Wix.Com Ltd (WIX) 2023 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the Wix Q1 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. (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, Rona Davis, Head of PR and Communications. Please go ahead.

美好的一天，謝謝你的支持。歡迎參加 Wix 2023 年第一季度收益電話會議。此時，所有參與者都處於只聽模式。演講者的演講結束後，將進行問答環節。 （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，公關和傳播主管羅納戴維斯 (Rona Davis)。請繼續。

Thanks and good morning, everyone. Welcome to Wix' First Quarter 2023 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. 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. 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 the Interactive Analyst Center on the Investor Relations section of our website, investors.wix.com. With that, I'll turn the call over to Avishai.

謝謝，大家早上好。歡迎來到 Wix 2023 年第一季度財報電話會議。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； Nir Zohar，我們的總裁兼首席運營官；和我們的首席財務官 Lior Shemesh。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。此外，我們將對非 GAAP 財務業績和關鍵運營指標發表評論。您可以在我們網站 investors.wix.com 的收益材料和投資者關係部分的互動分析中心找到我們的 GAAP 和非 GAAP 結果之間的所有調節。有了這個，我會把電話轉給 Avishai。

Thanks, Rona and good morning, everyone. We have had a fantastic start to 2023. And I'm pleased to say that we exceeded our expectation across many areas of our business. The drivers of our results this quarter were broad-based across our business, both on the top line and on the profitability. Revenues in Q1 grew to $374 million, above our guidance. We generated $44 million of free cash flow, excluding onetime charges and also ahead of our expectation. This great results are a testament to the strong execution of our strategy to provide the best platform of innovative product for our users while increasing operational efficiency and discipline.

謝謝，羅娜，大家早上好。我們在 2023 年有了一個美妙的開端。我很高興地說，我們在許多業務領域都超出了我們的預期。本季度我們業績的驅動因素廣泛存在於我們的業務中，包括收入和盈利能力。第一季度的收入增長至 3.74 億美元，高於我們的預期。我們產生了 4400 萬美元的自由現金流，不包括一次性費用，也超出了我們的預期。這一出色的結果證明了我們強有力地執行了我們的戰略，即為我們的用戶提供最好的創新產品平台，同時提高運營效率和紀律。

Much of the growth this quarter was also driven by our partners' business. This year, scaling our business with partners, including designers, freelances and enterprise partnerships remain a key strategic focus. Partners' revenue growth accelerated this quarter, up 27% year-over-year. We recently announced some exciting product for partners, including Wix Headless and have many more incredible product announcements and marketing plans for later this year.

本季度的大部分增長也是由我們合作夥伴的業務推動的。今年，擴大我們與合作夥伴（包括設計師、自由職業者和企業合作夥伴）的業務仍然是一個關鍵的戰略重點。本季度合作夥伴的收入增長加速，同比增長 27%。我們最近為合作夥伴發布了一些激動人心的產品，包括 Wix Headless，並在今年晚些時候發布了更多令人難以置信的產品和營銷計劃。

The outperformance of this first quarter is very encouraging. So we are raising our revenues and free cash flow outlook for the full year as well as pulling forward many of our profitable targets for 2023. Our profitability outperformance bolstered our confidence in achieving the Rule of 40 in 2025.

第一季度的出色表現非常令人鼓舞。因此，我們提高了全年的收入和自由現金流前景，並提前實現了 2023 年的許多盈利目標。我們的盈利能力出色表現增強了我們在 2025 年實現 40 條規則的信心。

I will let Nir and Lior share more detail about this quarter and then I will close with my thoughts on AI. Nir?

我會讓 Nir 和 Lior 分享有關本季度的更多細節，然後我將結束我對 AI 的看法。尼爾？

Thank you, Avishai and thank you, everyone, for joining us today. I'll share a bit more details about our performance this quarter as it relates to our user cohorts. Some color on our marketing investments in the quarter following the recently announced strategy shift and then updates on our focus on operational efficiency. Let's start with user cohort performance. Our Q1 '23 new user cohorts performed exceptionally well with 5.4 million new users collectively generating more than $30 million in bookings in this first quarter, easily the highest same quarter bookings in a non-COVID cohort. and on a base of a significantly smaller size cohort. This clearly indicates the inherent improvements in the fundamentals of our business including subscription conversion and average collections per subscription as well as stable retention.

謝謝 Avishai，也謝謝大家今天加入我們。我將分享更多關於我們本季度業績的細節，因為它與我們的用戶群有關。在最近宣布的戰略轉變之後，我們在本季度的營銷投資有些色彩，然後更新了我們對運營效率的關注。讓我們從用戶群組性能開始。我們在 23 年第一季度的新用戶群表現異常出色，第一季度共有 540 萬新用戶產生了超過 3000 萬美元的預訂量，輕鬆成為非 COVID 人群中同季度最高的預訂量。並且基於規模小得多的隊列。這清楚地表明我們業務基礎的內在改進，包括訂閱轉換和每個訂閱的平均收藏以及穩定的保留。

Diving deeper into these fundamentals shows the returns from our focus on bringing higher-intent, self-creator users and partners, which convert at higher rates. It is also the result of higher monetization driven by users choosing higher-priced subscription, strong adoption of business solutions applications, more transaction revenue as a result of higher GPV and increased take rate and continued contribution from our B2B partnerships.

深入研究這些基本面可以看出我們專注於帶來更高意圖、自我創造的用戶和合作夥伴的回報，這些用戶和合作夥伴的轉化率更高。這也是由於用戶選擇更高價格的訂閱、業務解決方案應用程序的廣泛採用、更高的 GPV 帶來的更多交易收入以及更高的採納率以及我們的 B2B 合作夥伴關係的持續貢獻所推動的更高貨幣化的結果。

We expect these trends to continue in the coming quarters this year. Lastly, this performance is a testament to the strength and scale of our global brands as reflected in the success of our marketing strategy shift implemented last year. As a reminder, based on tests we started last summer, we determined that we could keep new cohort bookings stable even if we reduced acquisition marketing spend by half.

我們預計這些趨勢將在今年的未來幾個季度繼續。最後，這一業績證明了我們全球品牌的實力和規模，這反映在我們去年實施的營銷戰略轉變的成功上。提醒一下，根據我們去年夏天開始的測試，我們確定即使將收購營銷支出減少一半，我們也可以保持新隊列預訂的穩定。

We continued this marketing strategy this quarter and decreased acquisition marketing spend by approximately 47% year-over-year, while still increasing new cohort bookings. After more than 8 months of expanding and perfecting this new strategy, we are confident in the results and therefore, expect investments in acquisition marketing to remain at reduced levels throughout the rest of the year and beyond.

本季度我們繼續實施這一營銷策略，收購營銷支出同比減少約 47%，同時新隊列預訂量仍在增加。經過 8 個多月的擴展和完善這一新戰略，我們對結果充滿信心，因此預計在今年餘下時間及以後，對收購營銷的投資將保持在較低水平。

In addition to the strong fundamentals and the significant increase in marketing effectiveness, we've also intensified our focus on driving operating efficiency across our business. We successfully implemented the cost savings outlined last quarter, as well as realized additional hosting optimization opportunities and continue to decrease head count. We ended Q1 with 5,006 employees, down 18% year-over-year from early 6,100 employees in Q1 2022.

除了強勁的基本面和營銷效率的顯著提高外，我們還加強了對提高整個業務運營效率的關注。我們成功實施了上個季度概述的成本節約，並實現了額外的託管優化機會，並繼續減少員工人數。我們在第一季度結束時擁有 5,006 名員工，比 2022 年第一季度初期的 6,100 名員工同比下降 18%。

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 來了解我們財務的更多細節。利奧？

Thanks, Nir. This quarter was marked by fantastic profitability improvements that allowed us to achieve our 2023 profitability targets much earlier than anticipated. Even more importantly, these steps firmly put us on the path to achieving Rule of 40 in 2025 with significant expansion of our margins.

