GoDaddy Inc (GDDY) 2024 Q2 法說會逐字稿

Welcome to GoDaddy's second quarter 2024 earnings call. Thank you for joining us. I'm Christie Masoner, VP of Investor Relations. And with me today are Aman Bhutani, Chief Executive Officer; and Mark McCaffrey, Chief Financial Officer.

歡迎參加 GoDaddy 的 2024 年第二季財報電話會議。感謝您加入我們。我是克里斯蒂·梅森納，投資者關係副總裁。今天和我在一起的還有執行長阿曼·布塔尼 (Aman Bhutani)；財務長馬克‧麥卡弗里 (Mark McCaffrey)。

Following prepared remarks, we'll open up the call for your questions. (Event Instructions) On today's call 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.

在準備好發言後，我們將開始電話詢問您的問題。（活動說明）今天的電話會議將參考 GAAP 和非 GAAP 財務指標以及其他營運和業務指標 討論我們為何使用非 GAAP 財務指標以及我們的非 GAAP 財務指標與其 GAAP 等值指標的調整可能是可以在我們的投資者關係網站Investors.godaddy.net 上發布的簡報中找到，也可以在今天向SEC 提供的8-K 表格中的收益報告中找到。

Growth rates represent year-over-year comparisons unless otherwise note. The matters we'll 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.

除非另有說明，成長率代表同比比較。我們今天將討論的事項包括前瞻性陳述，例如與未來財務表現以及我們未來營運的策略或目標相關的陳述。

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. Any forward-looking statements that we make on this call are based on assumptions as of today, August 1, 2024. 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所包含的結果有重大差異。我們在本次電話會議中所做的任何前瞻性陳述均基於截至今天（2024 年 8 月 1 日）的假設。除法律要求的範圍外，我們不承擔因新資訊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. Our customers are a constant source of inspiration. One customer who has been with us for over 10 years runs a recruiting services company brought to us recently and said in today's business environment, having partners that add real value is easier said than done.

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。我們的客戶是源源不絕的靈感泉源。一位與我們合作超過 10 年的客戶最近經營一家招聘服務公司，他表示在當今的商業環境中，擁有能夠增加真正價值的合作夥伴說起來容易做起來難。

I'm happy to have GoDaddy on my extended business team. That is our goal to be the extended business team for millions of micro-businesses. Our strategy is relentlessly focused on creating customer value and transforming it shareholder value through better conversion, attach and retention.

我很高興 GoDaddy 加入我的擴展業務團隊。我們的目標是成為數百萬微企業的延伸業務團隊。我們的策略始終致力於創造客戶價值，並透過更好的轉換、附著和保留來轉變股東價值。

Our profitable growth model drives our North Star to maximize free cash flow over the long term. The GoDaddy team is executing against this plan to drive innovation and operational efficiency, leading to our strong Q2 results. This includes meaningful expansion of free cash flow, delivering 35% growth.

我們的獲利成長模式推動我們的北極星實現長期自由現金流最大化。GoDaddy 團隊正在執行此計劃，以推動創新和營運效率，為我們帶來強勁的第二季業績。這包括自由現金流的顯著擴張，實現 35% 的成長。

Additionally, applications and commerce bookings grew 24% and normalized EBITDA margin expanded more than 400 basis points. Five key growth and margin initiatives are driven by the innovation powered by the GoDaddy software platform. Our aspiration is to deliver seamlessly intuitive experiences that start to be magical and this is fueled by GoDaddy's unique scale and data.

此外，應用程式和商務預訂量成長了 24%，標準化 EBITDA 利潤率擴大了 400 個基點以上。五項關鍵的成長和利潤計劃是由 GoDaddy 軟體平台支援的創新所驅動的。我們的願望是提供無縫、直覺的體驗，這些體驗開始變得神奇，而這得益於 GoDaddy 獨特的規模和數據。

GoDaddy Airo, our AI powered experience is one of the result of this aspiration. I am excited about Airo's ability to reinvent multiple interactions with our customers from domain search to insight on how they can improve their websites to growing their businesses. Airo is now rolled out to all new and existing customers across our English-speaking markets, and it is poised for further expansion into over 90 countries in the coming months.

GoDaddy Airo，我們的人工智慧體驗就是這願望的結果之一。我對 Airo 能夠重塑與客戶的多種互動方式感到興奮，從網域搜尋到深入了解他們如何改進網站以發展業務。Airo 現已向英語市場的所有新客戶和現有客戶推出，並準備在未來幾個月內進一步擴展到 90 多個國家。

Airo has already transformed the experience for our new customers. In Q2, we passed an exciting milestone. Over 1 million new customers have discovered Airo and over 0.5 million of them actively engaged with the experience with strong traction on discovery and engagement with new customers. The focus has moved to monetization with them.

Airo 已經改變了我們新客戶的體驗。在第二季度，我們實現了一個令人興奮的里程碑。超過 100 萬新客戶發現了 Airo，其中超過 50 萬名客戶積極參與了這項體驗，對發現新客戶和與新客戶互動具有強大的吸引力。他們的焦點已經轉移到貨幣化。

One example is the rollout of a paywall for a full website immediately after Airo has built a coming soon page. This rollout followed a limited controlled experiment in which Websites + Marketing conversions improved 12%. Early data also shows that Airo leads to better product retention, which we will begin to understand more fully as these cohorts enter their renewal period in the coming quarters.

一個例子是，在 Airo 建立了即將推出的頁面後，立即推出了完整網站的付費專區。此次推出是在一項有限的對照實驗之後進行的，其中「建站神器 + 行銷」的轉換率提高了 12%。早期數據還顯示，Airo 可以提高產品保留率，隨著這些群體在未來幾季進入更新期，我們將開始更全面地了解這一點。

In parallel, we are building the engine to connect Airo with our existing base of 21 million customers. Our approach here is a different go to market motion, but the goal is the same: discovery, then engagement and then monetization. As we shared at our Investor Day, monetization of our base with Airo represents one of the larger future opportunities for GoDaddy.

同時，我們正在建立引擎，將 Airo 與我們現有的 2,100 萬客戶群連接起來。我們這裡的方法是不同的進入市場行動，但目標是相同的：發現，然後參與，然後貨幣化。正如我們在投資者日分享的那樣，我們與 Airo 的基礎貨幣化代表了 GoDaddy 未來更大的機會之一。

We are also investing more in GABI, our internal, a high-powered guide assist part which can now communicate in over 60 languages. Now rolled out globally, GABI is helping our guys work and serve customers more efficiently. While our investments in Airo and GABI are about the future, 2024 growth continues to be driven by our key initiatives, pricing and bundling, seamless experience and commerce.

我們也對 GABI 進行了更多投資，GABI 是我們的內部高效能引導輔助元件，現在可以用 60 多種語言進行溝通。GABI 現已在全球推出，正在幫助我們的員工更有效率地工作和服務客戶。雖然我們對 Airo 和 GABI 的投資著眼於未來，但我們的關鍵舉措、定價和捆綁、無縫體驗和商務將繼續推動 2024 年的成長。

Pricing and bundling continued to drive growth, led by productivity and was a significant contributor to the growth in applications and commerce bookings. We have started to apply our platform data, machine learning and experimentation capabilities to the next set of product bundles as we look at opportunities for next year and beyond.

在生產力的帶動下，定價和捆綁繼續推動成長，並且是應用程式和商務預訂成長的重要貢獻者。在尋找明年及以後的機會時，我們已經開始將我們的平台數據、機器學習和實驗能力應用到下一組產品包中。

Our seamless experience initiative overperformed versus our expectations as we remove friction in both purchase and renewal path across multiple products. At our scale, small improvements in conversion and renewal rates through better user experience and robust technology provide measurable financial results. In our continued effort to take weight away from our customers, we expanded the use of AI generated content.

我們的無縫體驗計劃超出了我們的預期，因為我們消除了多種產品的購買和續訂路徑中的摩擦。在我們的規模上，透過更好的使用者體驗和強大的技術，轉換率和續訂率的小幅提高可以帶來可衡量的財務成果。為了持續減輕客戶的負擔，我們擴大了人工智慧生成內容的使用。

For example, in Managed WordPress, we have optimized templates and enhanced models to generate content for multiple pages, making it easier for our customers to build and publish websites. On commerce. We are delivering on our 2024 target of driving higher margin subscription revenue with the recent launch of two new SaaS plants Point of Sale Plus and Invoicing Plus.

