Wix.Com Ltd (WIX) 2021 Q4 法說會逐字稿

Good day, and thank you for standing by, and welcome to the Wix Fourth Quarter and Full Year 2021 Earnings Conference Call. (Operator Instructions)

美好的一天，感謝您的支持，歡迎參加 Wix 2021 年第四季度和全年收益電話會議。 （操作員說明）

Please be advised that today's conference is being recorded. (Operator Instructions) I would now like to hand the conference over to your host today, Maggie O'Donnell, Director of Investor Relations. Ma'am, please go ahead.

請注意，今天的會議正在錄製中。 （操作員說明）我現在想將會議交給今天的主持人，投資者關係總監 Maggie O'Donnell。女士，請繼續。

Thank you, Michelle, and good morning, everyone. Welcome to Wix' Fourth Quarter and Full Year 2021 Earnings Call. Joining me today to discuss our results are Avishai Abrahami, CEO and Co-Founder; Nir Zohar, President and COO; Lior Shemesh, our CFO; and Joe Pollaro, our GM of the U. S.

謝謝你，米歇爾，大家早上好。歡迎來到 Wix 的 2021 年第四季度和全年收益電話會議。今天和我一起討論我們的結果的是首席執行官兼聯合創始人 Avishai Abrahami； Nir Zohar，總裁兼首席運營官；我們的首席財務官 Lior Shemesh；和我們的美國總經理 Joe Pollaro

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.

在本次電話會議期間，我們可能會做出前瞻性陳述，這些陳述基於當前的預期和假設。請考慮我們的新聞稿和最新的 20-F 表格中包含的風險因素，這些因素可能導致我們的實際結果與這些前瞻性陳述存在重大差異。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, and you can find all reconciliations between our GAAP and non-GAAP results in the earnings materials and our interactive annual center on the Investor Relations section of our website, investors.wix.com. I apologize about the background noise around me. But with that, I'm going to turn over the call to Joe, who will be moderating the Q&A with the team.

此外，我們將評論非 GAAP 財務業績和關鍵運營指標，您可以在收益材料和我們網站投資者關係部分的互動年度中心中找到我們的 GAAP 和非 GAAP 業績之間的所有對賬，投資者.wix.com。我為我周圍的背景噪音道歉。但有了這個，我將把電話轉給喬，他將主持與團隊的問答。

Great. Thanks, Maggie, and welcome, everyone. So Avishai, let's start off with you. We're coming up on 2 years now through this pandemic, and so much has changed in this period of time. So just give us your view on the current state of the market and also the level of demand we're seeing here with.

偉大的。謝謝，瑪吉，歡迎大家。所以Avishai，讓我們從你開始。通過這場大流行，我們已經過去了 2 年，在這段時間裡發生了很多變化。因此，請告訴我們您對當前市場狀況以及我們在這裡看到的需求水平的看法。

Well, as corona started, right, we enjoyed really high level of demand. And this has grown very quickly, and the peak of it was Q1 last year. After that, we saw a slowdown, and it slowed down through Q2 and Q3. And then it's now stabilized in Q4. So -- and I think that this is an effect that pretty much everybody around us has experienced. So we saw it in many of the other companies. So kind of like the Internet growth has slowed down or consumption of the Internet has slowed down.

好吧，當電暈開始時，對，我們享受著非常高的需求。而且這個增長非常快，去年第一季度是它的頂峰。在那之後，我們看到了放緩，並在第二季度和第三季度放緩。然後它現在在第四季度穩定下來。所以 - 我認為這是我們周圍幾乎每個人都經歷過的影響。所以我們在許多其他公司看到了它。這有點像互聯網增長放緩或互聯網消費放緩。

However, we do see that it's stabilized and started to reverse the trend a bit. So we're starting to see growth on that again. For us, it was a few things that we noticed is that the fundamentals have stayed pretty much the same or improved, which means that because the -- behaving in the same way that we had before COVID, and they continue to be at the same way during COVID and they still continue to be the same way. Now churn is the same. Everything is the same.

但是，我們確實看到它已經企穩並開始稍微扭轉趨勢。所以我們開始再次看到增長。對我們來說，我們注意到一些事情是基本面幾乎保持不變或有所改善，這意味著因為 - 行為方式與我們在 COVID 之前的方式相同，並且它們繼續保持相同在 COVID 期間，他們仍然保持相同的方式。現在流失是一樣的。一切都是一樣的。

We did notice that average revenue per subscribers did go up, so 10% last year and again, so overall 20%. Initiatives like partners and payments are growing. So we do see that. But I think, overall, it was a really great beginning in corona and then slowed down in the second year of corona.

我們確實注意到每個訂閱者的平均收入確實上升了，所以去年和再次上升了 10%，所以總體上升了 20%。合作夥伴和支付等舉措正在增長。所以我們確實看到了。但我認為，總的來說，這是一個非常好的開始，然後在電暈的第二年放慢了速度。

Great. So despite some of these dynamics, though, 2021 was actually a great year for Wix in a lot of regard, especially even when you compare to 2019, which was before the pandemic. So just to read off some of the numbers. So we ended 2020 with revenue and bookings up 29% year-over-year compared to 2020. And when you compare to 2019, revenue actually grew 67% and bookings grew 70% over that 2-year period. And this growth, as you kind of said, was really -- has been driven by a really stronger user cohorts of ours. So talk about specifically this growth we've seen in these user cohorts.

偉大的。因此，儘管存在這些動態，但在很多方面，2021 年對 Wix 來說實際上是偉大的一年，尤其是與大流行之前的 2019 年相比。所以只是讀出一些數字。因此，到 2020 年底，我們的收入和預訂量與 2020 年相比同比增長 29%。與 2019 年相比，在這 2 年期間，收入實際上增長了 67%，預訂量增長了 70%。正如您所說，這種增長確實是由我們真正強大的用戶群推動的。因此，請具體談談我們在這些用戶群中看到的這種增長。

So we've dramatically grown off from where we were at the end of 2019. And if you try to look at it and say, to isolate corona is an event, right, and then if you look at it -- so I don't know if we are post corona, but at this phase where we are when we compare to 2019, of course, we see massive growth. A really good way to look at it is that if you look at the Q1 this year and Q1 last year, obviously, the growth rate, right, is based on the best cohort we ever had, which is last year. So obviously, this year, it looks a bit smaller.

因此，我們與 2019 年底的情況相比有了很大的發展。如果你試著看看它並說，隔離電暈是一個事件，對，然後如果你看看它——所以我不不知道我們是否處於新冠疫情后，但在與 2019 年相比的這個階段，當然，我們看到了巨大的增長。一個非常好的看待它的方法是，如果你看一下今年的第一季度和去年的第一季度，顯然，增長率是基於我們曾經擁有的最好的隊列，也就是去年。所以很明顯，今年，它看起來有點小。

We do see that we are still continuing to expand our reach to new markets and -- which is done by a lot of work from partners, a lot of work for commerce. And we can see that we actually have higher quality subs now. I think a lot of it is because with the move and a lot of the things that blocked users from using Wix. So by removing things -- by adding e-commerce capabilities, for example, those 4 partners. We actually enable people that would have normally higher value as a sub to come to Wix and use Wix as a service for the (inaudible). So we do see that, and I'm very optimistic about what it says for the future. Hopefully, we're starting to see the base of the trend.

我們確實看到我們仍在繼續擴大我們對新市場的影響力——這是由合作夥伴的大量工作和商業方面的大量工作完成的。我們可以看到我們現在實際上有更高質量的潛艇。我認為其中很大一部分是因為這一舉措以及許多阻止用戶使用 Wix 的事情。因此，通過刪除一些東西——例如，通過添加電子商務功能，這 4 個合作夥伴。實際上，我們讓那些通常具有更高價值的人能夠使用 Wix 並將 Wix 作為服務（聽不清）。所以我們確實看到了這一點，我對它對未來的看法非常樂觀。希望我們開始看到趨勢的基礎。

Great. So we shared that our focus on growth really is going to come from 3 areas now moving ahead. One is bringing more self-creators to Wix. The other is bringing more partners to Wix who are building sites for others. And these are both really kind of go-to-market initiatives of ours. And then the third very product focus, which applies to both types of audiences, are commerce and payments. So I want to go through each of these for investors and how kind of you view them and how we're going to drive growth. So it starts with self-creators.

