Wix.Com Ltd (WIX) 2025 Q2 法說會逐字稿

Thank you for standing by. Hello and welcome to Wix's second-quarter 2025 earnings conference call. Please note that this call is being recorded.

感謝您的支持。您好，歡迎參加 Wix 2025 年第二季財報電話會議。請注意，本次通話正在錄音。

I'll now hand the call over to the Wix team. Please go ahead.

我現在將電話交給 Wix 團隊。請繼續。

Thanks, and good morning, everyone. Welcome to Wix's second quarter 2025 earnings call. Joining me today to discuss the 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 年第二季財報電話會議。今天與我一起討論結果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-20F that could cause our actual results to differ materially from 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 20F 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. 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 analysis center on the Investor Relations section of our website, investors.wix.com.

我們不承擔更新這些前瞻性聲明的任何義務。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式分析中心中找到我們 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。

Thank you, Emily, and good morning, everyone. The first half of 2025 has been extremely exciting as creation online and the internet continues to broadly evolve at a rapid pace. We're seeing a fundamental shift in how people create, discover and interact online. AI-driven advancements are lowering the barriers to digital creation.

謝謝你，艾米麗，大家早安。2025 年上半年極為令人興奮，因為線上創作和網路持續快速發展。我們看到人們在線上創造、發現和互動的方式發生了根本性的轉變。人工智慧推動的進步正在降低數位創作的門檻。

This is allowing more people to turn their ideas into more sophisticated and higher quality projects with greater speed and ease. Demand for AI-powered online creation is growing faster than ever as AI is undoubtedly bringing more people online in new ways and rapidly expanding the world of what is possible.

這使得更多的人能夠更快、更輕鬆地將他們的想法轉化為更複雜、更高品質的專案。由於人工智慧無疑以新的方式讓更多人上網，並迅速擴展了世界的可能性，因此對人工智慧驅動的線上創作的需求增長速度比以往任何時候都要快。

AI momentum combined with our early innovation has set us on a strong trajectory clearly reflected in the strength of our new cohorts. I'll let Nir talk about cohort behavior in a few minutes, but I'm excited to report that we are seeing an improving level of new cohort growth.

人工智慧的發展勢頭加上我們早期的創新，使我們走上了強勁的發展軌跡，這在我們新團隊的實力上得到了清晰的體現。幾分鐘後我將讓 Nir 談論群組行為，但我很高興地報告，我們看到新群組的成長水準正在提高。

This new cohort momentum is the main driver of the topline growth acceleration expected in the second half of the year, which Lior will dive into later. We've seen strength in our AI onboarding funnel and increased adoption of AI across the platform, encouraging signals that new users are increasingly leveraging AI to create online.

這一新的群體動能是預計下半年營收成長加速的主要驅動力，Lior 稍後將深入探討這一點。我們已經看到了 AI 入職管道的增強以及整個平台對 AI 的採用率的提高，這令人鼓舞，表明新用戶越來越多地利用 AI 進行線上創作。

While the full picture of this new era is still unfolding, I'm confident that Wix is well positioned to thrive and help shape what comes next. We are heading down this path fast with major AI players building the rails to bring in this new era of web, and Wix is ready.

雖然這個新時代的全貌仍在展現，但我相信 Wix 已準備好蓬勃發展並幫助塑造未來的發展。我們正快速地沿著這條道路前進，主要的人工智慧參與者正在建造軌道以迎接這個新的網路時代，而 Wix 已經做好了準備。

Recently we developed proprietary algorithms that help our users content surface prominently in AI generated responses with our generative engine optimization offering. This empowers users to understand, monitor and actively improve how their brand appears in LLM-based search engines, which is the first CMS to offer this kind of AI visibility natively, setting a new benchmark for AI search optimization tools within website platforms and demonstrating our first mover advantage.

最近，我們開發了專有演算法，透過我們的生成引擎優化產品幫助我們的用戶內容在 AI 生成的回應中突出顯示。這使用戶能夠了解、監控並積極改善他們的品牌在基於 LLM 的搜尋引擎中的顯示方式，這是第一個原生提供這種 AI 可見性的 CMS，為網站平台內的 AI 搜尋優化工具設定了新的基準，並展示了我們的先發優勢。

As we transform our core website building offering to align with the next era of internet, we are also unlocking completely new markets such as vibe-coding. Growing our TAM is a core pillar of our long-term growth strategy, and we are making big leaps with our June acquisition of Base44.

隨著我們轉變核心網站建立服務以適應下一個網路時代，我們也正在開拓全新的市場，例如 vibe-coding。擴大我們的 TAM 是我們長期成長策略的核心支柱，而我們 6 月收購 Base44 後取得了巨大的飛躍。

Base44 gives us immediate access to a completely new audience. This includes developers, design and product teams, enterprises building internal tools and DIY users building applications, not just websites. This isn't just about entering an attractive market. It's about recognizing early enough that vibe-coding represents the future of how applications will be built.

Base44 讓我們能夠立即接觸到全新的受眾。這包括開發人員、設計和產品團隊、建立內部工具的企業和建立應用程式的 DIY 用戶，而不僅僅是網站。這不僅僅是進入一個有吸引力的市場。這是為了儘早認識到氛圍編碼代表了應用程式建構方式的未來。

vibe-coding, whether through Base44 or native capabilities yet to come is going to be a major growth driver in 2026 and beyond. We're already seeing the fruits of this investment today. With just a few million of ARR at the time of our acquisition, Base44 is now on track to generate $40 million to $50 million of ARR by the end of this year. This is a supersonic level of growth in just a matter of weeks, and we don't expect this momentum to slow as we accelerate towards the $100 million ARR milestone.

氛圍編碼，無論是透過 Base44 還是尚未實現的本機功能，都將成為 2026 年及以後的主要成長動力。今天我們已經看到了這項投資的成果。Base44 在我們收購時只有幾百萬美元的 ARR，但現在預計在今年年底前產生 4000 萬至 5000 萬美元的 ARR。短短幾週內，我們就實現了超音速的成長，而且我們預計，隨著我們加速邁向 1 億美元 ARR 里程碑，這一成長勢頭不會放緩。

More importantly, there is opportunity to generate long term synergy between Wix and Base44. Wix can provide the robust infrastructure that vibe-coding platforms need to scale. This includes hosting capability, security framework, GDPR compliance, payments processing, marketing automation and more.

更重要的是，Wix 和 Base44 之間有機會產生長期綜效。Wix 可以提供氛圍編碼平台擴充所需的強大基礎架構。這包括託管能力、安全框架、GDPR 合規性、支付處理、行銷自動化等。

Base44 brings the application layer to empower rapid development of ideas while Wis can supply the business and online platform. These are all capabilities that Wix has invested into and built over nearly 20 years, resulting in a fulsome ecosystem.

Base44 帶來應用層，協助創意快速發展，而 Wis 可以提供商業和線上平台。這些都是 Wix 近 20 年來投入和建構的能力，從而形成了一個完善的生態系統。

In fact, these are the same problems faced by custom coded websites today which continues to push users to migrate to SaaS CMS platforms like Wix. While we've seen this trend for years, migration has especially accelerated in the last few quarters. Long term, I strongly believe vibe-coding is a natural complement to our existing core offering.

