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Arlo Technologies Announces $50M Share Buyback

Published 09/24/2024, 06:22 AM
Arlo Technologies (ARLO) Announces $50M Share Buyback

Arlo Technologies (ARLO) Announces $50M Share Buyback

ARLO
0.61%

Arlo Technologies , Inc. (NYSE:ARLO), a leading smart home security company, today announced that its Board of Directors has approved the repurchase of up to an aggregate of $50 million of shares of its common stock through open market purchases in a manner deemed to be in the best interests of the company and its stockholders.

“Given Arlo’s improving profitability, increasing cash position, and our belief in the upside potential as we execute our long-range plan, our Board has authorized a share repurchase program of up to $50 million through December 31, 2026. This program serves as one pillar of our capital allocation plan I described to investors on our last earnings call and is designed by Arlo to maximize shareholder return over time,” said Matthew McRae, Chief Executive Officer of Arlo Technologies.

The repurchase of up to an aggregate of $50 million of shares of Arlo’s common stock will be effected through open market purchases in a manner deemed to be in the best interests of the company and its stockholders, considering the economic cost and prevailing market conditions, including the relative trading prices and volumes of Arlo’s common stock. The repurchases are expected to be effected pursuant to Rule 10b-18 of the Securities Exchange Act of 1934, as amended. The repurchase program is expected to continue through December 31, 2026 unless extended or shortened by the Board of Directors.

About Arlo Technologies, Inc.

Arlo is an award-winning, industry leader that is transforming the ways in which people can protect everything that matters to them with advanced home, business, and personal security solutions. Arlo’s deep expertise in AI- and CV-powered analytics, cloud services, user experience and product design, and innovative wireless and RF connectivity enables the delivery of a seamless, smart security experience for Arlo users that is easy to set up and interact with every day. Arlo’s cloud-based platform provides users with visibility, insight and a powerful means to help protect and connect in real-time with the people and things that matter most, from any location with a Wi-Fi or a cellular connection. To date, Arlo has launched several categories of award-winning connected devices, software and services. These include wire-free, smart Wi-Fi and LTE-enabled security cameras, video doorbells, floodlights, security system, and Arlo's subscription services: Arlo Secure, and Arlo Safe.

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With a mission to bring users peace of mind, Arlo is as passionate about protecting user privacy as it is about safeguarding homes and families. Arlo is committed to implementing industry standards for data protection designed to keep users’ personal information private and in their control. Arlo does not monetize personal data, provides enhanced controls for user data, supports privacy legislation, keeps user data safely secure, and puts security at the forefront of company culture.

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