Wix Reports Fourth Quarter and Full Year 2021 Results

NEW YORK, Feb. 16, 2022 /PRNewswire/ — Wix .com Ltd. ( Nasdaq : WIX ), a leading ball-shaped SaaS platform to create, do and grow an on-line presence, today reported solid fiscal results for the fourth quarter and full year ended December 31, 2021. In accession, the Company provided its initial expectation for the first quarter of 2022 .
“ 2020 and 2021 bring unprecedented changes, challenges and opportunities for about every business cosmopolitan due to uncertainty and excitability brought on by the pandemic. now, as we enter our third base year of COVID-19, the world has begun to transition once again, ” said Avishai Abrahami, Co-founder and CEO of Wix. “ We exited 2021 with fundamentals of our occupation at much higher levels than when we entered the pandemic, positioning us for achiever in the coming years, and we are clear on what needs to be done to maintain this momentum. We are putting our best foundation forward to increase our growth by expanding our grocery store leadership with self-creators, strengthening our reach through partners, and doubling down on our commerce platform. ”
“ The investments made over the last two years in our growth initiatives are beginning to generate growth. For 2022, we expect modest improvement in spare cash stream margin with much more meaningful improvement to come in 2023, ” added Lior Shemesh, CFO of Wix .
Q4 2021 Financial Results

  • Total revenue in the fourth quarter of 2021 was $ 328.3 million, up 16% y/y
    • Creative Subscriptions revenue in the fourth quarter of 2021 was $ 246.7 million, up 15% y/y
    • Business Solutions revenue in the fourth quarter of 2021 was $ 81.7 million, up 19% y/y
      • Transaction revenue in the fourth quarter of 2021 was $ 36.1 million, up 35% y/y
  • Partners revenue in the fourth quarter of 2021 was $ 73.3 million, up 53% y/y
  • Creative Subscriptions ARR was $ 1.010 billion as of the end of the fourth quarter of 2021, an increase of 15% y/y
  • Total bookings in the fourth quarter of 2021 were $ 351.6 million, up 15% y/y
    • Creative Subscriptions bookings in the fourth quarter of 2021 were $ 264.0 million, up 12% y/y, including a change in unbilled contractual obligations of $ 11.6 million
    • Business Solutions bookings in the fourth quarter of 2021 were $ 87.5 million, up 25% y/y
  • Total gross margin on a GAAP basis in the fourth quarter of 2021 was 61%
    • Creative Subscriptions gross margin on a GAAP basis was 75%
    • Business Solutions gross margin on a GAAP basis was 17%
  • Total non-GAAP gross margin in the fourth quarter of 2021 was 62%
    • Creative Subscriptions gross margin on a non-GAAP basis was 77%
    • Business Solutions gross margin on a non-GAAP basis was 19%
  • GAAP net loss in the fourth quarter of 2021 was $ ( 111.0 ) million, or $ ( 1.94 ) per share
    • Includes approximately $ 12.5 million of unrealized losses, net of taxes, from our equity investments, primarily attributed to the decrease in share price of monday.com (Nasdaq: MNDY), which was excluded from non-GAAP results
  • Non-GAAP net loss in the fourth quarter of 2021 was $ ( 21.1 ) million, or $ ( 0.37 ) per share
  • Net cash provided by operating activities in the fourth quarter of 2021 was $ 21.0 million, while capital expenditures totaled $ 13.7 million, leading to free cash flow of $ 7.3 million
    • Excluding the capex investment associated with our new headquarters office build out, free cash flow would have been $ 17.4 million, a decrease of 27% y/y

