Wix.Com Ltd (WIX) 2022 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Wix Q3 2022 Earnings Conference Call. (Operator Instructions) Please be advise that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Wix 2022 年第三季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

And I would now like to hand the conference over to your speaker today, Ms. Emily Liu, Investor Relations Analyst. Please go ahead.

我現在想把會議交給你今天的演講者，投資者關係分析師 Emily Liu 女士。請繼續。

Thanks, and good morning, everyone. Welcome to Wix' Third Quarter 2022 Earnings Call. Joining me today to discuss the 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 年第三季度財報電話會議。今天和我一起討論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 投資者關係部分的互動分析師中心找到我們的 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。

Thanks, Emily, and good morning, everyone. Thanks for joining us today. I want to start today's call with a few highlights from the quarter and provide an overview of some exciting new products we recently announced. Niran and Lior will then share more details on our operation and financial results. And then we will take some questions.

謝謝，艾米麗，大家早上好。感謝您今天加入我們。我想從本季度的一些亮點開始今天的電話會議，並概述我們最近宣布的一些令人興奮的新產品。 Niran 和 Lior 隨後將分享有關我們的運營和財務業績的更多細節。然後我們會回答一些問題。

Despite continued uncertainty, the strong fundamentals of our business, along with great execution, led to revenue growth ahead of our expectation and significant improvement in profitability. Revenues in Q3 were $346 million, or 8% growth year-over-year. On a constant currency basis, revenues were $351 million or 10% growth year-over-year.

儘管不確定性持續存在，但我們業務的強勁基本面以及出色的執行力導致收入增長超出我們的預期，盈利能力顯著提高。第三季度的收入為 3.46 億美元，同比增長 8%。按固定匯率計算，收入為 3.51 億美元，同比增長 10%。

We consider our global reach to be one of the key competitive advantages. However, given the recent changes in foreign exchange rates, it has become a meaningful headwind to our financial results. Our free cash flow this year would be more than double if you assume year-over-year constant currency rates.

我們認為我們的全球影響力是關鍵的競爭優勢之一。然而，鑑於近期外匯匯率的變化，這已成為我們財務業績的重大不利因素。如果您假設同比不變的匯率，我們今年的自由現金流將增加一倍以上。

While there is a great deal of uncertainty and volatility in the macro economy which we expect will continue into 2020, we are focused on what is under our control. We are already seeing the results of the cost reduction plan we put in place last quarter, with improvements to margins and free cash flow this quarter.

雖然宏觀經濟存在很大的不確定性和波動性，我們預計這種情況將持續到 2020 年，但我們專注於我們可以控制的事情。我們已經看到了我們上個季度實施的成本削減計劃的結果，本季度的利潤率和自由現金流有所改善。

Our non-GAAP gross profit grew more than 10% year-over-year, resulting in a non-GAAP gross margins of 63%. We returned to positive cash flow, excluding the investment in our new headquarter.

我們的非美國通用會計準則毛利潤同比增長超過 10%，非美國通用會計準則毛利率為 63%。我們恢復了正現金流，不包括對新總部的投資。

Given the successful execution, I'm happy to say that we are on track to achieve our free cash flow margin targets for this year and next year that we outlined in our 3 years' plan. We also continue to focus on building a platform to be the leading destination for creating and managing an online presence for [safe] creators, professionals and developers. Our platform is built to meet the needs of any type of user and any type of business. And we continue to add products, services and solutions to the platform to deliver more value to our users and partners and help them succeed online and off-line.

鑑於成功執行，我很高興地說，我們有望實現我們在 3 年計劃中概述的今年和明年的自由現金流利潤率目標。我們還將繼續專注於構建一個平台，使其成為為 [安全] 創作者、專業人士和開發人員創建和管理在線形象的主要目的地。我們的平台旨在滿足任何類型的用戶和任何類型的業務的需求。我們繼續向平台添加產品、服務和解決方案，為我們的用戶和合作夥伴提供更多價值，幫助他們在線和離線取得成功。

As part of our strategy in growing (inaudible) revenue, we've built more robust platform for designers and developers. We intend to continue and expand and open a platform to accelerate more powerful solutions for developers.

作為我們增加（聽不清）收入戰略的一部分，我們為設計師和開發人員構建了更強大的平台。我們打算繼續擴展和開放一個平台，為開發人員加速更強大的解決方案。

To highlight our commitment to this community, in September, we hosted our first ever developer conference which they've gone in New York. Hundreds of developers joined us as we introduced capability and heard of their feedback on how they use Wix.

為了突出我們對這個社區的承諾，9 月，我們在紐約舉辦了我們的第一次開發者大會。在我們介紹功能時，數百名開發人員加入了我們，並聽取了他們對如何使用 Wix 的反饋。

At this point, we announced Wix [Blocks], our new high velocity ecosystem that enable professional designers to build responsive and customizable components. These components are then reusable across multiple websites built on Wix and Editor X. Wix Blocks enable professionals to create an application with the ease of drag and drop and allow them to work concurrently on the same project. All of these features increase developer productivity and efficiency.

此時，我們發布了 Wix [Blocks]，這是我們新的高速生態系統，使專業設計師能夠構建響應式和可定制的組件。然後，這些組件可在基於 Wix 和 Editor X 的多個網站上重複使用。Wix Blocks 使專業人員能夠輕鬆地創建應用程序，並允許他們在同一個項目上同時工作。所有這些功能都提高了開發人員的生產力和效率。

We've been using Wix Blocks internally, and I can say it has created a very positive change in our [dev] velocity here. We believe that this offering will bring more developers and project to Wix and create a more rich experience for them and others.

我們一直在內部使用 Wix Blocks，我可以說它在我們的 [dev] 速度方面產生了非常積極的變化。我們相信此產品將為 Wix 帶來更多的開發人員和項目，並為他們和其他人創造更豐富的體驗。

We also announced our new e-commerce vision, a new platform that provide developers with the freedom and flexibility to build scalable, customer, e-commerce experiences for any business names.

我們還宣布了我們新的電子商務願景，這是一個新平台，為開發人員提供自由和靈活性，為任何企業名稱構建可擴展的客戶電子商務體驗。

Wix Blocks and the new Wix e-commerce platform and just 2 examples of how we are expanding our offering for professional coming to Wix and growing the value of our platform. We remain committed to delivering the best-in-class products and services to all of our self-creators and partners to allow them to create and succeed online.

