Wix.com Ltd. (WIX) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Wix fourth-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Emily Liu, Investor Relations. Please go ahead.

大家好，感謝您撥冗等候。歡迎參加 Wix 2025 年第四季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。現在我想將會議交給今天的發言人——投資人關係部的 Emily Liu。請開始。

Thanks, and good morning, everyone. Welcome to Wix's fourth-quarter and full-year 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，各位早安。歡迎參加 Wix 2025 年第四季及全年財報電話會議。今天與我一同討論業績的有：共同創辦人兼執行長 Avishai Abrahami、共同創辦人兼總裁 Nir Zohar，以及我們的財務長 Lior Shemesh。

During this call, we may make forward-looking statements, and these statements are based on current expectations and assumptions. 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，而這些陳述係基於目前的預期與假設。請參閱我們新聞稿及最新 Form 20-F 中所列的風險因素，這些因素可能導致實際結果與前瞻性陳述出現重大差異。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，我們將評論非 GAAP 財務結果及關鍵營運指標。您可在財報資料以及我們網站投資人關係專區 investors.wix.com 的 Interactive Analyst Center 中，找到 GAAP 與非 GAAP 結果之間的所有調節表。

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

接下來，我把電話交給 Avishai。

Thanks, Emily. 2026 is shaping up to be a defining year and the start of a new chapter shaped not just by the continued shift towards AI, but by AI beginning to prove its real-world value and utility more broadly. At Wix, we expect to begin to see the ball backs we've made over the past few years translate into measurable impact.

謝謝你，Emily。2026 年正逐步成為具有指標意義的一年，也是新篇章的開端；這不僅源於持續向 AI 轉移的趨勢，更在於 AI 開始更廣泛地證明其在真實世界中的價值與實用性。在 Wix，我們預期過去幾年所做的投入將開始轉化為可衡量的影響。

When we founded Wix, 20 years ago, our vision was straightforward, make Wix the go-to platform for anyone, anywhere to create online. Over the years, we've delivered on that ambition. What started as a simple do-it-yourself website builder has grown into the leading online presence creation platform serving not just self creators, but also businesses of all sizes as well as professional designers and developers.

20 年前我們創立 Wix 時，我們的願景很直接：讓 Wix 成為任何人在任何地方建立線上內容的首選平台。多年來，我們已實現這項抱負。從一個簡單的 DIY 網站建置工具，成長為領先的線上形象建立平台，不僅服務自助創作者，也服務各種規模的企業，以及專業設計師與開發者。

In recent years, the web has undoubtedly become much more AI first. And that shift is redefining how and what people build online. AI has dramatically expanded the world of what's possible and created new dimensions that hadn't existed before.

近年來，網路無疑變得更加以 AI 為先。而這項轉變正在重新定義人們如何以及建立什麼樣的線上內容。AI 大幅擴展了可能性的邊界，並創造出過去不存在的新維度。

As a result, Wix's market opportunity today is exponentially larger than that of 2006 or even 2025, primarily driven by our expansion into the application space, facilitated by our acquisition of Base44. This total addressable market expansion has advanced us leaps and bounds towards achieving that long-term vision of being the go-to place for anyone to build whatever they can imagine online.

因此，Wix 今日的市場機會相較於 2006 年甚至 2025 年都呈指數級擴大，主要來自我們在收購 Base44 後，得以擴展至應用程式領域。這次可服務總市場（TAM）的擴張，讓我們在實現長期願景——成為任何人打造其所能想像之任何線上事物的首選之地——的道路上大幅躍進。

With the addition of Base44 to our platform, users can now build tailored software applications, smart mobile applications, pro-level visual content, and of course, websites, but so much more powerful and sophisticated than ever before. These are all things you can create on Wix today, which is incredible, but the possibilities ahead are much, much bigger.

將 Base44 納入我們的平台後，使用者如今可以打造量身訂製的軟體應用程式、智慧型行動應用程式、專業級視覺內容，當然也包括網站——而且比以往更強大、更精密。這些都是您今天就能在 Wix 上創建的內容，令人驚豔；但未來的可能性將更為龐大。

Importantly, as our business in time has evolved over the past 20 years and will continue to evolve over the next 20, we remain focused on simplifying very complex technologies and making them accessible to anyone and everyone. Today, there are two new cornerstone offerings to advance our vision. The first is Wix Harmony. Wix Harmony is the first of its kind website creation platform that blends intuitive visual editing with the flexibility and power of wide coating.

重要的是，隨著我們的業務在過去 20 年持續演進，並將在未來 20 年繼續演進，我們仍專注於將非常複雜的技術簡化，讓任何人都能輕鬆使用。今天，我們有兩項新的基石產品來推進我們的願景。第一項是 Wix Harmony。Wix Harmony 是首創的網站建立平台，將直覺式視覺化編輯與程式碼撰寫的彈性與強大能力融合在一起。

Wix Harmony provides a unified AI layer that spans across the full Wix experience, allowing for a real AI partner to be with you every step of the way as you create, manage, and grow an online presence or business. After launching in English in January, we are now expanding Wix Harmony globally in other languages, and I'm very pleased with the early performance we're seeing, particularly across conversion and monetization metrics.

Wix Harmony 提供一個統一的 AI 層，貫穿整個 Wix 體驗，讓真正的 AI 夥伴在您建立、管理並成長線上形象或業務的每一步都能相伴。在 1 月以英文推出後，我們目前正將 Wix Harmony 以其他語言擴展至全球；我們對目前看到的早期表現非常滿意，特別是在轉換與變現指標方面。

We believe Wix Harmony has the potential to fundamentally reshape how individuals and small businesses build and scale online, not just on Wix, but across the Internet as it becomes increasingly AI driven. Over time, we plan to gradually make Harmony the default experience for new and existing users and evolution we anticipate will drive meaningful long-term impact across conversion, engagement, retention, and monetization.

我們相信，Wix Harmony 有潛力從根本上重塑個人與小型企業建立並擴展線上業務的方式——不僅在 Wix 上，也將在整個網際網路上，因為網路正變得愈來愈由 AI 驅動。隨著時間推進，我們計畫逐步讓 Harmony 成為新舊使用者的預設體驗；我們預期這項演進將在轉換、互動、留存與變現方面帶來具意義的長期影響。

The second new pillar of our strategy is Base44, our leading Vibe coding platform that expands our reach into the vast world of software creation and significantly grows our TAM. We are equally ambitious in this new world as we are in the world of website creation.

我們策略的第二個新支柱是 Base44——我們領先的 Vibe coding 平台，將我們的觸角延伸至龐大的軟體創建世界，並顯著擴大我們的 TAM。在這個新世界裡，我們的企圖心與在網站建立領域同樣強烈。

Through innovation and strong marketing execution, Base44's user base is scaling rapidly. Today, the number of new users joining Base44 is nearly two-thirds of the number of new users joining Wix. This is an indicator of the platform's accelerating momentum and highlights the opportunity ahead to empower a massive and compounding cohort of users to build whatever they want online.

透過創新與強而有力的行銷執行，Base44 的使用者基礎正快速擴張。目前，加入 Base44 的新使用者數量幾乎已達加入 Wix 新使用者數量的三分之二。這顯示平台動能正在加速，也凸顯了未來的機會：賦能一個龐大且持續累積成長的使用者群體，打造他們想在網路上建立的一切。

Just one year after Maor founded the company and nine months after our acquisition, Base44 recently reached approximately $100 million of ARR, placing it among the fastest-growing software platforms in history. While Base44 is already emerging as a top platform to build lightweight personal projects, we're seeing adoption from a growing community of businesses and enterprise-sized organizations, too.

