Wix.Com Ltd (WIX) 2024 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Wix Q3 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to Emily Liu, Head of Investor Relations. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 Wix 2024 年第三季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。我現在將會議交給投資者關係主管 Emily Liu。請繼續。

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

謝謝，大家早安。歡迎參加 Wix 2024 年第三季財報電話會議。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，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. 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陳述的任何義務。

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

此外，我們還將評論非公認會計準則財務表現和關鍵營運指標。您可以在收益材料以及我們網站 Investors 關係部分的互動分析師中心找到我們的 GAAP 和非 GAAP 業績之間的所有對帳信息，investors.wix.com。

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

這樣，我會將電話轉給 Avishai。

Thanks, Emily, and good morning, everyone. We are happy to report another consecutive quarter of accelerating growth through focused execution of our key strategic initiatives and improved business fundamentals. We were able to deliver impressive year-over-year bookings growth of 16% in the third quarter. The success we've achieved this year is underpinned by our best-in-class innovation particularly our AI-powered solutions and Wix Studio.

謝謝艾米麗，大家早安。我們很高興地報告，透過專注於執行關鍵策略舉措和改善業務基本面，公司又連續一個季度實現加速成長。第三季我們的預訂量年增 16%，令人印象深刻。我們今年的成功得益於我們一流的創新，特別是我們的人工智慧解決方案和 Wix Studio。

Almost one year ago, we launched our AI website Builder, which is now available in 20 languages and has been a game changer in our user onboarding strategy. Today, more than 50% of new users are choosing to create their online presence through our AI-powered onboarding process. The tool is resonating particularly well with small businesses and entrepreneurs as paid subscriptions originated from this AI-powered onboarding are 50% more likely to have a business vertical attached and significantly more likely to start selling on Wix by streamlining the website building process while offering a powerful and tailored commerce-enablement solution. Our AI technology is providing incredible value for merchants whose priority is getting online efficiently and selling successfully.

大約一年前，我們推出了 AI 網站 Builder，現已提供 20 種語言版本，改變了我們的使用者引導策略。如今，超過 50% 的新用戶選擇透過我們的人工智慧支援的入職流程來創建他們的線上形象。該工具在小型企業和企業家中引起了特別好的共鳴，因為源自這種人工智慧驅動的入門的付費訂閱有可能增加 50% 的垂直業務，並且透過簡化網站建立流程，同時提供強大且量身客製化的商業支援解決方案。我們的人工智慧技術為那些優先考慮高效上網和成功銷售的商家提供了難以置信的價值。

All of this is translating into top line benefit. Cash in our most recent self-created cohort showed a 13% uplift in conversion rate from our AI onboarding tool. We anticipate the platform to continue to resonate, resulting in faster and easier website creation. Earlier this year, we spoke about our plan to embed AI assistance across our platform and we're continuing to push that initiative forward. We now have a total of 29 assistants, spanning a wide range of use cases to support users and to service guys throughout their online journeys.

所有這些都轉化為頂線效益。在我們最近自行創建的群組中，Cash 顯示，我們的 AI 入門工具的轉換率提高了 13%。我們預計該平台將繼續引起共鳴，從而更快、更輕鬆地創建網站。今年早些時候，我們談到了在我們的平台上嵌入人工智慧輔助的計劃，我們將繼續推動這一舉措。我們現在共有 29 名助理，涵蓋廣泛的用例，為用戶提供支援並在整個線上旅程中提供服務。

Big AI solutions are streamlining more processes, building stronger relationships between users and their customers and empowering users to make better informed decisions. Although these assistance are still in the early days, we're excited to already see a positive, though modest impact. This includes better conversion and improved care efficiency. I'm proud of the incredible AI technology we've already built and inspired by what's still on the horizon.

大人工智慧解決方案正在簡化更多流程，在使用者與其客戶之間建立更牢固的關係，並使用戶能夠做出更明智的決策。儘管這些援助仍處於早期階段，但我們很高興已經看到了積極但有限的影響。這包括更好的轉換和提高的護理效率。我為我們已經建構的令人難以置信的人工智慧技術感到自豪，並受到即將出現的技術的啟發。

We have a number of AI products coming in the next few months that are unlike anything in the market today. These products will transform the way merchants manage their businesses, redefine how users interact with their customers and enhance the content creation experience. Importantly, these will also be the first AI products we plan to monetize directly. We are on the edge of unforeseen innovation, and I'm looking forward to the positive impact it will have on our users.

我們將在未來幾個月推出許多與當今市場上任何產品不同的人工智慧產品。這些產品將改變商家管理業務的方式，重新定義使用者與客戶的互動方式，並增強內容建立體驗。重要的是，這些也將是我們計劃直接貨幣化的第一批人工智慧產品。我們正處於不可預見的創新的邊緣，我期待它對我們的用戶產生積極的影響。

Moving on to Studio. We are continuing to see exceptional results, which Nir will discuss in more detail shortly. We continue to launch new features to support agencies and designers at every phase of creation, development and management.

轉到工作室。我們將繼續看到出色的結果，尼爾很快就會對此進行更詳細的討論。我們不斷推出新功能，在創作、開發和管理的每個階段為代理商和設計師提供支援。

In Q3, we rolled out 74 updates within the platform, including new feature introductions and enhancement of existing tools for Studio users. Yesterday, we introduced a visual site map and wire frame generator within the Studio tool kit.

第三季度，我們在平台內推出了 74 項更新，包括為 Studio 用戶引入新功能和增強現有工具。昨天，我們在 Studio 工具包中引入了視覺化網站地圖和線框產生器。

This AI-powered tool enables designers and agencies to quickly draft wire frames and website content for clients, accelerating the conceptualization and iteration process. And we see this as a powerful way to jump start their workflow as well as acquire and collaborate with new clients more efficiently.

這種由人工智慧驅動的工具使設計師和機構能夠為客戶快速起草線框和網站內容，從而加速概念化和迭代過程。我們認為這是一種有效的方式來啟動他們的工作流程以及更有效地獲取新客戶並與新客戶合作。

It has been an incredibly rewarding journey building our presence and trust with professionals over the past few years. It required meaningful investments in infrastructure, focused engagement with the community and unmatched innovation to not just meet but exceed and anticipate the needs of professional users. All of this has culminated in what you see today with the early success of our Studio platform and strong sustained partners revenue growth over the last couple of years.

在過去的幾年裡，我們與專業人士建立了聯繫並建立了信任，這是一次非常有意義的旅程。它需要對基礎設施進行有意義的投資，重點是社區的參與以及無與倫比的創新，才能滿足甚至超越和預測專業用戶的需求。所有這一切最終導致了您今天看到的我們 Studio 平台的早期成功以及過去幾年合作夥伴收入的強勁持續增長。

While our product road map includes new tools and features for professionals, I am confident that we have the right strategy and core product offering in place to sustain partners momentum in 2025 and beyond. We're incredibly proud of the success of Studio and the partners business trajectory today. Now with significant foundational investments in partners behind us, we are approaching investments in our self-created business with renewed vigor.

