- Outperformance continued in the second quarter with total
revenue of $390.0 million exceeding
expectations, up 13% y/y as Creative Subscriptions and Business
Solutions revenue growth accelerated for third consecutive
quarter
- Growing number of Partners1 building on Wix and
higher usage of Wix for projects with improved monetization driving
growth acceleration of Partners revenue to $115.2 million, up 36% y/y
- Benefits from operational efficiencies completed over the past
year across the organization drove continued profitability
improvements, resulting in higher than expected FCF2
margin of 13% and leading to expected acceleration of FCF margin in
2H23
-
- Total non-GAAP gross profit up 23% y/y leading to non-GAAP
gross margin of 68% and non-GAAP Creative Subscriptions gross
margin of 83%, both well ahead of expectations
- First quarter of positive GAAP operating income in our history
totaling $13.0 million, or 3% of
revenue and new high-water mark for non-GAAP operating income
- Launched Wix Studio, a revolutionary all-in-one new platform
with deep design control, advanced capabilities, workflow
management tools and AI products designed specifically for
professionals to create, manage and grow more efficiently than ever
before
- Expansion of AI and genAI-driven product suite with the
introduction of AI Site Generator, AI Assistant for Business, and
more
NEW
YORK, Aug. 3, 2023 /PRNewswire/ -- Wix.com Ltd.
(Nasdaq: WIX) today reported financial results for the second
quarter of 2023. In addition, the Company provided its outlook for
the third quarter and increased outlook for full year 2023. Please
visit the Wix Investor Relations website at
https://investors.wix.com/ to view the Q2'23 Shareholder Update and
other materials.
"It has been an incredible past six months at Wix on many fronts
as we generated accelerating profitable growth through execution
excellence and focused operational discipline. As a result, Q2
again performed above expectations and exceeded our revenue growth
and FCF margin guides. In addition to this outperformance, we also
made remarkable strides in our product evolution with the
introduction of our new cornerstone Partner product, Wix Studio,"
said Avishai Abrahami, Wix
Co-founder and CEO. "Wix Studio revolutionizes the way
professionals build and manage projects at scale by combining
AI-powered features, the latest design and development capabilities
and seamless workflows for multi-site management to help
freelancers and agencies complete projects with greater quality and
velocity and scale their business faster. Our innovation did not
stop there this quarter, as we continued to be at the forefront of
AI technology with the introduction of exciting AI and
gen-AI-driven products coming soon to all Wix users, including AI
Site Generator and AI Assistant for Business, among others. With
these incredible accomplishments and the momentum we've generated
this year so far, I am very excited for what is still to come as we
continue to build a place for any business, community or person to
create their dreams online."
Lior Shemesh, CFO at Wix, added,
"Strong results in Q2 capped off an outstanding first half of 2023
as we delivered consecutive quarters of accelerating profitable
growth. Underpinned by strong momentum in our Partners business,
improved GPV growth, and encouraging performance of our new
cohorts, we exceeded the top end of our guidance expectations with
Q2 revenue increasing 13% y/y. In addition, we delivered improved
profitability driven by the benefits of the cost actions completed
over the past year. As a result, we finished Q2 with non-GAAP gross
margin of 68% well ahead of expectations, the first quarter of
positive GAAP operating income in our history, demonstrating our
progress toward achieving sustained GAAP profitability in the
coming years, and higher than expected FCF margin of 13%. We expect
to build on the strong performance and momentum of the past six
months and anticipate accelerating revenue growth and higher FCF
margin in 2H vs. 1H, putting us further down the path of achieving
the Rule of 40 in 2025."
Wix's management team and business leaders will host a virtual
Analyst & Investor Day and will share more about Wix's newest
product releases, Wix's plans to further incorporate generative AI
into our platform, an updated financial framework and commitment to
achieving the Rule of 40 in 2025, and planned initiatives to
enhance shareholder value.
Prepared video presentations along with accompanying materials
will be available after market close on Wednesday, August 9 on https://investors.wix.com/
with a live Q&A event accessible through
https://investors.wix.com/ on Thursday,
August 10 at 8:30 a.m. ET. Wix
management will answer both live and submitted questions. Upon
viewing the prepared presentations, analysts and investors are
encouraged to submit questions to ir@wix.com. The RSVP form for the
Q&A event can be found here.
Q2 2023 Financial Results
- Total revenue in the second quarter of 2023 was $390.0 million, up 13% y/y
- Creative Subscriptions revenue in the second quarter of 2023
was $287.1 million, up 11% y/y
- Creative Subscriptions ARR increased to $1.16 billion as of the end of the quarter, up
10% y/y
- Business Solutions revenue in the second quarter of 2023 was
$102.9 million, up 18% y/y
-
- Transaction revenue3 was $44.5 million, up 21% y/y
- Partners revenue1 in the second quarter of 2023 was
$115.2 million, up 36% y/y
- Total bookings in the second quarter of 2023 were $398.5 million, up 12% y/y
- Creative Subscriptions bookings in the second quarter of 2023
were $293.9 million, up 9% y/y
- Business Solutions bookings in the second quarter of 2023 were
$104.6 million, up 23% y/y
- Total gross margin on a GAAP basis in the second quarter of
2023 was 67%
-
- Creative Subscriptions gross margin on a GAAP basis was
82%
- Business Solutions gross margin on a GAAP basis was 26%
- Total non-GAAP gross margin in the second quarter of 2023 was
68%
-
- Creative Subscriptions gross margin on a non-GAAP basis was
83%
- Business Solutions gross margin on a non-GAAP basis was
28%
- GAAP net income in the second quarter of 2023 was $33.6 million, or $0.59 per basic share or $0.56 per diluted share
- Non-GAAP net income in the second quarter of 2023 was
$78.1 million, or $1.38 per basic share or $1.26 per diluted share
- Net cash provided by operating activities for the second
quarter of 2023 was $47.8 million,
while capital expenditures totaled $15.8
million, leading to free cash flow of $32.0 million
- Excluding one-time cash restructuring charges and the capex
investment associated with our new headquarters office build out,
free cash flow for the second quarter of 2023 would have been
$49.1 million, or 13% of revenue
- Completed $300 million share
repurchase program authorized by the Board of Directors in
September 2022. Repurchased 3.6
million ordinary Wix shares in total, representing 6% of total
shares outstanding, at an approximate volume-weighted average price
per share of $82.48
- Total employee count at the end of Q2'23 was 5,036, down 14%
y/y
____________________
1 Partners revenue is defined as revenue generated
through agencies and freelancers that build sites or applications
for other users as well as revenue generated through B2B
partnerships, such as LegalZoom or Vistaprint, and enterprise
partners. We identify agencies and freelancers building sites or
applications for others using multiple criteria including but not
limited to the number of sites built, participation in the Wix
Partner Program and/or the Wix Marketplace or Wix products used.