在 Maor 創立公司僅一年、且距離我們收購後九個月，Base44 最近已達到約 1 億美元的年度經常性收入（ARR），使其躋身史上成長最快的軟體平台之列。Base44 雖已成為打造輕量個人專案的頂尖平台之一，但我們也看到越來越多企業與大型組織採用。

Companies in the tech, banking, and healthcare industries, as well as government organizations and nonprofits are using Base44 to build customized software solutions. We are seeing users develop their own CRM capabilities, product and project management tools, ERP systems, workflow automation frameworks, and financial reporting applications.

科技、銀行與醫療保健產業的公司，以及政府機構與非營利組織，正使用 Base44 來打造客製化軟體解決方案。我們看到使用者開發自有的 CRM 能力、產品與專案管理工具、ERP 系統、工作流程自動化框架，以及財務報表應用程式。

Importantly, this momentum and growth is completely organic. With no sales team at Base44 today, self-propelled adoption by enterprise size organizations demonstrates the strength of the platform as well as our successful marketing execution. As much as we are pleased by the success so far, I believe the real potential still lies ahead as Vibe coding permeates beyond early tech-forward adopters to the broad online population.

重要的是，這股動能與成長完全是自然形成的。在 Base44 目前沒有銷售團隊的情況下，大型企業組織仍自發性採用，展現了平台的實力，也反映我們成功的行銷執行。儘管我們對目前的成果感到欣喜，我相信真正的潛力仍在前方——隨著 Vibe coding 從早期偏科技導向的採用者，逐步滲透到更廣泛的網路使用族群。

I haven't been this excited to kick off a new year in a long time. In just the first two months, we've made bold moves across both our product road map and capital strategy, which Nir will speak about shortly, we are confident in our strategy, our ability to execute, and the opportunity in front of us. As the Internet shifts further towards AI, Wix is reshaping how people create in this AI era and significantly expanding what's possible to build online.

我已經很久沒有像現在這樣，對新一年的開始感到如此興奮。僅在前兩個月，我們就在產品路線圖與資本策略兩方面採取了大膽行動；Nir 稍後會談到。我們對策略、執行能力以及眼前的機會充滿信心。隨著網際網路進一步轉向 AI，Wix 正在重塑人們在 AI 時代的創作方式，並大幅擴展線上可建構的可能性。

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

接下來，我把電話交給 Nir。

Thanks, Avishai. I'd like to start with Q4 user cohort trends and what we're seeing there today before discussing our capital strategy and the announcements made today. As we closed out 2025, our new user cohorts exited the year with strong momentum. In the core Wix business, new cohort bookings maintained double-digit growth in the fourth quarter, fueled by a healthy top of funnel, higher conversion from free to paid subscriptions in key markets, and increased monetization per user.

謝謝你，Avishai。在討論我們的資本策略以及今天發布的公告之前，我想先從第四季使用者分群（cohort）趨勢，以及我們目前看到的情況談起。在 2025 年結束之際，我們的新使用者 cohort 帶著強勁動能收官。在 Wix 核心業務方面，第四季新 cohort 的預訂（bookings）維持雙位數成長，主要受惠於健康的漏斗上端、更高的關鍵市場免費轉付費訂閱轉換率，以及每位使用者變現提升。

When we include Base44, new cohort bookings growth accelerated very meaningfully quarter-over-quarter, driven by particularly robust demand for Vibe coding capabilities. The strength we saw in our new cohorts also extended to existing core Wix users. Our users are more active, engaged, and impactful than ever, demonstrated by resilient revenue retention in 2025.

當我們納入 Base44 後，新客群（cohort）預訂成長在季度對季度的比較中顯著加速，主要由對 Vibe 程式碼撰寫能力特別強勁的需求所帶動。我們在新客群看到的強勁表現也延伸至既有的 Wix 核心用戶。我們的用戶比以往任何時候都更活躍、更投入、影響力更大，並由 2025 年具韌性的營收留存率所證明。

With net revenue retention of 105% in 2025, we nearly matched the strong retention we saw in 2024 despite the persistent GPV headwinds throughout 2025. This demonstrates that the inherent stickiness and creation power of our user base continues to improve.

2025 年的淨營收留存率為 105%，儘管 2025 年全年持續面臨 GPV 逆風，我們仍幾乎追平 2024 年所見的強勁留存表現。這顯示我們用戶基礎內在的黏著度與創作能力仍在持續提升。

The strength of this user base, supported by high retention and growing user value is also reflected in the projected 10-year value of existing cohorts, which grew 14% year-over-year. For the first time ever, we now project over $20 billion in future bookings over the next decade from current Wix users. This opportunity exists within just our core Wix business and doesn't yet include Base44 where the potential is both new and much larger.

這個用戶基礎的強勁表現，在高留存與用戶價值提升的支持下，也反映在既有客群的預估 10 年價值上，年增 14%。我們史上首次預估，僅來自目前 Wix 用戶、未來十年可帶來的未來預訂金額將超過 200 億美元。這項機會僅存在於我們的 Wix 核心業務之內，尚未納入 Base44；而 Base44 的潛力既是全新的，且規模更大。

Throughout the year, we continue to increase user value as both new and existing users demonstrated better monetization. This was a result of a steady shift towards higher-tier subscriptions, greater adoption of business solutions, and GPV growth. Paid subscription volume in our key markets, particularly in the US where we generate a majority of our revenue, increased year-over-year in 2025. Additionally, business subscriptions made up a significantly larger share of our total subscription mix in 2025 compared to 2024.

在全年期間，我們持續提升用戶價值，因為新舊用戶皆展現出更佳的變現能力。這源於訂閱組合穩步轉向更高階方案、商業解決方案採用率提升，以及 GPV 成長。我們關鍵市場的付費訂閱量在 2025 年年增，尤其是在我們創造大部分營收的美國市場。此外，2025 年商業訂閱在我們整體訂閱組合中的占比，較 2024 年顯著提高。

Looking into 2026, these positive cohort dynamics are gaining more momentum. In these early months of the year, new cohort bookings growth in the core Wix business has accelerated compared to last year's already very strong cohort growth. This is a direct result of Wix Harmony, which is helping both new and existing cohorts convert more effectively, build more, and capture greater value.

展望 2026 年，這些正向的客群動態正獲得更多動能。在今年前幾個月，Wix 核心業務的新客群預訂成長相較去年已非常強勁的客群成長進一步加速。這是 Wix Harmony 直接帶來的成果；它正協助新舊客群更有效地轉換、建置更多內容，並捕捉更高價值。

Finally, before I turn it over to Lior to walk through our financials and 2026 expectations, I would like to make a few comments on our repurchase plans for this year and the equity investment we announced this morning. As you heard from Avishai, we have a bold and ambitious strategy centered around reshaping the possibilities of online creation over the next few years.

最後，在我把時間交給 Lior 說明我們的財務狀況與 2026 年展望之前，我想就今年的庫藏股回購計畫，以及我們今天早上宣布的股權投資做幾點說明。正如你從 Avishai 那裡聽到的，我們有一項大膽且具雄心的策略，核心在於未來幾年重塑線上創作的可能性。

We believe the products we're building today will drive accelerating growth in the core Wix business over time as we extend our leadership as the go-to AI-powered online presence creation platform globally, notably with Wix Harmony. In tandem, we are seeing explosive growth at Base44, which we expect will become a profitable and meaningful long-term growth engine.

