Prepared remarks
Good day, and thank you for standing by. Welcome to Wix's First Quarter 2026 Earnings Conference Call. Please note that today's conference is being recorded. I will now hand the conference over to your speaker host for today, Emily Liu, Head of Investor Relations. Please go ahead.
Thanks, and good morning, everyone. Welcome to Wix's First Quarter 2026 Earnings Call. Joining me today to discuss our results, 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 20-F 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, except as required by law. 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 it over to Nir.
Thank you, Emily. Hello, everyone. Before we begin, I would like to share that Avishai sends his best. He won't be on the call today because he very recently celebrated the birth of his son. We offer him our warmest congratulations, and I am certain he is looking forward to connecting with all of you soon. The velocity of change within our industry has been remarkable throughout the last few quarters. As this momentum increases, it is increasingly evident which organizations are truly designed for longevity. Over the past several quarters, the pace of change in our space has been extraordinary and the faster things move, the clearer it becomes to me which companies are built to last. The winners in the AI era will be ones that have the underlying systems and infrastructure needed to actually run and scale AI effectively as well as the product for AI to be integrated seamlessly into solutions that are genuinely useful for users. All of this needs to be underpinned by a deep understanding of the market and user expectations. This is a major competitive advantage for Wix and, importantly, one that is very difficult to replicate. In this new era, our goals remain the same: place value in the hands of our users, increase our market share, cement our position as one of web creation's defining players and be the platform users choose when they build online. I want to emphasize that we have been intentionally building toward AI's ability to transform online creation for years. This was demonstrated as early as 2016, with our launch of Artificial Design Intelligence, or ADI, and most recently in the rollout of Wix Harmony as well as our acquisition of BASE44, now the largest AI-powered app creation platform in North America by market share. AI has made building online simple and anyone can generate a simple good-looking website in minutes. But that's as far as it goes. The real complexity begins the moment you hit publish. How does it drive engagement? How do you host it, get found on search engines, run your storefront, secure your customers' data and actually operate the business day to day? These are the hard problems, and we've been solving them for 20 years through continuous product innovation and user feedback. We continue to set the standard for what's possible in the online creation market, and I am proud to share that we recently achieved an important innovation milestone. Wix has built and deployed our first proprietary LLM. This model was built specifically to power the design engine of Wix Harmony, and the early results are compelling. Our internal testing shows our model is meaningfully faster than the alternatives, produces fewer errors and delivers noticeably better outcomes for users building Harmony websites. We also have complete control in our own product development and improvement cycle. We can iterate daily guided by feedback from our massive user base in ways that a general purpose model simply cannot. Importantly, building and relying on our own LLM means significantly lower inference costs that sit firmly within our own control as we scale the Harmony platform. We expect this Wix-built LLM to be the first in a broader portfolio of proprietary AI models across a number of use cases as they become increasingly central to our product roadmap. As AI models become widely available across the industry, I believe differentiation will increasingly come from the experience built on top of these models and around agentic capabilities. That's exactly where we've invested and where we continue to push. Owning our proprietary model gives us a unique depth and data advantage that can be replicated while also providing greater cost control and significantly lower inference costs. Still, we also have the flexibility to continue to leverage the best third-party models for the right use cases. So we are never constrained. This breadth of options, combined with the unique assets we've built, means our users will always get the best possible outcome. I also want to be clear about something fundamental. For Wix, web creation has always been our mission, not an off-the-cuff offering on the side—two decades of singular focus on these users and on this market. That depth of expertise layered on top of the meaningful investments we've made into infrastructure and our integrated product environment over many years is not something a new entrant can replicate quickly or easily. This defining strategic advantage, combined with our brand strength, scale and ecosystem creates a powerful competitive moat. And it's why hundreds of millions of people around the world rely on us today for online creation. Turning now to the new first quarter cohort, which saw 6.4 million users, which now includes BASE44. This Q1 2026 user cohort generated nearly $52 million in bookings in its first three months, a 46% increase compared to the bookings generated by the Q1 2025 cohort over its first three months. Putting BASE44 aside, our new non-BASE44 Wix users generated healthy bookings with growth nearly as strong as what we saw in the Q1 2025 cohort last year despite a slightly smaller user base. This growth is particularly encouraging as Q1 2025 was by far