Wix.com Ltd.

Good day and thank you for standing by. Welcome to the WICS Q4 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 1-1 on your telephone. You will then hear an automated message advising that 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 your speaker, Emily Liu, Investor Relations. Please go ahead.

Thanks, and good morning, everyone. Welcome to WIX's fourth quarter and full year 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. 2023 was a milestone year for WIX. We maintained a leadership position as the go-to web creation platform for any user and any business, grew market share for the best-in-class innovation executed successfully on key initiatives and achieve strong growth with record profitability. The incredible progress we made this year positioned us to accelerate growth in 2024, and we now expect to exceed the targets applied in the three-year plan we provided at our August Analyst Day. We will work through the details around our updated expectations in a few minutes. 2023 will be remembered as the year of a pivotal advance in our product suite. We started off the year labeled by others a company facing potential AI disruption. Since then, we believe we've proven ourselves not only to be a beneficiary of broader advancement, but also an AI leader among peers. We have spent the past eight years developing and embedding AI technology in our product as well as across our operation. This year, we meaningfully extended an already impressive toolkit of AI capabilities to include new AI-powered features that will help Wix users create visual and written web content more easily, optimize design and content layout, write code, and manage their website and businesses more efficiently. The key AI products introduced in the last year include an AI chat experience for businesses, responsive AI design, AI code assistant, AI meta tag creators, and AI text and image creators, among several other AI design tools. We also recently released our AI site generator and have heard fantastic feedback so far. I believe this will be the first AI tool on the market that creates a full-blown, tailored, and ready-to-publish website integrated with relevant business application based on user prompt. Our technology has benefited all our users, with both our creators and partners having shown excellent engagement over the past year. In fact, the majority of new users today are using at least one AI tool on their web creation journey. This has resulted in reduced friction and enhanced declaration experience for our users, as well as increased conversion and improved monetization. We expect our AI technology to be a significant driver of growth in 2024 and beyond. We also leverage AI to improve many of our internal processes, especially research and development velocity. This includes an open internal AI deployment platform that allow for everyone at Wix to contribute to building AI-driven user features in tandem. We also have a GNI-based platform dedicated to conversational assistance, which allow any product team at Wix to develop their own assistant tailored to specific user needs without having to start from scratch. With these platforms, we are able to develop and release high-quality AI-based features and tools efficiently and at scale. We expect AI to continue to be a major competitive advantage for us as we build up product suite and more AI tools to make web creation experience more frictionless for our users, as well as helping to improve operations. In addition to AI, we made a huge step in our offering for partners this year with the introduction of Studio, a cornerstone partners web development platform. Since August, more than 500,000 agencies and freelancers have created studio accounts, and we currently have more studio premium subscriptions than we expected to have at this point. Most notably, nearly half of our studio accounts were created by new partners who had not created on weeks before. This strong start is a testament to the trailblazing innovation of studio and our success in winning market share amongst our professionals and larger agencies. With all the feedback and our performance so far, I am confident that StudioWorld is our most successful product to date. Since our initial investment into professional marketing in 2019, we continue to see considerable momentum with partners revenue growing nearly 40% year-over-year in the most recent two quarters. This growth has been driven by the incredible strides we've made in building a best-in-class product tailored for the agency and freelancers market. And we have no plans of slowing. There are a number of improvements and new exciting tools on the way for partners. We expect Studio and our broader professional product offering to be meaningful catalysts of growth in the coming years. Looking ahead for 2024, I am excited to build upon the success of the past year. Thank you for the entire Wix team. It is because of you and your hard work that I'm confident that 2024 will be another year of incredible milestones and unbounded potential. With that, Nir, over to you.