WEBVTT	#Elemental Media Engine(TM) 2.17.0.0

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>>>

00:00:08.875 --> 00:00:10.643
>>> SHARES

00:00:10.643 --> 00:00:10.910
>>> SHARES OF

00:00:10.910 --> 00:00:11.978
>>> SHARES OF PELOTON

00:00:11.978 --> 00:00:12.579
>>> SHARES OF PELOTON ARE

00:00:12.579 --> 00:00:12.912
>>> SHARES OF PELOTON ARE
SHRINKING

00:00:12.912 --> 00:00:14.347
>>> SHARES OF PELOTON ARE
SHRINKING AFTER

00:00:14.347 --> 00:00:14.381
>>> SHARES OF PELOTON ARE
SHRINKING AFTER HOURS.

00:00:14.381 --> 00:00:14.748
SHRINKING AFTER HOURS.

00:00:14.748 --> 00:00:15.081
SHRINKING AFTER HOURS.
THEY

00:00:15.081 --> 00:00:15.348
SHRINKING AFTER HOURS.
THEY DID

00:00:15.348 --> 00:00:16.149
SHRINKING AFTER HOURS.
THEY DID MISS

00:00:16.149 --> 00:00:16.483
SHRINKING AFTER HOURS.
THEY DID MISS SOME

00:00:16.483 --> 00:00:16.516
SHRINKING AFTER HOURS.
THEY DID MISS SOME EXPECTATIONS.

00:00:16.516 --> 00:00:17.417
THEY DID MISS SOME EXPECTATIONS.

00:00:17.417 --> 00:00:17.550
THEY DID MISS SOME EXPECTATIONS.
ALSO

00:00:17.550 --> 00:00:18.018
THEY DID MISS SOME EXPECTATIONS.
ALSO CUTTING

00:00:18.018 --> 00:00:18.318
THEY DID MISS SOME EXPECTATIONS.
ALSO CUTTING THE

00:00:18.318 --> 00:00:18.618
THEY DID MISS SOME EXPECTATIONS.
ALSO CUTTING THE PRICE

00:00:18.618 --> 00:00:18.885
THEY DID MISS SOME EXPECTATIONS.
ALSO CUTTING THE PRICE OF

00:00:18.885 --> 00:00:19.052
THEY DID MISS SOME EXPECTATIONS.
ALSO CUTTING THE PRICE OF THE

00:00:19.052 --> 00:00:19.185
ALSO CUTTING THE PRICE OF THE

00:00:19.185 --> 00:00:19.486
ALSO CUTTING THE PRICE OF THE
BASIC

00:00:19.486 --> 00:00:23.390
ALSO CUTTING THE PRICE OF THE
BASIC PRICE

00:00:23.390 --> 00:00:24.824
ALSO CUTTING THE PRICE OF THE
BASIC PRICE BY

00:00:24.824 --> 00:00:24.858
ALSO CUTTING THE PRICE OF THE
BASIC PRICE BY $400.

00:00:24.858 --> 00:00:24.991
BASIC PRICE BY $400.

00:00:24.991 --> 00:00:25.125
BASIC PRICE BY $400.
NEED

00:00:25.125 --> 00:00:25.425
BASIC PRICE BY $400.
NEED MAN

00:00:25.425 --> 00:00:25.458
BASIC PRICE BY $400.
NEED

00:00:25.458 --> 00:00:25.558
NEED

00:00:25.558 --> 00:00:26.459
NEED
YOU

00:00:26.459 --> 00:00:26.659
NEED
YOU ACTUALLY

00:00:26.659 --> 00:00:26.926
NEED
YOU ACTUALLY RAISED

00:00:26.926 --> 00:00:27.327
NEED
YOU ACTUALLY RAISED YOUR

00:00:27.327 --> 00:00:27.360
NEED
YOU ACTUALLY RAISED YOUR PRICE

00:00:27.360 --> 00:00:27.527
YOU ACTUALLY RAISED YOUR PRICE

00:00:27.527 --> 00:00:27.560
YOU ACTUALLY RAISED YOUR PRICE
TARGET

00:00:27.560 --> 00:00:27.627
YOU ACTUALLY RAISED YOUR PRICE
TARGET IN

00:00:27.627 --> 00:00:27.827
YOU ACTUALLY RAISED YOUR PRICE
TARGET IN THE

00:00:27.827 --> 00:00:28.028
YOU ACTUALLY RAISED YOUR PRICE
TARGET IN THE FACE

00:00:28.028 --> 00:00:28.995
YOU ACTUALLY RAISED YOUR PRICE
TARGET IN THE FACE OF

00:00:28.995 --> 00:00:29.029
YOU ACTUALLY RAISED YOUR PRICE
TARGET IN THE FACE OF THIS

00:00:29.029 --> 00:00:29.195
TARGET IN THE FACE OF THIS

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TARGET IN THE FACE OF THIS
THAT'S

00:00:29.295 --> 00:00:29.629
TARGET IN THE FACE OF THIS
THAT'S A

00:00:29.629 --> 00:00:30.030
TARGET IN THE FACE OF THIS
THAT'S A BOLD

00:00:30.030 --> 00:00:30.163
TARGET IN THE FACE OF THIS
THAT'S A BOLD MOVE,

00:00:30.163 --> 00:00:30.830
TARGET IN THE FACE OF THIS
THAT'S A BOLD MOVE, I

00:00:30.830 --> 00:00:30.864
TARGET IN THE FACE OF THIS
THAT'S A BOLD MOVE, I GUESS.

