### Comment:
The CFO mentioned after the buyback announcement they would eventually phase in dividends but didn’t mention a timeline. Management may believe their FCF could’ve used better right now than issuing dividends to appease investors in the short term.

### REPLY:
iirc They want to be net cash positive first, have liquidity second, money for capex, and lastly return of capital.  They just got enough for #1 in June, expanded their line of credit about a month ago for #2, just earmarked an expansion for cap ex, and now money made going forward is for shareholder return (buybacks and dividends). 
  
 Source: listened to the CFO presentation at the Citi conference.

### END.