Andrewkang
2021-08-26
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Peloton Earnings: 2 Tough Questions Analysts Should Ask Management on Thursday<blockquote>Peloton 收益：分析师周四应该向管理层提出 2 个棘手的问题</blockquote>
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{"i18n":{"language":"zh_CN"},"detailType":1,"isChannel":false,"data":{"magic":2,"id":837723098,"tweetId":"837723098","gmtCreate":1629930114114,"gmtModify":1631891622384,"author":{"id":3586834968608355,"idStr":"3586834968608355","authorId":3586834968608355,"authorIdStr":"3586834968608355","name":"Andrewkang","avatar":"https://static.tigerbbs.com/c156835bf3f5665f5509ad93d83d1df2","vip":1,"userType":1,"introduction":"","boolIsFan":false,"boolIsHead":false,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[],"fanSize":5,"starInvestorFlag":false},"themes":[],"images":[],"coverImages":[],"title":"","extraTitle":"","html":"<html><head></head><body><p>j</p></body></html>","htmlText":"<html><head></head><body><p>j</p></body></html>","text":"j","highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"link":"https://laohu8.com/post/837723098","repostId":1115773122,"repostType":4,"repost":{"id":"1115773122","kind":"news","pubTimestamp":1629904800,"share":"https://www.laohu8.com/m/news/1115773122?lang=zh_CN&edition=full","pubTime":"2021-08-25 23:20","market":"us","language":"en","title":"Peloton Earnings: 2 Tough Questions Analysts Should Ask Management on Thursday<blockquote>Peloton 收益：分析师周四应该向管理层提出 2 个棘手的问题</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1115773122","media":"Motley Fool","summary":"It would be helpful for investors to know how many of the connected-fitness leader's subscribers paused their subscriptions in the quarter, and to know more about a complaint alleging the company improperly collected some sales taxes.","content":"<p><b>Peloton Interactive</b>(NASDAQ:PTON) is slated to report its results for the fourth quarter and full year of fiscal 2021 (which ended on June 30) after the market close on Thursday, Aug. 26. A conference call with analysts is scheduled for the same day at 5 p.m. EDT.</p><p><blockquote><b>Peloton互动</b>（纳斯达克股票代码：PTON）定于 8 月 26 日星期四收盘后公布 2021 财年第四季度和全年（截至 6 月 30 日）业绩。与分析师的电话会议定于美国东部时间当天下午 5 点举行。</blockquote></p><p> As I wrote in my earnings preview:\"Many investors will probably be approaching the report from the leader in connected home exercise with a fair dose of caution. The company faced some headwinds in the quarter, primarily related to its treadmill safety issues and recalls, and its lapping of a year-ago quarter that got a big boost from the pandemic.\"</p><p><blockquote>正如我在收益预览中所写：“许多投资者可能会对这家互联家庭锻炼领域领导者的报告持相当谨慎的态度。该公司在本季度面临一些阻力，主要与其跑步机安全问题和召回有关，以及去年同期的业绩受到大流行的极大推动。”</blockquote></p><p> Wall Street is expecting quarterly revenue to grow a robust 52% year over year (and 41% organically) to $921.7 million. Analysts are also projecting an adjusted loss of $0.44 per share, compared to adjusted earnings per share of $0.27 in the year-ago period.</p><p><blockquote>华尔街预计季度收入将同比强劲增长 52%（有机增长 41%），达到 9.217 亿美元。分析师还预计调整后每股亏损为 0.44 美元，而去年同期调整后每股收益为 0.27 美元。</blockquote></p><p> There are two topics that it would be helpful for investors to know more about, but it seems doubtful that any analyst will broach them on the earnings call.</p><p><blockquote>有两个话题对投资者有更多了解会有所帮助，但似乎没有分析师会在盈利看涨期权上提及它们。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0b7b5d75ca75f96347e275ddba3976bd\" tg-width=\"2000\" tg-height=\"1580\" width=\"100%\" height=\"auto\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>1. How many subscribers paused their subscription in the quarter?