我們相信，我們今天打造的產品將隨時間推進，帶動 Wix 核心業務加速成長；我們也將延伸我們作為全球首選 AI 驅動線上存在創建平台的領導地位，尤其是透過 Wix Harmony。同時，我們也看到 Base44 呈現爆發式成長，我們預期它將成為一個可獲利且具意義的長期成長引擎。

Accordingly, we believe that our current stock performance greatly undervalues these opportunities as well as the fundamental strength of our business. So taking full advantage of this and demonstrating our immense conviction in our strategic plan, we expect to complete the large majority of our $2 billion repurchase program this year. We plan to do this as quickly and aggressively as we can.

因此，我們認為目前的股價表現嚴重低估了這些機會，以及我們業務的基本面實力。為了充分把握這一點，並展現我們對策略計畫的高度信心，我們預期今年將完成 20 億美元回購計畫中的絕大部分。我們計畫以盡可能快速且積極的方式執行。

Sharing in our conviction, Durable Capital Partners has led a $250 million equity investment in the form of a private placement of our ordinary shares and warrants. In addition to being highly respected equity investors, Henry, Anouk, and the team have been longtime supporters of Wix and developed a deep understanding of our business.

同樣認同我們的信念，Durable Capital Partners 以私募方式認購我們的普通股與認股權證，主導了一筆 2.5 億美元的股權投資。除了是備受尊敬的股權投資人之外，Henry、Anouk 與其團隊長期支持 Wix，並對我們的業務建立了深刻理解。

Their investment is a powerful endorsement of our long-term vision and ability to execute as we build the next era of the Internet. We are thrilled to partner with them as we pursue our strategy, accelerate growth, and create lasting value for our users and shareholders.

他們的投資是對我們長期願景與執行能力的有力背書，因為我們正在打造下一個網際網路時代。我們很高興能與他們合作，在推進策略、加速成長的同時，為用戶與股東創造長久價值。

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

接下來我把時間交給 Lior。

Thanks, Nir. We exited 2025 with strong cohort momentum, a clear strategic plan, and poised for continued growth in 2026. We're delivering on our ambitious product road map. At the same time, our cohorts are strengthening, as Nir discussed, driven by positive early behavior from Wix Harmony and continued outperformance of Base44 as we expand our reach across the entire online creation journey.

謝謝你，Nir。我們在 2025 年底以強勁的客群動能、清晰的策略計畫收官，並已蓄勢待發，準備在 2026 年持續成長。我們正按計畫交付具雄心的產品藍圖。同時，如 Nir 所述，我們的客群也在強化，這由 Wix Harmony 的正向早期行為所驅動，並且隨著我們在整個線上創作旅程中擴大觸及範圍，Base44 也持續超越預期。

We expect 2026 to be a pivotal year as we make category-defining innovations and expand our leadership across the broader online ecosystem as AI tech increasingly makes the impossible now possible, setting the foundation for long-term growth acceleration.

我們預期 2026 年將是關鍵的一年：我們將推出定義類別的創新，並在更廣泛的線上生態系中擴大領導地位；隨著 AI 技術日益讓不可能成為可能，將為長期成長加速奠定基礎。

Before I get into our expectations for 2026, I want to quickly recap our Q4 and full-year 2025 results. Bookings and revenue growth were healthy in the fourth quarter, building on the incredibly strong growth we saw in the same quarter last year. Total bookings in Q4 was $535 million up 15% year-over-year, while total revenue was $524 million, up 14% year-over-year.

在我談 2026 年展望之前，我想先快速回顧我們 2025 年第四季與全年業績。第四季的預訂與營收成長維持健康，並延續去年同季所見的極為強勁成長。第四季總預訂為 5.35 億美元，年增 15%；總營收為 5.24 億美元，年增 14%。

Top-line growth was driven by strong new cohort behavior and solid retention of our existing user base in our core Wix business as well as Base44 outperformance. Base44 finished the year with approximately $59 million of ARR above our expectations at the time of acquisition. Excitingly, Base44 recently reached approximately $100 million in ARR, a major milestone that underscores our rapid growth and growing market leadership. Strong ARR growth was driven by product innovation that has resonated a rapidly expanding user base, improving conversion and consistent upgrade and renewal trends.

營收端成長主要由 Wix 核心業務中新客群的強勁行為、既有用戶基礎的穩健留存，以及 Base44 的超預期表現所帶動。Base44 在年底的 ARR 約為 5,900 萬美元，高於我們收購時的預期。令人振奮的是，Base44 近期 ARR 已達約 1 億美元，這是一個重要里程碑，凸顯我們的快速成長與日益提升的市場領導地位。強勁的 ARR 成長來自產品創新引起快速擴張的用戶基礎共鳴，帶動轉換率提升，以及持續一致的升級與續約趨勢。

Overall, strength in Q4 was tempered by continued GPV headwinds as SMBs on the platform saw macro pressure, resulting in seasonally softer than anticipated GPV on the platform. Encouragingly higher selling and larger businesses increasingly come to Wix to build and operate their storefronts.

整體而言，第四季的強勁表現仍受到 GPV 逆風的影響而有所抵銷；平台上的中小企業（SMB）面臨總體環境壓力，導致平台 GPV 季節性表現較預期疲弱。令人鼓舞的是，銷售額更高、規模更大的企業正日益選擇 Wix 來建置並營運其線上商店。

GPV grew 11% year-over-year to $3.7 billion in the fourth quarter and 11% year-over-year to $14.3 billion for the full year. GPV growth, coupled with a steady increase in take rate throughout the year drove year-over-year transaction revenue growth of 18% in Q4 and 19% in the full year.

第四季 GPV 年增 11% 至 37 億美元；全年 GPV 年增 11% 至 143 億美元。GPV 成長，加上全年抽成率（take rate）的穩步提升，帶動第四季交易營收年增 18%，全年年增 19%。

Partners revenue grew 21% year-over-year to $203 million in Q4 driven by solid studio performance as well as strong adoption of Google Workspace and marketing solutions. This was partially offset by the GPV headwinds I just mentioned.

合作夥伴營收在第四季年增 21% 至 2.03 億美元，主要由工作室（studio）表現穩健，以及 Google Workspace 與行銷解決方案的強勁採用所帶動。但這部分也被我剛提到的 GPV 逆風所部分抵銷。

Turning to margins. fourth quarter total non-GAAP gross margin ticked down slightly sequentially and year-over-year to 68% as expected, and total non-GAAP operating income came in at 15% of revenue. Lower total non-GAAP gross margin was driven by investments in Base44 to support its rapid growth.

接著談毛利率。第四季總非 GAAP 毛利率如預期，較前一季及去年同期小幅下滑至 68%，而總非 GAAP 營業利益為營收的 15%。總非 GAAP 毛利率較低主要是因為我們對 Base44 的投資，以支持其快速成長。

We continue to incur elevated AI compute costs as we scale to meet stronger-than-expected Base44 demand and maximize gross profit dollars. We believe these AI costs to be front-loaded as new users consume more AI inference bandwidth during their initial build phase.

隨著我們擴大規模以滿足 Base44 高於預期的需求並最大化毛利美元，我們仍持續承擔較高的 AI 運算成本。我們認為這些 AI 成本屬於前期集中（front-loaded），因為新用戶在初始建置階段會消耗更多 AI 推論頻寬。

We anticipate non-GAAP gross margin for Base44 to improve sequentially throughout 2026 as we proactively optimize AI model usage and cost primarily through enhancing prompt cashing, batching request focused model routing, and more favorable pricing from LLM providers. Approximately one-third of Base44's AI inference cost today is attributed to token consumption of free users and included under S&M expenses in the fourth quarter to align with industry standards.

