● |
Collections and revenue growth exceeded expectations as key growth drivers outperformed amidst an improving business environment
|
o |
Q3’21 Revenue of $321 million, up 26% y/y
|
o |
Q3’21 Collections of $373 million, up 33% y/y
|
● |
Increasing number of businesses are relying on Wix as their full operating system
|
o |
Business Solutions Revenue and Collections up 55% y/y and 53% y/y, respectively
|
● |
B2B partnerships emerging as an incremental sustainable go-to-market strategy and growth driver as companies turn to Wix to deliver technology solutions and add value to their users
|
● |
Increasing full year outlook for revenue and collections due to confidence in recent improvements
|
Q4’21 Outlook
|
Y/Y growth
|
||
Revenue
|
$324 - 333 million
|
15 - 18%
|
|
Collections
|
$348 - 372 million
|
14 - 21%
|
Updated FY 2021 Outlook
|
Y/Y growth
|
Prior FY 2021 Outlook
|
|||
Revenue
|
$1,265 - 1,274 million
|
28 - 29%
|
$1,255 - 1,270 million
|
||
Collections
|
$1,415 - 1,439 million
|
28 - 31%
|
$1,400 - 1,435 million
|
||
Free Cash Flow (excluding capex for future Wix HQ office build out)
|
$45 - 50 million
|
NM
|
$60 - 65 million
|
||
Free Cash Flow
|
$22 - 27 million
|
NM
|
$35 - 40 million
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2020
|
2021
|
2020
|
2021
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
Revenue
|
||||||||||||||||
Creative Subscriptions
|
$
|
202,996
|
$
|
241,303
|
$
|
569,711
|
$
|
703,630
|
||||||||
Business Solutions
|
51,184
|
79,494
|
136,515
|
237,685
|
||||||||||||
254,180
|
320,797
|
706,226
|
941,315
|
|||||||||||||
Cost of Revenue
|
||||||||||||||||
Creative Subscriptions
|
43,361
|
57,813
|
117,261
|
171,830
|
||||||||||||
Business Solutions
|
36,479
|
64,716
|
95,131
|
187,950
|
||||||||||||
79,840
|
122,529
|
212,392
|
359,780
|
|||||||||||||
Gross Profit
|
174,340
|
198,268
|
493,834
|
581,535
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Research and development
|
84,473
|
109,323
|
230,653
|
308,608
|
||||||||||||
Selling and marketing
|
113,092
|
119,991
|
328,581
|
387,467
|
||||||||||||
General and administrative
|
26,515
|
38,917
|
76,482
|
112,722
|
||||||||||||
Total operating expenses
|
224,080
|
268,231
|
635,716
|
808,797
|
||||||||||||
Operating loss
|
(49,740
|
)
|
(69,963
|
)
|
(141,882
|
)
|
(227,262
|
)
|
||||||||
Financial income (expenses), net
|
(7,298
|
)
|
111,917
|
(9,492
|
)
|
288,811
|
||||||||||
Other income
|
25
|
87
|
84
|
193
|
||||||||||||
Income (loss) before taxes on income
|
(57,013
|
)
|
42,041
|
(151,290
|
)
|
61,742
|
||||||||||
Taxes on income
|
(171
|
)
|
25,374
|
2,441
|
67,932
|
|||||||||||
Net income (loss)
|
$
|
(56,842
|
)
|
$
|
16,667
|
$
|
(153,731
|
)
|
$
|
(6,190
|
)
|
|||||
Basic net income (loss) per share
|
$
|
(1.03
|
)
|
$
|
0.29
|
$
|
(2.85
|
)
|
$
|
(0.11
|
)
|
|||||
Basic weighted-average shares used to compute net income (loss) per share
|
55,356,961
|
57,313,747
|
53,963,584
|
56,970,641
|
||||||||||||
Diluted net income (loss) per share
|
$
|
(1.03
|
)
|
$
|
0.28
|
$
|
(2.85
|
)
|
$
|
(0.11
|
)
|
|||||
Diluted weighted-average shares used to compute net income (loss) per share
|
55,356,961
|
60,549,853
|
53,963,584
|
56,970,641
|
Period ended
|
||||||||
December 31,
|
September 30,
|
|||||||
2020
|
2021
|
|||||||
|
(audited)
|
(unaudited)
|
||||||
Assets | ||||||||
Current Assets:
|
||||||||
Cash and cash equivalents
|
$
|
168,858
|
$
|
287,167
|
||||
Short term deposits
|
577,138
|
541,324
|
||||||
Restricted cash and deposit
|
925
|
6,960
|
||||||
Marketable securities
|
289,927
|
417,136
|
||||||
Trade receivables
