●
|
Creative Subscriptions ARR crosses $1 billion
|
●
|
Revenue generated through partners1 in 2021 was $257M, up 75% y/y and up nearly 3x over 2019 as Wix attracts more agencies, freelancers and B2B partners
with improved products and exceptional support
|
●
|
Transaction revenue2 in 2021 was $130M, up 134% y/y driven primarily by Wix Payments as businesses across the world increasingly choose Wix as their full
operating system
|
●
|
Q1'21 user cohort generated 19% and 36% more in bookings3 than Q1’20 and Q1’19 user cohorts, respectively, driven by strong conversion of users to
subscriptions, consistent retention and increased monetization
|
●
|
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
|
●
|
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
|
Wix.com Ltd.
|
CONSOLIDATED STATEMENTS OF OPERATIONS - GAAP
|
(In thousands, except loss per share 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 Profit
|
179,227
|
199,543
|
671,348
|
781,078
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Research and development
|
89,625
|
116,329
|
320,278
|
424,937
|
||||||||||||
Selling and marketing
|
109,629
|
124,560
|
438,210
|
512,027
|
||||||||||||
General and administrative
|
35,433
|
56,926
|
111,915
|
169,648
|
||||||||||||
Total operating expenses
|
234,687
|
297,815
|
870,403
|
1,106,612
|
||||||||||||
Operating loss
|
(55,460
|
)
|
(98,272
|
)
|
(199,055
|
)
|
(325,534
|
)
|
||||||||
Financial 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 loss
|
$
|
(11,423
|
)
|
$
|
(111,019
|
)
|
$
|
(166,867
|
)
|
$
|
(117,209
|
)
|
||||
|
||||||||||||||||
Basic and diluted net loss per share
|
$
|
(0.20
|
)
|
$
|
(1.94
|
)
|
$
|
(3.07
|
)
|
$
|
(2.06
|
)
|
||||
Basic and diluted weighted-average shares used to compute net loss 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
|
|||||||
|
(audited)
|
(unaudited)
|
||||||
Assets
|
||||||||
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 current 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-term assets
|
87,680
|
41,554
|
||||||
Intangible assets and goodwill, net
|
43,516
|
89,547
|
||||||
Operating lease right-of-use assets
|
88,406
|
101,095
|
||||||
Total long-term assets
|
792,342
|
669,974
|
||||||
|
||||||||
Total assets
|
$
|
1,893,526
|
$
|
2,059,787
|
||||
Liabilities and Shareholder's Equity
|
||||||||
Current 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
|
||||||
Total current liabilities
|
631,498
|
774,298
|
||||||
|
||||||||
Long term deferred revenues
|
50,867
|
59,966
|
||||||
Long term deferred tax liability
|
15,343
|
72,803
|
||||||
Convertible notes, net
|
834,440
|
922,974
|
||||||
Other long term liabilities
|
-
|
2,267
|
||||||
Long term operating lease liabilities
|
74,187
|
81,764
|
||||||
Total long term liabilities
|
974,837
|
1,139,774
|
||||||
|
||||||||
Total liabilities
|
1,606,335
|
1,914,072
|
||||||
Shareholders' Equity
|
||||||||
Ordinary shares
|
107
|
111
|
||||||
Additional paid-in capital
|
862,134
|
994,795
|
||||||
Treasury Stock
|
-
|
(199,997
|
)
|
|||||
Accumulated other comprehensive income
|
9,406
|
(1,056
|
)
|
|||||
Accumulated deficit
|
(584,456
|
)
|
(648,138
|
)
|
||||
Total 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)
|
|||||||||||||||
OPERATING ACTIVITIES:
|
||||||||||||||||
Net loss
|
$
|
(11,423
|
)
|
$
|
(111,019
|
)
|
$
|
(166,867
|
)
|
$
|
(117,209
|
)
|
||||
