Stephen Pace

Yes.

I mean, if there's anything that would define me, it was the fact that nothing bothers me more than not being able to make a sale.

Well, it's funny you say that.

I grew up understanding that books are like babies.

When we get to the place where we've got a book that's finished and it's being put in boxes and sent out to stores around the country, I make sure that we're taking as good a care as we can for each one of those little babies.

My job is to both protect against the downside and to try to ensure the upside.

My job is to make sure that the first print is both aspirational, I want to have more books than I think I can sell in all cases, but I also have to sell everything I make.

So I'm both setting a goal for myself and finding a pathway to achieve it every time I set a first print.

If I don't have enough books, if I start to sell and I don't have books and I got to wait six months to print and get those books back in, I'm dead in the water.

It's just almost no way I can come back to a book six months later and gin up the same kind of demand that I had.

Remaindering is when you, say, get a large quantity of a book back,

And someone who might run a book warehouse who sells books at 40 off might come to you and say, okay, I see you have a lot of inventory and I will pay you $3 per copy to buy all of that inventory.

And they sell it through all kinds of various channels.

When you have that many books, you really have to try to recover some of that inventory cost and the loss.

So they would remainder in Elon Musk.

Yes.

Yeah.

It's an auction, if you will, kind of a fire sale auction.

It's a giant conveyor belt and you put books on it and it runs up to this giant shredder machine.

And it just runs 24 hours a day, seven days a week.