GoDaddy Inc (GDDY) 2023 Q1 法說會逐字稿

Good afternoon, and thank you for joining us for GoDaddy's First Quarter 2023 Earnings Call. I'm Christie Masoner, Head of Investor Relations, and with me today are Aman Bhutani, Chief Executive Officer; and Mark McCaffrey, Chief Financial Officer. (Operator Instructions)

下午好，感謝您加入我們的 GoDaddy 2023 年第一季度財報電話會議。我是投資者關係主管 Christie Masoner，今天和我在一起的是首席執行官 Aman Bhutani；和首席財務官 Mark McCaffrey。 （操作員說明）

On today's call, we'll be referencing both GAAP and non-GAAP financial results and other operating and business metrics. A discussion of why we use non-GAAP financial measures and reconciliations of our non-GAAP financial measures to their GAAP equivalents may be found in the presentation posted to our Investor Relations site at investors.godaddy.net or in today's earnings release on our Form 8-K furnished with the SEC. Growth rates represent year-over-year comparisons, unless otherwise noted.

在今天的電話會議上，我們將參考 GAAP 和非 GAAP 財務結果以及其他運營和業務指標。關於我們為何使用非 GAAP 財務指標以及我們的非 GAAP 財務指標與其 GAAP 等價物的調節的討論，可以在我們的投資者關係網站 investors.godaddy.net 上發布的演示文稿中找到，也可以在今天我們表格上的收益發布中找到8-K 配備 SEC。除非另有說明，否則增長率代表同比比較。

The matters we'll be discussing today include forward-looking statements, which include those related to future financial results; our strategies or objectives with respect to future operations, including our approach to capital allocation; new product introductions and innovations; and our ability to integrate acquisitions and achieve desired synergies.

我們今天要討論的事項包括前瞻性陳述，其中包括與未來財務業績相關的陳述；我們關於未來運營的戰略或目標，包括我們的資本配置方法；新產品介紹和創新；以及我們整合收購和實現預期協同效應的能力。

These forward-looking statements are subject to risks and uncertainties that are discussed in detail in our documents filed with the SEC. Actual results may differ materially from those contained in forward-looking statements. Any forward-looking statements that we make on this call are based on assumptions as of today, May 4, 2023, and except to the extent required by law, we undertake no obligation to update these statements because of new information or future events.

這些前瞻性陳述受我們向美國證券交易委員會提交的文件中詳細討論的風險和不確定性的影響。實際結果可能與前瞻性陳述中包含的結果存在重大差異。我們在本次電話會議上所做的任何前瞻性陳述均基於截至 2023 年 5 月 4 日的假設，除法律要求的範圍外，我們不承擔因新信息或未來事件而更新這些陳述的義務。

With that, I'm pleased to introduce Aman.

因此，我很高興向您介紹安縵。

Thank you, Christie. Good afternoon, and thank you for joining us today. GoDaddy's mission is to empower entrepreneurs and make opportunity more inclusive for all. We learn from our customers every day, and they are a resilient group, and they value what GoDaddy brings to them. While many worry about a recession, our venture forward service found that our customers are noticeably more optimistic today about the future of their business than they were 6 months ago.

謝謝你，克里斯蒂。下午好，感謝您今天加入我們。 GoDaddy 的使命是賦能企業家並為所有人創造更具包容性的機會。我們每天都向客戶學習，他們是一個有彈性的群體，他們重視 GoDaddy 帶給他們的東西。雖然許多人擔心經濟衰退，但我們的風險前瞻服務發現，與 6 個月前相比，今天我們的客戶對其業務的未來明顯更加樂觀。

One customer we showcased in the past is the Furlough Cheesecake founded by 2 sisters impacted by a government furlough. In a recent interview, 1 of them commented, "With partners like GoDaddy, we can manage our business from anywhere. GoDaddy helped us launch our business quickly from idea to up and running in 1 week because they had the tools in place."

我們過去展示的一位客戶是由受政府休假影響的 2 姐妹創立的 Furlough Cheesecake。在最近的一次採訪中，其中一位評論說：“有了像 GoDaddy 這樣的合作夥伴，我們可以從任何地方管理我們的業務。GoDaddy 幫助我們在 1 週內快速啟動業務，從構思到啟動並運行，因為他們擁有適當的工具。”

GoDaddy's unique combination of seamless intuitive technology and best-in-class human and digital guidance creates the ease of use that our customers want and need, so they can focus on their business. This combination continues to differentiate us in the marketplace, helping us drive profitable growth and superb cash flow. We serve 21 million customers that have a high retention rate of 85%.

GoDaddy 獨特地將無縫直觀技術與一流的人工和數字指導相結合，創造了我們的客戶想要和需要的易用性，因此他們可以專注於自己的業務。這種結合繼續使我們在市場上脫穎而出，幫助我們推動盈利增長和卓越的現金流。我們為 2100 萬客戶提供服務，客戶保留率高達 85%。

In Q1, we drove double-digit growth of 12% in our Applications and Commerce segment supported by 10% ARR growth in our Create and Grow products. Additionally, we surpassed $1 billion in annualized GPV for GoDaddy Payments. One area we continue to watch carefully is our aftermarket business. We faced tough compares last quarter and a continued unevenness in flow of large deals that we believe is impacted by broader macro headwinds.

在第一季度，在我們的 Create and Grow 產品 10% 的 ARR 增長的支持下，我們的應用程序和商務部門實現了 12% 的兩位數增長。此外，我們 GoDaddy Payments 的年度 GPV 超過 10 億美元。我們繼續密切關注的一個領域是我們的售後市場業務。上個季度我們面臨艱難的比較，我們認為受到更廣泛的宏觀逆風影響的大型交易流量持續不平衡。

Overall, we are pleased with our Q1 results and encouraged by the positive momentum over the quarter, especially in our subscription and Commerce businesses. Our strategic priorities remain consistent, and our teams continue to launch experiments and new experiences at a fast pace. As always, I will review each of our priorities.

總體而言，我們對第一季度的業績感到滿意，並對本季度的積極勢頭感到鼓舞，尤其是在我們的訂閱和商務業務方面。我們的戰略重點保持一致，我們的團隊繼續快速推出實驗和新體驗。一如既往，我將審查我們的每一個優先事項。

For our first priority, driving Commerce through presence, we are happy to share that we gained exciting traction in our Commerce offerings. We had our best quarter yet, attracting sellers more than we anticipated and rapidly crossed over the $1 billion of annualized GPV. The largest opportunity for us remains our existing base of 21 million customers and the many sellers that are already a part of it.

對於我們的首要任務，即通過存在來推動商務，我們很高興與大家分享我們在商務產品中獲得了令人興奮的牽引力。我們度過了迄今為止最好的一個季度，吸引了比我們預期更多的賣家，並迅速突破了 10 億美元的年度 GPV。對我們來說，最大的機會仍然是我們現有的 2100 萬客戶群以及已經加入其中的許多賣家。

The efficient motion of selling into our existing customer base was the primary contributor to our GPV growth. And hence, it remains our focus as we work to scale the sales team. Adopting our commerce product paves the way for customers to deepen the relationship with us, which results in higher retention and increased lifetime value.

向我們現有客戶群進行銷售的有效舉措是我們 GPV 增長的主要貢獻者。因此，在我們努力擴大銷售團隊時，它仍然是我們的重點。採用我們的商業產品為客戶加深與我們的關係鋪平了道路，從而提高了保留率並增加了生命週期價值。

Last month, we also launched Apple's contactless Tap to Pay technology within our GoDaddy app. As you know, Tap to Pay allows our customers to accept all types of contactless, in-person payments with only an iPhone just by tapping their credit card, mobile wallet or watch. We worked directly with Apple to integrate this technology natively, creating a seamless, best-in-class, low-friction sign-up experience for our app customers.

上個月，我們還在我們的 GoDaddy 應用程序中推出了 Apple 的非接觸式 Tap to Pay 技術。如您所知，Tap to Pay 讓我們的客戶只需使用 iPhone 刷信用卡、手機錢包或手錶，即可接受所有類型的非接觸式面對面支付。我們直接與 Apple 合作，在本地集成這項技術，為我們的應用程序客戶創造無縫、一流、低摩擦的註冊體驗。

We also made several other improvements to make Websites + Marketing a more robust solution for sellers, including improved pay buttons and new reports for merchants to help them prepare their taxes and understand their fees and payouts.

我們還進行了其他幾項改進，使建站神器 + 營銷成為賣家更強大的解決方案，包括改進付款按鈕和為商家提供新報告，以幫助他們準備稅款並了解他們的費用和支出。

Our teams are also excited about how generative AI can add ease of use for customers by auto populating content for them and helping them create natural language, e-mails, chat and text messages they engage with their customers. AI-powered tools are showing up across multiple experiences at GoDaddy. For example, we built instant video features in our Studios app, and use cases like auto generating product descriptions are coming soon.

