Wix.Com Ltd (WIX) 2023 Q4 法說會逐字稿

Good day and thank you for standing by.

美好的一天，感謝您的支持。

Welcome to the Wix Q4 2023 earnings conference call.

歡迎參加 Wix 2023 年第四季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（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 speaker, Emily Liu, Investor Relations.

現在我想將會議交給演講者投資者關係部艾米麗·劉 (Emily Liu)。

Please go ahead.

請繼續。

Thanks, and good morning, everyone.

謝謝，大家早安。

Welcome to Wix's fourth quarter and full-year 2023 earnings call.

歡迎參加 Wix 的第四季和 2023 年全年財報電話會議。

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.

今天與我一起討論我們的結果的是執行長兼聯合創始人 Avishai Abrahami； Nir Zohar，我們的總裁兼營運長；以及我們的財務長 Lior Shemesh。

During this call, we may make forward-looking statements, and these statements are based on current expectations and assumptions.

在本次電話會議中，我們可能會做出前瞻性陳述，這些陳述是基於目前的預期和假設。

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.

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.

我們不承擔更新這些前瞻性聲明的任何義務。

In addition, we will comment on non-GAAP financial results and key operating metrics.

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。

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.

您可以在收益資料以及我們網站 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. 2023 was a milestone year for Wix.

謝謝艾米麗，大家早安。 2023 年對 Wix 來說是具有里程碑意義的一年。

We maintained our leadership position as the go-to web creation platform for any user and any business, grew market share for the best-in-class innovation, executed successfully on key initiatives, and achieved strong growth with record profitability.

我們保持了作為任何用戶和任何企業首選網路創建平台的領導地位，透過一流的創新擴大了市場份額，成功執行了關鍵舉措，並以創紀錄的盈利能力實現了強勁增長。

The incredible progress we've made this year position us to accelerate growth in 2024, and we now expect to exceed the targets applying the three years plan we provided at our August Analyst Day.

我們今年取得的令人難以置信的進展使我們能夠在 2024 年加速成長，我們現在預計將超越我們在 8 月分析師日提供的三年計畫中設定的目標。

Lior will work further details around our updated expectation in a few minutes.

Lior 將在幾分鐘內圍繞我們更新的期望制定更多細節。

For me, 2023 will be remembered as the year of a pivotal advance in our product suite.

對我來說，2023 年將被視為我們產品套件關鍵進步的一年。

We started off the year labeled by others a company facing potential AI disruption.

今年伊始，我們就被其他人貼上了「面臨潛在人工智慧顛覆的公司」的標籤。

Since then, we believe we've proven ourselves not only to be a beneficiary of broader advancement but also an AI leader among peers.

從那時起，我們相信我們不僅證明了自己是更廣泛進步的受益者，而且是同行中人工智慧的領導者。

We have spent the past eight years developing and embedding AI technology in our product as well as across our operation.

在過去的八年裡，我們一直在開發人工智慧技術並將其嵌入我們的產品以及整個營運中。

This year, we meaningfully extended an already impressive toolkit of AI capabilities to include new AI-powered features that will help Wix users create visual and written web content more easily, optimize design and content layout, write code, and manage their website and businesses more efficiently.

今年，我們有意義地擴展了已經令人印象深刻的人工智慧功能工具包，包括新的人工智慧功能，這些功能將幫助Wix 用戶更輕鬆地創建視覺和書面網頁內容、優化設計和內容佈局、編寫程式碼以及管理他們的網站和業務有效率的。

The key AI products introduced in the last year include an AI chat experience for businesses, responsive AI design, AI code assistant, AI meta tag creators, and AI text and image creators among several other AI design tools.

去年推出的主要人工智慧產品包括企業人工智慧聊天體驗、響應式人工智慧設計、人工智慧程式碼助理、人工智慧元標籤創建器、人工智慧文字和圖像建立器以及其他幾種人工智慧設計工具。

We also recently released our AI site generator and have heard fantastic feedback so far.

我們最近也發布了人工智慧網站產生器，到目前為止已經收到了很好的回饋。

I believe this will be the first AI tool on the market that creates a full-blown, tailored, and ready-to-publish website integrated with relevant business application based on user prompt.

我相信這將是市場上第一個人工智慧工具，它可以根據用戶提示創建與相關業務應用程式整合的成熟的、客製化的、可立即發布的網站。

Our technology has benefited all our users with both the creators and partners having shown excellent engagement over the past year.

我們的技術使所有用戶受益，創作者和合作夥伴在過去的一年中表現出了出色的參與度。

In fact, the majority of new users today are using at least one AI tool on the web creation journey.

事實上，現今大多數新用戶在網頁創建過程中至少使用一種人工智慧工具。

This has resulted in reduced friction and enhanced the creation experience for our users as well as increased conversion and improve monetization.

這減少了摩擦，增強了用戶的創作體驗，並提高了轉換率並提高了獲利能力。

We expect our AI technology to be a significant driver of growth in 2024 and beyond.

我們預計我們的人工智慧技術將成為 2024 年及以後成長的重要推動力。

We also leverage AI to improve many of our internal processes at Wix specially research and development velocity.

我們也利用人工智慧來改善 Wix 的許多內部流程，特別是研發速度。

This include an open internal AI deployment platform that allow for everyone at Wix to contribute to building AI-driven user features in tandem.

這包括一個開放的內部人工智慧部署平台，讓 Wix 的每個人共同為建構人工智慧驅動的使用者功能做出貢獻。

We also have a gen AI-based platform dedicated to conversational assistant which allow any product team at Wix to develop their own assistant tailored to specific user needs without having to start from scratch.

我們還有一個基於人工智慧的平台，專門用於對話助理，允許 Wix 的任何產品團隊根據特定用戶需求開發自己的助理，而無需從頭開始。

With these platforms, we are able to develop and release high-quality AI-based features and tools efficiently and at scale.

借助這些平台，我們能夠高效、大規模地開發和發布基於人工智慧的高品質功能和工具。

We expect AI to continue to be a major competitive advantage for us as we build our product suite and more AI tools to make web creation experience more frictionless for our users, as well as helping to improve operations.

我們預計人工智慧將繼續成為我們的主要競爭優勢，因為我們建立了我們的產品套件和更多人工智慧工具，以使用戶的網路創建體驗更加順暢，並幫助改善營運。

In addition to AI, we made a huge step in our offering for Partners this year with the introduction of Studio, a cornerstone Partners web development platform.

除了 AI 之外，今年我們還推出了 Studio（合作夥伴 Web 開發基礎平台），在為合作夥伴提供的服務方面邁出了一大步。

This August, more than 500,000 agencies and freelancers have created Studio accounts, and we currently have more Studio premium subscriptions than we expected to have at this point.

今年 8 月，超過 50 萬家代理商和自由工作者創建了 Studio 帳戶，目前我們擁有的 Studio 高級訂閱數量超出了我們的預期。

Most notably, nearly half of our studio accounts were created by new partners who have not created on Wix before.

最值得注意的是，我們近一半的工作室帳戶是由以前未在 Wix 上創建過的新合作夥伴創建的。

This strong start is a testament to the trailblazing innovation of Studio and our success in winning market share amongst professionals in larger agencies.

