GoDaddy Inc (GDDY) 2025 Q3 法說會逐字稿

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Welcome to GoDaddy's third-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.

歡迎參加 GoDaddy 2025 年第三季財報電話會議。感謝您的參與。我是投資者關係副總裁克里斯蒂·梅森納，今天和我在一起的是執行長阿曼·布塔尼和財務長馬克·麥卡弗里。在發言結束後，我們將開放提問環節。

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

在今天的電話會議上，我們將參考 GAAP 和非 GAAP 財務指標以及其他營運和業務指標。有關我們為何使用非公認會計準則財務指標以及非公認會計準則財務指標與其公認會計準則等效指標的調節表的討論，請參閱發佈在我們投資者關係網站 investors.godaddy.net 上的演示文稿，或參閱我們今天向美國證券交易委員會提交的 8-K 表格中的收益報告。

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，成長率均指同比比較。我們今天將討論的事項包括前瞻性陳述，例如與未來財務表現以及我們未來營運的策略或目標相關的陳述。這些前瞻性陳述存在風險和不確定性，我們在定期向美國證券交易委員會提交的文件中對此進行了詳細討論。

Actual results may differ materially from those contained in forward-looking statements. Any forward-looking statements that we make on this call are based on assumptions as of today, October 30, 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所包含的結果有重大差異。我們在本次電話會議中所做的任何前瞻性陳述均基於截至 2025 年 10 月 30 日的假設，除法律要求外，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.

接下來，我很高興地向大家介紹阿曼。

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 our customers, millions of micro business owners bringing ideas to life every day. they are resilient, creative and determined even as technology in the world around them rapidly change. Our mission is to make that journey simpler, supporting their growth and success with tools that cut through the complexity and make running their businesses easier backed by human guidance.

下午好，感謝各位今天蒞臨。GoDaddy 的使命是賦能創業者，讓所有人都能擁有更多機會。我們從客戶身上汲取靈感，他們是數百萬微型企業主，每天都在將創意變成現實。即使周遭的世界科技日新月異，他們依然堅韌不拔、創意無限、意志堅定。我們的使命是簡化這個過程，透過提供工具來簡化複雜性，並在人工指導的支持下，幫助他們成長和成功，使他們的業務運作更加輕鬆。

In the third quarter, we delivered strong financial results, achieving 10% growth in total revenue while also delivering ANC bookings growth acceleration to 14% on strengthening customer cohort dynamics we also delivered normalized EBITDA margin of 32% and increased our AI investment and capabilities with new products ready for launch, reflecting on our strong performance, we are raising our full-year 2025 revenue guidance to 8% growth, the top end of our three-year range of 6% to 8%.

第三季度，我們取得了強勁的財務業績，總收入成長了 10%，同時，由於客戶群動態的增強，ANC 預訂量成長加速至 14%。此外，我們實現了 32% 的正常化 EBITDA 利潤率，並增加了人工智慧的投資和能力，新產品已準備就緒，即將推出。鑑於我們強勁的業績，我們將 2025 年全年營收成長預期上調至 8%，這是我們三年預期範圍 6% 至 8% 的上限。

At GoDaddy, we are energized by the Agentic Open Internet our vision for an open, trusted and accessible web with AI agents helping us with our tasks. For more than 30 years, the open internet has enabled entrepreneurs to bring their ideas to life. And GoDaddy has been a foundational partner in that journey. The next leap forward is the Agentic open Internet, where AI-powered agents collaborate and complete end-to-end task with speed and precision. These unlocks will help small businesses thrive in the years ahead.

在 GoDaddy，我們深受 Agentic Open Internet 的鼓舞——我們願景是創建一個開放、可信且易於訪問的網絡，讓 AI 代理幫助我們完成任務。30多年來，開放的網路使企業家將他們的想法變為現實。而 GoDaddy 一直是這段旅程中的重要夥伴。下一個飛躍是智能體開放互聯網，在這個互聯網中，人工智慧驅動的智能體可以協作，快速、精確地完成端到端的任務。這些舉措將有助於小企業在未來幾年蓬勃發展。

And as we meet the moment and build towards this next era, GoDaddy itself is transforming in three ways.

隨著我們迎接這一刻並邁向下一個時代，GoDaddy 本身也在三個方面發生變化。

First, our Airo platform evolution from generative AI to a Agentic AI; second, agents transforming how work gets done internally and third, by building on the foundation of being the world's largest domain registrar and putting the infrastructure in place to make the Agentic open Internet safe and accessible for all.

首先，我們的 Airo 平台從生成式 AI 演變為智能體 AI；其次，智能體正在改變內部的工作方式；第三，我們以成為全球最大的域名註冊商為基礎，並建立基礎設施，使智能體開放互聯網對所有人安全且易於訪問。

The first part of the GoDaddy transformation is the evolution of the Airo experience from a generative AI platform to an Agentic AI platform. Over the last few days, we launched five new Airo agents that handle fundamental customer jobs to be done, like finding and buying domain names, building websites and applications, creating logos and compliance documents. This is just the beginning.

GoDaddy轉型的第一部分是將Airo體驗從生成式AI平台演變為代理式AI平台。在過去的幾天裡，我們推出了五位新的 Airo 代理，他們負責處理客戶的基本工作，例如查找和購買網域、建立網站和應用程式、創建徽標和合規文件。這只是個開始。

Our pipeline includes many more agents ready for launch over the next few days and weeks. The interactive design of these agents reflects our unique ethos of guidance, a core differentiator for GoDaddy. Agents are learning to anticipate next steps across multiple jobs, proactively guiding a customer through each interaction with clarity and confidence.

我們的儲備計劃中還有更多代理商將在未來幾天和幾週內陸續上線。這些代理商的互動式設計體現了我們獨特的指導理念，這是 GoDaddy 的核心差異化優勢。客服人員正在學習如何預測多個工作中的下一步，並積極主動地引導客戶清晰、自信地完成每一次互動。

Live for both new and existing GoDaddy customers, they deliver tailored support by instantly understanding each customer's unique business context. These new capabilities are available through the beta launch of Airo.ai, a new website built on the GoDaddy software platform.

他們為 GoDaddy 的新舊客戶提供即時支援，透過即時了解每位客戶獨特的業務背景，提供量身定制的支援。這些新功能透過 Airo.ai 的測試版發布提供，Airo.ai 是一個基於 GoDaddy 軟體平台構建的新網站。

We can test new agents on Airo.ai quickly and maintain a seamless path back to godaddy.com. Look out for new agents on Airo.ai every week over the next few weeks, and we will direct targeted traffic to it soon. With this release, Airo Plus will shift from a generative AI tool set to an a Agentic AI tool set. Airo Plus will serve as a direct monetization vehicle on Airo.ai and on godaddy.com, Staying true to the needs of our micro business customer and our culture of experimentation Airo.ai includes two different vibe coding experiences.

我們可以快速在 Airo.ai 上測試新代理，並保持與 godaddy.com 的無縫銜接。未來幾週，Airo.ai 每週都會推出新代理，敬請關注，我們很快就會將定向流量引導至該平台。透過此次發布，Airo Plus 將從生成式 AI 工具集轉變為代理式 AI 工具集。Airo Plus 將作為 Airo.ai 和 godaddy.com 上的直接獲利工具。為了滿足微型企業客戶的需求和我們勇於嘗試的文化，Airo.ai 包含兩種不同的 Vibe 程式設計體驗。

Both experiences use an Agentic AI chat interface to build websites and both allow seamless publishing. The difference is that one lands the customer in the websites plus marketing editor, while the other introduces the editor in line with the chat interface. As customers use these experiences, we are excited to add more functionality to these tools.

這兩種體驗都使用 Agentic AI 聊天介面來建立網站，並且都支援無縫發布。差別在於，一個程式會將客戶引導至網站和行銷編輯器，而另一個程式則會在聊天介面中引入編輯器。隨著用戶不斷使用這些工具，我們很高興能夠為其添加更多功能。

The second part of the AI transformation at GoDaddy is the impact that Agentic AI is having on how we operate. Teams across the company are reimagining their roles in an agentic world and identifying the shifts required to solidify gains in velocity and efficiency.

GoDaddy 人工智慧轉型的第二部分是智慧體人工智慧對我們營運方式的影響。公司各團隊正在重新構想他們在代理型世界中的角色，並確定鞏固速度和效率提升所需的轉變。

From experimentation to care to engineering to corporate functions, we are evolving beyond the value of generative AI and shifting focus on measurable improvements driven by agents. Our evolution in software development provides a good example. In Q2, we set a company-wide goal to reach 70% of AI-generated code by year-end.

從實驗到護理，從工程到企業職能，我們正在超越生成式人工智慧的價值，並將重點轉移到由智慧體驅動的可衡量改進。我們在軟體開發領域的發展歷程就是一個很好的例子。第二季度，我們設定了公司範圍內的目標，即到年底實現 70% 的程式碼由人工智慧產生。

We are making great progress towards this goal. This month, more than 45% of code written at GoDaddy was generated by AI. And for new applications, this number is significantly higher. With that momentum, we are now shifting our focus from measuring core generation to measuring reduction in product cycle time. The expected net result is faster velocity, which allows us to build more capabilities without incremental investment.

我們在實現這一目標方面取得了巨大進展。本月，GoDaddy 編寫的程式碼中有超過 45% 是由人工智慧產生的。而對於新申請者來說，這個數字還要高很多。憑藉這一勢頭，我們現在正將重點從衡量核心產品生成量轉向衡量產品週期時間的縮短量。預期最終結果是速度更快，這使我們能夠在不增加投資的情況下建立更多能力。

The impact is already visible. A small team used AI to build the Airo app builder and launched it in short order on Airo.ai. The pace of iteration on this product is high, and it positions us to move fast on emerging shifts like agentic browsers. Another example comes from our aftermarket team, which used AI tools to build a new portal for ultra premium domain names. In the past, this type of work was hard to prioritize.

影響已經顯現。一支小型團隊利用人工智慧技術開發了 Airo 應用建構器，並迅速在 Airo.ai 上發布了該產品。該產品的迭代速度很快，這使我們能夠快速應對諸如智慧瀏覽器等新興趨勢。另一個例子來自我們的售後市場團隊，他們使用人工智慧工具建立了一個超高端網域的新入口網站。過去，這類工作很難被優先考慮。

Now a small team experimented built and delivered it end-to-end within weeks for both the Airo app builder and the ultra-premium marketplace, our internal measurement tools show that nearly 90% of the code was AI generated.

