Wix Reports Fourth Quarter and Full Year 2017 Results
NEW YORK, Feb. 14, 2018 /PRNewswire/ -- Wix.com Ltd. (Nasdaq: WIX), a leading cloud-based web development platform, today reported financial results for the fourth quarter and full year ended December 31, 2017. In addition, the Company provided its initial outlook for the first quarter and full year 2018.
"Continued improvements to our product offering and successful execution of marketing campaigns drove robust financial results this quarter, closing out a strong year," said Avishai Abrahami, Co-founder and CEO of Wix. "Most notably, Wix ADI improved considerably throughout the year, driving conversion improvements and increases in collections per subscription. These successes, combined with upcoming new products and enhancements, underscore our position of strength for the year ahead."
Lior Shemesh, CFO of Wix, added, "The growth in collections and free cash flow in Q4 closes a year of ongoing strengthening to our business fundamentals and exceeded our initial expectations since the beginning of the year. For the third consecutive year, we grew collections over 41%, and this year we did it along with nearly doubling our free cash flow. This outstanding momentum is reflected in our initial 2018 outlook and provides us with confidence in our ability to continue to generate growth and increase free cash flow moving forward."
Q4 2017 and Full Year 2017 Financial Summary
Three months ended
December 31,
------------
$ in thousands 2016 2017 Y/Y
growth Prior Q4 2017 Outlook
---- ---- ------- ---------------------
Revenue $84,176 $118,545 41% $116,000 - 117,000
Collections $97,652 $132,203 35% $126,000 - 127,000
----------- ------- -------- --- ------------------
Operating
(Loss) $(4,742) $(7,523) NM
Non-
GAAP
Operating
Income $3,879 $9,703 150%
---------- ------ ------ ---
Net
Cash
Provided
by
Operating
Activities $19,714 $24,941 27%
Free
Cash
Flow $18,683 $19,555 5%
Twelve months ended
December 31,
------------
$ in thousands 2016 2017 Y/Y
growth Prior FY 2017 Outlook
---- ---- ------- ---------------------
Revenue $290,103 $425,636 47% $423,000 - 424,000
Collections $342,069 $483,989 41% $478,000 - 479,000
----------- -------- -------- --- ------------------
Operating
(Loss) $(44,032) $(50,011) NM
Non-
GAAP
Operating $(12,529) $9,099 NM
Income
(Loss)
-------
Net
Cash
Provided
by $40,573 $83,052 105%
Operating
Activities
Free
Cash
Flow $36,158 $70,683 95% $68,000 - 69,000
Additional Q4 2017 Results and Highlights
-- Gross margin on a GAAP basis in the fourth quarter of 2017 was 85%, the
same as the fourth quarter of 2016
-- Non-GAAP gross margin in the fourth quarter of 2017, calculated as
non-GAAP gross profit as a percent of revenue, was also 85%, the same as
in the fourth quarter of 2016
-- GAAP net loss in the fourth quarter of 2017 was $(6.6) million, or
$(0.14) per share, compared to a net loss of $(5.9) million, or $(0.13)
per share, for the fourth quarter of 2016
-- Non-GAAP net income in the fourth quarter of 2017 was $7.2 million, or
$0.16 per share, compared to a non-GAAP net income of $3.0 million, or
$0.07 per share for the fourth quarter of 2016
-- Net cash provided by operating activities in the fourth quarter of 2017
was $24.9 million, while capital expenditures totaled $5.4 million,
leading to free cash flow of $19.6 million, compared to $18.7 million of
free cash flow in the fourth quarter of 2016, a 5% year over year
increase
-- Added 170,000 net premium subscriptions in the fourth quarter of 2017 to
reach 3.2 million as of December 31, 2017, a 31% increase over the total
number of subscriptions at the end of 2016
-- Added 5.3 million registered users in the fourth quarter of 2017.
