WEBVTT	#Elemental Media Engine(TM) 2.17.0.0

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THINK

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THINK THE

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THINK THE FED

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THINK THE FED NEEDS

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THINK THE FED NEEDS TO

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THINK THE FED NEEDS TO TURN

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THINK THE FED NEEDS TO TURN ITS

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THINK THE FED NEEDS TO TURN ITS
ATTENTION

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THINK THE FED NEEDS TO TURN ITS
ATTENTION TO

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THINK THE FED NEEDS TO TURN ITS
ATTENTION TO INFLATION,

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THINK THE FED NEEDS TO TURN ITS
ATTENTION TO INFLATION, AND

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THINK THE FED NEEDS TO TURN ITS
ATTENTION TO INFLATION, AND I

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ATTENTION TO INFLATION, AND I

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ATTENTION TO INFLATION, AND I
THINK

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ATTENTION TO INFLATION, AND I
THINK THAT'S

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ATTENTION TO INFLATION, AND I
THINK THAT'S WHAT

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ATTENTION TO INFLATION, AND I
THINK THAT'S WHAT THEY'LL

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ATTENTION TO INFLATION, AND I
THINK THAT'S WHAT THEY'LL DO

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THINK THAT'S WHAT THEY'LL DO

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THINK THAT'S WHAT THEY'LL DO
>>>

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THINK THAT'S WHAT THEY'LL DO
>>> LET'S

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THINK THAT'S WHAT THEY'LL DO
>>> LET'S GET

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THINK THAT'S WHAT THEY'LL DO
>>> LET'S GET TO

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THINK THAT'S WHAT THEY'LL DO
>>> LET'S GET TO PELOTON

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>>> LET'S GET TO PELOTON

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>>> LET'S GET TO PELOTON
RESULTS.

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RESULTS.

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RESULTS.
I

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RESULTS.
I NOTICED

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RESULTS.
I NOTICED THE

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RESULTS.
I NOTICED THE STOCK

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RESULTS.
I NOTICED THE STOCK IS

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RESULTS.
I NOTICED THE STOCK IS DOWN

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I NOTICED THE STOCK IS DOWN

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I NOTICED THE STOCK IS DOWN
SHARPLY.

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SHARPLY.

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SHARPLY.
DIANA?

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DIANA?

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DIANA?
>>

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DIANA?
>> THAT'S

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DIANA?
>> THAT'S BALL

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DIANA?
>> THAT'S BALL IT

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DIANA?
>> THAT'S BALL IT WAS

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DIANA?
>> THAT'S BALL IT WAS A

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DIANA?
>> THAT'S BALL IT WAS A ROUGH

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DIANA?
>> THAT'S BALL IT WAS A ROUGH Q4

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>> THAT'S BALL IT WAS A ROUGH Q4

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>> THAT'S BALL IT WAS A ROUGH Q4
FOR

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>> THAT'S BALL IT WAS A ROUGH Q4
FOR PELOTON.

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FOR PELOTON.

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FOR PELOTON.
CONNECTED

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FOR PELOTON.
CONNECTED SUBSCRIPTIONS

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FOR PELOTON.
CONNECTED SUBSCRIPTIONS GREW

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FOR PELOTON.
CONNECTED SUBSCRIPTIONS GREW TO

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CONNECTED SUBSCRIPTIONS GREW TO

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CONNECTED SUBSCRIPTIONS GREW TO
OVER

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CONNECTED SUBSCRIPTIONS GREW TO
OVER 2.33

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CONNECTED SUBSCRIPTIONS GREW TO
OVER 2.33 MILLION,

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CONNECTED SUBSCRIPTIONS GREW TO
OVER 2.33 MILLION, BUT

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CONNECTED SUBSCRIPTIONS GREW TO
OVER 2.33 MILLION, BUT PAID

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OVER 2.33 MILLION, BUT PAID

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OVER 2.33 MILLION, BUT PAID
DIGITAL

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OVER 2.33 MILLION, BUT PAID
DIGITAL SUBSCRIPTIONS

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OVER 2.33 MILLION, BUT PAID
DIGITAL SUBSCRIPTIONS WERE

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OVER 2.33 MILLION, BUT PAID
DIGITAL SUBSCRIPTIONS WERE BELOW

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DIGITAL SUBSCRIPTIONS WERE BELOW

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DIGITAL SUBSCRIPTIONS WERE BELOW
ESTIMATES.

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ESTIMATES.

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ESTIMATES.
GROSS

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ESTIMATES.
GROSS MARGINS

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ESTIMATES.
GROSS MARGINS WERE

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ESTIMATES.
GROSS MARGINS WERE FAR

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ESTIMATES.
GROSS MARGINS WERE FAR SHORT

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ESTIMATES.
GROSS MARGINS WERE FAR SHORT OF

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GROSS MARGINS WERE FAR SHORT OF

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GROSS MARGINS WERE FAR SHORT OF
EXPECTATIONS,

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GROSS MARGINS WERE FAR SHORT OF
EXPECTATIONS, 27%

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GROSS MARGINS WERE FAR SHORT OF
EXPECTATIONS, 27% VERSUS

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EXPECTATIONS, 27% VERSUS

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EXPECTATIONS, 27% VERSUS
ESTIMATES

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EXPECTATIONS, 27% VERSUS
ESTIMATES OF

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EXPECTATIONS, 27% VERSUS
ESTIMATES OF 35%

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ESTIMATES OF 35%

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ESTIMATES OF 35%
THAT'S

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ESTIMATES OF 35%
THAT'S SIGNIFICANTLY

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ESTIMATES OF 35%
THAT'S SIGNIFICANTLY LOWER