例如，在託管 WordPress 中，我們優化了模板和增強的模型來產生多個頁面的內容，使我們的客戶更輕鬆地建立和發佈網站。關於商業。透過最近推出的兩個新的 SaaS 工廠 Point of Sale Plus 和 Invoicing Plus，我們正在實現 2024 年提高訂閱收入利潤的目標。

These planned offer premium feature and discounted transaction fees to merchants. They drive value for our customer by offering tools that simplify their operation, including real-time inventory management, online ordering and customizable branded templates for invoices and e-mails. Annualized GPV also continued to grow at a fast pace with the primary driver, again being conversion within our existing base of customers.

這些計劃為商家提供優質功能和折扣交易費用。他們透過提供簡化操作的工具為客戶創造價值，包括即時庫存管理、線上訂購以及發票和電子郵件的可定製品牌模板。年化 GPV 也持續快速成長，主要驅動力再次是我們現有客戶群的轉換。

In closing, we continue to deliver on our key initiatives, unlocking new avenues of growth and value creation for the long term. The GoDaddy team shares an unwavering determination to fearlessly push boundaries and prioritize continuously experiment meticulously track results and aim for improvement each day. I'm thrilled with the speed of execution as we continue striving to exceed customer expectations, propelled profitable growth and create enduring shareholder value.

最後，我們將繼續實施我們的關鍵舉措，開闢新的長期成長和價值創造途徑。GoDaddy 團隊有著堅定不移的決心，無畏地突破界限，優先考慮不斷實驗，一絲不苟地跟踪結果，並以每天改進為目標。我對我們的執行速度感到非常興奮，因為我們不斷努力超越客戶的期望，推動利潤成長並創造持久的股東價值。

With that, here's Mark.

馬克就是這樣。

Thanks, Aman. We are pleased to announce our strong Q2 results, which demonstrate our commitment to execution and continued progress towards our North Star of maximizing free cash flow over the long term. Our North Star continues to be bolstered by two key pillars: sustained double digit revenue growth in our applications and commerce segment, increasing 15% in the second quarter and further expansion of our normalized EBITDA margin to 29%.

謝謝，阿曼。我們很高興地宣布我們強勁的第二季業績，這證明了我們對執行的承諾以及在實現長期自由現金流最大化的北極星方面的持續進展。我們的北極星繼續受到兩個關鍵支柱的支撐：我們的應用程式和商務部門的收入持續兩位數增長，第二季度增長 15%，以及我們的正常化 EBITDA 利潤率進一步擴大至 29%。

We continued to build on our strong track record here, delivering free cash flow of $323 million in the quarter. We also continued to implement our disciplined capital allocation strategy, focusing on share buybacks and reducing our fully diluted shares outstanding at the end of the quarter to $145 million. We remain laser focused on providing value for our customers by delivering seamless experiences that are easy to use, driving better attach conversion and retention.

我們繼續鞏固我們良好的業績記錄，本季提供了 3.23 億美元的自由現金流。我們也繼續實施嚴格的資本配置策略，重點關注股票回購，並將季度末完全稀釋後的流通股減少至 1.45 億美元。我們始終專注於透過提供易於使用的無縫體驗、推動更好的連接轉換和保留來為客戶提供價值。

At the same time, we continue to refine our operations to deliver profitable growth while investing in exciting initiatives such as Airo, which will provide benefits for years to come. Moving to our financial results for the quarter. Total revenue grew to $1.1 billion, up 7% on a reported and constant currency basis, exceeding the high end of our guided range for the quarter. ARPU grew 6% to [$210 million] on a trailing 12 month basis.

同時，我們繼續完善營運以實現獲利成長，同時投資 Airo 等令人興奮的舉措，這將在未來幾年帶來效益。轉向我們本季的財務業績。總收入增至 11 億美元，按報告和固定匯率計算成長 7%，超過了我們本季指導範圍的上限。過去 12 個月的 ARPU 成長了 6%，達到 [2.1 億美元]。

Our customer count declined slightly to $20.9 million reflecting the expected headwinds from our proactive divestiture and migration efforts that also impacted revenue by approximately 100 basis points. Meanwhile, our customer retention rate is an impressive 85% and over 50% of GoDaddy's customers have two or more products with us.

我們的客戶數量略有下降，降至 2,090 萬美元，反映出我們積極主動的剝離和遷移工作所帶來的預期阻力，這也對收入產生了約 100 個基點的影響。同時，我們的客戶保留率高達 85%，超過 50% 的 GoDaddy 客戶擁有兩種或更多我們的產品。

For our high margin applications and commerce segment, we drove 24% growth. In bookings and 15% growth in revenue to $406 million, delivering at the high end of our guided range. Growth in revenue and bookings was largely due to the continued strong performance of our growth initiatives across all major applications and commerce product offerings, particularly our productivity Solutions

對於我們的高利潤應用程式和商業領域，我們實現了 24% 的成長。預訂量和收入成長 15%，達到 4.06 億美元，達到我們指引範圍的高端。收入和預訂量的成長主要歸功於我們在所有主要應用程式和商業產品中的成長計劃的持續強勁表現，特別是我們的生產力解決方案

The segment, EBITDA margin improved to 44%. In addition, ARR for Applications and Commerce grew 14% to $1.5 billion. Our core platform segment delivered bookings growth of 4% and revenue growth of 3% to $719 million in line with our guided range.

該部門的 EBITDA 利潤率提高至 44%。此外，應用程式和商務的 ARR 成長了 14%，達到 15 億美元。我們的核心平台部門的預訂量成長了 4%，營收成長了 3%，達到 7.19 億美元，符合我們的指導範圍。

Core platform's performance this quarter reflected continued strength in both primary domains, up 7% and aftermarket up 10%, partially offset by hosting divestitures. Segment EBITDA margin for core platform grew to 31%. And lastly, ARR for our core platform segment was $2.3 billion, up 2%.

本季核心平台的業績反映了兩個主要領域的持續強勢，成長了 7%，售後市場成長了 10%，部分被託管資產剝離所抵銷。核心平台的部門 EBITDA 利潤率成長至 31%。最後，我們核心平台細分市場的 ARR 為 23 億美元，成長 2%。

One quick update on domains under management. This quarter in connection with the work related to our brand migration efforts, we determined that domains under management were overstated at the end of Q4 2023 by approximately 1.4 million domains, primarily related to European TLDs.

關於所管理域的快速更新。本季度，在與我們的品牌遷移工作相關的工作中，我們確定截至 2023 年第四季度末，所管理的域名被誇大了約 140 萬個域名，主要與歐洲 TLD 相關。

Following correction of this disclosure, coupled with the impact from the divestiture completed at the end of Q1 domains under management as of June 30 were approximately 82.1 million domains. While we understand this metric may be closely followed, this is not a key operating or financial metric, and it does not impact our forecast or progress towards our North Star.

更正本揭露後，加上第一季末完成的剝離的影響，截至 6 月 30 日，管理下的網域數量約為 8,210 萬個。雖然我們知道這項指標可能會受到密切關注，但這不是關鍵的營運或財務指標，它不會影響我們的預測或實現北極星的進展。

Moving to profitability. Normalized EBITDA grew 25% to $332 million and delivered an expanded margin of 29%, up over 400 basis points and exceeding our guide. On bookings, we delivered 11% growth in the second quarter on a reported and constant currency basis, achieving $1.3 billion. As a reminder, bookings primarily represent the cash collected during the period.

轉向盈利。標準化 EBITDA 成長 25%，達到 3.32 億美元，利潤率擴大 29%，成長超過 400 個基點，超越我們的指導。在預訂方面，以報告和固定匯率計算，我們第二季的預訂量增加了 11%，達到 13 億美元。提醒一下，預訂量主要代表該期間收取的現金。

Subscription bookings grew over 3 points ahead of subscription revenue. Unlevered free cash flow for the quarter grew 30% to $369 million and free cash flow grew 35% to $323 million. Capital expenditures were down 52% from data center divestitures. Through July 30, we repurchased 4.1 million shares year to date, totaling $521 million.

訂閱預訂量成長超過訂閱收入 3 個百分點。本季無槓桿自由現金流成長 30% 至 3.69 億美元，自由現金流成長 35% 至 3.23 億美元。資料中心剝離導致資本支出下降 52%。截至 7 月 30 日，我們年初至今回購了 410 萬股股票，總額達 5.21 億美元。

Cumulative shares repurchased under our current authorizations totaled $3.1 billion and 38.3 million shares. We have $915 million remaining under our current authorization. We have reduced gross shares outstanding since January 2022 by 23% ahead of our three year target of reduction of 20%.

