Company continues its track record of
profitable growth and strong cash generation
TEMPE,
Ariz., Feb. 13, 2025 /PRNewswire/ -- GoDaddy Inc.
(NYSE: GDDY) today reported financial results for the fourth
quarter and full year that ended December 31, 2024.
"GoDaddy demonstrated strong operational execution and financial
performance in 2024, making significant progress across our key
strategic initiatives," said GoDaddy CEO Aman Bhutani. "Looking ahead to 2025, we are
excited to further innovate around GoDaddy Airo, enhance our
integrated technology platform and create even more value for our
customers."
"GoDaddy delivered strong 2024 financial results and we have an
exciting path ahead for continued shareholder value creation," said
GoDaddy CFO Mark McCaffrey. "We
remain dedicated to executing on our strategy, optimizing topline
growth and profitability to drive us toward our North Star of
maximizing free cash flow over the long term."
Full Year 2024 Business and Financial Highlights
- Total revenue of $4.6 billion, up
8% year-over-year, on a reported and constant currency basis.
- Total bookings of $5.0 billion,
up 9% year-over-year, and 10% on a constant currency basis.
- Net income of $936.9 million,
down 32% year-over-year, representing a 20% margin. Net income for
the year ended December 31, 2023 was
inclusive of a non-routine, non-cash income tax benefit related to
the release of the majority of our valuation allowance.
- Normalized EBITDA (NEBITDA) of $1.4
billion, up 23% year-over-year, representing a 31%
margin.
- Net cash provided by operating activities of $1.3 billion, up 23% year-over-year.
- Free cash flow of $1.4 billion,
up 25% year-over-year.
- Gross payments volume (GPV) from GoDaddy's commerce offerings
grew to $2.6 billion, up 55%
year-over-year.
Fourth Quarter 2024 Business and Financial Highlights
- Total revenue of $1.2 billion, up
8% year-over-year on a reported and constant currency basis.
- Total bookings of $1.2 billion,
up 9% year-over-year on a reported and constant currency
basis.
- Net income of $198.6 million,
down 82% year-over-year, representing a 17% margin. Net income for
the fourth quarter of 2023 was inclusive of a non-routine, non-cash
income tax benefit related to the release of the majority of our
valuation allowance.
- NEBITDA of $384.7 million, up 19%
year-over-year, representing a 32% margin.
- Net cash provided by operating activities of $340.5 million, up 14% year-over-year.
- Free cash flow of $342.0 million,
up 12% year-over-year.
- GoDaddy continued the feature set expansion of its AI-powered,
business-in-a-box GoDaddy Airo® experience, including
launching the Airo Plus tier, offering advanced logos and imagery,
AI-powered marketing tools and enhanced WordPress site building
capabilities.
- In support of the WordPress community and its contributors,
GoDaddy donated $0.5 million to The
WP Community Collective as well as launched a re-architected
Managed WordPress Hosting platform, delivering enhanced
performance, scalability and security.
