0001609711false00016097112024-08-012024-08-01

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
August 1, 2024
GoDaddy Inc.
(Exact name of registrant as specified in its charter)
Delaware
001-36904
46-5769934
(State or other jurisdiction of incorporation)
(Commission File Number)
(IRS Employer Identification No.)
100 S. Mill Ave, Suite 1600
Tempe
Arizona
85281
(Address of principal executive offices)
(Zip Code)
(480) 505-8800
Registrant's telephone number, including area code
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.001 par value per shareGDDYNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
¨



Item 2.02    Results of Operations and Financial Condition
On August 1, 2024, GoDaddy Inc. issued a press release and will hold a conference call announcing its financial results for the quarter ended June 30, 2024. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K and is incorporated by reference herein.
This information shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
GoDaddy Inc. refers to non-GAAP financial information in both the press release and the conference call. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the attached press release.
Item 9.01    Financial Statements and Exhibits
(d)    Exhibits
Exhibit Number Exhibit Description
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
GODADDY INC.
Date: August 1, 2024/s/ Mark McCaffrey
Mark McCaffrey
Chief Financial Officer




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news release

GoDaddy Reports Second Quarter 2024 Financial Results
Building on its track record of profitable growth, strong cash generation and share repurchases


TEMPE, Ariz., August 1, 2024 /PRNewswire/ - GoDaddy Inc. (NYSE: GDDY) today reported financial results for the second quarter that ended June 30, 2024.

"GoDaddy successfully delivered a great quarter," said GoDaddy CEO Aman Bhutani. "We are making progress on our key initiatives, including growing discovery and engagement of our AI-powered experience, GoDaddy Airo. We see tremendous opportunity for long-term growth as we continue to create value for our customers with innovative solutions and seamless experiences."

"We are pleased with our strong second-quarter results, demonstrating execution against our plan to drive both innovation and operational efficiency," said GoDaddy CFO Mark McCaffrey. "Our track record of profitable growth, driving compounding free cash flow and maintaining a strong balance sheet, alongside our capital allocation strategy, positions GoDaddy well to drive long-term shareholder value."

Second Quarter 2024 Business Highlights
•Total revenue of $1.1 billion, up 7% year-over-year on a reported and constant currency basis and exceeding the high end of the guided range for the second quarter.
•Applications and Commerce (A&C) revenue grew 15%, year-over-year, to $405.6 million. Annualized recurring revenue (ARR) for A&C grew 14% year-over-year, to $1.5 billion.
•Core Platform (Core) revenue totaled $718.9 million, growing 3% year-over-year. Core ARR grew 2% year-over-year, to $2.3 billion.
•Total bookings of $1.3 billion, up 11% year-over-year on a reported and constant currency basis.
•Net income of $146.3 million, up 76% year-over-year, representing a 13% margin.
•Normalized EBITDA (NEBITDA) of $331.7 million, up 25% year-over-year, representing a 29% margin and exceeding the second quarter NEBITDA margin guidance of 28%.
•Net cash provided by operating activities of $294.8 million, up 49% year-over-year.
•Free cash flow of $323.4 million, up 35% year-over-year.
•The Company continued rolling out its innovative GoDaddy Airo™ experience to its existing 20.9 million customer base. GoDaddy Airo is now available with all new and existing domain purchases in English-speaking markets, with further expansion planned into over 90 additional countries later this year.
•Launched the GoDaddy Digital Marketing suite, a new customer onboarding path providing personalized marketing tools and content on one dashboard that customers can use to build their brand, generate leads and grow their businesses, even if they do not have a website.
•The board of directors of GoDaddy Inc. unanimously elected Graham Smith as a new independent director effective June 26, 2024.

