- Earnings call transcript Q3 2022

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Operator

Good day, and thank you for standing by. Welcome to the Wix Q3 2022 Earnings Conference Call. At this time all participants are in a listen-only mode. [Operator instructions] I would now like to hand the conference over to your speaker today is Emily Liu, Investor Relations Analyst. Please go ahead.

Emily Liu

everyone. morning, good and Thanks, Welcome to call. XXXX third quarter earnings Wix's

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

We results make these Form forward-looking this based not current these cause XX-F do press factors that and expectations release we forward-looking risk actual During Please the in statements. statements could on forward-looking consider obligation call, to assumptions. included any these from to statements and and statements. differ are materially may our undertake most our recent update

non-GAAP In results addition, we will comment key on metrics. financial operating and

our You the investors.wix.com. turn I’ll call reconciliations earnings between analyst With all over can in the to and GAAP of our interactive find Investor and website, in materials the center that non-GAAP results on Avishai. our section Relations

Avishai Abrahami

million, with the On a advantages. Revenues constant growth significant our strong improvements XX% or key growth one Emily, today. reach of year-over-year. us of Lior products a and in share year-over-year. for details exciting of million, our or X% good continued I call on take to $XXX great will growth our more our global morning highlights Despite some results, want competitive provide in QX our from currency expectations execution Thanks, along revenues everyone. fundamentals with uncertainty, Thanks financial some Nir and led revenue today’s we quarter recently profitability. announced. will of We to business and then the overview questions. few start joining and be ahead then and an and we were consider were $XXX operations to new basis,

to become rates, changes the given meaningful results. headwind financial in recent However, it our exchange has foreign a

double free flow be rates. currency year cash than you more this year-over-year if assume constant would Our

what is we volatility uncertainty on under macro expect we still into there continue XXXX, of is deal control. great are in will While and the a focused which economy, our

with margins the put seeing free to flow improvements cash reduction are already last plan of the we results and We quarter. cost quarter, in place this

profit the resulting gross Our grew our excluding We margins free flow, investment gross non-GAAP than a XX% headquarters. returned in in to of cash new non-GAAP more positive XX%. year-over-year,

successful happy we on that year outlined free track to am this our execution, next this Given and I in that cash achieve are the targets margin three-year say to flow plan. year for we

We leading presence also on professionals an the creating focus online destination developers. continue and our for to platform building managing be to self-creators, for and

meet we help user the any of to and add business, value the of platform them and and users more and online products, succeed partners type and solutions platform is offline. of needs built to type deliver to our any and Our continue to to services

introduced built for we components. an the create and on concurrently X. them Partners and our to part have and in our heard of how enables reusable revenue, designers and Wix As Editor to strategy platform growing developers, DevCon, allows websites more build that professional more of we community, New as accelerate developer Wix designers platform and on and to we Wix solutions project. open To capabilities hosted powerful to expand ecosystem intend enables Wix. then announced of robust to Blocks, a DevCon, continue for in commitment ever we highlight and new responsive our multiple use first our and drag Hundreds application joined their new ease across developers this in with At conference, feedback on we high-velocity customizable to York. drop, the Blocks developers. built components September professionals they our to same Wix us These work are

developer these All increase productivity efficiency. features and of

in can here. more rich our say been offering a to Blocks have We Wix create that will and and positive bring experience believe and I them projects developers changes dev more Wix using has and velocity very for internally, We others. it this created

to and expanding We succeed provides for Self also products and to are need. announced freedom that our eCommerce we and committed flexibility for how of new online. our two to scalable and allow professionals build the examples are our our We new custom business experiences eCommerce eCommerce vision coming the delivering new any Creators open – value the just Wix Partners platform to to the best-in-class services Wix remain platform. a all developers Blocks of create Wix of offering them and growing and to platform

thank to operational Nir, it users handing update. all for talk Nir work more provide our continued to on hard and their Nir? it focus their QX team and Before here now I’ll I want their entire to and over to an just over the hand needs. I about bit a of at Wix for

Nir Zohar

Avishai you, us everyone Thank and is thank you who this morning. joining

remain data. in business bookings be as cohort the seen strong As mentioned, Avishai can the of our fundamentals

see trend bookings macro over As and XX, growth cumulative continues X% for high This conversion to strong data a XXXX X% on a basis. higher the than offering. and three million QX. XXXX to product through rates bookings per improve higher constant increased QX saw the retention of levels experiencing, the marketing are in QX and is and Despite quarters FX our fundamentals and robust we you and currency cohort cohort subscription year-over-year can last our quarter we continuation of at remain driven first volatile we environment to is increase. cohort monetization This continue a on unfavorable users evidence through of Slide – average a $XX its

reflect in QX Our of million current X.X the demand user additions environment.

