0001639825-21-000322 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Sep. 30, 2021	Oct. 29, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
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		274,171,534
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		28,852,658

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2021	Jun. 30, 2021
Current assets:
Cash and cash equivalents	$ 612.6	$ 1,134.8
Marketable securities	311.6	472.0
Accounts receivable, net	81.1	71.4
Inventories, net	1,269.2	937.1
Prepaid expenses and other current assets	280.7	202.8
Total current assets	2,555.1	2,818.1
Property and equipment, net	682.2	591.9
Intangible assets, net	238.1	247.9
Goodwill	212.7	210.1
Restricted cash	0.9	0.9
Operating lease right-of-use assets, net	684.3	580.1
Other assets	41.3	36.7
Total assets	4,414.5	4,485.6
Current liabilities:
Accounts payable and accrued expenses	1,012.8	989.1
Customer deposits and deferred revenue	205.2	164.8
Operating lease liabilities, current	70.5	61.9
Other current liabilities	15.2	27.2
Total current liabilities	1,303.7	1,243.0
Convertible senior notes, net	838.2	829.8
Operating lease liabilities, non-current	726.3	620.4
Other non-current liabilities	39.5	38.3
Total liabilities	2,907.6	2,731.5
Commitments and contingencies (Note 9)
Stockholders’ equity
Common stock, $0.000025 par value; 2,500,000,000 and 2,500,000,000 Class A shares authorized, 273,978,403 and 270,855,356 shares issued and outstanding as of September 30, 2021 and June 30, 2021, respectively; 2,500,000,000 and 2,500,000,000 Class B shares authorized, 28,785,575 and 29,291,774 shares issued and outstanding as of September 30, 2021 and June 30, 2021, respectively.	0.0	0.0
Additional paid-in capital	2,748.6	2,618.9
Accumulated other comprehensive income	17.1	18.2
Accumulated deficit	(1,258.8)	(883.0)
Total stockholders’ equity	1,506.9	1,754.1
Total liabilities and stockholders’ equity	$ 4,414.5	$ 4,485.6

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2021	Jun. 30, 2021
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)	273,978,403	270,855,356
Common stock, shares outstanding (in shares)	273,978,403	270,855,356
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)	28,785,575	29,291,774
Common stock, shares outstanding (in shares)	28,785,575	29,291,774

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Revenue	$ 805.2	$ 757.9
Cost of revenue	542.5	429.2
Gross profit	262.7	328.7
Operating expenses:
Sales and marketing	284.3	114.6
General and administrative	240.3	108.6
Research and development	97.7	36.6
Total operating expenses	622.4	259.8
(Loss) income from operations	(359.7)	68.9
Other (expense) income, net:
Interest expense	(8.6)	(0.4)
Interest income	0.6	2.8
Foreign exchange losses	(5.2)	(0.9)
Other (expense) income, net	(0.7)	0.2
Total other (expense) income, net	(13.9)	1.7
(Loss) income before provision for income taxes	(373.6)	70.6
Income tax expense	2.4	1.3
Net (loss) income	(376.0)	69.3
Net (loss) income attributable to Class A and Class B common stockholders	$ (376.0)	$ 69.3
Net (loss) income per share attributable to common stockholders, basic (in dollars per share)	$ (1.25)	$ 0.24
Net (loss) income per share attributable to common stockholders, diluted (in dollars per share)	$ (1.25)	$ 0.20
Weighted-average Class A and Class B common shares outstanding, basic (in shares)	301,161,474	288,719,834
Weighted-average Class A and Class B common shares outstanding, diluted (in shares)	301,161,474	342,101,984
Other comprehensive (loss) income:
Net unrealized losses on marketable securities	$ (0.2)	$ (1.3)
Change in foreign currency translation adjustment	0.2	3.9
Net unrealized loss on hedging derivatives	(1.0)	0.0
Total other comprehensive (loss) income	(1.1)	2.6
Comprehensive (loss) income	(377.1)	71.9
Connected Fitness Products
Revenue	501.0	601.4
Cost of revenue	441.0	364.2
Subscription
Revenue	304.1	156.5
Cost of revenue	$ 101.4	$ 65.0

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash Flows from Operating Activities:
Net (loss) income	$ (376.0)	$ 69.3
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:
Depreciation and amortization expense	28.1	11.4
Stock-based compensation expense	52.9	29.6
Non-cash operating lease expense	(19.2)	(13.3)
Amortization of premium from marketable securities	2.5	1.7
Amortization of debt discount and issuance costs	8.5	0.1
Impairment of long-lived assets	0.6	1.3
Net foreign currency adjustments	(5.2)	0.0
Changes in operating assets and liabilities:
Accounts receivable	(9.8)	(15.0)
Inventories	(332.4)	(118.0)
Prepaid expenses and other current assets	(40.4)	(18.2)
Other assets	(8.4)	5.9
Accounts payable and accrued expenses	56.0	156.4
Customer deposits and deferred revenue	40.6	157.4
Operating lease liabilities, net	(9.0)	11.3
Other liabilities	1.3	5.5
Net cash (used in) provided by operating activities	(561.0)	312.1
Cash Flows from Investing Activities:
Maturities of marketable securities	120.3	124.5
Purchases of property and equipment	(87.2)	(49.2)
Internal-use software costs and other	(3.8)	(12.9)
Net cash provided by investing activities	29.3	62.4
Cash Flows from Financing Activities:
Proceeds from employee stock purchase plan withholdings	6.2	3.3
Proceeds from exercise of stock options	23.8	15.4
Principal repayments of finance leases	(0.5)	0.0
Net cash provided by financing activities	29.6	18.8
Effect of exchange rate changes	(20.1)	1.7
Net change in cash, cash equivalents, and restricted cash	(522.2)	395.0
Cash, cash equivalents and restricted cash — Beginning of period	1,135.7	1,037.0
Cash, cash equivalents and restricted cash — End of period	613.5	1,432.0
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	0.3	0.3
Cash paid for income taxes	1.9	0.5
Supplemental Disclosures of Non-Cash Investing and Financing Information:
Property and equipment accrued but unpaid	66.4	19.6
Stock-based compensation capitalized for software development costs	$ 2.5	$ 0.7

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Millions, $ in Millions	Total	Common Stock Class A and Class B Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Accumulated Deficit
Beginning balance (in shares) at Jun. 30, 2020		288.1
Beginning balance at Jun. 30, 2020	$ 1,678.0	$ 0.0	$ 2,361.8	$ 10.1	$ (693.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Activity related to stock-based compensation (in shares)		3.5
Activity related to stock-based compensation	45.9		45.9
Issuance of common stock under employee stock purchase plan (in shares)		0.2
Issuance of common stock under employee stock purchase plan	5.1		5.1
Other comprehensive income	2.6			2.6
Net (loss) income	69.3				69.3
Ending balance (in shares) at Sep. 30, 2020		291.8
Ending balance at Sep. 30, 2020	1,801.0	$ 0.0	2,412.9	12.7	(624.6)
Beginning balance (in shares) at Jun. 30, 2021		300.1
Beginning balance at Jun. 30, 2021	1,754.1	$ 0.0	2,618.9	18.2	(883.0)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Activity related to stock-based compensation (in shares)		2.3
Activity related to stock-based compensation	118.0		118.0
Issuance of common stock under employee stock purchase plan (in shares)		0.3
Issuance of common stock under employee stock purchase plan	11.7		11.7
Other comprehensive income	(1.1)			(1.1)
Net (loss) income	(376.0)				(376.0)
Ending balance (in shares) at Sep. 30, 2021		302.8
Ending balance at Sep. 30, 2021	$ 1,506.9	$ 0.0	$ 2,748.6	$ 17.1	$ (1,258.8)

