- Wix.com press release (NASDAQ:WIX): Q1 Non-GAAP EPS of $1.29 beats by $0.25.
- Revenue of $419.8M (+12.2% Y/Y) beats by $1.95M.
- Total bookings in the first quarter of 2024 were $457.3 million, up 10% y/y.
- Net cash provided by operating activities for the first quarter of 2024 was $113.8 million, while capital expenditures totaled $8.1 million, leading to free cash flow of $105.7 million.
- Financial Outlook: The company is increasing full year bookings outlook to $1,796 – $1,826 million, or 12-14% y/y growth. The midpoint of this updated outlook is ~$13 million higher than the midpoint of our previous outlook of $1,784 – $1,813 million.
- Increasing 2024 bookings outlook, with 2H bookings growth expected to accelerate to 16% y/y vs. 15% previously expected.
- Increasing 2024 FCF margin outlook to ~26% – well ahead of three-year plan, as 25%+ FCF margin target was previously anticipated for 2025.
