Wix.Com Ltd (WIX) 2025 Q1 法說會逐字稿

Good day. Thank you for standing by. Welcome to Wix's first quarter 2025 earnings conference call. (Operator Instructions) Please note that today's conference may be recorded. I will now hand the conference over to your speaker host, Emily Liu, Head of Investor Relations. Please go ahead.

再會。感謝您的支持。歡迎參加 Wix 2025 年第一季財報電話會議。（操作員指示）請注意，今天的會議可能會被錄音。現在，我將會議交給演講主持人、投資人關係主管 Emily Liu。請繼續。

Thanks, and good morning, everyone. Welcome to Wix's first quarter 2025 earnings call. Joining me today to discuss our results are Avishai Abrahami, CEO and Co-Founder; Nir Zohar, President and Co-Founder; and Lior Shemesh, our CFO.

謝謝，大家早安。歡迎參加 Wix 2025 年第一季財報電話會議。今天與我一起討論我們業績的有執行長兼聯合創始人 Avishai Abrahami、總裁兼聯合創始人 Nir Zohar 和財務長 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。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。您可以在收益資料中以及我們網站 investors.wix.com 的投資者關係部分的互動分析師中心找到我們 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。

Thank you, Emily, and good morning, everyone. 2025 is off to a strong and exciting start. Even as the macroeconomic landscape continues to evolve, we've seen robust demand for our platform, reaffirming the essential role Wix plays for small businesses everywhere and everyone who wants or needs an online presence around the world.

謝謝你，艾米麗，大家早安。 2025 年將有一個強勁而令人興奮的開始。即使宏觀經濟情勢持續變化，我們也看到了對我們平台的強勁需求，這再次證明了 Wix 對世界各地的小型企業以及所有想要或需要在世界各地建立線上業務的人所發揮的重要作用。

Our team continues to execute with excellence, delivering significant product innovation and strategic momentum aligned with our long-term vision. Excitingly, we have launched the first of two milestone products slotted for the year.

我們的團隊繼續出色地執行，提供符合我們長期願景的重大產品創新和策略動力。令人興奮的是，我們推出了今年兩款里程碑產品中的第一款。

Earlier this month, we introduced Wixel, our new stand-alone visual design platform that extends Wix's vast design expertise beyond websites for the first time. Wixel marks the beginning of our next-generation approach to visual design, combining Wix's intuitive creation tools and user-friendly interface with the power of generative AI.

本月初，我們推出了新的獨立視覺設計平台 Wixel，它首次將 Wix 豐富的設計專業知識擴展到網站之外。Wixel 標誌著我們下一代視覺設計方法的開始，它將 Wix 的直覺創作工具和使用者友好介面與生成 AI 的強大功能相結合。

This platform combines the best AI models on the market today tailored for specific image needs, including object, background editing and much more with a constant pipeline of new AI enhancements. This makes Wixel unique from everything else available on the market.

該平台結合了當今市場上針對特定影像需求（包括物件、背景編輯等）的最佳 AI 模型，並持續提供新的 AI 增強功能。這使得 Wixel 與市場上其他產品截然不同。

It handles the complexity of today's high-end AI technology behind the scenes, choosing and continuously optimizing the best models for each task. This allows our users to always have access to the most advanced and up-to-date tools for image generation and editing.

它在幕後處理當今高端人工智慧技術的複雜性，為每個任務選擇並不斷優化最佳模型。這使得我們的用戶始終能夠使用最先進、最新的圖像生成和編輯工具。

So how did we get here? We initially started building Wixel for Wix users. We saw the incredible demand for powerful video and image editing capabilities amongst our own users who edited and saved more than 40 million images to use on their Wix websites in 2024.

那我們是怎麼走到這一步的呢？我們最初是為 Wix 使用者建立 Wixel 的。我們發現，我們的用戶對強大的影片和圖像編輯功能有著巨大的需求，到 2024 年，他們將編輯和保存超過 4000 萬張圖像，以供 Wix 網站使用。

There was also a need from the more than 100 million members on DeviantArt, the largest online social network and platform for artists to promote their works. These artists seek high-performance, professional-grade image editing tools that enable them to create exhibition-worthy work. However, visual editing is difficult today with professional grade image creation and manipulation only possible with graphic design platform for professionals, not accessible to the average person.

DeviantArt 是最大的線上社交網路和藝術家推廣作品的平台，其超過 1 億會員也存在這種需求。這些藝術家尋求高性能、專業級的圖像編輯工具，以便他們創作出值得展覽的作品。然而，如今的視覺編輯非常困難，專業級的圖像創建和處理只有專業人士的圖形設計平台才能實現，普通人無法使用。

My vision is for Wixel to democratize visual design, the same way Wix has democratized website building. In the past, if you wanted a great-looking website, you either needed to be a web designer or hire one, Wix changed that. Now with Wixel, we're doing the same for visual design assets, allowing anyone to create something stunning and professional grade in minutes.

我的願景是讓 Wixel 實現視覺設計的民主化，就像 Wix 實現網站建立的民主化一樣。過去，如果您想要一個外觀漂亮的網站，您要么需要成為網頁設計師，要么聘請網頁設計師，而 Wix 改變了這一點。現在，借助 Wixel，我們可以對視覺設計資產進行同樣的操作，讓任何人都可以在幾分鐘內創造出令人驚嘆的專業級作品。

Our goal is to give total control over photo and video editing to everyone, the same way we did for website creation. Wixel is for Wix users, for entrepreneurs, freelances and business owners who already rely on Wix to build and grow online. It's for the millions of DeviantArt artists, who want to add an easy to use yet powerful editing tool to their toolkit, without sacrificing the quality of their art.

我們的目標是讓每個人都能完全控制照片和影片編輯，就像我們對網站創建所做的那樣。Wixel 適用於 Wix 使用者、企業家、自由工作者和已經依賴 Wix 進行線上建立和發展的企業主。它適用於數百萬 DeviantArt 藝術家，他們希望在其工具包中添加一個易於使用但功能強大的編輯工具，同時又不犧牲其藝術品質。

But Wixel's reach goes far beyond that. It's for anyone trying to create any type of digital design asset without a technical background. If you've ever felt limited by your tools or by your own skills, Wixel is for you. Excitingly, we partnered with Microsoft to integrate Wixel's capabilities into Microsoft Copilot. This collaboration allows Microsoft 365 users, small business owners, students, and everyday creators, to design in a smarter, more intuitive way with Wixel.

但 Wixel 的影響力遠不止於此。它適用於任何想要創建任何類型的數位設計資產而又沒有技術背景的人。如果您曾經感覺受到工具或自身技能的限制，Wixel 就是您的最佳選擇。令人興奮的是，我們與微軟合作，將 Wixel 的功能整合到 Microsoft Copilot 中。此次合作使 Microsoft 365 使用者、小型企業主、學生和日常創作者能夠使用 Wixel 以更聰明、更直觀的方式進行設計。

Though this launch is a cornerstone of our product road map, we are still very early in the journey with plenty of work ahead in order to achieve our vision for Wixel. In the coming year, you can expect the platform to evolve meaningfully with breakthrough capabilities. As we continue to innovate, I'm excited to see how Wixel reshapes the digital creation space.

雖然這次發布是我們產品路線圖的基石，但我們仍處於起步階段，為了實現 Wixel 的願景，還有很多工作要做。在未來的一年裡，您可以期待該平台能夠透過突破性的能力實現有意義的發展。隨著我們不斷創新，我很高興看到 Wixel 如何重塑數位創作空間。

Wixel was the headline, but it wasn't the only launch this quarter. We also introduced Astro, our new AI assistant embedded within the Wix dashboard. Astro simplifies the user journey by guiding users, surfacing relevant tools and insights, and helping them complete key tasks. We expect Astro to improve user engagement, boost package upgrades and reduce churn over the long term. And it's only the first in a series of AI agents we plan to roll out.

