Wix.Com Ltd (WIX) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Wix.com Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Emily Liu, Investor Relations analyst. Emily, please go ahead.

美好的一天，謝謝你的支持。歡迎來到 Wix.com 電話會議。 （操作員說明）請注意，今天的會議正在錄製中。我現在想把會議交給今天的演講者，投資者關係分析師 Emily Liu。艾米麗，請繼續。

Thanks, Chris, and good morning, everyone. Welcome to Wix' Fourth Quarter and Full Year 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，克里斯，大家早上好。歡迎來到 Wix 的第四季度和 2022 年全年收益電話會議。今天和我一起討論我們的成果的是首席執行官兼聯合創始人 Avishai Abrahami； Nir Zohar，我們的總裁兼首席運營官；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.

在此次電話會議中，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。我們不承擔任何更新這些前瞻性陳述的義務。

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 material and in our Interactive Analyst Center on the Investor Relations website -- section of our website, investors.wix.com.

此外，我們將對非 GAAP 財務業績和關鍵運營指標發表評論。您可以在收益材料和投資者關係網站（我們網站 investors.wix.com 的部分）上的互動分析中心找到我們的 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. 2022, certainly was a challenging year, but I'm happy to say that we finished on a strong note and we are entering 2023, a more efficient company with a clear path to increasing profitability. Our Q4 results illustrated our ability to respond to the changing environment. We generated $52 million in free cash flow in Q4, our highest quarter ever and ahead of our guidance.

謝謝，艾米麗，大家早上好。 2022 年無疑是充滿挑戰的一年，但我很高興地說，我們以強勁的成績結束了比賽，我們即將進入 2023 年，成為一家效率更高的公司，並為提高盈利能力指明了道路。我們的第四季度業績表明了我們應對不斷變化的環境的能力。我們在第四季度產生了 5200 萬美元的自由現金流，這是我們有史以來最高的季度，超出了我們的指導。

Revenue in Q4 grew to $355 million, also ahead of our guidance. Our increased focus on finding efficiency closely managing cost growth allowed us to drive considerable operating leverage during the quarter. We will maintain this focus for the coming years. And I believe, it will enable us to emerge from this time as an even stronger company.

第四季度的收入增長至 3.55 億美元，也超出了我們的預期。我們更加註重尋找效率，密切管理成本增長，使我們能夠在本季度推動可觀的運營槓桿。我們將在未來幾年保持這一重點。我相信，這將使我們能夠從這段時間脫穎而出，成為一家更強大的公司。

Throughout 2022, we managed through several challenges and changes, including persistent inflation, ForEx volatility, the invasion of Ukraine and overall global uncertainty. This is all on top of consumer behavior on the internet we're setting to pre-COVID levels.

在整個 2022 年，我們應對了多項挑戰和變化，包括持續的通貨膨脹、外匯波動、入侵烏克蘭和全球整體不確定性。這一切都基於我們設置為 COVID 前水平的互聯網消費者行為。

Despite these handwind -- headwinds, the strong fundamentals of our business, along with continued successful execution resulted in revenue growth and profitability, finishing strong. The revenue in 2022 grew 9% year-over-year to $1.4 billion. On a constant currency basis, revenue grew 11% year-over-year. Much of this growth was driven by our partners business, with partner revenues growing 29% year-over-year, as we continue to successfully capture more of the professional market.

儘管存在這些不利因素——不利因素，但我們業務的強勁基本面以及持續成功的執行導致收入增長和盈利能力強勁。 2022 年的收入同比增長 9% 至 14 億美元。按固定匯率計算，收入同比增長 11%。這一增長很大程度上是由我們的合作夥伴業務推動的，隨著我們繼續成功佔領更多專業市場，合作夥伴收入同比增長 29%。

Nir will share a bit more about our latest potential operational updates in a few minutes and Lior will then drive -- dive into 2022 financial results as well as our outlook for the coming year. But before that, I want to provide some more details on how we are evolving our marketing strategy to create a greater amount of efficiency with these investments.

Nir 將在幾分鐘內分享更多關於我們最新的潛在運營更新的信息，然後 Lior 將深入探討 2022 年的財務業績以及我們對來年的展望。但在此之前，我想提供更多細節，說明我們如何改進我們的營銷策略，以通過這些投資創造更高的效率。

As we mentioned last quarter, in September, we began to test -- test to adjust our marketing approach to focus on higher-intent users. We accelerated this testing throughout Q4 reducing our acquisition marketing investment by nearly 50% in the quarter compared to the previous year. The results of doing this were fantastic. Despite reducing acquisition marketing by half, we have seen stable new cohort booking. We believe the driver of this success is the trend of our brand. Our investment in building a global brand over the 5 -- over the past 15 years have made weeks synonymous with relevant -- general keywords on the Internet. We plan to continue this new marketing strategy and expect investment in acquisition marketing to remain at this level -- reduced levels throughout 2023. We also plan to shift dollars to invest more into our brand to drive future growth.

正如我們在上個季度提到的那樣，在 9 月份，我們開始測試 - 測試以調整我們的營銷方法以專注於更高意圖的用戶。我們在整個第四季度加快了這項測試，與去年同期相比，本季度我們的收購營銷投資減少了近 50%。這樣做的結果非常棒。儘管收購營銷減少了一半，但我們看到了穩定的新隊列預訂。我們相信這一成功的驅動力是我們品牌的趨勢。我們在過去 5 年（過去 15 年）中對建立全球品牌的投資使周成為互聯網上相關的通用關鍵字的代名詞。我們計劃繼續這一新的營銷戰略，並預計收購營銷的投資將保持在這個水平——整個 2023 年都會降低水平。我們還計劃將資金轉移到我們的品牌上，以推動未來的增長。

While we increased focus on operation efficiency, our strategy to build the best platform and amazing product for million of user of all type around the world has remain unchanged. I'm extremely excited to highlight the recent launch of Wix website creation with ChatGPT, where ChatGPT is used to create text and content in the website.

在我們更加關注運營效率的同時，我們為全球數百萬各類用戶打造最好的平台和令人驚嘆的產品的戰略沒有改變。我非常高興地強調最近推出的 Wix 網站創建與 ChatGPT，其中 ChatGPT 用於在網站中創建文本和內容。

This product combines our leading innovation in the web -- in website creation with our expertise in AI technology, which started with the market first introduction of Wix ADI in 2016. AI text creator uses open chat -- opening eyes ChatGPT to allow users to a specific text and create professional content on their website easily within seconds. They move in the pain point of content writing and generally improving the user experience. We are implementing AI technology in a number of other ways as well. And I'm excited for the pipeline of amazing product we have in store for 2023.