謝謝，尼爾。本季度的特點是盈利能力顯著提高，這使我們能夠比預期更早地實現 2023 年的盈利目標。更重要的是，這些步驟使我們堅定地走上了在 2025 年實現 40 規則的道路，並顯著擴大了我們的利潤率。

In Q1, we grew gross margins by nearly 500 basis points, driven by hosting optimization and headcount efficiencies, among other cost savings. We further drove operating leverage by executing on our new marketing strategy, reducing head count and implementing savings across our entire operating cost structure. Non-GAAP operating expenses as a percentage of revenue declined significantly from 77% in Q1 2022 to just under 54% in Q1 2023, resulting in the highest non-GAAP operating income in our history.

在第一季度，我們的毛利率增長了近 500 個基點，這得益於託管優化和員工效率以及其他成本節約。我們通過執行新的營銷策略、裁員並在整個運營成本結構中實現節約，進一步提高了運營槓桿。非 GAAP 營業費用佔收入的百分比從 2022 年第一季度的 77% 大幅下降到 2023 年第一季度的略低於 54%，從而實現了我們歷史上最高的非 GAAP 營業收入。

These efforts drove free cash flow generation to finish higher than anticipated. Looking past this year, we expect to continue this quarter's momentum by advancing our commitment to operational efficiencies across all aspects of our organization. Continued cost management, mostly across operating expenses, will enable us to drive further leverage and expand our cash flow margin significantly.

這些努力推動自由現金流的產生高於預期。展望今年，我們希望通過推進我們對組織各個方面的運營效率的承諾來延續本季度的勢頭。持續的成本管理，主要是運營費用，將使我們能夠進一步推動槓桿作用並顯著擴大我們的現金流利潤率。

In addition to our continued profitability improvements, I'm also very excited about the execution of our strategic initiatives, particularly our focus on the partners' business that will enable us to continue to deliver growth in the coming years. Now on to the details of the quarter. The fundamentals of our business remained strong this quarter which led us to exceed the top end of our guidance range for revenue.

除了我們持續提高盈利能力外，我也對我們戰略計劃的執行感到非常興奮，尤其是我們對合作夥伴業務的關注，這將使我們能夠在未來幾年繼續實現增長。現在談談本季度的細節。本季度我們業務的基本面依然強勁，這使我們超過了收入指導範圍的上限。

Total revenue was $374 million this quarter, up 10% year-over-year. Total bookings were $415 million in Q1, up 6% year-over-year. Remember that we signed our partnership with LegalZoom in Q1 2022, creating a difficult comparison this quarter, removing this amount from bookings in Q1 of last year, our FX neutral year-over-year bookings growth was 13%, a better indication of our growth compared to the prior year quarter. We saw an acceleration in transaction revenue growth this quarter, up 16% year-over-year to $42.3 million. This growth was driven by higher GPV of $2.7 billion, up 6% year-over-year, as well as higher overall take rate as merchant adoption of Wix Payments continue to increase.

本季度總收入為 3.74 億美元，同比增長 10%。第一季度總預訂量為 4.15 億美元，同比增長 6%。請記住，我們在 2022 年第一季度與 LegalZoom 簽署了合作夥伴關係，在本季度進行了艱難的比較，從去年第一季度的預訂中刪除了這一金額，我們的外匯中性同比預訂增長了 13%，更好地表明了我們的增長與去年同期相比。本季度我們看到交易收入增長加速，同比增長 16% 至 4230 萬美元。這一增長的推動因素是 GPV 達到 27 億美元，同比增長 6%，以及隨著商戶對 Wix Payments 的採用率不斷提高，總體採用率也有所提高。

As Avishai mentioned, Partners is a major area of focus and growth for us this year. Partners revenue grew to $103.9 million, up 27% year-over-year. This is an acceleration in growth compared to the prior couple of quarters as more agencies and developers build projects on Wix and we increase our monetization of professionals, particularly as they increasingly generate more GPV.

正如 Avishai 提到的，合作夥伴是我們今年關注和增長的主要領域。合作夥伴收入增長至 1.039 億美元，同比增長 27%。與前幾個季度相比，這是一個加速增長，因為越來越多的機構和開發人員在 Wix 上構建項目，並且我們增加了專業人士的貨幣化，特別是當他們越來越多地產生更多 GPV 時。

This quarter, we also began to see some early but still very minimal revenue contribution from the B2B partnerships we signed over the past couple of years. More impressively, this quarter, we intensified our focus on driving operational efficiencies across the business. These actions allow us to achieve the profitability milestones planned for later in the year, much earlier in Q1. By implementing the cost-savings strategy introduced last quarter as well as additional hosting optimization and headcount efficiencies, non-GAAP gross margin increased to 67% in Q1 making it the highest quarterly gross margin since 2020.

本季度，我們也開始看到過去幾年簽署的 B2B 合作夥伴關係帶來的一些早期但仍然非常小的收入貢獻。更令人印象深刻的是，本季度，我們更加註重提高整個企業的運營效率。這些行動使我們能夠在今年晚些時候，即第一季度更早的時候實現盈利里程碑。通過實施上個季度推出的成本節約戰略以及額外的託管優化和人員效率，第一季度非 GAAP 毛利率增至 67%，成為 2020 年以來最高的季度毛利率。

Growth in the creative subscription revenue, along with cost discipline, drove non-GAAP gross margin for creative subscriptions to above 80% in Q1, an increase of 450 basis points year-over-year. Both of these gross margin targets were originally anticipated for later in the year. Our continued implementation of our new marketing strategy that Nir spoke about earlier, along with additional savings across our operating cost structure, this quarter resulted in the highest quarterly non-GAAP operating income in our history of $48.5 million or 13% of revenue.

創意訂閱收入的增長以及成本控制，推動第一季度創意訂閱的非 GAAP 毛利率超過 80%，同比增長 450 個基點。這兩個毛利率目標最初預計在今年晚些時候實現。我們繼續實施 Nir 之前談到的新營銷策略，以及我們運營成本結構的額外節省，本季度實現了我們歷史上最高的季度非 GAAP 運營收入，達到 4850 萬美元，佔收入的 13%。

As we mentioned last quarter, we did take a onetime charge of $25.3 million related to the headcount reduction we announced in February and impairment charges related to operating leases as we align our footprint with our current needs. As a result of higher growth and a focus on operational efficiency, we generated $44 million of free cash flow or 12% of revenue.

正如我們在上個季度提到的那樣，我們確實一次性收取了 2530 萬美元的費用，這些費用與我們在 2 月份宣布的裁員和與經營租賃相關的減值費用有關，因為我們將我們的足跡與當前的需求保持一致。由於更高的增長和對運營效率的關注，我們產生了 4400 萬美元的自由現金流，佔收入的 12%。

This excludes CapEx related to the build-out of our headquarters as well as the cash portion of the onetime severance charges, I just discussed, which was about $2.1 million in Q1. Free cash flow performed better than expected and give us more confidence in our ability to achieve the Rule of 40 in 2025.

這不包括與我們總部擴建相關的資本支出以及我剛才討論的一次性遣散費的現金部分，第一季度約為 210 萬美元。自由現金流表現好於預期，讓我們更有信心在 2025 年實現 40 規則。

Now let me finish with our outlook for Q2 and 2023. We expect total revenue in Q2 to be $380 million to $385 million, representing approximately 10% to 12% year-over-year growth. For the full year, we're increasing our outlook. We now expect total revenue to be approximately $1.52 billion to $1.54 billion, representing approximately 10% to 11% year-over-year growth. This is an increase from our prior expectation of $1.51 billion to $1.53 billion or 9% to 11% growth. We are also updating our profitability expectations for the full year as we continue to drive efficiencies across our operating cost structure. We now expect non-GAAP gross margin to increase to 67% for the year, up from the 66% previously expected.

