It signals to me they see it more beneficial to funnel that...

It signals to me they see it more beneficial to funnel that money into growing the business through existing services and possibly new services or acquisitions than paying money back to shareholders putting pressure on cash-flow while doing the aforementioned.

Managements core responsibility is to deliver the best outcomes, long-term, for the business and its shareholders. Not to keep shareholders happy short-term with a dividend that puts pressure on cash-flow and could hinder growth in the business. Responsible and respectable choice by management IMO.