Peloton Interactive (PTON) 10-K 23 Aug 23 2023 FY Annual report Financial data

Cover

Cover - USD ($) $ in Billions	12 Months Ended
	Jun. 30, 2023	Jul. 31, 2023	Dec. 30, 2022
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Jun. 30, 2023
Current Fiscal Year End Date	--06-30
Document Transition Report	false
Entity File Number	001-39058
Entity Registrant Name	Peloton Interactive, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-3533761
Entity Address, Address Line One	441 Ninth Avenue, Sixth Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10001
City Area Code	917
Local Phone Number	671-9198
Title of 12(b) Security	Class A common stock, $0.000025 par value per share
Trading Symbol	PTON
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 2.5
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for its 2023 Annual Meeting of Stockholders, or Proxy Statement, to be filed within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, are incorporated by reference in Part III. Except with respect to information specifically incorporated by reference in this Annual Report, the Proxy Statement shall not be deemed to be filed as part hereof.
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Central Index Key	0001639825
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		338,989,862
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		18,016,853

Audit Information

Audit Information	12 Months Ended
	Jun. 30, 2023
Auditor Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	New York, New York

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Current assets:
Cash and cash equivalents	$ 813.9	$ 1,253.9
Accounts receivable, net	97.2	83.6
Inventories, net	522.6	1,104.5
Prepaid expenses and other current assets	205.4	192.5
Total current assets	1,639.1	2,634.6
Property and equipment, net	444.8	610.9
Intangible assets, net	25.6	41.3
Goodwill	41.2	41.2
Restricted cash	71.6	3.8
Operating lease right-of-use assets, net	524.1	662.5
Other assets	22.7	34.3
Total assets	2,769.1	4,028.5
Current liabilities:
Accounts payable and accrued expenses	478.4	797.4
Deferred revenue and customer deposits	187.3	201.1
Current portion of long term debt and other bank borrowings	7.5	7.5
Operating lease liabilities, current	83.5	86.4
Other current liabilities	4.6	13.2
Total current liabilities	761.4	1,105.5
0% Convertible senior notes, net	988	864
Term loan, net	690.9	690
Operating lease liabilities, non-current	593.8	725.4
Other non-current liabilities	30.1	50.7
Total liabilities	3,064.2	3,435.6
Commitments and contingencies (Note 13)
Stockholders’ (deficit) equity
Common stock, $0.000025 par value; 2,500,000,000 and 2,500,000,000 Class A shares authorized, 338,750,774 and 308,241,938 shares issued and outstanding as of June 30, 2023 and June 30, 2022, respectively; 2,500,000,000 and 2,500,000,000 Class B shares authorized, 18,016,853 and 30,032,078 shares issued and outstanding as of June 30, 2023 and June 30, 2022, respectively.	0	0
Additional paid-in capital	4,619.8	4,291.3
Accumulated other comprehensive income	16.8	12.2
Accumulated deficit	(4,931.8)	(3,710.6)
Total stockholders’ (deficit) equity	(295.1)	592.9
Total liabilities and stockholders’ (deficit) equity	$ 2,769.1	$ 4,028.5

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2023	Jun. 30, 2022
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.000025	$ 0.000025
Common stock, shares authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, shares issued (in shares)	338,750,774	308,241,938
Common stock, shares outstanding (in shares)	338,750,774	308,241,938
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.000025	$ 0.000025
Common stock, shares authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, shares issued (in shares)	18,016,853	30,032,078
Common stock, shares outstanding (in shares)	18,016,853	30,032,078
0% Convertible Senior Notes Due February 15, 2026 | Convertible Debt
Convertible debt, stated interest rate	0%	0%

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Total revenue	$ 2,800.2	$ 3,582.1	$ 4,021.8
Cost of revenue	1,876.7	2,883.8	2,567.4
Gross profit	923.5	698.4	1,454.4
Operating expenses:
Sales and marketing	648.2	1,018.9	728.3
General and administrative	798.1	963.4	661.8
Research and development	318.4	359.5	247.6
Goodwill impairment	0	181.9	0
Impairment expense	144.5	390.5	4.5
Restructuring expense	189.4	180.7	0
Supplier settlements	22	337.6	0
Total operating expenses	2,120.6	3,432.4	1,642.2
Loss from operations	(1,197.1)	(2,734)	(187.8)
Other expense, net:
Interest expense	(97.1)	(43)	(14.8)
Interest income	26.4	2.3	7.9
Foreign exchange gain (loss)	7	(31.8)	(3.5)
Other income (expense), net	2.9	(1.5)	0.1
Total other expense, net	(60.9)	(74.1)	(10.4)
Loss before provision (benefit) for income taxes	(1,258)	(2,808.1)	(198.2)
Income tax expense (benefit)	3.7	19.6	(9.2)
Net loss	(1,261.7)	(2,827.7)	(189)
Net loss attributable to Class A and Class B common stockholders, basic	(1,261.7)	(2,827.7)	(189)
Net loss attributable to Class A and Class B common stockholders, diluted	$ (1,261.7)	$ (2,827.7)	$ (189)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (3.64)	$ (8.77)	$ (0.64)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (3.64)	$ (8.77)	$ (0.64)
Weighted-average Class A and Class B common shares outstanding, basic (in shares)	346,670,699	322,368,818	293,892,643
Weighted-average Class A and Class B common shares outstanding, diluted (in shares)	346,670,699	322,368,818	293,892,643
Other comprehensive income (loss):
Net unrealized (losses) gains on marketable securities	$ 0	$ (0.4)	$ (3.5)
Change in foreign currency translation adjustment	3.6	(4.5)	11.5
Derivative adjustments:
Net unrealized loss on hedging derivatives	0	(6.3)	0
Reclassification for derivative adjustments included in Net loss	1	5.3	0
Total other comprehensive income (loss)	4.6	(5.9)	8.1
Comprehensive loss	(1,257.1)	(2,833.7)	(180.9)
Connected Fitness Products
Total revenue	1,130.2	2,187.5	3,149.6
Cost of revenue	1,328.8	2,433.8	2,236.9
Operating expenses:
Goodwill impairment	0	181.9
Subscription
Total revenue	1,670.1	1,394.7	872.2
Cost of revenue	$ 547.9	$ 450	$ 330.5

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Cash Flows from Operating Activities:
Net loss	$ (1,261.7)	$ (2,827.7)	$ (189)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	124.3	142.8	63.8
Stock-based compensation expense	405	328.4	194
Non-cash operating lease expense	79.8	92.4	61.5
Amortization of premium from marketable securities	0	3.4	9.6
Amortization of debt discount and issuance costs	13.6	35.3	13
Goodwill impairment	0	181.9	0
Impairment expense	144.5	390.5	4.5
Net foreign currency adjustments	(7)	31.8	3.4
Changes in operating assets and liabilities:
Accounts receivable	(13.8)	(12.8)	15.1
Inventories	537.5	(173.7)	(587.2)
Prepaid expenses and other current assets	61.2	(32.5)	(32.3)
Other assets	7.1	(2.1)	(19.1)
Accounts payable and accrued expenses	(347.2)	(168.6)	439.8
Deferred revenue and customer deposits	(13.9)	36.8	(212.7)
Operating lease liabilities, net	(89.9)	(55.8)	(8)
Other liabilities	(27.3)	10.1	3.8
Net cash used in operating activities	(387.6)	(2,020)	(239.7)
Cash Flows from Investing Activities:
Purchases of marketable securities	0	0	(449.1)
Maturities of marketable securities	0	211	665.9
Sales of marketable securities	0	306.7	6.7
Capital expenditures and capitalized internal-use software development costs	(82.4)	(337.3)	(252.3)
Business combinations, net of cash acquired	0	(11)	(478.2)
Asset acquisitions, net of cash acquired	0	(16)	(78.1)
Proceeds from sales of net assets	12.4	0	0
Net cash (used in) provided by investing activities	(69.9)	153.3	(585.1)
Cash Flows from Financing Activities:
Proceeds from public offering, net of issuance costs	0	1,218.8	0
Proceeds from issuance of term loan, net of issuance costs	0	696.4	0
Proceeds from issuance of convertible notes, net of issuance costs	0	0	977.2
Principal repayment of Term Loan	(7.5)	0	0
Purchase of capped calls	0	0	(81.3)
Proceeds from employee stock purchase plan withholdings	6.9	17.3	18
Proceeds from exercise of stock options	79.8	84.3	57.6
Taxes withheld and paid on employee stock awards	0	0	(53.9)
Principal repayments of finance leases	(2.3)	(1.7)	(0.8)
Net cash provided by financing activities	76.8	2,015.1	916.8
Effect of exchange rate changes	8.6	(26.5)	6.7
Net change in cash, cash equivalents, and restricted cash	(372.2)	121.9	98.7
Cash, cash equivalents, and restricted cash — Beginning of period	1,257.6	1,135.7	1,037
Cash, cash equivalents, and restricted cash — End of period	885.5	1,257.6	1,135.7
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	79	1	1.3
Cash paid for income taxes	14.9	15.2	3.5
Supplemental Disclosures of Non-Cash Investing and Financing Information:
Accrued and unpaid capital expenditures, including software	2.4	18.7	46.1
Stock-based compensation capitalized for software development costs	$ 12.1	$ 10.4	$ 6.1

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($) shares in Millions, $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock Class A and Class B Common Stock	Additional Paid-In Capital	Additional Paid-In Capital Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income	Accumulated Deficit	Accumulated Deficit Cumulative Effect, Period of Adoption, Adjustment
Beginning balance (in shares) at Jun. 30, 2020			288.1
Beginning balance at Jun. 30, 2020	$ 1,678		$ 0	$ 2,361.8		$ 10.1	$ (693.9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Activity related to stock-based compensation (in shares)			11.6
Activity related to stock-based compensation	165.2			165.2
Issuance of common stock under employee stock purchase plan (in shares)			0.5
Issuance of common stock under employee stock purchase plan	13.1			13.1
Equity component of convertible senior notes, net of issuance costs	160.1			160.1
Purchases of capped calls related to convertible senior notes	(81.3)			(81.3)
Other comprehensive income (loss)	8.1					8.1
Net loss	(189)						(189)
Ending balance (in shares) at Jun. 30, 2021			300.1
Ending balance at Jun. 30, 2021	1,754.1		$ 0	2,618.9		18.2	(883)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Activity related to stock-based compensation (in shares)			10.3
Activity related to stock-based compensation	431.7			431.7
Issuance of common stock under employee stock purchase plan (in shares)			0.7
Issuance of common stock under employee stock purchase plan	21.9			21.9
Issuance of common stock pursuant to public offering, net of issuance costs (in shares)			27.2
Issuance of common stock pursuant to public offering, net of issuance costs	1,218.7			1,218.7
Other comprehensive income (loss)	(5.9)					(5.9)
Net loss	(2,827.7)						(2,827.7)
Ending balance (in shares) at Jun. 30, 2022			338.3
Ending balance at Jun. 30, 2022	$ 592.9	$ (119.5)	$ 0	4,291.3	$ (160.1)	12.2	(3,710.6)	$ 40.6
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2020-06
Activity related to stock-based compensation (in shares)			17.5
Activity related to stock-based compensation	$ 480.7			480.7
Issuance of common stock under employee stock purchase plan (in shares)			0.9
Issuance of common stock under employee stock purchase plan	7.9			7.9
Other comprehensive income (loss)	4.6					4.6
Net loss	(1,261.7)						(1,261.7)
Ending balance (in shares) at Jun. 30, 2023			356.8
Ending balance at Jun. 30, 2023	$ (295.1)		$ 0	$ 4,619.8		$ 16.8	$ (4,931.8)

Description of Business and Bas

Description of Business and Basis of Presentation	12 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business and Basis of Presentation	Description of Business and Basis of Presentation Description and Organization Peloton Interactive, Inc. (“Peloton” or the “Company”) is the largest interactive fitness platform in the world with a loyal community of Members, which we define as any individual who has a Peloton account through a paid Connected Fitness Subscription or a paid Peloton App Membership. The Company pioneered connected, technology-enabled fitness with the creation of its interactive fitness equipment (“Connected Fitness Products”) and the streaming of immersive, instructor-led boutique classes to its Members anytime, anywhere. The Company makes fitness entertaining, approachable, effective, and convenient while fostering social connections that encourage Members to be the best versions of themselves. Basis of Presentation and Consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The consolidated financial statements include the accounts of Peloton Interactive, Inc. and its subsidiaries in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated. Certain monetary amounts, percentages, and other figures included elsewhere in these financial statements have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be the arithmetic aggregation of the figures that precede them, and figures expressed as percentages in the text may not total 100% or, as applicable, when aggregated may not be the arithmetic aggregation of the percentages that precede them. Certain immaterial amounts from prior years have been reclassified to conform with current-year presentation.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Cash and Cash Equivalents The Company considers all cash and short-term investments purchased with maturities of three months or less when acquired to be cash equivalents. As of June 30, 2023 and 2022, the Company’s cash and cash equivalents were primarily held in money market and operating accounts. At various times during the fiscal years ended June 30, 2023 and 2022, the balances of cash at financial institutions exceeded the federally insured limit. The Company has not experienced any losses in such accounts and believes its cash and cash equivalents are not subject to any significant credit risk. Restricted Cash Restricted cash primarily consists of cash held in reserve accounts related to operating lease obligations. Accounts Receivable, Net of Allowances The Company's accounts receivable primarily represent amounts due from third-party sales payment processors. The allowance is based upon a number of factors, including the length of time accounts receivable are past due, the Company's previous loss history, the specific customer's ability to pay its obligation and any other forward-looking data regarding customers' ability to pay which may be available. Revenue Recognition Revenue is recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Refer to Note 3, Revenue for additional information. Inventories Inventories consist of finished goods, work-in-process and raw materials. Finished goods are purchased from contract manufacturers. Connected Fitness Product, accessories, apparel, and raw material inventories are stated at the lower of cost or net realizable value on a weighted-average cost basis. The Company assesses the valuation of inventory and periodically adjusts the value for estimated excess and obsolete inventory based upon estimates of future demand and market conditions, as well as damaged or otherwise impaired goods. Spare parts are recorded as inventory and recognized in cost of revenue as consumed. Refer to Note 6, Inventories for additional information. Property and Equipment Property and equipment purchased by the Company are stated at cost less accumulated depreciation. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful lives of the assets. For leasehold improvements, the useful life is the lesser of the applicable lease term or the expected asset life. Charges for repairs and maintenance that do not improve or extend the lives of the respective assets are expensed as incurred. Refer to Note 8, Property and Equipment for additional information. Internal-Use Software The Company capitalizes certain qualified costs incurred in connection with the development of internal-use software. The Company evaluates the costs incurred during the application development stage of internal use software and website development to determine whether the costs meet the criteria for capitalization. Costs related to preliminary project activities and post-implementation activities including maintenance are expensed as incurred. Capitalized costs related to internal-use software are amortized on a straight-line basis over the estimated useful life of the software, not to exceed three years. Capitalized costs less accumulated amortization are included within Property and equipment, net on the Consolidated Balance Sheets. Business Combination To determine whether transactions should be accounted for as acquisitions of assets or business combinations, the Company makes certain judgments, which include assessment of the inputs, processes, and outputs associated with the acquired set of activities. If the Company determines that substantially all of the fair value of gross assets included in a transaction is concentrated in a single asset (or a group of similar assets), the assets will not represent a business. To be considered a business, the assets in a transaction need to include an input and a substantive process that together significantly contribute to the ability to create outputs. The Company allocates the fair value of the purchase consideration to the assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. The fair values of intangible assets are determined utilizing information available near the acquisition date based on expectations and assumptions that are deemed reasonable by management. Given the considerable judgment involved in determining fair values, the Company typically obtains assistance from third-party valuation specialists for significant items. If the transaction is deemed to be a business combination, any excess of the purchase price (consideration transferred) over the estimated fair values of net assets acquired is recorded as goodwill. Transaction costs are expensed as incurred. Amounts recorded in a business combination may change during the measurement period, which is a period not to exceed one year from the date of acquisition, as additional information about conditions that existed at the acquisition date becomes available. Refer to Note 7, Acquisitions for additional information. Goodwill and Intangible Assets Goodwill represents the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interest, if any, over the fair value of identifiable assets acquired and liabilities assumed in a business combination. The Company reviews goodwill for impairment annually on April 1 of each fiscal year or whenever events or changes in circumstances indicate that an impairment may exist. In conducting its annual impairment test, the Company first reviews qualitative factors to determine whether it is more likely than not that the fair value of each reporting unit is less than its carrying amount. If factors indicate that the fair value of the reporting unit is less than its carrying amount, the Company performs a quantitative assessment and the fair value of the reporting unit is determined by analyzing the expected present value of future cash flows. If the carrying value of the reporting unit exceeds its fair value, an impairment loss equal to the excess is recorded. Intangible assets other than goodwill are comprised of acquired developed technology and other finite-lived intangible assets. At initial recognition, intangible assets acquired in a business combination or asset acquisition are recognized at their fair value as of the date of acquisition. Following initial recognition, intangible assets are carried at acquisition date fair value less accumulated amortization and impairment losses, if any, and are amortized on a straight-line basis over the estimated useful life of the asset. The Company has no intangible assets with indefinite useful lives. The Company assesses the impairment of intangible assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Refer to Note 9, Goodwill and Intangible Assets for additional information. Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances (“triggering events”) indicate that the carrying amount of an asset group may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset group to future undiscounted net cash flows expected to be generated by the assets. If the carrying amount of an asset group exceeds its estimated undiscounted net future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset group exceeds its fair value. Convertible Senior Notes In February 2021, the Company issued in a private offering $1.0 billion aggregate principal amount of 0% Convertible Senior Notes due 2026 (the "Notes"), including the initial purchasers’ exercise in full of their option to purchase additional notes. The Notes are accounted for in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Subtopic 470-20, Debt with Conversion and Other Options . Pursuant to ASC Subtopic 470-20, debt with an embedded conversion feature shall accounted for in its entirety as a liability and no portion of the proceeds from the issuance of the convertible debt instrument shall be accounted for as attributable to the conversion feature unless the conversion feature is required to be accounted for separately as an embedded derivative or the conversion feature results in a premium that is subject to the guidance in ASC 470. The Notes issued in February 2021 are accounted for as a liability with no portion of the proceeds attributable to the conversion options as the conversion feature did not require separate accounting as a derivative, and the Notes did not involve a premium subject to the guidance in ASC 470. Simultaneously, the Company entered into privately negotiated capped call transactions with certain counterparties to minimize the impact of potential dilution upon conversion. Refer to Note 12, Debt for additional information. Cost of Revenue Connected Fitness Products Connected Fitness Products cost of revenue consists of our portfolio of Connected Fitness Products and branded apparel product costs, including duties and other applicable importing costs, shipping and handling costs, packaging, warranty replacement costs, fulfillment costs, warehousing costs, depreciation of property and equipment, and certain costs related to management, facilities, and personnel-related expenses associated with supply chain logistics. Subscription Subscription cost of revenue includes costs associated with content creation and cost to stream content to Members across the Company’s platform. These costs consist of both fixed costs, including studio rent and overhead costs, instructor and production personnel costs, and depreciation of property and equipment, as well as variable costs, including music royalty fees, content costs for past use, third-party platform streaming costs, and payment processing fees for monthly subscription billings. Music Royalty Fees The Company recognizes music royalty fees on all music it streams to Members as these fees are incurred in accordance with the terms of the relevant license agreement with the music rights holder. The incurrence of the royalties is primarily driven by content usage by the Company’s Members through the use of a paid subscription or as part of a free-trial offer and it is classified as subscription cost of revenue or sales and marketing expense, respectively, within the Company’s statement of operations and comprehensive loss. The Company’s license agreements with music rights holders may include provisions for advance royalty payments as well as minimum guarantees. When a minimum guarantee is paid in advance, the guarantee is recorded as an incremental cost to fulfill or a prepaid asset and amortized over the shorter of the period consumed or the term of the agreement. As the Company executes music license agreements with various music rights holders for go-forward usage, the Company may also simultaneously enter into a settlement agreement whereby the Company is released from all potential licensor claims regarding the Company’s alleged past use of copyrighted material in exchange for a negotiated payment. These are referred to as “content costs for past use” and are recorded within subscription cost of revenue. The Company has entered into agreements with music rights holders who represent all the music catalogs that the Company needs to operate its service, however, given the uncertain and opaque nature of music rights ownership, the Company’s archived library may continue to include music for which certain rights or fractional interests have not been accurately determined or fully licensed. Prior to the execution of a music license agreement, the Company estimates and records a charge based upon license agreements previously entered into and the respective music rights holdings. Income Taxes The Company utilizes the asset and liability method for computing its income tax provision. Deferred tax assets and liabilities reflect the expected future consequences of temporary differences between the financial reporting and tax bases of assets and liabilities as well as operating loss, capital loss, and tax credit carryforwards, using enacted tax rates. Management makes estimates, assumptions, and judgments to determine the Company’s provision for income taxes, deferred tax assets and liabilities, and any valuation allowance recorded against deferred tax assets. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent the Company believes recovery of its deferred tax assets is not more-likely-than-not, a valuation allowance is established. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. Interest and penalties related to unrecognized tax benefits, which to date have not been material, are recognized within income tax expense. Refer to Note 17, Income Taxes for additional information. Advertising Costs Advertising and other promotional costs to market the Company's products are expensed as incurred. Advertising expenses were $362.6 million, $637.3 million, and $417.6 million for the fiscal years ended June 30, 2023, 2022 and 2021, respectively, and are included within Sales and marketing expenses in the Consolidated Statements of Operations and Comprehensive Loss. Research and Development Costs Research and development expenses consist primarily of personnel- and facilities-related expenses, consulting and contractor expenses, tooling and prototype materials software platform expenses, and depreciation of property and equipment. Substantially all of the Company’s research and development expenses are related to developing new products and services and improving existing products and services. Research and development expenses are expensed as incurred. Stock-Based Compensation In August 2019, the Company's Board of Directors ("Board of Directors") adopted the 2019 Employee Stock Purchase Plan ("ESPP"), which was subsequently approved by the Company’s stockholders in September 2019. The Company recognizes stock-based compensation expense related to shares issued pursuant to its ESPP on a straight-line basis over the offering period, which is twenty-four months. The ESPP allows employees to purchase shares of the Company's Class A common stock at a 15 percent discount. The ESPP also includes a look-back provision for the purchase price if the stock price on the purchase date is less than the stock price on the offering date. In August 2019, the Board of Directors adopted the 2019 Equity Incentive Plan ("the 2019 Plan"), which was subsequently approved by the Company’s stockholders in September 2019. Stock-based awards are measured at the grant date based on the fair value of the award and are recognized as expense, net of actual forfeitures, on a straight-line basis over the requisite service period, which is generally the vesting period of the respective award. For performance-based awards issued, the value of the instrument is measured at the grant date as the fair value of the award and expensed over the vesting term under an accelerated attribution method when the performance targets are considered probable of being achieved. The Company estimates the fair value of stock options using the Black-Scholes option pricing model. The determination of the grant date fair value of stock awards issued is affected by a number of variables, including the fair value of the Company’s common stock, the expected common stock price volatility over the expected life of the awards, the expected term of the stock option, risk-free interest rates, and the expected dividend yield of the Company’s common stock. Prior to the fourth quarter of fiscal year ended June 30, 2021, the Company derived its volatility from the average historical stock volatilities of several peer public companies over a period equivalent to the expected term of the awards. Beginning in the fourth quarter of fiscal year ended June 30, 2021, the expected volatility is based on a blended average of average historical stock volatilities of several peer companies over the expected term of the stock options, historical volatility of the Company's stock price, and implied stock price volatility derived from the price of exchange traded options on the Company's stock. The Company estimates the expected term based on the simplified method for employee stock options considered to be “plain vanilla” options, as the Company’s historical share option exercise experience does not provide a reasonable basis upon which to estimate the expected term. The risk-free interest rate is based on the United States Treasury yield curve in effect at the time of grant. Expected dividend yield is 0.0% as the Company has not paid and does not currently anticipate paying dividends on its common stock. Generally, the 2015 Stock Plan permitted the early exercise of stock options granted prior to the IPO. The unvested portion of shares exercised is recorded within Other current liabilities on the Company’s Consolidated Balance Sheets and reclassified to equity as vesting occurs. Refer to Note 15, Equity-Based Compensation for additional information. Restructuring The Company's restructuring charges consist of employee severance, one-time termination benefits and ongoing benefits related to the reduction of its workforce, and other costs. One-time termination benefits are expensed at the date the entity notifies the employee, unless the employee must provide future service beyond a minimum retention period, in which case the benefits are expensed ratably over the future service period. Ongoing benefits are expensed when restructuring activities are probable and the benefit amounts are estimable. Liabilities for other costs associated with a restructuring activity are measured at fair value and are recognized when the liability is incurred. Other costs primarily consist of termination fees, idle rent and related expenses for exited locations, professional services, and other costs related to restructuring activities, and are expensed when incurred. Refer to Note 4, Restructuring for additional information. Defined Contribution Plan The Company maintains a defined contribution retirement plan offered to all of its U.S. employees, as well as plans at certain foreign and domestic subsidiaries. For the fiscal years ended June 30, 2023, 2022, and 2021, the Company's matching contributions totaled $19.1 million, $26.3 million, and $19.6 million, respectively, and were expensed as contributed. Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. If a loss is reasonably possible and the loss or range of loss can be reasonably estimated, the Company discloses the possible loss. If a loss is probable and the loss or range of loss cannot be reasonably estimated, the Company discloses or states that such an estimate cannot be made. Refer to Note 13, Commitments and Contingencies for additional information. Fair Value of Financial Instruments Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Subsequent changes in fair value of these financial assets and liabilities are recognized in earnings or other comprehensive income when they occur. When determining the fair value measurements for assets and liabilities which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurement or assumptions that market participants would use in pricing the assets or liabilities, such as inherent risk, transfer restrictions, and credit risk. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: • Level 1 inputs are based on quoted prices in active markets for identical assets or liabilities. • Level 2 inputs are based on observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 inputs are based on unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities, and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The Company’s material financial instruments consist primarily of cash and cash equivalents, marketable securities, accounts receivable, accounts payable, accrued expenses, and the convertible senior notes. The carrying values of the Company’s accounts receivable, accounts payable and accrued expenses approximated their fair values at June 30, 2023 and 2022, due to the short period of time to maturity or repayment. Refer to Note 5, Fair Value Measurements for additional information. Earnings (Loss) Per Share The Company computes earnings (loss) per share using the two-class method required for participating securities. The two-class method requires income available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The Company’s restricted stock awards and common stock issued upon early exercise of stock options are participating securities. The Company considers any shares issued upon early exercise of stock options, subject to repurchase, to be participating securities because holders of such shares have non-forfeitable dividend rights in the event a cash dividend is declared on common stock. These participating securities do not contractually require the holders of such shares to participate in the Company’s losses. As such, net losses for the periods presented were not allocated to the Company’s participating securities. Basic earnings (loss) per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted earnings (loss) per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential shares of common stock outstanding during the period. Potential shares of common stock consist of incremental shares issuable upon the assumed exercise of stock options, ESPP shares to be issued, and vesting of restricted stock awards. Refer to Note 18, Net Loss Per Share for additional information. Use of Estimates The preparation of these financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosures. On an ongoing basis, the Company evaluates its estimates, including, among others, those related to revenue related reserves, the realizability of inventory, content costs for past use reserve, fair value measurements, the incremental borrowing rate associated with lease liabilities, impairment of long-lived and intangible assets, useful lives of long-lived assets, including property and equipment and finite lived intangible assets, product warranty, goodwill, accounting for income taxes, stock-based compensation expense, transaction price estimates, the fair values of assets acquired and liabilities assumed in business combinations and asset acquisitions, valuation of the debt component of convertible senior notes, contingent consideration, and commitments and contingencies. Actual results may differ from these estimates. Recently Issued Accounting Pronouncements Accounting Pronouncements Recently Adopted ASU 2020-06 In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging- Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity . The guidance simplified the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock, thereby limiting the accounting results in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. ASU 2020-06 Note 12 - Debt ), an increase of $119.6 million in the carrying value of its Notes to reflect the full principal amount of the Notes outstanding net of issuance costs, and a decrease to Accumulated deficit of $40.6 million. Accounting Pronouncements Not Yet Adopted ASU 2021-08 In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The guidance requires that an acquirer recognize and measure contract assets and liabilities acquired in a business combination in accordance with ASC 606, Revenue from Contracts with Customers . This standard is effective for annual periods beginning after December 15, 2022, including interim periods therein, with early adoption permitted, and should be applied prospectively to acquisitions occurring on or after the effective date. The Company will continue to evaluate the impact of this guidance, which will depend on the contract assets and liabilities acquired in future business combinations.

