Products Connected Fitness Products include the Company’s portfolio of Connected Fitness Products and related accessories, Precor branded fitness products, delivery and installation services, Bike rental products, extended warranty agreements, branded apparel, and commercial service contracts. The Company recognizes Connected Fitness Products Revenue net of sales returns and concessions, discounts and allowances, and third-party financing program fees, when the product has been delivered to the customer, except for extended warranty revenue that is recognized over the warranty period and service revenue that is recognized over the term of the service contract. The Company generally allows customers to return Peloton branded Connected Fitness Products within thirty days of purchase, as stated in its return policy. The Company records fees paid to third-party financing partners in connection with its consumer financing program as a reduction of revenue, as it considers such costs to be a customer sales incentive. The Company records payment processing fees for its credit card sales for Connected Fitness Products within Sales and marketing in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss. Subscription The Company’s subscriptions provide access to Peloton content and its library of live and on-demand fitness classes. The Company’s subscriptions are offered on a month-to-month or prepaid basis. Amounts paid for subscription fees, net of refunds are included within Deferred revenue and customer deposits on the Company’s Condensed Consolidated Balance Sheets and recognized ratably over the subscription term. The Company records payment processing fees for its monthly subscription charges within Subscription Cost of revenue in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss. Sales tax collected from customers and remitted to governmental authorities is not included in revenue and is reflected as a liability on the Company’s Condensed Consolidated Balance Sheets. Product Warranty The Company offers a standard product warranty that its Connected Fitness Products will operate under normal, non-commercial use covering the touchscreen and most original Bike, Bike+, Tread, Tread+, Row, and Guide components. The Company has the obligation, at its option, to either repair or replace the defective product. At the time revenue is recognized, an estimate of future warranty costs is recorded as a component of cost of revenue. Factors that affect the warranty obligation include historical as well as current product failure rates, service delivery costs incurred in correcting product failures, and warranty policies and business practices. The Company’s products are manufactured by contract manufacturers and, in certain cases, the Company may have recourse to such contract manufacturers.
Deferred Revenue and Customer Deposits	Deferred revenue is recorded for nonrefundable cash payments received for the Company’s performance obligation to transfer, or stand ready to transfer, goods or services in the future. Customer deposits represent payments received in advance before the Company transfers a good or service to the customer and are refundable.
Fair Value Measurements	The fair value of the 2026 Notes and the fair value of the 2029 Notes (each as defined in Note 7 - Debt) are determined based on the closing price on the last trading day of the reporting period.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

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+ Details

Net Loss Per Share - Schedule of Potentially Diluted Securities Not Included in Calculation of Diluted Shares Outstanding (Details) - shares	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Employee stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from calculation of diluted shares outstanding (in shares)	5,995,788	8,703,141
Restricted stock units and awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from calculation of diluted shares outstanding (in shares)	671,832	993,473
Convertible senior notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from calculation of diluted shares outstanding (in shares)	76,452,600	0

Restructuring - Schedule of Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash restructuring charges
Severance and other personnel costs	$ (0.5)	$ 6.1
Exit and disposal costs and professional fees	3.4	4.5
Total cash restructuring charges	2.9	10.6
Non-cash restructuring charges
Asset write-downs and write-offs	5.1	22.8
Stock-based compensation expense	0.0	7.2
Write-offs of inventory related to restructuring activities	0.0	0.5
Total non-cash restructuring charges	5.1	30.5
Total	$ 8.1	$ 41.2

Segment Information

3 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Segment Information

The Company applies ASC 280, Segment Reporting, in determining reportable segments. The Company has two reportable segments: Connected Fitness Products and Subscription. Segment information is presented in the same manner that the chief operating decision makers ("CODM"), the Interim Co-Chief Executive Officers, review the operating results in assessing performance and allocating resources. The CODM reviews revenue and gross profit for both of the reportable segments. Gross profit is defined as revenue less cost of revenue incurred by the segment.

No operating segments have been aggregated to form the reportable segments. The Company does not allocate assets at the reportable segment level as these are managed on an entity wide group basis and, accordingly, the Company does not report asset information by segment.

The Connected Fitness Products segment derives revenue from sale of the Company's portfolio of Connected Fitness Products and related accessories, as well as Precor branded fitness products, delivery and installation services, Bike rental products, extended warranty agreements, branded apparel, and commercial service contracts. The Subscription segment derives revenue from monthly Subscription fees. There are no internal revenue transactions between the Company’s segments.

Key financial performance measures of the segments including Revenue, Cost of revenue, and Gross profit are as follows:


	Three Months Ended September 30,
	2024		2023
	(in millions)
Connected Fitness Products:
Revenue	$	159.6	$	180.6
Cost of revenue	145.0		174.9
Gross profit	$	14.6	$	5.7
Subscription:
Revenue	$	426.3	$	415.0
Cost of revenue	137.2		135.2
Gross profit	$	289.1	$	279.7
Consolidated:
Revenue	$	586.0	$	595.5
Cost of revenue	282.2		310.1
Gross profit	$	303.8	$	285.4

Reconciliation of Gross Profit

Operating expenditures, interest income and other expense, and taxes are not allocated to individual segments as these are managed on an entity wide group basis. The reconciliation between reportable Segment Gross Profit to consolidated loss before provision for income tax is as follows:


	Three Months Ended September 30,
	2024		2023
	(in millions)
Segment Gross Profit	$	303.8	$	285.4
Sales and marketing	(81.9)		(146.0)
General and administrative	(119.5)		(151.1)
Research and development	(58.5)		(78.7)
Impairment expense	(4.9)		(24.0)
Restructuring expense	(2.9)		(17.8)
Supplier settlements	(23.5)		—
Total other expense, net	(12.6)		(26.2)
Loss before provision for income taxes	$	—	$	(158.5)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Debt - Components of Convertible Debt (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net [Abstract]
Net carrying amount	$ 1,546.5
5.50% Convertible Senior Notes Due 2029 \| Convertible senior notes
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net [Abstract]
Principal	350.0	$ 350.0
Unamortized debt issuance costs	(7.3)	(7.6)
Net carrying amount	342.7	342.4
0% Convertible Senior Notes Due February 15, 2026 \| Convertible senior notes
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net [Abstract]
Principal	199.0	199.0
Unamortized debt issuance costs	(1.2)	(1.4)
Net carrying amount	197.8	197.6
Convertible Senior Notes Outstanding on November 16, 2025 \| Convertible senior notes \| Term Loan Facility
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net [Abstract]
Principal	1,000.0	1,000.0
Unamortized debt issuance costs	(12.1)	(12.6)
Principal payments	(2.5)	0.0
Unamortized debt discount	(26.3)	(27.4)
Net carrying amount	$ 959.1	$ 960.1

Commitments and Contingencies

3 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Music License Agreements

The Company is subject to minimum guarantee royalty payments associated under certain music license agreements.

The following represents the Company's minimum annual guarantee payments under music license agreements, as of September 30, 2024:


	Future Minimum Payments
Fiscal Year Ended June 30,	(in millions)
2025 (remaining)	$	41.2
2026	9.8
2027	—
2028	—
2029	—
Thereafter	0.3
Total	$	51.3

Commitments to Suppliers

The Company utilizes contract manufacturers to build its products and accessories. These contract manufacturers acquire components and build products based on demand forecast information the Company supplies, which typically covers a rolling 12-month period. Consistent with industry practice, the Company acquires inventories from such manufacturers through purchase orders against which orders are applied based on projected demand information and availability of goods. Such purchase commitments typically cover the Company’s forecasted product and manufacturing requirements for periods that range a number of months. In certain instances, these agreements allow the Company the option to cancel, reschedule, and/or adjust its requirements based on its business needs for a period of time before the order is due to be fulfilled. While the Company’s purchase orders are legally cancellable in many situations, there are some which are not cancellable in the event of a demand plan change or other circumstances, such as where the supplier has procured unique, Peloton-specific designs, and/or specific non-cancellable, non-returnable components based on the Company’s provided forecasts.

As of September 30, 2024, the Company’s commitments to contract with third-party manufacturers for their inventory on-hand and component purchase commitments related to the manufacture of Peloton products were estimated to be approximately $72.4 million, of which $64.1 million is expected to be paid over the next twelve months.

Legal and Regulatory Proceedings

The Company is, or may become, a party to legal and regulatory proceedings with respect to a variety of matters in the ordinary course of its business, including the matters set forth below. The Company denies the allegations in the active matters described below and intends to vigorously defend against such matters.

Some of the Company’s legal and regulatory proceedings, including matters and litigation that center around intellectual property claims, may be based on complex claims involving substantial uncertainties and unascertainable damages. Accordingly, except for proceedings that have settled or been terminated, or except where otherwise indicated below, it is not possible to determine the probability of loss or estimate damages for such matters, and therefore, the Company has not established reserves for any of these proceedings. When the Company determines that a loss is both probable and reasonably estimable, the Company records a liability, and, if the liability is material, discloses the amount of the liability reserved.

Unless otherwise disclosed below, while it is reasonably possible that a loss may be incurred, the Company is unable to estimate a range of potential loss due to the complexity and current status of these lawsuits. In these matters, the Company has not established a reserve.

The Company evaluates, on a regular basis, developments in its legal proceedings and other contingencies that could affect the amount of liability, including amounts in excess of any previous accruals and reasonably possible losses disclosed, and make adjustments and changes to the Company’s accruals and disclosures as appropriate. For the matters the Company discloses that do not include an estimate of the amount of loss or range of losses, such an estimate is not possible or is immaterial.

Given that the Company’s legal and regulatory proceedings are subject to uncertainty, there can be no assurance that such legal and regulatory proceedings, either individually or in the aggregate, will not have a material adverse effect on its business, results of operations, financial condition or cash flows.

In May 2021, the Company initiated a voluntary recall of its Tread+ product in collaboration with the CPSC. In December 2022, the Company entered into a settlement agreement with the CPSC regarding matters related to the Tread+ recall. In the settlement, the Company agreed to pay a $19.1 million civil penalty, resolving the CPSC’s charges that the Company violated the Consumer Product Safety Act (the “CPSA”). On May 18, 2023, the Company and the CPSC jointly announced the approval of a rear guard repair for the recalled Tread+. On September 26, 2024, the SEC notified the Company that it concluded an investigation that had focused on the Company’s public disclosures concerning the Tread+ recall, as well as other matters, and that the SEC did not intend to recommend an enforcement action against Peloton in these matters. In 2021, the U.S. Department of Justice (the “DOJ”) and the Department of Homeland Security subpoenaed the Company for documents and other information related to the Company’s statutory obligations, including under the CPSA.

