Matt Levine has a great take on this in regards to the airline industry in this pandemic. He talks about all the people upset about all the stock buybacks they did during the boom years and how they should have saved cash for a pandemic.

He runs the basic math, and even if the airlines completely cease to exist, it was still the financially sound decision to return the money to investors. Even if they knew the pandemic was going to happen this year, they made the right decision... and given that this was such a rare event, it would have been extremely foolish to try to maintain a cash cushion for this.