GoDaddy Inc (GDDY) 2023 Q2 法說會逐字稿

Good afternoon, and thank you for joining us for GoDaddy's Second 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. Following prepared remarks, we will open up the call for your questions. (Operator Instructions)

下午好，感謝您參加 GoDaddy 的 2023 年第二季度財報電話會議。我是投資者關係主管克里斯蒂·梅森納。今天和我在一起的還有首席執行官阿曼·布塔尼 (Aman Bhutani)；首席財務官馬克·麥卡弗里 (Mark McCaffrey)。在準備好發言後，我們將開始電話詢問您的問題。 （操作員說明）

On today's call, we will be referencing both GAAP and non-GAAP financial measures 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 presented represent year-over-year comparisons unless otherwise noted.

在今天的電話會議上，我們將參考公認會計原則和非公認會計原則財務指標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 同等指標的調節的討論，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或在我們表格上的今天的收益發布中找到。 8-K 配有 SEC。除非另有說明，所呈現的增長率代表逐年比較。

The matters we will be discussing today include forward-looking statements, such as those related to future financial results and our strategies or objectives with respect to future operations. These forward-looking statements are subject to risks and uncertainties that are discussed in detail in our periodic SEC filings. Actual results may differ materially from those contained in forward-looking statements.

我們今天將討論的事項包括前瞻性陳述，例如與未來財務業績以及我們未來運營的戰略或目標相關的陳述。這些前瞻性陳述受到風險和不確定性的影響，這些風險和不確定性在我們定期向 SEC 提交的文件中詳細討論。實際結果可能與前瞻性陳述中包含的結果存在重大差異。

Any forward-looking statement that we make on this call are based on assumptions as of today, August 3, 2023. And except to the extent required by law, we undertake no obligations to update these statements because of new information or future events.

我們在本次電話會議中做出的任何前瞻性聲明均基於截至今天（2023 年 8 月 3 日）的假設。除非法律要求，否則我們不承擔因新信息或未來事件而更新這些聲明的義務。

With that, I'm pleased to introduce Aman.

至此，我很高興向大家介紹安縵。

Good afternoon, and thank you for joining us today. At GoDaddy, our mission is to empower everyday entrepreneurs and make opportunity more inclusive for all.

下午好，感謝您今天加入我們。在 GoDaddy，我們的使命是為日常企業家提供支持，並為所有人提供更具包容性的機會。

In Q2, we continued to make good progress on our mission, providing a breadth of solutions to a growing number of customers globally. The fundamental health of our business remains strong with new high-quality customers, robust retention rates and improved attach. We continue to be on track for stronger growth and profitability in our business, exiting the year at approximately 7% revenue growth and 28% normalized EBITDA margin. For Q2, in our highly competitive applications and commerce segment, our revenue of $352 million outperformed our guide with 11% growth.

在第二季度，我們繼續在我們的使命上取得良好進展，為全球越來越多的客戶提供廣泛的解決方案。我們業務的基本健康狀況依然強勁，擁有新的高質量客戶、強勁的保留率和改善的依戀。我們的業務繼續朝著更強勁的增長和盈利能力邁進，今年的收入增長約為 7%，正常化 EBITDA 利潤率為 28%。第二季度，在競爭激烈的應用程序和商務領域，我們的收入達到 3.52 億美元，增長 11%，超出預期。

We remain the leader in domains with 3% growth in private registrations as domains under management grew in the quarter, offset by underperformance in the domain aftermarket. Hosting continues to stabilize from product improvements and the previously announced integration and divestitures of noncore hosting assets.

我們仍然是域名領域的領導者，私人註冊量增長了 3%，因為本季度管理的域名有所增長，但被域名售後市場的表現不佳所抵消。由於產品改進以及之前宣布的非核心託管資產的整合和剝離，託管業務繼續穩定。

Gross adds remain strong on efficient marketing while maintaining our customer retention for GoDaddy brand at 85%. Customers are now bundling new solutions at a faster rate than we have ever seen before. Innovation, resulting in higher monetization through attach and pricing with strong retention, underpins our confidence in the positive trajectory of our business and our ability to drive shareholder value for years to come.

總增加量在高效營銷方面保持強勁，同時將 GoDaddy 品牌的客戶保留率保持在 85%。客戶現在正在以前所未有的速度捆綁新解決方案。創新通過附加和定價帶來更高的貨幣化和強大的保留率，增強了我們對業務積極發展軌蹟的信心，以及我們在未來幾年推動股東價值的能力。

At GoDaddy, we are focused on creating value for customers through innovation, strengthening product market fit and driving towards a one-stop shop. We move quickly to understand and take advantage of the step function changes generative AI offers to our industry. In just a few months, we have already launched multiple new generative AI-based features that our customers are actively using to reduce their workload, and there is more to come.

在 GoDaddy，我們專注於通過創新、加強產品市場契合度和推動一站式服務為客戶創造價值。我們迅速採取行動，了解並利用生成式人工智能為我們行業提供的階躍功能變化。在短短幾個月內，我們已經推出了多項基於人工智能的新功能，我們的客戶正在積極使用這些功能來減少他們的工作量，而且還會推出更多功能。

As you know, our care organization has guided customers to success for over 25 years. And now for the first time, we can bundle each GoDaddy domain purchase with an AI-powered GoDaddy Digital Guide. The Digital Guide will automatically build a free personalized basic website, including a checkout path to take payments. It proposes brand colors, creates a free logo and embeds it in the basic website. It also creates marketing messages with our customer's logo and posts to social media to generate traffic to their sites.

如您所知，我們的護理組織已引導客戶取得成功超過 25 年。現在，我們第一次可以將每個 GoDaddy 域名購買與人工智能驅動的 GoDaddy 數字指南捆綁在一起。數字指南將自動構建一個免費的個性化基本網站，包括付款的結帳路徑。它提出品牌顏色，創建免費徽標並將其嵌入到基本網站中。它還使用客戶的徽標創建營銷信息，並將其發佈到社交媒體以產生其網站的流量。

The Digital Guide, built on years of our experience, knows the journey of our customers from identity to presence to commerce and can automatically present solutions in a unique way so they can experience a new product in context. For example, the Digital Guide can configure e-mail or a new phone number and bring messages from SMS and social sites to our conversations app, giving our customers one simple inbox that aggregates their customers' messages. And at the same time, the Digital Guide writes proposed responses, practically removing the effort and time taken to respond to inbound messages.

數字指南建立在我們多年的經驗之上，了解客戶從身份到存在再到商業的旅程，並可以以獨特的方式自動呈現解決方案，以便他們能夠在上下文中體驗新產品。例如，數字指南可以配置電子郵件或新電話號碼，並將來自短信和社交網站的消息傳送到我們的對話應用程序，為我們的客戶提供一個簡單的收件箱來匯總客戶的消息。與此同時，數字指南會編寫建議的響應，實際上消除了響應入站消息所需的精力和時間。

Bundling this with the domain purchase is different from anything else available across the industry. And GoDaddy is in a unique position to pursue this disruptive approach at scale. These new capabilities can improve loyalty and retention and bring differentiated offerings to our existing base of 21 million customers, driving an increase in lifetime value.

將其與域名購買捆綁在一起不同於整個行業的其他任何方式。 GoDaddy 處於獨特的地位，可以大規模推行這種顛覆性方法。這些新功能可以提高忠誠度和保留率，並為我們現有的 2100 萬客戶群帶來差異化的產品，從而推動終身價值的增加。

We are excited about bringing these new features to our customers, and our teams have been energized to build new experiences powered by generative AI. In November at our investor dinner in Tempe, we look forward to showing you demos of these new capabilities.

我們很高興能為客戶帶來這些新功能，我們的團隊也充滿活力，致力於構建由生成式人工智能驅動的新體驗。 11 月在坦佩舉行的投資者晚宴上，我們期待向您展示這些新功能的演示。

As always, I also wanted to briefly touch on our 3 priorities: driving commerce through presence, delivering for Pros and innovating in domains.

與往常一樣，我還想簡要談談我們的 3 個優先事項：通過存在推動商業、為專業人士提供服務以及在領域進行創新。

On commerce, we continue to drive strong growth in our OmniCommerce solution. Customers in our base continue to convert to GoDaddy Payments at an impressive rate, and attaching to our base was again the strongest component of our year-over-year GPV growth, which is on pace to more than double our last year's exit rate. We'll add to this momentum through our anticipated Q3 launch of GoDaddy Payments in Canada as we deploy our successful U.S. playbook.

在商務方面，我們繼續推動 OmniCommerce 解決方案的強勁增長。我們基礎中的客戶繼續以令人印象深刻的速度轉向 GoDaddy Payments，而對我們基礎的依賴再次成為我們 GPV 同比增長的最強勁組成部分，其退出率有望是去年退出率的兩倍以上。隨著我們部署成功的美國策略，我們將通過預計第三季度在加拿大推出 GoDaddy Payments 來增強這一勢頭。

Websites + Marketing continues to perform well, and we are driving greater engagement with customers with new product launches. We know that higher engagement is correlated with higher retention rates, and we expect engagement to be a driver of website and commerce performance metrics.

網站+營銷繼續表現良好，我們正在通過新產品的發布來推動與客戶的更多互動。我們知道，較高的參與度與較高的保留率相關，並且我們預計參與度將成為網站和商業績效指標的驅動力。

On delivering for Pros, improvements in our Managed WordPress solution have reached an important milestone, driving improvement in retention rates as customers begin to recognize an enhanced solution. We now offer one of the industry's fastest, most secure and easiest Managed WordPress platforms. In a recent third-party performance benchmarking study, sites hosted on GoDaddy's WordPress loaded an impressive 2x faster, which results in improved search engine rankings for our customers.

