Can you expand on what the implication of your comment is? Book value on the balance sheet is ~$474 million, but that doesn't seem particularly meaningful in a

Can you expand on what the implication of your comment is? Book value on the balance sheet is ~$474 million, but that doesn't seem particularly meaningful in a valuation context for the business (especially considering the ~$1,123 million they are carrying for treasury stock). As for inventory, they have that carried on their books for ~$1,000 million, which also means very little without a broader context on the state of the business.