我們的團隊也對生成式 AI 如何通過自動為客戶填充內容並幫助他們創建與客戶互動的自然語言、電子郵件、聊天和短信來增加客戶的易用性感到興奮。人工智能驅動的工具出現在 GoDaddy 的多種體驗中。例如，我們在 Studios 應用程序中構建了即時視頻功能，並且即將推出自動生成產品描述等用例。

As always, we are focused on both technology tools and guidance for our customers. As our customers start exploring generative AI, we want to help them by launching a growing area of resources, so our small business owners can begin harnessing its power to save time and grow their sales.

一如既往，我們專注於為客戶提供技術工具和指導。隨著我們的客戶開始探索生成式 AI，我們希望通過推出不斷增長的資源領域來幫助他們，這樣我們的小企業主就可以開始利用它的力量來節省時間並增加銷售額。

For example, we now provide an essential Small Business Guide AI Prompt Library. We are also working to bring these capabilities together in a manner that even the smallest businesses can benefit from instantaneously accessing vast amounts of data and transforming it into something meaningful for their business.

例如，我們現在提供了一個必不可少的小型企業指南 AI 提示庫。我們還致力於以一種方式將這些功能結合在一起，即使是最小的企業也可以從即時訪問大量數據並將其轉化為對他們的業務有意義的東西中受益。

Websites + Marketing continues to be rated as the highest-performing website builder according to Google Core Web Vitals, and it is taking share in the marketplace. The team continues to focus on making it easy for customers to build high-performance websites quickly.

根據 Google Core Web Vitals，建站神器 + 營銷繼續被評為表現最佳的建站工具，並且在市場上佔有一席之地。該團隊繼續專注於使客戶能夠輕鬆快速地構建高性能網站。

On our second priority, delivering for GoDaddy Pro, our goal is to make them better serve their clients and grow their businesses. GoDaddy Pro's value platform capabilities like performance, availability and security, but also automation, support ease of use and value-added offers.

我們的第二個優先事項是為 GoDaddy Pro 提供服務，我們的目標是讓他們更好地服務於他們的客戶並發展他們的業務。 GoDaddy Pro 的價值平台功能，如性能、可用性和安全性，以及自動化，支持易用性和增值服務。

Our new Managed WooCommerce Stores offering replaced our old Managed WordPress commerce offering over the last few weeks. With this new product in place, we are bringing many more capabilities to the table, and we'll be able to test into higher-priced SKUs.

我們新的託管 WooCommerce 商店產品在過去幾週取代了我們舊的託管 WordPress 商務產品。有了這個新產品，我們將帶來更多的功能，我們將能夠測試價格更高的 SKU。

On our Hosting business, our focus is around stabilization and simplification. As discussed previously, we are on course to integrate brands more deeply, which includes retiring the Media Temple brand with the final migration of customers to the GoDaddy full stack. In April, we also signed an agreement to exit a couple of our smaller European brands. Our goal remains to provide customers with a higher level of service at a lower cost to serve, while sharpening our focus.

在我們的託管業務中，我們的重點是穩定和簡化。如前所述，我們正在更深入地整合品牌，其中包括退出 Media Temple 品牌，並將客戶最終遷移到 GoDaddy 全棧。 4 月，我們還簽署了退出幾個較小的歐洲品牌的協議。我們的目標仍然是以更低的服務成本為客戶提供更高水平的服務，同時加強我們的關注。

On our third priority, innovation in domains, we have continued to broaden our bundling offers for new and existing customers. While our initial focus was around bundling e-mail, we have increased experimentation velocity and are doing much more here. We are improving the onboarding flow for customers with the target of higher attach, and encouraged by the results we have seen.

關於我們的第三個優先事項，即領域創新，我們繼續擴大為新老客戶提供的捆綁服務。雖然我們最初的重點是捆綁電子郵件，但我們已經提高了實驗速度，並且在這方面做得更多。我們正在以更高的附加度為目標改善客戶的入職流程，並為我們所看到的結果感到鼓舞。

This matters because we know that customers who activate and attach more products have higher retention rates. And we continue to be excited about payable domains and have 2 clear insights since our launch. First, customers who adopt this product are demonstrating their satisfaction by quickly doing a significant number of transactions through the default Pay Link we provide. Our initial efforts to drive more traffic to this product resulted in impressive early GPV.

這很重要，因為我們知道激活和附加更多產品的客戶具有更高的保留率。我們繼續對付費域名感到興奮，並且自我們推出以來有 2 個清晰的見解。首先，採用該產品的客戶通過我們提供的默認 Pay Link 快速完成大量交易來證明他們的滿意度。我們最初為該產品吸引更多流量所做的努力導致了令人印象深刻的早期 GPV。

Second, we noticed that existing customers are more ready to use this product compared to potential customers who are new to purchasing a domain. We are currently focused on creating more opportunities for both existing and new domain customers to discover and utilize payable domains. Although there is still work to be done, we strongly believe in the enormous potential of this offering.

其次，我們注意到，與剛購買域的潛在客戶相比，現有客戶更願意使用該產品。我們目前專注於為現有和新的域客戶創造更多機會來發現和使用付費域。儘管仍有工作要做，但我們堅信此產品的巨大潛力。

On the aftermarket, you will remember our List for Sale feature that allows GoDaddy customers to list their domain in the aftermarket. This quarter, we extended this capability to our registrar partners, opening a channel to bring more inventory to the aftermarket.

在售後市場，您會記得我們的待售列表功能，該功能允許 GoDaddy 客戶在售後市場列出他們的域。本季度，我們將此功能擴展到我們的註冊商合作夥伴，打開了將更多庫存帶到售後市場的渠道。

We've also added new features to the customer experience for brokered aftermarket transactions. We built a new lead center, giving real-time status updates to the leads being pursued on behalf of domain sellers, so they can have more visibility into progress on their transactions. Our aftermarket business continues to innovate and create value for our customers and all players in the industry.

我們還為代理售後市場交易的客戶體驗添加了新功能。我們建立了一個新的潛在客戶中心，為代表域名賣家尋求的潛在客戶提供實時狀態更新，因此他們可以更清楚地了解交易進度。我們的售後市場業務不斷創新，為我們的客戶和業內所有參與者創造價值。

At GoDaddy, we are eager to help small businesses thrive. This fuels us to create better products that deliver greater value for our customers, which drives our attractive financial model that then translates into sustained customer and shareholder value. This is the simple approach of how we work to grow GoDaddy and differentiate our offerings.

在 GoDaddy，我們渴望幫助小型企業蓬勃發展。這促使我們創造更好的產品，為我們的客戶提供更大的價值，這推動了我們有吸引力的財務模式，然後轉化為持續的客戶和股東價值。這是我們如何努力發展 GoDaddy 和區分我們的產品的簡單方法。

We are proud of the consistency of our strong execution and our strategy. We have a great business with a loyal and growing customer base that continues to spend more time with us. Through our strong competitive advantages and attractive financial profile, GoDaddy is well positioned to continue to grow and deliver for all stakeholders in meaningful ways.

我們為我們強大的執行力和戰略的一致性感到自豪。我們擁有出色的業務，擁有忠實且不斷增長的客戶群，這些客戶群將繼續與我們共度更多時光。憑藉我們強大的競爭優勢和有吸引力的財務狀況，GoDaddy 有能力繼續發展並以有意義的方式為所有利益相關者提供服務。

With that, here's Mark.

有了這個，這是馬克。

Thanks, Aman. Before getting into the detailed results, I wanted to summarize a few key points. First, we are making progress towards returning to double-digit growth, while executing our 3-year plan to expand our operating margins and deliver on our free cash flow per share targets.

謝謝，阿曼。在進入詳細結果之前，我想總結幾個要點。首先，我們正在朝著恢復兩位數增長的方向取得進展，同時執行我們的 3 年計劃以擴大我們的營業利潤率並實現我們的每股自由現金流目標。

Second, we are delivering on our Applications and Commerce segment growth through increases in new customers and the conversion of our existing customers to our payments platform in the U.S.

其次，我們正在通過增加新客戶以及將現有客戶轉換為我們在美國的支付平台來實現我們的應用程序和商務部門的增長。

Lastly, we are on target to complete our restructuring action in the second quarter, driving better operating leverage in our core platform segment and improving our overall operating margin in the second half of the year.

最後，我們的目標是在第二季度完成我們的重組行動，推動我們核心平台部門更好的經營槓桿，並在下半年提高我們的整體經營利潤率。

With that, Applications and Commerce revenue grew to $338 million, up 12%, exceeding our guide of 8% to 10%. Additionally, the normalized EBITDA margin for Applications and Commerce was 39%. Taken together, this highlights the impressive performance we are driving in this business, which delivered ARR for Create and Grow of $450 million, up 10% and over $1 billion of GPV.

因此，應用程序和商務收入增長到 3.38 億美元，增長 12%，超過我們 8% 到 10% 的指導值。此外，應用和商業的標準化 EBITDA 利潤率為 39%。總而言之，這凸顯了我們在這項業務中取得的令人印象深刻的業績，創造和增長的 ARR 達到 4.5 億美元，增長 10%，GPV 超過 10 億美元。

This segment is our largest opportunity to drive growth through the attachment of our Create and Grow products, Commerce platform and productivity solutions for both new and existing customers. ARR for Applications and Commerce grew 9% to more than $1.3 billion. Annualized GMV across the GoDaddy ecosystem grew 18% to approximately $28 billion.