</b></p><p><blockquote><b>1.本季度有多少订户暂停订阅？</b></blockquote></p><p> First, let's give credit where credit is due: Peloton provides a solid number of statistics regarding its subscribers and their use of the company's streamed content.</p><p><blockquote>首先，让我们在该表扬的地方给予表扬：Peloton提供了大量关于其订户及其使用公司流媒体内容的统计数据。</blockquote></p><p> It does a better job in this respect than, say, personalized online apparel retailer <b>Stitch Fix</b>. While the two companies operate in different industries within the consumer discretionary products sector, they both have a subscription-based business model. I've opined that Stitch Fix should provide a couple more key metrics, most notably a customer retention measure.</p><p><blockquote>在这方面，它比个性化在线服装零售商做得更好<b>缝线固定</b>虽然两家公司在非必需消费品行业的不同行业运营，但它们都有基于订阅的商业模式。我认为Stitch Fix应该提供更多的关键指标，最值得注意的是客户保留率。</blockquote></p><p> That said, what I'd like to know (and I'm sure there are investors who would, too) is what percentage of Peloton's total connected-fitness subscribers paused their subscription at some point during the quarter? How long, on average, did they pause their subscriptions? And how do these numbers stack up to the same metrics in the year-ago period and last quarter?</p><p><blockquote>也就是说，我想知道的是（我相信也有投资者想知道）Peloton 的互联健身订户总数中有多少百分比在本季度的某个时候暂停了订阅？他们平均暂停订阅多长时间？这些数字与去年同期和上一季度的相同指标相比如何？</blockquote></p><p> In its quarterly reports, Peloton provides its number of connected-fitness subscriptions and average monthly churn. However, these numbers don't take into account the users (or members, as Peloton calls them) who have paused their subscriptions. Members can pause their subscription for up to three months at a time.</p><p><blockquote>在其季度报告中，Peloton提供了其连接健身订阅数量和平均每月流失率。然而，这些数字并没有考虑到暂停订阅的用户（或成员，如Peloton评级他们）。会员一次最多可以暂停三个月的订阅。</blockquote></p><p> In other words, the number of connected-fitness subscribers that Peloton provides is almost surely overstating to some unknown degree the number of subscribers who are currently<i>paying</i>subscribers. In turn, this would likely understate the average monthly churn number for <i>paying</i> subscribers.</p><p><blockquote>换句话说，Peloton提供的连接健身用户数量几乎肯定在某种程度上夸大了当前的用户数量<i>付款</i>订户。反过来，这可能会低估每月的平均流失率<i>付款</i>订户。</blockquote></p><p> To be clear: Peloton isn't doing anything wrong here. It makes sense to allow members to pause their subscriptions for a brief period while it still considers them subscribers because things come up: surgery, vacations, and so forth. But it would be helpful for investors to get some quantification around this pause option. How pause-related metrics are trending over time would probably be telling.</p><p><blockquote>需要明确的是：Peloton 在这里没有做错任何事。允许会员在短时间内暂停他们的订阅是有意义的，同时它仍然认为他们是订阅者，因为事情会发生：手术、假期等等。但对于投资者来说，围绕这个暂停选项进行一些量化会很有帮助。随着时间的推移，与暂停相关的指标的趋势可能很能说明问题。</blockquote></p><p> <b>2. What's your response to the allegation that the company improperly charged sales tax in three states?</b></p><p><blockquote><b>2. 对于公司在三个州不当收取销售税的指控，您有何回应？</b></blockquote></p><p> If an analyst asks the above question, management will probably say something like, \"We don't comment on pending litigation.\" This is the standard response by companies to such questions.</p><p><blockquote>如果分析师提出上述问题，管理层可能会说，“我们不对未决诉讼发表评论。”这是企业对这类问题的标准回答。</blockquote></p><p> But I think it would behoove Peloton to somehow address this topic because there's been a good amount of chatter about it in 2021 on sites such as Reddit. Consumer goods companies cannot afford to have disgruntled customers, as word of mouth is crucial for them. That's even more true in this age of social media.