該產品結合了我們在網站創建方面的領先創新與我們在 AI 技術方面的專業知識，該技術始於 2016 年市場首次推出 Wix ADI。特定文本並在幾秒鐘內輕鬆地在其網站上創建專業內容。他們解決了內容編寫的痛點，並普遍改善了用戶體驗。我們還通過許多其他方式實施 AI 技術。我對我們為 2023 年準備的驚人產品系列感到興奮。

Before I turn it over to Nir, I want to take a moment to extend my gratitude to the entire Wix team, I'm very proud of the way the team managed for this last year. Particularly, these teammates were been and continue to be directly impacted by the war in Ukraine. Our thoughts remain with you and your families.

在我把它交給 Nir 之前，我想花點時間向整個 Wix 團隊表示感謝，我為團隊去年的管理方式感到非常自豪。特別是，這些隊友已經並將繼續受到烏克蘭戰爭的直接影響。我們的心與您和您的家人同在。

Because of all of you, and incredible work you do, the potential of Wix in 2023 and beyond is unbounded, and I'm excited for what is yet to come. With that, over -- Nir, over to you.

因為你們所有人以及你們所做的令人難以置信的工作，Wix 在 2023 年及以後的潛力是無限的，我對即將到來的事情感到興奮。就這樣，Nir，交給你了。

Thank you, Avishai, and thank you, everyone, for joining us today. As Avishai mentioned, over the last 1.5 years, we greatly increased our focus on operating efficiency and general prudence across the business. Our efforts actually began at the end of 2021 as we were making plans for 2022 due to increasing volatility and uncertainty, we began thinking more carefully about how we operate. We reduced our hiring activity and took a closer look at what was working and what was not.

謝謝 Avishai，也謝謝大家今天加入我們。正如 Avishai 提到的，在過去的 1.5 年裡，我們大大增加了對整個企業運營效率和普遍審慎性的關注。我們的努力實際上是從 2021 年底開始的，當時我們正在製定 2022 年的計劃，因為波動性和不確定性不斷增加，我們開始更仔細地思考我們的運營方式。我們減少了招聘活動，並仔細研究了哪些有效，哪些無效。

As we move through 2022, volatility continued with the war in Ukraine, increasing energy prices, high inflation and currency fluctuations. As we did not see improvements to the macro environment, we recognized we needed to take the next step to help us achieve our profitability targets.

隨著 2022 年的到來，烏克蘭戰爭、能源價格上漲、高通脹和貨幣波動等因素繼續波動。由於我們沒有看到宏觀環境的改善，我們認識到我們需要採取下一步措施來幫助我們實現盈利目標。

In August last year, we parted ways with many people and took much more caution around expenses across the company. This rigorous review of our operations did not stop after this cost reduction plan. Throughout the remainder of last year, we continue to examine our operations across the organization. This ongoing focus along with technological gains achieved in recent years led to uncovering additional cost efficiencies, and we made the difficult decision to rightsize the organization further to meet current demand needs. Sadly, this meant asking approximately 7% of our employees to leave last week, which primarily occurred across our customer care organization. While this was the right decision for our business, it was not taken lightly. I want to extend my deepest gratitude to those impacted and say thank you to everyone who has participated in our journey.

去年 8 月，我們與許多人分道揚鑣，對整個公司的開支更加謹慎。在這項成本削減計劃之後，對我們運營的嚴格審查並未停止。在去年餘下的時間裡，我們繼續檢查整個組織的運營情況。這種持續的關注以及近年來取得的技術進步導致發現了額外的成本效率，我們做出了艱難的決定，進一步調整組織規模以滿足當前的需求。可悲的是，這意味著上週要求大約 7% 的員工離職，這主要發生在我們的客戶服務部門。雖然這對我們的業務來說是正確的決定，但並非草草了事。我想對那些受到影響的人表示最深切的感謝，並感謝所有參與我們旅程的人。

This headcount reduction, in addition to the efficiency and actions implemented throughout 2022, will bring down our total headcount from nearly 6,100 at the end of Q1 2022 to roughly 5,200 at the end of this current process, reflecting a 15% decrease. Related to these reductions, we expect to take a onetime charge of $20 million to $30 million in Q1 due to severance and modifications of our -- of our real estate footprint as we align our office space with operating needs.

這次裁員，加上整個 2022 年實施的效率和行動，將使我們的總人數從 2022 年第一季度末的近 6,100 人減少到當前流程結束時的約 5,200 人，減少了 15%。與這些減少相關，我們預計在第一季度一次性收取 2000 萬至 3000 萬美元的費用，原因是我們根據運營需求調整辦公空間時對我們的房地產足跡進行了遣散和修改。

In addition to reducing the size of our care organization, we also implemented hosting efficiencies and further operational expense savings. These recent -- recent actions are expected to yield an incremental $50 million of cost savings in 2023 or $65 million of savings on an annualized basis. Combined with the cost reduction plan announced last August, we have found a total of $215 million of annualized cost savings compared to the 3-year plan shared last May at our Analyst Day. These savings will allow us to achieve our path to profitability faster than we previously predicted. With that, I will now hand it over to Lior to walk through more details on our financials. Lior?

除了縮減我們護理機構的規模外，我們還提高了託管效率並進一步節省了運營費用。這些最近的——最近的行動預計將在 2023 年產生 5000 萬美元的增量成本節省，或者每年節省 6500 萬美元。結合去年 8 月宣布的成本削減計劃，與去年 5 月在我們的分析師日分享的 3 年計劃相比，我們發現年度成本節省總額為 2.15 億美元。這些節省將使我們能夠比我們之前預測的更快地實現盈利。有了這個，我現在將把它交給 Lior 來了解我們財務的更多細節。利奧？

Thanks, Nir. Let me start off by running through our numbers for Q4 and the full year before turning to some of our updated long-term profitability expectations compared to what we shared last May at our Analyst Day. I'll work it up with some thoughts around 2023 outlook. As Avishai mentioned, the fundamentals of our business remains strong, which led us to exceed the top end of our guidance range for revenue in Q4.

謝謝，尼爾。讓我首先回顧一下我們第四季度和全年的數據，然後再談談我們更新的一些長期盈利預期，與我們去年 5 月在分析師日分享的內容相比。我將圍繞 2023 年展望進行一些思考。正如 Avishai 所提到的，我們業務的基本面依然強勁，這使我們在第四季度的收入超過了我們指導範圍的上限。

Total revenue was $355 million this quarter, up 6% year-over-year and 8% on a constant currency basis. Total bookings were $371.8 million in Q4, also up 6% year-over-year and 10% on a constant currency basis.

本季度總收入為 3.55 億美元，同比增長 6%，按固定匯率計算增長 8%。第四季度總預訂量為 3.718 億美元，同比增長 6%，按固定匯率計算增長 10%。

Transaction revenue was $38.9 million, up 8% year-over-year. This growth was driven by higher GPV of $2.6 billion, up 4% year-over-year and a higher uptake rate as adoption of Wix payments continue to increase. Partners' revenue grew to $94.6 million, up 23% year-over-year as more and more partners are building projects on Wix.

