Wix.com (WIX) 22 Feb 232022 Q4 Earnings call transcript

Good day and thank you for standing by. Welcome to the Wix.com Conference Call. At this time all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

to Liu, conference Investor like speaker to now Emily today, Relations would hand over the your I Analyst. Emily, please go ahead.

good year Thanks, quarter and morning, to Welcome Chris, Wix's and full XXXX call. earnings everyone. fourth

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

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

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

between the results reconciliations Interactive and can – Relations our in investors.wix.com. find earnings and on of our in the Analyst Investor section website all non-GAAP GAAP website, materials our You

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

to but with we we XXXX, good path note was and more happy are certainly and morning, profitability. increasing to on clear strong finished company efficient I'm XXXX Emily, a Thanks, everyone. a challenging say a entering a year, that

guidance. in ever $XX Revenue respond Our environment. our generated changing ability cash grew to million QX QX, in ahead and quarter flow our QX in also to to highest ahead of We of free guidance. results our illustrated the our million, $XXX

considerable operating the finding focus on during efficiency closely to managing leverage increased drive allowed Our growth cost quarter. us

I it emerge this even from We stronger an will for to us maintain will time enable years focus coming believe this the as and company.

uncertainty. is consumer ForEx volatility, grew fundamentals revenues XX% resulted XX% finishing of challenges driven and and all several successfully on partners strong On profitability, along the growth continued including this Despite constant business, year-over-year. in the market. the we revenue was and overall with we're behavior as XXXX headwinds, continue we billion. Much $X.X by to internet strong. on inflation, a growing with Ukraine X% partner of currency year-over-year year-over-year managed the setting pre-COVID these growth to persistent to of XXXX, basis, through of our Throughout execution top invasion Revenue revenue our successful of This professional levels. in more global grew changes, capture business,

a – few Nir that, of will dive as share operational about then our latest bit create how evolving I will as our for more financial drive XXXX in details and potential before efficiency provide into well updates outlook amount Lior on minutes are a want some the these a we greater investments. with coming to strategy marketing year. more But to our results

by began the investment mentioned results to of test doing last XX% quarter, marketing our focus QX we marketing higher-intent reducing users. the throughout were year. quarter in our this approach we acquisition We As to compared accelerated to to testing this fantastic. September, adjust in previous on nearly The

We our by acquisition reducing Despite trend brand. we booking. success marketing this the seen is stable the cohort believe driver new of have of half,

synonymous Wix XXXX. brand at remain investment marketing past continue the level We to XX acquisition keywords Internet. Our reduced investment this strategy over expect marketing levels – plan a to made new have relevant with building the global and in general throughout in years on this

We also plan invest future to to shift growth. our drive dollars more into to brand

content the Wix launch in remained creation best highlight product has world of types website. of around text for on the platform focus users all and our I'm the extremely amazing of to millions increased strategy ChatGPT, we where create website operation is recent with While excited efficiency, ChatGPT build to used unchanged. to the and

– AI in creation open text first with ADI started introduction open of innovation the with our AI combines leading Wix XXXX. in chat market technology, product and website our in This to to expertise creator create within point which the content They content specific their the ChatGPT on writing experience. and allow pain improving AIs move of a in easily users seconds. generally professional website user test uses

number excited products other we as in for of well ways of We store and amazing I'm pipeline are implementing the have XXXX. technology for AI a in

I by in Nir, want team way last to gratitude Before proud to moment team. to and were the directly extend take year. to continue for a been turn my Ukraine. teammates of it over this these the the to very war Wix be Particularly, entire impacted the I I'm managed

Our you of is is come. Wix of excited XXXX you, beyond and of do, unbounded, what and potential work and and Because I'm to with thoughts all your in for the remain incredible families. you yet

With that, over to you. Nir,

and you, today. you everyone Avishai, joining us Thank thank for

and Avishai mentioned, on across over our we efficiency prudence and half, last a business. operating year focus the increased the greatly As general