偉大的。因此，我們分享說，我們對增長的關注確實將來自正在推進的 3 個領域。一是為 Wix 帶來更多的自我創造者。另一個是為 Wix 帶來更多的合作夥伴，他們正在為其他人構建網站。這些都是我們真正的市場推廣計劃。然後，適用於這兩種受眾的第三個產品重點是商業和支付。因此，我想為投資者詳細介紹這些內容，以及您如何看待它們以及我們將如何推動增長。所以它從自我創造者開始。

Well, this is -- self-creator is where we started, right? This is still is our biggest customer base, right? And I think we are the market leader in that category. I don't think anybody else is similar to us in terms of size. And we still see growth there, right? We do intend to do a few more things to enable faster growth there. And the first thing is with the Code product, the editors, right? So we gave some innovation that are coming soon out and we know from history that this usually drive massive increase in subscribers.

嗯，這是——自我創造者是我們開始的地方，對吧？這仍然是我們最大的客戶群，對吧？我認為我們是該類別的市場領導者。我認為沒有其他人在規模方面與我們相似。我們仍然看到那裡的增長，對吧？我們確實打算做更多的事情來實現那裡更快的增長。首先是代碼產品，編輯器，對嗎？所以我們提供了一些即將推出的創新，我們從歷史中知道這通常會推動訂閱者的大量增加。

The other thing is that we -- again, we removed barriers that people had. So allow sector (inaudible) to do more with commerce, right? It's very important, right, because we allow -- we have small businesses, right? In many different ways. I want to remind everybody that when we say commerce, we don't just talk about (inaudible). We also talk about things like scheduling and booking and restaurants, hotels and many different time businesses, right, that actually want to drive their -- if they try to do it as self-creators, they need the functionality to be successful. So when we add functionality, we enable them to use Wix. And this is a strategy that worked for us really well in the past.

另一件事是我們 - 再次，我們消除了人們所擁有的障礙。所以允許部門（聽不清）在商業方面做更多的事情，對吧？這非常重要，對，因為我們允許——我們有小企業，對吧？以許多不同的方式。我想提醒大家，當我們說商業時，我們不只是談論（聽不清）。我們還討論了諸如日程安排和預訂以及餐廳、酒店和許多不同時間的企業，對，它們實際上想要推動他們——如果他們試圖以自我創造者的身份去做，他們需要功能才能成功。因此，當我們添加功能時，我們使他們能夠使用 Wix。這是過去對我們非常有效的策略。

Another thing that we did is a really large investment in customer care. And we know that -- well, the cost of our customer care, the (inaudible) usually have less knowledge and professional on how to use Wix. And they need help, right? So we have somebody that can help it. That's the cost behind it, I think we're doing very well there.

我們做的另一件事是在客戶服務方面進行了大量投資。而且我們知道——嗯，我們的客戶服務成本，（聽不清）通常對如何使用 Wix 的知識和專業知識較少。他們需要幫助，對吧？所以我們有人可以幫助它。這就是它背後的成本，我認為我們在那裡做得很好。

The last part is that, well, we are growing internationally. We've always been. There's a lot of small things we need to do in every country in order to enable to be really doing well in that country. And it can be simple things like change in text or it can be adding payment providers. It can be how you do some kind of a business functionality. For example, booking in Germany and the United States act very differently. So all because you can actually pay later after you did something, which is uncommon in other places.

最後一部分是，我們正在國際上發展。我們一直都是。我們需要在每個國家/地區做很多小事，以便在該國家/地區真正做得好。它可以是簡單的事情，例如更改文本，也可以添加支付提供商。它可以是您執行某種業務功能的方式。例如，在德國和美國的預訂行為非常不同。之所以如此，是因為您實際上可以在做某事之後再付款，這在其他地方並不常見。

So all those things, when we keep removing those things that are the barrier to success, right, we see growth in self-creators. And traditionally, we've been really good at doing that, and I think we have a lot of very exciting things coming this year.

所以所有這些，當我們不斷消除那些阻礙成功的東西時，對，我們看到了自我創造者的成長。傳統上，我們在這方面做得很好，我認為今年我們會有很多非常令人興奮的事情。

Great. So let's move on to partners. And when we talk about partners, there's also different kinds of partners that we have at Wix. We have agencies that we know build sites. We have freelancers that are building sites for others. We also have large businesses like Vistaprint and NTT, which are using Wix to help their customers be successful online as well. So with partners generally across the board, how do you see us driving growth here?

偉大的。因此，讓我們繼續討論合作夥伴。當我們談論合作夥伴時，Wix 也有不同類型的合作夥伴。我們有我們知道的機構建立網站。我們有自由職業者為他人建造網站。我們也有大型企業，例如 Vistaprint 和 NTT，它們也在使用 Wix 來幫助他們的客戶在網上取得成功。因此，與普遍的合作夥伴一起，您如何看待我們在這裡推動增長？

Well, we started to have agencies, designers like what we call partners, on the first day, we pretty much open Wix. What we did in the last couple of years, we started to invest a lot into making their lives easier, right?

好吧，我們開始有代理商，設計師，比如我們所說的合作夥伴，第一天，我們幾乎開放了 Wix。我們在過去幾年所做的，我們開始投入大量資金讓他們的生活更輕鬆，對吧？

So we did it by many different ways. First of all, we give them tools where they can manage many different websites, right? So let's say you're an agency, you have free designers in your agency and you have 300 million customers, right, so websites. So obviously, you need to use to manage 300 websites, to manage commission for your team members, unique tools to enable billings, so how you charge your customers, how you track what paid for whom. All these things are things that we've added, and we saw really great success because we did that.

所以我們通過許多不同的方式做到了。首先，我們為他們提供了可以管理許多不同網站的工具，對吧？因此，假設您是一家代理商，您的代理商中有免費的設計師，並且您擁有 3 億客戶，對，網站也是如此。很明顯，您需要使用管理 300 個網站、管理團隊成員的佣金、啟用計費的獨特工具、如何向客戶收費、如何跟踪為誰支付的費用。所有這些都是我們添加的東西，我們看到了非常大的成功，因為我們做到了。

Another thing that we did -- is to make Wix more of a professional tool. So I'll give you an example, search engine optimization, the ability to how you affect ranking of our website on Google, what place your website is in, right? So for safety and most of the time, you want it to be automatic, right? Because you just wanted to have really good results without doing anything. For professionals, they want to be able to go under the hood and tweak everything and be able to control every small thing. And so this is something that we've added to the product, enabling them to have this amazing search engine optimization capabilities that it can go under -- deep into Wix and do a lot of different things.

我們做的另一件事是讓 Wix 更像是一種專業工具。所以我給你舉個例子，搜索引擎優化，你如何影響我們網站在谷歌上的排名，你的網站在什麼地方，對吧？所以為了安全起見，大多數時候，你希望它是自動的，對吧？因為你只是想在不做任何事情的情況下獲得非常好的結果。對於專業人士來說，他們希望能夠深入了解並調整一切，並能夠控制每一件小事。所以這是我們添加到產品中的東西，使他們能夠擁有令人驚嘆的搜索引擎優化功能，它可以深入到 Wix 並做很多不同的事情。

We released product that is specifically for designers and agencies Editor X. And of course, we've added a team that give them special support. Again, if you are supporting 300 websites, right, you need different support than somebody who is on one website and to have main business is doing yoga, right?

我們發布了專為設計師和機構 Editor X 設計的產品。當然，我們還增加了一個團隊，為他們提供特殊支持。同樣，如果您要支持 300 個網站，對，您需要的支持與只在一個網站上的人需要不同的支持，並且主要業務是做瑜伽，對嗎？

And even if the question sounds the same, the answer would be very different, right? Because one guy is how do you know anything about Wix, and he knows too easy to build the website and the other guy is super professional. So even if it's a similar question, the answer is very different. And of course, the response time has to be very different.

即使問題聽起來一樣，答案也會大不相同，對吧？因為一個人是你怎麼知道Wix的，他知道建網站太容易了，另一個人超級專業。因此，即使是類似的問題，答案也大不相同。當然，響應時間必須非常不同。

So we created that team and we saw massive growth this year, right, in partners and agencies. And we think that this is a really good strategy. I think the more we continue with the strategy, the more growth we'll see from that.

