0001639825-22-000117 | 10-K | XBRL Viewer

Net Loss Per Share

12 Months Ended

Jun. 30, 2022

The computation of loss per share is as follows:


	Fiscal Year Ended June 30,
	2022		2021		2020
	(in millions)
Basic loss per share:
Net loss attributable to common stockholders	$	(2,827.7)	$	(189.0)	$	(71.6)
Shares used in computation:
Weighted-average common shares outstanding	322,368,818		293,892,643		220,952,237
Basic loss per share	$	(8.77)	$	(0.64)	$	(0.32)

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

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


	Fiscal Year Ended June 30,
	2022	2021	2020
Employee stock options	36,846,242	54,076,445	41,476,591
Restricted stock units and awards	174,580	546,687	41,855
Shares estimated to be purchased under ESPP	28,370	363,741	66,019

Impact of 2021 Notes

The Company expects to settle the principal amount of the Notes in cash upon conversion, and therefore, the Company uses the treasury stock method for calculating any potential dilutive effect of the conversion option on diluted net income per share, if applicable. The conversion option will have a dilutive impact on net income per share of common stock when the average market price per share of the Company's Class A common stock for a given period exceeds the conversion price of the Notes of $239.23 per share. During the fiscal year ended June 30, 2022, 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 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.

Description of Business and Basis of Presentation	12 Months Ended
Description of Business and Basis of Presentation	Jun. 30, 2022
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 (“All-Access Membership”) 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 Members to be the best versions of themselves. Basis of Presentation and Consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The consolidated financial statements include the accounts of Peloton Interactive, Inc. and its subsidiaries in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated. Certain monetary amounts, percentages, and other figures included elsewhere in these financial statements have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be the arithmetic aggregation of the figures that precede them, and figures expressed as percentages in the text may not total 100% or, as applicable, when aggregated may not be the arithmetic aggregation of the percentages that precede them. Certain immaterial amounts presented in the consolidated statement of operations and comprehensive loss for the fiscal years ended June 30, 2021 and 2020 have been reclassified to conform to the current year presentation.

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Current:
Federal	$ 0.0	$ 0.0	$ 0.0
State	1.3	0.4	1.2
Foreign	13.6	11.5	3.0
Current income tax expense	14.9	11.9	4.2
Deferred:
Federal	0.0	(14.1)	0.0
State	0.0	(3.2)	0.0
Foreign	4.7	(3.8)	(0.9)
Deferred Income Tax Expense	4.7	(21.1)	(0.9)
Total	$ 19.6	$ (9.2)	$ 3.3

Income Taxes

12 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Income Taxes

The components of loss before income taxes are as follows:


	Fiscal Year Ended June 30,
	2022		2021		2020
	(in millions)
United States	$	(2,454.4)	$	(120.0)	$	(15.6)
Foreign	(353.7)		(78.2)		(52.8)
Loss from operations before income taxes	$	(2,808.1)	$	(198.2)	$	(68.4)

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


	Fiscal Year Ended June 30,
	2022		2021		2020
	(in millions)
Current:
Federal	$	—	$	—	$	—
State	1.3		0.4		1.2
Foreign	13.6		11.5		3.0
	14.9		11.9		4.2
Deferred:
Federal	—		(14.1)		—
State	—		(3.2)		—
Foreign	4.7		(3.8)		(0.9)
	4.7		(21.1)		(0.9)
Total	$	19.6	$	(9.2)	$	3.3

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


	Fiscal Year Ended June 30,
	2022		2021		2020
Federal income tax rate	21.0	%	21.0	%	21.0	%
Permanent differences	(0.9)		(0.6)		(1.8)
Share based compensation	1.6		99.6		34.2
Return to provision	—		1.5		(3.8)
Effects of rates different than statutory	0.4		(1.3)		—
State and local income taxes, net of federal benefit	4.4		24.1		8.6
Franchise tax	—		—		(1.2)
Change in valuation allowance	(28.3)		(150.2)		(65.6)
Rate change	0.3		8.0		(0.5)
Federal credits	0.9		2.5		4.4
Other	(0.1)		—		(0.1)
Effective income tax rate	(0.7)	%	4.6	%	(4.8)	%

The primary differences from the U.S. statutory rate and the Company’s effective tax rate for the fiscal year ended June 30, 2022 are due to the change in valuation allowance, share based compensation including excess tax benefits, state and international taxes. The primary differences from the U.S. statutory rate and the Company’s effective tax rate for the fiscal year ended June 30, 2021 were due to the change in valuation allowance, share based compensation including excess tax benefits, state and international taxes. The primary differences from the U.S. statutory rate and the Company’s effective tax rate for the fiscal year ended June 30, 2020 were due to the change in valuation allowance and permanent differences related to stock compensation.

On August 16, 2022, the Inflation Reduction Act was signed into law in the United States. Among other provisions, the Inflation Reduction Act includes a 15% minimum tax rate applied to corporations with profits in excess of $1 billion and also includes an excise tax on the repurchase of corporate stock. The Company has reviewed the provisions of the law and does not believe that any of the provisions will have a material impact on the business.

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

On December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021. The act includes the Taxpayer Certainty and Disaster Tax Relief Act of 2020 and the COVID-related Tax Relief Act of 2020, both of which extend many credits and other COVID-19 relief, among other extensions. The Company evaluated the provisions of the Consolidated Appropriations Act, including but not limited to the Employee Retention

Credit extension, the extension for the IRC Section 45S credit for paid family and medical leave, and the provision allowing a full deduction for certain business meals, and determined that there was no material impact for the fiscal year ended June 30, 2021.

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

As of June 30, 2022 and June 30, 2021, the Company’s deferred tax assets were primarily the result of U.S. federal and state net operating losses (“NOLs”), accruals and reserves, non-qualified stock options, lease liability, §263A UNICAP, and research and development tax credits. A valuation allowance was maintained and/or established in substantially all jurisdictions on the Company’s gross deferred tax asset balances as of June 30, 2022 and 2021. As of each reporting date, the Company’s management considers new evidence, both positive and negative, that could impact management’s view with regard to future realization of deferred tax assets. The realization of deferred tax assets was based on the evaluation of current and estimated future profitability of the operations, reversal of deferred tax liabilities and the likelihood of utilizing tax credit and/or loss carryforwards. As of June 30, 2022 and June 30, 2021, the Company continued to maintain that it is not at the more likely than not standard, wherein deferred taxes will be realized due to the recent history of losses and management’s expectation of continued tax losses.

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


	Fiscal Year Ended June 30,
	2022		2021
	(in millions)
Deferred tax assets:
Net operating loss	$	850.8	$	337.9
Accruals and reserves	101.2		45.3
R&D credit	41.9		16.1
Accrued legal and professional fees	3.9		3.3
Non-qualified stock options	88.9		39.6
Restricted stock options	5.7		10.9
Disallowed Interest Carryover	1.2		—
Intangible Amortization	46.5		—
Inventory capitalization	38.8		23.1
Lease liability	197.0		150.4
Deferred revenue	9.5		6.0
Construction in Progress	31.8		—
Other	5.5		2.4
Total deferred tax assets:	1,422.7		635.0
Valuation allowance	(1,191.2)		(413.8)
Deferred tax liabilities:
Prepaid Expenses	(10.2)		(7.8)
Property and equipment	(40.8)		(48.3)
Intangibles	—		(14.4)
Right-of-use assets	(166.6)		(125.7)
Convertible securities	(15.6)		(18.7)
Other	(0.1)		—
Total deferred tax liabilities:	(233.3)		(214.9)
Deferred tax assets, net	$	(1.8)	$	6.3

As of June 30, 2022 and 2021, the Company had federal NOLs of approximately $2,896.7 million and $1,086.5 million, respectively, of which $64.8 million will begin to expire in 2034 and the remainder will be carried forward indefinitely. The Company has undergone three ownership changes on November 30, 2015, April 18, 2017, and February 24, 2020 and its NOLs are subject to a Section 382 limitation. The total NOLs subject to a 382 limitation are $193.8 million as of June 30, 2022. The resulting Section 382 limitations are large enough to avail the Section 382

limited NOLs by June 30, 2022. As of June 30, 2022 and 2021, the Company had state NOLs of approximately $2,130.0 million and $706.2 million, respectively, which will begin to expire at various dates beginning in 2022 if not utilized. As of June 30, 2022 and 2021, the Company had foreign NOLs of approximately $458.3 million and $274.6 million, respectively, generated primarily from its operations in the United Kingdom, which will be carried forward indefinitely. As of June 30, 2022 and 2021, the Company had $41.9 million and $16.1 million, respectively, of U.S. research and development credit carryovers that will begin to expire in 2036.

As of June 30, 2022, the Company did not have material undistributed foreign earnings. The Company has not recorded a deferred tax liability for foreign withholding or other foreign local tax on the undistributed earnings from the Company’s international subsidiaries as such earnings are considered to be indefinitely reinvested.

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

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

At June 30, 2022 and 2021, the Company had zero and $0.7 million of unrecognized tax benefits, included as a component of income taxes payable within accrued expenses within the accompanying Consolidated Balance Sheets, respectively. During the fiscal year ended June 30, 2022, the Company settled positions with the taxing authorities resulting in a recognition of the benefit and reduction in the payable The Company has the following activity relating to unrecognized tax benefits:


	Fiscal Year Ended June 30,
	2022		2021
	(in millions)
Beginning balance	$	0.7	$	—
Gross (decrease) increase in unrecognized tax positions	$	(0.7)	$	0.7
Ending balance	$	—	$	0.7

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

The Company is subject to taxation in the United States, various state and local jurisdictions, as well as foreign jurisdictions where the Company conducts business. Accordingly, on a continuing basis, the Company cooperates with taxing authorities for the various jurisdictions in which it conducts business to comply with audits and inquiries for tax periods that are open to examination. The tax years ended June 30, 2019 and later remain open to examination by tax authorities in the United States and United Kingdom.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 17
-Subparagraph (b)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

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-Section 50
-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
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-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Revenue - Standard Product Warranty (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
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	59.7	71.1
Warranty claims	(60.0)	(53.9)
Balance at end of period	$ 51.1	$ 51.5

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Allowable product return period (in days)									30 days
Standard product warranty period (in years)									1 year
Revenue	$ 678.7	$ 964.3	$ 1,133.9	$ 805.2	$ 936.9	$ 1,262.2	$ 1,064.8	$ 757.9	$ 3,582.1	$ 4,021.8	$ 1,825.9
Customer deposits	109.2				92.2				109.2	92.2
Deferred revenue	$ 91.9				$ 72.6				91.9	72.6
Revenue recognized that was previously included in deferred revenue									70.4	22.1
United States
Disaggregation of Revenue [Line Items]
Revenue									$ 3,100.0	$ 3,577.1	$ 1,699.5
United States \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total revenue									87.00%	89.00%	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)									36 months

Income Taxes - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Operating Loss Carryforwards [Line Items]
Net operating loss	$ 850.8	$ 337.9
Operating loss carryforwards outstanding with limitations on use	193.8
R&D credit	41.9	16.1
Unrecognized tax benefits	0.0	0.7	$ 0.0
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	2,896.7	1,086.5
Federal \| Tax Year 2036
Operating Loss Carryforwards [Line Items]
Net operating loss	64.8
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	2,130.0	706.2
Foreign
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 458.3	$ 274.6

Accounts Payable and Accrued Expenses (Tables)

12 Months Ended

Jun. 30, 2022

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following:


	June 30,
	2022		2021
	(in millions)
Accounts payable	$	93.0	$	364.4
Accrued settlement costs(1)	222.3		1.2
Inventory received but not billed	86.1		134.2
Accrued music licensing royalties	65.7		70.9
Employee-related liabilities	59.6		107.3
Return reserve liability	48.6		50.2
Accrued professional services	36.5		30.7
Accrued marketing	29.3		59.9
Product warranty	19.5		34.2
Accrued capital expenditures	17.0		40.9
Other	119.8		95.2
Total accounts payable and accrued expenses	$	797.4	$	989.1

_________________________

(1) Accrued settlement costs consist primarily of payments made to third-party suppliers to terminate certain future inventory purchase commitments

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Millions	Jun. 30, 2022	Jun. 30, 2021
Property and Equipment [Line Items]
Total property and equipment	$ 783.9	$ 684.9
Accumulated depreciation and amortization	(173.0)	(93.0)
Total property and equipment, net	610.9	591.9
Land
Property and Equipment [Line Items]
Total property and equipment	17.9	14.0
Buildings
Property and Equipment [Line Items]
Total property and equipment	19.4	22.2
Leasehold Improvements
Property and Equipment [Line Items]
Total property and equipment	362.5	253.7
Machinery
Property and Equipment [Line Items]
Total property and equipment	24.3	31.1
Equipment
Property and Equipment [Line Items]
Total property and equipment	65.1	55.4
Furniture and Fixtures
Property and Equipment [Line Items]
Total property and equipment	39.1	26.8
Construction in Progress
Property and Equipment [Line Items]
Total property and equipment	78.4	129.1
Software
Property and Equipment [Line Items]
Total property and equipment	145.5	108.3
Software under development
Property and Equipment [Line Items]
Total property and equipment	$ 31.5	$ 44.3

Segment Information - Reconciliation of Segment Gross Profit to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting [Abstract]
Segment Gross Profit	$ (29.8)	$ 184.2	$ 281.0	$ 263.0	$ 254.7	$ 445.1	$ 425.1	$ 329.5	$ 698.4	$ 1,454.4	$ 837.7
Sales and marketing									(1,018.9)	(728.3)	(476.7)
General and administrative									(963.4)	(661.8)	(351.4)
Research and development									(359.5)	(247.6)	(89.1)
Goodwill impairment									(181.9)	0.0	0.0
Impairment expense									(390.5)	(4.5)	(1.2)
Restructuring expense									(180.7)	0.0	0.0
Supplier settlements									(337.6)	0.0	0.0
Total other (expense) income, net									(74.1)	(10.4)	12.3
Loss from operations before income taxes									$ (2,808.1)	$ (198.2)	$ (68.4)

Property and Equipment

12 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consisted of the following:


	June 30,
	2022		2021
	(in millions)
Land	$	17.9	$	14.0
Buildings	19.4		22.2
Leasehold Improvements	362.5		253.7
Machinery	24.3		31.1
Equipment	65.1		55.4
Furniture and Fixtures	39.1		26.8
Construction in Progress	78.4		129.1
Software	145.5		108.3
Software under development	31.5		44.3
Total property and equipment	783.9		684.9
Accumulated depreciation and amortization	(173.0)		(93.0)
Total property and equipment, net	$	610.9	$	591.9

During fiscal 2022, management identified various qualitative factors that collectively indicated that the Company had triggering events, including (i) realignment of cost structure in connection with the Restructuring Plan, (ii) softening demand and (iii) a sustained decrease in stock price. The Company determined that the estimated undiscounted future cash flows were less than the carrying values for certain asset groups. The Company recognized impairment charges for the fiscal year ended June 30, 2022, primarily consisting of impairment loss of $57.6 million related to Connected Fitness assets, $21.3 million related to manufacturing equipment, $19.0 million related to Peloton Output Park and $15.9 million related to acquired technology. These impairment charges reduced the carrying value of these asset groups from $222.9 million to $109.1 million. Additionally, management identified changes to the product and enterprise technology roadmaps that indicated that certain programs no longer had expected future use. Accordingly, the Company recognized an impairment loss of $54.1 million related to software under development that reduced the carrying value of those assets from $61.0 million to $6.9 million. Impairment charges are included within Impairment expense in the Consolidated Statements of Operations and Comprehensive Loss.

There were no material impairments in the fiscal years ended June 30, 2021 and 2020.

As of June 30, 2022, 82% and 11% of the Company's total Property and equipment, net was attributable to the United States and the United Kingdom, respectively. As of June 30, 2021, 78% and 13% of the Company's total Property and equipment, net was attributable to the United States and the United Kingdom, respectively.

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


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

Depreciation and amortization expense amounted to $99.5 million, $44.6 million, and $35.1 million for the fiscal years ended June 30, 2022, 2021 and 2020, respectively, of which $23.5 million, $8.7 million, and $6.8 million related to amortization of capitalized software costs for the fiscal years ended June 30, 2022, 2021, and 2020, respectively.

Commitments and Contingencies

12 Months Ended

Jun. 30, 2022

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 June 30, 2022:


	Future Minimum Payments
Fiscal Year	(in millions)
2023	$	129.8
2024	125.1
2025	43.8

Total	$	298.7

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 licensors have the right to audit our royalty calculations and routinely exercise those rights. The Company has entered into negotiations with various music rights holders, to pay for any and all uses of musical compositions and sound recordings to date and, at the same time, enter into go-forward license agreements for the use of music in the future.

Prior to the execution of go-forward music license agreements, the Company estimates and records expenses inclusive of estimated content costs for past use as well as normal and recurring music royalty expenses. The Company includes both of these components in its reserve. As of June 30, 2022 and 2021, the Company recorded reserves of $9.7 million and $11.5 million, respectively, included in Accounts payable and accrued expenses in the accompanying Consolidated Balance Sheets.

Product Recall Return 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 $48.9 million and $81.1 million for the fiscal years ended June 30, 2022 and 2021, and as of June 30, 2022 and 2021, a return reserve of $39.9 million and $40.8 million, respectively, is included within Accounts payable and accrued expenses in the accompanying Consolidated Balance Sheets related to the impacts of the recall. The estimated returns reserve is primarily based on historical and expected product returns. The Company recorded costs associated with inventory write-downs and logistic costs of $8.1 million and $15.7 million for the years ended June 30, 2022 and 2021 in Connected Fitness Products cost of revenue.

Commitments to Suppliers

The Company utilizes contract manufacturers to build its products and accessories. These contract manufacturers acquire components and build products based on demand forecast information the Company supplies, which typically covers a rolling 12-month period. Consistent with industry practice, the Company acquires inventories from such manufacturers through blanket purchase orders against which orders are applied based on projected demand information and availability of goods. Such purchase commitments typically cover the Company’s forecasted product and manufacturing requirements for periods that range a number of months. In certain instances, these agreements allow the Company the option to cancel, reschedule, and/or adjust our requirements based on its business needs for a period of time before the order is due to be fulfilled. While the Company’s purchase orders are legally cancellable in many situations, there are some which are not cancellable in the event of a demand plan change or other circumstances, such as where the supplier has procured unique, Peloton-specific designs, and/or specific non-cancellable, non-returnable components based on our provided forecasts.

Through the date of this filing, the Company’s commitments to contract with third-party manufacturers for their inventory on-hand and component purchase commitments related to the manufacture of Peloton products were estimated to be approximately $334.7 million.

Supplier Settlements

During the fiscal year ended June 30, 2022, the Company accrued for $337.6 million in settlement agreements with various third-party suppliers to terminate certain future inventory purchase commitments. The Company paid $99.5 million during the fiscal year ended June 30, 2022, with the remainder to be paid through fiscal 2023.

Legal and Regulatory Proceedings

The Company is, or may become, a party to legal and regulatory proceedings with respect to a variety of matters in the ordinary course of business.

For example, we 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 those reported Tread+ incidents, in April 2021, the CPSC unilaterally issued a warning to consumers about the safety hazards associated with the Tread+. While we do not agree with all of the assertions in the CPSC’s warning, in May 2021 we initiated a voluntary recall of our Tread+ product in collaboration with the CPSC. The CPSC is currently investigating the matter, and in August 2022 the CPSC notified us that the agency staff believes we failed to meet our statutory obligations under the Consumer Product Safety Act and intends to recommend that the CPSC impose civil monetary penalties. While we disagree with the agency staff, we are engaged in ongoing confidential discussions with the CPSC. In addition, shortly after the May 2021 recalls, the DOJ and DHS subpoenaed us for documents and other information related to our statutory obligations under the Consumer Product Safety Act and is continuing to investigate the matter. The SEC is also investigating our public disclosures concerning the recall, as well as other matters. In addition to the 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.