|
23,670
|
27,988
|
||||||
Prepaid expenses and other current assets
|
40,666
|
36,373
|
||||||
Total current assets
|
1,101,184
|
1,316,948
|
||||||
Long Term Assets:
|
||||||||
Property and equipment, net
|
35,863
|
53,414
|
||||||
Marketable securities
|
536,877
|
470,148
|
||||||
Prepaid expenses and other long-term assets
|
87,680
|
23,922
|
||||||
Intangible assets and goodwill, net
|
43,516
|
89,975
|
||||||
Operating lease right-of-use assets
|
88,406
|
100,728
|
||||||
Total long-term assets
|
792,342
|
738,187
|
||||||
Total assets
|
$
|
1,893,526
|
$
|
2,055,135
|
||||
Liabilities and Shareholder's Equity
|
||||||||
Current Liabilities:
|
||||||||
Trade payables
|
$
|
79,881
|
$
|
89,330
|
||||
Employees and payroll accruals
|
70,814
|
76,379
|
||||||
Deferred revenues
|
373,521
|
436,306
|
||||||
Accrued expenses and other current liabilities
|
70,429
|
87,499
|
||||||
Operating lease liabilities
|
22,336
|
30,849
|
||||||
Total current liabilities
|
616,981
|
720,363
|
||||||
Long term deferred revenues
|
50,867
|
60,336
|
||||||
Long term deferred tax liability
|
15,343
|
79,718
|
||||||
Convertible notes, net
|
834,440
|
921,676
|
||||||
Long term operating lease liabilities
|
74,187
|
77,288
|
||||||
Total long term liabilities
|
974,837
|
1,139,018
|
||||||
Total liabilities
|
1,591,818
|
1,859,381
|
||||||
Shareholders' Equity
|
||||||||
Ordinary shares
|
107
|
110
|
||||||
Additional paid-in capital
|
862,134
|
916,966
|
||||||
Treasury Stock
|
-
|
(199,997
|
)
|
|||||
Accumulated other comprehensive income
|
9,406
|
1,277
|
||||||
Accumulated deficit
|
(569,939
|
)
|
(522,602
|
)
|
||||
Total shareholders' equity
|
301,708
|
195,754
|
||||||
Total liabilities and shareholders' equity
|
$
|
1,893,526
|
$
|
2,055,135
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2020
|
2021
|
2020
|
2021
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
OPERATING ACTIVITIES:
|
||||||||||||||||
Net loss
|
$
|
(56,842
|
)
|
$
|
16,667
|
$
|
(153,731
|
)
|
$
|
(6,190
|
)
|
|||||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||||||||||
Depreciation
|
3,712
|
3,595
|
10,821
|
10,405
|
||||||||||||
Amortization
|
826
|
3,045
|
1,958
|
4,490
|
||||||||||||
Share based compensation expenses
|
38,922
|
53,070
|
104,607
|
150,097
|
||||||||||||
Amortization of debt discount and debt issuance costs
|
7,594
|
1,297
|
18,543
|
4,000
|
||||||||||||
Decrease (increase) in accrued interest and exchange rate on short term and long term deposits
|
(36
|
)
|
(57
|
)
|
26
|
(105
|
)
|
|||||||||
Amortization of premium and discount and accrued interest on marketable securities, net
|
1,222
|
1,796
|
1,939
|
6,201
|
||||||||||||
Gain on equity securities
|
-
|
(110,855
|
)
|
-
|
(184,041
|
)
|
||||||||||
Deferred income taxes, net
|
(1,696
|
)
|
21,111
|
(3,417
|
)
|
61,214
|
||||||||||
Changes in operating lease right-of-use assets
|
3,907
|
5,907
|
13,353
|
18,967
|
||||||||||||
Changes in operating lease liabilities
|
(3,377
|
)
|
(6,062
|
)
|
(13,194
|
)
|
(19,675
|
)
|
||||||||
Decrease (increase) in trade receivables
|
(4,329
|
)
|
1,430
|
(5,946
|
)
|
(3,871
|
)
|
|||||||||
Increase in prepaid expenses and other current and long-term assets
|
(7,183
|
)
|
(652
|
)
|
(28,788
|
)
|
(101,497
|
)
|
||||||||
Increase (decrease) in trade payables
|
(3,331
|
)
|
6,727
|
31,643
|
5,699
|
|||||||||||
Increase (decrease) in employees and payroll accruals
|
14,014
|
(628
|
)
|
37,708
|
12,519
|
|||||||||||
Increase in short term and long term deferred revenues
|
26,761
|
5,336
|
89,424
|
70,768
|
||||||||||||
