GoDaddy Payments annualized gross payments
volume crosses $1 billion in first
year
Create + Grow annualized recurring revenue
accelerates to 10% growth year-over-year
TEMPE,
Ariz., May 4, 2023 /PRNewswire/ -- GoDaddy Inc.
(NYSE: GDDY), the company that helps entrepreneurs thrive, today
reported financial results for the first quarter that ended
March 31, 2023.
"At GoDaddy, we are eager to help small businesses thrive. The
momentum we are driving in the business, particularly in Commerce,
shows that we are delivering the products our customers want," said
GoDaddy CEO Aman Bhutani. "We are
encouraged by the optimism in the small business community and look
forward to continuing to enable their success by providing them the
essential tools to start and grow their businesses."
"GoDaddy had a strong first quarter. We made progress towards
returning to double-digit revenue growth and our Applications and
Commerce segment exceeded our growth targets on strong attach to
commerce from new and existing customers," said GoDaddy CFO
Mark McCaffrey. "We also continue to
execute our three-year plan to expand our operating margins and
deliver on our free cash flow per share targets."
Business Highlights
- Gross payments volume (GPV) from GoDaddy's commerce offerings
continued its growth surpassing $1
billion of annualized GPV in the first quarter.
- Launched Apple's Tap-to-Pay capability in the GoDaddy app,
lowering the barrier for millions of small businesses to start
accepting in-person, contactless payments with only an iPhone in a
seamless, low-friction sign-up experience.
- Applications and commerce revenue grew to $338 million, up 12% with annualized recurring
revenue (ARR) from Create + Grow products up 10%.
- ARR for applications and commerce grew to $1.3 billion, up 9% year-over-year.
- ARR for core platform grew to $2.2
billion, up 1% year-over-year, in the first quarter.
- Gross merchandise volume (GMV) of $28
billion, up 18% year-over-year, in the first quarter.
- Implemented new features to Websites + Marketing offering
including a bookings feature for multi-day events, Google and Apple
Pay for full payment and deposit, and additional configurations for
Pay Buttons using Pay Links from different businesses and store
locations.
- Opened "List For Sale" functionality to registrar partners
allowing their customers to list domain names within GoDaddy's
aftermarket.
- Released the Small Business Generative Artificial Intelligence
(AI) Prompt Library, a growing catalog of ready-made prompts,
available via the GoDaddy Blog, for small businesses to have the
tools to start benefiting from generative AI.
- In April, CEO Aman Bhutani
signed the CEO Action for Diversity & Inclusion pledge, joining
a coalition of more than 2,400 CEOs across the U.S. who have
committed to advancing diversity, equity and inclusion in the
workplace.
- Announced in April GoDaddy's significant drives towards ESG
goals by reducing emissions by 35% from a 2019 baseline, providing
nearly 10,000 learning engagements for entrepreneurs, and achieving
86% participation in annual employee engagement survey.