Revenue

Revenue	12 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue	Revenue The Company’s primary sources of revenue are its recurring content Subscription revenue, and revenue from the sales of its Connected Fitness Products and related accessories, as well as Precor branded fitness products, delivery and installation services. The Company determines revenue recognition through the following steps: • Identification of the contract, or contracts, with a customer; • Identification of the performance obligations in the contract; • Determination of the transaction price; • Allocation of the transaction price to the performance obligations in the contract; and • Recognition of revenue when, or as, the Company satisfies a performance obligation. Revenue is recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company’s revenue is reported net of sales returns, discounts, incentives, and rebates to commercial distributors as a reduction of the transaction price. Certain contracts include consideration payable that is accounted for as a payment for distinct goods or services. The Company estimates its liability for product returns and concessions based on historical trends by product category, impact of seasonality, and an evaluation of current economic and market conditions and records the expected customer refund liability as a reduction to revenue, and the expected inventory right of recovery as a reduction of cost of revenue. If actual return costs differ from previous estimates, the amount of the liability and corresponding revenue are adjusted in the period in which such costs occur. Some of the Company’s contracts with customers contain multiple performance obligations. For customer contracts that include multiple performance obligations, the Company accounts for individual performance obligations if they are distinct. The transaction price is then allocated to each performance obligation based on its standalone selling price. The Company generally determines the standalone selling price based on the prices charged to customers. The Company applies the practical expedient as per ASC 606-10-50-14 and does not disclose information related to remaining performance obligations due to their original expected terms being one year or less. The Company expenses sales commissions on its Connected Fitness Products when incurred because the amortization period would have been less than one year. These costs are recorded in Sales and marketing in the Company’s Consolidated Statements of Operations and Comprehensive Loss. Some of the Company’s revenues relate to our rental lease arrangements. Our rental program allows Members to lease a Bike or Bike+ with a Peloton Rental Membership for a single monthly cost and a one-time delivery fee, and gives the Member the option to purchase the equipment outright or cancel at any time with no penalty. These lease arrangements include both lease and non-lease components. Consideration is allocated between the lease and non-lease components based on management’s best estimate of the relative standalone selling price of each component. The lease component relates to the customer’s right to use the equipment over the lease term and is accounted for as an operating lease in accordance with ASC 842, Leases . Lease revenue is recognized on a straight-line basis over the life of the lease within Connected Fitness Products revenue, while the underlying equipment subject to the lease remains within Property and equipment, net on the Company’s Consolidated Balance Sheets and depreciates over the equipment’s useful life. Depreciation expense associated with the underlying equipment is reflected in Connected Fitness Products cost of revenue in the Company’s Consolidated Statements of Operations and Comprehensive Loss. Non-lease components are primarily comprised of (1) an All-Access Membership, which is recognized within Subscription revenue, and (2) cycling shoes, which are recognized within Connected Fitness Products revenue, and are accounted for in accordance with ASC 606. Connected Fitness Products Connected Fitness Products include the Company’s portfolio of Connected Fitness Products and related accessories, Precor branded fitness products, delivery and installation services, Peloton branded apparel, extended warranty agreements, and commercial service contracts. The Company recognizes Connected Fitness Products revenue net of sales returns and discounts when the product has been delivered to the customer, except for extended warranty revenue that is recognized over the warranty period and service revenue that is recognized over the term of the service contract. The Company allows customers to return Peloton branded Connected Fitness Products within thirty days of purchase, as stated in its return policy. The Company records fees paid to third-party financing partners in connection with its consumer financing program as a reduction of revenue, as it considers such costs to be a customer sales incentive. The Company records payment processing fees for its credit card sales for Connected Fitness Products within Sales and marketing in the Company’s Consolidated Statements of Operations and Comprehensive Loss. Subscription The Company’s subscriptions provide access to Peloton content in its library of live and on-demand fitness classes. The Company’s subscriptions are offered on a month-to-month or prepaid basis. Amounts paid for subscription fees, net of refunds are included within Deferred revenue and customer deposits on the Company’s Consolidated Balance Sheets and recognized ratably over the subscription term. The Company records payment processing fees for its monthly subscription charges within cost of Subscription revenue in the Company’s Consolidated Statements of Operations and Comprehensive Loss. Sales tax collected from customers and remitted to governmental authorities is not included in revenue and is reflected as a liability on the Company’s Consolidated Balance Sheets. Product Warranty The Company offers a standard product warranty that its Connected Fitness Products will operate under normal, non-commercial use for a period of one year covering the touchscreen and most original Bike, Bike+, Tread, Tread+, Row, and Guide components from the date of original delivery. The Company has the obligation, at its option, to either repair or replace the defective product. At the time revenue is recognized, an estimate of future warranty costs is recorded as a component of cost of revenue. Factors that affect the warranty obligation include historical as well as current product failure rates, service delivery costs incurred in correcting product failures, and warranty policies and business practices. The Company’s products are manufactured by contract manufacturers and, in certain cases, the Company may have recourse to such contract manufacturers. Activity related to the Company’s accrual for our estimated future product warranty obligation was as follows: Fiscal Year Ended June 30, 2023 2022 (in millions) Balance at beginning of period $ 51.1 $ 51.5 Provision for warranty accrual 17.7 55.6 Warranty claims (42.4) (56.0) Balance at end of period $ 26.4 $ 51.1 The Company also offers the option for customers in some markets to purchase a third-party extended warranty and service contract that extends or enhances the technical support, parts, and labor coverage offered as part of the base warranty included with the Connected Fitness Products for additional periods ranging from 12 to 36 months. Extended warranty revenue is recognized on a gross basis as the Company has a continuing obligation to perform over the service period. Extended warranty revenue is recognized ratably over the extended warranty coverage period and is included in Connected Fitness Products revenue in the Consolidated Statements of Operations and Comprehensive Loss. Disaggregation of Revenue The Company’s revenue disaggregated by segment, excluding sales-based taxes, is included in Note 19, Segment Information . The Company’s revenue disaggregated by geographic region was as follows: Fiscal Year Ended June 30, 2023 2022 2021 (in millions) North America $ 2,591.1 $ 3,259.6 $ 3,738.9 International 209.1 322.5 283.0 Total revenue $ 2,800.2 $ 3,582.1 $ 4,021.8 The Company’s revenue attributable to the United States was $2,496.3 million, $3,100.0 million and $3,577.1 million, representing 89%, 87% and 89% of Total revenue for the fiscal years ended June 30, 2023, 2022 and 2021, respectively. Deferred Revenue and Customer Deposits As of June 30, 2023 and June 30, 2022, customer deposits of $95.2 million and $109.2 million, respectively, and deferred revenue of $92.1 million and $91.9 million, respectively, were included in Deferred revenue and customer deposits on the Company’s Consolidated Balance Sheets. In the fiscal years ended June 30, 2023 and 2022, the Company recognized revenue of $92.4 million and $70.4 million, respectively, that was included in the deferred revenue balance as of June 30, 2022 and 2021, respectively. Deferred revenue is recorded for nonrefundable cash payments received for the Company’s performance obligation to transfer, or stand ready to transfer, goods or services in the future. Customer deposits represent payments received in advance before the Company transfers a good or service to the customer and are refundable.

Restructuring

Restructuring	12 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring In February 2022, we announced and began implementing a restructuring plan to realign the Company’s operational focus to support its multi-year growth, scale the business, and improve costs (the “Restructuring Plan”). The Restructuring Plan originally included: (i) reducing the Company’s headcount; (ii) closing several assembly and manufacturing plants, including the completion and subsequent sale of the shell facility for the Company’s previously planned Peloton Output Park; (iii) closing and consolidating several distribution facilities; and (iv) shifting to third-party logistics providers in certain locations. The Company expects the Restructuring Plan to be substantially implemented by the end of fiscal 2024. In fiscal year 2023 we continued to take actions to implement the Restructuring Plan. On July 12, 2022, the Company announced it is exiting all owned-manufacturing operations and expanding its current relationship with Taiwanese manufacturer, Rexon Industrial Corp. Additionally, on August 12, 2022, the Company announced the decision to perform the following restructuring activities: (i) fully transitioning its North American Field Operations to third-party providers, including the significant reduction of its delivery workforce teams; (ii) eliminating a significant number of roles on the North America Member Support team and exiting its real-estate footprints in its Plano and Tempe locations; and (iii) reducing its retail showroom presence. As a result of the Restructuring Plan, the Company incurred the following charges, of which Asset write-downs and write-offs are included within Impairment expense in the Consolidated Statements of Operations and Comprehensive Loss. The remaining charges incurred due to the Restructuring Plan are included within Restructuring expense in the Consolidated Statements of Operations and Comprehensive Loss: Fiscal Year Ended June 30, 2023 2022 Cash restructuring charges: (in millions) Severance and other personnel costs $ 85.1 $ 109.1 Exit and disposal costs and professional fees 19.3 15.4 Total cash charges 104.4 124.5 Non-cash charges: Asset write-downs and write-offs 139.3 373.8 Stock-based compensation expense 85.0 56.5 Write-offs of inventory related to restructuring activities (1) 3.7 56.4 Total non-cash charges 228.0 486.8 Total $ 332.4 $ 611.3 ____________________________ (1) Write-offs of inventory are included within Cost of revenue: Connected Fitness Products in the Consolidated Statement of Operations and Comprehensive Loss. In connection with the Restructuring Plan, the Company committed to the closures of certain warehouse and retail locations, the discontinuation of manufacturing in North America, and the wind down of certain software implementation and development projects. Due to the actions taken, the Company tested certain long-lived assets (asset groups) for recoverability by comparing the carrying values of the asset group to estimates of their future undiscounted cash flows, which were generally the liquidation value, or for operating lease right-of-use assets, income from a sublease arrangement. Based on the results of the recoverability tests, the Company determined that during the year ended June 30, 2023 , the undiscounted cash flows of certain assets (asset groups) were below their carrying values, indicating impairment. The assets were written down to their estimated fair values, which were determined based on their estimated liquidation or sales value, or for operating lease right-of-use assets, discounted cash flows of a sublease arrangement. The following table presents a roll-forward of cash restructuring-related liabilities, which is included within Accounts payable and accrued expenses in the Consolidated Balance Sheets: Severance and other personnel costs Exit and disposal costs and professional fees Total (in millions) Balance as of June 30, 2021 $ — $ — $ — Charges 109.1 15.4 124.5 Cash payments (98.2) (15.4) (113.6) Balance as of June 30, 2022 $ 10.9 $ — $ 10.9 Severance and other personnel costs Exit and disposal costs and professional fees Total (in millions) Balance as of June 30, 2022 $ 10.9 $ — $ 10.9 Charges 85.1 19.3 104.4 Cash payments (82.4) (19.0) (101.4) Balance as of June 30, 2023 $ 13.6 $ 0.3 $ 13.9 In addition to the above charges, the Company incurred capital expenditures related to Peloton Output Park of approximately $1.9 million and $86.6 million during the fiscal years ended June 30, 2023 and 2022, respectively. In connection with the Restructuring Plan, the Company estimates that it will incur additional cash charges of approximately $40.0 million, primarily composed of lease termination and other exit costs, by the end of fiscal year 2024. Additionally, the Company expects to recognize additional non-cash charges of approximately $20.0 million during fiscal year 2024, primarily composed of non-inventory asset impairment charges in connection with the Restructuring Plan.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements Fair Value Measurements of Other Financial Instruments The following tables present the estimated fair values of the Company’s financial instruments that are not recorded at fair value on the Consolidated Balance Sheets: As of June 30, 2023 Level 1 Level 2 Level 3 Total (in millions) 0% Convertible Senior Notes $ — $ 759.5 $ — $ 759.5 As of June 30, 2022 Level 1 Level 2 Level 3 Total (in millions) 0% Convertible Senior Notes $ — $ 632.2 $ — $ 632.2 The fair value of the Notes is determined based on the closing price on the last trading day of the reporting period.

Inventories

Inventories	12 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Inventories	Inventories Inventories were as follows: June 30, 2023 2022 (in millions) Raw materials $ 53.2 $ 102.5 Work-in-process — 3.7 Finished products (1) 703.0 1,283.7 Total inventories 756.2 1,389.9 Less: Reserves (233.6) (285.4) Total inventories, net $ 522.6 $ 1,104.5 _________________________ (1) Includes $26.4 million and $36.4 million of finished goods inventory in transit, products owned by the Company that have not yet been received at a Company distribution center, as of June 30, 2023 and June 30, 2022, respectively. The Company periodically assesses and adjusts the value of inventory for estimated excess and obsolete inventory based upon estimates of future demand and market conditions, as well as damaged or otherwise impaired goods. The Company recorded inventory reserves as of June 30, 2023 primarily in the amounts of $105.6 million related to returned Connected Fitness Products that the Company does not expect to sell and $97.8 million related to excess accessories and apparel inventory that the Company does not expect to sell above its current carrying value.

Acquisitions

Acquisitions	12 Months Ended
	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions Business Combination During the fiscal year ended June 30, 2022, the Company completed two transactions to acquire certain developed software and assembled workforce for use in the development of the Company’s data platform and content supply chain. The transactions were completed on November 1, 2021 and November 8, 2021, and were accounted for as a business combination and asset acquisition, respectively. The acquisitions resulted in the recognition of $12.0 million of goodwill, and $17.7 million of assets primarily consisting of developed software. The developed software was assigned a useful life of 3 years and is recorded in Property and equipment, net on the Company’s Consolidated Balance Sheets.

Property and Equipment

Property and Equipment	12 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Property and Equipment	Property and Equipment Property and equipment consisted of the following: June 30, 2023 2022 (in millions) Land $ 5.2 $ 17.9 Buildings 13.1 19.4 Leasehold Improvements 315.1 362.5 Machinery 16.3 24.3 Equipment 38.7 65.1 Customer-leased equipment 47.1 4.8 Furniture and Fixtures 29.9 34.3 Construction in Progress 3.8 78.4 Software (1) 183.2 177.1 Total property and equipment 652.4 783.9 Accumulated depreciation and amortization (207.5) (173.0) Total property and equipment, net $ 444.8 $ 610.9 _________________________ (1) Includes $1.0 million and $31.5 million of software under development as of June 30, 2023 and June 30, 2022, respectively. During fiscal 2022 and fiscal 2023, management identified various qualitative factors that collectively indicated that the Company had impairment triggering events, including (i) realignment of cost structure in connection with the Restructuring Plan, (ii) softening demand and (iii) a sustained decrease in stock price. The Company determined that the estimated undiscounted future cash flows were less than the carrying values for certain asset groups. The Company recognized impairment charges for the fiscal year ended June 30, 2023, primarily consisting of $32.5 million related to capitalized software, $19.5 million related to exiting certain corporate office locations, $17.2 million relating to exiting retail showrooms, $16.5 million related to Connected Fitness assets, and $8.2 million related to other manufacturing assets. The Company recognized impairment charges for the fiscal year ended June 30, 2022, primarily consisting of impairment loss of $57.6 million related to Connected Fitness assets, $21.3 million related to manufacturing equipment, $19.0 million related to Peloton Output Park and $15.9 million related to acquired technology. These impairment charges reduced the carrying value of these asset groups from $222.9 million to $109.1 million. Additionally, management identified changes to the product and enterprise technology roadmaps that indicated that certain programs no longer had expected future use. Accordingly, the Company recognized an impairment loss of $54.1 million related to software under development that reduced the carrying value of those assets from $61.0 million to $6.9 million. Impairment charges are included within Impairment expense in the Consolidated Statements of Operations and Comprehensive Loss. There were no material impairments in the fiscal year ended June 30, 2021. As of June 30, 2023, 79% and 15% of the Company's total Property and equipment, net was attributable to the United States and the United Kingdom, respectively. As of June 30, 2022, 82% and 11% of the Company's total Property and equipment, net was attributable to the United States and the United Kingdom, respectively. The estimated useful lives of property and equipment are as follows: Buildings 40 years Leasehold Improvements Shorter of remaining lease term or useful life Machinery Three Equipment Two Customer-leased equipment Three years Furniture and Fixtures Four Software Two Depreciation and amortization expense amounted to $108.5 million, $99.5 million, and $44.6 million for the fiscal years ended June 30, 2023, 2022 and 2021, respectively, of which $38.4 million, $23.5 million, and $8.7 million related to amortization of capitalized software costs for the fiscal years ended June 30, 2023, 2022, and 2021, respectively.

