Thank you SkyHigh and Jurek, I think you've got it nailed. I suck with numbers, but logistically speaking that makes perfect sense. They just plug numbers into their spreadsheets, and theoretically speaking a few dollars more or less will trigger the royalty tax. That would absolutely explain why 3P+ would drop net revenue over 2P+ instead of raise it.

Fascinating!

There was also a reference made regarding the same charts about the cumulative cash position. I think it had something to do with never dropping below net revenue -- not touching the original $500M -- didn't understand it but now with the small glimpse of insight you've provided I might be able to listen again and figure it out.

What a great story to watch unfold.

Thanks so much for the push.

-bbq