Partners revenue includes revenue from both the Creative
Subscriptions and Business Solutions businesses
2 Free cash flow excluding one-time cash
restructuring charges and expenses associated with the buildout of
our new corporate headquarters
3 Transaction revenue is a portion of Business
Solutions revenue, and we define transaction revenue as all revenue
generated through transaction facilitation, primarily from Wix
Payments as well as Wix POS, shipping solutions and multi-channel
commerce and gift card solutions
Financial Outlook
Our outperformance in Q2 builds on the momentum we experienced
in the first quarter and provides confidence in our ability to
exceed our prior guidance for the year. We expect to accelerate
top-line growth and margin expansion through the back half of the
year on top of a very strong first half.
We remain committed to achieving the Rule of 40 in 2025, with
expectations of continued revenue and free cash flow growth.
We expect Q3 revenue to be $386 -
$391 million, or 12 - 13% growth
y/y.
Due to the outperformance we experienced in the first half of
2023, we are increasing our full year revenue outlook to
$1,543 - $1,558 million, or 11 - 12% y/y growth, an
increase from our previous outlook of $1,522 - $1,543
million or 10 - 11% y/y growth. Strong execution on our
strategy and continued momentum from our cohorts give us confidence
that revenue growth will accelerate in H2 even when compared to an
outstanding 1H that exceeded expectations. The mid-point of our
guidance range implies acceleration of revenue growth in the second
half of the year compared to the first half.
We expect this higher revenue growth outlook will drive
increasing profitability throughout 2023 and beyond.
We now anticipate non-GAAP gross margin of approximately 68% for
the full year, up from our previous expectation of approximately
67% for the full year 2023, driven by increased profitability
across both Creative Subscriptions and Business Solutions.
We now anticipate Creative Subscriptions non-GAAP gross margin
of approximately 82% for the full year, up from our previous
expectation of approximately 81%. We now anticipate Business
Solutions non-GAAP gross margin of approximately 28% for the full
year, up from our previous expectation of approximately 27%.
Non-GAAP operating expenses are expected to decrease to 56-57%
of revenue for the full year, down from our previous expectation of
58-59% of revenue. This decrease is primarily driven by lower
marketing expenses than previously anticipated.
Non-GAAP sales and marketing expenses are now expected to be
approximately 25-26% of revenue in 2023, down from our previous
expectation of approximately 27% of revenue.
As a result of accelerating revenue and incremental
profitability improvements through the back half of the year, we
are increasing our outlook for free cash flow, excluding HQ and
cash restructuring costs, for the year to $200 - $210
million, or 13% of revenue, and we expect to exit 2023 with
a free cash flow margin of approximately 15%. This compares to our
previous free cash flow outlook of $172 - $180
million, or 11 - 12% of revenue and an exit rate of more
than 13%. Our revised guidance for FCF implies acceleration of FCF
margin in the second half of the year.
Note that our revised outlook excludes $4.5 million in cash restructuring costs.
Finally, stock-based compensation is expected to decrease to 14%
of revenue in 2023, previously anticipated to be 14-15%. We expect
stock-based compensation as a percentage of revenue to continue to
decline y/y through 2025.
Conference Call and Webcast Information
Wix will host a conference call to discuss the results at 8:30
a.m. ET on Thursday, August 3rd,
2023. To participate on the live call, analysts and
investors should register and join at
https://register.vevent.com/register/BI43da875845cc4cc985840bc36c0cd273.
A replay of the call will be available through August 2nd, 2024 via the registration link.
Wix will also offer a live and archived webcast of the
conference call, accessible from the "Investor Relations" section
of the Company's website at https://investors.wix.com/.
About Wix.com Ltd.
Wix is a leading platform to create, manage and grow a digital
presence. What began as a website builder in 2006 is now a complete
platform providing users with enterprise-grade performance,
security and a reliable infrastructure. Offering a wide range of
commerce and business solutions, advanced SEO and marketing tools,
Wix enables users to take full ownership of their brand, their data
and their relationships with their customers. With a focus on
continuous innovation and delivery of new features and products,
anyone can build a powerful digital presence to fulfill their
dreams on Wix.
