This is exactly the same as a dividend, but the benefit is shareholders can choose when to recognize profits rather than being forced to when given the dividend

This is exactly the same as a dividend, but the benefit is shareholders can choose when to recognize profits rather than being forced to when given the dividend. The double-taxation of corporate taxes and dividend income has made this the far better choice. One gives money to shareholders directly, the other indirectly by boosting the share price. There is nothing nefarious about this. If a company has free cash flow and can’t find a way to reinvest to grow faster than the standard rate of return, then it should be given back to shareholders to be reinvested in the economy more productively.