Wix.Com Ltd (WIX) 2024 Q4 法說會逐字稿

Good day, and thank you for standing by.

您好，感謝您的支持。

Welcome to the Wix fourth-quarter and full-year earnings conference call.

歡迎參加 Wix 第四季和全年財報電話會議。

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

（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Emily Liu, please go ahead.

現在，我想將會議交給今天的發言人 Emily Liu，請她發言。

Thanks, and good morning, everyone.

謝謝，大家早安。

Welcome to Wix's fourth-quarter and full-year 2024 earnings call.

歡迎參加 Wix 2024 年第四季和全年財報電話會議。

Joining me today to discuss our results are Avishai Abrahami, CEO and Co-Founder; Nir Zohar, our President and COO; and Lior Shemesh, our CFO.

今天與我一起討論我們的成果的有執行長兼共同創辦人 Avishai Abrahami；我們的總裁兼營運長 Nir ​​Zohar；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 表中包含的風險因素，這些因素可能會導致我們的實際結果與這些前瞻性聲明有重大差異。

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，我們也將對非公認會計準則財務表現和關鍵營運指標進行評論。

You can find all reconciliations between our GAAP and non-GAAP results in the earnings materials and in our Interactive Analyst Center on the Investor Relations section of our website, investors.wix.com.

您可以在收益資料中以及我們網站 investor.wix.com 的投資者關係部分的互動分析師中心中找到我們 GAAP 和非 GAAP 結果之間的所有對帳。

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

說完這些，我將把電話轉給 Avishai。

Thanks, Emily, and good morning, everyone. 2024 was a fantastic year for Wix, marked by substantial growth and continued innovation that reaffirms our leadership position in the web creation space.

謝謝，艾米麗，大家早安。 2024 年對 Wix 來說是輝煌的一年，我們實現了大幅成長並持續創新，再次確立了我們在網頁創作領域的領導地位。

We exceeded our plan quarter after quarter, showcasing our strong execution and deep commitment to users.

我們每季都超額完成了計劃，展現了我們強大的執行力和對用戶的堅定承諾。

In 2022, we set out an ambitious plan to achieve Rule of 40 by 2025.

2022 年，我們制定了一項雄心勃勃的計劃，計劃在 2025 年實現「40 法則」。

I am excited to announce that not only have we now achieved the Rule of 40 milestone, but the tremendous commitment and execution of our team allowed us to reach this target a full year ahead of our goal.

我很高興地宣布，我們現在不僅實現了 40 規則的里程碑，而且我們團隊的巨大承諾和執行力使我們比原定目標提前整整一年實現了這一目標。

Now naturally, we're not going to just stop there.

當然，我們不會就此止步。

We're continuing to aim even higher in 2025 with new goals and targets.

2025 年，我們將繼續設定更高的目標和指標。

Impressively, we are now setting up to achieve the Rule of 45 in 2025, which Lior will discuss in a few minutes.

令人印象深刻的是，我們現在正致力於在 2025 年實現 45 規則，Lior 將在幾分鐘後對此進行討論。

As we reflect on the past year, it's clear that our key product initiatives are yielding great results.

回顧過去的一年，我們的關鍵產品計劃顯然取得了巨大的成果。

We exited 2024 with bookings growth of 18% year over year, fueled by acceleration in our self creators business and strong sustained partners momentum. partners revenue grew a lofty 30% year over year.

截至 2024 年，我們的預訂量年增 18%，這得益於我們自主創作業務的加速發展以及合作夥伴持續強勁的發展勢頭。合作夥伴營收年增30%。

This growth reflects our continued success in winning share of the professional market, particularly among agencies, as well as the ramping adoption and strong enthusiasm for our studio platform.

這一增長反映了我們在贏得專業市場（尤其是在代理商中）份額方面的持續成功，以及對我們工作室平台的採用率和強烈熱情。

We now have over two million studio accounts that represent a vibrant community of creative professionals, with over 75% of these accounts created by partners due to Wix.

我們目前擁有超過 200 萬個工作室帳戶，代表著一個充滿活力的創意專業人士社區，其中超過 75% 的帳戶是由 Wix 的合作夥伴創建的。

Feedback has been positive, and engagement remains high, which are testaments to the value we are providing with our differentiated platform.

回饋是正面的，參與度仍然很高，這證明了我們透過差異化平台提供的價值。

Additionally, our self creators business saw steady revenue growth acceleration through 2024, driven by growing tailwinds from our AI product suite.

此外，在我們的 AI 產品套件不斷增長的推動下，我們的自我創造業務的收入將在 2024 年穩步加速成長。

We introduced a number of new creation, marketing, and design AI tools last year.

去年，我們推出了許多新的創作、行銷和設計 AI 工具。

Notably, we also rolled out our AI website builder, our new-generation AI site builder.

值得注意的是，我們還推出了我們的 AI 網站建立器，即新一代 AI 網站建立器。

This is the evolution of Wix artificial design intelligence or ADI, which was our first AI-powered website creation tool introduced in 2016.

這是 Wix 人工智慧設計或 ADI 的演變，這是我們於 2016 年推出的首個人工智慧網站創建工具。

The new AI website builder is the linchpin in our suite of AI products and is revolutionizing web creation available to all users today.

新的 AI 網站建立器是我們 AI 產品套件中的關鍵，它正在徹底改變當今所有用戶可用的網頁創建方式。

Over one million sites have been created and published with the website builder.

已有超過一百萬個網站使用該網站建立器創建和發布。

As I discussed last quarter, the AI website builder continues to drive demonstrably stronger conversion and purchase behavior as well.

正如我上個季度所討論的那樣，人工智慧網站建立器繼續推動明顯更強勁的轉換和購買行為。

Looking ahead, I'm excited about the product road map for 2025.

展望未來，我對 2025 年的產品路線圖感到興奮。

Our 2023 launch of studio was a major landmark in our product strategy.

我們在 2023 年推出的工作室是我們產品策略的一個重要里程碑。

With incredible reception and strong adoption, studio has revolutionized web creation for professionals and has proven to be a key growth driver for our partners business.

憑藉極高的反響和廣泛的採用，工作室徹底改變了專業人士的網頁創作方式，並已被證明是我們合作夥伴業務的主要成長動力。

This year, we're channeling that same enthusiasm and focus to reimagine the self creator experience.

今年，我們將以同樣的熱情和專注力來重新構想自我創造的體驗。

We have two major products that I believe will change how self creators build and grow online.

我們有兩種主要產品，我相信它們將改變自主創造者在線上創造和成長的方式。

The first will be a new solution that expands powerful design capabilities beyond just websites.

第一個將是一種新的解決方案，它將強大的設計功能擴展到網站之外。

We expect this to launch around spring.

我們預計它將在春季左右推出。

The second will be a transformative new way for self creators to build their presence on the Internet.

第二個將為自我創造者在網路上建立自己的存在提供一種變革性的新方式。

This is planned for launch in the early fall.

該項目計劃於初秋推出。

I strongly believe that these two products will drive tremendous value for self creators and accelerate growth in this business to double digits.

我堅信這兩款產品將為自主創造者帶來巨大的價值，並使該業務的成長加速到兩位數。

On the other hand, we also have a number of exciting new products and features planned for partners this year.

另一方面，我們今年也為合作夥伴計劃推出許多令人興奮的新產品和功能。

We remain dedicated to evolving the studio platform into the go-to canvas for professionals, where creativity meets functionality.

我們始終致力於將工作室平台發展成為專業人士的首選畫布，將創造力與功能性融為一體。

We will introduce new advanced design tools that will enable professionals to push limits and achieve spectacular and powerful results efficiently, ultimately driving further market share gains.

我們將推出新的先進設計工具，使專業人士能夠突破極限，高效地實現驚人而強大的成果，最終進一步擴大市場份額。

This means that by the end of 2025, we will have an unmatched offering with two clearly differentiated and best-in-class products for self creators and partners.

這意味著到 2025 年底，我們將為自主創造者和合作夥伴提供兩款明顯差異化、一流的產品。

Finally, AI remains a major part of our product road map.

最後，人工智慧仍然是我們產品路線圖的重要組成部分。

In December, we introduced our first monetized AI product, the AI Site-Chat.

