#1... Gling 479 May URBAN BIKES May 16th 2019 3 4794 HOME May SHOP BLOG FAQ CONTACT 4 MY CART EARNINGS SLIDES First Quarter 2019 Wix.com#2Safe Harbor Non-GAAP Financial Measures 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: collections, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP net income (loss), non-GAAP net income (loss) per share, non-GAAP research and development, non-GAAP selling and marketing, non-GAAP general and administrative and free cash flow (collectively the "Non-GAAP financial measures"). Collections represents the total cash collected by us from our customers in a given period and is calculated by adding the change in deferred revenues for a particular period to revenues for the same period. 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, and acquisition-related expenses. Non-GAAP net income (loss) represents net loss calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, amortization, amortization of debt discount and debt issuance costs, 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. Non-GAAP research and development represents research and development expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP selling and marketing represents selling and marketing expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non- GAAP general and administrative represents general and administrative expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense and acquisition-related expenses. Free cash flow represents net cash provided by (used in) operating activities less capital expenditures. 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 "Reconciliation of GAAP to Non-GAAP Financial Measures" 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 has not reconciled its free cash flow guidance to net cash provided by operating activities because net cash provided by operating activities is not accessible on a forward-looking basis. Items that impact net cash provided by operating activities are out of the Company's control and/or cannot be reasonably predicted. Accordingly, a reconciliation to net cash provided by operating activities is not available without unreasonable effort. 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, collections and free cash flow, and may be identified by words like "anticipate," "assume," "believe," "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 full year 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 ability to grow our user base and premium subscriptions; our ability to create new and higher monetization opportunities from our premium subscriptions; our ability to enter into new markets and attract new customer segments; our ability to maintain and enhance our brand and reputation; our prediction of the future collections generated by our user cohorts; our share repurchases made pursuant to our share repurchase plan; our ability to manage the growth of our infrastructure effectively; our ability to effectively execute our initiatives to scale and improve our user support function; the success of our sales efforts; customer acceptance and satisfaction of new products and other challenges inherent in new product development; changes to technologies used in our solutions; or changes in global, national, regional or local economic, business, competitive, market, regulatory and other factors discussed under the heading "Risk Factors" in the Company's 2018 annual report on Form 20-F filed with the Securities and Exchange Commission on April 9, 2019. 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. 