該細分市場是我們通過為新老客戶附加我們的 Create and Grow 產品、商務平台和生產力解決方案來推動增長的最大機會。應用程序和商務的 ARR 增長了 9%，超過 13 億美元。 GoDaddy 生態系統的年度 GMV 增長了 18%，達到約 280 億美元。

Our core platform segment, which includes domains, hosting and security, continues to serve as an important on-ramp to our overall business. Core platform revenue was $698 million, with an ARR of $2.2 billion and a strong normalized EBITDA margin of 27%. Core platform revenue was supported by a 5% growth in domains from a combination of new customer adds, attach and price increases on renewals.

我們的核心平台部分，包括域、託管和安全，繼續作為我們整體業務的重要入口。核心平台收入為 6.98 億美元，ARR 為 22 億美元，正常化 EBITDA 利潤率為 27%。核心平台收入得到了 5% 的增長的支持，這得益於新客戶的增加、附加和續訂價格的上漲。

This was offset by tough compares for our aftermarket business as well as the continued uneven flow of large transactions. Additionally, there are modest impacts to our hosting revenue and customer count from migration of noncore hosting platforms being sunset.

這被我們售後市場業務的艱難比較以及大宗交易的持續不平衡所抵消。此外，非核心託管平台的遷移對我們的託管收入和客戶數量的影響不大。

Total revenue grew to $1.04 billion, up 3% on a reported basis and 5% on a constant currency basis, reflecting a sequential lift from the Q4 growth rate. Within total revenue, international revenue grew 3% on a reported basis and 7% on a constant currency basis.

總收入增長至 10.4 億美元，按報告基礎增長 3%，按固定匯率計算增長 5%，反映了第四季度增長率的連續提升。在總收入中，國際收入按報告基礎增長 3%，按固定匯率計算增長 7%。

Q1 bookings grew faster than revenue at a rate of 4% on a reported basis and 5% on a constant currency basis, totaling $1.2 billion. Bookings growth on our subscription products outpaced the related revenue growth by approximately 100 basis points.

第一季度的預訂量增長速度快於收入，報告的增長率為 4%，按固定匯率計算為 5%，總計 12 億美元。我們訂閱產品的預訂增長超過相關收入增長約 100 個基點。

Our durable model continues to generate cash flow through our strong customer relationships and cohort performance, highlighted by our customer retention rate of 85%. We build on this strength through intentionally focusing our marketing on attracting high-intent customers that stay with GoDaddy and spend more.

我們的持久模式繼續通過我們強大的客戶關係和群體表現產生現金流，我們的客戶保留率高達 85%。我們通過有意將營銷重點放在吸引留在 GoDaddy 並花費更多的高意向客戶上來鞏固這一優勢。

This quarter, we added 100,000 net new high-quality customers, despite headwinds from our migration efforts noted above. Our ARPU grew 4% to $197 from $190 last year. Normalized EBITDA grew 11% to $250 million, with a margin of 24%, representing approximately 160 basis points expansion. We expect to continue to drive operating leverage through strong execution and our restructuring efforts.

本季度，我們新增了 100,000 個淨新優質客戶，儘管我們在上述遷移工作中遇到了阻力。我們的 ARPU 從去年的 190 美元增長 4% 至 197 美元。標準化 EBITDA 增長 11% 至 2.5 億美元，利潤率為 24%，增長約 160 個基點。我們希望通過強有力的執行和我們的重組努力繼續推動經營槓桿。

Unlevered free cash flow for the quarter totaled $304 million, growing 6% driven by strong profitability, while free cash flow remained flat at $259 million, despite an increase in our cash interest expense due to the refinancing of our term debt in Q4 2022. Free cash flow per share rose to $6.19 on a trailing 12-month basis versus the prior year's cash flow per share of $5.25, an 18% increase driven by execution, operating leverage and share repurchases.

本季度的無槓桿自由現金流總計 3.04 億美元，在強勁盈利能力的推動下增長了 6%，而自由現金流仍持平於 2.59 億美元，儘管我們的現金利息支出因 2022 年第四季度的定期債務再融資而增加。過去 12 個月每股現金流增至 6.19 美元，而上一年的每股現金流為 5.25 美元，在執行、經營槓桿和股票回購的推動下增長了 18%。

Additionally, in Q1, we completed $114 million of share buybacks, repurchasing 1.6 million shares. This brings the cumulative share repurchase under our $3 billion authorization to $1.4 billion and 18.4 million shares, reducing shares outstanding since inception by 11%. We remain on target for our commitment to reduce our fully diluted shares outstanding by 15% to 20% over the 3-year period.

此外，在第一季度，我們完成了 1.14 億美元的股票回購，回購了 160 萬股股票。這使我們 30 億美元授權下的累計股票回購達到 14 億美元和 1840 萬股，自成立以來已發行股票減少了 11%。我們仍然致力於在 3 年期間將已完全稀釋的已發行股票減少 15% 至 20% 的承諾。

On the balance sheet, we finished Q1 with $892 million in cash and total liquidity of $1.9 billion. Net debt stands at $3 billion, with 2.7x net leverage, within our targeted range of 2 to 4x.

在資產負債表上，我們以 8.92 億美元的現金和 19 億美元的總流動資金結束了第一季度。淨債務為 30 億美元，淨槓桿率為 2.7 倍，在我們 2 至 4 倍的目標範圍內。

Lastly, as noted above, we signed an agreement to divest certain noncore hosting assets, which is expected to close by Q3. Our restructuring charge of $50 million in the quarter included $21 million of a noncash impairment charge for these assets.

最後，如上所述，我們簽署了一項剝離某些非核心託管資產的協議，該協議預計將在第三季度完成。本季度我們的 5000 萬美元重組費用包括這些資產的 2100 萬美元非現金減值費用。

Moving on to our outlook. We are targeting Q2 total revenue in the range of $1.045 billion to $1.065 billion, representing growth of 4% at the midpoint. With the current momentum, we expect to exit the year at approximately 7% top line growth with a normalized EBITDA of 28%. We expect Applications and Commerce segment growth to be between 8% and 10% for both Q2 and the full year.

繼續我們的展望。我們的目標是第二季度總收入在 10.45 億美元至 10.65 億美元之間，中點增長率為 4%。以目前的勢頭，我們預計今年的收入增長率約為 7%，正常化 EBITDA 為 28%。我們預計第二季度和全年的應用程序和商務部門增長率將在 8% 到 10% 之間。

For core platform, we expect revenue growth 1% to 3% in Q2 and accelerate in the back half of the year to deliver between 2% and 4% for the full year. Q2 normalized EBITDA margin is expected to improve to approximately 25%, with continued acceleration over the back half of the year to deliver full year normalized EBITDA margin of approximately 26%, showing improved operating leverage from the actions previously discussed.

對於核心平台，我們預計第二季度收入增長 1% 至 3%，並在今年下半年加速增長，全年實現 2% 至 4% 的增長。第二季度標準化 EBITDA 利潤率預計將提高至約 25%，並在今年下半年繼續加速，實現全年標準化 EBITDA 利潤率約 26%，這表明通過先前討論的行動提高了經營槓桿。

I would like to spend a moment bridging our expected 2023 revenue growth to what we believe our strategy and model can produce going forward. Our current guide for the full year is 5% revenue growth at the midpoint. As a reminder, this year's revenue growth rate includes approximately 2 points of FX pressure from last year's bookings and is also impacted by difficult compares in our aftermarket business and the divestiture of certain noncore revenue-generating assets.

我想花點時間將我們預期的 2023 年收入增長與我們認為我們的戰略和模型可以產生的未來聯繫起來。我們目前的全年指南是中點收入增長 5%。提醒一下，今年的收入增長率包括來自去年預訂的大約 2 個百分點的外匯壓力，並且還受到我們售後市場業務困難比較和某些非核心創收資產剝離的影響。

Looking ahead to next year and beyond, absent those negative impacts and with the momentum we are driving through the strategic initiatives Aman spoke about earlier, including ARPU expansion. Even with the continuation of the current macro environment, there is a path to returning to double-digit top line growth, while remaining committed to delivering our margin expansion and free cash flow targets.

展望明年及以後，在沒有這些負面影響的情況下，我們正在推動 Aman 早些時候談到的戰略舉措，包括 ARPU 擴張。即使在當前宏觀環境持續的情況下，仍有一條途徑可以恢復兩位數的收入增長，同時繼續致力於實現我們的利潤率擴張和自由現金流目標。

We remain disciplined in how and where we spend, with a focus on controlling our costs, optimizing our marketing spend, monitoring headcount and investing in innovation, so that we can strike the right balance between capturing attractive opportunities with delivering value to our shareholders, always with an eye towards balanced long-term growth and profitability.

