WEBVTT #Elemental Media Engine(TM) 2.17.0.0 00:00:00.467 --> 00:00:01.334 PELOTON 00:00:01.334 --> 00:00:01.501 PELOTON REPLACING 00:00:01.501 --> 00:00:01.634 PELOTON REPLACING ITS 00:00:01.634 --> 00:00:02.168 PELOTON REPLACING ITS CEO 00:00:02.168 --> 00:00:02.335 PELOTON REPLACING ITS CEO JOHN 00:00:02.335 --> 00:00:02.769 PELOTON REPLACING ITS CEO JOHN FOLEY 00:00:02.769 --> 00:00:03.036 PELOTON REPLACING ITS CEO JOHN FOLEY AND 00:00:03.036 --> 00:00:03.470 PELOTON REPLACING ITS CEO JOHN FOLEY AND CUTTING 00:00:03.470 --> 00:00:04.771 PELOTON REPLACING ITS CEO JOHN FOLEY AND CUTTING CLOSE 00:00:04.771 --> 00:00:04.904 PELOTON REPLACING ITS CEO JOHN FOLEY AND CUTTING CLOSE TO 00:00:04.904 --> 00:00:04.971 PELOTON REPLACING ITS CEO JOHN FOLEY AND CUTTING CLOSE TO 3,000 00:00:04.971 --> 00:00:05.105 FOLEY AND CUTTING CLOSE TO 3,000 00:00:05.105 --> 00:00:05.405 FOLEY AND CUTTING CLOSE TO 3,000 JOBS, 00:00:05.405 --> 00:00:05.672 FOLEY AND CUTTING CLOSE TO 3,000 JOBS, THE 00:00:05.672 --> 00:00:05.839 FOLEY AND CUTTING CLOSE TO 3,000 JOBS, THE NEWS 00:00:05.839 --> 00:00:06.806 FOLEY AND CUTTING CLOSE TO 3,000 JOBS, THE NEWS COMING 00:00:06.806 --> 00:00:07.407 FOLEY AND CUTTING CLOSE TO 3,000 JOBS, THE NEWS COMING AS 00:00:07.407 --> 00:00:07.440 FOLEY AND CUTTING CLOSE TO 3,000 JOBS, THE NEWS COMING AS PELOTON 00:00:07.440 --> 00:00:07.607 JOBS, THE NEWS COMING AS PELOTON 00:00:07.607 --> 00:00:07.774 JOBS, THE NEWS COMING AS PELOTON HAS 00:00:07.774 --> 00:00:08.575 JOBS, THE NEWS COMING AS PELOTON HAS NOW 00:00:08.575 --> 00:00:08.908 JOBS, THE NEWS COMING AS PELOTON HAS NOW SEEN 00:00:08.908 --> 00:00:09.376 JOBS, THE NEWS COMING AS PELOTON HAS NOW SEEN SHRINKING 00:00:09.376 --> 00:00:09.542 JOBS, THE NEWS COMING AS PELOTON HAS NOW SEEN SHRINKING DEMAND 00:00:09.542 --> 00:00:09.642 HAS NOW SEEN SHRINKING DEMAND 00:00:09.642 --> 00:00:09.709 HAS NOW SEEN SHRINKING DEMAND FOR 00:00:09.709 --> 00:00:09.976 HAS NOW SEEN SHRINKING DEMAND FOR ITS 00:00:09.976 --> 00:00:10.610 HAS NOW SEEN SHRINKING DEMAND FOR ITS EXERCISE 00:00:10.610 --> 00:00:10.810 HAS NOW SEEN SHRINKING DEMAND FOR ITS EXERCISE MACHINES 00:00:10.810 --> 00:00:10.977 HAS NOW SEEN SHRINKING DEMAND FOR ITS EXERCISE MACHINES AND 00:00:10.977 --> 00:00:11.077 FOR ITS EXERCISE MACHINES AND 00:00:11.077 --> 00:00:11.511 FOR ITS EXERCISE MACHINES AND THE 00:00:11.511 --> 00:00:11.978 FOR ITS EXERCISE MACHINES AND THE COMPANY 00:00:11.978 --> 00:00:12.178 FOR ITS EXERCISE MACHINES AND THE COMPANY VIEWED 00:00:12.178 --> 00:00:12.479 FOR ITS EXERCISE MACHINES AND THE COMPANY VIEWED AS 00:00:12.479 --> 00:00:13.546 FOR ITS EXERCISE MACHINES AND THE COMPANY VIEWED AS A 00:00:13.546 --> 00:00:13.580 FOR ITS EXERCISE MACHINES AND THE COMPANY VIEWED AS A POSSIBLE 00:00:13.580 --> 00:00:14.180 THE COMPANY VIEWED AS A POSSIBLE 00:00:14.180 --> 00:00:14.481 THE COMPANY VIEWED AS A POSSIBLE ACQUISITION 00:00:14.481 --> 00:00:14.514 THE COMPANY VIEWED AS A POSSIBLE ACQUISITION TARGET 00:00:14.514 --> 00:00:15.648 ACQUISITION TARGET 00:00:15.648 --> 00:00:17.484 ACQUISITION TARGET FORMER 00:00:17.484 --> 00:00:17.617 ACQUISITION TARGET FORMER SPOTIFY 00:00:17.617 --> 00:00:17.684 ACQUISITION TARGET FORMER SPOTIFY NETFLIX 00:00:17.684 --> 00:00:17.717 ACQUISITION TARGET FORMER SPOTIFY NETFLIX CFO 00:00:17.717 --> 00:00:17.884 FORMER SPOTIFY NETFLIX CFO 00:00:17.884 --> 00:00:17.951 FORMER SPOTIFY NETFLIX CFO TAKING 00:00:17.951 --> 00:00:22.155 FORMER SPOTIFY NETFLIX CFO TAKING OVER 00:00:22.155 --> 00:00:22.555 FORMER SPOTIFY NETFLIX CFO TAKING OVER AS 00:00:22.555 --> 00:00:23.156 FORMER SPOTIFY NETFLIX CFO TAKING OVER AS PELOTON'S 00:00:23.156 --> 00:00:23.189 FORMER SPOTIFY NETFLIX CFO TAKING OVER AS PELOTON'S COO 00:00:23.189 --> 00:00:23.323 TAKING OVER AS PELOTON'S COO 00:00:23.323 --> 00:00:23.690 TAKING OVER AS PELOTON'S COO HERE 00:00:23.690 --> 00:00:23.890 TAKING OVER AS PELOTON'S COO HERE TO 00:00:23.890 --> 00:00:23.990 TAKING OVER AS PELOTON'S COO HERE TO WEIGH 00:00:23.990 --> 00:00:24.124 TAKING OVER AS PELOTON'S COO HERE TO WEIGH IN 00:00:24.124 --> 00:00:24.624 TAKING OVER AS PELOTON'S COO HERE TO WEIGH IN IS 00:00:24.624 --> 00:00:25.125 TAKING OVER AS PELOTON'S COO HERE TO WEIGH IN IS THE 00:00:25.125 --> 00:00:25.291 TAKING OVER AS PELOTON'S COO HERE TO WEIGH IN IS THE FOUNDER 00:00:25.291 --> 00:00:25.825 HERE TO WEIGH IN IS THE FOUNDER 00:00:25.825 --> 00:00:28.028 HERE TO WEIGH IN IS THE FOUNDER AND 00:00:28.028 --> 00:00:28.228 HERE TO WEIGH IN IS THE FOUNDER AND MANAGING 00:00:28.228 --> 00:00:28.261 HERE TO WEIGH IN IS THE FOUNDER AND MANAGING DIRECTOR. 00:00:28.261 --> 00:00:28.428 AND MANAGING DIRECTOR. 00:00:28.428 --> 00:00:28.461 AND MANAGING DIRECTOR. THERE'S 00:00:28.461 --> 00:00:28.528 AND MANAGING DIRECTOR. THERE'S A 00:00:28.528 --> 00:00:28.595 AND MANAGING DIRECTOR. THERE'S A LOT 00:00:28.595 --> 00:00:29.429 AND MANAGING DIRECTOR. THERE'S A LOT OF 00:00:29.429 --> 00:00:29.562 AND MANAGING DIRECTOR. THERE'S A LOT OF SPECULATION 00:00:29.562 --> 00:00:29.596 AND MANAGING DIRECTOR. THERE'S A LOT OF SPECULATION I 00:00:29.596 --> 00:00:30.096 THERE'S A LOT OF SPECULATION I 00:00:30.096 --> 00:00:30.597 THERE'S A LOT OF SPECULATION I THINK 00:00:30.597 --> 00:00:30.764 THERE'S A LOT OF SPECULATION I THINK WRONGLY, 00:00:30.764 --> 00:00:30.864 THERE'S A LOT OF SPECULATION I THINK WRONGLY, FRANKLY, 00:00:30.864 --> 00:00:31.231 THERE'S A LOT OF SPECULATION I THINK WRONGLY, FRANKLY, OVER 00:00:31.231 --> 00:00:31.264 THERE'S A LOT OF SPECULATION I THINK WRONGLY, FRANKLY, OVER THE 00:00:31.264 --> 00:00:31.398 THINK WRONGLY, FRANKLY, OVER THE 00:00:31.398 --> 00:00:31.498 THINK WRONGLY, FRANKLY, OVER THE LAST 00:00:31.498 --> 00:00:32.032 THINK WRONGLY, FRANKLY, OVER THE LAST COUPLE 00:00:32.032 --> 00:00:32.098 THINK WRONGLY, FRANKLY, OVER THE LAST COUPLE OF 00:00:32.098 --> 00:00:32.232 THINK WRONGLY, FRANKLY, OVER THE LAST COUPLE OF DAYS 00:00:32.232 --> 00:00:32.732 THINK WRONGLY, FRANKLY, OVER THE LAST COUPLE OF DAYS OF 00:00:32.732 --> 00:00:32.899 THINK WRONGLY, FRANKLY, OVER THE LAST COUPLE OF DAYS OF POSSIBLE 00:00:32.899 --> 00:00:33.033 LAST COUPLE OF DAYS OF POSSIBLE 00:00:33.033 --> 00:00:33.133 LAST COUPLE OF DAYS OF POSSIBLE SALES 00:00:33.133 --> 00:00:33.266 LAST COUPLE OF DAYS OF POSSIBLE SALES OF 00:00:33.266 --> 00:00:33.800 LAST COUPLE OF DAYS OF POSSIBLE SALES OF THIS 00:00:33.800 --> 00:00:34.000 LAST COUPLE OF DAYS OF POSSIBLE SALES OF THIS COMPANY 00:00:34.000 --> 00:00:36.369 LAST COUPLE OF DAYS OF POSSIBLE SALES OF THIS COMPANY AHEAD 00:00:36.369 --> 00:00:36.403 LAST COUPLE OF DAYS OF POSSIBLE SALES OF THIS COMPANY AHEAD OF 00:00:36.403 --> 00:00:36.536 SALES OF THIS COMPANY AHEAD OF 00:00:36.536 --> 00:00:36.669 SALES OF THIS COMPANY AHEAD OF THIS 00:00:36.669 --> 00:00:37.237 SALES OF THIS COMPANY AHEAD OF THIS EARNINGS 00:00:37.237 --> 00:00:37.270 SALES OF THIS COMPANY AHEAD OF THIS EARNINGS REPORT 00:00:37.270 --> 00:00:37.370 THIS EARNINGS REPORT 00:00:37.370 --> 00:00:37.704 THIS EARNINGS REPORT ARE 00:00:37.704 --> 00:00:37.971 THIS EARNINGS REPORT ARE YOU 00:00:37.971 --> 00:00:38.171 THIS EARNINGS REPORT ARE YOU OF 00:00:38.171 --> 00:00:38.405 THIS EARNINGS REPORT ARE YOU OF THE 00:00:38.405 --> 00:00:38.738 THIS EARNINGS REPORT ARE YOU OF THE VIEW 00:00:38.738 --> 00:00:39.172 THIS EARNINGS REPORT ARE YOU OF THE VIEW THIS 00:00:39.172 --> 00:00:39.205 THIS EARNINGS REPORT ARE YOU OF THE VIEW THIS CHANGES 00:00:39.205 --> 00:00:39.672 ARE YOU OF THE VIEW THIS CHANGES 00:00:39.672 --> 00:00:39.806 ARE YOU OF THE VIEW THIS CHANGES THAT 00:00:39.806 --> 00:00:40.040 ARE YOU OF THE VIEW THIS CHANGES THAT DYNAMIC, 00:00:40.040 --> 00:00:40.173 ARE YOU OF THE VIEW THIS CHANGES THAT DYNAMIC, THIS 00:00:40.173 --> 00:00:40.340 ARE YOU OF THE VIEW THIS CHANGES THAT DYNAMIC, THIS IS 00:00:40.340 --> 00:00:40.640 ARE YOU OF THE VIEW THIS CHANGES THAT DYNAMIC, THIS IS AGAIN 00:00:40.640 --> 00:00:40.807 ARE YOU OF THE VIEW THIS CHANGES THAT DYNAMIC, THIS IS AGAIN A 00:00:40.807 --> 00:00:41.007 THAT