GoDaddy Inc (GDDY) 2024 Q3 法說會逐字稿

Welcome to GoDaddy's third 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. (Event Instructions)

歡迎參加 GoDaddy 的 2024 年第三季財報電話會議。感謝您加入我們。我是投資者關係副總裁克里斯蒂·梅森納 (Christie Masoner)，今天與我在一起的是首席執行官阿曼·布塔尼 (Aman Bhutani)；財務長馬克‧麥卡弗里 (Mark McCaffrey)。（活動須知）

On today's call, we'll 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, our first (inaudible) represent year-over-year comparisons unless as 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營運和業務指標。關於我們為什麼使用非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今天的收益發布中找到，這是我們的第一個收益發布。

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 operations. These forward-looking statements are subject to risks and uncertainties that are discussed in detail in our periodic SEC filings.

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的營運策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。

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, October 30, 2024, and except to the extent required by law, we undertake no obligation to update these statements because of new information or future events.

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 10 月 30 日）的假設，除非法律要求，否則我們不承擔因新資訊或未來事件而更新這些陳述的義務。

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 all for joining us today. At GoDaddy, our mission is to empower every entrepreneurs and make opportunity more inclusive for all. Our strategy is relentlessly focused on creating customer value and transforming it to shareholder value through better conversion, attach and retention. This is the driving force behind our profitable growth model, propelling us towards our north star of maximizing free cash flow over the long term.

下午好，感謝大家今天加入我們。在 GoDaddy，我們的使命是為每位企業家賦能，並為所有人提供更具包容性的機會。我們的策略始終致力於創造客戶價值，並透過更好的轉換、附著和保留將其轉化為股東價值。這是我們獲利成長模式背後的驅動力，推動我們朝著長期最大化自由現金流的北極星前進。

Our strong Q3 results demonstrate our effective execution of this strategy, delivering both innovation and operational efficiency. We drove meaningful growth in free cash flow increasing 29% year over year, and application and commerce bookings were up 20% and normalized EBITDA margin expanded by over 400 basis points.

我們強勁的第三季業績證明了我們有效執行了這項策略，實現了創新和營運效率。我們推動自由現金流顯著成長，年增 29%，應用程式和商務預訂量成長 20%，標準化 EBITDA 利潤率擴大 400 多個基點。

We are excited to share updates on our growth and margin initiatives driving success in 2024. Pricing in bundling, seamless experience, commerce and cost optimization are all ahead of schedule, driving the strong results mentioned. The enthusiasm for GoDaddy Airo continues to vibrate within our teams.

我們很高興與大家分享有關推動 2024 年成功的成長和利潤計劃的最新資訊。捆綁定價、無縫體驗、商務和成本優化都提前完成，推動了上述強勁業績。對 GoDaddy Airo 的熱情繼續在我們的團隊中激盪。

And along with an update today, we are looking forward to more live demos at our investor dinner in early December. Pricing and bundling continues to deliver solid results with productivity-focused efforts remaining a key contributor to the 20% application and commerce bookings growth this quarter.

除了今天的更新之外，我們還期待在 12 月初的投資者晚宴上看到更多現場演示。定價和捆綁銷售繼續帶來穩健的成果，以生產力為中心的努力仍然是本季應用程式和商務預訂成長 20% 的關鍵因素。

As we have said before, we view the pricing and bundling initiative as a multiyear journey that led us our software platforms, vast data and machine learning capabilities allowing us to bundle solutions in a way that offers greater value to customers with pricing aligned to the value delivered.

正如我們之前所說，我們將定價和捆綁計劃視為一個多年的旅程，它引導我們擁有軟體平台、大量數據和機器學習能力，使我們能夠以一種為客戶提供更大價值的方式捆綁解決方案，並使定價與價值保持一致發表。

While our efforts this year have been concentrated on productivity solutions we will expand the initiative across more of our product suite, extending this initiative beyond the application and commerce segment. Putting a finer point on this, this means the financial impact of pricing and bundling can favorably drive growth in both AMC and core platform segments starting in Q4.

雖然我們今年的努力主要集中在生產力解決方案上，但我們將將該計劃擴展到我們更多的產品套件中，從而將該計劃擴展到應用程式和商業領域之外。更具體地說，這意味著定價和捆綁的財務影響可以從第四季度開始有利地推動 AMC 和核心平台細分市場的成長。

Our seamless exceeded expectations as we continue to remove friction in the experience and improve purchase, onboarding and renewal pads. Given our scale, even modest improvements in conversion and renewal can yield meaningful results.

我們的無縫體驗超出了預期，我們不斷消除體驗中的摩擦並改善購買、入職和續訂墊。考慮到我們的規模，即使在轉換和更新方面進行適度的改進也可以產生有意義的結果。

In Managed WordPress, we added security enhancements to all new domains attached to the platform as well as expanded AI-powered features, making it easier for customers to build and manage their websites. Additionally, with the recent launch of the GoDaddy digital marketing suite, we are giving customers an intuitive all in one product to help grow and market their businesses regardless of where their website is hosted. Features like these empower our customers to better acquire, engage and expand their own customer base.

在託管 WordPress 中，我們為附加到平台的所有新網域添加了安全性增強功能，並擴展了人工智慧驅動的功能，使客戶能夠更輕鬆地建立和管理他們的網站。此外，隨著最近推出的 GoDaddy 數位行​​銷套件，我們為客戶提供了直覺的一體化產品，幫助他們發展和行銷業務，無論他們的網站託管在哪裡。這些功能使我們的客戶能夠更好地獲取、吸引和擴大自己的客戶群。

For our commerce initiative, we continue to enhance our offering by introducing new AI-powered features that simplify operations for merchants. The two new SaaS plans we launched last quarter, [point of sale] plus and invoicing Plus have had positive adoption trends since being fully rolled out. We have set aggressive attached targets, and the team is making progress against them.

對於我們的商務計劃，我們透過引入新的人工智慧功能來簡化商家的營運，從而繼續增強我們的產品。我們上季推出的兩個新 SaaS 計劃，[銷售點] plus 和發票 Plus，自全面推出以來就呈現出積極的採用趨勢。我們設定了積極的附加目標，團隊正在朝著這些目標取得進展。

Finally, within our cost optimization initiative, we entered care interactions in 20 international markets with our new generative AI-powered conversational bot providing our customers with better instant self-service access to solutions for common issues. We found that use of this technology led to double-digit improvement in containment rates, representing a savings of over 16 million [intent] contact minutes without sacrificing customer satisfaction.

最後，在我們的成本優化計劃中，我們利用新型人工智慧驅動的對話機器人進入了 20 個國際市場的護理互動領域，為我們的客戶提供更好的即時自助服務來獲取常見問題的解決方案。我們發現，使用這項技術可以使遏制率實現兩位數的提高，這意味著在不犧牲客戶滿意度的情況下節省了超過 1600 萬分鐘的[意向]聯繫時間。

We are excited with the progress on the conversational bot and along with GABI, we expect these to continue to drive leverage in care while delivering a better experience globally. And Airo is starting to provide a magical experience to customers that we aspire to provide across every interaction.

我們對對話機器人的進展感到興奮，並與 GABI 一起，我們希望這些機器人能夠繼續推動護理領域的發展，同時在全球範圍內提供更好的體驗。Airo 開始為客戶提供神奇的體驗，我們希望在每次互動中都能提供這種體驗。

It is a compelling proof point to our multiple year journey to successfully leverage our software platform and unleash the combined power of our infrastructure, large-scale data, experimentation, AI and machine learning capabilities. With the capabilities of Airo, we evolved the domain to represent so much more. It is now a gateway to a true business-in-a-box experience, allowing our customers to go from idea to online in minutes.

這是我們多年來成功利用我們的軟體平台並釋放我們的基礎設施、大規模數據、實驗、人工智慧和機器學習能力的綜合力量的令人信服的證明。借助 Airo 的功能，我們發展了該領域以代表更多內容。現在，它已成為真正的一體化業務體驗的門戶，使我們的客戶能夠在幾分鐘內從想法變為線上。

Our teams are moving at a fast pace even before celebrating the one-year anniversary of the initial customer testing for Airo, it was available in over 180 countries globally. Nearly 3 million customers have discovered Airo with over half of them engaging with the experience.

甚至在慶祝 Airo 首次客戶測試一周年之前，我們的團隊就在快速行動，它已在全球 180 多個國家/地區推出。近 300 萬客戶發現了 Airo，其中超過一半的客戶參與了體驗。

We are pleased with the momentum in discovery and engagement and just as exciting are the proof points we are driving in Airo monetization. With many months of data, we can clearly see that the largest engage winner is website building.

我們對發現和參與的勢頭感到高興，同樣令人興奮的是我們在 Airo 貨幣化方面所推動的證據。透過多個月的數據，我們可以清楚地看到最大的參與贏家是網站建設。

Over half of engaged users published a coming soon page, which is a customizable one page website. Customers engaged with Airo are quickly becoming the largest funnel for websites plus marketing with over 40% of websites plus marketing paid subscriptions in Q3 originating with the Airo experience.

超過一半的參與用戶發布了即將推出的頁面，這是一個可自訂的單頁網站。與 Airo 互動的客戶正迅速成為網站和行銷的最大漏斗，第三季超過 40% 的網站和行銷付費訂閱源自 Airo 體驗。

Our goals with Airo are about discovery, engagement and monetization. And with these large discovery and engagement numbers and multiple paths to monetization, Airo is off to a great start. And there is so much we can do given the positive traction we are eager to expand the Airo experience across all on-ramps at GoDaddy, and we plan to increase investment in marketing initiatives to support this broader launch.