根據我們目前的授權，累計回購的股份總額為 31 億美元，回購股份數量為 3,830 萬股。我們目前的授權還剩 9.15 億美元。自 2022 年 1 月以來，我們已將流通股總額減少了 23%，提前實現了減少 20% 的三年目標。

We had 145 million fully diluted shares outstanding at the end of the quarter. As we have shared previously, we plan to be in the market every quarter, subject to market conditions and other factors with a minimum offset to share-based compensation dilution. On our balance sheet, we finished Q2 with $445 million in cash and total liquidity of $1.4 billion. Net debt was $3.4 billion, representing net leverage of 2.4 times on a trailing 12 month basis.

截至本季末，我們擁有 1.45 億股完全稀釋後的已發行股票。正如我們之前所分享的，我們計劃每個季度都會進入市場，具體取決於市場狀況和其他因素，並以最低限度抵消基於股票的薪酬稀釋。在我們的資產負債表上，第二季末我們的現金為 4.45 億美元，流動資金總額為 14 億美元。淨債務為 34 億美元，過去 12 個月的淨槓桿率為 2.4 倍。

Shifting to our outlook, given our strong performance in the first half of the year, we are raising our full year revenue guidance. We now expect the full year's revenue to be between $4.525 billion and $4.565 billion, representing growth of approximately 7% at the midpoint.

轉向我們的前景，鑑於我們上半年的強勁表現，我們正在上調全年收入指引。我們目前預計全年營收將在 45.25 億美元至 45.65 億美元之間，中位數成長約 7%。

We are targeting Q3 total revenue in the range of $1.13 billion to $1.15 billion, also representing growth of approximately 7% at the midpoint of our range. We are also raising our expectations for application and commerce to deliver mid-teens growth for Q3 and the full year.

我們的第三季總營收目標為 11.3 億美元至 11.5 億美元，也代表我們的範圍中點成長約 7%。我們也提高了對應用程式和商業的期望，以實現第三季和全年的中位數成長。

In our core platform segment, we expect revenue to deliver low single digit growth in the third quarter and full year. With our proven track record of margin expansion, we are committed to maintaining our operational discipline to drive further leverage in our model. We expect normalized EBITDA margin for Q3 to be approximately 29%.

在我們的核心平台領域，我們預計第三季和全年營收將實現低個位數成長。憑藉我們在利潤率擴張方面的良好記錄，我們致力於維持我們的營運紀律，以進一步推動我們模型的槓桿作用。我們預計第三季標準化 EBITDA 利潤率約為 29%。

Additionally, we remain on track to deliver a 31% normalized EBITDA margin in Q4 and approximately 29% for the full year. Given our nearly 1:1 normalized EBITDA to free cash flow conversion ratio. We are also raising our unlevered free cash flow targets, $1.45 billion-plus and free cash flow target to $1.3 billion-plus. We remain committed to our disciplined capital allocation approach, and we will continue to evaluate all opportunities for shareholder return according to our rigorous returns-based framework.

此外，我們仍有望在第四季度實現 31% 的正常化 EBITDA 利潤率，全年實現約 29% 的正常化 EBITDA 利潤率。鑑於我們的標準化 EBITDA 與自由現金流轉換比率接近 1:1。我們也將無槓桿自由現金流目標提高至 14.5 億美元以上，並將自由現金流目標提高至 13 億美元以上。我們仍然致力於嚴格的資本配置方法，並將繼續根據我們嚴格的基於回報的框架評估股東回報的所有機會。

We have made impressive progress driving profitable growth in line with our North Star in the first half of 2024, and we remain dedicated to the path we laid out at our Investor Day. Executing on our strategy with a combination of durable top line growth and expanded profitability. Our substantial cash generation, strong balance sheet and disciplined capital allocation framework are important pillars of our investment thesis that create enduring value for our shareholders.

我們在推動獲利成長方面取得了令人印象深刻的進展，與 2024 年上半年的北極星目標一致，並且我們將繼續致力於我們在投資者日制定的道路。執行我們的策略，將持久的收入成長和擴大的獲利能力結合在一起。我們大量的現金產生、強勁的資產負債表和嚴格的資本配置框架是我們為股東創造持久價值的投資理念的重要支柱。

With that, we will have Christie Masoner from our Investor Relations team open up 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. (Event Instructions)

謝謝，馬克。（活動須知）

Josh Beck, Raymond James.

喬許貝克，雷蒙德詹姆斯。

Thank you so much for taking the question. I wanted to just start with A&C bookings rising from the low to mid-20s this quarter, maybe help us think through and unpack the major drivers you obviously cited bundling and productivity and how those can maybe changes as we look ahead and then related, anything that we need to be cognizant of when we think about comps for A&C bookings in the second half and into '25 as well. (multiple speakers)

非常感謝您提出這個問題。我想從本季A&C 預訂量從低位上升到20 多歲左右開始，也許可以幫助我們思考和解開您明顯提到的捆綁和生產力的主要驅動因素，以及當我們展望未來和相關的任何事情時，這些因素可能會如何變化當我們考慮下半年以及 25 年 A&C 預訂的補償時，我們需要認識到這一點。（多個發言者）

Hi, Josh, thanks for the question. Super excited about the momentum in A&C bookings, 24% growth. And we're bringing bring to the table the full power of the GoDaddy scale and data as part of a GoDaddy software platform. So whether it's pricing and bundling or seamless experience improvements or commerce, and obviously, they're all helping A&C growth.

嗨，喬什，謝謝你的提問。對 A&C 預訂量成長 24% 的勢頭感到非常興奮。作為 GoDaddy 軟體平台的一部分，我們將充分發揮 GoDaddy 規模和數據的全部功能。因此，無論是定價和捆綁還是無縫體驗改進或商務，顯然它們都有助於 A&C 的成長。

And we're bringing these capabilities to a broader set of our product suite. So, as we look into the future, we continue to be very excited about being able to implement these capabilities across our entire product suite in both sort of scenarios with new customers and with existing customers as well.

我們正在將這些功能引入更廣泛的產品套件中。因此，當我們展望未來時，我們仍然對能夠在新客戶和現有客戶的兩個場景中在整個產品套件中實現這些功能感到非常興奮。

And I'll let Mark take some of the financial pieces.

我會讓馬克拿走一些財務部分。

Yeah. Hi, Josh. Just to we continue to see momentum across all the product groups within E&C and for the first half of the year, Q2 following Q1 with a double digit growth in every area for bookings. And when you asked about comps, keep in mind Q2 compared to last year because it was an easier comp for us. So it did give us some benefit going forward as reported this quarter, but it doesn't change the overall momentum of the bundling that's going on.

是的。嗨，喬許。我們繼續看到 E&C 內所有產品組的成長勢頭，今年上半年，繼第一季之後，第二季每個領域的預訂量均出現兩位數成長。當您詢問比賽時，請記住與去年相比第二季度，因為這對我們來說是一個更容易的比賽。因此，正如本季度報告的那樣，它確實為我們帶來了一些好處，但它並沒有改變正在進行的捆綁銷售的整體勢頭。

Super helpful. And maybe just a quick follow-up on Airo, really helpful metrics. I think you mentioned 1 million discovered 0.5 million engaged. If we maybe double-click on that engaged group maybe what are some of the early standouts from adoption point of view? And when you think about the curve in the quarters ahead obviously, it hadn't been out that long. Is this the right cadence to think about in terms of number of customers ramping with that suite?

超有幫助。也許只是對 Airo 的快速跟進，非常有用的指標。我想你提到了 100 萬人發現了 50 萬人訂婚。如果我們雙擊那個參與的群體，從採用的角度來看，也許早期的一些突出表現是什麼？當你考慮未來幾季的曲線時，顯然，它並沒有持續那麼久。考慮到使用該套件的客戶數量不斷增加，這是正確的節奏嗎？

Yes. The new customers engaging with Airo is happening at a tremendously fast pace. I couldn't be more excited about it. I think crossing the 1 million milestone but more importantly the engagement with the product, right? We've talked about the three-step process of discovery, engagement then monetization. And for new customers we're really seeing good news there.

