Wix.com (WIX) is continuing its upward trajectory, with a gain of 123% in the past year compared with the S&P 500 Composite and sub-industry's growth of 28.6% and 46.3%, respectively. Headquartered in Tel Aviv, Israel, and founded in 2006, WIX is a cloud-based web development platform. It offers solutions that enable businesses, organizations, professionals and individuals to develop customized websites and application platforms and grow their online presence. Solid financial performance has been driving a ...

At the end of Mar 31, 2024, registered users were 268 million. Quarter in Detail Wix.com Ltd (WIX) reported non-GAAP diluted earnings per share (EPS) of $1.29 for first-quarter 2024, which exceeded the Zacks Consensus Estimate of $1.03.The company had reported EPS of 91 cents in the year- ago quarter. Total revenues increased 12% year over year to $419.8 million and beat the Zacks Consensus Estimate of $417.7 million. Creative Subscriptions' revenues (75.6% of total revenues) increased 9% year over year to ...

In the first quarter, much could be said about the top and bottom lines for Wix. But I think the real story here that's exciting investors is the company's free cash flow. This profit metric looks at how much cash the business brings in and subtracts out cash operating expenses and cash used for buying things such as buildings or equipment. So it can be a good indicator of a business' health. The company's cash flow is blowing past expectations. Wix kicked off 2024 with first-quarter free cash flow over $10 ...

Financial Data and Key Metrics Changes - Total bookings in Q1 2024 reached $457 million, growing 10% year-over-year and exceeding expectations [31] - Total revenue was $420 million, up 12% year-over-year, also above guidance [31] - Free cash flow margin reached a record 26% this quarter, driven by strong top-line growth [30][53] - Non-GAAP gross margin was 68%, consistent with expectations for the full year [13] - Non-GAAP operating income increased 43% year-over-year, representing 17% of revenue [13] Business Line Data and Key Metrics Changes - Partners revenue grew 33% year-over-year, significantly contributing to overall growth [31] - The Q1 2024 user cohort generated over $32 million in bookings, 6% higher than the Q1 2023 cohort [7] - Average Revenue Per Subscription (ARPS) increased due to robust commerce growth, with Gross Payment Volume (GPV) growing 14% year-over-year [9] Market Data and Key Metrics Changes - The company is experiencing strong performance from existing user cohorts, with the Q1 2023 cohort generating over $83 million over five quarters, 5% higher than the previous cohort [8] - The take rate improved to 1.58%, an all-time high, as more merchants opted for Wix payments [9] Company Strategy and Development Direction - The company is focusing on AI product innovation, with a strong emphasis on the AI website builder and other AI tools to enhance user experience [24][25] - Wix Studio is performing ahead of expectations, with over 1 million accounts created, indicating strong market share growth [25][31] - The company plans to continue investing in its Studio brand and AI capabilities to drive future growth [14][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the stability of the macro environment, which has allowed for the execution of growth initiatives [29] - The company anticipates accelerating bookings growth in the second half of 2024, with expectations for strong revenue growth in 2025 [12][32] - Management noted that user retention following recent price increases has been better than expected, contributing to increased guidance [98] Other Important Information - The company is committed to allocating 50% of free cash flow generation through 2025 to share repurchases [33] - The anticipated share count by the end of 2024 is projected to be between 62 million and 63 million [15] Q&A Session Questions and Answers Question: How does the company view the Studio and partner opportunity today compared to six months ago? - Management indicated that Studio is performing better than predicted, with significant growth in registered accounts and market share [18] Question: What is the impact of AI tools on monetization and user retention? - Management noted that AI tools have led to better retention and monetization, with expectations for accelerated creative subscriptions as a result [37][38] Question: How does the company expect to achieve revenue growth acceleration in 2025? - Management stated that most of the acceleration in bookings is expected to come from creative subscriptions, driven by the adoption of Studio and AI tools [55] Question: What is the sustainability of the marketing efficiency? - Management expressed confidence in the sustainability of marketing efficiency, attributing it to the strength of the global brand and ongoing optimization efforts [87] Question: How is the company addressing the competitive landscape? - Management believes that most market share is coming from agencies using legacy systems, and they plan to enhance brand awareness and product innovation to capture more market share [70]

For the quarter ended March 2024, Wix.com (WIX) reported revenue of $419.78 million, up 12.2% over the same period last year. EPS came in at $1.29, compared to $0.91 in the year-ago quarter. The reported revenue compares to the Zacks Consensus Estimate of $417.71 million, representing a surprise of +0.50%. The company delivered an EPS surprise of +25.24%, with the consensus EPS estimate being $1.03. Here is how Wix.com performed in the just reported quarter in terms of the metrics most widely monitored and ...

