ニュースリリース
ゴーダディは2024年第3四半期の財務結果を報告しました
企業は収益性の高い成長と強い現金生成力を継続しています。
シェアと株式の自社株買い戻し
2024年9月30日に終了した第3四半期の財務結果を発表したゴーダディ・インク（nyse: GDDY）は、2024年10月30日、アリゾナ州テンピで報告しました。 - プレスリリース 2024年9月30日に終了した第3四半期の財務結果を発表したゴーダディ・インク（nyse: GDDY）は、2024年10月30日、アリゾナ州テンピで報告しました。
"ゴーダディCEOアマン・ブタニは、「第3四半期に堅実な業績をあげ、主要な取り組みで引き続き進展しました。革新的なソリューションで世界中の起業家に支援を提供することに取り組んでおり、ゴーダディエアロの強化された機能をご紹介するのを楽しみにしています」と述べました。 12月の投資家向けディナーで、GoDaddyエアロのエンハンスドキャパビリティを共有することを楽しみにしています。
"当社の第3四半期の結果は、持続的な売上成長、拡大した収益性、そして強力な現金生成を示しています。" とゴーダディの最高財務責任者であるマーク・マッカフリー氏は述べました。「私たちの実行力、強固な財務体質、および厳格な資本配分フレームワークは、株主に対する持続的な価値創造を可能にしています。」
2024年第3四半期のビジネスと財務のハイライト
•売上高は11.5億ドルで、報告通貨および一定通貨ベースで前年比7%増。
•アプリケーションとコマース（A＆C）の売上高は、前年比16％増の423億ドルに成長しました。A＆Cの年次繰り返し収益（ARR）は、前年比15％増の16億ドルに成長しました。
•コアプラットフォーム（Core）の売上高は7245千万ドルで、前年比3%増加しました。コアのARRは前年比4%増加し、24億ドルになりました。
•総予約額は12億ドルであり、報告通貨ベースと一定通貨ベースで前年比9%増加しました。
•当期純利益は$19050万で、前年比45%増の17%の利益率を示しています。
•正規化されたEBITDA（NEBITDA）は36650万ドルで、前年比24％増の32％のマージンを表しています。
•営業活動による現金の純増は35520万ドルで、前年比26%増加しました。
•フリーキャッシュフローは36270万ドルで、前年比29%増加しました。
•会社は革新的なゴーダディAiro™ 人工知能搭載体験の展開を続け、現在、世界180か国以上で利用可能です。発見とエンゲージメントは引き続き好調であり、モネタイズ経路の最適化に注力しています。
100 S. Mill Ave Ste. 1600 Tempe, AZ 85281 T: 480.505.8800 https://investors.ゴーダディ.net
連結第三四半期の財務ハイライト
終了した三ヶ月間 9月30日, | 九ヶ月終了 9月30日 | |||||||||||||||||||||||||||||||||||||
| 2024 | 2023 | 変化 | 経常通貨単位での財務的パフォーマンス調整（$ in millions, except per share amounts） | 2024 | 2023 | 変化 | ||||||||||||||||||||||||||||||||
| (百万ドル、顧客数は千単位、ARPUはドル単位で表記) | ||||||||||||||||||||||||||||||||||||||
| 売上高全体 | $ | 1,147.6 | $ | 1,069.7 | 7.3 | % | 7.3 | % | $ | 3,380.6 | $ | 3,153.8 | 7.2 | % | ||||||||||||||||||||||||
| アプリケーションおよびコマース売上高 | $ | 423.1 | $ | 363.3 | 16.5 | % | $ | 1,211.8 | $ | 1,053.0 | 15.1 | % | ||||||||||||||||||||||||||
| コアプラットフォームの売上高 | $ | 724.5 | $ | 706.4 | 2.6 | % | $ | 2,168.8 | $ | 2,100.8 | 3.2 | % | ||||||||||||||||||||||||||
| 国際収益 | $ | 369.4 | $ | 345.5 | 6.9 | % | 6.9 | % | $ | 1,079.4 | $ | 1,027.2 | 5.1 | % | ||||||||||||||||||||||||
当期純利益(1) | $ | 190.5 | $ | 131.0 | 45.4 | % | $ | 738.3 | $ | 261.5 | 182.3 | % | ||||||||||||||||||||||||||
| 当期純利益率 | 16.6 | % | 12.2 | % | 21.8 | % | 8.3 | % | ||||||||||||||||||||||||||||||
| 営業活動によるキャッシュフロー | $ | 355.2 | $ | 281.6 | 26.1 | % | $ | 947.2 | $ | 749.9 | 26.3 | % | ||||||||||||||||||||||||||
| セグメントEBITDA- A＆C | $ | 194.6 | $ | 154.3 | 26.1 | % | $ | 533.1 | $ | 429.4 | 24.1 | % | ||||||||||||||||||||||||||
| セグメントEBITDAマージン- A＆C | 46.0 | % | 42.5 | % | 350ベーシスポイント | 44.0 | % | 40.8 | % | 320ベーシスポイント | ||||||||||||||||||||||||||||
| セグメントEBITDA- コア | $ | 239.0 | $ | 208.6 | 14.6 | % | $ | 675.2 | $ | 588.6 | 14.7 | % | ||||||||||||||||||||||||||
