Wix.com Ltd. (NASDAQ:WIX) Q1 2019 Earnings Conference Call Transcript
May 16, 2019 • 08:30 am ET
Good day. My name is Cole, and I'll be your conference operator today. At this time, I would like to welcome to the Wix.com 2019 First Quarter Financial Results Conference Call. All lines have been place on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Ms. Maggie O'Donnell, Director of Investor Relations. Please go ahead.
Good morning, everyone, and welcome to Wix's first quarter 2019 earnings call. Joining me today to discuss our results are Avishai Abrahami, CEO and Co-Founder; Nir Zohar, President and COO; and Lior Shemesh, CFO.
During this call, we may make forward-looking statements and these statements are based on current expectations and assumptions. Please consider the risk factors included in our press release and most recent Form 20-F that could cause our actual results to differ materially from these forward-looking statements. We do not undertake any obligation to update these forward-looking statements. In addition, we will comment on non-GAAP financial results. You can find all reconciliations between our GAAP and non-GAAP results in our press release, presentation slides and shareholder update, as well as our Interactive Analyst Center on the Investor Relations section of our website, investors.wix.com.
Now I will hand it over to Avishai Abrahami, who is going to say a couple of quick words about the quarter. Avishai?
Hi. Good morning. We had a fantastic start to the year. Both collection and revenues exceeded our previous guidance. This result show a strong start to 2019, and we are raising our full year collection and revenue guidance to reflect our continued excitement for the year. As CEO I always think about where we are and what worked for us in the past and, most importantly, where we are going. We have over 150 million users, over four million subscriptions, and nearly $800 million of cash on our balance sheet.
We are quickly approaching $1 billion in annual collections. And now I am spending my time thinking about how to build Wix into a company with $10 billion of annual collections. Our strategy is to focus on products. We are really good at building and releasing new products with very strong marketing support. Innovation such as our Editor, Wix ADI, vertical application, has made Wix the best platform for do-it-yourself websites in the world.
We are evolving into new markets and attracting new type of customers with products like Wix Logo Maker, Wix Payments, Wix Answers, Ascend and Corvid. This evolution of products and marketing provide us with multiple layers of growth for many years to come. And today I want to share with you another layer of growth that we have uncovered. We told you in February that we increased our investment in customer solutions. This investment allowed us to gather data, comparing problem-solving support to a new personalized customer service approach. What we discovered was outstanding.