Financial Statement Analysis – Part 3 – February 2022- Selecting Two Ratios

Unknown: Hello, everybody
Welcome to part three of my financial statement analysis.
This is being done in February of 2022. My disclaimer and
copyright notice the information opinions in this presentation
are those of the author only, and not the author's employers
or affiliated organizations including, but not limited to
Irvine Valley College in the South Orange County Community
College District. The presentation is for educational
purposes only purposes only and does not constitute any legal or
accounting advice whatsoever. This presentation is copyright
2008 to 2022 by Bennet Tchaikovsky, All Rights
Reserved, any distribution is strictly prohibited.

So we're
going to move on to our next phase, which is we're going to
be going through in selecting two ratios and why to Well, I
think it's better to kind of limit ourselves rather than
expanding ourselves. And really what my goal is here to do as
my, as I said, in the very first part of this video series, I do
not want you to mindlessly go through and compute ratios, we
should be computing ratios that are relevant to the entities
that we are going through and analyzing.

So we're going to
select two ratios for meta platforms are Facebook and
Twitter. Now, when we go through and choose this now the one
thing that you will be doing, and I'll do this on a separate
video, is we will be computing the price to book ratio, I
generally stay away from price to earnings, I will explain that
when I do the price to book video, but here we go. So we
have all these different ratios. And by the way, if you want to
go to Investopedia, which is a great website, by the way, if
you want to go to Investopedia and look up different ratios,
please feel free to do so.

And as we look at this, we've got a
couple different things that are happening here. So when we look
at liquidity ratios, liquidity ratios are oftentimes really
going to be for companies, where we are concerned with going
through and you know, how do we go through and determine if the
company has the ability to go through and meet its
obligations. Now, before I go any further, what I do want to
just be mindful of right over here is that I do have this and
I will include this playlist. So let's go to YouTube. I'll pause real quick.

So I'm kind of assuming that
before you've you're coming in watching this particular video,
at least if you're in my class that you have gone through and
familiarized yourself with what are liquidity ratios? What are
activity ratios, what are profitability ratios, leveraging
coverage ratios. So in going through and looking at this, we
you have to make sure that you're familiar with when we go
through and use these. So let's just kind of go through in and
just do a brief overview. So for liquidity ratio, this is going
to be really for a company where I'm concerned if they have the
ability to go through and to meet their their current
obligations, activity ratios, these can be very helpful. If I
have a large amount of inventory or receivables it's really
telling me how many times how quickly am I collecting my
receivables How fast is my inventory turning over the
inventory turnover is very, very important in terms of
determining inventory obsolescence. When it comes to
profitability ratios, I can look at my profit margin, which is
also sometimes gross margin, operating margin and net margin,
return on assets return on equity price to book price to
earnings ratio.

And so again, as I mentioned previously, the
price to book ratio will be done on the next video after we go
through and look at some other things first. So for coverage
and leverage ratios, we have our times interest arm. We also have
debt service coverage, asset coverage, and then our debt to
equity ratio, our debt ratio now for these ratios. This is really
if we have a significant amount of debt on our financial
statements. And I believe that in the very first video in the
series, I showed you the example of Home Depot, which as of I'm
going to say the day wrong, I want to say was October 31. Or
for that 2021 They had about 39 billion of debt somewhere around
that area. For a company like Home Depot because the bout of
the debt is so large the interest coverage ratio becomes
that much more important.

So let's now take a look so We're
going to do before we go through and look at these ratios, we're
going to go ahead and take a look at our companies. So let's
take a look at our companies over here. And when we're taking
a look at our companies, this is where we want to go through. And
we want to look at the common size financial statements. So
when it comes to meta platforms, or to Facebook, if I just go
through and kind of look at, like, you know, what's the, what
is their current do I worry about for Facebook, if they're
going to be able to make their payments on their debt? Well,
when I look at Facebook, Facebook has over here, roughly
about 41 billion of liabilities, they have about 100. And just in
terms of their current assets alone, they have about 66
billion. So with Facebook, I'm not really as concerned with
their liquidity. The other part over here, in terms of Facebook
is when I look at Facebook, Facebook is very profitable. And
there's a couple other things in here as well as when we're
looking at the you know, the current ratio, and a quick
ratio, those ratios here.