FY 2021 Financial Results

  • Total revenue for the full year 2021 was $ 1.270 billion, up 29% y/y
    • Creative Subscriptions revenue for the full year 2021 was $ 950.3 million, up 21% y/y
    • Business Solutions revenue for the full year 2021 was $ 319.4 million, up 59% y/y
      • Transaction revenue for the full year 2021 was $ 130.3 million, up 134% y/y and up ~12x from the full year 2019
    • Partners revenue for the full year 2021 was $ 256.6 million, up 75% y/y and up 199% from the full year 2019
  • Total bookings for the full year 2021 were $ 1.419 billion, up 29% y/y
    • Creative Subscriptions bookings for the full year 2021 were $ 1.088 billion, up 22% y/y, including a change in unbilled contractual obligations of $ 66.8 million
    • Business Solutions bookings for the full year 2021 were $ 330.9 million, up 57% y/y
  • Total gross margin on a GAAP basis for the full year 2021 was 62%
    • Creative Subscriptions gross margin on a GAAP basis was 76%
    • Business Solutions gross margin on a GAAP basis was 20%
  • Total non-GAAP gross margin for the full year 2021 was 63%
    • Creative Subscriptions gross margin on a non-GAAP basis was 77%
    • Business Solutions gross margin on a non-GAAP basis was 22%
  • GAAP net loss for the full year 2021 was $ ( 117.2 ) million, or $ ( 2.06 ) per share
    • GAAP net loss in 2021 included realized and unrealized gains, net of taxes, of approximately $ 210.5 million in FY 2021  from our equity investments, primarily attributed to the decrease in share price of monday.com (Nasdaq: MNDY), which were excluded from non-GAAP results
  • Non-GAAP net loss for the full year 2021 was $ ( 79.0 ) million, or $ ( 1.39 ) per share
  • Net cash provided by operating activities for the full year 2021 was $ 65.7 million, while capital expenditures totaled $ 37.7 million, leading to free cash flow of $ 28.0 million
    • Excluding the capex investment associated with our new headquarters office build out, free cash flow would have been $ 51.4 million
  • Added 478 thousand net premium subscriptions in full year 2021 to reach 6.0 million as of December 31, 2021, a 9% increase over the total number of premium subscriptions at December 31, 2020
  • Registered users as of December 31, 2021 were 222 million, representing a 13% increase compared to December 31, 2020

