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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 workout interface as a thematic background.",
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      "text": "We believe this is all very achievable, and that in fact, the interim CEOs are setting a low bar for a new incoming CEO to show success early on.",
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      "text": "Adj. EBITDA (pre-SBC): $200-$250 million",
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      "text": "We are getting to the end... lets dial down the resistance and slow the cadence. In Peloton's August conference call, the interim CEOs released guidance for fiscal year 2025, which began in July. Management assumed no subscriber growth from new initiatives or offerings, which implies lower subscribers. We believe this guidance is way too low. With the previously announced $200 million cost-cutting plan, Peloton thinks it can generate adjusted EBITDA in the range of $200 - $250 million this fiscal year. We believe this is all very achievable, and that in fact, the interim CEOs are setting a low bar for a new incoming CEO to show success early on.",
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      "text": "Source: Peloton Interactive 2024 annual report... Greenlight estimates and calculations.",
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