Citrix 2014 Annual Report Download - page 58

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Stock Repurchase Program
Our Board of Directors authorized an ongoing stock repurchase program with a total repurchase authority granted to us of
$5.4 billion, of which $1.5 billion was approved in April 2014. We may use the approved dollar authority to repurchase stock at
any time until the approved amounts are exhausted. The objective of our stock repurchase program is to improve stockholders’
returns. At December 31, 2014, approximately $288.4 million was available to repurchase common stock pursuant to the stock
repurchase program. All shares repurchased are recorded as treasury stock in our consolidated balance sheets included in this
Annual Report on Form 10-K for the year ended December 31, 2014. A portion of the funds used to repurchase stock over the
course of the program was provided by net proceeds from the Convertible Notes offering, as well as proceeds from employee
stock option exercises and the related tax benefit.
In April 2014, in connection with the $1.5 billion increase in repurchase authority granted to us under our ongoing
stock repurchase program, we used approximately $101.0 million to purchase 1.7 million shares of our common stock from
certain purchasers of the Convertible Notes in privately negotiated transactions concurrently with the closing of the Convertible
Notes offering discussed above, and an additional $1.4 billion to purchase additional shares of our common stock through our
ASR with Citibank. Under the ASR agreement, we paid approximately $1.4 billion to Citibank upon consummation of the ASR
and received, in the aggregate, approximately 21.8 million shares of our common stock, including approximately 2.6 million
shares delivered in October 2014 in final settlement in connection with Citibank's election to accelerate the ASR. The total
number of shares of our common stock that we repurchased under the ASR Agreement was based on the average of the daily
volume-weighted average prices of our common stock during the term of the ASR Agreement, less a discount.
See Note 12 to our consolidated financial statements included in this Annual Report on Form 10-K for the year ended
December 31, 2014 for detailed information on our Convertible Notes offering and the transactions related thereto and Note 8
to our consolidated financial statement for detailed information on the ASR.
We are authorized to make open market purchases of our common stock using general corporate funds through open
market purchases or pursuant to a Rule 10b5-1 plan.
During the year ended December 31, 2014, we expended approximately $139.9 million on open market purchases under
the stock repurchase program, repurchasing 2,046,400 shares of outstanding common stock at an average price of $68.36.
During the year ended December 31, 2013, we expended approximately $406.3 million on open market purchases,
repurchasing 6,563,986 shares of outstanding common stock at an average price of $61.90.
During the year ended December 31, 2012, we expended approximately $251.0 million on open market purchases,
repurchasing 3,550,817 shares of outstanding common stock at an average price of $70.69.
Shares for Tax Withholding
During the years ended December 31, 2014, we withheld 560,239 shares, in 2013 we withheld 444,657 shares and in
2012, we withheld 269,745 shares from stock units that vested. Amounts withheld to satisfy minimum tax withholding
obligations that arose on the vesting of stock unit awards was $33.7 million for 2014, $31.0 million for 2013 and $20.2 million
for 2012. These shares are reflected as treasury stock in our consolidated balance sheets included in this Annual Report on
Form 10-K for the year ended December 31, 2014 and the related cash outlays reduce our total stock repurchase authority.