12 月，我們推出了首款貨幣化的 AI 產品 AI Site-Chat。

This tool provides a 24/7 AI-powered chat between businesses and their customers, answering questions, and directing customers to relevant products and services.

該工具為企業和客戶之間提供全天候人工智慧聊天，回答問題並引導客戶了解相關產品和服務。

In 2025, our focus is on AI assistance and agents.

2025年，我們的重點是人工智慧輔助和代理。

We recently started to test our AI assistant in the Wix Business Manager, which adds a seamless chat interface to the dashboard.

我們最近開始在 Wix Business Manager 中測試我們的 AI 助手，它為儀表板添加了一個無縫聊天介面。

This chat guides users and helps to execute tasks such as creating bookings, purchasing domain names, and much more all from a single entry point.

此聊天室可指導使用者並協助從單一入口點執行建立預訂、購買網域等任務。

We are also currently in the early rollout phase of our specialized AI marketing agent.

我們目前也正處於專業 AI 行銷代理商的早期推出階段。

The marketing agent analyzes user website data to generate tailored marketing plans complete with actionable recommendations, content schedules, and SEO insights, helping users enhance online visibility and reach target audiences.

行銷代理商分析用戶網站數據，以產生客製化的行銷計劃，包括可操作的建議、內容計劃和 SEO 見解，幫助用戶提高線上知名度並覆蓋目標受眾。

We continue to test monetization opportunities as adoption and usage ramps.

隨著採用和使用量的增加，我們將繼續測試貨幣化機會。

As we close out the year, I want to reiterate our commitment to continually enhance our platform and make online creation, management, and growth effortless and impactful for all our users.

在新的一年即將結束之際，我想重申我們的承諾，不斷增強我們的平台，讓所有用戶都能輕鬆、有效地進行線上創作、管理和發展。

Thank you for your ongoing trust and support.

感謝您一直以來的信任與支持。

With that, Nir, over to you.

說完這些，Nir，就交給你了。

Thanks, Avishai.

謝謝，Avishai。

We achieved impressive bookings growth of 15% in 2024, with growth accelerating through the year, which Lior will discuss in more detail shortly.

我們在 2024 年實現了令人印象深刻的 15% 的預訂量成長，並且全年成長速度都在加速，Lior 很快就會對此進行更詳細的討論。

Our incredible performance was underpinned by robust business fundamentals and fueled by successful execution of our strategic priorities.

我們出色的業績得益於強勁的業務基本面以及我們成功執行的策略重點。

Over the past couple of years and through 2024, our strategic focus has been on onboarding higher-intent users with greater lifetime value as well as maximizing the lifetime value of our existing user base.

從過去幾年到 2024 年，我們的策略重點一直是吸引具有更高終身價值的意向用戶，並最大限度地提高現有用戶群的終身價值。

We executed on these mandates by shifting towards a more targeted marketing strategy beginning in late 2022; addressing the more sophisticated needs of professionals with the introduction of Wix studio last year, our cornerstone partner product; building out our comprehensive and best-in-class suite of AI capabilities to make the website creation experience more frictionless for everyone; expanding our commerce capabilities through new verticals, a growing base of Wix payments, partners, and enhanced payment solutions and offerings.

我們從 2022 年底開始轉向更有針對性的行銷策略來執行這些任務；去年推出了我們的核心合作夥伴產品 Wix Studio，滿足專業人士更複雜的需求；打造我們全面且一流的人工智慧功能套件，讓每個人的網站創建體驗更加順暢；透過新的垂直產業、不斷成長的 Wix 支付基礎和合作夥伴以及增強的支付解決方案和產品來擴展我們的商業能力。

These engines drove take rate in 2024 to increase over 10 basis points compared to the previous year and finally, regularly aligning the growing value of our platform with the price users pay.

這些引擎推動了 2024 年的接受率比前一年增加了 10 個基點以上，並最終使我們平台不斷增長的價值與用戶支付的價格定期保持一致。

Successful implementation of these initiatives are reflected in the strong business fundamentals achieved this year.

這些措施的成功實施反映了今年所取得的強勁業務基礎。

First, the 2024 cohort performed exceptionally well.

首先，2024年學生表現非常優秀。

Our Q1 '24 user cohort generated approximately $61 million in cumulative bookings through its first four quarters.

我們的 24 年第一季的用戶群在前四個季度累積預訂量約為 6,100 萬美元。

This is only second to the Q1 '21 cohort which benefited significantly from COVID tailwinds.

這僅次於 2021 年第一季從 COVID 順風中受益匪淺的企業。

Recent performance was particularly impressive given the smaller user base of the Q1 2024 cohort compared to previous cohorts as a result of continued execution of our streamlined marketing strategy.

由於我們持續執行精簡的行銷策略，2024 年第一季的用戶群與先前的群體相比規模較小，因此最近的表現尤其令人印象深刻。

Additionally, average bookings per subscription or ABPS increased 13% year over year to more than $294.

此外，每個訂閱或 ABPS 的平均預訂金額年增 13%，達到 294 美元以上。

This step-up in monetization was driven by the continued shift to higher-tiered packages, increased adoption of business solutions, and compounding GPV, as we onboarded and retained high-intent users such as commerce-oriented users and more upmarket partners.

隨著我們吸引並留住了有強烈意向的用戶（例如商業導向型用戶和更多高端合作夥伴），我們不斷轉向更高級別的套餐、越來越多地採用商業解決方案以及複合 GPV，從而推動了貨幣化的提升。

ABPS also benefited from the price increase implemented earlier this year, which was absorbed better than historical increases, another testament to the improving quality of our user base over recent years.

ABPS 也受惠於今年稍早實施的價格上漲，價格上漲的吸收效果比歷史漲幅更好，這再次證明了我們近年來用戶群品質的提高。

At the same time, continued product innovation boosted conversion across both self creators and partners.

同時，持續的產品創新促進了自主創造者和合作夥伴之間的轉化。

Throughout 2024, we introduced and expanded the integration of AI across our onboarding process.

在整個 2024 年，我們在入職流程中引入並擴展了 AI 的整合。

Most new users today are creating their websites through our AI-powered onboarding process and website builder, which is leading to a meaningful increase in conversion of free users to paid subscriptions, particularly among self creators.

如今，大多數新用戶都是透過我們基於人工智慧的入職流程和網站建立器來創建他們的網站，這使得免費用戶向付費訂閱的轉換率顯著提升，尤其是在自主創作者中。

As we innovate best-in-class products to provide users a seamless and intuitive creation experience, we believe conversion will continue to improve.

隨著我們創新一流的產品，為使用者提供無縫、直覺的創作體驗，我們相信轉換率將會持續提高。

Given these solid fundamentals, we now expect existing user cohorts to generate $18.4 billion in bookings over the next 10 years, assuming consistent cohort behavior.

鑑於這些堅實的基本面，我們現在預計現有用戶群將在未來 10 年內產生 184 億美元的預訂金額（假設群體行為保持一致）。

This is a significant increase compared to the $16.2 billion estimated in last year's model.

與去年模型估計的 162 億美元相比，這是一個顯著的增長。

The improvement underscores the high quality of users brought onto the platform in 2024, as well as the tremendous increase in value of our overall user base over the past year.

這項提升凸顯了 2024 年平台用戶的高品質，以及過去一年我們整體用戶群價值的巨大成長。

Finally, existing cohort behavior improved compared to the prior year, demonstrated by net revenue retention increasing to 106% in 2024.

最後，現有團體行為與前一年相比有所改善，表現為 2024 年淨收入保留率增加到 106%。

We expect our growing product offering and continued ability to attract partners and larger commerce users will increase revenue retention going forward.

我們預計，我們不斷增長的產品供應和持續吸引合作夥伴和更大商業用戶的能力將會增加未來的收入保留。

Our initiatives in recent years have undoubtedly shifted our base in favor of higher-intent users, such as partners and commerce users.

近年來，我們採取的舉措無疑已使我們的客戶基礎轉向更有意向的用戶，例如合作夥伴和商業用戶。

This dynamic has been meaningfully accretive to our business, as demonstrated by the strong top-line growth achieved in 2024.

這種動態對我們的業務產生了重大增值作用，2024 年實現的強勁營收成長證明了這一點。

We expect this positive momentum to continue into 2025 as we drive our strategic initiatives forward and innovate to add new layers of long-term growth.