Consolidated Fourth Quarter and Full Year Financial
Highlights
|
Three Months
Ended
December
31,
|
|
Year
Ended
December
31,
|
|
2024
|
|
2023
|
|
Change
|
Constant
Currency
|
|
2024
|
|
2023
|
|
Change
|
Constant
Currency
|
|
(in millions, except
customers in thousands and ARPU in dollars)
|
|
|
GAAP
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
revenue
|
$ 1,192.6
|
|
$ 1,100.3
|
|
8.4 %
|
8.5 %
|
|
$ 4,573.2
|
|
$ 4,254.1
|
|
7.5 %
|
7.5 %
|
|
Applications and
commerce
revenue
|
$
441.2
|
|
$
377.4
|
|
16.9 %
|
|
|
$ 1,653.0
|
|
$ 1,430.4
|
|
15.6 %
|
|
|
Core platform
revenue
|
$
751.4
|
|
$
722.9
|
|
3.9 %
|
|
|
$ 2,920.2
|
|
$ 2,823.7
|
|
3.4 %
|
|
|
International
revenue
|
$
380.4
|
|
$
353.9
|
|
7.5 %
|
7.8 %
|
|
$ 1,459.8
|
|
$ 1,381.1
|
|
5.7 %
|
5.8 %
|
|
Net
income(1)
|
$
198.6
|
|
$ 1,114.1
|
|
(82.2) %
|
|
|
$
936.9
|
|
$ 1,375.6
|
|
(31.9) %
|
|
|
Net cash provided by
operating
activities
|
$
340.5
|
|
$
297.7
|
|
14.4 %
|
|
|
$ 1,287.7
|
|
$ 1,047.6
|
|
22.9 %
|
|
|
Segment EBITDA -
A&C
|
$
206.2
|
|
$
164.8
|
|
25.1 %
|
|
|
$
739.3
|
|
$
594.2
|
|
24.4 %
|
|
|
Segment EBITDA margin -
A&C
|
46.7 %
|
|
43.7 %
|
|
300 bps
|
|
|
44.7 %
|
|
41.5 %
|
|
320 bps
|
|
|
Segment EBITDA -
Core
|
$
256.5
|
|
$
227.8
|
|
12.6 %
|
|
|
$
931.7
|
|
$
816.4
|
|
14.1 %
|
|
|
Segment EBITDA margin -
Core
|
34.1 %
|
|
31.5 %
|
|
260 bps
|
|
|
31.9 %
|
|
28.9 %
|
|
300 bps
|
|
|
Non-GAAP
Results(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Normalized EBITDA
(NEBITDA)
|
$
384.7
|
|
$
324.2
|
|
18.7 %
|
|
|
$ 1,395.9
|
|
$ 1,134.5
|
|
23.0 %
|
|
|
NEBITDA
margin
|
32.3 %
|
|
29.5 %
|
|
280 bps
|
|
|
30.5 %
|
|
26.7 %
|
|
380 bps
|
|
|
Unlevered free cash
flow
|
$
379.0
|
|
$
346.6
|
|
9.3 %
|
|
|
$ 1,505.7
|
|
$ 1,254.2
|
|
20.1 %
|
|
|
Free cash
flow
|
$
342.0
|
|
$
305.1
|
|
12.1 %
|
|
|
$ 1,355.5
|
|
$ 1,084.4
|
|
25.0 %
|
|
|
Operating and
Business Metrics
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
bookings
|
$ 1,222.5
|
|
$ 1,123.9
|
|
8.8 %
|
8.9 %
|
|
$ 5,038.8
|
|
$ 4,603.1
|
|
9.5 %
|
9.7 %
|
|
Total customers at
period end
|
20,511
|
|
21,026
|
|
(2.4) %
|
|
|
20,511
|
|
21,026
|
|
(2.4) %
|
|
|
Average revenue per
user (ARPU)
|
$
220
|
|
$
203
|
|
8.4 %
|
|
|
$
220
|
|
$
203
|
|
8.4 %
|
|
|
Annualized Recurring
Revenue
(ARR)
|
$ 4,042.6
|
|
$ 3,729.3
|
|
8.4 %
|
|
|
$ 4,042.6
|
|
$ 3,729.3
|
|
8.4 %
|
|
|
_______________________________
|
|
(1) Net income for the
three months and the year ended December 31, 2024 includes $9.7
million and $39.4 million, respectively, in restructuring and other
charges. In addition, the year ended December 31, 2024 includes 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.
Net income for the year ended December 31, 2023 included a $971.8
million benefit for income taxes primarily due to a $1.0 billion
release of the majority of our domestic valuation allowance during
the fourth quarter.
|
|
(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.
|
Balance Sheet
At December 31, 2024, total cash and cash equivalents and
short-term investments were $1.1
billion, total debt was $3.9
billion and net debt was $2.8
billion.
Debt Refinancing
In December 2024, GoDaddy entered
into an amendment to its credit agreement to refinance $1.5 billion of term loans and secure an interest
rate margin reduction of 0.25%.
Business Outlook
For the first quarter ending March 31, 2025, GoDaddy
expects total revenue in the range of $1.175
billion to $1.195 billion,
representing year-over-year growth of 7% at the midpoint, versus
the same period in 2024. For the full year ending December 31,
2025, GoDaddy is targeting total revenue in the range of
$4.860 billion to $4.940 billion, representing year-over-year
growth of 7% at the midpoint, versus the $4.573 billion of
revenue generated for the full year ended December 31, 2024.