For more about Wix, please visit our Press Room
Investor Relations:
ir@wix.com
Media Relations:
pr@wix.com
Non-GAAP Financial Measures and Key Operating Metrics
To supplement its consolidated financial statements, which are
prepared and presented in accordance with U.S. GAAP, Wix uses the
following non-GAAP financial measures: bookings, cumulative cohort
bookings, bookings on a constant currency basis, revenue on a
constant currency basis, non-GAAP gross margin, non-GAAP operating
income (loss), non-GAAP operating margin, non-GAAP net income
(loss), non-GAAP net income (loss) per share, free cash flow, free
cash flow, as adjusted, free cash flow margins, non-GAAP R&D
expenses, non-GAAP S&M expenses, non-GAAP G&A expenses,
non-GAAP operating expenses, non-GAAP cost of revenue expense,
non-GAAP financial expense, non-GAAP tax expense (collectively the
"Non-GAAP financial measures"). Measures presented on a constant
currency or foreign exchange neutral basis have been adjusted to
exclude the effect of y/y changes in foreign currency exchange rate
fluctuations. Bookings is a non-GAAP financial measure calculated
by adding the change in deferred revenues and the change in
unbilled contractual obligations for a particular period to
revenues for the same period. Bookings include cash receipts for
premium subscriptions purchased by users as well as cash we collect
from business solutions, as well as payments due to us under the
terms of contractual agreements for which we may have not yet
received payment. Cash receipts for premium subscriptions are
deferred and recognized as revenues over the terms of the
subscriptions. Cash receipts for payments and the majority of the
additional products and services (other than Google Workspace) are
recognized as revenues upon receipt. Committed payments are
recognized as revenue as we fulfill our obligation under the terms
of the contractual agreement. Non-GAAP gross margin represents
gross profit calculated in accordance with GAAP as adjusted for the
impact of share-based compensation expense, acquisition-related
expenses and amortization, divided by revenue. Non-GAAP operating
income (loss) represents operating income (loss) calculated in
accordance with GAAP as adjusted for the impact of share-based
compensation expense, amortization, acquisition-related expenses
and sales tax expense accrual and other G&A expenses (income).
Non-GAAP net income (loss) represents net loss calculated in
accordance with GAAP as adjusted for the impact of share-based
compensation expense, amortization, sales tax expense accrual and
other G&A expenses (income), amortization of debt discount and
debt issuance costs and acquisition-related expenses and
non-operating foreign exchange expenses (income). Non-GAAP net
income (loss) per share represents non-GAAP net income (loss)
divided by the weighted average number of shares used in computing
GAAP loss per share. Free cash flow represents net cash provided by
(used in) operating activities less capital expenditures. Free cash
flow, as adjusted, represents free cash flow further adjusted to
exclude one-time cash restructuring charges and the capital
expenditures and other expenses associated with the buildout of our
new corporate headquarters. Free cash flow margins represent free
cash flow divided by revenue. Non-GAAP cost of revenue represents
cost of revenue calculated in accordance with GAAP as adjusted for
the impact of share-based compensation expense, acquisition-related
expenses and amortization. Non-GAAP R&D expenses represent
R&D expenses calculated in accordance with GAAP as adjusted for
the impact of share-based compensation expense, acquisition-related
expenses and amortization. Non-GAAP S&M expenses represent
S&M expenses calculated in accordance with GAAP as adjusted for
the impact of share-based compensation expense, acquisition-related
expenses and amortization. Non-GAAP G&A expenses represent
G&A expenses calculated in accordance with GAAP as adjusted for
the impact of share-based compensation expense, acquisition-related
expenses and amortization. Non-GAAP operating expenses represent
operating expenses calculated in accordance with GAAP as adjusted
for the impact of share-based compensation expense,
acquisition-related expenses and amortization. Non-GAAP financial
expense represents financial expense calculated in accordance with
GAAP as adjusted for unrealized gains of equity investments,
amortization of debt discount and debt issuance costs and
non-operating foreign exchange expenses. Non-GAAP tax expense
represents tax expense calculated in accordance with GAAP as
adjusted for provisions for income tax effects related to non-GAAP
adjustments.
The presentation of this financial information is not intended
to be considered in isolation or as a substitute for, or superior
to, the financial information prepared and presented in accordance
with GAAP. The Company uses these non-GAAP financial measures for
financial and operational decision making and as a means to
evaluate period-to-period comparisons. The Company believes that
these measures provide useful information about operating results,
enhance the overall understanding of past financial performance and
future prospects, and allow for greater transparency with respect
to key metrics used by management in its financial and operational
decision making.
For more information on the non-GAAP financial measures, please
see the reconciliation tables provided below. The accompanying
tables have more details on the GAAP financial measures that are
most directly comparable to non-GAAP financial measures and the
related reconciliations between these financial measures. The
Company is unable to provide reconciliations of free cash flow,
free cash flow, as adjusted, cumulative cohort bookings, non-GAAP
gross margin, and non-GAAP tax expense to their most directly
comparable GAAP financial measures on a forward-looking basis
without unreasonable effort because items that impact those GAAP
financial measures are out of the Company's control and/or cannot
be reasonably predicted. Such information may have a significant,
and potentially unpredictable, impact on our future financial
results.
Wix also uses Creative Subscriptions Annualized Recurring
Revenue (ARR) as a key operating metric. Creative Subscriptions ARR
is calculated as Creative Subscriptions Monthly Recurring Revenue
(MRR) multiplied by 12. Creative Subscriptions MRR is calculated as
the total of (i) all Creative Subscriptions in effect on the last
day of the period, multiplied by the monthly revenue of such
Creative Subscriptions, other than domain registrations; (ii) the
average revenue per month from domain registrations in effect on
the last day of the period; and (iii) monthly revenue from other
partnership agreements and enterprise partners.
Forward-Looking Statements
This document contains forward-looking statements, within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 that involve risks and uncertainties.
Such forward-looking statements may include projections regarding
our future performance, including, but not limited to revenue,
bookings and free cash flow, and may be identified by words like
"anticipate," "assume," "believe," "aim," "forecast," "indication,"
"continue," "could," "estimate," "expect," "intend," "may," "plan,"
"potential," "predict," "project," "outlook," "future," "will,"
"seek" and similar terms or phrases. The forward-looking statements
contained in this document, including the quarterly and annual
guidance, are based on management's current expectations, which are
subject to uncertainty, risks and changes in circumstances that are
difficult to predict and many of which are outside of our control.
