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Wix Reports Third Quarter 2019 Results

2019-11-14 01:00 ET - News Release

-Strong growth trajectory continues in Q3, reflecting the success of global pricing optimization and continued growth of registered users and premium subscriptions
--Revenue of $196.8M, up 26% Y/Y
--Collections of $205.9M, up 26% Y/Y, accelerating from prior quarter Y/Y growth
-Net subscription additions of 114,000 bolster a solid base of over 4.4M subscriptions, providing a source of sustainable and durable growth
-Lifetime cohort value continues to grow, driven by a combination of subscription additions and increasing monetization per subscription
--Expected future collections of existing user cohorts over the next 8 years increased to $6.1 billion, up 24% Y/Y
--Collections from the Q1 2019 user cohort increased 10% vs. the Q1 2018 cohort over the same period of time, accelerating from a quarter ago
-Introduced the Wix Partner Program to help agencies achieve their business goals and scale on Wix

NEW YORK, Nov. 14, 2019 /PRNewswire/ -- Wix.com Ltd. (Nasdaq: WIX) today reported strong financial results for the third quarter ended September 30, 2019. In addition, the Company provided its outlook for the fourth quarter 2019 and updated its outlook for the full year.

"The investment in marketing to professionals we announced earlier this year is already showing positive returns as agencies continue to increase their engagement with Wix," said Avishai Abrahami, Co-founder and CEO of Wix. "We continue to build out the Wix platform to provide the ability to create any website or application online, and I am excited about our momentum as we head into 2020."

Nir Zohar, President and COO of Wix, said, "Our results this quarter reflect strong growth in the lifetime value of our user cohorts. This growth has been driven by a combination of increasing subscriptions and monetization per subscription, which demonstrates the high value of our products and success with our recent pricing optimization efforts."

Lior Shemesh, CFO of Wix, said, "Our worldwide reach provides us with a global user base; however, it also subjects us to changes in foreign exchange rates. We have experienced strong growth this year, but our growth would be even stronger excluding changes in FX rates. Using constant currency rates on a year over year basis, we expect our revenue for the full year 2019 would be approximately $10 million higher and collections would be roughly $12 million higher, which would equate to 28% year over year growth. Despite this headwind, we are ending 2019 on a strong note and are excited about 2020."

Q3 2019 Financial Summary


Three months ended

September 30,


$ in thousands

2018

2019


Y/Y growth


Prior Q3 2019 Outlook

Revenue

$155,600

$196,791


26%


$196,000 – 198,000

Collections

$162,777

$205,860


26%


$204,000 – 206,000

Operating Income (Loss)

$(3,498)

$(20,605)


NA




Non-GAAP Operating Income

$16,256

$12,258


(25)%




Net Cash Provided by
Operating Activities

$27,607

$36,073


31%



Free Cash Flow

$23,691

$29,227


23%











 

Additional Q3 2019 Results and Highlights

  • Revenue in the third quarter was impacted by changes in foreign exchange (FX) rates since Q3 guidance was provided in July, as well as a change in revenue mix in the quarter
  • Collections in the third quarter were impacted by changes in FX rates since Q3 guidance was provided in July. Assuming constant FX rates since Q3 guidance was issued in July, Q3 collections were $207.0M, up 27% y/y
  • Gross margin on a GAAP basis in the third quarter of 2019 was 73%, compared to 79% in the third quarter of 2018
  • Non-GAAP gross margin in the third quarter of 2019, calculated as non-GAAP gross profit as a percent of revenue, was 74%, compared to 80% in the third quarter of 2018
    • The decline in non-GAAP gross margin is attributed to the growth of Wix Payments since its launch in Q4 2018, as well as the investment in expanding our Customer Solutions globally to provide a more personalized support experience for our users. We believe this investment and Wix Payments will drive incremental collections and revenue growth in 2020 and beyond
  • GAAP operating loss in the third quarter of 2019 was $(20.6) million, compared to GAAP operating loss of $(3.5) million in the third quarter of 2018
    • The y/y growth in GAAP operating loss is due to the decline in gross margin as a result of the growth in Wix Payments, the investment we made in Customer Solutions, the increase in stock based compensation expenses as a result of increases in our share price and the accrual of approximately $3.2 million in sales tax expense in GAAP G&A expenses in Q3 2019
  • Non-GAAP operating income in the third quarter of 2019 was $12.3 million compared to non-GAAP operating income of $16.3 million in the third quarter of 2018.
    • The y/y decline in non-GAAP operating income is attributed to the decline in gross margin as a result of the growth in Wix Payments, as well as the investment we made in Customer Solutions
  • GAAP net loss in the third quarter of 2019 was $(17.4) million, or $(0.34) per share, compared to a net loss of $(5.9) million, or $(0.12) per share, for the third quarter of 2018
  • Non-GAAP net income in the third quarter of 2019 was $20.8 million, or $0.41 per share, compared to non-GAAP net income of $18.8 million, or $0.39 per share for the third quarter of 2018
  • Net cash provided by operating activities in the third quarter of 2019 was $36.1 million, while capital expenditures totaled $6.8 million, leading to free cash flow of $29.2 million, compared to $23.7 million of free cash flow in the third quarter of 2018, a 23% year-over-year increase
  • Added 114,000 net premium subscriptions in the third quarter of 2019 to reach 4.4 million as of September 30, 2019, a 15% increase over the total number of premium subscriptions at the end of the third quarter of 2018
  • Added 5.5 million registered users in the third quarter of 2019. Registered users as of September 30, 2019 were 160 million, representing a 17% increase compared to the end of the third quarter of 2018

