0001639825-21-000155 | 10-Q | XBRL Viewer

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Cover Page - shares	9 Months Ended
Cover Page - shares	Mar. 31, 2021	Apr. 30, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
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	917
Local Phone Number	671-9198
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
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Central Index Key	0001639825
Current Fiscal Year End Date	--06-30
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		268,744,362
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		29,548,911

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2021	Jun. 30, 2020
Current assets:
Cash and cash equivalents	$ 2,055.9	$ 1,035.5
Marketable securities	629.4	719.5
Accounts receivable, net	30.3	34.6
Inventories, net	614.2	244.5
Prepaid expenses and other current assets	184.0	124.5
Total current assets	3,513.8	2,158.6
Property and equipment, net	473.0	242.3
Intangible assets, net	78.5	16.0
Goodwill	65.3	39.1
Restricted cash	1.5	1.5
Operating lease right-of-use assets, net	550.7	492.5
Other assets	29.7	31.8
Total assets	4,712.4	2,981.8
Current liabilities:
Accounts payable and accrued expenses	855.2	361.7
Customer deposits and deferred revenue	363.7	363.6
Operating lease liabilities, current	45.2	33.1
Other current liabilities	18.6	13.9
Total current liabilities	1,282.7	772.2
Convertible senior notes, net	821.5	0.0
Operating lease liabilities, non-current	589.3	508.2
Other non-current liabilities	25.6	23.4
Total liabilities	2,719.1	1,303.8
Commitments and contingencies (Note 9)
Stockholders’ equity
Common stock, $0.000025 par value; 2,500,000,000 and 2,500,000,000 Class A shares authorized, 268,115,347 and 237,518,574 shares issued and outstanding as of March 31, 2021 and June 30, 2020, respectively; 2,500,000,000 and 2,500,000,000 Class B shares authorized, 29,746,911 and 50,538,538 shares issued and outstanding as of March 31, 2021 and June 30, 2020, respectively.	0.0	0.0
Additional paid-in capital	2,548.9	2,361.8
Accumulated other comprehensive income	14.1	10.1
Accumulated deficit	(569.6)	(693.9)
Total stockholders’ equity	1,993.4	1,678.0
Total liabilities and stockholders’ equity	$ 4,712.4	$ 2,981.8

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2021	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)	268,115,347	237,518,574
Common stock, shares outstanding (in shares)	268,115,347	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)	29,746,911	50,538,538
Common stock, shares outstanding (in shares)	29,746,911	50,538,538

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Revenue	$ 1,262.3	$ 524.6	$ 3,085.0	$ 1,218.8
Cost of revenue	817.4	278.8	1,886.6	670.9
Gross profit	444.9	245.8	1,198.4	548.0
Operating expenses:
Sales and marketing	208.2	154.8	500.3	392.8
General and administrative	180.6	126.9	430.3	265.4
Research and development	69.8	22.5	153.9	60.6
Total operating expenses	458.6	304.2	1,084.4	718.8
(Loss) income from operations	(13.7)	(58.4)	113.9	(170.8)
Other (expense) income, net:
Interest expense	(4.9)	(0.4)	(5.7)	(1.6)
Interest income	1.6	5.9	6.7	14.3
Foreign exchange losses	(0.7)	(3.0)	(1.5)	(3.2)
Other income, net	0.0	0.1	0.0	0.1
Total other income (expense), net	(4.0)	2.7	(0.5)	9.6
(Loss) income before provision for income taxes	(17.7)	(55.7)	113.4	(161.2)
Income tax benefit	(9.1)	(0.1)	(10.8)	(0.5)
Net (loss) income	(8.6)	(55.6)	124.2	(160.7)
Net (loss) income attributable to Class A and Class B common stockholders	$ (8.6)	$ (55.6)	$ 124.2	$ (160.7)
Net (loss) income per share attributable to common stockholders, basic (in dollars per share)	$ (0.03)	$ (0.20)	$ 0.43	$ (0.80)
Net (loss) income per share attributable to common stockholders, diluted (in dollars per share)	$ (0.03)	$ (0.20)	$ 0.36	$ (0.80)
Weighted-average Class A and Class B common shares outstanding, basic (in shares)	295,646,824	280,879,011	292,276,299	199,769,233
Weighted-average Class A and Class B common shares outstanding, diluted (in shares)	295,646,824	280,879,011	348,094,379	199,769,233
Other comprehensive (loss) income:
Net unrealized losses on marketable securities	$ (0.6)	$ (3.1)	$ (3.2)	$ (3.3)
Change in foreign currency translation adjustment	(2.0)	0.1	7.2	3.4
Total other comprehensive (loss) income	(2.6)	(3.0)	4.0	0.1
Comprehensive (loss) income	(11.2)	(58.6)	128.2	(160.6)
Connected Fitness Products
Revenue	1,022.9	426.4	2,494.4	976.3
Cost of revenue	732.5	237.4	1,659.5	567.6
Subscription
Revenue	239.4	98.2	590.6	242.5
Cost of revenue	$ 84.8	$ 41.4	$ 227.0	$ 103.3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash Flows from Operating Activities:
Net income (loss)	$ 124.2	$ (160.7)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization expense	38.8	28.2
Stock-based compensation expense	108.8	56.3
Non-cash operating lease expense	44.4	33.5
Amortization of premium from marketable securities	7.4	3.8
Amortization of debt discount and issuance costs	4.6	0.2
Impairment of long-lived assets	3.3	0.0
Changes in operating assets and liabilities:
Accounts receivable	6.0	(5.4)
Inventories	(363.7)	(46.2)
Prepaid expenses and other current assets	(34.7)	(24.3)
Other assets	(13.7)	(18.2)
Accounts payable and accrued expenses	444.2	64.0
Customer deposits and deferred revenue	(2.0)	124.0
Operating lease liabilities, net	(9.8)	(20.7)
Other liabilities	1.5	14.5
Net cash provided by operating activities	359.3	49.1
Cash Flows from Investing Activities:
Purchases of marketable securities	(449.1)	(1,199.6)
Maturities of marketable securities	517.8	331.5
Sales of marketable securities	6.6	118.0
Purchases of property and equipment	(167.9)	(106.6)
Business combination, net of cash acquired	(57.7)	(45.6)
Asset acquisitions, net of cash acquired	(78.1)	0.0
Capitalization of internal-use software costs and other	(5.0)	(3.5)
Net cash used in investing activities	(233.4)	(905.9)
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 issuance of convertible notes, net of issuance costs	977.2	0.0
Purchase of capped calls	(81.3)	0.0
Proceeds from employee stock purchase plan withholdings	12.2	4.6
Proceeds from exercise of stock options	37.0	9.0
Taxes withheld and paid on employee stock awards	(53.9)	0.0
Principal repayments of finance leases	(0.7)	0.0
Net cash provided by financing activities	890.5	1,209.3
Effect of exchange rate changes	4.1	(5.0)
Net change in cash, cash equivalents, and restricted cash	1,020.4	347.5
Cash, cash equivalents and restricted cash — Beginning of period	1,037.0	163.0
Cash, cash equivalents and restricted cash — End of period	2,057.4	510.5
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	0.6	0.0
Cash paid for income taxes	2.9	1.0
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	42.4	21.2
Stock-based compensation capitalized for software development costs	$ 3.1	$ 1.5

CONSOLIDATED 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	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 Mar. 31, 2020			0
Ending balance at Mar. 31, 2020			$ 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)				2,400,000
Exercise of stock options	11.0				11.0
Exercise of stock warrants (in shares)				200,000
Exercise of stock warrants	0.0				0.0
Issuance of common stock under employee stock purchase plan (in shares)				200,000
Issuance of common stock under employee stock purchase plan	3.7				3.7
Stock-based compensation expense	57.8				57.8
Other comprehensive income (loss)	0.1					0.1
Net income (loss)	(160.7)						(160.7)
Ending balance (in shares) at Mar. 31, 2020				282,200,000
Ending balance at Mar. 31, 2020	1,517.3			$ 0.0	2,300.0	0.3	(783.0)
Ending balance (in shares) at Mar. 31, 2020			0
Ending balance at Mar. 31, 2020			$ 0.0
Beginning balance (in shares) at Dec. 31, 2019				280,600,000
Beginning balance at Dec. 31, 2019	1,545.2			$ 0.0	2,269.3	3.3	(727.4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)				1,500,000
Exercise of stock options	5.9				5.9
Issuance of common stock under employee stock purchase plan (in shares)				200,000
Issuance of common stock under employee stock purchase plan	3.7				3.7
Stock-based compensation expense	21.1				21.1
Other comprehensive income (loss)	(3.0)					(3.0)
Net income (loss)	(55.6)						(55.6)
Ending balance (in shares) at Mar. 31, 2020				282,200,000
Ending balance at Mar. 31, 2020	1,517.3			$ 0.0	2,300.0	0.3	(783.0)
Beginning balance (in shares) at Jun. 30, 2020			0
Beginning balance at Jun. 30, 2020			$ 0.0
Ending balance (in shares) at Mar. 31, 2021			0
Ending balance at Mar. 31, 2021			$ 0.0
Beginning balance (in shares) at Jun. 30, 2020				288,100,000
Beginning balance at Jun. 30, 2020	$ 1,678.0			$ 0.0	2,361.8	10.1	(693.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	9,814,464
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (in shares)				9,300,000
Issuance of common stock pursuant to stock-based awards, net of withholding taxes	$ (16.7)				(16.7)
Issuance of common stock under employee stock purchase plan (in shares)				400,000
Issuance of common stock under employee stock purchase plan	13.1				13.1
Stock-based compensation expense	111.9				111.9
Equity component of convertible senior notes, net of issuance costs	160.1
Purchases of capped calls related to convertible senior notes	(81.3)
Other comprehensive income (loss)	4.0					4.0
Net income (loss)	124.2						124.2
Ending balance (in shares) at Mar. 31, 2021				297,900,000
Ending balance at Mar. 31, 2021	1,993.4			$ 0.0	2,548.9	14.1	(569.6)
Ending balance (in shares) at Mar. 31, 2021			0
Ending balance at Mar. 31, 2021			$ 0.0
Beginning balance (in shares) at Dec. 31, 2020				294,300,000
Beginning balance at Dec. 31, 2020	1,928.3			$ 0.0	2,472.7	16.6	(561.0)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock pursuant to stock-based awards, net of withholding taxes (in shares)				3,400,000
Issuance of common stock pursuant to stock-based awards, net of withholding taxes	(53.6)				(53.6)
Issuance of common stock under employee stock purchase plan (in shares)				200,000
Issuance of common stock under employee stock purchase plan	8.0				8.0
Stock-based compensation expense	43.1				43.1
Equity component of convertible senior notes, net of issuance costs	160.1
Purchases of capped calls related to convertible senior notes	(81.3)
Other comprehensive income (loss)	(2.6)					(2.6)
Net income (loss)	(8.6)						(8.6)
Ending balance (in shares) at Mar. 31, 2021				297,900,000
Ending balance at Mar. 31, 2021	$ 1,993.4			$ 0.0	$ 2,548.9	$ 14.1	$ (569.6)