現在，一個小團隊在幾週內就完成了從頭到尾的開發和交付，為 Airo 應用建構器和超高端市場提供了支援。我們的內部測量工具顯示，近 90% 的程式碼都是 AI 產生的。

The third part of GoDaddy's AI transformation builds on our foundation as the world's largest domain registrar. Our vision for an Agentic open Internet imagines today's open web enhanced by agents that can operate independently, collaborate across systems and automate customer journeys. These agents can discover one another, validate identity and establish trust across domains, creating an open space for agents to collaborate.

GoDaddy人工智慧轉型的第三部分建立在我們作為全球最大網域註冊商的基礎上。我們對智慧體開放網路的願景是，在當今開放的網路基礎上，透過能夠獨立運作、跨系統協作和自動化客戶旅程的智慧體進行增強。這些代理可以相互發現、驗證身份並在不同領域建立信任，從而為代理協作創造開放空間。

Working back from that vision, we launched GoDaddy's agent name service or A&S, built on DNS infrastructure and proposed as an open standard, GoDaddy's AMS provides verifiable identities for AI agents.

從這個願景出發，我們推出了 GoDaddy 的代理名稱服務 (A&S)。該服務基於 DNS 基礎設施，並作為開放標準提出，GoDaddy 的 AMS 為 AI 代理提供可驗證的身份。

By registering agents with ANS value is immediately created for publishers by providing their agents with a verifiable identity. Value is also created for consumers of ANS since they can securely discover and validate agents across the open web. While many companies are beginning to explore this idea, we are excited to be leading the way.

透過向代理商提供可驗證的身份，註冊代理商即可立即為出版商創造 ANS 價值。ANS 也為消費者創造了價值，因為他們可以安全地在開放網路上發現和驗證代理商。雖然很多公司都開始探索這個想法，但我們很高興能夠引領這股潮流。

GoDaddy is launching ANS with its own agents to showcase registration, discovery and validation, and we are now inviting partners to join this open ecosystem. We have a bold vision for the Agentic open Internet for our customers, and we look forward to showcasing this vision at our Investor dinner in December.

GoDaddy 正在透過其自有代理商推出 ANS，以展示註冊、發現和驗證功能，我們現在邀請合作夥伴加入這個開放的生態系統。我們對 Agentic 為客戶打造的開放網路有著宏偉的願景，我們期待在 12 月的投資者晚宴上展示這一願景。

Before I pass it to Mark, as always, I'd like to share some updates on our 2025 strategic growth initiatives. The first is pricing and bundling, which continues to deliver strong results across both segments of our business. This work remains centered on giving customers greater value and choice through tailored bundles that simplify their decision-making and deepen engagement across our platform.

在把發言權交給馬克之前，我想像往常一樣分享一下我們 2025 年策略成長計畫的最新進展。首先是定價和捆綁銷售，這兩項措施在我們業務的兩個領域都持續取得了強勁的成效。這項工作的核心仍然是透過量身定制的套餐，為客戶提供更大的價值和選擇，從而簡化他們的決策過程，並加深他們與我們平台的互動。

Execution remains on track for 2025, and we are focused on launching the 2026 bundles, further extending our reach and impact. Our next initiative, seamless experience creates frictionless journeys that support our customers from their first search to purchase and renewal. This large-scale experimentation engine continues to deliver improvements in conversion, attach and renewal rates.

2025 年的執行計劃仍按計劃進行，我們將專注於推出 2026 年的套餐，進一步擴大我們的覆蓋範圍和影響力。我們的下一個舉措是打造無縫體驗，創造流暢無阻的旅程，為我們的客戶提供從首次搜尋到購買和續訂的全程支援。這種大規模實驗引擎持續提升轉換率、附加率和續訂率。

In Q3, we expanded our optimization work to include more end-to-end flows across the customer journey. Using AI to personalized recommendations and refined design in real time. This initiative is meaningfully contributing to bookings growth with continued momentum into next year. Turning to commerce. Growth in our Payment Solution remains solid, driven by continued conversion within our existing customer base.

第三季度，我們擴大了優化工作範圍，涵蓋了客戶旅程中的更多端到端流程。利用人工智慧即時實現個人化推薦和優化設計。這項舉措對預訂量的成長做出了顯著貢獻，並預計在明年繼續保持這一勢頭。轉向商業領域。在現有客戶群持續轉換的推動下，我們的支付解決方案業務保持穩健成長。

We also drove solid adoption of our high-margin subscriptions, including GoDaddy Capital, Rate saver, and faster payouts, all of which are helping entrepreneurs simplify their operations and improve cash flow. These capabilities strengthen our commerce ecosystem, deepening relationships with merchants and positioning us to capture more of their business as they scale.

我們也大力推廣了高利潤訂閱服務，包括 GoDaddy Capital、Rate Saver 和更快的付款方式，所有這些都在幫助創業家簡化營運並改善現金流。這些能力增強了我們的商業生態系統，加深了與商家的關係，並使我們能夠隨著商家規模的擴大而贏得更多業務。

And last but not least, GoDaddy Airo continues to be our primary customer engagement engine and key catalysts for our strategic growth initiatives, driving value as it powers better attach, higher average order size and improved retention our history shows that customers who adopt more products stay longer with us, generating higher lifetime value. The success metrics we track, make it clear that Airo is creating a more valuable and durable customer cohort than our strongest historical benchmarks.

最後但同樣重要的是，GoDaddy Airo 仍然是我們主要的客戶互動引擎和策略成長計畫的關鍵催化劑，它透過增強客戶依從性、提高平均訂單規模和改善客戶留存率來創造價值。我們的歷史表明，採用更多產品的客戶與我們保持更長時間的合作關係，從而創造更高的終身價值。我們追蹤的成功指標清楚地表明，Airo 正在創造一個比我們以往最強勁的基準更有價值、更持久的客戶群。

In closing, I am proud of the progress our teams achieved this quarter, advancing our AI vision with Airo.ai pioneering trust and security in the Agentic Open Internet through A&S and our experimentation culture that is accelerating innovation across the company. GoDaddy is evolving rapidly with the moment. And as AI reshapes what is possible, we are leading with the solutions we develop and helping entrepreneurs everywhere take the next leap forward with confidence simplicity and world-class care.

最後，我為我們團隊本季的進展感到自豪，我們透過 A&S 推進了 AI 願景，Airo.ai 在 Agentic Open Internet 中開創了信任和安全的新紀元，而我們的實驗文化正在加速整個公司的創新。GoDaddy正與時俱進，快速發展。隨著人工智慧重塑一切皆有可能，我們憑藉自身開發的解決方案引領潮流，幫助世界各地的企業家充滿信心、輕鬆便捷地實現下一步發展，並獲得世界一流的服務。

With that, here's Mark.

接下來，讓我們來聽聽馬克怎麼說。

Thanks, Aman. Good afternoon, everyone, and thank you for joining us. We are pleased with our strong execution, which led to favorable results and exceeded our top line guidance. As a result, we are raising our full year revenue guide to 8% at the midpoint to reflect the continued strength across the business.

謝謝你，阿曼。各位下午好，感謝各位的參與。我們對自己出色的執行力感到滿意，這帶來了令人滿意的結果，並超越了我們的營收預期。因此，我們將全年營收預期中位數上調至 8%，以反映公司業務的持續強勁成長。

We delivered A&C revenue growth of 14% and grew free cash flow 21%, to an impressive $440 million. We continue to demonstrate our commitment to shareholder returns, repurchasing 9 million shares for a total of $1.4 billion year-to-date.

我們實現了 A&C 營收成長 14%，自由現金流成長 21%，達到令人矚目的 4.4 億美元。我們持續展現對股東回報的承諾，今年迄今已回購 900 萬股股票，總額達 14 億美元。

Taken together, we are on track to exceed our Investor Day North Star commitment of a 20% CAGR. How are we getting there? As Aman mentioned, our strategy that elevates GoDaddy Airo is, our primary customer engagement engine is hitting its stride. High-intent customers are adopting more products, spending more and generating higher lifetime value. Our $500-plus customer cohort now represents approximately 10% of our base, and this cohort has higher attach and near perfect retention, boosting our ARPU up 10% to $237.

綜合來看，我們預計將超過投資者日提出的 20% 複合年增長率 (CAGR) 的目標。我們該如何到達那裡？正如 Aman 所提到的，我們提升 GoDaddy Airo 的策略是，我們主要的客戶互動引擎正在步入正軌。高意圖顧客會購買更多產品，消費更多，並創造更高的終身價值。我們消費超過 500 美元的客戶群現在約占我們客戶群的 10%，該群體具有更高的附加率和近乎完美的留存率，使我們的 ARPU 提高了 10%，達到 237 美元。

In the third quarter, total revenue grew 10% to $1.3 billion, surpassing the high end of our guided range. growth was broad-based, driven by continued strength in both the primary and secondary domain markets as more ideas come online and by the momentum in A&C, where rising attach rates are expanding customer lifetime value and deepening engagement across our ecosystem. Retention rates remained at 85% and our total customers grew sequentially to [$20.4 million]. underscoring the durability of our model and GoDaddy's central role in bringing entrepreneurs to the open Internet.

第三季總營收成長10%至13億美元，超過了我們預期範圍的上限。成長基礎廣泛，主要得益於一級和二級域名市場持續強勁的成長（隨著更多創意湧入線上），以及A&C業務的良好勢頭，該業務不斷提高的附加率正在提升客戶終身價值，並加深客戶在我們整個生態系統中的參與度。客戶留存率維持在 85%，客戶總數較上季成長至 2,040 萬美元，凸顯了我們模式的持久性以及 GoDaddy 在幫助創業家進入開放網路方面發揮的核心作用。

Additionally, international revenue grew 14%, primarily driven by the strength in the primary and secondary domain markets, as we continue to expand our reach globally. For our high-margin A&C segment, we drove 14% growth in revenue to $481 million on the ongoing solid adoption and attach of our subscription solutions. Our core platform segment delivered elevated revenue growth of 8% to $784 million on 28% growth in aftermarket and 7% growth in primary domains.

此外，國際營收成長了 14%，主要得益於一級和二級域名市場的強勁表現，我們繼續擴大全球業務範圍。在我們高利潤的A&C業務板塊，由於訂閱解決方案的持續穩定普及和推廣，我們的收入成長了14%，達到4.81億美元。我們的核心平台業務部門實現了 8% 的收入成長，達到 7.84 億美元，其中售後市場成長 28%，主要領域成長 7%。

Moving to profitability. Normalized EBITDA grew 11% to $409 million, delivering a margin of 32%, this reflects leverage gains across the P&L from AI-driven efficiencies and continued operational discipline, partially offset by gross margin pressure from product mix and continued investment in our AI initiatives. Total bookings grew 9% to $1.4 billion. Within that, A&C bookings grew 14% and core platform bookings grew 6%.