在為專業人士提供服務方面，我們的託管 WordPress 解決方案的改進已經達到了一個重要的里程碑，隨著客戶開始認識到增強的解決方案，推動了保留率的提高。我們現在提供業界最快、最安全和最簡單的託管 WordPress 平台之一。在最近的一項第三方性能基準測試研究中，GoDaddy WordPress 上託管的網站加載速度快了 2 倍，令人印象深刻，這為我們的客戶提高了搜索引擎排名。

And domain customers are not the only ones with a Digital Guide. We have launched similar capabilities in the Pro hub and are measuring the time saved for Pros, including generating site content and client communications.

而且域客戶並不是唯一擁有數字指南的客戶。我們在專業人士中心推出了類似的功能，並正在衡量為專業人士節省的時間，包括生成網站內容和客戶通信。

On innovation in domains, while bundling the GoDaddy Digital Guide and its enhanced offerings is the most exciting change we are bringing to domains, I wanted to quickly share an update on Payable Domains as well. Payable Domains made a meaningful contribution to GPV growth this quarter with healthy double-digit month-over-month growth. This is a unique product that only GoDaddy offers. And with GoDaddy's Digital Guide, we expect to continue to make it simpler for customers to understand and adopt it.

關於域名創新，雖然捆綁 GoDaddy 數字指南及其增強產品是我們為域名帶來的最令人興奮的變化，但我也想快速分享有關 Payable Domains 的更新。 Payable Domains 在本季度的 GPV 增長中做出了有意義的貢獻，實現了健康的兩位數月環比增長。這是只有 GoDaddy 提供的獨特產品。通過 GoDaddy 的數字指南，我們希望繼續讓客戶更容易理解和採用它。

In closing, we feel good about our continued progress this quarter and how our organization is positioned to take us into the next phase of our growth with strong applications and commerce momentum. We have also continued to be efficient with our marketing spend, especially with the improvements we have made in search engine marketing, and we are eager to duplicate those results in other channels. We expect growth to accelerate as we exit the year and remain committed to our growth algorithm with increasing margins and expanding free cash flow per share. And we remain eager to continue to deliver value for all GoDaddy stakeholders.

最後，我們對本季度的持續進展以及我們的組織如何以強勁的應用程序和商業勢頭帶領我們進入下一階段的增長感到滿意。我們還繼續保持高效的營銷支出，特別是在搜索引擎營銷方面取得的改進，並且我們渴望在其他渠道中復制這些結果。我們預計，隨著今年的結束，增長將加速，並繼續致力於我們的增長算法，提高利潤率和擴大每股自由現金流。我們仍然渴望繼續為所有 GoDaddy 利益相關者提供價值。

With that, here's Mark.

馬克就是這樣。

Thanks, Aman. In just the last few years, GoDaddy successfully built a growing, competitive and robust set of tools and services, including our Websites + Marketing product and OmniCommerce solution in a one-stop shop, empowering entrepreneurs to build and manage their ventures and accept payments with a dedicated partner by their side. The product innovation and targeted investment over this period has led to a better suite of products. And with our soon-to-be launched GoDaddy Digital Guide, we will provide an even further differentiated experience for our customers, propelling long-term growth for GoDaddy through faster product attachment and stronger retention.

謝謝，阿曼。在過去的幾年裡，GoDaddy 成功構建了一套不斷發展、具有競爭力且強大的工具和服務，包括我們的網站+營銷產品和一站式商店的OmniCommerce 解決方案，使企業家能夠建立和管理他們的企業並接受付款他們身邊的忠實合作夥伴。在此期間的產品創新和有針對性的投資帶來了更好的產品組合。通過我們即將推出的 GoDaddy 數字指南，我們將為客戶提供進一步差異化的體驗，通過更快的產品附著和更強的保留來推動 GoDaddy 的長期增長。

As we consider the many headwinds we faced in the first half of the year, we are thrilled with the continued momentum of our applications and commerce revenue and the acceleration in our Create + Grow solutions. Our durable model continues to generate free cash flow, and we expect to reaccelerate our growth and improve our profitability as we exit the year while delivering on our cash flow targets.

當我們考慮到今年上半年面臨的許多阻力時，我們對應用程序和商業收入的持續增長勢頭以及“創建 + 增長”解決方案的加速感到興奮。我們的持久模型繼續產生自由現金流，我們預計在今年結束時重新加速增長並提高盈利能力，同時實現現金流目標。

Moving to our financial results. Our applications and commerce revenue grew to $352 million, up 11%, surpassing our guide of 8% to 10% and delivering a segment EBITDA margin of 41%. The strength in our applications and commerce segment is fueled by our Create + Grow solutions, which accelerated to $465 billion in ARR, up 11%.

轉向我們的財務業績。我們的應用程序和商務收入增至 3.52 億美元，增長 11%，超出我們 8% 至 10% 的指導，部門 EBITDA 利潤率為 41%。我們的“創建 + 增長”解決方案推動了我們應用程序和商務領域的實力，該解決方案的 ARR 加速達到 4,650 億美元，增長 11%。

Additionally, we drove rapid growth in GPV comparable to last quarter, and we are on pace to more than double the 2022 exit rate by the end of the year as we continue to attract and convert customers within our 21 million base to GoDaddy payments.

此外，與上季度相比，我們推動了GPV 的快速增長，並且隨著我們繼續吸引2100 萬基數內的客戶並將其轉換為GoDaddy 支付，我們有望在年底前將2022 年退出率提高一倍以上。

ARR for applications and commerce grew 10% to more than $1.3 billion with a 20% growth in annualized GMV to over $33 billion. Core platform revenue totaled $696 million, flat year-over-year with a segment EBITDA margin of 27%. ARR for our core platform segment was $2.3 billion. Core platform revenue was supported by 3% growth in domains on stronger customer additions from higher demand and price increases. This was primarily offset by greater-than-expected declines in our aftermarket.

應用程序和商務的 ARR 增長 10%，達到 13 億美元以上，年化 GMV 增長 20%，達到 330 億美元以上。核心平台收入總計 6.96 億美元，與去年同期持平，部門 EBITDA 利潤率為 27%。我們核心平台部分的 ARR 為 23 億美元。由於需求增加和價格上漲導致更多客戶增加，域名增長了 3%，支撐了核心平台收入。這主要被售後市場超出預期的下降所抵消。

On aftermarket, revenue decreased 5% to $101 million on a tough compare from last year. Over the last 5 years, we've built upwards of a $400 million revenue 2-sided marketplace. As a reminder, this business allows a buyer and seller to transact on our platform at their agreed-upon valuation. This business rapidly grew as we scaled the operations, participants and partnerships. What we see now is a post-COVID normalization of this business as valuations on larger transactions have decreased and volume growth has slowed. With that, we expect steady low to mid-single-digit top line growth for the business on a go-forward basis.

售後市場收入較去年下降 5%，至 1.01 億美元。在過去 5 年裡，我們已經建立了收入超過 4 億美元的雙邊市場。提醒一下，這項業務允許買家和賣家按照商定的估價在我們的平台上進行交易。隨著我們擴大運營、參與者和合作夥伴關係，這項業務迅速增長。我們現在看到的是，隨著大額交易的估值下降和交易量增長放緩，該業務在新冠疫情后正常化。因此，我們預計該業務的營收將在未來實現穩定的低至中個位數增長。

On our core platform restructuring initiative, we completed the migration of Media Temple and Main Street Hub customers to the GoDaddy technology stack, and the 123 Reg migration is planned to be completed by the end of the year. As expected, these migrations produce a slightly elevated churn on these brands this quarter but will deliver further cost efficiencies in the future. The retention rate of customers for the GoDaddy-branded products remains above 85%.

在我們的核心平台重組計劃中，我們完成了 Media Temple 和 Main Street Hub 客戶向 GoDaddy 技術堆棧的遷移，123 Reg 遷移計劃於今年年底完成。正如預期的那樣，這些遷移導致本季度這些品牌的流失率略有上升，但未來將進一步提高成本效率。 GoDaddy品牌產品的客戶保留率保持在85%以上。

Total revenue grew to $1.05 billion, up 3% on a reported basis and 4% excluding aftermarket. Constant currency revenue increased 4%. Within total revenue, international revenue grew 3% on a reported basis and 6% on a constant currency basis. Our ARPU grew 3% to $199 from $193 last year. And we added 100,000 net new high-quality customers despite the headwinds from our migration efforts.

總收入增長至 10.5 億美元，按報告計算增長 3%，不包括售後市場增長 4%。固定貨幣收入增長 4%。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 6%。我們的 ARPU 增長了 3%，從去年的 193 美元增至 199 美元。儘管我們的遷移工作遇到了阻力，但我們淨增加了 100,000 個新的優質客戶。

Normalized EBITDA grew 2% set to $265 million while delivering a margin of 25%.

標準化 EBITDA 增長 2%，達到 2.65 億美元，利潤率為 25%。

Bookings totaled $1.1 billion, growing 2% on a reported basis and 4% excluding aftermarket and the impact of the integration of noncore assets. Bookings grew 3% on a constant currency basis. Excluding the impact of aftermarket, the drivers of growth in bookings were strong customer additions and price increases in domains as well as strong attach in applications and commerce. We expect these factors to contribute to accelerated revenue growth next year.

預訂總額達 11 億美元，按報告計算增長 2%，不包括售後市場和非核心資產整合的影響則增長 4%。按固定匯率計算，預訂量增長了 3%。排除售後市場的影響，預訂量增長的驅動力是客戶的強勁增加和領域價格的上漲，以及應用程序和商務的強烈依附。我們預計這些因素將有助於明年的收入加速增長。

Unlevered free cash flow for the quarter totaled $284 million, growing 3%, while free cash flow was relatively flat at $240 million despite increased interest-related payments. Free cash flow per share rose to $6.44 on a trailing 12-month basis versus the prior year's cash flow per share of $5.67, a 14% increase driven by execution, operating leverage and share repurchases.