Wix Blocks 和新的 Wix 電子商務平台，以及我們如何為來到 Wix 的專業人士擴展我們的產品並增加我們平台的價值的兩個例子。我們仍然致力於為我們所有的自我創造者和合作夥伴提供一流的產品和服務，讓他們能夠在線創造和取得成功。

Before I hand it over to Nir, I just want to thank the entire team here at Wix for all of their hard work and for their continued focus on our users and their needs.

在我把它交給 Nir 之前，我只想感謝 Wix 的整個團隊所做的所有辛勤工作以及他們對我們用戶及其需求的持續關注。

I'll now hand it over to Nir to talk a bit more about Q3 and provide an operational update. Nir.

我現在將把它交給 Nir，以更多地談論 Q3 並提供操作更新。尼爾。

Thank you, Avishai. And thank you, everyone, who is joining us today this morning.

謝謝你，阿維謝。感謝今天早上加入我們的各位。

As Avishai mentioned, the fundamentals of our business remain strong, as can be seen in the core bookings data. As you can see on Slide 12, cumulative cohort booking for a Q1 '22 cohort increased to over $47 million through Q3. This is 5% higher than the Q1 '19 cohort in its first 3 quarters and 8% higher on a year-over-year constant currency basis.

正如 Avishai 所說，我們業務的基本面依然強勁，這可以從核心預訂數據中看出。正如您在幻燈片 12 上看到的那樣，截至第三季度，22 年第一季度隊列的累計隊列預訂增加到超過 4700 萬美元。這比前 3 個季度的 19 年第一季度隊列高出 5%，在固定貨幣基礎上同比增長 8%。

This growth is a continuation of the trend we saw last quarter and evidence of our strong fundamentals. Conversion and retention rates remained at high levels and average bookings per subscription continues to increase.

這種增長是我們上個季度看到的趨勢的延續，也是我們強勁基本面的證據。轉化率和保留率保持在較高水平，每次訂閱的平均預訂量繼續增加。

Despite the volatile macro environment and unfavorable FX we are experiencing, we continue to improve the monetization of users through data-driven marketing and a robust product offering. Our user additions of 4.7 million in Q3 reflects the current demand environment. As the global economic slowdown continues, beginning in September, we adjusted our marketing spend to focus on high-intent users. This resulted in a slight headwind to new user additions in Q3 while meaningfully improving return on our marketing investment. We expect this effect to continue through Q4.

儘管我們正在經歷動蕩的宏觀環境和不利的外匯，但我們繼續通過數據驅動的營銷和強大的產品供應來提高用戶的貨幣化。我們在第三季度新增的 470 萬用戶反映了當前的需求環境。隨著全球經濟持續放緩，從 9 月開始，我們調整了營銷支出以專注於高意向用戶。這導致第三季度新增用戶出現輕微阻力，同時顯著提高了我們的營銷投資回報。我們預計這種影響將持續到第四季度。

Operationally, we continue to execute on our cost reduction plan that we outlined last quarter. We are hiring new employees only for high-priority position, and we continue to drive operational efficiencies across our customer care, R&D and sales and marketing teams. We have also continued to optimize overhead costs through reductions in our real estate footprint, software costs and third-party advisory costs.

在運營方面，我們繼續執行我們上個季度概述的成本削減計劃。我們只為高優先級職位招聘新員工，我們將繼續提高客戶服務、研發以及銷售和營銷團隊的運營效率。我們還繼續通過減少我們的房地產足跡、軟件成本和第三方諮詢成本來優化管理成本。

I'm also excited to report that last month, we moved the first wave of employees into our new headquarters campus in Tel Aviv. We also consolidated the rest of our Tel Aviv team that was spread out among about a dozen small locations in the city to a single location in the quarter.

我也很高興地報告，上個月，我們將第一批員工遷入了位於特拉維夫的新總部園區。我們還將分散在該市十幾個小地點的特拉維夫團隊的其他成員整合到本季度的一個地點。

In addition to the operating cost savings, we will realize from having a small number of offices, bringing our employees in Tel Aviv physically together is already delivering efficiencies to how we work.

除了節省運營成本外，我們還將意識到，擁有少量辦事處，將我們在特拉維夫的員工實際聚集在一起已經為我們的工作方式帶來了效率。

Building our new campus and relocating thousands of people has been a massive project, and I'm incredibly proud of all of the hard work from our team to make it happen. The second and final wave of employees will move to the campus next summer, at which point all of us in Tel Aviv will be under one roof.

建設我們的新校園和搬遷數千人是一項艱鉅的工程，我為我們團隊為實現這一目標所做的所有辛勤工作感到無比自豪。第二批也是最後一批員工將於明年夏天搬到校園，屆時我們在特拉維夫的所有人都將在一個屋簷下。

Before I hand it over to Lior, I also want to take this opportunity to recognize our team in Ukraine. I'm really proud of our people and how they remain strong during these extremely hard and stressful time. With all of the hardships they have experienced, which has actually intensified recently, our Ukraine team's efficiency and productivity remain high. Our thoughts are always with them and their families while we continue to focus on everyone's safety and well-being.

在我把它交給 Lior 之前，我也想藉此機會認識一下我們在烏克蘭的團隊。我真的為我們的員工以及他們在這些極其艱難和充滿壓力的時期如何保持堅強感到自豪。由於他們所經歷的所有困難，最近實際上愈演愈烈，我們烏克蘭團隊的效率和生產力仍然很高。在我們繼續關注每個人的安全和福祉的同時，我們的想法始終與他們和他們的家人同在。

With that, I will now hand it over to Lior to walk through more details on our financials. Lior?

有了這個，我現在將把它交給 Lior 來詳細介紹我們的財務狀況。里爾？

Thanks, Nir, and welcome, everyone. As Avishai mentioned, we exceeded the top end of our guidance range for revenue in Q3 and we greatly improved our margin this quarter, leading to positive free cash flow, excluding our headquarter's CapEx. We believe this trend of improving margins and free cash flow will continue into Q4 and next year.

