威瑞信 (VRSN) 2025 Q4 法說會逐字稿

Good day everyone. Welcome to Verisign's fourth quarter in full year 2025 earnings call. Today's conference is being recorded. Recording of this call is not permitted unless pre-authorized. 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 年第四季及全年業績電話會議。今天的會議正在錄影。未經事先授權，禁止錄製本次通話。此時，我謹將會議交給投資人關係副總裁兼公司財務長大衛‧阿奇利先生。請繼續，先生。

Thank you operator. Welcome to Verisign's fourth quarter and full year 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.

謝謝接線生。歡迎參加 Verisign 2025 年第四季及全年財報電話會議。與我一同出席的還有執行董事長、總裁兼執行長吉姆·比佐斯，以及執行副總裁兼財務長約翰·卡利斯。本次電話會議和演示將透過投資者關係網站進行網路直播，該網站可在 verisign.com 的「關於 Verisign」頁面找到。

There you'll also find our earnings release. 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.

您也可以在那裡找到我們的收益報告。本次電話會議結束後，簡報將發佈在該網站上，幾個小時後，電話會議的錄音也將發布。我們在獲利報告中公佈的財務業績未經審計，我們的評論包含前瞻性陳述，這些陳述受到我們在提交給美國證券交易委員會的文件（特別是最新的 10-K 表格和 10-Q 表格報告）中詳細討論的風險和不確定性的影響。

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. 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.

除非透過公開揭露的方式，Verisign 不會在季度內更新財務表現或指引。今天電話會議的財務結果以及我們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 與非 GAAP 的調整資訊附在投影片簡報中，您可以在本次電話會議結束後造訪我們網站的投資者關係部分找到該簡報。

Jim and John will provide some prepared remarks, and afterward, we will open the call for your questions. With that, I would like to turn the call over to Jim.

吉姆和約翰將發表一些準備好的講話，之後我們將開放提問環節。接下來，我想把電話交給吉姆。

Thank you, David. Good afternoon to everyone and thank you for joining us. 2025 marked another solid year for Verisign, as we continue to deliver on our mission by extending our record of 100% service delivery for the dotcom and net DNS to an unparalleled 28 years, even as utilization of our services increased significantly.

謝謝你，大衛。各位下午好，感謝各位的參與。 2025年對Verisign而言又是碩果累累的一年，我們繼續履行使命，將.com和.net DNS服務100%交付率的記錄延續至史無前例的28年，即便我們的服務使用量顯著增長。

New registrations during 2025 totaled 41.7 million names, the largest we have seen since 2021. During the year, the domain name base grew by 4.5 million names or 2.6%, leading to a 2025 ending.com.net domain name base of 173.5 million names.

2025 年新增註冊用戶總數達到 4,170 萬，是自 2021 年以來最大的一次。年內，網域數量增加了 450 萬個，增幅為 2.6%，到 ​​2025 年，以 .com 結尾的網域數量將達到 1.735 億個。

Our revenue grew 6.4% year over year while EPS grew by 10.1%. In 2025, we returned $1.1 billion to shareholders through share repurchases and quarterly dividends which were initiated in the second quarter of 2025. The positive domain name-based trends we saw developing in late 2024, gained strength and continued throughout 2025.

我們的營收年增了 6.4%，每股收益成長了 10.1%。2025年，我們透過股票回購和季度分紅向股東返還了11億美元，這些分紅於2025年第二季開始發放。我們在 2024 年底看到的基於域名的積極趨勢，在 2025 年得到了加強並持續發展。

During the year, we saw sustained strength and new registrations, renewal rates, and domain name-based growth across our three main regions, the US, EMEA, and APAC. It is clear to us that end users are seeing value in domain names, and the domain name system, as evidenced by our strong domain name metrics, and the increasing utilization of our infrastructure.

年內，我們在三大主要區域（美國、歐洲、中東和非洲以及亞太地區）的新註冊量、續約率和網域數量均保持了強勁增長。很明顯，最終用戶看到了域名和域名系統的價值，這從我們強大的域名指標和不斷提高的基礎設施利用率中可見一斑。

Net registrations added during the fourth quarter were 1.58 million names driven by the strength of new registrations of 10.7 million, which is up from 9.5 million in Q4 of 2024, and a preliminary Q4 renewal rate of 75% compared to 74% a year ago. We continue to see solid demand for our domain names during the fourth quarter and ongoing registrar engagement with our programs.