Increase in accrued expenses and other current liabilities
|
4,350
|
2,596
|
14,553
|
15,663
|
||||||||||||
Net cash provided by operating activities
|
24,514
|
4,323
|
119,499
|
44,644
|
||||||||||||
INVESTING ACTIVITIES:
|
||||||||||||||||
Proceeds from short-term deposits and restricted deposits
|
175,000
|
269,000
|
201,225
|
447,015
|
||||||||||||
Investment in short-term deposits and restricted deposits
|
(309,210
|
)
|
(245,000
|
)
|
(447,210
|
)
|
(417,131
|
)
|
||||||||
Investment in marketable securities
|
(468,473
|
)
|
-
|
(698,641
|
)
|
-
|
||||||||||
Proceeds from marketable securities
|
45,104
|
80,909
|
200,015
|
261,568
|
||||||||||||
Purchase of property and equipment
|
(4,928
|
)
|
(12,604
|
)
|
(13,135
|
)
|
(22,981
|
)
|
||||||||
Capitalization of software development costs
|
(206
|
)
|
(426
|
)
|
(338
|
)
|
(1,017
|
)
|
||||||||
Investment in other long-term assets
|
-
|
-
|
(5,643
|
)
|
-
|
|||||||||||
Proceeds from equity securities
|
-
|
18,771
|
-
|
18,771
|
||||||||||||
Payment for Businesses acquired, net of acquired cash
|
-
|
189
|
(6,626
|
)
|
(42,614
|
)
|
||||||||||
Purchases of investments in privately held companies
|
-
|
(2,000
|
)
|
(785
|
)
|
(3,500
|
)
|
|||||||||
Net cash used in investing activities
|
(562,713
|
)
|
108,839
|
(771,138
|
)
|
240,111
|
||||||||||
FINANCING ACTIVITIES:
|
||||||||||||||||
Proceeds from exercise of options and ESPP shares
|
9,418
|
11,752
|
28,705
|
33,554
|
||||||||||||
Purchase of treasury stock
|
-
|
(200,000
|
)
|
-
|
(200,000
|
)
|
||||||||||
Proceeds from issuance of convertible senior notes
|
575,000
|
-
|
575,000
|
-
|
||||||||||||
Payments of debt issuance costs
|
(15,713
|
)
|
-
|
(15,713
|
)
|
-
|
||||||||||
Purchase of capped call
|
(46,000
|
)
|
-
|
(46,000
|
)
|
-
|
||||||||||
Net cash provided by financing activities
|
522,705
|
(188,248
|
)
|
541,992
|
(166,446
|
)
|
||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
(15,494
|
)
|
(75,086
|
)
|
(109,647
|
)
|
118,309
|
|||||||||
CASH AND CASH EQUIVALENTS—Beginning of period
|
173,950
|
362,253
|
268,103
|
168,858
|
||||||||||||
CASH AND CASH EQUIVALENTS—End of period
|
$
|
158,456
|
$
|
287,167
|
$
|
158,456
|
$
|
287,167
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2020
|
2021
|
2020
|
2021
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
Creative Subscriptions
|
202,996
|
241,303
|
569,711
|
703,630
|
||||||||||||
Business Solutions
|
51,184
|
79,494
|
136,515
|
237,685
|
||||||||||||
Total Revenue
|
$
|
254,180
|
$
|
320,797
|
$
|
706,226
|
$
|
941,315
|
||||||||
Creative Subscriptions
|
228,327
|
292,737
|
654,820
|
823,841
|
||||||||||||
Business Solutions
|
52,614
|
80,560
|
140,830
|
243,426
|
||||||||||||
Total Collections
|
$
|
280,941
|
$
|
373,297
|
$
|
795,650
|
$
|
1,067,267
|
||||||||
Free Cash Flow
|
$
|
19,380
|
$
|
(8,707
|
)
|
$
|
106,026
|
$
|
20,646
|
|||||||
Free Cash Flow, excluding capex related to future Wix HQ office build-out
|
$
|
20,159
|
$
|
1,663
|
$
|
107,696
|
$
|
34,048
|
||||||||
Creative Subscriptions ARR
|
$
|
840,512
|
$
|
992,295
|
840,512
|
992,295
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2020
|
2021
|
2020
|
2021
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
Revenues
|
$
|
254,180
|
$
|
320,797
|
$
|
706,226
|
$
|
941,315
|
||||||||
Change in deferred revenues
|
26,761
|
5,336
|
89,424
|
70,768
|
||||||||||||
Change in unbilled contractual obligations
|
-
|
47,164
|
-
|
55,184
|
||||||||||||
Collections
|
$
|
280,941
|
$
|
373,297
|
$
|
795,650
|
$
|
1,067,267
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2020
|
2021
|
2020
|
2021
