{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6db-12cbe60d815b", "slug": "1af97f737f6c", "title": "Peloton Interactive (PTON)", "subtitle": "David Einhorn · 2024-10", "author": "David Einhorn", "date": "2024-10-23 00:00:00", "pageCount": 30, "kind": "conference-presentation", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Peloton Interactive", "targetTicker": "PTON", "document": { "id": "019dd923-622b-71dc-a6db-12cbe60d815b", "slug": "1af97f737f6c", "title": "Peloton Interactive (PTON)", "rawTitle": "Peloton Consumer Greenlight Peloton Presentation Oct 2024", "authorId": "04_Greenlight_Capital", "authorName": "David Einhorn", "authorDisplay": "David Einhorn", "kind": { "slug": "conference-presentation", "label": "Conference presentation" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2024-10-Greenlight-Capital-Peloton-Consumer-Greenlight-Peloton-Presentation-Oct-2024.pdf", "sourceUrl": "https://www.10xebitda.com/wp-content/uploads/2016/11/Greenlight-Capital-Peloton-Consumer-Greenlight-Peloton-Presentation-Oct-2024.pdf", "sourceDate": "2024-10-23 00:00:00", "presentationDate": "2024-10-23 00:00:00", "ingestedAt": "2026-04-22 16:25:49+00", "status": "ready", "pageCount": 30, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Peloton Interactive", "targetTicker": "PTON", "metadata": { "local_root": "/tmp/legacy-images/1af97f737f6c", "activist_firm": "Greenlight Capital", "origin_corpus": "contrarian", "extraction_seconds": 182.90014791488647 } }, "coverage": { "pageCount": 30, "pagesIndexed": 30, "pagesWithImages": 30, "pagesWithMetadata": 30, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 189, "chartCount": 4, "metricSlides": 0, "toolMatches": 16, "documentToolMatches": 4, "frameworkMatches": 8, "arcMatches": 1, "beatMatches": 5, "loopMatches": 2, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Rags to Riches", "slug": "rags-to-riches", "status": "active", "bestFor": "Founder stories, IPO roadshows, brand origin", "canonId": "019dd956-63ce-718e-8e61-e46409564085", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Humble Origins -> Early Struggles -> The Breakthrough -> Rising Success -> Ultimate Achievement", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "matchId": "2be1b888-f1e9-4592-a384-23d9fdf1cdbc", "evidence": "The presentation describes Peloton's 'fall from grace' and 'years of losses,' but also its potential for 'rising success' and 'ultimate achievement'.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 21:54:49.603721+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 5, "arc": { "name": "Rags to Riches", "slug": "rags-to-riches", "status": "active", "bestFor": "Founder stories, IPO roadshows, brand origin", "canonId": "019dd956-63ce-718e-8e61-e46409564085", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Humble Origins -> Early Struggles -> The Breakthrough -> Rising Success -> Ultimate Achievement", "description": null, "familyLabel": null, "categoryName": "Booker's 7 Plots", "categorySlug": "booker-s-7-plots" }, "from": 1, "name": "Humble Origins", "beatId": "237e5ca3-e139-4a32-8985-35b5059c8c0c", "matchId": "2be1b888-f1e9-4592-a384-23d9fdf1cdbc", "beatType": { "name": "Humble Origins", "slug": "rags-to-riches-humble-origins", "status": "active", "canonId": "019dd9b8-4938-7404-a51e-be10eff8a9d5", "version": 1, "description": null }, "evidence": "The presentation starts with a cover slide and an appendix disclosure, followed by a cartoon and an introduction to Peloton.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. 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Delivered at Robin Hood Investors Conference Oct 23, 2024. Einhorn himself 'teaches' the class while pitching. One-page cartoons (CartoonStock) punctuate transitions. Not a classic activist campaign — no board demand, no proxy fight — but a long-equity contrarian pitch arguing the market has left a durable subscription franchise for dead. Stake is disclosed only qualitatively ('Peloton is in Greenlight's portfolio today'); no percentage given. Visual craft is genuinely stealable for narrative design; substance is standard peer-benchmarking plus rerate-math.", "kpisCited": [ { "detail": "$5.48 with $2.4B market cap and $3.2B enterprise value", "metric": "Share price (10/21/24)" }, { "detail": "Peloton 1.5% vs. SiriusXM 1.6%, Netflix 2.3%, Spotify 2.4%, Weight Watchers 10.0%", "metric": "Monthly churn" }, { "detail": "3 million monthly subscribers taking 48 million monthly workouts; ARPU $44/month", "metric": "Subscribers" }, { "detail": "68% on $1.7B FY24 subscription revenue", "metric": "Subscription gross margin" }, { "detail": "Peloton 44.2% vs. peer median 46.7% on $2.7B sales", "metric": "Gross margin (total)" }, { "detail": "Peloton 99.7% vs. peer median 60.1%", "metric": "SG&A as % of gross profit" }, { "detail": "Peloton $3M vs. peer median $406M", "metric": "Adj. 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Greenlight argues the underlying business — 3 million loyal subscribers paying $44 per month, with 68% subscription gross margins and industry-leading 1.5% monthly churn — is a durable franchise hidden beneath a broken cost structure. Benchmarking against Life Time, Planet Fitness, Revolve, Chewy, Spotify, Match, Netflix and Adidas shows SG&A at 99.7% of gross profit versus a 60% peer median and stock-based comp of $305 million, comparable to companies 30-140 times larger. 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