Financial Data and Key Metrics Changes - Total bookings for Q1 2025 were $511 million, reflecting a 12% year-over-year increase [22] - Total revenue reached $474 million, up 13% year-over-year, exceeding the high end of guidance [23] - Non-GAAP gross margin for Q1 was 69%, consistent with expectations [26] - Free cash flow for Q1 was over $142 million, representing 30% of revenue [27] Business Line Data and Key Metrics Changes - Partners revenue grew 24% year-over-year to $172 million, driven by increased subscription purchases and adoption of business applications [23] - Transaction revenue in Q1 was $59 million, up 19% year-over-year, supported by increasing GPV and improved take rates [24] - Core GPV growth, excluding the impact of a small subsidiary, was 12% year-over-year in constant currency [25] Market Data and Key Metrics Changes - The new user cohort generated $36 million in bookings, a 12% increase over the previous year's cohort [14] - Nearly 5.3 million new users were added in Q1, representing a 7% year-over-year increase [16] - The company maintained a high proportion of high-intent and commerce-oriented users, indicating strong demand in key geographic regions [16] Company Strategy and Development Direction - The company launched Wixl, a new visual design platform, aiming to democratize visual design similar to how Wix democratized website building [6][8] - The introduction of Astra, an AI assistant, is expected to enhance user engagement and reduce churn [11] - The company is focused on continuous product innovation and strategic momentum aligned with long-term growth [5][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong demand trends observed in early 2025, with expectations for continued growth in new cohorts [19] - There is a cautious outlook regarding macroeconomic uncertainties, particularly affecting the Business Solutions segment [20] - The company aims to achieve a time to return on investment of four to five months for the Q1 2025 user cohort, indicating effective acquisition strategies [17] Other Important Information - The board authorized an additional $200 million for share repurchases, reflecting confidence in cash flow generation and commitment to shareholder value [29] - The company expects total revenue for Q2 to be between $485 million and $489 million, representing 11% to 12% year-over-year growth [28] Q&A Session Summary Question: Can you provide more details on Wixl's rollout and monetization expectations? - Management indicated that Wixl is in early stages, with plans for separate subscription pricing and partnerships to drive user acquisition [32][35] Question: What are the factors behind the deceleration in partners revenue growth? - Management noted that FX impacts and lower-than-expected GPV growth contributed to the deceleration, but remains optimistic about future growth [53][55] Question: How does the company view the competitive landscape for design software? - Management believes that Wix's focus on future-oriented AI capabilities differentiates it from traditional design tools, which may struggle to adapt [60][62] Question: What are the expectations for free cash flow margins throughout the year? - Management anticipates a modest increase in free cash flow margins, driven by revenue growth and operational efficiencies [47] Question: How does the company plan to address macroeconomic uncertainties in guidance? - Management emphasized the importance of conservatism in guidance due to unpredictable macro factors, while remaining confident in current demand trends [49]

Core Insights - Supabase has successfully positioned itself at the forefront of the "Vibe Coding" trend, completing a $200 million Series D funding round with a post-money valuation of $2 billion, reflecting its rapid growth and the increasing importance of open-source databases in the AI application era [1][22]. Group 1: Supabase's Growth and Funding - Supabase raised $200 million in its Series D funding round, led by Accel, with participation from Coatue, Y Combinator, Craft Ventures, and existing investors, bringing its total funding to nearly $400 million [1]. - The company has seen a significant increase in its valuation, reaching $2 billion just seven months after its previous funding round of $80 million [1]. - Supabase's user base has expanded to over 2 million developers, managing 3.5 million databases, and its GitHub repository has surpassed 81,000 stars, doubling in just two years [17]. Group 2: Vibe Coding and Development Workflow - The "Vibe Coding" workflow emphasizes rapid completion of the entire development process using various AI tools, from product documentation to database design and service implementation [2][5]. - Developers utilize generative AI tools to draft product requirement documents and generate database schemas, facilitating the creation of initial data models [4]. - The integration of Supabase with tools like Lovable and Bolt.new allows users to deploy full-stack applications without server setup, enhancing the development experience [5][8]. Group 3: AI Integration and Features - Supabase has integrated PGVector to support embedding storage, crucial for building retrieval-augmented generation (RAG) applications and other AI-related tasks [11]. - The company launched its AI assistant, which can automatically generate database schemas and fill in sample data, significantly aiding non-developers in backend prototype development [13]. - Recent developments include the launch of an official MCP server, enabling developers to connect popular AI tools directly to Supabase for various database management tasks [14]. Group 4: Competitive Positioning and Future Outlook - Supabase's open-source model and reliance on PostgreSQL differentiate it from other backend-as-a-service (BaaS) platforms like Firebase, which lock users into their ecosystems [22]. - The company aims to become the default backend for AI and enterprise applications, leveraging its funding to accelerate the adoption of "Vibe Coding" tools and large-scale deployments [22]. - Accel partners believe Supabase has the potential to dominate the high-value database sector, drawing comparisons to the rise of Oracle and MongoDB [22].

