RE: RE: Yash22 @Yasch22. In retail business, the usual practice is retail outlets carry stocks on consignment basis. The period on consignment would be pre-determined between outlets and the manufacturer. I suspect different carriers would command different arrangements based on their sell through and performance. But if the above is not the prevalent practice in the smartphone business, then one can assume that stocks are granted to retailers on credit, which case, the inventory carrying costs and risks is that of the retailer and not BB. We can have clarity on this issue if we knew that the Balance Sheet of carriers would show inventory as a cost of sale - which case the second assumption is on track. I see no sense for BB or any other smartphone manufacturer producing and incurring inventory costs unless they are their own sellers of the products. The incentive then for carriers to carry costs of inventory is their ability to forecast sales, which then determines their order quantities on a periodic basis and the margins they will make on each unit. A basic principle of business is you need to spend money in order to make money. When I was at Rogers in Scarborough Shopping center recently, the sales rep indicated a BB unlocked costs C$650. But a 3 year contract costs C$99, and a 2 year contract $199. In any of the 3 sale options, Rogers will make money. They know their unit costs. And the latter is what BB gets - upfront within their credit limit arrangements with the carriers. This is IMHO.