● |
Closing out phenomenal year with revenue and collections growth topping expectations
|
o |
FY’20 Revenue of $989 million, up 30% y/y; Q4’20 Revenue of $283 million, up 38% y/y
|
o |
FY’20 Collections of $1.102 billion, up 32% y/y; Q4’20 Collections of $306 million, up 35% y/y
|
o |
Creative Subscriptions ARR increased to $878 million, up 24% y/y, accelerating for the fourth consecutive quarter
|
● |
Influx of online commerce businesses and growth of Business Solutions applications and services driving improving retention and increase in cohort value
|
o |
Business Solutions collections up 95% y/y in Q4’20 and 75% y/y in FY’20, driven by growth in Wix Payments
|
o |
Future collections expected from existing cohorts increased to over $12.9 billion over the next 10 years
|
● |
Editor X launched out of beta, adding a game-changing set of collaboration tools, positioning Editor X as the only fully collaborative web creation platform in the world
|
● |
Total revenue for the full year 2020 was $988.8 million, compared to $761.1 million for the full year 2019, an increase of 30% y/y
|
o |
Creative Subscriptions revenue for the full year 2020 was $783.5 million, compared to $644.5 million for the full year 2019, an increase of 22% y/y
|
o |
Business Solutions revenue for the full year 2020 was $205.3 million, compared to $116.6 million for the full year 2019, an increase of 76% y/y
|
● |
Total collections for the full year 2020 were $1.102 billion, compared to $832.5 million for the full year 2019, an increase of 32% y/y
|
o |
Creative Subscriptions collections for the full year 2020 were $891.2 million, compared to $711.8 million for the full year 2019, an increase of 25% y/y
|
o |
Business Solutions collections for the full year 2020 were $210.8 million, compared to $120.7 million for the full year 2019, an increase of 75% y/y
|
● |
Total gross margin on a GAAP basis for the full year 2020 was 68%, compared to 74% for the full year 2019. The y/y decline was related to incremental investments in Customer Care, hosting and the faster revenue growth of the Business
Solutions segment, primarily Wix Payments
|
o |
Creative Subscriptions gross margin on a GAAP basis was 79%, compared to 81% for the full year 2019. The y/y decline was related to the investment in expanding our Customer Care organization and higher hosting costs to serve the
increased number of users
|
o |
Business Solutions gross margin on a GAAP basis was 28% compared to 35% for the full year 2019. The y/y decline was related primarily to the growth of Wix Payments, the expansion of Customer Care and higher hosting costs to meet the
increased number of users
|
● |
Total non-GAAP gross margin for the full year 2020, calculated as non-GAAP gross profit as a percent of revenue, was 69%, compared to 75% for the full year 2019. The y/y decline was related to incremental investments in Customer Care,
hosting and the faster revenue growth of the Business Solutions segment
|
o |
Creative Subscriptions gross margin on a non-GAAP basis was 80%, compared to 82% for the full year 2019. The y/y decline was related to the investment in expanding our Customer Care organization and higher hosting costs to serve the
increased number of users
|
o |
Business Solutions gross margin on a non-GAAP basis was 29%, compared to 37% for the full year 2019. The y/y decline was related primarily to the growth of Wix Payments, the expansion of Customer Care and higher hosting costs to meet
the increased number of users. As Wix Payments scales, we expect the gross margin in Business Solutions to increase over time
|
● |
GAAP net loss for the full year 2020 was $(216.5) million, or $(3.98) per share, compared to a net loss of $(86.4) million, or $(1.71) per share, for the full year 2019
|
● |
Non-GAAP net loss for the full year 2020 was $(24.2) million, or $(0.44) per share, compared to non-GAAP net income of $59.1 million, or $1.17 per share, for the full year 2019
|
● |
Net cash provided by operating activities for the full year 2020 was $148.0 million, while capital expenditures totaled $18.9 million, leading to free cash flow of $129.2 million, compared to $127.5 million of free cash flow for the full
year 2019, a 1.3% y/y increase
|
o |
Excluding the capex investment associated with our new headquarters office build out, free cash flow would have been $131.7 million, an increase of 3.3% y/y
|
● |
Total revenue in the fourth quarter of 2020 was $282.5 million, compared to $204.6 million in the fourth quarter of 2019, an increase of 38% y/y
|
o |
Creative Subscriptions revenue in the fourth quarter of 2020 was $213.7 million, compared to $171.4 million in the fourth quarter of 2019, an increase of 25% y/y
