Peloton Interactive, Inc.

Good day, and thank you for standing by. Welcome to the Peloton Interactive fourth quarter 22 earnings call. At this time, all participants are in a listen-only mode. To ask a question during a session, you will need to press star 1-1 on your telephone. Please be advised that today's conference is being recorded, and we will take one minute to assemble the queue after the safe harbor. I would now like to hand the conference over to your speaker today, Peter Stabler, Head of Investor Relations. Please go ahead.

Good morning. Welcome to Peloton's fiscal fourth quarter conference call. Joining today's call are CEO Barry McCarthy and CFO Liz Coddington. 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 filing 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 and non-GAAP financial measures is provided in today's shareholder letter. I'll now turn the call over to our operator to take our first question. Operator?

As a reminder, that's star 1-1 to ask a question. We'll go ahead and take a minute for the queue to assemble. All right. And our first question will come from the line of Justin Post from Bank of America. Your line is open.