NICE Accelerates Its Share Repurchase Program and Announces a New $500 Million Share Buyback Plan
June 10 2024 - 7:30AM
Business Wire
NICE (NASDAQ: NICE) announced today that its Board of
Directors has authorized a new $500 million share repurchase
program. At the same time, the Company plans to accelerate the
execution of its current $300 million share buyback.
Barak Eilam, CEO, NICE, said, “The new share repurchase
program and the accelerated execution of the current program
reflect our commitment to enhancing shareholder value, and
demonstrates confidence in the strength of our business, the
Company's long-term growth prospects and our dedication to
delivering returns to our shareholders. By repurchasing shares, we
are capitalizing on our strong cash flow and overall financial
strength to invest in our own future, signaling our belief in the
intrinsic value of NICE. We remain committed to executing our
strategic initiatives and driving sustainable growth. We believe
that this new share repurchase program is a prudent allocation of
capital that will benefit our shareholders and position the Company
for continued success.”
Repurchases under the program may be made from time to time
using a variety of methods, which may include open market
purchases, privately negotiated transactions or otherwise, all in
accordance with U.S. securities laws and regulations, including
Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as
amended (the “Exchange Act”). The Company may also, from time to
time, enter into plans that are compliant with Rule 10b5-1 of the
Exchange Act to facilitate repurchases of its shares under this
authorization. The timing and total amount of share repurchases
will depend upon business, economic and market conditions,
corporate and regulatory requirements, prevailing share prices and
other considerations. This program does not obligate the Company to
acquire any particular amount of ordinary shares and the program
may be extended, modified, suspended or discontinued at any time at
the Company’s discretion. The Company expects to fund repurchases
with cash on hand and future cash generated from its
operations.
About NICE NICE (Nasdaq: NICE) is the worldwide leading
provider of both cloud and on-premises enterprise software
solutions that empower organizations to make smarter decisions
based on advanced analytics of structured and unstructured data.
NICE helps organizations of all sizes deliver better customer
service, ensure compliance, combat fraud and safeguard citizens.
Over 25,000 organizations in more than 150 countries, including
over 85 of the Fortune 100 companies, are using NICE solutions.
www.nice.com.
Trademark Note: NICE and the NICE logo are trademarks or
registered trademarks of NICE. All other marks are trademarks of
their respective owners. For a full list of NICE' marks, please
see: http://www.nice.com/nice-trademarks.
Forward-Looking Statements This press release contains
forward-looking statements as that term is defined in the Private
Securities Litigation Reform Act of 1995. In some cases,
forward-looking statements may be identified by words such as
“believe,” “expect,” “seek,” “may,” “will,” “intend,” “should,”
“project,” “anticipate,” “plan,” and similar expressions.
Forward-looking statements are based on the current beliefs,
expectations and assumptions of the Company’s management regarding
the future of the Company’s business, future plans and strategies,
projections, anticipated events and trends, the economy and other
future conditions. Examples of forward-looking statements include
guidance regarding the Company’s revenue and earnings and the
growth of our cloud, analytics and artificial intelligence
business.
Forward-looking statements are inherently subject to significant
economic, competitive and other uncertainties and contingencies,
many of which are beyond the control of management. The Company
cautions that these statements are not guarantees of future
performance, and investors should not place undue reliance on them.
There are or will be important known and unknown factors and
uncertainties that could cause actual results to differ materially
from those expressed or implied in the forward-looking statements.
These factors, include, but are not limited to, risks associated
with changes in economic and business conditions, competition,
successful execution of the Company’s growth strategy, success and
growth of the Company’s cloud Software-as-a-Service business,
difficulties in making additional acquisitions or effectively
integrating acquired operations, products, technologies and
personnel, the Company’s dependency on third-party cloud computing
platform providers, hosting facilities and service partners,
rapidly changing technology, cyber security attacks or other
security breaches against the Company, privacy concerns and
legislation impacting the Company’s business, changes in currency
exchange rates and interest rates, the effects of additional tax
liabilities resulting from our global operations, the effect of
unexpected events or geo-political conditions, such as the impact
of conflicts in the Middle East, that may disrupt our business and
the global economy and various other factors and uncertainties
discussed in our filings with the U.S. Securities and Exchange
Commission (the “SEC”).
You are encouraged to carefully review the section entitled
“Risk Factors” in our latest Annual Report on Form 20-F and our
other filings with the SEC for additional information regarding
these and other factors and uncertainties that could affect our
future performance. The forward-looking statements contained in
this press release speak only as of the date hereof, and the
Company undertakes no obligation to update or revise them, whether
as a result of new information, future developments or otherwise,
except as required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240610455866/en/
Investor Relations Contact Marty Cohen, +1 551 256 5354,
ir@nice.com, ET Omri Arens, +972 3 763-0127, ir@nice.com, CET
Media Contact Chris Irwin-Dudek, +1 (551) 256-5140,
Chris.Irwin-Dudek@nice.com
NICE (NASDAQ:NICE)
Historical Stock Chart
From May 2024 to Jun 2024
NICE (NASDAQ:NICE)
Historical Stock Chart
From Jun 2023 to Jun 2024