DYNAMIC, THIS IS AGAIN A 00:00:41.007 --> 00:00:41.374 THAT DYNAMIC, THIS IS AGAIN A SETUP 00:00:41.374 --> 00:00:41.775 THAT DYNAMIC, THIS IS AGAIN A SETUP FOR 00:00:41.775 --> 00:00:42.175 THAT DYNAMIC, THIS IS AGAIN A SETUP FOR A 00:00:42.175 --> 00:00:42.208 THAT DYNAMIC, THIS IS AGAIN A SETUP FOR A SALE 00:00:42.208 --> 00:00:44.744 SETUP FOR A SALE 00:00:44.744 --> 00:00:44.778 SETUP FOR A SALE OR 00:00:44.778 --> 00:00:44.844 SETUP FOR A SALE OR DO 00:00:44.844 --> 00:00:44.978 SETUP FOR A SALE OR DO YOU 00:00:44.978 --> 00:00:45.078 SETUP FOR A SALE OR DO YOU BELIEVE 00:00:45.078 --> 00:00:45.145 SETUP FOR A SALE OR DO YOU BELIEVE BARRY 00:00:45.145 --> 00:00:45.178 SETUP FOR A SALE OR DO YOU BELIEVE BARRY IS 00:00:45.178 --> 00:00:45.345 OR DO YOU BELIEVE BARRY IS 00:00:45.345 --> 00:00:45.512 OR DO YOU BELIEVE BARRY IS COMING 00:00:45.512 --> 00:00:45.812 OR DO YOU BELIEVE BARRY IS COMING IN 00:00:45.812 --> 00:00:46.613 OR DO YOU BELIEVE BARRY IS COMING IN TO 00:00:46.613 --> 00:00:46.746 OR DO YOU BELIEVE BARRY IS COMING IN TO RUN 00:00:46.746 --> 00:00:46.780 OR DO YOU BELIEVE BARRY IS COMING IN TO RUN IT? 00:00:46.780 --> 00:00:46.880 COMING IN TO RUN IT? 00:00:46.880 --> 00:00:46.913 COMING IN TO RUN IT? >> 00:00:46.913 --> 00:00:47.113 COMING IN TO RUN IT? >> I 00:00:47.113 --> 00:00:47.380 COMING IN TO RUN IT? >> I THINK 00:00:47.380 --> 00:00:47.514 COMING IN TO RUN IT? >> I THINK HE'S 00:00:47.514 --> 00:00:47.680 COMING IN TO RUN IT? >> I THINK HE'S COMING 00:00:47.680 --> 00:00:47.947 COMING IN TO RUN IT? >> I THINK HE'S COMING IN 00:00:47.947 --> 00:00:48.348 COMING IN TO RUN IT? >> I THINK HE'S COMING IN TO 00:00:48.348 --> 00:00:48.381 COMING IN TO RUN IT? >> I THINK HE'S COMING IN TO RUN 00:00:48.381 --> 00:00:48.515 >> I THINK HE'S COMING IN TO RUN 00:00:48.515 --> 00:00:48.681 >> I THINK HE'S COMING IN TO RUN IT, 00:00:48.681 --> 00:00:48.715 >> I THINK HE'S COMING IN TO RUN IT, AND 00:00:48.715 --> 00:00:48.848 >> I THINK HE'S COMING IN TO RUN IT, AND I 00:00:48.848 --> 00:00:49.015 >> I THINK HE'S COMING IN TO RUN IT, AND I HAD 00:00:49.015 --> 00:00:49.949 >> I THINK HE'S COMING IN TO RUN IT, AND I HAD THAT 00:00:49.949 --> 00:00:50.083 >> I THINK HE'S COMING IN TO RUN IT, AND I HAD THAT SAME 00:00:50.083 --> 00:00:50.183 >> I THINK HE'S COMING IN TO RUN IT, AND I HAD THAT SAME VIEW 00:00:50.183 --> 00:00:50.316 IT, AND I HAD THAT SAME VIEW 00:00:50.316 --> 00:00:50.417 IT, AND I HAD THAT SAME VIEW IT'S 00:00:50.417 --> 00:00:50.784 IT, AND I HAD THAT SAME VIEW IT'S EASY 00:00:50.784 --> 00:00:51.084 IT, AND I HAD THAT SAME VIEW IT'S EASY TO 00:00:51.084 --> 00:00:51.418 IT, AND I HAD THAT SAME VIEW IT'S EASY TO SPECULATE 00:00:51.418 --> 00:00:51.851 IT, AND I HAD THAT SAME VIEW IT'S EASY TO SPECULATE ABOUT 00:00:51.851 --> 00:00:51.885 IT, AND I HAD THAT SAME VIEW IT'S EASY TO SPECULATE ABOUT A 00:00:51.885 --> 00:00:52.385 IT'S EASY TO SPECULATE ABOUT A 00:00:52.385 --> 00:00:52.552 IT'S EASY TO SPECULATE ABOUT A COMPANY 00:00:52.552 --> 00:00:52.852 IT'S EASY TO SPECULATE ABOUT A COMPANY BEING 00:00:52.852 --> 00:00:52.952 IT'S EASY TO SPECULATE ABOUT A COMPANY BEING SOLD 00:00:52.952 --> 00:00:53.119 IT'S EASY TO SPECULATE ABOUT A COMPANY BEING SOLD THAT'S 00:00:53.119 --> 00:00:53.319 COMPANY BEING SOLD THAT'S 00:00:53.319 --> 00:00:53.386 COMPANY BEING SOLD THAT'S ACTUALLY 00:00:53.386 --> 00:00:53.553 COMPANY BEING SOLD THAT'S ACTUALLY MORE 00:00:53.553 --> 00:00:53.953 COMPANY BEING SOLD THAT'S ACTUALLY MORE DIFFICULT 00:00:53.953 --> 00:00:54.054 COMPANY BEING SOLD THAT'S ACTUALLY MORE DIFFICULT TO 00:00:54.054 --> 00:00:54.387 COMPANY BEING SOLD THAT'S ACTUALLY MORE DIFFICULT TO GET 00:00:54.387 --> 00:00:54.421 COMPANY BEING SOLD THAT'S ACTUALLY MORE DIFFICULT TO GET A 00:00:54.421 --> 00:00:54.554 ACTUALLY MORE DIFFICULT TO GET A 00:00:54.554 --> 00:00:54.621 ACTUALLY MORE DIFFICULT TO GET A DEAL 00:00:54.621 --> 00:00:54.687 ACTUALLY MORE DIFFICULT TO GET A DEAL DONE 00:00:54.687 --> 00:00:54.921 ACTUALLY MORE DIFFICULT TO GET A DEAL DONE ON 00:00:54.921 --> 00:00:55.055 ACTUALLY MORE DIFFICULT TO GET A DEAL DONE ON A 00:00:55.055 --> 00:00:55.522 ACTUALLY MORE DIFFICULT TO GET A DEAL DONE ON A LOT 00:00:55.522 --> 00:00:56.056 ACTUALLY MORE DIFFICULT TO GET A DEAL DONE ON A LOT OF 00:00:56.056 --> 00:00:56.089 ACTUALLY MORE DIFFICULT TO GET A DEAL DONE ON A LOT OF LEVELS 00:00:56.089 --> 00:00:56.156 DEAL DONE ON A LOT OF LEVELS 00:00:56.156 --> 00:00:56.256 DEAL DONE ON A LOT OF LEVELS I 00:00:56.256 --> 00:00:56.589 DEAL DONE ON A LOT OF LEVELS I THINK 00:00:56.589 --> 00:00:57.057 DEAL DONE ON A LOT OF LEVELS I THINK JOHN 00:00:57.057 --> 00:00:57.457 DEAL DONE ON A LOT OF LEVELS I THINK JOHN FOLEY 00:00:57.457 --> 00:00:57.624 DEAL DONE ON A LOT OF LEVELS I THINK JOHN FOLEY STEPPING 00:00:57.624 --> 00:00:57.891 I THINK JOHN FOLEY STEPPING 00:00:57.891 --> 00:00:58.491 I THINK JOHN FOLEY STEPPING DOWN, 00:00:58.491 --> 00:00:58.658 I THINK JOHN FOLEY STEPPING DOWN, BARRY 00:00:58.658 --> 00:00:58.725 I THINK JOHN FOLEY STEPPING DOWN, BARRY STEPPING 00:00:58.725 --> 00:00:58.758 I THINK JOHN FOLEY STEPPING DOWN, BARRY STEPPING UP 00:00:58.758 --> 00:00:59.159 I THINK JOHN FOLEY STEPPING DOWN, BARRY STEPPING UP I 00:00:59.159 --> 00:00:59.325 I THINK JOHN FOLEY STEPPING DOWN, BARRY STEPPING UP I THINK 00:00:59.325 --> 00:00:59.492 DOWN, BARRY STEPPING UP I THINK 00:00:59.492 --> 00:00:59.893 DOWN, BARRY STEPPING UP I THINK CHANGES 00:00:59.893 --> 00:01:00.093 DOWN, BARRY STEPPING UP I THINK CHANGES THE 00:01:00.093 --> 00:01:00.460 DOWN, BARRY STEPPING UP I THINK CHANGES THE TRAJECTORY 00:01:00.460 --> 00:01:00.760 DOWN, BARRY STEPPING UP I THINK CHANGES THE TRAJECTORY OF 00:01:00.760 --> 00:01:00.927 DOWN, BARRY STEPPING UP I THINK CHANGES THE TRAJECTORY OF THE 00:01:00.927 --> 00:01:01.294 CHANGES THE TRAJECTORY OF THE 00:01:01.294 --> 00:01:01.327 CHANGES THE TRAJECTORY OF THE CONVERSATION 00:01:01.327 --> 00:01:01.561 CONVERSATION 00:01:01.561 --> 00:01:01.628 CONVERSATION UNDERSTAND 00:01:01.628 --> 00:01:01.928 CONVERSATION UNDERSTAND WHY 00:01:01.928 --> 00:01:02.162 CONVERSATION UNDERSTAND WHY THE 00:01:02.162 --> 00:01:02.495 CONVERSATION UNDERSTAND WHY THE STOCK 00:01:02.495 --> 00:01:02.862 CONVERSATION UNDERSTAND WHY THE STOCK IS 00:01:02.862 --> 00:01:02.896 CONVERSATION UNDERSTAND WHY THE STOCK IS DOWN 00:01:02.896 --> 00:01:04.531 UNDERSTAND WHY THE STOCK IS DOWN 00:01:04.531 --> 00:01:04.664 UNDERSTAND WHY THE STOCK IS DOWN TODAY 00:01:04.664 --> 00:01:04.697 UNDERSTAND WHY THE STOCK IS DOWN TODAY BECAUSE 00:01:04.697 --> 00:01:04.798 UNDERSTAND WHY THE STOCK IS DOWN TODAY BECAUSE I 00:01:04.798 --> 00:01:04.898 UNDERSTAND WHY THE STOCK IS DOWN TODAY BECAUSE I THINK 00:01:04.898 --> 00:01:04.964 UNDERSTAND WHY THE STOCK IS DOWN TODAY BECAUSE I THINK THAT 00:01:04.964 --> 00:01:04.998 UNDERSTAND WHY THE STOCK IS DOWN TODAY BECAUSE I THINK THAT THE 00:01:04.998 --> 00:01:05.131 TODAY BECAUSE I THINK THAT THE 00:01:05.131 --> 00:01:05.198 TODAY BECAUSE I THINK THAT THE EASY 00:01:05.198 --> 00:01:05.265 TODAY BECAUSE I THINK THAT THE EASY READ 00:01:05.265 --> 00:01:05.432 TODAY BECAUSE I THINK THAT THE EASY READ ON 00:01:05.432 --> 00:01:05.698 TODAY BECAUSE I THINK THAT THE EASY READ ON THIS 00:01:05.698 --> 00:01:06.166 TODAY BECAUSE I THINK THAT THE EASY READ ON THIS IS 00:01:06.166 --> 00:01:06.332 TODAY BECAUSE I THINK THAT THE EASY READ ON THIS IS A 00:01:06.332 --> 00:01:06.499 TODAY BECAUSE I THINK THAT THE EASY READ ON THIS IS A DEAL'S 00:01:06.499 --> 00:01:07.000 EASY READ ON THIS IS A DEAL'S 00:01:07.000 --> 00:01:07.300 EASY READ ON THIS IS A DEAL'S LESS 00:01:07.300 --> 00:01:07.333 EASY READ ON THIS IS A DEAL'S LESS LIKELY. 00:01:07.333 --> 00:01:07.534 LESS LIKELY. 