00:00:30.864 --> 00:00:30.997
THAT'S A BOLD MOVE, I GUESS.

00:00:30.997 --> 00:00:31.031
THAT'S A BOLD MOVE, I GUESS.
WHAT

00:00:31.031 --> 00:00:32.932
THAT'S A BOLD MOVE, I GUESS.
WHAT IS

00:00:32.932 --> 00:00:33.066
THAT'S A BOLD MOVE, I GUESS.
WHAT IS YOUR

00:00:33.066 --> 00:00:33.099
THAT'S A BOLD MOVE, I GUESS.
WHAT IS YOUR TAKE?

00:00:33.099 --> 00:00:33.199
WHAT IS YOUR TAKE?

00:00:33.199 --> 00:00:33.299
WHAT IS YOUR TAKE?
>>

00:00:33.299 --> 00:00:35.368
WHAT IS YOUR TAKE?
>> DAVID,

00:00:35.368 --> 00:00:35.402
WHAT IS YOUR TAKE?
>> DAVID, THANKS

00:00:35.402 --> 00:00:36.536
>> DAVID, THANKS

00:00:36.536 --> 00:00:38.405
>> DAVID, THANKS
FOUR

00:00:38.405 --> 00:00:38.438
>> DAVID, THANKS
FOUR THINGS.

00:00:38.438 --> 00:00:38.538
FOUR THINGS.

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FOUR THINGS.
THE

00:00:38.738 --> 00:00:39.372
FOUR THINGS.
THE GUIDANCE

00:00:39.372 --> 00:00:40.607
FOUR THINGS.
THE GUIDANCE FROM

00:00:40.607 --> 00:00:41.875
FOUR THINGS.
THE GUIDANCE FROM HAS

00:00:41.875 --> 00:00:42.308
FOUR THINGS.
THE GUIDANCE FROM HAS LOWERED

00:00:42.308 --> 00:00:42.675
THE GUIDANCE FROM HAS LOWERED

00:00:42.675 --> 00:00:42.709
THE GUIDANCE FROM HAS LOWERED
EXPECTATION.

00:00:42.709 --> 00:00:43.176
EXPECTATION.