是的。與 Airo 互動的新客戶正在以極快的速度出現。我對此感到非常興奮。我認為跨越 100 萬個里程碑，但更重要的是與產品的互動，對嗎？我們討論了發現、參與和貨幣化的三步驟過程。對於新客戶來說，我們確實看到了好消息。

As I talked about in the prepared remarks we're starting to add paywalls and monetizing a little bit on the new customers. But we're going to learn a lot more about that when those customers come up for renewal, right?

正如我在準備好的評論中談到的那樣，我們開始添加付費專區並透過新客戶進行貨幣化。但當這些客戶提出續訂時，我們會了解到更多相關信息，對吧？

And you asked about the areas where we see the most engagement. One of the areas where we're seeing the most engagement is actually with website. A lot more domain customers sort of discovering the fact that GoDaddy has not just website capability, but automated AI capabilities to just build a one-page website for them, which now they can actually customize a little bit too. So customers are really I think enjoying this, and our view is that that engagement is going to sort of lead to more monetization option in the future.

您詢問了我們參與度最高的領域。我們看到參與度最高的領域之一實際上是網站。更多的網域客戶發現 GoDaddy 不僅擁有網站功能，而且還具有自動化 AI 功能，可以為他們建立一個單頁網站，現在他們實際上也可以進行一些自訂。因此，我認為客戶真的很喜歡這一點，我們認為這種參與將在未來帶來更多的貨幣化選擇。

And then of course, we have the very large base of existing customers to bring Airo too and that's a slightly different go-to-market motion, but ultimately, it's the same discovery engagement and then monetization and sort of our energy is going to be more and more focused on the existing as the new does better and better. In terms of overall time line, it actually mirrors very well. If you go back and look at our comments rollout first with you and then with existing. So we feel pretty good about it.

當然，我們也有非常龐大的現有客戶群來引入 Airo，這是一個略有不同的上市動向，但最終，這是相同的發現參與，然後貨幣化和我們的精力將是隨著新事物做得越來越好，人們越來越關注現有事物。從整體時間軸來看，其實反映得非常好。如果您回去查看我們的評論，請先與您一起查看，然後再查看現有的評論。所以我們對此感覺很好。

Great to hear you. Thank you Aman and Mark.

很高興聽到你的聲音。謝謝阿曼和馬克。

Thanks, Josh.

謝謝，喬許。

Trevor Young, Barclays.

特雷弗楊，巴克萊銀行。

Great, thanks. First one, just on aftermarket, solid double digit growth there with it looks like about 20 points coming from ATV. Is the strength there becoming a bit more durable or broad-based in your view, maybe extending to the larger piece of that business where it's like sub $10,000 domains? Or is it more about just a narrow view in a high price transactions, skewing the trends upwards? And then what's baked into guide for the back half of the year for aftermarket?

太好了，謝謝。第一個，就售後市場而言，穩定的兩位數成長，看起來來自 ATV 大約 20 個百分點。在您看來，該領域的優勢是否變得更加持久或更廣泛，也許會擴展到該業務的更大部分，例如價值低於 10,000 美元的域名？還是只是對高價交易的狹隘看法，導致趨勢向上傾斜？那麼下半年的售後市場指南有哪些內容呢？

Yeah. Thanks, Trevor. We're seeing strength, I would say overall in the volume related to aftermarket, and we've talked about that coming into the year and obviously it's continued through Q2. We are seeing the return of larger transactions in the first half of the year are harder to predict. We do believe that macro impacted related to those larger transactions, but they were definitely stronger in the first half of this year versus what we saw last year.

是的。謝謝，特雷弗。我想說的是，我們看到了與售後市場相關的整體銷量的強勁勢頭，我們已經討論過這一點將進入今年，顯然它會持續到第二季​​度。我們發現上半年較大交易的報酬更難以預測。我們確實認為宏觀影響與這些較大的交易有關，但與我們去年看到的相比，今年上半年的影響肯定更強。

As far as the guide going forward, we continue to call, we can see in front of us. It's hard to predict those large transactions. So we don't plan on them being there in any way, shape or form. And they come in kind of hard and fast and closed pretty quickly when they do come in. So again, we tried to be prudent and just call based on the volume we're seeing at the lower end and we continue to think that overall this.

至於前方的指引，我們繼續呼喚，就能看見前方。很難預測這些大額交易。所以我們不打算讓它們以任何方式、形狀或形式出現。它們來得又猛又快，而且進來後很快就關閉了。因此，我們再次嘗試謹慎行事，只是根據我們在低端看到的交易量來跟注，我們仍然認為總體而言是如此。

This platform will be a lower single digit grower over time, although we may see volatility from quarter to quarter based on some of these larger transactions.

隨著時間的推移，該平台的成長速度將降低至個位數，儘管我們可能會看到基於其中一些較大交易的季度波動。

That's helpful. And just as a follow up on the free cash flow guide. It looks like raising the unlevered free cash flow for the full year, $150 million and regular free cash flow about $200 million. Can you distill the drivers of that change or rank order them? Is it the stronger flowthrough of the top line or maybe stronger bookings or any onetime items to be mindful of?

這很有幫助。就像自由現金流指南的後續行動一樣。看起來全年無槓桿自由現金流將增加 1.5 億美元，常規自由現金流將增加約 2 億美元。您能否提煉出該變化的驅動因素或對它們進行排序？是營收的流量增加，還是預訂量增加，或有任何需要注意的一次性項目？

Yeah. I wouldn't say there's any one thing to call out. It is continued strong bookings, our continued normalized EBITDA and interest as well because we repriced some of our debt. So that's on the free cash flow part of it. But it's a combination of just better momentum across the board in translating into our free cash flow and unlevered free cash flow.

是的。我不會說有任何一件事值得指出。這是持續強勁的預訂量、我們持續正常化的 EBITDA 和利息，因為我們重新定價了一些債務。這就是自由現金流部分。但這是全面更好的勢頭的結合，轉化為我們的自由現金流和無槓桿自由現金流。

Great. Thank you, Mark.

偉大的。謝謝你，馬克。

Jian Li, Evercore.

李健，Evercore。

Great. Thanks a ton for taking the question and congrats on a really nice quarter here. I want to circle back on the A&C bookings. Can you is that booking strength primarily coming from the productivity pricing? Or is Airo conversion or Airo driven conversion improvement a big part of that acceleration as well? And if you can talk a little bit about just the top of funnel that you're seeing going into A&C just given the current macro backdrop?

偉大的。非常感謝您提出問題，並祝賀您度過了一個非常美好的季度。我想回顧一下 A&C 預訂。您認為預訂量的成長主要來自生產力定價嗎？或者 Airo 轉換或 Airo 驅動的轉換改進也是加速的重要組成部分？您能否簡單談談在當前宏觀背景下您看到的進入 A&C 的漏斗頂部？

Yeah. Maybe we'll take a bit of that, Jian. Thanks for the question. On A&C, all the components of A&C as Mark said contributing to the growth. Of course, it's being led by productivity as we stated in our remarks, but GPV continues to grow very well. Our website business continued to grow very well as well.

是的。也許我們會接受一點，Jian。謝謝你的提問。在 A&C 方面，正如 Mark 所說，A&C 的所有組成部分都對成長做出了貢獻。當然，正如我們在評論中所說，它是由生產力主導的，但 GPV 繼續成長得非常好。我們的網站業務也持續成長良好。

With respect to Airo, Airo even though we love the engagement and the discovery for new customers, it's still very small in terms of a contributor on the monetization side. So you're not really seeing much of Airo. And maybe I'll ask Mark to touch on that a bit more, and come back to the last bit of your question.

就 Airo 而言，Airo 儘管我們喜歡新客戶的參與和發現，但就貨幣化的貢獻而言，它仍然很小。所以你並沒有真正見到艾羅。也許我會請馬克再談一下這個問題，然後回到你問題的最後一點。

That's right. We are entering the monetization, but it's really early stage to have a meaningful impact on Q2. I don't have enough data points to really build in anything related to our guide or forecast related to it. But the early signs are very positive, and we are starting to cross into seeing data around monetization today.

這是正確的。我們正在進入貨幣化階段，但對第二季產生有意義的影響還處於早期階段。我沒有足夠的數據點來真正建立與我們的指南或與之相關的預測相關的任何內容。但早期跡象非常積極，我們今天開始看到有關貨幣化的數據。

And then just on the macro, Q2 continued to be pretty steady in terms of demand coming in the door. And obviously, we have the global footprint, so it's a little bit different by region. But broadly, I would say was a steady quarter in terms of macro.

