Wix.Com Ltd (WIX) 2023 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Wix' Q2 2023 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Wix 2023 年第二季度收益電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to Emily Liu, Investor Relations. Please go ahead.

我現在想把會議交給投資者關係部的 Emily Liu。請繼續。

Thanks, and good morning, everyone. Welcome to Wix' Second Quarter 2023 Earnings Call. Joining me today to discuss our results are Avishai Abrahami, CEO and Co-Founder; Nir Zohar, our President and COO; and Lior Shemesh, our CFO.

謝謝，大家早上好。歡迎參加 Wix 的 2023 年第二季度收益電話會議。今天與我一起討論我們的結果的是首席執行官兼聯合創始人 Avishai Abrahami； Nir Zohar，我們的總裁兼首席運營官；以及我們的首席財務官 Lior Shemesh。

During this call, we may make forward-looking statements, and these statements are based on current expectations and assumptions. Please consider the risk factors included in our press release and most recent Form 20-F that could cause our actual results to differ materially from these forward-looking statements. We do not undertake any obligation to update these forward-looking statements.

在本次電話會議中，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。我們不承擔更新這些前瞻性陳述的任何義務。

In addition, we will comment on non-GAAP financial results and key operating metrics. You can find all reconciliations between our GAAP and non-GAAP results in the earnings materials and in our Interactive Analyst Center on the Investor Relations section of our website, investors.wix.com.

此外，我們還將評論非公認會計準則財務業績和關鍵運營指標。您可以在收益材料以及我們網站 Investors 關係部分的互動分析師中心找到我們的 GAAP 和非 GAAP 業績之間的所有調節表，investors.wix.com。

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

這樣，我會將電話轉給 Avishai。

Thanks, Emily. And good morning, everyone. We continued the momentum built up over the past few quarters into a strong Q2, exceeding expectations as we accelerated both profitability and growth for the third consecutive quarter. This is a testament to our focused commitment to our growth strategy while balancing operational efficiency.

謝謝，艾米麗。大家早上好。我們延續了過去幾個季度建立的勢頭，進入了強勁的第二季度，超出了預期，因為我們連續第三個季度加速了盈利和增長。這證明了我們在平衡運營效率的同時對增長戰略的專注承諾。

Revenue in Q2 grew to $390 million, above our guidance. We generated more than $49 million of free cash flow or 13% of revenues, also outperforming expectations.

第二季度收入增長至 3.9 億美元，高於我們的預期。我們產生了超過 4900 萬美元的自由現金流，佔收入的 13%，也超出了預期。

A meaningful driver of the strong performance this quarter was our Partners business, which grew revenue 36% year-over-year in Q2.

我們的合作夥伴業務是本季度強勁業績的重要推動力，第二季度收入同比增長 36%。

For the last several years that our Partners business has grown, we have been listening to our partners' needs and innovating on a set of solutions tailored especially for professionals.

在過去幾年中，我們的合作夥伴業務不斷發展，我們一直在傾聽合作夥伴的需求，並創新一套專為專業人士量身定制的解決方案。

This all has led to the launch of one of our most significant product releases in the last few years, Wix Studio, the new cornerstone platform of our partners' product experience.

這一切促使我們推出了過去幾年中最重要的產品版本之一：Wix Studio，它是我們合作夥伴產品體驗的新基石平台。

Wix Studio is the first-of-its-kind web creation and development platform, meant specifically for agencies and freelancers. It is an all-in-one platform for professionals to create websites, easily collaborate and delegate among team, manage workflows and clients at scale and grow their business more efficiently.

Wix Studio 是首個專門針對代理機構和自由職業者的網絡創建和開發平台。它是一個一體化平台，可供專業人士創建網站、在團隊之間輕鬆協作和委派、大規模管理工作流程和客戶以及更有效地發展業務。

I want to share a bit more about how Wix Studio came to life. Three years ago, we launched Editor X. Since then, we have gained significant traction with agencies and designers and have learned a great deal about the types of projects they build, about their needs in design and control, and about how they run their business. We learned that agencies and freelancers need more than just a high-end design environment. They need tools to manage and grow their business.

我想更多地分享一下 Wix Studio 的誕生過程。三年前，我們推出了Editor X。從那時起，我們就獲得了代理商和設計師的極大關注，並深入了解了他們構建的項目類型、他們在設計和控制方面的需求以及他們如何運營業務。我們了解到，機構和自由職業者需要的不僅僅是高端設計環境。他們需要工具來管理和發展業務。

The knowledge we have gained has enabled us to make a significant leap forward in our offering for partners, which we now deliver with Wix Studio. Wix Studio brings so much more agencies and freelancers in one platform than we believe anyone else has ever offered.

我們所獲得的知識使我們能夠在為合作夥伴提供的服務方面取得重大飛躍，我們現在通過 Wix Studio 提供這些服務。 Wix Studio 在一個平台上帶來的代理機構和自由職業者數量比我們認為其他任何人都提供的要多得多。

The Wix Studio Editor provides a simple way to do complex things online with layers of control over all aspects of design, while still allowing in-depth sophistication of Editor X for the most advanced users.

Wix Studio 編輯器提供了一種簡單的方法來在線完成複雜的事情，對設計的各個方面進行分層控制，同時仍然允許最高級的用戶對編輯器 X 進行深入的複雜化。

One of the hardest issues that agencies have is keeping consistent design across multiple screen sizes. We are greatly simplifying this challenge with responsive AI technology.

各機構面臨的最困難的問題之一是在多種屏幕尺寸上保持一致的設計。我們通過響應式人工智能技術極大地簡化了這一挑戰。

Wix Studio also includes a full suite of native Business Solutions, all supported on Wix' infrastructure, like Wix Stores and Wix Bookings as well as the ability to add third-party apps.

Wix Studio 還包括一整套本地業務解決方案，所有這些解決方案均受 Wix 基礎設施支持，例如 Wix Stores 和 Wix Bookings 以及添加第三方應用程序的功能。

For specific business logic that is sometimes needed for clients, Wix Studio offers developers new capabilities and tools to create custom application better and faster. For that, we've introduced Wix IDE, a completely new professional development environment on VS code. Utilized -- using Wix IDE, developers can extend the functionality of our business solutions using hundreds of APIs and integrations.

對於客戶有時需要的特定業務邏輯，Wix Studio 為開發人員提供了新的功能和工具，以更好更快地創建自定義應用程序。為此，我們推出了 Wix IDE，這是一個基於 VS Code 的全新專業開發環境。利用——使用 Wix IDE，開發人員可以使用數百個 API 和集成來擴展我們的業務解決方案的功能。

We've integrated AI here as well. Developer can use an AI-powered code assistant to write cleaner code and detect errors. With Wix Blocks, partners can create custom components, widgets and apps that can be reused on multiple sites. Partners can even sell the apps they create using Wix Blocks to millions of Wix users in the upmarket.

我們也在這裡集成了人工智能。開發人員可以使用人工智能驅動的代碼助手來編寫更清晰的代碼並檢測錯誤。借助 Wix Blocks，合作夥伴可以創建可在多個站點上重複使用的自定義組件、小部件和應用程序。合作夥伴甚至可以將他們使用 Wix Blocks 創建的應用程序出售給高端市場的數百萬 Wix 用戶。

Finally, Wix Studio is made specifically for professionals who build sites for a living. The Wix Studio workplace includes powerful dashboard to manage clients, projects and teams, which is also accessible on a dedicated Wix Studio mobile app.

