0001639825-23-000014 | 10-Q | XBRL Viewer

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Cover - shares	6 Months Ended
Cover - shares	Dec. 31, 2022	Jan. 30, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Entity File Number	001-39058
Entity Registrant Name	Peloton Interactive, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-3533761
Entity Address, Address Line One	441 Ninth Avenue, Sixth Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10001
City Area Code	917
Local Phone Number	671-9198
Title of 12(b) Security	Class A common stock, $0.000025 par value per share
Trading Symbol	PTON
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Central Index Key	0001639825
Current Fiscal Year End Date	--06-30
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		327,125,545
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		18,894,706

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2022	Jun. 30, 2022
Current Assets:
Cash and cash equivalents	$ 871.0	$ 1,253.9
Accounts receivable, net	125.1	83.6
Inventories, net	790.6	1,104.5
Prepaid expenses and other current assets	271.6	192.5
Total current assets	2,058.3	2,634.6
Property and equipment, net	485.5	610.9
Intangible assets, net	33.3	41.3
Goodwill	41.2	41.2
Restricted cash	80.9	3.8
Operating lease right-of-use assets, net	573.0	662.5
Other assets	29.0	34.3
Total assets	3,301.1	4,028.5
Current Liabilities:
Accounts payable and accrued expenses	591.7	797.4
Deferred revenue and customer deposits	210.7	201.1
Current portion of long-term debt and other bank borrowings	7.5	7.5
Operating lease liabilities, current	86.3	86.4
Other current liabilities	7.0	13.2
Total current liabilities	903.2	1,105.5
0% Convertible senior notes, net	985.7	864.0
Term loan, net	690.4	690.0
Operating lease liabilities, non-current	647.2	725.4
Other non-current liabilities	44.1	50.7
Total liabilities	3,270.6	3,435.6
Commitments and contingencies (Note 8)
Stockholders’ equity
Common stock, $0.000025 par value; 2,500,000,000 and 2,500,000,000 Class A shares authorized, 324,531,352 and 308,241,938 shares issued and outstanding as of December 31, 2022 and June 30, 2022, respectively; 2,500,000,000 and 2,500,000,000 Class B shares authorized, 20,037,279 and 30,032,078 shares issued and outstanding as of December 31, 2022 and June 30, 2022, respectively.	0.0	0.0
Additional paid-in capital	4,423.4	4,291.3
Accumulated other comprehensive income	21.1	12.2
Accumulated deficit	(4,414.0)	(3,710.6)
Total Stockholders’ equity	30.5	592.9
Total liabilities and stockholders' equity	$ 3,301.1	$ 4,028.5

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2022	Jun. 30, 2022
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)	324,531,352	308,241,938
Common stock, shares outstanding (in shares)	324,531,352	308,241,938
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)	20,037,279	30,032,078
Common stock, shares outstanding (in shares)	20,037,279	30,032,078
0% Convertible Senior Notes Due February 15, 2026 \| Convertible Debt
Convertible debt, stated interest rate	0.00%

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Total revenue	$ 792.7	$ 1,133.9	$ 1,409.2	$ 1,939.1
Cost of revenue	557.6	853.0	957.0	1,395.1
Gross profit	235.0	281.0	452.2	544.0
Operating expenses:
Sales and marketing	217.1	348.9	355.8	633.0
General and administrative	192.6	248.5	386.1	489.0
Research and development	80.0	99.8	168.1	197.5
Impairment expense	9.7	9.4	72.6	9.9
Restructuring expense	49.0	0.0	155.9	0.0
Supplier settlements	17.9	0.0	19.1	0.0
Total operating expenses	566.4	706.6	1,157.6	1,329.4
Loss from operations	(331.3)	(425.7)	(705.3)	(785.4)
Other (expense) income, net:
Interest expense	(22.2)	(8.8)	(43.2)	(17.4)
Interest income	5.8	0.3	9.8	0.9
Foreign exchange gain (loss)	11.8	(1.7)	(5.2)	(7.6)
Other income (expense), net	2.4	(0.4)	2.6	(0.4)
Total other (expense), net	(2.2)	(10.6)	(35.9)	(24.6)
Loss before provision for income taxes	(333.5)	(436.3)	(741.2)	(809.9)
Income tax expense	1.9	3.1	2.7	5.4
Net loss	(335.4)	(439.4)	(743.9)	(815.3)
Net loss attributable to Class A and Class B common stockholders	(335.4)	(439.4)	(743.9)	(815.3)
Net loss attributable to Class A and Class B common stockholders	$ (335.4)	$ (439.4)	$ (743.9)	$ (815.3)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.98)	$ (1.39)	$ (2.18)	$ (2.64)
Net loss per share attributable to common stockholders, basic, diluted (in dollars per share)	$ (0.98)	$ (1.39)	$ (2.18)	$ (2.64)
Weighted-average Class A and Class B common shares outstanding, basic (in shares)	341,930,937	317,110,297	340,516,100	309,119,648
Weighted-average Class A and Class B common shares outstanding, diluted (in shares)	341,930,937	317,110,297	340,516,100	309,119,648
Other comprehensive income:
Net unrealized losses on marketable securities	$ 0.0	$ (0.2)	$ 0.0	$ (0.4)
Change in foreign currency translation adjustment	3.9	1.9	8.2	2.1
Derivative adjustments:
Net unrealized loss on hedging derivatives	0.0	(0.5)	0.0	(1.5)
Reclassification for derivative adjustments included in Net loss	0.1	0.0	0.6	0.0
Total other comprehensive income	4.0	1.2	8.9	0.1
Comprehensive loss	(331.4)	(438.2)	(735.1)	(815.2)
Connected Fitness Products
Total revenue	381.4	796.4	585.6	1,297.4
Cost of revenue	424.2	745.0	684.1	1,185.8
Subscription
Total revenue	411.3	337.5	823.6	641.7
Cost of revenue	$ 133.4	$ 107.9	$ 272.9	$ 209.4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash Flows from Operating Activities:
Net loss	$ (743.9)	$ (815.3)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	60.9	64.2
Stock-based compensation expense	263.7	124.8
Non-cash operating lease expense	44.4	41.7
Amortization of premium from marketable securities	0.0	3.4
Amortization of debt discount and issuance costs	6.7	17.1
Impairment expense	72.6	9.9
Excess and obsolete inventory reserve adjustments	(28.9)	27.8
Net foreign currency adjustments	5.6	6.9
Changes in operating assets and liabilities:
Accounts receivable	(41.4)	(23.4)
Inventories	316.4	(629.4)
Prepaid expenses and other current assets	13.0	(50.8)
Other assets	5.3	(8.4)
Accounts payable and accrued expenses	(218.5)	172.2
Customer deposits and deferred revenue	9.6	75.8
Operating lease liabilities, net	(43.6)	(24.9)
Other liabilities	(13.1)	0.6
Net cash used in operating activities	(291.3)	(1,007.6)
Cash Flows from Investing Activities:
Maturities of marketable securities	0.0	211.0
Sales of marketable securities	0.0	306.7
Capital expenditures and capitalized internal-use software development costs	(49.5)	(191.0)
Business combinations, net of cash acquired	0.0	(11.0)
Asset acquisitions, net of cash acquired	0.0	(16.0)
Net cash (used in) provided by investing activities	(49.5)	299.6
Cash Flows from Financing Activities:
Proceeds from public offering, net of issuance costs	0.0	1,218.8
Principal repayment of Term Loan	(3.8)	0.0
Proceeds from employee stock purchase plan withholdings	2.8	15.2
Proceeds from exercise of stock options	29.9	54.2
Principal repayments of finance leases	(1.0)	(1.0)
Net cash provided by financing activities	27.9	1,287.2
Effect of exchange rate changes	7.1	(20.3)
Net change in cash, cash equivalents, and restricted cash	(305.7)	558.9
Cash, cash equivalents, and restricted cash — Beginning of period	1,257.6	1,135.7
Cash, cash equivalents, and restricted cash — End of period	951.9	1,694.6
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	33.1	0.5
Cash paid for income taxes	7.6	9.1
Supplemental Disclosures of Non-Cash Investing and Financing Information:
Accrued and unpaid capital expenditures, including software	2.5	36.0
Stock-based compensation capitalized for software development costs	$ 4.4	$ 5.1

