WEBVTT #Elemental Media Engine(TM) 2.17.0.0 00:00:03.003 --> 00:00:03.269 WE 00:00:03.269 --> 00:00:04.237 WE WAS 00:00:04.237 --> 00:00:05.005 WE WAS HERE 00:00:05.005 --> 00:00:05.372 WE WAS HERE LAST 00:00:05.372 --> 00:00:05.505 WE WAS HERE LAST WEEK. 00:00:05.505 --> 00:00:05.572 WE WAS HERE LAST WEEK. IT 00:00:05.572 --> 00:00:08.575 WE WAS HERE LAST WEEK. IT WAS 00:00:08.575 --> 00:00:09.542 WE WAS HERE LAST WEEK. IT WAS AN 00:00:09.542 --> 00:00:10.810 WE WAS HERE LAST WEEK. IT WAS AN INCISIVE 00:00:10.810 --> 00:00:10.844 WE WAS HERE LAST WEEK. IT WAS AN INCISIVE BULL/BEAR 00:00:10.844 --> 00:00:11.378 IT WAS AN INCISIVE BULL/BEAR 00:00:11.378 --> 00:00:11.811 IT WAS AN INCISIVE BULL/BEAR DEBATE 00:00:11.811 --> 00:00:12.479 IT WAS AN INCISIVE BULL/BEAR DEBATE LAST 00:00:12.479 --> 00:00:12.512 IT WAS AN INCISIVE BULL/BEAR DEBATE LAST WEEK 00:00:12.512 --> 00:00:12.912 DEBATE LAST WEEK 00:00:12.912 --> 00:00:13.880 DEBATE LAST WEEK WHAT 00:00:13.880 --> 00:00:14.047 DEBATE LAST WEEK WHAT IS 00:00:14.047 --> 00:00:14.180 DEBATE LAST WEEK WHAT IS GOING 00:00:14.180 --> 00:00:14.514 DEBATE LAST WEEK WHAT IS GOING ON 00:00:14.514 --> 00:00:15.448 DEBATE LAST WEEK WHAT IS GOING ON AT 00:00:15.448 --> 00:00:15.482 DEBATE LAST WEEK WHAT IS GOING ON AT PELOTON? 00:00:15.482 --> 00:00:16.416 WHAT IS GOING ON AT PELOTON? 00:00:16.416 --> 00:00:16.683 WHAT IS GOING ON AT PELOTON? AND 00:00:16.683 --> 00:00:16.750 WHAT IS GOING ON AT PELOTON? AND WHY 00:00:16.750 --> 00:00:16.816 WHAT IS GOING ON AT PELOTON? AND WHY DO 00:00:16.816 --> 00:00:16.950 WHAT IS GOING ON AT PELOTON? AND WHY DO YOU 00:00:16.950 --> 00:00:16.983 WHAT IS GOING ON AT PELOTON? AND WHY DO YOU THINK 00:00:16.983 --> 00:00:17.317 WHAT IS GOING ON AT PELOTON? AND WHY DO YOU THINK IT 00:00:17.317 --> 00:00:17.884 WHAT IS GOING ON AT PELOTON? AND WHY DO YOU THINK IT IS 00:00:17.884 --> 00:00:18.051 WHAT IS GOING ON AT PELOTON? AND WHY DO YOU THINK IT IS SORT 00:00:18.051 --> 00:00:19.252 AND WHY DO YOU THINK IT IS SORT 00:00:19.252 --> 00:00:19.552 AND WHY DO YOU THINK IT IS SORT THE 00:00:19.552 --> 00:00:19.953 AND WHY DO YOU THINK IT IS SORT THE BLACKBERRY 00:00:19.953 --> 00:00:20.353 AND WHY DO YOU THINK IT IS SORT THE BLACKBERRY OF 00:00:20.353 --> 00:00:20.954 AND WHY DO YOU THINK IT IS SORT THE BLACKBERRY OF CONNECTED 00:00:20.954 --> 00:00:21.154 THE BLACKBERRY OF CONNECTED 00:00:21.154 --> 00:00:21.187 THE BLACKBERRY OF CONNECTED FITNESS. 00:00:21.187 --> 00:00:21.287 FITNESS. 00:00:21.287 --> 00:00:21.321 FITNESS. >> 00:00:21.321 --> 00:00:21.421 FITNESS. >> I 00:00:21.421 --> 00:00:21.855 FITNESS. >> I THINK 00:00:21.855 --> 00:00:22.489 FITNESS. >> I THINK THAT 00:00:22.489 --> 00:00:22.522 FITNESS. >> I THINK THAT WHAT'S 00:00:22.522 --> 00:00:22.789 >> I THINK THAT WHAT'S 00:00:22.789 --> 00:00:22.922 >> I THINK THAT WHAT'S IMPORTANT, 00:00:22.922 --> 00:00:22.989 >> I THINK THAT WHAT'S IMPORTANT, PELOTON, 00:00:22.989 --> 00:00:23.590 >> I THINK THAT WHAT'S IMPORTANT, PELOTON, THE 00:00:23.590 --> 00:00:23.623 >> I THINK THAT WHAT'S IMPORTANT, PELOTON, THE PRODUCT, 00:00:23.623 --> 00:00:23.723 IMPORTANT, PELOTON, THE PRODUCT, 00:00:23.723 --> 00:00:24.024 IMPORTANT, PELOTON, THE PRODUCT, THE 00:00:24.024 --> 00:00:24.557 IMPORTANT, PELOTON, THE PRODUCT, THE COMMUNITY, 00:00:24.557 --> 00:00:25.525 IMPORTANT, PELOTON, THE PRODUCT, THE COMMUNITY, HASN'T 00:00:25.525 --> 00:00:25.558 IMPORTANT, PELOTON, THE PRODUCT, THE COMMUNITY, HASN'T CHANGED, 00:00:25.558 --> 00:00:25.859 THE COMMUNITY, HASN'T CHANGED, 00:00:25.859 --> 00:00:25.892 THE COMMUNITY, HASN'T CHANGED, RIGHT? 00:00:25.892 --> 00:00:25.992 RIGHT? 00:00:25.992 --> 00:00:26.092 RIGHT? THE 00:00:26.092 --> 00:00:26.593 RIGHT? THE VALUE 00:00:26.593 --> 00:00:26.893 RIGHT? THE VALUE THEY 00:00:26.893 --> 00:00:27.494 RIGHT? THE VALUE THEY OFFER 00:00:27.494 --> 00:00:27.627 RIGHT? THE VALUE THEY OFFER IS 00:00:27.627 --> 00:00:27.794 RIGHT? THE VALUE THEY OFFER IS STILL 00:00:27.794 --> 00:00:27.927 THE VALUE THEY OFFER IS STILL 00:00:27.927 --> 00:00:27.994 THE VALUE THEY OFFER IS STILL VERY 00:00:27.994 --> 00:00:28.828 THE VALUE THEY OFFER IS STILL VERY MUCH 00:00:28.828 --> 00:00:28.862 THE VALUE THEY OFFER IS STILL VERY MUCH THERE. 00:00:28.862 --> 00:00:28.995 VERY MUCH THERE. 00:00:28.995 --> 00:00:29.229 VERY MUCH THERE. WE 00:00:29.229 --> 00:00:29.496 VERY MUCH THERE. WE BETH 00:00:29.496 --> 00:00:29.529 VERY MUCH THERE. WE BETH KNOW 00:00:29.529 --> 00:00:29.729 VERY MUCH THERE. WE BETH KNOW I 00:00:29.729 --> 00:00:29.829 VERY MUCH THERE. WE BETH KNOW I AM 00:00:29.829 --> 00:00:29.896 VERY MUCH THERE. WE BETH KNOW I AM USER 00:00:29.896 --> 00:00:30.096 VERY MUCH THERE. WE BETH KNOW I AM USER AND 00:00:30.096 --> 00:00:30.563 VERY MUCH THERE. WE BETH KNOW I AM USER AND LIKE 00:00:30.563 --> 00:00:31.231 WE BETH KNOW I AM USER AND LIKE 00:00:31.231 --> 00:00:31.264 WE BETH KNOW I AM USER AND LIKE THAT 00:00:31.264 --> 00:00:31.331 THAT 00:00:31.331 --> 00:00:31.631 THAT I 00:00:31.631 --> 00:00:31.998 THAT I THINK 00:00:31.998 --> 00:00:32.465 THAT I THINK THE 00:00:32.465 --> 00:00:32.532 THAT I THINK THE PROBLEM 00:00:32.532 --> 00:00:32.766 THAT I THINK THE PROBLEM IS 00:00:32.766 --> 00:00:32.999 THAT I THINK THE PROBLEM IS THAT 00:00:32.999 --> 00:00:33.033 THAT I THINK THE PROBLEM IS THAT WHAT 00:00:33.033 --> 00:00:33.566 I THINK THE PROBLEM IS THAT WHAT 00:00:33.566 --> 00:00:34.134 I THINK THE PROBLEM IS THAT WHAT ALSO 00:00:34.134 --> 00:00:34.567 I THINK THE PROBLEM IS THAT WHAT ALSO HASN'T 00:00:34.567 --> 00:00:34.634 I THINK THE PROBLEM IS THAT WHAT ALSO HASN'T CHANGED 00:00:34.634 --> 00:00:34.701 I THINK THE PROBLEM IS THAT WHAT ALSO HASN'T CHANGED IS 00:00:34.701 --> 00:00:35.001 I THINK THE PROBLEM IS THAT WHAT ALSO HASN'T CHANGED IS THE 00:00:35.001 --> 00:00:35.168 I THINK THE PROBLEM IS THAT WHAT ALSO HASN'T CHANGED IS THE FACT 00:00:35.168 --> 00:00:35.402 ALSO HASN'T CHANGED IS THE FACT 00:00:35.402 --> 00:00:35.468 ALSO HASN'T CHANGED IS THE FACT THAT 00:00:35.468 --> 00:00:35.535 ALSO HASN'T CHANGED IS THE FACT THAT THIS 00:00:35.535 --> 00:00:35.869 ALSO HASN'T CHANGED IS THE FACT THAT THIS WAS 00:00:35.869 --> 00:00:36.136 ALSO HASN'T CHANGED IS THE FACT THAT THIS WAS A 00:00:36.136 --> 00:00:36.202 ALSO HASN'T CHANGED IS THE FACT THAT THIS WAS A FULL 00:00:36.202 --> 00:00:36.836 ALSO HASN'T CHANGED IS THE FACT THAT THIS WAS A FULL FOR 00:00:36.836 --> 00:00:37.203 ALSO HASN'T CHANGED IS THE FACT THAT THIS WAS A FULL FOR THE 00:00:37.203 --> 00:00:37.370 ALSO HASN'T CHANGED IS THE FACT THAT THIS WAS A FULL FOR THE OF 00:00:37.370 --> 00:00:37.971 THAT THIS WAS A FULL FOR THE OF 00:00:37.971 --> 00:00:38.038 THAT THIS WAS A FULL FOR THE OF DEMAND 00:00:38.038 --> 00:00:38.204 THAT THIS WAS A FULL FOR THE OF DEMAND THAT 00:00:38.204 --> 00:00:38.605 THAT THIS WAS A FULL FOR THE OF DEMAND THAT WAS 00:00:38.605 --> 00:00:38.772 THAT THIS WAS A FULL FOR THE OF DEMAND THAT WAS INTERPRETED 00:00:38.772 --> 00:00:39.039 DEMAND THAT WAS INTERPRETED 00:00:39.039 --> 00:00:39.072 DEMAND THAT WAS INTERPRETED INTERNALLIES 00:00:39.072 --> 00:00:39.773 DEMAND THAT WAS INTERPRETED INTERNALLIES A 00:00:39.773 --> 00:00:40.006 DEMAND THAT WAS INTERPRETED INTERNALLIES A AN 00:00:40.006 --> 00:00:40.306 DEMAND THAT WAS INTERPRETED INTERNALLIES A AN EXPANSION 00:00:40.306 --> 00:00:40.340 DEMAND THAT WAS INTERPRETED INTERNALLIES A AN EXPANSION OF 00:00:40.340 --> 00:00:40.607 INTERNALLIES A AN EXPANSION OF 00:00:40.607 --> 00:00:41.007 INTERNALLIES A AN EXPANSION OF AN 00:00:41.007 --> 00:00:41.041 INTERNALLIES A AN EXPANSION OF AN AUDIENCE. 