謝謝，尼爾，歡迎大家。正如 Avishai 所提到的，我們在第三季度超過了我們的收入指導範圍的上限，並且我們在本季度大大提高了我們的利潤率，導致了正的自由現金流，不包括我們總部的資本支出。我們相信這種提高利潤率和自由現金流的趨勢將持續到第四季度和明年。

To begin, I want to share an update on our cost reduction plan and the benefits we are already seeing. Total non-GAAP gross margin improved from 62% in Q2 to 65% in Q3, and we expect another 100 basis points of improvement in 2023. Non-GAAP operating income improved by over 280 basis points in Q3 compared to last quarter. And in Q4, we expect to generate positive non-GAAP operating income for the first time since Q4 2019.

首先，我想分享一下我們降低成本計劃的最新情況以及我們已經看到的好處。非 GAAP 總毛利率從第二季度的 62% 提高到第三季度的 65%，我們預計 2023 年將再提高 100 個基點。與上一季度相比，第三季度非 GAAP 營業收入提高了超過 280 個基點。在第四季度，我們預計自 2019 年第四季度以來首次產生正的非公認會計原則營業收入。

We now expect total non-GAAP operating expenses to be roughly flat 2023 -- roughly flat in 2023 compared to this year, driving positive non-GAAP operating income for the full year.

我們現在預計 2023 年非 GAAP 總運營費用將大致持平——與今年相比，2023 年大致持平，從而推動全年非 GAAP 運營收入為正。

This trend along with improved gross margins means that nearly all of our incremental revenue in 2023 will flow to bottom line. We generated positive free cash flow, excluding headquarter's CapEx, of $4.6 million in Q3.

這一趨勢以及毛利率的提高意味著我們在 2023 年幾乎所有的增量收入都將流向底線。我們在第三季度產生了 460 萬美元的正自由現金流，不包括總部的資本支出。

To sum up, we are already seeing significant benefits from our cost reduction plan and are sticking to the commitment of cash flow margins we've made in our 2-year plan.

總而言之，我們已經從我們的成本削減計劃中看到了顯著的好處，並堅持我們在 2 年計劃中做出的現金流利潤率承諾。

Now I'll quickly go through some highlights of our Q3 results. Revenue was $345.8 million or 8% year-over-year growth, which was slightly above the high end of our guidance range due to strong performance in our user cohorts. On a year-over-year constant currency basis, revenue was $350.8 million or 10% year-over-year growth.

現在，我將快速介紹我們第三季度業績的一些亮點。由於我們的用戶群體表現強勁，收入為 3.458 億美元或 8% 的同比增長，略高於我們指導範圍的高端。按同比固定匯率計算，收入為 3.508 億美元，同比增長 10%。

Transaction revenue, which is subset of Business Solutions revenue, and is composed primarily of Wix payments was $76 million in Q3 or 12% year-over-year growth.

交易收入是商業解決方案收入的子集，主要由 Wix 支付組成，第三季度為 7600 萬美元，同比增長 12%。

[GBV] was $2.5 billion in the quarter, roughly flat compared to last quarter as we continue to see slower growth in online purchase activity. Our take rate, measured as transaction revenue as a percentage of GPV continued to increase as the percentage of GPV running 2 weeks' payments growth.

[GBV] 本季度為 25 億美元，與上一季度基本持平，因為我們繼續看到在線購買活動增長放緩。我們的收取率（以交易收入佔 GPV 的百分比衡量）隨著 GPV 的百分比運行兩週的支付增長而繼續增加。

(inaudible) revenue, which include all type of revenue generated through designers and developers who build sites for others as well as B2B partnerships, grew to $86.9 million or 24% year-over-year. On a constant currency basis, the year-over-year growth was 26%.

（聽不清）收入，包括通過為他人建立網站的設計師和開發人員以及 B2B 合作夥伴產生的所有類型的收入，同比增長至 8690 萬美元或 24%。按固定匯率計算，同比增長 26%。

We continue to see more partners building on Wix as we gain more traction in the professional community despite macro pressures impacting project pipelines.

儘管宏觀壓力影響了項目管道，但隨著我們在專業社區中獲得更多關注，我們繼續看到更多的合作夥伴在 Wix 上進行建設。

Total bookings in Q3 was $352.5 million and on a year-over-year constant currency basis was $366.5 million.

第三季度的總預訂量為 3.525 億美元，按年固定匯率計算為 3.665 億美元。

I want to highlight a few things related to this result. Now that FX rates impact booking much more significantly than revenue as we collect the cash upfront for subscriptions and renewals. Slower growth in GPV also impacted bookings this quarter. Also remember that in Q3 of last year, we recognized bookings related to B2B partnership of $48 million, which included our largest ever B2B partnership Vistaprint, creating a very difficult comp this quarter.

我想強調一些與這個結果相關的事情。現在外匯匯率對預訂的影響遠大於收入，因為我們會為訂閱和續訂預收現金。 GPV 增長放緩也影響了本季度的預訂量。另請記住，去年第三季度，我們確認與 B2B 合作夥伴關係相關的預訂額為 4800 萬美元，其中包括我們有史以來最大的 B2B 合作夥伴 Vistaprint，這在本季度創造了非常困難的業績。

If you remove this amount from bookings in Q3 of last year, our FX neutral year-over-year growth this quarter is 12%, which is the true indication of our growth on a year-over-year basis.

如果您從去年第三季度的預訂中扣除這一金額，我們本季度的外匯中性同比增長為 12%，這是我們同比增長的真實跡象。

Changes in bookings related to B2B partnerships do not indicate near-term changes in revenue because they have very different revenue recognition schedules. Bookings associated with those B2B partnerships are recognized into revenue over multiple years, while bookings associated with our subscription packages typically are recognized into revenue over 1 year.

與 B2B 合作夥伴關係相關的預訂變化並不表示收入的近期變化，因為它們的收入確認時間表非常不同。與這些 B2B 合作夥伴關係相關的預訂在多年內確認為收入，而與我們的訂閱套餐相關的預訂通常在一年內確認為收入。

Finally, as the macroeconomic conditions remain challenged today, we have seen companies we speak to about B2B partnerships tightened project budget and risk appetite, slowing the magnitude of new agreements. We expect this trend to continue in Q4 and next year.

