Inventory as a current asset
I suspect the $32 million of inventory as a current asset is making people believe ESN is more undervalued than it is. Why do you think this as a current asset instead of as a long-term one?
When I think of current assets, I think of that which can be easily and quickly converted to cash. I don't think this "inventory" is nearly as valuable as actual cash or receivables, which skews things when we compare ESN against others because we see the vey large current assets without being more critical about just what is included there.
They are able to get away with that, but for our sake we really should exclude that in the current assets portion of the balance sheet.
What do you think?