2#3Q1 2019 Results#4Strong revenue growth Revenue ($ millions) $93 $104 $111 Q1'17 Q2'17 Q3'17 $119 Q4'17 Note: 2019 guidance as provided on May 16, 2019 $138 $146 Q1'18 Q2'18 $156 Q3'18 $164 27% Y/Y $174 Q4'18 Q1'19 $80 $142 $204 2013 2014 2015 $290 $426 $604 26% Y/Y $758 -763 2016 2017 2018 2019E 4#5Strong collections growth... Collections ($ millions) $115 $117 $120 Q1'17 Q2'17 Q3'17 $132 Q4'17 Note: 2019 guidance as provided on May 16, 2019 $160 Q1'18 $160 $163 $176 Q2'18 Q3'18 Q4'18 26% Y/Y $200 Q1'19 $171 2014 $242 2015 $342 $484 $658 25- 26% Y/Y $822- 830 2016 2017 2018 2019E LO 5#6...combined with robust free cash flow generation Free Cash Flow* ($ millions) $15 Q1'17 $17 $19 Q2'17 Q3'17 $20 $21 $24 $24 $33 40% Y/Y $30 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 $15 $36 2015 2016 Note: 2019 guidance as provided on May 16, 2019 Net cash provided by operating activities for Q1 2019 was $35.1 million, while capital expenditures totaled $5.0 million, leading to free cash flow of $30.0 million $71 $102 20- 24% Y/Y $122- 126 2017 2018 2019E 6#7User and subscription bases continue to grow Registered Users (millions, at End of Period) 50 46 649 54 50 2014 8 68 72 77 2015 82 87 92 97 2016 109 103, 114, 119, 2017 125 131 137 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 19% Y/Y 148 142 2018 2019 Premium Subscriptions (millions, at End of Period) 0.9 1.0 1.4 1.2 1.1 2014 1.5 1.6 1.8 2015 1.9 2.1 2.3 2.5 2016 2.7 2.9 3.1 3.2 3.5 3.7 Note: Users and Subscriptions do not include Flok, DeviantArt, Wix Answers, or Wix Logo Maker. Beginning in Q1 2019, in reporting Registered Users we will exclude users that initially registered through non-website products and have not yet begun the process of building a website. In Q2-Q4 2018, we included these users in our Registered Users calculation, as the number was immaterial in each of those quarters. Once a user that initially registered through a non-website begins the process of building a website on Wix, that user will be counted as a Registered User as of that period 3.8 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2017 2018 21% Y/Y 4.0 4.2 2019 7#8Our growth is driven by user growth, conversion and monetization per subscription User Growth & Conversion $137 O Q4'16 $139 Q1'17 $143 O Q2'17 $146 O Consistent cohort behavior over the long term Active Premium Subscriptions from Q1 User Cohorts 03'17 New Registered Users Q1'19-6.6M Q1'18-5.9M Q1'17-5.9M Continued growth of ARPS Average Annual Revenue per Subscription Q1'16-5.3M Q1'15-4.6M Q1'14-4.1M Q1'13-3.7M Q1'12-2.7M Q1'11-1.8M Q1'10-0.9M $150 O 214K 213K Q4'17 179K 127K 103K 92K 62K 34K 30K 19K $154 O 0118 Note: Data as of March 31, 2019. Users and Subscriptions do not include Flok, DeviantArt, Wix Answers, or Wix Logo Maker 271K $157 O Q2 18 206K $162 03'18 $168 O Q4'18 163K 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Number of Quarters Passed $168 -O Q1'19 129K Q1'19 marks the first quarter in which we started. focusing more on ACPS than on conversion of users into subscriptions + Monetization Note: APPSded as to revenue over for quarters/verage number of subscriptions overlast four quarters Suscriptors do not include ok, Devot, WoW Logo M ACPS Average Colections per New Subscrpon the US includes lects only from new yeaty subscription pached in the US and ped in US excluding collections from suction purchased on sale days or using coupons: We show this data to strate the sony signs of a thind that we belove will continue, however this representa amat portion of our total business 10 109K 76K 34K 0417 26K 18K 01:16 ACPS¹ is an early indication of success in driving even higher $ per sub 1 04:18 +25 y $217 01/19 Note: APPS la defined a total revenue over last four quarters/average number of subsorptions over last four quarters Subotations do not include Elok Dessed. WAwes or W Logo Maker purchased and days of using coupons. We show the dets to strate the early sign of a hand that we been want her pour notions 11 or Increasing monetization of user cohorts Cumulative Collections from Q1 User Cohorts (in millions) Q1'19 Q1'18 Q1'17 Q1'16 Q1'15 Q1'14 Q1'13 Q1'12 Q1'11 Q1'10 $120 $100 $80 $60 $40 $20 $- Cumulative Cohort Collections $27 $68 $90 $96 Note: Data as of March 31, 2019. Excludes collections from Flok or DeviantArt $94 $99 $76 $39 $33 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Number