fiscal Outlook
We have experienced a much higher tied of excitability in requirement for on-line services over the last year and a half due to COVID. As a solution, we are not able to forecast our business with the same degree of confidence as we have historically been able to pre-COVID, even as fundamentals remain strong. Given this volatility and continue doubt, we are adjusting our stream steering exercise .
ampere long as we are in a period of heightened volatility, we will not be providing annual steering for bookings, tax income or free cash stream. We will issue quarterly guidance for entire gross to provide updates on our advancement to drive growth. We will besides provide extra color around fore expectations in our quarterly earnings releases .
As of today, we expect entire tax income in Q1 2022 to be $ 338M – $ 343M, representing 11 % – 13 % y/y increase. Given Q1 2021 saw gross grow 41 % y/y, it is the most unmanageable y/y comparable we face in 2022, and we expect y/y emergence of sum tax income to accelerate each quarter through the goal of 2022 .
FCF plan for the next two years
Our business has evolved enormously over the past 3-5 years as Wix expanded into new markets, new products and new services. In order to get to where we are today, and more importantly, continue to evolve and drive profitable growth, over the last two years, we have made meaningful investments in our business across all fronts, particularly in customer care, technology infrastructure, partners and Wix Payments. These initiatives are still in their early on stages of growth, and we expect more growth in the future .
We estimate these incremental investments lowered our exempt cash flow by approximately $ 80 million in 2020 and $ 110 million in 2021 .
These increase investments enabled us to put in station the head count and infrastructure needed to generate long term tax income growth. While we have begun to see the early stages of top-line emergence from these initiatives, we believe there is much more to come .
We do not need to invest in our new growth initiatives in 2022 or subsequent years at the same level we have the past two years. Combined with the predict gross emergence of these new initiatives and operating leverage, we expect FCF margins ( excluding capex related to our new HQ build-out ) to increase to approximately 5 % of gross in 2022 and to approximately 8-10 % of tax income in 2023 .
league call and Webcast Information
Wix will host a conference call at 8:30 a.m. ET on Wednesday, February 16, 2022 to answer questions about the fiscal and functional operation of the business for the one-fourth quarter and full class ended December 31, 2021. The conference call will include a abbreviated statement by management and will focus on answering questions about our results during the quarter. To enhance the Q & A share of this shout, the Company has posted a stockholder update and supporting slides to its Investor Relations website at hypertext transfer protocol : //investors.wix.com/. These materials provide shareholders and analysts with extra 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 originate prison term of the call and reference Conference ID 6553878. A telephonic replay of the call will be available through February 23, 2022 at 11:30 a.m. ET by dialing +1 ( 855 ) 859-2056 and providing Conference ID 6553878 .
Wix will besides offer a exist and archived webcast of the conference call, accessible from the “ investor Relations ” section of the Company ‘s web site at hypertext transfer protocol : //investors.wix.com/ .
About Wix.com Ltd .
Wix is leading the way with a cloud-based web site development chopine for over 220 million registered users worldwide today. The Wix web site builder was founded on the impression that the Internet should be accessible to everyone to develop, make and lend. Through release and premium subscriptions, Wix empowers millions of businesses, organizations, artists, and individuals to take their businesses, brands and work flow on-line. The Wix Editor, Wix ADI, Editor X, a curated App Market, Ascend by Wix and Velo by Wix enable users to build and manage a in full integrated and active digital presence. Wix ‘s headquarter are in Tel Aviv with offices in Austin, Be’er Sheva, Berlin, Cedar Rapids, Denver, Dnipro, Dublin, Kyiv, Kraków, Los Angeles, Miami, New York, Phoenix, San Francisco, São Paulo, Tokyo and Vilnius .
Visit us : on our web log, Facebook, Twitter, Instagram, LinkedIn and Pinterest.
Download : Wix App is available for unblock on Google Play and in the App Store.
For more about Wix please visit our Press Room
Non-GAAP Financial Measures and Key Operating Metrics
To supplement its consolidate fiscal statements, which are organize and presented in accordance with U.S. GAAP, Wix uses the following non-GAAP fiscal measures : bookings, accumulative age group bookings, , non-GAAP crying margin, non-GAAP operating income ( loss ), non-GAAP net income ( passing ), non-GAAP net income ( personnel casualty ) per partake, release cash flow, detached cash flow, as adjusted, free cash flow margins, non-GAAP R & D expenses, non-GAAP S & M expenses, non-GAAP G & A expenses, non-GAAP function expenses, non-GAAP price of gross expense, non-GAAP tax expense ( jointly the “ Non-GAAP fiscal measures ” ). Measures presented on a constant currency or FX impersonal basis have been adjusted to exclude the effect of y/y changes in alien currency exchange pace fluctuations. Bookings is a non-GAAP fiscal measure calculated by adding the change in postpone revenues for a particular period to revenues for the like time period. Bookings include cash receipts for premium subscriptions purchased by cross-file users arsenic good, cash we collect for payments and extra products and services, angstrom well as payments ascribable to us under the terms of contractual agreements for obligations we have fulfilled. Cash receipts for premium subscriptions are deferred and recognized as revenues over the terms of the subscriptions. Cash receipts for payments and the majority of the extra products and services ( other than Google Workspace ) are recognised as revenues upon acknowledge. commit payments are recognised angstrom gross as we fulfill our debt instrument under the terms of the contractual agreement. Non-GAAP megascopic margin represents arrant profit calculated in accord with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization, divided by tax income. Non-GAAP operating income ( loss ) represents operating income ( loss ) calculated in accordance with GAAP as adjusted for the impact of share-based recompense expense, amortization, acquisition-related expenses and sales tax expense accumulation and early G & A expenses ( income ). Non-GAAP net income ( loss ) represents net loss calculated in accord with GAAP as adjusted for the impact of share-based recompense expense, amortization, sales tax expense accumulation and other G & A expenses ( income ), amortization of debt deduction and debt issue costs and acquisition-related expenses and non-operating extraneous exchange expenses ( income ). Non-GAAP net income income ( loss ) per share represents non-GAAP net income ( loss ) divided by the weighted average numeral of shares used in computing GAAP loss per share. release cash flow represents web cash provided by ( used in ) operate activities less das kapital expenditures. free cash flow, as adjusted, represents dislodge cash flow promote adjusted to exclude das kapital expenditures associated with our new headquarters. release cash flow margins represent release cash hang divided by gross. Non-GAAP monetary value of tax income represents monetary value of gross calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP R & D expenses represent R & D expenses calculated in accord with GAAP as adjusted for the impact of share-based recompense expense, acquisition-related expenses and amortization. Non-GAAP S & M expenses represent S & M expenses calculated in accord with GAAP as adjusted for the impingement of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP G & A expenses act G & A expenses calculated in accord with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP operational expenses represent operating expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization .
The display of this fiscal information is not intended to be considered in isolation or as a substitute for, or superior to, the fiscal information prepared and presented in accord with GAAP. The company uses these non-GAAP fiscal measures for fiscal and operational decision make and as a means to evaluate period-to-period comparisons. The Company believes that these measures provide utilitarian information about operate results, enhance the overall agreement of by fiscal performance and future prospects, and allow for greater foil with respect to key metrics used by management in its fiscal and operational decision make .
For more data on the non-GAAP fiscal measures, please see the reconciliation tables provided below. The accompanying tables have more details on the GAAP fiscal measures that are most directly comparable to non-GAAP fiscal measures and the refer reconciliations between these fiscal measures. The company is ineffective to provide reconciliations of free cash stream, unblock cash run, as adjusted, accumulative cohort bookings, non-GAAP crude margin, and non-GAAP tax expense to their most directly comparable GAAP fiscal measures on a advanced basis without unreasonable campaign because items that impact those GAAP fiscal measures are out of the Company ‘s control condition and/or can not be reasonably predicted. such information may have a significant, and potentially unpredictable, impact on our future fiscal results .
Wix besides uses creative Subscriptions Annualized Recurring Revenue ( ARR ), Business Solutions ARR and Gross Payment volume ( GPV ) as keystone operating metrics. creative Subscriptions ARR is calculated as creative Subscriptions Monthly Recurring Revenue ( MRR ) multiplied by 12. creative Subscriptions MRR is calculated as the total of ( i ) all active creative Subscriptions in effect on the last day of the period, multiplied by the monthly gross of such creative Subscriptions, other than knowledge domain registrations ; ( two ) the median tax income per month from world registrations ; ( three ) monthly tax income from partnership agreements. Business Solutions ARR is calculated as Business Solutions MRR multiplied by 12. Business Solutions MRR is calculated as the entire of all active subscriptions to Ascend, G-Suite, TPAs, FB Ads or Wix apps products in effect on the last day of the time period, multiplied by the monthly gross of such subscriptions. GPV includes the total value, in US dollars, of transactions facilitated by our platform .
advanced Statements
This text file contains advanced statements, within the mean of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. such advanced statements may include projections regarding our future operation, including, but not limited to gross, bookings and free cash flow, and may be identified by words like “ anticipate, ” “ assume, ” “ believe, ” “ aim, ” “ bode, ” “ indication, ” “ continue, ” “ could, ” “ estimate, ” “ expect, ” “ mean, ” “ may, ” “ plan, ” “ potential, ” “ bode, ” “ project, ” “ lookout, ” “ future, ” “ will, ” “ seek ” and like terms or phrases. The advanced statements contained in this document, including the quarterly and annual steering, are based on management ‘s stream expectations, which are subject to uncertainty, risks and changes in circumstances that are unmanageable 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 advanced statements include, among others, our ability to attract and retain registered users and generate new premium subscriptions ; our ability to increase the gross we derive from the sale of bounty subscriptions and business solutions through our partners ; our expectation that new products and developments, including third-party products offered within our platform, will receive customer credence and satisfaction, including the growth in commercialize adoption of our on-line department of commerce solutions ; our presumption that long-run agreements with partners will become a more significant part of our business in the future and that the expect accounts receivable from such long terminus partners agreement will ultimately be received ; our premise that historical user demeanor can be extrapolated to predict future exploiter behavior ; our prediction of the future revenues generated by our user cohorts and our ability to maintain and increase such gross growth ; our ability to maintain and enhance our brand and reputation ; our ability to attract and retain modify employees and key personnel ; our ability to enter into new markets and attract new customer demographics, including new partners ; our arithmetic mean that our products created for markets outside of North America will continue to generate emergence in those markets ; the impact of fluctuations in alien currency exchange rates on our business ; our ability to effectively execute our initiatives to scale and improve our exploiter support function through our Customer Care team, and thereby increase user memory, drug user battle and sales ; the consolidation and performance of acquisitions ; our ability to successfully localize our products, including by making our product, back and communication channels available in extra languages and to expand our requital infrastructure to transact in extra local anesthetic currencies and accept extra payment methods ; our ability to effectively manage the increase of our infrastructure ; the shock on our business and operations of the COVID-19 pandemic, including doubt relating to expected consumer dynamics after the COVID-19 pandemic subsides and the anticipate GPV on our platform, the effectiveness of politics policies, vaccine administration rates and other factors ; changes to technologies used in our solutions ; any regulative investigations or litigation ; our expectations regarding changes in our cost of revenues and our operate expenses on an absolute footing and as a share of our revenues ; changes in the ball-shaped, national, regional or local economic, business, competitive, commercialize, and regulative landscape, including as a resultant role of COVID-19 ; our planned horizontal surface of capital expenditures and our belief that our existing cash and cash from operations will be sufficient to fund our operations for at least the adjacent 12 months and other factors discussed under the bearing “ risk Factors ” in the Company ‘s 2020 annual report on Form 20-F filed with the Securities and Exchange Commission on March 25, 2021. Any advanced statement made by us in this press free 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 potential for us to predict all of them. We undertake no debt instrument to publicly update any advanced statements, whether as a consequence of newfangled data, future developments or otherwise .
Immaterial prior year adjustment
We revised the previously reported fiscal statements to reflect tax income recognition timing differences related to the sale of Google Workspace solutions. This rewrite has an immaterial impingement on previously issued fiscal statements .
investor Relations :
[ e-mail protected ] Media Relations :
[ e-mail protected ] 1 We define partners gross as gross generated through agencies and freelancers that build sites or applications for early users vitamin a well as tax income generated through B2B partnerships, such as Vistaprint or NTT. We identify agencies and freelancers building sites or applications for others using multiple criteria including but not limited to the count of sites built, participation in the Wix Partner Program and/or the Wix Marketplace or Wix products used, among early criteria. Partners gross includes tax income from both the creative Subscriptions and Business Solutions segments.
2 Transaction tax income is a share of Business Solutions gross, and we define transaction gross as all tax income generated through transaction facilitation, chiefly from Wix Payments deoxyadenosine monophosphate well as Wix POS, shipping solutions and multi-channel department of commerce and endowment card solutions.
3 Beginning with this earnings free, we are renaming our anterior “ collections ” measurement as ” bookings ”. This is merely a terminology adjustment and does NOT change the calculation or the components previously comprising this measure. Past years ‘ reported collections results are directly comparable to bookings. We believe that the term bookings better reflects this measure as it includes not only cash collected by us but besides unbilled contractual obligations we secure from partners .