然後就宏觀而言，第二季的需求持續保持相當穩定。顯然，我們的業務遍及全球，因此不同地區的情況略有不同。但總的來說，我想說的是，就宏觀而言，這是一個穩定的季度。

Got it. And if I may ask a follow-up on the margins. So an EBITDA margin beat this quarter, but you're maintaining the full year guide. Is there some sort of timing in terms of expenses like shifting to the back half or -- you know, if you continue to see upside in margins, would you expect to kind of flow that through to the bottom line or any sort of reinvestment that's that you're thinking as well?

知道了。我是否可以詢問一下後續情況。因此，本季的 EBITDA 利潤率超過了預期，但仍維持全年指引。在費用方面是否有某種時機，例如轉移到後半部分，或者 - 你知道，如果你繼續看到利潤率上升，你是否期望將其流向利潤或任何形式的再投資你也在想嗎？

Nothing to call out at this point. We're on a good pace. We're continuing to expand our margins as we said we would. There's nothing in particular we have to call out right now. Everything is on track and we are on track for the 31% exit rate that we had talked about at the beginning of the year.

此時沒有什麼好說的。我們進展順利。正如我們所說的那樣，我們將繼續擴大利潤。我們現在沒有什麼特別需要指出的。一切都步入正軌，我們正朝著年初談到的 31% 的退出率邁進。

Thanks.

謝謝。

Elizabeth Porter, Morgan Stanley.

伊莉莎白‧波特，摩根士丹利。

Hi. Thank you so much. I had a quick follow-up on GABI. I noticed that you talked about GABI is highlighting that it can serve customers more efficiently. How should we think about GABI? Is it more of a cost opportunity? Or is there a chance to turn customer service to actually more into a revenue centre as guide can drive better upsell and cross-sell?

你好。太感謝了。我對 GABI 進行了快速跟進。我注意到您談到GABI強調它可以更有效地為客戶服務。我們該如何看待GABI？這更多的是一個成本機會嗎？或者是否有機會將客戶服務實際上更多地轉變為收入中心，因為指導可以推動更好的追加銷售和交叉銷售？

Yeah. Thanks Elizabeth. Our core ethos around whether it's GABI or all of our capabilities in [Care] is that we always want to provide a superior experience at the same or lower cost, right? And in GABI we're super focused on making the guide slowly into a super guide. And whether it's the service side or support side or the sales side GABI is able to partner with the guide and allow them to explore things with the customer that otherwise it may be difficult because GABI has access to a lot more data given our scale.

是的。謝謝伊麗莎白。無論是 GABI 還是我們在 [Care] 方面的所有能力，我們的核心理念都是我們始終希望以相同或更低的成本提供卓越的體驗，對吧？在 GABI 中，我們非常專注於讓指南慢慢成為超級指南。無論是服務方、支援方還是銷售方，GABI 都能夠與指南合作，讓他們與客戶一起探索事物，否則可能會很困難，因為考慮到我們的規模，GABI 可以獲得更多的數據。

Of course on the sales side, Care continues to drive 9% of our bookings. We get a lot of calls and we've got 14 million contacts, 6,200 guides and GABI has access to all of that information to just make the guide better and better. So you'll see both. You'll see improved customer experience and you'll see more leverage on the cost.

當然，在銷售方面，Care 繼續推動我們 9% 的預訂。我們接到很多電話，我們有 1,400 萬個聯繫人、6,200 名導遊，GABI 可以訪問所有這些信息，以使指南變得越來越好。所以你會看到兩者。您將看到客戶體驗得到改善，並且您將看到更多的成本槓桿。

Great. And then a follow-up on the A&C bookings. It sounds like momentum there can be pretty durable with multiple factors driving the growth. I'm hoping, if you could share any finer points on more specifically the pricing and bundling strategy about how broadly it's been rolled out whether from the product portfolio side or the customer base side. Just to understand the durability of this growth driver. Is there anything that you should roll out over the course of the year, or it could actually be a multiyear tail end?

偉大的。然後是 A&C 預訂的後續行動。聽起來，由於多種因素推動成長，這種勢頭可以相當持久。我希望您能更具體地分享有關定價和捆綁策略的任何細節，以及無論是從產品組合方面還是從客戶群方面推出的範圍。只是為了了解這個成長動力的持久性。有什麼是你應該在這一年中推出的，或者它實際上可能是多年的尾聲？

Yeah. As we talked a little bit about in the Investor Day, Elizabeth, we see the pricing and bundling initiative as a multiyear initiative for us. So while productivity is leading the way this year and other products and bundles are a little bit behind it, we expect that over the next few years we'll be able to apply the same tools and capabilities across the GoDaddy suite.

是的。正如我們在投資者日談到的那樣，伊麗莎白，我們將定價和捆綁計劃視為我們的多年計劃。因此，雖然今年生產力處於領先地位，而其他產品和捆綁包稍顯落後，但我們預計在未來幾年內，我們將能夠在 GoDaddy 套件中應用相同的工具和功能。

It's really about capturing all the data, all the customer insight into the GoDaddy software platform being able to drive and bring the customer the unique offering that works for them. And as we do that more and more we actually think it's going to become stronger over time. So yes we're looking forward to pricing in bundle and seamless experience trying to working together over multiple years.

這實際上是為了捕獲所有數據以及對 GoDaddy 軟體平台的所有客戶洞察，從而推動並為客戶帶來適合他們的獨特產品。隨著我們越來越多地這樣做，我們實際上認為它會隨著時間的推移而變得越來越強大。所以，是的，我們期待捆綁定價和無縫體驗，嘗試多年合作。

And just keep in mind, too, it's for new and renewals. So as renewals come up, if you have the ability to sell into the existing customer base and that becomes a compounding factor. So more bundles, more renewals keep ongoing. That's why we think it's going to be a multiyear journey.

請記住，它適用於新的和續訂。因此，隨著續訂的出現，如果您有能力向現有客戶群進行銷售，那麼這將成為一個複合因素。因此，更多的捆綁包、更多的續訂仍在繼續。這就是為什麼我們認為這將是一個多年的旅程。

And I think another console play a little bit. We're coming into some harder comps in the second half of the year. But overall, the way we look at the return from these tools and they're continuing to set the pace for the company. Overall bookings are pacing ahead by 1 point or 2 of revenue and that that sets us up very clearly for the next year in the future as well.

我認為另一個控制台可以玩一點。我們將在今年下半年進行一些更艱難的比賽。但總的來說，我們看待這些工具回報的方式以及它們繼續為公司設定步伐。整體預訂量比收入成長一兩個百分點，這也為我們明年的未來奠定了非常明確的基礎。

Great, thank you so much and congrats on a strong quarter.

太好了，非常感謝，並祝賀本季表現強勁。

Thanks, Elizabeth.

謝謝，伊麗莎白。

Vikram Kesavabhotla, Baird.

維克拉姆·凱薩瓦博特拉，貝爾德。

Hi, can you hear me?

嗨，你聽得到我說話嗎？

Yes. Hi Vik.

是的。嗨維克。

Okay, great. Hey, thanks. I just wanted to ask first on capital allocation. Mark, going back to the Investor Day you talked about kind of three main priorities in terms of the use of cash across repurchases, debt paydowns and acquisitions. I just wanted to clarify where do repurchases currently rank within those uses of capital today?

好的，太好了。嘿，謝謝。我只是想先問一下資本配置。馬克，回到投資者日，您談到了在回購、債務償還和收購中使用現金的三個主要優先事項。我只是想澄清目前回購在資本用途的排名如何？

And how do you do that in terms of priority or most attractive uses of cash flow right now? And then my second question, I wanted to put a finer point on the A&C bookings growth comments. That number has accelerated now a few quarters in a row. I realize you don't guide to a specific number on that.

就目前現金流的優先或最有吸引力的用途而言，您如何做到這一點？然後是我的第二個問題，我想對 A&C 預訂成長評論進行更詳細的闡述。這個數字現在已經連續幾個季度加速。我知道你沒有提供具體的數字。

But as we look at the third quarter directionally, I mean should that continue to accelerate from the second quarter levels? Or should we expect it to moderate? And if you could talk through some of the puts and takes there that would be great. Thanks.

