NEW YORK, May 16, 2019 /PRNewswire/ -- Wix.com Ltd.
(Nasdaq: WIX) today reported strong financial results for the first
quarter ended March 31, 2019,
exceeding its prior guidance. In addition, the Company provided its
initial outlook for the second quarter 2019 and increased its
outlook for revenue and collections for the full year 2019.
"The results this quarter indicate a strong start to the year.
It is clear that there continues to be substantial demand for
creating an online presence as evidenced by the more than six and a
half million new users that registered with Wix in the quarter,"
said Avishai Abrahami, Co-founder
and CEO of Wix. "We are also excited to create another growth
opportunity by investing in the next phase of Customer Solutions.
We believe this evolution will drive top line growth through
conversion improvements and the sale of new products while
increasing our overall level of support. I am very happy with our
results this quarter and maintain my resounding excitement for the
year ahead."
Lior Shemesh, CFO of Wix, added,
"Our strong top line growth highlights the early success of our
strategy to increase collections per subscription, as the trend
that we began to see last quarter is continuing as expected. We are
raising our outlook for revenue and collections to reflect these
early successes we have experienced to start the year."
Q1 2019 Financial Summary
|
Three months
ended
March 31,
|
|
|
$ in
thousands
|
2018
|
2019
|
|
Y/Y growth
|
|
Prior Q1 2019
Outlook
|
Revenue
|
$137,775
|
$174,290
|
|
27%
|
|
$172,000 –
173,000
|
Collections
|
$159,655
|
$200,379
|
|
26%
|
|
$196,000 –
197,000
|
Operating
(Loss)
|
$(18,452)
|
$(27,792)
|
|
NA
|
|
|
|
|
|
|
|
|
|
Non-GAAP Operating
(Loss)
|
$(762)
|
$(2,153)
|
|
NA
|
|
|
|
|
|
|
|
|
|
|
Net Cash Provided by
Operating Activities
|
$24,779
|
$35,074
|
|
42%
|
|
|
Free Cash
Flow
|
$21,421
|
$30,046
|
|
40%
|
|
|
Additional Q1 2019 Results and Highlights
- Gross margin on a GAAP basis in the first quarter of 2019 was
77%, compared to 79% in the first quarter of 2018
- Non-GAAP gross margin in the first quarter of 2019, calculated
as non-GAAP gross profit as a percent of revenue, was 78%, compared
to 80% in the first quarter of 2018
- GAAP net loss in the first quarter of 2019 was $(30.7) million, or $(0.62) per share, compared to a net loss of
$(19.8) million, or $(0.42) per share, for the first quarter of
2018
- Non-GAAP net income in the first quarter of 2019 was
$1.5 million, or $0.03 per share, compared to a non-GAAP net loss
of $(2.7) million, or $(0.06) per share for the first quarter of
2018
- Net cash provided by operating activities in the first quarter
of 2019 was $35.1 million, while
capital expenditures totaled $5.0
million, leading to free cash flow of $30.0 million, compared to $21.4 million of free cash flow in the first
quarter of 2018, a 40% year-over-year increase
- Added 180,000 net premium subscriptions in the first quarter of
2019 to reach 4.2 million as of March 31,
2019 a 21% increase over the total number of premium
subscriptions at the end of the first quarter of 2018
- Added 6.6 million registered users in the first quarter of
2019. Registered users as of March 31,
2019 were 148 million1, representing a 19%
increase compared to the end of the first quarter of 2018
Recent Business Highlights
- Building Agency Relationships and Gaining Adoption by
Professionals: As highlighted last quarter, we are creating
internal teams to build relationships with agencies, designers and
developers. These efforts are off to a strong start as tens of
thousands of agencies and professionals around the globe use Wix
today.
- New Growth Opportunity with Next Phase of Customer
Solutions: Following an initial investment in our Customer
Solutions, we gathered data to compare problem-solving support to a
more personalized approach. The analyses showed that conversion of
users who engaged with the personalized support was multiple times
higher than regular conversion on Wix. As a result, we will invest
in building the infrastructure to increase our Customer Solutions
globally. We believe this investment will provide multiple
benefits:
-
- Growth of revenue and collections: We expect this
expansion to drive additional revenue and collections growth
through increases in conversion due to a greater level of
personalized support. Agents will be able to spend more time with
users not only answering questions but also providing advice on
what is needed to finalize and publish a site. Agents will also be
able to offer and sell some of the many complementary products we
have developed in the last several years including vertical
applications, Ascend by Wix, Wix Payments and Wix Logo Maker.
