DigitalOcean Holdings, Inc. ($DOCN), the cloud for developers, startups and SMBs, today announced that its board of directors has approved a new plan for the repurchase of up to an aggregate of $300 million of its common stock.
This plan is in addition to the $300 million program that was announced in February 2022 and completed in May 2022.
“We are committed to delivering 30%+ revenue growth with robust free cash flow coupled with an efficient capital structure to deliver compelling returns for our investors,” said Yancey Spruill, CEO of DigitalOcean. “This announcement demonstrates the confidence we have in our ability to generate free cash flow while still maintaining a strong balance sheet to support our commitment to invest in our organic and inorganic growth.”
The repurchases will be made from time to time in the open market at prevailing market prices or in negotiated transactions off the market. Open market repurchases will be structured to occur within the pricing and volume requirements of Rule 10b-18.
The company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of its shares under this authorization. This program does not obligate the company to acquire any particular amount of common stock and the program may be extended, modified, suspended or discontinued at any time at the company’s discretion.