事實上，這些都是當今自訂編碼網站面臨的相同問題，這促使用戶不斷遷移到 Wix 等 SaaS CMS 平台。雖然我們已經看到這種趨勢多年，但遷移速度在最近幾季尤其加快。從長遠來看，我堅信氛圍編碼是我們現有核心產品的自然補充。

My belief is that the future of building online is in the combination of intuitive visual editing with flexible vibe-coding, Wix is well ahead on the path to offering the full spectrum, visual first creation for simplicity and speed and AI powered coding capabilities for flexibility and depth. This is how we'll continue to lead in this next era, giving every user from beginner to pro, the tools to build smarter, faster and at a scale previously not possible.

我相信，線上建構的未來在於直觀的視覺編輯與靈活的氛圍編碼的結合，Wix 在提供全方位、視覺優先的創作以實現簡單性和速度以及人工智慧編碼功能以實現靈活性和深度方面處於領先地位。這就是我們將如何繼續引領下一個時代，為從初學者到專業人士的每個用戶提供更聰明、更快速、更大規模的建置工具。

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

說完這些，我就把麥克風交給 Nir。

Thanks, Avishai. We were excited to continue to see the incredibly strong new user cohort behavior from Q1 actually accelerate through Q2 and July. We expect the strong cohorts we recently onboarded and continue to onboard to drive topline growth acceleration later this year.

謝謝，Avishai。我們很高興地看到，第一季新用戶群的強勁行為實際上在第二季和 7 月加速發展。我們預計，我們最近吸收的以及將繼續吸收的強大團隊將在今年稍後推動營收成長加速。

These cohorts improved the foundation for growth in 2026 and beyond as they increasingly later on. This is the power of our business model. This strength underscores growing demand for our platform as users' online needs change and the internet evolves at breakneck speed.

這些群體隨著年齡的增長而不斷增加，為2026年及以後的增長奠定了基礎。這就是我們的商業模式的力量。隨著用戶的線上需求變化以及互聯網的快速發展，這一優勢凸顯了我們平台的需求不斷增長。

Bookings from our Q2 2025 user cohort grew 14% over the bookings generated by the Q2 2024 cohort in its first quarter. Impressively, new cohort bookings growth accelerated to a higher clip in late Q2 and through early Q3. I'll speak more about this shortly.

我們 2025 年第二季用戶群的預訂量比 2024 年第二季用戶群第一季的預訂量增加了 14%。令人印象深刻的是，第二季末和第三季初，新客戶預訂量成長加速至更高水準。我稍後會就此進行更多討論。

Q2 cohort strength was driven by our main geographic markets such as the US, UK and Europe, notably growth in the US, our biggest market experienced particular strength with year over year improvement across all key metrics, including cohort size, conversion rate to paying subscriptions and monetization.

第二季群組實力受到我們的主要地理市場（例如美國、英國和歐洲）的推動，尤其是美國的成長，我們最大的市場表現尤為強勁，所有關鍵指標（包括群組規模、付費訂閱轉換率和貨幣化）均較去年同期有所改善。

New cohort strength was also driven by a strong top of funnel. Notably, we saw improvement in our organic traffic as more users actively searched for Wix online, which is an indication of our increased brand awareness being the top platform for web creation.

新群體的力量也受到漏斗頂部強勁推動。值得注意的是，隨著越來越多的用戶主動在線搜尋 Wix，我們的自然流量有所改善，這表明我們作為頂級網頁創建平台的品牌知名度有所提高。

We've also seen growth coming from paid channels, which also drove higher traffic to the platform while we maintained our TROI guardrails. As a result, more than 5 million new users onboarded in Q2, up 6% year over year. We continue to see an improving mix of high intent and commerce oriented users in our new cohorts as we expand our product suite and innovate upmarket.

我們也看到了來自付費管道的成長，這也為平台帶來了更高的流量，同時我們維持了 TROI 護欄。因此，第二季新增用戶超過 500 萬，較去年同期成長 6%。隨著我們擴大產品套件並進行高端創新，我們繼續看到新群體中高意圖用戶和商業導向用戶的組合不斷改善。

Constant innovation, particularly across our AI offering is enabling improved user success. As a result, we have seen healthy conversion of new users into paid subscriptions. Partners in particular continue to convert well, driven by Studio momentum. This continued makeshift to higher intent users also fueled higher monetization in the recent cohort as they purchase more advanced subscriptions and adopt more business solutions.

持續的創新，特別是我們人工智慧產品的創新，正在提高用戶的成功率。因此，我們看到新用戶轉化為付費訂閱者的健康。在工作室發展的推動下，合作夥伴的轉換尤其出色。隨著這些用戶購買更高級的訂閱並採用更多的商業解決方案，這種持續的臨時措施也推動了最近一批用戶的更高貨幣化。

Turning now to our existing cohort users, which continued to perform well in the second quarter. This was driven by stable ongoing conversion, strong retention and users committing to Wix for longer subscription periods. Both existing and new users are now opting for more of our longest-term subscriptions than ever before, demonstrating improved confidence in their businesses and our platform.

現在來看看我們現有的用戶群，他們在第二季繼續表現良好。這是由穩定的持續轉換、強大的保留率以及用戶對 Wix 更長的訂閱期所推動的。現有用戶和新用戶現在都比以前更常選擇我們的長期訂閱，這表明他們對自己的業務和我們的平台更有信心。

Growing booking from existing users was also driven by better monetization across both self-creators and partners as adoption of our AI products improved. This quarter, we saw strong results from a couple of the AI offerings launched earlier this year. Our AI marketing agent brought a notable increase in adoption of our paid marketing tools, while astro engagement accelerated.

隨著我們人工智慧產品的採用率提高，自主創作者和合作夥伴的貨幣化程度提高也推動了現有用戶預訂量的增加。本季度，我們看到今年稍早推出的幾款人工智慧產品取得了強勁的成果。我們的人工智慧行銷代理顯著提高了付費行銷工具的採用率，同時天文參與度也加快了。

Improved engagement then resulted in more users continuing through more than 300 suggested flows and taking direct action afterwards. It's incredibly rewarding to see our AI innovation tangibly enable more success for users. Better monetization was also a result of solid commerce activity in the second quarter.

參與度的提高使得更多用戶繼續瀏覽 300 多個建議流程並隨後採取直接行動。看到我們的人工智慧創新實際為用戶帶來更多成功，我們感到非常欣慰。更好的貨幣化也是第二季穩健的商業活動的結果。

Transaction revenue increased by 18% year over year, driven by 11% year over year growth in GPV and continued improvement in take rate. More merchants are opting for Wix Payments as we improve our capabilities demonstrated by the recent expanded partnership with PayPal.

交易收入年增 18%，這得益於 GPV 年成長 11% 以及接受率持續提高。隨著我們最近與 PayPal 擴大合作，其能力不斷提升，越來越多的商家選擇 Wix Payments。

New offerings like Wix Capital and Wix Checking are opening up new avenues for monetization. We remain focused on capturing and addressing the full spectrum of merchant needs as part of our long-term commerce strategy.

Wix Capital 和 Wix Checking 等新產品正在開闢新的獲利途徑。作為我們長期商業策略的一部分，我們仍然專注於捕捉和滿足商家的各種需求。

Finally, I would like to briefly talk about what we've seen in early Q3. The incredibly positive demand trends we've seen in the first half of 2025 have actually continued to accelerate. Impressively, new user cohort bookings grew more than 20% exiting July over what the previous year cohort grew in the same time frame.

