Wix.Com Ltd (WIX) 2024 Q1 法說會逐字稿

Good day and thank you for standing by, and welcome to Wix's First Quarter 2024 Earnings Conference Call. (Operator Instructions) Please note that today's conference is being recorded.

美好的一天，感謝您的耐心等待，歡迎參加 Wix 2024 年第一季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

And we'll now hand the conference over to your speaker host, Emily Liu of Investor Relations. Please go ahead.

現在，我們將會議交給演講主持人、投資者關係部門的 Emily Liu。請繼續。

Thanks, and good morning, everyone. Welcome to Wix's First Quarter 2024 Earnings Call. Joining me today to discuss our results are Avishai Abrahami, CEO and Co-Founder; Nir Zohar, President and COO; and Lior Shemesh, our CFO.

謝謝，大家早安。歡迎參加 Wix 2024 年第一季財報電話會議。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，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. Please consider the risk factors included in our press release and most recent Form 20-F that could cause our actual results to differ materially from these forward-looking statements. We do not undertake any obligation to update these forward-looking statements.

在本次電話會議中，我們可能會做出前瞻性陳述，這些陳述是基於目前的預期和假設。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。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. You can find all reconciliations between our GAAP and non-GAAP results in the earnings materials and in our interactive analyst center on the Investor Relations section of our website, investors.wix.com.

此外，我們還將評論非公認會計準則財務表現和關鍵營運指標。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。

Good morning, everyone. We had a fantastic start to 2024 as we built upon the strong momentum and milestones over the last year. We exceeded our expectations across many areas of our business in the first quarter by executing on our product strategies, growth initiatives, and commitment to balanced profitable growth. As a result, we continue to differentiate ourselves and grow market share, as users increasingly choose Wix as the go-to platform to achieve their goals online.

大家，早安。我們在去年的強勁勢頭和里程碑的基礎上，在 2024 年有了一個美妙的開局。透過執行我們的產品策略、成長計劃和對平衡利潤成長的承諾，我們在第一季的許多業務領域超出了我們的預期。因此，隨著用戶越來越多地選擇 Wix 作為實現線上目標的首選平台，我們將繼續保持差異化並擴大市場份額。

We kicked off the year with a strong growth. Bookings in Q1 grew to more than $457 million, exceeding expectations. Revenue grew to $420 million, above our guidance. This outperformance drove free cash flow, which grew to more than $111 million. This new high watermark in our profitability growing is a milestone that Lior will go into more detail shortly. The strong growth we showed this quarter was driven by improving business fundamentals, which I'll let Lior discuss in a few minutes, and incredible product innovation. In particular, we are seeing remarkable results from the product milestones achieved last year, our leading portfolio of AI technology, and Wix Studio.

我們以強勁的成長拉開了新的一年的序幕。第一季的預訂量成長至超過 4.57 億美元，超出預期。營收成長至 4.2 億美元，高於我們的預期。這種優異的表現推動了自由現金流，成長至超過 1.11 億美元。我們獲利能力成長的新高是一個里程碑，Lior 很快就會詳細介紹。我們本季表現出的強勁成長是由業務基本面改善（我將讓 Lior 在幾分鐘內討論）以及令人難以置信的產品創新所推動的。特別是，我們看到去年實現的產品里程碑、我們領先的人工智慧技術組合和 Wix Studio 的顯著成果。

First, our suite of AI part product is performing extremely well. Notably this quarter, we released the highly anticipated AI website builder. This is a cornerstone AI product. It leverages our 10-plus years of web creation expertise and unparalleled knowledge base of users' behavior through a conversational AI chat experience users describe during ten goals. Our AI technology then creates a professional, unique, and fully built out website that mix the user needs and traits.

首先，我們的人工智慧零件產品套件表現非常出色。值得注意的是，本季度，我們發布了備受期待的人工智慧網站建立器。這是一款基石人工智慧產品。它透過用戶在十個目標中描述的對話式人工智慧聊天體驗，利用了我們 10 多年的網路創建專業知識和無與倫比的用戶行為知識庫。然後，我們的人工智慧技術創建一個專業、獨特且完全建構的網站，融合了使用者的需求和特徵。

Importantly, the AI-generated site include all relevant pages with personalized layouts, seeing stacked images, and business solutions such as scheduling, e-commerce, and more. Best of all, this website are fully optimized with Wix's reliable infrastructure, including security and performance, as well as building marketing, SEO, CRM, and analytics tools. There is truly nothing like this on the market.

重要的是，人工智慧生成的網站包括具有個人化佈局、查看堆疊圖像以及日程安排、電子商務等業務解決方案的所有相關頁面。最重要的是，該網站利用 Wix 可靠的基礎設施進行了全面優化，包括安全性和效能，以及建立行銷、SEO、CRM 和分析工具。市場上確實沒有這樣的東西。

Excitingly, feedback on the AI website builder has been incredible. In just a few short months since its launch, hundreds of thousands of sites have already been created using this tool by both self-creators and partners. The strong response and utilization is a testament to the depth of our AI expertise and strength of our product.

令人興奮的是，對人工智慧網站建立器的回饋令人難以置信。自推出以來的短短幾個月內，自我創建者和合作夥伴已經使用該工具創建了數十萬個網站。強烈的反應和利用率證明了我們人工智慧專業知識的深度和產品的實力。

We did not step off the gas after this milestone release, and recently added more products to add to our AI portfolio in order to make the site-building experience easier and more enjoyable. In April, we released a suite of AI-powered image enhancement tools that provide users with the capability to create professional images on their own. High-quality images are an essential part of a professional website, but often hard to achieve without the help of a professional photographer. New users will be able to easily erase objects, generate images, and edit them to add or replace object with a simple prompt, or without ever leaving the Wix photo studio.

在這個里程碑式的發布之後，我們並沒有停下腳步，最近又添加了更多產品添加到我們的人工智慧產品組合中，以使網站建立體驗變得更輕鬆、更愉快。四月份，我們發布了一套由人工智慧驅動的圖像增強工具，使用戶能夠自行創建專業圖像。高品質的圖像是專業網站的重要組成部分，但如果沒有專業攝影師的幫助，通常很難實現。新用戶將能夠輕鬆擦除對象、生成圖像並編輯它們以透過簡單的提示添加或替換對象，或無需離開 Wix 照相館。

A few weeks ago, we also released the AI portfolio creator, which uses in-house AI images, clustered technology, and the latest AI model to enable users to easily and professionally showcase an online portfolio. This creates smooth, intuitive portfolio-building experience that generates unique and professional options in moments.

幾週前，我們還發布了人工智慧作品集創建器，它使用內部人工智慧圖像、叢集技術和最新的人工智慧模型，使用戶能夠輕鬆、專業地展示線上作品集。這創造了流暢、直覺的作品集建立體驗，瞬間產生獨特且專業的選擇。

These new capabilities are just the start of a robust pipeline of AI-enabled products still to come this year, including a variety of vertical AI business assistants that will be release for the year. A couple of these assistants are currently in beta testing and seeing great results and feedback. I can't wait to share these and more.

