GoDaddy Inc (GDDY) 2024 Q4 法說會逐字稿

Welcome to GoDaddy's fourth quarter and full year 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. (Operator Instructions) On today's call, we'll be referencing both GAAP and non-GAAP financial measures and other operating and business metrics.

歡迎參加 GoDaddy 2024 年第四季和全年財報電話會議。感謝您加入我們。我是投資者關係副總裁 Christie Masoner，今天與我一起的是執行長 Aman Bhutani；以及財務長馬克·麥卡弗里（Mark McCaffrey）。（操作員指示）在今天的電話會議上，我們將參考 GAAP 和非 GAAP 財務指標以及其他營運和業務指標。

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.

有關我們為何使用非公認會計準則財務指標以及我們的非公認會計準則財務指標與公認會計準則等效指標的對帳表的討論，可在我們投資者關係網站 investors.godaddy.net 上發布的介紹資料中，或在我們今天向美國證券交易委員會提交的 8-K 表收益報告中查閱。

Growth rates represent year-over-year comparisons unless otherwise noted. 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. These forward-looking statements are subject to risks and uncertainties that are discussed in detail in our periodic SEC filings.

除非另有說明，成長率代表同比變化。我們今天要討論的問題包括前瞻性陳述，例如與未來財務結果以及我們未來營運的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，我們在定期向美國證券交易委員會提交的文件中詳細討論了這些風險和不確定性。

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, February 13, 2025, 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的結果有重大差異。我們在本次電話會議上所做的任何前瞻性陳述均基於截至今天（2025 年 2 月 13 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陳述的義務。

With that, I am pleased to introduce Aman.

我很高興向大家介紹阿曼。

Good afternoon, and thank you all for joining us today. At GoDaddy, our mission is to empower everyday 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，感謝大家今天的出席。在 GoDaddy，我們的使命是賦能日常企業家並讓所有人享有更多機會。我們的策略是堅持不懈地專注於創造客戶價值，並透過更好的轉換、聯繫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目標前進。

Our team demonstrated strong execution in 2024, with annual results that are tracking ahead of our Investor Day targets. We drove top line bookings growth of over 9% and expanded our bottom line normalized EBITDA margin to 31% for the full year. Our impressive 21% growth in Applications & Commerce bookings alongside our nearly 400 basis points margin improvement were strong contributors to a 25% increase in free cash flow for the year.

我們的團隊在 2024 年展現了強大的執行力，年度業績超越了我們的投資者日目標。我們推動全年營收訂單成長超過 9%，並將利潤標準化 EBITDA 利潤率提高至 31%。我們應用程式和商業訂單量取得了令人印象深刻的21%的成長，同時利潤率提高了近400個基點，有力地推動了全年自由現金流增加25%。

Equally exciting, GoDaddy crossed a significant milestone this year, delivering our first $5 billion of annual bookings. On our key initiatives from Investor Day, we continue to make great progress in Pricing & Bundling, Seamless Experience, Commerce, Cost Optimization and Strong Traction in GoDaddy Airo. I am excited to share these updates with you today.

同樣令人興奮的是，GoDaddy 今年跨越了一個重要的里程碑，首次實現了 50 億美元的年度預訂。在投資者日推出的關鍵舉措上，我們在 GoDaddy Airo 的定價和捆綁、無縫體驗、商務、成本優化和強大吸引力方面繼續取得重大進展。我很高興今天與大家分享這些更新。

Pricing & Bundling delivered impactful results throughout 2024 that were higher than our expectations. This bolstered our 21% Applications & Commerce bookings growth from focused efforts in productivity. We have shared that this is a multiyear journey, and our confidence in this initiative continues to grow. In 2025, we are targeting a meaningful contribution to growth from this initiative.

定價和捆綁在 2024 年取得了超越我們預期的顯著成果。這得益於我們專注於提高生產力，應用程式和商業訂單量增加了 21%。我們已經分享了這是一次多年的旅程，我們對這項倡議的信心不斷增強。到 2025 年，我們的目標是透過這項措施為經濟成長做出有意義的貢獻。

We will focus our 2025 efforts on our presence products and specific customer populations within our hosting business. This continues to spread this initiative across Applications & Commerce and core platform. In parallel, we are working on the next evolution of this initiative for 2026 and beyond.

我們將把 2025 年的努力重點放在託管業務中的存在產品和特定客戶群。這將進一步將此舉措擴展到應用程式、商務和核心平台。同時，我們正在致力於制定該計劃的下一步發展目標，以實現 2026 年及以後的目標。

Our Seamless Experience initiative also exceeded expectations in 2024, improving conversion, renewal rates and engagement across products. In Q4, we launched a redesigned managed WordPress platform with 2 times faster performance and enhanced security. Additionally, we started testing Airo Site Designer for WordPress, an AI-powered web design tool. This initiative will continue in 2025 with similar goals to reduce friction, enhance performance and improve customer experience. Our aim is to help customers save time and focus on what they love, running their businesses and engaging with their own customers.

我們的無縫體驗計畫在 2024 年也超越了預期，提高了各產品的轉換率、續約率和參與度。在第四季度，我們推出了重新設計的託管 WordPress 平台，其效能提高了 2 倍，安全性也得到了增強。此外，我們開始測試適用於 WordPress 的 Airo Site Designer，這是一款由人工智慧驅動的網頁設計工具。該計劃將在 2025 年繼續實施，其目標與之前相同，即減少摩擦、提高性能和改善客戶體驗。我們的目標是幫助客戶節省時間並專注於他們喜歡的事情、經營他們的業務以及與自己的客戶互動。

Our commerce initiative is performing well and annualized gross payment volume is growing at a fast pace while our focus in 2024 was on profitable growth through the creation and merchandising of our commerce subscription products, we also drove growth in our transactional payments business with annualized gross payment volume increasing 55% to $2.6 billion.

我們的商業計劃表現良好，年度總支付額正在快速增長，而我們在 2024 年的重點是透過創建和銷售我們的商業訂閱產品實現盈利增長，我們還推動了交易支付業務的增長，年度總支付額增長 55%，達到 26 億美元。

In addition, we launched new innovations such as GoDaddy Capital, a merchant cash advance program that helps our customers more easily access working capital, manage cash flow and invest back in their business. As we look to 2025, our teams are focused on delivering more new and innovative capabilities for our commerce customers. such as expanded payments processing options as well as same-day payout, which give customers rapid access to their funds.

此外，我們還推出了新的創新產品，例如 GoDaddy Capital，這是一項商戶現金預支計劃，可幫助我們的客戶更輕鬆地獲得營運資金、管理現金流並重新投資於他們的業務。展望 2025 年，我們的團隊致力於為我們的商業客戶提供更多新的創新功能。例如擴展的支付處理選項以及當日支付，讓客戶能夠快速獲得他們的資金。

On our cost optimization initiative, we drove measurable impact across the organization. from continued simplification of our integrated platform and global talent recruitment across multiple functions to better technology and tooling. In 2025, we plan to maintain our disciplined approach across our cost structure and drive opportunities with technology and AI to provide better experience and service to our customers at lower cost.

在我們的成本優化計劃中，我們在整個組織中產生了可衡量的影響。不斷簡化我們的整合平台和跨多個職能的全球人才招募到更好的技術和工具。2025年，我們計劃在整個成本結構中保持嚴謹的方法，並利用技術和人工智慧推動機遇，以更低的成本為客戶提供更好的體驗和服務。

Last but not least, GoDaddy Airo continues to transform the customer experience and reposition where our customers start with us. Airo is quickly gaining traction, and we view it as a key driver of future growth and customer lifetime value. Throughout 2024, Airo has shown promising results with discovery and engagement. We have also made great progress in expanding Airo across more customer entry points and plans. Website building remains the biggest beneficiary of Aero engagement.

最後但同樣重要的一點是，GoDaddy Airo 繼續改變客戶體驗並重新定位客戶與我們合作的起點。Airo 正在迅速獲得關注，我們將其視為未來成長和客戶終身價值的關鍵驅動力。在整個 2024 年，Airo 在發現和參與方面表現出了令人鼓舞的成果。我們在將 Airo 擴展到更多客戶切入點和計劃方面也取得了巨大進展。網站建立仍然是 Aero 參與的最大受益者。

And Airo continues its momentum in becoming the largest funnel for websites plus marketing with 50% of paid subscriptions originating with the Airo experience.

Airo 繼續保持良好勢頭，成為最大的網站和行銷管道，其中 50% 的付費訂閱源自 Airo 體驗。

We are excited to enter the monetization phase for Airo earlier than planned across two pathways, Airo and Airo plus. Airo has resulted in a combination of increased customer spend and better products attached. And with the first Airo cohort reaching the 13-month mark, we are seeing green shoots in terms of improved renewal rates for both domains and websites plus marketing.

我們很高興能夠透過 Airo 和 Airo plus 兩種途徑比計劃更早進入 Airo 的貨幣化階段。Airo 不僅增加了顧客支出，也帶來了更優質的產品。隨著第一批 Airo 用戶使用時間達到 13 個月，我們看到網域、網站和行銷的續約率都有所提高。

Airo Plus takes the Aero experience to the next level with advanced logos, AI-powered marketing tools and enhanced site building capabilities. We began testing Airo Plus as an independent SKU in the fourth quarter. We also launched a front of site experience in connection with our Super Bowl ad that highlights Airo and all of its capabilities. Our ad accomplished what we set out to do, bring broad awareness to the full breadth of Airo's capabilities to a massive audience. We want the world to know about Airo and the Super Bowl is one of the largest stages.

Airo Plus 透過先進的標誌、人工智慧行銷工具和增強的網站建立功能將 Aero 體驗提升到新的水平。我們從第四季開始測試 Airo Plus 作為獨立 SKU。我們還結合超級盃廣告推出了網站前端體驗，重點介紹了 Airo 及其所有功能。我們的廣告完成了我們設定的目標，讓廣大的觀眾了解 Airo 的全部功能。我們希望全世界了解 Airo，超級盃是最大的舞台之一。

Our Airo landing page jumped dozens of spots to become a top 6 page on our website on Sunday telling us that customers were looking for Airo. This also kicked off our 2025 marketing campaign, which will continue to highlight Airo's capabilities to take the guesswork out of building a successful online venture and showcase the unstoppable confidence Airo inspires in small businesses.