spend in beginning to to slowdown QX September we adjusted in investments. higher-intent This continues, focus headwind marketing additions improving global our the in on user As new while our slight economic return resulted meaningfully on users. marketing a

outlined that quarter. effect Operationally, plan continue this we expect through cost we We last continue our on execute reduction to QX. to

operational Customer Care, priority our are we to employees R&D We new for drive and sales across and only teams. high hiring continue marketing efficiencies positions, and

We advisory last excited overhead costs. party costs campus new through costs to month, our report headquarters also first we in and that have also continued third the wave moved real in Aviv. Tel our I’m estate into software optimize reductions employees of footprint, to

our port. Aviv the also rest was out dozen a team consolidated that single in the among to Tel of locations the city spread We about location a in small

Tel small of project, already our hard incredibly we happen. Building new together In having addition a our will to work. to delivering physically employees massive number campus and is relocating we efficiencies Aviv from to the operating bringing proud make from it realize cost am been savings offices, in thousands team our a of all people the I has work and of how

summer, and final Aviv at move point us second to in Tel campus which the will employees be The next all will under one of wave of roof.

this our I hard and Before our team they really I’m experienced, high. in to remain these of the they take have and With Ukraine Lior, intensified how people recognize our all actually stressful which hand to productivity and Ukraine. proud remain team’s it want efficiency opportunity I extremely times. hardship also to of recently, during strong has

to through I their on everyone’s will always families, are focus Lior walk Lior? details while and that, continue more our over to to thoughts With on safety now wellbeing. and with hand financials. it we Our them

Lior Shemesh

Nir Thanks welcome and everyone.

plan. income flow incremental the XXXX bottom we total non-GAAP cash this through leading I to gross greatly positive compared CapEx, now share million margins our operating to an of begin, for $X.X are next As into reduction XXXX. positive flow, another of QX of to improved QX that trend in income QX, benefits benefits update top to XXXX XXXX. XX% operating headquarters and plan basis along driving will positive cost margin nearly believe in of already XX% To We Non-GAAP improved seeing. This Avishai flow, since commitment seeing to year. from QX in on plan we expenses be revenue year. operating cash the over significant free Total cost free and line all our excluding trend income QX. mentioned, margins flow XXX our the revenue with generate this by means roughly from we will in quarter free margins our and we gross want QX, flow sticking we we year, non-GAAP this excluding expect cash the guidance time improving up, the already in and We QX to and improvement CapEx. of first quarter, generated points operating full reduction our for headquarters to range to exceeded are in end the in flat QX three-year for are of our cash in to margins last continue improved compared our basis We expect expect points made non-GAAP sum in To and of we non-GAAP XXX positive in and improved

online Now, cohorts. I’ll constant was results. some continue a to revenue guidance or or high as XX% which GPV revenue, is due to Wix range XX% quickly was in slower growth, $X.X highlights quarter, to above go of our purchase performance and of On which billion primarily $XXX.X compared strong our through $XXX.X in growth Payments, slightly end million a was Revenue currency is million, was flat our $XX the or of activity. year-over-year Business in year-over-year subset Transaction X% million, was growth. the Solutions in QX see composed user quarter basis, growth. year-over-year QX of we year-over-year roughly revenue last

revenue others On Wix BXB includes Payments currency to of who generated XX%. or of constant take running measured developers GPV build growth $XX.X transaction Our the and as as as continued revenue, designers revenue partnerships, GPV, as was XX% of grows. percentage year-over-year percentage as well through all grew million rate, year-over-year. to for basis, sites types a Partners a increase which through