Important factors that could cause our actual results to differ
materially from those indicated in the forward-looking statements
include, among others, our expectation that we will be able to
attract and retain registered users and generate new premium
subscriptions, in particular as we continuously adjust our
marketing strategy and as the macro-economic environment continues
to be turbulent; our expectation that we will be able to increase
the average revenue we derive per premium subscription, including
through our partners; our expectations related to our ability to
develop relevant and required products using Artificial
Intelligence ("AI"), the regulatory environment impacting AI
related activities including privacy and intellectual property
aspects, and potential competition from third-party AI tools which
may impact our business; our expectation that new products and
developments, as well as third-party products we will offer in the
future within our platform, will receive customer acceptance and
satisfaction, including the growth in market adoption of our online
commerce solutions; our assumption that historical user behavior
can be extrapolated to predict future user behavior, in particular
during the current turbulent macro-economic environment; our
expectation regarding the successful impact of our previously
announced Cost-Efficiency Plan and other cost saving measures we
may take in the future; our prediction of the future revenues
generated by our user cohorts and our ability to maintain and
increase such revenue growth, as well as our ability to generate
and maintain elevated levels of free cash flow and profitability;
our expectation to maintain and enhance our brand and reputation;
our expectation that we will effectively execute our initiatives to
improve our user support function through our Customer Care team,
and that our recent downsizing of our Customer Care team will not
affect our ability to continue attracting registered users and
increase user retention, user engagement and sales; our plans to
successfully localize our products, including by making our
product, support and communication channels available in additional
languages and to expand our payment infrastructure to transact in
additional local currencies and accept additional payment methods;
our expectation regarding the impact of fluctuations in foreign
currency exchange rates, interest rates, potential illiquidity of
banking systems, and other recessionary trends on our business; our
expectations relating to the repurchase of our ordinary shares
and/or Convertible Notes pursuant to our repurchase program; our
expectation that we will effectively manage our infrastructure; our
expectations regarding the outcome of any regulatory investigation
or litigation, including class actions; our expectations regarding
future changes in our cost of revenues and our operating expenses
on an absolute basis and as a percentage of our revenues, as well
as our ability to achieve profitability; our expectations regarding
changes in the global, national, regional or local economic,
business, competitive, market, and regulatory landscape, including
as a result of COVID-19 and as a result of the military invasion of
Ukraine by Russia; our planned level of capital
expenditures and our belief that our existing cash and cash from
operations will be sufficient to fund our operations for at least
the next 12 months and for the foreseeable future; our expectations
with respect to the integration and performance of acquisitions;
our ability to attract and retain qualified employees and key
personnel; and our expectations about entering into new markets and
attracting new customer demographics, including our ability to
successfully attract new partners large enterprise-level users and
to grow our activities with these customer types as anticipated and
other factors discussed under the heading "Risk Factors" in the
Company's annual report on Form 20-F for the year ended
December 31, 2022 filed with the
Securities and Exchange Commission on March
30, 2023. The preceding list is not intended to be an
exhaustive list of all of our forward-looking statements. Any
forward-looking statement made by us in this press release speaks
only as of the date hereof. Factors or events that could cause our
actual results to differ may emerge from time to time, and it is
not possible for us to predict all of them. We undertake no
obligation to publicly update any forward-looking statements,
whether as a result of new information, future developments or
otherwise.
Wix.com Ltd.
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS
OF OPERATIONS - GAAP
|
|
|
|
|
|
|
|
(In thousands, except
loss per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June 30,
|
|
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(unaudited)
|
|
(unaudited)
|
Revenues
|
|
|
|
|
|
|
|
Creative
Subscriptions
|
$
287,089
|
|
$
258,177
|
|
$
565,219
|
|
$
513,145
|
Business
Solutions
|
102,888
|
|
87,047
|
|
198,834
|
|
173,676
|
|
389,977
|
|
345,224
|
|
764,053
|
|
686,821
|
|
|
|
|
|
|
|
|
Cost of
Revenues
|
|
|
|
|
|
|
|
Creative
Subscriptions
|
52,050
|
|
66,252
|
|
109,534
|
|
131,125
|
Business
Solutions
|
75,844
|
|
68,605
|
|
147,838
|
|
138,481
|
|
127,894
|
|
134,857
|
|
257,372
|
|
269,606
|
|
|
|
|
|
|
|
|
Gross Profit
|
262,083
|
|
210,367
|
|
506,681
|
|
417,215
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development
|
115,490
|
|
121,618
|
|
230,433
|
|
241,483
|
Selling and
marketing
|
96,037
|
|
120,780
|
|
195,170
|
|
277,494
|
General and
administrative
|
37,250
|
|
42,991
|
|
75,767
|
|
88,677
|
Impairment,
restructuring and other costs
|
330
|
|
-
|
|
25,668
|
|
-
|
Total operating
expenses
|
249,107
|
|
285,389
|
|
527,038
|
|
607,654
|
Operating income
(loss)
|
12,976
|
|
(75,022)
|
|
(20,357)
|
|
(190,439)
|
Financial income
(expenses), net
|
20,053
|
|
(46,926)
|
|
41,430
|
|
(191,399)
|
Other income
|
118
|
|
58
|
|
175
|
|
104
|
Income (loss) before
taxes on income
|
33,147
|
|
(121,890)
|
|
21,248
|
|
(381,734)
|
Income tax
benefit
|
(430)
|
|
(10,652)
|
|
(1,960)
|
|
(43,207)
|
Net income
(loss)
|
$
33,577
|
|
$ (111,238)
|
|
$
23,208
|
|
$ (338,527)
|
|
|
|
|
|
|
|
|
Basic net income (loss)
per share
|
$
0.59
|
|
$
(1.92)
|
|
$
0.41
|
|
$
(5.87)
|
Basic weighted-average
shares used to compute net income (loss) per share
|
56,744,007
|
|
57,943,140
|
|
56,576,286
|
|
57,712,372
|
|
|
|
|
|
|
|
|
Diluted net income
(loss) per share
|
$
0.56
|
|
$
(1.92)
|
|
$
0.40
|
|
$
(5.87)
|
Diluted
weighted-average shares used to compute net income (loss) per
share
|
62,186,895
|
|
57,943,140
|
|
58,180,044
|
|
57,712,372
|
Wix.com Ltd.