| セグメントEBITDAマージン- コア | 33.0 | % | 29.5 | % | 350ベーシスポイント | 31.1 | % | 28.0 | % | 310ベーシスポイント | ||||||||||||||||||||||||||||
非GAAP結果(2): | ||||||||||||||||||||||||||||||||||||||
| NEBITDA | $ | 366.5 | $ | 296.0 | 23.8 | % | $ | 1,011.2 | $ | 810.3 | 24.8 | % | ||||||||||||||||||||||||||
| NEBITDAマージン | 31.9 | % | 27.7 | % | $ | 29.9 | % | 25.7 | % | $ | ||||||||||||||||||||||||||||
| 希薄化後のフリーキャッシュフロー | $ | 399.4 | $ | 320.1 | 24.8 | % | $ | 1,126.7 | $ | 907.6 | 24.1 | % | ||||||||||||||||||||||||||
| フリーキャッシュフロー | $ | 362.7 | $ | 280.2 | 29.4 | % | $ | 1,013.5 | $ | 779.3 | 30.1 | % | ||||||||||||||||||||||||||
| 運営およびビジネスメトリクス: | ||||||||||||||||||||||||||||||||||||||
| 総予約 | $ | 1,241.7 | $ | 1,138.9 | 9.0 | % | 9.4 | % | $ | 3,816.3 | $ | 3,479.2 | 9.7 | % | ||||||||||||||||||||||||
| 期末の総顧客数 | 20,725 | 21,025 | (1.4) | % | 20,725 | 21,025 | (1.4) | % | ||||||||||||||||||||||||||||||
| 1ユーザー当たりの平均売上高（ARPU） | $ | 215 | $ | 200 | 7.5 | % | $ | 215 | $ | 200 | 7.5 | % | ||||||||||||||||||||||||||
| 年間化された継続売上高（ARR） | $ | 3,974.6 | $ | 3,675.1 | 8.1 | % | $ | 3,974.6 | $ | 3,675.1 | 8.1 | % | ||||||||||||||||||||||||||
_______________________________
2024年9月30日までの3か月および9か月の当期純利益には、それぞれ40万ドルと2億9700万ドル相当の再編成およびその他の費用が含まれています。さらに、2024年9月30日までの9か月には、米国の所得税目的で我々のDesert Newco、LLC子会社を事業体とみなすためにパートナーシップから無視される実体への変換に関連する2億6740万ドルの非通常かつ非現金所得税の利点が含まれています。
(2) 非 GAAP 結果とそれらの最も直接的に比較可能な GAAP 財務指標との調整は、以下の「非 GAAP 財務指標の調整」に記載されています。
シェア・リパーチェス
2024年10月28日までの累計では、ゴーダディは普通株式の520万株を66810万ドルの総購入価格で買戻し、1株あたりの平均価格は129.02ドルです。累計では、これらの買戻しは、2022年1月の現在の40億ドルの買戻し権限開始時に発行済み株式から希薄化後株式を約23%削減することを表しています。
バランスシート
2024年9月30日現在、現金及び現金同等物の合計額は76710万ドル、総負債額は39億ドル、純負債額は31億ドルでした。
ビジネス展望
2024年12月31日を終了する通年について、ゴーダディは売上高の見通しを45.45億ドルから45.65億ドルの範囲に引き上げ、中間地点で7%の年間成長を表しています。ゴーダディはまた、NEBITDAマージンの見通しを約30%に引き上げました。
100 S. Mill Ave Ste. 1600 Tempe, AZ 85281 T: 480.505.8800 https://investors.ゴーダディ.net
2024年12月31日を終える第4四半期について、ゴーダディは11.65億ドルから11.85億ドルの範囲内での総売上高を予想しており、この中間点における前年同期比での成長率は7％になります。総売上高の内訳では、ゴーダディは第4四半期および全年のA＆C売上高の成長率を中間ティーンで、コア売上高の成長率を1桁の低成長に見込んでいます。
2024年12月31日に終了する四半期において、ゴーダディはNEBITDAマージンを約31%と予想しています。
2024年12月31日までのフルイヤーについて、ゴーダディは、少なくとも14.75億ドルを目指すフリーキャッシュフローターゲットを引き上げ、前年比18％成長し、2023年に発生した12.54億ドルのフリーキャッシュフローと比較しています。さらに、ゴーダディは、少なくとも13.25億ドルを目指すフリーキャッシュフローターゲットを引き上げ、前年比22％成長し、2023年に発生した10.84億ドルのフリーキャッシュフローと比較しています。
ゴーダディの合算財務諸表は、合衆国における一般的に受け入れられている会計基準（GAAP）に準拠して作成されています。ゴーダディは、GAAPに準拠した見通しとGAAPに対応する非GAAPの調整表を提供していません。個々の貸借対照表の金額の変化を予測することは不可能であり、そのような調整表を提示することは不当な努力を伴うものであり、そのような調整表の提示は適切な精度の度合いを意味するものではありません。ゴーダディの報告された結果は、非GAAP財務尺度とそれに最も近いGAAP相当尺度との調整表を提供しています。
今後の投資家イベント
ゴーダディは2024年12月3日にアリゾナ州テンピでの投資家ディナーで、Airo体験の拡張された機能や特徴をデモンストレーションし、革新と実行についてさらに詳しく共有します。登録情報はinvestors@godaddy.comまでお問い合わせください。GoDaddy Airoは、お客様がアイデアからオンラインまで数分で行けるようにする、前向きでインテリジェントな人工知能による体験です。
