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  "documentTitle": "Blackwells Capital | Activist Presentation Deck | 71 slides",
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      "kind": "callout",
      "text": "Peloton should outsource all manufacturing and focus critical resources on developing Peloton into a software-centric organization as the cornerstone to becoming the unequivocal leader in Fitness-as-a-Service (\"FaaS\")",
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      "text": "Results in a more attractive business model: Highly predictable, subscription-based high margin income statement; Much higher ROI business model; Asset-light with low maintenance and working capital requirements",
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      "text": "As Peloton continues to derive more of its revenue and earnings from its subscription and software offering, Blackwells believes the Company should sunset in-house manufacturing over the next few years",
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      "text": "Outsourcing manufacturing and shifting Peloton to an asset-light model increases the Company’s focus and frees up incremental capital for: Developing mission-critical software powering health, wellness and fitness; Producing best-in-class content; Allocating more towards software-focused initiatives",
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