威瑞信 (VRSN) 2025 Q2 法說會逐字稿

Good day, everyone. Welcome to Verisign's second quarter 2025 earnings call. Today's conference is being recorded. Recording of this call is not permitted unless preauthorized. At this time, I would like to turn the conference over to Mr. David Atchley, Vice President of Investor Relations and Corporate Treasurer. Please go ahead, sir.

大家好。歡迎參加 Verisign 2025 年第二季財報電話會議。今天的會議正在錄製中。除非事先獲得授權，否則不允許錄製此通話。現在，我想將會議交給投資者關係副總裁兼公司財務主管 David Atchley 先生。先生，請繼續。

Thank you, operator. Welcome to Verisign's second quarter 2025 earnings call. Joining me are Jim Bidzos, Executive Chairman, President, and CEO; and John Calys, Executive Vice President and CFO. This call and presentation are being webcast from the Investor Relations website, which is available under about Verisign on verisign.com. There, you will also find our earnings release.

謝謝您，接線生。歡迎參加 Verisign 2025 年第二季財報電話會議。與我一起出席的還有執行董事長、總裁兼執行長 Jim Bidzos 和執行副總裁兼財務長 John Calys。本次電話會議及簡報將在投資者關係網站進行網路直播，您可以在 verisign.com 網站上的「關於威瑞信」專欄下造訪。您也可以在那裡找到我們的收益報告。

At the end of this call, the presentation will be available on that site, and within a few hours, the replay of the call will be posted. Financial results in our earnings release are unaudited, and our remarks include forward-looking statements that are subject to the risks and uncertainties that we discuss in detail in our documents filed with the SEC, specifically the most recent reports on Form 10-K and 10-Q.

本次通話結束後，簡報將在該網站上提供，並且在幾個小時內，將發布通話重播。我們收益報告中的財務結果未經審計，我們的評論包括前瞻性陳述，這些陳述受我們在向美國證券交易委員會提交的文件中詳細討論的風險和不確定性的影響，特別是最新的 10-K 和 10-Q 表格報告。

Verisign does not update financial performance or guidance during the quarter unless it is done through a public disclosure. The financial results in today's call and the matters we will be discussing today include GAAP results and two non-GAAP measures used by Verisign, adjusted EBITDA and free cash flow.

除非透過公開揭露，否則威瑞信不會更新季度內的財務表現或指引。今天電話會議中的財務結果和我們今天將要討論的事項包括 GAAP 結果和 Verisign 使用的兩個非 GAAP 指標、調整後的 EBITDA 和自由現金流。

GAAP to non-GAAP reconciliation information is appended to the slide presentation, which can be found on the Investor Relations section of our website available after this call. Jim and John will provide some prepared remarks. And afterward, we will open the call for your questions. With that, I'd like to turn the call over to Jim.

GAAP 與非 GAAP 的對帳資訊已附加到幻燈片簡報中，您可以在本次電話會議後在我們網站的「投資者關係」部分找到。吉姆和約翰將發表一些準備好的演講。隨後，我們將開始回答大家的提問。說完這些，我想把電話轉給吉姆。

Thank you, David. Good afternoon to everyone, and thank you for joining us. Last week, Verisign marked 28 years of 100% availability of the .com and .net domain name resolution system, an unparalleled record of reliability, delivering on our mission of providing stability and security of the critical Internet infrastructure we operate.

謝謝你，大衛。大家下午好，感謝大家的參與。上週，威瑞信 (Verisign) 慶祝了 .com 和 .net 域名解析系統 28 年來 100% 可用的成就，創造了無與倫比的可靠性記錄，履行了我們為所運營的關鍵互聯網基礎設施提供穩定性和安全性的使命。

Turning to our results, Verisign's performance in the second quarter reflects sequentially improving trends and the soundness of our business model. At the end of June, the domain name base for .com and .net totaled 170.5 million domain names, up 660,000 from last quarter.

