Wix.com Ltd.

Avishai Abrahami, CEO and co-founder, Nir Zohar, President and co-founder, 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. With Vibe Coding and our decades of proven expertise in democratizing emerging technologies for everyone to enjoy, we will be able to deliver products that unlock entirely new value for small businesses and people. Let me start by setting the stage. When I think about Vibe Coding, I try to simplify things by breaking the world apart into two categories. One is the developer sphere. This is Cloud Code, Cursor, Windsurf, and all these tools which are great for engineers. These tools integrate directly on the source code of a project, enabling complex technical programming, which requires significant user expertise. The second sphere is where everyone else lives, the majority of humanity who don't code or even think they can code. Suddenly, with vibe coding, they can create pieces of software that improve their personal lives or help to build their businesses, all by simply using natural language. For example, a school teacher can create a custom app to track attendance and post grades. A neighborhood restaurant can build an application to handle their staff schedule, another to manage vendors, another to sort inventory, and so on and so forth. These people can now build any type of application they need or want with zero coding knowledge. Bottom line, vibe coding is unlocking access for regular people to build software intuitively without any technical barriers. This story sounds exactly like Wix's story back in 2006. We didn't invent websites back then. They were already widely available, but only to big companies with engineering budgets. There was an absolute barrier for the average person. We knew there was a way to enable an online presence for everyone. This was and still is the mission of Wix. We intend to do for software what we did for websites, enabling everybody to build applications without any need for a developer. What's different today is that the software application market is many, many times bigger than the website creation market. Think about it. That same neighborhood restaurant needs only one website, which they likely built on Wix, but they may need many applications to successfully run their business. Up until now, creating the application a business owner may want has been too expensive or completely inaccessible. And without this new tech, it probably would never have been built. We are already seeing this huge opportunity materialize as the AI-powered app building space has grown exponentially. exponentially over the past year, and we are taking a bigger and bigger piece of this pie. Base44's share of audience traffic increased from almost nothing to more than 10% in October. Among low-code tools, Base44 is quickly proving to be a leader and the best solution on the market today with enormous white space still ahead. Base44 is also getting better fast. We recently launched our new builder, transitioning Base44 from a predominantly user-reliant tool to an expert developer partner for everyone. The new builder represents a fundamental architectural advancement, moving to an agent-decoding environment with multi-agent layers. Base44 can now validate, debug, refactor for performance, and fix its own work, making app creation faster, smarter, and more powerful than before. Please do not mistake my obvious enthusiasm for Base44 and the AI-powered app-building opportunity as lack of excitement about Wix. It is no secret that we intended to release a new flagship product as early as this summer and as CEO. I am clearly unhappy that I still cannot share it with you today. However, seeing it in our labs gives me more and more confidence that the wait will be worthwhile. I expected early 2026 and truly believe that it will deliver great value to our users. I want to impart one last thought about the massive importance of building products that allow humans and AI to work in tandem. People building big tech projects, creating websites or developing applications, whether engineers or not, need to be able to control the outcome of their creation. This is why we continue to put a huge emphasis, both at Wix and at Base44, on curating the right combination of visual editing capabilities for humans and powerful AI vibe coding. This combination will allow for high-quality outcomes with less iteration while giving humans the right level of control and calibration. The future of creation will be interactive, intelligent, and accelerating, and we're just at the cusp of this transformation. With that, I'll turn it over to Nir. Thanks, Avishai.

We're pleased to see the new user cohort behavior in our core business from the first half of the year continue through Q3 and into October. These robust cohorts have been a key driver of our top-line growth, fueling the momentum we've seen throughout the year. They also provide a solid foundation for continued growth as we move into Q4 and 2026. Organic traffic continued to improve as more users actively searched for Wix online, underscoring Wix's continuously improving brand awareness and top-positioned platform for web creation. Solid traffic from paid channels also drove higher traffic as we captured robust demand while operating within our TROI guardrails. New users purchased more advanced website subscriptions, adopted more business applications, and purchased longer-duration subscriptions at an accelerating clip, demonstrating the growing trust our users place in Wix. With new cohort bookings following a similar shape to the second quarter cohort, Cohort growth continued to trend strongly through the third quarter. We also welcomed our first full quarter of new base 44 cohorts under the Wix banner in Q3, which performed better than anticipated. As the vibe coding market has exploded this year, base 44 has meaningfully outgrown most peers. We now estimate our share of audience traffic to AI-powered application builders to be more than 10%. up from low single digits in June. This growth in a matter of just months is a result of a fantastic product with organic reach supercharged by our expertise and investments, as well as application of Wix's proven strategic playbook to Base44. In addition to establishing a dedicated customer care team and expanding Base44's R&D capabilities, we focused on building up a comprehensive full-scale brand that and marketing function. Remember, Base44 did not have any marketing motion when we acquired it in June. On day one after the deal closed, we started to apply a marketing plan that has been fine-tuned and tested over the past two decades. A key competitive differentiator for Wix to Base44. This included refining the company identity, messaging, and visual system to better reflect our market ambitions. We also launched campaigns in key channels and core geographies. Compelling branding and effective marketing is crucial to growing Base44's reach beyond just early adopters and capturing the huge white space Avishai spoke about. Returns on our initial marketing investments meaningfully exceeded expectations as demand ramped through the quarter. As a result, we were able to confidently scale marketing efforts above our initial August plan. Today, Base44 serves over 2 million users around the world. This is more than 7 times more users than we had at the end of June. Impressively, this translates into more than 1,000 new paying subscribers joining daily. We now anticipate Base44 to achieve at least $50 million of ARR by year-end, an increase from our previous expectations. We also continued to see positive trends in our main geographic markets as we improved monetization of the growing population of users and conversion improved sequentially. Better monetization was also a result of healthier commerce activity in the third quarter. Transaction revenue accelerated, increasing by 20% year over year, driven by 13% growth in GPV and an elevated take rate. Merchants are continuing to opt for weeks' payments. The opportunity remains large as we continue to strive towards capturing and addressing the full spectrum of merchant needs per our long-term commerce strategy. To wrap it up, our solid Q3 results illustrate the durability of our core business, which remains healthy against a dynamic operating environment. It also speaks to our ability to enter new markets efficiently and effectively. highlighting Wix's innovation first mindset and the proven first mover advantage. I remain confident in our ability to drive long-term growth by delivering essential tools that help users, both new and old, adapt, operate, and succeed in any environment. With that, I'll hand it over to Lior.