但當我們從方向上看待第三季時，我的意思是，這是否應該繼續從第二季的水平加速？或者我們應該期待它會緩和嗎？如果你能談論一些看跌期權和看跌期權，那就太好了。謝謝。

Thanks. I'll start. I'm sure, Aman will add it on here. Our capital allocation strategy remains the same. We're going to look at it from quarter to quarter. We've laid out our North Star and our North Star continues to be our ability to generate free cash flow. And obviously, look at that on a per share basis and continue to grow that at the CAGR we set out there.

謝謝。我開始吧。我確信，Aman 會在這裡添加它。我們的資本配置策略維持不變。我們將逐季度進行研究。我們已經制定了我們的北極星，我們的北極星仍然是我們產生自由現金流的能力。顯然，以每股為基礎，並按照我們設定的複合年增長率繼續增長。

Now everything we look at has to be set against that backdrop. We still believe buying back our stock is a high ROI for us and we continue to look at that from quarter to quarter based on other factors that are going on in the market. So, no change there. Active discussion quarter-to-quarter looking at what's out there and looking at the different opportunities that can really drive that LTV we talked about at Investor Day.

現在我們所看到的一切都必須以這個背景為背景。我們仍然相信回購股票對我們來說是一個很高的投資報酬率，我們將繼續根據市場上正在發生的其他因素逐季度進行研究。所以，那裡沒有變化。每個季度都進行積極的討論，著眼於現有的情況，並尋找能夠真正推動我們在投資者日討論的生命週期價值的不同機會。

On the bookings and our pace there. Now just a couple of factors. One, we expect for the year to bookings to outpace revenue by about one to two points. And that's based on the momentum we're seeing in A&C and also some of the other areas. And we think that's going to set us up nicely for 2025.

關於預訂和我們在那裡的節奏。現在只有幾個因素。第一，我們預計今年的預訂量將超過收入約一到兩個百分點。這是基於我們在 A&C 以及其他一些領域看到的勢頭。我們認為這將為我們 2025 年做好準備。

But we also will get more difficult comps as we go out throughout the year. So I want to say, the pace and the momentum are there, whether the percentages move a little bit based on tougher comps, we'll see as we go out throughout the year and into 2025. But the overall pacing is still strong and we're really happy with our ability to continue to get to that second and third products within our customer base today.

但當我們全年外出時，我們也會遇到更困難的比賽。所以我想說，節奏和勢頭就在那裡，百分比是否會因更嚴格的競爭而有所變化，我們將在全年和 2025 年中看到。但整體節奏仍然強勁，我們對今天能夠繼續在客戶群中推出第二和第三種產品感到非常高興。

Okay, great. Thank you.

好的，太好了。謝謝。

Thanks, Vik.

謝謝，維克。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞，威廉·布萊爾。

Hi. I'm Willow Miller on for Arjun Bhatia. Thanks for taking our questions. So shifting gears a bit and focusing more on commerce. In your prepared remarks, you called out the new Point of Sale and Invoicing Plus SKUs offered discount to transaction-based to merchants. Are you only offering discounted transaction fees here? Or is there opportunity for volume-based advantaged pricing in other areas to attract more and larger customers to GoDaddy payments?

你好。我是阿瓊·巴蒂亞的威洛·米勒。感謝您回答我們的問題。因此，稍微改變一下方向，更專注於商業。在您準備好的發言中，您提到了新的銷售點和發票加 SKU 為商家提供了基於交易的折扣。你們這裡只提供折扣交易費嗎？或者其他領域是否有機會採用基於數量的優勢定價來吸引更多、更大的客戶使用 GoDaddy 付款？

Thanks. Willow. As you probably remember, you know, we have the best value for money in terms of payments pricing out there, given the scrutiny being given the offering we bring to market. What these new SaaS plans do is they start to engage our customers into a deeper set of capabilities.

謝謝。柳。您可能還記得，考慮到我們推向市場的產品受到嚴格審查，我們在支付定價方面具有最佳的性價比。這些新的 SaaS 計劃的作用是讓我們的客戶開始使用更深入的功能。

And so for example, with an Invoicing Plus when customers are able to build a more custom invoice and put a logo on it or be able to emailed out that out in a very easy way and that's us just expanding what the sort of tool set that our customers can use with GoDaddy and have very, very easy way.

例如，透過 Invoicing Plus，客戶能夠製作更客製化的發票並在上面貼上徽標，或者能夠以非常簡單的方式透過電子郵件發送出去，這就是我們正在擴展的工具集類型我們的客戶可以使用GoDaddy，並且有非常非常簡單的方法。

And on the pricing piece, we've had percent pricing, meaning being an advantage for us since we came out with commerce and payments, and we'll continue to use that advantage and we absolutely look at multiple avenues as we grow this business to continue to maintain that differentiator and create the value for the customer while also creating value for the company and the shareholder.

在定價方面，我們採用了百分比定價，這意味著自從我們推出商業和支付以來，這對我們來說是一個優勢，我們將繼續利用這一優勢，隨著我們將這項業務發展到繼續保持差異化優勢，為客戶創造價值，同時為公司和股東創造價值。

Great. Thanks for taking our questions.

偉大的。感謝您回答我們的問題。

Thank you.

謝謝。

Clarke Jeffries, Piper Sandler.

克拉克·傑弗里斯，派珀·桑德勒。

Hello. Thank you for taking the question. First, a quick clarifying one, Aman, you said improved conversion by 12%. I wanted to put that in context is that 12% improved conversion as the measure of 100% of users in the funnel? Or is that an improvement of 4% higher dollar value? If you could just clarify that point first.

你好。感謝您提出問題。首先，快速澄清一下，Aman，您說轉換率提高了 12%。我想把這一點放在上下文中，是不是以 12% 的轉換率提高來衡量漏斗中 100% 的用戶？還是美元價值提高了 4%？如果你能先澄清這一點就好了。

Yes. As I noted Clarke, that I wanted to provide a data point of a controlled experiment. So that was an experiment in the path where a customer that buys a domain it's a coming soon page and we tried two or three different ways to provide a paywall to see which one engages the customer more. And it was the conversion from that free from that free coming soon page to a paid plan that increased by 12%. And that's typically on a unit basis.

是的。正如我注意到克拉克，我想提供一個受控實驗的數據點。因此，這是一個實驗，購買網域的客戶會看到即將推出的頁面，我們嘗試了兩種或三種不同的方式來提供付費專區，看看哪一種更能吸引客戶。從即將推出的免費頁面到付費方案的轉換率增加了 12%。這通常是按單位計算的。

But the main point here is that by putting ourselves in the situation where customers are engaged with Airo, we are opening up all these new possibilities where this was a website example. But as you're aware, Airo today has nine cards that customers can engage with.

但這裡的要點是，透過將自己置於客戶與 Airo 互動的情境中，我們正在開闢所有這些新的可能性，這是一個網站範例。但如您所知，Airo 現在有九張卡片可供客戶使用。

And we are improving the way we engage customers across more and more of those capabilities that are just available to them when they buy a domain name. So as we get more of that engagement, we're going to continue to share with you how we are sort of stepping into the monetization. And I wouldn't over index on any one of those pieces, it's more that how together all of those things lead to a completely different engaged customers, which we think in the long term is just very, very valuable to lifetime value.

我們正在改進吸引客戶的方式，讓他們能夠使用越來越多的功能，而這些功能只有在他們購買網域時才能使用。因此，隨著我們獲得更多的參與度，我們將繼續與您分享我們如何邁入貨幣化領域。我不會過度索引其中任何一件，更重要的是所有這些事情如何共同帶來完全不同的參與客戶，我們認為從長遠來看，這對終身價值非常非常有價值。

Understood. And then just one follow-up. You mentioned the rollout to non-English speaking countries. What is the percent of the base that is English-speaking today? I mean, we have that international versus domestic breakout, but I'd imagine there is sizable contribution there from English-speaking countries.

明白了。然後只有一個後續行動。您提到了向非英語國家的推出。今天說英語的人口比例是多少？我的意思是，我們在國際與國內方面取得了突破，但我想英語國家對此做出了相當大的貢獻。

Yeah. I don't think we've disclosed English speaking versus non, but our larger markets are English speaking. We have businesses in over -- we have customers in over 100 countries. So there is a sizable number of customers in many of those countries. There's great opportunity, because GoDaddy is still early, and we're able to bring domains customers there at our scale and with our capabilities.