我們與 Airo 的目標是發現、參與和貨幣化。憑藉這些大量的發現和參與數量以及多種貨幣化途徑，Airo 有了一個好的開始。鑑於我們渴望在 GoDaddy 的所有入口擴展 Airo 體驗的積極推動力，我們可以做很多事情，並且我們計劃增加對行銷活動的投資，以支持這一更廣泛的發布。

So far, the customer exposed to Airo starts with a domain purchase. And in the next few weeks, we will start rolling out Airo to customers that start with a website purchase. Just as websites have become the highest attached product for domains on Airo, we expect to drive attach with other products when every website customer starts with an Airo experience.

到目前為止，接觸 Airo 的客戶都是從購買網域開始的。在接下來的幾週內，我們將開始向透過網站購買的客戶推出 Airo。就像網站已成為 Airo 上網域附加價值最高的產品一樣，我們希望當每個網站客戶開始使用 Airo 體驗時，就能推動與其他產品的附加價值。

This underscores our commitment to rapidly scaling products enabled by Airo as it continues to transform the customer experience and drive new avenues of growth. We look forward to showing you more during our upcoming investor dinner event on December 3. We plan to showcase paid tiers for Airo with premium offerings like advanced logos and imagery as well as AI-powered marketing tools to help our customers grow their businesses.

這強調了我們對快速擴展由 Airo 支援的產品的承諾，因為它不斷改變客戶體驗並推動新的成長途徑。我們期待在 12 月 3 日即將舉行的投資者晚宴活動中向您展示更多內容。我們計劃透過高級商標和圖像等優質產品以及人工智慧驅動的行銷工具來展示 Airo 的付費等級，以幫助我們的客戶發展業務。

Equally exciting, we will highlight our conversational experience to building and maintaining word press sites, which reimagines harnessing the power of WordPress through a simplified intuitive interface. We will also demo our site optimizer tool, which can inspect any website and provide actionable recommendations to improve performance with just a click.

同樣令人興奮的是，我們將重點介紹我們在建立和維護 WordPress 網站方面的對話經驗，該網站重新構想了透過簡化的直覺式介面來利用 WordPress 的強大功能。我們還將演示我們的網站優化工具，該工具可以檢查任何網站並提供可操作的建議，只需單擊即可提高效能。

While these products themselves will be brand new, they represent our continued focus on leveraging AI and machine learning and our unique scale and data to deliver magical seamless experiences for our customers. We are thrilled to give you a first look at these innovations that will drive our growth and success in the future.

雖然這些產品本身將是全新的，但它們代表了我們對利用人工智慧和機器學習以及我們獨特的規模和數據為客戶提供神奇的無縫體驗的持續關注。我們很高興讓您先了解這些創新，這些創新將推動我們未來的成長和成功。

In closing, we remain steadfastly focused on executing our key growth initiatives. I am delighted with the speed of execution and our relentless commitment to help our customers thrive. The GoDaddy team remains dedicated to propel profitable growth and create enduring shareholder value.

最後，我們仍然堅定不移地專注於執行我們的關鍵成長計劃。我對執行速度和我們幫助客戶蓬勃發展的不懈承諾感到高興。GoDaddy 團隊仍然致力於推動獲利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 delivered some Q3 results, demonstrating our disciplined execution of the strategy we shared at our recent Investor Day. Our focus on building increasing customer lifetime value through developing and delivering seamless technology that drives conversion, attach and retention is demonstrated in our financial results.

謝謝，阿曼。我們交付了一些第三季的業績，證明我們嚴格執行了我們在最近的投資者日分享的策略。我們致力於透過開發和提供可推動轉換、附加和保留的無縫技術來提高客戶終身價值，這一點在我們的財務表現中得到了體現。

In the third quarter, we drove sustained double-digit A&C revenue growth, increasing 16% as well as impressive normalized EBITDA margin expansion to 32%. We made progress toward our North Star, growing free cash flow 29% to $363 million. In addition, we continued to execute our disciplined capital allocation strategy, which focused on share buybacks, reducing our fully diluted shares outstanding to $144 million.

第三季度，我們推動 A&C 營收持續兩位數成長，成長 16%，正常化 EBITDA 利潤率令人印象深刻地擴張至 32%。我們在實現北極星目標方面取得了進展，自由現金流成長了 29%，達到 3.63 億美元。此外，我們繼續執行嚴格的資本配置策略，重點是股票回購，將完全稀釋後的流通股減少至 1.44 億美元。

Total revenue grew to $1.15 billion, up 7% on a reported and constant currency basis. For our high-margin A&C segment, we drove 20% growth in bookings and 16% growth in revenue to $423 million, in line with our guided range on the strong performance of the growth initiatives Aman spoke about earlier.

總收入增至 11.5 億美元，按報告和固定匯率計算成長 7%。對於我們的高利潤 A&C 部門，我們的預訂量增長了 20%，收入增長了 16%，達到 4.23 億美元，這符合我們對 Aman 之前談到的增長計劃的強勁表現的指導範圍。

The segment EBITDA margin for A&C improved to 46% on the strength of our high gross margin proprietary solutions partially offset by the strong performance and lower gross margin profiles of our commerce offerings and third-party solutions. A&C segment EBITDA was also boosted by significant leverage gains across all operating expenses.

由於我們的高毛利率專有解決方案的優勢，A&C 部門的 EBITDA 利潤率提高至 46%，但部分被我們的商務產品和第三方解決方案的強勁業績和較低毛利率所抵消。A&C 部門的 EBITDA 也因所有營運費用的槓桿收益顯著增長而得到提振。

Our proactive effort to simplify our infrastructure and recruit global talent were the main driving factors behind this strength. In addition, ARR for applications and commerce grew 15% to $1.6 billion. We delivered $725 million of revenue for our core platform segment representing growth in revenue and bookings of 3%, in line with our guided range.

我們積極努力簡化基礎設施並招募全球人才，這是這項優勢背後的主要驅動因素。此外，應用程式和商務的 ARR 成長了 15%，達到 16 億美元。我們的核心平台部門實現了 7.25 億美元的收入，收入和預訂量增加了 3%，符合我們的指導範圍。

Performance this quarter reflected the strength in primary domains partially offset by hosting divestitures and end-of-life migrations. Segment EBITDA margin for the core platform grew to 33% and ARR for our core platform segment grew 4% to $2.4 billion. ARPU grew 8% to $215 on a trailing 12-month basis, while our customer count declined slightly to $20.7 million.

本季度的業績反映了主要領域的實力，但部分被託管剝離和報廢遷移所抵消。核心平台的部門 EBITDA 利潤率成長至 33%，核心平台部門的 ARR 成長 4%，達到 24 億美元。 ARPU值過去 12 個月成長 8% 至 215 美元，而我們的客戶數量略有下降至 2,070 萬美元。

With the previously mentioned divestiture and migration efforts behind us, we expect to return to customer growth in 2025. Currently, our consolidated customer retention rate remains at 85% and over 50% of our customers have two or more paid products with us.

隨著前面提到的剝離和遷移工作的完成，我們預計將在 2025 年恢復客戶成長。目前，我們的綜合客戶保留率維持在 85%，超過 50% 的客戶擁有兩種或多種付費產品。

Moving to profitability. We drove expansion in normalized EBITDA in the third quarter, growing 24% and to $367 million and delivering an expanded margin of 32%, up over 400 basis points. This was driven by the gross margin tailwind noted above, coupled with operational discipline that drove leverage in our P&L. The front-loaded benefits of our 2023 restructuring, infrastructure simplification and global talent recruitment are evident, and we are pleased with these accomplishments.

轉向盈利。第三季度，我們推動正常化 EBITDA 擴張，成長 24%，達到 3.67 億美元，利潤率擴大 32%，成長超過 400 個基點。這是由上述毛利率推動的，再加上營運紀律推動了我們損益表中的槓桿作用。我們 2023 年重組、基礎設施簡化和全球人才招募的先期效益是顯而易見的，我們對這些成就感到高興。

As we look forward, we remain on track to deliver our Investor Day targets of approximately 33% by 2026. Additionally, as we look to the upcoming quarters, we expect to increase investment in marketing to support our broader launch of our Airo enabled solutions to showcase our top-rated AI website builder and capture customer demand.

展望未來，我們仍有望實現 2026 年實現投資者日約 33% 的目標。此外，展望未來幾個季度，我們預計將增加行銷投資，以支援我們更廣泛地推出支援 Airo 的解決方案，以展示我們最受好評的人工智慧網站建立器並捕捉客戶需求。

On bookings, we delivered $1.2 billion in the third quarter representing 9% growth on both a reported and a constant currency basis. Reminder, bookings primarily represents the cash collected during the period. Subscription bookings grew 2 points ahead of subscription revenue. Unlevered free cash flow for the quarter grew 25% to $399 million, and free cash flow grew 29% to $363 million.

在預訂方面，我們第三季交付了 12 億美元，按報告和固定匯率計算增長了 9%。提醒一下，預訂量主要代表期間收取的現金。訂閱預訂量成長超過訂閱收入 2 個百分點。本季無槓桿自由現金流成長 25% 至 3.99 億美元，自由現金流成長 29% 至 3.63 億美元。

Capital expenditures were down approximately 46% because of data center divestitures. Through October 28, we repurchased 5.2 million shares year to date, totaling $668 million. We repurchased 39.4 million shares for $3.2 billion under our current authorization, and we have $767 million remaining.

由於資料中心剝離，資本支出下降了約 46%。截至 10 月 28 日，我們年初至今回購了 520 萬股股票，總額達 6.68 億美元。根據目前的授權，我們以 32 億美元回購了 3,940 萬股股票，目前還剩 7.67 億美元。

We drove a 23% reduction in gross shares outstanding since January 2022, 3 points ahead of our three-year targeted reduction of 20%. At the quarter end, 144 million fully diluted shares remain outstanding. On our balance sheet, we finished Q3 with $767 million in cash and total liquidity of $1.8 billion.

