威瑞信 (VRSN) 2025 Q3 法說會逐字稿

Good day, everyone. Welcome to Verisign's third-quarter 2025 earnings call. Today's conference is being recorded. Recording of this call is not permitted unless preauthorized.

大家好。歡迎參加 Verisign 2025 年第三季財報電話會議。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。

At this time, I'd like to turn the conference over to Mr. David Atchley, Vice President of Investor Relations and Corporate Treasurer. Please go ahead, sir.

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 third-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 年第三季財報電話會議。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。本次電話會議和演示將在投資者關係網站進行網路直播，您可以在 verisign.com 的「關於威瑞信」欄位下造訪。您也可以在網站上查看我們的收益報告。

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.

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。

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. Verisign does not update financial performance or guidance during the quarter unless it is done through a public disclosure.

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。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。

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. 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.

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 Verisign 使用的 GAAP 結果和兩個非 GAAP 指標、調整後的 EBITDA 和自由現金流。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。

Jim and John will now provide prepa

吉姆和約翰現在將提供準備

red remarks. And afterward, we will open the call for your questions. With that, I would like to turn the call over to Jim.

紅色備註。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.

謝謝你，大衛。大家下午好，感謝大家的參與。

Verisign delivered both growth in a domain name base and solid financial performance during the third quarter. We also continued our consistent return of value to shareholders through dividends and share repurchases. At the end of September, the domain name base for .com and .net totaled 171.9 million domain names, up 1.4% year over year.

第三季度，威瑞信的網域基礎實現了成長，財務表現也表現穩健。我們也透過股利和股票回購繼續向股東持續提供價值回報。截至9月底，.com和.net網域總量達1.719億個，年增1.4%。

We had strength in the quarter with 10.6 million new registrations. Revenue was up 7.3% year over year and EPS is up 9.7% year over year.

本季我們表現強勁，新增註冊用戶 1,060 萬。營收年增 7.3%，每股收益較去年同期成長 9.7%。

During the quarter, we returned $72 million through dividends and $215 million through share repurchases for a total return to shareholders of $287 million.

本季度，我們透過股息返還了 7,200 萬美元，透過股票回購返還了 2.15 億美元，股東總回報為 2.87 億美元。

The positive domain name base trends we saw during the first half of the year continued during the third quarter. Net registrations added during the third quarter were 1.5 million names. This was made possible by the strong volume of new registrations already mentioned and improvement in the year-over-year preliminary renewal rate. The renewal rate for the third quarter of 2025 is expected to be 75.3% compared to 72.2% a year ago.

我們在上半年看到的正面的網域基礎趨勢在第三季得以延續。第三季淨註冊量為 150 萬個。這是由於前面提到的新註冊量強勁以及同比初步續約率的提高而實現的。預計 2025 年第三季的續約率將達到 75.3%，而去年同期為 72.2%。

The domain name base grew sequentially in our three main regions with the US and EMEA being the strongest. We're seeing solid underlying demand for our domain names and continued registrar engagement with our programs which together have enhanced the pace of growth in new registrations. Given these continued positive domain name base trends, we now expect the growth in the domain name base to be between 2.2% and 2.5% for 2025.

我們三個主要地區的網域庫連續成長，其中美國和歐洲、中東和非洲地區最為強勁。我們看到市場對我們的網域有強勁的潛在需求，並且註冊商持續參與我們的計劃，這些因素共同加快了新註冊量的成長速度。鑑於網域基礎持續保持正面趨勢，我們預計 2025 年網域基礎成長率將在 2.2% 至 2.5% 之間。

Our financial and liquidity position remained stable with $618 million in cash, cash equivalents and marketable securities at the end of the quarter. At the end of the quarter, $1.33 billion remained available under the current share repurchase program, which has no expiration.

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 6.18 億美元。截至本季末，現行股票回購計畫仍有 13.3 億美元可用，且該計畫沒有到期日。

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 November 18, 2025, and payable on November 25, 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.

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 11 月 18 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 11 月 25 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。

And now I'd like to turn the call over to John. I'll return when John has completed his financial report with some closing remarks.