Quarterly Earnings Webcast
GoDaddy will host a webcast to discuss third quarter 2024 results at 5:00 p.m. Eastern Time on October 30, 2024. To participate in the webcast, please preregister online at https://investors.godaddy.net/investor-relations/overview/default.aspx. The live webcast of the event, together with a slide presentation including supplemental financial information and reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, will be available through GoDaddy's Investor Relations website at https://investors.godaddy.net. A transcript of pre-recorded remarks will be available on the Investor Relations website at the time of the webcast. Following the event, a recorded replay of the webcast will be available on the website.
GoDaddy uses its Investor Relations website at https://investors.godaddy.net as a means of disclosing material non-public information and to comply with its disclosure obligations under Regulation FD. Accordingly, investors should monitor GoDaddy’s Investor Relations website, in addition to following press releases, Securities and Exchange Commission (SEC) filings, public conference calls and webcasts.
Forward-Looking Statements
This press release contains forward-looking statements which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on estimates and information available to us at the time of this press release and are not
100 S. Mill Ave Ste. 1600 Tempe, AZ 85281 T: 480.505.8800 https://investors.godaddy.net
guarantees of future performance. Statements in this press release involve risks, uncertainties and assumptions. If the risks or uncertainties materialize or the assumptions prove incorrect, our results may differ materially from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact could be deemed forward-looking statements, including, but not limited to any statements regarding: our business outlook; launches of new or expansion of existing products or services, including GoDaddy Airo, any projections of product or service availability, technology developments and innovation, customer growth, or other future events; historical results that may suggest future trends for our business; our plans, strategies or objectives with respect to future operations, partnerships and partner integrations and marketing strategy; future financial results; our ability to achieve desired synergies and vertical integration; the expected impacts of our restructuring efforts; our forecasted levels of future taxable income and ability to realize our deferred tax assets; and assumptions underlying any of the foregoing.