我們在支出方式和地點方面保持紀律，重點是控製成本、優化營銷支出、監控員工人數和投資創新，以便我們能夠在抓住有吸引力的機會和為股東創造價值之間取得適當的平衡，始終如一著眼於平衡的長期增長和盈利能力。

In closing, we have strong confidence in our ability to execute and accelerate our growth. We believe our competitive position and strategic advantages, our diverse product offerings, our strong balance sheet and the consistent and predictable cash flow we generate will position GoDaddy as a leader amongst its peers.

最後，我們對我們執行和加速增長的能力充滿信心。我們相信，我們的競爭地位和戰略優勢、我們多樣化的產品、我們強大的資產負債表以及我們產生的一致且可預測的現金流將使 GoDaddy 成為同行中的領導者。

Our 21 million customers create the foundation for our resiliency. We remain focused on execution against our strategic priorities, responsibly managing our business and building deeper customer relationships, as we partner alongside entrepreneurs on their journey.

我們的 2100 萬客戶為我們的彈性奠定了基礎。我們將繼續專注於執行我們的戰略重點，負責任地管理我們的業務並建立更深層次的客戶關係，因為我們與企業家在他們的旅程中合作。

With that, we will have Christie Masoner from our Investor Relations team open up the call for questions.

有了這個，我們將讓我們的投資者關係團隊的 Christie Masoner 開始提問。

Thanks, Mark. (Operator Instructions) Our first question comes from the line of Matt Pfau from William Blair.

謝謝，馬克。 （操作員說明）我們的第一個問題來自 William Blair 的 Matt Pfau。

First, wanted to understand the potential acceleration next year a little bit better. So if we look at the business, absent those 3 headwinds that you cited, do we need an acceleration in that business in order to get to double digits? Or is just a normalization of those 3 headwinds sort of enough to get us there?

首先，想更好地了解明年的潛在加速。因此，如果我們看一下業務，如果沒有您提到的那三個逆風，我們是否需要加速該業務才能達到兩位數？或者僅僅是這 3 種逆風的正常化就足以讓我們到達那裡？

Thanks, Matt. I'll handle the first part of that, and it sounds like you have a second question, too. So on the bridge, we do see, I would say, easier comps on things like aftermarket coming into the second half of the year, which will start to serve as a tailwind. So normalizing the core platform segment growth, obviously, is in the cards, as this turns around into easier compares in that end of it.

謝謝，馬特。我會處理第一部分，聽起來你也有第二個問題。所以在橋上，我們確實看到，我想說，今年下半年售後市場等事情的比較容易，這將開始成為順風。因此，很明顯，核心平台細分市場的增長正常化是有可能的，因為這在這方面變得更容易比較。

Domains is growing at a good pace. And obviously, we're taking some actions on hosting, which will act as a headwind in the back half of the year, but turn into a tailwind as well next year. So a lot of positive momentum.

域正在以良好的速度增長。顯然，我們正在對託管採取一些行動，這將在今年下半年成為逆風，但明年也會變成順風。所以有很多積極的勢頭。

Obviously, Applications and Commerce continues to be the higher growing segment for us. We're seeing a lot of traction on Commerce, and we've talked about the 4 pillars there and them being in the market, and we're really happy with the performance of those. So the ability to bridge to what we see as a path to that double-digit growth we've talked about, we think, starts to take that momentum in 2024.

顯然，應用程序和商務仍然是我們增長較高的部分。我們在商業上看到了很大的吸引力，我們已經討論了那裡的 4 大支柱以及它們在市場上的表現，我們對它們的表現非常滿意。因此，我們認為，我們認為，能夠在 2024 年開始形成我們所討論的實現兩位數增長的途徑。

Yes. And maybe I'll just add, Mark, Matt, that we see, of course, the headwinds go away, but we also have good momentum in the business. Mark already mentioned the growth in A&C, but also the domains business has done well, and demand has been better and improving. So we're very sort of encouraged by the momentum, and that's what we're really talking about.

是的。也許我會補充說，馬克，馬特，我們看到，當然，逆風消失了，但我們的業務也有良好的勢頭。 Mark 已經提到了 A&C 的增長，而且域名業務也做得很好，需求一直在好轉。所以我們對這種勢頭感到非常鼓舞，這就是我們真正在談論的。

Great. And then just wanted to ask a follow-up on gross margins. It dipped sequentially in the quarter. I'm guessing that's probably due to payments. So is that true? And how should we think about that trend throughout the year as presumably payments continues to gain traction?

偉大的。然後只想問一下毛利率的後續情況。它在本季度連續下降。我猜這可能是由於付款。那是真的嗎？我們應該如何看待這一年的趨勢，因為付款可能會繼續受到關注？

Yes. No doubt, Matt, that we've talked about that product mix will impact our gross margin, and we're focusing on operating margin as we run the business and expansion of that. But as we get into more of the transactional businesses, we can continue to see pressure on the gross margin, but be in that 60 -- low 60s to mid-60s range. As it scales, it becomes more accretive, obviously, we get the leverage on the operating margin, and it'll help us deliver on our normalized EBITDA.

是的。毫無疑問，馬特，我們已經討論過產品組合會影響我們的毛利率，我們在經營業務和擴大業務時專注於營業利潤率。但隨著我們進入更多的交易業務，我們可以繼續看到毛利率的壓力，但處於 60 至 60 年代低至 60 年代中期的範圍內。隨著規模的擴大，它變得更加增值，顯然，我們獲得了營業利潤率的槓桿，這將幫助我們實現正常化的 EBITDA。

Our next question comes from the line of Trevor Young from Barclays.

我們的下一個問題來自巴克萊銀行的 Trevor Young。

Just first one, Mark, on the 1Q segment results. Core platform a bit below guide, A&C a bit ahead. On either of these, could you maybe speak to which areas drove relative under or outperformance, specific versus your expectations?

第一個，馬克，關於第一季度的結果。核心平台略低於指南，A&C 略超前。關於其中任何一個，您能否談談哪些領域導致相對錶現不佳或表現出色，具體與您的預期相比？

And then on repurchases in the quarter, a bit below run rate over the prior 3 quarters and a bit below what you'd expect given the $1 billion guide. Realized capital allocation strategy was reiterated here, but just wondering if there was something that gave you pause on those repurchases, such as macro or just a conscious effort to kind of bolster cash on hand a bit. Any color there would be appreciated.

然後在本季度的回購中，略低於前 3 個季度的運行率，略低於您在 10 億美元指導下的預期。這裡重申了已實現的資本配置策略，但只是想知道是否有什麼讓你暫停這些回購，例如宏觀或只是有意識地努力增加手頭現金。那裡的任何顏色都會受到讚賞。

Yes. Thanks, Trevor. On core platform, aftermarket in the larger transactions continues to be the area that is uneven for us and becoming difficult to predict. We saw some strength as we were exiting the quarter, but it continues to be uneven, and that pretty much drove our underperformance. So a moderate impact from some of the actions we were taking on integrating the noncore hosting platforms, but I would say aftermarket was probably the area putting us below the original range.

是的。謝謝，特雷弗。在核心平台上，較大交易中的售後市場對我們來說仍然是不平衡的區域，並且變得難以預測。我們在本季度結束時看到了一些實力，但仍然不平衡，這在很大程度上導致了我們表現不佳。因此，我們在整合非核心託管平台方面採取的一些行動產生了適度的影響，但我想說售後市場可能是使我們低於原始範圍的領域。

On Application and Commerce, the AGV fee is ahead of what we do at a great rate. We're seeing a lot of conversion of our existing customer base, which is driving the GPV, including new customers signing on. So we're really pleased with the momentum there. Really pleased with the attach we're getting around the websites related to our commerce SKUs. So all that has got great momentum in the quarter.

在應用程序和商務方面，AGV 費用以很高的速度領先於我們所做的事情。我們看到現有客戶群發生了很多轉變，這推動了 GPV，包括新客戶的簽約。所以我們對那裡的勢頭非常滿意。非常高興我們正在瀏覽與我們的商業 SKU 相關的網站的附件。因此，所有這些在本季度都有很大的勢頭。

We also saw the benefit of the stickiness of -- as our customers in Applications and Commerce are adding more than one product, the retention rates are improving. We've always seen that trend, and now we're seeing it more in Q1 with Commerce. And with that, we're issuing less refunds, and that helped us in the quarter as well that we didn't have to -- we're seeing that stickiness start to take place.

我們還看到了粘性的好處——因為我們在應用程序和商務領域的客戶正在添加不止一種產品，保留率正在提高。我們一直看到這種趨勢，現在我們在第一季度的 Commerce 中看到了更多。這樣一來，我們發放的退款就更少了，這在本季度也對我們有所幫助，而我們不必這麼做——我們看到粘性開始出現。

So we're seeing -- between the 2 segments, I would say, as we're integrating the core hosting assets, we are seeing some headwinds around retention of, what I would say, customers with more in the area of one product, but we are seeing a pickup in A&C of the customers with multiple products and multiple services, which is helping us.

