I love IACI's reports by Jefferson Researh and EVA.
Balance sheet is "weak" with more cash than debt ? Silly. Stock trades at about 5x EBITDA and 13% FCF yield for '13 -- bears and shorts have been "playing with it" since the fall confusion but the valuation relative to fundamentals is very cheap. Company has history of buying back a lot of stock when it's oversold and that's one of the reasons they just issued debt at attractive rates.
The balance sheet ratios, including the quick ratio, have deteriorated. The multiple and FCF yield you site are valuation related which is attractive. However, Jefferson Research did have a buy on it and moved to a hold due to concerns about balance sheet weakness.
I can't get that report but there is nothing weak about the balance sheet -- they have more cash than debt, strong and growing after-tax FCF, very modest cap ex relative to rev and earns, and virtually no working capital (people pay for match subs in advance and search advertising is collected monthly). That report is just wrong and if you disagree, be specific as I have been.