00:00:43.176 --> 00:00:44.110
EXPECTATION.
NUMBER

00:00:44.110 --> 00:00:44.310
EXPECTATION.
NUMBER TWO,

00:00:44.310 --> 00:00:44.511
EXPECTATION.
NUMBER TWO, IS

00:00:44.511 --> 00:00:45.045
EXPECTATION.
NUMBER TWO, IS THAT

00:00:45.045 --> 00:00:46.246
EXPECTATION.
NUMBER TWO, IS THAT THE

00:00:46.246 --> 00:00:46.279
EXPECTATION.
NUMBER TWO, IS THAT THE ADJUSTED

00:00:46.279 --> 00:00:46.980
NUMBER TWO, IS THAT THE ADJUSTED

00:00:46.980 --> 00:00:47.547
NUMBER TWO, IS THAT THE ADJUSTED
EBITDA

00:00:47.547 --> 00:00:47.647
NUMBER TWO, IS THAT THE ADJUSTED
EBITDA LOSS,

00:00:47.647 --> 00:00:48.782
NUMBER TWO, IS THAT THE ADJUSTED
EBITDA LOSS, WHICH

00:00:48.782 --> 00:00:48.982
NUMBER TWO, IS THAT THE ADJUSTED
EBITDA LOSS, WHICH WAS

00:00:48.982 --> 00:00:49.382
NUMBER TWO, IS THAT THE ADJUSTED
EBITDA LOSS, WHICH WAS QUITE

00:00:49.382 --> 00:00:49.416
NUMBER TWO, IS THAT THE ADJUSTED
EBITDA LOSS, WHICH WAS QUITE A

00:00:49.416 --> 00:00:49.816
EBITDA LOSS, WHICH WAS QUITE A

00:00:49.816 --> 00:00:50.417
EBITDA LOSS, WHICH WAS QUITE A
BIT

00:00:50.417 --> 00:00:50.683
EBITDA LOSS, WHICH WAS QUITE A
BIT LARGER,

00:00:50.683 --> 00:00:51.251
EBITDA LOSS, WHICH WAS QUITE A
BIT LARGER, WE

00:00:51.251 --> 00:00:51.451
EBITDA LOSS, WHICH WAS QUITE A
BIT LARGER, WE THOUGHT

00:00:51.451 --> 00:00:51.551
EBITDA LOSS, WHICH WAS QUITE A
BIT LARGER, WE THOUGHT WE

00:00:51.551 --> 00:00:51.651
EBITDA LOSS, WHICH WAS QUITE A
BIT LARGER, WE THOUGHT WE WOULD

00:00:51.651 --> 00:00:51.751
BIT LARGER, WE THOUGHT WE WOULD

00:00:51.751 --> 00:00:52.118
BIT LARGER, WE THOUGHT WE WOULD
BE

00:00:52.118 --> 00:00:53.319
BIT LARGER, WE THOUGHT WE WOULD
BE IN

00:00:53.319 --> 00:00:53.486
BIT LARGER, WE THOUGHT WE WOULD
BE IN ADJUSTED

00:00:53.486 --> 00:00:54.421
BIT LARGER, WE THOUGHT WE WOULD
BE IN ADJUSTED EBITDA

00:00:54.421 --> 00:00:54.587
BIT LARGER, WE THOUGHT WE WOULD
BE IN ADJUSTED EBITDA POSITIVE,

00:00:54.587 --> 00:00:54.821
BE IN ADJUSTED EBITDA POSITIVE,

00:00:54.821 --> 00:00:55.188
BE IN ADJUSTED EBITDA POSITIVE,
BUT

00:00:55.188 --> 00:00:56.322
BE IN ADJUSTED EBITDA POSITIVE,
BUT THEY'RE

00:00:56.322 --> 00:00:56.523
BE IN ADJUSTED EBITDA POSITIVE,
BUT THEY'RE GUIDING

00:00:56.523 --> 00:00:57.457
BE IN ADJUSTED EBITDA POSITIVE,
BUT THEY'RE GUIDING TO

00:00:57.457 --> 00:00:57.490
BE IN ADJUSTED EBITDA POSITIVE,
BUT THEY'RE GUIDING TO A

00:00:57.490 --> 00:00:58.124
BUT THEY'RE GUIDING TO A

00:00:58.124 --> 00:00:58.491
BUT THEY'RE GUIDING TO A
NEGATIVE

00:00:58.491 --> 00:00:58.691
BUT THEY'RE GUIDING TO A
NEGATIVE $325

00:00:58.691 --> 00:01:00.960
BUT THEY'RE GUIDING TO A
NEGATIVE $325 MILLION

00:01:00.960 --> 00:01:00.994
BUT THEY'RE GUIDING TO A
NEGATIVE $325 MILLION LOSS

00:01:00.994 --> 00:01:01.127
NEGATIVE $325 MILLION LOSS

00:01:01.127 --> 00:01:01.261
NEGATIVE $325 MILLION LOSS
THAT

00:01:01.261 --> 00:01:01.327
NEGATIVE $325 MILLION LOSS
THAT COMPARES

00:01:01.327 --> 00:01:02.595
NEGATIVE $325 MILLION LOSS
THAT COMPARES TO

00:01:02.595 --> 00:01:02.862
NEGATIVE $325 MILLION LOSS
THAT COMPARES TO A

00:01:02.862 --> 00:01:03.229
NEGATIVE $325 MILLION LOSS
THAT COMPARES TO A $470

00:01:03.229 --> 00:01:03.263
NEGATIVE $325 MILLION LOSS
THAT COMPARES TO A $470 PROFIT

00:01:03.263 --> 00:01:03.763
THAT COMPARES TO A $470 PROFIT

00:01:03.763 --> 00:01:04.330
THAT COMPARES TO A $470 PROFIT
THAT

00:01:04.330 --> 00:01:04.964
THAT COMPARES TO A $470 PROFIT
THAT CONSENSUS

00:01:04.964 --> 00:01:04.998
THAT COMPARES TO A $470 PROFIT
THAT CONSENSUS HAD

00:01:04.998 --> 00:01:05.198
THAT CONSENSUS HAD

00:01:05.198 --> 00:01:05.331
THAT CONSENSUS HAD
THE

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THAT CONSENSUS HAD
THE COMPANY

00:01:05.598 --> 00:01:05.765
THAT CONSENSUS HAD
THE COMPANY IS

00:01:05.765 --> 00:01:06.366
THAT CONSENSUS HAD
THE COMPANY IS STEPPING

00:01:06.366 --> 00:01:09.469
THAT CONSENSUS HAD
THE COMPANY IS STEPPING UP

00:01:09.469 --> 00:01:09.636
THAT CONSENSUS HAD
THE COMPANY IS STEPPING UP SOME

00:01:09.636 --> 00:01:09.836
THE COMPANY IS STEPPING UP SOME

00:01:09.836 --> 00:01:13.540
THE COMPANY IS STEPPING UP SOME
LOGISTICS

00:01:13.540 --> 00:01:13.573
THE COMPANY IS STEPPING UP SOME
LOGISTICS IN

00:01:13.573 --> 00:01:13.807
THE COMPANY IS STEPPING UP SOME
LOGISTICS IN 1

00:01:13.807 --> 00:01:13.907
THE COMPANY IS STEPPING UP SOME
LOGISTICS IN 1Q,

00:01:13.907 --> 00:01:14.374
THE COMPANY IS STEPPING UP SOME
LOGISTICS IN 1Q, BUT

00:01:14.374 --> 00:01:14.908
THE COMPANY IS STEPPING UP SOME
LOGISTICS IN 1Q, BUT I

00:01:14.908 --> 00:01:15.308
THE COMPANY IS STEPPING UP SOME
LOGISTICS IN 1Q, BUT I WOULD

00:01:15.308 --> 00:01:15.341
THE COMPANY IS STEPPING UP SOME
LOGISTICS IN 1Q, BUT I WOULD SEE

00:01:15.341 --> 00:01:15.475
LOGISTICS IN 1Q, BUT I WOULD SEE

00:01:15.475 --> 00:01:16.176
LOGISTICS IN 1Q, BUT I WOULD SEE
THE

00:01:16.176 --> 00:01:16.443
LOGISTICS IN 1Q, BUT I WOULD SEE
THE SUBSCRIBER

00:01:16.443 --> 00:01:16.576
LOGISTICS IN 1Q, BUT I WOULD SEE
THE SUBSCRIBER GUIDE

00:01:16.576 --> 00:01:16.943
LOGISTICS IN 1Q, BUT I WOULD SEE
THE SUBSCRIBER GUIDE IS

00:01:16.943 --> 00:01:16.976
LOGISTICS IN 1Q, BUT I WOULD SEE
THE SUBSCRIBER GUIDE IS BETTER

00:01:16.976 --> 00:01:17.710
THE SUBSCRIBER GUIDE IS BETTER

00:01:17.710 --> 00:01:18.111
THE SUBSCRIBER GUIDE IS BETTER
THAN

00:01:18.111 --> 00:01:18.144
THE SUBSCRIBER GUIDE IS BETTER
THAN EXPECTED.