- Stellar support for our users worldwide: Prior to this
expansion, Wix provided support to users primarily in North America during U.S. business hours. We
will now be able to provide live phone support to all users around
the world, regardless of location, 24 hours a day, 7 days a
week.
We expect that this investment
will drive incremental collections growth of approximately 5% in
2020, or approximately 3x the investment.
- Introduced Corvid by Wix: In April, Wix rebranded
Wix Code as Corvid by Wix and
released a technical preview of an updated version of the advanced
developer platform, with new features, tools and functionalities.
The new features are designed to solve many of the issues that our
community had raised, providing more capabilities and flexibility
for developers to enhance their experience and streamline their
workflows.
- Unveiled Plans for New Headquarters in Tel Aviv: In April, Wix announced that it
plans to build a new headquarters and campus for employees based in
Tel Aviv. The new space will allow
Wix to scale our operations in a single location and accommodate
growth for years to come. Wix expects to occupy the space in two
phases -- phase one in the second half of 2022 and phase two in the
second half of 2023.
- Updated Share Repurchase Authorization: Wix plans to
file in the coming days a motion seeking court approval in
Israel to reauthorize the Company
to repurchase up to $100 million of
its ordinary shares from time to time. In accordance with Israeli
law, the Company must receive approval from the District Court
prior to the implementation of any shareholder distribution
program. The current court authorization expires June 30, 2019, and Wix expects it to be
re-approved before the expiration. Wix did not repurchase any
shares in the quarter ended March 31,
2019.
Financial Outlook
Wix is introducing its outlook for the second quarter 2019. This
guidance reflects recent changes in FX rates. Had FX rates stayed
constant from when we provided full year guidance in February, we
would have further raised Q2 collections guidance by approximately
$1 million to $198-200 million.
|
|
Q2 2019
Outlook
|
|
|
Y/Y growth
|
Revenue
|
|
$182 - $184
million
|
|
|
25% - 26%
|
Collections
|
|
$197 - $199
million
|
|
|
23% - 24%
|
Wix is also updating its outlook for the full year 2019:
- The updated full year guidance also reflects recent changes in
FX rates. Had FX rates stayed constant from when we provided full
year guidance in February, we would have further raised FY 2019
collections guidance by approximately $2
million to $824-$832 million
- This updated guidance also includes the impact of the expansion
of our CS operations, which will require an upfront investment of
approximately $15 million in 2019.
Excluding this investment, our free cash flow guidance for 2019
would be $137-$141 million. On an ongoing basis, we believe
these expanded operations will require approximately $20 million annually. We believe this investment
will drive incremental collections growth of approximately 5% in
2020
|
Updated
FY 2019
Outlook
|
|
Y/Y growth
|
|
Prior
FY 2019
Outlook
|
|
Revenue
|
$758 - $763
million
|
|
26%
|
|
$755 - $761
million
|
|
Collections
|
$822 - $830
million
|
|
25% - 26%
|
|
$817 - $827
million
|
|
Free Cash
Flow
|
$122 - $126
million
|
|
20% - 24%
|
|
$135 - $140
million
|
|
Conference Call and Webcast Information
Wix will host a conference call at 8:30
a.m. ET on Thursday, May 16, 2019 to answer questions about
the financial and operational performance of the business for the
first quarter ended March 31, 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 +1-877-270-2148 (US/ Canada),
+1-412-902-6510 (International) or 1-809-212-373 (Israel) at least ten minutes prior to the
start time of the call and reference Conference ID WIX. A
telephonic replay of the call will be available through
May 23, 2019 at 11:59 p.m. ET by dialing +1-877-344-7529 and
providing Conference ID 10131101.
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 150 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, Vilnius and Tokyo.
Visit us: on
our blog, Facebook, Twitter, Instagram, LinkedIn
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, 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, and acquisition-related expenses. Non-GAAP
net income (loss) represents net loss calculated in accordance with
GAAP as adjusted for the impact of share-based compensation
expense, amortization, 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.
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," "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; 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; 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; 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
ir@wix.com
415-223-2624
Media Relations:
Vivian
Hernandez
Wix.com
pr@wix.com
415-517-6539
1Beginning in Q1 2019, in reporting Registered Users
we will exclude users that initially registered through non-website
products and have not yet begun the process of building a website.
In Q2-Q4 2018, we included these users in our Registered Users
calculation, as the number was immaterial in each of those
quarters. Once a user who initially registered through a
non-website product begins the process of building a website on
Wix, that user will be counted as a Registered User as of that
period.
