You are both wrong. $68m of cash, no debt. They said in their release Ebitda midpoint of $31m. 14m shares times $11 a share equals $154m less $68m gives Enterprise value of $86m. Divide $86 into $31m of Ebitda and UNTD is trading less than 3x Ebitd. Way too cheap, considering elnk is at 5x and is all dial up.