是的。我認為我們沒有透露說英語和非英語的情況，但我們更大的市場是說英語的。我們的業務遍及 100 多個國家。因此，其中許多國家/地區都有大量客戶。這是一個很好的機會，因為 GoDaddy 還處於早期階段，我們能夠以我們的規模和能力將網域客戶帶到那裡。

So we continue to be excited about what it is what we're bringing to the market. In terms of our actual English markets, our biggest markets are UK, Canada and Australia. So those are our bigger businesses. So maybe you can do a bit of math if that's what you're looking for.

因此，我們仍然對我們向市場推出的產品感到興奮。就我們實際的英語市場而言，我們最大的市場是英國、加拿大和澳洲。這些是我們更大的業務。因此，如果您正在尋找的話，也許您可以做一些數學計算。

Thank you.

謝謝。

Ygal Arounian, Citi.

伊加爾·阿魯尼安，花旗銀行。

Hi, good afternoon guys. Back to A&C looking to acceleration. We got this a lot last quarter in the translation to the top line guide in particular. At this point, we're nine points ahead on the A&C bookings acceleration or A&C bookings relative to the revenue. I understand we have some tougher comps, but how should we be thinking about how that translates to maybe why aren't we seeing it more? And on the comps, do you have us disclosed what the comps are pre-4Q of 2023? I may have missed it if you did, but could help kind of help people paint the picture to the revenue translation?

嗨，大家下午好。回到 A&C 尋求加速。上個季度我們在翻譯頂線指南時就得到了很多這樣的資訊。目前，我們在 A&C 預訂加速或 A&C 預訂相對於收入方面領先 9 個百分點。我知道我們有一些更艱難的比賽，但是我們應該如何思考這如何轉化為也許我們沒有看到更多的原因？關於比較，您是否讓我們揭露了 2023 年第四季之前的比較？如果你這樣做了，我可能會錯過它，但可以幫助人們描繪出收入換算的圖像嗎？

I'll take the first half Ygal. Just a reminder, we'll be we have transaction revenue and subscriptions. And within A&C., we have a mixture of both and we saw good performance today this quarter in commerce, which is a transactional revenue, but we're also seeing good performance in the other areas which are subscription.

我會選擇上半場Ygal。只是提醒一下，我們將有交易收入和訂閱。在 A&C 內部，我們兩者兼而有之，今天本季我們在商業（交易收入）方面看到了良好的表現，但我們在訂閱等其他領域也看到了良好的表現。

So the timing of the revenue related to the bookings acceleration can be anywhere from immediately within the quarter to over a period of time and will start to contribute to revenue as we go out through further quarters.

因此，與預訂加速相關的收入時間可以是從季度內到一段時間內的任何時間，並且隨著我們進入接下來的幾個季度，將開始對收入做出貢獻。

So we saw some contribution this quarter. We'll continue to see that as we get to the rest of this year. And obviously in 2025, we'll have momentum going in there. But remember it it's a combination of both, right? So we can hit in different periods depending on the nature of the bundled transaction or they are the combination of the products they buy.

所以我們在本季看到了一些貢獻。在今年剩下的時間裡，我們將繼續看到這一點。顯然，到 2025 年，我們將有動力進入該領域。但請記住，它是兩者的結合，對吧？因此，我們可以根據捆綁交易的性質或他們購買的產品的組合，在不同的時期進行打擊。

And just Ygal, on the bookings numbers for A&C, I believe you should have Q3 and Q4, but you can always take it offline.

Ygal，在 A&C 的預訂數量上，我相信你應該有 Q3 和 Q4，但你可以隨時將其離線。

Okay. And then on the bundling. So, understanding productivity is the focus now and then there's more after is coming in the future. Maybe just a hit on what's next in the pipeline if you can? I guess, that's going to come over time. But we hear mostly about e-mail and security. Any more details around some of the key bundles that you expect to roll out I think would be really helpful. Thank you.

好的。然後是捆綁。因此，了解生產力是現在的重點，未來還會有更多內容。如果可以的話，也許只是想了解即將發生的事情？我想，隨著時間的推移，這將會實現。但我們聽到的最多的是電子郵件和安全。我認為有關您希望推出的一些關鍵捆綁包的更多詳細資訊將非常有幫助。謝謝。

Ultimately, we want to go across the board, right? But the approach is really about the customer and not about the product, right? We're trying to create value for the customer and their whole relationship with us. So all the products are going to sort of see something over the next year or two.

最終，我們想要全面推進，對嗎？但這種方法實際上是關於客戶而不是產品，對吧？我們正在努力為客戶以及他們與我們的整個關係創造價值。因此，所有產品都將在未來一兩年內有所體現。

But not making any promises, but some of the products and A&C that we're very excited about is, for example, the website business -- you know, just a couple of days in a completely unrelated to us tech grade ARPU named Airo as the number one AI website builder for micro businesses.

但不做任何承諾，但我們非常興奮的一些產品和 A&C 是，例如，網站業務 - 你知道，就在幾天前，與美國技術級 ARPU 完全無關的 Airo 為排名第一的微型企業人工智能網站建設者。

So we're definitely getting some momentum in that business. And with Airo, we think there's some great opportunity there. But that's not the only one. Our other products many of them are at significant scale and will lend themselves well to bundling in different ways.

因此，我們肯定在該業務中獲得了一些動力。對於 Airo，我們認為那裡有一些很好的機會。但這並不是唯一的一個。我們的其他產品其中許多都具有很大的規模，並且非常適合以不同的方式進行捆綁。

Yeah. The advantage we have now with the consolidated technology stack as we have the ability to see what bundles really are attractive to our customers. And we're starting to analyze that data and that starts to give us a path forward. Airo only helps that even further as we look at the behaviors and the engagement and allows us to start to position those bundles as to what value we can give to the customers.

是的。我們現在擁有整合技術堆疊的優勢，因為我們能夠了解哪些捆綁包真正對我們的客戶有吸引力。我們開始分析這些數據，這開始為我們指引前進的道路。當我們觀察行為和參與度時，Airo 只會進一步幫助我們，並讓我們開始定位這些捆綁包，以確定我們可以為客戶提供什麼價值。

And then there is a little bit of an order operations ago where we have to hit certain renewal cycles to be able to see the customer behavior right? It's not the thing that weakness, everything happened on in one quarter, one day that there is a progression of this program working over the next two, three years getting to the real value for our customers.

然後，在之前的一些訂單操作中，我們必須達到一定的更新週期才能看到客戶的行為，對嗎？這並不是弱點，一切都發生在一個季度、某一天，這個專案在接下來的兩三年內取得了進展，為我們的客戶帶來了真正的價值。

Great. Thank you.

偉大的。謝謝。

Thank you, Ygal.

謝謝你，伊加爾。

Alex Luthringer, UBS.

亞歷克斯·路斯林格，瑞銀集團。

Hi, you got Chris on the line. Just maybe going back to the attach comments, it's been a couple of quarters now that you've said that over 50% of customers have two-plus products. Just curious if you could put a finer point on existing customers versus new customers? Are the new customers -- do they have a higher propensity to go to two, four, four plus type of attach versus the existing base?

嗨，克里斯打來了。也許回到附加評論，您說超過 50% 的客戶擁有兩種以上產品已經有幾個季度了。只是好奇您是否可以對現有客戶和新客戶進行更詳細的分析？與現有基地相比，新客戶是否更傾向於選擇二、四、四以上類型的連結？

Yes, you know, Chris, we're very excited about the Airo offering, right? We're engaging customers with a lot more products right away. But the metric that Mark talks about is that's paid products. So, what we'll see happen is as we engage customers across these products when they come to those renewal cycles we expect to see sort of that number continuing to grow. But broadly our new customers adding more products has been a good trend for us.

是的，克里斯，你知道，我們對 Airo 的產品感到非常興奮，對吧？我們正在立即向客戶提供更多產品。但馬克談論的指標是付費產品。因此，我們將看到的情況是，當我們讓客戶參與這些產品時，當他們進入更新周期時，我們預計這個數字會繼續成長。但總的來說，我們的新客戶添加更多產品對我們來說是一個好趨勢。

And this has been something that building over time I think that was the metric we gave out at the end of the year. We've seen a customer new customer attachment rate, 25% faster than they were three, four years ago. And that trend continues right. Our customers are coming in with intent.