100 S. Mill Ave Ste. 1600 Tempe, AZ 85281 T: 480.505.8800 https://investors.godaddy.net
Consolidated Second Quarter Financial Highlights
Three Months Ended June 30,
Six Months Ended June 30,
20242023ChangeConstant Currency20242023Change
(in millions, except customers in thousands and ARPU in dollars)
Total Revenue$1,124.5$1,048.17.3 %7.3 %$2,233.0$2,084.17.1 %
Applications and commerce revenue$405.6$351.715.3 %$788.7$689.714.4 %
Core platform revenue$718.9$696.43.2 %$1,444.3$1,394.43.6 %
International revenue$357.1$341.14.7 %4.7 %$710.0$681.74.2 %
Net income(1)
$146.3$83.176.1 %$547.8$130.5319.8 %
Net income margin13.0 %7.9 %24.5 %6.3 %
Net cash provided by operating activities$294.8$198.048.9 %$592.0$468.326.4 %
Segment EBITDA - A&C$176.6$142.723.8 %$338.5$275.123.0 %
Segment EBITDA margin - A&C43.5 %40.6 %
290bps
42.9 %39.9 %
300bps
Segment EBITDA - Core$219.5$191.014.9 %$436.2$380.014.8 %
Segment EBITDA margin - Core30.5 %27.4 %
 310bps
30.2 %27.2 %
  300bps
Non-GAAP Results(2):
NEBITDA$331.7$264.625.4 %$644.7$514.325.4 %
NEBITDA Margin29.5 %25.2 %430bps28.9 %24.7 %420bps
Unlevered free cash flow$368.7$283.630.0 %$727.3$587.523.8 %
Free cash flow$323.4$239.934.8 %$650.8$499.130.4 %
Operating and Business Metrics:
Total bookings$1,261.9$1,141.110.6 %11.1 %$2,574.5$2,340.310.0 %
Total customers at period end20,86620,985(0.6)%20,86620,985(0.6)%
Average revenue per user (ARPU)$210$1995.5 %$210$1995.5 %
Annualized recurring revenue (ARR)$3,853.4$3,619.66.5 %$3,853.4$3,619.66.5 %
_______________________________
(1) Net income for the three and six months ended June 30, 2024 includes $6.9 million and $29.3 million, respectively, in restructuring and other charges. In addition, the six months ended June 30, 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.
(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 July 30, 2024, GoDaddy repurchased 4.1 million shares of its common stock for an aggregate purchase price of $520.8 million, with an average price per share of $126.35. Cumulatively, these repurchases represent an approximate 23% reduction in fully diluted shares from those outstanding at the January 2022 inception of the current $4.0 billion buyback authorization.

Balance Sheet
As of June 30, 2024, total cash and cash equivalents were $444.9 million, total debt was $3.9 billion and net debt was $3.4 billion.
Debt Refinancing
In May 2024, GoDaddy entered into an amendment to its credit agreement providing for a new $1.0 billion tranche of term loans, extending the maturity of certain term loans to 2031 and securing a 25 basis point reduction on the refinanced debt. In addition, the proceeds were used to repay a portion of its existing term loans maturing in 2029. Cumulatively, this transaction and other repricings to date since 2023 are expected to reduce annual cash interest expense by approximately $25.0 million.
100 S. Mill Ave Ste. 1600 Tempe, AZ 85281 T: 480.505.8800 https://investors.godaddy.net
Business Outlook
For the third quarter ending September 30, 2024, GoDaddy expects total revenue in the range of $1.13 billion to $1.15 billion, representing year-over-year growth of 7% at the midpoint, versus the same period in 2023. Within total revenue, GoDaddy expects third quarter A&C revenue growth in the mid-teens and Core revenue growth in the low single digits.
For the third quarter ending September 30, 2024, GoDaddy expects NEBITDA margin to be approximately 29%.
For the full year ending December 31, 2024, GoDaddy raised its revenue expectations to a range of $4.525 billion to $4.565 billion, representing year-over-year growth of 7% 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 ending December 31, 2024, GoDaddy raised its unlevered free cash flow target to at least $1.45 billion, representing growth of 16%, year-over-year, versus $1.3 billion of unlevered free cash flow generated in 2023. Additionally, GoDaddy raised its free cash flow target to at least $1.3 billion, representing growth of 20%, 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 second quarter 2024 results at 5:00 p.m. Eastern Time on August 1, 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.
100 S. Mill Ave Ste. 1600 Tempe, AZ 85281 T: 480.505.8800 https://investors.godaddy.net

