Wix.Com Ltd (WIX) 2022 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Wix Q2 2022 Earnings Call. (Operator Instructions)

女士們，先生們，感謝您的支持，歡迎參加 Wix 2022 年第二季度財報電話會議。 （操作員說明）

I would now like to turn the call over to your host, Emily Liu, Investor Relations Analyst. You may begin.

我現在想將電話轉給您的主持人，投資者關係分析師 Emily Liu。你可以開始了。

Thanks, and good morning, everyone. Welcome to Wix's Second Quarter 2022 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.

謝謝，大家早上好。歡迎來到 Wix 的 2022 年第二季度財報電話會議。今天和我一起討論我們的結果的是首席執行官兼聯合創始人 Avishai Abrahami；我們的總裁兼首席運營官 Nir Zohar；和我們的首席財務官 Lior Shemesh。

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.

在本次電話會議期間，我們可能會做出前瞻性陳述，這些陳述基於當前的預期和假設。請考慮我們的新聞稿和最新的 20-F 表格中包含的風險因素，這些因素可能導致我們的實際結果與這些前瞻性陳述存在重大差異。我們不承擔更新這些前瞻性陳述的任何義務。

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 center on the Investor Relations section of our website, investors.wix.com.

此外，我們將對非公認會計準則財務業績和關鍵運營指標發表評論。您可以在收益材料和我們網站 Investors.wix.com 投資者關係部分的交互式分析師中心中找到我們的 GAAP 和非 GAAP 結果之間的所有對賬。

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

有了這個，我會把電話轉給 Avishai。

Thank you, Emily, and good morning, everyone. Thank you for joining us today.

謝謝你，艾米麗，大家早上好。感謝您今天加入我們。

I want to start our call this morning with some comments about Q2 and the highlights of some of the key points from our Analyst and Investor Day in May. Nir will walk you through a few operational updates on the business. And Lior will wrap it up with the financial highlights and an update on guidance.

我想在今天早上開始我們的電話會議，對第二季度發表一些評論，以及我們 5 月分析師和投資者日的一些關鍵點的亮點。 Nir 將引導您完成一些業務更新。 Lior 將用財務亮點和指導更新來結束它。

As you know, COVID obviously brought a massive surge of people and businesses to the Internet for operating a business beginning in early 2020. We were fast to respond to the need of our users, helping them generate income, while the off-line income was brought to a standstill. As part of our response to the high demand, we increased our hiring activity. Now that we are post-COVID, the addition of new users to the funnels and came back to similar rates to 2019 levels. And people are buying less on the Internet and buying less off-line. This result in many of our users selling less, which lower our GPV. This is not unique to us as many Internet companies feel it.

如您所知，從 2020 年初開始，COVID 顯然為互聯網帶來了大量的人和企業來經營業務。我們快速響應用戶的需求，幫助他們創造收入，而線下收入陷入停頓。作為應對高需求的一部分，我們增加了招聘活動。現在我們處於 COVID 之後，渠道中增加了新用戶，並恢復到與 2019 年相似的水平。人們在網上購買的東西越來越少，線下購買的東西也越來越少。這導致我們的許多用戶銷售量減少，從而降低了我們的 GPV。這並不像許多互聯網公司所認為的那樣對我們來說是獨一無二的。

So as the market continued to be volatile, which we obviously cannot control or predict, we are increasing our focus on what we can control to achieve the profitability targets we shared in the 3 years plan we presented in May. We committed to this plan, and we are executing on it. And so as we announced today, $150 million cost-saving plan to allow us to meet our profitability targets and accelerate gross margins and operating margins in 2023 if -- even if market conditions remain unchanged. Nir and Lior will walk you through more of those details.

因此，隨著市場繼續波動，我們顯然無法控製或預測，我們正在更加關注我們可以控制的事情，以實現我們在 5 月份提出的 3 年計劃中分享的盈利目標。我們致力於這個計劃，我們正在執行它。因此，正如我們今天宣布的那樣，1.5 億美元的成本節約計劃使我們能夠在 2023 年實現盈利目標並提高毛利率和營業利潤率——即使市場條件保持不變。 Nir 和 Lior 將帶您了解更多這些細節。

Now let's talk about the quarter. We are satisfied with how the fundamentals of our business remained strong in Q2. Revenue grew more than $345 million or 9% year-over-year, about where we expected, and grew 11% year-over-year on a constant currency basis. The fundamental measure of our business performance remained very strong. In fact, our average revenue per subscription is now 32% higher as of this quarter compared to Q2 2019. This is very positive as conversion and retention remained the same over this period. This tells us that users are finding much more value in our platform.

現在讓我們談談這個季度。我們對第二季度業務基本面保持強勁的情況感到滿意。收入同比增長超過 3.45 億美元或 9%，與我們的預期大致相同，按固定匯率計算，收入同比增長 11%。衡量我們業務表現的基本指標仍然非常強勁。事實上，與 2019 年第二季度相比，截至本季度，我們的每次訂閱平均收入現在高出 32%。這是非常積極的，因為在此期間轉換和留存率保持不變。這告訴我們，用戶在我們的平台上發現了更多價值。

Our partners business also continued to perform well, growing revenues 31% year-over-year. This is on top of an incredible 87% year-over-year growth that we saw in the same quarter last year.

我們的合作夥伴業務也繼續表現良好，收入同比增長 31%。這是我們在去年同一季度看到的令人難以置信的 87% 的同比增長之上。

Transaction revenues grew 13% year-over-year. And we continue to see increased adoption of Wix Payments growing our take rate. Even with consumer spending slowing, our GPV continue to grow. Even more amazing is that since Q2 2019, our GPV has grown 360%, which is incredible. So even with the demand coming back to 2019 level, our key growth initiatives are producing strong results.

交易收入同比增長 13%。我們繼續看到越來越多的 Wix Payments 採用率提高了我們的接受率。即使消費者支出放緩，我們的 GPV 仍在繼續增長。更令人驚奇的是，自 2019 年第二季度以來，我們的 GPV 增長了 360%，令人難以置信。因此，即使需求恢復到 2019 年的水平，我們的關鍵增長計劃也正在產生強勁的成果。

Stepping back, I want to summarize some of what we shared at our Analyst and Investor Day and expand more on our strategic strategy going forward.

