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L Catterton Agrees to Sell $100 Million of Shares Back to ODDITY
ODDOddity Tech .(ODD) GlobeNewswire News Room·2024-11-13 22:19

Core Points - ODDITY Tech Ltd. has announced a transaction to repurchase approximately 2.35 million Class A Ordinary Shares for about 100millionatapriceof100 million at a price of 42.501 per share, funded from existing cash resources [1][2] - The board of directors believes the repurchase is in the best interest of the company due to its strong balance sheet and current circumstances, and this transaction is separate from the ongoing share buyback plan [2][3] - Following the transaction, L Catterton will own around 4 million shares, equating to approximately 7% of the company's outstanding shares as of September 30, 2024 [3] Financial Position - As of September 30, 2024, ODDITY held 248millionincash,cashequivalents,andinvestments,alongwithanundrawncreditfacilityof248 million in cash, cash equivalents, and investments, along with an undrawn credit facility of 100 million, and has no financial debt [4] - For the 12 months ending September 30, 2024, the company generated 127millioninfreecashflow,with127 million in free cash flow, with 130 million from operations and 3millionincapitalexpenditures[5][10]Thecompanyhasrepurchasedatotalof3 million in capital expenditures [5][10] - The company has repurchased a total of 147 million of its shares year-to-date, including $47 million under the standing share buyback plan [3] Business Overview - ODDITY is a consumer tech company focused on building and scaling digital-first brands in the beauty and wellness sectors, serving approximately 50 million users through its AI-driven platform [12] - The company operates with headquarters in New York City, an R&D center in Tel Aviv, Israel, and a biotechnology lab in Boston [12]