Adjustments to reconcile net loss to net cash used in operating 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 discount and debt issuance costs
|
11,411
|
1,298
|
29,954
|
5,298
|
||||||||||||
Decrease (increase) in accrued interest and exchange rate on short term and long term deposits
|
(69
|
)
|
85
|
(43
|
)
|
(20
|
)
|
|||||||||
Amortization of premium and discount and accrued interest on marketable securities, net
|
2,532
|
1,642
|
4,471
|
7,843
|
||||||||||||
Gain on equity securities
|
-
|
17,718
|
-
|
(166,323
|
)
|
|||||||||||
Deferred income taxes, net
|
15,506
|
(6,760
|
)
|
12,089
|
54,454
|
|||||||||||
Changes in operating lease right-of-use assets
|
4,514
|
9,474
|
17,867
|
28,441
|
||||||||||||
Changes in operating lease liabilities
|
(2,613
|
)
|
(7,013
|
)
|
(15,807
|
)
|
(26,688
|
)
|
||||||||
Increase in trade receivables
|
(511
|
)
|
(2,379
|
)
|
(6,457
|
)
|
(6,250
|
)
|
||||||||
Decrease (increase) in prepaid expenses and other current and long-term assets
|
(60,598
|
)
|
3,029
|
(89,386
|
)
|
(98,468
|
)
|
|||||||||
Increase in trade payables
|
10,324
|
20,896
|
41,967
|
26,595
|
||||||||||||
Increase (decrease) in employees and payroll accruals
|
(12,382
|
)
|
6,872
|
25,326
|
19,391
|
|||||||||||
Increase in short term and long 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 cash provided by operating activities
|
28,550
|
21,041
|
148,049
|
65,685
|
||||||||||||
INVESTING ACTIVITIES:
|
||||||||||||||||
Proceeds from short-term deposits and restricted deposits
|
93,000
|
285,000
|
294,225
|
732,015
|
||||||||||||
Investment in short-term 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 property and equipment
|
(5,268
|
)
|
(12,789
|
)
|
(18,403
|
)
|
(35,770
|
)
|
||||||||
Capitalization of software development costs
|
(112
|
)
|
(913
|
)
|
(450
|
)
|
(1,930
|
)
|
||||||||
Investment in other long-term 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) investing activities
|
(29,092
|
)
|
136,758
|
(800,230
|
)
|
376,869
|
||||||||||
FINANCING ACTIVITIES:
|
||||||||||||||||
Proceeds from exercise of options and ESPP shares
|
10,944
|
6,389
|
39,649
|
39,943
|
||||||||||||
Purchase of treasury stock
|
-
|
-
|
-
|
(200,000
|
)
|
|||||||||||
Proceeds from issuance of convertible senior notes
|
-
|
-
|
575,000
|
-
|
||||||||||||
Payments of debt issuance costs
|
-
|
-
|
(15,713
|
)
|
-
|
|||||||||||
Purchase of capped call
|
-
|
-
|
(46,000
|
)
|
-
|
|||||||||||
Net cash provided by (used in) financing 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 period
|
$
|
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
|
||||||||||||
Business 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
|
||||||||||||
Business 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)
|
|||||||||||||||
Revenue
|
$
|
282,534
|
$
|
328,342
|
$
|
984,367
|
$
|
1,269,657
|
||||||||
Change in deferred revenue
|
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 Revenue
|
$
|
213,745
|
$
|
246,669
|
$
|
783,456
|
$
|
950,299
|
||||||||
Change in deferred revenue
|
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
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2020
|
2021
|
2020
|
2021
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
Business Solutions Revenue
|
$
|
68,789
|
$
|
81,673
|
$
|
200,911
|
$
|
319,358
|
||||||||
Change in deferred revenue
|
1,172
|
5,845
|
9,880
|
11,586
|
||||||||||||
Business Solutions Bookings
|
$
|
69,961
|
$
|
87,518
|
$
|
210,791
|
$
|
330,944
|
Wix.com Ltd.
