LifeLock Announces $100 Million Share Repurchase Program
30 November 2015 - 10:13PM
Business Wire
LifeLock, Inc. (NYSE: LOCK), an industry leader in identity
theft protection, today announced that its Board of Directors has
approved the repurchase of up to $100 million of the company’s
common stock, representing approximately 7% of the company’s
outstanding common shares based on current trading prices. The
repurchase program has no expiration date but is intended to be
completed by year end 2016.
“This share repurchase program reflects the Board’s confidence
in the ongoing strength of LifeLock’s business and its deep
commitment to enhancing value for shareholders through both the
return of capital and investing to build on our strong record of
growth,” said Roy A. Guthrie, Lead Independent Director.
Repurchases under the program may be made through open market or
privately negotiated transactions at times and in such amounts as
determined by LifeLock’s management, subject to market conditions
and in accordance with the requirements of the Securities and
Exchange Commission. The program does not obligate LifeLock to
repurchase any particular amount of the company’s common stock, and
may be suspended or discontinued at any time without notice.
LifeLock had 95,515,268 shares outstanding as of October 30,
2015.
About LifeLock
LifeLock, Inc. (NYSE:LOCK) is a leading provider of proactive
identity theft protection services for consumers and consumer risk
management services for enterprises. LifeLock’s threat detection,
proactive identity alerts, and comprehensive remediation services
help provide peace of mind for consumers amid the growing threat of
identity theft. Leveraging unique data, science and patented
technology from ID Analytics, Inc., a wholly owned subsidiary,
LifeLock offers identity theft protection that goes significantly
beyond credit monitoring. As part of its commitment to help fight
identity theft, LifeLock works to train law enforcement and
partners with a variety of non-profit organizations to help
consumers establish positive habits to combat this threat.
Forward-Looking Statements
This press release contains “forward-looking” statements, as
that term is defined under the federal securities laws, including
statements regarding the share repurchase program, potential
investments for future growth and LifeLock’s strategies for
enhancing shareholder value. These forward-looking statements are
based on our current assumptions, expectations, and beliefs and are
subject to substantial risks, uncertainties, assumptions, and
changes in circumstances that may cause our actual results,
performance, or achievements to differ materially from those
expressed or implied in any forward-looking statement.
The risks and uncertainties referred to above include, but are
not limited to, risks associated with our ability to maintain
profitability; variability in our cash flows; risks associated with
our business, including our ability to protect our customers’
confidential information; our ability to maintain and enhance our
brand recognition and reputation; the competitive nature of the
industries in which we conduct our business; our ability to retain
our existing customers and attract new customers; our ability to
improve our services and develop and introduce new services with
broad appeal; and our ability to maintain existing and secure new
relationships with strategic partners; the outcome of the FTC
litigation; and other “Risk Factors” set forth in our most recent
SEC filings with the Securities and Exchange Commission, or the
SEC.
Further information on these and other factors that could affect
our financial results and the forward-looking statements in this
press release is included in our SEC filings, including our Annual
Report on Form 10-K for the year ended December 31, 2014,
particularly under the captions “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” and our Forms 10-Q. Copies of these documents are
available on our Investor Relations website at
http://investor.lifelock.com/ or the SEC’s website at
www.sec.gov.
We assume no obligation and do not intend to update these
forward-looking statements, except as required by law.
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version on businesswire.com: http://www.businesswire.com/news/home/20151130006298/en/
For LifeLockMedia Contact:Kelley Bonsall,
480-457-2170Media@lifelock.comorInvestor Relations
Contact:Jamison Manwaring, 480-457-5168VP, Investor
Relationsjamison.manwaring@LifeLock.com
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