GoodRx Announces $250 Million Share Repurchase Program
GoodRx Holdings, Inc. (Nasdaq: GDRX), a leading consumer-focused digital healthcare platform, today announced that its Board of Directors approved a share repurchase program with authorization to purchase up to $250 million of its Class A Common Stock, effective immediately.
"This share repurchase program demonstrates the confidence we have in the future of our business and our commitment to creating long-term, sustainable value for our shareholders," said Doug Hirsch, co-CEO and co-founder of GoodRx. "We believe the investments we are making in our platform, product, user experience, and brand, in addition to a share repurchase program, will allow us to unlock more of the long-term opportunity we see ahead."
Repurchases under the program may be made in the open market, in privately negotiated transactions or otherwise, with the amount and timing of repurchases to be determined at GoodRx's discretion, depending on market conditions and corporate needs. Open market repurchases will be structured to occur in accordance with applicable federal securities laws, including within the pricing and volume requirements of Rule 10b-18 under the Securities Exchange Act of 1934, as amended. GoodRx 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 GoodRx to acquire any particular amount of Class A Common Stock, and may be modified, suspended or terminated at any time at the discretion of its Board of Directors through the program's expiration on February 23, 2024.
GoodRx expects to fund repurchases with existing cash and cash equivalents, working capital, cash flow from operations, or funds available through various borrowing arrangements. As of December 31, 2021, GoodRx had cash and cash equivalents of $941.1 million. The Company had 85,028,290 shares of Class A Common Stock and 315,534,228 shares of Class B Common Stock outstanding as of December 31, 2021.
About GoodRx
GoodRx is a leading consumer-focused digital healthcare platform. Our technology delivers strong savings, trusted information and access to care to make healthcare affordable and convenient for all Americans. Since 2011, we have helped consumers save over $35 billion and are one of the most downloaded medical apps over the past decade.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding the Company's future performance and opportunities, and the amount, timing and benefits of a share repurchase program. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, risks relating to the fact that repurchases of our Class A common stock may not be conducted in the timeframe or in the manner the Company expects, or at all, and the important factors discussed under the caption "Risk Factors" in GoodRx's Annual Report on Form 10-K for the year ended December 31, 2021, and our other filings with the SEC. These factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.
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