Doesn't have to affect the balance sheet
They have increasing free cash flow. Use part of it for share repurchases and part for debt paydown. When the stock is significantly higher, they can tap the ELOC and make a bigger dent in the debt.
It's certainly a better use of capital, at the current valuation, than buying another company, which apparently is still on the table.
Unfortunately, Kent's error in communication put us in this predicament. He needs to offset with something meaningful, not through the issuance of another class of shares.
News 
Market Data 
Discover 
AI
