{
  "docId": "019dd923-622b-71dc-a6db-12cbe60d815b",
  "docSlug": "1af97f737f6c",
  "documentTitle": "Peloton Interactive (PTON)",
  "authorId": "04_Greenlight_Capital",
  "authorName": "David Einhorn",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-10-23 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 24,
  "pageCount": 30,
  "prevPage": 23,
  "nextPage": 25,
  "slideType": "valuation_reveal",
  "function": "show_valuation_bridge",
  "density": "dense",
  "nDataPoints": 8,
  "notes": "The slide uses a Peloton-style workout interface as a background graphic, which is irrelevant to the financial content.",
  "elementsJson": [
    "screenshot",
    "paragraph",
    "footnote"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-12cbe60d815b/24",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-12cbe60d815b",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-12cbe60d815b.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-12cbe60d815b#slide-24",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "If we right-size the cost structure to the benchmark, there should be $400 - $500 million of EBITDA from the current subscription revenue base.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee37-76cb-847e-bade81fd4f62",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EBITDA: $400-500M",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-ee37-76cb-847e-bde75a288330",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.76,
        "x": 0.12,
        "y": 0.48
      },
      "kind": "paragraph",
      "text": "If we right-size the cost structure to the benchmark, there should be $400 - $500 million of EBITDA from the current subscription revenue base. Companies like this trade at 9 to 32 times EBITDA. 9 times $450 of EBITDA implies a $7.50 share price. 32 times implies a $31.50 share price.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1a827d8d-4a51-4fd8-95a3-6114404a4a11",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.5,
        "x": 0.12,
        "y": 0.67
      },
      "kind": "source-note",
      "text": "Source: Bloomberg L.P., retrieved October 22, 2024; Greenlight estimates and calculations.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6fe5cc62-5ba1-4865-bb5e-40db419f0ad5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.7,
        "x": 0.15,
        "y": 0.24
      },
      "kind": "title",
      "text": "What is a business that can consistently achieve $400 – 500 million of annual EBITDA with the right management team worth?",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e5d56aaf-f4ce-406c-a703-84033820b769",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 25,
      "from": 21,
      "beatId": "afe97679-36b1-4bfa-94e1-601f7042902f",
      "arcName": "Rags to Riches",
      "arcSlug": "rags-to-riches",
      "beatName": "Rising Success",
      "beatSlug": "rags-to-riches-rising-success",
      "evidence": "The presentation provides data on gross profits, SG&A, and stock-based compensation, highlighting Peloton's potential for growth.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": "Development",
      "parentBeatSlug": "development"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}