我們預計，隨著我們推動策略性舉措並進行創新以增添新的長期成長層面，這種積極動能將持續到 2025 年。

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

說完這些，我現在將交給 Lior 來介紹我們的財務狀況和前景。

Lior?

利奧爾？

Thanks, Nir.

謝謝，Nir。

We wrapped up a fantastic 2024 with strong growth and profitability, driven by successful execution of our product road map and pricing strategy, as well as strong business fundamentals.

在成功執行產品路線圖和定價策略以及強勁的業務基本面的推動下，我們以強勁的成長和獲利結束了輝煌的 2024 年。

Our performance on all fronts put us squarely above the Rule of 40 for full-year 2024, a significant milestone for Wix as we outperformed the zenith targets of our three-year plan.

我們各方面的表現都遠遠超過了 2024 年全年的 40 法則，這對 Wix 來說是一個重要的里程碑，因為我們超越了三年計畫的最高目標。

Still, we are maintaining full speed ahead and are targeting Rule of 45 on an as-reported basis in 2025.

儘管如此，我們仍保持全速前進，目標是在 2025 年實現報告的 45 法則。

Before walking through 2025 outlook, I want to quickly summarize our Q4 and full-year 2024 results.

在展望 2025 年之前，我想快速總結我們 2024 年第四季和全年的業績。

Bookings and revenue growth both accelerated for our fourth consecutive quarter, driven by strong execution of our key growth initiatives, studio, AI and commerce, as well as continued benefit from the price increase implemented earlier this year and a positive demand environment in Q4.

預訂量和收入成長連續第四個季度加速，這得益於我們關鍵增長計劃、工作室、人工智慧和商業的強勁執行，以及今年早些時候實施的價格上漲和第四季度積極的需求環境的持續受益。

Total bookings in Q4 was $465 million, up an incredible 18% year over year, driven by strong creative subscriptions performance and an acceleration in the business solutions segment due to robust adoption of business applications, particularly Google Workspace.

第四季的總預訂量為 4.65 億美元，比去年同期成長了驚人的 18%，這得益於強勁的創意訂閱表現，以及由於商業應用程式（尤其是 Google Workspace）的廣泛採用而導致的商業解決方案部門的加速發展。

We began to experience elevated FX volatility late in the fourth quarter, continuing through the new year, which resulted in a modest negative FX impact in Q4.

我們從第四季末開始經歷外匯波動加劇，並持續到新的一年，導致第四季出現輕微的外匯負面影響。

Excluding FX, total bookings was over $466 million in the most recent quarter, which was at the top of expectations.

除外匯外，最近一個季度的總預訂金額超過 4.66 億美元，達到預期最高。

Total revenue in Q4 grew to $460 million, up 14% year over year, driven by continued acceleration in our self creators business and sustained partners strength.

第四季總營收成長至 4.6 億美元，年增 14%，這得益於我們自主創作業務的持續加速以及合作夥伴的持續實力。

Partners revenue grew 29% year over year to $168 million in Q4 as we onboarded new partners.

隨著我們吸收新的合作夥伴，第四季合作夥伴營收年增 29%，達到 1.68 億美元。

Studio adoption remained strong.

工作室的採用依然強勁。

And partners' increasingly attached business applications and compounded GPV transaction revenue in Q4 was $57 million, up 23% year over year, driven by a 12% year-over-year increase in GPV and a very meaningful year-over-year step-up in take rate as we expanded the Wix payments platform.

合作夥伴日益依賴的商業應用程序，第四季度的複合 GPV 交易收入為 5700 萬美元，同比增長 23%，這得益於 GPV 同比增長 12% 以及隨著我們擴展 Wix 支付平台，接受率同比增長非常顯著。

In the fourth quarter, we saw slightly lower GPV growth across some of our services verticals compared to our initial expectations.

第四季度，我們發現部分服務垂直領域的 GPV 增幅略低於我們的最初預期。

We believe this was due to Christmas falling in the middle of the week in 2024, which drove many service-focused merchants to stay home and celebrate with their families the entire week, resulting in fewer selling days for those merchants.

我們認為，這是因為 2024 年的聖誕節恰逢一周的中間，這導致許多以服務為中心的商家整個星期都留在家裡與家人一起慶祝，從而導致這些商家的銷售日減少。

GPV was also impacted by the FX headwinds that arose late in the fourth quarter.

GPV 也受到了第四季末出現的外匯逆風的影響。

Adjusting for FX, GPV was up 13% year over year on a constant currency basis.

經外匯調整後，以固定匯率計算，GPV 年增 13%。

These situational GPV headwinds drove transaction revenue to finish lower than expected in the quarter, which had immediate impact on bookings and revenue in Q4.

這些情境性 GPV 不利因素導致本季交易收入低於預期，這對第四季度的預訂量和收入產生了直接影響。

Turning to margins, we were able to drive continued margin expansion and increase profitability as we kept our costs stable, resulting in better growth and operating margins.

談到利潤率，由於我們保持成本穩定，我們能夠推動利潤率持續擴大並提高獲利能力，從而實現更好的成長和營業利潤率。

We exited the year with free cash flow of $132 million in Q4 or 29% of revenue.

我們去年第四季的自由現金流為 1.32 億美元，佔營收的 29%。

Moving on to 2024 full-year results, total bookings in 2024 grew to $1.830 billion, up 15% year over year.

展望 2024 年全年業績，2024 年的總預訂額成長至 18.3 億美元，較去年同期成長 15%。

Total revenue in 2024 was $1.761 billion, an increase of 13% year over year, with creative subscriptions ARR of $1.343 billion as of the end of the year, up over 13% year over year.

2024年總營收為17.61億美元，年增13%，截至年底的創意訂閱ARR為13.43億美元，年增超過13%。

Non-GAAP operating income margin expanded to 20% of revenue in 2024, an increase of nearly 450 basis points compared to 2023 as we maintained a stable operating cost base amid strong top-line growth momentum.

由於我們在強勁的營收成長勢頭下維持了穩定的營運成本基礎，非 GAAP 營業收入利潤率在 2024 年擴大至收入的 20%，與 2023 年相比增加了近 450 個基點。

Notably, GAAP operating income was $100 million or 6% of revenue.

值得注意的是，GAAP 營業收入為 1 億美元，佔營收的 6%。

This marks the first year of positive GAAP operating income in Wix's history.

這是 Wix 史上首次實現 GAAP 營業收入正值。

We generated free cash flow of $488 million or 28% of revenue and above the high end of our expectations.

我們產生了 4.88 億美元的自由現金流，佔營收的 28%，高於我們預期的最高值。

This is nearly double the free cash flow generated in 2023 and a testament to our focused cost management as we drive sustained growth momentum.

這幾乎是 2023 年產生的自由現金流的兩倍，證明了我們在推動持續成長動能的同時，專注於成本管理。

Turning now to my thoughts about 2025.

現在談談我對 2025 年的想法。

Following a standout 2024, we expect another year of robust growth, powered by the existing key product initiatives you are familiar with as well as other ongoing product enhancements against a positive demand environment.

繼 2024 年的出色表現之後，我們預計將迎來強勁增長的一年，這得益於您熟悉的現有關鍵產品計劃以及在積極的需求環境下進行的其他持續產品改進。

First, studio continues to capture market share of the professional community.

首先，工作室繼續佔領專業社區的市場份額。

And AI usage and conversion benefits continue to ramp as our offering suite growth.

隨著我們提供的產品套件的成長，人工智慧的使用和轉換優勢也不斷提升。

We're encouraged by the trends we see today, and so we anticipate these products will be even bigger growth engines in 2025.

我們對當今看到的趨勢感到鼓舞，因此我們預計這些產品將成為 2025 年更大的成長引擎。

Second, we have a number of product enhancements and new strategic initiatives slotted for 2025, many of which we have already rolled out or tested.

其次，我們計劃在 2025 年推出一系列產品改進和新策略舉措，其中許多我們已經推出或測試過。

We are seeing these enhancements and initiatives already delivering value to users today which we expect to translate into direct ARPS and conversion tailwinds this year.

我們看到這些增強功能和措施已經為用戶帶來了價值，我們預計今年這些價值將轉化為直接的 ARPS 和轉換率。

We expect top-line contribution from those enhancements and initiatives currently underway to increasingly layer in as we progress through the year, as it typically does in a subscription business model like ours.