00:00:41.041 --> 00:00:41.107 AN AUDIENCE. 00:00:41.107 --> 00:00:41.207 AN AUDIENCE. I 00:00:41.207 --> 00:00:41.307 AN AUDIENCE. I THINK 00:00:41.307 --> 00:00:41.341 AN AUDIENCE. I THINK WHAT 00:00:41.341 --> 00:00:41.408 AN AUDIENCE. I THINK WHAT WE 00:00:41.408 --> 00:00:42.142 AN AUDIENCE. I THINK WHAT WE ARE 00:00:42.142 --> 00:00:42.308 AN AUDIENCE. I THINK WHAT WE ARE SEEING, 00:00:42.308 --> 00:00:42.609 I THINK WHAT WE ARE SEEING, 00:00:42.609 --> 00:00:43.743 I THINK WHAT WE ARE SEEING, BUYING 00:00:43.743 --> 00:00:44.411 I THINK WHAT WE ARE SEEING, BUYING PELOTON 00:00:44.411 --> 00:00:45.278 I THINK WHAT WE ARE SEEING, BUYING PELOTON -- 00:00:45.278 --> 00:00:45.311 I THINK WHAT WE ARE SEEING, BUYING PELOTON -- BUYING 00:00:45.311 --> 00:00:46.246 BUYING PELOTON -- BUYING 00:00:46.246 --> 00:00:47.047 BUYING PELOTON -- BUYING PRECORE, 00:00:47.047 --> 00:00:47.280 BUYING PELOTON -- BUYING PRECORE, TONIC, 00:00:47.280 --> 00:00:47.680 BUYING PELOTON -- BUYING PRECORE, TONIC, BUYING 00:00:47.680 --> 00:00:47.781 BUYING PELOTON -- BUYING PRECORE, TONIC, BUYING -- 00:00:47.781 --> 00:00:47.881 BUYING PELOTON -- BUYING PRECORE, TONIC, BUYING -- THERE 00:00:47.881 --> 00:00:49.015 PRECORE, TONIC, BUYING -- THERE 00:00:49.015 --> 00:00:49.049 PRECORE, TONIC, BUYING -- THERE WAS 00:00:49.049 --> 00:00:49.115 PRECORE, TONIC, BUYING -- THERE WAS A 00:00:49.115 --> 00:00:49.215 PRECORE, TONIC, BUYING -- THERE WAS A LOT 00:00:49.215 --> 00:00:49.582 PRECORE, TONIC, BUYING -- THERE WAS A LOT OF 00:00:49.582 --> 00:00:49.682 PRECORE, TONIC, BUYING -- THERE WAS A LOT OF INVESTMENT 00:00:49.682 --> 00:00:49.983 PRECORE, TONIC, BUYING -- THERE WAS A LOT OF INVESTMENT THAT 00:00:49.983 --> 00:00:50.016 PRECORE, TONIC, BUYING -- THERE WAS A LOT OF INVESTMENT THAT WAS 00:00:50.016 --> 00:00:50.150 WAS A LOT OF INVESTMENT THAT WAS 00:00:50.150 --> 00:00:50.383 WAS A LOT OF INVESTMENT THAT WAS SPEND 00:00:50.383 --> 00:00:50.517 WAS A LOT OF INVESTMENT THAT WAS SPEND THIS 00:00:50.517 --> 00:00:50.583 WAS A LOT OF INVESTMENT THAT WAS SPEND THIS SOLVING 00:00:50.583 --> 00:00:50.950 WAS A LOT OF INVESTMENT THAT WAS SPEND THIS SOLVING THE 00:00:50.950 --> 00:00:51.117 WAS A LOT OF INVESTMENT THAT WAS SPEND THIS SOLVING THE CAPACITY 00:00:51.117 --> 00:00:51.418 SPEND THIS SOLVING THE CAPACITY 00:00:51.418 --> 00:00:51.751 SPEND THIS SOLVING THE CAPACITY ISSUE 00:00:51.751 --> 00:00:51.851 SPEND THIS SOLVING THE CAPACITY ISSUE WHEN 00:00:51.851 --> 00:00:52.352 SPEND THIS SOLVING THE CAPACITY ISSUE WHEN THERE 00:00:52.352 --> 00:00:52.619 SPEND THIS SOLVING THE CAPACITY ISSUE WHEN THERE WAS 00:00:52.619 --> 00:00:52.886 SPEND THIS SOLVING THE CAPACITY ISSUE WHEN THERE WAS A 00:00:52.886 --> 00:00:53.253 SPEND THIS SOLVING THE CAPACITY ISSUE WHEN THERE WAS A SUPPLY 00:00:53.253 --> 00:00:53.286 SPEND THIS SOLVING THE CAPACITY ISSUE WHEN THERE WAS A SUPPLY -- 00:00:53.286 --> 00:00:53.586 ISSUE WHEN THERE WAS A SUPPLY -- 00:00:53.586 --> 00:00:53.820 ISSUE WHEN THERE WAS A SUPPLY -- DEMAND 00:00:53.820 --> 00:00:53.953 ISSUE WHEN THERE WAS A SUPPLY -- DEMAND MISMATCH 00:00:53.953 --> 00:00:53.987 ISSUE WHEN THERE WAS A SUPPLY -- DEMAND MISMATCH BACK 00:00:53.987 --> 00:00:54.487 ISSUE WHEN THERE WAS A SUPPLY -- DEMAND MISMATCH BACK IN 00:00:54.487 --> 00:00:54.788 ISSUE WHEN THERE WAS A SUPPLY -- DEMAND MISMATCH BACK IN THE 00:00:54.788 --> 00:00:54.988 DEMAND MISMATCH BACK IN THE 00:00:54.988 --> 00:00:55.021 DEMAND MISMATCH BACK IN THE PANDEMIC 00:00:55.021 --> 00:00:55.121 PANDEMIC 00:00:55.121 --> 00:00:55.388 PANDEMIC THE 00:00:55.388 --> 00:00:55.822 PANDEMIC THE PROBLEM 00:00:55.822 --> 00:00:56.356 PANDEMIC THE PROBLEM IS 00:00:56.356 --> 00:00:57.857 PANDEMIC THE PROBLEM IS RIGHT 00:00:57.857 --> 00:00:57.991 PANDEMIC THE PROBLEM IS RIGHT NOW 00:00:57.991 --> 00:00:58.091 PANDEMIC THE PROBLEM IS RIGHT NOW THERE 00:00:58.091 --> 00:00:58.258 THE PROBLEM IS RIGHT NOW THERE 00:00:58.258 --> 00:00:59.526 THE PROBLEM IS RIGHT NOW THERE IS 00:00:59.526 --> 00:00:59.793 THE PROBLEM IS RIGHT NOW THERE IS A 00:00:59.793 --> 00:01:00.226 THE PROBLEM IS RIGHT NOW THERE IS A SUPPLY/DEMAND 00:01:00.226 --> 00:01:00.560 THE PROBLEM IS RIGHT NOW THERE IS A SUPPLY/DEMAND MISMATCH 00:01:00.560 --> 00:01:00.593 THE PROBLEM IS RIGHT NOW THERE IS A SUPPLY/DEMAND MISMATCH IN 00:01:00.593 --> 00:01:00.693 IS A SUPPLY/DEMAND MISMATCH IN 00:01:00.693 --> 00:01:00.894 IS A SUPPLY/DEMAND MISMATCH IN THE 00:01:00.894 --> 00:01:01.694 IS A SUPPLY/DEMAND MISMATCH IN THE OTHER 00:01:01.694 --> 00:01:01.728 IS A SUPPLY/DEMAND MISMATCH IN THE OTHER DIRECTION. 00:01:01.728 --> 00:01:01.828 THE OTHER DIRECTION. 00:01:01.828 --> 00:01:01.895 THE OTHER DIRECTION. WE 00:01:01.895 --> 00:01:02.328 THE OTHER DIRECTION. WE KNOW 00:01:02.328 --> 00:01:02.729 THE OTHER DIRECTION. WE KNOW AS 00:01:02.729 --> 00:01:02.996 THE OTHER DIRECTION. WE KNOW AS OF 00:01:02.996 --> 00:01:03.263 THE OTHER DIRECTION. WE KNOW AS OF THE 00:01:03.263 --> 00:01:03.530 THE OTHER DIRECTION. WE KNOW AS OF THE LAST 00:01:03.530 --> 00:01:03.563 THE OTHER DIRECTION. WE KNOW AS OF THE LAST QUARTER 00:01:03.563 --> 00:01:03.663 WE KNOW AS OF THE LAST QUARTER 00:01:03.663 --> 00:01:03.730 WE KNOW AS OF THE LAST QUARTER WE 00:01:03.730 --> 00:01:03.830 WE KNOW AS OF THE LAST QUARTER WE KNOW 00:01:03.830 --> 00:01:04.097 WE KNOW AS OF THE LAST QUARTER WE KNOW THERE 00:01:04.097 --> 00:01:04.564 WE KNOW AS OF THE LAST QUARTER WE KNOW THERE WAS 00:01:04.564 --> 00:01:04.831 WE KNOW AS OF THE LAST QUARTER WE KNOW THERE WAS A 00:01:04.831 --> 00:01:04.998 WE KNOW AS OF THE LAST QUARTER WE KNOW THERE WAS A MASSIVE 00:01:04.998 --> 00:01:05.598 WE KNOW THERE WAS A MASSIVE 00:01:05.598 --> 00:01:10.036 WE KNOW THERE WAS A MASSIVE BUILD 00:01:10.036 --> 00:01:10.203 WE KNOW THERE WAS A MASSIVE BUILD OF 00:01:10.203 --> 00:01:10.236 WE KNOW THERE WAS A MASSIVE BUILD OF INVENTORY, 00:01:10.236 --> 00:01:10.336 WE KNOW THERE WAS A MASSIVE BUILD OF INVENTORY, A 00:01:10.336 --> 00:01:10.603 WE KNOW THERE WAS A MASSIVE BUILD OF INVENTORY, A BILL 00:01:10.603 --> 00:01:10.637 WE KNOW THERE WAS A MASSIVE BUILD OF INVENTORY, A BILL THREE 00:01:10.637 --> 00:01:11.604 BUILD OF INVENTORY, A BILL THREE 00:01:11.604 --> 00:01:11.838 BUILD OF INVENTORY, A BILL THREE IN 00:01:11.838 --> 00:01:11.971 BUILD OF INVENTORY, A BILL THREE IN INVENTORY 00:01:11.971 --> 00:01:12.205 BUILD OF INVENTORY, A BILL THREE IN INVENTORY AS 00:01:12.205 --> 00:01:13.339 BUILD OF INVENTORY, A BILL THREE IN INVENTORY AS DEMAND 00:01:13.339 --> 00:01:13.373 BUILD OF INVENTORY, A BILL THREE IN INVENTORY AS DEMAND WAS 00:01:13.373 --> 00:01:13.973 IN INVENTORY AS DEMAND WAS 00:01:13.973 --> 00:01:14.007 IN INVENTORY AS DEMAND WAS HALTING. 00:01:14.007 --> 00:01:14.107 HALTING. 