第四季新增淨註冊量為 158 萬個，主要得益於新註冊量達到 1,070 萬個，高於 2024 年第四季的 950 萬個；第四季初步續費率為 75%，高於去年同期的 74%。第四季度，我們繼續看到對我們網域的強勁需求，並且註冊商也持續參與我們的專案。

As we look to 2026, we're encouraged by the continued strength as we exited 2025 and registrar feedback on our 2026 marketing efforts. For 2026, we expect a domain name-base growth rate of between 1.5% and 3.5%. As a reminder, you can monitor the progression of the domain name base which is updated daily on our website.

展望 2026 年，我們受到 2025 年末以來持續強勁勢頭的鼓舞，也對註冊機構對我們 2026 年行銷工作的回饋表示讚賞。我們預計 2026 年域名基數成長率將在 1.5% 到 3.5% 之間。提醒一下，您可以在我們的網站上查看域名庫的進展情況，該域名庫每天更新。

Our financial and liquidity position remains stable with $581 million in cash equivalents, and marketable securities at the end of the quarter. There was $1.08 billion remaining available at the end of the quarter under the current share repurchase program, which has no expiration.

截至季末，我們的財務和流動性狀況依然穩定，擁有 5.81 億美元的現金等價物和有價證券。根據目前的股票回購計劃，截至季度末，仍有 10.8 億美元可用，該計劃沒有到期日。

As announced in today's earnings release, Verisign's Board of Directors declared a cash dividend of $0.81 per share of Verisign's outstanding common stock to stockholders of record as of the close of business on February 19, 2026, payable on February 27, 2026. This quarterly amount is an increase of 5.2%, which is consistent with the increase in net income we saw during 2025.

正如今天發布的收益公告中所宣布的，Verisign 董事會宣布向截至 2026 年 2 月 19 日營業結束時登記在冊的 Verisign 普通股股東派發現金股息，每股 0.81 美元，將於 2026 年 2 月 27 日支付。這一季度金額成長了 5.2%，與我們在 2025 年看到的淨收入成長一致。

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.

Verisign 計劃繼續按季度派發現金股息，但需視市場情況而定，並經 Verisign 董事會批准。現在我想把電話交給約翰。等約翰完成財務報告並作總結發言後，我會回來。

Thank you, Jim, and good afternoon, everyone. For the year ended December 31, 2025, the company generated revenues of $1.66 billion up 6.4% year over year. Operating income totaled $1.12 billion in 2025, up 5.9% from the previous year. Full year EPS was $8.81. In 2025, free cash flow was $1.07 billion.

謝謝你，吉姆，大家下午好。截至 2025 年 12 月 31 日止年度，該公司實現營收 16.6 億美元，年增 6.4%。2025 年營業收入總計 11.2 億美元，較上年成長 5.9%。全年每股收益為 8.81 美元。 2025 年自由現金流為 10.7 億美元。

For the quarter ended December 31, 2025, the company generated revenue of $425 million, up 7.5% from the same quarter a year ago. Operating expense in Q4 2025 totaled $140 million, which compares to $135 million last quarter, and $132 million for the fourth quarter of 2024.

截至 2025 年 12 月 31 日的季度，該公司實現營收 4.25 億美元，比去年同期成長 7.5%。2025 年第四季的營運支出總計 1.4 億美元，而上一季為 1.35 億美元，2024 年第四季為 1.32 億美元。

During the fourth quarter, we recorded an impairment charge on real estate we intend to sell, which accounted for a majority of the sequential quarter increase in operating expenses. Net income in the fourth quarter totaled $206 million, compared to $213 million last quarter, and $191 million in the fourth quarter of 2024.

第四季度，我們對打算出售的房地產提列了減損準備，這佔了營運費用較上季成長的大部分。第四季淨收入總計 2.06 億美元，而上一季為 2.13 億美元，2024 年第四季為 1.91 億美元。

Fourth quarter diluted earnings per share was $2.23 compared to $2.27 last quarter and $2 for the same quarter of 2024. Net income reflects a higher income tax expense booked during the fourth quarter, primarily due to foreign-based income taxes.

第四季度稀釋後每股收益為 2.23 美元，而上一季為 2.27 美元，2024 年同期為 2 美元。淨利潤反映了第四季度提列的較高所得稅支出，這主要是由於境外所得稅造成的。

Operating cash flow for the fourth quarter of 2025 was $290 million and free cash flow was $285 million compared with $232 million and $222 million respectively in the year ago quarter. The increase in our free cash flow is partly due to higher quarterly earnings, increased cash from working capital, and lower cash tax payments.

