Cars.com Inc. (CARS) Announces $200M Share Buyback

Cars.com Inc. (NYSE: CARS) today announced that its Board of Directors (the "Board") has authorized the repurchase of up to $200 million of the Company's outstanding shares of common stock over the next three years. The Company intends to fund the share repurchase program with cash from operations.

"We remain committed to strategically deploying capital that will drive the greatest value for shareholders. This share repurchase program reflects the strength of our business and our confidence in our long-term growth objectives. Additionally, it underscores the strength of our cash flow, which provides us the capacity to repurchase shares, while executing on our growth strategy, including organic growth and value-accretive M&A, and maintaining modest leverage," said Sonia Jain, Chief Financial Officer of CARS.

The Company may repurchase shares from time to time in open market transactions or through privately negotiated transactions in accordance with applicable federal securities laws and other applicable legal requirements, and subject to the Company's blackout periods. The timing and amounts of any purchases under the share repurchase program will be based on market conditions and other factors including price. The share repurchase program may be suspended or discontinued at any time, and does not obligate the Company to repurchase any dollar amount or particular amount of shares.

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