Liz Coddington
Chief Financial Officer at Peloton
We continue to track ahead of our target to achieve $200,000,000 of annualized run rate cost savings by the end of fiscal twenty twenty five. Sales and marketing expense was $106,000,000 a decrease of $64,000,000 or 37% year over year, primarily from a decrease of $52,000,000 in advertising and marketing spend and a $4,000,000 decrease in personnel related expenses, inclusive of stock based compensation expense. General and administrative expense was $151,000,000 a decrease of $2,000,000 or 1% year over year, driven by a $5,000,000 decrease in settlement costs and professional service fees, a $2,000,000 decrease in software and IT costs, and a $2,000,000 decrease in depreciation and amortization costs. These decreases were partly offset by a net increase of $7,000,000 in personnel related expenses, inclusive of stock based compensation, driven primarily by $21,000,000 of executive departure costs. Excluding the impact of these executive departures, general and administrative expense decreased $23,000,000 or 15% year over year.