CAA cyclicality

When CAA mentions it has lowered its breakeven point, does anyone have any idea of the specifics of this. I, like many, am attracted to this stock because on the face of it it looks dirt cheap. However when I look back to the mid 2000's when it was running major cashflow losses, I concerned that the last few years have just been the good times, and the cash will disappear quickly at the next downturn. I also suspect this is why mgt are holding onto the cash as it may save them from some costly capital raisings when the cycle turns. It would also explain why private equity have not stepped in. That said, at the current share price, it almost makes sense to take it private regardless.