Additionally 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 (the "Wilson Action"), and 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”). On November 16, 2021, the district judge consolidated the Wilson and Drori Actions under the caption In re Peloton Interactive, Inc. Securities Litigation, Master File No. 21-cv-02369-CBA-PK, and appointed Richard Neswick as lead plaintiff. On January 21, 2022, lead plaintiff filed an amended consolidated complaint in the action purportedly on behalf of a class consisting of those individuals who purchased or otherwise acquired our common stock between September 11, 2020 and May 5, 2021. Lead plaintiff alleges that the Company and certain of its officers made false or misleading statements in violation of Sections 10(b) and 20(a) of the Exchange Act of 1934 (“Exchange Act”) regarding the Company’s Tread and Tread+ products and the safety of those products. Defendants served their motion to dismiss the amended consolidated complaint on March 7, 2022, and briefing was complete on April 26, 2022.

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 three actions under the caption In re Peloton Interactive, Inc. Derivative Litigation, Master File No. 21-cv-02862-CBA-PK. On November 23, 2021, Anthony Franchi filed a shareholder derivative action in the United States District

Court for the Eastern District of New York against certain of the Company’s executive officers and members of the board of directors captioned Franchi v. Blachford, et al., Case No. CV 21-06544 (the “Franchi Action”), which alleges breaches of fiduciary duty, unjust enrichment, and violations of Sections 14(a) and 20(a) of the Exchange Act. On January 24, 2022, the court entered a stipulation consolidating the Franchi Action into In re Peloton Interactive, Inc. Derivative Litigation and appointed each plaintiff a co-lead plaintiff. On February 3, 2022, the parties filed a stipulation to stay the consolidated derivative action, which the Court entered on February 11, 2022.

On November 18, 2021, the City of Hialeah Employees’ Retirement System filed a putative securities class action lawsuit against the Company and certain of its officers in the United States District Court for the Southern District of New York, captioned City of Hialeah Employees’ Retirement System v. Peloton Interactive, Inc., Case No. 21-cv-09582-ALC (the “Hialeah Action”), and on December 2, 2021, Anastasia Deulina filed a related putative securities class action against the same defendants also in the United States District Court for the Southern District of New York captioned Deulina v. Peloton Interactive, Inc., Case No. 21-cv-10266-ALC (the “Deulina Action”). On May 5, 2022, the Court consolidated the Hialeah and Deulina Actions and appointed Robeco Capital Growth Funds SICAV – Robeco Global Consumer Trends as lead plaintiff. Lead plaintiff filed its amended complaint on June 25, 2022, purportedly on behalf of a class of individuals who purchased or otherwise acquired the Company’s common stock between February 5, 2021 and November 4, 2021, alleging that the Company and certain of its officers made false or misleading statements about demand for the Company’s products and engaged in improper trading in violation of Sections 10(b), 20(a), and 20A of the Exchange Act. Defendants’ filed their motion to dismiss on August 22, 2022.

In April 2021, DISH Technologies L.L.C., and Sling TV L.L.C. (DISH) filed a complaint in the United States District Court for the Eastern District of Texas. DISH, along with DISH DBS Corporation, also filed a complaint in the United States International Trade Commission (ITC) under Section 337 of the Tariff Act of 1930 against the Company, along with ICON Health & Fitness, Inc. (now iFIT Inc. f/k/a Icon Health & Fitness, Inc.), FreeMotion Fitness, Inc., NordicTrack, Inc., lululemon athletica, inc., and Curiouser Products Inc. d/b/a MIRROR. The complaints allege infringement of various patents related to fitness devices containing internet-streaming enabled video displays. In the ITC complaint, DISH seeks an exclusion order barring the importation of Peloton Connected Fitness devices, and streaming components and systems containing components thereof that infringe one or more of the asserted patents, as well as a cease and desist order preventing the Company from carrying out commercial activities within the United States related to those products. In the Eastern District of Texas complaint, DISH is seeking an order permanently enjoining the Company from infringing the asserted patents, an award of damages for the infringement of the asserted patents, and an award of damages for lost sales. The ITC investigation is ongoing and the Texas litigation remains stayed pending resolution to the ITC investigation.

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, except where otherwise indicated, 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.

Inventories

12 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories were as follows:


	June 30,
	2022		2021
	(in millions)
Raw materials	$	76.7	$	109.8

Work-in-process	3.7		7.9
Finished products(1)	1,306.3		879.5
Total inventories	1,386.7		997.2
Less: Reserves	(282.2)		(60.1)
Total inventories, net	$	1,104.5	$	937.1

_________________________

(1) Includes $36.4 million and $249.9 million of finished goods inventory in transit, products owned by the Company that have not yet been received at a Company distribution center, as of June 30, 2022 and June 30, 2021, respectively.

The Company periodically adjusts the value of inventory for estimated excess and obsolete inventory based upon estimates of future demand and market conditions, as well as damaged or otherwise impaired goods. The Company recorded inventory reserves as of June 30, 2022 primarily in the amounts of $123.9 million related to excess accessories and apparel inventory that the Company does not expect to sell above its current carrying value, $85.9 million related primarily to returned Connected Fitness Products that the Company does not expect to sell, and $51.2 million in reserves for component parts that the Company estimated would have no future use.

Segment Information - Schedule of Key Performance Measures by Segment (Details) $ in Millions	3 Months Ended								12 Months Ended
	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Jun. 30, 2022 USD ($) segment	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment									2
Segment Reporting Information [Line Items]
Revenue	$ 678.7	$ 964.3	$ 1,133.9	$ 805.2	$ 936.9	$ 1,262.2	$ 1,064.8	$ 757.9	$ 3,582.1	$ 4,021.8	$ 1,825.9
Cost of revenue									2,883.8	2,567.4	988.2
Gross profit	$ (29.8)	$ 184.2	$ 281.0	$ 263.0	$ 254.7	$ 445.1	$ 425.1	$ 329.5	698.4	1,454.4	837.7
Connected Fitness Products
Segment Reporting Information [Line Items]
Revenue									2,187.5	3,149.6	1,462.2
Cost of revenue									2,433.8	2,236.9	832.5
Gross profit									(246.3)	912.7	629.7
Subscription
Segment Reporting Information [Line Items]
Revenue									1,394.7	872.2	363.7
Cost of revenue									450.0	330.5	155.7
Gross profit									$ 944.7	$ 541.7	$ 208.0

- Definition

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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

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

+ Details

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Leases - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 167.4	$ 122.4
Variable lease expense	29.5	17.2
Short-term lease expense	1.5	4.2
Impairment loss		0.0	$ 0.0
Carrying value of these right-of-use assets	662.5	580.1
Connected Fitness Products
Lessee, Lease, Description [Line Items]
Impairment loss	28.5
Carrying value of these right-of-use assets	$ 132.7	$ 161.2

Net Loss Per Share - Schedule of Potentially Diluted Securities Not Included In Calculation of Diluted Shares Outstanding (Details) - shares	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 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)	36,846,242	54,076,445	41,476,591
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)	174,580	546,687	41,855
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)	28,370	363,741	66,019

Leases

12 Months Ended

Jun. 30, 2022

Leases [Abstract]

Leases

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

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

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

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

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

As of June 30, 2022, the total remaining lease payments included in the measurement of lease liabilities for operating leases were as follows:


Fiscal Year Ended June 30,	Future Minimum Payments
	(in millions)
2023(1)	$	136.2
2024	129.6
2025	113.2
2026	106.2
2027	98.6
Thereafter	487.2
Total	$	1,071.0

_________________________

(1) Includes $13.0 million in tenant improvement receivable.

Supplemental information related to operating leases was as follows:


Reconciliation of Lease Liabilities	As of June 30,
	2022			2021
	(dollars in millions)
Weighted-average remaining lease term (years)	9.7			11.4
Weighted-average discount rate	4.98		%	5.35		%
Total Undiscounted Lease Liability	$	1,071.0		$	944.0
Less: Imputed interest	(259.1)			(261.6)
Total Discounted Lease Liability	$	811.8		$	682.3
Current portion of lease liability	$	86.4		$	61.9
Non-current portion of lease liability	$	725.4		$	620.4

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


Cash Paid For Amounts Included In Measurement of Liabilities	Fiscal Year Ended June 30,
	2022		2021
	(in millions)
Operating cash flows from operating leases	$	109.8	$	47.3

Right-of-use assets obtained in exchange for operating lease liabilities (non-cash)	$	213.7	$	149.2

For the fiscal years ended June 30, 2022 and 2021, total operating lease expense was $167.4 million and $122.4 million, respectively, of which $29.5 million and $17.2 million was attributable to variable lease expense, and $1.5 million and $4.2 million was attributable to short-term lease expense, respectively.

As discussed in Note 4 - Property and Equipment, management identified various qualitative factors that collectively indicated that the Company had triggering events for our long-lived assets, including the Company’s right-of-use assets. The Company recognized impairment charges for the fiscal year ended June 30, 2022, primarily consisting of impairment loss of $28.5 million related to Connected Fitness right-of-use assets. These impairment charges reduced the carrying value of these right-of-use assets from $161.2 million to $132.7 million. Impairment charges are included within Impairment expense in the Consolidated Statements of Operations and Comprehensive Loss.

There were no material impairments in the fiscal years ended June 30, 2021 and 2020.

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Goodwill [Line Items]
Goodwill impairment	$ 181.9	$ 0.0	$ 0.0
Intangible asset amortization	43.3	$ 19.2	$ 5.1
Write-off of Acquired Developed Technology and Assembled Workforce
Goodwill [Line Items]
Goodwill impairment	165.6
Connected Fitness Products
Goodwill [Line Items]
Goodwill impairment	$ 181.9

Goodwill and Intangible Assets - Future Amortization of Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2022	Jun. 30, 2021
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2023	$ 15.8
2024	10.6
2025	9.4
2026	5.4
2027	0.0
Thereafter	0.2
Net Carrying Value	$ 41.3	$ 247.9

Goodwill and Intangible Assets - Accumulated Amortization of Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 279.8	$ 277.5
Accumulated Amortization	(72.8)	(29.6)
Impairment	(165.6)
Net Carrying Value	41.3	247.9
Acquired developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	130.8	130.8
Accumulated Amortization	(51.8)	(24.8)
Impairment	(41.0)
Net Carrying Value	$ 38.0	$ 106.0
Weighted Average Remaining Useful Life (Years)	2 years 7 months 6 days	4 years 4 months 24 days
Brand
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 94.0	$ 94.0
Accumulated Amortization	(13.1)	(2.6)
Impairment	(80.9)
Net Carrying Value	0.0	$ 91.4
Weighted Average Remaining Useful Life (Years)		8 years 8 months 12 days
Distributor relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	25.0	$ 24.0
Accumulated Amortization	(2.0)	(0.4)
Impairment	(23.0)
Net Carrying Value	0.0	$ 23.6
Weighted Average Remaining Useful Life (Years)		15 years 8 months 12 days
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	17.4	$ 18.0
Accumulated Amortization	(2.3)	(0.5)
Impairment	(15.0)
Net Carrying Value	0.1	$ 17.5
Weighted Average Remaining Useful Life (Years)		9 years 8 months 12 days
Other definite-lived intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	12.5	$ 10.5
Accumulated Amortization	(3.7)	(1.3)
Impairment	(5.6)
Net Carrying Value	$ 3.3	$ 9.3
Weighted Average Remaining Useful Life (Years)	2 years 6 months	4 years 7 months 6 days

Equity-Based Compensation - Summary of Restricted Stock and Restricted Stock Units (Details) - Restricted Stock	12 Months Ended
	Jun. 30, 2022 $ / shares shares
Number of Awards
Outstanding, beginning balance (in shares) \| shares	1,785,946
Granted (in shares) \| shares	10,810,980
Vested and converted to shares (in shares) \| shares	(1,601,686)
Cancelled (in shares) \| shares	(2,017,535)
Outstanding, ending balance (in shares) \| shares	8,977,705
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	43.92
Vested and converted to shares, weighted-average grant date fair value (in dollars per share) \| $ / shares	81.19
Cancelled, weighted-average grant date fair value (in dollars per share) \| $ / shares	69.83
Outstanding, weighted-average grant date fair value, ending balance (in dollars per share) \| $ / shares	$ 42.49

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Millions	Jun. 30, 2022	Jun. 30, 2021
Payables and Accruals [Abstract]
Accounts payable	$ 93.0	$ 364.4
Accrued settlement costs	222.3	1.2
Inventory received but not billed	86.1	134.2
Accrued music licensing royalties	65.7	70.9
Employee-related liabilities	59.6	107.3
Return reserve liability	48.6	50.2
Accrued professional services	36.5	30.7
Accrued marketing	29.3	59.9
Product warranty	19.5	34.2
Accrued capital expenditures	17.0	40.9
Other	119.8	95.2
Total accounts payable and accrued expenses	$ 797.4	$ 989.1

Equity-Based Compensation - Summary of Sock-Based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 328.4	$ 194.0	$ 88.8
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	42.9	38.5	10.7
Cost of revenue \| Connected Fitness Products
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	20.2	12.6	3.2
Cost of revenue \| Subscription
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	22.7	25.9	7.5
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	30.5	26.2	15.3
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	152.4	102.1	52.4
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	46.0	27.2	10.4
Restructuring expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 56.5	$ 0.0	$ 0.0

Commitments and Contingencies - Minimum Guarantee Royalty Payments Due (Details) $ in Millions	Jun. 30, 2022 USD ($)
Future Minimum Payments
Total	$ 99.5
Royalty Guarantees, Commitments
Future Minimum Payments
2023	129.8
2024	125.1
2025	43.8
Total	$ 298.7

Quarterly Financial Data (unaudited) (Tables)

12 Months Ended

Jun. 30, 2022

Quarterly Financial Information Disclosure [Abstract]

Schedule of Selected Quarterly Financial Information

Selected summarized quarterly financial information for the fiscal years ended June 30, 2022 and 2021 was as follows:


	Year ended		Three months ended
	Jun. 30, 2022		Jun. 30, 2022		Mar. 31, 2022		Dec. 31, 2021		Sept. 30, 2021
	(in millions)
Revenue	$	3,582.1	$	678.7	$	964.3	$	1,133.9	$	805.2
Gross profit	698.4		(29.8)		184.2		281.0		263.0
Loss from operations	(2,734.0)		(1,212.8)		(735.8)		(425.7)		(359.7)
Net loss	$	(2,827.7)	$	(1,255.3)	$	(757.1)	$	(439.4)	$	(376.0)
Net loss per share attributable to common stockholders, basic and diluted (2)	$	(8.77)	$	(3.72)	$	(2.27)	$	(1.39)	$	(1.25)

___________________

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


	Year ended		Three months ended
	Jun. 30, 2021		Jun. 30, 2021		Mar. 31, 2021		Dec. 31, 2020		Sept. 30, 2020
	(in millions)
Revenue	$	4,021.8	$	936.9	$	1,262.2	$	1,064.8	$	757.9
Gross profit	1,454.4		254.7		445.1		425.1		329.5
(Loss) income from operations (1)	(187.8)		(301.5)		(14.1)		58.8		69.1
Net (loss) income	$	(189.0)	$	(313.2)	$	(8.6)	$	63.6	$	69.3
Net (loss) income per share attributable to common stockholders, basic (2)	$	(0.64)	$	(1.05)	$	(0.03)	$	0.22	$	0.24
Net (loss) income per share attributable to common stockholders, diluted (2)	$	(0.64)	$	(1.05)	$	(0.03)	$	0.18	$	0.20

____________________

(1) Net income from operations for the three months ended September 30, 2020 and December 31, 2020, reflects strong demand due to the COVID-19 pandemic coupled with the pause on the majority of marketing spend.

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

Income Taxes - Schedule of Loss Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
United States	$ (2,454.4)	$ (120.0)	$ (15.6)
Foreign	(353.7)	(78.2)	(52.8)
Loss from operations before income taxes	$ (2,808.1)	$ (198.2)	$ (68.4)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
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-Topic 940
-SubTopic 20
-Section 25
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=126941158&loc=d3e41242-110953

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section S99
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section S99
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-Subparagraph (SX 210.7-04(8))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section S99
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-Subparagraph (SX 210.9-05(b)(2))
-URI https://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

+ Details

Inventories- Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2022	Jun. 30, 2021
Inventory [Line Items]
Inventory reserves	$ 282.2	$ 60.1
Inventory related to returned products	85.9
Reserves for component parts the company estimated amount	51.2
Excess Accessories And Apparel
Inventory [Line Items]
Inventory reserves	$ 123.9

Restructuring (Tables)

12 Months Ended

Jun. 30, 2022

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Charges

As a result of the Restructuring Plan, the Company incurred the following charges, of which Asset write-downs and write-offs are included within Impairment expense in the Consolidated Statements of Operations and Comprehensive Loss. The remaining charges incurred due to the restructuring plan are included within Restructuring expense in the Consolidated Statements of Operations and Comprehensive Loss:


	Fiscal Year Ended June 30, 2022
Cash restructuring charges:	(in millions)
Severance and other personnel costs	$	109.1
Professional fees and other related charges	15.4
Total cash charges	124.5

Non-cash charges:
Asset write-downs and write-offs	373.8
Stock-based compensation expense	56.5
Write-offs of inventory related to restructuring activities	56.4
Total non-cash charges	486.8

Total	$	611.3

Schedule of Restructuring Related Liabilities

The following table presents a roll-forward of cash restructuring-related liabilities, which is included within Accounts payable and accrued expenses in the Consolidated Balance Sheets, as follows:


	Severance and other personnel costs		Professional fees and other related charges		Total
	(in millions)
Balance as of June 30, 2021	$	—	$	—	$	—
Charges	109.1		15.4		124.5
Cash payments	(98.2)		(15.4)		(113.6)
Balance as of June 30, 2022	$	10.9	$	—	$	10.9

Goodwill and Intangible Assets

12 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets

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


	Amount
	(in millions)
June 30, 2020	$	39.1
Acquisition	168.1
Foreign currency translation	2.8
June 30, 2021	210.1
Acquisitions	12.0
Foreign currency translation	1.0
Impairment	(181.9)
June 30, 2022	$	41.2

The Company reviews goodwill for impairment annually on April 1 and more frequently if events or changes in circumstances indicate that an impairment may exist (“a triggering event”). During the fiscal year ended June 30, 2022, management identified various qualitative factors that collectively, indicated that the Company had triggering events, including (i) softening demand; (ii) increased costs of inventory and logistics; and (iii) sustained decrease in stock price. The Company performed a valuation of the Connected Fitness Products reporting unit using liquidation value and discounted cash flow methodologies. Given the results of the quantitative assessment, the Company determined that the Connected Fitness Products reporting unit’s goodwill was impaired. During the fiscal year ended June 30, 2022, the Company recognized a Goodwill impairment charge of $181.9 million representing the entire amount of goodwill related to the Connected Fitness Products reporting unit in the Connected Fitness Products Segment.

The gross carrying amount, accumulated amortization and impairment of the Company's Intangible assets, net, as of June 30, 2022 were as follows:


	Gross Carrying Value		Accumulated Amortization		Impairment		Net Carrying Value		Weighted Average Remaining Useful Life (Years)
Acquired developed technology	$	130.8	$	(51.8)	$	(41.0)	$	38.0	2.6
Brand	94.0		(13.1)		(80.9)		—		—
Distributor relationships	25.0		(2.0)		(23.0)		—		—
Customer relationships	17.4		(2.3)		(15.0)		0.1		—
Other definite-lived intangibles	12.5		(3.7)		(5.6)		3.3		2.5
Total intangible assets	$	279.8	$	(72.8)	$	(165.6)	$	41.3

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


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

During fiscal year ended June 30, 2022, the Company recognized an impairment loss of $165.6 million primarily due to the write-off of certain acquired developed technology, brand, distributor and customer relationships, and assembled workforce, which resulted from strategic actions taken by the Company under the Restructuring Plan. The Company determined that the estimated future cash flows were less than the carrying values for certain intangibles. The impairment loss is included in Impairment expense in the consolidated statements of operations.

The Company recognized intangible asset amortization in the consolidated statements of operations in the amount of $43.3 million, $19.2 million, and $5.1 million for the fiscal years ended June 30, 2022, 2021, and 2020, respectively.

