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Weeks
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(WIX) reports a further 11.5% increase in fourth quarter 2020 revenue to $ 283 million, the annual adjusted loss was $ 24.2 million, or 44 cents a share, compared to analysts’ forecast for a adjusted loss of 49 cents per share, and compared to adjusted earnings Of $ 59.1 million, or $ 1.17 per share in 2019. The company provides a revenue forecast of $ 1.272-1.286 billion for 2021, which is an additional growth of about 30% compared to 2020, but this is similar to analysts’ forecasts. In the first quarter of the year, the company expects revenues of $ 291-296 million, an increase of about 36% compared to the corresponding quarter last year, compared to the market expectation of revenues of about $ 287.5 million in the first quarter of 2021.
Total revenue in the fourth quarter of 2020 was $ 283 million, compared to $ 254.2 million in the third quarter, an increase of 11.5%. Compared to the fourth quarter of 2019, this is an increase of 38%, with revenues of approximately $ 204.6 million. Total revenue for 2020 was about $ 988.8 million, an increase of about 30% compared to next year.
The adjusted net loss (non-GAAP) in the fourth quarter was $ 1.6 million, or 3 cents a share, compared to a net profit of $ 19.9 million in the same quarter last year, or 39 cents a share.
The collection rate for all of 2020 was $ 1.102 billion, an increase of 32% compared to the previous year. The collection rate in the fourth quarter of 2020 was $ 306 million, an increase of 35% compared to the same quarter last year. Returning Annual Revenue (ARR) from the Company’s subscribers in the fourth quarter of 2020 was $ 878 million – an increase of 24% over last year.
In the company’s forecasts for 2021, the company expects an increase in collection rates beyond the forecast given in December, due to an expected increase in the activity of online businesses, agencies and multi-customer users alongside the launch of new products. For this purpose, the company will invest an additional $ 60 million in expanding the support system, recruiting at least 600 employees, strengthening the Wix Payments clearing platform, building a team and infrastructure and expanding the team of customer portfolio managers.
Summary of financial results for 2020:
Total revenue in 2020 was $ 988.8 million, compared to $ 761.1 million compared to 2019 – a 30% increase.
Revenue from Weeks’ core product subscriptions (the company’s subscription packages) totaled $ 783.5 million in 2020, compared to $ 644.5 million in 2019 – an increase of 22%. There was a 76% increase in the company’s revenue from business solutions compared to last year – $ 205.3 million in 2020 compared to $ 116.6 million in 2019. The total amount collected from paying users in 2020 was $ 1.10 billion, compared to $ 832.5 million last year – an increase of 32%.
The amounts collected from paying users for the company’s core products stood at $ 891.2 million in 2020, compared to $ 711.8 million in 2019 – an increase of 25%. The company’s business products showed a 75% increase in collection amounts throughout the year for $ 210.8 million compared to $ 120.7 million last year. There was a decrease in gross profit on a GAAP basis of 68% compared to 74% last year.
GAAP’s gross profit from the company’s core product subscriptions fell to 79%, compared with 81% in the same quarter last year. GAAP’s gross profit from customers of the company’s business products was 28% compared to 35% last year.
Net cash flow from operating activities in 2020 was $ 148 million, while investments in fixed assets totaled $ 18.9 million, leading to $ 129.2 million in free cash flow compared to $ 127.5 million in cash flow last year, an increase of 1.3% compared to To the previous year.
Avishai Avrahami, CEO and founder of the company: “We are summing up the most successful year in the company’s history, with 31 million new registered users joining Wix and about a million new paying subscribers and for the first time this year, the collection exceeded the $ 1 billion threshold. We intend to strive to enable everyone to create an Internet presence for themselves and thus give real expression to digital democratization. I believe that in the next 5-7 years, 50% of the Internet presence that will be built on the web will be done on Wix, and that is what we are aiming for. ”
Lior Shemesh, Vice President of Finance at Weeks: ‘Fourth-quarter results closed a record-breaking year for Weeks with data surpassing all-time highs. We continue to invest in the company and develop new products, including Wix Payments, which provides a solution to the large number of online businesses that continue to reach Wix. Our forecasts for the first quarter of 2021 with a 37-41% increase in collection rate as well as forecasts for 2021 as a whole with an increase in collection rates of 30-32% reflect the continuation of the momentum of 2020, and outline a clear line of growth for the coming years.
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