For the first quarter ending March 31, 2025, GoDaddy
expects Normalized EBITDA margin of approximately 30%. For the full
year ending December 31, 2025, GoDaddy expects Normalized
EBITDA margin expansion of approximately 100 basis points.
For the full year ending December 31, 2025, GoDaddy expects
free cash flow of at least $1.500
billion, versus the $1.356
billion of free cash flow generated in 2024.
|
Modeling
Guide
|
2025
|
|
|
|
|
Capital
expenditures
|
~ $30
million
|
|
Cash interest on
long-term debt
|
~ $150
million
|
|
Cash income
taxes
|
~ $30
million
|
GoDaddy's consolidated financial statements are prepared in
accordance with generally accepted accounting principles in
the United States (GAAP). GoDaddy
does not provide reconciliations of forward-looking non-GAAP
measures to the most directly comparable forward-looking 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. For non-forward-looking non-GAAP measures, a
reconciliation to the nearest GAAP equivalent is included in this
press release following the financial statements.
Quarterly Earnings Webcast
GoDaddy will host a webcast to discuss fourth quarter and full
year 2024 results at 5:00 p.m. Eastern
Time on February 13, 2025. 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
prerecorded 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
impact of 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; and execution
of share repurchases.
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 most recently filed
period reports on Form 10-K and Form 10-Q, which are available on
our 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 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 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, 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.
Gross payments volume (GPV). GPV is an operating metric
calculated by annualizing the total quarterly dollar value of
transactions processed through our payments platform. GPV is
representative of the volume of transactions in which we record
transaction revenue based on our payment processing rate.
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 is one measure that 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, grow,
and scale their businesses. People come to GoDaddy to name their
idea, build a website and logo, sell their products and services,
and accept payments. GoDaddy Airo®, the company's
AI-powered experience, makes growing a small business faster and
easier by helping them to get their idea online in minutes, drive
traffic and boost sales. GoDaddy's expert guides are available 24/7
to provide assistance. 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
December 31,
|
|
Year Ended
December 31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
Revenue:
|
|
|
|
|
|
|
|
|
Applications and
commerce
|
$ 441.2
|
|
$ 377.4
|
|
$
1,653.0
|
|
$
1,430.4
|
|
Core
platform
|
751.4
|
|
722.9
|
|
2,920.2
|
|
2,823.7
|
|
Total
revenue
|
1,192.6
|
|
1,100.3
|
|
4,573.2
|
|
4,254.1
|
|
Costs and operating
expenses(1):
|
|
|
|
|
|
|
|
|
Cost of revenue
(excluding depreciation and amortization)
|
421.8
|
|
402.2
|
|
1,652.0
|
|
1,573.6
|
|
Technology and
development
|
200.5
|
|
203.8
|
|
814.4
|
|
839.6
|
|
Marketing and
advertising
|
91.8
|
|
84.6
|
|
356.9
|
|
352.9
|
|
Customer
care
|
68.9
|
|
74.3
|
|
287.5
|
|
304.5
|
|
General and
administrative
|
112.1
|
|
95.6
|
|
394.2
|
|
374.0
|
|
Restructuring and
other
|
9.7
|
|
11.2
|
|
39.4
|
|
90.8
|
|
Depreciation and
amortization
|
32.2
|
|
38.7
|
|
135.3
|
|
171.3
|
|
Total costs and
operating expenses
|
937.0
|
|
910.4
|
|
3,679.7
|
|
3,706.7
|
|
Operating
income
|
255.6
|
|
189.9
|
|
893.5
|
|
547.4
|
|
Interest
expense
|
(38.1)
|
|
(43.6)
|
|
(158.3)
|
|
(179.0)
|
|
Loss on debt
extinguishment
|
(1.5)
|
|
—
|
|
(4.6)
|
|
(1.5)
|
|
Other income (expense),
net
|
10.3
|
|
1.2
|
|
34.8
|
|
36.9
|
|
Income before income
taxes
|
226.3
|
|
147.5
|
|
765.4
|
|
403.8
|
|
Benefit (provision) for
income taxes
|
(27.7)
|
|
966.6
|
|
171.5
|
|
971.8
|
|
Net income
|
198.6
|
|
1,114.1
|
|
936.9
|
|
1,375.6
|
|
Less: net income
attributable to non-controlling interests
|
—
|
|
0.2
|
|
—
|
|
0.8
|
|
Net income attributable
to GoDaddy Inc.