Recent Business Highlights

  • Introduced Wix Partner Program: This quarter, we began the roll out of the Wix Partner Program, which offers agencies professional resources to achieve their business goals and deliver custom solutions to their clients. The initial phase of this program includes extended support, access to the tailored dashboard, forum, and product betas, as well as migration support and a complimentary business website. Future products and offerings for this program are planned for early 2020
  • Announced a strategic partnership with NTT Town Page: In September, we announced a partnership with NTT Town Page, which provides a leading Japanese business directory, offering "NTT Town Page Digital Lead Powered by Wix" to NTT Town Page small business customers across Japan. The service will include a complete suite of products including website creation, site management, e-commerce and SEO capabilities to power online marketing and promotion for small and medium-sized businesses. As a result of this venture, Wix will serve as the exclusive website platform provider to NTT Town Page, positioning Wix to become the leading digital marketing solution for millions of businesses in Japan
  • Introduced enhanced payment options in Japan: In August, we announced a partnership with GMO Epsilon to provide a local payment option for Wix merchants in Japan. Wix businesses in Japan are now able to offer GMO-EP's payment solutions to customers through their online businesses, enabling credit card payments with lower processing fees, direct bank transfers, and additional features to make growing a business on Wix even more convenient
  • Renewing of the share repurchase authorization: As previously disclosed, Wix is authorized by the Israeli District Court to repurchase up to $100 million of its ordinary shares from time to time, until December 31, 2019, when the current court authorization expires. Wix plans to file in the coming days a motion seeking a renewed court approval in Israel to re-authorize the Company to repurchase up to $100 million of its ordinary shares from time to time until December 31, 2020, or a shorter period as approved by the court. Wix expects the motion to be re-approved before the expiration of the current authorization. Wix did not repurchase any shares in the quarter ended September 30, 2019

Financial Outlook

Wix is introducing its outlook for the fourth quarter 2019:


Q4 2019 Outlook


Y/Y growth

Revenue

$204 - $206 million


24% - 25%

Collections

$222 - $225 million


26% - 28%





Wix is also updating its outlook for the full year 2019. The updated full year guidance is inclusive of changes in FX rates since we last provided full year guidance in July. Had FX rates stayed constant since that time, we would have raised FY 2019 collections guidance from the prior range of $825-$831 million by approximately $3.5 million at the midpoint of the range to $830-$833 million, and FY 2019 free cash flow guidance from the prior range of $123-$126 million by approximately $2.5 million at the midpoint of the range to $126-$128 million.









Updated
FY 2019 Outlook


Y/Y growth


Updated FY 2019
Outlook (FX neutral
to July 2019)


Prior
FY 2019 Outlook


Revenue

$761 - $763 million


26%


$762 - $764 million


$761 - $765 million


Collections

$828 - $831 million


26%


$830 - $833 million


$825 - $831 million


Free Cash Flow

$124 - $126 million


22%-24%


$126 - $128 million


$123 - $126 million









 

Conference Call and Webcast Information

Wix will host a conference call at 8:30 a.m. ET on Thursday, November 14, 2019 to answer questions about the financial and operational performance of the business for the third quarter ended September 30, 2019. The conference call will include a brief statement by management and will focus on answering questions about our results during the quarter. To enhance the Q&A portion of this call, the Company has posted a shareholder update and supporting slides to its Investor Relations website at https://investors.wix.com/. These materials provide shareholders and analysts with additional detail for analyzing results in advance of the quarterly conference call.

