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GODADDY REPORTS STRONG FOURTH QUARTER AND FULL YEAR 2023 RESULTS

Published

3 years ago

on

Q4 2023 Applications & Commerce revenue up 13%; 
Delivered Q4 net income margin of 103%, inclusive of non-routine items, and Q4 Normalized EBITDA margin of over 29%
Cash Provided by Operating Activities up 43% in Q4; Free Cash Flow up 51% in Q4

TEMPE, Ariz., Feb. 13, 2024 /PRNewswire/ — GoDaddy Inc. (NYSE: GDDY) today reported financial results for the fourth quarter and full year that ended December 31, 2023.

“GoDaddy demonstrated strong operational execution and financial performance while also making significant progress in our mission of empowering entrepreneurs around the world,” said GoDaddy CEO Aman Bhutani. “We are excited and confident in our ability to deliver compelling solutions for our customers across our simplified software platform while continuing to strengthen our strategic positioning.”

“GoDaddy delivered strong 2023 financial results, showcasing our ability to provide a one-stop shop for our customers and drive margin expansion through operational discipline,” said GoDaddy CFO Mark McCaffrey. “We remain committed to managing our business to provide an optimal combination of top-line growth and profitability, delivering compounding free cash flow and creating enduring shareholder value.”

Full Year 2023 Business Highlights

Total revenue of $4.3 billion, up 4% year-over-year, and 5% on a constant currency basis.Total bookings of $4.6 billion, up 4% year-over-year, and 5% on a constant currency basis.Net Income of $1.4 billion, inclusive of non-routine items, up 295% year-over-year, representing a 33% margin.Normalized EBITDA (NEBITDA) of $1.1 billion, up 12% year-over-year, representing a 27% margin.Net cash provided by operating activities of $1,047.6 million, up 7% year-over-year.Free cash flow of $1.1 billion, up 12% year-over-year.On January 1, 2024, GoDaddy’s subsidiary holding company, Desert Newco, LLC, was converted from a partnership to a disregarded entity for U.S. income tax purposes, thereby terminating its legacy Up-C structure.

Fourth Quarter 2023 Business Highlights

Total revenue of $1.1 billion, up 6% year-over-year on a reported and constant currency basis.Total bookings of $1.1 billion, up 7% year-over-year, and 6% on a constant currency basis.Net income of $1.1 billion, inclusive of non-routine items, up 1,107% year-over-year, representing a 103% margin.NEBITDA of $324.2 million, up 22% year-over-year, representing a 29% margin.Net cash provided by operating activities of $297.7 million, up 43% year-over-year.Free cash flow of $305.1 million, up 51% year-over-year.Gross payments volume, or GPV, from GoDaddy’s commerce offerings grew to an impressive $1.7 billion, up 125% year-over-year. Gross merchandise volume was $36 billion, up 26% year-over-year.GoDaddy launched its AI experience, GoDaddy AiroTM, within the U.S. GoDaddy AiroTM harnesses the power of generative AI and other machine learning to proactively help build and grow online ventures, delivering a business-in-a-box experience that automatically generates a logo, website, tailored content, communications, and more. Customers engage with it within minutes of registering a domain or can use other features if they have an established website.

Consolidated Fourth Quarter and Full Year Financial Highlights

Three Months Ended
 December 31,

Year Ended 
December 31, 

2023

2022

Change

Constant
Currency

2023

2022

Change

Constant
Currency

(in millions, except customers in thousands and ARPU in dollars)

GAAP Results

Total revenue

$  1,100.3

$  1,039.9

5.8 %

5.8 %

$ 4,254.1

$ 4,091.3

4.0 %

4.6 %

Applications & commerce revenue

$   377.4

$   333.4

13.2 %

$ 1,430.4

$ 1,279.7

11.8 %

Core platform revenue

$   722.9

$   706.5

2.3 %

$ 2,823.7

$ 2,811.6

0.4 %

International revenue

$   353.9

$   340.8

3.8 %

3.8 %

$ 1,381.1

$ 1,334.0

3.5 %

5.3 %

Net income(1)

$  1,132.3

$     93.8

1,107.1 %

$  1,393.8

$   352.9

295.0 %

Net cash provided by operating
activities

$   297.7

$   208.0

43.1 %

$  1,047.6

$   979.7

6.9 %

Segment EBITDA – A&C

$   164.8

$   135.6

21.5 %

$   594.2

$   522.8

13.7 %

Segment EBITDA margin – A&C

43.7 %

40.7 %

300 bps

41.5 %

40.9 %

70 bps

Segment EBITDA – Core

$   227.8

$   204.8

11.2 %

$   816.4

$   783.7

4.2 %

Segment EBITDA margin – Core

31.5 %

29.0 %

250 bps

28.9 %

27.9 %

100 bps

Non-GAAP Results(2)

Normalized EBITDA (NEBITDA)

