GoDaddy Inc (GDDY) 2025 Q2 法說會逐字稿

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Welcome to GoDaddy's second-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. Following prepared remarks, we will open up the call for your questions. (Operator Instructions)

歡迎參加 GoDaddy 2025 年第二季財報電話會議。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 和財務長 Mark McCaffrey。聽完準備好的發言後，我們將開始回答大家的提問。（操作員指示）

On today's call, we'll be referencing both GAAP and non-GAAP financial measures and other operating and business metrics. A discussion of why we use non-GAAP financial measures and reconciliations of our non-GAAP financial measures to their GAAP equivalents may be found in the presentation posted to our Investor Relations site at investors.godaddy.net or in today's earnings release on our Form 8-K furnished with the SEC.

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，可以在我們投資者關係網站 investors.godaddy.net 上發布的演示文稿中，或在我們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。

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。

Actual results may differ materially from those contained in forward-looking statements. Any forward-looking statements that we make on this call are based on assumptions as of today, August 7, 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 8 月 7 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. We draw inspiration from the ingenuity of our customers who are the people building businesses, chasing dreams, and positively impacting their communities. As our small business survey consistently shows they are a resilient group and remain optimistic about their own businesses even when navigating increased complexity. That's why we are committed to delivering the critical technology they need, combined with the human guidance that is empathetic, accessible, and grounded in their success. It is this combination that helps our customers thrive and grow with confidence.

下午好，感謝大家今天參加我們的活動。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。我們從客戶的聰明才智中汲取靈感，他們是那些創業、追逐夢想並對社區產生正面影響的人。正如我們的小型企業調查始終表明的那樣，他們是一個富有韌性的群體，即使在面臨日益複雜的情況時，他們仍然對自己的企業保持樂觀。這就是為什麼我們致力於提供他們所需的關鍵技術，並結合富有同情心、易於理解且以他們的成功為基礎的人工指導。正是這種結合幫助我們的客戶充滿信心地蓬勃發展。

In the second quarter, our disciplined execution delivered strong results, reflecting the power of our strategy of attracting and retaining high-intent customers who generate high lifetime value for GoDaddy. A&C bookings grew 12% against the toughest comparison for the year and normalized EBITDA margin expanded nearly 200 basis points, reflecting the operating leverage in our model. We made strong progress towards GoDaddy's financial North Star of maximizing free cash flow with growth of 21%. Reflecting that momentum, we are raising our full-year 2025 free cash flow guidance to approximately $1.6 billion.

在第二季度，我們嚴格的執行取得了強勁的業績，反映了我們吸引和留住為 GoDaddy 創造高終身價值的高意向客戶的策略的力量。與今年最艱難的比較相比，A&C 預訂量增加了 12%，標準化 EBITDA 利潤率擴大了近 200 個基點，反映了我們模型中的經營槓桿。我們在實現 GoDaddy 財務北極星目標方面取得了長足進步，即實現自由現金流最大化，成長率達到 21%。為了體現這一勢頭，我們將 2025 年全年自由現金流預期上調至約 16 億美元。

As a leader in bringing AI to micro businesses, we are energized by the transformative potential that Agentic AI is unlocking for Airo and our customers. This is more than an evolution. It is a leap forward. This quarter, we began testing a new conversational experience that lays the foundation for something truly groundbreaking, an agent that can intelligently complete complex multistep tasks for our customers, freeing them to focus on what matters most, building their dreams.

作為將人工智慧引入微型企業的領導者，Agentic AI 為 Airo 和我們的客戶釋放的變革潛力讓我們充滿活力。這不僅僅是一種進化。這是一個飛躍。本季度，我們開始測試一種新的對話體驗，它為真正具有突破性的成果奠定了基礎，即代理商可以智慧地為我們的客戶完成複雜的多步驟任務，讓他們能夠專注於最重要的事情，實現他們的夢想。

Imagine a world where entrepreneurs can ask Airo anything across the full spectrum of our offering and receive instant contextual support seamlessly connected to our expert guides when they need a human touch. Brought to the customer experience as Ask Airo, its goal is to be a fully guided and proactive digital experience powered by Agenetic AI and elevated by empathetic care. The short video you saw at the start of this call offers just a glimpse into the future we are building for our customers. Behind the scenes, our operations are undergoing a fundamental shift powered by AI. Across the company, employees are embracing AI and Agentic tools to accelerate velocity of execution.

想像一下這樣一個世界：企業家可以向 Airo 詢問我們提供的各種服務中的任何問題，並在需要人性化服務時獲得與我們的專家指南無縫連接的即時上下文支援。以 Ask Airo 的形式帶給客戶體驗，其目標是成為一種由 Agenetic AI 提供支援並透過同理心關懷提升的完全引導和主動的數位體驗。您在本次通話開始時看到的短片只是讓我們大致了解了我們為客戶打造的未來。在幕後，我們的營運正在經歷由人工智慧推動的根本性轉變。在整個公司，員工都在採用人工智慧和 Agentic 工具來加快執行速度。

In one recent example, two interns leveraged our internal Agentic platform to build an agent that autonomously diagnoses anomalies in experiments, reducing a process that once took days to just minutes from engineering to accounting, AI and Agentic AI is reshaping how work gets done by transforming roles, unlocking efficiency, and enabling our teams to focus on higher-impact outcomes. We can't wait to bring all of this to life for you as well. We look forward to sharing a deeper look at Airo's Agentic capabilities at our Investor Dinner later this year. What we are building is exciting, and we are off to a great start.

在最近的一個例子中，兩名實習生利用我們的內部 Agentic 平台構建了一個可以自主診斷實驗異常的代理，將工程到會計的流程從曾經需要幾天的時間縮短到幾分鐘，AI 和 Agentic AI 正在通過轉變角色、提高效率並使我們的團隊能夠專注於更具影響力的成果來重塑工作完成的方式。我們迫不及待地想將這一切為您變為現實。我們期待在今年稍後的投資者晚宴上更深入地分享 Airo 的 Agentic 能力。我們正在建立的東西令人興奮，而且我們已經有了一個好的開始。

As always, I also want to share a bit more about our growth initiatives, starting with pricing and bundling. With half the year behind us, we feel confident that this initiative is on track and delivering across both A&C and core platform for 2025. At the same time, we are actively executing against our 2026 road map, testing and scaling new offerings that represent the next phase of this multiyear journey. These new bundles are based on new partnership capabilities and the early results have been promising.

像往常一樣，我還想分享一些有關我們的增長計劃的信息，從定價和捆綁開始。經過半年的努力，我們相信這項計畫將順利推進，並有望在 2025 年在 A&C 和核心平台上順利實施。同時，我們正在積極執行我們的 2026 年路線圖，測試和擴展代表這趟多年旅程下一階段的新產品。這些新的捆綁服務基於新的合作關係，早期結果令人鼓舞。

Pricing and bundling is starting to benefit from our increased co-writing velocity using AI. As an example, we recently concluded a test integrating a new partner product into GoDaddy's technology stack over a matter of weeks rather than months. Remarkably, nearly 100% of the code was generated by AI and guided by a senior engineer. This was work that would typically have required a small team for a few months.

定價和捆綁銷售開始受益於我們利用人工智慧提高的共同寫作速度。例如，我們最近完成了一項測試，將新的合作夥伴產品整合到 GoDaddy 的技術堆疊中，只花了幾週而不是幾個月的時間。值得注意的是，幾乎 100% 的程式碼都是由人工智慧產生的，並由高級工程師指導。這項工作通常需要一個小團隊花費幾個月的時間。

While the exploration of AI-driven coding is ongoing across many use cases, this example demonstrate the transformative potential of AI-driven coding and pricing and bundling. Scaling this type of result across our teams would create a step-function change in velocity, enabling us to test new bundles at a pace many times faster than today.

雖然人工智慧驅動編碼的探索在許多用例中仍在進行，但這個例子展示了人工智慧驅動編碼、定價和捆綁的變革潛力。在我們的團隊中推廣這種結果將會導致速度的階躍變化，使我們能夠以比現在快很多倍的速度測試新的捆綁包。

Our next major initiative is seamless experience and ongoing large-scale experimentation machine designed to enhance the entire customer journey from landing page and initial search all the way through to purchase and renewal. It is focused on improving discovery and reducing friction, saving our customers time and effort. Through this initiative, we boosted conversion rates, strengthened attach, and drove better renewal performance, outcomes that our scale translate into meaningful financial impact now and in the future. The bookings generated from seamless experience have scaled in an impressive manner and this initiative has an equally strong road map as pricing and bundling and its impact and contribution is becoming increasingly comparable.

我們的下一個重大舉措是無縫體驗和正在進行的大規模實驗機器，旨在增強從登陸頁面和初始搜尋一直到購買和續訂的整個客戶旅程。它專注於改善發現和減少摩擦，為我們的客戶節省時間和精力。透過這項舉措，我們提高了轉換率，增強了聯繫，並推動了更好的續約績效，我們的規模現在和未來都轉化為有意義的財務影響。無縫體驗產生的預訂量以令人印象深刻的方式擴大，而這項措施擁有與定價和捆綁一樣強大的路線圖，其影響和貢獻也越來越具有可比性。

Turning to our commerce initiative, we surpassed a significant milestone, reaching more than $3 billion in annualized gross payments volume on continued strong conversion of our existing base of customers. A clear signal that our strategy is resonating. Equally exciting, our focus on delivering powerful, high-value tools is gaining traction. Our newly launched Rate Saver, a credit card surcharging feature that can reduce effective rates from merchants by more than 50%, is demonstrating promising early momentum with attach rates climbing.

