Wix.Com Ltd (WIX) 2024 Q2 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 second-quarter 2024 earnings conference call.

歡迎參加 Wix 2024 年第二季財報電話會議。

(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 today, Emily Liu of Investor Relations.

我現在想把會議交給今天的發言人，投資者關係部的 Emily Liu。

Please go ahead.

請繼續。

Thanks, Amy, and good morning, everyone.

謝謝艾米，大家早安。

Welcome to Wix's second-quarter 2024 earnings call.

歡迎參加 Wix 的 2024 年第二季財報電話會議。

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.

您可以在收益材料以及我們網站 Investors 關係部分的互動分析師中心找到我們的 GAAP 和非 GAAP 業績之間的所有對帳信息，investors.wix.com。

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

這樣，我會將電話轉給 Avishai。

Thanks, Emily, and good morning, everyone.

謝謝艾米麗，大家早安。

I'm very pleased to share that we finished the first half of 2024 with excellent Q2 results.

我很高興與大家分享，我們在 2024 年上半年取得了出色的第二季業績。

And by successfully executing our strategy and delivering innovative solutions to our users, we were able to drive impressive year-over-year bookings growth of 15%.

透過成功執行我們的策略並為用戶提供創新的解決方案，我們的預訂量年增了 15%，令人印象深刻。

This is a significant acceleration from the 10% bookings growth we saw in Q1 and underscores our leading position as the go-to platform for any user or business to create, grow, and succeed online.

與我們在第一季看到的 10% 預訂量成長相比，這是一個顯著的加速，並突顯了我們作為任何用戶或企業在線上創造、發展和成功的首選平台的領先地位。

We also generated 12% revenue growth, which, again, exceeded the top end of our guidance.

我們也實現了 12% 的收入成長，這再次超出了我們指導的上限。

The strong topline results reflect the encouraging reception and performance of our key product initiatives that are continuing to propel our momentum.

強勁的營收業績反映出我們的關鍵產品計劃受到了令人鼓舞的歡迎和表現，這些計劃將繼續推動我們的發展勢頭。

I'll share some updates on Wix Studio and our AI strategy before letting Nir dive into the incredible progress we've made in expanding our commerce platform.

在讓 Nir ​​深入探討我們在擴展商務平台方面取得的令人難以置信的進展之前，我將分享一些有關 Wix Studio 和我們的人工智慧策略的最新動態。

First, we continue to see outstanding results from Studio as we steadily add new features and enhancements.

首先，隨著我們穩步添加新功能和增強功能，我們繼續看到 Studio 的出色成果。

This quarter, we rolled out new dynamic no-code design expressions, business enablement capabilities and tools to help partners work better with their clients and grow their business.

本季度，我們推出了新的動態無程式碼設計表達式、業務支援功能和工具，以幫助合作夥伴更好地與客戶合作並發展業務。

Most notably, we announced a highly anticipated Figma plug-in, a top partner request.

最值得注意的是，我們宣布了一個備受期待的 Figma 插件，這是頂級合作夥伴的請求。

Partners can now leverage Studio's no-code animations, built-in business and AI solutions, CMS and workflow management tools to transform their Figma designs into powerful and dynamic websites seamlessly.

合作夥伴現在可以利用 Studio 的無程式碼動畫、內建業務和 AI 解決方案、CMS 和工作流程管理工具，將其 Figma 設計無縫轉換為強大且動態的網站。

Feedback has been very positive following this launch.

此次發布後得到了非常正面的回饋。

The number of Studio accounts and rate of new partners joining the Wix platform through Studio continue to outperform expectations.

Studio 帳戶數量以及透過 Studio 加入 Wix 平台的新合作夥伴比例繼續超出預期。

We also saw an acceleration in the pace of Studio subscription purchases.

我們也看到 Studio 訂閱購買速度的加快。

This, along with strong retention of existing subscriptions and the ramping of partners purchasing their second, third and fourth studio packages, drove quarter-over-quarter Studio bookings growth of 20%.

再加上現有訂閱的強勁保留以及購買第二個、第三個和第四個工作室套餐的合作夥伴的增加，推動工作室預訂量環比增長 20%。

Our platform is increasingly resonating with the professional community as we continue to deliver best-in-class innovations and grow our partner ecosystem.

隨著我們不斷提供一流的創新並發展我們的合作夥伴生態系統，我們的平台越來越引起專業社群的共鳴。

Second, we continue to build up our suite of AI capabilities as a result of the numerous AI initiatives and work streams across Wix.

其次，由於 Wix 的眾多人工智慧計劃和工作流程，我們繼續建立我們的人工智慧功能套件。

Last quarter, we introduced our plan to embed AI assistance across our platform and products.

上季度，我們推出了在我們的平台和產品中嵌入人工智慧輔助的計劃。

I'm excited to share that we have released 17 AI business assistants so far to date.

我很高興地告訴大家，迄今為止我們已經發布了 17 款人工智慧業務助理。

These assistants span a wide range of use cases to support users with minimal hands-on support, thus streamlining their experience.

這些助手涵蓋廣泛的用例，以最少的實際操作支援用戶，從而簡化他們的體驗。

These conversational AI assistants act as a right-hand aid for users to guide them through the entire life cycle of ideating, creating and managing their online presence.

這些對話式人工智慧助理充當使用者的得力助手，指導他們完成構思、創建和管理線上形象的整個生命週期。

Our offering includes an analytics assistant that can help Wix users find the data they need without having to search through dozens of reports, and an assistant that helps users create events through a conversational chat.

我們的產品包括一個分析助手，可以幫助 Wix 用戶找到所需的數據，而無需搜尋數十個報告，以及一個助手，可以幫助用戶透過對話式聊天建立事件。

We have already received positive feedback on this first set of AI assistants with dozens more set to launch later this year.

我們已經收到了關於第一套人工智慧助理的積極回饋，還有數十套人工智慧助理將於今年稍後推出。

Additionally, on the AI front, we launched AI creation capabilities for our mobile app builder in June.

此外，在人工智慧方面，我們在 6 月為行動應用程式建構器推出了人工智慧創建功能。

This new solution enables users to create and edit iOS or Android apps through an AI chat experience.

這項新解決方案使用戶能夠透過人工智慧聊天體驗創建和編輯 iOS 或 Android 應用程式。

Once the AI understands the user's goals, intents, and desired aesthetic, our technology generates a branded app that can be customized and managed from the app editor.

一旦人工智慧了解用戶的目標、意圖和所需的美學，我們的技術就會產生一個品牌應用程序，可以透過應用程式編輯器進行自訂和管理。

We also recently released a suite of new AI features designed to help users identify relevant topics for blogs as well as generate outlined content and images for their target audience.

我們最近也發布了一套新的人工智慧功能，旨在幫助用戶識別部落格的相關主題，並為其目標受眾產生概述的內容和圖像。

With this new experience, users can swiftly turn ideas into new ready articles, significantly reducing the time and effort required to create engaging content, and ultimately, changing the blog creation experience.

借助這種新體驗，用戶可以迅速將想法轉化為新的現成文章，從而顯著減少創建引人入勝的內容所需的時間和精力，並最終改變部落格創建體驗。

Both self-creators and partners continue to show excellent engagement with our AI tools.

自我創造者和合作夥伴都繼續表現出對我們的人工智慧工具的出色參與。

As we expand the breadth of our AI technology, we expect it to continue to be a competitive advantage for us as well as a significant driver of growth going forward.

隨著我們擴大人工智慧技術的廣度，我們預計它將繼續成為我們的競爭優勢以及未來成長的重要推動力。

We have built up a lot of momentum in the first half of 2024, with many exciting and impactful innovations, powering meaningful growth acceleration.

我們在 2024 年上半年已經累積了巨大的動力，推出了許多令人興奮和有影響力的創新，推動了有意義的成長加速。

We expect to continue this momentum into the back half of the year with many exciting things still to come.

