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3.3 MB. William alluded to the realities of the supply chain and what we're working through with our current product portfolio. Tread sales have been suspended until they can resume in-home deliveries. We're still on TV and digital marketing activities and other marketing channels to create awareness. I'll just take -- I just want to make a couple point of clarification and then I think William can do a deeper dive for you on what we're doing from a supply chain perspective. Actual results may differ materially from those contained in or implied by these forward-looking statements due to risks and uncertainties associated with our business. Member count is now over 2.6 million inclusive of 176,000 Peloton Digital subscribers. Equipped with a state-of-the-art technology, our new 35,000 square foot facility has four studios under one roof allowing us to film all fitness disciplines in one centralized location for the first time. We believe that Peloton is the future of fitness independent of when we get back to normal. Our next question comes from the line of Edward Yruma from KeyBanc Capital Markets. As Jill noted, we're still on in Germany where we feel like we're as you know we just launched Germany. So a lot of that stuff has been taking place over the last year or two, continues to take place even in a shelter-in-place reality. And so we're not going to get guidance and I think Jill articulated our view, which is we believe that this whole thing is accelerated and moved to Connected Fitness. Foley concluded the call by emphatically stating that the company has now had 6 years of triple digit growth. We are -- we've said this and we continue to do it is kind of run at a unit economic breakeven and just try to get as many people on the platform as possible because we do like introducing people to our content and let them -- letting them trial it before they buy. We obviously recognize that a tremendous number of businesses and their employees are facing extraordinary challenges at this time. It swung to a profit of $89.1 million, or 27 cents per share, compared with a … Net Income (TTM) 166.40M. Our next question comes from the line of Ron Josey from JMP Securities. But 100% this has been a really interesting time for us where we reduce media spend because of the organic demand that we've had and we're continuing to pause that media spend in most of our markets and what's been interesting is to see the years of investments that we've put into building our brand and building product awareness and the investments that we've made to create the best experience, member experience and customer journey that we can. Good afternoon. If I look at the backlog that you had reported on the balance sheet in Q -- for the March quarter, it would appear that you had about 95,000 bikes on order at that point. And so it's one of the many benefits of our vertical model and we actually have seen this across the business. Peloton Interactive (NASDAQ: PTON) is scheduled to announce Q3 earnings results on Wednesday, May 6th, after market close. Yeah, we're not giving guidance, and obviously it's the enhancement lot harder Heath and if you look at our forecast variability, we're pretty tight, we have been. We haven't seen the type of explosive unit economics in that business that would lead us to believe that it's going to be a meaningful driver of the bottom line for Peloton in the next couple of years. I'll take the first question and then hand it over to William to address your second question around supply chain and logistics. The company has a significant backlog of innovation and R&D. So I wanted to ask John maybe a bigger question just given your commentary around social distancing and obviously the natural demand we're seeing just give us some insight on how you're thinking about the retail strategy I think all stores and showrooms are still closed and you're still seeing significant demand? And so in terms of -- the one other thing I would point out is we do have a slight offset to that in Q4 which is the cost that it required -- was required for the 90 day free trial. And -- but we would welcome both of those. Peloton (NASDAQ: PTON) Poised for a New All-Time High on the Back of Smashing Q3 2020 Earnings and a String of Upgrades From Cowen (NASDAQ: COWN) and Others By Rohail Saleem May 7, 2020 … Q4 is a seasonally low period for us historically. With purchase intent largely following our growth and brand awareness prior to COVID, we believe we already had significant expansion of our SAM, given the progress we've made across our geographies in growing our brand awareness. Total operating expense, excluding non-recurring litigation and settlement expenses of $49.3 million was flat year-over-year as a percentage of total revenue. We do think in fiscal '21 and beyond we should expect to see much more marketing efficiency than we originally forecast. We do think we're going to see some rival effect of word of mouth becoming increasingly more important. Yes. Better experiences at a better value that is COVID-proof, that is recession-proof and that is a 100% where the entire Peloton team is focused. At the same time, they’ve seen fantastic sales with the retail locations closed. Balance Sheet View Statement. As you can imagine, this is a very important topic for us as a management team to understand as we resource plan across the organization for the next several quarters. As a result of the strong quarter, and a continuation of those