我們預期 Base44 的非 GAAP 毛利率將在 2026 年全年逐季改善，因為我們將主動優化 AI 模型使用與成本，主要透過強化提示快取（prompt caching）、批次化請求的聚焦式模型路由，以及從 LLM 供應商取得更有利的定價。目前 Base44 約三分之一的 AI 推論成本歸因於免費用戶的 token 消耗，並在第四季為了與產業標準一致而計入 S&M 費用之下。

We believe AI costs incurred by free users as a percentage of total AI cost will decline over time as conversion improves. Even after incorporating AI related costs associated with free users into cost of revenue, Base44's non-GAAP gross margin is already positive today, reflecting healthy underlying unit economics that we believe will continue to improve. We expect Base44 gross margin to increase as the year progresses.

我們認為，免費用戶產生的 AI 成本占總 AI 成本的比例，將隨著轉換率提升而隨時間下降。即使將與免費用戶相關的 AI 成本納入營收成本之後，Base44 目前的非 GAAP 毛利率已為正，反映出健康的基礎單位經濟，我們相信這將持續改善。我們預期 Base44 的毛利率將隨著年度推進而提高。

Higher operating expenses in the quarter were driven by accelerated advertising and branding investments into Base44 against our TROI target, which currently stands at less than 12 months. These increased investments were anticipated as we captured elevated top of funnel traffic exiting the year.

本季較高的營運費用主要由於我們加速對 Base44 的廣告與品牌投資，雖然這些投資高於我們的 TROI 目標，但目前 TROI 仍低於 12 個月。在年度結束之際，我們捕捉到更高的漏斗頂端流量，因此這些增加的投資屬於預期之內。

Non-GAAP gross margin and operating profit margin in our core Wix business improved sequentially and year-over-year, driven by healthy top-line growth paired with a stable and disciplined operating cost base. We exited the year with free cash flow of $156 million in Q4 or 30% of revenue. Fourth-quarter free cash flow in the core Wix business was stable compared to the previous quarter.

我們核心 Wix 業務的非 GAAP 毛利率與營業利益率，無論按季或按年均有所改善，主要受惠於健康的營收成長，以及穩定且自律的營運成本基礎。我們在年底時，第四季自由現金流為 1.56 億美元，約占營收 30%。核心 Wix 業務第四季自由現金流相較前一季維持穩定。

Moving on to 2025 full-year results. Total bookings in 2025 grew to $2.07 billion, up 13% year-over-year. Total revenue in 2025 was $1.993 billion, an increase of 13% year-over-year. Total consolidated ARR was $1.836 billion at the end of the year, up 14% year-over-year.

接下來談 2025 全年結果。2025 年總預訂額成長至 20.7 億美元，年增 13%。2025 年總營收為 19.93 億美元，年增 13%。年底合併 ARR 總額為 18.36 億美元，年增 14%。

Total non-GAAP gross margin was stable for the full year while non-GAAP operating margin declined modestly as investments in Base44 offset non-GAAP growth and operating margin expansion in the core Wix business. We generated free cash flow, excluding acquisition-related expenses of $605 million or a milestone 30% of revenue in 2025.

全年非 GAAP 毛利率維持穩定，而非 GAAP 營業利益率小幅下滑，因為對 Base44 的投資抵銷了核心 Wix 業務在非 GAAP 成長與營業利益率擴張方面的貢獻。2025 年我們產生的自由現金流（不含併購相關費用）為 6.05 億美元，達成里程碑，占營收 30%。

Turning now to what we expect in 2026. With new cohort momentum driven by Wix Harmony and the continued outperformance of Base44, we anticipate bookings and revenue growth to accelerate this year. Before I get into the numbers, I want to comment quickly on our updated guidance philosophy. As innovation evolves our opportunity set and expands Wix's TAM into new areas, we are refining our guidance approach to reflect a broader range of potential outcomes.

現在談談我們對 2026 年的展望。在 Wix Harmony 帶動的新客群動能，以及 Base44 持續超預期表現的推動下，我們預期今年預訂額與營收成長將加速。在我進入數字之前，我想先簡短說明我們更新後的指引理念。隨著創新演進，擴大我們的機會集合並將 Wix 的 TAM 延伸至新領域，我們正在調整指引方法，以反映更廣泛的潛在結果區間。

So for the full-year 2026, we expect bookings and revenue for the consolidated business to grow at mid-teens percentage year-over-year. For the first quarter of 2026, we expect revenue for the consolidated business to grow at a mid-teens percentage on a year-over-year basis. We expect innovation-driven growth to be accompanied by high impact but disciplined investments to fully unlock the market opportunity ahead for both Wix and Base44.

因此，對於 2026 全年，我們預期合併業務的預訂額與營收將以年增中十位數百分比成長。對於 2026 年第一季，我們預期合併業務營收將以年增中十位數百分比成長。我們預期由創新驅動的成長，將伴隨高影響力但仍具紀律的投資，以充分釋放 Wix 與 Base44 眼前的市場機會。

For the full-year 2026, we expect free cash flow margin in the low- to mid-20% range, assuming current capital structure and excluding acquisition expenses. This wider-than-normal guidance range reflects the dynamic hyper-growth trajectory of Base44 and the inherent variability that accompanies this level of rapid growth.

對於 2026 全年，在假設目前資本結構且不含併購費用的前提下，我們預期自由現金流利潤率將落在低至中 20% 區間。這個較以往更寬的指引區間，反映 Base44 動態的超高速成長軌跡，以及此等快速成長所伴隨的內在波動性。

We are playing to win and are willing to make the necessary investments in order to scale Base44 into the market leader. So if Base44 top-line growth outperforms more meaningfully, we may experience further pressure on near-term free cash flow margins. In our core Wix business, we expect solid bookings and revenue performance with flat to expanding free cash flow margin for full-year 2026.

我們以勝利為目標，並願意投入必要的投資，將 Base44 擴張成為市場領導者。因此，若 Base44 的營收成長更顯著地超預期，我們的短期自由現金流利潤率可能會承受進一步壓力。在核心 Wix 業務方面，我們預期 2026 全年預訂額與營收表現穩健，自由現金流利潤率持平至擴張。

In addition to accounting for our current capital structure and the exclusion of acquisition costs, this expectation also takes into account, one, a material currency headwind on our total payroll expense base net of our hedging activity as the US dollar continues to significantly weaken against the Israeli shekel.

除了考量目前資本結構並排除併購成本之外，這項預期也納入以下因素：第一，隨著美元持續顯著走弱、相對以色列謝克爾貶值，在扣除我們避險活動後，對我們整體薪酬費用基礎將形成實質的匯率逆風。

Two, negligible AI inference costs associated with Wix Harmony as a result of proactive infrastructure optimization completed last year. 2026 is shaping up to be a foundational year as we drive forward innovations that we believe will cement Wix's leadership and expand our role across an evolving online creation ecosystem.

第二，由於我們去年完成主動的基礎設施優化，Wix Harmony 相關的 AI 推論成本可忽略不計。2026 年正逐步成為奠基之年，我們將推動我們相信能鞏固 Wix 領導地位、並擴大我們在不斷演進的線上創作生態系中角色的創新。

Operator, we are now ready for questions.

接線員，我們現在準備開始提問。

(Operator Instructions) Brad Erickson, RBC Capital Markets.

(接線員指示) RBC Capital Markets 的 Brad Erickson。

I have a couple. First, I guess, if we look at the organic growth you're embedding into the full-year bookings guide, can you lay out maybe -- and maybe rank some of the contributors there between thinking about things like payment volumes or subscriber mix shift or pricing? So start there.

我有幾個問題。首先，我想，如果我們看你們在全年預訂額指引中所隱含的有機成長，你能否說明一下——也許把一些貢獻來源排個序——例如支付量、訂閱者組合轉移或定價等因素？先從這裡開始。

This is Lior. So we don't assume a significant change. We don't assume any increase in pricing or change in pricing. I believe that the entire guidance that we provided for 2026 actually reflects the growth that we see within the Wix core business and Base44. But besides of that, I cannot indicate about something that is extraordinary, the same goal for GPV payments and so on.