我們預計今年下半年將繼續保持這種勢頭，還有許多令人興奮的事情即將發生。

Thank you to the entire Wix team for your hard work to make Wix the web creation platform of choice.

感謝整個 Wix 團隊的辛勤工作，讓 Wix 成為首選的 Web 創建平台。

And thank you to our users for trusting us to help you achieve your goals.

感謝我們的用戶相信我們可以幫助您實現目標。

With that, I'll turn it over to Nir.

有了這個，我就把它交給尼爾。

Thank you, Avishai, and thank you, everyone, for joining us today.

謝謝阿維沙伊，也謝謝大家今天加入我們。

I'd like to start with a quick update on our user cohorts before diving into the third leg of our growth strategy, our commerce platform.

我想先快速介紹一下我們的使用者群體，然後再深入探討我們的成長策略的第三部分，也就是我們的商務平台。

First, Q2 was another great quarter, marked by strong business fundamentals and robust user behavior.

首先，第二季度又是一個偉大的季度，其特點是強勁的業務基本面和強勁的用戶行為。

Our Q1 '24 user cohort remains our strongest non-coded cohort, generating more cumulative bookings in its first two quarters than our Q1 '23 cohort while having 9% fewer users.

我們的24 年第1 季用戶群體仍然是我們最強大的非編碼群體，在前兩個季度產生的累積預訂量比我們的23 年第1 季度群體更多，但用戶數量卻減少了9% 。

This is a result of our continued marketing strategy targeting high-intent users.

這是我們持續針對高意向用戶的行銷策略的結果。

We have continued to expand our user base with partners and self-creators, adding 4.7 million new high-intent users in the second quarter.

我們繼續與合作夥伴和自我創造者擴大用戶群，第二季新增 470 萬高意向用戶。

These new users continue to demonstrate strong conversion and increased ARPS and TROI compared to past cohorts.

與過去的用戶相比，這些新用戶繼續表現出強勁的轉換率以及更高的 ARPS 和 TROI。

We continue to benefit from the success of strategic initiatives completed over the past year.

我們繼續受益於過去一年完成的策略性舉措的成功。

Our AI tools continue to drive user conversion.

我們的人工智慧工具持續推動用戶轉換。

Wix Studio uptake and contribution continues to ramp.

Wix Studio 的使用率和貢獻持續增加。

And consumption over the price increase implemented earlier this year by new and existing users remain strong.

新用戶和現有用戶對今年稍早實施的漲價的消費仍然強勁。

All of these factors are driving bookings growth, which we believe is reflecting our unmatched value proposition and durable business model.

所有這些因素都在推動預訂量的成長，我們相信這反映了我們無與倫比的價值主張和持久的商業模式。

Our commerce business was a particular highlight this quarter, with transaction revenue growing an impressive 21% year-over-year and take rate increasing to a record 1.68%.

我們的商務業務是本季的一大亮點，交易收入年增 21%，令人印象深刻，而轉換率則增至創紀錄的 1.68%。

Take rate expanded 10 basis points sequentially, the largest quarter-over-quarter improvement in recent years.

利率季增10個基點，為近年來最大的季度季漲幅。

Over the past few years, we have built Wix into a full end-to-end commerce platform, enabling business owners of every size across every industry and in any geography to build, manage, and grow on Wix.

在過去的幾年裡，我們已將 Wix 打造成一個完整的端到端商務平台，使各行業、任何地理位置的各種規模的企業主都可以在 Wix 上建立、管理和發展。

By introducing new features and capabilities, we have steadily expanded our platform with more merchants globally choosing and trusting Wix for their business and livelihood.

透過引入新的功能和功能，我們穩步擴展了我們的平台，全球越來越多的商家選擇並信任 Wix 來開展業務和謀生。

Our platform has expanded in two ways: growing GPV, paired with increased monetization of our GPV.

我們的平台以兩種方式進行了擴展：增加 GPV，同時增加 GPV 的貨幣化。

First, we are maximizing the GPV flowing through our platform in a few ways.

首先，我們透過多種方式最大化流經我們平台的 GPV。

One, we're continually expanding into new verticals in order to facilitate any business need and diversifying our platform, which helps to insulate us from macro volatility.

第一，我們不斷擴展到新的垂直領域，以滿足任何業務需求並使我們的平台多樣化，這有助於使我們免受宏觀波動的影響。

This quarter, we introduced Wix Donations, which provides a tailored solution for NGOs, and Wix Proposals, which helps professionals across various industries create, manage and finalize proposals easily.

本季度，我們推出了 Wix Donations 和 Wix Proposals，前者為非政府組織提供量身定制的解決方案，後者幫助各行業的專業人士輕鬆創建、管理和最終確定提案。

By expanding our supported verticals, we are appealing to a wider pool of merchants and attracting additional GPV as a result.

透過擴大我們支持的垂直領域，我們吸引了更多的商家，並因此吸引了更多的 GPV。

Two, we are increasingly onboarding larger merchants with higher average transaction size onto our platform.

第二，我們越來越多地將平均交易規模較高的大型商家納入我們的平台。

We expect this to continue as we increasingly win share of the professional market.

隨著我們越來越多地贏得專業市場份額，我們預計這種情況將繼續下去。

Three, we are enabling existing merchants to grow their businesses through a growing suite of commerce tools from online advertising and e-mail marketing to AI-based product management.

第三，我們正在幫助現有商家透過越來越多的商務工具（從線上廣告和電子郵件行銷到基於人工智慧的產品管理）來發展業務。

The success of our existing users drives compounding growth and is key to the success of our commerce strategy.

我們現有用戶的成功推動了複合成長，是我們商務策略成功的關鍵。

In addition to growing GPV, we are also increasing monetization of our GPV by, one, adding new payment partners to our Wix Payment platform, which is what we did this quarter.

除了增加 GPV 之外，我們還透過以下方式提高 GPV 的貨幣化：一是為我們的 Wix 支付平台添加新的支付合作夥伴，這就是我們本季所做的。

By expanding our base of partners, we are increasing our ownership, and thus, monetization of the GPV that flows through Wix.

透過擴大我們的合作夥伴基礎，我們正在增加我們的所有權，從而增加流經 Wix 的 GPV 的貨幣化。

Two, driving higher Wix Payments adoption as new and existing merchants increasingly choose Wix Payments over other providers.

第二，隨著新商家和現有商家越來越多地選擇 Wix Payments 而不是其他供應商，推動 Wix Payments 的採用率提高。

The Wix Payments experience is seamless for merchants with an integrated payments dashboard and built-in disputes tool.

Wix Payments 具有整合的支付儀表板和內建爭議工具，為商家提供無縫的支付體驗。

Meanwhile, merchants, customers have an easy and smooth native checkout experience.

同時，商家、顧客也能享受輕鬆、流暢的原生結帳體驗。

New merchant adoption of Wix Payments has steadily picked up over the last few years, and we expect this to continue.

過去幾年，新商家採用 Wix Payments 的情況穩定增加，我們預計這種情況將持續下去。

Three, providing additional platform solutions such as POS, credit card on file, and mail and e-mail ordering capabilities.

第三，提供額外的平台解決方案，例如 POS、存檔信用卡以及郵件和電子郵件訂購功能。

These solutions are moving more of our offline GPV online, thus allowing us to capture and monetize it better.

這些解決方案正在將更多的線下 GPV 轉移到線上，使我們能夠更好地捕捉並從中獲利。

Four, enhancing payment offerings to capture more wallet share, particularly in the international markets.

第四，增強支付服務以獲取更多錢包份額，特別是在國際市場上。

Earlier this year, we introduced new payment providers in India and entered into partnership with Global-e to power cross-border selling on Wix.

今年早些時候，我們在印度引入了新的支付提供商，並與 Global-e 建立了合作夥伴關係，以推動 Wix 上的跨境銷售。

We started making commerce a focus back in 2020, and our platform has grown tremendously since as a result of our initiatives.