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; impacts of our restructuring efforts and debt repricing; 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 March 31, 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 March 31, 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 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,
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 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, 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 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
June 30,
Six Months Ended
June 30,
 2024202320242023
Revenue:
Applications and commerce$405.6 $351.7 $788.7 $689.7 
Core platform718.9 696.4 1,444.3 1,394.4 
Total revenue1,124.5 1,048.1 2,233.0 2,084.1 
Costs and operating expenses(1)
Cost of revenue (excluding depreciation and amortization)408.3 388.4 822.8 774.5 
Technology and development205.9 219.2 408.8 434.2 
Marketing and advertising93.2 89.5 180.7 181.9 
Customer care73.3 77.7 149.7 154.5 
General and administrative95.6 92.7 187.3 186.8 
Restructuring and other6.9 17.5 29.3 69.8 
Depreciation and amortization33.1 43.5 70.3 92.0 
Total costs and operating expenses916.3 928.5 1,848.9 1,893.7 
Operating income208.2 119.6 384.1 190.4 
Interest expense(39.5)(45.6)(80.8)(91.4)
Loss on debt extinguishment(2.1)— (3.1)— 
Other income (expense), net8.3 6.8 17.9 29.4 
Income before income taxes174.9 80.8 318.1 128.4 
Benefit (provision) for income taxes(28.6)2.3 229.7 2.1 
Net income 146.3 83.1 547.8 130.5 
Less: net income attributable to non-controlling interests— 0.2 — 0.3 
Net income attributable to GoDaddy Inc. $146.3 $82.9 $547.8 $130.2 
Net income attributable to GoDaddy Inc. per share of Class A common stock:
Basic$1.04 $0.54 $3.86 $0.85 
Diluted$1.01 $0.54 $3.77 $0.84 
Weighted-average shares of Class A common stock outstanding:
Basic141,269 152,328 141,899 153,221 
Diluted144,644 154,064 145,321 155,756 
___________________________
(1) Costs and operating expenses include equity-based compensation expense as follows:
Cost of revenue$0.3 $0.4 $0.3 $0.8 
Technology and development39.3 42.0 76.8 81.0 
Marketing and advertising7.9 7.3 15.2 13.9 
Customer care5.7 6.5 11.5 11.9 
General and administrative23.0 21.3 43.4 41.5 
Restructuring and other— — 0.8 2.3 
Total equity-based compensation expense$76.2 $77.5 $148.0 $151.4 
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)

June 30,December 31,
 20242023
Assets
Current assets:
Cash and cash equivalents$444.9 $458.8 
Short-term investments— 40.0 
Accounts and other receivables92.9 76.6 
Registry deposits34.1 37.3 
Prepaid domain name registry fees487.2 466.0 
Prepaid expenses and other current assets238.1 177.2 
Total current assets1,297.2 1,255.9 
Property and equipment, net160.4 185.3 
Operating lease assets61.4 60.8 
Prepaid domain name registry fees, net of current portion220.2 209.0 
Goodwill3,545.0 3,569.3 
Intangible assets, net1,107.3 1,158.6 
Deferred tax assets1,234.0 1,020.4 
Other assets96.4 105.6 
Total assets$7,721.9 $7,564.9 
Liabilities and stockholders' equity
Current liabilities:
Accounts payable$94.7 $148.1 
Accrued expenses and other current liabilities365.1 442.2 
Deferred revenue2,230.4 2,074.9 
Long-term debt17.0 17.9 
Total current liabilities2,707.2 2,683.1 
Deferred revenue, net of current portion866.1 802.4 
Long-term debt, net of current portion3,787.7 3,798.5 
Operating lease liabilities, net of current portion88.3 90.2 
Other long-term liabilities89.9 90.7 
Deferred tax liabilities25.7 37.8 
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value— — 
Class A common stock, $0.001 par value0.1 0.1 
Class B common stock, $0.001 par value— — 
Additional paid-in capital2,443.9 2,271.6 
Accumulated deficit(2,422.8)(2,320.7)
Accumulated other comprehensive income135.8 111.2 
Total stockholders' equity157.0 62.2 
Total liabilities and stockholders' equity$7,721.9 $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)

