Peloton Interactive, Inc. (NASDAQ:PTON) Q3 2024 Earnings Conference Call May 2, 2024 8:30 AM ET

Company Participants

James Marsh - Head of IR
Karen Boone - Interim Co-CEO
Chris Bruzzo - Interim Co-CEO
Liz Coddington - CFO

Conference Call Participants

Douglas Anmuth - JPMorgan
Ronald Josey - Citi
Aneesha Sherman - Bernstein
Michael Graham - Canaccord Genuity
Andrew Boone - JMP Securities
Jonathan Komp - Baird

Operator

Good day and welcome to Peloton's Third Quarter Fiscal Year 2024 Conference Call. At this time all participants are in a listen-only mode. After the speaker presentation there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker, James Marsh, Head of Investor Relations. Please go ahead.

James Marsh

Thank you, operator. Good morning and welcome to Peloton's Third Quarter Fiscal Year 2024 Conference Call. Joining today's call are Peloton Board Members, Karen Boone and Chris Bruzzo, who will be stepping in as Interim's co-CEOs, as well as Chief Financial Officer, Liz Coddington. Our comments and responses to your questions reflect management views as of today only, and will include statements related to our business that are forward-looking statements under Federal Security Laws. Actual results may differ materially from those contained in or implied by these forward-looking statements, due to risks and uncertainties associated with our business.

For a discussion of the material risks and other important factors that could impact our actual results, please refer to our SEC filings and today's shareholder letter, both of which could be found on our investor relations website. During this call, we will discuss both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP financial measures is provided in today's shareholder letter.

I'll now turn the call over to Karen.

Karen Boone

Thank you all for joining today. For those who don't know me, I've been a member of Peloton's Board since early 2019 and have served as Chairperson since September of 2022. We have a lot to cover this morning, so let's begin with the leadership update. As you may have seen in our release this morning, Barry McCarthy is stepping down as President and CEO and has also resigned as a Member of the Peloton Board. Barry will continue to serve as a Strategic Advisor to Peloton.

I know I'm speaking for the entire Board when I say that we're very grateful for his contributions to Peloton. Barry joined Peloton during an incredibly challenging time for the business. During his tenure, he laid the foundation for scalable growth by steadily re-architecting the cost structure of the business to create stability and to reach the important milestone of achieving positive free cash flow. With a strong leadership team in place and the company now on solid financial footing, the Board has decided that now is the appropriate time to search for the next CEO of Peloton. While our search for a successor is underway, Chris and I will be stepping in as Interim co-CEOs and Jay Hoag, who has served on the Board since 2018, will step into the role of Chairperson of the Board.