Actual results could differ materially from our current expectations as a result of many factors, including, but not limited to: the unpredictable nature of our rapidly evolving market; fluctuations in our financial and operating results; our rate of growth; interruptions or delays in our service or our web hosting; our dependence on payment card networks and acquiring processors; cyberattacks or breaches of our security measures; the impact of any previous or future acquisitions or divestitures; our ability to innovate and continue to release, and gain customer acceptance of, our existing and future products and services; our ability to deploy new and evolving technologies, such as artificial intelligence, machine learning, data analytics and similar tools, in our offerings; our ability to manage our growth; our ability to hire, retain and motivate employees; the effects of competition; technological, regulatory and legal developments; litigation and government inquiries; privacy, legislative and regulatory concerns or developments; impacts of our restructuring efforts; macroeconomic conditions and developments in the economy, financial markets and credit markets; continued escalation of geopolitical tensions; the level of interest rates and inflationary pressures; execution of share repurchases; and our ability to remediate the identified material weakness in our internal control over financial reporting and to maintain effective internal control over financial reporting.
Additional risks and uncertainties that could affect GoDaddy's business and financial results are included in the filings we make with the SEC from time to time, including those described in "Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended December 31, 2023 and in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, which are available on GoDaddy's website at https://investors.godaddy.net and on the SEC's website at www.sec.gov. Additional information will also be set forth in other filings that GoDaddy makes with the SEC from time to time. All forward-looking statements in this press release are based on information available to GoDaddy as of the date hereof. Except to the extent required by law, GoDaddy does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
100 S. Mill Ave Ste. 1600 Tempe, AZ 85281 T: 480.505.8800 https://investors.godaddy.net
Non-GAAP Financial Measures and Other Operating and Business Metrics
In addition to our financial results prepared in accordance with GAAP, this press release includes certain non-GAAP financial measures and other operating and business metrics. We believe that these non-GAAP financial measures and other operating and business metrics are useful as a supplement in evaluating our ongoing operational performance and enhancing an overall understanding of our past financial performance. The non-GAAP financial measures included in this press release should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. In addition, similarly titled measures may be calculated differently by other companies and may not be comparable. A reconciliation between each non-GAAP financial measure and its nearest GAAP equivalent is included in this press release following the financial statements. We use both GAAP and non-GAAP measures to evaluate and manage our operations.
Total bookings. Total bookings is an operating metric representing the total value of customer contracts entered into during the period, excluding refunds. We believe total bookings provides additional insight into the performance of our business and the effectiveness of our marketing efforts since we typically collect payment at the inception of a customer contract but recognize revenue ratably over the term of the contract.
Constant currency. Constant currency is calculated by translating bookings and revenue for each month in the current period using the foreign currency exchange rates for the corresponding month in the prior period, excluding any hedging gains or losses realized during the period. We believe constant currency information is useful in analyzing underlying trends in our business by eliminating the impact of fluctuations in foreign currency exchange rates and allows for period-to-period comparisons of our performance.
Normalized EBITDA (NEBITDA). NEBITDA is a supplemental measure of our operating performance used by management and investors to evaluate our business. We calculate NEBITDA as net income excluding depreciation and amortization, interest expense (net), provision or benefit for income taxes, equity-based compensation expense, acquisition-related costs, restructuring-related expenses and certain other items. We believe that the inclusion or exclusion of certain recurring and non-recurring items provides a supplementary measure of our core operating results and permits useful alternative period-over-period comparisons of our operations. NEBITDA should not be viewed as a substitute for comparable GAAP measures.
NEBITDA margin. NEBITDA margin is used by management as a supplemental measure of our operating performance and refers to the ratio of NEBITDA to revenue, expressed as a percentage.
Unlevered free cash flow. Unlevered free cash flow is a measure of our liquidity used by management to evaluate our business prior to the impact of our capital structure and restructuring and after purchases of property and equipment. Such liquidity can be used by us for strategic opportunities and strengthening our balance sheet. However, given our debt obligations, unlevered free cash flow does not represent residual cash flow available for discretionary expenses.
Free cash flow. Free cash flow is defined as our unlevered free cash flow less interest payments for the period. We use free cash flow as a supplemental measure of our liquidity, including our ability to generate cash flow in excess of capital requirements and return cash to shareholders,
100 S. Mill Ave Ste. 1600 Tempe, AZ 85281 T: 480.505.8800 https://investors.godaddy.net
though it should not be considered as an alternative to, or more meaningful than, comparable GAAP measures.
Net debt. We define net debt as total debt less cash and cash equivalents and short-term investments. Total debt consists of the current portion of long-term debt plus long-term debt and unamortized original issue discount and debt issuance costs. Our management reviews net debt as part of its management of our overall liquidity, financial flexibility, capital structure and leverage and we believe such information is useful to investors. Furthermore, certain analysts and debt rating agencies monitor our net debt as part of their assessments of our business.
