GoDaddy Inc (GDDY) 2025 Q1 法說會逐字稿

Welcome to GoDaddy's first-quarter 2025 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 2025 年第一季財報電話會議。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)。今天和我一起的還有執行長 Aman Bhutani；以及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 on our Investor Relations site at investors.godaddy.net or in today's earnings release on our Form 8-K furnished with the SEC. Growth rates represent year-over-year comparisons unless otherwise noted.

在今天的電話會議上，我們將參考 GAAP 和非 GAAP 財務指標以及其他營運和業務指標。關於我們為何使用非 GAAP 財務指標以及非 GAAP 財務指標與 GAAP 指標對照表的討論，可在我們的投資者關係網站 investors.godaddy.net 上發布的演示文稿中或今天向美國證券交易委員會提交的 8-K 表格收益報告中查閱。除非另有說明，成長率代表同比變化。

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. Actual results may differ materially from those contained in forward-looking statements. Any forward-looking statements that we make on this call are based on assumptions as of today, May 1, 2025, and except to the extent required by law, we undertake no obligation to update these statements because of new information or future events.

我們今天要討論的問題包括前瞻性陳述，例如與未來財務表現以及我們未來營運的策略或目標相關的陳述。這些前瞻性陳述受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。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 2025 年 5 月 1 日的假設，除法律要求的範圍外，我們不承擔因新資訊或未來事件而更新這些陳述的義務。

With that, I'm happy 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 entrepreneurs and make opportunity more inclusive for all. In an environment marked by global economic uncertainty with small businesses navigating more complexity, we continue to improve and expand the critical tools necessary for them to run their businesses backed by care that helps make them successful. The inherent value of our products, disciplined innovation, and execution of our strategy is the backbone of our business and our strong Q1 results.

下午好，感謝大家今天的參加。在 GoDaddy，我們的使命是賦予企業家權力並讓所有人享有更多機會。在全球經濟充滿不確定性、小型企業面臨越來越複雜情勢的環境下，我們將繼續改進和擴展他們開展業務所需的關鍵工具，並提供幫助他們成功的關懷。我們產品的內在價值、嚴謹的創新以及策略的執行是我們業務和強勁的第一季業績的支柱。

In Q1, we drove 8% bookings growth, and we expanded normalized EBITDA margin to 31%, propelling free cash flow to 26% growth supporting our North Star of maximizing free cash flow over the long term. These results and the durability of our model reinforce our confidence in our full-year guide and Investor Day targets.

在第一季度，我們的預訂量成長了 8%，標準化 EBITDA 利潤率提高到了 31%，推動自由現金流成長了 26%，這支持了我們長期最大化自由現金流的「北極星」目標。這些結果和我們模型的持久性增強了我們對全年指南和投資者日目標的信心。

Our strategy is steadfastly focused on attracting high-intent customers, creating customer value and transforming that value into long-term shareholder value. The energy within the company is possible with the continued acceleration and velocity of execution as we drive towards these goals.

我們的策略堅定不移地專注於吸引有強烈意圖的客戶、創造客戶價值並將該價值轉化為長期股東價值。當我們朝著這些目標努力時，隨著執行速度的不斷加快和提高，公司內部的活力是可能的。

As always, I will touch on our key initiatives, starting with pricing and bundling. Focused on our present solutions and going across segments, this 2025 initiative delivered ahead of our expectations in Q1.

像往常一樣，我將談談我們的關鍵舉措，從定價和捆綁開始。這項 2025 計畫專注於我們現有的解決方案並跨越各個領域，其在第一季的成果超出了我們的預期。

Pricing and bundling is a multiyear initiative, and we continue to do further testing with customer cohorts that span across our A&C and core platform segments, and we are encouraged by the results so far. Our enhanced platform capabilities, quickly integrate third-party products into our bundles, resulting in expanded test options for this initiative.

定價和捆綁是一項多年的計劃，我們將繼續對涵蓋 A&C 和核心平台領域的客戶群進行進一步測試，迄今為止的結果令我們感到鼓舞。我們增強的平台功能可以快速將第三方產品整合到我們的產品組合中，從而為該計劃提供更廣泛的測試選項。

As we had shared, we have continued to shift from the product lens to the customer cohort lens for pricing and bundling, maintaining the dual goal of growing bookings and minimizing churn. Our seamless experience initiatives continued to deliver improved customer conversion, product engagement, and renewals.

正如我們所分享的，我們在定價和捆綁方面繼續從產品視角轉向客戶群視角，保持增加預訂量和減少客戶流失的雙重目標。我們的無縫體驗計劃持續提高客戶轉換率、產品參與度和續約率。

This initiative is powered by our most sophisticated experimentation pipeline, and it's focused on removing friction and creating an intuitive experience, saving customers time better spent on growing their businesses. The results of our efforts across many experiences and products are found in the increase in average order size and improvement in renewal driving customer retention and lifetime value on the GoDaddy platform.

該計劃由我們最先進的實驗流程提供支持，專注於消除摩擦和創造直觀的體驗，為客戶節省時間，讓他們更好地發展業務。我們在眾多體驗和產品上所做的努力的結果是平均訂單規模的增加和續訂率的提高，從而推動了 GoDaddy 平台的客戶保留率和終身價值。

Commerce growth remained strong this quarter and annualized gross payments volume increased at a healthy pace with the primary driver continuing to be conversion within our existing base of customers. Our recently launched high-margin offerings such as GoDaddy Capital, our Merchant Cash Advance program, and same-day payouts, while still small, are gaining traction. These valuable additions priced competitively are important to our customers and strengthen our one-stop shop commerce offering.

本季商業成長依然強勁，年化總支付額以健康的速度成長，主要驅動力仍是現有客戶群的轉換。我們最近推出的高利潤產品，如 GoDaddy Capital、我們的商家現金墊款計劃和當日付款，雖然規模仍然較小，但正在獲得關注。這些價格具有競爭力的附加產品對我們的客戶來說非常重要，並增強了我們的一站式商務服務。

Last but certainly not least, GoDaddy Airo continues to permeate across our products and customer experiences. And Airo's demonstrated results are showing up as better attach, term length and renewals. Data from the 13-month Airo customer cohorts shows that we are driving changes in customer behavior with Airo resulting in more customers purchasing second and third products. Websites plus marketing continues to be the biggest beneficiary, and Airo customers are getting better results from their websites, too, leading to a fantastic win-win.

最後但同樣重要的一點是，GoDaddy Airo 繼續滲透到我們的產品和客戶體驗中。Airo 所展現的成果體現在更好的附加價值、期限長度和續約率。來自 13 個月的 Airo 客戶群的數據顯示，我們正在透過 Airo 推動客戶行為的改變，從而讓更多客戶購買第二款和第三款產品。網站和行銷繼續成為最大的受益者，而 Airo 客戶也從他們的網站中獲得了更好的結果，從而實現了雙贏。

While the Airo experience is driving financial results and Airo Plus, our directly monetized experience is progressing with new improvement. Our focus continues to be to engage customers across the broader set of capabilities that Airo provides. This builds on the success we are already seeing with Airo and represents a large long-term opportunity for our customers and for GoDaddy.

在 Airo 體驗推動財務表現和 Airo Plus 的同時，我們的直接貨幣化體驗也不斷取得新的進步。我們的重點仍然是讓客戶參與 Airo 提供的更廣泛的功能。這是基於我們在 Airo 上已經取得的成功，對我們的客戶和 GoDaddy 來說是一個巨大的長期機會。

And we are still at an early stage Airo has already shown its powers to automate and use generative AI to provide magical experiences for customers. And with agentic AI, we expect to take this even further. Agents powered by our personalized AI platform will take recommendations to our customers to the next level doing the work for them across multiple jobs to be done.

雖然我們仍處於早期階段，但 Airo 已經展示了其自動化和使用生成式人工智慧為客戶提供神奇體驗的能力。借助代理人工智慧，我們期望能夠更進一步。由我們個人化人工智慧平台提供支援的代理商將把對客戶的推薦提升到一個新的水平，為他們完成多項工作。

In closing, I want to underscore that GoDaddy has built a durable business, one that has consistently performed across the economic cycles and technological shifts. We are driving results and remain focused on what we can control. Accelerating the pace of innovation in a disciplined manner. The risk of our model is profitable growth, and the maturity of our operations allows us to deliver results in the current period as we set up the next positioning the business for long-term success.

最後，我想強調的是，GoDaddy 已經建立了一個持久的業務，其表現在經濟週期和技術變革中始終如一。我們正在努力取得成果並繼續專注於我們能夠控制的事情。有秩序加快創新步伐。我們的模式的風險在於獲利性成長，而我們營運的成熟度使我們能夠在當前時期取得成果，同時為下一步的長期成功做好業務定位。

With that, here's Mark.

以下是馬克的發言。

Thanks, Aman. I want to take a moment to acknowledge that the broader macroeconomic environment, including tariffs is top of mind. To be clear, for GoDaddy, our direct exposure to tariffs is not material. For our customers, their grit and determination alongside our integrated one-stop shop solutions delivering unmatched value remains mission-critical to their needs, especially as they navigate a complex landscape.

謝謝，阿曼。我想花點時間承認，包括關稅在內的更廣泛的宏觀經濟環境是首要考慮的問題。需要明確的是，對於 GoDaddy 而言，我們直接受到的關稅影響並不大。對於我們的客戶來說，他們的勇氣和決心以及我們提供的無與倫比的價值的綜合一站式解決方案對他們的需求仍然至關重要，特別是當他們在複雜的環境中航行時。

Our tools empower them to compete efficiently and effectively. Our durable model and our customers' resilience gives us confidence in our full-year 2025 guidance and our Investor Day targets, including our North Star.