On October 26, 2021 and January 24, 2022, the United States District Court for the Eastern District of New York consolidated four stockholder derivative actions purportedly brought on behalf of the Company against certain of the Company’s officers and directors under the caption In re

Peloton Interactive, Inc. Derivative Litigation, Master File No. 21-cv-02862-CBA-PK (the “EDNY Derivative Action”), which alleged, among other claims, breaches of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement, waste, and violations of Section 14(a) of the Exchange Act related to the Peloton Tread+ and the safety of the product. Alan Chu, Moshe Genack, Xingqi Liu and Anthony Franchi were appointed as co-lead plaintiffs. On December 14, 2022, two putative verified stockholder derivative actions in the Court of Chancery of the State of Delaware, purportedly brought on behalf of the Company against certain of the Company’s officers and directors asserting similar allegations to those made in the EDNY Derivative Action, were consolidated as In re Peloton Interactive, Inc. Stockholder Derivative Litigation, Consol. Case No. 2022-1051-KSJM (the “Chancery Derivative Action”). On December 22, 2022, a stockholder filed a related putative stockholder derivative action in the United States District Court for the District of Delaware, asserting similar allegations to those in the EDNY Derivative Action and the Chancery Derivative Action against certain of the Company’s officers and directors, captioned Blackburn v. Foley, et al., Case No. 22-cv-01618-GBW (the “Blackburn Action”). The EDNY Derivative Action, the Chancery Derivative Action, and the Blackburn Action were all stayed pending the resolution of a related securities class action in the United States District Court for the Eastern District of New York (the “EDNY Class Action”). The court entered a final judgment in the EDNY Class Action on July 9, 2024. The parties in the EDNY Derivative Action, the Chancery Derivative Action, and the Blackburn Action subsequently engaged in a mediation, and on July 29, 2024, the parties in the EDNY Derivative Action, the Chancery Derivative Action, and the Blackburn Action agreed to a settlement-in-principle to resolve those derivative actions, which is subject to court approval. The court in the EDNY Derivative Action ordered that the motion for preliminary approval of the settlement be filed by November 15, 2024.

On May 11, 2023, in collaboration with the CPSC, the Company announced a voluntary recall of the original Peloton Bike (not Bike+) sold in the U.S. from January 2018 to May 2023 related to its seat post, and the Company is offering a free replacement seat post as the approved repair. On June 9, 2023, Sam Solomon filed a putative securities class action against the Company and certain of the Company’s officers in the U.S. District Court for the Eastern District of New York, Case No. 1:23-cv-04279-MKB-JRC (the “2023 Securities Litigation”). Jia Tian and David Feigelman were appointed as co-lead plaintiffs. On November 6, 2023, co-lead plaintiffs filed an amended complaint purportedly on behalf of a class consisting of those individuals who purchased or otherwise acquired the Company’s common stock between May 6, 2021 and August 22, 2023, alleging that the defendants made false and/or misleading statements relating to the seat post recall in violation of Sections 10(b) and 20(a) of the Exchange Act. On February 2, 2024, defendants served a motion to dismiss the amended complaint. Briefing on defendants’ motion to dismiss the amended complaint in the 2023 Securities Litigation was completed on May 17, 2024.

On September 27, 2023, Courtney Cooper and Abdo P. Faissal filed a verified stockholder derivative complaint, purportedly on behalf of the Company against certain of the Company’s officers and directors, captioned Cooper v. Boone, et. al., Case No. 23-cv-07193-MKB-MMH, in the U.S. District Court for the Eastern District of New York, which alleges breaches of fiduciary duties and violations of Section 14(a) of the Exchange Act, as well as a claim for contribution under Sections 10(b) and 21D of the Exchange Act for any liability the Company may incur as a result of the 2023 Securities Litigation. On January 8, 2024, the court stayed the action pending resolution of the motion to dismiss in the 2023 Securities Litigation.

On May 5, 2022, the United States District Court for the Southern District of New York consolidated two putative securities class action lawsuits against the Company and certain of the Company’s officers under the caption City of Hialeah Employees Retirement System et al. v. Peloton Interactive, Inc., et al., Case No. 21-CV-09582-ALC-OTW and appointed Robeco Capital Growth Funds SICAV – Robeco Global Consumer Trends as lead plaintiff in the class action (the “SDNY Class Action”). Lead plaintiff filed its amended complaint on June 25, 2022, alleging that the defendants made false and/or misleading statements about demand for the Company’s products and the reasons for the Company’s inventory growth, and engaged in improper trading in violation of Sections 10(b) and 20A of the Exchange Act. On March 30, 2023, the court granted defendants’ motion to dismiss, with leave to amend. Plaintiffs filed an amended complaint on May 6, 2023, purportedly on behalf of a class consisting of those individuals who purchased or otherwise acquired the Company’s common stock between February 5, 2021 and January 19, 2022, and defendants moved to dismiss the complaint on June 16, 2023. Briefing on defendants’ motion to dismiss the amended complaint in the SDNY Class Action was completed on August 18, 2023. On September 30, 2024, the court granted defendants’ motion to dismiss the second amended complaint with prejudice (the “Order”). On October 21, 2024, plaintiffs filed a notice of appeal of the Order with the United States Court of Appeals for the Second Circuit.

On July 26, 2023, the Court of Chancery in the State of Delaware consolidated three stockholder derivative actions purportedly on behalf of the Company against certain of the Company’s officers and directors under the caption In re Peloton Interactive, Inc. 2023 Derivative Litigation, Consol. Case No. 2023-0224-KSJM, which alleges that defendants breached their fiduciary duties by purportedly making false statements about demand for the Company’s products and engaging in improper trading. Allison Manzella, Clark Ovruchesky, Daniel Banks and Karen Florentino are co-lead plaintiffs. The court stayed the action on September 26, 2023 pending final resolution of the motion to dismiss in the SDNY Class Action, including that any appeals have been concluded.

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax provision	$ 0.8	$ 0.8
Effective tax rate	(2576.65%)	(0.50%)

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Segment Information (Tables)

3 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Key Performance Measures by Segment

Key financial performance measures of the segments including Revenue, Cost of revenue, and Gross profit are as follows:


	Three Months Ended September 30,
	2024		2023
	(in millions)
Connected Fitness Products:
Revenue	$	159.6	$	180.6
Cost of revenue	145.0		174.9
Gross profit	$	14.6	$	5.7
Subscription:
Revenue	$	426.3	$	415.0
Cost of revenue	137.2		135.2
Gross profit	$	289.1	$	279.7
Consolidated:
Revenue	$	586.0	$	595.5
Cost of revenue	282.2		310.1
Gross profit	$	303.8	$	285.4

Schedule of Reconciliation of Segment Gross Profit to Consolidated Loss Before Tax

The reconciliation between reportable Segment Gross Profit to consolidated loss before provision for income tax is as follows:


	Three Months Ended September 30,
	2024		2023
	(in millions)
Segment Gross Profit	$	303.8	$	285.4
Sales and marketing	(81.9)		(146.0)
General and administrative	(119.5)		(151.1)
Research and development	(58.5)		(78.7)
Impairment expense	(4.9)		(24.0)
Restructuring expense	(2.9)		(17.8)
Supplier settlements	(23.5)		—
Total other expense, net	(12.6)		(26.2)
Loss before provision for income taxes	$	—	$	(158.5)

Commitment and Contingencies (Tables)

3 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Minimum Guarantee Royalty Payments Due Under Music License Agreements

The following represents the Company's minimum annual guarantee payments under music license agreements, as of September 30, 2024:


	Future Minimum Payments
Fiscal Year Ended June 30,	(in millions)
2025 (remaining)	$	41.2
2026	9.8
2027	—
2028	—
2029	—
Thereafter	0.3
Total	$	51.3

Revenue

3 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Revenue

The Company’s primary sources of revenue are its recurring content Subscription revenue, and revenue from sales of its Connected Fitness Products and related accessories, as well as Precor branded fitness products, delivery and installation services.

The Company determines revenue recognition through the following steps:

•Identification of the contract, or contracts, with a customer;

•Identification of the performance obligations in the contract;

•Determination of the transaction price;

•Allocation of the transaction price to the performance obligations in the contract; and

•Recognition of revenue when, or as, the Company satisfies a performance obligation.

Revenue is recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration that the Company expects to be entitled to in exchange for those goods or services. The Company’s revenue is reported net of sales returns and concessions, discounts and allowances, incentives, and rebates to commercial distributors as a reduction of the transaction price. Certain contracts include consideration payable that is accounted for as a payment for distinct goods or services. The Company’s transaction price estimate includes its estimate for product returns and concessions based on the terms and conditions of home trial programs, historical return trends by product category, impact of seasonality, an evaluation of current economic and market conditions, and current business practices, and the Company records the expected customer refund liability as a reduction to revenue, and the expected inventory right to return asset as a reduction of cost of revenue. If actual return costs differ from previous estimates, the amount of the liability and corresponding revenue are adjusted in the period in which such costs occur.

For customer contracts that include multiple performance obligations, the Company accounts for individual performance obligations if they are distinct. The transaction price is then allocated to each performance obligation based on its standalone selling price. The Company generally determines the standalone selling price based on the prices charged to customers.

The Company applies the practical expedient as per ASC 606-10-50-14 and does not disclose information related to remaining performance obligations due to their original expected terms being one year or less.

The Company also applies the practical expedient as per ASC 340-40-25-4 and expenses sales commissions when incurred if the amortization period of the asset that the Company otherwise would have recognized is one year or less. These costs are recorded in Sales and marketing in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss.

Some of the Company’s revenues relate to arrangements for our Bike rental products. The Company’s rental program allows Members to lease certain Bike products with a Peloton Rental Membership for a single monthly cost and a one-time delivery fee, and gives the Member the option to purchase the equipment outright or cancel at any time with no penalty. These lease arrangements include both lease and non-lease components. Consideration is allocated between the lease and non-lease components based on management’s best estimate of the relative standalone selling price of each component. The lease component relates to the customer’s right to use the equipment over the lease term and is accounted for as an operating lease in accordance with ASC 842, Leases. Lease revenue is recognized on a straight-line basis over the term of the lease within Connected Fitness Products Revenue and was $12.5 million and $9.1 million for the three months ended September 30, 2024 and 2023, respectively. The underlying equipment subject to the lease remains within Property and equipment, net on the Company’s Condensed Consolidated Balance Sheets and depreciates over the equipment’s useful life. Depreciation expense associated with the underlying equipment is reflected in Connected Fitness Products Cost of revenue in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss. Non-lease components primarily consist of an All-Access Membership, which is recognized ratably over the subscription term within Subscription Revenue.

Connected Fitness Products

Connected Fitness Products include the Company’s portfolio of Connected Fitness Products and related accessories, Precor branded fitness products, delivery and installation services, Bike rental products, extended warranty agreements, branded apparel, and commercial service contracts. The Company recognizes Connected Fitness Products Revenue net of sales returns and concessions, discounts and allowances, and third-party financing program fees, when the product has been delivered to the customer, except for extended warranty revenue that is recognized over the warranty period and service revenue that is recognized over the term of the service contract. The Company generally allows customers to return Peloton branded Connected Fitness Products within thirty days of purchase, as stated in its return policy.

The Company records fees paid to third-party financing partners in connection with its consumer financing program as a reduction of revenue, as it considers such costs to be a customer sales incentive. The Company records payment processing fees for its credit card sales for Connected Fitness Products within Sales and marketing in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss.

Subscription

The Company’s subscriptions provide access to Peloton content and its library of live and on-demand fitness classes. The Company’s subscriptions are offered on a month-to-month or prepaid basis.

Amounts paid for subscription fees, net of refunds are included within Deferred revenue and customer deposits on the Company’s Condensed Consolidated Balance Sheets and recognized ratably over the subscription term. The Company records payment processing fees for its monthly subscription charges within Subscription Cost of revenue in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss.

Sales tax collected from customers and remitted to governmental authorities is not included in revenue and is reflected as a liability on the Company’s Condensed Consolidated Balance Sheets.