$   324.2

$   266.0

21.9 %

$ 1,134.5

$ 1,013.0

12.0 %

NEBITDA margin

29.5 %

25.6 %

390 bps

26.7 %

24.8 %

190 bps

Unlevered free cash flow

$   346.6

$   238.2

45.5 %

$ 1,254.2

$ 1,095.9

14.4 %

Free cash flow

$   305.1

$   201.6

51.3 %

$  1,084.4

$   968.6

12.0 %

Operating and Business Metrics

Total bookings

$  1,123.9

$  1,051.6

6.9 %

6.5 %

$ 4,603.1

$ 4,413.8

4.3 %

4.7 %

Total customers at period end

21,026

20,897

0.6 %

21,026

20,897

0.6 %

Average revenue per user (ARPU)

$      203

$      197

3.0 %

$      203

$      197

3.0 %

Annualized  Recurring Revenue
(ARR)

$  3,690.8

$  3,570.1

3.4 %

$ 3,690.8

$ 3,570.1

3.4 %

_______________________________

(1) Net income for the three months and the year ended December 31, 2023 includes $11.2 million and $90.8 million, respectively, in restructuring and other charges. In addition, during the fourth quarter of 2023, we released the majority of our valuation allowance on U.S. and state deferred tax assets, resulting in a non-routine non-cash benefit of approximately $1 billion recorded to income taxes.

(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

From January 1, 2022 through February 1, 2024, GoDaddy repurchased 34.2 million shares of its common stock for an aggregate purchase price of $2.6 billion, and an average price per share of $74.99. These repurchases represent a reduction of approximately 20% in fully diluted shares from those outstanding as of December 31, 2021.

Balance Sheet

At December 31, 2023, total cash and cash equivalents and short-term investments were $498.8 million, total debt was $3.9 billion and net debt was $3.4 billion.

Debt Repricing

In January 2024, GoDaddy repriced $1.8 billion of the outstanding principal amount of its term loans to lower the interest rate margins by 0.5%. This strategic adjustment and the repricing we completed in July 2023 are expected to reduce annual cash interest expense by approximately $22.0 million. The refinanced loans retain the original maturity date and other terms and conditions.

Partial Release of Valuation Allowance

During the fourth quarter, as a result of our increasing profitability over the past several years and forecasted levels of future taxable income, we released the majority of our valuation allowance on our U.S. and state deferred tax assets. This resulted in a non-cash benefit of approximately $1 billion recorded to income taxes.

Business Outlook

For the first quarter ending March 31, 2024, GoDaddy expects total revenue in the range of $1.085 billion to $1.105 billion, representing year-over-year growth of 6% at the midpoint, versus the same period in 2023. For the full year ending December 31, 2024, GoDaddy is targeting total revenue in the range of $4.480 billion to $4.560 billion, representing year-over-year growth of 6% at the midpoint, versus the $4.25 billion of revenue generated for the full year ended December 31, 2023.

For the first quarter ending March 31, 2024, GoDaddy expects Normalized EBITDA margin of 27%. For the full year ending December 31, 2024, GoDaddy expects Normalized EBITDA margin of approximately 29%, with a fourth quarter Normalized EBITDA margin of approximately 31%.

For the full year ending December 31, 2024, GoDaddy expects unlevered free cash flow of at least $1.4 billion, versus the $1.3 billion of unlevered free cash flow generated in 2023. GoDaddy expects free cash flow of at least $1.2 billion, versus the $1.1 billion of free cash flow generated in 2023.

Modeling Guide

2024

Capital expenditures

~ $35 million

Cash interest on long-term debt

~ $155 million

Cash income taxes

~ $30 million

 

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 provided reconciliations of non-GAAP financial measures to their nearest GAAP equivalents in the tables included within this release.

Upcoming Investor Events

GoDaddy will hold an in-person Investor Day on March 6, 2024 at its Tempe, Arizona headquarters during which leaders will discuss GoDaddy’s long-term strategy, innovation initiatives, financial framework, and capital allocation strategy, as well as provide demonstrations of recently launched customer experiences. Given limited space for the live event, interested shareholders and analysts are encouraged to email investors@godaddy.com for an invitation. The event, along with supporting materials, will be accessible live or via an archived replay through the Investor Relations section of GoDaddy’s website at https://investors.godaddy.net.

Quarterly Earnings Webcast

GoDaddy will host a webcast to discuss fourth quarter and full year 2023 results at 5:00 p.m. Eastern Time on February 13, 2024. 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 prerecorded 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: our business outlook; launches of new or expansion of existing products or services, including GoDaddy AiroTM, 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 impact of our debt repricing; our forecasted levels of future taxable income; 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; the impact of our restructuring efforts; 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; 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” in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, “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 and in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, each of which are available on GoDaddy’s website at https://investors.godaddy.net and on the SEC’s website at www.sec.gov, and any subsequent quarterly or annual report filed with the SEC thereafter, including our annual report on Form 10-K for the year ended December 31, 2023. 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.

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, 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.