|
o |
Business Solutions revenue in the fourth quarter of 2020 was $68.8 million, compared to $33.2 million in the fourth quarter of 2019, an increase of 107% y/y
|
● |
Creative Subscriptions ARR was $878.0 million in the fourth quarter of 2020, compared to $707.2 million in the fourth quarter of 2019, an increase of 24% y/y
|
● |
Business Solutions ARR was $138.3 million in the fourth quarter of 2020, compared to $94.8 million in the fourth quarter of 2019, an increase of 46% y/y
|
● |
Total collections in the fourth quarter of 2020 were $306.4 million, compared to $226.7 million in the fourth quarter of 2019, an increase of 35% y/y
|
o |
Creative Subscriptions collections in the fourth quarter of 2020 were $236.4 million, compared to $190.8 million in the fourth quarter of 2019, an increase of 24% y/y
|
o |
Business Solutions collections in the fourth quarter of 2020 were $70.0 million, compared to $35.9 million in the fourth quarter of 2019, an increase of 95% y/y
|
● |
Total gross margin on a GAAP basis in the fourth quarter of 2020 was 63%, compared to 72% in the fourth quarter of 2019. The y/y decline was related to incremental investments in Customer Care, hosting and the faster revenue growth of
the Business Solutions segment
|
o |
Creative Subscriptions gross margin on a GAAP basis was 76%, compared to 80% in the fourth quarter of 2019. The y/y decline was related to the investment in expanding our Customer Care organization and higher hosting costs to serve the
increased number of users
|
o |
Business Solutions gross margin on a GAAP basis was 23% compared to 28% in the fourth quarter of 2019. The y/y decline was related primarily to the growth of Wix Payments, the expansion of Customer Care and higher hosting costs to serve
the increased number of users
|
● |
Total non-GAAP gross margin in the fourth quarter of 2020, calculated as non-GAAP gross profit as a percent of revenue, was 65%, compared to 74% in the fourth quarter of 2019. The y/y decline was related to incremental investments in
Customer Care, hosting and the faster revenue growth of the Business Solutions segment
|
o |
Creative Subscriptions gross margin on a non-GAAP basis was 78%, compared to 81% in the fourth quarter of 2019. The y/y decline was related to the investment in expanding our Customer Care organization and higher hosting costs to serve
the increased number of users
|
o |
Business Solutions gross margin on a non-GAAP basis was 25%, compared to 34% in the fourth quarter of 2019. The y/y decline was related primarily to the growth of Wix Payments, the expansion of Customer Care and higher hosting costs to
meet the increased number of users
|
● |
GAAP net loss in the fourth quarter of 2020 was $(62.8) million, or $(1.13) per share, compared to a net loss of $(21.6) million, or $(0.42) per share, for the fourth quarter of 2019
|
● |
Non-GAAP net loss in the fourth quarter of 2020 was $(1.6) million, or $(0.03) per share, compared to non-GAAP net income of $19.9 million, or $0.39 per share, for the fourth quarter of 2019
|
● |
Net cash provided by operating activities in the fourth quarter of 2020 was $28.6 million, while capital expenditures totaled $5.4 million, leading to free cash flow of $23.1 million, compared to $37.5 million of free cash flow in the
fourth quarter of 2019, a 38% y/y decrease
|
o |
Excluding the capex investment associated with our new headquarters office build out, free cash flow would have been $24.0 million, a decrease of 36% y/y
|
● |
Added 185,000 net premium subscriptions in the fourth quarter of 2020, a 107% increase y/y, to reach 5.5 million as of December 31, 2020, a 22% increase over the total number of premium subscriptions at the end of the fourth quarter of
2019
|
● |
Added 7.4 million registered users in the fourth quarter of 2020, a 27% increase y/y. Registered users as of December 31, 2020 were 196.7 million, representing a 19% increase compared to the end of the fourth quarter of 2019
|
● |
Launched Editor X out of beta and introduced a new suite of collaboration tools that enable concurrent editing, making it the only fully collaborative web creation platform in the world. There are already over 200K users on Editor X. In
addition to concurrent editing, the platform's new collaboration features include live commenting, advanced roles and permissions, and shared design libraries. These additions will enable design teams to increase their velocity and work
more efficiently. The platform also expanded its design capabilities and now offers advanced code-free interactions. Editor X enables design flexibility and allows designers and agencies to control every aspect of the creation process.