We a at took of efforts Our how end increasing at to what was reduced activity and hiring actually volatility making was began what began as due thinking we were XXXX closer operate. plans working the more XXXX and carefully our about we for and look we not. uncertainty

Ukraine, As high war with continued increasing we in through inflation XXXX, and prices, move currency energy the volatility fluctuations.

we difficult to recognized we As to week, This focus examine we the ways August achieved targets. to profitability decision X% macro demand occurred employees approximately across the environment, achieve and did continue In expenses more to operations to our Care this further our additional to asking remainder us led needed last last of take of organization not to needs. which gains Customer help the we stop Sadly, across the parted the reduction our the organization. see size recent years many next our caution with This year, leave ongoing our to with year, made efficiencies, improvements in organization. much cost technological review after primarily across Throughout company. plan. people of cost not this operations uncovering along meant took current we meet last did and we the right rigorous step around

to business, to our decision those everyone who was and not journey. to it has participated impacted want you I say lightly. thank gratitude the for my was in our While deepest taken right this extend

XX% nearly bring our down total throughout headcount reflecting efficiency current roughly at headcount this a $XX the process, the to with we This one-time a we charge actions we'll addition decrease. expect million of as Related reduction, from of these X,XXX needs. in space to take end to and to XXXX end and QX QX our of the of X,XXX at to office severance XXXX, implemented modifications $XX million estate operating reductions, to footprint in align our due real

incremental of cost or savings with and recent yield annualized These Combined of basis. $XX to size savings million in addition efficiencies our In on Care million of savings operational us total reducing actions the $XX expense achieve the cost million of we last XXXX our reduction further savings. Day. expected implemented will August, compared faster to we an to hosting previously path the to also of organization, an predicted. at have than found savings plan cost annualized plan announced to are we allow Analyst shared profitability These last three-year a $XXX our May

will more that, financials. With now over it Lior hand through I to to our details Lior? on walk

Thanks, Nir.

what running with I'll turning full updated me profitability QX through compared our May thoughts we up Day. numbers to shared some work before Analyst outlook. to off for our our Let long-term last at of it and some year expectations the around start by XXXX

revenue X% the our guidance up on in us were X% million to basis. revenue also was QX. for this remains QX, X% million top end quarter, up Total and led fundamentals strong, year-over-year basis. of As Avishai business year-over-year constant $XXX.X a our currency constant of range the exceed XX% Total on in $XXX mentioned, a currency bookings and which

all this actions guidance in of QX finished we QX, our This that we Wix. million, $XX.X increase. $XX and have higher million headquarters, Partners' the continue taken driven new efficiency, XX% up the as building result up year-over-year. continue as million, momentum revenue up was profitable expect impressively, Most in in history, X% free our this projects flow GPV of above as in rate of we Wix adoption and growth most was free $X.X grew a range. to to investments to to with by quarter XXXX. cash are partners more quarter the year-over-year higher revenue flow increase Transaction and of excluding more X% This billion, cash Payments year-over-year, year made $XX.X take on our a

Moving year-over-year or basis. results. X% increase the Total $X.XX XX% year up billion, full or on billion, $X.XX constant on revenue on currency constant of a to an in currency year-over-year up a up XXXX bookings year-over-year was were X% year-over-year X% Total basis.