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands, shares in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock Class A and Class B Common Stock	Additional Paid-In Capital	Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment
Beginning balance (in shares) at Jun. 30, 2021			300.1
Beginning balance at Jun. 30, 2021	$ 1,754,100		$ 0	$ 2,618,900		$ 18,200	$ (883,000)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Activity related to stock-based compensation (in shares)			3.8
Activity related to stock-based compensation	199,500			199,500
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	1,218,700			1,218,700
Issuance of common stock under employee stock purchase plan (in shares)			0.3
Issuance of common stock under employee stock purchase plan	11,700			11,700
Other comprehensive income	100					100
Net loss	(815,300)						(815,300)
Ending balance (in shares) at Dec. 31, 2021			331.4
Ending balance at Dec. 31, 2021	2,368,900		$ 0	4,048,800		18,300	(1,698,200)
Beginning balance (in shares) at Jun. 30, 2021			300.1
Beginning balance at Jun. 30, 2021	1,754,100		$ 0	2,618,900		18,200	(883,000)
Ending balance (in shares) at Jun. 30, 2022			338.3
Ending balance at Jun. 30, 2022	$ 592,900	$ (119,500)	$ 0	4,291,300	$ (160,100)	12,200	(3,710,600)	$ 40,600
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2020-06
Beginning balance (in shares) at Sep. 30, 2021			302.8
Beginning balance at Sep. 30, 2021	$ 1,506,900		$ 0	2,748,600		17,100	(1,258,800)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Activity related to stock-based compensation (in shares)			1.5
Activity related to stock-based compensation	81,500			81,500
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	1,218,700			1,218,750
Other comprehensive income	1,200					1,200
Net loss	(439,400)						(439,400)
Ending balance (in shares) at Dec. 31, 2021			331.4
Ending balance at Dec. 31, 2021	2,368,900		$ 0	4,048,800		18,300	(1,698,200)
Beginning balance (in shares) at Jun. 30, 2022			338.3
Beginning balance at Jun. 30, 2022	592,900	$ (119,500)	$ 0	4,291,300	$ (160,100)	12,200	(3,710,600)	$ 40,600
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Activity related to stock-based compensation (in shares)			5.9
Activity related to stock-based compensation	288,800			288,800
Issuance of common stock under employee stock purchase plan (in shares)			0.4
Issuance of common stock under employee stock purchase plan	3,300			3,300
Other comprehensive income	8,900					8,900
Net loss	(743,900)						(743,900)
Ending balance (in shares) at Dec. 31, 2022			344.6
Ending balance at Dec. 31, 2022	30,500		$ 0	4,423,400		21,100	(4,414,000)
Beginning balance (in shares) at Sep. 30, 2022			339.8
Beginning balance at Sep. 30, 2022	258,500		$ 0	4,320,000		17,100	(4,078,600)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Activity related to stock-based compensation (in shares)			4.6
Activity related to stock-based compensation	103,400			103,400
Other comprehensive income	4,000					4,000
Net loss	(335,400)						(335,400)
Ending balance (in shares) at Dec. 31, 2022			344.6
Ending balance at Dec. 31, 2022	$ 30,500		$ 0	$ 4,423,400		$ 21,100	$ (4,414,000)

Description of Business and Basis of Presentation	6 Months Ended
Description of Business and Basis of Presentation	Dec. 31, 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 interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") regarding interim financial reporting. The condensed consolidated balance sheet as of June 30, 2022, included herein, was derived from the audited financial statements as of that date, but does not include all disclosures including certain notes required by GAAP on an annual reporting basis. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations of the SEC. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2022 (the "Form 10-K"). However, the Company believes that the disclosures provided herein are adequate to prevent the information presented from being misleading. The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the accompanying interim condensed consolidated financial statements reflect all normal recurring adjustments necessary to present fairly the financial position, results of operations, cash flows, and the changes in equity for the interim periods. The results for the three and six months ended December 31, 2022 are not necessarily indicative of the results to be expected for any subsequent quarter, the fiscal year ending June 30, 2023, or any other period. Certain monetary amounts, percentages, and other figures included elsewhere in these financial statements have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be the arithmetic aggregation of the figures that precede them, and figures expressed as percentages in the text may not total 100% or, as applicable, when aggregated may not be the arithmetic aggregation of the percentages that precede them. Certain immaterial amounts from the prior year have been reclassified to conform with current-year presentation. Except as described elsewhere in Note 2 - Summary of Significant Accounting Policies under the section titled “Recently Issued Accounting Pronouncements,” there have been no material changes to the Company’s significant accounting policies as described in the Form 10-K.

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Dec. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Use of Estimates The preparation of these financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosures. On an ongoing basis, the Company evaluates its estimates, including, among others, those related to revenue related reserves, the realizability of inventory, content costs for past use reserve, fair value measurements, the incremental borrowing rate associated with lease liabilities, 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, future restructuring charges, and commitments and contingencies. Actual results may differ from these estimates. Recently Issued Accounting Pronouncements Accounting Pronouncements Recently 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 simplified 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 eliminated 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 is 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 adopted the standard, effective July 1, 2022, using the modified retrospective transition method. Adoption of the new standard resulted 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 5 - Fair Value Measurements), 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 $40.6 million. Accounting Pronouncements Not Yet Adopted 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.

Revenue

6 Months Ended

Dec. 31, 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 Condensed 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 that is recognized over the warranty period and service revenue that is recognized over the term of the service contract. The Company allows customers to return Peloton branded Connected Fitness Products within thirty days of purchase, as stated in its return policy.

The Company records fees paid to third-party financing partners in connection with its consumer financing program as a reduction of revenue, as it considers such costs to be a customer sales incentive. The Company records payment processing fees for its credit card sales for Connected Fitness Products within Sales and marketing in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss.

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 primarily offered on a month-to-month basis.

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

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

Standard Product Warranty

The Company offers a standard product warranty that its Connected Fitness Products will operate under normal, non-commercial use for a period of one year covering the touchscreen and most original Bike, Bike+, Tread, Tread+, Row, 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:


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
	(in millions)
Balance at beginning of period	$	36.7	$	44.4	$	51.1	$	51.5
Provision for warranty accrual	8.6		17.3		5.8		23.7
Warranty claims	(9.2)		(13.3)		(20.7)		(26.7)
Balance at end of period	$	36.2	$	48.5	$	36.2	$	48.5

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 Condensed 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 12 - Segment Information.

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


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
	(in millions)
North America	$	737.5	$	1,035.0	$	1,304.1	$	1,763.8
International	55.2		98.9		105.1		175.3
Total revenue	$	792.7	$	1,133.9	$	1,409.2	$	1,939.1

During the three and six months ended December 31, 2022, the Company’s revenue attributable to the United States was $711.7 million and $1,256.8 million, or 90% and 89% of total revenue, respectively. During the three and six months ended December 31, 2021, the Company’s revenue attributable to the United States was $982.7 million and $1,678.9 million, or 87% and 87% of total revenue, respectively.

Customer Deposits and Deferred Revenue

As of December 31, 2022 and June 30, 2022, customer deposits of $121.6 million and $109.2 million, respectively, and deferred revenue of $89.1 million and $91.9 million, respectively, were included in Deferred revenue and customer deposits on the Company’s Condensed Consolidated Balance Sheets.

In the six months ended December 31, 2022 and 2021, the Company recognized revenue of $90.7 million and $64.9 million, respectively, that was included in the deferred revenue balance as of June 30, 2022 and 2021, 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
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-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Restructuring

6 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Restructuring

In February 2022, the Company 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 originally included: (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 most locations. The Company expects the Restructuring Plan to be substantially completed by the end of fiscal 2024.

In July 2022, August 2022 and October 2022, the Company took actions to update the Restructuring Plan. 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) fully transition its North American Field Operations to third-party providers, 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 its Plano and Tempe locations; and (iii) reduce its North America retail showroom presence. On October 6, 2022, the Company announced approximately 500 global team member positions have been eliminated.

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 Condensed Consolidated Statements of Operations and Comprehensive Loss. The remaining charges incurred due to the Restructuring Plan are included within Restructuring expense in the Condensed Consolidated Statements of Operations and Comprehensive Loss:


	Three Months Ended December 31, 2022		Six Months Ended December 31, 2022
Cash restructuring charges:	(in millions)
Severance and other personnel costs	$	34.1	$	61.1
Professional fees and other related charges	8.9		12.0
Total cash charges	43.0		73.1

Non-cash charges:
Asset write-downs and write-offs	9.7		72.6
Stock-based compensation expense	6.0		82.8
Write-offs of inventory related to restructuring activities (1)	3.7		3.7
Total non-cash charges	19.3		159.0

Total	$	62.4	$	232.2

(1) Write-offs of inventory are included within Cost of revenue: Connected Fitness Products in the Condensed Consolidated Statement of Operations and Comprehensive Loss.

