EARNINGS CALL

by Jonathan Sheffi and Ken Stern

Solution: SAME-SEX MARRIAGES

The questions in the transcript refer to specific line items in the income statement. For each question's answer by the CEO, determine the line item and index X letters (where X is the number after the decimal point) into the Yth word (where Y is the number before the decimal point). Doing so gets four letters for each year, spelling MAKE A RESTATEMENT.

2006200520042003
Revenues\$22.6 (M)\$21.5 (A)\$20.5 (T)\$19.3 (M)
Labor\$2.2 (A)\$1.8 (R)\$1.5 (A)\$1.2 (E)
Marketing\$3.4 (K)\$2.8 (E)\$2.5 (T)\$2.4 (N)
Operating Expenses\$6.3 (E)\$5.6 (S)\$4.7 (E)\$4.2 (T)

Going to the website specified in the transcript reveals a note which tells the solver to log into a different directory with the username lspokket, and a THREEWORDPASSWORD, which is MAKEARESTATEMENT (in capitals with no spaces, like THREEWORDPASSWORD).

Entering this username and password gets you the "breaking news" that requires you to make a restatement on all the numbers. After applying the bad news to each of the line items, using the same process as before spells SAME-SEX MARRIAGES.

2006200520042003
Revenues (-20%) \$18.1 (S)\$17.2 (S)\$16.4 (A)\$15.4 (A)
Labor (tripled) \$6.6 (A)\$5.4 (E)\$4.5 (R)\$3.6 (G)
Marketing (+10% of actual revenue) \$5.2 (M)\$4.5 (X)\$4.1 (R)\$3.9 (E)
Operating Expenses (+\$2.5/year) \$8.8 (E)\$8.1 (M)\$7.2 (I)\$6.7 (S)