All right. Good morning. Happy to kick off our TMT conference with GoDaddy CFO, Mark McCaffrey, and VP of Investor Relations, Christie Masoner. Thanks so much for being here and welcome to San Francisco. Yeah. Thanks for having us. You guys had quite a day yesterday, and maybe it's true to say that you've been on the AI rollercoaster as much as any of us. Maybe we could start there with just some questions about AI transformation. Yeah, it's a great place to start. Top of mind. You've framed the AI transformation narrative at GoDaddy around, I think, three pillars. You've got your AI native products like Airo AI Builder, Agent Name Service, and then using AI for internal efficiency. If we were to come back 12 months from now, what would be some key ways you'd want to have sort of measured your progress over the prior 12 months? Yeah. Definitively, we're going through a transformation. We're becoming an AI native company, and we're well on our way. When we look at the launch of Airo AI Builder, which we talked about coming out of Q1, which had been in the market for just several weeks, we've seen great momentum, great engagement by our customers. They're signing up for the higher plans. It's organic. We haven't put marketing around driving people to airo.ai right now. We're seeing them come in and buy not only the premium packages, but once they get through their token, they're consuming more tokens on top of that. The progress or the momentum from the initial launch is fantastic. Now as we get that into market, we start to put marketing behind it. We start to drive traffic to airo.ai. We look at that as something that will help propel us going into 2027. Most importantly, we also feel it meets a customer need. Remember our customers are the micro-businesses, the entrepreneurs. They very much are looking to run a business, a side hustle, sometimes out of their garage, sometimes it's a mom-and-pop shop type of environment. There are jobs to be done, and the tools that we're providing, including now Airo AI Builder, is just fulfilling what we believe is supporting the entrepreneur and our customer base. ANS in and of itself, and maybe Christie, you want to jump in on ANS, and then I'll come back to the operations part of it. Yeah. On the ANS piece of it, when we think about as the internet evolves into an agentic future, what ANS is doing is helping to propel the use case of how agents can be used across the internet. ANS is building trust in how the internet and agents can be used across the internet from the perspective that when you think about the early days of DNS as an example for domains, until we got to a spot where we could register domains and have provenance of domains and have an ability to verify who the ownership of the domains were, that's when the internet took off. That's when commerce on the internet took off. We view ANS as the same way. It's instantly scalable. It's adaptable. It is an infrastructure that already exists for the last 30 years. It is extremely elegant, and so when we look at ways to solve the agentic traffic and to continue to propel advancement there, ANS is a solution that we're pretty excited by, and it keeps the internet open. From the operating model, when we put out the 33% normalized EBITDA target a few years back, it was pre-knowing about some of the efficiencies we were going to gain by adopting AI internally within our organization. As we sit here today, we feel we are in a great position because not only are we seeing those benefits of the AI making us more efficient in our operations, we're able to use that efficiency and reinvest in things like Airo AI Builder. We're able to reinvest to continue to innovate for our customers. As we sit here today and we look at the 33% margin, I feel very comfortable saying, "Hey, we're on target for that 33%, and we're launching products, and we're looking at the momentum that we're building towards 2027." Bringing this all together, because I want to come back to your exact question on where do we want to be 12 months from now. We want to be still at the forefront of serving our customers and doing it in a way that meets their needs. Our model works because we focus on building for our customer, and our customer is a unique distribution. We have over 20 million of them. And our ability to serve them, know them, have that relationship through our care organization, allows us to always achieve our North Star. Our North Star is free cash flow per share, and our ability to drive that North Star starts with our ability to get that first product to our customers, get them to attach a second product, get to that retention rate, get to them spending $500 or more with us in a year. That drives our free cash flow, which in Q1, our free cash flow per share, we grew by 27%. That was through a combination not only of driving our free cash flow, but also applying our capital allocation strategy around share buybacks. Why is that important? What we do around AI and becoming an AI-native company fits within the model very well that we've propelled for years and allows us continue to grow and continue to move towards that North Star. 12 years from now, I want to be talking about 12 years, sorry. 