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
December 31,

Year Ended
December 31,

2023

2022

2023

2022

Revenue:

Applications & commerce

$      377.4

$      333.4

$   1,430.4

$   1,279.7

Core platform

722.9

706.5

2,823.7

2,811.6

Total revenue

1,100.3

1,039.9

4,254.1

4,091.3

Costs and operating expenses(1):

Cost of revenue (excluding depreciation and amortization)

402.2

379.5

1,573.6

1,484.5

Technology and development

203.8

206.3

839.6

794.0

Marketing and advertising

84.6

94.9

352.9

412.3

Customer care

74.3

75.3

304.5

305.9

General and administrative

95.6

98.6

374.0

385.5

Restructuring and other

11.2

0.9

90.8

15.7

Depreciation and amortization

38.7

49.5

171.3

194.6

Total costs and operating expenses

910.4

905.0

3,706.7

3,592.5

Operating income

189.9

134.9

547.4

498.8

Interest expense

(43.6)

(42.2)

(179.0)

(146.3)

Loss on debt extinguishment

—

(3.6)

(1.5)

(3.6)

Other income (expense), net

1.2

6.8

36.9

7.6

Income before income taxes

147.5

95.9

403.8

356.5

Benefit (provision) for income taxes

984.8

(2.1)

990.0

(3.6)

Net income

1,132.3

93.8

1,393.8

352.9

Less: net income attributable to non-controlling interests

0.2

0.2

0.8

0.7

Net income attributable to GoDaddy Inc.

$   1,132.1

$        93.6

$   1,393.0

$      352.2

Net income attributable to GoDaddy Inc. per share of Class A common
stock:

Basic

$        8.01

$        0.60

$        9.39

$        2.22

Diluted

$        7.85

$        0.60

$        9.20

$        2.19

Weighted-average shares of Class A common stock outstanding:

Basic

141,418

154,745

148,296

158,788

Diluted

144,253

157,083

151,452

161,457

____________________________________

(1)   Costs and operating expenses include equity-based compensation expense as follows:

Cost of revenue

$            0.2

$            0.4

$           1.3

$           1.5

Technology and development

39.2

37.9

162.4

140.3

Marketing and advertising

6.9

7.4

27.9

29.1

Customer care

6.1

5.4

24.1

20.0

General and administrative

16.3

20.0

78.3

73.5

Restructuring and other

—

—

2.3

—

Total equity-based compensation expense

$          68.7

$          71.1

$        296.3

$        264.4

 

GoDaddy Inc.
Consolidated Balance Sheets (unaudited)
(In millions, except per share amounts)

December 31,

2023

2022

Assets

Current assets:

Cash and cash equivalents

$      458.8

$      774.0

Short-term investments

40.0

—

Accounts and other receivables

76.6

60.1

Registry deposits

37.3

41.0

Prepaid domain name registry fees

466.0

435.7

Prepaid expenses and other current assets

177.2

271.8

Total current assets

1,255.9

1,582.6

Property and equipment, net

185.3

225.6

Operating lease assets

60.8

84.1

Prepaid domain name registry fees, net of current portion

209.0

197.1

Goodwill

3,569.3

3,536.9

Intangible assets, net

1,158.6

1,252.2

Deferred tax assets

1,038.8

—

Other assets

105.6

95.0

Total assets

$   7,583.3

$   6,973.5

Liabilities and stockholders’ equity (deficit)

Current liabilities:

Accounts payable

$      148.1

$      130.9

Accrued expenses and other current liabilities

442.4

356.7

Deferred revenue

2,074.9

1,954.0

Long-term debt

17.9

18.2

Total current liabilities

2,683.3

2,459.8

Deferred revenue, net of current portion

802.4

770.3

Long-term debt, net of current portion

3,798.5

3,812.9

Operating lease liabilities, net of current portion

90.2

116.5

Other long-term liabilities

90.7

87.1

Deferred tax liabilities

37.8

56.2

Commitments and contingencies

Stockholders’ equity (deficit):

Preferred stock, $0.001 par value

—

—

Class A common stock, $0.001 par value

0.1

0.2

Class B common stock, $0.001 par value

—

—

Additional paid-in capital

2,271.6

1,912.6

Accumulated deficit

(2,302.5)

(2,422.6)

Accumulated other comprehensive income

111.2

178.0

Total stockholders’ equity (deficit) attributable to GoDaddy Inc.

80.4

(331.8)

Non-controlling interests

—

2.5

Total stockholders’ equity (deficit)

80.4

(329.3)

Total liabilities and stockholders’ equity (deficit)

$   7,583.3

$   6,973.5

 

GoDaddy Inc.
Consolidated Statements of Cash Flows (unaudited)
(In millions)

Year Ended
December 31,

2023

2022

Operating activities

Net income

$  1,393.8

$    352.9

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

171.3

194.6

Equity-based compensation

296.3

264.4

Gain (loss) on derivative instruments

(12.0)

27.6

Non-cash restructuring and other charges

6.1

10.4

Deferred taxes

(1,011.6)

(18.4)

Loss on dispositions

16.5

—

Other

56.5

66.8

Changes in operating assets and liabilities, net of amounts acquired:

Prepaid domain name registry fees

(41.9)

(34.7)

Accounts payable

28.3

35.1

Accrued expenses and other current liabilities

56.4

11.3

Deferred revenue

149.2

101.6

Other operating assets and liabilities

(61.3)

(31.9)

Net cash provided by operating activities

1,047.6

979.7

Investing activities

Purchases of short-term investments

(40.0)

—

Business acquisitions, net of cash acquired

—

(72.5)

Purchases of intangible assets

(35.4)

