Wix Reports Strong Third Quarter 2016 Results, Exceeding Expectations Leading To Significant Increase In Full Year Outlook

  • Exceeded High End of Guidance Range with Strong Top-Line Growth and Record Adjusted EBITDA
  • Grew Premium Subscriptions 40% Year Over Year to 2.3 Million
  • Achieved Record Levels of Conversion and Collections per New Subscription
  • Raised 2016 Outlook for All Key Metrics; Expect Collections Growth of 40% for Full Year 2016

NEW YORK, Nov. 10, 2016 (GLOBE NEWSWIRE) -- Wix.com Ltd. (Nasdaq:WIX), a leading global software platform for small businesses to operate online, today reported another strong quarter of financial results for the third quarter ended September 30, 2016. In addition, the Company provided its initial outlook for the fourth quarter 2016 and raised its financial outlook for all key metrics for the full year 2016.  

Q3 2016 Financial Summary
  Three months ended Sept 30        
$ in thousands   2016     2015     Y/Y growth   Prior Q3 2016 Outlook
                         
Revenue $ 75,611   $ 53,582       41 %   $72,000 - 73,000
Collections $ 87,270   $ 61,580       42 %   $83,000 - 84,000
Collections (FX neutral to Q3 2015) $ 87,995   $ 61,580       43 %    
                 
Operating Loss $ (9,032 ) $ (10,370 )     NM      
Non-GAAP Operating Loss $ (1,166 ) $ (4,893 )     NM      
                 
Adjusted EBITDA $ 11,365   $ 4,689       142 %   $9,000 - 10,000
Free Cash Flow $ 9,424   $ 5,402       74 %    
                         

"We delivered another quarter of outstanding financial results as our commitment to delivering the most comprehensive OS for small businesses continues to drive exceptional growth," said Avishai Abrahami, Co-founder and CEO of Wix. "Business owners coming to Wix continue to be amazed by the deep functionality of our platform and new products that enhance the value proposition of our ecosystem and strengthen our technology leadership. The initial engagement with Wix ADI, our most ambitious new product to date, has been very positive with growth in the number of new websites created and an increase in the adoption of our vertical applications. We remain very excited about the future of Wix ADI as we continue to expand this product in functionality and add languages globally."

If you liked this article you might like

Unearth This New Relic Trade

Rev's Forum: Attractive Setups To Keep an Eye on

Bull's Death Is Greatly Exaggerated: Cramer's 'Mad Money' Recap (Tuesday 6/20/17)

Freeport McMoRan, Wix, Zions Bancorporation: 'Mad Money' Lightning Round

Fed Crashes the Party: Cramer's 'Mad Money' Recap (Wednesday 4/5/17)