the strongest post-COVID cohort and the high bar to reach underscores the continued demand for our growing suite of web creation offerings and the power of our platform. New cohort bookings were driven by noticeably improved year-over-year and quarter-over-quarter conversion of new users into paid subscriptions, powered by Harmony, which was rolled out in late January across our main geographic markets. Monetization of these new users was also strong as they purchased higher-priced subscriptions and increased attach of business solutions signaling the growing mix of high-intent users compared to the prior year quarter cohort. This quarter, we ramped up our marketing efforts meaningfully as anticipated, driven by incremental spend on BASE44. We went all-in on capturing BASE44's robust top-of-funnel demand, which continued its strong upward momentum in building our brand as a leading AI-powered application creation platform. There are also positive signs in the user behavior and cohort quality of BASE44. Retention is improving as more users are choosing annual subscriptions, either through new purchases or renewals. Monetization is also steadily increasing, resulting in stable TROI even as marketing spend stepped up in the first quarter. As a result, BASE44 achieved $150 million in ARR in mid-May, demonstrating sustained growth momentum on the $100 million of ARR achieved in early March. Acquisition marketing spend for BASE44 and core Wix, excluding Super Bowl expenses and AI costs attributed to free users, totaled approximately $90 million this quarter. Time to return on this $90 million is projected to be seven to nine months. This accounts for a similar return timeline on spend in the core Wix business as we saw in previous years as well as BASE44's longer but stabilizing return horizon. Existing user cohorts were healthy with bookings growth continuing to be driven by strong retention and solid monetization. This strength was against slower-than-anticipated partners growth as a result of smaller partner cohorts added over the past few quarters as we pulled back partners-focused marketing spend. This smaller top of funnel drove user mix to shift towards self-creators and away from partners in recent quarters. We expect this dynamic to remain a drag on partners' bookings and revenue growth going forward as we continue to narrow our funnel while we realign our marketing strategy and build out significant platform and product enhancements. Before I turn it over to Lior, I want to address how we are operating amid the current war in the Middle East that began in late February. First and foremost, our teammates and their families are safe, which always remains our top priority. That said, with more than 60% of Wix employees located in Israel, we did experience a headwind to the productivity of our team over the past couple of months. As a result, certain product timelines for our partners' audience have been pushed out. We're working hard to catch up as fast as we can and minimize the impact of these delays. But above all else, we want to ensure all products perform against our high standards and are truly the best on the market before we put them out to users. Still, we are not backing off of our ambitious product roadmap and our excitement for the robust AI and more advanced tools still to come in 2026 remains unchanged. Finally, I want to quickly touch on our execution of the repurchase program that we announced earlier this year. In April, we completed a modified Dutch auction tender offer of approximately 18 million shares for $1.6 billion. By repurchasing nearly 30% of our equity base, we were able to return meaningful value to shareholders. We believe this will prove to be very accretive to our existing shareholder base in the long run as we execute on our strategic plan. With that, I'll hand it over to Lior.
Thanks, Nir. In the first quarter, we delivered solid top-line growth and generated free cash flow against our guidance. As Nir mentioned, we are encouraged by the growth driven from positive early behavior from Wix Harmony and continued outperformance of BASE44. Excitingly, BASE44 achieved $150 million of ARR in mid-May as we strengthened our leadership position in North America. We believe this demonstrates that our deliberate investments in sales and marketing, particularly in Q1, are paying off, leading to better monetization and conversion against the near-term margin pressure that we expect to improve over the long term. We continue to believe in the massive opportunity in AI-powered online creation, particularly for SMBs, and our focus is on executing on our product roadmap to deliver continued solid performance in the coming quarters and years ahead. Before I get into the detail of the quarter, I want to quickly address how we think about incorporating AI within our products and across our organization and the resulting margin dynamic. I think about this in two main ways, with the most top of mind being the cost of delivering AI-powered products to our BASE44 users. As Nir discussed, we have been lowering inference costs of users by optimizing third-party AI model usage, leveraging open source models and most recently, building our own LLM to power Harmony. As we apply this strategy to more of our products, including BASE44, we believe that the large majority of these AI costs will be firmly in our control. Second, we are leveraging AI internally at Wix more broadly, which has already driven tangible benefits in certain areas of our business. In the customer care organization, for example, we have ramped the integration of AI over the past three-plus years. This has allowed us to optimize headcount, which has decreased by more than 40% since 2022, while maintaining, or even improving in some areas, our services to users. We believe