Peloton Interactive, Inc.

Good day and thank you for standing by. Welcome to the Peloton Interactive first quarter 2023 earnings call. At this time, all participants are in a listen-only mode. After the safe harbor, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. Please be advised that today's conference is being recorded. I would now like to hand the conference over to speaker today, Peter Stabler, Head of Investor Relations. Please go ahead.

Good morning and welcome to Peloton's fiscal first quarter conference call. Joining today's call are CEO Barry McCarthy and CFO Liz Coddington. Our comments and responses to your questions reflect management 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 impact our 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. The reconciliation of GAAP to non-GAAP financial measures is provided in today's shareholder letter. I'll now turn the call over to the operator for the first question.

And as a reminder, to ask a question, you need to press star 1-1 on your telephone. Please stand by while we compile the Q&A roster. Our first question comes from the line of Doug Amuth from JP Morgan. Your line is open.