Peloton Interactive Inc. 2024 Annual Meeting of Stockholders. I would now like to turn the conference over to Karen Boone. Ms. Boone, please go ahead. Thank you. Good morning, everyone. Welcome, and thanks for joining us for our 2024 Annual Meeting of Stockholders. This is Karen Boone, Interim Chief Executive Officer and President of Peloton. I will be presiding as Chair of this Annual Meeting and now call the meeting to order. We are excited to be hosting our Annual Meeting virtually, with our stockholders attending via our web meeting portal. Through this online platform, we believe we are able to increase stockholder participation and reach a greater number of our stockholders. In addition to myself, the other directors and executive officers of Peloton attending today's Annual Meeting are Jay Hoag, Chairperson of our Board of Directors and Chair of the Compensation Committee; Chris Bruzzo, Director; John Callahan, Director; Angel Mendez, Director and Chair of our Audit Committee; Pamela Thomas-Graham, Director and Chair of our Nominating Governance and Corporate Responsibility Committee; Liz Coddington, Chief Financial Officer; Tammy Albarrán, Chief Legal Officer and Corporate Secretary; Nick Caldwell, Chief Product Officer; Jen Cotter, Chief Content Officer; Andy Rendich, Chief Supply Chain Officer; Dion Sanders, Chief Emerging Business Officer; and Lauren Weinberg, Chief Marketing Officer. Also in attendance by remote access today are Mike Hollander and David Schuldenfrei of Ernst & Young LLP, our independent registered public accounting firm, who will be available during the question and answer session to respond to appropriate questions, and Christopher Woods of American Election Services, who is acting as Inspector of Election for this meeting and will tabulate results of the voting. Before I turn it over to Tammy, I would also like to take a moment to thank John Callahan, who has been a member of our Peloton board since 2015 for his many years of service on our board. We are so grateful for his unwavering commitment and passion for the brand and for our members, and his many contributions to the business and the broader Peloton team. We are also excited to welcome Tara Comonte, who will join the board and our Audit Committee effective today. I would now like to turn things over to Tammy Albarrán, who will serve as Secretary of this Annual Meeting and lead us through the formal matters of business that we have on the agenda for today. I will lead a general question and answer session at the end of the meeting with support from our Head of Investor Relations, James Marsh. Thanks, Karen. This Annual Meeting of Stockholders is held pursuant to the bylaws of the company and written notice to all stockholders, and we're conducting this Annual Meeting in accordance with the meeting agenda and the rules of conduct and procedures, which are posted on the virtual meeting website, some of which I will highlight. To assure an orderly meeting, we kindly ask that all participants abide by these rules. The only business matters to be conducted at the Annual Meeting are the matters set forth in the Notice of Annual Meeting of Stockholders and Proxy Statement dated October 22nd, 2024. All our stockholders of record, as of the close of business on the record date of October 11, 2024, are permitted to vote. We have allotted time for questions and answers after the conclusion of the formal business of the meeting, during which we will answer questions from as many stockholders as possible. We received questions in advance of the meeting and will go through them before moving on to questions submitted during today's meeting, as time permits. As noted in the rules of conduct and procedures, stockholders are limited to two questions each for today's meeting. Though we may not be able to answer every question that's been submitted in advance or that is posed during this portion of the meeting, we will do our best to respond to as many as possible. We do not intend to address any questions that are, among other things, irrelevant to the business of the company, derogatory, or otherwise in bad taste. Please note that stockholders who want to ask a question may do so by submitting their question in writing where indicated on the webcast portal for this meeting. Only stockholders entitled to vote will be permitted to submit questions, and you must have signed in using your 16-digit control number to do so. This meeting is being recorded. However, no one attending via the webcast is permitted to use any audio recording device to record this meeting. Now, let me turn to the formal business of this meeting. Mr. Christopher Woods has executed the oath of Inspector of Election, which will be filed with the minutes of this meeting. I present to this meeting an affidavit of Broadridge Financial Solutions certifying that a notice of this Annual Meeting and a notice of internet availability of proxy materials were mailed on or about October 22nd, 2024, to all of Peloton's stockholders of record, determined as of the close of business on the record date, October 11th, 2024. The affidavit will be filed with the minutes of this meeting. I have a list of the stockholders entitled to vote at this meeting, which was available for inspection by stockholders prior to the Annual Meeting and which will be filed with the records of this meeting. The list of stockholders shows that as of the record date, there were 363,164,013 shares of Class A common stock and 18,141,608 shares of our Class B common stock outstanding and entitled to vote at this meeting, with each share of Class A common stock entitled to one vote and each share of Class B common stock entitled to 20 votes. I am