Wix Reports Third Quarter 2019 Results
NEW YORK, Nov. 14, 2019 /PRNewswire/ -- Wix.com Ltd. (Nasdaq: WIX) today reported strong financial results for the third quarter ended September 30, 2019. In addition, the Company provided its outlook for the fourth quarter 2019 and updated its outlook for the full year.
"The investment in marketing to professionals we announced earlier this year is already showing positive returns as agencies continue to increase their engagement with Wix," said Avishai Abrahami, Co-founder and CEO of Wix. "We continue to build out the Wix platform to provide the ability to create any website or application online, and I am excited about our momentum as we head into 2020."
Nir Zohar, President and COO of Wix, said, "Our results this quarter reflect strong growth in the lifetime value of our user cohorts. This growth has been driven by a combination of increasing subscriptions and monetization per subscription, which demonstrates the high value of our products and success with our recent pricing optimization efforts."
Lior Shemesh, CFO of Wix, said, "Our worldwide reach provides us with a global user base; however, it also subjects us to changes in foreign exchange rates. We have experienced strong growth this year, but our growth would be even stronger excluding changes in FX rates. Using constant currency rates on a year over year basis, we expect our revenue for the full year 2019 would be approximately $10 million higher and collections would be roughly $12 million higher, which would equate to 28% year over year growth. Despite this headwind, we are ending 2019 on a strong note and are excited about 2020."
Q3 2019 Financial Summary
Three months ended September 30, $ in thousands 2018 2019 Y/Y growth Prior Q3 2019 Outlook Revenue $155,600 $196,791 26% $196,000 - 198,000 Collections $162,777 $205,860 26% $204,000 - 206,000 --- Operating Income (Loss) $(3,498) $(20,605) NA $16,256 $12,258 (25)% Non-GAAP Operating Income --- $27,607 $36,073 31% Net Cash Provided by Operating Activities Free Cash Flow $23,691 $29,227 23%
Additional Q3 2019 Results and Highlights
-- Revenue in the third quarter was impacted by changes in foreign exchange (FX) rates since Q3 guidance was provided in July, as well as a change in revenue mix in the quarter -- Collections in the third quarter were impacted by changes in FX rates since Q3 guidance was provided in July. Assuming constant FX rates since Q3 guidance was issued in July, Q3 collections were $207.0M, up 27% y/y -- Gross margin on a GAAP basis in the third quarter of 2019 was 73%, compared to 79% in the third quarter of 2018 -- Non-GAAP gross margin in the third quarter of 2019, calculated as non-GAAP gross profit as a percent of revenue, was 74%, compared to 80% in the third quarter of 2018 -- The decline in non-GAAP gross margin is attributed to the growth of Wix Payments since its launch in Q4 2018, as well as the investment in expanding our Customer Solutions globally to provide a more personalized support experience for our users. We believe this investment and Wix Payments will drive incremental collections and revenue growth in 2020 and beyond -- GAAP operating loss in the third quarter of 2019 was $(20.6) million, compared to GAAP operating loss of $(3.5) million in the third quarter of 2018 -- The y/y growth in GAAP operating loss is due to the decline in gross margin as a result of the growth in Wix Payments, the investment we made in Customer Solutions, the increase in stock based compensation expenses as a result of increases in our share price and the accrual of approximately $3.2 million in sales tax expense in GAAP G&A expenses in Q3 2019 -- Non-GAAP operating income in the third quarter of 2019 was $12.3 million compared to non-GAAP operating income of $16.3 million in the third quarter of 2018. -- The y/y decline in non-GAAP operating income is attributed to the decline in gross margin as a result of the growth in Wix Payments, as well as the investment we made in Customer Solutions -- GAAP net loss in the third quarter of 2019 was $(17.4) million, or $(0.34) per share, compared to a net loss of $(5.9) million, or $(0.12) per share, for the third quarter of 2018 -- Non-GAAP net income in the third quarter of 2019 was $20.8 million, or $0.41 per share, compared to non-GAAP net income of $18.8 million, or $0.39 per share for the third quarter of 2018 -- Net cash provided by operating activities in the third quarter of 2019 was $36.1 million, while capital expenditures totaled $6.8 million, leading to free cash flow of $29.2 million, compared to $23.7 million of free cash flow in the third quarter of 2018, a 23% year-over-year increase -- Added 114,000 net premium subscriptions in the third quarter of 2019 to reach 4.4 million as of September 30, 2019, a 15% increase over the total number of premium subscriptions at the end of the third quarter of 2018 -- Added 5.5 million registered users in the third quarter of 2019. Registered users as of September 30, 2019 were 160 million, representing a 17% increase compared to the end of the third quarter of 2018
