GoDaddy (NYSE: GDDY) has released its Q3/2024 financial results, reflecting a strong quarter. Total revenue increased by 7% year-over-year to $1.15 billion, with Applications and Commerce (A&C) revenue up 16% to $423.1 million and Core Platform revenue rising 3% to $724.5 million.
Net income saw a substantial 45% jump to $190.5 million, while normalized EBITDA grew 24% to $366.5 million. Free cash flow rose by 29% to $362.7 million. Year-to-date, GoDaddy has repurchased 5.2 million shares, amounting to $668.1 million.
For the full year 2024, the company has raised its revenue guidance to $4.545-$4.565 billion and expects a NEBITDA margin of around 30%. Projected Q4 2024 revenue is set between $1.165 and $1.185 billion. GoDaddy will showcase its enhanced GoDaddy Airo AI experience at an investor event in December.
Meanwhile, total customers decreased by 1.4% YoY to 20,725,000.
“GoDaddy delivered a solid third quarter, with continued progress on our key initiatives,” said GoDaddy CEO Aman Bhutani. “We are committed to empowering entrepreneurs worldwide with innovative solutions and look forward to sharing the enhanced capabilities of the GoDaddy Airo experience at our Investor Dinner in December.”
“Our third quarter results demonstrated continued progress delivering durable top-line growth, expanded profitability and strong cash generation,” said GoDaddy CFO Mark McCaffrey. “Our execution, combined with our strong balance sheet and disciplined capital allocation framework, powers our ability to create enduring value for our shareholders.”
Third Quarter 2024 Business and Financial Highlights
- Total revenue of $1.15 billion, up 7% year-over-year on a reported and constant currency basis.
- Applications and Commerce (A&C) revenue grew 16%, year-over-year, to $423.1 million. Annualized recurring revenue (ARR) for A&C grew 15% year-over-year, to $1.6 billion.
- Core Platform (Core) revenue totaled $724.5 million, growing 3% year-over-year. Core ARR grew 4% year-over-year, to $2.4 billion.
- Total bookings of $1.2 billion, up 9% year-over-year on a reported and constant currency basis.
- Net income of $190.5 million, up 45% year-over-year, representing a 17% margin.
- Normalized EBITDA (NEBITDA) of $366.5 million, up 24% year-over-year, representing a 32% margin.
- Net cash provided by operating activities of $355.2 million, up 26% year-over-year.
- Free cash flow of $362.7 million, up 29% year-over-year.
- The company continued rolling out its innovative GoDaddy Airo™ AI-powered experience, now available in over 180 countries globally. Discovery and engagement continue to build positive momentum as we focus on optimizing monetization pathways.
For more information, head over to the GoDaddy investor portal.
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