Wix Reports Third Quarter 2018 Results
NEW YORK, Nov. 13, 2018 /PRNewswire/ -- Wix.com Ltd. (Nasdaq: WIX), a leading cloud-based web development platform, today reported financial results for the third quarter ended September 30, 2018. In addition, the Company provided its initial outlook for the fourth quarter of 2018 and updated its 2018 full year guidance.
"Our strong third quarter results demonstrate that we continue to develop a product experience on Wix that is best in class," said Avishai Abrahami, Co-founder and CEO of Wix. "Wix is in the midst of another substantial product release cycle to deliver even more value to our users - we recently introduced Wix Payments, as well as enhancements to Wix Code and the all new Wix Video Maker, and we have begun releasing the new DeviantArt platform to its community. We also plan to announce a new product in December that will elevate how small businesses are managed and grow online. With these new products, and the performance we have seen to date, we look forward to continuing our momentum throughout 2019."
Lior Shemesh, CFO of Wix, added "Our business model is a unique combination of strong top line growth and improving profitability, which was again demonstrated with our third quarter results. These results are also a reflection of the strong returns we continue to realize on our investments in R&D and marketing as well as the consistency and predictability of our business."
Q3 2018 Financial Summary
Three months ended
Sept 30,
$ in thousands 2017 2018 Y/Y growth
Prior Q3 2018
Outlook
Revenue $111,031 $155,600 40%
$152,000 - 153,000
Collections $120,119 $162,777 36%
$161,000 - 162,000
---
Operating Loss ($11,454) ($3,498)
NA
Non-GAAP Operating $3,418 $16,256 376%
Income
Net Cash Provided by $22,063 $27,607 25%
Operating Activities
Free Cash Flow $18,935 $23,691 25%
Additional Q3 2018 Results and Highlights
-- Revenue in the third quarter of 2018 was $155.6 million, a 40% increase
over the same period last year. Under ASC 605, third quarter revenue
would have been $153.6 million, a 38% increase over last year
-- Collections in the third quarter of 2018 were $162.8 million, a 36%
increase over the prior year period
-- Gross margin on a GAAP basis in the third quarter of 2018 was 79%,
compared to 83% for the third quarter of 2017; non-GAAP gross margin in
the third quarter of 2018, calculated as non-GAAP gross profit as a
percent of revenue, was 80%, compared to 84% for the third quarter of
2017
-- Under ASC 605, third quarter 2018 GAAP gross margin as a percent of
revenue would have also been 79%
-- Results in the third quarter include the impact of the change from
net (agent) to gross (principal) accounting related to the amended
terms of our partnership agreement with Google announced earlier
this year. As previously stated, this impact is an approximately $30
million benefit to FY 2018 revenue and collections and approximately
$7-8 million each quarter in 2018. This impact also has resulted in
a year-over-year decrease in our GAAP and non-GAAP gross margins
-- GAAP net loss in the third quarter of 2018 was $(5.9) million, or
$(0.12) per share, compared to a net loss of $(14.5) million, or $(0.32)
per share, for the third quarter of 2017. Under ASC 605, third quarter
2018 GAAP net loss would have been $(7.0) million
-- Non-GAAP net income in the third quarter of 2018 was $18.8 million, or
$0.39 per share, compared to non-GAAP net income of $0.4 million, or
$0.01 per share for the third quarter of 2017. Under ASC 605, third
quarter 2018 non-GAAP net income would have been $17.7 million
-- Net cash provided by operating activities in the third quarter of 2018
was $27.6 million, while capital expenditures totaled $3.9 million,
leading to free cash flow of $23.7 million, compared to $18.9 million of
free cash flow in the third quarter of 2017, a 25% year-over-year
increase
-- Added 177,000 net premium subscriptions in the third quarter of 2018 to
reach 3.8 million as of September 30, 2018, a 26% increase over the
total number of subscriptions at the end of the third quarter of 2017
-- Added 5.5 million registered users in the third quarter of 2018.