最後，Wix Studio 是專為以構建網站為生的專業人士而設計的。 Wix Studio 工作場所包括用於管理客戶、項目和團隊的強大儀表板，也可以通過專用的 Wix Studio 移動應用程序進行訪問。

And for when an agency hands over a site, Wix Studio includes a client-facing dashboard and editor with features such as a quick edit, which allow clients to make easy changes to decide on their own and the ability for the agency to add relevant resources for their clients to access video guides and tutorials.

當代理機構移交網站時，Wix Studio 包括一個面向客戶的儀表板和編輯器，具有快速編輯等功能，允許客戶輕鬆進行更改以自行決定，並且代理機構能夠添加相關資源供他們的客戶訪問視頻指南和教程。

These are just some of the many ways Studio addresses all of our partners' needs from building complex projects to more defined relationships, all in one place. These capabilities are built with all types of agencies across all specialties and skill set in mind, not just design experts. We are incredibly proud and excited for the release of Wix Studio, and we believe it will be a meaningful driver of continued growth with partners.

這些只是 Studio 滿足我們所有合作夥伴需求的眾多方式中的一部分，從構建複雜的項目到更明確的關係，所有這些都在一個地方完成。這些功能是由所有類型的機構、所有專業和技能組合構建的，而不僅僅是設計專家。我們對 Wix Studio 的發布感到無比自豪和興奮，我們相信它將成為與合作夥伴持續增長的有意義的驅動力。

In addition to Wix Studio, we also made a meaningful stride in all of our AI innovation this quarter with the announcement of AI Site Generator and AI Assistant for Businesses, just 2 among many other exciting products in our pipeline we'll be rolling out to our user-related issue. This adds to our already robust suite of AI and GenAI products developed over the past decade. AI remains a key part of our growth strategy for both self-creators and partners alike.

除了Wix Studio 之外，本季度我們還宣布了AI Site Generator 和AI Assistant for Businesses，在所有AI 創新方面取得了有意義的進展，這只是我們將推出的眾多其他令人興奮的產品中的兩個。我們的用戶相關問題。這進一步豐富了我們在過去十年中開發的已經強大的 AI 和 GenAI 產品套件。對於自我創造者和合作夥伴來說，人工智能仍然是我們增長戰略的關鍵部分。

There are so many more exciting features and highlights of Wix Studio as well as our AI pipeline and vision. And we'll be sharing more details and some demo next week at our Analyst Day. I hope you will join us there.

Wix Studio 以及我們的 AI 管道和願景還有許多令人興奮的功能和亮點。我們將在下週的分析師日分享更多細節和一些演示。我希望你能加入我們那裡。

With an excellent first half of the year behind us, I'm confident in our ability to continue this momentum and even accelerate profitable growth for the rest of 2023. So we're again raising our revenues and free cash flow outlook for the full year. The outperformance of the last few quarters put us on the path to achieving the Rule of 40 in 2025. There are many exciting things still to come this year and only made possible by capable team here at Wix. So thank you all for your hard work and dedication to our users.

憑藉出色的上半年業績，我對我們有能力繼續保持這一勢頭，甚至在 2023 年剩餘時間內加速盈利增長充滿信心。因此，我們再次上調全年收入和自由現金流前景。過去幾個季度的優異表現使我們走上了 2025 年實現 40 規則的道路。今年仍有許多令人興奮的事情發生，只有 Wix 有能力的團隊才能使這些事情成為可能。因此，感謝大家的辛勤工作和對我們用戶的奉獻。

With that, I'll turn it over to Nir to speak more about the partners' business. Nir?

接下來，我將把它交給 Nir，更多地談論合作夥伴的業務。尼爾？

Thank you, Avishai, and thank you, everyone, for joining us today. I want to start by sharing a bit more about the significance of Wix Studio for our business, and then I'll share more about this quarter's performance.

謝謝阿維沙伊，也謝謝大家今天加入我們。我想首先分享更多關於 Wix Studio 對我們業務的重要性，然後我將分享更多關於本季度業績的信息。

While professionals have always used the Wix platform, over the last several years, we have invested significantly into infrastructure, product development and marketing to expand our TAM by building the go-to platform for professionals.

雖然專業人士一直使用 Wix 平台，但在過去幾年中，我們在基礎設施、產品開發和營銷方面投入了大量資金，通過為專業人士構建首選平台來擴展我們的 TAM。

Last year, we presented how the partner cohorts generate compounding growth. This compounding growth is inherent to the difference between partners and self-creators. Partners take on more and more projects over time. And therefore, each partner generates more subscription revenues over the lifetime of the cohort. Partners' website also delivered higher GPV, and they have a deeper grasp of advanced capabilities, adopting more business solutions and generating higher ARPS across the board. We continue to see this behavior and we will share more at our Analyst Day next week.

去年，我們介紹了合作夥伴群體如何實現複合增長。這種複合增長是合作夥伴和自我創造者之間固有的差異。隨著時間的推移，合作夥伴承擔越來越多的項目。因此，每個合作夥伴在整個群體的生命週期中都會產生更多的訂閱收入。合作夥伴的網站也帶來了更高的GPV，他們對先進能力有了更深入的掌握，採用了更多的業務解決方案，全面產生了更高的ARPS。我們將繼續看到這種行為，並將在下週的分析師日分享更多信息。

The financial results from all of this have been outstanding as partners now make up 30% of our total revenue and continue to grow. This growth is a testament to the success of our investments.

所有這一切帶來的財務業績非常出色，合作夥伴現在占我們總收入的 30%，並且還在繼續增長。這種增長證明了我們投資的成功。

Wix Studio represents an important milestone in this journey. With Wix Studio, we are not only delivering to partners an updated powerful design and development experience with AI technology, we are also bringing something completely new that meets their specific needs.

Wix Studio 是這一旅程中的一個重要里程碑。借助 Wix Studio，我們不僅通過 AI 技術為合作夥伴提供更新的強大設計和開發體驗，還帶來了滿足他們特定需求的全新產品。

With the Wix Studio Workspace and its set of new workflow tools that will help agencies manage our business, scale and grow, we believe Wix Studio is a unique offering that no one else provides.

憑藉 Wix Studio 工作區及其一套新的工作流程工具，將幫助代理機構管理我們的業務、擴展和發展，我們相信 Wix Studio 是一項其他人無法提供的獨特產品。

And there will be much more to come. We will continue to add products and tools to Wix Studio as our partners grow with us. We believe that this product will enable us to enhance the partner cohort behavior I described before as well as grab even more market share and accelerate our penetration into this massive TAM.

未來還將有更多的事情發生。隨著我們的合作夥伴與我們一起成長，我們將繼續向 Wix Studio 添加產品和工具。我們相信，該產品將使我們能夠增強我之前描述的合作夥伴群體行為，搶占更多市場份額，並加速我們對這個龐大 TAM 的滲透。

Moving on to the quarter, starting with the cohort performance. Our Q1 '23 user cohort generated $42.5 million in cumulative bookings in its first 2 quarters ending in Q2. This was approximately 6% higher than that of the Q1 '22 cohort in its first 2 quarters, despite the Q1 '23 cohort containing about 13% fewer users compared to the Q1 '22 cohort and lower acquisition marketing investment. We benefited from solid conversion of new and existing users and continued growth in bookings per subscription and stable retention.