自 2022 年 1 月以來，我們已將流通股總額減少了 23%，比我們的三年目標減少 20% 提前了 3 個百分點。截至季末，仍有 1.44 億股完全稀釋後流通股。在我們的資產負債表上，第三季末我們的現金為 7.67 億美元，流動資金總額為 18 億美元。

Net debt was $3.1 billion, representing a net leverage of 2 times on a trailing 12-month basis. Pivoting to our outlook. We are raising the full year revenue guide to $4.545 billion to $4.565 billion, representing growth of approximately 7% at the midpoint of our range.

淨債務為 31 億美元，相當於過去 12 個月的淨槓桿率的 2 倍。轉向我們的前景。我們將全年營收指引上調至 45.45 億美元至 45.65 億美元，相當於我們範圍中位數成長約 7%。

For the fourth quarter, we are targeting revenue between $1.165 billion and $1.185 billion, also representing growth of approximately 7% at the midpoint. In applications and commerce, we expect mid-teens revenue growth for Q4 and the full year. In core platform, we expect low single-digit revenue growth in the fourth quarter and the full year.

對於第四季度，我們的目標收入在 11.65 億美元至 11.85 億美元之間，中間值成長約為 7%。在應用程式和商業領域，我們預計第四季度和全年收入將出現十幾歲左右的成長。在核心平台方面，我們預期第四季和全年的營收成長較低。

As our track record demonstrates, we are committed to maintaining our operational discipline driving further operational leverage in our model and expanding margins. Including the additional marketing investment we expect to make in the fourth quarter, we remain on course to deliver a 31% normalized EBITDA margin.

正如我們的業績記錄所表明的那樣，我們致力於維持我們的營運紀律，推動我們模型的進一步營運槓桿並擴大利潤率。包括我們預計在第四季度進行的額外行銷投資，我們仍有望實現 31% 的正常化 EBITDA 利潤率。

Given our year-to-date performance, we are also raising our full year normalized EBITDA expectation to 30%, keeping in a (inaudible) 1:1 normalized EBITDA to free cash flow conversion ratio, we are also raising our unlevered free cash flow target to $1.475 billion plus and free cash flow to $1.325 billion plus for the full year.

鑑於我們今年迄今的業績，我們還將全年標準化 EBITDA 預期提高至 30%，保持（聽不清）1:1 標準化 EBITDA 與自由現金流的轉換比率，我們還提高了無槓桿自由現金流全年目標為14.75 億美元以上，自由現金流為13.25 億美元以上。

Our disciplined capital allocation approach remains unchanged, and we will evaluate all opportunities for shareholder return according to our rigorous and returns-based framework. We are committed to the path we outlined at our Investor Day, executing our strategy to deliver both durable top line growth and expanded profitability as we drive toward our North Star.

我們嚴格的資本配置方法保持不變，我們將根據我們嚴格的、基於回報的框架評估所有股東回報的機會。我們致力於遵循我們在投資者日概述的道路，執行我們的策略，在我們朝著北極星前進的同時，實現持久的營收成長和擴大的獲利能力。

Our robust cash generation, strong balance sheet and capital allocation framework underpin our investment thesis and power our ability to create enduring value for our shareholders. We are pleased with our progress towards our Investor Day target of $4.5 billion plus in cumulative free cash flow generation. supported by 6% to 8% annual revenue growth and expansion of our normalized EBITDA margin to 33% by 2026.

我們強勁的現金產生能力、強大的資產負債表和資本配置框架支撐著我們的投資理念，並增強了我們為股東創造持久價值的能力。我們對投資者日目標 45 億美元以及累積自由現金流產生的進展感到高興。到 2026 年，年營收成長 6% 至 8%，標準化 EBITDA 利潤率將擴大至 33%。

Lastly, we look forward to welcoming you to our annual investor dinner on December 3 in our new Tempe, Arizona headquarters. I will now turn the call over to our Vice President and Head of Investor Relations, Christie Masoner, to open the call for your questions.

最後，我們期待您參加 12 月 3 日在亞利桑那州坦佩新總部舉行的年度投資者晚宴。我現在將把電話轉給我們的副總裁兼投資者關係主管克里斯蒂·梅森納 (Christie Masoner)，以開始回答大家的問題。

Thanks, Mark. (Event Instructions) Vikram Kesavabhotla, Baird.

謝謝，馬克。（活動說明）Vikram Kesavabhotla，Baird。

I wanted to ask two questions about the applications and Commerce segment. The first one is on bookings growth. Yes, I realize you don't guide to that metric, but just wondering if you could give us any thoughts on how that could track in the fourth quarter this year and some of the puts and takes we should be considering for bookings growth as we go through the rest of the year.

我想問兩個關於應用程式和商務部分的問題。第一個是預訂量成長。是的，我知道您沒有指導該指標，但只是想知道您是否可以給我們一些關於今年第四季度如何跟踪該指標的想法，以及我們應該考慮的預訂量增長的一些看跌期權和採取的措施度過今年剩下的時間。

And then second, this is your third straight quarter now of applications and commerce, bookings growth of 20% or higher. And so I'm wondering if you could remind us of the relationship between that metric and forward revenue growth for that segment and some of the puts and takes that influence the conversion there.

其次，這是應用程式和商務預訂量連續第三個季度增長 20% 或更高。因此，我想知道您是否可以提醒我們該指標與該細分市場的遠期收入成長以及影響該部分轉換的一些看跌期權和看跌期權之間的關係。

And specifically, if I go back to the Investor Day, you talked about this segment being a low to mid-teens type of revenue grower. But just given the bookings momentum that you've seen to date, should we be thinking about a higher level of growth in the near term for that segment? It would be great to get any thoughts on those topics, and I'll leave it there.

具體來說，如果我回到投資者日，您談到該細分市場是低至中青少年類型的收入成長者。但考慮到迄今為止您所看到的預訂勢頭，我們是否應該考慮該細分市場在短期內實現更高水準的成長？如果能對這些話題有任何想法那就太好了，我會把它留在那裡。

Thanks, Vik. And a couple of things, right? One, yes, bookings acceleration can be a tailwind for us in revenue. So that is a factual statement. Things to consider when we're really looking at the difference between the two is the timing with -- especially with our A&C, we have multiple different timing depending on the product mix within that group.

謝謝，維克。還有幾件事，對吧？第一，是的，預訂加速可以成為我們收入的動力。所以這是一個事實陳述。當我們真正考慮兩者之間的差異時，需要考慮的事情是時機——尤其是對於我們的 A&C，我們有多種不同的時機，具體取決於該組內的產品組合。

For example, transactional and commerce. We have monthly terms. We have annual terms. We have multiyear terms. Do you really have to look at it on a broad spectrum of what products are being sold, what the mix is. And yes, it will help our -- be a tailwind for us on revenue in general. We're really excited about the momentum.

例如，交易和商業。我們有每月的條款。我們有年度條款。我們有多年期條款。你真的必須從廣泛的角度來看待正在銷售的產品及其組合嗎？是的，這將有助於我們——成為我們整體收入的推動力。我們對這種勢頭感到非常興奮。

Obviously, we'll talk a little bit more when we get to the Q4 earnings call (inaudible) 2025. But we're comfortable with the 6% to 8% growth we talked about over the three years. We do think for the year, overall bookings will outpace revenue by about two points and that is obviously being pushed a lot by the A&C.

顯然，當我們召開 2025 年第四季財報電話會議（聽不清楚）時，我們會多討論一些。但我們對三年來 6% 到 8% 的成長感到滿意。我們確實認為今年整體預訂量將超過收入約兩個百分點，這顯然是 A&C 推動的。

Trevor Young, Barclays.

特雷弗楊，巴克萊銀行。

Great. First, just on the pricing and bundling going forward. I think you made comments that it's an opportunity near term and core platform. Can you expand upon that a little bit? Should we assume that, that's going to happen in some of the bigger line items such as domains?

偉大的。首先，只是關於未來的定價和捆綁銷售。我認為您曾評論說這是一個近期機會和核心平台。能稍微擴充一下嗎？我們是否應該假設，這會發生在一些較大的訂單項目（例如域）中？

And then second question, aftermarket growth slowed quite a bit in 3Q, flattish year on year versus double digits earlier in the year. Was that consistent with your expectations?

第二個問題，第三季售後市場成長明顯放緩，年比持平，而今年稍早則為兩位數。這符合您的預期嗎？

And was there anything onetime there? I know it's very transactional in nature, so tough to predict, but just any color on what's going on in aftermarket would be helpful.

那裡曾經有什麼事情嗎？我知道這本質上是非常具有交易性的，所以很難預測，但是任何關於售後市場上正在發生的事情的顏色都會有幫助。

Thanks, Trevor. I can take the pricing in online approach. As we've talked about, pricing and bundling is about finding the right cohorts of customers, we can provide the right value to customers and then price along with that value. And the way we do this is that we experiment at different price points of finding the price elasticity curve.

謝謝，特雷弗。我可以採取線上定價的方式。正如我們所討論的，定價和捆綁是為了找到合適的客戶群，我們可以為客戶提供合適的價值，然後根據該價值進行定價。我們這樣做的方法是在不同的價格點進行實驗，以找到價格彈性曲線。

And then what that curve helps us do is find the right cohorts where we can balance attrition for customers, right, or let's say, retention of customers with the pricing opportunity in front of us. And that's a great balance. Right at the company, we want to drive as much growth as we can while maintaining our high customer retention rates.