雖然我們的產品路線圖包括專業人士的新工具和功能，但我相信我們擁有正確的策略和核心產品，可以在 2025 年及以後維持合作夥伴的發展勢頭。我們對 Studio 及其合作夥伴今天的業務發展軌跡感到無比自豪。現在，憑藉對合作夥伴的重大基礎投資，我們正在以新的活力對我們的自主創建業務進行投資。

As a core pillar of Wix' success and vision, self-creators have always been a strategic focus for us, but is now firmly in the front seat of our overall growth strategy. We are working on a number of incredible initiatives and differentiated products that will completely transform the way sales creators build on the Internet. Much like we did for partners, we are reimagining the way sales creators find success online. I am incredibly excited about what is to come.

作為 Wix 成功和願景的核心支柱，自我創造者一直是我們的策略重點，現在牢牢地佔據了我們整體成長策略的首位。我們正在致力於一系列令人難以置信的舉措和差異化產品，這些產品將徹底改變銷售創造者在網路上的建構方式。就像我們為合作夥伴所做的那樣，我們正在重新構想銷售創造者在網路上取得成功的方式。我對即將發生的事情感到非常興奮。

This transformative new products, along with continued AI tailwinds and strong business fundamentals will drive more meaningful growth acceleration for self-creators in the coming years. Thank you, as always, to all of our teammates for your dedication to making Wix a best-in-class platform. And thank you to our users for trusting us to help you achieve your goals.

這種變革性的新產品，加上持續的人工智慧推動力和強大的業務基礎，將在未來幾年為自我創造者帶來更有意義的成長加速。一如既往，感謝我們所有的團隊成員為使 Wix 成為一流平台所做的奉獻。感謝我們的用戶相信我們可以幫助您實現目標。

Okay, Nir, over to you.

好的，尼爾，交給你了。

Thank you, Avishai. I'd like to start with a quick update on our user cohorts. Q3 was another great quarter of accelerating growth and I'd like to break down the business drivers that helped us reach these results.

謝謝你，阿維沙伊。我想先快速介紹一下我們的用戶群的最新情況。第三季度是另一個加速成長的偉大季度，我想詳細分析一下幫助我們取得這些成果的業務驅動因素。

Starting with our newest cohort, we added nearly 5 million users in Q3. Excitingly, this marks the first time since 2020 that our new cohort has grown in size compared to the cohort of the previous quarter as well as that of the year ago quarter. Notably, we saw this improved quarter over quarter and year over year trend among both organic and acquired users, reflecting moderately improved demand levels and continued strength of the Wix brand.

從我們最新的用戶群開始，我們在第三季增加了近 500 萬用戶。令人興奮的是，這標誌著自 2020 年以來我們的新群體規模首次比上一季和去年同期的群體規模有所增長。值得注意的是，我們看到自然用戶和收購用戶的季度環比和同比趨勢都有所改善，反映出需求水準的適度改善和 Wix 品牌的持續實力。

Importantly, we did not deviate from our focused marketing strategy this quarter. While we capitalize on slightly better top of funnel demand, we still maintained our focus on high-intent users and our TROI guardrails. Additionally, the Q1 '24 user cohort continues to outperform all non-COVID cohorts despite having a smaller user base. This is a testament to the strength of our platform and the value of our offering.

重要的是，我們本季沒有偏離我們的重點行銷策略。雖然我們利用了稍微好一點的漏斗頂部需求，但我們仍然保持對高意圖用戶和 TROI 護欄的關注。此外，儘管用戶基數較小，但 24 年第一季的用戶群體繼續優於所有非新冠疫情群體。這證明了我們平台的實力和我們產品的價值。

We are seeing continued conversion of users into paid subscriptions at a healthy clip as they build more and more on Wix. ARPS also increased as users continue to purchase higher-priced packages, especially Studio, attach more business solutions and generate compounding GPV.

我們看到，隨著用戶在 Wix 上建立的內容越來越多，他們持續以健康的速度轉化為付費訂閱。隨著用戶繼續購買價格更高的套餐（尤其是 Studio）、附加更多業務解決方案並產生複合 GPV，ARPS 也有所增加。

iWe also continued to benefit from the price increase implemented earlier this year. Our other existing cohorts are also showing strength as we're seeing better-than-expected renewal activity in terms of bookings dollars. Again, this underscores the unmatched value of our platform. The strong cohort behavior illustrates the shift that occurred in our user base over the past couple of years.

iWe 也繼續受益於今年稍早實施的漲價。我們其他現有的團隊也表現出了實力，因為我們看到預訂金額的續約活動比預期好。這再次強調了我們平台無與倫比的價值。強大的群組行為說明了過去幾年我們的用戶群所發生的轉變。

As a result of focused marketing and innovation targeting high-intent users, the overall quality of our base is much better compared to that of just two years ago. With this higher quality though slower growing base, we have seen an improvement in business fundamentals. Conversion ARPS and dollar retention have all steadily trended higher over this time frame and we expect this to continue as we onboard more high-intent cohorts.

透過針對高意願用戶的集中行銷和創新，我們基地的整體品質比兩年前好得多。憑藉這種更高品質但成長速度較慢的基礎，我們看到了業務基本面的改善。在此時間範圍內，轉換 ARPS 和美元留存率均呈現穩定上升趨勢，隨著我們吸引更多高意願群體，我們預期這種情況將持續下去。

In both our new and existing cohorts, we're continuing to reap the rewards of our ongoing strategic initiatives, primarily Studio, AI and our commerce offering. This quarter marked one year since the release of Studio which has become the core product for partners to create and manage their projects on Wix.

在我們的新團隊和現有團隊中，我們將繼續從我們正在進行的策略性舉措（主要是 Studio、人工智慧和我們的商務產品）中獲得回報。本季是 Studio 發布一周年，Studio 已成為合作夥伴在 Wix 上創建和管理專案的核心產品。

We're seeing excellent results as this platform increasingly resonates with both new and existing partners. Bookings growth attributable to Studio subscriptions accelerated meaningfully quarter over quarter, highlighting new purchase strength and robust renewal activity. Importantly, Studio is becoming an increasingly more meaningful driver of bookings.

隨著這個平台越來越與新舊合作夥伴產生共鳴，我們看到了出色的成果。 Studio 訂閱帶來的預訂量較上季成長顯著加快，凸顯了新的購買力和強勁的續約活動。重要的是，Studio 正在成為越來越有意義的預訂驅動力。

In Q3, 75% of bookings from new partners were driven from Studio accounts. This is an increase compared to previous quarters as more and larger agencies build on Studio.

第三季度，75% 的新合作夥伴預訂來自 Studio 帳戶。隨著越來越多、規模更大的機構基於 Studio 進行開發，這一數字與前幾季相比有所增加。

These excellent results of our cornerstone professional offering as well as successful execution of our broader partner strategy resulted in partners' revenue growth accelerating to 30% year-over-year. Additionally, as Avishai explained, both new and existing cohorts are benefiting from our comprehensive AI capabilities.

我們基石專業產品的出色成果以及更廣泛的合作夥伴策略的成功執行使合作夥伴的收入同比增長加速至 30%。此外，正如 Avishai 所解釋的那樣，新的和現有的群體都受益於我們全面的人工智慧功能。

The numerous products launched over the last two years has shown significant impacts on our cohorts, especially self-creators. Our AI-powered onboarding process, which includes the AI Website Builder, has enabled users to build the websites of their dreams more efficiently than ever before, resulting in better conversion as Avishai discussed.