advised by the Inspector of Election that over a majority of the voting power of our outstanding shares of common stock entitled to vote at this meeting is present or represented by proxy here today, and that a quorum is therefore present to conduct our meeting. The proposals to be voted on are described in our proxy statement dated October 22nd, 2024, and I will review these in a few minutes. The polls are now open for voting. Voting is by proxy and electronic ballot. All stockholders entitled to vote at this meeting have the ability to do so. If you are a stockholder entitled to vote and have not yet voted, or if you wish to change your previously cast vote, you may do so by clicking on the vote button on the webcast portal and following the instructions there. Please remember that if you have already voted by proxy or via the internet or by phone and you do not wish to change your vote, there is no further action needed. Your vote will be counted automatically. We expect to close the polls after the presentation of matters to be voted on at today's meeting and a question and answer session specific to the formal matters of business on the agenda. We'll now move to the matters to be voted on at today's meeting. The first proposal is the election of one director. At this meeting, we are seeking to elect Mr. Jay Hoag, the Class II nominee who is currently serving as a director in Class II for a three-year term expiring at the 2027 Annual Meeting of Stockholders. Information about the nominee is contained in the proxy statement. Since no other nominations were received prior to the deadline established in the company's bylaws or pursuant to the Securities and Exchange Commission rules, no additional nomination may be made at this meeting, and I declare the nominations to be closed. The Board of Directors recommends a vote for the election of the nominated director. As Secretary of this Annual Meeting and on behalf of the Board of Directors, I move for the election of the nominated director, and such motion is seconded by proxy. We received one question on this proposal prior to the meeting. The question asks whether Mr. Hoag is able to commit the necessary time to serve as a member of our Board of Directors. Karen, would you like to respond? Yes. Mr. Hoag has served as a member of our board since August 2018 and has a deep understanding of our business. He also has extensive experience working with the management teams of a number of privately and publicly held companies and brings valued insights on the topics such as corporate strategy and risk management. Mr. Hoag also provides the important perspective of a public company investor. Mr. Hoag and TCV are investors in public companies such as Netflix, TripAdvisor, and Zillow, and as a result of those TCV investments, Mr. Hoag sits on the boards of those three companies. Mr. Hoag has the time to devote to Peloton, has attended all board and compensation committee meetings this fiscal year, and is very active and fully engaged. He's also extremely responsive and available to me, to other members of the board, and to the entire executive management team when needed. Thank you, Karen. I'll now pause for a few moments. In the event there are other questions specific to this proposal. Seeing none, we'll move on to the next item. The second proposal is to ratify the appointment of Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending June 30, 2025. The Board of Directors recommends a vote for the ratification of the appointment of Ernst & Young LLP. As Secretary of this Annual Meeting and on behalf of the Board of Directors, I move for approval of this proposal, and such motion is seconded by proxy. We did not receive any questions on this proposal prior to the meeting. I'll pause now for a few moments in the event there are any questions specific to this proposal. Seeing none, we'll move on to the final item. The third proposal is to approve on a non-binding advisory basis the compensation of our named executive officers as disclosed in the proxy statement. The Board of Directors recommends a vote for the proposal. As Secretary of this Annual Meeting and on behalf of the Board of Directors, I move for the approval of this proposal, and such motion is seconded by proxy. We did not receive any questions on this proposal prior to the meeting. I'll pause for a few moments in the event there are any questions specific to this proposal now. Seeing none, we'll move on. This concludes the discussion of the proposals. The polls are about to close. So if you have not yet voted and wish to do so, please vote now. As noted earlier, the voting today is by proxy and electronic ballot. Any stockholder who has not voted or wishes to change his or her vote may do so now by clicking the vote button on the webcast portal and following the instructions there. Stockholders who have sent in proxies or previously voted via the internet or by phone and who do not wish to change their vote do not need to take any further action. Your votes will be counted automatically. I will pause now for a few minutes to allow anyone who chooses to vote here to cast their electronic ballot. I'll pause for just another 30 seconds. Now that everyone has had the opportunity to vote, I declare the polls for the 2024 Annual Meeting of Stockholders of Peloton Interactive Inc. closed. The Inspector of Election has finished his tabulations and delivered his preliminary report to me, and I will now announce the preliminary voting results. The director elected pursuant to proposal one is required to be elected by a plurality of the votes cast by holders of our Class A and Class B common stock voting as a single class. Based on these