談到我們的業績，威瑞信第二季的業績反映了連續改善的趨勢和我們商業模式的穩健性。截至6月底，.com和.net網域名稱庫總數達1.705億個，較上季增加66萬個。

New registrations for the second quarter totaled 10.4 million compared with 10.1 million for last quarter and 9.2 million for the same quarter a year ago. The renewal rate for the second quarter of 2025 is expected to be 75.5% compared to 72.7% a year ago. Given these improving domain name base trends, we now expect the change in the domain name base to be between positive 1.2% and positive 2% for 2025.

第二季新註冊人數總計 1,040 萬，而上一季為 1,010 萬，去年同期為 920 萬。預計 2025 年第二季的續約率將達到 75.5%，而去年同期為 72.7%。鑑於域名庫不斷改善的趨勢，我們預計 2025 年域名庫的變化將在正 1.2% 至正 2% 之間。

The improving trends which began at the end of last year, have continued throughout the first half of 2025. Each of our geographic regions have shown improvement year over year in both new registrations and renewal rates with particular new registration strength from Asia-Pac.

從去年年底開始的改善趨勢一直持續到 2025 年上半年。我們每個地理區域的新註冊量和續約量都逐年提高，其中亞太地區的新註冊量尤其強勁。

We are seeing registrars focus more on customer acquisition and many of them are engaging more fully with our marketing programs. Our updated guidance reflects this positive momentum, but continues to reflect some conservatism as economic and geopolitical uncertainty exists and as we monitor the continuing strength of the trends noted.

我們看到註冊商更加重視客戶獲取，其中許多註冊商更充分地參與我們的行銷計劃。我們更新後的指引反映了這一積極勢頭，但由於存在經濟和地緣政治不確定性，且我們監測到上述趨勢的持續強度，因此繼續反映出一定的保守主義。

Our financial and liquidity position remained stable with $594 million in cash, cash equivalents, and marketable securities at the end of the quarter. During the second quarter, we returned $235 million to stockholders, of which $72 million was through dividend payments and $163 million through repurchase of 0.6 million shares.

我們的財務和流動性狀況保持穩定，本季末現金、現金等價物和有價證券為 5.94 億美元。第二季度，我們向股東返還了 2.35 億美元，其中 7,200 萬美元透過股息支付，1.63 億美元透過回購 60 萬股股票返還。

Effective today, the Board of Directors has increased the amount authorized for share repurchases of Verisign's common stock by $913 million for a total of $1.5 billion available under the current share repurchase program, which has no expiration.

自今日起，董事會已將授權回購威瑞信普通股的金額增加了 9.13 億美元，根據現行股票回購計劃，總計可回購金額達到 15 億美元，且該計劃沒有期限。

As announced in today's earnings release, Verisign's Board of Directors declared a cash dividend of $0.77 per share of Verisign's outstanding common stock to stockholders of record as of the close of business on August 19, 2025, and payable on August 27, 2025. Verisign intends to continue to pay a cash dividend on a quarterly basis, subject to market conditions and approval by Verisign's Board of Directors. Now I'd like to turn the call over to John. I'll return when John has completed his financial report with closing remarks.

正如今天的收益報告所宣布的那樣，威瑞信董事會宣布向 2025 年 8 月 19 日營業結束時登記在冊的股東派發每股 0.77 美元的現金股息，並於 2025 年 8 月 27 日支付。威瑞信計劃繼續按季度支付現金股息，但需視市場狀況和威瑞信董事會的批准而定。現在我想把電話轉給約翰。當約翰完成他的財務報告並作完總結發言後，我就會回來。

Thank you, Jim, and good afternoon, everyone. For the quarter ended June 30, 2025, the company generated $410 million of revenue, up 5.9% from the same quarter a year ago. Operating expense in Q2 2025 totaled $129 million, which compares to $131 million last quarter and $121 million for the second quarter of last year.

謝謝你，吉姆，大家下午好。截至 2025 年 6 月 30 日的季度，該公司創造了 4.1 億美元的收入，比去年同期成長 5.9%。2025 年第二季的營運費用總計 1.29 億美元，而上一季為 1.31 億美元，去年第二季為 1.21 億美元。

Net income for the second quarter totaled $207 million compared to $199 million, both last quarter and a year ago same quarter. Second quarter diluted earnings per share was $2.21 compared to $2.10 last quarter and $2.01 for the same quarter of 2024.

