Maplebear (NasdaqGS:CART) 2026 Conference March 04, 2026 03:20 PM ET Company ParticipantsBrian Nowak - Managing DirectorChris Rogers - CEOBrian NowakBefore we get started, I have to read the research disclosures. All important disclosures, including personal holdings disclosures and Morgan Stanley disclosures, appear on the Morgan Stanley public website. They are also available at www.morganstanley.com/researchdisclosures and at the registration desk. Some of the statements made today by Instacart may be co ...

GoDaddy Conference Call Summary Company Overview - **Company**: GoDaddy - **Industry**: Domain registration and web hosting services Key Points AI Landscape and Airo.ai - GoDaddy is evolving its generative AI tool, Airo, into an agentic operating system for small business customers, aiming to automate tasks for micro small businesses [3][4] - The company is optimistic about Airo.ai's potential to enhance customer experience by helping businesses validate ideas, establish digital presence, and connect with customers [4][5][6] Q4 Results and Promotional Pricing - GoDaddy introduced a promotional pricing strategy at $4.99 to widen customer reach, which resulted in strong demand and cohort quality similar to previous one-year offers [7][8][10] - The promotional pricing has a marginal impact on revenue but affects bookings, with expectations for bookings to trail revenue in Q1 [16][18][22] Customer Cohorts and ARPU - High-intent customers, defined as those spending $500 or more annually, are growing and represent 10% of the customer base, with low double-digit growth expected in fiscal 2025 [15][70] - GoDaddy emphasizes the importance of retaining high-intent customers, as those with multiple products show significantly higher retention rates [73][74] Product Development and Airo.ai - Airo.ai is designed to automate tasks for customers, enhancing their ability to manage their businesses effectively [25][26] - The company is also upgrading its Websites + Marketing product, integrating AI-powered chat features, with positive early feedback from customers [35][40] Agentic Name Service (ANS) - ANS is positioned as a foundational infrastructure layer for the open internet, aimed at verifying the identity of agents online [48][49] - GoDaddy is focused on widespread adoption of ANS, with partnerships like MuleSoft validating the framework [60][62] Pricing and Bundling Strategy - GoDaddy's pricing and bundling strategy is seen as an evergreen initiative, continuously evolving to meet customer needs [63][67] - The company aims to offer tailored bundles based on customer usage patterns, enhancing customer engagement and retention [68] Financial Performance and Margins - GoDaddy has achieved 1,000 basis points of margin expansion over five years, with expectations to exceed a 33% margin target in 2026 [114][122] - Key drivers of margin expansion include infrastructure simplification, access to global talent, and a favorable product mix with higher-margin offerings like ANS [115][118] Competitive Landscape - GoDaddy maintains strong brand awareness, driving over 60% of traffic through direct navigation, which is crucial for attracting micro small businesses [127][129] - The competitive environment remains intense, but GoDaddy's established brand and comprehensive service offerings provide a competitive edge [128] Capital Allocation and M&A Strategy - GoDaddy has a strong balance sheet and continues to prioritize share buybacks, with 100% of free cash flow allocated to this in 2025 [141] - The company remains open to M&A opportunities that align strategically and can be integrated into its platform [139][140] Additional Insights - The company is focused on enhancing customer experience through empathetic conversations and direct marketing strategies, which have proven effective in driving additional product attachments [133][134] - GoDaddy's approach to customer acquisition and retention is evolving, with a focus on both high-quality customer growth and ARPU expansion [72][78]