 Okay in this video, I want to we're gonna go through Manscape. So Manscape is a public company So they recently went from private to public company and the reason why we are looking at this together It's because I think it's interesting to see the numbers that come off e-commerce basically And so if like you can see like what the big boys are doing, right? So in terms of like the margin analysis and stuff like that, okay? So I'm an accounting dropout. I'll just let you know beforehand. So If my former teachers whoever look at this, please don't kill me. Okay. I'm not really good at accounting Okay, I can just see the Income statement. Well, that's all. Okay. So basically Manscape if you don't know who they are They're basically this company right here. They sell if you shave your down below there They they sell to you basically. Okay. So they only sell majority to men I think yeah, I don't think they position as selling to woman just yet So there's an entirely new market that they haven't even tackled basically So if you see here investor relations, you can go to this to any public company But spec is a special purpose acquisition company. I think so they recently became public So when you become public your financials are basically become public as well, right? Okay. So let's let's zoom in on this. Okay, so Basically, this is Q4 2021. Okay, so I just want to point you to something that was quite interesting to me Okay So if you see that revenue growth, right? Obviously every company is gonna scale like this It's gonna be like 2x 2x 2x basically every quarter every two quarters and stuff Okay, so the revenue growth looks very impressive, especially here, which is 2020 especially because pandemic, right? So pandemic At at rates are gonna be cheaper. So you're gonna rise definitely But I think something that very very concerning that I feel is that if you see this this is Q2 21 and Q3 Q4, right? So this is an estimate for example So we all of us know iOS hit during Q2 2021, right? So in Q2 21 iOS happened and then cost acquisition basically doubled overnight for example So if you see that growth rate is significantly decreasing Compared to the previous quarters for example. So obviously this could be some How do I say this some concern for investors, but basically from e-commerce site and digital marketing side I think it's quite a concern as well because if the biggest companies for example I don't feel like they are running off people to sell to right you can sell this product to literally anybody So if your revenue is decelerating so far so much, it's quite a bit concerned I'll just be upfront about it, right? But the thing is obviously that's good because they captured a little the wave and so that the how do I say this The growth curve basically is increasing over time and so this customer base is massive That they don't really have to acquire much more people to yeah, okay So let's so go see the financial statements here. So net sales for Q4 21 is 84 So increase of 71 international sales. So international is outside the US is 51% Okay, increase 51% and US net sales increase 8.8% right? So that's clearly Saturation in the US market right Facebook ads not don't work as well And then this How to say you've basically hit everybody in the US already, right? Not everybody's gonna buy your product So marketplace net sales increase 42% right gross profit is 37 So gross means your cost to cost of product versus sorry product price versus cost to fulfill, right? So that's 37 right compared to 36. So just a marginal improvement, right from compared to quarter four 2021 Okay, net loss in the fourth quarter. So this is really interesting So net loss means like how much money did the company actually burn, right? So even though they made they made like what to 200 mil 300 mil top line, right? They're actually burning 52 mil every single quarter. I'm sorry for this quarter alone. I think correct me if I'm wrong. Okay Yeah, so that's fourth quarter. Let's see the full year in 2021. I think this is interesting So this 2021 quarter two is iOS, right? So net sales 300 mil increased 41% Okay, gross profit 143 So you sell 300 mil worth of products. Your gross is 143. So it's like what 50% around there, right? Well, yeah, here we go. So gross margin 48% okay compared so gross margin actually decreased so I think that's because the shipping fees increase and Inflation stuff like that, right? So that's something to take note of out there We go increase effort and shipping costs. Okay, so net loss is three Okay, so if I'm not wrong correct me if I'm wrong. Okay, if there are any accountants watching this So they made 300 mil and lost 300 mil does that make sense? I don't think so, right? Okay, so full year business objective. Okay, let's see a ov first. Okay, so a ov so excludes retail So this is Facebook ads and everything else on Direct the consumer basic Shopify store marketplace could possibly be Amazon Etsy, right excludes retail Okay, so people online buy $45 a ov I think cost, you know, this niche is very very broad So you can't expect people to purchase $100 worth for example of like shaving cream stuff like that compared to $45 So it's actually decreasing. It's a bit interesting Like okay higher proportion of orders from repeat customers. So there we go, right? So now they are more they are less in an acquisition phase more like just retention and just profit stage Okay, and then active customers which include customers that made a purchase were 2.4 mil So in the US, there are 300 million people 150 mil are US US male people, right? So 2.4 mil. So actually there's still a lot more people that could potentially buy this product right here, right? Advertising as a okay. So this basically ad spend, right? So ad spend over your total sales is 34% So they're doing What a 3x a 2.8x 2.9x rose, right? So spending is it what 100 mil? I think is it? So net net sales is total revenue if I'm not if I'm not wrong, right? So the 300 mil they spend over 100 mil on ads, I think Okay, I'm so sorry. I have flunked accounting Based on current conditions that are up. Okay, so I think there's a picture here. Hopefully that we can okay There we go. Okay, so I think this is much more useful for you guys. Okay, so You can see right? Okay, 2022 Okay, this is three months and it means every quarter. So this year ended, right? So this is entire year of 21. Okay, so let me zoom this in for you. Sorry. Okay. Okay, the sharing is blocking Okay, so let's see 300 mil top line cost of sales. I would think this is like cost of product, right? So you actually how much do you pay to fulfill the inventory and order? So you got 143 mil, right? So you spent 260 mil on ads, I think Okay, this this could be employees as well, but you can see so so they made 143 they spent 260 I don't know whether that's insane, but Possibly because like they just want to ramp up as fast as possible so that they can go public and sell their shares But you know, I think this this number definitely will increase decrease over time But going from 2020 to 21, right? And then you basically 2x your ad spend, but you 2x your ad spend But the the revenue is plus additional what Additional 80 mil so this is a bit concerning right purely because you're seeing that the Diminishing returns on ad spend basically the Royce is not as good and then 157 453 so like where did this come from? You're spending so much more like like what's what's happening here? Like okay possibly because you're going public So you're hiring more people. That's that's a thing. Okay, so the entire company loss I think 315 mil if I'm not wrong Yeah, so it's not profitable. Okay, so yeah, just to show you this is very interesting to me purely because if you see What the big boys are doing basically in the e-commerce space? Okay, and you in a sense, right? Manscape How do I say this raise money? I'm pretty sure they raise money, right? exploring options Leading on how the company became Blah blah. Yeah, I'm not too sure about that Yep Okay, but yeah, I don't have any opinion on this I'm just showing you numbers right here But I think it's interesting for for us to see this purely because it's interesting to see Yeah, but these are the real numbers that come out, right? But I think this is very concerning. Just just be upfront with you Yeah, like you're basically your cost or your loss from operations You basically balloon like almost what six times, which is a bit crazy Yeah, but you know that nowadays Probably the next two three years there be a lot of e-commerce companies that come on board and come public as well When they become public then we can see their numbers and see what they're actually operating on but this is clearly not profitable I think three hundred and fifteen is a massive number that Yeah, so I don't know where the money is coming from though. That's that's the thing Someone in the comment section. Let me know but yeah, okay. Yeah, that's pretty much it See you soon