NEW YORK, October 20, 2022 /PRNewswire/ — wix (Nasdaq: WIX), a leading global SaaS platform for creating, managing and growing an online presence, today announced that its Board of Directors has authorized a share repurchase program, under which the company can repurchase up to $300 million of its common shares.
This buyback program, as well as last year’s $200 million The share buyback along with other initiatives demonstrates the Board’s continued focus on offsetting the dilution associated with share-based compensation, reducing the number of shares over time and increasing shareholder value.
“We remain confident in our ability to generate free cash flow as outlined in our three-year plan, allowing us to continue to invest in our strategic initiatives while returning capital to shareholders. We have built a healthy balance sheet and believe that our current share price represents an attractive valuation for a buyback,” said Lior Shemesh, CFO of Wix. “This new program further demonstrates our continued commitment to managing dilution as part of our capital allocation priorities and increasing shareholder value.”
Repurchases under the Program may be made from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions or otherwise, all in accordance with U.S. securities laws and regulations. ., including Rule 10b-18 under the US Securities Exchange Act of 1934, as amended (the “Exchange Act”). The company may also, from time to time, participate in schemes that comply with Rule 10b5-1 of the Exchange Act to facilitate the repurchase of its shares under this authorization. The timing and total amount of share repurchases will depend on market, economic and business conditions, corporate and regulatory requirements (including Israeli court approval as required), prevailing share prices and other considerations. This program does not obligate the company to purchase a particular number of common shares and the program may be extended, modified, suspended or discontinued at any time at the company’s discretion. The company expects to finance the buybacks with cash on hand and future cash generated from its operations.
About Wix.com Ltd.
Wix is a leading platform for creating, managing, and growing a digital presence. What started as a website builder in 2006 is now a complete platform that provides users with enterprise-grade performance, security, and a reliable infrastructure. Offering a wide range of business and commerce solutions, advanced SEO, and marketing tools, Wix enables users to fully own their brand, their data, and their customer relationships. With a focus on continuous innovation and the delivery of new features and products, anyone can create a powerful digital presence to fulfill their dreams at Wix.
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This document contains forward-looking statements, within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. Such forward-looking statements may be identified by words such as “believe”, “may”, “expect”, “will” and similar terms or phrases. The forward-looking statements contained in this document are based on management’s current expectations, which are subject to uncertainties, risks and changes in circumstances that are difficult to predict and many of which are beyond our control. Important factors that could cause our actual results to differ materially from those indicated in the forward-looking statements include, among others, our expectation that we will be able to attract and retain registered users and generate new premium subscriptions; our expectation that we will be able to increase the revenue we earn from the sale of premium subscriptions and business solutions, through our partners; our expectation that new products and developments, as well as third-party products that we will offer in the future within our platform, will meet with customer acceptance and satisfaction, including growth in market adoption of our online commerce solutions; our assumption that historical user behavior can be extrapolated to predict future user behavior; our expectations regarding the execution of our multi-year strategic plan and cost reduction plan; our prediction of future revenue generated by our user cohorts and our ability to maintain and increase such revenue growth; our expectation to maintain and enhance our brand and reputation; our expectation that we will effectively execute our initiatives to scale and improve our user support function through our Customer Service team and thereby increase user retention, user engagement and sales; our expectation that our products created for markets outside of North America will continue to generate growth in those markets; our plans to successfully localize our products, including making our products, support and communication channels available in additional languages and expanding our payment infrastructure to transact in additional local currencies and accept additional payment methods; our expectations regarding the extent of the impact on our business and operations from the COVID-19 pandemic, including uncertainty related to expected consumer dynamics after the COVID-19 pandemic subsides, the effectiveness of government policies, vaccine administration rates and other factors; our expectation regarding the impact of fluctuations in foreign currency exchange rates on our business; our expectation that we will effectively manage the growth of our infrastructure; changes that we expect may occur in the technologies used in our solutions; our expectations regarding the outcome of any regulatory investigation or litigation, including class action lawsuits; our expectations regarding future changes in our cost of revenues and our operating expenses in absolute terms and as a percentage of our revenues, as well as our ability to achieve profitability; our expectations regarding changes in the global, national, regional or local economic, business, competitive, market and regulatory landscape, including as a result of rising interest rates and inflationary pressures, the lasting effects of COVID-19 , and as a result of the military invasion of Ukraine by Russia; our planned level of capital expenditures and our belief that our existing cash and cash from operations will be sufficient to fund our operations for at least the next 12 months and into the foreseeable future; our expectations regarding the integration and completion of acquisitions; our ability to attract and retain qualified employees and key personnel; our expectations about entering new markets and attracting new customer demographics, including our ability to successfully attract new partners and grow our partner activities as anticipated and other factors discussed under the heading “Risk Factors” in the report Company Annual Report on Form 20-F for the year ending December 31, 2021 filed with the Securities and Exchange Commission on April 1, 2022. Any forward-looking statement made by us in this press release speaks only as of the date hereof. Factors or events that could cause our actual results to differ may arise from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.
SOURCE Wix.com Ltd.