What's happening to BYJU'S? : Business Case Study

Summary

The script narrates the rise and fall of BYJU'S, an Indian edtech giant, detailing its journey from a startup with 25 students to a valued unicorn and its subsequent challenges. It faced a dramatic downturn due to aggressive marketing, questionable sales tactics, accounting issues, and risky financial strategies like Term Loan B. The company's valuation plummeted, and it grappled with reputational damage, investor troubles, and significant losses. The narrative serves as a cautionary tale for business leaders, emphasizing the importance of balanced growth and ethical practices.

Takeaways

• 🚀 Rapid Growth: BYJU'S started with 25 students and became one of India's most valued startups within a decade, reaching 150 million students worldwide by 2021.
• 🌐 Pandemic Impact: The COVID-19 pandemic disrupted education globally, propelling BYJU'S to the forefront of the edtech industry in India.
• 📉 Financial Crisis: BYJU'S faced a dramatic downturn with losses increasing over 15 times, from $327 million in 2021 to over 4,500 crores, and a significant drop in valuation from $22 billion to below $3 billion.
• 💡 Marketing Strategy: Aggressive marketing tactics, including high-profile endorsements and sponsorships, contributed to a significant portion of the company's expenses, leading to a risky revenue-to-marketing expense ratio.
• 🔍 Sales Practices: BYJU'S faced accusations of fear-mongering sales tactics, targeting low-income families and pushing them into loans for course subscriptions, which eroded trust and reputation.
• 📊 Revenue Recognition: The company's accounting practices were questioned, particularly regarding revenue recognition for multi-year courses, which inflated revenue figures and masked financial health.
• 💔 Loss of Trust: Negative publicity and questionable sales practices led to a loss of reputation and trust among customers, impacting the brand's image.
• 🛒 Acquisition Spree: BYJU'S engaged in a series of acquisitions, which, while expanding its user base, also increased expenses and losses from the acquired companies.
• 💸 High-Risk Financing: BYJU'S took on a high-risk Term Loan B, which required small installments followed by a large bullet payment, increasing financial strain and risk.
• 📚 Lessons Learned: The case of BYJU'S highlights the importance of balanced marketing, ethical sales practices, prudent financial management, and the value of maintaining a strong reputation in business growth.

Q & A

What significant milestone did the company achieve in 2021?

In 2021, the company had reached a valuation of $22 billion and became one of India's most valued startups, with hundreds of millions of students using its resources.

How did the COVID-19 pandemic impact the company's operations?

The COVID-19 pandemic disrupted education globally, leading to a surge in demand for online education platforms, which the company capitalized on to reach 150 million students worldwide.

What is the controversy surrounding the company's sales practices?

The company faced accusations of using aggressive sales tactics, including instilling fear in parents about their children's future, which eroded trust and created a negative perception of the brand.

How did the company's marketing expenses compare to its revenue in 2021?

In 2021, the company spent ₹2250 crores on marketing, which accounted for 32% of their total expenses, while their revenue was ₹2428 crores, indicating a risky revenue to marketing expense ratio.

What was the impact of the company's lending partnerships on its financial situation?

The company's lending partnerships, which involved a first loss deposit guarantee strategy, allowed it to easily lend money to people with low incomes, leading to a rise in customers taking out loans to buy courses and contributing to the company's financial challenges.

What accounting practices led to the company's significant losses?

The company was accused of not following the accrual principle for revenue recognition, instead recording the full amount of multi-year course fees in the year they were received, which led to inflated revenue figures and significant losses when the true financial situation was revealed.

How did the company's acquisitions affect its financial health?

The company went on a shopping spree, acquiring multiple companies at high prices, which, while increasing user numbers, also led to increasing expenses and losses from the acquired companies.

What is a Term Loan B and why did it pose a risk for the company?

A Term Loan B is a loan that requires small installments followed by a large bullet payment at the end. It posed a risk for the company because most of the principal payment was due at the end, increasing the risk of default and financial instability.

What external factors contributed to the company's financial challenges?

External factors included the Russia-Ukraine war, which pushed Western interest rates high, increasing the installment amounts for companies that borrowed during low-interest times, and the subsequent impact on the company's Term Loan B.

What were the allegations against the company regarding its financial reporting?

