NEW YORK, Sept. 9, 2021 /PRNewswire/ -- Wix.com Ltd.
(Nasdaq: WIX), today announced that it has completed the
$200 million share repurchase program
authorized by the Board of Directors in May
2021. The Company has repurchased 895,136 outstanding Wix
ordinary shares, representing approximately 1.6% of total shares
outstanding, at an approximate volume-weighted average price per
share of $223.41.
"Today's announcement reflects our confidence in the continued
strength of our business and our ability to successfully execute on
our long-term strategy," said Lior
Shemesh, CFO of Wix. "Given our ample liquidity and Wix
shares currently trading below what we believe to be our intrinsic
valuation, we are able to return value to shareholders while
simultaneously investing for growth."
Forward-Looking Statements
This press release 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 like
"may," "could," "believe," "expect," "will" and similar terms or
phrases. The forward-looking statements contained in this press
release are subject to uncertainty, risks and changes in
circumstances that are difficult to predict and many of which are
outside of our control. Important factors that could cause our
actual results to differ materially from those indicated in the
forward-looking statements include, among others, risks relating to
the repurchase of our ordinary shares and/or convertible notes
pursuant to our repurchase plan; our ability to attract and retain
registered users and generate new premium subscriptions; our
ability to increase the revenue we derive from the sale of premium
subscriptions and business solutions through our partners; our
expectation that new products and developments, including
third-party products offered within our platform, will receive
customer acceptance and satisfaction, including the growth in
market adoption of our online commerce solutions; our assumption
that long-term agreements with partners will become a more
significant part of our business in the future and that the
expected accounts receivable from such long term partners agreement
will ultimately be received; our assumption that historical user
behavior can be extrapolated to predict future user behavior; our
prediction of the future revenues generated by our user cohorts and
our ability to maintain and increase such revenue growth; our
ability to maintain and enhance our brand and reputation; our
ability to attract and retain qualified employees and key
personnel; our ability to enter into new markets and attract new
customer demographics, including new partners; our expectation that
our products created for markets outside of North America will continue to generate growth
in those markets; the impact of fluctuations in foreign currency
exchange rates on our business; our ability to effectively execute
our initiatives to scale and improve our user support function
through our Customer Care team, and thereby increase user
retention, user engagement and sales; the integration and
performance of acquisitions; our ability to successfully localize
our products, including by making our product, support and
communication channels available in additional languages and to
expand our payment infrastructure to transact in additional local
currencies and accept additional payment methods; our ability to
effectively manage the growth of our infrastructure; the impact on
our business and operations of the COVID-19 pandemic, including
uncertainty relating to expected consumer dynamics after the
COVID-19 pandemic subsides and the anticipated GPV on our platform,
the effectiveness of government policies, vaccine administration
rates and other factors; changes to technologies used in our
solutions; any regulatory investigations or litigation; our
expectations regarding changes in our cost of revenues and our
operating expenses on an absolute basis and as a percentage of our
revenues; changes in the global, national, regional or local
economic, business, competitive, market, and regulatory landscape,
including as a result of COVID-19; 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 other factors discussed under the heading
"Risk Factors" in the Company's 2020 annual report on Form 20-F
filed with the Securities and Exchange Commission on March 25, 2021. 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
emerge 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.
About Wix.com Ltd.
Wix is leading the way with a cloud-based website development
platform for over 210 million registered users worldwide today. The
Wix website builder was founded on the belief that the Internet
should be accessible to everyone to develop, create and contribute.
Through free and premium subscriptions, Wix empowers millions of
businesses, organizations, artists, and individuals to take their
businesses, brands and workflow online. The Wix Editor, Wix ADI,
Editor X, a curated App Market,
Ascend by Wix, Wix Payments and Velo by Wix enable users to build
and manage a fully integrated and dynamic digital presence. Wix's
headquarters are in Tel Aviv with
offices in Austin, Be'er Sheva,
Berlin, Cedar Rapids, Denver, Dnipro, Dublin, Krakow, Kyiv, Los
Angeles, Miami, New
York,Phoenix, San Francisco, São
Paulo, Singapore, Tokyo and Vilnius.
Visit us: on our blog, Facebook, Twitter, Instagram,
LinkedIn and Pinterest
Download: Wix App is available for
free on Google Play and in the App
Store
For more about Wix please visit our Press Room
Investor Relations:
Maggie
O'Donnell
ir@wix.com
Media Relations:
pr@wix.com
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SOURCE Wix.com Ltd.