FOCS - Focus Financial Partners approves $200M buyback

Focus Financial Partners (NASDAQ:FOCS) approves a share repurchase program to repurchase up to $200M of the company's common stock. Rudy Adolf, Founder, CEO and Chairman comments, "The authorization will provide us with additional flexibility in our capital allocation strategy to invest in the highest return opportunities. We reiterate our commitment to investing in leading wealth management firms in the U.S. and strategically important international markets as we seek to grow our global partnership of 85 firms, while maintaining our net leverage ratio within a range of 3.5x to 4.5x. We also reaffirm our 20+% revenue and Adjusted EBITDA growth targets for 2022 and our progress towards our 2025 objectives as we expect that we will be continued beneficiaries of the substantial industry growth and consolidation."

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Focus Financial Partners approves $200M buyback