00:01:14.107 --> 00:01:14.541 HALTING. BUT 00:01:14.541 --> 00:01:15.575 HALTING. BUT THIS 00:01:15.575 --> 00:01:15.675 HALTING. BUT THIS IDEA 00:01:15.675 --> 00:01:16.376 HALTING. BUT THIS IDEA THERE 00:01:16.376 --> 00:01:16.676 HALTING. BUT THIS IDEA THERE WAS 00:01:16.676 --> 00:01:16.709 HALTING. BUT THIS IDEA THERE WAS EXCESS 00:01:16.709 --> 00:01:16.876 BUT THIS IDEA THERE WAS EXCESS 00:01:16.876 --> 00:01:16.943 BUT THIS IDEA THERE WAS EXCESS DEMAND 00:01:16.943 --> 00:01:17.310 BUT THIS IDEA THERE WAS EXCESS DEMAND THEY 00:01:17.310 --> 00:01:18.311 BUT THIS IDEA THERE WAS EXCESS DEMAND THEY HAD 00:01:18.311 --> 00:01:19.245 BUT THIS IDEA THERE WAS EXCESS DEMAND THEY HAD TO 00:01:19.245 --> 00:01:19.279 BUT THIS IDEA THERE WAS EXCESS DEMAND THEY HAD TO PROMOTE 00:01:19.279 --> 00:01:19.412 BUT THIS IDEA THERE WAS EXCESS DEMAND THEY HAD TO PROMOTE IN 00:01:19.412 --> 00:01:19.546 DEMAND THEY HAD TO PROMOTE IN 00:01:19.546 --> 00:01:20.246 DEMAND THEY HAD TO PROMOTE IN ORDER 00:01:20.246 --> 00:01:21.414 DEMAND THEY HAD TO PROMOTE IN ORDER TO 00:01:21.414 --> 00:01:22.015 DEMAND THEY HAD TO PROMOTE IN ORDER TO MOVE 00:01:22.015 --> 00:01:22.649 DEMAND THEY HAD TO PROMOTE IN ORDER TO MOVE UNITS, 00:01:22.649 --> 00:01:22.816 DEMAND THEY HAD TO PROMOTE IN ORDER TO MOVE UNITS, THEY 00:01:22.816 --> 00:01:23.016 ORDER TO MOVE UNITS, THEY 00:01:23.016 --> 00:01:23.216 ORDER TO MOVE UNITS, THEY RESPONDED 00:01:23.216 --> 00:01:23.416 ORDER TO MOVE UNITS, THEY RESPONDED AND 00:01:23.416 --> 00:01:23.483 ORDER TO MOVE UNITS, THEY RESPONDED AND NOW 00:01:23.483 --> 00:01:23.850 ORDER TO MOVE UNITS, THEY RESPONDED AND NOW WE 00:01:23.850 --> 00:01:23.983 ORDER TO MOVE UNITS, THEY RESPONDED AND NOW WE HAVE 00:01:23.983 --> 00:01:24.517 ORDER TO MOVE UNITS, THEY RESPONDED AND NOW WE HAVE GOT 00:01:24.517 --> 00:01:24.651 RESPONDED AND NOW WE HAVE GOT 00:01:24.651 --> 00:01:24.717 RESPONDED AND NOW WE HAVE GOT THIS. 00:01:24.717 --> 00:01:24.818 THIS. 00:01:24.818 --> 00:01:24.851 THIS. >> 00:01:24.851 --> 00:01:24.918 THIS. >> IF 00:01:24.918 --> 00:01:24.984 THIS. >> IF YOU 00:01:24.984 --> 00:01:25.051 THIS. >> IF YOU ARE 00:01:25.051 --> 00:01:25.218 THIS. >> IF YOU ARE GOT 00:01:25.218 --> 00:01:25.618 THIS. >> IF YOU ARE GOT THAT 00:01:25.618 --> 00:01:26.753 THIS. >> IF YOU ARE GOT THAT KINDS 00:01:26.753 --> 00:01:26.920 THIS. >> IF YOU ARE GOT THAT KINDS OF 00:01:26.920 --> 00:01:27.120 >> IF YOU ARE GOT THAT KINDS OF 00:01:27.120 --> 00:01:27.220 >> IF YOU ARE GOT THAT KINDS OF INVENTORY 00:01:27.220 --> 00:01:27.954 >> IF YOU ARE GOT THAT KINDS OF INVENTORY BUILD 00:01:27.954 --> 00:01:28.288 >> IF YOU ARE GOT THAT KINDS OF INVENTORY BUILD AND 00:01:28.288 --> 00:01:28.455 >> IF YOU ARE GOT THAT KINDS OF INVENTORY BUILD AND SLOWING 00:01:28.455 --> 00:01:28.855 INVENTORY BUILD AND SLOWING 00:01:28.855 --> 00:01:29.189 INVENTORY BUILD AND SLOWING DEMAND 00:01:29.189 --> 00:01:29.422 INVENTORY BUILD AND SLOWING DEMAND WHY 00:01:29.422 --> 00:01:29.756 INVENTORY BUILD AND SLOWING DEMAND WHY WOULD 00:01:29.756 --> 00:01:29.989 INVENTORY BUILD AND SLOWING DEMAND WHY WOULD THEY 00:01:29.989 --> 00:01:30.523 INVENTORY BUILD AND SLOWING DEMAND WHY WOULD THEY BE 00:01:30.523 --> 00:01:30.557 INVENTORY BUILD AND SLOWING DEMAND WHY WOULD THEY BE ADDIN 00:01:30.557 --> 00:01:30.690 DEMAND WHY WOULD THEY BE ADDIN 00:01:30.690 --> 00:01:31.091 DEMAND WHY WOULD THEY BE ADDIN FEES 00:01:31.091 --> 00:01:32.959 DEMAND WHY WOULD THEY BE ADDIN FEES FOR 00:01:32.959 --> 00:01:33.059 DEMAND WHY WOULD THEY BE ADDIN FEES FOR DELIVERY, 00:01:33.059 --> 00:01:33.126 DEMAND WHY WOULD THEY BE ADDIN FEES FOR DELIVERY, SETUP, 00:01:33.126 --> 00:01:33.193 DEMAND WHY WOULD THEY BE ADDIN FEES FOR DELIVERY, SETUP, AND 00:01:33.193 --> 00:01:33.893 FEES FOR DELIVERY, SETUP, AND 00:01:33.893 --> 00:01:34.027 FEES FOR DELIVERY, SETUP, AND BASICALLY 00:01:34.027 --> 00:01:34.094 FEES FOR DELIVERY, SETUP, AND BASICALLY RAISING 00:01:34.094 --> 00:01:34.794 FEES FOR DELIVERY, SETUP, AND BASICALLY RAISING THE 00:01:34.794 --> 00:01:34.828 FEES FOR DELIVERY, SETUP, AND BASICALLY RAISING THE PRICE? 00:01:34.828 --> 00:01:35.028 BASICALLY RAISING THE PRICE? 00:01:35.028 --> 00:01:35.628 BASICALLY RAISING THE PRICE? ITSOMES 00:01:35.628 --> 00:01:35.695 BASICALLY RAISING THE PRICE? ITSOMES LIKE 00:01:35.695 --> 00:01:35.795 BASICALLY RAISING THE PRICE? ITSOMES LIKE THEY 00:01:35.795 --> 00:01:36.129 BASICALLY RAISING THE PRICE? ITSOMES LIKE THEY WOULD 00:01:36.129 --> 00:01:36.162 BASICALLY RAISING THE PRICE? ITSOMES LIKE THEY WOULD HAVE 00:01:36.162 --> 00:01:36.296 BASICALLY RAISING THE PRICE? ITSOMES LIKE THEY WOULD HAVE TO 00:01:36.296 --> 00:01:36.396 ITSOMES LIKE THEY WOULD HAVE TO 00:01:36.396 --> 00:01:36.429 ITSOMES LIKE THEY WOULD HAVE TO GO 00:01:36.429 --> 00:01:36.596 ITSOMES LIKE THEY WOULD HAVE TO GO IN 00:01:36.596 --> 00:01:36.830 ITSOMES LIKE THEY WOULD HAVE TO GO IN THE 00:01:36.830 --> 00:01:36.996 ITSOMES LIKE THEY WOULD HAVE TO GO IN THE OTHER 00:01:36.996 --> 00:01:37.430 ITSOMES LIKE THEY WOULD HAVE TO GO IN THE OTHER DIRECTION 00:01:37.430 --> 00:01:37.464 ITSOMES LIKE THEY WOULD HAVE TO GO IN THE OTHER DIRECTION TO 00:01:37.464 --> 00:01:37.831 GO IN THE OTHER DIRECTION TO 00:01:37.831 --> 00:01:38.398 GO IN THE OTHER DIRECTION TO CLEAR 00:01:38.398 --> 00:01:39.065 GO IN THE OTHER DIRECTION TO CLEAR INVENTORY 00:01:39.065 --> 00:01:39.199 GO IN THE OTHER DIRECTION TO CLEAR INVENTORY AND 00:01:39.199 --> 00:01:39.833 GO IN THE OTHER DIRECTION TO CLEAR INVENTORY AND BRING 00:01:39.833 --> 00:01:39.866 GO IN THE OTHER DIRECTION TO CLEAR INVENTORY AND BRING IN 00:01:39.866 --> 00:01:40.300 CLEAR INVENTORY AND BRING IN 00:01:40.300 --> 00:01:40.433 CLEAR INVENTORY AND BRING IN MORE 00:01:40.433 --> 00:01:40.533 CLEAR INVENTORY AND BRING IN MORE REVENUE. 00:01:40.533 --> 00:01:40.633 MORE REVENUE. 00:01:40.633 --> 00:01:40.733 MORE REVENUE. >> 00:01:40.733 --> 00:01:40.800 MORE REVENUE. >> LAUREN 00:01:40.800 --> 00:01:40.934 MORE REVENUE. >> LAUREN HAS 00:01:40.934 --> 00:01:41.167 MORE REVENUE. >> LAUREN HAS BEEN 00:01:41.167 --> 00:01:41.701 MORE REVENUE. >> LAUREN HAS BEEN BUSY 00:01:41.701 --> 00:01:41.734 MORE REVENUE. >> LAUREN HAS BEEN BUSY THIS 00:01:41.734 --> 00:01:41.935 >> LAUREN HAS BEEN BUSY THIS 00:01:41.935 --> 00:01:41.968 >> LAUREN HAS BEEN BUSY THIS WEEK 00:01:41.968 --> 00:01:42.035 WEEK 00:01:42.035 --> 00:01:42.135 WEEK I 00:01:42.135 --> 00:01:42.402 WEEK I HAVE 00:01:42.402 --> 00:01:42.435 WEEK I HAVE SEEN 00:01:42.435 --> 00:01:42.502 WEEK I HAVE SEEN A 00:01:42.502 --> 00:01:42.669 WEEK I HAVE SEEN A LOT 00:01:42.669 --> 00:01:43.136 WEEK I HAVE SEEN A LOT OF 00:01:43.136 --> 00:01:43.303 WEEK I HAVE SEEN A LOT OF ARTICLES 00:01:43.303 --> 00:01:43.403 I HAVE SEEN A LOT OF ARTICLES 00:01:43.403 --> 00:01:43.670 I HAVE SEEN A LOT OF ARTICLES OUT 00:01:43.670 --> 00:01:45.171 I HAVE SEEN A LOT OF ARTICLES OUT OF 00:01:45.171 --> 00:01:45.305 I HAVE SEEN A LOT OF ARTICLES OUT OF CNBC 00:01:45.305 --> 00:01:45.872 I HAVE SEEN A LOT OF ARTICLES OUT OF CNBC TALKING 00:01:45.872 --> 00:01:46.873 I HAVE SEEN A LOT OF ARTICLES OUT OF CNBC TALKING ABOUT 00:01:46.873 --> 00:01:46.906 I HAVE SEEN A LOT OF ARTICLES OUT OF CNBC TALKING ABOUT HIRING 00:01:46.906 --> 00:01:47.140 OUT OF CNBC TALKING ABOUT HIRING 00:01:47.140 --> 00:01:47.874 OUT OF CNBC TALKING ABOUT HIRING MACKENZIE, 00:01:47.874 --> 00:01:48.007 OUT OF CNBC TALKING ABOUT HIRING MACKENZIE, RAISING 00:01:48.007 --> 00:01:48.441 OUT OF CNBC TALKING ABOUT HIRING MACKENZIE, RAISING PRICES, 00:01:48.441 --> 00:01:48.475 OUT OF CNBC TALKING ABOUT HIRING MACKENZIE, RAISING PRICES, NOW 00:01:48.475 --> 00:01:48.641 MACKENZIE, RAISING PRICES, NOW 00:01:48.641 --> 00:01:49.309 MACKENZIE, RAISING PRICES, NOW TALKING 00:01:49.309 --> 00:01:49.442 MACKENZIE, RAISING PRICES, NOW TALKING ABOUT 00:01:49.442 --> 00:01:50.343 MACKENZIE, RAISING PRICES, NOW TALKING ABOUT HALTING 00:01:50.343 --> 00:01:50.577 TALKING ABOUT HALTING 00:01:50.577 --> 00:01:50.610 TALKING ABOUT HALTING PRODUCTION 00:01:50.610 --> 00:01:50.743 PRODUCTION 00:01:50.743 --> 00:01:51.311 PRODUCTION WHAT 00:01:51.311 --> 00:01:51.811 PRODUCTION WHAT IT 00:01:51.811 --> 00:01:51.945 PRODUCTION