過去兩年推出的眾多產品對我們的群體，尤其是自我創造者產生了重大影響。我們由人工智慧驅動的入門流程（包括人工智慧網站產生器）使用戶能夠比以往更有效地建立他們夢想的網站，從而實現更好的轉化，正如 Avishai 所討論的那樣。

We anticipate the AI Website Builder along with our suite of AI-powered tools will be a meaningful driver of self-creator growth in the coming years. Finally, we continue to see healthy growth of our commerce platform.

我們預計人工智慧網站產生器以及我們的人工智慧工具套件將在未來幾年成為自我創造者成長的重要推動力。最後，我們繼續看到我們的商務平台的健康成長。

In the third quarter, GPV growth accelerated to 14% year-over-year and increased quarter-over-quarter. This unseasonably strong GPV was driven by continued execution of our commerce initiatives, including driving adoption of new verticals and commerce products, onboarding larger merchants and enabling the success of existing Wix merchants.

第三季度，GPV年增速加快至14%，季減。這種異常強勁的 GPV 是由我們持續執行的商務計劃推動的，包括推動新垂直行業和商務產品的採用、吸引更大的商家以及幫助現有 Wix 商家取得成功。

GPV outperformance, coupled with strong take rate drove transaction revenue growth to accelerate to 23% year-over-year. Payoff from these key strategic initiatives and strong cohort fundamentals will continue to be the building blocks of growth in years to come.

GPV 表現出色，加上強勁的使用率，推動交易收入較去年同期成長加速至 23%。這些關鍵策略舉措和強大的群體基本面所帶來的回報將繼續成為未來幾年成長的基石。

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. Our continued focus in delivering the best-in-class products, particularly innovations within our AI suite and Studio platform as well as solid business fundamentals resulted in accelerated growth this quarter.

謝謝，尼爾。我們持續專注於提供一流的產品，特別是我們的 AI 套件和 Studio 平台內的創新以及堅實的業務基礎，導致本季加速成長。

With Rule of 40 now well within reach this year, I'm even more excited about the growth opportunities and continued momentum expected in 2025 and beyond. I will share more about our updated full-year outlook and general thinking around our go-forward financial algorithm shortly.

今年 40 條規則即將實現，我對 2025 年及以後預期的成長機會和持續勢頭感到更加興奮。我很快就會分享更多關於我們最新的全年展望以及圍繞我們的未來財務演算法的整體思考。

First, turning to results. In the third quarter, Bookings grew to $450 million or 16% growth year-over-year. This marks our third consecutive quarter of bookings growth acceleration driven by increased Studio adoption, early tailwinds from our AI offering and stronger-than-expected commerce growth. Additionally, we witnessed better-than-expected renewal bookings from our high-intent users, higher trending ARPS and solid conversion.

首先，轉向結果。第三季度，預訂量成長至 4.5 億美元，年增 16%。這標誌著我們的預訂量連續第三個季度加速成長，這得益於工作室採用率的提高、人工智慧產品的早期推動以及強於預期的商業成長。此外，我們也見證了高意願用戶的續約預訂優於預期、ARPS 趨勢更高以及轉換率穩定。

Q3 revenue growth also accelerated, finishing at $445 million, up 13% year over year. Total revenue was driven by accelerating growth across both sales creators and partners businesses. Partners growth accelerated to 30% year over year this quarter, finishing at $155 million.

第三季營收成長也加速，最終達到 4.45 億美元，年增 13%。總收入是由銷售創造者和合作夥伴業務的加速成長所推動的。本季合作夥伴成長年增至 30%，最終達到 1.55 億美元。

Growth was primarily driven by ramping Studio contribution as new agencies adopted the platform and partners already on Studio renewed and increasingly built more projects. As a result, bookings attributable to Studio subscriptions accelerated sequentially this quarter with 75% of bookings from new partners deriving from Studio accounts.

成長主要是由 Studio 的貢獻不斷增加所推動的，因為新的機構採用了該平台，而已經在 Studio 上的合作夥伴更新並越來越多地建造了更多項目。因此，本季 Studio 訂閱帶來的預訂量連續加速，新合作夥伴的預訂量中有 75% 來自 Studio 帳戶。

We also saw early benefits from Studio templates which boosted utilization and subscription purchases, we expect Studio strength to continue to translate into partners' momentum and greater lifetime value. Our self-creators business saw a second consecutive quarter of revenue acceleration.

我們也看到了 Studio 範本的早期好處，這些範本提高了利用率和訂閱購買量，我們預計 Studio 的實力將繼續轉化為合作夥伴的動力和更大的終身價值。我們的自我創造者業務收入連續第二季加速。

Momentum in the business is growing as expected, driven by the AI tailwinds Avishai mentioned earlier, strong cohort behavior with better-than-anticipated absorption of the earlier implemented price increase and slowly encouraging demand trends also contributed to this quarter's growth. We expect self-creators revenue to continue to pick up momentum through the next couple of years. Growth will be driven by the transformative product initiatives we're working on now.

在Avishai 之前提到的人工智慧順風的推動下，該業務的勢頭正在如預期增長，強勁的群體行為、對早期實施的價格上漲的吸收好於預期以及緩慢令人鼓舞的需求趨勢也為本季度的成長做出了貢獻。我們預計未來幾年自我創造者的收入將繼續保持成長動能。我們現在正在進行的變革性產品計劃將推動成長。

More meaningful benefits from AI as key offerings, mature and adoption ramps and our reinvigorated strategic focus on this business now that our foundational partners investments are complete. Importantly, we anticipate self-creators growth to accelerate while the robust profitability profile of this business continues to improve.

既然我們的基礎合作夥伴投資已經完成，人工智慧作為關鍵產品、成熟度和採用率的提升以及我們對這項業務的策略重點的重振將帶來更有意義的好處。重要的是，我們預期自我創造者的成長將加速，而該業務強勁的獲利能力將持續改善。

Growth across self-creators and partners was underpinned by the strong commerce performance you heard about from Nir. Better GPV growth, coupled with a stable sequential take rate resulted in transaction revenue growth accelerating to 23% year over year, finishing at $54 million. Notably, partners contributed to more than 50% of GPV in the third quarter.

您從 Nir ​​聽到的強勁商業業績支撐了自我創造者和合作夥伴的成長。更好的 GPV 成長，加上穩定的連續成交率，導致交易收入年增至 23%，最終達到 5,400 萬美元。值得注意的是，第三季合作夥伴貢獻了超過 50% 的 GPV。

While growth continued to ramp across our business, margins also improved. Total non-GAAP gross margin in Q3 was 69%, up slightly compared to the previous quarter. This was a result of better non-GAAP Business Solutions gross margin driven by improving payments, gross margin, and strength in our higher-margin business applications.

在我們的業務持續成長的同時，利潤率也有所提高。第三季非美國通用會計準則總毛利率為 69%，較上一季略有上升。這是由於支付、毛利率和我們利潤率較高的業務應用程式實力的改善所推動的非公認會計準則業務解決方案毛利率的提高。

We now anticipate non-GAAP gross margin of approximately 69% for the full year, up from 68% to 69% previously. Non-GAAP operating costs increased slightly quarter-over-quarter primarily due to a planned step-up in sales and marketing expenses.