這些新功能只是今年還將推出的一系列強大的人工智慧產品的開始，其中包括今年發布的各種垂直人工智慧業務助理。其中一些助手目前正在進行 Beta 測試，並看到了很好的結果和回饋。我迫不及待地想分享這些以及更多內容。

We are seeing a tangible benefit from our entire AI offering, particularly the better conversions amongst users into premium subscriptions. I strongly believe that our AI capability will be a significant driver of self-creators' growth in 2024 and beyond.

我們看到整個人工智慧產品帶來了實質的好處，特別是用戶更好地轉化為高級訂閱。我堅信，我們的人工智慧能力將成為 2024 年及以後自我創造者成長的重要驅動力。

I'd like to finish with an update on Wix Studio, which continues to perform ahead of plan. Since its launch in August, over 1 million Studio accounts has been created by agencies and designers. The majority of these Studio accounts are created by larger agencies completely new two Wix. This is an encouraging sign that we continue to win market share. Existing professionals are also increasingly using Studio to complement their classic editor project, with most of our top partners having built at least one project on Studio.

我想以 Wix Studio 的更新作為結束語，它繼續提前執行計劃。自 8 月推出以來，代理商和設計師已創建了超過 100 萬個 Studio 帳戶。這些 Studio 帳戶中的大多數是由較大的機構創建的，全新的兩個 Wix。這是一個令人鼓舞的跡象，表明我們繼續贏得市場份額。現有的專業人士也越來越多地使用 Studio 來補充他們的經典編輯器項目，我們的大多數頂級合作夥伴都在 Studio 上構建了至少一個項目。

Moreover, fast conversion of these accounts has resulted in more Studio premium subscriptions than anticipated. This high conversion demonstrated powerful design, creation, and workflow management, capabilities the professional cannot get anywhere else. As a result, we expect the lifetime value of our partners user base to continue to improve as partners build more projects on Studio over time. As a reminder, the lifetime value of our partners is already multiple times higher than that of our said peers.

此外，這些帳戶的快速轉換導致 Studio 高級訂閱量超出預期。這種高轉換率展示了強大的設計、創作和工作流程管理，這些功能是專業人士在其他地方無法獲得的。因此，隨著時間的推移，隨著合作夥伴在 Studio 上建立更多項目，我們預計合作夥伴用戶群的終身價值將繼續提高。提醒一下，我們合作夥伴的終身價值已經是我們上述同行的數倍。

We continue to add new and innovative capabilities and group the studio platform, equivalent to just the ability for partners to serve Studio templates in the market. This feature enables partners to market and sell Studio templates they've created, thus increasing the earning potential while organically fostering the Studio ecosystem.

我們不斷添加新的創新功能並對工作室平台進行分組，相當於合作夥伴在市場上提供 Studio 模板的能力。此功能使合作夥伴能夠行銷和銷售他們創建的 Studio 模板，從而增加盈利潛力，同時有機地培育 Studio 生態系統。

With more new features on the horizon, we remain confident that Studio will be a significant driver of funding growth in the years to come. With the momentum we started this year, I'm confident that we will successfully and we are successfully executing on our strategic initiatives and growth filers. These and many exciting things are still to come in 2024 and made possible by the incredible team here at Wix. So thank you to the entire team for your hard work and dedication to our users.

隨著更多新功能的出現，我們仍然相信 Studio 將成為未來幾年資金成長的重要動力。憑藉我們今年開始的勢頭，我相信我們將成功並且正在成功執行我們的策略計劃和成長文件。這些以及許多令人興奮的事情仍將在 2024 年發生，並由 Wix 令人難以置信的團隊使其成為可能。因此，感謝整個團隊的辛勤工作和對我們用戶的奉獻。

With that, Nir, over to you.

好了，尼爾，交給你了。

Thank you, Avishai, and thank you, everyone, for joining us this morning. I'd like to expand on what we've seen in the first quarter in terms of our user cohorts and business fundamentals and explain how they drove our strong results.

謝謝阿維沙伊，也謝謝大家今天早上加入我們。我想詳細介紹我們在第一季所看到的用戶群和業務基本面，並解釋它們如何推動我們取得強勁業績。

Starting with our user cohorts. We are extremely encouraged by the quality of our funnel this quarter, demonstrated by the exceptional strength of our newest user cohorts. The Q1 '24 user cohort of approximately 4.9 million new users collectively generated more than $32 million in bookings in the first quarter. This is 6% higher than the bookings generated by our Q1 '23 user cohort in its first quarter despite a slightly smaller base of users. This further underscores the improving fundamentals of our business.

從我們的使用者群體開始。我們對本季通路的品質感到非常鼓舞，最新用戶群的卓越實力證明了這一點。 24 年第一季的用戶群約有 490 萬新用戶，第一季的預訂總額總計超過 3,200 萬美元。儘管用戶基數略小，但這比 23 年第一季用戶群在第一季產生的預訂量高出 6%。這進一步凸顯了我們業務基本面的改善。

The Q1 '24 cohorts now replaces the Q1 '23 cohort as the strongest non-COVID cohort in our history. As a result, returns on our acquisition marketing investments remain elevated. We remain on pace to sustain a time to return on investment or TROI of four to five months.

24 年第一季隊列現已取代 23 年第一季隊列，成為我們歷史上最強的非新冠隊列。因此，我們的收購行銷投資報酬率仍然很高。我們仍將維持四到五個月的投資回報時間或 TROI。

At the same time, we continue to see strong performance from existing cohorts, as evidenced by the ongoing growth of our Q1 '23 cohort, which has generated over $83 million over the past five quarters. This is 5% higher than the cumulative bookings generated by the Q1 '22 cohort in the same timeframe. The incredible performance of our newest cohort and continued strength of prior cohorts are driven by robust conversion and improving monetization.

同時，我們繼續看到現有群體的強勁表現，23 年第一季群體的持續成長證明了這一點，該群體在過去五個季度創造了超過 8,300 萬美元的收入。這比 22 年第一季同一時間內產生的累積預訂量高出 5%。我們最新群體的令人難以置信的表現和先前群體的持續實力是由強勁的轉化和不斷改善的貨幣化所推動的。

I'd like to spend a few minutes talking about these business drivers. First, we've seen conversion tailwinds from the several initiatives we began last year and continue to build upon. These include: one, focusing on our marketing investment on attracting higher-intensity users, particularly partners and commerce users; two, the success of our expanding portfolio of AI initiatives, which we continue to expand; and finally, the early outperformance and momentum of Wix Studio, which is driving high conversion and lifetime value of partners. As a result, the most recent cohorts experienced record conversion. This is a tangible indication that our strategic growth plan is working.

我想花幾分鐘討論這些業務驅動因素。首先，我們從去年開始並繼續發展的幾項舉措中看到了轉換的推動力。其中包括：一是我們的行銷投資重點是吸引更高強度的用戶，特別是合作夥伴和商業用戶；第二，我們不斷擴大的人工智慧計畫組合取得了成功；最後，Wix Studio 早期的出色表現和勢頭，推動了合作夥伴的高轉換率和終身價值。結果，最近的隊列經歷了創紀錄的轉化。這明確表明我們的策略成長計劃正在發揮作用。

Second, this strong conversion is coupled with improved monetization of both partners and self-creators. ARPS is increasing as we expand our offering and progressively bring on users with more complex needs. These users are purchasing higher-priced packages, adopting more business applications, and generating more GPV.