WHAT IT INCREASINGLY 00:01:51.945 --> 00:01:52.312 PRODUCTION WHAT IT INCREASINGLY FEELS 00:01:52.312 --> 00:01:52.479 PRODUCTION WHAT IT INCREASINGLY FEELS LIKE 00:01:52.479 --> 00:01:52.579 WHAT IT INCREASINGLY FEELS LIKE 00:01:52.579 --> 00:01:52.645 WHAT IT INCREASINGLY FEELS LIKE IS 00:01:52.645 --> 00:01:53.613 WHAT IT INCREASINGLY FEELS LIKE IS THIS 00:01:53.613 --> 00:01:53.947 WHAT IT INCREASINGLY FEELS LIKE IS THIS IS 00:01:53.947 --> 00:01:54.247 WHAT IT INCREASINGLY FEELS LIKE IS THIS IS A 00:01:54.247 --> 00:01:54.481 WHAT IT INCREASINGLY FEELS LIKE IS THIS IS A COMPANY 00:01:54.481 --> 00:01:54.848 WHAT IT INCREASINGLY FEELS LIKE IS THIS IS A COMPANY THAT 00:01:54.848 --> 00:01:55.014 WHAT IT INCREASINGLY FEELS LIKE IS THIS IS A COMPANY THAT HAS 00:01:55.014 --> 00:01:55.181 IS THIS IS A COMPANY THAT HAS 00:01:55.181 --> 00:01:55.281 IS THIS IS A COMPANY THAT HAS PIVOTED 00:01:55.281 --> 00:01:55.381 IS THIS IS A COMPANY THAT HAS PIVOTED FROM 00:01:55.381 --> 00:01:55.448 IS THIS IS A COMPANY THAT HAS PIVOTED FROM GROWTH 00:01:55.448 --> 00:01:55.682 IS THIS IS A COMPANY THAT HAS PIVOTED FROM GROWTH TO 00:01:55.682 --> 00:01:56.049 IS THIS IS A COMPANY THAT HAS PIVOTED FROM GROWTH TO TRYING 00:01:56.049 --> 00:01:56.082 IS THIS IS A COMPANY THAT HAS PIVOTED FROM GROWTH TO TRYING TO 00:01:56.082 --> 00:01:56.182 PIVOTED FROM GROWTH TO TRYING TO 00:01:56.182 --> 00:01:56.249 PIVOTED FROM GROWTH TO TRYING TO FIX 00:01:56.249 --> 00:01:57.150 PIVOTED FROM GROWTH TO TRYING TO FIX A 00:01:57.150 --> 00:01:57.450 PIVOTED FROM GROWTH TO TRYING TO FIX A COST 00:01:57.450 --> 00:01:57.484 PIVOTED FROM GROWTH TO TRYING TO FIX A COST RESTRUCTURE 00:01:57.484 --> 00:01:57.584 FIX A COST RESTRUCTURE 00:01:57.584 --> 00:01:57.650 FIX A COST RESTRUCTURE WE 00:01:57.650 --> 00:01:57.884 FIX A COST RESTRUCTURE WE HAVE 00:01:57.884 --> 00:01:58.251 FIX A COST RESTRUCTURE WE HAVE SEEN 00:01:58.251 --> 00:01:58.751 FIX A COST RESTRUCTURE WE HAVE SEEN THIS 00:01:58.751 --> 00:01:58.785 FIX A COST RESTRUCTURE WE HAVE SEEN THIS MULTIPLE 00:01:58.785 --> 00:01:59.519 WE HAVE SEEN THIS MULTIPLE 00:01:59.519 --> 00:01:59.552 WE HAVE SEEN THIS MULTIPLE TIMES. 00:01:59.552 --> 00:01:59.752 TIMES. 00:01:59.752 --> 00:02:01.087 TIMES. NORMALLY 00:02:01.087 --> 00:02:01.588 TIMES. NORMALLY IT 00:02:01.588 --> 00:02:01.821 TIMES. NORMALLY IT DOESN'T 00:02:01.821 --> 00:02:01.988 TIMES. NORMALLY IT DOESN'T HAPPEN 00:02:01.988 --> 00:02:02.155 TIMES. NORMALLY IT DOESN'T HAPPEN THIS 00:02:02.155 --> 00:02:03.289 NORMALLY IT DOESN'T HAPPEN THIS 00:02:03.289 --> 00:02:03.690 NORMALLY IT DOESN'T HAPPEN THIS THIS 00:02:03.690 --> 00:02:03.723 NORMALLY IT DOESN'T HAPPEN THIS THIS QUICKLY 00:02:03.723 --> 00:02:03.857 THIS QUICKLY 00:02:03.857 --> 00:02:04.390 THIS QUICKLY ALL 00:02:04.390 --> 00:02:04.491 THIS QUICKLY ALL OF 00:02:04.491 --> 00:02:04.624 THIS QUICKLY ALL OF THESE 00:02:04.624 --> 00:02:04.657 THIS QUICKLY ALL OF THESE ANSWERS 00:02:04.657 --> 00:02:05.125 THIS QUICKLY ALL OF THESE ANSWERS -- 00:02:05.125 --> 00:02:05.291 THIS QUICKLY ALL OF THESE ANSWERS -- LISTEN, 00:02:05.291 --> 00:02:05.425 ALL OF THESE ANSWERS -- LISTEN, 00:02:05.425 --> 00:02:05.492 ALL OF THESE ANSWERS -- LISTEN, IF 00:02:05.492 --> 00:02:05.825 ALL OF THESE ANSWERS -- LISTEN, IF YOU 00:02:05.825 --> 00:02:06.092 ALL OF THESE ANSWERS -- LISTEN, IF YOU THE 00:02:06.092 --> 00:02:06.226 ALL OF THESE ANSWERS -- LISTEN, IF YOU THE INTERNALLY 00:02:06.226 --> 00:02:06.326 ALL OF THESE ANSWERS -- LISTEN, IF YOU THE INTERNALLY BELIEVE 00:02:06.326 --> 00:02:06.426 IF YOU THE INTERNALLY BELIEVE 00:02:06.426 --> 00:02:06.493 IF YOU THE INTERNALLY BELIEVE YOU 00:02:06.493 --> 00:02:06.793 IF YOU THE INTERNALLY BELIEVE YOU ARE 00:02:06.793 --> 00:02:06.893 IF YOU THE INTERNALLY BELIEVE YOU ARE NOW 00:02:06.893 --> 00:02:07.260 IF YOU THE INTERNALLY BELIEVE YOU ARE NOW GOING 00:02:07.260 --> 00:02:07.694 IF YOU THE INTERNALLY BELIEVE YOU ARE NOW GOING TO 00:02:07.694 --> 00:02:07.794 IF YOU THE INTERNALLY BELIEVE YOU ARE NOW GOING TO SELL 00:02:07.794 --> 00:02:08.194 IF YOU THE INTERNALLY BELIEVE YOU ARE NOW GOING TO SELL FEWER 00:02:08.194 --> 00:02:08.361 YOU ARE NOW GOING TO SELL FEWER 00:02:08.361 --> 00:02:08.394 YOU ARE NOW GOING TO SELL FEWER UNITS, 00:02:08.394 --> 00:02:08.461 YOU ARE NOW GOING TO SELL FEWER UNITS, IT 00:02:08.461 --> 00:02:08.795 YOU ARE NOW GOING TO SELL FEWER UNITS, IT IS 00:02:08.795 --> 00:02:09.162 YOU ARE NOW GOING TO SELL FEWER UNITS, IT IS THE 00:02:09.162 --> 00:02:09.362 YOU ARE NOW GOING TO SELL FEWER UNITS, IT IS THE RIGHT 00:02:09.362 --> 00:02:09.529 YOU ARE NOW GOING TO SELL FEWER UNITS, IT IS THE RIGHT DECISION 00:02:09.529 --> 00:02:09.762 UNITS, IT IS THE RIGHT DECISION 00:02:09.762 --> 00:02:09.863 UNITS, IT IS THE RIGHT DECISION TO 00:02:09.863 --> 00:02:10.597 UNITS, IT IS THE RIGHT DECISION TO SALEM 00:02:10.597 --> 00:02:11.264 UNITS, IT IS THE RIGHT DECISION TO SALEM TRY 00:02:11.264 --> 00:02:11.464 UNITS, IT IS THE RIGHT DECISION TO SALEM TRY TO 00:02:11.464 --> 00:02:11.764 UNITS, IT IS THE RIGHT DECISION TO SALEM TRY TO GET 00:02:11.764 --> 00:02:12.165 UNITS, IT IS THE RIGHT DECISION TO SALEM TRY TO GET AS 00:02:12.165 --> 00:02:12.198 UNITS, IT IS THE RIGHT DECISION TO SALEM TRY TO GET AS MARCH 00:02:12.198 --> 00:02:12.499 TO SALEM TRY TO GET AS MARCH 00:02:12.499 --> 00:02:12.732 TO SALEM TRY TO GET AS MARCH MARGIN 00:02:12.732 --> 00:02:12.899 TO SALEM TRY TO GET AS MARCH MARGIN AS 00:02:12.899 --> 00:02:13.133 TO SALEM TRY TO GET AS MARCH MARGIN AS I 00:02:13.133 --> 00:02:13.600 TO SALEM TRY TO GET AS MARCH MARGIN AS I CAN 00:02:13.600 --> 00:02:13.933 TO SALEM TRY TO GET AS MARCH MARGIN AS I CAN BECAUSE 00:02:13.933 --> 00:02:14.134 TO SALEM TRY TO GET AS MARCH MARGIN AS I CAN BECAUSE WHAT 00:02:14.134 --> 00:02:14.300 TO SALEM TRY TO GET AS MARCH MARGIN AS I CAN BECAUSE WHAT WE 00:02:14.300 --> 00:02:14.634 MARGIN AS I CAN BECAUSE WHAT WE 00:02:14.634 --> 00:02:14.901 MARGIN AS I CAN BECAUSE WHAT WE ALSO 00:02:14.901 --> 00:02:15.301 MARGIN AS I CAN BECAUSE WHAT WE ALSO SAW 00:02:15.301 --> 00:02:15.668 MARGIN AS I CAN BECAUSE WHAT WE ALSO SAW -- 00:02:15.668 --> 00:02:15.902 MARGIN AS I CAN BECAUSE WHAT WE ALSO SAW -- WE 00:02:15.902 --> 00:02:16.069 MARGIN AS I CAN BECAUSE WHAT WE ALSO SAW -- WE DIDN'T 00:02:16.069 --> 00:02:16.436 MARGIN AS I CAN BECAUSE WHAT WE ALSO SAW -- WE DIDN'T TALK 00:02:16.436 --> 00:02:16.469 MARGIN AS I CAN BECAUSE WHAT WE ALSO SAW -- WE DIDN'T TALK ABOUT 00:02:16.469 --> 00:02:16.603 ALSO SAW -- WE DIDN'T TALK ABOUT 00:02:16.603 --> 00:02:16.669 ALSO SAW -- WE DIDN'T TALK ABOUT THIS 00:02:16.669 --> 00:02:16.769 ALSO SAW -- WE DIDN'T TALK ABOUT THIS LAST 00:02:16.769 --> 00:02:17.003 ALSO SAW -- WE DIDN'T TALK ABOUT THIS LAST WEEK 00:02:17.003 --> 00:02:17.470 ALSO SAW -- WE DIDN'T TALK ABOUT THIS LAST WEEK BUT 00:02:17.470 --> 00:02:17.804 ALSO SAW -- WE DIDN'T TALK ABOUT THIS LAST WEEK BUT THE 00:02:17.804 --> 00:02:18.538 ALSO SAW -- WE DIDN'T TALK ABOUT THIS LAST WEEK BUT THE MARGIN 00:02:18.538 --> 00:02:18.571 ALSO SAW -- WE DIDN'T TALK ABOUT THIS LAST WEEK BUT THE MARGIN ON 00:02:18.571 --> 00:02:18.771 THIS LAST WEEK BUT THE MARGIN ON 00:02:18.771 --> 00:02:19.105 THIS LAST WEEK BUT THE MARGIN ON EQUIPMENT 00:02:19.105 --> 00:02:19.806 THIS LAST WEEK BUT THE MARGIN ON EQUIPMENT HAS 00:02:19.806 --> 00:02:19.973 THIS LAST WEEK BUT THE MARGIN ON EQUIPMENT HAS DROPPED 00:02:19.973 --> 00:02:20.240 EQUIPMENT HAS DROPPED 00:02:20.240 --> 00:02:20.306 EQUIPMENT HAS DROPPED