交易收入為 3890 萬美元，同比增長 8%。這一增長的推動因素是 GPV 達到 26 億美元，同比增長 4%，並且隨著 Wix 支付的採用率不斷提高，採用率也有所提高。隨著越來越多的合作夥伴在 Wix 上構建項目，合作夥伴的收入增長至 9460 萬美元，同比增長 23%。

Most impressively, this quarter as a result of all the actions that we have taken to increase efficiency, we finished the year with free cash flow of $52 million in Q4, above our guidance range. This made Q4 the most profitable free cash flow quarter in our history, excluding investments in our new headquarters, and we expect to continue this in momentum in 2023.

最令人印象深刻的是，由於我們為提高效率而採取的所有行動，本季度我們在第四季度以 5200 萬美元的自由現金流結束了這一年，高於我們的指導範圍。這使得第四季度成為我們歷史上最賺錢的自由現金流季度，不包括對我們新總部的投資，我們預計在 2023 年將繼續保持這種勢頭。

Moving on to the full year results. Total revenue in 2022 was $1.39 billion, an increase of 9% year-over-year or up 11% year-over-year on a constant currency basis. Total bookings were $1.47 billion, up 4% year-over-year or up 7% year-over-year on a constant currency basis. Our increased focus on efficiency led us to improve gross margins and greater operating leverage in 2022. This led to free cash flow within the range of our prediction at our Analyst Day in May 2022. We follow through with our commitment to reach our margins targets this year and we plan to exceed them next year.

繼續看全年業績。 2022 年總收入為 13.9 億美元，同比增長 9%，按固定匯率計算同比增長 11%。總預訂量為 14.7 億美元，同比增長 4%，按固定匯率計算同比增長 7%。我們更加關注效率，這使我們在 2022 年提高了毛利率並提高了運營槓桿。這導致自由現金流在我們 2022 年 5 月分析師日的預測範圍內。我們兌現了今年實現利潤率目標的承諾年，我們計劃明年超過他們。

Due to our focus on efficiencies, we have a strong path to profitability. We now expect to achieve key financial milestones we laid out in our Analyst Day approximately 2 years sooner than previously anticipated. Our total non-GAAP gross margin is expected to increase to 66% in 2023 with an exit margin of 67%. And Creative Subscriptions non-GAAP gross margin is expected to reach 80% in 2023, a level we do not expect to achieve until late 2024.

由於我們對效率的關注，我們有一條強大的盈利之路。現在，我們預計將比之前預期提前約 2 年實現我們在分析師日制定的關鍵財務里程碑。到 2023 年，我們的非美國通用會計準則總毛利率預計將增至 66%，退出利潤率為 67%。 Creative Subscriptions 的非 GAAP 毛利率預計將在 2023 年達到 80%，我們預計這一水平要到 2024 年底才能達到。

Non-GAAP operating expenses are expected to be down to 59% to 60% of revenue for 2023, a level previously anticipated for 2025. We now expect more than $100 million of non-GAAP operating income and positive non-GAAP net income in 2023, targets previously anticipated for late 2024. And we now expect positive GAAP operating income and GAAP net income in 2025 targets previously anticipated beyond the 3-year horizon. Our expectations is that our partners business will generate positive free cash flow by mid-2024, more than a year ahead of our 3-year plan shared in May 2022.

預計 2023 年非 GAAP 營業費用將下降至收入的 59% 至 60%，這是此前預計的 2025 年水平。我們現在預計 2023 年非 GAAP 營業收入將超過 1 億美元，非 GAAP 淨收入為正，之前預計的 2024 年末目標。我們現在預計 2025 年的 GAAP 營業收入和 GAAP 淨收入為正，這超出了 3 年的預期。我們的預期是，到 2024 年年中，我們的合作夥伴業務將產生正的自由現金流，比我們在 2022 年 5 月分享的 3 年計劃提前一年多。

The momentum matures in 2022 and continue to step store greater efficiency going forward demonstrate our full commitment to reaching the Rule of 40 in 2025 under varying growth scenarios.

這一勢頭在 2022 年成熟，並繼續提高存儲效率，這表明我們完全致力於在不同的增長情景下在 2025 年實現 40 條規則。

Now let me review our outlook for Q1 in 2023. We expect total revenue in Q1 to be $367 million to $371 million, representing approximately 7% to 9% year-over-year growth. For the full year, we expect total revenue to be approximately $1.51 billion to $1.54 billion, representing approximately 9% to 11% year-over-year growth. I mentioned earlier, improvements in both total gross margin in Creative Subscriptions gross margin in 2023, which will be driven by savings from cost efficiencies in customer care and hosting.

現在讓我回顧一下我們對 2023 年第一季度的展望。我們預計第一季度的總收入為 3.67 億美元至 3.71 億美元，同比增長約 7% 至 9%。對於全年，我們預計總收入約為 15.1 億美元至 15.4 億美元，同比增長約 9% 至 11%。我之前提到過，2023 年 Creative Subscriptions 毛利率的總毛利率有所提高，這將受到客戶服務和託管成本效率節省的推動。

Non-GAAP operating expenses in 2023 are expected to be down year-over-year to 59% to 60% of revenue as operational efficiencies from our cost reduction efforts materialize. We also expect sales and marketing expenses to be 27% to 28% of revenue in 2023, a decline from 72% of revenue last year.

2023 年的非 GAAP 運營費用預計將同比下降至收入的 59% 至 60%，因為我們通過降低成本的努力實現了運營效率。我們還預計 2023 年銷售和營銷費用將佔收入的 27% 至 28%，低於去年佔收入的 72%。

As Avishai mentioned, as we evolve our marketing strategy, we are lowering our acquisition marketing investment throughout 2023 and plan to invest more into our brand in order to drive future growth. Because we see stable new cohorts bookings, we will reduce acquisition marketing investment going forward, we plan to take a portion of these savings and invest them in brand marketing activities. We will continue to develop specific plans through the first half of 2023 and expect brand marketing investment to be higher in the second half of 2023. We currently estimate this increased brand marketing investment to be roughly 3% to 4% of revenue in the second half of 2023.

正如 Avishai 提到的，隨著我們營銷策略的發展，我們將在整個 2023 年降低收購營銷投資，併計劃加大對我們品牌的投資，以推動未來的增長。因為我們看到穩定的新隊列預訂，我們將減少未來的收購營銷投資，我們計劃將這些節省的一部分投資於品牌營銷活動。我們將繼續制定到 2023 年上半年的具體計劃，並預計 2023 年下半年的品牌營銷投資會更高。我們目前估計，這一增加的品牌營銷投資大約佔下半年收入的 3% 至 4% 2023 年。

We still expect lower total sales and marketing expenses in 2023 compared to 2022 as our efficiency improved from this new strategy. We expect depreciation expenses of approximately $17 million to $19 million, non-headquarters related CapEx of approximately $8 million to $9 million and headquarters-related CapEx of $50 million to $55 million for the full year of 2023.

