- Complete income of $345.8 million up 8% y/y, which is $350.8 million and up 10% y/y on A persevering with foreign money basis
- Value discount plan drove enhanced working leverage – developing gross margins q/q and producing constructive non-GAAP internet income and free money circulate in Q3
- Anticipating a return to non-GAAP working income revenuecapability in This fall’22, positioning agency To understand FY23 FCF margin goals As properly as to full yr non-GAAP working income revenuecapability outlined in three-yr plan
Ny, Nov. 10, 2022 /PRNewswire/ — Wix.com Ltd. (Nasdaq: WIX) right now reported monetary end outcomes for the third quarter fulld September 30, 2022. As properly as, The agency currentd its preliminary outlook for the fourth quarter. Please go to the Wix Investor Relations internet website at https://buyers.wix.com/ to view the Q3’22 Shareholder Replace and fullly different supplies.
“Wix proceeds to be The favored platform for hundreds of hundreds globally. Demand for constructing, sustaining, and rising An interinternet-based mostly presence reprimarys healthful, driving strong enterprise fundamentals for Wix this quarter,” said Avishai Abrahami, Wix Co-fobeneath and CEO. “As a Outcome of the working environment reprimarys dynamic and uncertainties persist, we focused on Ending up The worth financial savings plan launched final quarter, whereas persevering with to execute on stpricegic initiatives. By way of the group’s exhausting work, revenuecapability enhanced this quarter whereas we concurrently made which meansful strides in product innovation.”
Lior Shemesh, CFO at Wix, added, “Revenue acquired here in above anticipateations this quarter as some stcapability settled in regardmuch less of macro headwinds. Extra importantly, We’re already seeing leverage and vital influence from our cost discount plan, carried out earlier this summer time. This Outcomeed in a ~280 bps q/q enhancement in non-GAAP working margin in Q3 and mannequins us As a lot as geneprice an anticipated $47-50 million of free money circulate (excluding HQ capex) in This fall, Which might make it In all probcapability the most revenueable quarter on a free money circulate basis in our historic previous. We furtherly anticipate to return to non-GAAP working income revenuecapability in This fall, The primary time since 2019. We anticipate this revenuecapability to proceed through 2023, positioning us To understand the FCF margin goal outlined in our three-yr plan.”
“Assured in our capability to geneprice money circulate, our board accredited a $300 million share repurchase plan, beneathscoring our dedication to developing shareholder worth and dilution administration,” said Nir Zohar, President & COO at Wix.
Q3 2022 Financial Results
- Complete income Inside the third quarter of 2022 was $345.8 million, up 8% y/y
- Complete income on a y/y fixed foreign money basis was $350.8 million, up 10% y/y
- Inventive Subscriptions income Inside the third quarter of 2022 was $261.1 million, up 8% y/y
- Inventive Subscriptions ARR enhanced to $1.07 billion, up 8% y/y
- Industry Options income Inside the third quarter of 2022 was $84.7 million, up 8% y/y
- Transaction income [1] was $36.0 million, up 12% y/y
- Companions income [2] Inside the third quarter of 2022 was $86.7 million, up 24% y/y
- Complete bookings Inside the third quarter of 2022 have been $352.5 million, down (6)% y/y
- Complete bookings on a y/y fixed foreign money basis have been $366.5 million, down (2)% y/y
- Complete bookings in Q3’21 have been up 33% y/y As a Outcome of of our largest ever B2B companionship, Making a troublesome y/y comparcapability to Q3’22
- Inventive Subscriptions bookings Inside the third quarter of 2022 have been $269.9 million, down (8)% y/y
- Industry Options bookings Inside the third quarter of 2022 have been $82.5 million, up 2% y/y
- Complete gross margin on a GAAP basis Inside the third quarter of 2022 was 63%
- Inventive Subscriptions gross margin on a GAAP basis was 76%
- Industry Options gross margin on a GAAP basis was 22%
- Complete non-GAAP gross margin Inside the third quarter of 2022 was 65%
- Inventive Subscriptions gross margin on a non-GAAP basis was 78%
- Industry Options gross margin on a non-GAAP basis was 24%
- GAAP internet loss Inside the third quarter of 2022 was $(47.4) million, or $(0.81) per share
- Non-GAAP internet income Inside the third quarter of 2022 was $3.6 million, or $0.06 per share
- Net money currentd by working actions for the third quarter of 2022 was $0.3 million, whereas capital expfinishitures totaled $22.9 million, Ensuing in free money circulate of $(22.6) million
- Excluding the capex funding Associated to our new headquarters office construct out, free money circulate for the third quarter of 2022 would have been $4.6 million
Financial Outlook
Our up So far outlook displays overseas commerce, or FX, prices Which have created stronger headwinds to end outcomes since we final issued steerage.