Wix.com
Ltd.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS - GAAP
|
(In thousands, except
loss per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March 31,
|
|
|
2018
|
|
2019
|
|
|
(unaudited)
|
|
|
|
|
|
|
Revenue
|
$
137,775
|
|
$
174,290
|
|
Cost of
revenue
|
29,044
|
|
39,715
|
|
Gross
Profit
|
108,731
|
|
134,575
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
Research and
development
|
46,502
|
|
58,183
|
|
Selling and
marketing
|
67,011
|
|
85,718
|
|
General and
administrative
|
13,670
|
|
18,466
|
|
Total operating
expenses
|
127,183
|
|
162,367
|
|
Operating
loss
|
(18,452)
|
|
(27,792)
|
|
Financial expenses,
net
|
(129)
|
|
(1,730)
|
|
Other income
(expenses)
|
21
|
|
24
|
|
Loss before taxes on
income
|
(18,560)
|
|
(29,498)
|
|
Taxes on
income
|
1,251
|
|
1,242
|
|
Net loss
|
$
(19,811)
|
|
$
(30,740)
|
|
|
|
|
|
|
Basic and diluted net
loss per share
|
$
(0.42)
|
|
$
(0.62)
|
|
Basic and diluted
weighted-average shares used to compute net loss per
share
|
46,827,425
|
|
49,562,367
|
|
|
|
|
Wix.com
Ltd.
|
CONDENSED
CONSOLIDATED BALANCE SHEET
|
(In
thousands)
|
|
|
|
|
|
Period
ended
|
|
December
31,
|
|
March 31,
|
|
2018
|
|
2019
|
Assets
|
(audited)
|
|
(unaudited)
|
Current
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
331,057
|
|
$
348,088
|
Short term
deposits
|
349,619
|
|
348,355
|
Restricted
cash and deposit
|
1,149
|
|
1,149
|
Marketable
securities
|
22,992
|
|
49,863
|
Trade
receivables
|
13,528
|
|
18,391
|
Prepaid
expenses and other current assets
|
11,939
|
|
19,530
|
Total current
assets
|
730,284
|
|
785,376
|
|
|
|
|
Long Term
Assets:
|
|
|
|
Property and
equipment, net
|
21,947
|
|
23,707
|
Marketable
securities
|
47,225
|
|
41,265
|
Prepaid
expenses and other long-term assets
|
3,065
|
|
3,021
|
Intangible
assets and goodwill, net
|
42,229
|
|
41,497
|
Operating
lease assets
|
-
|
|
58,467
|
Total long-term
assets
|
114,466
|
|
167,957
|
|
|
|
|
Total
assets
|
$
844,750
|
|
$
953,333
|
|
|
|
|
Liabilities and
Shareholder's Equity
|
|
|
|
Current
Liabilities:
|
|
|
|
Trade
payables
|
$
45,567
|
|
$
49,465
|
Employees and
payroll accruals
|
32,036
|
|
36,145
|
Deferred
revenues
|
227,226
|
|
250,495
|
Accrued
expenses and other current liabilities
|
35,564
|
|
39,509
|
Operating
lease liabilities
|
-
|
|
15,344
|
Total current
liabilities
|
340,393
|
|
390,958
|
|
|
|
|
Long term
deferred revenues
|
12,494
|
|
15,314
|
Long term
deferred tax liability
|
602
|
|
824
|
Convertible
senior notes
|
337,777
|
|
342,895
|
Long term
loan
|
1,219
|
|
1,219
|
Long term
operating lease liabilities
|
-
|
|
43,421
|
Total long term
liabilities
|
352,092
|
|
403,673
|
|
|
|
|
Total
liabilities
|
692,485
|
|
794,631
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
Ordinary
shares
|
88
|
|
90
|
Additional
paid-in capital
|
472,239
|
|
507,767
|
Other
comprehensive loss
|
(1,691)
|
|
(44)
|
Accumulated
deficit
|
(318,371)
|
|
(349,111)
|
Total shareholders'
equity
|
152,265
|
|
158,702
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$
844,750
|
|
$
953,333
|
|
|
|
Wix.com
Ltd.