最後，由於今天的宏觀經濟條件仍然面臨挑戰，我們看到我們就 B2B 合作夥伴關係交談的公司收緊了項目預算和風險偏好，減緩了新協議的規模。我們預計這一趨勢將在第四季度和明年繼續。

Despite all of this, we are excited by the strength of our B2B pipeline and the grand contribution from existing partnerships.

儘管如此，我們對 B2B 管道的實力和現有合作夥伴的巨大貢獻感到興奮。

Turning to our outlook for the remainder of the year. We expect total revenue in Q4 to be $349 million to $354 million or 5% to 6% year-over-year growth. Last quarter, our full year revenue outlook was 8% to 10% year-over-year growth. Factoring in FX changes since the summer, we have narrowed our outlook to 9% year-over-year growth. The midpoint of our full year outlook has not changed as we increased the bottleneck of the prior range.

轉向我們對今年剩餘時間的展望。我們預計第四季度的總收入為 3.49 億美元至 3.54 億美元，或同比增長 5% 至 6%。上個季度，我們的全年收入展望為同比增長 8% 至 10%。考慮到夏季以來的外匯變化，我們將預期同比增長縮小至 9%。由於我們增加了先前範圍的瓶頸，我們全年展望的中點沒有改變。

For the full year, assuming constant currency, total revenue would be about $20 million higher or 10% to 11% year-over-year growth. We expect free cash flow in Q4 to be $47 million to $50 million, excluding our headquarter's CapEx. Achieving this range will produce the highest free cash flow quarter in our history.

全年，假設貨幣不變，總收入將增加約 2000 萬美元，或同比增長 10% 至 11%。我們預計第四季度的自由現金流為 4700 萬至 5000 萬美元，不包括我們總部的資本支出。實現這一範圍將產生我們歷史上最高的自由現金流季度。

For full year free cash flow, excluding headquarters CapEx, we stated last quarter that our expectations were 2% to 3% of revenue due to FX changes. We now anticipate free cash flow margin to be at around 2% of revenue for the full year. Assuming year-over-year constant currency, our free cash flow for the full year would be $43 million higher or a total of 5% of revenue, which is the high end of the range we presented in our 3-year plan.

對於不包括總部資本支出的全年自由現金流，我們在上個季度表示，由於外匯變化，我們的預期是收入的 2% 到 3%。我們現在預計全年自由現金流利潤率約為收入的 2%。假設同比不變貨幣，我們全年的自由現金流將增加 4300 萬美元或總收入的 5%，這是我們在 3 年計劃中提出的範圍的高端。

We will provide more detail on 2023 during our Q4 earnings call in February, but I can comfortably say now that with the success of our cost reduction plan and the operational efficiency improvement, we expect to achieve the free cash flow margin in 2023 consistent with the 3-year plan we shared in May.

我們將在 2 月份的第四季度財報電話會議上提供有關 2023 年的更多詳細信息，但我現在可以放心地說，隨著我們降低成本計劃的成功和運營效率的提高，我們預計 2023 年的自由現金流利潤率將與我們在 5 月分享的 3 年計劃。

With that, we will now go ahead and take your questions.

有了這個，我們現在將繼續回答您的問題。

(Operator Instructions) Our first question will come from Brent Thill of Jefferies.

（操作員說明）我們的第一個問題將來自 Jefferies 的 Brent Thill。

Lior, just on the cost savings plan, where do you still see the biggest opportunity you had to drive improved efficiency? And maybe for Avishai, just as it relates to overall demand, can you just give us a sense of where are the pockets of strength you're seeing and where maybe some of the weakness you're seeing show up a little more pronounced?

Lior，就成本節約計劃而言，您認為提高效率的最大機會在哪裡？也許對於 Avishai，正如它與整體需求有關，您能否讓我們了解您所看到的優勢在哪裡，以及您所看到的一些弱點在哪裡表現得更加明顯？

Yes. So I will start with the first question. I believe that the cost reduction that we've made will be enough to meet the targets that we set in our May Analyst Day. And I think that it's also very important to understand that we are committed to the free cash flow targets that we outlined in the May Analyst Day. So we will adjust, obviously, the cost accordingly based on the macroeconomics that we see, but I think that it's very important to mention that we believe that we can reach this goal even with a lower growth in terms of the top line.

是的。所以我將從第一個問題開始。我相信我們所做的成本降低將足以實現我們在 5 月分析師日設定的目標。而且我認為了解我們致力於實現我們在五月分析師日概述的自由現金流目標也非常重要。因此，顯然，我們將根據我們所看到的宏觀經濟學相應地調整成本，但我認為非常重要的是要提到我們相信即使收入增長較低，我們也可以實現這一目標。

I'm not sure I understand how to connect the question about cost reduction and demand. But I can say, overall, on demand, what we're seeing is that (inaudible) demand is pretty stable now, and we're still seeing the same fundamental strength that was before, conversion and retention and ARPU. And so the top of the funnel is stable and back or a bit above pre-COVID levels. So I found it encouraging. But what we [see] with everybody. And I think all of our peers experience something similar. We're actually, on a relative base, again, a bit ahead. So stable, doesn't decline anymore. And I think that as the recession will continue to evolve, we continue to see changes there.

我不確定我是否理解如何將降低成本和需求的問題聯繫起來。但我可以說，總的來說，按需，我們看到的是（聽不清）需求現在相當穩定，我們仍然看到與以前相同的基本實力，轉換和保留以及 ARPU。因此，漏斗的頂部是穩定的，並且回到或略高於 COVID 之前的水平。所以我覺得這很鼓舞人心。但是我們[看到]每個人。我認為我們所有的同齡人都經歷過類似的事情。實際上，在相對基礎上，我們再次領先一點。如此穩定，不再下降。而且我認為，隨著衰退將繼續發展，我們將繼續看到那裡的變化。

Our next question will come from Andrew Boone of JMP Securities.

我們的下一個問題將來自 JMP Securities 的 Andrew Boone。

Can you talk about the demand from partners versus self-creators? And then I want to go to marketing. I believe the original guide was for no change in acquisition marketing. So can you just help us understand whether there's a change as you guys focus on higher-intent users? Is that an adjustment for near-term macro? Or is there something else that you guys are changing in terms of the payback targets?

