We Got Our Buyback!This is great news for shareholders! Buying back 10% of the Company over the next year can be more than fully funded by the Company's internal cash generating capability. Hopefully management can use their authorization within a few months and can reload on the buyback if the stock stays cheap.
Look, I know that some on this Board have slammed management, but I'll be honest, this makes me like the team a lot more. They hinted on the earnings call that they were going to talk to the Board about doing something, and they acted very quickly after that statement.
Also, thank you to anyone who spoke to management about doing buybacks...I know they were hesitant in the past about doing them, but seeing that they were willing to change their minds should give investors a lot more comfort about this management team.
Good luck to all longs!
Best,
PSDFinancier