Wix.Com Ltd (WIX) 2023 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Wix Q3 2023 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 年第三季電話會議。 （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 your first speaker today. Emily Liu with Investor Relations. Emily, please go ahead.

現在我想將會議交給今天的第一位發言者。艾米莉·劉（Emily Liu）與投資者關係部。艾米麗，請繼續。

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

謝謝史黛西，大家早安。歡迎參加 Wix 2023 年第三季電話會議。今天與我一起討論我們的結果的是我們的執行長兼共同創辦人 Avishai Abrahami； Nir Zohar，我們的總裁兼營運長；以及我們的財務長 Lior Shemesh。

During the 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.

在電話會議期間，我們可能會做出前瞻性陳述，這些陳述是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有重大差異。

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

我們不承擔更新這些前瞻性聲明的任何義務。此外，我們還將評論非公認會計準則財務表現和關鍵營運指標。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 業績之間的所有對帳信息，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 delivered a tremendous third quarter that exceeds both growth and profitability expectation for another consecutive quarter. Revenue in Q3 grew to $394 million, which is $3 million above the high end of our guidance. We generated more than $62 million of free cash flow or 16% of revenues, ahead of our expectations.

謝謝艾米麗，大家早安。我們第三季的業績表現出色，成長和獲利能力連續一個季度超出預期。第三季的營收成長至 3.94 億美元，比我們指引的上限高出 300 萬美元。我們產生了超過 6,200 萬美元的自由現金流，佔收入的 16%，超出了我們的預期。

As a result of our outperformance year-to-date, we are again raising revenue and free cash flow guidance for the year. And we now expect to finish 2023 ahead of the margin target set at our Analyst Day in August. As we begin to wrap up an outstanding year, I want to spend most of my time today talking about products that we expect will be our primary growth engine going into 2024 and the years to come, Wix Studio and AI.

由於我們今年迄今表現出色，我們再次提高了今年的收入和自由現金流指引。現在，我們預計 2023 年將比 8 月分析師日設定的利潤率目標提前完成。在我們開始結束出色的一年之際，我今天想花大部分時間討論我們預計將成為 2024 年及未來幾年主要成長引擎的產品，即 Wix Studio 和 AI。

Like prior quarters, our Partners business was a meaningful driver of our strong top line performance in Q3, growing 38% year-over-year. We continue to find successful professionals through ongoing dialogue to better understand their needs and best-in-class product innovation that resonate with the community.

與前幾季一樣，我們的合作夥伴業務是我們第三季強勁營收業績的重要推動力，年增 38%。我們繼續透過持續對話尋找成功的專業人士，以更好地了解他們的需求以及與社區產生共鳴的一流產品創新。

As we spoke about at our Analyst Day in August, we took all that we have learned from partners over the years and created Wix Studio, our new cornerstone product for partners. The reception feedback and every KPIs has been incredible. The resounding consensus is that Studio provide agencies with everything they want and more for all of their web creation and project management needs.

正如我們在 8 月的分析師日上談到的那樣，我們汲取了多年來從合作夥伴那裡學到的所有知識，創建了 Wix Studio，這是我們為合作夥伴提供的新基石產品。接待回饋和每項關鍵績效指標都令人難以置信。響亮的共識是，Studio 為機構提供了他們想要的一切，甚至更多，以滿足他們所有的網路創建和專案管理需求。

Users particularly (inaudible) Studio responsive AI technology that simplify high-touch and time-sensitive tasks such as ensuring consistent design across web pages on different screen sizes. They are also enjoying the AI code assistant inside the new Wix IDE, which allowed them to write clinic code and detect errors easily. More importantly, Studio optimized partners workflow and productivity while elevating their own client offering, ultimately, helping them scale their business.

使用者特別是（聽不清楚）Studio 響應式 AI 技術，可以簡化高觸控和時間敏感的任務，例如確保不同螢幕尺寸上的網頁設計一致。他們也喜歡新的 Wix IDE 中的 AI 程式碼助手，這使他們能夠輕鬆編寫診所程式碼並偵測錯誤。更重要的是，Studio 優化了合作夥伴的工作流程和生產力，同時提升了自己的客戶服務，最終幫助他們擴展業務。

Features like workflow management, dashboard enabled agencies to easily manage all of their clients, projects and teams in one place and client kits allow partners to provide seamless end of experience with built into tutorials for their end client, saving time and resources.

工作流程管理、儀表板等功能使代理商能夠在一個地方輕鬆管理所有客戶、專案和團隊，而客戶端工具包使合作夥伴能夠透過內建教學為最終客戶提供無縫的最終體驗，從而節省時間和資源。

We already have thousands of studio sites live and many active generating GPV. The total number of registered studio accounts and conversion of existing sites to Studio have exceeded our own expectations. All of this early sign of success could not have been possible without the team that traveled across 12 cities over 2 months to bring Studio to live for countless educational workshop, Q&A forms and onboarding sessions. These 2 will give us the opportunity to hear directly from hundreds of partners around the globe, and it allowed partners to learn from each other.

我們已經擁有數千個直播工作室網站和許多活躍的 GPV。註冊工作室帳戶的總數以及現有網站向 Studio 的轉換都超出了我們自己的預期。如果沒有團隊在 2 個月內走遍 12 個城市，將 Studio 帶到現場，舉辦無數的教育研討會、問答表格和入職會議，所有這些早期的成功跡像都是不可能的。這兩個將使我們有機會直接聽取全球數百個合作夥伴的意見，並讓合作夥伴能夠互相學習。

Wix Studio is now fully live to all partners. We have a strong team that continues to execute well and a growing community of professionals excited about Wix. These factors are what gives me confidence in the long period of growth ahead in this business. We did not let off the gas in terms of product innovation, as we continue to add our own industry-leading AI and GenAI product offering.

Wix Studio 現已全面向所有合作夥伴開放。我們擁有一支持續良好執行的強大團隊，以及越來越多對 Wix 感到興奮的專業人士社群。這些因素讓我對這項業務未來的長期成長充滿信心。我們在產品創新方面並沒有鬆懈，我們不斷添加自己領先業界的 AI 和 GenAI 產品。

As we spoke about at an Analyst Day, we have nearly a decade working with AI and machine learning to reduce friction and enable better creation by leveraging AI for co-creation for our users. Earlier this week, we released our latest AI products, the first was AI Meta Tag Creator and a groundbreaking SEO tool powered by AI and our first AI powerful feature within our collection of SEO tools, both self-creators looking to generate SEO-friendly tags for each of their pages and professionals looking to enhance their efficiency and make real-time adjustments with benefits from this product.