trends into April, the company has raised their fiscal year guidance on connected fitness subscribers (bike and Tread owners), revenues, and adjusted EBITDA. So we're very excited about the expansion of our market. COVID is changing the operations of everyone working from home, including our teams and shutting down our stores and having to do creative stuff on the content side. This was due to a mix shift to Bike delivery, continued improvements in our product costs helped by our acquisition of Tonic and the greater than expected fixed cost leverage and logistics due to sales outperformance and the shift to threshold delivery. How is the pipeline on new products right now? We're obviously feel great about the business than the long-term and so we feel like we've got plans in place to support our growth. Revenue: $607.1 million vs. $582.5 million expected. So we did have to rethink the timing of new product launches. So that's how we think about it. We will come back on with marketing. Your question please. They were also helped by lower sales and marketing expenses. Thanks. We're pulling for science. In the last reported quarter, the company delivered an earnings surprise of 80%. But is that sort of when we should think about sales and marketing resuming as gyms begin to reopen and there's increasing options for people looking to substantiate. Year-over-year improvement in subscription gross margin and subscription contribution margin are driven primarily by continued leveraging of fixed cost of content production. But you can imagine that with the engagement we've seeing from those people and the quality of the content that as Justin brought up is going to continue to get better as Peloton Studios New York comes online and next year as Peloton Studios London comes online. At this point Youssef, I can't say we're going to change much about our strategy. I encourage you to play with it yourself to see when you're working out close to 18 times a months, what type of value you're getting vis-a-vis other options in the marketplace, boutique fitness or higher-end gyms or even value gyms on a pro-workout basis. Your question please. We also settled our patent infringement litigation with Flywheel further strengthening our ability to protect our intellectual property. So clearly this experience that's unmatched and the way we treat members, the investments we put toward things like our delivery and member experience post-purchase service, we'd hoped those would pay off we believe they would and we're seeing that in terms of our marketing vital effect. [Operator Instructions] Our first question comes from the line of Doug Anmuth from J.P. Morgan. We love what they do, we love people being able to try the products. Peloton Interactive has generated ($0.32) earnings per share over the last year and currently has a price-to-earnings ratio of 1,474.6. Some links on the site are affiliate links. We were committed last quarter, in the previous quarter we're more committed today. Our next question comes from the line of Jonathan Komp from Baird. As John noted earlier we believe COVID-19 will have a long-term impact on the fitness industry with many people likely not returning soon or at all to gyms or boutiques fitness location. Sure. So more than anything, we've been talking about the power of that. Yes. Can you just talk about where you see kind of the bottlenecks if that comes more in manufacturing or in logistics and delivery or perhaps both? Lastly, I want to express my gratitude and appreciation to the entire Peloton team across field operations, member support, retail, content production, our instructors, our folks on the manufacturing lines, and all of our employees at our headquarters in New York City, London, Taiwan, and Plano who have all played an important role in supporting our members physical and mental well-being through this COVID crisis and beyond. The reported $0.18 EPS for the quarter, topping analysts' consensus estimates of $0.10 by $0.08. Looking to the full year fiscal 2020, Peloton is now calling for total revenue to reach between $1.72 billion and $1.74 billion, which would represent a year-over-year increase of 89% at the midpoint of that range. To be clear, and since I’m in the investment business, this is not, nor is it intended to be, any type of investment recommendation. $45 stock. Our fiscal year 2020 profitability outlook demonstrates the strength of our financial model when scale and leverage are achieved. On a personal note, I never realized how social I am. Over the past year, we've seen steady gains in member engagement as we've expanded content verticals and launched new member experiences. Ron, with respect to the retail stores, as you know, we have close to 100 retail stores across four different countries and the good thing about our retail stores we love them. On March 19, we paused activities that require entering the home including tread delivery, return pickup, and in-home servicing. Share. Since then Peloton has welcomed thousands of new music publishers to our platform adding great new songs that our members love to our already industry leading library. Thank you. It's important to note that tread was ahead before we had a positive deliveries. Your question please. With that said, we were pacing at the high end of guidance or better for all of our financial metrics and KPIs, but starting in the first week of March we saw a spike in demand for our Bike and Tread due to COVID-19. Retail employees have been redeployed to member