Core Viewpoint - The article discusses the emergence of two main categories of AI programming products following the popularity of Cursor and AI programming, highlighting their distinct functionalities and target audiences [1]. Group 1: AI IDE Products - AI IDE products like Cursor and Windsurf possess all the capabilities of traditional IDEs, with AI functionalities such as code completion, chat, and agents being supplementary. Users can still write code without utilizing these AI features [2]. - These products cater to a specific audience that is familiar with coding, allowing for a more traditional development experience enhanced by AI tools [2]. Group 2: Vibe Coding Products - Vibe Coding products, such as V0 and Lovable, primarily rely on dialogue with AI coding agents for coding, limiting their ability to view and edit code directly [3]. - Lovable-type products have a broader user base since they allow users to describe their needs in natural language, making them more accessible to non-developers [5]. - However, Vibe Coding products face challenges in accurately translating design elements into code, particularly with nuanced design details that are difficult to describe verbally [5]. Group 3: Figma's Role in Vibe Coding - Figma is positioned as a key player in the Vibe Coding space, leveraging its existing ecosystem to facilitate the conversion of design files into code. The CEO emphasizes "Design as Prompt," indicating that design files serve as precise prompts for code generation [7]. - Figma's new product, Figma Make, allows users to import design files directly and generate web pages, significantly enhancing the expressiveness of the generated output [10]. Group 4: User Interaction and Iteration - Figma Make features a user-friendly interface that supports direct interaction with design elements, allowing for precise modifications without excessive communication with AI [11][12]. - The product also integrates advanced capabilities, such as embedding maps and utilizing 3D materials, enhancing the functionality of web pages created from design files [14][16]. Group 5: Future Implications - The introduction of Figma Make is expected to expand the responsibilities of designers, with the emergence of roles like Prompt Engineer, as designers increasingly engage with coding [19]. - The article suggests that Figma's strategic approach to AI development is more coherent compared to competitors like Adobe, indicating a clear understanding of which aspects to innovate and which to maintain [19].

图片来源： Scale AI 2020 年，开源数据库 Supabase 成⽴时，其新西兰籍⾸席执⾏官 Paul Copplestone 未曾料到，公司会精准踩中 2025 年最⼤趋势Vibe Coding的⻛⼝。 根据财富报道，这家初创公司于4⽉末成果显现， 公司宣布完成由 Accel 领投的 2 亿美元 D 轮融资，投后估值达 20 亿美元，Coatue、Y Combinator、 Craft Ventures 及⻓期投资者 Felicis 参与本轮投资。 此次新获 2 亿美元融资，距离 Supabase 宣布由 Peak XV（红杉分拆机构）和 David Sacks 的 Craft Ventures 领投 8000 万美元仅七个⽉。当时公司未对估值 置评，但 PitchBook 数据显⽰约为 9 亿美元。 参考资料 ⾄此，这家初创公司总融资额已达约 3.98 亿美元。 Supabase 再次证明了开源项⽬在商业上的巨⼤成功潜⼒。它提供了 Firebase 的开源版本，这是⾕歌的 数据库 AI 应⽤开发平台，并以每⽉最⾼ 600 美元的价格托管应⽤，企业⽤⼾费⽤更⾼。 Supabase 将开源 SQL ...

在 Claude 3.7 和 Deepseek 之前我很少玩 AI 编程。因为自己是非专业开发者，AI 模型能力不够搞的很痛 苦。 Claude 3.7 和 Thinking 模型更新后我看到了新希望，也产出了一 系列网页生成提示词 ，让很多人认识到开 发尤其是简单的前端开发没那么难。 我之前的提示词主要还是让大家生成展示的网页的，涉及到复杂功能还是不太好搞。 最近也用 AI 做了很多小的工具网页，迭代了一套自己的 AI 编程（Vibe Coding）方案。 Trae 发布了四大重磅功能（MCP、自定义规则、智能体、上下文理解），其能力已与 Cursor、Windsurf 看 齐、甚至体验更胜一筹 。例如可以自定义智能体，配合上MCP和prompt，能一次集结多个专属AI专家，为我 所用。 先介绍一下Trae新增的4个功能： 所以我觉得是时候了， 这个教程将会用 Trae 教你如何写一个有相对复杂功能的网页，藏师傅精心编排下也 融入这四个能力顺便教会你怎么用。 智能体创建： 支持基于提示词和MCP工具自定义智能体，@即可使用，不需要每次都输入复杂指令 智能工具（MCP）： 支持MCP，而且内置了常用的，只需要 ...

Core Insights - The introduction of generative AI has significantly transformed the software engineering landscape, leading to the emergence of a new programming paradigm known as "vibe coding" [1] - This new approach is gaining traction in the industry, indicating a shift in how software development is approached and executed [1] Company Insights - The article mentions a DevOps Engineer working for a major subsidiary of a large-cap Fortune 500 company, highlighting the practical application of AI tools and applications in a corporate environment [1] - The engineer is pursuing advanced AWS machine learning certifications, reflecting the industry's focus on enhancing expertise in AI and machine learning [1] Industry Insights - The rise of "vibe coding" suggests a playful yet impactful evolution in programming methodologies, driven by advancements in AI technology [1] - The article emphasizes the importance of hands-on experience with machine learning algorithms and model deployment in understanding generative AI systems [1]