談到我們的商業計劃，我們超越了一個重要的里程碑，在現有客戶群持續強勁轉化的推動下，年化總支付額達到 30 億多美元。這是一個明確的信號，表明我們的策略正在引起共鳴。同樣令人興奮的是，我們致力於提供強大、高價值的工具，而這項理念正在獲得越來越大的關注。我們新推出的 Rate Saver 是一種信用卡附加費功能，可將商家的有效利率降低 50% 以上，隨著附加利率的攀升，該功能已顯示出良好的早期發展勢頭。

Last but never least, Airo discovery and engagement continues to grow, and we expect it to increasingly shape and monetize our future customer cohorts, and our strongest cohorts are ahead of us. Notably, Airo cohorts consistently outperformed non-Airo cohorts across key metrics, including average order size, multiproduct attach rates, and renewals serving as a catalyst for the growth in higher lifetime value customers. These games are compounding, creating long-term leverage in our model. We are deeply focused on Airo's continued evolution into a true differentiator that accelerates customer success and drive sustained value across the entire GoDaddy ecosystem.

最後但同樣重要的一點是，Airo 的發現和參與度持續成長，我們預計它將越來越塑造和貨幣化我們未來的客戶群，而我們最強大的客戶群就在我們前面。值得注意的是，Airo 群組在關鍵指標方面的表現始終優於非 Airo 群組，包括平均訂單規模、多產品附加率和續訂，這成為高終身價值客戶成長的催化劑。這些遊戲正在復合，在我們的模型中創造長期槓桿。我們高度重視 Airo 的持續發展，使其成為真正的差異化因素，加速客戶成功並在整個 GoDaddy 生態系統中推動持續價值。

In closing, we are proud of the progress we made in the second quarter as we push our strategy forward, making meaningful progress towards our three-year targets outlined at our Investor Day in 2024. And our results reflect the impact of disciplined execution and the growing traction behind our priorities of expanding high-intent customers capturing more wallet share and driving greater lifetime value. As we enter the second half, our teams are focused, our path forward is clear, and our business is well positioned to accelerate the pace of innovation that delivers long-term value to our customers and shareholders.

最後，我們為第二季的進展感到自豪，因為我們在推進策略的過程中，朝著我們在 2024 年投資者日概述的三年目標取得了有意義的進展。我們的業績反映了嚴格執行的效果，以及我們擴大高意向客戶、獲得更多錢包份額和推動更大終身價值的優先事項背後日益增長的吸引力。進入下半年，我們的團隊更加專注，前進的道路更加清晰，我們的業務已做好準備，加快創新步伐，為我們的客戶和股東創造長期價值。

With that, here's Mark.

以下是馬克的發言。

Thanks, Aman. Good afternoon, everyone, and thank you for joining us. Q2 was another strong quarter for GoDaddy, underscoring the resilience of our customers and the mission-critical solutions that differentiate us in the market.

謝謝，阿曼。大家下午好，感謝大家的參與。第二季度對於 GoDaddy 來說又是一個強勁的季度，突顯了我們客戶的韌性以及我們在市場上脫穎而出的關鍵任務解決方案。

We delivered A&C revenue growth of 14%, expanded normalized EBITDA margins to 31%, and we grew free cash flow to $392 million. Our consistent performance reinforces the strength of our strategy and the discipline of our execution as we progress toward our North Star of maximizing free cash flow over the long term. Total revenue grew 8% to $1.2 billion, on both a reported and constant currency basis, surpassing the high end of our guided range. Annual recurring revenue grew 9% to $4.2 billion, and international revenue grew 11%.

我們的 A&C 營收成長了 14%，標準化 EBITDA 利潤率擴大至 31%，自由現金流成長至 3.92 億美元。我們始終如一的表現增強了我們的戰略實力和執行紀律，讓我們朝著長期最大化自由現金流的北極星目標不斷前進。以報告和固定匯率計算，總收入成長 8%，達到 12 億美元，超過了我們預期的最高水準。年度經常性收入成長 9% 至 42 億美元，國際收入成長 11%。

For our high-margin A&C segment, we drove 14% growth in revenue to $464 million, in line with our guided range. A&C is now approaching an annualized run rate of approximately $2 billion, nearly doubling over the past four years on the ongoing adoption of our subscription solutions. A&C revenue now accounts for 38% of total revenue, which is an all-time high, up from 36% at the same time last year.

對於我們高利潤的 A&C 部門，我們推動營收成長 14%，達到 4.64 億美元，符合我們的指導範圍。A&C 目前的年化運行率接近 20 億美元，由於我們持續採用訂閱解決方案，過去四年來幾乎翻了一番。目前，A&C 營收佔總營收的 38%，創歷史新高，高於去年同期的 36%。

Segment EBITDA margin expanded nearly 100 basis points to 44%. Our core platform segment delivered revenue growth of 5% to $754 million, exceeding our guide. These results were driven by growth in primary domains, up 7% of both units and pricing and bundling initiatives, alongside continued momentum in aftermarket, which also grew 7%. Segment EBITDA margin expanded by over 200 basis points to 33%.

分部 EBITDA 利潤率擴大近 100 個基點，達到 44%。我們的核心平台部門營收成長 5%，達到 7.54 億美元，超過了我們的預期。這些結果是由主要領域的成長所推動的，單位數、定價和捆綁計畫均成長了 7%，同時售後市場的持續成長動能也成長了 7%。分部 EBITDA 利潤率擴大超過 200 個基點，達到 33%。

Moving to profitability. Normalized EBITDA grew 15% to $382 million, delivering an expanded margin of 31%, up nearly 200 basis points and in line with our guide for the quarter. The expansion was driven by sustained operational discipline with leverage gains reflected across our P&L. Total bookings grew 7% on a reported and constant currency basis to $1.3 billion against the toughest compare of the year. Within that, A&C bookings grew 12% and core platform bookings grew 3%.

轉向盈利。標準化 EBITDA 成長 15% 至 3.82 億美元，利潤率擴大至 31%，上漲近 200 個基點，符合我們對本季的預期。擴張是由持續的營運紀律推動的，槓桿收益反映在我們的損益表中。與今年最艱難的比較相比，總預訂量按報告和固定匯率計算增長了 7%，達到 13 億美元。其中，A&C 預訂量成長 12%，核心平台預訂量成長 3%。

As a reminder, bookings primarily represents cash collected during the period. Importantly, free cash flow grew an impressive 21% to $392 million, reinforcing the strengthening of our customer cohorts and the increasing conversion of normalized EBITDA to free cash flow at a ratio that is now greater than 1:1. Our go-to-market strategy is focused on attracting high-intent customers who adopt multiple products and generate high lifetime value.

提醒一下，預訂量主要代表期間收取的現金。重要的是，自由現金流大幅增加了 21%，達到 3.92 億美元，這進一步鞏固了我們的客戶群，也促進了標準化 EBITDA 向自由現金流的轉化，目前該比率已超過 1:1。我們的行銷策略專注於吸引採用多種產品並產生高終身價值的意向客戶。

Over the past year, cohorts that spend over $500 annually grew meaningfully and that momentum carried through into Q2. This group now represents nearly 9% of our total base. An Airo is playing a pivotal role in its evolution by intelligently guiding their journey. These customers are expanding average order size and fueling GoDaddy's impressive total ARPU growth up 10% to $230. What's more, this cohort demonstrates near perfect retention. The combination of rising ARPU and exceptional retention clearly illustrates the durable pathway we build toward a growing base of sticky, higher lifetime value customers.

在過去的一年裡，每年消費超過 500 美元的群體數量顯著增長，這種勢頭一直延續到第二季度。該群體目前占我們總人口的近 9%。Airo 透過智慧地引導他們的旅程，在其進化過程中發揮關鍵作用。這些客戶正在擴大平均訂單規模，並推動 GoDaddy 的整體 ARPU 成長 10%，達到 230 美元。更重要的是，這個群體表現出了近乎完美的記憶力。不斷上升的 ARPU 值和出色的留存率清楚地表明了我們為不斷增長的黏性更高終身價值客戶群所建立的持久途徑。

On total customers, we have largely moved beyond the impacts of eliminating deep discounts and divestitures. That said, we continue to see some residual pressure from migrations as they move through their initial renewal cycles. Excluding this remaining headwind, customer count has grown in each of the last two months. As these pressures subside and we benefit from strong conversion of higher-intent cohorts, we expect a return to customer growth later this year. This momentum underscores the effectiveness of our strategy and the long-term value creation embedded in our integrated platform.

對於整體客戶而言，我們已基本擺脫了取消大幅折扣和資產剝離的影響。儘管如此，在遷移進入其最初的更新周期時，我們仍然會看到一些來自遷移的殘餘壓力。除去這剩下的不利因素，過去兩個月的客戶數量都有所增加。隨著這些壓力的消退以及我們受益於意向更高的群體的強勁轉變，我們預計今年稍後客戶數量將恢復成長。這一勢頭凸顯了我們策略的有效性以及我們整合平台所蘊含的長期價值創造。

On the balance sheet, we exited the quarter with $1.1 billion in cash and total liquidity of $2.1 billion, net debt was $2.8 billion, representing a net leverage of 1.6 times on a trailing 12-month basis. Year to date, through August 6, we have repurchased approximately $900 million of our outstanding shares. Our commitment to a disciplined capital allocation framework is unchanged and share buybacks remain a key mechanism to return value to our shareholders. As of the end of the quarter, our fully diluted shares outstanding was $142 million.