進入本季度，從隊列表現開始。我們的 23 年第 1 季度用戶群體在截至第 2 季度的前 2 個季度中累計預訂量達到 4,250 萬美元。儘管23 年第一季度的用戶數比22 年第一季度的用戶數少了約13%，而且收購營銷投資也較低，但在前兩個季度中，這一數字比22 年第一季度的用戶數高出約6%。我們受益於新用戶和現有用戶的穩定轉化，以及每次訂閱預訂量的持續增長和穩定的保留率。

These fundamentals show the positive returns from our focus on bringing higher-intent self-creators and partners, which convert at higher rates as well as higher monetization driven by favorable pricing mix, strong adoption of business solutions applications, more transaction revenue as a result of higher GPV and increased take rates, and continued contribution from our B2B partnerships.

這些基本面表明，我們專注於引入更高意圖的自我創造者和合作夥伴，這些人以更高的轉化率以及由有利的定價組合驅動的更高的貨幣化、業務解決方案應用程序的大力採用以及更多交易收入帶來的積極回報更高的 GPV 和更高的轉化率，以及我們的 B2B 合作夥伴關係的持續貢獻。

Finally, this quarter's performance again demonstrates the strength and scale of our global brand as reflected in the success of our marketing strategy shift than last year.

最後，本季度的業績再次證明了我們全球品牌的實力和規模，這反映在我們的營銷策略轉變比去年取得的成功上。

With that, I will now hand it over to Lior to walk through our financials and outlook. Lior?

現在，我將把它交給 Lior 來介紹我們的財務狀況和前景。利奧爾？

Thanks, Nir. As Avishai mentioned, we continue to make progress in the disciplined execution of our profitable growth strategy in Q2 with growth and profitability accelerating for another consecutive quarter. Continuing to meaningfully expand margin will ultimately drive us to reach the Rule of 40 in 2025 under a variety of scenarios. At our Analyst Day next week, I will show you how we plan to reach this goal from where we are today.

謝謝，尼爾。正如 Avishai 提到的，我們在第二季度嚴格執行盈利增長戰略方面繼續取得進展，增長和盈利能力連續一個季度加速。繼續有意義地擴大利潤率將最終推動我們在各種情況下於 2025 年達到 40 條規則。在下週的分析師日上，我將向您展示我們計劃如何從今天的情況實現這一目標。

This quarter, we accelerated gross profit margin further, up nearly 580 basis points year-over-year as we continued hosting optimization and benefited from the cost efficiencies completed over the past year.

本季度，由於我們繼續進行託管優化並受益於去年完成的成本效率，我們的毛利率進一步提高，同比增長近 580 個基點。

Non-GAAP operating expenses as a percentage of revenue declined meaningfully from 66% in Q2 2022 to 51% in Q2 2023. This decline was a result of continued execution of our streamlined marketing strategy and the cost savings actions executed over the past year and completed last quarter. This drove us to log a new record high for quarterly non-GAAP operating income.

非GAAP 運營費用佔收入的百分比從2022 年第二季度的66% 大幅下降至2023 年第二季度的51%。這一下降是我們持續執行精簡營銷策略以及過去一年執行並完成的成本節約行動的結果上個季度。這促使我們的季度非公認會計準則營業收入創下新高。

Additionally, we achieved the first quarter of positive GAAP operating income in Wix' history. This milestone demonstrates strides we've taken toward sustained GAAP profitability, which we believe we are very close to achieving.

此外，我們在 Wix 歷史上首次實現了 GAAP 營業收入正增長。這一里程碑表明我們在實現持續的 GAAP 盈利能力方面取得了長足進步，我們相信我們已經非常接近實現這一目標。

Non-GAAP operating expenses also declined more than 300 basis points sequentially from increased operating leverage as revenue grew 13% year-over-year, while operating expenses remained stable. This outperformance in Q2 caps off an incredibly strong first half to 2023 with free cash flow generation of $93 million, or 12% of revenue, which was better than expected. Excitingly, we expect to accelerate margin expansion in the back half of the year as we drive further leverage.

由於營業槓桿增加，非 GAAP 營業費用也環比下降了 300 個基點以上，收入同比增長 13%，而營業費用保持穩定。第二季度的優異表現為 2023 年上半年的強勁表現畫上了圓滿的句號，自由現金流量達到 9300 萬美元，佔收入的 12%，好於預期。令人興奮的是，隨著我們進一步提高槓桿率，我們預計今年下半年將加速利潤率擴張。

Now on to the details of the quarter. Total revenue of $390 million exceeded the top end of our guidance range by $5 million as we continue to execute on our strategic initiatives. With our Partners business performing exceptionally well, total bookings were $398 million in Q2, up 12% year-over-year and also above our expectations.

現在介紹本季度的詳細信息。隨著我們繼續執行我們的戰略舉措，總收入 3.9 億美元超出了我們指導範圍的上限 500 萬美元。由於我們的合作夥伴業務表現異常出色，第二季度總預訂量為 3.98 億美元，同比增長 12%，也超出了我們的預期。

As you just heard Nir speak about in detail, our Partners business continued to outperform as it remains a key strategic focus for us due to better fundamentals and increased through increased [ARPU] through business solutions attachment and more GPV generation. Partners revenue growth accelerated to 36% year-over-year. We expect meaningful growth to continue as we improve the Wix experience for professionals through new products tailored for their needs, such as our new Studio platform.

正如您剛剛聽到Nir ​​詳細談論的那樣，我們的合作夥伴業務繼續表現出色，因為它仍然是我們的關鍵戰略重點，因為它具有更好的基本面，並且通過業務解決方案附加和更多GPV 生成來增加[ARPU]。合作夥伴收入同比增長加速至 36%。我們預計，隨著我們通過針對專業人士需求量身定制的新產品（例如我們的新 Studio 平台）改善專業人士的 Wix 體驗，我們將繼續實現有意義的增長。

Partners' GPV growth strength across geographies and commerce vertical as well as higher average GPV per site drove overall GPV to increase 10% year-over-year to $2.8 billion in Q2. Higher GPV and a continued increase in take rate as more merchants choose Wix Payments resulted in accelerating transaction revenue growth of 21% year-over-year to more than $44 million.

合作夥伴跨地域和商業垂直領域的 GPV 增長實力以及每個網站平均 GPV 的提高推動第二季度整體 GPV 同比增長 10% 至 28 億美元。隨著越來越多的商戶選擇 Wix Payments，更高的 GPV 和採用率持續增加，導致交易收入同比加速增長 21%，達到超過 4400 萬美元。

Strong growth in Creative Subscriptions ARR continued this quarter, accelerating to 10% year-over-year as we continue to benefit from strong cohort behavior, price increases and growing the revenue contribution for partners. Net new ARR growth in Q2 2023 was approximately 66% year-over-year. We expect net new ARR to continue its meaningful year-over-year growth through the rest of 2023 as incremental subscriptions from our ramping Partners business layer into our core self-creator base.