Registered users as of September 30, 2018 were 137 million, representing
a 20% increase compared to the end of the third quarter of 2017
Recent Business Highlights
-- Announcing Wix Payments: Wix recently launched Wix Payments, a
comprehensive payments platform to help owners manage and grow their
business. Wix Payments allows users to set up and accept payments
without the need to integrate third party payment providers. Wix
Payments also enables small businesses to manage their entire financial
flow, from sales to payouts, in a single place, solving a significant
challenge with doing business online. Any type of business, including
e-commerce retailers, service providers, restaurants, hotels, musicians,
photographers and many more, will be able to take advantage of the
efficiency, reliability and safety provided by Wix Payments. Wix
Payments is available today in Brazil and will be available in the US
and Europe in early 2019. Additional markets in Latin America and Asia
Pacific will also gain access to Wix Payments throughout 2019.
-- Momentum in Wix Code Adoption Continues: New functionalities have
enabled users to create more complex and robust websites with Wix Code
than ever before on Wix, and we are seeing evidence that our strategy of
penetrating the professional market is succeeding ahead of our
expectations. Users of Wix Code who have purchased subscriptions are
purchasing multiple subscriptions at a rate of more than four times
non-Wix Code users, an indication that usage by professionals is
increasing. Further, traffic of visitors to sites built using Wix Code
is five times more than traffic to non-Wix Code sites, an indication
that these sites are more robust. We believe this data indicates that
Wix Code is opening us up to a new, more professional customer base.
-- Launched the Wix Video Maker: To enable Wix users to market and grow
their business through the use of video content, we launched the Wix
Video Maker. Wix users can now quickly create custom videos to showcase
their business, products or brand on their Wix website or other
channels. This product solves the challenge small businesses face in
creating engaging video content for advertisements, allowing them to
compete with larger businesses online.
-- Began Testing the New DeviantArt: In October, we began testing the newly
redesigned and modernized DeviantArt platform with its most active
community members. We are gathering and implementing feedback from this
group and are on schedule to launch the new platform to all users in the
coming months, consistent with the timeline we established when we
acquired DeviantArt.
-- Opened Customer Support Center in Dublin: Wix opened a Customer Support
Center in Dublin, Ireland to further enhance our global support
infrastructure. The location will cater to users in multiple languages,
including English, French, Spanish, Portuguese, German and Italian.
-- Announces Board Authorization of Share Repurchase Plan: The Wix Board of
Directors has authorized a share repurchase plan under which up to $100
million is available to purchase Wix's outstanding ordinary shares. Wix
intends to file a motion seeking court approval in Israel to extend the
previously approved right to repurchase shares granted in July 2018 that
expires December 31, 2018. The extension requested would be for six
months, commencing on the later of (i) December 31, 2018 or (ii) the
receipt of the required court approval. Wix intends to continue filing
extension requests on an ongoing basis as required. Subject to approval
by the Israeli courts, under the board authorized plan, shares may be
repurchased from time to time in open market transactions at prevailing
market prices, in privately negotiated transactions or by other means in
accordance with federal securities laws and regulations, and the
repurchase plan may be suspended or discontinued at any time. For all or
a portion of the authorized repurchase amount, Wix may enter into a plan
that is compliant with Rule 10b5-1 of the United States Securities
Exchange Act of 1934, as amended, that is designed to facilitate these
purchases. The actual timing, number and value of shares repurchased
depend on a number of factors, including the market price of Wix's
common stock, general market and economic conditions and other corporate
considerations.
Financial Outlook
Wix is introducing its outlook for the fourth quarter of 2018 as follows:
Q4 2018 Outlook
Y/Y growth
Revenue
$161- $162 million 36% - 37%
Collections
$176 - $178 million 33% - 35%
Wix is updating its outlook for the full year 2018, which reflects the continued decline in foreign exchange rates since guidance was last provided in July. Had FX rates stayed constant, we would have raised the collections and free cash flow outlook by approximately $2 million, or $660-$662 million for collections and $103-$105 million for free cash flow.