Total much bookings partners quarter. $XX Wix BXB result. $XXX.X professional we want last creating despite rates Vistaprint, that bookings more cash front this We a largest continue impacting pressures also bookings in collect traction for QX difficult remember recognized in million. million, million, few bookings and this gain I building up Also Note a of significantly was this of renewals. related constant to to more see $XXX.X in our impact more community included that GPV pipelines. partnerships as QX very FX currency the revenue quarter. to things partnership, ever on impacted BXB basis macro we than the as to project related was comp we which year, a and Slower year-over-year growth in subscriptions highlight on

growth in growth very have Bookings recognized our of associated into bookings revenue XX%, on is are If you not year-over-year they revenue related remove this because in QX BXB amount revenue our typically recognized year-over-year year, our true which with a from of over in FX changes different recognition Changes multiple indication the last partnerships term quarter this bookings BXB neutral to is one do partnerships associated revenue near years indicate over subscription with are year. these schedules. bookings while basis. into packages,

to today, speak macroeconomic budgets tighten the magnitude we as seen slowing about conditions new Finally, risk we BXB companies appetites, the partnerships have of agreements. remain challenged and project

QX by next excited are We of continue expect in pipeline we BXB all this year. and trend Despite from the existing our the growing to partnerships. contribution strength and of this,

our for year. the outlook Turning the of to remainder

outlook of changed as since the FX the be We outlook in to X% year quarter, year summer, X% midpoint was the has end bottom year-over-year not outlook in year-over-year of full our toXX% increased changes to our revenue $XXX or for narrowed X% to expect range. million, X% Last full total we have growth. growth. QX growth. we our revenue Factoring prior to year-over-year The $XXX

currency, full higher, about revenue For constant year-over-year million growth. to total XX% would the or assuming year, $XX XX% be

the cash We range in our $XX our this history. flow quarter free headquarters excluding be in to million produce cash CapEx. $XX flow highest expect free million, Achieving to QX will

of that now to full free year full to we last anticipate X% be For for we our to Due FX cash around margin X% were CapEx, revenue. headquarters flow at cash free year. expectations X% revenue excluding stated flow the changes, of quarter for

the flow Assuming our of presented for constant range year the year full we of X% free three $XX year-over-year which cash higher, plan. of or is our revenue, be million end in the currency, total would high

the provide I with margin our February. our now and the will flow we with cash during free the comfortably achieve shared plan to expect we May. consistent efficiency call improvements, the now detail plan year take can on XXXX in go that, and that your in earnings cost We With we in ahead questions. three will XXXX QX say of reduction But success more operational

Operator

Instructions] [Operator first question Thill you. will Our Brent of Thank Jefferies. come from

is open. line Your

Brent Thill

Thank you, Lior.

savings had give you’re opportunity sense still you’re a for maybe pronounced? Just do Thanks. drive strength you biggest on the overall weakness just relates Avishai, efficiency? pockets demand, are you where more see it the maybe us of And where the to to seeing as can little improved a just the seeing some and cost plan, you up where of show of

Lior Shemesh

Yes.

that that So, targets we meet in start I targets we the question. it’s Day. cash in enough with Analyst free be set reduction the will also Analyst I we’ve the cost will to committed important to the very believe first are that think Day. And that I that outlined to understand the that made our May we flow May

that it’s believe very in accordingly we cost reach the on to top-line. the the a we this lower but macroeconomics that even that goal I can mention see, that based obviously, we think with important of growth terms adjust, will we So,

Avishai Abrahami

sure. and before, connect to was the what seeing still question can reduction I and and overall, stable fundamental now, that the ARPU. seeing conversion is strength and demand. cost that retention on is we’re on I we’re not demand pretty demand, same understand But say, about how I’m the

the And is and so top funnel stable bit levels. pre-COVID a or back of the above

similar. it found with I all experience think of see peers what everybody. So, I encouraging. something we But our it And

We’re on ahead. base, bit actually, relative again a a

will So changes decline continue the as stable, we think And to that see doesn’t evolve, anymore. I recession there. to continue

Brent Thill

Thank you.

Operator

our next One you. moment Thank please for question.

Securities. will come question next Andrew of Boone JMP Our from

line is open. Your

Andrew Boone

taking you talk self-creators? partners to Can want go my then versus to the for the for questions. acquisition believe no change marketing. about guys. marketing. I much I from was Thanks demand Hi guide And original in

understand us focus are else there’s as the help guys just an payback something near-term there so Or of much. higher-intent macro? Thanks for users? terms Is you whether guys change you you changing can adjustment a that So targets? in is that on

Nir Zohar

demand Andrew, partners. I’ll from take the first question about the

right? to what are demand least of how from versus a commerce amount said, them, partners two generally you related a projects when that self-creators those online demand the Naturally, their also is have And onboard So, online from will getting. have self-creators. that we’re the or website between seeing obviously, to small affect businesses to expand build that business tendency or to partners our relation

are so. from seeing very, So previous year’s from but that growth a perspective, very seen growth, obviously healthy decline we’ve a even still

still of that the remember to have You we’re compounding the effect for cohorts on us, the partners. again seeing

with is strength And So a these that’s benefiting to at going forward. even go big continue as rate. growth this obviously something we that’s us