00:01:18.144 --> 00:01:18.244
THAN EXPECTED.

00:01:18.244 --> 00:01:18.311
THAN EXPECTED.
ONE

00:01:18.311 --> 00:01:18.378
THAN EXPECTED.
ONE OF

00:01:18.378 --> 00:01:18.478
THAN EXPECTED.
ONE OF THE

00:01:18.478 --> 00:01:18.545
THAN EXPECTED.
ONE OF THE THINGS

00:01:18.545 --> 00:01:18.812
THAN EXPECTED.
ONE OF THE THINGS WE

00:01:18.812 --> 00:01:18.845
THAN EXPECTED.
ONE OF THE THINGS WE ARE

00:01:18.845 --> 00:01:19.045
ONE OF THE THINGS WE ARE

00:01:19.045 --> 00:01:19.245
ONE OF THE THINGS WE ARE
POSITIVE

00:01:19.245 --> 00:01:19.579
ONE OF THE THINGS WE ARE
POSITIVE ON

00:01:19.579 --> 00:01:21.581
ONE OF THE THINGS WE ARE
POSITIVE ON THE

00:01:21.581 --> 00:01:21.714
ONE OF THE THINGS WE ARE
POSITIVE ON THE COMPANY

00:01:21.714 --> 00:01:21.748
ONE OF THE THINGS WE ARE
POSITIVE ON THE COMPANY IS

00:01:21.748 --> 00:01:21.915
POSITIVE ON THE COMPANY IS

00:01:21.915 --> 00:01:21.981
POSITIVE ON THE COMPANY IS
BECAUSE

00:01:21.981 --> 00:01:22.048
POSITIVE ON THE COMPANY IS
BECAUSE OF

00:01:22.048 --> 00:01:22.348
POSITIVE ON THE COMPANY IS
BECAUSE OF THE

00:01:22.348 --> 00:01:23.183
POSITIVE ON THE COMPANY IS
BECAUSE OF THE LARGE

00:01:23.183 --> 00:01:23.550
POSITIVE ON THE COMPANY IS
BECAUSE OF THE LARGE OFFAL

00:01:23.550 --> 00:01:23.583
POSITIVE ON THE COMPANY IS
BECAUSE OF THE LARGE OFFAL VALUE

00:01:23.583 --> 00:01:23.716
BECAUSE OF THE LARGE OFFAL VALUE

00:01:23.716 --> 00:01:24.651
BECAUSE OF THE LARGE OFFAL VALUE
TREAD

00:01:24.651 --> 00:01:25.318
BECAUSE OF THE LARGE OFFAL VALUE
TREAD THAT'S

00:01:25.318 --> 00:01:26.186
BECAUSE OF THE LARGE OFFAL VALUE
TREAD THAT'S COMING

00:01:26.186 --> 00:01:26.219
BECAUSE OF THE LARGE OFFAL VALUE
TREAD THAT'S COMING OUT.

00:01:26.219 --> 00:01:26.419
TREAD THAT'S COMING OUT.

00:01:26.419 --> 00:01:26.586
TREAD THAT'S COMING OUT.
AND

00:01:26.586 --> 00:01:27.020
TREAD THAT'S COMING OUT.
AND I

00:01:27.020 --> 00:01:27.120
TREAD THAT'S COMING OUT.
AND I THINK

00:01:27.120 --> 00:01:27.821
TREAD THAT'S COMING OUT.
AND I THINK THIS

00:01:27.821 --> 00:01:28.221
TREAD THAT'S COMING OUT.
AND I THINK THIS IS

00:01:28.221 --> 00:01:28.655
TREAD THAT'S COMING OUT.
AND I THINK THIS IS WHERE

00:01:28.655 --> 00:01:28.822
TREAD THAT'S COMING OUT.
AND I THINK THIS IS WHERE THE

00:01:28.822 --> 00:01:28.988
AND I THINK THIS IS WHERE THE

00:01:28.988 --> 00:01:29.055
AND I THINK THIS IS WHERE THE
DEBATE

00:01:29.055 --> 00:01:29.889
AND I THINK THIS IS WHERE THE
DEBATE WILL

00:01:29.889 --> 00:01:30.323
AND I THINK THIS IS WHERE THE
DEBATE WILL BE,

00:01:30.323 --> 00:01:30.490
AND I THINK THIS IS WHERE THE
DEBATE WILL BE, IS

00:01:30.490 --> 00:01:31.524
AND I THINK THIS IS WHERE THE
DEBATE WILL BE, IS THE

00:01:31.524 --> 00:01:31.558
AND I THINK THIS IS WHERE THE
DEBATE WILL BE, IS THE PRICE

00:01:31.558 --> 00:01:31.825
DEBATE WILL BE, IS THE PRICE

00:01:31.825 --> 00:01:31.858
DEBATE WILL BE, IS THE PRICE
CUT.