2025 年第四季經營現金流為 2.9 億美元，自由現金流為 2.85 億美元，去年同期分別為 2.32 億美元和 2.22 億美元。自由現金流的增加部分是由於季度收益增加、營運資金現金增加以及現金稅支出減少。

I will now discuss our full year 2026 guidance. Revenue is expected to be between $1.715 billion and $1.735 billion. Operating income is expected to be between $1.160 billion and $1.180 billion. The midpoint of our revenue range and operating income range reflecting expected operating margin more consistent with our long-term trend as compared with the level we saw during fourth quarter of 2025.

接下來我將討論我們2026年全年業績指引。預計營收將在 17.15 億美元至 17.35 億美元之間。預計營業收入將在 11.6 億美元至 11.8 億美元之間。我們收入範圍和營業收入範圍的中點反映了預期營業利潤率，與我們的長期趨勢相比，比 2025 年第四季的水平更加一致。

Interest expense and nonoperating income, net, which includes interest income estimates, is expected to be an expense of between $57 million and $67 million, as our expectations for interest income are lower due to lower short-term rates, and lower cash balances. Capital expenditures are expected to be between $55 million and $65 million, which is higher than our typical range primarily for two reasons.

由於短期利率下降和現金餘額減少，我們對利息收入的預期降低，因此預計利息支出和非經營性收入淨額（包括利息收入估計）將為 5700 萬美元至 6700 萬美元。預計資本支出將在 5500 萬美元至 6500 萬美元之間，高於我們通常的範圍，主要有兩個原因。

First, we have a larger amount of end-of-life equipment that we are replacing in 2026, along with planned capacity expansion both of which are facing significantly higher costs, largely attributable to intense AI industry-driven demand and supply constraints.

首先，我們在 2026 年需要更換大量報廢設備，同時計劃擴大產能，這兩項工作都面臨更高的成本，這主要是由於人工智慧產業需求旺盛和供應受限所致。

Additionally, we are planning a few capital improvement projects to our corporate headquarters. The GAAP effective tax rate is expected to be between 22% and 25% and as we are seeing a slight increase in forward taxes. In summary, Verisign continued to demonstrate sound financial discipline during the fourth quarter and throughout 2025, and as you can see from our guidance, we expect continued solid financial performance during 2026.

此外，我們也計劃對公司總部進行一些資本改善專案。GAAP 實際稅率預計在 22% 至 25% 之間，我們看到未來稅收略有增加。總而言之，Verisign 在第四季度和 2025 年全年繼續展現出良好的財務紀律，正如您從我們的業績指引中看到的那樣，我們預計 2026 年將繼續保持穩健的財務業績。

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

現在我將把電話轉回給吉姆，請他作總結發言。

Thank you, John. We're pleased with the progress we made during 2025 and look forward to delivering on our mission during 2026. I've said over the years that while we divested what we considered non-core businesses, we would continue seeking and evaluating ways to offer enhanced functionality or security services that are consistent with our mission.

謝謝你，約翰。我們對 2025 年的進展感到滿意，並期待在 2026 年完成我們的使命。多年來我一直表示，雖然我們剝離了我們認為非核心業務，但我們將繼續尋求和評估提供增強功能或安全服務的方法，以符合我們的使命。

We've continued this evaluation, and we now believe we have strong candidates for new services that can help reduce known and unknown vulnerabilities and contribute significantly to information trust. These potential new services are strongly aligned with our core mission, leverage our long history of pioneering DNS and security technology, and can be offered to new or existing customers throughout our channel. We'll share more in the coming months.

我們一直在進行這項評估，現在我們相信我們已經找到了能夠幫助減少已知和未知漏洞並顯著提升資訊信任的新服務的有力候選方案。這些潛在的新服務與我們的核心使命高度契合，充分利用了我們在 DNS 和安全技術領域的悠久開拓歷史，並且可以透過我們的管道向新舊客戶提供。我們將在未來幾個月分享更多資訊。

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。我們的演講稿到此結束，現在開始接受大家的提問。接線員，我們準備好回答第一個問題了。

(Operator Instructions)

（操作說明）

Rob Oliver, Robert W. Baird & Co Inc.

羅伯·奧利弗，羅伯特·W·貝爾德公司

Great. Good afternoon. Jim, on the last quarterly call, you talked at some length about your view on AI and its impact on the domain base and that it actually was driving some benefit. Clearly, there's a lot of concern in the market around the open web and AI's impact on the web structure.

偉大的。午安.吉姆，在上一次季度電話會議上，你詳細談到了你對人工智慧及其對領域基礎的影響的看法，以及它實際上帶來了一些好處。顯然，市場對開放網路和人工智慧對網路結構的影響非常關注。

So can you talk a little bit about -- give us an update on what you're seeing there? How much you think an uptick in activity on AI is contributing to some of this domain resurgence and what you're seeing among the domain base? And then I had a couple of follow-ups.