您能談談合作夥伴與自我創造者的需求嗎？然後我想去營銷。我相信最初的指南是為了不改變收購營銷。那麼，您能否幫助我們了解當你們專注於更高意圖的用戶時是否有變化？這是對近期宏觀的調整嗎？或者你們在回報目標方面還有什麼其他的改變嗎？

Andrew, I'll take the first question about the demand from partners. So you said how is that related to what we're seeing demand partners versus demand from self-creators. And obviously, those 2 have a relation between them, right? Naturally, when the self creators or generally small businesses have least tendency to onboard online to build a commerce website or to expand their business online, that will also affect the amount of projects that our partners are getting. So from that perspective, obviously, we've seen a decline from previous year's growth, but still are seeing a very, very healthy growth even so.

安德魯，我將回答第一個關於合作夥伴需求的問題。所以你說這與我們看到的需求合作夥伴與自我創造者的需求有什麼關係。顯然，這兩個之間有關係，對吧？自然地，當自我創造者或一般小型企業最不傾向於在線建立商業網站或在線擴展業務時，這也會影響我們的合作夥伴獲得的項目數量。所以從這個角度來看，很明顯，我們已經看到了比上一年的增長有所下降，但即便如此，我們仍然看到了非常非常健康的增長。

You have to remember that for us, again, we're still seeing the compounding effect on the cohorts of the partners. So that's a big strength even at (inaudible) growth rate. And this is obviously something that's going to continue benefiting us as we go forward.

您必須再次記住，對我們來說，我們仍然看到對合作夥伴群體的複合影響。所以即使在（聽不清）增長率下，這也是一個很大的優勢。在我們前進的過程中，這顯然會繼續使我們受益。

On marketing, so currently, we adjusted our marketing according to market demand as the -- well, of course, as the slowdown on the global economy continues. We think that the demand behaves differently in different kind of channels of demand. So we're seeing that. It made very little effect on the high intent users and more of an effect on the low intent users or people that for more of a casual interaction and then got into a bit more of a commitment.

在營銷方面，目前，我們根據市場需求調整了營銷，當然，隨著全球經濟放緩的持續。我們認為需求在不同類型的需求渠道中表現不同。所以我們看到了。它對高意圖用戶的影響很小，而對低意圖用戶或人們的影響更大，因為他們更多地進行了隨意的交互，然後進入了更多的承諾。

Of course, we adjusted our marketing activity according to that. As far as the effect (inaudible) on the new cohorts, currently, it seems to be very small effect. So I'm very optimistic that this actually allow us to be better but we'll continue to update the (inaudible).

當然，我們也據此調整了我們的營銷活動。至於對新隊列的影響（聽不清），目前，它似乎是非常小的影響。所以我非常樂觀，這實際上讓我們變得更好，但我們將繼續更新（聽不清）。

Our next question will come from Ron Josey of Citi.

我們的下一個問題將來自花旗的 Ron Josey。

I wanted to maybe follow up a little bit, Avishai, in your comments on macro in the letter. I think the letter talked about some delay in new signings of B2B partners, but then also a smaller competitive landscape here. And so I just wanted to understand that a little bit more, both on just the partnerships and then the competitive landscape.

Avishai，我想在你對信中宏的評論中跟進一點。我認為這封信談到了 B2B 合作夥伴新簽約的一些延遲，但這裡的競爭格局也較小。所以我只是想進一步了解這一點，無論是合作夥伴關係還是競爭格局。

And then Lior, just a question on CapEx because we're getting it from clients. But total HQ CapEx was $27 million, but it looks like total CapEx is $22 million. Can you help us understand the dynamic between the 2, please?

然後 Lior，只是關於資本支出的一個問題，因為我們是從客戶那裡得到的。但總總部資本支出為 2700 萬美元，但總資本支出看起來為 2200 萬美元。你能幫助我們了解兩者之間的動態嗎？

Lior, you can answer both.

Lior，你可以兩個都回答。

Yes. So I will start with the B2B partnership. So there are actually 2 cases over here that we need to understand. First of all is the obvious one, which is due to the macro uncertainty, those B2B partners less willing to commit to a long-term agreement.

是的。所以我將從 B2B 合作夥伴關係開始。所以這裡實際上有兩個案例需要我們了解。首先是顯而易見的，這是由於宏觀不確定性，那些 B2B 合作夥伴不太願意承諾長期協議。

Now let's remember how exactly we recognize the bookings for B2B partnerships. It is based on a multiyear commitment of our partners. So for example, Vistaprint, we recognized [$38 million] as bookings. That was the level of commitment that we had in the agreement.

現在讓我們記住我們如何準確識別 B2B 合作夥伴的預訂。它基於我們合作夥伴的多年承諾。例如，Vistaprint，我們將 [3800 萬美元] 視為預訂。這就是我們在協議中的承諾水平。

So first of all, we see less appetite to provide a long-term commitment which makes sense during an uncertainty time.

因此，首先，我們看到在不確定時期提供長期承諾的意願降低。

The second thing is, obviously, the slowdown overall in the market also affect our partners because, at the end of the day, it's the same users, the same end users that they serve.

第二件事是，顯然，市場整體放緩也影響了我們的合作夥伴，因為歸根結底，他們服務的是相同的用戶，相同的最終用戶。

But it's very important to mention that this does not diminish the potential of a deal. It only affects the amount recognized in booking upfront, meaning that the overall potential of a deal is remained the same in terms of revenue is mostly impact, as I mentioned before, about the willingness to commit. So this is with regard to that.

但值得一提的是，這並不會削弱交易的潛力。它只影響預先預訂中確認的金額，這意味著交易的整體潛力在收入方面保持不變，正如我之前提到的，主要是關於承諾意願的影響。所以這是關於那個的。

With regard to the CapEx of about $27 million in Q3, I'm not sure exactly what was the question, how -- what was not -- what was the question?

關於第三季度約 2700 萬美元的資本支出，我不確定究竟是什麼問題，如何——什麼不是——問題是什麼？

Sorry, it was more -- it looks as if the CapEx -- total CapEx was a little bit lighter then the CapEx spent on HQ. We can follow up about it later. But also, you touched on the smaller competitive landscape as well, I understood the partner side.