Wix.com Ltd.
amalgamate STATEMENTS OF OPERATIONS – generally accepted accounting principles
( In thousands, except loss per contribution data )

















Three Months Ended
year Ended

December 31,
December 31,

2020
2021
2020
2021

( unaudited )
( unaudited )
Revenue






creative Subscriptions $ 213,745
$ 246,669
$ 783,456
$ 950,299
business Solutions 68,789
81,673
200,911
319,358

282,534
328,342
984,367
1,269,657








Cost of Revenue






creative Subscriptions 50,278
60,789
167,539
232,619
business Solutions 53,029
68,010
145,480
255,960

103,307
128,799
313,019
488,579








Gross net income 179,227
199,543
671,348
781,078








manoeuver expenses :






inquiry and development 89,625
116,329
320,278
424,937
Selling and market 109,629
124,560
438,210
512,027
General and administrative 35,433
56,926
111,915
169,648
sum manoeuver expenses 234,687
297,815
870,403
1,106,612
engage loss ( 55,460 )
( 98,272 )
( 199,055 )
( 325,534 )
fiscal income ( expenses ), net 56,551
( 16,868 )
47,059
271,943
other income 34
391
118
584
Income ( loss ) before taxes on income 1,125
( 114,749 )
( 151,878 )
( 53,007 )
Taxes on income 12,548
( 3,730 )
14,989
64,202
net personnel casualty $ ( 11,423 )
$ ( 111,019 )
$ ( 166,867 )
$ ( 117,209 )








Basic and diluted web loss per parcel $ ( 0.20 )
$ ( 1.94 )
$ ( 3.07 )
$ ( 2.06 )
Basic and diluted weighted-average shares used to compute net income passing per share 55,809,471
57,103,278
54,425,056
57,004,154

Wix.com Ltd.

CONDENSED CONSOLIDATED BALANCE SHEET

( In thousands )







period ended


December 31,
December 31,


2020
2021

Assets ( audited )
( unaudited )

current Assets :



Cash and cash equivalents $ 168,858
$ 451,355

short term deposits 577,138
411,687

Restricted cash and deposit 925
7,012

marketable securities 289,927
456,515

Trade receivables 23,670
30,367

Prepaid expenses and other current assets 40,666
32,877

total stream assets 1,101,184
1,389,813






long Term Assets :



property and equipment, net 35,863
50,437

marketable securities 536,877
387,341

Prepaid expenses and other long-run assets 87,680
41,554

intangible assets and good will, internet 43,516
89,547

Operating lease right-of-use assets 88,406
101,095

sum long-run assets 792,342
669,974






full assets $ 1,893,526
$ 2,059,787






Liabilities and Shareholder’s Equity



stream Liabilities :