最後，我想簡單談談我們在第三季初看到的情況。我們在 2025 年上半年看到的極其積極的需求趨勢實際上還在繼續加速。令人印象深刻的是，截至 7 月份，新用戶群預訂量比去年同期增加了 20% 以上。

We have not seen organic cohort growth at this elevated level since peak COVID. This 20%-plus growth excludes impact from Base44. Including Base44 cohorts, new cohort growth would have accelerated much more significantly in early Q3. Bookings from the Q1 and Q2 2025 new user cohorts also continue to perform very well.

自 COVID 高峰以來，我們還沒有看到如此高水準的有機群組成長。這 20% 以上的成長不包括 Base44 的影響。如果將 Base44 用戶群計算在內，新用戶群的成長速度在第三季初將會更加顯著。2025 年第一季和第二季新用戶群的預訂量也持續表現良好。

These trends give me confidence that topline growth will accelerate in the back half of the year, which Lior will speak about shortly. To wrap it up, our solid Q2 results illustrate the durability of our business across a dynamic macro as Wix remains the leading platform to create, manage and grow a 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.

這些趨勢讓我相信，今年下半年營收成長將會加速，Lior 稍後會談到這一點。總而言之，我們穩健的第二季業績證明了我們的業務在動態宏觀環境中的持久性，因為 Wix 仍然是創建、管理和發展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。

With that, I'll hand it over to Lior.

說完，我就把它交給 Lior了。

Thanks, Nir. We delivered another great quarter that exceeded expectations across multiple metrics, driven by the robust business fundamentals you just heard about and continued successful execution of key initiatives. The momentum built up year-to-date is expected to drive growth acceleration in the second half, which I'll talk through in a few minutes.

謝謝，尼爾。我們又度過了一個出色的季度，多項指標均超出預期，這得益於您剛剛聽到的強勁業務基本面以及關鍵舉措的持續成功執行。今年迄今累積的勢頭預計將推動下半年經濟成長加速，我將在幾分鐘內詳細討論這一點。

More importantly, the cohort strength we're generating today as well products we are innovating and new TAMs we are entering are laying foundation for robust growth in 2026 and beyond. First, let's dive into the details of the second quarter.

更重要的是，我們今天所創造的客戶群實力以及我們正在創新的產品和正在進入的新 TAM 正在為 2026 年及以後的強勁增長奠定基礎。首先，讓我們深入了解第二季的細節。

Total bookings grew to $510 million in Q2, up 10% year-over-year. This solid performance was driven primarily by increasingly stronger new user cohorts bringing the platform as well as deeper adoption of our AI and Studio offerings. Total revenue grew to $490 million, up 12% year-over-year and above the high end of our guidance range.

第二季總預訂金額成長至 5.1 億美元，年增 10%。這項穩健表現主要得益於日益強大的新用戶群為平台帶來的優勢以及我們 AI 和 Studio 產品的更深入採用。總收入成長至 4.9 億美元，年增 12%，高於我們預期範圍的高端。

Partners revenue grew 24% year-over-year to $183 million, driven by continued adoption in the professional audience segment of our platform and Studio. We continue to see Studio bookings grow with an increasing number of partners, building multiple projects on the platform.

合作夥伴營收年增 24% 至 1.83 億美元，這得益於我們平台和 Studio 的專業受眾群體的持續採用。隨著合作夥伴數量的增加，我們在平台上建立了多個項目，工作室的預訂量持續成長。

Transaction revenue was $64 million, up 18% year-over-year driven by continued GPV growth, coupled with improvement in our take rate as Wix Payments adoption among new merchants continues to grow. GPV grew 11% year-over-year to $3.6 billion. Partners remain the primary driver of GPV growth, contributing nearly 55% of total GPV as larger agencies and merchants continue to choose Wix for their commerce needs.

交易收入為 6,400 萬美元，年增 18%，這得益於 GPV 的持續成長，加上隨著新商家對 Wix Payments 的採用率不斷提高，我們的收費率也有所提高。GPV 年增 11%，達到 36 億美元。合作夥伴仍然是 GPV 成長的主要驅動力，隨著大型機構和商家繼續選擇 Wix 來滿足其商業需求，合作夥伴貢獻了總 GPV 的近 55%。

Total non-GAAP gross margin in Q2 was 70%, up from 69% in Q1. This reflects productivity benefits from AI solutions implemented across our customer care organization as well as optimization of a key vendor partnership. Non-GAAP R&D and sales and marketing accents increased in the second quarter as we increased headcount according to our annual plan and integrated the team from our Base44 and our acquisition.

第二季非公認會計準則總毛利率為 70%，高於第一季的 69%。這反映了我們的客戶服務組織實施的人工智慧解決方案所帶來的生產力效益以及主要供應商合作關係的最佳化。由於我們按照年度計劃增加了員工人數，並整合了 Base44 和收購公司的團隊，因此第二季度非 GAAP 研發和銷售及行銷重點有所增加。

We continue to drive operating leverage. Non-GAAP operating income was $110 million or 22% of revenue, up from 21% in Q1. This excludes $6.1 million of nonoperating acquisition-related expenses, primarily accrued bonus and earnout payments per the respective acquisition agreements.

我們持續提高營運槓桿。非公認會計準則營業收入為 1.1 億美元，佔營收的 22%，高於第一季的 21%。這不包括 610 萬美元的非營業性收購相關費用，主要是根據各自收購協議應計的獎金和盈利支付。

Q2 free cash flow was $148 million or 30% of revenue. This quarter, we also began executing on our $400 million repurchase authorization. We repurchased approximately 646,000 Wix ordinary shares for nearly $100 million, proving our continued commitment to returning value to shareholders.

第二季自由現金流為 1.48 億美元，佔營收的 30%。本季度，我們也開始執行 4 億美元的回購授權。我們以近 1 億美元回購了約 646,000 股 Wix 普通股，證明了我們持續致力於為股東帶來價值的承諾。

Let's now turn to the rest of 2025. Healthy first half performance provides confidence in our expectation of growth acceleration through the rest of the year, particularly as we see increasingly stronger new cohorts layering onto the platform. We are raising our full year bookings outlook to $2.04 billion to $2.075 billion or 11% to 13% year-over-year growth.

現在讓我們展望2025年剩餘的時間。上半年的良好表現讓我們對今年剩餘時間的成長加速充滿信心，特別是當我們看到越來越強大的新群體加入平台時。我們將全年預訂金額預期上調至 20.4 億美元至 20.75 億美元，即年增 11% 至 13%。

This increased outlook assumes a continued upward trend in new cohort behavior contribution from Base44 and current FX rates. For revenue, we are updating our previous full year outlook to $1.975 billion to $2 billion, up 12% to 14% year-over-year. We expect total revenue in Q3 2025 to be $498 million to $504 million, up 12% to 13% year-over-year.

這種成長的前景表明，Base44 和當前外匯匯率對新群體行為的貢獻將持續呈上升趨勢。對於收入，我們將先前的全年預期更新為 19.75 億美元至 20 億美元，年增 12% 至 14%。我們預計 2025 年第三季總營收將達到 4.98 億美元至 5.04 億美元，年增 12% 至 13%。

Remember that robust new cohorts and acquisitions made in the middle of the year have minimal impact on second half revenue. I want to also provide more color on the growth acceleration in the second half, specifically we anticipate, one, increasingly stronger new cohorts layering onto the platform.