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) (Parenthetical) $ in Millions	9 Months Ended
	Mar. 31, 2020 USD ($)
Statement of Stockholders' Equity [Abstract]
Issuance costs	$ 6.3

Description of Business and Basis of Presentation	9 Months Ended
Description of Business and Basis of Presentation	Mar. 31, 2021
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 and nine months ended March 31, 2021 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	9 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Use of Estimates The preparation of these financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosures. On an ongoing basis, the Company evaluates its estimates, including, among others, those related to revenue related reserves, 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 and asset acquisitions, valuation of the debt component of convertible senior notes, contingent consideration, and commitments and contingencies. Actual results may differ from these estimates. Convertible Senior Notes In February 2021, the Company issued in a private offering $1.0 billion aggregate principal amount of 0% Convertible Senior Notes due 2026 (the "Notes"), including the initial purchasers’ exercise in full of their option to purchase additional notes. See Note 8 for additional details. The Notes are accounted for in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Subtopic 470-20, Debt with Conversion and Other Options. Pursuant to ASC Subtopic 470-20, issuers of certain convertible debt instruments, such as the Notes, that have a net settlement feature and may be settled wholly or partially in cash upon conversion are required to separately account for the liability (debt) and equity (conversion option) components of the instrument. The carrying amount of the liability component of the instrument is computed by estimating the fair value of a similar liability without the conversion option using a market-based approach. The amount of the equity component is then calculated by deducting the fair value of the liability component from the initial proceeds of the instrument. The difference between the principal amount and the liability component represents a debt discount that is amortized to interest expense over the respective term of the Notes using the effective interest rate method. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. In accounting for the issuance costs related to the Notes, the allocation of issuance costs incurred between the liability and equity components was based on their relative values. Derivative Instruments and Hedging The Company measures derivative financial instruments at fair value and recognizes them as either assets or liabilities on our condensed consolidated balance sheets. The Company evaluates its convertible instruments and other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives requiring separate recognition in the Company's financial statements in accordance with the criteria under ASC 815-15. As of March 31, 2021, the Company did not have any material derivative contracts or contracts with material embedded derivative features requiring bifurcation. Recently Issued Accounting Pronouncements Accounting Pronouncements Recently Adopted ASU 2016-13 In June 2016, the Financial Accounting Standards Board (“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 forecasted. 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 condensed 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 condensed consolidated financial statements. ASU 2020-04 and ASU 2021-01 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. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), which refines the scope of Topic ASC 848 and clarifies some of its guidance. The amendments in ASU 2021-01 are elective and apply to all entities that have derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The guidance in both updates 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 condensed consolidated financial statements. ASU 2020-06 In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging- Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. The guidance will simplify the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock, thereby limiting the accounting results in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. ASU 2020-06 also amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. In addition, the guidance eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if-converted method. ASU 2020-06 will be effective for public companies for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently evaluating the impact that the adoption of ASU 2020-06 will have on the Company’s condensed consolidated financial statements.

Revenue

9 Months Ended

Mar. 31, 2021

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 and concessions based on historical 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 in the Company's condensed consolidated statements of operations and comprehensive (loss) income.

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 (loss) income.

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 on the Company's condensed consolidated balance sheets 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 (loss) income.

Sales tax collected from customers and remitted to governmental authorities is not included in revenue and is reflected as a liability on the Company's condensed consolidated balance sheets.

Standard 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, Bike+, Tread, 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 are 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.

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


	Nine Months Ended March 31,
	2021		2020
	(in millions)
Balance at beginning of period	$	34.2	$	10.5
Provision for warranty accrual	54.3		21.1
Warranty claims	(37.4)		(11.8)
Balance at end of period	$	51.1	$	19.9

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 (loss) income.

Disaggregation of Revenue

The Company's revenue from contracts with customers disaggregated by major product lines, excluding sales-based taxes, are included in Note 13 under the heading "Segment Information".

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


	Three Months Ended March 31,				Nine Months Ended March 31,
	2021		2020		2021		2020
	(in millions)
North America(1)	$	1,167.7	$	503.9	$	2,897.4	$	1,176.7
EMEA(2)	94.5		20.6		187.6		42.2
Total revenue	$	1,262.3	$	524.6	$	3,085.0	$	1,218.8

_________________________

(1) Consists of United States and Canada.

(2) Consists of United Kingdom and Germany (formerly Rest of world).

During the three and nine months ended March 31, 2021, the Company's revenue attributable to the United States represented 87% and 90% of total revenue, respectively, and 94% of total revenue for the three and nine months ended March 31, 2020.

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 March 31, 2021 and June 30, 2020, customer deposits of $321.5 million and $341.5 million, respectively, and deferred revenue of $42.2 million and $22.1 million, respectively, were included in customer deposits and deferred revenue on the Company's condensed consolidated balance sheets.

In the nine months ended March 31, 2021 and 2020, the Company recognized revenue of $22.1 million and $9.5 million, respectively, 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
-Topic 606
-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

9 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Investments in Marketable Securities

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


	March 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in millions)
Corporate bonds	$	472.3	$	0.4	$	—	$	472.6
U.S. treasury securities	97.4		0.3		—		97.7
Commercial paper	63.0		—		—		63.0
Supranational securities	31.1		—		—		31.1
Certificate of deposits	7.8		—		—		7.8
	$	671.5	$	0.8	$	—	$	672.2
Less: Restricted marketable securities (1)							$	42.8
Total marketable securities							$	629.4

_________________________

(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 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

9 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

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 March 31, 2021
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets
Marketable securities	$	672.2	$	—	$	—	$	672.2
Total	$	672.2	$	—	$	—	$	672.2

Liabilities
Other current liabilities:
Contingent consideration	$	—	$	—	$	2.4	$	2.4
Other non-current liabilities:
Contingent consideration	—		—		2.2		2.2
Total	$	—	$	—	$	4.6	$	4.6

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 an 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 condensed consolidated statements of operations and comprehensive (loss) income.

Fair Value Measurements of Other Financial Instruments

The following table presents the carrying amounts and estimated fair values of the Company's financial instruments that are not recorded at fair value on the condensed consolidated balance sheets:


	As of March 31, 2021
	Level 1		Level 2		Level 3		Total
	(in millions)
Convertible Senior Notes	$	—	$	801.1	$	—	$	801.1

The fair value of the Notes is determined based on the closing price on the last trading day of the reporting period.

- 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

9 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

Inventory

Inventories were as follows:


	March 31, 2021		June 30, 2020
	(in millions)
Raw materials	$	54.7	$	17.8

Work-in-process	9.2		4.6
Finished products	557.1		232.5
Total inventories	621.0		254.9
Less: Reserves	(6.9)		(10.5)
Total inventories, net	$	614.2	$	244.5

Acquisitions

9 Months Ended

Mar. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Acquisitions

Business Combination

On February 9, 2021, the Company acquired Aiqudo, Inc. and its subsidiaries (collectively, "Aiqudo") for a purchase price of approximately $57.7 million, net of cash acquired, which was paid in cash. Upon completion of the transaction, Aiqudo became a wholly-owned subsidiary of the Company. The Company acquired Aiqudo to bolster product research and development capabilities.

The operating results of Aiqudo have been included in the Company's condensed consolidated statements of operations since the acquisition date. Actual and pro forma revenue and results of operations for the acquisition have not been presented because they do not have a material impact to the consolidated revenue and results of operations, either individually or in the aggregate.

The Company recognized $1.0 million of acquisition-related costs that were expensed as incurred during the three and nine months ended March 31, 2021. These costs are included in general and administrative expense in the condensed consolidated statement of operations and comprehensive (loss) income.

