Most growth companies are not paying dividends or buying back stock. If the board is really committed to being a growth company, then shred the dividend and buy backs and pour that capital into company. They won't of course....easier to increase stock short term by slashing expenses and head count. It is all a ruse.
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Hmm, but the dividend rate was only a modest 22 cents per share in 2000....now like 2.08 per share. Stock repurchase program took off about same time as dividend splurge started 2007.
Read up.
Dividends have been issued every year, even during the great boom years right up to 2007. Sounds like your theory is a ruse...
Dividends probably are $1.3B alone annually....and billions more for buybacks in coming few years. John acknowledged we have plenty of cash flow for that.