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.
About ARRIS
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.
For the latest ARRIS news:
- Check out our blog: ARRIS EVERYWHERE
- Follow us on Twitter: @ARRIS
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
Forward-Looking Statements
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