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Wix Reports Second Quarter 2024 Results

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Accelerated bookings growth, driven by key product initiatives, and FCF margin expansion in Q2 builds momentum for 2H

Meaningful bookings growth acceleration with total bookings of $458.4 million, up 15% y/y, as a result of strong Wix Studio uptake, benefits from growing AI capabilities and commerce platform expansion as well as positive response to the price increase implemented earlier this yearBookings growth accelerated across both Self Creators and PartnersContinue to expect bookings growth acceleration to 16% y/y in 2H at the high end of full year guidance rangeTotal revenue of $435.7 million exceeded expectations, up 12% y/y, driven by strong Partners growth of 29% y/yRecord take rate of 1.68%, driven by transaction revenue growth of 21% y/y as we added a new payment partner to Wix PaymentsContinued margin expansion with Q2 FCF1 margin of 27%, driven by additional operating leverageHigh end of increased full year FCF1 outlook positions us to achieve the Rule of 40 milestone this year, one full year ahead of plan

NEW YORK, Aug. 7, 2024 /PRNewswire/ — Wix.com Ltd. (Nasdaq: WIX), the leading SaaS website builder platform globally,2 today reported financial results for the second quarter of 2024. In addition, the Company provided its outlook for the third quarter and an updated outlook for full year 2024. Please visit the Wix Investor Relations website at https://investors.wix.com/ to view the Q2’24 Shareholder Update and other materials.

“Excellent Q2 results capped off a strong first half of 2024, fueled by successful execution of our strategic initiatives, solid business fundamentals and continued product innovation,” said Avishai Abrahami, Wix Co-founder and CEO. “We made incredible strides towards our key growth pillars and drove significant bookings growth acceleration this quarter.  First, Wix Studio continued to outperform expectations, as Studio subscription purchases accelerated, retention remained strong and the number of Studio accounts purchasing multiple subscriptions ramped. We also continued to execute against our AI strategy with the release of 17 AI business assistants so far this year. These assistants are improving the user creation experience while minimizing the amount of support resources required from us. With dozens more still slated to launch this year, AI assistants will soon be everywhere on our platform and in nearly every product. Finally, expansion of our commerce platform with the addition of a new Wix Payments partner resulted in record take rate of 1.68% in Q2. We expect these product initiatives to increasingly become more meaningful drivers of growth in the years to come.”

“Strong execution of our key growth initiatives and solid business fundamentals drove incredible growth momentum and additional margin expansion this quarter,” added Lior Shemesh, CFO at Wix. “Year-over-year bookings growth accelerated to 15% in Q2 from 10% in Q1 as a result of our growth initiatives as well as the price increase implemented earlier this year. Notably, this growth was underpinned by bookings growth acceleration across both Self Creators and Partners businesses. These key product initiatives paired with solid user behavior are expected to drive continued bookings growth acceleration to 16% in 2H at the high end of our expectations. In addition, we delivered further margin expansion this quarter as our stable cost base drove operating leverage, resulting in Q2 FCF margin of 27%. With continued operating leverage expected for the full year, we are increasing our full year FCF outlook. We are now positioned to achieve the Rule of 40 milestone this year at the high end of our guidance range, one year ahead of our three-year plan.”

Q2 2024 Financial Results

Total revenue in the second quarter of 2024 was $435.7 million, up 12% y/yCreative Subscriptions revenue in the second quarter of 2024 was $312.1 million, up 9% y/yCreative Subscriptions ARR increased to $1.28 billion as of the end of the quarter, up 10% y/yBusiness Solutions revenue in the second quarter of 2024 was $123.6 million, up 20% y/yTransaction revenue3 was $53.9 million, up 21% y/yPartners revenue4 in the second quarter of 2024 was $148.4 million, up 29% y/yTotal bookings in the second quarter of 2024 were $458.4 million, up 15% y/yCreative Subscriptions bookings in the second quarter of 2024 were $329.0 million, up 12% y/yBusiness Solutions bookings in the second quarter of 2024 were $129.4 million, up 24% y/yTotal gross margin on a GAAP basis in the second quarter of 2024 was 67%Creative Subscriptions gross margin on a GAAP basis was 83%Business Solutions gross margin on a GAAP basis was 28%Total non-GAAP gross margin in the second quarter of 2024 was 68%Creative Subscriptions gross margin on a non-GAAP basis was 84%Business Solutions gross margin on a non-GAAP basis was 30%GAAP net income in the second quarter of 2024 was $39.5 million, or $0.71 per basic share and $0.68 per diluted shareNon-GAAP net income in the second quarter of 2024 was $99.6 million, or $1.80 per basic share and $1.67 per diluted shareNet cash provided by operating activities for the second quarter of 2024 was $120.0 million, while capital expenditures totaled $7.2 million, leading to free cash flow of $112.8 millionExcluding capital expenditures and other expenses associated with the build out of our new corporate headquarters, free cash flow for the second quarter of 2024 would have been $117.8 million, or 27% of revenueCompleted $225 million of share repurchases, marking over $1 billion of share repurchases executed since 2021Total employee count at the end of Q2’24 was 5,242, flat q/q

 

____________________

1 Free cash flow excluding expenses associated with the buildout of our new corporate headquarters.

2 Based on the number of active live sites as reported by key competitors’ figures, independent third-party-data and internal data as of Q1 2024.

3 Transaction revenue is a portion of Business Solutions revenue, and we define transaction revenue as all revenue generated through transaction facilitation, primarily from Wix Payments, as well as Wix POS, shipping solutions and multi-channel commerce and gift card solutions.

4 Partners revenue is defined as revenue generated through agencies and freelancers that build sites or applications for other users (“Agencies”) as well as revenue generated through B2B partnerships, such as LegalZoom or Vistaprint (“Resellers”). We identify Agencies using multiple criteria, including but not limited to, the number of sites built, participation in the Wix Partner Program and/or the Wix Marketplace or Wix products used (incl. Wix Studio). Partners revenue includes revenue from both the Creative Subscriptions and Business Solutions businesses.

In Q1 2024, the definition was slightly revised to exclude revenue generated from agreements with enterprise users that, by their nature, are more suitable to be categorized under revenue generated by Self Creators. Such revision had an immaterial impact on prior period amounts.

Financial Outlook

Our guidance for the second half of the year reflects the momentum built up in the first six months, particularly from the strong traction of our key product initiatives and solid business fundamentals.