Goodwill and Intangible Assets

Goodwill and Intangible Assets	12 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets	Goodwill and Intangible Assets The changes in the carrying value of goodwill are as follows: Amount (in millions) June 30, 2021 $ 210.1 Acquisition 12.0 Foreign currency translation 1.0 Impairment (181.9) June 30, 2022 41.2 June 30, 2023 $ 41.2 The Company reviews goodwill for impairment annually on April 1 or more frequently if events or changes in circumstances indicate that an impairment may exist (“a triggering event”). During the fiscal year ended June 30, 2023, management identified no qualitative factors that collectively, indicated that the Company had triggering events. The Company did not recognize goodwill impairment for the fiscal year ended June 30, 2023. During the fiscal year ended June 30, 2022, the Company recognized a goodwill impairment charge of $181.9 million representing the entire amount of goodwill related to the Connected Fitness Products reporting unit in the Connected Fitness Products segment. The gross carrying amount, accumulated amortization and impairment of the Company's Intangible assets, net, as of June 30, 2023 were as follows: Gross Carrying Value Accumulated Amortization Impairment Net Carrying Value Weighted Average Remaining Useful Life (Years) Acquired developed technology $ 72.0 $ (48.5) $ — $ 23.5 1.6 Other definite-lived intangibles 5.7 (3.7) — 2.1 1.5 Total intangible assets $ 77.7 $ (52.1) $ — $ 25.6 The gross carrying amount, accumulated amortization and impairment of the Company's Intangible assets, net, as of June 30, 2022 were as follows: Gross Carrying Value Accumulated Amortization Impairment Net Carrying Value Weighted Average Remaining Useful Life (Years) Acquired developed technology $ 130.8 $ (51.8) $ (41.0) $ 38.0 2.6 Brand 94.0 (13.1) (80.9) — — Distributor relationships 25.0 (2.0) (23.0) — — Customer relationships 17.4 (2.3) (15.0) 0.1 — Other definite-lived intangibles 12.5 (3.7) (5.6) 3.3 2.5 Total intangible assets $ 279.8 $ (72.8) $ (165.6) $ 41.3 During fiscal year ended June 30, 2023, the Company recognized no intangible asset impairment loss. In fiscal year ended June 30, 2022, the Company recognized an impairment loss of $165.6 million, primarily due to the write-off of certain acquired developed technology, brand, distributor and customer relationships, and assembled workforce, which resulted from strategic actions taken by the Company under the Restructuring Plan. The Company determined that the estimated future cash flows were less than the carrying values for certain intangibles. The impairment loss was included in Impairment expense in the Consolidated Statements of Operations and Comprehensive Loss. The Company recognized intangible asset amortization in the Consolidated Statements of Operations and Comprehensive Loss in the amount of $15.8 million, $43.3 million, and $19.2 million for the fiscal years ended June 30, 2023, 2022, and 2021, respectively. As of June 30, 2023, estimated amortization related to the Company's identifiable acquisition-related intangible assets in future periods were as follows: Fiscal Year Ending June 30, Amount (in millions) 2024 $ 10.6 2025 9.4 2026 5.4 2027 — 2028 — Thereafter 0.1 Total $ 25.6

Accounts Payable and Accrued Ex

Accounts Payable and Accrued Expenses	12 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Accounts Payable and Accrued Expenses	Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consisted of the following: June 30, 2023 2022 (in millions) Accounts payable $ 76.5 $ 93.0 Accrued music licensing royalties 113.1 65.7 Recall related costs 52.3 — Employee-related liabilities 43.3 59.6 Inventory received but not billed 33.9 86.1 Return reserve liability 29.1 48.6 Accrued marketing 23.5 29.3 Accrued settlement costs (1) 22.3 222.3 Accrued professional services 21.4 36.5 Product warranty 9.6 19.5 Other 53.6 136.8 Total accounts payable and accrued expenses $ 478.4 $ 797.4 _________________________

Leases

Leases	12 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases	Leases Lessee arrangements The Company leases facilities under operating leases with various expiration dates through 2039. The Company leases space for its corporate headquarters and the operation of its distribution facilities, warehouses, factories, showrooms, production studio facilities, and other office spaces. The Company does not have any material finance leases. We determine if an arrangement is a lease, or contains a lease, at inception and record the leases in our financial statements upon lease commencement, which is the date when the underlying asset is made available for use by the lessor. Right-of-use assets and lease liabilities are established on the Consolidated Balance Sheets for leases with an expected term greater than one year. As the rate implicit in the lease is not determinable, the Company uses its secured incremental borrowing rate to determine the present value of the lease payments. Leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets. The Company has lease agreements with lease and non-lease components, and has elected the practical expedient to not separate lease and non-lease components for its real estate and equipment leases. The Company recognizes lease expense for operating leases on a straight-line basis over the term of the lease. The Company's lease terms include options to extend or terminate the underlying lease when it is reasonably certain that the Company will exercise that option. The operating lease arrangements included in the measurement of lease liabilities do not reflect options to extend or terminate, as management does not consider the exercise of these options to be reasonably certain. Certain operating leases provide for annual increases to lease payments based on an index or rate. The Company calculates the present value of future lease payments based on the index or rate at the lease commencement date for new leases. Differences between the calculated lease payment and actual payment are expensed as incurred. Variable lease payments include, but are not limited to, percentage of sales, common area charges, taxes paid by the landlord that are charged to the Company, and changes to the consumer price index. Variable lease payments are expensed as incurred. The Company subleases certain warehouses, office spaces, and showroom spaces to third parties, which does not relieve the Company of its primary lease obligations with the lessor (the “head lease”). These subleases are classified as operating leases, and therefore the Company continues to account for the head lease as it did before the commencement date of the sublease. Sublease income is presented within the same category of cost of revenue or operating expenses as the underlying head lease expense on the Consolidated Statements of Operations and Comprehensive Loss. If the lease cost for the term of the sublease exceeds the Company’s anticipated sublease income for the same period, the Company assesses the right-of-use asset associated with the head lease for impairment under the long-lived asset impairment provisions of ASC 360. Total operating lease expense, net, for the fiscal years ended June 30, 2023, 2022, and 2021 was as follows: Total Operating Lease Expense, Net Fiscal Year Ended June 30, 2023 2022 2021 (in millions) Operating lease expense $ 113.4 $ 136.4 $ 101.0 Variable lease expense 24.3 29.5 17.2 Short-term lease expense 0.2 1.5 4.2 Total operating lease expense $ 138.0 $ 167.4 $ 122.4 Sublease income (14.9) (3.6) (0.1) Variable sublease income (2.7) (0.3) — Total operating lease expense, net $ 120.4 $ 163.6 $ 122.2 As of June 30, 2023, the total remaining lease payments included in the measurement of operating lease liabilities were as follows: Fiscal Year Ended June 30, Future Minimum Payments (in millions) 2024 $ 114.9 2025 101.3 2026 97.6 2027 91.0 2028 79.4 Thereafter 398.2 Total $ 882.5 As of June 30, 2023, future minimum lease payments to be received from operating subleases were as follows: Fiscal Year Ended June 30, Future Minimum Payments (in millions) 2024 $ 17.9 2025 16.7 2026 14.8 2027 12.0 2028 5.1 Thereafter 1.0 Total $ 67.6 Supplemental information related to operating leases was as follows: Reconciliation of Operating Lease Liabilities As of June 30, 2023 2022 (dollars in millions) Weighted-average remaining lease term (years) 9.5 9.7 Weighted-average discount rate 5.17 % 4.98 % Total Undiscounted Operating Lease Liability $ 882.5 $ 1,071.0 Less: Imputed interest (205.1) (259.1) Total Discounted Operating Lease Liability $ 677.4 $ 811.8 Current portion of operating lease liabilities $ 83.5 $ 86.4 Non-current portion of operating lease liabilities $ 593.8 $ 725.4 Supplemental cash flow and other information related to leases was as follows: Fiscal Year Ended June 30, 2023 2022 2021 (in millions) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 133.3 $ 109.8 $ 47.3 Right-of-use assets obtained in exchange for operating lease liabilities (non-cash) $ 7.0 $ 229.3 $ 152.3 Right-of-use asset reductions related to operating lease modifications and terminations (non-cash) $ (50.2) $ (15.6) $ (3.1) As discussed in Note 8 - Property and Equipment, management identified various qualitative factors that collectively indicated that the Company had triggering events for our long-lived assets, including the Company’s right-of-use assets. The Company recognized impairment charges for the fiscal year ended June 30, 2023, primarily consisting of $6.4 million related to certain corporate office right-of-use assets, $5.3 million related to Connected Fitness right-of-use assets, $3.0 million related to retail showroom right-of-use assets, and $1.2 million related to other manufacturing right-of-use assets. For the fiscal year ended June 30, 2022, the Company recognized impairment charges of $28.5 million related to Connected Fitness right-of-use assets, which reduced the carrying value of these right-of-use assets from $161.2 million to $132.7 million. Impairment charges are included within Impairment expense in the Consolidated Statements of Operations and Comprehensive Loss. There were no material impairments in the fiscal year ended June 30, 2021. Lessor arrangements As discussed in Note 3 - Revenue, the Company leases certain Connected Fitness equipment under our rental program. The lease arrangement provides the customer with an option to purchase the underlying equipment or terminate the lease at any time. The price to purchase the underlying equipment is determined based on the number of months that the customer has leased the equipment, and is not considered a bargain purchase option. All rental lease agreements are considered operating leases, and the Company currently does not have any sales-type or direct financing leases as a lessor. For the fiscal years ended June 30, 2023 and 2022, the Company recognized lease revenue on our rental program of $19.1 million and $0.1 million, respectively, within Connected Fitness Products revenue in the Company’s Consolidated Statements of Operations and Comprehensive Loss.

Debt

Debt	12 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt Convertible Notes and the Indenture In February 2021, the Company issued $1.0 billion aggregate principal amount of the Notes in a private offering, including the exercise in full of the over-allotment option granted to the initial purchasers of $125.0 million. The Notes were issued pursuant to an Indenture (the “Indenture”) between the Company and U.S. Bank National Association, as trustee. The Notes are senior unsecured obligations of the Company and do not bear regular interest, and the principal amount of the Notes does not accrete. The net proceeds from this offering were approximately $977.2 million, after deducting the initial purchasers' discounts and commissions and the Company’s offering expenses. Each $1,000 principal amount of the Notes is initially convertible into 4.1800 shares of the Company’s Class A common stock, which is equivalent to an initial conversion price of approximately $239.23 per share. The conversion rate is subject to customary adjustments under certain circumstances in accordance with the terms of the Indenture. In addition, if certain corporate events that constitute a make-whole fundamental change occur, then the conversion rate will, in certain circumstances, be increased for a specified period of time. The Notes will mature on February 15, 2026, unless earlier converted, redeemed, or repurchased. The Notes will be convertible at the option of the holders at certain times and upon the occurrence of certain events in the future. On or after August 15, 2025, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their Notes, in multiples of $1,000 principal amount, at the option of the holder regardless of the foregoing circumstances. Upon conversion, the Company may satisfy its conversion obligation by paying and/or delivering, as the case may be, cash, shares of the Class A common stock or a combination of cash and shares of the Class A common stock, at the Company’s election, in the manner and subject to the terms and conditions provided in the Indenture. It is the Company’s current intent to settle the principal amount of the Notes with cash. The Company may redeem for cash all or any portion of the Notes, at its option, on or after February 20, 2024 and on or before the 20th scheduled trading day immediately before the maturity date, if the last reported sale price per share of the Class A common stock exceeds 130% of the conversion price then in effect on (1) each of at least 20 trading days (whether or not consecutive) during the 30 consecutive trading days ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption and (2) the trading day immediately before the date the Company sends such notice at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus any accrued and unpaid special interest, if any, to, but excluding, the redemption date. No sinking fund is provided for the Notes, which means that the Company is not required to redeem or retire the Notes periodically. Upon the occurrence of a fundamental change (as defined in the Indenture), subject to certain conditions, holders may require the Company to repurchase all or a portion of the Notes for cash at a price equal to 100% of the principal amount of the Notes to be repurchased, plus any accrued and unpaid special interest, if any, to, but excluding, the fundamental change repurchase date. The Notes are the Company’s senior unsecured obligations and rank senior in right of payment to any of the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the Notes; equal in right of payment to any of the Company’s existing and future unsecured indebtedness that is not so subordinated; effectively subordinated in right of payment to any of the Company’s existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness; and structurally subordinated to all existing and future indebtedness and other liabilities of current or future subsidiaries of the Company (including trade payables and to the extent the Company is not a holder thereof, preferred equity, if any, of the Company’s subsidiaries). The net carrying amount of the liability component of the Notes was as follows: June 30, 2023 2022 (in millions) Principal $ 1,000.0 $ 1,000.0 Unamortized debt discount — (121.5) Unamortized debt issuance costs (12.0) (14.5) Net carrying amount $ 988.0 $ 864.0 The following table sets forth the interest expense recognized related to the Notes: Fiscal Year Ended June 30, 2023 2022 2021 (in millions) Amortization of debt discount (1) $ — $ 30.8 $ 11.5 Amortization of debt issuance costs 4.5 3.3 1.2 Less: Interest capitalized — (0.3) — Total interest expense related to the Notes $ 4.5 $ 33.9 $ 12.6 ____________________________ (1) The decreases in total interest expense during the fiscal year ended June 30, 2023 were due to the derecognition of the unamortized debt discount, partially offset by the increases in the amortization of issuance costs previously recognized in equity. These changes were the result of the Company’s adoption of ASU No. 2020-06, as of July 1, 2022, as described in Note 2 - Summary of Significant Accounting Policies. Capped Call Transactions In connection with the offering of the Notes, the Company entered into privately negotiated capped call transactions with certain counterparties (the “Capped Call Transactions”). The Capped Call Transactions have an initial strike price of approximately $239.23 per share, subject to adjustments, which corresponds to the approximate initial conversion price of the Notes. The cap price of the Capped Call Transactions will initially be approximately $362.48 per share. The Capped Call Transactions cover, subject to anti-dilution adjustments substantially similar to those applicable to the Notes, 6.9 million shares of Class A common stock. The Capped Call Transactions are expected generally to reduce potential dilution to the Class A common stock upon any conversion of Notes and/or offset any potential cash payments the Company would be required to make in excess of the principal amount of converted Notes, as the case may be, with such reduction and/or offset subject to a cap based on the cap price. If, however, the market price per share of Class A common stock, as measured under the terms of the Capped Call Transactions, exceeds the cap price of the Capped Call Transactions, there would be dilution and/or there would not be an offset of such potential cash payments, in each case, to the extent that the then-market price per share of the Class A common stock exceeds the cap price of the Capped Call Transactions. For accounting purposes, the Capped Call Transactions are separate transactions, and are not part of the terms of the Notes. The net cost of $81.3 million incurred to purchase the Capped Call Transactions was recorded as a reduction to Additional paid-in capital on the Company’s Consolidated Balance Sheets. Second Amended and Restated Credit Agreement In 2019, the Company entered into an amended and restated revolving credit agreement (as amended, modified, or supplemented prior to entrance into the Second Amended and Restated Credit Agreement (as defined below), the “Amended and Restated Credit Agreement”). The Amended and Restated Credit Agreement provided for a $500.0 million secured revolving credit facility, including up to the lesser of $250.0 million and the aggregate unused amount of the facility for the issuance of letters of credit. The Amended and Restated Credit Agreement also permitted the incurrence of indebtedness to permit the Capped Call Transactions and issuance of the Notes. On May 25, 2022, the Company entered into an Amendment and Restatement Agreement to the Second Amended and Restated Credit Agreement (and as amended, restated or otherwise modified from time to time, the “Second Amended and Restated Credit Agreement”) with JPMorgan Chase Bank, N.A., as administrative agent, and certain banks and financial institutions party thereto as lenders and issuing banks. Pursuant to the Second Amended and Restated Credit Agreement, the Company amended and restated the Amended and Restated Credit Agreement. The Second Amended and Restated Credit Agreement provides for a $750.0 million term loan facility (the “Term Loan”), which will be due and payable on May 25, 2027 or, if greater than $200.0 million of the Notes are outstanding on November 16, 2025 (the “Springing Maturity Condition”), November 16, 2025 (the “Springing Maturity Date”). The Term Loan amortizes in quarterly installments of 0.25%, payable at the end of each fiscal quarter and on the maturity date. The Second Amended and Restated Credit Agreement also provided for a $500.0 million revolving credit facility (the “Revolving Facility”), $35.0 million of which would mature on June 20, 2024 (the “Non-Consenting Commitments”), with the rest ($465.0 million) maturing on December 10, 2026 (the “Consenting Commitments”) or if the Springing Maturity Condition is met and the Term Loan is outstanding on such date, the Springing Maturity Date. On August 24, 2022, the Company amended the Second Amended and Restated Credit Agreement (the “First Amendment”) such that the Company is only required to meet the total liquidity covenant, set at $250.0 million (the “Liquidity Covenant”), and the total revenues covenant, set at $3.0 billion for the four-quarter trailing period, to the extent any revolving loans are borrowed and outstanding. On May 2, 202 3, the Company further amended the Second Amended and Restated Credit Agreement (the “Second Amendment”) to, among other things, (i) reduce the aggregate revolving credit commitments from $500.0 million to $400.0 million, with the Non-Consenting Commitments reduced to $28.0 million and the Consenting Commitments reduced to $372.0 million, and (ii) remove the covenant requiring the Company to maintain a minimum total four-quarter revenue level of $3.0 billion at any time when revolving loans are outstanding. Following the Second Amendment, borrowings under the Revolving Facility are limited to the lesser of (a) $400.0 million and (b) an amount equal to the “Subscription” revenue of the Company and its subsidiaries for the most recently completed fiscal quarter of the Company. The Liquidity Covenant will still be replaced with a covenant to maintain a minimum secured debt to adjusted EBITDA ratio upon our meeting a specified adjusted EBITDA threshold. The Revolving Facility bears interest at a rate equal to, at our option, either at the Adjusted Term SOFR Rate (as defined in the Second Amended and Restated Credit Agreement) plus 2.25% per annum or the Alternate Base Rate (as defined in the Second Amended and Restated Credit Agreement) plus 1.25% per annum for the Consenting Commitments, and bears interest at a rate equal to, at our option, either at the Adjusted Term SOFR Rate plus 2.75% per annum or the Alternate Base Rate plus 1.75% per annum for the Non-Consenting Commitments. The Company is required to pay an annual commitment fee of 0.325% per annum and 0.375% per annum on a quarterly basis based on the unused portion of the Revolving Facility for the Consenting Commitments and the Non-Consenting Commitments, respectively. The Term Loan bears interest at a rate equal to, at our option, either at the Alternate Base Rate (as defined in the Second Amended and Restated Credit Agreement) plus 5.50% per annum or the Adjusted Term SOFR Rate (as defined in the Second Amended and Restated Credit Agreement) plus 6.50% per annum. As stipulated in the Second Amended and Restated Credit Agreement, the applicable rates applicable to the Term Loan increased one time by 0.50% per annum as the Company chose not to obtain a public rating for the Term Loan from S&P Global Ratings or Moody’s Investors Services, Inc. on or prior to November 25, 2022. Any borrowing at the Alternate Base Rate is subject to a 1.00% floor and a term loan borrowed at the Adjusted Term SOFR Rate is subject to a 0.50% floor and any revolving loan borrowed at the Adjusted Term SOFR Rate is subject to a 0.00% floor. The Second Amended and Restated Credit Agreement contains customary affirmative covenants as well as customary covenants that restrict our ability to, among other things, incur additional indebtedness, sell certain assets, guarantee obligations of third parties, declare dividends or make certain distributions, and undergo a merger or consolidation or certain other transactions. The Second Amended and Restated Credit Agreement also contains certain customary events of default. Certain baskets and covenant levels have been decreased and will apply equally to both the Term Loan and Revolving Facility for so long as the Term Loan is outstanding. After the repayment in full of the Term Loan, such baskets and levels will revert to those previously disclosed in connection with the Amended and Restated Credit Agreement. The obligations under the Second Amended and Restated Credit Agreement with respect to the Term Loan and the Revolving Facility are secured by substantially all of our assets, with certain exceptions set forth in the Second Amended and Restated Credit Agreement, and are required to be guaranteed by certain material subsidiaries of the Company if, at the end of future financial quarters, certain conditions are not met. During the fiscal years ended June 30, 2023 and 2022, the Company incurred total commitment fees of $1.6 million and $1.4 million, respectively, which are included in Interest expense in the Consolidated Statements of Operations and Comprehensive Loss. As of June 30, 2023, the Company had drawn the full amount of the Term Loan and had not drawn on the Revolving Facility, and the Company had $742.5 million total outstanding borrowings under the Second Amended and Restated Credit Agreement. In connection with the execution of the Second Amended and Restated Credit Agreement, the Company incurred debt issuance costs of $1.1 million, which are capitalized and presented as Other assets on the Company’s Consolidated Balance Sheets. These costs are being amortized to interest expense using the effective interest method over the term of the Second Amended and Restated Credit Agreement. As of June 30, 2023, the Company was in compliance with the covenants under the Second Amended and Restated Credit Agreement. The Company is required to pledge or otherwise restrict a portion of cash and cash equivalents as collateral for standby letters of credit. As of June 30, 2023, the Company had outstanding letters of credit totaling $71.6 million, which is classified as Restricted cash on the accompanying Consolidated Balance Sheet. The Company’s proceeds in connection with the Term Loan were $696.4 million, net of discount of $33.8 million and issuance costs of $19.8 million. Both the discount and issuance costs are being amortized to interest expense over the term of the Term Loan using the effective interest rate method. Upon entering into the Term Loan, the effective interest rate was 10.2%. On each of November 25, 2022 and May 25, 2023, the rate was updated to 13.7% and 14.3%, respectively. The net carrying amount of the Term Loan was as follows: June 30, 2023 2022 (in millions) Principal $ 750.0 $ 750.0 Principal Payments (7.5) — Unamortized debt discount (27.8) (33.1) Unamortized debt issuance costs (16.3) (19.4) Net carrying amount $ 698.4 $ 697.5 The following table sets forth the interest expense recognized related to the Term Loan: Fiscal Year Ended June 30, 2023 2022 (in millions) Amortization of debt discount $ 5.4 $ 0.7 Amortization of debt issuance costs 3.2 0.4 Total interest expense related to the Term Loan $ 8.6 $ 1.1