我們預計，隨著一年的進展，這些正在進行的改進和舉措將為營收帶來越來越多的貢獻，就像我們這樣的訂閱業務模式中通常出現的情況一樣。

As a result, we expect bookings and revenue growth to accelerate in the second half of the year.

因此，我們預計今年下半年預訂量和營收成長將會加速。

This anticipated acceleration in bookings is particularly impressive as we fully lap the price increase benefit midway through Q1 2025, while we'll continue to see revenue tailwind through the entire year.

預計預訂量的加速尤其令人印象深刻，因為我們將在 2025 年第一季中期完全享受價格上漲的好處，同時我們將在全年繼續看到收入順風。

I want to know that we are factoring almost no contribution from the new products you just heard about from Avishai into expectations.

我想說的是，我們幾乎沒有將您剛從 Avishai 聽說的新產品的貢獻考慮到預期中。

While I'm confident these new offerings will drive medium-term growth, we do not plan to include them in outlook until they are fully launched and we can build better expectations around early usage data.

雖然我相信這些新產品將推動中期成長，但我們不打算將它們納入展望中，直到它們全面推出並且我們能夠根據早期使用數據建立更好的預期。

Finally, before I turn to the numbers, I want to remind everyone that as a global company with approximately 40% of revenue derived outside of the US, we began to experience adverse impact from outsized volatility in FX rates beginning mid-Q4, which has continued through the new year.

最後，在我談到數字之前，我想提醒大家，作為一家約 40% 的收入來自美國以外的全球性公司，我們從第四季度中期開始受到外匯匯率大幅波動的不利影響，這種影響一直持續到新的一年。

Assuming late January spot rates, we anticipate strong FX headwinds to our 2025 outlook.

假設 1 月底的現貨匯率，我們預期 2025 年的前景將面臨強勁的外匯阻力。

So we will be providing guidance for the full year and first quarter on both as-reported and constant currency basis.

因此，我們將根據報告和固定匯率基礎提供全年和第一季的指引。

For the full year, we expect total bookings of $2,025 million to $2,060 million on an as-reported basis, up 11% to 13% year over year.

就全年而言，我們預計總預訂額將達到 20.25 億美元至 20.6 億美元（按報告計算），年增 11% 至 13%。

We expect an FX headwind of approximately $45 million for the full year following changes in primarily US dollar to euro and British pound exchange rates.

我們預計，由於美元兌歐元和英鎊的匯率主要變化，全年外匯逆風將達到約 4,500 萬美元。

We expect total bookings growth of 13% to 15% year over year on a constant currency basis.

我們預計以固定匯率計算，總預訂量將年增 13% 至 15%。

We expect total revenue to be $1,970 million to $2,000 million on an as-reported basis, up 12% to 14% year over year for the full year.

我們預計全年總收入將達到 19.7 億美元至 20 億美元，年增 12% 至 14%。

Excluding an estimated approximately $34 million of negative impact from FX, we expect total revenue growth of 14% to 16% year over year on a constant currency basis.

排除外匯帶來的約 3,400 萬美元的負面影響，我們預計總收入按固定匯率計算將年增 14% 至 16%。

We expect total revenue in Q1 2025 of $469 million to $473 million on an as-reported basis, up 12% to 13% year over year.

我們預計 2025 年第一季的總營收為 4.69 億美元至 4.73 億美元（以報告計算），年增 12% 至 13%。

We expect total revenue growth of 13% to 14% year over year on a constant currency basis.

我們預計以固定匯率計算總收入將年增 13% 至 14%。

Following the meaningful operating leverage generated over the past two years, we remain focused on managing a stable operating cost structure in the year ahead.

繼過去兩年產生的有意義的經營槓桿之後，我們在未來一年仍將致力於管理穩定的營運成本結構。

As such, we anticipate top-line strength to flow through to improve profitability in 2025.

因此，我們預期營收實力將推動 2025 年獲利能力的提升。

We expect non-GAAP total gross margin to improve to 70% for the full year.

我們預計全年非公認會計準則總毛利率將提高至 70%。

Most of the anticipated margin improvement is expected to occur in the back half of 2025 as a newly implemented AI cost initiatives drive incremental efficiencies across our care organization.

由於新實施的 AI 成本計畫將推動整個護理組織的效率提升，預計大部分預期利潤率改善將在 2025 年下半年實現。

We also expect additional operating leverage with non-GAAP operating expenses anticipated to be 47% to 48% of revenue for the full year.

我們也預期非 GAAP 營業費用將佔全年收入的 47% 至 48%，從而帶來額外的營業槓桿。

This year, we expect to pay cash taxes of approximately $40 million following the full utilization of our NOLs in 2024.

今年，我們預計在 2024 年充分利用我們的淨營運虧損 (NOL) 後將支付約 4,000 萬美元的現金稅。

We also anticipate CapEx of approximately $13 million to $15 million or approximately 1% of revenue in 2025.

我們也預計 2025 年的資本支出約為 1,300 萬至 1,500 萬美元，約佔收入的 1%。

This translates to free cash flow expectations of $590 million to $610 million or 30% to 31% of revenue in 2025.

這意味著 2025 年自由現金流預期為 5.9 億至 6.1 億美元，佔營收的 30% 至 31%。

While FX is anticipated to be a headwind to our top line, as I discussed earlier, we are modeling a benefit from the strengthening of the US dollar on the expense line.

儘管預計外匯將對我們的營收造成阻力，但正如我之前所討論的，我們正在模擬美元走強對支出線的好處。

With a significant portion of our operating expenses, particularly payroll denominated in non-US currencies, we expect a $25 million net headwind from FX translating to 31% to 32% free cash flow margin on a constant currency basis in 2025.

由於我們很大一部分的營運費用，特別是工資支出以非美元貨幣計價，我們預計外匯帶來的淨逆風將達到 2500 萬美元，按固定匯率計算，相當於 2025 年 31% 至 32% 的自由現金流利潤率。

The high end of our revenue and free cash flow expectations positions Wix to achieve Rule of 45 in 2025, a new milestone target that underscores our relentless focus on driving both growth and profitability improvements on top of the incredible progress made in recent years.

我們的收入和自由現金流預期較高，這使得 Wix 能夠在 2025 年實現 45 規則，這是一個新的里程碑目標，凸顯了我們在近年來取得的驚人進步的基礎上，堅持不懈地致力於推動增長和盈利能力的提高。

Finally, I want to touch quickly on capital allocation plans for the year ahead.

最後，我想快速談談未來一年的資本配置計畫。

Our $575 million convertible note comes due in August, which at this point in time, we plan to pay down with cash.

我們的 5.75 億美元可轉換票據將於 8 月到期，目前我們計劃以現金償還。

Nevertheless, we remain committed to returning value to shareholders and responsibly managing dilution, as demonstrated by the completion of our $200 million share repurchase program earlier this year.

儘管如此，我們仍然致力於向股東回報價值並負責任地管理稀釋，正如我們今年稍早完成的 2 億美元股票回購計畫所證明的那樣。

We were able to repurchase approximately 868,000 shares or 1.5% of outstanding shares.

我們能夠回購約 868,000 股，即 1.5% 的流通股。

We expect strong free cash flow generation in combination with our careful focus on share count management to translate to higher free cash flow per diluted share in 2025.

我們預計，強勁的自由現金流加上我們對股份數量管理的密切關注，將在 2025 年轉化為更高的每股攤薄自由現金流。

We have many exciting things planned for this year, and I look forward to the new milestones on the horizon.

我們為今年計劃了許多令人興奮的事情，我期待著即將到來的新里程碑。

Operator, we're now ready for questions.

接線員，現在我們可以回答問題了。

(Operator Instructions) Ygal Arounian, Citigroup.

(操作員指示) 花旗集團的 Ygal Arounian。

Hey, good morning, good afternoon, guys.

嘿，大家早上好，下午好。

Great to see the results continue here.

很高興看到結果繼續在這裡發生。

Maybe just starting off on the 2025 guidance and acceleration over the course of the year.

或許只是在今年開始實現 2025 年的指導與加速。

I know, Lior, you mentioned some of that.