00:01:31.858 --> 00:01:32.058
CUT.

00:01:32.058 --> 00:01:32.292
CUT.
THE

00:01:32.292 --> 00:01:32.425
CUT.
THE REASON

00:01:32.425 --> 00:01:33.093
CUT.
THE REASON IS

00:01:33.093 --> 00:01:33.326
CUT.
THE REASON IS ANOTHER

00:01:33.326 --> 00:01:33.860
CUT.
THE REASON IS ANOTHER FOCUS

00:01:33.860 --> 00:01:33.893
CUT.
THE REASON IS ANOTHER FOCUS ON

00:01:33.893 --> 00:01:34.127
THE REASON IS ANOTHER FOCUS ON

00:01:34.127 --> 00:01:34.194
THE REASON IS ANOTHER FOCUS ON
AFFORDABLE

00:01:34.194 --> 00:01:34.861
THE REASON IS ANOTHER FOCUS ON
AFFORDABLE FOR

00:01:34.861 --> 00:01:35.395
THE REASON IS ANOTHER FOCUS ON
AFFORDABLE FOR THE

00:01:35.395 --> 00:01:35.428
THE REASON IS ANOTHER FOCUS ON
AFFORDABLE FOR THE COMPANY

00:01:35.428 --> 00:01:35.762
AFFORDABLE FOR THE COMPANY

00:01:35.762 --> 00:01:35.995
AFFORDABLE FOR THE COMPANY
WE

00:01:35.995 --> 00:01:36.696
AFFORDABLE FOR THE COMPANY
WE THINK

00:01:36.696 --> 00:01:36.863
AFFORDABLE FOR THE COMPANY
WE THINK THEY'RE

00:01:36.863 --> 00:01:37.363
AFFORDABLE FOR THE COMPANY
WE THINK THEY'RE LOWERING

00:01:37.363 --> 00:01:37.864
AFFORDABLE FOR THE COMPANY
WE THINK THEY'RE LOWERING THE

00:01:37.864 --> 00:01:38.064
WE THINK THEY'RE LOWERING THE

00:01:38.064 --> 00:01:38.164
WE THINK THEY'RE LOWERING THE
COSTS,

00:01:38.164 --> 00:01:39.766
WE THINK THEY'RE LOWERING THE
COSTS, WHICH

00:01:39.766 --> 00:01:40.266
WE THINK THEY'RE LOWERING THE
COSTS, WHICH IS

00:01:40.266 --> 00:01:40.500
WE THINK THEY'RE LOWERING THE
COSTS, WHICH IS ALLOWING

00:01:40.500 --> 00:01:41.534
WE THINK THEY'RE LOWERING THE
COSTS, WHICH IS ALLOWING THEM

00:01:41.534 --> 00:01:41.568
WE THINK THEY'RE LOWERING THE
COSTS, WHICH IS ALLOWING THEM TO

00:01:41.568 --> 00:01:41.668
COSTS, WHICH IS ALLOWING THEM TO

00:01:41.668 --> 00:01:42.168
COSTS, WHICH IS ALLOWING THEM TO
VET

00:01:42.168 --> 00:01:43.169
COSTS, WHICH IS ALLOWING THEM TO
VET IN

00:01:43.169 --> 00:01:43.203
COSTS, WHICH IS ALLOWING THEM TO
VET IN AFFORDABLE.

00:01:43.203 --> 00:01:43.303
VET IN AFFORDABLE.