本季度創意訂閱 ARR 繼續強勁增長，同比加速至 10%，因為我們繼續受益於強勁的群體行為、價格上漲以及合作夥伴收入貢獻的增加。 2023 年第二季度的新 ARR 淨增長同比約為 66%。我們預計，隨著我們不斷壯大的合作夥伴業務層向我們的核心自我創造者基礎的增量訂閱，淨新 ARR 將在 2023 年剩餘時間內繼續實現有意義的同比增長。

On top of accelerating revenue and bookings growth, we also saw an acceleration in margin expansions as well in Q2. Through continued hosting optimization and benefits from previously completed headcount efficiencies throughout the past year, non-GAAP gross margin increased to 68%, adding another 160 basis points on top of Q1 record high and up approximately 580 basis points year-over-year. Non-GAAP Creative Subscriptions gross margin increased to 83%, marking a 230 basis point expansion sequentially and more than 700 basis points year-over-year. This improvement was driven by strong revenue growth in this segment as well as continued hosting efficiencies.

除了收入和預訂量加速增長之外，第二季度我們還看到利潤率加速擴張。通過持續的託管優化以及去年完成的員工效率提升，非 GAAP 毛利率增至 68%，在第一季度歷史高點的基礎上又增加了 160 個基點，同比增長約 580 個基點。非 GAAP 創意訂閱毛利率增至 83%，環比增長 230 個基點，同比增長超過 700 個基點。這一改進是由該領域收入的強勁增長以及持續的託管效率推動的。

Non-GAAP operating margin improved nearly 470 basis points quarter-over-quarter to 18% of revenue in Q2. This was mainly driven by continued execution of our streamlined marketing strategy focused on higher-intent users. Q2 surpassed last quarter record high for non-GAAP operating income.

第二季度非 GAAP 營業利潤率環比提高近 470 個基點，達到收入的 18%。這主要是由於我們持續執行專注於更高意向用戶的簡化營銷策略。第二季度非公認會計原則營業收入超過了上季度的歷史新高。

As a result of continued growth and profitability acceleration, we generated over $49 million of free cash flow or 13% of revenue. This excludes CapEx related to the build-out of headquarters as well as the remaining cash portion of the one-time severance charges related to the headcount reduction we announced in February.

由於持續增長和盈利能力加速，我們產生了超過 4900 萬美元的自由現金流，佔收入的 13%。這不包括與總部擴建相關的資本支出，以及與我們二月份宣布的裁員相關的一次性遣散費的剩餘現金部分。

Free cash flow performed better than expected again this quarter, giving us full confidence in our ability to achieve the Rule of 40 in 2025. Accelerating free cash flow growth and expanding margin over the past 3 quarters demonstrate the strength of our business and the success of cost-efficiency action executed over the past year, which have been completed.

本季度自由現金流的表現再次好於預期，讓我們對2025 年實現40 法則的能力充滿信心。過去3 個季度自由現金流的加速增長和利潤率的擴大證明了我們業務的實力和我們的成功。去年執行的成本效益行動現已完成。

Now let me finish with our outlook for Q2 and 2023. We expect total revenue in Q3 to be $386 million to $391 million, representing approximately 12% to 17% year-over-year growth. For the full year, we are increasing our outlook again. We now expect total revenue to be approximately $1.543 billion to $1.558 billion, representing approximately 11% to 12% year-over-year growth. This is an increase from our prior expectation of $1.5 billion to $2 billion to $1.543 billion or 10% to 11% growth. With this new guidance, we expect revenue growth in the second half of the year to accelerate compared to the first half of the year.

現在讓我結束對第二季度和 2023 年的展望。我們預計第三季度的總收入為 3.86 億美元至 3.91 億美元，同比增長約 12% 至 17%。對於全年，我們再次提高了我們的展望。我們目前預計總收入約為 15.43 億美元至 15.58 億美元，同比增長約 11% 至 12%。這比我們之前預期的 15 億至 20 億美元增加到 15.43 億美元，即增長 10% 至 11%。根據這一新的指引，我們預計下半年的收入增長將較上半年加速。

Additionally, we are also updating our profitability expectations for the full year as we see operating leverage from the cost actions completed over the past year as we scale. We now anticipate non-GAAP gross margin to be approximately 68% for the full year, up from our previous expectation of 67%, driven by increased profitability across both Creative Subscriptions and Business Solutions.

此外，我們還更新了全年的盈利預期，因為我們看到隨著我們規模的擴大，過去一年完成的成本行動帶來了運營槓桿。由於創意訂閱和商業解決方案盈利能力的提高，我們目前預計全年非 GAAP 毛利率約為 68%，高於我們之前預期的 67%。

We now anticipate Creative Subscriptions gross margin to be approximately 82%, up from our previous expectation of 81%. For Business Solutions, we expect gross margin of approximately 28%, up from our previous expectation of 27%. Full year non-GAAP operating expenses are now expected to be down year-over-year to 56% to 57% of revenue compared to 57% to 58% of revenue as previously expected, driven by lower marketing expenses and operational leverage from previously completed cost actions.

我們現在預計創意訂閱毛利率約為 82%，高於我們之前預期的 81%。對於業務解決方案，我們預計毛利率約為 28%，高於我們之前預期的 27%。由於營銷費用和先前完成的運營槓桿的降低，預計全年非公認會計準則運營費用將同比下降至佔收入的 56% 至 57%，而之前的預期為佔收入的 57% 至 58%成本行動。

As a result of higher revenue growth and additional profitability improvements, we are increasing our outlook for free cash flow for 2023 to $200 million to $210 million or 13% of revenue, exiting the year with a free cash flow margin of approximately 15%. This compares to our previous expectation of $172 million to $180 million or 11% to 12% of revenue and an exit margin of approximately 13%. With this updated guidance, we expect free cash flow margin to accelerate in the second half of the year compared to an already very strong and profitable first half.

由於更高的收入增長和額外的盈利能力改善，我們將2023 年自由現金流的預期提高到2 億至2.1 億美元，即佔收入的13%，今年結束時自由現金流利潤率約為15% 。相比之下，我們之前的預期為 1.72 億至 1.8 億美元，佔收入的 11% 至 12%，退出利潤率約為 13%。根據這一更新後的指引，我們預計，與上半年已經非常強勁且盈利的上半年相比，下半年自由現金流利潤率將加速增長。

With our cost-efficiency plan now complete and behind us, the operating cost in the second half of the year will reflect the necessary run rate to drive meaningful operating leverage going forward and carry us to achieve the Rule of 40 in 2025. Additionally, stock-based compensation is expected to decrease to 14% of revenue in 2023 versus our previous expectation of 14% to 15%.

隨著我們的成本效益計劃現已完成並已成為過去，下半年的運營成本將反映必要的運行率，以推動有意義的運營槓桿向前發展，並使我們在2025 年實現40 法則。此外，股票預計到 2023 年，基於薪酬的薪酬將下降至收入的 14%，而我們之前的預期為 14% 至 15%。

Finally, we are committed to increasing free cash flow per share going forward. Our updated guidance, combined with our share repurchase activity year-to-date, positions us well to generate over $3 of free cash flow per share in 2023, a significant increase over 2022 free cash flow per share of $0.51. We will share more about our plans to increase free cash flow per share through 2025 at our upcoming Analyst and Investor Day.

最後，我們致力於增加未來每股自由現金流。我們更新的指導意見，加上我們今年迄今的股票回購活動，使我們能夠在 2023 年產生超過 3 美元的每股自由現金流，比 2022 年每股 0.51 美元的自由現金流大幅增加。我們將在即將到來的分析師和投資者日分享更多有關到 2025 年增加每股自由現金流的計劃。

I'm extremely pleased with the results and accomplishments we've made on all fronts over the first half of the year, and I'm looking forward to continued growth and profitability acceleration in the back half.