早在 2020 年，我們就開始將商業作為重點，自那以後，由於我們的舉措，我們的平台取得了巨大的發展。

GPV in the most recent quarter was more than 2 times that of Q2 '20 GPV.

最近一個季度的 GPV 是 20 年第二季 GPV 的 2 倍以上。

Our monetization has improved even more significantly with Q2 '24 transaction revenue more than 5 times that of Q2 '20 transaction revenue.

我們的貨幣化水準有了更顯著的提高，2024 年第二季的交易收入是 20 年第二季交易收入的 5 倍以上。

As a result, our quarterly take rate has more than doubled over this period.

因此，我們的季度採用率在此期間增加了一倍以上。

Today, our full-stack commerce solution provides Wix merchants with all of the tools they need to succeed online and drive strong user retention and high ARPS.

如今，我們的全端商務解決方案為 Wix 商家提供了線上成功、提高使用者保留率和高 ARPS 所需的所有工具。

We believe that our commerce platform will remain a key growth driver for both self-creators and partners in years to come.

我們相信，我們的商務平台在未來幾年仍將是自我創造者和合作夥伴的主要成長動力。

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

現在，我將把它交給 Lior 來介紹我們的財務狀況和前景。

Lior?

利奧爾？

Thanks, Nir.

謝謝，尼爾。

Strong execution of the key growth initiatives you just heard about as well as solid business fundamentals resulted in incredible growth momentum and additional margin expansion in the second quarter.

您剛剛聽說的關鍵成長計劃的強大執行以及堅實的業務基礎導致了第二季度令人難以置信的成長勢頭和額外的利潤率擴張。

As we continue to focus on accelerating topline growth and improving profitability margins in the back half of the year, we now expect to achieve the Rule of 40 in 2024 at the high end of our guidance ranges.

隨著下半年我們繼續專注於加速營收成長和提高利潤率，我們現在預計將在 2024 年實現 40 法則，也就是我們指導範圍的高端。

I will share more about this exciting milestone as well as our updated outlook shortly.

我將很快分享有關這一令人興奮的里程碑以及我們最新展望的更多資訊。

First, let's dive into the details of the second quarter.

首先，讓我們深入了解第二季的細節。

We experienced standout bookings performance with total bookings of $458 million or 15% growth year over year.

我們的預訂表現出色，預訂總額達到 4.58 億美元，年增 15%。

This was significant acceleration from the 10% growth in Q1, as a result of strong user absorption of the price increase implemented earlier this year as well as contribution from the strategic initiatives you just heard about.

這比第一季 10% 的成長顯著加速，這是由於用戶對今年稍早實施的價格上漲的強烈吸收以及您剛剛聽說的策略舉措的貢獻。

Contribution from Studio and our growing suite of AI capabilities continued to ramp and are expected to be the main drivers of growth in the coming years.

Studio 的貢獻和我們不斷成長的 AI 功能套件持續成長，預計將成為未來幾年成長的主要驅動力。

Notably, growth accelerated across both self-creators and partners, demonstrating the underlying strength of our entire Wix platform.

值得注意的是，自我創造者和合作夥伴的成長都在加速，這證明了我們整個 Wix 平台的潛在實力。

Q2 revenue was also very strong and finished above the high end of our guidance.

第二季的營收也非常強勁，最終高於我們指引的上限。

Total revenue grew to $436 million, up 12% year-over-year, with growth driven by the same factors that benefited bookings.

總收入成長至 4.36 億美元，年增 12%，成長的動力與預訂受益的因素相同。

This quarter, our commerce business performed extremely well with transaction revenue growing 21% to $54 million as a result of healthy GPV growth along with improving monetization.

本季度，由於 GPV 健康成長以及貨幣化改善，我們的商業業務表現非常出色，交易收入成長 21% 至 5,400 萬美元。

GPV growth was a product of larger merchants joining Wix and compounding GPV from existing businesses.

GPV 的成長是大型商家加入 Wix 以及現有業務的 GPV 複合的結果。

Our bookings and events products were the best performing vertical this quarter with GPV growth of approximately 20% and 25%, respectively.

我們的預訂和活動產品是本季表現最好的垂直產品，GPV 成長分別約為 20% 和 25%。

This GPV growth was paired with increased monetization, driven by the addition of a new payment partners to Wix Payments platform.

在 Wix Payments 平台新增支付合作夥伴的推動下，GPV 的成長伴隨著貨幣化的成長。

As a result, take rate in the second quarter reached a record high of 1.68%.

結果，第二季的拿貨率創下了1.68%的歷史新高。

This is an increase of 10 basis points sequentially.

這比上一季增加了 10 個基點。

We expect GPV and take rate to continue to steadily improve over the long term as we grow our commerce platform.

我們預計，隨著我們商業平台的發展，從長遠來看，GPV 和轉換率將繼續穩步提高。

Our partners business was another major driver of overall topline growth this quarter.

我們的合作夥伴業務是本季整體營收成長的另一個主要推動力。

Partners revenue grew 29% year-over-year as we onboarded new agencies, empowered existing partners to build more projects on Wix and improved monetization of our professional user base.

隨著我們加入新的代理商、授權現有合作夥伴在 Wix 上建立更多專案以及改善我們專業用戶群的貨幣化，合作夥伴收入年增 29%。

Notably, Studio contribution continued to ramp as usage and adoption increased.

值得注意的是，隨著使用量和採用率的增加，Studio 的貢獻持續增加。

The accelerating phase of Studio package purchases, strong retention of partners and significant increase in the number of partners building the second, third and fourth website on platform, give us confidence that Studio will be a meaningful driver of partners' growth in the coming years.

Studio 套餐購買的加速階段、合作夥伴的強勁保留以及在平台上構建第二個、第三個和第四個網站的合作夥伴數量的顯著增加，讓我們相信Studio 將成為未來幾年合作夥伴增長的重要推動力。

Moving on to the cost side of things.

繼續討論成本方面。

Total non-GAAP gross margin in Q2 was 68%, which was in line with our expectation of 68% to 69% gross margin for the full year.

第二季非 GAAP 總毛利率為 68%，符合我們對全年 68% 至 69% 毛利率的預期。

Impressively, this quarter, we saw a significant improvement in operating margin.

令人印象深刻的是，本季我們看到營業利潤率顯著改善。

Both GAAP and non-GAAP operating margin increased more than 400 basis points sequentially as a result of lower operating expenses.

由於營運費用降低，GAAP 和非 GAAP 營運利潤率均連續成長超過 400 個基點。

Q2 operating expenses decreased quarter-over-quarter as a result of payroll efficiencies, lower overhead costs from lower property taxes on our headquarters and additional subleasing of our office footprint as well as seasonally lower advertising expenses.

由於工資效率提高、總部財產稅降低、辦公室面積額外轉租以及季節性廣告費用下降，管理費用降低，第二季營運費用較上季下降。

We expect to sustain this lower base of payroll and overall costs through the rest of the year, while Studio-related sales and marketing costs increased through second half as planned.

我們預計今年剩餘時間將維持較低的工資基數和整體成本，而與工作室相關的銷售和行銷成本則按計劃在下半年有所增加。

As a result, non-GAAP operating margin totaled 21% of revenue, while GAAP operating margin was 7% of revenue.

因此，非 GAAP 營業利潤率總計佔收入的 21%，而 GAAP 營業利潤率為收入的 7%。

Q2 free cash flow excluding headquarter build-out cost totaled almost $118 million or 27% of revenue due to continued strong topline growth and more efficient operating cost base.

由於持續強勁的營收成長和更有效率的營運成本基礎，不包括總部擴建成本的第二季自由現金流總計近 1.18 億美元，佔營收的 27%。

This quarter marked the completion of our headquarter construction with no additional build-out-related CapEx anticipated going forward.

