0001639825-20-000175 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Sep. 30, 2020	Oct. 30, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
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	125 West 25th Street, 11th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10001
City Area Code	866
Local Phone Number	679-9129
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	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001639825
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Current Fiscal Year End Date	--06-30
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		255,512,826
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		37,019,599

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2020	Jun. 30, 2020
Current assets:
Cash and cash equivalents	$ 1,430.5	$ 1,035.5
Marketable securities	592.3	719.5
Accounts receivable, net	49.9	34.6
Inventories, net	364.0	244.5
Prepaid expenses and other current assets	146.3	124.5
Total current assets	2,583.0	2,158.6
Property and equipment, net	295.5	242.3
Intangible assets, net	14.7	16.0
Goodwill	39.7	39.1
Restricted cash	1.5	1.5
Right-of-use assets, net	516.7	492.5
Other assets	26.4	31.8
Total assets	3,477.5	2,981.8
Current liabilities:
Accounts payable	275.0	135.8
Accrued expenses	246.7	225.9
Customer deposits and deferred revenue	521.2	363.6
Current portion of lease liabilities and other current liabilities	50.8	46.9
Total current liabilities	1,093.7	772.2
Long term lease liabilities, net	553.7	508.2
Other non-current liabilities	29.1	23.4
Total liabilities	1,676.5	1,303.8
Commitments and contingencies (Note 8)
Stockholders’ equity
Common stock, $0.000025 par value; 2,500,000,000 and 2,500,000,000 Class A shares authorized, 255,036,221 and 237,518,574 shares issued and outstanding as of September 30, 2020 and June 30, 2020, respectively; 2,500,000,000 and 2,500,000,000 Class B shares authorized, 36,776,277 and 50,538,538 shares issued and outstanding as of September 30, 2020 and June 30, 2020, respectively.	0.0	0.0
Additional paid-in capital	2,412.9	2,361.8
Accumulated other comprehensive income	12.7	10.1
Accumulated deficit	(624.6)	(693.9)
Total stockholders’ equity	1,801.0	1,678.0
Total liabilities and stockholders’ equity	$ 3,477.5	$ 2,981.8

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2020	Jun. 30, 2020
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)	255,036,221	237,518,574
Common stock, shares outstanding (in shares)	255,036,221	237,518,574
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)	36,776,277	50,538,538
Common stock, shares outstanding (in shares)	36,776,277	50,538,538

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Revenue	$ 757.9	$ 228.0
Cost of revenue	429.2	122.9
Gross profit	328.7	105.1
Operating expenses:
Sales and marketing	114.6	77.6
General and administrative	108.6	60.9
Research and development	36.6	17.4
Total operating expenses	259.8	156.0
Income (loss) from operations	68.9	(50.9)
Other income, net:
Interest income, net	2.4	1.3
Other expense, net	(0.7)	(0.1)
Total other income, net	1.7	1.2
Income (loss) before provision for income taxes	70.6	(49.7)
Income tax expense	1.3	0.1
Net income (loss)	69.3	(49.8)
Net income (loss) attributable to Class A and Class B common stockholders	$ 69.3	$ (49.8)
Net income (loss) per share attributable to common stockholders, basic (in dollars per share)	$ 0.24	$ (1.29)
Net income (loss) per share attributable to common stockholders, diluted (in dollars per share)	$ 0.20	$ (1.29)
Weighted-average Class A and Class B common shares outstanding, basic (in shares)	288,719,834	38,453,864
Weighted-average Class A and Class B common shares outstanding, diluted (in shares)	342,101,984	38,453,864
Other comprehensive income (loss):
Net unrealized losses on marketable securities	$ (1.3)	$ 0.0
Change in foreign currency translation adjustment	3.9	(1.3)
Total other comprehensive income (loss)	2.6	(1.3)
Comprehensive income (loss)	71.9	(51.1)
Connected Fitness Products
Revenue	601.4	160.8
Cost of revenue	364.2	93.4
Subscription
Revenue	156.5	67.2
Cost of revenue	$ 65.0	$ 29.5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash Flows from Operating Activities:
Net income (loss)	$ 69.3	$ (49.8)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization expense	11.4	7.1
Stock-based compensation expense	29.6	18.7
Non-cash operating lease expense	13.3	9.3
Amortization of premium from marketable securities	1.7	0.3
Other non-cash items	1.4	0.1
Changes in operating assets and liabilities:
Accounts receivable	(15.0)	(2.4)
Inventories	(118.0)	(69.1)
Prepaid expenses and other current assets	(18.2)	1.9
Other assets	5.9	(1.4)
Accounts payable and accrued expenses	156.4	17.5
Customer deposits and deferred revenue	157.4	8.5
Operating lease liabilities, net	11.3	(16.7)
Other liabilities	5.5	(0.1)
Net cash provided by (used in) operating activities	312.1	(76.2)
Cash Flows from Investing Activities:
Maturities of marketable securities	124.5	115.3
Purchases of property and equipment	(49.2)	(19.1)
Capitalization of software costs	(12.9)	(3.4)
Net cash provided by investing activities	62.4	92.8
Cash Flows from Financing Activities:
Proceeds from issuance of common stock upon initial public offering, net of offering costs	0.0	1,195.7
Proceeds from employee stock purchase plan withholdings	3.3	0.0
Proceeds from exercise of stock options	15.4	2.7
Net cash provided by financing activities	18.8	1,198.4
Effect of exchange rate changes	1.7	(1.3)
Net change in cash, cash equivalents, and restricted cash	395.0	1,213.7
Cash, cash equivalents and restricted cash — Beginning of period	1,037.0	163.0
Cash, cash equivalents and restricted cash — End of period	1,432.0	1,376.7
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	0.3	0.0
Cash paid for income taxes	0.5	0.0
Supplemental Disclosures of Non-Cash Investing and Financing Information:
Conversion of convertible preferred stock to common stock	0.0	941.1
Property and equipment accrued but unpaid	19.6	8.9
Stock-based compensation capitalized for software development costs	$ 0.7	$ 0.4

CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Redeemable Convertible Preferred Stock	Common Stock Class A and Class B Common Stock	Additional Paid-In Capital	Other Comprehensive Income (Loss)	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment
Beginning balance (in shares) at Jun. 30, 2019			210,600,000
Beginning balance at Jun. 30, 2019			$ 941.1
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of redeemable convertible preferred stock to common stock (in shares)			(210,600,000)
Conversion of redeemable convertible preferred stock to common stock			$ (941.1)
Ending balance (in shares) at Sep. 30, 2019			0
Ending balance at Sep. 30, 2019			$ 0.0
Beginning balance (in shares) at Jun. 30, 2019				25,300,000
Beginning balance at Jun. 30, 2019	$ (538.6)	$ 7.2		$ 0.0	$ 90.7	$ 0.2	$ (629.5)	$ 7.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Initial public offering, net of issuance costs (in shares)				43,400,000
Initial public offering, net of issuance costs	1,195.7				1,195.7
Conversion of redeemable convertible preferred stock to common stock (in shares)				210,600,000
Conversion of redeemable convertible preferred stock to common stock	941.1				941.1
Exercise of stock options (in shares)				600,000
Exercise of stock options	2.5				2.5
Exercise of stock warrants (in shares)				200,000
Activity related to stock-based compensation	19.0				19.0
Other comprehensive income (loss)	(1.3)					(1.3)
Net income (loss)	(49.8)						(49.8)
Ending balance (in shares) at Sep. 30, 2019				280,300,000
Ending balance at Sep. 30, 2019	1,576.0			$ 0.0	2,249.1	(1.1)	(672.0)
Beginning balance (in shares) at Jun. 30, 2020				288,100,000
Beginning balance at Jun. 30, 2020	$ 1,678.0				2,361.8	10.1	(693.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	3,497,582
Activity related to stock-based compensation (in shares)				3,500,000
Activity related to stock-based compensation	$ 45.9				45.9
Issuance of common stock under employee stock purchase plan (in shares)				200,000
Issuance of common stock under employee stock purchase plan	5.1				5.1
Other comprehensive income (loss)	2.6					2.6
Net income (loss)	69.3						69.3
Ending balance (in shares) at Sep. 30, 2020				291,800,000
Ending balance at Sep. 30, 2020	$ 1,801.0			$ 0.0	$ 2,412.9	$ 12.7	$ (624.6)

CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) (Parenthetical) $ in Millions	3 Months Ended
	Sep. 30, 2019 USD ($)
Statement of Stockholders' Equity [Abstract]
Issuance costs	$ 6.3

Description of Business and Basis of Presentation	3 Months Ended
Description of Business and Basis of Presentation	Sep. 30, 2020
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 the largest interactive fitness platform in the world with a loyal community of Members, which we define as any individual who has a Peloton account through a paid Connected Fitness Subscription or a paid Peloton Digital subscription. The Company pioneered connected, technology-enabled fitness with the creation of its interactive fitness equipment ("Connected Fitness Products") and the streaming of immersive, instructor-led boutique classes to its Members anytime, anywhere. The Company makes fitness entertaining, approachable, effective and convenient while fostering social connections that encourage its Members to be the best versions of themselves. 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, 2020, 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. 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, 2020, filed with the SEC on September 10, 2020 (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 the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. 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, 2020 are not necessarily indicative of the results to be expected for any subsequent quarter, the fiscal year ending June 30, 2021, 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 of the notes to the condensed consolidated financial statements in the section titled "—Recently Issued Accounting Pronouncements" in Part I, Item 1 of this Quarterly Report on Form 10-Q, there have been no material changes to the Company's significant accounting policies as described in the Company's Annual Report on Form 10-K.

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2020
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, and expenses and related disclosures. On an ongoing basis, the Company evaluates its estimates, including, among others, those related to revenue related reserves, the realizability of inventory, content costs for past use reserve, fair value measurements, the incremental borrowing rate associated with lease liabilities, useful lives of property and equipment, product warranty, goodwill and finite-lived intangible assets, accounting for income taxes, stock-based compensation expense, transaction price estimates, the fair values of assets acquired and liabilities assumed in business combinations, contingent consideration, and commitments and contingencies. Actual results may differ from these estimates. Recently Issued Accounting Pronouncements Accounting Pronouncements Recently Adopted ASU 2016-13 In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments. This standard changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which may result in earlier recognition of allowances for losses, and require expected credit losses to be reflected as allowances rather than reductions in the amortized cost of available-for-sale debt securities. The Company adopted this standard and related amendments on July 1, 2020. The adoption of this standard did not materially impact the Company's consolidated financial statements. ASU 2019-12 In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, which amends ASC Topic 740, Income Taxes. This ASU simplifies the accounting for income taxes by modifying the treatment of intraperiod tax allocation in certain circumstances, eliminating an exception to recognizing deferred tax liabilities for outside basis differences for foreign equity method investments and foreign subsidiaries when ownership or control changes, and modifying interim period tax calculations when a loss is forecast. In addition, this ASU also requires that enacted changes in tax laws or rates be included in the annual effective rate determination in the period that includes the enactment date and clarifies the tax accounting of a step up in tax basis of goodwill. The Company adopted this standard on July 1, 2020. The adoption of this standard did not materially impact the Company's consolidated financial statements. Accounting Pronouncements Not Yet Adopted ASU 2020-01 In January 2020, the FASB issued ASU No. 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. This guidance clarifies the interaction of the accounting for equity investments under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. This standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company is currently evaluating the potential impact of adopting this new accounting guidance, but does not expect the adoption of the standard to have a material impact on its consolidated financial statements. ASU 2020-04 In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This guidance provides temporary optional expedients and exceptions to accounting guidance on contract modifications and hedge accounting to ease entities' financial reporting burdens as the market transitions from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and generally can be applied through December 31, 2022. The Company plans to adopt this standard when LIBOR is discontinued. The Company is currently evaluating the potential impact of adopting this new accounting guidance, but does not expect the adoption of the standard to have a material impact on its consolidated financial statements.

Revenue

3 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Revenue

The Company’s primary source of revenue is from sales of its Connected Fitness Products and associated recurring Subscription 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 the Company expects to be entitled to in exchange for those goods or services. The Company's revenue is reported net of sales returns, discounts, and incentives 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 estimates its liability for product returns based on historical return trends by product

category, impact of seasonality, and an evaluation of current economic and market conditions and records the expected customer refund liability as a reduction to revenue, and the expected inventory right of recovery 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.

Some of the Company’s contracts with customers contain multiple performance obligations. 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 standalone selling price based on 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 expenses sales commissions on its Connected Fitness Products when incurred because the amortization period would have been less than one year. These costs are recorded in Sales and marketing expense.

Connected Fitness Products

Connected Fitness Products include the Company’s portfolio of Connected Fitness Products and related accessories, branded apparel, and extended warranty agreements. The Company recognizes Connected Fitness Product revenue net of sales returns and discounts when the product has been delivered to the customer, except for extended warranty revenue which is recognized over the warranty period. The Company allows customers to return 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 income (loss).

Subscription

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

Amounts paid for subscription fees are included within customer deposits and deferred revenue and recognized ratably on a month-to-month basis. The Company records payment processing fees for its monthly subscription charges within cost of subscription revenue in the Company's condensed consolidated statements of operations and comprehensive income (loss).

Sales tax collected from customers and remitted to governmental authorities is not included in revenue and is reflected as a liability on the balance sheet.

Product Warranty

The Company offers a standard product warranty that its Connected Fitness Products will operate under normal, non-commercial use for a period of one year covering the touchscreen and most original Bike and Tread components from the date of original delivery. 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, including costs associated with service of Connected Fitness Products outside of the warranty period, 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 both in-house and by contract manufacturers, and in certain cases, the Company may have recourse to such contract manufacturers.

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 Product for an additional period of 12 to 27 months.

Revenue and related fees paid to the third-party provider are recognized on a gross basis as the Company has a continuing obligation to perform over the service 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 income (loss).