我們的 Airo 登陸頁面躍升了幾十位，並於週日成為我們網站排名前 6 位的頁面，這表明客戶正在尋找 Airo。這也啟動了我們的 2025 年行銷活動，該活動將繼續強調 Airo 在建立成功的線上企業過程中消除不確定性的能力，並展示 Airo 為小型企業激發的不可阻擋的信心。

In 2024, Airo demonstrated the power of our integrated platform, the value of automation and the abilities generative AI can bring to our customers. As we look forward into 2025 Airo will take more leaps forward with personalized inputs for each customer that drives a new level of AI-driven personalization. The first test using this technology on Airo domain search beat the most recent generative AI-based winning model, opening a new vein of improvement that our teams can pursue.

2024 年，Airo 展示了我們整合平台的強大功能、自動化的價值以及生成式 AI 可以為我們的客戶帶來的能力。展望 2025 年，Airo 將透過為每位客戶提供個人化輸入來實現更大的飛躍，從而推動 AI 驅動的個人化新水平。在 Airo 網域搜尋上使用這項技術進行的首次測試擊敗了最新的基於 AI 的生成式獲勝模型，為我們的團隊開闢了一條新的改進途徑。

We will also see the introduction of a Gentek AI across our platform and within the Airo experience, creating simplification for our customers and new engagement services that lead to monetization. With these and many other improvements on our road map, I'm excited by the innovation at the company and the focus on creating value for our customers.

我們還將看到 Gentek AI 在我們的平台和 Airo 體驗中的引入，為我們的客戶創造簡化體驗並提供可實現貨幣化的新參與服務。透過這些以及我們路線圖中的許多其他改進，我對公司的創新和致力於為客戶創造價值感到興奮。

In closing, I want to highlight that 2024 was a year of exceptional execution by the GoDaddy team. A year ago, we shared clear goals and strategic priorities at our Investor Day and I'm proud to say that our team has driven great performance across the board. Growing bookings over 9%, revenue at 8%, almost 400 basis points of normalized EBITDA margin expansion to 31% and $1.4 billion in free cash flow.

最後，我想強調的是，2024 年是 GoDaddy 團隊表現卓越的一年。一年前，我們在投資者日分享了明確的目標和策略重點，我很自豪地說我們的團隊在各個方面都取得了出色的表現。預訂量成長超過 9%，營收成長 8%，標準化 EBITDA 利潤率擴大近 400 個基點至 31%，自由現金流為 14 億美元。

Our strategy is steadfastly focused on the entrepreneur's wheel across identity, presence and commerce, and it is working. The relentless focus of our operations continues to be to accelerate the pace of execution to create customer value and successfully transform it to long-term shareholder value.

我們的策略堅定地專注於企業家在身份、存在和商業方面的發展，而且它正在發揮作用。我們營運的不懈重點仍然是加快執行速度，創造客戶價值並成功將其轉化為長期股東價值。

With that, here is Mark.

以下是馬克的發言。

Thanks, Aman. Throughout the last few years, we focused on creating significant value for our customers by integrating our platform to deliver seamless technology and provide one-stop shop solutions that drive conversion, attach and retention.

謝謝，阿曼。在過去的幾年裡，我們專注於透過整合我們的平台來提供無縫技術並提供推動轉換、連接和保留的一站式解決方案，為我們的客戶創造巨大的價值。

Our strong financial results are a testament to the continued disciplined execution of our strategy as we drive towards our North Star. In the fourth quarter, we supported this goal through our delivery of 8% revenue growth and normalized EBITDA margin expansion to 32%. Beginning with Q4 results. Total revenue grew on a reported and constant currency basis to $1.2 billion exceeding the high end of our guided range.

我們強勁的財務表現證明了我們在向北極星邁進的過程中持續嚴格執行我們的策略。第四季度，我們實現了 8% 的營收成長和 32% 的標準化 EBITDA 利潤率擴大，從而支持了這一目標。從第四季結果開始。以報告和固定匯率計算，總收入成長至 12 億美元，超過了我們預期的最高水準。

Consolidated annual recurring revenue grew 8% to $4 billion. For our high-margin Applications & Commerce segment, we drove 17% growth in revenue to $441 million on continued strong performance from our key growth initiatives. A&C bookings grew 17% on the strength across all products within this segment, including our proprietary websites less marketing, Managed WordPress and Commerce as well as our productivity solutions.

綜合年度經常性收入成長 8%，達到 40 億美元。對於我們高利潤的應用程式和商業部門，由於我們的關鍵成長計畫持續取得強勁表現，我們推動營收成長 17%，達到 4.41 億美元。由於該部門所有產品的強勁增長，A＆C 訂單量增長了 17％，包括我們的專有網站（不包括行銷）、託管 WordPress 和商務以及我們的生產力解決方案。

Segment EBITDA margin also improved to 47%. Our core platform segment delivered revenue growth of 4% to $751 million, driven by strength in domains from pricing and units, this growth was slightly tempered by our proactive strategic initiatives around platform integration that included divestitures, migrations and product end-of-life efforts in our hosting business.

分部 EBITDA 利潤率也提高至 47%。我們的核心平台部門實現了 4% 的收入成長，達到 7.51 億美元，這得益於域名價格和單位數量的強勁增長，但我們在平台整合方面的主動戰略舉措略微抑制了這一增長，其中包括託管業務中的資產剝離、遷移和產品停產工作。

Core platform bookings grew 4% and segment EBITDA margin expanded to 34%. We grew normalized EBITDA ahead of expectations, increasing 19% in the fourth quarter to $385 million, and delivered an expanded margin of 32%, up nearly 300 basis points. Favorable product mix and continued operational discipline were the main drivers of expansion.

核心平台訂單量成長 4%，分部 EBITDA 利潤率擴大至 34%。我們的標準化 EBITDA 成長超出預期，第四季成長 19%，達到 3.85 億美元，利潤率擴大至 32%，上升近 300 個基點。良好的產品組合和持續的營運紀律是擴張的主要驅動力。

While we simultaneously increased marketing expense, in support of the broader launch of our innovative Airo experience. On cash, unlevered free cash flow for the quarter grew 9% to $379 million, and free cash flow grew 12% to $342 million. This is supported by the $1.2 billion of bookings in the fourth quarter, representing 9% growth on both a reported and constant currency basis.

同時，我們增加了行銷費用，以支持更廣泛地推出我們的創新 Airo 體驗。現金方面，本季無槓桿自由現金流成長 9% 至 3.79 億美元，自由現金流成長 12% 至 3.42 億美元。這是由第四季度 12 億美元的預訂量支持的，按報告和固定匯率計算均增長了 9%。

Moving on to our annual financial results. We delivered $4.6 billion in revenue, representing growth of 8% on a reported and constant currency basis. A&C revenue grew 16% to $1.7 billion, and core platform revenue grew 3% to $2.9 billion. Bookings rose 9%, with a slight currency headwind. Full year normalized EBITDA grew 23% to $1.4 billion, representing a 31% margin, up almost 400 basis points over the prior year.

接下來是我們的年度財務表現。我們實現了 46 億美元的收入，按報告和固定匯率計算成長了 8%。A&C 營收成長 16% 至 17 億美元，核心平台營收成長 3% 至 29 億美元。儘管受到輕微的貨幣逆風影響，預訂量仍上漲了 9%。全年標準化 EBITDA 成長 23% 至 14 億美元，利潤率為 31%，較上年同期成長近 400 個基點。

Since 2020, we have driven cumulative expansion in normalized EBITDA margin of nearly 900 basis points, an impressive feat that we plan to continue building on. We also continue to demonstrate normalized EBITDA to cash conversion of approximately 1:1. Unlevered free cash flow for the year grew 20% to $1.5 billion, exceeding our guide for the year and free cash flow grew an impressive 25% to $1.4 billion, also exceeding our guide.

自 2020 年以來，我們已推動標準化 EBITDA 利潤率累積擴大近 900 個基點，這是一項令人印象深刻的成就，我們計劃繼續在此基礎上再接再厲。我們也繼續展示標準化的 EBITDA 與現金轉換率約為 1:1。全年無槓桿自由現金流成長 20%，達到 15 億美元，超過了我們的年度預期，而自由現金流則增加了 25%，達到 14 億美元，同樣超過了我們的預期。

Over the last few years, we have pivoted our go-to-market efforts to attract high-value customers and build profitable cohorts through seamless technology and enhanced experiences. By year-end, nearly all customers are now on our integrated platform, which boasts an impressive 85% plus retention rate despite our overall company retention rate dipping slightly to 84%.

在過去幾年裡，我們透過無縫技術和增強的體驗調整了行銷策略，以吸引高價值客戶並建立獲利群體。截至年底，幾乎所有客戶都已使用我們的整合平台，儘管我們公司的整體保留率略微下降至 84%，但該平台的保留率仍高達 85% 以上。

This focus on quality over quantity has increased our model's resilience, profitability and cash flow. By eliminating deep discounts, completing targeted divestitures and migrating certain offerings, our customer base declined to $20.5 million. That said, these efforts are working. Our newer cohorts are delivering exactly as intended with higher attach and conversion.

這種注重品質而非數量的原則提高了我們模型的彈性、獲利能力和現金流。透過取消大幅折扣、完成有針對性的資產剝離和轉移某些產品，我們的客戶群下降至 2,050 萬美元。話雖如此，這些努力正在發揮作用。我們較新的團隊正按照預期完成工作，並具有更高的附加價值和轉換率。

Average order size, a leading indicator, is 16% higher while ARPU is also up 8% to $220. Additionally, the percentage of customers purchasing 2-plus products has trended upwards and over 50% of our total customers subscribed to multiple products with us. This highlights successful efforts to boost cross-selling and bundling on our integrated platform, reinforcing our strong profitability and cash flow generation opportunities for years to come.

領先指標——平均訂單規模上漲了 16%，而 ARPU 也上漲了 8%，達到 220 美元。此外，購買 2 種以上產品的客戶比例呈上升趨勢，超過 50% 的客戶訂購了我們的多種產品。這凸顯了我們在綜合平台上推動交叉銷售和捆綁銷售的成功努力，增強了我們未來幾年強勁的獲利能力和現金流創造機會。

Moving forward, we remain confident in our trajectory and anticipate a return to customer growth in 2025, underpinned by our enhanced value proposition and strategic focus on high lifetime value customers.

展望未來，我們對我們的發展方向仍然充滿信心，並預計在 2025 年客戶數量將恢復成長，這得益於我們增強的價值主張和對高終身價值客戶的策略重點。

Turning to the balance sheet. We exited the year with $1.1 billion in cash and total liquidity of $2.1 billion. Net debt was $2.8 billion, representing a net leverage of 1.7 times on a trailing 12-month basis. Last year, we bought back 5.2 million shares totaling $668 million at an average purchase price per share of about $129.