Consolidated First Quarter Financial Highlights
|
Three Months
Ended
March
31,
|
|
2023
|
|
2022
|
|
Change
|
Constant
Currency
|
|
|
|
|
|
|
|
|
(in millions, except
customers in thousands and
ARPU in dollars)
|
GAAP
Results:
|
|
|
|
|
|
|
Total
Revenue
|
$
1,036.0
|
|
$
1,002.7
|
|
3.3 %
|
4.7 %
|
Applications &
commerce revenue
|
$ 338.0
|
|
$ 303.1
|
|
11.5 %
|
|
Core platform
revenue
|
$ 698.0
|
|
$ 699.6
|
|
(0.2) %
|
|
International
revenue
|
$ 340.6
|
|
$ 329.8
|
|
3.3 %
|
7.3 %
|
Net
income(1)
|
$ 47.4
|
|
$ 68.6
|
|
(30.9) %
|
|
Net cash provided by
operating activities
|
$ 270.3
|
|
$ 250.9
|
|
7.7 %
|
|
Segment EBITDA -
Applications & commerce
|
$ 132.4
|
|
$ 119.8
|
|
10.5 %
|
|
Segment EBITDA - Core
platform
|
$ 189.0
|
|
$ 178.4
|
|
5.9 %
|
|
Non-GAAP
Results:
|
|
|
|
|
|
|
Normalized EBITDA
(NEBITDA)
|
$ 249.7
|
|
$ 225.9
|
|
10.5 %
|
|
Unlevered free cash
flow
|
$ 303.9
|
|
$ 286.8
|
|
6.0 %
|
|
Free cash
flow
|
$ 259.2
|
|
$ 258.7
|
|
0.2 %
|
|
Operating
Metrics:
|
|
|
|
|
|
|
Total
bookings
|
$
1,199.2
|
|
$
1,156.3
|
|
3.7 %
|
5.3 %
|
Total customers at
period end
|
20,997
|
|
20,859
|
|
0.7 %
|
|
Average revenue per
user (ARPU)
|
$
197
|
|
$
190
|
|
4.0 %
|
|
ARR
|
$
3,543.2
|
|
$
3,407.2
|
|
4.0 %
|
|
_____________________________
|
(1)
|
Net income for the
three months ended March 31, 2023 includes $52.3 million in
restructuring and other charges.
|
Share Repurchases
Year-to-date through March 31,
2023, GoDaddy repurchased 1.6 million shares of its common
stock for an aggregate purchase price of $113.9 million, with an average price per share
of $73.39. Cumulatively, these
repurchases represent an approximate 11% reduction in fully diluted
shares from those outstanding since the inception of the current
$3 billion buyback authorization.
Balance Sheet
As of March 31, 2023, total cash and cash equivalents were
$892 million, total debt was
$3.9 billion and net debt was
$3.0 billion.
Restructuring
In February 2023, GoDaddy
announced a restructuring plan to reduce future operating expenses
and improve cash flows through a combination of a reduction in
force and a commitment to sell certain assets. In the first
quarter, GoDaddy recorded $50.4 million of pre-tax restructuring
charges in its statements of operations related to the
restructuring plan, which includes a $21.0 million charge in connection with the
planned disposition of certain assets.
In connection with the restructuring, GoDaddy signed an
agreement to sell two smaller European hosting brands within the
Core Platform segment.
Business Outlook
For the second quarter ending June 30,
2023, GoDaddy is targeting total revenue in the range of
$1.045 billion to $1.065 billion, representing year-over-year
growth of 4% at the midpoint, versus the same period in 2022. For
the full year ending December 31,
2023, GoDaddy is targeting total revenue in the range of
$4.250 billion to $4.325 billion, representing year-over-year
growth of 5% at the midpoint, versus the $4.09 billion of revenue generated for the full
year ended December 31, 2022.
For the second quarter ending June 30,
2023, GoDaddy is targeting normalized EBITDA margin of
approximately 25%. For the full year ending December 31, 2023, GoDaddy expects Normalized
EBITDA margin of approximately 26%.
For the full year ending December 31,
2023, GoDaddy expects unlevered free cash flow of
approximately $1.2 billion,
representing growth of 9%, year-over-year, versus $1.1 billion of unlevered free cash flow
generated in 2022. GoDaddy expects free cash flow of approximately
$1.0 billion, representing growth of
3%, year-over-year, versus the $968.6
million of free cash flow generated in 2022.
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 2023
results at 5:00 p.m. Eastern Time on
May 4, 2023. 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:
launches of new or expansion of existing products or services, 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, partner integrations and marketing strategy;
future financial results; GoDaddy's ability to integrate its
acquisitions and achieve desired synergies and vertical
integration; the expected impact of our recently announced
restructuring; the impact of the ongoing COVID-19 pandemic on our
business, customers, employees and third-party partners; 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; the Company's dependence on payment card networks and
acquiring processors; breaches of our security measures; the impact
of any previous or future acquisitions; our ability to continue to
release, and gain customer acceptance of, our existing and future
products and services; 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; macroeconomic conditions and
developments in the economy, financial markets and credit markets,
including as a result of the ongoing COVID-19 pandemic,
continued escalation of geopolitical tensions, and increasing
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 Annual Report on Form
10-K for the year ended December 31,
2022, 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.
