$Solo Brands (DTC.US)$Excluded from the March 2022 inventory...

Launched in 2021, mainly in the outdoor products business. Single US market, current price is 2.72.

Since listing, revenue has continued to grow for two years, growing at a rate of 28.2% in 2022. Operating profit shrank sharply by 55% in 2022 due to a sharp increase in expenses, and net profit lost slightly in 2022 due to capital asset impairment. Interest expenses in 2022 represented 20% of operating profit. Gross profit margin declined from 64% to 61.5% in the past two years.

Revenue increased 2.8% in the first three quarters of 2023. Operating profit tripled to $13 million due to cost optimization, and net profit was reversed.

The balance ratio has increased from 31.5% to 33.3% in the past two years, and is currently 34.9%. Receivables are relatively normal, and the inventory growth rate is a bit too fast, but there was a decline in the first 3 quarters of 2023. Goodwill increased dramatically before and after listing. Performance growth may depend on acquisitions, lack endogenous nature, and there will also be depreciation pressure in the future.

Goodwill and other intangible assets of $646 million, which is 1.1 times the net assets of 586 million, and long-term loans of $160 million.

Currently, the cash ratio is 0.17 million, the current ratio is 2.95, and the quick ratio is 0.75.

In the past two years, net operating cash flow was lower than net investment, and no shareholders' surpluses were generated.

Currently, the price-earnings ratio is TTM 7.2. Considering that asset depreciation due to recent acquisitions has begun to occur, the growth rate has also declined sharply, so it is unattractive for the time being.