轉向資產負債表。截至年底，我們的現金餘額為 11 億美元，總流動資金為 21 億美元。淨債務為 28 億美元，過去 12 個月的淨槓桿率為 1.7 倍。去年，我們回購了 520 萬股，總額達 6.68 億美元，平均每股購買價約 129 美元。

Overall, we drove a 23% reduction in gross shares outstanding since January 2022, 3 points ahead of our 3-year targeted reduction of 20%. And at the quarter end, a 145 million fully diluted shares remained outstanding.

整體而言，自 2022 年 1 月以來，我們推動流通股總額減少了 23%，比我們 3 年內減少 20% 的目標高出 3 個百分點。截至本季末，本公司仍流通 1.45 億股完全稀釋股票。

Shifting to our outlook for Q1 2025. We are targeting total revenue of $1.175 billion representing 7% growth at the midpoint of the range. Within that, we expect A&C revenue growth of mid-teens and core platform growth of low single digits. We anticipate elevated spending for marketing focused on our broader Airo launch as well as typical seasonal expenses in the first quarter.

轉向我們對 2025 年第一季的展望。我們的目標是總收入達到 11.75 億美元，即中間值成長 7%。其中，我們預計 A&C 營收將成長 15% 左右，核心平台營收將成長 10% 左右。我們預計，第一季用於更廣泛的 Airo 發布的營銷支出以及典型的季節性支出將會增加。

We project a normalized EBITDA margin of about 30%, an expansion of about 200 basis points over last year. For the full year, we expect total revenue to be within a range of $4.86 billion to $4.94 billion, representing growth of 7% at the midpoint of the range. We expect revenue growth in the US to outpace international growth by approximately 200 basis points primarily on currency headwinds that are expected to be more prominent in the first half of the year.

我們預計標準化的 EBITDA 利潤率約為 30%，比去年增加約 200 個基點。我們預計全年總收入將在 48.6 億美元至 49.4 億美元之間，中間值成長率為 7%。我們預計美國的收入成長將超過國際成長約 200 個基點，這主要是由於預計上半年將更加突出的貨幣逆風。

In A&C, we expect revenue growth of mid-teens. And in core platform, we expect revenue growth of low single digits. To be clear, as Aman said, we are excited about the Airo experience and the longer-term accelerant it represents for our business. In the near term, including 2025, the financial benefits are expected to be more modest as monetization begins to take hold in the form of bookings before being recognized as revenue in later periods. Looking back on the incredible progress of our A&C business we take immense pride in its rapid growth, rising from 30% of our overall revenue just 3 years ago to an expected nearly 40% by year's end.

在 A&C 領域，我們預期收入成長率將達到中等水準。在核心平台，我們預期營收成長率將達到個位數低段。需要明確的是，正如阿曼所說，我們對 Airo 的經驗以及它為我們的業務帶來的長期促進作用感到非常興奮。在短期內（包括 2025 年），預計財務收益將更加溫和，因為貨幣化將以預訂的形式開始實現，然後在後期確認為收入。回顧我們 A&C 業務的驚人進步，我們為其快速成長感到無比自豪，該業務占我們總收入的比重從三年前的 30% 上升到預計年底的近 40%。

This achievement reflects our relentless focus on innovation, execution and customer impact.

這項成就體現了我們對創新、執行和客戶影響的不懈關注。

As we move forward, we remain committed to driving meaningful profitable growth, and we have an exciting road ahead and we are just getting started. As our record of accomplishment demonstrates, we remain dedicated to maintaining our operational discipline and looking for opportunities to gain further leverage.

在我們前進的過程中，我們仍然致力於推動有意義的獲利成長，我們面前的道路令人興奮，而我們才剛剛起步。正如我們的成就記錄所表明的那樣，我們仍然致力於保持我們的營運紀律並尋找獲得進一步優勢的機會。

Looking ahead, we expect to drive this leverage through continued infrastructure simplification and global talent recruitment, while also making long-term strategic investments in product innovation and marketing.

展望未來，我們希望透過持續簡化基礎設施和招募全球人才來推動這種優勢，同時在產品創新和行銷方面進行長期策略投資。

In 2025, we expect normalized EBITDA margin expansion of approximately 100 basis points, and we remain on track to deliver our Investor Day target of 33% by 2026. For the full year of 2025, we are targeting free cash flow of at least $1.5 billion, representing growth of over 11%. We expect capital expenditures of $30 million, cash interest payments of $150 million and $30 million in cash taxes, primarily to foreign jurisdictions.

到 2025 年，我們預計標準化 EBITDA 利潤率將擴大約 100 個基點，並且我們仍有望在 2026 年實現投資者日 33% 的目標。到 2025 年全年，我們的目標是實現至少 15 億美元的自由現金流，成長率超過 11%。我們預計資本支出為 3,000 萬美元，現金利息支付為 1.5 億美元，現金稅為 3,000 萬美元，主要支付給外國司法管轄區。

With that, our disciplined capital allocation approach remains unchanged, and we plan to evaluate all opportunities for shareholder return according to our rigorous and returns-based framework. On our buyback program, we are committed to at a minimum covering dilution from share-based compensation over the year. We are pleased with our strong 2024 performance and our progress towards our Investor Day target of $4.5 billion plus in cumulative free cash flow generation underpinned by 6% to 8% annual revenue growth, an expansion of normalized EBITDA margin to 33% by 2026.

同時，我們嚴謹的資本配置方法保持不變，並計劃根據嚴格的基於回報的框架評估所有股東回報機會。在我們的回購計畫中，我們承諾至少彌補全年股權激勵造成的稀釋。我們對 2024 年的強勁表現感到滿意，並且我們朝著投資者日的目標取得了進展，即 45 億美元以上的累計自由現金流產生，以 6% 至 8% 的年收入增長為支撐，到 2026 年標準化 EBITDA 利潤率將擴大到 33%。

Before we go to Q&A I want to emphasize that our path ahead is clear, and we remain dedicated to executing our strategy to deliver durable top line growth alongside expanded profitability balancing the tube drives us towards our North Star of maximizing free cash flow.

在進入問答環節之前，我想強調的是，我們前進的道路是明確的，我們仍然致力於執行我們的戰略，實現持久的收入增長，同時擴大盈利能力，平衡管道，推動我們朝著最大化自由現金流的北極星前進。

With that, I'll hand it over to our Vice President and Head of Investor Relations, Christie Masoner, to open up the call for your questions.

說完這些，我將把電話交給我們的副總裁兼投資者關係主管克里斯蒂·梅森納 (Christie Masoner)，讓她來回答大家的問題。

Thanks, Mark. (Operator Instructions)

謝謝，馬克。（操作員指令）

Vikram Kesavabhotla, Baird.

維克拉姆·凱薩瓦布霍特拉，貝爾德。

Hey, thanks for thanks for taking the questions. My first one is on pricing and bundling. You talked about focusing this year on presence products and specific customer populations within the hosting business. Just wondering if you could elaborate some more on the strategy there? Why are you choosing to focus on those areas? And how impactful do you think that could be relative to your work last year in productivity?

嘿，感謝您回答這些問題。我的第一個問題是關於定價和捆綁。您談到今年的重點是託管業務中的存在產品和特定客戶群。只是想知道您是否可以更詳細地闡述那裡的策略？為什麼您選擇關注這些領域？您認為這對去年的工作效率有多大影響？

And I think you mentioned the next evolution in 2026. Just wondering if you can share any color on what those next steps could look like. And then my second question is on the customer count. Mark, you reiterated the confidence in returning to customer growth in 2025. Just what are the drivers that you think will help you get there?

我記得您提到了 2026 年的下一個演變。只是想知道您是否可以分享一下接下來的步驟是什麼樣子的。我的第二個問題是關於顧客數量。馬克，您重申了對 2025 年恢復客戶成長的信心。您認為哪些驅動因素可以幫助您實現這個目標？

And what does the time line look like in terms of returning to growth on a quarter-over-quarter basis and year-over-year? And maybe associated with that, just what are you seeing at the top of the funnel right now? And I'll leave it there. Thanks.

那麼從季度環比和年度環比來看，恢復成長的時間表是怎麼樣的呢？也許與此相關的是，您現在在漏斗頂部看到的是什麼？我就把它留在那裡了。謝謝。

Thanks, Vik. I'll start with pricing and bundling, continue to be very excited about that program. It delivered ahead of our expectations in 2024, and we have a very material target for it in 2025 as well.

謝謝，維克。我將從定價和捆綁開始，繼續對該計劃感到非常興奮。它在 2024 年的交付超出了我們的預期，我們對 2025 年也設定了一個非常重要的目標。

I feel like we put the breadcrumbs in place on the evolution of this program. So there isn't sort of a hard cutover in 2026 or anything. Where we started with pricing and bundling is looking at our products, bundling them with other products and looking at unique value-based offers for our customers.

我感覺我們為該計劃的演變奠定了基礎。因此，2026 年不會出現任何硬性切換。我們從定價和捆綁銷售開始，關注我們的產品，將它們與其他產品捆綁銷售，並為我們的客戶提供獨特的基於價值的優惠。

And what we learned through 2024 is that there is a better path to approaching customer cohorts rather than a product-centric lens. So what we're talking about here is that continued evolution where we've -- of course, we focused on productivity solutions in 2024. In '25, you'll see us continue to focus on some of our presence products, and that was the more product-led mindset or approach to Pricing & Bundling -- but then the customer cohort-based lens is starting in 2025 as well and the first place we're going is customer cohort in the hosting business.

透過 2024 年，我們了解到，除了以產品為中心之外，還有一條更好的方法來接近客戶群。因此，我們在這裡談論的是持續的演變——當然，我們在 2024 年專注於生產力解決方案。在'25年，你會看到我們繼續專注於我們的一些存在產品，這是更加以產品為主導的思維方式或定價和捆綁方式 - 但基於客戶群的視角也將在2025年開始，我們首先要去的地方是託管業務中的客戶群。

And what it's really based on is the continued experimentation with customers continue continuously looking at what bundles make more sense, where is the significant customer surplus and where can we sort of price up a little bit and shift some of that value to the farm and shareholders. And I think for customer count went to...

