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Welcome. We'll get started here. I'm John Komp, Baird's analyst covering the active lifestyle sector, and very pleased to have Peloton with us next. And Peloton, as you may know, is the global leader in the connected fitness category with annual revenue of about $2.4 billion. The company is well known for its premium fitness hardware, including the bike, tread, and row, and along with the sector's most engaging instructor-led content. With roughly 2.6 million subscribers on the connected fitness side today, we're pleased to have Peloton and President and CEO Peter Stern. And the company, as you'll hear today, is really approaching its next chapter here, having dramatically improved the efficiency and the operating capabilities of the business and looking for new avenues to growth, really behind connected wellness and moving more out of the home. So, Peter, welcome. Thank you for joining. John, thanks for being here, and thanks for your loyalty as a Peloton member. That's right. We were just comparing notes as loyal Peloton subscribers for many years. Peter actually joined in 2016. So, so, Peter you're obviously no stranger to the fitness category and consumer subscription businesses, and now approaching 18 months as CEO of the company. Maybe just start by walking through some of the key changes you've made to the company and really the shift in focus here as you pivot from improving operating efficiencies back towards growth. Sure. So the first thing that we did was we put in place a formula for driving improved performance for the business. that's really centered around our members there's four elements to that the first one is improving member outcomes because if our members actually feel better get fitter have more fun that's going to drive their loyalty and word of mouth and we've made tremendous changes in the last 18 months along those lines. We replaced our entire product lineup in Q2 of this year around the holidays. And we also introduced Peloton IQ, which uses AI to deliver a completely personalized experience for our members. And we have a roadmap to follow on both of those that I think is really exciting. Second thing we did was introduce a strategy that we call Meet Members Everywhere. To start to grow our business, we're going to need to be able to connect with members in many more places. A couple of things that we've done along those lines are introducing Using our microstore concept, these are 300 square foot stores that are vastly more efficient than the old inline stores that Peloton had and are now helping us meet people in the places where they shop. We launched 10 of those in Q2 of this year and we have another 10 or so coming along. Another example of what we're doing to meet members everywhere is some of the work that we're doing in our commercial business. The third part of the strategy is making members for life. Because we know that fitness is something that you need to commit to over a really long time, like John has with Peloton, and I have as well. And that's also what drives value in our business. The lifetime value is driven by both the amount that the members pay us in any given year times the number of years. And so we've made real changes. For example, the introduction of something called Club Peloton, which is the first loyalty program for our members, as well as a lot of blocking and tackling, making sure that members have options when they're considering what to do next and giving them, for example, the opportunity to pause a subscription rather than just to cancel it. And then last but not least along those lines is what we call business excellence. We have made such substantial changes in terms of the discipline with which we run the business that we've delivered enormous improvements in profitability and EBITDA and our balance sheet. I'm sure we can get into all of that later. All of this is with a backdrop of a broader strategic objective of transitioning Peloton from not just being the world's leading connected fitness company, but to being the world's lead connected wellness company. And the reason for that is that fitness markets are big, but wellness markets are huge. Global wellness spend is around $7 trillion. And so as we open our aperture, we increase the range of opportunities available to the company, and the vectors for growth that we can pursue. And I think that's a good place to maybe talk about the markets that you see how they're developing. I mean, Peloton plays in a bunch of different markets, cardio, strength, wellness, recovery, maybe more to come. What do you see as the biggest opportunities as you brought in the focus more towards the total wellness market? John, the way I look at our end market is basically it's the entirety of areas that address human health span. And by health span, I mean the quality, the number of quality years we enjoy on this earth as distinct from life span, which is just the sheer number of years that we spend on this earth. When we start to look at what drives health span, it's things like your cardiovascular capacity and endurance. We see that, for example, every four points improvement in VO2 max, hopefully people have heard of VO2max, a measure of your cardio capacity, every 4 points improvement results in somewhere between a 15% to 20% reduction in all-cause mortality. So we're absolutely committed to doing everything we've been doing with cycling, treadmills, rowers, but also making those products more accessible. Strength, equally as important as cardio, and I think we're all becoming more educated about the importance of strength for your metabolic function.