Product Warranty

The Company offers a standard product warranty that its Connected Fitness Products will operate under normal, non-commercial use covering the touchscreen and most original Bike, Bike+, Tread, Tread+, Row, and Guide components. The Company has the obligation, at its option, to either repair or replace the defective product. At the time revenue is recognized, an estimate of future warranty costs is recorded as a component of cost of revenue. Factors that affect the warranty obligation include historical as well as current product failure rates, service delivery costs incurred in correcting product failures, and warranty policies and business practices. The Company’s products are manufactured by contract manufacturers and, in certain cases, the Company may have recourse to such contract manufacturers.

Activity related to the Company’s accrual for its estimated future product warranty obligation was as follows:


	Three Months Ended September 30,
	2024		2023
	(in millions)
Balance at beginning of period	$	20.3	$	26.4
Provision for warranty accrual	7.1		1.8
Warranty claims	(7.1)		(7.5)
Balance at end of period	$	20.3	$	20.7

The Company also offers the option for customers in some markets to purchase an extended warranty and service contract that extends or enhances the technical support, parts, and labor coverage offered as part of the base warranty included with the Connected Fitness Products for additional periods beyond the standard product warranty period.

Extended warranty revenue is recognized ratably over the extended warranty coverage period and is included in Connected Fitness Product revenue in the Condensed Consolidated Statements of Operations and Comprehensive Loss. The Company’s revenue attributable to extended

warranty was $6.1 million and $10.1 million, representing 1% and 2% of total revenue for the three months ended September 30, 2024 and 2023, respectively.

Disaggregation of Revenue

The Company’s revenue disaggregated by segment, excluding sales-based taxes, is included in Note 12, Segment Information.

The Company’s revenue disaggregated by geographic region was as follows:


	Three Months Ended September 30,
	2024		2023
	(in millions)
North America	$	535.9	$	548.8
International	50.1		46.7
Total revenue	$	586.0	$	595.5

During the three months ended September 30, 2024 and 2023, the Company’s revenue attributable to the United States, included within North America above, was $515.4 million and $528.0 million, or 88% and 89% of total revenue, respectively.

Deferred Revenue and Customer Deposits

Deferred revenue is recorded for nonrefundable cash payments received for the Company’s performance obligation to transfer, or stand ready to transfer, goods or services in the future. Customer deposits represent payments received in advance before the Company transfers a good or service to the customer and are refundable.

As of September 30, 2024 and June 30, 2024, deferred revenue of $94.8 million and $95.9 million, respectively, and customer deposits of $59.7 million and $67.7 million, respectively, were included in Deferred revenue and customer deposits on the Company’s Condensed Consolidated Balance Sheets.

In the three months ended September 30, 2024 and 2023, the Company recognized revenue of $80.6 million and $88.6 million, respectively, that was included in the deferred revenue balance as of June 30, 2024 and 2023, respectively.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Debt - Schedule of Maturities of Debt Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024
Debt Instrument [Line Items]
2025 (remaining)	$ 7.5
2026	209.0
2027	10.0
2028	10.0
2029	960.0
Thereafter	350.0
Net carrying amount	1,546.5
Term Loan Facility
Debt Instrument [Line Items]
2026	10.0
0% Convertible Senior Notes Due February 15, 2026 \| Convertible senior notes
Debt Instrument [Line Items]
Net carrying amount	197.8	$ 197.6
Principal	$ 199.0	$ 199.0

Restructuring - Schedule of Restructuring Related Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Restructuring Reserve [Roll Forward]
Beginning Balance	$ 17.0	$ 13.9
Cash restructuring charges	2.9	10.6
Cash payments	(15.1)	(18.0)
Ending Balance	4.8	6.5
Severance and other personnel costs
Restructuring Reserve [Roll Forward]
Beginning Balance	12.7	13.6
Cash restructuring charges	(0.5)	6.1
Cash payments	(10.4)	(13.8)
Ending Balance	1.8	5.9
Exit and disposal costs and professional fees
Restructuring Reserve [Roll Forward]
Beginning Balance	4.3	0.3
Cash restructuring charges	3.4	4.5
Cash payments	(4.7)	(4.2)
Ending Balance	$ 3.1	$ 0.6

Debt - Components of Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Term Loan Facility
Interest Expense, Debt [Abstract]
Amortization of debt issuance costs	$ 0.5	$ 0.8
Amortization of debt discount	1.1	1.4
Total non-cash interest expense related to the 2029 Notes	1.6	2.2
5.50% Convertible Senior Notes Due 2029
Interest Expense, Debt [Abstract]
Amortization of debt issuance costs	0.3
Total non-cash interest expense related to the 2029 Notes	0.3
Total interest expense related to the 2026 Notes	5.1
0% Convertible Senior Notes Due February 15, 2026
Interest Expense, Debt [Abstract]
Amortization of debt issuance costs	0.2	1.1
Total interest expense related to the 2026 Notes	$ 0.2	$ 1.1

Equity-Based Compensation (Tables)

3 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following summary sets forth the stock option activity under the 2019 Plan:


	Options Outstanding
	Number of Stock Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in millions)
Outstanding — June 30, 2024	28,901,489	$	20.14	4.7	$	3.4
Granted	255,145	$	4.63
Exercised	(298,996)	$	3.00		$	0.6
Forfeited or expired	(1,454,932)	$	11.95
Outstanding — September 30, 2024	27,402,706	$	20.62	4.8	$	6.7
Vested and Exercisable — September 30, 2024	22,226,512	$	19.40	4.3	$	6.5

Unvested option activity is as follows:


	Options	Weighted-Average Grant Date Fair Value
Unvested — June 30, 2024	6,348,265	$	17.24
Granted	255,145	$	2.86
Vested	(1,327,270)	$	14.40
Forfeited or expired	(99,946)	$	17.21
Unvested — September 30, 2024	5,176,194	$	17.26

Schedule of Fair Value Assumptions

The fair value of each option was estimated at the grant date using the Black-Scholes method with the following assumptions:


	Three Months Ended September 30,
	2024
Weighted average risk-free interest rate (1)	3.7	%
Weighted average expected term (in years)	3.3
Weighted average expected volatility (2)	90.6	%
Expected dividend yield	—

____________________________

(1) Based on U.S. Treasury yield curve in effect at the time of grant.

(2) Expected volatility is based on the historical volatility of the price of Class A common stock.

Schedule of Restricted Stock and Restricted Stock Units

The following table summarizes the activity related to the Company's restricted stock and restricted stock units:


	Restricted Stock Units Outstanding
	Number of Awards	Weighted-Average Grant Date Fair Value
Outstanding — June 30, 2024	55,811,463	$	6.80
Granted	25,936,757	$	4.47
Vested and converted to shares	(4,214,886)	$	9.03
Cancelled	(2,885,825)	$	6.71
Outstanding — September 30, 2024	74,647,509	$	5.87

Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions

The Black-Scholes option pricing model assumptions used to calculate the fair value of shares estimated to be purchased at the commencement of the ESPP offering periods were as follows:


	Three Months Ended September 30,
	2024		2023
Weighted average risk-free interest rate	2.7	%	1.6	%
Weighted average expected term (in years)	1.3		1.3
Weighted average expected volatility	92.4	%	92.4	%
Expected dividend yield	—		—

Schedule of Stock-based Compensation Expense

The Company's total stock-based compensation expense was as follows:


	Three Months Ended September 30,
	2024		2023
	(in millions)
Cost of revenue
Connected Fitness Products	$	2.3	$	2.3
Subscription	8.7		9.7
Total cost of revenue	11.0		12.0
Sales and marketing	3.7		4.7
General and administrative	21.1		35.4
Research and development	11.4		14.9
Restructuring expense	—		7.2
Total stock-based compensation expense	$	47.2	$	74.2

Inventories

3 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Inventories

Inventories, net were as follows:


	September 30, 2024		June 30, 2024
	(in millions)
Raw materials	$	27.6	$	29.8

Finished products(1)	484.2		487.6
Total inventories	511.7		517.4
Less: Reserves	(178.4)		(187.7)
Total inventories, net	$	333.3	$	329.7

_________________________

(1) Includes $21.5 million and $35.2 million of finished goods inventory in transit, products owned by the Company that have not yet been received at a Company distribution center, as of September 30, 2024 and June 30, 2024, respectively.

The Company periodically assesses and adjusts the value of inventory for estimated excess and obsolete inventory based upon estimates of future demand and market conditions, as well as damaged or otherwise impaired goods. The Company’s recorded inventory reserves as of September 30, 2024 and June 30, 2024 primarily consisted of $79.2 million and $78.3 million, respectively, related to excess accessories and apparel inventory, and $76.8 million and $85.2 million, respectively, related to returned Connected Fitness Products.

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
Disaggregation of Revenue [Line Items]
Lease revenue	$ 12.5	$ 9.1
Allowable product return period (in days)	30 days
Total revenue	$ 586.0	595.5
Deferred revenue	94.8		$ 95.9
Customer deposits	59.7		$ 67.7
Revenue recognized that was previously included in deferred revenue	80.6	88.6
United States
Disaggregation of Revenue [Line Items]
Total revenue	515.4	528.0
United States \| Product Warranty
Disaggregation of Revenue [Line Items]
Total revenue	$ 6.1	$ 10.1
United States \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total revenue	88.00%	89.00%
United States \| Revenue Benchmark \| Geographic Concentration Risk \| Product Warranty
Disaggregation of Revenue [Line Items]
Percentage of total revenue	1.00%	2.00%

Equity-Based Compensation - Summary of Stock Options Outstanding (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
Stock Options Outstanding, Number of Stock Options
Stock options outstanding, beginning balance (in shares)	28,901,489
Granted (in shares)	255,145
Exercised (in shares)	(298,996)
Forfeited or expired (in shares)	(1,454,932)
Stock options outstanding, ending balance (in shares)	27,402,706		28,901,489
Stock options vested and exercisable (in shares)	22,226,512
Stock Options Outstanding, Weighted-Average Exercise Price
Stock options outstanding, weighted average exercise price, beginning balance (in dollars per share)	$ 20.14
Granted, weighted-average exercise price (in dollars per share)	4.63
Exercised, weighted-average exercise price (in dollars per share)	3.00
Forfeited or expired, weighted-average exercise price (in dollars per share)	11.95
Stock options outstanding, weighted average exercise price, ending balance (in dollars per share)	20.62		$ 20.14
Stock options vested and exercisable, weighted-average exercise price (in dollars per share)	$ 19.40
Stock options outstanding, weighted-average remaining contractual term (in years)	4 years 9 months 18 days		4 years 8 months 12 days
Stock options vested and exercisable, weighted-average remaining contractual term (in years)	4 years 3 months 18 days
Stock options outstanding, aggregate intrinsic value	$ 3.4
Stock options exercised, aggregate intrinsic value	0.6	$ 5.0
Stock options outstanding, aggregate intrinsic value	6.7		$ 3.4
Stock options vested and exercisable, aggregate intrinsic value	$ 6.5

Revenue (Tables)

3 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Product Warranty Liability

Activity related to the Company’s accrual for its estimated future product warranty obligation was as follows:


	Three Months Ended September 30,
	2024		2023
	(in millions)
Balance at beginning of period	$	20.3	$	26.4
Provision for warranty accrual	7.1		1.8
Warranty claims	(7.1)		(7.5)
Balance at end of period	$	20.3	$	20.7

Schedule of Disaggregation of Revenue

The Company’s revenue disaggregated by geographic region was as follows:


	Three Months Ended September 30,
	2024		2023
	(in millions)
North America	$	535.9	$	548.8
International	50.1		46.7
Total revenue	$	586.0	$	595.5