We are updating our full year bookings outlook to $1,802$1,822 million, or 13-14% y/y growth, compared to previous guidance of $1,796$1,826 million, or 12-14% y/y growth. This outlook reflects the continued expectation that y/y bookings growth will accelerate to 16% in 2H at the high end of our guidance range, as a result of accelerating growth across both Self Creators and Partners. Acceleration is expected to be driven by continued Wix Studio outperformance, benefits from our AI products and our expanded commerce platform, as well as strong user uptake of the price increase implemented earlier this year.

Bookings acceleration in 2024 is expected to translate into y/y revenue growth acceleration in 2025.

We are also updating our full year revenue outlook to $1,747$1,761 million, or 12-13% y/y, compared to $1,738$1,761 million, or 11-13% y/y growth, previously.

We expect total revenue growth in Q3’24 of $440$445 million, or 12-13% y/y growth.

For the full year 2024, we continue to expect non-GAAP total gross margin of 68-69% with non-GAAP Business Solutions gross margin to exceed 30% for the full year. We now expect non-GAAP operating expenses to be approximately 50% of revenue for the full year, slightly improved from our previous expectation of 50-51% of revenue, driven by additional operating leverage expected.

We now expect to generate free cash flow, excluding headquarters costs, of $460$470 million, or 26-27% of revenue, in 2024, up from $445$455 million, or ~26% of revenue. This increase in free cash flow is expected to be primarily driven by continued operating leverage.

As a result of strong top-line growth and incremental margin improvements, we are now poised to achieve the Rule of 40 milestone this year, if we achieve the high end of our guidance ranges.

Conference Call and Webcast Information

Wix will host a conference call to discuss the results at 8:30 a.m. ET on Wednesday, August 7, 2024. To participate on the live call, analysts and investors should register and join at https://register.vevent.com/register/BI95980ddbd705465cbdf5f8441a1352ac. A replay of the call will be available through August 6, 2025 via the registration link.

Wix will also offer a live and archived webcast of the conference call, accessible from the “Investor Relations” section of the Company’s website at https://investors.wix.com/.

About Wix.com Ltd.

Wix is the leading SaaS website builder platform globally2 to create, manage and grow a digital presence. What began as a website builder in 2006 is now a complete platform providing users with enterprise-grade performance, security and a reliable infrastructure. Offering a wide range of commerce and business solutions, advanced SEO and marketing tools, Wix enables users to take full ownership of their brand, their data and their relationships with their customers. With a focus on continuous innovation and delivery of new features and products, anyone can build a powerful digital presence to fulfill their dreams on Wix.

For more about Wix, please visit our Press Room

Investor Relations:

ir@wix.com

Media Relations:

pr@wix.com

Non-GAAP Financial Measures and Key Operating Metrics

To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, Wix uses the following non-GAAP financial measures: bookings, cumulative cohort bookings, bookings on a constant currency basis, revenue on a constant currency basis, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share, free cash flow, free cash flow, as adjusted, free cash flow margins, non-GAAP R&D expenses, non-GAAP S&M expenses, non-GAAP G&A expenses, non-GAAP operating expenses, non-GAAP cost of revenue expense, non-GAAP financial expense, non-GAAP tax expense (collectively the “Non-GAAP financial measures”). Measures presented on a constant currency or foreign exchange neutral basis have been adjusted to exclude the effect of y/y changes in foreign currency exchange rate fluctuations. Bookings is a non-GAAP financial measure calculated by adding the change in deferred revenues and the change in unbilled contractual obligations for a particular period to revenues for the same period. Bookings include cash receipts for premium subscriptions purchased by users as well as cash we collect from business solutions, as well as payments due to us under the terms of contractual agreements for which we may have not yet received payment. Cash receipts for premium subscriptions are deferred and recognized as revenues over the terms of the subscriptions. Cash receipts for payments and the majority of the additional products and services (other than Google Workspace) are recognized as revenues upon receipt. Committed payments are recognized as revenue as we fulfill our obligation under the terms of the contractual agreement. Bookings and Creative Subscriptions Bookings are also presented on a further non-GAAP basis by excluding, in each case, bookings associated with long term B2B partnership agreements. Non-GAAP gross margin represents gross profit calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization, divided by revenue. Non-GAAP operating income (loss) represents operating income (loss) calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, amortization, acquisition-related expenses and sales tax expense accrual and other G&A expenses (income). Non-GAAP net income (loss) represents net loss calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, amortization, sales tax expense accrual and other G&A expenses (income), amortization of debt discount and debt issuance costs and acquisition-related expenses and non-operating foreign exchange expenses (income). Non-GAAP net income (loss) per share represents non-GAAP net income (loss) divided by the weighted average number of shares used in computing GAAP loss per share. Free cash flow represents net cash provided by (used in) operating activities less capital expenditures. Free cash flow, as adjusted, represents free cash flow further adjusted to exclude one-time cash restructuring charges and the capital expenditures and other expenses associated with the buildout of our new corporate headquarters. Free cash flow margins represent free cash flow divided by revenue. Non-GAAP cost of revenue represents cost of revenue calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP R&D expenses represent R&D expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP S&M expenses represent S&M expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP G&A expenses represent G&A expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP operating expenses represent operating expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP financial expense represents financial expense calculated in accordance with GAAP as adjusted for unrealized gains of equity investments, amortization of debt discount and debt issuance costs and non-operating foreign exchange expenses. Non-GAAP tax expense represents tax expense calculated in accordance with GAAP as adjusted for provisions for income tax effects related to non-GAAP adjustments.

The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The Company uses these non-GAAP financial measures for financial and operational decision making and as a means to evaluate period-to-period comparisons. The Company believes that these measures provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making.

For more information on the non-GAAP financial measures, please see the reconciliation tables provided below. The accompanying tables have more details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliations between these financial measures. The Company is unable to provide reconciliations of free cash flow, free cash flow, as adjusted, cumulative cohort bookings, non-GAAP gross margin, and non-GAAP tax expense to their most directly comparable GAAP financial measures on a forward-looking basis without unreasonable effort because items that impact those GAAP financial measures are out of the Company’s control and/or cannot be reasonably predicted. Such information may have a significant, and potentially unpredictable, impact on our future financial results.

