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Smartsheet (NYSE: SMAR) has announced a $150 million share repurchase program, giving the company the authorization to buy back its outstanding Class A common stock. The program allows for repurchases through various methods, including open market purchases and block trades. The timing and amount of repurchases will be determined by the company's management based on market conditions and other factors. The program has a duration of approximately twelve months and does not require a minimum purchase commitment. Smartsheet may suspend or end the program at any time at its discretion.
Smartsheet (NYSE: SMAR) ha annunciato un programma di riacquisto di azioni del valore di 150 milioni di dollari, concedendo alla società l'autorizzazione a riacquistare le proprie azioni ordinarie di Classe A in circolazione. Il programma prevede riacquisti tramite vari metodi, inclusi acquisti sul mercato aperto e operazioni di blocco. La tempistica e l'importo dei riacquisti saranno determinati dalla gestione dell'azienda in base alle condizioni di mercato e ad altri fattori. Il programma ha una durata di circa dodici mesi e non richiede un impegno minimo di acquisto. Smartsheet può sospendere o terminare il programma in qualsiasi momento a sua discrezione.
Smartsheet (NYSE: SMAR) ha anunciado un programa de recompra de acciones por 150 millones de dólares, otorgando a la empresa la autorización para recomprar sus acciones comunes Clase A en circulación. El programa permite las recompras a través de varios métodos, incluyendo compras en el mercado abierto y transacciones en bloque. El momento y la cantidad de las recompras serán determinados por la gestión de la empresa basándose en condiciones del mercado y otros factores. El programa tiene una duración de aproximadamente doce meses y no requiere un compromiso mínimo de compra. Smartsheet puede suspender o finalizar el programa en cualquier momento a su discreción.
Smartsheet(NYSE: SMAR)는 1억 5천만 달러 규모의 주식 매입 프로그램을 발표하였으며, 이를 통해 회사는 유통 중인 Class A 보통주를 매입할 수 있는 권한을 부여받았습니다. 이 프로그램은 개방된 시장에서의 구매 및 블록 거래를 포함하여 다양한 방법으로 매입을 허용합니다. 매입의 시기와 규모는 시장 상황과 기타 요인을 기반으로 회사 경영진에 의해 결정될 것입니다. 프로그램은 대략 12개월 간 유효하며, 최소 구매 약속은 요구되지 않습니다. Smartsheet는 언제든지 임의로 프로그램을 중단하거나 종료할 수 있습니다.
Smartsheet (NYSE: SMAR) a annoncé un programme de rachat d'actions de 150 millions de dollars, autorisant l'entreprise à racheter ses actions ordinaires de classe A en circulation. Le programme permet des rachats par diverses méthodes, y compris des achats sur le marché ouvert et des transactions en bloc. Le moment et le montant des rachats seront déterminés par la direction de l'entreprise en fonction des conditions du marché et d'autres facteurs. Le programme a une durée d'environ douze mois et ne nécessite pas d'engagement d'achat minimum. Smartsheet peut suspendre ou mettre fin au programme à tout moment à sa discrétion.
Smartsheet (NYSE: SMAR) hat ein Aktienrückkaufprogramm im Wert von 150 Millionen Dollar bekannt gegeben, das der Gesellschaft die Genehmigung erteilt, ihre ausstehenden Stammaktien der Klasse A zurückzukaufen. Das Programm ermöglicht Rückkäufe durch verschiedene Methoden, einschließlich Käufe auf dem offenen Markt und Blockhandel. Zeitpunkt und Umfang der Rückkäufe werden vom Management der Gesellschaft in Abhängigkeit von Marktlage und anderen Faktoren bestimmt. Das Programm hat eine Laufzeit von etwa zwölf Monaten und erfordert kein Mindestkaufengagement. Smartsheet kann das Programm jederzeit nach eigenem Ermessen aussetzen oder beenden.
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Insights
Smartsheet's initiation of a $150 million share repurchase program can be interpreted as a signal of self-confidence from the company's management, indicating they believe the stock is undervalued. From a financial perspective, this move is expected to help bolster the share price by reducing the supply of shares available in the open market. Additionally, it can positively affect earnings per share (EPS) figures by decreasing the number of shares outstanding, potentially leading to a more favorable valuation by investors.