退後一步，我想總結一下我們在分析師和投資者日上分享的一些內容，並進一步擴展我們未來的戰略戰略。

Since the IPO, we have scaled revenues from $80 million in 2013 nearly 17x to $1.3 billion over the last year while serving hundreds of millions of users across the globe. Our focus on product innovation and development as well as marketing has been a key driver of this growth.

自 IPO 以來，我們的收入已從 2013 年的 8000 萬美元增長近 17 倍至去年的 13 億美元，同時為全球數億用戶提供服務。我們對產品創新和開發以及營銷的關註一直是這一增長的關鍵驅動力。

The first stage of our growth was introducing an elegant and simple website builder that everyone -- anyone could use to create online. Many of our innovation -- drag and drop, mobile design and AI design -- are now widespread across our competitors.

我們成長的第一階段是引入一個優雅而簡單的網站構建器，每個人都可以使用它來在線創建。我們的許多創新——拖放、移動設計和人工智能設計——現在在我們的競爭對手中廣泛使用。

Last month, we introduced our new Wix Editor, which I'm very proud of and excited about. The new Wix Editor combines the best of our Wix Editor and Wix ADI, and we will provide a user with an even better creation experience than before. In addition, it will bring efficiency and increased velocity to our product development. This is the most significant update to our Wix Editor in many years, and we believe it will contribute significantly to increase conversion and user success online.

上個月，我們推出了新的 Wix 編輯器，我對此感到非常自豪和興奮。新的 Wix 編輯器結合了我們的 Wix 編輯器和 Wix ADI 的優點，我們將為用戶提供比以前更好的創作體驗。此外，它將為我們的產品開髮帶來效率和更快的速度。這是多年來對我們的 Wix 編輯器最重要的更新，我們相信它將大大有助於提高在線轉化率和用戶成功率。

We have tens of millions of users, and it was clear they wanted more. So we moved into a second stage, which was an increased focus on businesses. We invested in what our users are telling us they want to manage and grow their business online. Over the last several years, we introduced many vertical commerce application, communication and marketing tools for businesses and payment capabilities.

我們有數千萬用戶，很明顯他們想要更多。因此，我們進入了第二階段，即更加關注業務。我們投資於用戶告訴我們他們想要在線管理和發展業務的內容。在過去的幾年裡，我們為企業和支付功能引入了許多垂直商務應用、通信和營銷工具。

Today, self-creators business generate over $1 billion in annualized revenue and is very profitable. As we shared with you in May. In fact, our self-creator business alone generate more revenues and is more profitable than the largest of our competitors serving the same market.

如今，自我創造者業務的年收入超過 10 億美元，並且非常有利可圖。正如我們在五月與您分享的那樣。事實上，與服務於同一市場的最大競爭對手相比，僅我們的自我創造業務就產生了更多的收入和利潤。

We have now expanded into a third stage, and that is addressing the online creation needs of partners, professional creators, agencies and enterprises. Our expansion has been informed by what we hear from our users.

我們現在已經擴展到第三階段，即解決合作夥伴、專業創作者、機構和企業的在線創作需求。我們從用戶那裡聽到的信息為我們的擴張提供了信息。

We now have industry-leading infrastructure that deliver performance among the fastest in the industry, robust security and high availability. We are now praised by partners for our outstanding SEO capabilities. We have massively improved our commerce application to meet the needs of professional and agencies. And we have Velo for application development and Editor X with advanced design needs.

我們現在擁有行業領先的基礎架構，可提供業內最快的性能、強大的安全性和高可用性。我們現在因出色的 SEO 能力而受到合作夥伴的稱讚。我們已經大規模改進了我們的商業應用程序，以滿足專業人士和機構的需求。我們有用於應用程序開發的 Velo 和具有高級設計需求的 Editor X。

All of this development require us to invest a significant amount of resources into not only R&D but also on marketing to build and run for professionals. This expansion have grown a total addressable market significantly to 8x larger than it was in 2017 to over $200 billion today. We believe we will scale our partner business to become profitable.

所有這些發展都要求我們在研發和營銷方面投入大量資源，以便為專業人士打造和運營。這種擴張使整個潛在市場顯著增長，比 2017 年大 8 倍，達到今天的 2000 億美元以上。我們相信我們將擴大我們的合作夥伴業務以實現盈利。

Our optimism is supported by a strong behavior in our partner's cohorts, which grow booking annually from 3 to 4x this first year within the first 3 years. And the number of professional coming to Wix every day to continue grow.

我們的樂觀態度得到了我們合作夥伴群體的強烈支持，在前 3 年內，第一年的預訂量每年從 3 倍增長到 4 倍。每天來到 Wix 的專業人士數量還在繼續增長。

We shared our 3 years plan for achieving this scale and profitability, and we are committed to it. And despite the market volatility we are experiencing during this period, I'm more excited about Wix today than I've ever been.

我們分享了實現這一規模和盈利能力的 3 年計劃，我們致力於實現這一目標。儘管我們在此期間經歷了市場波動，但我今天對 Wix 的興奮程度比以往任何時候都高。

With that, I want to turn it now to Nir.

有了這個，我現在想把它交給 Nir。

Thank you, Avishai. I want to start with a quick update on our cohorts and then talk more about the cost-cutting measures we are taking.

謝謝你，阿維謝。我想先快速了解一下我們的同類群組，然後再談談我們正在採取的削減成本的措施。

As Avishai mentioned, while we see demand at the top of the funnel returning to 2019 levels, our cohort fundamentals continue to improve. We continue to share with you the bookings of our Q1 user cohorts over the years, as you can see on Slide 12 of our earnings slide.

正如 Avishai 所說，雖然我們看到漏斗頂部的需求回到了 2019 年的水平，但我們的隊列基本面繼續改善。我們將繼續與您分享多年來我們第一季度用戶群的預訂情況，您可以在我們收益幻燈片的幻燈片 12 中看到。

Our Q1 '22 cohort through the second quarter illustrates this strong performance. This cohort has generated $40 million in bookings since it was created. This figure is nearly as high as the Q1 '20 cohort at $41 million, which benefited from an increased online activity at the beginning of COVID, and it's higher than the last pre-COVID Q1 cohort from Q1 '19, which generated just over $38 million in bookings.