邁向盈利。經過調整後的 EBITDA 成長 11% 至 4.09 億美元，利潤率為 32%，這反映了 AI 驅動的效率提升和持續的營運紀律帶來的損益表槓桿效應，但部分被產品組合帶來的毛利率壓力以及對 AI 計劃的持續投資所抵消。總預訂量成長9%，達到14億美元。其中，A&C 預訂量增加了 14%，核心平台預訂量增加了 6%。

As a reminder, bookings primarily represent cash collected during the period. Free cash flow grew an impressive 21% to $440 million on our bookings growth powered by continued strengthening of our customer cohorts and the greater than 1:1 conversion of normalized EBITDA to free cash flow.

再次提醒，預訂款項主要指該期間收到的現金。由於客戶群的持續壯大以及正常化 EBITDA 與自由現金流之間超過 1:1 的轉換率，我們的預訂量增長，自由現金流實現了令人矚目的 21% 的增長，達到 4.4 億美元。

On the balance sheet, we exited the quarter with $924 million in cash and total liquidity of $1.9 billion. Net debt was $2.9 billion, representing a net leverage of 1.7 times on a trailing 12-month basis. We maintained our disciplined approach to capital allocation, repurchasing 4.1 million shares during the quarter, totaling approximately $600 million. As of the end of the quarter, our fully diluted shares outstanding were $137 million.

從資產負債表來看，本季末我們擁有 9.24 億美元的現金，總流動資金為 19 億美元。淨債務為 29 億美元，以過去 12 個月計算，淨槓桿率為 1.7 倍。我們保持了嚴謹的資本配置方法，本季回購了 410 萬股股票，總計約 6 億美元。截至本季末，我們完全稀釋後的流通股為 1.37 億美元。

Pivoting to our outlook. For the full year, we are raising our 2025 revenue guide to a range of $4.93 billion to $4.95 billion, representing growth of approximately 8% at the midpoint. We expect total bookings growth absent FX impacts to be in line with total revenue growth. And A&C bookings growth to continue its momentum. For the full year, we expect A&C revenue growth in the mid-teens and core platform growth in the mid-single digits. For the fourth quarter, we expect revenue to be in the range of $1.255 billion to $1.275 billion, representing 6% growth at the midpoint.

轉向我們的展望。我們將 2025 年全年營收預期上調至 49.3 億美元至 49.5 億美元，其中數值約為 8%。我們預計，剔除匯率影響後，總預訂量成長將與總收入成長一致。A&C預訂量的成長動能將持續維持。我們預計全年A&C業務收入成長將達到兩位數中段，核心平台業務收入成長將達到個位數中段。我們預計第四季營收將在 12.55 億美元至 12.75 億美元之間，中位數為 6%。

This range reflects a more difficult A&C revenue comparison, the expected impact from the [dot-com] registry contract expiration and our consistent approach of excluding high-value aftermarket transactions from our guidance. For Q4, we expect A&C growth in the low to mid-teens and core platform growth in the low single digits. For the full year, we expect a normalized EBITDA margin of approximately 32%.

這個範圍反映了A&C收入比較的難度增加、[dot-com]註冊合約到期帶來的預期影響，以及我們一貫的做法，即從我們的指導中排除高價值的售後市場交易。對於第四季度，我們預計A&C業務成長將達到兩位數左右，核心平台業務成長將達到個位數左右。我們預計全年正常化 EBITDA 利潤率約為 32%。

And for the fourth quarter, we are projecting 33% normalized EBITDA as we continue to balance operational efficiency with investments in AI innovation. We expect normalized EBITDA to maintain greater than a 1:1 conversion to free cash flow for the full year and reaffirm our free cash flow target of approximately $1.6 billion. representing growth of over 18%. On capital allocation, our approach remains unchanged, and we will continue to evaluate all opportunities to maximize long-term shareholder value.

對於第四季度，我們預計經調整後的 EBITDA 將達到 33%，因為我們將繼續在提高營運效率和投資人工智慧創新之間取得平衡。我們預計全年正常化 EBITDA 與自由現金流的轉換率將維持在 1:1 以上，並重申我們約 16 億美元的自由現金流目標，年增超過 18%。在資本配置方面，我們的方法保持不變，我們將繼續評估所有能夠最大限度地提高股東長期價值的機會。

In closing, GoDaddy is delivering solid profitable growth driven by durable revenue performance and continued operational discipline. Our strategy around Airo is working. We are ahead of our target of our Investor Day North Star. Reflecting consistent execution across the business. Our expanding AI-powered innovation and efficient operating model position us to drive long-term value creation for customers and shareholders.

總之，GoDaddy憑藉著持續穩定的營收表現和持續的營運紀律，實現了穩健的獲利成長。我們圍繞Airo制定的策略正在奏效。我們已超額完成投資者日北極星目標。體現了公司各部門始終如一的執行力。我們不斷擴展的人工智慧驅動創新和高效的營運模式，使我們能夠為客戶和股東創造長期價值。

We look forward to hosting many of you at our investor dinner in Tempe on December 2, where we will showcase the innovation setting the pace for GoDaddy's sustained success.

我們期待在 12 月 2 日於坦佩舉行的投資者晚宴上接待各位，屆時我們將展示引領 GoDaddy 持續成功的創新成果。

I will now turn the call over to our VP of Investor Relations, Christie Masoner to open up the line for Q&A. Thank you.

現在我將把電話轉交給我們的投資者關係副總裁克里斯蒂·梅森納，由她來回答各位的提問。謝謝。

(Event Instructions) Vikram Kesavabhotla, Baird.

（活動說明）Vikram Kesavabhotla，Baird。

Can you hear me okay? My first one is a little more conceptual in nature and really a follow-up to some of Aman's comments regarding the changes taking place across the Internet. And specifically, when you think about a lot of the AI and Agentic services that are emerging across the board, and changing the way that consumers find information, discover products and make decisions.

你聽得清楚我說話嗎？我的第一篇文章更偏重概念性，實際上是對 Aman 關於網路正在發生的變化的一些評論的回應。具體來說，想想看，人工智慧和智慧代理服務正在各個領域蓬勃發展，改變消費者尋找資訊、發現產品和決策的方式。

How do you think all of this will ultimately impact the importance of domains and websites going forward and the demand for those products -- and then my second question is on the customer base. It looks like your total customer count was up slightly on a sequential basis.

您認為這一切最終將如何影響網域和網站未來的重要性以及對這些產品的需求？ ——我的第二個問題是關於客戶群的。看來您的客戶總數較上季略有成長。

But Mark, curious if you could offer any thoughts on how we should see that metric progress through the balance of the year and going forward. And beyond just the total customer count, what are some of the underlying metrics that you're following to measure the health of your customer base right now?

馬克，我很想知道你對我們應該如何看待今年剩餘時間和未來這項指標的發展趨勢有什麼看法。除了客戶總數之外，您目前還關注哪些潛在指標來衡量客戶群的健康狀況？

Yeah, Vik. Let's start with -- I've been a proponent of AI and been super bullish on AI for a long time. I fundamentally believe that AI and a Agentic AI is going to automate journeys for our customers and for their customers, allowing our customers to serve their customers in a manner that we could only imagine a couple of years ago.

是的，維克。首先，我想說──我一直是人工智慧的支持者，並且長期以來都非常看好人工智慧。我從根本上相信，人工智慧和智慧體人工智慧將實現我們客戶及其客戶的流程自動化，使我們的客戶能夠以幾年前我們只能想像的方式服務他們的客戶。

And it's super exciting to be GoDaddy and meeting this moment and with all the innovation that's happening internally in the company, too, I think we're experiencing this moment where there's a symbiotic relationship between more websites and better models that consume those websites and it's getting easier to build websites, and that's going to lead to more more websites being created. And I think that synbiotic relationship is a positive.

能夠成為 GoDaddy 的一員，見證這一刻的到來，真是令人無比興奮。公司內部也在不斷創新，我認為我們正經歷著這樣一個時刻：更多的網站和更好的網站消費模式之間形成了共生關係，建站變得越來越容易，這將促使更多的網站被創建出來。我認為這種共生關係是正面的。

It's a positive for GoDaddy. If I have 10 ideas that I wanted to bring to the world, but it was hard to do. And if it's easier to do, I can just do it much faster. I can do it with the help of tools, but I can do it faster.

這對 GoDaddy 來說是個好消息。如果我有 10 個想要帶給世界的想法，但實現起來卻很困難。如果這樣做更容易，我就可以做得更快。我可以用工具完成這項工作，但我可以做得更快。

That's fantastic. To me, that means that there should be more domain in the world. And in fact, there should be more agents in the world. And that's what we're trying to showcase at GoDaddy. With Airo.ai launching, we're demonstrating how just starting with a few agents, but over the next few weeks, we're going to put dozens of agents on Airo.ai.

太棒了。在我看來，這意味著世界上應該有更多的領域。事實上，世界上應該有更多的特工。而這正是我們在 GoDaddy 想要展示的。隨著 Airo.ai 的推出，我們正在演示如何從幾個代理商開始，但在接下來的幾週內，我們將把數十個代理商部署到 Airo.ai 上。

So people can start to get a feel for what it's like as a customer progresses between these agents and build whatever idea idea they have. And of course, while AI is continuing to make us better in terms of our internal velocity and our efficiency, what we're really looking at is how agents can transform how we work internally.

這樣人們就可以開始體會到客戶在這些代理商之間週旋時的感受，並形成自己的想法。當然，雖然人工智慧正在不斷提高我們的內部速度和效率，但我們真正關注的是智慧體如何改變我們內部的工作方式。

And then how agents can exist in the outside world. And that's where agent name services just a fantastic innovation that we're bringing in terms of an open standard. And our goal there is allow the world to register agents, to discover agents that can work across domains that can work across companies.

然後，代理人如何在外在世界中存在？而這正是代理商名稱服務所體現的一項了不起的創新，它以開放標準的形式呈現。我們的目標是讓全世界都能註冊代理人，發現能夠跨領域、跨公司工作的代理人。

And all of that agent infrastructure is also based on DNS, based on the domain infrastructure that we're the largest player in the world for. So I think these things are coming well together and ultimately making it easier for our customers is what we are focused on. That's the tools that we're building. We're bringing our scale and strength of products and the variety of products that we have to that customer, build for that customer. The more agents do for our customers, I think the better it's going to be for us.

