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Peloton CEO John Foley on falling stock price after IPO – Axios




  • Peloton collected nearly $ 1.2 billion in its IPO, priced at a peak of $ 26-29 dollars per share interval. This gave it an initial market share of $ 8.1 billion and a fully diluted market value of $ 9.6 billion.
  • Stocks opened during the IPO, and they have fallen steadily. As of this time, they are more than 11% down to $ 25.58 per share.

Foley spoke to Axios several hours after the first deals, and he acknowledged that his company was priced into a publicly traded market fueled by WeWork's problems.

About the reaction to the roadshow: "It was binary: People got it and loved it, or they didn't get it and scratch their heads and ask super cynical questions about fitness as a fad. In the last couple meetings, I asked people to reach hands if they thought that fitness was a fad. Nobody really did it, because while there are tough things in the fitness, the fitness itself doesn't go away and we go for core cardio, cycling, strength, etc. "

Cheaper rivals: " I'm not worried about it. It will be a plane of quality … and we have a lot of money on the balance. "

What about bicycle buyers defaulting on financing plans? "We don't have the paper. Confirmation takes all the risk of financing, and they think It's less than 1[ads1]% standard exposure. We get the money upfront and pay Confirm a fee – a kind of contract revenue concept. Ernst & Young encouraged us to think on it as a discount. "

Margins: " We make reasonable money on the bike now. Say it used to cost us $ 1 to earn, now we earn it for under 60 cents thanks to a recognition of really In fact, we earn enough margin on the hardware between bikes and tread to pay all sales and marketing investment, dollar for dollar. "

So why unprofitable? "Our US cycling business is profitable. We invest $ 100 million in 2 new studios and $ 100 million in a new headquarters in New York City. But we will not move into any of these for another 6-12 months, so We are double-laden with real estate right now. We are also in investment mode on the tread, hiring German instructors to launch in that country, and investing in other growth vectors. ]



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