現在讓我結束對第二季度和 2023 年的展望。我們預計第二季度的總收入為 3.8 億美元至 3.85 億美元，同比增長約 10% 至 12%。對於全年，我們正在提高我們的前景。我們現在預計總收入約為 15.2 億美元至 15.4 億美元，同比增長約 10% 至 11%。這比我們之前預期的 15.1 億美元增加到 15.3 億美元，即增長 9% 到 11%。隨著我們繼續提高運營成本結構的效率，我們還更新了全年的盈利預期。我們現在預計全年非 GAAP 毛利率將從之前預期的 66% 增至 67%。

Creative subscription non-GAAP gross margin is now expected to be 81%, up from 80% previously expected. Non-GAAP operating expenses in 2023 are now expected to be down year-over-year to 58% to 59% of revenue compared to 59% to 60% of revenue, as previously expected, driven by lower sales and marketing expenses and general incremental operational efficiencies.

創意訂閱非 GAAP 毛利率現預計為 81%，高於此前預期的 80%。現在預計 2023 年非 GAAP 運營費用將同比下降至佔收入的 58% 至 59%，而此前預期為佔收入的 59% 至 60%，這是受銷售和營銷費用下降以及一般增量的推動運營效率。

As a result, we are increasing our outlook for free cash flow for 2023 to $172 million to $180 million or 11% to 12% of revenue, exiting the year with a free cash flow of more than 13%. This compares to our previous expectation of $152 million to $162 million or 10% to 11% of revenue and an exit margin of 12% to 13%. Note that our free cash flow outlook excludes our headquarters build-out costs as well as approximately $4.5 million of cash restructuring costs.

因此，我們將 2023 年的自由現金流預期上調至 1.72 億美元至 1.8 億美元，佔收入的 11% 至 12%，年底時的自由現金流超過 13%。相比之下，我們之前的預期為 1.52 億美元至 1.62 億美元，佔收入的 10% 至 11%，退出利潤率為 12% 至 13%。請注意，我們的自由現金流展望不包括我們的總部擴建成本以及大約 450 萬美元的現金重組成本。

Finally, stock-based compensation is expected to decrease to 14% to -- 14% to 15% of revenue in 2023, down from our previous expectation of 15% and down from 17% of revenue in 2022 as headcount across the organization declines more than originally anticipated. I'm very happy with our results this quarter and our revised outlook for the remainder of the year.

最後，隨著整個組織的員工人數下降更多，基於股票的薪酬預計將下降至 2023 年收入的 14% 至 14% 至 15%，低於我們之前預期的 15% 和 2022 年收入的 17%比原先預計的。我對我們本季度的業績以及我們對今年剩餘時間的修訂前景感到非常滿意。

I'll now turn it back to Avishai.

我現在把它轉回給 Avishai。

Thanks, Lior. I have been getting a lot of questions about AI lately. So I want to share my thoughts to close out our time today. My own background prior to Wix was in the development of advanced computing algorithms, including AI, which is why I find the recent AI breakthrough, so exciting. In fact, the Data and AI groups here at Wix, report directly to me. Over the past decade, we've been unlocking more and more opportunities based on AI breakthrough while also collaborating with the best teams on the planet at OpenAI, Google X, IBM and others.

謝謝，利奧爾。最近我收到了很多關於 AI 的問題。所以我想分享我的想法來結束我們今天的時間。在加入 Wix 之前，我自己的背景是開發高級計算算法，包括 AI，這就是為什麼我發現最近的 AI 突破如此令人興奮。事實上，Wix 的數據和人工智能團隊直接向我匯報。在過去十年中，我們一直在釋放越來越多基於 AI 突破的機會，同時還與 OpenAI、Google X、IBM 等全球最優秀的團隊合作。

My thoughts on AI can be summarized in 3 key points. First, our goal at Wix is to remove friction. The easier it is for our user to build website, the better Wix is. We have proven this many times before through the development of software and products, including AI, as we make it easier for our users to achieve their goals, their satisfaction goes up, conversion goes up, user retention goes up, monetization goes up and the value of Wix grows.

我對 AI 的看法可以概括為 3 個要點。首先，我們在 Wix 的目標是消除摩擦。我們的用戶越容易建立網站，Wix 就越好。我們之前通過軟件和產品（包括人工智能）的開發已經多次證明了這一點，因為我們讓用戶更容易實現他們的目標，他們的滿意度上升，轉化率上升，用戶保留率上升，貨幣化上升，並且Wix 的價值增長。

In 2016, we launched Wix ADI, an AI-based site creation platform. In fact, it's equivalent to using a (inaudible) to build a site. The user enters some basic information about their business. And the AI recommend the pages, images and text that make sense and then generates the site personalized to the business. Obviously, the text generation ability in 2006 were a bit naive compared to the recent GenAI tools of today.

2016 年，我們推出了基於人工智能的網站創建平台 Wix ADI。實際上，它相當於使用（聽不清）來構建站點。用戶輸入有關其業務的一些基本信息。人工智能會推薦有意義的頁面、圖像和文本，然後生成針對企業的個性化網站。顯然，與今天最近的 GenAI 工具相比，2006 年的文本生成能力有點幼稚。

That said, due to our long-established team and institutional knowledge of AI, it was easy for us to replace that initial text generation tool with OpenAI ChatGPT for out text -- AI text creation, which we introduced earlier this year. Today, new emerging AI technologies creates an even bigger opportunity to reduce friction in some areas that were almost impossible to solve a few years ago.

也就是說，由於我們長期建立的團隊和對 AI 的機構知識，我們很容易用我們今年早些時候推出的 OpenAI ChatGPT 替換最初的文本生成工具來生成文本——AI 文本創建。如今，新興的人工智能技術創造了更大的機會來減少幾年前幾乎無法解決的某些領域的摩擦。

When we embed this technologies into our platform, it increased value for our customers. We believe this opportunity will result in an increased addressable market and many more satisfied users. We have over 200 AI and GenAI model deployed on our platform, both to simplify complex technology for our users and to improve our internal workflows and development efficiencies.

當我們將這些技術嵌入我們的平台時，它為我們的客戶增加了價值。我們相信這個機會將帶來更大的可尋址市場和更多滿意的用戶。我們在平台上部署了 200 多個 AI 和 GenAI 模型，既可以為用戶簡化複雜的技術，也可以改善我們的內部工作流程和開發效率。

This model power many processes and innovation of ours, including full site creation, text creation, image manipulation and enhancement, site design, user support, user sentiment analysis, site classification, recommendation engines, semantic search, forecasting and many more. In the coming months, we will introduce even more AI tools to be fully powered by (inaudible) to -- and proprietary algorithms, which will, of course, include full site creation that not only generate content but also the design and the layout.

該模型為我們的許多流程和創新提供動力，包括完整站點創建、文本創建、圖像處理和增強、站點設計、用戶支持、用戶情緒分析、站點分類、推薦引擎、語義搜索、預測等等。在接下來的幾個月裡，我們將推出更多完全由（聽不清）和專有算法提供支持的人工智能工具，當然，這將包括完整的網站創建，不僅可以生成內容，還可以生成設計和佈局。

It will also integrate with everything you need to run a business such as e-commerce, scheduling, SEO and more. The second important point is that there is a huge amount of complexity in software, even with websites and it's growing. The question today is not when AI will be able to create the content for the website. That already -- and has been possible for many years, which ADI fully demonstrated that.

它還將集成您開展業務所需的一切，例如電子商務、日程安排、搜索引擎優化等。第二個要點是軟件中存在大量的複雜性，即使是網站也是如此，而且這種情況還在不斷增加。今天的問題不是人工智能何時能夠為網站創建內容。這已經 - 並且多年來一直是可能的，ADI 充分證明了這一點。

The big question today is, what happen when AI can generate all together the content and the code of the software needed to run a fully functional website? For example, even if AI could code a fully functional e-commerce website, which I believe we are still very far from, there is still a need for the site to be deployed to a server, to run the code, to make sure the code continues to work, to manage and maintain the database for -- when someone wants to buy something, to manage security, to ship products, to partner with payment gateways and many more things.