path milestones at exceed to May to on increased to plan we through free our to led than flow leverage we our our focus XXXX. in us now profitability. commitment and within to range of with efficiencies, Due expect Day in margin approximately We follow out we XXXX. a on laid our and have Day next operating year this previously financial our key to the greater anticipated. efficiency sooner targets reach two Analyst years to Analyst improve gross led strong Our our This them focus cash in We prediction year. achieve margins

reach is XX% do margin until Subscriptions expected not in level of non-GAAP expect XX%. XXXX, XX% XXXX. Creative gross non-GAAP Our with gross And achieve to to XXXX expected total margin increase is an late we margin to exit in to a

non-GAAP non-GAAP now XXXX, net three-year level be of anticipated Non-GAAP down anticipated positive horizon. expect income to net income a XXXX, operating in to XXXX. to million GAAP for of targets beyond and expected previously expect expenses operating income than now and We positive XX% operating for late $XXX targets XX% previously GAAP more we And XXXX, for income XXXX. the in are revenue anticipated previously

that business flow of momentum going the a under mid-XXXX, step greater of scenarios. our demonstrate XXXX. shared Our than continue varying to growth our in May by and ahead XXXX full positive reaching The commitment XXXX in expectations Rule to plan toward efficiency our three-year generate is cash forward free in XX matures more year will partners

review me QX for our in let outlook Now XXXX.

to QX expect approximately revenue X% $XXX in million, growth. We year-over-year representing X% million to be to total $XXX

year-over-year approximately $X.XX we and earlier both care total margin cost in to improvements margin year, the XXXX, Creative billion in to For customer representing in revenue I $X.XX hosting. driven in which Subscriptions savings efficiencies expect mentioned total will billion, full gross from X% approximately gross by to be be XX% growth.

our XX% operational expenses cost from be expected operating down revenue year-over-year of reduction to materialize. are as efficiencies efforts XXXX to Non-GAAP in XX% to

and of last of We marketing year. sales XX% decline from also revenue to be XX% a expenses in XXXX, expect XX% revenue to

marketing acquisition reduce activities. we we As our acquisition plan brand we and in future marketing to to plan our XXXX drive are into invest more see as growth. Because them strategy, investment and throughout we savings cohorts bookings, stable invest take brand forward, evolve of these will a marketing going our new order mentioned, Avishai lowering we investment marketing to portion in

to continue X% brand specific to will first the be and investment to of brand X% roughly investment We to XXXX. of expect of marketing through of XXXX. the higher We XXXX this marketing half develop be in currently plans second revenue the half in half increased second estimate

compared improved from still efficiency expenses We total XXXX this and new expect marketing our in to lower sales as XXXX strategy.

quarter million total headquarters bit to higher remains $XX reasons. full million projects XXXX communicated in CapEx We than The expenses of non-headquarters bit and expect $X timing the approximately to million XXXX. last of in to and depreciation same. was CapEx the of due we The million QX $XX for a to the of a related of the lower $XX had cost XXXX million headquarters-related CapEx year $X million, approximately $XX

excluding $XXX to XX% flow, $XXX is investment, of or XX% million roughly cash in to to XXXX. Free revenue headquarters expected million be

expect driven XX% a and with approximately first XXXX to cash through to year implemented flow free half of margin XXXX. – of in improve by we the progress this flow the cash efficiencies new exit We XX%, as margin the

revenue is to in compensation XXXX, XX% of from in XX% of to stock-based decrease Finally, revenue down XXXX. expected

organization the we the profitability XXXX. a Rule XX to through across as the expected put XXXX. on to in headcount year-over-year stock-based decline path The expect percent continue compensation in of declined, As will of achieve accelerated us revenue to XXXX

questions. With will your take that, we

question-and-answer a Thank you. conduct session. this time At we will

Matthew question ahead. go of open, Matthew is Pfau comes line from please your line next William Our of Blair.

looking Hey, partners questions. in and business Thanks. sign specifically pipeline great. are my partnerships XXXX? Thanks that any on for Wanted to And the XXXX? you taking BXB expecting ask significant partnerships. the is for How to

of in We them. Lior. we is that a in obviously the every it once actually few increasing are a the partners. funnel of huge quarter, all but least on will a time, I expect terms have So funnel a we're be be the to And do partnership at quarter-over-quarter, the funnel year. potential signed increasing we this don't believe

we and not are $XXX on we or million of $XX top million are obviously, $XX are million, but with few working quarter. a So millions every many working like like signing it. it, of about or there others that on But are dollars they

Thank you.

from Our next Evercore Mark Mahaney question the ISI. of of comes line

you We Q&A Mahaney are into is… Mark line right your promoting now.