|
|
|
CONDENSED CONSOLIDATED
BALANCE SHEETS
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
December 31,
|
|
2023
|
|
2022
|
Assets
|
(unaudited)
|
|
(audited)
|
Current
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
468,037
|
|
$
244,686
|
Short-term
deposits
|
176,429
|
|
526,328
|
Restricted
deposits
|
3,219
|
|
13,669
|
Marketable
securities
|
184,458
|
|
292,449
|
Trade
receivables
|
53,268
|
|
42,086
|
Prepaid expenses and
other current assets
|
38,819
|
|
28,519
|
Total current
assets
|
924,230
|
|
1,147,737
|
|
|
|
|
Long-Term
Assets:
|
|
|
|
Prepaid expenses and
other long-term assets
|
23,766
|
|
23,027
|
Property and equipment,
net
|
125,401
|
|
108,738
|
Marketable
securities
|
101,520
|
|
194,964
|
Intangible assets and
goodwill, net
|
80,316
|
|
83,293
|
Operating lease
right-of-use assets
|
420,073
|
|
200,608
|
Total long-term
assets
|
751,076
|
|
610,630
|
|
|
|
|
Total
assets
|
$ 1,675,306
|
|
$
1,758,367
|
|
|
|
|
Liabilities and Shareholders'
Deficiency
|
|
|
|
Current
Liabilities:
|
|
|
|
Trade
payables
|
$
41,467
|
|
$
96,071
|
Employees and payroll
accruals
|
58,139
|
|
86,113
|
Deferred
revenues
|
584,028
|
|
529,205
|
Current portion of
convertible notes, net
|
-
|
|
361,621
|
Accrued expenses and
other current liabilities
|
88,414
|
|
88,194
|
Operating lease
liabilities
|
18,461
|
|
29,268
|
Total current
liabilities
|
790,509
|
|
1,190,472
|
Long Term
Liabilities:
|
|
|
|
Long-term deferred
revenues
|
88,789
|
|
70,594
|
Long-term deferred tax
liability
|
8,725
|
|
14,902
|
Convertible notes,
net
|
568,138
|
|
566,566
|
Other long-term
liabilities
|
9,708
|
|
6,093
|
Long-term operating
lease liabilities
|
386,608
|
|
172,982
|
Total long-term
liabilities
|
1,061,968
|
|
831,137
|
|
|
|
|
Total
liabilities
|
1,852,477
|
|
2,021,609
|
|
|
|
|
Shareholders'
Deficiency
|
|
|
|
Ordinary
shares
|
104
|
|
108
|
Additional paid-in
capital
|
1,404,479
|
|
1,274,968
|
Treasury
Stock
|
(500,174)
|
|
(431,862)
|
Accumulated other
comprehensive loss
|
(31,787)
|
|
(33,455)
|
Accumulated
deficit
|
(1,049,793)
|
|
(1,073,001)
|
Total shareholders'
deficiency
|
(177,171)
|
|
(263,242)
|
|
|
|
|
Total liabilities and
shareholders' deficiency
|
$ 1,675,306
|
|
$
1,758,367
|
Wix.com Ltd.
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June 30,
|
|
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(unaudited)
|
|
(unaudited)
|
OPERATING
ACTIVITIES:
|
|
|
|
|
|
|
|
Net income
(loss)
|
$ 33,577
|
|
$ (111,238)
|
|
$ 23,208
|
|
$ (338,527)
|
Adjustments to
reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
|
|
|
Depreciation
|
4,497
|
|
4,022
|
|
9,419
|
|
7,557
|
Amortization
|
1,489
|
|
1,580
|
|
2,977
|
|
3,154
|
Share based
compensation expenses
|
53,660
|
|
59,139
|
|
108,181
|
|
120,123
|
Amortization of debt
discount and debt issuance costs
|
1,310
|
|
1,302
|
|
2,618
|
|
2,603
|
Changes in accrued
interest and exchange rate on short term and long term
deposits
|
133
|
|
(210)
|
|
108
|
|
(165)
|
Non-cash impairment,
restructuring and other costs
|
330
|
|
-
|
|
21,164
|
|
-
|
Amortization of premium
and discount and accrued interest on marketable securities,
net
|
4,132
|
|
1,256
|
|
4,672
|
|
2,805
|
Remeasurement loss
(gain) on Marketable equity
|
(8,814)
|
|
54,920
|
|
(22,712)
|
|
206,565
|
Deferred income taxes,
net
|
(6,318)
|
|
(12,644)
|
|
(10,462)
|
|
(48,219)
|
Changes in operating
lease right-of-use assets
|
5,356
|
|
9,737
|
|
11,152
|
|
18,575
|
Changes in operating
lease liabilities
|
(26,208)
|
|
(15,525)
|
|
(34,329)
|
|
(25,172)
|
Decrease (increase) in
trade receivables
|
(708)
|
|
1,216
|
|
(11,182)
|
|
(10,433)
|
Decrease (increase) in
prepaid expenses and other current and long-term assets
|
8,000
|
|
(15,032)
|
|
(2,858)
|
|
(27,345)
|
Increase (decrease) in
trade payables
|
(11,301)
|
|
(9,573)
|
|
(52,971)
|
|
12,113
|
Decrease in employees
and payroll accruals
|
(17,932)
|
|
(342)
|
|
(27,974)
|
|
(5,082)
|
Increase in short term
and long term deferred revenues
|
12,043
|
|
7,731
|
|
73,018
|
|
45,283
|
Increase (decrease) in
accrued expenses and other current liabilities