- Definition

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

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+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References

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+ Details

Description of Business and Basis of Presentation	3 Months Ended
Description of Business and Basis of Presentation	Sep. 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 interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") regarding interim financial reporting. The condensed consolidated balance sheet as of June 30, 2021, included herein, was derived from the audited financial statements as of that date, but does not include all disclosures including certain notes required by GAAP on an annual reporting basis. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2021, filed with the SEC on August 27, 2021 (the "Form 10-K"). However, the Company believes that the disclosures provided herein are adequate to prevent the information presented from being misleading. The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the accompanying interim condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, cash flows, and the changes in equity for the interim periods. The results for the three months ended September 30, 2021 are not necessarily indicative of the results to be expected for any subsequent quarter, the fiscal year ending June 30, 2022, or any other period. Certain monetary amounts, percentages, and other figures included elsewhere in these financial statements have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be the arithmetic aggregation of the figures that precede them, and figures expressed as percentages in the text may not total 100% or, as applicable, when aggregated may not be the arithmetic aggregation of the percentages that precede them. Except as described elsewhere in Note 2 of the notes to the condensed consolidated financial statements in the section titled "—Recently Issued Accounting Pronouncements" in Part I, Item 1 of this Quarterly Report on Form 10-Q, there have been no material changes to the Company's significant accounting policies as described in the Form 10-K.

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Use of Estimates The preparation of these financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosures. On an ongoing basis, the Company evaluates its estimates, including, among others, those related to revenue related reserves, the realizability of inventory, content costs for past use reserve, fair value measurements, the incremental borrowing rate associated with lease liabilities, useful lives of 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. Derivative Instruments and Hedging Activities Our Company, when deemed appropriate, uses derivatives as a risk management tool to mitigate the potential impact of foreign currency exchange risk. As required by ASC 815, the Company records all derivatives on the balance sheet at fair value in the following line items: Prepaid expenses and other current assets; and Other current liabilities. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. The Company does not currently have fair value or net investment hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. In addition to our derivatives where we apply hedge accounting, the Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. The Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. 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 September 30, 2021, the Company did not have any material derivative contracts or contracts with material embedded derivative features requiring bifurcation. Recently Issued Accounting Pronouncements Accounting Pronouncements Recently Adopted ASU 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 adoption of this standard did not materially impact the Company's condensed consolidated financial statements. Accounting Pronouncements Not Yet Adopted 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 condensed 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 Notes (as defined in Note 8), an increase in the carrying value of its Notes to reflect the full principal amount of the Notes outstanding net of issuance costs, and an increase to Accumulated deficit. The Company expects the adoption of this standard to reduce its reported Interest expense.

Revenue

3 Months Ended

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

Connected Fitness Products

Connected Fitness Products include the Company’s portfolio of Connected Fitness Products and related accessories, 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 of the service contract. The Company allows customers to return Peloton branded Connected Fitness Products within thirty days of purchase, as stated in its return policy.

The Company records fees paid to third-party financing partners in connection with its consumer financing program as a reduction of revenue, as it considers such costs to be a customer sales incentive. The Company records payment processing fees for its credit card sales for Connected Fitness Products within Sales and marketing in the Company's condensed consolidated statements of operations and comprehensive (loss) income.

Subscription

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

Amounts paid for subscription fees are included within Customer deposits and deferred revenue on the Company's condensed consolidated balance sheets and recognized ratably over the subscription term. The Company records payment processing fees for its monthly subscription

charges within cost of subscription revenue in the Company's condensed consolidated statements of operations and comprehensive (loss) income.

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

Standard Product Warranty

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

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


	Three Months Ended September 30,
	2021		2020
	(in millions)
Balance at beginning of period	$	51.5	$	34.2
Provision for warranty accrual	7.3		10.7
Warranty claims	(14.4)		(6.3)
Balance at end of period	$	44.4	$	38.6

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

Disaggregation of Revenue

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

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


	Three Months Ended September 30,
	2021		2020
	(in millions)
North America	$	728.8	$	721.9
International	76.4		36.0
Total revenue	$	805.2	$	757.9

The Company's revenue attributable to the United States was $696.1 million and $702.3 million or 86% and 93% of total revenue for the three months ended September 30, 2021 and 2020, respectively.

Customer Deposits and Deferred Revenue

As of September 30, 2021 and June 30, 2021, customer deposits of $128.2 million and $92.2 million, respectively, and deferred revenue of $77.1 million and $72.6 million, respectively, were included in customer deposits and deferred revenue on the Company's condensed consolidated balance sheets.

In the three months ended September 30, 2021 and 2020, the Company recognized revenue of $72.6 million and $22.1 million, respectively, that was included in the deferred revenue balance as of June 30, 2021 and 2020, respectively.

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.

- 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
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Investments in Marketable Securities

3 Months Ended

Sep. 30, 2021

Investments, Debt and Equity Securities [Abstract]

Investments in Marketable Securities

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


	September 30, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in millions)
Corporate bonds	$	264.0	$	0.1	$	—	$	264.1
U.S. treasury securities	64.6		0.1		—		64.7
Commercial paper	35.8		—		—		35.8
Supranational securities	30.9		—		—		30.9
Certificate of deposits	2.9		—		—		2.9
	$	398.2	$	0.2	$	—	$	398.4
Less: Restricted marketable securities (1)							$	86.9
Total marketable securities							$	311.6

_________________________

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

Fair Value Measurements

3 Months Ended

Sep. 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 September 30, 2021
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets
Marketable securities	$	398.4	$	—	$	—	$	398.4
Deferred compensation plan held in a rabbi trust	2.9		—		—		2.9
Total	$	401.4	$	—	$	—	$	401.4

Liabilities
Other current liabilities:
Contingent consideration	$	—	$	—	$	2.5	$	2.5
Deferred compensation accrual rabbi trust	$	2.9	$	—	$	—	$	2.9
Other non-current liabilities:
Contingent consideration	—		—		2.3		2.3
Total	$	2.9	$	—	$	4.8	$	7.7

All investments classified as available-for-sale are recorded at fair value within marketable securities in the condensed consolidated balance sheets. The Company’s investments classified as Level 1 are based on quoted prices that are available in active markets.

The contingent consideration represents the estimated fair value of cash consideration payable in connection with an acquisition that is contingent upon the achievement of various 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 changes in the expected achievement of the applicable milestones and changes in discount rate. The Company remeasures the fair value of the contingent consideration arrangement each reporting period, including the accretion of the discount, if applicable, and changes

are recognized in general and administrative expense in the condensed consolidated statements of operations and comprehensive (loss) income.