Registered users as of December 31, 2017 were 119 million, representing
a 22% increase compared to the end of the fourth quarter of 2016
Additional Full Year 2017 Results and Highlights
-- Gross margin on a GAAP basis for the full year 2017 was 84%, the same as
in 2016
-- Non-GAAP gross margin in the full year 2017 was 85%, the same as in 2016
-- GAAP net loss for the full year 2017 was $(56.3) million, or $(1.24) per
share, compared to a net loss of $(46.9) million, or $(1.12), per share
in 2016
-- Non-GAAP net loss for the full year 2017 was $(0.5) million, or $(0.01)
per share, compared to a non-GAAP net loss of $(14.6) million, or
$(0.35) per share, in 2016
-- Net cash provided by operating activities for the full year 2017 was
$83.1 million, while capital expenditures totaled $12.4 million, leading
to free cash flow of $70.7 million, compared to $36.2 million of free
cash flow in 2016, a 95% year-over-year increase
Recent Business Highlights
-- Expands Strategic Partnership with Google Cloud: Building on its already
strong alliance with Google Cloud, Wix announced that it has chosen G
Suite as the exclusive provider of business productivity and
collaboration applications on its platform. This increased alliance is a
testament to the growth and scale benefits both Wix and Google have
realized over many years of partnering. Wix grew its collaboration with
Google throughout the last year by expanding the breadth of products it
utilizes including G Suite, Google Cloud Platform, Google Maps API,
YouTube and AdWords.
-- Official Launch of Wix Code: In December 2017, Wix officially launched
Wix Code to all users. Wix Code is a powerful development platform that
allows users to significantly extend the functionality of their online
presence. Wix Code greatly expands Wix's addressable market by bringing
a platform for creators, designers and developers to take advantage of a
serverless development environment that features an array of advanced
functions to create content-rich, custom websites and web applications.
Since its launch, over 140,000 users have put Wix Code to use, marking a
fantastic start to this innovative product set.
-- New Wix Tools Help Users with Site Accessibility: Wix has added Site
Accessibility into the Wix Editor, now available for all sites on Wix.
With these tools, a user can make their websites work better with
assistive technologies or navigable with just a keyboard. Now any user
can easily make any site accessible, for free.
Financial Outlook
Wix is introducing its outlook for the first quarter and full year 2018. This guidance is presented as follows:
-- The guidance for 2018 is based on the new revenue recognition standard
ASC 606. Please reference our Investor Relations website for a
reconciliation of 2017 financial information to ASC 606 for comparative
purposes.
-- The outlook also incorporates the growth Wix is expected to realize from
the revised terms in its agreement with Google. This revised agreement
necessitates changing from net (agent) to gross (principal) accounting
of collections and revenue, which is also incorporated in this guidance
For the first quarter of 2018, Wix expects the following:
Q1 2018 Outlook Y/Y growth
--------------- ----------
Revenue(1) $135 - $136 million 46% - 47%
Collections1 $157 - $158 million 37% - 38%
For the full year 2018, Wix expects the following:
FY 2018 Y/Y
Outlook growth
-------- -------
Revenue(2) $591 - 595 million 39% -
40%
Collections(2) $645 - 653 million 33% -
35%
Free Cash Flow $98 - $100 million 39% -
41%
Conference Call and Webcast Information
Wix will host a conference call at 8:30 a.m. ET on Wednesday, February 14, 2018 to answer questions about the financial and operational performance of the business during the fourth quarter and full year 2017. The conference call will include a brief statement by management and will focus on answering questions about our results during the quarter and full year. To enhance the Q&A portion of this call, the Company has posted a shareholder update and supporting slides to its Investor Relations website at https://investors.wix.com/results. These materials provide shareholders and analysts with additional detail for analyzing results in advance of the quarterly conference call.