To participate on the live call, analysts and investors should dial +1-877-667-0467 (US/ Canada), +1-346-354-0953 (International) or 1-809-315-362 (Israel) at least ten minutes prior to the start time of the call and reference Conference ID 6392716. A telephonic replay of the call will be available through November 21, 2019 at 11:30 a.m. ET by dialing +1-855-859-2056 and providing Conference ID 6392716.

Wix will also offer a live and archived webcast of the conference call, accessible from the "Investor Relations" section of the Company's website at https://investors.wix.com/.

About Wix.com Ltd.

Wix is leading the way with a cloud-based website development platform for over 160 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, a highly curated App Market, Ascend by Wix and Corvid 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 Be'er Sheva, Berlin, Dnipro, Dublin, Kiev, Los Angeles, Miami, New York, San Francisco, São Paulo, Tokyo and Vilnius.

Visit us: on our blog, FacebookTwitterInstagramLinkedIn and Pinterest 

Download: Wix App is available for free on Google Play and in the App Store

Non-GAAP Financial Measures

To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, Wix uses the following non-GAAP financial measures: collections, cumulative cohort collections, collections on a constant currency basis, revenue on a constant currency basis, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss), non-GAAP net income (loss) per share and free cash flow (collectively the "Non-GAAP financial measures"). Collections represents the total cash collected by us from our customers in a given period and is calculated by adding the change in deferred revenues for a particular period to revenues for the same period. Non-GAAP gross margin represents gross profit calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization, divided by revenue. Non-GAAP operating income (loss) represents operating income (loss) calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, amortization, acquisition-related expenses and sales tax expense accrual. Non-GAAP net income (loss) represents net loss calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, amortization, sales tax expense accrual, amortization of debt discount and debt issuance costs and acquisition-related expenses and non-operating foreign exchange expenses (income). Non-GAAP net income (loss) per share represents non-GAAP net income (loss) divided by the weighted average number of shares used in computing GAAP loss per share. Free cash flow represents net cash provided by (used in) operating activities less capital expenditures.

The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The Company uses these non-GAAP financial measures for financial and operational decision making and as a means to evaluate period-to-period comparisons. The Company believes that these measures provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making.

For more information on the non-GAAP financial measures, please see "Reconciliation of GAAP to Non-GAAP Financial Measures" below. The accompanying tables have more details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliations between these financial measures. The Company has not reconciled its free cash flow guidance to net cash provided by operating activities because net cash provided by operating activities is not accessible on a forward-looking basis. Items that impact net cash provided by operating activities are out of the Company's control and/or cannot be reasonably predicted. Accordingly, a reconciliation to net cash provided by operating activities is not available without unreasonable effort. The Company has also not reconciled future collections over the next eight years from existing user cohorts. Items that impact future revenue and deferred revenue over an eight year period cannot be reasonably predicted. Accordingly, a reconciliation to revenue is not available without unreasonable effort.  

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 include projections regarding our future performance, including, but not limited to revenue, collections and free cash flow, and 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 document, including the full year guidance, 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 ability to grow our user base and premium subscriptions including through the launch of our Wix Partner Program; our ability to create new and higher monetization opportunities from our premium subscriptions; our ability to enter into new markets, and attract new customer segments, for example through our recent strategic partnership with NTT Town Page and our partnership with a Japanese payment provider, intended to expand our reach to customers in Japan; our ability to maintain and enhance our brand and reputation; our prediction of the future collections generated by our user cohorts; our share repurchases made pursuant to our share repurchase plan; our ability to manage the growth of our infrastructure effectively; our ability to effectively execute our initiatives to scale and improve our user support function, including through the recent expansion of our Customer Solutions organization by engaging additional agents around the world to provide 24/7 support in nine different languages; the success of our sales efforts; customer acceptance and satisfaction of new products and other challenges inherent in new product development; changes to technologies used in our solutions; or changes in global, national, regional or local economic, business, competitive, market, regulatory and other factors discussed under the heading "Risk Factors" in the Company's 2018 annual report on Form 20-F filed with the Securities and Exchange Commission on April 9, 2019. 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.