本季標誌著我們總部建設的完成，預計未來不會有額外的擴建相關資本支出。

This now leads me to our expectations for the back half of 2024.

現在我對 2024 年下半年的預期進行了展望。

We expect total revenue in Q3 of $440 million to $445 million, representing approximately 12% to 13% year-over-year growth.

我們預計第三季總營收為 4.4 億至 4.45 億美元，年增約 12% 至 13%。

For the full year 2024, we are updating our outlook as we expect to sustain the momentum built up in the first half of the year.

對於 2024 年全年，我們正在更新我們的展望，因為我們預計將維持上半年建立的勢頭。

We now expect total booking of $1,802 million to $1,822 million or 13% to 14% year-over-year growth.

我們目前預計預訂總額為 18.02 億美元至 18.22 億美元，年增 13% 至 14%。

We began to see FX volatility materialize in late Q2, which has continued into early Q3.

我們開始看到外匯波動在第二季末出現，並持續到第三季初。

Due to this and a bit more macro unpredictability broadly, mostly related to payments, we are building more conservatism into our outlook.

由於這一點以及更廣泛的宏觀不可預測性（主要與支付相關），我們正在將更保守的觀點納入我們的前景中。

I want to highlight that this updated guidance still reflects an acceleration in total bookings growth to 16% at the high end of our expectations.

我想強調的是，更新後的指導仍反映了總預訂量成長加速至 16%，達到了我們預期的上限。

This has not changed from what we shared in May, as we continue to see broad-based trends across our platform.

這與我們 5 月分享的內容相比並沒有改變，因為我們繼續看到我們平台上廣泛的趨勢。

We continue to expect to see self-creators and partners growth continue to accelerate in the second half at the high end of our expectations as our AI products and Studio platforms performed ahead of plan.

我們繼續預期下半年自主創作者和合作夥伴的成長將繼續加速，達到我們預期的上限，因為我們的人工智慧產品和 Studio 平台的表現超出了計劃。

Additionally, we now expect total revenue of $1,747 million to $1,761 million or 12% to 13% year-over-year growth.

此外，我們目前預計總營收為 17.47 億美元至 17.61 億美元，年增 12% 至 13%。

On the cost side, we continue to expect non-GAAP total gross margin of 68% to 69% for the full year.

在成本方面，我們繼續預期全年非 GAAP 總毛利率為 68% 至 69%。

As we sustain the lower operating expense base, achieved in the most recent quarter, non-GAAP operating expenses are now expected to be approximately 50% of revenue for the full year.

由於我們維持最近一個季度實現的較低營運費用基數，非 GAAP 營運費用目前預計將佔全年收入的 50% 左右。

This is slightly lower than our previous expectation of 50% to 51% of revenue.

這略低於我們之前預期的收入的 50% 至 51%。

As a result, we expect to generate free cash flow, excluding headquarter costs of $460 million to $470 million or approximately 26% to 27% of revenue in 2024.

因此，我們預計到 2024 年將產生自由現金流（不包括 4.6 億至 4.7 億美元的總部成本，約佔營收的 26% 至 27%）。

This is an increase from the $445 million to $455 million or 26% of revenue previously expected.

這從 4.45 億美元增加到 4.55 億美元，佔先前預期收入的 26%。

We now expect to achieve the Rule of 40 milestone this year, assuming the high end of our revenue and free cash flow guidance ranges.

假設我們的收入和自由現金流指導範圍處於上限，我們現在預計今年將實現 40 條規則的里程碑。

This will be a major milestone that we have steadfastly worked towards for the past three years.

這將是我們過去三年堅定不移地努力實現的一個重要里程碑。

Even more impressively, we will be achieving this goal one year ahead of plan.

更令人印象深刻的是，我們將比計劃提前一年實現這一目標。

This is a testament to the successful execution of our strategic initiatives and focused commitment to profitable growth.

這證明了我們策略性舉措的成功執行以及對獲利成長的專注承諾。

But this is certainly not the finish line for us.

但這肯定不是我們的終點。

The bookings acceleration expected this year sets us up for revenue growth acceleration in 2025.

今年預計的預訂量加速為我們在 2025 年收入加速成長奠定了基礎。

We also expect continued incremental free cash flow margin improvement, as we maintain our stable cost structure.

我們也預計，隨著我們保持穩定的成本結構，自由現金流利潤率將持續增量改善。

While our business scales as a result, we are positioned to surpass the Rule of 40 in 2025 more meaningfully than previously expected.

雖然我們的業務因此而擴大，但我們預計在 2025 年超越 40 條規則，比先前的預期更有意義。

Finally, I would like to finish with highlighting another aspect of our three-year plan that we are tracking ahead of our share repurchase commitment.

最後，我想強調我們在股票回購承諾之前正在追蹤的三年計畫的另一個方面。

In the second quarter, we repurchased $225 million of shares, making the completion of the Board authorized plan approved last August.

第二季度，我們回購了2.25億美元的股票，完成了去年8月批准的董事會授權計畫。

This marks more than $1 billion of share repurchases executed since 2021.

這標誌著自 2021 年以來執行的股票回購已超過 10 億美元。

We remain committed to returning value to shareholders and consider share repurchases, a key tool in our capital allocation strategy.

我們仍然致力於為股東回報價值，並考慮股票回購，這是我們資本配置策略的關鍵工具。

As such, our Board authorized a new $200 million program to repurchase our securities.

因此，我們的董事會批准了一項新的 2 億美元計劃來回購我們的證券。

The progress made over the past couple of years demonstrates our track record of not just executing but outperforming our set goals.

過去幾年的進展證明了我們不僅執行而且超越了既定目標。

I took -- I look forward to building on our momentum in the second half of the year and the milestones still to come.

我期待在下半年繼續鞏固我們的勢頭，並實現即將到來的里程碑。

Operator, we're now ready for questions.

接線員，我們現在準備好提問了。

(Operator Instructions) Ygal Arounian, Citi Group.

（操作員指令）Ygal Arounian，花旗集團。

Hi.

你好。

Good morning -- good afternoon, guys.

早安——下午好，夥計們。

Great quarter, and maybe I want to focus first on the commerce packages and just run into a little bit more detail there.

很棒的季度，也許我想先關注商務包，然後再了解更多細節。

It seems to be more of a driver now with the partners side.

現在似乎更多的是合作夥伴一方的驅動力。

Can you share a little bit more about the new types of customers that are coming on board?

您能否分享更多即將加入的新型客戶的資訊？

What type of merchants they are?

他們是什麼類型的商家？

This kind of move to larger merchants, what that opportunity is for you guys?

這種向大型商家的轉變，對你們來說有什麼機會？

It's still a little bit more newer, I guess.

我想它還是比較新的。

Hey, Ygal.

嘿，伊加爾。

It's Nir.

是尼爾。

So I think naturally, as we gain more and more traction on -- with Wix Studio and Wix Partners and the professional crowd, we're also attracting higher -- bigger merchants of all kinds.

所以我自然認為，隨著我們透過 Wix Studio、Wix Partners 和專業人群獲得越來越多的關注，我們也吸引了各種規模更大的商家。

So it can be on the bookings and scheduling platform.

所以它可以在預訂和調度平台上。

It can be on the stores and e-commerce platform.

可以在商店和電商平台上。

It can be bigger events.

這可能是更大的事件。

It really is across the board.

這確實是全面的。

And I think it's a testament to two things.

我認為這證明了兩件事。

First of all, it's the ongoing increased maturity of our commerce offering in all of these different verticals as well as the increased penetration and market share, we're taking into the professional market.

首先，我們在所有這些不同垂直領域的商務產品不斷成熟，滲透率和市場份額不斷增加，我們正在進入專業市場。

Got it.

知道了。

Okay.

好的。

And then just a follow-up on self-creators' side, particularly on the AI products.

