Peloton Interactive, Inc.

Good day and welcome to the Peloton Interactive Third Quarter 2022 Earnings Conference Call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing star then zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, press star then two. Please note this event is being recorded and those in the question queue, please limit yourself to one question and one follow-up. I would now like to turn the conference over to Peter Stabler, Senior Vice President, Investor Relations. Please go ahead.

Good morning and welcome to Peloton's third quarter fiscal 2022 conference call. Joining today's call are CEO and President Barry McCarthy and CFO Jill Woodworth. Our comments and responses to your questions reflect management's views as of today only. and will include statements related to our business that are forward-looking statements under federal securities law. 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 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 can 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. With that, I'll turn the call over to Barry.

Morning, everyone, and thank you for joining today's call. Earlier this morning, we released the letter to shareholders, which discusses our strategy for growing Peloton's business and the Q3 performance. I'm not going to repeat what was said in the letter except to thank our employees for their hard work and our 7 million members for giving our work meaning and purpose. Before we begin today's Q&A, I'd like to acknowledge the contributions of William Lynch to the growth of Peloton. As part of the leadership transition at Peloton, Williams decided to resign from our board to pursue other interests, and we wish him continued success in his next endeavor. Operator, let's turn to our first question.