在資產負債表上，我們在本季結束時擁有 11 億美元現金和 21 億美元的總流動資金，淨債務為 28 億美元，相當於過去 12 個月的淨槓桿率為 1.6 倍。截至 8 月 6 日，年初至今我們已回購了約 9 億美元的流通股。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。截至本季末，我們的完全稀釋流通股數為 1.42 億美元。

Looking ahead, I am pleased to share that given the strength of our performance year to date, our increasing profitability to cash flow conversion and the proven durability of our business model, we are raising our full-year free cash flow target to approximately $1.6 billion, representing growth of over 18%. Additionally, we are raising our full year 2025 revenue outlook that we provided in February. We now expect total revenue to be in the range of $4.89 billion to $4.94 billion representing growth of 7% at the midpoint.

展望未來，我很高興地告訴大家，鑑於我們今年迄今為止的強勁業績、我們不斷提高的盈利能力和現金流轉換率以及我們商業模式的持久性，我們將全年自由現金流目標提高至約 16 億美元，增長率超過 18%。此外，我們也上調了 2 月提供的 2025 年全年營收預期。我們現在預計總收入將在 48.9 億美元至 49.4 億美元之間，中間值成長率為 7%。

For the full year, we expect FX-neutral bookings growth to be in line with revenue growth. For Q3 specifically, we are targeting total revenue of $1.22 billion to $1.24 billion, also representing 7% growth at the midpoint of the range. Within total revenue for both Q3 and the full year, we expect applications and commerce revenue growth in the mid-teens and core platform growth in the low-single digits.

我們預計全年剔除匯率因素，預訂量成長將與營收成長一致。具體來說，對於第三季度，我們的目標是總收入達到 12.2 億美元至 12.4 億美元，這也代表著該範圍中點的 7% 的成長。在第三季和全年的總收入中，我們預計應用程式和商業收入成長率將達到十五六個百分點，核心平台收入成長率將達到個位數低段。

Regarding our outlook, I want to mention that beginning in the fourth quarter of this year, GoDaddy will no longer operate as the registry service provider for the dotco top level domain. As a result of this change, we anticipate an approximate 50-basis-point headwind to bookings and revenue primarily in the fourth quarter. Importantly, this transition does not affect our ability to execute our strategic initiatives or deliver on our 2025 and 2026 financial commitments.

關於我們的展望，我想提一下，從今年第四季開始，GoDaddy 將不再作為 .co 頂級網域的註冊服務提供者。由於這項變化，我們預計第四季的預訂量和收入將面臨約 50 個基點的阻力。重要的是，這種轉變不會影響我們執行策略計畫或履行 2025 年和 2026 年財務承諾的能力。

With the third quarter, we are projecting a normalized EBITDA margin of approximately 32% and we are reaffirming our full year margin expansion target of 100 basis points with continued sequential expansion each quarter this year, exiting 2025 at 33%. We expect normalized EBITDA to maintain greater than a 1:1 conversion to free cash flow for the full year. Our capital allocation approach remains unchanged and we will continue to evaluate all opportunities according to our rigorous returns-based framework to maximize long-term shareholder value.

我們預計第三季的正常化 EBITDA 利潤率約為 32%，並重申全年利潤率擴張目標為 100 個基點，今年每季將繼續連續擴張，到 2025 年將達到 33%。我們預計全年正常化的 EBITDA 與自由現金流的轉換率將維持 1:1 以上。我們的資本配置方法保持不變，我們將繼續根據嚴格的基於回報的框架評估所有機會，以最大化長期股東價值。

In closing, we remain more confident than ever in the strength of our model and our ability to execute toward our targets. Our second-quarter results reflect GoDaddy's solid foundation powered by disciplined operations, consistent innovation, and the growing impact of our strategic initiatives, from enhancing and expanding AI-powered experiences and solutions like Airo to attracting higher-value customers. We are driving sustainable and profitable growth across the business.

最後，我們對我們的模式的實力和實現目標的能力比以往任何時候都更有信心。我們第二季的業績反映了 GoDaddy 堅實的基礎，這得益於嚴謹的營運、持續的創新以及我們戰略舉措日益增長的影響，從增強和擴展 Airo 等人工智慧體驗和解決方案到吸引更高價值的客戶。我們正在推動整個業務的可持續獲利成長。

With nearly 30 years of consistent growth through a variety of macroeconomic backdrops, GoDaddy is built for durability and long-term value creation. That strength is anchored by a high-quality recurring revenue base disciplined cost management, robust free cash flow generation and a strong balance sheet.

GoDaddy 在近 30 年的各種宏觀經濟背景下實現了持續成長，致力於持久發展和長期價值創造。這項優勢由高品質的經常性收入基礎、嚴格的成本管理、強勁的自由現金流產生和強大的資產負債表支撐。

Looking ahead, we are fully committed to delivering on our Investor Day targets of $4.5 billion-plus in cumulative free cash flow generation, 6% to 8% annual revenue growth, an expansion of our full-year normalized EBITDA margin to 33% by 2026. With our continued momentum, we remain excited about our path forward.

展望未來，我們全力致力於實現投資者日的目標，即到 2026 年累計自由現金流達到 45 億美元以上、年收入增長 6% 至 8%，全年標準化 EBITDA 利潤率提高到 33%。憑藉著持續的發展勢頭，我們對未來的道路充滿期待。

With that, I'll hand it back to Christie to open up the line for questions. Thank you.

說完這些，我將把話題交還給克里斯蒂，讓她開始回答問題。謝謝。

(Operator Instructions)

（操作員指示）

Willow Miller, William Blair.

威洛·米勒，威廉·布萊爾。

So maybe we can start with the A&C growth. How should we think about the dsel in the quarter? And does this continue through 2025? Just trying to figure out if there's a trough considering the Airo strategy is layering in, which should help drive average order, size, and attach in the segment? And then maybe just a follow-up -- what are you seeing in the latest cohort of customers who experience Airo? Is this helping with the multiproduct adoption?

因此，也許我們可以從 A&C 的成長開始。我們該如何看待本季的 DSEL？這種情況會持續到 2025 年嗎？只是想弄清楚，考慮到 Airo 策略正在分層實施，是否存在低谷，這應該有助於推動該領域的平均訂單、規模和配件？然後也許只是一個後續問題——您在最新一批體驗 Airo 的客戶中看到了什麼？這有助於多產品的採用嗎？

Yes. Thanks, Willow. No trough, right. We are happy about the momentum of A&C. And overall, as a business, we think that the bookings and revenue will be on par for the year, absent any impact of FX.

是的。謝謝，Willow。沒有低谷，對吧。我們對 A&C 的發展勢頭感到高興。總體而言，作為一家企業，我們認為，如果不受外匯影響，今年的預訂量和收入將保持持平。

A&C now is at a run rate of about $2 billion for bookings and revenue. We're really proud of the momentum there, and it is a growing business. It's 38% of our total business today and we're looking at it growing to about 40%. So we couldn't be more excited about the momentum within A&C. And hey, it was a tough quarter compare considering the growth last year in A&C was upward of 24%.

A&C 目前預訂量和收入的運行率約為 20 億美元。我們真的為那裡的發展勢頭感到自豪，而且這是一個正在成長的業務。目前它占我們總業務的 38%，我們預計這一比例將成長到 40% 左右。因此，我們對 A&C 的發展勢頭感到無比興奮。嘿，考慮到去年 A&C 行業的成長率高達 24%，這是一個艱難的季度。

And maybe below that the comps do get easier in the second half of the year for A&C growth. So you can keep that in mind.

或許，下半年 A&C 產業的成長會變得更加容易。所以你可以記住這一點。

That's helpful. Thank you.

這很有幫助。謝謝。

On the -- I also want to -- you had a question on the cohorts related to Airo. And listen, we're seeing these cohorts. They're coming in, they're converting at higher rates. Their average order size is being driven up. It's driving our increase in ARPU and we have a near perfect retention rate with them. So this strategy is working. We're getting to those high intent customers, and we're really pleased with the momentum it's providing in the business, not only in A&C but also in our core platform.

關於——我還想——您對與 Airo 相關的群組有一個疑問。聽著，我們看到了這些群體。他們進來了，並且以更高的比率轉換。他們的平均訂單規模正在增加。它推動了我們的 ARPU 成長，並且我們擁有近乎完美的保留率。所以這個策略是有效的。我們正在接觸那些有意強烈的客戶，我們對它為業務帶來的發展勢頭感到非常高興，不僅在 A&C 領域，而且在我們的核心平台上。

On the customers that are sort of over $500 customers, that's where Mark's talked about the near perfect retention, but that's being driven by the attach that Airo facilitates. So I think you're talking about it's a driving attach is a average order size. We continue to see cohorts out from non-Airo cohorts every month.

對於消費金額超過 500 美元的客戶，馬克談到了近乎完美的保留率，但這是由 Airo 提供的附加功能推動的。所以我認為您談論的是平均訂單規模的驅動因素。我們每個月都會看到來自非 Airo 群體的群體。

Josh Beck, Raymond James.

喬許貝克、雷蒙詹姆斯。

I have a higher-level question, probably for Aman. But when we think about the genic web and this kind of potential new front end. How do you think about kind of making sure that the website ecosystem and app ecosystem remains relevant. I think in some ways, investors want to make it a little bit cut and dry like it's either the genetic web or something else. But just kind of just big picture, high level, like how do you see this affecting the way that consumers are gathering information and what does this mean for GoDaddy?

我有一個更高級別的問題，可能是針對阿曼的。但是當我們考慮基因網絡和這種潛在的新前端時。您如何確保網站生態系統和應用程式生態系統保持相關性？我認為，從某種程度上來說，投資者希望讓它變得簡單明了，就像基因網路或其他東西一樣。但只是從宏觀、高層次的角度來看，您認為這會如何影響消費者收集資訊的方式，以及這對 GoDaddy 意味著什麼？

Yes. Thank you, Josh. I think I'm a huge proponent and very bullish on AI generative AI and Agentic AI as well. And I think these new capabilities give companies like ours that have access to over 20 million customers, brand awareness across the world. The ability to provide a whole set of products to our customers, but woven together in a manner that's simpler for them to use more simple than they have ever seen before.