然後這條曲線幫助我們找到合適的群體，在其中我們可以平衡客戶的流失，或者說，保留客戶與我們面前的定價機會。這是一個很好的平衡。在公司，我們希望盡可能推動成長，同時保持較高的客戶保留率。

So for pricing and bundling, that approach of using machine learning, using experimentation, using the scale of our data and our competitive advantages there, we can direct that way of working across our product suite and cohorts within that product suite.

因此，對於定價和捆綁，使用機器學習、使用實驗、使用我們的資料規模和我們的競爭優勢的方法，我們可以在我們的產品套件和該產品套件中的群體中指導這種工作方式。

So what we're really -- what I'm really talking about here is that we have identified other cohorts of customers that we will be applying this approach to. And some of those are going to have products that sit in the core platform, which is now going to take the benefit of pricing and bundling across both the segments.

所以我們真正要說的是，我在這裡真正談論的是，我們已經確定了我們將應用這種方法的其他客戶群。其中一些產品將位於核心平台中，該平台現在將受益於兩個細分市場的定價和捆綁。

And Trevor on aftermarket, yes. Just a reminder, it's a volatile business. We think over time, it will be a low single-digit dollar. And we always talk about there can be volatility from quarter to quarter. This quarter, it was down slightly.

特雷弗在售後市場上，是的。只是提醒一下，這是一個不穩定的行業。我們認為，隨著時間的推移，美元匯率將降至個位數。我們總是談論每個季度可能會出現波動。本季略有下降。

Nothing to call out in and of itself. We saw some pressure on valuations at the lower level, [all of] the demand seem to continue. And again, we don't control the pricing on the aftermarket. It's a buyer to seller [green jewel] pricing.

本身沒有什麼值得稱讚的。我們看到較低的估值面臨一些壓力，[所有]需求似乎仍在繼續。再說一次，我們不控製售後市場的定價。這是買方對賣方的[綠色寶石]定價。

So again, thesis still holds. We believe it will be a low single-digit grower over time, and we'll see a little bit of variability in the quarter to quarter and we'll just call it out.

再說一次，論文仍然成立。我們相信，隨著時間的推移，它將是一個低個位數的成長，我們會看到季度與季度之間的一些變化，我們只會指出這一點。

Ken Wong, Oppenheimer.

肯·黃，奧本海默。

Perfect. I just wanted to just touch on an earlier statement that you made in terms of resuming customer acquisition in 2025. Was that just generally meant as a as you anniversary the divestitures? Or should we assume a heavier pace of investments in '25 to pursue a more attractive growth opportunity?

完美的。我只想談談您之前關於 2025 年恢復客戶獲取的聲明。這通常只是作為資產剝離週年紀念日嗎？或者我們應該假設 25 年會加快投資步伐，以追求更具吸引力的成長機會？

Yes. So the first part of it is, yes, it was just to call out that we are lapping the divestitures, the integrations and the end of life we've talked about previously. And as we start to lap them throughout this year, net customer add will have -- that headwind will go away. And Aman, if you want to comment on the marketing, what we talked about.

是的。所以它的第一部分是，是的，這只是為了指出我們正在討論我們之前討論過的資產剝離、整合和生命終點。當我們今年開始對它們進行統計時，淨客戶增加將會消失。阿曼，如果你想對行銷發表評論，我們談了什麼。

Yes. Look, we're super excited, Ken, about the product portfolio we have in play right now, brought together by Airo, just an almost magical experience for our customers. We've got the product rolled out we've always had very good guardrails for our marketing spend.

是的。聽著，肯，我們對我們目前正在使用的 Airo 整合的產品組合感到非常興奮，這對我們的客戶來說幾乎是一種神奇的體驗。我們已經推出了產品，我們的行銷支出一直都有很好的護欄。

But given the product offering that we have, there's an opportunity for us to spend up in marketing, and we do expect to get more customers as a result of that. And like Mark said, there is a normalization of the divestitures and some of the actions we've taken. It also includes some actions that we took with viral offers that we have out there, and we're going to lapse on that too.

但考慮到我們提供的產品，我們有機會在行銷上投入資金，我們確實希望因此獲得更多客戶。正如馬克所說，資產剝離和我們採取的一些行動已經正常化。它還包括我們對病毒式傳播優惠採取的一些行動，我們也將放棄這一點。

Got it. And then maybe a quick follow-up on a similar question to Vikram. A&C ARR accelerated on a tougher comp. Is that something we could continue to see considering the pace of A&C bookings at that 20% level?

知道了。然後也許是對維克拉姆類似問題的快速跟進。A&C ARR 在更艱難的比賽中加速。考慮到 A&C 預訂的速度處於 20% 的水平，我們會繼續看到這種情況嗎？

Yes. So obviously, as we go into Q4 and into 2025, the strength of A&C will get harder to compare to. So on a percentage basis, we like the momentum overall that will continue. But obviously, the percentage comps get a little harder as we go on into next year.

是的。顯然，隨著我們進入第四季和 2025 年，A&C 的實力將變得更難比較。因此，從百分比來看，我們看好整體動能將持續下去。但顯然，隨著我們進入明年，百分比補償會變得更加困難。

And just to confirm, I think you have the as comparatives from last year for Q3 and Q4, and you can see the step up in Q4 comps that happens.

只是為了確認一下，我認為您有去年第三季和第四季的比較，您可以看到第四季度比較中發生的進步。

Ygal Arounian, Citi.

伊加爾·阿魯尼安，花旗銀行。

Great to see some of the early starting points with Airo and Aman called out some of these things around the engagement that we're seeing. Last quarter, you talked about -- start to put in some paywalls testing around that. I want to see how that's progressing and then maybe connecting the dots with the engagement and the expectations around moving in into the starting point of the website piece versus the domain piece.

很高興看到 Airo 和 Aman 的一些早期起點就我們所看到的參與提出了一些建議。上個季度，您談到 - 開始圍繞此進行一些付費牆測試。我想看看進展如何，然後也許將這些點與參與度以及進入網站部分與網域部分的起點的期望聯繫起來。

And are you starting to see a real financial results, presumably if -- what was it 40% of what's that spot marketing subscriptions are originating with Airo? That means yes. But maybe just help us understand that a little bit better.

您是否開始看到真正的財務結果，大概是 - 40% 的現貨行銷訂閱源自 Airo？這意味著是的。但也許只是幫助我們更好地理解這一點。

Yes. Thanks, Ygal. So the progress with goes on a time line of discovery and monetization. And Discovery is about getting Airo in front of as many customers as possible and getting them to just discover that GoDaddy has a breadth of products available to them.

是的。謝謝，伊加爾。因此，進展是沿著發現和貨幣化的時間線進行的。Discovery 的目的是讓 Airo 出現在盡可能多的客戶面前，讓他們發現 GoDaddy 為他們提供了廣泛的產品。

The engagement piece is about getting them to engage in some of those products. And you'll remember that we call those Airo cards, getting customers to click on them, engage with them, set something up. And we're seeing really good traction on discovery and engagement.

參與部分是為了讓他們參與其中的一些產品。您會記得我們將這些稱為 Airo 卡，讓客戶點擊它們、與它們互動、進行設定。我們看到發現和參與方面確實有很好的吸引力。

And what we did over the last quarter or two is that we started to put up paywalls where along with that engagement, if, for example, a customer got a coming soon page and wanted -- and was able to customize it a little bit, if they wanted to do more a paywall would appear and say, you need to buy subscription or websites plus marketing.

我們在過去一兩個季度所做的是，我們開始建立付費牆，並與這種參與一起，例如，如果客戶獲得了即將推出的頁面並想要 - 並且能夠對其進行一些定制，如果他們想做更多事情，就會出現付費專區，並說，您需要購買訂閱或網站以及行銷。

Now it is possible that, that customer would have bought it anyway, two months, three months down the line, and we would have gotten that attach. But what Airo offers is the ability for us to pay wall right there, get the customer to make that decision. And that paywall is actually connected to the 40% that I talked about today.

現在有可能，該客戶無論如何都會購買它，兩個月、三個月後，我們就會收到該附件。但 Airo 提供的是我們能夠立即付費，讓客戶做出決定。這個付費專區其實與我今天談到的 40% 有關。

And what that is about is that Airo is becoming a bigger and bigger on-ramp for our website products. And today, we have two in Airo. We have a coming (inaudible) doing really well and we have websites plus marketing subscription.

這就是說，Airo 正在成為我們網站產品越來越大的入口。今天，我們在艾羅有兩個。我們即將到來的（聽不清楚）做得非常好，我們有網站和行銷訂閱。

And as Airo becomes a bigger on-ramp, yes, of course, we're happy to see that monetization happens, but what that opens up in the future is paywalls an opportunity to sell other products because we do see in the customer behavior that customers have a need for the other offerings that we have. It's just that today, they don't discover those offerings.

隨著 Airo 成為一個更大的入口，是的，當然，我們很高興看到貨幣化的發生，但未來付費牆將帶來銷售其他產品的機會，因為我們確實在客戶行為中看到客戶需要我們提供的其他產品。只是今天，他們沒有發現這些產品。

They don't engage with those offerings, and they definitely don't see a monetization for it. But Airo is going to list do that, which is follow the customers, they have those subsequent needs with the paywalls in front of them. So this website payroll story is a very good story.

他們不參與這些產品，也絕對看不到這些產品的貨幣化。但 Airo 將列出這樣做，即跟隨客戶，他們有這些後續需求，而付費專區就在他們面前。所以這個網站薪資故事是一個非常好的故事。

It's a new -- it's, of course, an only story, and it's the first big one for Airo. But we have similar work in logos. We have similar work in images. These are things we're going to demo at the investor dinner, we have some work happening with [failings] that come with Airo and a couple of the others as well.