Disaggregation of Revenue

The Company's revenue from contracts with customers disaggregated by major product lines, excluding sales-based taxes, are included in Note 12 under the heading "Segment Information".

The Company's revenue disaggregated by geographic region, were as follows:


	Three Months Ended September 30,
	2020		2019
	(in millions)
North America(1)	$	721.9	$	221.7
Rest of world(2)	36.0		6.3
Total revenue	$	757.9	$	228.0

_________________________

(1) Consists of United States and Canada.

(2) Consists of United Kingdom and Germany.

The Company's revenue attributable to the United States represented 93% and 95% of total revenue for the three months ended September 30, 2020 and 2019, respectively.

Customer Deposits and Deferred Revenue

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. Deferred revenue consists of subscription fees billed that have not been recognized. 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, 2020 and June 30, 2020, customer deposits of $492.8 million and $341.5 million, respectively, and deferred revenue of $28.5 million and $22.1 million, respectively, were included in customer deposits and deferred revenue on the Company's condensed consolidated balance sheet.

In the three months ended September 30, 2020 and 2019, the Company recognized $22.1 million and $9.5 million, respectively, of revenue that was included in the deferred revenue balance as of June 30, 2020 and 2019, 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Investments in Marketable Securities

3 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Investments in Marketable Securities

The following table summarizes the Company's investments in marketable securities:


	September 30, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in millions)
Corporate bonds	$	326.1	$	1.5	$	—	$	327.6
U.S. treasury securities	275.1		1.1		—		276.2
Certificate of deposits	26.7		—		—		26.8
	$	628.0	$	2.6	$	—	$	630.6
Less: Restricted marketable securities (1)							$	38.2
Total marketable securities							$	592.3

_________________________

(1) The Company is required to pledge or otherwise restrict a portion of cash, cash equivalents, and marketable securities as collateral for standby letters of credit. The Company classifies cash, cash equivalents, and marketable securities with use restrictions of less than twelve months as "Prepaid expenses and other current assets" and of twelve months or longer as non-current "Other assets" on its condensed consolidated balance sheets.

Fair Value Measurements

3 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value MeasurementsThe following table summarizes the Company's assets and liabilities that are measured at fair value on a recurring basis, by level, within the fair value hierarchy:


	As of September 30, 2020
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets
Marketable securities	$	630.6	$	—	$	—	$	630.6
Cost-method investments	—		—		0.7		0.7
Total	$	630.6	$	—	$	0.7	$	631.3

Liabilities
Other current liabilities:
Contingent consideration	$	—	$	—	$	2.5	$	2.5
Other non-current liabilities:
Contingent consideration	—		—		4.5		4.5
Total	$	—	$	—	$	7.0	$	7.0

Cash equivalents are highly liquid investments with maturities of three months or less when purchased. These investments are carried at fair value. All investments classified as available-for-sale are recorded at fair value within marketable securities in the condensed consolidated balance sheets. The Company’s investments classified as Level 1 are based on quoted prices that are available in active markets.

The contingent consideration represents the estimated fair value of cash consideration payable in connection with a recent acquisition that is contingent upon the achievement of certain performance milestones. The Company estimated the fair value using expected future cash flows over the period in which the obligation is expected to be settled, and applied a discount rate that appropriately captures a market participant's view of risk associated with the obligation, which are considered to be Level 3 inputs. The fair value of the contingent consideration arrangement is sensitive to change in the expected achievement of the applicable milestones and changes in discount rate. The Company remeasures the fair value of the contingent consideration arrangement each reporting period, including the accretion of the discount, if applicable, and changes are recognized in general and administrative expense in the interim condensed consolidated statements of operations and comprehensive income (loss).

- 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.

+ References + Details

Inventory

3 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Inventory

Inventories were as follows:


	September 30, 2020		June 30, 2020
	(in millions)
Raw materials	$	24.1	$	17.8

Work-in-process	6.0		4.6
Finished products	345.9		232.5
Total inventories	376.0		254.9
Less: Reserves	(12.0)		(10.5)
Total inventories, net	$	364.0	$	244.5

Debt and Financing Arrangements	3 Months Ended
Debt and Financing Arrangements	Sep. 30, 2020
Debt Disclosure [Abstract]
Debt and Financing Arrangements	Debt and Financing Arrangements Amended and Restated Credit Agreement In 2019 the Company entered into an amended and restated loan and security agreement (“Amended Credit Agreement”). The Amended Credit Agreement provides for a $250.0 million secured revolving credit facility, including up to the lesser of $150.0 million and the aggregate unused amount of the facility for the issuance of letters of credit. Interest on the Amended Credit Agreement is paid based on LIBOR plus 2.75% or an Alternative Base Rate plus 1.75%. The Company is required to pay an annual commitment fee of 0.375% on a quarterly basis based on the unused portion of the revolving credit facility. The Company incurred total commitment fees of $0.3 million and $0.2 million during the three months ended September 30, 2020 and 2019, respectively, which are included in interest expense in the condensed consolidated statements of operations and comprehensive income (loss). The outstanding balance, if any, is payable in full in June 2024. As of September 30, 2020, the Company has not drawn on the credit facility and did not have outstanding borrowings under the Amended Credit Agreement. In connection with the execution of the Amended Credit Agreement, the Company incurred debt issuance costs of $0.9 million, which are capitalized and presented as other assets on the Company's condensed consolidated balance sheets. These costs are being amortized to interest expense using the effective interest method over the term of the Amended Credit Agreement.The Company has the option to repay its borrowings under the Amended Credit Agreement without premium or penalty prior to maturity. The Amended Credit Agreement contains customary affirmative covenants, such as financial statement reporting requirements and delivery of borrowing base certificates, as well as customary covenants that restrict its ability to, among other things, incur additional indebtedness, sell certain assets, guarantee obligations of third parties, declare cash dividends in the entirety or make certain other distributions, and undergo a merger or consolidation or certain other transactions. The Amended Credit Agreement also contains certain financial condition covenants, including maintaining a total level of liquidity of not less than $125.0 million and maintaining certain minimum total revenue ranging from $725.0 million to $1,985.0 million depending on the applicable date of determination. As of September 30, 2020, the Company was in compliance with the covenants under the Amended Credit Agreement. At September 30, 2020, the Company was contingently liable for approximately $4.8 million in standby letters of credit as security for an operating lease obligation.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Content Costs for Past Use Reserve To secure the rights to stream music on the Peloton platform, the Company must obtain licenses from, and pay royalties to, copyright owners of both sound recordings and musical compositions. The Company has entered into negotiations with various music rights holders, to pay for any and all uses of musical compositions and sound recordings to date and, at the same time, enter into go-forward license agreements for the use of music in the future. Prior to the execution of go-forward music license agreements, the Company estimates and records expenses inclusive of estimated content costs for past use as well as normal and recurring music royalty expenses. During the three months ended September 30, 2020 and 2019, the Company recorded content costs for past use and estimates for normal and recurring royalty expense of $2.4 million and $2.6 million, respectively. The Company includes both of these components in its reserve. As of September 30, 2020 and 2019, the Company recorded reserves of $24.5 million and $20.8 million, respectively, included in accrued expenses in the accompanying condensed consolidated balance sheets. Legal 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 business. Some of these proceedings may be based on complex claims involving substantial uncertainties and unascertainable damages, such as litigation that centers around intellectual property claims. Accordingly, it is not possible to determine the probability of loss or estimate damages, 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. The Company does not believe that the outcome of any existing legal or regulatory proceeding to which it is a party, either individually or in the aggregate, will have a material adverse effect on its results of operations, financial condition or cash flows.