我們仍然預計 2023 年的總銷售和營銷費用將低於 2022 年，因為我們的效率從這一新戰略中得到提高。我們預計 2023 年全年的折舊費用約為 1700 萬至 1900 萬美元，與總部相關的資本支出約為 800 萬至 900 萬美元，與總部相關的資本支出約為 5000 萬至 5500 萬美元。

The headquarters CapEx was a bit lower in Q4 2022 and a bit higher in 2023 than we had -- when than we had communicated last quarter due to the timing -- due timing reasons. The total cost of the projects remains the same.

由於時間原因，總部資本支出在 2022 年第四季度略低於我們，而在 2023 年略高於我們上一季度溝通的時間。項目的總成本保持不變。

Free cash flow, excluding headquarters investment, is expected to be roughly $152 million to $162 million or 10% to 11% of revenue in 2023. We expect this cash flow margin to improve as we progress through the year and exit 2023 with a free cash flow margin of approximately 12% to 13%, driving by -- driven by the new efficiencies implemented in the first half of 2023.

不包括總部投資在內的自由現金流預計在 2023 年約為 1.52 億美元至 1.62 億美元，佔收入的 10% 至 11%。我們預計，隨著我們在今年取得進展並以自由現金退出 2023 年，這一現金流利潤率將會提高流量利潤率約為 12% 至 13%，受 2023 年上半年實施的新效率的推動。

Finally, stock-based compensation is expected to decrease to 15% of revenue in 2022, down from 17% of revenue in 2022. As headcount across the organization declined, we expect stock-based compensation as a percent of revenue to continue to decline year-over-year through 2025. The accelerated profitability expected in 2023 will put us on the path to achieve the Rule of 40 in 2025.

最後，基於股票的薪酬預計將從 2022 年佔收入的 17% 降至 2022 年收入的 15%。隨著整個組織的員工人數下降，我們預計基於股票的薪酬佔收入的百分比將繼續下降- 到 2025 年。預期 2023 年的加速盈利能力將使我們走上在 2025 年實現 40 條規則的道路。

With that, we will take your questions.

這樣，我們將回答您的問題。

(Operator Instructions)

（操作員說明）

(technical difficulty)

（技術難度）

Our next question comes from line of Matthew Pfau of William Blair.

我們的下一個問題來自 William Blair 的 Matthew Pfau 的台詞。

Wanted to ask on the partner business and specifically the B2B partnerships. How is that pipeline looking for 2023? And are you expecting to sign any significant partnerships in '23?

想詢問合作夥伴業務，特別是 B2B 合作夥伴關係。該管道如何尋找 2023 年？您是否期望在 23 年簽署任何重要的合作夥伴關係？

So this is Lior. I believe that we have increasing the funnel all the time on a quarter-over-quarter, we're actually increasing the funnel in terms of potential partners. We obviously don't expect huge partnership to be signed every quarter. but it will be at least once a year. And we do have in the funnel a few of them. So obviously, we are working on it. But on top of it, there are many others like they are not like $50 million or $100 million, but about $10 million or a few millions of dollars that we are working with and signing every quarter.

所以這就是 Lior。我相信我們一直在增加一個季度的漏斗，實際上我們在潛在合作夥伴方面增加了漏斗。我們顯然不希望每個季度都簽署龐大的合作夥伴關係。但至少每年一次。我們確實在漏斗中有一些。很明顯，我們正在努力。但最重要的是，還有許多其他人，比如他們不是 5000 萬美元或 1 億美元，而是我們每個季度正在與之合作並簽署的大約 1000 萬或幾百萬美元。

Our next question comes from the line of Mark Mahaney of Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Mark Mahaney。

Probably the detail on the -- yes, I'm here. Thanks for all the details on the change in marketing strategy or the efficiencies in marketing strategy. Long term, do you think that you've got -- kind of sustainable cost learnings that mean that sales and marketing as a percentage of bookings or revenue are materially lower than what you had had before? I'm trying to get at how much of this is kind of durable cost efficiencies out of marketing, if there are any long-term targets you've thought about with sales and marketing, that would be appreciated.

可能是關於——是的，我在這裡的細節。感謝您提供有關營銷策略變化或營銷策略效率的所有詳細信息。從長遠來看，你是否認為你有——一種可持續的成本學習，這意味著銷售和營銷佔預訂或收入的百分比大大低於你以前的水平？我正在嘗試了解其中有多少是營銷的持久成本效率，如果您在銷售和營銷方面考慮過任何長期目標，那將不勝感激。

Mark, this is Lior. Yes, definitely. I believe that in the future, we are going to see the sales and marketing dropping as a percentage of revenue. I think that this is exactly where we are today. And Avishai mentioned that in his -- at the very beginning. I think that we built a very strong brand that allows us to do that. And in parallel, we are going to increase investing in brand, but it will be only a portion of the savings that we got from lowering the investment in acquisition. So I believe that going forward, yes, definitely, we will see our sales and marketing dropping as a percentage of revenue. And this is part of the leverage that we are talking about.

馬克，這是利奧爾。當然是。我相信在未來，我們將看到銷售和營銷佔收入的百分比下降。我認為這正是我們今天所處的位置。 Avishai 在他的一開始就提到了這一點。我認為我們建立了一個非常強大的品牌，使我們能夠做到這一點。同時，我們將增加對品牌的投資，但這只是我們通過降低收購投資而節省的一部分。所以我相信，展望未來，是的，我們肯定會看到我們的銷售和營銷佔收入的百分比下降。這是我們正在談論的槓桿作用的一部分。

Our next question comes from Elizabeth Porter of Morgan Stanley.

我們的下一個問題來自摩根士丹利的伊麗莎白波特。

I was hoping to just get an update on the overall kind of top-of-funnel demand. Believe the letter noted reverting back to pre-pandemic trends. And back in Q3, you noted the top of the funnel was a little bit above pre-COVID. So my question is kind of what's the confidence level that the bottom on demand is behind us? And what's embedded in your 2023 guidance? And if there's any pockets that you're seeing greater impacts, that would be great to hear.

我只是希望得到關於漏斗頂部需求的整體更新。相信信中提到的恢復到大流行前的趨勢。回到第三季度，您注意到漏斗的頂部略高於 COVID 之前。所以我的問題是，需求底部已經過去的信心水平是多少？您的 2023 年指南包含哪些內容？如果有任何口袋你看到更大的影響，那將是偉大的聽到。

Yes, Elizabeth, thank you for the question. This is Avishai. I think that -- the confidence that we have is the data that we have, right? We don't know if there's going to be another war, and we don't know what that the government after the war would do and how they react to things and the economy crisis where it's going to evolve to. You probably have better estimation on that than we do. And so the confidence level is that what we're seeing for a while now is that we are in a new stable place. And that stable place, I think, is -- kind of obvious, right, because there is an economic crisis and we are post-COVID.