我對上半年我們在各方面取得的成果和成就感到非常滿意，並期待下半年繼續增長和盈利能力加速。

Operator, we're now ready for questions.

接線員，我們現在準備好提問了。

(Operator Instructions) Our first question comes from Matt Pfau from William Blair.

（操作員說明）我們的第一個問題來自 William Blair 的 Matt Pfau。

Great results. I wanted to ask first on Wix Studio. What are the monetization plans here? Is it something that you're going to charge for some of these features separately? Or is it more of a plan to help your partners bring more subscriptions on your platform?

很好的結果。我想先在 Wix Studio 上問一下。這裡的貨幣化計劃是什麼？您是否要為其中一些功能單獨收費？或者這更像是一個幫助您的合作夥伴在您的平台上帶來更多訂閱的計劃？

Matt, it's Nir. So in terms of how we think about the pricing and monetization. So the pricing for Studio at this point is going to be the same as it was for Editor X, and the way we think about monetization, and I think it also tightly relates to what I spoke about before in terms of the cohort behavior of the partners, is we are -- by introducing Studio, we believe that we can be much more attractive for these partners, for the designers and agencies that want to cater and build projects for their clients.

馬特，我是尼爾。因此，就我們如何看待定價和貨幣化而言。因此，此時 Studio 的定價將與 Editor X 的定價以及我們考慮盈利的方式相同，我認為這也與我之前談到的群體行為密切相關。合作夥伴，就是我們——通過引入Studio，我們相信我們可以對這些合作夥伴、想要為其客戶提供服務和構建項目的設計師和機構更具吸引力。

It means that we'll increase the adoption of partners into the platform. And by increasing that adoption, we will just get more completed projects, which mean more websites and more subscription revenue coming out of it. We also know that these kinds of websites have a much higher likelihood to be commerce websites that also drive GPV and higher GPV, which is another great contribution to our monetization. And again, these partners are also much more sophisticated in their general approach to more complex business applications on the Internet, which means that they adopt more of our business solutions and therefore, end up with a higher ARPS.

這意味著我們將增加合作夥伴對該平台的採用。通過提高采用率，我們將獲得更多完成的項目，這意味著更多的網站和更多的訂閱收入。我們還知道，這類網站更有可能成為能夠推動 GPV 和更高 GPV 的商業網站，這是對我們貨幣化的另一個巨大貢獻。同樣，這些合作夥伴在處理互聯網上更複雜的業務應用程序的一般方法方面也更加成熟，這意味著他們採用更多我們的業務解決方案，因此最終獲得更高的 ARPS。

So all of that together is a driver for monetization that we believe is going to not only continue the compounding effect of those cohorts, but hopefully even acceleration, and we'll see an acceleration of that effect.

因此，所有這些共同構成了貨幣化的驅動力，我們相信這不僅會繼續這些群體的複合效應，而且有望加速，我們將看到這種效應的加速。

Our next question comes from Ken Wong from Oppenheimer & Co.

我們的下一個問題來自 Oppenheimer & Co. 的 Ken Wong。

I wanted to dig into the partner side of your business. That saw a notable step-up in terms of the acceleration. Can you help us walk through some of the moving pieces there? How much was maybe the B2B flow through? Or was there a lot of net new ARR that might have come through from kind of the traditional partner channel as well?

我想深入了解你們業務的合作夥伴方面。這在加速度方面出現了顯著的提升。你能幫我們介紹一下那裡的一些動人的部分嗎？ B2B 流量可能有多少？或者是否有大量的淨新 ARR 也可能來自傳統合作夥伴渠道？

This is Lior. So I think that in order to understand it, I think that if you look at the net growth of the ARR, which was about 66% this quarter and Q1 was more than 90%, I think that it provides you with the right understanding that we managed to generate an incremental revenue to our business, mostly coming from partners, as you suggested. It's a combination of both B2B, obviously, but most of it is actually coming from agencies that are moving to Wix and using Wix to build their website.

這是利奧爾。因此，我認為為了理解這一點，如果你看一下 ARR 的淨增長，本季度約為 66%，第一季度超過 90%，我認為它可以讓你正確理解：正如您所建議的，我們成功地為我們的業務創造了增量收入，其中大部分來自合作夥伴。顯然，這是 B2B 的結合，但其中大部分實際上來自轉向 Wix 並使用 Wix 構建網站的代理機構。

And we need to understand that this business has a compounding effect, because once you get an agency, they continue to build websites for their customers. And on top of it, you are getting a new one. This is why we see that the actual growth of partners is accelerating. This is why we still believe in this business and the fact that it can be even more profitable than the self-creators because of its compounding effect.

我們需要了解這項業務具有復合效應，因為一旦您獲得代理機構，他們就會繼續為客戶建立網站。最重要的是，你會得到一個新的。這就是為什麼我們看到合作夥伴的實際增長正在加速。這就是為什麼我們仍然相信這項業務，並且由於其複利效應，它甚至可以比自我創造者更有利可圖。

In addition to that, we know that partners growth is also due to the fact that it's a different mix of customers. It's more businesses using more business applications, generating more GPV and transaction revenue, which obviously also contribute to the growth of this business. It's also worth mentioning that we expect this business to deliver also higher growth in the future due to the fact that we just launched Studio. So it will be interesting to see the result of it.

除此之外，我們知道合作夥伴的增長還歸因於不同的客戶組合。更多的企業使用更多的業務應用程序，產生更多的GPV和交易收入，這顯然也有助於這項業務的增長。還值得一提的是，由於我們剛剛推出了 Studio，我們預計這項業務未來也會實現更高的增長。所以看到它的結果將會很有趣。

Our next question comes from Bernie McTernan from Needham & Co.

我們的下一個問題來自 Needham & Co. 的伯尼·麥克特南 (Bernie McTernan)。

This is Stefanos Crist calling in for Bernie. Can you just talk on the revenue acceleration? What you're seeing in the macro environment and how much impact that's had?

我是斯特凡諾斯·克里斯特 (Stefanos Crist) 來找伯尼。您能談談收入加速嗎？您在宏觀環境中看到了什麼以及產生了多大影響？

So we see some modest improvement in the overall economy, but it's only modest, obviously. Most of the acceleration that we see right now in the revenue is actually coming from the fact that we are getting and taking more market share in our Partners business. I think that it's worth mentioning, the growth on a year-over-year basis it was 36%. So yes, we see some modest improvement in the overall economy as people are buying more online, but it's really, really modest. I think that most of the growth is attributed to the fact that Partners business is going very well for us.

因此，我們看到整體經濟略有改善，但顯然只是適度改善。我們現在看到的收入增長大部分實際上來自我們在合作夥伴業務中獲得併佔據更多市場份額的事實。我認為值得一提的是，同比增長了36%。所以，是的，隨著人們在網上購買更多商品，我們看到整體經濟略有改善，但這確實非常溫和。我認為大部分增長歸功於合作夥伴業務對我們來說進展順利。

Our next question comes from Elizabeth Porter from MS.