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. 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 merchandise volume (GMV). GMV is a business metric
calculated by annualizing the total quarterly dollar value of
orders facilitated by our customers through our Commerce platform,
including shipping and handling, and taxes, and is shown net of
discounts, and returns (where visibility exists). While GMV is not
indicative of our performance, we believe it is an indicator of the
strengths of our products and platforms.
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 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 microbusiness 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,
|
|
2023
|
|
2022
|
Revenue:
|
|
|
|
Applications &
commerce
|
$
338.0
|
|
$
303.1
|
Core
platform
|
698.0
|
|
699.6
|
Total
revenue
|
1,036.0
|
|
1,002.7
|
Costs and operating
expenses(1)
|
|
|
|
Cost of revenue
(excluding depreciation and amortization)
|
386.1
|
|
370.2
|
Technology and
development
|
215.0
|
|
190.1
|
Marketing and
advertising
|
92.4
|
|
116.3
|
Customer
care
|
76.8
|
|
77.7
|
General and
administrative
|
94.1
|
|
90.6
|
Restructuring and
other
|
52.3
|
|
—
|
Depreciation and
amortization
|
48.5
|
|
48.2
|
Total costs and
operating expenses
|
965.2
|
|
893.1
|
Operating
income
|
70.8
|
|
109.6
|
Interest
expense
|
(45.8)
|
|
(33.6)
|
Other income (expense),
net
|
22.6
|
|
(1.1)
|
Income before income
taxes
|
47.6
|
|
74.9
|
Provision for income
taxes
|
(0.2)
|
|
(6.3)
|
Net income
|
47.4
|
|
68.6
|
Less: net income
attributable to non-controlling interests
|
0.1
|
|
0.2
|
Net income attributable
to GoDaddy Inc.
|
$
47.3
|
|
$
68.4
|
Net income attributable
to GoDaddy Inc. per share of Class A common stock:
|
|
|
|
Basic
|
$
0.31
|
|
$
0.42
|
Diluted
|
$
0.30
|
|
$
0.41
|
Weighted-average shares
of Class A common stock outstanding:
|
|
|
|
Basic
|
154,124
|
|
164,323
|
Diluted
|
156,644
|
|
166,811
|
|
|
|
|
(1) Costs and operating
expenses include equity-based compensation expense as
follows:
|
Cost of
revenue
|
$
0.4
|
|
$
0.3
|
Technology and
development
|
39.0
|
|
32.9
|
Marketing and
advertising
|
6.6
|
|
7.0
|
Customer
care
|
5.4
|
|
4.2
|
General and
administrative
|
20.2
|
|
16.8
|
Restructuring and
other
|
2.3
|
|
—
|
Total equity-based
compensation expense
|
$
73.9
|
|
$
61.2
|
GoDaddy Inc.