今天的大問題是，當人工智能可以生成運行一個功能齊全的網站所需的所有內容和軟件代碼時，會發生什麼？例如，即使人工智能可以編寫一個功能齊全的電子商務網站，我相信我們離這個還很遠，但仍然需要將網站部署到服務器上，運行代碼，以確保代碼繼續工作，管理和維護數據庫——當有人想買東西時，管理安全，運送產品，與支付網關合作等等。

So even if you have something that can build pages and content and code, you still need much more. That gets to my third and final point. And that is even in the far future, if AI is able to automate all of those layers, it will have to disrupt a lot of software industry. You will no longer need a database management, even server management and cloud computing. I believe we are very far from that.

因此，即使您擁有可以構建頁面、內容和代碼的東西，您仍然需要更多。這就是我的第三點也是最後一點。即使在遙遠的未來，如果人工智能能夠自動化所有這些層，它也將不得不顛覆很多軟件行業。您將不再需要數據庫管理，甚至服務器管理和雲計算。我相信我們離那個還很遠。

And then before that, there will be many more opportunities for Wix to leverage AI and create value for our users. To add to that, the value of what we do today is allowing the user to capture their story and bring it to the web, it is not the text that ChatGPT generate.

在此之前，Wix 將有更多機會利用人工智能為我們的用戶創造價值。除此之外，我們今天所做的事情的價值在於允許用戶捕捉他們的故事並將其帶到網絡上，而不是 ChatGPT 生成的文本。

It's helping the user use ChatGPT to create their version of that text to tell their story. It's not about Midjourney, using Midjourney to create images for your business. For example, like, you have -- it's a yoga studio or an amusement park, you need an image of your yoga studio and your amusement park.

它幫助用戶使用 ChatGPT 創建他們的文本版本來講述他們的故事。這不是關於 Midjourney，而是使用 Midjourney 為您的企業創建圖像。例如，你有一個瑜伽館或遊樂園，你需要瑜伽館和遊樂園的圖像。

For your e-commerce site, you need images of your products that are being sold. The images have to be real and the story needs to be real and the value of turning that story online and how to do it well, is a big part of what we do here at Wix. As you can tell, I'm tremendously excited about the power of AI and the power that AI is bringing and the many opportunities it will create for our users and our business.

對於您的電子商務網站，您需要正在銷售的產品的圖片。圖像必須是真實的，故事必須是真實的，將故事在線化的價值以及如何做好，是我們在 Wix 所做工作的重要組成部分。如您所知，我對 AI 的力量和 AI 帶來的力量以及它將為我們的用戶和我們的業務創造的許多機會感到非常興奮。

Thank you again for joining and we will now take your questions.

再次感謝您的加入，我們現在將回答您的問題。

(Operator Instructions)

（操作員說明）

And our first question will come from Ygal Arounian of Citigroup.

我們的第一個問題將來自花旗集團的 Ygal Arounian。

Avishai, I want to -- a lot of good color on the AI and I just want to focus on that maybe a little bit more, specifically on that last point, where you talk about more opportunities to leverage AI and add value for users, even kind of further into the future as all this evolves. I guess I want to maybe expand on that point a little bit. And as we talked to investors over the past couple of weeks, this question has come up more.

Avishai，我想 - 關於 AI 的很多好顏色，我只想專注於這一點，特別是最後一點，你談論更多利用 AI 和為用戶增加價值的機會，隨著這一切的發展，甚至會進入更遠的未來。我想我可能想稍微擴展一下這一點。在過去幾週我們與投資者交談時，這個問題出現得更多了。

I think the biggest fear is that all the stuff happens and then folks start to go to some of the larger players in AI where you can build websites and do some of these things and as they develop their AI capabilities, they start to develop some of the stuff more. So maybe just talk about how you envision that? And why has -- as the AI capabilities improve, you expect users to continue to come to Wix.

我認為最大的恐懼是所有的事情都會發生，然後人們開始轉向 AI 中的一些較大的玩家，在那裡你可以建立網站並做一些這些事情，隨著他們開發他們的 AI 能力，他們開始開發一些東西更多。所以也許只是談談你如何設想？為什麼——隨著 AI 功能的提高，你希望用戶繼續使用 Wix。

Of course. Well, the first thing I want to say is that -- the first part of your question, Ygal, is about what kind of opportunities to leverage AI, do we get, right? And I think it's about a few things. I'll start with the first one. It's about how many of the people that try to build a website on Wix actually finished with the website that they are very happy with, right?

當然。好吧，我想說的第一件事是——Ygal，你的問題的第一部分是關於利用 AI 的什麼樣的機會，我們得到了，對嗎？我認為這與幾件事有關。我將從第一個開始。這是關於在 Wix 上嘗試建立網站的人中有多少人最終完成了他們非常滿意的網站，對吧？

And the more we increase that ratio, the better is the customer experience, the longer those customers will stay with us and, of course, the better monetization. And we've proven, right, with ADI in 2016 that by just generating a lot of the (inaudible) for the users. So the text, which we did and the images and the layouts, we increased conversion.

我們增加的比率越多，客戶體驗就越好，這些客戶與我們在一起的時間就越長，當然，貨幣化也越好。我們在 2016 年與 ADI 一起證明了這一點，只需為用戶生成大量（聽不清）。因此，我們所做的文本以及圖像和佈局增加了轉化率。

I think the current technology will allow us to do it even further. So I look at it as a way to -- and website is a combination of many things, it's not just the text. So ChatGPT help us some of it but you still have to have the right structure, they like visuals, the right layout, right design and way to use the user images. So there's a lot of work there.

我認為目前的技術將使我們能夠做得更遠。所以我將其視為一種方式——網站是許多事物的組合，而不僅僅是文本。所以 ChatGPT 幫助了我們一些，但你仍然必須有正確的結構，他們喜歡視覺效果、正確的佈局、正確的設計和使用用戶圖像的方式。所以那裡有很多工作。

And the -- so I think this is the first part, right, creation of the website. The next part is how do you edit and modify and use the website. There it's a bit harder to use any of the current standard models because you wanted to place an image, you don't want to write -- I am going to - I wanted to place the third image in the fifth column, can you please change it to something -- actually it's easier to go and click and point on it. And you don't want to generate all the text from the beginning. You just want to do the specific part.

而且 - 所以我認為這是網站創建的第一部分。下一部分是您如何編輯和修改和使用網站。使用任何當前的標準模型都有點困難，因為你想放置一張圖片，你不想寫——我打算——我想把第三張圖片放在第五列，你能拜託嗎把它改成什麼——實際上去點擊並指向它更容易。而且您不想從頭開始生成所有文本。你只想做特定的部分。

So this requires a lot of complex UI. But I think -- and I think ADI proved that you can do it and when you do it well, it works very well. So I think this is the first part, where we're going to see better, happier users and faster site activation and more sites being finished to the user satisfaction. The second part is, when you start to -- things like copilot and wait for the AI to help you understand, what you need to do next and how to add things, you can actually use more of our software capabilities, right? Because today, you kind of have to know yourself, why you want to do and then find how to do it. But if we can guide you with AI and Microsoft is demonstrating a lot of really cool things with copilot on Excel, for example, then we can actually take it to another level.