請記住，年中強勁的新客戶和收購對下半年營收的影響微乎其微。我還想進一步說明下半年的成長加速情況，具體來說，我們預計，第一，越來越多、更強大的新用戶群將湧入該平台。

New user cohort bookings exited July, growing more than 20% compared to what the previous year cohort grew in the same timeframe. As demand continues to increase, conversion continues to improve in key markets and more sophisticated users on board. We expect new cohort bookings growth to trend upwards through the rest of the year.

新用戶群預訂量於 7 月結束，與去年同期相比成長了 20% 以上。隨著需求的不斷增加，主要市場的轉換率不斷提高，使用者也更加成熟。我們預計今年剩餘時間內新旅客預訂量將呈現上升趨勢。

These stronger new cohorts as well as increasing contribution from the recent Q1 and Q2 cohorts also layering in are expected to drive the majority of the second half topline acceleration. Two, contribution from Base44. Three, modest benefit from targeted pricing optimizations. This was planned at the beginning of the year to remediate pricing disparity across certain subscription types in select geographies.

這些更強大的新客戶群以及近期第一季和第二季客戶群不斷增加的貢獻預計將推動下半年大部分營收加速成長。二、Base44的貢獻。三、有針對性的定價優化帶來適度收益。這是今年年初制定的計劃，旨在糾正特定地區某些訂閱類型的定價差異。

Four, continued ramping contribution from Studios new partners join and earlier users mature and build multiple projects with us. And five, growing impact from our AI products such as our AI onboarding funnel and AI marketing agent.

四、工作室的貢獻不斷增加，新合作夥伴加入，早期用戶成熟並與我們一起建立多個專案。第五，我們的人工智慧產品（如人工智慧入職管道和人工智慧行銷代理）的影響力日益增強。

On the cost side, we now expect non-GAAP total gross margin of approximately 69% and non-GAAP operating expenses to be approximately 49% of revenue for the full year. These slightly higher cost expectations reflect incremental ongoing AI marketing and headcount investments we plan to make to operate, integrate and grow Base44.

在成本方面，我們現在預計非公認會計準則總毛利率約為 69%，非公認會計準則營運費用約為全年收入的 49%。這些略高的成本預期反映了我們計劃為營運、整合和發展 Base44 而進行的持續的 AI 行銷和人員投資。

With higher bookings expectations offsetting these increased costs, we are able to keep our free cash flow expectations unchanged. We continue to expect to generate free cash flow of $595 million to $610 million in 2025 or 30% to 31% of revenue. Accelerating new cohort momentum combined with the AI tailwinds as the Internet continues to evolve and Base44, tremendous growth trajectory gives me confidence that we can achieve even more and maintain robust growth in 2026 and beyond.

由於更高的預訂預期抵消了這些增加的成本，我們能夠保持自由現金流預期不變。我們仍預期 2025 年將產生 5.95 億美元至 6.1 億美元的自由現金流，佔營收的 30% 至 31%。隨著網路的不斷發展和 Base44 的快速發展，新群體的發展勢頭與人工智慧的順風相結合，巨大的成長軌跡讓我相信我們可以取得更大的成就，並在 2026 年及以後保持強勁成長。

Operator, we are now ready for questions.

接線員，我們現在可以回答問題了。

(Operator Instructions) Ygal Arounian, Citi.

（操作員指示）Ygal Arounian，花旗。

Hey, good morning, guys. Okay, So I wanted to dig into Gen AI, vibe-coding and Base44 a little bit more. So Avishai, the way you talk about it, vibe-coding is complementary to your core Wix drag-and-drop editor. So I wanted to expand on that as vibe-coding grow the way it's growing, do you think this model of building replaces the drag-and-drop editor? Does it remain complementary over time?

嘿，大家早安。好的，所以我想更深入地研究 Gen AI、vibe-coding 和 Base44。所以 Avishai，按照你的說法，氛圍編碼是對你的核心 Wix 拖放編輯器的補充。因此，隨著氛圍編碼的發展，我想對此進行擴展，您認為這種構建模型會取代拖放編輯器嗎？隨著時間的推移，它是否仍保持互補性？

And I guess if you look at the share performance, the investors would seem to view that vibe-coding replaces Wix, not creates a new market and complementary. And for example, our agencies using this with Wix Studio replace Wix Studio. I just want to understand how you envision the ecosystem evolving? And then I have a quick follow-up.

我想，如果你看一下股票表現，投資者似乎會認為 vibe-coding 取代了 Wix，而不是創造了一個新的市場和互補性。例如，我們的機構使用它來取代 Wix Studio。我只是想了解您對生態系統如何演變的設想？然後我有一個快速的跟進。

Well, I think it's complementary, right? I think that if you look at the history, we've done the first version of (inaudible) that is very similar to vibe-coding where you type what you want and we actually build the website around it. We started in 2016. Of course, we continue to improve it, and we'll continue to improve it.

嗯，我認為這是互補的，對嗎？我認為，如果你回顧歷史，我們已經完成了（聽不清楚）的第一個版本，它與氛圍編碼非常相似，你可以在其中輸入你想要的內容，然後我們實際上圍繞它建立網站。我們從 2016 年開始。當然，我們會繼續改進它，而且我們會繼續改進它。

And I think for websites, it's very hard just with the text interface to move things around and design them the way you want them. And we can actually see already the tools that do just vibe-coding already started the week, but existing visual editing elements. So obviously, the solution in the future will be a combination.

我認為對於網站來說，僅使用文字介面來移動內容並按照您想要的方式進行設計是非常困難的。我們實際上已經看到，本週已經開始的氛圍編碼工具，以及現有的視覺編輯元素。因此顯然，未來的解決方案將是多種方法的組合。

I think vibe-coding has tremendous potential when it comes to building applications. So that way, I think it's very interesting because a lot of the business logic is extremely hard, and that's where vibe-coding shines. I want to point out again that if you build a website with the standard vibe-coding tools today, you actually end up with a website that is a very poor in terms of out of the quality that is needed or required by law.

我認為氛圍編碼在建立應用程式方面具有巨大的潛力。所以，我認為這非常有趣，因為很多業務邏輯極其困難，而這正是 vibe-coding 大放異彩的地方。我想再次指出，如果您使用當今的標準氛圍編碼工具來建立網站，那麼您最終會得到一個非常差品質的網站，不符合法律所要求或所需的品質。

For example, you don't have support for GDPR, you don't have support for accessibility. You don't have support for cookie banners, you don't have support for tons of other things that you want to have. So I think the combination should be that vibe-coding allow you to start very quickly and switch between design very quickly for websites.

例如，您不支援 GDPR，您不支援可訪問性。您不支援 cookie 橫幅，也不支援您想要的大量其他東西。所以我認為組合應該是氛圍編碼允許您非常快速地啟動並在網站設計之間快速切換。

And of course, for applications allow you to build the logic of the applications with the text interface. For website, it's a bit different. It's very hard to write the text of a full-blown e-commerce package, the prompt.

當然，對於應用程序，您可以使用文字介面建立應用程式的邏輯。對於網站來說，情況有點不同。編寫完整的電子商務包的文字、提示非常困難。

Okay. I understood. And I guess a follow-up then, as you see Base44 gain adoption among your partners, are they using Studio and Base44? Or is it a complete different set of users that you're seeing right now?