PRECIPITOUSLY 00:02:20.306 --> 00:02:20.373 EQUIPMENT HAS DROPPED PRECIPITOUSLY AS 00:02:20.373 --> 00:02:20.473 EQUIPMENT HAS DROPPED PRECIPITOUSLY AS THEY 00:02:20.473 --> 00:02:20.773 EQUIPMENT HAS DROPPED PRECIPITOUSLY AS THEY TRIED 00:02:20.773 --> 00:02:20.807 EQUIPMENT HAS DROPPED PRECIPITOUSLY AS THEY TRIED TO 00:02:20.807 --> 00:02:20.907 PRECIPITOUSLY AS THEY TRIED TO 00:02:20.907 --> 00:02:20.974 PRECIPITOUSLY AS THEY TRIED TO GET 00:02:20.974 --> 00:02:21.141 PRECIPITOUSLY AS THEY TRIED TO GET THE 00:02:21.141 --> 00:02:22.008 PRECIPITOUSLY AS THEY TRIED TO GET THE NEW 00:02:22.008 --> 00:02:22.041 PRECIPITOUSLY AS THEY TRIED TO GET THE NEW SALE 00:02:22.041 --> 00:02:22.208 GET THE NEW SALE 00:02:22.208 --> 00:02:22.275 GET THE NEW SALE LAUREN 00:02:22.275 --> 00:02:22.509 GET THE NEW SALE LAUREN HAD 00:02:22.509 --> 00:02:22.842 GET THE NEW SALE LAUREN HAD AN 00:02:22.842 --> 00:02:22.942 GET THE NEW SALE LAUREN HAD AN INTERESTING 00:02:22.942 --> 00:02:23.109 GET THE NEW SALE LAUREN HAD AN INTERESTING POINT 00:02:23.109 --> 00:02:23.209 LAUREN HAD AN INTERESTING POINT 00:02:23.209 --> 00:02:24.110 LAUREN HAD AN INTERESTING POINT IN 00:02:24.110 --> 00:02:24.644 LAUREN HAD AN INTERESTING POINT IN THE 00:02:24.644 --> 00:02:24.878 LAUREN HAD AN INTERESTING POINT IN THE ARTICLE 00:02:24.878 --> 00:02:24.911 LAUREN HAD AN INTERESTING POINT IN THE ARTICLE TODAY 00:02:24.911 --> 00:02:25.011 IN THE ARTICLE TODAY 00:02:25.011 --> 00:02:25.245 IN THE ARTICLE TODAY THE 00:02:25.245 --> 00:02:25.512 IN THE ARTICLE TODAY THE INTERNAL 00:02:25.512 --> 00:02:25.745 IN THE ARTICLE TODAY THE INTERNAL MESSAGE 00:02:25.745 --> 00:02:25.845 IN THE ARTICLE TODAY THE INTERNAL MESSAGE FROM 00:02:25.845 --> 00:02:26.379 IN THE ARTICLE TODAY THE INTERNAL MESSAGE FROM WHAT 00:02:26.379 --> 00:02:26.412 IN THE ARTICLE TODAY THE INTERNAL MESSAGE FROM WHAT I 00:02:26.412 --> 00:02:26.913 THE INTERNAL MESSAGE FROM WHAT I 00:02:26.913 --> 00:02:27.147 THE INTERNAL MESSAGE FROM WHAT I READ 00:02:27.147 --> 00:02:27.247 THE INTERNAL MESSAGE FROM WHAT I READ WAS 00:02:27.247 --> 00:02:27.614 THE INTERNAL MESSAGE FROM WHAT I READ WAS THAT 00:02:27.614 --> 00:02:27.814 THE INTERNAL MESSAGE FROM WHAT I READ WAS THAT PRICE 00:02:27.814 --> 00:02:27.881 THE INTERNAL MESSAGE FROM WHAT I READ WAS THAT PRICE SENSITIVITY 00:02:27.881 --> 00:02:28.214 READ WAS THAT PRICE SENSITIVITY 00:02:28.214 --> 00:02:28.681 READ WAS THAT PRICE SENSITIVITY AND 00:02:28.681 --> 00:02:29.549 READ WAS THAT PRICE SENSITIVITY AND INCREASED 00:02:29.549 --> 00:02:29.582 READ WAS THAT PRICE SENSITIVITY AND INCREASED COMPETITION. 00:02:29.582 --> 00:02:30.016 AND INCREASED COMPETITION. 00:02:30.016 --> 00:02:30.150 AND INCREASED COMPETITION. CONNECTED 00:02:30.150 --> 00:02:30.783 AND INCREASED COMPETITION. CONNECTED FITNESS 00:02:30.783 --> 00:02:31.184 AND INCREASED COMPETITION. CONNECTED FITNESS AS 00:02:31.184 --> 00:02:31.551 AND INCREASED COMPETITION. CONNECTED FITNESS AS SECTOR 00:02:31.551 --> 00:02:31.584 AND INCREASED COMPETITION. CONNECTED FITNESS AS SECTOR IS 00:02:31.584 --> 00:02:31.684 CONNECTED FITNESS AS SECTOR IS 00:02:31.684 --> 00:02:33.753 CONNECTED FITNESS AS SECTOR IS IN 00:02:33.753 --> 00:02:33.953 CONNECTED FITNESS AS SECTOR IS IN ITS 00:02:33.953 --> 00:02:33.987 CONNECTED FITNESS AS SECTOR IS IN ITS INFANCY 00:02:33.987 --> 00:02:34.120 IN ITS INFANCY 00:02:34.120 --> 00:02:34.187 IN ITS INFANCY THERE 00:02:34.187 --> 00:02:34.220 IN ITS INFANCY THERE IS 00:02:34.220 --> 00:02:34.287 IN ITS INFANCY THERE IS A 00:02:34.287 --> 00:02:34.320 IN ITS INFANCY THERE IS A LOT 00:02:34.320 --> 00:02:34.954 IN ITS INFANCY THERE IS A LOT OF 00:02:34.954 --> 00:02:34.988 IN ITS INFANCY THERE IS A LOT OF ROOM 00:02:34.988 --> 00:02:35.121 THERE IS A LOT OF ROOM 00:02:35.121 --> 00:02:35.155 THERE IS A LOT OF ROOM THIS 00:02:35.155 --> 00:02:35.188 THERE IS A LOT OF ROOM THIS IS 00:02:35.188 --> 00:02:35.522 THERE IS A LOT OF ROOM THIS IS A 00:02:35.522 --> 00:02:35.889 THERE IS A LOT OF ROOM THIS IS A GREAT 00:02:35.889 --> 00:02:35.922 THERE IS A LOT OF ROOM THIS IS A GREAT CATEGORY 00:02:35.922 --> 00:02:36.022 THIS IS A GREAT CATEGORY 00:02:36.022 --> 00:02:36.122 THIS IS A GREAT CATEGORY BUT 00:02:36.122 --> 00:02:36.189 THIS IS A GREAT CATEGORY BUT THERE 00:02:36.189 --> 00:02:36.489 THIS IS A GREAT CATEGORY BUT THERE ARE 00:02:36.489 --> 00:02:36.556 THIS IS A GREAT CATEGORY BUT THERE ARE A 00:02:36.556 --> 00:02:37.724 THIS IS A GREAT CATEGORY BUT THERE ARE A LOT 00:02:37.724 --> 00:02:38.091 THIS IS A GREAT CATEGORY BUT THERE ARE A LOT OF 00:02:38.091 --> 00:02:38.124 THIS IS A GREAT CATEGORY BUT THERE ARE A LOT OF PLAYERS 00:02:38.124 --> 00:02:38.258 BUT THERE ARE A LOT OF PLAYERS 00:02:38.258 --> 00:02:38.625 BUT THERE ARE A LOT OF PLAYERS WHEN 00:02:38.625 --> 00:02:38.758 BUT THERE ARE A LOT OF PLAYERS WHEN PELOTON 00:02:38.758 --> 00:02:38.992 BUT THERE ARE A LOT OF PLAYERS WHEN PELOTON STARTED 00:02:38.992 --> 00:02:39.159 BUT THERE ARE A LOT OF PLAYERS WHEN PELOTON STARTED THEY 00:02:39.159 --> 00:02:39.359 WHEN PELOTON STARTED THEY 00:02:39.359 --> 00:02:39.526 WHEN PELOTON STARTED THEY BELIEVED 00:02:39.526 --> 00:02:39.926 WHEN PELOTON STARTED THEY BELIEVED THAT 00:02:39.926 --> 00:02:40.593 WHEN PELOTON STARTED THEY BELIEVED THAT THE 00:02:40.593 --> 00:02:40.860 WHEN PELOTON STARTED THEY BELIEVED THAT THE AUDIENCE 00:02:40.860 --> 00:02:41.027 WHEN PELOTON STARTED THEY BELIEVED THAT THE AUDIENCE THEY 00:02:41.027 --> 00:02:41.127 BELIEVED THAT THE AUDIENCE THEY 00:02:41.127 --> 00:02:41.661 BELIEVED THAT THE AUDIENCE THEY SAW 00:02:41.661 --> 00:02:41.861 BELIEVED THAT THE AUDIENCE THEY SAW WAS 00:02:41.861 --> 00:02:41.895 BELIEVED THAT THE AUDIENCE THEY SAW WAS EQUIVALENT 00:02:41.895 --> 00:02:41.961 BELIEVED THAT THE AUDIENCE THEY SAW WAS EQUIVALENT TO 00:02:41.961 --> 00:02:42.128 BELIEVED THAT THE AUDIENCE THEY SAW WAS EQUIVALENT TO THE 00:02:42.128 --> 00:02:42.629 SAW WAS EQUIVALENT TO THE 00:02:42.629 --> 00:02:42.762 SAW WAS EQUIVALENT TO THE OPPORTUNITY 00:02:42.762 --> 00:02:43.163 SAW WAS EQUIVALENT TO THE OPPORTUNITY THEY 00:02:43.163 --> 00:02:43.196 SAW WAS EQUIVALENT TO THE OPPORTUNITY THEY HAD 00:02:43.196 --> 00:02:43.296 OPPORTUNITY THEY HAD 00:02:43.296 --> 00:02:43.429 OPPORTUNITY THEY HAD NO 00:02:43.429 --> 00:02:43.463 OPPORTUNITY THEY HAD NO COMPANY 00:02:43.463 --> 00:02:44.197 OPPORTUNITY THEY HAD NO COMPANY IN 00:02:44.197 --> 00:02:44.330 OPPORTUNITY THEY HAD NO COMPANY IN THE 00:02:44.330 --> 00:02:44.464 OPPORTUNITY THEY HAD NO COMPANY IN THE HISTORY 00:02:44.464 --> 00:02:44.497 OPPORTUNITY THEY HAD NO COMPANY IN THE HISTORY OF 00:02:44.497 --> 00:02:44.964 NO COMPANY IN THE HISTORY OF 00:02:44.964 --> 00:02:45.198 NO COMPANY IN THE HISTORY OF TIME 00:02:45.198 --> 00:02:47.267 NO COMPANY IN THE HISTORY OF TIME FACING 00:02:47.267 --> 00:02:47.433 NO COMPANY IN THE HISTORY OF TIME FACING A 00:02:47.433 --> 00:02:47.867 NO COMPANY IN THE HISTORY OF TIME FACING A CONSUMER 00:02:47.867 --> 00:02:48.234 NO COMPANY IN THE HISTORY OF TIME FACING A CONSUMER GETS 00:02:48.234 --> 00:02:48.268 NO COMPANY IN THE HISTORY OF TIME FACING A CONSUMER GETS 100% 00:02:48.268 --> 00:02:48.368 TIME FACING A CONSUMER GETS 100% 00:02:48.368 --> 00:02:48.501 TIME FACING A CONSUMER GETS 100% OF 00:02:48.501 --> 00:02:48.768 TIME FACING A CONSUMER GETS 100% OF THEIR 00:02:48.768 --> 00:02:49.269 TIME FACING A CONSUMER GETS 100% OF THEIR AUDIENCE 00:02:49.269 --> 00:02:49.736 TIME FACING A CONSUMER GETS 100% OF THEIR AUDIENCE AND 00:02:49.736 --> 00:02:50.036 TIME FACING A CONSUMER GETS 100% OF THEIR AUDIENCE AND IT 00:02:50.036 --> 00:02:50.069 TIME FACING A CONSUMER GETS 100% OF THEIR AUDIENCE AND IT TELLS 00:02:50.069 --> 00:02:50.270 OF THEIR AUDIENCE AND IT TELLS 00:02:50.270 --> 00:02:50.537 OF THEIR AUDIENCE AND IT TELLS LIKE 00:02:50.537 --> 00:02:50.770 OF THEIR AUDIENCE AND IT TELLS LIKE THEY 00:02:50.770 --> 00:02:51.671 OF THEIR AUDIENCE AND IT TELLS LIKE THEY BUILT 00:02:51.671 --> 00:02:51.838 OF THEIR AUDIENCE AND IT TELLS LIKE THEY BUILT THEIR 00:02:51.838 --> 00:02:51.971 OF THEIR AUDIENCE AND IT TELLS LIKE THEY BUILT THEIR INVENTORY 00:02:51.971 --> 00:02:52.572 LIKE THEY BUILT THEIR INVENTORY 00:02:52.572 --> 00:02:53.072 LIKE THEY BUILT THEIR INVENTORY AS 00:02:53.072 --> 00:02:53.206 LIKE THEY BUILT THEIR INVENTORY AS IF 00:02:53.206 --> 00:02:53.306 LIKE THEY BUILT THEIR INVENTORY AS IF THEY 00:02:53.306 --> 00:02:53.406 LIKE THEY BUILT THEIR INVENTORY AS IF THEY WOULD. 