Probably I'm or you. what in change you've revenue sales how the of for all kind Long-term, here. are and in with much any be marketing are you is materially this marketing, you've learnings of detail the to if strategy about before? Thank bookings of percentage and cost kind at efficiencies think cost there thought marketing a durable I'm that marketing, appreciated. Thanks that lower sales efficiencies long-term sustainable than on had had of or would of that the get as – trying out targets marketing on yes, the the you details mean do that strategy. got

Mark, the going revenue. future, a see as and that to I are this we is the Lior. marketing in percentage believe sales Yes, dropping definitely. of

this think today. are that exactly the at where I And is mentioned we very beginning. Avishai that

think will that be acquisition. in the we parallel, very are a that in going a brand, from portion savings brand we it I strong allows investing us lowering increase only that. built in of do but investment to And to the we got that

yes, revenue. dropping we will see And percentage sales the that So forward, talking and of leverage is of I part that marketing are we definitely, as this believe about. going our a

you. Thank

into question next the Our put being queue. is

line open. your Porter of Stanley. next Elizabeth, question Morgan Elizabeth is from comes Our

top-of-funnel reverting much. I very noted to on was was top pre-COVID. of I kind you the just the an letter QX, And noted the back pre-pandemic of little update you the get bit hoping demand. funnel to overall believe Thank back above a trends. in

XXXX demand kind And is that If on any Thank great what's there level question hear. is guidance? of what's the greater confidence behind impacts embedded pockets the that would us? you. bottom be my your So seeing is that in to you're

Yes, Elizabeth, for the question. you thank is This Avishai.

they that what We we think to. war would economy another to that where things is we governments it's have, war, the don't and the going and to don't that we that confidence the and data after there to the going crisis I have is know if be the do, how react right? evolve know

estimation better than that do. on You we probably have

that level crisis is a I new confidence we is place, we're And in is And of what that seeing is a place. because so the obvious, for kind and think, stable now that stable post-COVID. while there we’re in right, economic an are

are we we coming. change hints what is kind that that that clue think us a that we or instability, give I there when we don't information see any So in saying come say means of a is it

an much All so have that in economic crisis think the this that we is we demand And the is comes have our that I from. information where of is that confidence showing now. pretty level this type of the

question This RBC Markets. go ahead. Capital from Brad please next promoting Brad I’m our questions. Thank comes of you. Erickson

Thanks.

of of you've number, do call net few seeing before year-over-year, normally used it, year, the about do it's like of you talked gave the subscribers get right subscribers, for the modestly quarters. churn quarterly Talk you was end last guess at which COVID. that I you're the cadence up, to to the you the to about and add top-of-funnel a reflected So that take lot net in back going sort now to new subscriber what

get of Just next? if here year levels curious to those can we back this or types

Nir. Brad, it's

subs our to thinking want kind the give color. I more net and actually reiterate some around So, of

also of we has higher we're on but have part done higher cohort optimize and always of price to being subs First higher of users. all drive in led decisions we've our you what aiming terms focusing with a how to in This our willing higher a of terms to It's made value. pricing around remember, less decisions, at take to value. intent and foremost,

these XXXX, to are numbers about a XXXX lot cohorts. COVID, grow at relatively compared elevated They longer think in the some of sheer because that mature cohorts and in XXXX converted because similar into numbers, big of you is when will stabilize. previous cohorts. XXXX, they the subs a in the demand Now gets of you very you the as see And retained very, But of probably their what cohorts terms an they were have which last system. net still bit as heightened young remember bigger, have of subs to that size XXXX. them obviously are and creates the canceled when on that behavior subs throughout impact specific little And

that other made sense existing more and is cohorts, thing also makes environment. because affects the these a seen which The also a build in of that small are of to much out trying business businesses lot the retain macro impact we've that are challenging