是的。謝謝你，喬希。我認為我是人工智慧生成人工智慧和代理人工智慧的堅定支持者，並且非常看好它們。我認為這些新功能可以讓像我們這樣擁有超過 2,000 萬客戶的公司在全球範圍內提高品牌知名度。我們能夠為客戶提供一整套產品，但以一種比以往更簡單的方式組合在一起，以便他們可以使用。

And we have been a leader and innovator in the AI space for micro businesses from the very beginning, right? I personally am super involved with have been for years at the company with how we work with AI and now how we work with Agentic and how it's transforming our customer experience and you'll see that with Ask Airo if you were able to catch that video at the beginning of this call. We're bringing forward a new interaction pattern for Airo, which just makes it even more easy or seamless or you can say, conversational with the customer. And we're even working to bring in sort of AI and human expertise together. So it's seamless between the two.

從一開始，我們就一直是微型企業人工智慧領域的領導者和創新者，對嗎？我個人非常關注公司多年來如何與人工智慧合作，現在又如何與 Agentic 合作，以及它如何改變我們的客戶體驗，如果您能在本次通話開始時看到那個視頻，您就會在 Ask Airo 中看到這一點。我們正在為 Airo 提出一種新的互動模式，這使得與客戶的互動更加輕鬆、無縫，或者可以說更加順暢。我們甚至致力於將人工智慧和人類的專業知識結合在一起。所以兩者之間是無縫的。

For me, when I think about GoDaddy, there are two areas of opportunity. One is what we can do for our customers, which is make things much, much easier for them, which leads to attaching more products, which leads to us being able to expose them to higher SKUs and so on. We're also internally the company transforming where every role in the company is empowered with AI and those rules evolve and change.

對我來說，當我想到 GoDaddy 時，有兩個機會領域。一是我們能為客戶做些什麼，讓事情變得更簡單，從而可以附加更多的產品，使我們能夠向他們展示更高的 SKU 等等。我們公司內部也在進行轉型，公司中的每個角色都配備了人工智慧，這些規則也在不斷發展和變化。

And sure, for now, there's a lot of exploration and utilization of AI and Agentic is growing. But as those two curves cross I think what you're going to see is a step-function opportunity for companies like ours to be more efficient and provide great products to our customers. And we'll actually show you some of this at the Investor Dinner later this year. So I'm super excited to sort of bring it all to life.

當然，目前，人們對人工智慧進行了大量的探索和利用，並且 Agentic 正在不斷發展。但當這兩條曲線交叉時，我認為您將看到一個階梯式機會，對於像我們這樣的公司來說，它可以提高效率並為客戶提供優質的產品。我們將在今年稍後的投資者晚宴上向大家展示其中的一些內容。所以我非常高興能夠將這一切變成現實。

It's super exciting. I wanted to also ask just on the pricing kind of learning curve from Airo -- all Access and certainly the Airo Plus logo maker. You've seemingly done a lot of testing. Do you feel like you've kind of got that at a point where this is somewhat of a stable pricing pattern moving forward? Is it still in heavy experimentation. Just kind of curious on the learnings and how that's influencing where the pricing goes.

非常令人興奮。我還想問一下 Airo 的定價學習曲線——所有 Access 以及 Airo Plus 標誌製作人。您似乎已經做了很多測試。您是否覺得您已經達到了這樣的程度，即未來定價模式會比較穩定？它是否仍處於深入實驗階段？只是有點好奇這些經驗以及它們如何影響定價。

Yeah. You saw us test all access, but you're also seeing different forms of Airo if you're watching the different experiments on the site. It's still all very, very early. There are some paths where we're having great success in introducing Airo Plus and customers intuitively understand it and go for it. And on other paths, what we're finding is more education is required sort of more easing into the path is required.

是的。您看到我們測試了所有訪問權限，但如果您觀看網站上的不同實驗，您還會看到不同形式的 Airo。現在一切還為時過早。在某些方面，我們在推出 Airo Plus 方面取得了巨大成功，客戶直觀地理解了它併購買了它。而在其他道路上，我們發現需要更多的教育，需要更多的放鬆。

So well, Airo Plus is still very new, just launched in Q1. So you'll continue to see us testing it. But overall, we're very excited about where Airo is in terms of creating a higher average order size through attach where it's getting engagement into multiple products with us, how it's helping us reach sort of that higher end customer and filling a broader set of intents for them. And we can see that, that naturally leads to Airo Plus over time. So yes, continue to be super excited about that.

所以，Airo Plus 仍然很新，剛剛在第一季推出。所以你會繼續看到我們對其進行測試。但總體而言，我們對 Airo 的表現感到非常興奮，它透過與我們合作開發多種產品，創造了更高的平均訂單規模，幫助我們接觸到更高端的客戶，並為他們滿足更廣泛的意圖。我們可以看到，隨著時間的推移，這自然會形成 Airo Plus。所以是的，繼續對此感到非常興奮。

Trevor Young, Barclays.

巴克萊銀行的特雷弗楊 (Trevor Young)。

Great. First one for me. On the registry change. I appreciate the color sizing that for us. Is there a change here in thinking on whether you want to be a registry versus a registrar? Or is this just a one-off related to that specific country code.

偉大的。對我來說是第一個。關於註冊表的更改。我很欣賞適合我們的顏色尺寸。在考慮是否要成為註冊機構還是註冊商時，您是否改變了想法？或者這只是與特定國家代碼相關的一次性事件。

And then, Mark, on the 3Q EBITDA margin and full-year margin unchanged, it implies diminished margin improvement in the back half versus about two points in the front half. Are there some cost layering in here that we need to be mindful of or some mix differential or anything like that? And then bridging that to the raised free cash flow guide, is there something working capital-wise that we need to be mindful of? I think I heard you say that you're now expecting greater than 1:1 EBITDA to free cash flow conversion. So just hoping you can unpack that.

然後，馬克，第三季 EBITDA 利潤率和全年利潤率保持不變，這意味著下半年利潤率改善幅度較小，而上半年利潤率改善幅度約為兩個百分點。這裡是否存在一些我們需要注意的成本分層，或者一些混合差異或類似的東西？然後將其與提高的自由現金流指南聯繫起來，在營運資金方面我們需要注意什麼嗎？我想我聽到您說過，您現在預計 EBITDA 與自由現金流的轉換率將大於 1:1。所以我僅希望您能解決這個問題。

All right. No problem, Trevor. No change in our philosophy. This was a one-off situation where we went out to rebid and the profitability that metrics that were needed to continue in this relationship just weren't there for us. So I would say it's more on the strategy of our profitable growth and making sure we stay disciplined to our framework versus a change in philosophy.

好的。沒問題，特雷弗。我們的理念沒有改變。這是一次性的情況，我們出去重新投標，但維持這種關係所需的獲利指標並不存在。因此我想說，這更多的是關於我們的獲利成長策略，並確保我們嚴格遵守我們的框架，而不是改變理念。

On the diminished margin expansion, nothing really to call out here. We are doing well. We're expanding sequentially quarterly. We're on target for a 33 exit. -- our comparisons for the margins last year and the second half a little harder than they were in the first half. There's nothing to call out expense-wise. And on the free cash flow, it's being driven by our strong bookings and the cohorts coming in.

關於利潤率擴張的減少，這裡確實沒有什麼好說的。我們做得很好。我們每季都在連續擴張。我們的目標是 33 的退出。 ——我們對去年和下半年的利潤率的比較比上半年困難一些。從費用方面來說，沒什麼好說的。就自由現金流而言，這是由我們強勁的預訂量和湧入的客戶群所推動的。

Remember, bookings is the beginning of our free cash flow, the top line of our free cash flow. And we're seeing a lot of strength at the top of that funnel related to the cohorts we're bringing in they're coming in at higher average order size, better retention, and that's helping us on our free cash flow. So positive momentum in the business and operations as the driver, nothing to really call out on working capital or unique expenses in the second half.

請記住，預訂量是我們自由現金流的開始，也是我們自由現金流的頂線。我們看到，與我們引入的群體相關的漏斗頂部具有很大的優勢，他們的平均訂單規模更高，保留率更高，這有助於我們的自由現金流。因此，業務和營運的積極動能作為驅動力，下半年並不需要真正增加營運資金或特殊支出。

Vikram Kesavabhotla, Baird.

維克拉姆·凱薩瓦布霍特拉，貝爾德。

Can you hear me okay?

你聽見我說話嗎？

Yes, payback.

是的，回報。

My first one is on Ask Airo. I appreciate the video that you shared at the top of the call and all the commentary around the opportunity from Agentic tools. I'm just wondering if you could talk more about how you're thinking about the time line for bringing these solutions to market across your customer base? And just what some of the initial feedback has been from the tests that you've been running so far?

我的第一個是在 Ask Airo 上。我很欣賞您在通話開始時分享的影片以及有關 Agentic 工具機會的所有評論。我只是想知道您是否可以進一步談談您如何考慮將這些解決方案推向客戶群的時間表？那麼到目前為止，您進行的測試得到了哪些初步回饋？

And then my second question is on the customer account. I appreciate all the color on some of the underlying trends there. But on a headline basis, I think you said you still expect to return to growth later this year. And I'm wondering if you can put a finer point on the time line there, if that's going to happen to the third quarter or the fourth quarter. And what you're seeing at the top of the funnel or other signs that give you confidence that you'll return to growth this year? And I'll leave it there.

