Super conservative initial div. figure vs. 2012, when they added a small amount of leverage and paid out 18% or so of the market cap. As of 10/31, cash should be near $400M, no debt. By payout date (absent a div) they will likely have some $450M cash. I'd think they could borrow $150M for next to free, leave $50M on balance sheet for conservative liquidity, and pay out $550M total or close to $12/share. Net debt of $100M is just .53% or so of trailing EBIT, could be paid down easily within 1 year. Are they super worried (perhaps appropriately) about covid or future covid-like disruptions? Leaving cash for some other strategic purpose? Super interesting. Guess we will find out soon enough.