that there is another opportunity to utilize AI across our R&D organization where we are seeing early signs of progress. For example, we are working to shift our Wix R&D structure to align more closely with that of BASE44, which has been a leader in leveraging AI to drive productivity since day one. We are learning from them and working to implement those same operating principles at Wix, execute on this strategy with good line of sight, and we expect faster output will more than offset initial implementation costs. On to first quarter results. Total bookings in Q1 was $585 million, up 15% year-over-year, and total revenue was $541 million, up 14% year-over-year. Top-line growth was driven by strong new cohort behavior and retention of our existing user base in our core Wix business as well as BASE44 outperformance. During the quarter, we experienced a larger-than-expected slowdown in partners growth, which still grew 19% year-over-year despite a deliberate pullback in studio marketing efforts over the past few quarters. Additionally, GPV remains soft as SMBs on the platform continue to experience macro pressure. GDV grew 12% year-over-year to $3.8 billion in the first quarter. Turning to margins. First quarter total non-GAAP gross margin was 66%, declined sequentially and year-over-year. This reflects stable gross margins in our core Wix business compared to the prior year period. We expect AI costs to remain minimal and core Wix gross margins to be relatively unchanged through the rest of 2026. Lower total non-GAAP gross margin was driven by elevated investments in BASE44 to support its rapid growth. We continue to incur elevated AI compute costs as we scale to meet stronger-than-expected BASE44 demand and maximize gross profit dollars. As a reminder, we believe these AI costs to be front-loaded as new users consume more AI inference bandwidth during their initial build phase. Total non-GAAP operating income came in at 5% of revenue primarily driven by meaningfully higher sales and marketing expenses in the quarter. We leaned into the massive growth opportunity ahead and made significant advertising and branding investments into BASE44 against our TROI target, which currently stands at less than 12 months. It is worth reiterating that our blended TROI across the company is seven to nine months as we balance stable returns on core Wix acquisition spend against the elevated spend and longer TROI of BASE44 as demand ramps. First quarter sales and marketing investments also included approximately $24 million for the purchase and production of our Super Bowl ads for both BASE44 and Wix Harmony. We saw a significant uptick in traffic volume to both of our platforms following these commercials demonstrating the efficacy of these investments in driving brand awareness. This meaningful increase in sales and marketing expenses resulted in a large one-time step-up in working capital benefits. As a result, we achieved free cash flow of $112 million in Q1 or 21% of revenue. Let's turn now to the outlook. For the rest of 2026, we are maintaining our guidance and continue to expect both bookings and revenue to grow at a mid-teens percentage year-over-year for the full year. Our outlook takes into consideration the slower-than-expected start to the year in our partners business, which we are aiming to supplement with accelerated growth initiatives across our core Wix business, focusing on optimizing our top of funnel further as well as strengthening the performance of our existing user base. Of course, we also expect BASE44 growth to continue on its current trajectory, which is gaining momentum. For the second quarter of 2026, we expect revenue to also grow at a mid-teens percentage year-over-year, similar to the first quarter. For the full year 2026, we expect free cash flow margin, excluding acquisition-related expenses, to be in the high teens. This includes the impact of foregone interest income on our cash balance that was used to fund our tender program as well as interest expense on our new $500 million credit facility. Assuming pre-tender completion capital structure, we expect full year free cash flow margin would be in the low to mid-20% range. Our full year free cash flow outlook also includes a sizable FX headwind on our cost base as a significant portion of our operating expenses are denominated in Israeli shekel which has strengthened meaningfully compared to the U.S. dollar over the past year and even more so through the first five months of 2026. We expect a $64 million headwind on our full year expense base, primarily occurring in the second half of the year. We will continue to monitor our currency fluctuations and utilize our hedging program opportunistically. Finally, following the completion of our $1.6 billion tender offer in early April, we are now in a net debt position. Having shrunk our total number of shares outstanding by nearly 30%, our goal is to return to a net cash position efficiently. In conclusion, our conviction in our near-term strategy and AI-focused product roadmap remains firmly unchanged, key initiatives such as Harmony and BASE44 continue to perform well, which gives me confidence that these are the right areas of investment and that the bets we made were the right ones for Wix. We are using this year to lean into our growth and to utilize AI in everything we do. We are making every function more productive through faster adoption of AI tools to drive higher output. The products that we build, refine and deliver are all powered by a singular belief in our early AI adoption. We believe that we have laid the foundation to capture additional market share across an evolving online creation ecosystem. This will drive strong compounding financial performance for our shareholders over time. Operator, we are now ready for questions.