The 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 condensed consolidated balance sheets:


	As of September 30, 2021
	Level 1		Level 2		Level 3		Total
	(in millions)
Convertible Senior Notes	$	—	$	882.5	$	—	$	882.5

The fair value of the 0% Convertible Senior Notes due February 15, 2026 (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

3 Months Ended

Sep. 30, 2021

Inventory Disclosure [Abstract]

Inventory

Inventories were as follows:


	September 30, 2021		June 30, 2021
	(in millions)
Raw materials	$	105.2	$	109.8

Work-in-process	8.5		7.9
Finished products(1)	1,232.9		879.5
Total inventories	1,346.6		997.2
Less: Reserves	(77.4)		(60.1)
Total inventories, net	$	1,269.2	$	937.1

_________________________

(1) Includes $358.3 million and $249.9 million of inventory in transit, products owned by the Company that have not yet been received at a Company distribution center, as of September 30, 2021 and June 30, 2021, respectively

Acquisitions	3 Months Ended
Acquisitions	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions Business Combination 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. During the three months ended September 30, 2021, the purchase consideration was reduced by $2.9 million associated with working capital adjustments, resulting in a revised purchase price of $409.2 million. Upon completion of the transaction, Precor became wholly owned subsidiaries of the Company. During the fourth quarter of fiscal 2021, the Company completed a preliminary analysis to determine the fair values of the assets acquired and liabilities assumed and the amounts recorded reflected management's initial assessment of fair value as of the closing date. Based on additional information obtained to date, the Company refined its initial assessment of fair value and, as a result, recognized the following adjustments to the Company's preliminary purchase price allocation during the first quarter of fiscal 2022: Inventory decreased $4.0 million, Intangible assets, net increased $1.0 million, and deferred tax liability increased $3.4 million. The adjustments resulted in a corresponding increase to Goodwill of $3.5 million, of which $3.4 million relates to the deferred tax liability and $0.1 million relates to the updated fair value assessment. The adjustments did not result in a material impact on the financial results of prior periods. 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.

Debt

3 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Debt

Convertible Notes and the Indenture

In February 2021, the Company issued $1.0 billion aggregate principal amount of 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 certain times and upon the occurrence of certain events in the future.

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:


	September 30, 2021
	(in millions)
Principal	$	1,000.0
Unamortized debt discount	(144.7)
Unamortized debt issuance costs	(17.0)
Net carrying amount	$	838.2

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


	September 30, 2021
	(in millions)
Amortization of debt discount	$	7.6
Amortization of debt issuance costs	$	0.8
Total interest expense related to the Notes	$	8.4

Capped Call Transactions

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

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

Amended and Restated Credit Agreement

In 2019, the Company entered into an amended and restated loan and security agreement (“Amended Credit Agreement”). The Amended Credit Agreement provided for a $250.0 million secured revolving credit facility, including up to the lesser of $150.0 million and the aggregate unused amount of the facility for the issuance of letters of credit. Interest on the Amended Credit Agreement is paid based on LIBOR plus 2.75% or an Alternative Base Rate plus 1.75%. The Company is required to pay an annual commitment fee of 0.375% on a quarterly basis based on the unused portion of the revolving credit facility.

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

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

During each of the three months ended September 30, 2021 and 2020, the Company incurred total commitment fees of $0.3 million, which are included in interest expense in the condensed consolidated statements of operations and comprehensive (loss) income.

The outstanding balance, if any, is payable in full in June 2024. As of September 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 condensed consolidated balance sheets. These costs are being amortized to interest expense using the effective interest method over the term of the Amended Credit Agreement.

The Company has the option to repay its borrowings under the Amended Credit Agreement without premium or penalty prior to maturity. The Amended Credit Agreement contains customary affirmative covenants, such as financial statement reporting requirements and delivery of borrowing base certificates, as well as customary covenants that include limitations on the Company's ability to, among other things, incur additional indebtedness, sell certain assets, guarantee obligations of third parties, declare cash dividends in the entirety or make certain other distributions, and undergo a merger or consolidation or certain other transactions. The Amended Credit Agreement also contains certain financial condition covenants, including maintaining a total level of liquidity of not less than $125.0 million and maintaining certain minimum total revenue ranging from $725.0 million to $1,985.0 million depending on the applicable date of determination. As of September 30, 2021, the Company was in compliance with the covenants under the Amended Credit Agreement. At September 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.

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+ Details

Commitments and Contingencies

3 Months Ended

Sep. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

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 as of September 30, 2021:


	Future Minimum Payments
Fiscal Year	(in millions)
2022 (remaining)	$	11.0
2023	32.5
2024	24.7
2025	6.0
Total	$	74.3

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 September 30, 2021 and 2020, the Company recorded reserves of $10.8 million and $24.5 million, respectively, included in Accounts payable and accrued expenses in the accompanying condensed 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 $11.4 million for the three months ended September 30, 2021, and a return reserve of $31.1 million is included within Accounts payable and accrued expenses in the accompanying condensed 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 associated with logistic costs of $0.5 million in Connected Fitness products Cost of revenue.

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.

In addition, on April 29, 2021, Ashley Wilson filed a putative securities class action lawsuit against the Company and certain of its officers, 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 filed a related putative securities class action lawsuit, captioned Drori v. Peloton Interactive, Inc., et al., Case No. 1:21-cv-02925-CBA-PK, also in the United States District Court for the Eastern District of New York (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 Exchange Act of 1934, as amended (the "Exchange Act") 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. On October 26, 2021, the magistrate judge issued a report and recommendation to consolidate the actions and to appoint

Richard Neswick as lead plaintiff. After the court appoints a lead plaintiff and lead counsel, the parties will negotiate and submit a proposed schedule for lead plaintiff to file a consolidated amended complaint, and for defendants to file a motion to dismiss.

On May 20, 2021, Alan Chu filed a verified shareholder derivative action lawsuit purportedly on behalf of the Company against certain of the Company’s executive officers and the members of the board of directors, captioned Chu v. Foley, et al., Case No. 1:21-cv-02862, in the United States District Court for the 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 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 the Company’s Chief Executive Officer and Chief Financial Officer. On August 13, 2021 and August 19, 2021, two related verified shareholder derivative complaints were filed, captioned Genack v. Foley, et al., Case No. 1:21-cv-04583 and Liu v. Foley, et al., Case No. 1:21-cv-04687, also purportedly on behalf of the Company, in the United States District Court for the Eastern District of New York. On October 13, 2021, the parties in the three putative derivative actions filed a stipulation seeking to consolidate the actions, and agreeing to a schedule for plaintiffs to file motions to be appointed lead plaintiff. On October 26, 2021, the court entered the stipulation consolidating the actions, and lead-plaintiff motions are due on November 26, 2011.

We dispute the allegations in the above-referenced matters, intend to defend the matters vigorously, and believe that the claims are without merit. Some of our legal and regulatory proceedings, such as the above-referenced matters and litigation that centers around intellectual property claims, may be based on complex claims involving substantial uncertainties and unascertainable damages. Accordingly, it is not possible to determine the probability of loss or estimate damages for any of the above matters, and therefore, the Company has not established reserves for any of these proceedings. When the Company determines that a loss is both probable and reasonably estimable, the Company records a liability, and, if the liability is material, discloses the amount of the liability reserved. Given that such proceedings are subject to uncertainty, there can be no assurance that such legal proceedings, either individually or in the aggregate, will not have a material adverse effect on our business, results of operations, financial condition or cash flows.