Wixel 是頭條新聞，但它並不是本季唯一推出的產品。我們也推出了Astro，這是我們嵌入在Wix儀表板中的新AI助理。Astro 透過引導使用者、提供相關工具和見解以及幫助他們完成關鍵任務來簡化使用者旅程。我們預計 Astro 將在長期內提高用戶參與度、促進套餐升級並減少用戶流失。這只是我們計劃推出的一系列人工智慧代理中的第一個。

Additionally, we launched new AI-powered tools for website automations and real-time site customization, including adaptive content application, Wix Functions and Wix Automations. These features are designed to make our platform smarter and more efficient while delivering highly personalized experiences to site visitors. Finally, we rolled out the Wix Model Context Protocol or MCP Server, a key infrastructure advancement that allows users to leverage natural language prompts to seamlessly connect Wix's comprehensive business functionality with their preferred compatible AI-powered tools.

此外，我們還推出了用於網站自動化和即時網站客製化的新型人工智慧工具，包括自適應內容應用程式、Wix 功能和 Wix 自動化。這些功能旨在使我們的平台更加智慧、更有高效，同時為網站訪客提供高度個人化的體驗。最後，我們推出了 Wix 模型上下文協定或 MCP 伺服器，這是一項關鍵的基礎設施進步，它允許用戶利用自然語言提示將 Wix 的綜合業務功能與他們喜歡的兼容 AI 工具無縫連接起來。

The Wix MCP Server enables AI-driven app development for users to build custom experiences on top of Wix or manage their Wix-based business using natural language and AI coding assistance. As the use case presented at Stripe's recent conference, our team demonstrated how to use LLMs to generate reliable code for fully functional payment solutions. They built a complete website that accepts online payments via credit cards, Apple Pay and Google Pay through Wix Payments and Stripe.

Wix MCP 伺服器支援 AI 驅動的應用程式開發，使用者可以在 Wix 上建立自訂體驗，或使用自然語言和 AI 編碼來協助管理基於 Wix 的業務。作為 Stripe 最近的會議上展示的用例，我們的團隊示範如何使用 LLM 為功能齊全的支付解決方案產生可靠的程式碼。他們建立了一個完整的網站，透過 Wix Payments 和 Stripe 接受信用卡、Apple Pay 和 Google Pay 的線上付款。

As we continue innovating, our focus remains the same, creating powerful tools that make it easier, faster, and more inspiring for anyone to build online. Our commitment to AI innovation, user empowerment and long-term growth has never been stronger. With that, Nir, over to you.

隨著我們不斷創新，我們的重點始終如一，即創建強大的工具，使任何人都可以更輕鬆、更快速、更富有啟發性地進行線上建立。我們對人工智慧創新、用戶賦能和長期成長的承諾從未如此堅定。好了，Nir，交給你了。

Thanks, Avishai. We've kicked off 2025 with our strongest new user cohort of recent years as demand for building online exceeded expectations in the first quarter. This strength underscores the value of our platform against any macro backdrop and our unmatched innovation that enables Wix users to achieve their goals online more effectively than ever before.

謝謝，Avishai。由於第一季線上建築需求超出預期，我們以近年來最強大的新用戶群開啟了 2025 年。這項優勢凸顯了我們的平台在任何宏觀背景下的價值，以及我們無與倫比的創新，使 Wix 用戶比以往更有效地在線上實現他們的目標。

Our Q1 2025 user cohort generated $36 million in bookings, reflecting a 12% increase over the bookings generated by the Q1 2024 cohort, which was also very strong in its first quarter. This marks a meaningful improvement in demand as year-over-year new cohort bookings had previously grown mid-single digits in the post-COVID period. Impressively, this significant growth acceleration was driven almost entirely by better fundamentals, particularly a bigger user cohort and product innovation.

我們的 2025 年第一季用戶群產生了 3,600 萬美元的預訂額，比 2024 年第一季用戶群產生的預訂金額成長了 12%，且該群體在第一季度的表現也非常強勁。這標誌著需求的顯著改善，因為在後疫情時代，新旅客預訂量的年增幅曾達到中等個位數。令人印象深刻的是，這種顯著的成長加速幾乎完全是由更好的基本面推動的，特別是更大的用戶群和產品創新。

From a top of funnel perspective, we saw strong traction particularly in several key high-spend geographic regions, including the US and parts of Europe. This drove the addition of nearly 5.3 million new users in Q1, up 7% year-over-year. Importantly, we maintained a high proportion of high intent and commerce-oriented users as our product innovation continues to attract users with more sophisticated needs.

從漏斗頂部的角度來看，我們看到了強勁的牽引力，特別是在幾個主要的高消費地理區域，包括美國和歐洲部分地區。這推動第一季新增用戶近 530 萬，較去年同期成長 7%。重要的是，隨著我們的產品創新不斷吸引具有更複雜需求的用戶，我們保持了高比例的高意圖和商業導向用戶。

We saw healthy conversion of this higher number of new users into paid subscriptions driven by our AI onboarding funnel, which continues to widen with the large majority of new users opting to use our AI website builder to create their first Wix website. Partners also continue to convert well driven by studio momentum as we roll out platform enhancements and deepen our reach within the professional community.

在我們的 AI 入門管道的推動下，我們看到大量新用戶健康地轉化為付費訂閱者，並且隨著大多數新用戶選擇使用我們的 AI 網站建立器來創建他們的第一個 Wix 網站，這一管道還在不斷擴大。隨著我們推出平台增強功能並深化我們在專業社群中的影響力，合作夥伴也在工作室勢頭的推動下繼續順利轉變。

In addition to a robust top of funnel, monetization of the most recent cohort improved compared to previous user cohorts. Higher ARPS was fueled by new users buying more higher tier packages and strong attachment rates for business solutions, particularly Google Workspace.

除了漏斗頂部的強勁表現之外，最新一批用戶的貨幣化程度與先前的用戶群體相比也有所提高。ARPS 上漲的原因是新用戶購買了更多更高等級的套餐，以及商業解決方案（尤其是 Google Workspace）的強勁附加率。

We captured strong top of funnel demand through the first quarter while continuing to prudently manage acquisition, marketing investments against our guardrails. Strong execution of our acquisition strategy has us on track to achieve a time to return on our investment or TROI of four to 5 months on our Q1 2025 user cohort, which is at the lower end of our targeted return guardrails.

我們在第一季抓住了強勁的漏斗頂部需求，同時繼續審慎地管理收購和行銷投資。強而有力地執行我們的收購策略使我們有望在 2025 年第一季的用戶群中實現 4 到 5 個月的投資回報時間或 TROI，這處於我們目標回報護欄的低端。

These returns are similar to the returns on the first quarter cohorts of prior years. Despite the much larger recent new user bookings base, this is particularly impressive and demonstrates the improved quality of our top of funnel today. Turning to our existing user cohorts, behavior remained healthy. Bookings from prior cohorts continued to grow steadily in the first quarter, supported by stable conversion, strong retention and increasing ARPS. In our partners business, these effects are magnified as professionals build more sites attached to more business solutions and drove GPV growth through more complex projects.