</p><p><blockquote>但我认为Peloton应该以某种方式解决这个话题，因为2021年在Reddit等网站上有很多关于它的讨论。消费品公司承受不起不满的顾客，因为口碑对他们来说至关重要。在这个社交媒体时代更是如此。</blockquote></p><p> Reuters' synopsis of the issue:</p><p><blockquote>路透社对该问题的概要：</blockquote></p><p></p><p> Peloton Interactive Inc subscribers have filed a proposed class action lawsuit accusing the maker of at-home stationary bicycles of improperly charging sales tax on memberships in New York, Virginia and Massachusetts.In a complaint filed on Thursday night [Aug. 12] in federal court in Manhattan, Brandon Skillern and Ryan Corken said Peloton should have treated its $39-a-month \"All Access\" and $12.99-a-month digital memberships as tax-exempt \"digital goods\" in the three states. They said Peloton has refused to reimburse them for the 6.3% or 8.9% \"sales tax\" it had collected before Jan. 1, when it changed its taxation practices. Millions of dollars nationwide may have been collected improperly, they said. According to <b>Avalara</b>, a provider of transaction tax compliance solutions, as of December 2020, there were 17 U.S. states that \"generally exempt digital goods and services\" from sales tax, though some states had some specific exceptions to their overall policy. (Moreover, some cities also have a sales tax.) That said, these 17 states include the three states that were named in the Peloton complaint.</p><p><blockquote>Peloton Interactive Inc 订户提起集体诉讼，指控这家家用固定自行车制造商对纽约、弗吉尼亚和马萨诸塞州的会员不当收取销售税。在周四晚（8月12日）向曼哈顿联邦法院提交的一份诉状中，Brandon Skillern和Ryan Corken表示，Peloton应该在这三个州将其每月39美元的“所有访问”和每月12.99美元的数字会员资格视为免税的“数字商品”。他们说，Peloton拒绝退还他们在1月1日改变税收做法之前征收的6.3%或8.9%的“销售税”。他们说，全国范围内可能有数百万美元被不当征收。根据<b>阿瓦拉拉</b>交易税合规解决方案提供商，截至2020年12月，美国有17个州“普遍免除”数字商品和服务的销售税，尽管一些州对其整体政策有一些具体的例外情况。（此外，一些城市还有销售税。）也就是说，这17个州包括了Peloton投诉中提到的三个州。</blockquote></p><p> <b>The Tread will be back on the market soon</b></p><p><blockquote><b>胎面很快就会重新上市</b></blockquote></p><p> Since my earnings preview was published, Peloton has shared some good news: On Tuesday, it announced that its new Peloton Tread will be available inthe U.S.,Canada, and the U.K. Aug. 30, and inGermanyin the fall.</p><p><blockquote>自从我的收益预览发布以来，Peloton 分享了一些好消息：周二，它宣布其新款 Peloton Tread 将于 8 月在美国、加拿大和英国上市。30，以及秋天的英格曼。</blockquote></p><p> The Tread is the lower priced of the two treadmill models that Peloton recalled and paused selling in May. The company had some reports of its touchscreen loosening and, in some cases, detaching and falling. The new version of the Tread has upgraded safety features.</p><p><blockquote>该胎面是Peloton在5月份召回并暂停销售的两款跑步机型号中价格较低的。该公司收到了一些关于其触摸屏松动的报告，在某些情况下，还会脱落和掉落。新版本的胎面升级了安全功能。</blockquote></p><p> Peloton's Tuesday announcement didn't mention the status of the Tread+, the higher-end model that was linked to the death of one young child and dozens of reported injuries.</p><p><blockquote>Peloton 周二的公告没有提及 Tread+ 的状况，这款高端车型与一名幼童的死亡和数十起受伤有关。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Peloton Earnings: 2 Tough Questions Analysts Should Ask Management on Thursday<blockquote>Peloton 收益：分析师周四应该向管理层提出 2 个棘手的问题</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPeloton Earnings: 2 Tough Questions Analysts Should Ask Management on Thursday<blockquote>Peloton 收益：分析师周四应该向管理层提出 2 个棘手的问题</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-08-25 23:20</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Peloton Interactive</b>(NASDAQ:PTON) is slated to report its results for the fourth quarter and full year of fiscal 2021 (which ended on June 30) after the market close on Thursday, Aug. 26. A conference call with analysts is scheduled for the same day at 5 p.m. EDT.