Equity-Based Compensation

3 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Equity-Based Compensation

2019 Equity Incentive Plan

In August 2019, the Board of Directors adopted the 2019 Equity Incentive Plan (the "2019 Plan"), which was subsequently approved by the Company’s stockholders in September 2019. The 2019 Plan serves as the successor to the 2015 Stock Plan (the "2015 Plan"). The 2015 Plan continues to govern the terms and conditions of the outstanding awards previously granted thereunder. Any reserved shares not issued or subject to outstanding grants under the 2015 Plan on the effective date of the 2019 Plan became available for grant under the 2019 Plan and will be issued as Class A common stock. The number of shares reserved for issuance under the 2019 Plan will increase automatically on July 1 of each of 2020 through 2029 by the number of shares of the Company’s Class A common stock equal to 5% of the total outstanding shares of all of the Company’s classes of common stock as of each June 30 immediately preceding the date of increase, or a lesser amount as determined by the Board of Directors. On July 1, 2021, the number of shares of Class A common stock available for issuance under the 2019 Plan was automatically increased according to its terms by 15,007,356 shares. As of September 30, 2021, 59,833,906 shares of Class A common stock are available for future award under the 2019 Plan.

Stock Options

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


	Options Outstanding
	Number of Stock Options	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (years)	Aggregate Intrinsic Value (in millions)
Outstanding — June 30, 2021	57,946,608	$	18.47	7.3	$	6,119.2
Granted	2,970,995	$	102.08
Exercised	(1,847,132)	$	11.36		$	176.4
Forfeited	(338,671)	$	50.04
Outstanding — September 30, 2021	58,731,800	$	22.74	7.2	$	3,904.2
Vested and Exercisable— September 30, 2021	31,270,776	$	9.42	6.3	$	2,436.1

Unvested option activity is as follows:


	Options	Weighted-Average Grant Date Fair Value
Unvested - June 30, 2021	28,160,034	$	13.52
Granted	2,970,995	$	45.45
Early exercised unvested	(1,834)	$	4.22
Vested	(3,325,589)	$	9.63
Forfeited or expired	(342,582)	$	22.03
Unvested - September 30, 2021	27,461,024	$	17.34

The aggregate intrinsic value of options outstanding and vested and exercisable, were calculated as the difference between the exercise price of the options and the fair value of the Company’s common stock as of September 30, 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 $176.4 million and $257.1 million for the three months ended September 30, 2021 and 2020, respectively

For the three months ended September 30, 2021 and 2020, the weighted-average grant date fair value per option was $45.45 and $33.43, respectively. The fair value of each option was estimated at the grant date using the Black-Scholes method with the following assumptions:


			Three Months Ended September 30, 2021
Weighted average risk-free interest rate(1)			0.9%
Weighted average expected term (in years)			6.1
Weighted average expected volatility(2)			45.9%
Expected dividend yield			—

____________________________

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

(2) 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.

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, 2021	1,785,946	$	99.43
Granted	2,148,325	$	102.53
Vested and converted to shares	(443,979)	$	98.67
Cancelled	(63,400)	$	109.42
Outstanding — September 30, 2021	3,426,892	$	101.29

Employee Stock Purchase Plan

In August 2019, the Board of Directors adopted, and in September 2019, the Company's stockholders approved, the 2019 Employee Stock Purchase Plan ("ESPP"), through which eligible employees may purchase shares of the Company's Class A common stock at a discount through accumulated payroll deductions. The ESPP became effective on the date the registration statement, in connection with the Company’s IPO, was declared effective by the SEC (the "Effective Date"). The number of shares of the Company's Class A common stock that will be available for issuance and sale to eligible employees under the ESPP will increase automatically on the first day of each fiscal year of the Company beginning on July 1, 2020 through 2029, equal to 1% of the total number of outstanding shares of all classes of the Company's common stock on the immediately preceding June 30, or such lesser number as may be determined by the Board of Directors or applicable committee in its sole discretion. On July 1, 2021, the number of shares of Class A common stock available for issuance under the ESPP was automatically increased according to its terms by 3,001,471 shares. As of September 30, 2021, a total of 10,568,799 shares of Class A common stock were available for sale to employees under the ESPP.

Unless otherwise determined by the Board of Directors, each offering period will consist of four six-month purchase periods, provided that the initial offering period commenced on the Effective Date and ended on August 31, 2021, and the initial purchase period ended February 28, 2020.

Thereafter, each offering period and each purchase period 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, 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. There was an ESPP reset in the three months ended September 30, 2021 that resulted in a total modification charge of $3.5 million, which is recognized over the new two-year offering period ending August 31, 2023.

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


			Three Months Ended September 30, 2021
Weighted average risk-free interest rate			0.6%
Weighted average expected term (in years)			1.2
Weighted average expected volatility			64.6%
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 three months ended September 30, 2021 and 2020, the Company recorded stock-based compensation expense associated with the ESPP of $3.6 million and $1.6 million, respectively.

In connection with the offering period which ended on August 31, 2021, employees purchased approximately 293,356 shares of Class A common stock at a weighted-average price of $39.95 under the ESPP. As of September 30, 2021, total unrecognized compensation cost related to the ESPP was $27.7 million, which will be amortized over a weighted-average remaining period of 1.7 years.

Stock-Based Compensation Expense

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


	Three Months Ended September 30,
	2021		2020
	(in millions)
Cost of revenue
Connected Fitness Products	$	4.4	$	1.5
Subscription	3.6		4.5
Total cost of revenue	8.0		5.9
Sales and marketing	6.5		3.4
General and administrative	29.5		16.7
Research and development	8.9		3.6
Total stock-based compensation expense	$	52.9	$	29.6

As of September 30, 2021, the Company had $771.0 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 3.2 years.

Income Taxes	3 Months Ended
Income Taxes	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded a provision from income taxes of $2.4 million and $1.3 million for the three months ended September 30, 2021 and 2020, respectively. Furthermore, the Company's effective tax rates were (0.63)% and 1.81% for the three months ended September 30, 2021 and 2020, respectively. The income tax provision and the effective tax rate is primarily driven by state and international taxes. The Company maintains a valuation allowance on the majority of its deferred tax assets as it has concluded that it is more likely than not that the deferred assets will not be utilized.

- Definition

The entire disclosure for income 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Net (Loss) Income Per Share

3 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Net (Loss) Income Per Share

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


	Three Months Ended September 30,
	2021		2020
	(in millions, except share and per share amounts)
Basic net (loss) income per share:
Net (loss) income attributable to common stockholders	$	(376.0)	$	69.3
Shares used in computation:
Weighted-average common shares outstanding	301,161,474		288,719,834
Basic net (loss) income per share	$	(1.25)	$	0.24

Diluted net (loss) income per share:
Net (loss) income attributable to common stockholders	$	(376.0)	$	69.3
Shares used in computation:
Weighted-average common shares outstanding	301,161,474		288,719,834
Weighted-average effect of potentially dilutive securities:
Employee stock options	—		52,580,485
Restricted stock units and awards	—		468,732
Shares estimated to be purchased under ESPP	—		332,933
Diluted weighted-average common shares outstanding	301,161,474		342,101,984
Diluted net (loss) income per share	$	(1.25)	$	0.20

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


	Three Months Ended September 30,
	2021	2020
Employee stock options	50,865,988	42,817
Restricted stock units and awards	400,860	8,927
Shares estimated to be purchased under ESPP	113,479	—

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

Segment Information

3 Months Ended

Sep. 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:


	Three Months Ended September 30,
	2021		2020
	(in millions)
Connected Fitness Products:
Revenue	$	501.0	$	601.4
Cost of revenue	441.0		364.2
Gross profit	$	60.0	$	237.2
Subscription:
Revenue	$	304.1	$	156.5
Cost of revenue	101.4		65.0
Gross profit	$	202.7	$	91.5
Consolidated:
Revenue	$	805.2	$	757.9
Cost of revenue	542.5		429.2
Gross profit	$	262.7	$	328.7

Reconciliation of Gross Profit

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


	Three Months Ended September 30,
	2021		2020
	(in millions)
Segment Gross Profit	$	262.7	$	328.7
Sales and marketing	(284.3)		(114.6)
General and administrative	(240.3)		(108.6)
Research and development	(97.7)		(36.6)
Total other (expense) income, net	(13.9)		1.7
(Loss) income before provision for income taxes	$	(373.6)	$	70.6

- 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.

