SAN JOSE, CA--(Marketwired - Aug 26, 2014) - TiVo Inc. (NASDAQ: TIVO)
- Represents a significant portion of current cash & short-term investments
- TiVo intends to repurchase the first $100 million of stock during current fiscal year with the remainder in the next two fiscal years
TiVo Inc. (NASDAQ: TIVO), a leader in the advanced television entertainment market, today announced a new $350 million share repurchase plan.
Tom Rogers, President and CEO of TiVo, said, "On the capital allocation front, we have made meaningful progress in our efforts to deploy our significant cash resources to drive value. We are taking another step forward by announcing a new $350 million stock repurchase program, representing a significant portion of our current cash & short-term investments. This decision was a product of our thorough assessment of numerous capital deployment opportunities and the continued view that our business has significant upside potential as we continue to innovate and drive subscription growth."
These new share repurchases are planned to occur through January 31, 2017, with the intention to repurchase the first $100 million of stock during TiVo's current fiscal year ending January 31, 2015. The new repurchase plan will replace TiVo's prior authorization. As of July 31, 2014, TiVo had purchased a total of $214.2 million of common stock under the prior repurchase program and the new plan upon completion will bring total repurchases upon completion to well over half a billion dollars, which is expected to significantly reduce the number of TiVo shares outstanding.
Repurchases may be made from time-to-time via open market purchases, privately negotiated transactions, accelerated stock repurchases, and pre-planned trading programs, and may be discontinued without prior notice.
About TiVo Inc.
TiVo Inc. (NASDAQ: TIVO) is a global leader in next-generation television services. TiVo's innovative cloud-based Software-as-a-Service solutions enable viewers to consume content across all screens in and out-of-the home, providing an all-in-one approach for navigating the 'content chaos' by seamlessly combining live, recorded, on-demand and over-the-top television into one intuitive user interface. The TiVo experience provides TV viewers with simple universal search, discovery, viewing and recording from any device, creating the ultimate viewing experience. TiVo products and services are available at retail or through a growing number of pay-TV operators world-wide. TiVo's multiple subsidiary companies provide the broader television industry and consumer electronics manufacturers, cloud-based video discovery and recommendation options, interactive advertising solutions and audience research and measurement services. More information at: www.TiVo.com.
TiVo and the TiVo Logo are trademarks or registered trademarks of TiVo Inc. or its subsidiaries worldwide. © 2014 TiVo Inc. All rights reserved. All other trademarks are the property of their respective owners.
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to, among other things, future capital allocation initiatives including the announced $350 million repurchase (including the repurchase of the first $100 million of stock during the current fiscal year) to be completed over the next two and a half years, sufficient availability of shares in the marketplace for future share repurchases, future reduction in the number of TiVo shares outstanding, the future upside potential in TiVo's business, as well as the amount of securities purchased in the future pursuant to the new repurchase program may be impacted by the volume and price per share of our stock, and future alternative uses of our capital. Forward-looking statements generally can be identified by the use of forward-looking terminology such as, "believe," "expect," "may," "will," "intend," "estimate," "continue," or similar expressions or the negative of those terms or expressions. Such statements involve risks and uncertainties, which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. Factors that may cause actual results to differ materially include delays in development, competitive service offerings and lack of market acceptance, as well as the other potential factors described under "Risk Factors" in the Company's public reports filed with the Securities and Exchange, including the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2014, our Quarterly Report on Form 10-Q for the period ended April 30, 2014 and Current Reports on Form 8-K. The Company cautions you not to place undue reliance on forward-looking statements, which reflect an analysis only and speak only as of the date hereof. TiVo disclaims any obligation to update these forward-looking statements.