Submitted by Peloton
NEW YORK, November 3, 2022 /CSRwire/ - Peloton Interactive Inc. (NASDAQ: PTON) announced the publication of its second annual ESG report outlining recent progress made in its fiscal year 2022. The report shares key updates across social and environmental initiatives and introduces a new impact framework articulating Peloton’s approach and commitment to supporting the well-being of its people, communities, and planet.
During a year of transformation, the company has remained committed to ESG as a key component of its growth strategy.
“Since our inaugural ESG report we have made hard strategic choices, but we never lost our focus on our Members or our passion for our mission.” said Barry McCarthy, CEO and President of Peloton. “As we pivot from transformation and once again focus on growth, we see ESG as an area of our business rich with opportunities to show up, through innovation, value creation, connection, and importantly, community.”
Environmental sustainability targets
Peloton continued to make progress on its environmental sustainability program and delivered on its commitment to announce an initial set of targets. The targets include a commitment to source 100% renewable electricity for its direct operations by 2026, release product carbon footprints for key connected fitness products by 2024, and expand circular business models such as the Peloton certified pre-owned pilot.
In line with its commitment to transparency, the company elevated its climate-related disclosures by reporting to global environmental disclosure platform CDP and disclosing carbon emissions across its value chain. These efforts support Peloton’s ongoing commitment to actively engage with its broader stakeholder community and continuously strengthen its transparency on key areas of importance, including climate.
Inclusive and accessible Member experiences
As a company grounded in community, ensuring that Members feel connected and supported is an integral part of Peloton’s business. Peloton has continued to progress key initiatives focused on creating inclusive and accessible experiences, welcoming its Members to show up as they are. Key highlights included:
An update on the Peloton Pledge
This year also marked the two year anniversary of the Peloton Pledge, the company’s ongoing commitment to combat systemic inequity and promote global health and wellbeing. Through work with its social impact partners, Peloton has directly impacted the lives of 10,000 individuals across its five markets (U.S., Canada, UK, Germany, Australia) and supported life-affirming changes in knowledge, attitudes, and behaviors around physical fitness and mental health.
Within its own business, Peloton is making strides in integrating equity across its operations. The company completed its first global pay equity study, which revealed no statistically significant pay gaps, and announced a new commitment to conduct the study annually and maintain 100% pay equity across gender and race/ethnicity.
As a company that strives to help others be the best version of themselves, Peloton holds itself to the highest standard. Looking towards the future, in an effort to continue to operate with honesty and integrity, Peloton will continue to publish its ESG report annually providing updates on its commitments and new practices. The full ESG report can be found here.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding execution of and the expected benefits from our restructuring initiatives and cost-saving measures, our future operating results and financial position, our business strategy and plans, market growth, our objectives for future operations, and our social responsibility and ESG initiatives. In some cases, you can identify forward-looking statements by terms such as “aim,” “may,” “will,” “should,” “expect,” “believe,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential,” “seeks,” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words.
We have based these forward-looking statements on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties, and assumptions and other important factors that could cause actual results to differ materially from those stated, including, without limitation: our ability to achieve and maintain future profitability; our ability to attract and maintain subscribers; our ability to accurately forecast consumer demand of our products and services and adequately maintain our inventory; our ability to execute and achieve the expected benefits of our restructuring initiatives and other cost-saving measures; our ability to effectively manage our growth; our ability to anticipate consumer preferences and successfully develop and offer new products and services in a timely manner, or effectively manage the introduction of new or enhanced products and services; demand for our products and services and growth of the Connected Fitness Products industry; our reliance on a limited number of suppliers, contract manufacturers, and logistics partners for our Connected Fitness Products; our reliance on and lack of control over suppliers, contract manufacturers and logistics partners for our Connected Fitness Products; our ability to predict our long-term performance and declines in our revenue growth as our business matures; the effects of increased competition in our markets and our ability to compete effectively; declines in sales of our Bike and Bike+; the direct and indirect impacts to our business and financial performance from the COVID-19 pandemic; our dependence on third-party licenses for use of music in our content; actual or perceived defects in, or safety of, our products, including any impact of product recalls or legal or regulatory claims, proceedings or investigations involving our products; our ability to maintain, protect, and enhance our intellectual property; and our ability to stay in compliance with laws and regulations that currently apply or become applicable to our business both in the United States and internationally; and those described under the caption “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended June 30, 2022, and our other Securities and Exchange Commission (“SEC”) filings, which are available on the Investor Relations page of our website at https://investor.onepeloton.com/investor-relations and on the SEC website at www.sec.gov.
You should not rely upon forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, performance, or achievements. Our forward-looking statements speak only as of the date of this press release, and we undertake no obligation to update any of these forward-looking statements for any reason after the date of this press release or to conform these statements to actual results or revised expectations, except as required by law.
Peloton (NASDAQ: PTON) is the leading connected fitness platform with a highly engaged community of nearly 7 million Members worldwide. A category innovator at the nexus of fitness, technology, and media, Peloton's first-of-its-kind subscription platform seamlessly combines innovative hardware, distinctive software, and exclusive content. Its world-renowned instructors coach and motivate Members to be the best version of themselves anytime, anywhere. Founded in 2012 and headquartered in New York City, Peloton continues to scale across the US, UK, Canada, Germany, and Australia. For more information, visit www.onepeloton.com.
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