Avishai Abrahami

marketing, demand kind currently, adjusted on marketing as of course, the slowdown demand. different to On continues. global the according of differently We our that demand behaves economy market as in of well, think the the so channels we –

high the more people for very a more So, a we’re then into little the intent or of casual effect a seeing bit that of made effect more interaction on users and an It on intent users of commitment. that. got and low

we activity that. according adjusted marketing course, to our Of

new on be to currently the it effect. very As small as current, the effect cohorts, the far on seems

optimistic I’m evolves. this we’ll to that better, be very as continue but to us allow So, it update actually

Andrew Boone

Thank you.

Operator

one Thank please moment you. for next our And question.

from question Josey next will Our of come Ron Citi.

is line open. Your

Ron Josey

letter. Great. Thanks macro a the in I question. the on your in Avishai, follow to for bit taking wanted up maybe little comments

then BXB also I a here. in signings think delay landscape new some competitive but talked of the partners, letter about smaller

Thank a bit help CapEx, partnerships you, CapEx And we’re HQ total so total the a two, But guys. And $XX just us question looks was it wanted just between but Can Lior, the that on because the clients. understand landscape. to just million, little I $XX from please? dynamic understand then competitive you CapEx and the is it then getting million. both more, like on

Avishai Abrahami

answer Lior, both. you can

Lior Shemesh

Yes.

So, I will BXB start with the partnership.

So cases here that actually over there need we two are to understand.

the is the to willing commit obvious a those of partners long-term is all which BXB less macro agreement. due First to one, to uncertainty,

It partnerships. bookings the of we let’s multiyear how for exactly a partners. on Now, our recognize based remember BXB commitment is

$XX the agreement. level we Vistaprint, the That example, bookings. recognized as commitment we in for million that was So of had

makes to provide which during see commitment first an all, is, appetite long-term a time. uncertainty we So of less sense

mostly the The because, the partners to diminish it’s only the as potential same in willingness is to second that of But is, same, day, market mention of commit. a overall it’s the revenue the It the deal. amount booking potential affect that affects is deal mentioned end recognized that they term this upfront, end remained users about before, meaning the overall a does very I also of of thing in obviously, slowdown impact, the the in the the same our at serve. important not users,

with is of what exactly, QX, CapEx the this was So in $XX not that. question? – the was million regard what I’m to about was question, the what With how to regard sure – not

Ron Josey

– Sorry, CapEx lighter touched understood then spent Lior. bit I the Thank it the total side. HQ. landscape smaller if also, later. looks you well, up was as little it follow on the But about more on partner CapEx – it competitive you, can We CapEx was the as a

Avishai Abrahami

Yes.

directly economy, small I competitors had, that we’ve course, in us, everywhere recession, marketing monetize, actually basis, course, I slowdown of relative doing On compete a one department, solutions us about where most of the that with course, the of are Asking of businesses, than we or all quickly. think and for is of better there provide then you think think is that a met. as that. as information that experience And advertise growing way I that new for not that that we a you the seen we

which once the market, recession, hard products me into the our will see to a makes brand and the So, that actually bear continue placed we all going to fruit. our confident in from work we’re we managed to recovery increase position very

Ron Josey

Thank you, Avishai.

Operator

Thank Morgan our The moment you. question. And next of come question Elizabeth Stanley. Porter one next will for from

Your line is open.

Elizabeth Porter

guidance X% the start is, Thanks. into XX% Great. to to Street’s relative do just or so, X% Thank fiscal And you the think BXB with revenue if growth how context can we some fiscal question macro My growth should year? exiting factors much business the net QX XXXX? And softness? accelerate for for XXXX. The how that pricing about you do put contribution growth implies like so question. the next year-over-year of into to

Lior Shemesh

about yearly provide numbers explain has basis again, So quarter, before few it FX regard want part least FX British a we And on but think a last the of the effect revenue is with quarters. last to a the that to The explained to – I I euro and that reason. growth, more the reasons what about actually than the the and pound. big the – also a is at for million. can happened in in happened of lot the $XX couple And of

is see both will what are growth we a strong. mention we some the So, for will self-creators, during the think of believe we that of potential I we hope all change that Day it what that point because fundamentals. Analyst to once and but Obviously, something the the into economy as in very to those see of recover, also take business see the this for need that Therefore, back believe partners. we terms But slowdown. the we recover do it’s assume account. a in to at – And be we fundamental important that that hope of we will said don’t effect I time. We