這一強勁的開端證明了 Studio 的開創性創新以及我們在大型機構專業人士中贏得市場份額的成功。

With all the feedback and outperformance so far, I am confident that Studio is our most successful product to date.

憑藉迄今為止的所有回饋和卓越表現，我相信 Studio 是我們迄今為止最成功的產品。

Since our initial investment into professional market in 2019, we continue to see considerable momentum with Partners' revenue growing nearly 40% year over year in the most recent two quarters.

自2019年首次投資專業市場以來，我們持續看到強勁的勢頭，最近兩個季度Partners的營收年增近40%。

This growth has been driven by the incredible strides we made in building a best-in-class product tailored for the agency and freelancers market, and we have no plans of slowing.

這種成長是由我們在為代理商和自由工作者市場量身打造一流產品方面取得的令人難以置信的進步所推動的，而且我們沒有放緩的計劃。

There are a number of improvement and new exciting tools on the way for Partners.

為合作夥伴提供了許多改進和令人興奮的新工具。

We expect Studio in our broader professional product offering to be meaningful catalyst of growth in the coming years.

我們預計 Studio 在我們更廣泛的專業產品中將成為未來幾年成長的有意義的催化劑。

Looking ahead for 2024, I am excited to build upon the success of the past year.

展望 2024 年，我很高興能在過去一年的成功基礎上再接再厲。

Thank you for the entire Wix team.

感謝整個 Wix 團隊。

It is because of you and your hard work that I'm confident that 2024 will be another year of incredible milestone and unbounded potential.

正是因為你們和你們的辛勤工作，我相信 2024 年將是另一個具有令人難以置信的里程碑和無限潛力的一年。

With that, Nir, over to you.

好了，尼爾，交給你了。

Thank you, Avishai.

謝謝你，阿維沙伊。

I'd like to share a bit more about the business fundamentals underpinning the strong topline performance achieved in 2023 and the primary growth drivers that we expect to accelerate growth in 2024.

我想多分享一些關於支撐 2023 年實現強勁營收業績的業務基本面，以及我們預計在 2024 年加速成長的主要成長動力。

The 2023 cohorts performed extremely well and was among the strongest non-COVID cohorts in our history.

2023 年隊列表現非常出色，是我們歷史上最強的非新冠隊列之一。

Our Q1 '23 cohort generated $60.4 million in cumulative bookings through its first four quarters.

我們的 23 年第一季隊列在前四個季度的累積預訂量達到了 6,040 萬美元。

This is the second highest level of cumulative bookings in this timeframe behind only Q1 '21 cohort which benefited greatly from COVID tailwind.

這是該時間段內第二高的累積預訂量，僅次於 21 年第一季的同類產品，後者極大地受益於新冠肺炎疫情的推動。

This performance is particularly impressive given the significantly smaller user base of the Q1 '23 cohort compared to previous quarters due to our streamlined marketing strategy, targeting higher intent users with lower amount of acquisition marketing investment.

由於我們簡化了行銷策略，以較低的收購行銷投資額瞄準了更高意向的用戶，因此與前幾季相比，23 年第一季的用戶群明顯減少，這一業績尤其令人印象深刻。

Our success here is a testament to the scale of the Wix brand and the value our platform provides to users.

我們在這裡的成功證明了 Wix 品牌的規模以及我們的平台為用戶提供的價值。

This strong cohort behavior also demonstrates the solid fundamentals of our business, including steadily improved conversion and monetization.

這種強勁的群體行為也證明了我們業務的堅實基礎，包括穩步提高的轉換率和貨幣化。

ARPS improved to more than $253 in 2023, up 10% year over year, driven by a continued mix shift to higher tier packages, higher pricing, and increased adoption and usage of Business Solution products as we continue to onboard higher intent and commerce-oriented users, particularly Partners.

到2023 年，ARPS 將提高到253 美元以上，同比增長10%，這是由於我們繼續採用更高意圖和麵向商業的方式，持續向更高級別的套餐組合轉變、更高的定價以及業務解決方案產品的採用和使用增加用戶，特別是合作夥伴。

Existing cohort behavior also improved compared to the prior year, demonstrated by net revenue retention increasing to 105% in 2023 from 102% in 2022.

與前一年相比，現有群組行為也有所改善，淨收入留存率從 2022 年的 102% 增加到 2023 年的 105%。

We now expect existing user cohorts to generate over $16.2 billion in bookings over the next 10 years, illustrating the power of our business model and differentiated product offering.

我們現在預計現有用戶群體在未來 10 年內將產生超過 162 億美元的預訂量，這說明了我們商業模式和差異化產品供應的力量。

Turning to 2024, Lior will share the details of our outlook in a moment, but before he does, I want to highlight the drivers that we believe will accelerate bookings growth in the coming year.

談到 2024 年，Lior 稍後將詳細介紹我們的前景，但在此之前，我想強調一下我們認為將加速來年預訂量成長的驅動因素。

First, the launch of Wix Studio has been a great success.

首先，Wix Studio的推出取得了巨大成功。

We have seen existing partners build more projects in Wix, and many new partners joined our platform.

我們看到現有合作夥伴在 Wix 中建立了更多項目，並且許多新合作夥伴加入了我們的平台。

We believe Studio will continue to bring an increase to the activity of partners on Wix, which will drive growth in overall monetization of our partner cohorts.

我們相信 Studio 將繼續增加 Wix 上合作夥伴的活動，這將推動我們合作夥伴群體整體貨幣化的成長。

Second, we expect conversion and ARPAs of self-creators to trend positively as our leading product suite continues to resonate and enables users to meet their goals online.

其次，隨著我們領先的產品套件繼續引起共鳴並使用戶能夠在線上實現他們的目標，我們預計自我創造者的轉換率和 ARPA 將呈現積極趨勢。

Third, as Avishai mentioned, uptick of the milestone AI initiatives of 2023 has been incredible, and we expect to see ramping conversion and monetization benefits from our entire AI toolkit for both self-creators and partners this year.

第三，正如Avishai 所提到的，2023 年里程碑式的人工智慧計畫的成長令人難以置信，我們預計今年我們的整個人工智慧工具包將為自我創造者和合作夥伴帶來巨大的轉化和貨幣化收益。

Fourth, we expect continued success in bringing on new businesses and commerce uses that generate GPV and adopt business applications.

第四，我們期望在帶來產生 GPV 和採用業務應用程式的新業務和商業用途方面繼續取得成功。

We will also benefit from the compounding growth of GPV from existing commerce users.

我們也將受益於現有商業用戶 GPV 的複合成長。

Finally, we recently implemented higher pricing for new and existing subscription.

最後，我們最近對新的和現有的訂閱實施了更高的定價。

This recent price action is part of our goal of aligning the continuously growing value we deliver to users to the price they pay.

最近的價格行動是我們目標的一部分，即使我們為用戶提供的不斷增長的價值與他們支付的價格保持一致。

Our users have responded extremely well historically with strong retention within our cohorts during past increases, which provides us with the confidence that our approach to pricing is working.

我們的用戶在歷史上的反應非常好，在過去的成長過程中，我們的用戶保留率很高，這讓我們相信我們的定價方法是有效的。

Following our price increases in 2019 and 2022, as well as this one, we believe there is still considerable room to continue to increase price as we innovate and deliver incremental value to users.

