Outperformance of 2023 targets as well as anticipated acceleration of top-line growth and overachievement of 2024 targets in three-year plan underpin expectation to significantly surpass the Rule of 40 in 2025 Capped off a year of strong growth with total revenue of $404 million in the fourth quarter, up 14% y/y driven by continued growth acceleration in the Partners business Partners1 revenue totaled $130.1 million in Q4, up 38% y/y, as more Partners joined Wix, monetization continued to increase and Stu ...

Revenue Growth and Performance - Total revenue in Q4 2023 was $403.8 million, up 14% y/y, driven by Partners revenue growth of 38% y/y to $130.1 million[7] - Full year 2023 revenue reached $1.56 billion, up 13% y/y, with Partners revenue growing 35% y/y to $468.5 million[8] - Wix expects 2024 bookings growth of 12-14% y/y, accelerating to 15% y/y in 2H24, with full year revenue growth of 11-13% y/y[3][13] - Creative Subscriptions revenue for Q4 2023 reached $296.154 million, a year-over-year increase from $265.268 million in Q4 2022[30] - Business Solutions revenue for Q4 2023 was $107.617 million, up from $89.772 million in Q4 2022[30] - Total revenue for Q4 2023 was $403.771 million, compared to $355.040 million in Q4 2022[30] - Total revenues for the year ended December 31, 2023, increased to $1,561,665 thousand, up from $1,387,666 thousand in 2022, representing a growth of 12.5%[38] - Creative Subscriptions revenues for the year ended December 31, 2023, reached $1,152,007 thousand, compared to $1,039,479 thousand in 2022, a growth of 10.8%[38] - Business Solutions revenues for the year ended December 31, 2023, were $409,658 thousand, up from $348,187 thousand in 2022, a growth of 17.6%[38] - Business Solutions Revenues for Q4 2023 increased to $107.6 million, up from $89.8 million in Q4 2022, representing a 19.9% year-over-year growth[41] - Revenues excluding FX impact for Q4 2023 were $402.3 million, with a 13% year-over-year growth[44] Profitability and Margins - Wix anticipates 2024 free cash flow margin of 21-23%, driven by growth and operational efficiency[3][17] - Wix achieved positive GAAP net income in 2023, two years ahead of plan, with a Q4 FCF margin of 22%[3][7] - Gross profit for Q4 2023 increased to $277.658 million from $226.276 million in Q4 2022[30] - Operating income for Q4 2023 was $1.769 million, a significant improvement from an operating loss of $32.603 million in Q4 2022[30] - Net income for Q4 2023 was $2.954 million, compared to a net loss of $38.975 million in Q4 2022[30] - Basic net income per share for Q4 2023 was $0.05, up from a loss of $0.67 per share in Q4 2022[30] - Wix expects 2024 non-GAAP gross margin of 68-69%, with business solutions gross margin exceeding 30%[16] - Non-GAAP Gross Profit for Q4 2023 was $282.0 million, with a Gross Margin of 70%, up from 65% in Q4 2022[48] - Non-GAAP Operating Income for Q4 2023 was $64.7 million, with an Operating Margin of 16%, compared to 9% in Q4 2022[49] - Non-GAAP Net Income for Q4 2023 was $74.0 million, with Basic Non-GAAP Net Income per Share of $1.29[51] - Non-GAAP Gross Profit for Creative Subscriptions in Q4 2023 was $246.1 million, with a Gross Margin of 83%, up from 79% in Q4 2022[48] Cash Flow and Financial Position - Free Cash Flow for the year ended December 31, 2023, improved significantly to $182,197 thousand from a negative $33,512 thousand in 2022[38] - Cash and cash equivalents increased to $609,622 thousand as of December 31, 2023, from $244,686 thousand in 2022, a growth of 149.2%[36] - Net cash provided by operating activities for the year ended December 31, 2023, was $248,246 thousand, compared to $37,152 thousand in 2022, a significant increase[35] - Free Cash Flow for Q4 2023 was $80.4 million, up from $38.6 million in Q4 2022[52] Share Repurchase and Capital Allocation - Wix completed a $300 million share repurchase plan in February 2024 and is pursuing approvals for an additional $225 million repurchase[3] AI and Product Engagement - Wix's AI products, including AI Site Generator, have seen strong user engagement, with most new users interacting with at least one AI tool[4] Partner and User Growth - Wix Studio attracted over 500,000 agencies and freelancers in six months, with nearly half being new Partners[2] Future Expectations and Guidance - Wix expects 2025 revenue acceleration and to significantly surpass the Rule of 40, driven by 2024 bookings growth[6][13] - The company expects to maintain and enhance its brand and reputation, and plans to localize products and expand payment infrastructure[28] - The company anticipates fluctuations in foreign currency exchange rates, interest rates, and potential illiquidity of banking systems to impact its business[28] Bookings and Recurring Revenue - Total bookings for the year ended December 31, 2023, were $1,597,503 thousand, compared to $1,472,119 thousand in 2022, a growth of 8.5%[38] - Creative Subscriptions ARR (Annual Recurring Revenue) as of December 31, 2023, was $1,192,814 thousand, up from $1,080,824 thousand in 2022, a growth of 10.4%[38] - Total Bookings for Q4 2023 reached $395.0 million, with a 5% year-over-year growth when excluding FX impact[44] - Q1 Cohort Bookings for 2023 were $56 million, compared to $60 million in 2022[43] Share-Based Compensation and Dilution - Share-based compensation expenses for Q4 2023 totaled $58.2 million, slightly down from $59.9 million in Q4 2022[46] - Basic weighted-average shares used to compute net income (loss) per share for Q4 2023 were 57,317,815, compared to 58,189,246 in Q4 2022[54] - Diluted weighted-average shares used to compute net income (loss) per share for Q4 2023 were 59,085,757, compared to 58,189,246 in Q4 2022[54] - Effect of dilutive securities for Q4 2023 was 1,767,942, compared to none in Q4 2022[54] - Stock options excluded from diluted weighted-average shares for Q4 2023 were 2,245,872, compared to 4,332,022 in Q4 2022[54] - Restricted share units excluded from diluted weighted-average shares for Q4 2023 were 818,288, compared to 3,123,019 in Q4 2022[54] - Convertible Notes excluded from diluted weighted-average shares for Q4 2023 were 1,426,728, compared to 3,969,514 in Q4 2022[54] - Total diluted weighted-average shares outstanding for Q4 2023 were 63,576,645, compared to 69,613,801 in Q4 2022[54] - Basic weighted-average shares used to compute net income (loss) per share for FY 2023 were 56,829,962, compared to 57,993,364 in FY 2022[54] - Diluted weighted-average shares used to compute net income (loss) per share for FY 2023 were 58,408,331, compared to 57,993,364 in FY 2022[54] - Effect of dilutive securities for FY 2023 was 1,578,369, compared to none in FY 2022[54] Assets and Liabilities - Total assets increased to $1,805,280 thousand as of December 31, 2023, from $1,758,367 thousand in 2022, a growth of 2.7%[32] - Total liabilities decreased to $1,859,765 thousand as of December 31, 2023, from $2,021,609 thousand in 2022, a reduction of 8.0%[33]