那麼，您能簡單談談—請為我們介紹一下您在那裡看到的情況嗎？您認為人工智慧領域的活躍提升對某些領域的復興以及您在領域基礎中觀察到的情況有多大貢獻？然後我又進行了幾次後續跟進。

Okay. So the impact of AI on our business it's certainly having some impact, but it's one of several components that we've talked about before. We've talked about the utility of a donate name and its value. We've talked about the domain name as a digital trust anchor. We've talked about the reliability of our services, 28 years of uninterrupted service and uptime availability, all significant contributors.

好的。所以人工智慧對我們業務的影響當然是有的，但這只是我們之前討論過的幾個組成部分之一。我們已經討論過捐贈名稱的實用性和價值。我們已經討論過域名作為數位信任錨的作用。我們已經談到了我們服務的可靠性，28 年來不間斷的服務和正常運作時間，這些都是重要的因素。

Internet use is growing. Traffic is expanding. We believe with confidence that a good portion of that is due to AI, and AI is benefiting us, as we've said, in several different ways. I mean, one interesting way is that the registrars are putting AI to work and developing tools that users find easier to build a website and also to select a good domain name.

網路使用量正在成長。交通流量正在擴大。我們堅信，這很大程度上要歸功於人工智慧，正如我們所說，人工智慧正在以多種不同的方式造福我們。我的意思是，一種有趣的方式是，網域註冊商正在利用人工智慧開發工具，使用戶更容易建立網站並選擇好的網域。

But we're also seeing that AI, building LLMs are -- we've all read about how they're basically scraping the internet and collecting data. We see that in the increase in our in our queries. That's an indication that there's increased activity in traffic. No doubt a portion that we -- difficult to measure with precision, but no doubt that a portion of that is AI.

但我們也看到，人工智慧建構LLM——我們都讀到過，它們基本上是在抓取網路並收集資料。我們從查詢量的增加可以看出這一點。這表示交通流量增加。毫無疑問，其中一部分——雖然難以精確衡量——是人工智慧造成的。

And that just means a greater dependence on the DNS. AIs are going to have to, especially agentic AIs, obviously, conducting multiple tasks for people are going to have to navigate. They're going to have to refresh data, collect current data. They're going to be using the DNS to do that. So increased dependence on it, increase value and utility of domain names.

這意味著對 DNS 的依賴性會更高。人工智慧，尤其是具有自主性的人工智慧，顯然必須能夠為人們執行多項任務，並進行相應的導航。他們需要更新數據，收集最新數據。他們將使用 DNS 來實現這一點。因此，對網路的依賴性增加，網域價值和實用性也隨之提高。

The established governance structure that exists for the DNS, a secured, trusted anchor that's supported across most of the world's countries in a well-governed system by ICANN, I think, is just proving its value as the load on this infrastructure grows. And AI is undoubtedly a huge part of that. And I think it's probably safe to say that it's going to continue to grow or well into the foreseeable future.

我認為，DNS 現有的成熟治理結構，作為一個安全、可信的錨點，在 ICANN 的良好治理體系下，在世界大多數國家都得到了支持，隨著該基礎設施負載的增長，它的價值正在得到證明。人工智慧無疑是其中的重要組成部分。而且我認為可以肯定地說，在可預見的未來，它還會繼續成長。

Great. Really helpful. And then I wanted to pivot to the marketing programs. you called out going back to '24, when you guys made the call that you were going to pursue some new strategic marketing programs. Those have definitely had an impact and are playing up really nicely.

偉大的。真的很有幫助。然後我想把話題轉到行銷項目。你之前提到過，早在2024年，你們就決定要推行一些新的策略行銷專案。這些措施確實產生了影響，而且效果非常好。

I was wondering if you could just address where in particular, you're seeing that impact? Is it across the Board? Is it more nontraditional channels? And then are there any tweaks you guys are making to the marketing programs coming into '26.

我想問一下，您能否具體說明一下，您是在哪些方面看到了這種影響？是普遍現象嗎？是否更採用非傳統管道？那麼，你們在2026年對行銷計畫有什麼調整嗎？

Sure. Let me first say this. I think we can sort of break this into two pieces. One is the registrar channel, of course, to engage with these programs and actually make the sales. First, I'll say that over the years, that channel has evolved.

當然。首先我想說的是…我認為我們可以把這個問題分成兩個部分來討論。當然，其中之一是註冊商管道，透過該管道參與這些項目並實際完成銷售。首先，我想說的是，這些年來，這個頻道已經改變了。

Their business models have evolved. There have been some that have gone public, some that have gone private, some that have changed management, some that have changed business strategies. And so, it took us a little while, but in 2024, we began to adjust and develop programs that met their needs far better.