所以我們創建了這個團隊，今年我們看到了合作夥伴和代理機構的巨大增長。我們認為這是一個非常好的策略。我認為我們繼續執行該戰略的次數越多，我們就會從中看到更多的增長。

Great. And we'll come back to the partner's data in a minute. But before that, I want to go on to commerce very quickly. Commerce, obviously, you mentioned that both with self-creators and to partners. We shared transaction revenue, which is essentially payments revenue, a big indicator how our commerce business is performing. In 2021, it was $130 million or 134% year-over-year. [DTB] on Wix was $9.6 billion, up 78% year-over-year. Just expand a little bit more about what is driving our success in cars.

偉大的。我們稍後會回到合作夥伴的數據。但在此之前，我想很快進入商業領域。商業，顯然，你提到了自我創造者和合作夥伴。我們共享交易收入，這本質上是支付收入，這是我們商業業務表現的一個重要指標。 2021 年為 1.3 億美元，同比增長 134%。 Wix 上的 [DTB] 為 96 億美元，同比增長 78%。只需稍微擴展一下推動我們在汽車領域取得成功的因素。

Well, I want to emphasize again, e-commerce is very diversified, right? It's not just shopping cart. A lot of it is shopping cart. We also have the ability to schedule services, the ability to sell time, the ability to -- for restaurants. So there's a lot of different things that we do. And I think what drove the success is that we actually get the right product, right? Before that, if you came to Wix as a self-creator and you wanted to do a lot of those things, you couldn't within in the functionality. So by enabling by offering, building this functionality into Wix, now self-creators and agencies, partners can do it. And the result from that was growth, right?

好吧，我想再次強調，電子商務是非常多元化的，對吧？這不僅僅是購物車。很多都是購物車。我們也有能力安排服務，銷售時間，有能力——為餐廳服務。所以我們做了很多不同的事情。我認為推動成功的是我們實際上得到了正確的產品，對吧？在此之前，如果您以自我創造者的身份來到 Wix，並且想做很多這樣的事情，那麼您無法在功能範圍內。因此，通過提供，將這個功能構建到 Wix 中，現在的自我創造者和代理機構，合作夥伴可以做到這一點。結果就是增長，對吧？

So it is all driven by adding the right products and creating really good products. We see because of that strong GPV growth. And because we know there is a lot of more things we need to do there, we are very optimistic on accelerating that into the future because we know what the customers are saying, "Well, I want to do that. I cannot do it on waste. Can you please add something that enable me to do it?" The upside of it is, of course, higher revenue per subs and, of course, additional revenues from (inaudible).

所以這一切都是通過添加正確的產品和創造真正好的產品來驅動的。我們看到是因為強勁的 GPV 增長。而且因為我們知道我們需要在那裡做更多的事情，所以我們非常樂觀地認為未來會加速這一進程，因為我們知道客戶在說什麼，“好吧，我想這樣做。我不能這樣做廢物。你能加點東西讓我做嗎？當然，它的好處是每個訂閱者的收入更高，當然還有來自（聽不清）的額外收入。

Great. So Nir, let's move on and talk a little bit more about going back to the partner's revenue. So this is the first time we're sharing this number, revenue generated through partners. It was $257 million in 2021. That was up 75% year-over-year and up 3x over what it was in 2019. Talk a little bit more about why this has been successful for us and why partners are so important and meaningful for us and why this extra data is something we're going to be providing.

偉大的。所以 Nir，讓我們繼續討論更多關於回到合作夥伴收入的問題。所以這是我們第一次分享這個數字，通過合作夥伴產生的收入。 2021 年為 2.57 億美元。同比增長 75%，比 2019 年增長 3 倍。多談談為什麼這對我們來說是成功的，以及為什麼合作夥伴對我們如此重要和有意義以及為什麼我們要提供這些額外的數據。

Absolutely. First, thank you all, of course, everyone, for joining us today. We wanted to give this breakout and structure it to all of you guys because this is how we think about our own business. So we wanted to try and kind of match that internal thinking to how we expand it outwards. And essentially, when we think about our business, there's really 2 parts to it, right? There's the direct acquisition, which we bring traffic in users for those self-created right, to our platform. By the way, we capture a lot of those partners also by that direct acquisition.

絕對地。首先，當然，感謝大家今天加入我們。我們想給你們所有人提供這個突破和結構，因為這就是我們對自己業務的看法。因此，我們想嘗試將這種內部思維與我們向外擴展的方式相匹配。本質上，當我們考慮我們的業務時，它實際上有兩個部分，對嗎？有直接獲取，我們為那些自創權利的用戶帶來流量到我們的平台。順便說一句，我們也通過直接收購獲得了很多這樣的合作夥伴。

But those people are coming to us directly, okay? And the partners, and it doesn't matter if they're the small freelancer, one-man show or an agency or a big partnership B2B partnership, in all of those cases, this is basically kind of an indirect go-to-market because in this case, we are reaching customers that we can reach otherwise because those are -- those customers are people who don't want to do their own website. For whatever reason it is, they want someone else to help them out with it different ways and scales of help. And this is why we think differently about the partnership section of our business. Avishai mentioned before, it has always been -- we've always been an attraction for professionals, but we obviously much structured much more of what we do towards to help them and make them more successful in the last few years.

但是那些人是直接來找我們的，好嗎？和合作夥伴，無論他們是小型自由職業者、單人秀、代理機構還是大型 B2B 合作夥伴關係，在所有這些情況下，這基本上都是一種間接的進入市場因為在這種情況下，我們正在接觸我們可以通過其他方式接觸到的客戶，因為那些客戶是那些不想做自己的網站的人。無論出於何種原因，他們都希望其他人以不同的方式和規模的幫助來幫助他們。這就是為什麼我們對我們業務的合作夥伴部分有不同的看法。 Avishai 之前提到過，它一直是 - 我們一直是專業人士的吸引力，但我們顯然在過去幾年中更多地構建了我們為幫助他們並使他們更加成功的工作。

And When you look at what we delivered to them at the end of the day, it's basically given us a platform. We give them the technology and it doesn't matter if they're the freelancer, the agency or the big company, we give the technology to be successful to deliver value to their own customers. And that's obviously a massive growth opportunity for us.

當你看到我們在一天結束時交付給他們的東西時，它基本上給了我們一個平台。我們為他們提供技術，無論他們是自由職業者、代理機構還是大公司，我們提供的技術都是為了成功地為他們自己的客戶創造價值。這對我們來說顯然是一個巨大的增長機會。

So you mentioned these big company partners. So Vistaprint, obviously, was a significant one last year. Can you just give us an update on where we are with the Vistaprint partnership?

所以你提到了這些大公司的合作夥伴。因此，Vistaprint 顯然是去年的重要一員。您能否向我們介紹一下我們與 Vistaprint 合作的最新情況？

Yes, absolutely. I think it's obviously been a very significant and interesting partnership product. I think that it's also one at a higher scale, which obviously, this time around required that we need to do some adjustments in order to facilitate it, which is also great because it's infrastructure, which we don't need to repeat next time around. To be honest, it got me a little bit worried that we may not meet time lines, but I think the great news is that we are actually exactly where we wanted to be. Meaning that we already started testing the full mutual funnel in some territories, and it looks good. And we are on schedule to deliver and launch it this quarter, Q1, which makes me assume that we'll start seeing the contribution in revenues sometime in Q2 and throughout the rest of the year.

是的，一點沒錯。我認為這顯然是一個非常重要和有趣的合作產品。我認為這也是一個更大的規模，顯然這一次需要我們做一些調整以促進它，這也很好，因為它是基礎設施，我們下次不需要重複.老實說，這讓我有點擔心我們可能無法滿足時間表，但我認為好消息是我們實際上正是我們想要成為的地方。這意味著我們已經開始在某些地區測試完整的相互漏斗，而且看起來不錯。我們正按計劃在本季度第一季度交付和推出它，這讓我假設我們將在第二季度的某個時候和今年剩餘時間的某個時候開始看到對收入的貢獻。

I think one other maybe interesting points about the Vistaprint deal is that also they have very large volume of legacy websites that are also -- we intend to migrate to our platform throughout the year. And this is a project that we are pursuing already and we believe will be finished by the end of the year.