12 months from now, I want to be talking about how we're continuing to drive our North Star, how we're continuing to serve our customers, how we're continuing to innovate with AI-native tools, and how we're continuing to drive shareholder value and return it through our capital allocation strategy. Great. There's a question of how you monitor for AI disruption, and whether that's something that you could potentially monitor for within the current customer base. As you look at your prospects, your funnel, what are you looking for? I'm sure everybody's trying to look around the corner and see, are there any hints that the business is being disrupted? What are the signs that you're looking for internally of that, one way or the other? Yeah. We continue to follow a lot of data. There's no doubt about it. it. We've been around for 30 years. We have 14 million interactions with our customers per year through our care organization. We get 1.9 billion signals from our technology stack around our customers' activity. Every single day. Every single day. We monitor a lot. We monitor the top of the funnel. We monitor our strategy around how our customers are buying in the purchase path, and attaching, and most importantly, activating the products and getting value out of those products. Now, that dynamic has remained stable, and that dynamic continues to drive a very strong top of the funnel. Like I said, when we get to that second product, that third product, the faster we get, which our Airo platform has been allowing to do with our customers, we get to that high retention rate and that LTV. This is a great time. Innovation, when it's happening all around you, just raises the bar to what you need to do and how you need to service your customers. There is no doubt we are in an age of a lot of innovation, a lot of things coming out quickly. Our key here, our moat, is to focus on our customer base. When you're talking the mom-and-pop shop versus, I would say going enterprise level, you're talking about a specific need, which we've done great for a long time and will continue to do. Yeah. The core need state of micro small businesses remains consistent. They're looking to bring an idea to market, converse with their customers, sell to their customers, and accept payment for those tools. They want to do it in a simple one-stop-shop solution. With our distribution channel, our strong brand awareness, GoDaddy is uniquely situated to be able to deliver for these micro small business customers. Got it. I think stepping back a bit, there's this sense that we've seen more elevated growth in domains in the market generally. There's that question of, well, I think you participated in it in Q4, right? More generally, should GoDaddy have a bigger piece of that on an ongoing basis? Is that customer that you see coming into the market today, maybe they're experimenting with vibe coding, are they not the traditional GoDaddy customer, some of this incremental growth that you're seeing in the market? What's your view on that? When we talk about the incremental growth in domains, you have to take a step back and look at it from a broad view. There is no doubt that where we are today with AI and innovation, that it is drawing more people online than we've seen in the past. We saw that in Q1. Other companies have talked about seeing it as well. One, I will point out, we are still the largest domain player out there. We were in Q4, we are in Q1. Our% of share of that is absolutely the same, and we continue to focus on that. We do focus on high-intent customers, not just domain customers. There are other elements in those numbers. Like you said, there probably is some people coming on and experimenting with some other areas. There are also investors coming into the market, and they're buying bulk domain names now, right? They're speculating that these domains will gain value. I think the important part to note is, coming out of Q4, a lot of people were questioning whether the domain was going to remain relevant in the new AI world. I think what we're seeing now, it's not only remaining relevant, it's becoming a priority. The agents still have to act, and be able to go places and go get content. You need your real estate on the internet, and that real estate is owned by the domain name itself. Now what we're seeing is a pivot to the domain is becoming an important top of the funnel, and that's exactly what we do. That's the company we built, and we've been around for 30 years doing. We know the domain space, and we'll continue to focus on that. I will say that some of the statistics you do have to take in its broad sense, and then take it down to, who are the customers you're really going after? Who are the customers that we want within our funnel? How are we getting to that high-intent customer that's going to convert and stay with us for a long period of time? We feel we are very well designed to do that, not only now, but going into the future. Got it. I think Aman made a comment, I think it was on the Q1 call, about some pressure top of funnel from AIO or AI mode or some of the things going on in the market. An offset from conversion. Just wondering if you could talk a little bit more about that dynamic, and then particularly, my experience is maybe AI seems to almost concentrate the possibilities of whose link you're likely to click on. Are you seeing that share of voice become more consolidated, GoDaddy maybe being a beneficiary of that? Then maybe if you could talk through the conversion gains that you're seeing as well as sort of offsetting the volume hurdle. Yeah. I'll