本季度無槓桿自由現金流總計 2.84 億美元，增長 3%，儘管利息相關支付有所增加，但自由現金流相對持平，為 2.4 億美元。過去 12 個月的每股自由現金流升至 6.44 美元，而去年的每股現金流為 5.67 美元，在執行、運營槓桿和股票回購的推動下增長了 14%。

Through July 31, we repurchased 10.2 million shares year-to-date, totaling $746 million, of which $632 million was repurchased since the end of Q1. This brings the cumulative share repurchase under the current authorization to $2 billion and 27.1 million shares, reducing shares outstanding since the inception of this authorization by 16%. We remain on target for our commitment to reduce our fully diluted shares outstanding by 15% to 20% over the 3-year period. Additionally, today, we announced an incremental $1 billion share buyback authorization to bring the total authorization to $4 billion and extending the program out to 2025.

截至 7 月 31 日，我們年初至今回購了 1020 萬股股票，總額達 7.46 億美元，其中 6.32 億美元是自第一季度末以來回購的。這使得當前授權下的累計股票回購達到 20 億美元和 2,710 萬股，使自本授權開始以來已發行股票減少 16%。我們仍然履行我們的承諾，即在 3 年內將完全稀釋後的流通股減少 15% 至 20%。此外，今天，我們還宣布增加 10 億美元的股票回購授權，使授權總額達到 40 億美元，並將該計劃延長至 2025 年。

On the balance sheet, we finished Q2 with $583 million in cash and total liquidity of $1.6 billion. Net debt stands at $3.3 billion with a 2.9x net leverage, within our targeted range of 2 to 4x.

在資產負債表上，第二季度末我們的現金為 5.83 億美元，流動資金總額為 16 億美元。淨債務為 33 億美元，淨槓桿率為 2.9 倍，在我們 2 至 4 倍的目標範圍內。

Lastly, we secured a 75 basis point interest rate reduction on $1.8 billion of outstanding principal through a refinance issued at par. This refinance is expected to save $13 million annually in interest payments for each of the next 7 years.

最後，我們通過按面值發行再融資，將 18 億美元的未償本金降息 75 個基點。這項再融資預計將在未來 7 年每年節省 1300 萬美元的利息支出。

Moving on to our outlook. We are targeting Q3 total revenue in the range of $1.055 billion to $1.075 billion, representing growth of 3% 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%, an increase of 300 basis points from our 2021 exit rate of 25%.

繼續我們的展望。我們的目標是第三季度總收入在 10.55 億美元至 10.75 億美元之間，中間值增長 3%。以目前的勢頭，我們預計今年的營收增長約為 7%，正常化 EBITDA 為 28%，比 2021 年 25% 的退出率增加 300 個基點。

We are increasing our growth expectations for applications and commerce to be between 9% and 11% for Q3 and the full year. In our core platform segment, we expect revenue to be flat in Q3 and reaccelerate in the fourth quarter to deliver 1% growth for the full year.

我們將第三季度和全年的應用程序和商業增長預期提高到 9% 到 11% 之間。在我們的核心平台領域，我們預計第三季度收入將持平，第四季度將重新加速，全年增長 1%。

Q3 normalized EBITDA margin is expected to improve to approximately 26% with continued acceleration over the fourth quarter, resulting in a full year normalized EBITDA margin of approximately 26%. This is a 300 basis point increase from our 2021 rate of 23% on better operating leverage from improved marketing performance, restructuring efforts, benefits from our continued move of workloads to the cloud and the incorporation of AI into our operating model.

第三季度標準化 EBITDA 利潤率預計將改善至約 26%，並在第四季度繼續加速，從而使全年標準化 EBITDA 利潤率達到約 26%。這比2021 年23% 的增長率提高了300 個基點，原因是營銷績效改善、重組工作、我們持續將工作負載轉移到雲端以及將人工智能納入我們的運營模式，從而帶來了更好的運營槓桿。

On the growth bridge we spoke about last quarter, we remain confident in the path to accelerated revenue growth while expanding margins and improving cash flows. As a reminder, this year's revenue growth rate includes approximately 2 points of FX pressure from last year's bookings, difficult compares in our aftermarket business and the migration and divestiture of certain noncore assets. We expect momentum in bookings in the second half of the year to drive the reacceleration of revenue growth as we exit the year while we remain committed to delivering our margin expansion and free cash flow targets.

關於我們上季度談到的增長橋樑，我們對加速收入增長、同時擴大利潤率和改善現金流的道路仍然充滿信心。提醒一下，今年的收入增長率包括去年預訂帶來的大約 2 個百分點的外匯壓力、我們的售後業務的困難比較以及某些非核心資產的遷移和剝離。我們預計，下半年的預訂勢頭將在今年結束時推動收入增長重新加速，同時我們仍致力於實現利潤率擴張和自由現金流目標。

We will be hosting our annual investor dinner with product demonstrations in November and are planning an Investor Day in Q1 2024. We consider both a great opportunity to share more about our exciting initiatives in AI and our outlook for the next 3 years.

我們將於11 月舉辦年度投資者晚宴和產品演示，併計劃在2024 年第一季度舉辦投資者日。我們認為這是分享更多關於我們在人工智能領域令人興奮的舉措以及我們對未來3年的展望的絕佳機會。

In closing, we remain confident in our ability to execute in the areas of our business within our control and deliver the full year targets. As always, we remain focused on executing against our strategic priorities, committed to being responsible stewards of capital and strive every day to provide a one-stop shop to microbusinesses along their entrepreneurial journey with an eye towards balanced long-term growth and profitability.

最後，我們對在我們控制範圍內的業務領域執行並實現全年目標的能力仍然充滿信心。一如既往，我們仍然專注於執行我們的戰略重點，致力於成為負責任的資本管理者，並每天努力為微型企業的創業之旅提供一站式服務，著眼於平衡的長期增長和盈利能力。

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

接下來，我們將邀請投資者關係團隊的克里斯蒂·梅森納 (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。

Great. Two of them. First, wanted to ask on the acceleration of the core business in the fourth quarter implies a healthy sequential increase. Maybe you can just discuss, what are the factors that are driving that increase?

偉大的。他們兩個人。首先，想問第四季度核心業務的加速是否意味著健康的環比增長。也許你可以討論一下，推動這一增長的因素是什麼？

Yes. Thanks, Matt. When we look at Q2 and bookings and kind of trade-off in the second half of the year, a couple of things to consider. One, we have FX that will be abating. We have pricing increases that we did towards the end of the quarter, which should help with our bookings and somewhat revenue into this year. Obviously, the aftermarket compares get better going into Q4. And now that we've completed some of our migrations to the core GoDaddy stack, we should see start -- some of those start to abate as we get through the half year.

是的。謝謝，馬特。當我們查看第二季度和下半年的預訂和權衡時，需要考慮一些事情。第一，我們的外匯將會減弱。我們在本季度末提高了價格，這應該有助於我們今年的預訂和一定程度的收入。顯然，進入第四季度，售後市場的情況會變得更好。現在我們已經完成了一些到核心 GoDaddy 堆棧的遷移，我們應該看到開始 - 隨著半年的過去，其中一些遷移開始減弱。

So that gives us the confidence that we will have that accelerating growth rate as we get through the remainder of this year. That, coupled with some of the demand we're seeing at the front of the funnel with customers coming in, attaching new products faster, our retention rates remaining strong and the momentum we have in application and commerce, we feel good about that momentum coming out of Q4 and going into 2024.

因此，這讓我們有信心，在今年剩下的時間裡，我們將實現加速增長。再加上我們在渠道前端看到的一些需求，客戶進來，更快地附加新產品，我們的保留率保持強勁，以及我們在應用程序和商業方面的勢頭，我們對這種勢頭的到來感到高興從第四季度開始，進入2024 年。

Great. And on the Digital Guide, maybe you can just help us understand what that rollout is going to look like. Is it just going to be for new customers? Or do you plan to roll that out to your existing base as well?

偉大的。在數字指南上，也許您可​​以幫助我們了解該推出的內容。是不是只針對新客戶？或者您也計劃將其推廣到您現有的基地嗎？

Thanks, Matt. Yes, we plan to roll it out to the existing base as well. The Digital Guide is about, well, literally a guide that works for the customer even when the customer is sleeping. So even with the base, the guide will be able to offer or create new offerings for them. So it will start with new, just like a lot of other products do, but you'll see us quickly take it to the base as well.

謝謝，馬特。是的，我們也計劃將其推廣到現有基地。數字指南實際上是一本即使在客戶睡覺時也能為客戶提供幫助的指南。因此，即使有了基礎，指南也能夠為他們提供或創造新的產品。因此，它將從新開始，就像許多其他產品一樣，但您會看到我們也很快將其帶入基礎。

Our next question comes from the line of Vikram Kesavabhotla from Baird.

我們的下一個問題來自貝爾德 (Baird) 的 Vikram Kesavabhotla。

Can you hear me now?

你能聽到我嗎？

Yes, yes.

是的是的。

We can.

我們可以。

Okay. Great. I wanted to ask about the applications and commerce segment. It looks like you raised the expectation there for fiscal '23. Maybe if you could talk some more about the primary drivers behind that revision.

好的。偉大的。我想問一下應用程序和商業領域的情況。看來您提高了 23 財年的預期。也許您可以更多地談談該修訂背後的主要驅動因素。

And then separately, I also wanted to ask about the EBITDA margins. It looks like you posted about 25% in the second quarter. You're guiding to 26% in 3Q and exiting the year at 28%. Could you just talk through some of the main drivers of the expansion there throughout the balance of the year?