results, Mr. Hoag has been reelected as the director of the company to serve a three-year term that will expire in 2027. The vote required to approve proposal two is the affirmative vote of the holders of a majority of the voting power of our Class A and Class B common stock voting as a single class. Based on these results, the proposal to ratify the appointment of Ernst & Young LLP has been approved. The vote required to approve proposal three is the affirmative vote of the holders of a majority of the voting power of our Class A and Class B common stock voting together as a single class. Based on these results, the proposal to approve on a non-binding advisory basis the compensation of our named executive officers as disclosed in the proxy statement has been approved. Final results of the vote will be recorded as stated in the minutes of this meeting and also publicly filed with the Securities and Exchange Commission on a Form 8-K within four business days. As there is no further business to come before the meeting, this concludes the formal portion of the meeting, and it is adjourned. I would now like to introduce James Marsh, our Head of Investor Relations, who will be joined by Karen Boone, our Interim Chief Executive Officer and President, to conduct a general question-and-answer session. Again, as a reminder, if you are a stockholder and you entered your 16-digit control number when you entered this meeting, you may submit a question at any time on the virtual meeting website. Thank you, Tammy. We appreciate the questions stockholders have submitted, including those questions submitted in advance of the meeting, and we'll try to answer all of them subject to practical time constraints. As stated in the rules of conduct and procedures, each stockholder is limited to two questions during the Q&A session in order to provide access to as many stockholders as possible. Questions from multiple stockholders on the same topic or questions that are otherwise related may be grouped, summarized, or answered together to avoid repetition. Each question should be succinct and cover one topic only. If you have any remaining questions when we conclude today, you may contact us via investor@onepeloton.com. To begin, we received a question asking whether we plan to introduce any new products. I'll ask Karen to address this question. Thank you, James. Our broader investment approach encompasses both hardware and software innovation. We continue to invest a healthy amount in product development, but with a renewed focus on sustainable profitability. While we do not discuss any hardware plans for competitive reasons, we did discuss some of our ongoing software innovation efforts, which are key to our goal of delivering engaging fitness experiences on our last earnings call. Specifically, as we discussed, we are excited about new offerings we are testing right now, which include Strength Plus, our game-inspired fitness experiences, personalized plans, and private teams. Our approach to launching these experimental features and phases allows us to test how the market responds and then iterate based on our learnings before scaling investment. We will have more to discuss as we evolve these offerings based on our learnings. Overall, we're continuously looking at ways to improve the experience for our members on our connected fitness products as well as on the Peloton App through frequent software updates, feature enhancements, and development and launch of new innovative fitness experiences. We're also continuing to invest in efforts to improve the speed, scalability, and security of our platform infrastructure. Thank you, Karen. We also received a question asking about our advertising strategy. I'll pass that on to Liz. Thanks, James, and thank you for the question. We continue to evolve our marketing strategy to generate profitable growth. Broadly speaking, to market our products, we use a combination of brand and product-specific performance marketing, which includes seasonal promotions to build brand awareness, to generate sales of our connected fitness products, and drive paid connected fitness subscriptions and paid app subscriptions. Lauren Weinberg, our Chief Marketing Officer, who joined Peloton nearly one year ago, has made a number of strategic changes to help drive more efficient marketing spend. For example, we have moved from a promotion-heavy strategy to one that balances demand creation and capture. This includes reducing promotion frequency and richness, as well as strategically building demand ahead of promotional moments. We have also significantly reduced our customer acquisition costs with a disciplined approach to media spend, including a focus on building better measurement capabilities so that we can test, learn, and iterate more efficiently, as well as enhanced our focus on reaching qualified target growth segments beyond our core demos, such as men and Latine audiences, where we see significant opportunity. We have also reduced non-media marketing spend, such as brand and creative, retail showroom costs, and other marketing overhead costs. Marketing efficiency is an important element to improving our LTV to CAC ratios, so we will remain disciplined when deciding how to deploy marketing spend. Great. Thank you, Liz. To adhere to our meeting schedule, we must conclude our session at this time and invite you to communicate further via our investor relations website at any time. We extend our appreciation to our stockholders, as well as our directors and our team members at Peloton. We look forward to addressing the opportunities ahead. Thank you for your support. This note concludes the meeting. Thank you for joining, and have a pleasant day.