這是一個新故事──當然​​，這是一個唯一的故事，也是艾羅的第一個重要故事。但我們在標誌方面也有類似的工作。我們在圖像方面也有類似的工作。這些是我們將在投資者晚宴上演示的東西，我們正在針對 Airo 和其他幾個人帶來的[失敗]進行一些工作。

Okay. Great. And maybe one more on the bundling initiatives. Still, I think, if I'm understanding correctly, still majority focused on the productivity suite. You called out a few specific products in the past quarters.

好的。偉大的。也許還有一個關於捆綁計劃的問題。不過，我認為，如果我理解正確的話，大多數人仍然專注於生產力套件。您在過去幾季中提出了一些具體產品。

Maybe you could update us on where you are within productivity? And could we expect to see that come out with commerce in the coming quarter or two?

或許您可以向我們介紹一下您的生產力狀況？我們能否期望在未來一兩個季度看到這一點在商業中出現？

Yes. Our pricing and bundling, the folks working on it really have the ability to test across various customer cohorts and what they're looking for are the cohorts where we can generate the best results fastest. And the best result here means creating that customer value and then being able to monetize that value as well.

是的。我們的定價和捆綁，從事這方面工作的人員確實有能力在不同的客戶群中進行測試，而他們正在尋找的是我們能夠以最快的速度產生最佳結果的群體。這裡最好的結果意味著創造顧客價值，然後也能夠將該價值貨幣化。

So when I look across our products, we have other products to (inaudible) that are much larger in terms of the base of customers. So we think that those likely are going to offer some of the better opportunities but we'll keep you informed just like we did with productivity.

因此，當我查看我們的產品時，我們還有其他產品（聽不清楚），這些產品的客戶群要大得多。因此，我們認為這些可能會提供一些更好的機會，但我們會像我們在生產力方面所做的那樣讓您了解情況。

I think you remember last year, we did apply this thinking to multiple products. And then we said, you know what, you're going to see stronger or a large chunk of the return come from productivity because we're going to zone in on that because that's where we see the opportunity.

我想你還記得去年，我們確實將這個想法應用在多種產品上了。然後我們說，你知道嗎，你會看到更強的或很大一部分回報來自生產力，因為我們將重點關注這一點，因為這就是我們看到機會的地方。

Similarly, as we go over the next few quarters, we'll guide you better on where we're seeing that return. But our testing this year as we plan for next year is going well. And one of the things that we have shared today is that we see ourselves going across customer cohorts that now will be in A&C and in [port]. So you'll likely see a little bit different behavior going into next year than you did this year.

同樣，在接下來的幾個季度中，我們將更好地引導您了解回報的方向。但我們今年的測試和明年的計畫一樣進展順利。我們今天分享的一件事是，我們看到自己正在經歷的客戶群現在將在 A&C 和[港]。因此，明年您可能會看到與今年有所不同的行為。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞，威廉·布萊爾。

I'm Willow on for Arjun Bhatia. So just wanted to ask on macro questions. Last year, you called out you're seeing stability in your base. Can you comment if you're seeing any changes? And then also comment on any impact to net new as well, please?

我是阿瓊‧巴蒂亞 (Arjun Bhatia) 的威洛 (Willow)。所以只是想問宏觀問題。去年，您曾表示您看到自己的基礎穩定了。如果您看到任何變化，可以發表評論嗎？然後也評論一下對淨新的影響，好嗎？

Yes. Overall, on the macro, we track the metrics I think we've talked about before and if I look at my dashboard, generally, we see some good, but we're keeping a close eye on things, specially election in the US coming off. But broadly speaking, what I would say is when we think about our customer base and Mark always likes to talk about our high [attention] and I'm sure you will jump in with that.

是的。總的來說，在宏觀上，我們追蹤我認為我們之前討論過的指標，如果我看一下我的儀表板，一般來說，我們會看到一些好的結果，但我們正在密切關注事物，特別是即將到來的美國大選離開。但從廣義上講，我想說的是，當我們考慮我們的客戶群時，馬克總是喜歡談論我們的高度[關注]，我相信您會加入這一點。

We're absolutely proud of that. Well, when we look at traffic coming in the door, we continue to see good gross adds. We continue to see good traffic coming to the site. And in pockets and those pockets can be geographic, those pockets can be different customer segments.

我們對此感到非常自豪。好吧，當我們觀察進門的流量時，我們繼續看到良好的總增加。我們繼續看到網站的流量良好。在口袋裡，這些口袋可以是地理上的，這些口袋可以是不同的客戶群。

In pockets where we do see some weakness, that's more than made up by how we've improved conversion, how we've improved pricing, all the mechanics that we're applying within our seamless experience initiative. So I feel if there are a few, those are more than overcome. But broadly speaking, we continue to get good traffic, continue to get good gross adds and continue to maintain our higher retention rate for customers at 85%.

在我們確實看到一些弱點的地方，這不僅僅是透過我們如何提高轉換率、如何提高定價以及我們在無縫體驗計劃中應用的所有機制來彌補的。所以我覺得如果有些的話，這些都已經克服了。但總的來說，我們繼續獲得良好的流量，繼續獲得良好的總增加量，並繼續保持 85% 的較高客戶保留率。

Yes. And just to add, when you take out the divestitures, when you take out the decisions we made around virals and you look at the strong top of the funnel, what we are seeing is customers coming in with intent and how are we seeing it?

是的。補充一點，當你拿出資產剝離時，當你拿出我們圍繞病毒所做的決定時，你會看到漏斗的頂部，我們看到的是客戶有意圖地進來，我們如何看待它？

Well, our ARPU is increasing, ARPU is being driven by higher average order sizes from our customers when they initiate with us at the beginning. We see our customers attaching overall at a faster rate than they did years ago.

嗯，我們的 ARPU 正在增加，ARPU 是由我們的客戶在開始與我們合作時更高的平均訂單規模所推動的。我們發現我們的客戶整體上的附著速度比幾年前更快。

So when you really peel through the ins and the outs of the customers, take out the divestitures, turn off the virals, we're seeing very strong behavior with intent at the front of the funnel. Now we are always subject things like valuations in the aftermarket, and we've talked about that a lot, but the overall behavior of the funnel and the attachment is strong.

因此，當你真正深入了解客戶的來龍去脈、剝離資產、關閉病毒式傳播時，我們會看到非常強烈的行為，意圖集中在漏斗的前端。現在我們總是受到售後市場估值等問題的影響，我們已經談論了很多，但漏斗和配件的整體行為很強烈。

Got you. That's helpful. And one more follow-up, if I may. Can you comment on the bookings growth. So it looks like for A&C, it decelerated quarter to quarter. It seems like customer strength is good and pricing of tier continuing just to take acceleration like that I can understand it better.

明白你了。這很有幫助。如果可以的話，還有一個後續行動。您能否評論一下預訂量的成長？所以看起來 A&C 的成長逐季放緩。看起來客戶實力很好，層級定價繼續只是為了加速，這樣我可以更好地理解它。

So I heard the deceleration part there, and I'll address that. And maybe if you can -- if you had another part to that, let me know it was cutting out. So on the deceleration, it's tougher comps. We went from Q2 comparison in '23 to Q3 comparison in '23. It was just the most difficult comps. The momentum in and of it self is the same.

我聽到了減速部分，我會解決這個問題。也許如果可以的話——如果你還有其他部分，請讓我知道它被刪掉了。因此，在減速方面，比較困難。我們從 23 年第二季的比較轉向 23 年第三季的比較。這只是最困難的比賽。它本身的動量是相同的。

Elizabeth Porter, Morgan Stanley.

伊莉莎白‧波特，摩根士丹利。

I wanted to circle back on the pricing and bundling expanding into the core platform in Q4. And when we think about the A&C segment, you guys saw a big improvement with this strategy and growth there almost doubled.

我想回顧一下第四季度擴展到核心平台的定價和捆綁銷售。當我們考慮 A&C 領域時，你們看到了這一策略的巨大改進，並且成長幾乎翻了一番。

So how should we think about the benefit unfolding for the core segment where the bookings have been a little bit more muted in the 3% to 4% range? Is there anything we should consider about the opportunity in core being larger or smaller than what you saw with productivity?

那麼，我們應該如何看待核心細分市場所帶來的好處，因為核心細分市場的預訂量在 3% 到 4% 的範圍內略有下降？對於核心的機會比您在生產力方面看到的更大或更小，我們是否應該考慮什麼？

Yes, Elizabeth. It's a little too early to putting numbers on it. But we will definitely talk more about it in the next quarter's call and from there. Generally speaking, our approach is the same. The way we're using the data, the way we're cohorting customers, the way we're testing the price elasticity curve, the way we're creating it, the way we decide where to go on it.

是的，伊麗莎白。現在給出數字還為時過早。但我們肯定會在下個季度的電話會議中更多地討論它。一般來說，我們的做法是一樣的。我們使用數據的方式，我們將客戶分組的方式，我們測試價格彈性曲線的方式，我們創建它的方式，我們決定走向何方的方式。

All of that methodology is similar, but it takes us really getting into that customer cohort in a few weeks of executing that plan to really see what it's going to be. What we do see so far is that we are ready to start on it in Q4, but likely it will take a quarter or more for us to get that run rate going where we can talk about it with a little bit more data than we have today.

所有這些方法都是相似的，但我們需要在執行該計劃的幾週內真正進入該客戶群體，才能真正了解它會是什麼。到目前為止，我們所看到的是，我們已準備好在第四季度開始實施，但我們可能需要四分之一或更長的時間才能使運行率達到我們可以用比我們現有的數據多一點的數據來討論的水平今天。

Yes. And Elizabeth, nothing to change what we've put out there as guidance for Q4. We're talking about the initial steps of it, and then we'll talk about 2025 when we get to the fourth quarter earnings call.