start, and I know Christie has some thoughts around this, so I'll let her go as well. On the conversion part of it, we are definitely seeing higher conversion, as Aman said, at the top of the funnel because we are continuing to go after that high-intent customer. When we get to that high-intent customer, there's no doubt that our strategy is working. When it comes to how customers are getting, or how high-intent customers are getting to us, there's definitely change. We have the part of 60% of our traffic comes to us naturally, right to GoDaddy, not through any other sources because of our brand in the domain space. We always start at a very advantageous point within the market. There's no doubt that other 40% is changing and shifting through different sources right now. This happened when Google Search came as well. You had to shift and modify how you handled search and how you marketed and what terms you used in order to make sure you were the beneficiary of traffic that was coming in. Today, we're continuing to do that. It's through different sources, it's through different LLMs, but you have to be able to monitor what those systems are picking up, how they're attracting those customers, what is getting presented, and then you have to make sure you're doing what you do on your part to make sure that that doesn't change. Five years ago, with Google, you had to monitor how that search was working, and if Google changed something, you had to adjust your search algorithm in order to make sure that you continued to get the traffic. It's the same thing with the LLMs today. You have to make sure that how you are presenting your bundles, your packages, what your bylines are, is getting picked up in the most advantageous ways by the LLM. If something shifts out there, you have to be able to notice it shifting, look at the downstream impact, and then adjust. I think this is something the industry has done very well for a number of years now, and will continue to do well. I expect people will continue to adjust accordingly to make sure that they're getting to the right traffic. Not all traffic, but the right traffic. That's the key here with us, is we want to make sure that our algorithms are getting to the right traffic and not necessarily just all the traffic. I think you summed it up, or you said it well, I'll just sum it up. We benefit from having the largest brand awareness in the space, and the technology or the ways in which you attract traffic to your funnel has and always will continue to evolve. When we can continue to optimize to drive that traffic to our website, that's just the nature of being a technology company, and that's what we focus on. Got it. Wanted to ask a little bit about from a marketing perspective, brand share voice perspective, how you're sort of bridging a generational gap maybe. GoDaddy, of course, is top of mind in domains for people my age. Maybe that's evolving, for Gen Z, for Gen Y creators, Gen Z creators, how is that evolving? Are you seeing that the brand is enduring and that you have as much share of voice as you did in previous generations? Yeah, absolutely. Our marketing campaigns do actually focus on the changing perceptions or the changing ways in which all users are engaging with the internet, the traffic. It's kind of along the lines of what we were just talking about in the last question, right? Trying to optimize for the traffic and high-intent customers is top of mind for us, and that spans the generations of The need state, of course, is still the same. I want to get an idea to market. I want to talk to customers. I want to collect payments for it. There are specific marketing campaigns that we have in market that are intended to attract different types of generation, Gen Z, Gen Y, and all of the different iterations of generations that exist out there that are looking to bring their ideas to market. You see some more of that with things like in social for the younger generations, so things that are in Instagram, in TikTok, in YouTube. You see us participate in all of those types of areas that attract those younger audiences. More to come, right? We are refining our marketing campaign. We continue to look at what's going to attract, again, the right customers and the right volume in there. I think as you suggested, we've really benefited from a strong brand for a number of years, but we also recognize we need to continue to evolve and continue to be a company that's at the forefront of everybody's minds. Got it. I want to go back to Airo AI Builder and the ramp that you're doing, number one, the launch, the ramp that you're doing now, you're supporting that with some paid marketing. What's the strategy, ultimately, whether or not to bring that into the sort of main GoDaddy funnel in a bigger way? Yeah. What drives that decision? Thanks, because it's a distinction that I don't think lands all the time with investors that we have GoDaddy.com, which is our traditional purchase path, but Airo AI Builder sits on airo.ai. It's not in the purchase path today in GoDaddy.com. Now, you can get to airo.ai from GoDaddy.com, but it's not something that's presented to you in the checkout process or along those lines. Right now, we're focused on organic traffic to airo.ai, and engagement, and buying the premium packages on airo.ai, and people activating using it, and consuming the tokens, which we've seen great. Paying for the