00:01:07.534 --> 00:01:07.834 LESS LIKELY. BUT 00:01:07.834 --> 00:01:08.001 LESS LIKELY. BUT MY 00:01:08.001 --> 00:01:08.334 LESS LIKELY. BUT MY SENSE 00:01:08.334 --> 00:01:09.035 LESS LIKELY. BUT MY SENSE IS 00:01:09.035 --> 00:01:09.202 LESS LIKELY. BUT MY SENSE IS HAVING 00:01:09.202 --> 00:01:10.804 LESS LIKELY. BUT MY SENSE IS HAVING BARRY 00:01:10.804 --> 00:01:10.970 LESS LIKELY. BUT MY SENSE IS HAVING BARRY AT 00:01:10.970 --> 00:01:11.337 BUT MY SENSE IS HAVING BARRY AT 00:01:11.337 --> 00:01:12.405 BUT MY SENSE IS HAVING BARRY AT THE 00:01:12.405 --> 00:01:13.039 BUT MY SENSE IS HAVING BARRY AT THE REINS 00:01:13.039 --> 00:01:13.206 BUT MY SENSE IS HAVING BARRY AT THE REINS HERE 00:01:13.206 --> 00:01:13.506 BUT MY SENSE IS HAVING BARRY AT THE REINS HERE STABILIZES 00:01:13.506 --> 00:01:13.973 BUT MY SENSE IS HAVING BARRY AT THE REINS HERE STABILIZES THE 00:01:13.973 --> 00:01:14.207 THE REINS HERE STABILIZES THE 00:01:14.207 --> 00:01:14.374 THE REINS HERE STABILIZES THE LEADERSHIP 00:01:14.374 --> 00:01:14.641 THE REINS HERE STABILIZES THE LEADERSHIP AND 00:01:14.641 --> 00:01:14.874 THE REINS HERE STABILIZES THE LEADERSHIP AND CHANGES 00:01:14.874 --> 00:01:14.908 THE REINS HERE STABILIZES THE LEADERSHIP AND CHANGES THE 00:01:14.908 --> 00:01:15.175 LEADERSHIP AND CHANGES THE 00:01:15.175 --> 00:01:15.308 LEADERSHIP AND CHANGES THE CONVERSATION 00:01:15.308 --> 00:01:15.475 LEADERSHIP AND CHANGES THE CONVERSATION WHEN 00:01:15.475 --> 00:01:16.709 LEADERSHIP AND CHANGES THE CONVERSATION WHEN TALKING 00:01:16.709 --> 00:01:16.743 LEADERSHIP AND CHANGES THE CONVERSATION WHEN TALKING TO 00:01:16.743 --> 00:01:16.876 CONVERSATION WHEN TALKING TO 00:01:16.876 --> 00:01:16.976 CONVERSATION WHEN TALKING TO NIKE 00:01:16.976 --> 00:01:17.644 CONVERSATION WHEN TALKING TO NIKE OR 00:01:17.644 --> 00:01:19.479 CONVERSATION WHEN TALKING TO NIKE OR OTHER 00:01:19.479 --> 00:01:19.512 CONVERSATION WHEN TALKING TO NIKE OR OTHER SUITORS. 00:01:19.512 --> 00:01:19.679 NIKE OR OTHER SUITORS. 00:01:19.679 --> 00:01:19.813 NIKE OR OTHER SUITORS. BECAUSE 00:01:19.813 --> 00:01:19.879 NIKE OR OTHER SUITORS. BECAUSE INSTEAD 00:01:19.879 --> 00:01:19.979 NIKE OR OTHER SUITORS. BECAUSE INSTEAD OF 00:01:19.979 --> 00:01:20.180 NIKE OR OTHER SUITORS. BECAUSE INSTEAD OF BEING 00:01:20.180 --> 00:01:20.447 NIKE OR OTHER SUITORS. BECAUSE INSTEAD OF BEING A 00:01:20.447 --> 00:01:20.613 NIKE OR OTHER SUITORS. BECAUSE INSTEAD OF BEING A FIRE 00:01:20.613 --> 00:01:20.747 BECAUSE INSTEAD OF BEING A FIRE 00:01:20.747 --> 00:01:20.947 BECAUSE INSTEAD OF BEING A FIRE SALE 00:01:20.947 --> 00:01:21.047 BECAUSE INSTEAD OF BEING A FIRE SALE CONVERSATION 00:01:21.047 --> 00:01:21.448 BECAUSE INSTEAD OF BEING A FIRE SALE CONVERSATION IT 00:01:21.448 --> 00:01:21.714 BECAUSE INSTEAD OF BEING A FIRE SALE CONVERSATION IT COMES 00:01:21.714 --> 00:01:21.881 BECAUSE INSTEAD OF BEING A FIRE SALE CONVERSATION IT COMES DOWN 00:01:21.881 --> 00:01:22.015 SALE CONVERSATION IT COMES DOWN 00:01:22.015 --> 00:01:22.582 SALE CONVERSATION IT COMES DOWN TO 00:01:22.582 --> 00:01:22.949 SALE CONVERSATION IT COMES DOWN TO A 00:01:22.949 --> 00:01:24.017 SALE CONVERSATION IT COMES DOWN TO A REASONABLE 00:01:24.017 --> 00:01:24.184 SALE CONVERSATION IT COMES DOWN TO A REASONABLE VALUATION 00:01:24.184 --> 00:01:24.451 TO A REASONABLE VALUATION 00:01:24.451 --> 00:01:24.484 TO A REASONABLE VALUATION CONVERSATION 00:01:24.484 --> 00:01:24.584 CONVERSATION 00:01:24.584 --> 00:01:24.884 CONVERSATION AND 00:01:24.884 --> 00:01:25.118 CONVERSATION AND SECOND, 00:01:25.118 --> 00:01:25.285 CONVERSATION AND SECOND, BARRY 00:01:25.285 --> 00:01:25.485 CONVERSATION AND SECOND, BARRY IS 00:01:25.485 --> 00:01:25.885 CONVERSATION AND SECOND, BARRY IS THE 00:01:25.885 --> 00:01:25.919 CONVERSATION AND SECOND, BARRY IS THE RIGHT 00:01:25.919 --> 00:01:26.086 AND SECOND, BARRY IS THE RIGHT 00:01:26.086 --> 00:01:26.286 AND SECOND, BARRY IS THE RIGHT PERSON 00:01:26.286 --> 00:01:26.419 AND SECOND, BARRY IS THE RIGHT PERSON TO 00:01:26.419 --> 00:01:26.686 AND SECOND, BARRY IS THE RIGHT PERSON TO TAKE 00:01:26.686 --> 00:01:26.986 AND SECOND, BARRY IS THE RIGHT PERSON TO TAKE THIS 00:01:26.986 --> 00:01:27.153 AND SECOND, BARRY IS THE RIGHT PERSON TO TAKE THIS COMPANY 00:01:27.153 --> 00:01:27.320 PERSON TO TAKE THIS COMPANY 00:01:27.320 --> 00:01:27.353 PERSON TO TAKE THIS COMPANY OVER 00:01:27.353 --> 00:01:27.487 OVER 00:01:27.487 --> 00:01:27.787 OVER NOT 00:01:27.787 --> 00:01:28.021 OVER NOT ONLY 00:01:28.021 --> 00:01:28.655 OVER NOT ONLY IS 00:01:28.655 --> 00:01:28.888 OVER NOT ONLY IS HE 00:01:28.888 --> 00:01:29.222 OVER NOT ONLY IS HE A 00:01:29.222 --> 00:01:29.722 OVER NOT ONLY IS HE A CFO 00:01:29.722 --> 00:01:29.756 OVER NOT ONLY IS HE A CFO WHO 00:01:29.756 --> 00:01:31.124 NOT ONLY IS HE A CFO WHO 00:01:31.124 --> 00:01:31.224 NOT ONLY IS HE A CFO WHO UNDERSTANDS 00:01:31.224 --> 00:01:31.291 NOT ONLY IS HE A CFO WHO UNDERSTANDS COST, 00:01:31.291 --> 00:01:31.424 NOT ONLY IS HE A CFO WHO UNDERSTANDS COST, AND 00:01:31.424 --> 00:01:31.491 NOT ONLY IS HE A CFO WHO UNDERSTANDS COST, AND THAT'S 00:01:31.491 --> 00:01:31.524 NOT ONLY IS HE A CFO WHO UNDERSTANDS COST, AND THAT'S ONE 00:01:31.524 --> 00:01:31.791 UNDERSTANDS COST, AND THAT'S ONE 00:01:31.791 --> 00:01:32.859 UNDERSTANDS COST, AND THAT'S ONE OF 00:01:32.859 --> 00:01:33.193 UNDERSTANDS COST, AND THAT'S ONE OF THE 00:01:33.193 --> 00:01:33.393 UNDERSTANDS COST, AND THAT'S ONE OF THE ACHILLES 00:01:33.393 --> 00:01:33.726 UNDERSTANDS COST, AND THAT'S ONE OF THE ACHILLES HEELS 00:01:33.726 --> 00:01:34.160 UNDERSTANDS COST, AND THAT'S ONE OF THE ACHILLES HEELS OF 00:01:34.160 --> 00:01:34.194 UNDERSTANDS COST, AND THAT'S ONE OF THE ACHILLES HEELS OF THE 00:01:34.194 --> 00:01:34.394 OF THE ACHILLES HEELS OF THE 00:01:34.394 --> 00:01:34.494 OF THE ACHILLES HEELS OF THE PELOTON 00:01:34.494 --> 00:01:34.794 OF THE ACHILLES HEELS OF THE PELOTON STORY 00:01:34.794 --> 00:01:34.928 OF THE ACHILLES HEELS OF THE PELOTON STORY IS 00:01:34.928 --> 00:01:35.095 OF THE ACHILLES HEELS OF THE PELOTON STORY IS RELATED 00:01:35.095 --> 00:01:35.528 OF THE ACHILLES HEELS OF THE PELOTON STORY IS RELATED TO 00:01:35.528 --> 00:01:35.995 PELOTON STORY IS RELATED TO 00:01:35.995 --> 00:01:36.229 PELOTON STORY IS RELATED TO COST, 00:01:36.229 --> 00:01:36.463 PELOTON STORY IS RELATED TO COST, BUT 00:01:36.463 --> 00:01:37.630 PELOTON STORY IS RELATED TO COST, BUT HE 00:01:37.630 --> 00:01:38.198 PELOTON STORY IS RELATED TO COST, BUT HE ALSO 00:01:38.198 --> 00:01:38.364 PELOTON STORY IS RELATED TO COST, BUT HE ALSO UNDERSTANDS 00:01:38.364 --> 00:01:38.531 COST, BUT HE ALSO UNDERSTANDS 00:01:38.531 --> 00:01:38.665 COST, BUT HE ALSO UNDERSTANDS CONTENT 00:01:38.665 --> 00:01:39.032 COST, BUT HE ALSO UNDERSTANDS CONTENT WITH 00:01:39.032 --> 00:01:39.232 COST, BUT HE ALSO UNDERSTANDS CONTENT WITH HIS 00:01:39.232 --> 00:01:39.699 COST, BUT HE ALSO UNDERSTANDS CONTENT WITH HIS BACKGROUND 00:01:39.699 --> 00:01:39.732 COST, BUT HE ALSO UNDERSTANDS CONTENT WITH HIS BACKGROUND AT 00:01:39.732 --> 00:01:39.899 CONTENT WITH HIS BACKGROUND AT 00:01:39.899 --> 00:01:40.266 CONTENT WITH HIS BACKGROUND AT SPOTIFY 00:01:40.266 --> 00:01:40.567 CONTENT WITH HIS BACKGROUND AT SPOTIFY AND 00:01:40.567 --> 00:01:40.600 CONTENT WITH HIS BACKGROUND AT SPOTIFY AND NETFLIX. 00:01:40.600 --> 00:01:40.700 SPOTIFY AND NETFLIX. 