正如我們在分析師日談到的那樣，我們在人工智慧和機器學習領域工作了近十年，透過利用人工智慧為用戶共同創造來減少摩擦並實現更好的創造。本週早些時候，我們發布了最新的人工智慧產品，第一個是人工智慧元標籤創建器和由人工智慧提供支援的突破性SEO 工具，以及我們的SEO 工具集合中的第一個強大的人工智慧功能，這兩個產品都是希望產生SEO 友好標籤的自我創建者對於他們的每個頁面和希望提高效率並利用該產品的優勢進行即時調整的專業人士。

The second was our Conversational AI Chat Experience for Businesses. This feature which is now live, paves the way to accelerate onboarding using AI in order to get businesses online more quickly and efficiently. These new tools continue to demonstrate our leadership in utilizing AI to help users of all types to succeed online. It has been a busy year at Wix still with many products and financial milestones, but we are not done yet. We expect to continue the strong momentum into the fourth quarter and accelerate profitable growth even further.

第二個是我們的企業對話式人工智慧聊天體驗。該功能現已上線，為使用人工智慧加速入職鋪平了道路，以便更快、更有效率地讓企業上線。這些新工具繼續展示了我們在利用人工智慧幫助各類用戶在線上取得成功方面的領先地位。今年對 Wix 來說是忙碌的一年，仍然有許多產品和財務里程碑，但我們還沒有完成。我們預計第四季將繼續保持強勁勢頭，並進一步加速獲利成長。

Finally, before I turn it over to Nir, I'd like to end with a quick thought. The terrorist attack in Israel a month ago was a terrible beyond imagination, but with Wix, it is navigated unprecedented challenges before and ultimately a much stronger from them. This world is no different. Even against the current backdrop, I am more confident than ever in the strength of our global team and the execution of our strategy and growth trajectory.

最後，在將其交給 Nir ​​之前，我想先快速思考一下。一個月前發生在以色列的恐怖攻擊是超乎想像的可怕攻擊，但有了 Wix，它克服了先前前所未有的挑戰，並最終變得更加強大。這個世界也不例外。即使在當前背景下，我對我們全球團隊的實力以及我們策略的執行和成長軌跡比以往任何時候都更加充滿信心。

With that, I will hand it over to Nir.

這樣，我就把它交給尼爾了。

Thank you, Avishai, and thank you, everyone, for joining us today. Following the strong performance that we've seen so far this year, I want to revisit the key growth pillars we spoke about at our Analyst Day, which we expect will drive our business in the coming years.

謝謝阿維沙伊，也謝謝大家今天加入我們。繼今年迄今的強勁表現之後，我想重新審視我們在分析師日談到的關鍵成長支柱，我們預計這將在未來幾年推動我們的業務。

First, as Avishai mentioned, Q3 was another quarter of accelerating growth in Partners revenue. We expect growth in the Partners business to continue with a long runway of opportunity ahead, particularly as Wix Studio ramps. The initial months of Wix Studio has been fantastic with more partners coming to Wix and an increase in projects per partner. We also continue to see partners adopting more business solutions products and driving meaningful growth in GPV.

首先，正如 Avishai 所提到的，第三季是合作夥伴收入加速成長的另一個季度。我們預計合作夥伴業務將持續成長，未來充滿機遇，尤其是隨著 Wix Studio 的發展。 Wix Studio 的最初幾個月非常出色，越來越多的合作夥伴加入 Wix，每個合作夥伴的專案也有所增加。我們也繼續看到合作夥伴採用更多的業務解決方案產品並推動 GPV 的有意義的成長。

Combined, these behaviors give us confidence that the compounding growth in Partners' cohorts and revenue will continue. Compounding Partners growth is complemented by reaccelerating growth in our stable and profitable self-creator business, which we saw once again this quarter.

綜合起來，這些行為讓我們相信合作夥伴群體和收入的複合成長將持續下去。我們穩定且獲利的自我創造業務的重新加速成長補充了Compounding Partners的成長，我們在本季度再次看到了這一點。

We expect our market-leading product innovation as well as our powerful AI products and technology to drive higher conversion, monetization and retention as we maintain our leadership position in the website building space. Avishai spoke about the AI chat experience for business and its early weeks -- and in its early weeks, we have already seen its positive impact on conversion and revenue.

我們期望市場領先的產品創新以及強大的人工智慧產品和技術能夠推動更高的轉換率、貨幣化和保留率，同時保持我們在網站建立領域的領先地位。 Avishai 談到了商業人工智慧聊天體驗及其早期幾週——在早期幾週，我們已經看到了它對轉換和收入的積極影響。

We have more AI products in our pipeline that we believe will continue this trend and I'm confident that our innovation paired with macro recovery will return our self-creators business to double-digit growth.

我們正在開發更多人工智慧產品，我們相信這些產品將延續這一趨勢，我相信我們的創新與宏觀復甦相結合將使我們的自我創造者業務恢復兩位數成長。

The third pillar of our strategy is Business Solutions growth. We saw outstanding transaction revenue growth in Q3, increasing 22% year-over-year, highlighting higher GPV as well as increased adoption of Wix Payments. We expect continued increases in transaction revenue and GPV as well as better adoption of business applications will drive growth across both Partners and self-creators. This quarter was a continuation of the momentum in growth we experienced in the first half of the year, and it increases our excitement about what's to come in the years ahead.

我們策略的第三個支柱是業務解決方案的成長。我們看到第三季的交易收入成長顯著，年增 22%，凸顯了 GPV 的提高以及 Wix Payments 的採用率的增加。我們預計交易收入和 GPV 的持續成長以及業務應用程式的更好採用將推動合作夥伴和自我創造者的成長。本季是我們上半年成長動能的延續，它增加了我們對未來幾年的興奮感。

Finally, I'd like to briefly address our operations amidst the ongoing war in Israel. With all of our employees accounted for and our business continuity plan in place, there has been no disruption to our business and we do not anticipate any significant impact on operations going forward, even as the war continues. As a reminder, all of our infrastructure and internal networks are cloud-based and located completely outside of Israel.

最後，我想簡要地談談我們在以色列持續戰爭中的行動。由於我們所有員工都已到位並且我們的業務連續性計劃到位，我們的業務沒有受到干擾，我們預計即使戰爭仍在繼續，也不會對未來的運營產生任何重大影響。提醒一下，我們所有的基礎設施和內部網路都是基於雲端的，並且完全位於以色列境外。

Importantly, our users have not experienced any disruptions to performance or support throughout this period. As we have shared, less than 5% of our global workforce were called up to military duty and we have already implemented contingencies to take on their responsibilities. In the immediate weeks following October 7, as we focused on the well-being of our employees and their families, we experienced slight delays to some products development time lines. In response, we shifted priorities and efforts to successfully mitigate impact on our product pipeline.

重要的是，在此期間，我們的用戶沒有遇到任何效能或支援中斷。正如我們所分享的，我們全球員工中不到 5% 的人被徵召入伍，我們已經採取了應急措施來承擔他們的責任。在 10 月 7 日之後的幾週內，由於我們關注員工及其家人的福祉，因此一些產品的開發時間略有延遲。作為回應，我們改變了優先事項和努力，以成功減輕對我們產品線的影響。

We intend for these delays not to impact our overall product development plans. Over the last several weeks, we have successfully launched a number of products, including the full global rollout of Studio as well as our newest AI capabilities. We will continue to introduce new products and features in the coming quarters as planned.

