Total bookings increased by 9.5% year-over-year to $1,312.7 million. This growth was driven by increased customer adoption of productivity solutions and related add-ons, as well as strength in domains and aftermarket.

The company implemented restructuring activities, including a reduction in force, which impacted approximately 180 employees. These actions are intended to reduce future operating expenses and improve cash flows.

International revenue increased to $352.9 million. The company continues to invest in international markets and adapt its offerings to local needs, although international expansion also presents specific risks.

Management identified a material weakness in internal control over financial reporting related to income taxes and is implementing remediation steps. The company believes these actions will remediate the weakness.

The company prioritizes capital allocation towards operational requirements, growth investments, and stockholder returns. This strategy includes managing debt, executing share repurchases, and funding strategic initiatives.

The company is investing in technology and infrastructure to support future growth, including cloud infrastructure and product development. These investments are expected to drive long-term performance.

The company acknowledges the ongoing threat of cybersecurity incidents and data breaches, which could result in reputational harm, substantial costs, and significant liability. The company is actively working to mitigate these risks.

The company relies on third parties, including AWS, for key functions, which introduces operational and cybersecurity risks. Disruptions or failures by these third parties could adversely affect the company's business.

The company's international operations are subject to geopolitical and economic risks, including the conflicts in Ukraine and the Middle East. These events could impair growth prospects and adversely affect the company's business.

The company faces significant competition in its Applications and Commerce (A&C) and Core Platform markets, which is expected to intensify. Competitors include domain registrars, web-hosting solutions, and e-commerce enablement providers.

The company's brand is integral to its success, and failure to protect or promote the brand could harm its business and competitive position. The company invests resources to increase brand awareness.

Evolving technologies and customer practices, such as increased reliance on social media and mobile applications, may impact the value of and demand for the company's products, including domain names and websites.

The company implemented restructuring activities, including a reduction in force, to reduce future operating expenses and improve cash flows. These actions are expected to improve operational efficiency.

Technology and development expenses decreased due to migration towards a unified infrastructure platform. This migration is expected to improve operational efficiency and reduce costs.

The company relies on a limited number of data centers, and any disruptions to these facilities could harm its operations. The company is working to mitigate these risks.

The company is increasingly using new and evolving technologies, such as AI, to develop new tools and products. There are significant risks involved in development and deploying AI, such as an increase in intellectual property infringement or misappropriation, data privacy, cybersecurity, operational and technological risks, harmful content, accuracy, bias and discrimination.

The company is constantly innovating and adapting to new technologies and trends. Our historical success has been based on our ability to identify and anticipate customer needs and design products that provide our customers with the tools they need to grow their businesses.

The company relies on third parties to perform certain technology, processing, servicing and support functions on our behalf, and may in the future choose to transition a function previously managed by us to such third parties.

The board of directors has authorized a share repurchase program of up to $4,000.0 million. During the three months ended March 31, 2024, the company repurchased shares for $147.7 million.

The company has incurred, and will continue to incur, expenses relating to our investments in international business and infrastructure, such as: (i) our offerings and marketing presence in India, Europe, Latin America, the Middle East and North Africa, and Asia; (ii) our marketing spend to attract new customers, such as WebPros and Independents in non-U.S. markets; and (iii) investments in software systems and additional data center resources to keep pace with the growth of our cloud infrastructure and cloud-based product offerings.

The company has never declared or paid any dividends on our common stock, and we currently do not intend to pay dividends to the holders of our Class A common stock.

Investors, regulators, customers, employees and other stakeholders, both U.S.-based and internationally, are increasingly focused on environmental, social and governance (ESG) matters.

If we fail, or are perceived to fail, to make progress or achievements, or to maintain ESG practices that meet evolving laws, regulations and stakeholder expectations, or if we revise any of our ESG commitments, initiatives or goals, our reputation and our ability to attract and retain employees could be harmed

In addition, regulatory requirements with respect to climate change, greenhouse gas emissions and other aspects of ESG may result in increased compliance requirements on our business and supply chain, and may increase our operating costs.

General macro-economic conditions, such as higher interest rates, inflation in the cost of goods and services including labor, a recession or an economic slowdown in the U.S. or internationally could adversely affect our operations as well as demand for our products and services.

The legal and regulatory environment relating to the Internet is uncertain, and governments may impose regulation in the future. New laws may be passed, courts may issue decisions affecting the Internet, existing but previously inapplicable or unenforced laws may be deemed to apply to the Internet or regulatory agencies may begin to more rigorously enforce such formerly unenforced laws, or existing legal safe harbors may be narrowed

ICANN is a multi-stakeholder, private sector, not-for-profit corporation formed in 1998 for the express purposes of overseeing a number of Internet related tasks, including managing the DNS allocation of IP addresses, accreditation of domain name registrars and registries and the definition and coordination of policy development for these functions.