Peloton Interactive, Inc.

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 a 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 to non-GAAP financial measures is provided in today's shareholder letter. I'll now turn the call over to the operator for our first question.

Thank you. One moment for our first question. And that will come from the line of Doug Anmuth with JP Morgan. Your line is open.

Thanks so much for taking the questions. I just wanted to ask, Barrett, if you could talk more about the upcoming changes in brand positioning and just a little bit more about what you think is misunderstood around the brand, the products, and how people use them and how those changes in brand positioning can help drive growth going forward. And then, Also, perhaps, Liz, if you could just talk about the potential. I know that the DISH settlement will weigh on pre-cash flow in 4Q. Can you just update us on your past deposit of pre-cash flow X, that settlement? Thank you.