(0.4)

Net proceeds received from dispositions

12.7

—

Purchases of property and equipment

(42.0)

(59.7)

Purchases of equity investments

(0.5)

—

Other investing activities, net

2.8

0.6

Net cash used in investing activities

(102.4)

(132.0)

Financing activities

Proceeds received from:

Issuance of term loans

1,759.9

1,725.3

Stock option exercises

19.6

19.9

Issuance of Class A common stock under employee stock purchase plan

30.0

30.1

Payments made for:

Repurchases of Class A common stock

(1,270.2)

(1,294.6)

Repayment of term loans

(1,786.3)

(1,789.9)

Financing-related costs

—

(4.2)

Contingent consideration for business acquisitions

(7.5)

(9.3)

Other financing obligations

(7.2)

(4.0)

Net cash used in financing activities

(1,261.7)

(1,326.7)

Effect of exchange rate changes on cash and cash equivalents

1.3

(2.7)

Net decrease in cash and cash equivalents

(315.2)

(481.7)

Cash and cash equivalents, beginning of period

774.0

1,255.7

Cash and cash equivalents, end of period

$    458.8

$    774.0

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
December 31,

Year Ended 
December 31, 

2023

2022

2023

2022

NEBITDA and NEBITDA Margin:

(in millions)

Net income

$   1,132.3

$       93.8

$   1,393.8

$      352.9

Depreciation and amortization

38.7

49.5

171.3

194.6

Equity-based compensation(1)

68.7

71.1

294.0

264.4

Interest expense, net

40.2

36.1

155.4

135.0

Acquisition-related expenses(2)

4.9

7.9

12.1

35.1

Restructuring and other(3)

24.2

5.5

97.9

27.4

Provision (benefit) for income taxes

(984.8)

2.1

(990.0)

3.6

NEBITDA

$      324.2

$      266.0

$   1,134.5

$   1,013.0

Net income margin

102.9 %

9.0 %

32.8 %

8.6 %

NEBITDA margin

29.5 %

25.6 %

26.7 %

24.8 %

_________________________________

(1)

The year ended December 31, 2023 excludes $2.3 million of equity-based compensation expense associated with our restructuring plan, which is included within restructuring and other.

(2)

The year ended December 31, 2023 includes an adjustment of $6.0 million to a previously-recognized acquisition milestone liability.

(3)

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 professional services.

 

December 31,
2023

(in millions)

Net Debt:

Current portion of long-term debt

$             17.9

Long-term debt

3,798.5

Unamortized original issue discount and debt issuance costs

59.7

Total debt

3,876.1

Less: Cash and cash equivalents

(458.8)

Less: Short-term investments

(40.0)

Net debt

$        3,377.3

 

Three Months Ended
December 31,

Year Ended
December 31, 

2023

2022

2023

2022

(in millions)

Free Cash Flow and Unlevered Free Cash Flow:

Net cash provided by operating activities

$      297.7

$      208.0

$   1,047.6

$      979.7

Capital expenditures

(4.0)

(17.1)

(42.0)

(59.7)

Cash paid for acquisition-related costs

0.8

7.2

11.2

37.9

Cash paid for restructuring and other charges(1)

10.6

3.5

67.6

10.7

Free cash flow

$      305.1

$      201.6

$   1,084.4

$      968.6

Cash paid for interest on long-term debt

41.5

36.6

169.8

127.3

Unlevered free cash flow

$      346.6

$      238.2

$   1,254.2

$   1,095.9

_________________________________

(1)

In addition to payments made pursuant to our February 2023 restructuring plan, cash paid for restructuring and other charges includes a payment related to the termination of a revenue sharing agreement, lease-related payments associated with closed facilities, payments related to certain legal matters as well as third party payments incurred in relation to the refinancing of our long-term debt and incremental payments associated with professional services.

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:

December 31,

2023

2022

(in thousands)

Shares Outstanding:

Class A common stock

142,051

153,830

Class B common stock

259

312

Total common stock outstanding

142,310

154,142

Effect of dilutive securities(1)

2,599

2,026

    Total shares outstanding

144,909

156,168

_________________________________

(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:

Three Months
Ended
December 31, 2023

Year Ended
December 31,
2023

(in millions)

Constant Currency:

Revenue

$            1,100.3

$            4,254.1

Constant currency adjustment

(0.1)

25.0

Constant currency revenue

$            1,100.2

$            4,279.1

Bookings

$            1,123.9

$            4,603.1

Constant currency adjustment

(4.0)

16.8

Constant currency bookings

$            1,119.9

$            4,619.9

Source: GoDaddy Inc.

© 2024 GoDaddy Inc. All Rights Reserved.

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Teradata Introduces New Privacy, Security, and Resiliency Capabilities as AI Forces Change in Enterprise Data Protection

Published

19 minutes ago

on

October 20, 2026

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New capabilities protect the sensitive data and intelligence behind enterprise AI while keeping mission-critical operations available and recoverable

SAN DIEGO, Oct. 20, 2026 /PRNewswire/ — Teradata (NYSE: TDC) today announced new privacy, security, and resiliency capabilities designed to address one of the defining challenges of enterprise AI: how sensitive data is protected, who and what can access it, and whether it remains available and recoverable when something goes wrong. Teradata addresses all three through an integrated approach that reduces raw identity exposure, enforces protection closer to the data, and keeps the intelligence powering AI available and recoverable. In practice, that means protecting the intelligence behind AI without diminishing what makes it valuable.