我知道，Lior，你提到了其中一些。

But if we could dive into it a little bit more on the various components that drive that strength over the course of the year, particularly given the comps in the second half get much more difficult?

但是，如果我們能夠更深入地探討全年推動這種實力的各種因素，特別是考慮到下半年的競爭變得更加困難？

And then I have a follow-up.

然後我有一個後續問題。

Hi, Ygal.

你好，Ygal。

This is Lior.

這是 Lior。

Yes, you're absolutely right with regard to the components.

是的，關於組件，您說得完全正確。

And I think that this is what it even make it much more exciting.

我認為這甚至會使它變得更加令人興奮。

I think -- take, for example, studio, right, or take partners as a whole.

我認為——以工作室為例，對吧，或以合作夥伴作為一個整體。

They are growing faster.

它們成長得更快。

And we know based on every other SaaS model that as long as you go and progress into the year, you're getting more and more impact from those new cohorts definitely when they're growing faster.

而且，根據其他所有 SaaS 模型，我們知道，只要你繼續前進，當這些新群體更快成長時，你肯定會從他們那裡獲得越來越大的影響力。

So this is why we see that studio is going to be a major contribution.

這就是我們認為工作室將做出重大貢獻的原因。

Actually, today, we see that studio for the new cohort is about 50% of the overall partners cohort, which make it even more exciting.

事實上，今天我們看到新一批的工作室約佔整體合作夥伴的 50%，這更令人興奮。

The other stuff is obviously about AI.

其餘內容顯然與人工智慧有關。

We see the impact of AI increasing conversion.

我們看到人工智慧對提高轉換率的影響。

As long as it's progressing throughout the year, we see more and more impact of this conversion on the numbers.

只要它全年不斷進步，我們就會看到這種轉變對數字產生越來越大的影響。

So this is mostly the effect of the new product that we've launched in 2024.

所以這主要是我們在 2024 年推出的新產品的影響。

And we are seeing more impact on the second half of the year as a result of that.

我們看到這對下半年產生了更大的影響。

Okay.

好的。

Thanks.

謝謝。

And there's definitely a lot to ask about product-wise.

關於產品方面，肯定有很多問題要問。

But maybe -- just because I've been getting this question a lot more lately on the payer side, on the premium subscriber side and growth in that number.

但也許——只是因為我最近在付費方、高級訂閱方以及該數字的成長方面更多地被問到這個問題。

And I know in the letter, you kind of highlighted some of the year-over-year comps and factors that got that number to decline year over year slightly.

我知道，在信中，您強調了一些同比數據以及導致該數字同比略有下降的因素。

But just given the commentary around better conversion from all the products that are coming through, can you talk about how you think about the premium subscriber number, how investors should think about the growth opportunity there?

但是，鑑於有關所有即將推出的產品轉換率更高的評論，您能否談談您如何看待高級用戶數量，投資者應該如何看待其中的成長機會？

If users are growing, total users are growing 7%, you're getting better conversion.

如果用戶在成長，總用戶數成長了 7%，那麼您的轉換率就會更好。

Theoretically, the paid number should be -- this year or next year, should be growing faster than that.

從理論上講，今年或明年的付費數字應該會成長得更快。

So how should we think about that?

那我們該如何看待這個問題呢？

Thanks.

謝謝。

Hey, Ygal.

嘿，伊加爾。

It's Nir.

是尼爾。

So I think you know that in the last few years, we de-emphasized net subs as a specific KPI in terms of importance.

所以我想你知道，在過去幾年裡，我們不再強調淨訂閱量作為一個特定 KPI 的重要性。

Because we made so much more focus on the cohort value, both on the signal level.

因為我們更關注群組價值，包括訊號層面。

So if you look at -- take, for example, the Q1 '24 cohort that we published, you can see it's our strongest non-COVID cohort with $61 million of cumulative bookings.

因此，如果您查看 - 以我們發布的 2024 年第一季群組為例，您會發現這是我們最強大的非 COVID 群組，累計預訂額達 6100 萬美元。

But also, if you look in the longer term, if you look at the table we published for the 10-year projection, the value of the aggregate bookings of those existing cohorts is significantly higher.

但是，如果從更長遠的角度來看，如果您查看我們發布的 10 年預測表，您會覺得這些現有群體的總預訂價值要高得多。

It moved from $16.2 billion last year to $18.4 billion this year.

從去年的 162 億美元增加到今年的 184 億美元。

It's a very significant increase.

這是一個非常顯著的增長。

So when we come to determine our business goals and actions, the net subs is really a secondary factor and a secondary KPI, not the main one.

所以當我們確定業務目標和行動時，淨訂閱量實際上是一個次要因素和次要 KPI，而不是主要 KPI。

That being said, I do believe that we had a very -- we kind of elaborated on the headwinds that we had in 2024 from that perspective.

話雖如此，我確實相信我們從這個角度詳細闡述了我們在 2024 年面臨的阻力。

In fact, I would point out that the actual result is slightly better than we expected, simply because one of the things we factored in is what will happen in a price increase.

事實上，我想指出的是，實際結果比我們預期的要好一些，只是因為我們考慮的因素之一是價格上漲後會發生什麼。

And when you do a price increase, you do see a heightened loss of subscriptions that are more sensitive to price.

當你提高價格時，你確實會看到對價格更敏感的訂閱量大幅下降。

Usually, the lower priced one.

通常是價格較低的。

And we ended up having a result that was better than the initial model we put in place.

我們最終得到的結果比我們最初建立的模型更好。

So that's why it's actually better than we thought it was.

所以這就是為什麼它實際上比我們想像的要好。

All that being said, when I look at 2025, we -- again, we're not going to project, and we're not guiding for that number.

話雖如此，當我展望 2025 年時，我們 — — 再說一次，我們不會預測，也不會指導該數字。

But we do believe we're going to see a positive trend on the net subs.

但我們確實相信，我們將看到淨訂閱量的正面趨勢。

Okay, very helpful.

好的，很有幫助。

Thank you, guys.

謝謝你們。

Elizabeth Porter, Morgan Stanley.

摩根士丹利的伊麗莎白波特。

Great.

偉大的。

Thank you so much.

太感謝了。

It sounds like there's a really exciting slate of new products for 2025.

聽起來 2025 年將會有一系列令人興奮的新產品。

I wanted to follow up on the first comment about a self creators solutions that expands design beyond websites.

我想跟進第一條評論，關於將設計擴展到網站之外的自我創造解決方案。

Is it possible to help us just unpack what that could look like?

能否幫我們解釋一下這種情況是什麼樣的呢？

What interfaces are you able to address outside of websites?

您能夠處理網站以外的哪些介面？

And if so, kind of what gives the confidence and the right to win on potentially new interfaces?

如果是這樣，那麼是什麼給了我們信心和權利在潛在的新介面上獲勝呢？

Thank you.

謝謝。

Well, I think it's a lot of questions there.

嗯，我認為那裡有很多問題。

And a lot of them require details that we are not yet revealing because -- but I think -- let me say a couple of things.

其中很多都需要我們尚未透露的細節，因為——但我認為——讓我說幾件事。

When you build a website, a lot of the time, you want to take the content that you have and push it to other places.

當你建立一個網站時，很多時候，你想把現有的內容推到其他地方。

For example, you want to create an Instagram ad or an Instagram story, or you want to create things for your customers, right?

例如，您想創建 Instagram 廣告或 Instagram 故事，或者您想為您的客戶創建東西，對嗎？

And so this require you to expand your design capabilities, take the content that you have into new formats.

所以這要求你擴展你的設計能力，將現有的內容轉化為新的格式。

And where -- the new product, we're trying to address that.

而新產品我們正在嘗試解決這個問題。

It also, of course, allow us to capture audiences that are normally not starting at Wix, but would want to have those kind of intents.

當然，它也使我們能夠吸引那些通常不會從 Wix 開始但有此類意圖的受眾。

Why?

為什麼？

So I think that is the number one motivation behind this product, is the fact that we already have a lot of people that need those kind of capabilities.

所以我認為這是該產品背後的首要動機，事實上我們已經有很多需要這種功能的人。

Saying that, historically, we've seen -- I think we've shown many times that we can do a really good job when it comes to tackling very hard user interface and creation processes, and simplify them to a way that they become reasonable for the vast majority of people.

