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  "documentTitle": "Blackwells Capital | Activist Presentation Deck | 65 slides",
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  "notes": "Includes maps of Germany and Australia as visual cues for international expansion.",
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      "text": "Numerous drivers as Peloton transitions from a largely US bike business into a global fitness platform",
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      "text": "In 2020, there were 74 million people who went to gyms in the United States; Planet Fitness alone has ~14 million members",
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      "text": "U.S., Canada, U.K., Germany, Australia",
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      "text": "Global wellness spending ~ $4.2 trillion of which fitness is ~ $600 billion; Approximately 180 million gym memberships globally in 2018 including approximately 62 million in the U.S.",
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      "text": "Source: Global Wellness Institute, Gym membership data per JPMorgan Equity Research, BMO Connected Fitness Primer, Livestrong.com.",
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      "kind": "title",
      "text": "LARGE ADDRESSABLE MARKET IN EARLY INNINGS OF MARKET PENETRATION",
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