As of June 30, 2022, estimated amortization related to the Company's identifiable acquisition-related intangible assets in future periods were as follows:


Fiscal Year Ending June 30,	Amount
	(in millions)
2023	$	15.8
2024	10.6
2025	9.4
2026	5.4
2027	—
Thereafter	0.2
Total	$	41.3

Subsequent Events	12 Months Ended
Subsequent Events	Jun. 30, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsOn July 1, 2022, the Compensation Committee approved a one-time repricing of stock option awards that had been granted to date under the 2019 Plan. The repricing impacted stock options held by all employees who remained employed through July 25, 2022. The repricing did not apply to our U.S.-based hourly employees (or employees with equivalent roles in non-U.S. locations) or our C-level executives. The original exercise prices of the repriced stock options ranged from $12.94 to $146.79 per share for the 2,138 total grantees. Each stock option was repriced to have a per share exercise price of $9.13. There were no changes to the number of shares, the vesting schedule or the expiration date of the repriced stock options.

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Property and Equipment [Line Items]
Impairment expense	$ 390.5	$ 4.5	$ 1.2
Carrying value of asset	109.1	222.9
Depreciation and amortization expense	99.5	44.6	35.1
Amortization of capitalized software costs	$ 23.5	$ 8.7	$ 6.8
Property, Plant and Equipment Benchmark \| United States \| Geographic Concentration Risk
Property and Equipment [Line Items]
Percentage of total property and equipment, net	82.00%	78.00%
Property, Plant and Equipment Benchmark \| United Kingdom \| Geographic Concentration Risk
Property and Equipment [Line Items]
Percentage of total property and equipment, net	11.00%	13.00%
Connected Fitness assets
Property and Equipment [Line Items]
Impairment expense	$ 57.6
Manufacturing Equipment
Property and Equipment [Line Items]
Impairment expense	21.3
Peloton Output Park
Property and Equipment [Line Items]
Impairment expense	19.0
Idle Acquired Technology
Property and Equipment [Line Items]
Impairment expense	15.9
Technology
Property and Equipment [Line Items]
Impairment expense	54.1
Carrying value of asset	$ 6.9	$ 61.0

Quarterly Financial Data (unaudited)

12 Months Ended

Jun. 30, 2022

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (unaudited)

Selected summarized quarterly financial information for the fiscal years ended June 30, 2022 and 2021 was as follows:


	Year ended		Three months ended
	Jun. 30, 2022		Jun. 30, 2022		Mar. 31, 2022		Dec. 31, 2021		Sept. 30, 2021
	(in millions)
Revenue	$	3,582.1	$	678.7	$	964.3	$	1,133.9	$	805.2
Gross profit	698.4		(29.8)		184.2		281.0		263.0
Loss from operations	(2,734.0)		(1,212.8)		(735.8)		(425.7)		(359.7)
Net loss	$	(2,827.7)	$	(1,255.3)	$	(757.1)	$	(439.4)	$	(376.0)
Net loss per share attributable to common stockholders, basic and diluted (2)	$	(8.77)	$	(3.72)	$	(2.27)	$	(1.39)	$	(1.25)

___________________

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


	Year ended		Three months ended
	Jun. 30, 2021		Jun. 30, 2021		Mar. 31, 2021		Dec. 31, 2020		Sept. 30, 2020
	(in millions)
Revenue	$	4,021.8	$	936.9	$	1,262.2	$	1,064.8	$	757.9
Gross profit	1,454.4		254.7		445.1		425.1		329.5
(Loss) income from operations (1)	(187.8)		(301.5)		(14.1)		58.8		69.1
Net (loss) income	$	(189.0)	$	(313.2)	$	(8.6)	$	63.6	$	69.3
Net (loss) income per share attributable to common stockholders, basic (2)	$	(0.64)	$	(1.05)	$	(0.03)	$	0.22	$	0.24
Net (loss) income per share attributable to common stockholders, diluted (2)	$	(0.64)	$	(1.05)	$	(0.03)	$	0.18	$	0.20

____________________

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

Cover - USD ($) $ in Billions	12 Months Ended
Cover - USD ($) $ in Billions	Jun. 30, 2022	Jul. 29, 2022	Dec. 31, 2021
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jun. 30, 2022
Current Fiscal Year End Date	--06-30
Document Transition Report	false
Entity File Number	001-39058
Entity Registrant Name	Peloton Interactive, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-3533761
Entity Address, Address Line One	441 Ninth Avenue, Sixth Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10001
City Area Code	917
Local Phone Number	671-9198
Title of 12(b) Security	Class A common stock, $0.000025 par value per share
Trading Symbol	PTON
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 10.7
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for its 2022 Annual Meeting of Stockholders, or Proxy Statement, to be filed within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, are incorporated by reference in Part III. Except with respect to information specifically incorporated by reference in this Annual Report, the Proxy Statement shall not be deemed to be filed as part hereof.
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Central Index Key	0001639825
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		308,398,530
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		30,032,036

Restructuring

12 Months Ended

Jun. 30, 2022

Restructuring and Related Activities [Abstract]

Restructuring

In February 2022, we announced and began implementing a restructuring plan to realign the Company’s operational focus to support its multi-year growth, scale the business, and improve costs (the “Restructuring Plan”). The Restructuring Plan includes: (i) reducing the Company’s headcount; (ii) closing several assembly and manufacturing plants, including the completion and subsequent sale of the shell facility for the Company’s previously planned Peloton Output Park; (iii) closing and consolidating several distribution facilities, and (iv) shifting to third-party logistics providers in certain locations. The Company expects the Restructuring Plan to be substantially implemented by the end of fiscal 2024.


	Fiscal Year Ended June 30, 2022
Cash restructuring charges:	(in millions)
Severance and other personnel costs	$	109.1
Professional fees and other related charges	15.4
Total cash charges	124.5

Non-cash charges:
Asset write-downs and write-offs	373.8
Stock-based compensation expense	56.5
Write-offs of inventory related to restructuring activities	56.4
Total non-cash charges	486.8

Total	$	611.3

In connection with the Restructuring Plan, the Company committed to the closures of certain warehouse and retail locations, the discontinuation of manufacturing in North America, and the wind down of certain software implementation and development projects. Due to the actions taken the Company tested certain fixed assets for recoverability by comparing the carrying value of the asset group to an estimate of the future undiscounted cash flows which was generally the liquidation value. Based on the results of the recoverability test, the Company determined that during the year ended June 30, 2022, the undiscounted cash flows of the asset groups were below the carrying values, indicating impairment. The assets were written down to their estimated fair value, which was determined based on their estimated liquidation or sales value.

The following table presents a roll-forward of cash restructuring-related liabilities, which is included within Accounts payable and accrued expenses in the Consolidated Balance Sheets, as follows:


	Severance and other personnel costs		Professional fees and other related charges		Total
	(in millions)
Balance as of June 30, 2021	$	—	$	—	$	—
Charges	109.1		15.4		124.5
Cash payments	(98.2)		(15.4)		(113.6)
Balance as of June 30, 2022	$	10.9	$	—	$	10.9

In addition to the above charges, the Company incurred approximately $86.6 million of capital expenditures related to Peloton Output Park since project inception.

On July 12, 2022, the Company announced it is exiting all owned-manufacturing operations and expanding its current relationship with Taiwanese manufacturer Rexon Industrial Corp. Additionally, on August 12, 2022, the Company announced the decision to perform the following restructuring activities: (i) eliminate its North American Field Ops warehouses, including the significant reduction of its delivery workforce teams; (ii) eliminate a significant number of roles on the North America Member Support team and exit its real-estate footprints in our Plano and Tempe locations; and (iii) reduce its North America retail showroom presence. In connection with the Restructuring Plan, the Company estimates that it

will incur additional cash charges of approximately $95.0 million primarily composed of severance and other exit costs in fiscal year 2023 and beyond. Additionally, the Company expects to recognize approximately $75.0 million of asset impairment charges in fiscal year 2023 in connection with the Restructuring Plan.

Commitment and Contingencies (Tables)

12 Months Ended

Jun. 30, 2022

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 June 30, 2022:


	Future Minimum Payments
Fiscal Year	(in millions)
2023	$	129.8
2024	125.1
2025	43.8

Total	$	298.7

Restructuring - Schedule of Restructuring Charges (Details) $ in Millions	12 Months Ended
	Jun. 30, 2022 USD ($)
Cash restructuring charges:
Severance and other personnel costs	$ 109.1
Professional fees and other related charges	15.4
Restructuring expense	124.5
Non-cash charges:
Asset write-downs and write-offs	373.8
Stock-based compensation expense	56.5
Write-offs of inventory related to restructuring activities	56.4
Total non-cash charges	486.8
Total	$ 611.3

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Revenue	$ 3,582.1	$ 4,021.8	$ 1,825.9
Cost of revenue	2,883.8	2,567.4	988.2
Gross profit	698.4	1,454.4	837.7
Operating expenses:
Sales and marketing	1,018.9	728.3	476.7
General and administrative	963.4	661.8	351.4
Research and development	359.5	247.6	89.1
Goodwill impairment	181.9	0.0	0.0
Impairment expense	390.5	4.5	1.2
Restructuring expense	180.7	0.0	0.0
Supplier settlements	(337.6)	0.0	0.0
Total operating expenses	3,432.4	1,642.2	918.4
Loss from operations	(2,734.0)	(187.8)	(80.7)
Other (expense) income, net:
Interest expense	(43.0)	(14.8)	(2.0)
Interest income	2.3	7.9	18.2
Foreign exchange losses	(31.8)	(3.5)	(4.0)
Other (expense) income, net	(1.5)	0.1	0.1
Total other (expense) income, net	(74.1)	(10.4)	12.3
Loss from operations before income taxes	(2,808.1)	(198.2)	(68.4)
Income tax expense (benefit)	19.6	(9.2)	3.3
Net loss	(2,827.7)	(189.0)	(71.6)
Net loss attributable to Class A and Class B common stockholders	$ (2,827.7)	$ (189.0)	$ (71.6)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (8.77)	$ (0.64)	$ (0.32)
Net loss per share attributable to common stockholders, basic, diluted (in dollars per share)	$ (8.77)	$ (0.64)	$ (0.32)
Weighted-average Class A and Class B common shares outstanding, basic (in shares)	322,368,818	293,892,643	220,952,237
Weighted-average Class A and Class B common shares outstanding, diluted (in shares)	322,368,818	293,892,643	220,952,237
Other comprehensive (loss) income:
Net unrealized (losses) gains on marketable securities	$ (0.4)	$ (3.5)	$ 3.9
Change in foreign currency translation adjustment	(4.5)	11.5	6.0
Derivative adjustments:
Net unrealized loss on hedging derivatives	(6.3)	0.0	0.0
Reclassification for derivative adjustments included in Net (loss) income	5.3	0.0	0.0
Total other comprehensive (loss) income	(5.9)	8.1	9.9
Comprehensive loss	(2,833.7)	(180.9)	(61.7)
Connected Fitness Products
Revenue	2,187.5	3,149.6	1,462.2
Cost of revenue	2,433.8	2,236.9	832.5
Operating expenses:
Goodwill impairment	181.9
Subscription
Revenue	1,394.7	872.2	363.7
Cost of revenue	$ 450.0	$ 330.5	$ 155.7

Acquisitions	12 Months Ended
Acquisitions	Jun. 30, 2022
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 fiscal year ended June 30, 2022, 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 purchase price allocation was finalized as of June 30, 2022. Other Acquisitions During the fiscal year ended June 30, 2022, the Company completed two transactions to acquire certain developed software and assembled workforce for use in the development of the Company’s data platform and content supply chain. The transactions were completed on November 1, 2021 and November 8, 2021, and were accounted for as a business combination and asset acquisition, respectively. The acquisitions resulted in the recognition of $12.0 million of Goodwill, and $17.7 million of assets primarily consisting of developed software. The developed software was assigned a useful life of 3 years and is recorded in Property and equipment, net on the Company’s Consolidated Balance Sheets.

Income Taxes - Schedule of Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Jun. 30, 2021
Deferred tax assets:
Net operating loss	$ 850.8	$ 337.9
Accruals and reserves	101.2	45.3
R&D credit	41.9	16.1
Accrued legal and professional fees	3.9	3.3
Non-qualified stock options	88.9	39.6
Restricted stock options	5.7	10.9
Disallowed Interest Carryover	1.2	0.0
Intangible Amortization	46.5	0.0
Inventory capitalization	38.8	23.1
Lease liability	197.0	150.4
Deferred revenue	9.5	6.0
Construction in Progress	31.8	0.0
Other	5.5	2.4
Total deferred tax assets:	1,422.7	635.0
Valuation allowance	(1,191.2)	(413.8)
Deferred tax liabilities:
Prepaid Expenses	(10.2)	(7.8)
Property and equipment	(40.8)	(48.3)
Intangibles	0.0	(14.4)
Right-of-use assets	(166.6)	(125.7)
Convertible securities	(15.6)	(18.7)
Other	(0.1)	0.0
Total deferred tax liabilities:	(233.3)	(214.9)
Deferred tax liabilities, net	$ (1.8)
Deferred tax assets, net		$ 6.3

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Millions, $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Redeemable Convertible Preferred Stock	Common Stock Class A and Class B Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment
Increase (Decrease) in Temporary Equity [Roll Forward]
Ending balance (in shares)			210.6
Beginning balance (in shares) at Jun. 30, 2019			210.6
Beginning balance at Jun. 30, 2019			$ 941.1
Increase (Decrease) in Temporary Equity [Roll Forward]
Conversion of redeemable convertible preferred stock to common stock (in shares)			(210.6)
Conversion of redeemable convertible preferred stock to common stock			$ (941.1)
Ending balance at Jun. 30, 2020			$ 0.0
Beginning balance (in shares) at Jun. 30, 2019				25.3
Beginning balance at Jun. 30, 2019	$ (538.6)	$ 7.2		$ 0.0	$ 90.7	$ 0.2	$ (629.5)	$ 7.2
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock pursuant to public offering, net of issuance costs (in shares)				43.4
Issuance of common stock pursuant to public offering, net of issuance costs	1,195.7				1,195.7
Conversion of redeemable convertible preferred stock to common stock (in shares)				210.6
Conversion of redeemable convertible preferred stock to common stock	941.1				941.1
Activity related to stock-based compensation (in shares)				8.5
Activity related to stock-based compensation	130.7				130.7
Issuance of common stock under employee stock purchase plan (in shares)				0.2
Issuance of common stock under employee stock purchase plan	3.7				3.7
Other comprehensive income (loss)	9.9					9.9
Net loss	(71.6)						(71.6)
Ending balance (in shares) at Jun. 30, 2020				288.1
Ending balance at Jun. 30, 2020	1,678.0			$ 0.0	2,361.8	10.1	(693.9)
Increase (Decrease) in Temporary Equity [Roll Forward]
Ending balance (in shares)			0.0
Beginning balance (in shares) at Jun. 30, 2020			0.0
Ending balance at Jun. 30, 2021			$ 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Activity related to stock-based compensation (in shares)				11.6
Activity related to stock-based compensation	165.2				165.2
Issuance of common stock under employee stock purchase plan (in shares)				0.5
Issuance of common stock under employee stock purchase plan	13.1				13.1
Equity component of convertible senior notes, net of issuance costs	160.1				160.1
Purchases of capped calls related to convertible senior notes	(81.3)				(81.3)
Other comprehensive income (loss)	8.1					8.1
Net loss	(189.0)						(189.0)
Ending balance (in shares) at Jun. 30, 2021				300.1
Ending balance at Jun. 30, 2021	1,754.1			$ 0.0	2,618.9	18.2	(883.0)
Increase (Decrease) in Temporary Equity [Roll Forward]
Ending balance (in shares)			0.0
Beginning balance (in shares) at Jun. 30, 2021			0.0
Ending balance at Jun. 30, 2022			$ 0.0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock pursuant to public offering, net of issuance costs (in shares)				27.2
Issuance of common stock pursuant to public offering, net of issuance costs	1,218.7				1,218.7
Activity related to stock-based compensation (in shares)				10.3
Activity related to stock-based compensation	431.7				431.7
Issuance of common stock under employee stock purchase plan (in shares)				0.7
Issuance of common stock under employee stock purchase plan	21.9				21.9
Other comprehensive income (loss)	(5.9)					(5.9)
Net loss	(2,827.7)						(2,827.7)
Ending balance (in shares) at Jun. 30, 2022				338.3
Ending balance at Jun. 30, 2022	$ 592.9			$ 0.0	$ 4,291.3	$ 12.2	$ (3,710.6)
Increase (Decrease) in Temporary Equity [Roll Forward]
Ending balance (in shares)			0.0

Accounts Payable and Accrued Expenses

12 Months Ended

Jun. 30, 2022

Payables and Accruals [Abstract]

Accounts Payable and Accrued Expenses

Accounts payable and accrued expenses consisted of the following:


	June 30,
	2022		2021
	(in millions)
Accounts payable	$	93.0	$	364.4
Accrued settlement costs(1)	222.3		1.2
Inventory received but not billed	86.1		134.2
Accrued music licensing royalties	65.7		70.9
Employee-related liabilities	59.6		107.3
Return reserve liability	48.6		50.2
Accrued professional services	36.5		30.7
Accrued marketing	29.3		59.9
Product warranty	19.5		34.2
Accrued capital expenditures	17.0		40.9
Other	119.8		95.2
Total accounts payable and accrued expenses	$	797.4	$	989.1

_________________________

(1) Accrued settlement costs consist primarily of payments made to third-party suppliers to terminate certain future inventory purchase commitments

Equity-Based Compensation - Summary of Unvested Stock Option Activity (Details) - $ / shares	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Unvested Options
Unvested options, beginning balance (in shares)	28,160,034
Granted (in shares)	19,382,327
Early exercised unvested (in shares)	(13,501)
Vested (in shares)	(16,125,139)
Forfeited or expired (in shares)	(6,056,486)
Unvested options, ending balance (in shares)	25,347,235	28,160,034
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)	22.27	$ 43.76	$ 12.17
Unvested options, weighted-average grant date fair value, early exercised unvested (in dollars per share)	2.02
Unvested options, weighted-average grant date fair value, vested (in dollars per share)	12.09
Unvested options, weighted-average grant date fair value, forfeited or expired (in dollars per share)	20.92
Unvested options, weighted-average grant date fair value, ending balance (in dollars per share)	$ 19.35	$ 13.52

Debt - Convertible Notes and Indenture (Details) $ / shares in Units, shares in Millions	1 Months Ended	12 Months Ended
	Feb. 28, 2021 USD ($) period $ / shares shares	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)
Line of Credit Facility [Line Items]
Proceeds from issuance of convertible notes, net of issuance costs		$ 0	$ 977,200,000	$ 0
Convertible Debt \| Convertible Notes Maturing February 15, 2026
Line of Credit Facility [Line Items]
Principal amount	$ 1,000,000,000.0
Value of shares available for exercise	125,000,000.0
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
Debt issuance costs	19,000,000.0
Issuance costs	$ 3,700,000
Convertible Debt \| Convertible Notes Maturing February 15, 2026 \| Debt Conversion Terms One
Line of Credit Facility [Line Items]
Threshold percentage of stock price trigger	130.00%
Threshold of trading days \| period	20
Threshold of consecutive trading days \| period	30
Convertible Debt \| Convertible Notes Maturing 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 (in shares) \| shares	6.9
Capped Call purchase price	$ 81,300,000