The company was accused of hiding half a billion dollars, failing to file its financial accounts on time, and facing allegations of Foreign Exchange violations, leading to a loss of reputation and trust among investors and customers.

What lessons can be learned from the company's challenges and operations?

Lessons include the importance of responsible marketing, focusing on the value and impact of products while scaling, and understanding that a company's reputation can be ruined quickly if not carefully managed.

Outlines

00:00

🚀 Rise and Challenges of an Indian EdTech Giant

This paragraph outlines the rapid growth of an Indian edtech company, BYJU, from a startup with 25 students in 2011 to a highly valued company with millions of users by 2021. It highlights the company's endorsement by a major celebrity and its role as a symbol of India's burgeoning edtech industry. However, the script also introduces the company's current crisis, including allegations of violating foreign exchange laws, investor troubles, layoffs, and significant financial losses. The company's valuation plummets from $22 billion in 2022 to under $3 billion, attributed to failed bold steps and a call for business leaders to learn from this case study.

05:01

📉 Aggressive Marketing and Sales Tactics Backfire

The second paragraph delves into BYJU's aggressive marketing strategies, which included high-profile sponsorships and celebrity endorsements, costing more than their revenue in some cases. This approach led to a significant increase in expenses and consequently, heavy losses. The company's sales practices are criticized for pressuring parents and using fear tactics, which eroded trust and created negative perceptions. The paragraph also discusses the issue of customers unknowingly being signed up for loans to finance course fees, leading to further complications and reputational damage.

10:02

💼 Accounting Controversies and Financial Struggles

This section of the script discusses the controversy surrounding BYJU's accounting practices, particularly the improper recognition of revenue, which led to inflated revenue figures and a distorted view of the company's financial health. The company's losses are scrutinized, with a significant increase from previous years, and the impact of the COVID-19 pandemic on their business model is examined. The paragraph also covers BYJU's acquisition spree and the financial strain caused by integrating and managing these newly acquired companies.

15:03

🏦 The Risks of Term Loan B and Financial Negotiations

The fourth paragraph focuses on BYJU's risky financial decision to take a Term Loan B of $1.2 billion at a time of low-interest rates in the United States. The nature of Term Loan B is explained, with its small initial installments and a large final payment, which increases the risk for lenders. The script details the challenges BYJU faced in meeting the loan's conditions, including credit ratings and timely financial reporting, and the subsequent negotiations and conflicts with creditors as the company struggled to manage its debt.

20:05

📚 Lessons from BYJU's Business Journey

The final paragraph wraps up the story of BYJU, reflecting on the lessons that can be learned from its rise and challenges. It emphasizes the importance of responsible marketing, the need for businesses to focus on the value of their products, and the critical nature of maintaining trust and reputation. The script concludes with a cautionary note on the swiftness with which a company's standing can be damaged and the importance of making considered decisions in business practices.

Keywords

💡Edtech Industry

The term 'Edtech Industry' refers to the sector that integrates technology into educational practices to enhance the learning experience. In the video, it is highlighted as booming in India, with the company BYJU'S emerging as a significant player, leveraging online education platforms to reach millions of students worldwide.

💡Unicorn

A 'Unicorn' in the business world is a privately held startup company valued at over $1 billion. The script mentions BYJU'S as one of India's most celebrated unicorns, indicating its high market valuation and successful business model prior to the challenges it faced.

💡Valuation

Valuation refers to an estimate of the worth of a company or an asset. The video discusses the dramatic drop in BYJU'S valuation from $22 billion to below $3 billion, emphasizing the financial downturn the company experienced.

💡Marketing Budget

A 'Marketing Budget' is the allocated funds used for promoting a company's products or services. The script points out BYJU'S high marketing expenses, including celebrity endorsements and sports event sponsorships, which became a significant cost factor and contributed to the company's financial challenges.

💡Sales Practice

Sales Practice refers to the methods and strategies used by salespeople to sell products or services. The video script criticizes BYJU'S sales practices, accusing them of using fear tactics and misleading statements to persuade customers into buying courses, which led to a loss of trust and reputation.

💡Loan

A 'Loan' is a sum of money that is borrowed and expected to be paid back with interest. The script describes how BYJU'S customers, including low-income individuals, were encouraged to take out loans to purchase courses, which later became a source of controversy and financial strain for the customers.