Questions and answers
Your first question coming from the line of George Beck with Raymond James.
Yes. I wanted to maybe ask a two-parter. So one on BASE44 and the momentum there. Obviously, it's scaling very nicely. What have maybe been some of the standout use cases? And how do you see it as additive to the core business? So that's one question. And then on the partner channel and how we should be thinking about the shape of a rebound. Is that going to be very tied to the product cycle? Just what should we be looking at there?
George, it's Nir. So for your first question about BASE44, I think we are happy to say that we're seeing a very wide variety of use cases. Some of it is personal use. Some of it is professionals, some of it is small businesses. We think that there's going to be more and more specialization that is going to happen throughout the platform over time as we understand where differentiation happens between those different use cases and where everyone can benefit from the generalized platform. That being said, it's obviously a great expansion for top-of-funnel, and it's very close to what we've been doing in Wix many years. However, I think there's another opportunity that is very interesting, which we're seeing: some of the more small business-oriented use cases can also be relevant to applications needed by business owners on Wix. And that's another, I think, a great opportunity that still lies ahead. In terms of the partners business, well, the shape, I'm not sure I can definitively answer what the exact shape will be, but it's definitely tied to the product cycle. The fact of the matter is that we had a big emphasis on self-creators as well as BASE44 in the last few quarters. We knew that with the massive changes that are happening around us in the environment—how things are being created, the workflow and the needs of partners—those needs are changing rapidly, and we have to match that also in terms of our product offerings. As I mentioned before, the timeline was a little bit delayed and not the same cadence that we were hoping for throughout this year because of what transpired throughout Q1 and the beginning of Q2, but we are working diligently to catch up. Our hope is that we can introduce more innovation and more good news for our partners throughout the rest of the year and catch up.
Our next question coming from the line of Deepak Mathivanan with Cantor.
So first, can you talk about what you're doing to build your own LLM? Is that based on fine-tuning open source models? And anything you can share on how the inference compute cost compares versus frontier models? Also, when do you see the potential to deploy this in BASE44, which is having significant inference cost? And then perhaps, can I follow up on the partner business, particularly the studio users. Are you seeing some of the developers increasingly use other AI platforms as part of their workflows? Anything you can see on how their behavior is changing?
In relation to our own model that is now supporting Harmony, and I have to say, by the way, you mentioned rightfully so that it helps control the inference costs and bring them significantly down. I'm not going to share exact numbers, but I can say that compared to using frontier models, it really is a marginal cost. By the way, that's not the only benefit. Another benefit that comes out of it is the fact that we get better quality, and we can control it. So we can adapt it, add more to it and train further down the line to improve the output of the model. This is obviously something we're very happy about for the Wix side and the Harmony side. Your question towards where can we expect to have the same thing on BASE44: the answer is that I don't have an exact timeline. Obviously, it's a bigger or more complex undertaking than the Harmony implementation, just because it is much more complex than the Harmony use case. That being said, it is something we believe in, and our top engineers are the ones who are dealing with it. We put our best team on it, and Avishai is actually very closely managing it himself because it's his area of expertise as well. We do believe that this is a problem that we can solve, but it's really hard for us to quantify the timeline at this point. For the partners, I think it's a variety of things. In terms of what they're using, they are using some AI platforms. Some of them are using Harmony, and are very happy with it on one end. They are also pointing out specific holes or missing capabilities that are there because we built Harmony for self-creators and not primarily for partners, but it gives us great visibility into what kind of innovation we need to do next on the partner side in order to make them more successful and happier. We are also seeing some very interesting overlap for some of the partners with BASE44, and we think that can be another great opportunity further down the road.
Our next question coming from the line of Brent Hill with Jefferies.