好的。我明白了。那麼我想接下來的問題是，當您看到 Base44 在您的合作夥伴中越來越受歡迎時，他們是否正在使用 Studio 和 Base44？或者您現在看到的是一組完全不同的使用者？

And I guess part of the view from investors is you're seeing a number of smaller new entrants like Base44 that are growing really quickly and at least seemingly taking share of the overall market. And just your thoughts on that. Thank you.

我想投資者的部分觀點是，你會看到許多規模較小的新進者，例如 Base44，它們正在快速成長，至少似乎佔據了整個市場的份額。這只是你對此的想法。謝謝。

Well, I think it's a very different intent. Sometimes, it's the same user, but it's a different intent. And you can now already see some of the sign of that on Wix itself, right? We accelerated, not decelerated. So in theory, there was a huge amount of competition out there who would have decelerated and not accelerated.

嗯，我認為這是非常不同的意圖。有時，是同一個用戶，但意圖卻不同。現在你已經可以在 Wix 上看到一些這樣的跡象了，對吧？我們加速了，而不是減速了。因此從理論上講，存在大量的競爭對手，他們會減速而不是加速。

However, I do think that if you look at the three different needs that you have mostly for website builder and application builders, right, there'll be website building, application building and prototype building.

然而，我確實認為，如果您看一下網站建立器和應用程式建立器主要有的三種不同需求，那麼就會有網站建置、應用程式建置和原型建置。

So I think for prototype building and application building, you see tremendous usage of vibe-coding now, and I expect that to continue to go. And I'm sure that we can enjoy at Wix a lot of the new capabilities of AI in order to enhance our offering, which is something that we've always been doing.

因此我認為，對於原型構建和應用程式構建，您現在會看到氛圍編碼的大量使用，並且我希望這種情況能夠繼續下去。我相信，我們可以在 Wix 上享受人工智慧的許多新功能，從而增強我們的服務，這也是我們一直在做的事情。

Ken Wong, Oppenheimer.

黃肯，奧本海默。

Fantastic. Lior, I was wondering just in terms of the bookings acceleration in the back half and the increase in the bookings, any rough sense what the Base44 contribution is? I know you guys mentioned $44 million of ARR. Just wanted to understand how much of that $50 million raise was driven by Base44.

極好的。Lior，我想知道，就下半年的預訂加速和預訂量的增加而言，Base44 的貢獻大致是多少？我知道你們提到了 4400 萬美元的 ARR。只是想了解這 5000 萬美元的增幅中有多少是由 Base44 推動的。

Sure. So first of all, I think that it's important to mention that even without Base44, we would have raised the guidance. It's mostly coming from the fact that it's driven by the overachievement of our new cohorts. I think that we mentioned that it's a level of strength that since peak COVID, we haven't seen something even similar to that.

當然。因此首先，我認為有必要指出的是，即使沒有 Base44，我們也會提高指導。這主要是因為我們的新團隊取得了超額成績。我認為我們已經提到過，自從新冠疫情高峰以來，我們還沒有見過類似的強度。

And this is why it allow us to accelerate the second half growth even more than what we initially expected. Base44 has some contribution, but it's not the majority of the raise. But in any case, we're not going to break it down to the different elements.

這就是為什麼它使我們能夠加速下半年的成長，甚至超越我們最初的預期。Base44 有一些貢獻，但並不是貢獻的大部分。但無論如何，我們不會將其分解為不同的元素。

Okay. Understood. Super helpful. And then, Avishai, also on Base44, just wondering as you guys work it into the Wix platform, is this a business that you guys intend to run separately? Is it just going to be part of the core Wix ADI Studio platform? Just love some thoughts on how you plan to integrate the businesses.

好的。明白了。超有幫助。然後，Avishai，同樣來自 Base44，我只是想知道，當你們將其納入 Wix 平台時，這是你們打算單獨經營的業務嗎？它只是核心 Wix ADI Studio 平台的一部分嗎？我很想知道您計劃如何整合業務的一些想法。

Well, we're going to keep it separately, at least for the current future that we can foresee. I believe, again, that those are very different needs. People don't do the same thing on Base44 that they do on Wix. I think that vibe-coding is a great way to build prototypes and applications and not necessarily the best solution for website. And I think the intent is what drives the success of product. So I believe that we're going to maintain them separately.

好吧，我們將把它分開保存，至少在我們可以預見的當前未來是如此。我再次相信，這些都是非常不同的需求。人們在 Base44 上做的事情與在 Wix 上做的事情不同。我認為氛圍編碼是建立原型和應用程式的好方法，但不一定是網站的最佳解決方案。我認為意圖是推動產品成功的因素。所以我相信我們會分別維護它們。

Brent Thill, Jefferies.

布倫特·蒂爾（Brent Thill），傑富瑞集團。

Thank you. This is John on for Brent Thill. So great to see the acceleration in new cohort and you talked about that's going to help the guidance. But I don't know if you can dig into why you're confident that strength can continue. I don't know if there's anything specific drivers or things underneath that you see that makes you confident that all of this is sustainable for the next six-plus months or so.

謝謝。這是布倫特·蒂爾 (Brent Thill) 的約翰 (John)。很高興看到新隊伍的加速發展，您說這將有助於指導。但我不知道您是否可以深入探討為什麼您有信心強勢能夠持續下去。我不知道您是否看到了什麼具體的驅動因素或潛在因素，讓您有信心所有這些在未來六個月左右的時間裡都是可持續的。

Hey, Brent. It's Nir. First of all, I think our confidence comes from the sense that we've already covered one month out of the six that you just referred to, and we are seeing very favorable trends from that standpoint. And also, because we understand that a large part of why we're seeing this comes from the strength of our brand and increased demand.

嘿，布倫特。是尼爾。首先，我認為我們的信心來自於我們已經涵蓋了您剛才提到的六個月中的一個月，而且從這個角度來看我們看到了非常有利的趨勢。而且，因為我們知道，我們看到這種情況的很大一部分原因是我們品牌的實力和需求的成長。

So we feel very comfortable since this is not something that started just a few weeks ago but actually started in Q2 and spilled already into a significant part of Q3. It gives us good confidence that this should continue.

因此我們感到非常放心，因為這不是幾週前才開始的事情，而是實際上在第二季就開始了，並且已經蔓延到第三季的很大一部分。這讓我們充滿信心，這種情況將會持續下去。

But If I do a quick follow-up. You mentioned the targeted price increases. I'm wondering how broad those are, we did see in one of the SKU in the US, but is that a material impact for '25 and or maybe even '26? That's it. Thank you.

但如果我快速跟進一下。您提到了有針對性的價格上漲。我想知道這些影響有多大，我們確實在美國的一個 SKU 中看到了，但這會對 25 年甚至 26 年產生實質影響嗎？就是這樣。謝謝。

So actually, it's not a material one. It's more of the tail end of the previous move that we've done and some wrap-ups that we did for specific subscriptions and specific geographies. So the impact is not very significant and was actually part of our original plan and was already baked into our original guidance.

所以實際上，它不是一個物質問題。這更像是我們先前所做舉措的尾聲，以及針對特定訂閱和特定地區所做的一些總結。因此影響並不是很大，實際上是我們原計劃的一部分，並且已經納入我們最初的指導中。

Andrew Boone, Citizens.

安德魯·布恩，公民。

Thanks so much for taking my question. I'd love to talk a big picture question for Avishai. As I think about the expansion of the Wix product portfolio, including Wix previously and now kind of financial services, is AI unlocking just a wider product set for Wix?

