0001639825-21-000256 | 10-K | XBRL Viewer

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Cover Page - USD ($) $ in Billions	12 Months Ended
Cover Page - USD ($) $ in Billions	Jun. 30, 2021	Jul. 30, 2021	Dec. 31, 2020
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jun. 30, 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	441 Ninth Avenue, Sixth 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 39.7
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for its 2021 Annual Meeting of Stockholders, or Proxy Statement, to be filed within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, are incorporated by reference in Part III. Except with respect to information specifically incorporated by reference in this Annual Report, the Proxy Statement shall not be deemed to be filed as part hereof.
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
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		271,506,610
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		28,990,732

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020
Current assets:
Cash and cash equivalents	$ 1,134.8	$ 1,035.5
Marketable securities	472.0	719.5
Accounts receivable, net	71.4	34.6
Inventories, net	937.1	244.5
Prepaid expenses and other current assets	202.8	124.5
Total current assets	2,818.1	2,158.6
Property and equipment, net	591.9	242.3
Intangible assets, net	247.9	16.0
Goodwill	210.1	39.1
Restricted cash	0.9	1.5
Operating lease right-of-use assets, net	580.1	492.5
Other assets	36.7	31.8
Total assets	4,485.6	2,981.8
Current liabilities:
Accounts payable and accrued expenses	989.1	361.7
Customer deposits and deferred revenue	164.8	363.6
Operating lease liabilities, current	61.9	36.9
Other current liabilities	27.2	10.0
Total current liabilities	1,243.0	772.2
Convertible senior notes, net	829.8	0.0
Operating lease liabilities, non-current	620.4	508.2
Other non-current liabilities	38.3	23.4
Total liabilities	2,731.5	1,303.8
Commitments and contingencies (Note 13)
Stockholders’ equity
Common stock, $0.000025 par value; 2,500,000,000 and 2,500,000,000 Class A shares authorized, 270,855,356 and 237,518,574 shares issued and outstanding as of June 30, 2021 and June 30, 2020, respectively; 2,500,000,000 and 2,500,000,000 Class B shares authorized, 29,291,774 and 50,538,538 shares issued and outstanding as of June 30, 2021 and June 30, 2020, respectively.	0.0	0.0
Additional paid-in capital	2,618.9	2,361.8
Accumulated other comprehensive income	18.2	10.1
Accumulated deficit	(883.0)	(693.9)
Total stockholders’ equity	1,754.1	1,678.0
Total liabilities and stockholders’ equity	$ 4,485.6	$ 2,981.8

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 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)	270,855,356	237,518,574
Common stock, shares outstanding (in shares)	270,855,356	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)	29,291,774	50,538,538
Common stock, shares outstanding (in shares)	29,291,774	50,538,538

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Revenue	$ 4,021.8	$ 1,825.9	$ 915.0
Cost of revenue	2,569.8	989.1	531.4
Gross profit	1,452.0	836.7	383.6
Operating expenses:
Sales and marketing	729.7	477.0	324.0
General and administrative	662.4	351.6	207.0
Research and development	247.8	89.0	54.8
Total operating expenses	1,639.8	917.6	585.8
Loss from operations	(187.8)	(80.8)	(202.3)
Other (expense) income, net:
Interest expense	(14.8)	(2.0)	(1.7)
Interest income	7.9	18.2	8.7
Foreign exchange losses	(3.5)	(3.8)	(0.3)
Other income, net	0.1	0.1	0.0
Total other (expense) income, net	(10.4)	12.4	6.7
Loss before provision for income taxes	(198.2)	(68.4)	(195.6)
Income tax (benefit) expense	(9.2)	3.3	0.1
Net loss	(189.0)	(71.6)	(195.6)
Net loss attributable to Class A and Class B common stockholders	$ (189.0)	$ (71.6)	$ (245.7)
Net (loss) income per share attributable to common stockholders, basic (in dollars per share)	$ (0.64)	$ (0.32)	$ (10.72)
Net (loss) income per share attributable to common stockholders, diluted (in dollars per share)	$ (0.64)	$ (0.32)	$ (10.72)
Weighted-average Class A and Class B common shares outstanding, basic (in shares)	293,892,643	220,952,237	22,911,764
Weighted-average Class A and Class B common shares outstanding, diluted (in shares)	293,892,643	220,952,237	22,911,764
Other comprehensive income:
Net unrealized (losses) gains on marketable securities	$ (3.5)	$ 3.9	$ 0.2
Change in foreign currency translation adjustment	11.5	6.0	0.0
Total other comprehensive income	8.1	9.9	0.2
Comprehensive loss	(180.9)	(61.7)	(195.4)
Connected Fitness Products
Revenue	3,149.7	1,462.2	733.9
Cost of revenue	2,239.3	833.5	427.8
Subscription
Revenue	872.2	363.7	181.1
Cost of revenue	$ 330.5	$ 155.7	$ 103.7

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Cash Flows from Operating Activities:
Net loss	$ (189.0)	$ (71.6)	$ (195.6)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization expense	63.8	40.2	21.7
Stock-based compensation expense	194.0	88.8	89.5
Non-cash operating lease expense	61.5	47.7	0.0
Amortization of premium from marketable securities	9.6	1.4	(2.2)
Amortization of debt discount and issuance costs	13.0	0.6	0.3
Impairment of long-lived assets	4.5	1.2	0.5
Net foreign currency adjustments	3.4	3.3	0.0
Changes in operating assets and liabilities:
Accounts receivable	15.1	11.3	(9.1)
Inventories	(587.2)	(96.8)	(111.3)
Prepaid expenses and other current assets	(32.3)	(33.1)	(30.3)
Other assets	(19.1)	(22.1)	(5.5)
Accounts payable and accrued expenses	439.8	133.4	117.3
Customer deposits and deferred revenue	(212.7)	272.3	2.2
Operating lease liabilities, net	(8.0)	(23.6)	0.0
Other liabilities	3.8	23.5	13.8
Net cash (used in) provided by operating activities	(239.7)	376.4	(108.6)
Cash Flows from Investing Activities:
Purchases of marketable securities	(449.1)	(1,199.6)	(249.8)
Maturities of marketable securities	665.9	435.4	36.0
Sales of marketable securities	6.7	224.3	0.0
Purchases of property and equipment	(241.0)	(153.0)	(83.0)
Business combinations, net of cash acquired	(478.2)	(45.0)	(0.1)
Asset acquisitions, net of cash acquired	(78.1)	0.0	0.0
Internal-use software costs and other	(11.2)	(3.5)	(0.6)
Net cash used in investing activities	(585.1)	(741.3)	(297.5)
Cash Flows from Financing Activities:
Proceeds from issuance of common stock upon initial public offering, net of offering costs	0.0	1,195.7	0.0
Proceeds from issuance of convertible notes, net of issuance costs	977.2	0.0	0.0
Purchase of capped calls	(81.3)	0.0	0.0
Repurchase of common and convertible preferred stock, including issuance costs	0.0	0.0	(130.3)
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs	0.0	0.0	539.1
Proceeds from employee stock purchase plan withholdings	18.0	7.0	0.0
Proceeds from exercise of stock options	57.6	37.4	9.3
Taxes withheld and paid on employee stock awards	(53.9)	0.0	0.0
Debt issuance costs	0.0	0.0	(0.9)
Principal repayments of finance leases	(0.8)	0.0	0.0
Net cash provided by financing activities	916.8	1,240.2	417.2
Effect of exchange rate changes	6.7	(1.2)	0.2
Net change in cash, cash equivalents, and restricted cash	98.7	874.0	11.3
Cash, cash equivalents and restricted cash — Beginning of period	1,037.0	163.0	151.6
Cash, cash equivalents and restricted cash — End of period	1,135.7	1,037.0	163.0
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	1.3	1.9	1.1
Cash paid for income taxes	3.5	4.1	0.0
Supplemental Disclosures of Non-Cash Investing and Financing Information:
Conversion of convertible preferred stock to common stock	0.0	(941.1)	0.0
Building - build-to-suit asset	0.0	0.0	147.1
Property and equipment accrued but unpaid	46.1	18.2	12.6
Stock-based compensation capitalized for software development costs	$ 6.1	$ 2.2	$ 0.8

CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ (DEFICIT) EQUITY - 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, 2018			176,300,000
Beginning balance at Jun. 30, 2018			$ 406.3
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of Series F redeemable convertible preferred stock, net (in shares)			38,100,000
Issuance of Series F redeemable convertible preferred stock, net			$ 539.1
Repurchase of common and preferred stock (in shares)			(3,800,000)
Repurchase of common and preferred stock			$ (4.3)
Ending balance (in shares) at Jun. 30, 2019			210,600,000
Ending balance at Jun. 30, 2019			$ 941.1
Beginning balance (in shares) at Jun. 30, 2018				25,900,000
Beginning balance at Jun. 30, 2018	$ (315.6)			$ 0.0	$ 20.5	$ 0.0	$ (336.1)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Repurchase of common and preferred stock (in shares)				(4,800,000)
Repurchase of common and preferred stock	(97.8)						(97.8)
Exercise of stock options (in shares)				4,200,000
Exercise of stock options	8.2				8.2
Stock-based compensation expense	62.1				62.1
Other comprehensive income	0.2					0.2
Net loss	(195.6)						(195.6)
Ending balance (in shares) at Jun. 30, 2019				25,300,000
Ending 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]
Accounting Standards Update [Extensible Enumeration]	us-gaap:AccountingStandardsUpdate201602Member
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 Jun. 30, 2020			0
Ending balance at Jun. 30, 2020			$ 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Initial public offering, net of issuance costs of $6.3 million (in shares)				43,400,000
Initial public offering, net of issuance costs of $6.3 million	$ 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
Activity related to stock-based compensation (in shares)				8,500,000
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	130.7				130.7
Other comprehensive income	9.9					9.9
Net loss	(71.6)						(71.6)
Ending balance (in shares) at Jun. 30, 2020				288,100,000
Ending balance at Jun. 30, 2020	$ 1,678.0			$ 0.0	2,361.8	10.1	(693.9)
Ending balance (in shares) at Jun. 30, 2021			0
Ending balance at Jun. 30, 2021			$ 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of stock options (in shares)	12,005,603
Activity related to stock-based compensation (in shares)				11,600,000
Issuance of common stock pursuant to stock-based awards, net of withholding taxes	$ 4.0				4.0
Issuance of common stock under employee stock purchase plan (in shares)				500,000
Issuance of common stock under employee stock purchase plan	13.1				13.1
Equity component of convertible senior notes, net of issuance costs	160.1				160.1
Purchases of capped calls related to convertible senior notes	(81.3)				(81.3)
Stock-based compensation expense	161.2				161.2
Other comprehensive income	8.1					8.1
Net loss	(189.0)						(189.0)
Ending balance (in shares) at Jun. 30, 2021				300,100,000
Ending balance at Jun. 30, 2021	$ 1,754.1			$ 0.0	$ 2,618.9	$ 18.2	$ (883.0)

CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ (DEFICIT) EQUITY (Parenthetical) $ in Millions	12 Months Ended
	Jun. 30, 2020 USD ($)
Statement of Stockholders' Equity [Abstract]
Issuance costs	$ 6.3

Description of Business and Basis of Presentation	12 Months Ended
Description of Business and Basis of Presentation	Jun. 30, 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 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"). The consolidated financial statements include the accounts of Peloton Interactive, Inc. and its subsidiaries in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated. 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.