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 long-lived assets (asset groups) for recoverability by comparing the carrying values of the asset groups to estimates of their future undiscounted cash flows, which were generally the liquidation value, or for operating lease right-of-use assets, income from a sublease arrangement. Based on the results of the recoverability tests, the Company determined that during the three and six months ended December 31, 2022, the undiscounted cash flows of certain assets (asset groups) were below their carrying values, indicating impairment. The assets were written down to their estimated fair values, which were determined based on their estimated liquidation or sales value, or for operating lease right-of-use assets, discounted cash flows of a sublease arrangement.

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


	Severance and other personnel costs		Professional fees and other related charges		Total
	(in millions)
Balance as of September 30, 2022	$	15.5	$	1.5	$	17.1
Charges	34.1		8.9		43.0
Cash payments	(27.4)		(9.3)		(36.7)
Balance as of December 31, 2022	$	22.3	$	1.1	$	23.4


	Severance and other personnel costs		Professional fees and other related charges		Total
	(in millions)
Balance as of June 30, 2022	$	10.9	$	—	$	10.9
Charges	61.1		12.0		73.1
Cash payments	(49.8)		(10.9)		(60.6)
Balance as of December 31, 2022	$	22.3	$	1.1	$	23.4

In addition to the above charges, the Company incurred approximately $1.9 million of capital expenditures related to Peloton Output Park during the six months ended December 31, 2022.

In connection with the Restructuring Plan, the Company estimates that it will incur additional cash charges of approximately $35 million primarily composed of severance and other exit costs, in fiscal year 2023 and beyond. Additionally, the Company expects to recognize additional non-cash charges of approximately $25 million, primarily composed of asset impairment and stock-based compensation charges, in fiscal year 2023 in connection with the Restructuring Plan.

Fair Value Measurements

6 Months Ended

Dec. 31, 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 Condensed Consolidated Balance Sheets:


	As of December 31, 2022
	Level 1		Level 2		Level 3		Total
	(in millions)
0% Convertible Senior Notes	$	—	$	711.9	$	—	$	711.9


	As of June 30, 2022
	Level 1		Level 2		Level 3		Total
	(in millions)
0% Convertible Senior Notes	$	—	$	632.2	$	—	$	632.2

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 of the Term Loan as of December 31, 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

Inventories

6 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Inventories

Inventories were as follows:


	December 31, 2022		June 30, 2022
	(in millions)
Raw materials	$	60.7	$	102.5
Work-in-process	—		3.7
Finished products(1)	988.8		1,283.7
Total inventories	1,049.5		1,389.9
Less: Reserves	(258.9)		(285.4)
Total inventories, net	$	790.6	$	1,104.5

_________________________

(1) Includes $40.6 million and $36.4 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 December 31, 2022 and June 30, 2022, respectively.

The Company periodically assesses and 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 December 31, 2022 primarily in the amounts of $109.0 million related to excess accessories and apparel inventory that the Company does not expect to sell above its current carrying value, $106.6 million related primarily to returned Connected Fitness Products that the Company does not expect to sell, and $11.7 million in reserves for component parts that the Company estimated would have no future use.

Debt

6 Months Ended

Dec. 31, 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, $0.000025 par value per share (“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).

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


	December 31, 2022
	(in millions)
Principal	$	1,000.0

Unamortized debt issuance costs	(14.3)
Net carrying amount	$	985.7

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


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
	(in millions)
Amortization of debt discount(1)	$	—	$	7.7	$	—	$	15.3
Amortization of debt issuance costs	1.1		0.8		2.3		1.6
Less: Interest capitalized	—		(0.2)		—		(0.2)
Total interest expense related to the Notes	$	1.1	$	8.3	$	2.3	$	16.7

(1) The decreases in total interest expense during the three and six months ended December 31, 2022 were due to the derecognition of the unamortized debt discount, partially offset by the increases in the amortization of issuance costs previously recognized in equity. These changes were the result of the Company’s adoption of ASU No. 2020-06, as of July 1, 2022, as described in Note 2 - Summary of Significant Accounting Policies.

Capped Call Transactions

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

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

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

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 the Second Amended and Restated Credit Agreement (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 the 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 (as defined in the Second Amended and Restated Credit Agreement) plus 5.50% per annum or the Adjusted Term SOFR Rate (as defined in the Second Amended and Restated Credit Agreement) plus 6.5% per annum. As stipulated in the Second Amended and Restated Credit Agreement, the applicable rates increased one time by 0.50% per annum as the Company chose 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 three and six months ended December 31, 2022, the Company incurred total commitment fees of $0.4 million and $0.8 million, respectively, and $0.3 million and $0.6 million during the three and six months ended December 31, 2021, respectively, which are included in Interest expense in the Condensed Consolidated Statements of Operations and Comprehensive Loss.

As of December 31, 2022, the Company had drawn the full amount of the Term Loan and the Company had not drawn on the Revolving Facility, and the Company had $746.3 million of 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 Condensed 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 December 31, 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 December 31, 2022, the Company had outstanding letters of credit totaling $85.4 million, of which $80.6 million is classified as Restricted cash on the Condensed Consolidated Balance Sheet.

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. Upon entering the Term Loan, the effective interest rate was 10.2% and on November 25, 2022 the rate was updated to 13.7%.

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


	December 31, 2022		June 30, 2022
	(in millions)
Principal	$	750.0	$	750.0
Principal payments	(3.8)		—
Unamortized debt discount	(30.5)		(33.1)
Unamortized debt issuance costs	(17.9)		(19.4)
Net carrying amount	$	697.9	$	697.5

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


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
	(in millions)
Amortization of debt discount	$	1.4	$	—	$	2.7	$	—
Amortization of debt issuance costs	0.8		—		1.6		—
Total interest expense related to the Term Loan	$	2.2	$	—	$	4.4	$	—

- 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
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-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Commitments and Contingencies

6 Months Ended

Dec. 31, 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 December 31, 2022:


	Future Minimum Payments
Fiscal Year	(in millions)
2023 (remaining)	$	66.5
2024	125.7
2025	43.8
Total	$	236.0

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. On October 18, 2022, the CPSC and the Company jointly announced that consumers now have more time to get a full refund if they wish to return their recalled Tread+. With the extension of the full refund period by one additional year, to November 6, 2023, the Company expects that more Members will opt for a full refund, and has accordingly increased the Company’s return reserve during the three months ended September 30, 2022. The following table details the accrued amount for a reduction to Connected Fitness Products revenue for actual and future returns and costs associated with inventory write-downs and logistics costs that were recorded in Connected Fitness Products cost of revenue.


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
	(in millions)
Returns accrual for reduction to Connected Fitness Products revenue	$	—	$	7.4	$	26.5	$	18.9
Inventory write-downs and logistics costs	—		5.2		2.5		5.7

Return reserves related to the impacts of the Tread+ recall of $44.5 million and $26.7 million were included within Accounts payable and accrued expenses in the Condensed Consolidated Balance Sheets as of December 31, 2022 and 2021, respectively. The estimated returns reserve is primarily based on historical and expected product returns.

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 that 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.

As of December 31, 2022, 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 $274.1 million.

Legal and Regulatory Proceedings

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

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. 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 (the “CPSA”) and, in January 2023, the CPSC announced a settlement involving civil monetary penalties. To continue our cooperation with the CPSC, we agreed to pay the $19.1 million civil penalty, resolving the CPSC’s charges that we knowingly failed to immediately report hazards associated with the Tread+, and we continue to work cooperatively with the CPSC to further enhance the safety of our products. In addition, shortly after the May 2021 recalls, the U.S. Department of Justice (the “DOJ”) and the Department of Homeland Security (the “DHS”) subpoenaed us for documents and other information related to our statutory obligations under the CPSA 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. A hearing on the motion to dismiss was held on June 8, 2022. The court has not yet ruled on the motion to dismiss. On December 15, 2022, the parties reached a settlement-in-principle for which the Company has taken a reserve, and on December 16, 2022, the court stayed the action in light of the settlement-in-principle.

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 Exchange Act, as well as a claim for contribution under Sections 10(b) and 21D of the Exchange Act 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 (the “EDNY Derivative Action”) 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, and the case remains stayed. On November 18, 2022, and December 8, 2022, respectively, shareholders Krikor Arslanian and Michael Smith filed putative verified stockholder derivative actions in the Court of Chancery of the State of Delaware purportedly on behalf of the Company against certain of the Company’s executive officers and directors (the “Chancery Actions”), captioned Arslanian v. Blachford, et al., Case No. 2022-1051-KSJM and Smith v. Boone, et al., Case No. 2022-1138-KSJM, asserting similar allegations to those made in the EDNY Derivative Action. On December 14, 2022, the Chancery Actions were consolidated as In re Peloton Interactive, Inc. Stockholder Derivative Litigation and stayed. On December 22, 2022, putative shareholder Charles Blackburn filed a putative stockholder derivative action in the United States District Court for the District of Delaware, asserting similar allegations to those in the EDNY Derivative Action and the Chancery Actions against certain current and former Company officers and directors, captioned Blackburn v. Foley, et al., Case No. 22-cv-01618-GBW. On January 12, 2023, the court stayed the Blackburn action.