To participate on the live call, analysts and investors should dial 866-393-4306 (US/Canada), 734-385-2616 (International) or 1-809-315-362 (Israel) at least ten minutes prior to the start time of the call and reference Conference ID 4482927. A telephonic replay of the call will be available through February 21, 2018 at 11:59 p.m. ET by dialing 855-859-2056 (US/Canada) or 404-537-3406 (International) and providing Conference ID 4482927.
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 leading the way with a cloud-based development platform for over 122 million registered users worldwide. Wix was founded on the belief that the Internet should be accessible to everyone to develop, create and contribute. Through free and premium subscriptions, Wix empowers millions of businesses, organizations, artists, and individuals to take their businesses, brands and workflow online. The Wix Editor, Wix ADI, a highly curated App Market, and Wix Code enable users to build and manage a fully integrated and dynamic digital presence. Wix's headquarters are in Tel Aviv with offices in Be'er Sheva, Berlin, Dnipro, Kiev, Los Angeles, Miami, New York, San Francisco, São Paulo and Vilnius.
Visit us: on our blog, Facebook, Twitter, Instagram, LinkedIn, Pinterest and Google+
Download: Wix App is available for free on Google Play and in the App Store
Non-GAAP Financial Measures
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: collections, non-GAAP gross margin, non-GAAP operating income (loss), free cash flow, non-GAAP net income (loss) and non-GAAP net income (loss) per share (collectively the "Non-GAAP financial measures"). Collections represents the total cash collected by us from our customers in a given period and is calculated by adding the change in deferred revenues for a particular period to revenues for the same period. Non-GAAP gross margin represents gross profit calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related costs 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, and acquisition-related costs. Non-GAAP net income (loss) represents net loss calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, amortization, and acquisition-related costs. 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.
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 of GAAP to Non-GAAP Financial Measures" table in this press release. This accompanying table has 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 has not reconciled its guidance as to free cash flow to cash flow from operations because it does not provide guidance for cash flow from operations. As items that impact cash flow from operations are out of the Company's control and/or cannot be reasonably predicted, the Company is unable to provide such guidance. Accordingly, a reconciliation to cash flow from operations is not available without unreasonable effort.
Forward-Looking Statements
This press release 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, collections and free cash flow, the availability, merchantability or functionality of certain new products or features and their anticipated product demand and customer satisfaction, and may be identified by words like "anticipate," "assume," "believe," "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 press release, including the full year 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 ability to grow our user base and premium subscriptions; our ability to maintain and enhance our brand and reputation; our ability to manage the growth of our infrastructure effectively; our ability to effectively execute our initiatives to scale and improve our user support function; customer acceptance of new products and other challenges inherent in new product development, changes to technologies used in our solutions or in global, national, regional or local economic, business, competitive, market, regulatory and other factors discussed under the heading "Risk Factors" in the Company's 2016 annual report on Form 20-F filed with the Securities and Exchange Commission on March 28, 2017. 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.
Investor Relations:
Maggie O'Donnell
ir@wix.com
415-223-2624
Media Relations:
Vivian Hernandez
Wix.com
pr@wix.com
415-517-6539
Wix.com Ltd.
CONSOLIDATED STATEMENTS OF OPERATIONS - GAAP
(In thousands, except loss per share data)
Three Months Ended Year Ended
December 31, December 31,
------------ ------------
2016 2017 2016 2017
---- ---- ---- ----
(unaudited) (audited) (unaudited)
Revenue $84,176 $118,545 $290,103 $425,636
Cost of revenue 12,738 17,676 45,287 69,391
------ ------ ------ ------
Gross Profit 71,438 100,869 244,816 356,245
Operating expenses:
Research and development 28,877 43,965 105,368 153,635
Selling and marketing 40,022 50,906 156,512 204,435
General and administrative 7,281 13,521 26,968 48,186
----- ------ ------ ------
Total operating expenses 76,180 108,392 288,848 406,256
------ ------- ------- -------
Operating loss (4,742) (7,523) (44,032) (50,011)
Financial income (expenses), net (450) (1,142) 247 (5,015)
Other income (expenses) (5) 79 (4) 76
--- --- --- ---
Loss before taxes on income (5,197) (8,586) (43,789) (54,950)
Taxes on income 724 (1,981) 3,107 1,323
Net loss $(5,921) $(6,605) $(46,896) $(56,273)
======= ======= ======== ========
Basic and diluted net loss per share $(0.13) $(0.14) $(1.12) $(1.24)
====== ====== ====== ======
Basic and diluted weighted-average shares used to compute net loss per share 43,907,388 46,267,701 42,032,818 45,552,199
========== ========== ========== ==========
Wix.com Ltd.
CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands)
Period ended
December 31, December 31,
------------ ------------
2016 2017
---- ----
Assets (audited) (unaudited)
Current Assets:
Cash and cash equivalents $93,064 $85,230
Short term deposits 78,240 148,112
Restricted cash and deposit 931 949
Trade receivables 8,279 11,400
Prepaid expenses and other current assets 17,346 19,246
Total current assets 197,860 264,937
------- -------
Property, equipment and software, net
Long-Term Assets:
Property and equipment, net 8,750 16,201
Prepaid expenses and other long-term assets 2,622 5,753
Intangible assets and goodwill, net 5,452 45,052
Total long-term assets 16,824 67,006
------ ------
Total assets $214,684 $331,943
======== ========
Liabilities and Shareholder's Deficiency
Current Liabilities:
Trade payables $20,709 $34,240
Employees and payroll accruals 20,230 28,067
Deferred revenues 146,987 202,482
Accrued expenses and other current liabilities 18,847 37,592
Total current liabilities 206,773 302,381
------- -------
Long term deferred revenues 9,746 14,329
Long term deferred tax liability 634 2,694
Long-term loan - 1,219
Total long-term liabilities 10,380 18,242
------ ------
Total liabilities 217,153 320,623
------- -------
Shareholders' Equity (Deficiency)
Ordinary shares 74 74
Additional paid-in capital 241,154 311,113
Other comprehensive loss (389) (286)
Accumulated deficit (243,308) (299,581)
Total shareholders' equity (deficiency) (2,469) 11,320
------ ------
Total liabilities and shareholders' equity (deficiency) $214,684 $331,943
======== ========
Wix.com Ltd.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Three Months Ended Year Ended
December 31, December 31,
------------ ------------
2016 2017 2016 2017
---- ---- ---- ----
(unaudited) (audited) (unaudited)
OPERATING ACTIVITIES:
Net loss $(5,921) $(6,605) $(46,896) $(56,273)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation 890 1,560 4,538 5,654
Amortization 187 400 747 2,812
Share based compensation expenses 7,820 13,704 28,048 47,700
Tax benefit related to exercise of share options 151 - 731 -
Increase in accrued interest and exchange rate on short term and long term deposits (116) (472) (669) (632)
Deferred income taxes, net (243) (2,434) (317) (2,875)
Decrease (increase) in trade receivables (665) 138 (1,818) (1,936)
Decrease (increase) in prepaid expenses and other current and long-term assets 1,790 905 (6,284) (1,824)
Increase (decrease) in trade payables 3,435 (7,145) 8,290 11,834
Increase (decrease) in employees and payroll accruals (3,251) 1,855 2,956 1,527
Increase in short term and long term deferred revenues 13,476 13,658 51,966 58,353
Increase (decrease) in accrued expenses and other current liabilities 2,161 9,377 (719) 18,712
Net cash provided by operating activities 19,714 24,941 40,573 83,052
------ ------ ------ ------
INVESTING ACTIVITIES:
Proceeds from short-term deposits and restricted deposits 13,881 1,869 49,392 52,311
Investment in short-term deposits and restricted deposits (3,863) (65,000) (53,270) (121,650)
Purchase of property and equipment (1,031) (5,386) (4,415) (12,369)
Payment for Businesses acquired - - - (33,091)
Acquisition of Intangible assets (100) (75) (100) (75)
Net cash provided by (used in) investing activities 8,887 (68,592) (8,393) (114,874)
----- ------- ------ --------
FINANCING ACTIVITIES:
Proceeds from exercise of options and ESPP shares 6,515 4,978 21,658 24,158
Credit line repayment - - - (170)
Net cash provided by financing activities 6,515 4,978 21,658 23,988
----- ----- ------ ------
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 35,116 (38,673) 53,838 (7,834)
CASH AND CASH EQUIVALENTS-Beginning of period 57,948 123,903 39,226 93,064
CASH AND CASH EQUIVALENTS-End of period $93,064 $85,230 $93,064 $85,230
======= ======= ======= =======
Wix.com Ltd.