The acquisition was accounted for under the acquisition method in accordance with ASC 805. The following table summarizes the initial estimate of the fair values of assets acquired and liabilities assumed at the closing date:


	As of February 9, 2021
	(in millions)
Developed Technology	$	44.2
Goodwill	25.0
Other assets	3.3
Total assets	$	72.5
Current liabilities	(3.3)

Deferred tax liability	$	(11.5)
Total liabilities	$	(14.8)
Net assets acquired	$	57.7

The preliminary purchase price allocation resulted in the recognition of $25.0 million of goodwill. Goodwill represents the future economic benefits expected to arise from other intangible assets acquired that do not qualify for separate recognition, including an experienced workforce and expected future synergies. The Company allocated the goodwill to its Connected Fitness segment. None of the goodwill is expected to be deductible for tax purposes.

The Company expects to finalize its purchase price allocation after management has further analyzed and assessed a number of the factors used in establishing the fair values of assets acquired and liabilities assumed as of the acquisition date including, but not limited to, the working capital acquired. The final fair value determination could result in adjustments to the values presented in the preliminary purchase price allocation.

Asset Acquisitions

During the nine months ended March 31, 2021, the Company completed three separate transactions to acquire certain software, developed technology, and an assembled workforce for use in the development of the Company's connected fitness products and services, for total net cash consideration paid of approximately $78.1 million, inclusive of $2.4 million of direct transaction costs. The Company accounted for each transaction as an asset acquisition in accordance with ASC 805.

Total aggregate consideration allocated for the three transactions was $84.0 million, inclusive of the deferred tax liability of $5.9 million. The Company allocated the consideration based on the relative fair values of the assets acquired in each transaction, resulting in $57.4 million being allocated to developed software, $22.7 million being allocated to developed technology, and $3.9 million being allocated to the assembled workforce.

The developed software acquired was assigned a useful life of 5 years, and is recorded in Property and equipment, net. The developed technology assets acquired were assigned a useful life of 3 years and the assembled workforce was assigned a useful life of 4 years. Both of these acquired assets are recorded in Intangible assets, net of the Company's condensed consolidated balance sheets.

Debt and Financing Arrangements

9 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Debt and Financing Arrangements

Convertible Notes and the Indenture

In February 2021, the Company issued $1.0 billion aggregate principal amount of 0% Convertible Senior Notes due February 15, 2026 (the "Notes") in a private offering, including the exercise in full of the over-allotment option granted to the initial purchasers of $125.0 million. The Notes were issued pursuant to an Indenture (the "Indenture") between the Company and U.S. Bank National Association, as trustee. The Notes are senior unsecured obligations of the Company and do not bear regular interest, and the principal amount of the Notes does not accrete. The

net proceeds from this offering were approximately $977.2 million, after deducting the initial purchasers' discounts and commissions and the Company's offering expenses.

Each $1,000 principal amount of the Notes is initially convertible into 4.1800 shares of the Company's Class A Common Stock, which is equivalent to an initial conversion price of approximately $239.23 per share. The conversion rate is subject to customary adjustments under certain circumstances in accordance with the terms of the Indenture. In addition, if certain corporate events that constitute a make-whole fundamental change occur, then the conversion rate will, in certain circumstances, be increased for a specified period of time.

The Notes will mature on February 15, 2026, unless earlier converted, redeemed, or repurchased. The Notes will be convertible at the option of the holders at any time prior to the close of business on the business day immediately preceding August 15, 2025, only under the following circumstances: (1) during any calendar quarter commencing after the calendar quarter ending on June 30, 2021, if the last reported sale price of the Company’s Class A common stock, par value $0.000025 per share exceeds 130% of the conversion price for each of at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter on each applicable trading day; (2) during the five consecutive business day period after any ten consecutive trading day period (such ten consecutive trading day period, the “measurement period”) in which the trading price (as defined in the Indenture) per $1,000 principal amount of Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price per share of the Class A Common Stock on such trading day and the conversion rate on such trading day; (3) if the Company calls such Notes for redemption, at any time prior to the close of business on the business day immediately preceding the redemption date; (4) upon the occurrence of specified corporate events or distributions on the Class A Common Stock.

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

The Company may redeem for cash all or any portion of the Notes, at its option, on or after February 20, 2024 and on or before the 20th scheduled trading day immediately before the maturity date, if the last reported sale price per share of the Class A Common Stock exceeds 130% of the conversion price then in effect on (1) each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption and (2) the trading day immediately before the date the Company sends such notice at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus any accrued and unpaid special interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the Notes, which means that the Company is not required to redeem or retire the Notes periodically.

Upon the occurrence of a fundamental change (as defined in the Indenture), subject to certain conditions, holders may require the Company to repurchase all or a portion of the Notes for cash at a price equal to 100% of the principal amount of the Notes to be repurchased, plus any accrued and unpaid special interest, if any, to, but excluding, the fundamental change repurchase date.

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

In accounting for the issuance of the Notes, the Company separated the Notes into liability and equity components, using an effective interest rate of 3.69% to determine the fair value of the liability component. The carrying amount of the equity component representing the conversion option was $163.8 million and was determined by deducting the fair value of the liability component from the initial proceeds ascribed to the Notes as a whole. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. The excess of the principal amount of the liability component over its carrying amount ("debt discount") is amortized to interest expense using the effective interest method over the contractual term of the Notes.

In accounting for the transaction costs related to the Notes, the Company allocated the total amount incurred to the liability and equity components of the Notes based on the proportion of the proceeds allocated to the debt and equity components. Issuance costs attributable to the liability component recorded as additional debt discount were $19.0 million and will be amortized to interest expense using the effective interest method over the contractual terms of the Notes. Issuance costs attributable to the equity component of $3.7 million were netted with the equity component in stockholders' equity.

The net carrying amount of the liability component of the Notes was as follows:


	March 31, 2021
	(in millions)
Principal	$	1,000.0
Unamortized debt discount	(159.9)
Unamortized debt issuance costs	(18.6)
Net carrying amount	$	821.5

The net carrying amount of the equity component of the Notes was as follows:


	March 31, 2021
	(in millions)
Proceeds allocated to the conversion option (debt discount)	$	163.8
Issuance costs	(3.7)
Net carrying amount	$	160.1

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


	Three Months Ended March 31,		Nine Months Ended March 31,
	2021		2021
	(in millions)
Amortization of debt discount	$	3.9	$	3.9
Amortization of debt issuance costs	0.4		0.4
Total interest expense related to the Notes	$	4.3	$	4.3

Capped Call Transactions

In connection with the offering of the Notes, the Company entered into privately negotiated capped call transactions with certain counterparties (the "Capped Call Transactions"). The Capped Call Transactions have an initial strike price of approximately $239.23 per share, subject to adjustments, which corresponds to the approximate initial conversion price of the Notes. The cap price of the Capped Call Transactions will initially be approximately $362.48 per share. The Capped Call Transactions cover, subject to anti-dilution adjustments substantially similar to those applicable to the Notes, 6.9 million shares of Class A Common Stock. The Capped Call Transactions are expected generally to reduce potential dilution to the Class A Common Stock upon any conversion of Notes and/or offset any potential cash payments the Company would be required to make in excess of the principal amount of converted Notes, as the case may be, with such reduction and/or offset subject to a cap based on the cap price. If, however, the market price per share of Class A Common Stock, as measured under the terms of the Capped Call Transactions, exceeds the cap price of the Capped Call Transactions, there would be dilution and/or there would not be an offset of such potential cash payments, in each case, to the extent that the then-market price per share of the Class A Common Stock exceeds the cap price of the Capped Call Transactions.

For accounting purposes, the Capped Call Transactions are separate transactions, and are not part of the terms of the Notes. The net cost of $81.3 million incurred to purchase the Capped Call Transactions was recorded as a reduction to Additional paid-in capital on the Company's condensed consolidated balance sheets.

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 provided 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.

On February 8, 2021, the Company entered into a First Amendment (the “First Amendment”) to the Amended Credit Agreement to revise certain covenants that restricted the incurrence of indebtedness to permit the Capped Call Transactions and issuance of the Notes.

On March 18, 2021, the Company entered into a Joinder Agreement (the "Joinder") to the Amended Credit Agreement, as amended by the First Amendment, to provide for an increase of the commitments available under the revolving credit facility by $35.0 million from $250.0 million to $285.0 million.

During the three and nine months ended March 31, 2021, the Company incurred total commitment fees of $0.2 million and $0.7 million, respectively, and $0.2 million and $0.6 million during the three and nine months ended March 31, 2020, respectively, which are included in interest expense in the condensed consolidated statements of operations and comprehensive (loss) income.