我們希望這些延遲不會影響我們的整體產品開發計劃。在過去的幾周里，我們成功推出了許多產品，包括在全球全面推出 Studio 以及我們最新的人工智慧功能。我們將按計劃在未來幾季繼續推出新產品和功能。

Our people in Israel are obviously adjusting to a new work environment. We are supporting them in any way we can, including with the implementation of a work routine that prioritizes the physical safety and mental well-being of our teams and their families. In addition to supporting our Wix teammates, our global team has implemented multiple initiatives to support our users and broader community during this time as well.

我們以色列人顯然正在適應新的工作環境。我們正在盡一切努力支持他們，包括實施優先考慮我們團隊及其家人的人身安全和心理健康的工作程序。除了支持我們的 Wix 團隊成員之外，我們的全球團隊在此期間還實施了多項措施來支援我們的用戶和更廣泛的社群。

We are leveraging our robust platform, global footprint and technological expertise to connect those in need with vital resources, assist small businesses impacted by the war and ensure the reliability of our platform for those who are depending on it the most.

我們正在利用我們強大的平台、全球足跡和技術專長，將有需要的人與重要資源聯繫起來，幫助受戰爭影響的小型企業，並確保我們平台對最依賴我們平台的人的可靠性。

The resiliency of this incredible team along with the support of our community of users and partners giving confidence in our growth strategy as we all look forward to better times.

這個令人難以置信的團隊的韌性以及我們的用戶和合作夥伴社群的支持使我們對我們的成長策略充滿信心，因為我們都期待著更好的時代。

With that, I will hand it over to Lior to walk through our financials outlook and progress against our refreshed 3-year plan. Lior?

接下來，我將把它交給 Lior，根據我們更新的三年計劃來介紹我們的財務前景和進展。利奧爾？

Thanks, Nir. We carried forward our positive momentum into Q3 with another quarter of results that exceeded both growth and profitability expectations. Our exceptional performance year-to-date enable us to increase full year guidance again and provide increased confidence in our ability to achieve and even exceed the milestone in our 3-year plan provided at our Analyst Day in August.

謝謝，尼爾。我們將積極動能延續到第三季度，又一個季度的業績超出了成長和獲利預期。我們今年迄今為止的出色表現使我們能夠再次提高全年指導，並增強了我們對實現甚至超越 8 月份分析師日所提供的三年計劃里程碑的能力的信心。

We now expect to exit the year with free cash flow margin of 20% to 21%, which is within striking distance of the minimum of 25% free cash flow margin targeted for 2025. Additionally, we also expect to generate more than $3.5 of free cash flow per share in 2023 above the $3 per share anticipated in August, as a result of robust free cash flow generation and careful dilution management throughout the year. Notably, following the second consecutive quarter of positive GAAP net income in Q3, we expect to achieve positive GAAP net income for full year 2023 with GAAP profitability expected to be achievable in 2024 as well. I'm incredibly proud of this achievement, as it puts us ahead of the GAAP target in our 3-year plan.

我們現在預計今年結束時的自由現金流利潤率為20% 至21%，這與2025 年自由現金流利潤率最低目標25% 的目標相差不遠。此外，我們還預計將產生超過3.5 美元的自由現金流利潤率。由於全年強勁的自由現金流產生和謹慎的稀釋管理，2023 年每股現金流將高於 8 月預期的每股 3 美元。值得注意的是，繼第三季連續第二季實現正 GAAP 淨利潤後，我們預計 2023 年將全年實現正 GAAP 淨利潤，預計 2024 年也將實現 GAAP 獲利能力。我對這項成就感到無比自豪，因為它使我們領先於 3 年計劃中的 GAAP 目標。

Moving on to the details of the third quarter. Total revenue of $394 million was up 14% year-over-year and exceeded the top end of our guidance range by $3 million, as we continue to execute on our strategic initiatives. Total bookings were $389 million, up 10% year-over-year. Strong top line growth was again driven by our Partners business. Partners revenue grew 38% year-over-year in Q3, marking a third consecutive quarter of accelerating growth.

繼續討論第三季的細節。隨著我們繼續執行我們的策略性舉措，總收入達到 3.94 億美元，年增 14%，比我們指導範圍的上限高出 300 萬美元。總預訂量為 3.89 億美元，年增 10%。我們的合作夥伴業務再次推動了營收的強勁成長。第三季合作夥伴營收年增 38%，連續第三個季度加速成長。

With Partners now contributing to more than 40% of overall GPV, total GPV in Q3 grew 14% year-over-year. This growth in GPV, coupled with an increased take rate as merchants continue to adopt Wix Payments resulted in transaction revenue growth accelerating to 22% year-over-year this quarter.

目前，合作夥伴對總 GPV 的貢獻超過 40%，第三季總 GPV 年比成長 14%。 GPV 的成長，加上商家持續採用 Wix Payments 帶來的採用率提高，導致本季交易營收年增至 22%。

Before I move on to profitability, I want to take a moment to highlight our B2B business. After 3 years since the signing of our first partnership, our B2B business has scaled tremendously and is now profitable on a stand-alone basis. Today, we are able to integrate with any large business looking to bring the power of Wix to their customers without additional meaningful technological investments from our end.

在談論盈利之前，我想花點時間重點介紹我們的 B2B 業務。自簽署第一份合作夥伴關係以來的三年後，我們的 B2B 業務已實現巨大規模，目前已實現獨立盈利。如今，我們能夠與任何希望將 Wix 的強大功能帶給客戶的大型企業進行整合，而無需我們進行額外有意義的技術投資。

As a result of this achievement as well as the uncertain macro environment, we are now able to offer partners pay the growth terms and we no longer recognize unbilled contractual obligation in bookings beyond 12 months. One example of this evolution is our B2B model -- to our B2B model is a strategic partnership we signed with Intuit earlier this quarter. This partnership represents a significant potential in the future but will be recognized based on usage on an ongoing basis. We believe this shift opens our pipeline to more partnership opportunities going forward.

由於這項成就以及不確定的宏觀環境，我們現在能夠向合作夥伴提供成長條款，並且我們不再確認 12 個月以上預訂中的未開票合約義務。這種演變的一個例子是我們的 B2B 模式——我們的 B2B 模式是我們本季早些時候與 Intuit 簽署的策略合作夥伴關係。這種合作關係代表著未來的巨大潛力，但將根據持續的使用情況得到認可。我們相信這項轉變為我們開啟了未來更多合作機會的管道。

Moving on now to the profitability improvements made this quarter. Non-GAAP gross margin of 68% was up approximately [380] basis points compared to the prior year quarter. We continue to benefit from a more optimized cost structure as well as better gross margin in our Payments business. We generated the fourth consecutive quarter of positive non-GAAP operating income, which was 15% of revenue Q3 included nonrecurring increases to compensation as well as increased marketing activities associated with Wix Studio, both according to our annual budget.

