AAMI Acadian Asset Management Inc.

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in only 1/4 quarters. Q2 2023: $0M, Q1 2023: $103M, Q3 2022: $0M, Q2 2022: $0M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $0M vs trailing avg $34M (-100%)

What percentage of free cash flow is going to buybacks? Bull: 30-80%. Bear: <10% or >80%.

Negative FCF ($-102M), cannot compute buyback ratio

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 16,867,510 shares = 47.2% of 35,709,120 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

6 open-market purchases by 3 insiders

• PAULSON & CO. INC. () bought 647,263 shares at $9.79 on 2020-06-24
• Paulson John () bought 647,263 shares at $9.79 on 2020-06-24
• YANG GUANG (President and CEO) bought 25,000 shares at $10.10 on 2019-12-30
• YANG GUANG (President and CEO) bought 25,000 shares at $10.18 on 2019-12-27
• YANG GUANG (President and CEO) bought 1 shares at $10.10 on 2019-12-26
• YANG GUANG (President and CEO) bought 50,000 shares at $9.10 on 2019-08-06

Are insider purchases happening during the same quarters the company is actively buying back stock?

Insider buying coincided with company buybacks in 0 of 4 quarters

Looking at all open-market transactions, are insiders net buyers or net sellers?

Insiders bought $14M, sold $430M (net selling)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

No buyback-insider divergence detected