|
RECONCILIATION OF COHORT BOOKINGS
|
(In millions)
|
|
Year Ended
|
|||||||||||
|
December 31,
|
|||||||||||
|
2019
|
2020
|
2021
|
|||||||||
|
||||||||||||
Q1 Cohort revenue
|
30
|
44
|
53
|
|||||||||
Q1 Change in deferred revenue
|
22
|
16
|
18
|
|||||||||
Q1 Cohort Bookings
|
$
|
52
|
$
|
60
|
$
|
71
|
Wix.com Ltd.
|
TOTAL 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 revenue
|
$
|
3,172
|
$
|
4,095
|
$
|
9,127
|
$
|
15,462
|
||||||||
Research 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 discount and debt issuance costs
|
11,411
|
1,298
|
29,954
|
5,298
|
||||||||||||
(5) Sales tax accrual and other G&A expenses (income)
|
2,810
|
320
|
4,299
|
1,692
|
||||||||||||
(6) Unrealized gain (loss) on equity and other investments
|
(66,709
|
)
|
16,195
|
(66,709
|
)
|
(267,831
|
)
|
|||||||||
(7) Non-operating foreign 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
|
|||||||||||
Total 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
|
||||||||
Share 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
|
Year Ended
|
||||||||||||||
|
December 31,
|
December 31,
|
||||||||||||||
|
2020
|
2021
|
2020
|
2021
|
||||||||||||
|
(unaudited)
|
(unaudited)
|
||||||||||||||
Gross Profit - Business Solutions
|
$
|
15,760
|
$
|
13,663
|
$
|
55,431
|
$
|
63,398
|
||||||||
Share 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)
|
|||||||||||||||
Operating loss
|
$
|
(55,460
|
)
|
$
|
(98,272
|
)
|
$
|
(199,055
|
)
|
$
|
(325,534
|
)
|
||||
Adjustments:
|
||||||||||||||||
Share based compensation expenses
|
42,706
|
71,294
|
147,313
|
221,391
|
||||||||||||
Amortization
|
619
|
462
|
2,577
|
4,952
|
||||||||||||
Sales tax accrual and other G&A expenses (income)
|
2,810
|
320
|
4,299
|
1,692
|
||||||||||||
Acquisition related expenses
|
1,686
|
2,045
|
5,811
|
8,680
|
||||||||||||
Total adjustments
|
$
|
47,821
|
$
|
74,121
|
$
|
160,000
|
$
|
236,715
|
||||||||
|
||||||||||||||||
Non GAAP operating loss
|
$
|
(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 compensation expense and other Non GAAP adjustments
|
9,791
|
89,902
|
140,940
|
38,176
|
||||||||||||
Non-GAAP net loss
|
$
|
(1,632
|
)
|
$
|
(21,117
|
)
|
$
|
(25,927
|
)
|
$
|
(79,033
|
)
|
||||
|
||||||||||||||||
Basic and diluted Non GAAP net loss per share
|
$
|
(0.03
|
)
|
$
|
(0.37
|
)
|
$
|
(0.48
|
)
|
$
|
(1.39
|
)
|
||||
Weighted average shares used in computing basic and diluted 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 cash provided by operating activities
|
$
|
28,550
|
$
|
21,041
|
$
|
148,049
|
$
|
65,685
|
||||||||
Capital expenditures, net
|
(5,380
|
)
|
(13,702
|
)
|
(18,853
|
)
|
(37,700
|
)
|
||||||||
Free Cash Flow
|
$
|
23,170
|
$
|
7,339
|
$
|
129,196
|
$
|
27,985
|
||||||||
|
||||||||||||||||
Capex related to future Wix HQ office build-out
|
792
|
10,047
|
2,462
|
23,449
|
||||||||||||
Free 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 share
|
55,809,471
|
57,103,278
|
54,425,056
|
57,004,154
|
||||||||||||
|
||||||||||||||||
The following items have been excluded from the diluted weighted 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
|