BROOKLYN, N.Y., Nov. 17, 2017 /PRNewswire/ -- Etsy, Inc.
(NASDAQ: ETSY), the global marketplace for unique and creative
goods, today announced that its Board of Directors has approved a
stock repurchase program that will enable the Company to repurchase
up to $100 million of its common
stock. The program will help offset the dilutive impact of recent
and future employee stock option exercises and restricted stock
vesting.
"This repurchase program demonstrates the Board's confidence in
our future and our commitment to delivering value to all of our
stakeholders," said Josh Silverman,
Etsy CEO. "Our capital allocation strategy prioritizes deploying
our strong balance sheet to fund both internal and external
opportunities that will accelerate our long-term growth
trajectory."
Under the stock repurchase program, Etsy may purchase shares of
its common stock through various means, including open market
transactions, privately negotiated transactions, tender offers or
any combination thereof. In addition, open market repurchases of
common stock may be made pursuant to trading plans established
pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934,
as amended, which would permit common stock to be repurchased at a
time that Etsy might otherwise be precluded from doing so under
insider trading laws or self-imposed trading restrictions. The
number of shares repurchased and the timing of repurchases will
depend on a number of factors, including, but not limited to, stock
price, trading volume and general market conditions, along with
Etsy's working capital requirements, general business conditions
and other factors. The stock repurchase program has no time limit
and may be modified, suspended or terminated at any time by the
Board of Directors. Repurchases under the stock repurchase
program will be funded from Etsy's existing cash and cash
equivalents or future cash flow. As of September 30, 2017, Etsy had cash and cash
equivalents of approximately $260.3
million. Etsy had approximately 121,714,269 shares of
common stock outstanding as of October 30,
2017.
About Etsy
Etsy, Inc. is the global marketplace for unique and creative
goods. Our mission is to keep commerce human, and we're committed
to using the power of business to strengthen communities and
empower people. We connect millions of buyers and sellers from
nearly every country in the world. Buyers come to Etsy to be
inspired and delighted by items that are crafted and curated by
creative entrepreneurs. For sellers, we offer a range of tools and
services that address key business needs.
Etsy was founded in 2005 and is headquartered in Brooklyn, New York.
Etsy has used, and intends to continue using, its investor
relations website and the Etsy News Blog (blog.etsy.com/news) to
disclose material non-public information and to comply with its
disclosure obligations under Regulation FD. Accordingly, you should
monitor our investor relations website and the Etsy News Blog in
addition to following our press releases, SEC filings and public
conference calls and webcasts.
Cautionary Statement Regarding Forward-Looking
Statements
This press release (including statements quoted in this press
release) contains forward-looking statements within the meaning of
the federal securities laws. Forward-looking statements include our
expectations regarding the amount of and timing, methods and
funding sources for repurchases of our common stock under the stock
repurchase program and the effect of the repurchase program on
dilution to our shareholders, the value of our common stock and our
ability to accelerate our long-term growth.
Forward-looking statements include all statements that are not
historical fact. Forward-looking statements involve substantial
risks and uncertainties that may cause actual results to differ
materially from expectations. These risks and uncertainties include
our stock price, the trading volume of our stock, the nature of
other investment opportunities presented to us from time to time,
our cash flows from operations, general economic conditions, and
other risks and uncertainties that are more fully described in our
filings with the Securities and Exchange Commission, including in
the section entitled "Risk Factors" in our Quarterly Report on Form
10-Q for the quarter ended September 30,
2017, and subsequent reports that we file with the
Securities and Exchange Commission.
Forward-looking statements represent our beliefs and assumptions
only as of the date of this press release. We disclaim any
obligation to update forward-looking statements, except as required
by law.
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SOURCE Etsy