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(1/8) NAUTILUS THREAD $NLS
Software integrated cardio and strength products through various brands. A value play on connected fitness.
Full deep-dive here: https://fundamentalsfirst.xyz/nautilus-growth-at-1x-sales/">https://fundamentalsfirst.xyz/nautilus-...
Software integrated cardio and strength products through various brands. A value play on connected fitness.
Full deep-dive here: https://fundamentalsfirst.xyz/nautilus-growth-at-1x-sales/">https://fundamentalsfirst.xyz/nautilus-...
(2/8) Noteworthy Brands
While Schwinn is recognized all over the world for their cycling hardware, Bowflex appears to be Nautilus& #39; long term winner. The brand sells a variety of software integrated cardio and strength products.
While Schwinn is recognized all over the world for their cycling hardware, Bowflex appears to be Nautilus& #39; long term winner. The brand sells a variety of software integrated cardio and strength products.
(3/8) Bowflex Strength Products
Direct to consumer strength product sales +372% YoY in 2020. These are the ultimate home gym solutions - buy 1 adjustable dumbbell instead of 20 different sizes. Trainer led lifting video workouts on app.
Direct to consumer strength product sales +372% YoY in 2020. These are the ultimate home gym solutions - buy 1 adjustable dumbbell instead of 20 different sizes. Trainer led lifting video workouts on app.
(4/8) Bowflex Cardio
Software enabled bikes, treadmills, ellipticals and more. Direct to consumer cardio sales +78% YoY in 2020. Wide product offering starting at $999. Caters to large demographic.
Software enabled bikes, treadmills, ellipticals and more. Direct to consumer cardio sales +78% YoY in 2020. Wide product offering starting at $999. Caters to large demographic.
(5/8) JRNY Software
Uses machine learning to deliver personalized experiences for users with subscription ($20/month). E.g. your daily recommended trainer led workouts will gradually increase strain as you get stronger.
Uses machine learning to deliver personalized experiences for users with subscription ($20/month). E.g. your daily recommended trainer led workouts will gradually increase strain as you get stronger.
(6/8) Subscriber Trajectory 
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4x increase in JRNY subscribers QoQ in Q4 2020.
Forecasts 2m subscribers by 2026. That& #39;s $480m annual, high margin, recurring revenues.
For reference, their market cap today is $490m (0.9x last year& #39;s sales).
4x increase in JRNY subscribers QoQ in Q4 2020.
Forecasts 2m subscribers by 2026. That& #39;s $480m annual, high margin, recurring revenues.
For reference, their market cap today is $490m (0.9x last year& #39;s sales).
(7/8) Expanding Margins
Gross margin 41% (+4.5% YoY)
Net income +730% 2019v2020 (11% net income margin).
Gross margin 41% (+4.5% YoY)
Net income +730% 2019v2020 (11% net income margin).
(8/8) Valuation
Market cap = $490m
2020 revenue = $553m
PE ratio = 9
EV/sales = 0.8x
Despite growing revenues, this is a value play on connected fitness for investors (or $AAPL as they scale Fitness+)
More detailed analysis here: https://fundamentalsfirst.xyz/nautilus-growth-at-1x-sales/">https://fundamentalsfirst.xyz/nautilus-...
Market cap = $490m
2020 revenue = $553m
PE ratio = 9
EV/sales = 0.8x
Despite growing revenues, this is a value play on connected fitness for investors (or $AAPL as they scale Fitness+)
More detailed analysis here: https://fundamentalsfirst.xyz/nautilus-growth-at-1x-sales/">https://fundamentalsfirst.xyz/nautilus-...
CC fellow connected fitness bulls @BobTreemore @PatternProfits @fatbabyfunds @PelotonHolder @profgalloway @QTRResearch @FromValue @Ryan_Burgio @ParrotStock @AndrewRangeley @ocshree @acouplecents @InvestmentTalkk
