United States securities and exchange commission logo
March 17, 2021
Jill Woodworth
Chief Financial Officer
Peloton Interactive, Inc.
125 West 25th Street, 11th Floor
New York, New York, 10001
Re: Peloton
Interactive, Inc.
Form 10-K for the
fiscal year ended June 30, 2020
Filed September 11,
2020
File No. 001-39058
Form 8-K Furnished
on February 4, 2021
File No. 001-39058
Dear Ms. Woodworth:
We have reviewed your filings and have the following comments. In
some of our
comments, we may ask you to provide us with information so we may better
understand your
disclosure.
Please respond to these comments within ten business days by
providing the requested
information or advise us as soon as possible when you will respond. If
you do not believe our
comments apply to your facts and circumstances, please tell us why in
your response.
After reviewing your
response to these comments, we may have additional comments.
Form 10-K for the fiscal year ended June 30, 2020
Notes to Consolidated Financial Statements
Commitments and Contingencies
Legal Proceedings, page 77
1. We note you recognized
$60.1 million in litigation and settlement expenses for the fiscal
year ended June 30,
2020 which was material to your net income. We also note that these
expenses were
adjustments in certain of your non-GAAP measures that you describe as
consisting of legal
settlements and related fees for specific proceedings, that arise outside
of the ordinary course
of your business. To help us better understand your disclosure,
please quantify how
much of the related expenses applied to the previously disclosed legal
maters and how much of
the expenses, if any, were related to matters not previously
identified. Please
further explain the nature of the expenses and how you determined that
Jill Woodworth
Peloton Interactive, Inc.
March 17, 2021
Page 2
they are out of the ordinary.
Form 8-K Furnished on February 4, 2021
Exhibit 99.1
Key Operating Metrics and Non-GAAP Financial Measures, page 14
2. Please revise to present your GAAP financial statements prior to your
reconciliations of
non-GAAP measures to avoid giving undue prominence to the non-GAAP
data in
accordance with Item 10(e)(1)(i)(A) of Regulation S-K. We also note
similar disclosures
in your 10-Q filings.
We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence of
action by the staff.
You may contact Charles Eastman, Staff Accountant at (202) 551-3794 or
Melissa
Gilmore, Staff Accountant at (202) 551-3777 with any questions.
FirstName LastNameJill Woodworth Sincerely,
Comapany NamePeloton Interactive, Inc.
Division of
Corporation Finance
March 17, 2021 Page 2 Office of
Manufacturing
FirstName LastName