非常感謝您回答我的問題。我很樂意與 Avishai 談一個宏觀問題。當我考慮 Wix 產品組合的擴展時，包括 Wix 以前的產品和現在的金融服務，人工智慧是否只是為 Wix 解鎖了更廣泛的產品組合？

What's kind of in the strike zone or out of the strike zone that you want to be able to approach? Can you just speak to the expansion of the product road map and kind of how you guys are thinking about offering a set of services to customers?

您希望能夠接近什麼樣的好球帶內或好球帶外的情況？您能否談談產品路線圖的擴展以及您如何考慮向客戶提供一系列服務？

Well, I think that you talked about a few different things. But I think you probably want to know more about the core Wix offering. And we're one of the first company, if not the first company in the planet released an AI product to the mass markets.

嗯，我認為你談論了一些不同的事情。但我想您可能想了解更多有關 Wix 核心產品的資訊。我們是全球首批向大眾市場推出人工智慧產品的公司之一，甚至可以說是第一家。

And the reason for that is that we believe that AI provided and will continue to provide tremendous opportunities for us to expand our market reach, to expand the value that we bring to our customers and of course to offer new and exciting things. Vibe-coding is a point in that, but there's so much more that I believe will happen and should happen.

原因在於，我們相信人工智慧已經為我們提供了並將繼續提供巨大的機會，讓我們能夠擴大市場範圍，擴大我們為客戶帶來的價值，當然還能提供新的、令人興奮的東西。氛圍編碼是其中的一個要點，但我相信還有很多事情會發生和應該發生。

And we do intend to continue to develop that and to continue to offer new ideas and new technologies to our customers. So yes, I do believe that we are tremendously been benefiting from AI, and we will continue to do that and to enjoy the benefits of the global AI innovation.

我們確實打算繼續發展這一點，並繼續為我們的客戶提供新的理念和新技術。所以是的，我確實相信我們從人工智慧中受益匪淺，我們將繼續這樣做，並享受全球人工智慧創新的好處。

And then I wanted to ask a question that it may be too early to answer, but I wanted to address it. The barriers to change websites change as we think about more text website capabilities. How do we think about the component of churn within websites as new capabilities lower the barrier to creation?

然後我想問一個問題，現在回答可能還為時過早，但我想解決它。當我們考慮更多文字網站功能時，改變網站的障礙也會改變。當新功能降低了創建門檻時，我們如何看待網站內部的流失因素？

Well, it's always been easy to change a website, right? I think that the content has always been owned by the user, and you can always move between different platforms. I think that the reason that we see so many people staying with Wix is because we offer them a better platform for many of the things that they need.

嗯，更改網站總是很容易，對吧？我認為內容始終屬於用戶，而且你始終可以在不同的平台之間移動。我認為我們看到這麼多人留在 Wix 的原因是因為我們為他們提供了更好的平台來滿足他們的許多需求。

I do believe that the more AI capabilities, advanced AI capabilities exist, it's actually going to be harder to change a website, not easier. I think that there are going to be less platforms that offer all those capabilities. As a result, the amount of platform you can change between will actually grow down, and we can already see that.

我確實相信，隨著人工智慧能力的增強和先進程度的提高，改變網站實際上會變得越來越難，而不是越來越容易。我認為能夠提供所有這些功能的平台將會越來越少。因此，你可以切換的平台數量實際上會減少，我們已經看到這一點。

If you look at how much time it took to people to catch up to other companies to catch up after AI was quite a few years. And I think that if you look at the things we've been doing in the last couple of years, you see that most of them don't exist yet in other platforms.

如果你看看人工智慧出現之後人們花了多少時間才趕上其他公司，那就花了相當長的時間。我認為，如果你看看我們過去幾年所做的事情，你會發現其中大多數在其他平台上還不存在。

And so, going forward, I think that the speed of innovation and the fact that we have so much expertise in how to add, integrate and offer to our customers and our products will actually continue to give us a benefit in terms of a competitive landscape. So I believe that actually AI currently mostly provides as a great barrier or a great way for us to enjoy innovation.

因此，展望未來，我認為創新的速度以及我們在如何為客戶添加、整合和提供產品方面擁有的豐富專業知識實際上將繼續為我們在競爭格局中帶來優勢。因此我認為，實際上人工智慧目前對我們享受創新來說主要是一個巨大的障礙，或者說是一種很好的方式。

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)。

Yeah. Hey guys, I have two. The first, I guess, just two trends with AI that seem kind of salient to your business. One is organic search traffic is declining to individual websites. And then two, maybe some more signs of AI driving some layoffs. How do these two trends kind of potentially interplay and impact your business, if at all? And then I have a follow-up.

是的。嘿夥計們，我有兩個。我想，首先，人工智慧的兩個趨勢似乎對您的業務很重要。一是流向單一網站的自然搜尋流量正在下降。其次，也許還有更多跡象顯示人工智慧將導致裁員。這兩種趨勢可能會如何相互作用並影響您的業務？然後我有一個後續問題。

Well, I think that when it comes to organic search traffic, we do see a decline. It's still very small, but we do see a decline. However, there is a new universe now that people have to think about and work very hard to do that, and this is how to appear and be visible on the LLMs themselves, right?

嗯，我認為，當談到有機搜尋流量時，我們確實看到了下降。雖然它仍然很小，但我們確實看到了下降。然而，現在有一個新的世界需要人們去思考並努力實現這一點，這就是如何在法學碩士學位上出現並被看到，對嗎？

And that is actually at least as complicated as being found on Google. As a result, again, I think we need to supply our customers with the best tool and the best technologies to be visible and to be found on LLMs. And I don't see any time in the near future where the back end of the transactions will be done on the LLMs themselves.

這實際上至少與在 Google 上查找一樣複雜。因此，我再次認為，我們需要為我們的客戶提供最好的工具和最好的技術，以便在 LLM 上可見和找到。而我認為在不久的將來，交易的後端不會在 LLM 本身上完成。

Let me explain. For example, let's say that you have a yoga studio and somebody want to go to an LLM and actually order a class video to join a seminar, right? So the LLM has to know the seminar exists, how many seats are there? What is the price of a ticket? What are the tax rules, what is the reimbursement rules? What are the refund rules? What kind of coupons go together? How does it all combine to the membership card that you have? Do you need a membership card? Or you don't need a membership card.

讓我解釋一下。例如，假設您有一家瑜珈館，有人想去攻讀法學碩士學位，並訂購課堂影片來參加研討會，對嗎？因此，法學碩士必須知道研討會的存在，有多少個座位？票價是多少？稅務規定是什麼，報銷規定是什麼？退款規則是什麼？什麼樣的優惠券可以一起使用？這一切如何與您擁有的會員卡結合？您需要會員卡嗎？或者你不需要會員卡。

All of those things require very complicated back end, which is a very complicated database and a lot of rules on top of that. I don't see and currently, all the signs point to the other direction that LLM providers will not develop those but actually interface with the existing website. As a result from that, you still have all of the logic of the website and a lot of the visual elements as part of it, right?

所有這些都需要非常複雜的後端，這是一個非常複雜的資料庫，而且還有很多規則。我沒有看到，目前，所有跡像都指向另一個方向，即 LLM 提供者不會開發這些，而是實際上與現有網站進行互動。因此，您仍然擁有網站的所有邏輯以及其中的許多視覺元素，對嗎？

And now it's even more complicated because it has to know to talk not just with users, but also with different agents that know to do different things with the knowledge that you have, and you need to be able to expose that knowledge to the LLMs. In addition, you need to be found on the LLMs.