我們的工具使他們能夠有效率、有效地競爭。我們持久的模式和客戶的韌性使我們對 2025 年全年指導和投資者日目標（包括我們的北極星）充滿信心。

In Q1, we delivered A&C revenue growth of 17%, expanded normalized EBITDA margins over 200 basis points and grew free cash flow to $411 million. We also have fully utilized the remaining portion of our 2022 $4 billion authorization to retire over 25% of our fully diluted shares outstanding since inception of the program.

在第一季度，我們的 A&C 收入成長了 17%，標準化 EBITDA 利潤率提高了 200 個基點以上，自由現金流成長至 4.11 億美元。我們也充分利用了 2022 年 40 億美元授權的剩餘部分，以註銷自該計劃啟動以來超過 25% 的完全稀釋流通股。

Total revenue was at the top end of our guided range, growing 8% on a reported and constant currency basis to $1.2 billion. Annual recurring revenue grew 7% to $4.1 billion. International revenue 10%, surpassing our prior expectations on strong Africa sales in international regions. For our high-margin A&C segment, we drove 17% growth in revenue to $446 million and 14% growth in bookings on the ongoing strong adoption of our subscription solutions.

總收入處於我們指引範圍的最高端，以報告和固定匯率計算成長 8%，達到 12 億美元。年度經常性收入成長 7%，達到 41 億美元。國際收入成長 10%，超出了我們先前對非洲在國際地區銷售強勁的預期。對於我們高利潤的 A&C 部門，由於我們的訂閱解決方案持續強勁採用，我們的收入增長了 17%，達到 4.46 億美元，預訂量增長了 14%。

Segment EBITDA margin expanded nearly 200 basis points to 44%. Our Core Platform segment delivered revenue growth of 3% to $748 million. Core Platform's performance this quarter reflected strength in primary domains up on pricing and units, as well as strength in aftermarket. Core Platform bookings grew 5%, and segment EBITDA margin expanded by over 150 basis points to 31%.

分部 EBITDA 利潤率擴大近 200 個基點，達到 44%。我們的核心平台部門的收入成長了 3%，達到 7.48 億美元。核心平臺本季的表現反映了主要領域的定價和單位實力以及售後市場的實力。核心平台預訂量成長 5%，分部 EBITDA 利潤率擴大超過 150 個基點，達到 31%。

Moving to profitability. Normalized EBITDA grew 16% to $364 million, delivering an expanded margin of 31%, up over 200 basis points and exceeding our guide for the quarter. The expansion was driven by favorable product mix and sustained operational discipline from infrastructure simplification and global talent recruitment, alongside increased marketing for our innovative Airo experience.

轉向盈利。標準化 EBITDA 成長 16% 至 3.64 億美元，利潤率擴大至 31%，上漲超過 200 個基點，超出我們本季的預期。此次擴張的動力來自於良好的產品組合、持續的營運紀律（包括基礎設施簡化和全球人才招募），以及我們創新的 Airo 體驗的營銷力度加大。

On Bookings, we delivered $1.4 billion, representing 8% growth on a reported basis and 9% growth on a constant currency basis. As a reminder, Bookings primarily represents the cash collected during the period.

在預訂方面，我們的營收達到 14 億美元，以報告基礎計算成長 8%，以固定匯率計算成長 9%。提醒一下，預訂量主要代表該期間收取的現金。

Free cash flow grew an impressive 26% to $411 million. Our efforts are delivering the results we set out to achieve, bringing in higher lifetime value customers who will drive stronger and more profitable growth over time. Our stronger, more resilient cohorts are all translating into improvements retention above 85% for customers on our GoDaddy platform.

自由現金流大幅成長 26%，達到 4.11 億美元。我們的努力正在取得預期成果，帶來終身價值更高的客戶，這些客戶將隨著時間的推移推動更強勁、更有利可圖的成長。我們更強大、更具韌性的客戶群正在轉化為 GoDaddy 平台上客戶保留率提高 85% 以上。

We are driving a higher average order size, and our ARPU grew 9% to $225 on a trailing 12-month basis, demonstrating the sustainability of our ongoing efforts. Since year-end, our customer count has remained stable at $20.5 million as we lap the impact of the last divestiture. And looking ahead, we anticipate returning to customer growth later this year. We remain confident that our strategic focus here centered on growing higher lifetime value customers will drive compounding growth in free cash flow long term.

我們正在推動更高的平均訂單規模，我們的 ARPU 在過去 12 個月內增長了 9%，達到 225 美元，證明了我們持續努力的可持續性。自年底以來，我們的客戶數量一直保持穩定在 2,050 萬美元，因為我們克服了上次資產剝離的影響。展望未來，我們預計今年稍後客戶數量將恢復成長。我們仍然相信，我們的策略重點是增加更高終身價值的客戶，這將推動自由現金流的長期複合成長。

Turning to the balance sheet. We exited the quarter with $719 million in cash and total liquidity of $1.7 billion, as we utilize the remaining $767 million under the 2022 share repurchase authorization. Net debt was $3.1 billion, representing a net leverage of 1.9 times on a trailing 12-month basis.

轉向資產負債表。本季結束時，我們擁有 7.19 億美元現金和 17 億美元的總流動資金，因為我們使用了 2022 年股票回購授權下的剩餘 7.67 億美元。淨債務為 31 億美元，過去 12 個月的淨槓桿率為 1.9 倍。

Our goal over the coming quarters is to continue to strengthen our already strong balance sheet, and we are reducing our target net leverage ratio from the previous guidance 2 to 4 times to under 3 times moving forward, align to how we've been operating.

我們未來幾季的目標是繼續加強我們已經很強大的資產負債表，並且我們將把目標淨槓桿率從先前的指導值 2 到 4 倍降低到 3 倍以下，以符合我們的營運方式。

In April, we completed our $4 billion 2022 repurchase authorization program, repurchasing a cumulative 43.7 million shares at an average price of $91, representing a gross share reduction of over 25% in our fully diluted shares outstanding since the inception of the program. Our commitment to a disciplined capital allocation framework is unchanged, and share buybacks remain a key mechanism to return value to our shareholders.

今年 4 月，我們完成了 40 億美元的 2022 年回購授權計劃，累計回購 4,370 萬股，平均價格為 91 美元，這意味著自該計劃實施以來，我們完全稀釋的流通股總數減少了 25% 以上。我們對嚴格的資本配置架構的承諾沒有改變，股票回購仍然是向股東回報價值的關鍵機制。

With that, I am pleased to announce that our Board has approved the 2025 repurchase authorization of up to $3 billion through 2027. This new authorization reflects our enduring confidence in the strength of our underlying business, the durability of our cash flows and our belief that investing in shares currently represents an attractive return opportunity for our capital.

我很高興地宣布，我們的董事會已經批准了 2025 年回購授權，到 2027 年回購金額最高可達 30 億美元。這項新的授權反映了我們對基礎業務實力、現金流持久性的持久信心，以及我們對投資股票目前為我們的資本帶來有吸引力的回報機會的信念。

Shifting to our outlook. Given the strong start to our year and the durability of our model, we are reaffirming our full-year 2025 outlook provided in February and 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.

轉變我們的視角。鑑於今年的強勁開局和我們模型的持久性，我們重申 2 月份提供的 2025 年全年展望，並預計總收入將在 48.6 億美元至 49.4 億美元之間，佔該範圍中點的 7% 的增長。

For Q2, we are targeting total revenue of $1.195 billion to $1.215 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. For Q2, we are projecting a normalized EBITDA margin of about 31%, and we are reaffirming our full-year normalized EBITDA margin expansion target of 100 basis points.

對於第二季度，我們的目標是總收入達到 11.95 億美元至 12.15 億美元，相當於中間值 7% 的成長。其中，我們預期 A&C 收入成長率將達到中等水平，核心平台收入成長率將達到低個位數。對於第二季度，我們預計標準化 EBITDA 利潤率約為 31%，並重申全年標準化 EBITDA 利潤率擴張目標為 100 個基點。

We expect normalized EDA to maintain an approximate 1:1 conversion to free cash flow. We are also reaffirming our full-year free cash flow target of at least $1.5 billion, Representing growth of 11%.

我們預計標準化的 EDA 將保持與自由現金流約 1:1 的轉換率。我們也重申全年自由現金流目標至少 15 億美元，成長 11%。

Our disciplined capital allocation approach remains unchanged, and we plan to evaluate all opportunities according to our rigorous and returns-based frame.

我們嚴謹的資本配置方法保持不變，我們計劃根據嚴格且基於回報的框架評估所有機會。

I am pleased with our Q1 accomplishments and strong financial results, a great start year that has already underscored the importance of GoDaddy's durable model. The strength of GoDaddy's Foundation is evident in our long history of strong customer retention, the growing quality and stability of our customer cohorts, and the competitive advantages we've developed over time as a partner and champion for micro businesses.

我對我們第一季的成績和強勁的財務業績感到滿意，這是一個良好的開端，已經凸顯了 GoDaddy 持久模式的重要性。GoDaddy 基金會的實力體現在我們長期以來強大的客戶保留率、客戶群不斷增長的品質和穩定性，以及我們作為微型企業的合作夥伴和擁護者長期以來積累的競爭優勢。

We are executing with discipline and purpose as we drive towards our North Star, maximizing free cash flow over the long term. We are making steady progress towards our Investor Day targets of achieving $4.5 billion-plus in cumulative free cash flow generation underpinned by 6% to 8% annual revenue growth and expansion of our normalized EBITDA margin to 33% by 2026.

