Citrix Announces $750 Million Accelerated Share Repurchase
February 02 2018 - 5:34PM
Business Wire
Intends to Repurchase $750 million of stock
Citrix Systems, Inc. (NASDAQ:CTXS) today announced that as part
of its capital return program, Citrix entered into an accelerated
share repurchase (“ASR”) transaction with Goldman Sachs & Co.
LLC (“Dealer”) on February 2, 2018 to repurchase an aggregate of
$750 million of its common stock.
Under the terms of the ASR, Citrix has agreed to repurchase $750
million of its common stock from Goldman, in total. On February 5,
2018, Citrix will pay to the Dealer $750 million in exchange for
the delivery of 6.5 million shares of Citrix common stock based on
current market prices of Citrix common stock. The purchase price
per share under the ASR is subject to adjustment and is expected to
equal the volume-weighted average price of Citrix’s common stock
during the term of the ASR, less a discount. The exact number of
shares repurchased pursuant to the ASR will be determined based on
such purchase price. The ASR transaction is expected to be
completed by the end of April 2018.
The ASR was entered into pursuant to Citrix’s existing share
repurchase program. Citrix has repurchased $750 million out of a
total authorization of approximately $2 billion approved by its
board of directors in November 2017. After taking into account
the $750 million shares repurchased pursuant to this ASR, Citrix
will have approximately $500 million of remaining share repurchase
authorization available.
About Citrix
Citrix (NASDAQ:CTXS) aims to power a world where people,
organizations and things are securely connected and accessible to
make the extraordinary possible. We help customers reimagine the
future of work by providing the most comprehensive secure digital
workspace that unifies the apps, data and services people need to
be productive, and simplifies IT’s ability to adopt and manage
complex cloud environments. Citrix solutions are in use by more
than 400,000 organizations including 99 percent of the Fortune
100 and 98 percent of the Fortune 500. Learn more at
www.citrix.com.
For Citrix Investors
This press release contains forward-looking statements which are
made pursuant to the safe harbor provisions of Section 27A of the
Securities Act of 1933 and of Section 21E of the Securities
Exchange Act of 1934. The forward-looking statements in this
release do not constitute guarantees of future performance. Those
statements involve a number of factors that could cause actual
results to differ materially, including statements concerning new
products, research and development, offerings of products and
services, market positioning and opportunities, headcount, customer
demand, distribution and sales channels, our partners and other
strategic or technology relationships, financial information and
results of operations for future periods, product and price
competition, strategy and growth initiatives, seasonal factors,
natural disasters, stock-based compensation, licensing and
subscription renewal programs, restructuring activities,
international operations, investment transactions and valuations of
investments and derivative instruments, reinvestment or
repatriation of foreign earnings, fluctuations in foreign exchange
rates, tax matters, tax rates, the expected benefits of
acquisitions, changes in domestic and foreign economic conditions
and credit markets, liquidity and debt obligations, changes in
accounting rules or guidance, share repurchase activity, litigation
and intellectual property matters. These statements are neither
promises nor guarantees. Our actual results of operations and
financial condition have varied and could in the future vary
materially from those stated in any forward-looking statements.
More information about factors that could adversely affect the
company’s operating results and the market value of the Notes
referenced above is described in Part I, Item 1A, “Risk Factors,”
in our Annual Report on Form 10-K for the year ended December 31,
2016 and in our subsequent Quarterly Reports on Form 10-Q, copies
of which may be obtained by visiting the company’s Investor
Relations website at http://investors.citrix.com/sec-filings or the
SEC’s website at www.sec.gov, and under the captions “Risk Factors”
in the prospectus supplement and prospectus related to the
offering. Undue reliance should not be placed on the
forward-looking statements in this press release, which are based
on information available to the company on the date hereof. The
company assumes no obligation to update such statements. The
information contained in, or that can be accessed through, the
company’s websites (including, without limitation, the Investor
Relations website mentioned in this paragraph) is not part of this
press release. Any reference to the company’s websites are intended
to be inactive textual references only.
Citrix® is a trademark or registered trademark of Citrix
Systems, Inc. and/or one or more of its subsidiaries, and may be
registered in the U.S. Patent and Trademark Office and in other
countries. All other trademarks and registered trademarks are
property of their respective owners.
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version on businesswire.com: http://www.businesswire.com/news/home/20180202005700/en/
Citrix Systems, Inc.For media inquiries, contact:Eric Armstrong,
954-267-2977eric.armstrong@citrix.comorFor investor inquiries,
contact:Eduardo Fleites, 954-229-5758eduardo.fleites@citrix.com
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