Trade payables $ 79,881
$ 114,584

Employees and payroll accruals 70,814
83,251

Deferred revenues 409,698
484,446

Accrued expenses and other current liabilities 48,769
62,816

Operating lease liabilities 22,336
29,201

entire current liabilities 631,498
774,298






retentive term deferred revenues 50,867
59,966

long terminus deferred tax liability 15,343
72,803

convertible notes, net 834,440
922,974

other farseeing term liabilities
2,267

retentive terminus operating rent liabilities 74,187
81,764

sum long term liabilities 974,837
1,139,774






total liabilities 1,606,335
1,914,072






Shareholders’ Equity



ordinary shares 107
111

extra paid-in capital 862,134
994,795

Treasury Stock
( 199,997 )

Accumulated other comprehensive examination income 9,406
( 1,056 )

Accumulated deficit ( 584,456 )
( 648,138 )

entire shareholders ‘ equity 287,191
145,715






total liabilities and shareholders ‘ equity $ 1,893,526
$ 2,059,787
Wix.com Ltd.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
( In thousands )

















Three Months Ended
year Ended

December 31,
December 31,

2020
2021
2020
2021

( unaudited )
( unaudited )
engage action :






net loss $ ( 11,423 )
$ ( 111,019 )
$ ( 166,867 )
$ ( 117,209 )
Adjustments to reconcile net loss to net income cash used in operate activities :






depreciation 3,789
3,524
14,610
13,929
amortization 619
462
2,577
4,952
share based compensation expenses 42,706
71,294
147,313
221,391
amortization of debt dismiss and debt issue costs 11,411
1,298
29,954
5,298
Decrease ( increase ) in accrued interest and exchange rate on short-circuit term and long condition deposits ( 69 )
85
( 43 )
( 20 )
amortization of agio and discount rate and accrue interest on marketable securities, final 2,532
1,642
4,471
7,843
advance on equity securities
17,718

( 166,323 )
submit income taxes, net 15,506
( 6,760 )
12,089
54,454
Changes in operate rent right-of-use assets 4,514
9,474
17,867
28,441
Changes in engage lease liabilities ( 2,613 )
( 7,013 )
( 15,807 )
( 26,688 )
Increase in craft receivables ( 511 )
( 2,379 )
( 6,457 )
( 6,250 )
Decrease ( increase ) in postpaid expenses and other stream and long-run assets ( 60,598 )
3,029
( 89,386 )
( 98,468 )
Increase in trade wind payables 10,324
20,896
41,967
26,595
Increase ( decrease ) in employees and payroll accruals ( 12,382 )
6,872
25,326
19,391
addition in short-change terminus and retentive term deferred revenues 23,847
11,593
117,664
82,361
increase in accrued expenses and other current liabilities 898
325
12,771
15,988
net income cash provided by engage activities 28,550
21,041
148,049
65,685
investing bodily process :






Proceeds from short-run deposits and restricted deposits 93,000
285,000
294,225
732,015
investment in short-run deposits and restricted deposits ( 129,790 )
( 155,500 )
( 577,000 )
( 572,631 )
investment in marketable securities ( 64,940 )
( 29,377 )
( 763,581 )
( 29,377 )
Proceeds from marketable securities 77,320
50,633
277,335
312,201
purchase of place and equipment ( 5,268 )
( 12,789 )
( 18,403 )
( 35,770 )
capitalization of software development costs ( 112 )
( 913 )
( 450 )
( 1,930 )
investment in other long-run assets

( 5,643 )
Proceed from equity securities


18,771
payment for Businesses acquired, net of acquired cash
( 115 )
( 6,626 )
( 42,729 )
proceed from investments in privately held companies 1,098

1,098
Purchases of investments in privately held companies ( 400 )
( 181 )
( 1,185 )
( 3,681 )
net cash provided by ( used in ) invest activities ( 29,092 )
136,758
( 800,230 )
376,869
finance ACTIVITIES :






Proceeds from use of options and ESPP shares 10,944
6,389
39,649
39,943
purchase of treasury breed


( 200,000 )
Proceeds from issue of convertible senior notes

575,000
Payments of debt issue costs

( 15,713 )
purchase of capped call

( 46,000 )
final cash provided by ( used in ) finance activities 10,944
6,389
552,936
( 160,057 )
INCREASE ( DECREASE ) IN CASH AND CASH EQUIVALENTS 10,402
164,188
( 99,245 )
282,497
CASH AND CASH EQUIVALENTS—Beginning of period 158,456
287,167
268,103
168,858
CASH AND CASH EQUIVALENTS—End of menstruation $ 168,858
$ 451,355
$ 168,858
$ 451,355