我們正以紀律和目標朝著我們的北極星前進，最大限度地實現長期自由現金流。我們正在穩步推進投資者日的目標，即到 2026 年實現累計自由現金流超過 45 億美元，年收入增長 6% 至 8%，標準化 EBITDA 利潤率擴大至 33%。

With that, I will hand the call over to GoDaddy's Vice President and Head of IR, Christie Masoner.

說完，我會把電話交給 GoDaddy 副總裁兼 IR 主管 Christie Masoner。

Thanks, Mark. (Event Instructions) Our first question comes from the line of Elizabeth Porter from Morgan Stanley.

謝謝，馬克。（活動說明）我們的第一個問題來自摩根士丹利的伊麗莎白波特。

Thanks so much. So I just wanted to ask on the kind of the macro changes. It sounds like it's a pretty resilient base. But any signals that you'd be deriving from kind of your conversations that may be clouded when we look at things like small business sentiment index in your view? And if we do see some pressure evolve, if at all, like just a more detailed view on how that could be incorporated into the guidance?

非常感謝。所以我只是想問一下宏觀變化的情況。聽起來這是一個相當有彈性的基礎。但是，您認為，當我們查看諸如小型企業信心指數之類的數據時，您從對話中得出的任何訊號可能會變得模糊嗎？如果我們確實看到一些壓力出現，那麼是否可以更詳細地了解如何將其納入指導？

Thanks, Elizabeth. This is Aman. I can take that. When you look at customer sentiment, and I think you're aware, we do surveys sort of on a consistent basis. We actually did a survey in April. And we did see some pressure in terms of how our customer base and micro businesses look at sort of a positive outlook on the economy. We do see some pressure on that.

謝謝，伊麗莎白。這是阿曼。我可以接受。當您觀察客戶情緒時，我想您已經意識到，我們會持續進行調查。我們實際上在四月做過一項調查。我們確實看到了客戶群和微型企業如何看待經濟的正面前景方面的一些壓力。我們確實看到了一些壓力。

But the broad idea with our customers continue to be resilient, and they feel strongly about their own performance that their business will continue to grow, is still within sort of the five-year norms that we've seen.

但我們的客戶普遍認為其業務仍然具有韌性，他們堅信自己的業績將繼續成長，並且仍處於我們所見的五年標準範圍內。

So what I would say about sentiment is while we see a little bit of pressure, I think, generally, our customer is still positive. And also, we have very specific data points within the company in terms of our customer churn rate, our average order size, and we continue to see that performing sort of on a day-to-day or month-to-month basis.

因此，我想說的是，儘管我們看到了一點壓力，但我認為，總體而言，我們的客戶仍然是積極的。此外，我們在公司內部擁有非常具體的數據點，包括客戶流失率、平均訂單規模，並且我們會繼續觀察這些數據在每日或每月的表現。

I'd also like to mention that when you think about the value that GoDaddy products bring to our customers, it's so much higher than the cost for our customers. And if you attach to that, there are customer base indexes towards the service industry. it really puts GoDaddy in a very good position to sort of navigate whatever we see in the macro over the next few quarters. So we feel good about that. And I'll turn it to Mark.

我還想說的是，當你考慮到 GoDaddy 產品為我們的客戶帶來的價值時，你會發現它遠高於我們客戶的成本。如果你關注這一點，你會發現服務業的客戶群指數。這確實使 GoDaddy 處於非常有利的位置，可以應對未來幾季宏觀上出現的任何變化。因此我們對此感到很高興。我將把它交給馬克。

Yeah. And I think you covered a lot of them, Aman. Just a couple of data points. One, our customer base has a tendency to lean towards services.

是的。我認為你已經涵蓋了很多內容，阿曼。僅幾個數據點。一是我們的客戶群傾向於服務。

And in this market, they're very resilient. They're very optimistic. They are still looking at growing revenue of our tools to help them do that effectively and efficiently, compete with some bigger players out there. So the sentiment right now, there's a lot going on. Seems to be -- they're looking for opportunities to do more with what they have and our products obviously fit right into that.

在這個市場中，他們的適應力非常強。他們非常樂觀。他們仍然希望透過我們的工具來增加收入，以幫助他們有效、有效率地實現這一目標，與一些更大的公司競爭。所以就目前的情緒來看，有很多事情正在發生。看起來，他們正在尋找機會，利用現有資源做更多的事情，而我們的產品顯然正好符合這項要求。

So feel good about it, why we're reaffirming the guidance. We feel good about what we're seeing out there. And obviously, we monitor constantly. We have many different touch points through the care organization, whether it's through our surveys, whether just doing customer visits, and we're seeing the consistent optimism they are looking at what's going on around them at the same time.

所以感覺很好，這就是我們重申指導的原因。我們對所見所聞感到十分欣慰。顯然，我們會持續監控。我們透過護理組織擁有許多不同的接觸點，無論是透過我們的調查，還是僅僅進行客戶訪問，我們都看到他們始終樂觀地看待周圍發生的事情。

Great. And just as a follow-up, I was hoping to get some early signs and rigs from the Airo Plus SKU that just launched than ones in Q4. Any feedback on pricing in particular?

偉大的。作為後續行動，我希望從剛推出的 Airo Plus SKU 中獲得一些早期的標誌和鑽機，而不是第四季度的標誌和鑽機。對定價有什麼特別的回饋嗎？

And then what are the right customers for Airo Plus? Is it really anyone that point gain Airo? Or if you could just help us frame the applicable base would be super helpful.

那麼 Airo Plus 的合適客戶是誰呢？真的有人能拿到 Airo 嗎？或者如果您能幫助我們建立適用的基礎將會非常有幫助。

Yeah. So as we shared, Airo continues to do very, very well, and we're seeing improvements in order size and sort of time, we're seeing improvements in attaching the second and third product with Airo. And engagement with Airo is a very good sign for us to put Airo Plus forward to those customers. And as you know, Airo Plus offer is an expanded offering at a very competitive place for our customers.

是的。正如我們所分享的，Airo 繼續表現得非常非常好，我們看到訂單規模和時間的改善，我們看到將第二和第三個產品與 Airo 連接起來的改進。與 Airo 的合作對於我們向這些客戶推薦 Airo Plus 來說是一個非常好的訊號。如您所知，Airo Plus 為我們客戶提供了極具競爭力的擴展服務。

In terms of actual metrics from Airo Plus, it's still very, very early in the testing from Airo Plus. And as you know, it's highly quarter in that we've launched this and expanded it to our customer base. So there's still more to be done there, but we're encouraged by where we are today.

就 Airo Plus 的實際指標而言，Airo Plus 的測試還處於非常早期的階段。如您所知，我們已經在這個季度推出了這項服務並將其擴展到我們的客戶群。因此，我們還有很多工作要做，但我們對目前的進展感到鼓舞。

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

我們的下一個問題來自花旗集團的 Ygal Arounian。

To follow-up on Airo on the average order size. Mark, you quantified that last quarter. I don't know if you can quantify it again this quarter if it's changed at all. But just more broadly, what you're seeing, how it's changing in terms of attach order size kind of moving on to the higher tiers and the stronger conversion. Love to get more color on that.

追蹤 Airo 的平均訂單大小。馬克，你在上個季度對此進行了量化。我不知道本季度您是否可以再次量化它是否發生了變化。但更廣泛地說，您所看到的是，附加訂單規模正在發生變化，逐漸朝著更高的層級和更強的轉換方向發展。喜歡獲得更多的色彩。

Yes. Thanks, Ygal. I would say we're seeing similar to what we saw in Q4 on the increases in the average water side. Broad-based, we're seeing it going to that second product very quickly. We're attaching very promptly in those first few days, which has been fantastic.

是的。謝謝，Ygal。我想說，我們看到的平均水量成長與第四季類似。總體來看，我們看到它很快就會轉向第二種產品。我們在最初幾天就非常迅速地完成了任務，這真是太棒了。

Still early days on tiers and that type of things. Plus is very early to what we've introduced. So we're looking at it from an overall impact to our customers in and of itself. And continuing to see that positive behavior around the average order is initiation, seeing that second product coming in and attaching a lot faster. We're starting to see that show up in our retention rates for our customers who are on the GoDaddy platform.

對於層級和諸如此類的事情，我們仍處於早期階段。另外，我們推出的產品還處於早期階段。因此，我們從對客戶的整體影響的角度來看待這個問題。並且繼續看到圍繞平均訂單的積極行為是啟動，看到第二個產品的進入和附著速度更快。我們開始看到 GoDaddy 平台客戶的保留率有所提升。

So those are the positive signals are out there seeing the engagement around Airo. And then obviously, plus we introduced and we'll start to measure that as a SKU, but really early stage on the impact of that in and of itself.

所以這些都是正面的訊號，可以看到圍繞 Airo 的參與度。然後顯然，再加上我們引入的，我們將開始將其作為 SKU 進行衡量，但對其本身的影響仍處於早期階段。

Yeah. Maybe I'll just add, you mentioned conversion overall has been good for converting. It's been good for cash, and that continues and more and more of our customers are starting with Airo and the trend of customers coming to websites up marketing through Airo has just continued to grow nicely. So that's something we're very happy about.

是的。也許我只想補充一點，您提到的轉換總體上對轉換有利。這對現金來說是件好事，而且這種情況還在繼續，越來越多的客戶開始使用 Airo，客戶透過 Airo 造訪網站進行行銷的趨勢也持續良好成長。這是我們非常高興的事情。

We want our customers to start with that expanded tool set to have exposure to that broader of products that we have because we think that puts a customer is in a great position to get that value and puts us in a great position long term to sort of have more and more products with our customer base.