所有這些代理基礎設施也都基於 DNS，基於網域基礎設施，而我們是全球最大的網域基礎設施供應商。所以我認為這些事情正在朝著好的方向發展，最終讓我們的客戶更方便是我們關注的重點。這就是我們正在開發的工具。我們將自身的規模、產品實力和產品多樣性帶給客戶，為客戶量身打造產品。我認為，代理商為客戶做得越多，對我們就越有利。

Yeah. And Vic, on the customer question, you had, yes, we turned positive this quarter. But remember, our strategy is around high-intent customers. We're looking at that cohort of $500-plus why that is the cohort that's buying more attaching more has a higher average order size. We're seeing great momentum as that is contributing meaningfully to our bookings number going forward.

是的。Vic，關於客戶方面的問題，是的，我們本季實現了盈利。但請記住，我們的策略是圍繞著高意向客戶展開的。我們正在研究單筆消費超過 500 美元的群體，因為這個群體購買的商品更多，附加服務也更多，平均訂單金額也更高。我們看到了強勁的發展勢頭，這將對我們未來的預訂量產生顯著影響。

And that will continue to be our strategy. We will -- that is what is driving our ARPU number and is adding to that 10% ARPU growth that we had this quarter. So again, no change there. We will continue to focus on that high intent customer.

這將繼續是我們的策略。我們會的——這就是推動我們 ARPU 成長的因素，也是我們本季 ARPU 成長 10% 的原因。所以，情況依然沒有改變。我們將繼續專注於那些高意向客戶。

Ygal Arounian, Citi.

Ygal Arounian，花旗銀行。

Definitely a lot of interesting stuff with Airo and Agentic and GenAI in general. So maybe on the rollout of arrow.ai, and I know we'll learn a lot more about this in the coming weeks at your investor event. But can you just maybe set the stage a little bit for how this is rolling out, how it works with the current Airo product.

Airo、Agentic 和 GenAI 領域確實有很多有趣的東西。所以，或許在 arrow.ai 的推出過程中，我知道在接下來的幾周里，我們會在你們的投資者活動上了解更多相關資訊。但您能否稍微介紹一下這項功能是如何推出的，以及它如何與目前的 Airo 產品搭配使用？

You've mentioned the monetization on Airo Plus, you'll have things like like the (inaudible) tool, it looks like I have to play around that a little bit, how that compares to the current web builder and how these things integrate and how that contributes. And then second question, which I'm sure ties into the first one.

您提到了 Airo Plus 的獲利模式，例如（聽不清楚）工具之類的，看來我需要稍微研究一下，看看它與目前的網站建立器有何不同，以及這些功能如何整合並發揮作用。第二個問題，我相信它與第一個問題有關。

But just on the comments around the strengthening customer or dynamics. I know a lot of that is driven by the higher value customers and that cohort growing faster. Can you talk a little bit more about the drivers of that and what you're seeing there, particularly around conversion from Airo would be helpful here?

但僅就圍繞客戶關係或動態變化的評論而言。我知道這很大程度上是由高價值客戶群以及該群體成長速度較快所驅動的。您能否再詳細談談背後的驅動因素以及您觀察到的情況，特別是關於從 Airo 轉換方面的情況，這將對我們有所幫助？

Yeah. Let me start with how Airo is evolving and how Airo.ai is going to be launched. Now it's important to mention that Airo.ai is built on the GoDaddy software platform. What that means is that anything you see on Airo.ai is not a separate experience, it actually links in very well into the GoDaddy experience. If you go to Airo.ai, as an existing GoDaddy customer, it already knows everything GoDaddy, knows about you, and it gives you a different experience because it knows that you're a customer.

是的。首先，讓我談談Airo的發展歷程以及Airo.ai即將推出的方式。需要特別指出的是，Airo.ai 是基於 GoDaddy 軟體平台建構的。這意味著你在 Airo.ai 上看到的任何東西都不是獨立的體驗，它實際上與 GoDaddy 的體驗完美契合。如果您作為 GoDaddy 的現有客戶造訪 Airo.ai，它已經了解 GoDaddy 的一切，了解您的一切，並且會為您提供不同的體驗，因為它知道您是客戶。

What we'd like to do with Airo.ai is to bring targeted traffic to it and test agents very, very quickly. And then whatever is more successful, bring it back into need to GoDaddy experience where we have a ton of traffic already. In terms of monetization, as I shared, Airo Plus will be the monetization vehicle on Airo.ai and godaddy.com for all of these agents and Airo Plus is already ready to do that with the launch of , which it is still in beta, but we'll make a full release over the next few weeks.

我們希望透過 Airo.ai 實現的是快速吸引目標流量並測試代理。然後，將更成功的方案帶回 GoDaddy 體驗平台，因為我們已經在那裡獲得了大量的流量。關於盈利方面，正如我之前所說，Airo Plus 將成為 Airo.ai 和 godaddy.com 上所有代理商的盈利工具，Airo Plus 已經準備好通過推出 [功能名稱] 來實現這一點，雖然它目前仍處於測試階段，但我們將在接下來的幾週內發布完整版本。

With this launch, Airo Plus is going to offer paywalls on Airo.ai as well. So we'll be able to test that experience to see to add some friction to convert new customers, and we're super excited about being able to move very, very fast.

隨著此次發布，Airo Plus 也將在 Airo.ai 上提供付費牆功能。因此，我們將能夠測試這種體驗，看看能否透過增加一些阻力來吸引新客戶，我們非常興奮能夠如此快速地推進這項工作。

I know you've mentioned wanting to try it out, and I'm super excited. I'd love for you to try the app builder, and you'll find it, I think, pretty interesting. But what you don't see, and I'm really excited about is the changes of the app bill coming next week and the week after where new capabilities are coming every five, seven days into that product and the other regions as well.

我知道你曾說過想嘗試一下，我非常興奮。我非常希望你能試用應用程式建構器，我想你會發現它非常有趣。但你沒看到的，也是我真正感到興奮的是，下周和下下週即將推出的應用程式法案的變化，每五到七天就會有新功能添加到該產品以及其他地區。

And as I look at them, I'm more and more excited about what's going to be available just over the next couple of months.

當我看到這些產品時，我對未來幾個月即將推出的產品越來越感到興奮。

Turning to Mark.

轉向馬克。

Yeah. And we're excited about our ability to get to the high intent customers. And what we're seeing from that cohort is that they are attaching to a second product at a much higher rate than previous cohorts. We're seeing near perfect retention rates now that we've had experience with these cohorts since we launched Airo in and of itself over 12 months ago. And it's becoming more and more of a driver of not only our bookings and our revenue but our ARPU as we continue to grow into the year.

是的。我們對能夠接觸到高意向客戶感到興奮。我們從這群用戶中看到，他們購買第二款產品的比例比之前的用戶群高得多。自從 12 個月前我們推出 Airo 以來，我們已經累積了這些用戶群的經驗，現在我們看到了近乎完美的用戶留存率。而且，隨著我們今年的持續成長，它不僅越來越成為我們預訂量和收入的驅動力，也越來越成為我們每個用戶平均收入的驅動力。

So these customers are coming in with the idea of doing something with their domain, doing something with their idea, getting to monetization on there, and we're seeing those strong results start to become a tailwind as we go into future years.

所以這些客戶帶著這樣的想法而來：利用他們的網域做點什麼，將他們的想法付諸實踐，實現網域變現。我們看到，這些強勁的成果將在未來幾年成為我們發展的順風。

I think -- sorry, Ygal, it's important to mention that Airo is our primary vehicle for driving engagement and attach, right? And what Mark's really talking about is the better attach, the better renewal the more one-stop shop, a better exposure for our customers for the breadth of our products that creates this $500-plus cohort. And like Mark said, with the near perfect retention, we're super excited about expanding that more and more now getting to 10% of our base. Yeah.

我認為——抱歉，Ygal，有必要提一下，Airo 是我們推動用戶參與和建立聯繫的主要工具，對吧？而馬克真正想說的是，更好的附加服務、更好的續約、更完善的一站式服務、讓我們的客戶更了解我們廣泛的產品，從而創造出這個價值超過 500 美元的客戶群。正如馬克所說，憑藉近乎完美的用戶留存率，我們非常興奮地不斷擴大用戶留存率，目前已達到我們用戶群的 10%。是的。

Trevor Young, Barclays.

特雷弗楊，巴克萊銀行。

Great. Aman, I'll start with a bigger picture one for you. You mentioned more AI-generated code, reduced production cycles, overall faster velocity of innovation. I think I had to use the phrase experimentation culture a few times in your remarks.

偉大的。阿曼，我先跟你講一個比較宏觀的例子。您提到了更多人工智慧生成的程式碼、更短的生產週期以及整體上更快的創新速度。我覺得在你的發言中，我必須幾次提到「實驗文化」這個詞。

Is there a bit of a shift here where you're going to have more of that experimentation going forward, more small groups going out to create new features quickly and just see how it works. You put that on Airo.ai. And then if it works, you bring it back to core GoDaddy?

這裡是不是出現了一些轉變，未來會有更多的實驗，更多的小組會出去快速開發新功能，看看效果如何。你把它放到 Airo.ai 上。如果成功了，再把它移回 GoDaddy 的核心伺服器？

That's exactly right, Trevor. I think it's very common for people to think about teams that of groups of 7 to 10, going out building things over multiple weeks and multiple sprints. Now what we're seeing is teams of 3 to 5, that are using AI where in the new products, 90% of the code ultimately is being written by AI. So the inefficiencies are really less and less in writing the code part and it's everything else around it. And that's where agents and make a much bigger difference as we automate the full cycle, right?

沒錯，特雷弗。我認為人們通常認為團隊是由 7 到 10 人組成的小組，在數週和多個迭代週期內進行開發工作。現在我們看到的是 3 到 5 人的團隊，他們使用人工智慧，在新產品中，90% 的程式碼最終都是由人工智慧編寫的。因此，效率低的地方越來越少，主要體現在編寫程式碼的部分，而其他方面。而這正是代理商能夠發揮更大作用的地方，因為我們需要實現整個流程的自動化，對吧？

And what we're finding is that smaller team is able to release much faster and Airo.ai gives us a surface where we're going to have many, many releases every week without worrying about our big funnels, our version that we have to do on godaddy.com, surface it to a large enough group of people that we get data very quickly on Airo.ai that it's working and then introduce it to our customers where the big funnels are.