我的第二個問題是關於客戶帳戶的。我很欣賞那裡的一些潛在趨勢的所有細節。但從總體來看，我認為您說過您仍然預計今年稍後經濟將恢復成長。我想知道您是否可以更詳細地說明時間表，這是發生在第三季還是第四季。您在漏斗頂部看到的什麼或其他跡象讓您有信心今年將恢復成長？我就把它留在那裡。

Thanks, Vik. Let me start with Ask Airo. Ask Airo is actually already being tested on a few pages on the site. So what happens is we replaced that little button at the bottom where customers can ask questions with Ask Airo. And initial tests have shown that customers actually by clicking on that button. It attracts their attention and it opens up a model and a conversational experience for them where they can do a few things.

謝謝，維克。讓我先從 Ask Airo 開始。實際上，Ask Airo 已在網站的幾個頁面上進行了測試。因此，我們更換了底部的小按鈕，顧客可以使用 Ask Airo 來提問。初步測試表明，客戶確實可以透過點擊該按鈕來實現。它吸引了他們的注意力，並為他們開闢了一個模型和對話體驗，讓他們可以做一些事情。

Now having this initial success where the user interaction pattern seems good and is tested, we're going to layer in more and more Agentic capabilities into Ask Airo over the next quarter. So it's very much right in front of us over the next few months. And the idea is to keep bringing in more and more capabilities as we see what customers are exploring and what sort of works well.

現在我們已經取得了初步成功，用戶互動模式看起來不錯並且已經過測試，我們將在下個季度將越來越多的 Agentic 功能添加到 Ask Airo 中。所以在接下來的幾個月裡，這個問題就擺在我們面前。我們的想法是，隨著我們了解客戶正在探索什麼以及哪種方法效果良好，我們將不斷引入越來越多的功能。

I think folks probably understand this, the AI capabilities, they're not deterministic. It's a probabilistic modeling work and so you have to test it. You have to see that the customer is getting a fantastic interaction and then you sort of roll it out and handle more and more use cases.

我想人們可能明白這一點，人工智慧的能力並不是確定性的。這是一項機率建模工作，因此你必須對其進行測試。您必須看到客戶獲得了出色的互動，然後您才能將其推廣出去並處理越來越多的用例。

The thing I would say about Ask Airo is we are talking about a real set of agents that actually find and resolve issues or no sales or all of that on the customers we have. We're not talking about an agent that says, oh, if you want to do this, you can find it here. We're talking about very, very real AI Agentic technology that really simplifies it for our customer.

關於 Ask Airo 我想說的是，我們談論的是一組真正的代理，他們實際上可以發現並解決我們客戶的問題或沒有銷售或所有這些問題。我們談論的不是那種說「哦，如果你想做這件事，你可以在這裡找到它」的經紀人。我們正在討論非常真實的 AI Agentic 技術，它確實為我們的客戶簡化了流程。

Yes. And Vik, on the customer count, just hey, our strategy is around going after these high-intent customers and we're seeing improved customer count around those that are spending more than $500 with us. And these -- this cohort is having meaningful contribution to our growth. We're seeing -- like we said, the higher average order size, near perfect retention. It's working exactly the way we wanted to, if not a little ahead of schedule.

是的。維克，關於客戶數量，我們的策略是圍繞這些高意向客戶展開的，我們看到那些在我們這裡消費超過 500 美元的客戶數量增加。這些人對我們的發展做出了有意義的貢獻。我們看到——就像我們所說的那樣，平均訂單規模更高，保留率接近完美。一切正如我們所期望的那樣運轉，甚至比計劃提前了一點。

On the total customer count, yes, we are seeing some tail off effect of the migrations as we get through the renewal cycle. Now a reminder, these are mostly one product customers, a lot of times they're low-cost domains, we expect to see it through the rest of the year. We're seeing positive signals in the last couple of months, but nothing to call out on the exact timing of when we will say it positive. But again, our focus is on that high-intent customer that's going to spend more than $500 with us.

就總客戶數量而言，是的，隨著我們經歷更新周期，我們看到遷移的一些尾端效應。現在提醒一下，這些大多是單一產品客戶，很多時候都是低成本域名，我們預計會在今年剩餘時間內看到它。我們在過去幾個月中看到了積極的信號，但尚無確切時間表明我們將何時將其視為積極的信號。但再次強調，我們的重點是那些願意在我們這裡消費超過 500 美元的高意向客戶。

Ken Wong, Oppenheimer.

肯·黃，奧本海默。

Fantastic. I guess my question is kind of merging Vik and Josh is a little bit this is probably less of a headwind for you, guys, versus your peers. But are you, guys, seeing any change in terms of the top of funnel? Are you seeing any change in share shift in terms of potentially AI, by coding tools maybe taking some share on kind of your web presence products? Any color there would be great Aman.

極好的。我想我的問題是，與你們的同行相比，維克和喬希的合併對你們來說可能不那麼不利。但是，你們看到漏斗頂部有什麼變化嗎？您是否看到人工智慧方面的份額變化，編碼工具可能會佔據您的網路展示產品的部分份額？無論什麼顏色，阿曼都是偉大的。

Yes. Look, I'm super excited about AI and Agenetic capabilities, making it easier for customers, whether that's to find domains or build websites or any of the features that we talk about. The main point I would make is, one, we are not seeing any direct sort of issue our strategies to attract a high intent customer. We're seeing strong top of the funnel. We're seeing better sort of year-over-year conversion of those customers, and we're seeing higher hatch -- higher average order size.

是的。看，我對 AI 和 Agenetic 功能感到非常興奮，它們讓客戶更輕鬆地找到網域名稱、建立網站或我們談論的任何功能。我要強調的重點是，第一，我們沒有看到我們的策略在吸引高意向客戶方面出現任何直接問題。我們看到了強勁的漏斗頂部。我們看到這些客戶的轉換率逐年提高，平均訂單量也隨之增加。

So that's what the metrics are saying. But if I want to sort of look forward the next year or the next two years, maybe the context that I would share is that I've been involved deeply into this sort of with our teams for many years now. And the things that are possible today, a year ago, I don't think we would have thought possible.

這就是指標所反映的內容。但如果我想展望明年或未來兩年，也許我會分享的背景是，多年來我一直與我們的團隊深入參與這類工作。我認為，一年前我們還無法想像今天可能實現的事情。

So if we're looking at things today and saying, hey, XYZ is now made, that's not -- in my mind, that's not the case at all. We are at the beginning of this new way of working, which is going to be powered by AI, and there's going to be a lot of movements over the next two to three years as the AI capability improves, as it scales, as it gets sort of put into every piece of how we work. And to me, that's a massive opportunity. right? Are multiple companies going to use it? Absolutely. But GoDaddy has fantastic brand awareness globally.

因此，如果我們今天看待事物並說，嘿，XYZ 現在已經製造出來了，那不是——在我看來，根本不是這樣。我們正處於這種新的工作方式的開始階段，這種方式將由人工智慧驅動，隨著人工智慧能力的提高、規模的擴大以及它逐漸融入我們工作方式的方方面面，未來兩到三年內將會出現很多變化。對我來說，這是一個巨大的機會。對吧？是否會有多家公司使用它？絕對地。但 GoDaddy 在全球擁有極高的品牌知名度。

We have a big customer base. We have a lot of customers coming to us, new customers coming to us every year, and we have the opportunity to both build these tools ourselves because of how our technology capability, our software development platform has improved. But we also have the ability to use our balance sheet and financial position, if we want to really provide the best for our customers. And that's, I think, a great opportunity for the company.

我們擁有龐大的客戶群。我們有很多客戶，每年都有新客戶來找我們，而且由於我們的技術能力和軟體開發平台的改進，我們有機會自己建立這些工具。但如果我們真的想為客戶提供最好的服務，我們也有能力利用我們的資產負債表和財務狀況。我認為，這對公司來說是一個絕佳的機會。

Got it. Understood. Appreciate the insights there. And then maybe somewhat building on that. I guess, do you feel the value or having the starting point at the domain, does that strategic value increase going forward maybe a little high level and maybe a little far out? But I'm sure something you, guys, have noodled on internally.

知道了。明白了。感謝您的見解。然後可能會在此基礎上進行一些改進。我想，您是否感覺到這個領域的價值或起點，這個戰略價值是否會隨著時間的流逝而增加，也許會達到更高的水平，也許會達到更遠的水平？但我確信你們內心已經在思考一些事情。

We love our position as the world's largest domain registrar. We love our position that the world thinks of GoDaddy, they think of domain names because every idea, when people have the idea, the first thing they think about is, oh my God, let me protect the name of that idea. And they do that by buying a domain name. That gives us access to those customers when their ideas start.

我們熱愛我們作為全球最大域名註冊商的地位。我們熱愛我們的立場，全世界都會想到 GoDaddy，他們會想到域名，因為每一個想法，當人們有這個想法時，他們首先想到的是，哦天哪，讓我保護這個想法的名字。他們透過購買域名來實現這一點。這樣，當客戶的想法開始萌芽時，我們就能接觸到他們。

In fact, we see so many ideas that never start because customers search for things, they may not even become our customers, but we are gathering that data all the time. And given our large scale, we get to see search traffic or what people are searching more than probably anybody else.

事實上，我們看到很多想法從未實現，因為客戶搜尋東西，他們甚至可能不會成為我們的客戶，但我們一直在收集這些數據。由於我們的規模很大，我們可以比其他任何人都更清楚地了解搜尋流量或人們正在搜尋的內容。

So our core model of starting with the domain name, making that funnel stronger has been a tremendous advantage over the last 28, 30 years. And as we look forward, it's only becoming stronger because we've taken the domain name and we work to reinvent it to say when you start with the domain name with Airo, you're going to get all these other things, too. So you're not just starting with the domain name, you're starting almost with sort of a set of things that start your business, almost like a business in a box just with a domain name.

