Wix.com (Nasdaq: WIX) Reports Strong Q1 2024 Financial Results and Raises Full Year Outlook

2 min read | May 20, 2024 02:33 PM PDT | By Team Kalkine Media

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Wix.com (Nasdaq: WIX) Reports Strong Q1 2024 Financial Results and Raises Full Year Outlook — Image source: © Tashatuvango | Megapixl.com

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Wix.com Ltd. (Nasdaq: WIX), a leading SaaS website builder platform, has reported impressive financial results for the first quarter of 2024. Alongside these results, the company has provided an optimistic outlook for the second quarter and raised its full-year forecast for 2024. Detailed information can be found on the Wix Investor Relations website.

Q1 2024 Financial Highlights

Wix's total revenue for Q1 2024 was $419.8 million, marking a 12% increase year-over-year (YoY). This growth was driven by strong performance across its business segments

Total bookings for Q1 2024 were $457.3 million, a 10% increase YoY.

GAAP Gross Margin stood at 67%.

Wix reported a GAAP net income of $24.0 million, or $0.43 per basic share and $0.41 per diluted share.

Cash Flow and Share Repurchases

Net cash provided by operating activities for Q1 2024 was $113.8 million, with capital expenditures totaling $8.1 million. This resulted in a free cash flow of $105.7 million. Excluding expenses related to the new corporate headquarters, free cash flow would have been $111.1 million, representing 26% of revenue.

As previously announced, Wix completed $300 million in share repurchases, buying back 2.4 million ordinary shares at an approximate volume-weighted average price of $124.91 per share.

Financial Outlook

Encouraged by Q1's strong performance and robust business trends, Wix is raising its full-year bookings outlook to $1,796 - $1,826 million, reflecting a 12-14% YoY growth. The company anticipates an acceleration in bookings growth in the second half of 2024, expecting up to 16% growth, higher than the previously anticipated 15%.

Wix has also increased its full-year revenue forecast to $1,738 - $1,761 million, representing an 11-13% YoY growth. For Q2 2024, the company projects revenue of $431 - $435 million, or 11-12% YoY growth.

The company now expects to generate free cash flow, excluding headquarters costs, of $445 - $455 million, or approximately 26% of revenue in 2024. This is an increase from the previous estimate of $370 - $400 million, or 21-23% of revenue.

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