00:01:40.700 --> 00:01:41.000 SPOTIFY AND NETFLIX. AND 00:01:41.000 --> 00:01:41.334 SPOTIFY AND NETFLIX. AND HE 00:01:41.334 --> 00:01:41.501 SPOTIFY AND NETFLIX. AND HE UNDERSTANDS 00:01:41.501 --> 00:01:41.668 SPOTIFY AND NETFLIX. AND HE UNDERSTANDS HOW 00:01:41.668 --> 00:01:42.135 SPOTIFY AND NETFLIX. AND HE UNDERSTANDS HOW TO 00:01:42.135 --> 00:01:42.302 SPOTIFY AND NETFLIX. AND HE UNDERSTANDS HOW TO RAISE 00:01:42.302 --> 00:01:42.469 AND HE UNDERSTANDS HOW TO RAISE 00:01:42.469 --> 00:01:42.502 AND HE UNDERSTANDS HOW TO RAISE PRICES 00:01:42.502 --> 00:01:42.602 PRICES 00:01:42.602 --> 00:01:42.802 PRICES AND 00:01:42.802 --> 00:01:42.836 PRICES AND SO 00:01:42.836 --> 00:01:42.969 PRICES AND SO I 00:01:42.969 --> 00:01:43.403 PRICES AND SO I THINK 00:01:43.403 --> 00:01:43.470 PRICES AND SO I THINK WHEN 00:01:43.470 --> 00:01:43.870 PRICES AND SO I THINK WHEN YOU 00:01:43.870 --> 00:01:44.204 PRICES AND SO I THINK WHEN YOU PUT 00:01:44.204 --> 00:01:44.237 PRICES AND SO I THINK WHEN YOU PUT THIS 00:01:44.237 --> 00:01:44.437 AND SO I THINK WHEN YOU PUT THIS 00:01:44.437 --> 00:01:44.504 AND SO I THINK WHEN YOU PUT THIS TOGETHER 00:01:44.504 --> 00:01:44.838 AND SO I THINK WHEN YOU PUT THIS TOGETHER THE 00:01:44.838 --> 00:01:45.105 AND SO I THINK WHEN YOU PUT THIS TOGETHER THE COMPANY 00:01:45.105 --> 00:01:45.138 AND SO I THINK WHEN YOU PUT THIS TOGETHER THE COMPANY DESPITE 00:01:45.138 --> 00:01:45.271 TOGETHER THE COMPANY DESPITE 00:01:45.271 --> 00:01:45.505 TOGETHER THE COMPANY DESPITE WHAT 00:01:45.505 --> 00:01:45.805 TOGETHER THE COMPANY DESPITE WHAT WE'RE 00:01:45.805 --> 00:01:46.072 TOGETHER THE COMPANY DESPITE WHAT WE'RE SEEING 00:01:46.072 --> 00:01:46.573 TOGETHER THE COMPANY DESPITE WHAT WE'RE SEEING IN 00:01:46.573 --> 00:01:46.606 TOGETHER THE COMPANY DESPITE WHAT WE'RE SEEING IN THE 00:01:46.606 --> 00:01:46.806 WHAT WE'RE SEEING IN THE 00:01:46.806 --> 00:01:47.040 WHAT WE'RE SEEING IN THE PREMARKET 00:01:47.040 --> 00:01:47.073 WHAT WE'RE SEEING IN THE PREMARKET HERE, 00:01:47.073 --> 00:01:47.307 WHAT WE'RE SEEING IN THE PREMARKET HERE, I 00:01:47.307 --> 00:01:48.041 WHAT WE'RE SEEING IN THE PREMARKET HERE, I THINK 00:01:48.041 --> 00:01:48.074 WHAT WE'RE SEEING IN THE PREMARKET HERE, I THINK IT'S 00:01:48.074 --> 00:01:48.308 PREMARKET HERE, I THINK IT'S 00:01:48.308 --> 00:01:48.341 PREMARKET HERE, I THINK IT'S ACTUALLY 00:01:48.341 --> 00:01:48.808 PREMARKET HERE, I THINK IT'S ACTUALLY IN 00:01:48.808 --> 00:01:50.643 PREMARKET HERE, I THINK IT'S ACTUALLY IN A 00:01:50.643 --> 00:01:50.710 PREMARKET HERE, I THINK IT'S ACTUALLY IN A BETTER 00:01:50.710 --> 00:01:50.777 PREMARKET HERE, I THINK IT'S ACTUALLY IN A BETTER SPOT 00:01:50.777 --> 00:01:50.877 PREMARKET HERE, I THINK IT'S ACTUALLY IN A BETTER SPOT AND 00:01:50.877 --> 00:01:51.111 ACTUALLY IN A BETTER SPOT AND 00:01:51.111 --> 00:01:51.177 ACTUALLY IN A BETTER SPOT AND STABILIZED 00:01:51.177 --> 00:01:51.578 ACTUALLY IN A BETTER SPOT AND STABILIZED THE 00:01:51.578 --> 00:01:51.611 ACTUALLY IN A BETTER SPOT AND STABILIZED THE CONVERSATION. 00:01:51.611 --> 00:01:51.778 STABILIZED THE CONVERSATION. 00:01:51.778 --> 00:01:52.045 STABILIZED THE CONVERSATION. THEY 00:01:52.045 --> 00:01:52.345 STABILIZED THE CONVERSATION. THEY DO 00:01:52.345 --> 00:01:52.479 STABILIZED THE CONVERSATION. THEY DO REPORT 00:01:52.479 --> 00:01:52.679 STABILIZED THE CONVERSATION. THEY DO REPORT TONIGHT 00:01:52.679 --> 00:01:52.779 STABILIZED THE CONVERSATION. THEY DO REPORT TONIGHT SO 00:01:52.779 --> 00:01:52.946 STABILIZED THE CONVERSATION. THEY DO REPORT TONIGHT SO WE'RE 00:01:52.946 --> 00:01:53.079 THEY DO REPORT TONIGHT SO WE'RE 00:01:53.079 --> 00:01:53.246 THEY DO REPORT TONIGHT SO WE'RE GOING 00:01:53.246 --> 00:01:53.379 THEY DO REPORT TONIGHT SO WE'RE GOING TO 00:01:53.379 --> 00:01:53.880 THEY DO REPORT TONIGHT SO WE'RE GOING TO GET 00:01:53.880 --> 00:01:54.481 THEY DO REPORT TONIGHT SO WE'RE GOING TO GET MORE 00:01:54.481 --> 00:01:55.181 THEY DO REPORT TONIGHT SO WE'RE GOING TO GET MORE DETAILS 00:01:55.181 --> 00:01:55.215 THEY DO REPORT TONIGHT SO WE'RE GOING TO GET MORE DETAILS ON 00:01:55.215 --> 00:01:55.348 GOING TO GET MORE DETAILS ON 00:01:55.348 --> 00:01:55.415 GOING TO GET MORE DETAILS ON WHAT 00:01:55.415 --> 00:01:55.548 GOING TO GET MORE DETAILS ON WHAT THE 00:01:55.548 --> 00:01:55.715 GOING TO GET MORE DETAILS ON WHAT THE ACTUAL 00:01:55.715 --> 00:01:55.949 GOING TO GET MORE DETAILS ON WHAT THE ACTUAL GROWTH 00:01:55.949 --> 00:01:57.884 GOING TO GET MORE DETAILS ON WHAT THE ACTUAL GROWTH RATE 00:01:57.884 --> 00:01:57.917 GOING TO GET MORE DETAILS ON WHAT THE ACTUAL GROWTH RATE IS 00:01:57.917 --> 00:01:58.051 WHAT THE ACTUAL GROWTH RATE IS 00:01:58.051 --> 00:01:58.118 WHAT THE ACTUAL GROWTH RATE IS GOING 00:01:58.118 --> 00:01:58.184 WHAT THE ACTUAL GROWTH RATE IS GOING TO 00:01:58.184 --> 00:01:58.284 WHAT THE ACTUAL GROWTH RATE IS GOING TO LOOK 00:01:58.284 --> 00:01:58.318 WHAT THE ACTUAL GROWTH RATE IS GOING TO LOOK LIKE 00:01:58.318 --> 00:01:58.418 GOING TO LOOK LIKE 00:01:58.418 --> 00:01:58.485 GOING TO LOOK LIKE BUT 00:01:58.485 --> 00:01:58.651 GOING TO LOOK LIKE BUT FOR 00:01:58.651 --> 00:01:59.152 GOING TO LOOK LIKE BUT FOR A 00:01:59.152 --> 00:01:59.285 GOING TO LOOK LIKE BUT FOR A FIRST 00:01:59.285 --> 00:02:00.353 GOING TO LOOK LIKE BUT FOR A FIRST STEP 00:02:00.353 --> 00:02:00.386 GOING TO LOOK LIKE BUT FOR A FIRST STEP I'M 00:02:00.386 --> 00:02:00.620 BUT FOR A FIRST STEP I'M 00:02:00.620 --> 00:02:00.653 BUT FOR A FIRST STEP I'M IMPRESSED. 00:02:00.653 --> 00:02:00.753 IMPRESSED. 00:02:00.753 --> 00:02:00.787 IMPRESSED. >> 00:02:00.787 --> 00:02:00.854 IMPRESSED. >> BY 00:02:00.854 --> 00:02:01.321 IMPRESSED. >> BY THE 00:02:01.321 --> 00:02:01.421 IMPRESSED. >> BY THE WAY, 00:02:01.421 --> 00:02:01.588 IMPRESSED. >> BY THE WAY, THEY 00:02:01.588 --> 00:02:01.754 IMPRESSED. >> BY THE WAY, THEY DID 00:02:01.754 --> 00:02:01.921 >> BY THE WAY, THEY DID 00:02:01.921 --> 00:02:02.021 >> BY THE WAY, THEY DID REPORT 00:02:02.021 --> 00:02:02.288 >> BY THE WAY, THEY DID REPORT -- 00:02:02.288 --> 00:02:02.489 >> BY THE WAY, THEY DID REPORT -- WE'RE 00:02:02.489 --> 00:02:02.655 >> BY THE WAY, THEY DID REPORT -- WE'RE GOING 00:02:02.655 --> 00:02:03.022 >> BY THE WAY, THEY DID REPORT -- WE'RE GOING TO 00:02:03.022 --> 00:02:03.056 >> BY THE WAY, THEY DID REPORT -- WE'RE GOING TO BRING 00:02:03.056 --> 00:02:03.156 REPORT -- WE'RE GOING TO BRING 00:02:03.156 --> 00:02:03.323 REPORT -- WE'RE GOING TO BRING YOU 00:02:03.323 --> 00:02:03.690 REPORT -- WE'RE GOING TO BRING YOU THOSE 00:02:03.690 --> 00:02:04.057 REPORT -- WE'RE GOING TO BRING YOU THOSE NUMBERS 00:02:04.057 --> 00:02:04.224 REPORT -- WE'RE GOING TO BRING YOU THOSE NUMBERS IN 00:02:04.224 --> 00:02:05.258 REPORT -- WE'RE GOING TO BRING YOU THOSE NUMBERS IN JUST 00:02:05.258 --> 00:02:05.425 REPORT -- WE'RE GOING TO BRING YOU THOSE NUMBERS IN JUST A 00:02:05.425 --> 00:02:05.758 YOU THOSE NUMBERS IN JUST A 00:02:05.758 --> 00:02:05.792 YOU THOSE NUMBERS IN JUST A SECOND 00:02:05.792 --> 00:02:05.959 SECOND 00:02:05.959 --> 00:02:06.159 SECOND BUT 00:02:06.159 --> 00:02:06.292 SECOND BUT THE 00:02:06.292 --> 00:02:06.326 SECOND BUT THE THING 00:02:06.326 --> 00:02:06.526 SECOND BUT THE THING I 00:02:06.526 --> 00:02:06.726 SECOND BUT THE THING I WOULD 00:02:06.726 --> 00:02:06.826 SECOND BUT THE THING I WOULD ASK 00:02:06.826 --> 00:02:06.993 SECOND BUT THE THING I WOULD ASK ABOUT 00:02:06.993 --> 00:02:07.193 BUT THE THING I WOULD ASK ABOUT 00:02:07.193 --> 00:02:07.527 BUT THE THING I WOULD ASK ABOUT IS 00:02:07.527 --> 00:02:07.827 BUT THE THING I WOULD ASK ABOUT IS WHAT 00:02:07.827 --> 00:02:08.094 BUT THE THING I WOULD ASK ABOUT IS WHAT THE 00:02:08.094 --> 00:02:08.328 BUT THE THING I WOULD ASK ABOUT IS WHAT THE ROLE 00:02:08.328 --> 00:02:08.761 BUT THE THING I WOULD ASK ABOUT IS WHAT THE ROLE OF 00:02:08.761 --> 00:02:09.129 BUT THE THING I WOULD ASK ABOUT IS WHAT THE ROLE OF JOHN 00:02:09.129 --> 00:02:09.162 BUT THE THING I WOULD ASK ABOUT IS WHAT THE ROLE OF JOHN FOLEY 00:02:09.162 --> 00:02:09.395 IS WHAT THE ROLE OF JOHN FOLEY 00:02:09.395 --> 00:02:09.596 IS WHAT THE ROLE OF JOHN FOLEY IS 00:02:09.596 --> 00:02:09.696 IS WHAT THE ROLE OF JOHN FOLEY IS GOING 00:02:09.696 --> 00:02:09.996 IS WHAT THE ROLE OF JOHN FOLEY IS GOING TO 00:02:09.996 --> 00:02:11.197 IS WHAT THE ROLE OF JOHN FOLEY IS GOING TO BE 00:02:11.197 --> 00:02:11.397 IS WHAT THE ROLE OF JOHN FOLEY IS GOING TO BE GOING 00:02:11.397 --> 00:02:11.431 IS WHAT THE ROLE OF JOHN FOLEY IS GOING TO BE GOING FORWARD 00:02:11.431 --> 00:02:11.831 IS GOING TO BE GOING FORWARD 00:02:11.831 --> 00:02:12.232 IS GOING TO BE GOING FORWARD CLEARLY 00:02:12.232 --> 00:02:12.365 IS GOING TO BE GOING FORWARD CLEARLY INVESTORS 00:02:12.365 --> 00:02:12.932 IS GOING TO BE GOING FORWARD CLEARLY INVESTORS WANTED 00:02:12.932 --> 00:02:12.966 IS GOING TO BE