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
March 31,
|
|
2018
|
|
2019
|
|
(unaudited)
|
OPERATING
ACTIVITIES:
|
|
|
|
Net
loss
|
$
(19,811)
|
|
$
(30,740)
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
Depreciation
|
1,897
|
|
2,658
|
Amortization
|
588
|
|
732
|
Share based
compensation expenses
|
15,674
|
|
24,907
|
Amortization of debt
discount and debt issuance costs
|
-
|
|
5,117
|
Decrease (increase)
in accrued interest and exchange rate on short term and long term
deposits
|
(352)
|
|
489
|
Amortization of
premium and discount and accrued interest on marketable securities,
net
|
(33)
|
|
51
|
Deferred income
taxes, net
|
(98)
|
|
131
|
Decrease (increase)
in trade receivables
|
188
|
|
(4,693)
|
Increase in prepaid
expenses and other current and long-term assets
|
(9,272)
|
|
(7,199)
|
Increase (decrease)
in trade payables
|
(444)
|
|
4,550
|
Increase in employees
and payroll accruals
|
8,453
|
|
8,012
|
Increase in short
term and long term deferred revenues
|
21,880
|
|
26,089
|
Increase in accrued
expenses and other current liabilities
|
6,109
|
|
4,970
|
Net cash provided by
operating activities
|
24,779
|
|
35,074
|
INVESTING
ACTIVITIES:
|
|
|
|
Proceeds from
short-term deposits and restricted deposits
|
13,774
|
|
26,775
|
Investment in
short-term deposits and restricted deposits
|
(26,779)
|
|
(26,000)
|
Investment in
marketable securities
|
(3,403)
|
|
(27,923)
|
Proceeds from
marketable securities
|
2,940
|
|
7,455
|
Purchase of property
and equipment
|
(3,211)
|
|
(4,830)
|
Capitalization of
software development costs
|
(147)
|
|
(198)
|
Acquisition of
Intangible assets
|
-
|
|
-
|
Payment for
Businesses acquired
|
-
|
|
-
|
Net cash used in
investing activities
|
(16,826)
|
|
(24,721)
|
FINANCING
ACTIVITIES:
|
|
|
|
Proceeds from
exercise of options and ESPP shares
|
10,304
|
|
6,678
|
Net cash provided by
financing activities
|
10,304
|
|
6,678
|
INCREASE (DECREASE)
IN CASH AND CASH EQUIVALENTS
|
18,257
|
|
17,031
|
CASH AND CASH
EQUIVALENTS—Beginning of period
|
85,230
|
|
331,057
|
CASH AND CASH
EQUIVALENTS—End of period
|
$
103,487
|
|
$
348,088
|
Wix.com
Ltd.
|
KEY PERFORMANCE
METRICS
|
(In
thousands)
|
|
|
|
|
|
Three Months
Ended
|
|
March 31,
|
|
2018
|
|
2019
|
|
(unaudited)
|
Revenues
|
$
137,775
|
|
$
174,290
|
Collections
|
$
159,655
|
|
$
200,379
|
Free Cash
Flow
|
$
21,421
|
|
$
30,046
|
Number of registered
users at period end (*)
|
125,189
|
|
148,363
|
Number of premium
subscriptions at period end (*)
|
3,454
|
|
4,164
|
|
|
|
|
(*) Excludes users
and subscriptions of DeviantArt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wix.com
Ltd.
|
RECONCILIATION OF
REVENUES TO COLLECTIONS
|
(In
thousands)
|
|
|
|
|
|
Three Months
Ended
|
|
March 31,
|
|
2018
|
|
2019
|
|
(unaudited)
|
Revenues
|
$
137,775
|
|
$
174,290
|
Change in deferred
revenues
|
21,880
|
|
26,089
|
Collections
|
$
159,655
|
|
$
200,379
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
GAAP TO NON-GAAP OPERATING LOSS AND NET LOSS
|
(In
thousands)
|
|
|
|
|
|
Three Months
Ended
|
|
March 31,
|
|
2018
|
|
2019
|
(1) Share based
compensation expenses:
|
(unaudited)
|
Cost of
revenues
|
$
1,079
|
|
$
1,311
|
Research and
development
|
8,485
|
|
12,256
|
Selling and
marketing
|
2,042
|
|
4,748
|
General and
administrative
|
4,068
|
|
6,592
|
Total share based
compensation expenses
|
15,674
|
|
24,907
|
(2)
Amortization
|
588
|
|
732
|
(3) Acquisition
related expenses
|
1,428
|
|
0
|
(4) Amortization of
debt discount and debt issuance costs
|
-
|
|
5,117
|
(5) Non-operating
foreign exchange expenses (income)
|
(566)
|
|
1,452
|
Total adjustments of
GAAP to Non GAAP
|
$
17,124
|
|
$
32,208
|
|
|
|
|
|
|
|
|
|
|
|
|
Wix.com
Ltd.