我認為關於 Vistaprint 交易的另一個可能有趣的點是，他們也有大量的遺留網站，我們打算全年遷移到我們的平台。這是一個我們已經在進行的項目，我們相信將在今年年底前完成。

Great. So now let's move on and zero in on our user cohorts. So first of all, we ended the year with nearly 222 million users and almost 6 million subscriptions. We shared that we added 478,000 net subscriptions in 2021. Not surprising that, that was down compared to 2020. 2020 was obviously a very unusual year. That created a huge demand and had a big impact not only in '20 but also on '21. At the same time, our revenue per subscription, as Avishai already mentioned, it was up 12% year-over-year in 2021 and revenue -- and that came off of a year when ARPS was up 10% in 2020. So just put all this together and talk more about how that looks in our user cohorts.

偉大的。所以現在讓我們繼續並歸零我們的用戶群組。因此，首先，我們在這一年結束時擁有近 2.22 億用戶和近 600 萬訂閱。我們分享說，我們在 2021 年增加了 478,000 個淨訂閱。這並不奇怪，與 2020 年相比有所下降。2020 年顯然是非常不尋常的一年。這產生了巨大的需求，不僅在 20 年而且對 21 年都產生了重大影響。同時，正如 Avishai 已經提到的，我們的每次訂閱收入在 2021 年和收入同比增長 12%，而這一數字是在 2020 年 ARPS 增長 10% 的一年之後出現的。所以只要放所有這些都在一起，並更多地討論它在我們的用戶群中的外觀。

Absolutely. So Joe, you kind of mentioned this, I would say, different behavior which is something that is a dynamic that is significant for these 2 years, okay? When we look at '21 compared to '19, we had a much higher demand, okay? Gross subs were up 16%, so 16% higher than 2019. But because of the massive amount of subscriptions and the huge size and demand of the cohorts of 2020 going into that Q1 of 2021, we basically had this kind of dynamic, where even though the churn rates were the same or even slightly better, we actually saw, on absolute numbers, a little bit of monetization into the 2021 numbers of the (inaudible), which kind of makes sense, right? But since it's all based on that, we actually see that as a onetime effect. It's something that we don't expect to repeat in 2022.

絕對地。所以喬，你有點提到這個，我想說，不同的行為，這是一種動態的東西，對這兩年來說很重要，好嗎？當我們比較 '21 和 19 時，我們的需求要高得多，好嗎？總訂閱量增長了 16%，比 2019 年高出 16%。但由於大量訂閱以及 2020 年進入 2021 年第一季度的龐大規模和需求，我們基本上有這種動態，甚至儘管流失率相同甚至稍好一些，但我們實際上看到，在絕對數字上，2021 年（聽不清）的數字有一點貨幣化，這是有道理的，對吧？但由於這一切都基於此，我們實際上將其視為一次性效果。這是我們不希望在 2022 年重複發生的事情。

That being said, when you look at those cohorts and you look at this value generated, you see that it's much stronger because it has better monetization. First of all, we've seen the users coming with a much higher intent towards building a business website. So we see an adoption of the higher-priced packages almost on all of them. And also, they're starting to generate GPV. The GPV is compounding also into the value of those websites and then to the value of the cohort itself. So it's much better monetization.

話雖如此，當您查看這些同類群組並查看所產生的價值時，您會發現它更強大，因為它具有更好的貨幣化。首先，我們看到用戶對建立商業網站的意圖要高得多。因此，我們看到幾乎所有人都採用了價格更高的套餐。而且，他們開始產生GPV。 GPV 還與這些網站的價值相結合，然後與同類群組本身的價值相結合。因此，它是更好的貨幣化。

And when you look at kind of that overall potential of all of the cohorts under our hood, that number has grown to well above $15 billion. It's roughly $15.7 billion, I think, at this point, which is a huge increase. This is all that way -- all this becomes the result of that evolution that Avishai spoke about, that investment into our products, into our users that has expanded our business and the fundamentals of our business significantly within these 2 years.

當你看到我們所有團隊的整體潛力時，這個數字已經增長到遠高於 150 億美元。在這一點上，我認為大約是 157 億美元，這是一個巨大的增長。就是這樣——所有這一切都成為 Avishai 所說的進化的結果，對我們的產品、對我們用戶的投資在這兩年內顯著擴展了我們的業務和我們的業務基礎。

Great. And finally, net revenue retention for 2021 actually grew to 116% from where it was in 2020 at 113%. Just touch on what drove this.

偉大的。最後，2021 年的淨收入保留率實際上從 2020 年的 113% 增長到 116%。只需談談是什麼推動了這一點。

Well, as I just mentioned, as you see monetization increase across the board within the cohorts. When you see ARPS going up. When you see the GPV going up, obviously, you will also get higher-quality users that will generate more retention of revenues over time. But in fact, you actually see them staying longer because their businesses are more successful. So our expectation is that this will -- this is a phenomenon that not only is here to stay but actually can improve over time even more. And again, it's true investment into product more than anything else.

好吧，正如我剛才提到的，正如您所看到的，同類群組中的貨幣化全面增長。當您看到 ARPS 上升時。顯然，當您看到 GPV 上升時，您還將獲得更高質量的用戶，這些用戶將隨著時間的推移產生更多的收入保留。但事實上，您實際上看到他們停留的時間更長，因為他們的業務更成功。所以我們的期望是，這將是一種現象，不僅會繼續存在，而且實際上會隨著時間的推移而進一步改善。再說一次，這是對產品的真正投資，而不是其他任何事情。

Great. So now let's turn to financials, Lior. First, I want to talk about our results in Q4. We came in towards the lower end of our range for bookings and a little bit above the midpoint for revenue range. So talk just a little bit more about what happened in Q4 with our top line results.

偉大的。所以現在讓我們轉向財務，Lior。首先，我想談談我們在第四季度的業績。我們進入了預訂範圍的低端，略高於收入範圍的中點。因此，請用我們的頂線結果多談談第四季度發生的事情。

Sure, Joe, and thank you, everyone, for joining us today. So just to remind you, when we provided the guidance for the year and obviously, for the quarter, that was really the range that we saw at that time. And when we look at revenue, we came in exactly how we expected near the high end of the range. And as for booking about $14 million of B2B partnership that we expect to have were actually postponed for later this year. And as a result of that, we came in toward the low end of the range for bookings.

當然，喬，謝謝大家今天加入我們。因此，只是提醒您，當我們提供年度指導時，顯然，對於本季度，這確實是我們當時看到的範圍。當我們查看收入時，我們的收入完全符合我們在該範圍高端附近的預期。至於預訂約 1400 萬美元的 B2B 合作夥伴關係，我們預計實際上已推遲到今年晚些時候。因此，我們進入了預訂範圍的低端。

It's very important to mention that with regard to the B2B partnership, still the year was very strong, more than $70 million in terms of bookings -- and we said before, this is a lumpy business at the very beginning. And as long as we continue to increase the funnel of this business, it will be less lumpy in the future. And we feel very excited about it because in the end of the day, it's part of the strategy, part of our partner strategy, and we already started to see the contribution in terms of number of websites, premiums and revenue.

值得一提的是，關於 B2B 合作夥伴關係，這一年仍然非常強勁，預訂量超過 7000 萬美元——我們之前說過，這在一開始是一個不穩定的業務。而且只要我們繼續增加這個業務的漏斗，以後就不會那麼坎坷了。我們對此感到非常興奮，因為歸根結底，這是戰略的一部分，也是我們合作夥伴戰略的一部分，我們已經開始看到網站數量、保費和收入方面的貢獻。

Let's move on to 2022 now. So we're not providing annual guidance right now. Talk about why and talk also about what are we going to provide.

現在讓我們進入 2022 年。所以我們現在不提供年度指導。談論原因並談論我們將提供什麼。

So Avishai spoke about it before about the -- in clarity about the business, about the macroeconomics and specifically about COVID. So we will continue to provide annual guidance, and we have enough clarity to do so with the amount of confidence that we like. We are not in a place where we want to provide guidance just for sake for providing guidance. We, obviously, want to feel comfortable about the numbers. We want to feel that we can actually predict the numbers, and we will continue to doing so when we have more clarity.