Wix also uses Creative Subscriptions Annualized Recurring Revenue (ARR) as a key operating metric. Creative Subscriptions ARR is calculated as Creative Subscriptions Monthly Recurring Revenue (MRR) multiplied by 12. Creative Subscriptions MRR is calculated as the total of (i) the total monthly revenue of all Creative Subscriptions in effect on the last day of the period, other than domain registrations; (ii) the average revenue per month from domain registrations multiplied by all registered domains in effect on the last day of the period; and (iii) monthly revenue from other partnership agreements including enterprise partners.

Forward-Looking Statements

This document contains forward-looking statements, within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Such forward-looking statements may include projections regarding our future performance, including, but not limited to revenue, bookings and free cash flow, and may be identified by words like “anticipate,” “assume,” “believe,” “aim,” “forecast,” “indication,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “outlook,” “future,” “will,” “seek” and similar terms or phrases. The forward-looking statements contained in this document, including the quarterly and annual guidance, are based on management’s current expectations, which are subject to uncertainty, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Important factors that could cause our actual results to differ materially from those indicated in the forward-looking statements include, among others, our expectation that we will be able to attract and retain registered users and partners, and generate new premium subscriptions, in particular as we continuously adjust our marketing strategy and as the macro-economic environment continues to be turbulent; our expectation that we will be able to increase the average revenue we derive per premium subscription, including through our partners; our expectation that new products and developments, as well as third-party products we will offer in the future within our platform, will receive customer acceptance and satisfaction, including the growth in market adoption of our online commerce solutions and our Wix Studio product; our expectations regarding our ability to develop relevant and required products using artificial intelligence (“AI”), the regulatory environment impacting AI and AI-related activities, including privacy and intellectual property, and potential competitive impacts from AI tools; our assumption that historical user behavior can be extrapolated to predict future user behavior, in particular during turbulent macro-economic environments; our prediction of the future revenues and/or bookings generated by our user cohorts and our ability to maintain and increase such revenue growth, as well as our ability to generate and maintain elevated levels of free cash flow and profitability; our expectation to maintain and enhance our brand and reputation; our expectation that we will effectively execute our initiatives to improve our user support function through our Customer Care team, and continue attracting registered users and partners, and increase user retention, user engagement and sales; our ability to successfully localize our products, including by making our product, support and communication channels available in additional languages and to expand our payment infrastructure to transact in additional local currencies and accept additional payment methods; our expectation regarding the impact of fluctuations in foreign currency exchange rates, interest rates, potential illiquidity of banking systems, and other recessionary trends on our business; our expectations relating to the repurchase of our ordinary shares and/or Convertible Notes pursuant to our repurchase program; our expectation that we will effectively manage our infrastructure; our expectation to comply with AI, privacy, and data protection laws and regulations as well as contractual privacy and data protection obligations; our expectations regarding the outcome of any regulatory investigation or litigation, including class actions; our expectations regarding future changes in our cost of revenues and our operating expenses on an absolute basis and as a percentage of our revenues, as well as our ability to achieve and maintain profitability; our expectations regarding changes in the global, national, regional or local economic, business, competitive, market, and regulatory landscape, including as a result of Israel-Hamas war and/or the Israel-Hezbollah hostilities and/or the UkraineRussia war and any escalations thereof and potential for wider regional instability and conflict; our planned level of capital expenditures and our belief that our existing cash and cash from operations will be sufficient to fund our operations for at least the next 12 months and for the foreseeable future; our expectations with respect to the integration and performance of acquisitions; our ability to attract and retain qualified employees and key personnel; and our expectations about entering into new markets and attracting new customer demographics, including our ability to successfully attract new partners large enterprise-level users and to grow our activities, including through the adoption of our Wix Studio product, with these customer types as anticipated and other factors discussed under the heading “Risk Factors” in the Company’s annual report on Form 20-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 22, 2024. The preceding list is not intended to be an exhaustive list of all of our forward-looking statements. Any forward-looking statement made by us in this press release speaks only as of the date hereof. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.

 

Wix.com Ltd.

CONSOLIDATED STATEMENTS OF OPERATIONS – GAAP

(In thousands, except loss per share data)

Three Months Ended

Six Months Ended

June 30,

June 30,

2024

2023

2024

2023

(unaudited)

(unaudited)

Revenues

Creative Subscriptions

$       312,125

$       287,089

$       616,418

$       565,219

Business Solutions

123,621

102,888

239,104

198,834

435,746

389,977

855,522

764,053

Cost of Revenues

Creative Subscriptions

53,039

52,050

107,842

109,534

Business Solutions

88,635

75,844

171,129

147,838

141,674

127,894

278,971

257,372

Gross Profit

294,072

262,083

576,551

506,681

Operating expenses:

Research and development

119,257

115,490

243,502

230,433

Selling and marketing

102,498

96,037

209,732

195,170

General and administrative

43,712

37,250

85,042

75,767

Impairment, restructuring and other costs

330

25,668

Total operating expenses

265,467

249,107

538,276

527,038

Operating income (loss)

28,605

12,976

38,275

(20,357)

Financial income, net

12,383

20,053

31,267

41,430

Other income

38

118

249

175

Income before taxes on income

41,026

33,147

69,791

21,248

Income tax expenses (benefit)

1,508

(430)

6,271

(1,960)

Net income

$         39,518

$         33,577

$         63,520

$         23,208

Basic net income per share

$              0.71

$              0.59

$              1.14

$              0.41

Basic weighted-average shares used to compute net income per share

55,361,595

56,744,007

55,730,296

56,576,286

Diluted net income per share

$              0.68

$              0.56

$              1.09

$              0.40

Diluted weighted-average shares used to compute net income per share

59,526,418

62,186,895

58,373,454

58,180,044

 

Wix.com Ltd.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

Period ended

June 30,

December 31,

2024

2023

Assets

(unaudited)

(audited)

Current Assets:

Cash and cash equivalents

$    276,067

$            609,622

Short-term deposits

240,956

212,709

Restricted deposits

1,296

2,125

Marketable securities

270,104

140,563

Trade receivables 

55,784

57,394

Prepaid expenses and other current assets

83,812

47,792

 Total current assets

928,019

1,070,205

Long-Term Assets:

Prepaid expenses and other long-term assets 

25,466

34,296

Property and equipment, net

136,277

136,928

Marketable securities

13,953

64,806

Intangible assets, net 

25,062

28,010

Goodwill

49,329

49,329

Operating lease right-of-use assets

412,903

420,562

 Total long-term assets

662,990

733,931

 Total assets

$1,591,009

$        1,804,136

Liabilities and Shareholders’ Deficiency

Current Liabilities:

Trade payables

$      18,379

$              38,305

Employees and payroll accruals

67,842

56,581

Deferred revenues

650,878

592,608

Accrued expenses and other current liabilities

85,063

76,556

Operating lease liabilities

26,815

24,981

Total current liabilities

848,977

789,031

Long Term Liabilities:

Long-term deferred revenues

91,859

83,384

Long-term deferred tax liability

902

7,167

Convertible notes, net

571,295

569,714

Other long-term liabilities

9,755

7,699

Long-term operating lease liabilities

390,931

401,626

Total long-term liabilities

1,064,742

1,069,590

 Total liabilities

1,913,719

1,858,621

Shareholders’  Deficiency

Ordinary shares

103

110

Additional paid-in capital

1,682,419

1,539,952

Treasury Stock

(1,025,167)

(558,875)

Accumulated other comprehensive loss

(3,721)

4,192

Accumulated deficit

(976,344)

(1,039,864)

Total shareholders’ deficiency

(322,710)

(54,485)

Total liabilities and shareholders’ deficiency

$1,591,009

$        1,804,136

 

Wix.com Ltd.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

Three Months Ended

Six Months Ended

June 30,

June 30,

2024

2023

2024

2023

(unaudited)

(unaudited)

OPERATING ACTIVITIES:

Net income

$       39,518

$      33,577

$      63,520

$      23,208

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation 

6,427

4,497

12,869

9,419

Amortization

1,465

1,489

2,948

2,977

Share based compensation expenses

59,886

53,660

118,028

108,181

Amortization of debt discount and debt issuance costs

791

1,310

1,581

2,618

Changes in accrued interest and exchange rate on short term and long term deposits

890

133

1,770

108

Non-cash impairment, restructuring and other costs

330

21,164

Amortization of premium and discount and accrued interest on marketable securities, net

3,937

4,132

4,534

4,672

Remeasurement gain on Marketable equity

(8,814)

(3,367)

(22,712)

Changes in deferred income taxes, net

(208)

(6,318)

(5,219)

(10,462)

Changes in operating lease right-of-use assets

5,286

5,356

10,310

11,152

Changes in operating lease liabilities

(7,860)

(26,208)

(11,512)

(34,329)

Loss on foreign exchange, net

1,598

2,151

Decrease (increase) in trade receivables

491

(708)

1,610

(11,182)

Decrease (increase) in prepaid expenses and other current and long-term assets

(28,195)

8,000

(40,763)

(2,858)

Decrease in trade payables

(14,502)

(11,301)

(16,625)

(52,971)

Increase (decrease) in employees and payroll accruals

13,690

(17,932)

11,261

(27,974)

Increase in short term and long term deferred revenues

25,426

12,043

66,745

73,018

Increase (decrease) in accrued expenses and other current liabilities

11,389

(5,485)

14,024

(307)

Net cash provided by operating activities

120,029

47,761

233,865

93,722

INVESTING ACTIVITIES:

Proceeds from short-term deposits and restricted deposits

162

367,610

985

423,701

Investment in short-term deposits and restricted deposits

(11)

(4,480)

(30,173)

(63,460)

Investment in marketable securities

(163,698)

(191,545)

Proceeds from marketable securities

38,350

115,979

91,155

174,369

Purchase of property and equipment and lease prepayment 

(6,871)

(15,175)

(14,586)

(34,749)

Capitalization of internal use of software

(324)

(576)

(734)

(1,934)

Investment in other assets

(111)

(111)

Proceeds from investment in other assets

550

550

Proceeds from sale of equity securities

17,607

22,148

49,468

Purchases of investments in privately held companies

(460)

(1,010)

(7,500)

Net cash provided by investing activities

(132,302)

480,854

(123,210)

539,784

FINANCING ACTIVITIES:

Proceeds from exercise of options and ESPP shares

1,615

1,176

24,243

20,831

Purchase of treasury stock

(225,000)

(50,000)

(466,302)

(68,319)

Repayment of convertible notes

(362,667)

(362,667)

Net cash provided by (used in) financing activities

(223,385)

(411,491)

(442,059)

(410,155)

Effect of exchange rates on cash, cash equivalent and restricted cash

(1,598)

(2,151)

INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(237,256)

117,124

(333,555)

223,351

CASH AND CASH EQUIVALENTS—Beginning of period

513,323

350,913

609,622

244,686

CASH AND CASH EQUIVALENTS—End of period

$    276,067

$   468,037

$   276,067

$   468,037

 

Wix.com Ltd.

KEY PERFORMANCE METRICS

(In thousands)

Three Months Ended

Six Months Ended

June 30,

June 30,

2024

2023

2024

2023

(unaudited)

(unaudited)

Creative Subscriptions

312,125

287,089

616,418

565,219

Business Solutions

123,621

102,888

239,104

198,834

Total Revenues

$       435,746

$        389,977

$       855,522

$     764,053

Creative Subscriptions

328,967

293,929

663,604

607,358

Business Solutions

129,432

104,570

252,076

206,046

Total Bookings

$       458,399

$        398,499

$       915,680

$     813,404

Free Cash Flow

$       112,834

$          32,010

$       218,545

$        57,039

Free Cash Flow excluding HQ build out and restructuring costs

$       117,797

$          49,093

$       228,870

$        93,122

Creative Subscriptions ARR

$   1,276,493

$    1,159,744

$   1,276,493

$  1,159,744

 

Wix.com Ltd.

RECONCILIATION OF REVENUES TO BOOKINGS

(In thousands)

Three Months Ended

Six Months Ended

June 30,

June 30,

2024

2023

2024

2023

(unaudited)

(unaudited)

Revenues

$       435,746

$        389,977

$       855,522

$     764,053

Change in deferred revenues

25,426

12,043

66,745

73,018

Change in unbilled contractual obligations

(2,773)

(3,521)

(6,587)

(23,667)

Bookings

$       458,399

$        398,499

$       915,680

$     813,404

Three Months Ended

Six Months Ended

June 30,

June 30,

2024

2023

2024

2023

(unaudited)

(unaudited)

Creative Subscriptions Revenues

$       312,125

$        287,089

$       616,418

$     565,219

Change in deferred revenues

19,615

10,361

53,773

65,806

Change in unbilled contractual obligations

(2,773)

(3,521)

(6,587)

(23,667)

Creative Subscriptions Bookings

$       328,967

$        293,929

$       663,604

$     607,358

Three Months Ended

Six Months Ended

June 30,

June 30,

2024

2023

2024

2023

(unaudited)

(unaudited)

Business Solutions Revenues

$       123,621

$        102,888

$       239,104

$     198,834

Change in deferred revenues

5,811

1,682

12,972

7,212

Business Solutions Bookings

$       129,432

$        104,570

$       252,076

$     206,046

 

Wix.com Ltd.