現在轉向本季獲利能力的改善。非 GAAP 毛利率為 68%，與去年同期相比上升約 [380] 個基點。我們繼續受益於更優化的成本結構以及支付業務更好的毛利率。根據我們的年度預算，我們連續第四個季度實現非 GAAP 營業收入為正值，佔第三季度收入的 15%，其中包括非經常性薪酬增長以及與 Wix Studio 相關的營銷活動的增加。

These increases in operating expense were partially offset by continued execution on our streamlined marketing strategy as well as lower headcount and overhead expenses compared to the prior year quarter. As a result of our continued growth and leaner cost structure, we generated stronger free cash flow than expected this quarter. Free cash flow grew 28% year-over-year to over $62 million or 16% of revenue and accelerates our path to achieving the target in our 3-year plan. Note that this excludes CapEx related to the build-out of our headquarters.

營運費用的增加部分被我們簡化的行銷策略的持續執行以及與去年同期相比減少的員工人數和管理費用所抵消。由於我們的持續成長和更精簡的成本結構，本季我們產生了比預期更強的自由現金流。自由現金流年增 28%，達到 6,200 萬美元以上，佔收入的 16%，加速了我們實現 3 年計畫目標的步伐。請注意，這不包括與我們總部擴建相關的資本支出。

Now I want to finish with our outlook for Q4 and 2023. We expect total revenue in Q4 to be $400 million to $405 million, representing 13% to 14% growth year-over-year. Following our revenue outperformance year-to-date, we are increasing our full year outlook again. We now expect total revenue to be approximately $1.558 billion to $1.563 billion, representing approximately 12% to 13% year-over-year growth, an increase from our previous expectation of 11% to 12% year-over-year growth. We also expect accelerating profitability as we exit 2023. We are increasing our outlook for free cash flow for 2023 to $235 million to $240 million or approximately 15% of revenue.

現在我想結束對第四季和 2023 年的展望。我們預計第四季的總營收為 4 億至 4.05 億美元，年增 13% 至 14%。繼今年迄今的收入表現出色之後，我們再次提高了全年預期。我們目前預計總收入約為 15.58 億美元至 15.63 億美元，年增約 12% 至 13%，高於我們先前預期的 11% 至 12% 年成長。我們也預計，隨著 2023 年退出，獲利能力將加速提升。我們將 2023 年自由現金流的預期提高至 2.35 億美元至 2.4 億美元，約佔收入的 15%。

This indicates an exit free cash flow margin of 20% to 21% this year, putting us much closer to our minimum 25% of free cash flow margin anticipated for 2025. This compares to our previous free cash flow outlook of $200 million to $210 million or approximately 13% of revenue and an exit rate of approximately 15%. This updated free cash flow outlook along with careful dilution management throughout the year also enables us to increase our free cash flow per share target for the year.

這顯示今年的退出自由現金流率為20% 至21%，使我們更接近2025 年預期的最低25% 自由現金流率。相較之下，我們先前的自由現金流前景為2 億至2.1 億美元或約收入的 13%，退出率約 15%。更新後的自由現金流前景以及全年謹慎的稀釋管理也使我們能夠提高今年的每股自由現金流目標。

Following the incredible performance so far this year, I'm more confident than ever in our ability to achieve our 3-year plan as we accelerate a longer expected path to the Rule of 40 with a free cash flow margin target of at least 25% in 2025.

繼今年迄今為止令人難以置信的業績之後，我比以往任何時候都對我們實現3 年計劃的能力更有信心，因為我們將加速實現40 法則的更長預期路徑，自由現金流利潤率目標至少為25% 2025年。

Operator, we are now ready for questions.

接線員，我們現在準備好提問了。

(Operator Instructions) Our first question comes from Trevor Young with Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的 Trevor Young。

Great. First, just any insights on the slight deceleration in bookings, particularly in light of the easier compare. It looks like it deceled both on a reported basis and ex FX.

偉大的。首先，只是對預訂量略有下降的任何見解，特別是考慮到更容易進行比較。從報告數據和外匯前來看，它似乎都出現了下滑。

And then second question, on a geo basis, what drove that market acceleration in Europe and Asia? And what drove the slowdown in North America to partially offset that.

第二個問題，從地理角度來看，是什麼推動了歐洲和亞洲市場的加速發展？是什麼推動了北美經濟放緩，部分抵消了這種影響。

So I will answer both of the questions. This is Lior. So with regard to the bookings, it came in where we expected. I think that it's also worth mentioning the B2B partnership, and I spoke about it briefly before. We see actually a very positive changes to this business. As I mentioned before, we completed with products and integration with previous customers, with previous partners.

所以我將回答這兩個問題。這是利奧爾。因此，就預訂而言，它達到了我們的預期。我認為B2B合作關係也值得一提，我之前簡單地談過。我們實際上看到這項業務發生了非常積極的變化。正如我之前提到的，我們完成了產品以及與以前的客戶、以前的合作夥伴的整合。

So we don't have to do it again. It means that it's not necessary for us to demand any kind of commitment from our partners going forward. Also, when you look at the macro environment, people -- our partners, obviously, are not willing to provide a long-term commitment as -- by the way, as I am not willing to do that with regard to my vendor.

所以我們不必再做一次。這意味著我們沒有必要要求我們的合作夥伴做出任何形式的承諾。此外，當你觀察宏觀環境時，人們——我們的合作夥伴，顯然，不願意提供長期承諾——順便說一句，因為我不願意對我的供應商這樣做。

So from now on, we are not going to recognize a multiyear commitment as part of bookings, at least that is more than one year. So it's going to have a kind of a negative effect on bookings short term, but not long term. And -- but it's not going to have any impact on revenue. It's important to mention.

因此，從現在開始，我們不會將多年承諾視為預訂的一部分，至少是一年以上。因此，這會對短期預訂產生某種負面影響，但不會長期影響。而且——但這不會對收入產生任何影響。值得一提的是。

Second reason to your question, we had a slightly higher percentage of monthly plan, partly driven by new subs from B2B partnerships as well as in other specific geographies. Again, there is no impact on revenue, just about the booking.

你問題的第二個原因是，我們的月度計劃比例略高，部分原因是來自 B2B 合作夥伴以及其他特定地區的新訂閱者。同樣，這對收入沒有影響，只是對預訂產生影響。

Third reason, I believe, is from -- because of the fact that, that was the first full quarter of flapping price increase from spring 2022. However, we benefited from compounding growth in part of course driven by business solutions. So it's even kind of more than compensated for that. I believe that going forward, we need to remember that we have not yet benefited from strong growth engines that we have, for example, Studio that we just launched, but also all the AI tools that we already see the contribution in terms of increased conversion, but also increase in revenue.

我認為第三個原因來自——因為這是自 2022 年春季以來價格大幅上漲的第一個完整季度。然而，我們受益於複合成長，這在一定程度上是由業務解決方案推動的。所以這甚至比補償還要多。我認為，展望未來，我們需要記住，我們還沒有從強大的成長引擎中受益，例如我們剛剛推出的 Studio，以及我們已經看到的所有人工智慧工具在增加轉換方面的貢獻，而且還增加了收入。

With regard to the second question about the geo growth. So in the slide of last quarter, we had a mistake, meaning that Europe was not 2%. It was 9%, going up to 11%, this quarter actually accelerating. So that kind of explained part of the confusement that we have in the geo.