Consolidated Balance Sheets (unaudited)
(In millions, except per share amounts)
|
|
|
March
31,
|
|
December
31,
|
|
2023
|
|
2022
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
892.4
|
|
$
774.0
|
Accounts and other
receivables
|
68.7
|
|
60.1
|
Prepaid domain name
registry fees
|
456.2
|
|
435.7
|
Prepaid expenses and
other current assets
|
291.1
|
|
312.8
|
Assets held for sale
|
21.7
|
|
—
|
Total current
assets
|
1,730.1
|
|
1,582.6
|
Property and equipment,
net
|
216.0
|
|
225.6
|
Operating lease
assets
|
75.1
|
|
84.1
|
Prepaid domain name
registry fees, net of current portion
|
206.5
|
|
197.1
|
Goodwill
|
3,549.1
|
|
3,536.9
|
Intangible assets,
net
|
1,203.4
|
|
1,252.2
|
Other assets
|
112.1
|
|
95.0
|
Total assets
|
$
7,092.3
|
|
$
6,973.5
|
Liabilities and
stockholders' deficit
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
140.0
|
|
$
130.9
|
Accrued expenses and
other current liabilities
|
383.9
|
|
356.7
|
Deferred
revenue
|
2,043.2
|
|
1,954.0
|
Long-term
debt
|
18.3
|
|
18.2
|
Liabilities held for
sale
|
13.9
|
|
—
|
Total current
liabilities
|
2,599.3
|
|
2,459.8
|
Deferred revenue, net
of current portion
|
795.5
|
|
770.3
|
Long-term debt, net of
current portion
|
3,809.6
|
|
3,812.9
|
Operating lease
liabilities, net of current portion
|
109.9
|
|
116.5
|
Other long-term
liabilities
|
86.9
|
|
87.1
|
Deferred tax
liabilities
|
46.6
|
|
56.2
|
Commitments and
contingencies
|
|
|
|
Stockholders'
deficit:
|
|
|
|
Preferred stock,
$0.001 par value
|
—
|
|
—
|
Class A common stock,
$0.001 par value
|
0.2
|
|
0.2
|
Class B common stock,
$0.001 par value
|
—
|
|
—
|
Additional paid-in
capital
|
1,990.5
|
|
1,912.6
|
Accumulated
deficit
|
(2,489.3)
|
|
(2,422.6)
|
Accumulated other
comprehensive income
|
140.7
|
|
178.0
|
Total stockholders'
deficit attributable to GoDaddy Inc.
|
(357.9)
|
|
(331.8)
|
Non-controlling
interests
|
2.4
|
|
2.5
|
Total stockholders'
deficit
|
(355.5)
|
|
(329.3)
|
Total liabilities and
stockholders' deficit
|
$
7,092.3
|
|
$
6,973.5
|
GoDaddy Inc.
Consolidated Statements of Cash Flows (unaudited)
(In millions)
|
|
|
Three Months
Ended
March
31,
|
|
2023
|
|
2022
|
Operating
activities
|
|
|
|
Net income
|
$
47.4
|
|
$
68.6
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
48.5
|
|
48.2
|
Equity-based
compensation expense
|
73.9
|
|
61.2
|
Non-cash restructuring
charges
|
21.0
|
|
—
|
Other
|
(1.1)
|
|
17.6
|
Changes in operating
assets and liabilities, net of amounts acquired:
|
|
|
|
Prepaid domain name
registry fees
|
(29.5)
|
|
(19.8)
|
Deferred
revenue
|
114.8
|
|
94.6
|
Other operating assets
and liabilities
|
(4.7)
|
|
(19.5)
|
Net cash provided by
operating activities
|
270.3
|
|
250.9
|
Investing
activities
|
|
|
|
Purchases of property
and equipment
|
(22.8)
|
|
(12.3)
|
Other investing
activities
|
—
|
|
(0.2)
|
Net cash used in
investing activities
|
(22.8)
|
|
(12.5)
|
Financing
activities
|
|
|
|
Proceeds received
from:
|
|
|
|
Stock option
exercises
|
3.2
|
|
8.5
|
Payments made
for:
|
|
|
|
Repurchases of Class A
common stock
|
(119.7)
|
|
(750.1)
|
Repayment of term
loans
|
(6.3)
|
|
(8.1)
|
Other financing
obligations
|
(1.4)
|
|
(0.9)
|
Net cash used in
financing activities
|
(124.2)
|
|