現在它變得更加複雜，因為它不僅要知道與用戶交談，還要知道與不同的代理交談，這些代理知道如何利用你所擁有的知識做不同的事情，並且你需要能夠將這些知識展示給 LLM。此外，您還需要獲得法學碩士學位。

So I think that if you look at the next couple of years, at least, we're going to see that actually building a successful website, it just become way more complicated, which also means that you probably need a stronger platform to support all of that.

因此我認為，至少如果你展望未來幾年，我們會看到，實際上建立一個成功的網站會變得更加複雜，這也意味著你可能需要一個更強大的平台來支援所有這些。

Just being found on LLM is extremely hard, not to mention building technology for agent to talk to other agents and take part of the visual and present stuff on a different target, right? I mean, nobody want to buy a shirt or a car or go to a restaurant without a hotel without seeing them and being able to actually interact with them.

僅僅被發現獲得法學碩士學位就已經非常困難了，更不用說構建技術讓代理與其他代理對話並參與不同目標上的視覺和呈現內容，對嗎？我的意思是，沒有人願意在沒有見到他們並且能夠與他們進行實際互動的情況下購買襯衫或汽車或去沒有酒店的餐廳。

Yeah. That's great. That's helpful. And then second just on Studio. I think you shipped a number of enhancements kind of in the March or maybe April time frame, which I think have been pretty well received and kind of perceived as adding more value.

是的。那太棒了。這很有幫助。其次就是 Studio。我認為你們在三月或四月期間推出了一些增強功能，這些功能受到了廣泛好評，並被認為增加了更多價值。

How do you guys think about your ability and maybe potentially capturing some of that value on the improvements you've made on studio this year? Thanks.

你們如何看待自己的能力，並可能在今年工作室的改進中體現出一些價值？謝謝。

Well, I think that we have a very exciting road map for Studio and that I'm personally very excited about it. I think that in Studio, we have two different directions that we currently are working on. One is enhancing the capabilities of Studio in the traditional way we did.

嗯，我認為我們有一個非常令人興奮的 Studio 路線圖，我個人對此感到非常興奮。我認為在 Studio 中，我們目前正在努力實現兩個不同的方向。一是按照我們傳統的方式增強 Studio 的功能。

And the other one is preparing Studio to provide tremendous tools for partners to be able to support the future of the Internet for their customers. And I think both of them combined together this year and even more next year will provide a big competitive edge as opposed to different other platform that exists today.

另一個是準備 Studio 為合作夥伴提供大量工具，以便能夠為其客戶提供互聯網的未來支援。我認為，今年和明年兩者的結合將為現有其他平台帶來巨大的競爭優勢。

Elizabeth Porter, Morgan Stanley.

摩根士丹利的伊麗莎白波特。

Thank you so much. I wanted to ask again about Base44. It's a really exciting new market to go after with a new audience of users. And when we think about historical expansion that you've had into markets like partners, there was certainly incremental investment to build the brand with the new audience.

太感謝了。我想再次詢問有關Base44的問題。這是一個真正令人興奮的新市場，擁有一群新的用戶。當我們考慮你們在合作夥伴等市場的歷史擴張時，肯定會有增量投資來透過新受眾打造品牌。

So how should we think about Base44? What are some of the factors that could make the impact on TROI look either similar or different than the prior periods when we were investing for partners?

那我們該如何看待Base44呢？哪些因素可能導致對 TROI 的影響與我們為合作夥伴投資的前期相似或不同？

Well, I think that Base44 is a great example for a fantastic product that makes it easier to push and to do marketing and to create a brand recognition because it is at least in my opinion the best of its class. And you guys are more than welcome to try and compare it to other tools and you see immediately the difference.

嗯，我認為 Base44 是一個很好的例子，它是一個非常棒的產品，可以更輕鬆地推廣和行銷，並建立品牌知名度，因為至少在我看來，它是同類產品中最好的。歡迎大家嘗試將它與其他工具進行比較，您會立即看到差異。

So I believe that it's always the same, right? You keep building a great product, you keep doing great marketing, you keep building great community, working very hard with your users to solve their needs. And I think that we really are starting at a great point to be at.

所以我相信它總是一樣的，對嗎？您不斷打造出色的產品，不斷進行出色的行銷，不斷建立出色的社區，並與用戶一起努力解決他們的需求。我認為我們確實正處於一個很好的起點。

All right. Great. And then, go ahead --

好的。偉大的。然後繼續--

No. And of course, I think that the same thing that happened in Wix is part -- you can already see a lot of it happening now in Base, which is a very strong organic growth.

不。當然，我認為 Wix 中發生的事情與 Base 中發生的事情相同——你已經可以看到很多這樣的事情正在發生，這是一個非常強勁的有機增長。

Elizabeth, I just want to add that it's different than Studio because then we build the product. So I think that we kind of -- over here, we bought a company. Of course, there is a lot of investment to do with the product, but the ROI is much faster. So I don't think that it will have a big burden on our P&L or any future plans with regard to the KPIs that we mentioned in the past.

伊麗莎白，我只想補充一點，它與 Studio 不同，因為我們建立產品。所以我認為我們在這裡收購了一家公司。當然，該產品需要大量投資，但投資回報速度要快得多。因此，我認為這不會對我們的損益表或我們過去提到的 KPI 的任何未來計劃造成太大負擔。

Great. And then just as a follow-up, earlier this year, we've been talking about a new self-creator product. So I just wanted to get an update on where that may be? And then given the improvement that we've seen in conversion thus far, would a new self-creator product potentially be additive to further accelerating conversion improvements?

偉大的。作為後續，今年早些時候，我們一直在談論一種新的自主創造產品。所以我只是想了解一下最新情況？那麼，鑑於我們迄今為止所看到的轉換率的提高，一種新的自主創造產品是否有可能進一步加速轉換率的提高？

Hey, this is Nir. So obviously, I'm not going to state the date, but we're still looking at a full launch. And in terms of the potential to an uplift in conversion, obviously, that's always attached to any kind of improvement that we do, and we definitely hope so, but we'll take time to roll out something new and test it over time to see what kind of impact it has.

嘿，我是 Nir。顯然，我不會透露具體日期，但我們仍在考慮全面發布。至於轉換率提升的潛力，顯然，這始終與我們所做的任何改進有關，我們也確實希望如此，但我們會花時間推出新產品，並隨著時間的推移進行測試，看看它會產生什麼樣的影響。

Trevor Young, Barclays.

巴克萊銀行的特雷弗楊 (Trevor Young)。

Great. Thank you. First one, Avishai, bigger picture, are we now at the point where you've harvested a lot of the margin opportunity? And from here, we should assume much less margin lift and more incremental investments to further accelerate growth such that as you go from your current rule of 42 to something north of that, the incremental lift comes from accelerating revenue growth.

偉大的。謝謝。首先，Avishai，從更大的角度來看，我們現在是否已經收穫了許多利潤機會？從這裡開始，我們應該假設利潤率提升幅度要小得多，而增量投資會更多，以進一步加速成長，這樣，當你從當前的 42 規則轉向更高一些的規則時，增量提升就來自於加速收入成長。

I'm not sure I understand the question.