💡Revenue Recognition

Revenue Recognition is an accounting principle that determines when revenue can be recorded. The video explains that BYJU'S was accused of improper revenue recognition by recording multi-year course fees in a single year, which artificially inflated their revenue figures and led to financial discrepancies.

💡Term Loan B

A 'Term Loan B' is a type of loan with smaller initial payments followed by a large final payment. The script discusses BYJU'S taking on a Term Loan B during a period of low-interest rates, which later became a financial burden as interest rates rose and the company faced repayment difficulties.

💡Acquisition

An 'Acquisition' is the purchase of one company by another. The video mentions BYJU'S going on a shopping spree, acquiring multiple companies, which increased their user base but also added to their financial losses and operational challenges.

💡Reputation

Reputation refers to the beliefs or opinions that are generally held about someone or something. The script emphasizes the importance of maintaining a good reputation, as BYJU'S faced a crisis due to negative publicity from their sales practices and financial issues, which damaged their brand.

💡Financial Crisis

A 'Financial Crisis' is a situation where a company or an economy experiences extreme financial difficulty. The video describes BYJU'S as engulfed in a financial crisis, characterized by mounting losses, layoffs, and issues with investor relations and regulatory compliance.

Highlights

In 2011, a startup with 25 students grew to become one of India's most valued edtech companies within a decade.

By 2021, the company had over 150 million students using its platform, endorsed by a major celebrity.

The COVID-19 pandemic disrupted education globally, leading to a surge in online education platforms like BYJU'S.

BYJU'S faced a crisis with allegations of violating India's foreign exchange laws and investor troubles.

The company experienced a dramatic downturn with significant layoffs and financial losses.

BYJU'S reported a loss of $327 million, with losses increasing over 15 times to 4,564 CR.

The company's valuation dropped from $22 billion in 2022 to below $3 billion due to strategic missteps.

BYJU'S aggressive marketing tactics, including high-profile sponsorships and celebrity endorsements, raised concerns about its spending.

The company's sales practices were criticized for pressuring parents and using fear tactics.

BYJU'S was accused of pushing customers into loans to afford their courses, leading to financial strain.

The company's accounting practices were questioned, particularly regarding revenue recognition.

BYJU'S faced a decline in revenue and an increase in losses after the COVID-19 lockdown ended.

The company went on an acquisition spree, which added to its user base but also increased its losses.

BYJU'S took on a high-risk Term Loan B, which required large bullet payments and strict conditions.

The company defaulted on loan repayments and faced legal action from creditors.

External factors like the Russia-Ukraine war and increased interest rates added to BYJU'S financial challenges.

Lessons from BYJU'S include the importance of balanced marketing, focusing on product value, and maintaining trust and reputation.