其次，這種強勁的轉換伴隨著合作夥伴和自我創造者的貨幣化的提高。隨著我們擴大產品範圍並逐步滿足具有更複雜需求的用戶，ARPS 也不斷增加。這些用戶正在購買價格更高的套餐，採用更多的商業應用程序，並產生更多的 GPV。

As we mentioned in February, we began updating package pricing this quarter for new and existing users. This is part of our ongoing strategy to align pricing with the continuously growing value our platform deliveries to users. Our users have historically responded well to previous pricing updates, so we knew what to expect going into this one. Nevertheless, I'm pleased to share we have seen better-than-expected user retention from this most recent price change. This is a driver of our increased guidance, which Lior will discuss shortly.

正如我們在二月提到的，我們本季開始為新用戶和現有用戶更新套餐定價。這是我們持續策略的一部分，旨在使定價與我們的平台向用戶提供的不斷增長的價值保持一致。我們的用戶歷來對先前的定價更新反應良好，因此我們知道對此定價的期望。儘管如此，我很高興與大家分享，我們從最近的價格變化中看到了好於預期的用戶保留率。這是我們增加指導的驅動力，利奧爾很快就會討論這一點。

The combination of steadily increasing ARPS, along with strong retention, is evidence of our growing value proposition. Additionally, ARPS benefited from robust commerce growth. GPV in the first quarter grew 14% year over year as larger merchants joined Wix and existing merchants on our platform grew their businesses.

穩步增長的 ARPS 以及強大的保留率相結合，證明了我們不斷增長的價值主張。此外，ARPS 也受益於強勁的商業成長。隨著大型商家加入 Wix 以及我們平台上現有商家的業務成長，第一季的 GPV 年增 14%。

Growth in GPV was coupled with increased take rate. Our take rate improved to 1.58% in Q1, an all-time high as more merchants chose Wix payment. Commerce growth continues to be led by our partners, who are responsible for roughly half of our GPV this quarter. We expect GPV from our commerce users to continue to compound, and take rate to remain elevated, driving ARPS improvement going forward.

GPV 的成長與採用率的提高相結合。隨著越來越多的商家選擇 Wix 支付，我們的接受率在第一季提高至 1.58%，創歷史新高。商業成長繼續由我們的合作夥伴引領，他們佔本季 GPV 的大約一半。我們預計商業用戶的 GPV 將繼續複合，並且比率保持在較高水平，從而推動 ARPS 不斷提高。

Finally, we also continue to keep a close eye on the macro environment impacting the users and merchants on our platform. I'm pleased to say that the solid top of funnel and GPV growth trends we're seeing point to a normal operating environment. The macro has actually been stable and positive from where we stand for the past few quarters. We didn't see any change in Q1. This stability has allowed us to execute on our growth initiatives, which drove the momentum of last year and the strong start to 2024.

最後，我們也持續密切關注影響我們平台上的使用者和商家的宏觀環境。我很高興地說，我們看到的穩健的漏斗頂部和 GPV 成長趨勢表明營運環境正常。從過去幾個季度的情況來看，宏觀經濟實際上是穩定和積極的。我們沒有看到第一季有任何變化。這種穩定性使我們能夠執行我們的成長計劃，從而推動了去年的勢頭和 2024 年的強勁開局。

The strong fundamentals of the quarter are proof that our marketing strategy continues toward growth, and the global Wix brand remains strong. We are increasingly attracting higher-intent users with greater monetization throughout their lifetime, particularly commerce users and larger partners. We expect conversion and ARPS to continue to improve as we innovate and grow our product suite to better meet the dynamic needs of our growing base of self-creators and partners.

本季強勁的基本面證明我們的行銷策略持續成長，全球 Wix 品牌依然強勁。我們越來越多地吸引更高意願的用戶，尤其是商業用戶和更大的合作夥伴。我們預計，隨著我們創新和發展我們的產品套件，轉換率和 ARPS 將繼續提高，以更好地滿足不斷增長的自我創造者和合作夥伴群體的動態需求。

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

現在，我將把它交給 Lior 來介紹我們的財務狀況和前景。利奧爾？

Thanks, Nir. We kicked off 2024 with a very strong start to this year, with top-line growth exceeding expectations in Q1, driven by incredible product traction, particularly of our AI offering in Wix Studio, as well as the improved business fundamentals you've just heard about from Nir. This was outpinned by stable and positively trending macro environment.

謝謝，尼爾。我們以今年強勁的開局拉開了2024 年的序幕，第一季的營收成長超出了預期，這得益於令人難以置信的產品吸引力，尤其是我們在Wix Studio 中提供的AI 產品，以及您剛剛聽說的業務基本面的改善大約來自尼爾。穩定且積極的宏觀環境也印證了這一點。

Strong growth allowed us to achieve record profitability, with free cash flow margin reaching 26% this quarter. As a result, better-than-expected growth and free cash flow generation would have very close to achieving the rule of 40 in Q1 and for the full year. The growth outperformance in Q1 firms up our expectations for accelerating bookings growth in the back half of 2024, as well as anticipated strong revenue growth across both self-creators and partners in 2025. As a result, we are increasingly confident that we will significantly surpass the rule of 40 in 2025. I will discuss this in more detail, along with our updated outlook shortly.

強勁的成長使我們實現了創紀錄的獲利能力，本季自由現金流利潤率達到 26%。因此，第一季和全年的成長和自由現金流產生將非常接近達到 40 的規則。第一季的成長表現增強了我們對 2024 年下半年預訂量加速成長的預期，以及 2025 年自主創作者和合作夥伴收入強勁成長的預期。年的40 法則。

Moving on to the details of the first quarter, total bookings were $457 million, with growth accelerating to 10% year over year and exceeding our expectations. Total revenue was $420 million, up 12% year over year and above our guidance. Bookings and revenue growth was driven by strong business fundamentals as well as robust uptake of Wix Studio, new AI products, and our growing suite of commerce capability. Growth is driven by continued innovation to provide the best online creation experience for all users.

再來看看第一季的具體情況，總預訂量為 4.57 億美元，年成長加速至 10%，超出了我們的預期。總收入為 4.2 億美元，年成長 12%，高於我們的指導。強勁的業務基礎以及 Wix Studio、新人工智慧產品和我們不斷增長的商務能力套件的強勁採用推動了預訂和收入的成長。持續創新推動成長，為所有用戶提供最佳的線上創作體驗。

Our partners business continued to build momentum and contributed meaningfully to overall growth this quarter. Partners revenue grew 33% year over year as we experienced market share gains, larger agencies joining the platform, and better monetization of our existing professional users. This was due in part to Wix Studio, which is beginning to demonstrate early top-line contribution as the product continues to ramp and perform ahead of plan. With over 1 million accounts today and the number of subscriptions exceeding expectations, we expect Studio would continue to improve the lifetime value of our partner user base.

