MURRAY, Utah, Nov. 02, 2021 (GLOBE NEWSWIRE) -- R1 RCM Inc. (NASDAQ: RCM) today announced that its Board of Directors has authorized the repurchase of up to $200 million of the company’s common stock. The repurchase program will be funded with cash on hand and will be executed consistent with the company’s capital allocation strategy, which will continue to prioritize investments to grow the business.
“This program reflects the strength of R1’s business and cash flow, as well as the confidence of our senior management team and Board of Directors’ expectations for continued strong performance over the long term,” said Rachel Wilson, chief financial officer and treasurer of R1. “Our durable cash flow generation provides ample capacity to opportunistically conduct share repurchases as a component of our capital allocation strategy while continuing to execute on our growth strategy, including investing in organic growth and pursuing value-accretive M&A opportunities.”
Under the repurchase program, repurchases can be made from time to time in the open market or in privately negotiated transactions, or in any other manner that complies with the rules of the United States Securities and Exchange Commission and other applicable legal requirements. The timing, volume, price and method of share repurchases will be at the sole discretion of management, dependent on market conditions, applicable securities laws and other factors. The company is not obligated to purchase any shares under the program and the program may be discontinued at the discretion of the Board.
About R1 RCM
R1 is a leading provider of technology-driven solutions that transform the patient experience and financial performance of hospitals, health systems, and medical groups. R1’s proven and scalable operating models seamlessly complement a healthcare organization’s infrastructure, quickly driving sustainable improvements to net patient revenue and cash flows while reducing operating costs and enhancing the patient experience. To learn more, visit: r1rcm.com.
Forward Looking Statements
Certain of the statements made in this press release are forward looking within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the execution of the repurchase program and continued execution of our growth strategy. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include, without limitation, risks and uncertainties related to the amount of cash on hand available to conduct repurchases, market conditions and the impact of general economic, industry or political conditions in the United States or internationally. There can be no assurance that R1 RCM will be able to conduct any repurchases or of the timing, volume or method used to conduct such repurchases. You should not place undue reliance on these forward-looking statements as predictions of future events, which statements apply only as of the date of this press release. Additional risks and uncertainties relating to R1 RCM and its business can be found under the heading “Risk Factors” in R1 RCM’s most recent most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, filed with the Securities and Exchange Commission. Forward-looking statements represent R1 RCM’s beliefs and assumptions only as of the date of this press release. R1 RCM expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based, except as may be required under applicable law.
R1 RCM Contacts:
Investor Relations:
Atif Rahim
312.324.5476
investorrelations@r1rcm.com
Media Relations:
Natalie Bennett
678.585.1206
media@r1rcm.com
