Wix Releases 2023 Environmental, Social, and Governance Report

Rhea-AI Summary

Wix.com (NASDAQ: WIX) has issued its 2023 Environmental, Social, and Governance (ESG) Report, detailing the company's commitment to corporate responsibility. The report covers Wix's efforts to support its users, employees, and local communities, and highlights the company's focus on building sustainable plans and maintaining high standards of corporate governance. CEO Avishai Abrahami emphasized the importance of these initiatives, presenting both qualitative and quantitative data to showcase Wix's accomplishments and future goals. The full ESG report is available online for further details.

Positive

• Wix detailed its commitment to corporate responsibility and sustainability.
• The company highlighted its strategic initiatives to benefit users, employees, and local communities.
• Wix reported both qualitative and quantitative data, adding transparency.
• Emphasis on high standards of corporate governance could attract ethically-focused investors.

Negative

• The report did not mention any specific financial gains or cost savings resulting from the ESG initiatives.
• Lack of concrete metrics on the impact of these initiatives on the company's overall financial performance.

NEW YORK, June 4, 2024 /PRNewswire/ -- Wix.com Ltd. (NASDAQ: WIX), the leading SaaS website builder platform to create, manage, and grow a global, digital presence¹, today issued its annual Environmental, Social, and Governance (ESG) Report. This report dives into the company's corporate responsibility efforts to deliver on its mission for its users, people, company, and the environment for 2023.

The report highlights Wix's company values and strategic initiatives to support the company, users, and local communities in which Wix operates. Furthermore, the report includes how Wix strives to build sustainable plans and embrace high standards of corporate governance.

"Our ESG reports outline Wix's values and focus on sustainable initiatives, and we created this report to provide updated information on how we moved the needle on these initiatives last year," said Avishai Abrahami, co-founder and CEO of Wix. "Our 2023 report showcases our efforts with qualitative and quantitative data on these important issues. We aim to continue to push these initiatives forward, adjust priorities as needed, and remain focused on making a positive impact on our users, communities, and the environment."

Wix's full ESG Report can be found here.

About Wix.com Ltd.

Wix is the leading SaaS website builder platform globally¹ 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
Media Relations Contact:  PR@wix.com 

¹ Based on number of active live sites as reported by competitors' figures, independent third-party data and internal data as of Q4 2023.

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 Ukraine-Russia 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.

 

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SOURCE Wix.com Ltd

FAQ

What did Wix's 2023 ESG Report focus on?

Wix's 2023 ESG Report focused on corporate responsibility, sustainability initiatives, and high standards of corporate governance.

When was Wix's 2023 ESG Report released?

Wix's 2023 ESG Report was released on June 4, 2024.

What stock symbol is associated with Wix?

Wix is associated with the stock symbol WIX on NASDAQ.

Who commented on the 2023 ESG Report from Wix?

Avishai Abrahami, co-founder and CEO of Wix, commented on the 2023 ESG Report.

Where can the full ESG Report of Wix be found?

The full ESG Report of Wix can be found online.