是的。伊莉莎白，我們為第四季制定的指導方針沒有任何改變。我們正在討論它的初始步驟，然後當我們進行第四季度財報電話會議時，我們將討論 2025 年。

Understood. And then as a follow-up, I wanted to touch on the margin side. You referenced in the prepared remarks just increasing marketing initiatives to support the broader launch of Airo. Is that the main factor driving some of the margin contraction 31% in Q4 from 32% in Q3?

明白了。然後作為後續行動，我想談談邊緣方面。您在準備好的發言中提到只是增加行銷活動以支持 Airo 的更廣泛發布。這是導致第四季利潤率從第三季的 32% 下降 31% 的主要因素嗎？

Is there anything else to call out? And then what are some of the puts and takes up more broadly into next year? What are some of the key levers that can offset increased marketing spend around ARL?

還有什麼要喊的嗎？那麼明年更廣泛的賣權和占用有哪些呢？有哪些關鍵手段可以抵銷 ARL 行銷支出的增加？

Yes. Thanks, Elizabeth. And just a couple of high-level comments. In Q3, we benefited from a favorable product mix. Generally, we think our gross margins are going to be around 64%, give or take, 100 basis points we saw a favorable mix within Q3.

是的。謝謝，伊麗莎白。還有一些高層評論。第三季度，我們受益於有利的產品組合。總體而言，我們認為我們的毛利率將在 64% 左右，無論多少，100 個基點，我們在第三季度看到了有利的組合。

We saw -- for example, aftermarket was down about 1%, and that's a lower margin business for us. As we see our higher-margin proprietary software be a better part of the mix. Our margins will lean towards the high side. If we see transactional having strength, we'll see that towards lower.

例如，我們看到售後市場下降了約 1%，這對我們來說是利潤率較低的業務。正如我們所看到的，我們的利潤率較高的專有軟體將成為該組合中更好的一部分。我們的利潤率將偏高。如果我們看到交易強勁，我們會看到它走向更低。

So again, there will be product mix in there that will determine or impact on the gross margin. We had seen some front-loaded benefits from some of the restructuring simplification efforts we had, global recruitment we talked about hit into Q3. Those were front-end loaded and we'll continue to see those.

同樣，產品組合將決定或影響毛利率。我們已經從我們進行的一些重組簡化工作以及我們談到的第三季度的全球招聘中看到了一些前期的好處。這些是前端加載的，我們將繼續看到它們。

And then the rest is what we alluded to was the timing. We just had timing of expenses like marketing that we'll see start to pick up a little more in Q4, little on target for the 31% we talked about, but some of that was just timing and the expenses and how they're hitting.

然後剩下的就是我們提到的時機。我們剛剛確定了行銷等費用的時間安排，我們將看到第四季度開始增加一點，幾乎沒有達到我們談到的 31% 的目標，但其中一些只是時間安排、費用以及它們的影響方式。

Josh Beck, Raymond James.

喬許貝克，雷蒙德詹姆斯。

Yes. Thank you so much for the question. I wanted to go back to some of the Airo comments realizing that you had this discover, engage, monetize framework. I think the discovery element of it was up maybe 3 times quarter over quarter to $3 million.

是的。非常感謝你的提問。我想回到 Airo 的一些評論，意識到你們有這個發現、參與、貨幣化的框架。我認為其中的發現部分可能比上一季成長了 3 倍，達到 300 萬美元。

So is that -- when we think about the marketing spend that Elizabeth just asked about, is that really the key metric that we should be thinking about in terms of it really ramping up in the year? And is there some type of maybe not specific goal, but could it reach a pretty sizable could it be half of your base? Just curious on how we should be considering that.

那麼，當我們考慮伊莉莎白剛才詢問的行銷支出時，這真的是我們應該考慮的關鍵指標嗎？是否有某種類型的目標，也許不是具體的，但它可以達到相當大的目標嗎？只是好奇我們應該如何考慮這一點。

Thanks, Josh. Discovery is definitely an important matter because without the discovery metric we can't feel confident that our customers are seeing the breadth of our products, both new and existing products. But if you had to fall in on one metric and say, hey, which is the one that we really are focused on optimizing on.

謝謝，喬許。發現絕對是一件重要的事情，因為如果沒有發現指標，我們就無法確信我們的客戶能夠看到我們產品的廣度，無論是新產品還是現有產品。但是，如果您必須選擇一個指標並說，嘿，這就是我們真正專注於優化的指標。

It's really the engagement metric that we want to keep very, very healthy, and it is very, very healthy because as we spend in marketing, discovery will definitely go up but we don't want engagement as a percentage of drop downs.

這確實是我們希望保持非常非常健康的參與度指標，它非常非常健康，因為當我們在行銷上投入時，發現肯定會上升，但我們不希望參與度佔下降的百分比。

We want customers engage with this because we have data for 25 years, and we know just from our own data and the data of other companies that the engaged customers enter the monetization phase in a much more favorable manner than non-engaged customers, right? Metrics like attach conversion, do much, much better for engaged users than they do for non-engaged.

我們希望客戶參與其中，因為我們擁有25 年的數據，而且我們僅從我們自己的數據和其他公司的數據就知道，參與的客戶比不參與的客戶以更有利的方式進入貨幣化階段，對吧？像附加轉換這樣的指標對於參與的用戶來說比對於非參與的用戶要好得多。

So that's if you will, that is the quality metric. That's the thing that makes sure that our efforts are valuable and are going to create more value in the future. While I'm very happy about the multiple paths monetization for Airo, and we'll show you the paywalls and the teams are doing good stuff.

如果你願意的話，這就是品質指標。這確保了我們的努力是有價值的，並將在未來創造更多價值。雖然我對 Airo 的多路徑貨幣化感到非常高興，但我們將向您展示付費牆和團隊正在做的好事。

And the website paywall doing well and even monetization on coming soon and other being great opportunities for us. I would say, overall, in our three-year plan at the Investor Day earlier this year, we purposefully put Airo outside of the three-year planning because we wanted to build a very large mode of discovery and engagement. Because that very large mode of discovery and engagement will, we believe, generate recurrence for years to come.

網站付費專區表現良好，甚至即將推出的貨幣化以及其他對我們來說都是很好的機會。我想說，總的來說，在今年早些時候投資者日的三年計劃中，我們有意將 Airo 排除在三年計劃之外，因為我們希望建立一個非常大的發現和參與模式。因為我們相信，這種非常大的發現和參與模式將在未來幾年內重複出現。

Super helpful. And then I also wanted to follow up on this stat around double-digit payment rate improvements, I think with these GenAI bots, which I assume is something similar to a deflection rate. I wanted to clarify that.

超有幫助。然後我還想追蹤有關兩位數支付率改進的統計數據，我認為透過這些 GenAI 機器人，我認為這與偏轉率類似。我想澄清這一點。

And could that be a much larger number over time and at some point, could you see benefits with respect to the P&L? Just curious how we can think about maybe where that could head.

隨著時間的推移，這個數字是否會變得更大，在某個時候，你能看到損益表上的好處嗎？只是好奇我們如何思考這可能會走向何方。

Yes. containment rate is like a deflection rate. It really points to the sessions where a customer asked the question and the conversational bot was able to answer the customer's question in a satisfactory manner, and that been resolved in chat being forwarded to a human agent.

是的。遏制率就像偏轉率。它確實指向客戶提出問題並且對話機器人能夠以令人滿意的方式回答客戶問題的會話，並且在轉發給人工代理的聊天中解決了這個問題。

So seeing that double-digit percentage increase in the board being able to resolve the customer quality or issue is a great first step. And look, of course, whether it's this or our guide (inaudible) part, which we call GABI, these are relatively new technologies.

因此，看到董事會能夠解決客戶品質或問題的百分比成長兩位數，這是偉大的第一步。當然，無論是這個還是我們的指南（聽不清楚）部分，我們稱之為 GABI，這些都是相對較新的技術。

They're off to a great start we see great momentum in those over the next two to three years. It's our our ethos around this, and I've talked about this often. But in care, we want to provide a better experience at a lower cost.

他們有了一個良好的開端，我們看到未來兩到三年的強勁勢頭。這是我們的精神，我經常談論這一點。但在護理方面，我們希望以更低的成本提供更好的體驗。

So our expectation is that care is a line item will continue to leverage, and we will continue to provide a better and better experience for our customers. And one of the ways that we're doing that is by having better technology in care.

因此，我們的期望是，關懷是一個將繼續發揮作用的項目，我們將繼續為客戶提供越來越好的體驗。我們這樣做的方法之一是在護理方面擁有更好的技術。

That makes our guides more successful, that makes our customers more successful and while retaining some of the secret sauce of care that we have as a company.

這使我們的導遊更加成功，使我們的客戶更加成功，同時保留了我們作為一家公司所擁有的一些護理秘訣。

Ella Smith on for Alexi Gogolev, JPMorgan.

艾拉史密斯 (Ella Smith) 代表摩根大通 (JPMorgan) 的亞歷克西戈戈列夫 (Alexi Gogolev)。

So first, I have yet another question on Airo for you. So Aman, Airo is clearly a powerful open to all [gram] for new customers and it's clearly driving bookings. How are you balancing that with your ambitions to monetize the products? And when might monetization?

首先，我還有一個關於 Airo 的問題想問你。因此，Aman, Airo 顯然是一個向所有新客戶開放的強大平台，而且它顯然正在推動預訂。您如何平衡這一點與透過產品獲利的雄心？什麼時候可以貨幣化？

Ella, thanks for the question. We -- our first goal is to be the largest mode of discovery and engagement. We want to be able to spend against Airo and build a virtuous cycle, a flywheel, if you will, where customers get care about Airo.