Elizabeth Porter

it rolled spring. know question And retention. prices Got September. you strong the a new quick mentioned And then I it. out remained you through on in

to recent the what’s renewed in channel? either prices have difference And in the the partner the higher the customers wonder, that ability absorb reaction just any or months. self-creator So for over

Nir Zohar

Elizabeth, user haven’t to kind we of Hey, for we past reaction base. Nir. Obviously, exercises our is it’s built changes this of and seen our so on which doing anything, expectations expected. different No, significantly price what were experience

from that through price the environment, came higher this impact increase. in significant ARPS even positive Obviously, the seeing any or So didn’t seen coming we’ve impact we that. of see change

Elizabeth Porter

Got it very you Thank . much.

Operator

for please Thank you. our And moment question. next one

Our Young of next Trevor Barclays. will from question come

Your line is open.

Trevor Young

Great. Thanks.

percentage in Asia going guide that Just with growth, to comment terms on second momentum How revenue, you of on pricing. I price? it the strategy some smaller that both with to And get international, seeing back for dovetailing last embedded then And line lift company? LatAm but is know total XQ those critical in you’re in what’s how lift going from continuing are to growth to as from there? get and to be a much rev of lag the come is question

Lior Shemesh

Yes.

I the start about with first will So, pricing. question the

So, as May. we you April, to roll all know, began in out it

overall of effect So our in of is on and a online is XXXX. see a the QX part talk slowdown to of the and about halfway most the actually that it bit Business affected that GPV was we definitely impact This We – will why already you pricing. a regard half exposed before to through positive will With is Asia Obviously, terms reflected our and Solutions. customers the the than Pacific, exposed that purchasing, on our for it of more in we were a meaning positive continue and it more in models impact happening, GPV. that mentioned of and also for we on see see There full is that. of call. kind XXXX, a cohort, February of this as QX value the the

Trevor Young

you. Thank Great.

Operator

the moment for please question. next One Thank you.

will Our Company. of next Oppenheimer question from Wong Ken come &

line is Your open.

Ken Wong

cash track question. margin. taking statements for my on XX%, clarify you some three-year you’re that flow hit that your Thanks flow, mentioned plan, around XX% to Lior, cash would free so wanted just to Great. be I just

So say, end. the that’s since XX% low for XXXX, let’s

that additional the operating income. we could of cuts, mentioned also cost that an anticipate million with You $XXX

million to fair it hypothetically? of me for XX% top the margin layer So on $XXX that is

Lior Shemesh

XXXX of understanding that that of during the operating indicated and we that in in all million have $XXX are about profit the in shareholder provide the Analyst we operating that reduction. XXXX Day loss some it. going the it’s overall result between we update to the The assume the cost of Meaning as was a kind differences to part

we to As few make done are targets quarters And that everything the the will meet the that committed three-year in we I before, profitability it. is in plan. to mentioned we’ve last sure

meet not It So $XXX what – indicated million it. will we of targets. will the is as on for your question, not top we

Ken Wong

currency, Okay. BXB Great. That was then you of are on that just seeing grew just guys excluding we of Vistaprint. incremental the Is And little a side, that to that headwinds still that you business XX% kind should recognizing clarification. the right because of there, of a guys dial think bit kind a run constant seeing? about bit headwinds rate down little growing? the Or you’re

Lior Shemesh

for after that the out take XX% mentioned and before to effect effect Booking of [indiscernible], of XX% growth partnership overall in the revenue. the the provide account guidance hard. take BXB rather meaning bookings. terms is we more you This then bookings Vistaprint we was all those that Look, why The we that the to didn’t because you than is get that is deals. it I of think into understand trying lumpy

in But sometimes a in quarter, this quarters. still two Sometimes of they business. lot push have belief one we

literally performing in our above that – I the better also when think competition even many market – this if the pipeline, it’s of see you that it’s but disappeared. even competition,

to segment. we hard specific next it’s positioned for to the I that So, market year, and way in much, a what this booking With tell. see overall much more business-wise better regard we to believe in share take are

more – target I that that in we that the for we we the macro think I for that can year. the plan see be mention, light the are we long-term three-year to in the – right again, bookings really thing the believe we that believe we one February, going that on next in. economy, set will revenue our effect believe overall now, share economy excluding we that But the what are one is

Ken Wong

you Okay. Fantastic. Thank guys.