These newly introduced capabilities enable smarter collaboration between stakeholders and a seamless handoff to clients once a project is complete
|
● |
Implemented several significant product improvements to the Wix Payments platform in 2020 to improve the user experience and expand our overall product offering. Recent upgrades include a smoother onboarding process, improved balance
management and the addition of account managers for high volume users. We believe these improvements, along with many others we plan, will drive volume growth and higher capture of revenue in Wix Payments in 2021
|
● |
Generated $5.4 billion in Gross Payments Volume (GPV) in 2020, a 126% increase over $2.4 billion in 2019 as the number of online commerce businesses and their sales volume grew throughout the year. Wix Payments collections and revenue
was $53.6 million in 2020, a 382% increase over $11.1 million in 2019 as we improved our take rate throughout the year. We expect GPV will be $10 billion in 2021
|
● |
Rebranded the full-stack no-code / low-code development platform formerly known as Corvid by Wix to Velo by Wix
|
● |
Introduced a web development course for our no-code / low-code platform Velo in partnership with Codecademy
|
FY 2021 Outlook
|
Y/Y growth
|
||
Revenue
|
$1,272 - 1,286 million
|
29 - 30%
|
|
Collections
|
$1,435 - 1,455 million
|
30 - 32%
|
|
Free Cash Flow (excluding capex for future Wix HQ office build out)
|
$90 - 100 million
|
NM
|
|
Free Cash Flow
|
$60 - 70 million
|
NM
|
Q1 2021 Outlook
|
Y/Y growth
|
||
Revenue
|
$291 - 296 million
|
35 - 37%
|
|
Collections
|
$340 - 350 million
|
37 - 41%
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2019
|
2020
|
2019
|
2020
|
|||||||||||||
(unaudited)
|
(audited)
|
(unaudited)
|
||||||||||||||
Revenue
|
||||||||||||||||
Creative Subscriptions
|
$
|
171,355
|
$
|
213,745
|
$
|
644,491
|
$
|
783,456
|
||||||||
Business Solutions
|
33,233
|
68,789
|
116,597
|
205,304
|
||||||||||||
204,588
|
282,534
|
761,088
|
988,760
|
|||||||||||||
Cost of Revenue
|
||||||||||||||||
Creative Subscriptions
|
33,420
|
50,278
|
120,905
|
167,539
|
||||||||||||
Business Solutions
|
23,815
|
53,029
|
76,002
|
148,160
|
||||||||||||
57,235
|
103,307
|
196,907
|
315,699
|
|||||||||||||
Gross Profit
|
147,353
|
179,227
|
564,181
|
673,061
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Research and development,net
|
66,634
|
89,625
|
250,791
|
320,278
|
||||||||||||
Selling and marketing
|
74,809
|
109,629
|
307,718
|
438,210
|
||||||||||||
General and administrative
|
23,602
|
35,433
|
85,922
|
111,915
|
||||||||||||
Total operating expenses
|
165,045
|
234,687
|
644,431
|
870,403
|
||||||||||||
Operating loss
|
(17,692
|
)
|
(55,460
|
)
|
(80,250
|
)
|
(197,342
|
)
|
||||||||
Financial expenses, net
|
(2,553
|
)
|
(10,158
|
)
|
(3,621
|
)
|
(19,650
|
)
|
||||||||
Other income (expenses)
|
(94
|
)
|
34
|
55
|
118
|
|||||||||||
Loss before taxes on income
|
(20,339
|
)
|
(65,584
|
)
|
(83,816
|
)
|
(216,874
|
)
|
||||||||
Taxes on income (benefit)
|
1,234
|
(2,795
|
)
|
2,598
|
(354
|
)
|
||||||||||
Net loss
|
$
|
(21,573
|
)
|
$
|
(62,789
|
)
|
$
|
(86,414
|
)
|
$
|
(216,520
|
)
|
||||
Basic and diluted net loss per share
|
$
|
(0.42
|
)
|
$
|
(1.13
|
)
|
$
|
(1.71
|
)
|
$
|
(3.98
|
)
|
||||
Basic and diluted weighted-average shares used to compute net loss per share
|
51,321,155
|
55,809,471
|
50,504,698
|
54,425,056
|
Period ended
|
||||||||
December 31,