第二季淨收入總計 2.07 億美元，而上一季和去年同期均為 1.99 億美元。第二季每股攤薄收益為 2.21 美元，而上一季為 2.10 美元，2024 年同期為 2.01 美元。

Operating cash flow for the second quarter of 2025 was $202 million. Free cash flow was $195 million compared with $160 million and $151 million respectively in the year-ago quarter.

2025年第二季的經營現金流為2.02億美元。自由現金流為 1.95 億美元，去年同期分別為 1.6 億美元和 1.51 億美元。

I will now discuss our updated full year guidance for 2025. Revenue is now expected to be between $1.645 billion and $1.655 billion. Operating income is now expected to be between $1.117 billion and $1.127 billion.

我現在將討論我們更新後的 2025 年全年指導。目前預計收入在 16.45 億美元至 16.55 億美元之間。目前預計營業收入在 11.17 億美元至 11.27 億美元之間。

Interest expense and non-operating income net, which includes interest income estimates, is still expected to be an expense of between $50 million and $60 million. Capital expenditures are now expected to be between $25 million and $35 million. The GAAP effective tax rate is still expected to be between 21% and 24%.

包括利息收入估算在內的利息支出和非營業收入淨額預計仍為 5,000 萬美元至 6,000 萬美元之間的支出。目前預計資本支出在 2,500 萬美元至 3,500 萬美元之間。預計 GAAP 有效稅率仍將在 21% 至 24% 之間。

In summary, Verisign continued to demonstrate sound financial discipline during the quarter. Now I will turn the call back to Jim for his closing remarks.

總而言之，Verisign 在本季繼續表現出良好的財務紀律。現在我將把電話轉回給吉姆，請他作結束語。

Thank you, John. We're pleased to see the improving channel trends we're reporting today, which are the register refocus on customer acquisition and their engagement with our programs. We're also pleased to see that these trends are broad-based across all regions globally, particularly in Asia-Pac.

謝謝你，約翰。我們很高興看到今天報告的管道趨勢不斷改善，這些趨勢重新關注客戶獲取及其對我們計劃的參與。我們也很高興地看到這些趨勢在全球所有地區都有廣泛存在，尤其是亞太地區。

Our 2025 programs have deepened our engagement with our channel, and we're using what we're learning to improve our 2026 programs which are currently under development. I think it's important to remember that offering marketing programs to our registrar channel isn't new for the company, what's new is that as our channel is diversifying with many different business models represented, we're specifically adapting our programs for broader engagement.

我們的 2025 計畫加深了我們與通路的互動，我們正在利用所學到的知識來改進目前正在開發的 2026 計畫。我認為重要的是要記住，為我們的註冊商管道提供行銷計劃對公司來說並不是什麼新鮮事，新鮮的是，隨著我們的管道多樣化，代表了許多不同的商業模式，我們正在專門調整我們的計劃以實現更廣泛的參與。

Today, the focus of our reporting is, of course, Q2 earnings. However, our announcement of a dividend last April has drawn the interest of many investors new to Verisign, so for any of those who may be on today's call, I'd like to take the opportunity for a minute two to offer some perspective beyond the financial results.

今天，我們報道的重點當然是第二季的收益。然而，我們去年 4 月宣布的股息引起了許多 Verisign 新投資者的興趣，因此對於今天可能參加電話會議的任何人來說，我想藉此機會花兩分鐘時間來提供一些除了財務結果之外的觀點。

Verisign's primary mission is to operate critical global infrastructure, not only .com, but also including essential components of Internet navigation itself such as operating out servers and publishing the root zone within stringent availability and performance requirements.

Verisign 的主要使命是營運關鍵的全球基礎設施，不僅是 .com，還包括網路導航本身的基本元件，例如在嚴格的可用性和效能要求內營運伺服器和發布根區域。

The endpoint mission is in a challenging cyber threat environment to answer DNS queries with 100% availability, accuracy, and millisecond-level performance around the world 24/7. There are now over 460 billion such queries on average per day or well over 5 million queries per second every second of every day.