繼 2019 年和 2022 年以及本次提價之後，我們相信，隨著我們不斷創新並為用戶提供增量價值，繼續提價的空間仍然很大。

We expect to continue to explore potential price action at a similar cadence going forward.

我們預計未來將繼續以類似的節奏探索潛在的價格走勢。

Because of these drivers and the continued momentum we've seen this year so far, we are confident that our business will experience an acceleration in growth in 2024.

由於這些驅動因素以及我們今年迄今所看到的持續勢頭，我們有信心我們的業務將在 2024 年實現加速成長。

With that, I will now hand it over to Lior to walk through in more details on our financials, 2024 outlook, and improved 2025 expectations.

現在，我將把它交給 Lior，詳細介紹我們的財務狀況、2024 年前景以及改進的 2025 年預期。

Lior?

利奧爾？

Thanks, Nir.

謝謝，尼爾。

We finished 2023 on a very strong note which we believe puts us on a great path going into 2024 and 2025.

我們以非常強勁的成績結束了 2023 年，我們相信這將使我們在進入 2024 年和 2025 年時走上一條偉大的道路。

As our business fundamentals continue to improve, we have seen early success with Wix Studio and our AI products as well as improving macroenvironment, giving us confidence in our ability to accelerate year-over-year bookings growth in 2024, which we believe puts us on track to accelerate year-over-year revenue growth in 2025.

隨著我們的業務基礎不斷改善，我們看到了 Wix Studio 和 AI 產品的早期成功以及宏觀環境的改善，這讓我們對 2024 年加速預訂量同比增長的能力充滿信心，我們相信這使我們能夠到2025年，營收將實現年比加速成長。

We now expect to outperform the 2024 targets we shared at our Analyst Day in August and believe that we will significantly surpass the Rule of 40 in 2025.

我們現在預計將超越我們在 8 月分析師日分享的 2024 年目標，並相信我們將在 2025 年大幅超越 40 法則。

Before I go through the details of our 2024 outlook, I want to quickly summarize our Q4 and full year of 2023 results.

在詳細介紹 2024 年展望之前，我想快速總結我們的第四季和 2023 年全年業績。

Note that all financial data are non-GAAP unless otherwise noted.

請注意，除非另有說明，所有財務數據均為非公認會計準則。

Q4 total revenue was $404 million, up 14% year over year.

第四季總營收為 4.04 億美元，年增 14%。

Revenue growth was driven primarily by Partners revenue which grew 38% year over year.

收入成長主要由合作夥伴收入推動，該收入年增 38%。

As Avishai mentioned, Studio is off to a great start exceeding our expectations.

正如 Avishai 所提到的，Studio 的開局良好，超出了我們的預期。

Creative Subscriptions' revenue in Q4 grew nearly 12% year over year and Business Solutions revenue in Q4 grew 20% year over year.

第四季創意訂閱營收年增近 12%，第四季商業解決方案營收年增 20%。

We expanded total gross margin in Q4 to 70%, and operating income grew to nearly $65 million or 16% of revenue.

我們將第四季的總毛利率提高到 70%，營業收入成長到近 6,500 萬美元，佔營收的 16%。

In Q4, sales and marketing expenses grew quarter over quarter to $92 million as we increased our investment in the Wix Studio brand while we expect to continue gaining leverage in marketing due to our streamlined marketing strategies, especially with self-creators, we plan to continue investing in the Studio brand in 2024.

第四季度，隨著我們增加對Wix Studio 品牌的投資，銷售和行銷費用環比增長至9,200 萬美元，同時我們預計由於我們簡化的行銷策略，特別是對於自我創作者，我們將繼續在行銷中獲得影響力，我們計劃繼續2024 年投資 Studio 品牌。

Q4 free cash flow, excluding headquarters and restructuring costs, was over $90 million or 22% of revenue as we continue to benefit from high operating efficiencies.

第四季自由現金流（不包括總部和重組成本）超過 9,000 萬美元，佔收入的 22%，因為我們繼續受益於高營運效率。

Moving on to 2023 full-year results.

接下來是 2023 年全年業績。

Total revenue grew to $1.56 billion or 13% year over year.

總營收年增 13% 至 15.6 億美元。

And Creative Subscriptions' ARR was $1.19 billion, up over 10% year over year.

創意訂閱的 ARR 為 11.9 億美元，年成長超過 10%。

We ended 2023 with a total gross margin of 68%, an improvement of nearly 500 basis points compared to 2022.

截至 2023 年，我們的總毛利率為 68%，比 2022 年提高了近 500 個基點。

Throughout the year, we benefited from improved efficiencies in hosting and infrastructure costs and optimization of support growth partially aided by integrating the AI into our workflows.

在這一年中，我們受益於託管和基礎設施成本效率的提高以及支援成長的優化，這在一定程度上得益於將人工智慧整合到我們的工作流程中。

Creative Subscriptions' gross margin expanded to 82% in 2023 and Business Solution gross margin grew to 29% for the full year as we continued to benefit from improving margin in Wix payments.

隨著我們繼續受益於 Wix 支付利潤率的提高，創意訂閱的毛利率將在 2023 年擴大至 82%，業務解決方案的毛利率將全年增長至 29%。

In 2023, we generated a total of $246 million in free cash flow, excluding headquarters and restructuring cost, a margin of 16% of revenue ahead of our prior expectations and guidance.

2023 年，我們產生了總計 2.46 億美元的自由現金流（不包括總部費用和重組成本），收入利潤率比我們先前的預期和指導高出 16%。

This included break even free cash flow in our Partners business, a significant milestone and one year ahead of our three-year plan.

這包括我們合作夥伴業務的損益平衡自由現金流，這是一個重要的里程碑，比我們的三年計劃提前了一年。

This was a result of strong sustained growth as well as improved gross margin and meaningful operating leverage, driven by the broader efficiencies implemented over the past two years.

這是由於過去兩年實施的更廣泛的效率推動了強勁的持續成長以及毛利率的提高和有意義的營運槓桿。

We expect to continue to generate incremental margin improvements from the continued scaling of our commerce business and the stable operating expenses base as our Partners' business continue to grow.

隨著我們合作夥伴業務的持續成長，我們預計，我們的商業業務的持續擴展和穩定的營運費用基礎將繼續帶來利潤率的增量改善。

As a result, we now expect to significantly exceed the Partners' free cash flow margin target for 2024 and 2025, as outlined in our three-year plan.

因此，我們現在預計將大大超過我們三年計畫中概述的合作夥伴 2024 年和 2025 年自由現金流利潤率目標。

I'm also happy to report that we finished 2023 with GAAP net income of $33 million, our first year of GAAP profitability.

我還很高興地報告，2023 年我們的 GAAP 淨利潤為 3300 萬美元，這是我們實現 GAAP 盈利的第一年。

This profitability was due to the careful management of costs throughout the last couple of years including stock-based compensation costs, which declined as a percent of revenue for the third straight year.

這種獲利能力歸功於過去幾年對成本的精心管理，包括基於股票的薪酬成本，該成本佔收入的百分比連續第三年下降。

This results demonstrate the fantastic growth and incremental profitability of our business.

這一結果證明了我們業務的驚人成長和獲利能力的提高。

We reaccelerated year-over-year revenue growth due to a strong fundamentals of our user cohort and the strong cadence of product innovation, the continued returns from the cost efficiency capture we have implemented at Wix over the last couple of years, and drove strong incremental profit.