Investor Relations:
Maggie O'Donnell
investors.wix.com 
ir@wix.com 
914-267-7390

Media Relations:
Vivian Hernandez
Wix Press Room 
pr@wix.com 
415-517-6539

 

Wix.com Ltd.

CONSOLIDATED STATEMENTS OF OPERATIONS - GAAP

(In thousands, except loss per share data)


















Three Months Ended


Nine Months Ended


September 30,


September 30,


2018


2019


2018


2019


(unaudited)


(audited)


(unaudited)









Revenue

$         155,600


$              196,791


$       439,507


$       556,500

Cost of revenue

32,977


53,295


92,458


139,672

Gross Profit

122,623


143,496


347,049


416,828









Operating expenses:








Research and development

49,360


64,488


144,354


184,157

Selling and marketing

62,247


75,862


188,113


232,909

General and administrative

14,514


23,751


43,039


62,320

Total operating expenses

126,121


164,101


375,506


479,386

Operating loss

(3,498)


(20,605)


(28,457)


(62,558)

Financial expenses, net

(2,509)


1,242


(1,106)


(1,068)

Other income (expenses)

17


117


101


149

Loss before taxes on income

(5,990)


(19,246)


(29,462)


(63,477)

Taxes on income

(74)


(1,879)


1,905


1,364

Net loss

$           (5,916)


$              (17,367)


$       (31,367)


$       (64,841)









Basic and diluted net loss per share 

$              (0.12)


$                   (0.34)


$            (0.66)


$            (1.29)

Basic and diluted weighted-average shares used to compute net loss per share 

48,498,392


50,862,253


47,671,718


50,232,546









 

 







Wix.com Ltd.


CONDENSED CONSOLIDATED BALANCE SHEET


(In thousands)








Period ended



December 31,


September 30,



2018


2019


Assets

(audited)


(unaudited)


Current Assets:





Cash and cash equivalents

$         331,057


$         283,158


Short term deposits

349,619


304,113


Restricted cash and deposit

1,149


1,149


Marketable securities

22,992


187,451


Trade receivables 

13,528


16,201


Prepaid expenses and other current assets

11,939


27,229


 Total current assets

730,284


819,301







Long Term Assets:





Property and equipment, net

21,947


30,634


Marketable securities

47,225


87,406


Prepaid expenses and other long-term assets 

3,065


4,093


Intangible assets and goodwill, net

42,229


40,726


Operating lease assets

-


53,979


 Total long-term assets

114,466


216,838







 Total assets

$         844,750


$      1,036,139







Liabilities and Shareholder's Equity





Current Liabilities:





Trade payables

$            45,567


$            48,214


Employees and payroll accruals

32,036


40,725


Deferred revenues

227,226


269,379


Accrued expenses and other current liabilities

35,564


47,410


Operating lease liabilities

-


14,267


Total current liabilities

340,393


419,995







Long term deferred revenues

12,494


19,643


Long term deferred tax liability

602


425


Convertible senior notes

337,777


353,362


Long term loan

1,219


1,219


Other long term liabilities

-


2,482


Long term operating lease liabilities

-


40,246


Total long term liabilities

352,092


417,377







 Total liabilities

692,485


837,372







Shareholders'  Equity





Ordinary shares

88


94


Additional paid-in capital

472,239


580,519


Other comprehensive loss

(1,691)


1,366


Accumulated deficit

(318,371)


(383,212)


Total shareholders' equity

152,265


198,767







Total liabilities and shareholders' equity

$         844,750


$      1,036,139






 

Wix.com Ltd.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)


















Three Months Ended


Nine Months Ended


September 30,


September 30,


2018


2019


2018


2019


(unaudited)


(audited)


(unaudited)

OPERATING ACTIVITIES:








Net loss 

$           (5,916)


$         (17,367)


$  (31,367)


$   (64,841)

Adjustments to reconcile net loss to net cash used in operating activities:








Depreciation 

2,213


3,194


6,306


8,779

Amortization

733


733


2,052


2,203

Share based compensation expenses

18,760


28,392


52,203


80,864

Amortization of debt discount and debt issuance costs

4,965


5,274


4,965


15,585

Decrease (increase) in accrued interest and exchange rate on short term and long term deposits

(493)


137


(1,390)


731

Amortization of premium and discount and accrued interest on marketable securities, net

74


(140)


86


(99)

Deferred income taxes, net

(341)


(346)


(746)