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ESTIMATES OF 35%
THAT'S SIGNIFICANTLY LOWER WHEN

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THAT'S SIGNIFICANTLY LOWER WHEN

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THAT'S SIGNIFICANTLY LOWER WHEN
COMPARED

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THAT'S SIGNIFICANTLY LOWER WHEN
COMPARED TO

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THAT'S SIGNIFICANTLY LOWER WHEN
COMPARED TO Q3'S

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THAT'S SIGNIFICANTLY LOWER WHEN
COMPARED TO Q3'S GROSS

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THAT'S SIGNIFICANTLY LOWER WHEN
COMPARED TO Q3'S GROSS MARGINS

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COMPARED TO Q3'S GROSS MARGINS

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COMPARED TO Q3'S GROSS MARGINS
PELOTON

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COMPARED TO Q3'S GROSS MARGINS
PELOTON ANNOUNCED

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COMPARED TO Q3'S GROSS MARGINS
PELOTON ANNOUNCED TODAY

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COMPARED TO Q3'S GROSS MARGINS
PELOTON ANNOUNCED TODAY IT'S

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PELOTON ANNOUNCED TODAY IT'S

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PELOTON ANNOUNCED TODAY IT'S
DROPPING

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PELOTON ANNOUNCED TODAY IT'S
DROPPING THE

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PELOTON ANNOUNCED TODAY IT'S
DROPPING THE PLACE

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PELOTON ANNOUNCED TODAY IT'S
DROPPING THE PLACE OF

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PELOTON ANNOUNCED TODAY IT'S
DROPPING THE PLACE OF ITS

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PELOTON ANNOUNCED TODAY IT'S
DROPPING THE PLACE OF ITS BASIC

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DROPPING THE PLACE OF ITS BASIC

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DROPPING THE PLACE OF ITS BASIC
BIKE

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DROPPING THE PLACE OF ITS BASIC
BIKE MOLDING

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DROPPING THE PLACE OF ITS BASIC
BIKE MOLDING TO

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DROPPING THE PLACE OF ITS BASIC
BIKE MOLDING TO $1495,

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DROPPING THE PLACE OF ITS BASIC
BIKE MOLDING TO $1495, ALSO

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BIKE MOLDING TO $1495, ALSO

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BIKE MOLDING TO $1495, ALSO
HAVING

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BIKE MOLDING TO $1495, ALSO
HAVING RECEIVED

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BIKE MOLDING TO $1495, ALSO
HAVING RECEIVED APPROVAL,

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BIKE MOLDING TO $1495, ALSO
HAVING RECEIVED APPROVAL, IT

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HAVING RECEIVED APPROVAL, IT

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HAVING RECEIVED APPROVAL, IT
WOULD

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HAVING RECEIVED APPROVAL, IT
WOULD BE

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HAVING RECEIVED APPROVAL, IT
WOULD BE --

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HAVING RECEIVED APPROVAL, IT
WOULD BE -- BEGIN

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HAVING RECEIVED APPROVAL, IT
WOULD BE -- BEGIN SELLING

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HAVING RECEIVED APPROVAL, IT
WOULD BE -- BEGIN SELLING ITS

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WOULD BE -- BEGIN SELLING ITS

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WOULD BE -- BEGIN SELLING ITS
TREAD.

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TREAD.

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TREAD.
FULL-YEAR

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TREAD.
FULL-YEAR GUIDANCE

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TREAD.
FULL-YEAR GUIDANCE OF

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TREAD.
FULL-YEAR GUIDANCE OF $5.4

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FULL-YEAR GUIDANCE OF $5.4

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FULL-YEAR GUIDANCE OF $5.4
BILLION

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FULL-YEAR GUIDANCE OF $5.4
BILLION IS

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FULL-YEAR GUIDANCE OF $5.4
BILLION IS SLIGHTLY

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FULL-YEAR GUIDANCE OF $5.4
BILLION IS SLIGHTLY ABOVE

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BILLION IS SLIGHTLY ABOVE

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BILLION IS SLIGHTLY ABOVE
ESTIMATES.

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ESTIMATES.

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ESTIMATES.
WHILE

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ESTIMATES.
WHILE THAT'S

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ESTIMATES.
WHILE THAT'S GOOD,

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ESTIMATES.
WHILE THAT'S GOOD, GROSS

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ESTIMATES.
WHILE THAT'S GOOD, GROSS MARGIN

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WHILE THAT'S GOOD, GROSS MARGIN

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WHILE THAT'S GOOD, GROSS MARGIN
GUIDANCE

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WHILE THAT'S GOOD, GROSS MARGIN
GUIDANCE FOR

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WHILE THAT'S GOOD, GROSS MARGIN
GUIDANCE FOR THE

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WHILE THAT'S GOOD, GROSS MARGIN
GUIDANCE FOR THE WHOLE

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WHILE THAT'S GOOD, GROSS MARGIN
GUIDANCE FOR THE WHOLE YEAR

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WHILE THAT'S GOOD, GROSS MARGIN
GUIDANCE FOR THE WHOLE YEAR IS

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GUIDANCE FOR THE WHOLE YEAR IS

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GUIDANCE FOR THE WHOLE YEAR IS
WELL

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GUIDANCE FOR THE WHOLE YEAR IS
WELL BELOW

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GUIDANCE FOR THE WHOLE YEAR IS
WELL BELOW ESTIMATES,

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GUIDANCE FOR THE WHOLE YEAR IS
WELL BELOW ESTIMATES, SO

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GUIDANCE FOR THE WHOLE YEAR IS
WELL BELOW ESTIMATES, SO THAT