我們希望我們的客戶從擴展的工具集開始接觸我們擁有的更廣泛的產品，因為我們認為這讓客戶處於有利地位來獲得這種價值，並讓我們長期處於有利地位，為我們的客戶群提供越來越多的產品。

Yeah. And just coming back to our strategy is around attracting higher intent customers. And we are very happy with the results because we are seeing those higher intent customers coming in and those behaviors are showing that we're really getting to that customer base.

是的。回到我們的策略，我們的策略是吸引更有意向的客戶。我們對結果非常滿意，因為我們看到那些意向更高的客戶不斷湧入，而這些行為表明我們確實接觸到了這個客戶群。

Okay, great. And one on the customer count that remains a focus for investors. Just to be clear, was it your expectation that would be down sequentially as we're still lapping some of those divestitures. Is there any way to parse out what would have been ex that?

好的，太好了。其中，客戶數量仍然是投資者關注的焦點。需要明確的是，由於我們仍在進行部分資產剝離，您是否預計這一數字會連續下降？有什麼方法可以分析出之前發生的事嗎？

And then maybe layering on top of that, the Super Bowl ad in February and what you saw out of that, if that drove incremental sign-ups customers, free trials or anything like that?

然後，也許在此基礎上，二月的超級盃廣告以及您所看到的結果，是否推動了註冊客戶的增加、免費試用或類似的東西？

Ygal, on the customer, we saw a stability in our customer base. We, again, are not focusing on customer growth in and of itself. Our intent and our strategy is around that higher intent customer. So it's hard to parse that out into different buckets, so to speak. But we are happy that we're getting to that stronger cohort of higher intent customers and the stability is really being generated by the fact we're lapping the actions that we specifically took to put ourselves in this position in the first place.

Ygal，就客戶而言，我們看到了客戶群的穩定性。我們再次強調，我們並不關注客戶成長本身。我們的目的和策略是圍繞著更高意向的客戶。因此，很難將其解析到不同的類別中。但我們很高興能夠獲得一批更強大的、意向更高的客戶，而穩定性確實源於我們正在採取專門的行動，使我們首先處於這一地位。

And then to the Super Bowl or the new campaign that we have, the campaign is going very well. We're very happy with the results in terms of just getting the awareness with a very large base of folks that GoDaddy has much more to offer than domains. This is obviously a very important message, and we think Airo is a fantastic vehicle to deliver that. But we'll continue to sort of in a very -- I would say, in a manner that is disciplined, we'll continue to invest in awareness of what GoDaddy has to offer. And the current campaign is going quite well.

然後是超級盃或我們的新活動，活動進展非常順利。我們對結果非常滿意，因為大量用戶意識到 GoDaddy 提供的服務遠不止網域。這顯然是一個非常重要的訊息，我們認為 Airo 是傳遞這一訊息的絕佳工具。但我們將繼續以非常嚴謹的方式投資於對 GoDaddy 所提供產品的認知。目前的競選活動進展非常順利。

Great. I definitely know Walter Goggins a lot better now than I did a few months back.

偉大的。我現在對沃爾特·戈金斯的了解肯定比幾個月前多得多。

I'd be happy to hear that.

我很高興聽到這個消息。

Yeah. And I think he's done great for us. So he's been great.

是的。我認為他為我們做出了巨大貢獻。所以他表現得很好。

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

我們的下一個問題來自貝爾德的 Vikram Kesavabhotla。

Thanks for taking the questions. My first one is on Airo. You referenced the opportunity there with agentic AI. Just wondering if you could talk more about your vision for that and just how you plan to further enhance the Airo experience from what it looks like today?

感謝您回答這些問題。我的第一個是在 Airo 上。您提到了代理 AI 帶來的機會。只是想知道您是否可以進一步談談您對此的願景，以及您計劃如何從目前的情況進一步增強 Airo 體驗？

And then second question is on pricing and bundling. I think you mentioned that, that has been delivering ahead of your expectations in Q1. Just wondering if you can elaborate more on where you're having the most success with that strategy this year. And it sounds like you're doing some additional testing as well. Just where do you see the most opportunity to continue leveraging that across the platform? And I'll leave it there.

第二個問題是關於定價和捆綁。我想您提到過，第一季的業績超出了您的預期。只是想知道您是否可以詳細說明今年您在哪些方面運用該策略取得了最大的成功。聽起來您也在做一些額外的測試。您認為在整個平台上繼續利用這一優勢的最大機會在哪裡？我就把它留在那裡。

Yeah. Thanks, Vik. On Airo, the power of Airo sort of with its birth has been around automation, taking friction out for customers, but that automation is deterministic. And what generative AI has done is it's allowed our customers to create content to be able to move very quickly based on the large datasets that we have. But what agentic AI offers is to take that simplification that Airo brings to the next level where micro businesses, our customers can have agents deployed on their behalf that can get the jobs to be done across different products.

是的。謝謝，維克。對 Airo 來說，Airo 的力量從誕生之日起就一直圍繞著自動化，為客戶消除摩擦，但這種自動化是確定性的。生成式人工智慧的作用是，它允許我們的客戶基於我們擁有的大型資料集快速創建內容。但是 agentic AI 提供的是將 Airo 帶來的簡化提升到一個新的水平，微型企業，我們的客戶可以部署代理商代表他們完成不同產品的工作。

Now, as the customer shifts context across those products, typically, what you will find is that the customer runs out of time, the customer runs out of energy, the customer runs potentially out of just the ideas of what they want to do. But with AI agents, we can fill a lot of those gaps and really support our customers in a different way.

現在，隨著客戶在這些產品之間轉換環境，通常你會發現，客戶沒有時間，客戶沒有精力，客戶可能已經不知道自己想做什麼了。但有了人工智慧代理，我們可以填補很多空白，並以不同的方式真正支持我們的客戶。

We at GoDaddy are also investing. I think we've talked about this in the past in large scale data platform and AI platform that works that is very much of the platform mindset of the company. And one of its new capabilities over the last couple of quarters is this idea of personalized AI for that specific customer, which is very important to provide that personalized agentic experience.

我們 GoDaddy 也在投資。我認為我們過去曾在大型數據平台和人工智慧平台中討論過這個問題，這在很大程度上體現了公司的平台思維。過去幾個季度，它的一項新功能是為特定客戶提供個人化人工智慧，這對於提供個人化的代理體驗非常重要。

So that's something I'm pretty excited about. It's something that I personally spend quite a bit of time on, on a weekly basis. So that's the next thing we want to see or the next capability we want to bring to Airo.

所以這是我非常興奮的事情。我個人每週都會花相當多的時間在這上面。這就是我們接下來想要看到的，或者說我們想要為 Airo 帶來的新功能。

And in terms of pricing and bundling, nothing has changed in the program. It continues to be a multiyear program. It's delivering ahead of our expectations in Q1, and we feel very good about it for the rest of the year based on our testing.

在定價和捆綁方面，該計劃沒有任何變化。這仍是多年期計劃。它在第一季的表現超出了我們的預期，根據我們的測試，我們對它在今年剩餘時間的表現感到非常滿意。

And yes, as I noted, we are continuing to test new bundles and new pricing options with those bundles over the next few quarters, and that sort of sets up the next period for us.

是的，正如我所說，我們將在接下來的幾個季度繼續測試新的捆綁包和新的定價選項，這為我們下一個時期做好了準備。

And the key thing here is the one-stop type shop solution that we have and when we can bring in third-party products too. The value we bring to our customers so much more than the $225 ARPU that we have. These services are mission-critical to our customers. And simpler we can make it, the easier we can make it, the more we can -- we think they'll just adopt our services. So that's what we're really trying to do with pricing and bundling, and it's going great.

這裡的關鍵是我們擁有一站式商店解決方案，以及何時可以引入第三方產品。我們為客戶帶來的價值遠遠超過我們現有的 225 美元 ARPU。這些服務對我們的客戶來說至關重要。我們可以讓它變得越簡單，越容易，我們相信他們就會越多地採用我們的服務。這就是我們真正嘗試透過定價和捆綁來實現的，而且進展很順利。

Next question comes from the line of Trevor Young from Barclays.

下一個問題來自巴克萊銀行的 Trevor Young。

Great, thanks. Just back to returning to active customer growth later in the year. What needs to go right from here for that to play out? Is it just lapping that last divestiture, which I think maybe laps in 3Q? And are we now largely done with that brand rationalization, which I think was mostly in the hosting area, or is that kind of an ongoing initiative?

太好了，謝謝。今年稍後將恢復活躍客戶成長。為了實現這個目標，下一步需要做什麼？這是否只是最後一次資產剝離的補充，我認為可能在第三季完成？我們現在是否基本上完成了品牌合理化工作（我認為主要是在託管領域），或者這是一個持續的舉措？

And then second question, gross margin continues to expand year-on-year, and I think it's fourth quarter in a row. Can you speak to what's driving that? Is it just a function of the favorable product mix? Or have there been some underlying savings realized maybe in areas as you've like exited data centers and shifted more workloads to the cloud?

第二個問題，毛利率繼續同比擴大，我認為這是連續第四季度。您能說說是什麼原因導致這現象的發生嗎？這只是有利的產品組合的功能嗎？或者，在您退出資料中心並將更多工作負載轉移到雲端後，是否在某些領域實現了潛在的節省？

Thanks, Trevor. On the first part of this, just I want to emphasize that our strategy is not around returning to customer growth per se. Our strategy is around attracting higher intent customers, and that's what we continue to go after. We are lapping the actions that we took over the last year or so, as you acknowledge. And that will put us on a more comparable base going forward, which adds to that tailwind that we should be returning to positive customer growth here later in the year.