因此，我們從網域開始的核心模型，使這個管道更加強大，在過去的 28 到 30 年裡一直是一個巨大的優勢。展望未來，它只會變得更加強大，因為我們已經採用了這個域名，並努力對其進行重新設計，也就是說，當您開始使用 Airo 這個域名時，您也將獲得所有這些其他東西。因此，您不只是從網域名稱開始，您幾乎是從一系列啟動您的業務的東西開始的，幾乎就像一個盒子裡的生意，只有一個網域。

Ygal Arounian, Citi.

花旗銀行的 Ygal Arounian。

Maybe one -- so just on Airo and conversion and monetization updates. And when you first rolled out Airo, kind of the big feature was creating the initial landing page when you register for a domain and the expectation that that landing page over time turns into more. I mean it sounds like you're making progress there, $500 customers. But are you seeing better conversion in those landing pages turn into real sites and more products being attached? Can you just update us on that flow and how that's been trending?

也許一個 - 所以只是關於 Airo 和轉換和貨幣化更新。當您首次推出 Airo 時，其主要功能是在您註冊網域時建立初始登入頁面，並期望該登入頁面隨著時間的推移而變得更多。我的意思是，聽起來你在那裡取得了進展，500 美元的客戶。但是，您是否看到這些登陸頁面轉換為真實網站並附加更多產品的轉換率更高？您能否向我們介紹這一流程以及其發展趨勢？

Yes, Ygal. The percentage of customers that end up in a paid website product with us -- the path for that more and more over the last year has become through Airo. And actually, for a few quarters, we shared that data, but now it's just sort of gotten up and up and up, where customers come in, they start with a domain name, we build them the one paid site.

是的，伊加爾。最終購買我們付費網站產品的客戶比例——在過去一年中，透過 Airo 實現這一目標的途徑越來越多。實際上，在過去的幾個季度裡，我們共享了這些數據，但現在它只是逐漸上升，客戶進來，他們從一個域名開始，我們為他們建立一個付費網站。

A good percentage of customers take that, they love it and that makes it easier for us to upsell the paid website. And more and more of that paid website is driven by AI, where the whole site is just created for the customer, which basically disrupts this whole idea that customers come in and they have to build a website using an editor and a template.

相當一部分客戶接受了這個服務，他們非常喜歡，這也讓我們更容易推銷付費網站。越來越多的付費網站由人工智慧驅動，整個網站都是為客戶創建的，這基本上顛覆了客戶進來後必須使用編輯器和模板建立網站的整個想法。

And it's more about, no, you've got the domain name from that name. We have done a good job of understanding what your idea is about and we give you seven, eight options. If you pick one of those options that tells us very clearly what it is that you're in and now we have a paid site, but we can take all of that information and of course, the information we have from many other customers and turn that into a paid product, a paid website for you. So that's the path we're going down, and it's just more and more customers end up with a paid product going through the Airo path.

更重要的是，不，你已經從該名稱中獲得了網域名稱。我們已經很好地理解了您的想法，並為您提供了七、八個選擇。如果您選擇其中一個選項，它會非常清楚地告訴我們您所在的位置，現在我們有一個付費網站，但我們可以獲得所有這些信息，當然還有我們從許多其他客戶那裡獲得的信息，並將其轉化為付費產品，即為您提供的付費網站。這就是我們要走的路，而且越來越多的客戶最終會透過 Airo 路徑購買付費產品。

Yeah. And just taking a step up, right? If you think about volume for us being stronger retention rates, better attach, new customers coming in and buying and converting higher. That is doing really, really well for us. The other side of the equation is the pricing and bundling, giving more value and getting price for it.

是的。只是踏出了一步，對嗎？如果您認為數量對我們來說意味著更高的保留率、更好的連接、新客戶的進入和購買以及更高的轉換率。這對我們來說真的非常好。等式的另一邊是定價和捆綁，提供更多價值並獲得相應的價格。

If you look at those as the two drivers, the price element plus the volume element, they are contributing equally now to our growth. And that puts us in a really good spot going forward, pricing for value, but yet also getting the stronger attach retention and new customers coming in and converting at a higher rate.

如果你把它們看成兩個驅動因素，即價格因素加上數量因素，那麼它們對我們的成長的貢獻是相同的。這使我們在未來處於一個非常有利的位置，不僅可以按價值定價，還可以獲得更強的附加保留率以及新客戶的加入和轉換率。

Great. That kind of segues into my second question, Mark, on pricing and bundling and you just kind of shifted from a product to a cohort lens. How is that going? Any learnings or maybe on the trajectory of pricing and bundling and the opportunity going forward?

偉大的。馬克，這就引出了我的第二個問題，關於定價和捆綁，你只是從產品視角轉向了群組視角。怎麼樣？您有什麼經驗教訓嗎？或是關於定價和捆綁的軌跡以及未來的機會？

Yes. The shift to taking the customer cohort has been fantastic. We have approached it from the customer lens and the biggest impact that -- or the biggest thing that's opened up for us is we're able to look at the full relationship with the customer and really help our renewal rates overall because we want to help our customers succeed, and we don't want to take price if that's going to lead them to depart.

是的。轉向吸引客戶群的轉變非常棒。我們從客戶的角度來處理這個問題，對我們最大的影響——或者說對我們最大的好處是，我們能夠全面審視與客戶的關係，並真正幫助我們提高整體續約率，因為我們希望幫助客戶取得成功，如果收取費用會導致他們離開，我們就不想收取費用。

We want to help them along. We want to give them the tools that will make them successful. And once they are successful, of course, we participate in their success, and that's what the value-based offer does for them.

我們想幫助他們。我們希望為他們提供能夠幫助他們成功的工具。一旦他們成功了，我們當然也會參與他們的成功，這就是基於價值的報價為他們帶來的效果。

And just to interject, you have more to jump in. But the great part about this cohort that we're seeing it now contribute to both A&C and core platform, and we saw some of that growth start to show up in the domain element of the core platform because we were bundling the domain certain things. So again, those cohorts are really starting to work. And I know we're talking -- we're thinking about next year already.

順便說一下，你還有更多內容要說。但是，我們現在看到的這個群體最偉大的部分是它對 A&C 和核心平台都有貢獻，而且我們看到部分成長開始體現在核心平台的領域元素中，因為我們正在捆綁域中的某些東西。所以，這些群體確實開始發揮作用了。我知道我們正在談論——我們已經在考慮明年的事情了。

Yeah, exactly. What I was going to add is that both for pricing and bundling and seamless experience, we feel very good about the road map in front of us because right now, we are testing the bundles that are going to go live in Q4 this year or Q1 of next year that are going to be the pricing and modeling initiative next year.

是的，確實如此。我想補充的是，無論是定價、捆綁還是無縫體驗，我們都對眼前的路線圖感到非常滿意，因為現在，我們正在測試將於今年第四季度或明年第一季上線的捆綁產品，這些捆綁產品將成為明年的定價和建模舉措。

So we go into this [experimentation] with a lot of confidence. And the same is true for seamless experience with it is a program that is literally based on thousands of tests that get run that improve customer experience at many, many, many nodes, allowing us to ask very different experiences and we are getting better and better at that. And that's something I called out in my prepared remarks that the -- if you look at the return coming from these programs, both of these programs are starting to contribute sort of in a similar manner and have great road maps in front of us.

因此我們非常有信心地進行這項[實驗]。無縫體驗也是如此，它是一個基於數千次測試的程序，可以在許多很多節點上改善客戶體驗，使我們能夠要求非常不同的體驗，而且我們在這方面做得越來越好。我在準備好的發言中提到過這一點——如果你看看這些項目帶來的回報，你會發現這兩個項目都開始以類似的方式做出貢獻，並且在我們面前有很好的路線圖。

Brad Erickson, RBC.

布拉德·埃里克森，RBC。

Maybe I'll just follow on to that last one. I think security was a pretty big driver for you on the pricing and bundling last year. I guess as you're doing all these tests and you talk about the Q4 launch, any way to think about kind of sizing the magnitude of impact that it had because I think I think it showed up in the P&L fairly well from the security side. So just how to think about that as you roll these products out over the next 12, 18 months?

也許我只會繼續最後一個。我認為安全性是去年定價和捆綁銷售的一個重要驅動因素。我想，當您進行所有這些測試並談論第四季度的發佈時，您是否可以考慮評估它的影響程度，因為我認為從安全性來看，它在損益表中表現得相當好。那麼，在未來 12 到 18 個月推出這些產品時，您該如何考慮這一點呢？

Yes. I'll probably turn to Mark a little bit, but my guess is a little early to talk about what the specific bundles would be for 2026. As we've evolved this capability, we're a little careful about how much detail publicly talk about the specific bundles because they can tend to be quite unique to cohorts of customers. But I think we'll talk about 2026 when we get to --

是的。我可能會稍微向馬克諮詢一下，但我認為現在談論 2026 年的具體捆綁計劃還為時過早。隨著我們不斷發展這項功能，我們對公開談論特定捆綁包的細節非常謹慎，因為它們對於客戶群而言往往非常獨特。但我認為，當我們談到 2026 年時，我們會討論--

We talked about 2026, but coming back to the commentary I made before, when we look out at the contribution across our cohorts, how much is being driven by the volume element and the improvement and the attach and convert versus how much is being driven by pricing and bundling and that value element of it. And the fact that they're now starting to even themselves out. It gives you a pretty good idea that we have a good model here that's starting to contribute and it's based on the balance between the two. Got it.