我們到第二季度的 Q1 '22 隊列說明了這種強勁的表現。自創建以來，該隊列已產生 4000 萬美元的預訂量。這一數字幾乎與 20 年第一季度的 4100 萬美元一樣高，這得益於 COVID 開始時在線活動的增加，並且高於 19 年第一季度的上一個 COVID 之前的第一季度，後者產生了 38 多美元百萬預訂量。

This growth is impressive for a couple of reasons. First, with 6.1 million users, the Q1 '22 cohort was slightly smaller in size than either the Q1 '19 or Q1 '20 cohorts. Second, the growth also demonstrates that conversion and retention are at the same high rates as before. And just as importantly, the average bookings per subscription is increasing. This means we are monetizing our cohorts better. Users are selecting business packages much more, and more are adopting business solutions, products and services.

由於幾個原因，這種增長令人印象深刻。首先，擁有 610 萬用戶的 Q1 '22 群組的規模略小於 Q1 '19 或 Q1 '20 群組。其次，增長還表明轉化率和保留率與以前一樣高。同樣重要的是，每次訂閱的平均預訂量正在增加。這意味著我們正在更好地利用我們的同類群組獲利。用戶越來越多地選擇業務包，越來越多的用戶採用業務解決方案、產品和服務。

If you recall, at the Analyst Day, we showed you the cohorts segmented between self-creators and partners. This performance in the Q1 '22 cohort is a result of the strong growth and bookings retention we're seeing in both the self-creators and partners cohorts. It's also worth noting that we're in much less favorable FX environment today compared to 2019 because we report in U.S. dollars but collect cash in local currencies around the world, many of which are at or near historical lows against the U.S. dollars.

如果您還記得，在分析師日，我們向您展示了在自我創造者和合作夥伴之間劃分的群組。 22 年第一季度隊列中的這種表現是我們在自我創造者和合作夥伴隊列中看到的強勁增長和預訂保留率的結果。還值得注意的是，與 2019 年相比，我們今天的外匯環境要差得多，因為我們以美元報告，但以世界各地的當地貨幣收取現金，其中許多貨幣兌美元匯率處於或接近歷史低點。

Finally, I also want to point out that while our marketing spend for this Q1 '22 cohort was indeed higher than either Q1 '19 or Q1 '20, our returns are very much in line with our goals, as you can see on the TROI chart we shared on Slide 13 in our slide deck.

最後，我還想指出，雖然我們在 22 年第一季度的營銷支出確實高於 19 年第一季度或 20 年第一季度，但我們的回報非常符合我們的目標，正如您在 TROI 上看到的那樣我們在幻燈片中的幻燈片 13 上分享的圖表。

I now want to shift gears and talk about the measures we are taking to continue working towards achieving the profitability targets we set forth at our Analyst Day in May.

我現在想換個角度談談我們為繼續努力實現我們在 5 月分析師日制定的盈利目標而採取的措施。

The roots of this plan actually began in Q4 of last year as we were making plans for 2022. You recall, we saw a lot of volatility and uncertainty and chose not to provide guidance at that time for the year because of it. We began thinking more carefully about developing more operational efficiency. We reduced our hiring activity and took a closer look at what was working and what was not. As an example, we decided then that we should discontinue marketing Wix Answers as an external product.

該計劃的根源實際上始於去年第四季度，當時我們正在製定 2022 年的計劃。您還記得，我們看到了很多波動和不確定性，因此選擇不提供當年的指導。我們開始更仔細地思考如何提高運營效率。我們減少了招聘活動，並仔細研究了哪些有效，哪些無效。例如，我們當時決定停止將 Wix Answers 作為外部產品進行營銷。

Volatility continued throughout the year, with the war in Ukraine, with increasing energy prices, high inflation and currency fluctuations. Moving through Q2, we did not see improvements to the environment and recognize we need to take the next step in our plan to help us achieve our profitability targets.

隨著烏克蘭戰爭、能源價格上漲、高通脹和貨幣波動，波動全年持續。在第二季度，我們沒有看到環境有所改善，並認識到我們需要在計劃中採取下一步措施，以幫助我們實現盈利目標。

We are now executing this next step of the plan and announcing a series of cost-reduction actions. They include rightsizing our employee base, which unfortunately means asking some people to leave. We are also making significant reduction in hiring activities for the remainder of this year and next year. As a result, we expect to realize approximately $150 million of annualized savings across our cost of revenue expenses, operating expenses and CapEx.

我們現在正在執行該計劃的下一步，並宣布一系列降低成本的行動。其中包括調整我們的員工基礎，不幸的是，這意味著要求一些人離開。我們還將在今年剩餘時間和明年大幅減少招聘活動。因此，我們預計在收入支出、運營支出和資本支出成本方面每年可節省約 1.5 億美元。

These cost savings are not onetime in nature and will continue to benefit the company on an ongoing basis, with 20% of the annualized savings being realized already in 2022. Also, we are not reducing any investments in user acquisition marketing that is adjusted by our TROI thresholds, which we have not changed.

這些成本節省不是一次性的，將繼續使公司受益，到 2022 年已經實現了 20% 的年度節省。此外，我們不會減少任何由我們調整的用戶獲取營銷的投資。 TROI 閾值，我們沒有更改。

We expect that these cost savings will allow our free cash flow margin in 2023 to be consistent with the range provided in our 3-year plan even if market conditions remain challenged. It will also accelerate gross margin and operating margin expansion next year faster than we had presented.

我們預計，即使市場條件仍面臨挑戰，這些成本節約將使我們在 2023 年的自由現金流量利潤率與我們的 3 年計劃中提供的範圍保持一致。明年它還將加速毛利率和營業利潤率的擴張，速度比我們之前提出的要快。

We continue to work to identify additional areas of productivity improvements across our care, marketing and R&D functions as well as opportunities to rationalize our real estate footprint. These measures will allow us to increase our investments in our highest conviction growth opportunities. And we expect to see free cash flow margin expansion in 2023 and beyond.

我們將繼續努力在我們的護理、營銷和研發職能中確定其他提高生產力的領域，以及合理化我們的房地產足蹟的機會。這些措施將使我們能夠增加對我們最高信念增長機會的投資。我們預計自由現金流利潤率將在 2023 年及以後擴大。

I want to also add that our leadership made some very difficult decisions during this process. We've always been laser-focused on growth at Wix, and this will not change. These changes allow us to continue to grow with a greater emphasis on profitability that is needed. We believe that these changes will make us stronger and prepare us for an even better future once the market stabilizes.

我還想補充一點，我們的領導層在這個過程中做出了一些非常艱難的決定。我們一直專注於 Wix 的增長，這一點不會改變。這些變化使我們能夠繼續增長，更加強調所需的盈利能力。我們相信，一旦市場穩定下來，這些變化將使我們變得更強大，為更美好的未來做好準備。

With that, I would like to hand it over to Lior.

