WIX 2022 Q1??

[crosfan]

2022 Q1

Earnings per share: - $0.72 vs. - $0.60 expected, - $0.54 one year earlier
Revenue: $341.6 million, up 14% y/y, two-year CAGR of 27%

2022 Q2 forecast

Revenue: $342 - $346 million up 8-10% y/y, Excl. Russia/Ukraine war, FX rates, up 10% - 11% y/y

Others

Full Year 2022 Revenue: up 10 - 13% y/y, Excl. Russia/Ukraine war, FX rates, up 12% - 15% y/y

?????????Sell/Hold/Buy, PT: $68 - 170

[crosfan]

• Total revenue in the first quarter of 2022 was $341.6 million, up 14% y/y and representing a two-year CAGR of 27%
  
  • Total revenue on a y/y constant currency basis was $343.2 million, up 14% y/y
  • Creative Subscriptions revenue in the first quarter of 2022 was $255 million, up 13% y/y and representing a two-year CAGR of 20%
  • Creative Subscriptions ARR increased to $1.04 billion, up 12% y/y
  • Business Solutions revenue in the first quarter of 2022 was $86.6 million, up 17% y/y and representing a two-year CAGR of 54%
• Total bookings in the first quarter of 2022 were $393.2 million, up 12% y/y and representing a two-year CAGR of 22%
  
  • Total bookings on a y/y constant currency basis was $399.4 million, up 14% y/y
  • Creative Subscriptions bookings in the first quarter of 2022 were $299.8 million, up 12% y/y and representing a two-year CAGR of 20%, including a change in unbilled contractual obligations of $14.1 million
  • Business Solutions bookings in the first quarter of 2022 were $93.5 million, up 13% y/y and representing a two-year CAGR of 53%
• Total gross margin on a GAAP basis in the first quarter of 2022 was 61%
  
  • Creative Subscriptions gross margin on a GAAP basis was 75%
  • Business Solutions gross margin on a GAAP basis was 19%
• Total non-GAAP gross margin in the first quarter of 2022 was 62%
  
  • Creative Subscriptions gross margin on a non-GAAP basis was 76%
  • Business Solutions gross margin on a non-GAAP basis was 21%
• GAAP net loss in the first quarter of 2022 was $(227.3) million, or $(3.95) per share
  
  • Includes approximately $116 million of unrealized losses, net of taxes, from our equity investments, primarily attributed to the decrease in share price of monday.com (Nasdaq: MNDY), which was excluded from non-GAAP results
• Non-GAAP net loss in the first quarter of 2022 was $(41.4) million, or $(0.72) per share
• Net cash used in operating activities for the first quarter of 2022 was $13.7 million, while capital expenditures totaled $19.9 million, leading to free cash flow of $(33.6) million
  
  • Excluding the capex investment associated with our new headquarters office build out, free cash flow would have been $(18.1) million