因此，Avishai 之前談到了 - 清楚地了解了業務、宏觀經濟學，特別是 COVID。因此，我們將繼續提供年度指導，並且我們有足夠的明確性以我們喜歡的信心這樣做。我們不是為了提供指導而想提供指導的地方。顯然，我們希望對這些數字感到滿意。我們希望感覺到我們實際上可以預測這些數字，並且當我們更加清晰時，我們將繼續這樣做。

We see that there is a lot of volatility in the market today. And again, Avishai mentioned that a lot in the very beginning of this call, and it's giving us less visibility into our model on an annual basis. So for now, we are going to provide the guidance on a quarterly basis, simply because of the fact that we see much more clarity in the short-term rather than the long term. And again, as usual, our guidance for the quarter reflects the range based on what we know today.

我們看到今天的市場波動很大。再一次，Avishai 在電話會議的一開始就提到了很多，這讓我們每年對我們的模型的可見性降低。因此，就目前而言，我們將按季度提供指導，僅僅是因為我們在短期而不是長期看到更加清晰的事實。同樣，像往常一樣，我們對本季度的指導反映了基於我們今天所知道的範圍。

Okay. So just really quick -- just walk through specifically the guidance that we're providing for Q1 revenue.

好的。所以真的很快 - 只需具體了解我們為第一季度收入提供的指導。

Yes. So the guidance for the first quarter is -- in terms of revenue, is 338 to 343, which represents a growth of about 11% to 13% on a year-over-year basis. Again, we need to remember that it's very -- it's most difficult on a year-over-year comparable we faced this year because the first quarter of 2021 was unusual strong quarter. So I do expect that for the rest of the year, the year-over-year growth of our revenue and the same, obviously, for bookings will be much higher than the first quarter.

是的。因此，第一季度的指導是 - 就收入而言，為 338 至 343，同比增長約 11% 至 13%。同樣，我們需要記住，這是非常困難的——在我們今年面臨的同比可比數據中是最困難的，因為 2021 年第一季度是不尋常的強勁季度。所以我確實預計，在今年剩下的時間裡，我們收入的同比增長以及預訂量的同比增長顯然將遠高於第一季度。

As for the new initiatives like partners and payments, we do expect to generate a much higher growth also this year as a result of the investments that we've made, and we've already started to see the fruits and the fact that it's started to become more profitable than last year.

至於合作夥伴和支付等新舉措，由於我們所做的投資，我們確實預計今年也會產生更高的增長，我們已經開始看到成果以及它已經開始的事實變得比去年更有利可圖。

Great. And gross margins and gross profit. So what are you expecting on the gross margin trends for '22?

偉大的。以及毛利率和毛利潤。那麼您對 22 年的毛利率趨勢有何期待？

So with regard to the creative subscription, the gross margin we expected -- we expect to have a modest improvement in the second half of the year. As we mentioned last year, we started to see -- we will start to see the leverage of it. And by the way, this is one of the reasons why we expect the free cash flow to be better this quarter in term of its margin better this year than last year. And obviously, massive improvements in 2023 just because of that. As for the business solution, we expect improvement throughout the year. It means gross profit on the year-over-year growth will accelerate.

因此，關於創意訂閱，我們預期的毛利率 - 我們預計下半年會有適度的改善。正如我們去年提到的，我們開始看到 - 我們將開始看到它的影響力。順便說一句，這就是我們預計本季度自由現金流量今年的利潤率會好於去年的原因之一。顯然，正因為如此，2023 年的巨大改進。至於業務解決方案，我們預計全年都會有所改善。這意味著毛利潤的同比增長將加速。

Great. And just to wrap up then, free cash flow. So we ended 2021 at about $52 million in free cash flow. That excludes the CapEx that we're using for our new headquarters build-out. So that was 4% margin on revenue. We've obviously invested a lot into the business in the last couple of years, as you mentioned. So just talk about your outlook on the free cash flow going forward.

偉大的。最後總結一下，自由現金流。因此，我們在 2021 年結束時的自由現金流約為 5200 萬美元。這不包括我們用於新總部擴建的資本支出。所以這是 4% 的收入利潤率。正如你所提到的，在過去的幾年裡，我們顯然在這項業務上投入了大量資金。因此，請談談您對未來自由現金流的展望。

So for Joe, I think that this is really exciting because in the end of the day, the way that I look at it is the same as when you invest start-up cost. When you have a new company, you start to build the infrastructure, you're adding sales team, you are building the team to support the product. So at the very beginning, you have more expenses than income. And this is exactly what we had before, and this is why we thought that it makes a lot of sense to improve the infrastructure in order to support those new initiatives.

所以對於喬來說，我認為這真的很令人興奮，因為歸根結底，我看待它的方式與投資啟動成本時的方式相同。當你有一家新公司時，你開始建立基礎設施，你正在增加銷售團隊，你正在建立團隊來支持產品。所以一開始，你的支出多於收入。這正是我們之前所擁有的，這就是為什麼我們認為改進基礎設施以支持這些新舉措非常有意義。

Both Avishai and Nir mentioned the partner is growing 3x in the last 2 years. We saw how payments is growing. And I think that this is something that will continue and even accelerate. We already started to see the early results. We know that it's working. The numbers keep on increasing. We started to see the leverage of those investments, and we will see more this year and certainly next year. So this year, we said that free cash flow is going to be about 5% of revenue. And next year, probably, we are going to double it. And this is all transformed from a point that most -- the massive amount of the investment has already been done, meaning that we will continue to invest but not at the same level. So we are going to get much more of leverage.

Avishai 和 Nir 都提到該合作夥伴在過去 2 年中增長了 3 倍。我們看到了付款是如何增長的。我認為這將繼續甚至加速。我們已經開始看到早期的結果。我們知道它正在工作。數字不斷增加。我們開始看到這些投資的槓桿作用，今年我們會看到更多，明年肯定會看到。所以今年，我們說自由現金流將佔收入的 5% 左右。明年，我們可能會加倍。而這一切都從一個最重要的點轉變——大量的投資已經完成，這意味著我們將繼續投資，但不是在同一水平上。因此，我們將獲得更多的槓桿作用。

And think about it this way. The costs are not going to grow the same as the top line. The top line is going to grow simply much faster and higher, which will enable us to start to generate profitable growth in the second half of this year and certainly next year.

並以這種方式考慮。成本不會像頂線一樣增長。收入將增長得更快更高，這將使我們能夠在今年下半年開始實現盈利增長，當然明年也是如此。

Great. Maggie, I'll hand it back to you to open it up for questions.

偉大的。 Maggie，我會把它還給你，讓你打開它來提問。

Great. Thanks, Joe. Michelle, I think we're ready to open up the line for some questions.

偉大的。謝謝，喬。米歇爾，我想我們已經準備好提出一些問題了。

(Operator Instructions) And our first question comes from the line of Ygal Arounian with Wedbush.

（操作員說明）我們的第一個問題來自 Ygal Arounian 和 Wedbush 的台詞。

I want to go into the growth initiatives, I guess, particularly on the first, self-creator and the agencies. And it's great to see that growth on the partners and that right now is still largely coming from agencies. Call you talk a little bit more first on the agency side. Maybe dive a little bit more into the trends, the kind of agencies at this point in time, there is an ability to kind of keep in upmarket to larger agencies and what that can look like in the coming year or 2?

我想我想參與增長計劃，特別是關於第一個、自我創造者和代理機構。很高興看到合作夥伴的增長，而且現在仍然主要來自代理機構。打電話給你，先在代理方面多談一點。也許更深入地了解趨勢，在這個時間點上的代理機構，有能力將高端市場保持在更大的代理機構中，未來一兩年會是什麼樣子？

And then on the self-creator side, obviously, still a huge focus there. I believe I'm doing this the right way. So if you back out the partner's revenue from total revenue, the self-creator revenue still strong in 2020 but decelerated materially over the course of the year. I think the guidance would imply that steps down again in 1Q. I know there's a lot of trends from COVID, but maybe we could pull that out and talk about the overall health of the self-creator environment as well.

然後在自我創造者方面，顯然，仍然是一個巨大的焦點。我相信我這樣做是正確的。因此，如果您從總收入中剔除合作夥伴的收入，那麼自我創造者的收入在 2020 年仍然強勁，但在這一年中大幅減速。我認為該指導將意味著第一季度再次下台。我知道 COVID 有很多趨勢，但也許我們可以將其拉出來並討論自我創造環境的整體健康狀況。

So let me -- if I understand right, the first question in the question was to give more color on the type of agencies that we see at Wix, right?