所以我們看到 - 在這兩個部分之間，我想說，當我們整合核心託管資產時，我們看到了一些關於保留的逆風，我會說，在一種產品領域擁有更多客戶，但我們看到 A&C 的客戶有多種產品和多種服務，這對我們有幫助。

On capital allocation, sorry, I almost forgot there was 2 parts to that, nothing to call out. We are ahead of schedule at the end of the year. We came into the year with the $1 billion target. That hasn't changed. There hasn't been any changes to our capital allocation strategy. And I would still put in there a target of $1 billion for the year.

關於資本配置，抱歉，我差點忘了它有兩個部分，沒什麼好說的。我們在年底提前完成了計劃。我們以 10 億美元的目標進入了這一年。那沒有改變。我們的資本配置策略沒有任何變化。我仍然會在那裡設定今年 10 億美元的目標。

Our next question comes from the line of John Byun from Jefferies on for Brent Hill.

我們的下一個問題來自 Jefferies 的 John Byun 對 Brent Hill 的看法。

Okay. I think it was double muted. So good sequential improvement in GPV from Q4 from $760 million to $1 billion. Wondering, in terms of the driver, was there anything more besides, I guess, the existing base converting pretty well? And for existing customers, would those be switching from other payment solutions? And if so, how do you convince them to do so, other than pricing?

好的。我認為它是雙靜音的。從第四季度開始，GPV 的連續改善從 7.6 億美元增加到 10 億美元。想知道，就驅動程序而言，除了現有的基礎轉換得很好之外，還有什麼嗎？對於現有客戶，他們會從其他支付解決方案轉向嗎？如果是這樣，除了定價之外，您如何說服他們這樣做？

Yes. John, thanks for that question. Mark has talked about the pillars of revenue for Commerce, and we actually saw goodness across all of them. But selling into our existing base of customers was the largest driver of this acceleration and growth, and we continue to be very excited about it.

是的。約翰，謝謝你提出這個問題。馬克談到了商業收入的支柱，我們實際上看到了所有這些支柱的優點。但向我們現有的客戶群銷售是這種加速和增長的最大驅動力，我們仍然對此感到非常興奮。

In terms of how that sales cycle works, our customers have a fantastic relationship with GoDaddy. And we're bringing not just sort of the surprise and delight element of, hey, you have this relationship with GoDaddy and we have more to offer, we also have great pricing for them.

就銷售週期的運作方式而言，我們的客戶與 GoDaddy 建立了良好的關係。我們帶來的不僅僅是驚喜和喜悅的元素，嘿，你與 GoDaddy 有這種關係，我們可以提供更多，我們也為他們提供優惠的價格。

So when you put together the relationship, all -- the basket of sort of one-stop shop and the pricing, that leads to them switching over from other folks. And we -- this is the -- of course, we're excited about payable domains, and that did its part and resellers did its part. And everyone -- every piece helped, but the prime focus for us is selling into our base.

因此，當你把這種關係放在一起時，所有——一站式商店和定價的籃子，就會導致他們從其他人那裡轉過來。我們——這就是——當然，我們對付費域名感到興奮，這是它的一部分，經銷商也做了它的一部分。每個人 - 每件作品都有幫助，但我們的主要重點是向我們的基地銷售。

We're seeing goodness there. We're going to keep attacking that. And from what we can see, it seems to be a bit of a unique competitive advantage for GoDaddy because of the relationships we have. So we absolutely are continuing on path on that.

我們在那裡看到了美好。我們將繼續攻擊它。從我們所看到的情況來看，由於我們擁有的關係，這似乎對 GoDaddy 來說是一種獨特的競爭優勢。所以我們絕對會繼續前進。

Great. And maybe one follow-up. On the GMV, it was flat quarter-to-quarter. I don't know if there was -- how that was versus your expectation, whether you expected any seasonality or just increase from continued adoption.

偉大的。也許還有一個後續行動。在 GMV 上，季度環比持平。我不知道是否有 - 這與您的期望有何不同，您是否期望任何季節性或只是因持續採用而增加。

Yes. GMV as a whole, if you remember, is the broader sort of set of customers we have also inherited from Poynt, and it tends to follow seasonality of the business, Q4 versus Q1, and nothing new to sort of report that.

是的。 GMV 作為一個整體，如果你還記得的話，是我們也從 Poynt 那裡繼承的更廣泛的客戶群，它傾向於遵循業務的季節性，第四季度與第一季度，並且沒有什麼新鮮事可以報告。

Our next question comes from the line of Clarke Jeffries from Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Clarke Jeffries。

First one, I think it's for Mark, I was hoping you could maybe give us some color on that exit rate of 28% EBITDA margins, how we might be able to think about that between the 2 segments, kind of footing the disclosures you gave on A& C, core platform and overhead.

第一個，我想是給馬克的，我希望你能給我們一些關於 28% EBITDA 利潤率退出率的顏色，我們如何能夠在這兩個部分之間考慮這一點，有點像你提供的披露在 A&C、核心平台和開銷上。

Yes. Thanks, Clarke. So yes, 28%, and we talked about the actions we're taking in the first half that will help benefit as we get through the second half of the year and obviously exit the year at a strong run rate there of 7% and 28% of normalized EBITDA margins.

是的。謝謝，克拉克。所以是的，28%，我們談到了我們在上半年採取的行動，這些行動將有助於我們度過下半年並顯然以 7% 和 28 的強勁運行率退出今年標準化 EBITDA 利潤率的百分比。

A good way to look at it is as we're going through the core platform actions that we've taken around the restructuring and the integration of those platforms into the GoDaddy technology stack, there is going to be some pressure on our retention rates. And we're seeing customers that don't have a higher propensity to spend with us are making that decision, as we're doing the transfer over to the GoDaddy stack.

一個很好的看待它的方法是，當我們正在經歷我們圍繞重組和將這些平台集成到 GoDaddy 技術堆棧中所採取的核心平台行動時，我們的保留率將面臨一些壓力。我們看到，在我們將轉移到 GoDaddy 堆棧時，沒有更高傾向與我們一起消費的客戶正在做出這個決定。

On the flip side, the -- being on the GoDaddy stack and having Applications and Commerce and our ability for our Care Guides to engage our customer at a better level is really showing that we're getting more customers signing on to more than one product right now, which, again, pushes our retention rates higher. It pushes our ARPU higher. We're seeing a lot of benefit of that.

另一方面，在 GoDaddy 堆棧上，擁有應用程序和商務，以及我們的服務指南能夠更好地吸引客戶，這確實表明我們正在讓更多的客戶簽署不止一種產品現在，這再次推高了我們的保留率。它推高了我們的 ARPU。我們看到了很多好處。

And A&C comes at a higher margin. So we're, in essence, gaining more customers at the higher margin level, while we're seeing pressure on the core platform. Those are the lower margin or lower calorie customers, I would say. And therefore, we're seeing the benefit of the mix start to improve and help us get momentum into the future years -- or into 2024. So hopefully, that helps kind of how we're looking at it.

而 A&C 的利潤率更高。因此，從本質上講，我們正在以更高的利潤率水平獲得更多客戶，同時我們看到核心平檯面臨壓力。我會說，那些是利潤率較低或卡路里較低的客戶。因此，我們看到混合的好處開始改善，並幫助我們在未來幾年或 2024 年獲得動力。希望這有助於我們看待它的方式。

Yes. And maybe just very quickly, Clarke, if I can add. If you look at items like marketing spend, obviously, I've talked about it a lot over the last couple of years, but we continue to sort of make our ability to measure return on ad spend better and better globally. And what we're seeing is good gross ads, good demand coming to the site, and the lowest marketing spend sort of as a percentage of revenue that we've had in a while. So obviously, that continues to help us as well apart from sort of the actions that Mark talked about, which are more on the people side.

是的。也許很快，克拉克，如果我可以補充的話。如果你看一下營銷支出之類的項目，顯然，在過去幾年裡我已經談了很多，但我們繼續在某種程度上提高我們衡量全球廣告支出回報率的能力。我們看到的是良好的總廣告，良好的網站需求，以及我們一段時間以來最低的營銷支出佔收入的百分比。很明顯，除了 Mark 談到的一些行動之外，這也繼續幫助我們，這些行動更多地是在人方面。

Perfect. And then just one follow-up. I know you've mentioned a couple of times the aftermarket. I just kind of want to be clear on -- compared to the guide for core platform, is where the result came in compared to the guide maybe either at the midpoint or the low point completely describable by aftermarket? Or were there any other factors maybe accelerated movement in the hosting segment that might have also been a contributor there? Helping to clarify, that would be great.

完美的。然後只是一個跟進。我知道您已經多次提到售後市場。我只是想弄清楚 - 與核心平台指南相比，與指南相比，結果是在售後市場完全可以描述的中點還是低點？或者是否有任何其他因素可能加速了託管領域的運動，這些因素也可能是其中的一個貢獻者？幫助澄清，那就太好了。

Yes, yes. You just called it. I think the primarily -- primary driver was aftermarket and the continued absence of the large transactions. Just as a reminder, we don't set the prices in the aftermarket. That's a buyer and seller agreement, and we kind of facilitate the transaction between 2. So we're still seeing that disconnect in the market related to the buyer and seller agreeing, which shows up in the larger transactions.