所以這需要很多複雜的用戶界面。但我認為 - 我認為 ADI 證明了你可以做到，而且當你做得好時，它的效果會很好。所以我認為這是第一部分，我們將看到更好、更快樂的用戶和更快的網站激活以及更多網站的完成，以滿足用戶的需求。第二部分是，當你開始——像副駕駛這樣的事情，等待人工智能幫助你理解，你下一步需要做什麼以及如何添加東西時，你實際上可以使用我們更多的軟件功能，對吧？因為今天，你必須了解自己，了解你為什麼要做，然後找到如何去做。但是，如果我們可以用 AI 來指導你，例如，微軟在 Excel 上用 copilot 展示了很多非常酷的東西，那麼我們實際上可以把它提升到另一個層次。

So we actually have the ability to take users that use Wix in a certain way and make them use better and more Wix. And I think that also creates the next part, which is the more that you have stronger AI tools, the more important is the power of the platform itself and not just how quickly you can type content because if we now have a way for you to finish everything and now utilize more of the platform, then the fact that you have a deeper software layer actually become a lot more valuable.

因此，我們實際上有能力讓以某種方式使用 Wix 的用戶更好地使用 Wix。而且我認為這也創造了下一部分，你擁有的人工智能工具越多，平臺本身的力量就越重要，而不僅僅是你輸入內容的速度有多快，因為如果我們現在有辦法讓你完成所有事情，現在利用更多的平台，那麼你擁有更深的軟件層這一事實實際上變得更有價值。

And so I think -- we are very optimistic that this will actually enable us to give more power for our users, make their sites more successful. And as a result, make us -- put us in a better place as a company. I think your second part was about why -- what is the chance of people moving to the AI companies to build the websites, if I understood correctly or I misunderstood it.

所以我認為 - 我們非常樂觀，這實際上將使我們能夠為用戶提供更多權力，使他們的網站更加成功。結果，讓我們——讓我們成為一家更好的公司。我認為你的第二部分是關於為什麼——如果我理解正確或者我誤解了，人們轉向 AI 公司來構建網站的機會有多大。

Yes. That's essentially -- they leverage their capabilities and build, create website builders and replicate what you're doing and use some of the -- so why people stay on Wix?

是的。這本質上是——他們利用自己的能力構建、創建網站構建器並複制你正在做的事情並使用其中的一些——那麼為什麼人們留在 Wix 上呢？

Yes. So -- okay, so -- but if you look at what you can do today with AI , there are actually 2 things that have changed dramatically. The first one is the creation of text, right, which has changed dramatically. And images, which you can invent images and do that. But as I said, we've been doing it for a very long time. And of course, not in the same line -- text generation, not nearly as good as ChatGPT. But this is a very small part of what we do, right? Because how do you use that to create e-commerce, right? How do you use that to make a scheduling engine, just think about all the way that you need to sign contracts, repayment processes to run that. How do you edit things, okay, on top of it? So pretty much 9% -- 8% of what we work on and develop, right, is not covered by that. You need your site to be running well. You need it to be managed well, you need to have SEO, you need to have security. And then you need the ability to update content, you need to have the ability to do slideshow and scheduling e-commerce transaction, collect leads, all of those are not covered.

是的。所以——好吧，所以——但如果你看看今天你可以用人工智能做什麼，實際上有兩件事發生了巨大的變化。第一個是文本的創建，對吧，它發生了巨大的變化。和圖像，你可以發明圖像並做到這一點。但正如我所說，我們已經這樣做了很長時間。當然，不在同一行——文本生成，不如 ChatGPT 好。但這只是我們所做工作的一小部分，對吧？因為您如何使用它來創建電子商務，對嗎？你如何使用它來製作一個調度引擎，想想你需要簽署合同的所有方式，還款流程來運行它。你如何編輯東西，好的，在它之上？所以我們工作和開發的大約 9% - 8% 不在其中。您需要您的網站運行良好。您需要對其進行良好管理，需要 SEO，需要安全。然後你需要更新內容的能力，你需要有能力做幻燈片和安排電子商務交易，收集線索，所有這些都沒有涵蓋。

So what you can do essentially is create and with all those tools and the basic level is create simple landing pages, right, which is kind of like a very static page. But you could always do that already with Microsoft Word. You can just go and type the text and publish it as a HTML and put it in some hosting company. So -- and those guys have never been our competitors, the ones that do that, okay? They do those very basic simple (inaudible) In fact, you can do those in weeks. And it is very small portion of our business. So if you look at the majority of our business, I think there is a very -- still very -- quite a few years and probably more than just quite a few years until we see that AI is starting to cover that kind of software.

所以你基本上可以做的是創建並使用所有這些工具，基本級別是創建簡單的登錄頁面，對，這有點像一個非常靜態的頁面。但是您始終可以使用 Microsoft Word 做到這一點。您可以直接輸入文本並將其發佈為 HTML 並將其放在某個託管公司中。所以 - 那些人從來都不是我們的競爭對手，那些這樣做的人，好嗎？他們做那些非常基本的簡單（聽不清）事實上，你可以在幾週內完成。這只是我們業務的一小部分。因此，如果你看看我們的大部分業務，我認為在我們看到 AI 開始涵蓋此類軟件之前，還有很多年，甚至可能不止幾年。

Great. That's really helpful. (inaudible) and quick follow-up on some -- a little bit more near term. A number of interesting product announcements this quarter. Maybe -- if you could just expand on the Google Labs, Lior, because you talked about that being a meaningful contributor to the growth in Business Solutions. And then -- in fact the news around the Headless products is really interesting and could potentially open up the opportunity with the partners a little bit more. So maybe if you could just hit on that as well.

偉大的。這真的很有幫助。 （聽不清）并快速跟進一些 - 更近期一些。本季度發布了許多有趣的產品。也許 - 如果你可以擴展 Google Labs，Lior，因為你談到它是業務解決方案增長的重要貢獻者。然後——事實上，關於 Headless 產品的消息真的很有趣，並且有可能為合作夥伴帶來更多機會。所以也許如果你也能做到這一點。

Well, this is actually a good demo of what we are utilizing the power of advanced algorithm to bring and AI to bring more value for our users, right? It's a way for you to not understand anything about what you need to do in Google in order to create great advertisement and for us to fully create that and generate it for you.

好吧，這實際上是一個很好的演示，展示了我們利用高級算法的力量和人工智能為我們的用戶帶來更多價值，對吧？這是一種讓您完全不了解您需要在 Google 中做什麼才能製作出色廣告的方式，並且我們可以完全製作並為您生成廣告。

And by doing that, we reduce the friction for our users to have -- and running successful Google comparatively is a very -- well, it's a real skill that you need to learn, it takes time and we use advanced algorithms to do it for the users. And the result of that is that we have more -- the happy our users that their business is more successful.

通過這樣做，我們減少了用戶的摩擦——相對而言，成功運行谷歌是一項非常——好吧，這是一項你需要學習的真正技能，這需要時間，我們使用先進的算法來做到這一點用戶。其結果是我們擁有更多——我們的用戶對他們的業務更加成功感到高興。

And of course, for us, it means more monetization opportunities. It is -- (inaudible) it's also being used a lot by what we call partners' web agencies because even for them, it provides so much value and reduction of friction and labor that we see a lot of the professionals are using that product.

當然，對我們來說，這意味著更多的貨幣化機會。它是——（聽不清）它也被我們稱為合作夥伴的網絡代理的大量使用，因為即使對他們來說，它也提供瞭如此多的價值並減少了摩擦和勞動力，我們看到很多專業人士都在使用該產品。

And our next question will come from Aaron Kessler of Raymond James.

我們的下一個問題將來自 Raymond James 的 Aaron Kessler。

Maybe just a couple of questions. Maybe just -- you commented a little bit on the macro in the letter, just maybe your updated thoughts there and kind of the environment we're seeing, especially with SMBs right now. And second, just the non-GAAP OpEx guide. I think you lowered that a little bit but still it's -- given the strong Q1 performance there, it looks relatively conservative to guide. Just any updates on that non-GAAP OpEx for the year as well.