我們談到了 2026 年，但回到我之前的評論，當我們觀察整個群體的貢獻時，有多少是由數量元素、改進、附加和轉換驅動的，有多少是由定價、捆綁和價值元素驅動的。事實上，他們現在已經開始恢復平衡了。它讓你很好地了解到，我們有一個很好的模型，它開始發揮作用，並且它基於兩者之間的平衡。知道了。

Alex Lavigne, Benchmark.

亞歷克斯·拉維尼，《基準》。

First, nice acceleration on ARPU sequentially. I was hoping you could qualify uptake from marketing suite or Airo Plus that may have contributed to that.

首先，ARPU 值連續大幅提升。我希望您能夠確定行銷套件或 Airo Plus 的吸收可能對此有所貢獻。

The marketing suite and Airo plus are still pretty new products. So while we're very happy with the attach that's happening with these products and we continue to put them in front of more and more customers. Overall, there is still a small part.

行銷套件和 Airo plus 仍然是相當新的產品。因此，我們對這些產品的銷售情況感到非常滿意，並將繼續將它們推向越來越多的客戶。整體來說還是有一小部分的。

I don't know, Mark, if you want to --

我不知道，馬克，如果你想--

I'll just talk about Airo in and of itself. We couldn't be more happy at how the strategy is working and what we're seeing at the top of the funnel and the increased convert and the ability to get to the average order size and the near perfect retention that we're getting from that cohort that is coming in. Airo Plus, that is still in the early stage and things like that, we will contribute to Airo overall.

我只想談論 Airo 本身。我們對這項策略的運作方式以及我們在漏斗頂部看到的情況感到無比高興，轉換率的提高、達到平均訂單規模的能力以及我們從新進入的群體中獲得的近乎完美的保留率。Airo Plus 仍處於早期階段，諸如此類的事情，我們將為 Airo 整體做出貢獻。

Right now, we're just seeing the experience driving that strong behavior at the top of the funnel. We see steady traffic. We see higher convert, we see better attack, we see higher average order size. And that's because the Airo experience is taking our customers on that journey of what they need much faster, much better. And that cohort is becoming very strong in our customer base right now. It's reached 9% or about 9%. And we continue to see that contributing more and more to our overall growth.

現在，我們只是看到經驗推動漏斗頂部的強烈行為。我們看到交通穩定。我們看到了更高的轉換率，我們看到了更好的攻擊，我們看到了更高的平均訂單規模。這是因為 Airo 體驗能夠讓我們的客戶更快、更好地踏上他們所需的旅程。目前，這個群體在我們的客戶群中正變得越來越強大。已經達到9%或者9%左右了。我們持續看到這對我們整體成長的貢獻越來越大。

Got it. That's helpful. And then just one, last one on high picture question. As you think about Agentic and the opportunity that this may catalyze an upmarket push for you, guys, perhaps something like an MCP broader integrations there. Just curious if you could elaborate on that, perhaps some of the milestones we should expect over the next 12 months in terms of Agentic monetization?

知道了。這很有幫助。然後只剩下最後一個關於高畫質的問題。當您考慮 Agentic 及其可能為您們催化高端市場推動的機會時，也許像 MCP 那樣有更廣泛的整合。我只是好奇，您是否可以詳細說明一下，也許就 Agentic 貨幣化而言，我們應該在未來 12 個月內期待一些里程碑？

Yes. I think over the next 12 months, you can expect to see a GoDaddy that is completely enabled for Agentic AI, where Ask Airo uses Agentic technology your other evolving technology that if you're asking me about these, I'm sure you know there are new standards coming out sort of every few weeks. And we expect to keep pace with them. We expect to be able to enable the GoDaddy platform for our customers and for our partners in a very significant way using Agentic AI.

是的。我認為在接下來的 12 個月內，您可以期待看到完全支援 Agentic AI 的 GoDaddy，其中 Ask Airo 使用 Agentic 技術以及您的其他不斷發展的技術，如果您問我這些，我相信您知道每隔幾週就會有新的標準出台。我們希望跟上他們的步伐。我們希望能夠利用 Agentic AI 為我們的客戶和合作夥伴提供 GoDaddy 平台的顯著支援。

Naved Khan, B. Riley.

納維德汗、B.萊利。

Hi. Can you hear me?

你好。你聽得到我嗎？

We can.

我們可以。

Great. So maybe just on the commentary you had around the rate saver, it delivers a 50% savings. Just wondering how sustainable is that from what kind of economics you can expect out of that? Any color would be helpful. And then on Airo, how much of the flow at the top of the funnel is exposed to Airo today? I think some time back, you mentioned more than half the people see it, but any update on that would be great.

偉大的。因此，也許僅根據您對利率節省器的評論，它可以節省 50%。我只是想知道這種做法的可持續性如何，從中您能期待什麼樣的經濟效益？任何顏色都會有幫助。那麼對於 Airo 來說，如今漏斗頂部的流量有多少接觸到了 Airo？我想不久前，您提到超過一半的人看到了它，但任何關於它的更新都會很棒。

Yes, happy to provide that, Naved. On the rate saver product, the way it works is that when the merchants adopt it, they're able to reduce the fees they pay by about half. So there really isn't I would say, a threshold, like it's not a promo that we're offering. It's actually a product feature that helps them reduce their costs. So we expect its adoption to grow in the new cohorts where we put it forward in the new sales customers that are adopting it very, very fast, but they can understand it, they're like, that makes sense. I need that. I want that -- so that's fantastic.

是的，很高興能提供這一點，Naved。對於費率節省產品，其運作方式是，當商家採用它時，他們可以將支付的費用減少約一半。所以我想說，這其實並不存在門檻，就像這不是我們提供的促銷。這實際上是一種幫助他們降低成本的產品功能。因此，我們預計，在新群體中，它的採用率將會成長，我們將它推向新的銷售客戶，他們採用它的速度非常快，但他們能夠理解它，他們認為這是有道理的。我需要那個。我想要那個——那太棒了。

And in the existing base that we have, we're also running a campaign to get existing customers, commerce customers to turn it on. Now this is all part of a broader strategy at GoDaddy to improve the economics, to improve the SaaS component of our commerce and payments offerings. Of course, we've continued to do well on GPV, but we have put our energy towards the SaaS products so we can have a more wholesome offering for our customers.

在我們現有的基礎上，我們也正在進行一項活動來吸引現有客戶、商業客戶啟用它。現在，這都是 GoDaddy 更廣泛策略的一部分，旨在改善經濟狀況，改善我們的商業和支付產品的 SaaS 組件。當然，我們在 GPV 方面繼續表現良好，但我們把精力放在了 SaaS 產品上，以便為客戶提供更全面的產品。

And our core strategy is still the same. We're enjoying the low CAC to go to our own customers. We continue to have fantastic leads. So we know our strategy is working, and we're slowly expanding our sales force to be able to go after more and more customers that are in our base already as we have a bigger set of features that go across both payments but also the SaaS offering.

我們的核心策略仍然是一樣的。我們很享受以較低的 CAC 來服務我們自己的客戶。我們繼續擁有出色的領先優勢。因此，我們知道我們的策略是有效的，我們正在慢慢擴大我們的銷售隊伍，以便能夠吸引越來越多的現有客戶，因為我們擁有一套涵蓋支付和 SaaS 產品的更強大的功能。

In terms of Airo, practically all customers announced new customers, especially on the top of the funnel, are starting to see Airo. And Mark talks about the Airo and non-Airo cohort is very much talking about those customers coming in and being exposed to Airo. And it's become more nuanced customers now have more choices on how they use Airo and that's only developing well because we are able to better segment customers that maybe just want to buy a domain because they want to add it to their portfolio and don't want Airo, but others that want Airo and hence, we're able to push them through a different path. And sort of get more engagement across more products.

就 Airo 而言，幾乎所有宣布的新客戶，尤其是漏斗頂端的客戶，都開始看到 Airo。馬克在談論 Airo 和非 Airo 群體時，主要談論的是那些進來並接觸 Airo 的顧客。現在，客戶在使用 Airo 方面有了更多的選擇，情況也變得更加微妙，而且這種情況發展得很好，因為我們能夠更好地細分客戶，有些客戶可能只是想購買域名，因為他們想將其添加到自己的投資組合中，而不想要 Airo，但其他人想要 Airo，因此，我們能夠引導他們走不同的道路。並讓更多產品獲得更多的參與度。

So in terms of the rollout, you can expect to over, I think, a short period of time, basically every customer is going to be able to see Airo. We'll continue to work on how deeply they engage and we'll continue to work on things like Ask Airo, where they engage in a different way in a conversational stock. -- and that will work, we think differently for existing customers as an example.

因此，就推出而言，我認為，在短時間內，基本上每個客戶都能夠看到 Airo。我們將繼續研究他們參與的深度，並將繼續研究像 Ask Airo 這樣的事情，讓他們以不同的方式參與對話。 ——這將是有效的，以現有客戶為例，我們會以不同的方式思考。

Yes. And no doubt that now that all our customers at the top of the funnel are exposed to Airo that it is helping grow that customer base that is spending more than $500 with us because it is getting them to that attached and average order size that's higher. So it's having a real meaningful impact on our model and that continues to be a bigger part of our customer base.

是的。毫無疑問，現在我們所有處於銷售漏斗頂端的客戶都接觸到了 Airo，這有助於擴大在我們這裡消費超過 500 美元的客戶群，因為它使他們獲得了更高的附加和平均訂單規模。因此，它對我們的模式產生了真正有意義的影響，並且它將繼續成為我們客戶群中更大的一部分。

Elizabeth Porter, Morgan Stanley.