00:01:43.303 --> 00:01:43.670
VET IN AFFORDABLE.
I

00:01:43.670 --> 00:01:43.903
VET IN AFFORDABLE.
I THINK

00:01:43.903 --> 00:01:44.170
VET IN AFFORDABLE.
I THINK THE

00:01:44.170 --> 00:01:44.971
VET IN AFFORDABLE.
I THINK THE BEARING

00:01:44.971 --> 00:01:45.438
VET IN AFFORDABLE.
I THINK THE BEARING ARE

00:01:45.438 --> 00:01:45.472
VET IN AFFORDABLE.
I THINK THE BEARING ARE SAYING

00:01:45.472 --> 00:01:47.006
I THINK THE BEARING ARE SAYING

00:01:47.006 --> 00:01:47.307
I THINK THE BEARING ARE SAYING
IF

00:01:47.307 --> 00:01:47.407
I THINK THE BEARING ARE SAYING
IF THERE'S

00:01:47.407 --> 00:01:48.575
I THINK THE BEARING ARE SAYING
IF THERE'S --

00:01:48.575 --> 00:01:48.842
I THINK THE BEARING ARE SAYING
IF THERE'S -- THEY'RE

00:01:48.842 --> 00:01:49.008
I THINK THE BEARING ARE SAYING
IF THERE'S -- THEY'RE MISSING

00:01:49.008 --> 00:01:49.175
IF THERE'S -- THEY'RE MISSING

00:01:49.175 --> 00:01:49.409
IF THERE'S -- THEY'RE MISSING
THE

00:01:49.409 --> 00:01:49.476
IF THERE'S -- THEY'RE MISSING
THE POINTS

00:01:49.476 --> 00:01:49.676
IF THERE'S -- THEY'RE MISSING
THE POINTS THEY

00:01:49.676 --> 00:01:50.543
IF THERE'S -- THEY'RE MISSING
THE POINTS THEY HAVE

00:01:50.543 --> 00:01:50.877
IF THERE'S -- THEY'RE MISSING
THE POINTS THEY HAVE A

00:01:50.877 --> 00:01:51.044
IF THERE'S -- THEY'RE MISSING
THE POINTS THEY HAVE A REALLY

00:01:51.044 --> 00:01:51.144
THE POINTS THEY HAVE A REALLY

00:01:51.144 --> 00:01:51.811
THE POINTS THEY HAVE A REALLY
LOW

00:01:51.811 --> 00:01:52.545
THE POINTS THEY HAVE A REALLY
LOW CHURN,

00:01:52.545 --> 00:01:53.379
THE POINTS THEY HAVE A REALLY
LOW CHURN, AND

00:01:53.379 --> 00:01:53.880
THE POINTS THEY HAVE A REALLY
LOW CHURN, AND LOWER

00:01:53.880 --> 00:01:54.047
THE POINTS THEY HAVE A REALLY
LOW CHURN, AND LOWER PRICES

00:01:54.047 --> 00:01:54.247
LOW CHURN, AND LOWER PRICES

00:01:54.247 --> 00:01:54.447
LOW CHURN, AND LOWER PRICES
MEANS

00:01:54.447 --> 00:01:54.714
LOW CHURN, AND LOWER PRICES
MEANS NOR

00:01:54.714 --> 00:01:55.315
LOW CHURN, AND LOWER PRICES
MEANS NOR CUSTOMERS

00:01:55.315 --> 00:01:55.915
LOW CHURN, AND LOWER PRICES
MEANS NOR CUSTOMERS ON

00:01:55.915 --> 00:01:55.949
LOW CHURN, AND LOWER PRICES
MEANS NOR CUSTOMERS ON THE

00:01:55.949 --> 00:01:56.182
MEANS NOR CUSTOMERS ON THE

00:01:56.182 --> 00:01:56.449
MEANS NOR CUSTOMERS ON THE
PLATFORM

00:01:56.449 --> 00:01:57.117
MEANS NOR CUSTOMERS ON THE
PLATFORM LONG

00:01:57.117 --> 00:01:57.150
MEANS NOR CUSTOMERS ON THE
PLATFORM LONG TERM

00:01:57.150 --> 00:01:57.250
PLATFORM LONG TERM

00:01:57.250 --> 00:01:57.450
PLATFORM LONG TERM
YOU

00:01:57.450 --> 00:01:57.684
PLATFORM LONG TERM
YOU ALSO

00:01:57.684 --> 00:01:57.884
PLATFORM LONG TERM
YOU ALSO GAVE

00:01:57.884 --> 00:01:58.151
PLATFORM LONG TERM
YOU ALSO GAVE US

00:01:58.151 --> 00:01:58.384
PLATFORM LONG TERM
YOU ALSO GAVE US A

00:01:58.384 --> 00:01:58.651
PLATFORM LONG TERM
YOU ALSO GAVE US A SENSE

00:01:58.651 --> 00:01:59.352
PLATFORM LONG TERM
YOU ALSO GAVE US A SENSE ON

00:01:59.352 --> 00:01:59.385
PLATFORM LONG TERM
YOU ALSO GAVE US A SENSE ON WHAT

00:01:59.385 --> 00:01:59.586
YOU ALSO GAVE US A SENSE ON WHAT

00:01:59.586 --> 00:01:59.752
YOU ALSO GAVE US A SENSE ON WHAT
YOU

00:01:59.752 --> 00:02:00.553
YOU ALSO GAVE US A SENSE ON WHAT
YOU AND

00:02:00.553 --> 00:02:00.854
YOU ALSO GAVE US A SENSE ON WHAT
YOU AND OTHER

00:02:00.854 --> 00:02:00.987
YOU ALSO GAVE US A SENSE ON WHAT
YOU AND OTHER ANALYSTS

00:02:00.987 --> 00:02:01.554
YOU ALSO GAVE US A SENSE ON WHAT
