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(wow) Words Of Wonders Level 1540 Answers – I’ve been on tour for the past week, and this is one of the few times I’ve had enough time to get online.

I have lots of stories from the first week of the trip, as well as some pictures. I hope to post them in a day or two.

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One question people ask is, “How can I tell if my copy of The Sage’s Fear is a first edition?”

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I answered this question a long time ago. So if you are looking for a detailed answer, you should look there.

The short answer is that you can tell if you have a first edition/first printing by looking at the book number line on the copyright page.

The problem is: due to a printing error, some copies of The Sage’s Fear do not have a line number. The copyright pages of these books look like this:

The misprint did not occur until the first printing of the book. That means if you see a book without a number line, it is a first printing.

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Surprisingly, The Wise Man’s Fear is selling well enough that it’s already in its fourth printing, even though it’s only been out for a week. Personally, I’ll take a few hundred more this time. I didn’t think to do that with The Name of the Wind, and now they’re selling it for really stupid amounts. If I had a few boxes in the basement, I could use them to pay off my mortgage….

In other news, I spoke online with Brandon Sanderson for Amazon about a week ago. It’s a beast, over 6000 words long. But what else would you expect when you put two authors like me together and ask us to talk about books?

Unlike most interviews I’ve done, I didn’t write this one. It is a transcript of a telephone conversation I had with Erik Henriksen. He was a great guy to talk to and our conversation was wide ranging to say the least. In my opinion, StoneMor’s non-GAAP earnings, including Divisible Cash Flow and Adjusted EBITDA, do not comply with reporting standards and are not marked up properly. . StoneMor’s unique non-GAAP earnings offer investors a view of profitability significantly different from the reality of the business and its GAAP earnings. My recommendation is that StoneMor should report non-GAAP earnings including the effects of SAB 101 issued by the SEC and Regulation G or not report non-GAAP earnings.

On December 3, 1999, the Securities Exchange Commission (“SEC”) issued SAB 101. The basic principle of SAB 101 is that revenue is recognized when it is earned. This particularly affected the funeral industry. Cemeteries and funeral homes involved in the sale of advance products and services, such as Service Corporation (SCI), Carriage Services (CSV) and StoneMor Partners (NYSE: STON), had to delay the sale of an advance until the product or service was received. . delivered Prior to SAB 101, revenue from advance contracts was recognized when the sale was made but before the product was delivered.

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This creates a disconnect in revenue and cash flow because cemeteries and funeral homes recognize profits before they have the money. Customers typically pay for their purchases over 3 years and ~70% of the money is deposited into a third party limited trust. The money will remain there until the time of the funeral. The cemetery can then use the money for its purpose. At this time, the cemetery can recognize the income from the sale and have the cash flow to support it.

The introduction of SAB 101 now better reconciles the income statement with the cash flow statement. This changed the presentation and timing of income on the income statement, but the economics and cash flow of the underlying business remained the same.

Supply contract sale is a future liability for the cemetery as well. They have a contractual obligation to deliver a service or product that has been prepaid for today and in the future. The introduction of SAB 101 now requires cemeteries to show this liability on their balance sheet until the cemetery holds up its end of the bargain.

Before the income can be recognized, it must meet 4 main criteria, which in my opinion are less than controversial: the collection must be possible, the delivery has been completed (you did the work for which you were hired), it provides convincing evidence. of repair and the price may be there. certain This created the accounting system we know today, which is a more conservative and accurate form of revenue recognition. As an investor, I see this as a step forward, not backward. On the other hand, some companies affected by this update, especially StoneMor Partners, have a different understanding:

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“I don’t know if the SEC could be any tighter on revenue recognition rules. This could be a new level in terms of tightness. That’s why we moved to non-GAAP.” – StoneMor Management, 2015 Analyst Day

“But we’re looking at how we characterize our cash flow in our press release and the non-GAAP measure of it. We’re removing all the arcane rules and weird delays.” – StoneMor Management, 2015 Analyst Day

“Basically, this is old GAAP, before 2000 to the 50th year, a cemetery was valued one way.” – StoneMor Management, 2014 Analyst Day

“In 2001 with the arrival of the tests SAB 101 to SAB 104 we will then need, if you take all our sales, they are different in our balance sheet and are not recognized until the product and services are delivered.” – StoneMor Management, 2014 Analyst Day

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I believe the fallacy, or misunderstanding, is that StoneMor earned $98.2 million Adjusted EBITDA in 2015 because this ignores the introduction of SAB 101. The earnings release that shows the $98.2 million Adjusted EBITDA announced, effects of SAB noted. 101 was removed in non-GAAP earnings and creates an “Old GAAP” metric.

By today’s standards, (generally accepted across the public markets without exception in my opinion), StoneMor only earned $31.9 million in Adjusted EBITDA – by my calculations. I excluded $66.2 million of StoneMor’s excluded profit reports in its adjusted EBITDA. This is about 1/3 of what was reported. This metric could not be referred to as “Old GAAP” or “production-based”, whichever is more accurate.

As mentioned above during the 2015 StoneMor Analyst Day, “we’re doing away with all the arcane and weird delay rules” for its non-GAAP earnings in the press release. Careful readers of the StoneMor 2015 press release will note that there is no mention of this, however.

Note: StoneMor’s reported GAAP financials comply with SAB 101 regulations. StoneMor adjusts its GAAP earnings by removing the effects of SAB 101 to provide investors with non-GAAP Adjusted EBITDA.

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In my view, StoneMor’s use of the label “non-GAAP” is a clever play on words with important double meanings that investors should be aware of. Non-GAAP traditionally means income as EBITDA, which adds back taxes, interest, and depreciation and amortization expenses as a proxy for net income. However, EBITDA conforms to GAAP accounting even though it is a non-GAAP metric. StoneMor uses “non-GAAP” in the traditional sense of non-GAAP accounting. This is a significant difference from other public companies that report non-GAAP metrics that are still consistent with GAAP accounting.

In StoneMor’s Q4’14 earnings press release, it was distinguished by its special use of the common phrase “non-GAAP”, which was omitted in the Q4’15 earnings press release.

“Adjusted operating profit is a non-GAAP financial measure that may not be consistent with other similar non-GAAP financial measures presented by other publicly traded companies.” – StoneMor 2014 Earnings Press Release, p. 6

In my opinion, StoneMor’s “Old GAAP” accounting should not be available to investors because it assumes that revenue is earned when customers are billed rather than when work is completed. This is a misleading metric for investors that does not reflect the reality of the business. If all “prerequisite” sales were earned at the time of purchase, they would be “on” sales. However, this is not the reality of business. Therefore, I find the non-GAAP “Old GAAP” metrics irrelevant to investors.

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For example, very few people buy plane tickets on the day of their trip. Airline tickets are usually purchased in advance and revenue is deducted from the sale of the ticket. The invoice was paid, but the revenue was not earned and therefore not recognized because the airline did not hold up its end of the bargain to fly the passenger from point A to point B. This is a future liability for the airline. because he must fulfill his promise to carry the passenger or return the money. United Airlines (UAL) notes this relationship in its annual report:

“However, approximately $5.9 billion of our current liabilities are ours

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