GOING FORWARD CLEARLY INVESTORS WANTED HIM 00:02:12.966 --> 00:02:13.099 CLEARLY INVESTORS WANTED HIM 00:02:13.099 --> 00:02:13.299 CLEARLY INVESTORS WANTED HIM OUT, 00:02:13.299 --> 00:02:13.433 CLEARLY INVESTORS WANTED HIM OUT, BUT 00:02:13.433 --> 00:02:13.666 CLEARLY INVESTORS WANTED HIM OUT, BUT FROM 00:02:13.666 --> 00:02:14.033 CLEARLY INVESTORS WANTED HIM OUT, BUT FROM MY 00:02:14.033 --> 00:02:14.267 CLEARLY INVESTORS WANTED HIM OUT, BUT FROM MY READ 00:02:14.267 --> 00:02:14.467 CLEARLY INVESTORS WANTED HIM OUT, BUT FROM MY READ OF 00:02:14.467 --> 00:02:14.934 CLEARLY INVESTORS WANTED HIM OUT, BUT FROM MY READ OF THIS 00:02:14.934 --> 00:02:14.968 CLEARLY INVESTORS WANTED HIM OUT, BUT FROM MY READ OF THIS HE 00:02:14.968 --> 00:02:15.101 OUT, BUT FROM MY READ OF THIS HE 00:02:15.101 --> 00:02:15.235 OUT, BUT FROM MY READ OF THIS HE PLANS 00:02:15.235 --> 00:02:15.401 OUT, BUT FROM MY READ OF THIS HE PLANS TO 00:02:15.401 --> 00:02:15.602 OUT, BUT FROM MY READ OF THIS HE PLANS TO CONTINUE 00:02:15.602 --> 00:02:15.735 OUT, BUT FROM MY READ OF THIS HE PLANS TO CONTINUE TO 00:02:15.735 --> 00:02:16.769 OUT, BUT FROM MY READ OF THIS HE PLANS TO CONTINUE TO BE 00:02:16.769 --> 00:02:16.803 OUT, BUT FROM MY READ OF THIS HE PLANS TO CONTINUE TO BE VERY 00:02:16.803 --> 00:02:17.003 PLANS TO CONTINUE TO BE VERY 00:02:17.003 --> 00:02:17.470 PLANS TO CONTINUE TO BE VERY INVOLVED 00:02:17.470 --> 00:02:17.770 PLANS TO CONTINUE TO BE VERY INVOLVED AS 00:02:17.770 --> 00:02:18.037 PLANS TO CONTINUE TO BE VERY INVOLVED AS THE 00:02:18.037 --> 00:02:18.271 PLANS TO CONTINUE TO BE VERY INVOLVED AS THE EXECUTIVE 00:02:18.271 --> 00:02:18.304 PLANS TO CONTINUE TO BE VERY INVOLVED AS THE EXECUTIVE CHAIR. 00:02:18.304 --> 00:02:18.404 INVOLVED AS THE EXECUTIVE CHAIR. 00:02:18.404 --> 00:02:18.505 INVOLVED AS THE EXECUTIVE CHAIR. ONE 00:02:18.505 --> 00:02:18.872 INVOLVED AS THE EXECUTIVE CHAIR. ONE OF 00:02:18.872 --> 00:02:19.205 INVOLVED AS THE EXECUTIVE CHAIR. ONE OF THE 00:02:19.205 --> 00:02:19.539 INVOLVED AS THE EXECUTIVE CHAIR. ONE OF THE REASONS 00:02:19.539 --> 00:02:19.706 INVOLVED AS THE EXECUTIVE CHAIR. ONE OF THE REASONS THAT 00:02:19.706 --> 00:02:20.406 INVOLVED AS THE EXECUTIVE CHAIR. ONE OF THE REASONS THAT BARRY 00:02:20.406 --> 00:02:20.440 INVOLVED AS THE EXECUTIVE CHAIR. ONE OF THE REASONS THAT BARRY IT 00:02:20.440 --> 00:02:20.607 ONE OF THE REASONS THAT BARRY IT 00:02:20.607 --> 00:02:20.907 ONE OF THE REASONS THAT BARRY IT APPEARS 00:02:20.907 --> 00:02:21.074 ONE OF THE REASONS THAT BARRY IT APPEARS WAS 00:02:21.074 --> 00:02:21.541 ONE OF THE REASONS THAT BARRY IT APPEARS WAS SELECTED 00:02:21.541 --> 00:02:21.841 ONE OF THE REASONS THAT BARRY IT APPEARS WAS SELECTED WAS 00:02:21.841 --> 00:02:21.875 ONE OF THE REASONS THAT BARRY IT APPEARS WAS SELECTED WAS FRANKLY 00:02:21.875 --> 00:02:22.041 APPEARS WAS SELECTED WAS FRANKLY 00:02:22.041 --> 00:02:22.342 APPEARS WAS SELECTED WAS FRANKLY BECAUSE 00:02:22.342 --> 00:02:22.475 APPEARS WAS SELECTED WAS FRANKLY BECAUSE OF 00:02:22.475 --> 00:02:22.675 APPEARS WAS SELECTED WAS FRANKLY BECAUSE OF HOW 00:02:22.675 --> 00:02:23.143 APPEARS WAS SELECTED WAS FRANKLY BECAUSE OF HOW WELL 00:02:23.143 --> 00:02:23.243 APPEARS WAS SELECTED WAS FRANKLY BECAUSE OF HOW WELL HE'S 00:02:23.243 --> 00:02:23.409 APPEARS WAS SELECTED WAS FRANKLY BECAUSE OF HOW WELL HE'S WORKED 00:02:23.409 --> 00:02:23.843 BECAUSE OF HOW WELL HE'S WORKED 00:02:23.843 --> 00:02:24.043 BECAUSE OF HOW WELL HE'S WORKED WITH 00:02:24.043 --> 00:02:24.344 BECAUSE OF HOW WELL HE'S WORKED WITH FORMER 00:02:24.344 --> 00:02:25.211 BECAUSE OF HOW WELL HE'S WORKED WITH FORMER OR 00:02:25.211 --> 00:02:27.046 BECAUSE OF HOW WELL HE'S WORKED WITH FORMER OR CURRENT 00:02:27.046 --> 00:02:27.213 BECAUSE OF HOW WELL HE'S WORKED WITH FORMER OR CURRENT EVEN 00:02:27.213 --> 00:02:27.514 WITH FORMER OR CURRENT EVEN 00:02:27.514 --> 00:02:27.547 WITH FORMER OR CURRENT EVEN FOUNDERS 00:02:27.547 --> 00:02:28.047 FOUNDERS 00:02:28.047 --> 00:02:28.248 FOUNDERS REID 00:02:28.248 --> 00:02:29.149 FOUNDERS REID HASTINGS 00:02:29.149 --> 00:02:31.050 FOUNDERS REID HASTINGS AT 00:02:31.050 --> 00:02:32.418 FOUNDERS REID HASTINGS AT NETFLIX, 00:02:32.418 --> 00:02:32.452 FOUNDERS REID HASTINGS AT NETFLIX, DANIEL 00:02:32.452 --> 00:02:32.685 REID HASTINGS AT NETFLIX, DANIEL 00:02:32.685 --> 00:02:34.254 REID HASTINGS AT NETFLIX, DANIEL ECK 00:02:34.254 --> 00:02:34.454 REID HASTINGS AT NETFLIX, DANIEL ECK AT 00:02:34.454 --> 00:02:34.487 REID HASTINGS AT NETFLIX, DANIEL ECK AT SPOTIFY 00:02:34.487 --> 00:02:34.654 ECK AT SPOTIFY 00:02:34.654 --> 00:02:35.488 ECK AT SPOTIFY AND 00:02:35.488 --> 00:02:36.022 ECK AT SPOTIFY AND BARRY 00:02:36.022 --> 00:02:36.256 ECK AT SPOTIFY AND BARRY MY 00:02:36.256 --> 00:02:36.389 ECK AT SPOTIFY AND BARRY MY UNDERSTANDING 00:02:36.389 --> 00:02:36.556 ECK AT SPOTIFY AND BARRY MY UNDERSTANDING IS 00:02:36.556 --> 00:02:36.956 AND BARRY MY UNDERSTANDING IS 00:02:36.956 --> 00:02:37.056 AND BARRY MY UNDERSTANDING IS HE'S 00:02:37.056 --> 00:02:37.323 AND BARRY MY UNDERSTANDING IS HE'S GOING 00:02:37.323 --> 00:02:37.657 AND BARRY MY UNDERSTANDING IS HE'S GOING TO 00:02:37.657 --> 00:02:37.857 AND BARRY MY UNDERSTANDING IS HE'S GOING TO BE 00:02:37.857 --> 00:02:38.191 AND BARRY MY UNDERSTANDING IS HE'S GOING TO BE MOVING 00:02:38.191 --> 00:02:38.224 AND BARRY MY UNDERSTANDING IS HE'S GOING TO BE MOVING FROM 00:02:38.224 --> 00:02:38.892 HE'S GOING TO BE MOVING FROM 00:02:38.892 --> 00:02:39.058 HE'S GOING TO BE MOVING FROM CALIFORNIA 00:02:39.058 --> 00:02:39.459 HE'S GOING TO BE MOVING FROM CALIFORNIA TO 00:02:39.459 --> 00:02:39.959 HE'S GOING TO BE MOVING FROM CALIFORNIA TO NEW 00:02:39.959 --> 00:02:39.993 HE'S GOING TO BE MOVING FROM CALIFORNIA TO NEW YORK 00:02:39.993 --> 00:02:41.494 CALIFORNIA TO NEW YORK 00:02:41.494 --> 00:02:41.594 CALIFORNIA TO NEW YORK MOST 00:02:41.594 --> 00:02:41.694 CALIFORNIA TO NEW YORK MOST PEOPLE 00:02:41.694 --> 00:02:41.794 CALIFORNIA TO NEW YORK MOST PEOPLE DON'T 00:02:41.794 --> 00:02:41.828 CALIFORNIA TO NEW YORK MOST PEOPLE DON'T MOVE 00:02:41.828 --> 00:02:42.061 MOST PEOPLE DON'T MOVE 00:02:42.061 --> 00:02:42.095 MOST PEOPLE DON'T MOVE THEMSELVES 00:02:42.095 --> 00:02:42.195 MOST PEOPLE DON'T MOVE THEMSELVES IF 00:02:42.195 --> 00:02:42.228 MOST PEOPLE DON'T MOVE THEMSELVES IF THAT 00:02:42.228 --> 00:02:42.595 MOST PEOPLE DON'T MOVE THEMSELVES IF THAT IS 00:02:42.595 --> 00:02:42.762 MOST PEOPLE DON'T MOVE THEMSELVES IF THAT IS A 00:02:42.762 --> 00:02:43.596 THEMSELVES IF THAT IS A 00:02:43.596 --> 00:02:43.796 THEMSELVES IF THAT IS A SHORT-TERM 00:02:43.796 --> 00:02:43.830 THEMSELVES IF THAT IS A SHORT-TERM STRATEGY. 00:02:43.830 --> 00:02:43.930 SHORT-TERM STRATEGY. 00:02:43.930 --> 00:02:44.230 SHORT-TERM STRATEGY. >> 00:02:44.230 --> 00:02:44.597 SHORT-TERM STRATEGY. >> OH, 00:02:44.597 --> 00:02:44.631 SHORT-TERM STRATEGY. >> OH, YEAH. 00:02:44.631 --> 00:02:44.697 >> OH, YEAH. 00:02:44.697 --> 00:02:44.797 >> OH, YEAH. I 00:02:44.797 --> 00:02:46.065 >> OH, YEAH. I DON'T 00:02:46.065 --> 00:02:46.633 >> OH, YEAH. I DON'T THINK 00:02:46.633 --> 00:02:47.033 >> OH, YEAH. I DON'T THINK HE 00:02:47.033 --> 00:02:47.066 >> OH, YEAH. I DON'T THINK HE DOES. 00:02:47.066 --> 00:02:47.167 I DON'T THINK HE DOES. 00:02:47.167 --> 00:02:47.367 I DON'T THINK HE DOES. TO 00:02:47.367 --> 00:02:47.534 I DON'T THINK HE DOES. TO YOUR 00:02:47.534 --> 00:02:47.867 I DON'T THINK HE DOES. TO YOUR QUESTION 00:02:47.867 --> 00:02:47.967 I DON'T THINK HE DOES. TO YOUR QUESTION JOHN 00:02:47.967 --> 00:02:48.368 I DON'T THINK HE DOES. TO YOUR QUESTION JOHN FOLEY 00:02:48.368 --> 00:02:48.401 I DON'T THINK HE DOES. TO YOUR QUESTION JOHN FOLEY IS 00:02:48.401 --> 00:02:48.535 TO YOUR QUESTION JOHN FOLEY IS 00:02:48.535 --> 00:02:48.635 TO YOUR QUESTION JOHN FOLEY IS STILL 00:02:48.635 --> 00:02:48.801 TO YOUR QUESTION JOHN FOLEY IS STILL GOING 00:02:48.801 --> 00:02:48.935 TO YOUR QUESTION JOHN FOLEY IS STILL GOING TO 00:02:48.935 --> 00:02:49.302 