Annualized recurring revenue (ARR). ARR is an operating metric defined as annualized quarterly recurring GAAP revenue, net of refunds, from new and renewed subscription-based services. ARR is exclusive of any revenue that is non-recurring, including, without limitation, domain aftermarket, domain transfers, one-time set-up or migration fees and non-recurring professional website services fees. We believe ARR helps illustrate the scale of certain of our products and facilitates comparisons to other companies in our industry.
Average revenue per user (ARPU). We calculate ARPU as total revenue during the preceding 12 month period divided by the average of the number of total customers at the beginning and end of the period. ARPU provides insight into our ability to sell additional products to our customers.
Total customers. We define a customer as an individual or entity, each with a unique account and paid transactions in the trailing twelve months or with paid subscriptions as of the end of the period. Total customers is one way we measure the scale of our business and can be a contributing factor to our ability to increase our revenue base.
About GoDaddy
GoDaddy helps millions of entrepreneurs globally start and scale their businesses. People come to GoDaddy to name their idea, build a professional website, attract customers, sell their products and services, and accept payments online and in-person. GoDaddy's easy-to-use tools help small business owners manage everything in one place and its expert guides are available to provide assistance 24/7. To learn more about the company, visit www.GoDaddy.com.
100 S. Mill Ave Ste. 1600 Tempe, AZ 85281 T: 480.505.8800 https://investors.godaddy.net
GoDaddy Inc.
Consolidated Statements of Operations (unaudited)
(In millions, except shares in thousands and per share amounts)
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||
| Applications and commerce | $ | 423.1 | $ | 363.3 | $ | 1,211.8 | $ | 1,053.0 | |||||||||||||||
| Core platform | 724.5 | 706.4 | 2,168.8 | 2,100.8 | |||||||||||||||||||
| Total revenue | 1,147.6 | 1,069.7 | 3,380.6 | 3,153.8 | |||||||||||||||||||
Costs and operating expenses(1) | |||||||||||||||||||||||
| Cost of revenue (excluding depreciation and amortization) | 407.4 | 396.9 | 1,230.2 | 1,171.4 | |||||||||||||||||||
| Technology and development | 205.1 | 201.6 | 613.9 | 635.8 | |||||||||||||||||||
| Marketing and advertising | 84.4 | 86.4 | 265.1 | 268.3 | |||||||||||||||||||
| Customer care | 68.9 | 75.7 | 218.6 | 230.2 | |||||||||||||||||||
| General and administrative | 94.8 | 91.6 | 282.1 | 278.4 | |||||||||||||||||||
| Restructuring and other | 0.4 | 9.8 | 29.7 | 79.6 | |||||||||||||||||||
| Depreciation and amortization | 32.8 | 40.6 | 103.1 | 132.6 | |||||||||||||||||||
| Total costs and operating expenses | 893.8 | 902.6 | 2,742.7 | 2,796.3 | |||||||||||||||||||
| Operating income | 253.8 | 167.1 | 637.9 | 357.5 | |||||||||||||||||||
| Interest expense | (39.4) | (44.0) | (120.2) | (135.4) | |||||||||||||||||||
| Loss on debt extinguishment | — | (1.5) | (3.1) | (1.5) | |||||||||||||||||||
| Other income (expense), net | 6.6 | 6.3 | 24.5 | 35.7 | |||||||||||||||||||
| Income before income taxes | 221.0 | 127.9 | 539.1 | 256.3 | |||||||||||||||||||
| Benefit (provision) for income taxes | (30.5) | 3.1 | 199.2 | 5.2 | |||||||||||||||||||
| Net income | 190.5 | 131.0 | 738.3 | 261.5 | |||||||||||||||||||
| Less: net income attributable to non-controlling interests | — | 0.3 | — | 0.6 | |||||||||||||||||||
| Net income attributable to GoDaddy Inc. | $ | 190.5 | $ | 130.7 | $ | 738.3 | $ | 260.9 | |||||||||||||||