是的是的。你剛剛打電話給它。我認為主要 - 主要驅動因素是售後市場和大宗交易的持續缺乏。提醒一下，我們不在售後市場定價。這是買賣雙方的協議，我們在某種程度上促進了 2 之間的交易。因此，我們仍然看到市場上與買賣雙方同意相關的脫節，這在較大的交易中表現出來。

So it's primary -- primarily the cause of the core platform missing the guide. There is a little bit on the hosting, no doubt. I don't want to say it's 100% because there is some -- as we are migrating some of the noncore assets into the GoDaddy technology stack, we have seen some pressure there. But I would say aftermarket was primary.

所以這是主要的 - 主要是核心平台缺少指南的原因。毫無疑問，託管有一點點。我不想說它是 100%，因為有一些 - 當我們將一些非核心資產遷移到 GoDaddy 技術堆棧時，我們在那裡看到了一些壓力。但我會說售後市場是主要的。

Our next question comes from the line of Aaron Kessler from Raymond James.

我們的下一個問題來自 Raymond James 的 Aaron Kessler。

Great. A couple of questions. Maybe just first on the macro. I mean, outside of aftermarket, can you just maybe talk to the top of the funnel traffic you're seeing kind of gross sub additions? And then just how should we think maybe about the ARPU outlook for '23? Should we think about it similar to Q1? And just maybe talk about the adoption of higher ASP solutions that you're seeing as well.

偉大的。幾個問題。也許只是首先在宏觀上。我的意思是，在售後市場之外，您能否與漏斗流量的頂部交談，您看到的是一種總的子添加？然後我們應該如何考慮 23 年的 ARPU 前景？我們應該像Q1一樣思考嗎？也可以談談採用您所看到的更高 ASP 解決方案。

Yes. Thanks, Aaron. Maybe I'll just take the top of the funnel. And Mark, if you want to touch on ARPU. So like I started to say earlier, top of the funnel, I think we see good demand year-over-year. We see good gross adds, and we're pretty happy with what we're seeing. And as we had talked about last quarter as well a bit, the momentum seemed to improve through the quarter.

是的。謝謝，亞倫。也許我會站在漏斗的頂端。馬克，如果你想談談 ARPU。所以就像我之前開始說的那樣，在漏斗的頂部，我認為我們看到了同比良好的需求。我們看到了很好的總增加，我們對我們所看到的非常滿意。正如我們在上個季度也談過的那樣，整個季度的勢頭似乎有所改善。

So our customers, by just nature, tend to be resilient and tend to be a creative group. So -- and we serve them, like I talked about as well, but it does seem to be showing up in the numbers to a good extent as well. So we remain optimistic about the rest of the year. And of course, we'll keep you updated on it with Mark on ARPU.

因此，從本質上講，我們的客戶往往具有彈性，並且往往是一個富有創造力的群體。所以 - 我們為他們服務，就像我談到的那樣，但它似乎也在很大程度上顯示在數字中。因此，我們對今年餘下時間保持樂觀。當然，我們會通過 Mark on ARPU 為您提供最新信息。

Yes. And I'll start with -- we don't guide towards ARPU. But looking at the outlook for the year, when we think about our goal to attract customers with a higher intent to spend with us, our goal is to raise that ARPU number. What we're seeing around the commerce is obviously giving us that momentum that we believe we'll be able to continue to drive that.

是的。我將從 - 我們不指導 ARPU 開始。但展望今年的前景，當我們考慮我們的目標是吸引有更高意願與我們一起消費的客戶時，我們的目標是提高 ARPU 值。我們在商業中看到的顯然給了我們動力，我們相信我們將能夠繼續推動它。

Q4 to Q1 is a normal pattern for us. I know we haven't gone into quarterly disclosures of ARPU in a while. But based on our billing cycles and bookings happening earlier in the process and in the year, that revenue from the bookings will flow through to our ARPU as it rolls out in our subscription business. So it will be a natural benefit that we will start to see.

Q4 到 Q1 對我們來說是正常模式。我知道我們已經有一段時間沒有按季度披露 ARPU 了。但根據我們在流程早期和當年發生的計費周期和預訂，預訂收入將流入我們的 ARPU，因為它在我們的訂閱業務中推出。因此，我們將開始看到這將是一種自然的好處。

So we're excited about attracting more customers with higher intent. We're seeing that, especially in the commerce area, which showed up in Q1. The momentum there has been really, really good. And we continue to be driving towards adding that ARPU as we go throughout the year.

因此，我們很高興能吸引更多意向更高的客戶。我們看到了這一點，尤其是在第一季度出現的商業領域。那裡的勢頭真的非常好。我們將在全年繼續努力增加 ARPU。

And we can -- those 2 thoughts together, with bookings growing faster than revenue, both those pieces basically come together.

我們可以——這兩個想法結合在一起，預訂量增長快於收入增長，這兩個部分基本上結合在一起。

Our next question comes from the line of Elizabeth Porter from Morgan Stanley.

我們的下一個問題來自摩根士丹利的伊麗莎白波特。

Great. Fiona Hynes on the line from Elizabeth's team. I wanted to ask on the regional banking crisis. We've seen in some of the senior loan officer surveys that are pointing to tougher requirements to get loans. How important is this financing channel for your target customer base? Are you seeing any impact today? And what is incorporated into your outlook?

偉大的。 Fiona Hynes 接聽 Elizabeth 團隊的電話。我想問一下區域銀行業危機。我們在一些高級信貸員調查中看到，這些調查表明獲得貸款的要求更加嚴格。這種融資渠道對您的目標客戶群有多重要？你今天看到任何影響了嗎？你的觀點中包含了什麼？

I think from 2 views. One, from our customer's view, I think the challenges in the financial banking crisis have not had a significant impact for our customers. I would remind you that many of our customers are micro businesses, and they don't even have access to banking services or capital. And they really are a very creative group.

我認為從2個觀點。第一，從我們客戶的角度來看，我認為金融銀行業危機中的挑戰並未對我們的客戶產生重大影響。我想提醒你，我們的很多客戶都是微型企業，他們甚至無法獲得銀行服務或資金。他們真的是一個非常有創造力的群體。

And for our business as a whole, obviously, we're not dependent on SVB or sort of risks that come close to the regional banking crisis. I don't know, Mark, if -- what you would add.

對於我們的整體業務，顯然，我們不依賴 SVB 或接近區域銀行危機的風險。馬克，我不知道你是否會添加什麼。

Yes, it's a good inquiry. When you think about our ARPU at $197 and the cost of that to our customers and the value that we provide to them in their business, not a real impact there. Even when you talk about the FDIC limits and all that and the micro businesses and entrepreneurs, we think our customers are optimistic. And we're seeing them eager to sell in the marketplace, but we're not seeing any limitations based on the banking crisis.

是的，這是一個很好的查詢。當您考慮我們的 ARPU 為 197 美元，以及這對我們的客戶造成的成本以及我們在他們的業務中為他們提供的價值時，並沒有真正的影響。即使當你談論 FDIC 限制和所有這些以及微型企業和企業家時，我們認為我們的客戶是樂觀的。我們看到他們渴望在市場上出售，但我們沒有看到基於銀行業危機的任何限制。

Our next question comes from the line of Mark Zgutowicz from The Benchmark Company.

我們的下一個問題來自 The Benchmark Company 的 Mark Zgutowicz。

Just a couple of quick ones. Your A&C revenue guide for this year looks like potentially a modest sequential decline, if you look on a 2-year stack basis throughout the year. So I'm just curious with new products coming to the market and infancy there, what that might be attributed to?

只是幾個快速的。如果您全年以 2 年的堆棧為基礎，您今年的 A&C 收入指南看起來可能會出現適度的連續下降。所以我很好奇新產品進入市場並在那里處於起步階段，這可能歸因於什麼？

And related, if you can maybe speak to the attachment rates you're seeing early on with your OmniCommerce rollout and whether there are any initial demand signals that you'd like to share.

與此相關的是，如果你能談談你在 OmniCommerce 推出初期看到的附件率，以及是否有任何你想分享的初始需求信號。

And then last, on the 2Q and annual revenue growth guides, if there's any material contribution from payables -- payable domains and then -- and also from Worldpay.

最後，在第二季度和年度收入增長指南中，如果有任何來自應付賬款的實質性貢獻——支付領域，然後——以及來自 Worldpay 的貢獻。

Okay. So I'm going to handle that. There was a few things in there, Mark, so I'm going to try to go through them sequentially. If I miss anything, please point it out. A&C revenue guide, we are really excited about the 12% in Q1, showing great momentum coming into the year. We talked about it. This is the first quarter in which we had all 4 pillars in market, and that we've been engaging our customers, converting our existing customer base in the U.S. and just unbelievable traction.

