Wix: pricing power is showing up in renewals, not in the list price

The economics turn on customer acquisition cost. Selling a new module into an existing account carries almost none, so incremental contribution margin on upsell runs far closer to gross margin than the blended figure suggests. The cohort data is in the supplemental rather than the release. Net revenue retention for accounts acquired in the first enterprise wave has fallen for three consecutive quarters while the blended figure was flat. The position: long on Wix, entry locked at publication and the exit dated rather than open-ended. The target is stated in the call block above and the horizon with it. Sized to the catalyst rather than to conviction, with the invalidation written into the kill-switch card instead of left implicit. The risk is that the build cycle extends. If capacity commitments rise again the crossover resets, and the argument is postponed rather than wrong, which is the harder outcome to hold through.