Guidewire Announces $400.0 Million Share Repurchase Program
September 22 2022 - 4:15PM
Business Wire
Guidewire (NYSE: GWRE), provider of the industry platform
Property and Casualty (P&C) insurers rely upon, today announced
that its board of directors approved a share repurchase program
with authorization to purchase up to $400.0 million of its
outstanding shares of Common Stock, effective immediately.
Repurchases under the program may be made in the open market, in
privately negotiated transactions or otherwise, with the amount and
timing of repurchases to be determined at Guidewire’s discretion,
depending on market conditions and corporate needs. Open market
repurchases will be structured to occur in accordance with
applicable federal securities laws, including within the pricing
and volume requirements of Rule 10b-18 under the Securities
Exchange Act of 1934, as amended. Guidewire 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
Guidewire to acquire any particular amount of Common Stock, and may
be modified, suspended or terminated at any time at the discretion
of Guidewire’s board of directors.
Guidewire expects to fund repurchases with existing cash and
cash equivalents, working capital or cash flows from operations. As
of July 31, 2022, Guidewire had cash, cash equivalents, and
investments of $1.2 billion.
About Guidewire
Guidewire is the platform P&C insurers trust to engage,
innovate, and grow efficiently. We combine digital, core,
analytics, and AI to deliver our platform as a cloud service.
Approximately 520 insurers in 38 countries, from new ventures to
the largest and most complex in the world, run on Guidewire.
As a partner to our customers, we continually evolve to enable
their success. We are proud of our unparalleled implementation
track record, with 1,000+ successful projects, supported by the
largest R&D team and partner ecosystem in the industry. Our
marketplace provides hundreds of applications that accelerate
integration, localization, and innovation.
Cautionary Language Concerning Forward-Looking
Statements
This press release contains “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, including but not limited
to, statements relating to Guidewire’s amount, timing and sources
of funding for the share repurchase program. All statements
contained in this press release that do not relate to matters of
historical fact should be considered forward-looking statements,
including without limitation statements regarding Guidewire’s
future performance and opportunities, and the amount, timing and
benefits of a share repurchase program. These forward-looking
statements represent Guidewire’s expectations as of the date of
this press release, and involve risks, uncertainties and
assumptions. The actual results may differ materially from those
anticipated in the forward-looking statements as a result of
numerous factors, many of which are beyond our control, including
changes in price and volume and the volatility of our Common Stock,
adverse developments affecting prices and trading of
exchange-traded securities, including securities quoted on the New
York Stock Exchange, unexpected or otherwise unplanned or
alternative requirements with respect to our capital investments
and the risks and uncertainties disclosed in our reports filed from
time to time with the Securities and Exchange Commission, including
our most recent Form 10-K and any subsequent filings on Forms 10-K,
10-Q or 8-K, available at www.sec.gov. While we may elect to update
such forward-looking statements at some point in the future, we
disclaim any obligation to do so, even if subsequent events cause
our views to change.
For more information, please visit www.guidewire.com and follow
us on twitter: @Guidewire_PandC.
NOTE: For information about Guidewire’s trademarks, visit
https://www.guidewire.com/legal-notices.
GWRE-F
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version on businesswire.com: https://www.businesswire.com/news/home/20220922005777/en/
Investor Contact: Alex Hughes Guidewire Software, Inc. +1
(650) 356-4921 ir@guidewire.com Media Contact: Diana Stott
Guidewire Software, Inc. +1 (650) 781-9955 dstott@guidewire.com
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