of Quarters Passed $23 11 Note: This slide illustrates conceptually how Cumulative Cohort Collections is generated, which is through a combination of user growth, conversion of users to subscriptions and the monetization of subscriptions. Note: ARPS is defined as total revenue over last four quarters / average number of subscriptions over last four quarters. Subscriptions do not include Flok, DeviantArt, Wix Answers, or Wix Logo Maker. ACPS (Average Collections per New Subscription in the US) includes collections only from new yearly subscriptions purchased in the US and paid in USD, excluding collections from 8 subscriptions purchased on sale days or using coupons. We show this data to illustrate the early signs of a trend that we believe will continue, however this represents a small portion of our total business#9Consistent cohort behavior over the long term Active Premium Subscriptions from Q1 User Cohorts New Registered Users Q1'19-6.6M Q1'18 - 5.9M Q1'17- 5.9M Q1'16-5.3M Q1'15-4.6M Q1'14-4.1M Q1'13-3.7M Q1'12-2.7M Q1'11 - 1.8M Q1'10-0.9M 214K 213K 179K 127K 103K 92K 62K 34K 30K 19K 252K Note: This number has been corrected. Previously, it was incorrectly shown as 271K 206K 163K 129K I I I I The Q1'19 User cohort is the first cohort that reflects the impact of our increasing focus on monetization at the expense of conversion 109K Note: Data as of March 31, 2019. Users and Subscriptions do not include Flok, DeviantArt, Wix Answers, or Wix Logo Maker 76K 34K 26K 18K 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 Number of Quarters Passed 9#10Continued growth of ARPS Average Annual Revenue per Subscription $137 Q4'16 $139 Q1'17 $143 Q2'17 $146 Q3'17 $150 Q4'17 I I I I I I ACPS¹ is an early indication of success in driving even higher $ per sub $154 Q1'18 $164 $174 $176 $178 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 $157 Q2'18 $162 $200 Q3'18 +25 y/y $217 Q1'19 $168 Q4'18 $168 Q1'19 Note: ARPS is defined as total revenue over last four quarters / average number of subscriptions over last four quarters. Subscriptions do not include Flok, DeviantArt, Wix Answers, or Wix Logo Maker. ¹ACPS (Average Collections per New Subscription in the US) includes collections only from new yearly subscriptions purchased in the US and paid in USD, excluding collections from subscriptions purchased on sale days or using coupons. We show this data to illustrate the early signs of a trend that we believe will continue, however this represents a small portion of our total business 10#11Increasing monetization of user cohorts Cumulative Collections from Q1 User Cohorts (in millions) Q1'19 Q1'18 Q1'17 Q1'16 Q1'15 Q1'14 Q1'13 Q1'12 Q1'11 Q1'10- $120 $100 $80 $60 $40 $20 $- $68 $90 $96 Note: Data as of March 31, 2019. Excludes collections from Flok or DeviantArt $94 $99 Q1'19 user cohort collections were +9% higher than Q1'18 after 1 quarter Number of Quarters Passed $76 $39 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 $33 11 I#12Efficient marketing based on 7-9 month TROI One Time Marketing, Ongoing Collections ... After 1 Quarter 0.5x $55 $27 Q1'19 Cohort Marketing Cost ($ million) After 5 Quarters 1.5x $44 $68 Q1'18 Cohort Cohort Net Collections ($ million) After 9 Quarters 2.9x $32 $90 Q1'17 Cohort After 13 Quarters 3.9x $25 $96 Q1'16 Cohort After 17 Quarters 5.0x $19 $94 Q1'15 Cohort Note: Data as of March 31, 2019; TROI is Time to Return On (Marketing) Investment. We define this metric as the time it takes to collect dollars from new premium subscriptions acquired in a cohort to equal dollars spent on direct marketing costs in the same cohort. We aim for 100% TROI in 7-9 months. Numbers are rounded to the nearest million. Marketing cost includes only direct marketing and related costs associated with the acquisition of users. Cohort Net Collections do not include Flok, DeviantArt, Wix Answers and Wix LogoMaker 12#13Healthy mix of annual and monthly subscriptions % of Gross New Subscriptions. 