</p><p><blockquote><b>Peloton互动</b>（纳斯达克股票代码：PTON）定于 8 月 26 日星期四收盘后公布 2021 财年第四季度和全年（截至 6 月 30 日）业绩。与分析师的电话会议定于美国东部时间当天下午 5 点举行。</blockquote></p><p> As I wrote in my earnings preview:\"Many investors will probably be approaching the report from the leader in connected home exercise with a fair dose of caution. The company faced some headwinds in the quarter, primarily related to its treadmill safety issues and recalls, and its lapping of a year-ago quarter that got a big boost from the pandemic.\"</p><p><blockquote>正如我在收益预览中所写：“许多投资者可能会对这家互联家庭锻炼领域领导者的报告持相当谨慎的态度。该公司在本季度面临一些阻力，主要与其跑步机安全问题和召回有关，以及去年同期的业绩受到大流行的极大推动。”</blockquote></p><p> Wall Street is expecting quarterly revenue to grow a robust 52% year over year (and 41% organically) to $921.7 million. Analysts are also projecting an adjusted loss of $0.44 per share, compared to adjusted earnings per share of $0.27 in the year-ago period.</p><p><blockquote>华尔街预计季度收入将同比强劲增长 52%（有机增长 41%），达到 9.217 亿美元。分析师还预计调整后每股亏损为 0.44 美元，而去年同期调整后每股收益为 0.27 美元。</blockquote></p><p> There are two topics that it would be helpful for investors to know more about, but it seems doubtful that any analyst will broach them on the earnings call.</p><p><blockquote>有两个话题对投资者有更多了解会有所帮助，但似乎没有分析师会在盈利看涨期权上提及它们。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0b7b5d75ca75f96347e275ddba3976bd\" tg-width=\"2000\" tg-height=\"1580\" width=\"100%\" height=\"auto\"><span>IMAGE SOURCE: GETTY IMAGES.</span></p><p><blockquote><p class=\"t-img-caption\"><span>图片来源：盖蒂图片社。</span></p></blockquote></p><p> <b>1. How many subscribers paused their subscription in the quarter?</b></p><p><blockquote><b>1.本季度有多少订户暂停订阅？</b></blockquote></p><p> First, let's give credit where credit is due: Peloton provides a solid number of statistics regarding its subscribers and their use of the company's streamed content.</p><p><blockquote>首先，让我们在该表扬的地方给予表扬：Peloton提供了大量关于其订户及其使用公司流媒体内容的统计数据。</blockquote></p><p> It does a better job in this respect than, say, personalized online apparel retailer <b>Stitch Fix</b>. While the two companies operate in different industries within the consumer discretionary products sector, they both have a subscription-based business model. I've opined that Stitch Fix should provide a couple more key metrics, most notably a customer retention measure.</p><p><blockquote>在这方面，它比个性化在线服装零售商做得更好<b>缝线固定</b>虽然两家公司在非必需消费品行业的不同行业运营，但它们都有基于订阅的商业模式。我认为Stitch Fix应该提供更多的关键指标，最值得注意的是客户保留率。</blockquote></p><p> That said, what I'd like to know (and I'm sure there are investors who would, too) is what percentage of Peloton's total connected-fitness subscribers paused their subscription at some point during the quarter? How long, on average, did they pause their subscriptions? And how do these numbers stack up to the same metrics in the year-ago period and last quarter?</p><p><blockquote>也就是说，我想知道的是（我相信也有投资者想知道）Peloton 的互联健身订户总数中有多少百分比在本季度的某个时候暂停了订阅？他们平均暂停订阅多长时间？这些数字与去年同期和上一季度的相同指标相比如何？</blockquote></p><p> In its quarterly reports, Peloton provides its number of connected-fitness subscriptions and average monthly churn. However, these numbers don't take into account the users (or members, as Peloton calls them) who have paused their subscriptions. Members can pause their subscription for up to three months at a time.</p><p><blockquote>在其季度报告中，Peloton提供了其连接健身订阅数量和平均每月流失率。然而，这些数字并没有考虑到暂停订阅的用户（或成员，如Peloton评级他们）。会员一次最多可以暂停三个月的订阅。