DigitalOcean reaffirms Q1 guidance, sees beating non-GAAP EPS view

In a regulatory filing, DigitalOcean disclosed that on March 27, its board, upon the recommendation of the audit committee of the board, dismissed Ernst & Young LLP, or ‘EY,’ as the company’s independent registered public accounting firm. In the same filing, DigitalOcean stated that the company reaffirms its previously issued guidance for the first quarter of 2023 with respect to revenue and adjusted EBITDA margins, as stated in the company’s press release, filed on February 16 with the SEC. "In light of the company’s stock repurchase program, the company expects to exceed the guidance contained therein with respect to non-GAAP diluted net income per share for the first quarter of 2023," DigitalOcean stated. It added: "The company previously announced a stock repurchase program on February 16, 2023, which authorized the company to repurchase up to $500M of its common stock. As of March 30, 2023, the company had repurchased shares under the Program for an aggregate purchase price of $273.5M, consisting of the repurchase of 7,972,777 shares of common stock at an average price of $34.30 per share. The shares have been repurchased pursuant to 10b5-1 plans adopted by the company. The company has approximately 89.7 million shares of common stock outstanding as of March 30."