Q2 2021 GoDaddy Inc Earnings Call
And world class customer care to help them grow their business online and offline.
As I look back at the last quarter and the last year I am most proud of the acceleration in innovation at the company even in the face of a pandemic.
Our teams have done a fantastic job delivering new functionality for our customers and every quarter, we are delivering more today.
Today I will highlight some of those key product launches driven by the increasing velocity of experimentation in every part of our business I have never been more confident in our ability to deliver value to our customers faster and drive long term financial results.
And for our shareholders. The vaccines had provided a new normal but now we find the world challenged by the Delta variant, we're staying vigilant regarding any short term impact from the difficulties our customers continue to face coming out of the pandemic as I look at the rest of the year.
And given our history of providing prudent guidance to our shareholders I am confident that following a strong first half we remain on track to achieve our full year financial targets.
Our core focus is to drive value over the long term through continuous improvements in our products and services.
The long term secular tailwind in our industry continue to play to our strength as more people and businesses seek to sell their products and services online and offline they need intuitive solutions and a trusted partner that can help guide them to growth.
Our priorities are aligned with our customers and they remain clear.
First driving commerce through presence second godaddy pros and third innovation in domains.
Everyday entrepreneurs look to godaddy for help with their number 1 priority to reach more of their customers and grow their business. It is also our number 1 priority and our investments reflect that true to our promise we have moved quickly this year.
With the launch of Godaddy payments already available to all websites plus marketing customers and managed wordpress customers in the U S.
Our ability to integrate point and launched payments quickly is a proof point of our platform based approach to commerce and presence.
We are dedicated to creating a seamless and intuitive experience for our customers built on a common platform that increases our agility and speed to market.
As further proof, we're already looking beyond websites plus marketing and managed Wordpress, we're launching godaddy tailings and virtual terminal with failings godaddy customers will finally be able to say goodbye to sending paper invoices.
Bailings enables customers to take payments from anyone in the U S through a secure link and with the virtual terminal day can accept payments through iOS and Android on their phone or tablet without a card reader ideal for farmers market craft fairs, and other and more.
Sales.
And we have much more coming we are on track to launch Godaddy Omni commerce solution by the end of the year empowering our customers to sell everywhere in their physical store on their online store and across major platforms, and we have deepened our partnerships with the major.
Platforms, especially with Google and Facebook Godaddy customers can now display the product inventory directly within Google search shopping image search and Youtube for free and they can also create listings and manage their Google Smart AD campaign directly within there.
And our godaddy websites plus marketing dashboard customers can also manage their Facebook and Instagram AD campaigns from the same dashboard.
Websites plus marketing continues to launch new capabilities, including functionality for job listings critical in the current environment, our robust epicure widget and enhanced email composer and much more.
We have also completed the integration of over rebranding it as Godaddy studios, we've expanded the functionality as well and now godaddy customers can seamlessly create content on iOS, and Android and leverage that content on social networks and their website.
Moving to our second priority Godaddy pros and we continue to focus on creating a seamless and intuitive experience with world class, while maintaining flexibility for pros, we are committed to driving real improvement in the wordpress ecosystem and are thrilled to share that 1 of godaddy is 1.
Let the release of the latest version of the Gutenberg editor for Wordpress Wordpress has been the winning platform for growth for years, and we are confident that wordpress will continue to be the winning platform for years to come earlier. This year, we created a dramatically simplified onboarding experience.
And we've invested to make manage wordpress, even more performance and we are hearing for customers that they are noticing the difference.
Our goal is to save time for growth and inside the Godaddy hub. We are seeing continued improvement we are launching new capabilities in the hub on a regular basis and we are particularly excited about introducing invoicing with invoicing pros can build their customers with.
Needing a separate system. We also launched the new Godaddy pro brands in India. This quarter and we are starting to see early signs of traction India represents an enormous opportunity for godaddy and we're looking forward to hosting our first day event for pros in India.
Later this year.
And for our third priority, we continue to see remarkable strength in domains, driven by innovation and our aftermarket business as well as strong renewals and continued new registrations.
As you May recall in Q4 last year, we introduced list for sale and multiple improvements in domains search. These innovations contributed to nearly 20% year over year revenue growth and domains through the first half of this year in Q2, we launched buy it now landing pages.
4 domain investors to sell premium domains faster and more efficiently and customers have reacted positively to it.
