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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 millionavailable as of August 1, 2018to $725 million; and
- Reaffirming targeted minimum of
$400 millionof share repurchases in 2018 $500 millionavailable for additional repurchases after $400 millionof 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
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
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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
Bob Puccini, Investor Relations, +1.720.895.7787, firstname.lastname@example.org