|
December 31,
|
|||||||
2019
|
2020
|
|||||||
Assets
|
(audited)
|
(unaudited)
|
||||||
Current Assets:
|
||||||||
Cash and cash equivalents
|
$
|
268,103
|
$
|
168,858
|
||||
Short term deposits
|
294,096
|
577,138
|
||||||
Restricted cash and deposit
|
1,149
|
925
|
||||||
Marketable securities
|
164,301
|
289,927
|
||||||
Trade receivables
|
16,987
|
23,670
|
||||||
Prepaid expenses and other current assets
|
19,211
|
40,666
|
||||||
Total current assets
|
763,847
|
1,101,184
|
||||||
Long Term Assets:
|
||||||||
Property and equipment, net
|
31,706
|
35,863
|
||||||
Marketable securities
|
177,298
|
536,877
|
||||||
Prepaid expenses and other long-term assets
|
9,926
|
20,971
|
||||||
Intangible assets and goodwill, net
|
37,641
|
43,516
|
||||||
Operating lease assets
|
79,249
|
88,406
|
||||||
Total long-term assets
|
335,820
|
725,633
|
||||||
Total assets
|
$
|
1,099,667
|
$
|
1,826,817
|
||||
Liabilities and Shareholder's Equity
|
||||||||
Current Liabilities:
|
||||||||
Trade payables
|
$
|
37,687
|
$
|
79,881
|
||||
Employees and payroll accruals
|
41,938
|
70,814
|
||||||
Deferred revenues
|
289,148
|
373,521
|
||||||
Accrued expenses and other current liabilities
|
56,464
|
70,429
|
||||||
Operating lease liabilities
|
18,949
|
22,336
|
||||||
Total current liabilities
|
444,186
|
616,981
|
||||||
Long term deferred revenues
|
21,969
|
50,867
|
||||||
Other long term liabilities
|
2,804
|
-
|
||||||
Convertible senior notes
|
358,715
|
834,440
|
||||||
Long term operating lease liabilities
|
64,244
|
74,187
|
||||||
Total long term liabilities
|
447,732
|
959,494
|
||||||
Total liabilities
|
891,918
|
1,576,475
|
||||||
Shareholders' Equity
|
||||||||
Ordinary shares
|
94
|
107
|
||||||
Additional paid-in capital
|
611,083
|
862,134
|
||||||
Other comprehensive loss
|
1,357
|
9,406
|
||||||
Accumulated deficit
|
(404,785
|
)
|
(621,305
|
)
|
||||
Total shareholders' equity
|
207,749
|
250,342
|
||||||
Total liabilities and shareholders' equity
|
$
|
1,099,667
|
$
|
1,826,817
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2019
|
2020
|
2019
|
2020
|
|||||||||||||
(unaudited)
|
(audited)
|
(unaudited)
|
||||||||||||||
OPERATING ACTIVITIES:
|
||||||||||||||||
Net loss
|
$
|
(21,573
|
)
|
$
|
(62,789
|
)
|
$
|
(86,414
|
)
|
$
|
(216,520
|
)
|
||||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||||||||||
Depreciation
|
3,347
|
3,789
|
12,126
|
14,610
|
||||||||||||
Amortization
|
2,385
|
619
|
4,588
|
2,577
|
||||||||||||
Share based compensation expenses
|
28,473
|
42,706
|
109,337
|
147,313
|
||||||||||||
Amortization of debt discount and debt issuance costs
|
5,353
|
11,411
|
20,938
|
29,954
|
||||||||||||
Decrease (increase) in accrued interest and exchange rate on short term and long term deposits
|
17
|
(69
|
)
|
748
|
(43
|
)
|
||||||||||
Amortization of premium and discount and accrued interest on marketable securities, net
|
(247
|
)
|
2,532
|
(346
|
)
|
4,471
|
||||||||||
Deferred income taxes, net
|
748
|
163
|
935
|
(3,254
|
)
|
|||||||||||
Changes in operating lease right-of-use assets
|
18,225
|
4,514
|
18,225
|
17,867
|
||||||||||||
Changes in operating lease liabilities
|
(15,376
|
)
|
(2,613
|
)
|
(15,376
|
)
|
(15,807
|
)
|
||||||||
Increase in trade receivables
|
(956
|
)
|
(511
|
)
|
(3,459
|
)
|
(6,457
|
)
|
||||||||
Decrease (increase) in prepaid expenses and other current and long-term assets
|
7,656
|
6,111
|
(5,168
|
)
|
(22,677
|
)
|
||||||||||
