NextGen Healthcare Announces $60 Million Share Repurchase Program

Rhea-AI Summary

NextGen Healthcare (NASDAQ: NXGN) announced a share repurchase program authorized by its Board of Directors, allowing for the buyback of up to $60 million of common stock through March 2023. This initiative aims to strategically utilize cash while maintaining flexibility for future investments, including acquisitions and R&D. The company emphasizes a disciplined approach to capital allocation and believes strong cash flow positions them well for returning value to shareholders while pursuing growth opportunities.

Positive

• Authorization of a $60 million share repurchase program, indicating confidence in future performance.
• Strong cash flow generation supporting the ability to return cash to shareholders.

Negative

• None.

ATLANTA--(BUSINESS WIRE)-- NextGen Healthcare, Inc. (Nasdaq: NXGN), a leading provider of ambulatory-focused technology solutions, today announced that its Board of Directors has authorized a share repurchase program under which the Company may repurchase up to $60 million of its outstanding shares of common stock through March 2023.

"We believe that the share repurchase program announced today represents an appropriate and strategic use of the company's cash, while retaining sufficient flexibility to fund future expenditures, including acquisition and partnership opportunities as well as investments in research and development," said David Sides, NextGen Healthcare President and CEO.

“NextGen Healthcare maintains a disciplined and thoughtful approach to capital allocation and is committed to strategically deploying capital where we believe we can drive the greatest value for our shareholders,” said Jamie Arnold, Chief Financial Officer of NextGen Healthcare. “We believe our positive business momentum, including strong cash flow generation, provides us with ample capacity to return cash to shareholders while continuing to execute on our growth strategy.”

The timing and amount of any share repurchases under the share repurchase program will be determined by NextGen Healthcare’s management at its discretion based on ongoing assessments of the capital needs of the business, the market price of NextGen Healthcare’s common stock and general market conditions. Share repurchases under the program may be made through a variety of methods, which may include open market purchases, in block trades, accelerated share repurchase transactions, exchange transactions, or any combination of such methods. The program does not obligate NextGen Healthcare to acquire any particular amount of its common stock, and the share repurchase program may be suspended or discontinued at any time at the Company’s discretion.

The Company currently has approximately 67 million shares outstanding.

About NextGen Healthcare, Inc.

NextGen Healthcare, Inc. (Nasdaq: NXGN) is a leading provider of ambulatory-focused technology solutions. We are empowering the transformation of ambulatory care—partnering with medical, behavioral and dental providers in their journey to value-based care to make healthcare better for everyone. We go beyond EHR and PM. Our integrated solutions help increase clinical productivity, enrich the patient experience, and ensure healthy financial outcomes. We believe in better. Learn more at nextgen.com, and follow us on Facebook, Twitter, LinkedIn, YouTube and Instagram.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211028005943/en/

Investor Relations Contact

Matthew Scalo

(415) 370-9202

mscalo@nextgen.com

Source: NextGen Healthcare, Inc.