Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from John Blackledge - Credit Suisse.
John Blackledge - Credit Suisse
Thank you. Thanks for taking my call. Just a couple of questions, so you guys have $120 million in cash or about $3 per share after the capital injection, just, Rich, if you can just talk about what you might do by the end of the year with that cash or if anything at all, I know you alluded to it a little bit, so that would be one question.
The other would be I think you just said average cancellation rate was 6.8% per month. So, is that a new metric that you guys are introducing and if you can just talk to what it was in the first quarter and maybe what it was in 2008? Thanks.
Rich Boyle
Sure, so in terms of what do we with the cash, I mean the two preferred avenues of putting that to use are what we discussed in the call, we don’t have specific M&A targets that we are willing to talk about at this point, but one would be looking at some acquisitions that we think expand the range of services we provide to our customers or expand the scale of our marketplace.
We have been active acquirers in the past and are certainly actively evaluating number of things right now. So something that we’re very focused on and hope to be successful in, but we are part of what is, the timing issues have to do with a very disciplined bunch in terms of how we go about that.
So, there are a number of things we are looking at and that we hope to bring the fruition, but nothing that we are ready to announce at this time. Then in addition to that, we have on an ongoing basis been making investments in the business on an organic sense and we are going to continue to do that as well.
There’s a number of things going on this year in terms of aggregating more for lease spaces would be an example of areas where are building not just tools, but investing in business processes and executing up the scale of that to try to grow the overall marketplace. So, we’ll continue to drive in some of those organic investments as well.
Then, thirdly, we have in the Xceligent case made a strategic investment where we made some minority stakes was found in acquisition at this point, but it’s a business partner that we’ve been end up with a very close relationship with that we think benefits both businesses.
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