Increase (decrease) in trade payables
|
(11,166
|
)
|
10,324
|
(7,560
|
)
|
41,967
|
||||||||||
Increase (decrease) in employees and payroll accruals
|
(4,563
|
)
|
(12,382
|
)
|
7,781
|
25,326
|
||||||||||
Increase in short term and long term deferred revenues
|
22,095
|
23,847
|
71,397
|
113,271
|
||||||||||||
Increase in accrued expenses and other current liabilities
|
6,819
|
898
|
21,812
|
15,451
|
||||||||||||
Net cash provided by operating activities
|
41,237
|
28,550
|
149,564
|
148,049
|
||||||||||||
INVESTING ACTIVITIES:
|
||||||||||||||||
Proceeds from short-term deposits and restricted deposits
|
103,000
|
93,000
|
348,775
|
294,225
|
||||||||||||
Investment in short-term deposits and restricted deposits
|
(93,000
|
)
|
(129,790
|
)
|
(296,100
|
)
|
(577,000
|
)
|
||||||||
Investment in marketable securities
|
(138,191
|
)
|
(64,940
|
)
|
(402,774
|
)
|
(763,581
|
)
|
||||||||
Proceeds from marketable securities
|
71,603
|
77,320
|
132,905
|
277,335
|
||||||||||||
Purchase of property and equipment
|
(3,650
|
)
|
(5,268
|
)
|
(21,427
|
)
|
(18,403
|
)
|
||||||||
Capitalization of software development costs
|
(116
|
)
|
(112
|
)
|
(639
|
)
|
(450
|
)
|
||||||||
Investment in other short and long-term assets
|
(191
|
)
|
-
|
(891
|
)
|
(5,643
|
)
|
|||||||||
Payment for Businesses acquired
|
-
|
-
|
-
|
(6,626
|
)
|
|||||||||||
Proceeds from investments in privately-held companies
|
-
|
1,098
|
-
|
1,098
|
||||||||||||
Purchases of investments in privately-held companies
|
(3,600
|
)
|
(400
|
)
|
(3,862
|
)
|
(1,185
|
)
|
||||||||
Net cash used in investing activities
|
(64,145
|
)
|
(29,092
|
)
|
(244,013
|
)
|
(800,230
|
)
|
||||||||
FINANCING ACTIVITIES:
|
||||||||||||||||
Proceeds from exercise of options and ESPP shares
|
7,853
|
10,944
|
31,495
|
39,649
|
||||||||||||
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 financing activities
|
7,853
|
10,944
|
31,495
|
552,936
|
||||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
|
(15,055
|
)
|
10,402
|
(62,954
|
)
|
(99,245
|
)
|
|||||||||
CASH AND CASH EQUIVALENTS—Beginning of period
|
283,158
|
158,456
|
331,057
|
268,103
|
||||||||||||
CASH AND CASH EQUIVALENTS—End of period
|
$
|
268,103
|
$
|
168,858
|
$
|
268,103
|
$
|
168,858
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2019
|
2020
|
2019
|
2020
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
Creative Subscriptions
|
171,355
|
213,745
|
644,491
|
783,456
|
||||||||||||
Business Solutions
|
33,233
|
68,789
|
116,597
|
205,304
|
||||||||||||
Total Revenue
|
$
|
204,588
|
$
|
282,534
|
$
|
761,088
|
$
|
988,760
|
||||||||
Creative Subscriptions
|
190,805
|
236,420
|
711,763
|
891,240
|
||||||||||||
Business Solutions
|
35,878
|
69,961
|
120,722
|
210,791
|
||||||||||||
Total Collections
|
$
|
226,683
|
$
|
306,381
|
$
|
832,485
|
$
|
1,102,031
|
||||||||
Free Cash Flow
|
$
|
37,471
|
$
|
23,170
|
$
|
127,498
|
$
|
129,196
|
||||||||
Creative Subscriptions ARR
|
$
|
707,202
|
$
|
878,036
|
$
|
707,202
|
$
|
878,036
|
||||||||
Number of registered users at period end (*)
|
165,341
|
196,747
|
165,341
|
196,747
|
||||||||||||
Number of premium subscriptions at period end (*)
|
4,499
|
5,494
|
4,499
|
5,494
|
||||||||||||
(*) Excludes users and subscriptions of DeviantArt
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2019
|
2020
|
2019
|
2020
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
Revenues
|
$
|
204,588
|
$
|
282,534
|
$
|
761,088
|