+ References

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

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	The accompanying interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") regarding interim financial reporting.Certain monetary amounts, percentages, and other figures included elsewhere in these financial statements have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be the arithmetic aggregation of the figures that precede them, and figures expressed as percentages in the text may not total 100% or, as applicable, when aggregated may not be the arithmetic aggregation of the percentages that precede them.
Consolidation	The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	The preparation of these financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosures. On an ongoing basis, the Company evaluates its estimates, including, among others, those related to revenue related reserves, the realizability of inventory, content costs for past use reserve, fair value measurements, the incremental borrowing rate associated with lease liabilities, useful lives of 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.
Derivative Instruments and Hedging Activities	Our Company, when deemed appropriate, uses derivatives as a risk management tool to mitigate the potential impact of foreign currency exchange risk. As required by ASC 815, the Company records all derivatives on the balance sheet at fair value in the following line items: Prepaid expenses and other current assets; and Other current liabilities. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. The Company does not currently have fair value or net investment hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. In addition to our derivatives where we apply hedge accounting, the Company may enter into derivative contracts that are intended to economically hedge certain of its risk, even though hedge accounting does not apply or the Company elects not to apply hedge accounting. The Company made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a net basis by counterparty portfolio. 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 September 30, 2021, the Company did not have any material derivative contracts or contracts with material embedded derivative features requiring bifurcation.
Recently Issued Accounting Pronouncements	Accounting Pronouncements Recently Adopted ASU 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 adoption of this standard did not materially impact the Company's condensed consolidated financial statements. Accounting Pronouncements Not Yet Adopted 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 condensed 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 Notes (as defined in Note 8), an increase in the carrying value of its Notes to reflect the full principal amount of the Notes outstanding net of issuance costs, and an increase to Accumulated deficit. The Company expects the adoption of this standard to reduce its reported Interest expense.
Revenue Recognition	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 condensed consolidated statements of operations and comprehensive (loss) income. Connected Fitness Products Connected Fitness Products include the Company’s portfolio of Connected Fitness Products and related accessories, 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 of the service contract. The Company allows customers to return Peloton branded Connected Fitness Products within thirty days of purchase, as stated in its return policy. The Company records fees paid to third-party financing partners in connection with its consumer financing program as a reduction of revenue, as it considers such costs to be a customer sales incentive. The Company records payment processing fees for its credit card sales for Connected Fitness Products within Sales and marketing in the Company's condensed consolidated statements of operations and comprehensive (loss) income. Subscription The Company’s subscriptions provide unlimited access to content in its library of live and on-demand fitness classes. The Company’s subscriptions are offered on a month-to-month basis. Amounts paid for subscription fees are included within Customer deposits and deferred revenue on the Company's condensed consolidated balance sheets and recognized ratably over the subscription term. The Company records payment processing fees for its monthly subscription charges within cost of subscription revenue in the Company's condensed consolidated statements of operations and comprehensive (loss) income. Sales tax collected from customers and remitted to governmental authorities is not included in revenue and is reflected as a liability on the Company's condensed consolidated balance sheets. The Company offers a standard product warranty that its Connected Fitness Products will operate under normal, non-commercial use for a period of one year covering the touchscreen and most original Bike, Bike+, Tread, and Tread+ components from the date of original delivery. The Company has the obligation, at its option, to either repair or replace the defective product. At the time revenue is recognized, an estimate of future warranty costs are recorded as a component of cost of revenue. Factors that affect the warranty obligation include historical as well as current product failure rates, service delivery costs incurred in correcting product failures, and warranty policies and business practices. The Company’s products are manufactured both in-house and by contract manufacturers, and in certain cases, the Company may have recourse to such contract manufacturers.
Customer Deposits and Deferred Revenue	Deferred revenue is recorded for nonrefundable cash payments received for the Company’s performance obligation to transfer, or stand ready to transfer, goods or services in the future. Customer deposits represent payments received in advance before the Company transfers a good or service to the customer and are refundable.
Fair Value Measurements	All investments classified as available-for-sale are recorded at fair value within marketable securities in the condensed consolidated balance sheets. The Company’s investments classified as Level 1 are based on quoted prices that are available in active markets. The contingent consideration represents the estimated fair value of cash consideration payable in connection with an acquisition that is contingent upon the achievement of various 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 changes in the expected achievement of the applicable milestones and changes in discount rate. The Company remeasures the fair value of the contingent consideration arrangement each reporting period, including the accretion of the discount, if applicable, and changes are recognized in general and administrative expense in the condensed consolidated statements of operations and comprehensive (loss) income. The 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 0% Convertible Senior Notes due February 15, 2026 (the "Notes") is determined based on the closing price on the last trading day of the reporting period.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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+ Details

Revenue (Tables)

3 Months Ended

Sep. 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:


	Three Months Ended September 30,
	2021		2020
	(in millions)
Balance at beginning of period	$	51.5	$	34.2
Provision for warranty accrual	7.3		10.7
Warranty claims	(14.4)		(6.3)
Balance at end of period	$	44.4	$	38.6

Schedule of Disaggregation of Revenue

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


	Three Months Ended September 30,
	2021		2020
	(in millions)
North America	$	728.8	$	721.9
International	76.4		36.0
Total revenue	$	805.2	$	757.9

Investments in Marketable Securities (Tables)

3 Months Ended

Sep. 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:


	September 30, 2021
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	(in millions)
Corporate bonds	$	264.0	$	0.1	$	—	$	264.1
U.S. treasury securities	64.6		0.1		—		64.7
Commercial paper	35.8		—		—		35.8
Supranational securities	30.9		—		—		30.9
Certificate of deposits	2.9		—		—		2.9
	$	398.2	$	0.2	$	—	$	398.4
Less: Restricted marketable securities (1)							$	86.9
Total marketable securities							$	311.6

_________________________

Fair Value Measurements (Tables)

3 Months Ended

Sep. 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 September 30, 2021
	Level 1		Level 2		Level 3		Total
	(in millions)
Assets
Marketable securities	$	398.4	$	—	$	—	$	398.4
Deferred compensation plan held in a rabbi trust	2.9		—		—		2.9
Total	$	401.4	$	—	$	—	$	401.4

