Very encouraging. As long as the stock is below book value ($14+) management is willing to buy back quite a few shares. Also seem to be confident that in a normal operating environment the company is positioned to do quite well...obviously these are anything but normal times though.
The only negative is Ceridian....bleeding red ink. Might explain the recent management change...in my opinion they bought at the top and paid way too much for it. Fortunately FNF only owns 1/3 of the company with private equity owning the other 2/3..
That's because Ceridian dumped the only good thing it had, Powerpay, in favor of the newer Freedom platform which took over 5 years just to roll out and it still didn't work right. How do you release a product to the public that doesn't work right? Ceridian started forcing it's customers over to Freedom (around 2007), and most of them went to ADP instead because Freedom still had too many quirks that needed to be ironed out. Some of the promises Ceridian had made regarding things Freedom could do better than Powerpay ended up not coming true. In fact, in some ways Freedom was inferior to Powerpay, especially in the user-friendly department.
On top of all of that, in 2009 Ceridian closed the New Jersey offices (the payroll and tech support offices), and basically moved almost everything to St. Louis with all new employees. Those new employees had all of maybe 3 weeks of training before they were unleashed to the public. Most of them didn't have any payroll experience at all. About a month after that, most of the NJ employees, along with most of the experience and product knowledge, were laid off.
<<As long as the stock is below book value ($14+) management is willing to buy back quite a few shares.>>
Don't get carried away about being below book, they seem to be carrying quite a load of intangible assets which can no longer be written off. There will not be enough data to check Foley's quote until the 10K comes out.
I am really impressed on the bargain that they got on the bond deal.