Equity-Based Compensation

3 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Equity-Based Compensation

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. 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 the Company’s 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, or a lesser amount as determined by the Board of Directors. On July 1, 2020, the number of shares of Class A common stock available for issuance under the 2019 Plan was automatically increased according to its terms by 14,401,954 shares. As of September 30, 2020, the number of shares of Class A common stock available for future award under the 2019 Plan is 50,065,240.

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, 2020	66,818,860	$	10.57	8.0	$	3,153.6
Granted	2,155,099	$	81.11
Exercised	(3,497,582)	$	5.75
Forfeited	(480,418)	$	14.58
Outstanding — September 30, 2020	64,995,959	$	13.14	7.8	$	5,596.0
Vested and Exercisable— September 30, 2020	27,318,967	$	5.47	6.8	$	2,561.7

Unvested option activity is as follows:


	Options	Weighted-Average Grant Date Fair Value
Unvested - June 30, 2020	39,674,590	$	7.41
Granted	2,155,099	$	33.43
Early exercised unvested	(20,240)	$	2.74
Vested	(3,655,136)	$	6.09
Forfeited	(477,321)	$	6.86
Unvested - September 30, 2020	37,676,992	$	9.04

The aggregate intrinsic value of options outstanding, 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, 2020. Prior to the IPO, the fair value of the Company's common stock was determined by the Board of Directors. After the IPO, the fair value of the common stock is the closing stock price of the Company's Class A common stock as reported on the Nasdaq Global Select Market.

As part of the 2015 Plan and 2019 Plan (collectively, the "Plans"), the Company issued options to certain key management that vest upon the achievement of certain performance milestones. During the three months ended September 30, 2020 and 2019, the Company recorded stock-based compensation expense related to the performance based options of $0.2 million and $3.7 million, respectively.

For the three months ended September 30, 2020 and 2019, the weighted-average grant date fair value per option was $33.43 and $12.80, respectively. 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,
	2020	2019
Weighted average risk-free interest rate (1)	0.4%	1.6%
Weighted average expected term (in years)	6.3	6.3
Weighted average expected volatility (2)	42.5%	45.0%
Expected dividend yield	—	—

____________________________

(1) Based on U.S. Treasury seven-year constant maturity interest rate whose term is consistent with the expected term of the option.

(2) Expected volatility is based on an analysis of comparable public company volatilities and adjusted for the Company’s stage of development.

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, 2020	616,113	$	32.02
Granted	550,256	$	80.08
Cancelled	(189)	$	82.59
Outstanding — September 30, 2020	1,166,180	$	54.69

Employee Stock Purchase Plan

In August 2019, the Board of Directors adopted, and in September 2019, the Company's stockholders approved, the 2019 Employee Stock Purchase Plan ("ESPP"), through which eligible employees may purchase shares of the Company's Class A common stock at a discount through accumulated payroll deductions. The ESPP became effective on the date the registration statement, in connection with the Company’s IPO, was declared effective by the SEC (the "Effective Date"). The number of shares of the Company's 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, 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, 2020, the number of shares of Class A common stock available for issuance under the ESPP was automatically increased according to its terms by 2,880,390 shares. As of September 30, 2020, a total of 8,101,657 shares of Class A common stock are 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 will end on August 31, 2021, and the initial purchase period ended February 28, 2020. Thereafter, each offering period and each purchase period will commence on September 1 and March 1 and end 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 stock price on the first day of an offering period is higher than the closing stock price 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.

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 included weighted average expected terms of 1.2 years, weighted average expected volatility of 58.1%, and weighted average risk-free rate of 1.3% for the three months ended September 30, 2020. The expected term assumptions were based on each offering period's respective purchase date. Since the Company does not have a historical trading history of its stock, the expected volatility was derived from the average historical stock volatilities of several unrelated public companies that the Company considers to be comparable to its business over a period equivalent to the expected terms. 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, 2020, the Company recorded stock-based compensation expense associated with the ESPP of $1.6 million.

During the three months ended September 30, 2020, employees purchased approximately 216,094 shares of Class A common stock, under the ESPP, at a weighted-average price of $23.73. As of September 30, 2020, total unrecognized compensation cost related to the ESPP was $14.6 million, which will be amortized over a weighted-average remaining period of 1.7 years.

Stock-Based Compensation Expense

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


	Three Months Ended September 30,
	2020		2019
	(in millions)
Cost of revenue
Connected Fitness Products	$	1.5	$	0.3
Subscription	4.5		1.0
Total cost of revenue	5.9		1.3
Sales and marketing	3.4		1.6
General and administrative	16.7		13.5
Research and development	3.6		2.3
Total stock-based compensation expense	$	29.6	$	18.7

As of September 30, 2020, the Company had $376.7 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 3.3 years.

Income Taxes	3 Months Ended
Income Taxes	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded a provision for income taxes of $1.3 million and $0.1 million for the three months ended September 30, 2020 and 2019, respectively. Furthermore, our effective tax rates were 1.81% and (0.20)% for the three months ended September 30, 2020 and 2019, respectively. The income tax provision and the increase in effective tax rate is primarily driven by state and international taxes. The provision for income taxes consists primarily of income taxes related to state and international taxes for jurisdictions in which we conduct business. We maintain a valuation allowance on the majority of our deferred tax assets as we have concluded that it is more likely than not that the deferred assets will not be utilized.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Net Income (Loss) Per Share

3 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

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


	Three Months Ended September 30,
	2020		2019
	(in millions)
Basic net income (loss) per share:
Net income (loss) attributable to common stockholders	$	69.3	$	(49.8)
Shares used in computation:
Weighted-average common shares outstanding	288,719,834		38,453,864
Basic net income (loss) per share	$	0.24	$	(1.29)

Diluted net income (loss) per share:
Net income (loss) attributable to common stockholders	$	69.3	$	(49.8)
Shares used in computation:
Weighted-average common shares outstanding	288,719,834		38,453,864
Weighted-average effect of potentially dilutive securities:
Employee stock options	52,580,485		—
Restricted Stock units	468,732		—
Shares estimated to be purchased under ESPP	332,933		—
Diluted weighted-average common shares outstanding	342,101,984		38,453,864
Diluted net income (loss) per share	$	0.20	$	(1.29)

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,
	2020	2019
Employee stock options	42,817	38,113,154
Restricted Stock units	8,927	—