For This fall, we anticipate total income to be $349 to $354 million, recurrenting roughly 5 – 6% y/y progress.
For The complete yr, we now anticipate income to develop 9% y/y. This up So far full yr steerage displays the influence of FX prices, which worsened through the third quarter and into November. Assuming FX prices reprimaryed fixed from July, We’d anticipate income progress for The complete yr to be 10%, According to the extreme finish of our earlier steerage.
We anticipate to geneprice constructive non-GAAP working income and FCF (excluding HQ capex) to which meansfully ramp to $47 to $50 million in This fall.
We now anticipate FCF excluding HQ capex for The complete yr to be roughly 2% of income, within our earlier steerage differ. Assuming FX prices reprimaryed fixed since July, we anticipate FCF (excluding HQ capex) Can be ~3% of income for The complete yr, According to the extreme finish of our steerage differ final quarter. This enhancement Shall be pushed by A combination of enhanced leverage from our fulld cost discount plan and decrease advertising spfinish as we Rethink greater-intent buyers.
Modifications in FX prices have had An monumental influence on our reported end outcomes So far and on our anticipateations for The complete yr. Assuming y/y fixed foreign money prices as of right now:
- Our full yr total income outlook Can be ~$20 million greater, or 10-11% y/y progress
- Our full yr total bookings outlook Can be ~$43 million greater
- Our full yr free money circulate (excluding HQ capex), Can be ~$43 million greater or ~5% of income, According to the extreme finish of the differ currentd in Might
Convention Name and Webcast Information
Wix will host a conference call To debate The outcomes at 8:30 a.m. ET on Thursday, November 10, 2022. To take part on the stay call, analysts and buyers ought to register and be a part of at https://register.vevent.com/register/BI9cc36ceb99e44521bfb6cfe3f12f8c65. A replay of The choice Shall be out there through November 9, 2023 via the registration hyperlink.
Wix Can furtherly supply a stay and archived internetcast of the conference call, accessible from the “Investor Relations” part of The agency’s internet website at https://buyers.wix.com/.
About Wix.com Ltd.
Wix is A quantity one platform to create, handle and develop a digital presence. What started as An interinternet website constructer in 2006 is now An complete platform offering buyers with enterprise-grade efficiency, safety and a reliable infrastructure. Providing A Number of commerce and enterprise solutions, superior Search engine optimization and advertising devices, Wix permits buyers to take full possession of their mannequin, their knowledge and their relationships with their buyers. With a Think about regular innovation and destayry Of latest options and merchandise, anyone can construct A strong digital presence To fulfill their goals on Wix.
For more about Wix, please go to our Press Room
Investor Relations:
[e-mail protected]
Media Relations:
[e-mail protected]
Non-GAAP Financial Measures and Key Operating Metrics
To complement its consolidated monetary assertions, That are ready and launched in accordance with U.S. GAAP, Wix makes use of The subsequent non-GAAP monetary measures: bookings, cumulative cohort bookings, bookings on A persevering with foreign money basis, income on A persevering with foreign money basis, non-GAAP gross margin, non-GAAP working income (loss), non-GAAP working margin, non-GAAP internet income (loss), non-GAAP internet income (loss) per share, free money circulate, free money circulate, as adjusted, free money circulate margins, non-GAAP R&D funds, non-GAAP S&M funds, non-GAAP G&A funds, non-GAAP working funds, non-GAAP cost of income expense, non-GAAP monetary expense, non-GAAP tax expense (collectively the “Non-GAAP monetary measures”). Measures launched on A persevering with foreign money or overseas commerce impartial basis have been adjusted to exclude the influence of y/y changes in overseas foreign money commerce price fluctuations. Bookings is a non-GAAP monetary measure calculated by including the change in deferred incomes and the change in unbilled contrexact obligations for A particular interval to incomes For The identical interval. Bookings embrace money receipts for premium subscriptions purchased by buyers As properly as to money we collect from enterprise solutions, As properly as to costs As a Outcome of of us beneath the time durations of contrexact settlements for which we Could have not but acquired cost. Cash receipts for premium subscriptions are deferred and acknowledged as incomes over the time durations of the subscriptions. Cash receipts for costs and Almost all of The further Providers (Aside from Google Workspace) are acknowledged as incomes upon receipt. Dedicated costs are recognised as income as we fulfill our obligation beneath the time durations of the contrexact settlement. Non-GAAP gross margin recurrents