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No. of Recommendations: 32
Revenue $757.9m +232% YoY
Subscription Rev $156.5m (21% of total rev) +133% YoY
Gross Profit $328.7m +214% YoY
Gross Margin 43.4% (Connected 39.4%, Subscription 58.5%)
Net Income $69.3m
EBITDA $118.9m, 15.7% margin

Subscriptions -
Connected Fitness 1.33m +137% YoY
Digital 510k +382% YoY
Churn 0.65%

Workouts per Sub 20.7, slightly lower than prior Q of 24.7, significantly higher than prior Y of 11.7

No mention of current backlog (was $230m from prior Q)

Guidance for Q2
Revenue $1b +115%
Gross Margin 39% (lower due to projected shipping related expenses)
EBITDA $70m or 7% margin
Connected Fitness 1.63m +129%
Churn < 0.85%

Sounding like they see an opportunity for investment (for this quarter, R&D up 110%, Marketing up 48%) as revenue and subscriptions will continue to grow but EBITDA is being guided down. Will be interested to see if they discuss backlog/demand on the call
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