另外，我還想問一下 EBITDA 利潤率。看起來你在第二季度發布了大約 25%。您預計第三季度的增長率為 26%，今年結束時的增長率為 28%。您能否談談今年餘下時間裡該地區擴張的一些主要驅動因素？

I'll start with the application and commerce. Thanks, Vikram. We continue to -- sorry, we continue to see strong momentum in the front of the funnel and customer bundling payments and choosing payments as they're coming through with Websites + Marketing. So really happy and excited about that attach and that bundling that's happening at the front of the funnel.

我將從應用程序和商務開始。謝謝，維克拉姆。我們繼續——抱歉，我們繼續看到渠道前端的強勁勢頭，客戶捆綁付款並在他們通過網站+營銷進行付款時選擇付款。對於漏斗前端發生的附加和捆綁感到非常高興和興奮。

Again, I alluded to, we have really strong net -- gross customer adds coming in, and they're getting to that bundled product quicker with that, that gets us to higher retention rates. That, coupled with some pricing increases we're doing at the back half of Q2 or we did at the back half of Q2, should start to show up in applications and commerce as we go. Also seeing great momentum on the conversion. We've talked about it previously, about our existing customers converting over to the GoDaddy Payments. That motion is well and working. We're seeing that AGV grow as we go throughout the year. On the margin expansion, we had about 25%. We're forecasting to get up to 28%. We have a couple of things going on there. We're seeing greater marketing efficiency, which is helping us. We are really starting to see the benefits of moving into the cloud. We're seeing the cost efficiencies that are coming with more workloads. And those are really starting to take hold as we hit certain milestones throughout the year. We also had the restructuring in Q2, and some of that will gain steam as we go into the back half of the year and grow momentum as we go through there.

我再次提到，我們擁有非常強大的淨客戶總增加量，他們可以更快地獲得捆綁產品，這使我們獲得了更高的保留率。再加上我們在第二季度後半段或在第二季度後半段所做的一些定價上漲，應該會開始在應用程序和商業中體現出來。還看到了轉換的巨大勢頭。我們之前已經討論過我們的現有客戶轉向 GoDaddy Payments。該動議進展順利且有效。我們看到 AGV 在全年中不斷發展。在利潤率擴張方面，我們大約有25%。我們預計這一比例將達到 28%。我們那裡正在發生一些事情。我們看到營銷效率提高了，這對我們很有幫助。我們確實開始看到遷移到雲的好處。我們看到更多工作負載帶來的成本效率。隨著我們全年達到某些里程碑，這些真正開始紮根。我們還在第二季度進行了重組，其中一些重組將在我們進入下半年時獲得動力，並在我們經歷下半年時增長勢頭。

So we have a lot of, I would say, moving parts that are all pointing in the same direction that make us feel good about expanding our margins while expanding our growth rate as well through applications and commerce.

因此，我想說，我們有很多移動部件都指向同一個方向，這讓我們對擴大利潤率以及通過應用程序和商業擴大增長率感到滿意。

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特雷弗·楊（Trevor Young）。

Great. First, on core platform now expecting around 1% growth for the full year within the main lines there, aftermarket, domains, ex aftermarket and security and hosting, which line or lines are kind of underperforming relative to your prior expectations?

偉大的。首先，在核心平台上，目前預計全年主要產品線、售後市場、域名、售後市場以及安全和託管方面的增長率約為 1%，相對於您之前的預期，哪些產品線表現不佳？

And then second one, on that AI-powered Digital Guide, do you view that as kind of complementary to the higher-touch customer care organization? Or do you see that functionality eventually kind of helping alleviate some of the cost or head count within the care organization?

然後第二個問題，關於人工智能驅動的數字指南，您認為這是對更高接觸度的客戶服務組織的補充嗎？或者您是否認為該功能最終有助於減輕護理組織內的一些成本或人員數量？

Thanks, Trevor. I'll start with the aftermarket and the core platform. We really saw the aftermarket underperform this quarter. We've grown a $400 million business there over a number of years. We saw a lot of growth back half of '21 coming into '22. So no doubt we have compares.

謝謝，特雷弗。我將從售後市場和核心平台開始。我們確實看到本季度售後市場表現不佳。多年來，我們在那裡的業務增長了 4 億美元。我們看到 21 世紀後半段到 22 世紀出現了很大的增長。所以毫無疑問我們有比較。

But as we've talked previously, the larger transactions and the valuations on them have abated. We're seeing the volumes slowing growth as well coming out of Q2. And to put it in perspective, we're seeing great demand and gross adds within our funnel, but it seems the valuations on the aftermarket still aren't connecting with the buyers. So we're seeing them lean towards the domain growth.

但正如我們之前所說，較大的交易及其估值已經下降。我們看到第二季度的銷量增長也放緩。從長遠來看，我們在渠道中看到了巨大的需求和總增加，但售後市場的估值似乎仍然與買家沒有聯繫。所以我們看到他們傾向於域名增長。

And we think this is a normalization for now. I think we've taken it out of our back half of the year expectations. And we think this is going to be a low to mid-single-digit growth business going forward. So I would really point to the aftermarket on this as being part.

我們認為目前這是正常化。我認為我們已經將其排除在下半年的預期之外。我們認為這將是一個低至中個位數增長的業務。所以我真的會指出售後市場是其中的一部分。

And Trevor, on the Digital Guide, we couldn't be more excited about getting a guide with every domain purchase and letting that Digital Guide guide the customer just like we do in care. We've done a phenomenal job in care over the last few years by sort of creating leverage on the care line item. As revenue grew, we kept costs pretty flat.

Trevor，關於數字指南，我們對每次購買域名時獲得指南並讓該數字指南指導客戶就像我們在護理中所做的那樣感到非常興奮。過去幾年，我們通過在護理項目上創造槓桿作用，在護理方面做得非常出色。隨著收入的增長，我們的成本保持相當平穩。

And it's a little early to be talking about the impacts of AI. But overall, we do see AI leading to efficiencies in our business overall. And frankly, we've already showed that in marketing where by implementing machine learning, we're able to make our spend more and more efficient. And you've been seeing the results of that over the last year already.

現在談論人工智能的影響還為時過早。但總的來說，我們確實看到人工智能提高了我們整體業務的效率。坦率地說，我們已經表明，在營銷中，通過實施機器學習，我們能夠使我們的支出變得越來越高效。去年你已經看到了這樣做的結果。

Our next question comes from the line of Naved Khan from B. Riley.

我們的下一個問題來自 B. Riley 的 Naved Khan。

Just a question on the outlook. So 28% EBITDA margin by Q4. If I have to think about next year, 2024, and I know you're not guiding to that, but is there any reason why 28% shouldn't be the base, to start with? I mean the cost savings will still be layering in because this is not a full year for cost savings, right? So am I thinking about it the right way? Just any comment there would be helpful. And then I have a follow-up.

只是關於前景的問題。因此，到第四季度，EBITDA 利潤率為 28%。如果我必須考慮明年，即 2024 年，我知道您沒有指導這一點，但有什麼理由不以 28% 為基礎呢？我的意思是，成本節省仍然會分層，因為這不是節省成本的一整年，對嗎？那麼我的思考方式正確嗎？只要有任何評論都會有幫助。然後我有一個後續行動。

Yes. Thanks. We're excited on our Investor Day coming up in the first quarter, and we'll get more into the details of what it will look like. We're really excited about our margin expansion going into Q4, the 28%. If we look back to the Q4 in 2021, we've increased our margins by 300 basis points. Even year-over-year, we get to the same 300 basis points.

是的。謝謝。我們對第一季度即將舉行的投資者日感到興奮，我們將進一步了解其具體情況。我們對進入第四季度的利潤率擴張感到非常興奮，即 28%。如果我們回顧 2021 年第四季度，我們的利潤率增加了 300 個基點。即使與去年同期相比，我們也達到了相同的 300 個基點。

So it's something we continue to work on. We continue to find efficiencies in our operation, and we'll continue to push margin growth going into 2024. At the same time, we're accelerating revenue and hitting our cash flow objectives as well.

所以這是我們繼續努力的事情。我們將繼續提高運營效率，並將繼續推動利潤率增長，直至 2024 年。與此同時，我們正在加快收入增長並實現現金流目標。

So I don't want to give you too much of a leading what 2024 is going to look like, but we're really excited about our progress, the work we've done in the first half of the year and how that's going to benefit us in the back half of the year and then ultimately into 2024.

因此，我不想給您太多關於 2024 年會是什麼樣子的信息，但我們對我們的進步、我們在上半年所做的工作以及這將如何發展感到非常興奮我們將在今年下半年受益，並最終到2024 年受益。

Got it. And then you kind of alluded to the bridge to sort of resumption of growth or healthy growth, right? So -- and the one that you shared last call was, I think, getting you back into the double digits. So if I have to think about when you start to see like the full -- the effect of full anniversarying and kind of getting to that, how should I think about timing? Is it Q1? Is it early next year? At what point would be kind of this would be in the rearview mirror for you?

知道了。然後您提到了恢復增長或健康增長的橋樑，對吧？所以，我認為你在上次電話會議中分享的內容是讓你回到兩位數。因此，如果我必須考慮什麼時候你開始看到完整的周年紀念日的效果以及達到這一目標的效果，我應該如何考慮時機？是Q1嗎？是明年初嗎？在什麼時候，這件事會出現在你的後視鏡中？

Yes. Thanks. And try not to peg a specific timetable here as we're getting into the back half of the year. We'll talk more about it later. But when we look at the full year guide this year and we kind of look at the impact of FX, the difficult aftermarket compares and migrations and divestitures we're doing, they will start to abate into the fourth quarter and continue to abate and turn into tailwinds as we go through 2024. Not trying to pick a quarter on anything right now. We'll talk more about that later in the year. But the momentum has us accelerating revenue as we go throughout the year.