話雖如此，從歷史上看，我們已經看到——我認為我們已經多次證明，在解決非常困難的用戶界面和創建過程時，我們可以做得很好，並將它們簡化為對絕大多數人來說合理的方式。

And I think this is the bigger challenge when it comes to how to do those things today.

我認為，這是當今如何做這些事情面臨的更大挑戰。

So a lot of it is very similar to what we believe is our core capabilities as a company, which is making something that already exists, like HTML, right, always exist, for website creation, but making it accessible to a lot of people because we can make a much better creation experience.

所以其中很多都與我們所認為的作為一家公司的核心能力非常相似，那就是創造一些已經存在的東西，比如 HTML，對，一直存在，用於網站創建，但讓更多的人可以訪問它，因為我們可以創造更好的創作體驗。

Now if you combine that with everything else that's happening today in the world when it comes to user interface combined with AI, I think that we have something that I'm very excited about.

現在，如果將其與當今世界上在用戶介面和人工智慧相結合方面正在發生的一切結合起來，我認為我們擁有一些令我非常興奮的東西。

Of course, we're going to have the first version.

當然，我們將擁有第一個版本。

And then we're going to have an additional again and again versions, but I'm very excited about.

然後我們將會不斷推出附加版本，我對此感到非常興奮。

There are a few people that have seen it already that are more on the level of a user than professional technology guys, are also very excited about it.

一些已經看到它的人，他們的水平更多的是用戶而不是專業技術人員，他們也對此感到非常興奮。

So we have to see.

因此我們還需拭目以待。

It's not that far.

不是很遠。

So hopefully, we're going to see very soon.

所以希望我們很快就能見到成果。

Great.

偉大的。

Thank you so much for that extra color.

非常感謝您提供的額外顏色。

And then just as a follow-up, I wanted to ask on the cost side.

然後作為後續問題，我想問一下成本方面的問題。

One of the factors you highlighted was gross margin expansion with a benefit from AI integration across customer care.

您強調的因素之一是客戶服務領域人工智慧整合帶來的毛利率擴大。

Would love to just understand more at a high level what you're seeing internally with the use of AI and how that can expand the cost structure?

我很想從更高層次進一步了解您在內部對人工智慧的使用情況，以及人工智慧如何擴大成本結構？

And just at a high level, would you look to reinvest those savings for faster product development?

從高層次來看，您是否會考慮將這些節省的資金重新投資於加速產品開發？

Or is that something that's more likely to flow through to profitability?

或者這是更有可能帶來獲利的因素嗎？

I will start with the second part of the question.

我先回答問題的第二部分。

So definitely, we are going to see this benefit going down to the free cash flow.

因此，我們肯定會看到這種好處轉化為自由現金流。

By the way, this is why we see the expansion of the overall margin in 2025 as a result of that.

順便說一句，這就是為什麼我們看到 2025 年整體利潤率會擴大。

Very important to mention, this is something that we are going to see mostly in the second half of the year.

值得一提的是，這種現像我們將在今年下半年看到。

And it's actually accelerating, meaning that those plan already been taken, but we are going to see the full effect of it in the second half of the year.

而且它實際上正在加速，這意味著這些計劃已經被實施，但我們將在今年下半年看到它的全部效果。

Got it.

知道了。

Thank you.

謝謝。

Deepak Mathivanan, Cantor Fitzgerald.

馬蒂瓦南 (Deepak Mathivanan)、費茲傑拉領唱者。

Great.

偉大的。

Thanks for taking the questions.

感謝您回答這些問題。

I'll ask two product questions.

我會問兩個產品問題。

Avishai, I know the agent products, assistant and marketing tools, are kind of still in the early test phase.

Avishai，我知道代理商產品、助理和行銷工具仍處於早期測試階段。

Can you give us some color on how people are sort of using it in the early days?

您能否向我們介紹一下人們早期是如何使用它的？

And beyond these two products, what do you think is the right road map for 2025 when it comes to agents, clearly, considering these are products with potentially higher monetization?

除了這兩款產品之外，您認為 2025 年對代理商而言正確的路線圖是什麼，考慮到這些產品具有更高的獲利潛力？

And then on studio, can you expand on what you're seeing with designers and development developers who kind of use studio in the early days?

那麼關於工作室，您能否詳細介紹一下早期使用工作室的設計師和開發人員的情況？

Are they seeing a sustained increase in sort of efficiency gains in their processes as they have used it maybe for 6 to 12 months now?

由於他們已經使用了 6 至 12 個月，他們是否看到其流程效率持續提高？

Any color you can provide on sort of like the comparable KPI would be great.

如果您可以提供任何類似於可比較 KPI 的顏色，那就太好了。

Thank you so much.

太感謝了。

Of course.

當然。

So the first part was about AI agents.

第一部分是關於人工智慧代理的。

So we released two AI agents that we monetize.

因此我們發布了兩個可以獲利的 AI 代理。

We actually have more, but two that we monetize.

事實上，我們還有更多，但其中兩個我們已經貨幣化了。

The first one is the bot or the chat for our customers' websites, right?

第一個是我們客戶網站的機器人或聊天工具，對嗎？

So if you're a Wix customer, you can now install a chat, AI-powered chat on your website.

因此，如果您是 Wix 客戶，現在可以在您的網站上安裝聊天、人工智慧聊天。

And this will handle customer requests, product inquiries, and support request.

這將處理客戶請求、產品查詢和支援請求。

And from -- and again, it's very early in days and the preliminary results.

而且 — — 再說一次，現在只是剛開始，還只是初步結果。

But it looks very promising.

但它看起來很有前景。

I mean, if I had the website like that today, I would actually be very excited about installing it.

我的意思是，如果我今天有這樣的網站，我實際上會非常興奮地安裝它。

It seems to be doing a really good job in helping you get better results for your business.

它似乎確實能很好地幫助您取得更好的業務成果。

Well, of course, you have to see -- the fact that it's very effective doesn't necessarily mean that we're going to get a huge amount of users that want to install it, right?

當然，你必須明白——它非常有效並不一定意味著我們會吸引大量想要安裝它的用戶，對嗎？

That should make sense, but it doesn't always work like that.

這應該有道理，但它並不總是如此。

It is subscription monetization that we have on that.

這就是我們所擁有的訂閱貨幣化。

And I think the product is very cool, and it's really worth taking a look at it, if you didn't.

我認為該產品非常酷，如果你以前沒有看過的話，真的值得一看。

The other one is a marketing mastermind that you hire to your website, right?

另外一個是你為你的網站聘請的行銷策劃者，對嗎？

And I think this is, again, for a lot of our customers, provide tremendous value because it does work better than most of what agencies or definitely users would be able to do by themselves.

我認為這對我們的許多客戶來說具有巨大的價值，因為它的效果比大多數機構或用戶自己能做到的要好。

It analyzes your SEO plan.

它分析您的 SEO 計劃。

It analyze your ads, how to run the right ads, what are the right ads.

它分析您的廣告，如何投放正確的廣告，什麼是正確的廣告。

And then it helps you manage them.

然後它幫助你管理它們。

And the result, of course, is the ability to attract more traffic to your website and because of that, sell more and be more successful.

當然，其結果是能夠吸引更多的流量到您的網站，從而實現更多的銷售並取得更大的成功。

In terms of long-term strategy, I believe that the concept, which we have now, is a good concept where we allow users to have -- to kind of like hire an expert to the website, right?

就長期策略而言，我認為我們現在的概念是一個很好的概念，即我們允許用戶——有點像為網站聘請專家，對嗎？

So the marketing expert or the support -- customer support experts and add that to the team of their business, right?

那麼行銷專家或支援——客戶支援專家將其添加到他們的業務團隊中，對嗎？

And I think that is a very good way to present it to our users.

我認為這是向我們的用戶展示它的一種非常好的方式。

It's also -- when we think about the product, help us focus a lot about what -- which one of those agents is doing -- are doing, right?

當我們考慮產品時，它還能幫助我們集中精力於哪一個代理商正在做什麼，對嗎？

And I think that is a tremendous value.

我認為這具有巨大的價值。

I think that was the question, right?

我想這就是問題所在，對吧？

About studio -- there's another not about studio.

關於工作室——還有另外一些與工作室無關的內容。

So what we're seeing on studio is the fact that for agencies, it streamlines their work.