gross revenue calculated in accordance with GAAP as adjusted for the influence of share-based mostly compensation expense, acquisition-related funds and amortization, divided by income. Non-GAAP working income (loss) recurrents working income (loss) calculated in accordance with GAAP as adjusted for the influence of share-based mostly compensation expense, amortization, acquisition-related funds and gross sales tax expense accrual and fullly different G&A funds (income). Non-GAAP internet income (loss) recurrents internet loss calculated in accordance with GAAP as adjusted for the influence of share-based mostly compensation expense, amortization, gross sales tax expense accrual and fullly different G&A funds (income), amortization of debt low cost and debt issuance prices and acquisition-related funds and non-working overseas commerce funds (income). Non-GAAP internet income (loss) per share recurrents non-GAAP internet income (loss) divided by the weighted common Selection of shares Utilized in computing GAAP loss per share. Free money circulate recurrents internet money currentd by (Utilized in) working actions much less capital expfinishitures. Free money circulate, as adjusted, recurrents free money circulate further adjusted to exclude capital expfinishitures Associated to our new headquarters. Free money circulate margins recurrent free money circulate divided by income. Non-GAAP cost of income recurrents cost of income calculated in accordance with GAAP as adjusted for the influence of share-based mostly compensation expense, acquisition-related funds and amortization. Non-GAAP R&D funds recurrent R&D funds calculated in accordance with GAAP as adjusted for the influence of share-based mostly compensation expense, acquisition-related funds and amortization. Non-GAAP S&M funds recurrent S&M funds calculated in accordance with GAAP as adjusted for the influence of share-based mostly compensation expense, acquisition-related funds and amortization. Non-GAAP G&A funds recurrent G&A funds calculated in accordance with GAAP as adjusted for the influence of share-based mostly compensation expense, acquisition-related funds and amortization. Non-GAAP working funds recurrent working funds calculated in accordance with GAAP as adjusted for the influence of share-based mostly compensation expense, acquisition-related funds and amortization. Non-GAAP monetary expense recurrents monetary expense calculated in accordance with GAAP as adjusted for ununderstandd obtains of equity fundings, amortization of debt low cost and debt issuance prices and non-working overseas commerce funds. Non-GAAP tax expense recurrents tax expense calculated in accordance with GAAP as adjusted for provisions for income tax influences related to non-GAAP changes.
The currentation of this monetary information Isn’t meant to be thought-about in isolation or Instead to, or superior to, the monetary information ready and launched in accordance with GAAP. The Company makes use of these non-GAAP monetary measures for monetary and operational choice making and as A method To guage interval-to-interval comparcapabilitys. The Company considers that these measures current useful Particulars about working end outcomes, enhance The general beneathstanding of previous monetary efficiency and future prospects, And permit for greater transparency with respect to key metrics Utilized by administration in its monetary and operational choice making.
For more information on the non-GAAP monetary measures, please see the reconciliation desks currentd under. The acagencying desks have more details on the GAAP monetary measures Which are most immediately Similar to non-GAAP monetary measures and the related reconciliations between these monetary measures. The Company is unable To current reconciliations of free money circulate, free money circulate, as adjusted, cumulative cohort bookings, non-GAAP gross margin, and non-GAAP tax expense to their most immediately comparable GAAP monetary measures on a forward-wanting basis with out unreasonable effort beset off gadgets that influence these GAAP monetary measures are out of The agency’s administration and/or Can’t be pretty predicted. Such information may have An monumental, and probably unpredicdesk, influence on our future monetary end outcomes.
Wix furtherly makes use of Inventive Subscriptions Annualized Recurring Revenue (ARR) as a key working metric. Inventive Subscriptions ARR is calculated as Inventive Subscriptions Month-to-month Recurring Revenue (MRR) multiplied by 12. Inventive Subscriptions MRR is calculated as The complete of (i) all lively Inventive Subscriptions in influence on the final day of the interval, multiplied by the monthly income of such Inventive Subscriptions, Aside from area registrations in influence on the final day of the interval; (ii) The typical income Per thirty days from area registrations; (iii) monthly income from fullly different companionship settlements.
