I know some people that run a number of small manufacturing sites spread across the US. When they get something tricky, they send it to their factory in (to avoid flame wars) State A, which happens to spend more per student than the national average. Line workers have the freedom to experiment and improve the process until they have something very good, and then they move the line to their factory in State B, which happens to spend significantly less per student than the national average. Probably just a coincidence though.

PS - 2020 was their best year ever and 2021 could be even better. People are currently willing to pay American rates to avoid supply chain risk.

PPS - Ohio is a great location for Peloton. I bet they can get 70-80% of their product by value from supply manufacturers just within the state. Expand to Michigan and Indiana and you might be at 85 or 90%. This is in the Toledo metro area which already has a large auto manufacturing supply chain, as well as PV panel production. They’ve got plenty of workers and suppliers to draw from.