And lastly, or another to need thing in after it business was our the XXXX that Ukraine. the impacted decision invaded Russia eliminate

because very small. used people helped to because higher the we was in of time subscription, optimized over a in very increased still it more was and added but metric, past, bit be, them between us uniform, therefore, subscriptions ARPS the little our – when want we drive of very So at you the towards different because And think the When functionality I important is XXXX. – ARPS, And to all which, is more you has ARPS. something that by net of is the increased sales those illustrate which I our I had about from that XXXX. XX% kind impact about something have think. look And it metric in uniform prices, variance here. on But it for a relatively think this say general.

to de-focusing change our net explains thinking websites about built is and much platform, the we're that about change, can thousands the which to seeing price uniform the thousands we and in the also of we hundreds our where the means much itself. point not the adds more few for years, being are so In cohort a on a which which getting of ARPS significant last even very are go more dollars, why absolute anymore, value focusing complex

that I your answers question. So hope

move of Ygal is question next question. Citi. Thank This your Ygal you. to Arounian We’ll open. from line comes on the

big conversion. of integration. was morning guys good talked to always about you ADI I of I kind wanted driver Hi, have you out a ChatGPT know ask about And when guys. just conversions rolled And that might that there's pump the through we and that any expect I if this parallels know a if it's you really early drive through thinking go as in year.

then just the And back marketing to going efficiency.

higher Just is on are the that you you're of Thanks. more that? that just more? could or targeting you that at there convert the as less maybe a on little creators, that DIY Does that or as going that call the XX%, mean learnings Is kind customers share is from or that? to on rate focused make to basis right a to guys them, users not bit spend self-creators, the you're higher-intent

with Design do start with market some I'll the we things been Yes, right, Intelligence, mass – started think, I AI that voice and ADI, we've speech. Artificial I the maybe which when the product is of exception to first So the think first, one. it's was

a of ahead the a today on So, that which we've lot of different while, things. have been curve we for

with way AI. edit you For have to example, images we for a

we a and released the a the years clear of the one example product, few that upload ADI. make we'll ago, you for better. photo So background That's lot

And introduced now ChatGPT. we

the we So the to is the one ChatGPT. of we on some know things that write website. AI content for people hybrid And It's this is really not many open hardest build.

simpler, So lot many and a make by right, adding in more we well, a bit ChatGPT, cases. creative it,

I value users. it's So tremendous for our a think

cool is together, doing users our has You simplify many different think interacting different additional, all you it, which going together. kind of write look to a assays, year, are many right? has AI to the see It's and complex we're again, a website, come thing are very now, some next the have in creating users our pieces, complex thing, right? all it to to graphic because And with about things that very – are a

we to and So, better we do of there for a Wix can have self-creators. simpler use lot things make

brand to this look so there, right When is, acquisition, which it very at is – comes were you is point yes, strong a the for self-creators. Wix you brand, if touching the

have I was to. last, we've think emphasizing pre-COVID, clutter seen of not itself job were the the of OS already had COVID, very and What we they from about thinking brand now seen but the during a the people that good arrived did that. a that building separating lot we've rest in new

the was a a to about opportunity Wix. of it population portion educate mass big So

started more it's last And that the than actually look way has notice Wix. for generic to so year, become people that that we brand the strong

us So direct we're to with of a And fact invest proven that that as self-creators. we we from Wix continue enabling go is a similar into we've starting to branding The did that and, But that strategy of right, the and that brand we website, course, actually if lot why of of that, with to we on partners, which even thing investment carries strong. costs. we're for eliminate after that is all – that's equity doing, less do the that and the can brand now And value complex a very hold. for that – smaller course, acquisition. have next acquisition the we where we course, that we will are work in building by is acquisition