Some of our surveys show that a lot of partners are increasingly adopting BASE44. Just wanted to see how widespread you think that is? And then, in terms of the current broad pool of users and customers, what are you seeing in terms of them using both BASE44 and Wix? Are you starting to see any dual usage or synergies there?
Yes. I think, obviously, I'm not going to share percentages, but I can say that we are seeing a decent amount of partner usage on BASE44. So it's not marginal. It's something that we do believe can become a deeper trend. And obviously, this is something we would love to support. I think it makes a lot of sense. First of all, because if partners see that as a better avenue and a better path to build the core website of the business, then why not? And secondly, and I think even more importantly, if BASE44 becomes the main hub for them to supplement and increase the value they can deliver to the business by creating their own custom needed applications to improve the business, then obviously, that's a great addition. So from that standpoint, this is something that we are definitely looking deeper into and would love to cultivate. Over time, we can create more and more synergies between the two platforms, which will make partners more effective and their businesses more effective, and also make running the business more effective. This is definitely interesting for us.
Our next question coming from the line of Trevor Young with Barclays.
Great. First question, can you size the spend it took to get your LLM up and running? And then going forward, how should we think about the cost to continue to improve models because it sounds like that's becoming a bit more core to the strategy going forward? And then second question, Lior, maybe a bit more of a housekeeping one on the balance sheet. $1.6 billion in cash went out here in 2Q, $600 million came in from the credit facility, which sounds like that was fully tapped. Just to confirm kind of pro forma here in 2Q, are we around $900 million of cash and equivalents on hand plus any free cash flow in the quarter?
Trevor, I'll take the first part and then shift gears to Lior for the second part. So in terms of the spend on the Harmony LLM, and again, we're not breaking out the exact number, but it's quite small. These are not massive research costs and GPU investments like you would consider when you think about big frontier models. This is something that we managed to do at a very reasonable cost, which also means that for us to continue training it and improving it should not be something that puts any real weight on our expenses.
So with regard to the cash level, yes, it's about $900 million in cash and cash equivalents for the second quarter. Obviously, that does not take into consideration the cash that we are going to generate in the near term.
Our next question coming from the line of Brad Erickson with Arvest Capital.
First, investors are worried here about the competitive risk from the big tech platforms. So when we think about that and notice the lack of visible customer growth, even when you put together the core and BASE44, what would you point investors to in the results or other observations in the business of why that's not the case, why that competitive risk is not material today? And then second, just a housekeeping question. With the new capital structure, could you give any quick numbers on what's baked into the guide on interest income and expenses?
Brad, I'll take the first part and then switch over to Lior. So I think there's lots of noise out there about what everyone is doing. If you look at specific comparators to BASE44, there are some comparable solutions, and those solutions are crafted to similar, not exact, targets. From that standpoint, we're seeing healthy competition. There is so much activity right now that competition is something you have to be very alert to and it can actually make you better. If I look at the bigger platforms, so far what we've seen from them has not really put pressure on either Wix or BASE44. It doesn't mean that won't change and they might innovate toward that end at some point. I think our role here is to keep on pushing for the best product out there in terms of the outcomes it gives our users, and to keep working hard and diligently to capture market share and become leaders. BASE44 managed in a very short time span to really take the lead, at least in key and lucrative markets in North America. The goal is to keep on working on maintaining a leadership position there and globally. So for investors worried about competition, it's something we're watching closely, but at this point it is making us better on both the BASE44 side and the Harmony side.
With regard to the question about the interest income and interest expenses in the outlook, it's a good question and explains the differences between what we provided before and what we maintain now in terms of the overall free cash flow outlook. The difference is approximately $100 million, meaning that if you take the differences between what we provided before and what we provide right now, the only difference is what I call non-operational free cash flow expenses, which is mostly the interest that we pay on the loan and the interest income foregone because we used cash to fund the buyback. All in all, it's approximately $100 million.
Our next question coming from the line of a Needham analyst.
Just wanted to ask on the sales and marketing step-up. Can you quantify how much of that was the one-time Super Bowl expense? And then how should we think of the run rate for the rest of the year? Also, if I could follow up on the acquisition earn-outs, could you give any color on expectations for the rest of the year?
