Wix.com Ltd.

Good day and thank you for standing by. Welcome to the WIC Q1 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising that your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Rona Davis, Head of PR and Communications. Please go ahead.

Thanks and good morning, everyone. Welcome to Wix's first quarter 2023 earnings call. Joining me today to discuss the results are Avishai Avrohami, CEO and co-founder, Nir Zor, our President and COO, and Lior Shemesh, our CFO. During this call, We may make forward-looking statements, and these statements are based on current expectations and assumptions. Please consider the risk factors included in our press release and most recent Form 20F that could cause our actual results to differ materially from these forward-looking statements. We do not undertake any obligation to update these forward-looking statements. In addition, we will comment on non-GAAP financial results and key operating metrics. You can find all reconciliations between our GAAP and non-GAAP results in the earnings material and in the interactive analyst center on the investor relations section of our website, investors.wix.com. With that, I'll turn the call over to Abhishek.

Thanks, Rona, and good morning, everyone. We have had a fantastic start to 2023, and I'm pleased to say that we exceeded our expectation across many areas of our business. The drivers of our results this quarter were broad-based across our business, both on the top line and on the profitability. Revenues in Q1 grew to $374 million above our guidance. We generated $44 million of free cash flow, excluding one-time charges, and are also ahead of our expectations. These great results are a testament to the strong execution of our strategy to provide the best platform of innovative product for our users while increasing operational efficiency and discipline. Much of the growth this quarter was also driven by our partners' business. This year, scaling our business with partners, including designers, freelancers, and enterprise partnerships, remain a key strategic focus. Partners' revenue growth accelerated this quarter, up 27% year-over-year. We recently announced some exciting products for partners, including Wix Headless, and have many more incredible product announcements and marketing plans for later this year. The outperformance of this first quarter is very encouraging, so we are raising our revenues and free cash flow outlook for the full year, as well as pulling forward many of our profitable targets for 2023. Our profitability at the firm boosts our confidence in achieving the rule of 40 in 2025. I will let Nir and Lior share more detail about this quarter, and then I will close with my thoughts on AI.