現在我想把電話轉給約翰。當約翰完成他的財務報告並發表一些結束語後，我會回來。

Thank you, Jim, and good afternoon, everyone.

謝謝你，吉姆，大家下午好。

For the quarter ended September 30, 2025, the company generated revenue of $419 million, up 7.3% from the same quarter a year ago. Operating expense in Q3 2025 totaled $135 million, which compares to $129 million last quarter and $121 million for the third quarter last year. The areas we saw increases include incentive compensation and legal costs.

截至 2025 年 9 月 30 日的季度，該公司的營收為 4.19 億美元，比去年同期成長 7.3%。2025 年第三季的營運費用總計 1.35 億美元，而上一季為 1.29 億美元，去年第三季為 1.21 億美元。我們看到成長的領域包括激勵薪酬和法律成本。

Net income in the third quarter totaled $213 million compared to $207 million last quarter and $201 million in the third quarter last year. Third-quarter diluted earnings per share was $2.27 compared to $2.21 last quarter and $2.07 for the same quarter of 2024.

第三季淨收入總計 2.13 億美元，而上一季為 2.07 億美元，去年第三季為 2.01 億美元。第三季每股攤薄收益為 2.27 美元，而上一季為 2.21 美元，2024 年同期為 2.07 美元。

Operating cash flow for the third quarter 2025 was $308 million and free cash flow was $303 million, compared with $253 million and $248 million, respectively, in the quarter a year ago.

2025 年第三季的營運現金流為 3.08 億美元，自由現金流為 3.03 億美元，而去年同期的營運現金流和自由現金流分別為 2.53 億美元和 2.48 億美元。

I will now discuss our updated full year 2025 guidance. Revenue is expected to be between $1.652 billion and $1.657 billion. Operating income is now expected to be between $1.119 billion and $1.124 billion. Interest expense and nonoperating income net, which includes interest income estimates, is still expected to be an expense between $50 million and $60 million.

我現在將討論我們更新後的 2025 年全年指導。預計收入在 16.52 億美元至 16.57 億美元之間。目前預計營業收入在 11.19 億美元至 11.24 億美元之間。利息支出和非營業收入淨額（包括利息收入估算）預計仍為 5,000 萬美元至 6,000 萬美元之間的支出。

Capital expenditures are still expected to be between $25 million and $35 million, and the GAAP effective tax rate is still expected to be between 21% and 24%.

資本支出預計仍將在 2,500 萬美元至 3,500 萬美元之間，GAAP 有效稅率預計仍將在 21% 至 24% 之間。

In summary, Verisign continued to demonstrate sound financial discipline during the quarter.

總而言之，Verisign 在本季繼續表現出良好的財務紀律。

Now I will turn the call back to Jim for his closing remarks.

現在我將把電話轉回給吉姆，請他作結束語。

Thank you, John. The improved domain name base trends that emerged at the end of 2024 continued through the first three quarters of 2025. We're seeing strength in demand for our domain names, which we believe are the results of the plans and expectations we laid out last year, our adjustments to our channel programs, along with anticipated favorable cyclical shifts from ARPU to customer acquisition.

謝謝你，約翰。2024 年底出現的網域基礎改善趨勢將持續到 2025 年前三個季度。我們看到對我們網域的需求強勁，我們相信這是我們去年制定的計劃和預期、我們對通路計劃的調整以及預期從 ARPU 到客戶獲取的有利週期性轉變的結果。

Of note is that these improved trends are seen across our main three regions with strength in the US picking up during the third quarter. Our 2025 programs have deepened our engagement with our channel, and we use their feedback to improve our 2026 programs, which we have rolled out to our registrars.

值得注意的是，我們主要的三個地區都出現了這種改善趨勢，其中美國的成長勢頭在第三季度有所回升。我們的 2025 計劃加深了我們與管道的互動，我們利用他們的反饋來改進我們的 2026 計劃，該計劃已推廣給我們的註冊商。

We look forward to finishing out 2025 from a position of strength with these positive domain name base trends. I would note that we also see increases in registration and resolution activity for which we believe increasing use of AI is a primary driver.