它真正基於的是對客戶的持續實驗，不斷研究哪種捆綁更有意義，哪裡有顯著的客戶盈餘，以及我們可以在哪裡稍微提高價格並將部分價值轉移給農場和股東。我認為顧客數量去了…

Absolutely. And Vic thanks for the question. Just a reminder, our focus is on high-quality customers, and we want customers that are coming in with intent. So our goal is really looking at the metrics around what is the average order size at the initiation with that customer?

絕對地。Vic，感謝您的提問。提醒一下，我們的重點是高品質客戶，我們希望客戶是有意而來。所以我們的目標實際上是觀察與該客戶開始時的平均訂單規模相關的指標？

How are they attaching? How is it ultimately impacting our retention rate. So the drive to getting customers is more in line with getting the high-value customers versus just getting any customer. And having said that, we had some headwinds, and we've talked about them around our customer count. We had divestitures.

它們是如何附著的？它最終如何影響我們的保留率。因此，獲取客戶的動機更多在於獲取高價值客戶，而不是獲取任何客戶。話雖如此，我們也遇到了一些阻力，我們已經圍繞客戶數量討論了這些阻力。我們進行了資產剝離。

We ended deep discounting at the top of our funnel. We had migrations. All of those created a drag on certain customers, certain brands that we had and we are now getting through the majority of that work, and we're looking at that starting to abate from a comparison basis. funnel you asked about, we're still seeing at the top of funnel very solid traffic coming into our funnel. We're seeing customers attaching faster, all the positive signs, all the positive signs around Airo that are part of our strategy.

我們在漏斗頂部結束了大幅折扣。我們有過遷徙。所有這些都對某些客戶、某些品牌造成了拖累，現在我們正在完成大部分工作，從比較來看，這種情況正在開始減輕。您詢問的漏斗，我們仍然看到在漏斗頂部有非常穩定的流量進入我們的漏斗。我們看到客戶的連線速度越來越快，所有正面的跡象，圍繞 Airo 的所有正面跡像都是我們策略的一部分。

So at the end of the day, we feel our strategy is working.

所以最終我們覺得我們的策略是有效的。

Okay, great. Thank you.

好的，太好了。謝謝。

Ken Wong, Oppenheimer.

黃肯，奧本海默。

Hey, Ken. Great. I just wanted to maybe kind of dive in a little bit on the revenue growth for next year. I think we were, generally expecting, some convergence between revenue and bookings, and we are seeing a little bit of that. Just wondering if there's any kind of one-off headwinds that we should be aware of, any quantification of of how FX might have impacted that number.

嘿，肯。偉大的。我只是想稍微深入了解一下明年的營收成長情況。我認為，我們總體上預期收入和預訂量之間會出現一定的趨同，而且我們也看到了一點這樣的情況。只是想知道是否存在任何我們應該注意的一次性不利因素，以及外匯可能如何影響該數字的任何量化。

Yeah, thanks, Ken. And we're still seeing great momentum in bookings and obviously it, depending on the terms, transactional subscription that's going to impact revenue in different periods. But on an overall basis, bookings is going to outpace revenue and continue to see that momentum going through 2025. FX, we did see, I would say a small impact on FX in bookings towards the second half of the year. Not much. Now, it hits us in bookings first, then it rolls out into revenue, so it is very much in our model for 2025. But I would say at this juncture, it's relatively small overall.

是的，謝謝，肯。我們仍然看到預訂量的強勁勢頭，顯然，這取決於條款，交易訂閱將影響不同時期的收入。但從總體來看，預訂量將超過收入，並且這一勢頭將持續到 2025 年。我們確實看到外匯對今年下半年的預訂產生了一點影響。不多。現在，它首先為我們帶來預訂量，然後轉化為收入，因此它非常符合我們 2025 年的模型。但我想說，目前來看，整體來說還是比較小的。

Okay. Perfect. And then last year, you guys more or less deliberately kind of fired customers with the base falling $20.5 million -- you guys have been talking up investments in terms of customer acquisition for '25. Like how should we think about the contribution to growth from that aspect of your focus?

好的。完美的。然後去年，你們或多或少故意解雇了一些客戶，客戶基數下降了 2050 萬美元——你們一直在談論在 25 年的客戶獲取方面的投資。例如，我們應該如何從您關注的方面來思考對成長的貢獻？

I'll start and then maybe, Aman, you could jump on. So we're looking this year and we've talked about our investment in marketing around Airo and bringing people into the Airo Experience. And with that, we are starting to enter the monetization phase. But the monetization phase takes a while to build and goes to bookings first and ultimately to revenue.

我先開始，然後也許，阿曼，你可以加入。所以，我們今年進行了展望，並討論了圍繞 Airo 進行行銷的投資以及讓人們體驗 Airo 的事宜。由此，我們開始進入貨幣化階段。但貨幣化階段需要一段時間才能建立，首先是預訂，最終是收入。

So for this year, I would say, modest impact of the Airo launch and some of the efforts we're making around attracting customers into that experience. But as we go out, obviously, we expect that to increase.

所以就今年而言，我想說，Airo 的推出和我們為吸引顧客體驗所做的一些努力產生了適度的影響。但隨著我們走出去，顯然我們預計這一數字會增加。

And maybe I'll just quickly add, Ken, maybe two parts to it. One, as Mark already talked about, which is attracting the higher-value customer, the higher intent customer. And the second is that we want them to start with us in a different place. Years ago, a customer comes to GoDaddy, they start with domains while more and more today, a customer comes to GoDaddy and start with Airo. And Airo is a collection of products, a collection of services that adds value to them immediately.

肯，也許我會快速添加兩個部分。一方面，正如馬克已經談到的，那就是吸引更高價值的客戶，也就是意向更高的客戶。第二，我們希望他們和我們從不同的地方開始。幾年前，客戶來到 GoDaddy，他們從網域開始，而今天越來越多的客戶來到 GoDaddy 並從 Airo 開始。Airo 是一系列產品、一系列可立即為其增值的服務。

And that's super important to us because it allows us to reposition the company and the starting point of the company with the customer.

這對我們來說非常重要，因為它使我們能夠重新定位公司以及公司與客戶的起點。

Thank you guys.

謝謝你們。

Josh Beck, Raymond James.

喬許貝克、雷蒙詹姆斯。

Yeah, thanks so much for the question team. I wanted to go back to some of your comments about kind of pursuing the monetization vectors or phase, if you will, of Airo and Airo Plus. It sounds like you're entering that phase maybe earlier than you had planned, say, 12 months ago. So just kind of curious what triggered that change and really what was behind that.

是的，非常感謝提問團隊。我想回顧一下你關於追求 Airo 和 Airo Plus 的貨幣化載體或階段的一些評論。聽起來你進入這個階段的時間可能比你計畫的還要早，比如說，12個月前。所以只是有點好奇是什麼引發了這種變化以及背後的真正原因。

Yeah. Happy to talk about that. Definitely, we brought Airo to market in November, December for the first time with a small cohort of customers and expanded and that's 2023 and then over the last year, expanded it. And in our original estimates, and I think I've talked about it many times the idea very much was that the focus was on discovery and engagement and then monetization.

是的。很高興談論這個。毫無疑問，我們在 11 月和 12 月首次將 Airo 推向市場，當時只有一小部分客戶，後來我們擴大了規模，也就是 2023 年，然後在去年又進行了擴大。在我們最初的估計中，我想我已經多次談論過這個問題，重點是發現和參與，然後是貨幣化。

And we really wanted to solidify discovery and engagement because we want to change the base that people start with GoDaddy on. And what's happened in 2024 is that discovery and engagement have gone very well. Obviously, we've shared metrics of millions of customers discovering Airo and then half of them engaging with Airo. And now we've continued to share the metric of how Airo has become the path where people started GoDaddy and then find their way to websites, right, with the Airo path sort of providing 50% of websites starts.

我們確實希望鞏固發現和參與度，因為我們想改變人們開始使用 GoDaddy 的基礎。2024 年的情況是，發現和參與進展非常順利。顯然，我們已經分享了數百萬客戶發現 Airo 並且其中一半客戶與 Airo 互動的指標。現在我們繼續分享一個指標，即 Airo 如何成為人們啟動 GoDaddy 然後找到網站的路徑，對吧，其中 50% 的網站啟動都是透過 Airo 路徑進行的。

So that's very good discovery and engagement metrics. And what it's done is it's sort of bolstered our confidence and pulled forward some of the Airo monetization, which, of course, Mark talked about the positive of Airo in terms of just some green shoots on retention rates, some product attach, all of that's fantastic, some conversion improvements to -- but what happens now is that a SKU appears, which is a monetization SKU, which is Airo Plus that we launched in Q4 and you're going to start to see us hold in a number of the new very innovative products on the Airo platform as Airo Plus to the customer.

所以這是非常好的發現和參與指標。它的作用是增強我們的信心，並推動了 Airo 的部分貨幣化，當然，馬克談到了 Airo 的積極方面，例如留存率的一些綠芽、一些產品附加價值，所有這些都很棒，還有一些轉換率的提高——但現在發生的是出現了一個 SKU，這是一個貨幣化 SKU，也就是我們在第四季度推出的 Airo Plus，您將看到我們在第四季度作為新產品推出的

Super helpful. And then maybe just a quick follow-up on the GPV. I think it was $2.6 billion, growing mid-50s and then obviously, the comps are also very high with respect to growth. So I guess, how much penetration do you see in the years ahead? Obviously, you've had tremendous success getting to this point.

超有幫助。然後也許只是對 GPV 進行快速跟進。我認為是 26 億美元，成長率在 50% 左右，而且顯然同行業的成長率也非常高。那我猜測，您認為未來幾年的滲透率會達到多少呢？顯然，您已經取得了巨大的成功。

Is that something where there's still a lot of low-hanging fruit and gains to be had? Or should we be thinking about growth maybe slowing there? Any guidance would be great.

這是否意味著仍有許多唾手可得的成果和效益可得？或者我們是否應該考慮那裡的成長可能正在放緩？任何指導都十分有幫助。

Yeah. I continue to be very excited about GPV growth, and I think we want to continue it at a fast pace, but our model is a profitable growth model. So what we did in 2024 is not just grew GPV very fast what we did is we started to launch SaaS offerings as well, which has helped sort of the higher-margin revenue getting out there.

是的。我對 GPV 成長持續感到非常興奮，我認為我們希望繼續快速成長，但我們的模式是一種獲利的成長模式。因此，我們在 2024 年所做的不僅僅是快速成長 GPV，我們也開始推出 SaaS 產品，這有助於實現更高利潤的收入。

And in terms of penetration into the base, I would say still the largest contributor to our GPV growth is our base of customers. And we're -- I'm afraid to even say we're getting started is we have penetrated such a small percentage of our base, and I feel there's so much more to go in front of us. So that's what we're after.