然後是自我創造者方面的後續行動，特別是人工智慧產品。

And I know self-creators are supposed to have been part of what drives the acceleration in the 2H bookings.

我知道自我創造者應該是推動 2H 預訂加速的一部分。

What are you seeing there so far on the AI uptake?

到目前為止，您對人工智慧的採用有何看法？

I know you've got a lot of products and more in the pipeline.

我知道你們有很多產品，而且還有更多產品正在開發中。

And are there any KPIs that are giving you confidence that we're going to continue to see that improvement, better conversions, higher ARPU, those types of things?

是否有任何 KPI 讓您相信我們將繼續看到改進、更好的轉換、更高的 ARPU 等？

Well, I think that, yes, we do have KPIs, and more than that, we have a long trend that we see that can be continuously improved.

嗯，我認為，是的，我們確實有關鍵績效指標，更重要的是，我們有一個可以不斷改進的長期趨勢。

And I'll explain.

我會解釋一下。

We released ADI, the first AI product -- GenAI product, that actually created in website right in the end of 2016.

我們發布了ADI，第一個人工智慧產品——GenAI產品，實際上是在2016年底在網站上創建的。

And since then, we've seen that by exposing users to AI functionality as part of the natural progression in the product life cycle, we get very high adoption, obviously using those kind of tools and results that can improve.

從那時起，我們看到，透過讓使用者接觸人工智慧功能作為產品生命週期自然進展的一部分，我們獲得了非常高的採用率，顯然使用了那些可以改進的工具和結果。

And for ADI, we show that we improved the conversion dramatically.

對於 ADI，我們表明我們極大地提高了轉換率。

The new version that came earlier this year did it again.

今年早些時候發布的新版本再次做到了這一點。

And we are seeing that a lot of the agents that we have now, AI agents, when they start to pick up more user interactions and more user conversations, again, create measurable effect.

我們看到，我們現在擁有的許多代理，人工智慧代理，當它們開始獲取更多的用戶互動和更多的用戶對話時，再次產生可測量的效果。

So I'm very optimistic.

所以我非常樂觀。

I think that our experience in releasing AI technology, right, which is almost, what, eight years now -- seven years now, is helping us understand how to integrate them into the product in a way that actually makes user interact with them and that they feel natural and don't feel like you're stepping out of what you're doing to do something else and then coming back.

我認為我們在發佈人工智慧技術方面的經驗，對吧，差不多，八年了——現在七年了，正在幫助我們理解如何將它們整合到產品中，以一種真正讓用戶與它們互動的方式，而且他們感覺很自然，不會感覺你要離開正在做的事情去做其他事情，然後又回來。

And I think that creates a big difference.

我認為這會產生很大的差異。

So yes, I'm very optimistic on the potential that we're going to see a continuation of the improvement.

所以，是的，我對我們將看到持續改進的潛力非常樂觀。

Thank you.

謝謝。

Andrew Boone, JMP Securities.

安德魯·布恩，JMP 證券。

Thanks so much for taking my questions.

非常感謝您回答我的問題。

I wanted to ask on Studio's momentum.

我想問Studio的勢頭。

You guys are starting to lap tougher comps here.

你們開始在這裡進行更艱難的比賽。

Can you just speak to the sustainability of Studios?

能談談工作室的可持續性嗎？

And then a bigger picture question on Studios, and again, relating this back to AI, how does the AI change the Studio and Partners opportunity?

然後是關於工作室的更大問題，再次將其與人工智慧聯繫起來，人工智慧如何改變工作室和合作夥伴的機會？

Is there any worry there that it will improve the self-creator product that there may be a shift back in the self-creators?

是否有人擔心這會改善自我創造者的產品，從而導致自我創造者可能會回歸？

Do you guys care?

你們關心嗎？

How do we think about that balance?

我們如何看待這種平衡？

Thanks so much.

非常感謝。

All right.

好的。

So that's like three different questions.

這就像是三個不同的問題。

I will start with the first one.

我將從第一個開始。

We're very happy, of course, with Studio growth with AI product.

當然，我們對 Studio 與 AI 產品的發展感到非常高興。

It was released less than a year ago -- about a year ago, and we can see already significant results from it.

它發布不到一年——大約一年前，我們已經可以看到它已經取得了顯著的成果。

I am very -- one of the biggest signals that we have is that we're seeing new kind of agencies that join Wix that would not normally join.

我非常——我們收到的最大信號之一是，我們看到新類型的代理商加入了 Wix，而這些代理商通常不會加入。

And in addition, we're seeing that many of those agencies will buy ad website, right, to buy more subscription as time progresses.

此外，我們看到許多代理商將購買廣告網站，對吧，隨著時間的推移購買更多的訂閱。

So they buy two, three, four, five, six, seven and more subscription when they create new websites.

因此，當他們創建新網站時，他們會購買兩個、三個、四個、五個、六個、七個甚至更多的訂閱。

And for us, it's a signal, not just that they used Studio once or twice that they're actually adopting the product and going to continue to use it on a longer term.

對我們來說，這是一個訊號，而不僅僅是他們使用 Studio 一兩次，表明他們實際上正在採用該產品並將繼續長期使用它。

Of course, for us, as a company, it means that we are compounding right growth because every one agency that does it is a compounding -- has a compounding effect.

當然，對我們來說，作為一家公司，這意味著我們正在複合正確的成長，因為每個這樣做的機構都是複合的——具有複合效應。

So this is, again, a very good signal.

所以這又是一個非常好的訊號。

That was the first question.

這是第一個問題。

The second question was about how does the Studio use -- utilize AI?

第二個問題是關於工作室如何使用人工智慧？

Well, there are massive -- there is a big difference between what an agency and a self-creators need from AI.

嗯，機構和自我創造者對人工智慧的需求存在巨大差異。

So for me, if I want to design a website, and I'm not a designer, I want AI to help me design it because I'm -- English is not my first language and I'm not writing so well in Hebrew as well, right?

所以對我來說，如果我想設計一個網站，而且我不是設計師，我希望人工智慧幫我設計它，因為我——英語不是我的母語，而且我用希伯來語寫得不好也是吧？

So I would love AI to also help me write great text and generate images.

因此，我希望人工智慧也能幫助我編寫出色的文字並產生圖像。

When you're an agency, you probably know how to design, and you have your system of design and how things should look like.

當你是一家機構時，你可能知道如何設計，並且你有自己的設計系統以及事物應該是什麼樣子。

So you don't need that.

所以你不需要那個。

You probably need a little bit to help with the text, but other things, like the image editing, right, and the content recomposition create tremendous value.

您可能需要一些文字方面的幫助，但其他事情，例如圖像編輯和內容重組，可以創造巨大的價值。

And then the other things that -- in addition to that, for example, a great designer not necessarily know how to configure things to work in a responsive way on different screen resolutions, and we have an AI to do that.

除此之外，例如，一個偉大的設計師不一定知道如何配置事物以在不同的螢幕解析度上以響應方式工作，而我們有一個人工智慧來做到這一點。

So we are utilizing those kind of technologies to streamline the agency's experience and work and efficiency in a way that is significant to them.

因此，我們正在利用這些技術以對他們來說意義重大的方式簡化該機構的經驗、工作和效率。

I think we have some ideas on how to make it even more significant going forward.

我認為我們對如何使其在未來變得更加重要有一些想法。

As for the question -- last part of the question, which is do we have concern between how agencies and self-creators will end up in the future, meaning -- well, in theory, if you can just one day talk to a computer and get the full website functioning that knows exactly what should be there and that it's easy to update then maybe some of the agency's business will disappear.

至於問題——問題的最後一部分，我們是否關心機構和自我創造者未來的結局，意思是——好吧，理論上，如果有一天你可以和一台電腦交談並獲得完整的網站功能，確切地知道那裡應該有什麼，並且很容易更新，那麼也許該機構的一些業務將會消失。

But there is a long way until we get to something similar to that.

