Wix.com (WIX) 7 Aug 242024 Q2 Earnings call transcript

Good day, and thank you for standing by. Welcome to the Wix Second Quarter 2024 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Emily Liu of Investor Relations. Please go ahead.

Thanks, Amy, and good morning, everyone. Quarter Call. Second Wix' to XXXX Earnings Welcome

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

We results current these forward-looking call, this these not based these cause Please do in factors we could the make our forward-looking and actual expectations During Form statements, statements. press XX-F assumptions. forward-looking and obligation that to release may any statements from to and are risk statements. differ included materially consider on 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. With the turn over reconciliations earnings between analyst that, all to can in call Avishai. and GAAP of our interactive find Investor and website, in material the center I'll non-GAAP results on our section Relations

Thanks, business morning, Emily, to to with successfully that platform and innovative impressive any XX%. and pleased leading we of a to the drive QX from position acceleration delivering underscores the we This very the executing results. share I'm XXXX were first able And users, by we half strategy QX, bookings excellent of succeed and finished everyone. growth our as our good online. go-to year-over-year significant XX% saw or our grow is user in bookings to growth create, and for solutions

Nir Wix which platform. the our growth, product results some end strategy continuing top key incredible in Studio on the XX% propel are we've of The exceeded of generated into letting encouraging our the made AI momentum. I'll reflect line expanding to progress again reception strong that commerce and share before guidance. also top revenue and updates dive We initiatives our our our performance

results First, to new and see features steadily outstanding enhancements. add from Studio we we as continue

anticipated out we better rolled Figma design expressions. we highly no-code Most announced grow their new help notably, work clients now with workflow pigment enablement top leverage solutions, Partners to partner partners capabilities their animations, request. positive AI tools business. no-code accounts has Studio a and dynamic can platform to joining plug-in, quarter, a and powerful Business and This number their been tools new management and CMS continue transform launch. The of to business Wix rate this partners into studio built-in of following and through outperform expectations. the and dynamic websites very seamlessly. Feedback studios, designs

bookings the We of pace packages ramping retention third studio purchases. in of XX%. along subscription second, studio fourth their also partners This, an saw of with existing studio acceleration and subscriptions growth and purchasing of strong quarter-over-quarter drove the

resonating deliver as the increasingly with grow continue community is professional we and to our platform ecosystem. Our best-in-class partner innovations

to across [ support conversational Second, products. result assistance date. assistance to guide far act released experience. creating as cycle we users them XX of aid suite right-hand AI AI our platform across a and to AI thus AI Wix. These aiding our continue a support assistance initiatives Last plan to presence. their the range streamlining online of share introduced assistance we I'm work to a business as embed AI of excited to and capabilities streams numerous we the so up quarter, and that build life our with cases users minimal use ], managing These for through entire their wide of hands-on span have

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it our going continue us growth of for be expect to forward. As competitive well driver AI technology, we as as expand advantage of a to the significant breadth we a

momentum powering meaningful of a XXXX, and lot acceleration. of with half built many have exciting We growth in the first innovations, up impactful

help continue expect exciting I'll to turn of goals. With choice. you things momentum you still for the with the make into the your Nir. to work many back And entire thank Thank come. that, half Wix year your it us over We web hard trusting to to team this creation users to to achieve to of for the our platform Wix you

you, us growth cohorts on Avishai, leg user quick before of our commerce strategy, and platform. you, Thank everyone, joining our I'd with into to diving like for a update our start thank third today. the

First, fundamentals QX marked was business by another quarter, and robust great behavior. user strong

noncoded This quarters fewer strongest Our cohort of while our X users. result QX continued a users. strategy cohort its our is 'XX generating user 'XX in than remains marketing targeting more cohort, first bookings QX high-intent X% having our cumulative

cohorts. We to have users million self-curers, new in strong These base partners TROI conversion our quarter. and expand adding continue new to ARPS and continued to users high-intent demonstrate increased with X.X second compared the past user and

success continue past benefit completed the We initiatives the from year. of over to strategic

studio users tools drive year of consumption this ramp continue price implemented and increase existing weak earlier strong. to contribution and the uptake new user conversion, continues by and AI Our to remain

we model. All proposition value business are believe of durable bookings which is our these reflecting growth, factors and driving unmatched

largest a particular recent in an rate years. record Our to basis the and commerce with increasing expanded quarter-over-quarter a year-over-year, Take growing improvement this X.XX%. rate highlight business was XX XX% revenue quarter, transaction sequentially, points impressive take