Debt - Second Amended and Restated Credit Agreement (Details) - USD ($)		12 Months Ended
	May 25, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020	Apr. 25, 2022	Dec. 10, 2021	Feb. 28, 2021	Jun. 30, 2019
Line of Credit Facility [Line Items]
Proceeds from issuance of term loan, net of issuance costs		$ 696,400,000	$ 0	$ 0
Letter of Credit
Line of Credit Facility [Line Items]
Standby letters of credit outstanding		77,600,000
Long-term line of credit		69,900,000
Term Loan Facility \| Line of Credit
Line of Credit Facility [Line Items]
Debt discount		33,800,000
Debt issuance costs		$ 19,800,000
Effective interest rate		10.20%
Amended and Restated Credit Agreement \| Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity								$ 500,000,000
Covenant, minimum level of liquidity required		$ 250,000,000.0
Amended and Restated Credit Agreement \| Revolving Credit Facility \| Line of Credit \| Maximum
Line of Credit Facility [Line Items]
Covenant, minimum level of revenue required		3,000,000,000.0
Amended and Restated Credit Agreement \| Letter of Credit \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity (greater than)								$ 250,000,000
Second Amended and Restated Credit Agreement \| Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Commitment fees incurred		1,400,000	$ 1,000,000.0
Amount drawn		$ 0
Debt issuance costs of revolving credit facility	$ 1,100,000
Second Amended and Restated Credit Agreement \| Revolving Credit Facility \| Line of Credit \| SOFR \| Floor rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.00%
Second Amended and Restated Credit Agreement \| Revolving Credit Facility \| Line of Credit \| Alternative Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.75%
Second Amended and Restated Credit Agreement \| Revolving Credit Facility \| Line of Credit \| June 20, 2024 Maturity
Line of Credit Facility [Line Items]
Commitment fee percentage	0.375%
Second Amended and Restated Credit Agreement \| Revolving Credit Facility \| Line of Credit \| June 20, 2024 Maturity \| SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.75%
Second Amended and Restated Credit Agreement \| Revolving Credit Facility \| Line of Credit \| December 10, 2026 Maturity
Line of Credit Facility [Line Items]
Commitment fee percentage	0.325%
Second Amended and Restated Credit Agreement \| Revolving Credit Facility \| Line of Credit \| December 10, 2026 Maturity \| SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate	2.25%
Second Amended and Restated Credit Agreement \| Revolving Credit Facility \| Line of Credit \| December 10, 2026 Maturity \| Alternative Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.25%
Second Amended and Restated Credit Agreement \| Term Loan Facility \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity					$ 750,000,000.0
Quarterly installments payable	0.25%
Basis spread on variable rate	0.50%
Second Amended and Restated Credit Agreement \| Term Loan Facility \| Line of Credit \| SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate	6.50%
Second Amended and Restated Credit Agreement \| Term Loan Facility \| Line of Credit \| SOFR \| Floor rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
Second Amended and Restated Credit Agreement \| Term Loan Facility \| Line of Credit \| Alternative Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	5.50%
Second Amended and Restated Credit Agreement \| Term Loan Facility \| Line of Credit \| Alternative Base Rate \| Floor rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
Second Amended and Restated Credit Agreement \| Term Loan Facility \| Convertible Senior Notes Outstanding On November 16, 2025
Line of Credit Facility [Line Items]
Maximum borrowing capacity (greater than)	$ 200,000,000
Second Amended Credit Agreement \| Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity						$ 500,000,000.0
Second Amended Credit Agreement \| Revolving Credit Facility \| Line of Credit \| June 20, 2024 Maturity
Line of Credit Facility [Line Items]
Maximum borrowing capacity						35,000,000.0
Second Amended Credit Agreement \| Revolving Credit Facility \| Line of Credit \| December 10, 2026 Maturity
Line of Credit Facility [Line Items]
Maximum borrowing capacity						$ 465,000,000.0
0% Convertible Senior Notes Due February 15, 2026 \| Convertible Debt
Line of Credit Facility [Line Items]
Convertible debt, stated interest rate		0.00%					0.00%
Debt issuance costs							$ 19,000,000.0
Effective interest rate							3.69%

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Billions	Nov. 16, 2021	Jun. 30, 2022	Jun. 30, 2021
Over-Allotment Option
Class of Stock [Line Items]
Shares issued in initial public offering (in shares)	27,173,912
Price per share in initial public offering (in dollars per share)	$ 46.00
Aggregate proceeds received from initial public offering, net of underwriters' discounts and commissions	$ 1.2
Class A Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)		$ 0.000025	$ 0.000025
Class A Common Stock \| Over-Allotment Option
Class of Stock [Line Items]
Shares issued in initial public offering (in shares)	3,260,869
Common stock, par value (in dollars per share)	$ 0.000025

Summary of Significant Accounting Policies	12 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Cash and Cash Equivalents The Company considers all cash and short-term investments purchased with maturities of three months or less when acquired to be cash equivalents. As of June 30, 2022 and 2021, the Company’s cash and cash equivalents were primarily held in money market and operating accounts. At various times during the fiscal years ended June 30, 2022 and 2021, the balances of cash at financial institutions exceeded the federally insured limit. The Company has not experienced any losses in such accounts and believes its cash and cash equivalents are not subject to any significant credit risk. Restricted Cash Restricted cash primarily consists of cash held in reserve accounts related to operating lease obligations. Accounts Receivable, Net of Allowances The Company's accounts receivable primarily represent amounts due from third-party sales payment processors. The allowance is based upon a number of factors, including the length of time accounts receivable are past due, the Company's previous loss history, the specific customer's ability to pay its obligation and any other forward-looking data regarding customers' ability to pay which may be available. Revenue Recognition Revenue is recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Refer to Note 3, Revenue for additional information. Inventories Inventories consist of finished goods, work-in-process and raw materials. Finished goods are manufactured by us and purchased from contract manufacturers. Connected Fitness Product, accessories, apparel, and raw material inventories are stated at the lower of cost or net realizable value on a weighted-average cost basis. The Company assesses the valuation of inventory and periodically adjusts the value for estimated excess and obsolete inventory based upon estimates of future demand and market conditions, as well as damaged or otherwise impaired goods. Spare parts are recorded as inventory and recognized in cost of revenue as consumed. Marketable Securities The Company classifies its marketable debt securities as available-for-sale and, accordingly, records them at fair value. Marketable securities with original maturities of greater than three months and remaining maturities of less than one year are classified as current investments. Unrealized holding gains and losses are excluded from earnings and are reported net of tax in other comprehensive income until realized. Dividend and interest income is recognized when earned. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of securities sold. Property and Equipment Property and equipment purchased by the Company are stated at cost less accumulated depreciation. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful lives of the assets. For leasehold improvements, the useful life is the lesser of the applicable lease term or the expected asset life. Charges for repairs and maintenance that do not improve or extend the lives of the respective assets are expensed as incurred. The Company capitalizes the cost of pre-production tooling which it owns during a supply arrangement. Pre-production tooling, including the related engineering costs the Company will not own or will not be used in producing products under long-term supply arrangements are expensed as incurred. Internal-Use Software The Company capitalizes certain qualified costs incurred in connection with the development of internal-use software. The Company evaluates the costs incurred during the application development stage of internal use software and website development to determine whether the costs meet the criteria for capitalization. Costs related to preliminary project activities and post implementation activities including maintenance are expensed as incurred. Capitalized costs related to internal-use software are amortized on a straight-line basis over the estimated useful life of the software, not to exceed three years. Capitalized costs less accumulated amortization are included within Property and equipment, net on the Consolidated Balance Sheets. Business Combination To determine whether transactions should be accounted for as acquisitions of assets or business combinations, the Company makes certain judgments, which include assessment of the inputs, processes, and outputs associated with the acquired set of activities. If the Company determines that substantially all of the fair value of gross assets included in a transaction is concentrated in a single asset (or a group of similar assets), the assets would not represent a business. To be considered a business, the assets in a transaction need to include an input and a substantive process that together significantly contribute to the ability to create outputs. The Company allocates the fair value of the purchase consideration to the assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. The fair values of intangible assets are determined utilizing information available near the acquisition date based on expectations and assumptions that are deemed reasonable by management. Given the considerable judgment involved in determining fair values, the Company typically obtains assistance from third-party valuation specialists for significant items. Any excess of the purchase price (consideration transferred) over the estimated fair values of net assets acquired is recorded as goodwill. Transaction costs are expensed as incurred. Amounts recorded in a business combination may change during the measurement period, which is a period not to exceed one year from the date of acquisition, as additional information about conditions that existed at the acquisition date becomes available. Goodwill and Intangible Assets Goodwill represents the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interest, if any, over the fair value of identifiable assets acquired and liabilities assumed in a business combination. The Company has no intangible assets with indefinite useful lives. Intangible assets other than goodwill are comprised of acquired developed technology, brand name, customer relationships, distributor relationships, and other finite-lived intangible assets. At initial recognition, intangible assets acquired in a business combination or asset acquisition are recognized at their fair value as of the date of acquisition. Following initial recognition, intangible assets are carried at acquisition date fair value less accumulated amortization and impairment losses, if any, and are amortized on a straight-line basis over the estimated useful life of the asset. The Company reviews goodwill for impairment annually on April 1 of each fiscal year or whenever events or changes in circumstances indicate that an impairment may exist. In conducting its annual impairment test, the Company first reviews qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If factors indicate that the fair value of the reporting unit is less than its carrying amount, the Company performs a quantitative assessment and the fair value of the reporting unit is determined by analyzing the expected present value of future cash flows. If the carrying value of the reporting unit continues to exceed its fair value, the fair value of the reporting unit’s goodwill is calculated and an impairment loss equal to the excess is recorded. The Company assesses the impairment of intangible assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset group to future undiscounted net cash flows expected to be generated by the assets. If the carrying amount of an asset group exceeds its estimated undiscounted net future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset group exceeds its fair value. Convertible Senior Notes In February 2021, the Company issued in a private offering $1.0 billion aggregate principal amount of 0% Convertible Senior Notes due 2026 (the "Notes"), including the initial purchasers’ exercise in full of their option to purchase additional notes. See Note 12 for additional details. The Notes are accounted for in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Subtopic 470-20, Debt with Conversion and Other Options. Pursuant to ASC Subtopic 470-20, issuers of certain convertible debt instruments, such as the Notes, that have a net settlement feature and may be settled wholly or partially in cash upon conversion are required to separately account for the liability (debt) and equity (conversion option) components of the instrument. The carrying amount of the liability component of the instrument is computed by estimating the fair value of a similar liability without the conversion option using a market-based approach. The amount of the equity component is then calculated by deducting the fair value of the liability component from the initial proceeds of the instrument. The difference between the principal amount and the liability component represents a debt discount that is amortized to interest expense over the respective term of the Notes using the effective interest rate method. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. In accounting for the issuance costs related to the Notes, the allocation of issuance costs incurred between the liability and equity components was based on their relative values. Simultaneously, the Company entered into privately negotiated capped call transactions with certain counterparties to minimize the impact of potential dilution upon conversion. See Note 12 for additional details. Derivative Instruments 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. For hedging derivatives that the Company has determined qualify as effective cash flow hedges, the Company records the cumulative changes in the fair value in Other comprehensive (loss) income in the Consolidated Statements of Operations and Comprehensive Loss. Hedge ineffectiveness is recorded in Other expense, net in the Consolidated Statements of Operations and Comprehensive Loss. Fair value changes for derivatives that are not in qualifying hedge relationships are recorded in Other expense, net in the Consolidated Statements of Operations and Comprehensive Loss. 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 the Company applies 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 June 30, 2022, the Company did not have any material derivative contracts or contracts with material embedded derivative features requiring bifurcation. Cost of Revenue Connected Fitness Products Connected Fitness Products cost of revenue consists of product costs, including manufacturing costs, duties and other applicable importing costs, shipping and handling costs, packaging, warranty replacement costs, fulfillment costs, warehousing costs, depreciation of property and equipment, and certain allocated costs related to management, facilities, and personnel-related expenses associated with supply chain logistics. Subscription Subscription cost of revenue includes costs associated with content creation and cost to stream content to Members across the Company’s platform. These costs consist of both fixed costs, including studio rent and overhead costs and instructor and production personnel costs, depreciation of property and equipment, as well as variable costs, including music royalty fees, content costs for past use, third-party platform streaming costs, and payment processing fees for monthly subscription billings. Music Royalty Fees The Company recognizes music royalty fees on all music it streams to Members as these fees are incurred in accordance with the terms of the relevant license agreement with the music rights holder. The incurrence of the royalties is primarily driven by content usage by the Company’s Members through the use of a paid subscription or as part of a free-trial offer and it is classified as subscription cost of revenue or sales and marketing expense, respectively, within the Company’s statement of operations and comprehensive loss. The Company’s license agreements with music rights holders may include provisions for advance royalty payments as well as minimum guarantees. When a minimum guarantee is paid in advance, the guarantee is recorded as a cost to fulfill or prepaid asset and amortized over the shorter of the period consumed or the term of the agreement. As the Company executes music license agreements with various music rights holders for go-forward usage, the Company may also simultaneously enter into a settlement agreement whereby the Company is released from all potential licensor claims regarding the Company’s alleged past use of copyrighted material in exchange for a negotiated payment. These are referred to as “content costs for past use” and are recorded within subscription cost of revenue. The Company has entered into agreements with music rights holders who represent all the music catalogs that the Company needs to operate its service, however, given the at times uncertain and opaque nature of music rights ownership, the Company’s archived library may continue to include music for which certain rights or fractional interests have not been accurately determined or fully licensed. Prior to the execution of a music license agreement, the Company estimates and records a charge based upon license agreements previously entered into and the respective music rights holdings. Income Taxes The Company utilizes the asset and liability method for computing its income tax provision. Deferred tax assets and liabilities reflect the expected future consequences of temporary differences between the financial reporting and tax bases of assets and liabilities as well as operating loss, capital loss, and tax credit carryforwards, using enacted tax rates. Management makes estimates, assumptions, and judgments to determine the Company’s provision for income taxes, deferred tax assets and liabilities, and any valuation allowance recorded against deferred tax assets. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent the Company believes recovery is not likely, establishes a valuation allowance. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. Interest and penalties related to unrecognized tax benefits, which to date have not been material, are recognized within income tax expense. Advertising Costs Advertising and other promotional costs to market the Company's products are expensed as incurred. Advertising expenses were $637.3 million, $417.6 million, and $302.8 million for the fiscal years ended June 30, 2022, 2021 and 2020, respectively, and are included within Sales and marketing expenses in the consolidated statements of operations. Research and Development Costs Research and development expenses consist primarily of personnel- and facilities-related expenses, consulting and contractor expenses, tooling and prototype materials software platform expenses, and depreciation of property and equipment. Substantially all of the Company’s research and development expenses are related to developing new products and services and improving existing products and services. Research and development expenses are expensed as incurred. Stock-Based Compensation In August 2019, the Company's Board of Directors ("Board of Directors") adopted the 2019 Employee Stock Purchase Plan ("ESPP"), which was subsequently approved by the Company’s stockholders in September 2019. The Company recognizes stock-based compensation expense related to shares issued pursuant to its ESPP on a straight-line basis over the offering period, which is twenty-four months. The ESPP allows employees to purchase shares of the Company's Class A common stock at a 15 percent discount. The ESPP also includes a look-back provision for the purchase price if the stock price on the purchase date is less than the stock price on the offering date. In August 2019, the Board of Directors adopted the 2019 Equity Incentive Plan ("the 2019 Plan"), which was subsequently approved by the Company’s stockholders in September 2019. Stock-based awards are measured at the grant date based on the fair value of the award and are recognized as expense, net of actual forfeitures, on a straight-line basis over the requisite service period, which is generally the vesting period of the respective award. For performance-based awards issued, the value of the instrument is measured at the grant date as the fair value of the award and expensed over the vesting term under an accelerated attribution method when the performance targets are considered probable of being achieved. The Company estimates the fair value of stock options using the Black-Scholes option pricing model. The determination of the grant date fair value of stock awards issued is affected by a number of variables, including the fair value of the Company’s common stock, the expected common stock price volatility over the expected life of the awards, the expected term of the stock option, risk-free interest rates, and the expected dividend yield of the Company’s common stock. Prior to the fourth quarter of fiscal year ended June 30, 2021, the Company derived its volatility from the average historical stock volatilities of several peer public companies over a period equivalent to the expected term of the awards. Beginning in the fourth quarter of fiscal year ended June 30, 2021, the expected volatility is based on a blended average of average historical stock volatilities of several peer companies over the expected term of the stock options, historical volatility of the Company's stock price, and implied stock price volatility derived from the price of exchange traded options on the Company's stock. The Company estimates the expected term based on the simplified method for employee stock options considered to be “plain vanilla” options, as the Company’s historical share option exercise experience does not provide a reasonable basis upon which to estimate the expected term. The risk-free interest rate is based on the United States Treasury yield curve in effect at the time of grant. Expected dividend yield is 0.0% as the Company has not paid and does not currently anticipate paying dividends on its common stock. Generally, the 2015 Stock Plan permitted the early exercise of stock options granted prior to the IPO. The unvested portion of shares exercised is recorded within Other current liabilities on the Company’s balance sheet and reclassified to equity as vesting occurs. Restructuring Costs and liabilities associated with restructuring activities are recognized when the actions are probable and estimable, which is when management approves the associated actions. Employee-related severance charges are recognized at the time of communication to employees. Contract termination and other charges primarily reflect costs to terminate a contract before the end of its term (measured at fair value at the time the Company provided notice to the counterparty). Defined Contribution Plan The Company maintains a defined contribution retirement plan offered to all of its U.S. employees, as well as plans at certain foreign and domestic subsidiaries. For the fiscal years ended June 30, 2022, 2021, and 2020, the Company's matching contributions totaled $26.3 million, $19.6 million, and $8.4 million, respectively, and were expensed as contributed. Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. If a loss is reasonably possible and the loss or range of loss can be reasonably estimated, the Company discloses the possible loss or states that such an estimate cannot be made. Fair Value of Financial Instruments Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Subsequent changes in fair value of these financial assets and liabilities are recognized in earnings or other comprehensive income when they occur. When determining the fair value measurements for assets and liabilities which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurement or assumptions that market participants would use in pricing the assets or liabilities, such as inherent risk, transfer restrictions, and credit risk. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: •Level 1 inputs are based on quoted prices in active markets for identical assets or liabilities. •Level 2 inputs are based on observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. •Level 3 inputs are based on unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities, and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The Company’s material financial instruments consist primarily of cash and cash equivalents, marketable securities, accounts receivable, accounts payable, accrued expenses, and the convertible senior notes. The carrying values of the Company’s accounts receivable, accounts payable and accrued expenses approximated their fair values at June 30, 2022 and 2021, due to the short period of time to maturity or repayment. Earnings (Loss) Per Share The Company computes earnings (loss) per share using the two-class method required for participating securities. The two-class method requires income available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The Company’s restricted stock awards and common stock issued upon early exercise of stock options are participating securities. The Company considers any shares issued upon early exercise of stock options, subject to repurchase, to be participating securities because holders of such shares have non-forfeitable dividend rights in the event a cash dividend is declared on common stock. These participating securities do not contractually require the holders of such shares to participate in the Company’s losses. As such, net losses for the periods presented were not allocated to the Company’s participating securities. Basic earnings (loss) per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted earnings (loss) per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential shares of common stock outstanding during the period. Potential shares of common stock consist of incremental shares issuable upon the assumed exercise of stock options, ESPP shares to be issued, and vesting of restricted stock awards. 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, impairment of long-lived and intangible assets, useful lives of long lived assets, including property and equipment and finite lived intangible assets, product warranty, goodwill, accounting for income taxes, stock-based compensation expense, transaction price estimates, the fair values of assets acquired and liabilities assumed in business combinations and asset acquisitions, valuation of the debt component of convertible senior notes, contingent consideration, and commitments and contingencies. Actual results may differ from these estimates. Recently Issued Accounting Pronouncements Accounting Pronouncements Recently Adopted ASU 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 consolidated financial statements. ASU 2020-04 and ASU 2021-01 In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This guidance provides temporary optional expedients and exceptions to accounting guidance on contract modifications and hedge accounting to ease entities’ financial reporting burdens as the market transitions from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), which refines the scope of Topic ASC 848 and clarifies some of its guidance. The amendments in ASU 2021-01 are elective and apply to all entities that have derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The guidance in both updates was effective upon issuance and generally can be applied through December 31, 2022. The Company adopted this standard after LIBOR was discontinued on December 31, 2021. The adoption of this standard did not materially impact the Company's consolidated financial statements. Accounting Pronouncements Not Yet Adopted 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. The Company plans to adopt the standard effective July 1, 2022 using the modified retrospective transition method. Adoption of the new standard is expected to result in a reduction to Additional paid-in capital of $160.1 million to remove the equity component separately recorded for the conversion features associated with the Notes (as defined in Note 12 - Debt of the Notes to Consolidated Financial Statements in Part II, Item 8 of this Annual Report on Form 10-K), an increase of $119.6 million in the carrying value of its Notes to reflect the full principal amount of the Notes outstanding net of issuance costs, and a decrease to Accumulated deficit of $40.5 million. ASU 2021-08 In October 2021, the Financial Accounting Standards Board issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The guidance requires that an acquirer recognize and measure contract assets and liabilities acquired in a business combination in accordance with ASC 606, Revenue from Contracts with Customers. This standard is effective for annual periods beginning after December 15, 2022, including interim periods therein, with early adoption permitted, and should be applied prospectively to acquisitions occurring on or after the effective date. The Company will continue to evaluate the impact of this guidance, which will depend on the contract assets and liabilities acquired in future business combinations.