If you have a company that is
distressed, you probably want to be looking at the quick ratio,
because what this is going to tell you is is can the company
make its can they pay payables? Is it a company that I want to
be doing business with, if they can't pay me, probably not a
good idea to be doing business with them. So for Facebook,
Facebook, the liquidity ratios really don't make a lot of sense
to be looking at them. And again, it's just because they
don't really have liquidity issues they're able to go
through and you know, they're they're pretty Facebook is is a
pretty How are Mehta platforms is a pretty healthy company from
that perspective. Over here, when I look at Twitter, okay, so
these amounts, if I, if I look at Twitter, Twitter has about 48
billion, assuming 48% of their total balance sheet is in
liabilities.

Now this is opposed to Facebook, which is a little
bit healthier, because they only have about 24% in total
liabilities. But But over here, with Twitter, they've got about
40% of their total assets are, you know, awful, basically over
here with liabilities. When we look at the different components
over here. So accounts payable, very small part, accrued and
other current liabilities. Again, this is pretty small, but
their current liabilities, if I were to do it quick ratio, which
is saying like they're quick assets to their total
liabilities, I generally this is given that their current
liabilities are about 10% of total assets and their current
assets are about 56% of total assets. You know, I'm not really
worried about liquidity for Twitter, at least this is my
opinion. Okay, this is not something again, and when we're
doing this, this is really just to kind of go through and
explore like the different parts over here. So I'm going to skip
the liquidity ratios for Twitter and for Facebook, again, it just
doesn't really make a lot of sense to use any of these
liquidity ratios because both of these companies seem to be
relatively healthy for the activity ratios.

I have over
here, inventory turnover. And if we look at inventory turnover,
as I look at this, do Twitter and Facebook have inventory
while they do in the form of our own personal information, but
that's not something that's because I show up on the
financial statements. So when this women belay it sounds
really creepy, but it's totally true. So when we look at this,
this is not inventory is not something that is really seems
to be showing up. With receivables, though. So Facebook
has accounts receivable of about 14 billion, which is about a
percent of their balance sheet over here for Twitter, their
accounts receivable is almost about the same percentage. So
when you look at this, though, is it really significant
percentage of the overall balance sheet and I would say
for these companies, because if I'm on Twitter if I'm
advertising on Twitter or on our meta platforms, and if I don't
pay my if I don't pay for meta or I don't pay, you know,
Twitter They're going to pull my stuff off, and I'm not going to
be able to do business with them again.

So if, if my, you know,
both of these companies rely heavily on, you know,
advertisers wanting to target certain individuals for their
product, as we all know, when we go on to those sites, we see,
oh, I was just looking at these Birkenstocks are these rain
Spooner shirts? I buy too many Birkenstocks. But I look at
these different items. And this is what I'm seeing
advertisements for them. So there you go. Okay, so that's
what happens, right? Birkenstocks, most comfortable
shoes in the world. All right. There you go. So right over
here. So when I look at over here, so
they don't really carry any inventory, I'm not as really as
much concerned with the receivables. Let's talk a little
bit about the coverage or the leverage ratios. So with
Facebook, so for Facebook, Facebook has no debt.

So when I
look at Facebook, they this is the primary company that I'm
analyzing. So Facebook doesn't really have any debt. And when
we look at these operating lease liabilities, we're gonna find
out a little bit later on that these are just bogus. And you
see a same thing over here. This is just an over inflation of our
financial statements. But that's okay. Those are the rules that
gap has to follow. Yeah, it is what it is. So when we look at
this over here, for our you know, there's really no debt for
Facebook now for Twitter. Twitter does have, you know,
some, they did have some convertible short term notes
that looks like that they were in fact converted.

They still,
they actually have some long term convertible notes, they
have some senior convertible notes. So this is going to be a
little bit more of a bigger percentage between the two
companies. So But however, it doesn't make a lot of sense for
me to go through because my primary company is Facebook, I'm
probably going to kind of stay away from some of those from
some of those coverage ratios now, like the Times interest
earned, because Facebook has or meta platforms has no debt. So
this, if I was starting with Twitter, I would probably go
through and look at this, but where I am, I'm probably going
to skip it. So now as far as the profitability ratios, this is
where we get to be a little bit more of an interesting type of
situation. So what I look at both Twitter and what I'm
looking at, when I look at Twitter and meta platforms, what
I'm really looking at is well, how good are they going through
and returning on their on their assets? How effectively are they
able to go through and to use their assets.