是的。謝謝。當我們進入今年下半年時，盡量不要在這裡固定具體的時間表。我們稍後會詳細討論它。但是，當我們查看今年的全年指南時，我們會看到外彙的影響、困難的售後市場比較以及我們正在進行的遷移和剝離，它們將開始減弱到第四季度，並繼續減弱並轉向當我們進入2024 年時，我們會順風順水。現在不想在任何事情上選擇一個季度。我們將在今年晚些時候詳細討論這一點。但這種勢頭使我們全年收入不斷增加。

And if I could just add, long term, we're excited about the path to accelerating growth because it's based on the simple idea that create products that can lead the customer through the entrepreneur's Wheel, which if you remember is about leading them through identity to presence to commerce, really creates a flywheel for the company.

如果我可以補充一點，從長遠來看，我們對加速增長的道路感到興奮，因為它基於一個簡單的想法，即創造可以引導客戶通過企業家之輪的產品，如果你還記得的話，就是通過身份來引導他們從存在到商業，真正為公司創造了一個飛輪。

Our technology has improved in a very significant way. That leads to greater attach, not just for new customers, for our base as well. That involves identifying a customer. That involves connecting and reaching out and engaging the customer and then closing the customer. Of course, you've seen us do it successfully with e-mail over the last 3, 4 years where that business has -- well, our 2 businesses performed very well for us. And now you're seeing it -- us do it with the OmniCommerce solution as well where, a, GPV has grown nicely, and we can clearly see that we have a ton of customers in our base that would love that product from us.

我們的技術取得了非常顯著的進步。這不僅會增加新客戶的依戀，也會增加我們的基礎客戶的依戀。這涉及到識別客戶。這包括聯繫、接觸和吸引客戶，然後關閉客戶。當然，您已經看到我們在過去 3、4 年里通過電子郵件成功地做到了這一點，我們的 2 項業務對我們來說表現非常出色。現在您已經看到了——我們也使用 OmniCommerce 解決方案來做到這一點，其中，GPV 增長良好，我們可以清楚地看到，我們的基地中有大量客戶會喜歡我們的產品。

So at the core, our path to -- long-term path to accelerating growth is about innovation in the product. It's about creating value for the customer that leads to monetization opportunities like attach, like pricing and strong retention that come together to sort of give us the confidence we're sharing with you about the positive momentum in our business. And that's what we believe will drive long-term shareholder value for years and years to come.

因此，我們加速增長的長期道路的核心是產品創新。這是為客戶創造價值，從而帶來諸如附加、定價和強大保留等貨幣化機會，這些機會結合在一起，讓我們對與您分享的我們業務的積極勢頭充滿信心。我們相信這將在未來數年推動長期股東價值。

And if I could just add to that and to clarify, we -- while we look out to '24, we are reaffirming our guidance for 2023 in the range for revenue, just FYI.

如果我可以補充一下並澄清一下，我們在展望 24 世紀的同時，重申我們對 2023 年收入範圍的指導，僅供參考。

Our next question comes from the line of Brent Thill from Jefferies.

我們的下一個問題來自 Jefferies 的 Brent Thill。

This is John Byun for Brent Thill. First question is, GMV had pretty good growth, accelerated 20% year-over-year and also up 18% sequentially. Just wondering what might have be some of the drivers. I mean are you seeing sort of improvement in macro and GMV per customer? Or is it just better attach? If you could parse that, that would be great.

我是布倫特·希爾的約翰·拜恩。第一個問題是，GMV 增長相當不錯，同比增長 20%，環比增長 18%。只是想知道一些驅動程序可能是什麼。我的意思是，您是否看到宏觀和每位客戶的 GMV 有所改善？或者只是更好地附加？如果你能解析它，那就太好了。

Yes. GMV growing as a function of sort of the macro to start with, we are seeing more of our existing customers transact more with the solutions they have. To remind you, a lot of our GMV is a function of the relationship we have through the bank. So it's a different financial model for us, but it gives us a great barometer. It gets our product out there. We get to see sort of what's happening in the world. So we are very happy with the growth, and it basically signifies more and more people using the GoDaddy solutions for their businesses, both off-line and in store.

是的。首先，GMV 的增長是宏觀因素的影響，我們看到越來越多的現有客戶使用他們擁有的解決方案進行更多交易。提醒您一下，我們的 GMV 很大程度上取決於我們通過銀行建立的關係。所以這對我們來說是一種不同的財務模式，但它給了我們一個很好的晴雨表。它讓我們的產品上市。我們可以看到世界上正在發生的事情。因此，我們對這種增長感到非常滿意，這基本上意味著越來越多的人在其業務中使用 GoDaddy 解決方案，無論是線下還是店內。

Great. And maybe just any update on the FIS Worldpay partnership?

偉大的。也許只是關於 FIS Worldpay 合作夥伴關係的任何更新？

The FIS Worldpay partnership is doing great. We have launched the product with them. We have a set of customers that are using our new solutions. Still very early since we're only about a month in, I think, from the launch. So it's still pretty early, but very happy with the progress. I daresay that our partners are pretty excited about the progress, too. And I think they can't wait to get out there and sell it more, and we can't wait to see those customers.

FIS Worldpay 合作夥伴關係進展順利。我們已經與他們一起推出了該產品。我們有一些客戶正在使用我們的新解決方案。現在還很早，因為我認為距離發布只有一個月左右的時間。所以現在還很早，但對進展感到非常滿意。我敢說我們的合作夥伴也對這一進展感到非常興奮。我認為他們迫不及待地想出去銷售更多產品，我們也迫不及待地想見到這些客戶。

Yes. And we'd always said the impact on 2024 was going to -- sorry, 2023 was going to be minimal, and we would start to see the momentum of that going into 2024, which again adds to our excitement about that momentum.

是的。我們一直說對 2024 年的影響將會——抱歉，2023 年影響很小，我們將開始看到進入 2024 年的勢頭，這再次增加了我們對這種勢頭的興奮。

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

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

This is [Alex] on for Mark. Just a question on Payable Domains. So last quarter, you characterized contribution as modest, and it sounds like there was meaningful performance in 2Q from Payable Domains. Just curious if you could perhaps discuss what was the most meaningful driver for that -- for the outperformance in applications and commerce or whether or not Payable Domains was a material driver of that.

這是[亞歷克斯]為馬克代言的。只是關於付費域名的問題。因此，上個季度，您將貢獻描述為適度，聽起來 Payable Domains 第二季度的表現很有意義。只是好奇您是否可以討論最有意義的驅動因素是什麼 - 對於應用程序和商業的出色表現，或者 Payable Domains 是否是其中的物質驅動因素。

Yes. I'll maybe let Mark talk to apps and commerce and sort of Payable Domains. I'd probably say it's still very early, and apps and commerce is pretty big.

是的。我也許會讓馬克談論應用程序和商業以及付費域名。我可能會說現在還很早，應用程序和商業規模相當大。

But let me sort of step back and answer your question around what's driving the growth of Payable Domains. Obviously, you're very aware, we have 21 million customers. We have 84 million domains under management. We have a ton of opportunity to attach this new and unique product. That's why you hear the excitement from me on it on a continuous basis. And of course, the math adds up very quickly the more customers we can get on it. The biggest drivers over the last quarter for Payable Domains is we started to really surface Payable Domains in the journey and engagement that customers have with us because it's still a new concept for people. Our customers don't automatically understand that they've brought the domain and, with a couple of clicks, they can start taking payments.

但讓我退後一步，回答您關於推動付費域名增長的問題。顯然，您非常清楚，我們有 2100 萬客戶。我們管理著 8400 萬個域名。我們有很多機會來附加這種新穎獨特的產品。這就是為什麼你不斷地聽到我對此感到興奮。當然，我們能吸引的客戶越多，計算起來就越快。上個季度 Payable Domains 的最大推動力是我們開始在客戶與我們的旅程和互動中真正展示 Payable Domains，因為這對人們來說仍然是一個新概念。我們的客戶不會自動理解他們已經帶來了域名，並且只需點擊幾下，他們就可以開始接受付款。

So we found better ways to guide the customer through that path, get them live with the capability. And what we find is once we get them live with that capability, sure enough, they start to transact, right? And you know our overall math in terms of retention rate. We have -- if we have one product with a customer, they tend to retain sort of mid-80s. And if we have 2, it jumps. If we have 3 products with a customer, we pretty much have a customer for life. And the LTV also goes to 80, 83x once they have commerce with us.

因此，我們找到了更好的方法來引導客戶走這條路，讓他們體驗到這種能力。我們發現，一旦我們讓他們具備了這種能力，他們就會開始進行交易，對嗎？您也知道我們在保留率方面的整體數學。我們有——如果我們向客戶提供一種產品，他們往往保留著 80 年代中期的風格。如果我們有 2 個，它就會跳躍。如果我們為一位客戶提供 3 種產品，那麼我們幾乎就擁有了終生客戶。一旦他們與我們開展業務，LTV 也會達到 80、83 倍。

So all of that math is working, but it's dependent on us getting more people to adopt this product. And that's what you started to see in Q2. When more people saw the product, they were like, "Oh, I didn't know this was there. Let me add it. Let me start using it." And that's what sort of created the quick, if you will, double-digit month-over-month growth in the GPV. Hopefully, that makes sense.

所以所有這些數學都是有效的，但這取決於我們讓更多的人採用這個產品。這就是你在第二季度開始看到的情況。當更多的人看到這個產品時，他們會說，“哦，我不知道有這個。讓我添加它。讓我開始使用它。”這就是創造了 GPV 快速兩位數月環比增長的原因。希望這是有道理的。

Yes. And I'll add on applications and commerce in general, where we're really excited is strong gross customer adds are coming into the funnel stronger than we've seen in a long time. Not only are they coming into the funnel. They are getting to that second product quicker. And whether it's Payable Domains, whether it's Payments, whether it's commerce, whether it's Websites + Marketing, they're bundling those together at the initial stages. We think the Digital Guide will also accelerate that as that starts to engage at a faster rate.