有了這個，我想把它交給Lior。

Thanks, Nir. Before I discuss guidance for the rest of the year, I'd like to highlight some of our second quarter results. Even against the market dynamics Avishai I mentioned earlier, revenue in the second quarter grew to over $345 million, representing 9% year-over-year growth and towards the top end of our guidance range provided in May. Revenue growth was 11% year-over-year on a constant currency basis.

謝謝，尼爾。在討論今年剩餘時間的指導之前，我想強調一下我們第二季度的一些業績。即使與我之前提到的 Avishai 市場動態相反，第二季度的收入也增長到超過 3.45 億美元，同比增長 9%，接近我們 5 月份提供的指導範圍的上限。按固定匯率計算，收入同比增長 11%。

Total bookings grew 3% year-over-year to nearly $355 million, which was 7% year-over-year on a constant currency basis. This was in line with our expectations as the headwinds that impacted revenue, mostly unfavorable FX changes as well as the resetting of demand for online services and e-commerce to pre-COVID levels, had an even larger impact on bookings. FX decreased booking by approximately $10 million compared to the year ago period. Both revenue and bookings growth were driven by strong fundamentals and continued successful execution against our key growth initiatives.

總預訂量同比增長 3% 至近 3.55 億美元，按固定匯率計算同比增長 7%。這符合我們的預期，因為影響收入的不利因素，主要是不利的外匯變化以及對在線服務和電子商務的需求恢復到 COVID 之前的水平，對預訂產生了更大的影響。與去年同期相比，外匯預訂減少了約 1000 萬美元。收入和預訂量的增長均受到強勁的基本面和對我們關鍵增長計劃的持續成功執行的推動。

In the second quarter, we saw conversion of new users to paid subscriptions continue at a stable rate, ARPS increase, and retention remains strong. Following the end of the quarter, we began to see early signs of improvement in top of the funnel trends and higher return on marketing dollars in July into August.

在第二季度，我們看到新用戶向付費訂閱的轉化率繼續保持穩定，ARPS 增加，留存率依然強勁。在本季度末之後，我們開始看到漏斗趨勢頂部改善的早期跡象，以及 7 月至 8 月的營銷資金回報率提高。

Our efforts to grow the partner business continue as planned, with revenue increasing 31% year-over-year in the second quarter as the investments we made in recent years begin to pay dividends and are driving momentum across agencies, designers and developers across the professional ecosystem.

我們繼續按計劃發展合作夥伴業務，第二季度收入同比增長 31%，因為我們近年來所做的投資開始產生紅利，並推動整個專業機構、設計師和開發人員的發展勢頭生態系統。

Transaction revenue also continued to grow despite e-commerce growth largely resetting to the pre-COVID trend line. It was up 13% year-over-year, driven by better monetization of payments as adoption of Wix Payments increased as well as GPV growth of 6% year-over-year to $2.6 billion as a result of our diverse e-commerce platform.

儘管電子商務的增長在很大程度上回到了 COVID 之前的趨勢線，但交易收入也繼續增長。同比增長 13%，這得益於隨著 Wix Payments 採用率的提高，支付貨幣化程度的提高，以及由於我們多元化的電子商務平台，GPV 同比增長 6% 至 26 億美元。

On the expense front, this quarter, we focused on executing on the targets we shared in May during our Analyst Day and driving leverage from the investments made over the past 2 years as the business scales.

在費用方面，本季度，我們專注於執行我們在分析師日 5 月分享的目標，並隨著業務規模的擴大，從過去 2 年的投資中提高槓桿率。

Non-GAAP total gross margin was up sequentially to 62.5% as Business Solutions non-GAAP gross margin increased to 23.2%, driven by improved margin in our Payments business. We continue to slow hiring and adjusted down our direct marketing investments by nearly 40% on a year-over-year basis to align with what we are seeing at the top of the funnel in order to stay within our TROI goals. As a result, non-GAAP operating margin improved compared to the prior year period.

由於我們的支付業務利潤率提高，商業解決方案非 GAAP 毛利率上升至 23.2%，非 GAAP 總毛利率環比上升至 62.5%。我們繼續減慢招聘速度，並將直接營銷投資同比調整近 40%，以符合我們在漏斗頂部看到的情況，以保持我們的 TROI 目標。因此，非公認會計準則營業利潤率與去年同期相比有所改善。

Finally, free cash flow, excluding CapEx associated with our headquarter build-out, was negative $6 million in the second quarter. This was lower than what we anticipated due to -- primarily to the unfavorable FX changes, which decreased free cash flow by approximately $10 million on a year-over-year basis.

最後，第二季度的自由現金流（不包括與我們總部擴建相關的資本支出）為負 600 萬美元。這低於我們的預期，主要是由於不利的外匯變化，導致自由現金流同比減少約 1000 萬美元。

Turning now to guidance for both Q3 and full year of 2022. We expect third quarter revenue to be $341 million to $345 million or 7% to 8% year-over-year growth. We now expect full year revenue to grow between 8% and 10% year-over-year. These growth figures account for additional year-over-year FX headwinds we experienced throughout -- through July and the assumption that 2022 is a year of continued volatility as demand resets to pre-COVID levels.

現在轉向 2022 年第三季度和全年的指導。我們預計第三季度收入將在 3.41 億美元至 3.45 億美元之間，或同比增長 7% 至 8%。我們現在預計全年收入將同比增長 8% 至 10%。這些增長數據說明了我們在整個 7 月份經歷的額外的同比外匯逆風，以及隨著需求重置到 COVID 之前的水平而假設 2022 年是持續波動的一年。

Free cash flow margin for the full year is now expected to be at 2% to 3% as FX headwinds have deepened since May but still remain within the target range we laid out during our Analyst Day. On a year-over-year constant currency basis, our free cash flow for the full year would have been 4% to 5% of revenue in 2022 as we discussed back in February.

由於外匯逆風自 5 月以來加深，但仍保持在我們在分析師日制定的目標範圍內，全年的自由現金流利潤率目前預計為 2% 至 3%。正如我們在 2 月份討論的那樣，按年同比不變匯率計算，我們全年的自由現金流在 2022 年將佔收入的 4% 到 5%。

Regarding the cost-reduction plan that Nir spoke about, we still expect to achieve the 2022 and the 2023 free cash flow targets we shared in May despite timing of macroeconomic recovery. Of the $150 million of annualized saving, about 25% will come from cost of revenue, mainly our care organization, which will produce about 200 basis point of gross margin improvement in 2023 compared to our 3-year plan. We also anticipate to see gross margin improve in 2022 as we start to recognize savings related to care.