Recent Business Highlights
-- Introduced Wix Partner Program: This quarter, we began the roll out of the Wix Partner Program, which offers agencies professional resources to achieve their business goals and deliver custom solutions to their clients. The initial phase of this program includes extended support, access to the tailored dashboard, forum, and product betas, as well as migration support and a complimentary business website. Future products and offerings for this program are planned for early 2020 -- Announced a strategic partnership with NTT Town Page: In September, we announced a partnership with NTT Town Page, which provides a leading Japanese business directory, offering "NTT Town Page Digital Lead Powered by Wix" to NTT Town Page small business customers across Japan. The service will include a complete suite of products including website creation, site management, e-commerce and SEO capabilities to power online marketing and promotion for small and medium-sized businesses. As a result of this venture, Wix will serve as the exclusive website platform provider to NTT Town Page, positioning Wix to become the leading digital marketing solution for millions of businesses in Japan -- Introduced enhanced payment options in Japan: In August, we announced a partnership with GMO Epsilon to provide a local payment option for Wix merchants in Japan. Wix businesses in Japan are now able to offer GMO-EP's payment solutions to customers through their online businesses, enabling credit card payments with lower processing fees, direct bank transfers, and additional features to make growing a business on Wix even more convenient -- Renewing of the share repurchase authorization: As previously disclosed, Wix is authorized by the Israeli District Court to repurchase up to $100 million of its ordinary shares from time to time, until December 31, 2019, when the current court authorization expires. Wix plans to file in the coming days a motion seeking a renewed court approval in Israel to re-authorize the Company to repurchase up to $100 million of its ordinary shares from time to time until December 31, 2020, or a shorter period as approved by the court. Wix expects the motion to be re-approved before the expiration of the current authorization. Wix did not repurchase any shares in the quarter ended September 30, 2019
Financial Outlook
Wix is introducing its outlook for the fourth quarter 2019:
Q4 2019 Outlook Y/Y growth Revenue $204 - $206 million 24% - 25% Collections $222 - $225 million 26% - 28%
Wix is also updating its outlook for the full year 2019. The updated full year guidance is inclusive of changes in FX rates since we last provided full year guidance in July. Had FX rates stayed constant since that time, we would have raised FY 2019 collections guidance from the prior range of $825-$831 million by approximately $3.5 million at the midpoint of the range to $830-$833 million, and FY 2019 free cash flow guidance from the prior range of $123-$126 million by approximately $2.5 million at the midpoint of the range to $126-$128 million.
Updated Y/Y growth Updated FY 2019 Prior FY 2019 Outlook Outlook (FX neutral FY 2019 Outlook to July 2019) Revenue $761 - $763 million 26% $762 - $764 million $761 - $765 million Collections $828 - $831 million 26% $830 - $833 million $825 - $831 million Free Cash Flow $124 - $126 million 22%-24% $126 - $128 million $123 - $126 million
Conference Call and Webcast Information
Wix will host a conference call at 8:30 a.m. ET on Thursday, November 14, 2019 to answer questions about the financial and operational performance of the business for the third quarter ended September 30, 2019. 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 +1-877-667-0467 (US/ Canada), +1-346-354-0953 (International) or 1-809-315-362 (Israel) at least ten minutes prior to the start time of the call and reference Conference ID 6392716. A telephonic replay of the call will be available through November 21, 2019 at 11:30 a.m. ET by dialing +1-855-859-2056 and providing Conference ID 6392716.
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 website development platform for over 160 million registered users worldwide today. The Wix website builder 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, Ascend by Wix and Corvid by Wix 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, Tokyo and Vilnius.