| Net income attributable to GoDaddy Inc. per share of Class A common stock: | |||||||||||||||||||||||
| Basic | $ | 1.36 | $ | 0.90 | $ | 5.22 | $ | 1.73 | |||||||||||||||
| Diluted | $ | 1.32 | $ | 0.89 | $ | 5.09 | $ | 1.71 | |||||||||||||||
| Weighted-average shares of Class A common stock outstanding: | |||||||||||||||||||||||
| Basic | 140,523 | 145,484 | 141,437 | 150,614 | |||||||||||||||||||
| Diluted | 144,138 | 147,291 | 145,179 | 153,303 | |||||||||||||||||||
| ___________________________ | |||||||||||||||||||||||
| (1) Costs and operating expenses include equity-based compensation expense as follows: | |||||||||||||||||||||||
| Cost of revenue | $ | 0.3 | $ | 0.3 | $ | 0.6 | $ | 1.1 | |||||||||||||||
| Technology and development | 38.6 | 42.2 | 115.4 | 123.2 | |||||||||||||||||||
| Marketing and advertising | 7.7 | 7.1 | 22.9 | 21.0 | |||||||||||||||||||
| Customer care | 4.9 | 6.1 | 16.4 | 18.0 | |||||||||||||||||||
| General and administrative | 22.9 | 20.5 | 66.3 | 62.0 | |||||||||||||||||||
| Restructuring and other | — | — | 0.8 | 2.3 | |||||||||||||||||||
| Total equity-based compensation expense | $ | 74.4 | $ | 76.2 | $ | 222.4 | $ | 227.6 | |||||||||||||||
100 S. Mill Ave Ste. 1600 Tempe, AZ 85281 T: 480.505.8800 https://investors.godaddy.net
GoDaddy Inc.
Consolidated Balance Sheets (unaudited)
(In millions, except per share amounts)
| September 30, | December 31, | ||||||||||
| 2024 | 2023 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 767.1 | $ | 458.8 | |||||||
| Short-term investments | — | 40.0 | |||||||||
| Accounts and other receivables | 90.7 | 76.6 | |||||||||
| Registry deposits | 42.3 | 37.3 | |||||||||
| Prepaid domain name registry fees | 490.3 | 466.0 | |||||||||
| Prepaid expenses and other current assets | 163.8 | 177.2 | |||||||||
| Total current assets | 1,554.2 | 1,255.9 | |||||||||
| Property and equipment, net | 155.8 | 185.3 | |||||||||
| Operating lease assets | 56.4 | 60.8 | |||||||||
| Prepaid domain name registry fees, net of current portion | 225.7 | 209.0 | |||||||||
| Goodwill | 3,594.0 | 3,569.3 | |||||||||
| Intangible assets, net | 1,091.2 | 1,158.6 | |||||||||
| Deferred tax assets | 1,219.0 | 1,020.4 | |||||||||
| Other assets | 100.9 | 105.6 | |||||||||
| Total assets | $ | 7,997.2 | $ | 7,564.9 | |||||||
| Liabilities and stockholders' equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 73.7 | $ | 148.1 | |||||||
| Accrued expenses and other current liabilities | 438.2 | 442.2 | |||||||||
| Deferred revenue | 2,256.1 | 2,074.9 | |||||||||
| Long-term debt | 16.5 | 17.9 | |||||||||
| Total current liabilities | 2,784.5 | 2,683.1 | |||||||||
| Deferred revenue, net of current portion | 881.3 | 802.4 | |||||||||
| Long-term debt, net of current portion | 3,783.6 | 3,798.5 | |||||||||
| Operating lease liabilities, net of current portion | 83.5 | 90.2 | |||||||||
| Other long-term liabilities | 84.4 | 90.7 | |||||||||
| Deferred tax liabilities | 23.2 | 37.8 | |||||||||
| Commitments and contingencies | |||||||||||
| Stockholders' equity: | |||||||||||
| Preferred stock, $0.001 par value | — | — | |||||||||
| Class A common stock, $0.001 par value | 0.1 | 0.1 | |||||||||
| Class B common stock, $0.001 par value | — | — | |||||||||
| Additional paid-in capital | 2,519.0 | 2,271.6 | |||||||||
| Accumulated deficit | (2,252.6) | (2,320.7) | |||||||||
| Accumulated other comprehensive income | 90.2 | 111.2 | |||||||||
| Total stockholders' equity | 356.7 | 62.2 | |||||||||
| Total liabilities and stockholders' equity | $ | 7,997.2 | $ | 7,564.9 | |||||||
100 S. Mill Ave Ste. 1600 Tempe, AZ 85281 T: 480.505.8800 https://investors.godaddy.net
GoDaddy Inc.