我們的合作夥伴業務持續保持強勁勢頭，為本季的整體成長做出了有意義的貢獻。隨著我們的市場份額增長、更大的機構加入平台以及現有專業用戶更好的貨幣化，合作夥伴收入年增 33%。這在一定程度上要歸功於 Wix Studio，隨著產品繼續加速並提前執行，該公司開始展示早期的營收貢獻。如今，帳戶數量超過 100 萬，訂閱數量超出預期，我們預計 Studio 將繼續提高合作夥伴用戶群的終身價值。

Total non-GAAP gross margin in Q1 was 68%, which was in line with our expectations of 68% to 69% gross margin for the full year. Non-GAAP operating income increased 43% year over year and totaled 17% of revenue as our operating cost base remains stable as the growth outperformed. We also achieved a second consecutive quarter of positive GAAP operating income and remain on track to achieve GAAP operating profit for the full year.

第一季非 GAAP 總毛利率為 68%，符合我們對全年 68% 至 69% 毛利率的預期。非 GAAP 營業收入年增 43%，佔總收入的 17%，因為我們的營運成本基礎因成長表現出色而保持穩定。我們還連續第二個季度實現了 GAAP 營業收入正值，並有望實現全年 GAAP 營業利潤。

In Q1, non-GAAP sales and marketing expenses grew quarter over quarter to $96 million as we ramped up investment in Wix Studio as planned. We continue to execute against the streamlined marketing strategy introduced last year, resulting in stable TROI of our most recent user cohort compared to the prior-year cohort. Q1 free cash flow, excluding headquarter cost, was over $111 million, a record of 26% of revenue due to the strong top-line growth, coupled with steady operating expenses.

第一季度，隨著我們按計劃加大對 Wix Studio 的投資，非 GAAP 銷售和行銷費用環比增長至 9,600 萬美元。我們繼續執行去年推出的精簡行銷策略，與前一年相比，我們最近的用戶群的 TROI 保持穩定。第一季自由現金流（不包括總部成本）超過 1.11 億美元，由於強勁的營收成長和穩定的營運支出，佔收入的 26%，創歷史新高。

I now want to finish by providing some color around our expectations for the rest of 2024. We expect total revenue in Q2 of $431 million to $435 million, representing approximately 11% to 12% year-over-year growth.

最後，我想就我們對 2024 年剩餘時間的預期提供一些說明。

For the full year 2024, we are increasing our outlook. We now expect total bookings of $1.796 billion to $1.826 billion, or 12% growth year over year. This is up from previous outlook of $1.784 billion to $1.813 billion. Additionally, we are raising total revenue to $1.738 billion to $1.761 billion, or 11% to 13% growth year over year. This is up from our previous outlook of $1.726 billion to $1.757 billion.

對於 2024 年全年，我們提高了展望。我們目前預計總預訂量將達到 17.96 億美元至 18.26 億美元，年增 12%。這高於先前預期的 17.84 億美元至 18.13 億美元。此外，我們還將總收入提高到 17.38 億美元至 17.61 億美元，年增 11% 至 13%。這高於我們先前預期的 17.26 億美元至 17.57 億美元。

Importantly, we expect total bookings growth to accelerate in the second half of 2024 to 16% as the high end of our guidance range, up from 15% as previously anticipated. This acceleration is expected to come from both self-creators and partners. Self-creators' growth acceleration is expected to be powered by higher conversion and monetization as a result of our AI products. Meanwhile, partners growth acceleration is expected to be driven by Wix Studio ramping and contributing to more meaningful than initially planned creative subscriptions booking is still expected to accelerate to double-digit growth in the second half of 2024. The success of our AI initiatives and Studio will also benefit revenue, though on the smaller scale due to our SaaS model. We will see more significant benefit from these dynamics on our 2025 revenue.

重要的是，我們預計 2024 年下半年總預訂量成長將加速至 16%，作為我們指引範圍的上限，高於先前預期的 15%。這種加速預計將來自自我創造者和合作夥伴。我們的人工智慧產品帶來的更高的轉換率和貨幣化預計將推動自我創造者的加速成長。同時，Wix Studio 的成長預計將推動合作夥伴的加速成長，並為比最初計劃更有意義的創意訂閱預訂做出貢獻，預計到2024 年下半年仍將加速實現兩位數成長。 AI 計劃和Studio 的成功也將有利於收入，儘管由於我們的 SaaS 模式，規模較小。我們將看到這些動態為我們 2025 年的收入帶來更顯著的好處。

We continue to expect non-GAAP total gross margin of 68% to 69%, with non-GAAP business solution gross margin to exceed 30% for the full year. Non-GAAP operating expenses are now expected to be 50% to 51% of revenue for the full year, down slightly from our previous expectation of 51% to 52% of revenue. This decrease is due to expected organic improvement in sales productivity and slower hiring as a result of the efficiency initiatives implemented over the past couple of years. We will continue to gradually invest in our Studio brand as previously planned. This has not changed in our model.

我們繼續預期全年非 GAAP 總毛利率為 68% 至 69%，其中非 GAAP 業務解決方案毛利率將超過 30%。目前預計非 GAAP 營運費用將佔全年收入的 50% 至 51%，略低於我們先前佔營收 51% 至 52% 的預期。這一下降是由於過去幾年實施的效率措施導致銷售生產力預期有機改善以及招聘速度放緩。我們將繼續按照先前的計劃逐步投資我們的 Studio 品牌。這在我們的模型中沒有改變。

We now expect to generate free cash flow, excluding headquarter cost, of $445 million to $455 million, or approximately 26% of revenue in 2024. This is a meaningful increase from $370 million to $400 million, or 21% to 23% of revenue as previously expected.

現在，我們預計2024 年將產生4.45 億至4.55 億美元的自由現金流（不包括總部成本），約佔收入的26%。佔收入的21% 至23%。

This significant increase in free cash flow is expected to be driven by a few factors. First and primarily, our higher bookings expectations. Second, more favorable gross margin mix as (inaudible) subscription growth accelerates. And third, the operating efficiencies I just mentioned, as well as general working capital efficiency. As a result, we are now positioned an entire year ahead of our three-year plan, as we did not expect to achieve 25%-plus free cash flow margin until 2025.

自由現金流的顯著增加預計將受到幾個因素的推動。首先也是最重要的是，我們更高的預訂期望。其次，隨著（聽不清楚）訂閱成長加速，毛利率組合更加有利。第三，我剛才提到的營運效率，以及整體營運資金效率。因此，我們現在的定位比三年計畫提前了一整年，因為我們預計到 2025 年才能達到 25% 以上的自由現金流利潤率。

Finally, we continue to follow through our commitment to allocate 50% of free cash flow generation to 2025 to share repurchases. Following the completion of our $300 million plan in February, Wix has implemented an additional $225 million repurchase authorization. Execution against this plan is currently underway. As a result of this increased repurchase activity and continued share count management, we anticipate to end 2024 with a fully diluted share count of 62 million to 63 million. This anticipated share count, along with stronger free cash flow expectations, translates to a higher free cash flow per share trajectory for 2024 than previously anticipated.