Segment Information

3 Months Ended

Sep. 30, 2020

Segment Reporting [Abstract]

Segment Information

The Company applies ASC 280, Segment Reporting, in determining reportable segments for its financial statement disclosure. The Company has two reportable segments: Connected Fitness Products and Subscription. Segment information is presented in the same manner that the chief operating decision maker ("CODM") reviews 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 Product segment derives revenue from sale of the Company's portfolio of Connected Fitness Products and related accessories, delivery and installation services, branded apparel, and extended warranty agreements. 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,
	2020		2019
	(in millions)
Connected Fitness Products:
Revenue	$	601.4	$	160.8
Cost of revenue	364.2		93.4
Gross profit	$	237.2	$	67.4
Subscription:
Revenue	$	156.5	$	67.2
Cost of revenue	65.0		29.5
Gross profit	$	91.5	$	37.7




Consolidated:
Revenue	$	757.9	$	228.0
Cost of revenue	429.2		122.9
Gross profit	$	328.7	$	105.1

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 Income (loss) before tax is as follows:


	Three Months Ended September 30,
	2020		2019
	(in millions)
Segment Gross Profit	$	328.7	$	105.1
Sales and marketing	(114.6)		(77.6)
General and administrative	(108.6)		(60.9)
Research and development	(36.6)		(17.4)
Total other income, net	1.7		1.2
Income (loss) before provision for income taxes	$	70.6	$	(49.7)

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 21
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 32
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (e)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 32
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
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-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Subsequent Events	3 Months Ended
Subsequent Events	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsAcquisitions In October 2020, the Company entered into two separate agreements to purchase various developed technology, intellectual property and related assets for approximately $74.0 million. The Company has not yet completed its evaluation and determination of consideration paid, certain assets and liabilities acquired, or treatment of these transactions as either a business combination or asset acquisition in accordance with Topic 805. Plano Lease On October 1, 2020, the Company amended its lease of office space in Plano, Texas to add an additional 103,759 square feet of office space (the “Additional Space”) and extend the lease term through January 31, 2029. The amendment results in an additional $19.7 million committed spend through the extended lease term. The Company expects to begin preparing the Additional Space for use as an office facility on December 1, 2020.

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	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.
Consolidation	The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
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, and expenses and related disclosures. On an ongoing basis, the Company evaluates its estimates, including, among others, those related to revenue related reserves, the realizability of inventory, content costs for past use reserve, fair value measurements, the incremental borrowing rate associated with lease liabilities, useful lives of property and equipment, product warranty, goodwill and finite-lived intangible assets, accounting for income taxes, stock-based compensation expense, transaction price estimates, the fair values of assets acquired and liabilities assumed in business combinations, contingent consideration, and commitments and contingencies. Actual results may differ from these estimates.
Recently Issued Accounting Pronouncements	Accounting Pronouncements Recently Adopted ASU 2016-13 In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments. This standard changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which may result in earlier recognition of allowances for losses, and require expected credit losses to be reflected as allowances rather than reductions in the amortized cost of available-for-sale debt securities. The Company adopted this standard and related amendments on July 1, 2020. The adoption of this standard did not materially impact the Company's consolidated financial statements. ASU 2019-12 In December 2019, the FASB issued ASU 2019-12, Simplifying the Accounting for Income Taxes, which amends ASC Topic 740, Income Taxes. This ASU simplifies the accounting for income taxes by modifying the treatment of intraperiod tax allocation in certain circumstances, eliminating an exception to recognizing deferred tax liabilities for outside basis differences for foreign equity method investments and foreign subsidiaries when ownership or control changes, and modifying interim period tax calculations when a loss is forecast. In addition, this ASU also requires that enacted changes in tax laws or rates be included in the annual effective rate determination in the period that includes the enactment date and clarifies the tax accounting of a step up in tax basis of goodwill. The Company adopted this standard on July 1, 2020. The adoption of this standard did not materially impact the Company's consolidated financial statements. Accounting Pronouncements Not Yet Adopted ASU 2020-01 In January 2020, the FASB issued ASU No. 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. This guidance clarifies the interaction of the accounting for equity investments under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. This standard is effective for public companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The Company is currently evaluating the potential impact of adopting this new accounting guidance, but does not expect the adoption of the standard to have a material impact on its consolidated financial statements. ASU 2020-04 In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This guidance provides temporary optional expedients and exceptions to accounting guidance on contract modifications and hedge accounting to ease entities' financial reporting burdens as the market transitions from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. The guidance was effective upon issuance and generally can be applied through December 31, 2022. The Company plans to adopt this standard when LIBOR is discontinued. The Company is currently evaluating the potential impact of adopting this new accounting guidance, but does not expect the adoption of the standard to have a material impact on its consolidated financial statements.
Revenue Recognition	The Company’s primary source of revenue is from sales of its Connected Fitness Products and associated recurring Subscription 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 the Company expects to be entitled to in exchange for those goods or services. The Company's revenue is reported net of sales returns, discounts, and incentives 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 estimates its liability for product returns based on historical return trends by product category, impact of seasonality, and an evaluation of current economic and market conditions and records the expected customer refund liability as a reduction to revenue, and the expected inventory right of recovery 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. Some of the Company’s contracts with customers contain multiple performance obligations. 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 standalone selling price based on 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 expenses sales commissions on its Connected Fitness Products when incurred because the amortization period would have been less than one year. These costs are recorded in Sales and marketing expense. Connected Fitness Products Connected Fitness Products include the Company’s portfolio of Connected Fitness Products and related accessories, branded apparel, and extended warranty agreements. The Company recognizes Connected Fitness Product revenue net of sales returns and discounts when the product has been delivered to the customer, except for extended warranty revenue which is recognized over the warranty period. The Company allows customers to return 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 income (loss). Subscription The Company’s subscriptions provide unlimited access to content in its library of live and on-demand fitness classes. The Company’s subscriptions are offered on a month-to-month basis. Amounts paid for subscription fees are included within customer deposits and deferred revenue and recognized ratably on a month-to-month basis. The Company records payment processing fees for its monthly subscription charges within cost of subscription revenue in the Company's condensed consolidated statements of operations and comprehensive income (loss). Sales tax collected from customers and remitted to governmental authorities is not included in revenue and is reflected as a liability on the balance sheet. The Company offers a standard product warranty that its Connected Fitness Products will operate under normal, non-commercial use for a period of one year covering the touchscreen and most original Bike and Tread components from the date of original delivery. 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, including costs associated with service of Connected Fitness Products outside of the warranty period, 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 both in-house and by contract manufacturers, and in certain cases, the Company may have recourse to such contract manufacturers. 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 Product for an additional period of 12 to 27 months. Revenue and related fees paid to the third-party provider are recognized on a gross basis as the Company has a continuing obligation to perform over the service 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 income (loss).
Customer Deposits and Deferred Revenue	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. Deferred revenue consists of subscription fees billed that have not been recognized. Customer deposits represent payments received in advance before the Company transfers a good or service to the customer and are refundable.
Fair Value Measurements	Cash equivalents are highly liquid investments with maturities of three months or less when purchased. These investments are carried at fair value. All investments classified as available-for-sale are recorded at fair value within marketable securities in the condensed consolidated balance sheets. The Company’s investments classified as Level 1 are based on quoted prices that are available in active markets. The contingent consideration represents the estimated fair value of cash consideration payable in connection with a recent acquisition that is contingent upon the achievement of certain performance milestones. The Company estimated the fair value using expected future cash flows over the period in which the obligation is expected to be settled, and applied a discount rate that appropriately captures a market participant's view of risk associated with the obligation, which are considered to be Level 3 inputs. The fair value of the contingent consideration arrangement is sensitive to change in the expected achievement of the applicable milestones and changes in discount rate. The Company remeasures the fair value of the contingent consideration arrangement each reporting period, including the accretion of the discount, if applicable, and changes are recognized in general and administrative expense in the interim condensed consolidated statements of operations and comprehensive income (loss).