Key Capabilities

Poly-Anonymization®: reduces raw identity exposure while preserving the relationships and utility AI and analytics requireFormat-preserving encryption: protects sensitive values without changing their format or breaking downstream systemsPost-quantum security and readiness: strengthens protection against emerging quantum-era threats through Anonomatic PII Vault® and TLS 1.3 hybrid-key exchange for data in transitImmutable backup protection: prevents recovery points from being modified or deleted, strengthening cyber-recovery readinessDatabase-level high availability: an additional availability layer for mission-critical workloads, distinct from disaster recovery

Why It Matters Now
As AI becomes mission-critical, it expands both the value and the vulnerability of enterprise data. Sensitive information now moves among users, applications, models, and agents, making it harder to secure at the boundary alone. AI is designed to combine disparate information to find patterns and make decisions, which means data that isn’t individually identifiable can become so when AI brings it together.

Executive Quote
“Privacy, security, and resiliency have historically been treated as separate problems with separate solutions. That approach doesn’t hold up when AI is moving sensitive data across users, applications, models, and agents simultaneously. This announcement reflects how we think those capabilities need to work together, and it’s the foundation for how we intend to extend that protection as AI environments grow more complex and the actors operating within them multiply.”
          -Sumeet Arora, Chief Product Officer, Teradata

Privacy Protection
Access control determines who can see sensitive data. Identity reduction changes how much identifying information needs to be present in the analytical environment in the first place. Teradata combines both, through an OEM partnership with Anonomatic, whose privacy capabilities are natively available to Teradata customers.

Poly-Anonymization replaces PII fields with a stable identifier while holding underlying identity separately within Anonomatic PII Vault, a post-quantum-secure environment built with multiple layers of overlapping security controls designed to protect sensitive identity information. Authorized users can restore identity when a legitimate use case requires it, but everyone else works with data that retains its analytical structure, its relationships, and its utility. The result is an analytical environment where sensitive data can be used for AI, analytics, testing, and approved collaboration without broadly exposing who the data is about.

Unlike approaches that rely solely on mathematically reversible encryption, PII Vault combines identity separation, Poly-Anonymization, access controls, and additional layered protections to reduce identity exposure while retaining the utility required for AI and analytics. Format-preserving encryption extends that protection to situations where a value’s structure matters to downstream systems, protecting sensitive data without breaking the applications and workflows built around it.

Testing at large scale demonstrated that Teradata’s Anonomatic-powered privacy-preserving controls can support enterprise analytical workloads without the performance tradeoffs organizations typically associate with data privacy. Multi-table join queries on protected data used fewer Teradata resources than equivalent queries on unprotected data, though results will vary by workload and configuration.

Partner Quote
“Enterprise AI creates a fundamentally different privacy challenge. Organizations need to use sensitive, individual-level data to build effective AI, but the traditional tools for protecting that data weren’t designed to preserve what AI needs to work. Our partnership with Teradata makes it possible to reduce identity exposure at enterprise scale without forcing organizations to choose between protection and utility.”
          -Matt Fleck, Founder and CEO at Anonomatic, a data security software company focused on making PII data privacy secure, simple and cost effective

Native Data Security
Protection that follows the data requires controls enforced at the data layer, not just at the systems surrounding it. Teradata applies classification, policy enforcement, and access controls closer to the data itself. Together, these capabilities provide a governance-led foundation for protecting data and intelligence across users, applications, and workloads.

For data in transit, Teradata introduces post-quantum protection via TLS 1.3 hybrid-key exchange, which combines classical and post-quantum cryptographic algorithms in a single handshake. As quantum computing advances make current encryption standards increasingly vulnerable, organizations that establish cryptographic readiness now will be better positioned for what’s ahead.

New native capabilities including dynamic data masking, data classification and tagging, column-level encryption, and global identity extend that protection across the data layer. Through a partnership with Immuta, a data authorization platform between identity and enterprise data, dynamic ABAC brings identity-aware, attribute-driven access control that enforces policy consistently across users and AI workloads without duplicating data or rewriting governance rules.

Teradata’s security architecture is designed to extend as AI environments evolve, with ongoing investment in controls that govern how AI agents access and act on enterprise data within policy boundaries.

Enterprise Data Protection
For enterprises running AI at scale, a cyberattack is a threat to the data, context, and operational knowledge that AI depends on to function. Teradata Enterprise Data Protection addresses that reality through a workload-aligned approach that lets organizations match protection levels to business criticality rather than applying the same resiliency architecture to every workload. The objective is not simply to restore data, but to restore the trusted context AI needs to resume mission-critical operations.

Database-level high availability via real-time replication introduces an additional availability layer designed for continuous synchronization and low recovery objectives.