是的。我還要補充一下一般的應用程序和商業，我們真正感到興奮的是，進入漏斗的總客戶數量比我們長期以來看到的還要強勁。他們不僅進入了漏斗。他們正在更快地開發第二個產品。無論是付費域名、支付、商務、網站+營銷，他們都在初始階段將這些捆綁在一起。我們認為數字指南也將加速這一進程，因為它開始以更快的速度參與。

But when that happens, like Aman said, when we get to that second product, that third product, we get to a third product attached, generally, we find we have a customer for life, and that really drives the LTV, all this because the decisions around it are being made faster on the top of the funnel, help us get there faster and drive that LTV equation. Obviously, it helps, too, with our cash flow, and it helps us be more efficient because we're getting greater revenue prices or getting better revenue and a better efficient operating margin as well.

但當這種情況發生時，就像阿曼所說，當我們得到第二個產品、第三個產品時，我們就會得到第三個附加產品，一般來說，我們發現我們有一個終生客戶，這確實推動了生命週期價值，所有這一切都是因為圍繞它的決策在漏斗頂部更快地做出，幫助我們更快地到達那裡並推動 LTV 方程。顯然，它也有助於我們的現金流，並且有助於我們提高效率，因為我們獲得了更高的收入價格或獲得更好的收入以及更高效的營業利潤率。

So we feel really good about all that happening in the applications and commerce. It's really driving a lot of momentum. We have that on top of the hardware sales that we are seeing that are driving that momentum as well, a lot of positivity coming there, right? And it all starts with the domain and innovating in the domain.

因此，我們對應用程序和商業中發生的一切感到非常滿意。這確實帶來了很大的動力。除了硬件銷售之外，我們看到硬件銷售也推動了這一勢頭，有很多積極的因素，對嗎？這一切都始於領域和領域創新。

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。

Sorry, I hope I'm not re-asking this, but I want to start on domains. We continue to kind of see some, let's say, challenging growth from Verisign data on .com, .net. I know you guys are involved in other TLDs, too, which if there's interesting things to point out about that, we'd love to hear. But just maybe just some of what you're seeing around that, expectations for when that can start to normalize, how that's impacting the aftermarket.

抱歉，我希望我不會再次問這個問題，但我想從域開始。我們繼續從 .com、.net 上的 Verisign 數據中看到一些具有挑戰性的增長。我知道你們也參與了其他 TLD，如果有什麼有趣的事情需要指出，我們很樂意聽到。但也許只是您所看到的一些情況，對何時開始正常化的期望，以及這對售後市場的影響。

And then Verisign made really interesting comments about its channel partners who are pushing more on ARPU than they were on new users. And I don't know if there's something to comment around that. Do you think that that's having an impact? You guys have a big hand in both sides. So would love to hear your view on that.

然後，威瑞信對其渠道合作夥伴做出了非常有趣的評論，這些合作夥伴在 ARPU 方面的推動力超過了在新用戶方面的推動力。我不知道對此是否有什麼可評論的。您認為這有影響嗎？你們雙方都有大手筆。所以很想听聽您對此的看法。

Yes. Happy to give a bit of color on domains. Obviously, I think you probably saw already domains under management for GoDaddy grew. So definitely, we're doing well on units as well.

是的。很高興為域名提供一些色彩。顯然，我認為您可能已經看到 GoDaddy 管理的域名已經增長。所以毫無疑問，我們在單位方面也做得很好。

And to sort of explain a little bit, as Mark said, we're seeing better traffic and demand coming to our site. As I mentioned in my prepared remarks, some of that is because of our focus in search engine marketing and us significantly improving our abilities to spend money in search and convert those customers. So we're very happy with that as well.

稍微解釋一下，正如馬克所說，我們看到我們網站的流量和需求有所增加。正如我在準備好的發言中提到的，其中一些原因是我們對搜索引擎營銷的關注，以及我們顯著提高了在搜索上花錢和轉化這些客戶的能力。所以我們對此也非常滿意。

And one other maybe dimension to mention to you is that we've continued to grow well internationally. As Mark shared, we grew 6% internationally, on a reported basis, 3%, constant currency, 6%. And the product we lead with internationally is domains, right? Domains is the #1 thing we sell in small markets around the world. We have customers in over 100 markets. So it's the combination of those things that I would say that are leading to the best results for us.

另一個可能要向您提及的方面是我們在國際上持續良好增長。正如馬克分享的那樣，我們的國際增長率為 6%，按報告計算為 3%，按固定匯率計算為 6%。我們在國際上領先的產品是域名，對嗎？域名是我們在全球小市場銷售的第一大產品。我們的客戶遍布 100 多個市場。所以我想說，正是這些因素的結合才為我們帶來了最好的結果。

And our domains business is broader than any other one particular registry business. You mentioned that yourself, and that's absolutely true. We're the market leader. We have a diverse set of assets within the domains business, and we've continued to innovate in many of those areas.

我們的域名業務比任何其他特定註冊業務都更廣泛。你自己也提到過這一點，這絕對是真的。我們是市場領導者。我們在領域業務中擁有多樣化的資產，並且我們在其中許多領域持續創新。

And the key pieces where we see good returns is be very efficient in marketing and search, grow the DUMs, grow the customers, get customers to the site, convert them well, attach products to them, which obviously isn't what you're asking about, but attach great products to them and do it around the world really well. Hopefully, that's a bit helpful.

我們看到良好回報的關鍵是在營銷和搜索方面非常高效，增加 DUM，增加客戶，讓客戶訪問網站，很好地轉化他們，將產品附加到他們身上，這顯然不是你所要做的。詢問，但為他們提供優質的產品，並在世界各地做得很好。希望這有點幫助。

Yes. That's really helpful. And so maybe to segue, I think it's similar. I don't know. A lot of the answer might actually be an overlap, but if there's anything incremental to add. So just on the gross -- top of funnel, gross adds commentary, which feels really strong. And I know you have some noise in your -- in the new customer number, I believe, still ongoing with some of the sunsetting of the brands. Is there any way to parse out that?

是的。這真的很有幫助。所以也許是為了繼續，我認為這是相似的。我不知道。很多答案實際上可能是重疊的，但如果有任何增量需要添加的話。因此，就總體而言，在漏斗頂部，總體添加了評論，感覺非常強大。我知道您的新客戶數量中存在一些噪音，我相信，一些品牌的衰落仍在繼續。有什麼辦法可以解析出來嗎？

And then what -- is it -- to your point, when you talk about with the SEM work that you're doing that's driving that strength in the top of funnel, with domains, even if your domains under management grew, domains is kind of like, let's say, collectively still soft, your commentary around really strong top of funnel, I think, stands out. So I wanted to maybe understand that a little bit better.

然後，就您的觀點而言，當您談論您正在做的 SEM 工作時，您正在通過域推動漏斗頂部的力量，即使您管理的域增長了，域也是友善的比如說，總體來說仍然很軟，我認為你對漏斗頂部的評論很突出。所以我想更好地理解這一點。

Yes. So gross adds were strong for us, and it was on efficient marketing spend. And I did highlight in the prepared remarks, and I think you repeated that, which is that search was a strong contributor to that. And what I added to that is that it's not just search in the U.S., it's search globally that did a really good job sort of delivering for us.

是的。因此，我們的總增加額很強勁，這得益於高效的營銷支出。我確實在準備好的發言中強調了這一點，我認為您重複了這一點，那就是搜索對此做出了重要貢獻。我補充的是，不僅僅是美國的搜索，全球的搜索都為我們提供了非常好的服務。

But it's not search alone. We have been focused on improving our marketing, the targeting of our marketing, the measurement of our marketing over the last couple of years. I think we've talked about it multiple different times as being an important priority for us. And what we're seeing as a result is more people show up to the website, right, and more people going through the funnel better.

但這不僅僅是搜索。在過去的幾年裡，我們一直致力於改進我們的營銷、營銷的目標和營銷的衡量。我認為我們已經多次討論過它是我們的一個重要優先事項。我們看到的結果是更多的人出現在網站上，對吧，更多的人更好地通過渠道。

I think one of the things I've talked about, and I don't know if this is what you're asking about, but one of the things in the past that I've talked about is that we have shifted as a company and we are very much an experimentation-based culture now. Teams go out, and they try different things and then measure closely whether there's a conversion improvement or not. And that, of course, helps as well, right, where when we land better traffic and conversion is up on the site, that delivers better for us, whereas in the past maybe years ago, we may have relied on a combination of the site and care more. What we find now is that the site performs really well. And that's a great way for us to attract gross adds, and we're pretty happy with that result.

我認為我已經談論過的一件事，我不知道這是否是您要問的，但我過去談論過的一件事是我們已經轉變為一家公司我們現在很大程度上是一種以實驗為基礎的文化。團隊出去嘗試不同的事情，然後仔細衡量是否有轉化率的提高。當然，這也有幫助，對吧，當我們在網站上獲得更好的流量和轉化率時，這對我們來說會更好，而在過去也許幾年前，我們可能依賴於網站的組合並更加關心。我們現在發現該網站的性能非常好。這對我們來說是吸引總增加的好方法，我們對這個結果非常滿意。

Yes. And I'll just add to that. What we really like about the gross adds coming in is they are customers that have a higher propensity to want to do business and therefore are attaching a lot faster.

