Building on its track record of profitable
growth, strong cash generation and share repurchases
TEMPE,
Ariz., May 2, 2024 /PRNewswire/ -- GoDaddy Inc.
(NYSE: GDDY) today reported financial results for the first quarter
that ended March 31, 2024.
"We are off to a great start in 2024, and we are excited to
build on this momentum as we execute on our mission of empowering
entrepreneurs everywhere and making opportunity more inclusive for
all," said GoDaddy CEO Aman Bhutani.
"With a dedicated team and focus on our key initiatives and
innovation, we are propelling profitable growth that maximizes free
cash flow as we deliver truly magical experiences for our
customers."
"Our strong first quarter results underscore our commitment to
sustainable growth and disciplined capital allocation," said
GoDaddy CFO Mark McCaffrey.
"Leveraging our unified software platform to create seamless
experiences empowers our ability to drive attach, conversion and
retention, laying a solid foundation for enduring shareholder
value."
Business Highlights
- Total revenue of $1.1 billion, up
7% year-over-year on a reported and constant currency basis.
- Applications and Commerce (A&C) revenue grew 13%,
year-over-year, to $383.1 million.
Annualized recurring revenue (ARR) for A&C grew 13%
year-over-year, to $1.5 billion.
- Core Platform (Core) revenue totaled $725.4 million, growing 4% year-over year. Core
ARR grew 3% year-over-year, to $2.3
billion.
- Total bookings of $1.3 billion,
up 9% year-over-year on a reported and constant currency
basis.
- Net income of $401.5 million,
inclusive of non-routine items, up 747% year-over-year,
representing a 36% margin.
- Normalized EBITDA (NEBITDA) of $313.0
million, up 25% year-over-year, representing a 28% margin
and exceeding the first quarter guidance of 27%.
- Net cash provided by operating activities of $297.2 million, up 10% year-over-year.
- Free cash flow of $327.4 million,
up 26% year-over-year.
- The innovative GoDaddy Airo™ experience began rolling out to
the existing 21 million customer base in March and is set to expand
to more markets throughout the year.
Consolidated First Quarter Financial Highlights
|
Three Months Ended
March 31,
|
|
2024
|
|
2023
|
|
Change
|
Constant
Currency
|
|
|
|
|
|
|
|
|
(in millions, except
customers in thousands and
ARPU in dollars)
|
|
|
|
|
|
|
|
Total
Revenue
|
$ 1,108.5
|
|
$ 1,036.0
|
|
7.0 %
|
6.9 %
|
Applications and
commerce revenue
|
$
383.1
|
|
$
338.0
|
|
13.3 %
|
|
Core platform
revenue
|
$
725.4
|
|
$
698.0
|
|
3.9 %
|
|
International
revenue
|
$
352.9
|
|
$
340.6
|
|
3.6 %
|
3.5 %
|
Net
income(1)
|
$
401.5
|
|
$ 47.4
|
|
747.0 %
|
|
Net income
margin
|
36.2 %
|
|
4.6 %
|
|
|
|
Net cash provided by
operating activities
|
$
297.2
|
|
$
270.3
|
|
10.0 %
|
|
Segment EBITDA -
A&C
|
$
161.9
|
|
$
132.4
|
|
22.3 %
|
|
Segment EBITDA margin -
A&C
|
42.3 %
|
|
39.2 %
|
|
310bps
|
|
Segment EBITDA -
Core
|
$
216.7
|
|
$
189.0
|
|
14.7 %
|
|
Segment EBITDA margin -
Core
|
29.9 %
|
|
27.1 %
|
|
280bps
|
|
Non-GAAP
Results(2):
|
|
|
|
|
|
|
NEBITDA
|
$
313.0
|
|
$
249.7
|
|
25.4 %
|
|
NEBITDA
Margin
|
28.2 %
|
|
24.1 %
|
|
410bps
|
|
Unlevered free cash
flow
|
$
358.6
|
|
$
303.9
|
|
18.0 %
|
|
Free cash
flow
|
$
327.4
|
|
$
259.2
|
|
26.3 %
|
|
Operating and
Business Metrics:
|
|
|
|
|
|
|
Total
bookings
|
$ 1,312.7
|
|
$ 1,199.2
|
|
9.5 %
|
9.5 %
|
Total customers at
period end
|
20,995
|
|
20,997
|
|
— %
|
|
Average revenue per
user (ARPU)
|
$ 206
|
|
$ 197
|
|
4.6 %
|
|
Annualized recurring
revenue (ARR)
|
$ 3,772.6
|
|
$ 3,543.2
|
|
6.5 %
|
|
_______________________________
|
(1) Net income for the
three months ended March 31, 2024 includes $22.4 million in
restructuring and other charges. In addition, during the first
quarter of 2024, we recorded a non-routine, non-cash benefit to
income taxes of $267.4 million related to the conversion of
our Desert Newco, LLC subsidiary from a partnership to a
disregarded entity for U.S. income tax purposes.