Wix earned $24 million, 41 cents per share fully diluted, on revenue of almost $420 million during the quarter. Israeli website creator Wix (NASDAQ:WIX) beat earnings estimates, sending WIX stock up 20%. WIX stock opened today at $150 per share, a market cap of over $8 billion. That means shares are now up 27% for 2024. Wix competes with Squarespace (NASDAQ:SQSP), Shopify (NASDAQ:SHOP) and WordPress, among others. Website Builder rates it 4.9 out of 5, praising its diverse set of features and intuitive edit ...

It is not too yet too late to build a position in Wix.com Ltd (NASDAQ: WIX), says Mark Zgutowicz – a Benchmark analyst. Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins. Wix stock could climb further to $175 Copy link to section Wix stock is up 10% this morning after beating Street estimates in its fiscal first quarter. But shares of the website creator could extend their rally all the way up to $175, as per Zgutowicz. His price objective suggests anot ...

What's Next for Wix.com? While Wix.com has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near ...

Financial Performance - Total revenue for Q1 2024 was $419.8 million, up 12% year-over-year, driven by strong performance in the Partners business and increased Wix Studio uptake[10]. - Total bookings in Q1 2024 reached $457.3 million, reflecting a 10% year-over-year growth, with Creative Subscriptions bookings at $334.6 million, up 7% year-over-year[10]. - GAAP net income for Q1 2024 was $24.0 million, or $0.43 per basic share, while non-GAAP net income was $77.3 million, or $1.38 per basic share[10]. - Net income for Q1 2024 was $24.0 million, compared to a net loss of $10.4 million in Q1 2023, indicating a turnaround in profitability[30]. - Basic net income per share for Q1 2024 was $0.43, compared to a loss of $0.18 per share in Q1 2023[30]. - Operating income for Q1 2024 was $9.7 million, a significant improvement from an operating loss of $33.3 million in Q1 2023[30]. - Non-GAAP operating income increased to $69,421,000 in Q1 2024, compared to $48,518,000 in Q1 2023, resulting in a non-GAAP operating margin of 17% versus 13%[50]. - Non-GAAP net income rose to $77,287,000 in Q1 2024, up from $51,099,000 in Q1 2023, with basic non-GAAP net income per share increasing to $1.38 from $0.91[52]. Cash Flow and Margins - Free cash flow (FCF) margin for Q1 2024 was a record 26%, significantly ahead of the three-year plan, with FCF of $105.7 million[4]. - The company anticipates generating free cash flow of $445 - $455 million for 2024, or approximately 26% of revenue, up from previous expectations of 21-23%[17]. - Free cash flow for Q1 2024 was $105,711 thousand, significantly higher than $25,029 thousand in Q1 2023[38]. - Non-GAAP gross margin improved to 68% in Q1 2024, compared to 67% in Q1 2023[49]. - Non-GAAP total gross margin is expected to be 68-69% for the full year 2024, with Business Solutions gross margin projected to exceed 30%[15]. Revenue Breakdown - Creative Subscriptions annual recurring revenue (ARR) increased to $1.24 billion as of the end of Q1 2024, up 10% year-over-year[10]. - Creative Subscriptions revenue increased to $304.3 million in Q1 2024 from $278.1 million in Q1 2023, representing a growth of 9%[30]. - Business Solutions revenue rose to $115.5 million in Q1 2024, up from $95.9 million in Q1 2023, marking a growth of 20%[30]. - Total revenues for Q1 2024 reached $419,776 thousand, a 12% increase from $374,076 thousand in Q1 2023[38]. Future Outlook - The company raised its full-year bookings outlook to $1,796 - $1,826 million, representing 12-14% year-over-year growth, with an acceleration to 16% expected in the second half of 2024[12]. - The company expects to achieve positive GAAP operating income for the full year 2024, marking a second consecutive year of GAAP net income[16]. - The strong performance in Q1 2024 is attributed to robust product traction, particularly in AI offerings and Wix Studio, which are expected to drive growth in 2024 and beyond[3]. Assets and Liabilities - Total current assets decreased to $999.9 million as of March 31, 2024, down from $1,070.2 million at the end of 2023[32]. - Total assets as of March 31, 2024, were $1.69 billion, a decrease from $1.80 billion at the end of 2023[32]. - Total liabilities increased to $1.89 billion as of March 31, 2024, compared to $1.86 billion at the end of 2023[32]. - Total shareholders' deficiency was reported at $(194,206) thousand, compared to $(54,485) thousand in the previous period[33].

Record increase to FCF outlook driven by Q1 outperformance and expected 2H bookings acceleration – now anticipating 26% FCF margin in FY2024, one year ahead of plan and within clear sight of hitting Rule of 40 milestone already this year NEW YORK, May 20, 2024 /PRNewswire/ -- Wix.com Ltd. (Nasdaq: WIX), the leading SaaS website builder platform globally2, today reported financial results for the first quarter of 2024. In addition, the Company provided its outlook for the second quarter and an increased outl ...