With $25MM* of the current $100MM repurchase authorization complete, it will be interesting to see if the team accelerates repurchases into the end of ‘22. On Jan 1, 2023 all future repurchases come with the added baggage of a 1% excise tax thanks to the Inflation Reduction Act. Plenty of cash on the balance sheet now, to be sure. Maybe we could even increase the buyback authorization?
*These shares could have have been purchased much more cheaply over the past 4 years but we all know the story of the carpetbagger egos that got in the way.