KEY PERFORMANCE METRICS
(In thousands)
Three Months Ended Year Ended
December 31, December 31,
------------ ------------
2016 2017 2016 2017
---- ---- ---- ----
(unaudited) (unaudited)
Revenues $84,176 $118,545 $290,103 $425,636
Collections $97,652 $132,203 $342,069 $483,989
Free Cash Flow $18,683 $19,555 $36,158 $70,683
Number of registered users at period end (*) 97,359 119,264 97,359 119,264
Number of premium subscriptions at period end (*) 2,465 3,223 2,465 3,223
(*) Excludes users and subscriptions of DeviantArt
Wix.com Ltd.
RECONCILIATION OF REVENUES TO COLLECTIONS
(In thousands)
Three Months Ended Year Ended
December 31, December 31,
------------ ------------
2016 2017 2016 2017
---- ---- ---- ----
(unaudited) (unaudited)
Revenues $84,176 $118,545 $290,103 $425,636
Change in deferred revenues 13,476 13,658 51,966 58,353
Collections $97,652 $132,203 $342,069 $483,989
======= ======== ======== ========
RECONCILIATION OF GAAP TO NON-GAAP OPERATING LOSS AND NET LOSS
(In thousands)
Three Months Ended Year Ended
December 31, December 31,
------------ ------------
2016 2017 2016 2017
---- ---- ---- ----
(1) Share based compensation expenses: (unaudited) (unaudited)
Cost of revenues $429 $946 $1,798 $2,930
Research and development 4,156 7,725 14,543 26,227
Selling and marketing 1,213 1,562 4,553 6,585
General and administrative 2,022 3,471 7,154 11,958
Total share based compensation expenses 7,820 13,704 28,048 47,700
----- ------ ------ ------
(2) Amortization 187 379 747 2,753
(3) Acquisition related expenses 614 3,143 2,708 8,657
(4) Taxes on income 258 (3,386) 838 (3,386)
Total adjustments of GAAP to Non GAAP $8,879 $13,840 $32,341 $55,724
====== ======= ======= =======
Wix.com Ltd.
RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT
(In thousands)
Three Months Ended Year Ended
December 31, December 31,
------------ ------------
2016 2017 2016 2017
---- ---- ---- ----
(unaudited) (unaudited)
Gross Profit $71,438 $100,869 $244,816 $356,245
Share based compensation expenses 429 946 1,798 2,930
Amortization - (1,292) - 505
Acquisition related expenses - - - 28
Non GAAP Gross Profit 71,867 100,523 246,614 359,708
------ ------- ------- -------
Non GAAP Gross margin 85% 85% 85% 85%
Wix.com Ltd.
RECONCILIATION OF OPERATING LOSS TO NON-GAAP OPERATING INCOME (LOSS)
(In thousands)
Three Months Ended Year Ended
December 31, December 31,
------------ ------------
2016 2017 2016 2017
---- ---- ---- ----
(unaudited) (unaudited)
Operating loss $(4,742) $(7,523) $(44,032) $(50,011)
Adjustments:
Share based compensation expenses 7,820 13,704 28,048 47,700
Amortization 187 379 747 2,753
Acquisition related expenses 614 3,143 2,708 8,657
Total adjustments $8,621 $17,226 $31,503 $59,110
------ ------- ------- -------
Non GAAP operating income (loss) $3,879 $9,703 $(12,529) $9,099
====== ====== ======== ======
( )
Wix.com Ltd.