</blockquote></p><p> In other words, the number of connected-fitness subscribers that Peloton provides is almost surely overstating to some unknown degree the number of subscribers who are currently<i>paying</i>subscribers. In turn, this would likely understate the average monthly churn number for <i>paying</i> subscribers.</p><p><blockquote>换句话说，Peloton提供的连接健身用户数量几乎肯定在某种程度上夸大了当前的用户数量<i>付款</i>订户。反过来，这可能会低估每月的平均流失率<i>付款</i>订户。</blockquote></p><p> To be clear: Peloton isn't doing anything wrong here. It makes sense to allow members to pause their subscriptions for a brief period while it still considers them subscribers because things come up: surgery, vacations, and so forth. But it would be helpful for investors to get some quantification around this pause option. How pause-related metrics are trending over time would probably be telling.</p><p><blockquote>需要明确的是：Peloton 在这里没有做错任何事。允许会员在短时间内暂停他们的订阅是有意义的，同时它仍然认为他们是订阅者，因为事情会发生：手术、假期等等。但对于投资者来说，围绕这个暂停选项进行一些量化会很有帮助。随着时间的推移，与暂停相关的指标的趋势可能很能说明问题。</blockquote></p><p> <b>2. What's your response to the allegation that the company improperly charged sales tax in three states?</b></p><p><blockquote><b>2. 对于公司在三个州不当收取销售税的指控，您有何回应？</b></blockquote></p><p> If an analyst asks the above question, management will probably say something like, \"We don't comment on pending litigation.\" This is the standard response by companies to such questions.</p><p><blockquote>如果分析师提出上述问题，管理层可能会说，“我们不对未决诉讼发表评论。”这是企业对这类问题的标准回答。</blockquote></p><p> But I think it would behoove Peloton to somehow address this topic because there's been a good amount of chatter about it in 2021 on sites such as Reddit. Consumer goods companies cannot afford to have disgruntled customers, as word of mouth is crucial for them. That's even more true in this age of social media.</p><p><blockquote>但我认为Peloton应该以某种方式解决这个话题，因为2021年在Reddit等网站上有很多关于它的讨论。消费品公司承受不起不满的顾客，因为口碑对他们来说至关重要。在这个社交媒体时代更是如此。</blockquote></p><p> Reuters' synopsis of the issue:</p><p><blockquote>路透社对该问题的概要：</blockquote></p><p></p><p> Peloton Interactive Inc subscribers have filed a proposed class action lawsuit accusing the maker of at-home stationary bicycles of improperly charging sales tax on memberships in New York, Virginia and Massachusetts.In a complaint filed on Thursday night [Aug. 12] in federal court in Manhattan, Brandon Skillern and Ryan Corken said Peloton should have treated its $39-a-month \"All Access\" and $12.99-a-month digital memberships as tax-exempt \"digital goods\" in the three states. They said Peloton has refused to reimburse them for the 6.3% or 8.9% \"sales tax\" it had collected before Jan. 1, when it changed its taxation practices. Millions of dollars nationwide may have been collected improperly, they said. According to <b>Avalara</b>, a provider of transaction tax compliance solutions, as of December 2020, there were 17 U.S. states that \"generally exempt digital goods and services\" from sales tax, though some states had some specific exceptions to their overall policy. (Moreover, some cities also have a sales tax.) That said, these 17 states include the three states that were named in the Peloton complaint.</p><p><blockquote>Peloton Interactive Inc 订户提起集体诉讼，指控这家家用固定自行车制造商对纽约、弗吉尼亚和马萨诸塞州的会员不当收取销售税。在周四晚（8月12日）向曼哈顿联邦法院提交的一份诉状中，Brandon Skillern和Ryan Corken表示，Peloton应该在这三个州将其每月39美元的“所有访问”和每月12.99美元的数字会员资格视为免税的“数字商品”。他们说，Peloton拒绝退还他们在1月1日改变税收做法之前征收的6.3%或8.9%的“销售税”。他们说，全国范围内可能有数百万美元被不当征收。根据<b>阿瓦拉拉</b>交易税合规解决方案提供商，截至2020年12月，美国有17个州“普遍免除”数字商品和服务的销售税，尽管一些州对其整体政策有一些具体的例外情况。（此外，一些城市还有销售税。）也就是说，这17个州包括了Peloton投诉中提到的三个州。