Wix.com Ltd.

key PERFORMANCE METRICS

( In thousands )











Three Months Ended
year Ended



December 31,
December 31,


2020
2021
2020
2021


( unaudited )
( unaudited )

creative Subscriptions 213,745
246,669
783,456
950,299

commercial enterprise Solutions 68,789
81,673
200,911
319,358

Total Revenue $ 282,534
$ 328,342
$ 984,367
$ 1,269,657










creative Subscriptions 236,420
264,038
891,240
1,087,879

occupation Solutions 69,961
87,518
210,791
330,944

Total Bookings $ 306,381
$ 351,556
$ 1,102,031
$ 1,418,823










free Cash Flow $ 23,170
$ 7,339
$ 129,196
$ 27,985

free Cash Flow, excluding capex related to future Wix HQ office build-out $ 23,962
$ 17,386
$ 131,658
$ 51,434

creative Subscriptions ARR $ 878,036
$ 1,009,576
$ 878,036
$ 1,009,576



















Wix.com Ltd.

RECONCILIATION OF REVENUE TO BOOKINGS

( In thousands )











Three Months Ended
year Ended


December 31,
December 31,


2020
2021
2020
2021


( unaudited )
( unaudited )

tax income $ 282,534
$ 328,342
$ 984,367
$ 1,269,657

change in postpone gross 23,847
11,593
117,664
82,361

change in unbilled contractual obligations
11,621

66,805

Bookings $ 306,381
$ 351,556
$ 1,102,031
$ 1,418,823




















Three Months Ended
year Ended


December 31,
December 31,


2020
2021
2020
2021


( unaudited )
( unaudited )

creative Subscriptions gross $ 213,745
$ 246,669
$ 783,456
$ 950,299

change in postpone tax income 22,675
5,748
107,784
70,775

change in unbilled contractual obligations
11,621

66,805

creative Subscriptions Bookings $ 236,420
$ 264,038
$ 891,240
$ 1,087,879




















Three Months Ended
class Ended


December 31,
December 31,


2020
2021
2020
2021


( unaudited )
( unaudited )

commercial enterprise Solutions Revenue $ 68,789
$ 81,673
$ 200,911
$ 319,358

change in submit tax income 1,172
5,845
9,880
11,586

commercial enterprise Solutions Bookings $ 69,961
$ 87,518
$ 210,791
$ 330,944

Wix.com Ltd.

RECONCILIATION OF COHORT BOOKINGS

( In millions )


class Ended


December 31,


2019
2020
2021








Q1 Cohort tax income 30
44
53

Q1 Change in postpone gross 22
16
18

Q1 Cohort Bookings $ 52
$ 60
$ 71

Wix.com Ltd.

sum ADJUSTMENTS GAAP TO NON-GAAP

( In thousands )




















Three Months Ended
year Ended


December 31,
December 31,


2020
2021
2020
2021

( 1 ) share based compensation expenses : ( unaudited )
( unaudited )

cost of tax income $ 3,172
$ 4,095
$ 9,127
$ 15,462

inquiry and development 22,170
28,028
76,883
102,056

Selling and marketing 6,774
9,483
22,845
33,853

General and administrative 10,590
29,688
38,458
70,020

total share based compensation expenses 42,706
71,294
147,313
221,391

( 2 ) amortization 619
462
2,577
4,952

( 3 ) Acquisition related expenses 1,686
2,045
5,811
8,680

( 4 ) amortization of debt deduction and debt issue costs 11,411
1,298
29,954
5,298

( 5 ) Sales tax accumulation and other G & A expenses ( income ) 2,810
320
4,299
1,692

( 6 ) Unrealized profit ( personnel casualty ) on fairness and other investments ( 66,709 )
16,195
( 66,709 )
( 267,831 )

( 7 ) Non-operating extraneous exchange expenses ( income ) 1,925
2,013
2,352
6,711

( 8 ) provision for income tax effects related to non-GAAP adjustments 15,343
( 3,725 )
15,343
57,283

entire adjustments of GAAP to Non GAAP $ 9,791
$ 89,902
$ 140,940
$ 38,176




























Wix.com Ltd.