The outstanding balance, if any, is payable in full in June 2024. As of March 31, 2021, 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 include limitations on the Company's 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 March 31, 2021, the Company was in compliance with the covenants under the Amended Credit Agreement. At March 31, 2021, 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	9 Months Ended
Commitments and Contingencies	Mar. 31, 2021
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. The Company includes both of these components in its reserve. As of March 31, 2021 and 2020, the Company recorded reserves of $13.3 million and $11.6 million, respectively, included in Accounts payable and accrued expenses in the accompanying condensed consolidated balance sheets. Legal and Regulatory Proceedings The Company is, or may become, a party to legal and regulatory proceedings with respect to a variety of matters in the ordinary course of business. For example, we have received reports of a number of injuries associated with our Tread+ product, one of which led to the death of a child. As a result of the aforementioned injuries associated with these reported Tread+ incidents, in April 2021, the U.S. Consumer Product Safety Commission (“CPSC”) unilaterally issued a warning to consumers about the safety hazards associated with the Tread+ and is continuing to investigate the matter. In addition to the CPSC investigation, we are presently subject to class action litigation and private personal injury claims related to these perceived defects in the Tread+ and incidents reported to result from its use. On April 20, 2021, purported Peloton Member Shannon Albright filed a putative class action lawsuit against the Company in the United States District Court for the Northern District of California captioned Albright v. Peloton Interactive, Inc., Case No. 3:21-02858 (N.D. Cal.) (the "Albright Action"). The Albright Action alleges violations of various California state laws related to the Tread+ and the matters contained in the CPSC warning, including violation of the Consumer Legal Remedies Act, breach of the Implied Warranty of Merchantability, and violations of California Business and Professions Code Sections 17200, et seq., and 17500, et seq. In addition, on April 29, 2021, Ashley Wilson ("Plaintiff Wilson") filed a putative securities class action lawsuit against the Company, our Chief Executive Officer, and our Chief Financial Officer (collectively, the "Defendants") in the United States District Court for the Eastern District of New York, purportedly on behalf of a class consisting of those individuals who purchased or otherwise acquired our common stock between September 11, 2020 and April 16, 2021 (the "Wilson Action"). The complaint in the Wilson Action alleges that the Defendants made false and/or misleading statements in violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder. Plaintiff Wilson does not quantify any damages in her complaint but, in addition to attorneys' fees and costs, she seeks to recover damages on behalf of herself and other persons who purchased or otherwise acquired our stock during the putative class period at allegedly inflated prices and purportedly suffered financial harm as a result. We dispute the allegations in the above-referenced matters, intend to defend the matters vigorously, and believe that the claims are without merit. Some of our legal and regulatory proceedings, such as the above-referenced matters and litigation that centers around intellectual property claims, may be based on complex claims involving substantial uncertainties and unascertainable damages. Accordingly, it is not possible to determine the probability of loss or estimate damages for any of the above matters, and therefore, the Company has not established reserves for any of these proceedings. When the Company determines that a loss is both probable and reasonably estimable, the Company records a liability, and, if the liability is material, discloses the amount of the liability reserved. Given that such proceedings are subject to uncertainty, there can be no assurance that such legal proceedings, either individually or in the aggregate, will not have a material adverse effect on our business, results of operations, financial condition or cash flows.

Equity-Based Compensation

9 Months Ended

Mar. 31, 2021

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 March 31, 2021, the number of shares of Class A common stock available for future award under the 2019 Plan is 50,026,067.

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	4,397,985	$	102.21
Exercised	(9,814,464)	$	7.69
Forfeited	(1,337,472)	$	21.31
Outstanding — March 31, 2021	60,064,909	$	17.52	7.5	$	5,724.5
Vested and Exercisable— March 31, 2021	28,534,393	$	7.17	6.6	$	3,003.9

Unvested option activity is as follows:


	Options	Weighted-Average Grant Date Fair Value
Unvested - June 30, 2020	39,674,590	$	7.41
Granted	4,397,985	$	43.45
Early exercised unvested	(54,446)	$	3.16
Vested	(11,157,887)	$	6.93
Forfeited	(1,329,726)	$	9.62
Unvested - March 31, 2021	31,530,516	$	12.53

During the nine months ended March 31, 2021, 1,254,151 shares of common stock were issued upon cashless exercise of 1,887,030 options.

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 March 31, 2021. 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 and nine months ended March 31, 2021, the Company recorded stock-based compensation expense related to the performance-based options of $0.1 million and $0.5 million, respectively, and $0.1 million and $4.0 million for the three and nine months ended March 31, 2020, respectively.

For the nine months ended March 31, 2021 the weighted-average grant date fair value per option was $43.45. The fair value of each option was estimated at the grant date using the Black-Scholes method with the following assumptions:


			Nine Months Ended March 31, 2021
Weighted average risk-free interest rate (1)			0.6%
Weighted average expected term (in years)			6.2
Weighted average expected volatility (2)			43.3%
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	1,374,092	$	104.99
Vested and converted to shares	(195,678)	$	62.49
Cancelled	(16,204)	$	97.19
Outstanding — March 31, 2021	1,778,323	$	85.81

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 March 31, 2021, a total of 7,853,764 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 were as follows:


			Nine Months Ended March 31, 2021
Weighted average risk-free interest rate			1.0%
Weighted average expected term (in years)			1.2
Weighted average expected volatility			61.0%
Expected dividend yield			—

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 and nine months ended March 31, 2021, the Company recorded stock-based compensation expense associated with the ESPP of $2.8 million and $6.6 million, respectively and $1.1 million and $2.0 million for the three and nine months ended March 31, 2020, respectively.

In connection with the offering period which ended on August 31, 2020, employees purchased approximately 216,094 shares of Class A common stock at a weighted-average price of $23.73 under the ESPP. In connection with the offering period which ended February 28, 2021, employees purchased approximately 247,893 shares of Class A common stock at a weighted average price of $33.62 under the ESPP. As of March 31, 2021, total unrecognized compensation cost related to the ESPP was $19.8 million, which will be amortized over a weighted-average remaining period of 1.5 years.

Stock-Based Compensation Expense

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


	Three Months Ended March 31,				Nine Months Ended March 31,
	2021		2020		2021		2020
	(in millions)
Cost of revenue
Connected Fitness Products	$	3.3	$	0.5	$	6.8	$	1.2
Subscription	4.3		1.4		13.9		3.6
Total cost of revenue	7.6		1.9		20.6		4.8
Sales and marketing	5.7		2.4		13.7		6.0
General and administrative	22.5		13.5		60.4		38.1
Research and development	5.9		2.8		14.1		7.5
Total stock-based compensation expense	$	41.7	$	20.5	$	108.8	$	56.3

As of March 31, 2021, the Company had $508.3 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	9 Months Ended
Income Taxes	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded a benefit from income taxes of $9.1 million and $10.8 million for the three and nine months ended March 31, 2021, respectively, and $0.1 million and $0.5 million for the three and nine months ended March 31, 2020, respectively. Furthermore, the Company's effective tax rates were 51.67% and (9.53)% for the three and nine months ended March 31, 2021, respectively, and 0.18% and 0.31% for the three and nine months ended March 31, 2020, respectively. The income tax benefit is driven by adjustments to the valuation allowance resulting from the acquisitions disclosed in Note 7, partially offset by state and international taxes. The Company maintains a valuation allowance on the majority of its deferred tax assets as it has concluded that it is more likely than not that the deferred assets will not be utilized.

- Definition

The entire disclosure for income 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 (Loss) Income Per Share

9 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Net (Loss) Income Per Share

Net (Loss) Income Per ShareThe computation of basic and diluted net (loss) income per share is as follows:


	Three Months Ended March 31,				Nine Months Ended March 31,
	2021		2020		2021		2020
	(in millions, except share and per share amounts)
Basic net (loss) income per share:
Net (loss) income attributable to common stockholders	$	(8.6)	$	(55.6)	$	124.2	$	(160.7)
Shares used in computation:
Weighted-average common shares outstanding	295,646,824		280,879,011		292,276,299		199,769,233
Basic net (loss) income per share	$	(0.03)	$	(0.20)	$	0.43	$	(0.80)

Diluted net (loss) income per share:
Net (loss) income attributable to common stockholders	$	(8.6)	$	(55.6)	$	124.2	$	(160.7)
Shares used in computation:
Weighted-average common shares outstanding	295,646,824		280,879,011		292,276,299		199,769,233
Weighted-average effect of potentially dilutive securities:
Employee stock options	—		—		54,623,068		—
Restricted stock units and awards	—		—		611,364		—
Shares estimated to be purchased under ESPP	—		—		583,648		—
Diluted weighted-average common shares outstanding	295,646,824		280,879,011		348,094,379		199,769,233
Diluted net (loss) income per share	$	(0.03)	$	(0.20)	$	0.36	$	(0.80)

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 March 31,		Nine Months Ended March 31,
	2021	2020	2021	2020
Employee stock options	57,016,995	40,901,883	78,887	39,959,440
Restricted stock units and awards	729,305	—	14,406	—
Shares estimated to be purchased under ESPP	359,350	—	—	—

The Company expects to settle the principal amount of the Notes in cash upon conversion, and therefore, the Company uses the treasury stock method for calculating any potential dilutive effect of the conversion option on diluted net income per share, if applicable. The conversion option will have a dilutive impact on net income per share of common stock when the average market price per share of the Company's Class A common stock for a given period exceeds the conversion price of the Notes of $239.23 per share. During the three and nine months ended March 31, 2021, the weighted average price per share of the Company's Class A common stock was below the conversion price of the Notes.

The denominator for diluted net (loss) income per share does not include any effect from the Capped Call Transactions the Company entered into concurrently with the issuance of the Notes as this effect would be anti-dilutive. In the event of conversion of the Notes, if shares are delivered to the Company under the Capped Call Transactions, they will offset the dilutive effect of the shares that the Company would issue under the Notes.