所以讓我 - 如果我理解正確，問題中的第一個問題是對我們在 Wix 看到的代理類型提供更多顏色，對嗎？

And the opportunity. Yes, continued great strength and just a continued opportunity.

和機會。是的，持續的強大力量和持續的機會。

Of course. I think that if you look at the total agencies, we see it's very diversified, right? We have a lot of the smaller guys, what you would call the freelancer. That's a big portion. And then we have a big portion of agencies that are the one that are building tons of websites, right, then of course, notice that we've got to build a lot of websites. And they do it very quickly. And recently, we're seeing more and more of agencies that are building a very high-end websites, so things that are like campaigns for very big commercials or very big companies, and we see a lot of those joining Wix now.

當然。我認為如果你看一下總代理，我們會看到它非常多樣化，對吧？我們有很多較小的人，你會稱之為自由職業者。這是很大一部分。然後我們有很大一部分代理商正在建立大量網站，對，當然，請注意我們必須建立很多網站。他們做得很快。最近，我們看到越來越多的代理機構正在建立一個非常高端的網站，比如為非常大的商業廣告或非常大的公司開展活動，我們現在看到很多人加入了 Wix。

In terms of the potential, we believe that the potential there is huge because we think that this market is probably 10x bigger than the self-creators okay, overall. Of course, there's 2 sides to it, right, because the more we add functionality and simplify the self-creators, we're going to get more of a bigger market in the self-creators. So that's one side of it. The other side of it is that a lot of people don't want to build the web [resource], have somebody paid to do it. And obviously, that goes to the second category. So we think that there is a very big potential for growth here. Nir, do you want to take the second part?

就潛力而言，我們認為潛力巨大，因為我們認為這個市場可能比自我創造者大 10 倍，總體而言。當然，它有兩個方面，對，因為我們越多地添加功能並簡化自創者，我們將在自創者中獲得更多更大的市場。這是一方面。另一方面是很多人不想建立網絡[資源]，有人付錢去做。顯然，這屬於第二類。所以我們認為這裡有很大的增長潛力。尼爾，你要拍第二部嗎？

Yes, absolutely. So in terms of the self-creator obviously, still a very big focus of ours in terms of the product, as Avishai just mentioned. And when you look at the growth there, okay, if you cover the growth of kind of the 2 -- the year,, over 2 years growth of that specific segment, it grew 50% 2021 on 2019, which is a very, very healthy growth. Naturally, when you try to compare '21 to '20, where we have the tougher comp of '20, it looks like a slowdown but it still remains a very healthy, very strong part of our business.

是的，一點沒錯。因此，顯然，就自我創造者而言，正如 Avishai 剛才提到的，在產品方面仍然是我們非常關注的重點。當你看看那裡的增長時，好吧，如果你涵蓋了 2 年的增長，那個特定部分的 2 年增長，它在 2019 年的 2021 年增長了 50%，這是一個非常非常健康成長。自然，當您嘗試將 21 年與 20 年進行比較時，我們有 20 年的更艱難的競爭，它看起來像是放緩，但它仍然是我們業務中非常健康、非常強大的一部分。

And when we think about it going forward, in terms of will it keep on growing fast, let's think about what needs to happen for it to decelerate, okay? It's one of basically 2. Either people will steer away from needing to take their business online and move away from websites and transact less on the Internet or alternatively, there will be some very massive change in terms of competition and somebody is going to capture our market share.

當我們考慮它向前發展時，它會繼續快速增長，讓我們想想它需要發生什麼來減速，好嗎？它基本上是 2 種之一。要么人們將不再需要在網上開展業務並遠離網站並減少在互聯網上的交易，要么在競爭方面會有一些非常巨大的變化，有人會抓住我們的市場份額。

Obviously, we don't think the first is going to happen. We believe that when we see people keep on onboarding their businesses online, and we haven't seen any significant change in terms of market share. In fact, we believe that we are gaining -- we're gaining market share. So our -- we are very confident that, going forward, we'll keep on expanding that business and growing fast.

顯然，我們認為第一個不會發生。我們相信，當我們看到人們繼續在網上開展業務時，我們還沒有看到市場份額有任何顯著變化。事實上，我們相信我們正在獲得——我們正在獲得市場份額。因此，我們非常有信心，展望未來，我們將繼續擴大業務并快速增長。

And maybe a quick follow-up for Lior. On the free cash flow, just because right now in the current market environment is such a heightened and focus on cash generation. And understand the dynamics of investments kind of coming through the margins improving over the next couple of years. So if you look out to your '23 guidance on the margins, it's still nicely below where you guys were in 2017 to 2019, whereas the margin was between 16% and kind of 17% on revenue. Do you expect to get back to those kind of levels? And what would it take to get there?

也許是 Lior 的快速跟進。關於自由現金流，只是因為現在在當前的市場環境中是如此的高度和專注於現金產生。並了解未來幾年利潤率提高的投資動態。因此，如果您查看您的 23 年利潤率指導，它仍然遠低於你們在 2017 年至 2019 年的水平，而利潤率在 16% 到 17% 之間。你希望回到那種水平嗎？到達那裡需要什麼？

So first of all, for sure, we are going to go back to this level. I think that the 2 different ways to look. The first one is about -- in the past, we didn't really have the business solutions like payments, for example, which is with a low margin, right? So I don't think that -- I don't expect to have the same free cash flow margin from this type of activity. That said, if we exclude the investments that we've made for the last 2 or 3 years, we are certainly higher than 20% of free cash flow for the core business. And this is something that is really important to mention and very important to understand.

所以首先，可以肯定的是，我們將回到這個水平。我認為這兩種不同的方式來看待。第一個是關於 - 在過去，我們真的沒有像支付這樣的業務解決方案，例如，利潤率很低，對吧？所以我不認為 - 我不希望從這類活動中獲得相同的自由現金流量利潤率。也就是說，如果我們排除過去 2 或 3 年的投資，我們肯定會高於核心業務自由現金流的 20%。這是非常重要的一提，也是非常重要的理解。

I believe that what we have managed to do is to generate -- funnel an opportunity to continue with a very healthy growth. And this is why we are going to see the leverage of those expenses. And for sure, we are going to go back to the same level of free cash flow that we've been before. And I believe that we are actually going to exceed that.

我相信我們已經設法做的是產生 - 漏斗機會繼續非常健康的增長。這就是為什麼我們將看到這些費用的影響力。可以肯定的是，我們將回到與以前相同的自由現金流水平。我相信我們實際上會超越這一點。

And our next question comes from the line of Deepak Mathivanan with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Deepak Mathivanan。

This is Zack on for Deepak. First, just on the Q1 guide, can you just help us think about the implied kind of bookings growth in 1Q? And I know you called out the $14 million of BB partnerships that was deferred out of 4Q. Did that drop into 1Q? Or is that more spread out over the course of the year? And then second on just transaction revenues. When you think about the drivers of growth this year, do you think the primary driver of growth will be better penetration of the existing merchant base or kind of new merchants kind of coming on to the platform? And I guess, anything you can share just in terms of your expectations for GPV and transaction revenue growth for this year would be helpful.

這是迪帕克的紮克。首先，就第一季度指南而言，您能否幫助我們考慮一下第一季度隱含的預訂增長類型？而且我知道你呼籲 1400 萬美元的 BB 合作夥伴關係被推遲到第四季度。 1Q 下降了嗎？還是在一年中更分散？其次是交易收入。當您考慮今年的增長驅動力時，您認為增長的主要驅動力是更好地滲透現有商家群還是某種新商家進入平台？而且我想，只要您對今年的 GPV 和交易收入增長的預期，您可以分享的任何內容都會有所幫助。

I think the first one is for you, Lior.

我想第一個是給你的，Lior。

Yes. So for the first quarter guidance, we are going to see that, as you mentioned, the B2B partnership. I don't know yet. And if this is something that we will be recognized or booked, this is during the quarter or during the second quarter. And by the way, this is one of the reasons especially around an uncertainty macroeconomics to provide those type of guidance even for the next quarter.

是的。因此，對於第一季度的指導，正如您所提到的，我們將看到 B2B 合作夥伴關係。我還不知道。如果這是我們將得到認可或預訂的東西，這是在本季度或第二季度。順便說一句，這也是在不確定的宏觀經濟形勢下甚至在下一季度提供此類指導的原因之一。

So to answer your question, I don't know. For sure, it is going to be postponed, right? But it will be recognized somewhere during 2022. I'm talking specifically about those missed deals from the fourth quarter.