Liabilities
Other current liabilities:
Contingent consideration	$	—	$	—	$	2.5	$	2.5
Deferred compensation accrual rabbi trust	$	2.9	$	—	$	—	$	2.9
Other non-current liabilities:
Contingent consideration	—		—		2.3		2.3
Total	$	2.9	$	—	$	4.8	$	7.7

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 condensed consolidated balance sheets:


	As of September 30, 2021
	Level 1		Level 2		Level 3		Total
	(in millions)
Convertible Senior Notes	$	—	$	882.5	$	—	$	882.5

Inventory (Tables)

3 Months Ended

Sep. 30, 2021

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories were as follows:


	September 30, 2021		June 30, 2021
	(in millions)
Raw materials	$	105.2	$	109.8

Work-in-process	8.5		7.9
Finished products(1)	1,232.9		879.5
Total inventories	1,346.6		997.2
Less: Reserves	(77.4)		(60.1)
Total inventories, net	$	1,269.2	$	937.1

_________________________

Debt (Tables)

3 Months Ended

Sep. 30, 2021

Debt Disclosure [Abstract]

Convertible Debt

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


	September 30, 2021
	(in millions)
Principal	$	1,000.0
Unamortized debt discount	(144.7)
Unamortized debt issuance costs	(17.0)
Net carrying amount	$	838.2

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


	September 30, 2021
	(in millions)
Amortization of debt discount	$	7.6
Amortization of debt issuance costs	$	0.8
Total interest expense related to the Notes	$	8.4

Commitment and Contingencies (Tables)

3 Months Ended

Sep. 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 as of September 30, 2021:


	Future Minimum Payments
Fiscal Year	(in millions)
2022 (remaining)	$	11.0
2023	32.5
2024	24.7
2025	6.0
Total	$	74.3

Equity-Based Compensation (Tables)

3 Months Ended

Sep. 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, 2021	57,946,608	$	18.47	7.3	$	6,119.2
Granted	2,970,995	$	102.08
Exercised	(1,847,132)	$	11.36		$	176.4
Forfeited	(338,671)	$	50.04
Outstanding — September 30, 2021	58,731,800	$	22.74	7.2	$	3,904.2
Vested and Exercisable— September 30, 2021	31,270,776	$	9.42	6.3	$	2,436.1

Unvested option activity is as follows:


	Options	Weighted-Average Grant Date Fair Value
Unvested - June 30, 2021	28,160,034	$	13.52
Granted	2,970,995	$	45.45
Early exercised unvested	(1,834)	$	4.22
Vested	(3,325,589)	$	9.63
Forfeited or expired	(342,582)	$	22.03
Unvested - September 30, 2021	27,461,024	$	17.34

Schedule of Fair Value Assumptions

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


			Three Months Ended September 30, 2021
Weighted average risk-free interest rate(1)			0.9%
Weighted average expected term (in years)			6.1
Weighted average expected volatility(2)			45.9%
Expected dividend yield			—

____________________________

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

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, 2021	1,785,946	$	99.43
Granted	2,148,325	$	102.53
Vested and converted to shares	(443,979)	$	98.67
Cancelled	(63,400)	$	109.42
Outstanding — September 30, 2021	3,426,892	$	101.29

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

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


			Three Months Ended September 30, 2021
Weighted average risk-free interest rate			0.6%
Weighted average expected term (in years)			1.2
Weighted average expected volatility			64.6%
Expected dividend yield			—

Schedule of Stock-Based Compensation Expense

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


	Three Months Ended September 30,
	2021		2020
	(in millions)
Cost of revenue
Connected Fitness Products	$	4.4	$	1.5
Subscription	3.6		4.5
Total cost of revenue	8.0		5.9
Sales and marketing	6.5		3.4
General and administrative	29.5		16.7
Research and development	8.9		3.6
Total stock-based compensation expense	$	52.9	$	29.6

Net (Loss) Income Per Share (Tables)

3 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

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

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


	Three Months Ended September 30,
	2021		2020
	(in millions, except share and per share amounts)
Basic net (loss) income per share:
Net (loss) income attributable to common stockholders	$	(376.0)	$	69.3
Shares used in computation:
Weighted-average common shares outstanding	301,161,474		288,719,834
Basic net (loss) income per share	$	(1.25)	$	0.24

Diluted net (loss) income per share:
Net (loss) income attributable to common stockholders	$	(376.0)	$	69.3
Shares used in computation:
Weighted-average common shares outstanding	301,161,474		288,719,834
Weighted-average effect of potentially dilutive securities:
Employee stock options	—		52,580,485
Restricted stock units and awards	—		468,732
Shares estimated to be purchased under ESPP	—		332,933
Diluted weighted-average common shares outstanding	301,161,474		342,101,984
Diluted net (loss) income per share	$	(1.25)	$	0.20

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

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


	Three Months Ended September 30,
	2021	2020
Employee stock options	50,865,988	42,817
Restricted stock units and awards	400,860	8,927
Shares estimated to be purchased under ESPP	113,479	—

Segment Information (Tables)

3 Months Ended

Sep. 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:


	Three Months Ended September 30,
	2021		2020
	(in millions)
Connected Fitness Products:
Revenue	$	501.0	$	601.4
Cost of revenue	441.0		364.2
Gross profit	$	60.0	$	237.2
Subscription:
Revenue	$	304.1	$	156.5
Cost of revenue	101.4		65.0
Gross profit	$	202.7	$	91.5
Consolidated:
Revenue	$	805.2	$	757.9
Cost of revenue	542.5		429.2
Gross profit	$	262.7	$	328.7

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

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


	Three Months Ended September 30,
	2021		2020
	(in millions)
Segment Gross Profit	$	262.7	$	328.7
Sales and marketing	(284.3)		(114.6)
General and administrative	(240.3)		(108.6)
Research and development	(97.7)		(36.6)
Total other (expense) income, net	(13.9)		1.7
(Loss) income before provision for income taxes	$	(373.6)	$	70.6

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Allowable product return period (in days)	30 days
Standard product warranty period (in years)	1 year
Revenue	$ 805.2	$ 757.9
Customer deposits	128.2		$ 92.2
Deferred revenue	77.1		$ 72.6
Revenue recognized that was previously included in deferred revenue	72.6	22.1
United States
Disaggregation of Revenue [Line Items]
Revenue	$ 696.1	$ 702.3
United States \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total revenue	86.00%	93.00%
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	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Balance at beginning of period	$ 51.5	$ 34.2
Provision for warranty accrual	7.3	10.7
Warranty claims	(14.4)	(6.3)
Balance at end of period	$ 44.4	$ 38.6

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Total revenue	$ 805.2	$ 757.9
North America
Disaggregation of Revenue [Line Items]
Total revenue	728.8	721.9
International
Disaggregation of Revenue [Line Items]
Total revenue	$ 76.4	$ 36.0

- 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)
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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
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Investments in Marketable Securities - Schedule of Investments in Marketable Securities (Details) $ in Millions	Sep. 30, 2021 USD ($)
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 398.2
Gross Unrealized Gains	0.2
Gross Unrealized Losses	0.0
Fair Value	398.4
Restricted marketable securities	86.9
Total marketable securities	311.6
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	264.0
Gross Unrealized Gains	0.1
Gross Unrealized Losses	0.0
Fair Value	264.1
U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	64.6
Gross Unrealized Gains	0.1
Gross Unrealized Losses	0.0
Fair Value	64.7
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	35.8
Gross Unrealized Gains	0.0
Gross Unrealized Losses	0.0
Fair Value	35.8
Supranational securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	30.9
Gross Unrealized Gains	0.0
Gross Unrealized Losses	0.0
Fair Value	30.9
Certificate of deposits
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	2.9
Gross Unrealized Gains	0.0
Gross Unrealized Losses	0.0
Fair Value	$ 2.9

