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  "documentTitle": "Wix | Results Presentation Deck | 19 slides",
  "authorId": "wix",
  "authorName": "Wix",
  "documentKindSlug": "shareholder-letter",
  "documentKindLabel": "Shareholder letter",
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  "sourceTypeLabel": "Investor relations",
  "presentationDate": "2017-11-01 00:00:00",
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  "notes": "Page 14 of a shareholder letter.",
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      "kind": "list",
      "text": "We will continue to grow our marketing investment consistent with recent years. We expect to gain leverage on collections of approximately 3% on this investment throughout 2018 compared to 2017. This includes the investment in our brand toward the designer and developer market.",
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      "text": "For 2018, including the potential impact from the movement in the Shekel, our investment in DeviantArt, and our organic growth in R&D, we expect total R&D expenses to grow roughly 37%-38% over 2017.",
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      "text": "We expect total operating expenses to be impacted by the recent strengthening of the Israeli Shekel relative to the US Dollar. We have been successful in hedging our exposure to the Shekel throughout 2017. However, in recent months the Shekel has continued to strengthen. If it remains at its current level into 2018, it will increase our headcount costs in Israel by approximately $12 million, which will mainly impact our R&D costs for 2018.",
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      "text": "In addition, as previously stated, we will invest an additional $8-$9 million in DeviantArt in 2018, which will mostly impact our R&D costs.",
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      "text": "For operating expenses in 2018:",
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