但距離我們達到類似的目標還有很長的路要走。

And I think the majority of businesses in the case that they need a website, they want somebody to be responsible for it, somebody that know how to activate the tools and use them and utilize them, and that's why they go to agencies because they have a professional that understand how to take care of all of their business needs.

我認為大多數企業在需要一個網站的情況下，他們希望有人負責它，有人知道如何激活工具並使用它們和利用它們，這就是他們去代理機構的原因，因為他們有懂得如何滿足所有業務需求的專業人士。

And there's a lot of those, right from SCO to how do you write things correctly in order to get the right shipping rules, and there's a ton of things.

其中有很多，從 SCO 到如何正確編寫內容以獲得正確的運輸規則，還有很多東西。

So I think that where there's a long way for AI to go before it can successfully replace good agencies.

所以我認為人工智慧在成功取代優秀機構之前還有很長的路要走。

And unless, of course, you are a self-creator by nature, which is a lot of most of our customers, and you want to create your website, you can control it, and you can do those things and you can change it.

當然，除非您本質上是自我創造者（我們的大多數客戶都是如此），並且您想要創建自己的網站，否則您可以控制它，您可以做這些事情並且可以更改它。

So I think the difference is in the user type and user intent and not necessarily in technology, which I believe means that both will continue to grow, agencies and self-creators.

因此，我認為差異在於用戶類型和用戶意圖，而不一定在於技術，我相信這意味著代理商和自我創造者都將繼續發展。

Thank you.

謝謝。

Elizabeth Porter, Morgan Stanley.

伊莉莎白‧波特，摩根士丹利。

Great.

偉大的。

Thank you very much.

非常感謝。

I wanted to follow up on the strong adoption of AI solutions thus far.

我想跟進迄今為止人工智慧解決方案的大力採用。

Are you seeing different initial adoption rates or behavior from new versus existing customers?

您是否發現新客戶與現有客戶的初始採用率或行為有所不同？

And how do you see the opportunity evolving?

您如何看待機會的演變？

What is that kind of opportunity around going back to the existing customer base and driving more spend with that existing cohort?

回到現有客戶群並推動現有客戶群增加支出的機會是什麼？

Thank you.

謝謝。

Elizabeth.

伊麗莎白.

Thank you for the question.

謝謝你的提問。

And yes, we do see a different adoption rate between new users and, of course, all the users.

是的，我們確實看到新用戶和所有用戶之間的採用率不同。

And one of the qualification that you needed to have in order to be able to use Wix in the past was to know how to design to some level, to know how to write text to some level, and to trust yourself that you're good enough to do it, right?

過去，為了能夠使用 Wix，你需要具備的資格之一是知道如何設計到一定程度，知道如何編寫文本到一定程度，並相信自己很優秀足夠了，對吧？

And then -- so most of our users feel that they know how to do those things.

然後，我們的大多數用戶都覺得他們知道如何做這些事情。

And naturally, they will use less AI because they think they can just do it.

當然，他們會更少使用人工智慧，因為他們認為自己可以做到。

And I think we are now opening to users that don't feel that, right?

我認為我們現在正在向沒有這種感覺的用戶開放，對嗎？

They don't expect themselves to know how to do those things and expect us to have the tools to -- AI tools to automate it for them.

他們並不期望自己知道如何做這些事情，而是期望我們擁有工具——人工智慧工具來為他們自動化。

So we are already seeing some of this gap, and I believe that this will continue to grow.

因此，我們已經看到了一些差距，我相信這種差距將繼續擴大。

And essentially, we are opening Wix to be more useful to more new types of customers.

從本質上講，我們開放 Wix 是為了對更多新型客戶更有用。

Great.

偉大的。

And then just as a follow-up.

然後作為後續行動。

Really impressive to see hitting the Rule of 40 early.

很早就達到 40 法則，真是令人印象深刻。

As we're looking out, I'm just hoping you could provide any context around the view for exceeding Rule of 40 in 2025.

正如我們所期待的，我只是希望您能夠提供有關 2025 年超越 40 規則的觀點的任何背景資訊。

If we look at just the free cash flow margin, we've seen some really good expansion this year.

如果我們只看自由現金流利潤率，我們今年會看到一些非常好的擴張。

So how should we think about kind of magnitude for next year?

那我們該如何考慮明年的規模呢？

And any factors or actions that you're driving that would support free cash flow margin materially ahead of operating margin expansion?

您正在推動哪些因素或行動能夠在營業利潤率擴張之前大幅支持自由現金流利潤率？

Hey, Elizabeth.

嘿，伊莉莎白。

This is Lior.

這是利奧爾。

So I assume that next year is a combination of both growth, but also margin expansion.

因此，我認為明年既是成長，也是利潤率擴張的一年。

Tech, for example -- like, for example, overall payroll expenses, so yes, I mean, we are going to increase payroll expenses in dollars.

例如，科技——例如總體工資支出，所以是的，我的意思是，我們將增加以美元計的工資支出。

But in terms of growth as a percentage of revenue on a year-over-year basis, it will not be the same as revenue, meaning that the revenue growth will be much faster than that.

但就同比成長佔收入的百分比而言，它不會與收入相同，這意味著收入成長將比這快得多。

So it means that we are going to see more leverage coming from all kinds of different expenses, although we are going to increase investment, for example, in marketing, but still as a percentage of revenue, we are going to see some leverage over there as well.

因此，這意味著我們將看到更多的槓桿來自各種不同的支出，儘管我們將增加投資，例如在行銷方面，但仍佔收入的百分比，我們將在那裡看到一些槓桿以及。

So I believe that the combination of what we have seen right now, a very strong execution of our bookings growth on a year-over-year basis, which obviously will be reflected into a higher acceleration of revenue next year.

因此，我相信，結合我們現在所看到的情況，我們的預訂量同比增長執行得非常強勁，這顯然將反映在明年收入的更高加速上。

The combination of that with the expansion of margins would lead me to believe that we are going to significantly surpass the Rule of 40 next year.

再加上利潤率的擴大，我相信明年我們將大大超越 40 法則。

Great.

偉大的。

Thank you for the context.

謝謝你的背景。

Jian Li, Evercore ISI.

李健，Evercore ISI。

Great.

偉大的。

Thanks for taking the question.

感謝您提出問題。

So first, Lior, I want to kind of circle back to your comment about back-half conservatism in the guide due to macro.

首先，Lior，我想回到您對指南中由於宏觀原因而出現的後半保守主義的評論。

Just to clarify, is it general conservatism?

只是想澄清一下，這是普遍的保守主義嗎？

Or are you seeing any potential volatility into Q3 to date?

或者您認為迄今為止第三季有任何潛在的波動嗎？

If you can kind of talk about the macro impact in top of funnel for both your partners, which assuming are more resilient and self-creators, that will be great.

如果你能談談對你的合作夥伴漏斗頂部的宏觀影響，假設他們更有彈性和自我創造者，那就太好了。

Thank you.

謝謝。

So no, definitely, it's something that is general.

所以不，這絕對是普遍現象。

It's not something that is specific for the third or the fourth quarter.

這不是第三季或第四季特有的事情。

It's really hard for me to know.

我真的很難知道。

But being conservative around the macro and FX, it's something that we always take into consideration when we provide the guidance.

但在宏觀和外匯方面保持保守，這是我們在提供指導時始終考慮的因素。

I think that it's really important.

我認為這非常重要。

I mean we've seen that the execution of bookings for the second quarter was really in line with our expectations, was 15%, but it puts us in a place that it will be -- it's very easy to understand how we get to the 16% now.

我的意思是，我們已經看到第二季度的預訂執行情況確實符合我們的預期，為 15%，但這使我們處於這樣的位置 - 很容易理解我們如何達到預期現在16%。

As we mentioned last quarter, that we will be at.