是的，伊麗莎白，謝謝你的提問。這是阿維夏。我認為 - 我們擁有的信心就是我們擁有的數據，對嗎？我們不知道是否還會有另一場戰爭，我們不知道戰後政府會做什麼以及他們如何應對事情和經濟危機將演變成什麼。您可能對此有比我們更好的估計。因此，信心水平是我們現在看到的是我們處於一個新的穩定位置。我認為，那個穩定的地方是——有點明顯，對，因為有經濟危機，我們是後 COVID 時代。

So I think -- what we are saying is that when we say we come in at -- in stability, it means that we don't see any information that kind of hints or give us a clue that there is a change coming. And so I think that this is where our confidence come from. All the information that we have is showing that this is pretty much the level of demand in an economic crisis of the type that we have now.

所以我認為 - 我們所說的是，當我們說我們進入 - 穩定時，這意味著我們沒有看到任何暗示或給我們線索的信息，表明即將發生變化。所以我認為這就是我們信心的來源。我們擁有的所有信息都表明，這幾乎是我們現在所面臨的經濟危機中的需求水平。

This question comes from Brad Erickson of RBC Capital Markets.

這個問題來自 RBC Capital Markets 的 Brad Erickson。

So yes, you gave the net subscriber number, like you normally do at the end of the year, which I guess was up, call it, modestly year-over-year, reflected a lot of that churn you've talked about the last few quarters. Talk about the top of funnel you're seeing right now for subscribers, new subscribers and sort of what it's going to take to get back to the quarterly net add cadence that you used to do before COVID. Just curious if we can get back to those types of levels here this year or next?

所以是的，你給出了淨訂戶數量，就像你通常在年底做的那樣，我想這已經上升了，稱它為適度的同比，反映了你上次談到的很多流失幾個季度。談談你現在看到的訂閱者、新訂閱者的漏斗頂部，以及要回到 COVID 之前你曾經做過的季度淨增加節奏需要做些什麼。只是好奇今年或明年我們是否可以回到這些類型的水平？

Brad, it's Nir. So I want to kind of reiterate our thinking around -- around the net subs and actually give some more color. First of all and foremost, you have to remember, we're always aiming to optimize and drive higher cohort value. This has -- this has led also to our decisions around focusing on higher intent users. It's part of what we've done in terms of how we made our pricing decisions in terms of being willing to take lesser subs but at a higher price with a higher value. Now when you think about what you see in 2022, you have to remember that the cohorts of 2022 and 2021, which are relatively still young compared to 2022 were very, very big cohorts. They grow a lot of subs into the system. And they've converted in elevated numbers. They are retained at similar numbers and percentages as previous cohorts.

布拉德，是尼爾。所以我想重申一下我們圍繞淨潛艇的想法，並實際上提供更多顏色。首先，您必須記住，我們一直致力於優化和推動更高的群組價值。這已經 - 這也導致我們決定專注於更高意圖的用戶。這是我們在做出定價決策方面所做的工作的一部分，我們願意接受較少的潛艇，但價格更高，價值更高。現在，當您考慮 2022 年所看到的情況時，您必須記住，與 2022 年相比，相對年輕的 2022 年和 2021 年的人群是非常非常大的人群。他們在系統中培養了很多潛艇。他們的轉化率更高了。他們保留的數量和百分比與以前的隊列相似。

But because their sheer size is bigger, because the heightened demand of COVID, when some of them gets canceled in terms of the subs, that obviously creates an impact on the net subs throughout 2022. And that specific behavior will probably last a little bit longer as these cohorts mature and stabilize. The other thing that we've seen is that the macro impact affects also existing cohorts, which makes a lot of sense because these are made also out of small businesses that are trying to retain and build the business in a much more challenging environment.

但是因為它們的規模更大，因為 COVID 的需求增加，當其中一些在潛艇方面被取消時，這顯然會對整個 2022 年的淨潛艇產生影響。而且這種特定行為可能會持續更長時間隨著這些群體的成熟和穩定。我們看到的另一件事是，宏觀影響也影響了現有的群體，這很有意義，因為這些群體也是由試圖在更具挑戰性的環境中保留和建立業務的小企業組成的。

And lastly, another thing that impacted 2022 was the need or the decision to eliminate the -- our business in Russia after the -- after it invaded Ukraine. So I think all of those have -- were -- had that kind of impact on our net subs in 2022. But I want to say something which is -- illustrate something which I think is more important here. And this is about the ARPS. When you look at our ARPS, it is increased by 29% from 2019. And when you think about that metric, ARPS used to be, in the past, a very uniform metric for us because the variance between the different subscriptions was relatively very small. And therefore, it increased over time because we optimized prices, because we added more functionality and helped people drive them towards a little bit of the higher subscription, but it was still very uniform, in general.

最後，影響 2022 年的另一件事是需要或決定在入侵烏克蘭後取消我們在俄羅斯的業務。所以我認為所有這些都對我們在 2022 年的淨訂閱產生了這種影響。但我想說的是 - 說明我認為在這裡更重要的事情。這是關於 ARPS 的。當您查看我們的 ARPS 時，它比 2019 年增加了 29%。當您考慮該指標時，ARPS 過去對我們來說是一個非常統一的指標，因為不同訂閱之間的差異相對非常小.因此，它隨著時間的推移而增加，因為我們優化了價格，因為我們添加了更多功能並幫助人們將他們推向更高的訂閱，但總的來說它仍然非常統一。

In the last few years, we are seeing a change, a very significant change where we are getting much more complex websites being built on our platform, for which the price point can go to the thousands and even to the hundreds of thousands of dollars, which means that ARPS is not uniform anymore, which also explains why we're defocusing our thinking about net adds and focusing so much more about the absolute value in the cohort itself. So I hope that answers your question

在過去的幾年裡，我們看到了一個變化，一個非常顯著的變化，我們在我們的平台上構建了更加複雜的網站，其價格可以達到數千甚至數十萬美元，這意味著 ARPS 不再統一，這也解釋了為什麼我們正在分散對淨增加的思考，而更多地關注隊列本身的絕對值。所以我希望這能回答你的問題

This question comes from Ygal Arounian of Citi.

這個問題來自花旗銀行的 Ygal Arounian。

I wanted to ask about ChatGPT integration. And I know you guys have always talked about when you rolled out ADI that was a big kind of driver of conversion. And I know it's really early just thinking through that if there's any parallels and if you expect that this might drive a pump in conversions as we go through the year. And then just going back to the marketing efficiency.

