Jun. 30 at 7:45 PM
$FLYW More buybacks to be announced soon. I can see these guys buying back stock every day esp either side of midday. Last qtr they did
$49M worth of buybacks and they had
$57M of program left at start of 2Q. Eyeballing an avg price of say
$10.94 in 2Q and assuming they did the entire amount that's 5.2m shares (4% of diluted shares in one qtr, offset by maybe 1% of new issuance). They have
$231M of cash at 1Q and after
$57M buyback in 2Q, and with
$60M debt and with about
$91M of free cash gen over the next 12m that's
$205M of true net cash to play with. They think the stock is extremely cheap so if they did
$200M that would allow a net 9.5% reduction in share count after offsetting regular stock comp issuance. That's at
$11.60 stock price but I'd expect it to be much higher a year out - hence they execute if still cheap or at
$20 stock they do M&A instead. FCF by 2027 should be about
$140-150m so it's not like they need to conserve cash. At 6x '27 ev/ebitda it's a no brainer.
