Peloton misses by $0.11, reports revs in-line; guides DecQ revs below consensus; guides FY22 revs below consensus; seeing a softer than anticipated start to DecQ
- Reports Q1 (Sep) loss of $(1.25) per share, $0.11 worse than the S&P Capital IQ Consensus of ($1.14); revenues rose 6.2% year/year to $805.2 mln vs the $808.87 mln S&P Capital IQ Consensus.
- Q1 ending Connected Fitness Subscriptions grew 87% to 2.49 million and paid Digital Subscriptions grew 74% to 887 thousand; total Members grew to over 6.2 million.
- Co issues downside guidance for Q2 (Dec), sees Q2 revs of $1.10-1.20 bln vs. $1.49 bln S&P Capital IQ Consensus.
- Co issues downside guidance for FY22, sees FY22 revs of $4.40-4.80 bln vs. $5.35 bln S&P Capital IQ Consensus.
- "As discussed last quarter, we anticipated fiscal 2022 would be a very challenging year to forecast, given unusual year-ago comparisons, demand uncertainty amidst re-opening economies, and widely-reported supply chain constraints and commodity cost pressures. Although we are pleased to have delivered first quarter results that modestly exceeded our guidance, a softer than anticipated start to Q2 and challenged visibility into our near-term operating performance is leading us to recalibrate our fiscal year outlook.
- "The overall consumer environment has been very challenging to predict coming out of COVID and we are reducing FY 2022 ending Connected Fitness Subscriptions by ~6% at the midpoint. With the benefit of adequate inventories and order-to delivery windows that are now back to pre-pandemic levels, we expect a healthy holiday selling season. Our forecast assumes unit sales modestly ahead of last year's Q2 levels, driven by growing consumer interest in the Connected Fitness category and a resumption of our marketing and promotional activity."
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