也許只是幾個問題。也許只是 - 你在信中對宏觀做了一些評論，也許只是你在那裡更新的想法以及我們所看到的環境，特別是現在的 SMB。其次，只是非 GAAP 運營支出指南。我認為你降低了一點，但它仍然是 - 鑑於第一季度的強勁表現，指導看起來相對保守。也只是該年度非 GAAP 運營支出的任何更新。

Aaron, it's Nir. I'll take the first part and Lior can follow up on the second part in regards to the OpEx. So in terms of the macro environment, we've seen some modest improvements kind of across the board in terms of -- on the demand side, top of funnel, some -- I would say, some recovery in growth in GPV, a little bit in the transaction revenue as well as the subscription behavior of the -- both the existing cohorts and the new cohorts.

亞倫，是尼爾。我將負責第一部分，Lior 可以跟進關於運營支出的第二部分。因此，就宏觀環境而言，我們看到了全面的一些適度改善——在需求方面，漏斗頂部，一些——我想說，GPV 增長有所恢復，有點交易收入以及現有群組和新群組的訂閱行為。

That being said, it's still relatively early. The increase is modest. So we're being cautious not to call it a recovery but we do point out that we're seeing a little bit of it.

話雖這麼說，現在還比較早。增幅不大。所以我們謹慎地不要稱之為複蘇，但我們確實指出我們看到了一點點。

Aaron, this is Lior. With regard to the OpEx, I think that this is one of -- in my mind, one of the most amazing things that we will manage to achieve. OpEx, this year, the non-GAAP OpEx is going to be around 58% to 59%. And I believe that this trend of taking down OpEx as a percentage of revenue will continue into 2024 and 2025, which brings me the confidence in our ability to meet the target that we set for the Rule of 40. So you should expect it to continue decline as a percentage of revenue even in the next couple of years and it will be significant.

亞倫，這是 Lior。關於運營支出，我認為這是——在我看來，我們將設法實現的最令人驚奇的事情之一。 OpEx，今年，非 GAAP OpEx 將在 58% 到 59% 左右。而且我相信這種降低運營支出佔收入百分比的趨勢將持續到 2024 年和 2025 年，這讓我對我們實現 40 條規則設定的目標的能力充滿信心。所以你應該期待它會繼續即使在接下來的幾年裡，它佔收入的百分比也會下降，而且會很顯著。

Got it. And just in terms of '23 though, I think you did 54% in Q1 in terms of the non-GAAP OpEx. I guess any reason it wouldn't be lower than that 58%, 59% for the full year.

知道了。不過就 23 年而言，我認為你在第一季度的非 GAAP 運營支出方面做了 54%。我想無論出於何種原因，它都不會低於 58%，全年為 59%。

Yes. Because as we mentioned last time, the second half of the year, we do plan to invest more in branding for the weeks, especially with regard to the partners that we have. And we said that we are going to do that in the second half of the year. So it reflects that.

是的。因為正如我們上次提到的那樣，今年下半年，我們確實計劃在幾週內對品牌進行更多投資，尤其是在我們擁有的合作夥伴方面。我們說過我們將在今年下半年這樣做。所以它反映了這一點。

And our next question will come from Mark Mahaney of Evercore ISI.

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

Two questions. Could you talk about the revenue growth outlook in order to get to that Rule of 40? I think for the full year, your guidance implies maybe the potential for very modest acceleration. Are there factors that could cause that revenue growth rate over the next 2 or 3 years to get back to the kind of that mid-teens levels? And if it does, what would be the 2 or 3 biggest drivers of that? And then secondly, just on Google Labs. Could you just talk through the mechanics of that or the materiality of that?

兩個問題。您能否談談收入增長前景以達到 40 條規則？我認為對於全年，您的指導暗示可能會出現非常適度的加速。是否有因素可能導致未來 2 或 3 年的收入增長率回到十幾歲左右的水平？如果是這樣，那麼 2 或 3 個最大的驅動因素是什麼？其次，就在谷歌實驗室。你能談談它的機製或它的重要性嗎？

Okay. So for the first question, Mark, we obviously see a tremendous growth in terms of our partners business, approximately 30%, very much in line with what we said during the Analyst Day. But I must tell you that I didn't plan into my model growth or acceleration in growth in revenue in order to achieve the Rule of 40, meaning that the Rule of 40 will be mostly achieved by more efficiency and leverage coming from both of gross margin but mostly operating margins.

好的。所以對於第一個問題，馬克，我們顯然看到我們的合作夥伴業務有了巨大的增長，大約 30%，這與我們在分析師日所說的非常一致。但我必須告訴你，我並沒有計劃在我的模型增長或收入增長加速中實現 40 法則，這意味著 40 法則主要通過來自總收入和利潤的更高效率和槓桿來實現利潤率，但主要是營業利潤率。

With regard to the Google Labs, look, this is something that we started and it's a great -- as Avishai mentioned, it's a great monetization of our funnel, of our customers. It is millions of dollars. I don't want to provide the exact amount but this is one of the very exciting growth driver for our business solutions.

關於谷歌實驗室，看，這是我們開始的事情，它很棒——正如 Avishai 提到的，這是我們的漏斗和客戶的一個很好的貨幣化。這是數百萬美元。我不想提供確切的數量，但這是我們業務解決方案非常令人興奮的增長動力之一。

And our next question will come from Elizabeth Porter of Morgan Stanley.

我們的下一個問題將來自摩根士丹利的伊麗莎白波特。

Really helpful color on why kind of the current AI platforms, (inaudible) replacement for Wix. But you also referenced emerging AI technologies, providing the opportunity to actually increase Wix' addressable market. So could you provide more color on who that incremental user type is that you expect to be able to address and how that's different than your core TAM today?

真正有用的顏色說明為什麼當前的 AI 平台是 Wix 的（聽不清）替代品。但你也提到了新興的人工智能技術，為真正增加 Wix 的潛在市場提供了機會。那麼，您能否提供更多關於您希望能夠解決的增量用戶類型的顏色，以及這與您今天的核心 TAM 有何不同？

Of course. I think that -- one of the things that we always see in Wix is that we have a lot of users that come to Wix and sometimes, they can't finish the website that they want. And there are many reasons for that, right. Some of the reason is that it just takes too much time. At the end of the day, you have to personalize the template, you have to -- even if you use ADI, you're still going to have to go around and fix a lot of things and understand how to do that. You need to understand how the user interface works for that. So reduction of that complexity and making Wix more available to users that are less advanced or don't have the time is something that we think is one direction of increasing that addressable market.

當然。我認為 - 我們在 Wix 中經常看到的一件事是，我們有很多用戶來到 Wix，有時他們無法完成他們想要的網站。這有很多原因，對吧。部分原因是這需要太多時間。歸根結底，你必須個性化模板，你必須——即使你使用 ADI，你仍然需要四處走動並修復很多東西並了解如何去做。您需要了解用戶界面是如何工作的。因此，降低這種複雜性並讓 Wix 更容易被不太先進或沒有時間的用戶使用是我們認為增加潛在市場的一個方向。

The other side of it is exactly the opposite is that users that actually understand how use the platform build well but cannot use the more advanced functionality, don't know whether it exists, right? So you come to Wix and you think about, "Oh, I need to have an application that does something specific and it's not obvious to you or you cannot find how to do it on Wix. And these are actually the opposite, right? Because on one side, those are the -- you have users that don't have the time and sophistication. And here, we have users that have a lot of time and sophistication.

恰恰相反的另一面是，真正了解如何使用平台構建的用戶卻無法使用更高級的功能，不知道它是否存在，對嗎？所以你來到 Wix，你會想，“哦，我需要一個應用程序來做一些特定的事情，這對你來說並不明顯，或者你無法在 Wix 上找到如何做。而這些實際上是相反的，對吧？因為一方面，這些是 - 你有沒有時間和經驗的用戶。而在這裡，我們有很多時間和經驗的用戶。

For example, they'll be using Velo to actually (inaudible) into the website. Here, I think we have the advantage that with AI, we can expose them, give them the ability to ask way more complex questions. And gives us -- get more detailed answers and actually guide them into where they should be going. And so, in other words, I think that the expansion of addressable market will go both ways, towards more advanced users, more advanced functionality. And then for the people that just want to finish their quickly and do it and get great results, I think those are both directions that it will allow us to expand into.