65% 35% 67% 33% 64% 36% 68% 67% 67% 66% 32% 33% 33% 34% 69% 31% 67% Note: Subscriptions do not include Flok, DeviantArt, Wix Answers, or Wix Logo Maker 33% Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 -1 Year or Longer -Monthly % of Total Subscriptions 17% 83% ■1 Year or Longer Monthly Note: Data as of March 31, 2019 13#14Prior cohorts continue to convert % of Gross New Subscriptions by Prior and Current User Cohorts 59% 41% Q1'17 63% 37% Q2'17 60% 40% Q3'17 62% 38% Q4'17 Prior user cohorts Note: Subscriptions do not include Flok, DeviantArt, Wix Answers, or Wix Logo Maker 59% 41% Q1'18 61% 39% Q2'18 Current user cohort 61% 39% Q3'18 63% 37% Q4'18 60% 40% Q1'19 14#15Increasing geographic penetration FX-Neutral Revenue by Geography (% of total) 9% 17% 71% 2010 3% North America ■ Europe Latin America 13% 7% 27% 53% Q1'19 Asia and others Note: Q1'19 Revenue by Geography and Y/Y change based on constant FX rates from Q1'18 26% Y/Y 14% Y/Y 32% Y/Y 31% Y/Y Growth Rate vs. Q1'18 (Constant currency basis) 15#16APPENDIX#17Non-GAAP Financial Results 2019 Q1 2017 FY 2018 FY 2017 2018 Q1 Q1 $92,538 $137,775 $174,290 $425,636 $603,704 $114,546 $159,655 $200,379 $483,989 $658,385 $78,209 $109,952 $136,028 $359,708 $481,743 85% 78% 85% 80% $45,790 $121,293 $156,384 $26,094 80% $36,785 27% 28% 28% 26% 23% $52,249 23% $64,423 26% 23% $80,517 25% $195,041 24% $237,639 39% 56% 47% 46% 46% 46% 40% 40% $7,404 $9,506 40% $11,874 7% $34,275 36% $40,476 7% 8% 7% 8% 6% 6% 6% ($2,153) 7% $9,099 ($7,538) ($762) 6% $47,244 8% (8%) (1%) (1%) 2% (7%) (0%) (1%) 2% 7% ($7,952) ($2,687) $1,468 ($549) $54,778 in 000s Revenues Collections Non-GAAP Gross Profit Gross Margin % Non-GAAP R&D expenses % of revenues % of collections Non-GAAP S&M expenses % of revenues % of collections Non-GAAP G&A Expenses % of revenues % of collections Non-GAAP Operating Income (Loss) % of revenues % of collections Non-GAAP Net Income (Loss) Note: non-GAAP items exclude the impact of share-based compensation expense, amortization, amortization of debt discount and debt issuance costs, and acquisition-related expense. Beginning in Q1'19 we began excluding non-operating foreign exchange expenses and income from our non-GAAP calculations of net income and EPS; this table reflects this change starting in Q1'18 for comparability purposes 17#18Reconciliation of GAAP to Non-GAAP Financial Measures Full Year 2014 2015 2016 2017 2018 $141,841 $203,518 $290,103 $425,636 $603,704 $29,414 $38,169 $51,966 $58,353 $54,681 $171,255 $241,687 $342,069 $483,989 $658,385 in 000s Revenue Change in deferred revenue Collections in 000s Net cash provided by operating activities Capital expenditures, net Free Cash Flow in millions Projected Revenues Projected change in deferred revenues Projected collections in millions Cumulative Cohort Revenue Cumulative Cohort change in deferred revenue Cumulative Cohort Collections Q1'10 $22 $1 $23 Full Year 2014 2015 2016 2017 2018 ($803) $20,876 $40,573 $83,052 $115,709 ($5,619) ($6,342) ($6,422) $14,534 ($4,415) ($12,369) ($14,076) $36,158 $70,683 $101,633 Q2¹19 Low $182 $15 $197 High $184 $15 $199 Q1'11 Q1'12 Q1'13 $31 $37 $72 $1 $2 $4 $33 $39 $76 FY¹19 Low $758 $64 $822 Q1'14 $92 $7 $99 High $763 $67 $830 Q1'15 Q1'16 $85 $84 $9 $12 $94 $96 Q1'17 $75 $15 $90 Q1'18 $48 $20 $68 Q1'19 $8 $20 $27 Note: non-GAAP items exclude the impact of share-based compensation expense, amortization, amortization of debt discount and debt issuance costs, and acquisition-related expense. Numbers may not add due to rounding. 