Wix.com Ltd.

Good day, and thank you for standing by. Welcome to the WICS Q3 2024 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 Emily Liu, Head of Investor Relations. Please go ahead.

Thanks, and good morning, everyone. Welcome to WIX's third quarter 2024 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 are happy to report another consecutive quarter of accelerating growth through focused execution of our key strategic initiatives and improved business fundamentals, we were able to deliver impressive year-over-year bookings growth of 16% in the third quarter. The success we've achieved this year is underpinned by our best-in-class innovation, particularly our AI-powered solutions and Wix Studio. Almost one year ago, we launched our AI website Builder, which is now available in 20 languages and has been a game changer in our user onboarding strategy. Today, more than 50% of new users are choosing to create their online presence through our AI-powered onboarding process. The tool is resonating particularly well with small businesses and entrepreneurs, as paid subscriptions originated from this AI-powered onboarding are 50% more likely to have a business vertical attached and significantly more likely to start selling on Wix. By streamlining the website building process while offering a powerful and tailored commerce enablement solution, our AI technology is providing incredible value for merchants whose priority is getting online efficiently and selling successfully. All of this is translating into top-line benefit. Tests in our most recent self-created cohort showed a 13% uplift in conversion rate from our AI onboarding tool. We anticipate the platform to continue to resonate, resulting in faster and easier website creation. Earlier this year, we spoke about our plan to embed AI assistance across our platform, and we're continuing to push that initiative forward. We now have a total of 29 assistants spanning a wide range of use cases to support users and to serve as guides throughout their online journeys. These AI solutions are streamlining more processes, building stronger relationships between users and their customers, and empowering users to make better informed decisions. Although these assistants are still in their early days, we're excited to already see a positive, though modest, impact. This includes better conversion and improved care efficiency. I'm proud of the incredible AI technology we've already built and inspired by what's still on the horizon. We have a number of AI products coming in the next few months that are unlike anything on the market today. These products will transform the way merchants manage their businesses, redefine how users interact with their customers, and enhance the content creation experience. Importantly, these will also be the first AI products we plan to monetize directly. We are on the edge of unforeseen innovation, and I'm looking forward to the positive impact it will have on our users. Moving on to Studio, we are continuing to see exceptional results, which Nir will discuss in more detail shortly. We continue to launch new features to support agencies and designers at every phase of creation, development, and management. In Q3, we rolled out 74 updates within the platform, including new feature introductions and enhancement of existing tools for Studio users. Yesterday, we introduced a visual site map and wireframe generator within the Studio toolkit. This AI-powered tool enables designers and agencies to quickly draft wireframes and website content for clients, accelerating the conceptualization and iteration process. We see this as a powerful way to jumpstart their workflow, as well as acquire and collaborate with new clients more efficiently. It has been an incredibly rewarding journey building our presence and trust with professionals over the past few years. It required meaningful investments in infrastructure, focused engagement with the community, and unmatched innovation to not just meet, but exceed and anticipate the needs of professional users. All of this has culminated in what you see today with the early success of our Studio platform and strong sustained partners revenue growth over the last couple of years. While our product roadmap includes new tools and features for professionals, I am confident that we have the right strategy and core product offering in place to sustain partners momentum in 2025 and beyond. We're incredibly proud of the success of Studio and the partners business trajectory today. Now with significant foundational investments in partners behind us, we are approaching investments in our self-created business with renewed vigor. As a core pillar of Wix's success and vision, self-creators have always been a strategic focus for us, but is now firmly in the front seat of our overall growth strategy. We are working on a number of incredible initiatives and differentiated products that will completely transform the way self-creators build on the internet. Much like we did for partners, We are reimagining the way self-creators find success online. I am incredibly excited about what is to come. These transformative new products, along with continued AI tailwinds and strong business fundamentals, will drive more meaningful growth acceleration for self-creators in the coming years. Thank you, as always, to all of our teammates for your dedication to making Wix a best-in-class platform. And thank you to our users for trusting us to help you achieve your goals. Okay, Nir, over to you.