Segment Information

9 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment Information

The Company applies ASC 280, Segment Reporting, in determining reportable segments. The Company has two reportable segments: Connected Fitness Products and Subscription. Segment information is presented in the same manner that the chief operating decision 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 March 31,				Nine Months Ended March 31,
	2021		2020		2021		2020
	(in millions)
Connected Fitness Products:
Revenue	$	1,022.9	$	426.4	$	2,494.4	$	976.3
Cost of revenue	732.5		237.4		1,659.5		567.6
Gross profit	$	290.4	$	189.0	$	834.8	$	408.8
Subscription:
Revenue	$	239.4	$	98.2	$	590.6	$	242.5
Cost of revenue	84.8		41.4		227.0		103.3
Gross profit	$	154.5	$	56.8	$	363.6	$	139.2




Consolidated:
Revenue	$	1,262.3	$	524.6	$	3,085.0	$	1,218.8
Cost of revenue	817.4		278.8		1,886.6		670.9
Gross profit	$	444.9	$	245.8	$	1,198.4	$	548.0

Reconciliation of Gross Profit

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


	Three Months Ended March 31,				Nine Months Ended March 31,
	2021		2020		2021		2020
	(in millions)
Segment Gross Profit	$	444.9	$	245.8	$	1,198.4	$	548.0
Sales and marketing	(208.2)		(154.8)		(500.3)		(392.8)
General and administrative	(180.6)		(126.9)		(430.3)		(265.4)
Research and development	(69.8)		(22.5)		(153.9)		(60.6)
Total other income (expense), net	(4.0)		2.7		(0.5)		9.6
(Loss) income before provision for income taxes	$	(17.7)	$	(55.7)	$	113.4	$	(161.2)

- 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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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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 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Subsequent Events	9 Months Ended
Subsequent Events	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Precor Acquisition On December 21, 2020, the Company entered into a Stock and Purchase Agreement ("Purchase Agreement") with Amer Sports Corporation ("Amer"), a Finnish corporation, pursuant to which the Company would acquire Precor Incorporated, a Delaware corporation (“Precor”), and certain related entities and assets from Amer and certain of its subsidiaries. Precor manufactures, sells, and distributes cardiovascular and strength-building exercise machines, fitness equipment, and associated technical and digital services. On April 1, 2021, the Company completed its previously announced acquisition of Precor from Amer pursuant to the terms of the Purchase Agreement. Under the terms of the Purchase Agreement, the Company acquired Precor for $431.1 million in cash (the “Consideration”). The Consideration paid at the closing date of the acquisition was subject to customary adjustments for working capital, transaction expenses, cash, and indebtedness. Product Recalls On April 17, 2021, the U.S. Consumer Product Safety Commission (“CPSC”) unilaterally issued a warning to consumers about the safety hazards associated with the Tread+. Thereafter, on May 5, 2021, the Company announced separate, voluntary recalls of each of its Tread+ and Tread products in collaboration with the CPSC and has halted sales of these products while the Company works on developing product enhancements. Following the CPSC’s announcement, the Company has seen increases in Tread+ and Tread order cancellations and returns. As the obligations associated with these voluntary recalls arose upon the May 5, 2021 announcement, for the fourth quarter of fiscal 2021 the Company estimates a reduction to connected fitness products revenue for estimated returns of approximately $50 million. The Company also expects to incur additional costs which could include: Increases to the return reserves, Tread+ inventory write-downs, logistics costs associated with Member requests for refunds on Tread and Tread+, the cost to move the Tread+ for those that elect that option, subscription waiver costs of service, anticipated recall-related hardware development costs, and related legal and advisory fees. Recall charges are based upon estimates associated with the Company's expected and historical consumer response rates. The Company's plans for the recalls are still being finalized and actual costs related to these matters may vary from estimates, and may result in further impacts to our future results of operations and business. See Note 9, Commitments and Contingencies for additional information.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2021
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, 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 and asset acquisitions, valuation of the debt component of convertible senior notes, contingent consideration, and commitments and contingencies. Actual results may differ from these estimates.
Convertible Senior Notes	Convertible Senior Notes In February 2021, the Company issued in a private offering $1.0 billion aggregate principal amount of 0% Convertible Senior Notes due 2026 (the "Notes"), including the initial purchasers’ exercise in full of their option to purchase additional notes. See Note 8 for additional details. The Notes are accounted for in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Subtopic 470-20, Debt with Conversion and Other Options. Pursuant to ASC Subtopic 470-20, issuers of certain convertible debt instruments, such as the Notes, that have a net settlement feature and may be settled wholly or partially in cash upon conversion are required to separately account for the liability (debt) and equity (conversion option) components of the instrument. The carrying amount of the liability component of the instrument is computed by estimating the fair value of a similar liability without the conversion option using a market-based approach. The amount of the equity component is then calculated by deducting the fair value of the liability component from the initial proceeds of the instrument. The difference between the principal amount and the liability component represents a debt discount that is amortized to interest expense over the respective term of the Notes using the effective interest rate method. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. In accounting for the issuance costs related to the Notes, the allocation of issuance costs incurred between the liability and equity components was based on their relative values.
Derivative Instruments and Hedging	Derivative Instruments and HedgingThe Company measures derivative financial instruments at fair value and recognizes them as either assets or liabilities on our condensed consolidated balance sheets. The Company evaluates its convertible instruments and other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives requiring separate recognition in the Company's financial statements in accordance with the criteria under ASC 815-15.
Recently Issued Accounting Pronouncements	Accounting Pronouncements Recently Adopted ASU 2016-13 In June 2016, the Financial Accounting Standards Board (“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 forecasted. 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 condensed 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 condensed consolidated financial statements. ASU 2020-04 and ASU 2021-01 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. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), which refines the scope of Topic ASC 848 and clarifies some of its guidance. The amendments in ASU 2021-01 are elective and apply to all entities that have derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The guidance in both updates 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 condensed consolidated financial statements. ASU 2020-06 In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging- Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. The guidance will simplify the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock, thereby limiting the accounting results in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. ASU 2020-06 also amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. In addition, the guidance eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if-converted method. ASU 2020-06 will be effective for public companies for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently evaluating the impact that the adoption of ASU 2020-06 will have on the Company’s condensed 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 and concessions based on historical 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 in the Company's condensed consolidated statements of operations and comprehensive (loss) income. 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 (loss) income. 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 on the Company's condensed consolidated balance sheets 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 (loss) income. Sales tax collected from customers and remitted to governmental authorities is not included in revenue and is reflected as a liability on the Company's condensed consolidated balance sheets. 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, Bike+, Tread, 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 are 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.
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 an 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 condensed consolidated statements of operations and comprehensive (loss) income. The fair value of the Notes is determined based on the closing price on the last trading day of the reporting period.

Revenue (Tables)

9 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Schedule of Product Warranty Liability

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


	Nine Months Ended March 31,
	2021		2020
	(in millions)
Balance at beginning of period	$	34.2	$	10.5
Provision for warranty accrual	54.3		21.1
Warranty claims	(37.4)		(11.8)
Balance at end of period	$	51.1	$	19.9

Schedule of Disaggregation of Revenue

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


	Three Months Ended March 31,				Nine Months Ended March 31,
	2021		2020		2021		2020
	(in millions)
North America(1)	$	1,167.7	$	503.9	$	2,897.4	$	1,176.7
EMEA(2)	94.5		20.6		187.6		42.2
Total revenue	$	1,262.3	$	524.6	$	3,085.0	$	1,218.8

_________________________

(1) Consists of United States and Canada.

(2) Consists of United Kingdom and Germany (formerly Rest of world).

Investments in Marketable Securities (Tables)

9 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments in Marketable Securities

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


	March 31, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in millions)
Corporate bonds	$	472.3	$	0.4	$	—	$	472.6
U.S. treasury securities	97.4		0.3		—		97.7
Commercial paper	63.0		—		—		63.0
Supranational securities	31.1		—		—		31.1
Certificate of deposits	7.8		—		—		7.8
	$	671.5	$	0.8	$	—	$	672.2
Less: Restricted marketable securities (1)							$	42.8
Total marketable securities							$	629.4

_________________________

Fair Value Measurements (Tables)

9 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Schedule 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 March 31, 2021
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets
Marketable securities	$	672.2	$	—	$	—	$	672.2
Total	$	672.2	$	—	$	—	$	672.2

Liabilities
Other current liabilities:
Contingent consideration	$	—	$	—	$	2.4	$	2.4
Other non-current liabilities:
Contingent consideration	—		—		2.2		2.2
Total	$	—	$	—	$	4.6	$	4.6

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following table presents the carrying amounts and estimated fair values of the Company's financial instruments that are not recorded at fair value on the condensed consolidated balance sheets:


	As of March 31, 2021
	Level 1		Level 2		Level 3		Total
	(in millions)
Convertible Senior Notes	$	—	$	801.1	$	—	$	801.1

Inventory (Tables)

9 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories were as follows:


	March 31, 2021		June 30, 2020
	(in millions)
Raw materials	$	54.7	$	17.8

Work-in-process	9.2		4.6
Finished products	557.1		232.5
Total inventories	621.0		254.9
Less: Reserves	(6.9)		(10.5)
Total inventories, net	$	614.2	$	244.5

Acquisitions (Tables)

9 Months Ended

Mar. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Assets Acquired and Liabilities Assumed

The following table summarizes the initial estimate of the fair values of assets acquired and liabilities assumed at the closing date:


	As of February 9, 2021
	(in millions)
Developed Technology	$	44.2
Goodwill	25.0
Other assets	3.3
Total assets	$	72.5
Current liabilities	(3.3)