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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, cumulative cohort collections, collections on a constant currency basis, revenue on a constant currency basis, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss), non-GAAP net income (loss) per share and free cash flow (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, acquisition-related expenses and sales tax expense accrual. 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, 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.
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 "Reconciliation of GAAP to Non-GAAP Financial Measures" 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 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. The Company has also not reconciled future collections over the next eight years from existing user cohorts. Items that impact future revenue and deferred revenue over an eight year period cannot be reasonably predicted. Accordingly, a reconciliation to revenue is not available without unreasonable effort.
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, collections 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 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 including through the launch of our Wix Partner Program; our ability to create new and higher monetization opportunities from our premium subscriptions; our ability to enter into new markets, and attract new customer segments, for example through our recent strategic partnership with NTT Town Page and our partnership with a Japanese payment provider, intended to expand our reach to customers in Japan; our ability to maintain and enhance our brand and reputation; our prediction of the future collections generated by our user cohorts; our share repurchases made pursuant to our share repurchase plan; 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, including through the recent expansion of our Customer Solutions organization by engaging additional agents around the world to provide 24/7 support in nine different languages; the success of our sales efforts; customer acceptance and satisfaction of new products and other challenges inherent in new product development; changes to technologies used in our solutions; or changes in global, national, regional or local economic, business, competitive, market, regulatory and other factors discussed under the heading "Risk Factors" in the Company's 2018 annual report on Form 20-F filed with the Securities and Exchange Commission on April 9, 2019. 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
investors.wix.com
ir@wix.com
914-267-7390
Media Relations:
Vivian Hernandez
Wix Press Room
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, --- 2018 2019 2018 2019 --- (unaudited) (audited) (unaudited) Revenue $155,600 $196,791 $439,507 $556,500 Cost of revenue 32,977 53,295 92,458 139,672 --- Gross Profit 122,623 143,496 347,049 416,828 Operating expenses: Research and development 49,360 64,488 144,354 184,157 Selling and marketing 62,247 75,862 188,113 232,909 General and administrative 14,514 23,751 43,039 62,320 --- Total operating expenses 126,121 164,101 375,506 479,386 --- Operating loss (3,498) (20,605) (28,457) (62,558) Financial expenses, net (2,509) 1,242 (1,106) (1,068) Other income (expenses) 17 117 101 149 --- Loss before taxes on income (5,990) (19,246) (29,462) (63,477) Taxes on income (74) (1,879) 1,905 1,364 Net loss $(5,916) $(17,367) $(31,367) $(64,841) Basic and diluted net loss per share $(0.12) $(0.34) $(0.66) $(1.29) Basic and diluted weighted-average shares used to compute net loss per share 48,498,392 50,862,253 47,671,718 50,232,546 ===