1 major domains Investor moved approximately 50000 domains to go Daddy's platform and the improvement in their sales was so immediate that they decided to move over their entire portfolio of CCT Leds as well that customer describe the experience as an absolute game.
Changer.
We've also continued to enhance the experience for buyers with and improved search and our auctions experience. We're thrilled with the outcomes in this space and excited about continuing to innovate.
We're also seeing good progress in scaling our godaddy registry business with the recent acquisitions of additional top level domains or <unk> Godaddy registry now manages more than 240 total T. L. D and we continue to look for ways to our punch our weight in the registry business.
I am also super excited to share that we've published Godaddy is force environmental social and governance or ESG report in June I encourage you to read our report and learn about the fantastic initiatives going on inside Godaddy, we look forward to setting goals.
And reporting on our ESG result regularly going forward.
In closing, we have accelerated the pace of innovation within godaddy.
Our strategy remains centered on building incredible products and creating value for everyday entrepreneurs around the world. We are prudent stewards of capital and remain committed to delivering value to our shareholders with a number of organic and inorganic investments, especially.
Actually around commerce, and our upcoming Omni Commerce launch we believe we are positioning godaddy for continued growth in our top line and our profit for years to come with that here's Mark.
Thanks Ahmad and it's great to be here on my first earnings call as Godaddy CFO.
And 2 months in and I can tell that there's something special about godaddy is culture.
<unk> vision and commitment to our customers.
As Martin mentioned, there is an incredible opportunity ahead of this company and I'm very excited to join at this stage of the journey.
I want to take a moment.
And discuss our financial results for the second quarter.
And then I'll provide an update on what we're seeing now and our financial outlook for Q3, and the rest of 2021.
Q2 was a strong quarter and that showed up and our financial results.
Total revenue came in at $931 million growing over 15% year over year, which includes about a point of currency tailwind.
Our international business grew 19% on a reported basis and approximately 3 points of currency tailwind.
Business applications was our fastest growing product line, increasing 22% year over year.
We continue to see new customer attach strong renewals and existing customers, adding additional seats of email and productivity solutions.
Domains grew 18% year over year.
As a non mentioned innovation that the teams put in place late last year is driving performance and the aftermarket which was a large contributor to the growth we saw and the second quarter.
We're also seeing strong renewal rates from huge cohorts that joined last year and continued need registrations.
And finally hosting and presence grew 9% year over year.
And in line with our expectations of high single digit growth, we continue to see very nice growth and our presence products like websites and marketing tempered by slower growth and our legacy hosting and security business with continued year over year declines and social bookings came in at 1.05 billion.
Rising 13% year over year with 2 points of currency tailwind.
Strength in bookings and the quarter reflects similar drivers to what we called out for revenue.
Gross margin came in at 64% and the quarter in line with what we saw both last quarter and and the second quarter last year.
And mix continues to drive the company's overall gross margin and we're pleased with a 16% year over year growth, we saw and gross profit dollars and the second quarter growth and both G&A and tech and Dev expenses decelerated this quarter.
As you'll recall there were some 1 time expenses related to our point acquisition and were recognized and T&D and G&A and Q1 that didn't repeat in Q2.
Growth rate and TMT remains above what we saw in 2020.
Reflecting the outstanding talent, we added via the point acquisition and.
And our continued investment and the product.
Element.
Our marketing and advertising investment remains strong and Q2, though the year over year growth decelerated as we started to lap the elevated and investment need and capture the extraordinary demand we saw last year.
Our growth and investment and in the second quarter, resulting in normalized EBITDA of $198 million, representing a growth of 22% year over year.
Unlevered free cash flow for the quarter was 237 million growing 27% year over year, driven by strong profitability continued positive impacts from working capital.
And disciplined Capex investments as we continued shifting workloads to the cloud.
Now on to the balance sheet. We finished Q2 with 1.4 billion and cash and total liquidity of nearly $2 billion net debt stands at 2.6 billion below 3 times net leverage on a trailing 12 month basis.
And near the midpoint of our targeted range of 2 to 4 times Godaddy has a strong liquidity position access to both debt and equity capital markets and resilient cash generating operations. During the second quarter, we repurchased nearly 1 million shares for an aggregate purchase price of $81 million and announced.
Missions and registry space, our priorities for capital allocation haven't changed.