正如我們在上個季度所提到的，我們將達到這一目標。

So no, there's nothing really specific about the third, not about the fourth quarter.

所以不，第三季沒有什麼具體的內容，第四季則沒有。

But that said, I really don't know.

但話雖如此，我真的不知道。

Got it.

知道了。

That's helpful.

這很有幫助。

And also another one on the payment.

還有另一件事是關於付款的。

I appreciate the color around vertical expansion and taking on new partners and expanding the adoption.

我欣賞垂直擴張、接納新夥伴和擴大採用範圍的色彩。

Is there any lever that you can think of in terms of improving the Wix Payment take rate by itself?

您能想到有什麼槓桿可以提高 Wix Payment 的接受率嗎？

Like what I mean is any value-added service around the payment service that you can kind of help to improve the gross margin profile of Wix Payment, if that makes sense?

就像我的意思是，任何圍繞支付服務的增值服務都可以幫助提高 Wix Payment 的毛利率，如果這有意義的話？

So I don't know about necessarily the gross -- I mean, the general gross margin is by the adoption and increasing the take rate, right?

所以我不一定知道毛利率——我的意思是，一般毛利率是由採用率和提高採用率決定的，對嗎？

So in essence, if I manage to get everyone to the maximum, I'll get to stack rate of almost 3%.

所以本質上，如果我設法讓每個人都發揮最大，我的堆疊率將接近 3%。

Naturally, that's not the case.

當然，事實並非如此。

It's not the case with anyone in our industry.

我們這個行業的任何人都不是這樣的。

And I think if you look at the best-in-class in our industry, they get to about 2 points -- 2.25%, that's definitely something we aspire to.

我認為，如果你看看我們行業中最好的公司，他們會達到大約 2 個百分點——2.25%，這絕對是我們所渴望的。

But I think the drivers are the things we spoke about, which is kind of more partners, making -- driving more of our customers to adopt Wix Payments rather than other providers.

但我認為驅動因素就是我們談到的，更多的合作夥伴正在推動更多的客戶採用 Wix Payments，而不是其他供應商。

But it's also the introduction of new capabilities and new products, new verticals, adding the POS, that allows us to attach and attach some of the off-line transactions that make them move them online, things like the donations, verticals, the proposals, all of these -- all of this innovation is another great way to tap and expand our GPV.

但它也是新功能、新產品、新垂直領域的引入，增加了 POS，使我們能夠附加和附加一些離線交易，使它們轉移到線上，例如捐贈、垂直領域、提案、所有這些——所有這些創新都是挖掘和擴大我們的GPV 的另一種好方法。

And I do think that we still have -- we have lots of room to grow there in the next few years.

我確實認為，未來幾年我們仍然有很大的成長空間。

Thank you.

謝謝。

Brent Thill, Jefferies.

布倫特·希爾，杰弗里斯。

Hi.

你好。

Thank you.

謝謝。

This is John Byun on behalf of Brent Thill.

我是約翰·拜恩 (John Byun)，代表布倫特·希爾 (Brent Thill)。

I don't know if you answered this a little bit earlier, but in terms of -- when you mentioned a bit more macro and predictability, wondering if you could give a little bit more color what you're seeing, especially around SMB Health among your cohorts?

我不知道你是否早些時候回答過這個問題，但是當你提到更多的宏觀和可預測性時，我想知道你是否可以為你所看到的內容提供更多的色彩，特別是在中小企業健康方面在你的同伴中？

And anything on the geographic side, I mean, it looks like the trends were fairly consistent.

我的意思是，從地理角度來看，趨勢似乎相當一致。

But once if you've seen any anything notable to geography-wise?

但是，您是否見過任何在地理方面值得注意的東西？

Thank you.

謝謝。

Hey.

嘿。

So I think, again, I don't think we can point out anything specific with a major shift, neither here nor there in terms of SMB health or in any geography and in general.

因此，我再次認為，我們無法指出任何重大轉變的具體內容，無論是在中小企業的健康狀況還是在任何地理位置和一般情況下。

We spoke about this in the past.

我們過去談過這個。

I think few quarters that everything is kind of a mid, last year.

我認為有幾個季度一切都有點像去年中期。

We've seen a stabilization in the behavior with a slight increase, but very moderate.

我們看到行為趨於穩定，略有增加，但非常溫和。

So the euro grew slightly more this quarter, but it's not significant enough in order to call anything specific.

因此，歐元本季略有成長，但不足以說明具體情況。

Vertical, in terms of the verticals, as Lior mentioned, we've seen our scheduling and bookings and events.

垂直，就垂直而言，正如利奧爾所提到的，我們已經看到了我們的日程安排、預訂和活動。

Verticals grow a little bit faster than other verticals.

垂直產業的成長速度比其他垂直產業快一些。

But these are, I would say -- again, I don't think any of those can be -- any concrete signals that you can read into macro economy.

但我想說，我不認為這些是任何可以解讀宏觀經濟的具體訊號。

I think we're still seeing pretty much stability.

我認為我們仍然看到相當穩定的情況。

Yeah.

是的。

By the way, this is why we are providing range.

順便說一句，這就是我們提供範圍的原因。

I think that some of it has got to do with us.

我認為其中一些與我們有關。

I mean we don't always know exactly the behavior in every country.

我的意思是我們並不總是確切地了解每個國家的行為。

And this is why we provide range in order to reflect that.

這就是為什麼我們提供範圍來反映這一點。

Thank you.

謝謝。

Josh Beck, Raymond James.

喬許貝克，雷蒙德詹姆斯。

Yes.

是的。

Thanks so much for taking the question.

非常感謝您提出問題。

I was pretty impressed with this metric that you all gave about 17 AI assistants.

你們提供了大約 17 個人工智慧助手，這項指標給我留下了深刻的印象。

And I believe you said there's dozens more to come.

我相信你說過還會有更多。

That's a big number, probably certainly larger than what we've seen elsewhere.

這是一個很大的數字，可能肯定比我們在其他地方看到的還要大。

So maybe if you can just kind of help unpack within that, maybe how many are external customer-facing?

因此，如果您可以幫助解開其中的內容，也許有多少是面向外部客戶的？

How many are internal efficiency-driven?

有多少是內部效率驅動的？

And maybe what are kind of rising to the top as some of the most promising use cases there?

也許什麼是最有前途的用例？

Of course.

當然。

So maybe I'll start with the easiest part of the question, how many of the 17 are customer-facing?

所以也許我會從問題中最簡單的部分開始，這 17 個中有多少是面向客戶的？

And the answer is all of them.

答案是全部。

The concept is that we are currently -- we build a platform in which it is easier for us to build an AI assistant.

我們目前的想法是——我們建立了一個平台，在這個平台上我們可以更輕鬆地建立人工智慧助理。

And then that enable us to develop two kinds of different assistants.

這使我們能夠開發兩種不同的助手。

The first one would be a question-and-answers AI assistant, so if you have a product like booking, how do I add a staff member to my yoga studio, right?

第一個是問答型人工智慧助手，所以如果你有一個像預訂這樣的產品，我如何為我的瑜珈館添加工作人員，對嗎？

And so you can actually talk to the AI and ask questions, get answered, and ask question, get answer, as you would do with the normal human being.

因此，你實際上可以與人工智慧交談，提出問題，得到答案，然後提出問題，得到答案，就像你與正常人所做的一樣。

And then we see a great result in that in terms of how customers quickly find the answers.

然後我們在客戶如何快速找到答案方面看到了很好的結果。

Hallucinations are very small, the percentage, probably similar to what a human would do or not even better.

幻覺的比例非常小，可能與人類的行為相似，甚至不會更好。

And of course, in terms of customer experience, it's incredible because they get the answers.

當然，就客戶體驗而言，這是令人難以置信的，因為他們得到了答案。

Now, they don't have to contact support.

現在，他們不必聯繫支援人員。

They don't have to start searching Google.