關於 Nir 談到的降低成本計劃，儘管宏觀經濟復甦的時機已經成熟，但我們仍然希望實現我們在 5 月份分享的 2022 年和 2023 年自由現金流目標。在每年節省的 1.5 億美元中，約 25% 將來自收入成本，主要是我們的護理機構，與我們的 3 年計劃相比，到 2023 年毛利率將提高約 200 個基點。隨著我們開始認識到與護理相關的節省，我們還預計 2022 年的毛利率會有所提高。

The other 75% will come mostly from headcount-driven operating expenses. These do not include any plans to reduce our user acquisition marketing investments that we adjust to match our TROI threshold, which we have not changed. This margin improvement will primarily be seen in our partners business.

其他 75% 將主要來自員工人數驅動的運營費用。這些不包括任何減少用戶獲取營銷投資的計劃，我們調整這些投資以匹配我們的 TROI 閾值，我們沒有改變。這種利潤率的提高將主要體現在我們的合作夥伴業務中。

In times like this, there are certain things we cannot control. So we are focusing on what we can control by executing on our strategic priorities while sustainably improving our cost structure. The action we are taking and decisions we are making today will help us emerge as a stronger and more resilient company once we are on the other side of this uncertain macroeconomic times.

在這樣的時代，有些事情是我們無法控制的。因此，我們專注於通過執行我們的戰略重點，同時可持續地改善我們的成本結構來控制我們可以控制的東西。一旦我們處於不確定的宏觀經濟時代的另一端，我們今天採取的行動和做出的決定將幫助我們成為一家更強大、更有彈性的公司。

With that, we are ready to take some questions.

有了這個，我們準備回答一些問題。

(Operator Instructions) Our first question comes from Kenneth Wong with Oppenheimer.

（操作員說明）我們的第一個問題來自 Kenneth Wong 和 Oppenheimer。

Great. Fantastic. Avishai, I guess I wanted to maybe dig in on the return to normalization. When you look at the different pockets of your business, where are you seeing the biggest impact here? Is it the self-creators, your commerce customers? Is it across B2B agencies? Any color there would be extremely helpful.

偉大的。極好的。 Avishai，我想我可能想深入了解恢復正常化。當您查看業務的不同領域時，您認為最大的影響在哪裡？是自我創造者，你的商業客戶嗎？是否跨 B2B 機構？那裡的任何顏色都會非常有幫助。

Of course. So I think the first thing we're seeing is that the GPV as -- went down, right, in the last couple of months. I think this is something that every company has seen. We've seen Amazon experiencing similar stuff, Shopify. So I think that was probably the bigger thing that we see now.

當然。所以我認為我們看到的第一件事是GPV 在過去幾個月中下降了，對。我認為這是每個公司都看到的。我們已經看到亞馬遜經歷過類似的事情，Shopify。所以我認為這可能是我們現在看到的更大的事情。

In terms of self-creators, I think that the inflation actually influenced more the formation of new innovation and people investing in their business. I mean that has created some effect. In fact, we're pretty much there in the self-creators, back to a similar state of 2019. So the demand is similar to 2019. Of course, our ARPU is better. And of course, now we also have GPV as a source of income.

就自我創造者而言，我認為通貨膨脹實際上更多地影響了新創新的形成和人們對其業務的投資。我的意思是這已經產生了一些影響。事實上，我們在自我創造者中幾乎在那裡，回到了 2019 年的類似狀態。所以需求與 2019 年相似。當然，我們的 ARPU 更好。當然，現在我們也有 GPV 作為收入來源。

When it comes to designers and agencies, we see less of an effect. I think that because a lot of them have the constant flow of customers. And so we see less there. And so I hope that this answer your question.

當談到設計師和代理商時，我們看到的影響較小。我認為這是因為他們中的很多人都有源源不斷的客戶。所以我們在那裡看到的更少。所以我希望這能回答你的問題。

Yes. That's fantastic. And then maybe just quickly, Nir, as far as the GPV downtick, would you say that, that is just because consumer spend has obviously eroded? Or is there any maybe longer-term impact from having that softer premium subscription funnel over the last 3, 4 quarters? Any help in terms of what you're seeing as far as kind of when that might bounce back would be great.

是的。這太妙了。然後也許很快，Nir，就 GPV 下降而言，你會這麼說，這僅僅是因為消費者支出明顯受到侵蝕嗎？或者，在過去 3、4 個季度內擁有較軟的高級訂閱渠道是否會產生任何長期影響？就您所看到的可能反彈的時間而言，任何幫助都會很棒。

Well, so it's -- yes, it is mainly assumed to less consumers spend more than anything else.

嗯，所以它是 - 是的，主要是假設更少的消費者花費比其他任何東西都多。

100% from less consumer spending. That's what we're seeing.

100% 來自於消費者支出的減少。這就是我們所看到的。

(Operator Instructions) Our next question comes from Brent Thill with Jefferies.

（操作員說明）我們的下一個問題來自 Jefferies 的 Brent Thill。

When you think about the assumptions you're making in the back half and into '23, what are you making in terms of your assumption that -- for the overall economy? Are you saying things are going to be stable, deteriorating, improving? How would you characterize your guide? Obviously, with the cut in numbers, everyone was just trying to calibrate. Are you baking in more conservatism here? Or how are you thinking about the overall environment?

當你考慮到你在後半段和 23 年所做的假設時，你對整體經濟的假設是什麼？你是說事情會穩定，惡化，改善嗎？你會如何描述你的嚮導？顯然，隨著人數的減少，每個人都只是試圖校準。你在這裡更保守嗎？或者您如何看待整體環境？

So basically, what we assume that the headwinds that we experienced so far simply will continue. We're also assuming that the FX impact will also continue throughout the year. And this is pretty much what we assumed. And obviously, we are also conservative because of that.

所以基本上，我們假設我們迄今為止所經歷的逆風只會繼續下去。我們還假設外匯影響也將持續全年。這幾乎就是我們所假設的。顯然，我們也因此而保守。

We prefer to be very conservative regarding next year so we can build our free cash flow in a smart way to achieve the goal that we set to ourselves. Of course, if things get a bit more positive, that would be great.