Over across in and we years, in built our new steadily few any enabling of By build, choosing full expanded for their and merchants we more geography a Wix platform with trusting and have to end-to-end grow industry Wix platform, into and commerce have every Wix. the every manage globally, introducing features and business owners past capabilities, size livelihood. business

in Our paired platform ways: with growing has GPV. monetization GPV our expanded X of increased

in ways. we're business platform, facilitate we a First, our which are need to new insulate One, helps any from through volatility. and order in diversifying the maximizing us expanding to platform GPV flowing macro continually verticals into few our

and industries onto create, manage which and tailored professionals as finalize transaction helps additional various we Wix our platform. higher introduced we quarter, are a pool proposals our to size provides merchants onboarding attracting verticals, across result. Two, which average a Wix appealing This Donations, a Proposals, increasingly larger with of By and are wider GPV we expanding for easily. merchants solution NGOs supported

commerce to to drives the businesses this win existing marketing the strategy. suite our share a and We of we commerce of our tools is existing we growing key management. advertising expect growth as product to online success Three, users grow from professional continue compounding The and increasingly their market. enabling of through of merchants success to AI-based are e-mail

we adding and our to merchants, addition of flows GPV our monetization Payment one, driving an an ownership did is have In through disputes that over merchants quarter payment partners, are integrated our GPV partners experience merchants we new monetization existing Wix Payments as Payments GPV, base the is Payments native Meanwhile, adoption expanding to increasing customers with Wix. Two, and this Wix choose Wix and platform, for of seamless experience. other higher increasing The dashboard growing Wix new building are payments smooth by our and what checkout easy by increasingly we providers. thus, also which too. of

in and mail payment monetize Earlier online, XXXX focus it to We started enhancing Wix to moving capabilities. a year, to selling into solutions on platform cross-border are with new the India years, power and New we we allowing off-line share, providers of 'XX Payments GPV. card QX steadily entered this merchant since capture us ticked in the such more up credit capture additional DDoS, result recent last adoption particularly a on as continue. over thus our most initiatives. ordering platform better. Four, that file as of making commerce to of Xx our introduced offerings this Three, and Wix. and in the and GPV and expect international tremendously more of in GPV markets. than partnership has payment grown solutions quarter back was e-mail Global-e our has few providing more wallet These

more improved 'XX Our with Xx transaction even revenue. than significantly of 'XX monetization that more revenue transaction QX QX has

We our all growth commerce in years with outlook. now user period. for this our and has Lior both Lior? strong stack As Wix a hand full ARPS. higher I to succeed retention more merchants result, walk it financials that will provides need that, believe caters over driver key and will to the quarterly than online our to a over platform commerce self to rate and and remain through come. With take our tools they partners solution Today, doubled of drive

incredible in the Thanks, solid as resulted Nir. margin well Strong fundamentals and about expansion in business execution of as second you growth initiatives the key just growth momentum heard additional quarter.

high achieve milestone of in focus now growth margins top XX year, shortly. exciting this Rule will end updated our of as our back we as the half about XXXX continue profitability we of line to well the in As guidance share improving and on I ranges. to at the accelerating expect outlook the more

demonstrating of XX% the acceleration to the of growth to Notably, bookings years. in XX% sales as continued capabilities creators strength our We drivers from of let's million main year accelerated ramp coming absorption about. entire underlying growth into both partners as expected the growth as across strong and $XXX details First, be increase and and finished in of this a total are the revenue growth grew with the with the standout QX end our was strategic bookings. Studio that experienced of XX% to guidance. revenue benefited the of year-over-year. up bookings year-over-year, quarter. growing also $XXX or was platform. QX very our from heard fair well Wix driven the dive factors high and by growth above Total million, the the of earlier This AI result initiatives user second performance Contribution significant suite implemented you contribution strong price from of just

