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  "docSlug": "033864d6d616563cf5318ae3626e6da2",
  "documentTitle": "Blackwells Capital | Activist Presentation Deck | 65 slides",
  "authorId": "blackwells-capital",
  "authorName": "Blackwells Capital",
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  "documentKindLabel": "Activist deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2022-02-01 00:00:00",
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  "pageNumber": 32,
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  "slideType": "expose_contradiction",
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  "nDataPoints": 11,
  "notes": "Uses a CEO quote to highlight hypocrisy/contradiction.",
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  "slideHref": "/slides/019de072-1f6e-7109-8d50-4e45b3936efe/32",
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      "kind": "chart",
      "text": "Peloton Employee Growth 2017 – Today",
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      "kind": "chart",
      "text": "Revenue Per Employee Peloton Vs. Subscription Peers",
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      "text": "Over the past four years Peloton’s employee count has grown by over 20x\nSG&A costs have nearly tripled in the last three years\nCompared to other subscription-based companies, Peloton has the lowest revenue per employee\nThe Company now appears to be reversing course: rumors are that it will fire a significant portion of its workforce",
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      "kind": "quote",
      "text": "“We’re insanely disciplined”1 – Foley, on CNBC the day of Peloton’s IPO",
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      "kind": "source-note",
      "text": "Source: CapIQ, Company filings. 1. Source: Mr. Foley on CNBC September 26, 2019: https://www.youtube.com/watch?v=L-PcR2f0EKE.",
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      "kind": "title",
      "text": "Out-of-control employee and SG&A expenses reflect a lack of discipline",
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      "kind": "title",
      "text": "LACK OF FINANCIAL DISCIPLINE: BLOATED SG&A COSTS WEIGHS ON CASH BALANCE",
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