tokens. Great momentum. When we feel comfortable, we will introduce Airo AI Builder into godaddy.com as part of the purchase path. We want to do it pragmatically and purposefully. We want to make sure that we're getting the best customer experience, because any time you introduce something new into the purchase path, you have to be very conscious of what the customer is going to choose at that point in time, and is there a decision point between maybe Websites + Marketing, and we've talked about we're upgrading that product as well, and make sure that we're doing and knowing what the customer behavior is so we can optimize for that traffic path. We're not there yet. We're focused on airo.ai. The marketing we talked about is to drive traffic to airo.ai. We'll do that for the remainder of the year. We'll see how the engagement, how the premium plans are working, what customer benefits are getting to, and then we'll look to launch that at some point onto the godaddy.com when it makes sense. I was going to ask this later, but you mentioned a couple of times tokens and how much they cost. Yes. That's an irresistible topic. Yeah, gross margin, I think, famously for some of the vibe coding, the next generation of vibe coding solutions has been negative. Token cost associated with new customer acquisition. How are you managing that? I know you've talked about, or Aman Bhutani talked about utilizing model routing, AWS Bedrock, and some of those solutions. Are you continuing to see that cost curve bend down? I think there's sort of active debate about do the frontier models become more commoditized and the cost curve continues to bend down? Are the harness and the models so closely coupled that it's going to be harder to sort of generate efficiencies through model routing and things like that? What's your opinion? I'll start with when we launched Airo AI Builder. From day one, it's been profitable for us. We're doing it in a manner that we are trying to match the consumption, even on the token basis, to what our customers are paying and do things very thoughtfully to not get ahead of ourselves and not jump into the market where we don't understand the dynamics of how it's going to affect our P&L, what ultimately that's going to look like. We are in a very beneficial spot that our consolidated technology stack, which sits on top of our LLM usage, allows us to monitor and control not only the volume that goes to the LLMs, but also which LLM is used for what purpose and match it up to the pricing that we've put out into the market. The idea being you don't always need the best LLM to provide every service. Some services can be provided at a lower price using a different LLM. We also have the benefit of a lot of data ourselves that we use. Within the statistics I talked about, the 20 million customers, the 14 million interactions, the 1.2 billion signals we get daily. It does create a proprietary data point for us, which allows us to monitor what is really needed externally and make sure that we're using our proprietary data first to provide whatever need is out there for our customers before having to ping into an LLM right off the bat. That all has been set up for a number of years for us. Matter of fact, we've been talking about this for years. When we talked about consolidating our technology stack several years ago, it wasn't with the foresight that AI would come into play this quickly in 2026. The fact that we did it allows us to control our environment very thoroughly and be very efficient. As we look out into the future, and I'm not talking about 2027 just yet, but we will at some point, we look at our ability to utilize not only the internal operations and the benefits we're getting, but use that to make sure that we're staying ahead of ourselves on the cost basis. Comes back to the 33% we talked about. We didn't know this was going to be upon us in 2026 when we set out that marker. In 2024. Now that that marker is out there, we feel very comfortable, even with the launch of Airo AI Builder coming into 2026, that we're able to be profitable and put that into market and look at how the premium packages are working and look at the data usage that's there. Again, it's something that needs constant monitoring. I'm not saying it isn't something that is evolving over time, but we feel really good about our ability to control it and control it within our environment. It's also good to recognize our customer base, right? Again, this sometimes gets lost in the conversation. A lot of the other players are going into enterprise, where the people who use their products aren't the people who actually cut the check on the back end. Our customers actually use the product and have to pay the bill, right? They are seeing the benefit they're getting versus what's getting charged to their credit card, and they're matching it up and making sure that it makes sense for them. In that dynamic, we feel really good about our ability to make sure that we're keeping that unit profitability in line with our customer needs, because it's a very unique customer base in and of itself. I think one other thing I'll add, too, is what you've long seen from us is cost and P&L discipline. That's something that we'll continue to have strong focus. Okay. I guess there's thought to be this balancing act between, do you give people enough of a taste of what the capabilities are, what it can do for