我們期待憑藉這些積極的域名基礎趨勢，在 2025 年取得強勁進展。我想指出的是，我們也看到註冊和解決活動增加，我們認為人工智慧的使用增加是主要驅動力。

Thanks for your attention today. This concludes our prepared remarks, and now we'll open the call for your questions.

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。

Operator, we're ready for the first question.

接線員，我們已準備好回答第一個問題。

(Operator Instructions) Rob Oliver, Baird.

（操作員指示）Rob Oliver，Baird。

A couple of questions from me. Jim, I guess, first, I appreciate all the color on the domain base, trends that you're seeing. I guess, going back to Q1 of last year, when you guys called out the changes you need to make in your marketing programs, we've seen a nice improvement in those domain-based trends from sort of beginning of this year through now.

我有幾個問題。吉姆，我想，首先，我很欣賞你所看到的領域基礎的所有色彩和趨勢。我想，回顧去年第一季度，當你們提出需要在行銷計畫中做出的改變時，從今年年初到現在，我們已經看到這些基於領域的趨勢有了很好的改善。

You cited a few reasons, but I was wondering if you can give us a little bit more color perhaps on how much of it is macro, how much of it is stuff that you guys are controlling with your marketing programs? Any other color you can provide in particular, geos, would be helpful. And then I had a couple of quick follow-ups.

您列舉了幾個原因，但我想知道您是否可以給我們更多細節，例如其中有多少是宏觀因素，有多少是您們透過行銷計劃控制的東西？如果您能提供任何其他顏色，特別是 geos，將會很有幫助。然後我又進行了幾次快速的跟進。

Okay. Well, I think really the story is pretty much the one that I talked about in my remarks. It's just basically blocking and tackling in a sense. We improved our programs and made them more adaptable for our channel. We got great engagement from our channel.

好的。嗯，我認為這個故事實際上就是我在演講中談到的那個。從某種意義上來說，這基本上就是阻擋和鏟球。我們改進了我們的節目，使它們更適合我們的頻道。我們的頻道獲得了很大的參與度。

We've been talking about a cyclical shift that we were hoping for and anticipating and that came around. So that added to the growth. The registrar engagement with our marketing programs is also helping us sharpen our 2026 programs. I guess some more details we can share.

我們一直在談論我們所希望和期待的周期性轉變，而這種轉變已經實現。這促進了增長。註冊商參與我們的行銷計畫也有助於我們完善 2026 計畫。我想我們可以分享更多細節。

John, do you want to --

約翰，你想--

Sure. Thanks, Jim. As Jim mentioned, we saw good strength across all of our three main regions. EMEA has been the most consistent region over the past few quarters. But what we saw in third quarter was the US improved very nicely and was strong during the quarter. The domain base in Asia Pac, which includes China, did grow again, but it wasn't as strong as the growth we saw during the first half of 2025.

當然。謝謝，吉姆。正如吉姆所提到的，我們在三個主要地區都看到了良好的實力。過去幾個季度，歐洲、中東和非洲地區一直是表現最穩定的地區。但我們在第三季看到美國經濟有了很好的改善，並且表現強勁。包括中國在內的亞太地區的網域基礎確實再次成長，但不如我們在 2025 年上半年看到的成長那麼強勁。

Our programs seem to be contributing to the improving trend of domain -- of demand for our domain names. We saw a success with our marketing efforts during 2025. We've already rolled out our programs to registrars for 2026.

我們的計劃似乎正在促進域名需求的改善趨勢。我們在 2025 年的行銷努力取得了成功。我們已經向註冊商推出了 2026 年的計劃。

As Jim mentioned, we continue to incorporate feedback from our registrars and have further refined our approach for 2026. As you would expect, we'll continue to invest in programs that have been working well, and the initial response from our registrars to the 2026 programs has been positive.

正如吉姆所提到的，我們將繼續採納註冊商的回饋意見，並進一步完善我們 2026 年的方法。正如您所期望的，我們將繼續投資那些運作良好的項目，我們的註冊商對 2026 年項目的初步反應是正面的。

Just as a reminder, the cost of our marketing programs is included in our updated guidance we provide today, and all of these programs are accretive. In addition to the strong volume in new registrations, the renewal rate has continued to improve as evidenced by the preliminary renewal rate in third quarter of 75.3%, that's up from 72.2% a year ago, both the first time and previously renewed rates have improved year over year.