例如，他們將使用 Velo 實際（聽不清）進入網站。在這裡，我認為我們的優勢在於，有了人工智能，我們可以揭露他們，讓他們有能力提出更複雜的問題。並給我們 - 獲得更詳細的答案並實際引導他們進入他們應該去的地方。因此，換句話說，我認為可尋址市場的擴展將是雙向的，面向更高級的用戶，更高級的功能。然後對於那些只想快速完成他們的工作並取得好成績的人來說，我認為這兩個方向都可以讓我們擴展。

Great. And then on the B2B partnership side, you mentioned that it's starting to impact revenue in the model. And while it's small today, how should we think about the magnitude of the impact kind of building through this year, into 2024.

偉大的。然後在 B2B 合作夥伴關係方面，您提到它開始影響模型中的收入。雖然今天它很小，但我們應該如何考慮從今年到 2024 年建築的影響程度。

So I believe that, Elizabeth, if you take the overall bookings that we already had and some of the deals we already mentioned in the past, it is growing very fast, meaning that 2023, we are going to see millions of dollars. And I guess that 2024, it will be more like tens of millions of dollars. But it's growing and we are able to sign more and more deals and this segment is actually growing very nicely.

所以我相信，伊麗莎白，如果你把我們已經擁有的總預訂量和我們過去提到的一些交易計算在內，它的增長非常快，這意味著到 2023 年，我們將看到數百萬美元。我猜到 2024 年，它會更像是數千萬美元。但它正在增長，我們能夠簽署越來越多的交易，這個細分市場實際上增長得非常好。

I do want to mention that we see less people that are willing to sign for a multiyears agreement. Nevertheless, we see many of them actually moving to weeks and now start to use weeks for their customers.

我確實想提一下，我們看到願意簽署多年協議的人越來越少。儘管如此，我們看到他們中的許多人實際上已經轉向數週，現在開始為他們的客戶使用數週。

Our next question will come from Clarke Jeffries of Piper Sandler.

我們的下一個問題將來自 Piper Sandler 的 Clarke Jeffries。

First question is for Lior. I mean, one metric that seems to jump off the page is improvement in net new ARR and creative subscriptions ARR. I wanted to ask what specifically drove the improvement. I mean, the color around the Q1 cohort is helpful but it doesn't seem to really fully reflect the inflection there. Wondering if you could maybe break apart maybe changes in churn or what might drive that improvement in the ARR from Q4 to Q1?

第一個問題是給 Lior 的。我的意思是，似乎跳出頁面的一個指標是淨新 ARR 和創意訂閱 ARR 的改進。我想問問具體是什麼推動了改進。我的意思是，Q1 隊列周圍的顏色很有幫助，但它似乎並沒有真正完全反映那裡的變化。想知道您是否可以分拆或改變客戶流失率，或者是什麼可能推動 ARR 從第四季度到第一季度的改善？

Well, so there are a few reasons for that. The first one, I might say that it's coming from the growth that we see in our partners business. We see more and more agencies using Wix and building, and existing agencies building more websites for their customers. And we saw also a better conversion of existing users, creating more subscriptions. The third point is, as we mentioned before, is we see more revenue coming from the B2B partnerships, also has a positive effect on that. So those are like the 3 main reasons. And the fourth reason was obviously the ARPU increase that was happening this quarter, meaning that we see a more shift towards like more expensive packages, has a positive impact on the growth of our creative subscriptions.

嗯，所以有幾個原因。第一個，我可能會說它來自我們在合作夥伴業務中看到的增長。我們看到越來越多的機構使用 Wix 和建設，以及現有機構為他們的客戶建立更多的網站。我們還看到了現有用戶更好的轉化，創造了更多的訂閱。第三點是，正如我們之前提到的，我們看到更多收入來自 B2B 合作夥伴關係，這也對此產生了積極影響。所以這些就是 3 個主要原因。第四個原因顯然是本季度 ARPU 的增長，這意味著我們看到更多轉向更昂貴的套餐，對我們創意訂閱的增長產生了積極影響。

Perfect. And then just one follow-up. You're characterizing half of the increase to free cash flow being driven by some of that cost of revenue efficiencies and another half from OpEx. Wondering if you could parse out maybe where you are in terms of your expectations, splitting that between partners and self-creator, is there a disproportionate amount of the cost savings both on cost of revenue and OpEx coming from either self create or the partner business?

完美的。然後只是一個跟進。您描述了自由現金流增加的一半是由收入效率的一些成本驅動的，另一半是由運營支出驅動的。想知道您是否可以根據您的期望分析出您的期望，將其分為合作夥伴和自我創造者，是否有不成比例的成本節省來自自我創造或合作夥伴業務的收入成本和運營支出？

So yes. So obviously, it's coming from both of them but mostly from Partners. I mentioned many times in the past that we are going to see more leverage in Partners, where Partners is growing. And this is exactly what we are seeing. We see more leverage coming from the Partners. And it's mostly because of the fact that we invested a lot of building this vertical in the last 2 years. And we started to see the fruits of it and getting more and more leverage from this business.

所以是的。很明顯，它來自他們兩個，但主要來自合作夥伴。我過去多次提到，我們將在合作夥伴中看到更多的影響力，合作夥伴正在增長。而這正是我們所看到的。我們看到更多的影響力來自合作夥伴。這主要是因為我們在過去兩年中投入了大量資金來建設這個垂直領域。我們開始看到它的成果，並從這項業務中獲得越來越多的影響力。

Our next question will come from Trevor Young of Barclays.

我們的下一個問題將來自巴克萊銀行的 Trevor Young。

First one, just dovetailing on that prior question. On free cash flow margin, ex all the items at 12%, can you kind of break that down into cohort self-creator versus partner, with self-creator kind of still high teens, which would put Partners still modest but improving free cash flow declines, with self-creator now north of 20% in light of all your cost actions, which would maybe result in Partners still being quite a bit more negative. And then on the geo mix, Europe slowed to just 5% year-on-year ex FX, despite easier compares and maybe lapping some of the headwinds that started with -- after the Ukraine conflict. Any color on why Europe is slowing?

第一個，只是與先前的問題吻合。關於自由現金流利潤率，除所有項目 12% 外，您能否將其分解為自我創造者與合作夥伴群體，自我創造者仍然處於高位青少年，這將使合作夥伴仍然適度但自由現金流有所改善下降，根據你所有的成本行為，自我創造者現在超過 20%，這可能會導致合作夥伴仍然更加消極。然後在地緣組合方面，歐洲放緩至僅 5% 的同比（不包括外匯），儘管比較容易，並且可能會抵消烏克蘭衝突後開始的一些不利因素。關於歐洲為什麼放緩的任何顏色？

So with regard to the first question, we do not provide at this point of time, the breakdown of the free cash flow between Partners to sales creators and promise that I'm going to do it in the next couple of months or in a quarter or 2, I will provide all the information. With regard to Europe, you are right. I think that it's mainly due to a tough comp in Q1 2022 but we obviously see the effect of also the war in Europe that's affecting the overall business.

所以關於第一個問題，我們目前不提供合作夥伴與銷售創造者之間的自由現金流明細，並承諾我將在接下來的幾個月或一個季度內提供或 2，我將提供所有信息。關於歐洲，你是對的。我認為這主要是由於 2022 年第一季度的艱難競爭，但我們顯然也看到了影響整體業務的歐洲戰爭的影響。

Our next question will come from Brent Thill of Jefferies.

我們的下一個問題將來自 Jefferies 的 Brent Thill。

Just a question on sustainability of demand in the back half. I know Nir mentioned it's still too early. You don't want to call it a recovery but you did raise the guidance more than the actual beat in the quarter. Can you just talk to the visibility and maybe for Lior, can you give us a sense of just what's the linearity of the quarter looked like? And ultimately, what happened into April, into May?