them, versus what it costs? Do you feel like you have that balance right now? Yeah. Right now, yes. I will say, this is where the uniqueness of having the relationship with your customer is important, because you have to monitor that customer behavior and acknowledge what they're getting the value for versus what they're willing to spend. I've said repeatedly, two things in technology industry you have to continue to have in order to get ahead of the curve. You have to be able to innovate, and you have to have the customer relationship. If you understand your customer's needs and you have the ability to innovate, you continue to stay ahead, and that's what we're doing with Airo AI Builder. We're looking at what their needs are, matching the product to what their needs are, and then building the cost structure around it to make sure it's profitable, but it meets their needs. I want to jump back into customer acquisition, the $4.99 offer. Maybe controversial, I don't know how to take that. Controversial. Maybe controversial among investors or controversial among the sell side. When you looked at the environment, it seemed like you were responding to the environment or maybe taking advantage of something that you saw opportunistically in the environment in Q4. You pulled back a little bit in Q1. Throughout that, I think, well, in Q4 you really said, "Okay, these are still customers that are in our wheelhouse of high-intent customers." Did your view change or evolve with respect to that, and you decided to be a little bit less promotional? Or the promotion's still out there, but maybe share it a little bit less frequently or give it a little less play in the channels. Maybe just take us through the narrative, first of all? Yeah, absolutely. It's almost take it back a year. We identified a high-intent customer that we believed was willing to spend, that was incremental to our current traffic or our current customer conversion, that was not only willing to spend in a one-year term, but also willing to attach products faster within that one-year term. As we monitored the activation and our experimentation, we saw those customers were the exact customers we're trying to attract. They were coming in, they wanted a one-year term, but they wanted to attach a second product, a third product very fast. This was incremental to some of the other pricing we had put out there, the three-year term. We decided to experiment and go with the famous $4.99. Not the controversial, the famous $4.99, I'd like to say. It worked. It attracted the customer we wanted, the high intent, who was activating to that second and third product. In Q4, we put marketing dollars behind it, and it really worked. It was landing people on that page for the $4.99 discount. Now, remember, the $4.99 is only available to a new customer buying their first domain. If you're an existing customer, and you went after the $4.99, you would get kicked into the regular pricing. Right. It worked as designed, but it kicked a lot of people into the one-year terms. The modification we made in the Q1 was to make sure that when the one-year term offer for $4.99 was coming up, that existing customers weren't getting kicked into a one-year term. They were also getting the option to do the normal three-year term. Now remember, we've had a discounting of a three-year term for a domain for a number of years. You get the first year for $0.01. You have to sign up for three years, it costs you $45 up front. Putting that option along with the $4.99 was the balance we were looking for within the front of site. That allowed us now to make sure that we were not only getting the new customers for the $4.99, existing customers who were clicking into that $4.99 were going back to the usual three-year terms when they were buying their domains ended up itself. That balance, obviously we talked about, the impact in Q1 and how it would roll out through the year. We looked at it as being very successful, but chose to modify it and make sure that we were making that balance between the one-year term and the three-year term was an option for our customers, and there wasn't a default into just one direction they needed to go. Go ahead. I would say, I think one of the things that gets lost is that when we're talking about this offer, one of the things that we've talked about is it's driving strong traffic, like Mark talked about. It's driving strong conversion, it's driving strong attach and activation. All of these are strong indicators that these are high intent customers, which is great. The thing I think that gets lost is that means that all of these customers are up for renewal sooner, which is certainly a little bit of a risk, but it's also a pretty big opportunity for areas like pricing and bundling, or when you think about Verisign has a new price increase that they're about to do. These customers are now eligible for that price increase two years sooner than anyone who's on a three-year. There is different opportunities that are often missed in the benefits of these one-year cohorts. Well, I'll take us down that diversion. Can you talk about that renewal motion? I think you've talked about in the past, okay, you have a customer that looks at three plans among a selection, good, better, best, and they take better, and then next year you move that into good. Can you talk about that renewal motion then, any numbers you want to