|
$ 198.6
|
|
$
1,113.9
|
|
$ 936.9
|
|
$
1,374.8
|
|
Net income attributable
to GoDaddy Inc. per share of Class A common
stock:
|
|
|
|
|
|
|
|
|
Basic
|
$
1.40
|
|
$
7.88
|
|
$
6.63
|
|
$
9.27
|
|
Diluted
|
$
1.36
|
|
$
7.72
|
|
$
6.45
|
|
$
9.08
|
|
Weighted-average shares
of Class A common stock outstanding:
|
|
|
|
|
|
|
|
|
Basic
|
141,694
|
|
141,418
|
|
141,250
|
|
148,296
|
|
Diluted
|
145,582
|
|
144,253
|
|
145,287
|
|
151,452
|
|
____________________________________
|
|
|
|
|
|
|
|
|
(1) Costs
and operating expenses include equity-based compensation expense as
follows:
|
|
|
|
Cost of
revenue
|
$
0.3
|
|
$
0.2
|
|
$
0.9
|
|
$
1.3
|
|
Technology and
development
|
39.8
|
|
39.2
|
|
155.2
|
|
162.4
|
|
Marketing and
advertising
|
8.0
|
|
6.9
|
|
30.9
|
|
27.9
|
|
Customer
care
|
5.2
|
|
6.1
|
|
21.6
|
|
24.1
|
|
General and
administrative
|
24.2
|
|
16.3
|
|
90.5
|
|
78.3
|
|
Restructuring and
other
|
—
|
|
—
|
|
0.8
|
|
2.3
|
|
Total equity-based
compensation expense
|
$
77.5
|
|
$
68.7
|
|
$
299.9
|
|
$
296.3
|
|
GoDaddy Inc.
Consolidated Balance Sheets (unaudited)
(In millions, except per share amounts)
|
|
|
December
31,
|
|
2024
|
|
2023
|
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
1,089.0
|
|
$ 458.8
|
|
Short-term
investments
|
—
|
|
40.0
|
|
Accounts and other
receivables
|
91.1
|
|
76.6
|
|
Registry
deposits
|
34.5
|
|
37.3
|
|
Prepaid domain name
registry fees
|
492.0
|
|
466.0
|
|
Prepaid expenses and
other current assets
|
245.2
|
|
177.2
|
|
Total current
assets
|
1,951.8
|
|
1,255.9
|
|
Property and equipment,
net
|
156.4
|
|
185.3
|
|
Operating lease
assets
|
49.4
|
|
60.8
|
|
Prepaid domain name
registry fees, net of current portion
|
224.8
|
|
209.0
|
|
Goodwill
|
3,518.9
|
|
3,569.3
|
|
Intangible assets,
net
|
1,055.8
|
|
1,158.6
|
|
Deferred tax
assets
|
1,181.5
|
|
1,020.4
|
|
Other assets
|
96.8
|
|
105.6
|
|
Total assets
|
$
8,235.4
|
|
$
7,564.9
|
|
Liabilities and
stockholders' equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$
81.6
|
|
$ 148.1
|
|
Accrued expenses and
other current liabilities
|
378.6
|
|
442.2
|
|
Deferred
revenue
|
2,222.3
|
|
2,074.9
|
|
Long-term
debt
|
15.9
|
|
17.9
|
|
Total current
liabilities
|
2,698.4
|
|
2,683.1
|
|
Deferred revenue, net
of current portion
|
883.2
|
|
802.4
|
|
Long-term debt, net of
current portion
|
3,779.1
|
|
3,798.5
|
|
Operating lease
liabilities, net of current portion
|
76.7
|
|
90.2
|
|
Other long-term
liabilities
|
85.7
|
|
90.7
|
|
Deferred tax
liabilities
|
20.2
|
|
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
|
2,611.8
|
|
2,271.6
|
|
Accumulated
deficit
|
(2,052.3)
|
|
(2,320.7)
|
|
Accumulated other
comprehensive income
|
132.5
|
|
111.2
|
|
Total stockholders'
equity
|
692.1
|
|
62.2
|
|
Total liabilities and
stockholders' equity
|
$
8,235.4
|
|
$
7,564.9
|
|
GoDaddy Inc.
