EXL Announces Three-Year $20 Million Annual ShareTuesday, February 24, 2015
ExlService Holdings, Inc. (NASDAQ: EXLS) today announced that its Board of Directors has authorized a three-year $20 million annual common stock repurchase program, effective immediately. The intent of the repurchase program is to offset dilution from annual employee equity grants.
“We have a strong balance sheet with cash and cash equivalents of $188 million as of December 31, 2014, and our business generates over $100 million of adjusted EBITDA each year,” commented Rohit Kapoor, Vice Chairman and CEO of EXL. “This repurchase program demonstrates our confidence in our long-term growth outlook, while also allowing us the flexibility to continue to make strategic investments and acquisitions.”
Shares may be purchased through December 31, 2017 by the Company on the open market and through private transactions as determined by EXL’s management. The Company expects that open market repurchases under the repurchase program will be structured to comply with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, which sets certain restrictions on the method, timing, price and volume of open market stock repurchases. The Company may discontinue repurchases at any time that management determines additional purchases are not warranted.