由於我們用戶群的強勁基礎和產品創新的強勁節奏，過去幾年我們在 Wix 實施的成本效率捕獲的持續回報，我們重新加速了同比收入增長，並推動了強勁的增量利潤。

We believe that these results put us in a very strong position to accelerate growth into 2024 as our successful efforts in implementing operating efficiency gives me confidence we can continue to generate incremental profitability.

我們相信，這些結果使我們處於非常有利的地位，可以在 2024 年加速成長，因為我們在實現營運效率方面的成功努力讓我有信心我們可以繼續增加獲利能力。

And I want to spend the rest of my time on our expectations for 2024.

我想把剩下的時間花在我們對 2024 年的期望上。

We are reintroducing annual bookings guidance due to the improved visibility and confidence in our business as stable and positively trending macroenvironment and strong cohort behavior particularly in our Partners' business.

由於穩定且積極趨勢的宏觀環境以及強勁的群體行為（尤其是在我們合作夥伴的業務中），我們業務的知名度和信心得到了提高，我們正在重新引入年度預訂指導。

For the full-year 2024, we expect total bookings of $1.78 billion to $1.81 billion or 12% to 14% year over year, an acceleration from 2023.

對於 2024 年全年，我們預計總預訂量將達到 17.8 億美元至 18.1 億美元，年增 12% 至 14%，較 2023 年有所加速。

We expect year-over-year growth of total bookings to accelerate in the second half of 2024 to 15% at the high end of the guidance range.

我們預計 2024 年下半年總預訂量的年增率將加速至 15%，達到指導範圍的上限。

In particular, the acceleration is expected to be primarily in Creative Subscriptions' bookings, bringing it to double-digit year-over-year growth in the second half of 2024.

特別是，預計加速將主要體現在創意訂閱的預訂量上，使其在 2024 年下半年實現兩位數的同比增長。

These anticipated growth positions the business to achieve accelerating year-over-year revenue growth in 2025.

這些預期成長使該業務能夠在 2025 年實現收入同比加速成長。

Nir will walk you through the drivers of our bookings growth in 2024, and you can find additional information in the shareholder update.

Nir 將引導您了解 2024 年預訂量成長的驅動因素，您可以在股東更新中找到更多資訊。

For the full-year 2024, we expect total revenue to be $1.73 billion to $1.76 billion or 11% to 13% year over year.

對於 2024 年全年，我們預計總營收為 17.3 億美元至 17.6 億美元，年增 11% 至 13%。

We expect revenue in Q1 2024 of $415 million to $419 million or 11% to 12% year over year.

我們預計 2024 年第一季的營收為 4.15 億至 4.19 億美元，年增 11% 至 12%。

We continue to operate the business in an efficient manner as evidenced by the meaningful operating deleverage we generated in 2023 on both the GAAP and non-GAAP basis.

我們繼續以高效的方式經營業務，2023 年我們在 GAAP 和非 GAAP 基礎上實現的有意義的營運去槓桿化就證明了這一點。

We plan to operate with the same efficiency in 2024 and expect strong growth in gross profit due to anticipated gross margin improvements on a year-over-year basis.

我們計劃在 2024 年以同樣的效率運營，並由於預期毛利率同比改善，預計毛利將強勁增長。

For the full-year 2024, we expect non-GAAP total gross margin of 68% to 69% with non-GAAP Business Solution gross margin to be approximately 30% for the full year, ahead of the plan we shared in August.

對於 2024 年全年，我們預計非 GAAP 總毛利率為 68% 至 69%，其中非 GAAP 業務解決方案全年毛利率約為 30%，高於我們 8 月分享的計劃。

We also expect to generate additional leverage due to minimal growth in operating expenses year over year.

由於營運費用年增率極小，我們也預計將產生額外的槓桿作用。

We expect non-GAAP operating expenses to be 51% to 52% of revenue for the full year, also better than our August plan, and non-GAAP sales and marketing to remain similar to 2023 at roughly 23% to 24% of revenue.

我們預計非 GAAP 營運費用將佔全年收入的 51% 至 52%，也優於我們 8 月的計劃，非 GAAP 銷售和行銷費用將與 2023 年保持相似，約佔收入的 23% 至 24%。

We will continue with marketing activities related to Wix Studio throughout 2024 as we capitalize on the growth we have seen since its launch.

我們將在 2024 年繼續進行與 Wix Studio 相關的行銷活動，充分利用自推出以來所看到的成長。

We anticipate that our strong growth and operating efficiency will generate positive GAAP operating profit and net income in 2024.

我們預計，我們強勁的成長和營運效率將在 2024 年產生正的 GAAP 營運利潤和淨利潤。

We expect to generate free cash flow, excluding headquarters cost of $370 million to $400 million or 21% to 23% of revenue in 2024.

我們預計到 2024 年將產生自由現金流，不包括 3.7 億至 4 億美元的總部成本，佔營收的 21% 至 23%。

We expect this free cash flow guidance in combination with our share repurchase activity will translate to more than $6 in free cash flow per diluted share in 2024, ahead of our three-year plan.

我們預計，這項自由現金流指引與我們的股票回購活動相結合，到 2024 年，稀釋後每股自由現金流將超過 6 美元，比我們的三年計劃提前。

As we continue to responsibly manage dilution, we expect stock-based compensation expenses to decline for the third consecutive year as a percent of revenue to approximately 13% of revenue in 2024, in line with our three-year plan.

隨著我們繼續負責任地管理稀釋，我們預計股票薪酬費用佔收入的百分比將連續第三年下降，到 2024 年佔收入的比例約為 13%，這與我們的三年計劃一致。

We expect capital expenditures, including costs associated with our new headquarters buildout of approximately $7 million to $10 million in 2024.

我們預計 2024 年的資本支出（包括與新總部建設相關的成本）約為 700 萬至 1,000 萬美元。

We will incur the final cost of our new headquarters in the first half of the year and anticipate these costs to be roughly $8 million to $10 million.

我們將在今年上半年承擔新總部的最終成本，預計這些成本約為 800 萬至 1,000 萬美元。

We are very excited about the upcoming year.

我們對即將到來的一年感到非常興奮。

We believe we have positioned ourselves to reaccelerate growth and generate incremental profitability.

我們相信，我們已經定位於重新加速成長並創造增量獲利能力。

With that, we will now take your questions.

現在我們將回答您的問題。

(Operator Instructions) Elizabeth Porter, Morgan Stanley.

（操作員指示）伊麗莎白·波特，摩根士丹利。

Congrats on a strong quarter.

恭喜季度表現強勁。

I wanted to follow up on some of the comments about better conversion rates, both at the Wix Studio capturing problems that didn't continue to the funnel and also self-creators with AI reducing friction to build a website.

我想跟進一些關於更好的轉換率的評論，無論是在 Wix Studio 捕獲未繼續進入漏斗的問題，還是透過 AI 減少建立網站的摩擦的自我創建者。

When we look at the premium subs as a percentage of registered users, that metric has been pressured for the last few years.

當我們將高級訂閱者佔註冊用戶的百分比視為過去幾年來，該指標一直面臨壓力。

Should we see this ratio start to improve in 2024?

我們是否應該看到這一比率在 2024 年開始改善？

And if not, where would you point us to detract the success on better conversion rates?