2018 Outlook
Prior
Updated
Y/Y growth
Revenue
$597 - $599 million
$601 - $602 million 41%
Collections
$656 - $660 million
$658 - $660 million 36%
Free Cash Flow
$101 - $103 million
$101- $103 million 43% - 46%
Conference Call and Webcast Information
Wix will host a conference call at 5:00 p.m. ET on Tuesday, November 13, 2018 to answer questions about the financial and operational performance of the business during the third quarter of 2018. The conference call will include a brief statement by management and will focus on answering questions about our results during the quarter. 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/. 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 866-966-5335 (US/Canada), +44-203-003-2666 (International) or 1-809-216-213 (Israel) at least ten minutes prior to the start time of the call and reference Conference ID WIX. A telephonic replay of the call will be available through November 20, 2018 at 11:59 p.m. ET by dialing +44-(0)-208-196-1998 and providing Conference ID 84853377.
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 139 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, Dublin, 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 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, and acquisition-related expenses. Non-GAAP net income (loss) represents net loss calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, amortization, amortization of debt discount and debt issuance costs, and acquisition-related expenses. 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 tables included with this press release. 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 has not reconciled its free cash flow guidance to net cash provided by operating activities because net cash provided by operating activities is not accessible on a forward-looking basis. Items that impact net cash provided by operating activities are out of the Company's control and/or cannot be reasonably predicted. Accordingly, a reconciliation to net cash provided by operating activities 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 prediction of the future collections generated by our user cohorts; 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 2017 annual report on Form 20-F filed with the Securities and Exchange Commission on March 29, 2018. 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
pr@wix.com
415-517-6539
Wix.com Ltd.
CONSOLIDATED STATEMENTS OF OPERATIONS - GAAP
(In thousands, except loss per share data)
Three Months Ended
Nine Months Ended
September 30,
September 30,
---
2017 2018 2017 2018
---
(unaudited)
(unaudited)
Revenue $111,031 $155,600 $307,091 $439,507
Cost of revenue 18,827 32,977 51,715 92,458
---
Gross Profit 92,204 122,623 255,376 347,049
Operating expenses:
Research and development 40,252 49,360 109,670 144,354
Selling and marketing 51,184 62,247 153,529 188,113
General and administrative 12,222 14,514 34,665 43,039
---
Total operating expenses 103,658 126,121 297,864 375,506
---
Operating loss (11,454) (3,498) (42,488) (28,457)
Financial expenses, net (1,978) (2,509) (3,873) (1,106)
Other income (expenses) (4) 17 (3) 101
---
Loss before taxes on income (13,436) (5,990) (46,364) (29,462)
Taxes on income 1,083 (74) 3,304 1,905
Net loss $(14,519) $(5,916) $(49,668) $(31,367)
Basic and diluted net loss per share $(0.32) $(0.12) $(1.10) $(0.66)
Basic and diluted weighted-average shares used to compute net loss per share 45,843,390 48,498,392 45,309,940 47,671,718
===
Wix.com Ltd.
CONDENSED CONSOLIDATED BALANCE SHEET
(In thousands)
Period ended
December 31,
September 30,
---
2017 2018
Assets
(audited)
(unaudited)
Current Assets:
Cash and cash equivalents $85,230 $319,966
Short term deposits 115,382 326,425
Restricted cash and deposit 949 949
Marketable securities 32,730 69,237
Trade receivables 11,400 14,405
Prepaid expenses and other current assets 19,246 18,304
Total current assets 264,937 749,286
Property, equipment and software, net
Long Term Assets:
Property and equipment, net 16,201 20,638
Prepaid expenses and other long-term assets 3,823 1,724
Intangible assets and goodwill, net 45,052 42,961
Total long-term assets 65,076 65,323
Total assets $330,013 $814,609
===
Liabilities and Shareholder's Equity
Current Liabilities:
Trade payables $34,240 $39,864
Employees and payroll accruals 28,067 31,101
Deferred revenues 202,482 219,555
Accrued expenses and other current liabilities 37,592 43,444
Total current liabilities 302,381 333,964
