NEW
YORK, July 10, 2024 /PRNewswire/ -- Wix.com Ltd.
(NASDAQ: WIX) ("Wix," the "Company," "we" or "our"), today
announced that its Board of Directors (the "Board") authorized a
program to repurchase the Company's securities (ordinary shares
and/or convertible notes), in an amount up to $200 million.
This repurchase program, in addition to the more than
$1 billion of aggregate share
repurchases executed by the Company since 2021, demonstrates the
Board's continued confidence in the Company's ability to drive
strong cash flow generation and ongoing commitment to increasing
shareholder value.
Under the Board authorized repurchase program, Company
securities may be repurchased 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
securities under this authorization. The repurchase program
does not obligate the Company to acquire any particular amount of
securities, and the repurchase program may be suspended or
discontinued at any time at the Company's discretion.
Repurchases under the repurchase program may begin after conclusion
of the 30-day period for creditors of the Company to object to the
Company's intent to perform the distribution by way of repurchase
in accordance with the Israeli Companies Regulations (Relief for
Public Companies Whose Securities are Traded on Stock Exchanges
Outside of Israel), 5760-2000 and
the Israeli Regulations (Approval of Distribution),
5761–2001. Amendments to these regulations passed earlier
this year eliminated the requirement to obtain mandatory Israeli
court approval for security repurchases for companies, such as Wix,
that were otherwise required to obtain such approval. The
actual timing, number and value of securities repurchased depend on
a number of factors, including the market price of the Company's
ordinary shares, general market and economic conditions, any
objections received by the Company from its creditors, the
Company's financial results and liquidity, and other
considerations. The Company expects to fund repurchases with
cash on hand and future cash generated from its operations.
About Wix.com Ltd.
Wix is the leading SaaS website builder platform to create,
manage, and grow a global, digital presence1. What
began as a website builder in 2006 is now a complete platform
providing self-creators, agencies, and enterprises, with
distinguished performance, security, and a reliable
infrastructure. With a focus on continuous innovation, a wide
range of commerce and business solutions, advanced SEO, marketing
tools, and industry-leading AI technologies, Wix users have full
ownership of their brand and unmatched creative freedom.
Complimenting the Wix platform for self-creators, Wix Studio is an
advanced creation and management platform for agencies and
freelancers.
For more about Wix, please visit our Press Room at
https://www.wix.com/press-room/home.
Investor Relations: ir@wix.com
Media Relations Contact: PR@wix.com
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 "anticipate," "assume," "believe," "aim,"
"forecast," "indication," "continue," "could," "estimate,"
"expect," "intend," "may," "plan," "potential," "predict,"
"project," "outlook," "future," "will," "seek" and similar terms or
phrases. The forward-looking statements contained in this
press release 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 expectations
relating to the repurchase of our ordinary shares and/or
Convertible Notes pursuant to our repurchase program; our
expectation that we will be able to attract and retain registered
users and partners, and generate new premium subscriptions, in
particular as we continuously adjust our marketing strategy and as
the macro-economic environment continues to be turbulent; our
expectation that we will be able to increase the average revenue we
derive per premium subscription, including 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 and our Wix Studio product; our expectations regarding
our ability to develop relevant and required products using
artificial intelligence ("AI"), the regulatory environment
impacting AI and AI-related activities, including privacy and
intellectual property, and potential competitive impacts from AI
tools; our assumption that historical user behavior can be
extrapolated to predict future user behavior, in particular during
turbulent macro-economic environments; our prediction of the future
revenues and/or bookings generated by our user cohorts and our
ability to maintain and increase such revenue growth, as well as
our ability to generate and maintain elevated levels of free cash
flow and profitability; our expectation to maintain and enhance our
brand and reputation; our expectation that we will effectively
execute our initiatives to improve our user support function
through our Customer Care team, and continue attracting registered
users and partners, and increase user retention, user engagement
and sales; 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 expectation regarding the
impact of fluctuations in foreign currency exchange rates, interest
rates, potential illiquidity of banking systems, and other
recessionary trends on our business; our expectation that we will
effectively manage our infrastructure; our expectation to comply
with AI, privacy, and data protection laws and regulations as well
as contractual privacy and data protection obligations; 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 and maintain profitability; our
expectations regarding changes in the global, national, regional or
local economic, business, competitive, market, and regulatory
landscape, including as a result of the Israel-Hamas war and/or the
Ukraine-Russia war and any escalations thereof and
potential for wider regional instability and conflict; 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; and our expectations about entering into new
markets and attracting new customer demographics, including our
ability to successfully attract new partners, large
enterprise-level users and to grow our activities, including
through the adoption of our Wix Studio product, with these customer
types 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, 2023 filed
with the Securities and Exchange Commission on March 22, 2024. The preceding list is not
intended to be an exhaustive list of all of our forward-looking
statements. 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.
1 Based on number of active live sites as reported by
competitors' figures, independent third-party-data and internal
data as of Q4 2023.
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SOURCE Wix.com Ltd