Guidewire Announces $200 Million Accelerated Share Repurchase Program
September 28 2022 - 7:25PM
Business Wire
Guidewire (NYSE: GWRE) today announced that as part of its
previously announced $400 million share repurchase authorization,
the company has entered into an accelerated share repurchase
agreement (“ASR”) with Morgan Stanley
& Co. LLC to repurchase an aggregate of $200 million of
Guidewire’s outstanding shares of common stock.
Under the terms of the ASR, Guidewire will receive an aggregate
initial share delivery of 2,581,478 shares, with the remainder, if
any, expected to be delivered upon the final settlement under the
ASR, which is scheduled to occur during the third quarter of its
fiscal year 2023, upon completion of the repurchases. The specific
number of shares that Guidewire ultimately repurchases under the
ASR will be based on the average of Guidewire’s daily
volume-weighted average share prices during the repurchase period,
less a discount and subject to adjustments pursuant to the terms
and conditions of the ASR.
About Guidewire
Guidewire is the platform P&C insurers trust to engage,
innovate, and grow efficiently. We combine digital, core,
analytics, and AI to deliver our platform as a cloud service. More
than 520 insurers in 38 countries, from new ventures to the largest
and most complex in the world, run on Guidewire.
As a partner to our customers, we continually evolve to enable
their success. We are proud of our unparalleled implementation
track record, with 1,000+ successful projects, supported by the
largest R&D team and partner ecosystem in the industry. Our
marketplace provides hundreds of applications that accelerate
integration, localization, and innovation.
Cautionary Language Concerning Forward-Looking
Statements
This press release contains “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, including but not limited
to, statements relating to Guidewire’s amount, timing and sources
of funding for the share repurchase program. 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 Guidewire’s
future performance and opportunities, and the amount, timing and
benefits of a share repurchase program. These forward-looking
statements represent Guidewire’s expectations as of the date of
this press release, and involve risks, uncertainties and
assumptions. The actual results may differ materially from those
anticipated in the forward-looking statements as a result of
numerous factors, many of which are beyond our control, including
changes in price and volume and the volatility of our Common Stock,
adverse developments affecting prices and trading of
exchange-traded securities, including securities quoted on the New
York Stock Exchange, unexpected or otherwise unplanned or
alternative requirements with respect to our capital investments
and the risks and uncertainties disclosed in our reports filed from
time to time with the Securities and Exchange Commission, including
our most recent Form 10‑K and any subsequent filings on Forms 10-K,
10-Q or 8-K, available at www.sec.gov. 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.
For more information, please visit www.guidewire.com and follow
us on twitter: @Guidewire_PandC.
NOTE: For information about Guidewire’s trademarks, visit
https://www.guidewire.com/legal-notices.
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version on businesswire.com: https://www.businesswire.com/news/home/20220928006113/en/
Investor Contact: Alex Hughes Guidewire Software, Inc. +1
(650) 356-4921 ir@guidewire.com
Media Contact: Diana Stott Guidewire Software, Inc. +1
(650) 781-9955 dstott@guidewire.com
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