我們發現，規模較小的團隊能夠更快地發布產品，而 Airo.ai 為我們提供了一個平台，讓我們每週都能發布很多很多版本，而無需擔心我們在 godaddy.com 上發布的大型渠道，將產品展示給足夠多的用戶，這樣我們就能在 Airo.ai 上快速獲得數據，證明產品運行良好，然後再將其介紹給我們所在的客戶，也就是大型渠道。

Yeah. And just with that, this culture just didn't start this quarter. This has been evolving for years for us. This is now getting to a great pace that it's getting faster and better and the ability to innovate and launch is becoming quicker and to get results that drive meaning in our financial model. It's fantastic.

是的。僅此一點，這種文化並非始於本季。多年來，我們一直朝著這個方向發展。現在，這項技術正以驚人的速度發展，變得越來越快、越來越好，創新和推出產品的能力也越來越強，能夠更快地取得對我們的財務模型有意義的成果。太棒了。

Great. And then a quick second question. Just in aftermarket, really strong acceleration there. was that at the higher end, the above $10,000 domains that tend to be more lumpy and tougher to predict? Or did something fundamentally change in the lower price domains that's driving that stronger growth?

偉大的。然後，我還有一個簡短的問題。僅在售後市場，成長動能就非常強勁。這是指高端市場嗎？例如那些價格超過 1 萬美元的域名，它們的波動往往更大，更難預測？或者說，低價位市場是否發生了根本性的變化，從而推動了更強勁的成長？

Trevor, no doubt we saw a return to high-value transactions this quarter. It was very strong at the higher end level. Which yes, those are the lumpy ones that are difficult to predict. Now we did also see continued strength at the lower levels. Again, no change to the momentum there. It's still a great secondary market, but we definitely saw a pickup in the higher-value transactions.

特雷弗，毫無疑問，本季我們看到了高價值交易的回歸。它在高階水平上表現非常出色。沒錯，那些都是難以預測的不規則現象。我們也看到低階市場持續走強。同樣，勢頭沒有改變。二級市場仍然非常活躍，但我們確實看到高價值交易增加。

Josh Beck, Raymond James.

喬許貝克，雷蒙德詹姆斯。

Thank you for taking the question. I wanted to ask a little bit about how to think about maybe the TAM for Airo.ai. Obviously, your existing business is very closely related to the certainly the SMB environment and certainly new business formation.

感謝您回答這個問題。我想請教一下關於Airo.ai潛在市場規模（TAM）的考量。顯然，貴公司目前的業務與中小企業環境以及新創企業的發展密切相關。

Are you getting into a new area where it's maybe beyond just the website. Just curious on maybe if we should be thinking about different TAM? And then on the like custom app piece of it -- Should we think Is being competitive with lovable or base 44 those players?

你是否正在進入一個全新的領域，而這個領域可能已經超越了網站的範疇？我只是好奇，我們是否應該考慮採用不同的目標市場規模（TAM）？然後，關於自訂應用程式部分——我們應該考慮的是與那些可愛的或基礎 44 名玩家競爭嗎？

Yeah. Look, as you'll see on radar, even for website building, we're offering two experiences. One is very tuned do our micro business customer as you interact with it, you'll find that it's learning and more and more instead of the customer asking for something, it prompts the customers as by this next right?

是的。正如您在雷達上看到的那樣，即使是網站建設，我們也提供兩種體驗。一個系統非常注重與我們的微型企業客戶互動，你會發現它不斷學習，而且越來越多地，它不是讓客戶提出要求，而是引導客戶提出下一個要求，對嗎？

Or here are three options, big one of them because that's what we found in our testing that our customers don't necessarily want to keep prompting to do something they want the AI to guide them through the process, and you know how important guidance like our transcript and how care guides, help people build upside, and we're training our agents on that, which is very particular to GoDaddy, it's very much our secret sauce. It's very much something that we focus on this ethos of guidance.

或者這裡有三個選擇，其中一個很重要，因為我們在測試中發現，我們的客戶不一定希望不斷被提示去做某事，他們希望人工智慧引導他們完成整個過程。你知道像我們的文字記錄和護理指南這樣的指導有多重要，它們可以幫助人們積累財富，我們正在就此培訓我們的客服人員，這對 GoDaddy 來說是非常獨特的，這是我們的獨門秘訣。我們非常注重這種指導精神。

But as we do that, obviously, the models and the tools we have are much more capable and we do have a big set of customers that are designers and developers that are in our core business, typically our hosting business.

但隨著我們這樣做，顯然，我們擁有的模型和工具的功能更加強大，而且我們確實擁有一大批客戶，他們是設計師和開發人員，他們是我們核心業務（通常是我們的主機託管業務）的一部分。

And those customers are more interested in going deeper and being able to give more complicated prompts and letting the AI generate something for them right? The next thing actually, you'll see very, very quickly on Airo.ai. Today, the tool does similar to other tools, it can create it and it can host it for you and you can go look at it. But what you'll see pretty soon is that, that same model will start to create WordPress sites.

這些客戶更有興趣深入了解，提出更複雜的問題，讓人工智慧為他們產生一些東西，對嗎？接下來，您很快就會在 Airo.ai 上看到。目前，該工具的功能與其他工具類似，它可以建立內容並為您託管，然後您可以查看。但很快你就會看到，同樣的模式也將開始用於建立 WordPress 網站。

And that's, again, going back to where a very large work press host, we have a large base of customers that work with us on WordPress. And we think Agentic AI can do a fantastic job for our customers to help them. But that way that, that tool works is a little bit different than the tools that we optimize for our micro business customers. That one is really for that custom based Hopefully, that gives you some context of how we're approaching them. We're not looking at this as we are going to a different customer.

這又回到了我們作為大型工作媒體託管商的話題，我們擁有龐大的客戶群，他們都在使用 WordPress 與我們合作。我們認為智慧人工智慧可以為我們的客戶提供極大的幫助。但是，該工具的工作方式與我們為微型企業客戶優化的工具略有不同。那確實是為了滿足客製化需求。希望這能讓你了解我們是如何處理這些問題的。我們不考慮這個問題，因為我們要去服務不同的客戶。

We're looking at this as we have a breadth of customers, and we have a set of AI capabilities, and we're expressing them in different ways depending on which customer is approaching us.

我們正在考慮這個問題，因為我們擁有廣泛的客戶群，我們擁有一系列人工智慧能力，我們會根據不同的客戶以不同的方式表達這些能力。

Yeah. And another way to look at it Josh is as more ideas come online and people are spending money to get those ideas online and create that opportunity. we're getting more of the wallet share upfront from that high intent customer that is propelling above $500. So the combination of the two is a great tailwind for our business, and we remain laser-focused on that customer of the micro business and the person who's getting that ID online.

是的。換個角度來看，喬希，隨著越來越多的創意湧現，人們也願意花錢將這些創意放到網上，創造商機，我們就能從那些意向強烈的客戶那裡獲得更多的預付份額，他們的消費額已經超過500美元。因此，這兩者的結合對我們的業務來說是一股強大的推動力，我們將繼續專注於微型企業客戶和線上辦理身分證的人員。

Ken Wong, Oppenheimer.

Ken Wong，奧本海默。

Aman, I wanted to ask about the agent naming service. Look, I think a very fascinating concept here. think back to the past, it was clear you guys had a right to win in SSL given that the website journey starts with the domain, starts with GoDaddy Help us understand what the rationale might be for why GoDaddy can serve a similar purpose in the Agentic Internet?

阿曼，我想諮詢一下代理命名服務。我覺得這個概念非常有趣。回想過去，你們在SSL領域顯然有優勢，因為網站之旅始於域名，而域名又是從GoDaddy開始的。請幫我們理解一下，為什麼GoDaddy在代理網路中也能發揮類似的作用？

Yeah, I love that question. So if we go back and we'll take the autonology, if we go back and we say when the Internet came along, what solved the identity problem, and it wasn't websites. It was actually domains in DNS that was first of the identity problem, right? And if you think about agents needing to be registered with two different companies or two different domains or two different systems have to be able to trust and validate that an agent is saying what it is, right? You have to be able to validate it.

是的，我喜歡這個問題。所以，如果我們回顧過去，以自治學為例，如果我們回顧過去，說網路出現的時候，是什麼解決了身分認同問題，而答案並不是網站。實際上，DNS 中的網域才是身分識別問題的最初根源，對吧？想想看，經紀人需要在兩家不同的公司、兩個不同的網域或兩個不同的系統中註冊，這兩個系統必須能夠信任並驗證經紀人所說的話是否屬實，對吧？你必須能夠驗證它。

That's the service that agent name service provides. And by attaching it to the DNS infrastructure, which is one of the largest things on the Internet, and is what makes the Internet possible for us to navigate right, by attaching it to the DNS infrastructure, we are really reusing the fundamentals of the Internet, right? And what that what the Asian name service can do is it can do a bit more than DNS -- not only can it register it can have the certificates embedded in it, and GoDaddy is also a certificate authority.

這就是代理商名稱服務所提供的服務。透過將其連接到 DNS 基礎設施（這是互聯網上最大的基礎設施之一，也是我們能夠瀏覽互聯網的基礎），我們實際上是在重用互聯網的基本原理，對吧？亞洲網域服務的功能比 DNS 更強大——它不僅可以註冊域名，還可以嵌入證書，而 GoDaddy 也是一個證書頒發機構。

So those certificates get embedded into it, and it can also provide a way for companies to discover those agents. And you'll see all of these as we launch agent name service with our own agents, you'll be able to see how each of those steps work and how much easier it makes or different companies or different domains to be able to tap into agents.

因此，這些證書會被嵌入其中，它還可以為公司提供一種發現這些代理商的方法。隨著我們推出代理名稱服務並引入我們自己的代理，您將會看到所有這些，您將能夠看到每個步驟是如何運作的，以及它如何使不同的公司或不同的網域更容易接觸到代理。

This is based on a fundamental belief that different companies and different individuals are going to create agents that are very, very good at different things. And we will -- because different groups of people specialize in different things, those agents will do certain tasks paying well. And another agent will want to tap into that capability when it does tap into that capability, it wants it to be validated, it wants it to be trusted, and that's what A&S provides. And it provides it at the foundational layer of the Internet.

這是基於一個基本信念，即不同的公司和不同的個人會培養出在各方面都非常非常優秀的代理人。而且我們會這樣做──因為不同群體的人擅長不同的事情，這些代理人會從事某些高薪任務。而其他代理商在利用這種能力時，希望這種能力得到驗證，希望這種能力得到信任，而這正是 A&S 所提供的。它在互聯網的基礎層提供了這種功能。

Got it. I really appreciate the context and looking forward to seeing how that evolves. Mark, one for you. Look, great to see the higher guide for the year. I guess I'm just trying to unpack what maybe the primary drivers are.