put around that, but just the opportunity that you see around renewal, and interesting that you bring up that that accelerates that opportunity. Yeah. Think about our pricing and bundling initiative, and think about our ability to touch our customers and do exactly what you just described. In a one-year term, we have a quicker ability to get that pricing and bundling opportunity in front of our customer more naturally through the renewal cycle. The other thing very important to acknowledge, and Christie said it and I'll just repeat it because I think it's very worthwhile point. Pricing and value delivery, for us, for everybody in this industry is on the renewal, not on the new customer. You want the new customer in, you offer them special pricing to come in. That didn't change with whatever Verisign does. You have the ability now to raise the prices and get it to where it needs to be in the second year and in the third year. The more renewal cycles you can hit faster, the more you're going to be able to make sure that that stays in balance. If you have a three-year term, the first time you can touch the pricing on that renewal is at the end of the three-year term. It just takes longer to get there. When you're now in a motion of attaching products faster and you have other products associated with that renewal, you have the ability now to offer up not only pricing and bundling at better value points for them. As we introduce new products into the entrepreneur's wheel, we're having a better natural touch point with that renewal cycle coming faster. This is where we see a huge incrementality to how we drive the LTV equation going forward. What you're seeing today is our, I would say, we're not going to just sit here and watch our customers and try the same thing over and over again. We're going to continue to be aggressive and go after that high-intent customer and make sure that we're getting the right traffic, we're converting the right customers, we're getting the right products in front of them, they're getting value out of those products. We will continue to look at different opportunities to push that equation into the future. Why? Because we know when those customers come in and have that behavior, we've talked about it for years, the 1X domain, when we get to that fourth product, it's 83x the LTV. That drives that compounding cash flow over time that drives the value we return to the shareholders. It's not about trying to get there in one quarter, it's about building it over a period of time to make sure that we're continuing to grow the company pragmatically and towards our North Star. In a sustainable way. I'll go further down this path just for a moment. What role is Airo having in the renewal cycle at this point? Is it material in the renewal cycle? Is that something that you're surfacing for people in a significant way? And just to clarify, Airo AI Builder, because we recently launched it. The Airo capabilities. Yeah. Having an impact on a renewal cycle. We are seeing people sign up for more tokens, which is great, right? They're burning through their initial tokens. They're getting in their packages and then coming back and getting more tokens to consume. We're very excited about that momentum. Airo in and of itself, the platform The capabilities for the GoDaddy customer, we've seen the behavior we wanted to see. To put it in perspective, we got rid of deep discounting at the top of the funnel in the end of 2023. We go back and measure the customers that were coming in at the beginning of 2024, which is when we launched Airo on the godaddy.com website. We look at those customers that came in at that point versus the previous customers, we see the higher retention rates that we've talked about. We see them renewing at stronger%, doing exactly what we thought they were going to do. They're getting more products, they're building the LTV, they're staying along with us longer. This sometimes gets lost in the data metrics, but we've talked about customers, and we've talked about everything we've done in the past few years to dispose of, or end of life certain products. We've obviously talked about the impact on the customer numbers related to that. We've maintained around 85% retention rate within our customer base, even though we were disposing of business units, even though we were end-of-lifing products and making decisions to do that. You think about that for the last two years, our ability to maintain that is because we know that cohort that started coming in in 2024 is much stronger than the previous cohorts that were coming in pre-Airo. Airo is essentially helping getting customers to that second product attach 30% faster than they were pre-Airo, right? If that happens at the new when they're coming in, and at renewal, we're able to present a suite of products and solutions for customers in a way that is easy for them to touch, feel, and experience what their full build-out one-stop shop can look like if they have more products to attach or something that more closely resembles the goals that they're trying to achieve with their online build. Airo helps us get there. To Mark's point, we're able to curate stronger high-intent customer base that is those high-LTV customers. Okay. Want to go down another diversion here on end of life. Talk a little bit about the headwind that you've seen there, and then also, is there anything else that's a