我們寧願對明年非常保守，這樣我們就可以以一種聰明的方式建立我們的自由現金流，以實現我們為自己設定的目標。當然，如果事情變得更加積極，那就太好了。

And yes, and this is the main reason why we want to take control over the cost. And this is something that is really important to do right now.

是的，這就是我們想要控製成本的主要原因。這是現在非常重要的事情。

Numbers have been coming down. So just I want to follow up. Are you assuming then a more conservative view than historically because the numbers have been coming down lower? I'm just -- everyone's just curious, are you baking in that extra layer of conservatism in that pipeline conversion?

數字一直在下降。所以我只想跟進。您是否假設由於數字一直在下降而比歷史上更保守？我只是——每個人都很好奇，你是否在管道轉換中加入了額外的保守主義層？

Yes. I mean, yes. I mean when we look at where we started at the beginning of the year and what's happened, so it just makes sense to be extra conservative on the assumption with regard to the second half of the year.

是的。我的意思是，是的。我的意思是，當我們查看年初的起點和發生的事情時，因此對下半年的假設更加保守是有意義的。

Our next question comes from Brad Erickson with RBC.

我們的下一個問題來自 RBC 的 Brad Erickson。

Maybe just a follow-on there. What do you think is driving this improvement to the funnel trends? You mentioned a couple of times in the letter in, I guess, July and into August here. Is that maybe just a little touch of seasonality? Is there something maybe improving on the margin macro-wise? And then kind of the follow-on to Brent's question, maybe what's baked into your guidance here relative to these near-term trends you're calling out?

也許只是那裡的後續。您認為是什麼推動了漏斗趨勢的這種改進？你在信中提到了幾次，我猜，七月到八月。這可能只是一點點季節性嗎？宏觀方面是否有可能改善利潤率？然後是布倫特問題的後續問題，相對於您所呼籲的這些近期趨勢，您的指導可能包含什麼內容？

Let me try and take the first 2 parts. And then Lior will answer this in the later part.

讓我試著拿前兩部分。然後 Lior 將在後面的部分中回答這個問題。

I think that -- well, when we look at it, we compare seasonality to seasonality, so it's not a seasonality thing. I think we did, of course, a lot of product improvement because we always do. So somewhat can be contributed to that. The other thing is that it does look some recovery in the macro of our users. I want to emphasize that if you remember, last year, we were the first -- Wix was the first to actually notice the decline, right? And I think our customers are reacting faster than most to changes because they are small and very agile. And so maybe that's what we're seeing now.

我認為 - 好吧，當我們查看它時，我們會將季節性與季節性進行比較，所以這不是季節性的事情。我認為我們當然做了很多產品改進，因為我們總是這樣做。因此，可以為此做出一些貢獻。另一件事是，在我們用戶的宏觀環境中，它確實看起來有些恢復。我想強調一下，如果你還記得，去年，我們是第一個——Wix 是第一個真正注意到下降的，對吧？而且我認為我們的客戶對變化的反應比大多數人都快，因為它們很小而且非常敏捷。所以也許這就是我們現在看到的。

It's very early to say. We'll keep you guys updated. But I think if I have to take a guess, I would say that our customers are starting to act differently, okay? Again, it's very early, and that's why we don't want to declare anything there and say anything big about it. But we are seeing some positive changes.

現在說還為時過早。我們會及時通知你們。但我想如果我必須猜測一下，我會說我們的客戶開始採取不同的行動，好嗎？再說一次，現在還為時過早，這就是為什麼我們不想在那裡宣布任何事情並對此發表任何大論。但我們看到了一些積極的變化。

With regard to the guidance, as Avishai mentioned, it's still too early to call it a trend. Further, new subscriptions booking over the last quarter and the half of the year will have very little impact on revenue as we all understand because we recognize revenue over time. Also, I think that it's important to mention that we do not yet see an increase in commerce activity, which has a big impact on our revenue.

關於指導，正如 Avishai 所說，現在稱其為趨勢還為時過早。此外，我們都知道，上一季度和半年的新訂閱預訂對收入的影響很小，因為我們會隨著時間的推移確認收入。另外，我認為重要的是要提到我們還沒有看到商業活動的增加，這對我們的收入有很大影響。

Our next question comes from Ron Josey with Citi.

我們的下一個問題來自 Citi 的 Ron Josey。

Maybe I wanted to ask a little bit about the $150 million of savings. And specifically, maybe Lior, you can talk a little bit more where they're coming from. I think we heard call center, some CapEx. But I guess the focus here is, any impacts to product development overall? I think we talked at the Analyst Day just being in a good spot of cadence for new products. So any insights on how you feel about product development given the cuts here?

也許我想問一下節省的 1.5 億美元。具體來說，也許 Lior，你可以多談談他們來自哪裡。我想我們聽到了呼叫中心，一些資本支出。但我想這裡的重點是，對整體產品開發有什麼影響嗎？我認為我們在分析師日討論了新產品的良好節奏。那麼考慮到這裡的削減，你對產品開發的看法有什麼見解嗎？

And then the next question is just about the new Editor experience and then the New York City like development data that's happening in a few weeks. Just any insights on the rollout plans for the new Editor and what to expect for this developer conference.

然後下一個問題是關於新的編輯器體驗，然後是幾週後發生的類似紐約市的開發數據。關於新編輯器推出計劃的任何見解以及對本次開發者大會的期望。

So I'll start with a description of the $150 million. And then Nir can talk about any impact at all if we have any impact on future planned growth.

因此，我將從描述 1.5 億美元開始。如果我們對未來的計劃增長有任何影響，Nir 可以談論任何影響。

So as we mentioned, about 70% of our $150 million is mostly related to headcount and subcontractor. And this is mostly in our operating expenses. And I think that this is -- go the same way for the 30%, meaning the 30% is about all kind of mostly headcount related as part of our cost of goods sold, mostly in the care organization. So in the end of the day, we are talking about general operating expenses and headcount-related expenses and subcontractors. And it has all effect, obviously, the $150 million.

正如我們所提到的，我們 1.5 億美元中約有 70% 主要與員工人數和分包商有關。這主要是我們的運營費用。而且我認為這對 30% 採取同樣的方式，這意味著 30% 與所有類型的員工人數有關，主要是我們銷售商品成本的一部分，主要是在護理組織中。因此，歸根結底，我們談論的是一般運營費用和與員工人數相關的費用和分包商。很明顯，這1.5億美元已經產生了影響。

Ron, in terms of kind of the impacts and how we think about the R&D as well as marketing, by the way, so as I may -- as I mentioned in my comment before, our focus on delivering growth has not changed. So when we made this plan and look at these efficiencies, we made sure that we are not impacting the key drivers that are going to generate our future growth, again, relating to R&D and also to acquisition marketing. And we believe that the way we're doing this will actually allow us to continue growing but have greater -- just greater emphasis on the profitability. And I think that, moreover, it's an opportunity for us to become even stronger in kind of our future growth once the market stabilizes and return -- and we can return to faster growth.