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最新指南中，並且所有這些計劃都是增值的。除了新註冊量強勁之外，續展率也持續提高，第三季的初步續展率為 75.3%，高於去年同期的 72.2%，首次續展率和先前續展率均較去年同期增加。

And as a reminder, the overall renewal rate is impacted by the mix of first-time renewing names this year versus last. And more specifically, last year, we had fewer new registrations which means fewer first-time renewals this year, which tends to improve the overall renewal rates.

需要提醒的是，整體續約率受到今年與去年首次續約名稱組合的影響。更具體地說，去年我們的新註冊數量較少，這意味著今年首次續訂的數量較少，這往往會提高整體續約率。

The midpoint of our improved D&B guidance for 2025 reflects a continuation of the trends seen in the first three quarters of the year, and we plan to provide you with 2026 guidance during our February call after we have a chance to see how domain-based trends finish out '25 and start out 2026.

我們改進的 2025 年 D&B 指導的中點反映了今年前三個季度趨勢的延續，我們計劃在 2 月份的電話會議中向您提供 2026 年的指導，屆時我們有機會了解基於領域的趨勢在 2025 年結束和 2026 年初的情況。

To sum it up, we're pleased with the improvements in both growth and renewal rates and that these better trends are seen across our main regions.

總而言之，我們對成長率和更新率的提高感到滿意，而這些更好的趨勢在我們的主要地區都有所體現。

That's really helpful. Okay thanks, John, appreciate it.

這真的很有幫助。好的，謝謝，約翰，非常感謝。

Jim, I want to ask specifically about changes that Google has made this year to their AdSense program. And what, if any, impact you might be seeing or expect to see within your current domain base from those changes?

吉姆，我想具體詢問 Google 今年對其 AdSense 計劃所做的更改。那麼，這些變更對您目前的網域基礎可能產生什麼影響（如果有的話）？或者您預計會產生什麼影響？

Okay. Well, so Google's AdSense has been around for a long time and the changes that they made are part of a long process that's not new. Through the almost 15 years, they started in 2011, 15 years, Google has been making changes their algorithm, and they've steadily eroded domain names that exist solely for ad monetization with AdSense. So changes this year to AdSense have continued a multiyear predictable strategy from Google to reduce their reliance of both advertisers and domain name registrants on that particular service.

好的。嗯，Google 的 AdSense 已經存在很久了，他們所做的改變是長期過程的一部分，並不是什麼新鮮事。從 2011 年開始，Google在近 15 年的時間裡不斷改變其演算法，並逐步蠶食那些僅用於透過 AdSense 廣告獲利的網域。因此，今年對 AdSense 的改變延續了 Google 多年來可預測的策略，即減少廣告主和網域註冊者對該特定服務的依賴。

So this isn't a new trend. And after a decade of these changes, we view our exposure as minimal. Don't confuse these domain names with names that have been purchased for resale. Some of these are parked because it doesn't cost anything to do so, but the intent of these domains and the value of these domain names is for resale are not impacted by changes to AdSense.

所以這並不是一個新趨勢。經過十年的這些變化之後，我們認為我們受到的影響已經很小了。不要將這些域名與購買用於轉售的域名混淆。其中一些被停放是因為這樣做不需要花費任何費用，但這些網域的用途和這些網域的價值是用於轉售，不受 AdSense 變化的影響。

Yes, that helps. Okay. If I have time for one more, I'll ask one more.

是的，這有幫助。好的。如果我還有時間，我會再問一個。

Just wondering if I can hear from you, Jim, just a broader sense of your view on how you see AI potentially impacting your business, how you see it impacting your business at all today and how you think it might impact your business going forward?

吉姆，我只是想知道我是否可以聽聽您的意見，更廣泛地了解一下您對人工智慧可能如何影響您的業務的看法，您認為它目前如何影響您的業務，以及您認為它將如何影響您未來的業務？

I know you guys have said that any technology that makes it easier to create and use domains is good for you guys. I think that's generally true, and we're seeing a lot of activity in that regard. But would love to hear your view on -- from a high-level perspective on AI.

