Peloton (PTON) Releases Shareholder Letter
Peloton (NASDAQ: PTON) updated its guidance in a letter to shareholders.
From the letter:
- Q2 ending Connected Fitness Subscriptions grew 66% to 2.77 million and paid Digital Subscriptions grew 38% to 862 thousand; total Members grew to over 6.6 million
- Q2 total revenue grew 6% to $1,133.9 million
- Q2 Connected Fitness Subscription Workouts grew 26% to 123.2 million, averaging 15.5 Monthly Workouts per Connected Fitness Subscription, versus 21.1 in the yearago period
- Q2 Average Net Monthly Connected Fitness Churn was 0.79%; Q2 12-month retention rate was 92%
- Q2 Gross Margin was 24.7%; Connected Fitness Product Gross Margin was 6.4%, Subscription Gross Margin was 67.9%, and Subscription Contribution Margin was 71.4%
- Q2 Net Loss was $(439.4) million, $(1.39) per diluted share; Q2 Adjusted EBITDA was $(266.5) million, representing an Adjusted EBITDA Margin of (23.5)%
• FY 2022 Q3 guidance:
– Approximately 2.93 million ending Connected Fitness Subscriptions
– $950 million to $1 billion total revenue
– Gross profit margin of approximately 23%
– $(140) million to $(125) million Adjusted EBITDA
• Updated Full FY 2022 guidance:
– Approximately 3.0 million ending Connected Fitness Subscriptions
– $3.7 billion to $3.8 billion total revenue
– Gross profit margin of approximately 28%
– $(675) million to $(625) million Adjusted EBITDA
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