所以回答你的問題，我不知道。當然，它會被推遲，對吧？但這將在 2022 年的某個時候得到認可。我說的是第四季度的那些錯過的交易。

With regard to the transaction revenue growth, I do believe that GPV is going to have a significant increase during this year. But we prefer at this point of time, because of the uncertainty, not to provide the exact guidance. But as we mentioned before, we are going to report on it.

關於交易收入的增長，我相信今年的 GPV 會有顯著的增長。但由於不確定性，我們目前更傾向於不提供確切的指導。但正如我們之前提到的，我們將對此進行報導。

Got it. Should we expect GPV disclosure on a quarterly basis going forward?

知道了。我們是否應該期望未來每季度披露 GPV？

Yes. We are going to disclose it on a quarterly basis.

是的。我們將每季度披露一次。

And our next question comes from the line of Clarke Jeffries with Piper Sandler.

我們的下一個問題來自 Clarke Jeffries 和 Piper Sandler。

First, a housekeeping item just to understand Lior, what's embedded in the guidance between Business Solutions and trade subscriptions for the Q1 guide? Do you believe Creative ARR on a net basis can kind of improve from here in Q1?

首先，只是為了了解 Lior 的一個管家項目，Q1 指南的商業解決方案和貿易訂閱之間的指南中嵌入了什麼？您是否認為 Creative ARR 的淨值會在第一季度有所改善？

Yes, I do believe that it can improve. I mean, for sure, it will improve. Again, remember that when we talk about the creative subscription and you compare it to the first quarter of 2021, it's kind of difficult. But as I mentioned before, I think that throughout 2022, we are going to accelerate the growth, both on creative subscription but also on business solution.

是的，我相信它可以改進。我的意思是，當然，它會有所改善。同樣，請記住，當我們談論創意訂閱並將其與 2021 年第一季度進行比較時，這有點困難。但正如我之前提到的，我認為整個 2022 年，我們將在創意訂閱和業務解決方案方面加速增長。

All right. Understood. And then I think just if you could help us contextualize sort of the dynamics of the funnel on the creative side and what was blending to the volatility. Should we think of this as the conversions of users, the premium subscriptions, the journey of completely net new premium subscriptions or even just a broader traffic or interest level kind of an engagement overall at the highest level of the funnel, just to help understand what was happening on the customer addition side in Q4?

好的。明白了。然後我想你是否可以幫助我們將創意方面的漏斗動態以及與波動性融合的內容聯繫起來。我們是否應該將其視為用戶的轉化、付費訂閱、全新付費訂閱的旅程，或者甚至只是更廣泛的流量或興趣級別的一種參與，在漏斗的最高級別，只是為了幫助理解什麼第四季度的客戶添加方面發生了什麼？

So it's Nir. So I think it's mostly on kind of a fluctuation around demand and even demand in the top of the funnel more than anything, a little bit of a slowdown on GPV in terms of commerce happening mostly in December, where some economies are starting to go into this kind of Omicron-induced lockdowns. If you look kind of the conversion and the ARPS, those actually stayed very strong as well as the mix towards the business in high-priced packages. So it's mostly about that kind of volatility. Again, I think the fundamentals remain the same where they were before.

所以是尼爾。所以我認為這主要是圍繞需求波動，甚至是漏斗頂部的需求，最重要的是，就商業而言，GPV 略有放緩，主要發生在 12 月，一些經濟體開始進入這種由 Omicron 引起的鎖定。如果你看一下轉換和 ARPS，它們實際上保持非常強勁，以及高價套餐業務的組合。所以它主要是關於那種波動性。同樣，我認為基本面與以前相同。

And our next question comes from the line of Andrew Boone with JMP Securities.

我們的下一個問題來自 JMP Securities 的 Andrew Boone。

I want to talk about the macro environment and just how the macro environment today is different than kind of pre-COVID. So really, my question is, is business formation slowing? Or is it really the conversion of long-tail legacy businesses that have come online that's changing the macro environment growth rate?

我想談談宏觀環境，以及今天的宏觀環境與 COVID 之前的那種不同。所以真的，我的問題是，業務形成是否正在放緩？還是真的是已經上線的長尾傳統業務的轉換改變了宏觀環境的增長率？

So the reason that I want to think about this is just as we think about the macro environment backdrop over the next 3 years, how do we think about that impacting results, right? Can business be driven by business formation? Or is it -- is there still kind of that long tail conversion going on?

所以我想考慮這個的原因就像我們考慮未來3年的宏觀環境背景一樣，我們如何看待影響結果，對吧？業務可以通過業務形成來驅動嗎？或者是 - 仍然存在那種長尾轉換嗎？

So I think that what we're seeing is pretty much going back to normal, maybe a bit slower than normal, but what's happening in COVID is that you had a lot of traditional businesses, that normally would not move. I think we spoke about Italian grocery stores, right? Like you would not imagine them having a website and some of it they had. And then we started in many different kind of businesses, right, not just in Italy. That -- so what we had is that in 2020 and the first quarter in 2021, we have a lot of traditional businesses that normally would not need a website, suddenly meeting a website and moving.

所以我認為我們看到的情況幾乎正在恢復正常，可能比正常情況要慢一些，但在 COVID 中發生的事情是，你有很多傳統業務，通常不會動。我想我們談到了意大利雜貨店，對吧？就像您無法想像他們擁有一個網站以及他們擁有的一些網站一樣。然後我們開始了許多不同類型的業務，對，不僅僅是在意大利。那——所以我們所擁有的是，在 2020 年和 2021 年第一季度，我們有很多通常不需要網站的傳統企業，突然遇到一個網站並搬家。

And as COVID relaxed, this demand for those guys currently disappeared to slowed down. What we do see is that if you look at the core kind of customers that we had in 2019, pre-COVID, we are seeing now those guys are, again, the vast majority of our customers, and we are actually in higher numbers than we were in 2019. So we think that if it went almost back to the 2019 rate and then started to go up from there. So I think that the best way to look at what happened in -- at least in my mind, right, it's very hard to predict the future. But is that we had this single event, which is called COVID, right, which mainly that everything went up, and as this event started to fade out that the effect of that event is faded out, and we are back to where we were before but with higher numbers, right?

隨著 COVID 的放鬆，對這些人的需求目前消失並放緩。我們確實看到的是，如果您查看我們在 2019 年（即 COVID 之前）擁有的核心客戶類型，我們現在看到這些人再次成為我們的絕大多數客戶，而且我們的數量實際上高於我們在 2019 年。所以我們認為，如果它幾乎回到 2019 年的水平，然後從那裡開始上漲。所以我認為最好的方式來看待發生的事情——至少在我看來，對，很難預測未來。但是，是不是我們有這個單一的事件，它被稱為 COVID，對，主要是一切都上升了，隨著這個事件開始淡出，那個事件的影響也淡出，我們又回到了以前的狀態但是數字更高，對嗎？

And so I think this is kind of like how I look at it. And of course, we know my ability to look at it is only from the -- what we need to see at Wix, a huge amount of businesses. Yes, but it's limited to that. And of course, what I read from other companies. I think pretty much from Netflix to Shopify to Spotify, everybody experiencing a very similar phenomenon where people will (inaudible) home and have to solve that. And then, well, we're back outside now, things are getting back to normal, and we're going back to the same kind of growth we had in '19.

所以我認為這有點像我看待它的方式。當然，我們知道我看待它的能力僅來自 - 我們需要在 Wix 看到的大量業務。是的，但僅限於此。當然，我從其他公司讀到的。我認為從 Netflix 到 Shopify 再到 Spotify，每個人都經歷過非常相似的現象，人們會（聽不清）回家並必須解決這個問題。然後，好吧，我們現在回到外面，事情正在恢復正常，我們將回到 19 年的那種增長。

Okay. That's very helpful. And then just as a follow-up is, as you guys move to commerce users that have more needs, do you think the competitive environment changes? Like is it harder to attract those customers? Is it more competitive versus kind of the lower end self-serve customers?