Transcripts

hi everybody in 2011 a company that just

started with 25 students went on to

become one of the most valued startups

in Indian history in just 10 years by

2021 not just Millions but hundreds of

millions of students were using the

resources the greatest star in the

country was endorsing them and within no

time it became an epitome of the booming

edtech industry of India this company as

we all know is by the Corona virus

pandemic has disrupted education AC

across the world there some families are

struggling to adjust as the Corona virus

crisis grows online education

platform over the last so many years we

are touching 150 million students across

the world our lead story tonight is

about B one of India's most celebrated

unicorns today it is a startup engulf in

a crisis BYU continue to be in focus a

month after firm's investor forus

resigned from BYU's board BYU is under

the radar for alleged violation of

India's foreign exchange

laws in the last two years B has seen a

dramatic downturn the Press has gone

crazy about their functioning the

company is dealing with investor

troubles an auditor and multiple board

members have left they've laid off

thousands of employees and most

importantly they've been bleeding with

thousands of crores in losses BYU posted

a loss of $327 million the company saw a

loss of over 4,500 CR rupes the losses

have gone up more than 15, times to come

in at

4,564 CR and during this time their

valuation has dropped from $22 billion

in 2022 to below $3 billion today this

is because Baus took some bold steps

that did not pay off as much as expected

so if you're a business leader

regardless of the domain you belong to

listen to this case study very very

carefully because the lessons from this

case study will help you escape a

miserable failure so in this episode

today let's do a deep dive and try to

understand what what is the story of

Baus what are the challenges that they

are facing and what are the lessons that

we need to extract from the operations

of this giant edtech

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and now on with the

episode this is a story that dates back

to 2011 when a popular teacher named

named ravindran and his wife Diva

started byes with the goal of preparing

content for school students and also

wanted to cater to the test preparation

market then in 2015 they launched their

learning app and in 2016 the company

claimed that its app was downloaded more

than 5.5 million times in the last one

year out of which 250,000 consumers were

paid annual subscribers and from there

on their user base kept on exploding by

2019 they had 40 million users by 2021

they had 80 million users and today they

have around 150 million users during the

same time their revenue had grown from

110 cres in 2016 to 500 cres in 2018 to

2,428 crores in 2021 and as per the last

audit it stood at 3,569 crores in 2022

this Revenue came from three sources

sale of tablet and SD cards sale of

reference books and tution and service

fee during this time the valuation of

BYU's skyrocketed to hit2 $2 billion and

BYU became a benchmark for all et

companies to follow B valuated over $22

billion in October 2022 India's most

valued startup at $22 billion the golden

eyed boy of the Unicorn Club CEO BYU

ravindran said in a statement and I

quote baiju is now at that sweet spot of

its growth story where the unit

economics and the economies is of scale

both are in its favor but you know what

guys while on one side they were killing

it with thousands of crows in revenue on

on the other side their losses also shot

up from 49 crores in 2016 to 2 49 crores

in 2020 and then it shot up by 18x to

touch

4,588 cror in 2021 as per the most

recent filings their fi 22 losses are

2,253 crores so the question is how did

this company incur such heavy losses

well the first and the most obvious

reason of all was their marketing budget

their advertising and promotional

expenses was their single largest cost

cost in fi21 and if you see this table

business promotion expenses alone

accounted for 32% of their total

expenses from title sponsorships in IPL

to the FIFA World Cup from bringing Shah

ruk Khan as its brand ambassador to even

getting lonel Messi it was spending more

on Advertising than its own employees

and operation in fact in 2021 while they

spent 22509 for crores in marketing

their revenue itself was

24283 crores now is this bad well well

not really because every company has its

own way of functioning but is the

revenue to marketing expense ratio risky

absolutely yes and as we move ahead you

will see how this snowballed into a

catastrophe for the company this is

where their second challenge came in

which was their sales practice some

parents accused BYU's marketing

Personnel of instilling fear in them

about their children's future in this

highly competitive World these tactics

eroded trust and created a negative

perception of the company one India's

most celebrated unicorns today it is a

startup engulfed in a crisis most

egregious Act was when customers who

bought courses on loan requested

cancellations and refunds according to

Hindu Frontline sales associates were

asked to find leads everywhere they

would visit schools malls and even

temples to persuade people to sign up

this also included the low-income

workers from Market sellers to even rsha

drivers according to rest of thee

world.org even at a local chai stall a s

to ask the seller if he had children and

if he wanted them to have a better

education and a better life if yes then

he must sign up for by juice and once

users installed the app they were asked

to sign up for a 15-day free trial using

a mobile number and once byus had this

mobile number their sales teams would

consistently follow up and they would

persuade the parents to buy a

subscription now again is following up a

problem not at all but furthermore

according to Hindu front line employees

revealed that BYU put them under immense

pressure to make their weekly sales

targets of 1 lakh rupees or else they

would be fired as a result according to

Hindu front line they made misleading

