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`Flywheel v. Peloton
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`Flywheel v. Peloton
`Peloton Ex. 2022
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`IPR2019-01411
`Flywheel v. Peloton
`Peloton Ex. 2022
`
`

`

`Table of Contents
`
`ABOVE ALL ELSE. WE ARE
`AN INNOVATION COMPANY
`TRANSFORMIHG THE LIVES OF
`PEOPLE AROUND THE woRLD
`THROUGH oun EVER-EVOLVING
`FITNESS PLATFORM.
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`|PR2019—01411
`
`Flywheel v. Peloton
`Peloton Ex. 2022
`
`IPR2019-01411
`Flywheel v. Peloton
`Peloton Ex. 2022
`
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`IPR2019-01411
`Flywheel v. Peloton
`Peloton Ex. 2022
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`

`

`Table of Contents
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`  ÿÿ
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`Our Connected Fitness Product offerings currently include the Peloton Bike, launched in 2014, and the Peloton Tread, launched in 2018. Both
`our Bike and Tread include a state-of-the-art touchscreen that streams live and on-demand classes. Our products have a multitude of interactive
`software features that encourage frequent use, facilitate healthy competition on our patented leaderboard, build community among our
`Members, and inspire our Members to track performance and achieve their goals with real-time and historical metrics. As of June 30, 2019, we
`had sold approximately 577,000 Connected Fitness Products, with approximately 564,000 sold in the United States.
`
`Our world-class instructors teach classes across a variety of fitness and wellness disciplines, including indoor cycling, indoor/outdoor running
`and walking, bootcamp, yoga, strength training, stretching, and meditation. We produce over 950 original programs per month and maintain a
`vast and constantly updated library of thousands of original fitness and wellness programs. We make it easy for Members to find a class that fits
`their interests based on class type, instructor, music genre, length, available equipment, area of physical focus, and level of difficulty.
`
`Our content is available on our Connected Fitness Products through a $39.00 monthly Connected Fitness Subscription, which allows for
`unlimited workouts across multiple users within a household. Our Connected Fitness Subscribers can enjoy our classes anywhere through our
`digital app, Peloton Digital, which is available through iOS and Android mobile devices, as well as most tablets and computers. We also have
`Digital Subscribers who pay $19.49 per month for access to our content library on their own devices.
`
`Our revenue is primarily generated from the sale of our Connected Fitness Products and associated recurring subscription revenue. We have
`experienced significant growth in sales of Connected Fitness Products, which, when combined with our strong Connected Fitness Subscriber
`retention rates, has driven high growth in Connected Fitness Subscribers. Our Connected Fitness Subscriber base grew by 108% in fiscal 2019.
`
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`Our compelling financial profile is characterized by high growth, strong retention, recurring revenue, margin expansion, and efficient customer
`acquisition. Our low Average Net Monthly Connected Fitness Churn, together with our high Subscription Contribution Margin, generates
`attractive Connected Fitness Subscriber Lifetime Value. When we acquire new Connected Fitness Subscribers, we are able to offset our
`customer acquisition costs with the gross profit earned on our Connected Fitness Products. This allows for rapid payback of our sales and
`marketing investments and results in a robust unit economic model.
`
`Results of Operations—Key Operational and Business Metrics."
`
`We are a fast-growing and scaled fitness platform. For fiscal 2017, 2018, and 2019:
`
`- we generated total revenue of $218.6 million, $435.0 million, and $915.0 million, respectively, representing 99.0% and 110.3% year-over-
`year growth;
`- we incurred net losses of $(71.1) million, $(47.9) million, and $(195.6) million, respectively; and
`-
`our Adjusted EBITDA was $(51.8) million, $(30.4) million, and $(71.3) million, respectively.
`
`See the section titled “Selected Consolidated Financial and Other Data—Non-GAAP Financial Measures" for information regarding our use of
`Adjusted EBITDA and a reconciliation of net loss to Adjusted EBITDA.
`
`For fiscal 2017, 2018, and 2019, key metrics of our business included:
`
`Connected Fitness Subscribers of 107,708, 245,667, and 511,202, respectively; and
`-
`- Average Net Monthly Connected Fitness Churn of 0.70%, 0.64%, and 0.65%, respectively.
`
`For a definition of Connected Fitness Subscriber Lifetime Value, see the section titled “Management’s Discussion and Analysis of Financial
`Condition and Results of Operations—Business Model" and for a definition of Connected Fitness Subscribers, Average Net Monthly Connected
`Fitness Churn, and Subscription Contribution Margin, see the section titled “Management’s Discussion and Analysis of Financial Condition and
`
`|PR2019—01411
`
`Flywheel v. Peloton
`Peloton Ex. 2022
`
`IPR2019-01411
`Flywheel v. Peloton
`Peloton Ex. 2022
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