00:02:53.406 --> 00:02:53.973 AS IF THEY WOULD. 00:02:53.973 --> 00:02:54.140 AS IF THEY WOULD. >> 00:02:54.140 --> 00:02:54.207 AS IF THEY WOULD. >> SIEMIAN, 00:02:54.207 --> 00:02:54.374 AS IF THEY WOULD. >> SIEMIAN, IT 00:02:54.374 --> 00:02:54.941 AS IF THEY WOULD. >> SIEMIAN, IT IS 00:02:54.941 --> 00:02:54.974 AS IF THEY WOULD. >> SIEMIAN, IT IS KELLY. 00:02:54.974 --> 00:02:55.041 >> SIEMIAN, IT IS KELLY. 00:02:55.041 --> 00:02:55.241 >> SIEMIAN, IT IS KELLY. I 00:02:55.241 --> 00:02:55.275 >> SIEMIAN, IT IS KELLY. I KNOW 00:02:55.275 --> 00:02:56.209 >> SIEMIAN, IT IS KELLY. I KNOW WE 00:02:56.209 --> 00:02:56.342 >> SIEMIAN, IT IS KELLY. I KNOW WE ARE 00:02:56.342 --> 00:02:56.876 >> SIEMIAN, IT IS KELLY. I KNOW WE ARE TALKING 00:02:56.876 --> 00:02:57.477 >> SIEMIAN, IT IS KELLY. I KNOW WE ARE TALKING ABOUT 00:02:57.477 --> 00:02:57.510 >> SIEMIAN, IT IS KELLY. I KNOW WE ARE TALKING ABOUT THIS 00:02:57.510 --> 00:02:57.644 I KNOW WE ARE TALKING ABOUT THIS 00:02:57.644 --> 00:02:57.710 I KNOW WE ARE TALKING ABOUT THIS LIVE, 00:02:57.710 --> 00:02:57.744 I KNOW WE ARE TALKING ABOUT THIS LIVE, AS 00:02:57.744 --> 00:02:57.810 I KNOW WE ARE TALKING ABOUT THIS LIVE, AS IT 00:02:57.810 --> 00:02:58.044 I KNOW WE ARE TALKING ABOUT THIS LIVE, AS IT IS 00:02:58.044 --> 00:02:58.311 I KNOW WE ARE TALKING ABOUT THIS LIVE, AS IT IS PLAYING 00:02:58.311 --> 00:02:58.778 I KNOW WE ARE TALKING ABOUT THIS LIVE, AS IT IS PLAYING OUT, 00:02:58.778 --> 00:02:58.811 I KNOW WE ARE TALKING ABOUT THIS LIVE, AS IT IS PLAYING OUT, DO 00:02:58.811 --> 00:02:58.912 LIVE, AS IT IS PLAYING OUT, DO 00:02:58.912 --> 00:02:59.012 LIVE, AS IT IS PLAYING OUT, DO YOU 00:02:59.012 --> 00:02:59.612 LIVE, AS IT IS PLAYING OUT, DO YOU DO 00:02:59.612 --> 00:03:00.246 LIVE, AS IT IS PLAYING OUT, DO YOU DO A 00:03:00.246 --> 00:03:00.680 LIVE, AS IT IS PLAYING OUT, DO YOU DO A MASSIVE 00:03:00.680 --> 00:03:00.880 LIVE, AS IT IS PLAYING OUT, DO YOU DO A MASSIVE RESET 00:03:00.880 --> 00:03:00.980 LIVE, AS IT IS PLAYING OUT, DO YOU DO A MASSIVE RESET ON 00:03:00.980 --> 00:03:01.147 LIVE, AS IT IS PLAYING OUT, DO YOU DO A MASSIVE RESET ON THE 00:03:01.147 --> 00:03:01.514 YOU DO A MASSIVE RESET ON THE 00:03:01.514 --> 00:03:02.582 YOU DO A MASSIVE RESET ON THE STOCK 00:03:02.582 --> 00:03:02.615 YOU DO A MASSIVE RESET ON THE STOCK NOW? 00:03:02.615 --> 00:03:02.715 STOCK NOW? 00:03:02.715 --> 00:03:02.815 STOCK NOW? IS 00:03:02.815 --> 00:03:02.949 STOCK NOW? IS THERE 00:03:02.949 --> 00:03:03.216 STOCK NOW? IS THERE STILL 00:03:03.216 --> 00:03:03.550 STOCK NOW? IS THERE STILL A 00:03:03.550 --> 00:03:04.050 STOCK NOW? IS THERE STILL A PRICE 00:03:04.050 --> 00:03:04.083 STOCK NOW? IS THERE STILL A PRICE TARGET? 00:03:04.083 --> 00:03:04.184 IS THERE STILL A PRICE TARGET? 00:03:04.184 --> 00:03:04.217 IS THERE STILL A PRICE TARGET? IS 00:03:04.217 --> 00:03:04.317 IS THERE STILL A PRICE TARGET? IS IT 00:03:04.317 --> 00:03:04.384 IS THERE STILL A PRICE TARGET? IS IT STILL 00:03:04.384 --> 00:03:04.684 IS THERE STILL A PRICE TARGET? IS IT STILL A 00:03:04.684 --> 00:03:04.717 IS THERE STILL A PRICE TARGET? IS IT STILL A SELL 00:03:04.717 --> 00:03:04.817 IS IT STILL A SELL 00:03:04.817 --> 00:03:04.851 IS IT STILL A SELL >> 00:03:04.851 --> 00:03:06.252 IS IT STILL A SELL >> I 00:03:06.252 --> 00:03:06.352 IS IT STILL A SELL >> I AM 00:03:06.352 --> 00:03:06.619 IS IT STILL A SELL >> I AM GOING 00:03:06.619 --> 00:03:06.753 IS IT STILL A SELL >> I AM GOING TO 00:03:06.753 --> 00:03:06.853 IS IT STILL A SELL >> I AM GOING TO ANSWER 00:03:06.853 --> 00:03:07.086 IS IT STILL A SELL >> I AM GOING TO ANSWER AS 00:03:07.086 --> 00:03:07.253 IS IT STILL A SELL >> I AM GOING TO ANSWER AS OF 00:03:07.253 --> 00:03:07.554 >> I AM GOING TO ANSWER AS OF 00:03:07.554 --> 00:03:07.887 >> I AM GOING TO ANSWER AS OF RIGHT 00:03:07.887 --> 00:03:07.987 >> I AM GOING TO ANSWER AS OF RIGHT NOW, 00:03:07.987 --> 00:03:08.221 >> I AM GOING TO ANSWER AS OF RIGHT NOW, AS 00:03:08.221 --> 00:03:08.621 >> I AM GOING TO ANSWER AS OF RIGHT NOW, AS YOU 00:03:08.621 --> 00:03:08.721 >> I AM GOING TO ANSWER AS OF RIGHT NOW, AS YOU SAID, 00:03:08.721 --> 00:03:08.855 >> I AM GOING TO ANSWER AS OF RIGHT NOW, AS YOU SAID, THIS 00:03:08.855 --> 00:03:09.022 >> I AM GOING TO ANSWER AS OF RIGHT NOW, AS YOU SAID, THIS IS 00:03:09.022 --> 00:03:09.189 RIGHT NOW, AS YOU SAID, THIS IS 00:03:09.189 --> 00:03:09.455 RIGHT NOW, AS YOU SAID, THIS IS REAL 00:03:09.455 --> 00:03:09.489 RIGHT NOW, AS YOU SAID, THIS IS REAL TIME. 00:03:09.489 --> 00:03:09.556 REAL TIME. 00:03:09.556 --> 00:03:09.656 REAL TIME. I 00:03:09.656 --> 00:03:10.223 REAL TIME. I THINK 00:03:10.223 --> 00:03:10.490 REAL TIME. I THINK WHAT 00:03:10.490 --> 00:03:10.590 REAL TIME. I THINK WHAT WE 00:03:10.590 --> 00:03:10.690 REAL TIME. I THINK WHAT WE NEED 00:03:10.690 --> 00:03:11.057 REAL TIME. I THINK WHAT WE NEED TO 00:03:11.057 --> 00:03:11.224 REAL TIME. I THINK WHAT WE NEED TO ACCOUNT 00:03:11.224 --> 00:03:11.324 I THINK WHAT WE NEED TO ACCOUNT 00:03:11.324 --> 00:03:11.391 I THINK WHAT WE NEED TO ACCOUNT FOR 00:03:11.391 --> 00:03:11.925 I THINK WHAT WE NEED TO ACCOUNT FOR IS 00:03:11.925 --> 00:03:12.926 I THINK WHAT WE NEED TO ACCOUNT FOR IS THE 00:03:12.926 --> 00:03:13.293 I THINK WHAT WE NEED TO ACCOUNT FOR IS THE CONVERSATIONS 00:03:13.293 --> 00:03:13.459 I THINK WHAT WE NEED TO ACCOUNT FOR IS THE CONVERSATIONS UP 00:03:13.459 --> 00:03:13.593 FOR IS THE CONVERSATIONS UP 00:03:13.593 --> 00:03:13.860 FOR IS THE CONVERSATIONS UP UNTIL 00:03:13.860 --> 00:03:14.260 FOR IS THE CONVERSATIONS UP UNTIL NOW 00:03:14.260 --> 00:03:14.961 FOR IS THE CONVERSATIONS UP UNTIL NOW HAS 00:03:14.961 --> 00:03:15.161 FOR IS THE CONVERSATIONS UP UNTIL NOW HAS BEEN 00:03:15.161 --> 00:03:15.795 FOR IS THE CONVERSATIONS UP UNTIL NOW HAS BEEN PELOTON 00:03:15.795 --> 00:03:16.196 FOR IS THE CONVERSATIONS UP UNTIL NOW HAS BEEN PELOTON HAS 00:03:16.196 --> 00:03:16.229 FOR IS THE CONVERSATIONS UP UNTIL NOW HAS BEEN PELOTON HAS X 00:03:16.229 --> 00:03:16.396 UNTIL NOW HAS BEEN PELOTON HAS X 00:03:16.396 --> 00:03:18.565 UNTIL NOW HAS BEEN PELOTON HAS X NUMBER 00:03:18.565 --> 00:03:18.798 UNTIL NOW HAS BEEN PELOTON HAS X NUMBER OF 00:03:18.798 --> 00:03:18.831 UNTIL NOW HAS BEEN PELOTON HAS X NUMBER OF SUBSCRIBERS, 00:03:18.831 --> 00:03:18.898 UNTIL NOW HAS BEEN PELOTON HAS X NUMBER OF SUBSCRIBERS, SO 00:03:18.898 --> 00:03:18.932 UNTIL NOW HAS BEEN PELOTON HAS X NUMBER OF SUBSCRIBERS, SO IT 00:03:18.932 --> 00:03:19.299 NUMBER OF SUBSCRIBERS, SO IT 00:03:19.299 --> 