TO YOUR QUESTION JOHN FOLEY IS STILL GOING TO BE 00:02:49.302 --> 00:02:49.702 TO YOUR QUESTION JOHN FOLEY IS STILL GOING TO BE A 00:02:49.702 --> 00:02:50.003 TO YOUR QUESTION JOHN FOLEY IS STILL GOING TO BE A FORCE 00:02:50.003 --> 00:02:50.036 TO YOUR QUESTION JOHN FOLEY IS STILL GOING TO BE A FORCE INSIDE 00:02:50.036 --> 00:02:50.203 STILL GOING TO BE A FORCE INSIDE 00:02:50.203 --> 00:02:50.537 STILL GOING TO BE A FORCE INSIDE THIS 00:02:50.537 --> 00:02:50.570 STILL GOING TO BE A FORCE INSIDE THIS COMPANY 00:02:50.570 --> 00:02:50.670 THIS COMPANY 00:02:50.670 --> 00:02:50.703 THIS COMPANY HE 00:02:50.703 --> 00:02:50.770 THIS COMPANY HE IS 00:02:50.770 --> 00:02:51.004 THIS COMPANY HE IS ONE 00:02:51.004 --> 00:02:51.337 THIS COMPANY HE IS ONE OF 00:02:51.337 --> 00:02:52.372 THIS COMPANY HE IS ONE OF THE 00:02:52.372 --> 00:02:52.405 THIS COMPANY HE IS ONE OF THE LARGEST 00:02:52.405 --> 00:02:52.672 HE IS ONE OF THE LARGEST 00:02:52.672 --> 00:02:52.705 HE IS ONE OF THE LARGEST SHAREHOLDERS 00:02:52.705 --> 00:02:52.805 SHAREHOLDERS 00:02:52.805 --> 00:02:52.972 SHAREHOLDERS HE 00:02:52.972 --> 00:02:53.473 SHAREHOLDERS HE HAS 00:02:53.473 --> 00:02:54.073 SHAREHOLDERS HE HAS SUPER 00:02:54.073 --> 00:02:54.407 SHAREHOLDERS HE HAS SUPER VOTING 00:02:54.407 --> 00:02:54.641 SHAREHOLDERS HE HAS SUPER VOTING RIGHTS 00:02:54.641 --> 00:02:55.041 SHAREHOLDERS HE HAS SUPER VOTING RIGHTS AS 00:02:55.041 --> 00:02:55.074 SHAREHOLDERS HE HAS SUPER VOTING RIGHTS AS DO 00:02:55.074 --> 00:02:55.208 HE HAS SUPER VOTING RIGHTS AS DO 00:02:55.208 --> 00:02:55.275 HE HAS SUPER VOTING RIGHTS AS DO MANY 00:02:55.275 --> 00:02:55.675 HE HAS SUPER VOTING RIGHTS AS DO MANY TECH 00:02:55.675 --> 00:02:55.909 HE HAS SUPER VOTING RIGHTS AS DO MANY TECH FOUNDERS, 00:02:55.909 --> 00:02:56.176 HE HAS SUPER VOTING RIGHTS AS DO MANY TECH FOUNDERS, AND 00:02:56.176 --> 00:02:56.209 HE HAS SUPER VOTING RIGHTS AS DO MANY TECH FOUNDERS, AND SO 00:02:56.209 --> 00:02:56.376 MANY TECH FOUNDERS, AND SO 00:02:56.376 --> 00:02:56.776 MANY TECH FOUNDERS, AND SO NOTHING 00:02:56.776 --> 00:02:57.010 MANY TECH FOUNDERS, AND SO NOTHING IS 00:02:57.010 --> 00:02:57.277 MANY TECH FOUNDERS, AND SO NOTHING IS GOING 00:02:57.277 --> 00:02:57.810 MANY TECH FOUNDERS, AND SO NOTHING IS GOING TO 00:02:57.810 --> 00:02:59.078 MANY TECH FOUNDERS, AND SO NOTHING IS GOING TO MOVE 00:02:59.078 --> 00:02:59.245 MANY TECH FOUNDERS, AND SO NOTHING IS GOING TO MOVE AROUND 00:02:59.245 --> 00:02:59.412 NOTHING IS GOING TO MOVE AROUND 00:02:59.412 --> 00:02:59.546 NOTHING IS GOING TO MOVE AROUND PELOTON 00:02:59.546 --> 00:02:59.946 NOTHING IS GOING TO MOVE AROUND PELOTON WITHOUT 00:02:59.946 --> 00:03:00.413 NOTHING IS GOING TO MOVE AROUND PELOTON WITHOUT HIS 00:03:00.413 --> 00:03:00.446 NOTHING IS GOING TO MOVE AROUND PELOTON WITHOUT HIS APPROVAL 00:03:00.446 --> 00:03:00.547 PELOTON WITHOUT HIS APPROVAL 00:03:00.547 --> 00:03:00.947 PELOTON WITHOUT HIS APPROVAL BUT 00:03:00.947 --> 00:03:01.214 PELOTON WITHOUT HIS APPROVAL BUT I 00:03:01.214 --> 00:03:02.182 PELOTON WITHOUT HIS APPROVAL BUT I DO 00:03:02.182 --> 00:03:02.282 PELOTON WITHOUT HIS APPROVAL BUT I DO THINK 00:03:02.282 --> 00:03:02.348 PELOTON WITHOUT HIS APPROVAL BUT I DO THINK THAT, 00:03:02.348 --> 00:03:02.849 PELOTON WITHOUT HIS APPROVAL BUT I DO THINK THAT, YOU 00:03:02.849 --> 00:03:02.882 PELOTON WITHOUT HIS APPROVAL BUT I DO THINK THAT, YOU KNOW, 00:03:02.882 --> 00:03:03.583 BUT I DO THINK THAT, YOU KNOW, 00:03:03.583 --> 00:03:03.716 BUT I DO THINK THAT, YOU KNOW, HIS 00:03:03.716 --> 00:03:04.017 BUT I DO THINK THAT, YOU KNOW, HIS SENSE 00:03:04.017 --> 00:03:04.350 BUT I DO THINK THAT, YOU KNOW, HIS SENSE PROBABLY 00:03:04.350 --> 00:03:04.717 BUT I DO THINK THAT, YOU KNOW, HIS SENSE PROBABLY -- 00:03:04.717 --> 00:03:05.018 BUT I DO THINK THAT, YOU KNOW, HIS SENSE PROBABLY -- HIS 00:03:05.018 --> 00:03:05.051 BUT I DO THINK THAT, YOU KNOW, HIS SENSE PROBABLY -- HIS LEGACY 00:03:05.051 --> 00:03:05.185 HIS SENSE PROBABLY -- HIS LEGACY 00:03:05.185 --> 00:03:05.218 HIS SENSE PROBABLY -- HIS LEGACY HERE 00:03:05.218 --> 00:03:05.585 HIS SENSE PROBABLY -- HIS LEGACY HERE IF 00:03:05.585 --> 00:03:05.818 HIS SENSE PROBABLY -- HIS LEGACY HERE IF HE 00:03:05.818 --> 00:03:05.919 HIS SENSE PROBABLY -- HIS LEGACY HERE IF HE STILL 00:03:05.919 --> 00:03:06.252 HIS SENSE PROBABLY -- HIS LEGACY HERE IF HE STILL WANTS 00:03:06.252 --> 00:03:06.419 HIS SENSE PROBABLY -- HIS LEGACY HERE IF HE STILL WANTS TO 00:03:06.419 --> 00:03:06.653 HERE IF HE STILL WANTS TO 00:03:06.653 --> 00:03:07.020 HERE IF HE STILL WANTS TO SHEPHERD 00:03:07.020 --> 00:03:07.587 HERE IF HE STILL WANTS TO SHEPHERD THAT 00:03:07.587 --> 00:03:07.754 HERE IF HE STILL WANTS TO SHEPHERD THAT FORWARD, 00:03:07.754 --> 00:03:07.887 HERE IF HE STILL WANTS TO SHEPHERD THAT FORWARD, AND 00:03:07.887 --> 00:03:07.921 HERE IF HE STILL WANTS TO SHEPHERD THAT FORWARD, AND I 00:03:07.921 --> 00:03:08.054 SHEPHERD THAT FORWARD, AND I 00:03:08.054 --> 00:03:08.121 SHEPHERD THAT FORWARD, AND I THINK 00:03:08.121 --> 00:03:08.188 SHEPHERD THAT FORWARD, AND I THINK IF 00:03:08.188 --> 00:03:08.254 SHEPHERD THAT FORWARD, AND I THINK IF YOU 00:03:08.254 --> 00:03:08.388 SHEPHERD THAT FORWARD, AND I THINK IF YOU WERE 00:03:08.388 --> 00:03:08.588 SHEPHERD THAT FORWARD, AND I THINK IF YOU WERE GOING 00:03:08.588 --> 00:03:08.922 SHEPHERD THAT FORWARD, AND I THINK IF YOU WERE GOING TO 00:03:08.922 --> 00:03:08.955 SHEPHERD THAT FORWARD, AND I THINK IF YOU WERE GOING TO PUT 00:03:08.955 --> 00:03:09.189 THINK IF YOU WERE GOING TO PUT 00:03:09.189 --> 00:03:09.355 THINK IF YOU WERE GOING TO PUT THE 00:03:09.355 --> 00:03:09.589 THINK IF YOU WERE GOING TO PUT THE SIMPLE 00:03:09.589 --> 00:03:09.989 THINK IF YOU WERE GOING TO PUT THE SIMPLE ODDS 00:03:09.989 --> 00:03:10.123 THINK IF YOU WERE GOING TO PUT THE SIMPLE ODDS ON 00:03:10.123 --> 00:03:10.390 THINK IF YOU WERE GOING TO PUT THE SIMPLE ODDS ON THIS, 00:03:10.390 --> 00:03:10.557 THINK IF YOU WERE GOING TO PUT THE SIMPLE ODDS ON THIS, ODDS 00:03:10.557 --> 00:03:10.657 THE SIMPLE ODDS ON THIS, ODDS 00:03:10.657 --> 00:03:11.124 THE SIMPLE ODDS ON THIS, ODDS ARE 00:03:11.124 --> 00:03:11.324 THE SIMPLE ODDS ON THIS, ODDS ARE THEY 00:03:11.324 --> 00:03:11.658 THE SIMPLE ODDS ON THIS, ODDS ARE THEY REMAIN 00:03:11.658 --> 00:03:12.192 THE SIMPLE ODDS ON THIS, ODDS ARE THEY REMAIN A 00:03:12.192 --> 00:03:12.559 THE SIMPLE ODDS ON THIS, ODDS ARE THEY REMAIN A STAND 00:03:12.559 --> 00:03:12.725 THE SIMPLE ODDS ON THIS, ODDS ARE THEY REMAIN A STAND ALONE 00:03:12.725 --> 00:03:12.926 ARE THEY REMAIN A STAND ALONE 00:03:12.926 --> 00:03:12.959 ARE THEY REMAIN A STAND ALONE COMPANY. 00:03:12.959 --> 00:03:13.026 COMPANY. 00:03:13.026 --> 00:03:13.326 COMPANY. I 00:03:13.326 --> 00:03:13.493 COMPANY. I AGREE 00:03:13.493 --> 00:03:13.660 COMPANY. I AGREE WITH 00:03:13.660 --> 00:03:13.893 COMPANY. I AGREE WITH YOU 00:03:13.893 --> 00:03:14.761 COMPANY. I AGREE WITH YOU ON 00:03:14.761 --> 00:03:14.928 COMPANY. I AGREE WITH YOU ON BARRY'S 00:03:14.928 --> 00:03:15.295 I AGREE WITH YOU ON BARRY'S 00:03:15.295 --> 00:03:15.328 I AGREE WITH YOU ON BARRY'S MOVE 00:03:15.328 --> 00:03:15.395 MOVE 00:03:15.395 --> 00:03:15.495 MOVE I 00:03:15.495 --> 00:03:15.662 MOVE I THINK 00:03:15.662 --> 00:03:17.530 MOVE I THINK IT'S 00:03:17.530 --> 00:03:17.630 MOVE I THINK IT'S MORE 00:03:17.630 --> 00:03:17.730 MOVE I THINK IT'S MORE THAN 00:03:17.730 --> 00:03:17.797 MOVE I THINK IT'S MORE THAN WINDOW 00:03:17.797 --> 00:03:17.997 I THINK IT'S MORE THAN WINDOW 00:03:17.997 --> 00:03:18.097 I THINK IT'S MORE THAN WINDOW DRESSING 00:03:18.097 --> 00:03:18.131 I THINK IT'S MORE THAN WINDOW DRESSING AROUND 00:03:18.131 --> 00:03:18.264 I THINK IT'S MORE THAN WINDOW DRESSING AROUND A 00:03:18.264 --> 00:03:18.298 I THINK IT'S MORE THAN WINDOW DRESSING AROUND A NOTION 00:03:18.298 --> 00:03:18.398 DRESSING AROUND A NOTION 00:03:18.398 --> 00:03:18.565 DRESSING AROUND A NOTION AND 00:03:18.565 --> 00:03:18.765 DRESSING AROUND A NOTION AND AT 00:03:18.765 --> 00:03:19.399 DRESSING AROUND A NOTION AND AT THE 00:03:19.399 --> 00:03:19.632 DRESSING AROUND A NOTION AND AT THE CORE 00:03:19.632 --> 00:03:19.832 DRESSING AROUND A NOTION AND AT THE CORE THIS 00:03:19.832 --> 00:03:19.966 DRESSING AROUND A NOTION AND AT THE CORE THIS COMPANY 00:03:19.966 --> 00:03:19.999 DRESSING AROUND A NOTION AND AT THE CORE THIS COMPANY HAS 00:03:19.999 --> 00:03:20.333 AND AT THE CORE THIS COMPANY HAS 00:03:20.333 --> 00:03:20.667 AND AT THE CORE THIS COMPANY HAS BEEN 00:03:20.667 --> 00:03:21.134 AND AT THE CORE THIS COMPANY HAS BEEN PUNISHED, 00:03:21.134 --> 00:03:21.467 AND AT THE CORE THIS COMPANY HAS BEEN PUNISHED, AND 00:03:21.467 --> 00:03:21.701 AND AT THE CORE THIS COMPANY HAS BEEN PUNISHED, AND THEY'VE 00:03:21.701 --> 00:03:21.868 AND AT THE CORE THIS COMPANY HAS BEEN PUNISHED, AND THEY'VE MADE 00:03:21.868 --> 00:03:22.001 BEEN PUNISHED, AND THEY'VE MADE 00:03:22.001 --> 00:03:22.802 BEEN PUNISHED, AND THEY'VE MADE SOME 00:03:22.802 --> 00:03:23.169 BEEN PUNISHED, AND THEY'VE MADE SOME SIGNIFICANT 00:03:23.169 --> 00:03:23.203 BEEN PUNISHED, AND THEY'VE MADE SOME SIGNIFICANT MISTAKES. 