Forward-Looking Statements
This doc inagencys forward-wanting assertions, Contained in the which Stpricegy of the protected harbor provisions of the Private Securities Litigation Reform Act of 1995 that contain risks and uncertainties. Such forward-wanting assertions may embrace enterpriseions relating to our future efficiency, collectively with, however not restricted to income, bookings and free money circulate, And will Even be recognized by phrases like “anticipate,” “assume,” “consider,” “purpose,” “forecast,” “indication,” “proceed,” “might,” “estimate,” “anticipate,” “intfinish,” “may,” “plan,” “potential,” “predict,” “enterprise,” “outlook,” “future,” “will,” “search” and comparable time durations or phrases. The forward-wanting assertions contained On this doc, collectively with the quarterly and annual steerage, are based mostly on administration’s current anticipateations, That are topic to uncertainty, risks and changes in circumstances Which are troublesome To foretell And a lot of of That are outdoors of our administration. Important elements That would set off our exact end outcomes To vary materially from these indicated Inside the forward-wanting assertions embrace, amongst fullly differents, our anticipateation That we’ll appeal to and retain registered buyers and geneprice new premium subscriptions; our anticipateation That we’ll enhance the income we derive from the sale of premium subscriptions and enterprise solutions, through our companions; our anticipateation that new merchandise and enhancements, As properly as To Third-celebration merchandise We’ll supply Finally within our platform, will acquire buyer settle forance and satisfaction, collectively with The enlargement in market adoption of our on-line commerce solutions; our assumption that historic consumer conduct Could be furtherpolated To foretell future consumer conduct; our anticipateations relating to execution of our multi-yr stpricegic plan And worth discount plan; our prediction of The Prolonged time period incomes genepriced by our consumer cohorts and our capability To take care of and enhance such income progress; our anticipateation To take care of and enhance our mannequin and popularity; and thereby enhance consumer retention, consumer engagement and gross sales; our anticipateation that our merchandise created for markets outdoors of North America will proceed to geneprice progress in these markets; our plans to effectively nativeize our merchandise, collectively with by making our product, assist and communication channels out there in further languages and to increase our cost infrastructure to transact in further native currencies and settle for further cost stpricegies; our anticipateations relating to the extent of the influence on our enterprise and operations of the COVID-19 pandemic, collectively with uncertainty Referring to anticipated shopper dynamics after the COVID-19 pandemic subsides, the influenceiveness Of presidency insurance coverage policies, vaccine administration prices and fullly different elements; our anticipateation relating to the influence of fluctuations in overseas foreign money commerce prices on our enterprise; our anticipateations Referring to the repurchase of our odd shares and/or Convertible Notes pursuant to our repurchase program; our anticipateation that We’ll influenceively handle The enlargement of our infrastructure; changes we anticipate may happen to utilized sciences Utilized in our solutions; our anticipateations relating to The Results of any regulatory investigation or litigation, collectively with class actions; our anticipateations relating to future changes in our cost of incomes and our working funds on an absolute basis and as a proportion of our incomes, As properly as to our capability To understand revenuecapability; our anticipateations relating to changes Inside The worldwide, nationwide, regional or native financial, enterprise, aggressive, market, and regulatory panorama, collectively with Due to developing Costs of curiosity and inflationary pressures, finaling influences of COVID-19, and Due to army invasion of Ukraine by Russia; our deliberate diploma of capital expfinishitures and our notion that our current money and money from operations Shall be enough to fund our operations for A minimal of the subsequent 12 months and for the foreseeable future; our anticipateations with respect to The mixing and efficiency of acquisitions; our capability To draw and retain licensed staff and key particular personnel; our anticipateations about Getting into into new markets and appeal toing new buyer demographics, collectively with our capability to effectively appeal to new companions and develop our companion actions as anticipated and fullly different elements talked about beneath the heading “Hazard Factors” Inside The agency’s annual report on Type 20-F for the yr fulld December 31, 2021 filed with the Securities and Exchange Fee on April 1, 2022. Any forward-wanting assertion made by us On this press launch speaks solely as of the date hereof. Factors or occasions That would set off our exact end outcomes To vary may emerge As quickly as Briefly, and It is not potential for us To foretell all of them. We beneathtake no obligation to publicly update any forward-wanting assertions, whether or not Due to new information, future enhancements or fullly differentwise.
Wix.com Ltd.
