Citrix Authorizes Aggregate $2 Billion Share Repurchase
November 13 2017 - 10:03PM
Business Wire
Intends to Repurchase $2 billion of stock by
the end of 2018
Citrix Systems, Inc. (NASDAQ:CTXS) today announced that its
board of directors has authorized the company to repurchase up to
an additional $1.7 billion of Citrix common stock, for a total
repurchase authorization in excess of $2 billion. Citrix reiterated
its plan to return $2 billion of capital to shareholders by buying
shares on the open market or through accelerated stock repurchase
(“ASR”) transactions through the end of 2018.
David Henshall, CEO of Citrix, stated, “With the announcement of
our multi-year cloud transition and operational efficiency
initiatives, we believe Citrix is well-positioned to generate
strong cash flow growth and shareholder value. This $2 billion
repurchase program demonstrates our confidence in the plan and our
commitment to best-in-class capital return for shareholders.”
As part of its capital return program, today Citrix also
announced the pricing of a $750 million underwritten public
offering of its 4.500% Senior Notes due 2027 (“Notes”), to fund the
repurchase of $750 million of its common stock through an ASR
transaction, which Citrix has entered into with Citibank, N.A. The
effectiveness of the ASR is conditioned upon the closing of the
Notes offering. 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 an averaging period
that begins shortly after the ASR becomes effective, less a
discount. The exact number of shares repurchased pursuant to the
ASR will be determined based on such purchase price.
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20171113006492/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
Citrix Systems (NASDAQ:CTXS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Citrix Systems (NASDAQ:CTXS)
Historical Stock Chart
From Apr 2023 to Apr 2024