Peloton Releases Annual Environmental, Social, And Governance Report
NEW YORK, Oct. 24, 2023 /PRNewswire/ -- Peloton (NASDAQ: PTON) published its third annual environmental, social, and governance (ESG) report today, highlighting progress made in the 2023 fiscal year towards its social and environmental sustainability goals.
"Our ESG work is an important part of Peloton's strategy and the achievements in this year's report represent our ongoing commitment to our principles and values." said Barry McCarthy, CEO and President of Peloton. "As we look to the years ahead, we will continue to work towards our stated goals, accelerate in places where the bar continues to rise quickly, and share progress along the way."
Healthier planet, healthier people
This year, Peloton took an important step forward on climate action by committing to set near-term targets aligned with the Science Based Targets initiative (SBTi), to address Scope 1, 2 and 3 emissions. In line with its commitment to transparency, Peloton also continued to voluntarily report emissions via the CDP Climate questionnaire and expanded its disclosures in line with guidance from the Task Force on Climate-Related Financial Disclosures (TCFD).
Other updates include progress on the development of product carbon footprints for Peloton's connected fitness units1 and expanding circular business models with Peloton Certified Refurbished and Rental programs. The company also completed its first renewable energy certificate purchase, making progress towards its 2026 fiscal year goal to source 100% renewable energy for its direct operations.
These combined efforts are grounded in Peloton's wider ambitions to improve the environmental impact of its business and pursue initiatives supporting a circular economy.
Advancing inclusive and equitable wellbeing experiences
Core to Peloton's mission is cultivating passionate and inclusive communities, and by the 2025 fiscal year, the company aims to reach 500,000 people through global community engagement programming focused on advancing health equity in fitness and mental wellness. To achieve this, Peloton is building on two years of social impact partnerships in action through community investments, curated classes and content, and community activations.
From working with Beyond Blue, one of Australia's most well-known and trusted mental health organizations, and GirlTREK, the largest health movement and nonprofit organization for Black women and girls in the US, to its other social impact partners around the world, Peloton is impacting tens of thousands of lives across the US, Canada, UK, Germany, and Australia.
Building diversity and inclusion into every part of Peloton
Peloton remains steadfast in its commitment to cultivating an equitable and inclusive culture that enables team members to thrive. Within its own business, Peloton continued work with Management Leadership for Tomorrow (MLT) to advance a more diverse and inclusive workplace.This year, the company was proud to earn a Silver Certification in the MLT Black Equity at Work Program.
In the third year since the launch of the Peloton Pledge, the company has remained dedicated to combating systemic inequity and promoting global health and wellbeing. This year it launched a new allyship focused training program, with the goal of equipping team members with the skills and tools needed to embed an active allyship culture.
In line with the Peloton Pledge, the company enlisted an independent third-party consultant to conduct its second global pay equity study at the close of 2023 fiscal year and confirmed it has maintained pay equity across race and gender.
Peloton will continue to publish its ESG report annually providing updates on its commitments and new practices. The full ESG report can be found at investor.onepeloton.com
Forward-Looking Statements
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 our expected financial results for the first quarter of our fiscal year 2024; our execution and timing of and the expected benefits from our restructuring initiative and cost-saving measures; our supply chain management initiatives; details regarding and the timing of the launch of products and services; the launch of global partnership growth initiatives; our future operating results and financial position, including our ability to achieve positive free cash flow; our profitability; our business strategy and plans, including subscriber and market growth and international growth; our objectives for future operations; statements regarding our future performance and our market opportunity. The words "believe," "may," "will," "estimate," "potential," "continue," "anticipate," "intend," "expect," "could," "would," "project," "plan," "target," and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions.
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 initiative and other cost-saving measures; our ability to effectively manage our growth and costs; 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 market; our ability to maintain the value and reputation of the Peloton brand; disruption or failure of our information technology systems or websites; our reliance on a limited number of suppliers, contract manufacturers, and logistics partners for our Connected Fitness Products; our lack of control over suppliers, contract manufacturers, and logistics partners; 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; any declines in sales of our Bike and Bike+; 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; 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 other risk factors identified in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K reports filed with the Securities and Exchange Commission, as such factors may be updated in our filings with the Securities and Exchange Commission, 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 releaseor to conform these statements to actual results or revised expectations, except as required by law.
About Peloton
Peloton (NASDAQ: PTON), provides Members with expert instruction, and world class content to create impactful and entertaining workout experiences for anyone, anywhere and at any stage in their fitness journey. At home, outdoors, traveling, or at the gym, Peloton brings together immersive classes, cutting-edge technology and hardware, and the Peloton App with multiple tiers to personalize the Peloton experience [with or without equipment]. Founded in 2012 and headquartered in New York City, Peloton has millions of Members across the US, UK, Canada, Germany, Australia, and Austria. For more information, visit www.onepeloton.com.
Contacts:
Media:
Jaisa Dominguez
press@onepeloton.com
Investor Relations:
Peter Stabler
investor@onepeloton.com
ESG:
April Lecato
esg@onepeloton.com
1 Connected fitness units in scope include the Peloton Bike, Tread, and Row product lines
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SOURCE Peloton