RECONCILIATION OF COHORT BOOKINGS

(In millions)

Six Months Ended

June 30,

2024

2023

(unaudited)

Q1 Cohort revenues

$                  21

$                  20

Q1 Change in deferred revenues

22

23

Q1 Cohort Bookings

$                  43

$                  43

 

Wix.com Ltd.

RECONCILIATION OF REVENUES AND BOOKINGS EXCLUDING FX IMPACT

(In thousands)

Three Months Ended

June 30,

2024

2023

(unaudited)

Revenues

$       435,746

$        389,977

FX  impact on Q2/24 using Y/Y rates

664

Revenues excluding FX impact

$       436,410

$        389,977

Y/Y growth

12 %

Three Months Ended

June 30,

2024

2023

(unaudited)

Bookings

$       458,399

$        398,499

FX  impact on Q2/24 using Y/Y rates

2,194

Bookings excluding FX impact

$       460,593

$        398,499

Y/Y growth

16 %

 

Wix.com Ltd.

TOTAL ADJUSTMENTS GAAP TO NON-GAAP

(In thousands)

Three Months Ended

Six Months Ended

June 30,

June 30,

2024

2023

2024

2023

(1) Share based compensation expenses:

(unaudited)

(unaudited)

Cost of revenues

$            3,516

$            3,479

$            7,106

$          7,717

Research and development

30,782

28,778

61,884

57,072

Selling and marketing

9,206

9,652

19,689

19,210

General and administrative

16,382

11,751

29,349

24,182

Total share based compensation expenses

59,886

53,660

118,028

108,181

(2) Amortization

1,465

1,489

2,948

2,977

(3) Acquisition related expenses

1

244

6

440

(4) Amortization of debt discount and debt issuance costs

791

1,310

1,581

2,618

(5) Impairment, restructuring and other costs

330

25,668

(6) Sales tax accrual and other G&A expenses

237

157

358

465

(7) Unrealized gain on equity and other investments

831

(8,814)

(2,536)

(22,712)

(8) Non-operating foreign exchange income

(2,921)

(1,843)

(7,584)

(5,505)

(9) Provision for income tax effects related to non-GAAP adjustments

(191)

(2,022)

583

(6,153)

Total adjustments of GAAP to Non GAAP

$         60,099

$          44,511

$       113,384

$     105,979

 

Wix.com Ltd.

RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT

(In thousands)

Three Months Ended

Six Months Ended

June 30,

June 30,

2024

2023

2024

2023

(unaudited)

(unaudited)

Gross Profit

$       294,072

$        262,083

$       576,551

$     506,681

Share based compensation expenses

3,516

3,479

7,106

7,717

Acquisition related expenses

183

207

Amortization 

668

667

1,335

1,334

Non GAAP Gross Profit 

298,256

266,412

584,992

515,939

Non GAAP Gross margin

68 %

68 %

68 %

68 %

Three Months Ended

Six Months Ended

June 30,

June 30,

2024

2023

2024

2023

(unaudited)

(unaudited)

Gross Profit – Creative Subscriptions

$       259,086

$        235,039

$       508,576

$     455,685

Share based compensation expenses

2,519

2,562

5,188

5,713

Non GAAP Gross Profit – Creative Subscriptions

261,605

237,601

513,764

461,398

Non GAAP Gross margin – Creative Subscriptions

84 %

83 %

83 %

82 %

Three Months Ended

Six Months Ended

June 30,

June 30,

2024

2023

2024

2023

(unaudited)

(unaudited)

Gross Profit – Business Solutions

$         34,986

$          27,044

$         67,975

$        50,996

Share based compensation expenses

997

917

1,918

2,004

Acquisition related expenses

183

207

Amortization 

668

667

1,335

1,334

Non GAAP Gross Profit – Business Solutions

36,651

28,811

71,228

54,541

Non GAAP Gross margin – Business Solutions

30 %

28 %

30 %

27 %

 

Wix.com Ltd.

RECONCILIATION OF OPERATING INCOME (LOSS) TO NON-GAAP OPERATING INCOME

(In thousands)

Three Months Ended

Six Months Ended

June 30,

June 30,

2024

2023

2024

2023

(unaudited)

(unaudited)

Operating income (loss)

$         28,605

$          12,976

$         38,275

$     (20,357)

Adjustments:

Share based compensation expenses

59,886

53,660

118,028

108,181

Amortization 

1,465

1,489

2,948

2,977

Impairment, restructuring and other charges

330

25,668

Sales tax accrual and other G&A expenses

237

157

358

465

Acquisition related expenses

1

244

6

440

Total adjustments

$         61,589

$          55,880

$       121,340

$     137,731

Non GAAP operating income

$         90,194

$          68,856

$       159,615

$     117,374

Non GAAP operating margin

21 %

18 %

19 %

15 %

 

Wix.com Ltd.

RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME AND NON-GAAP NET INCOME PER SHARE

(In thousands, except  per share data)

Three Months Ended

Six Months Ended

June 30,

June 30,

2024

2023

2024

2023

(unaudited)

(unaudited)

Net income 

$         39,518

$          33,577

$         63,520

$        23,208

Share based compensation expenses and other Non GAAP adjustments

60,099

44,511

113,384

105,979

Non-GAAP net income 

$         99,617

$          78,088

$       176,904

$     129,187

Basic Non GAAP net income per share

$              1.80

$               1.38

$              3.17

$            2.28

Weighted average shares used in computing basic Non GAAP net income per share

55,361,595

56,744,007

55,730,296

56,576,286

Diluted Non GAAP net income per share

$              1.67

$               1.26

$              2.96

$            2.08

Weighted average shares used in computing diluted Non GAAP net income per share

59,526,418

62,186,895

59,800,202

62,149,558

 

Wix.com Ltd.

RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW

(In thousands)

Three Months Ended

Six Months Ended

June 30,

June 30,

2024

2023

2024

2023

(unaudited)

(unaudited)

Net cash provided by operating activities

$       120,029

$          47,761

$       233,865

$        93,722

Capital expenditures, net

(7,195)

(15,751)

(15,320)

(36,683)

Free Cash Flow

$       112,834

$          32,010

$       218,545

$        57,039

Restructuring and other costs

2,453

4,504

Capex related to HQ build out

4,963

14,630

10,325

31,579

Free Cash Flow excluding HQ build out and restructuring costs

$       117,797

$          49,093

$       228,870

$        93,122

 

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SOURCE Wix.com Ltd

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BTQ Technologies’ QSSN Selected as Core Security Infrastructure for South Korea’s First Bank-Led KRW Stablecoin Proof-of-Concept

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BTQ provides strategic advisory support and QSSN as core PQC security infrastructure for the iM Bank initiative on the Kaia mainnet, advancing post-quantum migration across global financial infrastructure

BTQ has been selected as the core post-quantum cryptography security technology provider for South Korea’s first bank-led KRW stablecoin proof-of-concept, delivering its Quantum Secure Stablecoin Settlement Network (“QSSN”) for the initiative.
 BTQ is providing strategic advisory support and helping coordinate implementation across the partnership with iM Bank and Finger, supporting the integration of post-quantum protections into regulated digital money infrastructure.
 Built on the Kaia mainnet, the proof-of-concept is connected to the blockchain ecosystems originally developed by Kakao and LINE, linking the initiative to two of the largest messaging and digital platform ecosystems in Korea and Japan.

VANCOUVER, BC, May 6, 2026 /PRNewswire/ – BTQ Technologies Corp. (“BTQ” or the “Company”) (Nasdaq: BTQ) (CBOE CA: BTQ), a global quantum technology company focused on securing mission-critical networks, today announced that it it has been selected as the core PQC security technology provider through its Quantum Secure Stablecoin Settlement Network (“QSSN”) in a proof-of-concept with its Korean strategic partner, Finger Inc. (“Finger”), and iM Bank, a leading Korean commercial bank, for South Korea’s first bank-led Korean won stablecoin infrastructure incorporating post-quantum cryptography (“PQC”).

The proof-of-concept represents more than a technical pilot. It marks an important step in bringing next-generation quantum security into banking infrastructure within Korea’s regulated financial system. In addition to providing QSSN as the core PQC security framework, BTQ is contributing consulting and strategic coordination across the three-way partnership, helping align the project’s security architecture, implementation approach, and long-term post-quantum migration objectives.

“Post-quantum migration requires more than a cryptographic upgrade. It requires coordination across infrastructure, implementation, and institutional stakeholders,” said Olivier Roussy Newton, Chief Executive Officer of BTQ Technologies. “In this initiative, BTQ is providing both strategic advisory support and QSSN as the post-quantum security architecture, while helping lead coordination across the three-way partnership. We believe this proof-of-concept demonstrates how financial institutions can begin integrating quantum-resilient protections into digital money systems in a practical and operationally viable way.”

South Korea’s First Bank-Led PQC Stablecoin Infrastructure Initiative

BTQ is working alongside iM Bank and Finger on a three-way initiative to validate the issuance and distribution infrastructure for a Korean won stablecoin. In addition to supplying QSSN as the PQC security layer, BTQ is providing consulting support and helping to guide coordination across the partnership as the parties evaluate how to integrate post-quantum protections into bank-led digital asset infrastructure.

The proof-of-concept will validate several key components, including real-time reconciliation between bank reserves and blockchain-issued supply, a global-standard smart contract architecture, connectivity to global infrastructure for overseas distribution, and the integration of a PQC-based dual-signature security structure. By applying BTQ’s PQC signature architecture alongside the existing ECDSA cryptographic framework, the system is designed to preserve operational continuity for financial institutions while proactively addressing future quantum computing threats.

Built on Kaia Mainnet

A notable feature of the proof-of-concept is that it will be implemented on the Kaia mainnet, one of Korea’s leading Layer 1 blockchain networks. Kaia was created through the merger of Klaytn, the blockchain originally developed by Kakao, and Finschia, the blockchain associated with LINE. Kakao and LINE sit at the center of two of the largest messaging and digital platform ecosystems in Korea and Japan, respectively, making Kaia a significant piece of regional digital infrastructure.

Klaytn previously participated in the Bank of Korea’s CBDC pilot ecosystem, and the Bank of Korea has continued to advance CBDC testing through initiatives such as Project Hangang.

By combining BTQ’s PQC technology with blockchain infrastructure tied to the Kakao and LINE ecosystems, the proof-of-concept is intended to establish a model that aligns institutional-grade security, blockchain scalability, and evolving regulatory requirements for digital money infrastructure.

QSSN as the Security Layer

The PQC security foundation for the initiative is BTQ’s Quantum Secure Stablecoin Settlement Network, or QSSN, a quantum-secure network architecture designed for stablecoin, tokenized deposit, payment, and digital asset infrastructure. QSSN is designed to protect critical issuer functions, including stablecoin issuance, burning, transfer authority, upgrade control, and administrative permissions, by integrating PQC-based signatures while maintaining existing user experience and operational workflows.

BTQ has previously announced that QSSN was highlighted in the U.S. Post-Quantum Financial Infrastructure Framework (“PQFIF”) as a model architecture for post-quantum digital money infrastructure. The Company has also positioned QSSN as a standards-oriented initiative advanced through QuINSA and aligned with emerging post-quantum financial infrastructure requirements.

Addressing the Harvest-Now, Decrypt-Later Risk

The timing of the proof-of-concept reflects the growing urgency surrounding the “Harvest-Now, Decrypt-Later” risk, in which attackers may collect encrypted financial data today and decrypt it later once sufficiently advanced quantum capabilities emerge. Global institutions are already accelerating post-quantum migration. The U.S. National Institute of Standards and Technology (“NIST”) has finalized its first set of post-quantum cryptography standards, including ML-DSA, ML-KEM, and SLH-DSA, while major technology companies and financial institutions continue to define their own post-quantum transition timelines.

BTQ’s QSSN addresses this challenge through a dual-signature design that allows existing ECDSA-based infrastructure to operate in parallel with NIST-aligned PQC signatures such as ML-DSA. This approach enables banks and payment infrastructure providers to begin a phased transition toward quantum-safe security without disrupting existing systems.

Expanding BTQ’s Korean Ecosystem

BTQ continues to expand its Korean ecosystem across digital assets, payments, banking infrastructure, and hardware-based security. In October 2025, BTQ announced that Finger had joined Danal as an early participant in BTQ’s QSSN pilot program, with the initiative expected to progress from proof-of-concept toward commercialization under QuINSA-aligned guidelines and broader industry frameworks such as PQFIF.

