Buffalo Wild Wings (BWLD) Increases Buyback Plan by $400M

Buffalo Wild Wings, Inc. (NASDAQ: BWLD), today announced that its Board of Directors has authorized an increase to its share repurchase program for an additional $400 million of the company's common stock, bringing the cumulative authorizations to $900 million. The company also announced that it has advanced its intended timing to achieve a leverage ratio target of 1.5 times debt to EBITDA to the end of fiscal 2017. Previously, the company had targeted achieving this leverage ratio target by the end of fiscal 2018.

Sally Smith, president and chief executive officer, said, “The additional share repurchase authorization and accelerated timing of our targeted leverage ratio reflect our focus on rebalancing our debt and equity to optimize our cost of capital. Our confidence in our company’s growth and cash flow generation potential allows us to meet our commitment of delivering value to all Buffalo Wild Wings shareholders.”

Buffalo Wild Wings repurchased approximately $127 million of common stock, representing 827,639 shares, during the fourth quarter of fiscal 2016 under the authorization announced in August 2016. As of December 25, 2016, the company had $242 million under the authorization. The company intends to fund the program with a combination of cash and debt.

Under the increased share repurchase program, purchases may be completed from time to time in the open market or in privately negotiated transactions, subject to applicable laws and regulations.

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