從基礎滲透率來看，我認為我們 GPV 成長的最大貢獻者仍然是我們的客戶群。而且我們——我什至不敢說我們才剛開始，因為我們已經滲透瞭如此小比例的基地，我覺得我們還有很長的路要走。這正是我們所追求的。

And even adding to that as new customers have come into the funnel and started using payments over the years, they will grow and add to that GPV as well. So there is plenty of runway on our GPV growth going forward.

而且隨著新客戶進入管道並在過去幾年開始使用付款，他們的 GPV 也會成長並增加。因此，我們未來的 GPV 成長還有很大的空間。

Great. Thank you both.

偉大的。謝謝你們兩位。

Thank you.

謝謝。

Aaron Kessler, Seaport Research.

海港研究公司的亞倫‧凱斯勒 (Aaron Kessler) 說。

Perfect. A couple of questions. Maybe back to the Airo. I think you said 50% of bookings for web presence, which is pretty impressive. Any thoughts on maybe how much those are kind of incremental versus in terms of that uplift, do you have a sense for that?

完美的。幾個問題。也許回到 Airo。我認為您說過 50% 的預訂是透過網路進行的，這相當令人印象深刻。您對它們在多大程度上是增量還是提升有什麼看法，您有這方面的感覺嗎？

And then maybe talk about some of the internal efficiencies. I know it's kind of a longer-term process, but that you're gaining from AI, just and then what would you expect from 2025 as well from some internal efficiencies you're getting. Thank you.

然後也許談論一些內部效率。我知道這是一個長期的過程，但您從人工智慧中獲得了什麼，那麼您對 2025 年的內部效率有何期望呢？謝謝。

Yeah. On the first part, without breaking every piece of it down, overall, Airo has demonstrated higher conversion, higher product attach and just now starting to show better renewal, not just for domains but for websites.

是的。就第一部分而言，無需逐一分析，總體而言，Airo 表現出更高的轉換率、更高的產品附加價值，並且現在開始顯示出更好的更新效果，不僅是針對域名，還包括網站。

And when we talk about Airo website, what we're really talking about as people starting with the Airo Experience and then sort of launching into the website experience. And that's what's reached 50%. So Airo has become a very large funnel and obviously, now is going to be the largest on of website. But Airo is helping across all these metrics. But even as I talk about them, I have to sort of mention these are green shoots, right?

當我們談論 Airo 網站時，我們真正談論的是人們從 Airo 體驗開始，然後開始進入網站體驗。這就是達到了50%的水平。因此，Airo 已經成為一個非常大的管道，顯然，現在將成為網站上最大的管道。但 Airo 在所有這些指標上都提供了幫助。但即使我談論它們，我也必須提到，這些都是綠芽，對嗎？

Airo is an infant. It's about 1 year old, and its first cohort just came up for renewal for the first time. So we have so much more to do here, but the real excitement for me here is that we are starting the customer with something different at GoDaddy and that different vehicle is Airo and it offers us lots and lots of opportunities. And Mark, do you want to...

Airo 還是個嬰兒。它已經有 1 年的歷史了，它的第一批成員剛剛第一次進行續簽。所以我們在這裡還有很多事情要做，但對我來說真正令人興奮的是我們在 GoDaddy 為客戶提供一些不同的東西，而這個不同的工具就是 Airo，它為我們提供了非常多的機會。馬克，你想…

Airo, on your incrementality, it's always hard to measure whether they would have gone to websites or they went to website because of Airo. Having said that, the metrics we're tracking are things like average order size when they're initiating -- those are indicators to us that they're coming in and doing more than they previously did. And those were all very positive in the early stages of what we're seeing.

Airo，關於你的增量，總是很難衡量他們是會造訪網站還是因為 Airo 而造訪網站。話雖如此，我們追蹤的指標是他們發起時的平均訂單規模等——這些指標向我們表明，他們正在進入市場並比以前做得更多。在我們所看到的早期階段，這些都是非常積極的。

And then on the question on internal efficiencies, where Obviously, I'm super excited about AI, and we continue to invest in AI, machine learning, generative AI and now Agentec AI as well. And we think there's great room for innovation for internal efficiencies there sort of across the company.

然後關於內部效率的問題，顯然，我對人工智慧非常興奮，我們將繼續投資人工智慧、機器學習、生成人工智慧以及現在的 Agentec AI。我們認為，整個公司的內部效率都有很大創新空間。

And our model in some of the places, for example, in care is a little bit different than other companies. But we've continued to make progress. For example, we've talked about Gabby. We've also talked about our conversational bot and those tools continue to do better and better in year from now, we'll be talking about them a lot more.

我們在某些​​方面（例如護理方面）的模式與其他公司略有不同。但我們一直在不斷取得進展。例如，我們討論過 Gabby。我們也討論了我們的對話機器人，這些工具在未來的一年裡會做得越來越好，我們將更多地談論它們。

Great, thank you.

太好了，謝謝。

Trevor Young, Barclays.

巴克萊銀行的特雷弗楊 (Trevor Young)。

Great, thanks. On the EBITDA margin guide, 1Q implying about 2 points expansion year-on-year, meanwhile only committing to 100 bps for the full year. If I heard you correctly, the marketing spend is also going to be concentrated in 1Q. So just help us understand, is there some additional spend layering in later in the year that we should maybe be contemplating as we think about margin progression.

太好了，謝謝。在 EBITDA 利潤率指引上，第一季意味著年增約 2 個基點，而全年僅承諾 100 個基點。如果我沒聽錯的話，行銷支出也將集中在第一季。所以請幫助我們理解，在考慮利潤率成長時，我們是否應該考慮今年稍後的一些額外支出。

And then similarly, is there any sort of FX headwinds, any nuances between where rev rec is and where costs lie that could be weighing on margin as well?

同樣地，是否存在某種外匯逆風，收入和成本之間的任何細微差別都可能對利潤率造成影響？

Thanks, Trevor. On the margin, as we say, every quarter is going to be a little bit different for us. And so looking at Q1 versus the entire year gets a little tricky, but we do have a seasonality related to it.

謝謝，特雷弗。正如我們所說，從邊緣上來說，每個季度對我們來說都會有點不同。因此，比較第一季與全年的情況會有些棘手，但確實存在與之相關的季節性。

Now having said that, on the 100 basis points, it's just following the model that we have talked about, right? We're seeing the upfront benefit last year from things like infrastructure simplification, global talent recruitment those were very front-end loaded for us. And now it's generally the tailwind related to the continued growth in A&C, a higher segment EBITDA margin.

現在說了這麼多，在 100 個基點上，它只是遵循我們討論過的模型，對嗎？去年，我們從基礎設施簡化、全球人才招募等方面看到了前期效益，這些對我們來說都是前端投入很大的。現在，這通常是與 A&C 業務持續成長相關的順風，即更高的分部 EBITDA 利潤率。

There's nothing in particular that we haven't called out. We have talked about marketing. We have talked about product innovation. But generally, it's staying within the parameters that we've talked about within the model that we've talked about, and we're heading towards the 33% in 2025 -- sorry, 2026.

沒有什麼特別的事情是我們沒有指出的。我們已經討論過行銷。我們已經討論過產品創新。但總的來說，它會保持在我們所討論的模型中的參數範圍內，並且我們正朝著 2025 年（抱歉，是 2026 年）的 33% 的目標前進。

Great. Thank you, Mark.

偉大的。謝謝你，馬克。

Robert Colbrai, Evercore.

羅伯特·科爾布雷（Robert Colbrai），Evercore。

Great. Thank you for taking your question. I wanted to ask a little bit more about the renewal rate improvement you're seeing on the very early Airo cohorts, particularly in relationship domains. So I was wondering if it's just because they're doing multi-product attach at a higher rate or maybe the domains -- the improvement in relation to domains conveyed that there's something more unique about the Airo renewal motion.

偉大的。感謝您回答問題。我想多問一些有關您在早期 Airo 用戶群中看到的續訂率提升的情況，特別是在關係領域。所以我想知道這是否僅僅是因為他們以更高的速率進行多產品附加，或者可能是域名 - 與域名相關的改進表明 Airo 更新動議有一些更獨特的地方。

And then associated with that, are you seeing an opportunity for higher expansion at renewal from customers who have received the Airo Experience or engage with it. And does that potentially portend opportunity to put Airo in front of the broader installed customer base of renewal in the future?

與此相關的是，您是否看到了從已經獲得 Airo Experience 或參與其中的客戶那裡獲得更高續約擴展的機會。這是否預示著未來 Airo 有機會吸引到更廣泛的已安裝客戶群？

Yeah. Thank you. When we talk about the Airo cohort for domains. These are customers that bought a domain and were immediately sort of engage with the Airo Experience, right? They were surrounded by the so they chose to engage with it.

是的。謝謝。當我們談論網域的 Airo 群組時。這些客戶購買了網域並立即參與了 Airo Experience，對嗎？他們被包圍了，所以他們選擇與之交戰。

And what we see there is that because Airo offers 8 to 9, what we call cards or areas for customers to engage where they can run that domain into appealing. They can do a little bit of social marketing or they can create a logo or they can get a one-page website that Airo just creates for them, right?

我們看到的是，由於 Airo 提供了 8 到 9 個我們稱之為卡片或區域供客戶參與的場所，他們可以在該場所將該網域變得具有吸引力。他們可以做一些社交行銷，或者創建一個標誌，或者可以獲得 Airo 為他們創建的單頁網站，對嗎？

This is before they go build a full website. all of these other interactions happen for free for these customers that have just bought a domain. And our hypothesis is that because the customer now has greater value that over time, that should be a little bit higher retention rate. Now it's going to be different from our 2-plus products and such because there, what we're talking about is two paid products. But what we have here is customer using multiple products and that should lead to better renewal rate.

這是在他們建立完整網站之前。對於剛購買網域的客戶來說，所有這些其他互動都是免費的。我們的假設是，由於客戶現在的價值隨著時間的推移而增加，因此保留率應該會更高一些。現在它將不同於我們的 2-plus 產品等，因為我們談論的是兩種付費產品。但我們現在看到的是客戶使用多種產品，這應該會帶來更好的續約率。

In terms of expansion of other opportunities for Airo customers, that is what we're after. We want to start the customer with a set of products, and we want to keep adding to that value over time. So you'll keep seeing us add more and more capabilities to Airo.