00:03:23.203 --> 00:03:23.336 SOME SIGNIFICANT MISTAKES. 00:03:23.336 --> 00:03:23.369 SOME SIGNIFICANT MISTAKES. BUT 00:03:23.369 --> 00:03:24.537 SOME SIGNIFICANT MISTAKES. BUT I 00:03:24.537 --> 00:03:24.771 SOME SIGNIFICANT MISTAKES. BUT I THINK 00:03:24.771 --> 00:03:25.371 SOME SIGNIFICANT MISTAKES. BUT I THINK THEY 00:03:25.371 --> 00:03:25.471 SOME SIGNIFICANT MISTAKES. BUT I THINK THEY ALSO 00:03:25.471 --> 00:03:25.772 SOME SIGNIFICANT MISTAKES. BUT I THINK THEY ALSO HAVE 00:03:25.772 --> 00:03:25.805 SOME SIGNIFICANT MISTAKES. BUT I THINK THEY ALSO HAVE A 00:03:25.805 --> 00:03:26.506 BUT I THINK THEY ALSO HAVE A 00:03:26.506 --> 00:03:26.839 BUT I THINK THEY ALSO HAVE A SIGNIFICANT 00:03:26.839 --> 00:03:26.873 BUT I THINK THEY ALSO HAVE A SIGNIFICANT ASSET. 00:03:26.873 --> 00:03:27.106 SIGNIFICANT ASSET. 00:03:27.106 --> 00:03:27.373 SIGNIFICANT ASSET. THEY 00:03:27.373 --> 00:03:28.775 SIGNIFICANT ASSET. THEY HAVE 00:03:28.775 --> 00:03:28.808 SIGNIFICANT ASSET. THEY HAVE ABOUT 00:03:28.808 --> 00:03:28.942 SIGNIFICANT ASSET. THEY HAVE ABOUT A 00:03:28.942 --> 00:03:28.975 SIGNIFICANT ASSET. THEY HAVE ABOUT A BILLION 00:03:28.975 --> 00:03:29.409 SIGNIFICANT ASSET. THEY HAVE ABOUT A BILLION A 00:03:29.409 --> 00:03:29.442 SIGNIFICANT ASSET. THEY HAVE ABOUT A BILLION A HALF 00:03:29.442 --> 00:03:29.642 THEY HAVE ABOUT A BILLION A HALF 00:03:29.642 --> 00:03:30.410 THEY HAVE ABOUT A BILLION A HALF IN 00:03:30.410 --> 00:03:30.910 THEY HAVE ABOUT A BILLION A HALF IN SUBSCRIPTION 00:03:30.910 --> 00:03:30.944 THEY HAVE ABOUT A BILLION A HALF IN SUBSCRIPTION REVENUE. 00:03:30.944 --> 00:03:31.244 IN SUBSCRIPTION REVENUE. 00:03:31.244 --> 00:03:31.444 IN SUBSCRIPTION REVENUE. THE 00:03:31.444 --> 00:03:31.678 IN SUBSCRIPTION REVENUE. THE RETENTION 00:03:31.678 --> 00:03:31.778 IN SUBSCRIPTION REVENUE. THE RETENTION RATE 00:03:31.778 --> 00:03:32.679 IN SUBSCRIPTION REVENUE. THE RETENTION RATE AROUND 00:03:32.679 --> 00:03:32.712 IN SUBSCRIPTION REVENUE. THE RETENTION RATE AROUND THAT 00:03:32.712 --> 00:03:33.079 THE RETENTION RATE AROUND THAT 00:03:33.079 --> 00:03:34.514 THE RETENTION RATE AROUND THAT REVENUE 00:03:34.514 --> 00:03:35.748 THE RETENTION RATE AROUND THAT REVENUE IS 00:03:35.748 --> 00:03:35.815 THE RETENTION RATE AROUND THAT REVENUE IS SPECTACULAR, 00:03:35.815 --> 00:03:35.915 THE RETENTION RATE AROUND THAT REVENUE IS SPECTACULAR, 90% 00:03:35.915 --> 00:03:37.951 REVENUE IS SPECTACULAR, 90% 00:03:37.951 --> 00:03:38.151 REVENUE IS SPECTACULAR, 90% ANNUAL 00:03:38.151 --> 00:03:38.184 REVENUE IS SPECTACULAR, 90% ANNUAL RETENTION 00:03:38.184 --> 00:03:38.284 ANNUAL RETENTION 00:03:38.284 --> 00:03:38.384 ANNUAL RETENTION IF 00:03:38.384 --> 00:03:38.518 ANNUAL RETENTION IF YOU'RE 00:03:38.518 --> 00:03:39.285 ANNUAL RETENTION IF YOU'RE CURIOUS 00:03:39.285 --> 00:03:39.452 ANNUAL RETENTION IF YOU'RE CURIOUS GYM 00:03:39.452 --> 00:03:39.686 IF YOU'RE CURIOUS GYM 00:03:39.686 --> 00:03:39.752 IF YOU'RE CURIOUS GYM MEMBERSHIPS 00:03:39.752 --> 00:03:39.986 IF YOU'RE CURIOUS GYM MEMBERSHIPS IN 00:03:39.986 --> 00:03:40.286 IF YOU'RE CURIOUS GYM MEMBERSHIPS IN THE 00:03:40.286 --> 00:03:41.254 IF YOU'RE CURIOUS GYM MEMBERSHIPS IN THE U.S. 00:03:41.254 --> 00:03:41.287 IF YOU'RE CURIOUS GYM MEMBERSHIPS IN THE U.S. HAVE 00:03:41.287 --> 00:03:42.088 MEMBERSHIPS IN THE U.S. HAVE 00:03:42.088 --> 00:03:42.155 MEMBERSHIPS IN THE U.S. HAVE ABOUT 00:03:42.155 --> 00:03:42.522 MEMBERSHIPS IN THE U.S. HAVE ABOUT 50% 00:03:42.522 --> 00:03:42.855 MEMBERSHIPS IN THE U.S. HAVE ABOUT 50% ANNUAL 00:03:42.855 --> 00:03:42.889 MEMBERSHIPS IN THE U.S. HAVE ABOUT 50% ANNUAL RETENTION 00:03:42.889 --> 00:03:42.989 ABOUT 50% ANNUAL RETENTION 00:03:42.989 --> 00:03:43.089 ABOUT 50% ANNUAL RETENTION SO 00:03:43.089 --> 00:03:43.323 ABOUT 50% ANNUAL RETENTION SO THIS 00:03:43.323 --> 00:03:43.523 ABOUT 50% ANNUAL RETENTION SO THIS COMPANY 00:03:43.523 --> 00:03:43.656 ABOUT 50% ANNUAL RETENTION SO THIS COMPANY HAS 00:03:43.656 --> 00:03:45.992 ABOUT 50% ANNUAL RETENTION SO THIS COMPANY HAS A 00:03:45.992 --> 00:03:46.025 ABOUT 50% ANNUAL RETENTION SO THIS COMPANY HAS A CORE 00:03:46.025 --> 00:03:46.192 SO THIS COMPANY HAS A CORE 00:03:46.192 --> 00:03:46.226 SO THIS COMPANY HAS A CORE ASSET. 00:03:46.226 --> 00:03:46.392 ASSET. 00:03:46.392 --> 00:03:46.459 ASSET. THEY'VE 00:03:46.459 --> 00:03:46.492 ASSET. THEY'VE GOT 00:03:46.492 --> 00:03:46.626 ASSET. THEY'VE GOT A 00:03:46.626 --> 00:03:46.859 ASSET. THEY'VE GOT A GROWTH 00:03:46.859 --> 00:03:47.026 ASSET. THEY'VE GOT A GROWTH TRAJECTORY 00:03:47.026 --> 00:03:47.193 THEY'VE GOT A GROWTH TRAJECTORY 00:03:47.193 --> 00:03:47.660 THEY'VE GOT A GROWTH TRAJECTORY PROBLEM 00:03:47.660 --> 00:03:47.927 THEY'VE GOT A GROWTH TRAJECTORY PROBLEM AND 00:03:47.927 --> 00:03:48.027 THEY'VE GOT A GROWTH TRAJECTORY PROBLEM AND THEY'VE 00:03:48.027 --> 00:03:48.394 THEY'VE GOT A GROWTH TRAJECTORY PROBLEM AND THEY'VE GOT 00:03:48.394 --> 00:03:48.428 THEY'VE GOT A GROWTH TRAJECTORY PROBLEM AND THEY'VE GOT AN 00:03:48.428 --> 00:03:48.595 PROBLEM AND THEY'VE GOT AN 00:03:48.595 --> 00:03:48.895 PROBLEM AND THEY'VE GOT AN EXPENSE 00:03:48.895 --> 00:03:49.462 PROBLEM AND THEY'VE GOT AN EXPENSE PROBLEM, 00:03:49.462 --> 00:03:49.495 PROBLEM AND THEY'VE GOT AN EXPENSE PROBLEM, BUT 00:03:49.495 --> 00:03:49.862 PROBLEM AND THEY'VE GOT AN EXPENSE PROBLEM, BUT I 00:03:49.862 --> 00:03:49.896 PROBLEM AND THEY'VE GOT AN EXPENSE PROBLEM, BUT I THINK 00:03:49.896 --> 00:03:50.029 EXPENSE PROBLEM, BUT I THINK 00:03:50.029 --> 00:03:50.263 EXPENSE PROBLEM, BUT I THINK THIS 00:03:50.263 --> 00:03:50.730 EXPENSE PROBLEM, BUT I THINK THIS COMPANY 00:03:50.730 --> 00:03:51.164 EXPENSE PROBLEM, BUT I THINK THIS COMPANY CAN 00:03:51.164 --> 00:03:51.431 EXPENSE PROBLEM, BUT I THINK THIS COMPANY CAN REBOUND 00:03:51.431 --> 00:03:51.464 EXPENSE PROBLEM, BUT I THINK THIS COMPANY CAN REBOUND AND 00:03:51.464 --> 00:03:51.598 THIS COMPANY CAN REBOUND AND 00:03:51.598 --> 00:03:51.664 THIS COMPANY CAN REBOUND AND KIND 00:03:51.664 --> 00:03:51.998 THIS COMPANY CAN REBOUND AND KIND OF 00:03:51.998 --> 00:03:52.365 THIS COMPANY CAN REBOUND AND KIND OF PUT 00:03:52.365 --> 00:03:52.699 THIS COMPANY CAN REBOUND AND KIND OF PUT IT 00:03:52.699 --> 00:03:53.066 THIS COMPANY CAN REBOUND AND KIND OF PUT IT TO 00:03:53.066 --> 00:03:53.233 THIS COMPANY CAN REBOUND AND KIND OF PUT IT TO THE 00:03:53.233 --> 00:03:53.399 THIS COMPANY CAN REBOUND AND KIND OF PUT IT TO THE FINAL 00:03:53.399 --> 00:03:53.533 KIND OF PUT IT TO THE FINAL 00:03:53.533 --> 00:03:53.733 KIND OF PUT IT TO THE FINAL POINT 00:03:53.733 --> 00:03:53.766 KIND OF PUT IT TO THE FINAL POINT HERE 00:03:53.766 --> 00:03:53.900 KIND OF PUT IT TO THE FINAL POINT HERE AT 00:03:53.900 --> 00:03:54.334 KIND OF PUT IT TO THE FINAL POINT HERE AT LEAST 00:03:54.334 --> 00:03:54.434 