Andrew [Operator Instructions] JMP of Boone Securities. This you. from comes question Thank

open. Your line is

relate Thanks and of Can us does that so XXXX understand XQ? changes Thanks so impact my guidance? you much for price then to for And question. the taking help much. the how

this we it's one I the May, the there. we that embedded did last going everything. that complete that meaning And believe, So the is see guidance provided, is of we where this and until of still part continue, have price to increase already we effect year

explanation ARPU not just about Nir mix I also see that mention And And spoke the also change to important provide very is about a it, to also the we've change in in later will some the effect we this in the major but of price our that mix, increase for price increase, I that's continue we drive in that customers. also but ARPU, even it believe made. a result think that the think continue see drives and I the that also – obviously, which of something up. after ARPU increase

Thank you. This next John Bringing forth the question. from Jefferies. of Byun question comes

is line Your open.

Thank guidance, Hi. Thill This mean, One of the Jefferies. on I'm Two assumption XXXX assuming is on for comments you. Byun John the the what not Brent you're questions. that wondering behalf in mentioned I at deteriorate. QX the on macro is you the does macro.

second So the in? I just months a recession? do QX? just it And any in you're be we we're want Thank you. since to tough into then quick what two quarter-to-date, will seeing far so U.S. what already change see And a if enter trends one,

that regard even the with we is macro, in Obviously, payments. be we the assume what changes now, didn't the I to improving, Avishai focus the effect, be to will upside, So in will is will macro think what meaning we the as right be try around see especially it mentioned that that macro that if macro. Wix that before, an GPV the that

stable also throughout in that assume far. quarter, We is guidance didn't still we overall obviously, least the the didn't strong. are first very so see KPIs. those we and they to change any that, in change have did at regard We fundamentals any what provided, With are assume our fundamentals, very

is I that see talking growth. really strong market of also the We this growth, that. And continue this something in partners. in this about and will a still to a that is And is also partners, that is important And hyper of to keep share. kind are beyond the believe more taking but growth we continue XXXX We something mention.

Hey John.

In earlier. kind February what what terms relates to and in commented of Avishai we're seeing of January,

see So also you We the case. the would that point. recovery, about not first but I'm – team but that's decline, we don't would no to have this major this management point, the improvements be to sure to sadly, any talk at loved

basically it's stability where at So are of we now. kind

comes our Company. next of question Wong Oppenheimer & Thank you. from Promoting question. This Ken

is Your line open.

kind NRR, a just in just down. number Thanks of a us of to step little how wanted should a demand if environment settle of in of once dig some a could the maybe of you lot. stabilizes? context and bit you the give into I think I'm kind moving pieces that took terms wondering that

here. It's Sure. Nir

before, the we would size most at terms and of that think that slowdown, where it. the remember, main seen result. also would of the GPV it Obviously, when And also I what of it have these a the more them. look impact, to to we mentioned the the as NRR, which think affects that benefited you put you say of big you a at things, about all I still the the And dive on still an that slowness are NRR, kind level. on it. bit these existing happy that obviously are When – a by and effect of environment, in little commerce. the – But are in a take of business this generally the harsher keep with macro positive step it bit maintaining so so made with of what deeper of a expect working because the say to we tiny pretty kind much even same cohorts, again, that, has is speaking, it have we've and component So to had first terms I you of that COVID it, compared XXXX, down kind comes are the businesses is trying small is the a in remain around in and obviously affected we is

Thank you.

of question. Moving This up question our comes Barclays. Trevor Young next from

open. is line Your

finally it Great. Thanks. Because Can in XXXX? out side, the on the then your kicking in? there an the Is that throughout it seem what's are headwinds contemplating comments through coming color revenue just a little kind from Vistaprint based maybe understand year lift prior bit starts of you year-end. help informing the the partner some Is would in of abating? be May, me, that any acceleration you pricing would to from acceleration FX Just us appreciated. but lapping of

it's simple. actually, So very

QX, on it basis, a QX compare you year-over-year that very strong. think I you of compare when to which QX was XXXX,

during So less different. spring. are the the overall more that or Remember comps the started slowdown

So comps. with totally obviously, quarters next three different the

obviously, beyond that's differences. So the explains that. Nothing

Thank Wolfe question. question next our Deepak This of comes from you. Mathivanan Promoting Research.