我是 Lior。所以我們不假設會有顯著變化。我們不假設定價會上調或有任何定價變動。我認為我們提供的 2026 年整體指引，實際上反映了我們在 Wix 核心業務與 Base44 所看到的成長。除此之外，我無法指出有什麼特別異常的因素；GPV 支付等目標也是一樣。

Understood. That's helpful. And then just stepping back, what types of businesses or applications are you seeing users set up with Base44? And how much crossover is there with what you see on Wix's core platform? Like are they would you say they're a decidedly different customer profile? Or do you see some of those folks making a choice between the two?

了解。這很有幫助。再退一步看，你們看到用戶用 Base44 建立哪些類型的企業或應用？以及這與你們在 Wix 核心平台上看到的情況有多少交集？例如，你會說他們是明顯不同的客戶輪廓嗎？或者你們是否看到其中一些人會在兩者之間做選擇？

We've seen many different kinds of applications, people building trains for themselves, for their family, and then personal growth applications, all the way for applications for their business, for their enterprise application. We've seen CRM replacements in companies, SDR automations, a lot of different things.

我們看到非常多不同類型的應用，有人為自己、為家人建立訓練（trains），也有個人成長類應用，一直到為其企業、為其公司建立的應用，甚至是企業級應用。我們也看到公司內部用來取代 CRM 的方案、SDR 自動化，以及許多不同的東西。

It's a huge variety. I think that's one of the things that makes us so excited about Base44. It looks like people are so creative and the talent for that, because of that, is essentially infinite. We don't see any kind of a group competition and you can see that there are very mostly different usage also. You can see now clearly Harmony is accelerating and Base 44 is accelerating. Obviously we don't think from each other.

種類非常多元。我想這也是讓我們對 Base44 如此興奮的原因之一。看起來人們非常有創意，而這方面的才能因此幾乎是無限的。我們沒有看到任何群體之間的競爭，你也可以看到使用情境大多也不同。你現在可以清楚看到 Harmony 正在加速，而 Base 44 也在加速。顯然我們不認為彼此會互相影響。

Josh Beck, Raymond James.

Raymond James 的 Josh Beck。

What kind of a higher level question with with Base44? It seems like it's feeling up market. And then, obviously, Harmony is more geared towards the self creator. So do you see those trends persisting in terms of the segmentation and how far up market do you expect Base44 to go?

關於 Base44 我有一個較高層次的問題。看起來它正在往更高端市場（up market）發展。而顯然 Harmony 更偏向自我創作者（self creator）。所以你們是否看到這些趨勢在分眾上會持續？以及你們預期 Base44 會往多高端的市場走？

And then a financial question related to Base44. I believe you said about one-third of the inference costs are coming from the free users. I think that's a snapshot for today. Is that happening, maybe, quicker than you had anticipated, meaning the conversion of free to pay is happening at a pace maybe above your expectations? Would love some comments there.

接著是一個與 Base44 相關的財務問題。我記得你提到，大約三分之一的推理成本來自免費用戶。我想那是截至今天的一個快照。這種情況是否發生得比你原先預期更快，也就是免費轉付費的轉換速度可能高於你的預期？很希望聽聽你對此的看法。

It's Nir. I'll take the first one. In terms of the self creators question and the more upmarket. So I think definitely, on the Harmony side, Harmony is a product we built for the self-creaters. So I think you're going to be -- the association you're making between self creator and Harmony is the right one.

我是 Nir。我先回答第一個問題。關於自助創作者（self creators）以及更高端市場（upmarket）。我認為確實如此，在 Harmony 這邊，Harmony 是我們為自助創作者打造的產品。所以我想你把自助創作者和 Harmony 連結在一起——這個關聯是正確的。

For Base44, Avishai just said before, the range of opportunities in terms of the kind of usage is still extremely wide. And it makes sense. It's really a very vast TAM in the making, and it's expanding all the time. So we are seeing all kinds of usages.

至於 Base44，正如 Avishai 剛才提到的，就使用型態而言，機會範圍仍然非常廣。而這也合理。這其實是一個正在形成中的、非常龐大的 TAM，而且一直在擴張。所以我們看到各式各樣的使用情境。

By the way, I would -- I think we're definitely also seeing a lot of personal use as well in Base44. And there, I think it's too early to say whether it's more of one or the other. And to be honest, I think we're going to work very hard to help it segment it over time to try and win on both ends for Base44.

順帶一提，我會說——我認為我們在 Base44 也確實看到很多個人用途。而在這方面，我覺得現在還太早，無法判斷到底偏向哪一種更多。坦白說，我們會非常努力，隨著時間推進協助它做出分眾，嘗試在 Base44 的兩端都能取勝。

I will take the second question. Yes, about one-third as of now related to our free users. Look, I believe that when we started, it was higher than that. I think that we are keep on increasing conversion, and it's a really, really good sign. And we also become more and much more efficient in terms of how we use the model between the different type of users. So I do believe that the portion related to that will decrease in the future as the overall cost will decrease.

我來回答第二個問題。是的，截至目前大約三分之一與我們的免費用戶相關。你看，我相信我們一開始的比例比這更高。我認為我們持續在提升轉換率，這是一個非常、非常好的訊號。而且在不同類型用戶之間，我們在模型使用方式上也變得更有效率、效率提升很多。因此我確實相信，隨著整體成本下降，未來與此相關的占比也會下降。

Ken Wong, Oppenheimer & Company.

Ken Wong，Oppenheimer & Company。

Great to see the amazing Base44 outcome. Can you give us a sense for what accelerated that growth sequentially? And I realize you're still working through some of the details, but I would love to get a sense for what the base ARR bookings looks like in fiscal '26 that is reflected in the free cash flow margin guide of low- to mid-20s?

很高興看到 Base44 這麼驚人的成果。你能否讓我們了解一下，是什麼因素推動了這個逐季加速的成長？我知道你們還在梳理一些細節，但我很想了解，在你們給出的低到中 20% 自由現金流利潤率指引中，反映出來的 2026 財年基礎 ARR 訂單（base ARR bookings）大概會是什麼樣子？

So yeah, I mean, we do see acceleration and, in a way, also better than what we expected. I think that the fact that we've already gotten to a $100 million of ARR actually reflect that. And with regard to the assumptions about the booking, we do not break it down between weeks and base.

是的，我們確實看到加速，而且某種程度上也優於我們的預期。我認為我們已經達到 1 億美元 ARR 的事實，其實就反映了這點。至於對訂單（bookings）的假設，我們不會把它拆分成 Wix 與 Base。

We believe that it's already -- it's actually -- it's already an organic product internally and we are not relating it separately. A big part of Base44 growth is actually based on the synergy with Wix and it's super important to understand it.

我們認為它其實已經是公司內部一個有機成長的產品，我們不會把它獨立拆開來看。Base44 成長的一大部分其實來自與 Wix 的協同效應，理解這點非常重要。

Therefore, we are not going to provide separately between Base and Wix. But we did mention the ARR, which I think that can -- and also the growth of the ARR that should give you a very good indication of what we assume with regard to that. We are very optimistic about it. .

因此，我們不會分別提供 Base 與 Wix 的拆分數字。但我們提到了 ARR，我認為這——以及 ARR 的成長——應該能讓你非常清楚地了解我們對此的假設。我們對此非常樂觀。.

