Acceleration from 2020 expected to carry through 2021 -- raising prior collections growth outlook - Closing out phenomenal year with revenue and collections growth topping expectations -- FY'20 Revenue of $989 million, up 30% y/y: Q4'20 Revenue of $283 million, up 38% y/y -- FY'20 Collections of $1.102 billion, up 32% y/y: Q4'20 Collections of $306 million, up 35% y/y -- Creative Subscriptions ARR increased to $878 million, up 24% y/y, accelerating for the fourth consecutive quarter - Influx of online commerce businesses and growth of Business Solutions applications and services driving improving retention and increase in cohort value -- Business Solutions collections up 95% y/y in Q4'20 and 75% y/y in FY'20, driven by growth in Wix Payments -- Future collections expected from existing cohorts increased to over $12.9 billion over the next 10 years - Editor X launched out of beta, adding a game-changing set of collaboration tools, positioning Editor X as the only fully collaborative web creation platform in the world
NEW YORK, Feb. 17, 2021 /PRNewswire/ -- Wix.com Ltd. (Nasdaq: WIX) today reported strong financial results for the fourthquarter and fullyear ended December 31, 2020, exceeding the high end of its guidance ranges for revenue, collections and free cash flow. In addition, the Company provided its initial outlook for the first quarter and fullyear of 2021. "We have concluded the most successful year in our company's history. In 2020, over 31 million new registered users joined Wix, we added nearly 1 million net new subscriptions, and we crossed $1 billion of annual collections for the first time. It was truly humbling to help lift millions of businesses through an extremely challenging year, and I am particularly proud of our team for maintaining focus and dedication throughout the year," said Avishai Abrahami, Co-founder and CEO of Wix. "It is clear that we can now become a dominant player on the internet, and I expect us to strengthen this position significantly over the coming decade. Wix will now strive to become the main engine of the internet, democratizing access and providing a place where the majority of people will build their web presence. My goal and belief is that at this rate of growth, in the next 5-7 years, 50% of anything new built on the internet will be done on Wix." Lior Shemesh, CFO of Wix, added, "Our fourthquarter results closed out a record-breaking year at Wix with results exceeding the high end of our guidance ranges. The demand for a web presence is higher than ever before. As such, we are investing heavily in our business and into new products, most notably Wix Payments as online commerce businesses continue to come to Wix. Our first quarter 2021 guidance of 37-41% y/y collections growth and fullyear guidance of 30-32% collections growth reflect the continuation of the momentum from 2020, the returns on these investments and the new baseline of growth for Wix for years to come."