我知道你們說過，任何能夠讓創建和使用網域變得更容易的技術對你們來說都是有益的。我認為總體上是這樣，而且我們在這方面看到了很多活動。但我很想聽聽你對人工智慧的看法——從高層次的角度來看。

Thanks, yes. Thanks for that question. AI is on everybody's mind these days, and it's no surprise, we get a lot of questions about it. So let me answer that in two parts. One, what impact we're seeing in our business and separately how we're using ourselves to manage our business.

謝謝，是的。謝謝你的提問。如今，人工智慧已成為每個人的焦點，毫不奇怪，我們收到了很多關於它的問題。那麼讓我分成兩部分來回答這個問題。第一，我們在業務中看到了什麼影響，以及我們如何利用自己來管理業務。

So on the first part, it's early, but with the data we have this year, it's clear to us that AI is having a positive impact on registrations as well as on the utilization of our DNS resolution services. I might mention today, our infrastructure on average, processes over 450 billion DNS transactions per day and growing. Just two years ago, that number was 200 billion per day.

因此，關於第一部分，現在還為時過早，但根據我們今年掌握的數據，我們可以清楚地看到，人工智慧對註冊以及我們的 DNS 解析服務的利用產生了積極的影響。我今天可能會提到，我們的基礎設施平均每天處理超過 4500 億個 DNS 事務，這個數字還在不斷增長。就在兩年前，這個數字還只有每天 2,000 億。

So AI companies need data, and they're continuously scouring the internet to get it. Data is not static, and so AIs like search engines are constantly fetching fresh data from websites to augment their existing data. This is enabled by the DNS. There's no doubt in our minds that this trend will continue growing importance and will be additive to the existing drivers of DNS reliance.

因此，人工智慧公司需要數據，並且他們不斷在網路上搜尋以獲取數據。資料不是靜態的，因此像搜尋引擎這樣的人工智慧會不斷從網站獲取新資料來擴充其現有資料。這是由 DNS 啟用的。我們毫不懷疑，這一趨勢的重要性將持續成長，並將增強現有的 DNS 依賴驅動因素。

So we think this applies even more to the agentic web. Agentic AI can do more for you, you set an objective, and the AI can plant steps and execute required tasks. So for example, the launch of agentic browsers is making interaction with websites more user-friendly, even more powerful. It lets users summarize information across multiple open tabs, from any websites, applications and Internet services. Again, this is enabled by the DNS.

因此我們認為這更適用於代理網路。Agentic AI 可以為您做更多的事情，您設定一個目標，然後 AI 可以設定步驟並執行所需的任務。例如，代理瀏覽器的推出使得與網站的互動更加用戶友好，甚至更加強大。它允許用戶匯總來自任何網站、應用程式和互聯網服務的多個打開的選項卡中的信息。再次，這是由 DNS 啟用的。

Also, AI can be powerful for domain name suggestions, website provisioning, and content generation. So we've used and continue to use AI in our domain name suggestion platforms. For example, AI is enabling more sophisticated multi keyword name suggestions based upon natural language across many languages. And of course, like most businesses, we look for ways AI can provide efficiencies and better protect our services.

此外，人工智慧在網域建議、網站配置和內容生成方面也發揮著重要作用。因此，我們已經在域名建議平台中使用並將繼續使用人工智慧。例如，人工智慧可以基於多種語言的自然語言實現更複雜的多關鍵字名稱建議。當然，與大多數企業一樣，我們也在尋找人工智慧能夠提高效率並更好地保護我們服務的方法。

And one last thing. Looking ahead, we believe domain names will remain critical in providing many important services. They can serve as digital trust anchors, providing trust and authenticity of a destination, critical for agentic AI. Domain names provide globally unique, stable, human readable identifiers for verifying digital content and can be especially valuable in combating misinformation and deep fakes hypercritical for AI.

還有最後一件事。展望未來，我們相信域名在提供許多重要服務方面仍將發揮重要作用。它們可以充當數位信任錨，提供目的地的信任和真實性，這對於代理人工智慧至關重要。網域為驗證數位內容提供了全球唯一、穩定、人類可讀的標識符，在打擊對人工智慧至關重要的錯誤訊息和深度偽造方面尤其有價值。

As it relates to infrastructure for new protocols because AI agents autonomously crawl the internet to complete complex tasks, we believe demand for persistent, resolvable identities, and endpoints will continue. But the traditional use of domain names isn't going away. Businesses require branding, discoverability, and credibility.

