威克网站（WIX）：第一季度表现稳健且重申2025财年指引，在股价表现不佳后应已足够

2024A2025E1,760.71,974.5-1,984.06.0x5.3x6.2x5.6x 2026E2,208.62,243.04.7x5.0x Brent Thill * | Equity Analyst(415) 229-1559 | bthill@jefferies.comJohn Byun * | Equity Analyst(415) 229-1558 | jbyun@jefferies.comShengQi Lin * | Equity Associate+1 (212) 778-8504 | slin4@jefferies.com Tweaking FY25 ests to/from:Rev $1,975M/1,975M (St. $1,984M), or growth 12.1%/12.2%; NGEBIT $432M/431M, or op mgn 21.9%/21.8%. Our $230 PT is based on EV/S 6.0x applied to revs in5-8 Qs. WIX trades at EV/S 4.7x CY26E, low for a SaaS model and vs. prior 5-year trough 3.9x NTM,and at a discount to GDDY at 5.7x despite faster growth and higher potential upside to margins.Please see important disclosure information on pages 6 - 11 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. The Long View: Wix.comInvestment Thesis / Where We Differ•In our view, WIX remains a premium mid-cap story with high recurringrevenues, innovation-driven growth, and an emerging platform story as WIXenables professional web sites/apps for businesses worldwide.Base Case,$230, +27%•Low-teen % revenue CAGR, operating marginexpansion to high-teens %+ and high-20s % FCFmargin.•Premium subscriber growth in low-single-digit%,driven by continued conversionimprovements of freemium users.•Bookingsgrowthlow-teensincrementalupside driven by new productcycles.•Fwd NTM Revenue: $2,278M; Target Multiple:6x; Price Target $230Sustainability MattersTop Material Issue(s): 1) Data Security: Risks associated with collection, use, retention, and disposal ofconfidential information. Internet companies like WIX have amassed large amounts of user data whichcould be used in harmful ways if exposed.2) Product Quality & Safety:Addresses concerns aroundhealth of offering. A top issue for website companies like WIX which are relied on by many businessesfor their online presence. Hence, it is imperative that website companies like WIX ensure the quality oftheir offering.Company Target(s): 1)WIX's leadership team plans to meet on a regular basis to establish goals andtrack ongoing improvement.2)Developing a long-term plan regarding environmental efforts.Qs to Mgmt: 1)What processes does WIX have in place to ensure web product quality and AI safety?2)What steps is WIX taking to ensure data security and customer privacy?3)What are WIX's near- andmedium-term goals with regard to DE&I at the firm level?Link to Sector Note: ESG Sector Deep Dive: Internet Media & ServicesPlease see important disclosure information on pages 6 - 11 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. CAGR,with Upside Scenario,$280, +54%•Mid-teen to 20%+ revenue CAGR, operatingmargin expansion to 20%+, and 30%+ FCFmargin.•Premium subscriber growth of mid-single-digit%,driven by continued conversionimprovements of freemium users and adoptionof new Wix solutions.•Bookings growth of mid-teens, with incrementalupside driven by new product cycles.•Fwd NTM Revenue: $2,403M; Target Multiple:7x; Price Target $280 Downside Scenario,$120, -34%•Single-digit % revenue CAGR, operating marginsSD to negative, and minimal FCF margins.•Premium subscriber decline of low-single-digit%, driven by muted conversions of freemiumusers and churn.•Bookings growth in single-digit % CAGR withminimal upside from new product cycles.•Fwd NTM Revenue: $2,050M; Target Multiple:3x; Price Target $120Catalysts•Continued conversion and renewal withinexisting cohorts.•Increasing traction with vertical solutions, andinternational penetration of Wix ADI and WixEditor solutions.•New product launches and monetization ofnewerproducts,including Wix Velo/Code,Studio, Payments, Ascend.•Improved conversion of free users to paidsubscribers. 3 Exhibit 2 - P&L Statement.Wix.com Ltd.($ in Thousands)Creative SubscriptionsBusiness SolutionsTotal revenues% Y/Y GrowthCost of revenuesGross ProfitGross margin (%)Creative Subscriptions gpmBusiness Solutions gpmR&DS&MG&ATotal operating expensesAdj. Operating Income / (Loss)% MarginNet Interest (Income) and Other (Income)Pre-Tax Profit / (Loss)Provision / (Benefit) for Income TaxesNon-GAAP Net Income / (Loss)GAAP Net IncomeWeighted Avg. Basic Shares OutstandingNon-GAAP EPSGAAP EPSOpex % of rev & bookingsR&D % of bookingsS&M % of bookingsG&A % of bookingsOPEX % of bookingsSource: Jefferies, Company dataPlease see important disclosure information on pages 6 - 11 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Exhibit 3 - Key Metrics.Key MetricsRevenueChange in deferred revenueBookings% Y/Y GrowthCreative Subs bookingsBusiness Solutions bookingsARR (Creative Subs)1,244,264y/y growthPartners revenue% y/y growth% of total revenueTransaction revenue% y/y growth% of Business Solutions revenueGPV% y/y growthNRR (net revenue retention)# of registered users (1,000s)y/y growthq/q growth# of premium subscriptions (1,000s)y/y growthq/q growthAvg annual revenue