Our strategic priority is to grow the business and we'll continue with organic investment as well as through acquisitions. We will continue to prioritize M&A over share repurchases that said, we still have approximately $1 billion remaining on our repurchase authorization and we expect to deploy capital to repurchase shares.
And next door.
Moving onto our outlook Godaddy has a strong resilient business model, giving us confidence and our ability to achieve our full year targets. Following a strong first half and want to acknowledge the evolving impact of the pandemic COVID-19 variance and access to the vaccine and we want to be prudent with our guidance for the second half of the year.
We expect our full year revenue to be approximately $3.75 billion or 13% growth year over year, and we continue to expect unlevered free cash flow of $955 million or 16% growth year over year, while we don't typically guide to bookings explicitly you want to provide some color.
We expect bookings growth to be a couple of points below revenue growth and the back half of the year, our forecast assumes that FX tailwind will abate and we are facing tough compares.
We expect revenue growth domains and moderate, especially in Q4 exiting the year growing low double digits. We're also facing tougher compares in the aftermarket as we lap the impact of the list for sale tool and other improvements introduced in Q4 last year. The aftermarkets as you know is a non subscription business.
We expect hosting and presence revenue to deliver mid single digit growth for the full year, we continue to see low single digit growth and our legacy hosting business. We're also lapping very difficult comps and our higher growth products like websites and marketing and continued declines and social we also note that the moderate.
And of the FX tailwind will disproportionately impact. This line, we've got a strong track record of driving growth and our goal is to accelerate the growth in this category beyond 2021, we continue to expect high teens growth and business applications for the year with respect to investments and expenses, we continue to invest and tech and Dev as we drive.
And with development of our omni commerce and better scale, our engineering and developer teams from long term growth marketing spend is governed by returns. So we'll continue to monitor and adjust based on the demand, we're seeing and the market investments here and will likely be offset by continued leverage and customer care and G&A for Q3, we expect total revenue of approximately.
And we $945 million or 12% growth year over year with high teens growth and business applications mid teens growth domains as we lap the slightly tougher comp and mid single digit growth and hosting and presence and <unk>.
I wrap up my comments here I want to express my thanks for the incredible welcome I received from all of the wonderful people at Godaddy as well as our partners throughout the industry and our analyst and we'll do everything I can to ensure that we are executing against all of the financial and strategic priorities, we've laid out and that we are communicating clearly and transparently with.
All of our stakeholders.
And I have big shoes to fill and I'm looking forward to meeting many of you and the coming weeks and months and as we virtually hit the road.
With that we'll have Christie masoner from our IR team open up the call for questions.
Thanks, Mark as a reminder, if you would like to ask a question. Please use the raise hands and feature at the bottom of 11 of our screen to be added to the queue. Our first question comes from the line of Trevor Young from Barclays.
Please go ahead.
Great. Thanks for taking the question just on a segment basis. It seems like the HMP guide was a bit softer than prior commentary if I heard you correctly Mark you said mid single digit growth for the full year can you help us understand what changed and then also remind us to what the impact is and <unk> from <unk>.
And what the M&A or is that more just a <unk> impact. Thank you.
Hey, Thanks, Trevor and are happy to elaborate a bit.
Let's start with <unk>.
Facing tough comps when it comes to some of our higher product growth rate websites plus marketing.
And and things such as that I would also say FX is not working in our favor and the second half already assumed and with will not have the same tailwind.
And we continue to see low growth and our hosting and security.
So that coupled together kind.
This put us at a mid single digit growth for the year I would also point out and.
And we're being pretty prudent and when it comes to looking at customer behavior.
Especially as we get into the second half of the year.
I want to acknowledge there is a lot going on with our consumers and.
This is the place to be right now.
As far as the lapping in Q3 and Q4, we see part of it and Q3, and then and the bulk of it and Q4.
Great. Thanks.
Our next question comes from the line of Brent price 1 from Piper Sandler. Please go ahead.
Hi, This is Clarke Jeffries on for Brent Firstly, I'll say them on really encouraging to hear about the product innovation and how quickly the company and been able to iterate iterate on the point portfolio, it's exciting and progress so far on that point could you help us understand what's the current level of adoption and youre seeing and payments and maybe.
And what are some of your key strategy strategy X ray encouraging adoption.
