Wix.com Reports Q4 and Full Year 2023 Results

TL;DR

**Wix.com just dropped its Q4 and full-year 2023 earnings, so expect market reaction.**

AI Summary

Wix.com Ltd. (NASDAQ: WIX) filed a 6-K on February 21, 2024, to report its Fourth Quarter and Full Year 2023 financial results. The filing includes a press release titled "Wix Reports Fourth Quarter and Full Year 2023 Results" as Exhibit 99.1, detailing the company's performance for the period ending December 31, 2023. This report was signed on behalf of Wix.com Ltd. by Lior Shemesh, its Chief Financial Officer.

Why It Matters

This filing provides investors with crucial financial performance data for Wix.com, impacting their investment decisions and the company's market valuation.

Risk Assessment

Risk Level: low — This is a routine financial disclosure, not indicating any immediate new risks beyond standard business operations.

Key Players & Entities

• Wix.com Ltd. (company) — registrant
• NASDAQ: WIX (company) — stock ticker
• February 21, 2024 (date) — filing date and press release date
• Lior Shemesh (person) — Chief Financial Officer of Wix.com Ltd.
• December 31, 2023 (date) — fiscal year end

FAQ

From the Filing

0001576789-24-000007.txt : 20240221 0001576789-24-000007.hdr.sgml : 20240221 20240221083931 ACCESSION NUMBER: 0001576789-24-000007 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20240221 FILED AS OF DATE: 20240221 DATE AS OF CHANGE: 20240221 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Wix.com Ltd. CENTRAL INDEX KEY: 0001576789 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370] ORGANIZATION NAME: 06 Technology IRS NUMBER: 000000000 STATE OF INCORPORATION: L3 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36158 FILM NUMBER: 24656483 BUSINESS ADDRESS: STREET 1: 5 YUNITSMAN ST. CITY: TEL AVIV STATE: L3 ZIP: 000000 BUSINESS PHONE: 97235454900 MAIL ADDRESS: STREET 1: 5 YUNITSMAN ST. CITY: TEL AVIV STATE: L3 ZIP: 000000 FORMER COMPANY: FORMER CONFORMED NAME: Wixpress Ltd. DATE OF NAME CHANGE: 20130513 6-K 1 wix-6xkxfourthquarterandfu.htm 6-K Document UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________ FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of February 2024 Commission File Number: 001-36158 Wix.com Ltd. (Translation of registrant’s name into English) 5 Yunitsman St., Tel Aviv, Israel, 6936025 (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐ EXPLANATORY NOTE On February 21, 2024, Wix.com Ltd. (NASDAQ: WIX) issued a press release titled “Wix Reports Fourth Quarter and Full Year 2023 Results”. A copy of this press release is attached to this Form 6-K as Exhibit 99.1 . SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Date: February 21, 2024 WIX.COM LTD. By:     /s/ Naama Kaenan Name:     Naama Kaenan Title:     General Counsel EXHIBIT INDEX The following exhibit is filed as part of this Form 6-K: Exhibit Description 99.1 Press release dated February 21, 2024 titled “Wix Reports Fourth Quarter and Full Year 2023 Results”. EX-99.1 2 fourthquarterandfullyear20.htm EX-99.1 Document Exhibit 99.1 Wix Reports Fourth Quarter and Full Year 2023 Results Outperformance of 2023 targets as well as anticipated acceleration of top-line growth and overachievement of 2024 targets in three-year plan underpin expectation to significantly surpass the Rule of 40 in 2025 • Capped off a year of strong growth with total revenue of $404 million in the fourth quarter, up 14% y/y driven by continued growth acceleration in the Partners business ◦ Partners 1 revenue totaled $130.1 million in Q4, up 38% y/y, as more Partners joined Wix, monetization continued to increase and Studio uptake exceeded expectations • Robust growth paired with solid operating leverage drove Wix to outperform the 2023 targets outlined in three-year plan ◦ Achieved positive full year GAAP net income two years earlier than anticipated ◦ Q4 FCF 2 margin was a record 22% and full year FCF2 margin was 16%, meaningfully above 13% margin target • Strong bookings and revenue growth anticipated for 2024 driven by momentum from milestone product launches of 2023, solid business fundamentals and stable and positively-trending macro environment ◦ Expect 2024 bookings growth of 12-14% y/y with acceleration through the year to 15% y/y growth in 2H24&#59; expect full year revenue growth of 11-13% y/y ◦ Expect FCF 2 margin of 21-23% in 2024, driven by growth and continued operational efficiency benefits • Completed $300 million share repurchase plan in February and in