</blockquote></p><p> <b>The Tread will be back on the market soon</b></p><p><blockquote><b>胎面很快就会重新上市</b></blockquote></p><p> Since my earnings preview was published, Peloton has shared some good news: On Tuesday, it announced that its new Peloton Tread will be available inthe U.S.,Canada, and the U.K. Aug. 30, and inGermanyin the fall.</p><p><blockquote>自从我的收益预览发布以来，Peloton 分享了一些好消息：周二，它宣布其新款 Peloton Tread 将于 8 月在美国、加拿大和英国上市。30，以及秋天的英格曼。</blockquote></p><p> The Tread is the lower priced of the two treadmill models that Peloton recalled and paused selling in May. The company had some reports of its touchscreen loosening and, in some cases, detaching and falling. The new version of the Tread has upgraded safety features.</p><p><blockquote>该胎面是Peloton在5月份召回并暂停销售的两款跑步机型号中价格较低的。该公司收到了一些关于其触摸屏松动的报告，在某些情况下，还会脱落和掉落。新版本的胎面升级了安全功能。</blockquote></p><p> Peloton's Tuesday announcement didn't mention the status of the Tread+, the higher-end model that was linked to the death of one young child and dozens of reported injuries.</p><p><blockquote>Peloton 周二的公告没有提及 Tread+ 的状况，这款高端车型与一名幼童的死亡和数十起受伤有关。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/08/25/peloton-earnings-2-tough-questions-analysts-should/\">Motley Fool</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PTON":"Peloton Interactive, Inc."},"source_url":"https://www.fool.com/investing/2021/08/25/peloton-earnings-2-tough-questions-analysts-should/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1115773122","content_text":"Peloton Interactive(NASDAQ:PTON) is slated to report its results for the fourth quarter and full year of fiscal 2021 (which ended on June 30) after the market close on Thursday, Aug. 26. A conference call with analysts is scheduled for the same day at 5 p.m. EDT.\nAs I wrote in my earnings preview:\"Many investors will probably be approaching the report from the leader in connected home exercise with a fair dose of caution. The company faced some headwinds in the quarter, primarily related to its treadmill safety issues and recalls, and its lapping of a year-ago quarter that got a big boost from the pandemic.\"\nWall Street is expecting quarterly revenue to grow a robust 52% year over year (and 41% organically) to $921.7 million. Analysts are also projecting an adjusted loss of $0.44 per share, compared to adjusted earnings per share of $0.27 in the year-ago period.\nThere are two topics that it would be helpful for investors to know more about, but it seems doubtful that any analyst will broach them on the earnings call.\nIMAGE SOURCE: GETTY IMAGES.\n1. How many subscribers paused their subscription in the quarter?\nFirst, let's give credit where credit is due: Peloton provides a solid number of statistics regarding its subscribers and their use of the company's streamed content.\nIt does a better job in this respect than, say, personalized online apparel retailer Stitch Fix. While the two companies operate in different industries within the consumer discretionary products sector, they both have a subscription-based business model. I've opined that Stitch Fix should provide a couple more key metrics, most notably a customer retention measure.\nThat said, what I'd like to know (and I'm sure there are investors who would, too) is what percentage of Peloton's total connected-fitness subscribers paused their subscription at some point during the quarter? How long, on average, did they pause their subscriptions? And how do these numbers stack up to the same metrics in the year-ago period and last quarter?\nIn its quarterly reports, Peloton provides its number of connected-fitness subscriptions and average monthly churn. However, these numbers don't take into account the users (or members, as Peloton calls them) who have paused their subscriptions. Members can pause their subscription for up to three months at a time.