最後，我們繼續履行我們的承諾，到 2025 年將 50% 的自由現金流產生用於股票回購。繼 2 月完成 3 億美元計畫後，Wix 又實施了 2.25 億美元的回購授權。目前該計劃的執行正在進行中。由於回購活動的增加和持續的股份數量管理，我們預計到 2024 年底，完全稀釋後的股份數量將達到 6,200 萬至 6,300 萬股。這一預期的股票數量，加上更強的自由現金流預期，意味著 2024 年每股自由現金流軌跡將高於先前的預期。

The great progress we made in Q1 and improved bookings trends we are now expecting for the rest of the year set us up for anticipated revenue growth acceleration in 2025. As a result of these broad-based strengths and the maintenance of our stable cost structure, we are increasingly confident that we would significantly surpass the rule of 40 in 2025.

我們在第一季取得的巨大進步以及我們現在預計今年剩餘時間預訂趨勢的改善為我們預計 2025 年收入成長加速奠定了基礎。有信心在2025 年大幅超越40 條規則。

With that, we'll now take your questions.

現在，我們將回答您的問題。

(Operator Instructions) Ygal Arounian, Citi.

（操作員指令）Ygal Arounian，花旗銀行。

Great quarter. Maybe first, just to dig into 2025 a little bit. On the revenue growth acceleration expectations, I know we talked about AI and Studio and everything, but is there any more color into how to think about the contributions from each or which one's the biggest contributor? How much of the self-creator side is needed to improve to get to that acceleration point?

很棒的季度。也許首先，稍微深入了解一下 2025 年。關於營收成長加速預期，我知道我們討論了人工智慧和 Studio 等一切，但是對於如何思考每個人的貢獻或哪個是最大的貢獻者，還有更多的色彩嗎？為了達到那個加速點，自我創造者方面需要改進多少？

And then a follow-up on Studio, really strong relics success here. You're talking about seeing better sign ups so far. You also talked about, in the letter, features and improvements that are coming. How should we think about or how do you think about the Studio and the partner opportunity today versus maybe six months ago before Studio really rolled out? How much bigger do you see it? How much more of the professional and partner market do you think you can capture, and just a little more details on that? Thank you.

然後是 Studio 的後續，這裡的文物確實取得了巨大的成功。您正在談論到目前為止看到更好的註冊情況。您還在信中談到了即將推出的功能和改進。與 Studio 真正推出之前的六個月前相比，我們應該如何考慮或您如何看待今天的 Studio 和合作夥伴機會？你看到它大了多少？您認為您還能佔領多少專業和合作夥伴市場，以及更多細節？謝謝。

Ygal, I will start with the first question. I think that the way to understand the 2025 growth is actually looking at the growth of the second half of this year. As you know, revenue lags after bookings. Most of the acceleration is booking is actually coming from creative subscription, which will be doubled in the second half of the year. Part of it is obviously due to Studio, we see much better -- and this is also related to the second question, we see much better result in term of the adoption of Studio as we anticipated initially. As a result of that, we believe that creative subscription is going to be accelerated due to that, meaning that we are seeing more accounts and more premiums coming out of Studio.

Ygal，我從第一個問題開始。我認為理解2025年成長的方式其實是看今年下半年的成長。如您所知，收入落後於預訂。大部分的加速預訂實際上來自創意訂閱，下半年將翻倍。顯然，部分原因是 Studio，我們看到了更好的結果——這也與第二個問題有關，正如我們最初預期的那樣，我們在採用 Studio 方面看到了更好的結果。因此，我們相信創意訂閱將因此而加速，這意味著我們將看到更多的帳戶和更多的溢價來自 Studio。

The second thing is about the different AI tools that we launched. And definitely there, we see the monetization, we see the contribution, we see much healthy cohorts as a result of that, better retention in some way. And as a result of that, we believe that we are going to see acceleration of the creative subscription, also as a result of the different AI tools.

第二件事是關於我們推出的不同人工智慧工具。當然，我們看到了貨幣化，我們看到了貢獻，我們看到了許多健康的群體，在某種程度上，我們看到了更好的保留率。因此，我們相信我們將看到創意訂閱的加速，這也是不同人工智慧工具的結果。

The third thing is obviously, the price optimization that we've made, we are going to see the benefit of it, mostly in booking in the second half of the year. And also, revenue will follow to 2025. All that is going to be resorted with better revenue growth than we've seen this year.

第三件事顯然是，我們所做的價格優化，我們將看到它的好處，主要是在下半年的預訂中。而且，收入將持續到 2025 年。

Well, and for studios, I think that the question was about how do we see it now and what do we think that it means in the long term on our potential. Obviously, as I mentioned in my notes today, Studio is doing better than we predicted. We're saying that this is a great sign for the product adoption.

嗯，對於工作室來說，我認為問題是我們現在如何看待它，以及我們認為這對我們的潛力的長期意義意味著什麼。顯然，正如我在今天的筆記中提到的，Studio 的表現比我們預期的要好。我們說這是產品採用的一個好兆頭。

Obviously for us, partners, agencies are the bigger market that we're still not yet addressed in the past, so it's a great opportunity. With reaching a 1 million registered accounts already, we're seeing growth into that market happening very quickly. The business fundamentals of websites built with Studio are better than, of course, self-creators. Usually, companies that are going to agencies have a bigger budget and more experience in their business. And as a result, we're seeing better GPV, better retention, and that drives, of course, LTV to be higher.

顯然，對我們來說，合作夥伴、代理商是我們過去尚未解決的更大市場，所以這是一個很好的機會。隨著註冊帳戶已達到 100 萬個，我們看到該市場的成長速度非常快。當然，使用 Studio 建立的網站的業務基礎比自行創建的網站要好。通常，選擇代理商的公司有更多的預算和更多的業務經驗。因此，我們看到更好的 GPV、更好的保留率，當然，這會推動 LTV 更高。

The other thing that I believe is very obvious when I look at the result of Studio is that we are gaining market share in a market that we have not addressed before. So looking at everything that came from Studio until now and knowing what we have planned to do in the future, there's a product innovation and marketing innovation. I believe that it's going to continue to help us to gain significant market shares with agencies.

當我查看 Studio 的結果時，我認為非常明顯的另一件事是，我們正在一個我們以前從未涉足過的市場中獲得市場份額。因此，看看 Studio 迄今為止所做的一切，並了解我們未來計劃做什麼，就會有產品創新和行銷創新。我相信它將繼續幫助我們在代理商中獲得重要的市場份額。

Thanks. Just super quick follow up on 2025 for that -- asked the initial questions. On the margin front, you pulled that number forward by more than a year, right? You had 25% for 2025. You're at 26% now. How should we think about the margin trajectory beyond '24 at this point? Thanks, guys.