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2024	Jun. 30, 2024
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.000025	$ 0.000025
Common stock, shares authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, shares issued (in shares)	363,136,266	358,120,105
Common stock, shares outstanding (in shares)	363,136,266	358,120,105
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.000025	$ 0.000025
Common stock, shares authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, shares issued (in shares)	18,141,608	18,141,608
Common stock, shares outstanding (in shares)	18,141,608	18,141,608

Equity-Based Compensation - Summary of Restricted Stock and Restricted Stock Units (Details) - Restricted Stock	3 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of Awards
Outstanding, beginning balance (in shares) \| shares	55,811,463
Granted (in shares) \| shares	25,936,757
Vested and converted to shares (in shares) \| shares	(4,214,886)
Cancelled (in shares) \| shares	(2,885,825)
Outstanding, ending balance (in shares) \| shares	74,647,509
Weighted-Average Grant Date Fair Value
Outstanding, weighted-average grant date fair value, beginning balance (in dollars per share) \| $ / shares	$ 6.80
Granted, weighted-average grant date fair value (in dollars per share) \| $ / shares	4.47
Vested and converted to shares, weighted-average grant date fair value (in dollars per share) \| $ / shares	9.03
Cancelled, weighted-average grant date fair value (in dollars per share) \| $ / shares	6.71
Outstanding, weighted-average grant date fair value, ending balance (in dollars per share) \| $ / shares	$ 5.87

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Total revenue	$ 586.0	$ 595.5
Total cost of revenue	282.2	310.1
Gross profit	303.8	285.4
Operating expenses:
Sales and marketing	81.9	146.0
General and administrative	119.5	151.1
Research and development	58.5	78.7
Impairment expense	4.9	24.0
Restructuring expense	2.9	17.8
Supplier settlements	23.5	0.0
Total operating expenses	291.2	417.6
Income (loss) from operations	12.5	(132.3)
Other expense, net:
Interest expense	(35.4)	(27.2)
Interest income	8.1	8.4
Foreign exchange gain (loss)	14.8	(7.8)
Other (expense) income, net	(0.1)	0.3
Total other expense, net	(12.6)	(26.2)
Loss before provision for income taxes	0.0	(158.5)
Income tax expense	0.8	0.8
Net loss	(0.9)	(159.3)
Net loss attributable to Class A and Class B common stockholders	(0.9)	(159.3)
Net loss attributable to Class A and Class B common stockholders	$ (0.9)	$ (159.3)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ 0	$ (0.44)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ 0	$ (0.44)
Weighted-average Class A and Class B common shares outstanding, basic (in shares)	378,776,423	358,547,563
Weighted-average Class A and Class B common shares outstanding, diluted (in shares)	378,776,423	358,547,563
Other comprehensive (loss) income:
Change in foreign currency translation adjustment	$ (9.9)	$ 1.9
Total other comprehensive (loss) income	(9.9)	1.9
Comprehensive loss	(10.8)	(157.4)
Connected Fitness Products
Total revenue	159.6	180.6
Total cost of revenue	145.0	174.9
Subscription
Total revenue	426.3	415.0
Total cost of revenue	$ 137.2	$ 135.2

Equity-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended		30 Months Ended
	Sep. 30, 2019 period	Aug. 31, 2019	Sep. 30, 2024 USD ($) $ / shares shares	Sep. 30, 2023 USD ($) period $ / shares	Aug. 31, 2023 $ / shares shares	Oct. 31, 2023 shares	Jul. 01, 2023 shares
Class of Stock [Line Items]
Aggregate intrinsic value			$ 0.6	$ 5.0
Weighted-average grant date fair value per option (in dollars per share) \| $ / shares			$ 2.86	$ 0
Stock-based compensation expense			$ 47.2	$ 74.2
Number of employees eligible, terminated their employment \| period				1
Stock-based compensation expense				$ 5.4
2019 Equity Incentive Plan
Class of Stock [Line Items]
Vesting period (in months)		4 years
Expiration period (in years)		10 years
Severance Plan \| Minimum
Class of Stock [Line Items]
Post-termination period during which an employee may exercise outstanding stock options extended term				90 days
Severance Plan \| Maximum
Class of Stock [Line Items]
Post-termination period during which an employee may exercise outstanding stock options extended term				3 years
ESPP
Class of Stock [Line Items]
Expected dividend yield			0.00%	0.00%
Stock-based compensation expense			$ 1.6	$ 1.1
Unrecognized stock-based compensation expense			$ 7.0
Unrecognized stock-based compensation expense, period for recognition (in years)			1 year 9 months 18 days
ESPP \| 2019 Employee Stock Purchase Plan
Class of Stock [Line Items]
Number of purchase periods \| period	4
Purchase period (in months)	6 months
Commencement of offering period (in years)	2 years
Commencement of purchase period (in months)	6 months
Employee Stock Options
Class of Stock [Line Items]
Expected dividend yield			0.00%
Unrecognized stock-based compensation expense			$ 433.7
Unrecognized stock-based compensation expense, period for recognition (in years)			2 years 4 months 24 days
Class A Common Stock \| 2019 Equity Incentive Plan
Class of Stock [Line Items]
Increase in number of shares authorized, as a percentage of total common stock outstanding	5.00%
Increase in number of shares available for future issuance (in shares) \| shares						36,000,000	18,813,085
Number of shares available for future issuance (in shares) \| shares			60,724,755
Class A Common Stock \| ESPP
Class of Stock [Line Items]
Number of shares purchased under ESPP (in shares) \| shares					375,829
Weighted-average price of shares purchased under ESPP (in dollars per share) \| $ / shares					$ 3.91
Class A Common Stock \| ESPP \| 2019 Employee Stock Purchase Plan
Class of Stock [Line Items]
Increase in number of shares authorized, as a percentage of total common stock outstanding	1.00%
Increase in number of shares available for future issuance (in shares) \| shares							3,762,617
Number of shares available for future issuance (in shares) \| shares			18,632,205
Purchase price of common stock, percentage of fair market value	85.00%

Revenue - Standard Product Warranty (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Balance at beginning of period	$ 20.3	$ 26.4
Provision for warranty accrual	7.1	1.8
Warranty claims	(7.1)	(7.5)
Balance at end of period	$ 20.3	$ 20.7

Fair Value Measurements - Other Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024	May 31, 2024	Feb. 28, 2021
0% Convertible Senior Notes Due February 15, 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible debt, stated interest rate				0.00%
0% Convertible Senior Notes Due February 15, 2026 \| Convertible senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible debt, stated interest rate	0.00%	0.00%
Convertible senior notes	$ 180.5	$ 175.0
5.50% Convertible Senior Notes Due 2029 \| Convertible senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible debt, stated interest rate	5.50%	5.50%	5.50%
Convertible senior notes	$ 463.4	$ 353.0
Level 1 \| 0% Convertible Senior Notes Due February 15, 2026 \| Convertible senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible senior notes	0.0	0.0
Level 1 \| 5.50% Convertible Senior Notes Due 2029 \| Convertible senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible senior notes	0.0	0.0
Level 2 \| 0% Convertible Senior Notes Due February 15, 2026 \| Convertible senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible senior notes	180.5	175.0
Level 2 \| 5.50% Convertible Senior Notes Due 2029 \| Convertible senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible senior notes	463.4	353.0
Level 3 \| 0% Convertible Senior Notes Due February 15, 2026 \| Convertible senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible senior notes	0.0	0.0
Level 3 \| 5.50% Convertible Senior Notes Due 2029 \| Convertible senior notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible senior notes	$ 0.0	$ 0.0

Equity-Based Compensation - Summary of Fair Value Assumptions (Details)	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Employee stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average risk-free interest rate	3.70%
Weighted average expected term (in years)	3 years 3 months 18 days
Weighted average expected volatility	90.60%
Expected dividend yield	0.00%
Shares estimated to be purchased under ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average risk-free interest rate	2.70%	1.60%
Weighted average expected term (in years)	1 year 3 months 18 days	1 year 3 months 18 days
Weighted average expected volatility	92.40%	92.40%
Expected dividend yield	0.00%	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

COVER - shares	3 Months Ended
COVER - shares	Sep. 30, 2024	Oct. 29, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-39058
Entity Registrant Name	Peloton Interactive, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-3533761
Entity Address, Address Line One	441 Ninth Avenue, Sixth Floor
Entity Address, Postal Zip Code	10001
Entity Address, City or Town	New York
Entity Address, State or Province	NY
City Area Code	929
Local Phone Number	567-0006
Title of 12(b) Security	Class A common stock, $0.000025 par value per share
Trading Symbol	PTON
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus (i.e. Q1,Q2,Q3,FY)	Q1
Amendment Flag	false
CIK	0001639825
Fiscal Year End Date	--06-30
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		363,317,581
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		18,141,608

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Saqib Baig [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On September 5, 2024, Saqib Baig, our Chief Accounting Officer, entered into a pre-arranged stock trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Securities Exchange Act of 1934, as amended (a “Rule 10b5-1 Plan”). Mr. Baig's Rule 10b5-1 Plan provides for the potential aggregate sale of up to (i) 75,000 shares of Class A common stock, and (ii) 33,727 shares of Class A common stock upon the vesting of certain restricted stock units (“RSUs”), in each case between December 6, 2024 and December 6, 2025. Each RSU represents a contingent right to receive one share of Class A common stock.
Name	Saqib Baig
Title	Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 5, 2024
Arrangement Duration	365 days
Saqib Baig Trading Arrangement, Common Stock [Member] \| Saqib Baig [Member]
Trading Arrangements, by Individual
Aggregate Available	75,000
Saqib Baig Trading Arrangement, Restricted Stock Units [Member] \| Saqib Baig [Member]
Trading Arrangements, by Individual
Aggregate Available	33,727

Income Taxes	3 Months Ended
Income Taxes	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded a provision from income taxes of $0.8 million for both the three months ended September 30, 2024 and 2023. Furthermore, the Company's effective tax rates were (2,576.65)% and (0.50)% for the three months ended September 30, 2024 and 2023, respectively. The income tax provision and the effective tax rate are primarily driven by state and international taxes. The Company maintains a valuation allowance on the majority of its deferred tax assets as it has concluded that it is more likely than not that the deferred assets will not be utilized.

- Definition

The entire disclosure for income tax.

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+ Details

Restructuring (Tables)

3 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Charges

As a result of these restructuring initiatives, the Company incurred the charges shown in the following table. Asset write-downs and write-offs are included within Impairment expense, and Write-offs of inventory related to restructuring activities are included within Connected Fitness

Products Cost of revenue, in the Condensed Consolidated Statements of Operations and Comprehensive Loss. The remaining charges incurred are included within Restructuring expense in the Condensed Consolidated Statements of Operations and Comprehensive Loss:


	Three Months Ended September 30,
	2024		2023
Cash restructuring charges:(1)	(in millions)
Severance and other personnel costs	$	(0.5)	$	6.1
Exit and disposal costs and professional fees	3.4		4.5
Total cash restructuring charges	2.9		10.6

Non-cash restructuring charges:(1)
Asset write-downs and write-offs	$	5.1	$	22.8
Stock-based compensation expense	—		7.2
Write-offs of inventory related to restructuring activities(2)	—		0.5

Total non-cash restructuring charges	5.1		30.5

Total	$	8.1	$	41.2

_________________________

(1) All cash and non-cash restructuring charges for the three months ended September 30, 2024 related to the 2024 Restructuring Plan. All cash and non-cash restructuring charges for the three months ended September 30, 2023 related to the 2022 Restructuring Plan. These amounts are included within Impairment expense in the Condensed Consolidated Statements of Operations and Comprehensive Loss.