謝謝，特雷弗。關於第一部分，我只想強調，我們的策略本身並不是圍繞著客戶成長。我們的策略是吸引更有意願的客戶，這也是我們持續追求的目標。正如您所承認的，我們正在總結過去一年左右採取的行動。這將使我們在未來擁有更可比的基礎，從而為我們在今年稍後恢復積極的客戶成長增添了順風。

But again, we're happy with where we are in attracting that higher intent customer who's coming in with a higher average order size, is attaching to that second product, whose retention is stronger, and therefore, driving that long-term value that we talk about. And obviously, that gets us to our North Star.

但是，我們很高興能夠吸引那些意向更高的客戶，他們的平均訂單量更高，對第二種產品的依賴性更強，因此推動了我們所談論的長期價值。顯然，這讓我們找到了我們的北極星。

On margin expansion, product mix, nothing to call out on savings per se. We continue to have a favorable product mix. What I always say is we'll be around 64%, give or take, 100 basis points depending on the product mix, and we continue to fall within that range every quarter. It's a little favorable here or there at times. But it's the same drivers. It's the product mix that the software that's being sold, which ones are selling a little bit more than others.

就利潤率擴大、產品組合而言，本身沒有什麼值得節省的。我們繼續擁有良好的產品組合。我總是說，我們的利潤率將在 64% 左右，根據產品組合，上下浮動 100 個基點，而且我們每個季度都會繼續保持在這個範圍內。有時這裡或那裡會有一點有利的情況。但驅動因素是一樣的。這是所銷售軟體的產品組合，其中某些軟體的銷量比其他軟體略高一些。

Our next question comes from the line of Alec Brondolo from Wells Fargo.

我們的下一個問題來自富國銀行的亞歷克‧布朗多洛 (Alec Brondolo)。

I would love to dig in to the dichotomy, I guess, between Airo and Airo Plus. As Airo Plus grows, how do you think about what products that, I guess, are in the bundle or in kind of the direct monetization bundle, Airo Plus versus what products are given away to customers for free in Airo?

我想，我很想深入研究 Airo 和 Airo Plus 之間的二分法。隨著 Airo Plus 的發展，您如何看待 Airo Plus 捆綁銷售或直接貨幣化捆綁銷售中的產品，以及 Airo 中免費贈送給客戶的產品？

Yeah. Just very broadly, what Airo does is it provides a basic set of functionality across different jobs to be done to the customer with every domain and over time, any product purchase at GoDaddy. You buy something, you get those Airo services for free, they show up and they're ready to go.

是的。廣義上講，Airo 所做的就是為客戶提供一套基本功能，用於完成每個網域以及隨著時間的推移在 GoDaddy 購買的任何產品的不同工作。您購買某件商品，即可免費獲得 Airo 服務，他們會上門為您服務。

What Airo Plus does is across those key services, Airo Plus provides a higher-end SKU for them. And that's the key difference, right?

Airo Plus 所做的就是在這些關鍵服務中為他們提供更高端的 SKU。這就是關鍵的區別，對吧？

Airo allows the customer to try the product and see that it performs. And then when they get to a certain level of engagement, that triggers for us the idea that this customer likely should be in Airo Plus so they can expand the job to be done. So that's the key difference between Airo and Airo Plus.

Airo 讓客戶試用產品並了解其效能。然後，當他們達到一定程度的參與度時，我們就會想到，這個客戶很可能應該使用 Airo Plus，這樣他們就可以擴展要做的工作。這就是 Airo 和 Airo Plus 之間的主要區別。

Perfect. If I can maybe just ask one more. The repurchase, $700 million, I think that was the largest repurchase in the last several quarters. Is that a function of the pressure on the stock after fourth quarter earnings? Are there other dynamics to consider? Any feedback there would be helpful.

完美的。如果可以的話我可能再問一個。此次回購金額為 7 億美元，我認為這是過去幾季以來最大的回購。這是第四季獲利後股價面臨壓力的結果嗎？還有其他動態需要考慮嗎？任何反饋都會有幫助。

Yeah. So in the first half of this year, so far, we bought back $767 million in our 2022 authorization program. If you go back and look, we've been opportunistic in the market from period to period, and we continue to evaluate it under that same strategy. We'll do the same with the 2025 authorization here as we go forward. We always say at a minimum, we're going to buy back our dilution, but we will continue to be opportunistic in the market.

是的。因此，今年上半年到目前為止，我們在 2022 年授權計畫中回購了 7.67 億美元。如果你回顧一下，我們會發現，我們在每個時期都在市場上尋找機會，並且我們會繼續以相同的策略進行評估。我們將對 2025 年的授權採取同樣的措施。我們總是說，至少，我們會回購我們的稀釋股份，但我們將繼續在市場上尋找機會。

The next question comes from the line of Ken Wong from Oppenheimer.

下一個問題來自奧本海默公司的 Ken Wong。

Thanks for taking my questions. I realize you guys haven't seen any kind of immediate pressures in terms of macro. As you think back to kind of past downturns, I know you've talked about potentially being kind of counter macro or counter recession in terms of your business. I guess how are you thinking about some of the objectives you guys are focused on as far as one, customer growth? And then two, kind of getting customers to buy more? Do you think that you can still see that kind of resilience in a downturn?

感謝您回答我的問題。我知道你們還沒有看到宏觀的任何直接壓力。當您回想起過去的經濟衰退時，我知道您曾經談到您的業務可能遭遇逆宏觀經濟或逆衰退。我想問一下，就客戶成長而言，你們是如何看待你們所關注的一些目標的？其次，如何讓顧客購買更多商品？您認為在經濟低迷時期還能看到這種韌性嗎？

Yes. When we look back, GoDaddy has grown pretty much through every kind of macro situation and through sort of every recession we've been part of. Now every recession is different. We can't look back and project exactly into the future. But when we think about the business as a whole and our very large customer base, over 20 million customers, the key things we look at is, number one, the value we bring to our customers versus the price we charge, there is a tremendous amount of consumer surplus that customers get tremendous value from a domain name, from a website, from other services we offer, and we're priced very competitively on those.

是的。回顧過去，GoDaddy 幾乎在我們所經歷的各種宏觀情況和每次經濟衰退中都實現了成長。現在每次經濟衰退都是不同的。我們無法回顧過去並準確預測未來。但是，當我們考慮整個業務和我們非常龐大的客戶群（超過 2000 萬客戶）時，我們關注的關鍵是，第一，我們為客戶帶來的價值與我們收取的價格相比，有大量的消費者剩餘，客戶可以從域名、網站以及我們提供的其他服務中獲得巨大的價值，而我們的定價非常具有競爭力。

Beyond that, when we look at our opportunity to continue to get high intent customers, which is our strategy, and we've been executing it for a few years, we've been very successful getting high-intent customers, and we continue to see that being a strength of ours.

除此之外，當我們尋找機會繼續獲得高意向客戶時，這就是我們的策略，我們已經執行了幾年，我們在獲得高意向客戶方面非常成功，我們繼續將這是我們的優勢。

And third, when you think about our business, we have sophisticated capabilities in terms of pricing or what is what we call pricing and bundling that allows us to approach our customer base in specific cohorts and test and make sure that the changes we're making both optimize growth on the top line and minimize churn for us.

第三，當你考慮我們的業務時，我們在定價方面擁有先進的能力，或者我們所說的定價和捆綁，這使我們能夠在特定的群體中接觸我們的客戶群並進行測試，並確保我們所做的改變既能優化收入增長，又能最大限度地減少客戶流失。

And yes, it's also true that I think you briefly mentioned that in tougher economic times, there can be some countercyclical behavior. And we feel that our offerings are critical to them in a situation where they need more support. But it's hard to guess what the future is going to be, so we're keeping a keen eye on it. But like I said, those three things make us feel good about our position.

是的，我認為您確實簡要地提到過，在經濟困難時期，可能會出現一些反週期行為。我們認為，在他們需要更多支援的情況下，我們提供的服務對他們至關重要。但很難猜測未來會發生什麼，所以我們正密切關注。但正如我所說的，這三件事讓我們對自己的地位感到滿意。

Yeah. No doubt, our customers today need us more to operate effectively and efficiently in their markets, and they need more care as they're in this complex landscape. So we feel really good about what we're seeing. It's a resilient group and we'll continue to monitor. But I never want to say we are counter recessionary, but we have a tendency to be more mission-critical to the member business in these environments than others.

是的。毫無疑問，如今我們的客戶更需要我們在他們的市場中有效、有效率地運營，而且在這個複雜的環境中，他們需要更多的關注。因此，我們對所看到的情況感到非常滿意。這是一個有韌性的群體，我們會繼續關注。但我從來不想說我們正在逆衰退，而是我們傾向於在這些環境中比其他環境對會員業務承擔更重要的任務。

Got it. Really appreciate the color. And then if I could just -- one more for you, Mark. I know the quarter, it sounds like GPV held up well. Any color in terms of what you might be seeing on that GPV front in April in a post-tariff world?

知道了。真的很欣賞這個顏色。然後，如果我可以的話──再給你一個，馬克。我知道這個季度，聽起來 GPV 表現良好。在後關稅時代，您認為 4 月份 GPV 方面會出現什麼情況？

Yeah, nothing to call out. We're still seeing the conversion of our existing customer base. We're still seeing it at a good pace. We're seeing our customers transacting healthily. Nothing to highlight at this juncture.