So over here, what
we noticed is that with Facebook, Facebook has about as
we're looking at their assets, they've got about 20 billion in
terms of goodwill, they've got about, you know, 57 billion of
property and equipment. So, in my opinion, and then also over
here down over to when we're looking at Stoller, stockholders
equity. I personally believe that for these companies that
when I'm looking at my primary company that I'm looking at is
Facebook. So what I'm going to probably go through and focus on
is to look at the return on equity ratio, and possibly as
another ratio, so I think we're going to do return on equity. So
let's put that down as one of our ratios. Sorry, new return on
equity. And this is where it's, it's this is where it's kind of
hard because this is extremely subjective. Right. And
oftentimes, when we're going through and doing a ratio
analysis, oftentimes, it's more about well, these ratios don't
apply as opposed to these other ones applying.

But I think
though, for Facebook, I think or for meta platforms, I think that
doing a return on equity may be a good one to go through and to
look at just to see how well the the owners are getting a return
on basically on their equity investment. So we'll do the
return on equity. And I think for the other one, let's kind of
go back over here and take a look. So if I'm looking at
Twitter so in terms of you know, their
total assets of goodwill is about, you know, 10% of total
assets. Goodwill over here is roughly about 10% of total
assets.

What if you want to have some fun, go back and look at
some of the older financial statements of meta platforms or
a Facebook, what you're going to find is, is that this number
actually hasn't really changed. But what you will see is that
the total assets have changed. At one point, this was roughly I
think, about 18. And this number here was 50. So you can really
kind of see how much Facebook has grown their business and how
they've leveraged their acquisitions. So when we get
over here, and like, let's maybe take a look at the for the
income statement over here for Facebook.

So maybe as we're
looking at this, as we're looking at, maybe possibly,
let's maybe look at POS and let's take a look at the income
statement for Twitter. So as I look at this over here, for
Twitter, so Twitter's in a little bit of a different
situation. So Twitter, from an accounting perspective, Twitter
was actually profitable in 2019. But they've been unprofitable
and 2020 and also unprofitable in 2021. So as we look at this
here, could we go through and do something like an operating
margin or maybe doing a net margin? And the answer I think,
is going to be yes. But what I'm going to do is when I do that
net margin, I'm going to be making a little bit of an
adjustment to it and I'll kind of explain why that is.

So let's
go ahead and do net margin. Okay, so I've chosen two ratios.
Okay, why am I choosing the two ratios so for the return on
equity the reason why I'm choosing this particular ratio
is let's see what this let's go through and see what this means.
So return on equity calculation Investopedia Okay, so right over
here so what this is, is this is going to be dividing net income
by shareholders equity so it's basically return on net assets
are always consider God of a corporation's profitability and
how efficient it is in generating profits. So how do we
calculate it, we're going to take our net income and we're
going to divide it by our average shareholders equity. So
over here Okay, so for our net income,
okay, we're going to need actually we're going also need
some help going by going back a previous year. So what exactly
is net income? And when I calculate these ratios, I'm
going to calculate them for a period of two years. So for the
net income for 2021 the net income for Facebook is going to
be 39,000,000,003 70.

What is my average shareholders equity?
Well, it's going to be my beginning shareholders equity
plus my ending shareholders equity and this is going to be
collectively divided by two and this is going to give me my
average shareholders equity. So for meta platforms okay for this
one over here while my ending shareholders equity ending shareholders equity right
over here is going to be 124 billion Okay, so this is ending 1231 20 My, my beginning
shareholders equity, it's going to be my ending from the prior
year.

So when I come over here to Facebook, this number would
be 128,000,000,002 90. Okay, so right over here, my average
shareholders equity is going to be these two information, these
two items here, divided by two price I didn't do that, right.
This is going to be the I expend it, you're losing it. Here we
go. So we're gonna do plus Let's do equals plus equals parentheses 124 879 plus
128 290 divided by two. And now we have the true average. So
over here are for our return on equity for meta platforms. This is going to be roughly about 31%. So this seems to
actually be, you know, a pretty good, this seems to be a pretty
positive as a as a very good number to have like this high of
a return on shareholders equity. So when I look at meta
platforms, for 2020, my net income is going to be wherever
we go, server 2020, I'm going to go to my income statement for
Facebook, this is going to be 29,000,000,146.

