NY, January 5, 2023 /PRNewswire/ — Wix.com Ltd. (Nasdaq: WIX), a leading global SaaS platform for creating, managing and growing an online presence, today announced that, January 4, 2023The Israeli court authorized the Company to extend the Company’s buyback program for another six months until July 4, 2023. This authorization provides for the repurchase of up to $110 million of common shares and/or convertible notes of the Company. The Company may file extension requests with the court on an ongoing basis as necessary. This new judicial authorization replaces the previous repurchase authorization, which expired December 31, 2022.
Pursuant to the $300 million share repurchase program authorized by the board of directors and announced on October 20, 2022from December 31, 2022the Company repurchased 2,928,611 common shares representing approximately 5% of the Company’s total issued and outstanding common shares, for an aggregate purchase price of $243 millionor an average price per share of $83. This new judicial authorization will allow the Company, from time to time at its discretion, to continue to repurchase the common shares of the Company until the $57 million remaining balance under the approved buyback program. The Company may not repurchase securities beyond the amount authorized by the board and would require additional board authorization to use the full $110 million authorized by the court.
“Our share repurchase activity to date demonstrates confidence in our ability to generate free cash flow and our continued commitment to managing dilution and increasing shareholder value,” it said. Lior ShemeshWix CFO.
Subject to the repurchase program authorized by the board, the Company’s securities may be repurchased from time to time in open market transactions at prevailing market prices, in privately negotiated transactions or by other means in accordance with the laws and federal securities regulations. The repurchase program does not obligate the Company to purchase any particular number of securities, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion. The Company may repurchase all or a portion of the authorized repurchase amount pursuant to a plan that complies with Rule 10b5-1 of the United States Securities Exchange Act of 1934, as amended, which is designed to facilitate these purchases. . The actual timing, quantity and value of the repurchased securities depend on various factors, including the market price of the Company’s common shares, general market and economic conditions and other corporate considerations.
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 commerce and business solutions, advanced SEO and marketing tools, Wix empowers users to take full ownership of their brand, their data and their relationships with their customers. 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 on 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 include projections about our future performance, including, without limitation, revenues, reserves and free cash flow, and may be identified by words such as “anticipate”, “assume”, “believe”, “target”, “forecast” , “indication”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “potential”, “predict”, “project”, “prospect” , ” future”, “will”, “seek” and similar terms or phrases. Forward-looking statements contained in this document, including quarterly and annual guidance, are based on management’s current expectations, which are subject to uncertainty, risk, and changes in circumstances that are difficult to predict and many of which are outside of our control. 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 receive 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; and therefore increase user retention, user engagement and sales; our expectation that our products created for markets outside of North America 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 of the COVID-19 pandemic, including uncertainty related to expected consumer dynamics after the COVID-19 pandemic abates, 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 expectations regarding the repurchase of our common shares and/or Convertible Notes pursuant to our repurchase program; our expectation that we will effectively manage the growth of our infrastructure; changes we expect to occur in the technologies used in our solutions; our expectations regarding the outcome of any regulatory investigation or litigation, including class actions; 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 for Russia; our planned level of capital expenditures and our belief that our existing cash and cash from operations will be sufficient to finance our operations for at least the next 12 months and for 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 partners’ activities as anticipated and other factors discussed under the heading “Risk Factors” in the report of the Company on Form 20-F for the year ended December 31, 2021 filed with the Securities and Exchange Commission on April 1, 2022. Any forward-looking statements made by us in this press release speak 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 do not undertake any obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise.
SOURCE Wix.com Ltd.