RingCentral Announces $100 Million Share Repurchase Authorization
13 Dezembro 2021 - 09:30AM
Business Wire
RingCentral, Inc. (NYSE: RNG), a leading provider of global
enterprise cloud communications, video meetings, collaboration, and
contact center solutions, today announced that its Board of
Directors has authorized a share repurchase program under which
RingCentral may repurchase up to $100 million of its outstanding
Class A common stock.
“The Board’s decision to authorize the share repurchase program
reflects our strong confidence in the continued success and
long-term profitable growth of our business, which we believe is
not reflected at the current market valuation,” said Vlad Shmunis,
RingCentral’s founder, Chairman and CEO. “We are committed to
driving long-term shareholder value with a disciplined capital
allocation strategy that balances investing in our business for
growth and opportunistically leveraging favorable market conditions
as they arise.”
Repurchases under this program will be funded from our future
cash flow generation, as well as from additional potential sources
of cash including capped calls associated with previously redeemed
convertible notes.
Under the program, share repurchases may be made at the
Company’s discretion from time to time in open market transactions,
privately negotiated transactions, or other means. The timing and
number of shares repurchased under the program will depend on a
variety of factors, including stock price, trading volume, and
general business and market conditions. The authorization is
effective until December 31, 2022. The Board will review the share
repurchase program periodically and may authorize adjustments of
its terms if appropriate.
Forward-Looking Statements
This press release contains “forward-looking statements,”
including but not limited to, statements regarding our future
financial and operating results and guidance, our ability to drive
long-term shareholder value, and the success of our capital
allocation strategy, including our ability to invest in our growth
and our ability to leverage favorable market conditions.
Forward-looking statements are subject to known and unknown risks
and uncertainties and are based on assumptions that may prove to be
incorrect, which could cause actual results to differ materially
from those expected or implied by the forward-looking statements.
Among the important factors that could cause actual results to
differ materially from those in any forward-looking statements are:
the future effects of the COVID-19 pandemic; our ability to realize
the anticipated benefits of our strategic relationships; our
expectations regarding our strategic acquisitions; our ability to
grow at our expected rate of growth; our ability to add and retain
larger and enterprise customers and enter new geographies and
markets; our ability to continue to release, and gain customer
acceptance of, new and improved versions of our services, including
RingCentral Office®, RingCentral MVP™, and RingCentral Video®; our
ability to compete successfully against existing and new
competitors; our ability to enter into and maintain relationships
with resellers, carriers, channel partners and strategic partners;
our ability to successfully and timely integrate, and realize the
benefits of any significant acquisition we may make; our ability to
manage our expenses and growth; our ability to successfully manage
recent leadership transitions; and general market, political,
economic, and business conditions, as well as those risks and
uncertainties included under the captions “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations,” in our Form 10-Q for the quarter ended
September 30, 2021, filed with the Securities and Exchange
Commission, and in other filings we make with the Securities and
Exchange Commission from time to time.
All forward-looking statements in this press release are based
on information available to RingCentral as of the date hereof, and
we undertake no obligation to update these forward-looking
statements, to review or confirm analysts’ expectations, or to
provide interim reports or updates on the progress of the current
financial quarter.
About RingCentral
RingCentral, Inc. (NYSE: RNG) is a leading provider of business
cloud communications and contact center solutions based on its
powerful Message Video Phone™ (MVP ®) global platform. More
flexible and cost effective than legacy on-premises PBX and video
conferencing systems that it replaces, RingCentral empowers modern
mobile and distributed workforces to communicate, collaborate, and
connect via any mode, any device, and any location. RingCentral
offers three key products in its portfolio including RingCentral
MVP™, a Unified Communications as a Service (UCaaS) platform
including team messaging, video meetings, and cloud phone system;
RingCentral Video ®, the company’s video meetings solution with
team messaging that enables Smart Video Meetings™; and RingCentral
cloud Contact Center solutions. RingCentral’s open platform
integrates with leading third-party business applications and
enables customers to easily customize business workflows.
RingCentral is headquartered in Belmont, California, and has
offices around the world.
© 2021 RingCentral, Inc. All rights reserved. RingCentral,
Message Video Phone, MVP, RingCentral MVP, RingCentral Video,
RingCentral Contact Center, Smart Video Meetings, and the
RingCentral logo are trademarks of RingCentral, Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20211213005329/en/
Investor Relations Contact: Ryan Goodman, RingCentral
(650) 918-5356 Ryan.Goodman@ringcentral.com
Media Contact: Mariana Leventis, RingCentral (650)
562-6545 Mariana.Leventis@ringcentral.com
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