Consolidated Statements of Cash Flows (unaudited)
(In millions)
Nine Months Ended September 30, | |||||||||||
| 2024 | 2023 | ||||||||||
| Operating activities | |||||||||||
| Net income | $ | 738.3 | $ | 261.5 | |||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 103.1 | 132.6 | |||||||||
| Equity-based compensation expense | 222.4 | 227.6 | |||||||||
| (Gain) loss on derivative instruments | 6.7 | (9.2) | |||||||||
| Deferred taxes | (213.7) | (19.4) | |||||||||
| Loss on dispositions | 1.9 | 16.8 | |||||||||
| Other | 29.7 | 37.4 | |||||||||
| Changes in operating assets and liabilities, net of amounts acquired: | |||||||||||
| Prepaid domain name registry fees | (40.3) | (47.3) | |||||||||
| Accounts payable | (73.9) | 6.2 | |||||||||
| Accrued expenses and other current liabilities | (15.7) | 45.2 | |||||||||
| Deferred revenue | 262.3 | 173.4 | |||||||||
| Other operating assets and liabilities | (73.6) | (74.9) | |||||||||
| Net cash provided by operating activities | 947.2 | 749.9 | |||||||||
| Investing activities | |||||||||||
| Maturities of short-term investments | 40.0 | — | |||||||||
| Purchases of intangible assets | — | (35.4) | |||||||||
| Net proceeds received from dispositions | 8.1 | 12.4 | |||||||||
| Purchases of property and equipment | (12.2) | (38.0) | |||||||||
| Other investing activities | — | (0.4) | |||||||||
| Net cash provided by (used in) investing activities | 35.9 | (61.4) | |||||||||
| Financing activities | |||||||||||
| Proceeds received from: | |||||||||||
| Issuance of term loans | 2,752.3 | 1,759.9 | |||||||||
| Stock option exercises | 4.4 | 9.6 | |||||||||
| Issuance of Class A common stock under ESPP | 19.5 | 18.2 | |||||||||
| Payments made for: | |||||||||||
| Repurchases of Class A common stock | (668.1) | (1,133.2) | |||||||||
| Repayment of long-term debt | (2,768.4) | (1,780.0) | |||||||||
| Other financing obligations | (15.6) | (7.8) | |||||||||
| Net cash used in financing activities | (675.9) | (1,133.3) | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | 1.1 | — | |||||||||
| Net increase (decrease) in cash and cash equivalents | 308.3 | (444.8) | |||||||||
| Cash and cash equivalents, beginning of period | 458.8 | 774.0 | |||||||||
| Cash and cash equivalents, end of period | $ | 767.1 | $ | 329.2 | |||||||
2155 E. GoDaddy Way Tempe, AZ 85284 T: 480.505.8800 https://investors.godaddy.net
Reconciliation of Non-GAAP Financial Measures
The following tables reconcile each non-GAAP financial measure to its most directly comparable GAAP financial measure:
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||||||||
| NEBITDA and NEBITDA Margin: | |||||||||||||||||||||||||||||
| Net income | $ | 190.5 | $ | 131.0 | $ | 738.3 | $ | 261.5 | |||||||||||||||||||||
| Depreciation and amortization | 32.8 | 40.6 | 103.1 | 132.6 | |||||||||||||||||||||||||
Equity-based compensation expense(1) | 74.4 | 76.2 | 221.6 | 225.3 | |||||||||||||||||||||||||
| Interest expense, net | 33.2 | 39.8 | 102.4 | 115.2 | |||||||||||||||||||||||||
Acquisition-related expenses, net of reimbursements(2) | 0.1 | (1.4) | 0.2 | 7.2 | |||||||||||||||||||||||||
Restructuring and other(3) | 5.0 | 12.9 | 44.8 | 73.7 | |||||||||||||||||||||||||
| Provision (benefit) for income taxes | 30.5 | (3.1) | (199.2) | (5.2) | |||||||||||||||||||||||||
| NEBITDA | $ | 366.5 | $ | 296.0 | $ | 1,011.2 | $ | 810.3 | |||||||||||||||||||||
| Net income margin | 16.6 | % | 12.2 | % | 21.8 | % | 8.3 | % | |||||||||||||||||||||
| NEBITDA margin | 31.9 | % | 27.7 | % | 29.9 | % | 25.7 | % | |||||||||||||||||||||
_______________________________
(1)The nine months ended September 30, 2024 and 2023 excludes $0.8 million and $2.3 million, respectively, of equity-based compensation expense associated with our restructuring activities, which is included within restructuring and other.
