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  "documentTitle": "Peloton Interactive (PTON)",
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  "authorName": "David Einhorn",
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      "text": "SBC as % of Sales: 11.3%",
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      "text": "And this is even before considering stock-based compensation. Peloton had stock compensation expense of $305 million, which is over double the peer median. Peloton's stock comp is comparable in dollar terms to Spotify, which is 30 times bigger, and Netflix, which is 140 times bigger.",
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      "text": "Source: Peloton Interactive 2024 annual report... [full text in image]",
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