Tech Data 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.
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.