如果不是，您會指出我們在哪些方面會削弱轉換率的成功？

It's Nir.

是尼爾。

I think that generally premium subs, whether as a percentage or as an absolute number, is probably not the best KPI to look at since it may be significantly impacted by different things like our general goal to drive to get more higher intent, better users that are willing to spend more on the platform.

我認為，一般優質訂閱者，無論是百分比還是絕對數字，可能都不是最好的KPI，因為它可能會受到不同因素的顯著影響，例如我們的總體目標是推動獲得更多更高意圖、更好的用戶，願意在平台上花費更多。

It goes towards pricing.

它涉及定價。

It goes towards generally the changes we've done in marketing and more.

它通常涉及我們在行銷等方面所做的改變。

So we definitely -- in some cases, we accelerated some of the sub activity over time.

因此，在某些情況下，我們肯定會隨著時間的推移而加速一些子活動。

But when we look at the conversion rates, we look at its payer, geography and separately payer, different sources of traffic and definitely in a different manner when we look at the self-creators and as well as the partners.

但是，當我們查看轉換率時，我們會查看其付款人、地理位置和單獨的付款人、不同的流量來源，並且當我們查看自我創建者和合作夥伴時，我們肯定會以不同的方式查看。

We believe that the best thing to look at is actually the cohort value, which I think can very easily -- we've demonstrated that not only has it stabilized, it's actually on an increasing trend.

我們認為，最值得關注的實際上是群體價值，我認為這很容易——我們已經證明它不僅穩定了，而且實際上呈現成長趨勢。

And in fact, we are getting to the point where it's close to surpassing even the height of the COVID cohorts which obviously are the strongest ones in our history.

事實上，我們已經接近甚至超過了新冠病毒群體的高度，而這顯然是我們歷史上最強大的群體。

And I think that's the best way to understand the real impact that all of these improvements on the product and the business are having on the outcomes under the hood.

我認為這是了解所有這些對產品和業務的改進對底層結果的真正影響的最佳方式。

And just as a follow-up, I wanted to ask on just the algorithm between topline revenue growth and investment.

作為後續行動，我想問營收成長和投資之間的演算法。

Given your initial three-year plan suggesting roughly unchanged revenue growth, and now we're seeing an improvement with growth expected to accelerate in 2025, how do you think about the levers of investment, understanding you guys are still exceeding the Rule of 40 in 2025?

鑑於你們最初的三年計畫顯示收入成長大致不變，現在我們看到了成長，預計 2025 年將加速成長，你們如何看待投資槓桿，了解你們仍然超過了 40 法則2025 年？

Just helpful to understand the framework around the opportunity to invest versus maybe less of a need given the prior investment before?

只是有助於了解圍繞投資機會的框架，而不是考慮到先前的投資可能不太需要？

So Elizabeth, as we mentioned before, I think that the only way obviously to significantly overpass the Rule of 40 has to be a combination of both profitability and growth.

因此，伊麗莎白，正如我們之前提到的，我認為明顯超越 40 規則的唯一方法必須是盈利能力和增長的結合。

And the reason why we see right now that growth is accelerating in the second half of 2024 for us is a great indication that we will see acceleration of revenue in 2025.

我們現在看到 2024 年下半年成長加速的原因很好地表明我們將在 2025 年看到收入加速。

Remember that every year, most of the incremental revenue that we get goes to the bottom line in terms of profitability as we keep our operating expenses more or less at the same level.

請記住，每年，我們獲得的大部分增量收入都會在獲利能力方面達到底線，因為我們將營運支出或多或少保持在同一水平。

Therefore, I expect that this acceleration of growth will drive further free cash flow which will be demonstrated in a much better or significant surpassing the Rule of 40.

因此，我預計這種成長加速將進一步推動自由現金流，這將透過更好或顯著超越 40 規則來證明。

Brent Thill, Jefferies.

布倫特·希爾，杰弗里斯。

This is John Byun for Brent Thill.

我是布倫特·希爾的約翰·拜恩。

The question is on bookings growth.

問題在於預訂量成長。

You mentioned it's going to accelerate, and half of the incremental will come from several factors, you mentioned like Studio, creators, commerce, and so on.

你提到它會加速，一半的增量將來自幾個因素，你提到像工作室、創作者、商業等等。

But is there a way when you think about them in terms of ranking them in terms of meaningful contribution and in terms of the level of confidence you have behind each of those?

但是，當你考慮它們時，有沒有一種方法可以根據有意義的貢獻以及你對每一個背後的信心程度來對它們進行排名？

Yes.

是的。

So definitely, looking at the next couple of years, I think that it will be much better to look at 2024 and 2025 because obviously it's a continuation of that.

因此，毫無疑問，展望未來幾年，我認為展望 2024 年和 2025 年會更好，因為顯然這是這一年的延續。

Remember that we have a SaaS model.

請記住，我們有 SaaS 模型。

So every time that we launch new product, as the time passes, we see more and much more contribution obviously.

因此，每次我們推出新產品，隨著時間的推移，我們明顯看到越來越多的貢獻。

This is why, by the way, we believe that the second half of 2024, the growth is going to be accelerated.

順便說一句，這就是為什麼我們認為 2024 年下半年成長將會加速。

But then again, also 2025 will be much better than 2024.

但話又說回來，2025 年也會比 2024 年好得多。

I think that the first reason is definitely the launching new product.

我認為第一個原因肯定是新產品的推出。

In the end of the day, we are technology and product company, and this is how we drive our growth, mostly from new features, from new product.

歸根究底，我們是一家科技和產品公司，這就是我們推動成長的方式，主要來自新功能、新產品。

And this is what we did in the past and will continue also to do in the future, so definitely it's coming from the Partners business.

這是我們過去所做的，將來也會繼續做，所以它肯定來自合作夥伴業務。

With launching Studio, it was a great launch for us.

Studio 的推出對我們來說是個很棒的推出。

We see the traction in the market.

我們看到了市場的吸引力。

We see the demand.

我們看到了需求。

We see how our agencies use it.

我們看到我們的機構如何使用它。

As you know, we mentioned a few times about the number of new accounts with more than 50% are new.

如您所知，我們多次提到新帳戶的數量，其中 50% 以上是新帳戶。

I think that, for us, it's a great proxy to the fact that we are going to see much more that it will be significantly the major growth driver for us in the next few years.

我認為，對我們來說，它很好地表明了這樣一個事實：我們將看到更多，它將成為我們未來幾年的主要成長動力。

The second one is, everything that we've done with AI, we see tremendous results out of it, which we believe that will continue into the next year.

第二個是，我們在人工智慧方面所做的一切，我們看到了巨大的成果，我們相信這種情況將持續到明年。

And as you know, as always, the third one is about trying to optimize our pricing strategy.

如你所知，一如既往，第三個是關於嘗試優化我們的定價策略。

And this is what we've done in the past.

這就是我們過去所做的。

We'll continue to do in the future.

今後我們還會繼續做下去。

And then maybe a follow-up --

然後也許是後續行動——

And also worth mentioning like a fourth reason which is the overall demand that we see on a macro basis.

另外值得一提的是第四個原因，也就是我們在宏觀基礎上看到的整體需求。

Actually that leads into the other question I had was when you mentioned positively trending macro in your prepared remarks.

