yes, balance sheet shows the numbers you've recited however much of the cash is restricted based on comments made in their annual report it would appear much of it is restricted. If they have so much available cash, why did they borrow the maximum available on their Credit Agreement ($80 million) in December 2012? The reasons are likely (1) cash on the balance sheet is restricted, (2) they are burning cash on an operating basis. Finally, we you talk about no long term debt that's true on a GAAP basis however they have over $600 MILLION in operating lease commitments and while those commitments are not currently accounted for as debt (althought FASB is looking to change that), they are real contractual commitments that can only be discharged via bankruptcy. In other words, their balance sheet isn't as good as some would believe it to be.