我們的下一個問題來自 MS 的 Elizabeth Porter。

Great. Really impressive growth on the partner side of the business. I'd like to switch it to ask on the self-creators and more specifically about your top-of-funnel trends. Are we getting back to kind of normal cadence after digesting the impacts from COVID? And can you also speak to any change in conversion rates from paid customers to the user base that you've been seeing as you've been attracting kind of more high-quality customers?

偉大的。業務合作夥伴方面的增長確實令人印象深刻。我想轉而詢問自我創造者，更具體地說，詢問您的漏斗頂部趨勢。在消化了新冠疫情的影響後，我們是否能恢復正常節奏？您能否談談在吸引更多高質量客戶的過程中，您所看到的從付費客戶到用戶群的轉化率有何變化？

Elizabeth, it's Nir. So from the standpoint of the self-creators, you asked whether we are getting to normal pre-COVID cadence from the top of the funnel. The answer is not yet. As Lior mentioned before on his comments on the macro economy, we have seen some improvement to top of funnel, but it's still not where it was pre-COVID. And our belief is that there is still room for more recovery there over time and as the general economy gets better and better.

伊麗莎白，我是尼爾。因此，從自我創造者的角度來看，你問我們是否正在從漏斗頂部恢復到新冠疫情前的正常節奏。答案還沒有。正如利奧爾之前在對宏觀經濟的評論中提到的那樣，我們看到漏斗頂部有所改善，但仍然沒有達到新冠疫情之前的水平。我們相信，隨著時間的推移以及總體經濟的好轉，那裡仍有進一步復甦的空間。

In terms of conversion rates, Yes, we have seen conversion rates going up. First of all, because of the significant changes we've done to our marketing strategy, and we're bringing much higher-intent users now. So obviously, that is paying off. But you've also seen improvement simply due to the cadence of our product release and innovation that is aimed at helping users become more successful. The introduction -- the February release of ChatGPT within the Editor is a good example for something that drove that. And obviously, we have many, many of those coming. So that's also another positive effect on conversion.

就轉化率而言，是的，我們看到轉化率在上升。首先，由於我們對營銷策略進行了重大改變，我們現在帶來了意向更高的用戶。顯然，這是有回報的。但您也看到了改進，這僅僅是由於我們旨在幫助用戶取得更大成功的產品發布節奏和創新。簡介——2 月份在編輯器中發布的 ChatGPT 就是推動這一趨勢的一個很好的例子。顯然，我們有很多很多這樣的人來。這也是對轉化的另一個積極影響。

Our next question comes from Chris Zhang from Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的 Chris 張。

So the question is around the marketing expense guide which you took down from 27% to now 25% to 26%. And remember, previously, you mentioned the second half increase of the brand marketing expense, which would represent probably a 400 basis point step-up. Are you still expecting that? Or is there any change in the strategy there?

所以問題是圍繞營銷費用指南，您將其從 27% 降低到現在的 25% 到 26%。請記住，之前您提到了下半年品牌營銷費用的增加，這可能意味著增加了 400 個基點。你還期待那個嗎？或者策略有什麼變化嗎？

Chris, this is Lior. Yes, we do expect to see increase in marketing due to the fact that we just launched Studio. So obviously, we are going to invest in order to accommodate that. The amount of spending that we have in our plan, yes, we plan to increase the investment in marketing. But going forward, obviously, it will be a reflection of how successful we are with this product, meaning that it's a strict variable cost, very linked and attached to the success that we are going to see in Studio. So it's hard for me to tell you what will be the run rate. But obviously, yes, we are going to see some increase of our marketing investment in the second half of the year.

克里斯，這是利奧爾。是的，由於我們剛剛推出了 Studio，我們確實預計營銷活動將會增加。顯然，我們將進行投資以適應這種情況。我們計劃中的支出金額，是的，我們計劃增加營銷方面的投資。但顯然，展望未來，這將反映我們在該產品上的成功程度，這意味著它是嚴格的可變成本，與我們將在 Studio 中看到的成功密切相關。所以我很難告訴你運行率是多少。但顯然，我們下半年的營銷投資將會有所增加。

Our next question comes from Ygal Arounian from Citigroup.

我們的下一個問題來自花旗集團的 Ygal Arounian。

So first on Studio. Can you maybe just talk a little bit more about when you expect it to kind of hit general availability? Is there anything additional to share on the marketing efforts you just talked about around it? The agencies that are currently partners, do you just switch them over? And how on that kind of expectation that partner growth accelerates or has more strength in here because of this product? What does that kind of sell-through process?

首先在 Studio 上。您能否多談談您預計它何時會全面上市？關於您剛才談到的營銷工作，還有什麼可以分享的嗎？現在是合作夥伴的機構，你們就調換一下嗎？合作夥伴因該產品而加速增長或擁有更強實力的預期如何？這種銷售流程是怎樣的？

And then I just want to talk about GenAI for a little bit. You guys have done a great job of late highlighting how it benefits in the things you're doing. Site Generator looks really interesting. Are you seeing any tangible evidence that AI is helping drive more website creation and web building, helping your customers create better websites so far? Or is it still too early for that?

然後我想簡單談談 GenAI。你們最近做得很好，強調了它對你們正在做的事情的好處。站點生成器看起來真的很有趣。您是否看到任何切實的證據表明人工智能正在幫助推動更多的網站創建和網絡建設，幫助您的客戶創建更好的網站？或者現在還太早嗎？

Ygal, it's Nir. I'll start with the first question about the Studio. So the current launchpad that we already started this Tuesday aims to first open and invite our existing very large base of partners to adopt it. Obviously, to get feedback, to introduce more improvements, to iron out whatever needs to be ironed out as well as understand and help educate them on this new platform with a goal of, first of all, teach these people that have been with us for many, many years and already use our platform in order to cater to the needs of their own customers.

伊加爾，我是尼爾。我將從關於工作室的第一個問題開始。因此，我們本週二啟動的啟動板旨在首先開放並邀請我們現有的大量合作夥伴採用它。顯然，為了獲得反饋，引入更多改進，解決任何需要解決的問題，以及理解和幫助在這個新平台上教育他們，其目標是，首先，教導這些已經與我們一起工作的人很多很多年了，並且已經使用我們的平台來滿足自己客戶的需求。

That being said, the next step will indeed be to go to general availability, sometime in probably Q4. We will determine what is the best path to do that as we gain more insights from the first phase of the launch, which is already happening.

話雖這麼說，下一步確實是全面上市，可能在第四季度的某個時候。當我們從已經發生的啟動第一階段獲得更多見解時，我們將確定實現這一目標的最佳途徑。

I'm happy to say that already yesterday, we started opening and adding partners into it in thousands, in many thousands. And the initial feedback we are getting is very, very encouraging. We're getting very positive feedback on many, many different fronts. So we're very happy about that. And we will continue to monitor that and make sure that we have a very smooth transition into it and then continue in the launch plan towards the general public.

我很高興地說，昨天我們就開始在其中開設和添加數千名合作夥伴。我們收到的初步反饋非常非常令人鼓舞。我們在許多不同方面得到了非常積極的反饋。所以我們對此感到非常高興。我們將繼續監控這一情況，確保我們能夠順利過渡，然後繼續向公眾推出計劃。

In regards to your question, if we see any tangible evidence that GenAI is actually improving business performance, then yes, we do. We -- I'm not going to disclose all the details, but I'm just going to say that the thing we released in the first part of the year and late last year already are showing improvement in business KPIs. So it makes us very optimistic.