實際上，這引出了我的另一個問題，那就是您在準備好的發言中提到了積極的宏觀趨勢。

Wondering if you could share more details.

想知道您是否可以分享更多細節。

What actually you're seeing specifically?

實際上你具體看到了什麼？

I think generally, it's still not massive, but definitely, I think we are seeing a positively changing behavior in terms of the businesses being formed on the platform in terms of the GPZ going through the website of our users, both on the self-creators side and the Partners side.

我認為總的來說，它仍然不是很大，但毫無疑問，我認為我們正在看到在平台上形成的業務方面發生了積極的變化，就GPZ 而言，透過我們用戶的網站，無論是在自我創建者上方和合作夥伴方。

You have to also remember that we have a very wide activity of commerce, so not only shops, but also people who are scheduling time, selling digital goods, booking, selling tickets to events, booking hotels, et cetera.

您還必須記住，我們的商業活動非常廣泛，因此不僅包括商店，還包括安排時間、銷售數位商品、預訂、銷售活動門票、預訂酒店等的人。

And I think that in most of these cases, we're seeing a positive upward trend.

我認為在大多數情況下，我們都看到了積極的上升趨勢。

So I think that's what makes us feel a bit more comfortable about the macroeconomy.

所以我認為這讓我們對宏觀經濟感到更加放心。

Ygal Arounian, Citi.

伊加爾·阿魯尼安，花旗銀行。

I could see all the strength of the product pipeline, all the innovation here, the expectations for more coming through.

我可以看到產品線的所有優勢、所有創新以及對更多產品的期望。

If there's anything that you can comment on the new things that are coming up in the pipeline that you're talking about here.

如果您有什麼可以對您在這裡談論的即將出現的新事物發表評論的。

And maybe specifically on AI site generator, if there's more you could share on what early users are seeing, what you're seeing from them, and when we could expect a more general launch of that?

也許特別是在人工智慧網站生成器上，您是否可以分享更多關於早期用戶所看到的內容，您從他們身上看到的內容，以及我們何時可以期待更廣泛的發布？

Of course, I think that -- I'll start with the site generator.

當然，我認為——我將從網站生成器開始。

So we released what I would call version one.

所以我們發布了我所說的第一版。

It's a great way for people to start with the website, meaning that you come in and you say, on a spa in New York City, and I specialize in some specific things, and then AI would interview you on what makes your business unique, where you're located, how many people, tell us about those people, and the staff members, and as a result would generate a website for you that has great content, and the content would be text and images.

對人們來說，這是一個從網站開始的好方法，這意味著你進來並說，在紐約市的一個水療中心，我專注於一些特定的事情，然後人工智慧會採訪你，了解你的業務的獨特之處，您位於哪裡，有多少人，告訴我們這些人以及工作人員的信息，這樣就會為您生成一個內容豐富的網站，內容將是文字和圖像。

The other thing that then will actually get you to this experience where you can choose how you want to have the design look like.

另一件事實際上會讓你獲得這種體驗，你可以選擇你想要的設計外觀。

And the AI will generate different designs for you.

人工智慧將為您產生不同的設計。

So you can tell it.

所以你可以告訴它。

Well, I like this thing.

嗯，我喜歡這個東西。

I want a variation on that.

我想要一個改變。

I don't like the colors.

我不喜歡這些顏色。

Please change the colors, or I want colors that are more professional, or I want color that are blue and yellow, and the AI will do it for you.

請改變顏色，或者我想要更專業的顏色，或者我想要藍色和黃色的顏色，AI會為你做。

On the other hand, you can also say, well, I don't really like this.

另一方面，你也可以說，好吧，我不太喜歡這個。

Can you generate something very different or generate a small variation of that.

你能產生一些非常不同的東西或產生一個小的變化嗎？

In many ways, a bit similar to Midjourney.

在很多方面，與中途之旅有點相似。

What Midjourney is doing with images, we are doing with a full-blown website.

Midjourney 對圖像所做的事情，我們正在對一個成熟的網站所做的事情。

The result of that is something that is probably 70% of the website that you need to have on average, right?

結果可能是您平均需要擁有的網站的 70%，對嗎？

Sometimes, it's 95%, but sometimes it's less than that.

有時是 95%，但有時會低於這個數字。

So it gives you an amazing way to start your website and then just shorten the amount of work that you need to do by about 70% to 80%.

因此，它為您提供了一種神奇的方式來啟動您的網站，然後將您需要完成的工作量縮短約 70% 到 80%。

Now, I think it's fantastic and very exciting, and it's even more exciting considering that we have some really cool ideas on how to take it even farther and make it a better product that not just create more beautiful websites but also is more tightly coupled with your vision about your own business.

現在，我認為這太棒了，非常令人興奮，考慮到我們有一些非常酷的想法，關於如何讓它走得更遠，使其成為更好的產品，不僅可以創建更漂亮的網站，而且可以與您對自己企業的願景。

And so we're going to see a lot of that is coming.

所以我們將會看到很多這樣的事情即將發生。

There's a lot of things that we're working on mostly for self-creators, mostly in how you manage your business.

我們正在為自我創造者做很多事情，主要是關於如何管理你的業務。

So at Wix, we have the opportunity to see how millions and millions of businesses are being run, what works and what's not.

因此，在 Wix，我們有機會了解數以百萬計的企業是如何運作的，什麼有效，什麼無效。

And we can recommend our customers how to do things better, how to make the business more successful, or what they should be saying and don't say.

我們可以向客戶推薦如何做得更好，如何讓業務更成功，或者他們應該說什麼和不該說什麼。

And we are adding assistants that help you figure out how to take your business to the next level.

我們正在新增助理，幫助您弄清楚如何將您的業務提升到一個新的水平。

I think that this is really unique.

我認為這真的很獨特。

I don't believe anybody else is working on something similar to that.

我不相信其他人正在做類似的事情。

And I found it to be an amazing opportunity for small businesses to learn how to do things better.

我發現這對小型企業來說是一個學習如何做得更好的絕佳機會。

And a lot of it can also be automated, so the AI can tell you, well, I think we should have more post on your website about things that regarding to if you are a yoga studio about what is the right way to eat, or what kind of food you should consume, or what is better.

其中許多也可以自動化，所以人工智慧可以告訴你，好吧，我認為我們應該在你的網站上發布更多關於如果你是瑜伽工作室的話什麼是正確的飲食方式的帖子，或者你應該吃什麼樣的食物，或什麼更好。

And that can be also done by the AI.

這也可以由人工智慧來完成。

So the AI will not just recommend a lot of things, it can be doing for you.

所以人工智慧不僅會推薦很多事情，它還可以為你做很多事情。

So that is another exciting project that we're working on.

這是我們正在進行的另一個令人興奮的項目。

And of course, in Wix studio, there's a long roadmap of really exciting things that you're going to see coming this year.

當然，在 Wix 工作室，有一個很長的路線圖，其中包含今年您將看到的真正令人興奮的事情。

Very helpful.

很有幫助。

Just a follow -up on that.

只是對此的後續行動。

I think a lot of what you've talked about and the previous answer will address this, but obviously a lot of great things to focus on here in this quarter.

我認為您所討論的許多內容以及先前的答案都將解決這個問題，但顯然本季有很多值得關注的重要事情。

But for self-creators, the growth decelerated a bit sequentially on a year-over-year comp.