他們的商業模式已經改變了。有些公司上市了，有些公司私有化了，有些公司更換了管理階層，有些公司改變了商業策略。因此，雖然花了一段時間，但在 2024 年，我們開始調整並制定能夠更好地滿足他們需求的方案。

We're kind of a slow, careful, deliberate company. Our priority is our infrastructure, its secure operation. But give us credit, we did catch up. And I think one of the most significant changes that we made was simply giving this evolving, changing channel, the flexibility to choose from a basket of programs that we began to provide. That allowed them to engage in the ones that are most effective for them.

我們是一家行事緩慢、謹慎、深思熟慮的公司。我們的首要任務是基礎設施及其安全運作。但必須承認，我們確實迎頭趕上了。我認為我們做出的最重大改變之一，就是賦予這個不斷發展變化的頻道更大的靈活性，讓它能夠從我們開始提供的一系列節目中進行選擇。這讓他們能夠參與最適合自己的活動。

We also included some aspects of the program that sort of incentivized shall we say, registrations in the categories that tend to have stronger renewal rates. And so I think all of that is paying off.

我們也加入了一些計畫內容，以激勵那些續訂率較高的類別進行註冊。所以我覺得這一切努力都得到了回報。

Great. Really helpful. And then last quick one for me. I couldn't resist since you threw out the teaser at the end there, Jim. You mentioned how you think AI is going to drive sort of increased dependence on that sort of trusted, secure, anchored DNS system that you guys play a critical role in.

偉大的。真的很有幫助。最後，我還要快速回答一個問題。吉姆，既然你最後拋出了那個懸念，我就忍不住要說幾句了。您提到您認為人工智慧將推動人們越來越依賴那種值得信賴、安全可靠、有錨定的 DNS 系統，而你們在其中扮演著至關重要的角色。

You mentioned some new services. I know we're going to get more information in the future, but just in the interest of trying to mitigate any surprises on any conference calls nowadays. Any color around that would be helpful, like I’ve been around long enough to remember when you guys sold Verisign Security Solutions. And I'd just be curious for any more color you can provide around what those additional services might be. Thank you.

您提到了一些新服務。我知道將來我們會獲得更多信息，但為了盡量減少如今任何電話會議中可能出現的意外情況，我還是提前告知一下。如果能提供一些背景資訊就太好了，例如我在這裡待的時間夠長，還記得你們曾經出​​售過 Verisign 安全解決方案。我很想知道您能否提供更多關於這些額外服務的資訊。謝謝。

Okay. Rob. Thanks for all those questions. I guess what I can say is this. Yes, we did divest kind of ending in 2015, a number of services that proved to be more distraction for us than real benefit, and maybe even sort of complicated matters in our core mission. We focused exclusively on our core missions starting in 2015.

好的。搶。謝謝大家提出這麼多問題。我想我只能說這些了。是的，我們在 2015 年進行了某種程度的資產剝離，剝離了一些服務，這些服務對我們來說弊大於利，甚至可能使我們的核心使命變得更加複雜。自 2015 年起，我們專注於核心使命。

However, I've said consistently, maybe not every earnings call, not every year, but sporadically throughout the last 10 years that we don't stop looking for ways to enhance things. And let me start by saying that we are constantly doing R&D. We are constantly improving our own infrastructure. We are supporting IETF standards.

不過，我過去十年間一直強調，雖然不是每次財報電話會議都會說，也不是每年都會說，但我們從未停止尋找改進方法。首先我想說的是，我們一直在進行研發工作。我們一直在不斷改進自身的基礎設施。我們支持 IETF 標準。

We are working to bring innovations and new technologies. A lot of them are made available at no cost if they in our sort of stewardship were all as stewards of .com and .net, two of the 13 routes that we run, managing the root zone in all of these areas, we see ourselves as having stewardship responsibilities.

我們致力於引進創新技術和新技術。如果按照我們的管理方式，它們中的許多都是免費提供的，因為它們都是 .com 和 .net 的管理者，而 .com 和 .net 是我們運營的 13 個路由中的兩個，我們管理著所有這些領域的根區域，我們認為我們有責任進行管理。

And so we're always looking to enhance security and stability. That's literally what we're about. If we find things that may be of interest to a broader community, either in a stewardship role or as a commercial product, they'd have to meet a number of different tests. It-- we're not going to become a sales organization. We're staying in our wheelhouse.