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Cash and Cash Equivalents The Company considers all cash and short-term investments purchased with maturities of three months or less when acquired to be cash equivalents. As of June 30, 2021 and 2020, the Company’s cash and cash equivalents were primarily held in money market and operating accounts. At various times during the fiscal years ended June 30, 2021 and 2020, the balances of cash at financial institutions exceeded the federally insured limit. The Company has not experienced any losses in such accounts and believes its cash and cash equivalents are not subject to any significant credit risk. Restricted Cash Restricted cash primarily consists of cash held in reserve accounts related to operating lease obligations. Accounts Receivable, Net of Allowances The Company's accounts receivable primarily represent amounts due from third-party sales payment processors. The allowance is based upon a number of factors, including the length of time accounts receivable are past due, the Company's previous loss history, the specific customer's ability to pay its obligation and any other forward-looking data regarding customers' ability to pay which may be available. Revenue Recognition 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. Refer to Note 3, Revenue for additional information. Inventories Inventories consist of finished goods, work-in-process and raw materials. Finished goods are manufactured by us and purchased from contract manufacturers. Connected Fitness Product, accessories, apparel, and raw material inventories are stated at the lower of cost or net realizable value on a weighted-average cost basis. The Company assesses the valuation of inventory and periodically adjusts the value for estimated excess and obsolete inventory based upon estimates of future demand and market conditions, as well as damaged or otherwise impaired goods. Spare parts are recorded as inventory and recognized in cost of goods sold as consumed. Marketable Securities The Company classifies its marketable debt securities as available-for-sale and, accordingly, records them at fair value. Marketable securities with original maturities of greater than three months and remaining maturities of less than one year are classified as current investments. Unrealized holding gains and losses are excluded from earnings and are reported net of tax in other comprehensive income until realized. Dividend and interest income is recognized when earned. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of securities sold. Property and Equipment Property and equipment purchased by the Company are stated at cost less accumulated depreciation. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful lives of the assets. For leasehold improvements, the useful life is the lesser of the applicable lease term or the expected asset life. Charges for repairs and maintenance that do not improve or extend the lives of the respective assets are expensed as incurred. The Company capitalizes the cost of pre-production tooling which it owns during a supply arrangement. Pre-production tooling, including the related engineering costs the Company will not own or will not be used in producing products under long-term supply arrangements are expensed as incurred. Internal-Use Software The Company capitalizes certain qualified costs incurred in connection with the development of internal-use software. The Company evaluates the costs incurred during the application development stage of internal use software and website development to determine whether the costs meet the criteria for capitalization. Costs related to preliminary project activities and post implementation activities including maintenance are expensed as incurred. Capitalized costs related to internal-use software are amortized on a straight-line basis over the estimated useful life of the software, not to exceed three years. Capitalized costs less accumulated amortization are included within property and equipment, net on the consolidated balance sheets. Business Combination To determine whether transactions should be accounted for as acquisitions of assets or business combinations, the Company makes certain judgments, which include assessment of the inputs, processes, and outputs associated with the acquired set of activities. If the Company determines that substantially all of the fair value of gross assets included in a transaction is concentrated in a single asset (or a group of similar assets), the assets would not represent a business. To be considered a business, the assets in a transaction need to include an input and a substantive process that together significantly contribute to the ability to create outputs. The Company allocates the fair value of the purchase consideration to the assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. The fair values of intangible assets are determined utilizing information available near the acquisition date based on expectations and assumptions that are deemed reasonable by management. Given the considerable judgment involved in determining fair values, the Company typically obtains assistance from third-party valuation specialists for significant items. Any excess of the purchase price (consideration transferred) over the estimated fair values of net assets acquired is recorded as goodwill. Transaction costs are expensed as incurred. Amounts recorded in a business combination may change during the measurement period, which is a period not to exceed one year from the date of acquisition, as additional information about conditions that existed at the acquisition date becomes available. Goodwill and Intangible Assets Goodwill represents the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interest, if any, over the fair value of identifiable assets acquired and liabilities assumed in a business combination. The Company has no intangible assets with indefinite useful lives. Intangible assets other than goodwill are comprised of acquired developed technology, brand name, customer relationships, distributor relationships, and other definite-lived intangible assets. At initial recognition, intangible assets acquired in a business combination or asset acquisition are recognized at their fair value as of the date of acquisition. Following initial recognition, intangible assets are carried at acquisition date fair value less accumulated amortization and impairment losses, if any, and are amortized on a straight-line basis over the estimated useful life of the asset. The Company reviews goodwill for impairment annually on April 1 of each fiscal year or whenever events or changes in circumstances indicate that an impairment may exist. In conducting its annual impairment test, the Company first reviews qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If factors indicate that the fair value of the reporting unit is less than its carrying amount, the Company performs a quantitative assessment and the fair value of the reporting unit is determined by analyzing the expected present value of future cash flows. If the carrying value of the reporting unit continues to exceed its fair value, the fair value of the reporting unit’s goodwill is calculated and an impairment loss equal to the excess is recorded. The Company assesses the impairment of intangible assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted net future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds its fair value. 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 12 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. Simultaneously, the Company entered into privately negotiated capped call transactions with certain counterparties to minimize the impact of potential dilution upon conversion. See Note 12 for additional details. Derivative Instruments The Company measures derivative financial instruments at fair value and recognizes them as either assets or liabilities on our 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 June 30, 2021, the Company did not have any material derivative contracts or contracts with material embedded derivative features requiring bifurcation. Cost of Revenue Connected Fitness Products Connected Fitness Products cost of revenue consists of product costs, including manufacturing costs, duties and other applicable importing costs, shipping and handling costs, packaging, warranty replacement costs, fulfillment costs, warehousing costs, depreciation of property and equipment, and certain allocated costs related to management, facilities, and personnel-related expenses associated with supply chain logistics. Subscription Subscription cost of revenue includes costs associated with content creation and cost to stream content to Members across the Company’s platform. These costs consist of both fixed costs, including studio rent and overhead costs and instructor and production personnel costs, depreciation of property and equipment, as well as variable costs, including music royalty fees, content costs for past use, third-party platform streaming costs, and payment processing fees for monthly subscription billings. Music Royalty Fees The Company recognizes music royalty fees on all music it streams to Members as these fees are incurred in accordance with the terms of the relevant license agreement with the music rights holder. The incurrence of the royalties is primarily driven by content usage by the Company’s Members through the use of a paid subscription or as part of a free-trial offer and it is classified as subscription cost of revenue or sales and marketing expense, respectively, within the Company’s statement of operations and comprehensive loss. The Company’s license agreements with music rights holders may include provisions for advance royalty payments as well as minimum guarantees. When a minimum guarantee is paid in advance, the guarantee is recorded as a cost to fulfill or prepaid asset and amortized over the shorter of the period consumed or the term of the agreement. As the Company executes music license agreements with various music rights holders for go-forward usage, the Company may also simultaneously enter into a settlement agreement whereby the Company is released from all potential licensor claims regarding the Company’s alleged past use of copyrighted material in exchange for a negotiated payment. These are referred to as “content costs for past use” and are recorded within subscription cost of revenue. The Company has entered into agreements with music rights holders who represent all the music catalogs that the Company needs to operate its service, however, given the uncertain and opaque nature of music rights ownership, the Company’s archived library may continue to include music for which certain rights or fractional interests have not been accurately determined or fully licensed. Prior to the execution of a music license agreement, the Company estimates and records a charge based upon license agreements previously entered into and the respective music rights holdings. Income Taxes The Company utilizes the asset and liability method for computing its income tax provision. Deferred tax assets and liabilities reflect the expected future consequences of temporary differences between the financial reporting and tax bases of assets and liabilities as well as operating loss, capital loss, and tax credit carryforwards, using enacted tax rates. Management makes estimates, assumptions, and judgments to determine the Company’s provision for income taxes, deferred tax assets and liabilities, and any valuation allowance recorded against deferred tax assets. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent the Company believes recovery is not likely, establishes a valuation allowance. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. Interest and penalties related to unrecognized tax benefits, which to date have not been material, are recognized within income tax expense. Advertising Costs Advertising and other promotional costs to market the Company's products are expensed as incurred. Advertising expenses were $417.6 million, $302.8 million and $218.8 million for the fiscal years ended June 30, 2021, 2020 and 2019, respectively, and are included within sales and marketing expenses in the consolidated statements of operations. Research and Development Costs Research and development expenses consist primarily of personnel- and facilities-related expenses, consulting and contractor expenses, tooling and prototype materials software platform expenses, and depreciation of property and equipment. Substantially all of the Company’s research and development expenses are related to developing new products and services and improving existing products and services. Research and development expenses are expensed as incurred. Stock-Based Compensation In August 2019, the Company's Board of Directors ("Board of Directors") adopted the 2019 Employee Stock Purchase Plan ("ESPP"), which was subsequently approved by the Company’s stockholders in September 2019. The Company recognizes stock-based compensation expense related to shares issued pursuant to its ESPP on a straight-line basis over the offering period, which is twenty-four months. The ESPP allows employees to purchase shares of the Company's Class A common stock at a 15 percent discount. The ESPP also includes a look-back provision for the purchase price if the stock price on the purchase date is less than the stock price on the offering date. 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. Stock-based awards are measured at the grant date based on the fair value of the award and are recognized as expense, net of actual forfeitures, on a straight-line basis over the requisite service period, which is generally the vesting period of the respective award. For performance-based awards issued, the value of the instrument is measured at the grant date as the fair value of the award and expensed over the vesting term under an accelerated attribution method when the performance targets are considered probable of being achieved. The Company estimates the fair value of stock options using the Black-Scholes option pricing model. The determination of the grant date fair value of stock awards issued is affected by a number of variables, including the fair value of the Company’s common stock, the expected common stock price volatility over the expected life of the awards, the expected term of the stock option, risk-free interest rates, and the expected dividend yield of the Company’s common stock. Prior to the fourth quarter of fiscal year ended June 30, 2021, the Company derived its volatility from the average historical stock volatilities of several peer public companies over a period equivalent to the expected term of the awards. Beginning in the fourth quarter of fiscal year ended June 30, 2021, the expected volatility is based on a blended average of average historical stock volatilities of several peer companies over the expected term of the stock options, historical volatility of the Company's stock price, and implied stock price volatility derived from the price of exchange traded options on the Company's stock. The Company estimates the expected term based on the simplified method for employee stock options considered to be “plain vanilla” options, as the Company’s historical share option exercise experience does not provide a reasonable basis upon which to estimate the expected term. The risk-free interest rate is based on the United States Treasury yield curve in effect at the time of grant. Expected dividend yield is 0.0% as the Company has not paid and does not currently anticipate paying dividends on its common stock. Generally, the 2019 Plan permitted the early exercise of stock options granted prior to the IPO. The unvested portion of shares exercised is recorded within Other current liabilities on the Company’s balance sheet and reclassified to equity as vesting occurs. Defined Contribution Plan The Company maintains a defined contribution retirement plan offered to all of its U.S. employees, as well as plans at certain foreign and domestic subsidiaries. For the fiscal years ended June 30, 2021, 2020, and 2019, the Company's matching contributions totaled $19.6 million, $8.4 million, and $4.3 million, respectively, and were expensed as contributed. Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. If a loss is reasonably possible and the loss or range of loss can be reasonably estimated, the Company discloses the possible loss or states that such an estimate cannot be made. Fair Value of Financial Instruments Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Subsequent changes in fair value of these financial assets and liabilities are recognized in earnings or other comprehensive income when they occur. When determining the fair value measurements for assets and liabilities which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurement or assumptions that market participants would use in pricing the assets or liabilities, such as inherent risk, transfer restrictions, and credit risk. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: •Level 1 inputs are based on quoted prices in active markets for identical assets or liabilities. •Level 2 inputs are based on observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. •Level 3 inputs are based on unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities, and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The Company’s material financial instruments consist primarily of cash and cash equivalents, marketable securities, accounts receivable, accounts payable, accrued expenses, and the convertible senior notes. The carrying values of the Company’s accounts receivable, accounts payable and accrued expenses approximated their fair values at June 30, 2021 and 2020, due to the short period of time to maturity or repayment. Earnings (Loss) Per Share The Company computes earnings (loss) per share using the two-class method required for participating securities. The two-class method requires income available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The Company’s redeemable convertible preferred stock, restricted stock awards, and common stock issued upon early exercise of stock options are participating securities. The Company considers any shares issued upon early exercise of stock options, subject to repurchase, to be participating securities because holders of such shares have non-forfeitable dividend rights in the event a cash dividend is declared on common stock. These participating securities do not contractually require the holders of such shares to participate in the Company’s losses. As such, net losses for the periods presented were not allocated to the Company’s participating securities. Basic earnings (loss) per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted earnings (loss) per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential shares of common stock outstanding during the period. Potential shares of common stock consist of incremental shares issuable upon the assumed exercise of stock options, ESPP shares to be issued, and vesting of restricted stock awards. During the fiscal year ended June 30, 2019, the excess of the repurchase price of preferred stock over its carrying value (see Note 18) has been recorded as an increase to net loss to determine net loss attributable to common stockholders. 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 long lived assets, including property and equipment and finite lived intangible assets, product warranty, goodwill, accounting for income taxes, stock-based compensation expense, transaction price estimates, the fair values of assets acquired and liabilities assumed in business combinations and asset acquisitions, valuation of the debt component of convertible senior notes, contingent consideration, and commitments and contingencies. Actual results may differ from these estimates. Recently Issued Accounting Pronouncements Accounting Pronouncements Recently Adopted ASU 2016-13 In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): 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, Income Taxes (Topic 740): 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 consolidated financial statements. Accounting Pronouncements Not Yet Adopted ASU 2020-01 In January 2020, the FASB issued ASU 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 has completed its assessment and adopted this standard on July 1, 2021. The standard did not materially impact the Company's consolidated financial statements. ASU 2020-04 and ASU 2021-01 In March 2020, the FASB issued ASU 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 consolidated financial statements. ASU 2020-06 In August 2020, the FASB issued ASU 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. Upon adoption, the Company expects a decrease to Additional paid-in capital to remove the equity component separately recorded for the conversion features associated with the Convertible Senior Notes, an increase in the carrying value of its Convertible Senior Notes to reflect the full principal amount of the Notes outstanding net of issuance costs, and an increase to Accumulated deficit. After adoption, the Company expects a reduction in its reported Interest expense.

Revenue

12 Months Ended

Jun. 30, 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 revenues.

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, incentives, and rebates to commercial distributors as a reduction of the transaction price. Certain contracts include consideration payable that is accounted for as a payment for distinct goods or services. The Company 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 the standalone selling price based on the prices charged to customers.

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

The Company 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 consolidated statements of operations and comprehensive loss.

Connected Fitness Products

Connected Fitness Products include the Company’s portfolio of Connected Fitness Products and related accessories, Precor branded fitness products, delivery and installation services, Peloton branded apparel, extended warranty agreements, and commercial service contracts. 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 and service revenue which is recognized over the term. 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 consolidated statements of operations and comprehensive loss.

Subscription

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

Amounts paid for subscription fees are included within customer deposits and deferred revenue on the Company's consolidated balance sheets and recognized ratably over the subscription term. The Company records payment processing fees for its monthly subscription charges within cost of subscription revenue in the Company's consolidated statements of operations and comprehensive loss.

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


	Fiscal Year Ended June 30,
	2021		2020
	(in millions)
Balance at beginning of period	$	34.2	$	10.5
Provision for warranty accrual	71.1		38.8
Warranty claims	(53.9)		(15.0)
Balance at end of period	$	51.5	$	34.2

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 related to the 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 consolidated statements of operations and comprehensive loss.

Disaggregation of Revenue

The Company's revenue from contracts with customers disaggregated by major product lines, excluding sales-based taxes, are included in Note 19 under the heading "Segment Information".

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


	Fiscal Year Ended June 30,
	2021		2020		2019
	(in millions)
North America	$	3,738.9	$	1,743.6	$	897.9
International	283.0		82.3		17.1
Total revenue	$	4,021.8	$	1,825.9	$	915.0

The Company's revenue attributable to the United States represented 89%, 93%, and 97% of total revenue for the fiscal years ended June 30, 2021, 2020, and 2019, respectively.

Customer Deposits and Deferred Revenue

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

As of June 30, 2021 and June 30, 2020, customer deposits of $92.2 million and $341.5 million, respectively, and deferred revenue of $72.6 million and $22.1 million, respectively, were included in customer deposits and deferred revenue on the Company's consolidated balance sheets.

In the fiscal years ended June 30, 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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&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=123351226&loc=SL49130554-203045

+ Details

Investments in Marketable Securities

12 Months Ended

Jun. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Investments in Marketable Securities

Investments in Marketable SecuritiesThe following table summarizes the Company's investments in marketable securities:


	June 30, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in millions)
Corporate bonds	$	367.7	$	0.2	$	—	$	367.9
U.S. treasury securities	64.9		0.2		—		65.1
Commercial paper	49.5		—		—		49.5
Supranational securities	31.1		—		—		31.1
Certificate of deposits	7.8		—		—		7.8
	$	521.1	$	0.4	$	—	$	521.5
Less: Restricted marketable securities (1)							$	49.5
Total marketable securities							$	472.0

_________________________

(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 consolidated balance sheets.


	June 30, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in millions)
Corporate bonds	$	397.7	$	2.1	$	(0.2)	$	399.6
U.S. treasury securities	300.5		1.9		—		302.4
Commercial paper	17.4		—		—		17.4
Certificate of deposits	38.6		0.1		—		38.7
	$	754.2	$	4.1	$	(0.2)	$	758.1
Less: Restricted marketable securities (1)							$	38.5
Total marketable securities							$	719.5

_________________________

Fair Value Measurements

12 Months Ended

Jun. 30, 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 June 30, 2021
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets
Marketable securities	$	521.5	$	—	$	—	$	521.5
Deferred compensation plan held in a rabbi trust	3.6		—		—		3.6
Total	$	525.1	$	—	$	—	$	525.1

Liabilities
Other current liabilities:
Contingent consideration	$	—	$	—	$	2.5	$	2.5
Deferred compensation accrual rabbi trust	$	3.6	$	—	$	—	$	3.6
Other non-current liabilities:
Contingent consideration	—		—		2.3		2.3
Total	$	3.6	$	—	$	4.7	$	8.3


	As of June 30, 2020
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets
Marketable securities	$	758.1	$	—	$	—	$	758.1
Cost-method investments	—		—		0.7		0.7
Total	$	758.1	$	—	$	0.7	$	758.8

Liabilities
Other current liabilities:
Contingent consideration	$	—	$	—	$	2.5	$	2.5
Other non-current liabilities:
Contingent consideration	—		—		4.6		4.6
Total	$	—	$	—	$	7.1	$	7.1

All investments classified as available-for-sale are recorded at fair value within marketable securities in the 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 consolidated statements of operations and comprehensive loss.

The Company's rabbi trust was acquired as part of the Precor acquisition, and consists primarily of index funds from which supplemental executive retirement plan benefits and deferred compensation obligations can be paid. The deferred compensation plan held in a rabbi trust is recorded at fair value within Prepaid expenses and other current assets. The deferred compensation plan accrual rabbi trust is recorded at fair value within Other current liabilities.

Fair Value Measurements of Other Financial Instruments

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


	As of June 30, 2021
	Level 1		Level 2		Level 3		Total
	(in millions)
Convertible Senior Notes	$	—	$	972.8	$	—	$	972.8

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

12 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

Inventory

Inventories were as follows:


	June 30,
	2021		2020
	(in millions)
Raw materials	$	109.8	$	17.8

Work-in-process	7.9		4.6
Finished products(1)	879.5		232.5
Total inventories	997.2		254.9
Less: Reserves	(60.1)		(10.5)
Total inventories, net	$	937.1	$	244.5

_________________________

(1) Includes $249.9 million and $71.6 million of inventory in transit, products owned by the Company that have not yet been received at a Company distribution center, as of June 30, 2021 and June 30, 2020, respectively

Acquisitions

12 Months Ended

Jun. 30, 2021

Business Combination and Asset Acquisition [Abstract]

Acquisitions

Business Combinations

Aiqudo, Inc.

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 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 fiscal year ended June 30, 2021. These costs are included in general and administrative expense in the consolidated statement of operations and comprehensive loss.

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 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 that will help accelerate product development and go to market strategy, as well as 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 material adjustments to the values presented in the preliminary purchase price allocation.

Precor Incorporated

On April 1, 2021, the Company acquired the Precor business, which consisted of 15 legal entities ("Precor") from Amer Sports Corporation ("Amer") for a purchase price of approximately $412.0 million, net of cash acquired, which was paid in cash. Upon completion of the transaction, Precor became wholly owned subsidiaries of the Company. The Company acquired Precor to establish its U.S. manufacturing capacity, boost research and development capabilities with Precor's highly-skilled team, and accelerate Peloton's penetration of certain commercial markets.

The operating results of Precor have been included in the Company's 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 $6.0 million of acquisition-related costs that were expensed as incurred during the fiscal year ended June 30, 2021. These costs are included in general and administrative expense in the consolidated statement of operations and comprehensive loss.


	As of April 1, 2021
	(in millions)
Current assets:
Accounts receivable	$	50.2
Inventories	99.1
Prepaid expenses and other current assets	6.5
Total current assets	155.8
Property and equipment	23.8
Intangible assets	180.1
Goodwill	135.0
Operating lease right-of-use assets	20.3
Deferred tax asset	0.9
Other assets	0.7
Total assets	$	516.6
Current liabilities:
Accounts payable and accrued expenses	$	(60.1)
Customer deposits and deferred revenue	(11.5)
Operating lease liabilities, current	(6.2)

Other current liabilities	(2.8)
Total current liabilities	(80.6)
Operating lease liabilities, non-current	(13.6)
Other non-current liabilities	(10.4)
Total liabilities	$	(104.6)
Net assets acquired	$	412.0

The preliminary purchase price allocation resulted in the recognition of $180.1 million in intangible assets and $135.0 million was assigned to 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. Of the total goodwill, $83.3 million is deductible for tax purposes.

The following values and useful lives were assigned to the intangible assets acquired:


	Assigned Value		Assigned Useful Life
	(in millions)		(years)
Brand	$	94.0	9
Acquired developed technology	39.0		7
Distributor relationships	24.0		16
Customer relationships	18.0		10
Service contracts	5.1		6
Total acquired intangible assets	$	180.1

These acquired assets are recorded in Intangible assets, net on the Company's consolidated balance sheets.

Other business combinations

In addition to the above acquisitions, on April 5, 2021 the Company acquired Latitude 32 Engineering LLC ("Latitude32") for a purchase price of approximately $8.5 million, all of which was assigned to goodwill, which is fully deductible for tax purposes. 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 that will help accelerate product development and go to market strategy, as well as expected future synergies.

Asset Acquisitions

During the fiscal year ended June 30, 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, as each of the acquisitions met the practical screen test.

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 consolidated balance sheets.

Property and Equipment

12 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consisted of the following:


	June 30,
	2021		2020
	(in millions)
Land	$	14.0	$	7.1
Buildings	22.2		9.2
Leasehold Improvements	253.7		115.4
Machinery	31.1		10.1
Equipment	55.4		24.9
Furniture and Fixtures	26.8		9.8
Software(1)	152.6		32.7
Construction in Progress	129.1		97.1
Total property and equipment	684.9		306.2
Accumulated depreciation and amortization	(93.0)		(64.0)
Total property and equipment, net	$	591.9	$	242.3

_________________________

(1) Includes $108.3 million of software under development as of June 30, 2021

As of June 30, 2021, 78% and 13% of the Company's total property and equipment, net was attributable to the United States and the United Kingdom, respectively. As of June 30, 2020, 79% and 11% of the Company's total property and equipment, net was attributable to the United States and the United Kingdom, respectively.

