PLANO, Texas, June 3, 2025 /PRNewswire/ -- Ribbon Communications Inc. (NASDAQ:RBBN), a leading supplier of real-time communications technology and IP optical networking solutions, announced that its Board of Directors has authorized a program to repurchase up to $50 million of the Company's common stock, commencing June 5, 2025 and continuing through December 31, 2027.
"Today's announcement of our new share repurchase program reflects the Board of Director's confidence in our strategic plan and the significant improvement in our performance, highlighted by the record financial results in the fourth quarter 2024. Business with US Tier One Service Providers doubled in 2024 underpinned by a multi-year contract with Verizon to support modernizing their telecom voice infrastructure along with projects with other carriers. At the same time, business with Enterprise customers and U.S. Federal agencies has grown significantly. Overall, earnings increased by 30% in 2024 and were at the high end of our original guidance for the year," said Bruce McClelland, President and CEO of Ribbon Communications. "The visibility in our business has improved significantly with positive book-to-bill and growing backlog, and we are focused on driving profitable growth and strong cash flow generation. This share repurchase program exemplifies our commitment to deliver value to our stockholders."
Ribbon Communications may purchase shares at management's discretion in the open market, in privately negotiated transactions, in transactions structured through investment banking institutions, or a combination of the foregoing. The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of its shares under this authorization. The amount and timing of repurchases are subject to a variety of factors including liquidity, cash flow, stock price, compliance with the Company's credit facility and general business and market conditions. The program may be modified, increased, suspended, or discontinued at any time. The share repurchase program will be funded with cash on hand or cash generated from operations.
About Ribbon
Ribbon Communications (NASDAQ:RBBN) delivers secure cloud communications and IP and optical networking solutions to service providers, enterprises and critical infrastructure sectors globally. We engage deeply with our customers, helping them modernize their networks for improved competitive positioning and business outcomes in today's smart, always-on and data-hungry world. Our end-to-end portfolio of communications software and IP Optical networking solutions delivers superior value and innovation by leveraging cloud-native architectures, automation and analytics tools, and leading-edge security. We maintain a keen focus on our commitments to Environmental, Social, and Governance (ESG) matters, offering an annual Sustainability Report to our stakeholders. To learn more about Ribbon, please visit rbbn.com
Important Information Regarding Forward-Looking Statements
The information in this release contains forward-looking statements regarding future events, including potential share repurchases, that involve risks and uncertainties. All statements other than statements of historical facts contained in this release, including those regarding the expected share repurchases and the timing and benefits of the same, are forward-looking statements. The actual results of Ribbon Communications may differ materially from those contemplated by the forward-looking statements. For further information regarding risks and uncertainties associated with Ribbon Communications' business, please refer to the "Risk Factors" section of Ribbon Communications' most recent annual or quarterly report filed with the SEC. Any forward-looking statements represent Ribbon Communications' views only as of the date on which such statement is made and should not be relied upon as representing Ribbon Communications' views as of any subsequent date. While Ribbon Communications may elect to update forward-looking statements at some point, Ribbon Communications specifically disclaims any obligation to do so.
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SOURCE Ribbon Communications Inc.