experience. And we believe so strongly and the value proposition of our products that we think that we are permanently changing the behavior of many of these new members. Rather it’s intended to be a summary of interesting information and trends about the company for interested and avid Peloton users. Your question please. As a New York City based company, we've seen firsthand the magnitude of the COVID-19 crisis and we offer a heartfelt thank you to all of those working tirelessly on the frontlines to battle this epidemic. Peloton Earnings: PTON Stock Jumps 3% on Fiscal Q3 Results PTON missed EPS estimates by 3 cents By William White , InvestorPlace Writer May 6, 2020, 4:26 pm EST May 6, 2020 First, I was just hoping you could provide some thoughts on how much of the sales lift you think was driven by pull forward of demand versus what might be a more durable change to the demand for Connected Fitness? So we feel like we're going to be able to support the growth in the business and that's true across areas like member experience, where we've been scaling up and Brad also in that team has been able to service members in a terrific way out of our [Indecipherable], so we're comfortable. And as I mentioned earlier in terms of cardio, we feel like treads an important beachhead for us. In short though, we believe that we are seeing a significant expansion in our serviceable addressable market. And so as we planned out the number of days we wanted to carry with the sales acceleration that hit and created the imbalance that Jill referenced in the initial statement, and so the good news is we've got incredible supply chain team, one of the best in the industry and so we worked quickly to expand within our existing facilities and if you just look at what we're producing today versus what we're producing in early March, we've been able to more than double the output. So we're -- our first, second and third priority are organic growth. It's the macro point as our vertical model really gives us flexibility in our great management team. Returns as of 05/06/2021. 2/8 – New Coach Rumor – Daniel ‘Yankee’ McKenna, 1/5 – A pause button is being researched with some members at Peloton, 12/17 – New Coach Rumor – Mariana Fernandez, 11/13 – First impressions & hands on review of the new lower cost Peloton Tread, 9/10 – We have a hands-on demo & review of the new Bike+ and all the new features, Peloton announces voluntary recall on Peloton Tread & Tread+ and stops new sales of Tread+, A bug with Peloton’s API possibly revealed some private members’ data, New Peloton “Your Monthly Strength Stack” collection for May with Jess Sims, Peloton Adds New Feature: “Special Guest” Leaderboard Filter, Peloton officially confirms scenic rides & runs are now only available on Peloton Bike or Tread, Ally Love & Usher announce Peloton Usher Dance Cardio Classes, Peloton Keynote 2021 Announcements: Strive Score, Programs 2.0, Scenic Workout Relaunch, Pause Button. So we're very excited about our growth profile moving forward and we think that a lot of this is just validating our long held view that the Peloton experiences like no other and once people try it for themselves they get converted. We entered Q4 with a backlog of Bike deliveries in all geographies and sales continue to surpass expectations into May. Thank you. Get our newsletter to get all the Peloton news, including new features, instructor profiles, local events, and much more! So we're really encouraged by that our average age of our customer is going down pretty significantly. Again, we're not going to announce anything, but we feel good about that. So there is operational changes we've had to make, but strategically, we're still on track. Instead we believe Peloton -- is the future of fitness because we offer better experiences, at better locations, on better hardware, with better instructors at a dramatically better value on a per workout basis and you're going to hear more about that. I'll actually take both questions, but I'll answer the second question first and the answer is no, we have not changed any standards. Peloton? We had to date extremely low default rates and a fairly healthy credit profile of a lot of those that participate in our financing programs. While we are working to accelerate the supply of bikes and incurring higher costs in order to expedite shipments, we do not expect to materially improve order to delivery windows in Q4. When the pandemic hit in early March, they saw a significant spike in bike sales. $45 stock. Wendy Johansson On Peloton’s (PTON) Recently Unveiled New Product Offerings – TD Ameritrade Network. But at this point, we don't have any data on the conversion. So we feel very good about that and again the consistency that we've seen on financing penetration. As we think about -- the X Factor is to what is the baseline looks like coming out of this. They measure how new purchasers heard it about Peloton, and they are reporting a strong uptick in word-of-mouth. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. We're pulling for New York City by the way, where a lot of us live. Share. So while it's a little early to draw some definitive conclusions, we have done some recent research on purchase intent of our post-COVID buyers. We are pulling for society. Thanks for taking the question and amazing numbers. So I wouldn't necessarily look at inventory. Great. Hi, Doug, it's Jill. Analysts are expected to seek more clarity on the company's response … We plan inventory levels based on sales forecasts number of days, any x number of days. Those were John Foley’s exact words. As previously mentioned, this decline reflects costs to expedite product shipments and the continuation of hazard pay for warehouse and delivery employees. We've a done a lot to de-risk the supply chain and support this growth including and yes, this is where we put our manufacturing. Tags are simple yet highly flexible way for members to express themselves, connect with others, and work out together. We generated total revenue of $524.6 million in Q3, representing 66% year-over-year growth exceeding expectations across all geographies driven by a strong demand for our Bike. The unexpected sharp increase in sales has created an imbalance of supply and demand unfortunately causing elongated order to delivery windows for our customers. With over 90 million gym memberships across our four current global market, the US, UK, Canada and Germany, and only 2.6 million members today, we continue to see a long runway for growth in the coming quarters and years. I am definitely proud to work at Peloton and I hope you are too. We have a strong balance sheet with over $1.4 billion of cash and cash equivalents and additional liquidity in the form of an uncapped $250 million credit facility, providing significant resources to take care of our employees and members during this time, while allowing us to continue to make investments in our platform to drive growth going forward. Fitness routines yield significant benefits to overall physical and mental well-being and we remain committed to serving our members throughout this difficult time. I am also proud of our financial performance this quarter with revenue growing 66% year-over-year to $524.6 million. Specifically, we ended the quarter with over 886,000 Connected Fitness Subscribers, representing 94% year-over-year growth. 2/20 – Was a Peloton Rower spotted in a R&D lab? And we perform extremely well in that regard in this case. Thank you both. Revenue was seen coming in at $486 million. Thank you. And then, as we look to the future, to the point on sort of structural changes and our growth going forward and move to Connected Fitness, as we've mentioned, we are investing in a new factory. It's William. Cari Gundee rides her Peloton exercise bike at her home on April 06, 2020 in… At this time all participants are in a listen-only mode. As an Amazon Associate I earn from qualifying purchases. The decline in connected fitness product gross margin is partially offset by a mix shift to Bike delivery. James Hardiman -- Wedbush Securities -- Analyst. typically loses several hundred million. But right now, mostly we're thinking about it as legion for our connected fitness platforms as we bring -- as we execute on our better, best, strategy and we potentially have lower price points in our different lines, you could see more of those digital trailers and more of those digital subscribers engaging and buying our products. This means that for fiscal year 2020 we expect to earn $30 million to $40 million of adjusted EBITDA and adjusted EBITDA margin of 2% at the midpoint. Given what you see in the past six weeks around the digital-only subscription, do you believe there can be an attractive LTV business if new users don't convert to Connected Fitness hubs, or remain digital-only after the promotional period expires? And so, we aren't changing anything. New Scenic Rides coming soon? Our expected Q4 profitability on an adjusted EBITDA basis is the result of notable continued high demand for our bikes in all of our global markets, a robust gross profit margin profile albeit with additional shipping and COVID related costs, significant reduction to sales and marketing expense due to limited media spend, partially offset by the cost associated with the extension of our digital free trial period to 90 days and lastly, significant leverage across our fixed expense base. Yeah. And then the second thing around digital conversion, it's obviously too early to say on how the 1.1 million trailers are going to convert because they haven't come up to the 90 day gate, where they would have to decide to become a digital subscriber. Edward Yruma -- KeyBanc Capital Markets -- Analyst. With so many members now under stay at home orders, this quarter saw an even larger gain than expected. Is there a number you can see yourselves getting to in terms of the ability to deliver the supply chain capacity to deliver over the over the next six months or so? We do a lot of things ourselves here at Peloton, and so whether it's retail and shifting, some of those retail folks over into inside sales as we closed the stores to be able to take phone calls and all the inbound demand and orders, retail -- our retail folks led by Jen Parker and her amazing team also helped on the member experience side answer phones. Typically, we're on a seven to nine days order to delivery. These efficiencies were partially offset by hazard pay for our warehouse and delivery employees. I guess first on marketing longer term given the kind of power of word of mouth here, any rethink to kind of how long it will take you to achieve kind of the longer term marketing objectives from a leverage perspective and a current period notwithstanding? One -- the first one is just a quick clarification on new product. Peloton Interactive 3Q20 Earnings Call. As a result, they will be slower and more conservative about reopening to ensure safety of employees. Income Statement View Statement. As well on the delivery side, we're able to -- we've got