Peter Stern

First of all, Scarlett, thanks for having me here.

And I leave the day-to-day gyrations of the stock to the experts, the traders, the analysts, folks like yourselves.

That being said...

If you take a long view, let's look back a year.

Our stock has almost doubled.

Look back a month, way up.

So I wouldn't focus on day-to-day, but I would focus on the news that we announced today, because it's pretty amazing what we just announced.

Completely new lineup of equipment, Peloton IQ, our AI-powered personal trainer, big moves into total wellness.

So it'll play out over time as people see the value and they start to embrace these things.

So Caroline, first of all, thanks so much for being a member.

It's great to have a fellow member here.

And we are focused both on existing members as well as non-members.

For existing members, they're getting so much today.

We are introducing for everyone, regardless of when you bought your equipment, the benefits of Peloton IQ, and that's just included in your membership.

We are now including a new acquisition that we did, a company called Breathwork, because we know the power of breathing and how it can help people with stress and anxiety and depression and improve heart rate variability and improve blood pressure.

So everyone's getting that.

Major partnerships, for example, one with the hospital for special surgery to focus on injury prevention and rehabilitation.

All of these things happen for existing members.

But if you're not an existing member, there has never been a better time to become one with the launch of this all new equipment lineup, the cross training series.

Now we're delivering the benefits of both cardio and strength because we know that adults should be doing cardio.