DigitalOcean Announces New $300 Million Share Repurchase Program
May 24 2022 - 8:15AM
Business Wire
DigitalOcean Holdings, Inc. (NYSE: DOCN), the cloud for
developers, startups and SMBs, today announced that its board of
directors has approved a new plan for the repurchase of up to an
aggregate of $300 million of its common stock. This plan is in
addition to the $300 million program that was announced in February
2022 and completed in May 2022.
“We are committed to delivering 30%+ revenue growth with robust
free cash flow coupled with an efficient capital structure to
deliver compelling returns for our investors,” said Yancey Spruill,
CEO of DigitalOcean. “This announcement demonstrates the confidence
we have in our ability to generate free cash flow while still
maintaining a strong balance sheet to support our commitment to
invest in our organic and inorganic growth.”
The repurchases will be made from time to time in the open
market at prevailing market prices or in negotiated transactions
off the market. Open market repurchases will be structured to occur
within the pricing and volume requirements of Rule 10b-18. The
company may also, from time to time, enter into Rule 10b5-1 plans
to facilitate repurchases of its shares under this authorization.
This program does not obligate the company to acquire any
particular amount of common stock and the program may be extended,
modified, suspended or discontinued at any time at the company’s
discretion.
About DigitalOcean
DigitalOcean simplifies cloud computing so developers and
businesses can spend more time building software that changes the
world. With its mission-critical infrastructure and fully managed
offerings, DigitalOcean helps developers, startups and small and
medium-sized businesses (SMBs) rapidly build, deploy and scale
applications to accelerate innovation and increase productivity and
agility. DigitalOcean combines the power of simplicity, community,
open source and customer support so customers can spend less time
managing their infrastructure and more time building innovative
applications that drive business growth.
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version on businesswire.com: https://www.businesswire.com/news/home/20220524005168/en/
Investor Contact Rob Bradley investors@digitalocean.com
Media Contact Spencer Anopol press@digitalocean.com
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