Wix.com (WIX) Tops Q4 EPS by 26c; offers guidance

Wix.com (NASDAQ: WIX) reported Q4 EPS of $1.22, $0.26 better than the analyst estimate of $0.96. Revenue for the quarter came in at $403.8 million versus the consensus estimate of $402.61 million.

GUIDANCE:

Wix.com sees Q1 2024 revenue of $415-419 million, versus the consensus of $416.6 million.

Wix.com sees FY2024 revenue of $1.73-1.76 billion, versus the consensus of $1.75 billion.

'We expect total bookings of $1.78 - $1.81 billion, up 12 - 14% y/y, an acceleration from 2023.' We expect y/y growth of total bookings to accelerate in the second half of 2024 to 15% at the high end of the guidance range, positioning the business to achieve accelerating y/y revenue growth in 2025.

We expect non-GAAP total gross margin of 68 - 69% with non-GAAP business solutions gross margin to exceed 30% for the full year.

We expect non-GAAP operating expenses to be 51 - 52% of revenue for the full year, with non-GAAP sales and marketing to remain similar to 2023 at roughly 23 - 24% of revenue.

We believe we are ahead of our plan to achieve GAAP profitability. We expect GAAP operating profit in 2024 as well as a second consecutive year of GAAP net income.

We expect to generate free cash flow, excluding headquarters costs, of $370 - $400 million, or 21 - 23% of revenue in 2024.

For earnings history and earnings-related data on Wix.com (WIX) click here.

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