知道了。我非常感謝您提供的背景信息，並期待看到事態如何發展。馬克，給你一個。太好了，今年的指導價上漲了。我猜我只是想弄清楚主要驅動因素可能是什麼。

I think right off the bat, we can see that aftermarket was really strong. But how should we think about maybe the primary market, the A&C piece contributing to that raise? Or was this largely just a byproduct of that step-up in aftermarket?

我認為一開始我們就可以看出，售後市場非常強大。但是，我們該如何看待一級市場，以及A&C板塊對此上漲的貢獻呢？或者這很大程度上只是售後市場發展升級的副產品？

We're seeing strength across the business again. And even if you took the aftermarket beat out, and we definitely had an elevated aftermarket beat this quarter. we are still growing at a very high rate. And I think if you take out the aftermarket beat, we're at around 8% growth, which really reflects the the underlying strength not only in the domains market primary and secondary, but also in A&C in and of itself because we're seeing that -- those customers come in with that intent. We're seeing that cohort we talked about driving towards that second product, increasing the average order size.

我們看到公司各業務板塊再次展現強勁勢頭。即使剔除售後市場的影響（本季我們的售後市場業績確實大幅下滑），我們的成長速度仍然非常快。我認為，如果剔除售後市場的影響，我們的成長率約為 8%，這真正反映了域名市場（包括一級和二級市場）以及 A&C 本身的潛在強勁勢頭，因為我們看到——這些客戶帶著這樣的意圖而來。我們看到，我們之前提到的那批消費者正在轉向購買第二款產品，從而提高了平均訂單金額。

We see it through multiple different products in our portfolio. So I would say it's overall momentum. And on top of that, we had a really good aftermarket with a high transactions returning.

我們在產品組合中的多種不同產品中都能看到這一點。所以我認為這是整體勢頭。此外，我們的二手車市場也非常好，交易量很高。

If I could just add and take us back to our three-year model, which I know Mark mentioned already, but it is important to highlight that we are at the top end or ahead of each of the metrics in our three-year model and that be that Mark is talking about goes to how to normalized EBITDA. It goes down to free cash flow. And by maintaining the margins on those lower metrics, really as a company producing much more dollars on those bottom line metrics. And that's fantastic for our company because it is being driven by the growth on the top line.

如果我補充一下，讓我們回到我們三年的模型，我知道馬克已經提到過了，但重要的是要強調，我們三年模型中的每個指標都處於最高水平或領先，而馬克所說的正是如何實現正常化的 EBITDA。歸根結底，這取決於自由現金流。透過維持這些較低指標的利潤率，公司實際上可以在這些最終指標上創造更多的利潤。這對我們公司來說是件好事，因為這是營收成長帶來的動力。

Yeah. And thank you, Aman -- and remember, our North Star, we look at free cash flow. When everything is working together, that number, combined with our share buyback gets us to that North Star. And we were ahead of ahead of schedule on that delivering that number or that CAGR we talk about.

是的。謝謝你，阿曼－記住，我們的北極星是自由現金流。當一切順利進行時，這個數字，再加上我們的股票回購計劃，就能讓我們達到目標。我們提前完成了我們所說的數字或複合年增長率目標。

I appreciate the reminder. We always have such short-term memory over the -- in Wall Street.

謝謝提醒。在華爾街，我們總是對過去的事記憶短暫。

Thanks, Ken.

謝謝你，肯。

Arjun Bhatia, William Blair.

阿瓊·巴蒂亞，威廉·布萊爾。

I'm Willow Miller on for Arjun Bhatia. Thinking about the balance of investing in AI and supporting profitability, is it fair to say your investments in AI can be offset by the efficiencies gained from internal use cases of AI? And then as a follow-up, can you comment on internal use cases of GenAI and Agentic AI and the customer care org could guide head count come down over time?

我是 Willow Miller，替 Arjun Bhatia 為您報道。考慮到投資人工智慧和支援獲利能力之間的平衡，可以說您在人工智慧方面的投資可以透過人工智慧內部應用案例所獲得的效率提升來抵消嗎？其次，您能否就 GenAI 和 Agentic AI 的內部應用案例以及客戶服務部門如何逐步減少員工人數發表一些看法？

I think we have already demonstrated that. It's not that our investment in AI can be offset by efficiency. We've actually demonstrated that we are actively and have been for the last over a year plus we're offsetting our investment with creating efficiencies in other areas. That's one of the reasons I shared how much AI-generated code is happening GoDaddy how quickly the new products are moving and coming to market. So I'm very, very bullish about that and very, very happy with the progress that the team is making.

我認為我們已經證明了這一點。這並不是說我們在人工智慧方面的投資可以透過提高效率來抵消。事實上，我們已經證明，在過去一年多的時間裡，我們一直在積極努力，透過提高其他領域的效率來抵消我們的投資。這就是我分享 GoDaddy 大量人工智慧生成程式碼的出現以及新產品快速迭代和上市的原因之一。所以我對此非常非常看好，並且對團隊的進展非常非常滿意。

In that role, generative AI so far has had the biggest impact, where you're using AI to generate content, whether it's code or other things across different functions. Now with the Agentic AI, our focus is shifting to the broader cycle time, like if there is a product life cycle or a life cycle of a corporate process, what we're finding is that by using agents, we can go after efficiencies in other areas.

在這一領域，生成式人工智慧迄今為止影響最大，它利用人工智慧生成內容，無論是程式碼​​還是其他各種功能的內容。現在有了智慧體人工智慧，我們的焦點正在轉移到更廣泛的周期時間，例如，如果存在產品生命週期或企業流程生命週期，我們發現，透過使用智慧體，我們可以追求其他領域的效率。

And that's that's our new focus, and that's got us excited as well. In terms of the care guides, we have leveraged on the care light item. I want to say, for the last six years I have been here, and we have been very disciplined and showing many, many moments of efficiency with care while providing better and better service. And that's been our model. We want to provide higher and better service for a lower price, and there's no doubt in my mind that we'll continue to deliver that that our care offering will get better and better with AI and we'll be able to do it more and more efficiently over time.

這就是我們新的關注點，也讓我們感到非常興奮。在護理指南方面，我們充分利用了護理輕便項目。我想說，在我在這裡的這六年裡，我們一直非常自律，在提供越來越好的服務的同時，也展現出了很多很多高效細緻的工作表現。這就是我們一直以來的模式。我們希望以更低的價格提供更高更好的服務，我堅信我們將繼續實現這一目標，隨著人工智慧的發展，我們的護理服務會越來越好，隨著時間的推移，我們將能夠越來越有效率地完成這項工作。

Mark, I don't know what you'd add.

馬克，我不知道你還能補充什麼。

Yeah. No, I think you hit it right. We've been on this journey for several years now. And we've been creating the operating leverage within the model. And now we're seeing the evolution of that is we're able to produce more efficient, whether it's engineering or it's care, whether it's in our corporate functions, that efficiency allows us to free up hours and times and now we can reinvest those in what I would say is exciting things like the AI functionality we've talked about today.

是的。不，我覺得你說得對。我們在這條路上已經走了好幾年了。我們一直在該模型中創造營運槓桿。現在我們看到這種演變，我們能夠更有效率地生產，無論是工程還是護理，無論是在我們的公司職能部門，這種效率使我們能夠騰出時間和精力，現在我們可以將這些時間和精力重新投入到我認為令人興奮的事情上，例如我們今天談到的人工智慧功能。

But this has been a journey, and we've set it up so we can get those efficiencies, continue hitting our normalized EBITDA marks that we put out there. We're very comfortable with the 33% we put out for next year, and that's because it gives us the balance of the efficiency plus the ability to reinvest in innovation going forward so that we can carry the LTV for GoDaddy well into the future.

但這並非一蹴而就，我們已經做好了充分的準備，以便提高效率，繼續實現我們設定的正常化 EBITDA 目標。我們對明年設定的 33% 的投資回報率感到非常滿意，因為它既保證了效率，又使我們能夠繼續投資於創新，從而確保 GoDaddy 的客戶終身價值 (LTV) 能夠持續到未來。

Mark Zgutowicz, Benchmark Company.

馬克‧茲古托維奇 (Mark Zgutowicz)，基準公司。

Sorry about that. Thanks, Christie. Guys, just thinking about ongoing A&C bookings variables, is the forward acceleration more dependent today on new product adoption versus pricing and bundling, which I think supported your guidance at the beginning of the year? That's question number one. Question number two, it looks like there's a little bit of deleverage in A&C adjusted EBITDA year-over-year.

抱歉。謝謝你，克里斯蒂。各位，考慮到A&C預訂的持續變化，如今的加速成長是否更多地取決於新產品的普及，而不是定價和捆綁銷售？我認為定價和捆綁銷售支撐了你們年初的預測。這是第一個問題。第二個問題，A&C 調整後的 EBITDA 年比似乎略有下降。

I was just curious what that might be attributable to is that AI investments in product or marketing and what that looks like over the next couple of quarters?

我只是好奇這可能是由於人工智慧在產品或行銷方面的投資所造成的，以及未來幾季的發展趨勢如何？

Yeah. And I'll start with the latter and then go into the -- well, I'll start with the first part. Let's go there. The strategy is working. And we continue to focus on the high intent customer, the $500-plus cohort we talk about because the average order size goes on an attach more.

是的。我將先從後者開始，然後再進入——好吧，我先從第一部分開始。我們去那裡吧。這個策略奏效了。我們將繼續關注高意向客戶，也就是我們常說的單筆消費超過 500 美元的客戶群體，因為他們的平均訂單金額還會繼續增加。

And that's all the accumulation of what you're seeing in the strength in A&C right now. Obviously, our pipeline is strong, and Aman talked about the agents that will be coming back, which will help propel us well into the future.

這就是你現在在A&C領域看到的強勁勢頭的所有因素的累積。顯然，我們的人才儲備非常充足，Aman 也談到了即將回歸的經紀人，這將有助於我們在未來取得更大的發展。

But what you're seeing today is what we've been doing for the last few years. through Arrow going after those customers, focusing on those stronger customers or just focusing on that cohort. And that is rolling out as we get finish up '25 and we go into 2026.

但你今天看到的，正是我們過去幾年一直在做的事情，透過 Arrow 去爭取那些客戶，專注於那些更有實力的客戶，或者只是專注於那個客戶群。隨著 2025 年的結束和 2026 年的到來，這項計劃將逐步實施。

On the leverage product mix. We just had some shifts in product mix in the segment normalized EBITDA. Nothing to call out. It should stay in a similar range, give or take a few points as we go forward, just dependent on that product mix.