是的，沒什麼好說的。我們仍然看到現有客戶群的轉變。我們仍然看到它以良好的速度發展。我們看到客戶的交易很健康。此時此刻沒有什麼值得強調的。

Our next question comes from the line of Josh Beck from Raymond James.

我們的下一個問題來自 Raymond James 的 Josh Beck。

I wanted to ask, coming back to the pricing and bundling. Certainly, it seems like these third-party products is something that you're adding to the -- what is probably already a pretty big array of tests. So anything you can share on where you're looking to maybe add third-party solutions kind of where they fit in?

我想問一下，回到定價和捆綁的問題。當然，這些第三方產品似乎是您正在添加到可能已經相當龐大的測試陣列中的東西。那麼，您可以分享您希望在哪裡添加第三方解決方案嗎？

And then second part, just as we think through the bookings, I think A&C bookings was 14%. If you look at it on a two-year CAGR, I think it accelerated. I think the comps get a little bit tougher as we go into Q2. So just any puts and takes that we should be thinking about with respect to A&C bookings for the year would be great.

然後是第二部分，正如我們考慮預訂一樣，我認為 A&C 預訂率為 14%。如果從兩年的複合年增長率來看，我認為它已經加速了。我認為，隨著我們進入第二季度，競爭會變得更加激烈。因此，我們應該考慮與今年的 A&C 預訂相關的任何利弊。

Yeah, I can start, and Mark can follow up on the second part. When we think about pricing and bundling, one of the advantages we have is, yes, we have a breadth of products, but our platform now allows us to bundle third-party products very quickly and test them.

是的，我可以開始，馬克可以跟進第二部分。當我們考慮定價和捆綁時，我們的優勢之一是，是的，我們擁有廣泛的產品，但我們的平台現在允許我們非常快速地捆綁第三方產品並進行測試。

And we're actually testing across quite a broad segment of customer cohorts, customers that may have products that are in our core segment or our A&C segment. So those -- the number of tests is growing, and that gives us confidence that we're going to get more winners. No specific area to call out that we're sort of focused on X area versus Y area.

實際上，我們正​​在對相當廣泛的客戶群進行測試，這些客戶可能擁有我們核心細分市場或 A&C 細分市場的產品。因此，測試的數量正在增加，這讓我們有信心將獲得更多的獲勝者。沒有特定的區域需要指出，我們主要關注的是 X 區域而不是 Y 區域。

We actually have a decent set of shortlisted companies and products that we're working with and the testing is going well, which that's really the key to communicate with you that we have those more -- those sort of larger set of offerings to put forward, and we like what we're seeing.

實際上，我們已經有一批不錯的入圍公司和產品正在合作，測試進展順利，這才是與您溝通的關鍵，我們有更多——更大的產品可以推出，我們對所看到的感到滿意。

Yeah. On the bookings, just a reminder, bookings for us represents the cash collected in the period. And we reinforced or reaffirmed our free cash flow targets for the year, even our targets going out through 2026. So we feel really good about the progress we're making overall as a business and the platform and the one-stop shop. No doubt, Q1 this year versus Q1 of last year, tough compare.

是的。關於預訂，只是提醒一下，對我們來說，預訂代表了該期間收集的現金。我們強化或重申了今年的自由現金流目標，甚至重申了 2026 年的目標。因此，我們對整個業務、平台和一站式服務所取得的進展感到非常滿意。毫無疑問，今年第一季與去年第一季相比，很難比較。

It was when pricing and bundling really took off last Q1. And while we don't guide to bookings, we expect revenue growth for the rest of the year in the mid-teens, and we'll continue to look at the progress pricing and bundling is performing.

去年第一季度，定價和捆綁銷售真正開始興起。雖然我們沒有提供預訂指南，但我們預計今年剩餘時間的收入成長率將在十五六位左右，我們將繼續關注定價和捆綁銷售的進展。

Yes. And just to clarify, that A&C revenue growth.

是的。需要澄清的是，A&C 收入成長了。

Yes, A&C.

是的，A&C。

Our next question comes from the line of Brad Erickson from RBC.

我們的下一個問題來自 RBC 的 Brad Erickson。

One more on pricing and bundling. Why not? I guess think about 2024, would you say pricing or bundling had kind of a bigger effect or were they kind of the same? I know you don't tend to unpack those, but we get a lot of questions from investors on this.

再談一下定價和捆綁。為什麼不呢？我想想想 2024 年，您是否認為定價或捆綁銷售會產生更大的影響，或者它們是否相同？我知道您不傾向於解釋這些問題，但我們收到了很多投資者對這個問題的疑問。

And maybe just as you think about what that mix looked like in 2024 as we look towards 2025 and the bookings there, do you see that mix kind of staying the same, or is maybe one stronger than the other? And what are kind of the inputs of any mix shift there, if there are any?

也許正如您思考 2024 年的組合情況一樣，當我們展望 2025 年和那裡的預訂情況時，您是否認為這種組合會保持不變，或者可能一種比另一種更強？如果有的話，混合轉換的輸入是什麼樣的？

Yes. Perhaps one way to address this and in the past, I have talked about how hard it is to pull these things separate because the model is to bundle something, create that value for the customer, test that value and then take the price on it. And that price is also actually determine testing an engagement with those set of products. So it's kind of hard to rip them separate. But one way to talk about it might be that where we see the best return, the sort of longstanding lifetime value creation is where we create that value for customers through some sort of bundle, right?

是的。也許有一種方法可以解決這個問題，在過去，我曾談到將這些東西分開是多麼困難，因為模型是將某些東西捆綁在一起，為客戶創造價值，測試該價值，然後為其定價。而這個價格其實也決定了測試對這些產品的參與度。因此將它們分開有點困難。但談論它的一種方式可能是，我們看到的最佳回報是那種長期的終身價值創造，是我們透過某種捆綁為客戶創造的價值，對嗎？

And I know that's not exactly sort of answering right here right now, '24 versus '25, but that is a good signal to have that when bundling is part of it and it's intertwined well, we see the greater lifetime value coming through it. Hopefully, that helps.

我知道這還不能準確回答現在的問題，‘24’ 還是 ‘25’，但這是一個很好的信號，當捆綁成為其中的一部分並且很好地交織在一起時，我們會看到更大的終身價值通過它而來。希望這能有所幫助。

Yeah. No, that's helpful. And then just a follow-up on Airo. It's always good to hear kind of some of the examples of how you're seeing customers kind of taking advantage of that in hopefully a value-accretive way.

是的。不，這很有幫助。然後只是對 Airo 的後續報導。聽到一些例子，了解客戶如何利用這一點並希望以此來增值，總是令人欣慰的。

Just maybe any anecdotes or kind of latest observations you can share just in terms of how people are taking advantage and thinking of it in the context of the pay wall testing and where you see value creation that you could eventually monetize?

您能否分享一些軼事或最新觀察，例如人們如何在付費牆測試的背景下利用它、思考它，以及您認為最終可以將其貨幣化的價值創造在哪裡？

Yeah. We -- as you know, we really track very, very carefully the engagement across all of the Airo product. And if I had to highlight one, the product that's getting a lot of engagement right now is our Conversations product. It's something we've talked briefly about once in a while, but this is a little application that our customers can download and use to talk to their customers. And within this application, we use AI or we use Airo to actually create responses on behalf of our customers.

是的。如您所知，我們確實非常仔細地追蹤所有 Airo 產品的參與度。如果我必須強調一個產品，那麼目前最受關注的產品就是我們的對話產品。這是我們偶爾會簡單談論的事情，但這是一個小應用程序，我們的客戶可以下載並使用它與他們的客戶交談。在這個應用程式中，我們使用 AI 或使用 Airo 來代表我們的客戶實際創建回應。

So think like a micro business or they're only one person, but they can sort of talk to a lot of their customers very, very easily. So we're seeing some good -- sort of some really good engagement on conversations. And not necessarily specific to conversations, but wherever we see that engagement, that sort of gets our attention in terms of that there's monetization opportunity there, especially with something like Conversations where we talk about very large scales and a very, very large number of customers using it.

因此，想像一下一個微型企業，或者他們只有一個人，但他們可以非常非常輕鬆地與許多客戶交談。因此，我們看到了一些好的東西——某種程度上是一些非常好的對話參與。不一定特定於對話，但無論我們在哪裡看到這種參與，這都會引起我們的注意，因為那裡有貨幣化機會，特別是像對話這樣的內容，我們談論的規模非常大，而且有很多客戶在使用它。

Yeah. And I have to tell you in this environment, conversations is becoming quite popular. We were being with the pizza guys as we refer to them.

是的。我必須告訴你，在這種環境下，對話變得相當流行。我們和披薩小哥在一起，正如我們所說的。

When you're talking about someone who's making pizzas during the day, and they are still having to book their next event while they're making those pieces, a pizza I learned takes 90 seconds to make. So within 90 seconds, they're responding using conversations to their incoming calls so that they can line up their next event. And we're seeing that more and more in this environment because revenue and making sure people have pipelines is becoming more prevalent for them.

當你談論某人白天做披薩時，他們在做這些披薩的同時還必須預訂下一個活動，我了解到製作一個披薩需要 90 秒。因此，在 90 秒內，他們會透過對話來回應來電，以便安排下一個活動。我們在這種環境下越來越多地看到這種情況，因為收入和確保人們擁有管道對他們來說變得越來越普遍。

Yeah. It's great to have conversations with real customers that when they have a real business like pizza shop and using our product, it's really, really fun.

是的。與真正的顧客交談真是太棒了，當他們擁有像披薩店這樣的真正的生意並使用我們的產品時，這真的非常有趣。

Our next question comes from the line of Alexei Gogolev from JPMorgan.