端點任務是在充滿挑戰的網路威脅環境中，全天候 24/7 地以 100% 的可用性、準確性和毫秒級效能回答 DNS 查詢。現在平均每天有超過 4,600 億次這樣的查詢，或每天每秒有超過 500 萬次查詢。

By developing a unique, highly resilient architecture with physical points of presence in over 60 countries, avoiding reliance on any public cloud service where outages are not uncommon and designing overcapacity measured in multiple orders of magnitude over current and anticipated traffic volumes, Verisign has delivered this performance for 28 continuous years without failure and unparalleled record.

透過開發獨特的、高彈性的架構，在 60 多個國家設有實體存取點，避免依賴任何經常發生中斷的公有雲服務，並設計出比當前和預期流量高出多個數量級的過剩容量，威瑞信已連續 28 年無故障地提供這種性能，創造了無與倫比的記錄。

Reliance on its mostly invisible infrastructure has grown as Internet usage and reliance has grown, and the broad dependencies on this infrastructure by other critical infrastructures cannot be overstated. Two contracts, the cooperative agreement with the Department of Commerce and the .com registry agreement with ICANN underlie Verisign's operation of .com, both have seen multiple renewals and most recently, both were renewed in November 2024 for another six years.

隨著網路使用和依賴程度的不斷增長，對其幾乎不可見的基礎設施的依賴也隨之增長，而其他關鍵基礎設施對該基礎設施的廣泛依賴程度也不言而喻。兩份合同，即與商務部簽訂的合作協議以及與 ICANN 簽訂的 .com 註冊協議，是 Verisign 運營 .com 的基礎，均已多次續簽，最近一次是在 2024 年 11 月續簽了六年。

Thanks for your attention today. This concludes our prepared remarks. And now we'll open the call for your questions. Operator, we're ready for the first question.

感謝您今天的關注。我們的準備好的演講到此結束。現在我們將開始回答大家的提問。接線員，我們已準備好回答第一個問題。

(Operator Instructions)

（操作員指示）

Rob Oliver, Baird.

羅伯奧利弗，貝爾德。

Great. Good afternoon. Jim, nice to speak with you, John, a special welcome to you. First question for you guys is just around the obvious domain strength, which you guys are seeing, which is very encouraging. And Jim, I would love to get your perspective on kind of what some of the drivers are for the domain strength? I know you called out broad-based drivers in terms of geography, but if there's anything to call out there?

偉大的。午安.吉姆，很高興與您交談，約翰，特別歡迎您。第一個問題是關於明顯的領域實力，這是你們看到的，非常令人鼓舞。吉姆，我很想聽聽你對領域實力的一些驅動因素的看法？我知道您從地理角度提出了廣泛的驅動因素，但是有什麼需要指出的嗎？

And then you did mention the marketing programs, and I appreciate that color, and I'd also love to hear a little bit on where you're seeing traction with those marketing programs. And then I had a quick follow-up.

然後您確實提到了行銷計劃，我很欣賞這種風格，而且我也很想聽聽您對這些行銷計劃的關注程度的看法。然後我進行了快速的跟進。

Okay. Well, First of all, the things that we mentioned earlier are the main drivers. Number one is refocus on new customer acquisition by registrars versus the ARPU that we saw for a period of time. So that cyclical turn is a tailwind that we were anticipating and hoping we didn't know exactly when it would come, but that's certainly here, and then register our engagement with our marketing programs.

好的。嗯，首先，我們之前提到的是主要驅動因素。第一個重點是註冊商重新專注於新客戶的獲取，而不是我們在一段時間內看到的 ARPU。因此，這種週期性轉變是我們預期和希望的順風，我們不知道它何時會到來，但它肯定會到來，然後記錄我們對行銷計劃的參與。

Our marketing programs are -- seem to be accelerating the improving trends in demand for our domain names. And we'll continue to refine and improve the programs as we learn and monitor their performance and apply what we learn and hopefully improve their effectiveness. And I know this is on a lot of folks' minds. So I'll just say, as a reminder, the cost of our marketing programs is baked into all of the updated guidance that we provided today.

