Subject: Re: Today is the day
I like your thought process and your take on the balance sheet.

My concerns about the balance sheet have to do with things I
haven't figured out yet: trying to understand scenarios for
cash burn for the coming year and their impact on the balance
sheet and trying to better understand the covenants associated
with the $661 million in convertible notes and if those covenants
pose any threat if the business deteriorates.

Of the two, getting a handle on cash burn is key for me. It's
not comforting that they've already used up $178 million in cash
on buybacks and $40 million in cash for the investment in Tala.
Of course, they did Tala when things were rosier.