Revenue Build

(amounts in thousands, except per unit prices and monthly subscription prices)

Projected Peloton Subscribers: Year ending November 8,

2019 2020 2021 2022 2023 2024 2025 2026
Beginning of period (BOP) 511
Cancellations 7.5% (38)
New gross joins Ex. 6 417
End of period (EOP) 511 889

CFP Revenue:
Average price per unit 2,395 2,443
New gross joins 417 - - - - - -
CFP Revenue 1,018,075 - - - - - -

Subscription Revenue:
Price per month 39.0 39.8
EOP subscribers 889
Subscription revenue 424,575 - - - - - -

Schedule of Marketing Costs

(amounts in thousands, except per subscriber price)
Year ending November 8,
Marketing Costs 2019 2020 2021 2022 2023 2024 2025 2026
Subscriber acquitsion costs 1,100 1,122
New gross joins 417 - - - - - -
Total Marketing Costs 467,592 - - - - - -
DCF
($ in millions, except per share data)

Year ending November 8,

2019 2020 2021 2022 2023 2024 2025 2026

CFP revenue
Subscription revenue
Total revenue 915.0

Cost of goods sold:

Variable CFP costs
Variable subscription costs
Fixed media production costs 53.0
Total cost of goods sold

Marketing costs
R&D costs 54.8
G&A costs 207.0

EBIT
Less Taxes @ 25%
NOPAT
Add: Depreciation & Amortization
Less: Capex
Less: Working Capital Investment
Unlevered Free Cash Flow
Terminal Value

PV of FCF Terminal Growth Rate 2%

PV of Terminal Value WACC 12%
Value of Operations
Add: Cash
Enterprise Value
Less: Debt
Equity Value
Number of Shares
Equity Value per share