statements to parents and frighten them

into believing that their children would

fail if they didn't purchase a byju

course or they would push them to buy a

multi-year package now the question over

here is even if the salesman was very

pushy when the courses cost as high as

1.35 lakhs for J prep how could people

with low incomes offer these courses

well as a turns out many people were

buying this course by taking out a loan

Yes you heard that right people were

buying these courses by taking out a

loan an investigation by Ken analyzed

110 consumer complaints and they found

that 54 of these people were unaware

that they were being signed up for loans

when they signed up for subscriptions

and the problem was that the average

ticket size of these purchases was

66,000 rupes and they have to pay

interest if they pay in parts now the

question over here is how did this

lending happen happen so easily because

taking out a loan in India is a very big

hassle especially if you have less

income right then how did these people

with less income end up getting loans so

easily well this is where Buu's lending

Partnerships came in Buu used something

called the first loss and deposit

guarantee strategy in simple words this

is an arrangement between a third party

and a financial institution whereby the

third party garantees to compens the

lender if the borrower defaults in this

case BYU acted as a guaran for its

customers who borrowed from its

financing Partners so if the customer

defaults then buus would be liable to

make the loan repayments this is the

reason why the financing Partners were

very easily able to lend money to people

even with low incomes this is the second

challenge that the company faced where

some desperate salesman got over pushy

and eventually because of first loss

deposit guarantee people started taking

up loans to buy these courses but

regardless of that from the business

standpoint when multiple such cases of

forced sales pushy follow-ups and Loan

stories came up many customers of BYU

started losing trust in the brand so the

Second Challenge was loss of reputation

and Trust because of their sales

methodology now until this point this

story could still be discarded as the

story of a few handful of customers so

for a billion dollar company a few bad

customers are not a big deal at all but

this is where things go really crazy

with their accounting practices the

startup which lived the dream and is now

in the dumps the CEO Buu ravindran is

being blame for mismanaging the firm's

growth the one's highflying startup has

failed to file its Financial accounts on

time investors have accused byj of

hiding half a billion dollars which has

been troubled by mass layoffs mounting

losses valuation cuts and several other

issues there are allegations of Foreign

Exchange violations by is being probed

for this how by has uh not paid

attention to business fundamentals in

its growth journey us in accounting

there is a very simple concept of

Revenue recognition and this is called

as acrel principle and this principle

states three key points number one

revenues are to be recognized when they

are earned and not when they received

for example if think school sells a

course to a student on credit in 2021

and doesn't receive payment until 2022

then the revenue would still be recorded

in 2021 when the sale was made similarly

if the student pays 40,000 rupees for a

2-year course in 2021 with each year of

the course costing 20,000 rupes the

revenue must be recorded as 20,000 R for

20 20 21 and the rest of the 20,000

rupees must be recorded as revenue for

the year 2022 similarly if a business

received a utility bill in 2021 but paid

it in 2022 the expense would be recorded

in 2021 when the service was used and

not in 2022 but as it turns out

according to money control BYU did not

record revenues like this since BYU

takes the fees of 2e or threee courses

in the first year itself it would record

it as revenue of that year itself

instead of splitting it in 2 to three

years so it's it's like if a customer

paid 60,000 Rupees for a three-year

course in 2021 to think school then the

entire 60,000 Rupees was recorded in

2021 itself now what is the problem with

this practice when the investor looks at

the balance sheet it inflates the

revenue and makes it look like byj is

scaling up exponentially this is the

reason why deoy asked him to defer 40%

of its Revenue that it recorded in 2021

to both 2022 and 2023 and because of

this the company had to record

significant losses in 2021 on top of

that when the covid lockdown ended while

many students suddenly chose to leave

the course and went back to offline

classes many left due to negative

reviews and publicity this is when Buu's

sales started going down as you can see

in this chart Buu's Revenue declined by

38% from 2020 to 2021 in India but at

the same time their us business grew by

133% and in the Middle East it grew by

103% and guess what while all this drama

was going on BYU went on a shopping

spree to acquire companies one after the

other you've paid two times sales for

white hat Junior uh their annual run

rate being 115 million and you've paid

out cash of 300 million now agreed you

have cash on the books India's Ed Tech

startup by is acquired coaching Center

Chain Akash do you know for how much

close to $1 billion $1

billion so in the past few years Buu

went on to acquire companies like

Whitehead junor akas Education Services

and 17 other companies while whad Junior

was acquired for $300 million at EPC was

acquired for $500 million and Akash was

acquired for $950 million so while they

experienced substantial growth in user

numbers they also faced increasing

expenses on top of that not all these

companies were profitable so along with

users they also got more losses from

their acquired companies this was the

third challenge that the company was

facing which were the losses from

acquired companies now even here we can

argue that Bas could easily turn these

companies into a profitable Venture

because of their distribution and skill

but you know what guys this is what

brings us to another risk that Buu took

