Wix.com Ltd.

Good day and thank you for standing by. Welcome to the Wix Q2 2023 earnings conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during this session, you need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Emily Liu, Investor Relations. Please go ahead.

Thanks, and good morning, everyone. Welcome to WIX's second quarter 2023 earnings call. Joining me today to discuss our results are Avishai Abrahami, CEO and co-founder, Nir Zohar, 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 materials and in our 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, Emily, and good morning, everyone. We continue the momentum built up over the past few quarters into a strong Q2, exceeding expectations. as we accelerated both profitability and growth for a third consecutive quarter. This is a testament to our focused commitment to our growth strategy while balancing operational efficiency. Revenue in Q2 grew to $390 million above our guidance. We generated more than $49 million of free cash flow, or 13% of revenues, also outperforming expectations. A meaningful driver of the strong performance this quarter was our partners' business, which grew revenue 36% year over year in Q2. For the last several years that our partner business has grown, we have been listening to our partners' needs and innovating on a set of solutions tailored especially for professionals. This all has led to the launch of one of our most significant products releases in the last few years, Wix Studio, the new corner store platform of our partners' product experience. Wix Studio is the first of its kind web creation and development platform meant specifically for agencies and freelancers. It is an all-in-one platform for professionals to create websites, easily collaborate and delegate among teams, manage workflows and clients at scale, and grow their business more efficiently. I want to share a bit more about how Wix Studio came to life. Three years ago, we launched Editor X. Since then, we have gained significant traction with agencies and designers, and have learned a great deal about the types of projects they build, about their needs in design and control, and about how they are They run their business. We learned that agencies and freelancers need more than just a high-end design environment. They need tools to manage and grow their business. The knowledge we have gained has enabled us to make significant leap forward in our offering for partners, which we now deliver with WIC Studio. WIC Studio brings so much more agencies and freelancers in one platform than we or we believe anyone else has ever offered. The Wix Studio Editor provides a simple way to do complex things online with layers of control over all aspects of design, while still allowing in-depth sophistication of Editor X for the most advanced users. One of the hardest issues that agencies have is keeping consistent design across multiple screen sizes. We are greatly simplifying this challenge with responsive AI technology. Wix Studio also includes a full set of native business solutions, all supported on Wix infrastructure, like Wix stores and Wix Booking, as well as the ability to add third party apps. For specific business logic that is sometimes needed for clients, Wix Studio offers developers new capabilities and tools to create custom applications better and faster. For that, we've introduced Wix IDE, our complete new professional development environment based on VS Code. Utilized using Wix IDE, developers can extend the functionality of our business solution using hundreds of API and integrations. With integrated AI here as well, developer can use an AI-powered code assistant to write cleaner code and detect errors. With Wix Blocks, partners can create custom component widgets and apps that can be reused on multiple sites. Partners can even sell the apps they create using Wix blogs to millions of Wix users in the app market. Finally, Wix Studio is meant specifically for professionals who build sites for a living. The Wix Studio workplace includes a powerful dashboard to manage clients, projects, and teams, which is also accessible on a dedicated Wix Studio mobile app. And for when an agency hands over a site, We Studio includes a client-facing dashboard and editor with features such as a quick edit, which allow clients to make easy changes to the site on their own, and the ability for the agency to add relevant resources for the client, such as video guides and tutorials. These are just some of the many ways to address all of our partner needs, from building complex projects to managing client relationships, all in one place. These capabilities are built with all types of agencies across all specialities and skill set in mind, not just design experts. We are incredibly proud and excited for the release of WIC Studio, and we believe it will be a meaningful driver of continued growth with partners. In addition to WIC Studio, we also made a meaningful stride in all of our AI innovation discourse. With the announcement of AI side generator and AI system for businesses, just two among many other exciting products in our pipeline will be rolling out to our user-led ADC. This adds to our already robust suite of AI and GenAI products developed over the past decade. AI remains a key part of our growth strategy for both self-creators and partners alike. There are so many more exciting features and highlights of Week Studio as well as our AI pipeline and vision, and we'll be sharing more details and some demo next week at our analyst day. I hope you will join us there. With an excellent first half of the year behind us, I'm confident in our ability to continue this momentum and even accelerate profitable growth for the rest of 2023. So, we're again raising our revenues and free cash flow outlook for the full year. The outperformance of the last few quarters put us on the path to achieving the rule of 40 in 2025. There are many exciting things still to come this year and only made possible by a credible team here at Wix. So thank you all for your hard work and dedication to our users. With that, I'll turn it over to Nir to speak more about the founding business. Nir?