However, it's important to consider the opportunity cost of using cash for repurchases as opposed to other initiatives like research and development, acquisitions, or debt reduction. Investors should weigh the benefits of a possibly higher share price against the company's long-term growth prospects. The lack of a minimum purchase commitment and the discretionary nature of this program provide Smartsheet the flexibility to adjust their buyback strategy as market conditions change, which can be particularly valuable in periods of volatility.
Looking at the broader market, share repurchase programs are often well-received by investors, as they can be viewed as a company returning value to shareholders. However, the effectiveness of such programs in creating long-term shareholder value is debated. It's important to note that the share repurchase announcement from Smartsheet comes at a time when tech stocks have experienced considerable price fluctuations.
Assessing the industry context, if Smartsheet's competitors are engaging in similar buyback programs, this could indicate an industry trend where companies opt to improve shareholder returns in lieu of immediate growth opportunities. If Smartsheet's stock is indeed undervalued compared to its peers, the repurchase program could make it a more attractive investment. Nonetheless, shareholders should consider whether the buyback is the best use of capital, given the company's growth strategy and market positioning.
BELLEVUE, Wash.--(BUSINESS WIRE)--
Smartsheet (NYSE: SMAR), the enterprise work management platform, today announced that its Board of Directors has authorized the repurchase of up to $150 million of the company’s outstanding Class A common stock through open market purchase, block trades, and/or in privately negotiated transactions or pursuant to 10b5-1 plans, in compliance with applicable securities laws and other legal requirements.
The timing, manner, price, and amount of any repurchase will be subject to the discretion of the company’s management based on its evaluation of a variety of factors, including the market price of the company’s Class A common stock, general market conditions, applicable legal requirements, and other business considerations.
The program has no minimum purchase commitment and may extend over a period of approximately twelve months. The repurchase program does not obligate Smartsheet to acquire any particular amount of Class A common stock and the repurchase program may be suspended or discontinued at any time at Smartsheet’s discretion without prior notice.
Cautions Regarding Forward-Looking Statements
The press release contains forward-looking statements, including Smartsheet’s intention to implement a program to purchase up to $150 million of Smartsheet’s Class A common stock; the expected timing, volume, and nature of such securities repurchase program; and the duration of the program. There are a number of important factors that could cause actual events to differ materially from those suggested or indicated by such forward-looking statements. These include, among others, the market price of Smartsheet’s Class A common stock prevailing from time to time, the amount of Smartsheet’s cash commitments, the nature of other acquisition and investment opportunities presented to Smartsheet from time to time, Smartsheet’s cash flows from operations, general economic conditions, and other factors identified in Smartsheet’s Annual Report on Form 10-K for the fiscal year ended January 31, 2024, as filed with the Securities and Exchange Commission on March 20, 2024. Additional information will also be set forth in Smartsheet’s future quarterly reports on Form 10-Q, annual reports on Form 10-K, and other filings that we make with the Securities and Exchange Commission. These forward-looking statements are subject to material risks and uncertainties that could cause actual results to differ materially from those in these forward-looking statements. Smartsheet is under no obligation, and expressly disclaims any obligation, to update or alter its forward-looking statements whether as a result of new information, future events, or otherwise.
About Smartsheet
Smartsheet is the modern enterprise work management platform trusted by millions of people at companies across the globe, including approximately 85% of the 2023 Fortune 500 companies. The category pioneer and market leader, Smartsheet delivers powerful solutions fueling performance and driving the next wave of innovation. Visit www.smartsheet.com to learn more.
Smartsheet announced a $150 million share repurchase program, allowing the company to buy back its outstanding Class A common stock.
How will Smartsheet conduct the share repurchase?
Smartsheet will conduct the share repurchase through open market purchases, block trades, and/or in privately negotiated transactions or pursuant to 10b5-1 plans.
What factors will determine the timing and amount of the share repurchase?
The timing and amount of the share repurchase will be determined by Smartsheet's management based on factors such as the market price of the company's Class A common stock, general market conditions, applicable legal requirements, and other business considerations.
Is there a minimum purchase commitment for the share repurchase program?
The share repurchase program does not have a minimum purchase commitment.
Can Smartsheet suspend or discontinue the share repurchase program?
Smartsheet may suspend or discontinue the share repurchase program at any time at its discretion without prior notice.