Yes. The overall Super Bowl cost—we had two, both for Wix and for BASE44—was more than $20 million. This is a one-time expense which we're not going to repeat at least this year. So you should see a drop in the overall sales and marketing roughly in that amount. But most of the increase that we had in the first quarter actually came from the investment in BASE44. We saw very strong demand; literally, in just more than two months, we got to $150 million of ARR. We are building the foundation for what I think is an amazing business. So we will continue to invest as long as we maintain the same TROI. You should see a drop in sales and marketing expenses starting in the second quarter. Regarding the acquisition earn-outs, every quarter we evaluate and increase the provision for M&A considerations as appropriate, and it's strictly dependent on the milestones that we set as part of the M&A agreement. As we see continued growth every quarter, we are likely to see additional provisions up to the caps defined in the agreements.
Our next question coming from the line of Naved Khan with B. Riley Securities.
Great. I just wanted to clarify something on BASE44. It seems like you're seeing usage pick up with partners. Previously, Avishai had noted that the usage was more tilted towards individuals and not professionals and SMBs. Should we expect that mix to shift as you press on the gas with better marketing and as the product changes and evolves? And second, on BASE44 gross margin, can you qualitatively discuss how much margin improvement we can expect to see as we move through the year and as the business continues to scale?
For the partners and BASE44, I have to say these are early days. It's hard for me to project exactly how much BASE44 will drive partner growth. Over time, my hope is that it can serve them meaningfully, but I don't have enough track record at this point to give an accurate prediction. We do think this can potentially become more meaningful over time.
I'm going to take the question about the gross margin improvement. We are going to see quarter-over-quarter improvement in the gross margin of BASE44. Remember that for the entire company there are two things to consider: Wix gross margin is stable—Harmony and our model enable us to keep gross margins stable throughout the year. With regard to BASE44, the mix is changing, meaning BASE44 is becoming a more significant part of overall revenue and that affects consolidated gross margin. But on a standalone basis for BASE44, we have managed to reduce costs significantly. We continue to optimize the model and there is more optimization to do. Typically, AI costs are higher during initial application builds and decline afterward. We expect to see a notable improvement in BASE44's gross margin from Q1 to Q4 on a quarter-to-quarter basis. I won't provide exact numbers, but we are already positive about the overall gross margin trajectory for BASE44 and expect continued improvement throughout the year.
Our next question coming from the line of Jamesmichael Sherman-Lewis with Citi.
The 46% new cohort bookings growth is encouraging. Could you help attribute the contribution from BASE44 users or Harmony improving conversions versus core Wix users? Also, through April and May, how are these newer cohorts performing? And is your top of funnel expanding again?
James, I won't separate BASE44 and Wix for the quarter. Generally, we've seen help on both sides, and BASE44 is becoming a much bigger contributor than before. From our standpoint, this is very encouraging because it validates the acquisition and the investment. I won't break out the exact numbers, but we've seen good performance and cohort health. In terms of April and May, we're seeing ongoing positive trends in core growth and performance. Regarding top-of-funnel expansion, the good signs on the Wix side are coming from Harmony, which has been very well received. Being a new product, it first impacts new users and new cohorts, so we are encouraged. Harmony is still very young, and there's a lot of additional improvement we plan to make to solidify it and make it even better.
Our last question will come from the line of Andrew Boone with Citizens Bank.
I wanted to go back to BASE44. You now have cohorts that are nearing a year in terms of BASE44. Can you compare some of the older, more mature cohorts' retention trends versus core Wix? How should we think about that? And on pricing, as we think about the core Wix product and the pricing moves you guys have been active on over the past years, does AI change anything in terms of your pricing strategy?
Andrew, first, I won't share deep granular cohort details as we view this as competitive information. For BASE44 annual subscriptions, we still need more time to reach full-year renewals and learn more about those behaviors. For monthly subscriptions on BASE44, we've been measuring them against Wix trends and we see ongoing incremental improvements month-to-month, which is encouraging for BASE44 becoming a better business over time. Regarding pricing strategy, I don't think AI changes our pricing strategy significantly at this point. BASE44's pricing model is different from Wix's. If at some point we introduce a feature that is very token-intensive, then we will consider charging for that usage. But for now, the current structure is the right one for Wix.
And that's all the time we have for the Q&A session. Ladies and gentlemen, this concludes today's conference call. Thank you for your participation, and you may now disconnect.