|
(5,485)
|
|
20,974
|
|
(307)
|
|
19,816
|
Net cash provided by
(used in) operating activities
|
47,761
|
|
(2,687)
|
|
93,722
|
|
(16,349)
|
INVESTING
ACTIVITIES:
|
|
|
|
|
|
|
|
Proceeds from
short-term deposits and restricted deposits
|
367,610
|
|
126,259
|
|
423,701
|
|
231,259
|
Investment in
short-term deposits and restricted deposits
|
(4,480)
|
|
(240,972)
|
|
(63,460)
|
|
(390,972)
|
Investment in
marketable securities
|
-
|
|
(92,408)
|
|
-
|
|
(164,563)
|
Proceeds from
marketable securities
|
115,979
|
|
78,870
|
|
174,369
|
|
140,250
|
Purchase of property
and equipment and lease prepayment
|
(15,175)
|
|
(12,629)
|
|
(34,749)
|
|
(31,912)
|
Capitalization of
internal use of software
|
(576)
|
|
(588)
|
|
(1,934)
|
|
(1,229)
|
Investment in other
assets
|
(111)
|
|
-
|
|
(111)
|
|
-
|
Proceeds from sale of
equity securities
|
17,607
|
|
-
|
|
49,468
|
|
3,193
|
Purchases of
investments in privately held companies
|
-
|
|
(1,000)
|
|
(7,500)
|
|
(1,160)
|
Net cash provided by
(used in) investing activities
|
480,854
|
|
(142,468)
|
|
539,784
|
|
(215,134)
|
FINANCING
ACTIVITIES:
|
|
|
|
|
|
|
|
Proceeds from exercise
of options and ESPP shares
|
1,176
|
|
432
|
|
20,831
|
|
22,014
|
Purchase of treasury
stock
|
(50,000)
|
|
-
|
|
(68,319)
|
|
-
|
Repayment of
convertible notes
|
(362,667)
|
|
-
|
|
(362,667)
|
|
-
|
Net cash provided by
(used in) financing activities
|
(411,491)
|
|
432
|
|
(410,155)
|
|
22,014
|
INCREASE (DECREASE) IN
CASH AND CASH EQUIVALENTS
|
117,124
|
|
(144,723)
|
|
223,351
|
|
(209,469)
|
CASH AND CASH
EQUIVALENTS—Beginning of period
|
350,913
|
|
386,609
|
|
244,686
|
|
451,355
|
CASH AND CASH
EQUIVALENTS—End of period
|
$
468,037
|
|
$
241,886
|
|
$
468,037
|
|
$
241,886
|
Wix.com Ltd.
|
|
|
|
|
|
|
|
KEY PERFORMANCE
METRICS
|
|
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June 30,
|
|
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(unaudited)
|
|
(unaudited)
|
Creative
Subscriptions
|
287,089
|
|
258,177
|
|
565,219
|
|
513,145
|
Business
Solutions
|
102,888
|
|
87,047
|
|
198,834
|
|
173,676
|
Total Revenues
|
$
389,977
|
|
$
345,224
|
|
$
764,053
|
|
$
686,821
|
|
|
|
|
|
|
|
|
Creative
Subscriptions
|
293,929
|
|
269,921
|
|
607,358
|
|
569,708
|
Business
Solutions
|
104,570
|
|
84,673
|
|
206,046
|
|
178,134
|
Total Bookings
|
$
398,499
|
|
$
354,594
|
|
$
813,404
|
|
$
747,842
|
|
|
|
|
|
|
|
|
Free Cash
Flow
|
$
32,010
|
|
$
(15,904)
|
|
$
57,039
|
|
$
(49,490)
|
Free Cash Flow
excluding HQ build out, impairment and restructuring
costs
|
$
49,093
|
|
$
(5,993)
|
|
$
93,122
|
|
$
(24,141)
|
Creative Subscriptions
ARR
|
$
1,159,744
|
|
$
1,052,852
|
|
$
1,159,744
|
|
$
1,052,852
|
Wix.com Ltd.
|
|
|
|
|
|
|
|
RECONCILIATION OF
REVENUES TO BOOKINGS
|
|
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June 30,
|
|
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(unaudited)
|
|
(unaudited)
|
Revenues
|
$
389,977
|
|
$
345,224
|
|
$
764,053
|
|
$
686,821
|
Change in deferred
revenues
|
12,043
|
|
7,731
|
|
73,018
|
|
45,283
|
Change in unbilled
contractual obligations
|
(3,521)
|
|
1,639
|
|
(23,667)
|
|
15,738
|
Bookings
|
$
398,499
|
|
$
354,594
|
|
$
813,404
|
|
$
747,842
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June 30,
|
|
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(unaudited)
|
|
(unaudited)
|
Creative Subscriptions
Revenues
|
$
287,089
|
|
$
258,177
|
|
$
565,219
|
|
$
513,145
|
Change in deferred
revenues
|
10,361
|
|
10,105
|
|
65,806
|
|
40,825
|
Change in unbilled
contractual obligations
|
(3,521)
|
|
1,639
|
|
(23,667)
|
|
15,738
|
Creative Subscriptions
Bookings
|
$
293,929
|
|
$
269,921
|
|
$
607,358
|
|
$
569,708
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June 30,
|
|
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(unaudited)
|
|
(unaudited)
|
Business Solutions
Revenues
|
$
102,888
|
|
$
87,047
|
|
$
198,834
|
|
$
173,676
|
Change in deferred
revenues
|
1,682
|
|
(2,374)
|
|
7,212
|
|
4,458
|
Business Solutions
Bookings
|
$
104,570
|
|
$
84,673
|
|
$
206,046
|
|
$
178,134
|
Wix.com Ltd.