Immutable backup protection strengthens cyber-recovery readiness by ensuring recovery points cannot be modified, encrypted, or deleted, even by privileged administrators. As ransomware increasingly targets backup data specifically, protected recovery points have become as critical as the protection strategies built around them. Teradata’s resiliency architecture is designed to extend as cyber threats and recovery requirements evolve.

Additional capabilities including backup and recovery, scheduled data synchronization, and disaster recovery round out a more consistent Enterprise Data Protection experience.

Availability

Privacy capabilities, powered by Anonomatic and delivered by Teradata, are available now for Teradata Cloud on AWS, Azure, and Google Cloud.Native data security capabilities including dynamic data masking, data classification and tagging, and column-level encryption are available on Teradata Cloud across AWS, Azure, and Google Cloud. Dynamic data masking, data classification and tagging are available for Teradata Factory and on-premises deployment options.Teradata Enterprise Data Protection including immutable backup protection is available now on Teradata Cloud across AWS, Azure, and Google Cloud with availability on Teradata Customer Cloud planned in the coming months. 

About Teradata
Teradata empowers enterprises to turn intelligence into autonomous action, grounding AI agents in deep business context and trusted data. As AI agents multiply, Teradata is the context foundation, governance layer, and performance backbone that companies need now. The Teradata Autonomous Knowledge Platform puts AI into production across cloud, on-premises, and hybrid environments.

Forward-Looking Statements
This press release contains “forward-looking statements” about the expectations, beliefs, plans, and intentions relating to Teradata’s privacy, security, and resiliency capabilities. Such statements include statements regarding future product availability, capabilities, and offerings, and expected benefits to Teradata customers. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, Teradata’s results could differ materially from the results expressed or implied by the forward-looking statements made. Teradata undertakes no obligation, and does not intend to update the forward-looking statements. Factors that may cause actual results to differ materially from those in any forward-looking statements include: (i) delays and unexpected difficulties and expenses in executing the planned product capabilities and offerings, (ii) changes in the regulatory landscape related to AI and (iii) uncertainty as to whether customer adoption will justify the investments in the product capabilities and offerings. Further information on factors that could affect Teradata’s financial and other results is included in the filings Teradata makes with the Securities and Exchange Commission from time to time.

The Teradata logo is a trademark, and Teradata is a registered trademark of Teradata Corporation and/or its affiliates in the U.S. and worldwide.

Poly-Anonymization and PII Vault are registered trademarks of Anonomatic, Inc.

MEDIA CONTACT
Jennifer Donahue
Jennifer.Donahue@Teradata.com

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Teradata Expands Sovereign AI Across On-Premises and Air-Gapped Cloud Environments

Published

20 minutes ago

on

October 20, 2026

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New Teradata Factory and Teradata Sovereign Cloud on Google Distributed Cloud capabilities give enterprises greater control over where their most sensitive data and AI operate

SAN DIEGO, Oct. 20, 2026 /PRNewswire/ — Teradata (NYSE: TDC) today announced a portfolio of deployment and platform capabilities designed to give governments and enterprises greater control over the data, AI, and technology that power their most critical operations. This includes expanded capabilities for Teradata Factory with AI Studio and the availability of Teradata Sovereign Cloud on Google Distributed Cloud air-gapped environment.

What’s New
Teradata’s portfolio spans two complementary deployment models designed to address different sovereignty requirements.

The expanded capabilities for Teradata Factory with AI Studio bring a unified AI environment to operate on data, vectors, models, and agents directly into customer-controlled on-premises infrastructure. These capabilities include:

Tera, the agentic coworker for enterprise data work, including Tera Harness and Tera Context EngineAgentStack, the complete AI agent development capabilities to build, manage, observe and operate agents through natural language, pro-code, low-code, and Model Context Protocol (MCP) interfacesModel services, which provide machine learning operations and AI model management with pre-integrated model and bring-your-own-model supportData pipelines for ingesting multimodal unstructured data, vector embeddings, vector storage and hybrid search for RAGAnalytics, native notebooks backed by in-database analytics and Teradata’s Elastic Python Compute, built on Ray and Arrow, bring AI to where data lives

Teradata Sovereign Cloud on Google Distributed Cloud air-gapped brings Teradata’s high-performance enterprise-scale analytics into fully isolated environments. Key benefits of running Teradata Sovereign Cloud on Google Distributed Cloud air-gapped include:

Full isolation: Deploy Teradata in an air-gapped environment with no external connectivity— keeping classified and regulated data fully containedSecurity and compliance: Meet stringent regulatory requirements while maintaining complete audit trails and governanceHigh-performance analytics and AI at scale: Run complex queries across billions of rows and petabytes of data with predictable performance

Why it Matters
Research points to growing urgency. According to a 2026 BARC global study of 320 business and IT decision-makers, 62 percent of organizations cite data and AI in core business processes as a key driver of sovereignty requirements. A separate IBM study found that 91 percent of executives say they do not fully understand their organization’s dependencies across AI vendors, models and infrastructure. And Gartner predicts that by 2030, more than 75 percent of enterprises outside the United States will have a digital sovereignty strategy, supported by a sovereign cloud strategy.

As AI moves into mission-critical operations, sovereignty is no longer only about where data resides. Organizations must also consider where AI runs, which models are used, how enterprise information is accessed, who operates the environment, and which external technologies their AI depends on.