The estimated useful lives of property and equipment are as follows:


Buildings			40 years
Leasehold Improvements			Shorter of remaining lease term or useful life
Machinery			Five to ten years
Equipment			Two to five years
Furniture and Fixtures			Two to ten years
Software			Two to three years

Depreciation and amortization expense amounted to $44.6 million, $35.1 million, and $16.7 million for the fiscal years ended June 30, 2021, 2020 and 2019, respectively, of which $8.7 million, $6.8 million, and $3.3 million related to amortization of capitalized software costs for the fiscal years ended June 30, 2021, 2020, and 2019, respectively.

Goodwill and Intangible Assets

12 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

The changes in the carrying value of goodwill are as follows:


	Amount
	(in millions)
June 30, 2019	$	4.3
Acquisition	32.3
Foreign currency translation	2.6
June 30, 2020	39.1
Acquisitions	168.1
Foreign currency translation	2.8
June 30, 2021	$	210.1

The gross carrying amount and accumulated amortization of the Company's intangible assets, net, as of June 30, 2021 were as follows:


	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Remaining Useful Life (Years)
Acquired developed technology	$	130.8	$	24.8	$	106.0	4.4
Brand	94.0		2.6		91.4		8.7
Distributor relationships	24.0		0.4		23.6		15.7
Customer relationships	18.0		0.5		17.5		9.7
Other definite-lived intangibles	10.5		1.3		9.3		4.6
Total intangible assets	$	277.5	$	29.6	$	247.9

The gross carrying amount and accumulated amortization of the Company's intangible assets, net, as of June 30, 2020 were as follows:


	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Remaining Useful Life (Years)
Acquired developed technology	$	24.8	$	10.3	$	14.5	3.0
Definite-lived intangibles	1.6		0.1		1.5		4.7
Total intangible assets	$	26.4	$	10.4	$	16.0

The Company recognized intangible asset amortization in the consolidated statements of operations in the amount of $19.2 million, $5.1 million, and $5.0 million for the fiscal years ended June 30, 2021, 2020, and 2019, respectively.

As of June 30, 2021, estimated amortization related to the Company's identifiable acquisition-related intangible assets in future periods were as follows:


Fiscal Year Ending June 30,	Amount
	(in millions)
2022	$	42.9
2023	42.6
2024	33.0
2025	29.6
2026	25.5
Thereafter	74.2
Total	$	247.9

Accounts Payable and Accrued Expenses

12 Months Ended

Jun. 30, 2021

Payables and Accruals [Abstract]

Accrued Expenses

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following:


	June 30,
	2021		2020
	(in millions)
Accounts payable	$	364.4	$	135.8
Inventory received but not billed	134.2		88.6
Employee-related liabilities	107.3		35.1
Accrued music licensing royalties	70.9		37.9
Accrued marketing	59.9		5.8
Return reserve liability	50.2		11.5
Accrued capital expenditures	40.9		14.4
Product warranty	34.2		10.6
Accrued professional services	31.9		4.5
Other	95.2		17.4
Total accounts payable and accrued expenses	$	989.1	$	361.7

Leases

12 Months Ended

Jun. 30, 2021

Leases [Abstract]

Leases

The Company leases facilities under operating leases with various expiration dates through 2039. The Company leases space for its corporate headquarters and the operation of its production studio facilities, showrooms, distribution facilities, warehouses, factories, and other office spaces.

Right-of-use assets and lease liabilities are established on the consolidated balance sheets for leases with an expected term greater than one year. As the rate implicit in the lease is not determinable, the Company uses its secured incremental borrowing rate to determine the present value of the lease payments.

Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheets. The Company recognizes lease expense for these leases on a straight-line basis over the term of the lease. The Company has elected to not separate lease and non-lease components.

The Company's lease terms include options to extend or terminate the underlying lease when it is reasonably certain that the Company will exercise that option. The operating lease arrangements included in the measurement of lease liabilities do not reflect options to extend or terminate, as management does not consider the exercise of these options to be reasonably certain.

Variable lease payments include, but are not limited to, percentage of sales, common area charges, taxes paid by the landlord that are charged to the Company, and changes to the consumer price index. Variable lease payments are expensed as incurred.

As of June 30, 2021, the total remaining lease payments included in the measurement of lease liabilities for operating leases were as follows:


Fiscal Year Ending June 30,	Future Minimum Payments
	(in millions)
2022(1)	$	96.3
2023	98.2
2024	92.3
2025	81.8
2026	76.4
Thereafter	498.9
Total	$	944.0

_________________________

(1) Includes $7.0 million in tenant improvement receivable.

Supplemental information related to leases was as follows:


Reconciliation of Lease Liabilities	As of June 30,
	2021			2020
	(dollars in millions)
Weighted-average remaining lease term (years)	11.4			12.7
Weighted-average discount rate	5.35		%	5.84		%
Total Undiscounted Lease Liability	$	944.0		$	817.3
Less: Imputed interest	(261.6)			(272.1)
Total Discounted Lease Liability	$	682.3		$	545.1
Current portion of lease liability	$	61.9		$	36.9
Non-current portion of lease liability	$	620.4		$	508.2

Supplemental cash flow and other information related to leases was as follows:


Cash Paid For Amounts Included In Measurement of Liabilities	Fiscal Year Ended June 30,
	2021		2020
	(in millions)
Operating cash flows from operating leases	$	47.3	$	45.2

Right-of-use assets obtained in exchange for operating lease liabilities (non-cash)	$	149.2	$	356.2

For the fiscal years ended June 30, 2021 and 2020, total operating lease expense was $122.4 million and $89.9 million, respectively, of which $17.2 million and $11.8 million was attributable to variable lease expense, and $4.2 million and $1.7 million was attributable to short-term lease expense, respectively. During the fiscal year ended June 30, 2019, rent expense was $35.8 million.

Debt

12 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Debt

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:


	June 30, 2021
	(in millions)
Principal	$	1,000.0
Unamortized debt discount	(152.4)
Unamortized debt issuance costs	(17.8)
Net carrying amount	$	829.8

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


	June 30, 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:


	June 30, 2021
	(in millions)
Amortization of debt discount	$	11.5
Amortization of debt issuance costs	$	1.2
Total interest expense related to the Notes	$	12.6

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 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 fiscal years ended June 30, 2021 and June 30, 2020, the Company incurred total commitment fees of $1.0 million, and $0.9 million, respectively, which are included in interest expense in the consolidated statements of operations and comprehensive loss.

The outstanding balance, if any, is payable in full in June 2024. As of June 30, 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 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 June 30, 2021, the Company was in compliance with the covenants under the Amended Credit Agreement. At June 30, 2021, the Company was contingently liable for approximately $4.8 million in standby letters of credit as security for an operating lease obligation.

- Definition

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

+ References

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-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Commitments and Contingencies

12 Months Ended

Jun. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments

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

The following represents the Company's minimum annual guarantee payments under music license agreements for the next three years:


	Future Minimum Payments
	(in millions)
2022	$	11.2
2023	14.8
2024	0.8
Total	$	26.8

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 June 30, 2021 and 2020, the Company recorded reserves of $11.5 million and $25.1 million, respectively, included in Accounts payable and accrued expenses in the accompanying consolidated balance sheets.

Product Recall Reserves

On May 5, 2021, the Company announced separate, voluntary recalls of its Tread+ and Tread products in collaboration with the U.S. Consumer Product Safety Commission ("CPSC") and halted sales of these products to work on product enhancements. As a result of these recalls, the Company accrued for a reduction to connected fitness products revenue for actual and estimated future returns of $81.1 million for the year ended June 30, 2021, and a return reserve of $40.8 million is included within Accounts payable and accrued expenses in the accompanying consolidated balance sheets related to the impacts of the recall. The estimated returns reserve is primarily based on historical and expected product returns. The Company recorded costs in connected fitness products cost of revenue associated with inventory write-downs, logistic costs, and recall-related hardware development and repair costs of $15.7 million.

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.

Recently, we 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 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 and other regulatory investigations, 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") captioned Wilson v. Peloton Interactive, Inc., et al., Case No. 1:21-cv-02369-CBA-PK, 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"). Plaintiff Wilson amended her lawsuit on May 6, 2021 to expand the purported class to those who purchased or acquired our common stock between September 11, 2020 and May 5, 2021. On May 24, 2021, Leigh Drori (“Plaintiff Drori”) filed a putative securities class action lawsuit against the Company, our Chief Executive Officer, and our Chief Financial Officer (collectively, the “Defendants”) captioned Drori v. Peloton Interactive, Inc., et al., Case No. 1:21-cv-02925-CBA-PK, 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 May 5, 2021 (the “Drori Action”). The complaints in the Wilson and Drori Actions allege 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. Plaintiffs Wilson and Drori do not quantify any damages in their complaints but, in addition to attorneys' fees and costs, they seek to recover damages on behalf of themselves 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. On June 28, 2021, several purported shareholders filed motions to consolidate the Wilson and Drori Actions and to be appointed lead plaintiff in the consolidated action. A decision on those motions has not yet been entered.

On May 20, 2021, Alan Chu (“Plaintiff Chu”) filed a verified shareholder derivative action lawsuit purportedly on behalf of the Company against certain of our executive officers and the members of our board of directors captioned Chu v. Foley, et al., Case No. 1:21-cv-02862-CBA-PK, in the United States District Court for Eastern District of New York (the “Chu Action”). Plaintiff Chu alleges breaches of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement, waste, and violations of Section 14(a) of the Exchange Act, as well as a claim for contribution under Sections 10(b) and 21D of the Exchange Act against our Chief Executive Officer and Chief Financial Officer. Plaintiff Chu does not quantify any alleged damages in the complaint but, in addition to attorneys’ fees and costs, seeks policies and guidelines for our board of directors, to permit shareholders to appoint at least four members to the board of directors, to ensure the establishment of effective oversight of compliance with laws, rules, and regulations, and restitution from the individual defendants in the Chu Action. On July 22, 2021, the court granted the parties’ stipulated extension of time for defendants to respond to Plaintiff Chu’s complaint.

On August 13, 2021, Moshe Genack (“Plaintiff Genack”) filed a verified shareholder derivative action lawsuit purportedly on behalf of the Company against certain of our executive officers and the members of our board of directors captioned Genack v. Foley, et al., Case No. 1:21-cv-04583, in the United States District Court for the Eastern District of New York (the “Genack Action”). Plaintiff Genack alleges breaches of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement, waste, and violations of Section 14(a) of the Securities and Exchange Act of 1934, as well as a claim for contribution under Sections 10(b) and 21D of the Securities Exchange Act of 1934 against our Chief Executive Officer and Chief Financial Officer. Plaintiff Genack does not quantify any alleged damages in the complaint, but in addition to

attorneys’ fees and costs, seeks return of salaries, restitution, and proceeds from insider stock sales from the individual defendants in the Genack Action. The Company is vigorously defending this litigation and will likely file a motion to dismiss the anticipated amended complaint.

On August 19, 2021, Xingqi Liu (“Plaintiff Liu”) filed a verified shareholder derivative action lawsuit purportedly on behalf of the Company against certain of our executive officers and the members of our board of directors captioned Liu v. Foley, et al., Case No. 1:21-cv-04687, in the United States District Court for the Eastern District of New York (the “Liu Action”). Plaintiff Liu alleges breaches of fiduciary duties and violations of Section 14(a) of the Securities and Exchange Act of 1934. Plaintiff Liu does not quantify any alleged damages in the complaint, but in addition to attorneys’ fees and costs, seeks reforms and improvements to the Company’s corporate governance and internal procedures to comply with applicable laws, shareholder input into policies and guidelines of the Board, to permit shareholders to appoint at least four members of the board of directors, to ensure the establishment of effective oversight of compliance with laws, rules, and regulations, and restitution from the individual defendants in the Liu Action. The Company is vigorously defending this litigation and will likely file a motion to dismiss the anticipated amended complaint.

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.

Stockholders' Equity (Deficit)	12 Months Ended
Stockholders' Equity (Deficit)	Jun. 30, 2021
Equity [Abstract]
Stockholders' Equity (Deficit)	Stockholders' Equity (Deficit) Common Stock In August 2019, the Company implemented a dual class common stock structure by reclassifying all existing shares of common stock into Class B common stock and authorizing a new class of common stock, the Class A common stock. The Class A common stock is entitled to one vote per share and the Class B common stock is entitled to twenty votes per share. The Class A and Class B common stock have the same dividend and liquidation rights, and the Class B common stock converts to Class A common stock at any time at the option of the holder, or automatically upon the date that is the earliest of (i) the date specified by a vote of the holders of 66 2/3% of the then outstanding shares of Class B common stock, (ii) 10 years from the closing date of the IPO, and (iii) the date that the total number of shares of Class B common stock outstanding cease to represent at least 1% of all outstanding shares of the Company's common stock. In addition, each share of Class B common stock will convert automatically into one share of Class A common stock upon any transfer, except for certain transfers described in the Company's restated certificate of incorporation. Upon the creation of the dual class common stock structure, all outstanding options and the warrant to purchase common stock became options and a warrant, respectively, to purchase an equivalent number of shares of Class B common stock. The Board of Directors authorized the issuance of Class A common stock and Class B common stock, each with a par value of $0.000025 per share. As of June 30, 2021, there were 2,500,000,000 shares of Class A common stock and 2,500,000,000 shares of Class B common stock authorized and 270,855,356 shares of Class A common stock and 29,291,774 shares of Class B common stock outstanding. Preferred Stock Effective September 2019, the Board of Directors authorized the issuance of undesignated preferred stock, with a par value of $0.000025 per share. As of June 30, 2021, there were 50,000,000 shares of preferred stock authorized and zero shares of preferred stock outstanding.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Equity-Based Compensation

12 Months Ended

Jun. 30, 2021

Share-based Payment Arrangement [Abstract]

Equity-Based Compensation

2019 Equity Incentive Plan

In August 2019, the Board of Directors adopted 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 June 30, 2021, the number of shares of Class A common stock available for future award under the 2019 Plan is 49,545,873.

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	4,863,406	$	102.36
Exercised	(12,005,603)	$	7.80		$	1,216.6
Forfeited	(1,730,055)	$	23.28
Outstanding — June 30, 2021	57,946,608	$	18.47	7.3	$	6,119.2
Vested and Exercisable— June 30, 2021	29,786,574	$	8.38	6.5	$	3,444.6

Unvested option activity is as follows:


	Options	Weighted-Average Grant Date Fair Value
Unvested - June 30, 2020	39,674,590	$	7.41
Granted	4,863,406	$	43.76
Early exercised unvested	(59,430)	$	3.17
Vested	(14,600,175)	$	7.41
Forfeited or expired	(1,718,357)	$	10.46
Unvested - June 30, 2021	28,160,034	$	13.52

During the fiscal year ended June 30, 2021, 1,263,245 shares of common stock were issued upon cashless exercise of 1,888,570 options.

The aggregate intrinsic value of options outstanding and vested and exercisable, were calculated as the difference between the exercise price of the options and the fair value of the Company’s common stock as of June 30, 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. The aggregate intrinsic value of exercised options was $1,216.6 million, $274.0 million, and $40.2 million for the fiscal years ended June 30, 2021, 2020, and 2019, respectively

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 fiscal years ended June 30, 2021, 2020, and 2019, the Company recorded stock-based compensation expense related to the performance-based options of $0.6 million, $5.2 million, and $0.8 million, respectively.

For the fiscal years ended June 30, 2021, 2020, and 2019, the weighted-average grant date fair value per option was $43.76, $12.17, and $6.71, respectively. The fair value of each option was estimated at the grant date using the Black-Scholes method with the following assumptions:


	Fiscal Year Ended June 30,
	2021		2020		2019
Weighted average risk-free interest rate	0.7	%	1.1	%	2.5	%
Weighted average expected term (in years)	6.2		6.2		6.3
Weighted average expected volatility	43.5	%	44.9	%	45.0	%
Expected dividend yield	—		—		—

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	1,787,215	$	104.89
Vested and converted to shares	(580,020)	$	95.95
Cancelled	(37,362)	$	99.63
Outstanding — June 30, 2021	1,785,946	$	99.43

Employee Stock Purchase Plan

In August 2019, the Board of Directors adopted, and in September 2019, the 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 June 30, 2021, a total of 7,860,684 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:


			Fiscal Year Ended June 30, 2021
Weighted average risk-free interest rate			0.9%
Weighted average expected term (in years)			1.2
Weighted average expected volatility			62.1%
Expected dividend yield			—

The expected term assumptions were based on each offering period's respective purchase date. The expected volatility was derived from the blended average of 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 of the stock options and the historical volatility of the Company's stock price. 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 fiscal years ended June 30, 2021 and 2020, the Company recorded stock-based compensation expense associated with the ESPP of $9.5 million and $3.3 million, 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 242,697 shares of Class A common stock at a weighted average price of $33.62 under the ESPP. As of June 30, 2021, total unrecognized compensation cost related to the ESPP was $15.7 million, which will be amortized over a weighted-average remaining period of 1.3 years.