我們目前預計全年非 GAAP 毛利率約為 69%，高於先前的 68% 至 69%。非公認會計原則營運成本較上月略有增加，主要是由於計劃增加銷售和行銷費用。

Higher spend was largely around branding activities related to Studio and, to a lesser extent, greater acquisition spend in response to the slowly encouraging demand trends we saw as we progressed through the quarter.

支出增加主要是與 Studio 相關的品牌活動，在較小程度上是為了應對本季度進展中我們看到的緩慢令人鼓舞的需求趨勢而增加的收購支出。

Outside of this particular sales and marketing buckets our operating expense base was stable compared to the previous quarter. Non-GAAP operating margin remained strong at 20% of revenue. Q3 free cash flow totaled $128 million or 29% of revenue due to continued strong top line growth and an efficient operating cost base. These results allowed us to surpass the Rule of 40 this quarter the first time since early 2021. Now let's turn to expectations as we exit 2024 and my thoughts gearing up for 2025 and beyond.

除了這個特定的銷售和行銷領域之外，我們的營運費用基礎與上一季相比保持穩定。非 GAAP 營運利潤率依然強勁，佔營收的 20%。由於持續強勁的營收成長和高效的營運成本基礎，第三季自由現金流總計 1.28 億美元，佔營收的 29%。這些結果使我們自 2021 年初以來首次在本季度超越了 40 規則。

For the full year, we are increasing the outlook in our bookings, revenue and free cash flow to reflect impressive year-to-date performance. Importantly, we expect accelerating momentum across both self-creators and partners as well as contribution from growth initiatives and strong business fundamentals to continue through the rest of the year.

對於全年，我們正在提高預訂量、收入和自由現金流的前景，以反映年初至今令人印象深刻的業績。重要的是，我們預計自我創造者和合作夥伴的勢頭將加速，成長計畫和強勁的業務基礎的貢獻將在今年剩餘時間內持續下去。

We now expect total bookings for the full year to be $1,822 to $1,832 million or 14% to 15% year-over-year growth. This is an increase from the 13% to 14% growth we had previously anticipated. This new outlook now reflects 2H bookings growth, accelerating to 17% year-over-year at the high end of expectations, up from the 16% previously anticipated.

我們目前預計全年預訂總額為 1,822 美元至 18.32 億美元，年增 14% 至 15%。這比我們之前預期的 13% 至 14% 的增長有所增加。這項新的展望現在反映了下半年預訂量的成長，年增率加速至 17%，達到預期的上限，高於先前預期的 16%。

This also indicates an impressive exit rate of 18% for the year. For full-year revenue, we are revising outlook upwards to $1,757 million to $1,764 million, or 13% year-over-year growth. On the cost side, we expect non-GAAP total gross margin of approximately 69% for the full year and non-GAAP operating expenses to be 49% of revenue, a slight improvement from our previous guidance of 50%.

這也顯示今年 18% 的退出率令人印象深刻。對於全年收入，我們將預期上調至 17.57 億美元至 17.64 億美元，即年增 13%。在成本方面，我們預計全年非 GAAP 總毛利率約為 69%，非 GAAP 營運費用佔收入的 49%，比我們之前 50% 的指導略有改善。

As a result of these increased growth expectations and anticipated stable operating costs, we now expect to generate free cash flow, excluding headquarter cost of $483 million to $488 million or approximately 28% of revenue. This is an increase from the $460 million to $470 million or 26% to 27% of revenue previously expected.

由於成長預期的提高和預期穩定的營運成本，我們現在預計將產生自由現金流，不包括 4.83 億至 4.88 億美元的總部成本，約佔收入的 28%。這從先前預期的 4.6 億美元增加到 4.7 億美元，即營收的 26% 到 27%。

Finally, we anticipate ending 2024 with approximately 63 million of fully diluted shares. Stronger cash flow generation in conjunction with this share count expectation translates to a higher free cash flow per share trajectory for the full year than previously anticipated. The high end of our increased expectations puts us on track to exceed the Rule of 40 for the full year.

最後，我們預計到 2024 年年底，完全稀釋後的股票數量約為 6,300 萬股。更強勁的現金流產生與這一股數預期相結合，意味著全年每股自由現金流軌跡高於先前的預期。我們不斷提高的期望使我們有望全年超越 40 規則。

This is a target that has guided us for the past few years as we balance growth and profitability at Wix. Achieving this milestone 1 year earlier than anticipated showcases the tremendous efforts of our team and successful execution of our lofty growth initiatives without sacrificing margin.

這是過去幾年我們平衡 Wix 成長和獲利能力的目標。比預期提前一年實現這一里程碑，展示了我們團隊的巨大努力以及在不犧牲利潤的情況下成功執行我們崇高的成長計劃。

However, we are not laying off the gas. We remain committed to continuing to make progress over and above this milestone. I believe there is still much room for further growth acceleration and ample margin expansion in 2025 and beyond.

然而，我們並沒有停止天然氣。我們仍然致力於在這一里程碑之上繼續取得進展。我相信 2025 年及以後仍有很大的成長加速空間和充足的利潤擴張空間。

The sustained bookings acceleration we've seen this year, along with ramping tailwinds from Studio AI and our expanding commerce platform are expected to directly translate into revenue growth in 2025. We also anticipate to continue to benefit from improving business fundamentals and the higher quality user base we've built over the past few years.

今年我們看到的預訂量持續加速成長，加上Studio AI 和我們不斷擴大的商務平台帶來的強勁推動力，預計將直接轉化為2025 年的營收成長。的改善和更高品質的用戶我們過去幾年建立的基地。

Additionally, soon-to-come AI tools as well as the transformative product initiatives we are currently working on for self-creators are expected to create incremental layers of growth in the outer years. Importantly, we have the right employee base and cost structure currently in place to support a variety of growth scenarios.

此外，即將推出的人工智慧工具以及我們目前正在為自我創造者制定的變革性產品計劃預計將在未來幾年創造增量成長。重要的是，我們目前擁有合適的員工基礎和成本結構來支援各種成長場景。

As a result, we expect to continue to maintain a stable operating cost trajectory even as we sustained growth momentum in the coming years, allowing incremental top-line dollars to flow directly to the bottom line and margins to continue to expand healthily. There is a lot to be excited about, and I look forward to sharing more details in a few months.

因此，即使我們在未來幾年保持成長勢頭，我們預計仍將繼續保持穩定的營運成本軌跡，從而使增量收入直接流向利潤，並使利潤率繼續健康擴張。有很多值得興奮的事情，我期待在幾個月內分享更多細節。

Operator, we are now ready for questions.

接線員，我們現在準備好提問了。

(Operator Instructions) Our first question will be coming from Trevor Young of Barclays.

（操作員說明）我們的第一個問題將來自巴克萊銀行的特雷弗楊（Trevor Young）。

Great. Thanks. First question, just on free cash flow margin. Can you remind us where we are in terms of margin mix between self-creator and partner? Is self-creator holding steady in the mid-30s percent implying partners in high-teens territory? And then second question, keying in on your comments on investing a bit more in self-creator for better growth in the coming years.