This is particularly relevant for governments, defense organizations, regulated industries and critical infrastructure, where data residency, privacy, jurisdiction, operational continuity or national-security requirements can limit the use of traditional public-cloud AI services.

Teradata frames sovereignty across three dimensions: data sovereignty (where data lives and who can access it), operational sovereignty (who controls the environment and whether it can operate independently), and digital sovereignty (which technologies and AI models the organization depends on). An organization can satisfy data residency requirements and still lack full sovereignty if AI processing occurs externally, external administrators can access the environment, or operations stop when public connectivity is unavailable.

Teradata’s sovereign portfolio is designed to address these requirements, bringing enterprise analytics and AI inside the boundaries that organizations control.

The Deployment Portfolio
Teradata Factory and Teradata Sovereign Cloud on Google Distributed Cloud air-gapped address different sovereignty requirements.

Teradata Factory is an integrated hardware and software rack that brings a private enterprise data and AI environment into customer-controlled on-premises infrastructure. It is designed for organizations that require direct physical control over their infrastructure and AI execution.

Teradata Sovereign Cloud on Google Distributed Cloud air-gapped provides a cloud operating model inside a sovereign boundary. The environment has no connection to the public internet and is operated by the customer. It is designed for organizations that need the operational model of cloud within a fully isolated, sovereign environment. Teradata provides the enterprise analytics layer within the air-gapped boundary, enabling organizations to support use cases such as operational reporting, mission analysis, intelligence fusion, training and simulation analytics, and defense logistics and sustainment inside the sovereign boundary.

Together, Teradata Factory and Teradata Sovereign Cloud on Google Distributed Cloud air-gapped support a hybrid approach to sovereign deployment, giving organizations the flexibility to run enterprise analytics and AI inside whichever boundary their requirements demand.

Executive Perspectives
“As AI becomes embedded in mission-critical decisions, organizations can no longer treat sovereignty as a data-location requirement. They need control over where AI runs, which models are used, who can operate the environment, and whether critical workloads can continue if external connectivity disappears. And increasingly, sovereignty is not a single location. It is an architecture that spans public cloud, sovereign cloud, and on-premises infrastructure. Teradata is uniquely built for that reality. We can run in all of those environments, connect them through Teradata Fabric without requiring data to move, and give organizations the freedom to choose the AI models and infrastructure that work for them.”

— Sumeet Arora, Chief Product Officer, Teradata

“Google Distributed Cloud is purpose-built, air-gapped infrastructure that delivers complete technical, operational and software sovereignty. By combining Google Distributed Cloud’s sovereign infrastructure with Teradata’s AI and knowledge capabilities, we are giving enterprise customers in regulated industries the ability to innovate without sacrificing control over their data.”

— Muninder Singh Sambi, VP of Product Management, Google Distributed Cloud

Availability
The expanded Teradata sovereign capabilities for Teradata Factory with AI Studio will be available in Q1 2027. Teradata Sovereign Cloud on Google Distributed Cloud air-gapped is available in Private Preview.

About Teradata
Teradata empowers enterprises to turn intelligence into autonomous action, grounding AI agents in deep business context and trusted data. As AI agents multiply, Teradata is the context foundation, governance layer, and performance backbone that companies need now. The Teradata Autonomous Knowledge Platform puts AI into production across cloud, on-premises, and hybrid environments.

Teradata Forward-Looking Statements
This press release contains “forward-looking statements” about the expectations, beliefs, plans, and intentions relating to Teradata’s sovereign portfolio. Such statements include statements regarding future product availability, capabilities, and offerings, and expected benefits to Teradata customers. Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. If any such risks or uncertainties materialize or if any of the assumptions prove incorrect, Teradata’s results could differ materially from the results expressed or implied by the forward-looking statements made. Teradata undertakes no obligation, and does not intend to update the forward-looking statements. Factors that may cause actual results to differ materially from those in any forward-looking statements include: (i) delays and unexpected difficulties and expenses in executing the planned product capabilities and offerings, (ii) changes in the regulatory landscape related to AI and (iii) uncertainty as to whether customer adoption will justify the investments in the product capabilities and offerings. Further information on factors that could affect Teradata’s financial and other results is included in the filings Teradata makes with the Securities and Exchange Commission from time to time.

The Teradata logo is a trademark, and Teradata is a registered trademark of Teradata Corporation and/or its affiliates in the U.S. and worldwide.

MEDIA CONTACT
January Machold
January.Machold@Teradata.com

 

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State Farm® and MIT AgeLab Collaborate to Study What’s Driving Distraction Behind the Wheel

Published

20 minutes ago

on

October 20, 2026

By

Drivefulness™ research explores the human side of a nearly $100 billion roadway risk

BLOOMINGTON, Ill., Oct. 20, 2026 /PRNewswire/ — As vehicles become more connected and technology-enabled, the challenge of distracted driving is becoming more complex across the country. The question is no longer simply what distracts drivers, but understanding why people make certain choices behind the wheel and how technology may influence those decisions.