這些回報與前幾年第一季的回報相似。儘管最近新用戶預訂基數大得多，但這仍然令人印象深刻，表明我們今天漏斗頂部的品質有所提高。回顧我們現有的用戶群，其行為依然健康。在穩定的轉換率、強勁的留存率和不斷增長的 ARPS 的支持下，第一季前期預訂量持續穩定成長。在我們的合作夥伴業務中，隨著專業人員建立更多與更多業務解決方案相關的網站並透過更複雜的專案推動 GPV 成長，這些影響被放大。

I'd like to finish with some thoughts on what we're seeing on the macro front. Year-to-date, we've seen really positive demand trends with new cohort strengths actually continuing through April and early May. This is a clear reflection of the critical and growing role Wix plays in helping small businesses and anyone building their brand online succeed and thrive.

最後，我想談談我們對宏觀方面所看到的一些看法。今年迄今為止，我們看到了真正積極的需求趨勢，新群體的力量實際上持續到 4 月和 5 月初。這清楚地反映了 Wix 在幫助小型企業和任何在線建立品牌的人取得成功和發展方面發揮的關鍵且日益重要的作用。

In fact, our business historically has tended to outperform during times when shifting online increasingly became nonnegotiable. We expect Q2, Q3 and Q4 new cohorts to remain strong, driving top line growth acceleration in 2H as these additional cohorts layer on and contribution ramps throughout the year.

事實上，從歷史上看，當轉向線上業務變得越來越不可協商時，我們的業務往往表現優異。我們預計第二季、第三季和第四季的新客戶群將保持強勁，隨著這些新增客戶群的層層增加以及全年貢獻的不斷增加，推動下半年營收成長加速。

Though we are encouraged by the strong demand and our results so far, it is difficult to predict how the macro environment could trend through the rest of the year. So while we like what we're seeing today, we are building conservatism into our expectations, particularly around our Business Solutions segment.

儘管我們對強勁的需求和迄今為止的業績感到鼓舞，但很難預測宏觀環境在今年剩餘時間內將如何發展。因此，儘管我們對今天看到的情況感到滿意，但我們在預期中仍保持保守態度，特別是在我們的商業解決方案領域。

Business Solutions, particularly e-commerce and GPV, is naturally a bit more responsive to changes in consumer behavior and macro volatility. Overall engagement and adoption of our suite of business applications currently remain healthy and we continue to onboard larger merchants to the platform.

商業解決方案，尤其是電子商務和 GPV，自然對消費者行為和宏觀波動的變化反應更快。目前，我們商業應用程式套件的整體參與度和採用率仍然保持良好，我們將繼續吸引更大的商家加入我們的平台。

Our solid Q1 results illustrate the durability of our business across varying macroeconomic environments as Wix remains the leading platform to create, manage and grow our digital presence. I remain confident in our ability to drive long-term growth by delivering essential tools that help users adapt, operate, and succeed in any environment. With that, I'll hand it over to Lior, who will provide more details on our financial results and our outlook.

我們穩健的第一季業績表明，我們的業務在不同的宏觀經濟環境下具有持久性，因為 Wix 仍然是創建、管理和發展我們數位業務的領先平台。我仍然對我們透過提供幫助使用者在任何環境中適應、操作和取得成功的重要工具來推動長期成長的能力充滿信心。說完這些，我將把麥克風交給 Lior，他將提供有關我們的財務表現和前景的更多細節。

Thanks, Nir. We began 2025 on strong footing with very healthy top line growth driven by continued benefits from our key strategic and product initiatives, particularly studio and our growing suite of AI offerings as well as robust year-to-date top of funnel activity you just heard about from Nir.

謝謝，尼爾。我們在 2025 年伊始就取得了非常健康的營收成長，這得益於我們的關鍵策略和產品計劃的持續收益，特別是工作室和我們不斷增長的 AI 產品套件，以及您剛剛從 Nir 那裡聽到的強勁的年初至今的漏斗頂端活動。

This underscores the critical importance of Wix to small businesses and anyone maintaining an online presence globally. Starting with our first quarter results before we move on to expectations for the rest of the year, total bookings were $511 million in Q1, up 12% year-over-year. Total revenue was $474 million, up 13% year-over-year and above the high end of our guidance.

這凸顯了 Wix 對於小型企業以及任何在全球範圍內維持線上業務的人來說至關重要。先從我們的第一季業績開始，然後再展望今年剩餘時間的預期，第一季的總預訂額為 5.11 億美元，年增 12%。總收入為 4.74 億美元，年增 13%，高於我們預期的最高值。

Partners revenue grew 24% year-over-year to $172 million in the first quarter, driven by more subscription purchases, particularly higher priced ones as well as improved adoption of business applications and increasing GPV.

第一季度，合作夥伴營收年增 24%，達到 1.72 億美元，這得益於訂閱購買量的增加（尤其是高價訂閱購買量），以及商業應用程式採用率的提高和 GPV 的增加。

Importantly, studio adoption remains strong as bookings from new studio subscriptions accelerated compared to previous quarters. This was a factor of new partners building their first studio website more quickly than previous cohorts and existing studio partners building additional projects on the platform.

重要的是，由於與前幾季相比，新工作室訂閱的預訂量有所加快，工作室的採用率仍然強勁。這是因為新合作夥伴比以前的合作夥伴更快地建立了他們的第一個工作室網站，並且現有的工作室合作夥伴在平台上建立了額外的項目。

Transaction revenue in Q1 was $59 million, up 19% year-over-year, driven by increasing GPV and continued improvement in our take rate as more merchants adopted Wix Payments. Transaction revenue growth also continued to benefit from the previous year's addition of a new Wix Payments partner. As we lap this benefit in Q2, we expect transaction revenue to grow at a similar pace as GPV going forward.

第一季交易收入為 5,900 萬美元，年增 19%，這得益於 GPV 的成長以及隨著更多商家採用 Wix Payments，我們的佣金率持續提高。交易收入的成長也持續受益於去年新增的 Wix Payments 合作夥伴。隨著我們在第二季度獲得這項好處，我們預計未來交易收入將以與 GPV 相似的速度成長。

Digging into GPV, we continue to face headwinds from the same small subsidiary discussed last quarter. Accelerated GPV drawdown in this subsidiary resulted in a two-point headwind to total GPV in Q1. We expect this headwind to GPV to persist through the rest of the year, though, with minimal top line impact as GPV from subsidiaries experienced significantly lower monetization rates. As a result, core GPV, excluding the impact of this subsidiary, grew 12% year-over-year in constant currency.

深入研究 GPV，我們繼續面臨上個季度討論過的同一家小子公司的阻力。該子公司的 GPV 加速下降導致第一季的總 GPV 遭遇兩個百分點的阻力。我們預計 GPV 的這種不利因素將持續到今年剩餘時間，但由於子公司的 GPV 貨幣化率顯著下降，對營收的影響將微乎其微。因此，扣除該子公司的影響後，核心 GPV 以固定匯率計算年增 12%。

Total non-GAAP gross margin in Q1 was 69%, in line with our expectation. Non-GAAP operating income increased 44% year-over-year and totaled 21% of revenue as we continue to benefit from a stable operating cost base as our business scales.

第一季非公認會計準則總毛利率為 69%，符合我們的預期。隨著業務規模的擴大，我們繼續受益於穩定的營運成本基礎，非公認會計準則營運收入年增 44%，佔總收入的 21%。

This quarter, non-GAAP R&D expenses increased quarter-over-quarter to $96 million as we added developer headcount in line with our hiring plan for 2025. Non-GAAP sales and marketing expenses grew quarter-over-quarter to $102 million as we increased acquisition marketing spend to capture the strong demand we saw through the first quarter.