KIND OF PUT IT TO THE FINAL POINT HERE AT LEAST IN 00:03:54.434 --> 00:03:54.767 KIND OF PUT IT TO THE FINAL POINT HERE AT LEAST IN TERM 00:03:54.767 --> 00:03:54.801 KIND OF PUT IT TO THE FINAL POINT HERE AT LEAST IN TERM OF 00:03:54.801 --> 00:03:55.034 POINT HERE AT LEAST IN TERM OF 00:03:55.034 --> 00:03:55.168 POINT HERE AT LEAST IN TERM OF WHAT 00:03:55.168 --> 00:03:55.401 POINT HERE AT LEAST IN TERM OF WHAT BARRY 00:03:55.401 --> 00:03:55.635 POINT HERE AT LEAST IN TERM OF WHAT BARRY NEEDS 00:03:55.635 --> 00:03:55.768 POINT HERE AT LEAST IN TERM OF WHAT BARRY NEEDS TO 00:03:55.768 --> 00:03:56.035 POINT HERE AT LEAST IN TERM OF WHAT BARRY NEEDS TO DO 00:03:56.035 --> 00:03:57.904 POINT HERE AT LEAST IN TERM OF WHAT BARRY NEEDS TO DO IS 00:03:57.904 --> 00:03:58.071 POINT HERE AT LEAST IN TERM OF WHAT BARRY NEEDS TO DO IS GET 00:03:58.071 --> 00:03:58.371 WHAT BARRY NEEDS TO DO IS GET 00:03:58.371 --> 00:03:58.504 WHAT BARRY NEEDS TO DO IS GET THE 00:03:58.504 --> 00:03:58.638 WHAT BARRY NEEDS TO DO IS GET THE COSTS 00:03:58.638 --> 00:03:59.072 WHAT BARRY NEEDS TO DO IS GET THE COSTS UNDER 00:03:59.072 --> 00:03:59.272 WHAT BARRY NEEDS TO DO IS GET THE COSTS UNDER CONTROL, 00:03:59.272 --> 00:03:59.505 WHAT BARRY NEEDS TO DO IS GET THE COSTS UNDER CONTROL, BUT 00:03:59.505 --> 00:03:59.672 WHAT BARRY NEEDS TO DO IS GET THE COSTS UNDER CONTROL, BUT HE 00:03:59.672 --> 00:03:59.806 THE COSTS UNDER CONTROL, BUT HE 00:03:59.806 --> 00:03:59.939 THE COSTS UNDER CONTROL, BUT HE ALSO 00:03:59.939 --> 00:04:00.206 THE COSTS UNDER CONTROL, BUT HE ALSO NEEDS 00:04:00.206 --> 00:04:00.673 THE COSTS UNDER CONTROL, BUT HE ALSO NEEDS TO 00:04:00.673 --> 00:04:01.307 THE COSTS UNDER CONTROL, BUT HE ALSO NEEDS TO GET 00:04:01.307 --> 00:04:01.341 THE COSTS UNDER CONTROL, BUT HE ALSO NEEDS TO GET INNOVATION 00:04:01.341 --> 00:04:01.507 ALSO NEEDS TO GET INNOVATION 00:04:01.507 --> 00:04:04.410 ALSO NEEDS TO GET INNOVATION MOVING 00:04:04.410 --> 00:04:04.611 ALSO NEEDS TO GET INNOVATION MOVING BECAUSE 00:04:04.611 --> 00:04:04.944 ALSO NEEDS TO GET INNOVATION MOVING BECAUSE FITNESS 00:04:04.944 --> 00:04:05.311 ALSO NEEDS TO GET INNOVATION MOVING BECAUSE FITNESS BY 00:04:05.311 --> 00:04:05.345 ALSO NEEDS TO GET INNOVATION MOVING BECAUSE FITNESS BY NATURE 00:04:05.345 --> 00:04:05.445 MOVING BECAUSE FITNESS BY NATURE 00:04:05.445 --> 00:04:08.748 MOVING BECAUSE FITNESS BY NATURE IS 00:04:08.748 --> 00:04:09.649 MOVING BECAUSE FITNESS BY NATURE IS A 00:04:09.649 --> 00:04:09.749 MOVING BECAUSE FITNESS BY NATURE IS A HIT 00:04:09.749 --> 00:04:09.816 MOVING BECAUSE FITNESS BY NATURE IS A HIT DRIVEN 00:04:09.816 --> 00:04:09.849 MOVING BECAUSE FITNESS BY NATURE IS A HIT DRIVEN IF 00:04:09.849 --> 00:04:10.016 MOVING BECAUSE FITNESS BY NATURE IS A HIT DRIVEN IF WE 00:04:10.016 --> 00:04:10.049 MOVING BECAUSE FITNESS BY NATURE IS A HIT DRIVEN IF WE PROBABLY 00:04:10.049 --> 00:04:10.250 IS A HIT DRIVEN IF WE PROBABLY 00:04:10.250 --> 00:04:10.450 IS A HIT DRIVEN IF WE PROBABLY REMANENCE 00:04:10.450 --> 00:04:10.650 IS A HIT DRIVEN IF WE PROBABLY REMANENCE NOIR 00:04:10.650 --> 00:04:10.883 IS A HIT DRIVEN IF WE PROBABLY REMANENCE NOIR NOT 00:04:10.883 --> 00:04:11.317 IS A HIT DRIVEN IF WE PROBABLY REMANENCE NOIR NOT THE 00:04:11.317 --> 00:04:11.484 IS A HIT DRIVEN IF WE PROBABLY REMANENCE NOIR NOT THE SAME 00:04:11.484 --> 00:04:11.651 REMANENCE NOIR NOT THE SAME 00:04:11.651 --> 00:04:11.751 REMANENCE NOIR NOT THE SAME THINGS 00:04:11.751 --> 00:04:12.085 REMANENCE NOIR NOT THE SAME THINGS WE'RE 00:04:12.085 --> 00:04:12.452 REMANENCE NOIR NOT THE SAME THINGS WE'RE DOING 00:04:12.452 --> 00:04:12.485 REMANENCE NOIR NOT THE SAME THINGS WE'RE DOING TODAY 00:04:12.485 --> 00:04:12.585 THINGS WE'RE DOING TODAY 00:04:12.585 --> 00:04:12.619 THINGS WE'RE DOING TODAY SO 00:04:12.619 --> 00:04:12.719 THINGS WE'RE DOING TODAY SO I 00:04:12.719 --> 00:04:12.919 THINGS WE'RE DOING TODAY SO I THINK 00:04:12.919 --> 00:04:13.119 THINGS WE'RE DOING TODAY SO I THINK FOR 00:04:13.119 --> 00:04:13.753 THINGS WE'RE DOING TODAY SO I THINK FOR PELOTON 00:04:13.753 --> 00:04:13.820 THINGS WE'RE DOING TODAY SO I THINK FOR PELOTON TO 00:04:13.820 --> 00:04:14.354 THINGS WE'RE DOING TODAY SO I THINK FOR PELOTON TO BE 00:04:14.354 --> 00:04:14.387 THINGS WE'RE DOING TODAY SO I THINK FOR PELOTON TO BE A 00:04:14.387 --> 00:04:14.554 SO I THINK FOR PELOTON TO BE A 00:04:14.554 --> 00:04:14.787 SO I THINK FOR PELOTON TO BE A LEADER 00:04:14.787 --> 00:04:15.021 SO I THINK FOR PELOTON TO BE A LEADER LONG-TERM 00:04:15.021 --> 00:04:15.822 SO I THINK FOR PELOTON TO BE A LEADER LONG-TERM THEY 00:04:15.822 --> 00:04:16.422 SO I THINK FOR PELOTON TO BE A LEADER LONG-TERM THEY NEED 00:04:16.422 --> 00:04:16.589 SO I THINK FOR PELOTON TO BE A LEADER LONG-TERM THEY NEED TO 00:04:16.589 --> 00:04:16.789 LEADER LONG-TERM THEY NEED TO 00:04:16.789 --> 00:04:17.223 LEADER LONG-TERM THEY NEED TO STABILIZE 00:04:17.223 --> 00:04:17.557 LEADER LONG-TERM THEY NEED TO STABILIZE NEAR 00:04:17.557 --> 00:04:17.590 LEADER LONG-TERM THEY NEED TO STABILIZE NEAR TERM. 00:04:17.590 --> 00:04:18.024 STABILIZE NEAR TERM. 00:04:18.024 --> 00:04:18.258 STABILIZE NEAR TERM. BUT 00:04:18.258 --> 00:04:18.458 STABILIZE NEAR TERM. BUT LONG-TERM 00:04:18.458 --> 00:04:18.658 STABILIZE NEAR TERM. BUT LONG-TERM THEY 00:04:18.658 --> 00:04:19.158 STABILIZE NEAR TERM. BUT LONG-TERM THEY NEED 00:04:19.158 --> 00:04:19.192 STABILIZE NEAR TERM. BUT LONG-TERM THEY NEED TO 00:04:19.192 --> 00:04:19.459 BUT LONG-TERM THEY NEED TO 00:04:19.459 --> 00:04:19.726 BUT LONG-TERM THEY NEED TO CONTINUE 00:04:19.726 --> 00:04:19.859 BUT LONG-TERM THEY NEED TO CONTINUE TO 00:04:19.859 --> 00:04:20.593 BUT LONG-TERM THEY NEED TO CONTINUE TO CREATE 00:04:20.593 --> 00:04:20.627 BUT LONG-TERM THEY NEED TO CONTINUE TO CREATE PRODUCT 00:04:20.627 --> 00:04:20.860 CONTINUE TO CREATE PRODUCT 00:04:20.860 --> 00:04:20.927 CONTINUE TO CREATE PRODUCT INNOVATION 00:04:20.927 --> 00:04:21.194 CONTINUE TO CREATE PRODUCT INNOVATION AND 00:04:21.194 --> 00:04:21.427 CONTINUE TO CREATE PRODUCT INNOVATION AND NEW 00:04:21.427 --> 00:04:21.928 CONTINUE TO CREATE PRODUCT INNOVATION AND NEW DEVICES 00:04:21.928 --> 00:04:21.961 CONTINUE TO CREATE PRODUCT INNOVATION AND NEW DEVICES AND 00:04:21.961 --> 00:04:22.128 INNOVATION AND NEW DEVICES AND 00:04:22.128 --> 00:04:22.328 INNOVATION AND NEW DEVICES AND WORK 00:04:22.328 --> 00:04:22.495 INNOVATION AND NEW DEVICES AND WORK OUTS 00:04:22.495 --> 00:04:22.695 INNOVATION AND NEW DEVICES AND WORK OUTS WHEN 00:04:22.695 --> 00:04:22.929 INNOVATION AND NEW DEVICES AND WORK OUTS WHEN YOU 00:04:22.929 --> 00:04:23.296 INNOVATION AND NEW DEVICES AND WORK OUTS WHEN YOU THINK 00:04:23.296 --> 00:04:23.329 INNOVATION AND NEW DEVICES AND WORK OUTS WHEN YOU THINK ABOUT 00:04:23.329 --> 00:04:23.496 WORK OUTS WHEN YOU THINK ABOUT 00:04:23.496 --> 00:04:23.563 WORK OUTS WHEN YOU THINK ABOUT PELOTON 00:04:23.563 --> 00:04:23.796 WORK OUTS WHEN YOU THINK ABOUT PELOTON IN 00:04:23.796 --> 00:04:23.930 WORK OUTS WHEN YOU THINK ABOUT PELOTON IN THE 00:04:23.930 --> 00:04:24.130 WORK OUTS WHEN YOU THINK ABOUT PELOTON IN THE YEARS 00:04:24.130 --> 00:04:24.631 WORK OUTS WHEN YOU THINK ABOUT PELOTON IN THE YEARS TO 00:04:24.631 --> 00:04:24.831 WORK OUTS WHEN YOU THINK ABOUT PELOTON IN THE YEARS TO COME 00:04:24.831 --> 00:04:24.864 WORK OUTS WHEN YOU THINK ABOUT PELOTON IN THE YEARS TO COME YOU 00:04:24.864 --> 00:04:24.964 PELOTON IN THE YEARS TO COME YOU 00:04:24.964 --> 00:04:25.131 PELOTON IN THE YEARS TO COME YOU MAY 00:04:25.131 --> 00:04:25.398 PELOTON IN THE YEARS TO COME YOU MAY BE 00:04:25.398 --> 00:04:25.632 PELOTON IN THE YEARS TO COME YOU MAY BE THINKING 00:04:25.632 --> 00:04:26.065 PELOTON IN THE YEARS TO COME YOU MAY BE THINKING ABOUT 00:04:26.065 --> 00:04:26.432 PELOTON IN THE YEARS TO COME YOU MAY BE THINKING ABOUT A 00:04:26.432 --> 00:04:26.599 PELOTON IN THE YEARS TO COME YOU MAY BE THINKING ABOUT A TOTALLY 00:04:26.599 --> 00:04:26.932 MAY BE THINKING ABOUT A TOTALLY