up which is something called Term Loan B

and this is what made things very very

difficult for BYU to tell you about it

in 2021 the United States was offering

loans at near zero interest rates if you

remember this is because they printed

trillions of dollars because of which

the interest rates in the US touched

rock bottom and this was a very very

attractive offer for both startups and

VCS so with this attractive offer by

just took up $1.2 billion in loan but

you know what guys this loan wasn't just

any loan it was a Term Loan B in simple

words it is a loan which requires small

installments and is followed by a large

bullet payment at the end now the

technical definition of Term Loan B is a

little complicated so let's understand

this using a story let's say a company

called X took a Term Loan B of $100

million let's say the interest rate is

set at 5% per anom and the term loan is

only for 6 years for Simplicity let's

also assume that that the interest is

calculated annually so the payment

structure of this loan will look like

this at the end of year 1 x will pay 1%

of the principal which is $1 million

plus 5% interest on this principal

balance which is 5% of $100 million

equivalent to5 million so the total

repayment would be $6 million at the end

of year two x will again pay 1% on the

principal that is $1 million plus 5% on

the remaining principal balance that is

$100 million minus $1 million which is

$999 million so 5% of $99 million gives

us an interest of $4.95 million so the

total repayment for year two is $4.95

million + $1 million equal to 5.95

million this will go on till the last

year and this is when X will pay the

company the entire remaining amount of

$95 million in one shot and pay the

interest of 5% on $95 million this is

how the transac action will be complete

so you see the installments are small

but are followed by a large bullet

payment now do you see the risk over

here most of the principal payment is

done at the end and this increases the

risk for the lender because in between

this time if the borrower company goes

bankrupt then the lender will lose all

the money so the risk for the lenders is

very very high right this is why to

mitigate this risk the lenders do three

things number one they demand High rates

of Interest number two the banks sell

these loans to institutional investors

who are willing to take up such high

risks and finally they attach some very

stringent terms and conditions in

baiju's case they were asked to get this

loan rated by two Credit Agencies like

Moody's or fit they were asked to

publish their audited 2021 Financial

results on time and several such

conditions were applied but guess what

this is the timeline of the drama that

followed according to Economic Times in

November 2021 Baus raised $1.2 billion

of Tom loan B in July 22 BYU said that

it will announce its delayed audited

financials in August the MCA itself sent

Buu a letter over a 17mon delay in

filing results and then finally in

September BYU announced the results

where the investors saw that the losses

had risen by 18 times to 4,588 crores

Meanwhile they closed $250 million in

financing from existing investors then

in December 2022 the creditors sought an

immediate Term Loan B part payment this

is when in March 201 3 BYU offered to

pay a high interest on Term Loan B to

renegotiate the debt financing so then

the lender sought up to 200 million

dollar with higher interest from Baus

for restructuring again parall Baus

raised another 2,000 crores from

Davidson Kempner and then finally the

creditors pulled out of the negotiations

to recast the term loan P then on 6th of

June 2023 BYU defaulted on the loan

repayments and sued its creditors

meanwhile another thing that happened

was the Russia Ukraine war and this

pushed the interest rates of Western

countries so high up that the base

interest rate went from 0.2% to

5.85% and this increase in interest

rates increased the installment amounts

for many companies that borrow during

low interest times if you remember this

is exactly what happened with the

Silicon Valley Bank on top of that if

you look at this graph as the interest

payments were missed the prices of this

Term Loan B had dropped drastically from

99 cents on the dollar 2022 to as low as

49 cents in September this year all this

brought back lenders to the negotiating

table and recently Baus came out with

saying its Term Loan B would be repaid

by March next year but we can only wait

and see what exactly happens and as if

this was not enough their auditor deoy

and three other board members resigned

BCCI has dragged them to court over

sponsorship issues they've been accused

by the enforcement directorate of

Foreign Exchange violations of over

9,000 CR

and they've also been struggling to pay

their employees this is a story of Baus

where heavy marketing accounting

practices sales methodology fast-paced

acquisition and Term Loan be together

they've put up a massive challenge in

front of Buu so now what remains to be

seen is how will BOS come out of the

situation and claim their position as

the market leader in India and this

brings us to the last part of the

episode and that are the lessons that we

need to learn from the challenges and

operations of Baus lesson number one

marketing is a double-edged sword on one

side while it may look like the primary

instrument of Revenue growth if not used

properly it could bleed your company

with losses lesson number two while good

businesses focus on the speed of scale

great businesses focus on the

uncompromised value and impact of their

products while they scale and lastly

Warren Buffett once said it takes 20

years to build a reputation and 5

minutes to ruin it if you think about

that you will do things differently in

this case days we saw how things shaped

up with BYU its investors and its

customers due to its practices this is

the story of BYU and I just hope you

learn something valuable from this case

study that's all for my side for today

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[Music]

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