CONSOLIDATED STATEMENTS OF OPERATIONS – GAAP
(In hundreds, besides loss per share knowledge)
Three Months Ended
9 Months Ended
September 30,
September 30,
2022
2021
2022
2021
(unaudited)
(unaudited)
Revenues
Inventive Subscriptions
$ 261,066
$ 241,303
$ 774,211
$ 703,630
Industry Options
84,739
78,587
258,415
232,614
345,805
319,890
1,032,626
936,244
Value of Revenues
Inventive Subscriptions
62,035
57,813
193,160
171,830
Industry Options
65,822
64,163
204,303
184,857
127,857
121,976
397,463
356,687
Gross Profit
217,948
197,914
635,163
579,557
Operating funds:
Evaluation and enhancement
120,384
109,323
361,867
308,608
Promoting and advertising
117,448
119,991
394,942
387,467
Widespread and administrative
42,427
38,917
131,104
112,722
Complete working funds
280,259
268,231
887,913
808,797
Operating loss
(62,311)
(70,317)
(252,750)
(229,240)
Financial income (funds), internet
21,142
111,917
(170,257)
288,811
Other income
131
87
235
193
Income (loss) earlier than taxes on income
(41,038)
41,687
(422,772)
59,764
Taxes on income (tax revenue)
6,323
25,374
(36,884)
67,932
Net income (loss)
$ (47,361)
$ 16,313
$ (385,888)
$ (8,168)
Primary internet income (loss) per share
$ (0.81)
$ 0.28
$ (6.66)
$ (0.14)
Primary weighted-common shares used to compute internet income (loss) per share
58,355,542
57,313,747
57,930,336
56,970,641
Diluted internet income (loss) per share
$ (0.81)
$ 0.27
$ (6.66)
$ (0.14)
Diluted weighted-common shares used to compute internet income (loss) per share
58,355,542
60,549,853
57,930,336
56,970,641
Wix.com Ltd.
CONDENSED CONSOLIDATED Stcapability SHEETS
(In hundreds)
September 30,
December 31,
2022
2021
Asmannequins
(unaudited)
(audited)
Current Asmannequins:
Cash and money equivalents
$ 299,940
$ 451,355
Brief-time period deposits
516,770
411,687
Restricted deposits
13,644
7,012
Markedesk securities
400,084
456,515
Trade receivables
35,796
30,367
Pay as you go funds and fullly different current asmannequins
40,769
32,877
Complete current asmannequins
1,307,003
1,389,813
Prolonged-Term Asmannequins:
Pay as you go funds and fullly different long-time period asmannequins
33,476
41,554
Property and gear, internet
72,637
50,437
Markedesk securities
235,997
387,341
Intangible asmannequins and goodwill, internet
84,804
89,547
Operating lease proper-of-use asmannequins
235,794
101,095
Complete long-time period asmannequins
662,708
669,974
Complete asmannequins
$ 1,969,711
$ 2,059,787
Liabilities and Shareholders’ Equity (deficiency)
Current Liabilities:
Trade payables
$ 118,788
$ 114,584
Employees and payroll accruals
68,145
83,251
Deferred incomes
526,764
484,446
Current portion of convertible notes, internet
361,100
–
Accrued funds and fullly different current liabilities
86,226
62,816
Operating lease liabilities
29,294
29,201
Complete current liabilities
1,190,317
774,298
Prolonged time period Liabilities:
Prolonged-time period deferred incomes
68,954
59,966
Prolonged-time period deferred tax authorized obligation
26,856
72,803
Convertible notes, internet
565,782
922,974
Other long-time period liabilities
1,991
2,267
Prolonged-time period working lease liabilities
180,227
81,764
Complete long-time period liabilities
843,810
1,139,774
Complete liabilities
2,034,127
1,914,072
Shareholders’ Equity (deficiency)
Ordinary shares
115
111
Additional paid-in capital
1,214,441
994,795
Treasury Inventory
(199,997)
(199,997)
Accrued fullly different full income
(44,949)
(1,056)
Accrued deficit
(1,034,026)
(648,138)
Complete shareholders’ equity (deficiency)
(64,416)
145,715
Complete liabilities and shareholders’ equity
$ 1,969,711
$ 2,059,787
Wix.com Ltd.
