TiVo 2015 Annual Report Download - page 35

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Table of Contents
* The material in this section is not “soliciting material,” is not deemed filed with the SEC and is not to be incorporated by reference in any filing of
Rovi Corporation under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after
the date hereof and irrespective of any general incorporation language in such filing.
Dividend Policy
We have not paid any cash dividends in the last two years and do not anticipate paying any cash dividends on our common stock in the
foreseeable future. At this time, we intend to retain all earnings for use in our business operations and to pay down debt. Our Senior Secured Credit Facility
contains customary affirmative and negative covenants applicable to the Company and its subsidiaries, including, among other things, restrictions on
dividends and other distributions (See Note 9 to the Consolidated Financial Statements in Part IV of this Annual Report on Form 10
-
K
, which is
incorporated herein by reference).
Recent Sales of Unregistered Securities
During the three months ended
December 31, 2015
, there were no sales of unregistered securities.
Issuer Purchases of Equity Securities
Rovi may choose to repurchase shares under its ongoing repurchase program when sufficient liquidity exists, the shares are trading at a discount
relative to estimated intrinsic value and there is no alternative investment opportunity expected to generate a higher risk
-
adjusted return on investment.
33
December 31,
2010
2011
2012
2013
2014
2015
Rovi
100
40
25
32
36
27
Nasdaq
100
99
116
163
187
200
S&P 500
100
102
118
157
178
181
Russell 2000
100
96
111
155
162
155