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, and briefing was completed on November 3, 2022. A hearing on defendants’ motion to dismiss has not yet been scheduled, and the court has not ruled on the motion to dismiss.

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, and, 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 matter, on September 9, 2022 an Initial Determination was issued recommending that the ITC enter an exclusion order and a cease and desist order against Peloton’s importation and sale of Bike, Bike+, Tread and Tread+ products (and others that operate similarly) on the basis that those products infringed all four asserted patents of DISH. Peloton filed a Petition for Review of that determination to the ITC and the full Commission is reviewing certain portions of the determination. The ITC extended the target date for completion of the investigation to March 7, 2023. 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.

Equity-Based Compensation

6 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Equity-Based Compensation

2019 Equity Incentive Plan

In August 2019, the Board of Directors adopted the 2019 Equity Incentive Plan (the “2019 Plan”), which was subsequently approved by the Company’s stockholders in September 2019. The 2019 Plan serves as the successor to the 2015 Stock Plan (the "2015 Plan"). The 2015 Plan continues to govern the terms and conditions of the outstanding awards previously granted thereunder. Any reserved shares not issued or subject to outstanding grants under the 2015 Plan on the effective date of the 2019 Plan became available for grant under the 2019 Plan and will be issued as Class A common stock. The number of shares reserved for issuance under the 2019 Plan will increase automatically on July 1 of each of 2020 through 2029 by the number of shares of the Company’s Class A Common Stock equal to 5% of the total outstanding shares of all of the Company’s classes of common stock as of each June 30 immediately preceding the date of increase, or a lesser amount as determined by the Board of Directors. On July 1, 2022, the number of shares of Class A Common Stock available for issuance under the 2019 Plan was automatically increased according to its terms by 16,913,700 shares. As of December 31, 2022, 50,859,100 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 2015 Plan and 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, 2022	61,815,926	$	25.28	6.7	$	93.2
Granted	1,436,736	$	8.92
Exercised	(3,436,020)	$	5.96		$	17.3
Forfeited or expired	(4,519,777)	$	34.26
Outstanding — December 31, 2022	55,296,865	$	18.11	5.2	$	64.2
Vested and Exercisable— December 31, 2022	38,329,253	$	15.58	3.6	$	64.0

Unvested option activity is as follows:


	Options	Weighted-Average Grant Date Fair Value
Unvested - June 30, 2022	25,347,235	$	19.35
Granted	1,436,736	$	6.42
Vested	(6,107,834)	$	18.28
Forfeited or expired	(3,708,525)	$	8.04
Unvested - December 31, 2022	16,967,612	$	18.75

The aggregate intrinsic value of options outstanding and vested and exercisable was calculated as the difference between the exercise price of the options and the fair value of the Company’s common stock as of December 31, 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 $17.3 million and $241.1 million for the six months ended December 31, 2022 and 2021, respectively.

On 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, which was the closing price of the Company’s Class A Common Stock on July 1, 2022. There were no changes to the number of shares, the vesting schedule or the expiration date of the repriced stock options. Incremental stock-based compensation expense resulting from the repricing was $21.9 million in the aggregate. Approximately $4.7 million was recognized immediately during the three months ended September 30, 2022, for vested options, with the remainder to be recognized over the remaining weighted-average vesting term of approximately 2.9 years.

For the six months ended December 31, 2022 and 2021, the weighted-average grant date fair value per option was $6.42 and $43.15, respectively. The fair value of each option was estimated at the grant date using the Black-Scholes method with the following assumptions:


	Six Months Ended December 31, 2022
Weighted average risk-free interest rate (1)	3.3	%
Weighted average expected term (in years)	6.2
Weighted average expected volatility (2)	81.4	%
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, 2022	8,977,705	$	42.49
Granted	16,481,063	$	9.88
Vested and converted to shares	(2,475,331)	$	38.63
Cancelled	(4,153,725)	$	27.07
Outstanding — December 31, 2022	18,829,712	$	17.85

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, 2022, the number of shares of Class A Common Stock available for issuance under the ESPP was automatically increased according to its terms by 3,382,740 shares. As of December 31, 2022, a total of 13,145,078 shares of Class A Common Stock was 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 will 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 six months ended December 31, 2022, there were ESPP resets that resulted in total modification charges of $2.7 million, which are recognized over the new two-year offering period ending August 31, 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:


	Six Months Ended December 31, 2022
Weighted average risk-free interest rate	0.7	%
Weighted average expected term (in years)	1.3
Weighted average expected volatility	86.9	%
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 three and six months ended December 31, 2022, the Company recorded Stock-based compensation expense associated with the ESPP of $4.3 million and $11.9 million, respectively, and $4.6 million and $8.2 million for the three and six months ended December 31, 2021, respectively.

In connection with the offering period that ended on August 31, 2022, employees purchased 386,121 shares of Class A Common Stock at a weighted-average price of $8.66 under the ESPP. As of December 31, 2022, total unrecognized compensation cost related to the ESPP was $12.8 million, which will be amortized over a weighted-average remaining period of 1.7 years.

Stock-Based Compensation Expense

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


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
	(in millions)
Cost of revenue
Connected Fitness Products	$	2.0	$	6.6	$	9.3	$	11.0
Subscription	10.0		5.1		22.7		8.7
Total cost of revenue	12.0		11.7		32.1		19.7
Sales and marketing	7.5		9.0		18.2		15.5
General and administrative	40.5		38.3		92.8		67.8
Research and development	15.6		12.9		37.8		21.7
Restructuring expense	6.0		—		82.8		—
Total stock-based compensation expense	$	81.6	$	71.9	$	263.7	$	124.8

As of December 31, 2022, the Company had $607.0 million of unrecognized stock-based compensation expense related to unvested stock-based awards that is expected to be recognized over a weighted-average period of 2.6 years.

In the six months ended December 31, 2022, nine employees of the Company who were eligible to participate in the Company’s Severance and Change in Control Plan (the “Severance Plan”) terminated employment. 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. In one instance, the post-termination period during which an employee may exercise outstanding stock options was extended from 90 days to approximately 2.8 years. As a result of these modifications, the Company recognized incremental Stock-based compensation expense of $4.9 million and $48.3 million for the three and six months ended December 31, 2022, respectively, within Restructuring expense in the Condensed Consolidated Statements of Operations and Comprehensive Loss.

Income Taxes	6 Months Ended
Income Taxes	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company recorded a provision from income taxes of $1.9 million and $2.7 million for the three and six months ended December 31, 2022, respectively, and a provision of $3.1 million and $5.4 million for the three and six months ended December 31, 2021, respectively. Furthermore, the Company's effective tax rates were (0.58)% and (0.37)% for the three and six months ended December 31, 2022, respectively, and (0.71)% and (0.67)% for the three and six months ended December 31, 2021, respectively. The income tax provision and the effective tax rate are primarily driven by state and international taxes. The Company maintains a valuation allowance on the majority of its deferred tax assets as it has concluded that it is more likely than not that the deferred assets will not be utilized.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-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
-Section 50
-Paragraph 1
-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
-Subparagraph (a)
-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
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Net Loss Per Share

6 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

Net Loss Per Share

The computation of loss per share is as follows:


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
	($ in millions except per share amounts)
Basic and diluted loss per share:
Net loss attributable to common stockholders	$	(335.4)	$	(439.4)	$	(743.9)	$	(815.3)
Shares used in computation:
Weighted-average common shares outstanding	341,930,937		317,110,297		340,516,100		309,119,648
Basic and diluted loss per share	$	(0.98)	$	(1.39)	$	(2.18)	$	(2.64)

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:


	Three Months Ended December 31,		Six Months Ended December 31,
	2022	2021	2022	2021
Employee stock options	14,864,037	44,011,349	15,404,476	47,438,668
Restricted stock units and awards	817,901	104,006	475,649	252,433
Shares estimated to be purchased under ESPP	—	—	—	56,740

Impact of the Notes

The Company expects to settle the principal amount of the Notes in cash upon conversion, and therefore, the Company uses the if-converted method for calculating any potential dilutive effect of the conversion option on diluted net income per share, if applicable. The conversion option will have a dilutive impact on net income per share of Common Stock when the average market price per share of the Company's Class A Common Stock for a given period exceeds the conversion price of the Notes of $239.23 per share. During the three and six months ended December 31, 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.