Deferred tax liability	$	(11.5)
Total liabilities	$	(14.8)
Net assets acquired	$	57.7

Debt and Financing Arrangements (Tables)

9 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Convertible Debt

The net carrying amount of the liability component of the Notes was as follows:


	March 31, 2021
	(in millions)
Principal	$	1,000.0
Unamortized debt discount	(159.9)
Unamortized debt issuance costs	(18.6)
Net carrying amount	$	821.5

The net carrying amount of the equity component of the Notes was as follows:


	March 31, 2021
	(in millions)
Proceeds allocated to the conversion option (debt discount)	$	163.8
Issuance costs	(3.7)
Net carrying amount	$	160.1

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


	Three Months Ended March 31,		Nine Months Ended March 31,
	2021		2021
	(in millions)
Amortization of debt discount	$	3.9	$	3.9
Amortization of debt issuance costs	0.4		0.4
Total interest expense related to the Notes	$	4.3	$	4.3

Equity-Based Compensation (Tables)

9 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

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


	Options Outstanding
	Number of Stock Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in millions)
Outstanding — June 30, 2020	66,818,860	$	10.57	8.0	$	3,153.6
Granted	4,397,985	$	102.21
Exercised	(9,814,464)	$	7.69
Forfeited	(1,337,472)	$	21.31
Outstanding — March 31, 2021	60,064,909	$	17.52	7.5	$	5,724.5
Vested and Exercisable— March 31, 2021	28,534,393	$	7.17	6.6	$	3,003.9

Unvested option activity is as follows:


	Options	Weighted-Average Grant Date Fair Value
Unvested - June 30, 2020	39,674,590	$	7.41
Granted	4,397,985	$	43.45
Early exercised unvested	(54,446)	$	3.16
Vested	(11,157,887)	$	6.93
Forfeited	(1,329,726)	$	9.62
Unvested - March 31, 2021	31,530,516	$	12.53

Schedule of Fair Value Assumptions

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


			Nine Months Ended March 31, 2021
Weighted average risk-free interest rate (1)			0.6%
Weighted average expected term (in years)			6.2
Weighted average expected volatility (2)			43.3%
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.

Schedule of Restricted Stock and Restricted Stock Units

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


	Restricted Stock Units Outstanding
	Number of Awards	Weighted-Average Grant Date Fair Value
Outstanding — June 30, 2020	616,113	$	32.02
Granted	1,374,092	$	104.99
Vested and converted to shares	(195,678)	$	62.49
Cancelled	(16,204)	$	97.19
Outstanding — March 31, 2021	1,778,323	$	85.81

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

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


			Nine Months Ended March 31, 2021
Weighted average risk-free interest rate			1.0%
Weighted average expected term (in years)			1.2
Weighted average expected volatility			61.0%
Expected dividend yield			—

Schedule of Stock-Based Compensation Expense

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


	Three Months Ended March 31,				Nine Months Ended March 31,
	2021		2020		2021		2020
	(in millions)
Cost of revenue
Connected Fitness Products	$	3.3	$	0.5	$	6.8	$	1.2
Subscription	4.3		1.4		13.9		3.6
Total cost of revenue	7.6		1.9		20.6		4.8
Sales and marketing	5.7		2.4		13.7		6.0
General and administrative	22.5		13.5		60.4		38.1
Research and development	5.9		2.8		14.1		7.5
Total stock-based compensation expense	$	41.7	$	20.5	$	108.8	$	56.3

Net (Loss) Income Per Share (Tables)

9 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Schedule of Computation of Loss Per Share

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


	Three Months Ended March 31,				Nine Months Ended March 31,
	2021		2020		2021		2020
	(in millions, except share and per share amounts)
Basic net (loss) income per share:
Net (loss) income attributable to common stockholders	$	(8.6)	$	(55.6)	$	124.2	$	(160.7)
Shares used in computation:
Weighted-average common shares outstanding	295,646,824		280,879,011		292,276,299		199,769,233
Basic net (loss) income per share	$	(0.03)	$	(0.20)	$	0.43	$	(0.80)

Diluted net (loss) income per share:
Net (loss) income attributable to common stockholders	$	(8.6)	$	(55.6)	$	124.2	$	(160.7)
Shares used in computation:
Weighted-average common shares outstanding	295,646,824		280,879,011		292,276,299		199,769,233
Weighted-average effect of potentially dilutive securities:
Employee stock options	—		—		54,623,068		—
Restricted stock units and awards	—		—		611,364		—
Shares estimated to be purchased under ESPP	—		—		583,648		—
Diluted weighted-average common shares outstanding	295,646,824		280,879,011		348,094,379		199,769,233
Diluted net (loss) income per share	$	(0.03)	$	(0.20)	$	0.36	$	(0.80)

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 March 31,		Nine Months Ended March 31,
	2021	2020	2021	2020
Employee stock options	57,016,995	40,901,883	78,887	39,959,440
Restricted stock units and awards	729,305	—	14,406	—
Shares estimated to be purchased under ESPP	359,350	—	—	—

Segment Information (Tables)

9 Months Ended

Mar. 31, 2021

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 March 31,				Nine Months Ended March 31,
	2021		2020		2021		2020
	(in millions)
Connected Fitness Products:
Revenue	$	1,022.9	$	426.4	$	2,494.4	$	976.3
Cost of revenue	732.5		237.4		1,659.5		567.6
Gross profit	$	290.4	$	189.0	$	834.8	$	408.8
Subscription:
Revenue	$	239.4	$	98.2	$	590.6	$	242.5
Cost of revenue	84.8		41.4		227.0		103.3
Gross profit	$	154.5	$	56.8	$	363.6	$	139.2




Consolidated:
Revenue	$	1,262.3	$	524.6	$	3,085.0	$	1,218.8
Cost of revenue	817.4		278.8		1,886.6		670.9
Gross profit	$	444.9	$	245.8	$	1,198.4	$	548.0

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

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


	Three Months Ended March 31,				Nine Months Ended March 31,
	2021		2020		2021		2020
	(in millions)
Segment Gross Profit	$	444.9	$	245.8	$	1,198.4	$	548.0
Sales and marketing	(208.2)		(154.8)		(500.3)		(392.8)
General and administrative	(180.6)		(126.9)		(430.3)		(265.4)
Research and development	(69.8)		(22.5)		(153.9)		(60.6)
Total other income (expense), net	(4.0)		2.7		(0.5)		9.6
(Loss) income before provision for income taxes	$	(17.7)	$	(55.7)	$	113.4	$	(161.2)

Summary of Significant Accounting Policies (Details) - 0% Convertible Senior Notes Due February 15, 2026 - Convertible Debt $ in Billions	Feb. 28, 2021 USD ($)
Debt Instrument [Line Items]
Principal amount	$ 1.0
Convertible debt, stated interest rate	0.00%

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Allowable product return period (in days)			30 days
Standard product warranty period (in years)			1 year
Customer deposits	$ 321.5		$ 321.5		$ 341.5
Deferred revenue	$ 42.2		42.2		$ 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	87.00%	94.00%	90.00%	94.00%
Minimum
Disaggregation of Revenue [Line Items]
Extended product warranty period (in months)			12 months
Maximum
Disaggregation of Revenue [Line Items]
Extended product warranty period (in months)			27 months

Revenue - Standard Product Warranty (Details) - USD ($) $ in Millions	9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Balance at beginning of period	$ 34.2	$ 10.5
Provision for warranty accrual	54.3	21.1
Warranty claims	(37.4)	(11.8)
Balance at end of period	$ 51.1	$ 19.9

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Total revenue	$ 1,262.3	$ 524.6	$ 3,085.0	$ 1,218.8
North America
Disaggregation of Revenue [Line Items]
Total revenue	1,167.7	503.9	2,897.4	1,176.7
EMEA
Disaggregation of Revenue [Line Items]
Total revenue	$ 94.5	$ 20.6	$ 187.6	$ 42.2

- 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
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

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

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Investments in Marketable Securities - Schedule of Investments in Marketable Securities (Details) $ in Millions	Mar. 31, 2021 USD ($)
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 671.5
Gross Unrealized Gains	0.8
Gross Unrealized Losses	0.0
Fair Value	672.2
Restricted marketable securities	42.8
Total marketable securities	629.4
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	472.3
Gross Unrealized Gains	0.4
Gross Unrealized Losses	0.0
Fair Value	472.6
U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	97.4
Gross Unrealized Gains	0.3
Gross Unrealized Losses	0.0
Fair Value	97.7
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	63.0
Gross Unrealized Gains	0.0
Gross Unrealized Losses	0.0
Fair Value	63.0
Supranational securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	31.1
Gross Unrealized Gains	0.0
Gross Unrealized Losses	0.0
Fair Value	31.1
Certificate of deposits
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	7.8
Gross Unrealized Gains	0.0
Gross Unrealized Losses	0.0
Fair Value	$ 7.8

Fair Value Measurements - Schedule of Assets Measured at Fair Value on a Recurring Basis (Details) $ in Millions	Mar. 31, 2021 USD ($)
Assets
Marketable securities	$ 672.2
Recurring
Assets
Marketable securities	672.2
Total	672.2
Other current liabilities:
Contingent consideration	2.4
Other non-current liabilities:
Contingent consideration	2.2
Total	4.6
Recurring \| Level 1
Assets
Marketable securities	672.2
Total	672.2
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
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
Total	0.0
Other current liabilities:
Contingent consideration	2.4
Other non-current liabilities:
Contingent consideration	2.2
Total	$ 4.6