關於第二個問題，即地理成長。所以在上個季度的幻燈片中，我們犯了一個錯誤，這意味著歐洲不是 2%。之前是 9%，後來上升到 11%，本季實際上還在加速。這可以部分解釋我們對地理的困惑。

Our next question comes from Ygal Arounian with Citi.

我們的下一個問題來自花旗銀行的 Ygal Arounian。

First of all, best wishes to you guys and families and everyone. And hope you guys have been okay and wishing for better times in Israel and the region. I have 2 questions. First, just on the acceleration in Partners and Studio and the impact that's driving there.

首先，向你們、家人和所有人致以最美好的祝愿。希望你們一切都好，並祝福以色列和該地區過得更好。我有 2 個問題。首先，我們來談談合作夥伴和工作室的加速發展以及由此產生的影響。

I think typically, when you guys launch new products, it feels like it takes a little bit more time until you start seeing a more meaningful impact and it's coming through the numbers. Are you seeing it -- has that been a notable driver of the acceleration in third quarter? Or is it really more still the problems, you've seen some good early signs but it's not contributing a lot to the numbers yet.

我認為，通常情況下，當你們推出新產品時，感覺需要更多的時間才能開始看到更有意義的影響，並且它是透過數字體現出來的。您看到了嗎？這是否是第三季加速成長的顯著推動因素？或者這實際上仍然是問題，你已經看到了一些很好的早期跡象，但它對數字的貢獻還不是很大。

And then on the AI side, just a follow-up on the comments around driving better conversion. So a lot of new AI products coming through. Can you just expand on that comment on conversion what you're seeing in the KPIs around conversion, monetization and retention?

然後在人工智慧方面，只是關於推動更好的轉換的評論的後續。因此，許多新的人工智慧產品不斷湧現。您能否詳細闡述您在關於轉換、貨幣化和保留的 KPI 中看到的關於轉換的評論？

Yes, so I will start with the first question about Partners. So you're absolutely right. We still don't see a significant impact of Studio because we just launched it. I think that this is why we are so excited about it.

是的，所以我將從關於合作夥伴的第一個問題開始。所以你是完全正確的。我們仍然沒有看到 Studio 的重大影響，因為我們剛剛推出它。我認為這就是我們對此如此興奮的原因。

The entire growth we see right now are coming from our previous products and everything that we've done with Partners including Editor X, not necessarily Studio. And we need to remember that we still see the compounding effect of it, meaning that any agency that drawing like a few quarters ago, we see the benefit of it right now, buying more and using more payments, for example, or Google ads.

我們現在看到的全部成長都來自我們之前的產品以及我們與合作夥伴（包括 Editor X，不一定是 Studio）所做的一切。我們需要記住，我們仍然看到它的複合效應，這意味著任何像幾個季度前那樣吸引的機構，我們現在都看到它的好處，購買更多並使用更多付款，例如，或谷歌廣告。

So we see a tremendous increase in business solutions. A big part of it is because of Partners. The reason why we are so excited because we believe that Studio is a great engine for us to continue and increase growth for partners in the future. We are going to see some of it next year.

因此，我們看到業務解決方案的巨大成長。其中很大一部分是因為合作夥伴。我們之所以如此興奮，是因為我們相信 Studio 是我們未來繼續和增加合作夥伴成長的強大引擎。明年我們將會看到其中的一些。

I believe your second question was in regards to what kind of effect we are seeing from different AI products that we are launching, and mostly in regards to improvement in conversion. And we do actually see an improvement in conversion, which is probably the most important KPI by which we measure our success in deploying new products.

我相信你的第二個問題是關於我們從我們推出的不同人工智慧產品中看到什麼樣的效果，主要是關於轉換率的提高。我們確實看到了轉換率的提高，這可能是我們衡量新產品部署成功與否的最重要的 KPI。

The reason for that is that with AI, we are able to ask the user better questions and to understand in a smarter way why it is that the user is trying to achieve. From that, we are able to generate a better starting point for their business on top of Wix. And that is not just the skeleton, we are also able to fill in a lot of information, a lot of the content that the user would normally have to fill in manually.

原因是，借助人工智慧，我們能夠向用戶提出更好的問題，並以更聰明的方式理解用戶想要實現的目標的原因。由此，我們能夠在 Wix 之上為他們的業務創造一個更好的起點。這不僅僅是框架，我們還可以填寫很多信息，很多用戶通常需要手動填寫的內容。

The result is that the amount of effort and knowledge that you need to create a website and for your business on Wix is dramatically reduced. And from that, we are able to see very good results in terms of improvement of conversion.

結果是，您在 Wix 上建立網站和開展業務所需的工作量和知識量大大減少。由此，我們可以看到在提高轉換率方面取得了非常好的效果。

Our next question comes from Andrew Boone of JMP Securities.

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

We, as well, are also thinking about you guys. I wanted to tie back the comment of self-creator growth returning to double-digit with sales marketing going forward. Historically, you guys have had a very strong framework between those two items. And so can you just talk about how we should expect your marketing and performance marketing specifically to either ramp as we think about self-creators getting back to double-digit growth or anything else you want to unpack there?

我們也同樣為你們著想。我想將自我創造者成長恢復到兩位數的評論與未來銷售行銷的發展聯繫起來。從歷史上看，你們在這兩個項目之間有一個非常強大的框架。那麼，您能否談談我們應該如何期望您的行銷和績效行銷，特別是當我們考慮自我創造者恢復兩位數成長或您想要在那裡解壓的其他任何東西時？

Andrew, so this is Lior. So I believe that looking at the history of Wix almost the entire growth that we managed to deliver in the past was due to products. Obviously, Avishai mentioned, for example, the AI tools that we just launched, and we see a tremendous increase and potential upside for the future to be more specific about conversion, for example. We also see a much bigger usage of our business solution tools like Payments, for example.

安德魯，這是利奧爾。因此，我相信，縱觀 Wix 的歷史，我們過去實現的所有成長幾乎都歸功於產品。顯然，Avishai 提到了我們剛推出的人工智慧工具，我們看到了巨大的成長和潛在的優勢，例如未來在轉換方面更加具體。例如，我們也看到我們的業務解決方案工具（例如支付）的使用量大大增加。

So looking at everything and including and hopefully, the market and the macro recovery in the future, we do believe that we will be able to gain a double-digit growth for self-creators.

因此，縱觀一切，包括並希望包括未來的市場和宏觀復甦，我們確實相信我們將能夠為自我創造者獲得兩位數的成長。

Great. And then I just wanted to touch on gross profit margins. Can you just help us unpack the improvement there? And how do we think about that going forward? Any change from analyst deck?

偉大的。然後我只想談談毛利率。您能幫我們解開那裡的改進嗎？我們如何看待未來的發展？分析師牌組有什麼變化嗎？

So yes, certainly. So we saw this year a tremendous improvement in margins -- in gross margin. And it came mostly from 2 places. The first one is a lot of improvements and savings that we have with our infrastructure, mostly the hosting activity. So we had a lot of savings over there, but also about our care organization, for example, benefiting from all kind of AI tools that enable us to be more efficient.