是的。我將對此進行補充。我們真正喜歡增加的總客戶數是因為他們是更願意開展業務的客戶，因此附加速度要快得多。

And on the churn, on the other hand, we are losing customers due to migration and end-of-lifing in some of these products. But they're generally what we refer to as low-calorie customers that weren't growing the business or necessarily using the functionality. And therefore, we're trading in a good direction as we get to those net adds.

另一方面，由於其中一些產品的遷移和壽命終止，我們正在失去客戶。但他們通常是我們所說的低熱量客戶，他們沒有發展業務或不一定使用該功能。因此，當我們達到這些淨增量時，我們的交易方向是好的。

I have a follow-up, but I don't want to -- I'll jump back in the queue and then just kind of...

我有一個後續行動，但我不想——我會跳回到隊列中，然後只是......

It's okay. Go ahead.

沒關係。前進。

Yes. Okay. So then -- this is all super helpful. I love this color. So you and your peers on the kind of closed-end platforms seem to be all driving efficient marketing spend that's bringing more share where -- really across the board.

是的。好的。那麼——這一切都非常有幫助。我喜歡這個顏色。因此，您和您在封閉式平台上的同行似乎都在推動高效的營銷支出，從而帶來更多份額——真正全面。

And then going back and tying that back into the kind of, let's just say, flattish domains globally, right, it feels then your space is taking a lot of the share of the web building ecosystem. Is that a fair characterization? And where do you see the share coming from? I think we've talked about WordPress in the past that -- maybe you could just help on that.

然後回過頭來，將其與全球範圍內的扁平化域名聯繫起來，對吧，感覺你的空間正在佔據網絡構建生態系統的很大一部分份額。這是一個公平的描述嗎？您認為份額來自哪裡？我想我們過去曾討論過 WordPress——也許你可以在這方面提供幫助。

Yes. And we will provide more color on this at the Investor Day for sure to talk about how website share is shifting. And overall, I think there was -- if we look at the last few quarters, there's more pressure on WordPress, at least from what we saw, than if you go back many years.

是的。我們將在投資者日提供更多相關信息，以確保討論網站份額如何變化。總的來說，我認為，如果我們回顧過去幾個季度，至少從我們所看到的情況來看，WordPress 面臨的壓力比很多年前更大。

But taking a longer-term view, share is still coming from custom HTML sites. That is what is reducing. And there is sort of growing demand. And obviously the new demand goes more towards the newer tools that exist, right? You find that it's easier and easier for customers to build sites themselves and get started. Like our tool, Websites + Marketing, does a fantastic job of that. You see us at GoDaddy with the Digital Guide taking the next step. We're telling you today and we'll show it to you live -- with testing with customers, we'll show you live in November in Tempe.

但從長遠來看，份額仍然來自自定義 HTML 網站。這就是正在減少的。而且需求也在不斷增長。顯然，新的需求更多地轉向現有的更新工具，對嗎？您發現客戶自己構建網站並開始使用變得越來越容易。就像我們的工具“網站+營銷”一樣，它在這方面做得非常出色。您會在 GoDaddy 看到我們通過數字指南採取下一步行動。我們今天告訴您，我們將向您現場展示——通過與客戶的測試，我們將在 11 月在坦佩現場向您展示。

How -- when a customer buys a domain, how they behave differently instead of just a domain, you give them a website and get them started because the friction for a customer to make another decision and then create content and then do another thing is pretty difficult. But of course, technology has made this easier and easier over time. And now generative AI allows our industry to take the next step in terms of reducing the effort that customers have to do to get started.

當客戶購買域名時，他們的行為有何不同，而不僅僅是一個域名，你給他們一個網站並讓他們開始，因為客戶做出另一個決定，然後創建內容，然後做另一件事的摩擦是相當大的難的。當然，隨著時間的推移，技術讓這一切變得越來越容易。現在，生成式人工智能使我們的行業能夠在減少客戶入門所需的工作量方面邁出下一步。

So I think you're going to continue to see the momentum. Of course, there are secular trends underneath of entrepreneurship, population, people coming to the Internet. But what -- how quickly they're able to adopt the tools on the Internet and get a presence up and running, I think you'll continue to see good momentum in that because technology and generative AI now are going to make a real difference.

所以我認為你會繼續看到這種勢頭。當然，企業家精神、人口和人們上網的背後隱藏著長期趨勢。但是，他們能夠以多快的速度採用互聯網上的工具並啟動並運行，我認為您將繼續看到這方面的良好勢頭，因為技術和生成式人工智能現在將產生真正的影響。

Our next question comes from Chris Quintero from Morgan Stanley.

我們的下一個問題來自摩根士丹利的克里斯·金特羅。

This is Chris Quintero on for Elizabeth Porter. I wanted to ask around the macro and kind of how it's changed Q2 versus Q1.

我是伊麗莎白·波特的克里斯·金特羅。我想詢問宏觀情況以及第二季度與第一季度相比有何變化。

And then second question would be around the Digital Guide. Are these capabilities kind of like table stakes for the industry? Or how do you think about your ability to drive your differentiation in AI against your web building competitors?

第二個問題是關於數字指南的。這些功能是否有點像行業的賭注？或者您如何看待自己在人工智能領域與網絡建設競爭對手相比的差異化能力？

God, I can't believe you said table stakes for a Digital Guide, but let me take your first question first. You surprise me with that.

天哪，我不敢相信你說的是數字指南的賭注，但讓我先回答你的第一個問題。你對此感到驚訝。

Let's start with the macro. There are a few items that sort of we look at on our dashboard or the leaders in our organization look at when we look at macro, and I'll try to touch on a couple of them to give you a bit of color. One of them that we look at is sort of nonbrand demand that's coming to Google as a representation of demand. And are people going out and searching for things? And they're not searching for a particular company. They're just searching for a website. They're just searching for a domain name. And how is that trending?

我們先從宏觀開始。有一些項目是我們在儀表板上查看的，或者我們組織中的領導者在宏觀方面查看的，我將嘗試觸及其中的幾個項目，以便為您提供一些幫助。我們關注的其中之一是非品牌需求，它作為需求的代表來到谷歌。人們會出去尋找東西嗎？而且他們並不是在尋找特定的公司。他們只是在搜索一個網站。他們只是在搜索域名。趨勢如何？

And what we saw in that data is that there are a few markets in the world -- and actually the English-speaking markets where we are strong, the U.K. being one of them, we see good lift in nonbrand demand for the terms that we track. And that's a positive sign for those markets. That means we expect better demand. We expect to spend more money there. And generally, the customer, the everyday entrepreneur is feeling better and wants to engage and buy a domain, start a business or build their business or so on.

我們從這些數據中看到的是，世界上有幾個市場——實際上是我們實力雄厚的英語市場，英國就是其中之一，我們看到非品牌需求的大幅增長追踪。這對這些市場來說是一個積極的信號。這意味著我們預計需求會更好。我們預計在那里花更多的錢。一般來說，客戶、日常企業家感覺更好，想要參與併購買域名、創辦企業或建立自己的業務等等。

The second group geographically I'll talk about is the markets that are not big English-speaking markets but what we call the rest of the world. And there, what we see is sort of more timid or flattish behavior in terms of nonbrand searches. Those -- as you can see, the international market does really well for us. So that's been phenomenal, and GoDaddy has done a lot to take share globally on those.

我要談論的第二組地理市場不是大型英語市場，而是我們所說的世界其他地區。在那裡，我們看到的是在非品牌搜索方面更加膽怯或平庸的行為。正如您所看到的，國際市場對我們來說確實非常有利。所以這是驚人的，GoDaddy 已經做了很多工作來在全球範圍內分享這些內容。

But in terms of raw demand on macro, what we see is much, much more timid sort of behavior. And the U.S. somewhere a little bit in the middle, and I won't comment sort of broad macro on the U.S. I think all of you understand it better than me probably. But broad -- if I talk about demand on the terms that we track to, there's some good news but not as good as a couple of the other markets.

但就宏觀的原始需求而言，我們看到的是更加膽怯的行為。美國處於中間位置，我不會對美國進行廣泛的宏觀評論，我想你們所有人可能都比我更了解它。但廣泛而言，如果我根據我們追踪的條件來談論需求，有一些好消息，但不如其他幾個市場。

And the second data point to look at is customer -- or consumer confidence, and we track that for all of our main markets. And what we see there, again, is sort of an expectation for many that, that confidence would go down, and it was probably trending down in some of those markets, but over the last 2, 3 months, a little bit of a reversal. So maybe instead of going downwards, we see more flat. But in some markets -- and again, I'll mention the U.K., you actually see it coming off, which I think you didn't expect if you're just sort of a macro person.

要關注的第二個數據點是客戶或消費者信心，我們對所有主要市場進行跟踪。我們再次看到，許多人都預期信心會下降，其中一些市場的信心可能呈下降趨勢，但在過去 2、3 個月裡，情況出現了一點逆轉。因此，也許我們看到的不是下降，而是更加平坦。但在一些市場——我再次提到英國，你實際上看到了它的發展，我認為如果你只是一個宏觀人士，你不會想到這一點。

And there are other markets that are sort of showing different behavior as well. But hopefully, that gives you a little bit of color on a couple of the core metrics that we look at and a couple of sort of -- a little bit of a geographic lens on it.

還有其他市場也表現出不同的行為。但希望這能讓您對我們所關注的幾個核心指標以及一些地理視角有所了解。

In terms of the Digital Guide, which I think was second question, I just want to reiterate, the Digital Guide is a technology built using AI that uses generative AI to generate content, that uses AI for a lot of other purposes. And our goal is to couple that with every domain purchase. So when you buy a domain, a Digital Guide is automatically enabled for that customer. And what it's trying to do is find that best experience and path for that particular customer and get them through that path, whether it's adding new products, whether it's posting something, whether it's reminding them or something.