Fantastic. And then if I could have just a quick follow-up. I think the early guide was that you would see second half acceleration of the core, specifically Partners. It does seem like it may be downtick a little bit. Would just love to get any color from you in terms of what you saw in Q4 on the core legacy base business -- I mean, Wix business? Sorry.

太好了。如果可以的話我再快速追問一下。我記得你們先前的指引是，下半年核心業務會加速，特別是 Partners。但看起來可能有一點點下滑。很希望你能補充一些背景，談談你們在 Q4 看到的核心既有基礎業務——我是說 Wix 業務？抱歉。

Yeah, sure. Well, we actually saw acceleration in our Q4 compare. I mean we said that from the very beginning of the year, that we will see acceleration of core Wix in the second half of the year. And this is exactly what's happened.

好的，當然。其實我們在 Q4 的比較中看到了加速。我的意思是，我們從年初就說過，下半年會看到核心 Wix 的加速。而這正是實際發生的情況。

The only thing that were not expected is some modest softness in GPV that partially was also compensated by the fact that we see a better growth in terms of subscriptions. So I think that if you look at the second half of the year for Wix, we actually did see some acceleration also in the fourth quarter, mostly coming from creative subscriptions.

唯一不如預期的是 GPV 出現一些溫和的疲軟，但部分也被我們在訂閱（subscriptions）方面更好的成長所抵消。所以我認為，如果你看 Wix 的下半年，我們確實看到一些加速，第四季也有加速，主要來自創意訂閱（creative subscriptions）。

Andrew Boone, Citizens.

Andrew Boone，Citizens。

I'm sorry, I'm at the airport so there's a little bit of a conversation going on. Can I ask in terms of Base44 and LTV, if I think about the payback period of one year, how do we think about that now that you're just having customers that are hitting that one-year mark? How are you guys estimating the LTV or the payback period using that framework as you guys define CAC for Base44?

不好意思，我人在機場，所以旁邊有些對話聲。我想問一下關於 Base44 和 LTV，如果以一年回收期（payback period of one year）來看，現在開始有客戶剛好達到一年這個時間點，我們該如何看待？你們在定義 Base44 的 CAC 時，是如何用這個框架來估算 LTV 或回收期的？

And then I'd love to ask just it looks like about $30 million of acquisition cost in 2025. You guys ring fence what that would look like for 2026 and how we should think about that within the free cash flow guide?

另外我也想問，看起來 2025 年大約有 3,000 萬美元的收購成本（acquisition cost）。你們是否能圈定一下 2026 年大概會是什麼樣子，以及在自由現金流指引中我們應該如何看待這一塊？

Sure. So you're right. I mean Base is a very young company, a very young product. And by the way, this is why we are very also conservative about the guidance. But right now, based on the information that we have, based on the history that we already have, we are looking at less than one year of TRI and this is how we manage the acquisition cost.

當然。你說得對。Base 是一家非常年輕的公司，也是一個非常年輕的產品。順帶一提，這也是為什麼我們在指引上也非常保守。但就目前而言，基於我們掌握的資訊、以及我們已經累積的歷史數據，我們看到 TRI 少於一年，而我們就是用這個方式來管理收購成本。

I think that it's very important to mention right now that we're investing for growth. We are not necessarily trying to optimize our gross margin. We are optimizing dollar profit. And right now, definitely, we intend to invest in growth and by the way, you can see that also reflected in part of our free cash flow guidance. So with regard to the -- so this is with regard to the TRI. By the way, it's the same Wix methodology that we use for many, many years, and we are very good at it.

我認為現在很重要的一點是，我們是在為成長而投資。我們不一定是在嘗試最佳化毛利率。我們是在最佳化美元利潤（dollar profit）。而目前我們確實打算投資成長，順帶一提，你也可以在我們自由現金流指引的一部分中看到這點。所以關於——所以這是關於 TRI 的部分。順帶一提，這是我們多年來一直使用的同一套 Wix 方法論，而且我們非常擅長。

With regard to the $30 million of acquisition cost in 2025, definitely, it's going to be higher in 2026 because we see the demand in the market. And as I mentioned before, we plan to pursue that. We plan to go and make sure that we will continue to get a lot of market share and expand this business. We see a great potential about this business.

至於 2025 年的 3,000 萬美元收購成本，2026 年肯定會更高，因為我們看到了市場需求。而且如我先前提到的，我們計畫追求這個機會。我們計畫積極推進，確保我們能持續取得大量市占並擴大這項業務。我們看好這項業務有很大的潛力。

Deepak Mathivanan, Cantor Fitzgerald.

Deepak Mathivanan，Cantor Fitzgerald。

So one on Harmony and then one on OpenAI partnership. First, you noted that the early range on Harmony, you're seeing improving conversion. What type of users are you seeing initially? Are you seeing perhaps more sophisticated tech users adding advanced capabilities to their websites with some of the more traditional SMBs? Is Harmony helping the capabilities of the websites become more sophisticated at all in the early days? Can you talk a little bit about that?

所以一個問題關於 Harmony，另一個關於 OpenAI 的合作夥伴關係。首先，你提到 Harmony 的早期區間，你看到轉換率正在改善。你一開始看到的是哪一類使用者？你是否看到可能是較成熟的科技使用者，利用一些較傳統的中小企業（SMB）來為他們的網站加入進階功能？在早期階段，Harmony 是否有在幫助網站的能力變得更成熟、更進階？你能稍微談談這點嗎？

And then on the partnership with OpenAI for Apps SDK. In addition to just integrating for new website creation when Wix is invoked as an app, what are some of the other benefits in terms of how ChatGPT is navigating the websites created by Wix that you're potentially seeing? Any color you can add on how deeper this partnership can evolve over time?

然後關於與 OpenAI 在 Apps SDK 上的合作夥伴關係。除了在 Wix 被作為一個 app 呼叫時、用於整合新的網站建立之外，從 ChatGPT 導覽 Wix 所建立的網站這件事上，你們可能看到的其他好處是什麼？你能否補充一些細節，談談這個合作夥伴關係未來隨時間推進可以如何更深入地演進？

Of course. So for the first part, we're pretty much seeing everybody using Harmony that was using Wix before. So it's everything from personal website to the salon website to large company and enterprises, so pretty much everybody. At this stage, Harmony does not support a data base. But that will be added soon. So a bit less stickier website, but nothing major.

當然。所以第一部分，我們基本上看到所有原本就在使用 Wix 的人也在使用 Harmony。所以涵蓋從個人網站、沙龍網站到大型公司與企業，幾乎所有人都是。在這個階段，Harmony 尚不支援資料庫。但很快就會加入。所以網站的黏著度會稍微低一些，但沒有什麼重大影響。

And for your other question, can you repeat it, please? It was breaking for me in the end.

至於你另一個問題，可以請你再重複一次嗎？我最後那段聽不太清楚。

Yeah. I was curious, in addition to partnership on apps with OpenAI, do you see potential opportunities in terms of how Wix websites are perhaps navigated and searched by OpenAI in the future, particularly ChatGPT?

好的。我好奇的是，除了與 OpenAI 在 apps 上的合作夥伴關係之外，你是否看到未來在 OpenAI（特別是 ChatGPT）如何導覽與搜尋 Wix 網站方面，可能還有其他機會？

Well, yeah, of course. I think that it's a very big subject. I think that what we are seeing, and if I remember, a year ago, I spoke about the fact that it's very unlikely that the LLM companies will start building back for the various services. And so they're probably not going to be the only e-commerce staff. They're not going to build databases for businesses. They're going to bring the layer of intelligence on top of that.