對不起，它更多——看起來好像資本支出——總資本支出比在總部花費的資本支出要輕一些。我們可以稍後跟進。而且，你也談到了較小的競爭格局，我理解合作夥伴方面。

Yes. Asking about small competitors that compete directly with us, then I think that we've seen that there is a slowdown everywhere as we had, of course, in a recession, the economy, of course, is not growing as quickly. And I think that all of us that provide solutions for information of new businesses, for marketing department, the way that you advertise and where you monetize, of course, experience that.

是的。詢問直接與我們競爭的小型競爭對手，然後我認為我們已經看到到處都在放緩，當然，在衰退中，經濟當然不會增長得那麼快。而且我認為，為新業務信息、營銷部門、廣告方式和貨幣化地點提供解決方案的所有人，當然都會體驗到這一點。

On a relative basis, I think we are actually doing better than most or the one that we met. So we actually managed to continue to increase our position in the market which makes me very confident that once we're going to see a recovery from the recession, all the hard work we placed into our products and brand will bear fruit.

相對而言，我認為我們實際上比大多數人或我們遇到的人做得更好。因此，我們實際上設法繼續提高我們在市場上的地位，這讓我非常有信心，一旦我們從衰退中復蘇，我們為產品和品牌所做的所有努力都會結出碩果。

The next question will come from Elizabeth Porter of Morgan Stanley.

下一個問題將來自摩根士丹利的伊麗莎白波特。

The Q4 guidance implies about 5% to 6% revenue growth year-over-year exiting fiscal '22. And how should we put that into context just relative to Street's 11% growth for fiscal '23? My question is, do you think the business can accelerate growth into next year? And if so, how do the factors like B2B contribution or pricing (inaudible) with some of the macro softness?

第四季度的指導意味著退出 22 財年的收入同比增長約 5% 至 6%。相對於 Street 在 23 財年 11% 的增長，我們應該如何將其置於背景中？我的問題是，您認為該業務能否在明年加速增長？如果是這樣，B2B 貢獻或定價（聽不清）等因素與一些宏觀疲軟有何關係？

So again, I think that we explained for about the reasons for the revenue growth, but I want to provide a few numbers with regard to the FX that can explain at least a big part of the reason.

再說一次，我認為我們解釋了收入增長的原因，但我想提供一些關於外彙的數字，至少可以解釋大部分原因。

The FX effect on a yearly basis is about -- is more than $40 million. And -- and a lot of it has actually happened in the last couple of quarters. And also in the last quarter, you know what happened to the euro and the British pound. So I think that this is something that we need to take into account.

每年的外匯影響約為 - 超過 4000 萬美元。而且 - 其中很多實際上發生在過去幾個季度。同樣在上個季度，你知道歐元和英鎊發生了什麼事。所以我認為這是我們需要考慮的事情。

Obviously, we see the effect of the slowdown. And it's important to mention that because we hope -- we all hope and assume that it will recover at some point of time. But we do believe that the fundamental of the business are very strong. We don't see a change in those fundamentals. Therefore, once the economy will recover, I believe that we will be back to what we said during the Analyst Day in terms of what we see as a potential growth both for sales creators, but also for partners.

顯然，我們看到了放緩的影響。重要的是要提到這一點，因為我們希望 - 我們都希望並假設它會在某個時間點恢復。但我們確實相信業務的基本面非常強勁。我們沒有看到這些基本面發生變化。因此，一旦經濟復甦，我相信我們將回到分析師日時所說的那樣，我們認為銷售創造者和合作夥伴都有潛在增長。

Got it. And then a quick question on retention. I know you mentioned it remained strong through September. And you rolled out new prices in the spring. So just wonder what's the reaction for customers that have renewed over the recent months. And any difference in the ability to absorb higher prices in either the self-creator or the partner channel?

知道了。然後是一個關於保留的快速問題。我知道你提到它在 9 月份一直保持強勁。你在春天推出了新的價格。所以只是想知道最近幾個月更新的客戶的反應是什麼。在自主創造者或合作夥伴渠道中吸收更高價格的能力有何不同？

Elizabeth, it's Nir. No, so we haven't seen anything which is significantly different reaction to what we expected. Obviously, expectations were built on our past experience of doing this kind of price changes and exercises for our user base. So even in this environment, we didn't see any significant change or impact that came through that. Obviously, we've seen the positive impact of seeing higher ARPS coming from the price increase.

伊麗莎白，是尼爾。不，所以我們沒有看到任何與我們預期有顯著不同的反應。顯然，期望是建立在我們過去為我們的用戶群進行這種價格變化和練習的經驗之上的。因此，即使在這種環境下，我們也沒有看到任何重大變化或影響。顯然，我們已經看到了價格上漲帶來的更高 ARPS 的積極影響。

Our next question will come from Trevor Young of Barclays.

我們的下一個問題將來自巴克萊的 Trevor Young。

Great. Just dovetailing on that last comment that you're seeing some lift from pricing. How much lift is embedded in the 4Q rev guide from price?

偉大的。只是與您看到定價有所提升的最後一條評論相吻合。 4Q 修訂指南中嵌入了多少價格提升？

And then second question on international, with both LatAm and Asia continuing to lag in terms of growth, I know those are smaller as a percentage of revenue, but how critical is it for you to get momentum going there? And what's going to be the strategy to get growth to come back in line with total company?

然後是關於國際的第二個問題，由於拉美和亞洲在增長方面繼續落後，我知道它們佔收入的百分比較小，但對你來說，在那裡獲得動力有多重要？什麼是使增長恢復與整個公司保持一致的戰略？

Yes. So I will start with the first question about the pricing. So as you all know, we began to roll it out in April, May. So a bit more than half of our customers were exposed -- already exposed to that. Obviously, it will continue in Q4 and full effect halfway through 2023.

是的。所以我將從關於定價的第一個問題開始。眾所周知，我們在 4 月、5 月開始推出它。因此，我們有一半以上的客戶接觸過——已經接觸過。顯然，它將在第四季度繼續，並在 2023 年中期全面生效。

There is a positive impact of our pricing. We mentioned before that we see a positive in terms of the value of the cohort, and this is part of our models also for Q4 and definitely for 2023, as we will talk about it on the February call.