關於槓桿產品組合。我們剛剛對分部標準化 EBITDA 的產品組合進行了一些調整。沒什麼特別需要指出的。未來一段時間內，價格應該會保持在類似的範圍內，上下浮動幾個百分點，具體取決於產品組合。

Got it. And maybe if I could squeeze one more in. Just in terms of incremental token costs, perhaps as it relates to (inaudible) coding. Is there any considerations we should have there in terms of how that may or may not impact gross margin? Over the next few months?

知道了。也許我還能再擠出一個。僅就增量代幣成本而言，或許與（聽不清楚）編碼有關。我們是否應該考慮這可能會對毛利率產生哪些影響？接下來的幾個月呢？

Yeah, we're keeping a very close eye on our cost and we have for a very long time, right? We've used Airo is used generative AI for almost two years now. So we keep a very close eye on it. We do have alternate model capabilities model that we host internally, which we can use to offset the cost. But what you're really going to see is us testing with different models us striking the right balance of that objective function of reducing revenue, giving customers an amazing experience and managing the cost.

是的，我們一直非常密切地關注成本，而且已經持續了很長時間，對吧？我們使用 Airo 的生成式人工智慧技術已經將近兩年了。所以我們密切關注著它。我們內部託管有其他替代模型功能，可以用於抵消成本。但你真正將會看到的是，我們透過不同的模型進行測試，以在降低收入、為客戶提供卓越體驗和控製成本這三大目標函數之間找到合適的平衡點。

So we're looking at that full equation, and we feel comfortable that we have the expertise to manage it. and still hit the 33% margin before market goes in with that. .

所以我們正在全面分析這個問題，並且我們有信心我們擁有足夠的專業知識來應對，並且在市場接受這個結果之前仍然能夠達到33%的利潤率。。

You saw, I knew you.

你看到了，我認識你。

Naved Khan, B. Riley.

納維德·汗，B·萊利。

This is Ryan Powell on for Naved. So we were wondering, you introduced some AI upgrades to manage WordPress earlier this year, and we were hoping if you could talk about any uptake you've seen by the PROS since rollout? And then secondly, on international growth outpacing overall if there are any specific markets to call out?

這是瑞安鮑威爾替納維德解說。我們想知道，您今年早些時候推出了一些用於管理 WordPress 的 AI 升級，我們希望您能談談自推出以來，專業人士對這些升級的接受程度如何？其次，關於國際成長速度超過整體水準的問題，是否有任何特定市場值得特別關注？

Yeah. The WordPress updates have gone really well. Designers developers that work with us are using the tool we measure how quickly they are able to get up at the site running. We see improvements in that cycle time, and we're happy about that. we've bullishness from what we tested with the WordPress upgrades is what is bringing the agent to Airo.ai soon, where we'll be able to offer a fully agent interface that works with the other agents and allows the customer to create a WordPress site skipping many, many many, many steps.

是的。WordPress的更新非常順利。與我們合作的設計師和開發人員正在使用我們開發的工具來衡量他們能夠多快地啟動網站並使其運作。我們看到週期時間有所縮短，對此我們感到非常高興。我們對 WordPress 升級的測試結果充滿信心，這促使我們很快將代理程式遷移到 Airo.ai，屆時我們將能夠提供一個完整的代理程式介面，該介面可以與其他代理程式協同工作，並允許客戶跳過許多繁瑣的步驟來建立 WordPress 網站。

So we feel very good. We recently actually won a couple of awards for best WordPress for small businesses. So word is starting to get out, but GoDaddy has the new WordPress platform that we're putting AI tools around it and the capabilities aren't new and different. We do have a small amount of effort around tapping into agencies and new markets on that.

我們感覺非常好。我們最近榮獲了幾個小型企業最佳 WordPress 獎項。所以消息開始傳開了，但 GoDaddy 的新 WordPress 平台，我們正在為其添加 AI 工具，但其功能並不是新的、不同的。我們確實在這方面投入了一些精力，試圖與代理商和新市場建立聯繫。

And that's still very early, but the early feedback that we received has been good. Of course, they want to see more, and we're excited to give them more AI capabilities and continue the testing.

現在還處於非常早期的階段，但我們收到的早期回饋是正面的。當然，他們希望看到更多，我們也很高興能為他們提供更多人工智慧功能並繼續進行測試。

And Ryan, on international, nothing to call out. We saw strength similar to what we saw in the domestic market, both primary and secondary. And we saw some large aftermarket transactions and in the international geographies, but nothing specific to call out.

至於瑞安，在國際賽場上，沒有什麼值得一提的。我們看到了與國內市場類似的強勁表現，無論是一級市場還是二級市場。我們看到了一些大型的售後市場交易，而且涉及國際地區，但沒有什麼特別值得一提的。

Ella Smith on for Alexei Gogolev, JPMorgan.

艾拉史密斯 (Ella Smith) 代表摩根大通 (JPMorgan) 的阿列克謝戈戈列夫 (Alexei Gogolev)。

So first, I was hoping to ask about the state of SMBs since it's become more opaque under the government shutdown. What are you hearing from your customers?

首先，我想了解中小企業的現狀，因為在政府停擺期間，中小企業的狀況變得更加不透明了。你從客戶那裡聽到了什麼？

Yeah. Well, what our survey shows is that our customers, they continue to be more bullish about their businesses than they are about the economy, but their overall view of the economy has not changed too much in the last several quarters.

是的。我們的調查顯示，我們的客戶對自身業務的信心仍然高於對經濟的信心，但他們對經濟的整體看法在過去幾季中並沒有太大變化。

Now obviously, when we engage them, they have a lot on their mind right now. But what we've seen in the past is that this is a very resilient group of people and they have a high propensity to believe in themselves and believe in their businesses. And we do -- we don't find any pullback in terms of their engagement or entrepreneurship in general.

很顯然，當我們與他們交流時，他們現在有很多事情要考慮。但我們過去的經驗表明，這是一群非常有韌性的人，他們非常相信自己，也相信自己的事業。而我們確實發現──就他們的參與或創業精神而言，並沒有出現任何倒退。

And if we get down to the specific metrics, then broadly, when we look across all of GoDaddy, we're seeing higher 2-plus attach of more customers taking two and more products. We're seeing higher average order size. We're seeing the $500-plus cohort growing in the business.

如果我們深入到具體的指標，那麼總體而言，當我們縱觀整個 GoDaddy 時，我們發現購買兩件或更多產品的客戶增加的比例更高。我們發現平均訂單規模增加。我們看到，年收入超過 500 美元的用戶群在業界不斷壯大。

We're seeing customers try many more products, even though they're buying or but they're trying even more products. So we still see a lot of positive signals for engagement for conversion and renewals have continued to be better.

我們發現，顧客嘗試的產品種類越來越多，即使他們購買的商品種類不多，但他們嘗試的產品種類卻更多。因此，我們仍然看到很多正面的訊號，顯示轉換率有所提高，續訂率也持續改善。

Now core renewals are going to be better given our focus on high-intent customers. But we think some of that renewal goodness is also indicating that while folks have stuff on their mind, our services tend to be essential to their success. So we're not seeing any weakness in the renewals for them.

現在，鑑於我們專注於高意向客戶，核心續訂率將會更高。但我們認為，這種復興帶來的部分好處也表明，儘管人們心中有很多事情要操心，但我們的服務對他們的成功至關重要。因此，我們沒有看到他們的續約出現任何疲軟跡象。

And I would just focus on the word they continue to be a very optimistic group about their ability to be successful on that. That hasn't changed, and we haven't seen that showing up or heard it showing up.

我只想強調一點，他們仍然是一個對自己能夠成功非常樂觀的群體。情況沒有改變，我們既沒有看到也沒有聽到這種情況出現。

And Mark that's very helpful. And if I could squeeze one more in. We're really curious about the section of domains and AI. So it seems like Airo has been positive for domain sales. Are you seeing your customer -- your customer funnel composition change at all? Or even are you seeing customers adopt new type of TLDs that weren't as common before?

馬克，這很有幫助。如果還能擠出一點時間就好了。我們對網域名稱和人工智慧這部分內容非常感興趣。看來Airo對域名銷售產生了正面影響。您是否發現您的客戶—或者說您的客戶轉換漏斗的組成發生了任何變化？或者，您發現客戶開始採用以前不常見的新型頂級域名？

We have seen over the last year or two more, for example, AI domain usage, right? And as any of those TLDs becomes more popular, you see some demand shifts. But if I had to take a long -- a little bit longer time period and look at it very broadly, we don't see massive shifts in references for our customers. We see a steady amount of traffic and pipeline, we see improving conversion rates over time. Now again, that's a focus of our marketing and our strategy of high-intent customers working there, too.

例如，在過去一兩年裡，我們已經看到了人工智慧領域的應用，對吧？隨著這些頂級域名變得越來越受歡迎，你會看到一些需求變化。但如果我必須放眼更長的時間跨度，從更廣闊的視角來看待這個問題，我們並沒有看到客戶參考標準有巨大的變化。我們看到流量和銷售管道穩定成長，轉換率也隨著時間的推移而提高。現在，這也是我們行銷和策略的重點，我們致力於吸引高意向客戶在那裡工作。

But we see pretty consistent demand and usage from our customers when it comes to domain. And again, I'm just very bullish on AI. I think it will do amazing things for us, for our customers.

但就域名而言，我們看到客戶的需求和使用相當穩定。我再次重申，我非常看好人工智慧。我認為它將為我們和我們的客戶帶來巨大的好處。

And as it gets easier to create content as it gets easier to build a website, I think there's a symbiotic relationship where LLMs are using websites to gain content, creating tools that make it easier to have websites, and that's a symbiotic relationship that should sell more and more domains.

隨著內容創作和網站建立變得越來越容易，我認為這裡存在著一種共生關係：LLM（法學碩士）利用網站來取得內容，創建工具使網站建立更容易，這種共生關係應該會促進網域銷售的成長。

And frankly, even I'm even more excited about a world where that domains infrastructure powers agents across the world. And I I went on about it already a little bit, so I want to repeat myself, but I'm just super excited about a world which we call the Agentic Open Web agents use the A&S infrastructure and open standard to work with each other. And it just others in line on how exciting that world is going to be for our customers, like they'll be able to do things they couldn't even imagine two, three years ago.

坦白說，我甚至更興奮於這樣一個世界：該領域的基礎設施能夠為世界各地的代理商提供支援。我之前已經稍微談過這個問題了，所以我想再說一遍，但我對我們稱為 Agentic Open Web 的世界感到非常興奮，代理使用 A&S 基礎設施和開放標準相互協作。這也印證了其他一些人對那個世界將如何令我們的客戶感到興奮，他們將能夠做到兩三年前他們甚至無法想像的事情。

And just one thing to call out, nothing on the TLD specific, but we did see a return to large transactions in the aftermarket, the secondary market. Not calling that a trend just yet, but it was increased activity, and we'll continue to monitor as we go forward.