本季度，非 GAAP 研發費用較上季增加至 9,600 萬美元，因為我們根據 2025 年的招募計畫增加了開發人員數量。非公認會計準則銷售和行銷費用環比增長至 1.02 億美元，因為我們增加了收購行銷支出以滿足第一季的強勁需求。

Despite the larger base of cohort bookings onboarded, TROI remained stable, underscoring the strength of the Wix brand, improving quality of our funnel and continued execution of our marketing strategy. Q1 free cash flow was over $142 million or a milestone 30% of revenue. Let's turn now to outlook for Q2 and the rest of 2025. We expect total revenue in Q2 to be $485 million to $489 million, representing approximately 11% to 12% year-over-year growth.

儘管預訂的群組基數較大，但 TROI 仍然保持穩定，這凸顯了 Wix 品牌的實力，提高了我們管道的質量，並繼續執行我們的行銷策略。第一季自由現金流超過 1.42 億美元，佔營收的 30%，達到里程碑水準。現在讓我們來展望一下第二季和 2025 年剩餘時間的前景。我們預計第二季總營收為 4.85 億美元至 4.89 億美元，年增約 11% 至 12%。

Even with new cohort trends remaining strong, we are maintaining our bookings expectations for the full year. We continue to expect bookings of $2,025 million to $2,060 million or 11% to 13% growth year-over-year. For revenue, we are also maintaining our previous guidance of $1,970 million to $2,000 million or 12% to 14% growth year-over-year.

即使新客戶群趨勢依然強勁，我們仍維持全年預訂預期。我們繼續預期訂單金額將達到 20.25 億美元至 20.6 億美元，年增 11% 至 13%。對於收入，我們也維持先前的預期，即 19.7 億美元至 20 億美元，或年增 12% 至 14%。

Our expectations now incorporate a higher degree of conservatism given the macro uncertainty Nir spoke about. This potential volatility is offset by the easing FX headwinds we're seeing today. So while our fundamentals remain very healthy today, we are also aware that the macro pendulum can swing quite meaningfully, very quickly.

鑑於 Nir 提到的宏觀不確定性，我們的預期現在包含了更高程度的保守性。我們今天看到的外匯逆風緩和抵消了這種潛在的波動。因此，儘管我們今天的基本面仍然非常健康，但我們也意識到宏觀鐘擺可能會非常迅速地發生顯著擺動。

As a result, we are also leaving our free cash flow expectations unchanged. We continue to expect to generate $590 million to $610 million of free cash flow or 30% to 31% of revenue in 2025. We remain on track to achieve Rule of 45 this year, assuming the high end of our outlook.

因此，我們的自由現金流預期也保持不變。我們仍預期 2025 年將產生 5.9 億至 6.1 億美元的自由現金流，或占營收的 30% 至 31%。假設達到我們預期的高端水平，我們今年仍有望實現 45 規則。

Finally, I'm pleased to announce the upsizing of our share repurchase program. The Board has authorized an additional $200 million of repurchases, which now puts the total authorization under the current program at $400 million. This increase reflects continued confidence in our ability to drive strong cash flow generation as well as our ongoing commitment to increasing shareholder value. Operator, we are now ready for questions.

最後，我很高興地宣布擴大我們的股票回購計畫。董事會已批准額外回購 2 億美元，這使得目前計劃下的總授權金額達到 4 億美元。這一成長反映了我們對推動強勁現金流產生的能力的持續信心，以及我們對增加股東價值的持續承諾。接線員，我們現在可以回答問題了。

(Operator Instructions) Ygal Arounian, Citigroup.

（操作員指示）花旗集團的 Ygal Arounian。

Maybe just to start with Wixel, Avishai, given the focus on your comments. Can you maybe just give us a little bit more color on the expectations on the rollout kind of the product road map, monetization expectations? Is this something that, over time, you think can have -- to be as big as Wix is today, maybe kind of end market users a little bit more, just to understand how this might flow through the financials and the company metrics over the next couple of years?

也許只是從 Wixel、Avishai 開始，因為專注於您的評論。您能否向我們詳細介紹產品路線圖的推出預期和貨幣化預期？您是否認為，隨著時間的推移，它可以發展到像 Wix 現在這樣規模，甚至可能擁有更多的終端市場用戶，只是想了解未來幾年這將如何影響公司的財務狀況和指標？

Of course, I think that we just launched Wixel, right? So this is the very early version of the product that we just released. And we believe that this allows us to expand on a market in a few ways.

當然，我想我們剛剛推出了 Wixel，對嗎？這是我們剛發布的產品的早期版本。我們相信，這將使我們能夠以多種方式擴大市場。

First of all, it's a new funnel. It allowed us to bring users that don't need a website to Wix because they need the ability to do really sophisticated image editing, which is today only possible with AI. The -- so that's the first thing.

首先，這是一個新的漏斗。它使我們能夠將不需要網站的用戶帶到 Wix，因為他們需要進行真正複雜的圖像編輯的能力，而這在今天只有透過 AI 才能實現。這是第一件事。

The second thing is that it's also something that we intend to release to Wix users, so allowing them to add their content better, their images and the videos better, which also we hope to expand the capabilities of our users.

第二件事是，這也是我們打算向 Wix 用戶發布的東西，以便讓他們更好地添加他們的內容、圖像和視頻，我們也希望擴展用戶的能力。

Wixel is a separate subscription. It's priced on its own pricing, which we are just now starting to test. So it's going to take a while until it stabilize, but it's its own price, its own subscription, and its own user base. We did see that already when we started this product immediately started with a few interesting partnerships, Microsoft, OpenAI. So we do believe there is a big need in the market for an AI image editing and video editing.

Wixel 是單獨訂閱的。它的定價是按照自己的價格進行的，我們現在才開始測試。因此它需要一段時間才能穩定下來，但它有自己的價格、自己的訂閱和自己的用戶群。我們確實看到，當我們啟動產品時，就立即與一些有趣的合作夥伴建立了合作關係，包括微軟、OpenAI。因此，我們確實相信市場對 AI 影像編輯和影片編輯的需求很大。

Okay. And maybe I'll stay with you, Avishai, and the AI theme, and if we can just get kind of your updated thoughts on the AI landscape within the web builder world or kind of, I guess, web design more broadly now. There's -- you guys continue to roll out a lot of products. It feels like the cadence around AI has picked up or AI releases.

好的。也許我會繼續和你討論 AI 主題，Avishai，我們是否可以了解你對網頁建立器世界中的 AI 格局的最新想法，或者我想，現在更廣泛的網頁設計。你們繼續推出很多產品。感覺人工智慧的節奏已經加快或人工智慧已經發布。

You -- in the letter, you talked about or mentioned vibe coding. And I guess there's just been a lot of change over the past few years since GenAI popped up in your world and you started to implement it into your product.

您—在信中，您談論或提到了氛圍編碼。我想自從 GenAI 出現在您的世界並且您開始將其應用到您的產品中以來，過去幾年裡發生了很多變化。

How do you see the world evolving from here, particularly on the kind of vibe coding concept, if it becomes easier to code with just kind of natural language processing, and how that changes your product evolution, how it might change the market and the way websites are built? Just a bigger picture question.

您如何看待世界從現在開始的發展，特別是在氛圍編碼概念方面，如果使用自然語言處理進行編碼變得更容易，這將如何改變您的產品發展，如何改變市場和網站的建構方式？這只是一個更大的問題。

Well, I think vibe coding is a super exciting concept. It's still very early. And so things tend to break. After a while, they're not stable. They're not good at SEOs or search engine optimization. There's a lot of things that need to get there to be mature in order for it to be a viable product for our customers.

