GoDaddy Q1/2021 financial results


GoDaddy has released its Q1/2021 financial results, with the introduction of Michele Lau as the new Chief Legal Officer. Mark McCaffrey will be joining the company as its new Chief Financial Officer.

Consolidated First Quarter Financial Highlights:

  • Total revenue of $901.1 million, up 13.8% year over year, or 13.4% on a constant currency basis.
  • Total bookings of $1,088.7 million, up 14.5% year over year, or 13.5% on a constant currency basis.
  • Net cash provided by operating activities of $221.3 million, down 5.1% year over year.
  • Unlevered free cash flow of $268.3 million, up 14.4% year over year.
  • Domains revenue of $422.7 million, up 18.8% year over year.
  • Hosting and presence revenue of $310.3 million, up 4.4% year over year.
  • Business applications revenue of $168.1 million, up 21.0% year over year.
  • International revenue of $303.1 million, up 15.5% year over year, or 14.4% on a constant currency basis.

Business Highlights

  • Year-to-date through May 5, GoDaddy repurchased 3.5 million shares of its Class A common stock for an aggregate purchase price of $275.8 million for an average price per share of $78.81. These repurchases represent an approximately 2% reduction in fully diluted shares outstanding. The Board of Directors also approved an incremental $775 million share repurchase authorization, bringing the total repurchase capacity to $1 billion.
  • GoDaddy launched payments within its WooCommerce plugin for WordPress, the largest content management system in the world.
  • In April, GoDaddy launched Facebook Boosted Posts, empowering GoDaddy customers to create and manage simple advertising campaigns on Facebook from within Websites + Marketing.
  • Websites + Marketing, GoDaddy’s suite of online presence solutions, now empowers GoDaddy customers to create, edit, post, and engage on Instagram directly within their Websites + Marketing dashboard.
  • GoDaddy launched Online Appointments Social Composer, helping GoDaddy’s service-based customers market their services and drive appointment bookings on their website through social media channels.
  • GoDaddy released Action Plan, embedding guidance directly in the Websites + Marketing editor which leverages data from millions of websites to provide GoDaddy customers with their next best action.
  • GoDaddy launched a plugin bundle expansion for its Managed WordPress e-Commerce customers, featuring free access to a library of over 75 premium WooCommerce extensions giving web designers and developers (Pros) greater flexibility and infinite possibility to create fully featured and customized WooCommerce stores for their clients and increasing the value of GoDaddy’s plugins to the Pro community.
  • GoDaddy hosted Expand 2021, its first ever conference for web designers and developers, bringing the community together to share ideas and experiences, make connections and support each other. Thousands of Pros registered and shared positive feedback from the virtual event, helping GoDaddy deliver on its commitment to unlock the power of its Pro community and help Pro customers upskill and drive their own success.
  • In April 2021, GoDaddy acquired Re:amaze giving small businesses the ability to communicate with customers across email, text, online chat, social media, voice and video conversations in one shared inbox. With automated bot support and one-click access to live support, Re:amaze gives small businesses the tools to have meaningful, real-time conversations with customers, whenever and wherever they want to engage.
  • GoDaddy Registry announced that it is acquiring the .club and .design domain extensions, as well as 28 domain extensions and certain other business assets owned and operated by Minds + Machines Group Limited (MMX), further enhancing GoDaddy’s strength and offerings in the domains space.
  • In February 2021, GoDaddy issued $800 million unsecured senior notes in a private placement offering with the proceeds retained for general corporate purposes. The senior notes were issued at par and bear interest at 3.5%, maturing on March 1, 2029.

Business Outlook

For the second quarter ending June 30, 2021, GoDaddy expects revenue of approximately $920 million, or approximately 14% year over year growth. Revenue growth by category is expected to approximate high-teens growth in Domains, and Business Applications with high-single-digit growth in Hosting and Presence.

GoDaddy raised its full year revenue expectations by $45 million to $3.745 billion, representing approximately 13% year over year growth. Revenue growth by category is expected to approximate double-digit growth in Domains, high-single-digit growth in Hosting and Presence, and high-teens growth in Business Applications.

For the full year, GoDaddy raised its unlevered free cash flow expectation to approximately $955 million, representing full year growth of 16% versus 2020.

Our consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States (GAAP). We do not provide reconciliations from non-GAAP guidance to GAAP, 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. Our reported results provide reconciliations of non-GAAP financial measures to their nearest GAAP equivalents.

Read the full press release from GoDaddy.

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