他們不必開始搜尋谷歌。

And so this is very exciting.

所以這非常令人興奮。

The other thing that we are doing is that you can ask questions, and you can have the AI do things for you.

我們正在做的另一件事是你可以提出問題，你可以讓人工智慧為你做事。

So this is the second kind.

所以這是第二種。

And for example, if you go to our analytics, you see that you can actually start asking questions and get the reports done for you automatically by the AI.

例如，如果您訪問我們的分析，您會發現您實際上可以開始提出問題並由人工智慧自動為您完成報告。

So this is an AI that activates other agents in order to give you answers or do actions for you.

所以這是一個人工智慧，可以啟動其他代理，以便為你提供答案或執行操作。

How do I make an event that is a wedding event?

如何舉辦婚禮活動？

Once done, and then it will do RSVP.

一旦完成，它就會做RSVP。

But if you want to create an event which is selling tickets for a concert, it will define that and work with you on that.

但是，如果您想建立一個銷售音樂會門票的活動，它會定義該活動並與您合作。

So those kind of things streamline and reduce a lot of friction from the customer.

因此，這些事情可以簡化並減少客戶的許多摩擦。

We intend to integrate them, of course, to one coherent experience.

當然，我們打算將它們整合為一種連貫的體驗。

And we're going to add those kind of assistants in pretty much everywhere that we can on Wix.

我們將在 Wix 上幾乎所有可以添加的地方添加此類助手。

And I think the overall change in a -- from a customer perspective is tremendous.

我認為從客戶的角度來看，整體變化是巨大的。

You get quick answers, high-quality answers to your questions and you get an AI that will help you set up things or change things or ask questions like get analytics.

您可以獲得快速、高品質的問題答案，並且人工智慧將幫助您設定或更改事物或提出諸如獲取分析之類的問題。

So it's really a big difference from a customer perspective.

所以從客戶的角度來看，這確實是一個很大的差別。

Understood.

明白了。

Very helpful.

非常有幫助。

And maybe just a follow-up on Studio and really trying to think about the monetization curve.

也許只是 Studio 的後續行動，並真正嘗試思考獲利曲線。

It's been in the market for a year.

它已經上市一年了。

So from the point at which somebody is creating account to their ramp and learning curve with the new editor to really starting to produce a meaningful number of websites.

因此，從有人創建帳戶到使用新編輯器的斜坡和學習曲線，到真正開始創建大量有意義的網站。

I don't -- I'm not looking for anything specific, but maybe if you look at some of the early cohorts, kind of what you've learned.

我不——我不是在尋找任何具體的東西，但也許如果你看看一些早期的群體，你就會學到一些東西。

And in terms of model impact, I mean, is this something that we should be thinking about '25 is more impactful to revenue or maybe it's a bit beyond that?

就模型影響而言，我的意思是，我們是否應該考慮 25 對收入的影響更大，或者可能有點超出這個範圍？

Just would love any color there.

只是會喜歡那裡的任何顏色。

Of course.

當然。

I think that modeling, Lior will answer.

我認為建模，Lior 會回答。

Well, how many times should I say about the behavior?

好吧，我該對這種行為說多少次？

What we're seeing is that people will come to Studio and usually play with it, right?

我們看到的是人們會來到 Studio 並且通常會玩它，對嗎？

So agencies will come and play with the product.

所以代理商會來玩這個產品。

And it's hitting a point in time, they'll take a project that they just got.

現在已經到了一個時間點，他們將接受一個剛剛得到的項目。

So it's mostly a new project.

所以這主要是一個新項目。

So we have to wait until they have a new project, and then, they'll implement that first project on Wix Studio.

所以我們必須等到他們有一個新項目，然後他們將在 Wix Studio 上實現第一個項目。

And this is the most critical time, of course.

當然，這是最關鍵的時刻。

If they are happy with it and the customer is happy with it, there is a very high chance to come again when -- again, to get the next project to do it again on Studio.

如果他們對此感到滿意，並且客戶也對此感到滿意，那麼很有可能再次回來，讓下一個專案在 Studio 上再次進行。

The rate of projects is not depending so much on Studio, right, because it's more on the quarter -- with Studio, it's mostly dependent on how many customers they have, right?

專案的速度不太取決於 Studio，對吧，因為它更多地取決於季度 - 對於 Studio，它主要取決於他們擁有多少客戶，對吧？

And this can be a big agency that only do a few websites every year or it can be a freelance that will do a few websites every year or it can be the agency that is doing a dozen websites every week.

這可以是一家每年只做幾個網站的大型機構，也可以是每年做幾個網站的自由工作者，也可以是每週做十幾個網站的機構。

So we have a variety of them.

所以我們有各種各樣的產品。

And I think the exciting thing about Studio is that we're seeing all of them using Studio.

我認為 Studio 令人興奮的事情是我們看到他們所有人都在使用 Studio。

And if we look at the statistics, it seems that all of them will more likely come back to Studio to building second project than only one.

如果我們看一下統計數據，似乎所有人都更有可能回到 Studio 建立第二個項目，而不是只有一個項目。

So we are very excited about that.

所以我們對此感到非常興奮。

It's a very strong signal that the customers -- that the agencies like this product.

這是一個非常強烈的信號，表明客戶——代理商喜歡這個產品。

And if you have the chance to see the community chart about it, I think it's also obvious there.

如果您有機會查看有關它的社區圖表，我認為那裡也很明顯。

In terms of modeling it, I think that there's like a very two interesting phenomena that we see.

在建模方面，我認為我們看到了兩個非常有趣的現象。

So the first thing is obviously around the existing partners.

因此，首要任務顯然是圍繞現有合作夥伴。

Keep on building and using Wix for more and more of their projects.

繼續在越來越多的專案中建置和使用 Wix。

Now the question is how much it's going to grow and how many projects each and every one of them are using, and this is something that we will keep learning, but it's quite big.

現在的問題是它會成長多少以及每個人都在使用多少項目，這是我們將繼續學習的東西，但它相當大。

Avishai mentioned before that they are building their 2nd, their 3rd, their 4th, their 5th, their 10th website on Wix, and this is really amazing.

Avishai 之前提到過，他們正在 Wix 上建立第二個、第三個、第四個、第五個、第十個網站，這真是太神奇了。

I can tell you that it is much more than what I anticipated in my model at the very, very beginning when we started.

我可以告訴你，這遠遠超出了我在剛開始時對模型的預期。

Second, obviously, is about the newcomers and what kind of agencies, what kind of business solution they are using.

其次，顯然是關於新來者以及他們使用什麼樣的機構、什麼樣的商業解決方案。

So we have like the first results that we see right now, for example, in the second quarter, one of the reasons why you see the acceleration of 10% to 15% of bookings in the second quarter is because of that.

所以我們現在看到的第一個結果，例如，在第二季度，你看到第二季度預訂量加速 10% 到 15% 的原因之一就是因為這個。

It's still moderate.

還是適中的。

It's not huge, but we are not talking about hundred thousands of dollars.

雖然不是很大，但我們談論的不是數十萬美元。

Obviously, it's millions of dollars.

顯然，這是數百萬美元。

Yes, I do believe that in 2025, the growth of revenue with regard to Studio will be much more significant.

是的，我確實相信，到 2025 年，Studio 的營收成長將會更加顯著。

Very helpful.

非常有幫助。

Thanks, team.

謝謝，團隊。

And this concludes today's question-and-answer session.

今天的問答環節到此結束。

I would like to turn the call back to the company for closing comments.

我想將電話轉回該公司以徵求結案意見。

Thanks, everyone, for joining us today.

謝謝大家今天加入我們。

We'll see you on the next one.

我們下一篇再見。

Bye.

再見。

Thank you.

謝謝。

Thank you for your participation in today's conference.

感謝您參加今天的會議。

This does conclude the program.

這確實結束了該程式。

You may now disconnect.

您現在可以斷開連線。