HIGHLY ENGAGED SUBSCRIBER BASE WITH LOW CHURN & SAAS BUSINESS UNIT ECONOMICS Highly engaged subscriber base with low churn creates a strong, recurring revenue stream Connected Fitness Subscribers 2,331 Attractive Underlying Unit Economics 2,081 1,667 1,091 1,334 712 886 ✓Ability to drive significant operating leverage as business scales 362 457 511 562 123 168 217 245 276 • High subscription contribution margin of 60% to 70% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 • Significant content leverage across existing studios (U.S. and U.K.) and instructors Total Workouts 149,541 ✓Attractive Lifetime Value 134,334 98,075 • Low churn 77,767 76,817 44,155 • Historically offset cost of customer acquisition with gross profit 24,345 17,988 19,171 5,902 6,223 7,069 9,336 17,759 earned on Connected Fitness Products 2,501 3,231 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 2020 2020 2021 2021 2021 2021 Source: Company filings. 14