Pledged deposits question

[west]

Hey all.  I'm analyzing a company that has a decent chunk (but still less than 25%) of its Accounts Receivable in "Pledged Deposits".  In other words, it has cash that it holds as security for letters of guarantee.

 

The thing I'm trying to figure out is: Should I treat this cash as Accounts Receivable, like it's classified?  Technically they own it and its cash, so probably not.  But I'm not sure.

 

I'd love to hear other people's thoughts on this.  TIA!

 

PS-

For what it's worth, for the enterprise value calculation I'm leaving this cash out of calculation.  They can't touch it, so I'm treating it like operating cash.  If you think I'm wrong about this, let me know!