嗯，我認為氛圍編碼是一個非常令人興奮的概念。現在還很早。因此事情往往會破裂。過了一段時間，它們就不穩定了。他們不擅長 SEO 或搜尋引擎優化。為了使其成為可供客戶使用的產品，還有很多事情需要完善。

Just the simplest one is if you edit something, right, it takes four minutes for any small change to happen, right? In the best case scenario, it's four minutes. So moving a button will take you a few minutes. So there's a lot of super exciting potential in vibe coding.

最簡單的就是如果你編輯某些東西，對吧，任何微小的變化都需要四分鐘才能發生，對吧？在最好的情況下，是四分鐘。因此移動一個按鈕將花費您幾分鐘的時間。因此，氛圍編碼具有許多極其令人興奮的潛力。

But I think it's a bit too early for it to be really a mass product, so reaching for the mass market. But a lot of it, it's really exciting. I think that for us, as a company, we always -- when it came to AI, we've always been a bit ahead of the curve, right?

但我認為，它還遠遠不是真正的大眾產品，因此還無法進入大眾市場。但其中很多確實令人興奮。我認為，對於我們公司來說，當談到人工智慧時，我們總是處於領先地位，對嗎？

We released the first AI product in 2016 and then a full suite of image editing in '17 and '18. And I think that vibe coding is pretty much the same. We need to be ahead of the curve there. We need to know what is happening and to feel very strong about how to try and combine that into Wix.

我們於 2016 年發布了第一款 AI 產品，並於 2017 年和 2018 年發布了全套圖像編輯產品。我認為氛圍編碼幾乎是一樣的。我們需要走在時代的前面。我們需要了解正在發生的事情，並強烈感受到如何嘗試將其融入 Wix。

We're going to start by -- with, of course, a few things including the ability to code components into the Wix Editor, which is one of the obvious things that we're going to be doing. I do think that this will allow us and companies like us to expand our market reach because things that you could not have done traditionally on website building platforms, right, now you'll be able to do because you are able to write this custom-code without coding.

我們將從幾件事開始，當然包括將元件編碼到 Wix 編輯器中的能力，這是我們要做的顯而易見的事情之一。我確實認為這將使我們和像我們這樣的公司能夠擴大我們的市場範圍，因為您在傳統網站建立平台上無法做到的事情，現在您將能夠做到，因為您無需編碼即可編寫此自訂程式碼。

So I do -- I'm very optimistic. I think it's going to present to us a lot of really interesting opportunities. But I want to emphasize again, it's really a young technology, it's still not stable. It is still very slow, but we definitely have to be -- to understand it and to position ourselves correctly to capitalize on that.

所以我非常樂觀。我認為它將給我們帶來很多真正有趣的機會。但我想再次強調，這確實是一項年輕的技術，它還不穩定。它仍然非常緩慢，但我們必須——理解它並正確定位自己以利用它。

Ken Wong, Oppenheimer.

黃肯，奧本海默。

This one is for you, Lior. As we think about free cash flow margins, usually, Q1 is the low watermark. How should we think about the progression of free cash flow margins through the year, given the current guidance?

這個是給你的，Lior。當我們考慮自由現金流利潤率時，通常 Q1 是低水位。根據目前的指導，我們應該如何看待全年自由現金流利潤率的進展？

So yes, I mean I think that what we are going to see are very similar to last year, meaning that we will see a modest increase in free cash flow margin because we are continuing with the leverage that we are getting in terms of operating expenses out of revenue.

所以是的，我的意思是，我認為我們將看到的情況與去年非常相似，這意味著我們將看到自由現金流利潤率適度增加，因為我們將繼續利用從收入中扣除營運費用所獲得的槓桿。

So as long as we continue with our plan and we mentioned before that we are going to see a slight acceleration in the second half of the year of revenue and bookings, so obviously, it's going to have also a positive impact on free cash flow. Therefore, I believe that there will be a modest increase in free cash flow throughout the year.

因此，只要我們繼續我們的計劃，並且我們之前提到過，我們將看到下半年收入和預訂量略有加速，因此顯然，這也會對自由現金流產生積極影響。因此，我相信全年自由現金流將會適度增加。

Okay. Perfect. And then, I mean, this would be for you or maybe Nir, but I mean you guys have talked about really strong momentum in April and May. At the same time, you guys are talking about heightened conservatism in the guidance. How should we think about kind of what's built in, in terms of that conservatism? Is this kind of a peak April panic or like what level of down ticking are you guys -- have you guys factored in now?

好的。完美的。然後，我的意思是，這可能適合你或 Nir，但我的意思是你們已經談到了 4 月和 5 月的強勁勢頭。同時，你們正在談論指導中加強保守主義。就保守主義而言，我們該如何看待其內在本質？這是否是四月恐慌高峰，或者像你們現在考慮的下降水平一樣？

So yes, I think that, as always, I mean, we mentioned that many times in the past, there are stuff that we can control and things that we cannot control. Obviously, we see a very good result in terms of the Q1 cohort. By the way, it is also improving into April and May. So we feel very comfortable about it.

所以是的，我認為，一如既往，我的意思是，我們過去多次提到，有些事情我們可以控制，有些事情我們無法控制。顯然，就第一季的業績而言，我們看到了非常好的結果。順便說一句，四月和五月的情況也在好轉。因此我們對此感到非常放心。

We release new products, we A/B tested everything. Everything was already mentioned during Q1 when people ask about the acceleration in the second half of the year, and we did mention about new products and innovation that we already tested. So we actually can see that in Q1, our cohort results, meaning that it's happening.

我們發布新產品，並對所有產品進行 A/B 測試。當人們詢問下半年的加速情況時，我們在第一季就已經提到了一切，我們也確實提到了我們已經測試過的新產品和創新。因此，我們實際上可以在第一季看到我們的隊列結果，這意味著它正在發生。

On the other hand, there are stuff that we cannot control. I mean, look what happened to the -- for example, to the FX in the last few months and to the overall macro in terms of trade and so on. So we want to make sure that we're conservative around it because I really don't know what kind of development or new development is going to happen in the future. So I prefer to be conservative about the guidance and actually maintaining them.

另一方面，有些事情是我們無法控制的。我的意思是，看看過去幾個月外匯市場以及貿易等整體宏觀經濟發生了什麼變化。因此，我們要確保對此持保守態度，因為我真的不知道未來會發生什麼樣的發展或新的發展。因此，我傾向於對指導持保守態度並實際維持它們。

Brent Thill, Jefferies.

布倫特·蒂爾（Brent Thill），傑富瑞集團。

This is John Byun for Brent Thill. Two questions. One, the partners revenue obviously continued to outperform the rest of the segment, but it is a bit of a decel in Q1 to 24% from 29% last quarter. Wondering how we should think about that, what some of the factors might be?

我是布倫特·蒂爾 (Brent Thill) 的約翰·拜恩 (John Byun)。兩個問題。首先，合作夥伴的收入顯然繼續優於其他部門，但第一季的佔比略有下降，從上一季的 29% 降至 24%。想知道我們應該如何看待這個問題，可能有哪些因素？

And then second, on the new Wixel product, obviously, as you mentioned, new user base really opening up a new design front, but wondering how you're thinking about distribution, marketing since it is a different type of cohort, as you mentioned, besides the partnership you mentioned.

其次，關於新的 Wixel 產品，顯然，正如您所提到的，新的用戶群確實開闢了新的設計前沿，但想知道您如何考慮分銷和營銷，因為除了您提到的合作夥伴關係之外，它是一種不同類型的群體。

So I will start with the partners revenue. So we feel very good about the overall partners and the growth. I believe that partners will continue to be a hyper-growth revenue driver for us in the future. We see also the success of Studio. So it's obviously continue.