艾拉，謝謝你的提問。我們的首要目標是成為最大的發現和參與模式。我們希望能夠針對 Airo 進行支出，建立一個良性循環，一個飛輪，如果你願意的話，讓客戶關心 Airo。

They come in, they discover the set of products we have and they engage and buy into those products. That has a really good flywheel effect where it drives average order size up and it allows us to bid more in marketing to bring more customers to our site, right?

他們進來後，發現了我們擁有的一系列產品，然後參與並購買了這些產品。這具有非常好的飛輪效應，它可以提高平均訂單規模，並允許我們在行銷方面提高出價，以吸引更多客戶訪問我們的網站，對吧？

And that's a lovely flywheel that can build on itself. So that's the first thing that we're trying to build. And for us, the way to build it well is to focus on discovery and engagement and then monetization. In terms of monetization, absolutely super excited about it.

這是一個可愛的飛輪，可以自行建造。這就是我們要嘗試建構的第一件事。對我們來說，做好它的方法是專注於發現和參與，然後是貨幣化。就貨幣化而言，絕對是超級興奮。

Our teams are -- in fact, I would say, ahead on some of the monetization experiments versus what we had originally designed. It's great to see our become a great on-ramp for website plus marketing. We wanted to become a great on-ramp for other products, too. Great.

事實上，我想說，我們的團隊在一些貨幣化實驗上比我們最初設計的實驗領先。很高興看到我們成為網站加行銷的絕佳入口。我們也希望成為其他產品的重要入口。偉大的。

But it has to follow the discovery and engagement cycle because I would love to be able to sit here and give you numbers on discovery and engagement that are much larger than where we are today. And these numbers are pretty large and fantastic as is, but I think they can be much bigger.

但它必須遵循發現和參與週期，因為我很高興能夠坐在這裡為大家提供比我們今天大得多的發現和參與數字。這些數字相當大，而且非常棒，但我認為它們可以更大。

Yes. And I think when you think about our overall framework, we're always trying to make sure we're heading towards our North Star that we talk about free cash flow. And that means balancing our investments with where we see the return and making sure we're doing it to drive LTV and shareholder value over the longer term without trying to push ourselves into a specific area too quickly that would basically jeopardize that over the long term.

是的。我認為，當你考慮我們的整體框架時，我們總是努力確保我們朝著我們談論自由現金流的北極星前進。這意味著平衡我們的投資和我們看到的回報，並確保我們這樣做是為了在長期內提高生命週期價值和股東價值，而不是試圖過快地將自己推向特定領域，這基本上會危及長期利益。

That makes a lot of sense. And as -- and for my follow-up, we saw news at the end of the day that you launched a reseller program. Can you shed some light on the strategic thinking around that program and how the economics will look like?

這很有意義。對於我的後續行動，我們在當天結束時看到了你們推出經銷商計畫的消息。您能否透露一些圍繞該計劃的戰略思維以及經濟效益如何？

Yes. The reseller program is just about the maturity of our products. It's pretty simple from, I would say, a natural progression of our product capabilities. You can imagine, as our products -- let's take the example of website plus marketing, where we did do a press release around APIs being available as an example.

是的。經銷商計劃正好關乎我們產品的成熟度。我想說，這非常簡單，是我們產品功能的自然發展。你可以想像，作為我們的產品——讓我們以網站加行銷為例，我們確實圍繞著可用的 API 做了一個新聞稿作為例子。

You can think of sites marketing, not only the fantastic website builder, it's the number one in terms of producing the best sites. If you're building (inaudible) marketing, it's going to build a very, very capable website for you that will perform very well in Google.

您可以想到網站行銷，不僅是出色的網站建立器，而且在製作最佳網站方面它也是第一。如果您正在建立（聽不清楚）行銷，它將為您建立一個非常非常強大的網站，該網站將在 Google 中表現良好。

But how do you expand beyond the folks that are coming to you? And the natural extension is to be able to put give some of those capabilities into partner systems. And the best way to do it is through APIs. But what we have as an advantage as a company is not only exposing those APIs or is marketing, but we're able to leave in APIs that power other things that Airo can bring into the mix, right?

但你要如何才能超越那些來找你的人呢？自然的擴展是能夠將其中一些功能放入合作夥伴系統中。最好的方法是透過 API。但作為一家公司，我們的優勢不僅在於公開這些 API 或進行行銷，而且我們還能夠保留 API，為 Airo 可以引入的其他功能提供支持，對嗎？

So just like we're going out to customers directly, and we're exposing Airo and looking at discovery and engagement the reseller program or the API our way of trying to work with partners and say, let's see what we can do given our expanded capabilities, given our expanded tool set where our product offering can show up natively in our partner experiences.

因此，就像我們直接面向客戶一樣，我們正在展示Airo 並著眼於經銷商計劃或API 的發現和參與，這是我們嘗試與合作夥伴合作的方式，並說，讓我們看看考慮到我們的擴展，我們可以做些什麼能力，考慮到我們擴展的工具集，我們的產品可以在我們的合作夥伴體驗中本地顯示。

Brent Thill, Jefferies.

布倫特·希爾，杰弗里斯。

This is John on for Brent Thill. Two questions. One, as you made the Airo available in over 180 countries, just wondering if you could talk about what's been -- how the response has been different versus, let's say, the initial launch within the US. Any change difference in behavior or attach?

我是布倫特·希爾的約翰。兩個問題。第一，當你們在 180 多個國家/地區推出 Airo 時，我想知道你們是否可以談談最近的情況——與最初在美國推出時相比，反應有何不同。行為或附加方面有什麼改變嗎？

And then the second question is around the normalized EBITDA margin. Obviously, that's been expanding faster than expected. And your goal is still 33% in '26. So it seems like that looks very likely to overshoot that. Wondering if there are any factors why that may not be, why we shouldn't be extrapolating from here?

第二個問題是關於標準化 EBITDA 利潤率。顯然，其擴張速度超出了預期。26 年你的目標仍然是 33%。所以看起來很可能會超出這個範圍。想知道是否有任何因素導致情況並非如此，為什麼我們不應該從這裡推斷？

Yes. Maybe I can take the first one, and Mark, you can take the second one. So on the launch of Airo, John, the way we look at it is that we've got the US market, which is obviously where we started in our largest market, and we've shared some of the data with you on how well that is going.

是的。也許我可以拿第一個，馬克，你可以拿第二個。因此，在推出 Airo 時，約翰，我們的看法是我們已經進入了美國市場，這顯然是我們最大的市場的起點，我們已經與您分享了一些關於其表現如何的數據。

The next stage is the English-speaking markets. These are our bigger markets around the world, just what you would expect them to be like Canada, UK, Australia, right? And then we have a set of developed markets and, I would say, emerging markets.

下一階段是英語市場。這些是我們在世界各地更大的市場，正如您所期望的那樣，例如加拿大、英國、澳大利亞，對吧？然後我們有一系列已開發市場，我想說的是新興市場。

And it's too early to talk about those emerging markets. And how Airo is going to perform there. It's still relatively new as an off rate. But in the broader English-speaking markets, we're actually taking the learnings from the US and looking to apply them in all the other English-speaking markets. And of course, we expect it to perform maybe not exactly the same, but at a similar level in those markets.

現在談論這些新興市場還為時過早。以及艾羅將如何在那裡表演。作為折扣率，它仍然相對較新。但在更廣泛的英語市場中，我們實際上正在學習美國的經驗教訓，並希望將其應用到所有其他英語市場。當然，我們預期它在這些市場上的表現可能不完全相同，但處於相似的水平。

And then I'll just -- on the normalized EBITDA, we've talked about the three buckets that are a tailwind to get us to the 33% in 2026. We've talked about the acceleration of A&C being a big part of the picture. We've talked about the infrastructure simplifications. (inaudible) talked about the global talent pools.

然後我就標準化 EBITDA 進行討論，我們討論了使我們在 2026 年達到 33% 的目標的三個推動因素。我們已經討論過 A&C 的加速是其中的重要組成部分。我們已經討論了基礎設施的簡化。 （聽不清楚）談到了全球人才庫。

We're really happy on our accomplishments, especially around some of the front-loaded elements of this. If you remember, we took restructurings last year that now are really showing up into our expansion of normalized EBITDA this year. Some of that was front-end loaded.

我們對我們所取得的成就感到非常高興，特別是在其中的一些前置元素方面。如果您還記得，我們​​去年進行了重組，現在真正體現在我們今年正常化 EBITDA 的擴張中。其中一些是前端加載的。

So we'll start to see continued benefit in those three to get to the 33%. We feel really comfortable with that. But we did see some of that front-loaded related to the restructuring.

因此，我們將開始看到這三者的持續受益，達到 33%。我們對此感到非常滿意。但我們確實看到了一些與重組相關的前期工作。

Chris Zhang, Credit Suisse.

克里斯·張，瑞士信貸。

There's a bottom to click. So how do we think about -- how should we think about your investment needs in 2025 versus 2024 in addition to the market investments? Can you maybe just rank order a couple of areas you're focusing on next year? And then I have a follow-up.

有一個底部可以點擊。那麼，除了市場投資之外，我們應該如何考慮您在 2025 年與 2024 年的投資需求？您能否對明年重點關注的幾個領域進行排序？然後我有一個後續行動。

Well, Chris, we'll talk about 2025, when we get to Q4 earnings. No doubtedly we'll give some details of where we think things like our investments are going to be. But there are areas we talked about on this call. Marketing is one of them.

好吧，克里斯，我們將討論 2025 年第四季的收益。毫無疑問，我們會提供一些細節，說明我們認為我們的投資等事情將會發生在哪裡。但我們在這次電話會議上討論了一些領域。行銷就是其中之一。

We continue to see the ability to accelerate Airo. We see the customer engagements and the behaviors around it. And then we also think about -- I always say there are two important things within our growth, which is innovation and owning the customer relationship.