|
|
|
|
RECONCILIATION OF
COHORT BOOKINGS
|
|
|
|
(In
millions)
|
|
|
|
|
Six Months
Ended
|
|
June 30,
|
|
2023
|
|
2022
|
|
(unaudited)
|
Q1 Cohort
revenues
|
$
20
|
|
$
19
|
Q1 Change in deferred
revenues
|
23
|
|
21
|
Q1 Cohort
Bookings
|
$
43
|
|
$
40
|
Wix.com Ltd.
|
|
|
|
RECONCILIATION OF
REVENUES AND BOOKINGS EXCLUDING FX IMPACT
|
|
|
|
(In
thousands)
|
|
|
|
|
Three Months
Ended
|
|
June 30,
|
|
2023
|
|
2022
|
|
(unaudited)
|
Revenues
|
$
389,977
|
|
$
345,224
|
FX impact on
Q2/23 using Y/Y rates
|
1,157
|
|
-
|
Revenues excluding FX
impact
|
$
391,134
|
|
$
345,224
|
|
|
|
|
Y/Y growth
|
13 %
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
June 30,
|
|
2023
|
|
2022
|
|
(unaudited)
|
Bookings
|
$
398,499
|
|
$
354,594
|
FX impact on
Q2/23 using Y/Y rates
|
(135)
|
|
-
|
Bookings excluding FX
impact
|
$
398,364
|
|
$
354,594
|
|
|
|
|
Y/Y growth
|
12 %
|
|
|
Wix.com Ltd.
|
|
|
|
|
|
|
|
TOTAL ADJUSTMENTS GAAP
TO NON-GAAP
|
|
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June 30,
|
|
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
(1) Share based
compensation expenses:
|
(unaudited)
|
|
(unaudited)
|
Cost of
revenues
|
$
3,479
|
|
$
4,555
|
|
$
7,717
|
|
$
8,786
|
Research and
development
|
$
28,778
|
|
29,919
|
|
57,072
|
|
58,639
|
Selling and
marketing
|
$
9,652
|
|
10,019
|
|
19,210
|
|
19,894
|
General and
administrative
|
$
11,751
|
|
14,646
|
|
24,182
|
|
32,804
|
Total share based
compensation expenses
|
53,660
|
|
59,139
|
|
108,181
|
|
120,123
|
(2)
Amortization
|
1,489
|
|
1,580
|
|
2,977
|
|
3,154
|
(3) Acquisition related
expenses
|
244
|
|
1,187
|
|
440
|
|
2,886
|
(4) Amortization of
debt discount and debt issuance costs
|
1,310
|
|
1,302
|
|
2,618
|
|
2,603
|
(5) Impairment,
restructuring and other costs
|
330
|
|
-
|
|
25,668
|
|
-
|
(6) Sales tax accrual
and other G&A expenses (income)
|
157
|
|
189
|
|
465
|
|
361
|
(7) Unrealized loss
(gain) on equity and other investments
|
(8,814)
|
|
54,920
|
|
(22,712)
|
|
206,565
|
(8) Non-operating
foreign exchange expenses (income)
|
(1,843)
|
|
(2,274)
|
|
(5,505)
|
|
1,858
|
(9) Provision for
income tax effects related to non-GAAP adjustments
|
(2,022)
|
|
(12,632)
|
|
(6,153)
|
|
(48,244)
|
Total adjustments of
GAAP to Non GAAP
|
$
44,511
|
|
$
103,411
|
|
$
105,979
|
|
$
289,306
|
Wix.com Ltd.
|
|
|
|
|
|
|
|
RECONCILIATION OF GAAP
TO NON-GAAP GROSS PROFIT
|
|
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June 30,
|
|
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(unaudited)
|
|
(unaudited)
|
Gross Profit
|
$
262,083
|
|
$
210,367
|
|
$
506,681
|
|
$
417,215
|
Share based
compensation expenses
|
3,479
|
|
4,555
|
|
7,717
|
|
8,786
|
Acquisition related
expenses
|
183
|
|
59
|
|
207
|
|
140
|
Amortization
|
667
|
|
759
|
|
1,334
|
|
1,520
|
Non GAAP Gross
Profit
|
266,412
|
|
215,740
|
|
515,939
|
|
427,661
|
|
|
|
|
|
|
|
|
Non GAAP Gross
margin
|
68 %
|
|
62 %
|
|
68 %
|
|
62 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June 30,
|
|
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(unaudited)
|
|
(unaudited)
|
Gross Profit - Creative
Subscriptions
|
$
235,039
|
|
$
191,925
|
|
$
455,685
|
|
$
382,020
|
Share based
compensation expenses
|
2,562
|
|
3,608
|
|
5,713
|
|
6,993
|
Non GAAP Gross Profit -
Creative Subscriptions
|
237,601
|
|
195,533
|
|
461,398
|
|
389,013
|
|
|
|
|
|
|
|
|
Non GAAP Gross margin -
Creative Subscriptions
|
83 %
|
|
76 %
|
|
82 %
|
|
76 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June 30,
|
|
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(unaudited)
|
|
(unaudited)
|
Gross Profit - Business
Solutions
|
$
27,044
|
|
$
18,442
|
|
$
50,996
|
|
$
35,195
|
Share based
compensation expenses
|
917
|
|
947
|
|
2,004
|
|
1,793
|
Acquisition related
expenses
|
183
|
|
59
|
|
207
|
|
140
|
Amortization
|
667
|
|
759
|
|
1,334
|
|
1,520
|
Non GAAP Gross Profit -
Business Solutions
|
28,811
|
|
20,207
|
|
54,541
|
|
38,648
|
|
|
|
|
|
|
|
|
Non GAAP Gross margin -
Business Solutions
|
28 %
|
|
23 %
|
|
27 %
|
|
22 %
|
Wix.com Ltd.