這是隨著時間的推移而建立的，我認為這就是我們在年底給出的指標。我們看到客戶的新客戶附著率比三、四年前快了 25%。而且這種趨勢仍在持續。我們的客戶是有意而來的。

They're engaging at different levels. And just to hit on the finer points of the mindset. We count that two-plus products when they pay not when they engage and the benefits, that means they can come in at a renewal come after a free trial. So it will take time, but they are definitely engaging at a higher level than we saw in the past.

他們在不同層面上參與。只是為了抓住心態的精髓。我們認為，兩種以上的產品是在他們付費時而不是在他們參與時才計算的，這意味著它們可以在免費試用後續訂。所以這需要時間，但他們的參與程度肯定比我們過去看到的更高。

Got it. Very helpful. And maybe just one follow-up on A&C incremental margins. Have been a couple of quarters where you're over 60%, (technical difficulty) it really seems like you guys are sticking to a very cost controlled approach here. Any reason why this may be one off here and not the right way to be thinking at thinking about it over the medium?

知道了。非常有幫助。也許只是 A&C 增量利潤的後續行動。已經有幾個季度超過了 60%（技術難度），看來你們確實堅持採用成本控制非常嚴格的方法。為什麼這可能是一次性的，而不是透過媒介思考它的正確方式？

There's nothing to call out on a one-off basis. This is just the three things we had talked about that would drive our profitability going forward. A&C growing which is our higher-margin business and being more of the pie over time will create a tailwind to our overall normalized EBITDA margin. As we start to tap into global talent pool, we'll use GABI more of that will create leverage within our P&L up and down. And then we continue our journey on operational simplification.

沒有什麼可以一次性提出的。這只是我們討論過的將推動我們未來獲利的三件事。A&C 業務的成長是我們利潤率較高的業務，隨著時間的推移，它所佔的份額將越來越大，這將為我們整體標準化 EBITDA 利潤率帶來推動力。當我們開始利用全球人才庫時，我們將更多地使用 GABI，這將為我們的損益上下創造槓桿作用。然後我們繼續我們的營運簡化之旅。

We're trying to make sure we're fit for purpose going forward that we're agile and we continue to have that ability to not only invest in the business and invest in new technology, but have an efficient back-office operations. So, those three pillars still remain intact. And what we're seeing now is the A&C bookings and growth really becoming that tailwind that we had talked about coming into the year.

我們正在努力確保我們適合未來的目標，我們是敏捷的，我們繼續擁有這種能力，不僅投資於業務和新技術，而且擁有高效的後台營運。因此，這三大支柱仍然完好無損。我們現在看到的是，A&C 預訂量和成長確實成為我們談到的今年的推動力。

Thanks Mark.

謝謝馬克。

Naved Khan, B. Riley.

納維德汗 (Naved Khan)，B. 萊利 (B. Riley)。

Yes, thanks. Can you hear me now? So apologies if somebody already asked this, I jumped on a little late. But a question I have is on your 3Q guidance specifically on the EBITDA guide. Why are you guiding to compression in margins quarter on quarter? And also given that the A&C continues to be the bigger piece of the business, and that's a higher margin business. Just to kind of unpack that for me. And then I have a follow-up.

是的，謝謝。現在你能聽到我說話嗎？所以很抱歉，如果有人已經問過這個問題，我有點晚了。但我有一個問題是關於你們的第三季指導，特別是 EBITDA 指南。您為何指導逐季度壓縮利潤率？而且考慮到 A&C 仍然是業務中較大的一部分，而且這是一項利潤率更高的業務。只是為了幫我解開它。然後我有一個後續行動。

Yes, I think we're happy with our margin expansion through the year. We continue to look at opportunities and look at product mix and handle the momentum is moving. We overperformed in Q2 on our margin. We believe that will continue into Q3 the same levels. And obviously, we talked about our Q4 exit rate will remain at a at a 31%, keeping us at 29% for the year because our bookings are doing well.

是的，我認為我們對今年的利潤率擴張感到滿意。我們繼續尋找機會、專注於產品組合併處理正在移動的勢頭。我們在第二季的利潤率上表現出色。我們相信第三季將繼續保持相同水準。顯然，我們談到第四季度的退出率將保持在 31%，全年保持在 29%，因為我們的預訂表現良好。

And obviously we've talked about are our reason our guidance related to revenue, a lot of that, that percentage falls to the bottom line on an absolute dollar and allow us to feel good about raising our free cash flow and unlevered free cash flow guidance as well.

顯然，我們已經討論過我們的指導與收入相關的原因，其中很多，該百分比下降到絕對美元的底線，使我們對提高自由現金流和無槓桿自由現金流指導感到滿意以及。

Got it. And then Aman, on your comments about now having like nine cards and Airo I think you started with maybe [5 or 6], if I remember correctly. Have you seen an improvement in conversion every time you add a card and then optimize the experience around that? Just give us some color around these launches and what the effect is on conversions on attach rates?

知道了。然後阿曼，關於你現在有九張牌和 Airo 的評論，如果我沒記錯的話，我想你可能是從 [5 或 6] 開始的。每次添加卡片並圍繞其優化體驗時，您是否發現轉換率有所提高？請給我們一些關於這些發布的信息，以及它們對附加率轉換的影響是什麼？

Now they're picking on a really interesting thing where as we introduce more, we've got to be very careful to keep the experience simple for our customers. So actually there are a number of experiments that continue to evolve what the cards look like to get higher engagement with the customers. There's all sorts of different things from cards disappearing to changing the order to growing out to saying it's done. The teams are trying lots and lots of different combinations.

現在，他們選擇了一件非常有趣的事情，當我們推出更多產品時，我們必須非常小心，讓客戶的體驗保持簡單。因此，實際上有許多實驗不斷改進卡片的外觀，以提高與客戶的互動度。有各種各樣的事情，從卡片消失到改變順序，再到長大到說已經完成。團隊正在嘗試很多很多不同的組合。

And frankly there is more we want to include in Airo. And only when we make this simpler can we add the new things. So yes, that's a constant area of focus for us, but it's also the beauty of our scale, right? We have a breadth of products that we can bring to our customers. That's a lot of value we can pack in with a humble domain name.

坦白說，我們還想在 Airo 中包含更多內容。只有當我們讓這個變得更簡單時，我們才能添加新的東西。所以，是的，這是我們持續關注的領域，但這也是我們規模之美，對吧？我們可以為客戶提供廣泛的產品。我們可以用一個不起眼的域名來體現很多價值。

And if we can get the discovery and the engagement we can get the monetization. And at our scale we're doing lots and lots of experiments. We have teams that are well trained in understanding how to do this work well. And we're pretty excited about it. That's one of the reasons as Mark likes to say that Airo might be small today and it's not in our guide, but we are very excited about what it represents in the future for us.

如果我們能夠獲得發現和參與，我們就能獲得貨幣化。以我們的規模，我們正在做很多很多的實驗。我們的團隊訓練有素，了解如何做好這項工作。我們對此感到非常興奮。這就是 Mark 喜歡說的 Airo 今天可能很小並且不在我們的指南中的原因之一，但我們對它對我們未來的意義感到非常興奮。

So maybe just sort of to follow up on that. If I ask you, where are you on that journey with Airo if it's a nine-inning game? How would you kind of place yourself?

所以也許只是跟進一下。如果我問你，如果這是一場九局比賽，你和 Airo 的旅程在哪裡？你會如何定位自己？

We are in early inning, Naved.

我們正處於第一局初期，納維德。

If I could add to that, I was going to say we're in the first pitch right now. So there's a there's a lot to go and a lot of a lot of exciting things going on there.

如果我可以補充一點的話，我想說我們現在正處於第一階段。所以還有很多事情要做，還有很多令人興奮的事情正在發生。

Excellent. Thank you, guys.

出色的。謝謝你們，夥計們。

Thank you. That concludes our Q&A. I'll turn the call back to Aman for closing remarks.

謝謝。我們的問答到此結束。我會將電話轉回給阿曼，讓他作結束語。

Thank you, Christie, and thank you all for joining and have a quick shout-out to all GoDaddy employees for Airo being named the number one website builder just recently. And I think it sets a great tone for us at the company. It's always good to see somebody recognize our work. So thank you very much and we'll see you next quarter.

謝謝 Christie，謝謝大家的加入，並感謝所有 GoDaddy 員工，因為 Airo 最近被評為第一網站建立者。我認為這為我們公司定下了很好的基調。看到有人認可我們的工作總是很開心。非常感謝您，我們下季再見。