Summary of Significant Accounting Policies (Details) - USD ($)		12 Months Ended
	Jul. 01, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019	Feb. 28, 2021
Debt Instrument [Line Items]
Intangible assets		$ 0
Advertising expenses		637,300,000	$ 417,600,000	$ 302,800,000
Expected dividend yield			0.00%
Employer matching contribution		26,300,000	$ 19,600,000	$ 8,400,000
Accounting Standards Update [Extensible Enumeration]					Accounting Standards Update 2016-02 [Member]
Additional paid-in capital		4,291,300,000	2,618,900,000
Accumulated deficit		$ (3,710,600,000)	$ (883,000,000.0)
Subsequent Event
Debt Instrument [Line Items]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2020-06
Accounting Standards Update 2020-06 \| Cumulative Effect, Period of Adoption, Adjustment \| Subsequent Event
Debt Instrument [Line Items]
Principal amount	$ 119,600,000
Additional paid-in capital	(160,100,000)
Accumulated deficit	$ (40,500,000)
Shares estimated to be purchased under ESPP
Debt Instrument [Line Items]
Expected dividend yield		0.00%
Shares estimated to be purchased under ESPP \| 2019 Employee Stock Purchase Plan
Debt Instrument [Line Items]
Share based compensation arrangement by share based payment award offering period			24 months
Purchase of common stock, employee discount percentage			15.00%
Internal-Use Software \| Maximum
Debt Instrument [Line Items]
Useful life		3 years
0% Convertible Senior Notes Due February 15, 2026 \| Convertible Debt
Debt Instrument [Line Items]
Principal amount						$ 1,000,000,000.0
Convertible debt, stated interest rate		0.00%				0.00%

Goodwill and Intangible Assets - Schedule of Changes in Carrying Value of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Goodwill [Roll Forward]
Beginning balance	$ 210.1	$ 39.1
Acquisition	12.0	168.1
Foreign currency translation	1.0	2.8
Impairment	(181.9)	0.0	$ 0.0
Ending balance	$ 41.2	$ 210.1	$ 39.1

- Definition

Amount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.

+ References + Details

Fair Value Measurements - Other Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2022	Jun. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible Senior Notes	$ 632.2	$ 972.8
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible Senior Notes	0.0	0.0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible Senior Notes	632.2	972.8
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible Senior Notes	$ 0.0	$ 0.0

Concentration of Credit Risk and Major Customers and Vendors	12 Months Ended
	Jun. 30, 2022
Risks and Uncertainties [Abstract]
Concentration of Credit Risk and Major Customers and Vendors	Concentration of Credit Risk and Major Customers and Vendors Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents. The Company’s cash and cash equivalents are maintained with high-quality financial institutions, the compositions and maturities of which are regularly monitored by management. For the fiscal years ended June 30, 2022, 2021, and 2020, there were no customers representing greater than 10% of the Company’s Total revenue. The Company's top two vendors accounted for approximately 60% and 46% of inventory purchased for the fiscal years ended June 30, 2022 and June 30, 2021, respectively. The Company’s top four vendors accounted for approximately 61% of inventory purchased for the fiscal year ended June 30, 2020. The Company procures components from a broad group of suppliers. Some of the products manufactured by the Company require one or more components that are available from only a single source.

Leases - Schedule of Supplemental Cash Flow and Other Information Related to Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Operating cash flows from operating leases	$ 109.8	$ 47.3
Right-of-use assets obtained in exchange for operating lease liabilities (non-cash)	$ 213.7	$ 149.2

Debt (Tables)

12 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Convertible Debt

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


	June 30,
	2022		2021
	(in millions)
Principal	$	1,000.0	$	1,000.0
Unamortized debt discount	(121.5)		(152.4)
Unamortized debt issuance costs	(14.5)		(17.8)
Net carrying amount	$	864.0	$	829.8

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


	Fiscal Year Ended June 30,
	2022		2021
	(in millions)
Amortization of debt discount	$	30.8	$	11.5
Amortization of debt issuance costs	3.3		1.2
Less: Interest capitalized	(0.3)		—
Total interest expense related to the Notes	$	33.9	$	12.6

The net carrying amount of the Term Loan was as follows:


	June 30, 2022
	(in millions)
Principal	$	750.0
Unamortized debt discount	(33.1)
Unamortized debt issuance costs	(19.4)
Net carrying amount	$	697.5

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


	Fiscal Year Ended June 30, 2022
	(in millions)
Amortization of debt discount	$	0.7
Amortization of debt issuance costs	0.4
Total interest expense related to the Notes	$	1.1

Inventories (Details) - USD ($) $ in Millions	Jun. 30, 2022	Jun. 30, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 76.7	$ 109.8
Work-in-process	3.7	7.9
Finished products	1,306.3	879.5
Total inventories	1,386.7	997.2
Less: Reserves	(282.2)	(60.1)
Total inventories, net	1,104.5	937.1
Other inventory, in transit	$ 36.4	$ 249.9

Property and Equipment (Tables)

12 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consisted of the following:


	June 30,
	2022		2021
	(in millions)
Land	$	17.9	$	14.0
Buildings	19.4		22.2
Leasehold Improvements	362.5		253.7
Machinery	24.3		31.1
Equipment	65.1		55.4
Furniture and Fixtures	39.1		26.8
Construction in Progress	78.4		129.1
Software	145.5		108.3
Software under development	31.5		44.3
Total property and equipment	783.9		684.9
Accumulated depreciation and amortization	(173.0)		(93.0)
Total property and equipment, net	$	610.9	$	591.9

There were no material impairments in the fiscal years ended June 30, 2021 and 2020.

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


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

Fair Value Measurements

12 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements of Other Financial Instruments

The following tables present the estimated fair values of the Company’s financial instruments that are not recorded at fair value on the Consolidated Balance Sheets:


	As of June 30, 2022
	Level 1		Level 2		Level 3		Total
	(in millions)
Convertible Senior Notes	$	—	$	632.2	$	—	$	632.2


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

The fair value of the 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.

The carrying value of the Term Loan approximates the fair value as the Term Loan June 30, 2022.

- 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

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2022	Jun. 30, 2021
Current assets:
Cash and cash equivalents	$ 1,253.9	$ 1,134.8
Marketable securities	0.0	472.0
Accounts receivable, net	83.6	71.4
Inventories, net	1,104.5	937.1
Prepaid expenses and other current assets	192.5	202.8
Total current assets	2,634.6	2,818.1
Property and equipment, net	610.9	591.9
Intangible assets, net	41.3	247.9
Goodwill	41.2	210.1
Restricted cash	3.8	0.9
Operating lease right-of-use assets, net	662.5	580.1
Other assets	34.3	36.7
Total assets	4,028.5	4,485.6
Current liabilities:
Accounts payable and accrued expenses	797.4	989.1
Current portion of long term debt	7.5	0.0
Customer deposits and deferred revenue	201.1	164.8
Operating lease liabilities, current	86.4	61.9
Other current liabilities	13.2	27.2
Total current liabilities	1,105.5	1,243.0
0% Convertible senior notes, net	864.0	829.8
Term loan, net	690.0	0.0
Operating lease liabilities, non-current	725.4	620.4
Other non-current liabilities	50.7	38.3
Total liabilities	3,435.6	2,731.5
Commitments and contingencies (Note 13)
Stockholders’ equity
Common stock, $0.000025 par value; 2,500,000,000 and 2,500,000,000 Class A shares authorized, 308,241,938 and 270,855,356 shares issued and outstanding as of June 30, 2022 and June 30, 2021, respectively; 2,500,000,000 and 2,500,000,000 Class B shares authorized, 30,032,078 and 29,291,774 shares issued and outstanding as of June 30, 2022 and June 30, 2021, respectively.	0.0	0.0
Additional paid-in capital	4,291.3	2,618.9
Accumulated other comprehensive income	12.2	18.2
Accumulated deficit	(3,710.6)	(883.0)
Total stockholders’ equity	592.9	1,754.1
Total liabilities and stockholders’ equity	$ 4,028.5	$ 4,485.6

Net Loss Per Share - Schedule of Computation of Basic and Diluted net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Basic loss per share:
Net loss attributable to common stockholders									$ (2,827.7)	$ (189.0)	$ (71.6)
Shares used in computation:
Weighted-average common shares outstanding (in share)									322,368,818	293,892,643	220,952,237
Basic net (loss) income per share (in dollars per share)	$ (3.72)	$ (2.27)	$ (1.39)	$ (1.25)	$ (1.05)	$ (0.03)	$ 0.22	$ 0.24	$ (8.77)	$ (0.64)	$ (0.32)

- Definition

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

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ Details

Segment Information

12 Months Ended

Jun. 30, 2022

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 Products segment derives revenue from sale of the Company's portfolio of Connected Fitness Products and related accessories, delivery and installation services, branded apparel, and extended warranty agreements. The Subscription segment derives revenue from monthly Subscription fees. There are no internal revenue transactions between the Company’s segments.

Key financial performance measures of the segments including Revenue, Cost of revenue, and Gross profit are as follows:


	Fiscal Year Ended June 30,
	2022		2021		2020
	(in millions)
Connected Fitness Products:
Revenue	$	2,187.5	$	3,149.6	$	1,462.2
Cost of revenue	2,433.8		2,236.9		832.5
Gross profit	$	(246.3)	$	912.7	$	629.7
Subscription:
Revenue	$	1,394.7	$	872.2	$	363.7
Cost of revenue	450.0		330.5		155.7
Gross profit	$	944.7	$	541.7	$	208.0
Consolidated:
Revenue	$	3,582.1	$	4,021.8	$	1,825.9
Cost of revenue	2,883.8		2,567.4		988.2
Gross profit	$	698.4	$	1,454.4	$	837.7

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:


	Fiscal Year Ended June 30,
	2022		2021		2020
	(in millions)
Segment Gross Profit	$	698.4	$	1,454.4	$	837.7
Sales and marketing	(1,018.9)		(728.3)		(476.7)
General and administrative	(963.4)		(661.8)		(351.4)
Research and development	(359.5)		(247.6)		(89.1)
Goodwill impairment	(181.9)		—		—
Impairment expense	(390.5)		(4.5)		(1.2)
Restructuring expense	(180.7)		—		—
Supplier settlements	(337.6)		—		—
Total other (expense) income, net	(74.1)		(10.4)		12.3
Loss before provision for income taxes	$	(2,808.1)	$	(198.2)	$	(68.4)

- Definition

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

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+ Details

Fair Value Measurements (Tables)

12 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The following tables present the estimated fair values of the Company’s financial instruments that are not recorded at fair value on the Consolidated Balance Sheets:


	As of June 30, 2022
	Level 1		Level 2		Level 3		Total
	(in millions)
Convertible Senior Notes	$	—	$	632.2	$	—	$	632.2


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

Acquisitions - Narrative (Details) $ in Millions		3 Months Ended	12 Months Ended
Acquisitions - Narrative (Details) $ in Millions	Apr. 01, 2021 USD ($) entity	Sep. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) transaction
Asset Acquisition 2020
Schedule of Business Combination and Asset Acquisition [Line Items]
Number of asset acquisition agreements \| transaction			2
Asset acquisition, goodwill			$ 12.0
Asset Acquisition 2020 \| Software
Schedule of Business Combination and Asset Acquisition [Line Items]
Asset acquisition, intangible assets			$ 17.7
Useful life			3 years
Precor Inc.
Schedule of Business Combination and Asset Acquisition [Line Items]
Number of legal entities acquired on business combination \| entity	15
Purchase price	$ 412.0		$ 409.2
Purchase consideration			$ 2.9
Inventories		$ (4.0)
Intangible assets		1.0
Deferred tax liability decrease		(3.4)
Increase in goodwill		3.5
Fair value assessment		$ 0.1

Leases - Schedule of Maturities of Lease Liabilities for Operating Leases (Details) - USD ($) $ in Millions	Jun. 30, 2022	Jun. 30, 2021
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2023	$ 136.2
2024	129.6
2025	113.2
2026	106.2
2027	98.6
Thereafter	487.2
Total	1,071.0	$ 944.0
Tenant improvement receivable in 2022	$ 13.0

Property and Equipment - Schedule of Useful Lives (Details)	12 Months Ended
	Jun. 30, 2022
Buildings
Property and Equipment [Line Items]
Useful life	40 years
Machinery \| Minimum
Property and Equipment [Line Items]
Useful life	3 years
Machinery \| Maximum
Property and Equipment [Line Items]
Useful life	10 years
Equipment \| Minimum
Property and Equipment [Line Items]
Useful life	2 years
Equipment \| Maximum
Property and Equipment [Line Items]
Useful life	5 years
Furniture and Fixtures \| Minimum
Property and Equipment [Line Items]
Useful life	4 years
Furniture and Fixtures \| Maximum
Property and Equipment [Line Items]
Useful life	10 years
Software \| Minimum
Property and Equipment [Line Items]
Useful life	2 years
Software \| Maximum
Property and Equipment [Line Items]
Useful life	3 years

Debt - Components of Interest Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Interest Expense, Debt [Abstract]
Amortization of debt discount	$ 30.8	$ 11.5
Amortization of debt issuance costs	3.3	1.2
Less: Interest capitalized	(0.3)	0.0
Total interest expense related to the Notes	33.9	$ 12.6
Term Loan Facility
Interest Expense, Debt [Abstract]
Amortization of debt discount	0.7
Amortization of debt issuance costs	0.4
Total interest expense related to the Notes	$ 1.1

Fair Value Measurements - Narrative (Details)	Jun. 30, 2022	Feb. 28, 2021
0% Convertible Senior Notes Due February 15, 2026 \| Convertible Debt
Debt Instrument [Line Items]
Convertible debt, stated interest rate	0.00%	0.00%

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Disaggregation of Revenue [Line Items]
Total revenue	$ 678.7	$ 964.3	$ 1,133.9	$ 805.2	$ 936.9	$ 1,262.2	$ 1,064.8	$ 757.9	$ 3,582.1	$ 4,021.8	$ 1,825.9
North America
Disaggregation of Revenue [Line Items]
Total revenue									3,259.6	3,738.9	1,743.6
International
Disaggregation of Revenue [Line Items]
Total revenue									$ 322.5	$ 283.0	$ 82.3

- Definition

+ References

+ Details

Equity-Based Compensation

12 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

2019 Equity Incentive Plan

In August 2019, the Board of Directors adopted the 2019 Plan, which was subsequently approved by the Company’s stockholders in September 2019. The 2019 Plan serves as the successor to the 2015 Stock Plan (the "2015 Plan"). The 2015 Plan continues to govern the terms and conditions of the outstanding awards previously granted thereunder. Any reserved shares not issued or subject to outstanding grants under the 2015 Plan on the effective date of the 2019 Plan became available for grant under the 2019 Plan and will be issued as Class A common stock. The number of shares reserved for issuance under the 2019 Plan will increase automatically on July 1 of each of 2020 through 2029 by the number of shares of the Company’s Class A common stock equal to 5% of the total outstanding shares of all of the Company’s classes of common stock as of each June 30 immediately preceding the date of increase, or a lesser amount as determined by the Board of Directors. On July 1, 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 June 30, 2022, 43,189,572 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	19,382,327	$	44.00
Exercised	(8,698,931)	$	6.20		$	376.3
Forfeited or expired	(6,814,078)	$	45.82
Outstanding — June 30, 2022	61,815,926	$	25.28	6.7	$	93.2
Vested and Exercisable— June 30, 2022	36,468,691	$	15.63	5.2	$	92.7

Unvested option activity is as follows:


	Options	Weighted-Average Grant Date Fair Value
Unvested - June 30, 2021	28,160,034	$	13.52
Granted	19,382,327	$	22.27
Early exercised unvested	(13,501)	$	2.02
Vested	(16,125,139)	$	12.09
Forfeited or expired	(6,056,486)	$	20.92
Unvested - June 30, 2022	25,347,235	$	19.35

The aggregate intrinsic value of options outstanding and vested and exercisable, were calculated as the difference between the exercise price of the options and the fair value of the Company’s common stock as of June 30, 2022. 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 $376.3 million, $1,216.6 million, and $274.0 million for the fiscal years ended June 30, 2022, 2021, and 2020, respectively.

For the fiscal years ended June 30, 2022, 2021, and 2020 the weighted-average grant date fair value per option was $22.27, $43.76, and $12.17, respectively. The fair value of each option was estimated at the grant date using the Black-Scholes method with the following assumptions:


	Fiscal Year Ended June 30,
	2022		2021		2020
Weighted average risk-free interest rate (1)	1.7	%	0.7	%	1.1	%
Weighted average expected term (in years)	6.0		6.2		6.2
Weighted average expected volatility (2)	56.2	%	43.5	%	44.9	%
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	10,810,980	$	43.92
Vested and converted to shares	(1,601,686)	$	81.19
Cancelled	(2,017,535)	$	69.83
Outstanding — June 30, 2022	8,977,705	$	42.49

Employee Stock Purchase Plan

In August 2019, the Board of Directors adopted, and in September 2019, the Company's stockholders approved, the ESPP, through which eligible employees may purchase shares of the Company's Class A common stock at a discount through accumulated payroll deductions. The ESPP became effective on the date the registration statement, in connection with the Company’s IPO, was declared effective by the SEC (the "Effective Date"). The number of shares of the Company's Class A common stock that will be available for issuance and sale to eligible employees under the ESPP will increase automatically on the first day of each fiscal year of the Company beginning on July 1, 2020 through 2029, equal to 1% of the total number of outstanding shares of all classes of the Company's common stock on the immediately preceding June 30, or such lesser number as may be determined by the Board of Directors or applicable committee in its sole discretion. On July 1, 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 June 30, 2022, a total of 10,148,459 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 (“ESPP reset”), resulting in a modification under ASC 718.

Unless otherwise determined by the Board of Directors, the purchase price for each share of Class A common stock purchased under the ESPP will be 85% of the lower of the fair market value per share on the first trading day of the applicable offering period or the fair market value per share on the last trading day of the applicable purchase period. During the year ended June 30, 2022, there were ESPP resets that resulted in total modification charges of $0.5 million, which is recognized over the new two-year offering period ending February 28, 2024.

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


			Fiscal Year Ended June 30, 2022
Weighted average risk-free interest rate			0.6%
Weighted average expected term (in years)			1.2
Weighted average expected volatility			70.7%
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. Beginning in the fiscal quarter ended March 31, 2022, the expected volatility is based on the historical volatility of the Company’s stock price. The risk-free rate assumptions were based on the U.S. treasury yield curve in effect at the time of the grants. The dividend yield assumption was zero as the Company has not historically paid any dividends and does not expect to declare or pay dividends in the foreseeable future.

During the fiscal years ended June 30, 2022, 2021, and 2020 the Company recorded Stock-based compensation expense associated with the ESPP of $13.0 million, $9.5 million, and $3.3 million respectively.

In connection with the offering period which ended on August 31, 2021, employees purchased 293,337 shares of Class A common stock at a weighted-average price of $39.95 under the ESPP. In connection with the offering period ended on February 28, 2022, employees purchased under the ESPP 420,359 shares of Class A common stock at a weighted-average price of $24.30. As of June 30, 2022, total unrecognized compensation cost related to the ESPP was $21.2 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:


		Fiscal Year Ended June 30,
		2022		2021		2020
	(in millions)
Cost of revenue
Connected Fitness Products		$	20.2	$	12.6	$	3.2
Subscription		22.7		25.9		7.5
Total cost of revenue		42.9		38.5		10.7
Sales and marketing		30.5		26.2		15.3
General and administrative		152.4		102.1		52.4
Research and development		46.0		27.2		10.4
Restructuring expense		56.5		—		—
Total stock-based compensation expense		$	328.4	$	194.0	$	88.8

As of June 30, 2022, the Company had $806.7 million of unrecognized stock-based compensation expense related to unvested stock-based awards that is expected to be recognized over a weighted-average period of 3.1 years.