謝謝。對此，我們將在 2025 年進行快速跟進——提出最初的問題。在利潤方面，你把這個數字提前了一年多，對吧？ 2025 年你的比例是 25%。此時我們該如何看待 24 年後的獲利軌跡？多謝你們。

So look, obviously, I mean, we see the great result of free cash flow for this year. And this is why we mentioned that we do believe that we will significantly surpass the rule of 40. This will be as a result of both growth but also free cash flow margin. I think that it's come together because, think about it this way, when we see a significant increase in creative subscription, most of it goes to the bottom line as the gross margin of it is really, really high. So I believe that it means that we are going to see acceleration of both.

所以，顯然，我的意思是，我們看到了今年自由現金流的巨大成果。這就是為什麼我們提到我們確實相信我們將大大超過 40 的規則。我認為這是因為，這樣想，當我們看到創意訂閱量顯著增加時，其中大部分都達到了底線，因為它的毛利率非常非常高。所以我相信這意味著我們將看到兩者的加速發展。

Thank you.

謝謝。

Ken Wong, Oppenheimer.

肯·黃，奧本海默。

This is for Avishai, maybe Nir. You guys changed compensation for your partners. Just wondering what you saw in the early days there. Are you getting the effect on the incremental attach and up-market selling that you guys are anticipating? And any color would be great.

這是給 Avishai 的，也許是 Nir ​​的。你們改變了你們合作夥伴的報酬。只是想知道你早期在那裡看到了什麼。您是否收到了您所預期的增量附加和高端銷售的影響？任何顏色都會很棒。

Hey Ken, it's Nir. So it's still relatively early, as you mentioned. Okay. This is something we fully implemented early in Q1. The early results are, I would say, very encouraging. We're seeing that people definitely going to take advantage of it, which means that they are more motivated to onboard Wix Studio for the projects as agencies. And they're also motivated to use more business functionality and more -- drive GPV. And it's definitely something that we see as driving higher adoption of all of those kind of ARPS drivers altogether on the partner side. Our expectation is, again, because it's still early, for this to keep on expanding and be a great tool for us to increase the connection and the loyalty of the agencies and the partners.

嘿肯，我是尼爾。所以正如你所提到的，現在還相對較早。好的。這是我們在第一季初期全面實施的。我想說，早期的結果非常令人鼓舞。我們看到人們肯定會利用它，這意味著他們更有動力作為代理商加入 Wix Studio 來進行專案。他們也有動力使用更多的業務功能以及更多——推動 GPV。我們認為這絕對會推動合作夥伴方面更高程度地採用所有此類 ARPS 驅動程式。我們的期望是，因為現在還為時過早，所以它會繼續擴大，並成為我們增加代理商和合作夥伴的聯繫和忠誠度的一個很好的工具。

Got it. Fantastic. And then maybe just a follow-up. Lior, on the 25% free cash flow margins, I think one other dynamic you guys mentioned was just maybe the tax rate going up. I guess how should we think about that impact next year relative to what was baked into the targets earlier?

知道了。極好的。然後也許只是後續行動。 Lior，關於 25% 的自由現金流利潤率，我認為你們提到的另一個動態可能是稅率的上升。我想我們應該如何考慮明年相對於先前目標的影響？

Look, I think that in terms of the overall tax rate, next year, we are mostly going to use the losses carried forward that we have, so I don't think that it will have any impact. Obviously, it's going to have impact mostly from 2026 onward. But it's already baked into the numbers, meaning that yes, we are going to pay more taxes. But on the other end, I think that the benefit that we are going to get from the accelerated revenue with the efficiency that we have with our operating expenses are going to drive free cash flow even higher.

你看，我認為就整體稅率而言，明年我們主要會使用結轉的虧損，所以我認為這不會產生任何影響。顯然，它的影響主要是從 2026 年開始。但它已經被納入數字中，這意味著是的，我們將繳納更多的稅。但另一方面，我認為我們將從收入的加速成長以及營運支出的效率中獲得的好處將推動自由現金流進一步上升。

Okay, perfect. Thanks a lot. Great quarter, guys.

好的，完美。多謝。很棒的季度，夥計們。

Thank you.

謝謝。

Jian Li, Evercore.

李健，Evercore。

Great. Thanks a lot. First question on the full-year bookings guide. It's pretty strong second-half acceleration. I think you touched on a little bit of on the drivers, but can you just parse out a little more how much of this outlook is driven by the current pricing increase contribution versus new product rollout?

偉大的。多謝。關於全年預訂指南的第一個問題。下半場的加速非常強勁。我認為您談到了一些驅動因素，但您能否進一步分析一下這種前景在多大程度上是由當前定價成長貢獻與新產品推出所推動的？

And I think you mentioned a couple of other products like AI business assistance. Are these baked into the guide? Or are these upside? And specifically for self-creators, should we expect to see the -- exiting the year at double-digit growth if you can share your growth trajectory for both?

我認為您也提到了其他一些產品，例如人工智慧業務協助。這些都納入指引了嗎？或者這些有好處嗎？特別是對於自我創造者來說，如果您能分享您的成長軌跡，我們是否應該期望看到今年以兩位數的成長結束？

Thanks. Okay, so I will try to mention again the main reasons, but I think that by far, the number one reason is the increase that we see in our business, and it's coming from both self-creators, mostly driven by the different AI tools that we've launched, but obviously also from partners, because we see the adoption of Studio, and we already see the early numbers. We understand exactly what is the contribution in the second half of the year. And this is like number one reason.

謝謝。好的，所以我會嘗試再次提及主要原因，但我認為到目前為止，首要原因是我們在業務中看到的成長，並且它來自兩個自我創造者，主要是由不同的人工智慧工具驅動的我們已經推出了，但顯然也是來自合作夥伴，因為我們看到了 Studio 的採用，並且我們已經看到了早期的數字。我們很清楚下半年的貢獻是什麼。這就像第一個原因。

We see a much better business, much more creative subscription, more premiums, more agencies coming to Wix, using Wix new agencies, and also existing agencies using Wix for more of the projects. I think that the overall contribution of that is the most significant one. This is most of the reason why we increased guidance.

我們看到了更好的業務、更有創意的訂閱、更多的溢價、更多的機構來到 Wix、使用 Wix 新機構，以及現有機構使用 Wix 進行更多專案。我認為整體貢獻是最重要的。這是我們增加指導的主要原因。

Remember that we did the price increase earlier this year, so we have no surprises over there, so most of the increase that we've made this quarter is a result of both AI and Studio rollout and the growing impact that we see. And this is really exciting. And again, most of the impact is on creative subscriptions to make sure that it's clear. By the way, we also see the change in mix of our customers, meaning that we already passed the 50% of GPV coming from partners, so it means that the different mix using more business solution as a result of that we see increase in ARPU.

請記住，我們今年早些時候進行了價格上漲，因此我們對此並沒有感到意外，所以我們本季的大部分上漲都是人工智慧和Studio 的推出以及我們看到的日益增長的影響的結果。這真的很令人興奮。同樣，大部分影響都集中在創意訂閱上，以確保內容清晰。順便說一句，我們也看到客戶組合的變化，這意味著我們已經超過了來自合作夥伴的 50% GPV，因此這意味著不同的組合使用更多的業務解決方案，因此我們看到 ARPU 的增加。

With regard to the second question about self-creator, so we are going to see that self-creators exit 2024 with a double-digit growth. Obviously in bookings, right? But not revenue. The question was about bookings.

