subscriber of peloton compared to planet fitness, and per subscriber, it's over $15,000 for peloton versus match.com's $2500. -- 2100. taylor: we are showing that chart there. you can see on a per value, per subscriber basis, it certainly does look overvalued. i want to break down the ratio a little bit. if you increase subscribers, the denominator goes up, and that is pretty much what people are buying the company on. if they are a growth company, a growth stock, people are not buying it on current subscribers. people are arguably buying on future subscribers. what do you say to that? andrew: i mean, fair enough, but the business has already taken the low hanging fruit, so we know who bought the first 500,000 bikes. the real problem is who will buy the next 500,000? the treadmill they introduced is pretty much a flop. they are behind the curve with the rest of the equipment. you see mirror technology coming out from their competitors. they are not there. it is an extremely competitive space, and most importantly, with their digital offering, they are getting for $1295, and when you buy the bike you

subscriber of peloton compared to planet fitness, and per subscriber, it's over $15,000 for peloton versus match.com 2100. taylor: we are showing that chart there. you can see on a per value, per subscriber basis, it certainly does look overvalued. i want to break down the ratio a little bit. if you increase subscribers, the denominator goes up, and that is pretty much what people are buying the company on. if they are a growth company, a growth stock, people are not buying it on current subscribers. people are arguably buying on future subscribers. what do you say to that? andrew: i mean, fair enough, but the business has already taken the low hanging fruit, so we know who bought the first 500,000 bikes. the real problem is who will buy the next 500,000? the treadmill they introduced is pretty much a flop. they are behind the curve with the rest of the equipment. you see mirror technology coming out from their competitors. they are not there. it is an extremely competitive space, and most importantly, with their digital offering, they are getting for $1295, and when you buy the bike you buy it for

of peloton compared to planet fitness, and the number per subscriber is over $15,000 for peloton versus match.com00. taylor: you can see on a per value, per subscriber basis, it certainly does look overvalued. i want to break down the ratio a little bit. if you increase subscribers, the denominator goes up, the ratio falls, and that is pretty much what people are buying the company on. people are not buying on current subscribers. people are arguably buying on future subscribers. what do you say to that? andrew: i mean, fair enough, but business has already taken the low hanging fruit, so we know who bought the first 500,000 bikes. the real problem is who will buy the next 500,000 bikes? the treadmill they introduced is pretty much a flop. they are behind the curve with the rest of the equipment. you see mirror technology coming out from their competitors. they are not there. it is an extremely competitive space, and most importantly, with their digital offering, they are getting for $1295 -- if you buy the bike, you have to $39.95. offering, they are getting for if you are value conscious, you c