Fair Value Measurements - Schedule of Assets Measured at Fair Value on a Recurring Basis (Details) $ in Millions	Sep. 30, 2021 USD ($)
Assets
Marketable securities	$ 398.4
Recurring
Assets
Marketable securities	398.4
Deferred compensation plan held in a rabbi trust	2.9
Total	401.4
Other current liabilities:
Contingent consideration	2.5
Deferred compensation accrual rabbi trust	2.9
Other non-current liabilities:
Contingent consideration	2.3
Total	7.7
Recurring \| Level 1
Assets
Marketable securities	398.4
Deferred compensation plan held in a rabbi trust	2.9
Total	401.4
Other current liabilities:
Contingent consideration	0.0
Deferred compensation accrual rabbi trust	2.9
Other non-current liabilities:
Contingent consideration	0.0
Total	2.9
Recurring \| Level 2
Assets
Marketable securities	0.0
Deferred compensation plan held in a rabbi trust	0.0
Total	0.0
Other current liabilities:
Contingent consideration	0.0
Deferred compensation accrual rabbi trust	0.0
Other non-current liabilities:
Contingent consideration	0.0
Total	0.0
Recurring \| Level 3
Assets
Marketable securities	0.0
Deferred compensation plan held in a rabbi trust	0.0
Total	0.0
Other current liabilities:
Contingent consideration	2.5
Deferred compensation accrual rabbi trust	0.0
Other non-current liabilities:
Contingent consideration	2.3
Total	$ 4.8

Fair Value Measurements - Other Financial Instruments (Details) $ in Millions	Sep. 30, 2021 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible Senior Notes	$ 882.5
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	882.5
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible Senior Notes	$ 0.0

Fair Value Measurements - Narrative (Details)	Feb. 28, 2021
0% Convertible Senior Notes Due February 15, 2026 \| Convertible Debt
Debt Instrument [Line Items]
Convertible debt, stated interest rate	0.00%

Inventory (Details) - USD ($) $ in Millions	Sep. 30, 2021	Jun. 30, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 105.2	$ 109.8
Work-in-process	8.5	7.9
Finished products	1,232.9	879.5
Total inventories	1,346.6	997.2
Less: Reserves	(77.4)	(60.1)
Total inventories, net	1,269.2	937.1
Other inventory, in transit	$ 358.3	$ 249.9

Acquisitions - Narrative (Details) - Precor Inc. $ in Millions		3 Months Ended
	Apr. 01, 2021 USD ($) entity	Sep. 30, 2021 USD ($)
Schedule of Business Combination and Asset Acquisition [Line Items]
Number of legal entities \| entity	15
Purchase price	$ 412.0	$ 409.2
Purchase consideration		2.9
Inventories		(4.0)
Intangible assets		1.0
Increase (decrease) in deferred tax asset		(3.4)
Goodwill		3.5
Fair value assessment		$ 0.1

Debt - Convertible Notes and Indenture (Details) - Convertible Debt $ / shares in Units, shares in Millions	1 Months Ended
	Feb. 28, 2021 USD ($) period $ / shares shares
0% Convertible Senior Notes Due February 15, 2026
Line of Credit Facility [Line Items]
Principal amount	$ 1,000,000,000.0
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
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
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
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	3 Months Ended
	Sep. 30, 2021 USD ($)
Interest Expense, Debt [Abstract]
Amortization of debt discount	$ 7.6
Amortization of debt issuance costs	0.8
Total interest expense related to the Notes	8.4
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	(144.7)
Unamortized debt issuance costs	(17.0)
Net carrying amount	$ 838.2

Debt - Amended and Restated Credit Agreement (Details) - USD ($)		3 Months Ended		12 Months Ended
	Mar. 18, 2021	Sep. 30, 2021	Sep. 30, 2020	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		300,000	$ 300,000
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
	May 05, 2021	Sep. 30, 2021	Sep. 30, 2020
Other Commitments [Line Items]
Content and royalty reserve		$ 10.8	$ 24.5
Revenue		805.2	757.9
Cost of revenue		542.5	429.2
Connected Fitness Products
Other Commitments [Line Items]
Revenue		501.0	601.4
Cost of revenue	$ 0.5	441.0	$ 364.2
Connected Fitness Products \| Sales Returns and Allowances
Other Commitments [Line Items]
Revenue		11.4
Return reserve liability		$ 31.1

- 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
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-SubTopic 10
-Section S99
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Commitments and Contingencies - Minimum Guarantee Royalty Payments Due (Details) - Royalty Guarantees, Commitments $ in Millions	Sep. 30, 2021 USD ($)
Purchase Obligation, Fiscal Year Maturity [Abstract]
2022 (remaining)	$ 11.0
2023	32.5
2024	24.7
2025	6.0
Total	$ 74.3

Equity-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Sep. 30, 2019 period	Sep. 30, 2021 USD ($) $ / shares shares	Sep. 30, 2020 USD ($) $ / shares	Aug. 31, 2021 $ / shares shares	Jul. 01, 2020 shares
Class of Stock [Line Items]
Aggregate intrinsic value		$ 176.4	$ 257.1
Stock-based compensation expense		$ 52.9	$ 29.6
Weighted-average grant date fair value per option (in dollars per share) \| $ / shares		$ 45.45	$ 33.43
Employee Stock Options
Class of Stock [Line Items]
Expected dividend yield		0.00%
Unrecognized stock-based compensation expense		$ 771.0
Unrecognized stock-based compensation expense, period for recognition (in years)		3 years 2 months 12 days
ESPP
Class of Stock [Line Items]
Stock-based compensation expense		$ 3.6	$ 1.6
Expected dividend yield		0.00%
Unrecognized stock-based compensation expense		$ 27.7
Unrecognized stock-based compensation expense, period for recognition (in years)		1 year 8 months 12 days
ESPP \| 2019 Employee Stock Purchase Plan
Class of Stock [Line Items]
Number of purchase periods \| period	4
Purchase period (in months)	6 months
Commencement of offering period (in years)	2 years	2 years
Commencement of purchase period (in months)	6 months
Total modification charges to ESPP		$ 3.5
Class A Common Stock \| 2019 Equity Incentive Plan
Class of Stock [Line Items]
Increase in number of shares authorized, as a percentage of total common stock outstanding	5.00%
Increase in number of shares available for future issuance (in shares) \| shares					15,007,356
Number of shares available for future issuance (in shares) \| shares		59,833,906
Class A Common Stock \| ESPP
Class of Stock [Line Items]
Number of shares purchased under ESPP (in shares) \| shares				293,356
Weighted-average price of shares purchased under ESPP (in dollars per share) \| $ / shares				$ 39.95
Class A Common Stock \| ESPP \| 2019 Employee Stock Purchase Plan
Class of Stock [Line Items]
Increase in number of shares authorized, as a percentage of total common stock outstanding	1.00%
Increase in number of shares available for future issuance (in shares) \| shares					3,001,471
Number of shares available for future issuance (in shares) \| shares		10,568,799
Purchase price of common stock, percentage of fair market value	85.00%