因此我將從合作夥伴的收入開始。因此，我們對整體合作夥伴和成長感到非常滿意。我相信，未來合作夥伴將繼續成為我們高速成長的收入動力。我們也看到了 Studio 的成功。所以這顯然還會繼續。

I want to mention about the specific question that you asked compared to the previous quarter. So obviously, we had 2 points of effect in terms of the FX that has a direct impact on partners. The other one is about the growth in GPV was a bit less than anticipated.

我想提一下您提出的具體問題，與上一季相比。因此，顯然，我們在 FX 方面有 2 點效果，它們會直接影響合作夥伴。另一個是關於 GPV 的成長略低於預期。

Remember that partners make up about 35% of revenue but contribute over 50% of GPV because also of the nature of the customers and the difference between the mix of self-creators and partners. We still feel very strong about partners and the fact that it will continue to be a growth driver, a meaningful growth driver for us in the future.

請記住，合作夥伴約佔收入的 35%，但貢獻了超過 50% 的 GPV，這也是因為客戶的性質以及自主創造者和合作夥伴組合之間的差異。我們仍然對合作夥伴充滿信心，並堅信合作夥伴將繼續成為我們未來的成長動力，一個有意義的成長動力。

As for Wixel, I think that it's a new funnel, right, the distribution, it's a new funnel, which opened a lot of interesting opportunities. So the first one, of course, is actually using our existing user base and to allow them to access the product.

至於 Wixel，我認為它是一個新的漏斗，對，分佈，它是一個新的漏斗，它開闢了許多有趣的機會。因此，第一個當然是利用我們現有的用戶群並允許他們存取產品。

The second one as we've just demonstrated is going to be, I think -- we think there's a lot of appetite or opportunity for partnership with this product. So we do intend to continue doing that as well. But I think more interesting, right, is that it allows us to do a lot of really cool things with marketing, and we have a lot of really cool ideas on what to do there. So it's going to be very interesting.

正如我們剛才所展示的，我認為第二個是——我們認為對該產品的合作有很大的興趣或機會。因此我們也確實打算繼續這樣做。但我認為更有趣的是，它允許我們透過行銷做很多非常酷的事情，我們對如何做有很多非常酷的想法。所以這將會非常有趣。

I think, as a company, we demonstrated many times in the past that we know how to do online marketing very well and have the discipline to do it on a metric profitable basis. And I think we're going to take the same strategy and try and do it with Wixel.

我認為，作為一家公司，我們過去已經多次證明，我們非常了解如何做好在線營銷，並且有紀律地在可衡量的盈利基礎上進行營銷。我認為我們將採取相同的策略並嘗試使用 Wixel 來實現這一點。

I just want to emphasize again that this is a young product, right? And even that we're seeing great results already, it's going to take time until for that to be substantial in our -- with our revenues.

我只是想再次強調，這是一個年輕的產品，對嗎？即使我們已經看到了很好的成果，但要對我們的收入產生實質的影響還需要時間。

Elizabeth Porter, Morgan Stanley.

摩根士丹利的伊麗莎白波特。

I wanted to ask again on Wixel, think the design and visual editing space has certainly seen some increasing competition. And we've also seen some of the traditional design software companies move into websites, which creates just a really interesting intersection.

我想再次詢問 Wixel，認為設計和視覺編輯領域的競爭確實日益激烈。我們也看到一些傳統的設計軟體公司進入網站領域，這創造了一個非常有趣的交集。

So it'd be great to get a better understanding for really the core differentiator for Wix in the design software, what enables the right to win against some of the larger brands in the market. And then maybe just at a higher level, some thoughts on pricing, how you landed at $79 a year, and how you're trying to strike the balance between monetization and adoption?

因此，如果能更了解 Wix 在設計軟體中的核心差異化因素，以及是什麼讓其能夠在市場上擊敗一些大品牌，那就太好了。然後也許只是在更高的層面上，對定價有一些想法，你是如何將價格定為每年 79 美元的，以及你如何在貨幣化和採用之間取得平衡？

Well, I think that -- those are great questions. I think the first question is about the fact that we do see some of the traditional design tools moving into more of a website building area. I think less into our universe but more into the web flow kind of a universe, but we do see some.

嗯，我認為──這些都是很好的問題。我認為第一個問題是，我們確實看到一些傳統的設計工具正在轉向網站建立領域。我認為我們對我們的宇宙了解不多，但對網路流類型的宇宙了解較多，但我們確實看到了一些。

I think that building really great website, it's a lot harder than it seems. And then that actually has tremendous value for users. But beyond that, when it comes to Wixel, we don't try to build another drag and drop editing environment, which I think all the tools that you're referring to are a drag and drop editing environment.

我認為建立一個真正優秀的網站比看起來困難得多。這實際上對用戶來說具有巨大的價值。但除此之外，當涉及 Wixel 時，我們不會嘗試建立另一個拖放編輯環境，我認為您所指的所有工具都是拖放編輯環境。

What we're trying to do is really how would -- if you would think in the five years from today, how you could edit images content with AI, how would that look like? And we're trying to build that into Wixel. So I think the way that the tool itself behaves is very different than the traditional editing environment. Now I'm not saying that they cannot do that. I'm sure, they can, there are a lot of smart people there.

我們真正想做的是——想像一下五年後，如何用人工智慧編輯圖像內容，那會是什麼樣子？我們正嘗試將其融入 Wixel。所以我認為該工具本身的行為方式與傳統的編輯環境非常不同。我並不是說他們不能做到這一點。我確信他們可以，那裡有很多聰明人。

I'm just saying that if you try to rebuild your tools into this thinking about how will the universe look in five years or how would AI look in five years, you'll find that you have to change a lot of the user interface, a lot of the experience, a lot of the underlying technologies in those existing tools, which I believe is a bit of a challenge when you have a big -- we have a lot of users.

我只是說，如果你嘗試重建你的工具，思考五年後宇宙會是什麼樣子，或者五年後人工智慧會是什麼樣子，你會發現你必須改變很多用戶界面，很多體驗，很多現有工具中的底層技術，我相信當你有很多用戶時，這是一個挑戰——我們有很多用戶。

So we hope that by being able to be more agile and focusing on that long-term vision, we can create a better experience for the people that are interested in editing content with AI.

因此，我們希望透過更靈活並專注於長期願景，為有興趣使用 AI 編輯內容的人創造更好的體驗。

Great. And just as a follow-up, I wanted to ask on the top of funnel strength, the net new user cohort kind of flipping to growth after declines in Q1 for the last two years has certainly been impressive. So I want to better understand, are you seeing new drivers emerge further improving that top of funnel demand? Is it more partners versus self-creators?

偉大的。作為後續問題，我想問一下，在漏斗強度方面，淨新用戶群在過去兩年第一季下滑之後轉向成長，這確實令人印象深刻。所以我想更了解，您是否看到新的驅動因素出現，進一步改善漏斗頂部的需求？是合作夥伴多還是自我創造者多？

Any notable changes in the free-to-paid conversion in terms of actions you took specifically in the quarter? And then how just overall, this impacts your view on the premium subscription growth in 2025?

就您在本季採取的具體行動而言，免費到付費的轉換有什麼顯著變化嗎？那麼總體而言，這對您對 2025 年高級訂閱成長的看法有何影響？

Elizabeth, it's Nir. So I think Lior also mentioned that before, these are -- the key things that impact the top of funnel are eventually the product innovation we've done throughout 2024 towards the end of it throughout Q1, and this is an ongoing effort because you've seen us for a long time, we keep on innovating, we keep on introducing new capabilities, new functions.