State Farm® and the MIT AgeLab are exploring those questions through a research initiative examining driver attention, distraction, and the behaviors that influence decision-making behind the wheel. Researchers have coined the term “drivefulness” to describe a state in which a driver is safe, aware, appropriately engaged, and ready to respond to the road, while being supported in having the best possible driving experience for them.

The study brings together State Farm’s decades of experience understanding crash risk, driver behavior, and the real-world consequences of distraction with MIT AWARE initiative’s multidisciplinary research expertise in transportation safety, human factors, behavioral science, and how people interact with technology.

Distracted driving carries significant human and economic consequences. According to U.S. Department of Transportation research, distraction was involved in 29% of motor vehicle crashes studied, contributing to more than 10,000 deaths, 1.3 million injuries, and an estimated $98.2 billion in economic costs.

Understanding the relationship among driver attention, distraction, and behaviors could help inform how automakers, organizations, regulators, and insurers approach roadway safety, risk prevention, and the design of future driving experiences.

“Distracted driving is not simply about whether a driver knows what is safe or unsafe. It reflects a much more complex interaction between the driver’s state, the demands of the driving environment, and the technologies that compete for or support their attention,” said Dr. Pnina Gershon of the MIT AgeLab. “With this research, we are looking beyond individual moments of distraction to understand what drivers need to be prepared, attentive, and appropriately engaged during the driving task. That allows us to think differently about safety and about how technology, information, and interventions can support drivers before, during, and after the drive.”

Dr. Gershon is the director of the MIT AWARE initiative and a co-director of the MIT Advanced Vehicle Technology Consortium. With more than two decades of research experience, she leads work at the intersection of driving safety, human behavior, health, and human-centered AI. Her research uses sensing, real-world data, and behavioral analytics to understand human states and to develop technologies and interventions that support safer, more effective interactions between people and increasingly automated systems.

Understanding the behavior behind the risk

Drivers may know distraction is dangerous, but State Farm research shows that knowledge doesn’t always change what happens behind the wheel. Sixty-eight percent of drivers admit to engaging in distracting behaviors while driving, and 44% say they have crashed or experienced a near-crash while doing so.

Perception may be part of the challenge. Sixty-two percent of drivers believe taking their eyes off the road for two or more seconds is safe, even though a two-second glance away doubles crash risk.

“Technology is changing the driving experience, creating new opportunities to better understand and support drivers,” said Jeff Legner, technology executive at State Farm. “The more we learn about how people interact with technology behind the wheel, the better positioned we are to anticipate evolving risks, improve driver experiences and explore new approaches to accident prevention. This research can help turn those insights into meaningful ways to support drivers before, during and after every drive.”

Combining real-world risk with behavioral science

State Farm has worked to address distracted driving from multiple angles, including advocating for stronger hands-free laws, supporting cross-industry safety research and advancing technology that can help drivers better understand their behavior. That work includes telematics-based tools for customers and collaboration with companies such as Cambridge Mobile Telematics to explore how technology and data can help reduce roadway risk. The MIT AgeLab brings deep expertise in understanding the human side of a rapidly changing driving environment.

The collaboration builds on an established research relationship between State Farm and MIT, including State Farm’s participation in the MIT Advanced Vehicle Technology Consortium, which studies how drivers interact with increasingly automated and technology-enabled vehicles.

First findings expected in October
The first phase of the research is focused on establishing a deeper understanding of how people perceive and manage attention behind the wheel.

Findings from the first phase of the drivefulness study are expected later in October 2026, providing an early look at what the research is uncovering about driver attention, distraction and behavior through consumer survey findings.

The findings will help inform the next phase of drivefulness research, beginning in January 2027, on how people, technology and the driving environment can work together to support safer driving.

About State Farm®
For over 100 years, the mission of State Farm has been to help people manage the risks of everyday life, recover from the unexpected and realize their dreams. State Farm Mutual Automobile Insurance Company and its affiliates are the largest providers of auto and home insurance combined in the United States. Its more than 19,200 agent offices and over 62,000 employees serve over 96 million policies and accounts – including auto, fire, life, health, commercial policies and financial services accounts. Commercial auto insurance, along with coverage for renters, business owners, boats and motorcycles, is also available. State Farm Mutual Automobile Insurance Company is the parent of the State Farm family of companies. State Farm is ranked No. 32 on the 2025 Fortune 500 list of largest companies. For more information, please visit http://www.statefarm.com.

About the AWARE initiative at the MIT AgeLab
AWARE is an MIT research initiative focused on developing intelligent vehicle systems that can better understand drivers and support them in real-world conditions. Based at the MIT AgeLab and Center for Transportation & Logistics, AWARE brings together naturalistic driving research, advanced simulation, behavioral science, and artificial intelligence to study how driver state, behavior, and context interact across the driving journey. Its research examines areas such as distraction, fatigue, impairment, workload, automation use, driver monitoring, and human-machine interaction, with the goal of moving beyond simply detecting driver behavior toward systems that can sense, interpret, respond, and promote safer and more appropriate driver engagement. Through this work, AWARE is building the evidence and methods needed to support the next generation of adaptive, human-centered mobility technologies. For more information about AWARE, visit https://ctl.mit.edu/aware-initiative, and about the AgeLab, visit https://agelab.mit.edu/.

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