我想詢問有關 ChatGPT 集成的問題。我知道你們一直在談論當你們推出 ADI 時它是一種重要的轉換驅動力。而且我知道現在考慮是否有任何相似之處以及您是否期望這可能會在我們度過這一年時推動轉化率還為時過早。然後回到營銷效率。

Just on that 50%, is there a little bit more you could share as to kind of the learnings from that -- is that you're just targeting higher-intent customers or users that are going to convert at a higher rate or spend more. Does that mean that you're focused less on maybe the DIY creators, the self creators, as you guys call them. Or is that not the right basis to make on that?

就這 50%，您是否可以分享更多關於從中學到的東西——您只是針對意向更高的客戶或將以更高的轉化率或花費更多的用戶.這是否意味著您不太關注 DIY 創造者，自我創造者，正如你們所說的那樣。或者這不是正確的基礎嗎？

So I'll start with the first one. Yes, we've been -- I think when we started ADI, Wix ADI, which is a artificial design intelligence, right, it's was the first, I think, AI product to the mass market. And maybe with the exception of some things that do voice speech, so we've been ahead of the curve on that for a while, which today we have a lot of different things. For example, we have a way for you to edit images with AI. So for a lot of you upload the product, we'll clear the background that makes the photo better. That's one example that we released a few years ago, ADI, and now we introduced ChatGPT. So this is really open AI ChatGPT. It's not some hybrid we build. And we know that one of the hardest things for many people is to write the content on the website.

所以我將從第一個開始。是的，我們一直 - 我認為當我們開始 ADI 時，Wix ADI，這是一種人工智能設計，對，我認為它是第一個面向大眾市場的人工智能產品。也許除了一些做語音的事情之外，所以我們在這方面已經領先了一段時間，今天我們有很多不同的東西。例如，我們有一種方法可以讓您使用 AI 編輯圖像。所以對於你們很多上傳的產品，我們會清除背景，讓照片更好看。那是我們幾年前發布的一個例子，ADI，現在我們引入了 ChatGPT。所以這才是真正開放的AI ChatGPT。這不是我們建造的混合動力車。我們知道，對許多人來說，最困難的事情之一就是在網站上編寫內容。

So by adding ChatGPT, we make it -- well, a lot simpler, right, and a bit more creative in many cases. So I think it's a tremendous value for our users. And in the next year, you're going to see some additional very cool things that we're doing with AI now, again, to simplify our users are -- our users are interacting and creating a website, which is kind of a complex thing, right? It's a very complex thing because -- think about it, there's many different assay, right? You write many different pieces, all have to look together, the [GAPIC] has to come all together. So we have a lot of things we can do there to make Wix simpler and better use for self-creators.

因此，通過添加 ChatGPT，我們可以做到——好吧，在很多情況下，它變得更簡單、更具有創意。所以我認為這對我們的用戶來說是一個巨大的價值。明年，你會看到我們現在用 AI 做的一些額外的非常酷的事情，再一次，為了簡化我們的用戶——我們的用戶正在交互並創建一個網站，這有點複雜事情，對吧？這是一件非常複雜的事情，因為——想想看，有很多不同的分析方法，對吧？你寫了很多不同的作品，所有這些都必須放在一起看，[GAPIC] 必須放在一起。因此，我們可以做很多事情來讓 Wix 更簡單，更好地供自我創造者使用。

When it comes to acquisition, so you were touching the right point there, which is, yes, this is -- if you look at the brand, which is a very strong brand for self-creators. I think we did a very good job emphasizing that -- what we've seen in the last -- pre-COVID, we've already seen that the brand was separating self from the rest of the clutter and during COVID, a lot of new people have arrived that were not thinking about building OS but now they had to.

說到收購，所以你觸及了正確的一點，是的，這是——如果你看一下品牌，這對自我創造者來說是一個非常強大的品牌。我認為我們在強調這一點上做得很好——我們在上次看到的——在 COVID 之前，我們已經看到該品牌將自己與其他雜亂的事物分開，在 COVID 期間，很多新人來了，他們沒有考慮構建操作系統，但現在他們不得不考慮。

So it was a mass opportunity to educate a big portion of the population about Wix. And -- last year, we started to notice that the brand has become so strong that it's more than the generic -- generic way that people actually look for -- for Wix. So that is all for self-creators. And of course, we've proven that now by the fact that we can actually eliminate a lot of that direct acquisition and the brand equity hold.

因此，這是一個讓大部分人了解 Wix 的大好機會。而且——去年，我們開始注意到這個品牌已經變得如此強大，以至於它不僅僅是普通的——人們實際尋找的通用方式——Wix。這就是自我創造者的全部。當然，我們現在已經證明了這一點，因為我們實際上可以消除很多直接收購和品牌資產持有。

The next thing that we're doing, of course, is building -- starting to work on a similar strategy for where we are less strong. And that's why we will continue to invest in branding and, of course, with acquisition. But as we -- even if we go after partners, right, we're very competent website, the brand value that we have from Wix and the investment that we did carries into that, that which is enabling us to do that with a smaller acquisition costs.

當然，我們要做的下一件事就是建設——開始針對我們實力較弱的領域制定類似的戰略。這就是為什麼我們將繼續投資於品牌建設，當然還有收購。但正如我們 - 即使我們追求合作夥伴，對，我們是非常有能力的網站，我們從 Wix 獲得的品牌價值以及我們所做的投資，這使我們能夠以較小的規模做到這一點購置成本。

This question comes from Andrew Boone of JMP Securities.

這個問題來自 JMP Securities 的 Andrew Boone。

Can you help us understand the impact of the price and changes for 4Q? And then how does that relate to 2023 guidance?

您能否幫助我們了解價格和變化對 4Q 的影響？那麼這與 2023 年指南有何關係？

So we still see the effect of the price increase that we did last year and this one is going to continue, I believe, until May, where we complete everything. And this is part of the guidance that we have provided, meaning that it's already embedded there. I think that's very important to mention that we see also increase in ARPU, obviously, not just a result of the price increase, but also for the change in mix in our customers.

所以我們仍然看到我們去年所做的價格上漲的影響，我相信這將持續到 5 月，我們將在那裡完成所有工作。這是我們提供的指南的一部分，意味著它已經嵌入其中。我認為非常重要的一點是，我們看到 ARPU 也有所增加，顯然，這不僅僅是價格上漲的結果，也是我們客戶組合變化的結果。

And I think that also Nir spoke about it and provide some explanation about it, but we see a major change in mix, which also drives the ARPU continue to drive the ARPU up. And I believe that this is something that will continue also later even after the effect of the price increase that we've made.

而且我認為 Nir 也談到了它並提供了一些解釋，但我們看到了組合的重大變化，這也推動了 ARPU 繼續推動 ARPU 上升。而且我相信，即使在我們已經提高價格的影響之後，這也會在以後繼續。

This question comes from John Byun of Jefferies.

