NEW YORK – ExlService Holdings, Inc. (NASDAQ: EXLS), a notable analytics and digital operations company, has declared a new $500 million stock repurchase program, as confirmed by the company's executive vice president and chief financial officer, Maurizio Nicolelli.
This announcement comes as the latest move in the company's capital allocation strategy, set to commence on March 1, 2024, and will span over two years.
The decision to initiate a new repurchase program follows the company's previous actions in 2023, where it bought back around $125 million of its own shares. The new repurchase authorization signals the company's belief in its growth prospects and its ability to generate substantial free cash flow.
ExlService's current repurchase program, which was announced on November 2, 2021, and allowed for the repurchase of up to $300 million of common stock over a three-year timeline, will conclude today. As of February 28, 2024, the company has repurchased approximately $213 million under the existing plan.
The repurchase of shares under the new program may be executed through various methods, including open market purchases, block trades, or other privately negotiated transactions. These may also involve non-discretionary trading plans, such as those under Rule 10b5-1.
The company aims to conduct open market repurchases in accordance with Rule 10b-18 of the Securities Exchange Act of 1934, which imposes regulations on the methods, timing, pricing, and volume of stock repurchases.
It is important to note that the program does not obligate ExlService to acquire a specific number of shares, and the company retains the discretion to suspend, modify, or discontinue repurchases at any time as per management's judgment.
ExlService Holdings, Inc., established in 1999, specializes in leveraging data analytics, artificial intelligence, and deep industry expertise to transform operations for leading corporations across various sectors, including insurance, healthcare, and banking. The company, headquartered in New York, employs over 54,000 people across six continents.
This news is based on a press release statement and provides an overview of the company's stock repurchase plans without endorsing its claims or future prospects.
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