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
Creative Subscriptions Revenue
|
$
|
202,996
|
$
|
241,303
|
$
|
569,711
|
$
|
703,630
|
||||||||
Change in deferred revenues
|
25,331
|
4,270
|
85,109
|
65,027
|
||||||||||||
Change in unbilled contractual obligations
|
-
|
47,164
|
-
|
55,184
|
||||||||||||
Creative Subscriptions Collections
|
$
|
228,327
|
$
|
292,737
|
$
|
654,820
|
$
|
823,841
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2020
|
2021
|
2020
|
2021
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
Business Solutions Revenue
|
$
|
51,184
|
$
|
79,494
|
$
|
136,515
|
$
|
237,685
|
||||||||
Change in deferred revenues
|
1,430
|
1,066
|
4,315
|
5,741
|
||||||||||||
Business Solutions Collections
|
$
|
52,614
|
$
|
80,560
|
$
|
140,830
|
$
|
243,426
|
Nine Months Ended
|
||||||||||||||||
September 30,
|
||||||||||||||||
2020
|
2021
|
|||||||||||||||
Q1 Cohort revenues
|
31
|
39
|
||||||||||||||
Q1 Change in deferred revenues
|
19
|
21
|
||||||||||||||
Q1 Cohort collections
|
$
|
50
|
$
|
60
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2020
|
2021
|
2020
|
2021
|
|||||||||||||
(1) Share based compensation expenses:
|
(unaudited)
|
(unaudited)
|
||||||||||||||
Cost of revenues
|
$
|
2,455
|
$
|
4,057
|
$
|
5,955
|
$
|
11,367
|
||||||||
Research and development
|
20,312
|
26,250
|
54,713
|
74,028
|
||||||||||||
Selling and marketing
|
6,108
|
8,715
|
16,071
|
24,370
|
||||||||||||
General and administrative
|
10,047
|
14,048
|
27,868
|
40,332
|
||||||||||||
Total share based compensation expenses
|
38,922
|
53,070
|
104,607
|
150,097
|
||||||||||||
(2) Amortization
|
826
|
3,045
|
1,958
|
4,490
|
||||||||||||
(3) Acquisition related expenses
|
1,489
|
2,579
|
4,125
|
6,635
|
||||||||||||
(4) Amortization of debt discount and debt issuance costs
|
7,594
|
1,297
|
18,543
|
4,000
|
||||||||||||
(5) Sales tax accrual and other G&A expenses (income)
|
-
|
341
|
1,489
|
1,372
|
||||||||||||
(6) Unrealized gain on equity and other investments
|
-
|
(112,165
|
)
|
-
|
(284,026
|
)
|
||||||||||
(7) Non-operating foreign exchange expenses (income)
|
(5
|
)
|
1,745
|
427
|
4,698
|
|||||||||||
(8) Provision for income tax effects related to non-GAAP adjustments
|
-
|
21,480
|
-
|
61,008
|
||||||||||||
Total adjustments of GAAP to Non GAAP
|
$
|
48,826
|
$
|
(28,608
|
)
|
$
|
131,149
|
$
|
(51,726
|
)
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2020
|
2021
|
2020
|
2021
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
Gross Profit
|
$
|
174,340
|
$
|
198,268
|
$
|
493,834
|
$
|
581,535
|
||||||||
Share based compensation expenses
|
2,455
|
4,057
|
5,955
|
11,367
|
||||||||||||
Acquisition related expenses
|
200
|
108
|
505
|
387
|
||||||||||||
Amortization
|
226
|
930
|
226
|
1,385
|
||||||||||||
Non GAAP Gross Profit
|
177,221
|
203,363
|
500,520
|
594,674
|
||||||||||||
Non GAAP Gross margin
|
70
|
%
|
63
|
%
|
71
|
%
|
63
|
%
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2020
|
2021
|
2020
|
2021
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
Gross Profit - Creative Subscriptions
|
$
|
159,635
|
$
|
183,490
|
$
|
452,450
|
$
|
531,800
|
||||||||
Share based compensation expenses
|
1,947
|
2,947
|
4,754
|
8,420
|
||||||||||||
Non GAAP Gross Profit - Creative Subscriptions
|
161,582
|
186,437
|
457,204
|
540,220
|
||||||||||||
Non GAAP Gross margin - Creative Subscriptions
|
80
|
%
|
77
|
%
|
80
|
%
|
77
|
%
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2020
|
2021
|
2020
|
2021
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
Gross Profit - Business Solutions
|
$
|