關於你的問題，如果我們看到任何切實的證據表明 GenAI 確實正在改善業務績效，那麼是的，我們確實這樣做了。我們——我不會透露所有細節，但我只想說，我們在今年上半年和去年年底發布的內容已經顯示出業務 KPI 的改善。所以這讓我們非常樂觀。

And of course, the more we put those kind of technology in front of more users, we expect that factor to grow. But if you think about it right, the core value that Wix brings is reducing the friction when you try to build a website. And when you use that technology, that can do tremendously well in order to improve that core value. And then, of course, we expect the results to be significant.

當然，我們將此類技術提供給更多用戶的次數越多，我們預計該因素就會增長。但如果你想得對的話，Wix 帶來的核心價值就是減少你嘗試建立網站時的摩擦。當您使用該技術時，可以非常有效地提高核心價值。當然，我們預計結果會很顯著。

Okay. Anything you can share on when generator will be ready or can't do that yet.

好的。您可以分享有關生成器何時準備就緒或尚未準備就緒的任何內容。

Like every research project, it always looks more easier than it actually is in reality. I can say we already managed to generate real websites with it. So we are past the critical and hard part. Now it's a lot about publishing it and making sure that it is a clean product and reliable. So we are at that phase now.

就像每個研究項目一樣，它看起來總是比實際更容易。我可以說我們已經成功地用它生成了真正的網站。所以我們已經度過了關鍵和困難的部分。現在的重點是發布它並確保它是一個乾淨的產品和可靠的。所以我們現在正處於這個階段。

Our next question comes from Clarke Jeffries from Piper Sandler.

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

I wanted to ask about profitability, certainly at a brisk pace in terms of getting to 18% operating margins. And even going back to the last Analyst Day, I think it was contextualized that much of the profitability improvements are going to come from the partner business. Is that still tracking to be the case? And has the recent revenue outperformance in that segment lended at all to a faster pace to cash flow breakeven?

我想問一下盈利能力，當然是快速達到 18% 的營業利潤率。甚至回到上一個分析師日，我認為大部分盈利能力的提高將來自合作夥伴業務。情況仍然如此嗎？該領域最近的收入表現是否有助於加快現金流收支平衡？

And then as sort of a follow-on to that, I think it was interesting to see sequential dollar decrease in Creative Subscriptions COGS. Lior, how much optimism do you have that the actual dollar value in COGS could go down in the future, recognizing we have guidance here for gross margin on the Creative Subscriptions side?

接下來，我認為看到創意訂閱銷貨成本連續下降是很有趣的。 Lior，您對未來 COGS 的實際美元價值可能下降有多樂觀，因為我們在這裡有創意訂閱方面的毛利率指導？

So first of all, let me start with saying that I will show in our Analyst Day, a very detailed plan both for -- in terms of the profitability, both for self-creators and partners and will show exactly how we are getting this leverage. I want to start and say that yes, improvement is coming from partners, but not just from partners, but also from self-creators just from the fact that we've become more efficient company.

首先，我將在分析師日展示一個非常詳細的計劃，無論是在盈利能力方面，還是對於自我創造者和合作夥伴，並將準確展示我們如何獲得這種影響力。首先我想說的是，是的，進步來自合作夥伴，但不僅僅是來自合作夥伴，還來自自我創造者，因為我們已經成為更有效率的公司。

So for example, when you are taking down our hosting, it impacts both partners, but also self-creators. So we managed to optimize the gross margin by keeping the cost fixed while revenue is increasing, so there they get more and more leverage. We are doing it by developing all kinds of tools in order to help us to optimize the hosting.

例如，當您取消我們的託管服務時，不僅會影響合作夥伴，還會影響自我創造者。因此，我們通過在收入增加的同時保持成本固定來優化毛利率，這樣他們就獲得了越來越多的槓桿。我們正在通過開發各種工具來幫助我們優化託管。

To your question with the gross margin, yes, I think that I believe that we are going to see more leverage also next year. Obviously, it's not going to be huge, but there will be some more leverage to our gross margin just from the fact that revenue will be growing more than the cost or more than the variable cost -- part of the cost.

對於你關於毛利率的問題，是的，我認為明年我們也會看到更多的槓桿。顯然，這不會很大，但由於收入的增長將超過成本或超過可變成本（成本的一部分），我們的毛利率將會有更多的槓桿作用。

Now with regard to the profitability, the overall profitability, I will show in the Analyst Day -- during the Analyst Day that we've already reached in the second half of the year to a run rate in terms of our cost structure that will lead us to the Rule of 40. And this is something that is really important to mention. We don't need to do anything else. We're simply going to see every quarter, every year some more leverage coming from the fact that revenue is growing, but only the variable part of our cost is growing, which delivers a huge leverage to our model.

現在，關於盈利能力，整體盈利能力，我將在分析師日展示——在分析師日期間，我們已經在下半年達到了成本結構的運行率，這將導致我們遵守40 條規則。這是非常值得一提的事情。我們不需要做任何其他事情。我們每個季度、每年都會看到更多的槓桿來自於收入增長的事實，但只有成本的可變部分在增長，這為我們的模型提供了巨大的槓桿。

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

我們的下一個問題將來自 JMP 證券的安德魯·布恩 (Andrew Boone)。

I wanted to go back to generative AI. As you guys bring this to market, can you talk about how you feel like your product will be differentiated versus the competition, as we think about AI generated by others?

我想回到生成式人工智能。當你們將其推向市場時，當我們考慮其他人生成的人工智能時，您能談談您認為您的產品與競爭對手相比有何差異化嗎？

You're mentioning the AI. So how it is -- what we do in terms of generating websites, right, is different than others. So the ones that we've seen until now are essentially doing the following, right? They take a template and they generate the text for the template and that -- then they save that as a website. Essentially, they're using ChatGPT to write text and then just put it inside of a template.

你提到的是人工智能。所以，我們在生成網站方面所做的工作與其他網站不同。所以到目前為止我們所看到的基本上都是在做以下事情，對嗎？他們採用模板並生成模板的文本，然後將其另存為網站。本質上，他們使用 ChatGPT 編寫文本，然後將其放入模板中。

When we started, we did that. We're now doing -- with ChatGPT, we're doing it since last, I think, November. And with ADI, we did it, of course, with algorithm less sophisticated. But even then, we didn't just inject text to template. We actually created layouts around the text, which is the other way around, right? And that creates a huge difference in what we generate because when you fill text into a template, you are creating essentially artificial text that will fit the design. While in most cases, if you think about building a business, you do the other way around, you create your marketing messages and then you create a design, right, to fit that. And visually, it creates a massive defense efficiency of those websites and very different. So that is the first difference.