所以是的，當然。因此，我們今年看到了利潤率——毛利率——的巨大改善。它主要來自兩個地方。第一個是我們的基礎設施（主要是託管活動）的大量改進和節省。因此，我們在那裡節省了很多錢，我們的護理組織也節省了很多錢，例如，受益於各種人工智慧工具，使我們能夠提高效率。

So I believe that, that was most of the improvement that we've seen this year. I believe that next year, we are going to see some more improvement. I don't -- I'm not sure that it will be drastic as this year, but we're certainly going to see more improvement especially around being more efficient, but also from the fact that we see a much better gross margin coming from the Business Solutions. For example, Payments, as take rate is increasing, we are able to generate more margins out of transaction revenue. I believe that this is something that will continue also next year and will drive gross margins up again next year.

所以我相信，這是我們今年看到的大部分改進。我相信明年，我們會看到更多的進步。我不——我不確定今年的情況會如此劇烈，但我們肯定會看到更多的改進，特別是在提高效率方面，而且我們看到毛利率會更高來自業務解決方案。例如，在支付方面，隨著使用率的提高，我們能夠從交易收入中產生更多的利潤。我相信這種情況明年也將持續，並將推動明年毛利率再次上升。

The question was just about the gross margin or the overall profitability, for example, the operating expenses?

問題只是關於毛利率或整體獲利能力，例如營運費用？

I was going to keep it to gross profit margin. I'll let somebody else...

我打算將其保持在毛利率水平。我會讓別人...

Our next question comes from [Chris Zhang] with UBS.

我們的下一個問題來自瑞銀集團的[Chris 張]。

So I have the first question regarding the marketing expense this year. You lowered the guide for -- the market expense by about 200 basis points as a percentage of revenue. Can you maybe unpack the drivers of the reduction? How much from the more direct response channels, how much from the Partners spend that you previously expect to go up? And also, can you talk about the return environment right now on the acquisition marketing, as one of your competitors mentioned leaning more into the more direct channels versus to Partners spend.

我的第一個問題是關於今年的行銷費用。您將市場費用佔收入百分比的指導值降低了約 200 個基點。您能解開減少的驅動因素嗎？您預計之前會增加多少來自更直接的回應管道、來自合作夥伴的支出？另外，您能否談談目前收購行銷的回報環境，正如您的一位競爭對手所提到的，與合作夥伴支出相比，更傾向於更直接的管道。

Chris, it's Nir. I think I'll kick this off and Lior can go into maybe a little more of the financial aspects if needed. But generally -- already last year, we communicated our change in marketing strategy to strategy that worked extremely well for us. We leverage the strength of our brand against buying (inaudible) understanding that we can get better ROI simply because the brand is compensating because it strengthened so much throughout the last few years.

克里斯，我是尼爾。我想我會開始討論這個問題，如果需要的話，Lior 可以多討論一些財務方面的問題。但總的來說，去年我們就將行銷策略的改變傳達給了對我們來說非常有效的策略。我們利用品牌的優勢來對抗購買（聽不清楚）的理解，即我們可以獲得更好的投資回報率，因為品牌正在補償，因為它在過去幾年中得到瞭如此大的加強。

Throughout this year, we communicated continuing this strategy, but also basically deploying a lot of marketing dollars towards the release and the launch of Wix Studio. Now we explained and we put most of that spend in the second half of the year. But if you remember when we share the kind of the cadence of the release of Wix Studio, Q3 was -- about mainly about an internal launch.

今年全年，我們一直在傳達繼續這項策略的訊息，但基本上也為 Wix Studio 的發布和推出投入了大量的行銷資金。現在我們解釋了，我們把大部分支出放在了下半年。但如果您還記得，當我們分享 Wix Studio 的發布節奏時，第三季主要是內部發布。

So we were launching to our existing partners. And therefore, we didn't need to spend and to use most of the marketing budget. So the plan was always to put more of its use in Q4. Even Q3, by the way, within the plan of the internal -- the internal plan, we managed to create some savings, which was great. But the goal was to put more of it towards Q4.

因此，我們向現有合作夥伴推出了這項產品。因此，我們不需要花費和使用大部分行銷預算。因此，計劃始終是在第四季度投入更多使用。順便說一句，即使是第三季度，在內部計劃中，我們也設法節省了一些費用，這很棒。但目標是將更多資金投入到第四季。

That being said, looking at the first few weeks of the launch of Studio, the adoption is fantastic. It's higher than we even expected. So we believe that the actual deployment of the marketing dollars will be done more gradually between Q4 and heading into 2024.

話雖如此，從 Studio 推出的前幾週來看，採用率非常好。它甚至比我們預期的還要高。因此，我們認為行銷資金的實際部署將在第四季到 2024 年之間逐步完成。

That's super helpful. And I guess if you can also comment on the return environment. And I think that's also kind of related to the self-creators growth trajectory and how you're thinking about probably just putting some dollars in -- or incremental dollars in the acquisition marketing?

這非常有幫助。我想您是否也可以評論一下返回環境。我認為這也與自我創造者的成長軌跡有關，以及您如何考慮可能只是投入一些資金，或者在收購行銷中投入增量資金？

So with regard to the self-creators, there's not much of a change from the last quarter. And I think that we show that the change that we've made is a consistent and stable. We managed to generate, obviously, the same amount of collection with less investment in marketing. And I think that it's great to see that this strategy is actually working due to the fact that the brand become much, much stronger.

因此，就自我創造者而言，與上季相比沒有太大變化。我認為我們表明我們所做的改變是一致和穩定的。顯然，我們用更少的行銷投資獲得了相同數量的收藏。我認為很高興看到這一策略實際上正在發揮作用，因為該品牌變得越來越強大。

Right now, you know the return is -- obviously has changed dramatically than compared to the beginning of last year, which stands at less than 1 quarter. I believe that -- and we see the strength of our brand. We believe that this is something that can continue and sustain also over the next couple of years. So we do not see any significant change over there for self-creators.

現在，你知道回報率與去年年初相比明顯發生了巨大變化，去年年初回報率不到四分之一。我相信這一點——而且我們看到了我們品牌的實力。我們相信，這種情況在未來幾年也可以持續下去。因此，對於自我創造者來說，我們沒有看到任何重大變化。

Our next question comes from Bernie McTernan of Needham & Company.

我們的下一個問題來自尼達姆公司的伯尼·麥克特南。

Just reiterating thoughts and prayers with you guys and the Wix team. Maybe just on self-creator, talking about getting back to double-digit growth. How much of that can you control versus waiting on the macro, anything that you can call out like technology or maybe even just marketing wise to -- that you control to get that growth back to double digits?