由於它與新協定的基礎設施有關，因為人工智慧代理自主爬行互聯網來完成複雜的任務，我們相信對持久、可解析的身份和端點的需求將會持續下去。但域名的傳統用途不會消失。企業需要品牌、可發現性和可信度。

So domain names in recognized and trusted high assurance TLDs like .com and .net hold strong value. Registrars in the DNS ecosystem are well positioned to layer new value-added services on this infrastructure. Again, all enabled by the DNS. From what we see today, the trends are very positive.

因此，.com 和 .net 等公認且值得信賴的高保證 TLD 中的網域具有很高的價值。DNS 生態系統中的註冊商完全有能力在此基礎架構上提供新的增值服務。再次，所有這些都由 DNS 啟用。從我們今天看到的情況來看，趨勢非常積極。

Ygal Arounian, Citi.

Ygal Arounian，花旗銀行。

I guess I want to follow up on some of Rob's questions. Maybe first, just on the marketing programs. And there's been a lot of questions on this lately from investors and maybe if you could help just kind of parse through marketing programs, what's worked in particular? And if there's been a lot of discounting within that? Or is that the cadence and pace of discounting has changed at all?

我想我想跟進一下 Rob 的一些問題。也許首先只是關於行銷計劃。最近投資人對此提出了很多問題，您是否能幫忙分析行銷計劃，看看哪些計劃特別有效？如果其中有大量折扣呢？或者說折扣的節奏和速度已經改變了？

And just note in your -- in the SG&A line, there was a sort of a notable step-up there. I think you called out some legal expenses, but if you strip those out, that sort of more normalized. You step up a little bit in that spending? Just kind of help us think through that a little bit more.

請注意，在銷售、一般及行政費用 (SG&A) 方面，有一個明顯的上升趨勢。我認為您提到了一些法律費用，但如果您將其剔除，情況就會變得更加正常。您在這方面的支出稍微增加了一些嗎？只是幫助我們進一步思考這個問題。

Yes, Ygal. This is John. We do think our marketing programs have contributed to the growth we've seen in 2025. I would point out that from a cost standpoint, those programs are accounted for as a reduction in revenue. So in the SG&A, there really isn't a significant change in marketing dollars in that line item. So it really is the incentive comp and the legal costs that I mentioned during my prepared remarks.

是的，伊加爾。這是約翰。我們確實認為我們的行銷計劃對我們在 2025 年看到的成長做出了貢獻。我想指出的是，從成本角度來看，這些項目被視為收入的減少。因此，在銷售、一般和行政費用中，該項目的行銷費用實際上並沒有發生重大變化。因此，這實際上是我在準備好的發言中提到的激勵補償和法律費用。

That said, we've seen -- we've tried to shift our programs towards ones that yield higher quality and higher renewing names, and we think those are working at least to date. We've made some adjustments to those programs for 2026, the initial response that we've gotten from registrars as we begin to roll out those new offerings to them has been very positive. And so we're pleased with that.

話雖如此，我們已經看到——我們已嘗試將我們的計劃轉向那些能夠產生更高品質和更高續約率的計劃，並且我們認為這些計劃至少到目前為止是有效的。我們對 2026 年的這些計劃做了一些調整，當我們開始向註冊商推出這些新產品時，他們給了我們非常積極的初步反應。我們對此感到高興。

We continuously review our programs, monitor their performance, and listen to feedback for registrars, and we will continue to invest in programs that we see are successful. The last thing I would say is don't think of our programs of something that's finite for 2025 or finite for 2026. Think of these programs as an evolution of what we've run for several years.

我們不斷審查我們的計劃，監控其表現，並聽取註冊商的回饋，我們將繼續投資於我們認為成功的計劃。我最後要說的是，不要認為我們的計劃是 2025 年或 2026 年的有限之物。將這些程式視為我們多年來運行的程式的演進。

And the main thing we've changed recently is we give more choices to be responsive to the changing market. So you can expect us to continue to learn, adapt, and where appropriate, implement changes to our programs going forward.