Now for this,
right, this is 21, average shareholders equity. For 2020, I
need average shareholders equity. I know that as of
1231 20, this is going to be 128 to 90, what do I now going to
have to go back and do is I'm going to have to go back and
figure out what it was as of 1231 19. So if I come over here,
to company filings. And I'm going to come over here and look
at all my 10 keys and 10 K's, I'm going to go to the prior
10k. That was filed a year before I'm going to go to Item
eight. And right over here, my shareholders by total
stockholders equity was at right over here 101 54. And what I'm
going to do is I'm going to do a little Bob Ross here, we're
going to go ahead and just copy this, just in case I need to go
back and use it later.

So what I'll do here is I'm
going to copy this down. And I'll come up with a new color,
right, so I'm taking 128 plus 101, I'm dividing that result by
two and right over here. So over here. So for Mehta platforms, my
return on equity is going to be at about 25%. So this seems to
be improving year over year for meta platforms. So in terms of
my return on shareholders equity. Now, before we go any
further, there's also going to be something I want to talk to
you about as well, especially as it relates to meta platforms.
One of the things that you're going to hear me talk about in
the later videos is with stock compensation expense. This is a
very important topic, especially for a company like Mehta
platforms. And the reason why I'm looking more carefully now
at stock compensation expense is because when stock compensation
expense is recorded, meaning we are giving our employee shares,
I'm debiting the expense and I'm crediting additional paid in
capital. When we have that situation, as we do over here.
This has gotten to be such a large number, that if I look at,
you know, we look over here at the net income is 39 billion,
but what you'll notice is the amount of share based
compensation expense is almost 25% of net income.

So as we look
at this in in their in our upcoming analyses, it's really
important to kind of remember that we may want to be going
through and adjusting net income for this non cash item, but
we'll talk about that a little bit later. But for right now
we're good on this front. The next thing I need to go through
and do is I need to compute the return on equity for Twitter or Twitter. And again, what's gonna be the
ratio? Well, right over here, we're gonna have our net income.
And my net income for Twitter is actually going to be a net loss.
So over here, we have a net income or net loss of roughly
about 221 million. And in 2020, we also had like a net loss over
here of about 1.1 billion.

So, in 2019, I just want to kind of
write this out, is we're going to have to go through and do
some a little bit more digging, because what happened between
2019 and 2020, for Twitter, at least from a financial statement
perspective, is something that I personally want to look at just
because, you know, these, this is a pretty wacko number, just
because it's so i going from this amount of income down to
here is something's amiss. So let's go ahead now and figure
out our average shareholders equity. And again, if you're taking my
class, you don't have to go through and you just have to
show me two years, you don't have to go back and do this
other year. This is something that I'm just doing just because
it's something that I want to look at and explore a little bit
more just to base so we can learn a little bit more about
the company. So over here, our stockholders equity, beginning
was about 7.3 billion. And this was as as of December 31 2021,
our stockholders equity for 1231 20 was roughly about 7.9
billion. So over here, so now what we have to go through and
do is I need to go through and find the ones from the prior
financial statements.

So let's go ahead now and go over here to
Twitter. And for Twitter, what I'm going
to try to do is I want to go to this annual report here, which
is about two years back. The reason why is this is going to
give me the information that I want and a pretty rapid place.
So over here, my total stockholders equity is for
1231 19 is 87043 86. And our shareholders equity for
1231 18 for Twitter.

Remember, when we have when we're looking
at Twitter, these amounts are in 1000s. So this is going to be
7.3 billion. Okay? So whereas for Facebook, those amounts are
already in millions of dollars. Okay, well, let's go and then
over here for Twitter, this is going to be 6805594. Okay. And I think well, we may also
want to do as well because we're doing this third year for
Twitter. We're also going to go ahead and do this for for meta
platforms as well. But what I'll do is I'll do this in the
background and you guys won't have to watch me do this. Okay.
So first thing we're going to go ahead and do is we're going to
go ahead and come up with our average shareholders equity, and
we'll come up with new colors for each one of these.

Okay, so for 2021 for 2020 And then
we've got for 2019. Okay, so what we're kind of seeing is
that the return on equity obviously because we were at a
net loss for Twitter was about over here, it's about 18.9%. And then some
things appear to have happened, but then they kind of look like
they're turning around. So let's check this out. So let's go
ahead. And what I'm going to do really quickly is I'm going to
go ahead and pause, and I'll come back once I've done it for
meta platforms, as of 2019. Okay, so we're back. So what
we've done over here is we've gone through and we've computed,
essentially, we did an extra year, but I, I did that extra
year, just because when I looked at the information, it just
didn't look right for Twitter.

