SUWANEE, Ga., Aug. 29, 2018 /PRNewswire/ -- ARRIS International plc ("ARRIS") today provided additional information regarding its capital allocation and return plan in connection with investor meetings at the Jefferies Semiconductor, Hardware and Communications Infrastructure Summit in Chicago, IL.
The Company's plan includes:
- Intending to allocate at least two thirds of free cash flow going forward to share repurchases, subject to industry, market and other conditions;
- Expanding share repurchase authority from the approximately $350 million available as of August 1, 2018 to $725 million; and
- Reaffirming targeted minimum of $400 million of share repurchases in 2018
- $500 million available for additional repurchases after $400 million of repurchases in 2018 under increased authorization.
"Our capital allocation and return plan reflects the confidence we have in our business plan and the strength of our balance sheet, as well as our belief that our stock remains undervalued," said Bruce McClelland, CEO. "We continue to assess focused and accretive M&A as well as our business portfolio with a view to driving long-term shareholder value creation."
ARRIS continues to lead the internet transformation with product innovations that underscore the Company's central role in redefining how people connect to the world around them. ARRIS recently launched the first-ever EasyMesh™ certified wireless extender and the industry's first IoT- and LTE/CBRS ready 802.11ax wireless access point, the Distributed Access Architecture (DAA) portfolio, and the Company surpassed an estimated 60 million subscriber modem connections on its global E6000 cable edge router platforms.
New partnerships and global customers also continue to expand ARRIS's leadership position. In June, ARRIS went to market with a global Dell EMC Networking OEM channel and partnered with Google to deploy Ruckus technology as Wi-Fi hotspots in India, Indonesia and Mexico. ARRIS continues to execute on its broad-reaching infrastructure deal to lead deployments for Australia's national broadband network, and has a blossoming Managed Services practice with multiple customers, including a Tier 1 service provider. Most recently, ARRIS announced a new partnership with Facebook for its 'Connect the Next Billion' users program.
ARRIS International plc (NASDAQ: ARRS) is powering a smart, connected world. The company's leading hardware, software and services transform the way that people and businesses stay informed, entertained and connected. For more information, visit www.arris.com.
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ARRIS and the ARRIS Logo are trademarks or registered trademarks of ARRIS Enterprises, LLC. All other trademarks are the property of their respective owners. © 2018 ARRIS Enterprises, Inc. All rights reserved
Statements made in this press release, including those related to share repurchases, capital allocation, growth expectations, the general market outlook and industry trends are forward-looking statements. These statements involve risks and uncertainties that may cause actual results to differ materially from those set forth in these statements. Factors that could materially affect these forward-looking statements and the Company's business and results of operation include: fluctuations in share price or reductions in free cash flow may impact the volume of currently expected share repurchases or the level of capital returns to shareholders; changes in global, political, economic, business, competitive, market and regulatory forces; future exchange and interest rates; changes in tax laws and regulations or their interpretation or application; the ability to receive necessary approvals for any future acquisitions or dispositions; failure to realize anticipated benefits from any completed acquisition; and competitive developments. These factors are not intended to be an all-encompassing list of risks and uncertainties that may affect the Company's business and results from operations. Additional information regarding these and other factors can be found in the Company's reports filed with the Securities and Exchange Commission, including its Form 10-Q for the quarter ended June 30, 2018. In providing forward-looking statements, the Company expressly disclaims any obligation to update these statements publicly or otherwise, whether as a result of new information, future events or otherwise, except as required by law.
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SOURCE ARRIS International plc
Bob Puccini, Investor Relations, +1.720.895.7787, firstname.lastname@example.org