14,705
|
$
|
14,778
|
$
|
41,384
|
$
|
49,735
|
||||||||
Share based compensation expenses
|
508
|
1,110
|
1,201
|
2,947
|
||||||||||||
Acquisition related expenses
|
200
|
108
|
505
|
387
|
||||||||||||
Amortization
|
226
|
930
|
226
|
1,385
|
||||||||||||
Non GAAP Gross Profit - Business Solutions
|
15,639
|
16,926
|
43,316
|
54,454
|
||||||||||||
Non GAAP Gross margin - Business Solutions
|
31
|
%
|
21
|
%
|
32
|
%
|
23
|
%
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2020
|
2021
|
2020
|
2021
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
Operating loss
|
$
|
(49,740
|
)
|
$
|
(69,963
|
)
|
$
|
(141,882
|
)
|
$
|
(227,262
|
)
|
||||
Adjustments:
|
||||||||||||||||
Share based compensation expenses
|
38,922
|
53,070
|
104,607
|
150,097
|
||||||||||||
Amortization
|
826
|
3,045
|
1,958
|
4,490
|
||||||||||||
Sales tax accrual and other G&A expenses (income)
|
-
|
341
|
1,489
|
1,372
|
||||||||||||
Acquisition related expenses
|
1,489
|
2,579
|
4,125
|
6,635
|
||||||||||||
Total adjustments
|
$
|
41,237
|
$
|
59,035
|
$
|
112,179
|
$
|
162,594
|
||||||||
Non GAAP operating income (loss)
|
$
|
(8,503
|
)
|
$
|
(10,928
|
)
|
$
|
(29,703
|
)
|
$
|
(64,668
|
)
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2020
|
2021
|
2020
|
2021
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
Net loss
|
$
|
(56,842
|
)
|
$
|
16,667
|
$
|
(153,731
|
)
|
$
|
(6,190
|
)
|
|||||
Share based compensation expense and other Non GAAP adjustments
|
48,826
|
(28,608
|
)
|
131,149
|
(51,726
|
)
|
||||||||||
Non-GAAP net income (loss)
|
$
|
(8,016
|
)
|
$
|
(11,941
|
)
|
$
|
(22,582
|
)
|
$
|
(57,916
|
)
|
||||
Basic Non GAAP net income (loss) per share
|
$
|
(0.14
|
)
|
$
|
(0.21
|
)
|
$
|
(0.42
|
)
|
$
|
(1.02
|
)
|
||||
Weighted average shares used in computing basic Non GAAP net income (loss) per share
|
55,356,961
|
57,313,747
|
53,963,584
|
56,970,641
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2020
|
2021
|
2020
|
2021
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
Net cash provided by operating activities
|
$
|
24,514
|
$
|
4,323
|
$
|
119,499
|
$
|
44,644
|
||||||||
Capital expenditures, net
|
(5,134
|
)
|
(13,030
|
)
|
(13,473
|
)
|
(23,998
|
)
|
||||||||
Free Cash Flow
|
$
|
19,380
|
$
|
(8,707
|
)
|
$
|
106,026
|
$
|
20,646
|
|||||||
Capex related to future Wix HQ office build-out
|
779
|
10,370
|
1,670
|
13,402
|
||||||||||||
Free Cash Flow, excluding capex related to future Wix HQ office build-out
|
$
|
20,159
|
$
|
1,663
|
$
|
107,696
|
$
|
34,048
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2020
|
2021
|
2020
|
2021
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
Basic weighted-average shares used to compute net income (loss) per share
|
55,356,961
|
57,313,747
|
53,963,584
|
56,970,641
|
||||||||||||
Effect of dilutive securities (included in the effect of dilutive securities is the assumed conversion of employee stock options, employee
RSUs and the Notes)
|
-
|
3,236,106
|
-
|
-
|
||||||||||||
Diluted weighted-average shares used to compute net income (loss) per share
|
55,356,961
|
60,549,853
|
53,963,584
|
56,970,641
|
||||||||||||
The following items have been excluded from the diluted weighted average number of shares outstanding because they are anti-dilutive:
|
||||||||||||||||
Stock options
|
4,741,271
|
672,240
|
4,741,271
|
4,699,390
|
||||||||||||
Restricted share units
|
2,109,920
|
675,134
|
2,109,920
|
1,921,287
|
||||||||||||
Convertible Notes (if-converted)
|
4,530,284
|
3,969,514
|
4,530,284
|
3,969,514
|
||||||||||||
66,738,436
|
65,866,741
|
65,345,059
|
67,560,832
|