Stock-Based Compensation Expense

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


	Fiscal Year Ended June 30,
	2021		2020		2019
	(in millions)
Cost of revenue
Connected Fitness Products	$	12.6	$	3.2	$	0.3
Subscription	25.9		7.5		3.2
Total cost of revenue	38.5		$	10.7	3.5
Sales and marketing	26.2		$	15.3	8.4
General and administrative	102.1		$	52.4	70.5
Research and development	27.2		$	10.4	7.1
Total stock-based compensation expense	$	194.0	$	88.8	89.5

As of June 30, 2021, the Company had $520.1 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 3.1 years.

Concentration of Credit Risk and Major Customers and Vendors	12 Months Ended
	Jun. 30, 2021
Risks and Uncertainties [Abstract]
Concentration of Credit Risk and Major Customers and Vendors	Concentration of Credit Risk and Major Customers and Vendors Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents. The Company’s cash and cash equivalents are maintained with high-quality financial institutions, the compositions and maturities of which are regularly monitored by management. For the fiscal years ended June 30, 2021, 2020, and 2019, there were no customers representing greater than 10% of the Company’s total revenue. The Company's top two vendors accounted for approximately 46% of inventory purchased for the fiscal year ended June 30, 2021. The Company’s top four vendors accounted for approximately 61% and 91% of inventory purchased for the fiscal years ended June 30, 2020 and 2019, respectively. The Company procures components from a broad group of suppliers. Some of the products manufactured by the Company require one or more components that are available from only a single source.

Income Taxes

12 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Income Taxes

The components of loss before income taxes are as follows:


	Fiscal Year Ended June 30,
	2021		2020		2019
	(in millions)
United States	$	(120.0)	$	(15.6)	$	(164.4)
Foreign	(78.2)		(52.8)		(31.2)
Loss from operations before income taxes	$	(198.2)	$	(68.4)	$	(195.6)

The components of income tax (benefit) expense are as follows:


	Fiscal Year Ended June 30,
	2021		2020		2019
	(in millions)
Current:
Federal	$	—	$	—	$	—
State	0.4		1.2		0.1
Foreign	11.5		3.0		0.3
	11.9		4.2		0.4
Deferred:
Federal	(14.1)		—		—
State	(3.2)		—		—
Foreign	(3.8)		(0.9)		(0.3)
	(21.1)		(0.9)		(0.3)
Total	$	(9.2)	$	3.3	$	0.1

A reconciliation from the U.S. statutory federal income tax rate to the effective income tax rate is as follows:


	Fiscal Year Ended June 30,
	2021		2020		2019
Federal income tax rate	21.0	%	21.0	%	21.0	%
Permanent differences	(0.6)		(1.8)		(4.2)
Share based compensation	99.6		34.2		—
Return to provision	1.5		(3.8)		(0.4)
Effects of rates different than statutory	(1.3)		—		(0.3)
State and local income taxes, net of federal benefit	24.1		8.6		3.0
Franchise tax	—		(1.2)		—
Change in valuation allowance	(150.2)		(65.6)		(21.0)
Rate change	8.0		(0.5)		(0.4)
Federal credits	2.5		4.4		2.3
Other	—		(0.1)		—
Effective income tax rate	4.6	%	(4.8)	%	—	%

The primary differences from the U.S. statutory rate and the Company’s effective tax rate for the fiscal year ended June 30, 2021 are due to the change in valuation allowance, share based compensation including excess tax benefits, state and international taxes. The primary differences from the U.S. statutory rate and the Company’s effective tax rate for the fiscal year ended June 30, 2020 were due to the change in valuation allowance and permanent differences related to stock compensation. The primary differences from the U.S. statutory rate and the Company’s effective tax rate for the fiscal year ended June 30, 2019 were due to the change in valuation allowance and permanent differences related to stock compensation.

On March 11, 2021, the American Rescue Plan was enacted, which extends the period companies can claim an Employee Retention Credit, expands the IRC Section 162(m) limit on deductions for publicly traded companies, and repeals the election that allows US affiliate groups to allocate interest expense on a worldwide basis, among other provisions. The Company reviewed the provisions of the new law and determined it has no material impact for the fiscal year ended June 30, 2021.

On December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021. The act includes the Taxpayer Certainty and Disaster Tax Relief Act of 2020 and the COVID-related Tax Relief Act of 2020, both of which extend many credits and other COVID-19 relief, among other extensions. The Company evaluated the provisions of the Consolidated Appropriations Act, including but not limited to the Employee Retention Credit extension, the extension for the IRC Section 45S credit for paid family and medical leave, and the provision allowing a full deduction for certain business meals, and determined that there was no material impact for the fiscal year ended June 30, 2021.

On March 27, 2020, The Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") was signed into law in the United States. The CARES Act and related notices include several significant provisions. The Company has utilized the Qualified Improvement Property “QIP” provision and has correctly filed an accounting method change to capture this, but has determined the CARES Act does not have a material impact on its financial results for the fiscal year ended June 30, 2021.

On December 22, 2017, the Tax Cuts and Jobs Act ("TCJA") was signed into law making significant changes to the Internal Revenue Code of 1986, as amended. Changes include, but are not limited to, a federal corporate tax rate decrease from 35% to 21% for tax years beginning after

December 31, 2017, a one-time transition tax on the mandatory deemed repatriation of foreign earnings, and numerous domestic and international-related provisions effective in 2018. The Company has estimated its provision for income taxes specifically related to the reduction of the federal corporate tax rate in accordance with TCJA and guidance available as of the date of this filing and as a result has recorded $18.0 million of income tax expense, which was offset by a corresponding adjustment for the same amount to the Company’s valuation allowance, for the fiscal year ended June 30, 2018.

On December 22, 2017, Staff Accounting Bulletin No. 118 was issued to address the application of GAAP in situations when a company does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of TCJA. For the fiscal year ended June 30, 2018, the Company recorded $18.0 million of the income tax expense in connection with the re-measurement of certain deferred tax assets and liabilities. As of June 30, 2019, the Company has completed the accounting for all the impacts of the Act with no material changes to the provisional estimate recorded in the prior period.

As of June 30, 2021 and June 30, 2020, the Company’s deferred tax assets were primarily the result of U.S. federal and state net operating losses (“NOLs”), accruals and reserves, non-qualified stock options, lease liability, §263A UNICAP, and research and development tax credits. A valuation allowance was maintained on the U.S. and U.K. gross deferred tax asset balances as of June 30, 2021 and 2020. As of each reporting date, the Company’s management considers new evidence, both positive and negative, that could impact management’s view with regard to future realization of deferred tax assets. The realization of deferred tax assets was based on the evaluation of current and estimated future profitability of the operations, reversal of deferred tax liabilities and the likelihood of utilizing tax credit and/or loss carryforwards. As of June 30, 2021 and June 30, 2020, the Company continued to maintain that it is not at the more likely than not standard, wherein deferred taxes will be realized in the United States and United Kingdom due to the recent history of losses and management’s expectation of continued tax losses.

Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets (liabilities) are as follows:


	Fiscal Year Ended June 30,
	2021		2020
	(in millions)
Deferred tax assets:
Net operating loss	$	337.9	$	63.9
Accruals and reserves	45.3		13.7
R&D credit	16.1		9.2
Accrued legal and professional fees	3.3		5.3
Non-qualified stock options	39.6		20.8
Restricted stock options	10.9		2.5
Inventory capitalization	23.1		8.8
Lease liability	150.4		129.6
Deferred revenue	6.0		8.4
Other	2.4		1.1
Total deferred tax assets:	635.0		263.3
Valuation allowance	(413.8)		(128.5)
Deferred tax liabilities:
Prepaid Expenses	(7.8)		(3.1)
Property and equipment	(48.3)		(10.6)
Intangibles	(14.4)		(2.1)
Right-of-use assets	(125.7)		(116.4)
Convertible securities	(18.7)		—
Other	—		(1.0)
Total deferred tax liabilities:	(214.9)		(133.2)
Deferred tax assets, net	$	6.3	$	1.6

As of June 30, 2021 and 2020, the Company had federal NOLs of approximately $1,086.5 million and $191.1 million, respectively, of which $64.8 million will begin to expire in 2036 and the remainder will be carried forward indefinitely. The Company has undergone three ownership changes on November 30, 2015, April 18, 2017, and February 24, 2020 and its NOLs are subject to a Section 382 limitation. The total NOLs subject to a 382 limitation are $193.8 million as of June 30, 2021. The resulting Section 382 limitations are large enough to avail the Section 382 limited NOLs by June 30, 2022. Additionally, the Company acquired $16.5 million of NOLs through acquisition, all of which is subject to a 382 limitation. As of June 30, 2021 and 2020, the Company had state NOLs of approximately $706.2 million and $99.6 million, respectively, which will begin to

expire at various dates beginning in 2021 if not utilized. As of June 30, 2021 and 2020, the Company had foreign NOLs of approximately $274.6 million and $94.2 million, respectively, generated from its operations in the United Kingdom, which will be carried forward indefinitely. As of June 30, 2021 and 2020, the Company had $16.1 million and $9.2 million, respectively, of U.S. research and development credit carryovers that will begin to expire in 2036.

As of June 30, 2021, the Company did not have material undistributed foreign earnings. The Company has not recorded a deferred tax liability for foreign withholding or other foreign local tax on the undistributed earnings from the Company’s international subsidiaries as such earnings are considered to be indefinitely reinvested.

The Company utilizes a two-step approach to recognize and measure unrecognized tax benefits. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained upon tax authority examination, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement.

The Company’s policy is to include interest and penalties related to unrecognized tax benefits, if any, within income tax expense (benefit) in the consolidated statements of operations and comprehensive income (loss).

At June 30, 2021 and 2020, the Company had $0.7 million and zero of unrecognized tax benefits, included as a component of income taxes payable within accrued expenses within the accompanying consolidated balance sheets, respectively. Approximately $0.5 million of the unrecognized tax benefit would impact the effective tax rate, if recognized. The Company has the following activity relating to unrecognized tax benefits:


	Fiscal Year Ended June 30,
	2021		2020
	(in millions)
Gross increase - acquired unrecognized tax benefits	$	0.70	$	—
Ending balance	$	0.70	$	—

Although it is possible that unrecognized tax benefits may increase or decrease within the next twelve months due to tax examination changes, settlement activities, expirations of statute of limitations, or the impact on recognition and measurement considerations related to the results of published tax cases or other similar activities, we do not anticipate any significant changes to unrecognized tax benefits over the next 12 months.

The Company is subject to taxation in the United States, various state and local jurisdictions, as well as foreign jurisdictions where the Company conducts business. Accordingly, on a continuing basis, the Company cooperates with taxing authorities for the various jurisdictions in which it conducts business to comply with audits and inquiries for tax periods that are open to examination. The tax years ended June 30, 2018 and later remain open to examination by tax authorities in the United States and United Kingdom.

- 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

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+ Details

Loss Per Share

12 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Loss Per Share

The computation of loss per share is as follows:


	Fiscal Year Ended June 30,
	2021		2020		2019
	(in millions, except share and per share amounts)
Basic loss per share:
Net loss	$	(189.0)	$	(71.6)	$	(195.6)
Less: Premium on repurchase of convertible preferred stock	—		—		(50.1)
Net loss attributable to common stockholders	$	(189.0)	$	(71.6)	$	(245.7)
Shares used in computation:
Weighted-average common shares outstanding	293,892,643		220,952,237		22,911,764
Basic loss per share	$	(0.64)	$	(0.32)	$	(10.72)

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

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


	Fiscal Year Ended June 30,
	2021	2020	2019
Employee stock options	54,076,445	41,476,591	20,609,654
Restricted stock units and awards	546,687	41,855	—
Shares estimated to be purchased under ESPP	363,741	66,019	—
Warrants	—	—	234,527
Redeemable convertible preferred stock	—	—	210,640,629

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 loss 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 fiscal year ended June 30, 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 basic loss 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

12 Months Ended

Jun. 30, 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:


	Fiscal Year Ended June 30,
	2021		2020		2019
	(in millions)
Connected Fitness Products:
Revenue	$	3,149.7	$	1,462.2	$	733.9
Cost of revenue	2,239.3		833.5		427.8
Gross profit	$	910.3	$	628.8	$	306.2
Subscription:
Revenue	$	872.2	$	363.7	$	181.1
Cost of revenue	330.5		155.7		103.7
Gross profit	$	541.7	$	208.0	$	77.4
Consolidated:
Revenue	$	4,021.8	$	1,825.9	$	915.0
Cost of revenue	2,569.8		989.1		531.4
Gross profit	$	1,452.0	$	836.7	$	383.6

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:


	Fiscal Year Ended June 30,
	2021		2020		2019
	(in millions)
Segment Gross Profit	$	1,452.0	$	836.7	$	383.6
Sales and marketing	(729.7)		(477.0)		(324.0)
General and administrative	(662.4)		(351.6)		(207.0)
Research and development	(247.8)		(89.0)		(54.8)
Total other (expense) income, net	(10.4)		12.4		6.7
Loss before provision for income taxes	$	(198.2)	$	(68.4)	$	(195.6)

- Definition

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

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+ Details

Quarterly Financial Data (unaudited)

12 Months Ended

Jun. 30, 2021

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (unaudited)

Selected summarized quarterly financial information for the fiscal years ended June 30, 2021 and 2020 was as follows:


	Year ended		Three months ended
	Jun. 30, 2021		Jun. 30, 2021		Mar. 31, 2021		Dec. 31, 2020		Sept. 30, 2020
	(in millions)
Revenue	$	4,021.8	$	936.9	$	1,262.3	$	1,064.8	$	757.9
Gross profit	1,452.0		253.6		444.9		424.8		328.7
(Loss) income from operations (1)	(187.8)		(301.7)		(13.7)		58.8		68.9
Net (loss) income	$	(189.0)	$	(313.2)	$	(8.6)	$	63.6	$	69.3
Net (loss) income per share attributable to common stockholders, basic (2)	$	(0.64)	$	(1.05)	$	(0.03)	$	0.22	$	0.24
Net (loss) income per share attributable to common stockholders, diluted (2)	$	(0.64)	$	(1.05)	$	(0.03)	$	0.18	$	0.20

___________________

(1)(Loss) from operations for the three months ended June 30, 2021 reflects a $100.0 million unfavorable impact relating to Tread and Tread+ product recalls.

(2) The sum of the (loss) income per share for the four quarters may differ from annual (loss) income per share due to the required method of computing the weighted average shares in interim periods.


	Year ended		Three months ended
	Jun. 30, 2020		Jun. 30, 2020		Mar. 31, 2020		Dec. 31, 2019		Sept. 30, 2019
	(in millions)
Revenue	$	1,825.9	$	607.1	$	524.6	$	466.3	$	228.0
Gross profit	836.7		288.8		245.8		197.1		105.1
Income (loss) from operations (1)	(80.8)		90.0		(58.4)		(61.5)		(50.9)
Net income (loss)	$	(71.6)	$	89.1	$	(55.6)	$	(55.4)	$	(49.8)
Net income (loss) per share attributable to common stockholders, basic (2)	$	(0.32)	$	0.31	$	(0.20)	$	(0.20)	$	(1.29)
Net income (loss) per share attributable to common stockholders, diluted (2)	$	(0.32)	$	0.27	$	(0.20)	$	(0.20)	$	(1.29)

____________________

(1) Net income from operations for the three months ended June 30, 2020, reflects strong demand due to the ongoing COVID-19 pandemic coupled with the pause on the majority of marketing spend.

(2) The sum of the (loss) income per share for the four quarters may differ from annual (loss) income per share due to the required method of computing the weighted average shares in interim periods.

Subsequent Events	12 Months Ended
Subsequent Events	Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events Peloton Output Park On May 24, 2021, the Company announced its plans to build a state-of-the-art manufacturing facility, in Troy Township, Ohio, leveraging high-volume, efficient production across our multiple product lines. On July 26, 2021, the Company purchased approximately 223 acres of land for approximately $6.2 million.

