Read the earnings call transcript and the language around the buyback when it was announced.

"As I said, we have authorized an up to $1.5 billion two year program, and believe it is more attractive to retire shares at today's prices than to pay dividends at today's yields. We have long supported the dividend as a good vehicle for value delivery, but at today's stock price, that is no longer the case. We expect to opportunistically repurchase shares over the life of the program."

"We believe that the current market value of our shares dictates that the long-term value creation is better realized through share repurchases rather than the payment of a dividend."

"As it relates to how we'll manage the buybacks versus leverage, I mean, look, I really view those things as dynamic that we have to look at in relation to each other given the point in time, right? So we have to look at what our cash performance looks like in any given quarter.

We've got to look at where the debt markets and our leverage are. We've got to look at the buying opportunity in the equity markets. Obviously, in the near term, that buying opportunity, I think, will be strong, but it's not a linear process that we stick to."

"Let me take the buyback question first and then I'll come back to the other one. Look, we won't get into the specifics of timing, but we'll be opportunistic and make sure that we take good advantage of it. I'll tell you that the Board is engaged in this process, and we have a structured and thought through approach to how to go about it. And we'll follow that structured approach. But we'll be opportunistic and not get too specific about our timing on things."

So near term buying opportunity in the equity markets (when stock was at $7+ rather than $5 today), expectation to repurchase shares over the life of the program (implying they will begin as soon as possible) and a better delivery mechanism of shareholder value than the dividend that they cancelled (implying the $250M they guided for dividend in Q4 would be better spent on buybacks).

Finally, is $5/share and a 5x EV/EBIDTA valuation not "opportunistic"?

Again, they emphasized that Kate is aligned on this strategy. If no buybacks, she's a liar just like Jeff and Neel. If they didn't intend to use the buyback anytime soon, it should never have been announced. It would be yet another communications disaster and destruction of trust.