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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 the benchmarking data.",
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      "text": "Our thesis was that Peloton should have much better margins.",
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      "text": "Speed 19.5, Cadence 65, Output 189, Resistance 40, Total Output 97, Calories 123",
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      "text": "We conducted a benchmark study to analyze Peloton's cost structure compared to similar companies. Our thesis was that Peloton should have much better margins. Our findings were more surprising than we even anticipated. We selected three sets of comparables for Peloton given it is a unique company – fitness companies, consumer subscription businesses with delivery, and consumer online subscriptions.",
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      "text": "Fitness: Lifetime, Planet Fitness, WeightWatchers. Consumer Subs with Delivery: Revolve, Chewy. Consumer Online Subscription: Spotify, Match, Netflix.",
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