Your open. is line

Hey the guys. for question. Thanks taking

are standpoint So ChatGPT out with ask know And incremental also you first, about levels. Avishai, this then rolled healthy the of Do now integration; top contribution then staffing your to you I kind done year? levels far, you when for feel product I then you've as so XXXX. areas what in cost we see growth? Thank efficiency And I and much. the the level the ask these after to a views to expect ag so and actions to potentially at wanted a on but progress is focus productivity right the meaningful line into head product from XXXX? main reduction you do the like kind wanted of priorities

Of course.

is we pretty product focus self meaning is additional we much some well, in think but some Where the have the So you're we of only that AI, core lot are of going see announcements. coming same, I the – cool not business. going that. two heads and to of think things forward. have A very creators area them One the bit that course, is

see, this to things think, going coming very you're I some year. exciting So,

we we we On the on lot of the need spent partners a to have a lot and hand, there. do things that other

should gap offering So is the into of far, or we're, a gap latter we as doing to the that big this very where creation exciting it's is year. which lot close we're going mean, of in head I we there part that and to going year. have, so is because partners by be what for the a best the

And of our so, is. product most that's where focus

product mention enhancing a just new CodeX. Velo, We've I a want for okay? of to your utilization called packages We for released released minute.

at continue right, new only All functionality, of that. very do build websites those are we're to going to for deep are professional products actually that to I and aimed that partners, think people

very marketing, things do our exciting marketing. do that additional some You're going see allowing we customers to to better for

think nice that So traction. in we some really good there, project see we I and have

And you to with Nir, the take that, want part? do next

Yes, absolutely.

at of I organizational terms actually and level a think the high increasing. in it's productivity, So

we we I think XXXX, extremely have well us the company even helped within done the half the become better in what of second we've throughout and changes received do.

back You also call us productivity be much, a late it Tel allowed to operate environment. the the headquarters its a a us to way October, office a can at we moved closer and in for is better us on own morale fantastic new That better much moving on our that started employees remember have manage. had And which work to – for better to to believe also way on because and we into we impact people Aviv.

move just to did enough we did headquarters, the the Before we new office space. not have

that So obviously, contributor. great now a is change also a is and

of kind some we are the very, within the COVID the executing. So had but are of connection because are we where especially would to the I XXXX, And during the still behaviors of we that we say, that very we're company, productivity standpoint bad organization did. and heading feeling into when adopted kind we in a going confident that of to, actually from the, excelling of shedding back

Chris Thank comes you. of question. our next This Promoting Credit question from Zhang Suisse.

is open. Your line

my fulfillment. with partnership your question. a I multichannel for question taking Thanks on Amazon had Hi.

deepening of that are offering? just Prime, on now? you with wanted your to thoughts headwind. maybe it the availability potential So the with more right light days of Amazon its the happy quarter with adoption XXXX facing still I as But in Or e-com when multichannel it's early partnership booking was rolled of about in your first Buy in out started recent hear

So progress happy very there. with we are the

into combination a be specifically interesting Obviously, we the I and happy think it's commerce but for future. what very a and future it. we together being of details, think around can other I are things happy we be our may with that business the on cannot go doing definitely in with that Amazon relationship developing also

hand Thank any the I'd further over company like you. the now Q&A That our conference completes to back comments. to session. for

Thanks, to time. hosting today, a everyone. talk Have and everyone, good for Thanks, you that. Thanks, joining day. Chris, we'll next for