RT @MadCowCapital: Interesting comment from $UTHR management yesterday, couldn't help but do a double take. They said that the company bought back $4B worth shares outstanding and how they're returning capital to the shareholders. Let's try to unpack this. From Jan 2024 to June 2026, if you add the ASRs and the s/o reported there, the three completed ASRs purchased 8,733,267 shares, equivalent to ~19% of the roughly 47 million shares outstanding before these programs began. Wow, what a shareholder friendly team. Excellent capital allocators, Charlie Munger would've loved this am I right? Hold on! But as of 2Q26, the net decrease in s/o after these repurchases was ~4.2 million shares, or 8.9%. Why does the math not reconcile you ask? Because in that timeframe they issued 4,369,557 sh
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