(2) Write-offs of inventory are included within Connected Fitness Products Cost of revenue in the Condensed Consolidated Statement of Operations and Comprehensive Loss.

Schedule of Restructuring Related Liabilities

The following table presents a roll-forward of cash restructuring-related liabilities, which is included within Accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets:


	Severance and other personnel costs		Exit and disposal costs and professional fees		Total
	(in millions)
Balance as of June 30, 2023	$	13.6	$	0.3	$	13.9
Cash restructuring charges(1)	6.1		4.5		10.6
Cash payments	(13.8)		(4.2)		(18.0)
Balance as of September 30, 2023	$	5.9	$	0.6	$	6.5

Balance as of June 30, 2024	$	12.7	$	4.3	$	17.0
Cash restructuring charges(1)	(0.5)		3.4		2.9
Cash payments	(10.4)		(4.7)		(15.1)
Balance as of September 30, 2024	$	1.8	$	3.1	$	4.8

_________________________

(1) All cash restructuring-related liabilities for the three months ended September 30, 2024 related to the 2024 Restructuring Plan. All cash restructuring-related liabilities for the three months ended September 30, 2023 related to the 2022 Restructuring Plan.

Net Loss Per Share - Narrative (Details) - Convertible senior notes - $ / shares	May 31, 2024	Feb. 28, 2021
Convertible Notes Maturing February 15, 2026
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Debt instrument, conversion price (in dollars per share)		$ 239.23
5.50% Convertible Senior Notes Due 2029
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Debt instrument, conversion price (in dollars per share)	$ 4.58	$ 4.58

Description of Business and Basis of Presentation	3 Months Ended
Description of Business and Basis of Presentation	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Description and Organization Peloton Interactive, Inc. (“Peloton” or the “Company”) is a leading global fitness company with a highly engaged community of Members, which the Company defines as any individual who has a Peloton account through a paid Connected Fitness Subscription or a paid Peloton App Subscription, and completes one or more workouts in the trailing 12 month period. The Company is a category innovator at the nexus of fitness, technology, and media, with a first-of-its-kind subscription platform that seamlessly combines innovative hardware, distinctive software, and exclusive content. Its world-renowned Instructors coach and motivate Members to be the best version of themselves anytime, anywhere. The Company’s Connected Fitness Products portfolio includes the Peloton Bike, Bike+, Tread, Tread+, Guide, Row, and various Precor products. Access to the Peloton App is available with an All-Access or Guide Membership for Members who have Connected Fitness Products or through a standalone App Membership with multiple Membership tiers. The Company’s revenue is generated primarily from recurring Subscription revenue and the sale of its Connected Fitness Products. The Company define a “Connected Fitness Subscription” as a person, household, or commercial property, such as a hotel or residential building, who has paid for a subscription to a Connected Fitness Product (a Connected Fitness Subscription with a successful credit card billing or with prepaid subscription credits or waivers). Basis of Presentation and Consolidation The accompanying interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") regarding interim financial reporting. The condensed consolidated balance sheet as of June 30, 2024, included herein, was derived from the audited financial statements as of that date, but does not include all disclosures including certain notes required by GAAP on an annual reporting basis. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations of the SEC. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2024 (the "Form 10-K"). However, the Company believes that the disclosures provided herein are adequate to prevent the information presented from being misleading. The condensed consolidated financial statements include the accounts of Peloton Interactive, Inc. and its subsidiaries in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated. In the opinion of management, the accompanying interim condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, cash flows, and the changes in equity for the interim periods. The results for the three months ended September 30, 2024 are not necessarily indicative of the results to be expected for any subsequent quarter, the fiscal year ending June 30, 2025, or any other period. Certain monetary amounts, percentages, and other figures included elsewhere in these financial statements have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be the arithmetic aggregation of the figures that precede them, and figures expressed as percentages in the text may not total 100% or, as applicable, when aggregated may not be the arithmetic aggregation of the percentages that precede them. Except as described elsewhere in Note 2, Summary of Significant Accounting Policies in the section titled “Recently Issued Accounting Pronouncements,” there have been no material changes to the Company’s significant accounting policies as described in the Form 10-K.

Equity-Based Compensation - Summary of Unvested Stock Option Activity (Details) - $ / shares	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Options
Unvested options, beginning balance (in shares)	6,348,265
Granted (in shares)	255,145
Vested (in shares)	(1,327,270)
Forfeited or expired (in shares)	(99,946)
Unvested options, ending balance (in shares)	5,176,194
Weighted-Average Grant Date Fair Value
Unvested options, weighted-average grant date fair value, beginning balance (in dollars per share)	$ 17.24
Unvested options, weighted-average grant date fair value, granted (in dollars per share)	2.86	$ 0
Unvested options, weighted-average grant date fair value, vested (in dollars per share)	14.40
Unvested options, weighted-average grant date fair value, forfeited or expired (in dollars per share)	17.21
Unvested options, weighted-average grant date fair value, ending balance (in dollars per share)	$ 17.26

Segment Information - Schedule of Key Performance Measures by Segment (Details) $ in Millions	3 Months Ended
	Sep. 30, 2024 USD ($) segment	Sep. 30, 2023 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment	2
Segment Reporting Information [Line Items]
Revenue	$ 586.0	$ 595.5
Cost of revenue	282.2	310.1
Gross profit	303.8	285.4
Connected Fitness Products:
Segment Reporting Information [Line Items]
Revenue	159.6	180.6
Cost of revenue	145.0	174.9
Gross profit	14.6	5.7
Subscription:
Segment Reporting Information [Line Items]
Revenue	426.3	415.0
Cost of revenue	137.2	135.2
Gross profit	$ 289.1	$ 279.7

- Definition

The aggregate cost of goods produced and sold and services rendered during the reporting period.

+ References

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- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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+ Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Commitments and Contingencies - Minimum Guarantee Royalty Payments Due (Details) - Royalty Guarantees, Commitments $ in Millions	Sep. 30, 2024 USD ($)
Future Minimum Payments
2025 (remaining)	$ 41.2
2026	9.8
2027	0.0
2028	0.0
2029	0.0
Thereafter	0.3
Total	$ 51.3

Restructuring - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
Restructuring - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024
Restructuring Cost and Reserve [Line Items]
Non cash charges	$ 5.1	$ 30.5
Employee Reduction, Facility Closings
Restructuring Cost and Reserve [Line Items]
Expected cost			$ 30.0
Asset Impairment and Stock Based Compensation Charges
Restructuring Cost and Reserve [Line Items]
Non cash charges			$ 15.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 586.0	$ 595.5
North America
Disaggregation of Revenue [Line Items]
Total revenue	535.9	548.8
International
Disaggregation of Revenue [Line Items]
Total revenue	$ 50.1	$ 46.7

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024
Current assets:
Cash and cash equivalents	$ 722.3	$ 697.6
Accounts receivable, net	101.8	103.6
Inventories, net	333.3	329.7
Prepaid expenses and other current assets	127.6	135.1
Total current assets	1,285.1	1,266.0
Property and equipment, net	330.5	353.7
Intangible assets, net	12.4	15.0
Goodwill	41.2	41.2
Restricted cash	49.7	53.2
Operating lease right-of-use assets, net	416.9	435.0
Other assets	21.3	21.0
Total assets	2,157.1	2,185.2
Current liabilities:
Accounts payable and accrued expenses	399.8	432.3
Deferred revenue and customer deposits	154.5	163.7
Current portion of long-term debt	10.0	10.0
Operating lease liabilities, current	73.0	75.3
Other current liabilities	2.9	3.9
Total current liabilities	640.2	685.2
Convertible senior notes, net	540.5	540.0
Term loan, net	949.1	950.1
Operating lease liabilities, non-current	482.0	503.3
Other non-current liabilities	25.6	25.7
Total liabilities	2,637.4	2,704.3
Commitments and contingencies (Note 8)
Stockholders’ deficit
Common stock, $0.000025 par value; 2,500,000,000 and 2,500,000,000 shares of Class A common stock authorized, 363,136,266 and 358,120,105 shares of Class A common stock issued and outstanding as of September 30, 2024 and June 30, 2024, respectively; 2,500,000,000 and 2,500,000,000 shares of Class B common stock authorized, 18,141,608 and 18,141,608 shares of Class B common stock issued and outstanding as of September 30, 2024 and June 30, 2024, respectively.	0.0	0.0
Additional paid-in capital	4,998.2	4,948.6
Accumulated other comprehensive income	6.0	15.9
Accumulated deficit	(5,484.6)	(5,483.7)
Total stockholders’ deficit	(480.3)	(519.1)
Total liabilities and stockholders' deficit	$ 2,157.1	$ 2,185.2

Debt - Third Amended and Restated Credit Agreement (Details) - USD ($)		3 Months Ended
	May 30, 2024	Sep. 30, 2024	Sep. 30, 2023
Line of Credit Facility [Line Items]
Deferred debt discount and debt issuance costs		$ 2,100,000	$ 3,500,000
Term Loan Facility
Line of Credit Facility [Line Items]
Cash interest expense		28,900,000	23,300,000
Less: Interest capitalized		$ 30,500,000	25,500,000
Term Loan Facility \| Line of Credit
Line of Credit Facility [Line Items]
Effective interest rate	12.40%	11.90%
Term Loan Facility \| Third Amended and Restated Credit Agreement \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 1,000,000,000.0
Quarterly installments payable	0.25%
Debt instrument, leverage ratio	5.00
Term Loan Facility \| Third Amended and Restated Credit Agreement \| Line of Credit \| Floor rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
Term Loan Facility \| Third Amended and Restated Credit Agreement \| Line of Credit \| Maturity Period One
Line of Credit Facility [Line Items]
Basis spread on variable rate	5.00%
Term Loan Facility \| Third Amended and Restated Credit Agreement \| Line of Credit \| Maturity Period Two
Line of Credit Facility [Line Items]
Basis spread on variable rate	6.00%
Commitment fee percentage	0.50%
Term Loan Facility \| Third Amended and Restated Credit Agreement \| Line of Credit \| Maturity Period Two \| Floor rate
Line of Credit Facility [Line Items]
Commitment fee percentage	0.00%
Term Loan Facility \| Second Amended and Restated Credit Agreement \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity (greater than)		$ 997,500,000
Revolving Credit Facility \| Third Amended and Restated Credit Agreement \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 100,000,000.0
Line of credit facility, liquidity covenant	250,000,000.0
Line of credit facility, maximum amount outstanding during period	$ 1,200,000,000
Debt instrument, leverage ratio	5.00
Commitment fees incurred		100,000	$ 300,000
Proceeds from borrowings under credit facility		0
Debt incremental discount		10,000,000
Debt issuance costs		2,300,000
Debt issuance costs incurred		8,700,000
Deferred debt discount and debt issuance costs		7,500,000
Revolving Credit Facility \| Third Amended and Restated Credit Agreement \| Line of Credit \| Maturity Period One
Line of Credit Facility [Line Items]
Basis spread on variable rate	4.00%
Commitment fee percentage	0.50%
Revolving Credit Facility \| Third Amended and Restated Credit Agreement \| Line of Credit \| Maturity Period Two
Line of Credit Facility [Line Items]
Basis spread on variable rate	5.00%
Commitment fee percentage	0.125%
Letter of Credit
Line of Credit Facility [Line Items]
Standby letters of credit outstanding		$ 49,700,000