Fair Value Measurements - Other Financial Instuments (Details) $ in Millions	Mar. 31, 2021 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible Senior Notes	$ 801.1
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible Senior Notes	0.0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible Senior Notes	801.1
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible Senior Notes	$ 0.0

Inventory (Details) - USD ($) $ in Millions	Mar. 31, 2021	Jun. 30, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 54.7	$ 17.8
Work-in-process	9.2	4.6
Finished products	557.1	232.5
Total inventories	621.0	254.9
Less: Reserves	(6.9)	(10.5)
Total inventories, net	$ 614.2	$ 244.5

Acquisitions - Narrative (Details) $ in Millions		3 Months Ended	9 Months Ended
Acquisitions - Narrative (Details) $ in Millions	Feb. 09, 2021 USD ($)	Mar. 31, 2021 USD ($) agreement	Mar. 31, 2021 USD ($) agreement	Mar. 31, 2020 USD ($)	Jun. 30, 2020 USD ($)
Schedule of Business Combination and Asset Acquisition [Line Items]
Goodwill		$ 65.3	$ 65.3		$ 39.1
Asset acquisitions, net of cash acquired			$ 78.1	$ 0.0
Asset Acquisition 2020
Schedule of Business Combination and Asset Acquisition [Line Items]
Number of asset acquisition agreements \| agreement		3	3
Asset acquisitions, net of cash acquired			$ 78.1
Asset acquisition, transaction cost			2.4
Asset acquisition, consideration transferred			84.0
Deferred tax liabilities acquired		$ 5.9	5.9
Asset Acquisition 2020 \| Software and software development costs
Schedule of Business Combination and Asset Acquisition [Line Items]
Property, plant and equipment, additions			$ 57.4
Property, plant and equipment, useful life (in years)			5 years
Asset Acquisition 2020 \| Developed technology
Schedule of Business Combination and Asset Acquisition [Line Items]
Finite-lived intangible assets acquired			$ 22.7
Finite-lived intangible asset, useful life (in years)			3 years
Asset Acquisition 2020 \| Workforce assembled
Schedule of Business Combination and Asset Acquisition [Line Items]
Finite-lived intangible assets acquired			$ 3.9
Finite-lived intangible asset, useful life (in years)			4 years
Aquido, Inc.
Schedule of Business Combination and Asset Acquisition [Line Items]
Purchase price	$ 57.7
Acquisition related costs		$ 1.0	$ 1.0
Goodwill	$ 25.0

Acquisitions - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Mar. 31, 2021	Feb. 09, 2021	Jun. 30, 2020
Business Acquisition [Line Items]
Goodwill	$ 65.3		$ 39.1
Aquido, Inc.
Business Acquisition [Line Items]
Developed Technology		$ 44.2
Goodwill		25.0
Other assets		3.3
Total assets		72.5
Current liabilities		(3.3)
Deferred tax liability		(11.5)
Total liabilities		(14.8)
Net assets acquired		$ 57.7

Debt and Financing Arrangements - Convertible Notes and Indenture (Details) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended	9 Months Ended
	Feb. 28, 2021 USD ($) period $ / shares shares	Mar. 31, 2021 USD ($) $ / shares	Mar. 31, 2020 USD ($)	Jun. 30, 2020 $ / shares
Line of Credit Facility [Line Items]
Proceeds from issuance of convertible notes, net of issuance costs		$ 977.2	$ 0.0
Class A Common Stock
Line of Credit Facility [Line Items]
Common stock, par value (in dollars per share) \| $ / shares		$ 0.000025		$ 0.000025
Class B Common Stock
Line of Credit Facility [Line Items]
Common stock, par value (in dollars per share) \| $ / shares		$ 0.000025		$ 0.000025
Convertible Debt \| 0% Convertible Senior Notes Due February 15, 2026
Line of Credit Facility [Line Items]
Principal amount	$ 1,000.0
Convertible debt, stated interest rate	0.00%
Proceeds from issuance of convertible notes, net of issuance costs	$ 977.2
Debt instrument, conversion ratio	0.00418
Debt instrument, conversion price (in USD per share) \| $ / shares	$ 239.23
Redemption price percentage	100.00%
Effective interest rate	3.69%
Proceeds allocated to the conversion option (debt discount)	$ 163.8
Unamortized debt issuance costs	19.0
Issuance costs	$ 3.7
Convertible Debt \| 0% Convertible Senior Notes Due February 15, 2026 \| Debt Conversion Terms One
Line of Credit Facility [Line Items]
Threshold percentage of stock price trigger	130.00%
Threshold of trading days \| period	20
Threshold of consecutive trading days \| period	30
Convertible Debt \| 0% Convertible Senior Notes Due February 15, 2026 \| Debt Conversion Terms Two
Line of Credit Facility [Line Items]
Threshold of trading days \| period	5
Threshold of consecutive trading days \| period	10
Threshold percentage of stock trading price	98.00%
Convertible Debt \| 0% Convertible Senior Notes Due February 15, 2026 \| Call Option
Line of Credit Facility [Line Items]
Capped calls, option strike price (in USD per share) \| $ / shares	$ 239.23
Capped calls, cap price (in USD per share) \| $ / shares	$ 362.48
Shares covered under call feature \| shares	6.9
Capped Call purchase price	$ 81.3
Convertible Debt \| Over-Allotment - 0% Convertible Senior Notes Due February 15, 2026 Over Allotment Option
Line of Credit Facility [Line Items]
Principal amount	$ 125.0

Debt and Financing Arrangements - Components of Convertible Debt (Details) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2021 USD ($)	Mar. 31, 2021 USD ($)
Interest Expense, Debt [Abstract]
Amortization of debt discount	$ 3.9	$ 3.9
Amortization of debt issuance costs	0.4	0.4
Total interest expense related to the Notes	4.3	4.3
0% Convertible Senior Notes Due February 15, 2026 \| Convertible Debt
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net [Abstract]
Principal	1,000.0	1,000.0
Unamortized debt discount	(159.9)	(159.9)
Unamortized debt issuance costs	(18.6)	(18.6)
Net carrying amount	821.5	821.5
Debt Instrument, Equity Issuance Cost, Net [Abstract]
Proceeds allocated to the conversion option (debt discount)	163.8	163.8
Issuance costs	(3.7)	(3.7)
Net carrying amount	$ 160.1	$ 160.1

Debt and Financing Arrangements - Amended and Restated Credit Agreement (Details) - USD ($)		3 Months Ended		9 Months Ended
	Mar. 18, 2021	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2019
Line of Credit Facility [Line Items]
Standby letters of credit outstanding		$ 4,800,000		$ 4,800,000
Revolving Credit Facility \| Line of Credit \| Amended and Restated Credit Agreement
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 285,000,000.0					$ 250,000,000.0
Commitment fee percentage					0.375%
Increase in maximum borrowing capacity	$ 35,000,000.0
Commitment fees incurred		200,000	$ 200,000	700,000	$ 600,000
Debt issuance costs						900,000
Covenant, minimum level of liquidity required		$ 125,000,000.0		125,000,000.0
Revolving Credit Facility \| Line of Credit \| Amended and Restated 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 and Restated 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 and Restated Credit Agreement \| LIBOR
Line of Credit Facility [Line Items]
Basis spread on variable rate					2.75%
Revolving Credit Facility \| Line of Credit \| Amended and Restated 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 and Restated 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	Mar. 31, 2021	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Content and royalty reserve	$ 13.3	$ 11.6

Equity-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended		9 Months Ended
	Sep. 30, 2019 period	Mar. 31, 2021 USD ($) shares	Mar. 31, 2020 USD ($)	Feb. 28, 2021 $ / shares shares	Aug. 31, 2020 $ / shares shares	Mar. 31, 2021 USD ($) $ / shares shares	Mar. 31, 2020 USD ($)	Jul. 01, 2020 shares
Class of Stock [Line Items]
Cashless stock issuance during period (in shares)						1,254,151
Cashless exercise of stock options (in shares)						1,887,030
Stock-based compensation expense \| $		$ 41.7	$ 20.5			$ 108.8	$ 56.3
Weighted-average grant date fair value per option (in dollars per share) \| $ / shares						$ 43.45
Employee Stock Options
Class of Stock [Line Items]
Expected dividend yield rate						0.00%
Unrecognized stock-based compensation expense \| $		508.3				$ 508.3
Unrecognized stock-based compensation expense, period for recognition (in years)						3 years 3 months 18 days
Performance Based Options
Class of Stock [Line Items]
Stock-based compensation expense \| $		0.1	0.1			$ 0.5	4.0
ESPP
Class of Stock [Line Items]
Stock-based compensation expense \| $		2.8	$ 1.1			$ 6.6	$ 2.0
Expected dividend yield rate						0.00%
Unrecognized stock-based compensation expense \| $		$ 19.8				$ 19.8
Unrecognized stock-based compensation expense, period for recognition (in years)						1 year 6 months
ESPP \| 2019 Employee Stock Purchase Plan
Class of Stock [Line Items]
Number of purchase periods \| period	4
Purchase period (in months)	6 months
Commencement of offering period (in years)	2 years
Commencement of purchase period (in months)	6 months
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)								14,401,954
Number of shares available for future issuance (in shares)		50,026,067				50,026,067
Class A Common Stock \| ESPP
Class of Stock [Line Items]
Number of shares purchased under ESPP (in shares)				247,893	216,094
Weighted-average price of shares purchased under ESPP (in dollars per share) \| $ / shares				$ 33.62	$ 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)								2,880,390
Number of shares available for future issuance (in shares)		7,853,764				7,853,764
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	9 Months Ended
	Sep. 30, 2020	Mar. 31, 2021	Jun. 30, 2020
Stock Options Outstanding, Number of Stock Options
Stock options outstanding, beginning balance (in shares)	66,818,860	66,818,860
Granted (in shares)		4,397,985
Exercised (in shares)		(9,814,464)
Forfeited (in shares)		(1,337,472)
Stock options outstanding, ending balance (in shares)		60,064,909
Stock options vested and exercisable (in shares)		28,534,393
Stock Options Outstanding, Weighted-Average Exercise Price
Stock options outstanding, weighted average exercise price, beginning balance (in dollars per shares)	$ 10.57	$ 10.57
Granted, weighted-average exercise price (in dollars per share)		102.21
Exercised, weighted-average exercise price (in dollars per share)		7.69
Forfeited, weighted-average exercise price (in dollars per share)		21.31
Stock options outstanding, weighted average exercise price, ending balance (in dollars per shares)		17.52
Stock options vested and exercisable, weighted-average exercise price (in dollars per share)		$ 7.17
Stock options outstanding, weighted-average remaining contractual term (in years)	8 years	7 years 6 months
Stock options vested and exercisable, weighted-average remaining contractual term (in years)		6 years 7 months 6 days
Stock options outstanding, aggregate intrinsic value		$ 5,724.5	$ 3,153.6
Stock options vested and exercisable, aggregate intrinsic value		$ 3,003.9