So what can we say about return
on equity? So let's go back and look at what the definition of
return on equity is. So return on equity is a measure of
financial performance calculated by dividing net income by
shareholders equity, because shareholders equity is equal to
a company's assets minus a debt return on equity is considered a
return on net assets in regards of a corporation's
profitability, and how efficient is it in generating profits? So
what I would say over here is that, you know, as far as
Facebook is clearly a solid, Facebook has been delivering or
meta platforms has been delivering profits now, Mrs.
Mrs. Howe, again, when she showed us it's how those profits
are being delivered, or sometimes gonna be questionable.
So that's something that when we look at this from a return on
equity perspective, that is, you know, Facebook is meta platforms
is performing better than Twitter. So what I would say
would be something along the lines of, you know, if I was to
be concluding on this, I would say that, you know, the, based
on the ratio analysis, the return on equity is much
stronger for meta for meta platforms than of Twitter.

And
we would also want to comment that Twitter, in 2020, they
appeared to have had some some challenging times. Now, if we
want to go through and look at the income statement of Twitter,
what happened between 28 December 31 2019, and December
31 2020? Well, they're, they their revenues went up slightly,
their cost of revenue went up, their research and development
went up, their sales and marketing slightly went down,
their GNA, slightly went down. So over here, they had an income
from operations, but their interest expense drast was was
pretty high offset by interest income from their investments.
So they had over here, and they had a income taxes of roughly a
billion dollars.

So when we look at Twitter, that's a pretty big
tax bill, it looks like something happened with their
income taxes, which is what caused their income tax expense,
which caused them to take a pretty significant hit. Now,
what looks like may have happened, though, in 2019, is
that they had a much larger write off in 2019. And then
2020, it looks like that that may have reversed. And then when
we look at 2021, let's just kind of take a look at the numbers,
their revenue went up in 2021. But their cost or revenue also
increased. Their r&d costs went up significantly. So these have
really just gone up a lot. Sales and Marketing have gone up, you
know, a very significant amount. General and Administrative
roughly about the same, if not a little bit higher. Now they also
had a litigation settlement. What we would want to do is, is
this a one time thing? Or is this going to be an ongoing
party for the attorneys.

Then over here, their loss from
operations is about 492 million. Interest expense, interest
income. So the other thing to remember too, and I'm kind of
forgetting about this, as well as oh, we're in COVID. So I know
we're coming out now with the masks off, but a lot of what
could have impacted their business may have been possibly
been COVID related or a change in presidential candidates or
censorship, you never know. So in any event, I'm just joking
around about all that stuff.

I it's just blows my mind. So all
this over here, as we look at, you know, Twitter, if we were
now for purposes of my class, and you're going through and
doing this as we will Want to say that? Okay, you know, what
is it you know, with the return on equity is higher for meta
platforms versus Twitter.

And you would say that, you know,
based on the ratio analysis, the return on equity is higher for
Facebook rather than that of Twitter. But what I would say,
if I was doing this in real life, and if we were really
going to be going through and fully analyzing this, we would
want to get down into the nitty gritty and say, What happened to
Twitter? Was that litigation settlement a one time thing,
what exactly was happening? Okay, so that's our first ratio.
So let's take a look at our second ratio.

And this is the
thing about ratio analysis is there's not one correct answer.
Really, what I'm going to be looking for you to do is to show
me your reasoning behind what's happening, right. So if I were
to go through and do this, I would try to put in the
different numbers as I just went through and explained. That's
what I would try to go through and do. So. Now, let's look at
because we chose a ratio, we chose the return on equity over
here. Now let's go and choose a different ratio. So what I do
want to look at a little bit more carefully is what is our
total asset turnover? Let's see what this means. Okay, the asset turnover ratio
measures the value of a company's sales or revenues
relative to the value of its assets, the asset turnover ratio
can be used as an indicator of the efficiency in which a
company is using its assets to generate revenue.

That might not
be a bad thing. So it the higher the asset turnover ratio, the
better it is. And again, for Mehta platforms, they don't have
debt. So I'm really and they're both companies are both in
pretty decent financial positions. So I'm really not
going to be looking at liquidity or coverage. So I'm really kind
of just choosing this because it's, I don't know, it's, it's
there. And I don't want to choose a different, I don't want
to choose something that's going to be similar to one of these
that I've just done. So let's go ahead and use total asset
turnover. So let's go to total asset turnover. Now let's take a
look at what that ratio is. So our total asset turnover ratio
is going to be total sales.