我們的定價產生了積極的影響。我們之前提到，我們看到了隊列價值方面的積極因素，這也是我們第四季度和 2023 年模型的一部分，因為我們將在 2 月的電話會議上討論它。

With regard to Asia Pacific, most of the impact was actually on the GPV. This is why you see that happening, meaning that we see a more kind of a slowdown on online purchasing, and that affected the overall GPV and it is reflected in the Business Solutions.

就亞太地區而言，大部分影響實際上是在 GPV 上。這就是您看到這種情況發生的原因，這意味著我們看到在線購買更加放緩，這影響了整體 GPV，並反映在商業解決方案中。

Our next question will come from Ken Wong of Oppenheimer & Company.

我們的下一個問題將來自 Oppenheimer & Company 的 Ken Wong。

I just wanted to clarify some statements around just cash flow, Lior. you mentioned that you're on track to hit your 3-year plan, so that would be 10%, 20% free cash flow margin. So for '23, let's say, 10% since that's the low end. You also mentioned that with the cost cuts, that we could anticipate an additional $150 million of operating income. So is it fair for me to layer that $150 million on top of the 10% margin hypothetically?

我只是想澄清一些關於現金流的陳述，Lior。您提到您有望實現您的 3 年計劃，因此這將是 10%、20% 的自由現金流量利潤率。所以對於 23 年，假設是 10%，因為那是低端。您還提到，通過削減成本，我們可以預期額外的 1.5 億美元營業收入。那麼我假設在 10% 的利潤率之上增加 1.5 億美元是否公平？

The $150 million that we indicated in the shareholder update was to provide some kind of understanding about the differences between the operating loss that we assume in 2023 during the Analyst Day. And the overall operating profit that we are going to have in 2023 as a result of the cost reduction. Meaning that it's all part of it.

我們在股東更新中指出的 1.5 億美元是為了對我們在分析師日期間假設的 2023 年經營虧損之間的差異提供某種理解。由於成本降低，我們將在 2023 年獲得整體營業利潤。這意味著它是它的一部分。

As I mentioned before, we are committed to the profitability targets in the 3-year plan. And everything that we've done in the last few quarters is to make sure that we will meet it. So for your question, we will meet what we indicated as targets. It will not -- the $150 million is not on top of it.

正如我之前提到的，我們致力於實現 3 年計劃中的盈利目標。我們在過去幾個季度所做的一切都是為了確保我們能夠滿足它。因此，對於您的問題，我們將達到我們指定的目標。它不會——1.5億美元不在上面。

Okay. Okay. Great. Great. That was just a clarification. And then just on the B2B side, recognizing that you guys are seeing a little bit of headwinds there, you guys still grew 12% kind of constant currency, excluding Vistaprint. Is that the right run rate to think about that business growing? Or should we kind of dial that down a little bit because of the incremental headwinds you're seeing?

好的。好的。偉大的。偉大的。那隻是一個澄清。然後在 B2B 方面，認識到你們在那裡看到了一點阻力，你們仍然增長了 12% 的固定貨幣，不包括 Vistaprint。這是考慮業務增長的正確運行速度嗎？或者我們應該因為你看到的增加的逆風而把它調低一點？

The 12% that we mentioned before was after you take into account the effect of the (inaudible), meaning that trying to take out the Vistaprint effect and then you get to the 12% growth in terms of the overall bookings.

我們之前提到的 12% 是在您考慮到（聽不清）的影響之後，這意味著嘗試消除 Vistaprint 的影響，然後您將獲得 12% 的整體預訂增長。

Look, I think that we all understand that it is hard. This is why we didn't provide guidance for bookings rather than revenue. Booking is more lumpy because of those B2B partnership deals. Sometimes they push in 1 quarter, sometimes 2 quarters. But we still have a lot of belief in this business. I think that it's -- even if -- it's even performing better when you see the pipeline, but also above the competition, that many of our competition in this market literally disappeared. So I believe that we are positioned in a much, much better way business-wise to take more market share in this specific segment.

看，我想我們都明白這很難。這就是為什麼我們沒有提供關於預訂而不是收入的指導。由於那些 B2B 合作交易，預訂變得更加混亂。有時他們推進 1 個季度，有時 2 個季度。但我們仍然對這項業務充滿信心。我認為它——即使——當你看到管道時它甚至表現得更好，而且在競爭之上，我們在這個市場上的許多競爭實際上已經消失了。因此，我相信我們在商業方面的定位要好得多，可以在這個特定領域佔據更多市場份額。

With regard to the overall booking and what we see for next year, it's hard to tell. I think that in February, we are going to share more light on what we believe will be the bookings -- the revenue for next year. But again, one thing that I can mention, that excluding the overall economy, the macro economy effect that we see right now, we are -- we believe that the target that we set in our 3-year plan for the long term is the one that we really believe in.

至於整體預訂情況以及我們明年的情況，很難說。我認為，在二月份，我們將更多地了解我們認為的預訂量——明年的收入。但是，我可以再次提到一件事，即排除整體經濟，我們現在看到的宏觀經濟影響，我們相信我們在 3 年計劃中設定的長期目標是我們真正相信的。

Our next question will come from Naved Khan of Truist Securities.

我們的下一個問題將來自 Truist Securities 的 Naved Khan。

Two questions from me. First one on the cost side. We saw the Israeli currency weakened versus the dollar, and considering that all all of your R&D is out of Israel, I didn't see a dollar impact on the cost side in Q3. How should we think about that?

我的兩個問題。第一個在成本方面。我們看到以色列貨幣兌美元走弱，考慮到你們所有的研發都來自以色列，我沒有看到第三季度美元對成本方面的影響。我們應該怎麼想？

And then you talked about going after the higher-value customers. Where are you seeing the opportunities? Is that -- is it mostly geo focused, meaning you're finding those customers here in the U.S. versus other markets? Just give us your thoughts there?

然後你談到了追求更高價值的客戶。你在哪裡看到機會？是不是 - 它主要集中在地理上，這意味著你在美國找到這些客戶而不是其他市場？只是給我們你的想法？

Yes. So with regard to the Israeli shekel, it's a great question. Usually because we are exposed so deeply to the Israeli shekel and dollar as we pay most of the salary in Israeli shekel, we do a hedging program that was approved by our Board of Directors. So we did it at the beginning of the year in order to make sure that we can meet the budget. So therefore, most of the year or all of the year actually, even part of next year, is already hedged in a less favorable dollar to shekel as we see right now. So there is literally no difference when it go up and down because of those hedging program.