Wix.com Ltd. CONDENSED CONSOLIDATED BALANCE SHEET (In thousands) Period ended December 31, September 30, 2018 2019 Assets (audited) (unaudited) Current Assets: Cash and cash equivalents $331,057 $283,158 Short term deposits 349,619 304,113 Restricted cash and deposit 1,149 1,149 Marketable securities 22,992 187,451 Trade receivables 13,528 16,201 Prepaid expenses and other current assets 11,939 27,229 Total current assets 730,284 819,301 Long Term Assets: Property and equipment, net 21,947 30,634 Marketable securities 47,225 87,406 Prepaid expenses and other long-term assets 3,065 4,093 Intangible assets and goodwill, net 42,229 40,726 Operating lease assets 53,979 Total long-term assets 114,466 216,838 Total assets $844,750 $1,036,139 Liabilities and Shareholder's Equity Current Liabilities: Trade payables $45,567 $48,214 Employees and payroll accruals 32,036 40,725 Deferred revenues 227,226 269,379 Accrued expenses and other current liabilities 35,564 47,410 Operating lease liabilities 14,267 Total current liabilities 340,393 419,995 Long term deferred revenues 12,494 19,643 Long term deferred tax liability 602 425 Convertible senior notes 337,777 353,362 Long term loan 1,219 1,219 Other long term liabilities 2,482 Long term operating lease liabilities 40,246 Total long term liabilities 352,092 417,377 Total liabilities 692,485 837,372 Shareholders' Equity Ordinary shares 88 94 Additional paid-in capital 472,239 580,519 Other comprehensive loss (1,691) 1,366 Accumulated deficit (318,371) (383,212) Total shareholders' equity 152,265 198,767 Total liabilities and shareholders' equity $844,750 $1,036,139
Wix.com Ltd. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Three Months Ended Nine Months Ended September 30, September 30, --- 2018 2019 2018 2019 --- (unaudited) (audited) (unaudited) OPERATING ACTIVITIES: Net loss $(5,916) $(17,367) $(31,367) $(64,841) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation 2,213 3,194 6,306 8,779 Amortization 733 733 2,052 2,203 Share based compensation expenses 18,760 28,392 52,203 80,864 Amortization of debt discount and debt issuance costs 4,965 5,274 4,965 15,585 Decrease (increase) in accrued interest and exchange rate on short term and long term deposits (493) 137 (1,390) 731 Amortization of premium and discount and accrued interest on marketable securities, net 74 (140) 86 (99) Deferred income taxes, net (341) (346) (746) 187 Decrease (increase) in trade receivables (5,729) 2,029 (3,005) (2,503) Decrease (increase) in prepaid expenses and other current and long-term assets 7,512 (1,683) (10,037) (12,824) Increase in trade payables 2,184 2,278 5,566 3,606 Increase (decrease) in employees and payroll accruals (7,368) 109 6,063 12,344 Increase in short term and long term deferred revenues 7,177 9,069 42,820 49,302 Increase in accrued expenses and other current liabilities 3,836 4,394 6,138 14,993 Net cash provided by operating activities 27,607 36,073 79,654 108,327 --- INVESTING ACTIVITIES: Proceeds from short-term deposits and restricted deposits 96,015 164,000 115,126 245,775 Investment in short-term deposits and restricted deposits (172,999) (175,000) (324,779) (203,100) Investment in marketable securities (37,678) (127,967) (52,657) (264,583) Proceeds from marketable securities 1,357 32,246 15,793 61,302 Purchase of property and equipment (3,865) (6,712) (10,372) (17,777) Capitalization of software development costs (51) (134) (313) (523) Investment in other long-term assets (500) - Purchases of investments in privately-held companies (262) (262) Payment for Businesses acquired (700) Net cash used in investing activities (117,221) (113,829) (257,702) (179,868) --- FINANCING ACTIVITIES: Proceeds from exercise of options and ESPP shares 6,082 9,452 27,973 23,642 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) - Net cash provided by financing activities 55,327 9,452 412,784 23,642 --- INCREASE IN CASH AND CASH EQUIVALENTS (34,287) (68,304) 234,736 (47,899) CASH AND CASH EQUIVALENTS-Beginning of period 354,253 351,462 85,230 331,057 CASH AND CASH EQUIVALENTS-End of period $319,966 $283,158 $319,966 $283,158