Consolidated Statements of Cash Flows (unaudited)
(In millions)
|
|
|
Year Ended
December 31,
|
|
2024
|
|
2023
|
|
Operating
activities
|
|
|
|
|
Net income
|
$
936.9
|
|
$
1,375.6
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
135.3
|
|
171.3
|
|
Equity-based
compensation
|
299.9
|
|
296.3
|
|
(Gain) loss on
derivative instruments
|
(16.8)
|
|
(12.0)
|
|
Deferred
taxes
|
(177.8)
|
|
(993.2)
|
|
Other
|
49.0
|
|
79.1
|
|
Changes in operating
assets and liabilities, net of amounts acquired:
|
|
|
|
|
Prepaid domain name
registry fees
|
(42.3)
|
|
(41.9)
|
|
Accounts
payable
|
(65.5)
|
|
28.3
|
|
Accrued expenses and
other current liabilities
|
0.3
|
|
56.2
|
|
Deferred
revenue
|
235.4
|
|
149.2
|
|
Other operating assets
and liabilities
|
(66.7)
|
|
(61.3)
|
|
Net cash provided by
operating activities
|
1,287.7
|
|
1,047.6
|
|
Investing
activities
|
|
|
|
|
Maturities (purchases)
of short-term investments
|
40.0
|
|
(40.0)
|
|
Purchases of intangible
assets
|
—
|
|
(35.4)
|
|
Purchases of property
and equipment
|
(26.6)
|
|
(42.0)
|
|
Other investing
activities, net
|
8.1
|
|
15.0
|
|
Net cash provided by
(used in) investing activities
|
21.5
|
|
(102.4)
|
|
Financing
activities
|
|
|
|
|
Proceeds received
from:
|
|
|
|
|
Issuance of term
loans
|
4,214.8
|
|
1,759.9
|
|
Stock option
exercises
|
6.9
|
|
19.6
|
|
Issuance of Class A
common stock under employee stock purchase plan
|
31.8
|
|
30.0
|
|
Payments made
for:
|
|
|
|
|
Repurchases of Class A
common stock
|
(676.5)
|
|
(1,270.2)
|
|
Repayment of term
loans
|
(4,237.1)
|
|
(1,786.3)
|
|
Other financing
obligations
|
(17.3)
|
|
(14.7)
|
|
Net cash used in
financing activities
|
(677.4)
|
|
(1,261.7)
|
|
Effect of exchange rate
changes on cash and cash equivalents
|
(1.6)
|
|
1.3
|
|
Net decrease in cash
and cash equivalents
|
630.2
|
|
(315.2)
|
|
Cash and cash
equivalents, beginning of period
|
458.8
|
|
774.0
|
|
Cash and cash
equivalents, end of period
|
$
1,089.0
|
|
$
458.8
|
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
December 31,
|
|
Year Ended
December 31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
NEBITDA and NEBITDA
Margin:
|
(in
millions)
|
|
Net income
|
$ 198.6
|
|
$
1,114.1
|
|
$ 936.9
|
|
$
1,375.6
|
|
Depreciation and
amortization
|
32.2
|
|
38.7
|
|
135.3
|
|
171.3
|
|
Equity-based
compensation expense(1)
|
77.5
|
|
68.7
|
|
299.1
|
|
294.0
|
|
Interest expense, net
of interest income
|
28.0
|
|
40.2
|
|
130.4
|
|
155.4
|
|
Acquisition-related
expenses, net of reimbursements
|
—
|
|
4.9
|
|
0.2
|
|
12.1
|
|
Restructuring and
other(2)
|
20.7
|
|
24.2
|
|
65.5
|
|
97.9
|
|
Provision (benefit) for
income taxes
|
27.7
|
|
(966.6)
|
|
(171.5)
|
|
(971.8)
|
|
NEBITDA
|
$ 384.7
|
|
$ 324.2
|
|
$
1,395.9
|
|
$
1,134.5
|
|
|
|
|
|
|
|
|
|
Net income
margin
|
16.7 %
|
|
101.3 %
|
|
20.5 %
|
|
32.3 %
|
|
|
|
|
|
|
|
|
|
NEBITDA
margin
|
32.3 %
|
|
29.5 %
|
|
30.5 %
|
|
26.7 %
|
|
_________________________________
|
|
(1)
|
The years ended
December 31, 2024 and 2023 excludes $0.8 million and $2.3 million,
respectively, of equity-based compensation expense associated with
our restructuring plan, 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, 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 professional
services.