偉大的。謝謝。第一個問題，關於自由現金流邊際。您能否提醒我們，在自我創造者和合作夥伴之間的利潤組合方面，我們處於什麼位置？自我創造者是否穩定在 30% 左右，這意味著合作夥伴處於十幾歲的範圍內？然後是第二個問題，重點討論您對自我創造者更多投資以在未來幾年實現更好增長的評論。

Lior if I heard you correctly, you expect to continue margin expansion in self-creator while also investing for that growth. Can you just expand upon that a little bit? And what areas of investment should we expect?

Lior，如果我沒聽錯的話，您期望自我創造者的利潤率繼續擴大，同時也為這種增長進行投資。能稍微擴充一下嗎？我們應該期待哪些投資領域？

So with regard to the free cash flow margin, we do not provide the breakdown between partners and self-creators. But what I can tell you, obviously, at this point of time, self-creators is super profitable in terms of free cash flow. And partners just getting better and better. I believe that long term, you should expect partners in terms of profitability actually to be higher than self-creators. But the fact is that we are almost at 30% free cash flow for the entire business.

因此，關於自由現金流邊際，我們不提供合作夥伴和自我創造者之間的細分。但我可以告訴你的是，顯然，在這個時候，自我創造者在自由現金流方面是超級有利可圖的。合作夥伴也變得越來越好。我認為，從長遠來看，你應該期望合作夥伴的獲利能力實際上會高於自我創造者。但事實是我們整個業務的自由現金流幾乎達到了 30%。

I believe indicates to you that self-creators is more than 30% already. With regard to the investment that we are planning for the self-creators. Look, at the end of the day, self-creator is a combination, I believe that there will be a better demand next year, but also more new products and Avishai spoke about it.

我相信向您表明，自我創造者已經超過30%。關於我們正在為自主創作者規劃的投資。你看，歸根結底，self-creator 是一個組合，我相信明年會有更好的需求，也會有更多的新產品，Avishai 談到了這一點。

I believe that the combination between demand and innovation for next year, certainly would drive higher growth for self-creators. We feel very, very excited about it. With regard to the expansion -- yes, with regard to the margin expansion. So definitely margin expansion, you should expect to have more expansion of our margin next year.

我相信明年的需求和創新的結合肯定會推動自我創造者的更高成長。我們對此感到非常非常興奮。關於擴張——是的，關於利潤率擴張。因此，利潤率肯定會擴張，你應該預期明年我們的利潤率會有更多擴張。

Great. Thank you.

偉大的。謝謝。

Ygal Arounian.

伊加爾·阿魯尼安.

Hey. Good morning, good afternoon, guys. Maybe just to start with Studio. And can you frame at this point and how much contribution you're getting from Studio in terms of overall bookings and revenue? And with the share gain you're seeing in a lot of the news recently around WordPress and what's going on there. Have you seen any impact from that? Is that an opportunity for you guys? Let me just start with that and then a follow-up.

嘿。早安，下午好，夥計們。也許只是從 Studio 開始。您能否介紹一下您從 Studio 獲得的總預訂量和收入有多少貢獻？隨著份額的增加，您最近會在許多有關 WordPress 的新聞以及在那裡發生的事情中看到。您看到任何影響了嗎？這對你們來說是一個機會嗎？讓我先從這個開始，然後再進行跟進。

So I will start with the revenue and the contribution of product revenue. And I believe that Avishai will continue to the next one. We mentioned 75% of new partners bookings is a Studio. Meaning that Studio already has become a significant portion of our revenue and bookings. And we feel very excited about it.

所以我先從收入和產品收入的貢獻開始。而且我相信Avishai會繼續下一篇。我們提到 75% 的新合作夥伴預訂是單間公寓。這意味著 Studio 已經成為我們收入和預訂的重要組成部分。我們對此感到非常興奮。

Obviously, we see the acceleration of it since we see more and more agencies joining Studio and using Studio, but we also see existing agencies building more and more websites on Wix, the second, the third and the fourth. So we feel very good about it.

顯然，我們看到了它的加速發展，因為我們看到越來越多的機構加入Studio 並使用Studio，但我們也看到現有機構在Wix 上建立了越來越多的網站，第二個、第三個和第四個。所以我們對此感覺非常好。

As for WordPress and Automattic, I think that the conflict they have there and a lot of other historical things are obviously contributing to the fact that the level of trust and innovation continues to reduce. And over the years, mostly, we've seen the trend of, of course, agencies moving to different platforms. So we are benefiting from that.

至於 WordPress 和 Automattic，我認為它們之間的衝突以及許多其他歷史事件顯然導致了信任和創新水平持續下降。多年來，我們當然看到了代理商轉向不同平台的趨勢。所以我們正在從中受益。

We do see a positive TOF trend this quarter. But I think that overall, the trend of what is losing market share is something that we've seen historically for quite some time. And we hope for them that they actually managed to solve the conflict and start focusing again on delivering value.

本季我們確實看到了正面的 TOF 趨勢。但我認為，總體而言，市場份額喪失的趨勢是我們在歷史上相當長一段時間以來看到的。我們希望他們能夠真正解決衝突，並開始再次專注於創造價值。

Okay. That's helpful. Thanks. And then just on the exit rate and 18% bookings growth and the acceleration we're seeing, if you look at the numbers, the 4Q comp from last year, it's a little bit easier. I know we're not going to get guidance right now for next year.

好的。這很有幫助。謝謝。然後，就退出率和 18% 的預訂成長以及我們看到的加速而言，如果你看去年第四季的數據，你會發現情況要容易一些。我知道我們現在不會得到明年的指導。

But just as we think about the trajectory of that of what you're seeing here as we flow through into next year. Any commentary to help us think through how that continues and what that means for the revenue growth acceleration? Thanks.

但正如我們思考你在這裡所看到的，當我們進入明年時的軌跡。有什麼評論可以幫助我們思考這種情況如何持續以及這對收入成長加速意味著什麼？謝謝。

So definitely the 18% exit rate will translate into revenue for next year. We are very excited about it because when you look at the third quarter compared to the second quarter, the entire acceleration of the growth is due to product, due to increase in conversion, due to increasing demand. So those are things that, obviously, we believe that will continue into next year and will drive further growth. As you know, as for revenue, obviously, there is an impact in the following year usually after we see the increase in bookings.

因此，18% 的退出率肯定會轉化為明年的收入。我們對此感到非常興奮，因為當你將第三季與第二季相比時，整個成長的加速都是由於產品、由於轉換率的增加、由於需求的增加。顯然，我們相信這些事情將持續到明年，並將推動進一步成長。如您所知，就收入而言，顯然，通常在我們看到預訂量增加後，接下來的一年就會產生影響。

Okay. Thank you, guys. Great quarter.

好的。謝謝你們，夥計們。很棒的季度。

Andrew Boone, JMP Securities.

安德魯·布恩，JMP 證券。

Thanks so much for taking my questions. Marketing step up a little bit sequentially in terms of this last quarter, can you guys talk about the marketing efficiencies that you guys think you can sustain in terms of 4Q and into 2025? And then you talked about adoption of new verticals and commerce products earlier as we think about transaction revenue. Can you impact the success that you're seeing with Commerce products over the last quarter? Thanks so much.