In the fiscal year ended June 30, 2022, six employees of the Company who were eligible to participate in the Company’s Severance and Change in Control Plan (the “Severance Plan”) terminated employment, and two board members terminated service to the Company. Certain modifications were made to equity awards, including, in certain instances, the post-termination period during which an employee may exercise outstanding stock options was extended from 90 days to one year (or the option expiration date, if earlier), and extended vesting was tied to certain consulting services that were deemed to be non-substantive. As a result of these modifications, the Company recognized incremental Stock-based compensation expense of $18.7 million within Restructuring expense in the Consolidated Statements of Operations and Comprehensive Loss.

Restructuring - Schedule of Restructuring Related Liabilities (Details) $ in Millions	12 Months Ended
	Jun. 30, 2022 USD ($)
Restructuring Reserve [Roll Forward]
Beginning Balance	$ 0.0
Charges	124.5
Cash payments	(113.6)
Ending Balance	10.9
Severance and other personnel costs
Restructuring Reserve [Roll Forward]
Beginning Balance	0.0
Charges	109.1
Cash payments	(98.2)
Ending Balance	10.9
Professional fees and other related charges
Restructuring Reserve [Roll Forward]
Beginning Balance	0.0
Charges	15.4
Cash payments	(15.4)
Ending Balance	$ 0.0

Audit Information	12 Months Ended
Audit Information	Jun. 30, 2022
Auditor Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	New York, New York

Debt - Components of Convertible Debt (Details) - Convertible Debt - USD ($) $ in Millions	Jun. 30, 2022	Jun. 30, 2021
Convertible Notes Maturing February 15, 2026
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net [Abstract]
Principal	$ 1,000.0	$ 1,000.0
Unamortized debt discount	(121.5)	(152.4)
Unamortized debt issuance costs	(14.5)	(17.8)
Net carrying amount	864.0	$ 829.8
Convertible Senior Notes Outstanding On November 16, 2025 \| Term Loan Facility
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net [Abstract]
Principal	750.0
Unamortized debt discount	(33.1)
Unamortized debt issuance costs	(19.4)
Net carrying amount	$ 697.5

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Equity-Based Compensation (Tables)

12 Months Ended

Jun. 30, 2022

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	19,382,327	$	44.00
Exercised	(8,698,931)	$	6.20		$	376.3
Forfeited or expired	(6,814,078)	$	45.82
Outstanding — June 30, 2022	61,815,926	$	25.28	6.7	$	93.2
Vested and Exercisable— June 30, 2022	36,468,691	$	15.63	5.2	$	92.7

Unvested option activity is as follows:


	Options	Weighted-Average Grant Date Fair Value
Unvested - June 30, 2021	28,160,034	$	13.52
Granted	19,382,327	$	22.27
Early exercised unvested	(13,501)	$	2.02
Vested	(16,125,139)	$	12.09
Forfeited or expired	(6,056,486)	$	20.92
Unvested - June 30, 2022	25,347,235	$	19.35

Schedule of Fair Value Assumptions

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


	Fiscal Year Ended June 30,
	2022		2021		2020
Weighted average risk-free interest rate (1)	1.7	%	0.7	%	1.1	%
Weighted average expected term (in years)	6.0		6.2		6.2
Weighted average expected volatility (2)	56.2	%	43.5	%	44.9	%
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	10,810,980	$	43.92
Vested and converted to shares	(1,601,686)	$	81.19
Cancelled	(2,017,535)	$	69.83
Outstanding — June 30, 2022	8,977,705	$	42.49

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

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


			Fiscal Year Ended June 30, 2022
Weighted average risk-free interest rate			0.6%
Weighted average expected term (in years)			1.2
Weighted average expected volatility			70.7%
Expected dividend yield			—

Schedule of Stock-Based Compensation Expense

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


		Fiscal Year Ended June 30,
		2022		2021		2020
	(in millions)
Cost of revenue
Connected Fitness Products		$	20.2	$	12.6	$	3.2
Subscription		22.7		25.9		7.5
Total cost of revenue		42.9		38.5		10.7
Sales and marketing		30.5		26.2		15.3
General and administrative		152.4		102.1		52.4
Research and development		46.0		27.2		10.4
Restructuring expense		56.5		—		—
Total stock-based compensation expense		$	328.4	$	194.0	$	88.8

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020	Aug. 25, 2022
Other Commitments [Line Items]
Content and royalty reserve	$ 9.7				$ 11.5				$ 9.7	$ 11.5
Revenue	678.7	$ 964.3	$ 1,133.9	$ 805.2	936.9	$ 1,262.2	$ 1,064.8	$ 757.9	3,582.1	4,021.8	$ 1,825.9
Return reserve liability	48.6				50.2				48.6	50.2
Cost of revenue									2,883.8	2,567.4	988.2
Commitments to contract with third-party manufacturers	99.5								99.5
Settlement agreements with various third-party suppliers									337.6
Connected Fitness Products
Other Commitments [Line Items]
Revenue									2,187.5	3,149.6	1,462.2
Cost of revenue									2,433.8	2,236.9	832.5
Connected Fitness Products
Other Commitments [Line Items]
Revenue									2,187.5	3,149.6	1,462.2
Cost of revenue									2,433.8	2,236.9	$ 832.5
Connected Fitness Products \| Connected Fitness Products
Other Commitments [Line Items]
Cost of revenue									8.1	15.7
Connected Fitness Products \| Sales Returns and Allowances
Other Commitments [Line Items]
Revenue									48.9	81.1
Return reserve liability	$ 39.9				$ 40.8				$ 39.9	$ 40.8
Manufactured Product \| Subsequent Event
Other Commitments [Line Items]
Commitments to contract with third-party manufacturers												$ 334.7

Net Loss Per Share (Tables)

12 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

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

The computation of loss per share is as follows:


	Fiscal Year Ended June 30,
	2022		2021		2020
	(in millions)
Basic loss per share:
Net loss attributable to common stockholders	$	(2,827.7)	$	(189.0)	$	(71.6)
Shares used in computation:
Weighted-average common shares outstanding	322,368,818		293,892,643		220,952,237
Basic loss per share	$	(8.77)	$	(0.64)	$	(0.32)

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

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


	Fiscal Year Ended June 30,
	2022	2021	2020
Employee stock options	36,846,242	54,076,445	41,476,591
Restricted stock units and awards	174,580	546,687	41,855
Shares estimated to be purchased under ESPP	28,370	363,741	66,019

Revenue

12 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Revenue

The Company’s primary source of revenue is from sales of its Connected Fitness Products and associated recurring Subscription revenues.

The Company determines revenue recognition through the following steps:

•Identification of the contract, or contracts, with a customer;

•Identification of the performance obligations in the contract;

•Determination of the transaction price;

•Allocation of the transaction price to the performance obligations in the contract; and

•Recognition of revenue when, or as, the Company satisfies a performance obligation.

Revenue is recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company’s revenue is reported net of sales returns, discounts, incentives, and rebates to commercial distributors as a reduction of the transaction price. Certain contracts include consideration payable that is accounted for as a payment for distinct goods or services. The Company estimates its liability for product returns and concessions based on historical trends by product category, impact of seasonality, and an evaluation of current economic and market conditions and records the expected customer refund liability as a reduction to revenue, and the expected inventory right of recovery as a reduction of cost of revenue. If actual return costs differ from previous estimates, the amount of the liability and corresponding revenue are adjusted in the period in which such costs occur.

Some of the Company’s contracts with customers contain multiple performance obligations. For customer contracts that include multiple performance obligations, the Company accounts for individual performance obligations if they are distinct. The transaction price is then allocated to each performance obligation based on its standalone selling price. The Company generally determines the standalone selling price based on the prices charged to customers.

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

The Company expenses sales commissions on its Connected Fitness Products when incurred because the amortization period would have been less than one year. These costs are recorded in Sales and marketing in the Company’s Consolidated Statements of Operations and Comprehensive Loss.

Connected Fitness Products

Connected Fitness Products include the Company’s portfolio of Connected Fitness Products and related accessories, Precor branded fitness products, delivery and installation services, Peloton branded apparel, extended warranty agreements, and commercial service contracts. The Company recognizes Connected Fitness Product revenue net of sales returns and discounts when the product has been delivered to the customer, except for extended warranty revenue which is recognized over the warranty period and service revenue which is recognized over the term 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 Consolidated Statements of Operations and Comprehensive Loss.

Subscription

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

Amounts paid for subscription fees, net of refunds are included within Customer deposits and deferred revenue on the Company’s Consolidated Balance Sheets and recognized ratably over the subscription term. The Company records payment processing fees for its monthly subscription charges within cost of Subscription revenue in the Company’s Consolidated Statements of Operations and Comprehensive Loss.

Sales tax collected from customers and remitted to governmental authorities is not included in revenue and is reflected as a liability on the Company’s Consolidated Balance Sheets.

Standard Product Warranty

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

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


	Fiscal Year Ended June 30,
	2022		2021
	(in millions)
Balance at beginning of period	$	51.5	$	34.2
Provision for warranty accrual	59.7		71.1
Warranty claims	(60.0)		(53.9)
Balance at end of period	$	51.1	$	51.5

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 Products for additional periods ranging from 12 to 36 months.

Extended warranty revenue is recognized on a gross basis as the Company has a continuing obligation to perform over the service period. Extended warranty revenue is recognized ratably over the extended warranty coverage period and is included in Connected Fitness Product revenue in the Consolidated Statements of Operations and Comprehensive Loss.

Disaggregation of Revenue

The Company’s revenue from contracts with customers disaggregated by major product lines, excluding sales-based taxes, are included in Note 19- Segment Information of the Notes to Consolidated Financial Statements in Part II, Item 8 of this Annual Report on Form 10-K.

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


	Fiscal Year Ended June 30,
	2022		2021		2020
	(in millions)
North America	$	3,259.6	$	3,738.9	$	1,743.6
International	322.5		283.0		82.3
Total revenue	$	3,582.1	$	4,021.8	$	1,825.9

The Company’s revenue attributable to the United States was $3,100.0 million, $3,577.1 million and $1,699.5 million, representing 87%, 89% and 93% of Total revenue for the fiscal years ended June 30, 2022, 2021 and 2020, respectively.

Customer Deposits and Deferred Revenue

As of June 30, 2022 and June 30, 2021, customer deposits of $109.2 million and $92.2 million, respectively, and deferred revenue of $91.9 million and $72.6 million, respectively, were included in Customer deposits and deferred revenue on the Company’s Consolidated Balance Sheets.

In the fiscal years ended June 30, 2022 and 2021, the Company recognized revenue of $70.4 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
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-Section 50
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Name Accounting Standards Codification
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+ Details

Equity-Based Compensation - Summary of Fair Value Assumptions (Details)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield		0.00%
Employee stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average risk-free interest rate	1.70%	0.70%	1.10%
Weighted average expected term (in years)	6 years	6 years 2 months 12 days	6 years 2 months 12 days
Weighted average expected volatility	56.20%	43.50%	44.90%
Expected dividend yield	0.00%	0.00%	0.00%
Shares estimated to be purchased under ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average risk-free interest rate	0.60%
Weighted average expected term (in years)	1 year 2 months 12 days
Weighted average expected volatility	70.70%
Expected dividend yield	0.00%

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Cash Flows from Operating Activities:
Net loss	$ (2,827.7)	$ (189.0)	$ (71.6)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization expense	142.8	63.8	40.2
Stock-based compensation expense	328.4	194.0	88.8
Non-cash operating lease expense	92.4	61.5	47.7
Amortization of premium from marketable securities	3.4	9.6	1.4
Amortization of debt discount and issuance costs	35.3	13.0	0.6
Goodwill impairment	181.9	0.0	0.0
Impairment expense	390.5	4.5	1.2
Excess and obsolete inventory reserve adjustments	224.9	38.7	(1.2)
Net foreign currency adjustments	31.8	3.4	3.3
Changes in operating assets and liabilities:
Accounts receivable	(12.8)	15.1	11.3
Inventories	(398.6)	(625.9)	(95.6)
Prepaid expenses and other current assets	(32.5)	(32.3)	(33.1)
Other assets	(2.1)	(19.1)	(22.1)
Accounts payable and accrued expenses	(168.6)	439.8	133.4
Customer deposits and deferred revenue	36.8	(212.7)	272.3
Operating lease liabilities, net	(55.8)	(8.0)	(23.6)
Other liabilities	10.1	3.8	23.5
Net cash (used in) provided by operating activities	(2,020.0)	(239.7)	376.4
Cash Flows from Investing Activities:
Purchases of marketable securities	0.0	(449.1)	(1,199.6)
Maturities of marketable securities	211.0	665.9	435.4
Sales of marketable securities	306.7	6.7	224.3
Capital expenditures, including software	(337.3)	(252.3)	(156.5)
Business combinations, net of cash acquired	(11.0)	(478.2)	(45.0)
Asset acquisitions, net of cash acquired	(16.0)	(78.1)	0.0
Net cash provided by (used in) investing activities	153.3	(585.1)	(741.3)
Cash Flows from Financing Activities:
Proceeds from public offering, net of issuance costs	1,218.8	0.0	1,195.7
Proceeds from issuance of term loan, net of issuance costs	696.4	0.0	0.0
Proceeds from issuance of convertible notes, net of issuance costs	0.0	977.2	0.0
Purchase of capped calls	0.0	(81.3)	0.0
Proceeds from employee stock purchase plan withholdings	17.3	18.0	7.0
Proceeds from exercise of stock options	84.3	57.6	37.4
Taxes withheld and paid on employee stock awards	0.0	(53.9)	0.0
Principal repayments of finance leases	(1.7)	(0.8)	0.0
Net cash provided by financing activities	2,015.1	916.8	1,240.2
Effect of exchange rate changes	(26.5)	6.7	(1.2)
Net change in cash, cash equivalents, and restricted cash	121.9	98.7	874.0
Cash, cash equivalents, and restricted cash — Beginning of period	1,135.7	1,037.0	163.0
Cash, cash equivalents, and restricted cash — End of period	1,257.6	1,135.7	1,037.0
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	1.0	1.3	1.9
Cash paid for income taxes	15.2	3.5	4.1
Supplemental Disclosures of Non-Cash Investing and Financing Information:
Conversion of convertible preferred stock to common stock	0.0	0.0	(941.1)
Accrued and unpaid capital expenditures, including software	18.7	46.1	18.2
Stock-based compensation capitalized for software development costs	$ 10.4	$ 6.1	$ 2.2

Inventories (Tables)

12 Months Ended

Jun. 30, 2022

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories were as follows:


	June 30,
	2022		2021
	(in millions)
Raw materials	$	76.7	$	109.8

Work-in-process	3.7		7.9
Finished products(1)	1,306.3		879.5
Total inventories	1,386.7		997.2
Less: Reserves	(282.2)		(60.1)
Total inventories, net	$	1,104.5	$	937.1

_________________________(1) Includes $36.4 million and $249.9 million of finished goods inventory in transit, products owned by the Company that have not yet been received at a Company distribution center, as of June 30, 2022 and June 30, 2021, respectively

Restructuring - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
Restructuring - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2023	Aug. 12, 2022
Restructuring Cost and Reserve [Line Items]
Capital expenditures incurred	$ 337.3	$ 252.3	$ 156.5
Subsequent Event \| Employee Reduction, Facility Closings
Restructuring Cost and Reserve [Line Items]
Expected cost					$ 95.0
Subsequent Event \| Forecast \| Employee Reduction, Facility Closings
Restructuring Cost and Reserve [Line Items]
Asset impairment				$ 75.0
Peloton Output Park
Restructuring Cost and Reserve [Line Items]
Capital expenditures incurred	$ 86.6

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Federal income tax rate	21.00%	21.00%	21.00%
Permanent differences	(0.90%)	(0.60%)	(1.80%)
Share based compensation	1.60%	99.60%	34.20%
Return to provision	0.00%	1.50%	(3.80%)
Effects of rates different than statutory	0.40%	(1.30%)	0.00%
State and local income taxes, net of federal benefit	4.40%	24.10%	8.60%
Franchise tax	0.00%	0.00%	(1.20%)
Change in valuation allowance	(28.30%)	(150.20%)	(65.60%)
Rate change	0.30%	8.00%	(0.50%)
Federal credits	0.90%	2.50%	4.40%
Other	(0.10%)	0.00%	(0.10%)
Effective income tax rate	(0.70%)	4.60%	(4.80%)

Net Loss Per Share - Narrative (Details)	Feb. 28, 2021 $ / shares
Convertible Notes Maturing 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

Debt

12 Months Ended

Jun. 30, 2022

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:


	June 30,
	2022		2021
	(in millions)
Principal	$	1,000.0	$	1,000.0
Unamortized debt discount	(121.5)		(152.4)
Unamortized debt issuance costs	(14.5)		(17.8)
Net carrying amount	$	864.0	$	829.8

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


	Fiscal Year Ended June 30,
	2022		2021
	(in millions)
Amortization of debt discount	$	30.8	$	11.5
Amortization of debt issuance costs	3.3		1.2
Less: Interest capitalized	(0.3)		—
Total interest expense related to the Notes	$	33.9	$	12.6

Capped Call Transactions

In connection with the offering of the Notes, the Company entered into privately negotiated capped call transactions with certain counterparties (the “Capped Call Transactions”). The Capped Call Transactions have an initial strike price of approximately $239.23 per share, subject to adjustments, which corresponds to the approximate initial conversion price of the Notes. The cap price of the Capped Call Transactions will initially be approximately $362.48 per share. The Capped Call Transactions cover, subject to anti-dilution adjustments substantially similar to those applicable to the Notes, 6.9 million shares of Class A Common Stock. The Capped Call Transactions are expected generally to reduce potential dilution to the Class A Common Stock upon any conversion of Notes and/or offset any potential cash payments the Company would be required to make in excess of the principal amount of converted Notes, as the case may be, with such reduction and/or offset subject to a cap based on the cap price. If, however, the market price per share of Class A Common Stock, as measured under the terms of the Capped Call

Transactions, exceeds the cap price of the Capped Call Transactions, there would be dilution and/or there would not be an offset of such potential cash payments, in each case, to the extent that the then-market price per share of the Class A Common Stock exceeds the cap price of the Capped Call Transactions.

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

Second Amended and Restated Credit Agreement

In 2019, the Company entered into an amended and restated revolving credit agreement (as amended, modified or supplemented prior to entrance into the Second Amended and Restated Credit Agreement (as defined below). The Amended and Restated Credit Agreement provided for a $500.0 million secured revolving credit facility, including up to the lesser of $250.0 million and the aggregate unused amount of the facility for the issuance of letters of credit.

The Amended and Restated Credit Agreement also permitted the incurrence of indebtedness to permit the Capped Call Transactions and issuance of the Notes.

On May 25, 2022, the Company entered into an Amendment and Restatement Agreement to which the Second Amended and Restated Credit Agreement is attached (and as amended, restated or otherwise modified from time to time, the “Second Amended and Restated Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent, and certain banks and financial institutions party thereto as lenders and issuing banks. Pursuant to the Second Amended and Restated Credit Agreement, the Company amended and restated the Amended and Restated Credit Agreement.

The Second Amended and Restated Credit Agreement provides for a $750.0 million term loan facility (the “Term Loan”), which will be due and payable on May 25, 2027 or, if greater than $200.0 million of our 0% convertible senior notes are outstanding on November 16, 2025 (the “Springing Maturity Condition”), November 16, 2025 (the “Springing Maturity Date”). The Term Loan amortizes in quarterly installments of 0.25%, payable at the end of each fiscal quarter and on the maturity date.

The Second Amended and Restated Credit Agreement also provides for a $500.0 million revolving credit facility (the “Revolving Facility”), $35.0 million of which will mature on June 20, 2024 (the “Non-Consenting Commitments”), with the rest ($465.0 million) maturing on December 10, 2026 (the “Consenting Commitments”) or if the Springing Maturity Condition is met and the Term Loan is outstanding on such date, the Springing Maturity Date. The key terms of the Revolving Facility remain substantially unchanged from those set forth in the Amended and Restated Credit Agreement, including requiring compliance with a total level of liquidity of not less than $250.0 million and maintaining a minimum total four-quarter revenue level of $3.0 billion (which are replaced with a covenant to maintain a minimum debt to adjusted EBITDA ratio upon our meeting a specified adjusted EBITDA threshold).

