On February 13, 2024, in Tempe, Arizona, GoDaddy reported its financial results for the fourth quarter and full year ending December 31, 2023.
In Q4 2023, GoDaddy Inc. experienced a 13% increase in Applications & Commerce revenue. The company achieved a Q4 net income margin of 103%, which includes non-routine items, and a Q4 Normalized EBITDA margin exceeding 29%. Operating Activities provided a 43% boost in cash flow, and Free Cash Flow rose by 51% in Q4.
CEO Aman Bhutani expressed satisfaction with the company’s operational execution and financial performance, highlighting progress in empowering global entrepreneurs. The CEO expressed confidence in delivering compelling solutions through a simplified software platform and strengthening strategic positioning.
GoDaddy CFO Mark McCaffrey emphasized the company’s ability to provide a comprehensive solution for customers, driving margin expansion through operational discipline. Commitment to managing the business for an optimal blend of top-line growth and profitability, compounding free cash flow, and creating enduring shareholder value was reiterated.
Key Highlights for Full Year 2023:
- Total revenue reached $4.3 billion, up 4% YoY (5% on a constant currency basis).
- Total bookings increased by 4% YoY (5% on a constant currency basis) to $4.6 billion.
- Net Income, inclusive of non-routine items, surged 295% YoY to $1.4 billion (33% margin).
- Normalized EBITDA (NEBITDA) reached $1.1 billion, up 12% YoY (27% margin).
- Net cash provided by operating activities increased by 7% YoY to $1,047.6 million.
- Free cash flow rose by 12% YoY to $1.1 billion.
Additionally, on January 1, 2024, GoDaddy’s subsidiary holding company, Desert Newco, LLC, underwent a structural change for U.S. income tax purposes, transitioning from a partnership to a disregarded entity, thus terminating its legacy Up-C structure.
Key Highlights for Fourth Quarter 2023:
- Total revenue for Q4 was $1.1 billion, up 6% YoY on both reported and constant currency bases.
- Total bookings increased by 7% YoY (6% on a constant currency basis) to $1.1 billion.
- Net income, inclusive of non-routine items, soared by 1,107% YoY to $1.1 billion (103% margin).
- NEBITDA for Q4 was $324.2 million, up 22% YoY (29% margin).
- Net cash provided by operating activities increased by 43% YoY to $297.7 million.
- Free cash flow saw a significant rise of 51% YoY, reaching $305.1 million.
Additionally, GoDaddy’s commerce offerings demonstrated substantial growth, with Gross Payments Volume (GPV) reaching $1.7 billion, a 125% YoY increase, and Gross Merchandise Volume (GMV) reaching $36 billion, up 26% YoY.
The company successfully launched GoDaddy Airo(TM), an AI experience leveraging generative AI and machine learning to proactively assist in building and growing online ventures. This business-in-a-box solution automatically generates a logo, website, tailored content, communications, and more, providing customers with a seamless experience within minutes of domain registration or for those with established websites.
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