Some of your peers have pursued transactions seats for slot selecting the preferred payment rails. So correct me if I'm wrong, but you are not doing that strategy and specifically so I just want to see where do you see potential for push versus pull strategies to increasing adoption.
Thanks, Bart and as you know.
And we've just launched godaddy came in and we're seeing a good reaction from customers they're excited and.
Clicking on average choosing the product so it's a great great.
But overall, our time line and come up with about getting through the omni Commerce solution. Later, this year next year, and migrating and experimentation and with pricing and you'll see a fair statement and with a lot of and models, our cash and as we go through that and Theyre going to pick what's best for our customers and shareholders together so no specific comment on.
Various pricing strategies.
We've got a good start.
And let us know about.
Great and if I could have a follow up for mark.
Could you comment on the legacy hosting and security and business.
What are the relative expectation long term for that segment, how should we be thinking about the moderation and currently in that segment and is there R&D push share or any kind of change and industry demand that we should just anticipate that they've got going forward.
Yes. Thanks.
And I'll I'll start with saying a lot of the hosting and security is driven by traffic.
And.
That particular area.
We're monitoring the traffic very closely.
We think it will continue with low digit growth.
Throughout the year we.
And we'll take a look at what the long term prospects are that and.
And I'll just start with.
And looking forward to checking and with everybody 6 months from now and looking at the 2022 guidance since we've put it force.
Great. Thank you very much.
Our next question comes from the line of Eagle Iranian from Wedbush. Please go ahead.
And you all please on mute your line.
Sorry about that.
Hey, good afternoon.
So that's a good outperformance in the quarter and just trying to think through the second half and the puts and takes.
Adjusted a little bit, but so if I remember correctly last quarter and you talked about how we'd be facing some challenging comps and domains, but.
Continued innovation, there can keep growth and elevated longer so.
On the domain side.
Where do you guys think you are relative to that.
Target.
And that traction that you talked about last quarter in terms of innovation and keeping growth stronger and similarly on the present side I mean, we've got a lot of pieces coming together around commerce and the Omnichannel pieces coming and later this year and I know, it's still early on the Omnichannel front, but payments and everything else.
And what are the things that investors should be looking forward and get better confidence that the present segment is growing faster and getting stronger as you put these things together ex.
Thanks, and I'll continue to be Super excited about the innovation and the domains business right.
And I've talked about last time as well, we're continuing to do more every quarter and the goal here is to build the innovation and factory, where we're the leader in this space and we're going to just continue to innovate, but we can only guide what we see we can't guide to sort of future innovation, but it's happening every quarter, just this quarter and I've talked about it and the prepared comments.
And we launched buy it now and lenders and they have been adopted really really well by our domain and industrial customers. So you'll continue to see us do it.
And when it comes to guidance, we'll talk about what we see and what we know and in terms of presence. We continue to see fantastic growth in product and our growth products like websites, plus marketing and managed approach and manage Wordpress theres still outgrowing, our overall business, even though they have some really tough comps year over year. So super excited about the work happening there.
Well.
Okay, Thanks, and if I could follow up on the comments around customer behavior.
Heavier and you've had really strong customer behavior and FERC essentially since the early days of the pandemic are you seeing things change or slow down.
I would think any and a resurgence.
And COVID-19 would bring customer behavior, even stronger and weaker just let's talk about some of what youre seeing there.
At a macro level obviously.
And all excited to have a vaccine and be able to have a sense a normal weather day.
And are unprecedented times, and we don't really know how customer behavior is shifting and.
We will always goes to the whatever changes we see a short term long term the opportunity in terms of online and offline coming together is massive and our customers need to get out there they need to sell everywhere. We're building a set of products portfolio of services that meet that need we have a massive Brian and Sue I'm, just super bullish about our opportunity long term.
And there.
And with my model.
Just to jump on to that a bit.
We can continue.
Continue to be really really excited about the long term prospects, but but.
We've been prudent in the guidance, we're taking a look at the market, we're taking a look at the behavior and.
And we will continue and continue to monitor from the short term.
Appreciate the answers guys. Thanks.
Our next question comes from the line of Ron Josey from JMP. Ron. Please go ahead.
Great. Thanks for taking my question and I appreciate it and among you touched on this earlier, but I wanted to ask a little bit more here, just with commerce being a top priority overall and payments now alive Omnichannel solution coming.