|
(2) Reconciliations of
our non-GAAP results to their most directly comparable GAAP
financial measures are set forth in "Reconciliation of Non-GAAP
Financial Measures" below.
|
Share Repurchases
Year-to-date through April 30,
2024, GoDaddy repurchased 2.8 million shares of its common
stock for an aggregate purchase price of $345.6 million, with an average price per share
of $121.49. Cumulatively, these
repurchases represent an approximate 22% reduction in fully diluted
shares from those outstanding at the inception of the current
$4.0 billion buyback
authorization.
Balance Sheet
As of March 31, 2024, total cash and cash equivalents were
$664.0 million, total debt was
$3.9 billion and net debt was
$3.2 billion.
Infrastructure Simplification
In the first quarter, GoDaddy implemented restructuring efforts
to further reduce future operating expenses and improve cash flows
through a reduction in force impacting approximately 180 employees.
GoDaddy recorded $22.4 million
of pre-tax restructuring and other charges in its statements of
operations, primarily for severance and other employee benefits
related to these activities as well as charges related to the
abandonment of certain operating leases.
Desert Newco Conversion
During the first quarter, pursuant to a series of transactions
undertaken to simplify our capital structure and provide additional
strategic flexibility, our Desert Newco, LLC subsidiary was
converted from a partnership to a disregarded entity for U.S.
income tax purposes. As a result, we recognized a non-cash benefit
of $267.4 million recorded to
income taxes.
Business Outlook
For the second quarter ending June 30,
2024, GoDaddy expects total revenue in the range of
$1.10 billion to $1.12 billion, representing year-over-year growth
of 6% at the midpoint, versus the same period in 2023. Within total
revenue, GoDaddy expects second quarter A&C revenue growth in
the low- to mid-teens and Core revenue growth in the low single
digits.
For the second quarter ending June 30,
2024, GoDaddy expects NEBITDA margin to be approximately
28%.
For the full year 2024, GoDaddy raised its revenue expectations
to a range of $4.50 billion to
$4.56 billion, representing
year-over-year growth of 6.5% at the midpoint. GoDaddy expects
full-year NEBITDA margin of approximately 29%, with a fourth
quarter Normalized EBITDA margin of approximately 31%.
For the full year 2024, GoDaddy expects unlevered free cash flow
of at least $1.4 billion,
representing growth of 12%, year-over-year, versus $1.3 billion of unlevered free cash flow
generated in 2023. GoDaddy expects free cash flow of at least
$1.2 billion, representing growth of
11%, year-over-year, versus the $1.1
billion of free cash flow generated in 2023.
GoDaddy's consolidated financial statements are prepared in
accordance with generally accepted accounting principles in
the United States (GAAP). GoDaddy
does not provide reconciliations from non-GAAP guidance to GAAP
equivalents because projections of changes in individual balance
sheet amounts are not possible without unreasonable effort and
presentation of such reconciliations would imply an inappropriate
degree of precision. GoDaddy's reported results provide
reconciliations of non-GAAP financial measures to their nearest
GAAP equivalents.