我們最近做出的主要改變是，我們提供更多選擇以應對不斷變化的市場。因此，您可以期待我們繼續學習、適應，並在適當的情況下對我們的計劃進行變更。

Okay. And so another follow-up on the Google AdSense issue. I think there's a lot to be of -- opaqueness in this industry and maybe things that investors don't understand. Jim, you mentioned a lot of parked domains are deferred for kind of resale, a lot of the parked domains are there for defensive purposes. Like is there any way to sort of break out what you think the split is on advertising monetized as market monetized defensive?

好的。因此，我們再次關注 Google AdSense 問題。我認為這個行業有很多不透明之處，投資者可能不了解一些事情。吉姆，你提到很多停放的網域都是因為轉售目的而延期的，很多停放的網域都是出於防禦目的。例如，有沒有什麼方法可以打破您認為的廣告貨幣化與市場貨幣化防禦之間的分歧？

And I think there were a number of players in the -- or a couple of players, key players, public players in the market that saw some impact from this in particular, which might be where some of this fear has been spreading from. So it does feel like it's impacting somewhere. If you could just comment on that and your thoughts on that.

我認為市場上有很多參與者——或者說幾個參與者、關鍵參與者、公眾參與者——都感受到了這種影響，這可能是部分恐懼蔓延的原因。所以確實感覺它正在對某個地方產生影響。如果您能對此發表評論並提出您的想法。

Sure. When you say it's impacting somewhere, meaning not in our zone. You're not talking about that? I want to make sure I understand the question.

當然。當你說它影響到某個地方時，意思不是在我們的區域內。你不是在談論這個嗎？我想確保我理解了這個問題。

I'm talking about like some public players that have seen impact to ad revenue from this change on advertising on parked domains.

我指的是一些公共參與者，他們已經看到停放網域廣告的這項變更對廣告收入的影響。

Well, if that's your revenue model to make -- to earn revenue from monetizing traffic in park domains through AdSense, yes, you've been on a downhill slide for 15 years. It was 2011, I think many of those listening may remember this, Google introduced a change to their search algorithm called Panda and then they did some more. There was Penguin and I think some others that started with 'P'.

好吧，如果這是你的收入模式——透過 AdSense 將公園域名的流量貨幣化來賺取收入，是的，你已經走下坡路 15 年了。那是 2011 年，我想很多聽眾可能還記得這件事，谷歌對其搜尋演算法進行了一項名為 Panda 的更改，然後他們又做了一些其他的事情。有企鵝，我想還有一些以「P」開頭的。

And I remember during earnings calls, we go through each one and what impact it would have. And that's what I meant when I said that particular business has been eroding for 15 years.

我記得在財報電話會議上，我們討論了每一個問題以及它會產生的影響。這就是我所說的那個特定業務 15 年來一直在下滑的意思。

What I meant about the other side of the business or the other side of those domains is that the domains that are purchased for resale can be easily parked. In fact, I actually found that a registrar had parked a domain that I owned that I wasn't doing anything with because I guess I didn't check the box that said don't park my domain. So they can pick up a small amount of revenue or at least they could. This happened about nine years ago.

我所說的業務的另一面或這些網域的另一面是指，購買用於轉售的網域可以輕鬆停放。事實上，我發現一個註冊商停放了我擁有的一個域名，而我沒有對其進行任何操作，因為我猜我沒有選中“不要停放我的域名”複選框。因此他們可以獲得少量收入，或至少可以這樣做。這件事發生在大約九年前。

So I think those domains are purchased for resale. You can see those for sale. And on registrars, almost every major registrar now has an aftermarket available for premium com domains. Those are different, but you may -- some of those could be part, is the point I was making. So I don't have a segment breakout in detail.

所以我認為這些域名是購買來轉售的。您可以看到那些正在出售的。在註冊商方面，幾乎每個主要註冊商現在都提供優質 com 網域的售後市場。這些是不同的，但你可能——其中一些可能是一部分，這就是我要說的。所以我沒有詳細的細分。

We do some analysis, but we don't disclose that.