Inventories - Schedule of Inventories (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024
Inventory Disclosure [Abstract]
Raw materials	$ 27.6	$ 29.8
Finished products	484.2	487.6
Total inventories	511.7	517.4
Less: Reserves	(178.4)	(187.7)
Total inventories, net	333.3	329.7
Other inventory, in transit	$ 21.5	$ 35.2

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions			1 Months Ended
	Oct. 28, 2024	Aug. 04, 2022	Dec. 31, 2022	Sep. 30, 2024
Other Commitments [Line Items]
Amount awarded to other party			$ 19.1
Estimate of potential damages and attorney fees		$ 107.0
Subsequent Event
Other Commitments [Line Items]
Amount awarded to other party	$ 25.5
Manufactured Product
Other Commitments [Line Items]
Commitments to contract with third-party manufacturers				$ 72.4
Commitments to contract with third-party manufacturers next twelve months				$ 64.1

Debt

3 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Debt

Convertible Notes due 2029

In May 2024, the Company issued $350.0 million aggregate principal amount of 5.50% Convertible Senior Notes due 2029 (the “2029 Notes”) in a private offering, including the exercise in full of the option granted to the initial purchasers to purchase $50.0 million of the 2029 Notes. The 2029 Notes were issued pursuant to an Indenture (the “2029 Notes Indenture”) between the Company and U.S. Bank Trust Company, National Association, as trustee. The 2029 Notes bear interest at a rate of 5.50% per annum, payable semi-annually in arrears on June 1 and December 1 of each year, beginning on December 1, 2024. The net proceeds from this offering of 2029 Notes were approximately $342.3 million, after deducting the initial purchasers' discounts and commissions of $7.7 million.

Each $1,000 principal amount of the 2029 Notes is initially convertible into 218.4360 shares of Class A common stock, which is equivalent to an initial conversion price of approximately $4.58 per share. The conversion rate is subject to customary adjustments under certain circumstances in accordance with the terms of the 2029 Notes Indenture. In addition, if certain corporate events that constitute a make-whole fundamental change occur or the Company elects to redeem the 2029 Notes, then the conversion rate will, in certain circumstances, be increased for a specified period of time.

The 2029 Notes will mature on December 1, 2029, unless earlier converted, redeemed, or repurchased. The 2029 Notes will be convertible at the option of the holders at certain times and upon the occurrence of certain events.

On or after September 1, 2029, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their 2029 Notes, in multiples of $1,000 principal amount, at the option of the holder. Upon conversion, the Company may satisfy its conversion obligation by paying and/or delivering, as the case may be, cash, shares of the Class A common stock or a combination of cash and shares of the Class A common stock, at the Company’s election, in the manner and subject to the terms and conditions provided in the 2029 Notes Indenture.

The Company may redeem for cash all or any portion (subject to the partial redemption limitation described in the 2029 Notes Indenture) of the 2029 Notes, at its option, on or after June 7, 2027 and on or before the 20th scheduled trading day immediately before the maturity date, if the last reported sale price per share of the Class A common stock exceeds 130% of the conversion price then in effect on (1) each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption and (2) the trading day immediately before the date the Company sends such notice at a redemption price equal to 100% of the principal amount of the 2029 Notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date. No sinking fund is provided for the 2029 Notes, which means that the Company is not required to redeem or retire the 2029 Notes periodically.

Upon the occurrence of a fundamental change (as defined in the 2029 Notes Indenture), subject to certain conditions, holders may require the Company to repurchase all or a portion of the 2029 Notes for cash at a price equal to 100% of the principal amount of the 2029 Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the fundamental change repurchase date. The definition of fundamental change includes certain business combination transactions involving the Company and certain de-listing events with respect to the Company’s common stock.

The 2029 Notes are senior unsecured obligations of the Company and rank senior in right of payment to any of the Company’s future indebtedness that is expressly subordinated in right of payment to the 2029 Notes; equal in right of payment to any of the Company’s existing and future indebtedness that is not so subordinated; effectively subordinated in right of payment to any of the Company’s existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness; and structurally subordinated to all existing and future indebtedness and other liabilities of current or future subsidiaries of the Company (including trade payables and to the extent the Company is not a holder thereof, preferred equity, if any, of the Company’s subsidiaries).

The effective interest rate upon issuance of the 2029 Notes was 5.97%, which is the effective interest rate as of September 30, 2024.

The net carrying amount of the 2029 Notes was as follows:


	September 30, 2024		June 30, 2024
	(in millions)
Principal	$	350.0	$	350.0
Unamortized debt issuance costs	(7.3)		(7.6)
Net carrying amount	$	342.7	$	342.4

The following table sets forth the interest expense recognized related to the 2029 Notes:


	Three Months Ended September 30,
	2024
	(in millions)
Amortization of debt issuance costs	$	0.3
Total non-cash interest expense related to the 2029 Notes	$	0.3

Total interest expense recognized related to the 2029 Notes was $5.1 million during the three months ended September 30, 2024, of which approximately $4.8 million was cash interest expense.

Convertible Notes due 2026

In February 2021, the Company issued $1.0 billion aggregate principal amount of 0.00% Convertible Senior Notes due 2026 (the “2026 Notes”) in a private offering, including the exercise in full of the option granted to the initial purchasers to purchase $125.0 million of the 2026 Notes. The 2026 Notes were issued pursuant to an Indenture (the “2026 Notes Indenture”) between the Company and U.S. Bank Trust Company, National Association, as trustee. The 2026 Notes do not bear regular interest, and the principal amount of the 2026 Notes does not accrete.

Each $1,000 principal amount of the 2026 Notes is initially convertible into 4.1800 shares of Class A common stock, which is equivalent to an initial conversion price of approximately $239.23 per share. The conversion rate is subject to customary adjustments under certain circumstances in accordance with the terms of the 2026 Notes Indenture. In addition, if certain corporate events that constitute a make-whole

fundamental change occur or the Company elects to redeem the 2026 Notes, then the conversion rate will, in certain circumstances, be increased for a specified period of time.

The 2026 Notes will mature on February 15, 2026, unless earlier converted, redeemed, or repurchased. The 2026 Notes will be convertible at the option of the holders at certain times and upon the occurrence of certain events.

On or after August 15, 2025, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their 2026 Notes, in multiples of $1,000 principal amount, at the option of the holder. Upon conversion, the Company may satisfy its conversion obligation by paying and/or delivering, as the case may be, cash, shares of Class A common stock or a combination of cash and shares of Class A common stock, at the Company’s election, in the manner and subject to the terms and conditions provided in the 2026 Notes Indenture.

The Company may redeem for cash all or any portion (subject to the partial redemption limitation described in the 2026 Notes Indenture) of the 2026 Notes, at its option, on or before the 20th scheduled trading day immediately before the maturity date, if the last reported sale price per share of the Class A common stock exceeds 130% of the conversion price then in effect on (1) each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption and (2) the trading day immediately before the date the Company sends such notice at a redemption price equal to 100% of the principal amount of the 2026 Notes to be redeemed, plus any accrued and unpaid special interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the 2026 Notes, which means that the Company is not required to redeem or retire the 2026 Notes periodically.

Upon the occurrence of a fundamental change (as defined in the 2026 Notes Indenture), subject to certain conditions, holders may require the Company to repurchase all or a portion of the 2026 Notes for cash at a price equal to 100% of the principal amount of the 2026 Notes to be repurchased, plus any accrued and unpaid special interest, if any, to, but excluding, the fundamental change repurchase date. The definition of fundamental change includes certain business combination transactions involving the Company and certain de-listing events with respect to the Company’s common stock.

The 2026 Notes are senior unsecured obligations of the Company and rank senior in right of payment to any of the Company’s future indebtedness that is expressly subordinated in right of payment to the 2026 Notes; equal in right of payment to any of the Company’s existing and future indebtedness that is not so subordinated; effectively subordinated in right of payment to any of the Company’s existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness; and structurally subordinated to all existing and future indebtedness and other liabilities of current or future subsidiaries of the Company (including trade payables and to the extent the Company is not a holder thereof, preferred equity, if any, of the Company’s subsidiaries).

Repurchase of a Portion of the 2026 Convertible Notes

In May 2024, the Company entered into separate, privately negotiated transactions with certain holders of the 2026 Notes to repurchase $801.0 million of aggregate principal amount of the 2026 Notes for an aggregate of $724.9 million of cash. The Company accounted for this repurchase of the 2026 Notes as a debt extinguishment under ASC 470-50, Debt – Modifications and Extinguishments (“ASC 470-50”). The Company recorded a $69.8 million gain on early extinguishment of debt during the fiscal year ending June 30, 2024, which included the write-off of previously deferred debt issuance costs of $6.3 million, which was included within Net gain on debt refinancing on the Consolidated Statements of Operations and Comprehensive Loss within the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024.

The effective interest rate upon issuance of the 2026 Notes was 0.45%, which is the effective interest rate as of September 30, 2024.

The net carrying amount of the 2026 Notes was as follows:


	September 30, 2024		June 30, 2024
	(in millions)
Principal	$	199.0	$	199.0
Unamortized debt issuance costs	(1.2)		(1.4)
Net carrying amount	$	197.8	$	197.6

The following table sets forth the interest expense recognized related to the 2026 Notes:


	Three Months Ended September 30,
	2024		2023
	(in millions)
Amortization of debt issuance costs	$	0.2	$	1.1
Total interest expense related to the 2026 Notes	$	0.2	$	1.1

Termination of Capped Call Transactions

In connection with the offering of the 2026 Notes, the Company entered into privately negotiated capped call transactions with certain counterparties (the “Capped Call Transactions”). In the last quarter of its fiscal year ending June 30, 2024, the Company terminated the Capped Call Transactions in their entirety pursuant to negotiated termination agreements with each such counterparty.

Third Amended and Restated Credit Agreement

On May 30, 2024, the Company entered into a Third Amended and Restated Credit Agreement (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Third Amended and Restated Credit Agreement”), with JPMorgan Chase Bank, N.A., as administrative agent, and certain banks and financial institutions party thereto as lenders and issuing banks.

The Third Amended and Restated Credit Agreement provides for a $1.0 billion term loan facility (the “Term Loan”), which will be due and payable on May 30, 2029. The Term Loan amortizes in quarterly installments of 0.25%, payable at the end of each fiscal quarter and on the maturity date.

The Third Amended and Restated Credit Agreement also provides for a $100.0 million revolving credit facility (the “Revolving Facility”), which will mature on May 30, 2029. The Company is only required to meet the total liquidity covenant, set at $250.0 million for the last business day of any week, and the subscription revenues covenant, set at $1.2 billion for the four-quarter trailing period, to the extent any revolving loans are borrowed and outstanding.

The Revolving Facility, when drawn, bears interest at a rate equal to, at the Company’s option, either the Alternate Base Rate (as defined in the Third Amended and Restated Credit Agreement) plus 4.00% per annum or the Term SOFR Rate (as defined in the Third Amended and Restated Credit Agreement) plus 5.00% per annum. The Company is required to pay an annual commitment fee of 0.50% per annum on a quarterly basis based on the unused portion of the Revolving Facility, provided that the commitment fee is subject to one 0.125% step-down after the delivery of the financial statements and related compliance certificate for the fiscal quarter ending on or after September 30, 2024 for which the First Lien Net Leverage Ratio (as defined in the Third Amended and Restated Credit Agreement) is less than 5.00 to 1.00.