因此，我們一直在尋求提高安全性和穩定性。這就是我們所做的事情。如果我們發現一些可能對更廣泛的群體有意義的東西，無論是作為管理對象還是作為商業產品，它們都必須通過許多不同的測試。我們不會變成一家銷售型組織。我們將繼續做我們擅長的事。

And I think given the increased dependence on the internet, given the increased usage, given further dependence on the internet itself and all of the infrastructure that it sits on, including ours. If there are small enhancements that we've made that we think that add value and benefit folks either in functionality or particularly in security and stability.

我認為，鑑於人們對互聯網的依賴性日益增強，鑑於互聯網使用量的增加，鑑於人們對互聯網本身及其所有基礎設施（包括我們自己的基礎設施）的依賴性進一步增強。如果我們做了一些小的改進，我們認為這些改進能夠增加價值，使用戶受益，無論是在功能方面，還是在安全性和穩定性方面。

At some level, some of those appear as if they may have value to folks through our channel. And that's what I was alluding to. So we'll have more to say about that in a few months.

在某種程度上，其中一些內容似乎可以透過我們的管道對人們產生價值。這就是我所暗示的。所以幾個月後我們會就此發表更多看法。

Great. Very helpful. Thank you, Jim. Appreciate it.

偉大的。很有幫助。謝謝你，吉姆。謝謝。

Jamesmichael Sherman-Lewis, Citigroup Inc.

Jamesmichael Sherman-Lewis，花旗集團

Hi there. Good afternoon. Thank you for taking my questions. Two, if I may, First, on the 2026 domain guidance. Can you unpack your assumptions, either macro or operational that could drive domain growth to the lower or the high end of the guide, the high end implies continued acceleration in domain growth.

你好呀。午安.謝謝您回答我的問題。第二點，如果可以的話，首先是關於 2026 年領域指導。能詳細解釋一下你的假設嗎？無論是宏觀的還是營運上的，這些假設都可能推動領域成長達到指南的低端或高端，高端意味著領域成長的持續加速。

Yeah. So our guidance really reflects what we've seen trend-wise over the last year. We've been encouraged by the trends. I think each of our major regions showed growth during the year, and we monitor those trends. We also meet and talk regularly with our channel to see what trends they're seeing and to hear what their plans are.

是的。因此，我們的指導意見確實反映了我們過去一年觀察到的趨勢。這些趨勢令我們倍受鼓舞。我認為我們各個主要區域在這一年中都實現了成長，我們會持續關注這些趨勢。我們也會定期與頻道相關人員會面交流，以了解他們觀察到的趨勢以及他們的計畫。

So, we think our range encompasses the most likely outcome and our best estimate at the time. And as the year progresses, we'll continue to update on that.

因此，我們認為我們的範圍涵蓋了最可能的結果以及我們當時的最佳估計。隨著時間的推移，我們會繼續更新相關資訊。

Helpful. Thank you. Any expectations then for maybe the ICANN auction? In the context of the domain growth acceleration we've seen, but also some emerging TLDs that have begun to scale faster. Just any insights into your approach there would be helpful.

很有幫助。謝謝。那麼，對於ICANN拍賣，大家有什麼預期嗎？就我們所看到的域名成長加速而言，以及一些新興頂級域名開始快速擴張的情況。如果您能分享您採取的方法，那就太好了。

Okay. I'm sorry, I missed -- I didn't quite catch the last part of that. The first part was about the upcoming ICANN auction, you said?

好的。抱歉，我錯過了——我沒聽清楚最後一部分。你說第一部分是關於即將舉行的ICANN拍賣？

Yes.

是的。

Okay. You mean their next round of new generic top-level domains. There may be auctions where they may have contention for domain names, but it isn't an open auction. It's an application process. I think that's what you're referring to, right? The one that opens in April.

好的。你是說他們下一輪推出的通用頂級域名嗎？可能會有一些域名拍賣，其中可能會出現爭奪的情況，但這並非公開拍賣。這是一個申請流程。我想你指的就是這個，對吧？四月開業的那家。

Yes, absolutely.

是的，絕對的。

Oh, okay. Yes. So they're opening a round of new gTLDs like we did roughly 15 years -- 14, 15 years ago. And we -- are you asking us what our participation would be? Or did you want some general comments on how we view ICANN’s new round.

哦好的。是的。所以他們正在像我們大約 15 年前（14、15 年前）一樣，開放新一輪的通用頂級域名 (gTLD)。你們是在問我們如何參與嗎？或者您想聽聽我們對 ICANN 新一輪的看法？

I apologize, some of your question broke up just a little bit.

抱歉，您的問題有些地方表達得不太清楚。

Yes. poles are breaking up. Curious how you're thinking about new TLDs and your portfolio here?