RECONCILIATION OF NET LOSS TO NON-GAAP NET INCOME/(LOSS) AND NON-GAAP NET INCOME/(LOSS) PER SHARE
(In thousands, except per share data)
Three Months Ended Year Ended
December 31, December 31,
------------ ------------
2016 2017 2016 2017
---- ---- ---- ----
(unaudited) (unaudited)
Net loss $(5,921) $(6,605) $(46,896) $(56,273)
Share based compensation expense and other Non GAAP adjustments 8,879 13,840 32,341 55,724
Non-GAAP net income/(loss) $2,958 $7,235 $(14,555) $(549)
====== ====== ======== =====
Basic Non GAAP net income/(loss) per share $0.07 $0.16 $(0.35) $(0.01)
===== ===== ====== ======
Weighted average shares used in computing basic Non GAAP net income/(loss) per share 43,907,388 46,267,701 42,032,818 45,552,199
========== ========== ========== ==========
( )
Wix.com Ltd.
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
(In thousands)
Three Months Ended Year Ended
December 31, December 31,
------------ ------------
2016 2017 2016 2017
---- ---- ---- ----
(unaudited) (unaudited)
Net cash provided by operating activities $19,714 $24,941 $40,573 $83,052
Capital expenditures, net (1,031) (5,386) (4,415) (12,369)
Free Cash Flow $18,683 $19,555 $36,158 $70,683
======= ======= ======= =======
Wix.com Ltd.
RECONCILIATION OF BASIC WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING AND THE DILUTED WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
Three Months Ended Year Ended
December 31, December 31,
------------ ------------
2016 2017 2016 2017
---- ---- ---- ----
(unaudited) (unaudited)
Basic and diluted weighted average number of shares outstanding 43,907,388 46,267,701 42,032,818 45,552,199
========== ========== ========== ==========
The following items have been excluded from the diluted weighted average number of shares 8,405,787 8,212,554 8,405,787 8,212,554
outstanding because they are anti-dilutive:
Stock options 1,368,050 2,081,646 1,368,050 2,081,646
--------- --------- --------- ---------
Restricted share units 53,681,225 56,561,901 51,806,655 55,846,399
========== ========== ========== ==========
( )
Wix.com Ltd.
RECONCILIATION OF PROJECTED REVENUES TO PROJECTED COLLECTIONS
(In thousands)
Three Months Ended Year Ending
March 31, 2018 December 31, 2018
-------------- -----------------
Low High Low High
--- ---- --- ----
Projected
revenues
(*) $135,000 $136,000 $591,000 $595,000
Projected
change in
deferred
revenues $22,000 $22,000 54,000 58,000
------- ------- ------ ------
Projected
collections $157,000 $158,000 $645,000 $653,000
======== ======== ======== ========
(*) Guidance under ASC 606
(1) Revenue and collections guidance for Q1 2018 includes an additional $7 million benefit to both due to a change in accounting effective in 2018 related to the amended terms of our partnership agreement with Google. Excluding the accounting change, Q1 2018 revenue guidance would be $128-$129 million, or 38% - 39% y/y growth and Q1 2018 collections would be $150 - $151 million, or 31% - 32% y/y growth
(2) Revenue and collections guidance for FY 2018 includes an additional $30 million benefit to both due to a change in accounting effective in 2018 related to the amended terms of our partnership agreement with Google. Excluding the accounting change, FY 2018 revenue guidance would be $561-$565 million, or 32-33% y/y growth and FY 2018 collections guidance would be $615-623 million, or 27-29% y/y growth
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SOURCE Wix.com Ltd.