非常感謝您回答我的問題。就上個季度而言，行銷工作逐步取得了一些進展，你們能談談你們認為從第四季到 2025 年可以維持的行銷效率嗎？然後，當我們考慮交易收入時，您之前談到了採用新的垂直行業和商業產品。您能否對上個季度的商務產品的成功產生影響？非常感謝。

Hey. It's Nir. I'm going to start with the marketing step-up. So you have to remember the marketing step-up is actually directly connected to an increase in demand and a stronger top of funnel behavior that we've seen which allows us, by the way, to expand and extend the acquisition marketing while maintaining the same TROI guardrails that you always have. So from that standpoint, it really depends on the top of the funnel behavior. I can say that at least for now, we're seeing, I would say, similar trends in Q4 to what we've seen in Q3.

嘿。是尼爾。我將從行銷升級開始。因此，您必須記住，行銷的升級實際上與需求的增加和我們所看到的更強大的漏斗頂部行為直接相關，這使我們能夠擴大和擴展收購行銷，同時保持相同的水平您始終擁有的TROI 護欄。因此，從這個角度來看，這實際上取決於漏斗頂部的行為。我可以說，至少目前，我們在第四季看到的趨勢與第三季類似。

And I think beyond that, it's too early to call, obviously, what's going to happen in 2025. So I think that's from the standpoint of marketing, and it all goes down the same strategic path in terms of how we do marketing that we enacted two years ago and has been extremely successful. Can you repeat the second question for a second?

我認為除此之外，顯然現在判斷2025 年會發生什麼還為時過早。路徑兩年前，並且非常成功。你能重複第二個問題嗎？

In the prepared comments, you guys talked about the adoption of new verticals and commerce products. As we think about transaction revenue. I'd love for you just to unpack which you guys are seeing with Commerce products more broadly.

在準備好的評論中，你們談到了新的垂直產業和商業產品的採用。當我們考慮交易收入。我希望你們能更廣泛地了解你們在商務產品中看到的內容。

So we don't do the -- we don't break and separate. I would want to point out that one of the strengths that we have here at Wix is the fact that our commerce is a horizontal offering. So it's not only around stores. It's also called combination of selling events and ticket for events, invoicing, scheduling and selling time. So it's a very wide array of different commerce offerings, which allows us, obviously, more balance and deeper penetration.

所以我們不會這樣做——我們不會分裂和分離。我想指出的是，Wix 的優勢之一是我們的業務是橫向提供的。所以它不僅存在於商店周圍。它也稱為銷售活動和活動門票、開立發票、安排和銷售時間的組合。因此，這是一個非常廣泛的不同商業產品，這顯然使我們能夠更加平衡和更深的滲透。

I can say, by the way, that a big contribution to this is the partner segment as it is growing naturally even faster in terms of contribution to commerce, than the self-creators, and this is something we are very happy about.

順便說一句，我可以說，對此做出了巨大貢獻的是合作夥伴群體，因為它對商業的貢獻比自我創造者自然增長得更快，這是我們非常高興的事情。

Thank you.

謝謝。

Ken Wong, Oppenheimer & Company.

肯·黃，奧本海默公司。

Great. Thank you for taking my question. I just wanted to just touch on the bookings acceleration. What changed between Q2 and Q3 that gave you the confidence to raise that exit rate to 18%? Would you characterize it as more of a partner dynamic, self-creator because it does feel like something flip from 90 days ago?

偉大的。感謝您回答我的問題。我只想談談預訂加速。第二季和第三季之間發生了什麼變化讓您有信心將退出率提高到 18%？你會認為它更像是一個充滿活力的伴侶、自我創造者，因為它確實感覺與 90 天前截然不同？

Ken, yeah. See, it's a combination of many, many things. I will try to explain because obviously, there is an acceleration between the second and the third quarter. And we do see this acceleration continue into the fourth quarter and this is what gives us the -- we feel very comfortable about raising the guidance. We did mention that Studio subscription bookings growth is accelerating compared to the second quarter.

肯，是的。看，這是很多很多事情的組合。我會盡力解釋，因為顯然，第二季和第三季之間出現了加速。我們確實看到這種加速持續到第四季度，這就是我們對提高指導感到非常滿意的原因。我們確實提到，與第二季相比，工作室訂閱預訂量成長正在加速。

We did mention the 75% of booking of new partners coming from Studio. We obviously see this trend continue into the fourth quarter and actually getting better and better. Think about it this way. As agencies build more and more websites on Wix, even existing agencies, it just increased the growth on a quarter-over-quarter basis. So we feel very, very happy about it because it means that the adoption of Studio is just getting better.

我們確實提到了 75% 的新合作夥伴預訂來自 Studio。我們顯然看到這種趨勢持續到第四季度，並且實際上變得越來越好。這樣想吧。隨著代理商在 Wix 上建立越來越多的網站，甚至是現有的代理商，它只是增加了季度環比的成長。所以我們對此感到非常非常高興，因為這意味著 Studio 的採用正在變得越來越好。

We do see strong retention of Studio partners. We spoke about it a little bit, but they are very, very happy with Studio. They are very, very happy with the performance, and it has a positive impact on retention of those partners. We do see the benefit of AI, especially around self-creators to talk about partners, but we do see this progress also on self-creators. We see the impact of AI.

我們確實看到工作室合作夥伴的保留率很高。我們對此進行了一些討論，但他們對 Studio 非常非常滿意。他們對我們的表現非常非常滿意，這對保留這些合作夥伴產生了積極的影響。我們確實看到了人工智慧的好處，特別是圍繞自我創造者談論合作夥伴，但我們也確實在自​​我創造者身上看到了這種進步。我們看到了人工智慧的影響。

We see the impact of conversion. Remember that conversion is always has an impact on the existing court. So obviously, when you come and go into the next quarters, we see that the increase of growth is actually getting better also on the existing core or the impact of the exiting core getting better and better.

我們看到了轉換的影響。請記住，轉換總是會對現有法院產生影響。顯然，當你進入下一個季度時，我們看到現有核心的成長實際上也越來越好，或者現有核心的影響越來越好。

We do see improvement in top of funnel, Nir mentioned that, and we see that continue into the fourth quarter. So all of those signs including the acceleration of the commerce growth makes us feel very comfortable about raising the guidance for the full year, but we do see the acceleration also in the fourth quarter.

尼爾提到，我們確實看到漏斗頂部有所改善，而且我們看到這種情況會持續到第四季。因此，包括商業成長加速在內的所有這些跡象讓我們對提高全年指引感到非常放心，但我們確實看到第四季也出現了加速。

Okay. Fantastic. I appreciate the detailed answer there. And then just second, quickly on directly monetizing AI. Is this an area that will focus primarily on agency partners? Is this an area where you think you can extract monetization from self-creators? And any color on where you might be able to capture incremental dollars with AI?

好的。極好的。我很欣賞那裡的詳細答案。其次，快速直接將人工智慧貨幣化。這是一個主要關注代理商合作夥伴的領域嗎？您認為這是一個可以從自我創造者身上獲利的領域嗎？您是否可以透過人工智慧在哪些方面獲得增量收入？

Well, so -- we are launching a few products that we're going to monetize next year in relation to AI. The value, I think, is generated both to agencies and self-creators. So you're going to see that affects both of them.

好吧，我們將推出一些與人工智慧相關的產品，我們將在明年將這些產品貨幣化。我認為，這種價值是由機構和自我創造者共同產生的。所以你會看到這對他們兩個都有影響。

Some of the products are directly related to how people -- the self-creators or the customers of the agency manage the business on how they communicate with their customers. So we think that, that is a value that agency will have to offer to their customers. And of course, we would love to offer to self-creators. So I believe it will affect both.