Segment Information

6 Months Ended

Dec. 31, 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:


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
	(in millions)
Connected Fitness Products:
Revenue	$	381.4	$	796.4	$	585.6	$	1,297.4
Cost of revenue	424.2		745.0		684.1		1,185.8
Gross profit	$	(42.8)	$	51.4	$	(98.4)	$	111.7
Subscription:
Revenue	$	411.3	$	337.5	$	823.6	$	641.7
Cost of revenue	133.4		107.9		272.9		209.4
Gross profit	$	277.9	$	229.6	$	550.7	$	432.3
Consolidated:
Revenue	$	792.7	$	1,133.9	$	1,409.2	$	1,939.1
Cost of revenue	557.6		853.0		957.0		1,395.1
Gross profit	$	235.0	$	281.0	$	452.2	$	544.0

Reconciliation of Gross Profit

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


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
	(in millions)
Segment Gross Profit	$	235.0	$	281.0	$	452.2	$	544.0
Sales and marketing	(217.1)		(348.9)		(355.8)		(633.0)
General and administrative	(192.6)		(248.5)		(386.1)		(489.0)
Research and development	(80.0)		(99.8)		(168.1)		(197.5)
Impairment expense	(9.7)		(9.4)		(72.6)		(9.9)
Restructuring expense	(49.0)		—		(155.9)		—
Supplier settlements	(17.9)		—		(19.1)		—
Total other income (expense), net	(2.2)		(10.6)		(35.9)		(24.6)
Loss before provision for income taxes	$	(333.5)	$	(436.3)	$	(741.2)	$	(809.9)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Dec. 31, 2022
Accounting Policies [Abstract]
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, future restructuring charges, and commitments and contingencies. Actual results may differ from these estimates.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Accounting Pronouncements Recently Adopted ASU 2020-06 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 simplified 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 eliminated 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 is 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 adopted the standard, effective July 1, 2022, using the modified retrospective transition method. Adoption of the new standard resulted 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 5 - Fair Value Measurements), 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 $40.6 million. Accounting Pronouncements Not Yet Adopted 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.
Revenue Recognition	The Company’s primary source of revenue is from sales of its Connected Fitness Products and associated recurring Subscription revenues. The Company determines revenue recognition through the following steps: •Identification of the contract, or contracts, with a customer; •Identification of the performance obligations in the contract; •Determination of the transaction price; •Allocation of the transaction price to the performance obligations in the contract; and •Recognition of revenue when, or as, the Company satisfies a performance obligation. Revenue is recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company’s revenue is reported net of sales returns, discounts, incentives, and rebates to commercial distributors as a reduction of the transaction price. Certain contracts include consideration payable that is accounted for as a payment for distinct goods or services. The Company estimates its liability for product returns and concessions based on historical trends by product category, impact of seasonality, and an evaluation of current economic and market conditions and records the expected customer refund liability as a reduction to revenue, and the expected inventory right of recovery as a reduction of cost of revenue. If actual return costs differ from previous estimates, the amount of the liability and corresponding revenue are adjusted in the period in which such costs occur. Some of the Company’s contracts with customers contain multiple performance obligations. For customer contracts that include multiple performance obligations, the Company accounts for individual performance obligations if they are distinct. The transaction price is then allocated to each performance obligation based on its standalone selling price. The Company generally determines the standalone selling price based on the prices charged to customers. The Company applies the practical expedient as per ASC 606-10-50-14 and does not disclose information related to remaining performance obligations due to their original expected terms being one year or less. The Company expenses sales commissions on its Connected Fitness Products when incurred because the amortization period would have been less than one year. These costs are recorded in Sales and marketing in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss. 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 that is recognized over the warranty period and service revenue that is recognized over the term of the service contract. The Company allows customers to return Peloton branded Connected Fitness Products within thirty days of purchase, as stated in its return policy. The Company records fees paid to third-party financing partners in connection with its consumer financing program as a reduction of revenue, as it considers such costs to be a customer sales incentive. The Company records payment processing fees for its credit card sales for Connected Fitness Products within Sales and marketing in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss. 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 primarily offered on a month-to-month basis. Amounts paid for subscription fees, net of refunds are included within Deferred revenue and customer deposits on the Company’s Condensed Consolidated Balance Sheets and recognized ratably over the subscription term. The Company records payment processing fees for its monthly subscription charges within cost of Subscription revenue in the Company’s Condensed Consolidated Statements of Operations and Comprehensive Loss. Sales tax collected from customers and remitted to governmental authorities is not included in revenue and is reflected as a liability on the Company’s Condensed Consolidated Balance Sheets. The Company offers a standard product warranty that its Connected Fitness Products will operate under normal, non-commercial use for a period of one year covering the touchscreen and most original Bike, Bike+, Tread, Tread+, Row, 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.
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.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 17
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130561-203045

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 20
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130566-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130563-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130566-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 18
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130563-203045

Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue (Tables)

6 Months Ended

Dec. 31, 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:


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
	(in millions)
Balance at beginning of period	$	36.7	$	44.4	$	51.1	$	51.5
Provision for warranty accrual	8.6		17.3		5.8		23.7
Warranty claims	(9.2)		(13.3)		(20.7)		(26.7)
Balance at end of period	$	36.2	$	48.5	$	36.2	$	48.5

Schedule of Disaggregation of Revenue

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


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
	(in millions)
North America	$	737.5	$	1,035.0	$	1,304.1	$	1,763.8
International	55.2		98.9		105.1		175.3
Total revenue	$	792.7	$	1,133.9	$	1,409.2	$	1,939.1

Restructuring (Tables)

6 Months Ended

Dec. 31, 2022

Restructuring and Related Activities [Abstract]

Schedule of Restructuring Charges


	Three Months Ended December 31, 2022		Six Months Ended December 31, 2022
Cash restructuring charges:	(in millions)
Severance and other personnel costs	$	34.1	$	61.1
Professional fees and other related charges	8.9		12.0
Total cash charges	43.0		73.1

Non-cash charges:
Asset write-downs and write-offs	9.7		72.6
Stock-based compensation expense	6.0		82.8
Write-offs of inventory related to restructuring activities (1)	3.7		3.7
Total non-cash charges	19.3		159.0

Total	$	62.4	$	232.2

(1) Write-offs of inventory are included within Cost of revenue: Connected Fitness Products in the Condensed Consolidated Statement of Operations and Comprehensive Loss.

Schedule of Restructuring Related Liabilities


	Severance and other personnel costs		Professional fees and other related charges		Total
	(in millions)
Balance as of September 30, 2022	$	15.5	$	1.5	$	17.1
Charges	34.1		8.9		43.0
Cash payments	(27.4)		(9.3)		(36.7)
Balance as of December 31, 2022	$	22.3	$	1.1	$	23.4


	Severance and other personnel costs		Professional fees and other related charges		Total
	(in millions)
Balance as of June 30, 2022	$	10.9	$	—	$	10.9
Charges	61.1		12.0		73.1
Cash payments	(49.8)		(10.9)		(60.6)
Balance as of December 31, 2022	$	22.3	$	1.1	$	23.4

Fair Value Measurements (Tables)

6 Months Ended

Dec. 31, 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 Condensed Consolidated Balance Sheets:


	As of December 31, 2022
	Level 1		Level 2		Level 3		Total
	(in millions)
0% Convertible Senior Notes	$	—	$	711.9	$	—	$	711.9


	As of June 30, 2022
	Level 1		Level 2		Level 3		Total
	(in millions)
0% Convertible Senior Notes	$	—	$	632.2	$	—	$	632.2

Inventories (Tables)

6 Months Ended

Dec. 31, 2022

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories were as follows:


	December 31, 2022		June 30, 2022
	(in millions)
Raw materials	$	60.7	$	102.5
Work-in-process	—		3.7
Finished products(1)	988.8		1,283.7
Total inventories	1,049.5		1,389.9
Less: Reserves	(258.9)		(285.4)
Total inventories, net	$	790.6	$	1,104.5

_________________________

Debt (Tables)

6 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Convertible Debt

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


	December 31, 2022
	(in millions)
Principal	$	1,000.0

Unamortized debt issuance costs	(14.3)
Net carrying amount	$	985.7

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


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
	(in millions)
Amortization of debt discount(1)	$	—	$	7.7	$	—	$	15.3
Amortization of debt issuance costs	1.1		0.8		2.3		1.6
Less: Interest capitalized	—		(0.2)		—		(0.2)
Total interest expense related to the Notes	$	1.1	$	8.3	$	2.3	$	16.7

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


	December 31, 2022		June 30, 2022
	(in millions)
Principal	$	750.0	$	750.0
Principal payments	(3.8)		—
Unamortized debt discount	(30.5)		(33.1)
Unamortized debt issuance costs	(17.9)		(19.4)
Net carrying amount	$	697.9	$	697.5

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


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
	(in millions)
Amortization of debt discount	$	1.4	$	—	$	2.7	$	—
Amortization of debt issuance costs	0.8		—		1.6		—
Total interest expense related to the Term Loan	$	2.2	$	—	$	4.4	$	—

Commitment and Contingencies (Tables)

6 Months Ended

Dec. 31, 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 December 31, 2022:


	Future Minimum Payments
Fiscal Year	(in millions)
2023 (remaining)	$	66.5
2024	125.7
2025	43.8
Total	$	236.0

Schedule of Actual and Future Returns and Written Down and Logistics Costs

The following table details the accrued amount for a reduction to Connected Fitness Products revenue for actual and future returns and costs associated with inventory write-downs and logistics costs that were recorded in Connected Fitness Products cost of revenue.