187

Decrease (increase) in trade receivables

(5,729)


2,029


(3,005)


(2,503)

Decrease (increase) in prepaid expenses and other current and long-term assets

7,512


(1,683)


(10,037)


(12,824)

Increase in trade payables

2,184


2,278


5,566


3,606

Increase (decrease) in employees and payroll accruals

(7,368)


109


6,063


12,344

Increase in short term and long term deferred revenues

7,177


9,069


42,820


49,302

Increase in accrued expenses and other current liabilities

3,836


4,394


6,138


14,993

Net cash provided by operating activities

27,607


36,073


79,654


108,327

INVESTING ACTIVITIES:








Proceeds from short-term deposits and restricted deposits

96,015


164,000


115,126


245,775

Investment in short-term deposits and restricted deposits

(172,999)


(175,000)


(324,779)


(203,100)

Investment in marketable securities

(37,678)


(127,967)


(52,657)


(264,583)

Proceeds from marketable securities

1,357


32,246


15,793


61,302

Purchase of property and equipment

(3,865)


(6,712)


(10,372)


(17,777)

Capitalization of software development costs

(51)


(134)


(313)


(523)

Investment in other long-term assets

-


-


(500)


-

Purchases of investments in privately-held companies

-


(262)


-


(262)

Payment for Businesses acquired

-


-


-


(700)

Net cash used in investing activities

(117,221)


(113,829)


(257,702)


(179,868)

FINANCING ACTIVITIES:








Proceeds from exercise of options and ESPP shares

6,082


9,452


27,973


23,642

Proceeds from issuance of convertible senior notes

57,750


-


442,750


-

Payments of debt issuance costs

(2,591)


-


(12,601)


-

Purchase of capped call

(5,914)


-


(45,338)


-

Net cash provided by financing activities

55,327


9,452


412,784


23,642

INCREASE IN CASH AND CASH EQUIVALENTS

(34,287)


(68,304)


234,736


(47,899)

CASH AND CASH EQUIVALENTS—Beginning of period

354,253


351,462


85,230


331,057

CASH AND CASH EQUIVALENTS—End of period

$         319,966


$         283,158


$  319,966


$   283,158









 

 











Wix.com Ltd.


KEY PERFORMANCE METRICS


(In thousands)












Three Months Ended


Nine Months Ended



September 30,


September 30,



2018


2019


2018


2019



(unaudited)


(unaudited)


Revenues

$       155,600


$           196,791


$     439,507


$     556,500


Collections

$       162,777


$           205,860


$     482,327


$     605,802


Free Cash Flow

$          23,691


$             29,227


$        68,969


$        90,027


Number of registered users at period end (*)

136,538


159,543


136,538


159,543


Number of premium subscriptions at period end (*)

3,836


4,410


3,836


4,410











(*) Excludes users and subscriptions of DeviantArt



























Wix.com Ltd.


RECONCILIATION OF REVENUES TO COLLECTIONS


(In thousands)












Three Months Ended


Nine Months Ended



September 30,


September 30,



2018


2019


2018


2019



(unaudited)


(unaudited)


Revenues

$       155,600


$           196,791


$     439,507


$     556,500


Change in deferred revenues

7,177


9,069


42,820


49,302


Collections

$       162,777


$           205,860


$     482,327


$     605,802





























Wix.com Ltd.


TOTAL ADJUSTMENTS GAAP TO NON-GAAP


(In thousands)





















Three Months Ended


Nine Months Ended



September 30,


September 30,



2018


2019


2018


2019


(1) Share based compensation expenses:

(unaudited)


(unaudited)


Cost of revenues

$            1,102


$                1,525


$          3,268


$          4,272


Research and development

10,372


14,886


28,327


41,261


Selling and marketing

2,597


4,590


6,991


13,844


General and administrative

4,689


7,391


13,617


21,487


Total share based compensation expenses

18,760


28,392


52,203


80,864


(2) Amortization

733


733


2,052


2,203


(3) Acquisition related expenses

261


564


2,635


617


(4) Amortization of debt discount and debt issuance costs

4,965


5,274


4,965


15,585


(5) Sales tax accrual

-


3,174


-


3,174


(6) Non-operating foreign exchange expenses (income)

-


56


-


1,648


Total adjustments of GAAP to Non GAAP

$          24,719


$             38,193


$        61,855


$     104,091





























Wix.com Ltd.


RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT


(In thousands)





















Three Months Ended


Nine Months Ended



September 30,


September 30,



2018


2019


2018


2019



(unaudited)


(unaudited)


Gross Profit

$       122,623


$           143,496


$     347,049


$     416,828


Share based compensation expenses

1,102


1,525


3,268


4,272


Amortization 

142


142


426


425


Non GAAP Gross Profit 

123,867


145,163


350,743


421,525











Non GAAP Gross margin

80%


74%


80%


76%





























Wix.com Ltd.


RECONCILIATION OF OPERATING LOSS TO NON-GAAP OPERATING INCOME


(In thousands)












Three Months Ended


Nine Months Ended



September 30,


September 30,



2018


2019


2018


2019



(unaudited)


(unaudited)


Operating loss

$          (3,498)


$           (20,605)


$     (28,457)


$     (62,558)


Adjustments:









Share based compensation expenses

18,760


28,392


52,203


80,864


Amortization 

733


733


2,052


2,203


Sales tax accrual

-


3,174


-


3,174


Acquisition related expenses

261


564


2,635


617


Total adjustments

$          19,754


$             32,863


$        56,890


$        86,858











Non GAAP operating income

$          16,256


$             12,258


$        28,433


$        24,300




















Wix.com Ltd.


RECONCILIATION OF NET LOSS TO NON-GAAP NET INCOME AND NON-GAAP NET INCOME PER SHARE


(In thousands, except  per share data)












Three Months Ended


Nine Months Ended



September 30,


September 30,



2018


2019


2018


2019



(unaudited)


(unaudited)


Net loss

$          (5,916)


$           (17,367)


$     (31,367)


$     (64,841)


Share based compensation expense and other Non GAAP adjustments

24,719


38,193


61,855


104,091


Non-GAAP net income

$          18,803


$             20,826


$        30,488


$        39,250











Basic  Non GAAP net income per share

$              0.39


$                  0.41


$            0.64


$            0.78


Weighted average shares used in computing basic Non GAAP net income\ per share

48,498,392


50,862,253


47,671,718


50,232,546





























Wix.com Ltd.


RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW


(In thousands)












Three Months Ended


Nine Months Ended



September 30,


September 30,



2018


2019


2018


2019



(unaudited)


(unaudited)


Net cash provided by operating activities

$          27,607


$             36,073


$        79,654


$     108,327


Capital expenditures, net

(3,916)


(6,846)


(10,685)


(18,300)


Free Cash Flow

$          23,691


$             29,227


$        68,969


$        90,027
























































Wix.com Ltd.


RECONCILIATION OF BASIC WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING AND THE DILUTED WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING 














Three Months Ended


Nine Months Ended



September 30,


September 30,



2018


2019


2018


2019



(unaudited)


(unaudited)











Basic and diluted weighted average number of shares outstanding 

48,498,392


50,862,253


47,671,718


50,232,546


The following items have been excluded from the diluted weighted average number of shares
outstanding because they are anti-dilutive:









Stock options

7,714,715


7,571,765


7,714,715


7,571,765


Restricted share units

2,051,910


2,231,470


2,051,910


2,231,470



58,265,017


60,665,488


57,438,343


60,035,781





























Wix.com Ltd.


RECONCILIATION OF PROJECTED REVENUES TO PROJECTED COLLECTIONS


(In thousands)












Three Months Ended


YearEnding



December 31, 2019


December 31, 2019



Low


High


Low


High











Projected revenues

204,000


206,000


761,000


763,000


Projected change in deferred revenues

18,000


19,000


67,000


68,000


Projected collections

$       222,000


$           225,000


$     828,000


$     831,000




















Wix.com Ltd.


RECONCILIATION OF PROJECTED REVENUES TO PROJECTED COLLECTIONS (FX NEUTRAL TO JULY 2019)


(In thousands)














YearEnding





December 31, 2019







Low


High











Projected revenues





762,000


764,000


Projected change in deferred revenues





68,000


69,000


Projected collections





$     830,000


$     833,000











Wix.com Ltd.


RECONCILIATION OF PROJECTED REVENUES TO PROJECTED COLLECTIONS (FX NEUTRAL 2018 TO 2019)


(In thousands)














YearEnding





December 31, 2019







Low


High











Projected revenues





771,000


773,000


Projected change in deferred revenues





69,000


70,000


Projected collections





$     840,000


$     843,000










 

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SOURCE Wix.com Ltd.

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