Wix.com Ltd. KEY PERFORMANCE METRICS (In thousands) Three Months Ended Nine Months Ended September 30, September 30, 2018 2019 2018 2019 (unaudited) (unaudited) Revenues $155,600 $196,791 $439,507 $556,500 Collections $162,777 $205,860 $482,327 $605,802 Free Cash Flow $23,691 $29,227 $68,969 $90,027 Number of registered users at period end (*) 136,538 159,543 136,538 159,543 Number of premium subscriptions at period end (*) 3,836 4,410 3,836 4,410 (*) 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, 2018 2019 2018 2019 (unaudited) (unaudited) Revenues $155,600 $196,791 $439,507 $556,500 Change in deferred revenues 7,177 9,069 42,820 49,302 Collections $162,777 $205,860 $482,327 $605,802 Wix.com Ltd. TOTAL ADJUSTMENTS GAAP TO NON-GAAP (In thousands) Three Months Ended Nine Months Ended September 30, September 30, 2018 2019 2018 2019 (1) Share based compensation expenses: (unaudited) (unaudited) Cost of revenues $1,102 $1,525 $3,268 $4,272 Research and development 10,372 14,886 28,327 41,261 Selling and marketing 2,597 4,590 6,991 13,844 General and administrative 4,689 7,391 13,617 21,487 Total share based compensation expenses 18,760 28,392 52,203 80,864 (2) Amortization 733 733 2,052 2,203 (3) Acquisition related expenses 261 564 2,635 617 (4) Amortization of debt discount and debt issuance costs 4,965 5,274 4,965 15,585 (5) Sales tax accrual 3,174 3,174 (6) Non-operating foreign exchange expenses (income) 56 1,648 Total adjustments of GAAP to Non GAAP $24,719 $38,193 $61,855 $104,091 Wix.com Ltd. RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT (In thousands) Three Months Ended Nine Months Ended September 30, September 30, 2018 2019 2018 2019 (unaudited) (unaudited) Gross Profit $122,623 $143,496 $347,049 $416,828 Share based compensation expenses 1,102 1,525 3,268 4,272 Amortization 142 142 426 425 Non GAAP Gross Profit 123,867 145,163 350,743 421,525 Non GAAP Gross margin 80% 74% 80% 76% Wix.com Ltd. RECONCILIATION OF OPERATING LOSS TO NON-GAAP OPERATING INCOME (In thousands) Three Months Ended Nine Months Ended September 30, September 30, 2018 2019 2018 2019 (unaudited) (unaudited) Operating loss $(3,498) $(20,605) $(28,457) $(62,558) Adjustments: Share based compensation expenses 18,760 28,392 52,203 80,864 Amortization 733 733 2,052 2,203 Sales tax accrual 3,174 3,174 Acquisition related expenses 261 564 2,635 617 Total adjustments $19,754 $32,863 $56,890 $86,858 Non GAAP operating income $16,256 $12,258 $28,433 $24,300 Wix.com Ltd. RECONCILIATION OF NET LOSS TO NON-GAAP NET INCOME AND NON-GAAP NET INCOME PER SHARE (In thousands, except per share data) Three Months Ended Nine Months Ended September 30, September 30, 2018 2019 2018 2019 (unaudited) (unaudited) Net loss $(5,916) $(17,367) $(31,367) $(64,841) Share based compensation expense and other Non GAAP adjustments 24,719 38,193 61,855 104,091 Non-GAAP net income $18,803 $20,826 $30,488 $39,250 Basic Non GAAP net income per share $0.39 $0.41 $0.64 $0.78 Weighted average shares used in computing basic Non GAAP net income\ per share 48,498,392 50,862,253 47,671,718 50,232,546 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, 2018 2019 2018 2019 (unaudited) (unaudited) Net cash provided by operating activities $27,607 $36,073 $79,654 $108,327 Capital expenditures, net (3,916) (6,846) (10,685) (18,300) Free Cash Flow $23,691 $29,227 $68,969 $90,027 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, 2018 2019 2018 2019 (unaudited) (unaudited) Basic and diluted weighted average number of shares outstanding 48,498,392 50,862,253 47,671,718 50,232,546 The following items have been excluded from the diluted weighted average number of shares outstanding because they are anti-dilutive: Stock options 7,714,715 7,571,765 7,714,715 7,571,765 Restricted share units 2,051,910 2,231,470 2,051,910 2,231,470 58,265,017 60,665,488 57,438,343 60,035,781 Wix.com Ltd. RECONCILIATION OF PROJECTED REVENUES TO PROJECTED COLLECTIONS (In thousands) Three Months Ended YearEnding December 31, 2019 December 31, 2019 Low High Low High Projected revenues 204,000 206,000 761,000 763,000 Projected change in deferred revenues 18,000 19,000 67,000 68,000 Projected collections $222,000 $225,000 $828,000 $831,000 Wix.com Ltd. RECONCILIATION OF PROJECTED REVENUES TO PROJECTED COLLECTIONS (FX NEUTRAL TO JULY 2019) (In thousands) YearEnding December 31, 2019 Low High Projected revenues 762,000 764,000 Projected change in deferred revenues 68,000 69,000 Projected collections $830,000 $833,000 Wix.com Ltd. RECONCILIATION OF PROJECTED REVENUES TO PROJECTED COLLECTIONS (FX NEUTRAL 2018 TO 2019) (In thousands) YearEnding December 31, 2019 Low High Projected revenues 771,000 773,000 Projected change in deferred revenues 69,000 70,000 Projected collections $840,000 $843,000
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