這個問題來自 Jefferies 的 John Byun。

This is Sang-Jin Byun on behalf of Brent Thill at Jefferies. Two questions. One on the '23 guidance, I'm wondering what you're assuming on the macro. I mean, in the comments, you mentioned that the assumption for Q1 is the macro does not deteriorate. So I just want to see what it will be if we do enter into a tough U.S. recession. And then a quick second one, just what you're seeing so far quarter-to-date, we're already 2 months in? And any change in trends in Q4?

我是代表 Jefferies 的 Brent Thill 的 Sang-Jin Byun。兩個問題。關於 23 年指南，我想知道您對宏觀的假設是什麼。我的意思是，在評論中，你提到第一季度的假設是宏觀經濟不會惡化。所以我只想看看如果我們真的進入了一場艱難的美國經濟衰退會怎樣。然後是快速的第二個，到目前為止你所看到的季度至今，我們已經 2 個月了？第四季度的趨勢有什麼變化嗎？

With regard to the macro, I think that wish mentioned that before, we assume that macro as it is right now, meaning that we didn't even try to focus what will be the effect, what will be the changes in the macro. Obviously, if we see that macro is improving, that will be an upside, especially around the GPV in the Wix payments.

關於宏觀，我想那個願望之前提到過，我們假設宏觀是現在的樣子，這意味著我們甚至沒有試圖關注宏觀會產生什麼影響，宏觀會有什麼變化。顯然，如果我們看到宏觀經濟正在改善，那將是一個上行空間，尤其是圍繞 Wix 支付的 GPV。

With regard to the overall guidance that we have provided, what we did assume is that, obviously, fundamentals are still very strong. We didn't assume any change in our KPIs. We didn't see any change in those fundamentals, and they are very stable also throughout the first quarter, at least so far. We continue to see strong growth in partners. And this is something that is really important to mention. We keep talking about the growth. But the partners, we are still taking market share. And this is kind of a more of a hyper growth. And I believe that this is something that will continue also in 2023 and also beyond that. .

關於我們提供的總體指導，我們所做的假設是，顯然，基本面仍然非常強勁。我們沒有假設我們的 KPI 有任何變化。我們沒有看到這些基本面有任何變化，它們在整個第一季度也非常穩定，至少到目前為止是這樣。我們繼續看到合作夥伴的強勁增長。這是非常重要的事情。我們一直在談論增長。但是合作夥伴，我們仍在佔據市場份額。這更像是一種高速增長。我相信這將在 2023 年及以後繼續下去。 .

John, in terms of what we're seeing in January, February and kind of relates to what Avishai commented earlier. So to this point, I'm sure that you would -- we would have loved to be the first management team to talk about the recovery, but sadly, that's not the case. We don't see any decline, but also no major improvements at this point. So it's basically kind of stability at where we are now. .

約翰，就我們在 1 月、2 月看到的情況而言，這與 Avishai 之前發表的評論有點相關。所以在這一點上，我相信你會——我們很想成為第一個談論復甦的管理團隊，但遺憾的是，事實並非如此。我們沒有看到任何下降，但目前也沒有重大改善。所以它基本上是我們現在所處位置的穩定性。 .

This question comes from Ken Wong of Oppenheimer & Company.

這個問題來自 Oppenheimer & Company 的 Ken Wong。

I just wanted to dig into NRR, that took a bit of a step down. I'm just wondering if you could maybe kind of give us a little context in terms of some of the moving pieces and how you think that number should settle in once the kind of demand environment stabilizes?

我只是想深入了解 NRR，這讓我走了一些台階。我只是想知道您是否可以就一些變動的部分給我們一些背景信息，以及您認為一旦需求環境穩定下來，這個數字應該如何確定？

Sure. It's Nir here. So in terms of the NRR, you have to remember, first of all, that when you think about the kind of the step down as you put it, it is compared to 2021, which still had a big component of COVID that benefited it in terms of the size of it. Obviously, we still have a positive NRR. So we are happy with the result. When you look at kind of what made the impact, so I would say that -- generally speaking, we've seen -- and I mentioned this before, the macro slowness also affects a little bit the existing cohorts, again, because these are small tiny businesses that are trying to keep on working and maintaining the business in a harsher environment. And obviously, that has an effect on them. And take even a bit kind of a more deeper dive in what is -- where is most of the slowdown, I would say it is around commerce. And by that, obviously, also the affected GPV that comes with it. But we think these are the main things, and we expect it to remain pretty much at the same level.

當然。這裡是尼爾。因此，就 NRR 而言，首先你必須記住，當你考慮你所說的降級類型時，它與 2021 年相比，後者仍然有很大一部分 COVID 使它受益就其規模而言。顯然，我們仍然有一個積極的 NRR。所以我們對結果很滿意。當你看看是什麼造成了影響，所以我想說——一般來說，我們已經看到了——我之前提到過，宏觀經濟放緩也會對現有的人群產生一點影響，同樣，因為這些是試圖在更惡劣的環境中繼續工作和維持業務的小型微型企業。顯然，這對他們有影響。甚至更深入地了解什麼是 - 大部分放緩的地方，我會說它與商業有關。顯然，隨之而來的還有受影響的 GPV。但我們認為這些是主要的事情，我們預計它會保持在同一水平。

This question comes from Trevor Young of Barclays.

這個問題來自巴克萊銀行的 Trevor Young。

Can you just help us understand what's informing the revenue acceleration throughout the year in '23? Is it FX headwinds abating? Because it would seem to me, based on your prior comments that the lift from pricing starts lapping out in May, but then you're kind of contemplating a little bit of an acceleration through year-end. Is that maybe coming from the partner side, some of the Vistaprint finally kicking in? Just any color there would be appreciated.

您能否幫助我們了解 23 年全年收入加速增長的原因？外匯逆風減弱了嗎？因為在我看來，根據您之前的評論，定價帶來的提振在 5 月開始逐漸消失，但隨後您正在考慮在年底前稍微加速。這是否可能來自合作夥伴方面，一些 Vistaprint 終於開始發揮作用了？任何顏色都會受到讚賞。

So actually, it's very simple. I think that Q1, when you compare Q1 on a year-over-year basis, you compare it to Q1 of 2022, which was very strong. So the comps are different. Remember that the overall slowdown more or less started during the spring. So obviously, the next 3 quarters with totally different comps. So that's obviously, explains the differences. Nothing beyond that. .

所以實際上，這很簡單。我認為第一季度，當你將第一季度與去年同期進行比較時，你將它與 2022 年第一季度進行比較，後者非常強勁。所以組合是不同的。請記住，整體放緩或多或少是在春季開始的。很明顯，接下來的 3 個季度的表現完全不同。所以這很明顯，解釋了差異。除此之外什麼都沒有。 .

This question comes from Deepak Mathivanan of Wolfe Research.