只是向你們和 Wix 團隊重申我的想法和祈禱。也許只是在自我創造上，談論回到兩位數的成長。與等待宏觀調控相比，你能控制多少，任何你可以稱之為技術的東西，甚至可能只是行銷明智的東西——你可以控制這些東西，讓成長回到兩位數？

Bernie, it's Nir. So I think on the self-creators, obviously, macro environment is something we cannot control and we don't anticipate to control. But we do believe that a lot of our product innovation is towards generating that growth in any environment. And obviously, if there's a recovery that can be even a plus to that growth.

伯尼，我是尼爾。所以我認為，對於自我創造者來說，顯然，宏觀環境是我們無法控制的，也是我們不希望控制的。但我們確實相信，我們的許多產品創新都是為了在任何環境下成長。顯然，如果出現復甦，甚至可以為成長帶來好處。

From what we've seen already, first and foremost, I think that the AI innovation that we are aiming for, and Avishai just explained how does the AI drives conversion. And we have -- this is the first milestone or first part of a much deeper and wide product around AI and the creation for self-creators that we plan. Obviously, that improvement in conversion is -- can be a big driver for growth and marketing is something that follows product.

從我們已經看到的情況來看，首先也是最重要的是，我認為我們的目標是人工智慧創新，Avishai 剛剛解釋了人工智慧如何推動轉換。我們已經——這是我們計劃的圍繞人工智慧和自我創造者的創造的更深入、更廣泛的產品的第一個里程碑或第一部分。顯然，轉換率的提高可以成為成長的重要推動力，而行銷是產品之後的事情。

So if the conversion improves, then obviously, we can consider what more we want to do in terms of the marketing towards self-creators. But from that standpoint alone, we think there's a significant potential for growth. The other side of it is the Business Solutions, okay? The Business Solutions, although they're growing much faster on the Partners side, they are also growing significantly on the self-creator side.

因此，如果轉換率有所提高，那麼顯然，我們可以考慮在針對自我創造者的行銷方面我們還想做什麼。但僅從這個角度來看，我們認為存在著巨大的成長潛力。它的另一面是業務解決方案，好嗎？業務解決方案雖然在合作夥伴方面成長得更快，但在自我創造者方面也有顯著成長。

And we've seen that both on the side of GPV and growth and adoption of selling e-commerce platforms, whether it's stores or scheduling or restaurants or hotels and we have -- or events and we have a very wide variety, which is part of -- a big part of our strength.

我們已經看到，無論是在GPV 方面，還是在銷售電子商務平台的成長和採用方面，無論是商店、日程安排、餐廳還是酒店，我們都有——或者活動，我們有各種各樣的活動，這是一部分我們力量的很大一部分。

So the GPV growth is definitely a driver there as well as other solutions that are more business solutions, e-mail marketing, Google advertising, et cetera. So our belief is, yes, we can drive it. That's in our control, and hopefully, recovery will come on top of it.

因此，GPV 的成長絕對是一個驅動因素，其他解決方案包括更多的業務解決方案、電子郵件行銷、Google廣告等。所以我們的信念是，是的，我們可以推動它。這在我們的控制範圍內，希望能夠恢復過來。

Understood. And then just to follow up on Wix Studios. I know it's really early days, but adoption higher than expected. Anything you can comment just in terms of like tangibly what you're seeing, whether it's the partners being more efficient? Or do you think you're taking share of their workload, just -- would love just to get some more tangible in terms of just like exactly what's happening as the adoption occurs in Wix Studios.

明白了。然後跟進 Wix Studios。我知道現在還處於早期階段，但採用率高於預期。您可以根據您所看到的具體情況發表評論，是否是合作夥伴效率更高？或者您是否認為您正在分擔他們的工作量，只是希望獲得一些更具體的信息，就像 Wix Studios 中採用時所發生的情況一樣。

Well, I think that there is a variety. There are many different kinds of partners that are using Wix Studio. And I think that -- when you look at more of the freelancers or the people that do it part time, then it is just a more familiar user interface. It is very similar to a lot of design software.

嗯，我認為有很多種。有許多不同類型的合作夥伴正在使用 Wix Studio。我認為，當你看到更多的自由工作者或兼職人員時，你會發現它只是一個更熟悉的使用者介面。它與許多設計軟體非常相似。

So traditional design software choosing how to use that, it's very easy for you to adopt to Wix Studio. And then because of the power of the AI tools, you can create very strong, very professional websites because the AI will continue and finish for you the thing that would normally require to specialize in different variations of web designs.

所以傳統的設計軟體選擇如何使用它，你很容易採用Wix Studio。然後，由於人工智慧工具的強大功能，您可以建立非常強大、非常專業的網站，因為人工智慧將繼續並為您完成通常需要專門從事網頁設計的不同變體的工作。

In the case of the more professional companies, where the -- what we're seeing is that the way we built it is that it enable you to finish things very quickly in kind of a sketch mode and then take that sketch mode and make it into a real live websites while having the ability to go really below the hood into the CSS, into the code and change it to the exact specification that you want.

對於更專業的公司來說，我們所看到的是，我們建立它的方式是，它使您能夠以草圖模式非常快速地完成工作，然後採用該草圖模式並進行製作進入真實的網站，同時能夠真正深入CSS、程式碼並將其更改為您想要的確切規範。

What it means, overall, in terms of operation, we save a tremendous amount of time. We can do things that before that would require to hire very expensive people to do the specific things. And then -- so the overall thing, right, is the increased efficiency while even going into making better projects. So we're seeing different values to different kind of partners, of course.

這意味著，總的來說，在操作方面，我們節省了大量的時間。我們可以做一些以前需要雇用非常昂貴的人員來做特定事情的事情。然後，總體而言，正確的是，提高效率，同時甚至可以製作更好的項目。當然，我們看到不同類型的合作夥伴有不同的價值觀。

Our next question comes from Ken Wong with Oppenheimer & Company.

我們的下一個問題來自奧本海默公司的 Ken Wong。

Avishai, I wanted to touch on the Intuit, Mailchimp agreement. I think the earlier press releases seemed to lean largely towards utilizing their CRM, their marketing tools. You mentioned it's a bilateral agreement. Can you help us understand kind of how much of a commitment there is to potentially using the Wix website builder. And then just following up on the shift to kind of shorter duration B2B deals, I mean should we assume the same level of exclusivity with these partners going forward? Yes, any comments on those 2 would be great.

Avishai，我想談談 Intuit 和 Mailchimp 協議。我認為早期的新聞稿似乎主要傾向於利用他們的 CRM、他們的行銷工具。你提到這是雙邊協議。您能否幫助我們了解使用 Wix 網站建立器的潛在承諾有多少？然後，隨著向短期 B2B 交易的轉變，我的意思是，我們是否應該假設這些合作夥伴未來具有相同程度的排他性？是的，對這兩個的任何評論都會很棒。

Ken, it's Nir. I'll tackle the first Intuit question and then hand it over to Lior. So I think in terms of what we intend to do together on the Mailchimp side and maybe other -- also other functions on the Intuit portfolio. First -- I think it's -- what's very interesting for us is from the conversations we've had with their fantastic team over the last few quarters.