為 Airo 客戶擴大其他機會正是我們所追求的。我們希望為客戶提供一套產品，並希望隨著時間的推移不斷增加該產品的價值。因此，您將不斷看到我們為 Airo 添加越來越多的功能。

But as they start using it, expose them to a logo builder or an image creator that's much better than what came naturally with Airo or marketing tool, a marketing consultant or the digital marketing tool we have, which do a much better job and then the customer can opt in and sort of upsell themselves into Airo Plus.

但是當他們開始使用它時，向他們展示一個標誌生成器或圖像創建器，這比 Airo 自然附帶的或營銷工具、營銷顧問或我們擁有的數位行銷工具要好得多，這些工具做得更好，然後客戶可以選擇加入並向 Airo Plus 進行追加銷售。

And maybe the last piece, just the opportunity to perhaps at renewal put Airo in front of customers who haven't seen it before versus new customers?

也許是最後一點，在續約時，是否有機會將 Airo 展示給那些之前沒見過它的客戶，而不是新客戶？

Yeah, we continue to work on taking Airo into the broader base of customers. I think I've talked about it a little bit in the past too our learnings from taking websites and then the productivity solutions and now commerce into the basis that, that go-to-market motion tends to be a bit different than new customers. So it tends to come a few quarters after we've nailed a new customer side.

是的，我們將繼續致力於讓 Airo 獲得更廣泛的客戶群。我想我過去也談過一點，我們從網站、生產力解決方案和現在的商業中獲得的經驗是，進入市場的行動往往與新客戶略有不同。因此，它通常會在我們確定了新客戶之後幾個季度出現。

But we're continuing to work on that. We're very excited about 4 basic customers continuing to be a very exciting place where if you're on the site, you'll see Airo and Airo Plus over the next few months Airo is already on many of the services, but you'll actually see a robust start popping up for existing customers, too.

但我們仍在繼續努力。我們非常高興 4 個基本客戶將繼續成為一個非常令人興奮的地方，如果你在網站上，你會看到 Airo 和 Airo Plus，在接下來的幾個月裡，Airo 已經出現在許多服務中，但你實際上也會看到現有客戶的強勁開端。

Okay, great. Thank you.

好的，太好了。謝謝。

Chris Kuntare, UBS.

瑞銀的克里斯·昆塔爾 (Chris Kuntare)。

Great. I just want to go back to the comment, Mark, that you had made on the 16% average order growth. Could you give us a sense for what that was growing in 2023?

偉大的。馬克，我只是想回到你對 16% 平均訂單成長率的評論。您能否告訴我們 2023 年的成長情況？

We don't -- haven't disclosed that back to 2023. So I would say it's a year-over-year comparison at 16%. Remember, we are in a different environment in 2023. So it's -- we're comparing it to post arrow to pre Airo. So again, we'll continue to update that as we go forward.

我們沒有--還沒有披露 2023 年之前的消息。因此我會說年比來看，成長了 16%。請記住，2023 年我們的環境不同了。所以 — — 我們將它與 Airo 之後的版本和 Airo 之前的版本進行比較。因此，我們會繼續更新這一內容。

But right now, it's at 16%.

但現在這一比例為 16%。

Got it. Yes. I think that was kind of really what I was trying to get at here was that accelerating? Was that average order growth accelerating in the order of magnitude of 5% mid-singles, high singles here just as kind of a proxy for what that performance improvement was coming from Airo.

知道了。是的。我想這確實就是我想要得到的，這是在加速嗎？平均訂單量成長是否以 5% 的數量級加速，中單量、高單量只是 Airo 性能改進的一種代表。

Yeah. Chris, we haven't gone out and given numbers like that back that far. So we can take it offline, but we're making progress at 16%.

是的。克里斯，我們還沒有公佈過這樣的數據。因此我們可以將其離線，但我們正在取得 16% 的進展。

Got it. And just maybe on Airo Plus, Curious how you're thinking about that product. You're obviously doing independent SKU tests now at this point. Is this something we should be looking for is something that you're going to be putting marketing dollars behind this year?

知道了。或許只是關於 Airo Plus，好奇您對該產品有何看法。此時您顯然正在進行獨立 SKU 測試。這是我們應該尋找的東西嗎？

Yeah. We're going to test it first, Chris, and customers are going to start to see it on the site and only once that testing is complete, you'll see why we tested pricing and so on. As we get to confidence on its performance, then likely, you'll see some marketing on it. As Mike has talked about, we are putting marketing dollars behind Airo, we think it's a fantastic experience in the world needs to know about.

是的。克里斯，我們將首先對其進行測試，然後客戶將開始在網站上看到它，並且只有在測試完成後，您才會明白我們為什麼要測試價格等等。隨著我們對其性能越來越有信心，那麼很可能你會看到一些關於它的行銷。正如 Mike 所說，我們正在為 Airo 投入行銷資金，我們認為這是全世界都需要了解的奇妙體驗。

Got it. Thank you.

知道了。謝謝。

Ygal Arounian, Citigroup.

花旗集團的 Ygal Arounian。

Hey, good afternoon guys. First, just going back to the full year revenue and the kind of point of convergence from 2024 bookings to '25 revenue. Maybe you could just help kind of a little bit of what's embedded in the range of the guidance, like what would it take to get to the lower end of your guidance, meaning 6% revenue growth coming off a year of 9% bookings growth. Just what's the right way to think about that?

嘿，大家下午好。首先，回顧全年收入以及從 2024 年預訂量到 2025 年收入的匯合點。或許您可以稍微介紹一下指導範圍內包含的內容，例如需要達到什麼程度才能達到指導範圍的下限，即在 9% 的預訂量增長的基礎上實現 6% 的收入增長。那麼，正確的思考方式是什麼呢？

Yeah. thanks. And we continue to great momentum. And the revenue growth comparison, obviously, it trails the booking comparison, and we're comparing it against different years, different periods, different aspects. We feel really good about where we are in the range.

是的。謝謝。我們將繼續保持強勁勢頭。顯然，收入成長比較落後於預訂量比較，而且我們將其與不同年份、不同時期、不同方面進行比較。我們對於自己所處的階段感到非常滿意。

But there are transactional ends of the business that we continue to monitor. There are impact not only our core platform, they can also impact our A&C. So we try to build that range to take into consideration that what is the volume, what are the units coming in and what are the different ranges there.

但我們仍會持續監控業務的交易端。它們不僅會影響我們的核心平台，還會影響我們的 A&C。因此，我們嘗試建立該範圍來考慮體積是多少、輸入的單位是什麼以及那裡有哪些不同的範圍。

So I would say, if you really want to see the what can get us from one pole to the other pole you have to look at the transactional business because the bookings takes a period of time to revenue on subscriptions.

所以我想說，如果你真的想知道什麼能讓我們從一個極點到達另一個極點，你必須看看交易業務，因為預訂需要一段時間才能產生訂閱收入。

And I think we could give a little color and say transactional businesses, you're talking about the aftermarket business being a big part.

我認為我們可以稍微解釋一下交易業務，你所說的售後市場業務是其中很重要的一部分。

That is the biggest part of it. We did have the return to some larger transactions last year, making this year a tough compare in the aftermarket. As we always say, we don't anticipate those log transaction. So that is always going to be of a swing for us depending on what we see out there.

這是其中最重要的部分。去年我們確實恢復了一些較大的交易，這使得今年的售後市場變得難以比較。正如我們常說的那樣，我們不預料到這些日誌事務。所以這對我們來說總是會有一個變化，取決於我們所看到的情況。

Okay. That's helpful. And another one for you, Mark. On capital allocation. So it's been a couple of quarters now with not a lot of buybacks or certainly less than what you've been buying kind of run rate previously.

好的。這很有幫助。還有一個給你，馬克。關於資本配置。因此，現在已經有幾個季度沒有回購很多，或者肯定低於之前的購買率。

Building cash, you're below your leverage targets here. Just give us an updated thought on buybacks, capital allocation. Is the M&A environment any different or your approach to M&A -- so how do we think about that as your cash to grow here?

建立現金，您目前的槓桿率低於目標。請向我們提供有關回購和資本配置的最新想法。併購環境或您的併購方式有何不同？

No change to our approach. We were ahead of where we had targeted coming out of 2024. We bought back through Q3. And like I said, never look at any particular quarter for a trend. We continue to evaluate on a quarter-by-quarter basis, and we continue to look at what the right rate of return is for all of our capital allocation.

我們的方法沒有改變。我們已經提前實現了 2024 年的目標。我們透過第三季回購了。正如我所說的，永遠不要透過某個特定季度來判斷趨勢。我們將繼續按季度進行評估，並繼續關注所有資本配置的正確回報率。

Overall, no change in how we approach it, no change in how we look at things, and we'll continue to apply that in a very disciplined approach going forward.

總的來說，我們處理問題的方式沒有改變，我們看待事物的方式沒有改變，我們將繼續以非常嚴謹的方式運用這種方式。

Got it, thank you. Thanks.

知道了，謝謝。謝謝。

Elizabeth Porter, Morgan Stanley.

摩根士丹利的伊麗莎白波特。

Great. Thank you so much. First, we generally think of websites is a pretty sticky market. And with the opportunity to drive more website attach -- should we think about the opportunity as really skewed towards the new customer side? Or do some of the products like site optimization allow you to actually dip back into that installed base of customers then maybe leveraging a different website folder and provide an opportunity to drive an attach to a GoDaddy website. Thanks.

偉大的。太感謝了。首先，我們普遍認為網站是一個相當黏性的市場。並且，隨著推動更多網站連接的機會的出現，我們是否應該將這一機會看作真正偏向新客戶方面？或者，一些產品（如網站優化）是否允許您真正重新回到已安裝的客戶群，然後可能利用不同的網站資料夾並提供機會推動連接到 GoDaddy 網站。謝謝。

Yeah. It was a bit -- you're right on the spot. Yes, there is the opportunity with new, but site optimizer is built to help reach existing customers that could renew their sites that could do other job. I think we've shared publicly that whole site optimizer is still being tested with a smaller cohort of GoDaddy customers of the technology, it's built to make any site better in the world.

是的。有點——你說得對。是的，有新的機遇，但網站優化器是為了幫助現有客戶更新他們的網站並完成其他工作而建立的。我認為我們已經公開分享了整個網站優化器仍在由一小部分 GoDaddy 客戶進行測試，該技術旨在使世界上任何網站變得更好。

Great. And then just as a follow-up, the pricing and packaging in 2025 seems to be more focused on web presence and cohorts and hosting. How should we think about the relative benefit of the strategy to these areas in 2025 compared to the impact the strategy had on productivity in 2024. Productivity just in general, seems to be a bigger contributor within A&C and we know hosting has gotten a little bit smaller with divestitures. So could you just help us understand how big of an opportunity these areas represent?