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company is subject to minimum guarantee royalty payments associated under certain music license agreements. The following represents the Company's minimum annual guarantee payments under music license agreements for the next three years as of June 30, 2023 : Future Minimum Payments Fiscal Year (in millions) 2024 $ 131.6 2025 48.8 2026 5.0 Total $ 185.5 Tread+ and Tread Product Recall Return Reserves and Cost Estimates On May 5, 2021, the Company announced separate, voluntary recalls of its Tread+ in collaboration with the U.S. Consumer Product Safety Commission (" CPSC") and halted sales of this product to work on product enhancements . On May 18, 2023, the Company and the CPSC jointly announced the approval of a rear guard repair for the recalled Tread+. D uring the fiscal year ended June 30, 2023 , the Company recognized an accrual for the cost associated with the Tread+ repair. The following table details the reduction to Connected Fitness Products revenue for actual and future returns and costs associated with Tread+ and Tread product recalls that were recorded in Connected Fitness Products cost of revenue. Fiscal Year Ended June 30, 2023 2022 2021 (in millions) Returns accrual for reduction to Connected Fitness Products revenue $ 14.6 $ 48.9 $ 81.1 Costs of product recalls $ 15.7 $ 8.1 $ 15.7 Return reserves related to the impacts of the Tread+ recall of $24.4 million and $39.9 million were included within Accounts payable and accrued expenses in the Consolidated Balance Sheets as of June 30, 2023 and 2022, respectively . Accruals for costs associated with the Tread+ repair of $10.0 million were included within Accounts payable and accrued expenses in the Consolidated Balance Sheet as of June 30, 2023 . The estimated return reserves are based on historical and expected product returns. The estimated costs associated with the Tread+ repair are primarily based on the estimated number of requests for the Tread+ repair and the estimated costs of the production, delivery and installation of the remedy. Bike Seat Post Recall On May 11, 2023, in collaboration with the CPSC, the Company announced a voluntary recall of the original Peloton model Bikes (not Bike+) seat posts sold in the U.S. from January 2018 to May 2023, and is offering Members a free replacement seat post as the approved repair. As a result of this recall, the Company recognized $48.4 million for the cost to replace the bike seat posts, reflected in Connected Fitness Products cost of revenue in the Company’s Consolidated Statements of Operations and Comprehensive Loss for the fiscal year ended June 30, 2023. As of June 30, 2023, accruals of $42.2 million were included within Accounts payable and accrued expenses in the accompanying Consolidated Balance Sheet. The estimated cost to replace the bike seat posts is primarily based on the estimated number of requests for seat posts and the estimated costs of the production and shipment of the replacement parts. For more detail on the potential impacts of the recall to our business, see “Risk Factors—Risks Related to Our Connected Fitness Products and Members—Our products and services may be affected from time to time by design and manufacturing defects or product safety issues, real or perceived, that could adversely affect our business and result in harm to our reputation.” Commitments to Suppliers The Company utilizes contract manufacturers to build its products and accessories. These contract manufacturers acquire components and build products based on demand forecast information the Company supplies, which typically covers a rolling 12-month period. Consistent with industry practice, the Company acquires inventories from such manufacturers through blanket purchase orders against which orders are applied based on projected demand information and availability of goods. Such purchase commitments typically cover the Company’s forecasted product and manufacturing requirements for periods that range a number of months. In certain instances, these agreements allow the Company the option to cancel, reschedule, and/or adjust our requirements based on its business needs for a period of time before the order is due to be fulfilled. While the Company’s purchase orders are legally cancellable in many situations, there are some which are not cancellable in the event of a demand plan change or other circumstances, such as where the supplier has procured unique, Peloton-specific designs, and/or specific non-cancellable, non-returnable components based on our provided forecasts. As of June 30, 2023, the Company’s commitments to contract with third-party manufacturers for their inventory on-hand and component purchase commitments related to the manufacture of Peloton products were estimated to be approximately $174.6 million. Supplier Settlements During the fiscal year ended June 30, 2023, the Company incurred $22.0 million in settlement agreements with various third-party suppliers to terminate certain future inventory purchase commitments. The Company paid $268.9 million during the fiscal year ended June 30, 2023. Legal and Regulatory Proceedings The Company is, or may become, a party to legal and regulatory proceedings with respect to a variety of matters. For example, in May 2021, we initiated a voluntary recall of our Tread+ product in collaboration with the CPSC. In December 2022, to continue our cooperation with the CPSC, we entered into a settlement agreement with the CPSC regarding matters related to the Tread+ recall. In the settlement, which was publicly announced in January 2023, we agreed to pay a $19.1 million civil penalty, resolving the CPSC’s charges that we violated the Consumer Product Safety Act (“CPSA”). On May 18, 2023, the Company and the CPSC jointly announced the approval of a rear guard repair for the recalled Tread+. The SEC is also investigating our public disclosures concerning the recall, as well as other matters In addition, in 2021, the U.S. Department of Justice (the “DOJ”) and the Department of Homeland Security subpoenaed us for documents and other information related to our statutory obligations under the CPSA, and they are continuing to investigate. In addition to the regulatory investigations, we are presently subject to class action litigation and private personal injury claims related to these perceived defects in the Tread+ and incidents reported to result from its use. On May 11, 2023, in collaboration with the CPSC, the Company announced a voluntary recall of the original Peloton model Bikes (not Bike+) sold in the U.S. from January 2018 to May 2023. On May 17, 2023, Brandy Miller filed suit against Peloton on behalf of a putative nationwide class of Bike purchasers in the U.S. District Court for the District of South Carolina, Case No. 3:23-cv-02101-MGL. Plaintiff Miller alleges that, as demonstrated by the seat post recall, the Bike was defective when sold, and she brings claims of unjust enrichment, breaches of express and implied warranties, breach of contract, negligence, and design and manufacturing defects. The Company moved to compel arbitration and dismiss the complaint on July 31, 2023. On June 9, 2023, Sam Solomon filed suit against Peloton and certain of its current or former officers on behalf of a putative class of individuals who purchased or otherwise acquired Peloton securities between May 10, 2022 and May 10, 2023, in the U.S. District Court for the Eastern District of New York, Case No. 1:23-cv-04279-MKB-JRC. Plaintiff Solomon alleges that the defendants made false and/or misleading statements or omissions relating to the seat post recall in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 10b-5 promulgated thereunder. Additionally on April 29, 2021, Ashley Wilson filed a putative securities class action lawsuit against the Company and certain of its officers, captioned Wilson v. Peloton Interactive, Inc., et al., Case No. 1:21-cv-02369-CBA-PK, in the United States District Court for the Eastern District of New York (the "Wilson Action"), and on May 24, 2021, Leigh Drori filed a related putative securities class action lawsuit, captioned Drori v. Peloton Interactive, Inc., et al., Case No. 1:21-cv-02925-CBA-PK, also in the United States District Court for the Eastern District of New York (the “Drori Action”). On November 16, 2021, the district judge consolidated the Wilson and Drori Actions under the caption In re Peloton Interactive, Inc. Securities Litigation, Master File No. 21-cv-02369-CBA-PK, and appointed Richard Neswick as lead plaintiff. On January 21, 2022, lead plaintiff filed an amended consolidated complaint in the action purportedly on behalf of a class consisting of those individuals who purchased or otherwise acquired our common stock between September 11, 2020 and May 5, 2021. Lead plaintiff alleges that the Company and certain of its officers made false or misleading statements in violation of Sections 10(b) and 20(a) of the Exchange Act regarding the Company’s Tread and Tread+ products and the safety of those products. Defendants served their motion to dismiss the amended consolidated complaint on March 7, 2022, and briefing was complete on April 26, 2022. A hearing on the motion to dismiss was held on June 8, 2022. On December 15, 2022, the parties reached a settlement-in-principle, and on December 16, 2022, the court stayed the action in light of that settlement-in-principle. On April 17, 2023, the parties entered into a settlement agreement to resolve the action for $14.0 million, for which the Company had previously taken a reserve, and submitted the agreement to the court for approval. Under the terms of this agreement, defendants continue to deny any liability or wrongdoing. The settlement remains subject to court approval. On May 20, 2021, Alan Chu filed a verified shareholder derivative action lawsuit purportedly on behalf of the Company against certain of the Company’s current and former officers and directors, captioned Chu v. Foley, et al., Case No. 1:21-cv-02862, in the United States District Court for the Eastern District of New York (the “Chu Action”). Plaintiff Chu alleges breaches of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement, waste, and violations of Section 14(a) of the Exchange Act, as well as a claim for contribution under Sections 10(b) and 21D of the Exchange Act. On August 13, 2021 and August 19, 2021, two related verified shareholder derivative complaints were filed, captioned Genack v. Foley, et al., Case No. 1:21-cv-04583 and Liu v. Foley, et al., Case No. 1:21-cv-04687, also purportedly on behalf of the Company, in the United States District Court for the Eastern District of New York. On October 13, 2021, the parties in the three putative derivative actions filed a stipulation seeking to consolidate the actions, and agreeing to a schedule for plaintiffs to file motions to be appointed lead plaintiff. On October 26, 2021, the court entered the stipulation consolidating the three actions under the caption In re Peloton Interactive, Inc. Derivative Litigation, Master File No. 21-cv-02862-CBA-PK. On November 23, 2021, Anthony Franchi filed a shareholder derivative action in the United States District Court for the Eastern District of New York against certain of the Company’s current and former officers and directors captioned Franchi v. Blachford, et al., Case No. CV 21-06544 (the “Franchi Action”), which alleges breaches of fiduciary duty, unjust enrichment, and violations of Sections 14(a) and 20(a) of the Exchange Act. On January 24, 2022, the court entered a stipulation consolidating the Franchi Action into In re Peloton Interactive, Inc. Derivative Litigation (the “EDNY Derivative Action”) and appointed each plaintiff a co-lead plaintiff. On February 3, 2022, the parties filed a stipulation to stay the consolidated derivative action, which the Court entered on February 11, 2022, and the case remains stayed. On November 18, 2022 and December 8, 2022, respectively, stockholders Krikor Arslanian and Michael Smith filed putative verified stockholder derivative actions in the Court of Chancery of the State of Delaware purportedly on behalf of the Company against certain of the Company’s executive officers and directors (the “Chancery Actions”), captioned Arslanian v. Blachford, et al., Case No. 2022-1051-KSJM and Smith v. Boone, et al., Case No. 2022-1138-KSJM, asserting similar allegations to those made in the EDNY Derivative Action. On December 14, 2022, the Chancery Actions were consolidated as In re Peloton Interactive, Inc. Stockholder Derivative Litigation and stayed. On December 22, 2022, putative shareholder Charles Blackburn filed a putative stockholder derivative action in the United States District Court for the District of Delaware, asserting similar allegations to those in the EDNY Derivative Action and the Chancery Actions against certain current and former Company officers and directors, captioned Blackburn v. Foley, et al., Case No. 22-cv-01618-GBW. On November 18, 2021, the City of Hialeah Employees’ Retirement System filed a putative securities class action lawsuit against the Company and certain of its current and former officers in the United States District Court for the Southern District of New York, captioned City of Hialeah Employees’ Retirement System v. Peloton Interactive, Inc., Case No. 21-cv-09582-ALC (the “Hialeah Action”), and on December 2, 2021, Anastasia Deulina filed a related putative securities class action against the same defendants also in the United States District Court for the Southern District of New York captioned Deulina v. Peloton Interactive, Inc., Case No. 21-cv-10266-ALC (the “Deulina Action”). On May 5, 2022, the Court consolidated the Hialeah and Deulina Actions and appointed Robeco Capital Growth Funds SICAV – Robeco Global Consumer Trends as lead plaintiff. Lead plaintiff filed its amended complaint on June 25, 2022, purportedly on behalf of a class of individuals who purchased or otherwise acquired the Company’s common stock between February 5, 2021 and January 19, 2022 against the Company and certain of its current and former officers, alleging that the defendants made false and/or misleading statements about demand for the Company’s products and the reasons for the Company’s inventory growth, and engaged in improper trading in violation of Sections 10(b) and 20A of the Exchange Act. Defendants moved to dismiss, and on March 30, 2023, the court granted defendants’ motion to dismiss with leave to amend. Plaintiff filed an amended complaint on May 6, 2023, and defendants moved to dismiss the complaint on June 16, 2023. Briefing on defendants’ motion to dismiss the amended complaint was completed on August 18, 2023. On February 21, 2023 stockholders Allison Manzella and Clark Ovruchesky filed a putative verified stockholder derivative action in the Court of Chancery in the State of Delaware on behalf of the Company against certain of the Company’s current and former officers and directors, captioned Manzella v. Cortese, et al., C.A. No. 2023-0224-KSJM, alleging the defendants breached their fiduciary duties by purportedly making false statements about demand for the Company’s products and engaging in improper trading. On March 20, 2023 and April 28, 2023, stockholders Daniel Banks and Karen Florentino, respectively, likewise filed putative verified stockholder derivative actions in the Court of Chancery in the State of Delaware on behalf of the Company, captioned Banks v. Foley, et al., C.A. No. 2023-0340-KSJM, and Florentino v. Cortese, et al., C.A. No. 2023-0468-KSJM, asserting substantially similar allegations. On July 26, 2023, the Manzella, Banks, and Florentino actions were consolidated under the caption In re Peloton Interactive, Inc. 2023 Derivative Litigation, Consol. Case No. 2023-0224-KSJM. In April 2021, DISH Technologies L.L.C., and Sling TV L.L.C. (“DISH”) filed a complaint in the United States District Court for the Eastern District of Texas. DISH, and along with DISH DBS Corporation, also filed a complaint in the United States International Trade Commission (“ITC”) under Section 337 of the Tariff Act of 1930 against the Company, along with ICON Health & Fitness, Inc. (now iFIT Inc. f/k/a Icon Health & Fitness, Inc.), FreeMotion Fitness, Inc., NordicTrack, Inc., lululemon athletica, inc., and Curiouser Products Inc. d/b/a MIRROR. The complaints alleged infringement of various patents related to fitness devices containing internet-streaming enabled video displays. In the ITC matter, on September 9, 2022, an Initial Determination was issued recommending that the ITC enter an exclusion order and a cease and desist order against Peloton’s importation and sale of Bike, Bike+, Tread and Tread+ products (and others that operate similarly) on the basis that those products infringed all four asserted patents of DISH. On March 8, 2023, the ITC issued an opinion finding that Peloton had imported products which infringe certain claims of the patents asserted by DISH. On the basis of that finding, the ITC issued a limited exclusion order and cease and desist order (“remedial orders”). The remedial orders were subject to a 60-day Presidential Review Period ending on May 7, 2023. Absent presidential disapproval, after May 7, 2023, the remedial orders would have prohibited (i) the sale, distribution, marketing, transferring, or advertising in the United States of products that have the infringing functionality installed on them, and (ii) the importation of such products unless and until Customs and Border Protection (“CBP”) deems them non-infringing . On May 1, 2023, Peloton executed a Settlement, Patent License, and Release Agreement with DISH resolving the ITC matter and the Eastern District of Texas matter, pursuant to which Peloton paid a one time settlement payment of $75.0 million to DISH and DISH has terminated the related legal proceedings. On August 4, 2022, Mayville Engineering Company, Inc. (“MEC”) filed suit against Peloton in the Supreme Court of the State of New York, Index No. 652735/2022, alleging claims for breach of contract, or, in the alternative, breach of the implied duty of good faith and fair dealing. MEC alleges that Peloton breached a supply agreement under which MEC agreed to supply certain parts for Peloton products, and that it is entitled to damages in an amount exceeding $107.0 million, plus pre-judgment interest, fees, and costs. On September 23, 2022, Peloton moved to dismiss MEC's complaint. On January 6, 2023, the Court partially granted and partially denied Peloton's motion to dismiss, dismissing MEC’s alternative claim for breach of the implied duty of good faith and fair dealing with prejudice, but allowing MEC's claim for breach of contract to move forward. The matter is ongoing. We dispute the allegations in the above-referenced active matters and intend to defend the matters vigorously. Some of our legal and regulatory proceedings, such as the above-referenced matters and litigation that centers around intellectual property claims, may be based on complex claims involving substantial uncertainties and unascertainable damages. Accordingly, except where otherwise indicated, it is not possible to

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity On November 16, 2021, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC as representatives of the several underwriters named therein (collectively, the “Representatives”) relating to the offer and sale by the Company (the “Offering”) of 27,173,912 shares (the “Shares”) of the Company’s Class A common stock, par value $0.000025 per share, which includes 3,260,869 shares of Class A common stock issued and sold pursuant to the exercise in full by the underwriters of their option to purchase additional shares of Class A common stock pursuant to the Underwriting Agreement. The Company sold the Shares to the underwriters at the public offering price of $46.00 per share less underwriting discounts . The net proceeds to the Company from the Offering were approximately $1.2 billion after deducting the underwriters’ discounts and commissions and the Company’s offering expenses.

Equity-Based Compensation

Equity-Based Compensation	12 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Equity-Based Compensation	Equity-Based Compensation 2019 Equity Incentive Plan In August 2019, the Board of Directors adopted the 2019 Plan, which was subsequently approved by the Company’s stockholders in September 2019. The 2019 Plan serves as the successor to the 2015 Stock Plan (the "2015 Plan"). The 2015 Plan continues to govern the terms and conditions of the outstanding awards previously granted thereunder. Any reserved shares not issued or subject to outstanding grants under the 2015 Plan on the effective date of the 2019 Plan became available for grant under the 2019 Plan and will be issued as Class A common stock. The number of shares reserved for issuance under the 2019 Plan will increase automatically on July 1 of each of 2020 through 2029 by the number of shares of the Company’s Class A common stock equal to 5% of the total outstanding shares of all of the Company’s classes of common stock as of each June 30 immediately preceding the date of increase, or a lesser amount as determined by the Board of Directors. On July 1, 2022, the number of shares of Class A common stock available for issuance under the 2019 Plan was automatically increased according to its terms by 16,913,700 shares. As of June 30, 2023, 43,075,791 shares of Class A common stock are available for future award under the 2019 Plan. Stock Options The following summary sets forth the stock option activity under the 2019 Plan: Options Outstanding Number of Stock Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in millions) Outstanding — June 30, 2022 61,815,926 $ 25.28 6.7 $ 93.2 Granted 1,437,950 $ 8.92 Exercised (11,535,977) $ 5.52 $ 85.1 Forfeited or expired (8,718,626) $ 30.33 Outstanding — June 30, 2023 42,999,273 $ 19.71 5.2 $ 33.2 Vested and Exercisable— June 30, 2023 30,592,179 $ 17.58 4.0 $ 33.1 Unvested option activity is as follows: Options Weighted-Average Grant Date Fair Value Unvested - June 30, 2022 25,347,235 $ 19.35 Granted 1,437,950 $ 6.42 Vested (9,261,227) $ 18.54 Forfeited or expired (5,116,864) $ 8.97 Unvested - June 30, 2023 12,407,094 $ 18.84 The aggregate intrinsic value of options outstanding and vested and exercisable, were calculated as the difference between the exercise price of the options and the fair value of the Company’s common stock as of June 30, 2023. The fair value of the common stock is the closing stock price of the Company's Class A common stock as reported on The Nasdaq Global Select Market. The aggregate intrinsic value of exercised options was $85.1 million, $376.3 million, and $1,216.6 million for the fiscal years ended June 30, 2023, 2022, and 2021, respectively. On July 1, 2022, the Compensation Committee of the Board of Directors of the Company approved a one-time repricing of certain stock option awards that had been granted to date under the 2019 Plan. The repricing impacted stock options held by all employees who remained employed through July 25, 2022. The repricing did not apply to our U.S.-based hourly employees (or employees with equivalent roles in non-U.S. locations) or our C-level executives. The original exercise prices of the repriced stock options ranged from $12.94 to $146.79 per share for the 2,138 total grantees. Each stock option was repriced to have a per share exercise price of $9.13, which was the closing price of the Company’s Class A common stock on July 1, 2022. There were no changes to the number of shares, the vesting schedule or the expiration date of the repriced stock options. Incremental stock-based compensation expense resulting from the repricing was $21.9 million in the aggregate. For the fiscal years ended June 30, 2023, 2022, and 2021, the weighted-average grant date fair value per option was $6.42, $22.27, and $43.76, respectively. The fair value of each option was estimated at the grant date using the Black-Scholes method with the following assumptions: Fiscal Year Ended June 30, 2023 2022 2021 Weighted average risk-free interest rate (1) 3.3 % 1.7 % 0.7 % Weighted average expected term (in years) 6.2 6.0 6.2 Weighted average expected volatility (2) 81.4 % 56.2 % 43.5 % Expected dividend yield — — — ____________________________ (1) Based on U.S. Treasury yield curve in effect at the time of grant. (2) Expected volatility is based on a blended average of average historical stock volatilities of several peer companies over the expected term of the stock options, historical volatility of the Company's stock price, and implied stock price volatility derived from the price of exchange traded options on the Company's stock. Restricted Stock and Restricted Stock Units The following table summarizes the activity related to the Company's restricted stock and restricted stock units: Restricted Stock Units Outstanding Number of Awards Weighted-Average Grant Date Fair Value Outstanding — June 30, 2022 8,977,705 $ 42.49 Granted 30,715,825 $ 10.82 Vested and converted to shares (6,049,755) $ 29.78 Cancelled (6,407,347) $ 23.95 Outstanding — June 30, 2023 27,236,428 $ 13.96 Employee Stock Purchase Plan In August 2019, the Board of Directors adopted, and in September 2019, the Company's stockholders approved, the ESPP, through which eligible employees may purchase shares of the Company's Class A common stock at a discount through accumulated payroll deductions. The ESPP became effective on the date the registration statement, in connection with the Company’s IPO, was declared effective by the SEC (the "Effective Date"). The number of shares of the Company's Class A common stock that will be available for issuance and sale to eligible employees under the ESPP will increase automatically on the first day of each fiscal year of the Company beginning on July 1, 2020 through 2029, equal to 1% of the total number of outstanding shares of all classes of the Company's common stock on the immediately preceding June 30, or such lesser number as may be determined by the Board of Directors or applicable committee in its sole discretion. On July 1, 2022, the number of shares of Class A common stock available for issuance under the ESPP was automatically increased according to its terms by 3,382,740 shares. As of June 30, 2023, a total of 12,626,752 shares of Class A common stock were available for sale to employees under the ESPP. Unless otherwise determined by the Board of Directors, each offering period will consist of four six-month purchase periods, provided that the initial offering period commenced on the Effective Date and ended on August 31, 2021, and the initial purchase period ended February 28, 2020. Thereafter, each offering period and each purchase period will commence on September 1 and March 1 and end on August 31 and February 28 of each two-year period or each six-month period, respectively, subject to a reset provision. If the closing stock price on the first day of an offering period is higher than the closing stock price on the last day of any applicable purchase period, participants will be withdrawn from the ongoing offering period immediately following the purchase of ESPP shares on the purchase date and would automatically be enrolled in the subsequent offering period (“ESPP reset”), resulting in a modification under ASC 718. Unless otherwise determined by the Board of Directors, the purchase price for each share of Class A common stock purchased under the ESPP will be 85% of the lower of the fair market value per share on the first trading day of the applicable offering period or the fair market value per share on the last trading day of the applicable purchase period. During the year ended June 30, 2023, there were ESPP resets that resulted in total modification charges of $2.7 million, which is recognized over the new two-year offering period ending February 28, 2024. The Black-Scholes option pricing model assumptions used to calculate the fair value of shares estimated to be purchased at the commencement of the ESPP offering periods were as follows: Fiscal Year Ended June 30, 2023 Weighted average risk-free interest rate 0.9% Weighted average expected term (in years) 1.3 Weighted average expected volatility 88.2% Expected dividend yield — The expected term assumptions were based on each offering period's respective purchase date. The expected volatility was derived from the blended average of historical stock volatilities of several unrelated public companies that the Company considers to be comparable to its business over a period equivalent to the expected terms of the stock options and the historical volatility of the Company's stock price. Beginning in the fiscal quarter ended March 31, 2022, the expected volatility is based on the historical volatility of the Company’s stock price. The risk-free rate assumptions were based on the U.S. treasury yield curve in effect at the time of the grants. The dividend yield assumption was zero as the Company has not historically paid any dividends and does not expect to declare or pay dividends in the foreseeable future. During the fiscal years ended June 30, 2023, 2022, and 2021, the Company recorded Stock-based compensation expense associated with the ESPP of $17.3 million, $13.0 million, and $9.5 million respectively. In connection with the offering period which ended on August 31, 2022, employees purchased 386,121 shares of Class A common stock at a weighted-average price of $8.66 under the ESPP. In connection with the offering period ended on February 28, 2023, employees purchased under the ESPP 518,326 shares of Class A common stock at a weighted-average price of $8.74. As of June 30, 2023, total unrecognized compensation cost related to the ESPP was $8.0 million, which will be amortized over a weighted-average remaining period of 1.7 years. Stock-Based Compensation Expense The Company's total stock-based compensation expense was as follows: Fiscal Year Ended June 30, 2023 2022 2021 Cost of revenue Connected Fitness Products $ 14.3 $ 20.2 $ 12.6 Subscription 42.8 22.7 25.9 Total cost of revenue 57.1 42.9 38.5 Sales and marketing 28.9 30.5 26.2 General and administrative 167.2 152.4 102.1 Research and development 66.7 46.0 27.2 Restructuring expense 85.0 56.5 — Total stock-based compensation expense $ 405.0 $ 328.4 $ 194.0 As of June 30, 2023, the Company had $570.4 million of unrecognized stock-based compensation expense related to unvested stock-based awards that is expected to be recognized over a weighted-average period of 2.6 years.

Concentration of Credit Risk an

Concentration of Credit Risk and Major Customers and Vendors	12 Months Ended
	Jun. 30, 2023
Risks and Uncertainties [Abstract]
Concentration of Credit Risk and Major Customers and Vendors	Concentration of Credit Risk and Major Customers and VendorsFinancial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash and cash equivalents. The Company’s cash and cash equivalents are maintained with high-quality financial institutions, the compositions and maturities of which are regularly monitored by management. For the fiscal years ended June 30, 2023, 2022, and 2021, there were no customers representing greater than 10% of the Company’s Total revenue. The Company's top three vendors accounted for approximately 78% of inventory purchased for the fiscal year ended June 30, 2023. The Company's top two vendors accounted for approximately 60% and 46% of inventory purchased for the fiscal years ended June 30, 2022 and 2021, respectively. The Company procures components from a broad group of suppliers. Some of the Company’s products require one or more components that are available from only a single source.