(750.6)
|
Cash and cash
equivalents classified within assets held for sale
|
(5.2)
|
|
—
|
Effect of exchange rate
changes on cash and cash equivalents
|
0.3
|
|
(0.8)
|
Net increase (decrease)
in cash and cash equivalents
|
118.4
|
|
(513.0)
|
Cash and cash
equivalents, beginning of period
|
774.0
|
|
1,255.7
|
Cash and cash
equivalents, end of period
|
$
892.4
|
|
$
742.7
|
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,
|
|
2023
|
|
2022
|
|
|
|
|
|
(in
millions)
|
NEBITDA:
|
|
|
|
Net income
|
$
47.4
|
|
$
68.6
|
Depreciation and
amortization
|
48.5
|
|
48.2
|
Equity-based
compensation expense(1)
|
71.6
|
|
61.2
|
Interest expense,
net
|
38.0
|
|
33.2
|
Acquisition-related
expenses
|
5.0
|
|
7.7
|
Restructuring and
other(2)
|
39.0
|
|
0.7
|
Provision for income
taxes
|
0.2
|
|
6.3
|
NEBITDA
|
$
249.7
|
|
$
225.9
|
_____________________________
|
(1) Excludes $2.3
million in 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, this
includes lease-related expenses associated with closed facilities,
charges related to certain legal matters and adjustments to the
fair value of our equity investments.
|
|
March 31,
2023
|
|
|
|
(in
millions)
|
Net Debt:
|
|
Current portion of
long-term debt
|
$
18.3
|
Long-term
debt
|
3,809.6
|
Unamortized original
issue discount and debt issuance costs
|
67.1
|
Total debt
|
3,895.0
|
Less: cash and cash
equivalents
|
(892.4)
|
Net debt
|
$
3,002.6
|
|
Three Months
Ended
March
31,
|
|
2023
|
|
2022
|
|
|
|
|
|
(in
millions)
|
Free Cash Flow and
Unlevered Free Cash Flow:
|
|
|
|
Net cash provided by
operating activities
|
$
270.3
|
|
$
250.9
|
Capital
expenditures
|
(22.8)
|
|
(12.3)
|
Cash paid for
acquisition-related costs
|
3.1
|
|
18.1
|
Cash paid for
restructuring and other charges(1)
|
8.6
|
|
2.0
|
Free cash
flow
|
$
259.2
|
|
$
258.7
|
Cash paid for interest
on long-term debt
|
44.7
|
|
28.1
|
Unlevered free cash
flow
|
$
303.9
|
|
$
286.8
|
_____________________________
|
(1) In addition to
payments made pursuant to our February 2023 restructuring plan,
cash paid for restructuring and other charges includes
lease-related payments associated with closed
facilities.
|
Shares Outstanding
Shares of Class B common stock are not participating securities,
and therefore do not have rights to share in our earnings. Total
shares of common stock outstanding are as follows:
|
March
31,
|
|
2023
|
|
2022
|
|
|
|
|
|
(in
thousands)
|
Shares
Outstanding:
|
|
|
|
Class A common
stock
|
154,114
|
|
161,686
|
Class B common
stock
|
307
|
|
312
|
Total common stock
outstanding
|
154,421
|
|
161,998
|
Effect of dilutive
securities(1)
|
2,211
|
|
2,175
|
Total shares
outstanding
|
156,632
|
|
164,173
|
_____________________________
|
(1) 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,
2023
|
|
|
|
(in
millions)
|
Constant
Currency:
|
|
Revenue
|
$
1,036.0
|
Constant currency
adjustment
|
13.8
|
Constant currency
revenue
|
$
1,049.8
|
|
|
Bookings
|
$
1,199.2
|
Constant currency
adjustment
|
18.9
|
Constant currency
revenue
|
$
1,218.1
|
Source: GoDaddy Inc.
© 2023 GoDaddy Inc. All Rights Reserved.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/godaddy-reports-first-quarter-2023-financial-results-301816465.html
SOURCE GoDaddy Inc.