The new authorization reflects the Company’s confidence in its business strategy, financial outlook and ability to generate sustainable free cash flow, while providing an additional avenue to create long-term value for shareholders.

"We believe our strong financial profile and free cash flow generation provide us with significant flexibility to invest in the business, maintain a strong balance sheet and return capital to shareholders," said John DeSimone, Chief Financial Officer. "Given our confidence in the long-term outlook for the Company and our view of the value represented by our shares at current levels, we believe repurchasing our stock represents a compelling use of capital and an attractive opportunity to enhance long-term shareholder returns."

The Company intends to continue executing a disciplined and balanced capital allocation strategy focused on investing in organic growth initiatives, pursuing strategic opportunities, maintaining appropriate financial flexibility and returning excess capital to shareholders. The share repurchase program provides the Company with additional flexibility to opportunistically repurchase shares when management and the Board believe doing so represents an attractive use of capital.

Under the authorization, shares may be repurchased through open market purchases, privately negotiated transactions, accelerated share repurchase agreements or other methods permitted by applicable laws and regulations. The timing, manner and amount of any repurchases will depend on a variety of factors, including market conditions, share price, available liquidity, alternative uses of capital and other considerations.

The share repurchase program does not obligate the Company to acquire any amount of common stock and may be suspended, modified or discontinued at any time.