Cash on the books during inflation is bad math, it’s losing value rapidly

Buy backs increase price - historically, more buy backs before an economic downturn. In this case, the company doesn’t see the stock as undervalued as much as inflation as a risk to cash

Buy back runs price up which makes it easy to justify a split. A split obscures the overpriced nature of the stock. Many see the lower price but don’t look at the valuation being unchanged. Makes it easier to sell the top to less knowledgeable traders/investors because some are not paying attention etc

Unrealized Capital gains are not taxed but return of capital and dividends are. Better to have the option to defer taxes