00:03:19.599 NUMBER OF SUBSCRIBERS, SO IT DOESN'T 00:03:19.599 --> 00:03:19.766 NUMBER OF SUBSCRIBERS, SO IT DOESN'T MATTER 00:03:19.766 --> 00:03:20.233 NUMBER OF SUBSCRIBERS, SO IT DOESN'T MATTER WITH 00:03:20.233 --> 00:03:20.400 NUMBER OF SUBSCRIBERS, SO IT DOESN'T MATTER WITH THE 00:03:20.400 --> 00:03:20.600 DOESN'T MATTER WITH THE 00:03:20.600 --> 00:03:20.867 DOESN'T MATTER WITH THE EQUIPMENT 00:03:20.867 --> 00:03:20.900 DOESN'T MATTER WITH THE EQUIPMENT DOES 00:03:20.900 --> 00:03:21.000 EQUIPMENT DOES 00:03:21.000 --> 00:03:21.067 EQUIPMENT DOES WE 00:03:21.067 --> 00:03:21.234 EQUIPMENT DOES WE HAVE 00:03:21.234 --> 00:03:21.601 EQUIPMENT DOES WE HAVE TO 00:03:21.601 --> 00:03:21.834 EQUIPMENT DOES WE HAVE TO ASK 00:03:21.834 --> 00:03:21.968 EQUIPMENT DOES WE HAVE TO ASK OURSELVES 00:03:21.968 --> 00:03:22.135 EQUIPMENT DOES WE HAVE TO ASK OURSELVES IF 00:03:22.135 --> 00:03:22.268 WE HAVE TO ASK OURSELVES IF 00:03:22.268 --> 00:03:22.335 WE HAVE TO ASK OURSELVES IF THERE 00:03:22.335 --> 00:03:22.535 WE HAVE TO ASK OURSELVES IF THERE IS 00:03:22.535 --> 00:03:23.303 WE HAVE TO ASK OURSELVES IF THERE IS A 00:03:23.303 --> 00:03:23.469 WE HAVE TO ASK OURSELVES IF THERE IS A MASSIVE 00:03:23.469 --> 00:03:23.536 WE HAVE TO ASK OURSELVES IF THERE IS A MASSIVE FALTERING 00:03:23.536 --> 00:03:25.838 WE HAVE TO ASK OURSELVES IF THERE IS A MASSIVE FALTERING OF 00:03:25.838 --> 00:03:26.005 THERE IS A MASSIVE FALTERING OF 00:03:26.005 --> 00:03:26.039 THERE IS A MASSIVE FALTERING OF DEMAND 00:03:26.039 --> 00:03:26.139 DEMAND 00:03:26.139 --> 00:03:26.172 DEMAND IF 00:03:26.172 --> 00:03:26.239 DEMAND IF WE 00:03:26.239 --> 00:03:26.372 DEMAND IF WE ARE 00:03:26.372 --> 00:03:26.439 DEMAND IF WE ARE SEEING 00:03:26.439 --> 00:03:26.606 DEMAND IF WE ARE SEEING NEW 00:03:26.606 --> 00:03:26.639 DEMAND IF WE ARE SEEING NEW CUSTOMERS 00:03:26.639 --> 00:03:26.806 IF WE ARE SEEING NEW CUSTOMERS 00:03:26.806 --> 00:03:27.240 IF WE ARE SEEING NEW CUSTOMERS SLOWING 00:03:27.240 --> 00:03:27.774 IF WE ARE SEEING NEW CUSTOMERS SLOWING DOWN, 00:03:27.774 --> 00:03:28.041 IF WE ARE SEEING NEW CUSTOMERS SLOWING DOWN, THE 00:03:28.041 --> 00:03:28.208 IF WE ARE SEEING NEW CUSTOMERS SLOWING DOWN, THE ONE 00:03:28.208 --> 00:03:28.474 SLOWING DOWN, THE ONE 00:03:28.474 --> 00:03:29.142 SLOWING DOWN, THE ONE CONVERSATION 00:03:29.142 --> 00:03:29.275 SLOWING DOWN, THE ONE CONVERSATION THAT 00:03:29.275 --> 00:03:29.442 SLOWING DOWN, THE ONE CONVERSATION THAT HASN'T 00:03:29.442 --> 00:03:30.109 SLOWING DOWN, THE ONE CONVERSATION THAT HASN'T COME 00:03:30.109 --> 00:03:30.143 SLOWING DOWN, THE ONE CONVERSATION THAT HASN'T COME UP 00:03:30.143 --> 00:03:30.677 CONVERSATION THAT HASN'T COME UP 00:03:30.677 --> 00:03:30.944 CONVERSATION THAT HASN'T COME UP THAT 00:03:30.944 --> 00:03:31.077 CONVERSATION THAT HASN'T COME UP THAT PROBABLY 00:03:31.077 --> 00:03:31.177 CONVERSATION THAT HASN'T COME UP THAT PROBABLY WILL 00:03:31.177 --> 00:03:31.477 CONVERSATION THAT HASN'T COME UP THAT PROBABLY WILL SOON 00:03:31.477 --> 00:03:31.611 CONVERSATION THAT HASN'T COME UP THAT PROBABLY WILL SOON IS 00:03:31.611 --> 00:03:31.778 CONVERSATION THAT HASN'T COME UP THAT PROBABLY WILL SOON IS WHAT 00:03:31.778 --> 00:03:31.911 THAT PROBABLY WILL SOON IS WHAT 00:03:31.911 --> 00:03:32.579 THAT PROBABLY WILL SOON IS WHAT ABOUT 00:03:32.579 --> 00:03:33.313 THAT PROBABLY WILL SOON IS WHAT ABOUT THE 00:03:33.313 --> 00:03:33.513 THAT PROBABLY WILL SOON IS WHAT ABOUT THE EXISTING 00:03:33.513 --> 00:03:33.546 THAT PROBABLY WILL SOON IS WHAT ABOUT THE EXISTING CUSTOMERS 00:03:33.546 --> 00:03:33.913 ABOUT THE EXISTING CUSTOMERS 00:03:33.913 --> 00:03:34.280 ABOUT THE EXISTING CUSTOMERS THE 00:03:34.280 --> 00:03:34.380 ABOUT THE EXISTING CUSTOMERS THE WORD 00:03:34.380 --> 00:03:35.048 ABOUT THE EXISTING CUSTOMERS THE WORD CHURNS 00:03:35.048 --> 00:03:35.481 ABOUT THE EXISTING CUSTOMERS THE WORD CHURNS THAT 00:03:35.481 --> 00:03:35.515 ABOUT THE EXISTING CUSTOMERS THE WORD CHURNS THAT EFFECTIVELY 00:03:35.515 --> 00:03:35.949 THE WORD CHURNS THAT EFFECTIVELY 00:03:35.949 --> 00:03:36.049 THE WORD CHURNS THAT EFFECTIVELY DISAPPEARED 00:03:36.049 --> 00:03:36.249 THE WORD CHURNS THAT EFFECTIVELY DISAPPEARED FROM 00:03:36.249 --> 00:03:36.482 THE WORD CHURNS THAT EFFECTIVELY DISAPPEARED FROM THE 00:03:36.482 --> 00:03:37.083 THE WORD CHURNS THAT EFFECTIVELY DISAPPEARED FROM THE LAST 00:03:37.083 --> 00:03:37.250 THE WORD CHURNS THAT EFFECTIVELY DISAPPEARED FROM THE LAST TWO 00:03:37.250 --> 00:03:38.318 DISAPPEARED FROM THE LAST TWO 00:03:38.318 --> 00:03:38.952 DISAPPEARED FROM THE LAST TWO YEAR'S 00:03:38.952 --> 00:03:38.985 DISAPPEARED FROM THE LAST TWO YEAR'S VOCABULARY. 00:03:38.985 --> 00:03:39.085 YEAR'S VOCABULARY. 00:03:39.085 --> 00:03:39.152 YEAR'S VOCABULARY. BUT 00:03:39.152 --> 00:03:39.185 YEAR'S VOCABULARY. BUT IT 00:03:39.185 --> 00:03:39.385 YEAR'S VOCABULARY. BUT IT IS 00:03:39.385 --> 00:03:39.852 YEAR'S VOCABULARY. BUT IT IS A 00:03:39.852 --> 00:03:40.553 YEAR'S VOCABULARY. BUT IT IS A FITNESS 00:03:40.553 --> 00:03:40.587 YEAR'S VOCABULARY. BUT IT IS A FITNESS PLAYER 00:03:40.587 --> 00:03:40.687 BUT IT IS A FITNESS PLAYER 00:03:40.687 --> 00:03:41.020 BUT IT IS A FITNESS PLAYER WE 00:03:41.020 --> 00:03:42.222 BUT IT IS A FITNESS PLAYER WE TALKED 00:03:42.222 --> 00:03:42.789 BUT IT IS A FITNESS PLAYER WE TALKED ABOUT 00:03:42.789 --> 00:03:42.989 BUT IT IS A FITNESS PLAYER WE TALKED ABOUT PLANET 00:03:42.989 --> 00:03:43.022 BUT IT IS A FITNESS PLAYER WE TALKED ABOUT PLANET FITNESS 00:03:43.022 --> 00:03:43.356 WE TALKED ABOUT PLANET FITNESS 00:03:43.356 --> 00:03:43.590 WE TALKED ABOUT PLANET FITNESS VERY 00:03:43.590 --> 00:03:43.723 WE TALKED ABOUT PLANET FITNESS VERY OFTEN 00:03:43.723 --> 00:03:43.957 WE TALKED ABOUT PLANET FITNESS VERY OFTEN ON 00:03:43.957 --> 00:03:44.257 WE TALKED ABOUT PLANET FITNESS VERY OFTEN ON THE 00:03:44.257 --> 00:03:44.424 WE TALKED ABOUT PLANET FITNESS VERY OFTEN ON THE PROGRAM 00:03:44.424 --> 00:03:44.691 VERY OFTEN ON THE PROGRAM 00:03:44.691 --> 00:03:44.791 VERY OFTEN ON THE PROGRAM SFOOCHLT 00:03:44.791 --> 00:03:44.891 VERY OFTEN ON THE PROGRAM SFOOCHLT RIGHT. 00:03:44.891 --> 00:03:44.991 SFOOCHLT RIGHT. 00:03:44.991 --> 00:03:45.158 SFOOCHLT RIGHT. >> 00:03:45.158 --> 00:03:45.425 SFOOCHLT RIGHT. >> GREAT 00:03:45.425 --> 00:03:45.725 SFOOCHLT RIGHT. >> GREAT BUSINESS, 00:03:45.725 --> 00:03:45.992 SFOOCHLT RIGHT. >> GREAT BUSINESS, BUT 00:03:45.992 --> 00:03:46.025 SFOOCHLT RIGHT. >> GREAT BUSINESS, BUT THE 00:03:46.025 --> 00:03:46.192 >> GREAT BUSINESS, BUT THE 00:03:46.192 --> 00:03:46.593 >> GREAT BUSINESS, BUT THE REALITY 00:03:46.593 --> 00:03:46.793 >> GREAT BUSINESS, BUT THE REALITY IS 00:03:46.793 --> 00:03:47.060 >> GREAT BUSINESS, BUT THE REALITY IS FITNESS 00:03:47.060 --> 00:03:47.594 >> GREAT BUSINESS, BUT THE REALITY IS FITNESS HAS 00:03:47.594 --> 00:03:48.428 >> GREAT BUSINESS, BUT THE REALITY IS FITNESS HAS A 00:03:48.428 --> 00:03:48.461 >> GREAT BUSINESS, BUT THE REALITY IS FITNESS HAS A LOWER 00:03:48.461 --> 00:03:48.795 REALITY IS FITNESS HAS A LOWER 00:03:48.795 --> 00:03:48.995 REALITY IS FITNESS HAS A LOWER ENGAGE 00:03:48.995 --> 00:03:49.262 REALITY IS FITNESS HAS A LOWER ENGAGE MEN 00:03:49.262 --> 00:03:49.862 REALITY IS FITNESS HAS A LOWER ENGAGE MEN THAN 00:03:49.862 --> 00:03:50.363 REALITY IS FITNESS HAS A LOWER ENGAGE MEN THAN OTHER 00:03:50.363 --> 00:03:50.496 REALITY IS FITNESS HAS A LOWER ENGAGE MEN THAN OTHER THINGS. 00:03:50.496 --> 00:03:50.597 ENGAGE MEN THAN OTHER THINGS. 