$
|
988,760
|
||||||||
Change in deferred revenues
|
22,095
|
23,847
|
71,397
|
113,271
|
||||||||||||
Collections
|
$
|
226,683
|
$
|
306,381
|
$
|
832,485
|
$
|
1,102,031
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2019
|
2020
|
2019
|
2020
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
Creative Subscriptions Revenue
|
$
|
171,355
|
$
|
213,745
|
$
|
644,491
|
$
|
783,456
|
||||||||
Change in deferred revenues
|
19,450
|
22,675
|
67,272
|
107,784
|
||||||||||||
Creative Subscriptions Collections
|
$
|
190,805
|
$
|
236,420
|
$
|
711,763
|
$
|
891,240
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2019
|
2020
|
2019
|
2020
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
Business Solutions Revenue
|
$
|
33,233
|
$
|
68,789
|
$
|
116,597
|
$
|
205,304
|
||||||||
Change in deferred revenues
|
2,645
|
1,172
|
4,125
|
5,487
|
||||||||||||
Business Solutions Collections
|
$
|
35,878
|
$
|
69,961
|
$
|
120,722
|
$
|
210,791
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2019
|
2020
|
2019
|
2020
|
|||||||||||||
(1) Share based compensation expenses:
|
(unaudited)
|
(unaudited)
|
||||||||||||||
Cost of revenues
|
$
|
1,582
|
$
|
3,172
|
$
|
5,854
|
$
|
9,127
|
||||||||
Research and development
|
14,900
|
22,170
|
56,161
|
76,883
|
||||||||||||
Selling and marketing
|
4,614
|
6,774
|
18,458
|
22,845
|
||||||||||||
General and administrative
|
7,377
|
10,590
|
28,864
|
38,458
|
||||||||||||
Total share based compensation expenses
|
28,473
|
42,706
|
109,337
|
147,313
|
||||||||||||
(2) Amortization
|
2,385
|
619
|
4,588
|
2,577
|
||||||||||||
(3) Acquisition related expenses
|
1,868
|
1,686
|
2,485
|
5,811
|
||||||||||||
(4) Amortization of debt discount and debt issuance costs
|
5,353
|
11,411
|
20,938
|
29,954
|
||||||||||||
(5) Sales tax accrual and other G&A expenses (income)
|
2,135
|
2,810
|
5,309
|
4,299
|
||||||||||||
(6) Non-operating foreign exchange expenses (income)
|
1,257
|
1,925
|
2,905
|
2,352
|
||||||||||||
Total adjustments of GAAP to Non GAAP
|
$
|
41,471
|
$
|
61,157
|
$
|
145,562
|
$
|
192,306
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2019
|
2020
|
2019
|
2020
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
Gross Profit
|
$
|
147,353
|
$
|
179,227
|
$
|
564,181
|
$
|
673,061
|
||||||||
Share based compensation expenses
|
1,582
|
3,172
|
5,854
|
9,127
|
||||||||||||
Acquisition related expenses
|
-
|
260
|
-
|
765
|
||||||||||||
Amortization
|
1,526
|
90
|
1,951
|
316
|
||||||||||||
Non GAAP Gross Profit
|
150,461
|
182,749
|
571,986
|
683,269
|
||||||||||||
Non GAAP Gross margin
|
74
|
%
|
65
|
%
|
75
|
%
|
69
|
%
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2019
|
2020
|
2019
|
2020
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
Gross Profit - Creative Subscriptions
|
$
|
137,935
|
$
|
163,467
|
$
|
523,586
|
$
|
615,917
|
||||||||
Share based compensation expenses
|
1,334
|
2,386
|
4,994
|
7,140
|
||||||||||||
Non GAAP Gross Profit - Creative Subscriptions
|
139,269
|
165,853
|
528,580
|
623,057
|
||||||||||||
Non GAAP Gross margin - Creative Subscriptions
|
81
|
%
|
78
|
%
|
82
|
%
|
80
|
%
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2019
|
2020
|
2019
|
2020
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
Gross Profit - Business Solutions
|
$
|
9,418
|
$
|
15,760
|
$
|
40,595
|
$
|
57,144
|
||||||||
Share based compensation expenses
|
248
|
786
|
860
|
1,987
|
||||||||||||
Acquisition related expenses