Operator

you. Thank moment our for question. next One please

Khan Our will next come question Truist from of Securities. Naved

is line open. Your

Naved Khan

from a Two questions me. thanks lot. Yes,

going I finding the talked currency after QX. Lior? a you focused, customers. are saw side about the give and cost that? higher-value cost then we customers Israeli of other geo you’re those all How impact the mostly Is should U.S. is the markets? R&D you about dollar, it versus on – the on dollar We us seeing one that the weakened And First that your see is meaning opportunities? in thoughts here the Where Israel, Just of in side. out there, considering your think versus didn’t

Lior Shemesh

Yes.

So to Israeli shekel, hedging great Usually it’s Directors. in our are approved of we with deeply pay salary the a regard do shekel the so Israeli that we exposed Israeli shekel, Board as the of because dollar to and most question. a program we was by

did meet in the at beginning can we So, to it sure we make the year the that budget. of order

to right is therefore, year So less most the in see we now. year, next of the of dollar as or favorable a all shekel of already hedged year actually, even part

go when So hedging program. down there difference those up because is literally no of it and

Nir Zohar

this And then Nir. about your is second question,

opportunities of say go just competitive our share, the global. how can In And do marketing. after we for for higher-intent wherever terms of see are the we naturally, obviously, I that reasons, not details them we opportunities users, the generally we the operate them.

Naved Khan

you. Thank

Operator

our question. Thank next One please moment you. for

question Research. next will Deepak Our from Mathivanan come Wolfe of

Your is line open.

Deepak Mathivanan

Hey guys. Thanks question. for I two. have the taking just

in of way it? start. million a Lior. then second look So more on cost weaken The to if of a for months opportunities the then more headcount it’s much. macro of a on there is to kind like But you the so cost are to Thank by? You’ve some of levels. question agencies the lot and you reduce in at the track investors people somewhat et over to come continues professionals. with you’ve of kind made $XXX more within still years kind do What customer good these areas so returns And in can that Where XX returns for far? maybe cost XXXX How I best and if investments savings slow side? is maybe few your see help us elevated the to fixed sales, and support you the past a cetera, onboard business, base added are partner agency the bit last

Lior Shemesh

to that business start going example, that and meaning the second on that as with cases, Yes, In reduction elevated we something cost about it’s because be – XXXX. for the is million from regard it’s they not XXXX, run to decrease we decisions. actually actually are with And are obviously, shown So the profits to I is the created, What took a we that, mentioned this question increase versus rate we elevated. XXXX, the is $XXX to believe still going some I basis, the going cost. still revenue entire will a expenses in – the also it. our is in repeat. we because growth cost

is of when you there differences a Now overall the expenses. look at kind

in still a do. continue as continue to look that. will So are we for efficiency, to example, efficiencies, will do investing But that I we and company, of the R&D believe always we and in something terms that for we

way. to headcount developing was more care, [indiscernible] it just not example, new efficient technologies but support customers our also in order much reduction, about For in a

create And Nir regard that, to do expenses. on find be With more that that. one. So I we This by continue our to to that, more to partners, more efficient. leverage your question, to is way answer will believe to can doing

Nir Zohar

Yes.

our well we as as we own slowdown, that terms support out a highlighted product that in we’ve who unique because obviously, and Analyst will recovery, the those cohorts. invested like as is partner slowed with broke We’ve into once so in the compounding technology extent, pipeline the so cohorts, the the demonstrated of well to assume Obviously, from people business. we their everyone that, as done has that when the that for we revenue the agencies, partners that is and Day, and So is benefit – there but that and special some seeing we’re as else. obviously specific they retention

before. will we that the do than one cost that worth In accelerate the measure terms Lior we of is believe mentioned about better what – reduction things of is think partners even I of that the the margins probably thought that mentioning

Deepak Mathivanan

it. Got

you. Okay. Thank

Operator

Thank conference for further in I’m no company remarks. like back to you. would seeing turn queue. the questions closing to now the the And I

Emily Liu

everyone Thanks, a for joining. day. great And who everyone, the question. everyone. Thanks thanks, to asked Have

Operator

participating. This concludes all Thank call. conference for today’s you

may You have disconnect, a and day. pleasant now

Wix.com (WIX) 10 Nov 222022 Q3 Earnings call transcript