我們的行銷計劃似乎正在加速我們網域需求的成長趨勢。我們將在學習和監控這些計劃的表現的同時，繼續完善和改進這些計劃，並應用我們所學到的知識，希望能夠提高它們的有效性。我知道很多人都在考慮這個問題。因此，我只想提醒一下，我們的行銷計劃的成本已包含在我們今天提供的所有更新指南中。

And all of these programs are accretive. And I would just call out as well the improvement in the preliminary renewal rate of 75.5%, up from last year's Q2 rate of 72.7%. I think that's significant. The midpoint of the DNB guidance that we gave today reflects what we expect to be a continuation of the trends. We think it's prudent not to ignore the variables here.

所有這些項目都具有增值作用。我還要指出的是，初步續約率已從去年第二季的 72.7% 上升至 75.5%。我認為這很重要。我們今天給出的 DNB 指導的中點反映了我們預期趨勢的延續。我們認為不應忽視這裡的變數。

So there's a little bit of caution baked in there as well. We'll certainly update you next quarter. But I'd say to sum it up, we're pretty pleased with the improvements that we're seeing. We're going to keep doing what we're doing with the programs and improve them, help accelerate the trends that we're seeing now across all the regions.

因此，這其中也包含著一些謹慎。我們一定會在下個季度向您通報最新情況。但總而言之，我們對所看到的改進感到非常滿意。我們將繼續推行這些計劃並加以改進，以幫助加速我們目前在所有地區看到的趨勢。

Great. And then just a quick follow-up. You called out Asia-Pac in particular, Jim, as a driver. And I guess two, parts to that question. One, is that also a combination of just better economy and marketing programs getting better for you guys? Or is it one or the other? And then two, have you seen any movement one way or another in China relative to domain activity?

偉大的。然後只是快速的跟進。吉姆，你特別提到了亞太地區，稱之為推動者。我想這個問題有兩個部分。首先，這對你們來說是否也是經濟狀況好轉和行銷計畫改善的結合？還是其中之一？第二，您是否看過中國在網域活動上有任何動向？

Sure. Thanks. John?

當然。謝謝。約翰？

Yeah. Rob, it's John. So certainly, we've seen year-over-year growth in new registration across all of our main regions. Asia-Pac was the strongest of those three regions. And China is now reported as a part of our Asia-Pac region. Registrars in that regions are seeing solid demand, and we think some of that demand is being accelerated by our marketing programs.

是的。羅布，我是約翰。因此，我們確實看到所有主要地區的新註冊數量同比增長。亞太地區是這三個地區中最強的。據報道，中國現在是我們亞太地區的一部分。該地區的註冊商看到了強勁的需求，我們認為我們的行銷計劃正在加速部分需求的成長。

Over the years, as you know, we have seen volatility out of China. And so while we're pleased right now with the improvement and the trend that we see, we continue to monitor the strength and the duration of the positive trends. And as Jim mentioned, we've baked a little bit of conservatism into our forecast for the rest of the year.

正如你們所知，多年來，我們看到了中國局勢的動盪。因此，雖然我們對目前看到的改善和趨勢感到滿意，但我們會繼續監測正面趨勢的強度和持續時間。正如吉姆所提到的，我們對今年剩餘時間的預測加入了一些保守的因素。

Ygal Arounian, Citigroup.

花旗集團的 Ygal Arounian。

Maybe first a clarification. It sounds like you're talking about the marketing programs and the kind of registrars moving back towards broadening the funnel versus on ARPU as separate things. Do you see the marketing program driving the way the registrars are changing on that ARPU versus funnel approach? Or are both things kind of happening concurrently at the same time but separately?

也許首先需要澄清一下。聽起來，您正在談論行銷計劃和註冊商轉向擴大管道而不是 ARPU 這兩個不同的事情。您是否認為行銷計畫會推動註冊商在 ARPU 與漏斗方法上的改變？還是這兩件事是同時但分別發生的？

I think it's kind of the latter there that you're describing. There is clearly, I mentioned last quarter that early in the year, two registrars amortized in the Super Bowl. That's a bit of an extreme example, but there's a much activity similar to that, that we see that they're focusing on trying to find new customers. Our programs, we think, are contributing and accelerating. And so there's a bit of synergy there between the two.