candidate for end of life, or is it just you feel like you're done there? Yeah. Nothing to call out at this point. I will say product cycles and evaluation is a constant muscle. I think everybody should have. We definitely have. We will always review the entrepreneur's wheel, the products we're offering, and making sure that they meet the customer's needs. If we don't believe they're meeting their needs, we will make a decision on whether we need to end of life it or do something else at that point in time. We will allocate resources to where we think we need to be to deliver value to our customers. That is a muscle that will happen, I would say, as run the business going forward. We did a lot in the last few years. I would say we accelerated a few things based on that new strategy that we put forth in our 2024 plan that we had talked about back then. From time to time, we may call out that we end of life this or we end of life that, and made a decision. We'll be very transparent about it. We feel the ability to make those decisions because we're not playing for the short term, we're playing for the long term, and we know as long as we're making the right decisions and right choices about where we allocate our resources to meet our customers' needs, that we'll be able to continue to own that relationship, innovate around it, get to that LTV equation, and because I love free cash flow, drive the free cash flow number that we've talked about. Okay. We've got about 12, something like that, minutes left. Just wanted to check and see if we might have had any questions in the audience. This is the early morning crew out here. I appreciate this. Okay. Well, go ahead, please. You guys also have the misfortune of presenting what Google's doing, their $80 billion equity raise as well, so. Yeah. Sometimes timing's everything. Going back to just some of the super-linear growth in the domain market, I think it's clear some amount of the super-linear growth are domains attaching to applications. Are you seeing that? Are you seeing that being a tailwind for your business? Is that something you expect to kind of capture on an ongoing basis? Yeah, it's definitely something. Tell to repeat the question. What? Sorry. Because he's not on mic. Oh. Repeat his question. I would say you're asking about the reverse attach, right? Where people are coming into the applications and attaching the domain versus going for the domain and then attaching product to it. Are we seeing that as a trend? The answer is yes, we're seeing that within Airo AI Builder. People start with the interaction around the agentic agent, and that agent brings to them the domain name in and of itself. That is the muscle within the Airo AI Builder in and of itself. It's early stage, so I'm not calling it out as a driver going into the rest of 2026 by any means, but it is definitely a behavior that is out there within the Airo AI Builder in and of itself, which I would think will continue into the future. Does having your own AI Builder prohibit you from picking up some of that business from the other vibe coders? You have some private competitors out there who are pretty vocal about all the business you're picking up on the domain side through partnerships with some of the vibe coders. Yeah. Do you pursue a partnership strategy on that vector, or do you double down on having your own solution and compete with them? I'll start with, we've never been shy about partnerships. We have some very large partnerships, Microsoft being one of them. There is no challenge with us having relationships with third parties. For us, partnerships though, mean you have to share the value, and in sharing the value, that means it has to be incremental to our business model, and have an ability to drive our business model and our LTV going forward. In other words, we're open to good partnerships. If those are presented, we would always have a conversation, but we're not open just to having partnerships in and of itself for the sake of having them. I guess that gets back to the question of whether or not that customer is part of the core or somebody that you've traditionally seen. The person who's brewing up something on Claude Code and downloading that to a GitHub repository and then looking for a host and a domain, maybe it could be part of the customer set at some point, but I'd imagine it's not your core. It's slightly outside of the core micro small business customer that we serve, because you're talking about someone who's a lot more sophisticated or technologically savvy than our typical micro small business customer. Does that mean that's not available to us in the future? Of course not. We're always looking to expand the user base of who's using our platform, but we remain focused on those micro small business customers and delivering a one-stop-shop solution for them. That's super important for, as a micro small business customer that wears many hats in their everyday jobs to be done, there's so many things that they're trying to manage while also just doing their actual passion and what their job is. Handling all of this back-end technology for them is where GoDaddy wins, it's where GoDaddy succeeds, and it's where we deliver for our customers, and it's why we have strong retention. It's why we have strong, loyal customers, because they want a single dashboard to manage all of these things, not trying to cobble together