好的。所以我要處理這個。馬克，裡面有一些東西，所以我將嘗試按順序瀏覽它們。如果我遺漏了什麼，請指出。 A&C 收入指南，我們對第一季度的 12% 感到非常興奮，顯示出今年的強勁勢頭。我們談過了。這是我們在市場上擁有所有 4 大支柱的第一個季度，我們一直在吸引我們的客戶，改變我們在美國的現有客戶群，以及令人難以置信的牽引力。

And we're also seeing play out is that the stickiness of going from the 1 to the 2 to the 3 products is playing out and improving -- I want to say, improving our refunds, but lowering our refunds to our customers. So we saw a benefit of that in Q1.

我們還看到，從 1 到 2 再到 3 產品的粘性正在發揮作用並得到改善——我想說的是，提高了我們的退款，但降低了我們對客戶的退款。所以我們在第一季度看到了這樣做的好處。

We are early stage, though. So we -- it's 1 quarter in, and we like the momentum. We'll see how it rolls out throughout the year, but we feel excited about the ability to continue that momentum throughout the year and into 2024.

不過，我們還處於早期階段。所以我們 - 這是 1 個季度，我們喜歡這種勢頭。我們將看到它如何在全年推出，但我們對能夠在全年和 2024 年繼續保持這種勢頭感到興奮。

I think on the attach of the OmniCommerce, Aman, do you want to talk about that?

我想在 OmniCommerce 的附件上，阿曼，你想談談這個嗎？

Yes, maybe I'll just talk about attach more broadly real quick and then get into OmniCommerce as well. We talked about bundling a little bit. And as Mark said, bundling is a great opportunity for us to bring 2-plus products to our customers. And it helps, obviously, not just the average order size, but it helps with the retention because customers that engage with those -- with more than one product tend to retain at higher rate, and that's an area of focus for us, and we're pretty excited about where we're going.

是的，也許我會更廣泛地真正快速地談論附加，然後也進入 OmniCommerce。我們談到了一點捆綁。正如馬克所說，捆綁銷售是我們向客戶提供 2+ 產品的絕佳機會。顯然，它不僅有助於平均訂單量，而且有助於保留，因為與這些產品互動的客戶 - 不止一種產品往往會以更高的速度保留，這是我們關注的領域，我們對我們要去的地方感到非常興奮。

On the OmniCommerce solution, we've had great success selling into our base, but it's still very, very early days. Very similar to your question about payable domain, I'm super excited about payable domains. We have some early results that I've sort of indicated, and there's more to do.

在 OmniCommerce 解決方案上，我們在銷售我們的基地方面取得了巨大的成功，但它仍處於非常、非常早的階段。與您關於付費域名的問題非常相似，我對付費域名感到非常興奮。我們有一些我已經指出的早期結果，還有更多工作要做。

But all of these things, we're very early in the process. We're very excited about the opportunity in the future. And overall, the attach of these products to our existing customers continues to be good. I think in terms of sharing specific numbers on that, we'd want to have it reach certain milestones, so we can share more with you.

但所有這些事情，我們都處於這個過程的早期階段。我們對未來的機會感到非常興奮。總的來說，這些產品與我們現有客戶的聯繫仍然很好。我認為就分享具體數字而言，我們希望它達到某些里程碑，這樣我們就可以與您分享更多。

And on the Worldpay, we had talked about that last quarter. We're really excited about the Worldpay agreement in the -- they're selling our product in the market. We have, I would say, a hard launch in the second half of the year. Minimal impact this year, we're planning on. But going into next year, it should have some great momentum.

在 Worldpay 上，我們在上個季度討論過這個問題。我們對 Worldpay 協議感到非常興奮——他們在市場上銷售我們的產品。我想說，我們將在今年下半年進行硬啟動。今年影響最小，我們正在計劃。但進入明年，它應該會有一些很大的勢頭。

Our next question comes from the line of Ygal Arounian from Citi.

我們的下一個問題來自花旗銀行的 Ygal Arounian。

So I want to ask about AI. Apologies if it has been asked, but I know you mentioned some of the generative AI prompt library and some things you're doing on that front. But certainly, recently, but really over the past couple of months, there's been a greater dialogue about generative AI disrupting the web builder business. And I want to get your thoughts on that, how you're approaching it and how you think about AI, maybe not just in the near term, but over the long term as well.

所以想問一下AI。如果有人問到這個問題，我深表歉意，但我知道您提到了一些生成式 AI 提示庫以及您在這方面正在做的一些事情。但可以肯定的是，最近，但實際上在過去的幾個月裡，關於生成式 AI 擾亂 Web 構建器業務的對話越來越多。我想听聽你對此的看法，你是如何接近它的，你是如何看待人工智能的，也許不僅僅是在短期內，而是在長期內。

Well, Ygal thanks for the question. And no, it hasn't been asked yet, so let me just take a moment and just take a step back, talk about the long term and then give you a couple of examples of how we're thinking about it in the immediate term.

好吧，Ygal 謝謝你的提問。不，它還沒有被問到，所以讓我花點時間退後一步，談談長期，然後舉幾個例子說明我們如何在近期考慮它.

Obviously, like many other folks, we want a future where AI is a positive contributor to humanity and society as a whole, and we're absolutely sort of aligned with that view of the world. Where we see opportunities, and some of them are a little ways away, some of them are sooner, is that AI creates moments of delight and surprise for customers.

顯然，與許多其他人一樣，我們希望未來 AI 能為人類和整個社會做出積極貢獻，而我們完全認同這種世界觀。在我們看到機會的地方，有些機會離我們很遠，有些機會來得更快，是人工智能為客戶創造了喜悅和驚喜的時刻。

It allows us to create a new set of tools that allow customers to get more value faster, easier, so they can focus on the things that they need to do growing their business. And they have to worry less about the mechanics of things that technology can take care of, and that is the history of tools.

它使我們能夠創建一套新的工具，讓客戶能夠更快、更輕鬆地獲得更多價值，這樣他們就可以專注於他們需要做的事情來發展他們的業務。他們不必擔心技術可以解決的事情的機制，這就是工具的歷史。

Tools make -- allow people to do things that they otherwise would have had a hard time doing. And AI for us, and in our business, in our industry, I think, is going to provide another set of new tools for our customers.

工具使人們能夠做他們本來很難做的事情。我認為，對於我們、我們的業務、我們的行業，AI 將為我們的客戶提供另一套新工具。

In terms of how our customers think about this, I happen to sit on like yesterday for 2 hours in the seat next to one of our customers, that customer actually uses our entire solution from GoDaddy Studio to the website to the hardware device in their store, and we had a great conversation for 2 hours.

就我們的客戶如何看待這一點而言，我碰巧像昨天一樣在我們一位客戶旁邊的座位上坐了 2 個小時，該客戶實際上使用了我們從 GoDaddy Studio 到網站再到他們商店中的硬件設備的整個解決方案，我們進行了 2 小時的愉快交談。

And I asked him about AI and what he feels as a micro business owner. And his point was very, very simple, which actually aligns with our company's view of it. He said, "Of course, I want AI to help me message a customer or prompt me and tell me what the customer is asking about, so I can help my customer. But my business relies on the personal relationship I have -- and this him I'm talking, I have with our customer."

我問他關於 AI 的事，以及他作為微型企業主的感受。他的觀點非常非常簡單，這實際上與我們公司的觀點一致。他說，“當然，我希望 AI 幫我給客戶發消息或提示我並告訴我客戶在問什麼，這樣我就可以幫助我的客戶。但我的業務依賴於我的個人關係——而這我在和他說話，我和我們的客戶談過。”

And I don't want a machine talking to our customers. The difference happens in our business because of the owner himself, his wife, who's the creative person behind that business. They are the ones that make the difference. So they want to hold that interaction. And for them, AI is a tool. And frankly, if GoDaddy can make it easier by using AI tools to make it easier for them to engage with their customers, they're all for that.

而且我不希望機器與我們的客戶交談。我們的業務之所以有所不同，是因為所有者本人，即他的妻子，是該業務背後的創意人。他們是與眾不同的人。所以他們想保持這種互動。對他們來說，人工智能是一種工具。坦率地說，如果 GoDaddy 可以通過使用 AI 工具使他們更容易與客戶互動，那麼他們都願意這樣做。

But at the end of the day, it is about tools and not about replacing what they actually do for them. If you translate that into our business, we -- well, one, a large part of our business domains is hosting and other is sort of not related to AI in the same way. But when it comes to content creation, when it comes to websites, what we see for the foreseeable future is great opportunities to create new set of capabilities for customers that allow micro businesses to compete with larger businesses in a manner that has not been seen before. And that's what we're focused on, and we're very excited about achieving that.

但歸根結底，它是關於工具的，而不是關於取代他們實際為他們所做的事情。如果你將其轉化為我們的業務，我們 - 好吧，我們的業務領域的很大一部分是託管，而其他領域則與人工智能無關。但是，當涉及到內容創建時，當涉及到網站時，我們在可預見的未來看到的是為客戶創建新功能集的絕佳機會，使微型企業能夠以前所未有的方式與大型企業競爭.這就是我們關注的重點，我們對實現這一目標感到非常興奮。

Okay. That's really helpful. Yes, I think some of the ways that -- it's been depicted about how AI disrupts your business model, so it will be a little bit too simplistic. So it's good to hear that from you.