Income Taxes

Income Taxes	12 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The components of loss before income taxes are as follows: Fiscal Year Ended June 30, 2023 2022 2021 (in millions) United States $ (1,101.9) $ (2,454.4) $ (120.0) Foreign (156.1) (353.7) (78.2) Loss from operations before income taxes $ (1,258.0) $ (2,808.1) $ (198.2) The components of income tax (benefit) expense are as follows: Fiscal Year Ended June 30, 2023 2022 2021 (in millions) Current: Federal $ — $ — $ — State 0.6 1.3 0.4 Foreign 4.6 13.6 11.5 5.2 14.9 11.9 Deferred: Federal — — (14.1) State — — (3.2) Foreign (1.5) 4.7 (3.8) (1.5) 4.7 (21.1) Total $ 3.7 $ 19.6 $ (9.2) A reconciliation from the U.S. statutory federal income tax rate to the effective income tax rate is as follows: Fiscal Year Ended June 30, 2023 2022 2021 Federal income tax rate 21.0 % 21.0 % 21.0 % Permanent differences (0.1) (0.9) (0.6) Share based compensation (2.5) 1.6 99.6 Return to provision 0.1 — 1.5 Effects of rates different than statutory 0.4 0.4 (1.3) State and local income taxes, net of federal benefit 2.9 4.4 24.1 Change in valuation allowance (24.2) (28.3) (150.2) Rate change (0.5) 0.3 8.0 Federal credits 2.4 0.9 2.5 State credits 0.2 — — Other — (0.1) — Effective income tax rate (0.3) % (0.7) % 4.6 % The primary differences from the U.S. statutory rate and the Company’s effective tax rate for the fiscal year ended June 30, 2023 are due to the change in valuation allowance, stock-based compensation, and state and international taxes. The primary differences from the U.S. statutory rate and the Company’s effective tax rate for the fiscal year ended June 30, 2022 were due to the change in valuation allowance, stock-based compensation including excess tax benefits, and state and international taxes. The primary differences from the U.S. statutory rate and the Company’s effective tax rate for the fiscal year ended June 30, 2021 were due to the change in valuation allowance, stock-based compensation including excess tax benefits, and state and international taxes. On August 16, 2022, the Inflation Reduction Act was signed into law in the United States. Among other provisions, the Inflation Reduction Act includes a 15% minimum tax rate applied to corporations with profits in excess of $1 billion and also includes an excise tax on the repurchase of corporate stock. The Company has reviewed the provisions of the law and does not believe that any of the provisions will have a material impact on the business. On March 11, 2021, the American Rescue Plan was enacted, which extends the period companies can claim an Employee Retention Credit, expands the IRC Section 162(m) limit on deductions for publicly traded companies, and repeals the election that allows US affiliate groups to allocate interest expense on a worldwide basis, among other provisions. The Company reviewed the provisions of the law and determined it had no material impact for the fiscal year ended June 30, 2023. On December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021. The act includes the Taxpayer Certainty and Disaster Tax Relief Act of 2020 and the COVID-related Tax Relief Act of 2020, both of which extend many credits and other COVID-19 relief, among other extensions. The Company evaluated the provisions of the Consolidated Appropriations Act, including but not limited to the Employee Retention Credit extension, the extension for the IRC Section 45S credit for paid family and medical leave, and the provision allowing a full deduction for certain business meals, and determined that there was no material impact for the fiscal year ended June 30, 2023. As of June 30, 2023 and June 30, 2022, the Company’s deferred tax assets were primarily the result of U.S. federal and state net operating losses (“NOLs”), non-qualified stock options, accruals and reserves, lease liability, research and development tax credits, §263A UNICAP, and Section 174 capitalized expenditures. A valuation allowance was maintained and/or established in substantially all jurisdictions on the Company’s gross deferred tax asset balances as of June 30, 2023 and 2022. As of each reporting date, the Company’s management considers new evidence, both positive and negative, that could impact management’s view with regard to future realization of deferred tax assets. The realization of deferred tax assets was based on the evaluation of current and estimated future profitability of the operations, reversal of deferred tax liabilities and the likelihood of utilizing tax credit and/or loss carryforwards. As of June 30, 2023 and June 30, 2022, the Company continued to maintain that it is not at the more likely than not standard, wherein deferred taxes will be realized due to the recent history of losses and management’s expectation of continued tax losses. Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets (liabilities) are as follows: Fiscal Year Ended June 30, 2023 2022 (in millions) Deferred tax assets: Net operating loss $ 939.3 $ 850.8 Accruals and reserves 102.2 101.2 R&D credit 74.9 41.9 Accrued legal and professional fees 11.7 3.9 Non-qualified stock options 110.5 88.9 Restricted stock options 7.8 5.7 Disallowed Interest Carryover 19.5 1.2 Intangible Amortization 49.1 46.5 Capitalized R&E 66.1 — Inventory capitalization 75.5 38.8 Lease liability 163.0 197.0 Deferred revenue 14.8 9.5 Construction in Progress 48.9 31.8 Convertible Securities 11.2 — Other 4.5 5.5 Total deferred tax assets: 1,699.0 1,422.7 Valuation allowance (1,533.3) (1,191.2) Deferred tax liabilities: Prepaid Expenses (7.0) (10.2) Property and equipment (27.0) (40.8) Right-of-use assets (127.7) (166.6) Convertible securities — (15.6) Other (4.3) (0.1) Total deferred tax liabilities: (166.0) (233.3) Deferred tax assets, net $ (0.3) $ (1.8) As of June 30, 2023 and 2022, the Company had federal NOLs of approximately $3,101.6 million and $2,896.7 million, respectively, of which $64.8 million will begin to expire in 2034 and the remainder will be carried forward indefinitely. The Company has undergone three ownership changes in the past which have historically subjected its NOLs to a Section 382 limitation. The resulting Section 382 limitations are large enough to avail the Section 382 limited NOLs by June 30, 2022, therefore no NOLs are currently limited. As of June 30, 2023 and 2022, the Company had state NOLs of approximately $2,309.9 million and $2,130.0 million, respectively, which began to expire at various dates beginning in 2023 if not utilized. As of June 30, 2023 and 2022, the Company had foreign NOLs of approximately $609.7 million and $458.3 million, respectively, generated primarily from its operations in the United Kingdom, which will be carried forward indefinitely. As of June 30, 2023 and 2022, the Company had $71.9 million and $41.9 million, respectively, of federal U.S. research and development credit carryovers that will begin to expire in 2036. As of June 30, 2023, the Company did not have material undistributed foreign earnings. The Company has not recorded a deferred tax liability for foreign withholding or other foreign local tax on the undistributed earnings from the Company’s international subsidiaries as such earnings are considered to be indefinitely reinvested. The Company utilizes a two-step approach to recognize and measure unrecognized tax benefits. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained upon tax authority examination, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. The Company’s policy is to include interest and penalties related to unrecognized tax benefits, if any, within Income tax expense (benefit) in the Consolidated Statements of Operations and Comprehensive Income (Loss). At both June 30, 2023 and 2022, the Company had no unrecognized tax benefits included as a component of income taxes payable within accrued expenses within the accompanying Consolidated Balance Sheets. The Company has the following activity relating to unrecognized tax benefits: Fiscal Year Ended June 30, 2023 2022 (in millions) Beginning balance $ — $ 0.7 Gross (decrease) increase in unrecognized tax positions $ — $ (0.7) Ending balance $ — $ — Although it is possible that unrecognized tax benefits may increase or decrease within the next twelve months due to tax examination changes, settlement activities, expirations of statute of limitations, or the impact on recognition and measurement considerations related to the results of published tax cases or other similar activities, we do not anticipate any significant changes to unrecognized tax benefits over the next 12 months.

Net Loss Per Share

Net Loss Per Share	12 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Net Loss Per Share	Net Loss Per Share The computation of loss per share is as follows: Fiscal Year Ended June 30, 2023 2022 2021 (in millions) Basic loss per share: Net loss attributable to common stockholders $ (1,261.7) $ (2,827.7) $ (189.0) Shares used in computation: Weighted-average common shares outstanding 346,670,699 322,368,818 293,892,643 Basic loss per share $ (3.64) $ (8.77) $ (0.64) Basic and diluted loss per share are the same for each class of common stock because they are entitled to the same liquidation and dividend rights. The following potentially dilutive shares were not included in the calculation of diluted shares outstanding as the effect would have been anti-dilutive: Fiscal Year Ended June 30, 2023 2022 2021 Employee stock options 13,742,253 36,846,242 54,076,445 Restricted stock units and awards 1,408,482 174,580 546,687 Shares estimated to be purchased under ESPP — 28,370 363,741 Impact of 2021 Notes The conversion option will have a dilutive impact on net income per share of common stock when the average market price per share of the Company's Class A common stock for a given period exceeds the conversion price of the Notes of $239.23 per share. During the fiscal year ended June 30, 2023, the weighted average price per share of the Company's Class A common stock was below the conversion price of the Notes. The denominator for basic and diluted loss per share does not include any effect from the Capped Call Transactions the Company entered into concurrently with the issuance of the Notes as this effect would be anti-dilutive. In the event of conversion of the Notes, if shares are delivered to

Segment Information

Segment Information	12 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Segment Information	Segment Information The Company applies ASC 280, Segment Reporting , in determining reportable segments. The Company has two reportable segments: Connected Fitness Products and Subscription. Segment information is presented in the same manner that the chief operating decision maker ("CODM") reviews the operating results in assessing performance and allocating resources. The CODM reviews revenue and gross profit for both of the reportable segments. Gross profit is defined as revenue less cost of revenue incurred by the segment. No operating segments have been aggregated to form the reportable segments. The Company does not allocate assets at the reportable segment level as these are managed on an entity wide group basis and, accordingly, the Company does not report asset information by segment. The Connected Fitness Products segment derives revenue from sale of the Company's portfolio of Connected Fitness Products and related accessories, delivery and installation services, branded apparel, and extended warranty agreements. The Subscription segment derives revenue from monthly Subscription fees. There are no internal revenue transactions between the Company’s segments. Key financial performance measures of the segments including Revenue, Cost of revenue, and Gross profit are as follows: Fiscal Year Ended June 30, 2023 2022 2021 (in millions) Connected Fitness Products: Revenue $ 1,130.2 $ 2,187.5 $ 3,149.6 Cost of revenue 1,328.8 2,433.8 2,236.9 Gross profit $ (198.6) $ (246.3) $ 912.7 Subscription: Revenue $ 1,670.1 $ 1,394.7 $ 872.2 Cost of revenue 547.9 450.0 330.5 Gross profit $ 1,122.1 $ 944.7 $ 541.7 Consolidated: Revenue $ 2,800.2 $ 3,582.1 $ 4,021.8 Cost of revenue 1,876.7 2,883.8 2,567.4 Gross profit $ 923.5 $ 698.4 $ 1,454.4 Reconciliation of Gross Profit Operating expenditures, interest income and other expense, and taxes are not allocated to individual segments as these are managed on an entity wide group basis. The reconciliation between reportable Segment Gross Profit to consolidated loss before provision (benefit) for income taxes is as follows: Fiscal Year Ended June 30, 2023 2022 2021 (in millions) Segment Gross Profit $ 923.5 $ 698.4 $ 1,454.4 Sales and marketing (648.2) (1,018.9) (728.3) General and administrative (798.1) (963.4) (661.8) Research and development (318.4) (359.5) (247.6) Goodwill impairment — (181.9) — Impairment expense (144.5) (390.5) (4.5) Restructuring expense (189.4) (180.7) — Supplier settlements (22.0) (337.6) — Total other expense, net (60.9) (74.1) (10.4) Loss before provision (benefit) for income taxes $ (1,258.0) $ (2,808.1) $ (198.2)

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Pay vs Performance Disclosure
Net loss	$ (1,261.7)	$ (2,827.7)	$ (189)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”).Certain monetary amounts, percentages, and other figures included elsewhere in these financial statements have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be the arithmetic aggregation of the figures that precede them, and figures expressed as percentages in the text may not total 100% or, as applicable, when aggregated may not be the arithmetic aggregation of the percentages that precede them.
Cash and Cash Equivalents	The Company considers all cash and short-term investments purchased with maturities of three months or less when acquired to be cash equivalents. As of June 30, 2023 and 2022, the Company’s cash and cash equivalents were primarily held in money market and operating accounts. At various times during the fiscal years ended June 30, 2023 and 2022, the balances of cash at financial institutions exceeded the federally insured limit. The Company has not experienced any losses in such accounts and believes its cash and cash equivalents are not subject to any significant credit risk.
Restricted Cash	Restricted cash primarily consists of cash held in reserve accounts related to operating lease obligations.
Accounts Receivable, Net of Allowances	The Company's accounts receivable primarily represent amounts due from third-party sales payment processors. The allowance is based upon a number of factors, including the length of time accounts receivable are past due, the Company's previous loss history, the specific customer's ability to pay its obligation and any other forward-looking data regarding customers' ability to pay which may be available.
Revenue Recognition	Revenue is recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Refer to Note 3, Revenue for additional information. The Company’s primary sources of revenue are its recurring content Subscription revenue, and revenue from the sales of its Connected Fitness Products and related accessories, as well as Precor branded fitness products, delivery and installation services. The Company determines revenue recognition through the following steps: • Identification of the contract, or contracts, with a customer; • Identification of the performance obligations in the contract; • Determination of the transaction price; • Allocation of the transaction price to the performance obligations in the contract; and • Recognition of revenue when, or as, the Company satisfies a performance obligation. Revenue is recognized when control of the promised goods or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company’s revenue is reported net of sales returns, discounts, incentives, and rebates to commercial distributors as a reduction of the transaction price. Certain contracts include consideration payable that is accounted for as a payment for distinct goods or services. The Company estimates its liability for product returns and concessions based on historical trends by product category, impact of seasonality, and an evaluation of current economic and market conditions and records the expected customer refund liability as a reduction to revenue, and the expected inventory right of recovery as a reduction of cost of revenue. If actual return costs differ from previous estimates, the amount of the liability and corresponding revenue are adjusted in the period in which such costs occur. Some of the Company’s contracts with customers contain multiple performance obligations. For customer contracts that include multiple performance obligations, the Company accounts for individual performance obligations if they are distinct. The transaction price is then allocated to each performance obligation based on its standalone selling price. The Company generally determines the standalone selling price based on the prices charged to customers. The Company applies the practical expedient as per ASC 606-10-50-14 and does not disclose information related to remaining performance obligations due to their original expected terms being one year or less. The Company expenses sales commissions on its Connected Fitness Products when incurred because the amortization period would have been less than one year. These costs are recorded in Sales and marketing in the Company’s Consolidated Statements of Operations and Comprehensive Loss. Some of the Company’s revenues relate to our rental lease arrangements. Our rental program allows Members to lease a Bike or Bike+ with a Peloton Rental Membership for a single monthly cost and a one-time delivery fee, and gives the Member the option to purchase the equipment outright or cancel at any time with no penalty. These lease arrangements include both lease and non-lease components. Consideration is allocated between the lease and non-lease components based on management’s best estimate of the relative standalone selling price of each component. The lease component relates to the customer’s right to use the equipment over the lease term and is accounted for as an operating lease in accordance with ASC 842, Leases . Lease revenue is recognized on a straight-line basis over the life of the lease within Connected Fitness Products revenue, while the underlying equipment subject to the lease remains within Property and equipment, net on the Company’s Consolidated Balance Sheets and depreciates over the equipment’s useful life. Depreciation expense associated with the underlying equipment is reflected in Connected Fitness Products cost of revenue in the Company’s Consolidated Statements of Operations and Comprehensive Loss. Non-lease components are primarily comprised of (1) an All-Access Membership, which is recognized within Subscription revenue, and (2) cycling shoes, which are recognized within Connected Fitness Products revenue, and are accounted for in accordance with ASC 606. Connected Fitness Products Connected Fitness Products include the Company’s portfolio of Connected Fitness Products and related accessories, Precor branded fitness products, delivery and installation services, Peloton branded apparel, extended warranty agreements, and commercial service contracts. The Company recognizes Connected Fitness Products revenue net of sales returns and discounts when the product has been delivered to the customer, except for extended warranty revenue that is recognized over the warranty period and service revenue that is recognized over the term of the service contract. The Company allows customers to return Peloton branded Connected Fitness Products within thirty days of purchase, as stated in its return policy. The Company records fees paid to third-party financing partners in connection with its consumer financing program as a reduction of revenue, as it considers such costs to be a customer sales incentive. The Company records payment processing fees for its credit card sales for Connected Fitness Products within Sales and marketing in the Company’s Consolidated Statements of Operations and Comprehensive Loss. Subscription The Company’s subscriptions provide access to Peloton content in its library of live and on-demand fitness classes. The Company’s subscriptions are offered on a month-to-month or prepaid basis. Amounts paid for subscription fees, net of refunds are included within Deferred revenue and customer deposits on the Company’s Consolidated Balance Sheets and recognized ratably over the subscription term. The Company records payment processing fees for its monthly subscription charges within cost of Subscription revenue in the Company’s Consolidated Statements of Operations and Comprehensive Loss. Sales tax collected from customers and remitted to governmental authorities is not included in revenue and is reflected as a liability on the Company’s Consolidated Balance Sheets.
Inventories	Inventories consist of finished goods, work-in-process and raw materials. Finished goods are purchased from contract manufacturers. Connected Fitness Product, accessories, apparel, and raw material inventories are stated at the lower of cost or net realizable value on a weighted-average cost basis. The Company assesses the valuation of inventory and periodically adjusts the value for estimated excess and obsolete inventory based upon estimates of future demand and market conditions, as well as damaged or otherwise impaired goods. Spare parts are recorded as inventory and recognized in cost of revenue as consumed. Refer to Note 6, Inventories for additional information.
Property and Equipment	Property and equipment purchased by the Company are stated at cost less accumulated depreciation. Depreciation of property and equipment is calculated using the straight-line method over the estimated useful lives of the assets. For leasehold improvements, the useful life is the lesser of the applicable lease term or the expected asset life. Charges for repairs and maintenance that do not improve or extend the lives of the respective assets are expensed as incurred. Refer to Note 8, Property and Equipment for additional information.
Internal-Use Software	The Company capitalizes certain qualified costs incurred in connection with the development of internal-use software. The Company evaluates the costs incurred during the application development stage of internal use software and website development to determine whether the costs meet the criteria for capitalization. Costs related to preliminary project activities and post-implementation activities including maintenance are expensed as incurred. Capitalized costs related to internal-use software are amortized on a straight-line basis over the estimated useful life of the software, not to exceed three years. Capitalized costs less accumulated amortization are included within Property and equipment, net on the Consolidated Balance Sheets.
Business Combination	To determine whether transactions should be accounted for as acquisitions of assets or business combinations, the Company makes certain judgments, which include assessment of the inputs, processes, and outputs associated with the acquired set of activities. If the Company determines that substantially all of the fair value of gross assets included in a transaction is concentrated in a single asset (or a group of similar assets), the assets will not represent a business. To be considered a business, the assets in a transaction need to include an input and a substantive process that together significantly contribute to the ability to create outputs. The Company allocates the fair value of the purchase consideration to the assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. The fair values of intangible assets are determined utilizing information available near the acquisition date based on expectations and assumptions that are deemed reasonable by management. Given the considerable judgment involved in determining fair values, the Company typically obtains assistance from third-party valuation specialists for significant items. If the transaction is deemed to be a business combination, any excess of the purchase price (consideration transferred) over the estimated fair values of net assets acquired is recorded as goodwill. Transaction costs are expensed as incurred. Amounts recorded in a business combination may change during the measurement period, which is a period not to exceed one year from the date of acquisition, as additional information about conditions that existed at the acquisition date becomes available. Refer to Note 7, Acquisitions for additional information.
Goodwill and Intangible Assets	Goodwill represents the excess of the aggregate of the consideration transferred and the amount recognized for non-controlling interest, if any, over the fair value of identifiable assets acquired and liabilities assumed in a business combination. The Company reviews goodwill for impairment annually on April 1 of each fiscal year or whenever events or changes in circumstances indicate that an impairment may exist. In conducting its annual impairment test, the Company first reviews qualitative factors to determine whether it is more likely than not that the fair value of each reporting unit is less than its carrying amount. If factors indicate that the fair value of the reporting unit is less than its carrying amount, the Company performs a quantitative assessment and the fair value of the reporting unit is determined by analyzing the expected present value of future cash flows. If the carrying value of the reporting unit exceeds its fair value, an impairment loss equal to the excess is recorded. Intangible assets other than goodwill are comprised of acquired developed technology and other finite-lived intangible assets. At initial recognition, intangible assets acquired in a business combination or asset acquisition are recognized at their fair value as of the date of acquisition. Following initial recognition, intangible assets are carried at acquisition date fair value less accumulated amortization and impairment losses, if any, and are amortized on a straight-line basis over the estimated useful life of the asset. The Company has no intangible assets with indefinite useful lives. The Company assesses the impairment of intangible assets whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Refer to Note 9, Goodwill and Intangible Assets for additional information.
Impairment of Long-Lived Assets	Long-lived assets are reviewed for impairment whenever events or changes in circumstances (“triggering events”) indicate that the carrying amount of an asset group may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset group to future undiscounted net cash flows expected to be generated by the assets. If the carrying amount of an asset group exceeds its estimated undiscounted net future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset group exceeds its fair value.
Convertible Senior Notes	In February 2021, the Company issued in a private offering $1.0 billion aggregate principal amount of 0% Convertible Senior Notes due 2026 (the "Notes"), including the initial purchasers’ exercise in full of their option to purchase additional notes. The Notes are accounted for in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Subtopic 470-20, Debt with Conversion and Other Options . Pursuant to ASC Subtopic 470-20, debt with an embedded conversion feature shall accounted for in its entirety as a liability and no portion of the proceeds from the issuance of the convertible debt instrument shall be accounted for as attributable to the conversion feature unless the conversion feature is required to be accounted for separately as an embedded derivative or the conversion feature results in a premium that is subject to the guidance in ASC 470. The Notes issued in February 2021 are accounted for as a liability with no portion of the proceeds attributable to the conversion options as the conversion feature did not require separate accounting as a derivative, and the Notes did not involve a premium subject to the guidance in ASC 470. Simultaneously, the Company entered into privately negotiated capped call transactions with certain counterparties to minimize the impact of potential dilution upon conversion. Refer to Note 12, Debt for additional information.
Cost of Revenue	Connected Fitness Products Connected Fitness Products cost of revenue consists of our portfolio of Connected Fitness Products and branded apparel product costs, including duties and other applicable importing costs, shipping and handling costs, packaging, warranty replacement costs, fulfillment costs, warehousing costs, depreciation of property and equipment, and certain costs related to management, facilities, and personnel-related expenses associated with supply chain logistics. Subscription Subscription cost of revenue includes costs associated with content creation and cost to stream content to Members across the Company’s platform. These costs consist of both fixed costs, including studio rent and overhead costs, instructor and production personnel costs, and depreciation of property and equipment, as well as variable costs, including music royalty fees, content costs for past use, third-party platform streaming costs, and payment processing fees for monthly subscription billings.
Music Royalty Fees	The Company recognizes music royalty fees on all music it streams to Members as these fees are incurred in accordance with the terms of the relevant license agreement with the music rights holder. The incurrence of the royalties is primarily driven by content usage by the Company’s Members through the use of a paid subscription or as part of a free-trial offer and it is classified as subscription cost of revenue or sales and marketing expense, respectively, within the Company’s statement of operations and comprehensive loss. The Company’s license agreements with music rights holders may include provisions for advance royalty payments as well as minimum guarantees. When a minimum guarantee is paid in advance, the guarantee is recorded as an incremental cost to fulfill or a prepaid asset and amortized over the shorter of the period consumed or the term of the agreement. As the Company executes music license agreements with various music rights holders for go-forward usage, the Company may also simultaneously enter into a settlement agreement whereby the Company is released from all potential licensor claims regarding the Company’s alleged past use of copyrighted material in exchange for a negotiated payment. These are referred to as “content costs for past use” and are
Income Taxes	The Company utilizes the asset and liability method for computing its income tax provision. Deferred tax assets and liabilities reflect the expected future consequences of temporary differences between the financial reporting and tax bases of assets and liabilities as well as operating loss, capital loss, and tax credit carryforwards, using enacted tax rates. Management makes estimates, assumptions, and judgments to determine the Company’s provision for income taxes, deferred tax assets and liabilities, and any valuation allowance recorded against deferred tax assets. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent the Company believes recovery of its deferred tax assets is not more-likely-than-not, a valuation allowance is established. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized from such positions are then measured based on the largest benefit that has a greater than 50% likelihood of being realized upon settlement. Interest and penalties related to unrecognized tax benefits, which to date have not been material, are recognized within income tax expense. Refer to Note 17, Income Taxes for additional information.
Advertising Costs	Advertising and other promotional costs to market the Company's products are expensed as incurred.
Research and Development Costs	Research and development expenses consist primarily of personnel- and facilities-related expenses, consulting and contractor expenses, tooling and prototype materials software platform expenses, and depreciation of property and equipment. Substantially all of the Company’s research and development expenses are related to developing new products and services and improving existing products and services. Research and development expenses are expensed as incurred.
Stock-Based Compensation	In August 2019, the Company's Board of Directors ("Board of Directors") adopted the 2019 Employee Stock Purchase Plan ("ESPP"), which was subsequently approved by the Company’s stockholders in September 2019. The Company recognizes stock-based compensation expense related to shares issued pursuant to its ESPP on a straight-line basis over the offering period, which is twenty-four months. The ESPP allows employees to purchase shares of the Company's Class A common stock at a 15 percent discount. The ESPP also includes a look-back provision for the purchase price if the stock price on the purchase date is less than the stock price on the offering date. In August 2019, the Board of Directors adopted the 2019 Equity Incentive Plan ("the 2019 Plan"), which was subsequently approved by the Company’s stockholders in September 2019. Stock-based awards are measured at the grant date based on the fair value of the award and are recognized as expense, net of actual forfeitures, on a straight-line basis over the requisite service period, which is generally the vesting period of the respective award. For performance-based awards issued, the value of the instrument is measured at the grant date as the fair value of the award and expensed over the vesting term under an accelerated attribution method when the performance targets are considered probable of being achieved. The Company estimates the fair value of stock options using the Black-Scholes option pricing model. The determination of the grant date fair value of stock awards issued is affected by a number of variables, including the fair value of the Company’s common stock, the expected common stock price volatility over the expected life of the awards, the expected term of the stock option, risk-free interest rates, and the expected dividend yield of the Company’s common stock. Prior to the fourth quarter of fiscal year ended June 30, 2021, the Company derived its volatility from the average historical stock volatilities of several peer public companies over a period equivalent to the expected term of the awards. Beginning in the fourth quarter of fiscal year ended June 30, 2021, the expected volatility is based on a blended average of average historical stock volatilities of several peer companies over the expected term of the stock options, historical volatility of the Company's stock price, and implied stock price volatility derived from the price of exchange traded options on the Company's stock. The Company estimates the expected term based on the simplified method for employee stock options considered to be “plain vanilla” options, as the Company’s historical share option exercise experience does not provide a reasonable basis upon which to estimate the expected term. The risk-free interest rate is based on the United States Treasury yield curve in effect at the time of grant. Expected dividend yield is 0.0% as the Company has not paid and does not currently anticipate paying dividends on its common stock. Generally, the 2015 Stock Plan permitted the early exercise of stock options granted prior to the IPO. The unvested portion of shares exercised is recorded within Other current liabilities on the Company’s Consolidated Balance Sheets and reclassified to equity as vesting occurs. Refer to Note 15, Equity-Based Compensation for additional information.
Restructuring	The Company's restructuring charges consist of employee severance, one-time termination benefits and ongoing benefits related to the reduction of its workforce, and other costs. One-time termination benefits are expensed at the date the entity notifies the employee, unless the employee must provide future service beyond a minimum retention period, in which case the benefits are expensed ratably over the future service period. Ongoing benefits are expensed when restructuring activities are probable and the benefit amounts are estimable. Liabilities for other costs associated with a restructuring activity are measured at fair value and are recognized when the liability is incurred. Other costs primarily consist of termination fees, idle rent and related expenses for exited locations, professional services, and other costs related to restructuring activities, and are expensed when incurred. Refer to Note 4, Restructuring for additional information.
Defined Contribution Plan	The Company maintains a defined contribution retirement plan offered to all of its U.S. employees, as well as plans at certain foreign and domestic subsidiaries. For the fiscal years ended June 30, 2023, 2022, and 2021, the Company's matching contributions totaled $19.1 million, $26.3 million, and $19.6 million, respectively, and were expensed as contributed.
Commitments and Contingencies	Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. If a loss is reasonably possible and the loss or range of loss can be reasonably estimated, the Company discloses the possible loss. If a loss is probable and the loss or range of loss cannot be reasonably estimated, the Company discloses or states that such an estimate cannot be made. Refer to Note 13, Commitments and Contingencies for additional information.
Fair Value of Financial Instruments	Fair value is the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Subsequent changes in fair value of these financial assets and liabilities are recognized in earnings or other comprehensive income when they occur. When determining the fair value measurements for assets and liabilities which are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurement or assumptions that market participants would use in pricing the assets or liabilities, such as inherent risk, transfer restrictions, and credit risk. The Company applies the following fair value hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: • Level 1 inputs are based on quoted prices in active markets for identical assets or liabilities. • Level 2 inputs are based on observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 inputs are based on unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities, and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The Company’s material financial instruments consist primarily of cash and cash equivalents, marketable securities, accounts receivable, accounts payable, accrued expenses, and the convertible senior notes. The carrying values of the Company’s accounts receivable, accounts payable and accrued expenses approximated their fair values at June 30, 2023 and 2022, due to the short period of time to maturity or repayment. Refer to Note 5, Fair Value Measurements for additional information.
Earnings (Loss) Per Share	The Company computes earnings (loss) per share using the two-class method required for participating securities. The two-class method requires income available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The Company’s restricted stock awards and common stock issued upon early exercise of stock options are participating securities. The Company considers any shares issued upon early exercise of stock options, subject to repurchase, to be participating securities because holders of such shares have non-forfeitable dividend rights in the event a cash dividend is declared on common stock. These participating securities do not contractually require the holders of such shares to participate in the Company’s losses. As such, net losses for the periods presented were not allocated to the Company’s participating securities. Basic earnings (loss) per share is computed using the weighted-average number of outstanding shares of common stock during the period. Diluted earnings (loss) per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential shares of common stock outstanding during the period. Potential shares of common stock consist of incremental shares issuable upon the assumed exercise of stock options, ESPP shares to be issued, and vesting of restricted stock awards. Refer to Note 18, Net Loss Per Share for additional information.
Use of Estimates	The preparation of these financial statements requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosures. On an ongoing basis, the Company evaluates its estimates, including, among others, those related to revenue related reserves, the realizability of inventory, content costs for past use reserve, fair value measurements, the incremental borrowing rate associated with lease liabilities, impairment of long-lived and intangible assets, useful lives of long-lived assets, including property and equipment and finite lived intangible assets, product warranty, goodwill, accounting for income taxes, stock-based compensation expense, transaction price estimates, the fair values of assets acquired and liabilities assumed in business combinations and asset acquisitions, valuation of the debt component of convertible senior notes, contingent consideration, and commitments and contingencies. Actual results may differ from these estimates.
Recently Issued Accounting Pronouncements	Accounting Pronouncements Recently Adopted ASU 2020-06 In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging- Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity . The guidance simplified the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock, thereby limiting the accounting results in fewer embedded conversion features being separately recognized from the host contract as compared with current GAAP. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in capital. ASU 2020-06 Note 12 - Debt ), an increase of $119.6 million in the carrying value of its Notes to reflect the full principal amount of the Notes outstanding net of issuance costs, and a decrease to Accumulated deficit of $40.6 million. Accounting Pronouncements Not Yet Adopted ASU 2021-08 In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers. The guidance requires that an acquirer recognize and measure contract assets and liabilities acquired in a business combination in accordance with ASC 606, Revenue from Contracts with Customers . This standard is effective for annual periods beginning after December 15, 2022, including interim periods therein, with early adoption permitted, and should be applied prospectively to acquisitions occurring on or after the effective date. The Company will continue to evaluate the impact of this guidance, which will depend on the contract assets and liabilities acquired in future business combinations.
Customer Deposits and Deferred Revenue	Deferred revenue is recorded for nonrefundable cash payments received for the Company’s performance obligation to transfer, or stand ready to transfer, goods or services in the future. Customer deposits represent payments received in advance before the Company transfers a good or service to the customer and are refundable.
Fair Value Measurements	The fair value of the Notes is determined based on the closing price on the last trading day of the reporting period.

