$100 million of that cash represents an investment that will lead to future dilution. Other parts of it related to business unit sales several years back. Most of it has nothing to do with earnings. In addition, the company indicated it will use $50 million to buy some of its stock back. The issue with the cash is not that it has it - but what to do with it? Most of it wasn't earned, and dead money is still dead money. It's a cushion that ensures the business will be around, but other than that, Move seems to have no idea of how to reinvest it in a way that will grow the business. It's had most of that money for some time, yet has made no acquisitions, and announced nothing new other than staying focussed on it's core business. At some point - it needs to do something with it - not just hold onto it. Which is why I suspect that it is not valued very highly right now.