Wix.com Ltd. (NASDAQ:WIX) Q1 2023 Earnings Conference Call May 17, 2023 8:30 AM ET

Company Participants

Rona Davis - Head PR & Communications

Avishai Abrahami - Chief Executive Officer and Co-Founder

Nir Zohar - President and Chief Operating Officer

Lior Shemesh - Chief Financial Officer

Conference Call Participants

Ygal Arounian - Citigroup

Aaron Kessler - Raymond James

Mark Mahaney - Evercore ISI

Elizabeth Porter - Morgan Stanley

Clarke Jeffries - Piper Sandler

Trevor Young - Barclays

Brent Thill - Jefferies

Andrew Boone - JMP Securities

Operator

Good day and thank you for standing by. Welcome to the Wix Q1 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Rona Davis, Head PR & Communications. Please go ahead.

Rona Davis

Thanks, and good morning everyone. Welcome to Wix's first quarter 2023 earnings call. Joining me today to discuss our results are Avishai Abrahami, CEO and Co-Founder; Nir Zohar, our President and COO; and Lior Shemesh, our 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 and key operating metrics. You can find all reconciliations between our GAAP and non-GAAP results in the earnings materials and in our Interactive Analyst on the Investor Relations section of our website, investors.wix.com.

With that, I'll turn the call over to Avishai.

Avishai Abrahami

Thanks, Rona, and good morning, everyone. We have had a fantastic start to 2023. And I'm pleased to say that we exceeded our expectation across many areas of our business. The drivers of our results this quarter were broad based across our business, both on the top line and on the profitability.

Revenues in Q1 grew to $374 million, above our guidance. We generated $44 million of free cash flow, excluding one-time charges and [Technical Difficulty] also ahead of our expectation. These great results are a testament to the strong execution of our strategy to provide the best platform of innovative product for our users while increasing operational efficiency and discipline.