Equity-Based Compensation - Summary of Stock Options Outstanding (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021
Stock Options Outstanding, Number of Stock Options
Stock options outstanding, beginning balance (in shares)	57,946,608
Granted (in shares)	2,970,995
Exercised (in shares)	(1,847,132)
Forfeited (in shares)	(338,671)
Stock options outstanding, ending balance (in shares)	58,731,800		57,946,608
Stock options vested and exercisable (in shares)	31,270,776
Stock Options Outstanding, Weighted-Average Exercise Price
Stock options outstanding, weighted average exercise price, beginning balance (in dollars per shares)	$ 18.47
Granted, weighted-average exercise price (in dollars per share)	102.08
Exercised, weighted-average exercise price (in dollars per share)	11.36
Forfeited, weighted-average exercise price (in dollars per share)	50.04
Stock options outstanding, weighted average exercise price, ending balance (in dollars per shares)	22.74		$ 18.47
Stock options vested and exercisable, weighted-average exercise price (in dollars per share)	$ 9.42
Stock options outstanding, weighted-average remaining contractual term (in years)	7 years 2 months 12 days		7 years 3 months 18 days
Stock options vested and exercisable, weighted-average remaining contractual term (in years)	6 years 3 months 18 days
Stock options outstanding, aggregate intrinsic value	$ 6,119.2
Stock options exercised, aggregate intrinsic value	176.4	$ 257.1
Stock options outstanding, aggregate intrinsic value	3,904.2		$ 6,119.2
Stock options vested and exercisable, aggregate intrinsic value	$ 2,436.1

Equity-Based Compensation - Summary of Unvested Stock Option Activity (Details) - $ / shares	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Unvested Options
Unvested options, beginning balance (in shares)	28,160,034
Granted (in shares)	2,970,995
Early exercised unvested (in shares)	(1,834)
Vested (in shares)	(3,325,589)
Forfeited (in shares)	(342,582)
Unvested options, ending balance (in shares)	27,461,024
Unvested Options, Weighted-Average Grant Date Fair Value
Unvested options, weighted-average grant date fair value, beginning balance (in dollars per share)	$ 13.52
Unvested options, weighted-average grant date fair value, granted (in dollars per share)	45.45	$ 33.43
Unvested options, weighted-average grant date fair value, early exercised unvested (in dollars per share)	4.22
Unvested options, weighted-average grant date fair value, vested (in dollars per share)	9.63
Unvested options, weighted-average grant date fair value, forfeited (in dollars per share)	22.03
Unvested options, weighted-average grant date fair value, ending balance (in dollars per share)	$ 17.34

Equity-Based Compensation - Summary of Fair Value Assumptions (Details)	3 Months Ended
	Sep. 30, 2021
Employee stock options
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)	6 years 1 month 6 days
Weighted average expected volatility rate	45.90%
Expected dividend yield	0.00%
Shares estimated to be purchased under ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average risk-free interest rate	0.60%
Weighted average expected term (in years)	1 year 2 months 12 days
Weighted average expected volatility rate	64.60%
Expected dividend yield	0.00%

Equity-Based Compensation - Summary of Restricted Stock and Restricted Stock Units (Details)	3 Months Ended
	Sep. 30, 2021 $ / shares shares
Weighted-Average Grant Date Fair Value
Outstanding, weighted-average grant date fair value, beginning balance (in dollars per share) \| $ / shares	$ 99.43
Granted, weighted-average grant date fair value (in dollars per share) \| $ / shares	102.53
Vested and converted to shares, weighted-average grant date fair value (in dollars per share) \| $ / shares	98.67
Cancelled, weighted-average grant date fair value (in dollars per share) \| $ / shares	109.42
Outstanding, weighted-average grant date fair value, ending balance (in dollars per share) \| $ / shares	$ 101.29
Restricted stock units and awards
Number of Awards
Outstanding, beginning balance (in shares) \| shares	1,785,946
Granted (in shares) \| shares	2,148,325
Vested and converted to shares (in shares) \| shares	(443,979)
Cancelled (in shares) \| shares	(63,400)
Outstanding, ending balance (in shares) \| shares	3,426,892

Equity-Based Compensation - Summary of Sock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 52.9	$ 29.6
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	8.0	5.9
Cost of revenue \| Connected Fitness Products
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	4.4	1.5
Cost of revenue \| Subscription
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	3.6	4.5
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	6.5	3.4
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	29.5	16.7
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 8.9	$ 3.6

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ (2.4)	$ (1.3)
Effective tax rate	(0.63%)	1.81%

- Definition

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

+ References + Details

Net (Loss) Income Per Share - Schedule of Computation of Basic and Diluted net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Basic net (loss) income per share:
Net (loss) income attributable to Class A and Class B common stockholders	$ (376.0)	$ 69.3
Shares used in computation:
Weighted-average common shares outstanding (in share)	301,161,474	288,719,834
Basic net (loss) income per share (in dollars per share)	$ (1.25)	$ 0.24
Diluted net (loss) income per share:
Net (loss) income attributable to common stockholders	$ (376.0)	$ 69.3
Weighted-average effect of potentially dilutive securities:
Diluted weighted-average common shares outstanding (in shares)	301,161,474	342,101,984
Diluted net (loss) income per share (in dollars per share)	$ (1.25)	$ 0.20
Employee stock options
Weighted-average effect of potentially dilutive securities:
Weighted-average effect of potentially dilutive securities (in shares)	0	52,580,485
Restricted stock units and awards
Weighted-average effect of potentially dilutive securities:
Weighted-average effect of potentially dilutive securities (in shares)	0	468,732
Shares estimated to be purchased under ESPP
Weighted-average effect of potentially dilutive securities:
Weighted-average effect of potentially dilutive securities (in shares)	0	332,933

Net (Loss) Income Per Share - Schedule of Potentially Diluted Securities Not Included In Calculation of Diluted Shares Outstanding (Details) - shares	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Employee stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from calculation of diluted shares outstanding (in shares)	50,865,988	42,817
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)	400,860	8,927
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)	113,479	0

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

Segment Information - Schedule of Key Performance Measures by Segment (Details) $ in Millions	3 Months Ended
	Sep. 30, 2021 USD ($) segment	Sep. 30, 2020 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment	2
Segment Reporting Information [Line Items]
Revenue	$ 805.2	$ 757.9
Cost of revenue	542.5	429.2
Gross profit	262.7	328.7
Connected Fitness Products
Segment Reporting Information [Line Items]
Revenue	501.0	601.4
Cost of revenue	441.0	364.2
Gross profit	60.0	237.2
Subscription
Segment Reporting Information [Line Items]
Revenue	304.1	156.5
Cost of revenue	101.4	65.0
Gross profit	$ 202.7	$ 91.5

- Definition

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

+ References

+ Details

- Definition

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

+ References

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Segment Information - Reconciliation of Segment Gross Profit to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting [Abstract]
Segment Gross Profit	$ 262.7	$ 328.7
Sales and marketing	(284.3)	(114.6)
General and administrative	(240.3)	(108.6)
Research and development	(97.7)	(36.6)
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Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

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

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