我認為您所描述的屬於後者。顯然，我上個季度提到過，今年年初，有兩名註冊員在超級盃中攤提。這是一個有點極端的例子，但有許多類似的活動，我們看到他們專注於尋找新客戶。我們認為，我們的計劃正在做出貢獻並加速發展。因此兩者之間存在著一定的協同作用。

The other component here is that the diverse channel that we mentioned, they all have different business models. And by offering them range of programs that allow all of them to engage. I think that's very welcome. We get a lot of feedback.

這裡的另一個組成部分是我們提到的多樣化管道，它們都有不同的商業模式。並為他們提供一系列允許他們所有人參與的項目。我認為這非常受歡迎。我們收到了很多回饋。

We visit all of our channel partners. We speak to them frequently. And I would say not only are we learning, but the feedback that we're getting also is very much informing what we'll do with the programs that we're putting together right now for 2026.

我們拜訪了所有通路夥伴。我們經常與他們交談。我想說，我們不僅在學習，而且我們得到的回饋也對我們如何處理目前為 2026 年制定的計劃有很大幫助。

Okay. Very helpful. And so maybe a follow-up on the 2026 programs as well. So the program is helping you get or at least kind of envision the 2% growth at the high end for this year. If I look back historically, there's always been a range in where kind of the domain name base grows.

好的。非常有幫助。因此也許還會對 2026 年計劃進行跟進。因此，該計劃正在幫助您實現或至少預見今年 2% 的高端成長。如果回顧歷史，網域基礎的成長總是有一個範圍。

But certainly an opportunity to get back above 2%. And I know I'm not going to ask you to forecast for 2026. But if the marketing programs are working and you can kind of continue to tweak them, maybe to a path towards greater than that moving forward beyond this year? Just any more color you can give on the marketing programs next year? And where do you think that can take things?

但肯定是回到2%以上的機會。我知道我不會要求你預測 2026 年的情況。但是，如果行銷計劃有效，並且您可以繼續對其進行調整，那麼也許可以在今年之後取得更大的進步？您能透露更多關於明年行銷計劃的詳細資訊嗎？您認為這會帶來什麼結果？

Well, it's a bit early for that, but I can tell you with confidence that what we're learning is giving us cause for a reason to believe that we think we can improve them. It's too early to talk about how much, of course, but I think there's no doubt that we're getting better that we're getting much, much more information that our channel engagement is broad and improved.

嗯，現在說這個還為時過早，但我可以自信地告訴你，我們所學到的知識讓我們有理由相信，我們可以改進它們。當然，現在談論多少還為時過早，但我認為毫無疑問我們會變得更好，我們獲得了越來越多的信息，我們的頻道參與度更加廣泛和完善。

Our teams are meeting more frequently. We're getting more specific suggestions, ideas, and requests about how we can help the channel perform better. So all of that activity certainly would be indicative of continued improvement.

我們的團隊開會更加頻繁。我們收到了更多關於如何幫助頻道表現更好的具體建議、想法和請求。因此，所有這些活動肯定都預示著持續的改善。

We'll keep you posted. We'll talk to you again in another quarter and maybe we'll have more. But I see it now as an opportunity to take everything that we're learning, which is significant and apply it to designing more effective programs and perhaps even get broader engagement by the channel. Remember, we have a very large number of registrars. And so bit early to talk too much about 2026, but we're pleased with what we're seeing and hearing. John, do you want to add anything?

我們會及時通知您。我們將在另一個季度再次與您交談，也許我們將有更多討論。但我現在認為這是一個機會，我們可以利用所學的一切重要知識來設計更有效的程序，甚至可能獲得管道更廣泛的參與。請記住，我們有大量的註冊商。現在談論 2026 年還為時過早，但我們對所看到和聽到的情況感到滿意。約翰，你還有什麼要補充嗎？

No. We're obviously, in our planning process, we're looking at how we can refine and adjust the programs. I think it's more of an evolution than a revolution as we look forward.