The Term Loan initially bears interest at a rate equal to, at the Company’s option, either the Alternate Base Rate (as defined in the Third Amended and Restated Credit Agreement) plus 5.00% per annum or the Term SOFR Rate (as defined in the Third Amended and Restated Credit Agreement) plus 6.00% per annum. After the delivery of the financial statements and related compliance certificate for the fiscal quarter ending on or after September 30, 2024 for which the First Lien Net Leverage Ratio (as defined in the Third Amended and Restated Credit Agreement) is less than 5.00 to 1.00, the applicable rate for Alternate Base Rate loans or Term SOFR Rate loans will be subject to one 0.50% step-down. Any borrowing at the Alternate Base Rate is subject to a 1.00% floor and the Term SOFR Rate is subject to a 0.00% floor.

The Third Amended and Restated Credit Agreement contains customary affirmative covenants as well as customary negative covenants that restrict the Company’s ability to, among other things, incur additional indebtedness, incur liens or grant negative pledges, make loans and investments, conduct certain transactions with affiliates, sell certain assets, enter into certain swap agreements, guarantee obligations of third parties, declare dividends or make certain distributions, and undergo a merger or consolidation or certain other transactions. The Third Amended and Restated Credit Agreement also contains certain customary events of default. Certain baskets and covenant levels have been adjusted and will apply equally to both the Term Loan and Revolving Facility for so long as the Term Loan is outstanding.

The obligations under the Third Amended and Restated Credit Agreement with respect to the Term Loan and the Revolving Facility are secured by substantially all of the Company’s assets, with certain exceptions set forth in the Third Amended and Restated Credit Agreement, and are required to be guaranteed by certain material subsidiaries of the Company if, at the end of future financial quarters, certain conditions are not met.

During the three months ended September 30, 2024 and 2023, the Company incurred total commitment fees of $0.1 million and $0.3 million, respectively, which are included in Interest expense in the Condensed Consolidated Statements of Operations and Comprehensive Loss.

As of September 30, 2024, the Company had drawn the full amount of the Term Loan and had not drawn on the Revolving Facility, and the Company had $997.5 million total outstanding borrowings under the Third Amended and Restated Credit Agreement.

In connection with the execution of the Third Amended and Restated Credit Agreement, the Term Loan was accounted for as a modification, extinguishment, or new loan for certain lenders in accordance with ASC 470-50. Accordingly, incremental discount and debt issuance costs of $10.0 million and $2.3 million, respectively, will be amortized to Interest expense using the effective interest method over the term of the Third Amended and Restated Credit Agreement. Furthermore, the Company expensed $8.7 million of debt issuance costs incurred with third parties related to loss on debt modification and recognized a $7.5 million loss on extinguishment related to previously deferred debt discount and debt issuance costs, which was included within Net gain on debt refinancing on the Consolidated Statements of Operations and Comprehensive Loss within the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024.

As of September 30, 2024, the Company had not drawn any amount under the Revolving Facility and as such did not have to test the financial covenants under the Third Amended and Restated Credit Agreement. The Company is required to pledge or otherwise restrict a portion of cash and cash equivalents as collateral for standby letters of credit. As of September 30, 2024, the Company had outstanding letters of credit totaling $49.7 million, which are classified as Restricted cash on the Condensed Consolidated Balance Sheets.

Upon entering into the Term Loan, the effective interest rate was 12.4% and the current effective interest rate as of September 30, 2024 is 11.9%.

The net carrying amount of the Term Loan was as follows:


	September 30, 2024		June 30, 2024
	(in millions)
Principal	$	1,000.0	$	1,000.0
Principal payments	(2.5)		—
Unamortized debt discount	(26.3)		(27.4)
Unamortized debt issuance costs	(12.1)		(12.6)
Net carrying amount	$	959.1	$	960.1

The following table sets forth the non-cash interest expense recognized related to the Term Loan:


	Three Months Ended September 30,
	2024		2023
	(in millions)
Amortization of debt discount	$	1.1	$	1.4
Amortization of debt issuance costs	0.5		0.8
Total non-cash interest expense related to the Term Loan	$	1.6	$	2.2

Total cash interest expense recognized related to the Term Loan was $28.9 million and $23.3 million during the three months ended September 30, 2024 and 2023, respectively. Total interest expense recognized related to the Term Loan was $30.5 million and $25.5 million during the three months ended September 30, 2024 and 2023, respectively.

Maturities of Debt Instruments

The following table sets forth maturities of the Company’s debt instruments, including convertible notes payable, gross of debt issuance costs and debt discounts, as of September 30, 2024:


	Future Minimum Payments
Fiscal Year Ended June 30,	(in millions)
2025 (remaining)	$	7.5
2026(1)	209.0
2027	10.0
2028	10.0
2029	960.0
Thereafter(2)	350.0
Total	$	1,546.5

____________________________

(1) Includes $10.0 million related to the Term Loan and $199.0 million related to the 2026 Notes.

(2) Includes $350.0 million related to the 2029 Notes.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Equity-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 47.2	$ 74.2
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	11.0	12.0
Cost of revenue \| Connected Fitness Products
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	2.3	2.3
Cost of revenue \| Subscription
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	8.7	9.7
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	3.7	4.7
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	21.1	35.4
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	11.4	14.9
Restructuring expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 0.0	$ 7.2

Segment Information - Reconciliation of Segment Gross Profit to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting [Abstract]
Segment Gross Profit	$ 303.8	$ 285.4
Sales and marketing	(81.9)	(146.0)
General and administrative	(119.5)	(151.1)
Research and development	(58.5)	(78.7)
Impairment expense	(4.9)	(24.0)
Restructuring expense	(2.9)	(17.8)
Supplier settlements	(23.5)	0.0
Total other expense, net	(12.6)	(26.2)
Loss before provision for income taxes	$ 0.0	$ (158.5)

Debt (Tables)

3 Months Ended

Sep. 30, 2024

Debt Disclosure [Abstract]

Convertible Debt

The net carrying amount of the 2029 Notes was as follows:


	September 30, 2024		June 30, 2024
	(in millions)
Principal	$	350.0	$	350.0
Unamortized debt issuance costs	(7.3)		(7.6)
Net carrying amount	$	342.7	$	342.4

The following table sets forth the interest expense recognized related to the 2029 Notes:


	Three Months Ended September 30,
	2024
	(in millions)
Amortization of debt issuance costs	$	0.3
Total non-cash interest expense related to the 2029 Notes	$	0.3

The net carrying amount of the 2026 Notes was as follows:


	September 30, 2024		June 30, 2024
	(in millions)
Principal	$	199.0	$	199.0
Unamortized debt issuance costs	(1.2)		(1.4)
Net carrying amount	$	197.8	$	197.6

The following table sets forth the interest expense recognized related to the 2026 Notes:


	Three Months Ended September 30,
	2024		2023
	(in millions)
Amortization of debt issuance costs	$	0.2	$	1.1
Total interest expense related to the 2026 Notes	$	0.2	$	1.1

The net carrying amount of the Term Loan was as follows:


	September 30, 2024		June 30, 2024
	(in millions)
Principal	$	1,000.0	$	1,000.0
Principal payments	(2.5)		—
Unamortized debt discount	(26.3)		(27.4)
Unamortized debt issuance costs	(12.1)		(12.6)
Net carrying amount	$	959.1	$	960.1

The following table sets forth the non-cash interest expense recognized related to the Term Loan:


	Three Months Ended September 30,
	2024		2023
	(in millions)
Amortization of debt discount	$	1.1	$	1.4
Amortization of debt issuance costs	0.5		0.8
Total non-cash interest expense related to the Term Loan	$	1.6	$	2.2

Schedule of Maturities of Debt Instruments

The following table sets forth maturities of the Company’s debt instruments, including convertible notes payable, gross of debt issuance costs and debt discounts, as of September 30, 2024:


	Future Minimum Payments
Fiscal Year Ended June 30,	(in millions)
2025 (remaining)	$	7.5
2026(1)	209.0
2027	10.0
2028	10.0
2029	960.0
Thereafter(2)	350.0
Total	$	1,546.5

____________________________

(1) Includes $10.0 million related to the Term Loan and $199.0 million related to the 2026 Notes.

(2) Includes $350.0 million related to the 2029 Notes.

Inventories - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Jun. 30, 2024
Inventory [Line Items]
Inventory reserves	$ 178.4	$ 187.7
Inventory related to returned products	76.8	85.2
Excess Accessories and Apparel
Inventory [Line Items]
Inventory reserves	$ 79.2	$ 78.3

Debt - Convertible Notes and the Indenture (Details)	1 Months Ended		3 Months Ended
Debt - Convertible Notes and the Indenture (Details)	May 31, 2024 USD ($) period $ / shares	Feb. 28, 2021 USD ($) period $ / shares	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2024
Convertible senior notes
Line of Credit Facility [Line Items]
Cash interest expense			$ 4,800,000
5.50% Convertible Senior Notes Due 2029
Line of Credit Facility [Line Items]
Interest expense			$ 5,100,000
5.50% Convertible Senior Notes Due 2029 \| Convertible senior notes
Line of Credit Facility [Line Items]
Principal amount	$ 350,000,000.0
Convertible debt, stated interest rate	5.50%		5.50%		5.50%
Value of shares available for exercise	$ 50,000,000.0
Proceeds from issuance of convertible notes, net of issuance costs	342,300,000
Purchasers' discounts and commissions	$ 7,700,000
Debt instrument, leverage ratio	0.218436
Debt instrument, conversion price (in dollars per share) \| $ / shares	$ 4.58	$ 4.58
Redemption price percentage	100.00%
Effective interest rate			5.97%
5.50% Convertible Senior Notes Due 2029 \| Convertible senior notes \| Debt Conversion Terms One
Line of Credit Facility [Line Items]
Threshold percentage of stock price trigger	130.00%
Threshold of trading days \| period	20
Threshold of consecutive trading days \| period	30
0% Convertible Senior Notes Due February 15, 2026
Line of Credit Facility [Line Items]
Convertible debt, stated interest rate		0.00%
Interest expense			$ 200,000	$ 1,100,000
0% Convertible Senior Notes Due February 15, 2026 \| Convertible senior notes
Line of Credit Facility [Line Items]
Principal amount		$ 1,000,000,000.0
Convertible debt, stated interest rate			0.00%		0.00%
Value of shares available for exercise		$ 125,000,000.0
Proceeds from issuance of convertible notes, net of issuance costs	$ 801,000,000
Debt instrument, leverage ratio		0.00418
Debt instrument, conversion price (in dollars per share) \| $ / shares		$ 239.23
Redemption price percentage		100.00%
Effective interest rate			0.45%
Debt instrument aggregate cash	724,900,000
Debt extinguishment	69,800,000
Net gain on debt refinancing	$ 6,300,000
0% Convertible Senior Notes Due February 15, 2026 \| Convertible senior notes \| Debt Conversion Terms One
Line of Credit Facility [Line Items]
Threshold percentage of stock price trigger		130.00%
Threshold of trading days \| period		20
Threshold of consecutive trading days \| period		30

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Use of Estimates The preparation of these financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosures. On an ongoing basis, the Company evaluates its estimates, including, among others, those related to revenue related reserves, product recall and corrective action cost, the realizability of inventory, fair value measurements, the incremental borrowing rate associated with lease liabilities, impairment of long-lived and intangible assets, useful lives of long-lived assets, including property and equipment and finite-lived intangible assets, product warranty, goodwill, accounting for income taxes, stock-based compensation expense, transaction price estimates, the fair values of assets acquired and liabilities assumed in business combinations and asset acquisitions, future restructuring charges, contingent consideration, and commitments and contingencies. Actual results may differ from these estimates. There have been no material changes to the Company’s significant accounting policies from its Annual Report on Form 10-K for the fiscal year ended June 30, 2024. Recently Issued Accounting Pronouncements Accounting Pronouncements Not Yet Adopted ASU 2023-07 In November 2023, the Financial Accounting Standards Board issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, and is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, on a retrospective basis. The Company is currently evaluating the impact of adopting ASU 2023-07. ASU 2023-09 In December 2023, the Financial Accounting Standards Board issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 enhances income tax information primarily through changes in the rate reconciliation and income taxes paid information, and is effective for fiscal years beginning after December 15, 2024 on a prospective basis. The Company is currently evaluating the impact of adopting ASU 2023-09.