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Product Warranty Liability	Activity related to the Company’s accrual for our estimated future product warranty obligation was as follows: Fiscal Year Ended June 30, 2023 2022 (in millions) Balance at beginning of period $ 51.1 $ 51.5 Provision for warranty accrual 17.7 55.6 Warranty claims (42.4) (56.0) Balance at end of period $ 26.4 $ 51.1
Schedule of Disaggregation of Revenue	The Company’s revenue disaggregated by geographic region was as follows: Fiscal Year Ended June 30, 2023 2022 2021 (in millions) North America $ 2,591.1 $ 3,259.6 $ 3,738.9 International 209.1 322.5 283.0 Total revenue $ 2,800.2 $ 3,582.1 $ 4,021.8

Restructuring (Tables)

Restructuring (Tables)	12 Months Ended
	Jun. 30, 2023
Restructuring and Related Activities [Abstract]
Schedule of Restructuring Charges	As a result of the Restructuring Plan, the Company incurred the following charges, of which Asset write-downs and write-offs are included within Impairment expense in the Consolidated Statements of Operations and Comprehensive Loss. The remaining charges incurred due to the Restructuring Plan are included within Restructuring expense in the Consolidated Statements of Operations and Comprehensive Loss: Fiscal Year Ended June 30, 2023 2022 Cash restructuring charges: (in millions) Severance and other personnel costs $ 85.1 $ 109.1 Exit and disposal costs and professional fees 19.3 15.4 Total cash charges 104.4 124.5 Non-cash charges: Asset write-downs and write-offs 139.3 373.8 Stock-based compensation expense 85.0 56.5 Write-offs of inventory related to restructuring activities (1) 3.7 56.4 Total non-cash charges 228.0 486.8 Total $ 332.4 $ 611.3 ____________________________ (1) Write-offs of inventory are included within Cost of revenue: Connected Fitness Products in the Consolidated Statement of Operations and Comprehensive Loss.
Schedule of Restructuring Related Liabilities	The following table presents a roll-forward of cash restructuring-related liabilities, which is included within Accounts payable and accrued expenses in the Consolidated Balance Sheets: Severance and other personnel costs Exit and disposal costs and professional fees Total (in millions) Balance as of June 30, 2021 $ — $ — $ — Charges 109.1 15.4 124.5 Cash payments (98.2) (15.4) (113.6) Balance as of June 30, 2022 $ 10.9 $ — $ 10.9 Severance and other personnel costs Exit and disposal costs and professional fees Total (in millions) Balance as of June 30, 2022 $ 10.9 $ — $ 10.9 Charges 85.1 19.3 104.4 Cash payments (82.4) (19.0) (101.4) Balance as of June 30, 2023 $ 13.6 $ 0.3 $ 13.9

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The following tables present the estimated fair values of the Company’s financial instruments that are not recorded at fair value on the Consolidated Balance Sheets: As of June 30, 2023 Level 1 Level 2 Level 3 Total (in millions) 0% Convertible Senior Notes $ — $ 759.5 $ — $ 759.5 As of June 30, 2022 Level 1 Level 2 Level 3 Total (in millions) 0% Convertible Senior Notes $ — $ 632.2 $ — $ 632.2

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventories were as follows: June 30, 2023 2022 (in millions) Raw materials $ 53.2 $ 102.5 Work-in-process — 3.7 Finished products (1) 703.0 1,283.7 Total inventories 756.2 1,389.9 Less: Reserves (233.6) (285.4) Total inventories, net $ 522.6 $ 1,104.5 _________________________ (1) Includes $26.4 million and $36.4 million of finished goods inventory in transit, products owned by the Company that have not yet been received at a Company distribution center, as of June 30, 2023 and June 30, 2022, respectively.

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment	Property and equipment consisted of the following: June 30, 2023 2022 (in millions) Land $ 5.2 $ 17.9 Buildings 13.1 19.4 Leasehold Improvements 315.1 362.5 Machinery 16.3 24.3 Equipment 38.7 65.1 Customer-leased equipment 47.1 4.8 Furniture and Fixtures 29.9 34.3 Construction in Progress 3.8 78.4 Software (1) 183.2 177.1 Total property and equipment 652.4 783.9 Accumulated depreciation and amortization (207.5) (173.0) Total property and equipment, net $ 444.8 $ 610.9 _________________________ (1) Includes $1.0 million and $31.5 million of software under development as of June 30, 2023 and June 30, 2022, respectively. The estimated useful lives of property and equipment are as follows: Buildings 40 years Leasehold Improvements Shorter of remaining lease term or useful life Machinery Three Equipment Two Customer-leased equipment Three years Furniture and Fixtures Four Software Two

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	12 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Changes in Carrying Value of Goodwill	The changes in the carrying value of goodwill are as follows: Amount (in millions) June 30, 2021 $ 210.1 Acquisition 12.0 Foreign currency translation 1.0 Impairment (181.9) June 30, 2022 41.2 June 30, 2023 $ 41.2
Schedule of Intangible Assets, Net	The gross carrying amount, accumulated amortization and impairment of the Company's Intangible assets, net, as of June 30, 2023 were as follows: Gross Carrying Value Accumulated Amortization Impairment Net Carrying Value Weighted Average Remaining Useful Life (Years) Acquired developed technology $ 72.0 $ (48.5) $ — $ 23.5 1.6 Other definite-lived intangibles 5.7 (3.7) — 2.1 1.5 Total intangible assets $ 77.7 $ (52.1) $ — $ 25.6 The gross carrying amount, accumulated amortization and impairment of the Company's Intangible assets, net, as of June 30, 2022 were as follows: Gross Carrying Value Accumulated Amortization Impairment Net Carrying Value Weighted Average Remaining Useful Life (Years) Acquired developed technology $ 130.8 $ (51.8) $ (41.0) $ 38.0 2.6 Brand 94.0 (13.1) (80.9) — — Distributor relationships 25.0 (2.0) (23.0) — — Customer relationships 17.4 (2.3) (15.0) 0.1 — Other definite-lived intangibles 12.5 (3.7) (5.6) 3.3 2.5 Total intangible assets $ 279.8 $ (72.8) $ (165.6) $ 41.3
Schedule of Estimated Amortization for Identifiable Acquisition-Related Intangible Assets in Future Periods	As of June 30, 2023, estimated amortization related to the Company's identifiable acquisition-related intangible assets in future periods were as follows: Fiscal Year Ending June 30, Amount (in millions) 2024 $ 10.6 2025 9.4 2026 5.4 2027 — 2028 — Thereafter 0.1 Total $ 25.6

Accounts Payable and Accrued _2

Accounts Payable and Accrued Expenses (Tables)	12 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Expenses	Accounts payable and accrued expenses consisted of the following: June 30, 2023 2022 (in millions) Accounts payable $ 76.5 $ 93.0 Accrued music licensing royalties 113.1 65.7 Recall related costs 52.3 — Employee-related liabilities 43.3 59.6 Inventory received but not billed 33.9 86.1 Return reserve liability 29.1 48.6 Accrued marketing 23.5 29.3 Accrued settlement costs (1) 22.3 222.3 Accrued professional services 21.4 36.5 Product warranty 9.6 19.5 Other 53.6 136.8 Total accounts payable and accrued expenses $ 478.4 $ 797.4 _________________________

Leases (Tables)

Leases (Tables)	12 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of Supplemental Cash Flow and Other Information Related to Leases	Total operating lease expense, net, for the fiscal years ended June 30, 2023, 2022, and 2021 was as follows: Total Operating Lease Expense, Net Fiscal Year Ended June 30, 2023 2022 2021 (in millions) Operating lease expense $ 113.4 $ 136.4 $ 101.0 Variable lease expense 24.3 29.5 17.2 Short-term lease expense 0.2 1.5 4.2 Total operating lease expense $ 138.0 $ 167.4 $ 122.4 Sublease income (14.9) (3.6) (0.1) Variable sublease income (2.7) (0.3) — Total operating lease expense, net $ 120.4 $ 163.6 $ 122.2 Supplemental cash flow and other information related to leases was as follows: Fiscal Year Ended June 30, 2023 2022 2021 (in millions) Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 133.3 $ 109.8 $ 47.3 Right-of-use assets obtained in exchange for operating lease liabilities (non-cash) $ 7.0 $ 229.3 $ 152.3 Right-of-use asset reductions related to operating lease modifications and terminations (non-cash) $ (50.2) $ (15.6) $ (3.1)
Schedule of Maturities of Operating Leases Liabilities	As of June 30, 2023, the total remaining lease payments included in the measurement of operating lease liabilities were as follows: Fiscal Year Ended June 30, Future Minimum Payments (in millions) 2024 $ 114.9 2025 101.3 2026 97.6 2027 91.0 2028 79.4 Thereafter 398.2 Total $ 882.5	[1]
Schedule of Sales-Type and Direct Financing Leases, Payment to be Received, Maturity	As of June 30, 2023, future minimum lease payments to be received from operating subleases were as follows: Fiscal Year Ended June 30, Future Minimum Payments (in millions) 2024 $ 17.9 2025 16.7 2026 14.8 2027 12.0 2028 5.1 Thereafter 1.0 Total $ 67.6
Schedule of Supplemental Balance Sheet Information Related to Leases	Supplemental information related to operating leases was as follows: Reconciliation of Operating Lease Liabilities As of June 30, 2023 2022 (dollars in millions) Weighted-average remaining lease term (years) 9.5 9.7 Weighted-average discount rate 5.17 % 4.98 % Total Undiscounted Operating Lease Liability $ 882.5 $ 1,071.0 Less: Imputed interest (205.1) (259.1) Total Discounted Operating Lease Liability $ 677.4 $ 811.8 Current portion of operating lease liabilities $ 83.5 $ 86.4 Non-current portion of operating lease liabilities $ 593.8 $ 725.4
[1] As of June 30, 2023, the total remaining lease payments included in the measurement of operating lease liabilities were as follows: Fiscal Year Ended June 30, Future Minimum Payments (in millions) 2024 $ 114.9 2025 101.3 2026 97.6 2027 91.0 2028 79.4 Thereafter 398.2 Total $ 882.5

Debt (Tables)

Debt (Tables)	12 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Convertible Debt	The net carrying amount of the liability component of the Notes was as follows: June 30, 2023 2022 (in millions) Principal $ 1,000.0 $ 1,000.0 Unamortized debt discount — (121.5) Unamortized debt issuance costs (12.0) (14.5) Net carrying amount $ 988.0 $ 864.0 The following table sets forth the interest expense recognized related to the Notes: Fiscal Year Ended June 30, 2023 2022 2021 (in millions) Amortization of debt discount (1) $ — $ 30.8 $ 11.5 Amortization of debt issuance costs 4.5 3.3 1.2 Less: Interest capitalized — (0.3) — Total interest expense related to the Notes $ 4.5 $ 33.9 $ 12.6 ____________________________ (1) The decreases in total interest expense during the fiscal year ended June 30, 2023 were due to the derecognition of the unamortized debt discount, partially offset by the increases in the amortization of issuance costs previously recognized in equity. These changes were the result of the Company’s adoption of ASU No. 2020-06, as of July 1, 2022, as described in Note 2 - Summary of Significant Accounting Policies. The net carrying amount of the Term Loan was as follows: June 30, 2023 2022 (in millions) Principal $ 750.0 $ 750.0 Principal Payments (7.5) — Unamortized debt discount (27.8) (33.1) Unamortized debt issuance costs (16.3) (19.4) Net carrying amount $ 698.4 $ 697.5 The following table sets forth the interest expense recognized related to the Term Loan: Fiscal Year Ended June 30, 2023 2022 (in millions) Amortization of debt discount $ 5.4 $ 0.7 Amortization of debt issuance costs 3.2 0.4 Total interest expense related to the Term Loan $ 8.6 $ 1.1

Commitment and Contingencies (T

Commitment and Contingencies (Tables)	12 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Minimum Guarantee Royalty Payments Due Under Music License Agreements	The following represents the Company's minimum annual guarantee payments under music license agreements for the next three years as of June 30, 2023 : Future Minimum Payments Fiscal Year (in millions) 2024 $ 131.6 2025 48.8 2026 5.0 Total $ 185.5
Schedule of Actual and Future Returns and Written Down and Logistics Costs	The following table details the reduction to Connected Fitness Products revenue for actual and future returns and costs associated with Tread+ and Tread product recalls that were recorded in Connected Fitness Products cost of revenue. Fiscal Year Ended June 30, 2023 2022 2021 (in millions) Returns accrual for reduction to Connected Fitness Products revenue $ 14.6 $ 48.9 $ 81.1 Costs of product recalls $ 15.7 $ 8.1 $ 15.7

Equity-Based Compensation (Tabl

Equity-Based Compensation (Tables)	12 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Stock Option Activity	The following summary sets forth the stock option activity under the 2019 Plan: Options Outstanding Number of Stock Options Weighted-Average Exercise Price Weighted-Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in millions) Outstanding — June 30, 2022 61,815,926 $ 25.28 6.7 $ 93.2 Granted 1,437,950 $ 8.92 Exercised (11,535,977) $ 5.52 $ 85.1 Forfeited or expired (8,718,626) $ 30.33 Outstanding — June 30, 2023 42,999,273 $ 19.71 5.2 $ 33.2 Vested and Exercisable— June 30, 2023 30,592,179 $ 17.58 4.0 $ 33.1 Unvested option activity is as follows: Options Weighted-Average Grant Date Fair Value Unvested - June 30, 2022 25,347,235 $ 19.35 Granted 1,437,950 $ 6.42 Vested (9,261,227) $ 18.54 Forfeited or expired (5,116,864) $ 8.97 Unvested - June 30, 2023 12,407,094 $ 18.84
Schedule of Fair Value Assumptions	The fair value of each option was estimated at the grant date using the Black-Scholes method with the following assumptions: Fiscal Year Ended June 30, 2023 2022 2021 Weighted average risk-free interest rate (1) 3.3 % 1.7 % 0.7 % Weighted average expected term (in years) 6.2 6.0 6.2 Weighted average expected volatility (2) 81.4 % 56.2 % 43.5 % Expected dividend yield — — — ____________________________ (1) Based on U.S. Treasury yield curve in effect at the time of grant. (2) Expected volatility is based on a blended average of average historical stock volatilities of several peer companies over the expected term of the stock options, historical volatility of the Company's stock price, and implied stock price volatility derived from the price of exchange traded options on the Company's stock.
Schedule of Restricted Stock and Restricted Stock Units	The following table summarizes the activity related to the Company's restricted stock and restricted stock units: Restricted Stock Units Outstanding Number of Awards Weighted-Average Grant Date Fair Value Outstanding — June 30, 2022 8,977,705 $ 42.49 Granted 30,715,825 $ 10.82 Vested and converted to shares (6,049,755) $ 29.78 Cancelled (6,407,347) $ 23.95 Outstanding — June 30, 2023 27,236,428 $ 13.96
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions	The Black-Scholes option pricing model assumptions used to calculate the fair value of shares estimated to be purchased at the commencement of the ESPP offering periods were as follows: Fiscal Year Ended June 30, 2023 Weighted average risk-free interest rate 0.9% Weighted average expected term (in years) 1.3 Weighted average expected volatility 88.2% Expected dividend yield —
Schedule of Stock-based Compensation Expense	The Company's total stock-based compensation expense was as follows: Fiscal Year Ended June 30, 2023 2022 2021 Cost of revenue Connected Fitness Products $ 14.3 $ 20.2 $ 12.6 Subscription 42.8 22.7 25.9 Total cost of revenue 57.1 42.9 38.5 Sales and marketing 28.9 30.5 26.2 General and administrative 167.2 152.4 102.1 Research and development 66.7 46.0 27.2 Restructuring expense 85.0 56.5 — Total stock-based compensation expense $ 405.0 $ 328.4 $ 194.0