當我們開始時，我們就這樣做了。我們現在正在做——通過 ChatGPT，我們從去年 11 月就開始做這件事。當然，對於 ADI，我們用不太複雜的算法做到了這一點。但即便如此，我們也不只是將文本注入到模板中。我們實際上圍繞文本創建了佈局，這是相反的，對嗎？這給我們生成的內容帶來了巨大的差異，因為當您將文本填充到模板中時，您實際上是在創建適合設計的人工文本。在大多數情況下，如果你考慮建立一家企業，你會採取相反的方式，你創建你的營銷信息，然後你創建一個設計，對吧，適應它。而且從視覺上看，它創造的巨大防禦效率與那些網站截然不同。這是第一個區別。

The other difference is that if you think about it, since probably 1998, you could write text in a word document and then save it as HTML, okay? So now you just build the website and you have the text and you have a very, very basic website. Of course, you cannot run your business on top of that because it doesn't have everything you need to run a business. It doesn't have analytics. It doesn't have a contact form. It doesn't have e-commerce. It doesn't have transactions. All of those are the platform that makes it into a real business. And this is something that most of the tools -- all the tools I have seen so far are lacking, right? They just build the page, which you could do in '98, with word and just save it as HTML. So that's another huge difference, right?

另一個區別是，如果你仔細想想，大概從 1998 年開始，你就可以在 Word 文檔中編寫文本，然後將其另存為 HTML，好嗎？所以現在你只需建立網站，你就有了文本，你就有了一個非常非常基本的網站。當然，您不能在此基礎上經營您的業務，因為它不具備經營業務所需的一切。它沒有分析功能。它沒有聯繫表格。它沒有電子商務。它沒有交易。所有這些都是使其成為真正業務的平台。這是大多數工具——迄今為止我見過的所有工具——所缺乏的，對吧？他們只是構建頁面，這在 98 年就可以用 word 完成，然後將其另存為 HTML。所以這是另一個巨大的差異，對嗎？

And the last part is the question of how do you edit. And this is a very important thing. A website is not something that you could edit once and you just publish it and you never go back. You constantly have things to do. You change products, you change services, you change addresses, you add things, you remove things. You need to add content, so Google will like you, and this is very, very important for finding your business in Google. And there's a lot of other things, right? So you need to be able to edit the content.

最後一部分是如何編輯的問題。這是一件非常重要的事情。網站不是你可以編輯一次、發布後就再也不會回去的東西。你總是有事情要做。你改變產品，你改變服務，你改變地址，你添加東西，你刪除東西。你需要添加內容，這樣谷歌才會喜歡你，這對於在谷歌中找到你的業務非常非常重要。還有很多其他的事情，對吧？因此，您需要能夠編輯內容。

Now when it comes to edit content, you don't want to regenerate the website, okay, which (inaudible) you see in all of those things that fill a template because it's not only about filling a template, it's now about editing the content. And this is the thing that we spend so much money on doing, right, to back in the technology, the e-commerce and then the ability to go in and point at something and edit or move it and drive it. So those are the things that created Wix, and those are, I think, still our differentiators.

現在，當涉及到編輯內容時，您不想重新生成網站，好吧，您在填充模板的所有內容中看到了這一點（聽不清），因為它不僅涉及填充模板，而且現在還涉及編輯內容。這就是我們花了這麼多錢做的事情，對吧，為了支持技術、電子商務，然後能夠進入並指向某些東西並編輯或移動它並驅動它。這些是創建 Wix 的東西，我認為這些仍然是我們的差異化因素。

Even if you generated a template with ChatGPT and it looks great. And for some magic origin actually, fit your value that the -- marketing value that you want to put in your website. Editing it is not going to be possible with the current technology they use. And then even more than that, the ability to have all of the applications on top of it that you really need for our business, don't exist.

即使您使用 ChatGPT 生成了一個模板，它看起來也很棒。實際上，對於某些神奇的起源，您想要在網站中添加的營銷價值適合您的價值。以他們當前使用的技術來編輯它是不可能的。更重要的是，將我們業務真正需要的所有應用程序置於其之上的能力並不存在。

And the letter talked about growing number of partners. Can you talk about the driver of that? I understood Studios has come and so was that more product-driven? Or did you guys do anything different on the marketing side?

信中談到了越來越多的合作夥伴。你能談談它的驅動力嗎？我知道工作室已經到來，那麼這是否更加以產品為導向？或者你們在營銷方面做了什麼不同的事情嗎？

So in terms of the growing number of partners, yes, it's both product-driven more than marketing. We need to remember that we haven't really started with marketing campaign for partners. I think that we built a business that is close to $0.5 billion in a few years without significant investment in marketing Obviously, now when we have the complete solution Studio -- Wix Studio, we are going to invest more in marketing. So a different way to look at it is it just open for us much more opportunities in terms of the growth. But most of the growth for partners is actually was driven by product.

因此，就合作夥伴數量的不斷增長而言，是的，這既是產品驅動的，也是營銷驅動的。我們需要記住，我們還沒有真正開始為合作夥伴開展營銷活動。我認為我們在幾年內建立了接近 5 億美元的業務，而沒有在營銷方面進行大量投資。顯然，現在當我們擁有完整的解決方案 Studio - Wix Studio 時，我們將在營銷方面投入更多。因此，從不同的角度來看，它為我們提供了更多的增長機會。但合作夥伴的大部分增長實際上是由產品驅動的。

Our next question comes from Brad Erickson from RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場的布拉德·埃里克森。

Just a couple of follow-ups. I guess, first, as you speak to the acceleration in the second half growth and kind of looking into next year. Maybe just talk to the growth algorithm for bookings between subs and price, particularly as you lap those price increases? And then second, just some housekeeping. Can you just -- Lior, can you just speak to any FX changes that are assumptions that are contemplated in the guidance versus last quarter?

只是幾個後續行動。我想，首先，當你談到下半年增長的加速以及對明年的展望時。也許只是討論訂閱者和價格之間預訂的增長算法，特別是當你經歷這些價格上漲時？其次，只是一些家政服務。 Lior，您能否談談指導意見中與上季度相比所考慮的任何外匯變化？

Yes. So look, everything with regard to the FX was not meaningful. I mean there is a kind of a few hundred thousand or $1 million effect of FX. So it's not really worth spending time over it. When we look at the second half of the year in terms of the acceleration, obviously, the comp are decent.

是的。所以看，與外匯有關的一切都沒有意義。我的意思是外匯有一種幾十萬或一百萬美元的影響。所以真的不值得花時間在上面。當我們從加速的角度來看下半年時，顯然，比較是不錯的。

Remember that Q1 of this year, the growth was about 10% over a very strong quarter of last year. So we are benefiting from a different comp. But on top of it, we are very encouraged to see the growth in our Partners business and the growth of our Business Solutions. So as usually, what we do when we provide the guidance, we see the cadence. We see the fundamentals that we have in front of us now. And based on that, we provide the guidance. So it's simply just taking what we see right now and without taking into effect any upside, for example, from the launch of Studio. So this is with regard to the acceleration.

請記住，今年第一季度的增長率比去年非常強勁的季度增長了約 10%。所以我們受益於不同的競爭。但最重要的是，我們非常高興地看到我們的合作夥伴業務和業務解決方案的增長。因此，像往常一樣，當我們提供指導時，我們會看到節奏。我們看到了現在擺在我們面前的基本面。在此基礎上，我們提供指導。因此，這只是我們現在所看到的，並沒有帶來任何好處，例如 Studio 的推出。這是關於加速度的。

I'm showing no further questions at this time. I will now turn the conference back to the company for closing remarks.

我目前沒有提出任何進一步的問題。現在我將把會議轉回公司進行閉幕致辭。

Thanks, everyone. Thanks, Anton, for that. Thanks, everyone, for joining us today. Have a great day. Bye.

感謝大家。謝謝你，安東。謝謝大家今天加入我們。祝你有美好的一天。再見。

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。