Long term deferred revenues 14,329 11,923
Long term deferred tax liability 764 642
Convertible senior notes - 332,738
Long term loan 1,219 1,219
Total long term liabilities 16,312 346,522
Total liabilities 318,693 680,486
Shareholders' Equity
Ordinary shares 80 87
Additional paid-in capital 311,107 451,345
Other comprehensive loss (286) (1,072)
Accumulated deficit (299,581) (316,237)
Total shareholders' equity 11,320 134,123
Total liabilities and shareholders' equity $330,013 $814,609
===
Wix.com Ltd.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
Three Months Ended Nine Months Ended
September 30,
September 30,
---
2017 2018 2017 2018
---
(unaudited)
(unaudited)
OPERATING ACTIVITIES:
Net loss $(14,519) $(5,916) $(49,668) $(31,367)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation 1,451 2,213 4,094 6,306
Amortization 950 733 2,412 2,052
Share based compensation expenses 13,035 18,760 33,996 52,203
Amortization of debt discount and debt issuance costs 4,965 4,965
Increase in accrued interest and exchange rate on short term and long term deposits 7 (493) (160) (1,390)
Amortization of premium and discount and accrued interest on marketable securities, net 74 86
Deferred income taxes, net (44) (341) (441) (746)
Decrease in trade receivables (2,834) (5,729) (2,074) (3,005)
Decrease (increase) in prepaid expenses and other current and long-term assets 441 7,512 (2,729) (10,037)
Increase in trade payables 12,320 2,184 18,979 5,566
Increase (decrease) in employees and payroll accruals (123) (7,368) (328) 6,063
Increase in short term and long term deferred revenues 9,088 7,177 44,695 42,820
Increase in accrued expenses and other current liabilities 2,291 3,836 9,335 6,138
Net cash provided by operating activities 22,063 27,607 58,111 79,654
---
INVESTING ACTIVITIES:
Proceeds from short-term deposits and restricted deposits 17,392 96,015 50,442 115,126
Investment in short-term deposits and restricted deposits (41,000) (172,999) (56,650) (324,779)
Investment in marketable securities (37,678) (52,657)
Proceeds from marketable securities 1,357 15,793
Purchase of property and equipment (3,128) (3,865) (6,983) (10,372)
Capitalization of software development costs (51) (313)
Acquisition of Intangible assets (500)
Payment for Businesses acquired (33,091) -
Net cash used in investing activities (26,736) (117,221) (46,282) (257,702)
---
FINANCING ACTIVITIES:
Proceeds from exercise of options and ESPP shares 4,444 6,082 19,180 27,973
Proceeds from issuance of convertible senior notes 57,750 442,750
Payments of debt issuance costs (2,591) (12,601)
Purchase of capped call (5,914) (45,338)
Credit line repayment (170) -
Net cash provided by financing activities 4,444 55,327 19,010 412,784
---
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (229) (34,287) 30,839 234,736
CASH AND CASH EQUIVALENTS-Beginning of period 124,132 354,253 93,064 85,230
CASH AND CASH EQUIVALENTS-End of period $123,903 $319,966 $123,903 $319,966
Wix.com Ltd.
KEY PERFORMANCE METRICS
(In thousands)
Three Months Ended
Nine Months Ended
September 30,
September 30,
---
2017 2018 2017 2018
---
(unaudited)
(unaudited)
Revenues $111,031 $155,600 $307,091 $439,507
Collections $120,119 $162,777 $351,786 $482,327
Free Cash Flow $18,935 $23,691 $53,866 $68,969
Number of registered users at period end (*) 113,923 136,538 113,923 136,538
Number of premium subscriptions at period end (*) 3,053 3,836 3,053 3,836
(*) Excludes users and subscriptions of DeviantArt
Wix.com Ltd.
RECONCILIATION OF REVENUES TO COLLECTIONS
(In thousands)
Three Months Ended
Nine Months Ended
September 30,
September 30,
---
2017 2018 2017 2018
---
(unaudited)
(unaudited)
Revenues $111,031 $155,600 $307,091 $439,507
Change in deferred revenues 9,088 7,177 44,695 42,820
Collections $120,119 $162,777 $351,786 $482,327
TOTAL ADJUSTMENTS OF GAAP TO NON-GAAP
(In thousands)
Three Months Ended
Nine Months Ended
September 30,
September 30,
---
2017 2018 2017 2018
---
(1) Share based compensation expenses:
(unaudited)
(unaudited)
Cost of revenues $783 $1,102 $1,984 $3,268
Research and development 7,190 10,372 18,502 28,327
Selling and marketing 1,826 2,597 5,023 6,991
General and administrative 3,236 4,689 8,487 13,617
Total share based compensation expenses 13,035 18,760 33,996 52,203
---
(2) Amortization 948 733 2,374 2,052
(3) Acquisition related expenses 889 261 5,514 2,635
(4) Amortization of debt discount and debt issuance costs 4,965 4,965
Total adjustments of GAAP to Non-GAAP $14,872 $24,719 $41,884 $61,855
Wix.com Ltd.