\nIn other words, the number of connected-fitness subscribers that Peloton provides is almost surely overstating to some unknown degree the number of subscribers who are currentlypayingsubscribers. In turn, this would likely understate the average monthly churn number for paying subscribers.\nTo be clear: Peloton isn't doing anything wrong here. It makes sense to allow members to pause their subscriptions for a brief period while it still considers them subscribers because things come up: surgery, vacations, and so forth. But it would be helpful for investors to get some quantification around this pause option. How pause-related metrics are trending over time would probably be telling.\n2. What's your response to the allegation that the company improperly charged sales tax in three states?\nIf an analyst asks the above question, management will probably say something like, \"We don't comment on pending litigation.\" This is the standard response by companies to such questions.\nBut I think it would behoove Peloton to somehow address this topic because there's been a good amount of chatter about it in 2021 on sites such as Reddit. Consumer goods companies cannot afford to have disgruntled customers, as word of mouth is crucial for them. That's even more true in this age of social media.\nReuters' synopsis of the issue:\n\n Peloton Interactive Inc subscribers have filed a proposed class action lawsuit accusing the maker of at-home stationary bicycles of improperly charging sales tax on memberships in New York, Virginia and Massachusetts.In a complaint filed on Thursday night [Aug. 12] in federal court in Manhattan, Brandon Skillern and Ryan Corken said Peloton should have treated its $39-a-month \"All Access\" and $12.99-a-month digital memberships as tax-exempt \"digital goods\" in the three states. They said Peloton has refused to reimburse them for the 6.3% or 8.9% \"sales tax\" it had collected before Jan. 1, when it changed its taxation practices. Millions of dollars nationwide may have been collected improperly, they said.\n\nAccording to Avalara, a provider of transaction tax compliance solutions, as of December 2020, there were 17 U.S. states that \"generally exempt digital goods and services\" from sales tax, though some states had some specific exceptions to their overall policy. (Moreover, some cities also have a sales tax.) That said, these 17 states include the three states that were named in the Peloton complaint.\nThe Tread will be back on the market soon\nSince my earnings preview was published, Peloton has shared some good news: On Tuesday, it announced that its new Peloton Tread will be available inthe U.S.,Canada, and the U.K. Aug. 30, and inGermanyin the fall.\nThe Tread is the lower priced of the two treadmill models that Peloton recalled and paused selling in May. The company had some reports of its touchscreen loosening and, in some cases, detaching and falling. The new version of the Tread has upgraded safety features.\nPeloton's Tuesday announcement didn't mention the status of the Tread+, the higher-end model that was linked to the death of one young child and dozens of reported injuries.","news_type":1,"symbols_score_info":{"PTON":0.9}},"isVote":1,"tweetType":1,"viewCount":786,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":1,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/837723098"}
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