伊莉莎白，我是尼爾。所以我認為 Lior 之前也提到過，這些是 - 影響漏斗頂部的關鍵因素最終是我們在 2024 年第一季末所做的產品創新，這是一項持續的努力，因為您已經看到我們很長時間了，我們不斷創新，我們不斷推出新的能力、新的功能。

We're improving the funnel itself throughout our users come to the software and to the editors, we improve the ability -- the user interface and the ability to get to the end result. We unblock a lot of business functionality people need for a specific business need. And to be honest, we do it on both ends. So it goes to self-creators and it goes to partners.

我們正在改進整個用戶使用軟體和編輯器的管道，我們改進了用戶介面和獲得最終結果的能力。我們解除了人們滿足特定業務需求所需的許多業務功能。老實說，我們在兩端都這麼做。因此，它既屬於自我創造者，也屬於合作夥伴。

The -- I would say that what we've been experiencing throughout these first few months of the year, Q1 as well as going into the beginning of Q2, is the benefits from those kind of improvements. And naturally, that's also what you're seeing plays out into the increased value of our cohort in Q1. And it gives us confidence that we can go down this path for the rest of the year. I also think it keeps us still positive on our ability to regrow net subs this year.

我想說的是，我們在今年頭幾個月，也就是第一季以及第二季初所經歷的，都是這些改進帶來的好處。當然，這也是您所看到的第一季我們的群體價值的成長。這也讓我們有信心在今年餘下的時間裡繼續沿著這條道路前進。我還認為，這讓我們對今年重新增加淨訂戶的能力仍然充滿信心。

Brad Erickson, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的布拉德‧艾瑞克森 (Brad Erickson)。

First, can you just kind of talk about -- you've sort of been around the edges of this, but can you talk about product development considerations as we kind of think about agents and this ability to sort of canvas lots of different sites and more complex tasks and everything.

首先，您能否簡單談談——您對這方面已經有所了解，但是您能否談談產品開發的考慮，因為我們考慮代理商以及這種能夠覆蓋許多不同站點和更複雜的任務等的能力。

Maybe just, I guess, like help us expand our mind, so to speak, on whether websites somehow kind of need to be like structurally different in the AI era, particularly from like a utility and discoverability perspective, and kind of how do you position for that?

我想，也許只是幫助我們拓展思維，可以這麼說，在人工智慧時代，網站是否需要在結構上有所不同，特別是從實用性和可發現性的角度來看，以及如何定位呢？

And then just to clarify, you're asking about for ChatGPT to be able to read the website well, or do you talk about how we build a website?

然後澄清一下，您問的是 ChatGPT 能否很好地讀取網站，還是談論我們如何建立網站？

Yes, I'm talking about like how agents will sort of maybe change how people access the Internet broadly and website specifically.

是的，我說的是代理商可能會改變人們存取網路的方式，尤其是網站的方式。

Well, I do believe that there is a big change coming. I know that for myself, I'm using ChatGPT more than Google when I search for things now. So I would love to have a content -- and ChatGPT digest a lot of content from the Internet and try to give you this limited version and there's advantages and there's disadvantages, right?

嗯，我確實相信巨大的改變即將到來。我知道，就我自己而言，現在當我搜尋東西時，我使用 ChatGPT 比使用 Google 的更多。所以我很想擁有一個內容——ChatGPT 從互聯網上消化大量內容，並嘗試為您提供這個有限的版本，這有優點也有缺點，對嗎？

Because you get this average content from everything. And then, a lot of the time, you know what you're looking for and you know what is the right place to look at -- to look at that information with. And that can be a product that you want to buy it, it could be a service that you want to get or it could be just general information, right, but pretty much anything.

因為你從所有事物中都得到了這種平均內容。然後，很多時候，你知道你在尋找什麼，也知道在哪裡查看正確的資訊。這可以是您想要購買的產品，可以是您想要獲得的服務，也可以只是一般信息，對吧，但幾乎任何東西都可以。

And the way that LLMs work today by just scrolling the Internet, of course, is not good enough. It's not going to provide you any knowledge about will my hairdresser have an appointment in two days, right? And so -- and we're starting to see the first layer of protocols, right?

當然，如今法學碩士僅僅透過瀏覽網路的方式是不夠的。它不會告訴你我的理髮師兩天後是否有預約，對嗎？那麼——我們開始看到第一層協定了，對嗎？

Microsoft just announced once, Anthropic announced MCP, which is a way for an LLM to query complicated services on -- in a way that the agent know how to learn, how to ask an API. We just announced that we supported and released everything that we say now is available for MCP.

微軟剛宣布過一次，Anthropic 宣布過 MCP，這是讓 LLM 查詢複雜服務的方式——代理商知道如何學習、如何詢問 API。我們剛剛宣布，我們支援並發布了現在可用於 MCP 的所有內容。

And I think we're going to have to be very agile there as the value to our user, I believe, will grow I want to say year-by-year, but probably month-over-month, right? So we need to be there in the front and make sure that we provide the right things.

我認為我們必須非常靈活，因為我相信我們用戶的價值會逐年增長，但可能是逐月增長，對嗎？因此，我們需要站在最前線，確保提供正確的東西。

I do also believe that in many ways, that will play -- help platforms like Wix because the complexity of building a website that know how to offer its services for APIs and MCP to LLM, and how to do the equivalent of SEO for LLM are just going to make building a website ten times harder, right?

我也確實相信，在很多方面，這將發揮作用——幫助像 Wix 這樣的平台，因為建立一個知道如何為 API 和 MCP 到 LLM 提供服務的網站的複雜性，以及如何為 LLM 做相當於 SEO 的事情，只會讓建立網站的難度增加十倍，對吧？

So if you -- today, you can take somebody who know how to write HTML CSS and in theory, build a distant website, then in a year, that will be impossible. I think the complexity that will be created by those tools and the speed of innovation, right?

所以，如果今天你可以找一個懂得寫 HTML CSS 的人，理論上建立一個遠端網站，那麼一年後，這將是不可能的。我認為這些工具和創新速度將會產生複雜性，對嗎？

MCP was announced 1.5 months ago, already released to (technical difficulty) I think about 1.5 months ago. And so the complexity and the need to support and to accelerate, I think that is something that will actually help all the website and content-building platform because it's going to be much harder to do it with your own internal team.

MCP 在 1.5 個月前宣布，我認為已經發布（技術難度）大約 1.5 個月前。因此，我認為複雜性以及支援和加速的需要實際上會幫助所有網站和內容建立平台，因為用自己的內部團隊來完成這些會困難得多。

Got it. And then I guess just as we think about the utility of Wix changing with all the good developments you've talked about, do we kind of see any changes to the mix shift we're seeing from partners versus creators? Or does it kind of augment both at the same rate, and so the mix shift we're seeing kind of continues, which of those would you say?

知道了。然後我想，正如我們思考 Wix 的實用性隨著您談到的所有良好發展而變化一樣，我們是否看到合作夥伴與創作者之間的混合轉變發生了任何變化？或者它以相同的速率增強兩者，因此我們看到的混合轉變會繼續下去，您認為是哪一種？

Well, in theory, right, in theory, if we look at the far future, then why would you need an agency, right? Because in theory, you can just tell the AI, hey, build this website for me, change those things, now make it successful. And -- but practically, we're not there yet.