CONDENSED CONSOLIDATED STATEMENTS Of money FLOWS
(In hundreds)
Three Months Ended
9 Months Ended
September 30,
September 30,
2022
2021
2022
2021
(unaudited)
(unaudited)
OPERATING ACTIVITIES:
Net income (loss)
$ (47,361)
$ 16,313
$ (385,888)
$ (8,168)
Adjustments to reconcile internet loss to internet money currentd by (Utilized in) working actions:
Depreciation
3,845
3,595
11,402
10,405
Amortization
1,581
3,045
4,735
4,490
Share based mostly compensation funds
56,796
53,070
176,919
150,097
Amortization of debt low cost and debt issuance prices
1,305
1,297
3,908
4,000
Modifications in accrued curiosity and commerce price on short time period and long time period deposits
172
(57)
7
(105)
Amortization of premium and low cost and accrued curiosity on markedesk securities, internet
1,000
1,796
3,805
6,201
Remeasurement loss (obtain) on Markedesk equity
(10,182)
(110,855)
196,383
(184,041)
Deferred income taxes, internet
2,351
21,111
(45,868)
61,214
Modifications in working lease proper-of-use asmannequins
8,141
5,907
26,716
18,967
Modifications in working lease liabilities
(8,675)
(6,062)
(33,847)
(19,675)
Lower (enhance) in commerce receivables
5,004
1,430
(5,429)
(3,871)
Increase in prepaid funds and fullly different current and long-time period asmannequins
(5,280)
(652)
(32,625)
(101,497)
Increase (decrease) in commerce payables
(7,960)
6,727
4,153
5,699
Increase (decrease) in staff and payroll accruals
(9,562)
(628)
(14,644)
12,519
Increase Briefly time period and long time period deferred incomes
6,023
6,243
51,306
75,839
Increase in accrued funds and fullly different current liabilities
3,069
2,043
22,885
12,570
Net money currentd by (Utilized in) working actions
267
4,323
(16,082)
44,644
INVESTING ACTIVITIES:
Proceeds from short-time period deposits and restricted deposits
105,171
269,000
336,430
447,015
Investment Briefly-time period deposits and restricted deposits
(57,180)
(245,000)
(448,152)
(417,131)
Investment in markedesk securities
(38,048)
–
(202,611)
–
Proceeds from markedesk securities
51,619
80,909
191,869
261,568
Buy of property and gear and cost of prepaid funds
(22,208)
(12,604)
(54,120)
(22,981)
Capitalization of inner use of Computer software
(666)
(426)
(1,895)
(1,017)
Investment in fullly different long-time period asmannequins
(580)
–
(580)
–
Proceeds from equity securities
–
18,771
3,193
18,771
Payment for Companies acquired, internet of acquired money
–
189
–
(42,614)
Buys of fundings in privately held corporations
(100)
(2,000)
(1,260)
(3,500)
Net money currentd by (Utilized in) investing actions
38,008
108,839
(177,126)
240,111
FINANCING ACTIVITIES:
Proceeds from practice of choices and ESPP shares
19,779
11,752
41,793
33,554
Buy of treasury stock
–
(200,000)
–
(200,000)
Net money currentd by financing actions
19,779
(188,248)
41,793
(166,446)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
58,054
(75,086)
(151,415)
118,309
CASH AND CASH EQUIVALENTS—Starting of interval
241,886
362,253
451,355
168,858
CASH AND CASH EQUIVALENTS—End of interval
$ 299,940
$ 287,167
$ 299,940
$ 287,167
Wix.com Ltd.
KEY PERFORMANCE METRICS
(In hundreds)
Three Months Ended
9 Months Ended
September 30,
September 30,
2022
2021
2022
2021
(unaudited)
(unaudited)
Inventive Subscriptions
261,066
241,303
774,211
703,630
Industry Options
84,739
78,587
258,415
232,614
Complete Revenues
$ 345,805
$ 319,890
$ 1,032,626
$ 936,244
Inventive Subscriptions
269,937
292,737
839,645
823,841
Industry Options
82,527
80,560
260,661
243,426
Complete Bookings
$ 352,464
$ 373,297
$ 1,100,306
$ 1,067,267
Free Cash Flow
$ (22,607)
$ (8,707)
$ (72,097)
$ 20,646
Free Cash Flow, excluding capex related to future Wix HQ office construct-out
$ 4,559
$ 1,663
$ (19,582)
$ 34,048
Inventive Subscriptions ARR
$ 1,071,045
$ 992,295
$ 1,071,045
$ 992,295
Wix.com Ltd.
RECONCILIATION OF REVENUES TO BOOKINGS
(In hundreds)
Three Months Ended
9 Months Ended
September 30,
September 30,
2022
2021
2022
2021
(unaudited)
(unaudited)
Revenues
$ 345,805
$ 319,890
$ 1,032,626
$ 936,244
Change in deferred incomes
6,023
6,243
51,306
75,839
Change in unbilled contrexact obligations
636
47,164
16,374
55,184
Bookings
$ 352,464
$ 373,297
$ 1,100,306
$ 1,067,267
Three Months Ended
9 Months Ended
September 30,
September 30,
2022
2021
2022
2021
(unaudited)
(unaudited)
Inventive Subscriptions Revenues
$ 261,066
$ 241,303
$ 774,211
$ 703,630
Change in deferred incomes
8,235
4,270
49,060
65,027
Change in unbilled contrexact obligations
636
47,164
16,374
55,184
Inventive Subscriptions Bookings
$ 269,937
$ 292,737
$ 839,645
$ 823,841
Three Months Ended
9 Months Ended
September 30,
September 30,
2022
2021
2022
2021
(unaudited)
(unaudited)
Industry Options Revenues
$ 84,739
$ 78,587
$ 258,415
$ 232,614
Change in deferred incomes
(2,212)
1,973
2,246
10,812
Industry Options Bookings
$ 82,527
$ 80,560
$ 260,661
$ 243,426
Wix.com Ltd.
