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  "documentTitle": "Peloton Interactive (PTON)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
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  "presentationDate": "2024-10-23 00:00:00",
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  "notes": "Includes a leaderboard sidebar and a Peloton-themed dashboard footer.",
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      "text": "Even though costs have been cut to end the cash burn, Peloton still achieves basically zero adjusted EBITDA versus the peer median of $406 million.",
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      "text": "Below gross profit there is a huge problem. Even though costs have been cut to end the cash burn, Peloton still achieves basically zero adjusted EBITDA versus the peer median of $406 million.",
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      "text": "For peers, over a third of gross profit flows through to EBITDA. Part of the problem is that Peloton spends too much on research and development.",
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      "text": "Just as one example, Peloton spends about twice the R&D that Adidas spends... in dollar terms. And Adidas has 8 times more sales than Peloton and an order of magnitude more product lines.",
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      "text": "Source: Peloton Interactive 2024 annual report...",
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