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
	(in millions)
Returns accrual for reduction to Connected Fitness Products revenue	$	—	$	7.4	$	26.5	$	18.9
Inventory write-downs and logistics costs	—		5.2		2.5		5.7

Equity-Based Compensation (Tables)

6 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

The following summary sets forth the stock option activity under the 2015 Plan and 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, 2022	61,815,926	$	25.28	6.7	$	93.2
Granted	1,436,736	$	8.92
Exercised	(3,436,020)	$	5.96		$	17.3
Forfeited or expired	(4,519,777)	$	34.26
Outstanding — December 31, 2022	55,296,865	$	18.11	5.2	$	64.2
Vested and Exercisable— December 31, 2022	38,329,253	$	15.58	3.6	$	64.0

Unvested option activity is as follows:


	Options	Weighted-Average Grant Date Fair Value
Unvested - June 30, 2022	25,347,235	$	19.35
Granted	1,436,736	$	6.42
Vested	(6,107,834)	$	18.28
Forfeited or expired	(3,708,525)	$	8.04
Unvested - December 31, 2022	16,967,612	$	18.75

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:


	Six Months Ended December 31, 2022
Weighted average risk-free interest rate (1)	3.3	%
Weighted average expected term (in years)	6.2
Weighted average expected volatility (2)	81.4	%
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, 2022	8,977,705	$	42.49
Granted	16,481,063	$	9.88
Vested and converted to shares	(2,475,331)	$	38.63
Cancelled	(4,153,725)	$	27.07
Outstanding — December 31, 2022	18,829,712	$	17.85

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:


	Six Months Ended December 31, 2022
Weighted average risk-free interest rate	0.7	%
Weighted average expected term (in years)	1.3
Weighted average expected volatility	86.9	%
Expected dividend yield	—

Schedule of Stock-Based Compensation Expense

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


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
	(in millions)
Cost of revenue
Connected Fitness Products	$	2.0	$	6.6	$	9.3	$	11.0
Subscription	10.0		5.1		22.7		8.7
Total cost of revenue	12.0		11.7		32.1		19.7
Sales and marketing	7.5		9.0		18.2		15.5
General and administrative	40.5		38.3		92.8		67.8
Research and development	15.6		12.9		37.8		21.7
Restructuring expense	6.0		—		82.8		—
Total stock-based compensation expense	$	81.6	$	71.9	$	263.7	$	124.8

Net Loss Per Share (Tables)

6 Months Ended

Dec. 31, 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:


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
	($ in millions except per share amounts)
Basic and diluted loss per share:
Net loss attributable to common stockholders	$	(335.4)	$	(439.4)	$	(743.9)	$	(815.3)
Shares used in computation:
Weighted-average common shares outstanding	341,930,937		317,110,297		340,516,100		309,119,648
Basic and diluted loss per share	$	(0.98)	$	(1.39)	$	(2.18)	$	(2.64)

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

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


	Three Months Ended December 31,		Six Months Ended December 31,
	2022	2021	2022	2021
Employee stock options	14,864,037	44,011,349	15,404,476	47,438,668
Restricted stock units and awards	817,901	104,006	475,649	252,433
Shares estimated to be purchased under ESPP	—	—	—	56,740

Segment Information (Tables)

6 Months Ended

Dec. 31, 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:


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
	(in millions)
Connected Fitness Products:
Revenue	$	381.4	$	796.4	$	585.6	$	1,297.4
Cost of revenue	424.2		745.0		684.1		1,185.8
Gross profit	$	(42.8)	$	51.4	$	(98.4)	$	111.7
Subscription:
Revenue	$	411.3	$	337.5	$	823.6	$	641.7
Cost of revenue	133.4		107.9		272.9		209.4
Gross profit	$	277.9	$	229.6	$	550.7	$	432.3
Consolidated:
Revenue	$	792.7	$	1,133.9	$	1,409.2	$	1,939.1
Cost of revenue	557.6		853.0		957.0		1,395.1
Gross profit	$	235.0	$	281.0	$	452.2	$	544.0

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

The reconciliation between reportable Segment Gross Profit to consolidated Loss before provision for income tax is as follows:


	Three Months Ended December 31,				Six Months Ended December 31,
	2022		2021		2022		2021
	(in millions)
Segment Gross Profit	$	235.0	$	281.0	$	452.2	$	544.0
Sales and marketing	(217.1)		(348.9)		(355.8)		(633.0)
General and administrative	(192.6)		(248.5)		(386.1)		(489.0)
Research and development	(80.0)		(99.8)		(168.1)		(197.5)
Impairment expense	(9.7)		(9.4)		(72.6)		(9.9)
Restructuring expense	(49.0)		—		(155.9)		—
Supplier settlements	(17.9)		—		(19.1)		—
Total other income (expense), net	(2.2)		(10.6)		(35.9)		(24.6)
Loss before provision for income taxes	$	(333.5)	$	(436.3)	$	(741.2)	$	(809.9)

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2022	Jul. 01, 2022
Debt Instrument [Line Items]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2020-06
Additional paid-in capital	$ 4,291.3	$ 4,423.4
Accumulated deficit	$ (3,710.6)	$ (4,414.0)
Accounting Standards Update 2020-06 \| Cumulative Effect, Period of Adoption, Adjustment
Debt Instrument [Line Items]
Additional paid-in capital			$ 160.1
Principal amount			119.6
Accumulated deficit			$ (40.6)

- Definition

Indicates amendment to accounting standards.

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Reference 62: http://www.xbrl.org/2003/role/disclosureRef
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Reference 63: http://www.xbrl.org/2003/role/disclosureRef
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Reference 64: http://www.xbrl.org/2003/role/disclosureRef
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Reference 66: http://www.xbrl.org/2003/role/disclosureRef
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Reference 67: http://www.xbrl.org/2003/role/disclosureRef
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Reference 68: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Revenue - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Allowable product return period (in days)			30 days
Standard product warranty period (in years)			1 year
Total revenue	$ 792.7	$ 1,133.9	$ 1,409.2	$ 1,939.1
Customer deposits	121.6		121.6		$ 109.2
Deferred revenue	89.1		89.1		$ 91.9
Revenue recognized that was previously included in deferred revenue			90.7	64.9
United States
Disaggregation of Revenue [Line Items]
Total revenue	$ 711.7	$ 982.7	$ 1,256.8	$ 1,678.9
United States \| Revenue Benchmark \| Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total revenue	90.00%	87.00%	89.00%	87.00%
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

Revenue - Standard Product Warranty (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Balance at beginning of period	$ 36.7	$ 44.4	$ 51.1	$ 51.5
Provision for warranty accrual	8.6	17.3	5.8	23.7
Warranty claims	(9.2)	(13.3)	(20.7)	(26.7)
Balance at end of period	$ 36.2	$ 48.5	$ 36.2	$ 48.5

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Line Items]
Total revenue	$ 792.7	$ 1,133.9	$ 1,409.2	$ 1,939.1
North America
Disaggregation of Revenue [Line Items]
Total revenue	737.5	1,035.0	1,304.1	1,763.8
International
Disaggregation of Revenue [Line Items]
Total revenue	$ 55.2	$ 98.9	$ 105.1	$ 175.3

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 41
-Subparagraph (a)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-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

Restructuring - Narrative (Details) $ in Millions		3 Months Ended		6 Months Ended
Restructuring - Narrative (Details) $ in Millions	Oct. 06, 2022 employee	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Number of positions eliminated \| employee	500
Capital expenditures incurred				$ 49.5	$ 191.0
Non cash charges			$ 19.3	159.0
Employee Reduction, Facility Closings \| Forecast
Restructuring Cost and Reserve [Line Items]
Expected cost						$ 35.0
Asset Impairment And Stock Based Compensation Charges \| Forecast
Restructuring Cost and Reserve [Line Items]
Non cash charges		$ 25.0
Peloton Output Park
Restructuring Cost and Reserve [Line Items]
Capital expenditures incurred				$ 1.9