|
|
|
|
|
|
|
|
RECONCILIATION OF
OPERATING INCOME (LOSS) TO NON-GAAP OPERATING INCOME
(LOSS)
|
|
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June 30,
|
|
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(unaudited)
|
|
(unaudited)
|
Operating income
(loss)
|
$
12,976
|
|
$
(75,022)
|
|
$
(20,357)
|
|
$
(190,439)
|
Adjustments:
|
|
|
|
|
|
|
|
Share based
compensation expenses
|
53,660
|
|
59,139
|
|
108,181
|
|
120,123
|
Amortization
|
1,489
|
|
1,580
|
|
2,977
|
|
3,154
|
Impairment,
restructuring and other charges
|
330
|
|
-
|
|
25,668
|
|
-
|
Sales tax accrual and
other G&A expenses
|
157
|
|
189
|
|
465
|
|
361
|
Acquisition related
expenses
|
244
|
|
1,187
|
|
440
|
|
2,886
|
Total
adjustments
|
$
55,880
|
|
$
62,095
|
|
$
137,731
|
|
$
126,524
|
|
|
|
|
|
|
|
|
Non GAAP operating
income (loss)
|
$
68,856
|
|
$
(12,927)
|
|
$
117,374
|
|
$
(63,915)
|
|
|
|
|
|
|
|
|
Non GAAP operating
margin
|
18 %
|
|
-4 %
|
|
15 %
|
|
-9 %
|
Wix.com Ltd.
|
|
|
|
|
|
|
|
RECONCILIATION OF NET
INCOME (LOSS) TO NON-GAAP NET INCOME (LOSS) AND NON-GAAP NET INCOME
(LOSS) PER SHARE
|
|
|
|
|
|
|
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June 30,
|
|
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(unaudited)
|
|
(unaudited)
|
Net INCOME
(loss)
|
$
33,577
|
|
$
(111,238)
|
|
$
23,208
|
|
$
(338,527)
|
Share based
compensation expenses and other Non GAAP adjustments
|
44,511
|
|
103,411
|
|
105,979
|
|
289,306
|
Non-GAAP net income
(loss)
|
$
78,088
|
|
$
(7,827)
|
|
$
129,187
|
|
$
(49,221)
|
|
|
|
|
|
|
|
|
Basic Non GAAP net
income (loss) per share
|
$
1.38
|
|
$
(0.14)
|
|
$
2.28
|
|
$
(0.85)
|
Weighted average shares
used in computing basic Non GAAP net income (loss) per
share
|
56,744,007
|
|
57,943,140
|
|
56,576,286
|
|
57,712,372
|
|
|
|
|
|
|
|
|
Diluted Non GAAP net
income (loss) per share
|
$
1.26
|
|
$
(0.14)
|
|
$
2.08
|
|
$
(0.85)
|
Weighted average shares
used in computing diluted Non GAAP net income (loss) per
share
|
62,186,895
|
|
57,943,140
|
|
62,149,558
|
|
57,712,372
|
Wix.com Ltd.
|
|
|
|
|
|
|
|
RECONCILIATION OF NET
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES TO FREE CASH
FLOW
|
|
|
|
|
|
|
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June 30,
|
|
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(unaudited)
|
|
(unaudited)
|
Net cash provided by
(used in) operating activities
|
$
47,761
|
|
$
(2,687)
|
|
$
93,722
|
|
$
(16,349)
|
Capital expenditures,
net
|
(15,751)
|
|
(13,217)
|
|
(36,683)
|
|
(33,141)
|
Free Cash
Flow
|
$
32,010
|
|
$
(15,904)
|
|
$
57,039
|
|
$
(49,490)
|
|
|
|
|
|
|
|
|
Impairment,
restructuring and other costs
|
2,453
|
|
-
|
|
4,504
|
|
-
|
Capex related to HQ
build out
|
14,630
|
|
9,911
|
|
31,579
|
|
25,349
|
Free Cash Flow
excluding HQ build out, impairment and restructuring
costs
|
$
49,093
|
|
$
(5,993)
|
|
$
93,122
|
|
$
(24,141)
|
Wix.com Ltd.
|
|
|
|
|
|
|
|
RECONCILIATION OF BASIC
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING AND THE DILUTED
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June 30,
|
|
June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted-average
shares used to compute net income (loss) per share
|
56,744,007
|
|
57,943,140
|
|
56,576,286
|
|
57,712,372
|
Effect of dilutive
securities (included in the effect of dilutive securities is the
assumed conversion of employee stock options, employee RSUs and the
Notes)
|
5,442,888
|
|
-
|
|
1,603,758
|
|
-
|
Diluted
weighted-average shares used to compute net income (loss) per
share
|
62,186,895
|
|
57,943,140
|
|
58,180,044
|
|
57,712,372
|
|
|
|
|
|
|
|
|
The following items
have been excluded from the diluted weighted average number of
shares outstanding because they are anti-dilutive:
|
|
|
|
|
|
|
|
Stock
options
|
1,982,546
|
|
5,024,271
|
|
1,982,546
|
|
5,024,271
|
Restricted share
units
|
1,263,342
|
|
3,009,354
|
|
1,263,342
|
|
3,009,354
|
Convertible Notes
(if-converted)
|
-
|
|
3,969,514
|
|
1,426,748
|
|
3,969,514
|
|
65,432,783
|
|
69,946,279
|
|
62,852,680
|
|
69,715,511
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/wix-reports-second-quarter-2023-results-301892292.html
SOURCE Wix.com Ltd.