好的。這很有幫助。然後就像後續行動一樣，隨著你們轉向有更多需求的商業用戶，你認為競爭環境會發生變化嗎？像吸引這些客戶更難嗎？與低端自助服務客戶相比，它是否更具競爭力？

So we don't see -- well, we came to commerce because it took him 2 weeks and said, "Hey, I want to build a shopping cart, right? I need a shopping cart on my website, guys can give me a shopping cart, right? To remind everybody, beginning our solution for shopping cut will Shopify. That was kind of like the thing we added. We offer them Wix at some point, we like that we need to build one of our own, this is becoming a real part of our business.

所以我們看不到 - 好吧，我們開始做商業是因為他花了 2 週時間說，“嘿，我想建立一個購物車，對嗎？我需要一個購物車在我的網站上，伙計們可以給我一個購物車，對嗎？提醒大家，開始我們的購物削減解決方案將 Shopify。這有點像我們添加的東西。我們在某個時候為他們提供 Wix，我們喜歡我們需要構建自己的一個，這是成為我們業務的真正組成部分。

And we don't see any change in how people behave. So it's not like we get less. I think we actually get more as a percentage. So not some, I would say, a positive change. Of course, when it comes to shopping cart, specifically, right, there is a giant in the room, right, there's an elephant in the room, which is Shopify. However, we -- it's a really good business for us growing very quickly. When it comes to the rest of what we do in commerce, which is we think like scheduling, booking events, hotels, restaurants, we don't see any real giants and they are going really, really well, so -- and again, accelerating.

而且我們沒有看到人們的行為方式有任何變化。所以這並不是說我們得到的更少。我認為我們實際上得到了更多的百分比。所以我想說，這不是一些積極的變化。當然，說到購物車，具體來說，對，房間裡有一個巨人，對，房間裡有一隻大象，就是Shopify。但是，我們——這對我們增長非常快的公司來說是一項非常好的業務。當談到我們在商業中所做的其他事情時，我們認為像日程安排、預訂活動、酒店、餐館等，我們沒有看到任何真正的巨頭，而且他們的發展非常非常好，所以——再一次，加速。

And our next question comes from the line of Ken Wong with Guggenheim Securities.

我們的下一個問題來自古根海姆證券公司的 Ken Wong。

I wanted to just circle back on the volatility that you're seeing. Obviously, a lot of moving pieces in your business now, but would you say that volatility leans more towards the kind of the self-service? Is it just purely because B2B is so lumpy? Or is it the payments now that is much more transactional? Where is this kind of the visibility largely being clouded?

我想回到你所看到的波動性。顯然，現在您的業務中有很多動態的部分，但是您會說波動性更傾向於自助服務嗎？僅僅是因為 B2B 太笨拙了嗎？還是現在的付款更具交易性？這種能見度在哪裡很大程度上被蒙上了一層陰影？

Well, we changing everything, right? I'll start to comment because that would be interesting. I think everybody saw that in December, of course, and less of e-commerce transaction than anybody expected in any -- taking any company in every market, right? So that was an example where our ability to predict according to what happened in October and November was reduced. We see it in the fact that we went back to -- if you look at the last year, Q1 was the best ever, right, the 40-something percent growth. And then Q2 was not, right? And then Q3 was even worse than Q2 and then Q4 stabilized. But even there, it was above what was in '19.

好吧，我們改變了一切，對吧？我會開始評論，因為那會很有趣。我想每個人都在 12 月看到了這一點，當然，電子商務交易比任何人預期的都要少——每個市場的任何公司，對吧？所以這是一個例子，我們根據 10 月和 11 月發生的事情進行預測的能力降低了。我們從我們回到過去的事實中看到了這一點——如果你看看去年，第一季度是有史以來最好的，對，40% 左右的增長。然後 Q2 不是，對吧？然後 Q3 甚至比 Q2 更差，然後 Q4 穩定下來。但即使在那裡，它也高於 19 年的水平。

So overall, one of the things that we're trying to say is that if you look at the volatility we described is the volatility that makes it hard to predict. Because if we look easily now being the CEO of Wix and doing predictions was the easiest job ever, how many subscribers we had? How does the trend look? Let's extend that and we know where we are. It's now like this external events that make that much harder because in the next Q, right, Q2 would be as strong as Q1 last year, of course, all the results were changed, right?

所以總的來說，我們想說的一件事是，如果你看一下我們描述的波動性，那就是難以預測的波動性。因為如果我們現在看起來很容易成為 Wix 的首席執行官，並且做預測是有史以來最簡單的工作，那麼我們有多少訂閱者？趨勢如何？讓我們擴展它，我們知道我們在哪裡。現在就像這種外部事件使事情變得更加困難，因為在接下來的 Q 中，對，Q2 將與去年 Q1 一樣強，當然，所有結果都改變了，對吧？

And if we're going to see another deceleration or it could change and all of that is happening without us changing anything in the product. All our competitors doing anything, right? So it's kind of like trying to predict global economy and commit trends, and we think that we are much better at predicting premium subscribers and GPV and less COVID trends. So that's why we felt that there is a volatility credit for those events outside and we have less own idea how to predict that.

如果我們要看到另一個減速或者它可能會改變，所有這一切都在發生，而我們沒有改變產品中的任何東西。我們所有的競爭對手都在做任何事情，對吧？所以這有點像試圖預測全球經濟和承諾趨勢，我們認為我們在預測高級訂戶和 GPV 以及更少的 COVID 趨勢方面要好得多。所以這就是為什麼我們認為這些外部事件存在波動性，我們對如何預測這一點沒有自己的想法。

And our next question comes from the line of Elizabeth Elliott with Morgan Stanley.

我們的下一個問題來自摩根士丹利的伊麗莎白埃利奧特。

The sustainable -- speaking to the sustainability of the revenue per subscription. The 12% in fiscal '21 and 10% in fiscal '20 was certainly impressive. So kind of just what's your view on the sustainability of double-digit growth in revenue per subscription?

可持續的——談到每次訂閱收入的可持續性。 21 財年的 12% 和 20 財年的 10% 確實令人印象深刻。那麼您對每次訂閱收入兩位數增長的可持續性有何看法？

I believe that it will be a double-digit growth in subscription also during this year, certainly during next year. Yes. And obviously, some of the reasons, and we did mention before, the growth of partners. Partners are growing amazingly well. I mean, we provided some of the numbers, right, 3x over 2 years. And this is something that we believe that is going to continue and even to accelerate. We need also to remember that commerce will continue to bring higher price at GPV growth, some new other products that we are going to do. So all of it together caused us to believe that it's going to be a double-digit growth, and we feel very excited about it.

我相信今年的訂閱量也會出現兩位數的增長，明年肯定也是如此。是的。顯然，一些原因，我們之前確實提到過，合作夥伴的成長。合作夥伴的成長非常好。我的意思是，我們提供了一些數字，對，2 年內翻了 3 倍。我們相信這將繼續甚至加速。我們還需要記住，商業將繼續為 GPV 增長帶來更高的價格，我們將要做一些新的其他產品。因此，所有這些加在一起使我們相信這將是兩位數的增長，我們對此感到非常興奮。

Got it. And then just a clarification. I noticed that you referenced that the take rate improved. I just wanted to get a sense for how that compared kind of versus your target for the 1.25, 1.3? And kind of what are the levers for incremental improvement going forward?

知道了。然後只是一個澄清。我注意到您提到錄取率有所提高。我只是想了解一下這與您的 1.25、1.3 目標相比如何？未來增量改進的槓桿是什麼？

Yes, it's slightly improved compared to what we thought. As we added much more functionality and integration with payment providers, we were able also to penetrate to more geographic -- more countries. So overall, it's improved the take rate. Again, and this is something that we believe that it's going to continue also this year.

是的，與我們想像的相比，它略有改善。隨著我們添加更多功能並與支付提供商集成，我們還能夠滲透到更多地理區域——更多國家。所以總的來說，它提高了錄取率。再說一次，這也是我們相信今年也會繼續的事情。

And this concludes today's question-and-answer session. And I would like to turn the conference back over to Maggie O'Donnell for any further remarks.

今天的問答環節到此結束。我想把會議轉回給 Maggie O'Donnell 做進一步的評論。

Thanks, Michelle. Thanks, everybody, for joining us today. Have a great day.

謝謝，米歇爾。謝謝大家，今天加入我們。祝你有美好的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。大家，有一個美好的一天。

Thank you.

謝謝你。