有些產品與人們（自我創造者或機構客戶）如何管理業務以及如何與客戶溝通直接相關。所以我們認為，這是代理商必須提供給客戶的價值。當然，我們很樂意為自我創造者提供協助。所以我相信這會對兩者都有影響。

Okay, perfect. Thank you, guys.

好的，完美。謝謝你們，夥計們。

Elizabeth Porter, Morgan Stanley.

伊莉莎白‧波特，摩根士丹利。

Great. Thank you so much. I wanted to follow up on the self-creators and your ability to just hone in on this segment to improve growth, particularly with AI over the next couple of years. I was wondering if you could double-click on any early views we could expect on the types of innovations in AI we could see -- it's also encouraging to see some of the improvement in self-creators growth already. So just as you execute to some of your goals on this business, where do you think self-creators could ultimately know after being in the 5%-ish range for the last couple of years?

偉大的。太感謝了。我想跟進自我創造者以及你們在這一領域磨練以促進成長的能力，特別是在未來幾年的人工智慧方面。我想知道你是否可以雙擊我們可以預期的關於我們可以看到的人工智慧創新類型的任何早期觀點——看到自我創造者的成長已經取得了一些進步，這也是令人鼓舞的。因此，正如您在這項業務上執行一些目標一樣，您認為自我創造者在過去幾年處於 5% 左右的範圍後最終會知道什麼？

The last part is hard to predict because it's influenced by so many different things, including, of course, the economy, but the growth rate. But I do think that there's a lot of innovation that we are coming with for self-creators, the innovation, influence, I think both sides of the equation, our ability to acquire new self-creators and the ability to help them finish website that are very happy with.

最後一部分很難預測，因為它受到許多不同因素的影響，當然包括經濟，但也包括成長率。但我確實認為，我們為自我創造者帶來了很多創新，創新，影響力，我認為等式的兩邊，我們獲得新的自我創造者的能力以及幫助他們完成網站的能力都非常滿意。

In addition, we also look at some of our technology as a way to attract new people to Wix to do new self-creator things that before they couldn't. So that's how we increased, of course, our ability to grow the number of self-creators.

此外，我們也將我們的一些技術視為吸引新人加入 Wix 的一種方式，讓他們做一些以前做不到的新的自我創造的事情。當然，這就是我們如何提高自我創造者數量的能力。

But on the other hand, we also have a few products that we are about to release AI products that actually will be monetized, meaning that we believe we can see better revenues also coming from self-creators by giving them new functionality.

但另一方面，我們也有一些即將發布的人工智慧產品實際上將被貨幣化，這意味著我們相信透過賦予自我創造者新的功能，我們可以看到更好的收入。

Great. And then just as a follow-up, it sounds like the top of funnel is doing better with also benefits from organic search. Is that just better macro? Is there something that you're doing differently as it relates to marketing or strategic relationships or any factors to call out that may be driving that improvement in organic growth in top of funnel, particularly in the quarter?

偉大的。作為後續行動，聽起來漏斗頂部做得更好，也受益於自然搜尋。這只是更好的宏觀嗎？您是否正在做一些與行銷或策略關係或任何可能推動漏斗頂部有機成長改善的因素（特別是在本季度）不同的因素？

Well, we do see some small changes in the macro improvements. So this is something that I think is very good news for everybody. But we also, as we mentioned, did a lot to improve conversion on Wix. And so I think that is the other contributor. And then we mentioned 13% improvement of conversion for free to paying users on the new cohort.

嗯，我們確實看到了宏觀改進中的一些小變化。所以我認為這對每個人來說都是好消息。但正如我們所提到的，我們也做了很多工作來提高 Wix 上的轉換率。所以我認為這是另一個貢獻者。然後我們提到新群體中免費用戶轉換成付費用戶的率提高了 13%。

So we do see that AI influenced there. In the next year, we, of course, hope to see that continue with new products that we're releasing and a lot of improvements.

所以我們確實看到人工智慧在那裡產生了影響。在明年，我們當然希望看到我們發布的新產品和大量改進繼續保持這一趨勢。

Thank you.

謝謝。

Bernie McTernan, Needham & Company.

伯尼·麥克特南，李約瑟公司。

Great. Thanks for taking the questions. Just -- so guidance for revenue growth this year is about 12%. Would love to just get some color in terms of how much of this growth is driven by the price increase? And then as you speak to -- as you spoke to new products coming to the market with discrete revenue tied to it, how should we think about the potential benefit of that next year? Thank you.

偉大的。感謝您提出問題。只是——所以今年的收入成長指引約為 12%。想了解這種成長有多少是由價格上漲所推動的嗎？然後，當您談到即將上市的新產品並與之相關的離散收入時，我們應該如何考慮明年的潛在好處？謝謝。

Hey, Bernie, so price increase it has a positive impact on revenue. We do not break down. I think that revenue growth, by the way, also booking it's a combination of not just the price increase, but also the innovation of new products and mostly coming from Studio. Remember that most of the increase that we've seen in Studio, it was all incremental to our model and this is why it has a significant impact. Actually, partners has no impact on the revenue growth and booking growth than the price increase.

嘿，伯尼，所以價格上漲對收入有正面的影響。我們不會崩潰。順便說一句，我認為收入的成長不僅是價格上漲的結合，也是新產品創新的結合，而且主要來自 Studio。請記住，我們在 Studio 中看到的大部分成長都是對我們的模型的增量，這就是它具有重大影響的原因。事實上，與價格上漲相比，合作夥伴對營收成長和預訂成長的影響並不大。

And this is something that we should expect to happen also next year. With regard to the new product that we mentioned about -- that we are going to launch next year, it's really hard to tell what will be the impact. But you can assume that if we didn't think that it should be significant we wouldn't do it. We believe that the combination of innovation and also the improvement in demand for next year will drive further growth in the next few years, especially with regard to the self-creators that we do intend to invest.

我們預計明年也會發生這種情況。至於我們提到的明年推出的新產品，很難說會產生什麼影響。但你可以假設，如果我們認為它不重要，我們就不會這樣做。我們相信，創新與明年需求的改善相結合將推動未來幾年的進一步成長，特別是對於我們打算投資的自我創造者。

Understood. Thank you.

明白了。謝謝。

Robert Coolbrith, Evercore ISI.

羅伯特‧庫布里斯 (Robert Coolbrith)，Evercore ISI。

Great. Thank you for taking our questions. On Partners, you called out larger agencies as a driver. I wanted to ask if there's been any inflection in your engagement with large agencies either in terms of the number of partners or your ability to increase project penetration rate with those large agency partners. Any key unlocks there? And I have a follow-up as well. Thank you.

偉大的。感謝您接受我們的提問。在《合作夥伴》中，您呼籲較大的機構作為推動者。我想問一下，您與大型機構的合作是否在合作夥伴數量或提高大型機構合作夥伴專案滲透率的能力方面出現了變化。那裡有鑰匙可以開鎖嗎？我也有後續行動。謝謝。

So obviously, we don't break specific numbers here. I would give some more color saying that we already have a number of very large agencies using Wix. And much like other agencies, we continue to pursue and win more of those just by marketing to them, building the Studio brand, doing education sessions and then working with them on product and getting more and more exposure.