這個問題來自 Wolfe Research 的 Deepak Mathivanan。

So first, I wanted to ask about the product focus areas in 2023. I know you rolled out ChatGPT integration. But what are the main priorities from a product standpoint for this year? And when do you kind of expect to see meaningful progress and then also potentially incremental contribution to top line growth. And then Avishai, with the cost reduction you've done so far, I wanted to ask your views on the efficiency levels. Do you feel like staffing levels and then the [Aug] productivity is at a healthy level kind of right now after these actions as we head into 2023?

所以首先，我想問一下 2023 年的產品重點領域。我知道你們推出了 ChatGPT 集成。但從產品的角度來看，今年的主要優先事項是什麼？你什麼時候期望看到有意義的進展，然後還有對收入增長的潛在增量貢獻。然後是 Avishai，隨著你迄今為止所做的成本降低，我想問問你對效率水平的看法。在我們進入 2023 年的這些行動之後，您是否覺得人員配置水平和 [8 月] 生產力處於健康水平？

Of course. So I think the product focus is -- well, the core of it is pretty much the same, meaning that we think that we have 2 heads going forward. One is our, of course, [safe traders] business. Where we have some very cool things coming and you're going to see some additional announcements. A lot of them are in the area of AI, but not only that.

當然。所以我認為產品的重點是——好吧，它的核心幾乎是一樣的，這意味著我們認為我們有兩個前進的方向。當然，其中之一是我們的 [safe traders] 業務。我們即將推出一些非常酷的東西，您會看到一些額外的公告。他們中的很多人都在人工智能領域，但不僅如此。

So you're going to see, I think, some very exciting things coming this year. On the other hand, we spent a lot on the partners. And we have a lot of things that we need to do there. So that is very exciting because it's the creation of -- there is a big gap in what we should be doing and where we are. So we're going to close a lot of that gap this year. I mean, which is going to have, by far, the best offering for partners as we head into the latter part of the year. And so that's where most of our product focus is. I want to mention for a minute. We just released new packages for enhancing your utilization of [Elo], okay? We've released a product called Kodak. All of those are products aimed only at partners, right, for people that actually build professional websites that are very deep to new functionality. And I think we're going to continue to do that. You're going to see some additional very exciting things that we do for marketing, allowing our customers to do better marketing. So we have some nice project in there. And I think that we see really good traction.

所以你會看到，我想，今年會發生一些非常令人興奮的事情。另一方面，我們在合作夥伴身上花了很多錢。我們有很多事情需要在那裡做。所以這非常令人興奮，因為它創造了——我們應該做的事情和我們所處的位置之間存在很大差距。所以我們今年將縮小很多差距。我的意思是，在我們進入今年下半年時，到目前為止，這將為合作夥伴提供最好的服務。這就是我們大部分產品的重點所在。我想提一下。我們剛剛發布了新的軟件包來提高您對 [Elo] 的利用率，好嗎？我們發布了一款名為 Kodak 的產品。所有這些都是僅針對合作夥伴的產品，對的，針對那些實際構建對新功能非常深入的專業網站的人。我認為我們將繼續這樣做。您將看到我們為營銷所做的一些額外的非常令人興奮的事情，使我們的客戶能夠進行更好的營銷。所以我們在那裡有一些不錯的項目。而且我認為我們看到了非常好的牽引力。

And with that, Nir, do you want to take the next part?

那麼，Nir，你想參加下一部分嗎？

Yes, absolutely. So in terms of the organizational productivity, I think it's actually at a high level and increasing. I think the changes we've done throughout the second half of '22, we received extremely well within the company and have helped us become even better in what we do. You also have to remember that late October, we moved -- we started moving into our new headquarters in Tel Aviv. That on its own, had a fantastic impact on morale and on productivity because people can be -- work closer at a much, much better environment. And it also allowed us to call back the employees to the office which we believe is a better way for us to operate and a better way for us to manage. Before we did the move to the new headquarters, we just did not have enough office space. So obviously, now that is a change and is also a great contributor. So when we are heading into 2023, especially from that kind of a standpoint of the productivity and the the connection within the organization of the company, we're actually feeling very, very confident that we are kind of shedding some of the, I would say, the bad behaviors that we adopted during COVID because we had to, but still did. And going back to where we are excelling in executing.

是的，一點沒錯。因此，就組織生產力而言，我認為它實際上處於高水平並且正在增加。我認為我們在整個 22 年下半年所做的改變在公司內部得到了極大的反響，並幫助我們在工作中做得更好。您還必須記住，10 月下旬，我們搬家了——我們開始搬進我們在特拉維夫的新總部。這本身就對士氣和生產力產生了奇妙的影響，因為人們可以在一個更好的環境中更緊密地工作。它還允許我們將員工召回辦公室，我們認為這是一種更好的運營方式和更好的管理方式。在我們搬到新總部之前，我們沒有足夠的辦公空間。很明顯，現在這是一個變化，也是一個很大的貢獻者。因此，當我們進入 2023 年時，尤其是從生產力和公司組織內部聯繫的角度來看，我們實際上感到非常、非常有信心我們正在擺脫一些，我會比如說，我們在 COVID 期間採取的不良行為，因為我們不得不這樣做，但仍然這樣做了。回到我們擅長執行的地方。

This question comes from Chris Zhang of Credit Suisse.

這個問題來自瑞士信貸的Chris Zhang。

I had a question on your partnership with Amazon multichannel fulfillment. So maybe it's still early days in -- its a box in as it was rolled out in the first quarter of 2022 when e-com started facing more headwind. But in light of the recent availability of [BiwatPrime], I just wanted to hear your thoughts about potential deepening your partnership with Amazon on that offering? Or are you happy with the multichannel booking right now?

我有一個關於您與亞馬遜多渠道履行的合作夥伴關係的問題。所以也許它還處於早期階段——它是一個盒子，因為它是在 2022 年第一季度推出的，當時電子商務開始面臨更多的逆風。但鑑於 [BiwatPrime] 最近的可用性，我只是想听聽您對加深與亞馬遜在該產品上的合作夥伴關係的看法？或者您對現在的多渠道預訂滿意嗎？

So we are very happy with the progress there. I think it's a combination of being happy on that specifically and also developing what we think can be a very interesting future relationship with Amazon around commerce for our business and other things that we may be doing together in the future. Obviously, I cannot go into the details, but we are definitely happy with it.

所以我們對那裡的進展感到非常高興。我認為這是一種結合，既要對此感到高興，又要發展我們認為與亞馬遜圍繞我們的業務和未來可能一起做的其他事情的商業關係非常有趣的未來關係。顯然，我不能透露細節，但我們對此非常滿意。

That completes our Q&A session. I'd now like to hand the conference back over to the company for any further comments.

這就完成了我們的問答環節。我現在想將會議交還給公司以徵求任何進一步的意見。

Thanks, everyone. Thanks, Chris, for hosting that. Thanks, everyone, for joining today, and we'll talk to you next time. Have a good day.

感謝大家。謝謝 Chris 主持。謝謝大家今天的加入，我們下次再聊。祝你有美好的一天。