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Stonemor Partners LP Message Board

  • truckfulloturds truckfulloturds Aug 8, 2012 10:46 AM Flag

    Shorts Got Spanke badly on the conference call

    The conference call was great. The shorts called in with ignorant accounting questions and management spanked all 3 of the callers bad. It was clear how stupid the shorts are when they were refuted by someone who knows accounting. STON is a cash machine and is making money hand over fist. As management said on the call, you have to look at STON on a production basis not GAP. When you look at cash flow on a production basis, STON generated 2.5 times the dividend payment in cash flow. The shorts keep focusing on the GAP cash flow statement which, as management explained is a couple of years behind the actual cash the company brings in. Under GAP the company can't recognize cash until obligated to perform services even though the company gets the cash when the customer makes a purchse. All of this revenue is booked as deferred revenue and the deferred revenue is subtracted from the cashflow statement even though it is not actually a cash expense (the company just puts it in a trust until the later date when they can regognize the income). Moreover, the company recognizes the expenses associated with the sales at the time of the sale to the customer. As such, cashflow looks low in the GAP statements because expenses all hit currently and deferred revenue is subtracted due to the cash going into the trust account. To get an accurate picture of the company's actual cashflow, you have to look at production cashflow. Production cash flow is the actual cash that came in the door in the quarter based on sales to customers. On a production basis, the company killed it this last quarter and cashflow was 2.5 times the dividend payout. Management also predicted large ROI from the recent acquisitions and stated that some very well connected industry people came along with the recent acquisitions and these people had identified several additional very attractive acquisition targets for the company. It was srtongly hinted at, that based on all the positive results, there are some big dividend hikes coming over the next couple of years. This was a great conference call and it was nice to hear the shorts get destroyed. I encourage anyone else who is tired of the stupid rants by the shorts to go to STON's website and listen to the call.

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