Coursera Inc. (NYSE: COUR) announced that its board of directors approved a share repurchase program authorizing the company to buy back up to $500 million of its common stock.

The online education platform plans to fund repurchases using existing cash balances and cash flow from operations. The company stated the program reflects management's confidence in its business strategy and future cash flow generation, particularly following anticipated operating synergies from its recent combination with Udemy Inc.

Repurchases will be made at the company's discretion based on market conditions and other factors. The program has no fixed expiration date and may be modified, suspended or discontinued at any time. Open market purchases will comply with federal securities laws, including Rule 10b-18 requirements.

Coursera may also enter into trading plans under Rule 10b5-1 to facilitate share repurchases. The program does not obligate the company to acquire any specific amount of common stock.

The Mountain View, California-based company stated it believes its enhanced scale following the Udemy combination, financial position and expected future cash generation provide capacity to return capital to shareholders while investing in long-term growth.

Coursera operates an online learning platform partnering with universities and industry organizations to offer courses, certificates and degrees. The combined Coursera and Udemy platforms reach 290 million learners and 18,000 enterprise customers worldwide, according to the company.