RECONCILIATION OF GAAP TO NON-GAAP GROSS profit

( In thousands )




















Three Months Ended
year Ended


December 31,
December 31,


2020
2021
2020
2021


( unaudited )
( unaudited )

Gross profit $ 179,227
$ 199,543
$ 671,348
$ 781,078

partake based compensation expenses 3,172
4,095
9,127
15,462

Acquisition related expenses 260
97
765
484

amortization 90
645
316
2,030

Non GAAP Gross profit 182,749
204,380
681,556
799,054










Non GAAP Gross margin 65 %
62 %
69 %
63 %




















Three Months Ended
year Ended


December 31,
December 31,


2020
2021
2020
2021


( unaudited )
( unaudited )

Gross Profit – creative Subscriptions $ 163,467
$ 185,880
$ 615,917
$ 717,680

share based compensation expenses 2,386
3,026
7,140
11,446

Non GAAP Gross Profit – creative Subscriptions 165,853
188,906
623,057
729,126










Non GAAP Gross margin – creative Subscriptions 78 %
77 %
80 %
77 %




















Three Months Ended
class Ended


December 31,
December 31,


2020
2021
2020
2021


( unaudited )
( unaudited )

Gross Profit – business Solutions $ 15,760
$ 13,663
$ 55,431
$ 63,398

parcel based compensation expenses 786
1,069
1,987
4,016

Acquisition related expenses 260
97
765
484

amortization 90
645
316
2,030

Non GAAP Gross Profit – business Solutions 16,896
15,474
58,499
69,928










Non GAAP Gross margin – business Solutions 25 %
19 %
29 %
22 %

Wix.com Ltd.

RECONCILIATION OF OPERATING LOSS TO NON-GAAP OPERATING LOSS

( In thousands )











Three Months Ended
year Ended


December 31,
December 31,


2020
2021
2020
2021


( unaudited )
( unaudited )

operational personnel casualty $ ( 55,460 )
$ ( 98,272 )
$ ( 199,055 )
$ ( 325,534 )

Adjustments :







share based recompense expenses 42,706
71,294
147,313
221,391

amortization 619
462
2,577
4,952

Sales tax accumulation and early G & A expenses ( income ) 2,810
320
4,299
1,692

Acquisition related expenses 1,686
2,045
5,811
8,680

sum adjustments $ 47,821
$ 74,121
$ 160,000
$ 236,715










Non GAAP operating personnel casualty $ ( 7,639 )
$ ( 24,151 )
$ ( 39,055 )
$ ( 88,819 )

Wix.com Ltd.

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

( In thousands, except per share data )











Three Months Ended
year Ended


December 31,
December 31,


2020
2021
2020
2021


( unaudited )
( unaudited )

net loss $ ( 11,423 )
$ ( 111,019 )
$ ( 166,867 )
$ ( 117,209 )

share based recompense expense and other Non GAAP adjustments 9,791
89,902
140,940
38,176

Non-GAAP net passing $ ( 1,632 )
$ ( 21,117 )
$ ( 25,927 )
$ ( 79,033 )










Basic and diluted Non GAAP internet loss per share $ ( 0.03 )
$ ( 0.37 )
$ ( 0.48 )
$ ( 1.39 )

slant average shares used in computing basic and load Non GAAP net loss per share 55,809,471
57,103,278
54,425,056
57,004,154




























Wix.com Ltd.

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

( In thousands )











Three Months Ended
year Ended


December 31,
December 31,


2020
2021
2020
2021


( unaudited )
( unaudited )

net income cash provided by operate activities $ 28,550
$ 21,041
$ 148,049
$ 65,685

capital expenditures, net ( 5,380 )
( 13,702 )
( 18,853 )
( 37,700 )

release Cash Flow $ 23,170
$ 7,339
$ 129,196
$ 27,985










Capex related to future Wix HQ agency build-out 792
10,047
2,462
23,449

exempt Cash Flow, excluding capex related to future Wix HQ office build-out $ 23,962
$ 17,386
$ 131,658
$ 51,434




























Wix.com Ltd.

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
















Three Months Ended
year Ended


December 31,
December 31,


2020
2021
2020
2021


( unaudited )
( unaudited )










Basic and diluted weighted-average shares used to compute net loss per contribution 55,809,471
57,103,278
54,425,056
57,004,154










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







stock options 4,621,780
4,720,600
4,621,780
4,720,600

Restricted share units 2,078,427
2,225,516
2,078,427
2,225,516

convertible Notes ( if-converted ) 4,530,284
3,969,514
4,530,284
3,969,514


67,039,962
68,018,908


65,655,547
67,919,784

SOURCE Wix.com Ltd .

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