嗯，理論上，對吧，理論上，如果我們展望遙遠的未來，那麼為什麼還需要代理機構，對吧？因為從理論上講，你可以告訴人工智慧，嘿，為我建立這個網站，改變那些東西，現在讓它成功。但實際上，我們還沒有到達那一步。

I think there's a big distance that we have to have for those AI agents to evolve in order to be able to help you actually achieve all of those goals. Even when we are trying to build this exact agents to do each one of those, there's still a lot of human interactions and I think a lot of expertise that the human can bring to help it.

我認為我們必須讓這些人工智慧代理人不斷進化，以便能夠真正幫助你實現所有這些目標。即使我們試圖建立精確的代理來完成每一項任務，仍然需要大量的人機交互，我認為人類可以提供很多專業知識來幫助它。

So I think there is a lot of room for agencies even in the next -- in the years to come. Currently, when we look at the AI data, I would say that agencies probably pick up technologies faster than consumers and small businesses. So we've actually kind of gave them a bit of a shift in terms of what they can do.

因此我認為，在未來幾年，代理商仍有很大的發展空間。目前，當我們查看人工智慧數據時，我想說機構可能比消費者和小型企業更快掌握技術。因此，我們實際上在他們可以做的事情方面給了他們一些改變。

Studio is a great example of what you can do there if you play with it, but I think the shopping habits, right, the people that decide I want to do it myself or the people who say I'm going to go for an agency are pretty much constant. I mean we didn't change the humans, right? We only changed the technology. So I think when it comes to that, that's why we're seeing that the buying behavior, and the split is pretty much constant.

工作室是一個很好的例子，如果你嘗試一下，你可以在那裡做什麼，但我認為購物習慣，對的，那些決定我要自己做的人或那些說我要去找代理商的人幾乎是不變的。我的意思是我們沒有改變人類，對嗎？我們只是改變了技術。所以我認為，當談到這一點時，這就是我們看到的購買行為和分裂幾乎保持不變的原因。

Josh Beck, Raymond James.

喬許貝克、雷蒙詹姆斯。

Yes. Maybe just focusing on self-creator. Obviously, there's been quite nice momentum. I think it accelerated above 7% this quarter. In terms of bridging the gap between where the business stands today in a double-digit type of clip, what would be some of the primary drivers? I assume conversion is important. I'm not sure if Wixel is a contributor, but just how should we think about that bridge?

是的。也許只是專注於自我創造。顯然，目前的勢頭相當良好。我認為本季增速將超過7%。就縮小當前業務與兩位數成長之間的差距而言，主要的驅動因素是什麼？我認為轉換很重要。我不確定 Wixel 是否是貢獻者，但我們該如何看待這座橋樑？

Josh, so first of all, you're assuming right. Obviously, Wixel, as Avishai mentioned, is at very early stages. It's not a contributor at least not at this stage. In the future, definitely an option, but that's not the 2025 thing.

喬希，首先，你的假設是正確的。顯然，正如 Avishai 所提到的，Wixel 還處於非常早期的階段。至少在現階段它不是一個貢獻者。在未來，這肯定是一個選擇，但這不是 2025 年的事。

Generally speaking, I think that over the course of the year is what we've seen driving the growth of self-creators. There's a big -- obviously, there's always some play here in terms of what does the macro, and how does that affect and that can play a role. But this is obviously not something we are counting on because it's completely out of our control.

總的來說，我認為在過去的一年裡，我們看到了推動自我創造者成長的因素。顯然，這裡總是存在一些宏觀因素，包括宏觀因素起什麼作用、宏觀因素如何影響以及宏觀因素如何發揮作用。但這顯然不是我們所期望的，因為它完全超出了我們的控制範圍。

The key thing is improving our editing environment, simplifying lots of the functionality that people need in order to incorporate them into their website. So essentially making the journey from the point where you come to us and you state your need to the point where you actually have something that you're happy about and you're proud of the creation, making that journey as smooth as possible, but also as accurate as possible.

關鍵是改善我們的編輯環境，簡化人們需要的許多功能，以便將它們整合到他們的網站中。因此，從您來找我們並說明您的需求，到您真正擁有令您高興並為之感到自豪的創作，整個過程基本上是盡可能順利，同時也盡可能準確。

People are very, very accurate in their needs and in their wants, meaning that they really want to get to something that really encompasses and delivers the exact vision they have to their creation.

人們對自己的需求和願望非常非常清楚，這意味著他們確實想要得到某些東西，能夠真正包含並實現他們對創作的確切願景。

And lastly, I would also point out, and we've seen this over the years is that websites over the past more than a decade became something much more sophisticated in terms the value they give people, the nature of them being transactional, not only for commerce, but also for communicating with your own customers with giving service, with giving information.

最後，我還要指出的是，這些年來我們已經看到，網站在過去十多年裡變得更加複雜，它們為人們提供的價值、它們的交易性質不僅用於商業，還用於透過提供服務和資訊與自己的客戶進行溝通。

And from that standpoint, whenever we remove a blocker and something that stops the user from achieving their goal, obviously, that also ends up with a heightened conversion and better results. So I think all of those together are things that we believe can continue driving self-creator growth in the future.

從這個角度來看，每當我們消除阻礙用戶實現目標的因素時，顯然也會提高轉換率並取得更好的結果。所以我認為，我們相信所有這些因素可以在未來繼續推動自我創造的成長。

Super helpful. And maybe a follow-up for Lior. I know there was a comment in there that you expect transaction growth to be similar to GPV growth moving forward. So it seems like somewhat stable take rates is the way to think about that?

超有幫助。也許是 Lior 的後續作品。我知道其中有一條評論說，您預計交易成長將與未來的 GPV 成長相似。那麼看起來，相對穩定的接受率才是思考這個問題的方法嗎？

Is that really a comment for this year as you maybe lap the addition of some payment partners, but as we take a multiyear view there's still opportunity for the take rate to go higher? Any comments on that front?

這真的是對今年的評論嗎，因為您可能會增加一些支付合作夥伴，但從多年的角度來看，收取率仍然有機會走高？對此有何評論？

So on a multiyear basis, definitely, yes. I think that there are many things that we can do, for example, moving people from off-line to online. We have our POS solution, full omnichannel solution, that's actually helping that, and we actually do that, partnering with channels and customers to use our POS.

因此從多年期來看，肯定是的。我認為我們可以做很多事情，例如將人們從線下轉移到線上。我們有自己的 POS 解決方案，即全通路解決方案，這實際上對此有所幫助，而且我們確實這樣做了，與通路和客戶合作使用我們的 POS。

And this is one of the ways to move people from off-line to online in terms of the transaction. Except of that, many new features, many new products that do the same thing. So I believe that definitely, yes, I think that there are more countries that we need to implement Wix Payments, and we're definitely going to do that.

就交易而言，這是將人們從線下轉移到線上的方法之一。除此之外，還有許多新功能、許多新產品可以做同樣的事情。所以我相信，是的，我認為我們需要在更多國家實施 Wix Payments，我們肯定會這樣做。

Yes, we are going to see an increase in take rate. I'm not sure if it's going to be significant as last year, for example, when we partner with Square or PayPal, but definitely, there are not much more big customers -- big channels like that or big partnerships like that. But definitely, yes, I believe that it will continue to grow and increase even this year, but not as significant as last year.

是的，我們將看到接受率的上升。我不確定這是否會像去年我們與 Square 或 PayPal 合作那樣重要，但可以肯定的是，大客戶不會多很多——像那樣的大渠道或像那樣的大合作夥伴不會多很多。但可以肯定的是，我相信今年它將繼續成長，但不會像去年那麼顯著。

And there are no further questions. This concludes today's conference call. Thank you all for your participation, and you may all disconnect.

除此之外沒有其他問題了。今天的電話會議到此結束。感謝大家的參與，大家可以斷開連結了。