關於第二個問題，關於自我創造者，我們將看到自我創造者在 2024 年以兩位數的成長退出。顯然是在預訂中，對嗎？但不是收入。問題是關於預訂。

Yes, correct. And if I can follow-up on your comment on partners growth, taking market share, where do you think this market share is coming from? Is it mostly WordPress? Is it from your peers? We've seen a lot of product innovation coming out of the space in general. Anything that in particular that you think could drive a more favorable competitive position for Wix specifically? Thank you.

是，對的。如果我可以跟進您對合作夥伴成長、佔據市場份額的評論，您認為這個市場份額來自哪裡？主要是WordPress嗎？是來自你的同儕嗎？我們已經看到很多產品創新來自這個領域。您認為有什麼特別的事情可以為 Wix 帶來更有利的競爭地位嗎？謝謝。

I think that most of the market share is coming from agencies that are using legacy systems. Some of them will be open source like Drupal or WordPress or a big mix of other systems. And so this is where most of the market share is coming from.

我認為大部分市場佔有率來自使用遺留系統的機構。其中一些將是開源的，例如 Drupal 或 WordPress 或其他系統的大組合。因此，這就是大部分市場份額的來源。

In terms of is there anything that can contribute to better growth, I believe that it's brand awareness, getting our brand of Studio to be more recognizable and more associated with the incredible functionality that it contains. And then of course, product innovation. And there's still so much more we can do.

就是否有什麼可以促進更好的成長而言，我相信是品牌知名度，讓我們的 Studio 品牌更容易被識別，並與其所包含的令人難以置信的功能更加相關。當然，還有產品創新。我們還有很多事情可以做。

Trevor Young, Barclays.

特雷弗楊，巴克萊銀行。

First, on free cash flow margin, any color on margin across self-creator versus partner? Is self-creator approaching that 35% long-term goal from the Analyst Day?

首先，在自由現金流保證金方面，自我創造者與合作夥伴之間的保證金有什麼不同嗎？自我創造者是否正在接近分析師日提出的 35% 的長期目標？

And then second question, Nir, just to clarify your remarks on user retention following the most recent price increase. Is that retention following the increase better, similar, or worse than what you saw when you took price back in 2022?

然後是第二個問題，Nir，只是為了澄清您在最近的價格上漲後對用戶保留的評論。與您在 2022 年收回價格時看到的情況相比，漲價後的留存率是更好、相似還是更差？

So let me start from the second question because it's just a quick clarification. I would guess -- and then Lior can follow up on the cash flow margin. So in terms of the user retention on the price increase, the written remark was essentially that it is better retention than what we've seen in previous price changes that we've done. We've always looked at all the data we have and the past changes we then made in order to model and understand what makes sense and what to expect. And we are happy to say that in this case, it was actually slightly better than we anticipated.

讓我從第二個問題開始，因為這只是一個快速的澄清。我猜——然後 Lior 可以跟進現金流利潤率。因此，就價格上漲的用戶保留而言，書面評論本質上是，它的保留比我們在先前的價格調整中看到的要好。我們總是查看我們擁有的所有數據以及我們過去所做的更改，以便建模和理解什麼是有意義的以及期望什麼。我們很高興地說，在這種情況下，它實際上比我們預期的要好一些。

Yes, so with regard to the first part of the question, so yes, I mean this year, we guided for 26% of free cash flow. So obviously, it means two things, that in terms of parcels, we are already really profitable on this business. We are happy to say that. But it also means that the self-creator business, as you mentioned, is getting closer to 35%. I believe that it's an amazing milestone for us, which actually demonstrates the strength of our model. And I believe that it will continue. I think that it's also called for a very interesting fact that partners in the long term, I believe that it's going to be more or less at the same place and even higher.

是的，關於問題的第一部分，是的，我的意思是今年，我們指導了 26% 的自由現金流。顯然，這意味著兩件事，就包裹而言，我們已經在這項業務上真正獲利了。我們很高興這麼說。但這也意味著，正如您所提到的，自我創造業務正在接近 35%。我相信這對我們來說是一個了不起的里程碑，它實際上展示了我們模型的實力。我相信這種情況將會持續下去。我認為這還需要一個非常有趣的事實，從長遠來看，合作夥伴，我相信它或多或少會處於同一位置，甚至更高。

Great. Thank you both.

偉大的。謝謝你們倆。

Andrew Boone, JMP Securities.

安德魯·布恩，JMP 證券。

I wanted to ask about the sustainability of your marketing efficiency. What's driving the recent efficiency? And then why not invest more? Like why are you guys making the choice to take margin here?

我想問一下你們行銷效率的可持續性。是什麼推動了近期的效率？那為什麼不投入更多呢？就像你們為什麼選擇在這裡取得保證金？

And then secondly, can you talk about AI's impact on driving higher attach? What products exactly we're seeing higher catch? And how do we expect this to evolve going forward? Thanks so much.

其次，您能談談人工智慧對提高黏性的影響嗎？我們到底看到哪些產品的捕獲量較高？我們預計這種情況未來會如何發展？非常感謝。

You can talk about the first one.

你可以談談第一個。

So in terms of the sustainability of the market efficiency, as we've been doing this for almost, I would say, almost two years now, or closing up on two years now, we definitely feel that it is very sustainable. I don't think anything has driven a massive change lately. It's a machine that we keep on optimizing and improving. And it's mainly aimed, at the end of the day, to attract the higher-intent users and the users that we believe will end up also adopting more functionality, more business applications, and the potential of generating more GPV.

因此，就市場效率的可持續性而言，我們已經這樣做了幾乎，我想說，現在已經快兩年了，或者說現在已經接近兩年了，我們肯定覺得它是非常可持續的。我不認為最近有什麼事情帶來了巨大的變化。這是我們不斷優化和改進的機器。歸根結底，它的主要目的是吸引更高意圖的用戶，以及我們相信最終也會採用更多功能、更多業務應用程式以及產生更多 GPV 潛力的用戶。

Is there a potential room to grow and spend more? We always explore that. And if you have that at the same category of computers, then obviously, we'll be doing so. The reason we were able to do this, as a reminder at the end of the day, is due to the strength of our global brand. I think a decade of investing and building a very sustainable and strong brand globally allowed us to go down this path of a much more efficient marketing than we did before. And we are very happy with this result.

是否有成長和增加支出的潛在空間？我們一直在探索這一點。如果您在同一類別的電腦上擁有這種功能，那麼顯然我們會這樣做。歸根結底，我們能夠做到這一點的原因是我們全球品牌的實力。我認為十年來在全球範圍內投資和建立一個非常可持續和強大的品牌使我們能夠走上這條比以前更有效的營銷道路。我們對這個結果非常滿意。

The second part --

第二部分——

Anything on AI and attach?

有關於 AI 和附加的嗎？

Of course, the question is about which products are driving more product attachment? What does it mean, product attachment?