great 3PL delivery providers, in addition, our own field ops team, we've got XPO and we've got J.B. Hunt and so we're able to flex volume there. It's unfortunate but real. Warehouse and delivery employees have been receiving hazard pay since the start of the pandemic. I forget who made the comment in the prepared remarks about not being able to go into people's homes, particularly to bring treadmills is actually holding back Connected Subscriber growth. And maybe just one follow-up, on the, Jill the study that you mentioned of new Connected Fitness customers who were previously considering purchase as well as the 1.1 million who downloaded the app for free. I'll take that and Jill and William, you can-you guys can weigh in. So more content, more verticals, more ways to engage with that content. Thank you. A reconciliation of GAAP to non-GAAP financial measures is provided in today's shareholder letter. Previously, it was forecasting a range of $1.53 billion to $1.55 billion. They are committed to their retail strategy. Third Quarter. Members can create tags that represent their shared interests, their favorite sports team, college, charity, employer, geography and more or browse through the more than 50,000 tags that have been created by our community in just one week since its launch. Two quick ones from me. [Technical Issues] but I think the weight limiting factor for Q4 is really supply chain, it is not delivery capacity. Yeah I will take the first. I will leave at that. In this environment, you could actually see with some retail struggling 12 months from now, having even better leases, better locations. Great, thank you very much. Growth rates and margins were all very strong for the quarter, and churn rates are at the lowest level yet. We have a strong patent portfolio, which we continue to vigorously defend. In Q4, we expect revenue of $500 million to $520 million, representing 128% year-over-year growth at the midpoint. I also noted that guidance would more closely map to result moving forward as we gained more clarity on key areas of variability. First, just wanted to ask about more tactically the thoughts around marketing. Before turning it over to Jill, I want to mention a few additional milestones in Q3. So with that I don't know with Will, you want to address some of the specifics around what we're doing in the supply chain, but it definitely is we feel very -- what I will say is we feel very good about the sales and subscriber estimates that were given for Q4 that those we feel very confident we can deliver on from a supply chain perspective. Yes, no that's a really great question. Okay. Peloton Q3 Earnings Preview: 1 Key Metric You’ll Want to Know. I think as I said in the prepared remarks, we were tracking to the high end of guidance until the first week of March when we saw the spike in demand for our products, which means Q3 outperformance on sales in Connected Fitness Subscribers is well above the top end of our financial guidance with COVID-related. You can listen to a recording of the call here, or read a copy of the shareholder letter here. We're obviously not going announce the timing today, but we are very excited about it and it's going to be impressive I believe. They suspended their media spend in mid March as result of the strong organic demand they’re experiencing. Original commentary to … Thanks for taking the question and that Robin live from her home ride was fantastic. Peloton is due to put out its earnings report after markets close on Thursday. I just had a chance to listen to the replay of the earnings call, and read through the 10Q. Earnings per share: 27 cents vs. 10 cents expected. A leader in the exercise equipment market, Peloton Interactive (NASDAQ: PTON) has seen its sales grow by at least 100% a year for six consecutive years. 50,000 tags were created in the first week after they were introduced. With strong revenue flow through and leverage against our fixed costs, we achieved our first adjusted EBITDA positive quarter as a public company in Q3 with an adjusted EBITDA margin of 4.5%. See how many classes were removed by instructor, 2/24 – New Coach Rumor: Callie Gullickson. And has there been any impact on product development from recent trends? So I'm glad you interrupted. For a discussion of the material risks and other important factors that could impact our actual results, please refer to our SEC filings and today's shareholder letter, both of which can be found on our website. Wendy Johansson Media September 14, 2020 September 14, 2020 1 Minute. This incredible engagement with our Connected Fitness products led to our lowest level of churn in four years. Peloton (PTON) earned 27 cents a share during the quarter, better than the 10 cents forecast by Zacks. They are 100% committed to the best treadmill at a lower price point. As detailed in our shareholder letter released this afternoon, we've made a number of significant operational changes in order to safely continue our service. They're kind of a hub for their local community, but as you point out, we don't necessarily need them and our sales have been strong without them for the last few weeks, a couple of months. Peloton Q3 Earnings Preview: 1 Key Metric You'll Want to Know The exercise equipment maker will report third-quarter results on Thursday, May 6. Six years of triple-digit growth would hopefully lead you to believe that PTON is not a COVID story. They achieved this because of the strong demand for bikes. 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