摩根士丹利的伊麗莎白波特。

I have another AI question, but maybe from a bit of a different angle. We're often hearing about how it's harder for businesses to get their website found as SEO becomes more challenging. So just kind of two questions here. First, how is GoDaddy managing its own impact by SEO? Now you guys have a big brand recognition, so it might not be as impactful. But just curious how diversified is traffic?

我還有另一個關於人工智慧的問題，但可能角度有點不同。我們經常聽說，隨著 SEO 變得越來越具有挑戰性，企業的網站越來越難以被找到。這裡只有兩個問題。首先，GoDaddy 如何透過 SEO 管理自身的影響力？現在你們的品牌知名度很高，所以影響力可能沒那麼大。但很好奇流量有多多元？

Any changes that you're making to the marketing strategy. And then second, what's the opportunity for GoDaddy to help its customers navigate this new world, whether it's by specific products or services that you guys can capitalize on?

您對行銷策略所做的任何改變。其次，GoDaddy 有哪些機會可以幫助其客戶探索這個新世界，無論是透過特定的產品還是你們可以利用的服務？

Yeah. Of course, GoDaddy is a large man and we do quite well in SEO and we're engaged in the work to get sort of the similar capability with the AI, LLMs as well. So all of that makes sense. And of course, everyone can see that Google has evolved and the search traffic is evolving. But so far, GoDaddy has been able to compensate for those changes, given our strategy and our approach.

是的。當然，GoDaddy 是一家巨頭，我們在 SEO 方面做得很好，我們也致力於在 AI、LLM 方面獲得類似的能力。所以這一切都是有道理的。當然，每個人都可以看到 Google 已經發展並且搜尋流量也在不斷發展。但到目前為止，憑藉我們的策略和方法，GoDaddy 已經能夠彌補這些變化。

We have continued to diversify our channels and how we bring customers to us. We've continued to improve the efficiency of how we reach customers and how when we have improved our conversion rate. So all of those offsets for us, any changes that happen today. But we fundamentally believe that given our position that as the world evolves, we will have an opportunity to be a leader in the new space as well. So that's where we're focused.

我們不斷豐富我們的管道和吸引客戶的方式。我們不斷提高接觸客戶的效率，並不斷提高轉換率。因此，所有這些對我們來說都是抵消，即今天發生的任何變化。但我們從根本上相信，鑑於我們的地位，隨著世界的發展，我們也將有機會成為新領域的領導者。這就是我們關注的重點。

And in terms of our customers one of the products we're most excited about, and we teased it just a little bit in that video early on in this call, is the ability for our customers to have an agent actually do SEO optimization and other optimizations on their website on a continuous basis. We see internal projects that are doing things like that. We have a pretty interesting experiment running that does it completely autonomously and measures completely autonomously.

就我們的客戶而言，我們最興奮的產品之一（我們在本次通話早期的影片中稍微透露了一下）是，我們的客戶能夠讓代理商持續地對他們的網站進行 SEO 優化和其他優化。我們看到一些內部專案正在做類似的事情。我們正在進行一項非常有趣的實驗，該實驗完全自主地進行並完全自主地進行測量。

So these are sort of new technologies using a Agentic AI and we think we'll be able to bring those to bear for our customers. And for the customer, the interaction is going to be probably as simple as asking Airo, where Ask Airo and says, hey, I could help you with this, and the customer basically starts to say, yes, and sign up for it and then the agent is able to do the rest.

因此，這些都是使用 Agentic AI 的新技術，我們認為我們能夠將這些技術帶給我們的客戶。對於客戶來說，互動可能就像詢問 Airo 一樣簡單，詢問 Airo 並說，嘿，我可以幫你解決這個問題，客戶基本上會開始說，是的，然後註冊，然後代理商就可以完成剩下的工作。

Great. And then maybe just a quick follow-up on the Ask Airo. Just the surface area of what you can go after in supporting small businesses is very significant. So as you think about the expansion of capabilities, are there certain areas of workflows that you are highly focused on kind of near term? Are there other areas that could be surprising to investors that you could start to address. And are there any areas that are really just kind of out of the scope of what you guys are trying to look to with this product?

偉大的。然後也許只是對 Ask Airo 進行快速跟進。你在支持小企業方面所能採取的行動的表面範圍是非常大的。那麼，當您考慮擴充功能時，是否存在一些您在短期內會高度關注的工作流程領域？還有其他一些領域可能會讓投資者感到意外，您可以開始著手解決嗎？是否存在一些超出你們希望透過該產品解決的範圍的領域？

Yeah. So the customer jobs to be done that we're very focused on are the entrepreneurs, which we have talked about many times. What Agentic AI doses and the technology transformation, we're going internally for is that it allows us to bring all our capabilities together in a very conversational experience for our customers.

是的。因此，我們非常關注的客戶工作是企業家，我們已經多次談論這一點。Agentic AI 的角色和技術轉型，我們在內部追求的是讓我們能夠將所有功能整合在一起，為客戶提供對話式的體驗。

And the second piece, which I also talked about briefly in the prepared remarks is that what we're seeing is the integration we do with our partners. Agentic coding or coding them with AI is very, very -- that's a very good use case for it for various reasons. And as we scale that, that's where I think the surprise and delight element is going to come from where GoDaddy is going to likely be able to bring in more partners faster and be able to test them much faster and bring those experiences to our customers.

第二點，我在準備好的發言中也簡要地談到了，那就是我們看到的是我們與合作夥伴之間的整合。代理編碼或使用人工智慧進行編碼非常非常——由於各種原因，這是一個非常好的用例。隨著我們擴大規模，我認為驚喜和喜悅的元素將會出現，GoDaddy 將能夠更快地引入更多合作夥伴，並能夠更快地對其進行測試，並將這些體驗帶給我們的客戶。

And we think that area is going to phenomenally well over the next, I want to say six, I don't even want to say 12 months. I think in the next six months, we'll probably see a lot of changes and you'll see partners on the site that do different things. And of course, we'll talk about it with you. We'll talk about it on these earnings calls and talk about where we see the best results.

我們認為，該地區在未來六個月甚至十二個月內都會顯著增長。我認為在接下來的六個月裡，我們可能會看到很多變化，你會看到網站上的合作夥伴做不同的事情。當然，我們會和你討論這個問題。我們將在收益電話會議上討論這個問題，並討論我們認為最好的結果在哪裡。

John Byun, Jefferies.

傑富瑞的約翰·拜恩。

Okay. Just hit the wrong button. John here for Brent Thill. So question is actually on the core platform. It looked like you're seeing maybe some renewed relative strength there especially domains, even the primary, not just the aftermarket being up, I would say, well, mid- to high single digit. Wondering is that something that can be sustainable as you kind of alluded to error helping there? And then on the dotco registry the impact of 50 basis points, should we assume that continues through part of next year as well?

好的。只是按錯了按鈕。約翰是布倫特·蒂爾的助手。所以問題其實出在核心平台。看起來你可能看到了一些新的相對實力，特別是領域，甚至是主要領域，而不僅僅是售後市場的上漲，我想說，嗯，中高個位數。想知道這是否可以持續下去，正如您所提到的錯誤幫助？那麼，對於 dotco 註冊而言，50 個基點的影響，我們是否應該假設這種影響也會持續到明年的部分時間？

A couple of things. I'll start with the core platform. We're seeing the benefit of a pickup in the aftermarket. No doubt, we saw activity in some of the larger transactions returned in the first half of the year. But we're also seeing the benefit of the positive impact of pricing and bundling within domains. And we talked about it at the beginning of the year. We're starting to see that flow through.

有幾件事。我將從核心平台開始。我們看到了售後市場皮卡的優勢。毫無疑問，我們看到一些較大的交易在上半年恢復了活躍。但我們也看到了網域定價和捆綁帶來的正面影響。我們在年初就討論過這個問題。我們開始看到這種流動。

Again, I would say there is -- it's sustainable pricing and bundling in and of itself. We'll continue to look and test into it. but we're really happy with the momentum and the added lift not only it's giving to our volume and domains, but also our ability to get value from those domain sales in and of itself. Again, increasing the top of the funnel and that conversion part of it is really, really working.

我再說一遍，這是有的——它本身就是可持續的定價和捆綁。我們將繼續研究和測試它。但我們對這種勢頭和額外的提升感到非常高興，它不僅為我們的交易量和域名帶來了提升，而且還提高了我們從這些域名銷售本身中獲取價值的能力。再次強調，增加漏斗頂部和轉換部分確實非常有效。

On dotco, to a lesser extent. I mean we'll see an outsized impact. I mean the whole thing is immaterial in and of itself, but we wanted to call it out for fourth quarter. It will be a very small impact into next year and doesn't change our ability to meet what we put out there as a milestones for 2026.

在 dotco 上，程度較小。我的意思是我們將看到巨大的影響。我的意思是整件事本身並不重要，但我們想在第四季將其解決。這對明年的影響很小，並且不會改變我們實現 2026 年里程碑的能力。

I'll now turn the call over to Aman to close this out.

現在我將把電話轉給阿曼來結束本次會議。

Thank you, Christie, and thank you all for joining us. As always, a fantastic thank you to all GoDaddy team members across the world. We're super excited about the products we're building, the customers we have and the best is still in front of us. Thank you very much.

謝謝你，克里斯蒂，也謝謝大家加入我們。像往常一樣，衷心感謝世界各地的所有 GoDaddy 團隊成員。我們對我們正在打造的產品、我們擁有的客戶感到非常興奮，最好的還在我們面前。非常感謝。