我不確定我是否理解了這個問題。

Are you going to invest more to try to accelerate growth?

您是否會加大投資以加速成長？

So Trevor, generally, and I'm going to hand it over to Lior, of course. But generally, the answer is yes. I think we can invest further into growth of our business while maintaining similar margin.

所以，一般來說，是特雷弗 (Trevor)，當然，我會把它交給利奧爾 (Lior)。但一般來說，答案是肯定的。我認為我們可以在保持類似利潤率的同時進一步投資於業務成長。

Correct. I think that we need to look at right now the expansion of the margin. So we've expanded it dramatically significantly over the last couple of years. We actually, even with that investment that we have this year, we haven't changed really the free cash flow margin. I believe that base is a super profitable business.

正確的。我認為我們現在需要考慮利潤的擴大。因此，我們在過去幾年中對其進行了大幅擴展。實際上，即使我們今年進行了這項投資，我們也並沒有真正改變自由現金流利潤率。我相信基地是一個超級賺錢的生意。

From one end, it's going to increase the growth. On the other hand, it's going to generate more free cash flow for us in the future. So I don't see a major deviation from the KPIs that we provided in the past. Actually, I think that there is some options in the future actually to even to improve further the margins because I believe that the AI cost will drop significantly over the next couple of years.

一方面，它將促進成長。另一方面，它將在未來為我們產生更多的自由現金流。因此，我認為與我們過去提供的 KPI 相比沒有太大偏差。實際上，我認為未來確實有一些選擇可以進一步提高利潤率，因為我相信未來幾年人工智慧成本將大幅下降。

Great. Thanks for that. And as a follow-up, Lior, on capital allocation, is the plan still to repay the convert from cash on hand? I think that comes due fairly soon. And if so,, why not opt to refi or use another form of debt? The high recurring nature of the business would suggest more leverage would still be palatable and that would give you a lot more cash on hand to accelerate current prices.

偉大的。謝謝。另外，Lior，關於資本配置，計劃是否仍使用現金償還轉換款項？我認為這很快就會實現。如果是這樣，為什麼不選擇再融資或使用其他形式的債務？業務的高經常性意味著更多的槓桿仍然是可以接受的，這將為你提供更多的現金來加速當前的價格。

Yeah. We definitely plan to repay the converts with cash with regard to debt and plan for the future. We'll leave it to the future. But right now, we are going to pay the converts with cash, definitely. If we feel that we need a requirement or need for cash in the future. So I agree with you, there's a lot of means in order to do that in the capital markets.

是的。我們絕對計劃用現金償還皈依者的債務並為未來做好計劃。我們將把它留給未來。但現在，我們肯定會用現金支付皈依者的費用。如果我們覺得將來有需求或需要現金。所以我同意你的觀點，在資本市場上有很多方法可以做到這一點。

Josh Beck, Raymond James.

喬許貝克、雷蒙詹姆斯。

Yeah.Thank you for taking the question. I was really trying to put Base44 in the right swim lane, maybe more for Avishai. But it seems like there's kind of two ends of the spectrum. You have very prototype building types of platforms. Obviously, there's been some buzzy IPOs right there. The other side, you have very in-depth app building platforms.

是的，感謝您回答這個問題。我確實想將 Base44 放在正確的泳道上，也許對 Avishai 來說更是如此。但似乎存在著兩種極端情況。您擁有非常原型的構建類型的平台。顯然，那裡有一些熱門的 IPO。另一方面，您擁有非常深入的應用程式建立平台。

Obviously, a lot of headlines with vibe coding getting integrated into IDEs. Where is the Base44 in this market map? And are you really going after the entrepreneurial developer? Is it the enterprise developer? Just would love to hear how it fits into the market.

顯然，許多標題都提到了將氛圍編碼整合到 IDE 中。這張市場地圖上的 Base44 在哪裡？您真的在追求創業開發者嗎？是企業開發者嗎？只是想聽聽它如何適應市場。

Well, Base44, I mean, first of all, maybe it's important to say. All of those tools are based mostly on [antropic] code by antropic, right? And there are many different ways of using that to generate code. Each one of them is mostly the experience and what they do is different according to the user, right?

嗯，Base44，我的意思是，首先，也許這很重要。所有這些工具主要都是基於 antropic 的 [antropic] 程式碼，對嗎？並且有很多不同的方法可以使用它來產生程式碼。他們每個人主要都是根據使用者的體驗和所做的事情而有所不同，對嗎？

Meaning that when you look at something like Windsurf or Cursor, they are aimed at developers, right? So the whole experience is very different than the experience that you have in Base44. Base44 is aimed for mostly people that are not a developer or that are developers and do not want to develop, and to do something very quick and then continue to innovate on top of it, again, without coding.

這意味著當您看到 Windsurf 或 Cursor 之類的東西時，它們是針對開發人員的，對嗎？因此整個體驗與您在 Base44 中的體驗非常不同。Base44 主要針對那些非開發人員或開發人員但不想進行開發的人，他們可以快速完成一些事情，然後繼續在此基礎上進行創新，同樣，無需編碼。

So I think this is where they start to deviate from things like Cursor and Windsurf. I believe that long term, there is a huge opportunity and a huge market for building applications and prototypes for different applications. I think this is the core of the market of Base44.

所以我認為這就是他們開始偏離 Cursor 和 Windsurf 等產品的地方。我相信，從長遠來看，建立不同應用程式的應用程式和原型有著巨大的機會和市場。我想這就是Base44的市場核心。

Okay. That's super helpful. And then maybe a question more so for Lior or Nir on what you're seeing with respect to maybe customer retention versus your expectations this year and maybe how that's informing -- obviously, you kind of mentioned you have this strategic pricing action. It's a little bit of a cleanup of some legacy plans. But how does that inform your go-forward thoughts around maybe pricing strategy into next year and beyond?

好的。這非常有幫助。然後也許我想問 Lior 或 Nir，關於你們今年在客戶保留率方面的看法與預期有何不同，以及這有何意義——顯然，你們提到過你們有這種戰略定價行動。這是對一些遺留計劃的一點清理。但這如何影響您對明年及以後的定價策略的前瞻性思考？

Well, generally, I can say that this year, we're seeing a little bit of a stronger-than-expected dynamics around retention. Again, as I said before, what you've seen in terms of the current changes in pricing was very limited. So it had no significant impact. And generally, we're seeing stronger-than-expected dynamics.

嗯，總的來說，我可以說，今年，我們看到了比預期更強大的保留動態。再說一次，正如我之前所說，就當前價格變化而言，您所看到的非常有限。所以它沒有產生重大影響。整體而言，我們看到的動態強於預期。

I have nothing to comment on any future price changes because, obviously, we're not going to announce them ahead of time. But I will say that actually, I think from our standpoint, we obviously see this improved retention is just a very strong and positive signal overall, both in terms of the value that we give our customers as well as some more strength in the macro environment.

我對未來的任何價格變動不做任何評論，因為顯然我們不會提前宣布。但實際上，我認為從我們的角度來看，我們顯然看到這種保留率的提高總體上是一個非常強烈和積極的信號，無論是就我們為客戶提供的價值而言，還是就宏觀環境中的一些實力而言。

Thank you. That includes the question-and-answer session for today that also concludes the call for today. Thank you all for joining. You may now disconnect.

謝謝。其中包括今天的問答環節，也是今天的電話會議的結束。感謝大家的加入。您現在可以斷開連線。