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 17
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130561-203045

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue (Tables)

3 Months Ended

Sep. 30, 2020

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The Company's revenue disaggregated by geographic region, were as follows:


	Three Months Ended September 30,
	2020		2019
	(in millions)
North America(1)	$	721.9	$	221.7
Rest of world(2)	36.0		6.3
Total revenue	$	757.9	$	228.0

_________________________

(1) Consists of United States and Canada.

(2) Consists of United Kingdom and Germany.

Investments in Marketable Securities (Tables)

3 Months Ended

Sep. 30, 2020

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments in Marketable Securities

The following table summarizes the Company's investments in marketable securities:


	September 30, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in millions)
Corporate bonds	$	326.1	$	1.5	$	—	$	327.6
U.S. treasury securities	275.1		1.1		—		276.2
Certificate of deposits	26.7		—		—		26.8
	$	628.0	$	2.6	$	—	$	630.6
Less: Restricted marketable securities (1)							$	38.2
Total marketable securities							$	592.3

_________________________

Fair Value Measurements (Tables)

3 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Summary of Assets Measured at Fair Value on a Recurring Basis

The following table summarizes the Company's assets and liabilities that are measured at fair value on a recurring basis, by level, within the fair value hierarchy:


	As of September 30, 2020
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets
Marketable securities	$	630.6	$	—	$	—	$	630.6
Cost-method investments	—		—		0.7		0.7
Total	$	630.6	$	—	$	0.7	$	631.3

Liabilities
Other current liabilities:
Contingent consideration	$	—	$	—	$	2.5	$	2.5
Other non-current liabilities:
Contingent consideration	—		—		4.5		4.5
Total	$	—	$	—	$	7.0	$	7.0

Inventory (Tables)

3 Months Ended

Sep. 30, 2020

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories were as follows:


	September 30, 2020		June 30, 2020
	(in millions)
Raw materials	$	24.1	$	17.8

Work-in-process	6.0		4.6
Finished products	345.9		232.5
Total inventories	376.0		254.9
Less: Reserves	(12.0)		(10.5)
Total inventories, net	$	364.0	$	244.5

Equity-Based Compensation (Tables)

3 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

Summary 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, 2020	66,818,860	$	10.57	8.0	$	3,153.6
Granted	2,155,099	$	81.11
Exercised	(3,497,582)	$	5.75
Forfeited	(480,418)	$	14.58
Outstanding — September 30, 2020	64,995,959	$	13.14	7.8	$	5,596.0
Vested and Exercisable— September 30, 2020	27,318,967	$	5.47	6.8	$	2,561.7

Unvested option activity is as follows:


	Options	Weighted-Average Grant Date Fair Value
Unvested - June 30, 2020	39,674,590	$	7.41
Granted	2,155,099	$	33.43
Early exercised unvested	(20,240)	$	2.74
Vested	(3,655,136)	$	6.09
Forfeited	(477,321)	$	6.86
Unvested - September 30, 2020	37,676,992	$	9.04

Summary 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,
	2020	2019
Weighted average risk-free interest rate (1)	0.4%	1.6%
Weighted average expected term (in years)	6.3	6.3
Weighted average expected volatility (2)	42.5%	45.0%
Expected dividend yield	—	—

____________________________

(1) Based on U.S. Treasury seven-year constant maturity interest rate whose term is consistent with the expected term of the option.

(2) Expected volatility is based on an analysis of comparable public company volatilities and adjusted for the Company’s stage of development.

Summary 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, 2020	616,113	$	32.02
Granted	550,256	$	80.08
Cancelled	(189)	$	82.59
Outstanding — September 30, 2020	1,166,180	$	54.69

Summary of Stock-Based Compensation Expense

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


	Three Months Ended September 30,
	2020		2019
	(in millions)
Cost of revenue
Connected Fitness Products	$	1.5	$	0.3
Subscription	4.5		1.0
Total cost of revenue	5.9		1.3
Sales and marketing	3.4		1.6
General and administrative	16.7		13.5
Research and development	3.6		2.3
Total stock-based compensation expense	$	29.6	$	18.7

Net Income (Loss) Per Share (Tables)

3 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Schedule of Computation of Loss Per Share

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


	Three Months Ended September 30,
	2020		2019
	(in millions)
Basic net income (loss) per share:
Net income (loss) attributable to common stockholders	$	69.3	$	(49.8)
Shares used in computation:
Weighted-average common shares outstanding	288,719,834		38,453,864
Basic net income (loss) per share	$	0.24	$	(1.29)

Diluted net income (loss) per share:
Net income (loss) attributable to common stockholders	$	69.3	$	(49.8)
Shares used in computation:
Weighted-average common shares outstanding	288,719,834		38,453,864
Weighted-average effect of potentially dilutive securities:
Employee stock options	52,580,485		—
Restricted Stock units	468,732		—
Shares estimated to be purchased under ESPP	332,933		—
Diluted weighted-average common shares outstanding	342,101,984		38,453,864
Diluted net income (loss) per share	$	0.20	$	(1.29)

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,
	2020	2019
Employee stock options	42,817	38,113,154
Restricted Stock units	8,927	—

Segment Information (Tables)

3 Months Ended

Sep. 30, 2020

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,
	2020		2019
	(in millions)
Connected Fitness Products:
Revenue	$	601.4	$	160.8
Cost of revenue	364.2		93.4
Gross profit	$	237.2	$	67.4
Subscription:
Revenue	$	156.5	$	67.2
Cost of revenue	65.0		29.5
Gross profit	$	91.5	$	37.7




Consolidated:
Revenue	$	757.9	$	228.0
Cost of revenue	429.2		122.9
Gross profit	$	328.7	$	105.1

Reconciliation of Segment Gross Profit to Consolidated Loss Before Tax

The reconciliation between reportable Segment Gross Profit to consolidated Income (loss) before tax is as follows:


	Three Months Ended September 30,
	2020		2019
	(in millions)
Segment Gross Profit	$	328.7	$	105.1
Sales and marketing	(114.6)		(77.6)
General and administrative	(108.6)		(60.9)
Research and development	(36.6)		(17.4)
Total other income, net	1.7		1.2
Income (loss) before provision for income taxes	$	70.6	$	(49.7)

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Customer deposits	$ 492.8		$ 341.5
Deferred revenue	28.5		$ 22.1
Revenue recognized that was previously included in deferred revenue	$ 22.1	$ 9.5
United States \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total revenue	93.00%	95.00%
Minimum
Disaggregation of Revenue [Line Items]
Extended product warranty period	12 months
Maximum
Disaggregation of Revenue [Line Items]
Extended product warranty period	27 months

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Total revenue	$ 757.9	$ 228.0
North America
Disaggregation of Revenue [Line Items]
Total revenue	721.9	221.7
Rest of World
Disaggregation of Revenue [Line Items]
Total revenue	$ 36.0	$ 6.3

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

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

Investments in Marketable Securities - Schedule of Investments in Marketable Securities (Details) $ in Millions	Sep. 30, 2020 USD ($)
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 628.0
Gross Unrealized Gains	2.6
Gross Unrealized Losses	0.0
Fair Value	630.6
Restricted marketable securities	38.2
Total marketable securities	592.3
Corporate Bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	326.1
Gross Unrealized Gains	1.5
Gross Unrealized Losses	0.0
Fair Value	327.6
U.S. Treasury Securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	275.1
Gross Unrealized Gains	1.1
Gross Unrealized Losses	0.0
Fair Value	276.2
Certificates of Deposits
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	26.7
Gross Unrealized Gains	0.0
Gross Unrealized Losses	0.0
Fair Value	$ 26.8

Fair Value Measurements (Details) $ in Millions	Sep. 30, 2020 USD ($)
Assets
Marketable securities	$ 630.6
Recurring
Assets
Marketable securities	630.6
Cost-method investments	0.7
Total	631.3
Other current liabilities:
Contingent consideration	2.5
Other non-current liabilities:
Contingent consideration	4.5
Total	7.0
Recurring \| Level 1
Assets
Marketable securities	630.6
Cost-method investments	0.0
Total	630.6
Other current liabilities:
Contingent consideration	0.0
Other non-current liabilities:
Contingent consideration	0.0
Total	0.0
Recurring \| Level 2
Assets
Marketable securities	0.0
Cost-method investments	0.0
Total	0.0
Other current liabilities:
Contingent consideration	0.0
Other non-current liabilities:
Contingent consideration	0.0
Total	0.0
Recurring \| Level 3
Assets
Marketable securities	0.0
Cost-method investments	0.7
Total	0.7
Other current liabilities:
Contingent consideration	2.5
Other non-current liabilities:
Contingent consideration	4.5
Total	$ 7.0

Inventory (Details) - USD ($) $ in Millions	Sep. 30, 2020	Jun. 30, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 24.1	$ 17.8
Work-in-process	6.0	4.6
Finished products	345.9	232.5
Total inventories	376.0	254.9
Less: Reserves	(12.0)	(10.5)
Total inventories, net	$ 364.0	$ 244.5

Debt and Financing Arrangements (Details) - USD ($)	3 Months Ended
Debt and Financing Arrangements (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2019
Line of Credit Facility [Line Items]
Standby letters of credit outstanding	$ 4,800,000
Revolving Credit Facility \| Line of Credit \| Amended Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 250,000,000.0
Commitment fee percentage		0.375%
Commitment fees incurred	300,000	$ 200,000
Debt issuance costs			900,000
Covenant, minimum level of liquidity required	125,000,000.0
Revolving Credit Facility \| Line of Credit \| Amended Credit Agreement \| Minimum
Line of Credit Facility [Line Items]
Covenant, minimum level of revenue required	725,000,000.0
Revolving Credit Facility \| Line of Credit \| Amended Credit Agreement \| Maximum
Line of Credit Facility [Line Items]
Covenant, minimum level of revenue required	$ 1,985,000,000.0
Revolving Credit Facility \| Line of Credit \| Amended Credit Agreement \| LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate		2.75%
Revolving Credit Facility \| Line of Credit \| Amended Credit Agreement \| Alternative Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.75%
Letter of Credit \| Line of Credit \| Amended Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity (or less)			$ 150,000,000.0

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Content costs for past use	$ 2.4	$ 2.6
Content and royalty reserve	$ 24.5	$ 20.8

Equity-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended
	Sep. 30, 2019 period	Sep. 30, 2020 USD ($) $ / shares shares	Sep. 30, 2019 USD ($) $ / shares	Jul. 01, 2020 shares
Class of Stock [Line Items]
Stock-based compensation expense \| $		$ 29.6	$ 18.7
Weighted-average grant date fair value per option (in dollars per share) \| $ / shares		$ 33.43	$ 12.80
Employee Stock Options
Class of Stock [Line Items]
Weighted average expected term		6 years 3 months 18 days	6 years 3 months 18 days
Weighted average expected volatility		42.50%	45.00%
Weighted-average risk-free interest rate		0.40%	1.60%
Expected dividend yield		0.00%	0.00%
Unrecognized stock-based compensation expense \| $		$ 376.7
Unrecognized stock-based compensation expense, period for recognition		3 years 3 months 18 days
Performance Based Options
Class of Stock [Line Items]
Stock-based compensation expense \| $		$ 0.2	$ 3.7
ESPP
Class of Stock [Line Items]
Stock-based compensation expense \| $		$ 1.6
Weighted average expected term		1 year 2 months 12 days
Weighted average expected volatility		58.10%
Weighted-average risk-free interest rate		1.30%
Expected dividend yield		0.00%
Unrecognized stock-based compensation expense \| $		$ 14.6
Unrecognized stock-based compensation expense, period for recognition		1 year 8 months 12 days
ESPP \| 2019 Employee Stock Purchase Plan
Class of Stock [Line Items]
Number of purchase periods \| period	4
Purchase period	6 months
Commencement of offering period	2 years
Commencement of purchase period	6 months
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				14,401,954
Number of shares available for future issuance (in shares) \| shares		50,065,240
Class A Common Stock \| ESPP
Class of Stock [Line Items]
Number of shares purchased under ESPP (in shares) \| shares		216,094
Weighted-average price of shares purchased under ESPP (in dollars per share) \| $ / shares		$ 23.73
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				2,880,390
Number of shares available for future issuance (in shares) \| shares		8,101,657
Purchase price of common stock, percentage of fair market value	85.00%