是的，電線桿斷裂了。很好奇您對新頂級域名以及您目前的投資組合有何看法？

Well, we're studying -- ICANN hasn't opened around yet, but we are studying it. We are looking for any opportunities that may present themselves. I think we would be an interested party if there were something specific that would contribute to our strategic role as a critical infrastructure provider. I think of it that way. We do, of course, have .com and .net, and there is web as well from the last round that we have an interest in, but nothing more really to say about that, other than that the round opens up in April, there is a -- there is a process that could include auctions depending on contention. Then there's a lot of process behind that to launch a new gTLD. But yes, we're familiar with it. We're studying it, and we don't have anything to say with respect to how we may view our own applications at this point.

嗯，我們正在研究——ICANN 還沒有正式開放，但我們正在研究它。我們正在尋找任何可能出現的機會。我認為，如果有什麼具體的事情能夠有助於我們發揮作為關鍵基礎設施提供者的策略作用，我們會很感興趣。我也這麼想。我們當然有 .com 和 .net 域名，上一輪的 web 域名我們也感興趣，但除此之外沒什麼好說的了，這一輪將於 4 月開始，屆時可能會根據競爭情況進行拍賣。推出新的通用頂級域名 (gTLD) 背後還有很多流程。是的，我們很熟悉它。我們正在研究這個問題，目前對於我們如何看待自己的應用程序，我們沒有任何意見。

Perfect.

完美的。

All of them will be visible shortly after the round opens. There will be a period -- there would be a period in time in which everyone's applications will be public and visible.

所有這些內容都將在回合開始後不久顯示。會有一段時間－會有一段時間，所有人的申請都將公開可見。

Alexei Gogolev, JPMorgan Chase & Co.

阿列克謝‧戈戈列夫，摩根大通公司

Hello, everyone. Maybe first question, either Jim or John, could you double-click a bit more on the guidance. Obviously, I appreciate the range that you provided -- would it be possible to give a bit more granularity in your assumptions? How much the domain growth are you assuming for .com and what sort of directional trend that you're assuming for net.

大家好。或許第一個問題是，Jim 或 John，你們能否再仔細看看指導說明？顯然，我很欣賞您提供的範圍——能否在您的假設中給出更具體的說明？您預期 .com 網域的成長幅度是多少？您預計 .net 網域的成長趨勢如何？

Yeah. Typically, we don't guide to common net specifically. We guide to the DMB base of that is the combination of those two. I think over the recent years, .net has had a little bit of a decrease in its size. We've obviously implemented programs, some of which target .net and hopefully will have a positive impact.

是的。通常情況下，我們不會專門針對普通網路提供指導。我們引導大家了解 DMB 的基礎，那就是這兩者的結合。我認為近年來，.net 的規模略有縮小。我們顯然已經實施了一些計劃，其中一些是針對 .net 的，希望能夠產生積極的影響。

Our other programs, as Jim mentioned, our some of them, some of them are focused on specific use cases that we believe will drive better retention rates. So we're pleased with what we saw last year. We've made some adjustments this year to those. So we do think we have good momentum coming out of 2025 and starting the year right now. I think we've talked in the past that while our renewal rates have improved, year during 2025.

正如吉姆所提到的，我們的其他一些項目，其中一些專注於我們認為能夠提高用戶留存率的特定用例。所以我們對去年的成績感到滿意。今年我們對這些方面做了一些調整。所以我們認為，從 2025 年開始，我們擁有良好的發展勢頭，今年也開局良好。我認為我們過去曾討論過，雖然我們的續約率有所提高，但2025年全年都是如此。

We have mentioned that we will have a higher mix of first-time renewal rates during 2026. So that will -- that potentially will pull down our overall renewal rate. But while I say that, during 2025, both our first-time renewal rates and previous renewal rates have improved.

我們之前提到過，2026 年首次續保率的比例將會更高。所以這可能會拉低我們的整體續約率。但即便如此，在 2025 年，我們的首次續約率和先前的續約率都提高了。

So, several positive trends throughout 2025, that seemed to gain steam as the year progressed. And obviously, we're doing the types of things that we think are important to continue that momentum and continue to build on it.

因此，2025 年出現了一些積極的趨勢，隨著時間的推移，這些趨勢似乎愈演愈烈。顯然，我們正在做我們認為對保持這種勢頭並在此基礎上繼續發展至關重要的事情。

Yeah. And Alexei, I would say, we do treat the zone as a combination of .com and .net, but the daily report that we get, I'm sure you're aware, does show you what has happened in each of those, and you can track that as it progresses, that’s helpful.