好的。這真的很有幫助。是的，我認為其中的一些方式——已經描述了人工智能如何破壞你的商業模式，所以它有點過於簡單化了。所以很高興聽到你這麼說。

I think you also mentioned taking share within the website builder space. And you guys give your overall customer count, but not the specific customer count on Websites + Marketing and Managed WordPress. So wanted to maybe see if you can elaborate on that point a little bit more and get a little bit more color.

我想您還提到了在網站構建器空間中分享。你們給出了總體客戶數量，但沒有提供網站 + 營銷和託管 WordPress 上的特定客戶數量。所以想看看你是否可以詳細說明這一點並獲得更多顏色。

Sure. As you know, Websites + Marketing allows customers the best way, the simplest way to build a high-performing website. And given the domains funnel that we have, a lot of customers that we see are sort of folks with new ideas. It's their dream. They want to take it to market, and Website + Marketing provides them just a great, great way to start there.

當然。如您所知，建站神器 + 營銷為客戶提供了構建高性能網站的最佳方式，也是最簡單的方式。考慮到我們擁有的域名渠道，我們看到的很多客戶都是有新想法的人。這是他們的夢想。他們想將其推向市場，而網站 + 營銷為他們提供了一個非常好的開始方式。

We do look at share numbers internally, and we -- as you know, there's no sort of public way to look at website share, but we do spend time and energy understanding the counter websites and what our share in it across all our Presence products. And that's what we try to share with you to say, "Look, we see us taking share."

我們確實在內部查看共享數字，而且我們 - 如您所知，沒有任何公開方式來查看網站共享，但我們確實花時間和精力了解櫃檯網站以及我們在所有 Presence 產品中的共享.這就是我們試圖與您分享的，“看，我們看到我們分享了。”

And out of the product -- Presence products we have, actually, Websites + Marketing continues to be doing the best. And we continue to keep it very focused on the customer it serves well. We are not distracted about that product serving everybody. It has a target customer segment. It's doing a fantastic job. And of course, there's more to be done, and we can talk about that separately. But I'm very happy that Websites + Marketing is continuing to take share.

在產品之外——我們擁有的 Presence 產品，實際上，Websites + Marketing 繼續做得最好。我們繼續將其重點放在服務良好的客戶身上。我們不會因為為每個人服務的產品而分心。它有一個目標客戶群。它做得很好。當然，還有更多工作要做，我們可以單獨討論。但我很高興建站神器 + 營銷繼續佔據份額。

Okay. Great. Just to be clear, your -- when you're talking about taking share, are you including WordPress on that or not?

好的。偉大的。需要明確的是，當您談論共享時，您是否包括 WordPress？

We have overall taken share as well in the website space, but I didn't break it down by each of the Presence products we have. But amongst -- across the products, the product that took the most share was Websites + Marketing.

我們在網站空間也取得了總體份額，但我沒有按我們擁有的每一種 Presence 產品進行細分。但在所有產品中，佔有最多份額的產品是網站 + 營銷。

Our next question comes from the line of Ella Smith from Morningstar (sic) [JPMorgan].

我們的下一個問題來自 Morningstar（原文如此）[JPMorgan] 的 Ella Smith。

This is Ella from JPMorgan. First question is I was wondering if you could speak more about your partnerships -- recently announced partnerships, specifically with Apple and Microsoft Teams. Especially, I would appreciate if you could talk more about the Tap to Pay partnership because that seems like a pretty unique opportunity.

我是摩根大通的 Ella。第一個問題是，我想知道您是否可以多談談您的合作夥伴關係——最近宣布的合作夥伴關係，特別是與 Apple 和 Microsoft Teams 的合作夥伴關係。特別是，如果您能多談談 Tap to Pay 合作夥伴關係，我將不勝感激，因為這似乎是一個非常難得的機會。

Yes, super excited about the Tap to Pay opportunity. And obviously, I think all of you know well what the functionality offers. I think what GoDaddy has to bring that's a bit special is that we work with Apple directly to create a truly seamless experience. I would love to, in a different setting, showcase that for our analysts and customers on a bus tour or something, so you can actually see how much easier it is when GoDaddy creates that, what we call, the seamless and intuitive experience.

是的，對 Tap to Pay 機會感到非常興奮。顯然，我認為你們都非常了解該功能提供的內容。我認為 GoDaddy 必須帶來的一點特別之處在於，我們直接與 Apple 合作以創造真正無縫的體驗。我很樂意在不同的環境中向我們的分析師和客戶展示它在巴士旅遊或其他方面的表現，這樣你就可以真正看到當 GoDaddy 創造我們所說的無縫和直觀體驗時，它是多麼容易。

And our goal there really is to have a set of services or experiences for our customers that are also easy to use that the customer doesn't hesitate to use it. As you know, our customer is the micro business owner, and there is a cost for them to take on something new, right, because they need to put energy into growing their business and not trying to learn new technology.

我們的目標確實是為我們的客戶提供一套易於使用的服務或體驗，客戶會毫不猶豫地使用它。如您所知，我們的客戶是微型企業主，他們接受新事物是有成本的，對吧，因為他們需要將精力投入到發展業務上，而不是嘗試學習新技術。

So when we lower the friction bar, when we make it easy for them, the adoption is much faster. And that's the early signal with Tap to Pay as well that GoDaddy merchants are just very, very quickly adopting Tap to Pay. And there's actually much more we're going to give them with Tap to Pay.

因此，當我們降低摩擦桿時，當我們為他們提供便利時，採用速度就會快得多。這也是 Tap to Pay 的早期信號，也表明 GoDaddy 商家正在非常、非常迅速地採用 Tap to Pay。實際上，我們將通過 Tap to Pay 為他們提供更多服務。

With Microsoft Teams, the idea there is that we want to be able to serve our customers through any of the sort of services that they use to engage their customers. This is a new opportunity. It's something that we're exploring and are curious about. We've -- as you well know, Microsoft Teams has grown and sort of has very large user base. And what we're really offering is the payments capability within Teams. And it extends our existing sort of beautiful relationship with Microsoft through the productivity products already.

有了 Microsoft Teams，我們希望能夠通過他們用來吸引客戶的任何類型的服務來為我們的客戶提供服務。這是一個新的機會。這是我們正在探索和好奇的事情。我們已經 - 如您所知，Microsoft Teams 已經發展壯大，並且擁有非常龐大的用戶群。我們真正提供的是 Teams 中的支付功能。它已經通過生產力產品擴展了我們與 Microsoft 現有的良好關係。

Great. That's super helpful. And as a quick follow-up, I know on the last question we spoke at length about the impacts of AI to the web tool side of the business. And you did say that you don't see much impact to the core platform side of the business, but I just want to confirm that.

偉大的。這非常有幫助。作為快速跟進，我知道在最後一個問題中我們詳細討論了人工智能對業務網絡工具方面的影響。你確實說過你沒有看到對業務的核心平台方面有太大影響，但我只是想確認一下。

Do you think that there's, even on the back end, any opportunity for AI disruption to domains and hosting? Or is that just not as relevant at this juncture?

您認為即使在後端，AI 是否有機會破壞域和託管？或者只是在這個時候不那麼重要？

Actually, over the last couple of years, I've talked about it a little bit, but let me update some of my comments. At GoDaddy, we've been using AI to provide customers with better domain names, and we've put more energy into that over the last 2 or 3 years. It was actually one of the things we had mentioned where -- when we had first seen the acceleration of the aftermarket that we were actually using machine learning models to find better names for customers that were available, whether they were available in the primary market or the secondary market.

實際上，在過去的幾年裡，我已經談過一點，但讓我更新一些我的評論。在 GoDaddy，我們一直在使用 AI 為客戶提供更好的域名，並且在過去 2 或 3 年中我們在這方面投入了更多精力。這實際上是我們提到的其中一件事——當我們第一次看到售後市場的加速發展時，我們實際上是在使用機器學習模型為可用的客戶找到更好的名字，無論它們是在初級市場還是二級市場。

So there is an impact of AI into our core business, but that impact so far has been a positive one and one that creates tools that allows customers to find better things. And at least so far, we have not found any reason for those technologies to be negative -- a negative impact to us.

因此，AI 對我們的核心業務產生了影響，但到目前為止，這種影響是積極的，並且可以創建讓客戶找到更好的東西的工具。至少到目前為止，我們還沒有找到任何理由讓這些技術產生負面影響——對我們產生負面影響。

This concludes our Q&A. I'll turn it back over to Aman.

我們的問答到此結束。我會把它轉回給阿曼。

Thanks, Christie. Just a quick shout out to all GoDaddy employees for another solid quarter. We are super excited about the execution at the company. We're clear in our strategy, and it takes all of us to get it there. And we appreciate you taking the time today to join this call and ask us a few questions. Thank you.

謝謝，克里斯蒂。快速向所有 GoDaddy 員工大聲疾呼，希望能再創佳績。我們對公司的執行感到非常興奮。我們的戰略很明確，需要我們所有人才能實現。感謝您今天抽出時間加入本次電話會議並向我們提出幾個問題。謝謝。