our improving quarter, transaction compounding a commerce result from was merchants a larger monetization. existing million performed GPV of joining well growth, along as GPV with This healthy growing XX% to product revenue of and extremely $XX businesses. Wix business growth with GPV

best of the Payments of addition Our were a paired approximately this vertical XX% and with with Wix to growth products XX%, driven payment GPV the new respectively. and quarter by performing was events This GPV monetization bookings growth increased platform. partners

record a of is an points reached As a sequentially. X.XX%. quarter high take in result, XX rate basis the second increase of This

expect steadily continue as we and commerce grow take long term to the GPV We rate to improve platform. over our

and of of strong number meaningful another the adoption top partners' the studio our partners coming professional retention Partners as base. was XX% major agencies, we package projects grew overall increased. usage in and driver in and quarter. third of purchases, studio years. studio and business monetization a the empowered continued this more The that build phase revenue Partners be of growth line give Partners onboarded website of to Our us second, accelerating ramp partners on improved Wix of existing year-over-year confidence contribution platform, on new building driver fourth growth as user Notably, to significant will increase

result costs operating overhead than efficiencies, on quarter-on-quarter lower more as increased payroll property the in quarter, line in operating with year. and improvement from as operating a cost points the advertising of XXX expenses Both XX%, non-GAAP as this of of of was gross office a taxes sequentially we saw to lower margin our expenses. to well XX% expenses. in which QX margin. on our result headquarters, XX% operating basis full expectation Impressively, things. Moving significant of a for decreased GAAP footprint lower was our subleasing additional non-GAAP seasonally margin side gross and lower QX as margin Total

payroll to related and studio while of expect second rest and as year, base costs overall the lower this planned. half sustain costs increased through We of the through marketing sales

GAAP million almost costs while to line XX% free a X% continued As growth revenue, revenue. of headquarter $XXX strong efficient due flow margin excluding operating QX operating result, of build-out was and base. non-GAAP margin XX% of or more totaled totaled revenue top cash cost operating

headquarter the our of This CapEx me completion the marked build-out-related going quarter additional This our with leads to forward. back of no now XXXX. expectations instruction half anticipated for

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

broadly macro reflects grew we that unpredictability are we the high platform. or are building expect more at to our our half to want still a in million due XXXX, of our broad-based We year-over-year see outlook and has QX, the $X,XXX year. bookings to sustain bit to XX% XX% an not related booking into trends mostly total outlook. May see $X,XXX payments, volatility more updating total our full as continue continued in FX in the to momentum built to the as to which XX% QX the of to now has changed conservatism For year I guidance growth. this from began updated expectations. This acceleration highlight we first expect we end of into in early to up late this what materialize across shared We million we

to accelerate as expect products to the of performed our half our second continue platforms the at and creators continue sales and partners AI ahead in of growth plan. expectations to see highest studio We

we total XX% Additionally, million million to $X,XXX expect to of now $X,XXX year-over-year revenue or growth. XX%

On gross margin side, XX% the to full for year. total non-GAAP we to of expect cost XX% the continue

operating expense operating XX% previous full quarter, lower achieved slightly lower the recent XX% approximately be XX% now of non-GAAP expected the of revenue our to than in are base the is revenue. to expenses sustain we for As This of expectation year. most

sets This we headquarter XX% generate an XX% $XXX or now XX X commitment Rule the flow $XXX costs expected. We and we even be past assuming to revenue ahead million But in cash in guidance milestone to high This of this approximately end strategic this certainly This will free the vastly result, acceleration our year of X is have achieving expect The to of focused year previously or of up of major a will revenue us. million As towards years, the from [indiscernible] not XX% for increase expect us initiatives flow, successful goal bookings line million year, worked XXXX. is acceleration revenue $XXX a of impressively, to execution the the for finish and revenue million XXXX. of to excluding a $XXX we profitable that growth this growth. more achieve to free plan. for expected the our be this ranges. to milestone cash is testament

structure, we continued We in we margin surpass also result free our positioned scales while as flow XX maintain meaningfully business incremental our previously expect to are a cash the as improvement of than stable cost Rule XXXX more expected.