但對於自我創造者來說，年成長略有放緩。

Last quarter, I think it was near commented on seeing that business get back to double-digit growth.

上個季度，我認為人們幾乎都對業務恢復兩位數成長進行了評論。

Do you still think that that's the right framework for that?

您仍然認為這是正確的框架嗎？

And is it just AI and these components that get you there?

僅僅是人工智慧和這些組件就能幫助你實現這一目標嗎？

Or is there something else to think about?

或是有其他需要思考的事情嗎？

Well, the deceleration of -- I think that it's also super important to mention that it's the result of a few things not necessarily from the business perspective, but obviously we were lapping with the price increase from spring of 2022.

嗯，我認為值得一提的是，這是一些因素的結果，不一定是從商業角度來看，但顯然我們正在適應 2022 年春季以來的價格上漲。

So obviously, we see the results in the second half of 2023.

顯然，我們會在 2023 年下半年看到結果。

We spoke about it also last quarter, but the thing that we know and, as you mentioned, we obviously believe that these price increases and optimization, it's something that we will be doing on a regular basis as long as we need to obviously here to optimize the pricing.

我們上個季度也談到這個問題，但據我們所知，正如您所提到的，我們顯然相信這些價格上漲和優化，只要我們需要顯然在這裡，我們就會定期這樣做。優化定價。

The second thing about the self-creators, I believe that we had a slightly higher percent of monthly plans in the second half of the year.

關於自我創造者的第二件事，我相信我們下半年的月度計畫百分比略高。

So obviously, all the above will not be a headwind in 2024.

顯然，上述所有因素在 2024 年都不會成為不利因素。

I believe that everything that we are doing right now with the product in AI and so on.

我相信我們現在在人工智慧等領域所做的一切都是如此。

And we mentioned that for self-creators in the long run, we believe that it will be a double-digit growth just because of that because it has the most effect of the macroenvironment which already started to see that it's improving.

我們提到，從長遠來看，對於自我創造者來說，我們相信這將是兩位數的成長，因為它對宏觀環境的影響最大，宏觀環境已經開始看到它正在改善。

But then again, also, the new product in AI is one of the examples how we can increase conversion and also increase the growth of self-creators.

但話又說回來，人工智慧的新產品是我們如何提高轉換率並促進自我創造者成長的例子之一。

Mark Mahaney, Evercore ISI.

馬克·馬哈尼，Evercore ISI。

I just wanted to ask about the sales and marketing leverage.

我只是想問一下銷售和行銷槓桿。

It's not too often you see a company grow revenue by 25% over two years and get cut sales and marketing expenses by 25%.

一家公司在兩年內收入成長 25%，而銷售和行銷費用卻削減 25%，這種情況並不常見。

Roughly, those numbers are right.

粗略地說，這些數字是正確的。

So just talk about the sustainability of that.

所以只談談它的可持續性。

Is it due to the increasing contribution from Partners revenue? Is

是因為合作夥伴的收入貢獻越來越大嗎？是

it due to the fact that you've reached enough brand awareness and scale where sales and marketing can become more of a fixed cost going forward?

是因為您已經達到了足夠的品牌知名度和規模，未來銷售和行銷可以更成為固定成本嗎？

I know you gave guidance for this upcoming year about where sales and marketing is, but just talk through again the pretty significant leverage you have and the potential for keeping that just as a fixed expense going forwards?

我知道您為即將到來的一年提供了有關銷售和行銷的指導，但請再次討論您擁有的相當大的影響力以及將其保留為未來固定費用的潛力？

Hey, Mark.

嘿，馬克。

It's Nir.

是尼爾。

So I think you touched on both drivers, and I would say that, yeah, definitely Partners plays a part in it.

所以我認為你談到了這兩個驅動因素，我想說，是的，合作夥伴肯定在其中發揮了作用。

But I think that, more than anything, it is about the scaled brand.

但我認為，最重要的是規模化的品牌。

And you have to remember that, we've seen a surge in our brand recognition in the years leading up towards towards 2023, mostly throughout the COVID era, which combined a very high increase in our marketing spend because there was extremely high demand, but also because so many people are now actually forced to go online in businesses and in areas where naturally before they weren't.

你必須記住，在 2023 年之前的幾年裡，我們的品牌認知度大幅上升，主要是在新冠疫情期間，由於需求極高，我們的行銷支出大幅增加，但還因為很多人現在實際上被迫在企業和領域上網，而以前自然不會上網。

And we generated a crazy exposure throughout that period of time.

在那段時間裡，我們產生了瘋狂的曝光。

That led us late 2022 to the point where we started testing whether we can go and decrease the investment in marketing and what will that do to our sales and revenues on an ongoing basis.

這導致我們在 2022 年底開始測試是否可以減少行銷投資，以及這會對我們的銷售和收入持續產生什麼影響。

What we've seen, which we felt was very remarkable, that not only that it really helps us quickly stabilize and continue growing even at a lower base of marketing simply because a lot of the traffic we lost but not buying it was replaced by organic traffic which came through the strength of the brand.

我們所看到的，我們覺得非常了不起，不僅它確實幫助我們快速穩定並繼續成長，即使在行銷基礎較低的情況下也是如此，因為我們失去的大量流量但不購買它被有機取代流量來自於品牌的實力。

And even that traffic, again, you see that the cohort bases are smaller in essence, but it was a much higher intent traffic, so it generated actually better financial results.

即使是這種流量，您也會看到，隊列基數本質上較小，但意向流量要高得多，因此它實際上產生了更好的財務表現。

So from our standpoint, yes, we do believe that on the self-creator side, the marketing investment can pretty much be a fixed cost, obviously with some fluctuation over time based on opportunities. whereas when we look on the partner side of the business, I think in 2024, especially with the -- we did a fantastic result, we think on the Studio side in terms of the product is where we're going to see more investment into marketing.

因此，從我們的角度來看，是的，我們確實相信，在自我創造者方面，行銷投資幾乎可以是固定成本，顯然會根據機會隨著時間的推移而出現一些波動。 whereas when we look on the partner side of the business, I think in 2024, especially with the -- we did a fantastic result, we think on the Studio side in terms of the product is where we're going to see more investment into行銷.

Chris Zeng, UBS.

克里斯曾 (Chris Zeng)，瑞銀集團。

As you've discussed a little bit in the release and shareholder update about the pricing increase that's currently underway, I just wonder if you could share a little more detail about the extent of the pricing increase, which products for example and the level compared to 2022 you're thinking about, and also the timing and how that factors into your guide this year?

正如您在新聞稿和股東更新中討論的有關當前正在進行的定價上漲的內容，我只是想知道您是否可以分享有關定價上漲程度的更多詳細信息，例如哪些產品以及與其他產品相比的水平您正在考慮的2022 年，以及時間安排以及如何將其納入您今年的指南中？

Hey, Chris.

嘿，克里斯。

It's Nir.

是尼爾。

I think I'll kick this off and then hand it over to Lior to talk about how the modeling and the guidance part of it.

我想我會開始這個，然後將其交給 Lior 來討論其中的建模和指導部分。

But generally in a way, there's a variation obviously between different geographies and different kind of subscriptions in terms of what is the increasing percentage, I would say roughly 5% to 15% really depends on those different parameters.