And so maybe just asking as we exit 'twenty, 1 and go into 'twenty, 2 and these products evolve here and just talk to US about just the next call. It how you view commerce and evolving on Godaddy do you think we're still into building out new products are now we're in execution mode. I think you might've answered this earlier or at least not necessarily but I wanted to ask it maybe a.
Wei and then and then 1 also talk about the Google Merchant Center product that was announced I think a few weeks back just talk about how this how this integration and ear code could really play out going forward. Thank you.
Thank you Ron and.
And commerce.
As we discussed if the strategy is about and meeting a broad set of needs for our customers and 2021 is the ability or we're moving very very quickly we've got payments out there I talked about payroll links virtual terminal.
We're going to have omni commerce by the end of the year, we're talking about invoicing for Godaddy pro so a lot happening in the commerce space. When we're looking at the customer need and we're bringing it out very quickly 2022 and the year of experimentation. It's really too early right now to talk about.
And what different things may happen and there we're going to go to market. There is a set of marketing experiments and set of experiments around pricing that we're going to be working on and generally the initial reaction is approaching customers, where they see our products and they want to work with godaddy on it and in terms of Google or some of the Facebook announcement as well.
Most excited about is creating a seamless and intuitive experience for our customers for our customers to be able to go into 1 dashboard and manage systems, not just or their online store and with omni commerce their in store, but to be able to manage their spend on major platforms. All from the same place all 1 and look and feel seamless intuitive.
Easy that's what we're looking for that's what we're most excited about great.
Great. Thank you. Thank you.
Okay.
Our next question comes from Nick Jones from City next please go ahead.
Great. Thanks for taking my questions.
I guess kind of 2 along the same line of thinking I guess, 1 can you give an update on the kind of M&A and we can expect you made.
Acquisitions and domains there was point I mean.
And there are there sizable acquisitions out there you could make or should we think about it laurus tuck and and then maybe separately.
How do you think about partnerships and in terms of kind of enabling smbs to really utilize our platform to the fullest extent.
For those who maybe don't know how to ex.
Yes, thanks, Nick.
I'll take that 1.
Really quick obviously, we don't comment on ongoing M&A, but we will continue to look at opportunities that bring value to our customers.
The 1 great thing about our balance sheet and it gives us optionality to look at all sorts of deals.
But.
And we're not going to comment on anything currently when it comes to partnerships. Our ecosystem is extremely important and we will.
We'll continue to look at that ecosystem, and again, where it makes sense to partner with people and the market and and.
Everything is about the focus on the customer and bringing them value and ultimately strengthening and I'd echo ecosystem.
Next please on mute your line.
Okay. Our next question comes from drew Glasser from Jan Kees for J.
J P. Morgan. Please go ahead.
Hi, This is Joe on for Sterling.
We've seen news reports that godaddy well pass along the Verathon first line price increase when it goes into effect and September can you confirm whether that will be the case and how you expect that to impact revenue and margins.
Yeah, the tradition and the industry has been for registrars to pass on that pricing.
What's important about bad with Godaddy is that we have segmented customer base and we've taken a nuanced approach to that pricing based on the type of customer.
We will be doing that.
Same strategy that we have done in the past.
And I'll turn it to Mark to talk about the revenue.
Thanks, Martin and <unk>.
We have built a sense of the forecast we had it and all along and these things arent unusual and they can help.
As <unk> mentioned, we have traditionally past months.
They are in the forecast for the second half.
Okay got it thank you.
Our next question comes from the line of Deepak Ms. Levine from Wolfe. Please go ahead.
Hi, Ron Frankel down here for Deepak.
Spending on that last question about various non price increases I wanted to get your opinion on whether you're expecting this industry wide adoption of these higher prices.
And then on the registry business do you see any other interesting opportunities there are other extensions that.
You can eventually integrate with the product I mean, if you can't disclose anything haven't Enchiladas Thats fine just how and how we should be looking at it is.
Important here.
Hi, Yes, I can take back on the.
Pricing for other players, obviously I can't comment to what other companies are going to do but obviously that historically you can look at what companies have done probably got a pretty good idea on the registry business continue to be really excited about what we can do there for the industry as a whole.
And as I talked about last quarter are first of all there is to get to greater scale and you saw us to a few acquisitions, we announced for 240 <unk>.