highlighting a to of that like we plan Finally, XXXX. In committed repurchases, key tool authorized share second approved allocation since commitment. This strategy. share board our returning $X more executed the I August. billion repurchases aspect marks of finish repurchased X-year $XXX share repurchase in We last than shares, remain value and our with to capital the consider shareholders tracking million the of our of would are to we making of completion another plan quarter, ahead

securities. I repurchase record demonstrates As a executing progress just I to couple savers. Board authorized years new -- of to on our momentum of milestones program questions. and the building now made such, The of track for past our not our still second forward over our million $XXX our but to year outperforming in come. Operator, the half ready we're took the the look

line Citi the Ygal of question Group. from And Instructions] our first [Operator comes Arounian of

of the on now commerce a It and quarter, more to type Can little more maybe coming move share more be for what is I to on what of Great they partner side. are? more opportunity board, This first larger with that to bit Just just there. -- want the you that driver merchants I types little merchants, customers are you the bit focus of a a new detail bit little into about seems guys? kind and of a packages guess. newer,

Ygal, it's Nir.

and and the think merchants gain also naturally, I with of bigger So we're traction and higher all partners kinds. more Wix we Studio with -- as on professional attracting crowd, more

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our the all the and as in we're First market. increased it's of offering share the verticals of of ongoing taking commerce professional as these all, well penetration increased market different maturity into

it. Got

uptake? just XH follow-up you are bookings. Okay. AI of on And are so self-creators in to far see conversions, acceleration any of particularly that then a on that there the I ARPU, on going confidence there those better continue you self-creators, the types pipeline. are things? seeing the what or be products that products. know higher more got supposed the know improvement, I to And AI of the What we're you've KPIs And in giving a drives to part lot

product they a conversations, and And agents pick interactions measurable we very now, new that lot it can of ADI, user kind to show effect. And when for that version that user and the are we we dramatically. more start created high in improved XXXX. have that and yes, by the can the obviously do did see trend ADI, that tools adoption, seeing of improved. more AI earlier as get that And we in Gen the of we've long think first I'll to than of part have I right natural product that have Well, exposing AI Release then, functionality the since that, more we seen website KPIs And be end product that a again. agents actually those The up the explain. AI cycle, improve. came AI life that continuously we progression this results using create again, users we conversion we year

very I'm optimistic. So

experience user to understand almost, and a helping what how something that now, actually feel coming and product now, doing and else into feel them you're interact X what, difference. creates of with releasing mixed is the them that in to do is natural way that I like then And our out that which don't think they you're think a us stepping technology, integrate years X right, years big I back. in

yes, we're of to continuation on the So optimistic going improvement. see that I'm very the potential a

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

ask momentum. I to on wanted Studios

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X, or the in X adopting twice we're new Studios to once they subscription they're X, websites. And use So by X, going not X, longer the term. us, that to just product a and actually and they it signal, when used that create it's for X, more continue

as effect. course, for it are company, is agency every because that does a growth as compounding us, it we X means right compounding a Of that

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does are use about difference was AI. there from an is Well, need there agency the AI. self-creators big massive question -- and between what second studio The how a utilize

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need don't you So that.