只是關於後半部分需求可持續性的問題。我知道 Nir 提到現在還為時過早。你不想稱之為複蘇，但你確實提高了指引，超過了本季度的實際節拍。你能談談可見度嗎，也許對於 Lior，你能告訴我們這個季度的線性度是什麼樣的嗎？最終，四月、五月發生了什麼？

Sure. So the way that we provide guidance is, we take the KPIs, the fundamentals as we see right now. We don't improve it. And I didn't count as any improvement or further improvement to what we see right now, based on that we provided our guidance. But I believe that you see a increase or acceleration in growth in the second half of the year due to a different comp because Q1 of last year was a very strong quarter for us. So obviously, if you are looking at it on a year-over-year basis, the second half of the year is going to be stronger due to that. But again, it's not coming from a place that we took any kind of assumption about more recovery than what we see right now. April, May also has been good and continue. I cannot say more than that.

當然。因此，我們提供指導的方式是，我們採用 KPI，即我們現在看到的基本面。我們不改進它。基於我們提供的指導，我不認為我們現在看到的有任何改進或進一步改進。但我相信你會看到今年下半年由於不同的組合而增長或加速增長，因為去年第一季度對我們來說是一個非常強勁的季度。所以很明顯，如果你按年比來看，下半年會因此變得更強勁。但同樣，這並不是來自我們對比我們現在看到的更多的複蘇做出任何假設的地方。四月、五月也一直很好，繼續。我不能說更多。

And 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。

Avishai, you talked about the importance of integration in the back end in terms of AI. I think in the context of also launching ahead with solutions, what else do you guys need to build in terms of the back end to make the business more defensible and compete against maybe other competitors that have already built out -- kind of have those solutions. And then secondly, thinking about the self-creator business as well as marketing, as we think about the rest of 2023, can you talk about the puts and takes in terms of marketing spend and how we should be thinking about self-creator revenue growth?

Avishai，你談到了後端集成在 AI 方面的重要性。我認為在同時推出解決方案的背景下，你們還需要在後端構建什麼以使業務更具防禦性並與可能已經建立的其他競爭對手競爭 - 有點擁有這些解決方案.其次，在考慮 2023 年剩餘時間時，考慮自我創造者業務和營銷，你能談談營銷支出方面的投入和收益，以及我們應該如何考慮自我創造者的收入增長嗎？ ？

I just want to ask a quick -- just to clarify. In the first question, do you mean in regards to AI or just you mean to address Headless vendors -- software vendors?

我只是想快速問一下 - 只是為了澄清一下。在第一個問題中，你的意思是關於 AI，還是僅僅針對 Headless 供應商——軟件供應商？

I think more broadly. So if I think about the back end and you talked about the defensibility that creates, when you think about AI coming online, if I think about your Headless solution, I think those -- it's somewhat connected in terms of what else you guys can build to make the platform more defensible as well as to attract more Headless dollars. I mean, maybe that's wrong but talk about them, why that thesis is wrong or what else you guys need to build that?

我想得更廣泛。因此，如果我考慮後端並且您談到創建的防禦性，當您考慮 AI 上線時，如果我考慮您的 Headless 解決方案，我認為這些 - 它在某種程度上與你們可以構建的其他內容相關使平台更具防禦性並吸引更多無頭美元。我的意思是，也許那是錯誤的，但談談他們，為什麼那個論點是錯誤的，或者你們還需要什麼來建立它？

Well, okay. First of all, I think I understand the question better now. So there's quite a few parts with that. But the first thing is that Headless is just one of the things that current model AI cannot do, right? They can do very basic things when it comes to code. But -- and if you think about the whole stack, right, the things that you need to have, running booking, scheduling website, right, so you need databases, that index of databases, a lot of APIs. And then you need to have also to sign contracts, right, with processing merchants and banks. And there's a lot of things that you need to do, right? So I think this is something that -- it's going to take quite a while. And when I say quite a while, we don't even have a clue about the algorithms that we'll need to do something like that yet. That's quite aligned in the future. But every element we're going to get from AI to simplify that, of course provides value for Wix, just because it allow us to do it better, faster and reduce the cost.

哦，那好吧。首先，我想我現在更好地理解了這個問題。所以有很多部分。但首先，Headless 只是當前模型 AI 不能做的事情之一，對吧？在代碼方面，他們可以做非常基本的事情。但是 - 如果你考慮整個堆棧，對，你需要擁有的東西，運行預訂，安排網站，對，所以你需要數據庫，數據庫索引，很多 API。然後你還需要與加工商和銀行簽訂合同，對吧。還有很多事情你需要做，對吧？所以我認為這需要很長時間。當我說相當長一段時間時，我們甚至還不知道我們需要做那樣的事情的算法。這在未來是非常一致的。但是我們將從 AI 中獲得的每一個元素來簡化它，當然都為 Wix 提供了價值，只是因為它讓我們能夠做得更好、更快並降低成本。

Now there's going to be a lot of opportunities on (inaudible). As for the Headless itself, so we have quite a few software stacks that we built that are being used by tens of millions of users and are quite fantastic. But we never offered them on (inaudible) of Wix. No. Yes, in some cases, you have competitors that have -- like e-commerce, right, where you have really great competitors out there. But in some cases like scheduling, booking and the ability to manage a variety of events and other things, there's not really anything similar in quality to what we have.

現在（聽不清）會有很多機會。至於 Headless 本身，我們構建了相當多的軟件堆棧，這些軟件堆棧正在被數千萬用戶使用並且非常棒。但我們從未在 Wix 上（聽不清）提供它們。不，是的，在某些情況下，你有競爭對手——比如電子商務，對，在那裡你有非常強大的競爭對手。但在某些情況下，比如日程安排、預訂以及管理各種活動和其他事情的能力，在質量上與我們所擁有的並沒有什麼相似之處。

So we think the opportunity there is the ability to allow people to use that and offer that on their -- on website that are not built on Wix. And I think that is something that will create for us another marketing channel, which is very different than a standard one. It's mostly based on partners and professionals. And long term, I think the value there is quite big. There is something that because we actually provide all of the different elements and not just one, like shopping cart, e-commerce space, then the thing is that there's also the integration, so you can actually have all of them offered together and not in separate pieces and think that provides quite a lot of value.

因此，我們認為有機會允許人們使用它並在他們的網站上提供它，而不是在 Wix 上構建。我認為這將為我們創造另一個營銷渠道，它與標準渠道截然不同。它主要基於合作夥伴和專業人士。從長遠來看，我認為那裡的價值是相當大的。有些東西是因為我們實際上提供了所有不同的元素，而不僅僅是一個，比如購物車、電子商務空間，所以還有一個集成，所以你實際上可以將所有這些元素一起提供，而不是單獨提供分開的部分，並認為這提供了相當多的價值。

Andrew, it's Nir. In terms of the marketing plan, so as Lior mentioned and as we also illustrated in the previous quarter, we do expect on the partner side to see an increase in the marketing as we have some initiatives around that segment in the second half of the year. In terms of the self-creators, we will continue the current focus, which is a combination between brand activity as well as the direct acquisition, a similar cadence as we've done this past quarter and before as we see that marketing strategy really paying off.

安德魯，是尼爾。在營銷計劃方面，正如 Lior 提到的以及我們在上一季度也說明的那樣，我們確實希望合作夥伴方面的營銷有所增加，因為我們在今年下半年圍繞該細分市場採取了一些舉措.就自我創造者而言，我們將繼續目前的重點，即品牌活動與直接收購之間的結合，這與我們上個季度和之前所做的節奏相似，因為我們看到營銷策略確實物有所值離開。

I would now like to turn the call back to Rona Davis for closing remarks.

我現在想把電話轉回給羅娜·戴維斯 (Rona Davis) 以作結束語。

Thank you for joining and have a good day.

感謝您的加入，祝您有美好的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。