Inventories (Tables)

3 Months Ended

Sep. 30, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories

Inventories, net were as follows:


	September 30, 2024		June 30, 2024
	(in millions)
Raw materials	$	27.6	$	29.8

Finished products(1)	484.2		487.6
Total inventories	511.7		517.4
Less: Reserves	(178.4)		(187.7)
Total inventories, net	$	333.3	$	329.7

_________________________

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (0.9)	$ (159.3)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Net Loss Per Share (Tables)

3 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Schedule of Computation of Basic and Diluted Net (Loss) Income Per Share

The computation of basic and diluted net loss per share is as follows:


	Three Months Ended September 30,
	2024		2023
	($ in millions, except per share amounts)
Basic and diluted net loss per share:
Net loss attributable to common stockholders	$	(0.9)	$	(159.3)
Shares used in computation:
Weighted-average common shares outstanding	378,776,423		358,547,563
Basic and diluted net loss per share	$	—	$	(0.44)

Schedule of Potentially Diluted Securities Not Included in Calculation of Diluted Shares Outstanding

The following potentially dilutive shares were not included in the calculation of diluted shares outstanding as the effect would have been anti-dilutive:


	Three Months Ended September 30,
	2024	2023
Employee stock options	5,995,788	8,703,141
Restricted stock units and awards	671,832	993,473

Convertible senior notes	76,452,600	—

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash Flows from Operating Activities:
Net loss	$ (0.9)	$ (159.3)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	24.8	30.8
Stock-based compensation expense	47.2	74.2
Non-cash operating lease expense	14.7	16.8
Amortization of debt discount and issuance costs	2.1	3.5
Impairment expense	4.9	24.0
Foreign exchange (gain) loss	(14.8)	7.8
Changes in operating assets and liabilities:
Accounts receivable	2.0	(3.0)
Inventories	0.7	(1.4)
Prepaid expenses and other current assets	12.1	(31.7)
Other assets	0.0	(2.0)
Accounts payable and accrued expenses	(48.7)	0.7
Deferred revenue and customer deposits	(9.4)	(13.4)
Operating lease liabilities, net	(21.9)	(23.9)
Other liabilities	(0.3)	(2.3)
Net cash provided by (used in) operating activities	12.5	(79.2)
Cash Flows from Investing Activities:
Capital expenditures	(1.8)	(4.1)
Proceeds from sale of Peloton Output Park	4.2	0.0
Net cash provided by (used in) investing activities	2.4	(4.1)
Cash Flows from Financing Activities:
Principal repayment of Term Loan	(2.5)	(1.9)
Proceeds, net from employee stock purchase plan withholdings	0.7
Proceeds, net from employee stock purchase plan withholdings		(0.2)
Proceeds from employee stock plans	6.5	10.7
Principal repayments of finance leases	0.0	(0.4)
Net cash provided by financing activities	4.8	8.2
Effect of exchange rate changes	1.5	(0.5)
Net change in cash, cash equivalents, and restricted cash	21.2	(75.5)
Cash, cash equivalents, and restricted cash — Beginning of period	750.9	885.5
Cash, cash equivalents, and restricted cash — End of period	772.1	809.9
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	38.7	23.5
Cash paid for income taxes	1.1	1.2
Supplemental Disclosures of Non-Cash Investing and Financing Information:
Accrued and unpaid capital expenditures, including software	$ 0.2	$ 1.1

Restructuring

3 Months Ended

Sep. 30, 2024

Restructuring and Related Activities [Abstract]

Restructuring

In February 2022, the Company announced and began implementing a restructuring plan to realign the Company’s operational focus to support its multi-year growth, scale the business, and improve costs (the “2022 Restructuring Plan”). The 2022 Restructuring Plan originally included: (i) reducing the Company’s headcount; (ii) closing several assembly and manufacturing plants, including the completion and subsequent sale of the shell facility for the Company’s previously planned Peloton Output Park; (iii) closing and consolidating several distribution facilities; and (iv) shifting to third-party logistics providers in certain locations.

Throughout fiscal year 2023 and 2024, the Company continued to take actions to implement the 2022 Restructuring Plan and announced that it was (i) exiting all owned-manufacturing operations and fully transitioning its North American Field Operations to third-party providers, including the significant reduction of its delivery workforce teams; (ii) eliminating a significant number of roles on the North America Member support team and exiting its real-estate footprints in its Plano and Tempe locations; and (iii) reducing its retail showroom presence.

In April 2024, the Company’s Board of Directors approved a new restructuring plan to expand upon its 2022 Restructuring Plan (as expanded, the “2024 Restructuring Plan”, collectively, the “Restructuring Plans”). The Company believes the 2024 Restructuring Plan will position Peloton for sustained, positive free cash flow, while enabling the Company to continue to invest in software, hardware and content innovation, improvements to its Member support experience, and optimizations to marketing efforts to scale the business. The 2024 Restructuring Plan includes: (i) a reduction in global headcount; and (ii) continued closures of the Company’s retail locations. The Company expects the majority of the 2024 Restructuring Plan to be implemented by the end of fiscal 2025.


	Three Months Ended September 30,
	2024		2023
Cash restructuring charges:(1)	(in millions)
Severance and other personnel costs	$	(0.5)	$	6.1
Exit and disposal costs and professional fees	3.4		4.5
Total cash restructuring charges	2.9		10.6

Non-cash restructuring charges:(1)
Asset write-downs and write-offs	$	5.1	$	22.8
Stock-based compensation expense	—		7.2
Write-offs of inventory related to restructuring activities(2)	—		0.5

Total non-cash restructuring charges	5.1		30.5

Total	$	8.1	$	41.2

_________________________

(2) Write-offs of inventory are included within Connected Fitness Products Cost of revenue in the Condensed Consolidated Statement of Operations and Comprehensive Loss.

Due to the actions taken pursuant to the Restructuring Plans, the Company tested certain long-lived assets (asset groups) for recoverability by comparing the carrying values of the asset group to estimates of their future undiscounted cash flows, which were generally the liquidation value, or for operating lease right-of-use assets, income from a sublease arrangement. Based on the results of the recoverability tests, the Company determined that during the three months ended September 30, 2024 and 2023, the undiscounted cash flows of certain assets (asset groups) were below their carrying values, indicating impairment. The assets were written down to their estimated fair values, which were determined based on their estimated liquidation or sales value, or for operating lease right-of-use assets, discounted cash flows of a sublease arrangement.

The following table presents a roll-forward of cash restructuring-related liabilities, which is included within Accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets:


	Severance and other personnel costs		Exit and disposal costs and professional fees		Total
	(in millions)
Balance as of June 30, 2023	$	13.6	$	0.3	$	13.9
Cash restructuring charges(1)	6.1		4.5		10.6
Cash payments	(13.8)		(4.2)		(18.0)
Balance as of September 30, 2023	$	5.9	$	0.6	$	6.5

Balance as of June 30, 2024	$	12.7	$	4.3	$	17.0
Cash restructuring charges(1)	(0.5)		3.4		2.9
Cash payments	(10.4)		(4.7)		(15.1)
Balance as of September 30, 2024	$	1.8	$	3.1	$	4.8

_________________________

In connection with the 2024 Restructuring Plan, which includes any remaining restructuring activity under the original 2022 Restructuring Plan, the Company estimates that it will incur additional cash restructuring charges of approximately $30.0 million, primarily composed of lease termination and other exit costs, the majority of which are expected to be incurred by the end of fiscal year 2025. Additionally, the Company expects to recognize additional non-cash restructuring charges of approximately $15.0 million, primarily composed of asset impairment charges on retail showrooms in connection with the 2024 Restructuring Plan, the majority of which are expected to be incurred by the end of fiscal year 2025.

Net Loss Per Share

3 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Loss Per Share

The computation of basic and diluted net loss per share is as follows:


	Three Months Ended September 30,
	2024		2023
	($ in millions, except per share amounts)
Basic and diluted net loss per share:
Net loss attributable to common stockholders	$	(0.9)	$	(159.3)
Shares used in computation:
Weighted-average common shares outstanding	378,776,423		358,547,563
Basic and diluted net loss per share	$	—	$	(0.44)

Basic and diluted loss per share are the same for each class of common stock because they are entitled to the same liquidation and dividend rights.

The following potentially dilutive shares were not included in the calculation of diluted shares outstanding as the effect would have been anti-dilutive:


	Three Months Ended September 30,
	2024	2023
Employee stock options	5,995,788	8,703,141
Restricted stock units and awards	671,832	993,473

Convertible senior notes	76,452,600	—

Impact of the 2026 Notes and the 2029 Notes

The conversion option will have a dilutive impact on net earnings per share of common stock when the average market price per share of Class A common stock for a given period exceeds the conversion price of the 2026 Notes of $239.23 per share and the 2029 Notes of $4.58 per share. During the three months ended September 30, 2024, the weighted average price per share of Class A common stock was below the conversion price of the 2026 Notes and the conversion price of the 2029 Notes.

The denominator for basic and diluted loss per share does not include any effect from the Capped Call Transactions the Company entered into concurrently with the issuance of the 2026 Notes as this effect would be anti-dilutive. During the fiscal year ended June 30, 2024, the Capped Call Transactions were terminated. Refer to Note 7 - Debt for additional information.

Fair Value Measurements

3 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements of Other Financial Instruments

The following tables present the estimated fair values of the Company’s financial instruments that are not recorded at fair value on the Condensed Consolidated Balance Sheets:


	As of September 30, 2024
	Level 1		Level 2		Level 3		Total
	(in millions)
0.00% Convertible Senior Notes due 2026	$	—	$	180.5	$	—	$	180.5
5.50% Convertible Senior Notes due 2029	$	—	$	463.4	$	—	$	463.4


	As of June 30, 2024
	Level 1		Level 2		Level 3		Total
	(in millions)
0.00% Convertible Senior Notes due 2026	$	—	$	175.0	$	—	$	175.0
5.50% Convertible Senior Notes due 2029	$	—	$	353.0	$	—	$	353.0

The fair value of the 2026 Notes and the fair value of the 2029 Notes (each as defined in Note 7 - Debt) are determined based on the closing price on the last trading day of the reporting period.

The carrying value of the Term Loan (as defined in Note 7 - Debt) approximates the fair value of the Term Loan as of September 30, 2024 and June 30, 2024, respectively.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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