我們做了一些分析，但我們不會透露。

Okay. And then finally, just shifting to different. Just an update on, if there is any, on the web timeline or expectations and maybe in particular, like if sort of loophole on this process continuing open over again, light tight change?

好的。最後，只是轉向不同。只是關於網路時間表或預期的更新（如果有的話），也許特別是，如果這個過程中的漏洞再次繼續存在，那麼輕微的變化？

And then maybe at the same time, just if you could talk about any update on how you think about the new -- I guess it's not really an auction model anymore, but with new TLDs and how that might play out later next year and into 2027?

然後也許與此同時，如果您可以談談您對新事物的看法的任何更新 - 我想它不再是一個真正的拍賣模式，而是新的 TLD，以及它將如何在明年晚些時候和 2027 年發揮作用？

Okay. So first of all, .web, there's nothing substantive that's new since we talked last quarter the -- what is true is that what I reported then, which is that the final hearing is still scheduled for mid-November 2025. So I think -- if there's anybody new on the call, just to reiterate, we intend to become the registry operator for .web. We hope to bring it as soon as we can to our customers.

好的。首先，.web，自從我們上個季度討論以來，沒有什麼實質性的新內容——事實是我當時報告的內容，即最終聽證會仍定於 2025 年 11 月中旬舉行。所以我認為——如果電話中有任何新人，我只想重申一下，我們打算成為 .web 的註冊管理機構。我們希望盡快將它帶給我們的客戶。

We believe Altanovo, who in these legal proceedings, leave their use of IRP processes to keep that from happening as an abusive process and is being pursued in bad faith to keep web off the market.

我們認為，Altanovo 在這些法律訴訟中，使用 IRP 流程來防止這種情況發生是一種濫用程序，並且是出於惡意，以阻止網路進入市場。

So we only have weeks now until at least that process begins, and we'll certainly keep you informed when we can about anything that comes out of that.

因此，現在距離流程開始只有幾週的時間，我們一定會隨時向您通報任何結果。

I'm sorry, you had kind of a second part of that?

抱歉，您有第二部分嗎？

Yes, just on the upcoming domain auctions and on that process yes, for later next year and into -- I think, 2027?

是的，只是關於即將舉行的域名拍賣和這個過程，是的，是的，關於明年晚些時候以及到——我想，2027 年？

ICANN 2026, round of new gTLDs you're referring to. Yes, I believe that's on target to open the round in the second quarter. I believe it's ICANNs goal to do that. Unlike the 2013 round, there will not be auctions. There will be a different process that they use, but they haven't started rolling all that out yet.

您提到的 ICANN 2026 是新 gTLD 輪次。是的，我相信這是第二節開始的目標。我相信這是 ICANN 的目標。與 2013 年不同，本次招標不會進行拍賣。他們將採用不同的流程，但尚未開始全面推行。

I think like a lot of companies, we are looking at any opportunities there. If there's something that we're interested in. We have our teams studying that, nothing to report yet.

我認為，和許多公司一樣，我們也在尋找那裡的任何機會。如果我們對某事感興趣的話。我們的團隊正在研究這個問題，目前還沒有任何可報告的內容。

But yes, that round, if everything runs on schedule, I'm not sure exactly what the timing for the process is after the opening of the round and the submission of applications and there's a lot of process that goes with these.

但是的，如果一切按計劃進行，我不確定這一輪開始和提交申請之後的具體流程時間，並且還有很多流程需要完成。

So I can't tell you exactly when. But yes, I think, 2027, you'll probably -- is probably the earliest that they'll actually be deployed because of the process. But it starts Q2 2026 according to ICANN.

所以我無法告訴你具體時間。但是的，我認為，2027 年，由於這個過程，可能是它們實際部署的最早時間。但根據 ICANN 的說法，它將於 2026 年第二季開始。

And that does conclude the question-and-answer session. I'll now turn the conference back over to Mr. David Atchley.

問答環節到此結束。現在我將會議交還給戴維·阿奇利先生。

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。

Thank you. That does conclude today's conference. We do thank you for your participation. Have an excellent day.

謝謝。今天的會議到此結束。我們非常感謝您的參與。祝您有個愉快的一天。