a bunch of different solutions. We'll try to dig into the numbers a little bit. You've seen some revenue growth deceleration, clearly some transitory headwinds versus maybe some more structural things going on in the market. I don't know, you tell me. Maybe you could talk us through some of the headwinds that you're experiencing that you view as temporary, versus what core growth is. Yeah. We've called these out, and they haven't changed from when we were coming out of Q4. There were decisions made around our core platform, the.co contract, we decided not to go forward with a renewal that we knew was going to create a headwind. We've always called out the aftermarket. We saw great activity in 2025 on large transactions within the aftermarket. They may or may not return at any point in 2026. They can always make a little bit of a headwind depending on what quarter we're comping and when some of those deals were recorded for us. We talked about the $4.99, which we talked about how that would roll out for the remainder of the year, and then we talked about that we were pausing pricing on the pricing and bundling Websites + Marketing upgrade. Those are all temporary in our mind. They will flow through in different manners through this year, very much all of them were going to hit the front end of the year and then tail off as we went through the remainder of the year at different rates. Those are ideally where we see it now. Some of those impact bookings. Some of them do impact revenue a little bit. Some of them impact bookings, the timing of the revenue is just the same because the upfront cash on the one-year is less than the upfront cash on the three-year. The revenue attributes remain pretty similar absent the discount on the 4.99. There's different aspects that flow through at different times between our bookings and our revenue. I always come back to, despite all those ins and outs and headwinds, we came forward with $1.8 billion target for our free cash flow for the year. Free cash flow for us is driven by the bookings upfront. We feel really good about our $1.8 billion and our ability to meet that target. Regardless of all the headwinds on the bookings and the timing of all this, we remain steadfast that we're going to continue to hit that free cash flow number, which translated means that we feel good that this is going to wash out in different periods, but when you look over a period of time, it remains fairly consistent. I would be remiss if I didn't acknowledge again, that's why we feel good about, hey, we grew free cash flow per share of 27% in the Q1. 27% now. If you break that down in and of itself, even with the 4.99, when you think about that, half of that came from increase in free cash flow, half of that came from buying back shares at an incremental rate. Our ability to get there is being driven by both our business and our capital allocation strategy, which is, again, working together to make sure we continue this journey well beyond 2026. I want to go back to the free cash flow growth in a second. We only have a little bit of time left. ARPU growth in double digits has come down a little bit. Just wanted to ask how you feel about the durability of that, maintaining double-digit growth for ARPU. Is that something you still feel pretty compelled about? I don't want to get into the future. We're going to have an investor event later in the year, and we'll start to lay out what the future looks like. We do feel good about our momentum, and we do feel good about the LTV equation that we've talked about, and will continue to push. With the free cash flow per share growth at that level, you're certainly building cash up. Do you look at a broader array of capital allocation options as that continues to build? Anything else look attractive to you beyond your own shares, obviously, mature? Yeah. Yes. Our strategy and how we apply capital allocation hasn't changed. It remains the same. I always say that because, one, we look at buying back our shares as a key tool to returning value to our shareholders. Then obviously everybody will ask, is there M&A opportunities out there? The answer is there's always opportunities, but it has to fit within our model. It has to be accretive to our model. What we have found over the last few years is that our ability to innovate internally and come out with products, like our AI Builder in and of itself, has raised the bar on what could work within an M&A situation for us. We always say it has to be strategic, has to be financially accretive, and has to be able to be integrated. That comes very efficiently for us for our own innovation cycle right now and our ability to get that value from any M&A, just sometimes the numbers don't work. It's not that we don't get a lot of calls on different opportunities because we have such a strong balance sheet, but we've been very disciplined that it has to fit within that model, and it has to be able to be something that will continue the LTV journey for us in the future. Okay. Well, how about we wrap it up there? All right. That was great. Great place. Thanks so much. Yeah, thanks. Thanks once again. One last thing I'll mention. Go ahead, please. We have Mark's five-year anniversary here at GoDaddy. Oh, that is right. That is today. I forgot about that. Happy anniversary. Congratulations. Happy anniversary. All right. Well, thanks so much. Thank you. Thanks, Robert. Bye.