關於數字指南，我認為這是第二個問題，我只想重申，數字指南是一項使用人工智能構建的技術，它使用生成式人工智能來生成內容，並將人工智能用於許多其他目的。我們的目標是將其與每次域名購買相結合。因此，當您購買域名時，系統會自動為該客戶啟用數字指南。它試圖做的是為特定客戶找到最佳體驗和路徑，並讓他們通過這條路徑，無論是添加新產品，無論是發布某些內容，無論是提醒他們還是其他什麼。

And it's not trying to do it in a way that says, "Hey, come buy this from me." What it's doing is it's actually doing the work for the customer in advance and then say, "Take a look. If you like this, we can keep it," right?

它並不是試圖以“嘿，從我這裡買這個”的方式來做到這一點。它所做的實際上是提前為客戶做好工作，然後說：“看一下。如果您喜歡這個，我們可以保留它，”對嗎？

So I don't think of that as table stakes at all. If I look at -- and I'm not even talking about our industry. If I look at sort of across the technology landscape, of course, there are technologies out there, and a lot of people want to do similar things. But I don't see anyone starting at the point of a domain name.

所以我根本不認為這是賭注。如果我看一下——我什至不是在談論我們的行業。如果我縱觀整個技術領域，當然，有一些技術，而且很多人想做類似的事情。但我沒有看到有人從域名開始。

And we have AI or generative AI-ready capabilities, and we're already testing many of these things. And I think in the past, I've talked about them or last quarter, I mentioned 1 or 2 of them. But we have capabilities that are live today that are being tested with customers. And there isn't anyone else that's going to bring it to millions of domain names and start people off the way we want to start them off, right?

我們擁有人工智能或生成人工智能的能力，並且我們已經在測試其中的許多東西。我想在過去，我已經談論過它們，或者上個季度，我提到了其中的一兩個。但我們現在擁有的功能正在接受客戶的測試。沒有其他人能夠將其引入數百萬個域名並以我們希望的方式啟動人們，對嗎？

So that's the big thing. And I guess for folks that may have joined just a minute or 2 late, there was a great little video that we started with today, and I assume we'll post it somewhere. I'm pointing to my team now. I assume we'll post it. It's -- that 2-minute video is a great way for you to understand what our -- what we want our customers to experience and how much effort we are taking away from the customer that normally a customer would have to do and letting the Digital Guide do that.

這才是最重要的。我想對於那些可能晚了一兩分鐘加入的人來說，我們今天開始有一個很棒的小視頻，我想我們會把它發佈到某個地方。我現在指的是我的團隊。我想我們會發布它。這段 2 分鐘的視頻是一個很好的方式，讓您了解我們希望客戶體驗什麼，以及我們從客戶那裡拿走了多少通常客戶必須做的努力，並讓數字化指導這樣做。

And believe it or not, that happens today in care right now. Customers call us, and what they want is that they want us to give them confidence, and they want us to encourage them. And at the same time, they want us to solve their problems and give them access to more tools. And we do all of that. And we're trying to take the learning that we have in care and enable every customer with it so that we can scale to literally every customer that buys with us.

不管你相信與否，這種情況現在就發生在護理中。客戶打電話給我們，他們想要的是我們給他們信心，他們希望我們鼓勵他們。與此同時，他們希望我們解決他們的問題並為他們提供更多工具。我們做了所有這些。我們正在努力利用我們所學到的知識，為每個客戶提供幫助，這樣我們就可以擴展到幾乎每個與我們一起購買的客戶。

I'll add, one of the distinctions we have is from identity to presence to commerce. We have the entire technology stack. So when we use generative AI, we could take it across their entire journey, and we start with the domain. And that makes that journey faster, gets us the bundling faster, gets us to customers for life for us and driving LTV into our financials. So we're really excited about it. But one of the great distinctions is we have the entire technology stack around it to use and to use AI around.

我要補充一點，我們的區別之一是從身份到存在再到商業。我們擁有整個技術堆棧。因此，當我們使用生成式人工智能時，我們可以將其帶入他們的整個旅程，並且我們從領域開始。這使得這一過程變得更快，讓我們更快地進行捆綁銷售，讓我們成為終身客戶，並將生命週期價值納入我們的財務狀況。所以我們對此感到非常興奮。但最大的區別之一是我們擁有圍繞它的整個技術堆棧來使用和使用人工智能。

Maybe one other quick thing I'll add is that I think we learned last year that having people see and demoing working functionality to them that customers can see is very powerful. So I would invite all of you, and I know many of you joined. So I would invite all of you to Tempe in November so you can do it yourself with us demoing you, with us showing you what that experience is for our customer. And then I think it will sort of illuminate the idea in a much better way.

也許我要補充的另一件事是，我認為我們去年了解到，讓人們看到並向他們演示客戶可以看到的工作功能是非常強大的。所以我會邀請你們所有人，我知道你們很多人都加入了。因此，我會邀請大家在 11 月份來到坦佩，這樣您就可以親自體驗我們的演示，向您展示我們客戶的體驗。然後我認為這會以更好的方式闡明這個想法。

And the temperature is much cooler in Tempe.

而且坦佩的氣溫要涼爽得多。

Our next question comes from the line of Naved Khan from B. Riley.

我們的下一個問題來自 B. Riley 的 Naved Khan。

Yes. Can you hear me?

是的。你能聽到我嗎？

Yes, we can hear you.

是的，我們能聽到你的聲音。

Okay. Great. Yes. I had quick follow-ups. So one is, we saw a transaction, Google domains being sold to Squarespace. And wanted to get your thoughts on what it means for the other participants such as yourself in terms of competition.

好的。偉大的。是的。我進行了快速跟進。其一是，我們看到了一筆交易，Google 域名被出售給 Squarespace。並想了解您對競爭對其他參與者（例如您自己）意味著什麼的看法。

And then the other question I had was on the price increase on the A&C segment. What was the magnitude of the increase?

我的另一個問題是關於 A&C 領域的價格上漲。增加的幅度是多少？

Yes. Let me take the domains piece first, and then, Mark, if you want to touch on the pricing or I can touch on that, too, if needed.

是的。讓我先談談域名部分，然後馬克，如果您想談談定價，或者如果需要的話我也可以談談。

On the Google domains piece, the way we look at it, Naved, is that anytime there's a transition like this, there's disruption in the customer experience or flow, customers tend to put their head up and they'll look at what other options might exist for them.

在 Google 域名方面，Naved，我們看待它的方式是，每當出現這樣的轉變時，客戶體驗或流程就會受到干擾，客戶往往會抬起頭來，看看其他可能的選擇。為他們而存在。

And given our brand awareness and leadership position in the world of domains, given the care we provide, given our high transactional NPS and just sort of broad understanding from a very large number of people of what GoDaddy brings to the table and the more we attach to that bundle with that domain, I think we're positioned very well to see if some disruption happens that we're there and it's advantageous to us, right?

考慮到我們在域名領域的品牌知名度和領導地位，考慮到我們提供的關懷，考慮到我們較高的交易淨推薦值，以及很多人對 GoDaddy 所帶來的廣泛理解，以及我們更多的關注對於與該領域的捆綁，我認為我們處於非常有利的位置，可以看看我們在那裡是否會發生一些中斷，這對我們有利，對嗎？

In terms of beyond that, I think our goal is to just do a fantastic job delivering, providing customers great products. And we think we're doing a good job at attracting customers, we're growing DUMs. And I mean maybe the way to say it is we were the leader in domains when Google came into the business and we're a leader in domains when Google is leading the business. So we're okay with that.

除此之外，我認為我們的目標是出色地完成交付工作，為客戶提供優質的產品。我們認為我們在吸引客戶方面做得很好，我們正在發展 DUM。我的意思是，也許可以這樣說：當谷歌進入該行業時，我們是該領域的領導者；當谷歌領導該業務時，我們是該領域的領導者。所以我們對此沒有意見。

And then on the A&C pricing, I assume the question is the Websites + Marketing pricing?

然後關於 A&C 定價，我認為問題是網站 + 營銷定價？

Yes.

是的。

Yes. I don't think we've gotten into the magnitude of breaking down pricing by each of the different components of it. I'll give a little directional color. I think last year, we focused mostly on pricing increases and around renewals. This year, we're doing it on new as well as renewals. So I would say bigger than we did last year.

是的。我認為我們還沒有深入了解按每個不同組成部分來細分定價的程度。我會給出一點方向性的顏色。我認為去年我們主要關注價格上漲和續訂。今年，我們在新產品和續訂產品上都這樣做。所以我想說比去年更大。

Obviously, our priority is always retention rates, sticking with the 85. But we took those pricing increases at the end of Q2, and we should start to see them materialize as we go throughout the year.

顯然，我們的首要任務始終是保留率，堅持 85。但我們在第二季度末考慮了這些價格上漲，我們應該開始看到它們在全年中實現。

I will now turn the call over to Aman for some closing remarks.

現在我將把電話轉給阿曼，讓他發表一些結束語。

Thank you, Christie, and I'll just end by thanking all the GoDaddy employees for another good quarter and just to remind all of our analysts and shareholders, we're super excited about the products we're bringing to market. We're super excited about attaching into our base that we've demonstrated with e-mail and are demonstrating with commerce now. We're super excited about the trajectory we have going into Q3 and Q4, ending the year, accelerating growth and strong margin, setting up next year really well.

謝謝 Christie，最後我要感謝所有 GoDaddy 員工又一個美好的季度，並提醒我們所有的分析師和股東，我們對即將推向市場的產品感到非常興奮。我們非常高興能夠加入我們的基地，我們已經通過電子郵件進行了演示，現在正在通過商業進行演示。我們對進入第三季度和第四季度的軌跡感到非常興奮，今年結束時，加速增長和強勁的利潤率，為明年做好了準備。

I look forward to the next call. Thank you very much.

我期待著下一次通話。非常感謝。