還有一點要指出，這與頂級網域本身無關，但我們確實看到二級市場（或稱售後市場）的大額交易回歸。現在還不能斷言這是一種趨勢，但活動確實有所增加，我們將繼續密切關注事態發展。

Yeah. That usually means while it's not a perfect correlation, it usually means bullishness on behalf of people buying those domains because they go after these high-value names.

是的。雖然這並非完全相關，但這通常意味著購買這些網域的人看好市場，因為他們追求的是這些高價值的網域。

Brent Thill, Jefferies.

布倫特‧蒂爾，傑富瑞集團。

This is actually Sang-Jin Byun for Brent Thill. Two questions. One, just on industry trend. There's a lot of talk about the MCP service and exposing some of the features and functionality to the outside and maybe to partners. Wondering how you're thinking about that in terms of exposing functionality and letting integration into some of what you provide? And then I have a follow-up after that.

這其實是卞相鎮為布倫特·希爾所作。兩個問題。第一，僅從產業趨勢來看。很多人都在談論 MCP 服務，以及將一些功能和功能向外部甚至合作夥伴開放。我想知道您在開放功能和允許整合到您提供的一些服務方面是如何考慮的？然後我還有後續跟進。

Yeah, we're all on board with MCP any day, and you will find like GoDaddy with A&S. Supports both protocols. So when you register an agent, you actually tell it because they want to use MCP or (inaudible). And we're looking at the best ways of offering all our customers the ability to surface their content or functionality, let's say it's a commerce offering or using MCP or maybe ACP in the future. So all of that is very much in the wheelhouse for us.

是的，我們隨時都支持 MCP，你會發現它就像 GoDaddy 與 A&S 的合作一樣。兩種協議均支援。所以當你註冊代理時，實際上是在告訴系統他們想使用MCP或其他工具。（聽不清楚）我們正在研究如何以最佳方式讓所有客戶都能展示他們的內容或功能，例如，如果是電商產品，或使用 MCP，或未來可能使用 ACP。所以所有這些都在我們的能力範圍之內。

We're excited about being able offer our customers all of this capability or something like an MCP capability wrapped in an agent right, wrapped in a manner that they can trust that they feel good about and it represents them in the best way possible and builds on the content or functionality they already own. .

我們很高興能夠為客戶提供所有這些功能，或者類似 MCP 的功能，並將其封裝在代理中，以一種他們可以信任並感到滿意的方式進行封裝，以最佳方式代表他們，並在他們已有的內容或功能的基礎上進行擴展。。

Yeah. So make it easier to consume for SMBs next.

是的。接下來要讓中小企業更容易使用。

Exactly.

確切地。

And then the other question, on the A&C growth, it's been growing like mid-teens. You've been guiding to mid-teens for quite a while now, maybe the last several quarters. and you have a couple more quarters or maybe tougher comps in the 16% level, I guess, through the March quarter. But how should we think about that going forward in general? I mean, is it now going back to low to mid-teens or low teens in general as we anniversary that as you get bigger and bigger?

至於A&C的成長，它一直保持著十幾個百分點的成長速度。你指導的收益率已經維持在十幾個百分點左右很長一段時間了，可能最近幾季都是如此。而且我猜，在接下來的幾個季度裡，或者說在你下個季度之前，你可能會面臨更嚴峻的業績比較，收益率會維持在16%左右。但從長遠來看，我們該如何看待這個問題呢？我的意思是，隨著我們紀念日的到來，隨著你越來越大，現在是不是又回到了十幾歲甚至十幾歲左右的水平了？

Yeah. So Jin, just a couple of highlights there. We were talking about revenue for Q4 that we have a tough comp for revenue, so we called that out. As we go into 2026, and obviously, we'll talk about '26 as we close out the year, we feel really good about the momentum we're seeing, and that's why we're calling out that cohort that is attaching faster, greater AOS, higher retention, A lot of that shows up in the A&C bookings and then obviously, it becomes A&C revenue. And we feel really good about how we're going into the second half of this year and what that will mean for '26 and what that will mean for the long term.

是的。所以，Jin，這裡只列舉幾個重點。我們當時在討論第四季的營收，由於去年同期營收基數較高，所以我們特別提到了這一點。展望 2026 年，當然，我們會在年底討論 2026 年的情況，我們對目前的發展勢頭感到非常滿意，因此我們特別關注那些簽約速度更快、平均訂單金額更高、留存率更高的用戶群體。這些優勢在廣告和商務預訂中都有所體現，最終轉化為廣告和商務收入。我們對今年下半年的發展前景以及這對 2026 年和長遠發展意味著什麼，都感到非常樂觀。

Elizabeth Porter, Morgan Stanley.

伊莉莎白‧波特，摩根士丹利。

Great. Thank you so much. You talked a lot about Agentic, and I wanted to ask a little bit more specifically as it relates to commerce, where we've seen examples like open AIs, instant checkout -- and so the question is, as customers increasingly shift towards conversational or some of these AI-driven interfaces that may be sitting just outside of the traditional website real estate how are you splitting the role of the traditional website to evolve within that ecosystem? And what are some of the investments that you're making in the product portfolio to capitalize on this potential shift and interfaces for engagement?

偉大的。太感謝了。您談了很多關於智慧代理（Agentic）的內容，我想更具體地問一下它與商業的關係，我們已經看到了一些例子，例如開放人工智慧、即時結帳——所以問題是，隨著客戶越來越多地轉向對話式或一些人工智慧驅動的介面（這些介面可能位於傳統網站之外），您是如何劃分傳統網站的角色，使其在這個生態系統中發展演變的？為了利用這種潛在的轉變和互動介面，你們在產品組合方面進行了一些投資？

Yeah. I mean I'm sure since you're asking the question, how early we are in this AI life cycle. And when we look at commerce with AI or with the large LLMs we're even earlier when it comes to commerce. Now everything we have seen, and we're engaged with the big players out there and keeping up to speed and how things are evolving. And changing.

是的。我的意思是，既然你問了這個問題，那麼我們目前所處的人工智慧生命週期階段應該處於什麼早期階段呢？當我們審視人工智慧在商業領域的應用，或與大型LLM（生命週期管理）結合時，我們在商業領域仍處於更早期的階段。現在我們已經看到了這一切，我們正在與業內主要參與者保持聯繫，並密切關注事態發展。而且還在變化。

Ultimately, our customers do need a place where all their content is available, where all the different functions that have to be executed are available. And the investments we are making is to prepare ourselves to be able to surface our customers' content and data and actions across the LLMs, across Agentic browsers across whatever new AI technology comes along.

最終，我們的客戶確實需要一個地方，在那裡他們可以存取所有內容，可以執行所有不同的功能。我們正在進行的投資是為了做好準備，以便在 LLM、Agentic 瀏覽器以及任何新的 AI 技術中，都能展示我們客戶的內容、數據和行為。

And secondarily, making sure that our customers surface in those LLMs in a manner that makes sense for them and is accretive for them. So those are the two areas where we're putting in the most energy, but it's just very, very early. And I mean, none of us have really a crystal ball on how -- this is evolving, but what we try to do is stay very much up to speed with it and look forward three to six months and say, look, we're here now, what do we expect next and move very quickly towards that?

其次，確保我們的客戶以對他們有意義且對他們有利的方式出現在這些 LLM 中。所以，這是我們投入最多精力的兩個領域，但現在還處於非常非常早期的階段。我的意思是，我們誰也沒有水晶球能真正預知未來會如何發展——這是在不斷演變的，但我們努力做的就是緊跟時代步伐，展望未來三到六個月，然後說，看，我們現在身處何處，我們接下來期待什麼，並迅速朝著那個方向前進？

Great. And then just as a follow-up, Mark, I wanted to follow up on your most recent comments around that strengthening customer cohort dynamics showing up in A&C. So could you provide a little bit more color on what exactly you're seeing as it relates to the strengthening dynamics? Is this incrementally more users or more just a better ARPU? And how should we think about the skew between gross new customers driving the strengthening versus more going back to the installed base of existing customers and that being the bigger driver? Thank you.

偉大的。馬克，作為後續問題，我想就你最近關於A&C中出現的不斷增強的客戶群動態的評論進行一些後續討論。那麼，您能否更詳細地說明一下，您在加強動態方面究竟觀察到了什麼？這是用戶數量逐步增加，還是只是平均每用戶收入（ARPU）提高了？我們該如何看待新增客戶推動成長與現有客戶群回流才是更大驅動力之間的這種偏差？謝謝。

Yeah, absolutely. And thanks, Elizabeth. A good way to look at it is if you want to look at what is being driven by quantity, usually bit stronger renewal rates, better attached and new customers coming in for the first time and getting to all for [8], right?

是的，絕對的。謝謝你，伊麗莎白。一個很好的觀察方法是，如果你想看看數量驅動因素是什麼，通常會有更強的續訂率、更好的客戶依從性以及首次進入的新客戶，並且達到所有[8]，對吧？

And then you have the pricing and the bundling on the other side is that as we provide more value, we can start to charge. Both of them are contributing about equal to our funnel right now, which is, again, going to the initiatives around pricing and bundling and seamless experience contributing both equally as we go forward.

另一方面，價格和捆綁銷售方面，隨著我們提供的價值增加，我們就可以開始收費。目前，他們兩人對我們的行銷漏斗貢獻大致相同，這再次表明，圍繞定價、捆綁銷售和無縫體驗的各項舉措，將在未來發揮同等作用。

So -- it's a good way to look at it. We're seeing strength across the board, and that's why we feel really good about our momentum going into 2026.

所以——這是一種很好的看待問題的方式。我們看到各方面都表現強勁，這就是為什麼我們對進入 2026 年的發展勢頭感到非常樂觀。

Great. Thank you.

偉大的。謝謝。

Thank you. That concludes our call. I'll hand the call back over to Aman for closing remarks.

謝謝。通話到此結束。我將把電話交還給阿曼，請他作總結發言。

Well, thank you all for joining. I shout out to all GoDaddy employees for a fantastic quarter, and I look forward to welcoming all our investors at our Investor Day in December. Thank you.

謝謝大家的參與。我要向所有 GoDaddy 員工致以熱烈的祝賀，感謝他們在本季的出色成績。我期待在 12 月的投資者日上歡迎所有投資者的到來。謝謝。