因此，我們在工作室看到的事實是，對於代理商來說，它簡化了他們的工作。

Today, if you want to create, for example, WordPress website, usually you go to some design tools, design it there.

今天，如果你想創建，例如，WordPress 網站，通常你會使用一些設計工具，在那裡進行設計。

They start copying things.

他們開始複製事物。

Have another guy that does all the CSS and all the HTML coding.

讓另外一個人負責所有的 CSS 和 HTML 編碼。

You have another guy that does the actual coding, the installation, all the things you don't need.

讓另外一個人負責實際的編碼、安裝以及所有你不需要的事情。

I mean, you just go to studio and design a website.

我的意思是，你只需去工作室設計一個網站。

And then you can have tremendous power and capabilities in how to do that.

然後，您就可以擁有巨大的力量和能力來做到這一點。

You don't feel like you're programming.

你不覺得自己在程式設計。

You don't feel like you're confound by a lot of technical tools.

你不會覺得自己被眾多科技工具所困擾。

It's really -- it feels more like a design tool than a website building environment.

確實——它更像是一個設計工具而不是一個網站建立環境。

But the result, of course, is a website.

但結果當然是一個網站。

But because of that, we see two things that -- we get two kind of feedbacks.

但正因為如此，我們看到了兩件事——我們得到了兩種回饋。

One is that our agencies are able to create better-looking websites, right?

一是我們的代理商能夠創建更好看的網站，對嗎？

And this is a big part of the value they want to provide to their customers.

這是他們想要為客戶提供的價值的重要組成部分。

The second part, of course, is that they don't need this long cycle for every change that they want to do.

當然，第二部分是他們不需要為每個想要做的改變都經歷這麼長的周期。

And that, of course, increase their efficiency.

這當然會提高他們的效率。

So they get better efficiency and better results.

因此他們獲得了更好的效率和更好的結果。

So we think that's a great deal.

因此我們認為這是一筆很好的交易。

And I think that is a big part that, of course, this product is growing so fast.

我認為這是該產品成長如此之快的一個重要原因。

Thanks, Avishai.

謝謝，Avishai。

Josh Beck, Raymond James.

喬許貝克、雷蒙詹姆斯。

Yes, thanks so much for taking the question.

是的，非常感謝您回答這個問題。

I'll just make it a two-parter.

我會將其分成兩部分。

So on studio, how would you delineate the momentum with the core editor versus the workspace as in, is the studio editor pretty much where you'd like it to be from a product point of view?

那麼在工作室方面，您如何描述核心編輯器與工作區之間的發展勢頭，從產品的角度來看，工作室編輯器是否達到了您所希望的狀態？

And then secondarily on the GPV, I think you mentioned that partners' contribution has risen from 45% to over 50%.

其次，關於 GPV，我記得您提到合作夥伴的貢獻已從 45% 上升至 50% 以上。

So is this something that could continue and potentially lift up GPV over time?

那麼，這種情況是否會持續下去，並隨著時間的推移有可能提升 GPV 呢？

That would be great.

那太棒了。

So I'll take the first part of the question, and then Nir will take the second one.

我來回答問題的第一部分，然後 Nir ​​來回答問題的第二部分。

The studio editor where I want it to be, the answer is no.

我希望工作室編輯器能實現這一點，但答案是否定的。

I have so many more things I want to do there.

我還有很多事情想在那裡做。

And I think the road map is very super exciting.

我認為該路線圖非常令人興奮。

And I think even the end of this year, it will not be where I want it to be.

我認為，即使到今年年底，情況也不會達到我想要的狀態。

There's much more we can do.

我們能做的事情還有很多。

If it will realistically -- it should be, then the answer is yes.

如果確實如此——應該如此，那麼答案是肯定的。

I think the team is doing a really good job of executing and building and innovating and adding new things to the product.

我認為團隊在執行、建置、創新和為產品添加新內容方面做得非常出色。

So I'm very happy with the R&D speed.

所以我對研發速度非常滿意。

I'm really very excited about what we can do in the future.

我對我們未來能做的事情感到非常興奮。

And it's worth to point out also, kind of just kind of rehashing the timeframe we're talking about -- it was released in -- open to the public in October '23.

還值得指出的是，這只是重新討論我們正在討論的時間範圍——它於 23 年 10 月向公眾發布。

So essentially, we're talking about 15 months of it being out there in live with more than two million accounts now on the studio.

所以從本質上講，我們談論的是該遊戲上線 15 個月的時間，目前該工作室的帳戶數量已超過 200 萬。

And essentially, 75% of those are new partners on studios.

其中 75% 基本上是工作室的新合作夥伴。

So it's definitely becoming the prominent solution for our partners' demographic, and we are very, very happy about it.

因此，它肯定會成為我們合作夥伴人口統計的突出解決方案，我們對此感到非常高興。

To the second part of the second -- your second question about the GPV or the partners GPV which, obviously, they're quite well connected, we see ongoing growth of usage by partners.

對於第二部分的第二部分 - 您的第二個問題是關於 GPV 或合作夥伴 GPV，顯然，它們聯繫非常緊密，我們看到合作夥伴的使用量持續增長。

And actually, they build the bigger websites, the websites that also drive more and higher GPV.

實際上，他們建立了更大的網站，這些網站也能帶來更多、更高的 GPV。

So the uplift in terms of their proportion of the general GPV of the company continues to grow, but their piece of that pie also increases all the time.

因此，他們在公司整體 GPV 中所佔比例的提升持續成長，但他們所佔的份額也一直在增加。

As we noted, it has surpassed the 60%.

正如我們注意到的，它已經超過了 60%。

And our expectations looking at the growth trend for that -- for their piece of the pie to continue to increase and essentially, also help drive the overall GPV upwards in total.

我們預計，從成長趨勢來看，他們的份額將繼續增加，從本質上講，也有助於推動整體 GPV 上升。

Very helpful.

非常有幫助。

Thank you.

謝謝。

Andrew Boone, Citizens.

安德魯·布恩，公民。

Thanks so much for taking my questions.

非常感謝您回答我的問題。

I wanted to ask about the visibility into achieving double-digit self creators growth.

我想問一下實現兩位數自我創造者成長的可見性。

What do you guys need to do to be able to achieve that level?

你們需要做什麼才能達到那個水平？

And then talk about just kind of timing there.

然後談談那裡的時間安排。

And then secondly, more of a strategic question.

其次，這更是一個戰略問題。

AI is allowing Wix to expand into new product categories like customer service with AI Site-Chat.

人工智慧使 Wix 能夠利用人工智慧網站聊天 (AI Site-Chat) 拓展新的產品類別，例如客戶服務。

Can you talk about just AI more strategically and how it is allowing you to expand into new product categories?

您能否更具策略性地談談人工智慧以及它如何幫助您擴展到新的產品類別？

And how do we think about that over time, right?

那麼從長遠來看我們會如何看待這個問題呢？

Are you guys limited in terms of what you guys may offer for SMBs?

你們為中小型企業提供的服務是否有限？

How do we think about the expansion of the category and the TAM as we think about AI unlocking new products?

當我們思考AI解鎖新產品時，我們如何看待產品類別和TAM的擴充？

Thanks so much.

非常感謝。

Well, I think that -- maybe Lior, you want to take the first part and then

嗯，我認為——也許 Lior，你想先看第一部分，然後

(multiple speakers) --?

（多位發言者）－？

Yeah, I will take the first part about the self creators.

是的，我將討論第一部分，關於自我創造者。

Let's take, for example, what happened in 2024.

讓我們以 2024 年發生的事情為例。

We saw the acceleration of bookings.

我們看到預訂量正在加速成長。

And it was part also -- not just because of partners and studio but also because of the different initiatives with self creators.

這也是部分原因——不僅是因為合作夥伴和工作室，還因為自我創作者的不同舉措。

We definitely understand, we know that while we are introducing more technology and more capabilities, we see that we have better conversion, but also increasing the ARPU.

我們當然明白，我們知道，在我們引入更多技術和更多功能的同時，我們看到轉換率更高，同時也提高了 ARPU。

We are not modeling right now double-digit growth for self creators in 2025.

我們現在還沒有為 2025 年自主創造者預測兩位數的成長。

But we definitely believe that we can achieve it in 2026 based on the new product that we are going to launch.