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Schedule of Loss Before Income Taxes	The components of loss before income taxes are as follows: Fiscal Year Ended June 30, 2023 2022 2021 (in millions) United States $ (1,101.9) $ (2,454.4) $ (120.0) Foreign (156.1) (353.7) (78.2) Loss from operations before income taxes $ (1,258.0) $ (2,808.1) $ (198.2)
Schedule of Components of Income Tax (Benefit) Expense	The components of income tax (benefit) expense are as follows: Fiscal Year Ended June 30, 2023 2022 2021 (in millions) Current: Federal $ — $ — $ — State 0.6 1.3 0.4 Foreign 4.6 13.6 11.5 5.2 14.9 11.9 Deferred: Federal — — (14.1) State — — (3.2) Foreign (1.5) 4.7 (3.8) (1.5) 4.7 (21.1) Total $ 3.7 $ 19.6 $ (9.2)
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation from the U.S. statutory federal income tax rate to the effective income tax rate is as follows: Fiscal Year Ended June 30, 2023 2022 2021 Federal income tax rate 21.0 % 21.0 % 21.0 % Permanent differences (0.1) (0.9) (0.6) Share based compensation (2.5) 1.6 99.6 Return to provision 0.1 — 1.5 Effects of rates different than statutory 0.4 0.4 (1.3) State and local income taxes, net of federal benefit 2.9 4.4 24.1 Change in valuation allowance (24.2) (28.3) (150.2) Rate change (0.5) 0.3 8.0 Federal credits 2.4 0.9 2.5 State credits 0.2 — — Other — (0.1) — Effective income tax rate (0.3) % (0.7) % 4.6 %
Schedule of Deferred Tax Assets (Liabilities)	Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets (liabilities) are as follows: Fiscal Year Ended June 30, 2023 2022 (in millions) Deferred tax assets: Net operating loss $ 939.3 $ 850.8 Accruals and reserves 102.2 101.2 R&D credit 74.9 41.9 Accrued legal and professional fees 11.7 3.9 Non-qualified stock options 110.5 88.9 Restricted stock options 7.8 5.7 Disallowed Interest Carryover 19.5 1.2 Intangible Amortization 49.1 46.5 Capitalized R&E 66.1 — Inventory capitalization 75.5 38.8 Lease liability 163.0 197.0 Deferred revenue 14.8 9.5 Construction in Progress 48.9 31.8 Convertible Securities 11.2 — Other 4.5 5.5 Total deferred tax assets: 1,699.0 1,422.7 Valuation allowance (1,533.3) (1,191.2) Deferred tax liabilities: Prepaid Expenses (7.0) (10.2) Property and equipment (27.0) (40.8) Right-of-use assets (127.7) (166.6) Convertible securities — (15.6) Other (4.3) (0.1) Total deferred tax liabilities: (166.0) (233.3) Deferred tax assets, net $ (0.3) $ (1.8)
Schedule of Unrecognized Tax Benefits	The Company has the following activity relating to unrecognized tax benefits: Fiscal Year Ended June 30, 2023 2022 (in millions) Beginning balance $ — $ 0.7 Gross (decrease) increase in unrecognized tax positions $ — $ (0.7) Ending balance $ — $ —

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	12 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Net Loss Per Share	The computation of loss per share is as follows: Fiscal Year Ended June 30, 2023 2022 2021 (in millions) Basic loss per share: Net loss attributable to common stockholders $ (1,261.7) $ (2,827.7) $ (189.0) Shares used in computation: Weighted-average common shares outstanding 346,670,699 322,368,818 293,892,643 Basic loss per share $ (3.64) $ (8.77) $ (0.64)
Schedule of Potentially Diluted Securities Not Included in Calculation of Diluted Shares Outstanding	The following potentially dilutive shares were not included in the calculation of diluted shares outstanding as the effect would have been anti-dilutive: Fiscal Year Ended June 30, 2023 2022 2021 Employee stock options 13,742,253 36,846,242 54,076,445 Restricted stock units and awards 1,408,482 174,580 546,687 Shares estimated to be purchased under ESPP — 28,370 363,741

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Key Financial Performance Measures by Segment	Key financial performance measures of the segments including Revenue, Cost of revenue, and Gross profit are as follows: Fiscal Year Ended June 30, 2023 2022 2021 (in millions) Connected Fitness Products: Revenue $ 1,130.2 $ 2,187.5 $ 3,149.6 Cost of revenue 1,328.8 2,433.8 2,236.9 Gross profit $ (198.6) $ (246.3) $ 912.7 Subscription: Revenue $ 1,670.1 $ 1,394.7 $ 872.2 Cost of revenue 547.9 450.0 330.5 Gross profit $ 1,122.1 $ 944.7 $ 541.7 Consolidated: Revenue $ 2,800.2 $ 3,582.1 $ 4,021.8 Cost of revenue 1,876.7 2,883.8 2,567.4 Gross profit $ 923.5 $ 698.4 $ 1,454.4
Schedule of Reconciliation of Segment Gross Profit to Consolidated Loss Before Provision (Benefit) for Income Taxes	The reconciliation between reportable Segment Gross Profit to consolidated loss before provision (benefit) for income taxes is as follows: Fiscal Year Ended June 30, 2023 2022 2021 (in millions) Segment Gross Profit $ 923.5 $ 698.4 $ 1,454.4 Sales and marketing (648.2) (1,018.9) (728.3) General and administrative (798.1) (963.4) (661.8) Research and development (318.4) (359.5) (247.6) Goodwill impairment — (181.9) — Impairment expense (144.5) (390.5) (4.5) Restructuring expense (189.4) (180.7) — Supplier settlements (22.0) (337.6) — Total other expense, net (60.9) (74.1) (10.4) Loss before provision (benefit) for income taxes $ (1,258.0) $ (2,808.1) $ (198.2)

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021	Jul. 01, 2022	Feb. 28, 2021
Debt Instrument [Line Items]
Intangible assets	$ 0
Advertising expenses	362,600,000	$ 637,300,000	$ 417,600,000
Expected dividend yield			0%
Employer matching contribution	19,100,000	$ 26,300,000	$ 19,600,000
Accounting Standards Update [Extensible Enumeration]		Accounting Standards Update 2020-06
Additional paid in capital	4,619,800,000	$ 4,291,300,000
Accumulated deficit	$ 4,931,800,000	$ 3,710,600,000
Accounting Standards Update 2020-06 | Cumulative Effect, Period of Adoption, Adjustment
Debt Instrument [Line Items]
Principal amount				$ 119,600,000
Additional paid in capital				(160,100,000)
Accumulated deficit				$ 40,600,000
Shares estimated to be purchased under ESPP
Debt Instrument [Line Items]
Expected dividend yield	0%
Shares estimated to be purchased under ESPP | 2019 Employee Stock Purchase Plan
Debt Instrument [Line Items]
Share based compensation arrangement by share based payment award offering period			24 months
Purchase of common stock, employee discount percentage			15%
Internal-Use Software | Maximum
Debt Instrument [Line Items]
Useful life	3 years
0% Convertible Senior Notes Due February 15, 2026 | Convertible Debt
Debt Instrument [Line Items]
Principal amount					$ 1,000,000,000
Convertible debt, stated interest rate	0%	0%			0%

Revenue - Narrative (Details)

Revenue - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Allowable product return period (in days)	30 days
Standard product warranty period (in years)	1 year
Total revenue	$ 2,800.2	$ 3,582.1	$ 4,021.8
Customer deposits	95.2	109.2
Deferred revenue	92.1	91.9
Revenue recognized that was previously included in deferred revenue	92.4	70.4
United States
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,496.3	$ 3,100	$ 3,577.1
United States | Revenue Benchmark | Geographic Concentration Risk
Disaggregation of Revenue [Line Items]
Percentage of total revenue	89%	87%	89%
Minimum
Disaggregation of Revenue [Line Items]
Extended product warranty period (in months)	12 months
Maximum
Disaggregation of Revenue [Line Items]
Extended product warranty period (in months)	36 months

Revenue - Standard Product Warr

Revenue - Standard Product Warranty (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Balance at beginning of period	$ 51.1	$ 51.5
Provision for warranty accrual	17.7	55.6
Warranty claims	(42.4)	(56)
Balance at end of period	$ 26.4	$ 51.1

Revenue - Disaggregation of Rev

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Disaggregation of Revenue [Line Items]
Total revenue	$ 2,800.2	$ 3,582.1	$ 4,021.8
North America
Disaggregation of Revenue [Line Items]
Total revenue	2,591.1	3,259.6	3,738.9
International
Disaggregation of Revenue [Line Items]
Total revenue	$ 209.1	$ 322.5	$ 283

Restructuring - Schedule of Res

Restructuring - Schedule of Restructuring Charges (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash restructuring charges:
Severance and other personnel costs	$ 85.1	$ 109.1
Exit and disposal costs and professional fees	19.3	15.4
Total cash charges	104.4	124.5
Non-cash charges:
Asset write-downs and write-offs	139.3	373.8
Stock-based compensation expense	85	56.5
Write-offs of inventory related to restructuring activities	3.7	56.4
Total non-cash charges	228	486.8
Total	$ 332.4	$ 611.3

Restructuring - Schedule of R_2

Restructuring - Schedule of Restructuring Related Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Restructuring Reserve [Roll Forward]
Beginning Balance	$ 10.9	$ 0
Charges	104.4	124.5
Cash payments	(101.4)	(113.6)
Ending Balance	13.9	10.9
Severance and other personnel costs
Restructuring Reserve [Roll Forward]
Beginning Balance	10.9	0
Charges	85.1	109.1
Cash payments	(82.4)	(98.2)
Ending Balance	13.6	10.9
Exit and disposal costs and professional fees
Restructuring Reserve [Roll Forward]
Beginning Balance	0	0
Charges	19.3	15.4
Cash payments	(19)	(15.4)
Ending Balance	$ 0.3	$ 0

Restructuring - Narrative (Deta

Restructuring - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Restructuring Cost and Reserve [Line Items]
Capital expenditures incurred		$ 82.4	$ 337.3	$ 252.3
Non cash charges		228	486.8
Employee Reduction, Facility Closings | Forecast
Restructuring Cost and Reserve [Line Items]
Expected cost	$ 40
Asset Impairment and Stock Based Compensation Charges | Forecast
Restructuring Cost and Reserve [Line Items]
Non cash charges	$ 20
Peloton Output Park
Restructuring Cost and Reserve [Line Items]
Capital expenditures incurred		$ 1.9	$ 86.6

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Feb. 28, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible senior notes	$ 759.5	$ 632.2
0% Convertible Senior Notes Due February 15, 2026 | Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible debt, stated interest rate	0%	0%	0%
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible senior notes	$ 0	$ 0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible senior notes	759.5	632.2
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Convertible senior notes	$ 0	$ 0

Inventories - Schedule of Inven

Inventories - Schedule of Inventory (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 53.2	$ 102.5
Work-in-process	0	3.7
Finished products	703	1,283.7
Total inventories	756.2	1,389.9
Less: Reserves	(233.6)	(285.4)
Total inventories, net	522.6	1,104.5
Other inventory, in transit	$ 26.4	$ 36.4

Inventories - Narrative (Detail

Inventories - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Inventory [Line Items]
Inventory related to returned products	$ 105.6
Inventory reserves	233.6	$ 285.4
Excess Accessories and Apparel
Inventory [Line Items]
Inventory reserves	$ 97.8

Acquisitions (Details)

Acquisitions (Details) - Asset Acquisition 2020 $ in Millions	12 Months Ended
	Jun. 30, 2022 USD ($) transaction
Schedule of Business Combination and Asset Acquisition [Line Items]
Number of asset acquisition agreements | transaction	2
Asset acquisition, goodwill	$ 12
Software
Schedule of Business Combination and Asset Acquisition [Line Items]
Asset acquisition, intangible assets	$ 17.7
Useful life	3 years

Property and Equipment - Schedu

Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Property and Equipment [Line Items]
Total property and equipment	$ 652.4	$ 783.9
Accumulated depreciation and amortization	(207.5)	(173)
Total property and equipment, net	444.8	610.9
Land
Property and Equipment [Line Items]
Total property and equipment	5.2	17.9
Buildings
Property and Equipment [Line Items]
Total property and equipment	13.1	19.4
Leasehold Improvements
Property and Equipment [Line Items]
Total property and equipment	315.1	362.5
Machinery
Property and Equipment [Line Items]
Total property and equipment	16.3	24.3
Equipment
Property and Equipment [Line Items]
Total property and equipment	38.7	65.1
Customer-leased equipment
Property and Equipment [Line Items]
Total property and equipment	47.1	4.8
Furniture and Fixtures
Property and Equipment [Line Items]
Total property and equipment	29.9	34.3
Construction in Progress
Property and Equipment [Line Items]
Total property and equipment	3.8	78.4
Software
Property and Equipment [Line Items]
Total property and equipment	183.2	177.1
Software Under Development
Property and Equipment [Line Items]
Total property and equipment	$ 1	$ 31.5

Property and Equipment - Narrat

Property and Equipment - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Property and Equipment [Line Items]
Impairment expense	$ 144.5	$ 390.5	$ 4.5
Carrying value of asset		109.1	222.9
Depreciation and amortization expense	108.5	99.5	44.6
Amortization of capitalized software costs	$ 38.4	$ 23.5	8.7
Property, Plant and Equipment Benchmark | United States | Geographic Concentration Risk
Property and Equipment [Line Items]
Percentage of total property and equipment, net	79%	82%
Property, Plant and Equipment Benchmark | United Kingdom | Geographic Concentration Risk
Property and Equipment [Line Items]
Percentage of total property and equipment, net	15%	11%
Capitalized Software
Property and Equipment [Line Items]
Impairment expense	$ 32.5
Exiting Corporate Office Locations
Property and Equipment [Line Items]
Impairment expense	19.5
Exiting Retail Showrooms
Property and Equipment [Line Items]
Impairment expense	17.2
Connected Fitness assets
Property and Equipment [Line Items]
Impairment expense	16.5	$ 57.6
Other Manufacturing Assets
Property and Equipment [Line Items]
Impairment expense	$ 8.2
Manufacturing Equipment
Property and Equipment [Line Items]
Impairment expense		21.3
Peloton Output Park
Property and Equipment [Line Items]
Impairment expense		19
Idle Acquired Technology
Property and Equipment [Line Items]
Impairment expense		15.9
Technology
Property and Equipment [Line Items]
Impairment expense		54.1
Carrying value of asset		$ 6.9	$ 61

Property and Equipment - Sche_2

Property and Equipment - Schedule of Useful Lives (Details)	Jun. 30, 2023
Buildings
Property and Equipment [Line Items]
Useful life	40 years
Machinery | Minimum
Property and Equipment [Line Items]
Useful life	3 years
Machinery | Maximum
Property and Equipment [Line Items]
Useful life	10 years
Equipment | Minimum
Property and Equipment [Line Items]
Useful life	2 years
Equipment | Maximum
Property and Equipment [Line Items]
Useful life	5 years
Customer-leased equipment
Property and Equipment [Line Items]
Useful life	3 years
Furniture and Fixtures | Minimum
Property and Equipment [Line Items]
Useful life	4 years
Furniture and Fixtures | Maximum
Property and Equipment [Line Items]
Useful life	10 years
Software | Minimum
Property and Equipment [Line Items]
Useful life	2 years
Software | Maximum
Property and Equipment [Line Items]
Useful life	3 years

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets - Schedule of Changes in Carrying Value of Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Goodwill [Roll Forward]
Beginning balance	$ 41.2	$ 210.1
Acquisition		12
Foreign currency translation		1
Impairment	0	(181.9)	$ 0
Ending balance	$ 41.2	$ 41.2	$ 210.1

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Goodwill [Line Items]
Goodwill impairment	$ 0	$ 181.9	$ 0
Intangible asset amortization	15.8	43.3	$ 19.2
Write-off of Acquired Developed Technology and Assembled Workforce
Goodwill [Line Items]
Goodwill impairment	0	165.6
Connected Fitness Products
Goodwill [Line Items]
Goodwill impairment	$ 0	$ 181.9

Goodwill and Intangible Asset_4

Goodwill and Intangible Assets - Accumulated Amortization of Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 77.7	$ 279.8
Accumulated Amortization	(52.1)	(72.8)
Impairment	0	(165.6)
Net Carrying Value	25.6	41.3
Acquired developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	72	130.8
Accumulated Amortization	(48.5)	(51.8)
Impairment	0	(41)
Net Carrying Value	$ 23.5	$ 38
Weighted Average Remaining Useful Life (Years)	1 year 7 months 6 days	2 years 7 months 6 days
Other definite-lived intangibles
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 5.7	$ 12.5
Accumulated Amortization	(3.7)	(3.7)
Impairment	0	(5.6)
Net Carrying Value	$ 2.1	$ 3.3
Weighted Average Remaining Useful Life (Years)	1 year 6 months	2 years 6 months
Brand
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value		$ 94
Accumulated Amortization		(13.1)
Impairment		(80.9)
Net Carrying Value		0
Distributor relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value		25
Accumulated Amortization		(2)
Impairment		(23)
Net Carrying Value		0
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value		17.4
Accumulated Amortization		(2.3)
Impairment		(15)
Net Carrying Value		$ 0.1

Goodwill and Intangible Asset_5

Goodwill and Intangible Assets - Future Amortization of Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2024	$ 10.6
2025	9.4
2026	5.4
2027	0
2028	0
Thereafter	0.1
Net Carrying Value	$ 25.6	$ 41.3

Accounts Payable and Accrued _3

Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Payables and Accruals [Abstract]
Accounts payable	$ 76.5	$ 93
Accrued music licensing royalties	113.1	65.7
Recall related costs	52.3	0
Employee-related liabilities	43.3	59.6
Inventory received but not billed	33.9	86.1
Return reserve liability	29.1	48.6
Accrued marketing	23.5	29.3
Accrued settlement costs	22.3	222.3
Accrued professional services	21.4	36.5
Product warranty	9.6	19.5
Other	53.6	136.8
Total accounts payable and accrued expenses	$ 478.4	$ 797.4

Leases - Schedule of Operating

Leases - Schedule of Operating Lease Expense, Net (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Operating lease expense	$ 113.4	$ 136.4	$ 101
Variable lease expense	24.3	29.5	17.2
Short-term lease expense	0.2	1.5	4.2
Total operating lease expense	138	167.4	122.4
Sublease income	(14.9)	(3.6)	(0.1)
Variable sublease income	(2.7)	(0.3)	0
Total operating lease expense, net	$ 120.4	$ 163.6	$ 122.2

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Operating Leases Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2024	$ 114.9
2025	101.3
2026	97.6
2027	91
2028	79.4
Thereafter	398.2
Total	$ 882.5	$ 1,071

Leases - Schedule of Future Min

Leases - Schedule of Future Minimum Lease Payments to be Received From Operating Subleases (Details) $ in Millions	Jun. 30, 2023 USD ($)
Leases [Abstract]
2024	$ 17.9
2025	16.7
2026	14.8
2027	12
2028	5.1
Thereafter	1
Total	$ 67.6

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Weighted-average remaining lease term (years)	9 years 6 months	9 years 8 months 12 days
Weighted-average discount rate	5.17%	4.98%
Total	$ 882.5	$ 1,071
Less: Imputed interest	(205.1)	(259.1)
Total Discounted Operating Lease Liability	677.4	811.8
Current portion of operating lease liabilities	83.5	86.4
Non-current portion of operating lease liabilities	$ 593.8	$ 725.4

Leases - Schedule of Suppleme_2

Leases - Schedule of Supplemental Cash Flow and Other Information Related to Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Leases [Abstract]
Operating cash flows from operating leases	$ 133.3	$ 109.8	$ 47.3
Right-of-use assets obtained in exchange for operating lease liabilities (non-cash)	7	229.3	152.3
Right-of-use asset reductions related to operating lease modifications and terminations (non-cash)	$ (50.2)	$ (15.6)	$ (3.1)

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Lessee, Lease, Description [Line Items]
Impairment loss			$ 0
Operating lease right-of-use assets, net	$ 524.1	$ 662.5
Lease income	19.1	0.1
Corporate Office
Lessee, Lease, Description [Line Items]
Impairment loss	6.4
Connected Fitness Products
Lessee, Lease, Description [Line Items]
Impairment loss	5.3	28.5
Operating lease right-of-use assets, net		$ 132.7	$ 161.2
Retail Showroom
Lessee, Lease, Description [Line Items]
Impairment loss	3
Other Manufacturing
Lessee, Lease, Description [Line Items]
Impairment loss	$ 1.2

Debt - Convertible Notes and th

Debt - Convertible Notes and the Indenture (Details) $ / shares in Units, shares in Millions	1 Months Ended	12 Months Ended
	Feb. 28, 2021 USD ($) period $ / shares shares	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)
Line of Credit Facility [Line Items]
Proceeds from issuance of convertible notes, net of issuance costs		$ 0	$ 0	$ 977,200,000
0% Convertible Senior Notes Due February 15, 2026 | Convertible Debt
Line of Credit Facility [Line Items]
Principal amount	$ 1,000,000,000
Value of shares available for exercise	125,000,000
Proceeds from issuance of convertible notes, net of issuance costs	$ 977,200,000
Debt instrument, conversion ratio	0.00418
Debt instrument, conversion price (in dollars per share) | $ / shares	$ 239.23
Redemption price percentage	100%
0% Convertible Senior Notes Due February 15, 2026 | Convertible Debt | Call Option
Line of Credit Facility [Line Items]
Capped calls, option strike price (in dollars per share) | $ / shares	$ 239.23
Capped calls, cap price (in dollars per share) | $ / shares	$ 362.48
Shares covered under call feature (in shares) | shares	6.9
Capped call purchase price	$ 81,300,000
0% Convertible Senior Notes Due February 15, 2026 | Convertible Debt | Debt Conversion Terms One
Line of Credit Facility [Line Items]
Threshold percentage of stock price trigger	130%
Threshold of trading days | period	20
Threshold of consecutive trading days | period	30