是的。所以關於以色列謝克爾，這是一個很好的問題。通常，由於我們以以色列謝克爾支付大部分工資，因此我們對以色列謝克爾和美元的影響如此之深，因此我們執行了一項獲得董事會批准的對沖計劃。所以我們在年初就這樣做了，以確保我們能夠滿足預算。因此，正如我們現在看到的那樣，實際上，一年中的大部分時間或全年，甚至明年的部分時間，已經以對謝克爾不利的美元對沖。因此，由於這些對沖程序，它的上漲和下跌實際上沒有區別。

SP5 And then about your second question, this is Nir. I guess the opportunities for the higher-intent users, naturally, we do not share, for competitive reasons, the details of how we operate our marketing. I can just generally say that the opportunities are global. And obviously, we go after them wherever we see them.

SP5 然後關於你的第二個問題，這是 Nir。我猜想更高意圖用戶的機會，自然，出於競爭原因，我們不會分享我們如何運營營銷的細節。我只能說機會是全球性的。顯然，無論我們看到他們，我們都會追捕他們。

Our next question will come from Deepak Mathivanan of Wolfe Research.

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

I just have 2. So within the partner business, can you help us a bit more on the agency side? You've added a lot of people over the last few years to kind of onboard more agencies and professionals. How are the returns there so far? What is the kind of best way for investors to track it?

我只有 2 個。所以在合作夥伴業務中，您能在代理方面為我們提供更多幫助嗎？在過去的幾年裡，你們增加了很多人來加入更多的機構和專業人士。到目前為止那裡的回報如何？投資者追踪它的最佳方式是什麼？

And then a second question maybe for Lior. The $150 million cost savings is a good start. But if I kind of look at your fixed cost base in areas like customer support and then headcount in sales, et cetera, it's still somewhat elevated with the 2019 levels. Where do you see more opportunities to reduce cost if macro continues to weaken and returns on some of these investments that you've made in the past 12 months are maybe slow to come by?

然後是 Lior 的第二個問題。 1.5 億美元的成本節約是一個良好的開端。但是，如果我看一下您在客戶支持等領域的固定成本基礎，然後是銷售人數等，與 2019 年的水平相比，它仍然有所提高。如果宏觀經濟繼續疲軟並且您在過去 12 個月中所做的一些投資的回報可能來得很慢，那麼您在哪裡看到更多降低成本的機會？

So with regard to the -- I will start with the second question about the cost. Yes, the cost still -- they are still elevated from the 2019, obviously, because our business is also elevated. I believe that we took a $150 million cost reduction decisions. And it's on a run rate basis, meaning this is something that it's going to repeat.

所以關於-- 我將從關於成本的第二個問題開始。是的，成本仍然 - 顯然，它們仍然比 2019 年高，因為我們的業務也在提升。我相信我們做出了 1.5 億美元的成本削減決定。它是基於運行率的，這意味著它會重複。

What we actually created, and we mentioned that, is that in 2023, for example, the entire growth in revenue is going to be shown as profits because we are not going to increase the expenses versus 2022. In some cases, we actually decrease it.

我們實際創造的，我們提到的是，例如，在 2023 年，收入的全部增長將顯示為利潤，因為與 2022 年相比，我們不會增加費用。在某些情況下，我們實際上會減少它.

Now there is a kind of differences when you look at the overall expenses. So for example, we still are investing in R&D and something that we will continue to do. But I believe that in terms of the efficiency, as a company, we always look for efficiencies, and we will continue to do that.

現在，當您查看總體費用時，會有一種差異。例如，我們仍在投資研發以及我們將繼續做的事情。但我相信在效率方面，作為一家公司，我們一直在尋找效率，我們將繼續這樣做。

For example, with [care], it was not just about headcount reduction, but also developing new technologies in order to support our customers in a much more efficient way. So to your question, we will continue to do that, to find more way to be more efficient. And by doing that, to create more leverage on our expenses. This is one.

例如，通過 [care]，這不僅涉及減少員工人數，還涉及開發新技術，以便以更有效的方式支持我們的客戶。因此，對於您的問題，我們將繼續這樣做，以找到更多提高效率的方法。通過這樣做，為我們的開支創造更多的槓桿作用。這是一。

With regard to partners, I believe that Nir can answer that.

關於合作夥伴，我相信尼爾可以回答這個問題。

Yes. So in terms of the partners and the agencies, as we highlighted in our Analyst Day, obviously, we've invested into the as well as the technology as well as the people who support that business. We've done so because -- and we demonstrated that when we broke out the partner cohorts, is that we're seeing that compounding revenue retention that is unique and so special for those specific cohorts.

是的。因此，就合作夥伴和代理機構而言，正如我們在分析師日強調的那樣，顯然，我們已經投資於技術以及支持該業務的人員。我們這樣做是因為 - 我們證明，當我們劃分合作夥伴群組時，我們看到復合收入保留對於這些特定群組來說是獨一無二且如此特別的。

Obviously, with the slowdown, their own pipeline has slowed to some extent, but we assume that once there is a recovery, they will obviously benefit from that, like everyone else.

顯然，隨著經濟放緩，他們自己的管道在一定程度上放緩了，但我們假設一旦復甦，他們顯然會像其他人一樣從中受益。

In terms of the -- I think one of the things that is worth mentioning is that we do believe that the cost reduction measure that Lior mentioned will probably accelerate the margins of partners even better than what we thought about before.

在 - 我認為值得一提的一件事是，我們確實相信 Lior 提到的降低成本的措施可能會比我們之前想像的更好地加速合作夥伴的利潤率。

And I'm seeing no further questions in the queue. I would now like to turn the conference back to the company for closing remarks.

而且我在隊列中沒有看到其他問題。我現在想把會議轉回公司來做閉幕詞。

Thanks, everyone. Thanks to everyone who asked the question. And thanks, everyone, for joining. Have a great day.

感謝大家。感謝所有提出問題的人。感謝大家的加入。祝你有美好的一天。

This concludes today's conference call. Thank you all for participating. You may now disconnect, and have a pleasant day.

今天的電話會議到此結束。謝謝大家的參與。您現在可以斷開連接，度過愉快的一天。