嗯，當然。我認為這是一個非常大的題目。我想我們看到的是——如果我沒記錯，一年前我談過：LLM 公司不太可能開始為各種服務去建置後端。因此他們大概不會自己做完整的電商套件。他們不會為企業去建資料庫。他們會在其上方提供一層智慧能力。

And this is just one example where we allow Wix users to build the intelligence that OpenAI provides their website, right? It's even more interesting because it's intelligence in Wix talking to the intelligence in OpenAI. I think that this creates tremendous opportunities for the future.

而這只是其中一個例子：我們讓 Wix 使用者能把 OpenAI 提供的智慧能力建到他們的網站裡，對吧？更有趣的是，這是 Wix 裡的智慧在和 OpenAI 的智慧對話。我認為這為未來創造了巨大的機會。

There's so much more we can do there because it's not APIs in the standard way. It's two -- essentially, it's two intelligences that are discussing and working together to do the website. And that is a fantastic pattern that can be grown a lot.

我們在那裡還能做更多，因為這不是以標準方式使用 API。本質上，這是兩個——基本上是兩個智慧在討論並協同完成網站。而這是一個很棒的模式，可以大幅擴展。

As for how OpenAI or any other language can be used in Wix site, we support pretty much everything. We support, of course, making the text. If our customers choose so, we can make the text visible and easy to crawl and built in a way that is very easy for the LLMs to process.

至於 OpenAI 或任何其他語言模型如何在 Wix 網站中被使用，我們幾乎都支援。當然，我們支援生成文字。如果客戶選擇這樣做，我們可以讓文字可見、易於抓取，並以非常容易讓 LLM 處理的方式來建置。

We also have a way to enrich so we can give the LLMs more than just the content that we normally have on the website because LLMs like to read lot of content when humans tend to want to read less. So this is one-off that will be, of course, support on every Wix website and pretty much every other standard.

我們也有一種方式可以做內容增豐（enrich），也就是我們可以提供給 LLM 的不只是網站上通常呈現的內容，因為 LLM 喜歡讀大量內容，而人類往往希望讀得更少。所以這是一個一次性的能力，當然會在每個 Wix 網站上支援，並且也符合幾乎所有其他標準。

I think that this is not a small step in a long road map of how we collaborate and create the new Internet, an agent Internet, but for humans. So still need the visuals, still need the disaster, still need to buy products. However, you want to create the ability for agents to work together for humans to have a better experience.

我認為這不是小步，而是我們在長期路線圖上的一部分：我們如何合作並打造新的網際網路——一個代理（agent）網際網路，但仍然是為人類服務。所以仍然需要視覺呈現，仍然需要——仍然需要買產品。然而，你會希望創造讓代理能為人類協同工作的能力，讓人類有更好的體驗。

Trevor Young, Barclays.

Trevor Young，Barclays。

First question just on premium subs. The clients persisting there even when layering in Base44. I appreciate the commentary that growth in key markets like the US was positive. But that metric is still negative for the second year in a row. Why is that? And how much more churn is there among these lower-value subs?

第一個問題是關於付費訂閱（premium subs）。即使加入 Base44，客戶仍在持續留存。我理解你提到像美國這樣的關鍵市場成長是正向的。但這個指標已經連續第二年為負。為什麼會這樣？而在這些較低價值的訂閱用戶之中，流失（churn）有多嚴重？

Trevor, it's Nir. So I think this is -- as a reminder, this is very much aligned with our strategy around bringing value to the cohorts and priority, I think cohort value over the sub. And this is something we've been pursuing for a few years now and have been talking about.

Trevor，我是 Nir。我認為這——提醒一下——這與我們的策略非常一致：為各個 cohort 帶來價值，並且我認為我們優先看 cohort 價值而不是訂閱數（sub）。這是我們追求了好幾年的方向，也一直有對外說明。

And again, throughout the year, we've seen more opportunities around geographies and areas where we can go after higher value subscription, which is why we prefer to go after those. So you can, obviously, you see the lower net subs, but you're seeing the higher value that comes into the cohorts over time.

而且同樣地，在今年我們看到更多機會，來自不同地理區域與領域，我們可以去爭取更高價值的訂閱，因此我們更偏好去做那些。所以你當然會看到淨訂閱數較低，但你也會看到隨時間推進，cohort 帶進來的價值更高。

And just a follow-up question. How should we think about the composition of growth between self creator and partner in '26? Is partner now like a low-20s grower? Or could that slow further?

再追問一個問題。我們應該如何看待 2026 年 self creator 與 partner 之間的成長組成？partner 現在是大約低 20% 的成長者嗎？還是可能會進一步放緩？

And then on self creator, clearly, that will pick up from the contribution from Base44. But should we assume that the core self creator business remains stable, given that Harmony is coming in at the same price puts as the older editor product?

然後在 self creator 方面，很明顯會因為 Base44 的貢獻而回升。但我們是否應該假設核心 self creator 業務保持穩定，考量到 Harmony 以與舊版編輯器產品相同的價格點推出？

Yes, I think that for self creator, I think that you should assume that it is stable. We actually -- when you think about it, we do see some acceleration in terms of the new cohorts. I think that we already indicated that for the performance of Harmony.

是的，我認為對於 self creator，你應該假設它是穩定的。我們其實——如果你這樣想——我們確實看到新 cohort 在加速。我想我們已經就 Harmony 的表現指出過這點。

So it's mostly has an impact, a very positive impact on self creators, especially for the new cohorts. Remember that most of the cohorts already performing, meaning that most of the effects of Harmony is a new cohort. So we are going to see that over time.

所以它主要帶來影響——對 self creators 有非常正面的影響，特別是對新的 cohorts。記得大多數 cohorts 已經在運作中，也就是說 Harmony 的大部分效果會體現在新的 cohort 上。所以我們會隨時間看到這些效果。

With regard to partners, we have a lot of innovation that we are going to do in the future, in the near future. But also Trevor remember that Base44 has a tonne of interesting thing for our partners that they can actually use for their customers, and it's more revenue stream for them. So we believe that although right now, most of it's self creator, we believe that it's a great opportunity also for partners to use Base44 in the future.

至於 partners，我們在不久的將來會做很多創新。但 Trevor 也請記得，Base44 有一大堆對我們 partners 很有趣的東西，他們其實可以拿去給他們的客戶使用，這也會成為他們更多的營收來源。所以我們相信，雖然現在大多數是 self creator，但我們也相信未來對 partners 來說，使用 Base44 也是一個很好的機會。

Mark Zgutowicz, Benchmark.

Mark Zgutowicz，Benchmark。

Question on Harmony, and then I had a follow-up on your LLM partnerships. But on Harmony, just curious what the early cohort KPIs that you're seeing there in terms of conversion, ARPU, attach rate, churn, relative to the traditional cohorts? And how durable do you see these KPIs across your geo mix?

一個關於 Harmony 的問題，然後我還有一個關於你們 LLM 合作夥伴關係的追問。但先談 Harmony：我想了解你們在早期 cohort 看到的 KPI，例如轉換率、ARPU、附加率（attach rate）、流失率（churn），相較於傳統 cohorts 是如何？以及你認為這些 KPI 在不同地理組合（geo mix）之間的持久性如何？

So I'll start with Harmony, as we mentioned, we see a very good performance of the new cohorts. We actually see a better conversion, faster monetization, and also higher ARPU. So we believe -- we hope that this trend will continue. Again, I think that it's too early. But we feel very positive about the first reaction and performance of this product, which in a way, we expected that, but it's always nice to see that.