偉大的。然後作為後續，2025 年的定價和包裝似乎更加專注於網路存在、群組和託管。與該策略在 2024 年對生產力的影響相比，我們應該如何看待該策略在 2025 年對這些領域的相對效益。總體而言，生產力似乎是 A&C 內部更大的貢獻者，而且我們知道，隨著資產剝離，託管業務的貢獻已經縮小。那麼您能否幫助我們了解這些領域代表著多大的機會？

Yeah. Pricing and bundling continues to be a multiyear opportunity, and we feel very good about the transition, obviously, being a product to Pricing & Bundling you're moving to a customer cohort base lens. And we think the opportunity is very large over multiple years.

是的。定價和捆綁銷售仍然是一個多年的機遇，我們對這種轉變感到非常高興，顯然，作為定價和捆綁銷售的產品，您正在轉向客戶群基礎視角。我們認為，多年來，這個機會非常巨大。

In terms of contribution, that I had wanted to share, which is why we included it, is that we have a very material contribution from pricing and bundling in 2025 as well. And I think there's a bit of a sort of there's a bit of confusion for people because there's too much focus on productivity rather than looking at GoDaddy's very large customer base and all sets of products that they have and also the products that we can bundle with those products to create these new value-based offers. That's really the scope that we should be looking at versus looking at one specific product within our P&L, if you will.

就貢獻而言，我一直想分享，這也是我們將其納入的原因，即我們在 2025 年的定價和捆綁銷售中也做出了非常重要的貢獻。我認為人們會感到有些困惑，因為他們過於專注於生產力，而沒有關注 GoDaddy 龐大的客戶群和他們擁有的所有產品，以及我們可以與這些產品捆綁在一起以創造這些新的基於價值的產品。如果你願意的話，這其實是我們應該關注的範圍，而不是只關注損益表中的某一特定產品。

Great. Thank you so much.

偉大的。太感謝了。

Thank you, Elizabeth.

謝謝你，伊麗莎白。

Mark Zguowitz, benchmark.

Mark Zguowitz，基準。

Thanks,. I appreciate it. Mark, just maybe a follow-on to Trevor's question on the margin guidance for the year. I'm curious what your A&C and core platform adjusted EBITDA margin expectations are for 25. And the question stems from -- I would just expect to see perhaps more leverage than the 100 bps just given the mix shift to A&C.

謝謝，。我很感激。馬克，這也許只是特雷弗關於今年利潤率指導問題的後續問題。我很好奇您對 A&C 和核心平台調整後的 EBITDA 利潤率的預期是 25 年。問題在於——考慮到業務組合向 A&C 轉移，我預計槓桿率可能會超過 100 個基點。

So that's where that question stems from. And then I also noticed that there was some deleverage in corporate quarter-over-quarter and fourth quarter and wondered if any of that I guess, what drove that and what -- if there's any of that lingering into your 25% margin guidance.

這個問題就是由此而來的。然後我還注意到，企業季度環比和第四季度都出現了一些去槓桿現象，我想知道其中是否有任何因素推動了這一現象，以及這些因素是否會對您的 25% 利潤率預期產生影響。

And thanks, Mark. Real quick on the margin guidance. We were very front-end loaded when we went from '23 to '24 with some of the actions we had taken. We talked about the 3 buckets, and each of them having a certain contribution in the first 2 were very frontloaded. We feel really good about our pace towards the -- and the 100 bps of improvement is based on the fact that we are now going to be seeing more of the tailwind related to the A&C growth.

謝謝你，馬克。保證金指導非常快。當我們從 23 年到 24 年採取一些行動時，我們前期投入非常多。我們討論了 3 個桶，每個桶在前 2 個桶中都有一定的貢獻，而且前期投入很大。我們對我們的步伐感到非常滿意——而 100 個基點的改善是基於這樣一個事實，即我們現在將看到更多與 A&C 增長相關的順風。

And that will help in that segment EBITDA margin, and that will help be that tailwind that helps us get there. Now at the same time, we are continuing to look at marketing investment around Airo and product innovation. So we're investing in the long term. And we feel good about our path to get there. I always say our North Star is free cash flow.

這將有助於該部門的 EBITDA 利潤率，並成為幫助我們實現目標的順風。現在，我們同時繼續專注於圍繞 Airo 的營銷投資和產品創新。所以我們進行的是長期投資。我們對自己實現這目標的途徑感到很滿意。我總是說我們的北極星是自由現金流。

So we are well on track on the free cash flow targets coming out of the year, and we continue to have that great momentum to get there. On the Second question, and I'm going to say -- yes, nothing to call out. We were finishing up some infrastructure projects towards the end of Q4, but there's nothing specific or nothing lingering into 2025 to call out. We're on a good track to continue to get operating leverage on our P&L.

因此，我們在今年的自由現金流目標上進展順利，我們將繼續保持強勁勢頭，努力實現目標。關於第二個問題，我想說──是的，沒什麼好說的。我們在第四季末完成了一些基礎設施項目，但沒有什麼具體的事情，也沒有什麼可以追溯到 2025 年的事情。我們正處於良好的軌道上，繼續在損益表上獲得經營槓桿。

Okay. Great. And then just 1 last question. You touched on it a little bit, but aftermarket, you had a nice acceleration in 4Q. And I'm just curious what drove that and what your assumptions are with aftermarket in 1Q and for '25?

好的。偉大的。我還剩最後一個問題。您稍微提到了這一點，但在售後市場，您在第四季度取得了良好的加速。我只是好奇是什麼推動了這一趨勢，您對第一季和 25 年的售後市場有何假設？

Yeah. We continue to see it as a low single-digit grower, and we're seeing good volume at the, I would say, the base level of the smaller transactions. Like I said, we don't build in any of the larger transactions, which can create some volatility -- and that pattern seems to be holding. Every quarter may be a little different up or down depending on some of that, but we're -- that's what we build into our model going forward.

是的。我們繼續將其視為一個低個位數的增長，我們看到，我認為，在較小交易的基礎水平上，交易量良好。正如我所說的，我們不會進行任何較大的交易，這可能會造成一些波動——而且這種模式似乎一直持續著。每個季度可能會因某些因素而略有不同，但這就是我們在未來模型中建立的內容。

Okay, got it. Thanks, guys. I appreciate it.

好的，明白了。謝謝大家。我很感激。

All right, thanks Marks.

好的，謝謝馬克斯。

Alexei Gogolov, JP Morgan.

摩根大通 (JP Morgan) 的 Alexei Gogolov。

Hi, This is Ella Smith on for Alexia. So maybe first with Airo. How many of Airo users are existing GoDaddy customers versus how many are new customers? And how do you think about that distinction in customer groups moving forward?

大家好，我是 Alexia 的 Ella Smith。因此也許首先是 Airo。Airo 用戶中有多少是現有的 GoDaddy 客戶，又有多少是新客戶？您如何看待未來客戶群的這種差異？

Currently more -- the greater percentage of Airo customers are going to be in the new because all new customers are getting exposed to Airo and we see great engagement from them with new customers. On existing customers, the go-to-market is a bit different, but that is an area of larger opportunity over time.

目前，越來越多的 Airo 客戶開始使用新產品，因為所有新客戶都會接觸到 Airo，而且我們看到他們與新客戶的互動非常活躍。對於現有客戶來說，進入市場的方式略有不同，但隨著時間的推移，這是一個更大的機會領域。

Also, the new continues to sort of weave into the base as well. So over time, you're going to see the base become larger and larger in terms of Airo customers, and we have a lot more to do on that and a lot of great ideas to bring to customers.

此外，新事物也持續融入基礎之中。因此隨著時間的推移，您會看到 Airo 客戶群變得越來越大，我們在這方面還有很多事情要做，並且有很多很好的想法可以帶給客戶。

Got it. That makes a lot of sense. And for a quick follow-up, how did your GMV far in 2024? And looking ahead, do you still expect GPV to outpace GMV growth?

知道了。這很有道理。簡單問一下，2024 年您的 GMV 怎麼樣？展望未來，您是否仍預期 GPV 的成長速度將超過 GMV 的成長速度？

We straight away from GMV and just the disclosures around it only because it's not a clear indicator of how it translates directly into our revenue. GPV is the number we base it on. And obviously, we talked about the growth in the GPV. So nothing to really call out in GMV related to GPV at this time.

我們直接避開GMV以及圍繞它的披露，因為它不能清楚地表明它如何直接轉化為我們的收入。GPV 是我們依據的數字。顯然，我們討論了 GPV 的成長。因此，目前 GMV 與 GPV 之間還沒有什麼值得關注的。

Got it. Thank you, Mark. I appreciate it.

知道了。謝謝你，馬克。我很感激。

Alec Ronallo, Wells Fargo.

富國銀行的亞歷克·羅納洛。

Hey, thank you so much. Maybe two from me. On Airo, I think all of the AI products in the bundle right now are built by GoDaddy. How do you think about potentially adding a third-party AI products to that subscription tier over time? And then maybe secondly, if I had to characterize Airo Plus, there's the Logo Maker, there's the enhanced website building tool, and I think it's a marketing product. Do you think you found like the killer feature or tentpole feature for the bundle at this point in time?

嘿，非常感謝。也許有兩個是我。在 Airo 上，我認為目前捆綁包中的所有 AI 產品都是由 GoDaddy 建造的。您如何考慮隨著時間的推移將第三方 AI 產品新增至該訂閱層？其次，如果我必須描述 Airo Plus，那就是 Logo Maker，它是一款增強型網站建立工具，而且我認為它是一種行銷產品。您認為目前是否找到了這款捆綁產品的殺手級功能或支柱功能？

On the third-party products for Airo Plus, just like we included a product within Aero that was third party. We're very curious about third-party products, and we actually test with a number of our partners. When we find something, you'll see it emerge sort of within the product with the right packaging and such.

在 Airo Plus 的第三方產品上，就像我們在 Aero 中包含了第三方產品一樣。我們對第三方產品非常好奇，並且我們實際上與許多合作夥伴一起進行了測試。當我們找到某種東西時，您會看到它以正確的包裝形式出現在產品中。

And in terms of the second part of the question, when I think about sort of a 10x feature or there's something really good, what I would say is we have great sort of starting point with site optimizer and the marketing suite, the digital marketing suite. We know from early testing that those 2 products that attract customers. So will really double down on those to get those to a very large group of customers, and we don't necessarily need a 51 rate, a new one right now.