The commencement of the iM Bank proof-of-concept represents an important commercial signal for BTQ, indicating that demand for post-quantum migration among Korean financial institutions is beginning to move from policy discussion toward infrastructure-level implementation. As Korea advances both quantum technology policy and stablecoin-related regulatory discussions, BTQ believes QSSN is well positioned at the intersection of regulated finance, digital asset infrastructure, and post-quantum security.

About iM Bank
iM Bank is a South Korean commercial bank and a subsidiary of DGB Financial Group. Headquartered in Daegu, iM Bank presents itself as a financial companion for customers and traces its roots to Daegu Bank, which was established in 1967 as Korea’s first regional bank. For more information, please visit https://www.imbank.co.kr/

About Finger Inc. Group
Finger supplies and develops financial IT solutions to provide optimized money management strategies for employees and corporate customers. Providing “Smartphone Financial Services”, “Corporate Cash Management Services” for businesses, “Private Wealth Management Services” for private consumers.

Since the year 2000, Finger has accumulated a number of awards and patents regarding its businesses. Based on its Mobile Enterprise Application Platform(MEAP) Orchestra and its funds management system using screen-scrapping technologies, Finger was the first company in Korea to deliver a smartphone banking banking-service. For more information, please visit http://www.finger.co.kr/

About BTQ
BTQ Technologies Corp. (Nasdaq: BTQ | Cboe CA: BTQ) is a quantum technology company focused on accelerating the transition from classical networks to the quantum internet. Backed by a broad patent portfolio and deep technical expertise, BTQ is advancing a full-stack, neutral-atom quantum computing platform spanning hardware, middleware, and post-quantum security solutions for finance, telecommunications, logistics, life sciences, and defense.

Connect with BTQ: Website | LinkedIn | X/Twitter

ON BEHALF OF THE BOARD OF DIRECTORS
Olivier Roussy Newton
CEO, Chairman
Neither Cboe Canada nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Information

Certain statements herein contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to the business plans of the Company, including with respect to its research partnerships, and anticipated markets in which the Company may be listing its common shares. Forward-looking statements or information often can be identified by the use of words such as “anticipate”, “intend”, “expect”, “plan” or “may” and the variations of these words are intended to identify forward-looking statements and information.

The Company has made numerous assumptions including among other things, assumptions about general business and economic conditions, the development of post-quantum algorithms and quantum vulnerabilities, and the quantum computing industry generally. The foregoing list of assumptions is not exhaustive.

Although management of the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that forward-looking statements or information herein will prove to be accurate. Forward-looking statements and information are based on assumptions and involve known and unknown risks which may cause actual results to be materially different from any future results, expressed or implied, by such forward-looking statements or information. These factors include risks relating to: the availability of financing for the Company; business and economic conditions in the post-quantum and encryption computing industries generally; the speculative nature of the Company’s research and development programs; the supply and demand for labour and technological post-quantum and encryption technology; unanticipated events related to regulatory and licensing matters and environmental matters; changes in general economic conditions or conditions in the financial markets; changes in laws (including regulations respecting blockchains); risks related to the direct and indirect impact of COVID-19 including, but not limited to, its impact on general economic conditions, the ability to obtain financing as required, and causing potential delays to research and development activities; and other risk factors as detailed from time to time. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

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SOURCE BTQ Technologies Corp.

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Zimmer Biomet to Present at the BofA Securities 2026 Health Care Conference

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WARSAW, Ind., May 6, 2026 /PRNewswire/ — Zimmer Biomet Holdings, Inc. (NYSE and SIX: ZBH), a global medical technology leader, today announced that members of the Zimmer Biomet management team will participate in the Bank of America Securities Health Care Conference on Wednesday, May 13, 2026, with a fireside chat at 8:40 a.m. PT (11:40 a.m. ET).

A live audio webcast can be accessed via Zimmer Biomet’s Investor Relations website at https://investor.zimmerbiomet.com. It will be available for replay following the fireside chat.

About Zimmer Biomet 
Zimmer Biomet is a global medical technology leader with a comprehensive portfolio designed to maximize mobility and improve health. We seamlessly transform the patient experience through our innovative products and suite of integrated digital and robotic technologies that leverage data, data analytics and artificial intelligence.

With 90+ years of trusted leadership and proven expertise, Zimmer Biomet is positioned to deliver the highest quality solutions to patients and providers. Our legacy continues to come to life today through our progressive culture of evolution and innovation. 

For more information about our product portfolio, our operations in 25+ countries and sales in 100+ countries or about joining our team, visit www.zimmerbiomet.com or follow on LinkedIn at www.linkedin.com/company/zimmerbiomet or X at www.x.com/zimmerbiomet.

Contacts:

 

Media

Investors

Troy Kirkpatrick

David DeMartino

614-284-1926

646-531-6115

troy.kirkpatrick@zimmerbiomet.com

david.demartino@zimmerbiomet.com

Kirsten Fallon

Zach Weiner

781-779-5561

908-591-6955

kirsten.fallon@zimmerbiomet.com

zach.weiner@zimmerbiomet.com

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SOURCE Zimmer Biomet Holdings, Inc.

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NextLadder Ventures Announces Co-Founder Leadership Team, Investment Focus Areas For Over $1 Billion Initiative Empowering Americans with Personalized, Tech-Enabled Support Tools

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New senior hires from Google and The Collaborative Fund to lead product strategy and venture investing

Fund unveils first investment focus areas to catalyze new ‘Navigation Technology’ market, equipping Americans with cutting-edge tools to achieve economic security, opportunity and empowerment

ST. LOUIS, May 6, 2026 /PRNewswire/ — NextLadder Ventures, a new fund backed by more than $1 billion in capital, today announced its priority investment areas for building a new market for “Navigation Technology” (NavTech) — tools that provide Americans with personalized solutions to navigate life’s challenges and achieve greater economic mobility — and announced its co-founding team, including two new senior hires.

The fund’s active focus areas are based on extensive research identifying the key experiences and high-stakes decision points that have an outsized impact on American families’ economic mobility. Launched investment areas include financial health, career navigation, and benefits and social services access, with further exploration underway around housing, legal aid, justice and re-entry, and mental and physical health. 