羅恩，順便說一下，就影響的種類以及我們如何看待研發和營銷而言，正如我之前在評論中提到的那樣，我們對實現增長的關注沒有改變。因此，當我們制定此計劃並查看這些效率時，我們確保我們不會影響將產生我們未來增長的關鍵驅動因素，同樣，與研發和收購營銷有關。而且我們相信，我們這樣做的方式實際上將使我們能夠繼續增長，但會更大——只是更加強調盈利能力。而且我認為，一旦市場穩定並恢復，這對我們來說是一個在未來增長方面變得更加強大的機會——我們可以恢復更快的增長。

In regard to your last question, which is actually a tool question, right? So It's about Editor 2. I think Editor 2 is, for me, a very exciting product. We took 2 things that were separate that we knew are working very well, the classic Editor and the ADI, and combining into one product. So this is actually making the -- it's a complete experience. You can use the power of AI design within a regular -- the regular Wix classic Editor. We did some -- a lot of additional improvements that make the experience, I think, really smooth. So that is very exciting. It will be serving self-creators and will be serving agencies, of course.

關於你最後一個問題，實際上是一個工具問題，對吧？所以它是關於 Editor 2。我認為 Editor 2 對我來說是一個非常令人興奮的產品。我們採用了兩個我們知道效果很好的獨立的東西，經典的編輯器和 ADI，並將它們組合成一個產品。所以這實際上是在製作——這是一次完整的體驗。您可以在常規的 Wix 經典編輯器中使用 AI 設計的強大功能。我們做了一些——我認為，很多額外的改進讓體驗變得非常流暢。所以這非常令人興奮。當然，它將為自我創造者和代理機構服務。

The event that we have in New York is aimed for agencies, and not just agencies, the most professional agencies. They want to actually do custom development on top of Wix. And we are releasing a lot of new products there and talking a lot about new things. And that, we think, will allow us to extend that line of business tremendously in the future. So it's going to be really interesting. You're more than welcome to come.

我們在紐約舉辦的活動是針對機構的，而不僅僅是機構，最專業的機構。他們實際上想在 Wix 之上進行定制開發。我們在那裡發布了很多新產品，並談論了很多新事物。我們認為，這將使我們能夠在未來極大地擴展該業務線。所以這將是非常有趣的。非常歡迎你來。

Our next question comes from Deepak Mathivanan with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Deepak Mathivanan。

So Lior, can you unpack the second quarter bookings growth? Maybe just on the self-creator side between what you saw on the subscriber growth and pricing. I know you have pricing tweaks and uncertainties early in the year. Curious how much that's contributing to bookings right now.

所以 Lior，你能解開第二季度的預訂增長嗎？也許只是在您看到的訂戶增長和定價之間的自我創造者方面。我知道你在年初有定價調整和不確定性。好奇這對現在的預訂量有多大影響。

The question was...

問題是...

The pricing tweaks and uncertainties early in the year. Curious how much that's contributing to bookings right now.

今年年初的定價調整和不確定性。好奇這對現在的預訂量有多大影響。

The question was about the price increase and how it affects bookings. That was the question?

問題是關於價格上漲以及它如何影響預訂。那是問題嗎？

Yes, yes. Just curious on growth in subscribers right now.

是的是的。只是對現在訂戶的增長感到好奇。

So we -- first, I will start with the price increase in the contribution to booking. So we had a positive impact. This is why the -- that was the reason why we've made those changes in terms for the pricing. But it was not a significant one to booking, meaning it does have positive impact but it's not significant.

所以我們——首先，我將從預訂貢獻的價格上漲開始。所以我們產生了積極的影響。這就是為什麼 - 這就是我們在定價方面做出這些改變的原因。但這對預訂來說並不重要，這意味著它確實有積極的影響，但並不重要。

With regard to the overall subscriptions, so it has a negative impact, although it is positive in terms of dollar value. So it's important to mention that.

就整體訂閱而言，雖然它在美元價值方面是積極的，但它具有負面影響。所以重要的是要提到這一點。

Our next comes from Elizabeth Porter with Morgan Stanley.

我們的下一個來自摩根士丹利的伊麗莎白波特。

So it was really encouraging to see the cost discipline helped offset those revenue headwinds and the reiteration of the free cash flow margin targets. And my question is around kind of the revenue that we should be looking towards to applying those free cash flow target -- the margin targets. And with bookings kind of growing 3% year-over-year and the revenue guidance implying Q4 revenue grows about high single digits year-over-year exiting the year and understanding macro was challenging, how has the outlook for fiscal '23 revenue growth of that 20-plus percent changed over the last 3 months? And kind of walk us through any of the puts and takes between B and B contribution and pricing versus maybe a more challenging macro?

因此，看到成本紀律有助於抵消這些收入逆風和重申自由現金流利潤率目標，真是令人鼓舞。我的問題是關於我們應該尋求應用這些自由現金流目標的收入——利潤率目標。由於預訂量同比增長 3%，收入指引暗示第四季度收入同比增長約高個位數，並且理解宏觀具有挑戰性，23 財年的收入增長前景如何在過去 3 個月中，這 20% 以上的變化？並引導我們了解 B 和 B 貢獻和定價之間的任何看跌期權，而不是更具挑戰性的宏觀？

So obviously, the macro has been more difficult and very hard to predict in term of the top line. But we are fully committed to the free cash flow target that we provided back in May during the Analyst Day. So I think that I'm happy to say that in any -- almost in any given scenario, it's hard to set any given scenario. But even if we are looking at the overall economic that continue -- or the macroeconomic continue into 2023 the same way as we've seen in 2022, we believe that we will be able to achieve the free cash flow targets that we had in our Analyst Day.