Debt - Components of Convertibl

Debt - Components of Convertible Debt (Details) - Convertible Debt - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
0% Convertible Senior Notes Due February 15, 2026
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net [Abstract]
Principal	$ 1,000	$ 1,000
Unamortized debt discount	0	(121.5)
Unamortized debt issuance costs	(12)	(14.5)
Net carrying amount	988	864
Convertible Senior Notes Outstanding On November 16, 2025 | Term Loan Facility
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net [Abstract]
Principal	750	750
Principal Payments	(7.5)	0
Unamortized debt discount	(27.8)	(33.1)
Unamortized debt issuance costs	(16.3)	(19.4)
Net carrying amount	$ 698.4	$ 697.5

Debt - Components of Interest E

Debt - Components of Interest Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Interest Expense, Debt [Abstract]
Amortization of debt discount	$ 0	$ 30.8	$ 11.5
Amortization of debt issuance costs	4.5	3.3	1.2
Less: Interest capitalized	0	(0.3)	0
Total interest expense related to the Term Loan	4.5	33.9	$ 12.6
Term Loan Facility
Interest Expense, Debt [Abstract]
Amortization of debt discount	5.4	0.7
Amortization of debt issuance costs	3.2	0.4
Total interest expense related to the Term Loan	$ 8.6	$ 1.1

Debt - Second Amended and Resta

Debt - Second Amended and Restated Credit Agreement (Details) - USD ($)				12 Months Ended
	May 02, 2023	Aug. 24, 2022	May 25, 2022	Jun. 30, 2023	Jun. 30, 2022	May 25, 2023	Nov. 25, 2022	Dec. 10, 2021	Jun. 30, 2019
Revolving Credit Facility | Amended and Restated Credit Agreement | Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity									$ 500,000,000
Revolving Credit Facility | Second Amended and Restated Credit Agreement | Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity	$ 400,000,000							$ 500,000,000
Line of credit facility, liquidity convenant		$ 250,000,000
Line of credit facility, maximum amount outstanding during period	3,000,000,000	$ 3,000,000,000
Line of credit facility, non-consenting commitments reduced	28,000,000
Line of credit facility, consenting commitments reduced	$ 372,000,000
Commitment fees incurred				$ 1,600,000	$ 1,400,000
Amount drawn				0
Debt issuance costs of revolving credit facility			$ 1,100,000
Revolving Credit Facility | Second Amended and Restated Credit Agreement | Line of Credit | SOFR | Floor rate
Line of Credit Facility [Line Items]
Basis spread on variable rate			0%
Revolving Credit Facility | Second Amended and Restated Credit Agreement | Line of Credit | Alternative Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate			1.75%
Revolving Credit Facility | Second Amended and Restated Credit Agreement | Line of Credit | June 20, 2024 Maturity
Line of Credit Facility [Line Items]
Commitment fee percentage			0.375%
Revolving Credit Facility | Second Amended and Restated Credit Agreement | Line of Credit | June 20, 2024 Maturity | SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate			2.75%
Revolving Credit Facility | Second Amended and Restated Credit Agreement | Line of Credit | December 10, 2026 Maturity
Line of Credit Facility [Line Items]
Commitment fee percentage			0.325%
Revolving Credit Facility | Second Amended and Restated Credit Agreement | Line of Credit | December 10, 2026 Maturity | SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate			2.25%
Revolving Credit Facility | Second Amended and Restated Credit Agreement | Line of Credit | December 10, 2026 Maturity | Alternative Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate			1.25%
Revolving Credit Facility | Second Amended Credit Agreement | Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity								500,000,000
Revolving Credit Facility | Second Amended Credit Agreement | Line of Credit | June 20, 2024 Maturity
Line of Credit Facility [Line Items]
Maximum borrowing capacity								35,000,000
Revolving Credit Facility | Second Amended Credit Agreement | Line of Credit | December 10, 2026 Maturity
Line of Credit Facility [Line Items]
Maximum borrowing capacity								$ 465,000,000
Letter of Credit
Line of Credit Facility [Line Items]
Standby letters of credit outstanding				71,600,000
Letter of Credit | Amended and Restated Credit Agreement | Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity (greater than)									$ 250,000,000
Term Loan Facility | Line of Credit
Line of Credit Facility [Line Items]
Amount drawn				696,400,000
Debt discount				33,800,000
Debt issuance costs				$ 19,800,000
Effective interest rate				10.20%		14.30%	13.70%
Term Loan Facility | Second Amended and Restated Credit Agreement | Line of Credit
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 750,000,000	$ 742,500,000
Quarterly installments payable			0.25%
Basis spread on variable rate			0.50%
Term Loan Facility | Second Amended and Restated Credit Agreement | Line of Credit | SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate			6.50%
Term Loan Facility | Second Amended and Restated Credit Agreement | Line of Credit | SOFR | Floor rate
Line of Credit Facility [Line Items]
Basis spread on variable rate			0.50%
Term Loan Facility | Second Amended and Restated Credit Agreement | Line of Credit | Alternative Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate			5.50%
Term Loan Facility | Second Amended and Restated Credit Agreement | Line of Credit | Alternative Base Rate | Floor rate
Line of Credit Facility [Line Items]
Basis spread on variable rate			1%
Term Loan Facility | Second Amended and Restated Credit Agreement | Convertible Senior Notes Outstanding On November 16, 2025
Line of Credit Facility [Line Items]
Maximum borrowing capacity (greater than)			$ 200,000,000

Commitments and Contingencies -

Commitments and Contingencies - Minimum Guarantee Royalty Payments Due (Details) $ in Millions	Jun. 30, 2023 USD ($)
Future Minimum Payments
Total	$ 268.9
Royalty Guarantees, Commitments
Future Minimum Payments
2024	131.6
2025	48.8
2026	5
Total	$ 185.5

Commitment and Contingencies -

Commitment and Contingencies - Actual and Future Returns and Written Down and Logistics Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Other Commitments [Line Items]
Returns accrual for reduction to Connected Fitness Products revenue	$ 2,800.2	$ 3,582.1	$ 4,021.8
Costs of product recalls	1,876.7	2,883.8	2,567.4
Connected Fitness Products
Other Commitments [Line Items]
Returns accrual for reduction to Connected Fitness Products revenue	1,130.2	2,187.5	3,149.6
Costs of product recalls	1,328.8	2,433.8	2,236.9
Connected Fitness Products
Other Commitments [Line Items]
Returns accrual for reduction to Connected Fitness Products revenue	1,130.2	2,187.5	3,149.6
Costs of product recalls	1,328.8	2,433.8	2,236.9
Connected Fitness Products | Connected Fitness Products
Other Commitments [Line Items]
Costs of product recalls	15.7	8.1	15.7
Connected Fitness Products | Sales Returns and Allowances
Other Commitments [Line Items]
Returns accrual for reduction to Connected Fitness Products revenue	$ 14.6	$ 48.9	$ 81.1

Commitments and Contingencies_2

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions				1 Months Ended	12 Months Ended
	May 01, 2023	Apr. 17, 2023	Aug. 04, 2022	Jan. 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Other Commitments [Line Items]
Return reserve liability					$ 29.1	$ 48.6
Accounts payable and accrued expenses					478.4	797.4
Cost of revenue					1,876.7	2,883.8	$ 2,567.4
Commitments to contract with third-party manufacturers					268.9
Settlement agreements with various third-party suppliers					22
Amount awarded to other party				$ 19.1
Litigation settlement, amount awarded from other party		$ 14
Payments for legal settlements	$ 75
Estimate of potential damages and attorney fees			$ 107
Sales Returns and Allowances | Product Recalls
Other Commitments [Line Items]
Estimate of potential damages and attorney fees					42.2
Connected Fitness Products
Other Commitments [Line Items]
Cost of revenue					1,328.8	2,433.8	$ 2,236.9
Connected Fitness Products | Sales Returns and Allowances
Other Commitments [Line Items]
Return reserve liability					24.4	$ 39.9
Accounts payable and accrued expenses					10
Connected Fitness Products | Sales Returns and Allowances | Product Recalls
Other Commitments [Line Items]
Cost of revenue					48.4
Manufactured Product
Other Commitments [Line Items]
Commitments to contract with third-party manufacturers					$ 174.6

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Billions	Nov. 16, 2021	Jun. 30, 2023	Jun. 30, 2022
Over-Allotment Option
Class of Stock [Line Items]
Shares issued in initial public offering (in shares)	27,173,912
Price per share in initial public offering (in dollars per share)	$ 46
Aggregate proceeds received from initial public offering, net of underwriters' discounts and commissions	$ 1.2
Class A Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)		$ 0.000025	$ 0.000025
Class A Common Stock | Over-Allotment Option
Class of Stock [Line Items]
Shares issued in initial public offering (in shares)	3,260,869
Common stock, par value (in dollars per share)	$ 0.000025

Equity-Based Compensation - Nar

Equity-Based Compensation - Narrative (Details) $ / shares in Units, $ in Millions		1 Months Ended	12 Months Ended			18 Months Ended
	Jul. 01, 2022 USD ($) $ / shares shares	Sep. 30, 2019 period	Jun. 30, 2023 USD ($) employee $ / shares shares	Jun. 30, 2022 USD ($) $ / shares	Jun. 30, 2021 USD ($) $ / shares	Feb. 28, 2023 $ / shares shares	Aug. 31, 2022 $ / shares shares
Class of Stock [Line Items]
Aggregate intrinsic value | $			$ 85.1	$ 376.3	$ 1,216.6
Granted (in shares) | shares			1,437,950
Exercised, weighted-average exercise price (in dollars per share) | $ / shares			$ 5.52
Stock-based compensation expense | $	$ 21.9		$ 49.6
Weighted-average grant date fair value per option (in dollars per share) | $ / shares			$ 6.42	$ 22.27	$ 43.76
Expected dividend yield					0%
Stock-based compensation expense | $			$ 405	$ 328.4	$ 194
Minimum
Class of Stock [Line Items]
Post-termination period during which an employee may exercise outstanding stock options extended term			90 days
Maximum
Class of Stock [Line Items]
Post-termination period during which an employee may exercise outstanding stock options extended term			2 years 9 months 18 days
ESPP
Class of Stock [Line Items]
Expected dividend yield			0%
Stock-based compensation expense | $			$ 17.3	$ 13	$ 9.5
Unrecognized stock-based compensation expense | $			$ 8
Unrecognized stock-based compensation expense, period for recognition (in years)			1 year 8 months 12 days
Employee stock options
Class of Stock [Line Items]
Expected dividend yield			0%	0%	0%
Unrecognized stock-based compensation expense | $			$ 570.4
Unrecognized stock-based compensation expense, period for recognition (in years)			2 years 7 months 6 days
Class A Common Stock | ESPP
Class of Stock [Line Items]
Number of shares purchased under ESPP (in shares) | shares						518,326	386,121
Weighted-average price of shares purchased under ESPP (in dollars per share) | $ / shares						$ 8.74	$ 8.66
2019 Equity Incentive Plan
Class of Stock [Line Items]
Original exercise price lower range (in dollars per share) | $ / shares	$ 12.94
Original exercise price upper range (in dollars per share) | $ / shares	$ 146.79
Granted (in shares) | shares	2,138
Exercised, weighted-average exercise price (in dollars per share) | $ / shares	$ 9.13
2019 Equity Incentive Plan | Class A Common Stock
Class of Stock [Line Items]
Increase in number of shares authorized, as a percentage of total common stock outstanding		5%
Increase in number of shares available for future issuance (in shares) | shares	16,913,700
Number of shares available for future issuance (in shares) | shares			43,075,791
2019 Employee Stock Purchase Plan | ESPP
Class of Stock [Line Items]
Number of purchase periods | period		4
Purchase period (in months)		6 months
Commencement of offering period (in years)		2 years
Commencement of purchase period (in months)		6 months
2019 Employee Stock Purchase Plan | ESPP | Vesting Monthly Over The Following 36 Months
Class of Stock [Line Items]
Commencement of offering period (in years)			2 years
Total modification charges to ESPP | $			$ 2.7
2019 Employee Stock Purchase Plan | Class A Common Stock | ESPP
Class of Stock [Line Items]
Increase in number of shares authorized, as a percentage of total common stock outstanding		1%
Increase in number of shares available for future issuance (in shares) | shares	3,382,740
Number of shares available for future issuance (in shares) | shares			12,626,752
Purchase price of common stock, percentage of fair market value		85%
Severance Plan
Class of Stock [Line Items]
Number of employees eligible, terminated their employment | employee			13
Severance Plan | Minimum
Class of Stock [Line Items]
Post-termination period during which an employee may exercise outstanding stock options extended term			90 days
Severance Plan | Maximum
Class of Stock [Line Items]
Post-termination period during which an employee may exercise outstanding stock options extended term			1 year

Equity-Based Compensation - Sch

Equity-Based Compensation - Schedule of Stock Options Outstanding (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Number of Stock Options
Stock options outstanding, beginning balance (in shares)	61,815,926
Granted (in shares)	1,437,950
Exercised (in shares)	(11,535,977)
Forfeited or expired (in shares)	(8,718,626)
Stock options outstanding, ending balance (in shares)	42,999,273	61,815,926
Stock options vested and exercisable (in shares)	30,592,179
Weighted-Average Exercise Price
Stock options outstanding, weighted-average exercise price, beginning balance (in dollars per share)	$ 25.28
Granted, weighted-average exercise price (in dollars per share)	8.92
Exercised, weighted-average exercise price (in dollars per share)	5.52
Forfeited or expired, weighted-average exercise price (in dollars per share)	30.33
Stock options outstanding, weighted-average exercise price, ending balance (in dollars per share)	19.71	$ 25.28
Stock options vested and exercisable, weighted-average exercise price (in dollars per share)	$ 17.58
Stock options outstanding, weighted-average remaining contractual term (in years)	5 years 2 months 12 days	6 years 8 months 12 days
Stock options vested and exercisable, weighted-average remaining contractual term (in years)	4 years
Stock options outstanding, aggregate intrinsic value	$ 93.2
Stock options exercised, aggregate intrinsic value	85.1	$ 376.3	$ 1,216.6
Stock options outstanding, aggregate intrinsic value	33.2	$ 93.2
Stock options vested and exercisable, aggregate intrinsic value	$ 33.1

Equity-Based Compensation - S_2

Equity-Based Compensation - Schedule of Unvested Stock Option Activity (Details) - $ / shares	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Options
Unvested options, beginning balance (in shares)	25,347,235
Granted (in shares)	1,437,950
Vested (in shares)	(9,261,227)
Forfeited or expired (in shares)	(5,116,864)
Unvested options, ending balance (in shares)	12,407,094	25,347,235
Weighted-Average Grant Date Fair Value
Unvested options, weighted-average grant date fair value, beginning balance (in dollars per share)	$ 19.35
Unvested options, weighted-average grant date fair value, granted (in dollars per share)	6.42	$ 22.27	$ 43.76
Unvested options, weighted-average grant date fair value, vested (in dollars per share)	18.54
Unvested options, weighted-average grant date fair value, forfeited or expired (in dollars per share)	8.97
Unvested options, weighted-average grant date fair value, ending balance (in dollars per share)	$ 18.84	$ 19.35

Equity-Based Compensation - S_3

Equity-Based Compensation - Schedule of Fair Value Assumptions (Details)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected dividend yield			0%
Employee stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average risk-free interest rate	3.30%	1.70%	0.70%
Weighted average expected term (in years)	6 years 2 months 12 days	6 years	6 years 2 months 12 days
Weighted average expected volatility	81.40%	56.20%	43.50%
Expected dividend yield	0%	0%	0%
Shares estimated to be purchased under ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average risk-free interest rate	0.90%
Weighted average expected term (in years)	1 year 3 months 18 days
Weighted average expected volatility	88.20%
Expected dividend yield	0%

Equity-Based Compensation - S_4

Equity-Based Compensation - Schedule of Restricted Stock and Restricted Stock Units (Details) - Restricted Stock	12 Months Ended
	Jun. 30, 2023 $ / shares shares
Number of Awards
Outstanding, beginning balance (in shares) | shares	8,977,705
Granted (in shares) | shares	30,715,825
Vested and converted to shares (in shares) | shares	(6,049,755)
Cancelled (in shares) | shares	(6,407,347)
Outstanding, ending balance (in shares) | shares	27,236,428
Weighted-Average Grant Date Fair Value
Outstanding, weighted-average grant date fair value, beginning balance (in dollars per share) | $ / shares	$ 42.49
Granted, weighted-average grant date fair value (in dollars per share) | $ / shares	10.82
Vested and converted to shares, weighted-average grant date fair value (in dollars per share) | $ / shares	29.78
Cancelled, weighted-average grant date fair value (in dollars per share) | $ / shares	23.95
Outstanding, weighted-average grant date fair value, ending balance (in dollars per share) | $ / shares	$ 13.96

Equity-Based Compensation - S_5

Equity-Based Compensation - Schedule of Sock-based Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 405	$ 328.4	$ 194
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	57.1	42.9	38.5
Cost of revenue | Connected Fitness Products
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	14.3	20.2	12.6
Cost of revenue | Subscription
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	42.8	22.7	25.9
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	28.9	30.5	26.2
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	167.2	152.4	102.1
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	66.7	46	27.2
Restructuring expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 85	$ 56.5	$ 0

Concentration of Credit Risk _2

Concentration of Credit Risk and Major Customers and Vendors (Details) - Vendor Concentration Risk - Inventory Benchmark	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Top Three Vendors
Concentration Risk [Line Items]
Percentage of inventory purchased	78%
Top Two Vendors
Concentration Risk [Line Items]
Percentage of inventory purchased		60%	46%

Income Taxes - Schedule of Loss

Income Taxes - Schedule of Loss Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
United States	$ (1,101.9)	$ (2,454.4)	$ (120)
Foreign	(156.1)	(353.7)	(78.2)
Loss before provision (benefit) for income taxes	$ (1,258)	$ (2,808.1)	$ (198.2)

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Current:
Federal	$ 0	$ 0	$ 0
State	0.6	1.3	0.4
Foreign	4.6	13.6	11.5
Current income tax expense	5.2	14.9	11.9
Deferred:
Federal	0	0	(14.1)
State	0	0	(3.2)
Foreign	(1.5)	4.7	(3.8)
Deferred income tax expense	(1.5)	4.7	(21.1)
Total	$ 3.7	$ 19.6	$ (9.2)

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Federal income tax rate	21%	21%	21%
Permanent differences	(0.10%)	(0.90%)	(0.60%)
Share based compensation	(2.50%)	1.60%	99.60%
Return to provision	0.10%	0%	1.50%
Effects of rates different than statutory	0.40%	0.40%	(1.30%)
State and local income taxes, net of federal benefit	2.90%	4.40%	24.10%
Change in valuation allowance	(24.20%)	(28.30%)	(150.20%)
Rate change	(0.50%)	0.30%	8%
Federal credits	2.40%	0.90%	2.50%
State credits	0.002	0	0
Other	0%	(0.10%)	0%
Effective income tax rate	(0.30%)	(0.70%)	4.60%

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022
Deferred tax assets:
Net operating loss	$ 939.3	$ 850.8
Accruals and reserves	102.2	101.2
R&D credit	74.9	41.9
Accrued legal and professional fees	11.7	3.9
Non-qualified stock options	110.5	88.9
Restricted stock options	7.8	5.7
Disallowed Interest Carryover	19.5	1.2
Intangible Amortization	49.1	46.5
Capitalized R&E	66.1	0
Inventory capitalization	75.5	38.8
Lease liability	163	197
Deferred revenue	14.8	9.5
Construction in Progress	48.9	31.8
Convertible Securities	11.2	0
Other	4.5	5.5
Total deferred tax assets:	1,699	1,422.7
Valuation allowance	(1,533.3)	(1,191.2)
Deferred tax liabilities:
Prepaid Expenses	(7)	(10.2)
Property and equipment	(27)	(40.8)
Right-of-use assets	(127.7)	(166.6)
Convertible securities	0	(15.6)
Other	(4.3)	(0.1)
Total deferred tax liabilities:	(166)	(233.3)
Deferred tax assets, net	$ (0.3)	$ (1.8)

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($) $ in Millions	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Operating Loss Carryforwards [Line Items]
Net operating loss	$ 939.3	$ 850.8
R&D credit	74.9	41.9
Unrecognized tax benefits	0	0	$ 0.7
Federal
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	3,101.6	2,896.7
R&D credit	71.9	41.9
Federal | Tax Year 2034
Operating Loss Carryforwards [Line Items]
Net operating loss	64.8
State
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	2,309.9	2,130
Foreign
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 609.7	$ 458.3

Income Taxes - Schedule of Unre

Income Taxes - Schedule of Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward]
Beginning balance	$ 0	$ 0.7
Gross (decrease) increase in unrecognized tax positions	0
Gross (decrease) increase in unrecognized tax positions		(0.7)
Ending balance	$ 0	$ 0

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Basic loss per share:
Net loss attributable to common stockholders, basic	$ (1,261.7)	$ (2,827.7)	$ (189)
Net loss attributable to common stockholders, diluted	$ (1,261.7)	$ (2,827.7)	$ (189)
Shares used in computation:
Weighted-average common shares outstanding, basic (in shares)	346,670,699	322,368,818	293,892,643
Weighted-average common shares outstanding, diluted (in shares)	346,670,699	322,368,818	293,892,643
Basic loss per share (in dollars per share)	$ (3.64)	$ (8.77)	$ (0.64)

Net Loss Per Share - Schedule_2

Net Loss Per Share - Schedule of Potentially Diluted Securities Not Included in Calculation of Diluted Shares Outstanding (Details) - shares	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Employee stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from calculation of diluted shares outstanding (in shares)	13,742,253	36,846,242	54,076,445
Restricted stock units and awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from calculation of diluted shares outstanding (in shares)	1,408,482	174,580	546,687
Shares estimated to be purchased under ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from calculation of diluted shares outstanding (in shares)	0	28,370	363,741

Net Loss Per Share - Narrative

Net Loss Per Share - Narrative (Details)	Feb. 28, 2021 $ / shares
Convertible Notes Maturing February 15, 2026 | Convertible Debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Debt instrument, conversion price (in dollars per share)	$ 239.23

Segment Information - Key Finan

Segment Information - Key Financial Performance Measures by Segment (Details) $ in Millions	12 Months Ended
	Jun. 30, 2023 USD ($) segment	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment	2
Segment Reporting Information [Line Items]
Total revenue	$ 2,800.2	$ 3,582.1	$ 4,021.8
Cost of revenue	1,876.7	2,883.8	2,567.4
Gross profit	923.5	698.4	1,454.4
Connected Fitness Products
Segment Reporting Information [Line Items]
Total revenue	1,130.2	2,187.5	3,149.6
Cost of revenue	1,328.8	2,433.8	2,236.9
Gross profit	(198.6)	(246.3)	912.7
Subscription
Segment Reporting Information [Line Items]
Total revenue	1,670.1	1,394.7	872.2
Cost of revenue	547.9	450	330.5
Gross profit	$ 1,122.1	$ 944.7	$ 541.7

Segment Information - Reconcili

Segment Information - Reconciliation of Segment Gross Profit to Consolidated Loss Before Provision (Benefit) for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021
Segment Reporting [Abstract]
Segment Gross Profit	$ 923.5	$ 698.4	$ 1,454.4
Sales and marketing	(648.2)	(1,018.9)	(728.3)
General and administrative	(798.1)	(963.4)	(661.8)
Research and development	(318.4)	(359.5)	(247.6)
Goodwill impairment	0	(181.9)	0
Impairment expense	(144.5)	(390.5)	(4.5)
Restructuring expense	(189.4)	(180.7)	0
Supplier settlements	(22)	(337.6)	0
Total other expense, net	(60.9)	(74.1)	(10.4)
Loss before provision (benefit) for income taxes	$ (1,258)	$ (2,808.1)	$ (198.2)