Quarterly Earnings Webcast
GoDaddy will host a webcast to discuss first quarter 2024
results at 5:00 p.m. Eastern Time on
May 2, 2024. To participate in the webcast, please preregister
online at
https://investors.godaddy.net/investor-relations/overview/default.aspx.
A 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 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 integrate acquisitions and
achieve desired synergies and vertical integration; the expected
impacts of our restructuring efforts and our debt repricing; 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; breaches of our security measures; the impact of any
previous or future acquisitions or divestitures; our ability to
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; intellectual property
litigation; the impact 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" 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, which is 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.
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 but
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, 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 quarterly recurring revenue (QRR) multiplied by four.
QRR represents the 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 customers, though the impact to date has been muted due
to our continued growth in total customers.
Total customers. We define a customer as an individual or entity
with paid transactions in the trailing twelve months or with paid
subscriptions as of the end of the period. A single user may be
counted as a customer more than once if they maintain paid
subscriptions or transactions in multiple accounts. Total customers
is one way we measure the scale of our business and is an important
part of our ability to increase our revenue base.
About GoDaddy
GoDaddy helps millions of entrepreneurs globally start, grow,
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.
GoDaddy Inc.
Consolidated Statements of Operations
(unaudited)
(In millions, except shares in thousands and per
share amounts)
|
|
|
Three Months
Ended
March
31,
|
|
2024
|
|
2023
|
Revenue:
|
|
|
|
Applications and
commerce
|
$
383.1
|
|
$
338.0
|
Core
platform
|
725.4
|
|
698.0
|
Total
revenue
|
1,108.5
|
|
1,036.0
|
Costs and operating
expenses(1)
|
|
|
|
Cost of revenue
(excluding depreciation and amortization)
|
414.5
|
|
386.1
|
Technology and
development
|
202.9
|
|
215.0
|
Marketing and
advertising
|
87.5
|
|
92.4
|
Customer
care
|
76.4
|
|
76.8
|
General and
administrative
|
91.7
|
|
94.1
|
Restructuring and
other
|
22.4
|
|
52.3
|
Depreciation and
amortization
|
37.2
|
|
48.5
|
Total costs and
operating expenses
|
932.6
|
|
965.2
|
Operating
income
|
175.9
|
|
70.8
|
Interest
expense
|
(41.3)
|
|
(45.8)
|
Loss on debt
extinguishment
|
(1.0)
|
|
—
|
Other income (expense),
net
|
9.6
|
|
22.6
|
Income before income
taxes
|
143.2
|
|
47.6
|
Benefit (provision) for
income taxes
|
258.3
|
|
(0.2)
|
Net income
|
401.5
|
|
47.4
|
Less: net income
attributable to non-controlling interests
|
—
|
|
0.1
|
Net income attributable
to GoDaddy Inc.
|
$
401.5
|
|
$
47.3
|
Net income attributable
to GoDaddy Inc. per share of Class A common stock:
|
|
|
|
Basic
|
$
2.82
|
|
$
0.31
|
Diluted
|
$
2.76
|
|
$
0.30
|
Weighted-average shares
of Class A common stock outstanding:
|
|
|
|
Basic
|
142,528
|
|
154,124
|
Diluted
|
145,676
|
|
156,644
|
___________________________
|
|
|
|
(1) Costs and operating
expenses include equity-based compensation expense as
follows:
|
Cost of
revenue
|
$
—
|
|
$
0.4
|
Technology and
development
|
37.5
|
|
39.0
|
Marketing and
advertising
|
7.3
|
|
6.6
|
Customer
care
|
5.8
|
|
5.4
|
General and
administrative
|
20.4
|
|
20.2
|
Restructuring and
other
|
0.8
|
|
2.3
|
Total equity-based
compensation expense
|
$
71.8
|
|
$
73.9
|
GoDaddy Inc.
