Currently serving Apostle set to become $Billionaire

[IHAQ]

I see that iFIT postponed its IPO a few weeks ago, citing "adverse market conditions."
Typically when companies do this, it's because market volatility makes the IPO process problematic in some way.
Looking back, however, two things stand out:

1) October was a phenomenal month for growth stocks.
However,
2) Peloton, the market leading peer to iFIT, missed its guidance and issued a warning tonight (11/4), saying that q4 sales will be well below prior estimates. The stock is down 25% 30% in after market trading.

So it would seem, looking on the past few weeks, that business at iFIT very likely has also hit a post-pandemic wall, as demand for at-home fitness machines appears to have tapered rapidly, and it seems logical to assume this is the primary reason for shelving the IPO. I think it is not a stretch to surmise that Elder Gary will not be able to claim a "tres commas" fortune any time soon.

A prophet, seer and revelator should probably have had an inkling this was coming.

[Dr Moore]

I see that iFIT postponed its IPO a few weeks ago, citing "adverse market conditions."
Typically when companies do this, it's because market volatility makes the IPO process problematic in some way.
Looking back, however, two things stand out:

1) October was a phenomenal month for growth stocks.
However,
2) Peloton, the market leading peer to iFIT, missed its guidance and issued a warning tonight (11/4), saying that q4 sales will be well below prior estimates. The stock is down 25% 30% in after market trading.

So it would seem, looking on the past few weeks, that business at iFIT very likely has also hit a post-pandemic wall, as demand for at-home fitness machines appears to have tapered rapidly, and it seems logical to assume this is the primary reason for shelving the IPO. I think it is not a stretch to surmise that Elder Gary will not be able to claim a "tres commas" fortune any time soon.

A prophet, seer and revelator should probably have had an inkling this was coming.

For all we know, he did. After all, he did accept the multi million compensation deal, including a huge loan forgiveness from the company. His shares are illiquid. Couldn’t have sold if he wanted to.

[malkie]

Peloton shares are down 35% today. And they are the category leader. Imagine how poorly iFIT must be doing right now.

I’d wager Elder Gary’s stock is worth no more than $500 million today. He’s half way from a billionaire to a homeless bum.

Worse than where he is is the direction he's headed in.

Will they keep him in the Q12 if he becomes a homeless bum?

[IHAQ]

A prophet, seer and revelator should probably have had an inkling this was coming.

For all we know, he did. After all, he did accept the multi million compensation deal, including a huge loan forgiveness from the company. His shares are illiquid. Couldn’t have sold if he wanted to.

And that’s coming back to the point, as far as members were concerned, Apostles sacrifice their temporal employment and income opportunities in order to serve the Church full time. They don’t. It’s yet another thing the Church kept hidden from members and led them to believe something that wasn’t true.

[Dr Moore]

Based on the 92% share price decline in PTON (Peloton), which is the best public comparable for Stevenson’s company, I’m sad to report that Stevenson is no longer a billionaire. Heck, I bet he’s hardly even a hundred millionaire on paper.

[IHAQ]

Peloton, New York, and iFIT, Logan, Utah, have settled of all pending litigation between the two, the companies shared in a joint statement on May 16. This was three days after a judge dismissed a lawsuit by Peloton against iFIT alleging trade secret theft.

Peloton sued iFIT in 2020 and 2021 alleging patent infringement related to its leaderboard technology.

iFIT (which manufactures fitness brands Freemotion, NordicTrack, ProForm, Sweat, Weider and 29029) sued Peloton in 2021 and 2022 alleging Peloton’s Bike+ infringed on iFIT’s patent related to users being able to alternate between biking and weightlifting.

All pending actions between the companies will be dismissed. As a result of this settlement, iFIT has agreed to remove certain on-demand leaderboard technology from its products, and Peloton has agreed to license certain iFIT patents relating to remote control technology.

https://www.clubindustry.com/industry-n ... litigation

Reading between the lines of this, it appears God's Apostle Brother Stevenson has financially gained from his business doing something...let's be generous...potentially illicit. But hey, so long as he repents he gets to keep the money, right?

[IHAQ]

Based on the 92% share price decline in PTON (Peloton), which is the best public comparable for Stevenson’s company, I’m sad to report that Stevenson is no longer a billionaire. Heck, I bet he’s hardly even a hundred millionaire on paper.

iFIT has raised a total of $580M in funding over 3 rounds. Their latest funding was raised on Feb 28, 2022 from a Private Equity round.

https://www.crunchbase.com/organization ... financials
The Feb 2022 fund raiser was for $355 million (Oct 2020 $200million, March 2021 $25million).

iFIT is funded by 4 investors. Scott Watterson and L Catterton are the most recent investors.

One of the big investors is Pamplona Capital Management. Their records show they pumped $200million into iFit in December 2019, and another $200million in October 2020 by way of a Series A investment - I'm unfamiliar with that terminology). They have also recently appointed (this year) a new CFO and CCO (marketing).

Feb 2022

Logan-based iFIT Health & Fitness has followed deep staff cuts announced Friday with a shake-up of its leadership, including the departure of longtime CEO Scott Watterson.

Watterson, an iFIT co-founder who has worked 45 years with the exercise equipment maker, will remain in his role as chairman of the board of directors, the firm said Monday, but is stepping away from day-to-day management.

The company’s chief financial officer, Steve Barr, and Mark Watterson, chief experience officer, will serve as co-presidents. The news comes after iFIT laid off an undisclosed number of employees last week at its Cache County headquarters and operations worldwide in what one source said was a cost-cutting move essential to “safeguard the business long term.”

“I am proud of what we have built at iFIT over four decades and our ability to successfully adapt in a rapidly evolving health and fitness landscape,” Scott Watterson said Monday in a statement.

The announcement is also timed with the unveiling of a $355 million infusion of private investment into iFIT, led by Connecticut-based L Catterton, a prominent equity firm focused on consumer brands.

That new cash signals the settlement, company officials said, of a $300 million lawsuit against iFIT by one of its shareholders, hedge fund Pamplona Capital Management.

https://www.sltrib.com/news/business/20 ... teps-down/

I would think members might be interested to see a breakdown of their Apostles time allocations - how much on his full time "unpaid" vocational role as an Apostle, and how much on personal money making...

[Dr Moore]

Stevenson was forced to resign from the board, along with Bob Gay, at the last fund raising. New money wanted the old Mormon boys club off the board. Smart on their part. Founder still chairman and has 3 of his sons in senior roles. Plenty of nepotism still to root out.