當然，問題是哪些產品能帶來更多的產品依戀？產品配件是什麼意思？

Our AI technology is including how -- like how our AI chat for business, right? It recommends the dashboard product --

我們的人工智慧技術包括如何——就像我們的人工智慧商務聊天方式一樣，對吧？它推薦儀表板產品—

Okay. So I think that this is a very -- we're seeing now that even when we look at the AI site builder, it actually interviews you about your business, and then it will recommend which products are best for your business. Of course, you can override that, but it's doing a pretty good job. So that's the first one.

好的。所以我認為這是一個非常——我們現在看到，即使我們查看人工智慧網站建立器，它實際上也會採訪您有關您的業務的信息，然後它會推薦哪些產品最適合您的業務。當然，您可以覆蓋它，但它做得非常好。這是第一個。

The second one is going to be a lot in what we call the business assistance or the vertical business assistance, where we think there's going to be a massive contribution to the exposure of products, because it essentially has a conversation with you about what you can do, what is happening in your business, and what tools can help you advance more with your goals. So if I understand the question correctly, that is the -- I believe, the right thing.

第二個是我們所說的業務援助或垂直業務援助，我們認為這將對產品的曝光做出巨大貢獻，因為它本質上是與您討論您可以做什麼做什麼，您的業務正在發生什麼，以及哪些工具可以幫助您進一步實現目標。因此，如果我正確地理解了這個問題，那麼我相信這是正確的事情。

Thank you.

謝謝。

Josh Beck, Raymond James.

喬許貝克，雷蒙德詹姆斯。

I wanted to follow on to that and just understand, with respect to the AI tools, do you see this primarily impacting the new customers? Any sense of how high adoption you could see maybe amongst the self-creators in the years ahead? And then from a product point of view, how much different do you expect this suite of products to look maybe one year ahead or further, just with respect to onboarding and that kind of thing?

我想繼續關注這一點，並了解，就人工智慧工具而言，您認為這主要影響新客戶嗎？您知道未來幾年自我創造者的採用率有多高嗎？然後從產品的角度來看，您預計這套產品在未來一年或更長時間內會有多大不同，僅就入門等方面而言？

So obviously, when users are building their websites, all the website creation tools are visible to them and are helping them. Most of our users will stay a few years or more than that with the same website and sometimes -- and they'll update it, but they're not going to recreate it. So in that term, of course, the exposure is limited.

顯然，當使用者建立網站時，所有網站建立工具都是可見的，並且正在為他們提供幫助。我們的大多數用戶會在同一個網站上停留幾年或更長時間，有時 - 他們會更新它，但他們不會重新創建它。因此，從這個角度來看，曝光度當然是有限的。

But the integration of the vertical assistance is something that means that every time you go to the website, you're going to have a recommendation in the ideas and things you can do with AI. So there, the exposure will be pretty much every time you go into the website. And that is significantly higher. And if you think about the fact that we have a lot of people that run their business on top of Wix, it means that all of those guys will be daily or almost daily exposed to new products with AI.

但垂直幫助的整合意味著每次你訪問該網站時，你都會得到有關人工智慧的想法和可以做的事情的推薦。因此，每次您造訪該網站時，曝光率都會很高。而且這個數字要高得多。如果你考慮我們有很多人在 Wix 上經營他們的業務這一事實，這意味著所有這些人將每天或幾乎每天都會接觸到具有人工智慧的新產品。

As for how much different the product will be in a year, we always strive to make big changes, but we also work very hard to make sure that we test it very carefully and that part of the known and already learned user behavior that the users have, which is why if you go to Wix today and you use it, you're going to find AI tools, but they are not going to replace what you already know how to do. Sometimes, if you want to change an image, for example, it's easier to click on change image instead of writing to the prompt, hey, please change the deferred image from the top. So it's always about the combination of how you do things in a balanced way while allowing users to feel comfortable with the changes, not moving on that. Saying all of that, we do have a lot of really interesting things coming with AI, and that I think are actually changing the potential behavior of users in significant ways.

至於產品在一年內會有多大的不同，我們總是努力做出大的改變，但我們也非常努力地確保我們非常仔細地測試它，並且用戶已知的和已經了解的用戶行為的一部分這就是為什麼如果你今天去Wix 並使用它，你會找到人工智慧工具，但它們不會取代你已經知道如何做的事情。有時，例如，如果您想更改圖像，單擊更改圖像比寫入提示更容易，嘿，請從頂部更改延遲圖像。因此，這始終是如何以平衡的方式做事，同時讓使用者對變化感到滿意，而不是繼續前進。綜上所述，人工智慧確實帶來了很多非常有趣的東西，我認為它們實際上正在以重大方式改變用戶的潛在行為。

Okay, very helpful. And then maybe just to follow up on the macro, certainly the commentary, I think from Lior, was certainly signs of stability. Do you feel like -- I know this is tough to judge, but obviously, there was a big pull forward, there was a little bit of a give back. But with respect to the pace of new business formation, just demand to build websites, do you feel like we're at a pretty stable point from here? Are there any particular macro factors that you're watching very closely that could swing that more positively or negatively? We just would love to hear a little bit more on that topic.

好的，非常有幫助。然後也許只是為了跟進宏觀，當然，我認為利奧爾的評論肯定是穩定的跡象。你是否覺得──我知道這很難判斷，但顯然，有一個很大的推動力，也有一點回饋。但就新業務形成的步伐而言，只是建立網站的需求，您認為我們現在處於相當穩定的點嗎？您正在密切關注是否有任何特定的宏觀因素可能會產生更積極或消極的影響？我們只是想聽聽更多關於該主題的資訊。

Well, I do believe that -- I want to first of all give a disclaimer here. I don't think anyone here is able to predict the economy, and I think that's going to always have the bigger effect on anything happening with formation of new businesses.

嗯，我確實相信——我想首先在這裡給出免責聲明。我認為這裡沒有人能夠預測經濟，而且我認為這總是會對新企業的形成產生更大的影響。

But if we ignore that for a minute, the effect of the economy, and we look at the effect of what's happening now in the world, I believe that there's so much potential for new things coming with AI. So much potential new things coming with market trends and new technologies introduced into the market that I believe that we're going to continue to see significant innovation, growing innovation coming from small businesses and bigger businesses in the world, which will probably result in formation of additional growth for us. However, of course, economy is going to be always the stronger first to influence everything.

但如果我們暫時忽略經濟的影響，看看世界上正在發生的事情的影響，我相信人工智慧帶來的新事物有很大的潛力。隨著市場趨勢和新技術的引入，出現瞭如此多的潛在新事物，我相信我們將繼續看到重大創新，來自世界各地小型企業和大型企業的不斷增長的創新，這可能會導致形成為我們帶來額外的成長。然而，當然，經濟永遠是最先影響一切的強者。

Thank you. And that's all the time we have for our Q&A session. I will now turn the call back over to the company for any closing remarks.

謝謝。這就是我們問答環節的全部時間。我現在將把電話轉回公司以聽取結束語。

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

謝謝大家今天加入我們，我們下次再和你們聊聊。謝謝。再見。

This concludes today's conference. Thank you for your participation. You may now disconnect.

今天的會議到此結束。感謝您的參與。您現在可以斷開連線。