 
Six Months Ended
June 30,
 20242023
Operating activities
Net income$547.8 $130.5 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization70.3 92.0 
Equity-based compensation expense148.0 151.4 
Deferred taxes(225.1)(12.2)
Loss on dispositions1.9 16.8 
Other7.1 5.5 
Changes in operating assets and liabilities, net of amounts acquired:
Prepaid domain name registry fees(32.7)(38.6)
Accounts payable(52.4)25.7 
Accrued expenses and other current liabilities(39.3)3.9 
Deferred revenue225.3 153.3 
Other operating assets and liabilities(58.9)(60.0)
Net cash provided by operating activities592.0 468.3 
Investing activities
Maturities of short-term investments40.0 — 
Purchases of intangible assets— (35.4)
Net proceeds received from dispositions8.1 12.4 
Purchases of property and equipment(7.2)(28.6)
Other investing activities— (0.4)
Net cash provided by (used in) investing activities40.9 (52.0)
Financing activities
Proceeds received from:
Issuance of term loans2,752.3 — 
    Stock option exercises3.9 4.7 
Issuance of Class A common stock under ESPP19.5 18.2 
Payments made for:
Repurchases of Class A common stock(1) (649.2)(611.7)
Repayment of long-term debt(2,762.3)(12.6)
Other financing obligations(10.4)(6.9)
Net cash used in financing activities(646.2)(608.3)
Effect of exchange rate changes on cash and cash equivalents(0.6)0.6 
Net decrease in cash and cash equivalents(13.9)(191.4)
Cash and cash equivalents, beginning of period458.8 774.0 
Cash and cash equivalents, end of period$444.9 $582.6 

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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
June 30,
Six Months Ended
June 30,
2024202320242023
(in millions)
NEBITDA and NEBITDA Margin:
Net income$146.3$83.1$547.8 $130.5 
Depreciation and amortization33.143.570.3 92.0 
Equity-based compensation expense(1)
76.277.5147.2 149.1 
Interest expense, net34.537.469.2 75.4 
Acquisition-related expenses, net of reimbursements(0.8)4.20.1 8.6 
Restructuring and other(2)
13.821.239.8 60.8 
Provision (benefit) for income taxes28.6(2.3)(229.7)(2.1)
NEBITDA$331.7$264.6$644.7 $514.3 
Net income margin13.0 %7.9 %24.5 %6.3 %
NEBITDA margin29.5 %25.2 %28.9 %24.7 %
_______________________________
(1) The six months ended June 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) 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.

June 30, 2024
(in millions)
Net Debt:
Current portion of long-term debt$17.0 
Long-term debt3,787.7 
Unamortized original issue discount and debt issuance costs61.5 
Total debt3,866.2 
Less: cash and cash equivalents(444.9)
Less: Short-term investments— 
Net debt$3,421.3 



100 S. Mill Ave Ste. 1600 Tempe, AZ 85281 T: 480.505.8800 https://investors.godaddy.net

Three Months Ended
June 30,
Six Months Ended
June 30,
2024202320242023
(in millions)
Free Cash Flow and Unlevered Free Cash Flow:
Net cash provided by operating activities$294.8 $198.0 $592.0 $468.3 
Capital expenditures(2.8)(5.8)(7.2)(28.6)
Cash paid for acquisition-related costs0.2 8.2 16.0 9.6 
Cash paid for restructuring and other charges(1)
31.2 39.5 50.0 49.8 
Free cash flow$323.4 $239.9 $650.8 $499.1 
Cash paid for interest on long-term debt
45.3 43.7 76.5 88.4 
Unlevered free cash flow$368.7 $283.6 $727.3 $587.5 
_______________________________
(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 six months ended June 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:
June 30,
 20242023
(in thousands)
Shares Outstanding:
Class A common stock141,455 148,293 
Class B common stock(1)
— 307 
Total common stock outstanding141,455 148,600 
Effect of dilutive securities(2)
3,375 1,429 
Total shares outstanding144,830 150,029 
_______________________________
(1) As of June 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:
June 30, 2024
(in millions)
Constant Currency:
Revenue$1,124.5 
Constant currency adjustment0.2 
Constant currency revenue$1,124.7 
Bookings$1,261.9 
Constant currency adjustment5.3 
Constant currency bookings$1,267.2 


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
v3.24.2.u1
Document and Entity Information Document
Aug. 01, 2024
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Aug. 01, 2024
Entity Registrant Name GoDaddy Inc.
Entity Central Index Key 0001609711
Amendment Flag false
Entity Incorporation, State or Country Code DE
Entity File Number 001-36904
Entity Tax Identification Number 46-5769934
Entity Address, Address Line One 100 S. Mill Ave, Suite 1600
Entity Address, City or Town Tempe
Entity Address, State or Province AZ
Entity Address, Postal Zip Code 85281
City Area Code 480
Local Phone Number 505-8800
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A Common Stock, $0.001 par value per share
Trading Symbol GDDY
Security Exchange Name NYSE
Entity Emerging Growth Company false
GoDaddy (NYSE:GDDY)
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