Yep. They are effectively backing themselves for growth better than the market price forecast or other investments.
Discussion
Is this another way of saying that they're investing in themselves?
Effectively yes. Investing in themselves as opposed to other opportunities.
It’s often a market buy signal, however the market prices it in pretty quickly. It also means less shares for sale short term, and can drive prices up - however often the shares they buy back are not via public exchanges and instead private off-market deals.