CarGurus Announces $250 Million Share Repurchase Program
“We are pleased with the strength of our balance sheet that continues to generate free cash flow while also supporting our new growth and investment areas. We believe our Board of Directors’ authorization supports our thoughtful capital deployment strategy. We are committed to using cash flow from operations to drive business growth, thoughtful add-on acquisitions and strategically returning cash to shareholders through a share repurchase,” said
Share repurchases may be made through a variety of methods, including but not limited to open market purchases, privately negotiated transactions, and transactions that may be effected pursuant to one or more plans under Rule 10b5-1 and/or Rule 10b-18 of the Securities Exchange Act of 1934, as amended, all in accordance with applicable federal securities laws and other applicable legal requirements. The specific manner, timing and amounts of any purchases under the share repurchase program will be subject to the Company’s discretion and may be based on market conditions and other factors, including price. The share repurchase program has an expiration date of
CarGurus® is a registered trademark of
Cautionary Language Concerning Forward-Looking Statements
This press release includes forward-looking statements. All statements contained in this press release other than statements of historical facts, including, without limitation, statements regarding our share repurchase program and our use and deployment of capital, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “guide,” “intend,” “likely,” “may,” “will” and similar expressions and their negatives are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of risks and uncertainties, including, without limitation, risks related to: our growth and ability to grow our revenue; our relationships with dealers; competition in the markets in which we operate; market growth; our ability to innovate; our ability to realize benefits from our acquisitions and successfully implement the integration strategies in connection therewith; natural disasters, epidemics or pandemics, like COVID-19 that has negatively impacted our business; global supply chain challenges, the semiconductor chip shortage, increased inflation and interest rates, and other macroeconomic issues; the material weakness identified in our internal controls over financial reporting; changes in our key personnel; our ability to operate in compliance with applicable laws, as well as other risks and uncertainties as may be detailed from time to time in our Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q and other reports we file with the
Vice President, Investor Relations
Source: CarGurus, Inc.