不。顯然，在我們的規劃過程中，我們正在研究如何改進和調整這些計劃。我認為，展望未來，這更像是一場進化，而不是一場革命。

But in the right direction.

但方向正確。

Yeah.

是的。

Okay. Sorry, two more if you don't mind. One maybe quick and a philosophical one, bigger picture over time. Any update on the new domain auctions that are coming up later this year and your thoughts on -- I know we're still working through web potentially, but just broadening beyond .com, .net, and maybe .web.

好的。抱歉，如果您不介意的話，再來兩個。一個可能是快速的，一個是哲學的，隨著時間的推移，會形成更大的圖像。關於今年稍後即將舉行的新網域拍賣，您有什麼最新消息嗎？您對此有何看法？我知道我們可能仍在透過網路開展工作，但只是擴展到 .com、.net 甚至 .web 之外。

And then the bigger picture, longer-term one, I mean, genAI and trends and the impact to the open Internet is a topic that comes up these days in almost every conversation with investors and in particular, the impact to the kind of mid- and long tail of the Internet over time.

然後從更大、更長期的角度來看，我的意思是，人工智慧和趨勢以及對開放網路的影響是如今幾乎每次與投資者的對話中都會出現的話題，特別是對網路中長尾的影響。

I just wanted to get your thoughts on how you see that impact playing out over time and your thoughts on how traffic to the open Internet might change and how that might change the trajectory or importance of domain growth and websites given where you sit, I'd love to get your thoughts on that.

我只是想聽聽您的看法，您如何看待這種影響隨著時間的推移而產生，以及您對開放互聯網流量可能會如何變化的看法，以及考慮到您所處的位置，這可能會如何改變域名增長的軌跡或重要性，我很想听聽您對此的看法。

All right, Ygal, thanks for your good essay questions in there. I will try to answer all of them, but try to be a little bit brief No, those are good questions. First of all, I think you were referring to the new gTLD program that ICANN is planning to launch next year. The target availability of the window of new applications to open is in Q2 of next year. So we're looking at that.

好的，Ygal，謝謝你提出的精彩的論文問題。我會盡力回答所有問題，但盡量簡短。不，這些都是很好的問題。首先，我認為您指的是 ICANN 計劃明年推出的新 gTLD 計劃。新申請窗口的目標開放時間為明年第二季。所以我們正在研究這個問題。

We've been involved in aspects of the program. You mentioned auctions. I think ICANN -- pretty sure that this has sort of decided at this point that there's a lot of indication that there will not be auctions that there'll be some other mechanism that would resolve what are called contention sets when multiple applicants for the same TLD apply.

我們參與了該計劃的各個方面。您提到了拍賣。我認為 ICANN —— 非常肯定，目前已經做出了決定，有很多跡象表明不會進行拍賣，而是會採用其他機制來解決當多個申請人申請同一 TLD 時產生的爭用集。

So yeah, we're looking at that for any opportunities for anything that we might apply for too early to really talk about anything there. You also mentioned .web. There is some update there. So let's see what we've had here just recently since the previous update, the IRP panel, which is essentially the arbitration panel, as you'll recall, we made a request, again, to participate in the IRP which was granted. So we'll be participating.

是的，我們正在尋找任何機會，我們可能申請得太早，無法真正談論任何事情。您還提到了.web。那裡有一些更新。那麼，讓我們看看自上次更新以來我們最近取得了哪些進展，IRP 小組，本質上是一個仲裁小組，你會記得，我們再次提出參與 IRP 的請求，並且獲得了批准。所以我們會參加。

Briefs have been submitted. Altanovo, the plaintiff, so to speak, in this case, made their brief in June. And our response and ICANN's responses are due in August, a very few days here. And the final hearing is currently scheduled for mid-November 2025. So maybe we're getting close to the end here.