我們的下一個問題來自摩根大通的 Alexei Gogolev。

Hi. This is Ella Smith on for Alexei Gogolev. So first, I was hoping to ask about the impressive ARPU growth. Can you rank order some of the products and contributions, which drove ARPU growth to an impressive 9%?

你好。我是艾拉史密斯 (Ella Smith)，代表阿列克謝戈戈列夫 (Alexei Gogolev)。所以首先，我希望能詢問一下令人印象深刻的 ARPU 成長情況。您能否對推動 ARPU 成長率達到驚人的 9% 的一些產品和貢獻進行排序？

Yeah. Well, you talk about it, and it's a little bit of a flow out, right? And remember, bookings is always at the front end of the cycle and ARPU is always at the back end of the cycle, the trailing 12-month revenue number.

是的。嗯，你談論它，它有點流出來，對嗎？請記住，預訂量始終處於週期的前端，而 ARPU 始終處於週期的後端，即過去 12 個月的收入數字。

And you really look at our success last year around pricing and bundling, the seamless experience, even some of the momentum around Airo, those have all been contributing to the bookings growth and now are rolling into our ARPU growth, which is, again, kind of points to the sustainability of the efforts we're making around going after these higher intent customers.

看看我們去年在定價和捆綁銷售、無縫體驗方面取得的成功，甚至圍繞 Airo 的一些發展勢頭，這些都促進了預訂量的增長，現在又轉化為我們的 ARPU 增長，這再次表明了我們為爭取這些意向更高的客戶而做出的努力的可持續性。

So I would say across the board, it's the strategy working around the higher intent customers who are pushing the average order size up, which are attaching to that second product faster, whose retention rates is getting stronger on our GoDaddy platform. So just the strategy is working.

因此我想說，總體而言，這項策略是圍繞著意向性更高的客戶開展的，這些客戶推動了平均訂單規模的增加，他們更快地購買了第二種產品，他們的保留率在我們的 GoDaddy 平台上越來越高。所以這個策略是有效的。

That makes a lot of sense, Mark. And for a quick follow-up, I was hoping to hear an update about GABI and how that's being used internally. Can you speak to the optimization potential there? And do you think GABI would ever become externally facing to your customers?

這很有道理，馬克。作為快速跟進，我希望聽到有關 GABI 的最新消息以及它在內部的使用情況。您能談談那裡的優化潛力嗎？您認為 GABI 會面向外部客戶嗎？

Yes. Super excited about our continued evolution of technology automation, AI within care. GABI continues to take on more and more jobs to be done. We are very excited about sort of GABI and the conversation bot, which is the external facing version of it, sharing more and more data. No sort of immediate plans to make GABI the external just yet, but this is a fast evolving space. So it's hard to say what will happen in six months.

是的。我們對技術自動化和護理人工智慧的不斷發展感到非常興奮。GABI 繼續承擔越來越多的工作。我們對 GABI 和對話機器人感到非常興奮，它們是面向外部的版本，可以共享越來越多的資料。目前還沒有任何立即將 GABI 變成外部的計劃，但這是一個快速發展的領域。因此很難說六個月後會發生什麼事。

I can tell you about tools that we're using AI on just three months ago, and now we have new technology that's like, oh my God, like it's changed amazingly in three months. So yeah, super happy about GABI, super happy, and I'm bullish on AI this being a great enhancement for productivity within our organization.

我可以告訴你我們三個月前還在使用人工智慧的工具，而現在我們有了新技術，天哪，它在三個月內發生了驚人的變化。是的，我對 GABI 非常高興，非常高興，而且我看好 AI，這將大大提高我們組織的生產力。

Our next question comes from the line of Chris Zhang from UBS.

我們的下一個問題來自瑞銀的 Chris Zhang。

First question is on the GoDaddy agency announcement. It's great to see the announcement last week, as we noted, anecdotal evidence of agencies already using GoDaddy subscription products. Just wanted to see if you can talk about a addressable opportunity for your current product suite and the target customer segment of your products?

第一個問題是關於 GoDaddy 代理公告。很高興看到上週的公告，正如我們所注意到的，有傳聞稱一些機構已經在使用 GoDaddy 訂閱產品。只是想看看您是否可以談談您目前產品套件和產品目標客戶群的可尋址機會？

And I guess, if you could provide either revenue or user mix that are being handled already by agencies today? And then also directionally the adoption within your A&C segment, the adoption of Managed WordPress, your own subscription solutions.

我想，您是否可以提供目前各機構已經處理的收入或使用者組合？然後，還可以定向採用您的 A&C 部門、託管 WordPress 和您自己的訂閱解決方案。

And I guess, last but not least, the adoption of Airo. We understand the A&C segment may be still -- the agency space may be still kind of early for you guys, but if you could provide any comments around those metrics, that would be really appreciated.

我想，最後但同樣重要的是收養 Airo。我們理解 A&C 部門可能仍然 - 代理空間對您來說可能還處於早期階段，但如果您可以就這些指標提供任何評論，我們將非常感激。

Yeah. So I think you pretty much answered your question as well. It's very, very early in terms of the agency space for GoDaddy. As you know, over the last few years, our products have improved leaps and bounds. We have some great offerings in Websites + Marketing that are able to do certain jobs to be done for those customers.

是的。所以我認為你也基本上回答了你的問題。就 GoDaddy 的代理領域而言，現在還處於非常早期的階段。如您所知，在過去的幾年裡，我們的產品有了突飛猛進的進步。我們在網站 + 行銷方面提供了一些出色的服務，能夠為這些客戶完成某些工作。

We also have a new and much improved managed WordPress instance that is just really, really good. So there's a couple of products out there. I think we're still exploring. We're still looking at that market. I think it continues to be a great long-term opportunity for GoDaddy step in that space, but nothing to share yet, just all very small and just some little exploration here or there.

我們還有一個全新且經過很大改進的託管 WordPress 實例，它真的非常好用。因此，市場上有幾種產品。我認為我們仍在探索。我們仍在關注該市場。我認為對於 GoDaddy 來說，這仍然是一個進入該領域的絕佳長期機會，但目前還沒有什麼可以分享的，只是一些很小的事情和一些小小的探索。

Yeah. That's definitely a great long-term opportunity. Nothing that we've built into anything we're talking about today. We're excited about it. It represents a new customer base for us somewhat. But nothing to call out today. Obviously, as things get traction, we'll share more.

是的。這絕對是一個很好的長期機會。我們今天談論的任何事情都沒有融入其中。我們對此感到很興奮。這對我們來說在某種程度上代表了一個新的客戶群。但今天沒有什麼好說的。顯然，隨著事情進展，我們會分享更多資訊。

All right. Sounds great, Mark. Just a quick follow-up. I just wanted to see if you could provide an update on your bundling efforts this year aimed at some of the specific hosting customers.

好的。聽起來不錯，馬克。只是一個快速的跟進。我只是想看看您是否可以提供今年針對某些特定託管客戶的捆綁銷售工作的最新進展。

Yeah. So the bundling -- pricing and bundling effort this year does have a focus on presence products. Those presence products do include hosting, which sits in the core segment, and they include -- perfect Marketing and Managed WordPress, which are part of A&C. So just the way we approach this testing is based on customer cohort and the customer engagement. It can involve term with the customer, it can involve the products that customer has. But that's an area -- that continues to be an area of focus for us.

是的。因此，今年的捆綁定價和捆綁工作確實側重於存在產品。這些現有產品確實包括託管，它位於核心部分，並且包括 - 完美的行銷和託管 WordPress，它們是 A＆C 的一部分。因此，我們進行測試的方式是基於客戶群和客戶參與度。它可以涉及與客戶的條款，也可以涉及客戶擁有的產品。但這是一個領域——這仍然是我們關注的領域。

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

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

Hey, guys. This is Alex on for Mark. Thank for taking my questions. I understand you're no longer speaking to GMV. But as we think about the reduced barriers to service SMB or larger clients broadly afforded through AI-driven product development and efficiencies, which clearly highlights your differentiated single signal. How would you characterize or qualify the upmarket opportunity today relative to 12 months ago, especially as Airo indexes your top of funnel exposure away from domains?

嘿，大家好。這是亞歷克斯 (Alex) 代替馬克 (Mark)。感謝您回答我的問題。我知道你不再與 GMV 交談了。但是，當我們想到透過人工智慧驅動的產品開發和效率廣泛降低為中小企業或大型客戶提供服務的障礙時，這清楚地突出了您的差異化單一訊號。與 12 個月前相比，您如何描述或限定今天的高端市場機會，尤其是當 Airo 將您的漏斗頂部曝光度從網域中移除時？

Yeah. So as you know, we've got a commerce offering that's growing, and I talked about in the prepared remarks even this time that the new offerings sort of expand our one-stop shop.

是的。如你所知，我們的商業產品正在不斷增長，我在準備好的演講中也談到，即使是這次，新的產品也擴大了我們的一站式服務。

I would say maybe a couple of -- two years ago, we didn't really have an offering. Today, we have a very compelling offering for the micro business, we're edging up to a business that sells $1 million or just above that. And there's plenty of opportunity above that.

我想說也許幾年前——兩年前，我們還沒有提供任何產品。今天，我們為微型企業提供了非常有吸引力的產品，我們的業務銷售額正在逐漸達到 100 萬美元或略高於這個數字。除此之外，還有很多機會。

For now, we continue to be very focused on our existing customers, serving their needs very well, and continuing to evolve the product suite and keeping the pricing competitive. So that's our current strategy with commerce.