18#19Reconciliation of GAAP to Non-GAAP Financial Measures in 000s Revenue Change in deferred revenue Collections in 000s GAAP Gross Profit Share Based Compensation Amortization Acquisition Related Expenses Non-GAAP Gross Profit Non-GAAP Gross Margin % 2017 Q1 Q4 Q2 Q3 $92,538 $103,522 $111,031 $118,545 $22,008 $13,599 $9,088 $13,658 $114,546 $117,121 $120,119 $132,203 2017 Q2 Q1 Q3 Q4 $77,675 $85,497 $92,204 $100,869 $506 $695 $783 $946 $0 $1,040 $757 ($1,292) $28 $0 $0 $0 $78,209 $87,232 $93,744 $100,523 85% 85% 84% 84% 2018 Q1 Q2 Q3 Q4 $137,775 $146,132 $155,600 $164,197 $21,880 $13,763 $7,177 $11,861 $159,655 $159,895 $162,777 $176,058 2018 2019 Q1 $174,290 $26,089 $200,379 Q1 Q2 Q3 Q4 $108,731 $115,695 $122,623 $129,708 $1,079 $1,087 $1,102 $1,150 $142 $142 $142 $142 $0 $0 $0 $0 2019 Q1 $134,575 $1,311 $142 $0 $109,952 $116,924 $123,867 $131,000 000 $136,028 80% 80% 80% 80% 78% Note: non-GAAP items exclude the impact of share-based compensation expense, amortization, amortization of debt discount and debt issuance costs, and acquisition-related expense 19#20Reconciliation of GAAP to Non-GAAP Financial Measures in 000s Research and development (GAAP) Share Based Compensation Amortization Aquisition related expenses Non-GAAP research and development % of collections Selling and marketing (GAAP) Share Based Compensation Amortization Aquisition related expenses Non-GAAP selling and marketing % of collections General and administrative (GAAP) Share Based Compensation Acquisition related expenses Non-GAAP general and administrative % of collections 2017 Q1 Q4 Q2 Q3 $32,669 $36,749 $40,252 $43,965 $4,726 $6,586 $7,190 $7,725 $136 $138 $136 $136 $1,713 $860 $889 $2,107 $26,094 $29,165 $32,037 $33,997 23% 25% 27% 26% $54,329 $48,016 $51,184 $50,906 $1,419 $1,778 $1,826 $1,562 $50 $62 $55 $1,535 $611 $0 $0 $496 $52,249 $46,176 $49,303 $47,313 13 46% 39% 41% 36% $11,148 $11,295 $12,222 $13,521 $2,331 $2,920 $3,236 $3,471 $1,413 $0 $0 $540 $7,404 $8,375 $8,986 $9,510 6% 7% 7% 7% 2018 Q1 Q2 Q3 Q4 $46,502 $48,492 $49,360 $54,558 $8,485 $9,470 $10,372 $11,090 $137 $136 $137 $136 $1,095 $1,084 $261 $125 $36,785 $37,802 $38,590 $43,207 23% 24% 24% 25% $67,011 $58,855 $62,247 $61,065 $2,042 $2,352 $2,597 $2,779 $309 $453 $454 $454 $237 ($138) $0 $64,423 $56,188 $59,196 40% 35% 36% $64 $0 $57,832 32 33% $13,670 $14,855 $14,514 $16,258 $4,068 $4,860 $4,689 $5,108 $96 $0 $0 $0 $9,506 $9,995 $9,825 6% 6% 6% 2019 Q1 $58,183 $12,256 $137 $0 $45,790 23% $85,718 $4,748 $453 $0 $80,517 40% $80 $18,466 $6,592 $0 $11,874 6% $11,150 $11 6% Note: non-GAAP items exclude the impact of share-based compensation expense, amortization, amortization of debt discount and debt issuance costs, and acquisition-related expense 20#21Reconciliation of GAAP to Non-GAAP Financial Measures in 000s GAAP Operating Loss Share Based Compensation Amortization Acquisition Related Expenses Non-GAAP Operating Income (Loss) in 000s GAAP Net Loss Share Based Compensation & Other Non- GAAP Adjustments Non-GAAP Net Income (Loss) in 000s Net cash provided by operating activities Capital expenditures, net Free Cash Flow 2017 Q1 Q4 Q2 Q3 Q1 Q2 Q3 Q4 ($20,471) ($10,563) ($11,454) ($7,523) ($18,452) ($6,507) ($3,498) ($2,173) $8,982 $11,979 $13,035 $13,704 $15,674 $17,769 $18,760 $20,127 $186 $1,240 $948 $379 $588 $731 $733 $732 $3,765 $860 $889 $3,143 $1,428 $946 $261 $125 ($7,538) $3,516 $3,418 $9,703 ($762) $12,939 $16,256 $18,811 2017 Q1 Q2 Q3 Q4 ($20,885) ($14,264) ($14,519) ($6,605) $12,933 $14,079 $14,872 $13,840 ($7,952) ($185) $353 $7,235 2018 2017 2018 Q1 Q2 Q3 Q4 ($19,811) ($5,640) ($5,916) ($5,753) $17,124 $20,948 $26,206 $27,620 ($2,687) $15,308 $20,290 $21,867 2018 2019 Q1 ($27,792) $24,907 $732 $0 ($2,153) 2019 Q1 ($30,740) $32,208 $1,468 2019 Q1 $35,074 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 $16,397 $19,651 $22,063 $24,941 $24,779 $27,268 $27,607 $36,055 ($1,616) ($2,239) ($3,128) ($5,386) ($3,358) ($3,411) ($3,916) ($3,391) ($5,028) $14,781 $17,412 $18,935 $19,555 $21,421 $23,857 $23,691 $32,664 $30,046 Note: non-GAAP items exclude the impact of share-based compensation expense, amortization, amortization of debt discount and debt issuance costs, and acquisition-related expense. Beginning in Q1'19 we began excluding non-operating foreign exchange expenses and income from our non-GAAP calculations of net income and EPS; this table reflects this change retroactively 21