簡報已提交。阿爾塔諾沃 (Altanovo)，也就是本案的原告，於 6 月提交了辯護狀。我們的回應和 ICANN 的回應將於 8 月做出，這裡只有幾天的時間。目前最終聽證會定於2025年11月中旬舉行。或許我們已經接近尾聲了。

And just to reiterate, we intend to become the registry operator for .web, we intend to bring this TLD to our customers as soon as we can. And we believe Altanovo's use of ICANN's processes to keep this from happening is an abuse of process and is being pursued in bad faith to keep .web off the market.

再次重申，我們打算成為 .web 的註冊管理機構，並打算盡快將此 TLD 帶給我們的客戶。我們認為，阿爾塔諾沃利用 ICANN 的流程來阻止這種情況發生是一種濫用程式的行為，並且是出於惡意，目的是為了阻止 .web 進入市場。

And with respect to AI, this is really interesting. We like -- as I'm sure you are, get a lot of questions, a lot of interest. It's really the focus for everybody. We don't see it as a negative. I think there are at least two areas where AI can be positive for domain names.

就人工智慧而言，這確實很有趣。我們喜歡－我相信你們也喜歡，收到很多問題，引起很多興趣。這確實是每個人關注的焦點。我們並不認為這是件壞事。我認為人工智慧至少可以在兩個領域對域名產生正面影響。

First, AI models, create their data from websites, and we think the AI optimization will become more important for creating websites with more content. I'd like to think that there is no static data in the world today even if an AI had an LLM that consisted of all -- everything in the Encyclopedia Britannica, even the war of 1812 is getting a new look, a new analysis, and new information.

首先，AI 模型從網站創建數據，我們認為 AI 優化對於創建包含更多內容的網站將變得更加重要。我想認為，即使人工智慧擁有包含《大英百科全書》所有內容的法學碩士學位，當今世界上也不會有靜態數據，甚至 1812 年的戰爭也會得到新的審視、新的分析和新的資訊。

So there's nothing static. So information needs to be obtained and the Internet needs to be navigated and that's where our infrastructure comes into play.

所以沒有什麼是靜態的。因此，需要獲取資訊並瀏覽互聯網，這就是我們的基礎設施發揮作用的地方。

AI tools can also be powerful for domain name suggestion is really powerful. And we've learned over the years that multiple keyword comms are good domain names to have. And we're using this building it into our name suggestion tools.

AI 工具也可以發揮強大的作用，因為網域建議確實非常強大。多年來，我們已經認識到，擁有多個關鍵字通訊的網域名稱是好的網域。我們將利用這一點將其融入我們的名稱建議工具中。

Now as it relates to our own use of AI internal and our infrastructure, as I think you may not be surprised to hear, we are taking a very cautious, a very low-risk approach. We're moving very carefully and thoughtfully before we fully implement any AI tools for our own business.

現在，就我們自己內部使用人工智慧和基礎設施而言，我想您可能不會感到驚訝，我們採取了非常謹慎、低風險的方法。在為我們自己的業務全面實施任何人工智慧工具之前，我們會非常謹慎和深思熟慮。

It's all about security and stability and avoiding the unknown and avoiding single points of failure. So we are drawing very, very careful fences around our use of AI and being extremely cautious about it. So anyway, there's a lot there. I don't know if that answered your questions.

這一切都是為了安全和穩定，避免未知和避免單點故障。因此，我們在使用人工智慧方面非常謹慎，並且極為謹慎。無論如何，那裡有很多東西。我不知道這是否回答了你的問題。

It does. Very interesting and very helpful.

確實如此。非常有趣並且非常有幫助。

Thank you. This does conclude today's question-and-answer session. I would now like to turn the call back to David Atchley for final comments.

謝謝。今天的問答環節到此結束。現在我想把電話轉回給 David Atchley 來徵求他的最後意見。

Thank you, operator. Please call the Investor Relations department with any follow-up questions from this call. Thank you for your participation. This concludes our call. Have a good evening.

謝謝您，接線生。如本次通話有任何後續問題，請致電投資者關係部門。感謝您的參與。我們的通話到此結束。祝您晚上愉快。

This does conclude today's conference. Thank you for your participation. You may now disconnect.

今天的會議到此結束。感謝您的參與。您現在可以斷開連線。