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to and on technologies even ideas we how So significant experience agency's are forward. have to a is more think to in And of it efficiency and that them. we make utilizing way streamline I some those kind the significance going work

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can course, a way our to most want can unless, think before which website, of you and to control long customers, that you create you your are nature, and there's where change self-creators can it you So AI go by a things lot of it you I is And successfully can it. and do replace of those for agencies. good

the think necessarily and intent I and is both agencies continue will user and not to in that difference So technology, believe I in grow which the type self-creators. means user

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

AI I you different thus do adoption versus see to of from on opportunity kind evolving? Are to is up with the the far. that adoption cohort? seeing solutions or initial customer that existing wanted follow how more going opportunity rates the existing spend around you And strong behavior back What new customers? of base and driving existing

be that, to those things to how -- to things. to I naturally, to our that those and them. users are tools to of and able know And how the to to expect automate how use text trust opening good most thank level, So Wix you to for the question. we to write And rate design it don't for know yourself qualification the they us expect that can in and it. And have that feel yes, AI new in needed because one that they Elizabeth, order right? feel the past of to do they to will users. to to use to see users all some have to different you're of to level now tools between They the do just adoption users you do do know think some was think we AI a course, they how themselves don't know And right? do to it, less enough

be this some we already are And customers. this and believe seeing more useful grow. we new to essentially, continue of to of gap, Wix types more will that are opening I So to

follow-up. of then to a Really And the early. Rule XX hitting see as impressive just Great.

just any we flow hoping margin, provide year. the for really around seen XXXX. we've As XX some exceeding looking the context expansion If could in out, just Rule cash free good this view at I'm we're you look

margin So of about year? driving ahead for that And how expansion? factors materially we flow margin would kind next support any free should think that you're magnitude or operating cash actions of

Lior. is this Elizabeth,

payroll that I expansion. growth, but So assume both combination also example, a for year expenses. example, is next Tech, of like, overall for margin

So revenue growth the yes, in I on growth revenue, as be of the expenses meaning a to in be of basis, increase will are payroll terms not year-over-year a that. that dollars. much we But will mean, same faster it than percentage going revenue as

we example, it still to coming percentage that of leverage for kinds to are a as over are going in all leverage there to we although different from increase see we are revenue, marketing, investment, but means as So some of expenses, going more see going well.

what growth on basis, So I execution into be the strong we a bookings a obviously our that combination have is right seen now which very going of of year-over-year lead next Rule to acceleration are significantly believe expansion will of reflected that with revenue believe of to next year. the The that surpass would we combination higher of margins me the of XX a year.

Evercore of from question comes the line Jian of ISI. Our Li next

Great.

I back guide about back your conservatism the kind of in circle to due macro. half to first, to want So Lior, comment

which be about Or Just any you the self-creators. to date? and are If QX in more you top clarify, is can funnel it both are assuming to That great. would partners, potential resilient kind your talk general seeing volatility of conservatism? into impact for macro of

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last mentioned will quarter, we we at. As that be

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is terms it. also adoption. helpful. payment. and of that Is the expansion another Wix Like vertical any that our can the I color Wix by improving payment the in there improve That's value-added And service what makes mean around margin you the lever of kind if take that partners rate sense? of Payment, around I itself? helped taking service and you of Got new profile to Payment expanding can on one appreciate the any think gross

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of our comes question Jefferies. line the Thill of And next from Brent

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that a too of there's terms In interesting we it, modeling very see. like phenomena that I think

the thing partners. for more first and more on using Wix the building of around their existing and is projects. Keep So obviously

Now on and they the and it's it mentioned very, is second, of the but the question the we in beginning than before are model using, grow really the is much tell learning, is much keep quite many my Avishai fifth, when I something this you them and fourth, started. building are tenth to each it's what that and going this more website Wix, one projects can every is the third, very that are we I how how that amazing. anticipated at the big.

about business they obviously, what of and using. are the kind of solution is newcomers what Second, kind agencies,

more of I of moderate. of It's significant. you dollars. of not hundred the So that it's the are we see to the that. about growth that of the results right we believe reasons Yes, studio for but quarter not will do still talking in thousands to with dollars, see have regard much millions quarter, obviously, revenue of huge, second XXXX, bookings first in the It's in one be second of is because like example, the acceleration why we now, XX% XX%

back concludes company to closing This call session. to question-and-answer I would turn today's for the comments. the like

us We'll on one. today. for you the everyone, next joining Thanks, see Bye.

Thank you.

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