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	The accompanying 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").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 consolidated financial statements include the accounts of Peloton Interactive, Inc. and its subsidiaries in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated.
Cash and Cash Equivalents	The Company considers all cash and short-term investments purchased with maturities of three months or less when acquired to be cash equivalents. As of June 30, 2021 and 2020, the Company’s cash and cash equivalents were primarily held in money market and operating accounts. At various times during the fiscal years ended June 30, 2021 and 2020, the balances of cash at financial institutions exceeded the federally insured limit. The Company has not experienced any losses in such accounts and believes its cash and cash equivalents are not subject to any significant credit risk.
Restricted Cash	Restricted cash primarily consists of cash held in reserve accounts related to operating lease obligations.
Accounts Receivable, Net of Allowances	The Company's accounts receivable primarily represent amounts due from third-party sales payment processors. The allowance is based upon a number of factors, including the length of time accounts receivable are past due, the Company's previous loss history, the specific customer's ability to pay its obligation and any other forward-looking data regarding customers' ability to pay which may be available.
Revenue Recognition	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. Refer to Note 3, Revenue for additional information. The Company’s primary source of revenue is from sales of its Connected Fitness Products and associated recurring Subscription revenues. 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, incentives, and rebates to commercial distributors as a reduction of the transaction price. Certain contracts include consideration payable that is accounted for as a payment for distinct goods or services. The Company 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 the standalone selling price based on the prices charged to customers. The Company applies the practical expedient as per ASC 606-10-50-14 and does not disclose information related to remaining performance obligations due to their original expected terms being one year or less. The Company 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 consolidated statements of operations and comprehensive loss. Connected Fitness Products Connected Fitness Products include the Company’s portfolio of Connected Fitness Products and related accessories, Precor branded fitness products, delivery and installation services, Peloton branded apparel, extended warranty agreements, and commercial service contracts. 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 and service revenue which is recognized over the term. 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 consolidated statements of operations and comprehensive loss. Subscription The Company’s subscriptions provide unlimited access to content in its library of live and on-demand fitness classes. The Company’s subscriptions are offered on a month-to-month basis. Amounts paid for subscription fees are included within customer deposits and deferred revenue on the Company's consolidated balance sheets and recognized ratably over the subscription term. The Company records payment processing fees for its monthly subscription charges within cost of subscription revenue in the Company's consolidated statements of operations and comprehensive loss. Sales tax collected from customers and remitted to governmental authorities is not included in revenue and is reflected as a liability on the Company's 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.
Inventories	Inventories consist of finished goods, work-in-process and raw materials. Finished goods are manufactured by us and purchased from contract manufacturers. Connected Fitness Product, accessories, apparel, and raw material inventories are stated at the lower of cost or net realizable value on a weighted-average cost basis. The Company assesses the valuation of inventory and periodically adjusts the value for estimated excess and obsolete inventory based upon estimates of future demand and market conditions, as well as damaged or otherwise impaired goods. Spare parts are recorded as inventory and recognized in cost of goods sold as consumed.
Marketable Securities	The Company classifies its marketable debt securities as available-for-sale and, accordingly, records them at fair value. Marketable securities with original maturities of greater than three months and remaining maturities of less than one year are classified as current investments. Unrealized holding gains and losses are excluded from earnings and are reported net of tax in other comprehensive income until realized. Dividend and interest income is recognized when earned. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of securities sold.
Property and Equipment	Property and equipment purchased by the Company are stated at cost less accumulated depreciation. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful lives of the assets. For leasehold improvements, the useful life is the lesser of the applicable lease term or the expected asset life. Charges for repairs and maintenance that do not improve or extend the lives of the respective assets are expensed as incurred. The Company capitalizes the cost of pre-production tooling which it owns during a supply arrangement. Pre-production tooling, including the related engineering costs the Company will not own or will not be used in producing products under long-term supply arrangements are expensed as incurred.
Internal-Use Software	The Company capitalizes certain qualified costs incurred in connection with the development of internal-use software. The Company evaluates the costs incurred during the application development stage of internal use software and website development to determine whether the costs meet the criteria for capitalization. Costs related to preliminary project activities and post implementation activities including maintenance are expensed as incurred. Capitalized costs related to internal-use software are amortized on a straight-line basis over the estimated useful life of the software, not to exceed three years. Capitalized costs less accumulated amortization are included within property and equipment, net on the consolidated balance sheets.
Business Combination	To determine whether transactions should be accounted for as acquisitions of assets or business combinations, the Company makes certain judgments, which include assessment of the inputs, processes, and outputs associated with the acquired set of activities. If the Company determines that substantially all of the fair value of gross assets included in a transaction is concentrated in a single asset (or a group of similar assets), the assets would not represent a business. To be considered a business, the assets in a transaction need to include an input and a substantive process that together significantly contribute to the ability to create outputs. The Company allocates the fair value of the purchase consideration to the assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. The fair values of intangible assets are determined utilizing information available near the acquisition date based on expectations and assumptions that are deemed reasonable by management. Given the considerable judgment involved in determining fair values, the Company typically obtains assistance from third-party valuation specialists for significant items. Any excess of the purchase price (consideration transferred) over the estimated fair values of net assets acquired is recorded as goodwill. Transaction costs are expensed as incurred. Amounts recorded in a business combination may change during the measurement period, which is a period not to exceed one year from the date of acquisition, as additional information about conditions that existed at the acquisition date becomes available.
Goodwill and Intangible Assets	Goodwill represents the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interest, if any, over the fair value of identifiable assets acquired and liabilities assumed in a business combination. The Company has no intangible assets with indefinite useful lives. Intangible assets other than goodwill are comprised of acquired developed technology, brand name, customer relationships, distributor relationships, and other definite-lived intangible assets. At initial recognition, intangible assets acquired in a business combination or asset acquisition are recognized at their fair value as of the date of acquisition. Following initial recognition, intangible assets are carried at acquisition date fair value less accumulated amortization and impairment losses, if any, and are amortized on a straight-line basis over the estimated useful life of the asset. The Company reviews goodwill for impairment annually on April 1 of each fiscal year or whenever events or changes in circumstances indicate that an impairment may exist. In conducting its annual impairment test, the Company first reviews qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If factors indicate that the fair value of the reporting unit is less than its carrying amount, the Company performs a quantitative assessment and the fair value of the reporting unit is determined by analyzing the expected present value of future cash flows. If the carrying value of the reporting unit continues to exceed its fair value, the fair value of the reporting unit’s goodwill is calculated and an impairment loss equal to the excess is recorded. The Company assesses the impairment of intangible assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
Impairment of Long-Lived Assets	Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future undiscounted net cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted net future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds its fair value.
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 12 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. Simultaneously, the Company entered into privately negotiated capped call transactions with certain counterparties to minimize the impact of potential dilution upon conversion. See Note 12 for additional details.
Derivative Instruments	The Company measures derivative financial instruments at fair value and recognizes them as either assets or liabilities on our 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 June 30, 2021, the Company did not have any material derivative contracts or contracts with material embedded derivative features requiring bifurcation.
Cost of Revenue	Connected Fitness Products Connected Fitness Products cost of revenue consists of product costs, including manufacturing costs, duties and other applicable importing costs, shipping and handling costs, packaging, warranty replacement costs, fulfillment costs, warehousing costs, depreciation of property and equipment, and certain allocated costs related to management, facilities, and personnel-related expenses associated with supply chain logistics. Subscription Subscription cost of revenue includes costs associated with content creation and cost to stream content to Members across the Company’s platform. These costs consist of both fixed costs, including studio rent and overhead costs and instructor and production personnel costs, depreciation of property and equipment, as well as variable costs, including music royalty fees, content costs for past use, third-party platform streaming costs, and payment processing fees for monthly subscription billings.
Music Royalty Fees	The Company recognizes music royalty fees on all music it streams to Members as these fees are incurred in accordance with the terms of the relevant license agreement with the music rights holder. The incurrence of the royalties is primarily driven by content usage by the Company’s Members through the use of a paid subscription or as part of a free-trial offer and it is classified as subscription cost of revenue or sales and marketing expense, respectively, within the Company’s statement of operations and comprehensive loss. The Company’s license agreements with music rights holders may include provisions for advance royalty payments as well as minimum guarantees. When a minimum guarantee is paid in advance, the guarantee is recorded as a cost to fulfill or prepaid asset and amortized over the shorter of the period consumed or the term of the agreement. As the Company executes music license agreements with various music rights holders for go-forward usage, the Company may also simultaneously enter into a settlement agreement whereby the Company is released from all potential licensor claims regarding the Company’s alleged past use of copyrighted material in exchange for a negotiated payment. These are referred to as “content costs for past use” and are recorded within subscription cost of revenue. The Company has entered into agreements with music rights holders who represent all the music catalogs that the Company needs to operate its service, however, given the uncertain and opaque nature of music rights ownership, the Company’s archived library may continue to include music for which certain rights or fractional interests have not been accurately determined or fully licensed. Prior to the execution of a music license agreement, the Company estimates and records a charge based upon license agreements previously entered into and the respective music rights holdings.
Income Taxes	The Company utilizes the asset and liability method for computing its income tax provision. Deferred tax assets and liabilities reflect the expected future consequences of temporary differences between the financial reporting and tax bases of assets and liabilities as well as operating loss, capital loss, and tax credit carryforwards, using enacted tax rates. Management makes estimates, assumptions, and judgments to determine the Company’s provision for income taxes, deferred tax assets and liabilities, and any valuation allowance recorded against deferred tax assets. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent the Company believes recovery is not likely, establishes a valuation allowance. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. Interest and penalties related to unrecognized tax benefits, which to date have not been material, are recognized within income tax expense.
Advertising Costs	Advertising and other promotional costs to market the Company's products are expensed as incurred.
Research and Development Costs	Research and development expenses consist primarily of personnel- and facilities-related expenses, consulting and contractor expenses, tooling and prototype materials software platform expenses, and depreciation of property and equipment. Substantially all of the Company’s research and development expenses are related to developing new products and services and improving existing products and services. Research and development expenses are expensed as incurred.
Stock-Based Compensation	In August 2019, the Company's Board of Directors ("Board of Directors") adopted the 2019 Employee Stock Purchase Plan ("ESPP"), which was subsequently approved by the Company’s stockholders in September 2019. The Company recognizes stock-based compensation expense related to shares issued pursuant to its ESPP on a straight-line basis over the offering period, which is twenty-four months. The ESPP allows employees to purchase shares of the Company's Class A common stock at a 15 percent discount. The ESPP also includes a look-back provision for the purchase price if the stock price on the purchase date is less than the stock price on the offering date. 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. Stock-based awards are measured at the grant date based on the fair value of the award and are recognized as expense, net of actual forfeitures, on a straight-line basis over the requisite service period, which is generally the vesting period of the respective award. For performance-based awards issued, the value of the instrument is measured at the grant date as the fair value of the award and expensed over the vesting term under an accelerated attribution method when the performance targets are considered probable of being achieved. The Company estimates the fair value of stock options using the Black-Scholes option pricing model. The determination of the grant date fair value of stock awards issued is affected by a number of variables, including the fair value of the Company’s common stock, the expected common stock price volatility over the expected life of the awards, the expected term of the stock option, risk-free interest rates, and the expected dividend yield of the Company’s common stock. Prior to the fourth quarter of fiscal year ended June 30, 2021, the Company derived its volatility from the average historical stock volatilities of several peer public companies over a period equivalent to the expected term of the awards. Beginning in the fourth quarter of fiscal year ended June 30, 2021, the expected volatility is based on a blended average of average historical stock volatilities of several peer companies over the expected term of the stock options, historical volatility of the Company's stock price, and implied stock price volatility derived from the price of exchange traded options on the Company's stock. The Company estimates the expected term based on the simplified method for employee stock options considered to be “plain vanilla” options, as the Company’s historical share option exercise experience does not provide a reasonable basis upon which to estimate the expected term. The risk-free interest rate is based on the United States Treasury yield curve in effect at the time of grant. Expected dividend yield is 0.0% as the Company has not paid and does not currently anticipate paying dividends on its common stock. Generally, the 2019 Plan permitted the early exercise of stock options granted prior to the IPO. The unvested portion of shares exercised is recorded within Other current liabilities on the Company’s balance sheet and reclassified to equity as vesting occurs.
Defined Contribution Plan	The Company maintains a defined contribution retirement plan offered to all of its U.S. employees, as well as plans at certain foreign and domestic subsidiaries. For the fiscal years ended June 30, 2021, 2020, and 2019, the Company's matching contributions totaled $19.6 million, $8.4 million, and $4.3 million, respectively, and were expensed as contributed.
Commitments and Contingencies	Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. If a loss is reasonably possible and the loss or range of loss can be reasonably estimated, the Company discloses the possible loss or states that such an estimate cannot be made.
Fair Value of Financial Instruments	Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Subsequent changes in fair value of these financial assets and liabilities are recognized in earnings or other comprehensive income when they occur. When determining the fair value measurements for assets and liabilities which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurement or assumptions that market participants would use in pricing the assets or liabilities, such as inherent risk, transfer restrictions, and credit risk. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: •Level 1 inputs are based on quoted prices in active markets for identical assets or liabilities. •Level 2 inputs are based on observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. •Level 3 inputs are based on unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities, and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The Company’s material financial instruments consist primarily of cash and cash equivalents, marketable securities, accounts receivable, accounts payable, accrued expenses, and the convertible senior notes. The carrying values of the Company’s accounts receivable, accounts payable and accrued expenses approximated their fair values at June 30, 2021 and 2020, due to the short period of time to maturity or repayment.
Earnings (Loss) Per Share	The Company computes earnings (loss) per share using the two-class method required for participating securities. The two-class method requires income available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The Company’s redeemable convertible preferred stock, restricted stock awards, and common stock issued upon early exercise of stock options are participating securities. The Company considers any shares issued upon early exercise of stock options, subject to repurchase, to be participating securities because holders of such shares have non-forfeitable dividend rights in the event a cash dividend is declared on common stock. These participating securities do not contractually require the holders of such shares to participate in the Company’s losses. As such, net losses for the periods presented were not allocated to the Company’s participating securities. Basic earnings (loss) per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted earnings (loss) per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential shares of common stock outstanding during the period. Potential shares of common stock consist of incremental shares issuable upon the assumed exercise of stock options, ESPP shares to be issued, and vesting of restricted stock awards. During the fiscal year ended June 30, 2019, the excess of the repurchase price of preferred stock over its carrying value (see Note 18) has been recorded as an increase to net loss to determine net loss attributable to common stockholders.
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 long lived assets, including property and equipment and finite lived intangible assets, product warranty, goodwill, accounting for income taxes, stock-based compensation expense, transaction price estimates, the fair values of assets acquired and liabilities assumed in business combinations and asset acquisitions, valuation of the debt component of convertible senior notes, contingent consideration, and commitments and contingencies. Actual results may differ from these estimates.
Recently Issued Accounting Pronouncements	Accounting Pronouncements Recently Adopted ASU 2016-13 In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): 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, Income Taxes (Topic 740): 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 consolidated financial statements. Accounting Pronouncements Not Yet Adopted ASU 2020-01 In January 2020, the FASB issued ASU 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 has completed its assessment and adopted this standard on July 1, 2021. The standard did not materially impact the Company's consolidated financial statements. ASU 2020-04 and ASU 2021-01 In March 2020, the FASB issued ASU 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 consolidated financial statements. ASU 2020-06 In August 2020, the FASB issued ASU 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. Upon adoption, the Company expects a decrease to Additional paid-in capital to remove the equity component separately recorded for the conversion features associated with the Convertible Senior Notes, an increase in the carrying value of its Convertible Senior Notes to reflect the full principal amount of the Notes outstanding net of issuance costs, and an increase to Accumulated deficit. After adoption, the Company expects a reduction in its reported Interest expense.
Fair Value Measurements	All investments classified as available-for-sale are recorded at fair value within marketable securities in the 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 consolidated statements of operations and comprehensive loss. The Company's rabbi trust was acquired as part of the Precor acquisition, and consists primarily of index funds from which supplemental executive retirement plan benefits and deferred compensation obligations can be paid. The deferred compensation plan held in a rabbi trust is recorded at fair value within Prepaid expenses and other current assets. The deferred compensation plan accrual rabbi trust is recorded at fair value within Other current liabilities. The fair value of the Notes is determined based on the closing price on the last trading day of the reporting period.
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. Customer deposits represent payments received in advance before the Company transfers a good or service to the customer and are refundable.

Revenue (Tables)

12 Months Ended

Jun. 30, 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:


	Fiscal Year Ended June 30,
	2021		2020
	(in millions)
Balance at beginning of period	$	34.2	$	10.5
Provision for warranty accrual	71.1		38.8
Warranty claims	(53.9)		(15.0)
Balance at end of period	$	51.5	$	34.2

Schedule of Disaggregation of Revenue

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


	Fiscal Year Ended June 30,
	2021		2020		2019
	(in millions)
North America	$	3,738.9	$	1,743.6	$	897.9
International	283.0		82.3		17.1
Total revenue	$	4,021.8	$	1,825.9	$	915.0

Investments in Marketable Securities (Tables)

12 Months Ended

Jun. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments in Marketable Securities

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


	June 30, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in millions)
Corporate bonds	$	367.7	$	0.2	$	—	$	367.9
U.S. treasury securities	64.9		0.2		—		65.1
Commercial paper	49.5		—		—		49.5
Supranational securities	31.1		—		—		31.1
Certificate of deposits	7.8		—		—		7.8
	$	521.1	$	0.4	$	—	$	521.5
Less: Restricted marketable securities (1)							$	49.5
Total marketable securities							$	472.0

_________________________


	June 30, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in millions)
Corporate bonds	$	397.7	$	2.1	$	(0.2)	$	399.6
U.S. treasury securities	300.5		1.9		—		302.4
Commercial paper	17.4		—		—		17.4
Certificate of deposits	38.6		0.1		—		38.7
	$	754.2	$	4.1	$	(0.2)	$	758.1
Less: Restricted marketable securities (1)							$	38.5
Total marketable securities							$	719.5

_________________________

Fair Value Measurements (Tables)

12 Months Ended

Jun. 30, 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 June 30, 2021
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets
Marketable securities	$	521.5	$	—	$	—	$	521.5
Deferred compensation plan held in a rabbi trust	3.6		—		—		3.6
Total	$	525.1	$	—	$	—	$	525.1

Liabilities
Other current liabilities:
Contingent consideration	$	—	$	—	$	2.5	$	2.5
Deferred compensation accrual rabbi trust	$	3.6	$	—	$	—	$	3.6
Other non-current liabilities:
Contingent consideration	—		—		2.3		2.3
Total	$	3.6	$	—	$	4.7	$	8.3


	As of June 30, 2020
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets
Marketable securities	$	758.1	$	—	$	—	$	758.1
Cost-method investments	—		—		0.7		0.7
Total	$	758.1	$	—	$	0.7	$	758.8

Liabilities
Other current liabilities:
Contingent consideration	$	—	$	—	$	2.5	$	2.5
Other non-current liabilities:
Contingent consideration	—		—		4.6		4.6
Total	$	—	$	—	$	7.1	$	7.1

