SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

______________________

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

For the month of November 2019

Commission File Number: 001-36158

Wix.com Ltd.

(Translation of registrant’s name into English)

40 Namal Tel Aviv St.,

Tel Aviv 6350671, Israel

 (Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  ☒                     Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):   __

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):   __

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes  ☐                     No  ☒

         If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):  82-________

EXPLANATORY NOTE

On November 14, 2019, Wix.com Ltd. (NASDAQ:WIX) (the “Company”) issued a press release titled “Wix Reports Third Quarter 2019 Results”. A copy of this press release is attached to this Form 6-K as Exhibit 99.1.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: November 14, 2019
	WIX.COM LTD.
	By:	/s/ Eitan Israeli
		Name: Eitan Israeli
		Title:   VP & General Counsel

 

EXHIBIT INDEX

 

The following exhibit is filed as part of this Form 6-K:

                       

 

 

 

 

 

 

 

 

 

NEW YORK, November 14, 2019 -- 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.”

		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
Non-GAAP Operating Income		$	16,256			$	12,258				(25	)%
Net Cash Provided by Operating Activities		$	27,607			$	36,073				31	%
Free Cash Flow		$	23,691			$	29,227				23	%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wix is introducing its outlook for the fourth quarter 2019:

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.

 

 

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.

 

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.

 

 

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

914-267-7390

Media Relations:

Vivian Hernandez

415-517-6539

		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

		Period ended
		December 31,				September 30,
		2018				2019
		(audited)				(unaudited)
Assets
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