Our goal is to have a certain scale, where we can experiment with innovative ideas and we do have a few ideas and I've talked about 1 or 2 and the path.
As we get closer to them and customers likely see them.
I'd love for them to get out there and then we can talk about tomorrow.
Got it and then just 1 more if I can do you can.
Can you give us some perspective on the share buybacks and the next few quarters and how we should be thinking about those.
Thanks, Ed.
And I'll take that 1.
We always look at capital allocation and as we've said in the script our priority is around accelerating growth.
And whether organically or through M&A, having said that we will continue to look at share buyback and and be opportunistic and provide value back to our shareholders where appropriate.
Great. Thanks, so much.
Our next question comes from the line of novel Con from.
And Truest noted please go ahead.
Yeah.
And you hear me.
Yes.
Okay, Yeah, and just maybe maybe I misheard, but and you guys talk about subscriber growth.
And.
In the core.
And maybe just sticking them and how it compares to.
And then past few quarters.
And maybe.
EMEA.
A question and Ken.
And help us understand.
And just the mix of E Commerce and.
Okay and marketing.
And I think I'm just wondering if we net.
And roughly a quarter of the subs are e-commerce and is that still the case.
I had a tough time hearing the question there and Nevada.
So I'm going to answer what I think was the second part and.
And then we might have to do a repeat on the first part.
I think you were asking for per.
And kind of directional guidance on the impact of E Commerce.
I will tell you and get a well we're really really excited about the launch of payments and in the first half and.
And the launch of Omni commerce, and the second half, where we're not getting into the financial numbers now were still looking at the impact on our customers.
And if you could if you could go back.
To the first quarter and all of it.
And we lost share audio and your first question. If you could repeat the first part of the question, yes, Okay. No matter if I didn't get the second question Ray Let me know it was kind of in and out.
And I mean, let me try 1 more time and hopefully get it now so.
The first question and just around subscriber number Paul.
For the second quarter and how that compares with net growth in the past few quarters. If you have seen.
And the like and.
Cash and was just around the mix of commerce subscribers I think in the past you talked about roughly 25% and that's still the case.
Thanks, and now it's repeating the question and on subscriber accounts, we don't disclose that on a quarterly basis, and we'll share that with you at the end of the year and in terms of our commerce solutions and part of websites for smoking and customers continue to lean into that and we've continued to lean in and add more and more functionality. So that continues to do well for us.
Thank you. Thank you.
Okay.
Our next question comes from the line of Elisabeth Elliot from Morgan Stanley Elizabeth. Please go ahead.
Elizabeth Please on mute your line.
Our next question comes from the line of Brent Thill from Jefferies. Please go ahead.
Thanks, and there was some questions around various signs price hike and how you intended.
Pass that through can you just comment on that intended price hike and then secondarily I'm on when you look at the business apps.
Teens growth can you just lay out you know that the engines of how youre getting there maybe if you can just talk to you.
And the broader how how what's underlying that confidence to get to that growth rate and the desktop side on the components of growth. Thank you.
Sure Brian.
On the price increase with Verisign and what I've talked about was that we have a segmented strategy. So we have different types of customers and we change pricing at different levels for them traditionally registrars and fast on the pricing from registry and so there is a pass on from us but as Mark.
Commentary, that's been and our guide, but it's a segment and nuanced approach so I.
And I just want folks to understand that about the company as a whole in terms of the second part of your question sorry, what was the second part.
I mean do.
And we think the engines of growth a business that syngenta growth.
And.
Applications and initiatives.
And sorry, there's this little delay in terms of the business apps growth that continues to be a function of customers onboarding on our email products. Both the Microsoft solution that we have and <unk> and us growing with our customers to those customer dwell are successful as seed growth with them, we continue to be under underpinned.
And traded here and there's a ton of opportunity as we reach more and more customers as we make the experience simpler than it had been from Onboarding improvements for customers that we've been able to do with we've been able to continue to drive growth with existing customers and new customers there.
Okay.
Okay.
Okay.
Okay.
Okay.
Okay.
Yeah.
Brent we're getting we're getting a breakup on your line.
If he had try again.
Okay that concludes our call for the day. Thank you everyone for joining us and I'll turn it over to come on for some closing remarks.
Thank you all for joining a quick thank you to all the godaddy and point employees for accelerating the innovation of the company and.
We look forward to talking to you next quarter.
Okay.
Yeah.