YOU AND OTHER ANALYSTS MAY

00:02:01.554 --> 00:02:01.721
YOU ALSO GAVE US A SENSE ON WHAT
YOU AND OTHER ANALYSTS MAY BE

00:02:01.721 --> 00:02:01.888
YOU AND OTHER ANALYSTS MAY BE

00:02:01.888 --> 00:02:02.589
YOU AND OTHER ANALYSTS MAY BE
FOCUSED

00:02:02.589 --> 00:02:02.622
YOU AND OTHER ANALYSTS MAY BE
FOCUSED ON

00:02:02.622 --> 00:02:02.722
FOCUSED ON

00:02:02.722 --> 00:02:02.755
FOCUSED ON
DO

00:02:02.755 --> 00:02:02.856
FOCUSED ON
DO WE

00:02:02.856 --> 00:02:03.623
FOCUSED ON
DO WE HAVE

00:02:03.623 --> 00:02:03.923
FOCUSED ON
DO WE HAVE ANY

00:02:03.923 --> 00:02:04.190
FOCUSED ON
DO WE HAVE ANY SENSE

00:02:04.190 --> 00:02:04.491
FOCUSED ON
DO WE HAVE ANY SENSE OF

00:02:04.491 --> 00:02:04.624
FOCUSED ON
DO WE HAVE ANY SENSE OF WHAT

00:02:04.624 --> 00:02:04.657
FOCUSED ON
DO WE HAVE ANY SENSE OF WHAT MAY

00:02:04.657 --> 00:02:04.791
DO WE HAVE ANY SENSE OF WHAT MAY

00:02:04.791 --> 00:02:04.858
DO WE HAVE ANY SENSE OF WHAT MAY
HAVE

00:02:04.858 --> 00:02:05.325
DO WE HAVE ANY SENSE OF WHAT MAY
HAVE BEEN

00:02:05.325 --> 00:02:05.658
DO WE HAVE ANY SENSE OF WHAT MAY
HAVE BEEN BEHIND

00:02:05.658 --> 00:02:05.892
DO WE HAVE ANY SENSE OF WHAT MAY
HAVE BEEN BEHIND IT,

00:02:05.892 --> 00:02:06.192
DO WE HAVE ANY SENSE OF WHAT MAY
HAVE BEEN BEHIND IT, OR

00:02:06.192 --> 00:02:06.459
DO WE HAVE ANY SENSE OF WHAT MAY
HAVE BEEN BEHIND IT, OR ARE

00:02:06.459 --> 00:02:06.493
DO WE HAVE ANY SENSE OF WHAT MAY
HAVE BEEN BEHIND IT, OR ARE WE

00:02:06.493 --> 00:02:06.626
HAVE BEEN BEHIND IT, OR ARE WE

00:02:06.626 --> 00:02:06.793
HAVE BEEN BEHIND IT, OR ARE WE
JUST

00:02:06.793 --> 00:02:06.826
HAVE BEEN BEHIND IT, OR ARE WE
JUST GOING

00:02:06.826 --> 00:02:06.926
HAVE BEEN BEHIND IT, OR ARE WE
JUST GOING TO

00:02:06.926 --> 00:02:07.093
HAVE BEEN BEHIND IT, OR ARE WE
JUST GOING TO HAVE

00:02:07.093 --> 00:02:07.694
HAVE BEEN BEHIND IT, OR ARE WE
JUST GOING TO HAVE TO

00:02:07.694 --> 00:02:07.727
HAVE BEEN BEHIND IT, OR ARE WE
JUST GOING TO HAVE TO WAIT

00:02:07.727 --> 00:02:08.428
JUST GOING TO HAVE TO WAIT

00:02:08.428 --> 00:02:08.928
JUST GOING TO HAVE TO WAIT
>>

00:02:08.928 --> 00:02:09.629
JUST GOING TO HAVE TO WAIT
>> YEAH,

00:02:09.629 --> 00:02:09.896
JUST GOING TO HAVE TO WAIT
>> YEAH, THEY

00:02:09.896 --> 00:02:10.597
JUST GOING TO HAVE TO WAIT
>> YEAH, THEY CALLED

00:02:10.597 --> 00:02:10.997
JUST GOING TO HAVE TO WAIT
>> YEAH, THEY CALLED IT

00:02:10.997 --> 00:02:11.030
JUST GOING TO HAVE TO WAIT
>> YEAH, THEY CALLED IT INCREASE

00:02:11.030 --> 00:02:11.164
>> YEAH, THEY CALLED IT INCREASE

00:02:11.164 --> 00:02:11.464
>> YEAH, THEY CALLED IT INCREASE
COST

00:02:11.464 --> 00:02:11.664
>> YEAH, THEY CALLED IT INCREASE
COST I

00:02:11.664 --> 00:02:12.031
>> YEAH, THEY CALLED IT INCREASE
COST I BELIEVE

00:02:12.031 --> 00:02:12.265
>> YEAH, THEY CALLED IT INCREASE
COST I BELIEVE IT'S

00:02:12.265 --> 00:02:12.499
>> YEAH, THEY CALLED IT INCREASE
COST I BELIEVE IT'S JUST

00:02:12.499 --> 00:02:12.966
>> YEAH, THEY CALLED IT INCREASE
COST I BELIEVE IT'S JUST SHY

00:02:12.966 --> 00:02:13.133
>> YEAH, THEY CALLED IT INCREASE
COST I BELIEVE IT'S JUST SHY OF

00:02:13.133 --> 00:02:13.867
COST I BELIEVE IT'S JUST SHY OF

00:02:13.867 --> 00:02:14.367
COST I BELIEVE IT'S JUST SHY OF
AN

00:02:14.367 --> 00:02:14.801
COST I BELIEVE IT'S JUST SHY OF
AN EYE

00:02:14.801 --> 00:02:15.702
COST I BELIEVE IT'S JUST SHY OF
AN EYE BET

00:02:15.702 --> 00:02:15.969
COST I BELIEVE IT'S JUST SHY OF
AN EYE BET TODAY