RECONCILIATION OF COHORT BOOKINGS
(In hundreds of hundreds)
9 Months Ended
September 30,
2022
2021
(unaudited)
Q1 Cohort incomes
$ 29
$ 39
Q1 Change in deferred incomes
18
21
Q1 Cohort Bookings
$ 47
$ 60
Wix.com Ltd.
RECONCILIATION OF REVENUES AND BOOKINGS EXCLUDING FX IMPACT
(In hundreds)
Three Months Ended
September 30,
2022
2021
(unaudited)
Revenues
$ 345,805
$ 319,890
FX influence on Q3/22 using Q3/21 prices
4,983
–
Revenues excluding FX influence
$ 350,788
$ 319,890
Three Months Ended
September 30,
2022
2021
(unaudited)
Bookings
$ 352,464
$ 373,297
FX influence on Q3/22 using Q3/21 prices
14,073
–
Bookings excluding FX influence
$ 366,537
$ 373,297
Wix.com Ltd.
TOTAL ADJUSTMENTS GAAP TO NON-GAAP
(In hundreds)
Three Months Ended
9 Months Ended
September 30,
September 30,
2022
2021
2022
2021
(1) Share based mostly compensation funds:
(unaudited)
(unaudited)
Value of incomes
$ 4,418
$ 4,057
$ 13,204
$ 11,367
Evaluation and enhancement
29,606
26,250
88,245
74,028
Promoting and advertising
9,261
8,715
29,155
24,370
Widespread and administrative
13,511
14,048
46,315
40,332
Complete share based mostly compensation funds
56,796
53,070
176,919
150,097
(2) Amortization
1,581
3,045
4,735
4,490
(3) Acquisition related funds
585
2,579
3,471
6,635
(4) Amortization of debt low cost and debt issuance prices
1,305
1,297
3,908
4,000
(5) Sales tax accrual and fullly different G&A funds (income)
183
341
544
1,372
(6) Ununderstandd loss (obtain) on equity and fullly different fundings
(10,182)
(112,165)
196,383
(284,026)
(7) Non-working overseas commerce funds (income)
(1,675)
1,745
183
4,698
(8) Provision for income tax influences related to non-GAAP changes
2,342
21,480
(45,902)
61,008
Complete changes of GAAP to Non GAAP
$ 50,935
$ (28,608)
$ 340,241
$ (51,726)
Wix.com Ltd.
RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT
(In hundreds)
Three Months Ended
9 Months Ended
September 30,
September 30,
2022
2021
2022
2021
(unaudited)
(unaudited)
Gross Profit
$ 217,948
$ 197,914
$ 635,163
$ 579,557
Share based mostly compensation funds
4,418
4,057
13,204
11,367
Acquisition related funds
–
108
140
387
Amortization
759
930
2,279
1,385
Non GAAP Gross Profit
223,125
203,009
650,786
592,696
Non GAAP Gross margin
65 %
63 %
63 %
63 %
Three Months Ended
9 Months Ended
September 30,
September 30,
2022
2021
2022
2021
(unaudited)
(unaudited)
Gross Profit – Inventive Subscriptions
$ 199,031
$ 183,490
$ 581,051
$ 531,800
Share based mostly compensation funds
3,503
2,947
10,496
8,420
Non GAAP Gross Profit – Inventive Subscriptions
202,534
186,437
591,547
540,220
Non GAAP Gross margin – Inventive Subscriptions
78 %
77 %
76 %
77 %
Three Months Ended
9 Months Ended
September 30,
September 30,
2022
2021
2022
2021
(unaudited)
(unaudited)
Gross Profit – Industry Options
$ 18,917
$ 14,424
$ 54,112
$ 47,757
Share based mostly compensation funds
915
1,110
2,708
2,947
Acquisition related funds
–
108
140
387
Amortization
759
930
2,279
1,385
Non GAAP Gross Profit – Industry Options
20,591
16,572
59,239
52,476
Non GAAP Gross margin – Industry Options
24 %
21 %
23 %
23 %
Wix.com Ltd.