Equity-Based Compensation - Summary of Unvested Stock Option Activity (Details)	9 Months Ended
	Mar. 31, 2021 $ / shares shares
Unvested Options
Unvested options, beginning balance (in shares) \| shares	39,674,590
Granted (in shares) \| shares	4,397,985
Early exercised unvested (in shares) \| shares	(54,446)
Vested (in shares) \| shares	(11,157,887)
Forfeited (in shares) \| shares	(1,329,726)
Unvested options, ending balance (in shares) \| shares	31,530,516
Unvested Options, Weighted-Average Grant Date Fair Value
Unvested options, weighted-average grant date fair value, beginning balance (in dollars per share) \| $ / shares	$ 7.41
Unvested options, weighted-average grant date fair value, granted (in dollars per share) \| $ / shares	43.45
Unvested options, weighted-average grant date fair value, early exercised unvested (in dollars per share) \| $ / shares	3.16
Unvested options, weighted-average grant date fair value, vested (in dollars per share) \| $ / shares	6.93
Unvested options, weighted-average grant date fair value, forfeited (in dollars per share) \| $ / shares	9.62
Unvested options, weighted-average grant date fair value, ending balance (in dollars per share) \| $ / shares	$ 12.53

Equity-Based Compensation - Summary of Fair Value Assumptions (Details)	9 Months Ended
	Mar. 31, 2021
Employee stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average risk-free interest rate	0.60%
Weighted average expected term (in years)	6 years 2 months 12 days
Weighted average expected volatility rate	43.30%
Expected dividend yield rate	0.00%
Shares estimated to be purchased under ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average risk-free interest rate	1.00%
Weighted average expected term (in years)	1 year 2 months 12 days
Weighted average expected volatility rate	61.00%
Expected dividend yield rate	0.00%

Equity-Based Compensation - Summary of Restricted Stock and Restricted Stock Units (Details)	9 Months Ended
	Mar. 31, 2021 $ / shares shares
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	104.99
Vested and converted to shares, weighted-average grant date fair value (in dollars per share) \| $ / shares	62.49
Cancelled, weighted-average grant date fair value (in dollars per share) \| $ / shares	97.19
Outstanding, weighted-average grant date fair value, ending balance (in dollars per share) \| $ / shares	$ 85.81
Restricted stock units and awards
Number of Awards
Outstanding, beginning balance (in shares) \| shares	616,113
Granted (in shares) \| shares	1,374,092
Vested and converted to shares (in shares) \| shares	(195,678)
Cancelled (in shares) \| shares	(16,204)
Outstanding, ending balance (in shares) \| shares	1,778,323

Equity-Based Compensation - Summary of Sock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 41.7	$ 20.5	$ 108.8	$ 56.3
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	7.6	1.9	20.6	4.8
Cost of revenue \| Connected Fitness Products
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	3.3	0.5	6.8	1.2
Cost of revenue \| Subscription
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	4.3	1.4	13.9	3.6
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	5.7	2.4	13.7	6.0
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	22.5	13.5	60.4	38.1
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 5.9	$ 2.8	$ 14.1	$ 7.5

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income tax benefit	$ (9.1)	$ (0.1)	$ (10.8)	$ (0.5)
Effective tax rate	51.67%	0.18%	(9.53%)	0.31%

- Definition

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

+ References + Details

Net (Loss) Income Per Share - Schedule of Computation of Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Basic net (loss) income per share:
Net (loss) income attributable to common stockholders	$ (8.6)	$ (55.6)	$ 124.2	$ (160.7)
Shares used in computation:
Weighted-average common shares outstanding (in shares)	295,646,824	280,879,011	292,276,299	199,769,233
Basic net (loss) income per share (in dollars per share)	$ (0.03)	$ (0.20)	$ 0.43	$ (0.80)
Diluted net (loss) income per share:
Net (loss) income attributable to common stockholders	$ (8.6)	$ (55.6)	$ 124.2	$ (160.7)
Weighted-average effect of potentially dilutive securities:
Diluted weighted-average common shares outstanding (in shares)	295,646,824	280,879,011	348,094,379	199,769,233
Diluted net (loss) income per share (in dollars per share)	$ (0.03)	$ (0.20)	$ 0.36	$ (0.80)
Employee stock options
Weighted-average effect of potentially dilutive securities:
Weighted-average effect of potentially dilutive securities (in shares)	0	0	54,623,068	0
Restricted stock units and awards
Weighted-average effect of potentially dilutive securities:
Weighted-average effect of potentially dilutive securities (in shares)	0	0	611,364	0
Shares estimated to be purchased under ESPP
Weighted-average effect of potentially dilutive securities:
Weighted-average effect of potentially dilutive securities (in shares)	0	0	583,648	0

Net (Loss) Income Per Share - Schedule of Potentially Diluted Securities Not Included In Calculation of Diluted Shares Outstanding (Details) - shares	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Employee stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from calculation of diluted shares outstanding (in shares)	57,016,995	40,901,883	78,887	39,959,440
Restricted stock units and awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from calculation of diluted shares outstanding (in shares)	729,305	0	14,406	0
Shares estimated to be purchased under ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from calculation of diluted shares outstanding (in shares)	359,350	0	0	0

Net (Loss) Income Per Share - Narrative (Details)	Feb. 28, 2021 $ / shares
0% Convertible Senior Notes Due February 15, 2026 \| Convertible Debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Debt instrument, conversion price (in USD per share)	$ 239.23

Segment Information - Schedule of Key Performance Measures by Segment (Details) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Mar. 31, 2021 USD ($) segment	Mar. 31, 2020 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment			2
Segment Reporting Information [Line Items]
Revenue	$ 1,262.3	$ 524.6	$ 3,085.0	$ 1,218.8
Cost of revenue	817.4	278.8	1,886.6	670.9
Gross profit	444.9	245.8	1,198.4	548.0
Connected Fitness Products
Segment Reporting Information [Line Items]
Revenue	1,022.9	426.4	2,494.4	976.3
Cost of revenue	732.5	237.4	1,659.5	567.6
Gross profit	290.4	189.0	834.8	408.8
Subscription
Segment Reporting Information [Line Items]
Revenue	239.4	98.2	590.6	242.5
Cost of revenue	84.8	41.4	227.0	103.3
Gross profit	$ 154.5	$ 56.8	$ 363.6	$ 139.2

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
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Segment Information - Reconciliation of Segment Gross Profit to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting [Abstract]
Segment Gross Profit	$ 444.9	$ 245.8	$ 1,198.4	$ 548.0
Sales and marketing	(208.2)	(154.8)	(500.3)	(392.8)
General and administrative	(180.6)	(126.9)	(430.3)	(265.4)
Research and development	(69.8)	(22.5)	(153.9)	(60.6)
Total other income (expense), net	(4.0)	2.7	(0.5)	9.6
(Loss) income before provision for income taxes	$ (17.7)	$ (55.7)	$ 113.4	$ (161.2)

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

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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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Subsequent Events (Details) - USD ($) $ in Millions		3 Months Ended			9 Months Ended
Subsequent Events (Details) - USD ($) $ in Millions	Apr. 01, 2021	Jun. 30, 2021	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Subsequent Event [Line Items]
Revenue			$ 1,262.3	$ 524.6	$ 3,085.0	$ 1,218.8
Connected Fitness Products
Subsequent Event [Line Items]
Revenue			$ 1,022.9	$ 426.4	$ 2,494.4	$ 976.3
Forecast \| Connected Fitness Products \| Sales Returns and Allowances
Subsequent Event [Line Items]
Revenue		$ (50.0)
Subsequent Event \| Precor Incorporated
Subsequent Event [Line Items]
Purchase price	$ 431.1

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

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Indicates amendment to accounting standards.

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