Restructuring - Schedule of Restructuring Charges (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2022
Cash restructuring charges:
Severance and other personnel costs	$ 34.1	$ 61.1
Professional fees and other related charges	8.9	12.0
Restructuring expense	43.0	73.1
Non-cash charges:
Asset write-downs and write-offs	9.7	72.6
Stock-based compensation expense	6.0	82.8
Write-offs of inventory related to restructuring activities	3.7	3.7
Total non-cash charges	19.3	159.0
Total	$ 62.4	$ 232.2

Restructuring - Schedule of Restructuring Related Liabilities (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2022
Restructuring Reserve [Roll Forward]
Beginning Balance	$ 17.1	$ 10.9
Charges	43.0	73.1
Cash payments	(36.7)	(60.6)
Ending Balance	23.4	23.4
Severance and other personnel costs
Restructuring Reserve [Roll Forward]
Beginning Balance	15.5	10.9
Charges	34.1	61.1
Cash payments	(27.4)	(49.8)
Ending Balance	22.3	22.3
Professional fees and other related charges
Restructuring Reserve [Roll Forward]
Beginning Balance	1.5	0.0
Charges	8.9	12.0
Cash payments	(9.3)	(10.9)
Ending Balance	$ 1.1	$ 1.1

Fair Value Measurements - Other Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Jun. 30, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
0% Convertible Senior Notes	$ 711.9	$ 632.2
0% Convertible Senior Notes Due February 15, 2026 \| Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible debt, stated interest rate	0.00%
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
0% Convertible Senior Notes	$ 0.0	0.0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
0% Convertible Senior Notes	711.9	632.2
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
0% Convertible Senior Notes	$ 0.0	$ 0.0

Fair Value Measurements - Narrative (Details)	Dec. 31, 2022
0% Convertible Senior Notes Due February 15, 2026 \| Convertible Debt
Debt Instrument [Line Items]
Convertible debt, stated interest rate	0.00%

Inventories (Details) - USD ($) $ in Millions	Dec. 31, 2022	Jun. 30, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 60.7	$ 102.5
Work-in-process	0.0	3.7
Finished products	988.8	1,283.7
Total inventories	1,049.5	1,389.9
Less: Reserves	(258.9)	(285.4)
Total inventories, net	790.6	1,104.5
Other inventory, in transit	$ 40.6	$ 36.4

Inventories- Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Jun. 30, 2022
Inventory [Line Items]
Inventory reserves	$ 258.9	$ 285.4
Inventory related to returned products	106.6
Reserves for component parts the company estimated amount	11.7
Excess Accessories And Apparel
Inventory [Line Items]
Inventory reserves	$ 109.0

Debt - Convertible Notes and Indenture (Details) $ / shares in Units, shares in Millions	1 Months Ended
	Feb. 28, 2021 USD ($) period $ / shares shares	Dec. 31, 2022 $ / shares	Jun. 30, 2022 $ / shares
Class A Common Stock
Line of Credit Facility [Line Items]
Common stock, par value (in dollars per share) \| $ / shares		$ 0.000025	$ 0.000025
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 convertible debt \| $	$ 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%
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
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

Debt - Components of Convertible Debt (Details) - Convertible Debt - USD ($) $ in Millions	Dec. 31, 2022	Jun. 30, 2022
Convertible Notes Maturing February 15, 2026
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net [Abstract]
Principal	$ 1,000.0
Unamortized debt issuance costs	(14.3)
Net carrying amount	985.7
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	$ 750.0
Principal payments	(3.8)	0.0
Unamortized debt discount	(30.5)	(33.1)
Unamortized debt issuance costs	(17.9)	(19.4)
Net carrying amount	$ 697.9	$ 697.5

Debt - Components of Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Interest Expense, Debt [Abstract]
Amortization of debt discount	$ 0.0	$ 7.7	$ 0.0	$ 15.3
Amortization of debt issuance costs	1.1	0.8	2.3	1.6
Less: Interest capitalized	0.0	(0.2)	0.0	(0.2)
Total interest expense related to the Term Loan	1.1	8.3	2.3	16.7
Term Loan Facility
Interest Expense, Debt [Abstract]
Amortization of debt discount	1.4	0.0	2.7	0.0
Amortization of debt issuance costs	0.8	0.0	1.6	0.0
Total interest expense related to the Term Loan	$ 2.2	$ 0.0	$ 4.4	$ 0.0

Debt - Second Amended and Restated Credit Agreement (Details) - USD ($)		3 Months Ended		6 Months Ended
	May 25, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Nov. 25, 2022	Nov. 24, 2022	Dec. 10, 2021	Jun. 30, 2019
Letter of Credit
Line of Credit Facility [Line Items]
Standby letters of credit outstanding		$ 85,400,000		$ 85,400,000
Restricted cash		80,600,000		80,600,000
Term Loan Facility \| Line of Credit
Line of Credit Facility [Line Items]
Proceeds from lines of credit				696,400,000
Debt discount		33,800,000		33,800,000
Debt issuance costs		19,800,000		19,800,000
Effective interest rate						13.70%	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		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		400,000	$ 300,000	800,000	$ 600,000
Proceeds from lines of credit				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
Maximum borrowing capacity (greater than)		$ 746,300,000		$ 746,300,000
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

Commitments and Contingencies - Minimum Guarantee Royalty Payments Due (Details) - Royalty Guarantees, Commitments $ in Millions	Dec. 31, 2022 USD ($)
Future Minimum Payments
2023 (remaining)	$ 66.5
2024	125.7
2025	43.8
Total	$ 236.0

Commitment and Contingencies - Actual and Future Returns and Written Down and Logistics Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Other Commitments [Line Items]
Total revenue	$ 792.7	$ 1,133.9	$ 1,409.2	$ 1,939.1
Cost of revenue	557.6	853.0	957.0	1,395.1
Connected Fitness Products
Other Commitments [Line Items]
Total revenue	381.4	796.4	585.6	1,297.4
Cost of revenue	424.2	745.0	684.1	1,185.8
Connected Fitness Products
Other Commitments [Line Items]
Total revenue	381.4	796.4	585.6	1,297.4
Cost of revenue	424.2	745.0	684.1	1,185.8
Connected Fitness Products \| Connected Fitness Products
Other Commitments [Line Items]
Cost of revenue	0.0	5.2	2.5	5.7
Connected Fitness Products \| Sales Returns and Allowances
Other Commitments [Line Items]
Total revenue	$ 0.0	$ 7.4	$ 26.5	$ 18.9

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section S99
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 470
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-Topic 470
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Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions	1 Months Ended
	Jan. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Subsequent Event
Other Commitments [Line Items]
Amount awarded to other party	$ 19.1
Connected Fitness Products \| Sales Returns and Allowances
Other Commitments [Line Items]
Return reserve liability		$ 44.5	$ 26.7
Manufactured Product
Other Commitments [Line Items]
Commitments to contract with third-party manufacturers		$ 274.1

Equity-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended			6 Months Ended		18 Months Ended
	Jul. 01, 2022 USD ($) $ / shares shares	Sep. 30, 2019 period	Dec. 31, 2022 USD ($) shares	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) employee $ / shares shares	Dec. 31, 2021 USD ($) $ / shares	Aug. 31, 2022 $ / shares shares	Jul. 01, 2021 shares
Class of Stock [Line Items]
Aggregate intrinsic value						$ 17.3	$ 241.1
Granted (in shares) \| shares						1,436,736
Exercised, weighted-average exercise price (in dollars per share) \| $ / shares						$ 5.96
Stock-based compensation expense	$ 21.9		$ 4.9			$ 48.3
Options vested				$ 4.7
Weighted average remaining vesting term				2 years 10 months 24 days
Weighted-average grant date fair value per option (in dollars per share) \| $ / shares						$ 6.42	$ 43.15
Stock-based compensation expense			81.6		$ 71.9	$ 263.7	$ 124.8
Number of employees eligible, terminated their employment \| employee						9
2019 Equity Incentive Plan
Class of Stock [Line Items]
Original exercise price lower range (in dollars per share) \| $ / shares	$ 12.94
Original exercise price upper range (in dollars per share) \| $ / shares	$ 146.79
Granted (in shares) \| shares	2,138
Exercised, weighted-average exercise price (in dollars per share) \| $ / shares	$ 9.13
ESPP
Class of Stock [Line Items]
Expected dividend yield						0.00%
Stock-based compensation expense			4.3		$ 4.6	$ 11.9	$ 8.2
Unrecognized stock-based compensation expense			12.8			$ 12.8
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						$ 2.7
Employee Stock Options
Class of Stock [Line Items]
Expected dividend yield						0.00%
Unrecognized stock-based compensation expense			$ 607.0			$ 607.0
Unrecognized stock-based compensation expense, period for recognition (in years)						2 years 7 months 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									16,913,700
Number of shares available for future issuance (in shares) \| shares			50,859,100			50,859,100
Class A Common Stock \| ESPP
Class of Stock [Line Items]
Number of shares purchased under ESPP (in shares) \| shares								386,121
Weighted-average price of shares purchased under ESPP (in dollars per share) \| $ / shares								$ 8.66
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	3,382,740
Number of shares available for future issuance (in shares) \| shares			13,145,078			13,145,078
Purchase price of common stock, percentage of fair market value		85.00%