And we're gonna have beginning
assets plus ending assets divided by two, okay, so. Okay,
so let's go ahead and do this. Okay, so we have meta platforms
for 2021. And this is going to be for 2020. So here's our
ratio. And I'm just going to go ahead and copy this asset
turnover ratio again. Investopedia is awesome. And I'm
saying that for real, because it's like when you're, I've had
many a student who have shared with me that as they've gone
through and done their studying that they've referred to
Investopedia more times than you can possibly imagine. So it's
something that is something just to kind of keep in mind and this
below part down here, this is average total assets. Okay, so
for meta platforms, what this is going to be my total sales is
going to be for meta. Calculate, so call that 117 billion and
total sales. Thanks to you and me and our personal information.
I'm just kidding.

Maybe I'm not. Okay, so our total assets so our total assets for
1231 2112 3120. So as of 1231 21, our total assets were
160 5 billion our total assets as of 1231 20. Were 159 billion.
So my average total assets is going to be 162 billion. In the
values just in between these so we're going to go ahead and
bring this over here so my total asset turnover ratio is going to be about point seven
two over here for the next year for meta platforms my total
sales for 2020 is going to be 85,000,000,009 65 over here and my average total assets now I need to figure out what my
total assets were for 2019 So fortunately what I did was is I
copied there we go copy and paste right over here. If I come
over here to look at oh wow, it took me right to it How
exciting. This is gonna be 133,000,000,003 76 Let's make sure I got that right
133376 Total Assets and we'll make this one blue.

There we go.
Okay Okay, so that's my total asset
turnover for meta platform so let's go ahead and do this now
for Twitter so for Twitter, my total sales
I'm going to divide this buy my average total assets good job on it. Okay, let's move
this down a little bit. Okay, so my total sales for
Twitter it's going to be 5 billion over
here my balance sheet for my total income statement for
Twitter is going to be 3.7 billion so for my average total
assets didn't want to do that let's go
here Okay, so over here for Twitter total assets were 14 billion as
of 1231 21 as of 1231 20 this is going to be 13.3 9 billion or
over here a total of some looks like the value somewhere in the
middle and then over here what we need
to go through and do is to find the balance sheet for 1231 19 or
the beginning shareholders equity and this is going to be
12 703389. Okay and so as we look at this over
here, the the amount is point three seven and let's take a
look at this here.

So, the asset turnover uses a value so locate
the assets okay and have the year. So, typically the asset
turnover ratio is calculated on an annual basis the higher the
ratio the better the company is performing. Since the higher
ratios imply the company is generating more revenue per
dollar of assets. Okay, retailing consumer have
relatively small asset bases but high sales volume right over
here since the ratio comparing by industry is important. Okay,
telecommunications Sharon's, sorry, over here Okay, so as we go through and we look
at this, what we would say is, I mean, I think what I would
simply say would be is that when I compare Twitter with with meta with meta platforms Okay, so
when I compare Twitter with meta hat platforms, I would say
something along the lines that the higher the number, the
better, we would also want to kind of say like, what is the
industry and, you know, clearly for Facebook, this is continuing
to go up. However, I think Facebook actually recently or
meta meta platforms recently issued some guidance that things
may not be so rosy in the future, which is why their stock
price has taken a pretty big hit.

But we'll see what happens.
But as we look at this, we would say comparing Facebook to
Twitter, it meta meta platforms or Facebook has a higher asset
turnover ratio. And so therefore, Facebook, meta
platforms appears to be better. I'm gonna keep on messing this
up. Meta platforms appears to be having more effectively using
its assets to generate revenue. That's what I would go through
and conclude by looking at these two ratios. So I realized that
this ratio, excursion was long. I know many of you like
listening to me on 1.75 times speed just because it's easier
to digest, which I completely encourage you to do. But at the
same time, if you're watching my videos, it's because and
hopefully this is the case that you actually want to see where
the numbers are actually going through and coming from which is
what I'm trying to deliver to you.

So without all being said.
I want to thank all of you for being with me here today. If
there are any other videos that you would like me to go through
and review, please feel free to leave me a comment. And again, I
want to thank you for your time today. And don't forget to like
and subscribe and if you would like to see some other videos
made in the future, feel free to reach out. Thank you so much..

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