IT management software company SolarWinds announced today that its board has authorized up to $50 million in share buybacks .
"This share repurchase reflects the confidence of our Management Team and Board of Directors in the long term growth strategy that we have laid out and are executing on for SolarWinds," said President and CEO Kevin Thompson in a statement today.
According to the press release, the buybacks will most likely occur sometime in the next year, depending on market conditions, and could be purchased on the open market or through an accelerated share repurchase plan.
To fund the repurchase program, SolarWinds expects to use both cash on hand and cash generated from operations. In the past few years, the company's trailing-12-month cash from operations has increased from around $50 million to $150 million today.
SolarWinds' shares fell 22% Friday on slowing revenue and guidance and closed today down 0.5%.
The article SolarWinds Buying Back Up to $50 Million in Shares originally appeared on Fool.com.
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