Blackwells Capital Activist Presentation Deck
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PELOTON
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Peloton is an interactive fitness platform with millions of
members, offering connected, technology-enabled fitness.
classes that utilize its proprietary hardware
The Company's Connected Fitness products include the Peloton
Bike, Bike+, Peloton Tread and Tread+
Peloton generates strong recurring revenue from its Members,
who pay subscription fees to access Peloton's app or Connected
Fitness products
EXECUTIVE SUMMARY: OVERVIEW OF PELOTON
The Company has been challenged by a series of execution
errors; as a result, Q1 2022 revenue was down ~36% from the
Company's peak in Q3 2021
LTM Revenue by Source
25%
75%
BW BLACKWELLS CAPITAL
■Connected Fitness Revenue Subscription Revenue 2Q 21
Total Revenue ($M)
$1,262
$1,065
3Q 21
$937
4Q 21
$805
1Q 21
20%
0%
-20%
-40%
-60%
-80%
-100%
Source: Bloomberg, Company filings. Note: Data as of February 4, 2022 unless specified otherwise.
Jan-21
2021 Total Shareholder Returns
Apr-21
Eurow
Nasdaq
Enterprise Value
Market Cap
LTM Revenue
LTM Adj. EBITDA
EV/LTM Revenue
Employees (as of June 30, 2021)
LTM Revenue/Employee
Jul-21
much
Oct-21
-76%
$8,753 Million
$8,043 Million
$4,069 Million
($99) Million
2.2x
8,976
$453,342
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