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

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


	As of June 30, 2021
	Level 1		Level 2		Level 3		Total
	(in millions)
Convertible Senior Notes	$	—	$	972.8	$	—	$	972.8

Inventory (Tables)

12 Months Ended

Jun. 30, 2021

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories were as follows:


	June 30,
	2021		2020
	(in millions)
Raw materials	$	109.8	$	17.8

Work-in-process	7.9		4.6
Finished products(1)	879.5		232.5
Total inventories	997.2		254.9
Less: Reserves	(60.1)		(10.5)
Total inventories, net	$	937.1	$	244.5

_________________________

Acquisitions (Tables)

12 Months Ended

Jun. 30, 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

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


	As of April 1, 2021
	(in millions)
Current assets:
Accounts receivable	$	50.2
Inventories	99.1
Prepaid expenses and other current assets	6.5
Total current assets	155.8
Property and equipment	23.8
Intangible assets	180.1
Goodwill	135.0
Operating lease right-of-use assets	20.3
Deferred tax asset	0.9
Other assets	0.7
Total assets	$	516.6
Current liabilities:
Accounts payable and accrued expenses	$	(60.1)
Customer deposits and deferred revenue	(11.5)
Operating lease liabilities, current	(6.2)

Other current liabilities	(2.8)
Total current liabilities	(80.6)
Operating lease liabilities, non-current	(13.6)
Other non-current liabilities	(10.4)
Total liabilities	$	(104.6)
Net assets acquired	$	412.0

Schedule of Acquired Finite-Lived Intangible Assets by Major Class

The following values and useful lives were assigned to the intangible assets acquired:


	Assigned Value		Assigned Useful Life
	(in millions)		(years)
Brand	$	94.0	9
Acquired developed technology	39.0		7
Distributor relationships	24.0		16
Customer relationships	18.0		10
Service contracts	5.1		6
Total acquired intangible assets	$	180.1

Property and Equipment (Tables)

12 Months Ended

Jun. 30, 2021

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consisted of the following:


	June 30,
	2021		2020
	(in millions)
Land	$	14.0	$	7.1
Buildings	22.2		9.2
Leasehold Improvements	253.7		115.4
Machinery	31.1		10.1
Equipment	55.4		24.9
Furniture and Fixtures	26.8		9.8
Software(1)	152.6		32.7
Construction in Progress	129.1		97.1
Total property and equipment	684.9		306.2
Accumulated depreciation and amortization	(93.0)		(64.0)
Total property and equipment, net	$	591.9	$	242.3

_________________________

(1) Includes $108.3 million of software under development as of June 30, 2021

The estimated useful lives of property and equipment are as follows:


Buildings			40 years
Leasehold Improvements			Shorter of remaining lease term or useful life
Machinery			Five to ten years
Equipment			Two to five years
Furniture and Fixtures			Two to ten years
Software			Two to three years

Goodwill and Intangible Assets (Tables)

12 Months Ended

Jun. 30, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Carrying Value of Goodwill

The changes in the carrying value of goodwill are as follows:


	Amount
	(in millions)
June 30, 2019	$	4.3
Acquisition	32.3
Foreign currency translation	2.6
June 30, 2020	39.1
Acquisitions	168.1
Foreign currency translation	2.8
June 30, 2021	$	210.1

Schedule of Intangible Assets, Net

The gross carrying amount and accumulated amortization of the Company's intangible assets, net, as of June 30, 2021 were as follows:


	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Remaining Useful Life (Years)
Acquired developed technology	$	130.8	$	24.8	$	106.0	4.4
Brand	94.0		2.6		91.4		8.7
Distributor relationships	24.0		0.4		23.6		15.7
Customer relationships	18.0		0.5		17.5		9.7
Other definite-lived intangibles	10.5		1.3		9.3		4.6
Total intangible assets	$	277.5	$	29.6	$	247.9

The gross carrying amount and accumulated amortization of the Company's intangible assets, net, as of June 30, 2020 were as follows:


	Gross Carrying Value		Accumulated Amortization		Net Carrying Value		Weighted Average Remaining Useful Life (Years)
Acquired developed technology	$	24.8	$	10.3	$	14.5	3.0
Definite-lived intangibles	1.6		0.1		1.5		4.7
Total intangible assets	$	26.4	$	10.4	$	16.0

Schedule of Estimated Amortization for Identifiable Acquisition-Related Intangible Assets in Future Periods

As of June 30, 2021, estimated amortization related to the Company's identifiable acquisition-related intangible assets in future periods were as follows:


Fiscal Year Ending June 30,	Amount
	(in millions)
2022	$	42.9
2023	42.6
2024	33.0
2025	29.6
2026	25.5
Thereafter	74.2
Total	$	247.9

Accounts Payable and Accrued Expenses (Tables)

12 Months Ended

Jun. 30, 2021

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accounts payable and accrued expenses consisted of the following:


	June 30,
	2021		2020
	(in millions)
Accounts payable	$	364.4	$	135.8
Inventory received but not billed	134.2		88.6
Employee-related liabilities	107.3		35.1
Accrued music licensing royalties	70.9		37.9
Accrued marketing	59.9		5.8
Return reserve liability	50.2		11.5
Accrued capital expenditures	40.9		14.4
Product warranty	34.2		10.6
Accrued professional services	31.9		4.5
Other	95.2		17.4
Total accounts payable and accrued expenses	$	989.1	$	361.7

Leases (Tables)

12 Months Ended

Jun. 30, 2021

Leases [Abstract]

Schedule of Maturities of Lease Liabilities for Operating Leases

As of June 30, 2021, the total remaining lease payments included in the measurement of lease liabilities for operating leases were as follows:


Fiscal Year Ending June 30,	Future Minimum Payments
	(in millions)
2022(1)	$	96.3
2023	98.2
2024	92.3
2025	81.8
2026	76.4
Thereafter	498.9
Total	$	944.0

_________________________

(1) Includes $7.0 million in tenant improvement receivable.

Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental information related to leases was as follows:


Reconciliation of Lease Liabilities	As of June 30,
	2021			2020
	(dollars in millions)
Weighted-average remaining lease term (years)	11.4			12.7
Weighted-average discount rate	5.35		%	5.84		%
Total Undiscounted Lease Liability	$	944.0		$	817.3
Less: Imputed interest	(261.6)			(272.1)
Total Discounted Lease Liability	$	682.3		$	545.1
Current portion of lease liability	$	61.9		$	36.9
Non-current portion of lease liability	$	620.4		$	508.2

Schedule of Supplemental Cash Flow and Other Information Related to Leases

Supplemental cash flow and other information related to leases was as follows:


Cash Paid For Amounts Included In Measurement of Liabilities	Fiscal Year Ended June 30,
	2021		2020
	(in millions)
Operating cash flows from operating leases	$	47.3	$	45.2

Right-of-use assets obtained in exchange for operating lease liabilities (non-cash)	$	149.2	$	356.2

Debt (Tables)

12 Months Ended

Jun. 30, 2021

Debt Disclosure [Abstract]

Convertible Debt

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


	June 30, 2021
	(in millions)
Principal	$	1,000.0
Unamortized debt discount	(152.4)
Unamortized debt issuance costs	(17.8)
Net carrying amount	$	829.8

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


	June 30, 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:


	June 30, 2021
	(in millions)
Amortization of debt discount	$	11.5
Amortization of debt issuance costs	$	1.2
Total interest expense related to the Notes	$	12.6

Commitment and Contingencies (Tables)

12 Months Ended

Jun. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule Of Minimum Guarantee Royalty Payments Due Under Music License Agreements

The following represents the Company's minimum annual guarantee payments under music license agreements for the next three years:


	Future Minimum Payments
	(in millions)
2022	$	11.2
2023	14.8
2024	0.8
Total	$	26.8

Equity-Based Compensation (Tables)

12 Months Ended

Jun. 30, 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	4,863,406	$	102.36
Exercised	(12,005,603)	$	7.80		$	1,216.6
Forfeited	(1,730,055)	$	23.28
Outstanding — June 30, 2021	57,946,608	$	18.47	7.3	$	6,119.2
Vested and Exercisable— June 30, 2021	29,786,574	$	8.38	6.5	$	3,444.6

Unvested option activity is as follows:


	Options	Weighted-Average Grant Date Fair Value
Unvested - June 30, 2020	39,674,590	$	7.41
Granted	4,863,406	$	43.76
Early exercised unvested	(59,430)	$	3.17
Vested	(14,600,175)	$	7.41
Forfeited or expired	(1,718,357)	$	10.46
Unvested - June 30, 2021	28,160,034	$	13.52

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:


	Fiscal Year Ended June 30,
	2021		2020		2019
Weighted average risk-free interest rate	0.7	%	1.1	%	2.5	%
Weighted average expected term (in years)	6.2		6.2		6.3
Weighted average expected volatility	43.5	%	44.9	%	45.0	%
Expected dividend yield	—		—		—

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	1,787,215	$	104.89
Vested and converted to shares	(580,020)	$	95.95
Cancelled	(37,362)	$	99.63
Outstanding — June 30, 2021	1,785,946	$	99.43

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:


			Fiscal Year Ended June 30, 2021
Weighted average risk-free interest rate			0.9%
Weighted average expected term (in years)			1.2
Weighted average expected volatility			62.1%
Expected dividend yield			—

Schedule of Stock-Based Compensation Expense

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


	Fiscal Year Ended June 30,
	2021		2020		2019
	(in millions)
Cost of revenue
Connected Fitness Products	$	12.6	$	3.2	$	0.3
Subscription	25.9		7.5		3.2
Total cost of revenue	38.5		$	10.7	3.5
Sales and marketing	26.2		$	15.3	8.4
General and administrative	102.1		$	52.4	70.5
Research and development	27.2		$	10.4	7.1
Total stock-based compensation expense	$	194.0	$	88.8	89.5

Income Taxes (Tables)

12 Months Ended

Jun. 30, 2021

Income Tax Disclosure [Abstract]

Schedule of Loss Before Income Taxes

The components of loss before income taxes are as follows:


	Fiscal Year Ended June 30,
	2021		2020		2019
	(in millions)
United States	$	(120.0)	$	(15.6)	$	(164.4)
Foreign	(78.2)		(52.8)		(31.2)
Loss from operations before income taxes	$	(198.2)	$	(68.4)	$	(195.6)

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax (benefit) expense are as follows:


	Fiscal Year Ended June 30,
	2021		2020		2019
	(in millions)
Current:
Federal	$	—	$	—	$	—
State	0.4		1.2		0.1
Foreign	11.5		3.0		0.3
	11.9		4.2		0.4
Deferred:
Federal	(14.1)		—		—
State	(3.2)		—		—
Foreign	(3.8)		(0.9)		(0.3)
	(21.1)		(0.9)		(0.3)
Total	$	(9.2)	$	3.3	$	0.1

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation from the U.S. statutory federal income tax rate to the effective income tax rate is as follows:


	Fiscal Year Ended June 30,
	2021		2020		2019
Federal income tax rate	21.0	%	21.0	%	21.0	%
Permanent differences	(0.6)		(1.8)		(4.2)
Share based compensation	99.6		34.2		—
Return to provision	1.5		(3.8)		(0.4)
Effects of rates different than statutory	(1.3)		—		(0.3)
State and local income taxes, net of federal benefit	24.1		8.6		3.0
Franchise tax	—		(1.2)		—
Change in valuation allowance	(150.2)		(65.6)		(21.0)
Rate change	8.0		(0.5)		(0.4)
Federal credits	2.5		4.4		2.3
Other	—		(0.1)		—
Effective income tax rate	4.6	%	(4.8)	%	—	%

Schedule of Deferred Tax Assets (Liabilities)


	Fiscal Year Ended June 30,
	2021		2020
	(in millions)
Deferred tax assets:
Net operating loss	$	337.9	$	63.9
Accruals and reserves	45.3		13.7
R&D credit	16.1		9.2
Accrued legal and professional fees	3.3		5.3
Non-qualified stock options	39.6		20.8
Restricted stock options	10.9		2.5
Inventory capitalization	23.1		8.8
Lease liability	150.4		129.6
Deferred revenue	6.0		8.4
Other	2.4		1.1
Total deferred tax assets:	635.0		263.3
Valuation allowance	(413.8)		(128.5)
Deferred tax liabilities:
Prepaid Expenses	(7.8)		(3.1)
Property and equipment	(48.3)		(10.6)
Intangibles	(14.4)		(2.1)
Right-of-use assets	(125.7)		(116.4)
Convertible securities	(18.7)		—
Other	—		(1.0)
Total deferred tax liabilities:	(214.9)		(133.2)
Deferred tax assets, net	$	6.3	$	1.6

Schedule of Unrecognized Tax Benefits

The Company has the following activity relating to unrecognized tax benefits:


	Fiscal Year Ended June 30,
	2021		2020
	(in millions)
Gross increase - acquired unrecognized tax benefits	$	0.70	$	—
Ending balance	$	0.70	$	—

Loss Per Share (Tables)

12 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Schedule of Computation of Loss Per Share

The computation of loss per share is as follows:


	Fiscal Year Ended June 30,
	2021		2020		2019
	(in millions, except share and per share amounts)
Basic loss per share:
Net loss	$	(189.0)	$	(71.6)	$	(195.6)
Less: Premium on repurchase of convertible preferred stock	—		—		(50.1)
Net loss attributable to common stockholders	$	(189.0)	$	(71.6)	$	(245.7)
Shares used in computation:
Weighted-average common shares outstanding	293,892,643		220,952,237		22,911,764
Basic loss per share	$	(0.64)	$	(0.32)	$	(10.72)

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:


	Fiscal Year Ended June 30,
	2021	2020	2019
Employee stock options	54,076,445	41,476,591	20,609,654
Restricted stock units and awards	546,687	41,855	—
Shares estimated to be purchased under ESPP	363,741	66,019	—
Warrants	—	—	234,527
Redeemable convertible preferred stock	—	—	210,640,629

Segment Information (Tables)

12 Months Ended

Jun. 30, 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:


	Fiscal Year Ended June 30,
	2021		2020		2019
	(in millions)
Connected Fitness Products:
Revenue	$	3,149.7	$	1,462.2	$	733.9
Cost of revenue	2,239.3		833.5		427.8
Gross profit	$	910.3	$	628.8	$	306.2
Subscription:
Revenue	$	872.2	$	363.7	$	181.1
Cost of revenue	330.5		155.7		103.7
Gross profit	$	541.7	$	208.0	$	77.4
Consolidated:
Revenue	$	4,021.8	$	1,825.9	$	915.0
Cost of revenue	2,569.8		989.1		531.4
Gross profit	$	1,452.0	$	836.7	$	383.6

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:


	Fiscal Year Ended June 30,
	2021		2020		2019
	(in millions)
Segment Gross Profit	$	1,452.0	$	836.7	$	383.6
Sales and marketing	(729.7)		(477.0)		(324.0)
General and administrative	(662.4)		(351.6)		(207.0)
Research and development	(247.8)		(89.0)		(54.8)
Total other (expense) income, net	(10.4)		12.4		6.7
Loss before provision for income taxes	$	(198.2)	$	(68.4)	$	(195.6)

Quarterly Financial Data (unaudited) (Tables)

12 Months Ended

Jun. 30, 2021

Quarterly Financial Information Disclosure [Abstract]

Schedule of Selected Quarterly Financial Information

Selected summarized quarterly financial information for the fiscal years ended June 30, 2021 and 2020 was as follows:


	Year ended		Three months ended
	Jun. 30, 2021		Jun. 30, 2021		Mar. 31, 2021		Dec. 31, 2020		Sept. 30, 2020
	(in millions)
Revenue	$	4,021.8	$	936.9	$	1,262.3	$	1,064.8	$	757.9
Gross profit	1,452.0		253.6		444.9		424.8		328.7
(Loss) income from operations (1)	(187.8)		(301.7)		(13.7)		58.8		68.9
Net (loss) income	$	(189.0)	$	(313.2)	$	(8.6)	$	63.6	$	69.3
Net (loss) income per share attributable to common stockholders, basic (2)	$	(0.64)	$	(1.05)	$	(0.03)	$	0.22	$	0.24
Net (loss) income per share attributable to common stockholders, diluted (2)	$	(0.64)	$	(1.05)	$	(0.03)	$	0.18	$	0.20

___________________

(1)(Loss) from operations for the three months ended June 30, 2021 reflects a $100.0 million unfavorable impact relating to Tread and Tread+ product recalls.

(2) The sum of the (loss) income per share for the four quarters may differ from annual (loss) income per share due to the required method of computing the weighted average shares in interim periods.


	Year ended		Three months ended
	Jun. 30, 2020		Jun. 30, 2020		Mar. 31, 2020		Dec. 31, 2019		Sept. 30, 2019
	(in millions)
Revenue	$	1,825.9	$	607.1	$	524.6	$	466.3	$	228.0
Gross profit	836.7		288.8		245.8		197.1		105.1
Income (loss) from operations (1)	(80.8)		90.0		(58.4)		(61.5)		(50.9)
Net income (loss)	$	(71.6)	$	89.1	$	(55.6)	$	(55.4)	$	(49.8)
Net income (loss) per share attributable to common stockholders, basic (2)	$	(0.32)	$	0.31	$	(0.20)	$	(0.20)	$	(1.29)
Net income (loss) per share attributable to common stockholders, diluted (2)	$	(0.32)	$	0.27	$	(0.20)	$	(0.20)	$	(1.29)

____________________

(1) Net income from operations for the three months ended June 30, 2020, reflects strong demand due to the ongoing COVID-19 pandemic coupled with the pause on the majority of marketing spend.

