In my opinion, more shares could also be used for acquisitions as well as protection. And as much as they may really have a lot of cash,saving every real dollar can help them avoid ever having to go to a bank for a loan. I believe that is a valid tactic to employ within an aggressive growth/acquisition strategy that will ultimately leave the company with operational income instead of debt. Liquidity can allow them to make moves, while any debt would require them to backtrack a bit after the growth spurt.
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