|
-
|
260
|
-
|
765
|
||||||||||||
Amortization
|
1,526
|
90
|
1,951
|
316
|
||||||||||||
Non GAAP Gross Profit - Business Solutions
|
11,192
|
16,896
|
43,406
|
60,212
|
||||||||||||
Non GAAP Gross margin - Business Solutions
|
34
|
%
|
25
|
%
|
37
|
%
|
29
|
%
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2019
|
2020
|
2019
|
2020
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
Operating loss
|
$
|
(17,692
|
)
|
$
|
(55,460
|
)
|
$
|
(80,250
|
)
|
$
|
(197,342
|
)
|
||||
Adjustments:
|
||||||||||||||||
Share based compensation expenses
|
28,473
|
42,706
|
109,337
|
147,313
|
||||||||||||
Amortization
|
2,385
|
619
|
4,588
|
2,577
|
||||||||||||
Sales tax accrual and other G&A expenses (income)
|
2,135
|
2,810
|
5,309
|
4,299
|
||||||||||||
Acquisition related expenses
|
1,868
|
1,686
|
2,485
|
5,811
|
||||||||||||
Total adjustments
|
$
|
34,861
|
$
|
47,821
|
$
|
121,719
|
$
|
160,000
|
||||||||
Non GAAP operating income (loss)
|
$
|
17,169
|
$
|
(7,639
|
)
|
$
|
41,469
|
$
|
(37,342
|
)
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2019
|
2020
|
2019
|
2020
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
Net loss
|
$
|
(21,573
|
)
|
$
|
(62,789
|
)
|
$
|
(86,414
|
)
|
$
|
(216,520
|
)
|
||||
Share based compensation expense and other Non GAAP adjustments
|
41,471
|
61,157
|
145,562
|
192,306
|
||||||||||||
Non-GAAP net income (loss)
|
$
|
19,898
|
$
|
(1,632
|
)
|
$
|
59,148
|
$
|
(24,214
|
)
|
||||||
Basic Non GAAP net income (loss) per share
|
$
|
0.39
|
$
|
(0.03
|
)
|
$
|
1.17
|
$
|
(0.44
|
)
|
||||||
Weighted average shares used in computing basic Non GAAP net income (loss) per share
|
51,321,155
|
55,809,471
|
50,504,698
|
54,425,056
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2019
|
2020
|
2019
|
2020
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
Net cash provided by operating activities
|
$
|
41,237
|
$
|
28,550
|
$
|
149,564
|
$
|
148,049
|
||||||||
Capital expenditures, net
|
(3,766
|
)
|
(5,380
|
)
|
(22,066
|
)
|
(18,853
|
)
|
||||||||
Free Cash Flow
|
$
|
37,471
|
$
|
23,170
|
$
|
127,498
|
$
|
129,196
|
||||||||
Capex related to future Wix HQ office build-out
|
-
|
792
|
-
|
2,462
|
||||||||||||
Free Cash Flow, excluding capex related to future Wix HQ office build-out
|
$
|
37,471
|
$
|
23,962
|
$
|
127,498
|
$
|
131,658
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2019
|
2020
|
2019
|
2020
|
|||||||||||||
(unaudited)
|
(unaudited)
|
|||||||||||||||
Basic and diluted weighted average number of shares outstanding
|
51,321,155
|
55,809,471
|
50,504,698
|
54,425,056
|
||||||||||||
The following items have been excluded from the diluted weighted average number of shares outstanding because they are
anti-dilutive:
|
||||||||||||||||
Stock options
|
7,447,519
|
4,621,780
|
7,447,519
|
4,621,780
|
||||||||||||
Restricted share units
|
2,125,440
|
2,078,427
|
2,125,440
|
2,078,427
|
||||||||||||
Convertible Notes (if-converted)
|
3,104,251
|
4,428,999
|
3,104,251
|
4,428,999
|
||||||||||||
63,998,365
|
66,938,677
|
63,181,908
|
65,554,262
|
Three Months Ended
|
Year Ended
|
|||||||||||||||
March 31, 2021
|
December 31, 2021
|
|||||||||||||||
Low
|
High
|
Low
|
High
|
|||||||||||||
Projected revenues
|
291,000
|
296,000
|
1,272,000
|
1,286,000
|
||||||||||||
Projected change in deferred revenues
|
49,000
|
54,000
|
163,000
|
169,000
|
||||||||||||
Projected Collections
|
$
|
340,000
|
$
|
350,000
|
$
|
1,435,000
|
$
|
1,455,000
|