00:02:15.969 --> 00:02:16.202
COST I BELIEVE IT'S JUST SHY OF
AN EYE BET TODAY LOSS

00:02:16.202 --> 00:02:18.838
COST I BELIEVE IT'S JUST SHY OF
AN EYE BET TODAY LOSS FOR

00:02:18.838 --> 00:02:18.872
COST I BELIEVE IT'S JUST SHY OF
AN EYE BET TODAY LOSS FOR 1Q

00:02:18.872 --> 00:02:18.972
AN EYE BET TODAY LOSS FOR 1Q

00:02:18.972 --> 00:02:19.105
AN EYE BET TODAY LOSS FOR 1Q
THE

00:02:19.105 --> 00:02:19.873
AN EYE BET TODAY LOSS FOR 1Q
THE ANOTHER

00:02:19.873 --> 00:02:20.039
AN EYE BET TODAY LOSS FOR 1Q
THE ANOTHER FOCUS

00:02:20.039 --> 00:02:20.440
AN EYE BET TODAY LOSS FOR 1Q
THE ANOTHER FOCUS IS

00:02:20.440 --> 00:02:20.573
AN EYE BET TODAY LOSS FOR 1Q
THE ANOTHER FOCUS IS WHAT

00:02:20.573 --> 00:02:20.673
AN EYE BET TODAY LOSS FOR 1Q
THE ANOTHER FOCUS IS WHAT THEY

00:02:20.673 --> 00:02:20.940
THE ANOTHER FOCUS IS WHAT THEY

00:02:20.940 --> 00:02:21.341
THE ANOTHER FOCUS IS WHAT THEY
WERE

00:02:21.341 --> 00:02:21.474
THE ANOTHER FOCUS IS WHAT THEY
WERE --

00:02:21.474 --> 00:02:22.142
THE ANOTHER FOCUS IS WHAT THEY
WERE -- WE

00:02:22.142 --> 00:02:22.308
THE ANOTHER FOCUS IS WHAT THEY
WERE -- WE WEREN'T

00:02:22.308 --> 00:02:22.842
THE ANOTHER FOCUS IS WHAT THEY
WERE -- WE WEREN'T EXPECTING

00:02:22.842 --> 00:02:22.876
THE ANOTHER FOCUS IS WHAT THEY
WERE -- WE WEREN'T EXPECTING THE

00:02:22.876 --> 00:02:23.009
WERE -- WE WEREN'T EXPECTING THE

00:02:23.009 --> 00:02:23.109
WERE -- WE WEREN'T EXPECTING THE
PRICE

00:02:23.109 --> 00:02:23.176
WERE -- WE WEREN'T EXPECTING THE
PRICE CUT

00:02:23.176 --> 00:02:23.409
WERE -- WE WEREN'T EXPECTING THE
PRICE CUT FOR

00:02:23.409 --> 00:02:23.877
WERE -- WE WEREN'T EXPECTING THE
PRICE CUT FOR THE

00:02:23.877 --> 00:02:24.210
WERE -- WE WEREN'T EXPECTING THE
PRICE CUT FOR THE BIKE,

00:02:24.210 --> 00:02:24.244
WERE -- WE WEREN'T EXPECTING THE
PRICE CUT FOR THE BIKE, SO

00:02:24.244 --> 00:02:24.377
WERE -- WE WEREN'T EXPECTING THE
PRICE CUT FOR THE BIKE, SO WE

00:02:24.377 --> 00:02:24.544
PRICE CUT FOR THE BIKE, SO WE

00:02:24.544 --> 00:02:24.844
PRICE CUT FOR THE BIKE, SO WE
HAVE

00:02:24.844 --> 00:02:25.211
PRICE CUT FOR THE BIKE, SO WE
HAVE BIKES

00:02:25.211 --> 00:02:25.411
PRICE CUT FOR THE BIKE, SO WE
HAVE BIKES BEING

00:02:25.411 --> 00:02:25.945
PRICE CUT FOR THE BIKE, SO WE
HAVE BIKES BEING DOWN

00:02:25.945 --> 00:02:26.312
PRICE CUT FOR THE BIKE, SO WE
HAVE BIKES BEING DOWN 10%

00:02:26.312 --> 00:02:26.346
PRICE CUT FOR THE BIKE, SO WE
HAVE BIKES BEING DOWN 10% YEAR

00:02:26.346 --> 00:02:26.479
HAVE BIKES BEING DOWN 10% YEAR

00:02:26.479 --> 00:02:26.646
HAVE BIKES BEING DOWN 10% YEAR
OVER

00:02:26.646 --> 00:02:27.046
HAVE BIKES BEING DOWN 10% YEAR
OVER YEAR

00:02:27.046 --> 00:02:27.347
HAVE BIKES BEING DOWN 10% YEAR
OVER YEAR IN

00:02:27.347 --> 00:02:28.648
HAVE BIKES BEING DOWN 10% YEAR
OVER YEAR IN FISCAL

00:02:28.648 --> 00:02:29.716
HAVE BIKES BEING DOWN 10% YEAR
OVER YEAR IN FISCAL 22,

00:02:29.716 --> 00:02:30.183
HAVE BIKES BEING DOWN 10% YEAR
OVER YEAR IN FISCAL 22, AND

00:02:30.183 --> 00:02:30.216
HAVE BIKES BEING DOWN 10% YEAR
OVER YEAR IN FISCAL 22, AND THEN

00:02:30.216 --> 00:02:30.416
OVER YEAR IN FISCAL 22, AND THEN

00:02:30.416 --> 00:02:33.386
OVER YEAR IN FISCAL 22, AND THEN
SELLING

00:02:33.386 --> 00:02:33.853
OVER YEAR IN FISCAL 22, AND THEN
SELLING ALMOST

00:02:33.853 --> 00:02:33.887
OVER YEAR IN FISCAL 22, AND THEN
SELLING ALMOST 600,000

00:02:33.887 --> 00:02:34.354
SELLING ALMOST 600,000

00:02:34.354 --> 00:02:34.420
SELLING ALMOST 600,000
TREADMILLS