(2) The sum of the (loss) income per share for the four quarters may differ from annual (loss) income per share due to the required method of computing the weighted average shares in interim periods.

Summary of Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019	Feb. 28, 2021
Debt Instrument [Line Items]
Advertising expenses	$ 417,600,000	$ 302,800,000	$ 218,800,000
Expected dividend yield	0.00%
Employer matching contribution	$ 19,600,000	$ 8,400,000	$ 4,300,000
Shares estimated to be purchased under ESPP
Debt Instrument [Line Items]
Expected dividend yield	0.00%
Shares estimated to be purchased under ESPP \| 2019 Employee Stock Purchase Plan
Debt Instrument [Line Items]
Share based compensation arrangement by share based payment award offering period	24 months
Purchase of common stock, employee discount percentage	15.00%
Internal-Use Software \| Maximum
Debt Instrument [Line Items]
Useful life	3 years
0% Convertible Senior Notes Due February 15, 2026 \| Convertible Debt
Debt Instrument [Line Items]
Principal amount				$ 1,000,000,000.0
Convertible debt, stated interest rate				0.00%

Revenue - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Allowable product return period (in days)	30 days
Standard product warranty period (in years)	1 year
Customer deposits	$ 92.2	$ 341.5
Deferred revenue	72.6	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	89.00%	93.00%	97.00%
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	12 Months Ended
	Jun. 30, 2021	Jun. 30, 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	71.1	38.8
Warranty claims	(53.9)	(15.0)
Balance at end of period	$ 51.5	$ 34.2

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Total revenue	$ 936.9	$ 1,262.3	$ 1,064.8	$ 757.9	$ 607.1	$ 524.6	$ 466.3	$ 228.0	$ 4,021.8	$ 1,825.9	$ 915.0
North America
Disaggregation of Revenue [Line Items]
Total revenue									3,738.9	1,743.6	897.9
International
Disaggregation of Revenue [Line Items]
Total revenue									$ 283.0	$ 82.3	$ 17.1

- 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=123359005&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=123359005&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=123359005&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=123359005&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=123359005&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)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

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=123359005&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=123359005&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=123359005&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123351226&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) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 521.1	$ 754.2
Gross Unrealized Gains	0.4	4.1
Gross Unrealized Losses	0.0	(0.2)
Fair Value	521.5	758.1
Restricted marketable securities	49.5	38.5
Total marketable securities	472.0	719.5
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	367.7	397.7
Gross Unrealized Gains	0.2	2.1
Gross Unrealized Losses	0.0	(0.2)
Fair Value	367.9	399.6
U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	64.9	300.5
Gross Unrealized Gains	0.2	1.9
Gross Unrealized Losses	0.0	0.0
Fair Value	65.1	302.4
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	49.5	17.4
Gross Unrealized Gains	0.0	0.0
Gross Unrealized Losses	0.0	0.0
Fair Value	49.5	17.4
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	38.6
Gross Unrealized Gains	0.0	0.1
Gross Unrealized Losses	0.0	0.0
Fair Value	$ 7.8	$ 38.7

Fair Value Measurements - Schedule of Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020
Assets
Marketable securities	$ 521.5	$ 758.1
Recurring
Assets
Marketable securities	521.5	758.1
Deferred compensation plan held in a rabbi trust	3.6
Cost-method investments		0.7
Total	525.1	758.8
Other current liabilities:
Contingent consideration	2.5	2.5
Deferred compensation accrual rabbi trust	3.6
Other non-current liabilities:
Contingent consideration	2.3	4.6
Total	8.3	7.1
Recurring \| Level 1
Assets
Marketable securities	521.5	758.1
Deferred compensation plan held in a rabbi trust	3.6
Cost-method investments		0.0
Total	525.1	758.1
Other current liabilities:
Contingent consideration	0.0	0.0
Deferred compensation accrual rabbi trust	3.6
Other non-current liabilities:
Contingent consideration	0.0	0.0
Total	3.6	0.0
Recurring \| Level 2
Assets
Marketable securities	0.0	0.0
Deferred compensation plan held in a rabbi trust	0.0
Cost-method investments		0.0
Total	0.0	0.0
Other current liabilities:
Contingent consideration	0.0	0.0
Deferred compensation accrual rabbi trust	0.0
Other non-current liabilities:
Contingent consideration	0.0	0.0
Total	0.0	0.0
Recurring \| Level 3
Assets
Marketable securities	0.0	0.0
Deferred compensation plan held in a rabbi trust	0.0
Cost-method investments		0.7
Total	0.0	0.7
Other current liabilities:
Contingent consideration	2.5	2.5
Deferred compensation accrual rabbi trust	0.0
Other non-current liabilities:
Contingent consideration	2.3	4.6
Total	$ 4.7	$ 7.1

Fair Value Measurements - Other Financial Instruments (Details) $ in Millions	Jun. 30, 2021 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible Senior Notes	$ 972.8
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	972.8
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	Jun. 30, 2021	Jun. 30, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 109.8	$ 17.8
Work-in-process	7.9	4.6
Finished products	879.5	232.5
Total inventories	997.2	254.9
Less: Reserves	(60.1)	(10.5)
Total inventories, net	937.1	244.5
Other inventory, in transit	$ 249.9	$ 71.6

Acquisitions - Narrative (Details)				12 Months Ended
Acquisitions - Narrative (Details)	Apr. 05, 2021 USD ($)	Apr. 01, 2021 USD ($) entity	Feb. 09, 2021 USD ($)	Jun. 30, 2021 USD ($) agreement	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)
Schedule of Business Combination and Asset Acquisition [Line Items]
Goodwill				$ 210,100,000	$ 39,100,000	$ 4,300,000
Goodwill, acquired during period				168,100,000	32,300,000
Asset acquisitions, net of cash acquired				$ 78,100,000	$ 0	$ 0
Acquired developed technology
Schedule of Business Combination and Asset Acquisition [Line Items]
Finite-lived intangible asset, useful life (in years)				4 years 4 months 24 days	3 years
Asset Acquisition 2020
Schedule of Business Combination and Asset Acquisition [Line Items]
Number of asset acquisition agreements \| agreement				3
Asset acquisitions, net of cash acquired				$ 78,100,000
Asset acquisition, transaction cost				2,400,000
Asset acquisition, consideration transferred				84,000,000.0
Deferred tax liabilities acquired				5,900,000
Asset Acquisition 2020 \| Software
Schedule of Business Combination and Asset Acquisition [Line Items]
Property, plant and equipment, additions				$ 57,400,000
Property, plant and equipment, useful life (in years)				5 years
Asset Acquisition 2020 \| Acquired developed technology
Schedule of Business Combination and Asset Acquisition [Line Items]
Assigned Value				$ 22,700,000
Finite-lived intangible asset, useful life (in years)				3 years
Asset Acquisition 2020 \| Workforce assembled
Schedule of Business Combination and Asset Acquisition [Line Items]
Assigned Value				$ 3,900,000
Finite-lived intangible asset, useful life (in years)				4 years
Other Business Combinations
Schedule of Business Combination and Asset Acquisition [Line Items]
Goodwill, acquired during period	$ 8,500,000
Aquido, Inc.
Schedule of Business Combination and Asset Acquisition [Line Items]
Purchase price			$ 57,700,000
Acquisition related costs				$ 1,000,000.0
Developed technology			44,200,000
Goodwill			25,000,000.0
Amount of goodwill expected to be tax deductible			$ 0
Precor Inc.
Schedule of Business Combination and Asset Acquisition [Line Items]
Purchase price		$ 412,000,000.0
Acquisition related costs				6,000,000.0
Developed technology		180,100,000
Goodwill		$ 135,000,000.0
Number of legal entities \| entity		15
Amount of goodwill expected to be tax deductible		$ 83,300,000
Assigned Value				180,100,000
Precor Inc. \| Acquired developed technology
Schedule of Business Combination and Asset Acquisition [Line Items]
Assigned Value				$ 39,000,000.0

Acquisitions - Schedule of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	Jun. 30, 2021	Apr. 01, 2021	Feb. 09, 2021	Jun. 30, 2020	Jun. 30, 2019
Current assets:
Goodwill	$ 210.1			$ 39.1	$ 4.3
Aquido, Inc.
Current assets:
Developed technology			$ 44.2
Goodwill			25.0
Other assets			3.3
Total assets			72.5
Current liabilities:
Current liabilities			(3.3)
Deferred tax liability			(11.5)
Total liabilities			(14.8)
Net assets acquired			$ 57.7
Precor Inc.
Current assets:
Accounts receivable		$ 50.2
Inventories		99.1
Prepaid expenses and other current assets		6.5
Total current assets		155.8
Property and equipment		23.8
Developed technology		180.1
Goodwill		135.0
Operating lease right-of-use assets		20.3
Deferred tax asset		0.9
Other assets		0.7
Total assets		516.6
Current liabilities:
Accounts payable and accrued expenses		(60.1)
Customer deposits and deferred revenue		(11.5)
Operating lease liabilities, current		(6.2)
Other current liabilities		(2.8)
Current liabilities		(80.6)
Operating lease liabilities, non-current		(13.6)
Other non-current liabilities		(10.4)
Total liabilities		(104.6)
Net assets acquired		$ 412.0

Acquisitions - Schedule of Useful Lives Were Assigned to the Intangible Assets (Details) - Precor Inc. $ in Millions	12 Months Ended
	Jun. 30, 2021 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
Assigned Value	$ 180.1
Brand
Acquired Finite-Lived Intangible Assets [Line Items]
Assigned Value	$ 94.0
Assigned Useful Life (years)	9 years
Acquired developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Assigned Value	$ 39.0
Assigned Useful Life (years)	7 years
Distributor relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Assigned Value	$ 24.0
Assigned Useful Life (years)	16 years
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Assigned Value	$ 18.0
Assigned Useful Life (years)	10 years
Service contracts
Acquired Finite-Lived Intangible Assets [Line Items]
Assigned Value	$ 5.1
Assigned Useful Life (years)	6 years

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020
Property and Equipment [Line Items]
Total property and equipment	$ 684.9	$ 306.2
Accumulated depreciation and amortization	(93.0)	(64.0)
Total property and equipment, net	591.9	242.3
Land
Property and Equipment [Line Items]
Total property and equipment	14.0	7.1
Buildings
Property and Equipment [Line Items]
Total property and equipment	22.2	9.2
Leasehold Improvements
Property and Equipment [Line Items]
Total property and equipment	253.7	115.4
Machinery
Property and Equipment [Line Items]
Total property and equipment	31.1	10.1
Equipment
Property and Equipment [Line Items]
Total property and equipment	55.4	24.9
Furniture and Fixtures
Property and Equipment [Line Items]
Total property and equipment	26.8	9.8
Software
Property and Equipment [Line Items]
Total property and equipment	152.6	32.7
Construction in Progress
Property and Equipment [Line Items]
Total property and equipment	129.1	$ 97.1
Software under development
Property and Equipment [Line Items]
Total property and equipment	$ 108.3

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Property and Equipment [Line Items]
Depreciation and amortization expense	$ 44.6	$ 35.1	$ 16.7
Amortization of capitalized software costs	$ 8.7	$ 6.8	$ 3.3
Property, Plant and Equipment Benchmark \| United Kingdom \| Geographic Concentration Risk
Property and Equipment [Line Items]
Percentage of total property and equipment, net	13.00%	11.00%
Property, Plant and Equipment Benchmark \| United States \| Geographic Concentration Risk
Property and Equipment [Line Items]
Percentage of total property and equipment, net	78.00%	79.00%

Property and Equipment - Schedule of Useful Lives (Details)	12 Months Ended
	Jun. 30, 2021
Buildings
Property and Equipment [Line Items]
Useful life	40 years
Machinery \| Minimum
Property and Equipment [Line Items]
Useful life	5 years
Machinery \| Maximum
Property and Equipment [Line Items]
Useful life	10 years
Equipment \| Minimum
Property and Equipment [Line Items]
Useful life	2 years
Equipment \| Maximum
Property and Equipment [Line Items]
Useful life	5 years
Furniture and Fixtures \| Minimum
Property and Equipment [Line Items]
Useful life	2 years
Furniture and Fixtures \| Maximum
Property and Equipment [Line Items]
Useful life	10 years
Software \| Minimum
Property and Equipment [Line Items]
Useful life	2 years
Software \| Maximum
Property and Equipment [Line Items]
Useful life	3 years

Goodwill and Intangible Assets - Schedule of Changes in Carrying Value of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Goodwill [Roll Forward]
Beginning balance	$ 39.1	$ 4.3
Acquisition	168.1	32.3
Foreign currency translation	2.8	2.6
Ending balance	$ 210.1	$ 39.1

Goodwill and Intangible Assets - Accumulated Amortization of Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Acquired Finite-Lived Intangible Assets [Line Items]
Gross carrying value	$ 277.5	$ 26.4
Accumulated amortization	29.6	10.4
Total	247.9	16.0
Intangible asset amortization	19.2	5.1	$ 5.0
Acquired developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Gross carrying value	130.8	24.8
Accumulated amortization	24.8	10.3
Total	$ 106.0	$ 14.5
Weighted average remaining useful life (in years)	4 years 4 months 24 days	3 years
Brand
Acquired Finite-Lived Intangible Assets [Line Items]
Gross carrying value	$ 94.0
Accumulated amortization	2.6
Total	$ 91.4
Weighted average remaining useful life (in years)	8 years 8 months 12 days
Distributor relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross carrying value	$ 24.0
Accumulated amortization	0.4
Total	$ 23.6
Weighted average remaining useful life (in years)	15 years 8 months 12 days
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross carrying value	$ 18.0
Accumulated amortization	0.5
Total	$ 17.5
Weighted average remaining useful life (in years)	9 years 8 months 12 days
Other Intangible Assets
Acquired Finite-Lived Intangible Assets [Line Items]
Gross carrying value	$ 10.5	$ 1.6
Accumulated amortization	1.3	0.1
Total	$ 9.3	$ 1.5
Weighted average remaining useful life (in years)	4 years 7 months 6 days	4 years 8 months 12 days

Goodwill and Intangible Assets - Future Amortization of Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2022	$ 42.9
2023	42.6
2024	33.0
2025	29.6
2026	25.5
Thereafter	74.2
Total	$ 247.9	$ 16.0

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020
Payables and Accruals [Abstract]
Accounts payable	$ 364.4	$ 135.8
Inventory received but not billed	134.2	88.6
Employee-related liabilities	107.3	35.1
Accrued music licensing royalties	70.9	37.9
Accrued marketing	59.9	5.8
Return reserve liability	50.2	11.5
Accrued capital expenditures	40.9	14.4
Product warranty	34.2	10.6
Accrued professional services	31.9	4.5
Other	95.2	17.4
Accrued expenses	$ 989.1	$ 361.7

Leases - Schedule of Maturities of Lease Liabilities for Operating Leases (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2022	$ 96.3
2023	98.2
2024	92.3
2025	81.8
2026	76.4
Thereafter	498.9
Total	944.0	$ 817.3
Tenant improvement receivable in 2022	$ (7.0)

Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020
Leases [Abstract]
Weighted-average remaining lease term	11 years 4 months 24 days	12 years 8 months 12 days
Weighted-average discount rate	5.35%	5.84%
Total	$ 944.0	$ 817.3
Less: Imputed interest	(261.6)	(272.1)
Total Discounted Lease Liability	682.3	545.1
Current portion of lease liability	61.9	36.9
Non-current portion of lease liability	$ 620.4	$ 508.2

Leases - Schedule of Supplemental Cash Flow and Other Information Related to Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Operating cash flows from operating leases	$ 47.3	$ 45.2
Right-of-use assets obtained in exchange for operating lease liabilities (non-cash)	149.2	356.2
Operating lease expense	122.4	89.9
Variable lease expense	17.2	11.8
Short-term lease expense	$ 4.2	$ 1.7
Rent expense			$ 35.8

Debt - Convertible Notes and Indenture (Details) $ / shares in Units, shares in Millions	1 Months Ended	12 Months Ended
	Feb. 28, 2021 USD ($) period $ / shares shares	Jun. 30, 2021 USD ($) $ / shares	Jun. 30, 2020 USD ($) $ / shares	Jun. 30, 2019 USD ($)
Line of Credit Facility [Line Items]
Proceeds from issuance of convertible notes, net of issuance costs		$ 977,200,000	$ 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	$ 1,000,000,000.0
Convertible debt, stated interest rate	0.00%
Proceeds from issuance of convertible notes, net of issuance costs	$ 977,200,000
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)	$ 163,800,000
Unamortized debt issuance costs	19,000,000.0
Issuance costs	$ 3,700,000
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 (less than)	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	$ 81,300,000
Convertible Debt \| Over-Allotment - 0% Convertible Senior Notes Due February 15, 2026 Over Allotment Option
Line of Credit Facility [Line Items]
Principal amount	$ 125,000,000.0

Debt - Components of Convertible Debt (Details) $ in Millions	12 Months Ended
	Jun. 30, 2021 USD ($)
Interest Expense, Debt [Abstract]
Amortization of debt discount	$ 11.5
Amortization of debt issuance costs	1.2
Total interest expense related to the Notes	12.6
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
Unamortized debt discount	(152.4)
Unamortized debt issuance costs	(17.8)
Net carrying amount	829.8
Debt Instrument, Equity Issuance Cost, Net [Abstract]
Proceeds allocated to the conversion option (debt discount)	163.8
Issuance costs	(3.7)
Net carrying amount	$ 160.1