Equity-Based Compensation - Summary of Stock Options Outstanding (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended		12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Jun. 30, 2022
Stock Options Outstanding, Number of Stock Options
Stock options outstanding, beginning balance (in shares)	61,815,926
Granted (in shares)	1,436,736
Exercised (in shares)	(3,436,020)
Forfeited or expired (in shares)	(4,519,777)
Stock options outstanding, ending balance (in shares)	55,296,865		61,815,926
Stock options vested and exercisable (in shares)	38,329,253
Stock Options Outstanding, Weighted-Average Exercise Price
Stock options outstanding, weighted average exercise price, beginning balance (in dollars per shares)	$ 25.28
Granted, weighted-average exercise price (in dollars per share)	8.92
Exercised, weighted-average exercise price (in dollars per share)	5.96
Forfeited or expired, weighted-average exercise price (in dollars per share)	34.26
Stock options outstanding, weighted average exercise price, ending balance (in dollars per shares)	18.11		$ 25.28
Stock options vested and exercisable, weighted-average exercise price (in dollars per share)	$ 15.58
Stock options outstanding, weighted-average remaining contractual term (in years)	5 years 2 months 12 days		6 years 8 months 12 days
Stock options vested and exercisable, weighted-average remaining contractual term (in years)	3 years 7 months 6 days
Stock options outstanding, aggregate intrinsic value	$ 93.2
Stock options exercised, aggregate intrinsic value	17.3	$ 241.1
Stock options outstanding, aggregate intrinsic value	64.2		$ 93.2
Stock options vested and exercisable, aggregate intrinsic value	$ 64.0

Equity-Based Compensation - Summary of Unvested Stock Option Activity (Details) - $ / shares	6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Unvested Options
Unvested options, beginning balance (in shares)	25,347,235
Granted (in shares)	1,436,736
Vested (in shares)	(6,107,834)
Forfeited or expired (in shares)	(3,708,525)
Unvested options, ending balance (in shares)	16,967,612
Unvested Options, Weighted-Average Grant Date Fair Value
Unvested options, weighted-average grant date fair value, beginning balance (in dollars per share)	$ 19.35
Unvested options, weighted-average grant date fair value, granted (in dollars per share)	6.42	$ 43.15
Unvested options, weighted-average grant date fair value, vested (in dollars per share)	18.28
Unvested options, weighted-average grant date fair value, forfeited or expired (in dollars per share)	8.04
Unvested options, weighted-average grant date fair value, ending balance (in dollars per share)	$ 18.75

Equity-Based Compensation - Summary of Fair Value Assumptions (Details)	6 Months Ended
	Dec. 31, 2022
Employee stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average risk-free interest rate	3.30%
Weighted average expected term (in years)	6 years 2 months 12 days
Weighted average expected volatility	81.40%
Expected dividend yield	0.00%
Shares estimated to be purchased under ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average risk-free interest rate	0.70%
Weighted average expected term (in years)	1 year 3 months 18 days
Weighted average expected volatility	86.90%
Expected dividend yield	0.00%

Equity-Based Compensation - Summary of Restricted Stock and Restricted Stock Units (Details) - Restricted Stock	6 Months Ended
	Dec. 31, 2022 $ / shares shares
Number of Awards
Outstanding, beginning balance (in shares) \| shares	8,977,705
Granted (in shares) \| shares	16,481,063
Vested and converted to shares (in shares) \| shares	(2,475,331)
Cancelled (in shares) \| shares	(4,153,725)
Outstanding, ending balance (in shares) \| shares	18,829,712
Weighted-Average Grant Date Fair Value
Outstanding, weighted-average grant date fair value, beginning balance (in dollars per share) \| $ / shares	$ 42.49
Granted, weighted-average grant date fair value (in dollars per share) \| $ / shares	9.88
Vested and converted to shares, weighted-average grant date fair value (in dollars per share) \| $ / shares	38.63
Cancelled, weighted-average grant date fair value (in dollars per share) \| $ / shares	27.07
Outstanding, weighted-average grant date fair value, ending balance (in dollars per share) \| $ / shares	$ 17.85

Equity-Based Compensation - Summary of Sock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 81.6	$ 71.9	$ 263.7	$ 124.8
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	12.0	11.7	32.1	19.7
Cost of revenue \| Connected Fitness Products
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	2.0	6.6	9.3	11.0
Cost of revenue \| Subscription
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	10.0	5.1	22.7	8.7
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	7.5	9.0	18.2	15.5
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	40.5	38.3	92.8	67.8
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	15.6	12.9	37.8	21.7
Restructuring expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 6.0	$ 0.0	$ 82.8	$ 0.0

Income Taxes - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ 1.9	$ 3.1	$ 2.7	$ 5.4
Effective tax rate	(0.58%)	(0.71%)	(0.37%)	(0.67%)

- Definition

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

+ References + Details

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		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Basic and diluted loss per share:
Net loss attributable to common stockholders, basic	$ (335.4)	$ (439.4)	$ (743.9)	$ (815.3)
Net loss attributable to Class A and Class B common stockholders	$ (335.4)	$ (439.4)	$ (743.9)	$ (815.3)
Shares used in computation:
Weighted-average common shares outstanding, basic (in shares)	341,930,937	317,110,297	340,516,100	309,119,648
Weighted-average common shares outstanding, diluted (in shares)	341,930,937	317,110,297	340,516,100	309,119,648
Basic loss per share (in dollars per share)	$ (0.98)	$ (1.39)	$ (2.18)	$ (2.64)
Diluted loss per share (in dollars per share)	$ (0.98)	$ (1.39)	$ (2.18)	$ (2.64)

- 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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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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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

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Net Loss Per Share - Schedule of Potentially Diluted Securities Not Included In Calculation of Diluted Shares Outstanding (Details) - shares	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Employee stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from calculation of diluted shares outstanding (in shares)	14,864,037	44,011,349	15,404,476	47,438,668
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)	817,901	104,006	475,649	252,433
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)	0	0	0	56,740

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

Segment Information - Schedule of Key Performance Measures by Segment (Details) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)
Segment Reporting [Abstract]
Number of reportable segments \| segment			2
Segment Reporting Information [Line Items]
Total revenue	$ 792.7	$ 1,133.9	$ 1,409.2	$ 1,939.1
Cost of revenue	557.6	853.0	957.0	1,395.1
Gross profit	235.0	281.0	452.2	544.0
Connected Fitness Products
Segment Reporting Information [Line Items]
Total revenue	381.4	796.4	585.6	1,297.4
Cost of revenue	424.2	745.0	684.1	1,185.8
Gross profit	(42.8)	51.4	(98.4)	111.7
Subscription
Segment Reporting Information [Line Items]
Total revenue	411.3	337.5	823.6	641.7
Cost of revenue	133.4	107.9	272.9	209.4
Gross profit	$ 277.9	$ 229.6	$ 550.7	$ 432.3

- Definition

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

+ References

+ Details

- Definition

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

+ References

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Segment Information - Reconciliation of Segment Gross Profit to Consolidated (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting [Abstract]
Segment Gross Profit	$ 235.0	$ 281.0	$ 452.2	$ 544.0
Sales and marketing	(217.1)	(348.9)	(355.8)	(633.0)
General and administrative	(192.6)	(248.5)	(386.1)	(489.0)
Research and development	(80.0)	(99.8)	(168.1)	(197.5)
Impairment expense	(9.7)	(9.4)	(72.6)	(9.9)
Restructuring expense	(49.0)	0.0	(155.9)	0.0
Supplier settlements	(17.9)	0.0	(19.1)	0.0
Total other income (expense), net	(2.2)	(10.6)	(35.9)	(24.6)
Loss before provision for income taxes	$ (333.5)	$ (436.3)	$ (741.2)	$ (809.9)