是的。阿列克謝，我想說，我們確實把這個區域看作是 .com 和 .net 的組合，但是我們收到的每日報告，我相信你也知道，會顯示每個區域發生了什麼，你可以跟踪其進展，這很有幫助。

Thank you, Jim and John. And maybe just a follow up on that. So it just seems like the midpoint of the guidance being a little bit conservative, considering the trend that we're seeing for .com at the moment. And I was just wondering if your assumptions, at least at the midpoint of the guide are implying that the growth will taper off in the second half of the year. Is that the logic?

謝謝吉姆和約翰。或許可以就此做個後續說明。所以，考慮到我們目前看到的 .com 網域發展趨勢，這似乎只是指導意見中略顯保守的一點。我只是想知道，至少在指南的中期，您的假設是否意味著下半年成長將會放緩。這就是邏輯嗎？

We exited, what at 2.6% growth for 2025 over '24, midpoint of 2.5% I feel like I'd be splitting hairs to explain that one tenth of a percent. But certainly, if you look at the trend of our new registrations during 2025, they might be a little bit more back second half loaded, which like I said will impact our first-time renewal rates. But we tend not to guide to quarterly numbers.

我們退出了，2025 年的成長率為 2.6%，而 2024 年的成長率為 2.5%，我覺得要解釋這十分之一個百分點的差距是在吹毛求疵。但可以肯定的是，如果你觀察我們 2025 年的新註冊趨勢，它們可能會更集中在下半年，就像我說的，這將影響我們的首次續費率。但我們通常不會以季度數據作為參考。

Well, the other factor, Alexei, obviously, I know you're aware of this, I just want to point it out for some who may be new and just to remind everyone as well, that we don't sell directly. We sell through a channel, and it's a very, very diverse channel. There are many, many registrars with different business models. They are engaged in different programs. There's been quite a bit of change in the channel.

嗯，還有另一個因素，阿列克謝，顯然，我知道你也知道這一點，我只是想指出來，以免一些新來的人感到意外，也提醒大家，我們不直接銷售。我們透過通路銷售，而且這個管道非常非常多元化。註冊機構有很多，它們的商業模式也各不相同。他們參與了不同的專案。頻道發生了相當大的變化。

There's been some M&A activity. So I kind of feel as if we're being -- given those factors, I think we're being pretty precise given all the things that we don't control in that particular channel. So we try to tighten that range up as much as we can. And John, as John said, a tenth of a percent, if we can be that close, I'm going to feel like we pretty much hit the bull's eye.

最近出現了一些併購活動。所以我覺得，考慮到這些因素，考慮到我們在這個特定管道中無法控制的所有因素，我們已經做得相當精確了。所以我們盡量縮小這個範圍。正如約翰所說，即使只差十分之一，如果我們能做到如此接近，我都會覺得我們已經非常接近目標了。

I hear you, Jim. Thank you. And a final question, maybe if you could comment on your intention to raise prices for .com. Have you made the decision, are you going to raise prices this year? And when do you think you may announce that?.

我明白你的意思，吉姆。謝謝。最後一個問題，您能否就提高 .com 價格的意圖發表一下看法？你們決定了嗎？今年要漲價嗎？你覺得什麼時候會宣布這件事？

So we don't guide to pricing. But again, for those new or unfamiliar. We do have the ability to raise prices in every six-year period in the back four years, 7% each of those back four years. It requires six months' notice. The first available price increase will come at the end of October of 2026.

因此，我們不提供定價指導。但再次強調，對於那些新人或不熟悉的人來說。我們有能力在過去四年中，每六年周期內提價一次，每次提價 7%。需要提前六個月通知。首次漲價將於 2026 年 10 月底到來。

And therefore, if we choose to execute some level of price increase, the first opportunity to take advantage of that would be an announcement made in April. But we don't guide to it, but April isn't that far away. So, you won't have to wait long to see what we're doing, but I can't answer your question directly because it's our policy not to guide to price increases.

因此，如果我們選擇進行一定程度的價格上漲，那麼第一個可以利用的機會就是在四月發佈公告。但我們無法預測，不過四月也快到了。所以，您不必等太久就能看到我們正在做什麼，但我不能直接回答您的問題，因為我們的政策是不透露價格上漲的相關資訊。

Thank you. I appreciate the answers.

謝謝。感謝您的解答。

You're welcome.

不客氣。

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

今天的問答環節到此結束。現在我想把電話轉回給大衛·阿奇利，請他做最後的總結發言。

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.

謝謝接線生。如有任何後續問題，請致電投資者關係部門。感謝您的參與。通話到此結束。祝你晚上愉快。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。