The Revolving Facility bears interest at a rate equal to, at our option, either at the Adjusted Term SOFR Rate (as defined in the Second Amended and Restated Credit Agreement) plus 2.25% per annum or the Alternate Base Rate (as defined in the Second Amended and Restated Credit Agreement) plus 1.25% per annum for the Consenting Commitments, and bears interest at a rate equal to, at our option, either at the Adjusted Term SOFR Rate plus 2.75% per annum or the Alternate Base Rate plus 1.75% per annum for the Non-Consenting Commitments. The Company is required to pay an annual commitment fee of 0.325% per annum and 0.375% per annum on a quarterly basis based on the unused portion of the Revolving Facility for the Consenting Commitments and the Non-Consenting Commitments, respectively.

The Term Loan bears interest at a rate equal to, at our option, either at the Alternate Base Rate plus 5.50% per annum or the Adjusted Term SOFR Rate plus 6.5% per annum. Each such margin will increase one time by 0.50% per annum if the Company chooses not to obtain a public rating for the Term Loan from S&P Global Ratings or Moody’s Investors Services, Inc. on or prior to November 25, 2022. Any borrowing at the Alternate Base Rate is subject to a 1.00% floor and a term loan borrowed at the Adjusted Term SOFR Rate is subject to a 0.50% floor and any revolving loan borrowed at the Adjusted Term SOFR Rate is subject to a 0.00% floor.

The Second Amended and Restated Credit Agreement contains customary affirmative covenants as well as customary covenants that restrict our ability to, among other things, incur additional indebtedness, sell certain assets, guarantee obligations of third parties, declare dividends or make certain distributions, and undergo a merger or consolidation or certain other transactions. The Second Amended and Restated Credit Agreement also contains certain customary events of default. Certain baskets and covenant levels have been decreased and will apply equally to both the Term Loan and Revolving Facility for so long as the Term Loan is outstanding. After the repayment in full of the Term Loan, such baskets and levels will revert to those previously disclosed in connection with the Amended and Restated Credit Agreement.

The obligations under the Second Amended and Restated Credit Agreement with respect to the Term Loan and the Revolving Facility are secured by substantially all of our assets, with certain exceptions set forth in the Second Amended and Restated Credit Agreement, and are required to be guaranteed by certain material subsidiaries of the Company if, at the end of future financial quarters, certain conditions are not met.

During the fiscal years ended June 30, 2022 and 2021, the Company incurred total commitment fees of $1.4 million and $1.0 million, respectively, which are included in Interest expense in the Consolidated Statements of Operations and Comprehensive Loss.

As of June 30, 2022, the Company had drawn the full amount of the Term Loan and we had not drawn on the Revolving Facility, and we had $750.0 million total outstanding borrowings under the Second Amended and Restated Credit Agreement.

In connection with the execution of the Second Amended and Restated Credit Agreement, the Company incurred debt issuance costs of $1.1 million which are capitalized and presented as Other assets on the Company’s Consolidated Balance Sheets. These costs are being amortized to interest expense using the effective interest method over the term of the Second Amended and Restated Credit Agreement.

As of June 30, 2022, the Company was in compliance with the covenants under the Second Amended and Restated Credit Agreement. The Company is required to pledge or otherwise restrict a portion of cash and cash equivalents as collateral for standby letters of credit. As of June 30, 2022, we had outstanding letters of credit totaling $77.6 million, of which $69.9 million was secured against the Revolver.

Our proceeds in connection with the Term Loan were $696.4 million, net of discount of $33.8 million and issuance costs of $19.8 million. Both the discount and issuance costs are being amortized to interest expense over the term of the Term Loan using the effective interest rate method. The effective interest rate was 10.2%.

The net carrying amount of the Term Loan was as follows:


	June 30, 2022
	(in millions)
Principal	$	750.0
Unamortized debt discount	(33.1)
Unamortized debt issuance costs	(19.4)
Net carrying amount	$	697.5

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


	Fiscal Year Ended June 30, 2022
	(in millions)
Amortization of debt discount	$	0.7
Amortization of debt issuance costs	0.4
Total interest expense related to the Notes	$	1.1

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

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-Name Accounting Standards Codification
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+ Details

Concentration of Credit Risk and Major Customers and Vendors (Details) - Vendor Concentration Risk - Inventory Benchmark	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Top Two Vendors
Concentration Risk [Line Items]
Percentage of inventory purchased	60.00%	46.00%
Top Four Vendors
Concentration Risk [Line Items]
Percentage of inventory purchased			61.00%

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 0.7	$ 0.0
Gross decrease in unrecognized tax positions	(0.7)
Gross increase in unrecognized tax positions		0.7
Ending balance	$ 0.0	$ 0.7

Equity-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions	1 Months Ended	6 Months Ended		12 Months Ended
	Sep. 30, 2019 period	Feb. 28, 2022 $ / shares shares	Aug. 31, 2021 $ / shares shares	Jun. 30, 2022 USD ($) employee $ / shares shares	Jun. 30, 2021 USD ($) $ / shares	Jun. 30, 2020 USD ($) $ / shares	Jul. 01, 2021 shares
Class of Stock [Line Items]
Aggregate intrinsic value				$ 376.3	$ 1,216.6	$ 274.0
Weighted-average grant date fair value per option (in dollars per share) \| $ / shares				$ 22.27	$ 43.76	$ 12.17
Expected dividend yield					0.00%
Stock-based compensation expense				$ 328.4	$ 194.0	$ 88.8
Number of employees eligible, terminated their employment \| employee				6
Stock-based compensation expense				$ 18.7
ESPP
Class of Stock [Line Items]
Expected dividend yield				0.00%
Stock-based compensation expense				$ 13.0	$ 9.5	$ 3.3
Unrecognized stock-based compensation expense				$ 21.2
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
Commencement of purchase period (in months)	6 months
ESPP \| 2019 Employee Stock Purchase Plan \| Vesting Monthly Over The Following 36 Months
Class of Stock [Line Items]
Commencement of offering period (in years)				2 years
Total modification charges to ESPP				$ 0.5
Employee Stock Options
Class of Stock [Line Items]
Expected dividend yield				0.00%	0.00%	0.00%
Unrecognized stock-based compensation expense				$ 806.7
Unrecognized stock-based compensation expense, period for recognition (in years)				3 years 1 month 6 days
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				43,189,572
Class A Common Stock \| ESPP
Class of Stock [Line Items]
Number of shares purchased under ESPP (in shares) \| shares		420,359	293,337
Weighted-average price of shares purchased under ESPP (in dollars per share) \| $ / shares		$ 24.30	$ 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				10,148,459
Purchase price of common stock, percentage of fair market value	85.00%

Summary of Significant Accounting Policies (Policies)	12 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”).Certain monetary amounts, percentages, and other figures included elsewhere in these financial statements have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be the arithmetic aggregation of the figures that precede them, and figures expressed as percentages in the text may not total 100% or, as applicable, when aggregated may not be the arithmetic aggregation of the percentages that precede them
Cash and Cash Equivalents	The Company considers all cash and short-term investments purchased with maturities of three months or less when acquired to be cash equivalents. As of June 30, 2022 and 2021, the Company’s cash and cash equivalents were primarily held in money market and operating accounts. At various times during the fiscal years ended June 30, 2022 and 2021, the balances of cash at financial institutions exceeded the federally insured limit. The Company has not experienced any losses in such accounts and believes its cash and cash equivalents are not subject to any significant credit risk.
Restricted Cash	Restricted cash primarily consists of cash held in reserve accounts related to operating lease obligations.
Accounts Receivable, Net of Allowances	The Company's accounts receivable primarily represent amounts due from third-party sales payment processors. The allowance is based upon a number of factors, including the length of time accounts receivable are past due, the Company's previous loss history, the specific customer's ability to pay its obligation and any other forward-looking data regarding customers' ability to pay which may be available.
Revenue Recognition	Revenue is recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Refer to Note 3, Revenue for additional information. The Company’s primary source of revenue is from sales of its Connected Fitness Products and associated recurring Subscription revenues. The Company determines revenue recognition through the following steps: •Identification of the contract, or contracts, with a customer; •Identification of the performance obligations in the contract; •Determination of the transaction price; •Allocation of the transaction price to the performance obligations in the contract; and •Recognition of revenue when, or as, the Company satisfies a performance obligation. Revenue is recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company’s revenue is reported net of sales returns, discounts, incentives, and rebates to commercial distributors as a reduction of the transaction price. Certain contracts include consideration payable that is accounted for as a payment for distinct goods or services. The Company estimates its liability for product returns and concessions based on historical trends by product category, impact of seasonality, and an evaluation of current economic and market conditions and records the expected customer refund liability as a reduction to revenue, and the expected inventory right of recovery as a reduction of cost of revenue. If actual return costs differ from previous estimates, the amount of the liability and corresponding revenue are adjusted in the period in which such costs occur. Some of the Company’s contracts with customers contain multiple performance obligations. For customer contracts that include multiple performance obligations, the Company accounts for individual performance obligations if they are distinct. The transaction price is then allocated to each performance obligation based on its standalone selling price. The Company generally determines the standalone selling price based on the prices charged to customers. The Company applies the practical expedient as per ASC 606-10-50-14 and does not disclose information related to remaining performance obligations due to their original expected terms being one year or less. The Company expenses sales commissions on its Connected Fitness Products when incurred because the amortization period would have been less than one year. These costs are recorded in Sales and marketing in the Company’s Consolidated Statements of Operations and Comprehensive Loss. Connected Fitness Products Connected Fitness Products include the Company’s portfolio of Connected Fitness Products and related accessories, Precor branded fitness products, delivery and installation services, Peloton branded apparel, extended warranty agreements, and commercial service contracts. The Company recognizes Connected Fitness Product revenue net of sales returns and discounts when the product has been delivered to the customer, except for extended warranty revenue which is recognized over the warranty period and service revenue which is recognized over the term 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 Consolidated Statements of Operations and Comprehensive Loss. Subscription The Company’s subscriptions provide unlimited access to content in its library of live and on-demand fitness classes. The Company’s subscriptions are offered on a month-to-month basis. Amounts paid for subscription fees, net of refunds are included within Customer deposits and deferred revenue on the Company’s Consolidated Balance Sheets and recognized ratably over the subscription term. The Company records payment processing fees for its monthly subscription charges within cost of Subscription revenue in the Company’s Consolidated Statements of Operations and Comprehensive Loss. Sales tax collected from customers and remitted to governmental authorities is not included in revenue and is reflected as a liability on the Company’s Consolidated Balance Sheets. The Company offers a standard product warranty that its Connected Fitness Products will operate under normal, non-commercial use for a period of one year covering the touchscreen and most original Bike, Bike+, Tread, Tread+, and Guide components from the date of original delivery. The Company has the obligation, at its option, to either repair or replace the defective product. At the time revenue is recognized, an estimate of future warranty costs are recorded as a component of cost of revenue. Factors that affect the warranty obligation include historical as well as current product failure rates, service delivery costs incurred in correcting product failures, and warranty policies and business practices. The Company’s products are manufactured both in-house and by contract manufacturers, and in certain cases, the Company may have recourse to such contract manufacturers.
Inventories	Inventories consist of finished goods, work-in-process and raw materials. Finished goods are manufactured by us and purchased from contract manufacturers. Connected Fitness Product, accessories, apparel, and raw material inventories are stated at the lower of cost or net realizable value on a weighted-average cost basis. The Company assesses the valuation of inventory and periodically adjusts the value for estimated excess and obsolete inventory based upon estimates of future demand and market conditions, as well as damaged or otherwise impaired goods. Spare parts are recorded as inventory and recognized in cost of revenue as consumed.
Marketable Securities	The Company classifies its marketable debt securities as available-for-sale and, accordingly, records them at fair value. Marketable securities with original maturities of greater than three months and remaining maturities of less than one year are classified as current investments. Unrealized holding gains and losses are excluded from earnings and are reported net of tax in other comprehensive income until realized. Dividend and interest income is recognized when earned. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of securities sold.
Property and Equipment	Property and equipment purchased by the Company are stated at cost less accumulated depreciation. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful lives of the assets. For leasehold improvements, the useful life is the lesser of the applicable lease term or the expected asset life. Charges for repairs and maintenance that do not improve or extend the lives of the respective assets are expensed as incurred. The Company capitalizes the cost of pre-production tooling which it owns during a supply arrangement. Pre-production tooling, including the related engineering costs the Company will not own or will not be used in producing products under long-term supply arrangements are expensed as incurred.
Internal-Use Software	The Company capitalizes certain qualified costs incurred in connection with the development of internal-use software. The Company evaluates the costs incurred during the application development stage of internal use software and website development to determine whether the costs meet the criteria for capitalization. Costs related to preliminary project activities and post implementation activities including maintenance are expensed as incurred. Capitalized costs related to internal-use software are amortized on a straight-line basis over the estimated useful life of the software, not to exceed three years. Capitalized costs less accumulated amortization are included within Property and equipment, net on the Consolidated Balance Sheets.
Business Combination	To determine whether transactions should be accounted for as acquisitions of assets or business combinations, the Company makes certain judgments, which include assessment of the inputs, processes, and outputs associated with the acquired set of activities. If the Company determines that substantially all of the fair value of gross assets included in a transaction is concentrated in a single asset (or a group of similar assets), the assets would not represent a business. To be considered a business, the assets in a transaction need to include an input and a substantive process that together significantly contribute to the ability to create outputs. The Company allocates the fair value of the purchase consideration to the assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. The fair values of intangible assets are determined utilizing information available near the acquisition date based on expectations and assumptions that are deemed reasonable by management. Given the considerable judgment involved in determining fair values, the Company typically obtains assistance from third-party valuation specialists for significant items. Any excess of the purchase price (consideration transferred) over the estimated fair values of net assets acquired is recorded as goodwill. Transaction costs are expensed as incurred. Amounts recorded in a business combination may change during the measurement period, which is a period not to exceed one year from the date of acquisition, as additional information about conditions that existed at the acquisition date becomes available.
Goodwill and Intangible Assets	Goodwill represents the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interest, if any, over the fair value of identifiable assets acquired and liabilities assumed in a business combination. The Company has no intangible assets with indefinite useful lives. Intangible assets other than goodwill are comprised of acquired developed technology, brand name, customer relationships, distributor relationships, and other finite-lived intangible assets. At initial recognition, intangible assets acquired in a business combination or asset acquisition are recognized at their fair value as of the date of acquisition. Following initial recognition, intangible assets are carried at acquisition date fair value less accumulated amortization and impairment losses, if any, and are amortized on a straight-line basis over the estimated useful life of the asset. The Company reviews goodwill for impairment annually on April 1 of each fiscal year or whenever events or changes in circumstances indicate that an impairment may exist. In conducting its annual impairment test, the Company first reviews qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If factors indicate that the fair value of the reporting unit is less than its carrying amount, the Company performs a quantitative assessment and the fair value of the reporting unit is determined by analyzing the expected present value of future cash flows. If the carrying value of the reporting unit continues to exceed its fair value, the fair value of the reporting unit’s goodwill is calculated and an impairment loss equal to the excess is recorded. The Company assesses the impairment of intangible assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.
Impairment of Long-Lived Assets	Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset group may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset group to future undiscounted net cash flows expected to be generated by the assets. If the carrying amount of an asset group exceeds its estimated undiscounted net future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset group exceeds its fair value.
Convertible Senior Notes	In February 2021, the Company issued in a private offering $1.0 billion aggregate principal amount of 0% Convertible Senior Notes due 2026 (the "Notes"), including the initial purchasers’ exercise in full of their option to purchase additional notes. See Note 12 for additional details. The Notes are accounted for in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Subtopic 470-20, Debt with Conversion and Other Options. Pursuant to ASC Subtopic 470-20, issuers of certain convertible debt instruments, such as the Notes, that have a net settlement feature and may be settled wholly or partially in cash upon conversion are required to separately account for the liability (debt) and equity (conversion option) components of the instrument. The carrying amount of the liability component of the instrument is computed by estimating the fair value of a similar liability without the conversion option using a market-based approach. The amount of the equity component is then calculated by deducting the fair value of the liability component from the initial proceeds of the instrument. The difference between the principal amount and the liability component represents a debt discount that is amortized to interest expense over the respective term of the Notes using the effective interest rate method. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. In accounting for the issuance costs related to the Notes, the allocation of issuance costs incurred between the liability and equity components was based on their relative values. Simultaneously, the Company entered into privately negotiated capped call transactions with certain counterparties to minimize the impact of potential dilution upon conversion. See Note 12 for additional details.
Derivative Instruments 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. For hedging derivatives that the Company has determined qualify as effective cash flow hedges, the Company records the cumulative changes in the fair value in Other comprehensive (loss) income in the Consolidated Statements of Operations and Comprehensive Loss. Hedge ineffectiveness is recorded in Other expense, net in the Consolidated Statements of Operations and Comprehensive Loss. Fair value changes for derivatives that are not in qualifying hedge relationships are recorded in Other expense, net in the Consolidated Statements of Operations and Comprehensive Loss. 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 the Company applies 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 June 30, 2022, the Company did not have any material derivative contracts or contracts with material embedded derivative features requiring bifurcation.
Cost of Revenue	Connected Fitness Products Connected Fitness Products cost of revenue consists of product costs, including manufacturing costs, duties and other applicable importing costs, shipping and handling costs, packaging, warranty replacement costs, fulfillment costs, warehousing costs, depreciation of property and equipment, and certain allocated costs related to management, facilities, and personnel-related expenses associated with supply chain logistics. Subscription Subscription cost of revenue includes costs associated with content creation and cost to stream content to Members across the Company’s platform. These costs consist of both fixed costs, including studio rent and overhead costs and instructor and production personnel costs, depreciation of property and equipment, as well as variable costs, including music royalty fees, content costs for past use, third-party platform streaming costs, and payment processing fees for monthly subscription billings.
Music Royalty Fees	The Company recognizes music royalty fees on all music it streams to Members as these fees are incurred in accordance with the terms of the relevant license agreement with the music rights holder. The incurrence of the royalties is primarily driven by content usage by the Company’s Members through the use of a paid subscription or as part of a free-trial offer and it is classified as subscription cost of revenue or sales and marketing expense, respectively, within the Company’s statement of operations and comprehensive loss. The Company’s license agreements with music rights holders may include provisions for advance royalty payments as well as minimum guarantees. When a minimum guarantee is paid in advance, the guarantee is recorded as a cost to fulfill or prepaid asset and amortized over the shorter of the period consumed or the term of the agreement. As the Company executes music license agreements with various music rights holders for go-forward usage, the Company may also simultaneously enter into a settlement agreement whereby the Company is released from all potential licensor claims regarding the Company’s alleged past use of copyrighted material in exchange for a negotiated payment. These are referred to as “content costs for past use” and are recorded within subscription cost of revenue. The Company has entered into agreements with music rights holders who represent all the music catalogs that the Company needs to operate its service, however, given the at times uncertain and opaque nature of music rights ownership, the Company’s archived library may continue to include music for which certain rights or fractional interests have not been accurately determined or fully licensed. Prior to the execution of a music license agreement, the Company estimates and records a charge based upon license agreements previously entered into and the respective music rights holdings.
Income Taxes	The Company utilizes the asset and liability method for computing its income tax provision. Deferred tax assets and liabilities reflect the expected future consequences of temporary differences between the financial reporting and tax bases of assets and liabilities as well as operating loss, capital loss, and tax credit carryforwards, using enacted tax rates. Management makes estimates, assumptions, and judgments to determine the Company’s provision for income taxes, deferred tax assets and liabilities, and any valuation allowance recorded against deferred tax assets. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent the Company believes recovery is not likely, establishes a valuation allowance. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. Interest and penalties related to unrecognized tax benefits, which to date have not been material, are recognized within income tax expense.
Advertising Costs	Advertising and other promotional costs to market the Company's products are expensed as incurred
Research and Development Costs	Research and development expenses consist primarily of personnel- and facilities-related expenses, consulting and contractor expenses, tooling and prototype materials software platform expenses, and depreciation of property and equipment. Substantially all of the Company’s research and development expenses are related to developing new products and services and improving existing products and services. Research and development expenses are expensed as incurred.
Stock-Based Compensation	In August 2019, the Company's Board of Directors ("Board of Directors") adopted the 2019 Employee Stock Purchase Plan ("ESPP"), which was subsequently approved by the Company’s stockholders in September 2019. The Company recognizes stock-based compensation expense related to shares issued pursuant to its ESPP on a straight-line basis over the offering period, which is twenty-four months. The ESPP allows employees to purchase shares of the Company's Class A common stock at a 15 percent discount. The ESPP also includes a look-back provision for the purchase price if the stock price on the purchase date is less than the stock price on the offering date. In August 2019, the Board of Directors adopted the 2019 Equity Incentive Plan ("the 2019 Plan"), which was subsequently approved by the Company’s stockholders in September 2019. Stock-based awards are measured at the grant date based on the fair value of the award and are recognized as expense, net of actual forfeitures, on a straight-line basis over the requisite service period, which is generally the vesting period of the respective award. For performance-based awards issued, the value of the instrument is measured at the grant date as the fair value of the award and expensed over the vesting term under an accelerated attribution method when the performance targets are considered probable of being achieved. The Company estimates the fair value of stock options using the Black-Scholes option pricing model. The determination of the grant date fair value of stock awards issued is affected by a number of variables, including the fair value of the Company’s common stock, the expected common stock price volatility over the expected life of the awards, the expected term of the stock option, risk-free interest rates, and the expected dividend yield of the Company’s common stock. Prior to the fourth quarter of fiscal year ended June 30, 2021, the Company derived its volatility from the average historical stock volatilities of several peer public companies over a period equivalent to the expected term of the awards. Beginning in the fourth quarter of fiscal year ended June 30, 2021, the expected volatility is based on a blended average of average historical stock volatilities of several peer companies over the expected term of the stock options, historical volatility of the Company's stock price, and implied stock price volatility derived from the price of exchange traded options on the Company's stock. The Company estimates the expected term based on the simplified method for employee stock options considered to be “plain vanilla” options, as the Company’s historical share option exercise experience does not provide a reasonable basis upon which to estimate the expected term. The risk-free interest rate is based on the United States Treasury yield curve in effect at the time of grant. Expected dividend yield is 0.0% as the Company has not paid and does not currently anticipate paying dividends on its common stock. Generally, the 2015 Stock Plan permitted the early exercise of stock options granted prior to the IPO. The unvested portion of shares exercised is recorded within Other current liabilities on the Company’s balance sheet and reclassified to equity as vesting occurs.
Restructuring	Costs and liabilities associated with restructuring activities are recognized when the actions are probable and estimable, which is when management approves the associated actions. Employee-related severance charges are recognized at the time of communication to employees. Contract termination and other charges primarily reflect costs to terminate a contract before the end of its term (measured at fair value at the time the Company provided notice to the counterparty).
Defined Contribution Plan	The Company maintains a defined contribution retirement plan offered to all of its U.S. employees, as well as plans at certain foreign and domestic subsidiaries. For the fiscal years ended June 30, 2022, 2021, and 2020, the Company's matching contributions totaled $26.3 million, $19.6 million, and $8.4 million, respectively, and were expensed as contributed.
Commitments and Contingencies	Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. If a loss is reasonably possible and the loss or range of loss can be reasonably estimated, the Company discloses the possible loss or states that such an estimate cannot be made.
Fair Value of Financial Instruments	Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Subsequent changes in fair value of these financial assets and liabilities are recognized in earnings or other comprehensive income when they occur. When determining the fair value measurements for assets and liabilities which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurement or assumptions that market participants would use in pricing the assets or liabilities, such as inherent risk, transfer restrictions, and credit risk. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: •Level 1 inputs are based on quoted prices in active markets for identical assets or liabilities. •Level 2 inputs are based on observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. •Level 3 inputs are based on unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities, and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The Company’s material financial instruments consist primarily of cash and cash equivalents, marketable securities, accounts receivable, accounts payable, accrued expenses, and the convertible senior notes. The carrying values of the Company’s accounts receivable, accounts payable and accrued expenses approximated their fair values at June 30, 2022 and 2021, due to the short period of time to maturity or repayment.
Earnings (Loss) Per Share	The Company computes earnings (loss) per share using the two-class method required for participating securities. The two-class method requires income available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The Company’s restricted stock awards and common stock issued upon early exercise of stock options are participating securities. The Company considers any shares issued upon early exercise of stock options, subject to repurchase, to be participating securities because holders of such shares have non-forfeitable dividend rights in the event a cash dividend is declared on common stock. These participating securities do not contractually require the holders of such shares to participate in the Company’s losses. As such, net losses for the periods presented were not allocated to the Company’s participating securities.Basic earnings (loss) per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted earnings (loss) per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential shares of common stock outstanding during the period. Potential shares of common stock consist of incremental shares issuable upon the assumed exercise of stock options, ESPP shares to be issued, and vesting of restricted stock awards.
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, impairment of long-lived and intangible assets, useful lives of long lived assets, including property and equipment and finite lived intangible assets, product warranty, goodwill, accounting for income taxes, stock-based compensation expense, transaction price estimates, the fair values of assets acquired and liabilities assumed in business combinations and asset acquisitions, valuation of the debt component of convertible senior notes, contingent consideration, and commitments and contingencies. Actual results may differ from these estimates.
Recently Issued Accounting Pronouncements	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 consolidated financial statements. ASU 2020-04 and ASU 2021-01 In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This guidance provides temporary optional expedients and exceptions to accounting guidance on contract modifications and hedge accounting to ease entities’ financial reporting burdens as the market transitions from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), which refines the scope of Topic ASC 848 and clarifies some of its guidance. The amendments in ASU 2021-01 are elective and apply to all entities that have derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. The guidance in both updates was effective upon issuance and generally can be applied through December 31, 2022. The Company adopted this standard after LIBOR was discontinued on December 31, 2021. The adoption of this standard did not materially impact the Company's consolidated financial statements. Accounting Pronouncements Not Yet Adopted 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. The Company plans to adopt the standard effective July 1, 2022 using the modified retrospective transition method. Adoption of the new standard is expected to result in a reduction to Additional paid-in capital of $160.1 million to remove the equity component separately recorded for the conversion features associated with the Notes (as defined in Note 12 - Debt of the Notes to Consolidated Financial Statements in Part II, Item 8 of this Annual Report on Form 10-K), an increase of $119.6 million in the carrying value of its Notes to reflect the full principal amount of the Notes outstanding net of issuance costs, and a decrease to Accumulated deficit of $40.5 million. ASU 2021-08 In October 2021, the Financial Accounting Standards Board issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The guidance requires that an acquirer recognize and measure contract assets and liabilities acquired in a business combination in accordance with ASC 606, Revenue from Contracts with Customers. This standard is effective for annual periods beginning after December 15, 2022, including interim periods therein, with early adoption permitted, and should be applied prospectively to acquisitions occurring on or after the effective date. The Company will continue to evaluate the impact of this guidance, which will depend on the contract assets and liabilities acquired in future business combinations.
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	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.

Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 678.7	$ 964.3	$ 1,133.9	$ 805.2	$ 936.9	$ 1,262.2	$ 1,064.8	$ 757.9	$ 3,582.1	$ 4,021.8	$ 1,825.9
Gross profit	(29.8)	184.2	281.0	263.0	254.7	445.1	425.1	329.5	698.4	1,454.4	837.7
(Loss) income from operations	(1,212.8)	(735.8)	(425.7)	(359.7)	(301.5)	(14.1)	58.8	69.1	(2,734.0)	(187.8)	(80.7)
Net loss	$ (1,255.3)	$ (757.1)	$ (439.4)	$ (376.0)	$ (313.2)	$ (8.6)	$ 63.6	$ 69.3	$ (2,827.7)	$ (189.0)	$ (71.6)
Net (loss) income per share attributable to common stockholders, basic (in dollars per share	$ (3.72)	$ (2.27)	$ (1.39)	$ (1.25)	$ (1.05)	$ (0.03)	$ 0.22	$ 0.24	$ (8.77)	$ (0.64)	$ (0.32)
Net income (loss) per share attributable to common stockholders, diluted (in dollars per share)	$ (3.72)	$ (2.27)	$ (1.39)	$ (1.25)	$ (1.05)	$ (0.03)	$ 0.18	$ 0.20	$ (8.77)	$ (0.64)	$ (0.32)

- Definition

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

+ References

+ Details

- Definition

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

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

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Leases (Tables)

12 Months Ended

Jun. 30, 2022

Leases [Abstract]

Schedule of Maturities of Lease Liabilities for Operating Leases

As of June 30, 2022, the total remaining lease payments included in the measurement of lease liabilities for operating leases were as follows:


Fiscal Year Ended June 30,	Future Minimum Payments
	(in millions)
2023(1)	$	136.2
2024	129.6
2025	113.2
2026	106.2
2027	98.6
Thereafter	487.2
Total	$	1,071.0

_________________________

(1) Includes $13.0 million in tenant improvement receivable.

^[1]

Schedule of Supplemental Balance Sheet Information Related to Leases

Supplemental information related to operating leases was as follows:


Reconciliation of Lease Liabilities	As of June 30,
	2022			2021
	(dollars in millions)
Weighted-average remaining lease term (years)	9.7			11.4
Weighted-average discount rate	4.98		%	5.35		%
Total Undiscounted Lease Liability	$	1,071.0		$	944.0
Less: Imputed interest	(259.1)			(261.6)
Total Discounted Lease Liability	$	811.8		$	682.3
Current portion of lease liability	$	86.4		$	61.9
Non-current portion of lease liability	$	725.4		$	620.4

Schedule of Supplemental Cash Flow and Other Information Related to Leases

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


Cash Paid For Amounts Included In Measurement of Liabilities	Fiscal Year Ended June 30,
	2022		2021
	(in millions)
Operating cash flows from operating leases	$	109.8	$	47.3

Right-of-use assets obtained in exchange for operating lease liabilities (non-cash)	$	213.7	$	149.2

[1]

As of June 30, 2022, the total remaining lease payments included in the measurement of lease liabilities for operating leases were as follows:


Fiscal Year Ended June 30,	Future Minimum Payments
	(in millions)
2023(1)	$	136.2
2024	129.6
2025	113.2
2026	106.2
2027	98.6
Thereafter	487.2
Total	$	1,071.0

_________________________

(1) Includes $13.0 million in tenant improvement receivable.

Stockholders' Equity	12 Months Ended
Stockholders' Equity	Jun. 30, 2022
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity On November 16, 2021, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC as representatives of the several underwriters named therein (collectively, the “Representatives”) relating to the offer and sale by the Company (the “Offering”) of 27,173,912 shares (the “Shares”) of the Company’s Class A common stock, par value $0.000025 per share, which includes 3,260,869 shares of Class A common stock issued and sold pursuant to the exercise in full by the underwriters of their option to purchase additional shares of Class A common stock pursuant to the Underwriting Agreement. The Company sold the Shares to the underwriters at the public offering price of $46.00 per share less underwriting discounts. The net proceeds to the Company from the Offering were approximately $1.2 billion after deducting the underwriters’ discounts and commissions.

- Definition

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

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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Weighted-average remaining lease term (years)	9 years 8 months 12 days	11 years 4 months 24 days
Weighted-average discount rate	4.98%	5.35%
Total	$ 1,071.0	$ 944.0
Less: Imputed interest	(259.1)	(261.6)
Total Discounted Lease Liability	811.8	682.3
Current portion of lease liability	86.4	61.9
Non-current portion of lease liability	$ 725.4	$ 620.4

Goodwill and Intangible Assets (Tables)

12 Months Ended

Jun. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Carrying Value of Goodwill

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


	Amount
	(in millions)
June 30, 2020	$	39.1
Acquisition	168.1
Foreign currency translation	2.8
June 30, 2021	210.1
Acquisitions	12.0
Foreign currency translation	1.0
Impairment	(181.9)
June 30, 2022	$	41.2

Schedule of Intangible Assets, Net

The gross carrying amount, accumulated amortization and impairment of the Company's Intangible assets, net, as of June 30, 2022 were as follows:


	Gross Carrying Value		Accumulated Amortization		Impairment		Net Carrying Value		Weighted Average Remaining Useful Life (Years)
Acquired developed technology	$	130.8	$	(51.8)	$	(41.0)	$	38.0	2.6
Brand	94.0		(13.1)		(80.9)		—		—
Distributor relationships	25.0		(2.0)		(23.0)		—		—
Customer relationships	17.4		(2.3)		(15.0)		0.1		—
Other definite-lived intangibles	12.5		(3.7)		(5.6)		3.3		2.5
Total intangible assets	$	279.8	$	(72.8)	$	(165.6)	$	41.3

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


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

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

As of June 30, 2022, estimated amortization related to the Company's identifiable acquisition-related intangible assets in future periods were as follows:


Fiscal Year Ending June 30,	Amount
	(in millions)
2023	$	15.8
2024	10.6
2025	9.4
2026	5.4
2027	—
Thereafter	0.2
Total	$	41.3

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Topic 350
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-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

Segment Information (Tables)

12 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Schedule of Key Performance Measures by Segment

Key financial performance measures of the segments including Revenue, Cost of revenue, and Gross profit are as follows:


	Fiscal Year Ended June 30,
	2022		2021		2020
	(in millions)
Connected Fitness Products:
Revenue	$	2,187.5	$	3,149.6	$	1,462.2
Cost of revenue	2,433.8		2,236.9		832.5
Gross profit	$	(246.3)	$	912.7	$	629.7
Subscription:
Revenue	$	1,394.7	$	872.2	$	363.7
Cost of revenue	450.0		330.5		155.7
Gross profit	$	944.7	$	541.7	$	208.0
Consolidated:
Revenue	$	3,582.1	$	4,021.8	$	1,825.9
Cost of revenue	2,883.8		2,567.4		988.2
Gross profit	$	698.4	$	1,454.4	$	837.7

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:


	Fiscal Year Ended June 30,
	2022		2021		2020
	(in millions)
Segment Gross Profit	$	698.4	$	1,454.4	$	837.7
Sales and marketing	(1,018.9)		(728.3)		(476.7)
General and administrative	(963.4)		(661.8)		(351.4)
Research and development	(359.5)		(247.6)		(89.1)
Goodwill impairment	(181.9)		—		—
Impairment expense	(390.5)		(4.5)		(1.2)
Restructuring expense	(180.7)		—		—
Supplier settlements	(337.6)		—		—
Total other (expense) income, net	(74.1)		(10.4)		12.3
Loss before provision for income taxes	$	(2,808.1)	$	(198.2)	$	(68.4)

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

Equity-Based Compensation - Summary of Stock Options Outstanding (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020
Stock Options Outstanding, Number of Stock Options
Stock options outstanding, beginning balance (in shares)	57,946,608
Granted (in shares)	19,382,327
Exercised (in shares)	(8,698,931)
Forfeited or expired (in shares)	(6,814,078)
Stock options outstanding, ending balance (in shares)	61,815,926	57,946,608
Stock options vested and exercisable (in shares)	36,468,691
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)	44.00
Exercised, weighted-average exercise price (in dollars per share)	6.20
Forfeited or expired, weighted-average exercise price (in dollars per share)	45.82
Stock options outstanding, weighted average exercise price, ending balance (in dollars per shares)	25.28	$ 18.47
Stock options vested and exercisable, weighted-average exercise price (in dollars per share)	$ 15.63
Stock options outstanding, weighted-average remaining contractual term (in years)	6 years 8 months 12 days	7 years 3 months 18 days
Stock options vested and exercisable, weighted-average remaining contractual term (in years)	5 years 2 months 12 days
Stock options outstanding, aggregate intrinsic value	$ 6,119.2
Stock options exercised, aggregate intrinsic value	376.3	$ 1,216.6	$ 274.0
Stock options outstanding, aggregate intrinsic value	93.2	$ 6,119.2
Stock options vested and exercisable, aggregate intrinsic value	$ 92.7

Revenue (Tables)

12 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Schedule of Product Warranty Liability

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


	Fiscal Year Ended June 30,
	2022		2021
	(in millions)
Balance at beginning of period	$	51.5	$	34.2
Provision for warranty accrual	59.7		71.1
Warranty claims	(60.0)		(53.9)
Balance at end of period	$	51.1	$	51.5

Schedule of Disaggregation of Revenue

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


	Fiscal Year Ended June 30,
	2022		2021		2020
	(in millions)
North America	$	3,259.6	$	3,738.9	$	1,743.6
International	322.5		283.0		82.3
Total revenue	$	3,582.1	$	4,021.8	$	1,825.9

Subsequent Events (Details) - $ / shares		12 Months Ended
Subsequent Events (Details) - $ / shares	Jul. 01, 2022	Jun. 30, 2022
Subsequent Event [Line Items]
Granted (in shares)		19,382,327
Exercised, weighted-average exercise price (in dollars per share)		$ 6.20
Subsequent Event \| 2019 Equity Incentive Plan
Subsequent Event [Line Items]
Original exercise price lower range (in dollars per share)	$ 12.94
Original exercise price upper range (in dollars per share)	$ 146.79
Granted (in shares)	2,138
Exercised, weighted-average exercise price (in dollars per share)	$ 9.13

Income Taxes (Tables)

12 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Abstract]

Schedule of Loss Before Income Taxes

The components of loss before income taxes are as follows:


	Fiscal Year Ended June 30,
	2022		2021		2020
	(in millions)
United States	$	(2,454.4)	$	(120.0)	$	(15.6)
Foreign	(353.7)		(78.2)		(52.8)
Loss from operations before income taxes	$	(2,808.1)	$	(198.2)	$	(68.4)

Schedule of Components of Income Tax Expense (Benefit)

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


	Fiscal Year Ended June 30,
	2022		2021		2020
	(in millions)
Current:
Federal	$	—	$	—	$	—
State	1.3		0.4		1.2
Foreign	13.6		11.5		3.0
	14.9		11.9		4.2
Deferred:
Federal	—		(14.1)		—
State	—		(3.2)		—
Foreign	4.7		(3.8)		(0.9)
	4.7		(21.1)		(0.9)
Total	$	19.6	$	(9.2)	$	3.3

Schedule of Effective Income Tax Rate Reconciliation

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


	Fiscal Year Ended June 30,
	2022		2021		2020
Federal income tax rate	21.0	%	21.0	%	21.0	%
Permanent differences	(0.9)		(0.6)		(1.8)
Share based compensation	1.6		99.6		34.2
Return to provision	—		1.5		(3.8)
Effects of rates different than statutory	0.4		(1.3)		—
State and local income taxes, net of federal benefit	4.4		24.1		8.6
Franchise tax	—		—		(1.2)
Change in valuation allowance	(28.3)		(150.2)		(65.6)
Rate change	0.3		8.0		(0.5)
Federal credits	0.9		2.5		4.4
Other	(0.1)		—		(0.1)
Effective income tax rate	(0.7)	%	4.6	%	(4.8)	%

Schedule of Deferred Tax Assets (Liabilities)


	Fiscal Year Ended June 30,
	2022		2021
	(in millions)
Deferred tax assets:
Net operating loss	$	850.8	$	337.9
Accruals and reserves	101.2		45.3
R&D credit	41.9		16.1
Accrued legal and professional fees	3.9		3.3
Non-qualified stock options	88.9		39.6
Restricted stock options	5.7		10.9
Disallowed Interest Carryover	1.2		—
Intangible Amortization	46.5		—
Inventory capitalization	38.8		23.1
Lease liability	197.0		150.4
Deferred revenue	9.5		6.0
Construction in Progress	31.8		—
Other	5.5		2.4
Total deferred tax assets:	1,422.7		635.0
Valuation allowance	(1,191.2)		(413.8)
Deferred tax liabilities:
Prepaid Expenses	(10.2)		(7.8)
Property and equipment	(40.8)		(48.3)
Intangibles	—		(14.4)
Right-of-use assets	(166.6)		(125.7)
Convertible securities	(15.6)		(18.7)
Other	(0.1)		—
Total deferred tax liabilities:	(233.3)		(214.9)
Deferred tax assets, net	$	(1.8)	$	6.3

Schedule of Unrecognized Tax Benefits

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


	Fiscal Year Ended June 30,
	2022		2021
	(in millions)
Beginning balance	$	0.7	$	—
Gross (decrease) increase in unrecognized tax positions	$	(0.7)	$	0.7
Ending balance	$	—	$	0.7

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	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)	308,241,938	270,855,356
Common stock, shares outstanding (in shares)	308,241,938	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)	30,032,078	29,291,774
Common stock, shares outstanding (in shares)	30,032,078	29,291,774
0% Convertible Senior Notes Due February 15, 2026 \| Convertible Debt
Convertible debt, stated interest rate	0.00%