APAM Artisan Partners 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. Q3 2014: $0M, Q2 2014: $0M, Q1 2014: $76M, Q3 2013: $0M

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

Latest quarter $0M vs trailing avg $25M (-100%)

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

Missing buyback or cash flow data

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

Repurchased 52,262 shares = 0.1% of 80,361,139 outstanding (annualized)

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

18 open-market purchases by 3 insiders

• COXE TENCH () bought 220,000 shares at $45.39 on 2021-12-14
• COXE TENCH () bought 98,000 shares at $51.06 on 2021-04-30
• COXE TENCH () bought 28,828 shares at $20.49 on 2020-03-13
• COXE TENCH () bought 13,097 shares at $21.52 on 2020-03-13
• COXE TENCH () bought 8,075 shares at $22.09 on 2020-03-13
• COXE TENCH () bought 28,828 shares at $20.49 on 2020-03-13
• COXE TENCH () bought 13,096 shares at $21.52 on 2020-03-13
• COXE TENCH () bought 8,076 shares at $22.09 on 2020-03-13
• COXE TENCH () bought 28,828 shares at $20.49 on 2020-03-13
• COXE TENCH () bought 13,097 shares at $21.52 on 2020-03-13

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 $21M, sold $4M (net buying)

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

No buyback-insider divergence detected