(2)The three and nine months ended September 30, 2023 include an adjustment of $6.0 million to a previously-recognized acquisition milestone liability.
(3)In addition to the restructuring and other in our statements of operations, other charges included are primarily composed of lease-related expenses associated with closed facilities, charges related to certain legal matters, adjustments to the fair value of our equity investments, expenses incurred in relation to the refinancing of our long-term debt, and incremental expenses associated with certain professional services.
| September 30, 2024 | |||||
| (in millions) | |||||
| Net Debt: | |||||
| Current portion of long-term debt | $ | 16.5 | |||
| Long-term debt | 3,783.6 | ||||
| Unamortized original issue discount and debt issuance costs | 59.9 | ||||
| Total debt | 3,860.0 | ||||
| Less: cash and cash equivalents | (767.1) | ||||
| Less: Short-term investments | — | ||||
| Net debt | $ | 3,092.9 | |||
100 S. Mill Ave Ste. 1600 Tempe, AZ 85281 T: 480.505.8800 https://investors.godaddy.net
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||
| Free Cash Flow and Unlevered Free Cash Flow: | |||||||||||||||||||||||
| Net cash provided by operating activities | $ | 355.2 | $ | 281.6 | $ | 947.2 | $ | 749.9 | |||||||||||||||
| Capital expenditures | (5.0) | (9.4) | (12.2) | (38.0) | |||||||||||||||||||
| Cash paid for acquisition-related costs | 0.1 | 0.8 | 16.1 | 10.4 | |||||||||||||||||||
Cash paid for restructuring and other charges(1) | 12.4 | 7.2 | 62.4 | 57.0 | |||||||||||||||||||
| Free cash flow | $ | 362.7 | $ | 280.2 | $ | 1,013.5 | $ | 779.3 | |||||||||||||||
Cash paid for interest on long-term debt | 36.7 | 39.9 | 113.2 | 128.3 | |||||||||||||||||||
| Unlevered free cash flow | $ | 399.4 | $ | 320.1 | $ | 1,126.7 | $ | 907.6 | |||||||||||||||
_______________________________
(1)In addition to payments made pursuant to our restructuring activities, cash paid for restructuring and other charges includes lease-related payments associated with closed facilities, payments related to certain legal matters, incremental payments associated with professional services and third party payments incurred in relation to the refinancing of our long-term debt. For the nine months ended September 30, 2023, it also includes a payment related to the termination of a revenue sharing agreement.
Shares Outstanding
Total shares of common stock outstanding are as follows:
| September 30, | |||||||||||
| 2024 | 2023 | ||||||||||
| (in thousands) | |||||||||||
| Shares Outstanding: | |||||||||||
| Class A common stock | 140,349 | 141,989 | |||||||||
Class B common stock(1) | — | 307 | |||||||||
| Total common stock outstanding | 140,349 | 142,296 | |||||||||
Effect of dilutive securities(2) | 3,615 | 1,500 | |||||||||
| Total shares outstanding | 143,964 | 143,796 | |||||||||
_______________________________
(1)As of September 30, 2024, following a series of transactions undertaken to simplify our capital structure, there are no longer any Class B shares outstanding. Shares of Class B common stock were not participating securities and had no rights to share in our earnings.
(2)Calculated using the treasury stock method, which excludes the impact of antidilutive securities.
Constant Currency
The following table provides a reconciliation of constant currency:
| September 30, 2024 | |||||
| (in millions) | |||||
| Constant Currency: | |||||
| Revenue | $ | 1,147.6 | |||
| Constant currency adjustment | 0.2 | ||||
| Constant currency revenue | $ | 1,147.8 | |||
| Bookings | $ | 1,241.7 | |||
| Constant currency adjustment | 4.1 | ||||
| Constant currency bookings | $ | 1,245.8 | |||
100 S. Mill Ave Ste. 1600 Tempe, AZ 85281 T: 480.505.8800 https://investors.godaddy.net
CONTACTS:
Investors
Christie Masoner
investors@godaddy.com
Media
Kristy Nicholas
pr@godaddy.com
Source: GoDaddy Inc.
© 2024 GoDaddy Inc. All Rights Reserved.
100 S. Mill Ave Ste. 1600 Tempe, AZ 85281 T: 480.505.8800 https://investors.godaddy.net