They've got about $300M in cash, no investments in balance sheet, and very little FCF in recent quarters. Are they going to borrow $1B to buy 20% of market cap? Not sure much of that proposed buy back will ever happen.
Can't agree more. The cash on the balance sheet is from advance payments from bookings but this is drying up, hence cash will dry up. Also, there is something amiss with the IMM acquisition. Gut feel is they will need to write off north of $1B in goodwill.