{
  "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": 7,
  "pageCount": 30,
  "prevPage": 6,
  "nextPage": 8,
  "slideType": "other",
  "function": "analyze_data",
  "density": "overcrowded",
  "nDataPoints": 10,
  "notes": "The slide uses a Peloton UI aesthetic to present financial data.",
  "elementsJson": [
    "headline_text",
    "line_chart",
    "paragraph",
    "screenshot"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-12cbe60d815b/7",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-12cbe60d815b",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-12cbe60d815b.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-12cbe60d815b#slide-7",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "The do-it-yourself manufacturing and distribution decisions proved to be ruinous because once the shortage was resolved, it left the company with a high-cost structure.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee37-76cb-847d-41f2fab28977",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.27,
        "w": 0.74,
        "x": 0.13,
        "y": 0.17
      },
      "kind": "chart",
      "text": "PTON Price stock chart",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5dbcf193-9b39-4675-9aa9-c23d32af01f0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "stock price: $49B",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-ee37-76cb-847d-444ad717b71f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.76,
        "x": 0.12,
        "y": 0.5
      },
      "kind": "paragraph",
      "text": "After Peloton's September 2019 IPO, COVID hit and Peloton was a huge beneficiary. Gyms closed and the lockdown left everyone at home, and demand went nuts. The stock followed demand and in 2020, it was the second-best performing Nasdaq stock. The shares went from $20 to $167, giving Peloton a peak market cap of $49 billion. It became part of our bubble basket. It wasn't just investors, but the company also believed that trees would grow to the sky. During COVID, for obvious reasons, it became difficult to make and distribute Pelotons, and the wait went on for months. Management addressed the logistics problem by taking manufacturing and distribution in-house. In May 2021, Peloton had to recall all its treadmills after the death of a child and numerous customer injuries. Then in November 2021, Peloton announced a disastrous quarter, with a significant revenue guide-down for fiscal year 2022. The stock dropped 35% to $55 and never recovered. The do-it-yourself manufacturing and distribution decisions proved to be ruinous because once the shortage was resolved, it left the company with a high-cost structure.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "93e8fd3e-f984-4d26-a209-5348b4674b1d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.27,
        "w": 0.13,
        "x": 0.74,
        "y": 0.17
      },
      "kind": "table",
      "text": "Leaderboard",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6f599b21-7849-475f-829e-214f62eff5f6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.24,
        "x": 0.38,
        "y": 0.14
      },
      "kind": "title",
      "text": "Fall from grace",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "061e3a64-d6a8-4d1c-a1c8-e306ab4f222a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Before-After-Bridge",
      "slug": "before-after-bridge",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "c2eecd17-5e35-4298-aa6c-c1524ba64421",
      "evidence": "After Peloton's September 2019 IPO, COVID hit and Peloton was a huge beneficiary.",
      "confidence": 0.7
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 8,
      "from": 6,
      "beatId": "a53069fd-848f-47f0-bfb9-263685403f91",
      "arcName": "Rags to Riches",
      "arcSlug": "rags-to-riches",
      "beatName": "Early Struggles",
      "beatSlug": "rags-to-riches-early-struggles",
      "evidence": "The presentation describes Peloton's 'fall from grace' and 'years of losses.'",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}