我們繼續看到加速 Airo 的能力。我們看到客戶的參與度和圍繞它的行為。然後我們也考慮——我總是說我們的成長中有兩件重要的事情，那就是創新和擁有客戶關係。

And those are about what we spend to innovate and meet our customers' needs and things like our care organization. We see great leverage across those lines, but we'll continue to invest in what the future is to drive the long-term value.

這些是關於我們用於創新和滿足客戶需求以及我們的護理組織等方面的支出。我們看到了這些方面的巨大槓桿作用，但我們將繼續投資於未來，以推動長期價值。

Yes. Maybe just add to this quick short summary is that our Investor Day framework is still intact, right? We're making great progress on it. We're working to maximize free cash flow and the components of it to 68% growth and 33% margin in 26. Those continue to be the path.

是的。也許只是補充這個簡短的總結，我們的投資者日框架仍然完好無損，對嗎？我們正在這方面取得很大進展。我們正在努力最大限度地提高自由現金流及其組成部分，在 26 年實現 68% 的成長率和 33% 的利潤率。這些仍然是道路。

All right. Sounds great. I appreciate the color. And I guess, as it relates to marketing investments specifically, maybe can you share with us what guardrails you're applying to determine the label you spend? Or maybe just directionally how that differs from among the various product offerings in your A&C portfolio?

好的。聽起來很棒。我很欣賞它的顏色。我想，因為它與行銷投資特別相關，也許您可以與我們分享您正在應用哪些護欄來確定您所花費的標籤？或者也許只是從方向上看，這與您的 A&C 產品組合中的各種產品有何不同？

Yes. On the marketing spend, we've invested in very good guardrails driven by data and machine learning that gives us (inaudible) on our marketing spend and return on it. And our goal is to stay within our guidance range, what we're really building is the opportunity to drive more discovery for Airo, drive more engagement with Airo and get some of those returns and then be able to reinvest them back in. So it's really about kickstarting that flywheel with a great product suite we have in place now.

是的。在行銷支出方面，我們投資了由數據和機器學習驅動的非常好的護欄，這為我們提供了（聽不清楚）行銷支出和回報。我們的目標是保持在我們的指導範圍內，我們真正建立的是為 Airo 帶來更多發現的機會，推動與 Airo 的更多互動，並獲得其中一些回報，然後能夠將其重新投資。因此，這實際上是利用我們現在擁有的出色產品套件來啟動飛輪。

Yes. And our disciplined approach hasn't changed around this. It's about measuring the ROIs and making sure that we feel comfortable that where we invest, we will get that disciplined ROI we always talk about.

是的。我們的紀律方法並沒有因此而改變。這是關於衡量投資回報率，並確保我們感到放心，在我們投資的地方，我們將獲得我們總是談論的嚴格的投資回報率。

Naved Khan, B. Riley.

納維德汗 (Naved Khan)，B. 萊利 (B. Riley)。

So I got a couple of questions. One is this 40% of paid develop subscribers coming originating through Airo. That's pretty impressive. I'm just wondering how that share that comes through Airo has trended over the last three or four quarters since this Airo has been live. So that's one.

所以我有幾個問題。其中之一是 40% 的付費開發訂閱者來自 Airo。這真是令人印象深刻。我只是想知道自從 Airo 上線以來，過去三到四個季度中來自 Airo 的份額趨勢如何。這就是其中之一。

And the second question I have is just around the on ramps. So now that you're extending Airo into the website first on ramp, I'm trying to just think about the relative size of the on-ramps for the business? How should -- what's the right way to think about domains versus websites.

我的第二個問題是關於坡道的。既然您首先將 Airo 擴展到網站，我只想考慮一下業務入口的相對規模？應該如何－思考網域名稱與網站的正確方法是什麼。

The share for Airo over the last few months -- we're not orders. We don't have orders (inaudible) over the last few months have been increasing (inaudible). And then is going to take a couple of quarters to see how the (inaudible).

Airo 在過去幾個月的份額——我們不是訂單。我們沒有訂單（聽不清楚）過去幾個月一直在增加（聽不清楚）。然後需要幾個季度的時間來看看情況如何（聽不清楚）。

The number we're jumping 40% is the clearest (inaudible) and liking it. So that is a positive. In terms of the different on ramps is doing all of the owners together with Airo (inaudible) that today are different and making them very similar customer the future product. They actually (inaudible).

我們跳 40% 的數字是最清晰的（聽不見）並且很喜歡它。所以這是積極的。就不同的坡道而言，所有業主與 Airo（聽不清楚）今天的情況有所不同，並使他們與未來的產品非常相似。他們其實（聽不清楚）。

Got it. I actually meant to say quarters not months, thanks for correcting me. Where do you think this could land as you continue to own the offering and improve it you think it's more the 50%, just high-level thoughts there?

知道了。我實際上想說的是季度而不是幾個月，謝謝你糾正我。當你繼續擁有該產品並改進它時，你認為這會落在哪裡？

I think we're just starting in Airo. We're in (inaudible). We have celebrated the first year anniversary for Airo (inaudible) took us very early. I think we have (inaudible) Airo just looking forward to what (inaudible) do. It's really for us we see an (inaudible) the percentage (inaudible).

我想我們才剛從艾羅開始。我們在（聽不清楚）。我們很早就慶祝了 Airo（聽不清楚）帶我們去的一周年紀念日。我認為我們（聽不清楚）Airo 只是期待（聽不清楚）做什麼。對我們來說，我們確實看到了（聽不清楚）百分比（聽不清楚）。

Clarke Jeffries, Piper Sandler.

克拉克·傑弗里斯，派珀·桑德勒。

So first, I wanted to ask about specifically a call out in the prepared remarks about the 46% of EBITDA margin [AMC] being driven by the strength of high gross margin proprietary solutions. I just wanted to ask, is that principally website and marketing? Or is there any other driver in that bucket of proprietary solutions?

首先，我想特別詢問在準備好的評論中提到的 46% 的 EBITDA 利潤率 [AMC] 是由高毛利率專有解決方案的優勢推動的。我只是想問，這主要是網站和行銷嗎？或者在專有解決方案中還有其他驅動程式嗎？

And then as a follow-up, there is a pretty notable market event last quarter, a disagreement between a Managed WordPress vendor and the largest contributor to WordPress. Aman, do you see that as largely irrelevant to the long-term progress WordPress?

接下來，上個季度發生了一個相當引人注目的市場事件，託管 WordPress 供應商和 WordPress 最大貢獻者之間存在分歧。Aman，您認為這與 WordPress 的長期進步很大程度無關嗎？

Have you seen any conversation in your customers or partners that have reacted to that out to that event? Any thoughts on that would be really appreciated.

您是否在您的客戶或合作夥伴中看到過對此事件做出反應的對話？任何對此的想法將非常感激。

Yes. Happy to take that. And you (inaudible) generally about it correctly in terms of the high margin products the profit to the ones we build and (inaudible) higher margin stations that are higher margin. And then the third-party products that we still tend to be a little bit lower margin rate versus the first step.

是的。很高興接受。您（聽不清楚）整體上對高利潤產品的理解是正確的，也就是我們建造的產品的利潤和（聽不清楚）利潤率較高的站。然後第三方產品，我們仍然傾向於比第一步低一點的利潤率。

Now if you stack them together, of course, websites with (inaudible) ranks very, very high in the -- all of that work is done internally, and we're able to put that product forward in a very, very competitive manner. In terms of the broader question about WordPress, as you are aware, WordPress is the largest content management system in the world, right, over 40% of websites run on it.

現在，如果你把它們放在一起，當然，（聽不清楚）排名非常非常高的網站——所有這些工作都是在內部完成的，我們能夠以非常非常有競爭力的方式推出該產品。就有關 WordPress 的更廣泛問題而言，如您所知，WordPress 是世界上最大的內容管理系統，對吧，超過 40% 的網站都在其上運行。

I give tremendous credit to everyone that's part of that immune success story. And we as good where the top three or top five contributor to WordPress depending on how you calculate contributions. There's a bunch of public data on it. S

我對參與免疫成功故事的每個人給予極大的信任。我們也知道 WordPress 的前三名或前五名貢獻者，具體取決於您計算貢獻的方式。有很多關於它的公開數據。S

o we are for the WordPress community. We are part of the WordPress community, and we believe that WordPress is here to stay. Our focus really is to build magical experiences on top of WordPress.

o 我們支援 WordPress 社群。我們是 WordPress 社群的一部分，我們相信 WordPress 將繼續存在。我們的重點實際上是在 WordPress 上建立神奇的體驗。

And I'm actually excited to show you conversational WordPress at our Investor Day (inaudible) which takes the harnesses the (inaudible) and massive capability that WordPress has and allows our customers to do things with it without meeting the technical expertise to do it. So those are the things that we're really interested in is to take this massively capable platform and bring it to empower our customers to do amazing things with it.

事實上，我很高興在我們的投資者日向您展示對話式WordPress（聽不清楚），它利用了WordPress 擁有的（聽不清楚）和強大的功能，並允許我們的客戶使用它做事，而無需滿足技術專業知識。因此，我們真正感興趣的是利用這個強大的平台，讓我們的客戶能夠用它做一些令人驚奇的事情。

I'll now turn the call over to Aman for closing remarks.

現在我將把電話轉給阿曼做總結發言。

Just a quick mention. Thank you to all GoDaddy employees for another great quarter, and I appreciate how everyone has worked hard and looking forward to the next few quarters and years. Thank you.

簡單提一下。感謝所有 GoDaddy 員工又一個出色的季度，我感謝每個人的努力工作，並對接下來的幾個季度和幾年充滿期待。謝謝。