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Mod X

Mod X. Luke Friedman. Industry Definition. Comprised of companies that sell products through “non-store” channels, including catalogs, online sales, television, and radio Products and services are delivered through the mail

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Mod X

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  1. Mod X Luke Friedman

  2. Industry Definition • Comprised of companies that sell products through “non-store” channels, including catalogs, online sales, television, and radio • Products and services are delivered through the mail • Companies in this industry typically have low amounts of inventory and commonly act as the “middle-man” in sales transactions

  3. A More Detailed Analysis of the financial reports

  4. Purpose • More Granular Income Statement & Balance Sheet • Helps forecast individual line items • See trends within larger line items

  5. Segment Revenue Production • Majority Retail • Growth then Stagnation of College

  6. Segment Selling and Administrative Expense • Disproportionate SG&A for Nook Relative to Revenue

  7. Segment Performance • Stop the Bleeding…

  8. Adjusted BY Mergent

  9. Intangible Breakout: Amortizable

  10. Intangible Breakout: Unamortizable

  11. Embedded Taxes

  12. One Resulting Adjustment

  13. Conclusion and Q&A • Observations • Different Reporting Segments Over Time • Without Nook very different Company • Mergent’s Capacity to Breakout Line Items • Intangible Assets • Imbedded Taxes • Why Adjusted Assumptions • Sole Survivorwill not perpetually liquidate • Demand for hard-cover books • No analyst sell recommendations • ???

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