Morning and welcome to the Peloton Interactive Incorporated 2025 Annual Meeting of Stockholders. I would now like to turn the conference over to Peter Stern. Mr. Stern, please go ahead. Good morning, everyone. Welcome, and thank you for joining us at the 2025 Annual Meeting of Stockholders. I'm Peter Stern, Chief Executive Officer and President of Peloton. I will be presiding as Chair of the Annual Meeting, and I now call the meeting to order. We are excited to be hosting our Annual Meeting virtually, with stockholders attending via our web meeting portal. I'm joined today by other members of our Board of Directors and the company's lead team. Also in attendance today are representatives of Ernst & Young LLP, our independent registered public accounting firm, who will be available to respond to appropriate questions, and Christopher Woods of First Coast Results, who is acting as Inspector of Election for this meeting and will tabulate the votes. With those introductions, I will turn things over to Tammy Albarrán, who will serve as Secretary of the Meeting and will lead us through the formal matters of business on today's agenda. Thank you, Peter. This Annual Meeting of Stockholders is being held pursuant to the bylaws of the company and the written notice provided to stockholders. We are conducting this meeting in accordance with the meeting agenda and the Rules of Conduct and Procedures, which are posted on the virtual meeting website. We kindly ask that all participants abide by these rules. The only business matters to be conducted at today's meeting are the matters set forth in the Notice of Annual Meeting of Stockholders and in our Proxy Statement dated October 24, 2025. Only stockholders of record, as of the close of business on the record date of October 15, 2025, are permitted to vote. We will hold a question-and-answer session after the conclusion of the formal business of the meeting. Now, let me turn to the formal business of the meeting. Christopher Woods has executed a note as Inspector of Election, which will be filed with the records of this meeting. I present to this meeting an affidavit of Broadridge Financial Solutions certifying that a notice of this meeting and a Notice of Internet Availability of Proxy Materials were mailed on or about October 24, 2025, to all of Peloton stockholders of record, determined as of the close of business on the record date October 15, 2025. The affidavit will be filed with the records 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 401,756,597 shares of Class A common stock and 15,836,724 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, and I will review them momentarily. 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 poll after the presentation of matters to be voted on at today's meeting. We will now move to the matters to be voted on at today's meeting. The first proposal is the election of three directors. The Board of Directors has nominated current directors Karen Boone, Chris Bruzzo, and Tara Comonte to serve as Class III directors for a three-year term expiring at the 2028 Annual Meeting of Stockholders. Information about the nominees can be found in the Proxy Statement. Since we received no other nominations prior to the deadline established in the company's bylaws or otherwise pursuant to Securities and Exchange Commission rules, no additional nominations 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 directors. As Secretary of this meeting and on behalf of the Board, I move for the election of the nominated directors, and such motion is seconded by proxy. 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, 2026. 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. 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 a reminder, 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 further action. Your votes will be counted automatically. I will pause now for one minute to allow anyone who chooses to vote here to cast their electronic ballot. Now that everyone has had the opportunity to vote, I declare the polls for the 2025 Annual Meeting of Stockholders of Peloton Interactive, Inc. to be closed. The Inspector of Election has finished his tabulations and delivered his preliminary vote report to me. I will now announce the preliminary voting results. Directors elected pursuant to Proposal 1 are 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 the preliminary results, Karen Boone, Chris Bruzzo, and Tara Comonte have been elected as Class III directors. The vote required to approve Proposal 2 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. Final results will be 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, the meeting is adjourned. I would now like to introduce James Marsh, our Head of Investor Relations, who will be joined by Peter Stern to conduct a question-and-answer session. 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 on the virtual meeting website. Thank you, Tammy. We appreciate the questions that stockholders have submitted, including those questions submitted in advance of the meeting, and we'll try to answer them, subject to practical time constraints. As stated in the rules of conduct, each stockholder is limited to two questions during this 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 only one topic. 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 roll out Peloton Row and Tread+ internationally. I'll ask Peter to address this question. Thanks for the question. I'm pleased, first of all, to announce that early in October, we launched Tread+ in Canada. So we now offer our full Tread portfolio up north. With regard to launching Tread+ and Peloton Row in our European and Australian markets, there are a couple of different issues there. With regard to Tread+, our challenge is ensuring that that product is compatible with the 230-volt architecture in international markets. We are actively evaluating potential solutions to that problem, but I don't have an announcement today about a launch. With regard to Peloton Row, that product is compatible with a 230-volt architecture, but there is still some work that we would need to do on testing that product. And so we're assessing the opportunity relative to the cost associated with it. So just to leave that one with a bit of a summary, we think it's possible. We're evaluating it. Don't have an answer today. We must conclude our Q&A session and invite you to communicate further via our Investor Relations website. We extend our appreciation to our stockholders as well as our directors, our team members at Peloton. We look forward to addressing the opportunities ahead, and thank you for your support.