Consolidated Balance Sheets
(unaudited)
(In millions, except per share
amounts)
|
|
|
March
31,
|
|
December
31,
|
|
2024
|
|
2023
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
664.0
|
|
$
458.8
|
Short-term
investments
|
—
|
|
40.0
|
Accounts and other
receivables
|
93.9
|
|
76.6
|
Registry
deposits
|
35.8
|
|
37.3
|
Prepaid domain name
registry fees
|
480.3
|
|
466.0
|
Prepaid expenses and
other current assets
|
221.8
|
|
177.2
|
Total current
assets
|
1,495.8
|
|
1,255.9
|
Property and equipment,
net
|
171.3
|
|
185.3
|
Operating lease
assets
|
49.3
|
|
60.8
|
Prepaid domain name
registry fees, net of current portion
|
216.4
|
|
209.0
|
Goodwill
|
3,548.7
|
|
3,569.3
|
Intangible assets,
net
|
1,123.7
|
|
1,158.6
|
Deferred tax
assets
|
1,271.5
|
|
1,020.4
|
Other assets
|
102.1
|
|
105.6
|
Total assets
|
$
7,978.8
|
|
$
7,564.9
|
Liabilities and
stockholders' equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
120.8
|
|
$
148.1
|
Accrued expenses and
other current liabilities
|
409.5
|
|
442.2
|
Deferred
revenue
|
2,174.4
|
|
2,074.9
|
Long-term
debt
|
17.6
|
|
17.9
|
Total current
liabilities
|
2,722.3
|
|
2,683.1
|
Deferred revenue, net
of current portion
|
842.9
|
|
802.4
|
Long-term debt, net of
current portion
|
3,794.8
|
|
3,798.5
|
Operating lease
liabilities, net of current portion
|
83.9
|
|
90.2
|
Other long-term
liabilities
|
91.2
|
|
90.7
|
Deferred tax
liabilities
|
28.9
|
|
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
|
2,345.9
|
|
2,271.6
|
Accumulated
deficit
|
(2,066.2)
|
|
(2,320.7)
|
Accumulated other
comprehensive income
|
135.0
|
|
111.2
|
Total stockholders'
equity
|
414.8
|
|
62.2
|
Total liabilities and
stockholders' equity
|
$
7,978.8
|
|
$
7,564.9
|
GoDaddy Inc.
Consolidated Statements of Cash Flows
(unaudited)
(In millions)
|
|
|
Three Months
Ended
March
31,
|
|
2024
|
|
2023
|
Operating
activities
|
|
|
|
Net income
|
$
401.5
|
|
$
47.4
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
37.2
|
|
48.5
|
Equity-based
compensation expense
|
71.8
|
|
73.9
|
Non-cash restructuring
and other charges
|
1.9
|
|
21.0
|
Deferred
taxes
|
(259.5)
|
|
(10.0)
|
Other
|
5.6
|
|
8.9
|
Changes in operating
assets and liabilities, net of amounts acquired:
|
|
|
|
Prepaid domain name
registry fees
|
(22.1)
|
|
(29.5)
|
Deferred
revenue
|
146.1
|
|
114.8
|
Other operating assets
and liabilities
|
(85.3)
|
|
(4.7)
|
Net cash provided by
operating activities
|
297.2
|
|
270.3
|
Investing
activities
|
|
|
|
Maturities of
short-term investments
|
40.0
|
|
—
|
Net proceeds received
from disposition of a business
|
8.1
|
|
—
|
Purchases of property
and equipment
|
(4.4)
|
|
(22.8)
|
Net cash provided by
(used in) investing activities
|
43.7
|
|
(22.8)
|
Financing
activities
|
|
|
|
Proceeds from stock
option exercises
|
2.1
|
|
3.2
|
Payments made
for:
|
|
|
|
Repurchases of Class A
common stock
|
(128.3)
|
|
(119.7)
|
Repayment of long-term
debt
|
(6.3)
|
|
(6.3)
|
Other financing
obligations
|
(2.5)
|
|
(1.4)
|
Net cash used in
financing activities
|
(135.0)
|
|
(124.2)
|
Cash and cash
equivalents classified within assets held for sale
|
—
|
|
(5.2)
|
Effect of exchange rate
changes on cash and cash equivalents
|
(0.7)
