I agree with you on the last part but when you sit on so much cash, you need to leverage that balance sheet. That's what they have done with leap force and figure 8 in the past but the problem is when it comes to acquisition, right now they are focusing on an AI area slightly different from what they do... apparently the big guys (FANG) would have not been happy to see APX snapping up the competition. Appen did not bid on lionbridge on purpose (earnings call transcript below). I think it's a bit odd since the market looks very large to me but maybe lionbridge was too big.
https://finance.yahoo.com/news/edited-transcript-apx-ax-earnings-000000190.html
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