RECONCILIATION OF GROSS PROFIT TO NON-GAAP GROSS PROFIT
(In thousands)
Three Months Ended
Nine Months Ended
September 30,
September 30,
---
2017 2018 2017 2018
---
(unaudited)
(unaudited)
Gross Profit $92,204 $122,623 $255,376 $347,049
Share based compensation expenses 783 1,102 1,984 3,268
Amortization 757 142 1,797 426
Acquisition related expenses 28 -
Non-GAAP Gross Profit 93,744 123,867 259,185 350,743
---
Non-GAAP Gross margin 84% 80% 84% 80%
Wix.com Ltd.
RECONCILIATION OF OPERATING LOSS TO NON-GAAP OPERATING INCOME (LOSS)
(In thousands)
Three Months Ended
Nine Months Ended
September 30,
September 30,
---
2017 2018 2017 2018
---
(unaudited)
(unaudited)
Operating loss $(11,454) $(3,498) $(42,488) $(28,457)
Adjustments:
Share based compensation expenses 13,035 18,760 33,996 52,203
Amortization 948 733 2,374 2,052
Acquisition related expenses 889 261 5,514 2,635
Total adjustments $14,872 $19,754 $41,884 $56,890
Non-GAAP operating income (loss) $3,418 $16,256 $(604) $28,433
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
Nine Months Ended
September 30,
September 30,
---
2017 2018 2017 2018
---
(unaudited)
(unaudited)
Net loss $(14,519) $(5,916) $(49,668) $(31,367)
Share based compensation expense and other Non GAAP adjustments 14,872 24,719 41,884 61,855
Non-GAAP net income (loss) $353 $18,803 $(7,784) $30,488
Basic Non-GAAP net income (loss) per share $0.01 $0.39 $(0.17) $0.64
Weighted average shares used in computing basic Non-GAAP net income (loss) per share 45,843,390 48,498,392 45,309,940 47,671,718
===
Wix.com Ltd.
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
(In thousands)
Three Months Ended
Nine Months Ended
September 30,
September 30,
---
2017 2018 2017 2018
---
(unaudited)
(unaudited)
Net cash provided by operating activities $22,063 $27,607 $58,111 $79,654
Capital expenditures, net (3,128) (3,916) (6,983) (10,685)
DeviantArt acquisition costs 2,738 -
Free Cash Flow $18,935 $23,691 $53,866 $68,969
Wix.com Ltd.
RECONCILIATION OF BASIC WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING AND THE DILUTED WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING
Three Months Ended
Nine Months Ended
September 30,
September 30,
---
2017 2018 2017 2018
---
(unaudited)
(unaudited)
Basic and diluted weighted average number of shares outstanding 45,843,390 48,498,392 45,309,940 47,671,718
===
The following items have been excluded from the diluted weighted average number of shares
outstanding because they are anti-dilutive:
Stock options 8,336,919 7,714,715 8,336,919 7,714,715
Restricted share units 1,968,870 2,051,910 1,968,870 2,051,910
56,149,179 58,265,017 55,615,729 57,438,343
===
Wix.com Ltd.
RECONCILIATION OF PROJECTED REVENUES TO PROJECTED COLLECTIONS
(In thousands)
Three Months Ended
YearEnding
December 31, 2018
December 31, 2018
---
Low
High
Low
High
Projected revenues (*) 161,000 162,000 601,000 602,000
Projected change in deferred revenues 15,000 16,000 57,000 58,000
Projected collections $176,000 $178,000 $658,000 $660,000
(*) Guidance under ASC 606
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SOURCE Wix.com Ltd.