目前，我們繼續高度關注現有客戶，以很好地滿足他們的需求，並繼續改進產品套件並保持價格競爭力。這就是我們目前的商業策略。

And it's great that we're able to grow GPV in a healthy manner and be able to do it, I would say, very, very efficiently because we have access to our customer base and our customers love working with us, and they accept the new offering with delight.

我們很高興能夠以健康的方式發展 GPV，並且能夠非常有效率地發展，因為我們可以接觸到我們的客戶群，我們的客戶喜歡與我們合作，他們很高興接受新的產品。

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

我們的下一個問題來自 Jefferies 的 Brent Thill。

Hi, this is John for Brent Thill. Just have to wait for them to pop up. Just two questions. One on the -- I think at the dinner last year, you talked about Airo maybe also helping with the pros and maybe a little bit on the managed side. I'm wondering if you could talk about how that's going, how are some of your more professional developer type users responding to it?

你好，我是 Brent Thill 的 John。只需等待它們彈出即可。僅兩個問題。其中之一——我想在去年的晚宴上，您談到 Airo 可能也會為專業人士提供幫助，或者在管理方面提供一些幫助。我想知道您是否可以談談進度如何，一些更專業的開發人員類型的用戶對此有何反應？

And then second question was related to the A&C bookings growth. It was a little bit slower than revenue growth this time. And I guess the comp was tougher, but I'm wondering if that's the pattern now. I mean last year, for the first three quarters was running faster than revenue growth. So if you could talk about that dynamic, that would be great.

第二個問題與 A&C 預訂量成長有關。這次比收入成長稍微慢一點。我想比賽會更加激烈，但我不知道現在是不是也是這樣的模式。我的意思是，去年前三個季度的運行速度比收入成長更快。因此，如果您能談論一下這種動態，那就太好了。

Yeah. On Managed WordPress, I can take that, and Mark can follow on the second part. We have a couple of great products that use Airo's capability. We have the site optimizer. We also have a new editor that uses Airo capability. It allows customers to build a Managed WordPress site despite talking to the agent about it. The sort of like a chat interface. So those products are now in the market. It, of course, takes a little time to get the word out and sort of go over to market on these things. But we like the products. We like the starting point. It's just very, very early in that area. We -- as you well know, that we started with Airo with the independent customer with the yourselves customer, and that was our focus for the most of the first year. But we have the new products that we just showcased at the dinner, and we're excited about getting them to more customers.

是的。在託管 WordPress 上，我可以接受這一點，而 Mark 可以跟進第二部分。我們有幾款出色的產品使用了 Airo 的功能。我們有網站優化器。我們還有一個使用 Airo 功能的新編輯器。儘管客戶沒有與代理商討論此事，它仍允許客戶建立託管的 WordPress 網站。有點像聊天介面。這些產品現在已經上市了。當然，要讓這些產品廣為人知並推向市場需要一些時間。但我們喜歡這些產品。我們喜歡這個起點。該地區還處於非常早期的階段。如你們所知，我們最初與 Airo 合作時，就面向獨立客戶和你們自己的客戶，這也是我們第一年大部分時間的重點。但我們剛剛在晚宴上展示了新產品，我們很高興能夠將它們推向更多的客戶。

Like we said on the bookings, bookings represent the cash receipts we get in the quarter. We've talked about our free cash flow targets and reaffirming them for the year. So we feel really good about the pace.

就像我們在預訂中所說的那樣，預訂代表我們在本季獲得的現金收入。我們已經討論了我們的自由現金流目標並重申了今年的目標。所以我們對這個節奏感覺很好。

No doubt, Q1 bookings compared to a Q1 bookings number is tougher than the revenue comps that we have this year. We don't guide to bookings, but we expect revenue to grow in the mid-teens for A&C. So we continue to be good with the progress. We continue to be good with what it's generating for us, and we continue to be good with the targets that we put out there.

毫無疑問，與今年第一季的預訂量相比，第一季的預訂量比收入還要大。我們沒有提供預訂指南，但我們預計 A&C 的收入將成長 15% 左右。因此，我們將繼續保持良好的進展。我們將繼續善用它為我們創造的成果，並將繼續善用我們設定的目標。

Our next question comes from the line of Robert Coolbrith from Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Robert Coolbrith。

Great to hear you confirm the sort of services skew within the customer base overall. But just wondering, specifically within the commerce business inside A&C, does that dynamic sort of hold true as well that, that -- there's a skew towards services businesses within your commerce business within A&C.

很高興聽到您確認了客戶群中整體服務類型的偏差。但我只是想知道，特別是在 A&C 內部的商業業務中，這種動態是否也成立，即 - A&C 內部的商業業務偏向服務業務。

And then second one I'm getting questions on is just related to Office 365 or some of the other Microsoft products. I think that they rolled out some price increases in February for consumers, but now it sounds like there was one also for commercial products in April. So just wondering if that was sort of baked into your guide previously or if that's incremental at all to your view for '25 bookings?

我收到的第二個問題與 Office 365 或其他一些 Microsoft 產品有關。我認為他們在二月針對消費者推出了一些價格上漲，但現在聽起來四月份商業產品也進行了價格上漲。所以我只是想知道這是否之前就已經融入您的指南中，或者這是否對您對“25 個預訂”的看法有所增加？

Yeah. For our commerce customers, since the largest source of customers into our commerce offering is our base of customers, it naturally sort of has a tendency to skew towards services customers, right? So we feel that there's nothing to sort of say that differentiates our commerce customer from our broader base. Let me put it that way, right? Because we are going to the base for our commerce customer.

是的。對於我們的商業客戶來說，由於我們商業產品的最大客戶來源是我們的客戶群，因此它自然傾向於服務客戶，對嗎？因此，我們覺得，我們的商業客戶與更廣泛的客戶群之間沒有什麼區別。讓我這麼說吧，對吧？因為我們要去基地為我們的商業客戶服務。

And in terms of Office 365, we have a long-term relationship with Microsoft. It's a contractual relationship. So the sort of price increases on their side don't directly impact us. Again, we've been working with them for a decade now, and we're very happy with that relationship.

就 Office 365 而言，我們與微軟有著長期的合作關係。這是一種合約關係。因此，他們那邊的價格上漲不會直接影響到我們。再說一次，我們已經與他們合作了十年，我們對這段關係非常滿意。

Next question comes from the line of Naved Khan from B. Riley.

下一個問題來自 B. Riley 的 Naved Khan。

Two questions, please. One on gross margin. I noticed the Q1 gross margins dipped a little bit more than as usual and wondering if there's anything there to point out? And should we expect margins to improve sequentially from here on?

請問兩個問題。一個是毛利率。我注意到第一季的毛利率比平常下降了一點，想知道有什麼需要指出的嗎？我們是否應該預期利潤率從現在開始會逐步提高？

And the other question I have is around the digital marketing suite, which you guys introduced last year. What kind of attach rates are you getting on that product?

我的另一個問題是關於你們去年推出的數位行銷套件。該產品的附加率是多少？

Thanks. On the gross margin, it's within the parameters we talk about, I would say 64, give or take, 100 basis points depending on the product mix and that thesis still holds true for us. Any given quarter could shift a little bit based on that product mix, whether it's between core platform, A&C, or even within the product mix within those separate groups. So nothing to call out. We still are making progress on our normalized EBITDA margin, happy with our ability to expand it and looking forward to hitting our targets in 2026.

謝謝。就毛利率而言，它在我們討論的參數範圍內，我想說是 64 個基點，上下浮動 100 個基點，具體取決於產品組合，這個論點對我們來說仍然適用。任何特定季度都可能根據產品組合而略有變化，無論是在核心平台、A&C 之間，還是在這些獨立組內的產品組合內。所以沒什麼好說的。我們仍在努力提高標準化 EBITDA 利潤率，並對擴大利潤率的能力感到滿意，並期待在 2026 年實現我們的目標。

Yes. And just quickly to touch on digital marketing suite. Nothing to share. It's still small, doing well. Lots to do there over the next few years to make it a bigger, bigger part of our offering.

是的。簡單介紹一下數位行銷套件。沒什麼好分享的。它仍然很小，但運行良好。未來幾年我們要做很多事情來使其成為我們產品中越來越重要的一部分。

As you -- on the digital marketing suite, Aman, as you think about the bundling and pricing, is there a sizable opportunity with that offering, or how should we be thinking about it longer term?

阿曼，關於數位行銷套件，當您考慮捆綁和定價時，該產品是否存在相當大的機會，或者我們應該如何從長遠角度考慮它？

Yeah. Now it's -- without going into any one product, the marketing suite obviously is an opportunity for us to bundle differently than we do today, right? But it has to go through the testing and we have to be able to find the right customer cohorts to sort of attach it to. It is one of the many options that we have.

是的。現在 - 無需考慮任何一種產品，行銷套件顯然是我們以不同於今天的方式進行捆綁的機會，對嗎？但它必須經過測試，而且我們必須能夠找到合適的客戶群來將其應用到其中。這是我們眾多選擇之一。

There are some that are better options than others. We just have to work through the pipeline of the test. So it's great. It's there. And hopefully, we'll talk about it more over the next few quarters.

有些選擇比其他選擇更好。我們只需完成測試流程即可。所以這很棒。它就在那裡。希望我們能在接下來的幾個季度中對此進行更多討論。

That concludes our call. Let me just turn it over to Aman for closing remarks.

我們的通話到此結束。讓我把時間交給阿曼來做最後發言。

Well, thank you, all, for joining, and a big thank you to all GoDaddy employees for another fantastic quarter, and we'll talk to you next quarter.

好吧，謝謝大家的加入，也非常感謝所有 GoDaddy 員工，感謝他們又一個精彩的季度，我們下個季度再聊。