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  "documentTitle": "Peloton Interactive (PTON)",
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  "authorName": "David Einhorn",
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  "presentationDate": "2024-10-23 00:00:00",
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  "notes": "The slide uses a Peloton-themed UI overlay (leaderboard, workout metrics) to present financial data.",
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      "text": "Negative growth combined with high costs led to big losses, which peaked at $1.2 billion in one quarter, about half of what the whole company is worth today.",
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      "text": "Net Income as % Revenues: -$1.2 billion",
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      "text": "Here's the history. Before COVID growth was around 100%, which became over 200%. But by the end of 2021, new bike sales collapsed, and growth turned negative. Negative growth combined with high costs led to big losses.",
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      "text": "Source: Multiple Peloton Interactive financial reports...",
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