RECONCILIATION OF OPERATING LOSS TO NON-GAAP OPERATING LOSS
(In hundreds)
Three Months Ended
9 Months Ended
September 30,
September 30,
2022
2021
2022
2021
(unaudited)
(unaudited)
Operating loss
$ (62,311)
$ (70,317)
$ (252,750)
$ (229,240)
Adjustments:
Share based mostly compensation funds
56,796
53,070
176,919
150,097
Amortization
1,581
3,045
4,735
4,490
Sales tax accrual and fullly different G&A funds
183
341
544
1,372
Acquisition related funds
585
2,579
3,471
6,635
Complete changes
$ 59,145
$ 59,035
$ 185,669
$ 162,594
Non GAAP working loss
$ (3,166)
$ (11,282)
$ (67,081)
$ (66,646)
Non GAAP working margin
-1 %
-4 %
-6 %
-7 %
Wix.com Ltd.
RECONCILIATION OF NET INCOME (LOSS) TO NON-GAAP NET LOSS AND NON-GAAP NET LOSS PER SHARE
(In hundreds, besides per share knowledge)
Three Months Ended
9 Months Ended
September 30,
September 30,
2022
2021
2022
2021
(unaudited)
(unaudited)
Net income (loss)
$ (47,361)
$ 16,313
$ (385,888)
$ (8,168)
Share based mostly compensation funds and fullly different Non GAAP changes
50,935
(28,608)
340,241
(51,726)
Non-GAAP internet income (loss)
$ 3,574
$ (12,295)
$ (45,647)
$ (59,894)
Primary and diluted Non GAAP internet income (loss) per share
$ 0.06
$ (0.21)
$ (0.79)
$ (1.05)
Weighted common shares Utilized in computing basic and diluted Non GAAP internet income (loss) per share
58,355,542
57,313,747
57,930,336
56,970,641
Wix.com Ltd.
RECONCILIATION OF NET CASH Provided BY (USED IN) OPERATING ACTIVITIES TO FREE CASH FLOW
(In hundreds)
Three Months Ended
9 Months Ended
September 30,
September 30,
2022
2021
2022
2021
(unaudited)
(unaudited)
Net money currentd by (Utilized in) working actions
$ 267
$ 4,323
$ (16,082)
$ 44,644
Capital expfinishitures, internet
(22,874)
(13,030)
(56,015)
(23,998)
Free Cash Flow
$ (22,607)
$ (8,707)
$ (72,097)
$ 20,646
Capex related to future Wix HQ office construct-out
27,166
10,370
52,515
13,402
Free Cash Flow, excluding capex related to future Wix HQ office construct-out
$ 4,559
$ 1,663
$ (19,582)
$ 34,048
Wix.com Ltd.
RECONCILIATION OF BASIC WEIGHTED AVERAGE NUMBER OF SHARES Excellent AND THE DILUTED WEIGHTED AVERAGE NUMBER OF SHARES Excellent
Three Months Ended
9 Months Ended
September 30,
September 30,
2022
2021
2022
2021
(unaudited)
(unaudited)
Primary weighted-common shares used to compute internet income (loss) per share
58,355,542
57,313,747
57,930,336
56,970,641
Effect of dilutive securities (embraced Inside the influence of dilutive securities is the assumed conversion of worker stock choices, worker RSUs and the Notes)
–
3,236,106
–
–
Diluted weighted-common shares used to compute internet income (loss) per share
58,355,542
60,549,853
57,930,336
56,970,641
The following gadgets have been excluded from the diluted weighted common Selection of shares outstanding beset off They’re anti-dilutive:
Inventory choices
4,964,207
672,240
4,964,207
4,699,390
Restricted share mannequins
2,901,755
675,134
2,901,755
1,921,287
Convertible Notes (if-transformed)
3,969,514
3,969,514
3,969,514
3,969,514
70,191,018
65,866,741
69,765,812
67,560,832
[1] Transaction income is a portion of Industry Options income, and we outline transaction income as all income genepriced through transaction facilitation, primarily from Wix Payments As properly as to Wix POS, delivery solutions and multi-channel commerce and present card solutions.
[2] Companions income is outlined as income genepriced through enterprisees and freelancers that construct web websites or purposes for fullly different buyers As properly as to income genepriced through B2B companionships, Similar to LegalZoom or Vistaprint. We decide enterprisees and freelancers constructing web websites or purposes for fullly differents using a quantity of standards collectively with however not restricted to The varicapability Of internet web websites constructed, participation Inside the Wix Partner Program and/or the Wix Market or Wix merchandise used, amongst fullly different standards. Companions income embraces income from each the Inventive Subscriptions and Industry Options segments.
Supply Wix.com Ltd.