Equity-Based Compensation - Summary of Stock Options Outstanding (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Sep. 30, 2020	Jun. 30, 2020
Stock Options Outstanding
Stock options outstanding, beginning balance (in shares)	66,818,860
Granted (in shares)	2,155,099
Exercised (in shares)	(3,497,582)
Forfeited (in shares)	(480,418)
Stock options outstanding, ending balance (in shares)	64,995,959	66,818,860
Stock options vested and exercisable (in shares)	27,318,967
Stock Options Outstanding, Weighted-Average Exercise Price
Stock options outstanding, weighted average exercise price, beginning balance (in shares)	$ 10.57
Granted, weighted-average exercise price (in dollars per share)	81.11
Exercised, weighted-average exercise price (in dollars per share)	5.75
Forfeited, weighted-average exercise price (in dollars per share)	14.58
Stock options outstanding, weighted average exercise price, ending balance (in shares)	13.14	$ 10.57
Stock options vested and exercisable, weighted-average exercise price (in dollars per share)	$ 5.47
Stock options outstanding, weighted-average remaining contractual term	7 years 9 months 18 days	8 years
Stock options vested and exercisable, weighted-average remaining contractual term	6 years 9 months 18 days
Stock options outstanding, aggregate intrinsic value	$ 5,596.0	$ 3,153.6
Stock options vested and exercisable, aggregate intrinsic value	$ 2,561.7

Equity-Based Compensation - Summary of Unvested Stock Option Activity (Details) - $ / shares	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Unvested Options
Unvested options, beginning balance (in shares)	39,674,590
Granted (in shares)	2,155,099
Early exercised unvested (in shares)	(20,240)
Vested (in shares)	(3,655,136)
Forfeited (in shares)	(477,321)
Unvested options, ending balance (in shares)	37,676,992
Unvested Options, Weighted-Average Grant Date Fair Value
Unvested options, weighted-average grant date fair value, beginning balance (in dollars per share)	$ 7.41
Unvested options, weighted-average grant date fair value, granted (in dollars per share)	33.43	$ 12.80
Unvested options, weighted-average grant date fair value, early exercised unvested (in dollars per share)	2.74
Unvested options, weighted-average grant date fair value, vested (in dollars per share)	6.09
Unvested options, weighted-average grant date fair value, forfeited (in dollars per share)	6.86
Unvested options, weighted-average grant date fair value, ending balance (in dollars per share)	$ 9.04

Equity-Based Compensation - Summary of Fair Value Assumptions (Details) - Employee stock options	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average risk-free interest rate	0.40%	1.60%
Weighted average expected term	6 years 3 months 18 days	6 years 3 months 18 days
Weighted average expected volatility	42.50%	45.00%
Expected dividend yield	0.00%	0.00%

Equity-Based Compensation - Summary of Restricted Stock and Restricted Stock Units (Details) - Restricted Stock units	3 Months Ended
	Sep. 30, 2020 $ / shares shares
Number of Awards
Outstanding, beginning balance (in shares) \| shares	616,113
Granted (in shares) \| shares	550,256
Cancelled (in shares) \| shares	(189)
Outstanding, ending balance (in shares) \| shares	1,166,180
Weighted-Average Grant Date Fair Value
Outstanding, weighted-average grant date fair value, beginning balance (in dollars per share) \| $ / shares	$ 32.02
Granted, weighted-average grant date fair value (in dollars per share) \| $ / shares	80.08
Cancelled, weighted-average grant date fair value (in dollars per share) \| $ / shares	82.59
Outstanding, weighted-average grant date fair value, ending balance (in dollars per share) \| $ / shares	$ 54.69

Equity-Based Compensation - Summary of Sock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 29.6	$ 18.7
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	5.9	1.3
Cost of revenue \| Connected Fitness Products
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	1.5	0.3
Cost of revenue \| Subscription
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	4.5	1.0
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	3.4	1.6
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	16.7	13.5
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 3.6	$ 2.3

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income tax expense	$ 1.3	$ 0.1
Effective tax rate	1.81%	(0.20%)

- Definition

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

+ References + Details

Net Income (Loss) Per Share - Schedule of Computation of Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Basic net income (loss) per share:
Net income (loss) attributable to common stockholders	$ 69.3	$ (49.8)
Shares used in computation:
Weighted-average common shares outstanding (in shares)	288,719,834	38,453,864
Basic net income (loss) per share (in dollars per share)	$ 0.24	$ (1.29)
Diluted net income (loss) per share:
Net income (loss) attributable to common stockholders	$ 69.3	$ (49.8)
Weighted-average effect of potentially dilutive securities:
Diluted weighted-average common shares outstanding (in shares)	342,101,984	38,453,864
Diluted net income (loss) per share (in dollars per share)	$ 0.20	$ (1.29)
Employee stock options
Weighted-average effect of potentially dilutive securities:
Weighted-average effect of potentially dilutive securities (in shares)	52,580,485	0
Restricted Stock units
Weighted-average effect of potentially dilutive securities:
Weighted-average effect of potentially dilutive securities (in shares)	468,732	0
Shares estimated to be purchased under ESPP
Weighted-average effect of potentially dilutive securities:
Weighted-average effect of potentially dilutive securities (in shares)	332,933	0

Net Income (Loss) Per Share - Schedule of Potentially Diluted Securities Not Included In Calculation of Diluted Shares Outstanding (Details) - shares	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Employee stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from calculation of diluted shares outstanding (in shares)	42,817	38,113,154
Restricted Stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from calculation of diluted shares outstanding (in shares)	8,927	0

Segment Information - Schedule of Key Performance Measures by Segment (Details) $ in Millions	3 Months Ended
	Sep. 30, 2020 USD ($) segment	Sep. 30, 2019 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment	2
Segment Reporting Information [Line Items]
Revenue	$ 757.9	$ 228.0
Cost of revenue	429.2	122.9
Gross profit	328.7	105.1
Connected Fitness Products
Segment Reporting Information [Line Items]
Revenue	601.4	160.8
Cost of revenue	364.2	93.4
Gross profit	237.2	67.4
Subscription
Segment Reporting Information [Line Items]
Revenue	156.5	67.2
Cost of revenue	65.0	29.5
Gross profit	$ 91.5	$ 37.7

- Definition

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

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Segment Information - Reconciliation of Segment Gross Profit to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting [Abstract]
Segment Gross Profit	$ 328.7	$ 105.1
Sales and marketing	(114.6)	(77.6)
General and administrative	(108.6)	(60.9)
Research and development	(36.6)	(17.4)
Total other income, net	1.7	1.2
Income (loss) before provision for income taxes	$ 70.6	$ (49.7)

- Definition

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

+ References

+ Details

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Subsequent Events (Details) $ in Millions		3 Months Ended
Subsequent Events (Details) $ in Millions	Oct. 01, 2020 USD ($) ft²	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Oct. 31, 2020 USD ($)
Subsequent Event [Line Items]
Increase in committed spend through the extended lease term		$ 11.3	$ (16.7)
Subsequent Event
Subsequent Event [Line Items]
Value of assets to be purchased under asset purchase agreement				$ 74.0
Subsequent Event \| Office Space
Subsequent Event [Line Items]
Office spaced added (in square feet) \| ft²	103,759
Increase in committed spend through the extended lease term	$ 19.7

Label	Element	Value
Accounting Standards Update [Extensible List]	us-gaap_AccountingStandardsUpdateExtensibleList	us-gaap:AccountingStandardsUpdate201602Member

- Definition

Indicates amendment to accounting standards.

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+ Details