Addendum to the supplement

Peloton will start charging people a one-time $95 "used equipment activation fee" for used bikes purchased from outside of Peloton and its official distribution partners.

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During the call, Peloton's interim CEO, Christopher Bruzzo, said that the activation fee "will be a source of incremental revenue and gross profit" and support Peloton's "investments in improving the fitness experience for our members." Peloton also claimed in a letter to shareholders that the fee is related to ensuring that the subscription customers that Peloton gains through used bike sales "receive the same high-quality onboarding experience."