The organization is also today welcoming two senior leaders: Lauren Loktev is joining NextLadder as Managing Director of Investments and Brigitte Hoyer Gosselink as Managing Director of Product. Loktev was most recently a partner at the Collaborative Fund, where she backed several breakout companies in early child development, education, and sustainability. Gosselink comes to NextLadder from Google, where she led the company’s AI and social impact portfolio. They join a growing team which has deep expertise at the intersection of economic mobility, technology, public policy, and philanthropy.

NextLadder’s Focus Areas for Investment

Today, the fund is kicking off a plan to deploy $1 billion over the next seven years to accelerate the design, development, and deployment of accessible NavTech tools that aim to help families more successfully navigate the major life experiences that determine whether they get ahead or fall behind. As NextLadder’s inaugural frontier AI lab partner, Anthropic is supporting the build-out of the organization’s AI-native capabilities and is offering technical assistance to NextLadder’s portfolio organizations. 

As an increasing proportion of Americans across income levels find themselves overextended and overwhelmed, NavTech tools are designed to help individuals and families understand their options, connect to information and resources, and take action to recover from a setback or take advantage of an opportunity and reclaim their economic futures.

“Life is getting harder, and too many Americans are stuck facing some of the most complex and consequential moments of their lives without much support,” said Ryan Rippel, CEO of NextLadder Ventures. “Every day, millions in this country face fork-in-the-road decisions that have major implications on whether they climb up the economic ladder or fall farther behind. AI has understandably intensified many Americans’ anxieties about their jobs and their security in the economy. But these technologies are now also making it possible to deliver highly personalized, affordable tools to meet the needs of tens of millions of Americans in a way that has never been practically achievable or financially viable before. With NavTech tools, built for the reality of families’ everyday experiences, we can empower Americans to overcome setbacks, navigate life’s toughest financial decisions, and build more secure futures.”

NavTech tools, built with the needs of individuals, families, and trusted community partners at the center of their design, have the potential to ease burdens most acutely faced by 90 million Americans who live in households that have difficulty in paying for usual home expenses, and turbocharge the capacity of the 1.6 million community workers in non-profit or local, state, and federal government roles who serve them. This growing category of digital technologies includes tools that help families access opportunities such as personalized financial advice and legal aid, get connected with available resources and programs, and manage unexpected hurdles like losing a job or facing an eviction – while freeing social workers and service providers to spend more time on people and less time on red tape and paperwork.

The fund’s active investment areas include:

Financial Health: Developing highly personalized, AI-powered financial health tools that can provide tailored, sustained counsel to help users build savings and protect and recover from financial shocks;
Career Navigation: Building tools to support career navigation, manage and support career transitions, and help workers, case managers, and employers identify pathways to living wage work — all designed to help people successfully find the right jobs for them.
Benefits & Social Services Access: Helping eligible Americans seamlessly identify and enroll in all the benefits and social services available to them, particularly those that support career navigation and transitions, help them navigate critical life moments, and achieve stability toward economic opportunity.

NextLadder is exploring additional focus areas, including housing, legal aid, justice and re-entry, caregiving, and mental and physical health. More on the organization’s vision of these focus areas is available HERE.

In addition to backing direct NavTech solutions, NextLadder is investing in the developers, partners, and standards required to build a durable, self-sustaining market. Across all focus areas, the fund is prioritizing efforts to ensure NavTech tools are reliable, protect users’ privacy, and are trusted by the families who depend on them.

NextLadder’s Co-Founder Leadership Team

NextLadder’s five co-founders will be CEO Ryan Rippel, Chief Strategy and Operations Officer Rhett Dornbach-Bender, Chief of Staff Callie Schwartz, and the two new senior hires: Managing Director of Investments Lauren Loktev and Managing Director of Product Brigitte Hoyer Gosselink, rounding out the fund’s expertise in investing, technology, and impact.

“We’re thrilled to welcome Lauren and Brigitte to the NextLadder team,” said Rippel. “Brigitte has spent her career proving that when applied purposefully, AI and technology can deliver meaningful benefits for communities, and she’ll set the bar for what NavTech tools can deliver for American families today and in the years to come. And with her deep experience backing mission-driven founders, Lauren is the perfect leader to build our venture practice from the ground up and accelerate the growth of the NavTech field. With this team in place, we’re positioned to make NavTech tools easier to build, fund, and access so they reach the people who need them most.”

Loktev brings 15 years of venture capital experience investing at the intersection of for-profit and for-good. Most recently at Collaborative Fund, she backed several companies to significant scale and launched Collab+Sesame, a first-of-its-kind thematic seed fund in partnership with Sesame Workshop focused on early childhood education. At NextLadder, she will build and lead the fund’s venture practice, sourcing and scaling investments in the founders building the next generation of NavTech tools.

“We have a once in a generation opportunity to help steer AI solutions toward those who need them most,” said Loktev. “Many amazing, accomplished founders see this too, and they are on a mission to build scalable, transformative businesses in the critical verticals that help people navigate life-changing moments. I couldn’t be more excited to join NextLadder and to support the most inspiring leaders building this market from the ground up. Thanks to our unique, long-term mandate, we can be creative and flexible in investing across stage and check size to partner with the entrepreneurs and leaders we believe will change the world.”

Prior to her role at NextLadder, Gosselink spent over a decade at Google in several roles including Director of AI and Social Impact, directing more than $500 million in funding for organizations applying AI to address challenges including crisis response, education, and economic opportunity. At NextLadder, she will lead AI and product strategy across the fund’s portfolio, backing solutions and setting market-wide standards for how NavTech tools are designed, evaluated, and improved over time.

“If we collectively harness the AI transformation strategically and purposefully, we can transform the way Americans are empowered to access greater economic mobility,” said Gosselink. “We believe that people-centered products, combined with shifts in the market and the services available to families, can fundamentally reshape how millions of Americans navigate critical moments and achieve prosperity on their own terms.”

To request interviews from the NextLadder Ventures leadership team, contact media@nextladder.com.

About NextLadder Ventures

NextLadder Ventures is a time-bound venture with one goal: empower millions of Americans to reach their potential by 2040. Backed by over $1 billion in capital, the organization invests in breakthrough technologies that remove barriers to economic success and put people in control of their futures. NextLadder Ventures is trailblazing a new market for tech-enabled Navigation Technology tools that help people access the resources they need to navigate pivotal moments — offering flexible, risk-tolerant capital to entrepreneurs building these transformative tools today, while creating a pipeline of tech, talent, and capital for the long run.

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SOURCE NextLadder Ventures

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