因此，很明顯，就收入而言，宏觀更加難以預測。但我們完全致力於實現我們在 5 月分析師日提供的自由現金流目標。所以我認為我很高興地說，在任何——幾乎在任何給定的場景中，都很難設置任何給定的場景。但即使我們著眼於持續的整體經濟——或者宏觀經濟以與 2022 年相同的方式持續到 2023 年，我們相信我們將能夠實現我們的自由現金流目標。分析師日。

I want to add something here. I think that this year, we've seen a massive effect from things like, of course, FX. We're seeing massive effect from Russia. We actually closed a lot of accounts. We've seen the effect of the size, of course, which is, in a relative basis, tremendous from the COVID and this year. And I think that without -- if you neutralize all of those, we'll probably still would have achieved this year close to 20% growth. I think that the combination of all those factors together in 1 year had a massive effect on us. So next year, again, it depends, when we see FX or not, will we see some recovery or not. But I think that the one thing we, as a company, can commit to is free cash flow and doing that by having discipline on how we spend our money.

我想在這裡添加一些東西。我認為今年，我們已經看到了來自諸如 FX 之類的巨大影響。我們看到了來自俄羅斯的巨大影響。我們實際上關閉了很多帳戶。當然，我們已經看到了規模的影響，相對而言，這在 COVID 和今年是巨大的。而且我認為，如果沒有 - 如果你中和所有這些，我們今年可能仍然會實現接近 20% 的增長。我認為所有這些因素在 1 年內結合在一起對我們產生了巨大的影響。所以明年，同樣，這取決於我們何時看到外匯，我們是否會看到一些復甦。但我認為，作為一家公司，我們可以承諾的一件事是自由現金流，並通過對我們如何花錢的方式進行紀律來做到這一點。

Our last question comes from Mark Mahaney with Evercore ISI.

我們的最後一個問題來自 Evercore ISI 的 Mark Mahaney。

Two questions. Could you just again quantify the Ukraine-Russia impact to Wix's business, both on the incremental costs associated with that this year and then if there's the extent of the revenue impact?

兩個問題。您能否再次量化烏克蘭-俄羅斯對 Wix 業務的影響，包括今年與此相關的增量成本，以及收入影響的程度？

And then secondly, I know somebody already asked about this improvement in the top of the funnel activity you talked about in July and early August. Was that -- the new Wix Editor product, was that part of that? Or do you think that was completely separate? And getting back to -- what would have driven that improvement in the top of the funnel activity?

其次，我知道有人已經問過你在 7 月和 8 月初談到的漏斗活動頂部的這種改進。那是——新的 Wix 編輯器產品，是其中的一部分嗎？或者你認為那是完全分開的？回到 - 是什麼推動了漏斗活動頂部的改進？

So I think that if you look at the Russia-Ukrainian war, it has a lot of effect on us. And part of it is that we closed accounts in Russia, right? And then we've seen a much less growth from accounts in Ukraine, right? So this is the first part. I would assume that this is around $5 million. The additional thing was cost of helping our employees in Ukraine. We had about -- we have about 1,000 people -- had about -- still have -- most of them are not in Ukraine anymore, but that used to be in the beginning of the war Ukraine. We had to relocate them. We have to support them. So this is a lot of influence.

所以我認為，如果你看看俄烏戰爭，它對我們的影響很大。部分原因是我們關閉了俄羅斯的賬戶，對吧？然後我們看到烏克蘭賬戶的增長要少得多，對吧？所以這是第一部分。我假設這大約是 500 萬美元。額外的事情是幫助我們在烏克蘭的員工的成本。我們有大約 - 我們有大約 1,000 人 - 大約 - 仍然有 - 他們中的大多數人已經不在烏克蘭了，但那曾經是烏克蘭戰爭的開始。我們不得不重新安置他們。我們必須支持他們。所以這個影響很大。

It also have a lot of influence on product releases. I think, of course, obviously, when people are running from war, they don't do what they normally do, and that's working. And I think now most of it is in a place that we are in a controlled situation. We managed to take most of our employees to safe locations, and we're pretty much back to normal. But the Ukraine and Russia war on us and the bigger effect, I think, on most of the companies is, of course, because we're in the sustainable business in Russia and growing and in Ukraine and because we have a lot of employees in Ukraine.

它對產品發布也有很大影響。我認為，當然，很明顯，當人們逃離戰爭時，他們不會做他們通常做的事情，這很奏效。而且我認為現在大部分都在我們處於受控情況的地方。我們設法將大部分員工帶到了安全的地方，而且我們幾乎恢復了正常。但是烏克蘭和俄羅斯對我們的戰爭以及更大的影響，我認為，對大多數公司來說，當然是因為我們在俄羅斯和烏克蘭從事可持續發展的業務，並且因為我們有很多員工在烏克蘭。

As part of to -- your second question, which was -- if we understand why you think July and August improvement. So it's very hard for us to say, as I mentioned before. While we -- and I wouldn't call it a trend yet, right? It's very early. However, when we look at the numbers, we're saying that there are -- if we compare them to last year, we're actually seeing growth in some key areas.

作為您的第二個問題的一部分，如果我們理解您為什麼認為 7 月和 8 月會有所改善。因此，正如我之前提到的，我們很難說。雖然我們 - 我不會稱之為趨勢，對吧？現在很早。但是，當我們查看這些數字時，我們說的是——如果我們將它們與去年進行比較，我們實際上看到了一些關鍵領域的增長。

I believe that it might be a signal that the mood of our customers have changed. And that actually creates a place where they are starting to innovate, reinvest into their businesses, create new businesses, create new innovation. However, as I said, it is a very young trend. The editor -- the new editor, Editor 2.0, was launched last week. So I don't think that, that has contributed. In fact, a lot of those trend changes were happening before we released the new version.

我相信這可能是我們客戶情緒發生變化的信號。這實際上創造了一個他們開始創新、再投資於他們的業務、創造新業務、創造新創新的地方。然而，正如我所說，這是一個非常年輕的趨勢。編輯器——新的編輯器，Editor 2.0，於上週推出。所以我不認為，這有貢獻。事實上，在我們發布新版本之前，很多趨勢變化就已經發生了。

And I would now like to turn the call back over to the company for closing remarks.

我現在想把電話轉回給公司做結束語。

Great. Thanks, Mark and everyone else for those questions. That's all the time we have for today. Thanks, everyone, on the call for joining us today. Have a great day.

偉大的。謝謝，馬克和其他所有人的這些問題。這就是我們今天的所有時間。謝謝大家，今天呼籲加入我們。祝你有美好的一天。

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect, and have a wonderful day.

女士們，先生們，今天的演講到此結束。您現在可以斷開連接，度過美好的一天。