但我們堅信，憑藉我們即將推出的新產品，我們一定能在2026年實現這一目標。

As for the second -- sorry -- for the second question about AI, I think that we released the first-gen AI product, right, in 2016.

至於第二個問題——抱歉——關於人工智慧，我認為我們在 2016 年發布了第一代人工智慧產品。

ADI was the first time, I think anywhere, there was a generative AI that actually allows consumers or users or small businesses to do anything, probably also for enterprises.

我認為，ADI 是第一個推出生成式人工智慧的公司，它實際上可以讓消費者、用戶或小型企業做任何事情，也可能適用於企業。

And you could create a website just using very, very simple prompts.

您只需使用非常非常簡單的提示即可建立網站。

So -- of course, already then, AI allow us to increase our market share.

所以——當然，人工智慧已經讓我們能夠增加我們的市場份額。

Obviously, in the last couple of years where things became more powerful, we can do more with that.

顯然，在過去幾年裡，事情變得更強大，我們可以做更多的事情。

And things like the website chat, the support for our users' websites, agent -- and the marketing agents are, of course, examples of that.

當然，網站聊天、對用戶網站的支援、代理商以及行銷代理商等都是這樣的例子。

And I mean, there's a lot more that we can do there, right?

我的意思是，我們還可以做很多事情，對吧？

And I believe that that is one line of expansion and functionality we will see.

我相信這是我們將看到的擴充功能和功能之一。

I do also believe that this is the most trivial kind of line of thinking about it.

我也確實相信，這是對此最為瑣碎的一種想法。

And in 2016, I think we surprised everybody by doing what we did.

2016 年，我想我們的所作所為讓所有人都感到驚訝。

I think there's a lot of new things we can surprise the world with and additional initiatives that we can create.

我認為我們可以用很多新事物讓世界驚嘆，也可以創造很多其他措施。

I don't believe that if you look forward, right, into the future, if you look five years into the future, websites will look and feel the same.

我不相信如果你展望未來，如果你展望五年後，網站的外觀和感覺會是一樣的。

I think there's a lot more we can do now.

我認為我們現在還可以做很多事。

And I also believe that Wix is probably the best company in the world in terms of positioning and technical capabilities and product capabilities to enable small businesses to achieve everything they need to be ready for how websites and how the Internet will look in five years from today.

我還認為，就定位、技術能力和產品能力而言，Wix 或許是全球最好的公司，它能夠幫助小型企業實現它們所需的一切，為五年後網站和互聯網的面貌做好準備。

And there's a lot of discussions about -- a lot of theories about it.

關於這一點有很多討論，也有很多理論。

But I really believe that the opportunity there is bigger than anything else.

但我確實相信那裡的機會比任何地方都大。

Because what we have today are going to continue to dramatically evolve into something that is probably more powerful and more enabling for small businesses to be successful.

因為我們今天所擁有的東西將繼續急劇演變，變得更加強大，更有利於小企業的成功。

Overall, the Internet has a tendency to do it every 10 years or so, right?

整體來說，網路每 10 年左右就會出現一次這樣的趨勢，對嗎？

In the '90s, the Internet started and became HTML.

90 年代，網路誕生並演變成 HTML。

Then it became images and then later on, videos.

然後它變成了圖像，後來又變成了視頻。

And then it became mobile, right?

然後它就變成移動的了，對嗎？

And I think they became interactive.

我認為它們變得具有互動性。

Everything become an application -- kind of an application.

一切都變成了應用程式——一種應用程式。

And I think how website will look at the AI universe is the next step, and I think there's a lot of exciting things we can offer our users there.

我認為網站如何看待人工智慧世界是下一步，我認為我們可以在那裡為用戶提供很多令人興奮的東西。

Thank you.

謝謝。

Brent Thill, Jefferies.

布倫特·蒂爾（Brent Thill），傑富瑞（Jefferies）。

Hi, thank you.

你好，謝謝。

This is John, on for Brent Thill.

我是約翰，代替布倫特·蒂爾。

Two questions on the free cash flow margin expansion, pretty impressive increase in this year.

關於自由現金流利潤率擴張的兩個問題，今年的成長相當令人印象深刻。

But what would be the biggest sources in leverage beyond the gross margin that you mentioned earlier?

但是，除了您之前提到的毛利率之外，槓桿的最大來源是什麼？

And then what's to see about the top of funnel, how that's looking, whether you're also seeing the usual start of the year with a bump in activity?

那麼漏斗頂部的情況如何？

Thank you.

謝謝。

So I will start with the first part of your question, and Nir will answer the second one about the top of the funnel.

因此，我將從您的問題的第一部分開始，然後 Nir ​​將回答有關漏斗頂部的第二部分。

So we have a few -- actually mostly two reasons.

所以我們有幾個——實際上主要有兩個原因。

The first one, as we mentioned before, is about the gross margin that is actually improving by 1 point.

第一個，正如我們之前提到的，是關於毛利率，實際上提高了1個百分點。

We also see more leverage in operating expenses.

我們也看到營運費用中的槓桿作用有所增強。

And we can see that also in our guidance for the overall savings that we have over there.

我們也可以從我們對那裡整體儲蓄的指導中看到這一點。

But we are guiding to approximately 1 to 2 points of operating expense leverage as a percentage of revenue.

但我們指導的營業費用槓桿佔收入的百分比約為 1 到 2 個百分點。

Let's remember that in dollar, we're actually increasing the cost.

讓我們記住，以美元計算，我們實際上是在增加成本。

For example, those new products that we are going to launch in 2025, I definitely took into consideration that I will need more marketing budget in order to support it.

比方說，我們將在2025年推出的那些新產品，我肯定考慮到需要更多的行銷預算來支持它。

Despite of this fact, I do believe that we are going to see 1 to 2 points of leverage also as part of the operating expenses.

儘管如此，我確實相信我們將看到 1 到 2 個點的槓桿率也作為營運費用的一部分。

This is most of the reason why we are going to see the improvement in free cash flow.

這就是我們將看到自由現金流改善的主要原因。

Brent, in terms of your question about the top of the funnel and what we're seeing, and I think we made some commentary about it as well in Q4.

布倫特，關於你提到的漏斗頂部以及我們所看到的情況，我想我們在第四季度也對此做出了一些評論。

So I think we are -- I would say we are happy to comment that we are seeing positive trends.

所以我認為我們——我想說我們很高興地評論說我們看到了積極的趨勢。

Naturally, we have no ability to predict the rest of the year.

當然，我們沒有能力預測今年剩餘時間的情況。

But we're very -- at least for now, we're seeing a positive trend.

但我們非常——至少目前，我們看到了積極的趨勢。

And we continue on our strategic marketing effort, which is monetizing and prioritizing towards high-intent users, which I think you've seen us perform very successfully, can be a clear testament in what you see.

我們將繼續進行策略行銷努力，將高意向用戶貨幣化並優先考慮他們，我想您已經看到我們的表現非常成功，這可以清楚地證明這一點。

In terms of the cohort value, the 10-year cohort value as well, by the way, is an increase in net revenue retention over time.

就群組價值而言，順便說一下，10 年群組價值也是隨著時間的推移淨收入保留的增加。

It's increased a bit more modestly, but from 105% to 106%; and also the increase of the ABPS, which is kind of our equivalent to ARPU, that rose 13% year over year.

增幅略小，從 105% 增至 106%； ABPS（相當於我們的 ARPU）也比去年同期成長了 13%。

So I think from that standpoint, it's a good indication and one that we have the right tools to capitalize on for 2025.

因此，我認為從這個角度來看，這是一個很好的跡象，表明我們擁有正確的工具來利用 2025 年。

It will be interesting to see how all of the new releases of these new products that Avishai is hinting towards will impact that going forward?

有趣的是，看看 Avishai 暗示的所有這些新產品的發布將如何影響未來？

But that's going to be kind of much further down the year.

但這將會是今年晚些時候的事情。

Thank you.

謝謝。

Thank you.

謝謝。

Ladies and gentlemen, this does conclude today's conference.

女士們、先生們，今天的會議到此結束。

We thank you for your participation.

我們感謝您的參與。

You may now disconnect, and have a wonderful day.

現在您可以斷開連接並享受美好的一天。