|
|
0.3
|
Net increase in cash
and cash equivalents
|
205.2
|
|
118.4
|
Cash and cash
equivalents, beginning of period
|
458.8
|
|
774.0
|
Cash and cash
equivalents, end of period
|
$
664.0
|
|
$
892.4
|
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
March
31,
|
|
2024
|
|
2023
|
|
(in
millions)
|
NEBITDA and NEBITDA
Margin:
|
|
|
|
Net income
|
$
401.5
|
|
$
47.4
|
Depreciation and
amortization
|
37.2
|
|
48.5
|
Equity-based
compensation expense(1)
|
71.0
|
|
71.6
|
Interest expense,
net
|
34.7
|
|
38.0
|
Acquisition-related
expenses
|
0.9
|
|
4.4
|
Restructuring and
other(2)
|
26.0
|
|
39.6
|
Provision (benefit) for
income taxes
|
(258.3)
|
|
0.2
|
NEBITDA
|
$
313.0
|
|
$
249.7
|
|
|
|
|
Net income
margin
|
36.2 %
|
|
4.6 %
|
|
|
|
|
NEBITDA
margin
|
28.2 %
|
|
24.1 %
|
_______________________________
|
(1)
|
The three months ended
March 31, 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)
|
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 and lease abandonments, 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.
|
|
March 31,
2024
|
|
|
|
(in
millions)
|
Net Debt:
|
|
Current portion of
long-term debt
|
$
17.6
|
Long-term
debt
|
3,794.8
|
Unamortized original
issue discount and debt issuance costs
|
57.5
|
Total debt
|
3,869.9
|
Less: cash and cash
equivalents
|
(664.0)
|
Less: Short-term
investments
|
—
|
Net debt
|
$
3,205.9
|
|
Three Months
Ended
March
31,
|
|
2024
|
|
2023
|
|
|
|
|
|
(in
millions)
|
Free Cash Flow and
Unlevered Free Cash Flow:
|
|
|
|
Net cash provided by
operating activities
|
$
297.2
|
|
$
270.3
|
Capital
expenditures
|
(4.4)
|
|
(22.8)
|
Cash paid for
acquisition-related costs
|
15.8
|
|
1.4
|
Cash paid for
restructuring and other charges(1)
|
18.8
|
|
10.3
|
Free cash
flow
|
$
327.4
|
|
$
259.2
|
Cash paid for interest
on long-term debt
|
31.2
|
|
44.7
|
Unlevered free cash
flow
|
$
358.6
|
|
$
303.9
|
_______________________________
|
(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 and lease abandonments, 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 three
months ended March 31, 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:
|
March
31,
|
|
2024
|
|
2023
|
|
|
|
|
|
(in
thousands)
|
Shares
Outstanding:
|
|
|
|
Class A common
stock
|
142,429
|
|
154,114
|
Class B common
stock(1)
|
—
|
|
307
|
Total common stock
outstanding
|
142,429
|
|
154,421
|
Effect of dilutive
securities(2)
|
3,148
|
|
2,211
|
Total shares
outstanding
|
145,577
|
|
156,632
|
_______________________________
|
(1)
|
As of March 31, 2024,
following a series of transactions undertaken to simplify our
capital structure, substantially all of the Class B shares were no
longer outstanding. Shares of Class B common stock are not
participating securities and have 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:
|
March 31,
2024
|
|
|
|
(in
millions)
|
Constant
Currency:
|
|
Revenue
|
$
1,108.5
|
Constant currency
adjustment
|
(0.5)
|
Constant currency
revenue
|
$
1,108.0
|
|
|
Bookings
|
$
1,312.7
|
Constant currency
adjustment
|
(0.1)
|
Constant currency
bookings
|
$
1,312.6
|
Source: GoDaddy Inc.
© 2024 GoDaddy Inc. All Rights Reserved.
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SOURCE GoDaddy Inc.