顯然，我們不會在這裡破壞具體數字。我想進一步說明一下，我們已經有許多非常大的機構在使用 Wix。與其他機構一樣，我們透過向他們進行行銷、建立 Studio 品牌、舉辦教育課程，然後與他們合作開發產品並獲得越來越多的曝光度，繼續追求並贏得更多此類機會。

Our belief is that we will continue expanding in that specific section of the market next year. We also do believe that some of our innovation that Avishai alluded to before, will be a contributor to our ability to gain even more ground there in 2025 and beyond.

我們相信明年我們將繼續擴大該市場的特定部分。我們也相信，Avishai 之前提到的一些創新將有助於我們在 2025 年及以後取得更多進展。

Great. Thanks. And we also wanted to ask on business solutions bookings. It looks like you maybe saw a bit more seasonality in Q3. Any changes to attach rates or any other factors to call out there? Thank you.

偉大的。謝謝。我們也想詢問有關業務解決方案預訂的問題。看起來您可能在第三季看到了更多的季節性。附加費率有任何變化或有其他因素需要注意嗎？謝謝。

No. So no change. I think that the change that you see compared to the second quarter was mostly around the Google Workspace, mostly coming from incentive that we are getting from them not every quarter. We did mention that in the second quarter, and we do believe that it will be repeated also next year.

不，所以沒有改變。我認為，與第二季相比，您看到的變化主要圍繞著 Google Workspace，主要來自我們從他們那裡獲得的激勵，而不是每季。我們確實在第二季度提到過這一點，我們相信明年也會重複這一點。

But when you look at the transaction revenue, it actually accelerated on a quarter-to-quarter basis. So it's mostly noises around the Google Workspace, nothing really special that was indicating.

但當你看一下交易收入時，它實際上是逐季度加速的。因此，主要是 Google Workspace 周圍的噪音，沒有特別的跡象。

Got it. Thank you so much.

知道了。太感謝了。

Clarke Jeffries, Piper Sandler.

克拉克·傑弗里斯，派珀·桑德勒。

Hello. Thank you for taking the question. I wanted to follow back up on the monetization of AI products. It sounds like some of the monetization that's coming down the pipe is going to be maybe beyond the scope of the web building environment, managing the business and communicating with customers. And so -- and a lot of the commentary seems that today, AI Website Builder is helping on conversion.

你好。感謝您提出問題。我想跟進人工智慧產品的貨幣化。聽起來，即將到來的一些貨幣化可能超出了網路建構環境、管理業務和與客戶溝通的範圍。因此，今天的許多評論似乎都認為，AI Website Builder 正在幫助提高轉換率。

I wanted to ask about specifically, is there an opportunity to directly monetize the AI products within the core website design funnel? And specifically, within the lower end of that market and maybe that the higher intent and more complex users of the market?

我想具體問一下，是否有機會在核心網站設計管道中直接將人工智慧產品貨幣化？具體來說，在該市場的低端，也許是市場上意向更高、更複雜的用戶？

And then as a follow-up, Lior, just in terms of free cash flow margin progression from here, would you say that the comfort level and being able to make incremental investments come with the confidence in the free cash flow progression happening in both self-creators and in partners trying to understand a couple of years of significant free cash flow margin progress and how to think about 2025?

然後，作為後續行動，Lior，就自由現金流量邊際進展而言，您是否會說，舒適度和能夠進行增量投資伴隨著對兩個自我中發生的自由現金流量進展的信心？合作夥伴試圖了解這幾年自由現金流利潤率的顯著進展以及如何看待2025 年？

As for the first question, if I understand correctly, first of all, your observation is correct, which is saying that a lot of what we do is monetization beyond the website building and actually in the line -- in the later part of the life cycle of the website. So that is true. As for interim way to monetize AI website building, during the -- you mean during the building process itself. Was that the meaning of the question? Or you mentioned?

至於第一個問題，如果我理解正確的話，首先，你的觀察是正確的，也就是說，我們所做的很多事情都是在網站建設之外的貨幣化，實際上是在生命的後期。網站的周期。所以這是真的。至於人工智慧網站建立貨幣化的臨時方式，你的意思是在建設過程本身期間。這就是問題的意義嗎？還是你提到過？

You put the shareholder letter, a lot of the testing you're doing is helping on converge. And so that to me means you're helping on the conversion of the lower end or the mid part of the market. I'm trying to think about ARPU benefit to the core website business as a result of AI.

你寫了股東信，你所做的許多測試都有助於收斂。所以對我來說這意味著你正在幫助低端或中端市場的轉變。我正在嘗試思考人工智慧為核心網站業務帶來的 ARPU 收益。

Well, yeah, of course. So I think that the way we monetize, of course, during the buildup phase of the website, is by making it easier. And our customers are happy with their websites, of course, we convert better. So I don't think there is any better way to monetize than that, right? The more users finish the website, the better the website, the higher conversion and the high monetization.

嗯，是的，當然。所以我認為，在網站的建設階段，我們的獲利方式當然是讓它變得更容易。我們的客戶對他們的網站感到滿意，當然，我們的轉換效果更好。所以我認為沒有比這更好的賺錢方式了，對吧？完成網站的使用者越多，網站就越好，轉換率越高，變現也越高。

The rest of it, of course, is what happened later on. And there, we believe there is a lot of opportunity to take that second part of the life cycle of building the website and to monetize that, and we are now building the product to capture that part.

當然，剩下的事情就是後來發生的事情了。我們相信，有很多機會可以利用建立網站生命週期的第二部分並將其貨幣化，我們現在正在建立產品來捕獲該部分。

With regard to the margin progression, let's first understand why we believe that margin will improve actually next year, and what are the reasons for that. We do believe that the cost structure right now of the company is enough to generate more growth in the next couple of years. It means that the fixed cost more or less remain the same.

關於利潤率的進展，讓我們先了解為什麼我們認為明年的利潤率實際上會有所改善，以及原因是什麼。我們確實相信公司目前的成本結構足以在未來幾年內產生更多成長。這意味著固定成本或多或少保持不變。

We are going to see increase in cost, but it would be less than the increase in top line. It means that we are going to see more leverage from our cost structure also next year. So with regard to the question between partners and self-creators, so the more the gap between the growth and the cost structure, so there you see more increase in or more leverage.

我們將會看到成本的增加，但會小於收入的增加。這意味著明年我們的成本結構也將發揮更大的槓桿作用。因此，關於合作夥伴和自我創造者之間的問題，成長和成本結構之間的差距越大，所以你會看到更多的成長或更多的槓桿。

So by definition, the leverage in part of the next year are going to be higher than self-creators. But remember that we are going to see leverage in both cases in partners going to be actually higher. So this is why we believe that we are going to see further leverage for our margins also next year.

因此，根據定義，明年部分時間的槓桿率將高於自我創造者。但請記住，在這兩種情況下，我們都會看到合作夥伴的槓桿實際上會更高。因此，這就是為什麼我們相信明年我們的利潤率也會進一步提高。

Thank you very much.

非常感謝。

And this concludes today's conference call. I thank you all for participating. You may now disconnect.

今天的電話會議到此結束。我感謝大家的參與。您現在可以斷開連線。