Core Insights - No Street GP LP has established a new position in Wix.com valued at approximately $97.7 million, representing 6.4% of the fund's U.S. equity holdings as of September 30 [2][6]. Company Overview - Wix.com Ltd. is a leading provider of cloud-based website development and business management solutions, leveraging a scalable subscription model and diversified product suite to capture recurring revenue [5]. - As of the latest market close, Wix's share price is $125.29, with a market capitalization of $7 billion, trailing twelve months (TTM) revenue of $1.9 billion, and TTM net income of $166.3 million [4]. Recent Performance - Wix's second-quarter revenue increased by 12% to $489.9 million, driven by a 14% year-over-year growth in new-cohort bookings [7]. - The company achieved free cash flow of $147.7 million and executed $100 million in share repurchases at an average price of $154.69 [7]. Investment Dynamics - The investment in Wix comes as the stock has declined over 60% since its 2021 highs, indicating a potential recovery phase as the company shows improving cohorts and durable cash flow [6][9]. - The acquisition of Base44 is expected to expand Wix's reach into application development, with management anticipating annual recurring revenue (ARR) from this segment to reach $40 million to $50 million by year-end [7].