|
|
December 31,
2024
|
|
(in
millions)
|
|
Net Debt:
|
|
|
Current portion of
long-term debt
|
$
15.9
|
|
Long-term
debt
|
3,779.1
|
|
Unamortized original
issue discount and debt issuance costs
|
58.9
|
|
Total debt
|
3,853.9
|
|
Less: Cash and cash
equivalents
|
(1,089.0)
|
|
Net debt
|
$
2,764.9
|
|
Three Months
Ended
December 31,
|
|
Year
Ended
December 31,
|
|
2024
|
|
2023
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
|
(in
millions)
|
|
Free Cash Flow and
Unlevered Free Cash Flow:
|
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
$ 340.5
|
|
$ 297.7
|
|
$
1,287.7
|
|
$
1,047.6
|
|
Capital
expenditures
|
(14.4)
|
|
(4.0)
|
|
(26.6)
|
|
(42.0)
|
|
Cash paid for
acquisition-related costs
|
0.1
|
|
0.8
|
|
16.2
|
|
11.2
|
|
Cash paid for
restructuring and other charges(1)
|
15.8
|
|
10.6
|
|
78.2
|
|
67.6
|
|
Free cash
flow
|
$ 342.0
|
|
$ 305.1
|
|
$
1,355.5
|
|
$
1,084.4
|
|
Cash paid for interest
on long-term debt
|
37.0
|
|
41.5
|
|
150.2
|
|
169.8
|
|
Unlevered free cash
flow
|
$ 379.0
|
|
$ 346.6
|
|
$
1,505.7
|
|
$
1,254.2
|
|
_________________________________
|
|
(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 year ended December 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:
|
December
31,
|
|
2024
|
|
2023
|
|
|
|
|
|
(in
thousands)
|
|
Shares
Outstanding:
|
|
|
|
|
Class A common
stock
|
141,208
|
|
142,051
|
|
Class B common
stock(1)
|
—
|
|
259
|
|
Total common stock
outstanding
|
141,208
|
|
142,310
|
|
Effect of dilutive
securities(2)
|
3,888
|
|
2,599
|
|
Total shares outstanding
|
145,096
|
|
144,909
|
|
_________________________________
|
|
(1)
|
As of December 31,
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:
|
Three Months
Ended December
31, 2024
|
|
Year Ended
December 31,
2024
|
|
|
|
|
|
(in
millions)
|
|
Constant
Currency:
|
|
|
|
|
Revenue
|
$
1,192.6
|
|
$
4,573.2
|
|
Constant currency
adjustment
|
1.2
|
|
1.1
|
|
Constant currency
revenue
|
$
1,193.8
|
|
$
4,574.3
|
|
|
|
|
|
Bookings
|
$
1,222.5
|
|
$
5,038.8
|
|
Constant currency
adjustment
|
1.7
|
|
11.0
|
|
Constant currency
bookings
|
$
1,224.2
|
|
$
5,049.8
|
Source: GoDaddy Inc.
© 2025 GoDaddy Inc. All Rights Reserved.
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SOURCE GoDaddy Inc.
