Tech Data Announces $200 Million Increase in Share Repurchase Program
August 29 2019 - 6:00AM
Business Wire
Tech Data (Nasdaq: TECD) (the “company”) today announced that
its Board of Directors has authorized an additional $200 million in
share repurchases of the company's common stock. This authorization
will supplement the $75 million that remained authorized and
available, as of July 31, 2019, under the company's previous share
repurchase program.
"Since October 2018, our board has authorized $500 million of
share repurchases, consistent with our goal to return value to
shareholders,” said Rich Hume, chief executive officer. “Our
capital allocation objectives remain consistent, and include:
maintain our existing investment-grade credit rating; have optimal
sources of liquidity to fund our growth; accelerate our strategy
through selective M&A, and to return excess free cash flow to
shareholders via buybacks."
The Company's share repurchases will be made on the open market,
through block trades, through 10b5-1 plans or otherwise. The amount
of shares purchased and the timing of the purchases will be based
on working capital requirements, general business conditions and
other factors, including alternative investment opportunities. The
Company intends to hold the repurchased shares in treasury for
general corporate purposes.
Forward-Looking Statements
Certain statements in this communication may contain
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements,
including statements regarding Tech Data’s plans, objectives,
expectations and intentions, Tech Data’s financial results and
estimates and/or business prospects, involve a number of risks and
uncertainties and actual results could differ materially from those
projected. These forward looking statements are based on current
expectations, estimates, forecasts, and projections about the
operating environment, economies and markets in which Tech Data
operates and the beliefs and assumptions of our management. Words
such as “expects,” “anticipates,” “targets,” “goals,” “projects,”
“intends,” “plans,” “believes,” “seeks,” “estimates,” variations of
such words, and similar expressions are intended to identify such
forward looking statements. In addition, any statements that refer
to projections of Tech Data’s future financial performance, our
anticipated growth and trends in our businesses, and other
characterizations of future events or circumstances, are forward
looking statements. These forward looking statements are only
predictions and are subject to risks, uncertainties, and
assumptions. Therefore, actual results may differ materially and
adversely from those expressed in any forward looking
statements.
For additional information
with respect to risks and other factors which could occur, see Tech
Data’s Annual Report on Form 10-K for the year ended January 31,
2019, including Part I, Item 1A, “Risk Factors” therein, Quarterly
Reports on Form 10-Q, Current Reports on Form 8-K and other
securities filings with the Securities and Exchange Commission (the
“SEC”) that are available at the SEC’s website at www.sec.gov and
other securities regulators. Readers are cautioned not to place
undue reliance upon any such forward-looking statements, which
speak only as of the date made. Many of these factors are beyond
Tech Data’s control. Unless otherwise required by applicable
securities laws, Tech Data disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. Tech Data
undertakes no duty to update any forward looking statements
contained herein to reflect actual results or changes in Tech
Data’s expectations.
About Tech Data
Tech Data connects the world with the power of technology. Our
end-to-end portfolio of products, services and solutions, highly
specialized skills, and expertise in next-generation technologies
enable channel partners to bring to market the products and
solutions the world needs to connect, grow and advance. Tech Data
is ranked No. 88 on the Fortune 500® and has been named one of
Fortune’s World’s Most Admired Companies for 10 straight years. To
find out more, visit www.techdata.com or follow us on Twitter,
LinkedIn, Facebook and Instagram.
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version on businesswire.com: https://www.businesswire.com/news/home/20190829005060/en/
Investor Contact Tania Almond Investor Relations Director
+1 727.538.7064 tania.almond@techdata.com Media Contact
Bobby Eagle Director, External Communications +1 727.538.5864
bobby.eagle@techdata.com
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