00:03:50.597 --> 00:03:50.630 ENGAGE MEN THAN OTHER THINGS. >> 00:03:50.630 --> 00:03:50.730 ENGAGE MEN THAN OTHER THINGS. >> IN 00:03:50.730 --> 00:03:50.863 ENGAGE MEN THAN OTHER THINGS. >> IN OTHER 00:03:50.863 --> 00:03:50.997 ENGAGE MEN THAN OTHER THINGS. >> IN OTHER WORDS, 00:03:50.997 --> 00:03:51.064 ENGAGE MEN THAN OTHER THINGS. >> IN OTHER WORDS, THAT. 00:03:51.064 --> 00:03:51.764 >> IN OTHER WORDS, THAT. 00:03:51.764 --> 00:03:52.098 >> IN OTHER WORDS, THAT. >> 00:03:52.098 --> 00:03:52.131 >> IN OTHER WORDS, THAT. >> SO 00:03:52.131 --> 00:03:52.365 >> IN OTHER WORDS, THAT. >> SO I 00:03:52.365 --> 00:03:52.532 >> IN OTHER WORDS, THAT. >> SO I THINK 00:03:52.532 --> 00:03:52.632 >> IN OTHER WORDS, THAT. >> SO I THINK THAT 00:03:52.632 --> 00:03:52.932 >> IN OTHER WORDS, THAT. >> SO I THINK THAT -- 00:03:52.932 --> 00:03:53.032 >> IN OTHER WORDS, THAT. >> SO I THINK THAT -- SORRY. 00:03:53.032 --> 00:03:53.266 >> SO I THINK THAT -- SORRY. 00:03:53.266 --> 00:03:53.299 >> SO I THINK THAT -- SORRY. >> 00:03:53.299 --> 00:03:53.866 >> SO I THINK THAT -- SORRY. >> GO 00:03:53.866 --> 00:03:53.900 >> SO I THINK THAT -- SORRY. >> GO HEAD 00:03:53.900 --> 00:03:54.000 >> GO HEAD 00:03:54.000 --> 00:03:54.367 >> GO HEAD IT 00:03:54.367 --> 00:03:54.500 >> GO HEAD IT SOUNDS 00:03:54.500 --> 00:03:54.734 >> GO HEAD IT SOUNDS LIKE 00:03:54.734 --> 00:03:54.801 >> GO HEAD IT SOUNDS LIKE WHAT 00:03:54.801 --> 00:03:55.034 >> GO HEAD IT SOUNDS LIKE WHAT YOU 00:03:55.034 --> 00:03:55.068 >> GO HEAD IT SOUNDS LIKE WHAT YOU WERE 00:03:55.068 --> 00:03:55.235 IT SOUNDS LIKE WHAT YOU WERE 00:03:55.235 --> 00:03:55.268 IT SOUNDS LIKE WHAT YOU WERE SAYING 00:03:55.268 --> 00:03:55.468 IT SOUNDS LIKE WHAT YOU WERE SAYING IS 00:03:55.468 --> 00:03:55.635 IT SOUNDS LIKE WHAT YOU WERE SAYING IS IF 00:03:55.635 --> 00:03:55.935 IT SOUNDS LIKE WHAT YOU WERE SAYING IS IF WE 00:03:55.935 --> 00:03:56.102 IT SOUNDS LIKE WHAT YOU WERE SAYING IS IF WE START 00:03:56.102 --> 00:03:56.736 IT SOUNDS LIKE WHAT YOU WERE SAYING IS IF WE START THE 00:03:56.736 --> 00:03:56.769 IT SOUNDS LIKE WHAT YOU WERE SAYING IS IF WE START THE HEAR 00:03:56.769 --> 00:03:57.170 SAYING IS IF WE START THE HEAR 00:03:57.170 --> 00:03:57.337 SAYING IS IF WE START THE HEAR ABOUT 00:03:57.337 --> 00:03:57.670 SAYING IS IF WE START THE HEAR ABOUT EXITSING 00:03:57.670 --> 00:03:58.071 SAYING IS IF WE START THE HEAR ABOUT EXITSING KMURPS 00:03:58.071 --> 00:03:58.104 SAYING IS IF WE START THE HEAR ABOUT EXITSING KMURPS CHURNING 00:03:58.104 --> 00:03:58.271 ABOUT EXITSING KMURPS CHURNING 00:03:58.271 --> 00:03:58.338 ABOUT EXITSING KMURPS CHURNING BECAUSE 00:03:58.338 --> 00:03:59.539 ABOUT EXITSING KMURPS CHURNING BECAUSE OF 00:03:59.539 --> 00:04:00.139 ABOUT EXITSING KMURPS CHURNING BECAUSE OF THE 00:04:00.139 --> 00:04:00.173 ABOUT EXITSING KMURPS CHURNING BECAUSE OF THE REOPENING 00:04:00.173 --> 00:04:00.373 BECAUSE OF THE REOPENING 00:04:00.373 --> 00:04:00.540 BECAUSE OF THE REOPENING BASICALLY 00:04:00.540 --> 00:04:00.740 BECAUSE OF THE REOPENING BASICALLY THEN 00:04:00.740 --> 00:04:00.840 BECAUSE OF THE REOPENING BASICALLY THEN THAT 00:04:00.840 --> 00:04:01.374 BECAUSE OF THE REOPENING BASICALLY THEN THAT COULD 00:04:01.374 --> 00:04:01.407 BECAUSE OF THE REOPENING BASICALLY THEN THAT COULD BE 00:04:01.407 --> 00:04:02.108 BASICALLY THEN THAT COULD BE 00:04:02.108 --> 00:04:02.575 BASICALLY THEN THAT COULD BE ANOTHER 00:04:02.575 --> 00:04:03.009 BASICALLY THEN THAT COULD BE ANOTHER LEG 00:04:03.009 --> 00:04:03.076 BASICALLY THEN THAT COULD BE ANOTHER LEG LOWER. 00:04:03.076 --> 00:04:03.176 ANOTHER LEG LOWER. 00:04:03.176 --> 00:04:03.209 ANOTHER LEG LOWER. >> 00:04:03.209 --> 00:04:03.743 ANOTHER LEG LOWER. >> TO 00:04:03.743 --> 00:04:04.377 ANOTHER LEG LOWER. >> TO BE 00:04:04.377 --> 00:04:04.410 ANOTHER LEG LOWER. >> TO BE CLEAR, 00:04:04.410 --> 00:04:04.611 ANOTHER LEG LOWER. >> TO BE CLEAR, I 00:04:04.611 --> 00:04:04.877 ANOTHER LEG LOWER. >> TO BE CLEAR, I AM 00:04:04.877 --> 00:04:05.078 ANOTHER LEG LOWER. >> TO BE CLEAR, I AM NOT 00:04:05.078 --> 00:04:05.245 ANOTHER LEG LOWER. >> TO BE CLEAR, I AM NOT SAYING 00:04:05.245 --> 00:04:05.378 >> TO BE CLEAR, I AM NOT SAYING 00:04:05.378 --> 00:04:05.445 >> TO BE CLEAR, I AM NOT SAYING THERE 00:04:05.445 --> 00:04:06.045 >> TO BE CLEAR, I AM NOT SAYING THERE ARE 00:04:06.045 --> 00:04:06.112 >> TO BE CLEAR, I AM NOT SAYING THERE ARE BUT 00:04:06.112 --> 00:04:06.145 >> TO BE CLEAR, I AM NOT SAYING THERE ARE BUT IT 00:04:06.145 --> 00:04:06.379 >> TO BE CLEAR, I AM NOT SAYING THERE ARE BUT IT IS 00:04:06.379 --> 00:04:06.646 >> TO BE CLEAR, I AM NOT SAYING THERE ARE BUT IT IS HARD 00:04:06.646 --> 00:04:06.813 >> TO BE CLEAR, I AM NOT SAYING THERE ARE BUT IT IS HARD TO 00:04:06.813 --> 00:04:06.980 THERE ARE BUT IT IS HARD TO 00:04:06.980 --> 00:04:07.080 THERE ARE BUT IT IS HARD TO IMAGINE 00:04:07.080 --> 00:04:07.981 THERE ARE BUT IT IS HARD TO IMAGINE THAT 00:04:07.981 --> 00:04:08.181 THERE ARE BUT IT IS HARD TO IMAGINE THAT WON'T 00:04:08.181 --> 00:04:08.214 THERE ARE BUT IT IS HARD TO IMAGINE THAT WON'T HAPPEN. 00:04:08.214 --> 00:04:08.314 IMAGINE THAT WON'T HAPPEN. 00:04:08.314 --> 00:04:08.381 IMAGINE THAT WON'T HAPPEN. YOU 00:04:08.381 --> 00:04:08.514 IMAGINE THAT WON'T HAPPEN. YOU ARE 00:04:08.514 --> 00:04:08.548 IMAGINE THAT WON'T HAPPEN. YOU ARE ASKING 00:04:08.548 --> 00:04:08.715 IMAGINE THAT WON'T HAPPEN. YOU ARE ASKING IS 00:04:08.715 --> 00:04:09.215 IMAGINE THAT WON'T HAPPEN. YOU ARE ASKING IS THIS 00:04:09.215 --> 00:04:09.549 IMAGINE THAT WON'T HAPPEN. YOU ARE ASKING IS THIS A 00:04:09.549 --> 00:04:09.582 IMAGINE THAT WON'T HAPPEN. YOU ARE ASKING IS THIS A STOCK 00:04:09.582 --> 00:04:09.949 YOU ARE ASKING IS THIS A STOCK 00:04:09.949 --> 00:04:10.350 YOU ARE ASKING IS THIS A STOCK RESET 00:04:10.350 --> 00:04:10.416 YOU ARE ASKING IS THIS A STOCK RESET BASED 00:04:10.416 --> 00:04:10.483 YOU ARE ASKING IS THIS A STOCK RESET BASED ON 00:04:10.483 --> 00:04:10.717 YOU ARE ASKING IS THIS A STOCK RESET BASED ON THE 00:04:10.717 --> 00:04:10.783 YOU ARE ASKING IS THIS A STOCK RESET BASED ON THE FACT 00:04:10.783 --> 00:04:11.251 YOU ARE ASKING IS THIS A STOCK RESET BASED ON THE FACT WE 00:04:11.251 --> 00:04:11.284 YOU ARE ASKING IS THIS A STOCK RESET BASED ON THE FACT WE ARE 00:04:11.284 --> 00:04:11.417 RESET BASED ON THE FACT WE ARE 00:04:11.417 --> 00:04:11.918 RESET BASED ON THE FACT WE ARE GOING 00:04:11.918 --> 00:04:12.385 RESET BASED ON THE FACT WE ARE GOING TO 00:04:12.385 --> 00:04:12.719 RESET BASED ON THE FACT WE ARE GOING TO STOP, 00:04:12.719 --> 00:04:13.019 RESET BASED ON THE FACT WE ARE GOING TO STOP, RECALIBRATE 00:04:13.019 --> 00:04:13.186 RESET BASED ON THE FACT WE ARE GOING TO STOP, RECALIBRATE WHAT 00:04:13.186 --> 00:04:13.286 GOING TO STOP, RECALIBRATE WHAT 00:04:13.286 --> 00:04:13.720 GOING TO STOP, RECALIBRATE WHAT WE 00:04:13.720 --> 00:04:13.886 GOING TO STOP, RECALIBRATE WHAT WE THINK 00:04:13.886 --> 00:04:14.087 GOING TO STOP, RECALIBRATE WHAT WE THINK PELOTON 00:04:14.087 --> 00:04:14.420 GOING TO STOP, RECALIBRATE WHAT WE THINK PELOTON WILL 00:04:14.420 --> 00:04:14.921 GOING TO STOP, RECALIBRATE WHAT WE THINK PELOTON WILL BECOME 00:04:14.921 --> 00:04:14.954 GOING TO STOP, RECALIBRATE WHAT WE THINK PELOTON WILL BECOME FOR 00:04:14.954 --> 00:04:15.054 WE THINK PELOTON WILL BECOME FOR 00:04:15.054 --> 00:04:15.188 WE THINK PELOTON WILL BECOME FOR THE 00:04:15.188 --> 00:04:15.288 WE THINK PELOTON WILL BECOME FOR THE FUTURE