肯，我是尼爾。我將解決第一個 Intuit 問題，然後將其交給 Lior。因此，我認為我們打算在 Mailchimp 方面一起做些什麼，也許還有 Intuit 產品組合中的其他功能。首先——我認為——對我們來說非常有趣的是我們在過去幾季與他們出色的團隊進行的對話。

It's very clear that there's a lot of overlap in terms of the profile of the Wix users and the Intuit users, but very little overlap in terms of the offering, meaning that we are complementing each other in many ways and in many different places.

很明顯，Wix 用戶和 Intuit 用戶的概況有很多重疊，但在產品方面重疊很少，這意味著我們在許多方面和許多不同的地方相互補充。

The idea is -- for us is to map these places and start hooking up the user flow in a way that will be as seamless as possible for the end customer, but we'll be able to deliver the core values of Wix and the core value of Intuit of Mailchimp to the best possible way and the best possible experience for the end customer.

我們的想法是——對我們來說，繪製這些地方的地圖，並開始以一種對最終客戶來說盡可能無縫的方式連接用戶流，但我們將能夠交付 Wix 的核心價值和核心Mailchimp 的Intuit 價值在於為最終客戶提供最佳方式和最佳體驗。

It means from our standpoint that eventually we will have better product offering, where they are spending a lot of effort and we're not. And they'll have better -- much better offering on the digital presence and the creation tools that we are spending a lot and they're not. And the combined upside will be a very healthy experience for the end user, who will be willing to pay for more services. So our hope is we're going to generate something here, which is a win-win-win Intuit, Wix and the, obviously, and most importantly, the customers and the users. Lior, you want to take the B2B?

從我們的角度來看，這意味著最終我們將提供更好的產品，而他們花費了很多精力，而我們卻沒有。他們將在數位化存在和創作工具方面提供更好的產品，而我們卻花費了大量資金，而他們卻沒有。綜合起來的好處將為最終用戶帶來非常健康的體驗，他們願意為更多服務付費。因此，我們希望能夠在這裡創造一些成果，即 Intuit、Wix 以及客戶和用戶之間的雙贏。 Lior，你想從事 B2B 業務嗎？

Yes, sure. So Ken, to your question, there is no change in the type of the arrangements, meaning that if we have exclusivity, it will remain exclusive. I believe that the only change is about the fact that we will not recognize as booking anything that is beyond 1 year. I believe that it's, first of all, more conservative. Second, there's no need.

是的，當然。肯，對於你的問題，安排的類型沒有變化，這意味著如果我們擁有排他性，它將保持排他性。我認為唯一的變化是我們不會承認任何超過 1 年的預訂。我認為，首先，它更加保守。第二，沒必要。

I believe that we have the best product right now in the market to serve partners. They want to bring the power of Wix to their customers. And we are the best alternative in order to do that. I think that it's also saving them R&D cash, R&D money and provide them with the best solution.

我相信我們擁有目前市場上最好的產品來為合作夥伴提供服務。他們希望將 Wix 的強大功能帶給客戶。我們是實現這一目標的最佳選擇。我認為這也節省了他們的研發資金，並為他們提供了最好的解決方案。

So this is something that will continue. The second reason, obviously, why it doesn't make sense to recognize as booking any commitment that is longer than 1 year is because of the lumpiness of this business. You can have a huge agreement in 1 quarter. The other -- the following quarters, there's no other -- no huge agreement. So it's kind of making this business kind of lumpy between the quarter, and it doesn't make sense.

所以這將會持續下去。顯然，第二個原因是，將任何超過一年的承諾視為預訂是沒有意義的，因為該業務的不穩定。你可以在一個季度內達成一項巨大的協議。另一個——接下來的幾個季度，沒有其他的——沒有達成重大協議。因此，這使得這項業務在季度之間變得不穩定，這是沒有意義的。

And in any case, it doesn't involve any impact on revenue. So I believe that, that would be the best decision. And secondly, it's open more larger time for us because then you don't negotiate on the commitment, you negotiate on the assets, on what is more important in order to make this partnership successful.

而且無論如何，這都不會對收入產生任何影響。所以我相信，這會是最好的決定。其次，這對我們來說是一個更廣闊的時間，因為這樣你就不再就承諾進行談判，而是就資產進行談判，就什麼是讓這種夥伴關係取得成功而言更重要的問題進行談判。

Our final question will come from Mark Zgutowicz with The Benchmark Company.

我們的最後一個問題將來自 The Benchmark Company 的 Mark Zgutowicz。

Just a follow-up on the gross margin question. Just curious how much more run rate you have over the next 12 months on customer care leverage there. How meaningful that's been in terms of driving gross margin leverage versus other lever points like hosting efficiencies?

只是毛利率問題的後續。只是好奇在接下來的 12 個月裡，您的客戶服務槓桿的運作率會提高多少。與託管效率等其他槓桿點相比，這對於推動毛利率槓桿有何意義？

And then second question, just curious how meaningful was the B2B partnership contribution to 3Q Partners revenue and any expectations as you look at into '24 in that regard?

然後是第二個問題，只是好奇 B2B 合作夥伴關係對 3Q Partners 收入的貢獻有多大意義，以及您在這方面對 24 年的預期有何期望？

So I'll start with the first question. I'm not going to provide details about how more efficient we can be (inaudible) more ways to be -- and more needs to be more efficient. I did mention that we are going to see some contribution and some more efficiency around gross margin next year, but it can be also from the fact that we are more efficient in payments. We are more profitable in payments as we scale up this business.

那麼我將從第一個問題開始。我不會提供有關我們如何提高效率（聽不清）的詳細信息，以及更多的方法來提高效率——更多的需要變得更加高效。我確實提到，明年我們將在毛利率方面看到一些貢獻和更高的效率，但這也可能來自我們在支付方面更有效率的事實。隨著我們擴大這項業務，我們在支付方面的利潤會更高。

And obviously, there will be more cases where we can drive efficiency. So of course, we are going to do that, but I'm not going to go into the details of it.

顯然，我們會在更多情況下提高效率。當然，我們會這樣做，但我不會詳細介紹它。

With regard to the contribution of Partners of the B2B partnership for this year. So of course, it was more significant than last year. And it's a SaaS business -- as any other SaaS business. So it will be more significant in the following years. This is like the nature of it. But I must say that most of the improvement that we see in our Partners business actually coming from the fact that we are getting more and more agencies.

關於今年B2B合作夥伴的貢獻。當然，這比去年更重要。與任何其他 SaaS 業務一樣，它也是一項 SaaS 業務。因此，在接下來的幾年裡它將更加重要。這就像它的本質一樣。但我必須說，我們在合作夥伴業務中看到的大部分改進實際上來自於我們擁有越來越多的代理商。

I did mention many times in the past that we see that as like the most -- the strongest growth driver that we have. It's mostly coming from more and more agencies joining Wix and the compounding effect of it.

我過去確實多次提到，我們認為這是我們擁有的最強大的成長動力。這主要來自於越來越多的機構加入 Wix 及其複合效應。

This concludes the question-and-answer session. Thank you for participating in today's conference. This does conclude the program. You may now disconnect.

問答環節到此結束。感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。