|
RECONCILIATION OF
GAAP TO NON-GAAP GROSS PROFIT
|
(In
thousands)
|
|
|
|
|
|
Three Months
Ended
|
|
March 31,
|
|
2018
|
|
2019
|
|
(unaudited)
|
Gross
Profit
|
$
108,731
|
|
$
134,575
|
Share based
compensation expenses
|
1,079
|
|
1,311
|
Amortization
|
142
|
|
142
|
Non GAAP Gross
Profit
|
109,952
|
|
136,028
|
|
|
|
|
Non GAAP Gross
margin
|
80%
|
|
78%
|
|
|
|
|
|
|
|
|
|
|
|
|
Wix.com
Ltd.
|
RECONCILIATION OF
OPERATING LOSS TO NON-GAAP OPERATING INCOME (LOSS)
|
(In
thousands)
|
|
|
|
|
|
Three Months
Ended
|
|
March 31,
|
|
2018
|
|
2019
|
|
(unaudited)
|
Operating
loss
|
$
(18,452)
|
|
$
(27,792)
|
Adjustments:
|
|
|
|
Share based
compensation expenses
|
15,674
|
|
24,907
|
Amortization
|
588
|
|
732
|
Acquisition related
expenses
|
1,428
|
|
-
|
Total
adjustments
|
$
17,690
|
|
$
25,639
|
|
|
|
|
Non GAAP operating
income (loss)
|
$
(762)
|
|
$
(2,153)
|
|
|
|
|
|
|
|
|
|
|
|
|
Wix.com
Ltd.
|
RECONCILIATION OF NET
LOSS TO NON-GAAP NET INCOME/(LOSS) AND NON-GAAP NET INCOME/(LOSS)
PER SHARE
|
(In thousands,
except per share data)
|
|
|
|
|
|
Three Months
Ended
|
|
March 31,
|
|
2018
|
|
2019
|
|
(unaudited)
|
Net loss
|
$
(19,811)
|
|
$
(30,740)
|
Share based
compensation expense and other Non GAAP adjustments
|
17,124
|
|
32,208
|
Non-GAAP net
income/(loss)
|
$
(2,687)
|
|
$
1,468
|
|
|
|
|
Basic Non GAAP
net income/(loss) per share
|
$
(0.06)
|
|
$
0.03
|
Weighted average
shares used in computing basic Non GAAP net income/(loss) per
share
|
46,827,425
|
|
49,562,367
|
|
|
|
|
|
|
|
|
|
|
|
|
Wix.com
Ltd.
|
RECONCILIATION OF NET
CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
|
(In
thousands)
|
|
|
|
|
|
Three Months
Ended
|
|
March 31,
|
|
2018
|
|
2019
|
|
(unaudited)
|
Net cash provided by
operating activities
|
$
24,779
|
|
$
35,074
|
Capital expenditures,
net
|
(3,358)
|
|
(5,028)
|
Free Cash
Flow
|
$
21,421
|
|
$
30,046
|
|
|
|
|
|
|
|
|
|
|
|
|
Wix.com
Ltd.
|
RECONCILIATION OF
BASIC WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING AND THE DILUTED
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
|
|
|
|
|
|
Three Months
Ended
|
|
March 31,
|
|
2018
|
|
2019
|
|
(unaudited)
|
|
|
|
|
Basic and diluted
weighted average number of shares outstanding
|
46,827,425
|
|
49,562,367
|
The following items
have been excluded from the diluted weighted average number of
shares
outstanding because they are anti-dilutive:
|
|
|
|
Stock
options
|
8,588,308
|
|
8,237,537
|
Restricted share
units
|
2,192,784
|
|
2,342,469
|
|
57,608,517
|
|
60,142,373
|
|
|
|
|
|
|
|
|
|
|
|
|
Wix.com
Ltd.
|
RECONCILIATION OF
PROJECTED REVENUES TO PROJECTED COLLECTIONS
|
(In
thousands)
|
|
|
|
|
|
Three Months
Ended
|
|
June 30,
2019
|
|
Low
|
|
High
|
|
|
|
|
Projected
revenues
|
184,000
|
|
185,000
|
Projected change in
deferred revenues
|
15,000
|
|
15,000
|
Projected
collections
|
$
199,000
|
|
$
200,000
|
View original content to download
multimedia:http://www.prnewswire.com/news-releases/wix-reports-first-quarter-2019-results-300851109.html
SOURCE Wix.com Ltd.