NEW
YORK, Oct. 20, 2022 /PRNewswire/ --
Wix (Nasdaq: WIX), a leading global SaaS platform to create,
manage and grow an online presence, today announced that its Board
of Directors has authorized a share repurchase program, under which
the company may repurchase up to $300
million of its ordinary shares.
This repurchase program, as well as last year's $200 million share repurchase along with other
initiatives, demonstrates the Board's ongoing focus on offsetting
dilution associated with stock-based compensation, reducing share
count over time and increasing shareholder value.
"We remain confident in our ability to generate free cash flow
as laid out in our three-year plan, enabling us to continue to
invest in our strategic initiatives while also returning capital to
shareholders. We have built a healthy balance sheet and believe
that our current stock price represents an attractive valuation for
a repurchase," said Lior Shemesh,
Wix CFO. "This new program further demonstrates our ongoing
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 U.S. Securities
Exchange Act of 1934, as amended (the "Exchange Act"). The company
may also, from time to time, enter into plans that are compliant
with Rule 10b5-1 of the Exchange Act to facilitate repurchases of
its shares under this authorization. The timing and total amount of
stock repurchases will depend upon business, economic and market
conditions, corporate and regulatory requirements (including
Israeli court re-approval as needed), prevailing stock prices and
other considerations. This program does not obligate the company to
acquire any particular amount of ordinary shares and the program
may be extended, modified, suspended or discontinued at any time at
the company's discretion. The company expects to fund repurchases
with cash on hand and future cash generated from its
operations.
About Wix.com Ltd.
Wix is a leading platform to create, manage and grow a digital
presence. What began as a website builder in 2006 is now a complete
platform providing 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 enables users to have full ownership of their brand, their data
and their relationships with their customers. With a focus on
continuous innovation and delivery of new features and products,
anyone can build a powerful digital presence to fulfill their
dreams on Wix.
For more about Wix, please visit our Press Room.
Media Relations Contact: PR@wix.com
Forward-Looking
Statements
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 like
"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
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, 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 derive
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 we will offer in the
future within our platform, will receive customer acceptance and
satisfaction, including the 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 execution of our multi-year strategic plan
and cost reduction plan; our prediction of the future revenues
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 Care 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 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 expectations regarding the
extent of 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, 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 we expect may occur to 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 on an absolute basis 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 increasing interest rates and
inflationary pressures, 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 for the foreseeable future; our expectations
with respect to the integration and performance of acquisitions;
our ability to attract and retain qualified employees and key
personnel; our expectations about entering into 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 Company's annual report 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 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.
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SOURCE Wix.com Ltd.