Wix.com Ltd. (NASDAQ:WIX) Q2 2022 Results Conference Call August 10, 2022 8:30 AM ET

Company Participants

Emily Liu - Investor Relations Analyst

Avishai Abrahami - Chief Executive Officer and Co-Founder

Nir Zohar - President & Chief Operating Officer

Lior Shemesh - Chief Financial Officer

Conference Call Participants

Kenneth Wong - Oppenheimer

Brent Thill - Jefferies

Brad Erickson - RBC

Ron Josey - Citi

Deepak Mathivanan - Wolf Research

Elizabeth Porter - Morgan Stanley

Mark Mahaney - Evercore ISI

Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Wix Q2 2022 Earnings Call. [Operator Instructions]

I would now like to turn the call over to your host, Emily Liu, Investor Relations analyst. You may begin.

Emily Liu

Thanks, and good morning, everyone. Welcome to Wix's Second Quarter 2022 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 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.

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 Avishai.

Avishai Abrahami

Thank you Emily, and good morning everyone. Thank you for joining us today. I want to start our call this morning with some comments about Q2 and the highlight some of the key points from our Analyst and Investor Day in May. Nir will walk you through a few operational updates on our business and Lior will wrap it up with the financial highlights and an update on guidance.

As you know, COVID obviously brought a massive surge of people and businesses to the internet propelling our business beginning in early 2020. We were fast to respond to the needs of our users helping them to generate income while their offline income was brought to a standstill. As part of our response to the high demand we increased our hiring activity.

Now that we are post Covid, the addition of new users to the funnel has come back similar to 2019 levels, and people are buying less on the internet and buying less offline. This results in many of our users selling less which lowers our GPV. This is not unique to us as many internet companies feel it.