Allscripts Announces New Share Repurchase Program

Rhea-AI Summary

Allscripts Healthcare Solutions has announced a new share repurchase program approved by its Board of Directors, allowing the buyback of up to $350 million of its common stock. This program replaces the previous authorization of $300 million, which was fully utilized by the company. Allscripts emphasizes its strong financial performance and balance sheet as enabling factors for this expansion. The repurchase will be conducted in the open market or through negotiated transactions, with no set termination date.

Positive

• New share repurchase program of $350 million enhances shareholder value.
• Previous program of $300 million was fully utilized, indicating strong commitment to capital deployment.
• Strong balance sheet supports continued share buybacks, reflecting financial stability.

Negative

• None.

Allscripts Healthcare Solutions announced today that its Board of Directors has approved a new share repurchase program under which Allscripts may purchase up to $350 million of its common stock. The new share repurchase program does not have a termination date.

The new share repurchase program replaces the previously existing share repurchase program, which authorized Allscripts to repurchase $300 million of its common stock through December 31, 2021. Allscripts repurchased the entire amount available under the prior program.

"Our strong balance sheet and financial performance enable us to expand our share repurchase program, which remains an attractive component of our capital deployment strategy," said Rick Poulton, Allscripts President and Chief Financial Officer.

Allscripts plans to repurchase shares from time to time in the open market, through transactions that may be characterized as derivatives (including accelerated share repurchases), or in privately negotiated transactions, subject to market conditions. There is no guarantee as to the exact number of shares or value that will be repurchased under the stock repurchase program, and Allscripts may discontinue purchases at any time. Whether Allscripts makes any repurchases will depend on many factors, including but not limited to its business and financial performance, the business and market conditions at the time, including the price of Allscripts shares, and other factors that management considers relevant.

About Allscripts
Allscripts (NASDAQ: MDRX) is a leader in healthcare information technology solutions that advance clinical, financial and operational results. Our innovative solutions connect people, places and data across an Open, Connected Community of Health™. Connectivity empowers caregivers to make better decisions and deliver better care for healthier populations. To learn more, visit www.allscripts.com, Twitter, YouTube and It Takes a Community: The Allscripts Blog.

© 2021 Allscripts Healthcare, LLC and/or its affiliates. All Rights Reserved.

Allscripts, the Allscripts logo, and other Allscripts marks are trademarks of Allscripts Healthcare, LLC and/or its affiliates. All other products are trademarks of their respective holders, all rights reserved. Reference to these products is not intended to imply affiliation with or sponsorship of Allscripts Healthcare, LLC and/or its affiliates.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws. Statements regarding future events or developments, our future performance, as well as management's expectations, beliefs, intentions, plans, estimates or projections relating to the future are forward-looking statements with the meaning of these laws. These forward-looking statements are subject to a number of risks and uncertainties. As a result, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on our results of operations or financial condition. See our Annual Report on Form 10-K for 2020 and other public filings with the SEC for a further discussion of these and other risks and uncertainties applicable to our business. The statements herein speak only as of their date and we undertake no duty to update any forward-looking statement whether as a result of new information, future events or changes in expectations.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210526005114/en/

FAQ

What is the amount of Allscripts' new share repurchase program?

Allscripts' new share repurchase program is approved for up to $350 million.

When does the new share repurchase program end?

The new share repurchase program does not have a specific termination date.

How much was the previous share repurchase program?

The previous share repurchase program authorized up to $300 million, which was fully utilized.

What are the expected impacts of the share repurchase on MDRX stock?

The share repurchase is expected to enhance shareholder value, but exact market impacts depend on various factors.