Debt - Amended and Restated Credit Agreement (Details) - USD ($)		12 Months Ended
	Mar. 18, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Line of Credit Facility [Line Items]
Standby letters of credit outstanding		$ 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		1,000,000.0	$ 900,000
Debt issuance costs				900,000
Covenant, minimum level of liquidity required		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
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		3 Months Ended								12 Months Ended
	May 05, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Other Commitments [Line Items]
Content and royalty reserve		$ 11.5				$ 25.1				$ 11.5	$ 25.1
Revenue		936.9	$ 1,262.3	$ 1,064.8	$ 757.9	607.1	$ 524.6	$ 466.3	$ 228.0	4,021.8	1,825.9	$ 915.0
Return reserve liability		50.2				$ 11.5				50.2	11.5
Cost of revenue										2,569.8	989.1	531.4
Connected Fitness Products
Other Commitments [Line Items]
Revenue										3,149.7	1,462.2	733.9
Cost of revenue	$ 15.7									2,239.3	$ 833.5	$ 427.8
Connected Fitness Products \| Sales Returns and Allowances
Other Commitments [Line Items]
Revenue										81.1
Return reserve liability		$ 40.8								$ 40.8

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Commitments and Contingencies - Minimum Guarantee Royalty Payments Due (Details) - Royalty Guarantees, Commitments $ in Millions	Jun. 30, 2021 USD ($)
Minimum Guarantee Royalty Payments, Fiscal Year Maturity [Abstract]
2022	$ 11.2
2023	14.8
2024	0.8
Minimum Guarantee Royalty Payments, Total	$ 26.8

Stockholders' Equity (Deficit) (Details)	12 Months Ended
Stockholders' Equity (Deficit) (Details)	Jun. 30, 2021 vote $ / shares shares	Jun. 30, 2020 $ / shares shares
Class of Stock [Line Items]
Conversion of stock period	10 years
Percentage of common class B shares outstanding to total common shares outstanding (at least)	1.00%
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.000025
Preferred stock, shares authorized (in shares)	50,000,000
Preferred stock, shares outstanding (in shares)	0
Class A Common Stock
Class of Stock [Line Items]
Common stock, number of votes per share \| vote	1
Common stock, par value (in dollars per share) \| $ / shares	$ 0.000025	$ 0.000025
Common stock, shares authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, shares outstanding (in shares)	270,855,356	237,518,574
Class B Common Stock
Class of Stock [Line Items]
Common stock, number of votes per share \| vote	20
Common stock, par value (in dollars per share) \| $ / shares	$ 0.000025	$ 0.000025
Common stock, shares authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, shares outstanding (in shares)	29,291,774	50,538,538

Equity-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions	1 Months Ended	6 Months Ended		12 Months Ended
	Sep. 30, 2019 period	Feb. 28, 2021 $ / shares shares	Aug. 31, 2020 $ / shares shares	Jun. 30, 2021 USD ($) $ / shares shares	Jun. 30, 2020 USD ($) $ / shares	Jun. 30, 2019 USD ($) $ / shares	Jul. 01, 2020 shares
Class of Stock [Line Items]
Cashless stock issuance during period (in shares)				1,263,245
Cashless exercise of stock options (in shares)				1,888,570
Aggregate intrinsic value \| $				$ 1,216.6	$ 274.0	$ 40.2
Stock-based compensation expense \| $				$ 194.0	$ 88.8	$ 89.5
Weighted-average grant date fair value per option (in dollars per share) \| $ / shares				$ 43.76	$ 12.17	$ 6.71
Expected dividend yield				0.00%
Employee Stock Options
Class of Stock [Line Items]
Expected dividend yield				0.00%	0.00%	0.00%
Unrecognized stock-based compensation expense \| $				$ 520.1
Unrecognized stock-based compensation expense, period for recognition (in years)				3 years 1 month 6 days
Performance Based Options
Class of Stock [Line Items]
Stock-based compensation expense \| $				$ 0.6	$ 5.2	$ 0.8
ESPP
Class of Stock [Line Items]
Stock-based compensation expense \| $				$ 9.5	$ 3.3
Expected dividend yield				0.00%
Unrecognized stock-based compensation expense \| $				$ 15.7
Unrecognized stock-based compensation expense, period for recognition (in years)				1 year 3 months 18 days
ESPP \| 2019 Employee Stock Purchase Plan
Class of Stock [Line Items]
Number of purchase periods \| period	4
Purchase period (in months)	6 months
Commencement of offering period (in years)	2 years
Commencement of purchase period (in months)	6 months
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)				49,545,873
Class A Common Stock \| ESPP
Class of Stock [Line Items]
Number of shares purchased under ESPP (in shares)		242,697	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)				7,860,684
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	6 Months Ended	12 Months Ended
	Dec. 31, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Stock Options Outstanding, Number of Stock Options
Stock options outstanding, beginning balance (in shares)	66,818,860	66,818,860
Granted (in shares)		4,863,406
Exercised (in shares)		(12,005,603)
Forfeited (in shares)		(1,730,055)
Stock options outstanding, ending balance (in shares)		57,946,608	66,818,860
Stock options vested and exercisable (in shares)		29,786,574
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)		102.36
Exercised, weighted-average exercise price (in dollars per share)		7.80
Forfeited, weighted-average exercise price (in dollars per share)		23.28
Stock options outstanding, weighted average exercise price, ending balance (in dollars per shares)		18.47	$ 10.57
Stock options vested and exercisable, weighted-average exercise price (in dollars per share)		$ 8.38
Stock options outstanding, weighted-average remaining contractual term (in years)	8 years	7 years 3 months 18 days
Stock options vested and exercisable, weighted-average remaining contractual term (in years)		6 years 6 months
Stock options outstanding, aggregate intrinsic value	$ 3,153.6	$ 3,153.6
Stock options exercised, aggregate intrinsic value		1,216.6	$ 274.0	$ 40.2
Stock options outstanding, aggregate intrinsic value		6,119.2	$ 3,153.6
Stock options vested and exercisable, aggregate intrinsic value		$ 3,444.6

Equity-Based Compensation - Summary of Unvested Stock Option Activity (Details) - $ / shares	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Unvested Options
Unvested options, beginning balance (in shares)	39,674,590
Granted (in shares)	4,863,406
Early exercised unvested (in shares)	(59,430)
Vested (in shares)	(14,600,175)
Forfeited (in shares)	(1,718,357)
Unvested options, ending balance (in shares)	28,160,034	39,674,590
Unvested Options, Weighted-Average Grant Date Fair Value
Unvested options, weighted-average grant date fair value, beginning balance (in dollars per share)	$ 7.41
Unvested options, weighted-average grant date fair value, granted (in dollars per share)	43.76	$ 12.17	$ 6.71
Unvested options, weighted-average grant date fair value, early exercised unvested (in dollars per share)	3.17
Unvested options, weighted-average grant date fair value, vested (in dollars per share)	7.41
Unvested options, weighted-average grant date fair value, forfeited (in dollars per share)	10.46
Unvested options, weighted-average grant date fair value, ending balance (in dollars per share)	$ 13.52	$ 7.41

Equity-Based Compensation - Summary of Fair Value Assumptions (Details)	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield	0.00%
Employee stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average risk-free interest rate	0.70%	1.10%	2.50%
Weighted average expected term (in years)	6 years 2 months 12 days	6 years 2 months 12 days	6 years 3 months 18 days
Weighted average expected volatility rate	43.50%	44.90%	45.00%
Expected dividend yield	0.00%	0.00%	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	0.90%
Weighted average expected term (in years)	1 year 2 months 12 days
Weighted average expected volatility rate	62.10%
Expected dividend yield	0.00%

Equity-Based Compensation - Summary of Restricted Stock and Restricted Stock Units (Details)	12 Months Ended
	Jun. 30, 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	104.89
Vested and converted to shares, weighted-average grant date fair value (in dollars per share) \| $ / shares	95.95
Cancelled, weighted-average grant date fair value (in dollars per share) \| $ / shares	99.63
Outstanding, weighted-average grant date fair value, ending balance (in dollars per share) \| $ / shares	$ 99.43
Restricted stock units and awards
Number of Awards
Outstanding, beginning balance (in shares) \| shares	616,113
Granted (in shares) \| shares	1,787,215
Vested and converted to shares (in shares) \| shares	(580,020)
Cancelled (in shares) \| shares	(37,362)
Outstanding, ending balance (in shares) \| shares	1,785,946

Equity-Based Compensation - Summary of Sock-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 194.0	$ 88.8	$ 89.5
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	38.5	10.7	3.5
Cost of revenue \| Connected Fitness Products
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	12.6	3.2	0.3
Cost of revenue \| Subscription
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	25.9	7.5	3.2
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	26.2	15.3	8.4
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	102.1	52.4	70.5
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 27.2	$ 10.4	$ 7.1

Concentration of Credit Risk and Major Customers and Vendors (Details) - Vendor Concentration Risk - Inventory Benchmark	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Top Two Vendors
Concentration Risk [Line Items]
Percentage of inventory purchased	46.00%
Top Four Vendors
Concentration Risk [Line Items]
Percentage of inventory purchased		61.00%	91.00%

Income Taxes - Schedule of Loss Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
United States	$ (120.0)	$ (15.6)	$ (164.4)
Foreign	(78.2)	(52.8)	(31.2)
Loss before provision for income taxes	$ (198.2)	$ (68.4)	$ (195.6)

- Definition

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

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Current:
Federal	$ 0.0	$ 0.0	$ 0.0
State	0.4	1.2	0.1
Foreign	11.5	3.0	0.3
Current income tax expense	11.9	4.2	0.4
Deferred:
Federal	(14.1)	0.0	0.0
State	(3.2)	0.0	0.0
Foreign	(3.8)	(0.9)	(0.3)
Deferred Income Tax Expense	(21.1)	(0.9)	(0.3)
Total	$ (9.2)	$ 3.3	$ 0.1

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Federal income tax rate	21.00%	21.00%	21.00%
Permanent differences	(0.60%)	(1.80%)	(4.20%)
Share based compensation	99.60%	34.20%	0.00%
Return to provision	1.50%	(3.80%)	(0.40%)
Effects of rates different than statutory	(1.30%)	0.00%	(0.30%)
State and local income taxes, net of federal benefit	24.10%	8.60%	3.00%
Franchise tax	0.00%	(1.20%)	0.00%
Change in valuation allowance	(150.20%)	(65.60%)	(21.00%)
Rate change	8.00%	(0.50%)	(0.40%)
Federal credits	2.50%	4.40%	2.30%
Other	0.00%	(0.10%)	0.00%
Effective income tax rate	4.60%	(4.80%)	0.00%

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Jun. 30, 2018	Jun. 30, 2021	Jun. 30, 2020
Operating Loss Carryforwards [Line Items]
Income tax expense related to Tax Cuts and Jobs Act	$ 18,000,000.0
Net operating loss		$ 337,900,000	$ 63,900,000
Operating loss carryforwards outstanding with limitations on use		193,800,000
Operating loss carryforwards acquisition		16,500,000
R&D credit		16,100,000	9,200,000
Unrecognized tax benefits		700,000	0
Unrecognized tax benefits that would impact effective tax rate		500,000
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards		1,086,500,000	191,100,000
Federal \| Tax Year 2036
Operating Loss Carryforwards [Line Items]
Net operating loss		64,800,000
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards		706,200,000	99,600,000
Foreign
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards		$ 274,600,000	$ 94,200,000

Income Taxes - Schedule of Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Millions	Jun. 30, 2021	Jun. 30, 2020
Deferred tax assets:
Net operating loss	$ 337.9	$ 63.9
Accruals and reserves	45.3	13.7
R&D credit	16.1	9.2
Accrued legal and professional fees	3.3	5.3
Non-qualified stock options	39.6	20.8
Restricted stock options	10.9	2.5
Inventory capitalization	23.1	8.8
Lease liability	150.4	129.6
Deferred revenue	6.0	8.4
Other	2.4	1.1
Deferred Tax Assets, Gross, Total	635.0	263.3
Valuation allowance	(413.8)	(128.5)
Deferred tax liabilities:
Prepaid Expenses	(7.8)	(3.1)
Property and equipment	(48.3)	(10.6)
Intangibles	(14.4)	(2.1)
Right-of-use assets	(125.7)	(116.4)
Convertible securities	(18.7)	0.0
Other	0.0	(1.0)
Total deferred tax liabilities:	(214.9)	(133.2)
Deferred tax assets, net	$ 6.3	$ 1.6

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($)	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Gross increase - acquired unrecognized tax benefits	$ 700,000	$ 0
Ending balance	$ 700,000	$ 0

Loss Per Share - Schedule of Computation of Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share Reconciliation [Abstract]
Net loss	$ (313.2)	$ (8.6)	$ 63.6	$ 69.3	$ 89.1	$ (55.6)	$ (55.4)	$ (49.8)	$ (189.0)	$ (71.6)	$ (195.6)
Less: Premium on repurchase of convertible preferred stock									0.0	0.0	(50.1)
Net loss attributable to Class A and Class B common stockholders									$ (189.0)	$ (71.6)	$ (245.7)
Earnings Per Share, Basic, Other Disclosures [Abstract]
Weighted-average Class A and Class B common shares outstanding, basic (in shares)									293,892,643	220,952,237	22,911,764
Net (loss) income per share attributable to common stockholders, basic (in dollars per share)	$ (1.05)	$ (0.03)	$ 0.22	$ 0.24	$ 0.31	$ (0.20)	$ (0.20)	$ (1.29)	$ (0.64)	$ (0.32)	$ (10.72)

- Definition

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

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Loss Per Share - Schedule of Potentially Diluted Securities Not Included In Calculation of Diluted Shares Outstanding (Details) - shares	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Employee stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from calculation of diluted shares outstanding (in shares)	54,076,445	41,476,591	20,609,654
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)	546,687	41,855	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)	363,741	66,019	0
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from calculation of diluted shares outstanding (in shares)	0	0	234,527
Redeemable convertible preferred stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from calculation of diluted shares outstanding (in shares)	0	0	210,640,629

Loss 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								12 Months Ended
	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Jun. 30, 2020 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Sep. 30, 2019 USD ($)	Jun. 30, 2021 USD ($) segment	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment									2
Segment Reporting Information [Line Items]
Revenue	$ 936.9	$ 1,262.3	$ 1,064.8	$ 757.9	$ 607.1	$ 524.6	$ 466.3	$ 228.0	$ 4,021.8	$ 1,825.9	$ 915.0
Cost of revenue									2,569.8	989.1	531.4
Gross profit	$ 253.6	$ 444.9	$ 424.8	$ 328.7	$ 288.8	$ 245.8	$ 197.1	$ 105.1	1,452.0	836.7	383.6
Connected Fitness Products
Segment Reporting Information [Line Items]
Revenue									3,149.7	1,462.2	733.9
Cost of revenue									2,239.3	833.5	427.8
Gross profit									910.3	628.8	306.2
Subscription
Segment Reporting Information [Line Items]
Revenue									872.2	363.7	181.1
Cost of revenue									330.5	155.7	103.7
Gross profit									$ 541.7	$ 208.0	$ 77.4

- Definition

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

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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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Segment Information - Reconciliation of Segment Gross Profit to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting [Abstract]
Segment Gross Profit	$ 253.6	$ 444.9	$ 424.8	$ 328.7	$ 288.8	$ 245.8	$ 197.1	$ 105.1	$ 1,452.0	$ 836.7	$ 383.6
Sales and marketing									(729.7)	(477.0)	(324.0)
General and administrative									(662.4)	(351.6)	(207.0)
Research and development									(247.8)	(89.0)	(54.8)
Total other (expense) income, net									(10.4)	12.4	6.7
Loss before provision for income taxes									$ (198.2)	$ (68.4)	$ (195.6)

- Definition

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

Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 936.9	$ 1,262.3	$ 1,064.8	$ 757.9	$ 607.1	$ 524.6	$ 466.3	$ 228.0	$ 4,021.8	$ 1,825.9	$ 915.0
Gross profit	253.6	444.9	424.8	328.7	288.8	245.8	197.1	105.1	1,452.0	836.7	383.6
Income (Loss) from operations	(301.7)	(13.7)	58.8	68.9	90.0	(58.4)	(61.5)	(50.9)	(187.8)	(80.8)	(202.3)
Net Income (Loss)	$ (313.2)	$ (8.6)	$ 63.6	$ 69.3	$ 89.1	$ (55.6)	$ (55.4)	$ (49.8)	$ (189.0)	$ (71.6)	$ (195.6)
Net (loss) income per share attributable to common stockholders, basic (in dollars per share)	$ (1.05)	$ (0.03)	$ 0.22	$ 0.24	$ 0.31	$ (0.20)	$ (0.20)	$ (1.29)	$ (0.64)	$ (0.32)	$ (10.72)
Net (loss) income per share attributable to common stockholders, diluted (in dollars per share)	$ (1.05)	$ (0.03)	$ 0.18	$ 0.20	$ 0.27	$ (0.20)	$ (0.20)	$ (1.29)	$ (0.64)	$ (0.32)	$ (10.72)
Inventory recall expense	$ 100.0

- Definition

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

+ References

+ Details

- Definition

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

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

+ References

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- Definition

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

Subsequent Events (Details) - Subsequent Event - Manufacturing Facility $ in Millions	Jul. 26, 2021 USD ($) ft²
Subsequent Event [Line Items]
Area of land \| ft²	223
Payments to acquire land held-for-use \| $	$ 6.2