This strategic partnership will provide Wix merchants with an advanced cross-border eCommerce solution, simplifying international payments, shipping, tax and complianceNEW YORK, Feb. 20, 2024 /PRNewswire/ -- Wix.com Ltd. (NASDAQ: WIX), the leading SaaS website builder platform to create, manage, and grow a global digital presence1, today announced a strategic partnership with Global-e Online Ltd. (Nasdaq: GLBE), the global leader of Direct-To-Consumer cross border eCommerce enablement, to offer Wix merchant ...

SOPA Images/LightRocket via Getty Images Introduction & Investment Thesis Wix (NASDAQ:WIX) is a leading web development platform that had a fairly volatile year in 2023. However, it still managed to outperform the indices. With the stock up 5% YTD, I believe there is room for significant upside from current levels. The company beat both its top and bottom-line expectations in the Q3 FY23 earnings report, and at the same time, the management revised its revenue and earnings guidance upwards for Q4. With the ...

Wix.com (WIX) ended the recent trading session at $128.42, demonstrating a -0.91% swing from the preceding day's closing price. This change lagged the S&P 500's 0.58% gain on the day. Elsewhere, the Dow saw an upswing of 0.91%, while the tech-heavy Nasdaq appreciated by 0.3%.Coming into today, shares of the cloud-based web development company had gained 3.57% in the past month. In that same time, the Computer and Technology sector gained 8.43%, while the S&P 500 gained 4.61%.The upcoming earnings release of ...

Analysts on Wall Street project that Wix.com (WIX) will announce quarterly earnings of $0.98 per share in its forthcoming report, representing an increase of 60.7% year over year. Revenues are projected to reach $402.61 million, increasing 13.4% from the same quarter last year.Over the last 30 days, there has been no revision in the consensus EPS estimate for the quarter. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.Ahead of a ...

NEW YORK, Feb. 15, 2024 /PRNewswire/ -- Wix.com Ltd. (Nasdaq: WIX), today announced that it has completed $300 million in share repurchases, which received court approval in December 2023 and is part of the authorization by its Board of Directors approved in August 2023. The Company repurchased 2,401,695 outstanding Wix ordinary shares, representing approximately 4% of total shares outstanding, at an approximate volume-weighted average price per share of $124.91. Pursuant to its Board of Directors' authoriz ...

NEW YORK, Feb. 13, 2024 /PRNewswire/ -- Wix.com Ltd. (Nasdaq: WIX), today announced that Wix management will participate in a fireside chat at Morgan Stanley's Technology, Media & Telecom Conference on Monday, March 4th at 12:40 p.m. PST. The event will be available via live audio webcast and archived replay on Wix's investor relations website: https://investors.wix.com. About Wix.com Ltd.Wix is the leading SaaS website builder platform to create, manage, and grow a global, digital presence1. What began as ...

Wix.com (WIX) closed the latest trading day at $129.21, indicating a +0.99% change from the previous session's end. This move outpaced the S&P 500's daily gain of 0.23%. On the other hand, the Dow registered a gain of 0.37%, and the technology-centric Nasdaq increased by 0.07%.Prior to today's trading, shares of the cloud-based web development company had gained 6.21% over the past month. This has lagged the Computer and Technology sector's gain of 11.06% and outpaced the S&P 500's gain of 5.3% in that time ...

Wix.com (WIX) closed at $128.75 in the latest trading session, marking a +1.26% move from the prior day. The stock outpaced the S&P 500's daily gain of 0.22%. Meanwhile, the Dow gained 0.36%, and the Nasdaq, a tech-heavy index, added 0.32%.Shares of the cloud-based web development company have appreciated by 3.55% over the course of the past month, underperforming the Computer and Technology sector's gain of 3.64% and outperforming the S&P 500's gain of 1.61%.Investors will be eagerly watching for the perfo ...