就問題的第二部分而言，當我想到 10 倍功能或某些非常好的功能時，我想說的是我們在網站優化器和行銷套件、數位行銷套件方面擁有很好的起點。我們從早期測試中知道，這兩款產品最能吸引客戶。因此，我們會加倍努力，將這些產品提供給龐大的客戶群，而且我們現在不一定需要 51% 的新利率。

Thank you.

謝謝。

John Byun, Jefferies.

傑富瑞 (Jefferies) 的約翰‧拜恩 (John Byun)。

This is John in for Brent Fila. First question is -- both of them are on AI, but for Airo Plus, it can spin out a couple of months, but just curious what you're seeing in terms of acquiring paying subs. I mean, I know we're still testing it.

這是約翰，代替布倫特·菲拉。第一個問題是 - 它們都採用 AI，但對於 Airo Plus 來說，這可能需要幾個月的時間，但我好奇您在獲取付費用戶方面看到了什麼。我的意思是，我知道我們仍在測試它。

And then second on Antech AI. Just wondering how they might look. I don't know if there's any examples you could share of what they might be.

其次是 Antech AI。只是想知道它們看起來怎麼樣。我不知道您是否可以分享一些例子來說明它們是什麼。

Yeah, John, super early for Airo Plus, but we'll definitely talk about it more in future earnings call. And in AI, without giving a competitive info. But I would just say that from last year, what you saw in Airo was the power of automation and generative AI. And if you look at some of the capabilities that Airo already automates and does, Agentic AI has the opportunity to really super power even what Airo does. So that's -- in terms of the use cases, there are lots and lots of use cases.

是的，約翰，關於 Airo Plus 的討論還為時過早，但我們肯定會在未來的財報電話會議上更多地討論它。在人工智慧方面，沒有提供競爭資訊。但我只想說，從去年開始，你在 Airo 中看到的就是自動化和生成式人工智慧的力量。如果你看看 Airo 已經實現自動化和執行的一些功能，你會發現 Agentic AI 有機會真正為 Airo 所做的事情提供超強動力。所以 — — 就用例而言，有很多很多的用例。

But if you look at the core use cases that our customers are already using, AI and Airo can do them a lot better.

但如果你看看我們的客戶已經在使用的核心用例，AI 和 Airo 可以做得更好。

Right, thank you very much.

好的，非常感謝。

Thank you.

謝謝。

Navid Khan, B. Riley.

納維德汗、B.萊利。

Great, thanks. I have a clarification before I ask my question. So just on the guide, Mark, for the full year, are you baking in any kind of impact from FX in your guide? And then I have some questions.

太好了，謝謝。在提問之前我想先澄清一下。那麼馬克，就全年指南而言，您是否在指南中考慮了 FX 的任何影響？然後我有一些問題。

Naved, we are seeing some of it small at this point. It's a little bit of a headwind we came out in our bookings that will roll over into the first part of the year, but nothing really significant. .

Naved，我們現在看到的有些東西很小。這對我們的預訂造成了一點不利影響，並將延續到今年上半年，但並不是什麼重大的事情。。

Okay. And then a two-part question. One is, we are seeing the cost of using generative models kind of getting cheaper and cheaper with models like DeepSeek -- how should we think about the P&L impact of this kind of development? And then the other question is just around customer growth. So now that the noise from the divestitures is going to be behind us in 2025.

好的。然後是一個由兩個部分組成的問題。一是，我們看到使用生成模型的成本越來越便宜，例如 DeepSeek 這樣的模型——我們應該如何看待這種發展對損益的影響？另一個問題是關於客戶成長。因此，到 2025 年，資產剝離帶來的噪音將會成為過去。

Do you expect to return to positive customer growth?

您是否預期客戶數量將恢復正成長？

Yeah. On the cost of generative AI, Naved, I just pointed to sort of a lot of commentary over the last couple of years. We've been very judicious in terms of cost on generative AI. I've been a huge proponent of generative AI. I do feel as the platforms get out there, and we have more and more people are going to build better models that are trained faster that are trained cheaper, but we already are very careful about that.

是的。關於生成式人工智慧的成本，Naved，我只是指出了過去幾年的許多評論。我們在產生人工智慧的成本方面一直非常謹慎。我一直是生成式人工智慧的堅定支持者。我確實覺得隨著平台的出現，會有越來越多的人建立更好的模型，這些模型訓練得更快、成本更低，但我們已經對此非常謹慎。

And if it gets cheaper and better, that's only good for our customers and good for us. So that's fantastic.

如果它變得更便宜、更好，那對我們的客戶和我們都有好處。這真是太棒了。

And then on the customers, just a reminder, we're focusing on high-value customers, and we're making sure that we're getting those cuts funnel. Having said that, we are starting to move past a lot of the efforts we've made around consolidating our technology stacks and we're seeing strong top of the funnel. So we do expect customer accounts to return to positive, and we'll continue our focus on our strategy because it's working.

然後關於客戶，提醒一下，我們專注於高價值客戶，並確保我們能夠獲得這些削減管道。話雖如此，我們開始超越我們在整合技術堆疊方面所做的大量努力，並且看到了強勁的頂部。因此，我們確實希望客戶帳戶能夠恢復正數，並且我們將繼續專注於我們的策略，因為它正在發揮作用。

Great. Thank you.

偉大的。謝謝。

Brad Erickson, RBC. .

布拉德·埃里克森，RBC。。

Thanks for putting me on. I got the echo too, it sounds like -- can I guess, start with, can you give your latest thinking around how you think about your marketing tools comparing the tools on some of the big walled gardens out there. I know this isn't like a new topic, but just curious to get your latest thinking on that dynamic, given how quickly it's evolving.

謝謝你讓我上來。我也得到了回音，聽起來——我想，首先，您能否談談您對行銷工具的最新想法，以及您如何將自己的行銷工具與一些大型圍牆花園中的工具進行比較。我知道這不是一個新主題，但我只是好奇，鑑於它發展得如此之快，你對這一動態的最新看法。

And then maybe a follow-up from Naved's question on Deep Seek. Just curious, like in your management conversations across companies, et cetera, has -- are you feeling like there could be infrastructure efficiencies over time? Clearly, that's worth points. But just pragmatically, what do those conversations sound like as you have them.

然後也許是 Naved 關於 Deep Seek 問題的後續問題。只是好奇，就像您在跨公司管理對話等等中一樣，您是否覺得隨著時間的推移，基礎設施效率可能會提高？顯然，這是值得的。但從實際情況來看，這些對話聽起來是什麼樣的？

Yeah. On the marketing tools, Brad, we have very early-stage products and marketing tools, but our tools are custom built for our customer, which is the micro business part of the these are very, very small businesses. So our tools are really factored and built for that customer.

是的。關於行銷工具，布拉德，我們擁有非常早期的產品和行銷工具，但我們的工具是專門為我們的客戶量身定制的，這些客戶是微型企業的一部分，是非常非常小的企業。所以我們的工具確實是為該客戶考慮並打造的。

We think of ourselves at the base of the pyramid and the only place for us to go is up, and that's fantastic. So we're just starting out on those. And in terms of AI and infrastructure costs and discussions internally on infrastructure, this is a quickly evolving situation. Like my view is AI is moving so quickly. Most people have no idea or I think we can't really guess how different things are going to be in 3 to 6 months.

我們認為自己處於金字塔的底部，唯一的去處就是向上，這真是太棒了。所以我們才剛開始做這些。就人工智慧和基礎設施成本以及內部有關基礎設施的討論而言，這是一個快速發展的情況。正如我的觀點一樣，人工智慧發展得非常快。大多數人根本不知道，或者我認為我們無法真正猜測 3 到 6 個月後情況會有什麼不同。

So while we want to stay on top of it, our real focus is how do we take AI, create value for customers and then transform the value to shareholder value in terms of greater attach upsell pricing as well.

因此，雖然我們希望保持領先地位，但我們真正的重點是如何利用人工智慧為客戶創造價值，然後透過更高的附加追加銷售定價將價值轉化為股東價值。

Deepak, Cantor.

迪帕克，領唱者。

Hey guys, thanks for taking the question. I'll ask a couple of ones. First, can you just talk broadly about the macro trends in early 2025. How is the top of the funnel trends particularly in the context of new business formation that's driving your business? And then the second question, obviously, earlier in the year, there was a lot of news flow around are you seeing any tailwinds to certain products or maybe to your customer growth or maybe migrations from to some of your sort of like DIY products at this time? Any color you can share there would be helpful. Thank you so much.

嘿夥計們，謝謝你們回答這個問題。我會問幾個問題。首先，您能否大致談談2025年初的宏觀趨勢。在推動您業務發展的新業務形成的背景下，漏斗頂部的趨勢是怎樣的？然後第二個問題，顯然，今年早些時候，有很多新聞報道，您是否看到某些產品或客戶增長有任何順風，或者可能從某些 DIY 產品轉移？您能分享的任何顏色都會很有幫助。太感謝了。

Deepak with a minute left. I'm going to be quick on this one. On business formation, we've talked about how business formation data doesn't fully correlate. Go Daddy. But what I will say is that our customer continues to be resilient.

還剩一分鐘，迪帕克。我會很快完成這件事。關於企業組建，我們討論過企業組建數據如何不完全相關。加油，爸爸。但我要說的是，我們的客戶仍然保持著堅韌的個性。

They got to put food on the table. And these people have shown the creativity under different economic conditions and happy to talk about that more. But I think we've talked about that quite a pot. And on WordPress, super excited about WordPress, new version that we launched is twice this past fantastic product. And I'm looking forward to sort of getting to market very broadly, but we've just launched it recently.

他們得有飯可吃。這些人在不同的經濟條件下展現了創造力，並且樂於更多地談論這一點。但我認為我們已經討論了很多了。關於 WordPress，我對 WordPress 非常興奮，我們推出的新版本是過去這個出色產品的兩倍。我期待著將其廣泛地推向市場，但我們最近才剛剛推出它。

I'll now turn the call back over to Aman. Thank you.

我現在將電話轉回給阿曼。謝謝。

All right. Well, thank you all very much for joining, and a big thank you to all GoDaddy employees for a fantastic 2024.

好的。好吧，非常感謝大家的加入，也非常感謝所有 GoDaddy 員工，感謝他們度過了美好的 2024 年。