所以我先從 Harmony 開始，如同我們提到的，我們看到新批次用戶（cohorts）的表現非常好。我們實際上看到更好的轉換率、更快的變現速度，以及更高的 ARPU（每用戶平均收入）。因此我們相信——也希望——這個趨勢會持續下去。再次強調，我認為現在下結論還太早。但我們對這個產品的初期反應與表現感到非常正面；某種程度上這也在我們預期之內，但看到結果仍然令人欣慰。

Got it. And then in terms of the partnerships you have OpenAI, with Harmony, Anthropic via Base44, curious how the economics work here and specifically the revenue split with these partners?

了解。那在合作夥伴方面，你們有 OpenAI（用於 Harmony）、透過 Base44 的 Anthropic，我很好奇這裡的經濟模式如何運作，特別是與這些合作夥伴的營收分成？

And then within Wix and ChatGPT, that framework there, what percent of new Harmony sign-ups do you expect to come here over time? And how do you manage a theoretically lower platform or take rate if these AI interfaces become your major distribution partners?

另外，在 Wix 與 ChatGPT 的整合框架下，隨著時間推進，你們預期有多少比例的新 Harmony 註冊會從這裡導入？如果這些 AI 介面成為你們主要的分發合作夥伴，你們要如何管理理論上較低的平台抽成或 take rate？

It's Nir. So first of all, obviously, we can go into economics. We have a different deals and agreements we have with the LLM partnerships. I think it is worthwhile mentioning that we actually have quite a few different corporations and partnerships and joint ventures with each and every one of them in completely different areas of the wide range of infrastructure that Wix has and support.

我是 Nir。首先，當然，我們可以談經濟模式。我們與 LLM 合作夥伴之間有不同的交易與協議。我覺得值得一提的是，實際上我們與每一家都有不少不同的合作、夥伴關係與合資安排，涵蓋 Wix 廣泛的基礎設施與支援的不同領域。

On the Wix side, on the Base44 side, we've been doing research with them for many, many years now. So also the research teams are very tightly connected. On the Anthropic side, on the Google side, on the OpenAI side, and others, I don't think -- and currently, we're not assuming any impact on the -- specifically on the Wix side GPT thing. So I cannot actually comment on changes that will be incurred because of it.

在 Wix 這邊、在 Base44 這邊，我們和他們已經做了很多很多年的研究。所以研究團隊之間也連結得非常緊密。在 Anthropic、Google、OpenAI 等等這些合作方上，我不認為——而且目前我們也沒有假設會對——特別是 Wix 端的 GPT 相關事項造成任何影響。因此我其實無法評論因此會產生的變動。

If it becomes over time, for some reason, a much more significant stream, then obviously, we can address that. But for the time being, we don't expect that to be significant.

如果隨著時間推進，因為某些原因，它變成一個更重要的流量來源，那我們當然可以再來處理。但就目前而言，我們不預期它會很顯著。

Mike McGovern, Bank of America.

美國銀行的 Mike McGovern。

For Base44, when you think about going from, I think, about $60 million in ARR exiting the year to now over $100 million or close to $100 million in such a brief period of time. Can you just double-click on what was able to accelerate that growth? I know they've added a couple of key features like payments. Is there anything else in there?

針對 Base44，當你們從我記得年末退出時大約 6,000 萬美元的 ARR（年度經常性收入），在這麼短的時間內提升到現在超過 1 億美元或接近 1 億美元。你能否更深入說明是什麼加速了這個成長？我知道他們新增了幾個關鍵功能，例如支付。還有其他因素嗎？

So I don't think we can call to one specific product release or change. And also you have to remember that the cadence of improvement and innovation there is massive. So there's much more that's happening all the time.

所以我不認為我們能把它歸因於某一次特定的產品發佈或變更。而且你也要記得，那邊改進與創新的節奏非常驚人。所以一直都有更多事情在發生。

But it's a combination of the ability to increase the user base. The increase is coming, first and foremost, because there is more and more brand awareness. We did a Super Bowl campaign, which definitely did not hurt and was very beneficial. And is this brand awareness grows.

但這是多種因素的組合，包括擴大用戶基礎的能力。成長首先且最重要的原因，是品牌知名度越來越高。我們做了一個超級盃（Super Bowl）行銷活動，這肯定沒有壞處，而且非常有幫助。而且隨著品牌知名度提升。

And also I would say is the awareness to the category grows for more and more people that, obviously, the demand is increasing. And you can then -- we match that demand with our stellar marketing team that has been working very diligently to ignite and push the Base44 growth over time.

另外我也會說，隨著越來越多人對這個品類的認知提升，需求自然也在增加。然後我們用我們出色的行銷團隊來承接這個需求；他們一直非常努力地點燃並推動 Base44 的成長。

And then I would say definitely the product is improving. And also, we keep on optimizing many, many parts of both the funnel, the product, the business model. We're basically taking so many things out of the Wix playbook and everything we learned over the past two decades in how to run a successful subscription business and we applied to Base44 in the right relevant way. And I think you're seeing the results.

再來我會說，產品本身確實在進步。同時，我們也持續優化漏斗、產品、商業模式等許多環節。我們基本上把 Wix 過去二十年在經營成功訂閱制業務上學到的很多做法，從「Wix 的作戰手冊」中拿出來，並以正確且相關的方式應用到 Base44。我想你看到的就是這些成果。

Got it. And then when we think about tokens that -- and free tokens for trial users within Base44, how much of that, when we think longer term, is somewhat self-inflicted in that S&M expense increase, and you could just lower that over time as Base44 scales and just awareness grows?

了解。那當我們談到 Base44 內給試用用戶的 tokens（代幣）以及免費 tokens，從長期來看，其中有多少在某種程度上是你們「自我造成」的銷售與行銷（S&M）費用增加？而且隨著 Base44 規模擴大、知名度提升，你們是否可以隨時間降低這部分？

Well, I think it's a great question, and we'll keep on testing and understanding where the threshold should be. It can definitely can find ways to move the threshold as time progresses. We do think that having the free tokens there and having a freemium model is great because you want to give people the opportunity to test drive, to pilot the product and try it out.

嗯，我覺得這是個很好的問題，我們會持續測試並理解門檻應該設在哪裡。隨著時間推進，我們確實可以找到方法去調整這個門檻。我們認為提供免費 tokens、採用 freemium（免費增值）模式很棒，因為你希望給人們機會試駕、試點，去體驗並試用產品。

And we think that, obviously, the people who are gaining value from it will continue, and those are the people we will monetize immediately. The ones who don't may come back later on. And we've seen the same thing when we were building the Wix model, whereas again, Base44 is a very young product. On the Wix cohort, we are seeing people who are converting who joined us 10 or 15 years ago. That's amazing. S

而且我們認為，顯然從中獲得價值的人會繼續使用，而這些人我們會立即變現。那些沒有的人可能之後會再回來。我們在建立 Wix 模式時也看到同樣的情況；同樣地，Base44 是一個非常年輕的產品。在 Wix 的 cohort 上，我們看到有些正在轉換的用戶，是 10 年或 15 年前加入我們的。這很驚人。S

o over time, building a big cohort base where people can experience your product, love your products, but if they don't necessarily need it right now, will come back to it later, is a big benefit. That being said, we definitely think there's more things we can do to hone the model, the business model over time, and we'll align that as we go forward.

所以隨著時間推進，建立一個龐大的 cohort 基礎，讓人們能體驗你的產品、喜歡你的產品，但如果他們現在不一定需要，之後也會再回來使用，這是一個很大的好處。話雖如此，我們確實認為，隨著時間推進，我們還能做更多事情來精煉這個模式、這個商業模式，我們也會在往前走的過程中逐步對齊與調整。

Thank you. This concludes the question-and-answer session. Thank you all for your participation on today's call. This does conclude the conference. You may now disconnect.

謝謝。問答環節到此結束。感謝各位參與今天的電話會議。本次會議至此結束。您現在可以斷線。