Tivity Health, Inc. announced that its Board of Directors has authorized a $100 million share repurchase program.
“Tivity Health’s share repurchase program reflects the board of directors’ confidence in the company’s performance and its ability to generate significant future cash flow,” said Anthony Sanfilippo, Chairman of the Board of Directors. “Our capability and timing to implement a share buyback program are the direct result of recent actions taken to strengthen the company’s balance sheet through multiple strategic initiatives along with materially improving how we operate the business. We are committed to allocating capital where we believe we can drive the greatest value for our stakeholders. We believe Tivity Health’s positive business momentum provides it with ample capacity to return cash to shareholders, while simultaneously continuing to invest in the growth of our business and to thoughtfully reduce our debt.”
Richard Ashworth, President and CEO commented, “We strongly believe that our free cash flow profile, growth prospects, and ability to deliver on our strategy to become the modern destination for healthy living represent an attractive investment opportunity. Funds for the share repurchase program will be supported by our strong cash flow from operations, financial flexibility from our recent debt refinancing and strength of our asset base.”
The timing and actual number of shares repurchased will be determined by the board of directors based on an ongoing assessment of the capital needs of the business, the market price of the Company’s stock, general business and market conditions, and alternative investment opportunities. Under the repurchase program, repurchases can be made from time to time using a variety of methods, including pursuant to a Rule 10b5-1 plan, open market purchases, block trades and privately negotiated transactions, all in compliance with the rules of the United States Securities and Exchange Commission and other applicable legal requirements. The repurchase program may be modified or terminated by the Company’s board of directors at any time.
About Tivity Health, Inc.
Tivity Health® Inc. is a leading provider of healthy life-changing solutions, including SilverSneakers®, Prime® Fitness, WholeHealth Living® and Wisely WellTM. We plan to become the modern destination for healthy living by expanding beyond fitness as a digital engagement platform company. We are continuously developing the SilverSneakers suite of digital offerings and services to provide seniors with everything they need to maintain and improve their health, including physical activity, social connection, community involvement, volunteer opportunities and mental enrichment. Our goal is to partner with payers and service providers to enable a personalized, interactive, and intuitive experience to offer the right solutions to each member. We deliver solutions that help adults feel better, work better and live better, and improve health outcomes while reducing healthcare costs. Learn more at www.tivityhealth.com.
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