Business
Wix Reports Fourth Quarter and Full Year 2022 Results
Finished 2022 ahead of guidance, with total revenue of $355.0 million in the fourth quarter, up 6% y/y; total revenue was $361.4 million and up 8% y/y on a
About this update from Wix.com Ltd.
[{"type":"text","content":"Finished 2022 ahead of guidance, with total revenue of $355.0 million in the fourth quarter, up 6% y/y; total revenue was $361.4 million and up 8% y/y on a constant currency basisQ4'22 was the most profitable FCF quarter in Wix history with FCF1 of $52.0 million, ahead of guidanceCost efficiencies expected to generate an additional $50 million of savings in 2023 (~$65 million annualized), accelerating path to profitabilityCreative Subscriptions non-GAAP gross margin expected to reach 80% in FY 2023Expecting FCF1 margin of 10-11% of revenue for full year 2023, increasing each quarter and exiting the year at 12-13%Accelerated profitability drives new goal of achieving positive GAAP net income in FY 2025, ahead of planConfident and committed to achieving \"Rule of 40\" in FY 2025 under varying future growth scenariosExceptional brand strength of Wix enabling an evolution in our marketing strategy and demonstrating our category leadership -- despite reducing acquisition marketing spend by ~50% in Q4, we have seen stable new cohort bookingsExecuted $243 million2 of ordinary share repurchases in Q4, representing approximately 5% of our total ordinary shares outstanding, underscoring board and management conviction in our current and future ability to generate strong free cash flowNEW YORK, Feb. 22, 2023 /PRNewswire/ -- Wix.com Ltd. (Nasdaq: WIX) today reported financial results for the fourth quarter and full year ended December 31, 2022. In addition, the Company provided its initial outlook for the first quarter and full year 2023. Please visit the Wix Investor Relations website at https://investors.wix.com/ to view the Q4'22 Shareholder Update and other materials.\n\n \n \n \n \n \n \n\n \n\"In the face of a dynamic macroeconomic environment this year, we shifted our focus toward tightening spending and becoming more efficient in the execution of our priorities. Through all of this, we continued to lead through innovation. We released hundreds of new products and features throughout 2022 to improve our platform for self creators and partners. Among the most notable releases this year were Wix Blocks for developers, our new Wix Editor, Wix Portfolio and our new AI Text Creator,\" said Avishai Abrahami, Wix Co-founder and CEO. \"We enter 2023 with great confidence that we are creating a best-in-class platform that will bring forth inn...