NLS - Nautilus Is A Value Trap

• Nautilus' recently released quarterly results suggest that the fitness-at-home trend is increasingly slowing.
• The company's growth plan hinges on the success of its subscription platform. However, management's growth expectations appear overly ambitious as current growth rates are likely skewed by complimentary subscriptions.
• At $240 per year, the JRNY subscription seems overly expensive for what it currently has to offer and for the early stage it is still at.
• Insider transactions over the last two years suggest that management is not convinced about Nautilus' future prospects either.
• Nautilus continues to be a company I do not want to own and if I did, I would elect to put my capital to work elsewhere.

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