但通常在某種程度上，不同地區和不同類型的訂閱之間的成長百分比有明顯差異，我想說大約 5% 到 15% 實際上取決於這些不同的參數。

And the cadence, again, because for new prices in the US and in Europe are already in place, and they're going to be expanded globally.

再次強調，因為美國和歐洲的新價格已經到位，並且將在全球推廣。

And in terms of the cadence for the subscriptions, obviously they only increase when they renew.

就訂閱節奏而言，顯然它們只會在續訂時增加。

So that's something that's going to be in effect throughout this year and actually will overflow also into 2025.

因此，這將在今年全年生效，實際上也將延續到 2025 年。

Lior can share more about his thoughts on the guidance there.

Lior 可以在那裡分享更多關於他對指導的想法。

So with regard to the price increase, we obviously took it into consideration when we provided the guidance for those places that we actually tested and implemented the price increase.

所以關於漲價的問題，我們在對那些實際測試並實施漲價的地方提供指導時，顯然也考慮到了這一點。

Very important to mention that it does not cover all of our customers, not all of our geos.

非常重要的是，它並沒有涵蓋我們所有的客戶，也沒有涵蓋我們所有的地理位置。

And this is something that we'll probably test and, if implemented, will be an upside to the guidance.

我們可能會測試這一點，如果實施，這將是該指南的優點。

Understood.

明白了。

That's super helpful on.

這非常有幫助。

And if I may, I think just a quick follow-up just for your revenue by region.

如果可以的話，我想快速跟進您按地區劃分的收入。

Asia is a smaller part and usually that fluctuates a little bit.

亞洲是一個較小的部分，通常會略有波動。

And if our conclusion is correct, Asia and other region actually saw a slight Q-on-Q decline.

如果我們的結論是正確的，那麼亞洲和其他地區實際上比去年同期略有下降。

Can you maybe talk about the drivers behind that?

您能談談這背後的驅動因素嗎？

Are you talking about the North America revenue?

你說的是北美收入嗎？

Sorry, it's Asia and other.

抱歉，這是亞洲和其他地區。

Asia and other.

亞洲等。

Well, I believe that Asia and other is like -- has an impact of kind of a small amount of specific customer in channel, so it has kind of fluctuated.

嗯，我相信亞洲和其他地區就像——在渠道中對少量特定客戶產生影響，所以它有一定的波動。

I think that obviously when you look at, for example, at Europe and North America, it has been impacted by a specific product that we've launched only in the second half of last year.

我認為，例如在歐洲和北美，顯然它受到了我們去年下半年才推出的特定產品的影響。

So we do see the effects of it right now.

所以我們現在確實看到了它的影響。

I'm talking specifically about Google ads.

我正在專門討論 Google 廣告。

I think that it's a great way to see that since we launched a new product, it was a huge impact on -- significant impact on our numbers which show the ability to introduce new products.

我認為這是一個很好的方式，可以看到自從我們推出了新產品以來，它對我們的數字產生了巨大的影響，這些數字顯示了推出新產品的能力。

But specifically with regard to Asia and other, it is fluctuating, really depends on the specific customer especially with coming from the channels activity.

但特別是在亞洲和其他地區，它是波動的，實際上取決於特定的客戶，尤其是來自通路活動的客戶。

Understood.

明白了。

It's super helpful.

這非常有幫助。

Trevor Young.

特雷弗楊.

Barclays.

巴克萊銀行。

First, on the expanded partner revenue share, can you just walk us through how the accounting works there and the timing of the impact?

首先，關於擴大合作夥伴收入份額，您能否向我們介紹一下會計工作原理以及影響的時間？

As I understand it, it's a contra revenue and maybe recognized in arrears, and just trying to understand how that potentially impacts revs later this year for Partners.

據我了解，這是一項對銷收入，可能會在欠款中確認，只是想了解這對合作夥伴今年稍後的轉速有何潛在影響。

So the revenue recognition will be on a net basis.

因此，收入確認將以淨額為基礎。

So for example, if we got $1,000 from Partner and his share is about 20%.

舉例來說，如果我們從合作夥伴那裡獲得 1,000 美元，他的份額約為 20%。

So we are going to recognize only the $800 over the period of the service as any other subscription that we do are very similar to that, but it will be just on a net basis.

因此，我們將在服務期間僅確認 800 美元，因為我們所做的任何其他訂閱都與此非常相似，但只是以淨額為基礎。

So there will be no impact on the profitability or the gross margins, for example, of the operating profits.

因此，不會對獲利能力或毛利率（例如營業利潤）產生影響。

I believe that this kind of program, together with the amazing Studio, the product that we just launched, I think that in combination it's a win-win.

我相信這種計劃與我們剛剛推出的令人驚嘆的 Studio 產品相結合，我認為這是雙贏的。

For one, it's a great solution to our partners.

一方面，這對我們的合作夥伴來說是一個很好的解決方案。

On the other hand, it's a great business for them actually providing them the ability to be a SaaS model and get them a subscription base for a very long period of time as we are.

另一方面，這對他們來說是一項偉大的業務，實際上為他們提供了成為 SaaS 模式的能力，並讓他們像我們一樣在很長一段時間內獲得訂閱基礎。

So I believe that it's not going to have an effect or any impact on the margins.

所以我相信這不會對利潤率產生任何影響。

But definitely, we believe that it will be one of our significant growth drivers for the future.

但毫無疑問，我們相信這將成為我們未來的重要成長動力之一。

That's really helpful.

這真的很有幫助。

And as a follow-up, the 33% margin in Business Solutions in 4Q, what drove that outsized step-up?

作為後續行動，第四季業務解決方案的利潤率為 33%，是什麼推動瞭如此巨大的提升？

Was that pricing actions in Google Workspace?

這是 Google Workspace 中的定價行為嗎？

Then on the implied step down to 30% for fiscal '24, is that just a mix of more payments versus Google Workspace?

那麼，在 24 財年隱含的降幅為 30% 的情況下，這是否只是與 Google Workspace 相比增加付款的組合？

So there are like many reasons.

所以原因有很多。

I think that the number one reason is obviously our payments.

我認為第一個原因顯然是我們的付款。

When usually Q4 with all the holidays and so on, you have increasing GPV.

通常在第四季度以及所有假期等情況下，您的 GPV 會增加。

Increasing GPV means increasing the volume of payments when payment is going up.

增加 GPV 意味著當付款量增加時增加付款量。

So we get a better profit.

這樣我們就可以獲得更好的利潤。

We always say that.

我們總是這麼說。

And by the way, one of the reasons why we believe that the gross margin of Business Solution will be increased in 2024 is this is the reason.

順便說一句，我們認為業務解決方案的毛利率將在 2024 年增加的原因之一就是這個原因。

We see that payment scaling up.

我們看到支付規模不斷擴大。

And with that, we see better margins.

這樣，我們就看到了更好的利潤率。

Great.

偉大的。

And this concludes our Q&A session.

我們的問答環節到此結束。

I would now like to turn the conference back to the company for closing remarks.

我現在想將會議轉回公司進行閉幕致詞。

Thanks, everyone, for joining us today, and we'll talk to you next quarter.

感謝大家今天加入我們，我們將在下個季度與您交談。

Thanks, bye.

謝謝再見。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。