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GoDaddy Reports Third Quarter 2024 Financial Results

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2 years ago

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Company builds on its track record of profitable growth, strong cash generation and share repurchases

TEMPE, Ariz., Oct. 30, 2024 /PRNewswire/ — GoDaddy Inc. (NYSE: GDDY) today reported financial results for the third quarter that ended September 30, 2024.

“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.

Consolidated Third Quarter Financial Highlights 

Three Months Ended

 September 30,

Nine Months Ended 

September 30,

2024

2023

Change

Constant
Currency

2024

2023

Change

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

Total Revenue

$ 1,147.6

$ 1,069.7

7.3 %

7.3 %

$ 3,380.6

$ 3,153.8

7.2 %

Applications and commerce revenue

$    423.1

$    363.3

16.5 %

$ 1,211.8

$ 1,053.0

15.1 %

Core platform revenue

$    724.5

$    706.4

2.6 %

$ 2,168.8

$ 2,100.8

3.2 %

International revenue

$    369.4

$    345.5

6.9 %

6.9 %

$ 1,079.4

$ 1,027.2

5.1 %

Net income(1)

$    190.5

$    131.0

45.4 %

$    738.3

$    261.5

182.3 %

Net income margin

16.6 %

12.2 %

21.8 %

8.3 %

Net cash provided by operating activities

$    355.2

$    281.6

26.1 %

$    947.2

$    749.9

26.3 %

Segment EBITDA – A&C

$    194.6

$    154.3

26.1 %

$    533.1

$    429.4

24.1 %

Segment EBITDA margin – A&C

46.0 %

42.5 %

350bps

44.0 %

40.8 %

320bps

Segment EBITDA – Core

$    239.0

$    208.6

14.6 %

$    675.2

$    588.6

14.7 %

Segment EBITDA margin – Core

33.0 %

29.5 %

 350bps

31.1 %

28.0 %

  310bps

Non-GAAP Results(2):

NEBITDA

$    366.5

$    296.0

23.8 %

$ 1,011.2

$    810.3

24.8 %

NEBITDA Margin

31.9 %

27.7 %

420bps

29.9 %

25.7 %

420bps

Unlevered free cash flow

$    399.4

$    320.1

24.8 %

$ 1,126.7

$    907.6

24.1 %

Free cash flow

$    362.7

$    280.2

29.4 %

$ 1,013.5

$    779.3

30.1 %

Operating and Business Metrics:

Total bookings

$ 1,241.7

$ 1,138.9

9.0 %

9.4 %

$ 3,816.3

$ 3,479.2

9.7 %

Total customers at period end

20,725

21,025

(1.4) %

20,725

21,025

(1.4) %

Average revenue per user (ARPU)

$       215

$       200

7.5 %

$       215

$       200

7.5 %

Annualized recurring revenue (ARR)

$ 3,974.6

$ 3,675.1

8.1 %

$ 3,974.6

$ 3,675.1

8.1 %

_______________________________

(1) Net income for the three and nine months ended September 30, 2024 includes $0.4 million and $29.7 million, respectively, in restructuring and other charges. In addition, the nine months ended September 30, 2024 includes a non-routine, non-cash benefit to income taxes of $267.4 million related to the conversion of our Desert Newco, LLC subsidiary from a partnership to a disregarded entity for U.S. income tax purposes.

(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

Year-to-date through October 28, 2024, GoDaddy repurchased 5.2 million shares of its common stock for an aggregate purchase price of $668.1 million, with an average price per share of $129.02. Cumulatively, these repurchases represent an approximate 23% reduction in fully diluted shares from those outstanding at the January 2022 inception of the current $4.0 billion buyback authorization.

Balance Sheet

As of September 30, 2024, total cash and cash equivalents were $767.1 million, total debt was $3.9 billion and net debt was $3.1 billion.

Business Outlook

For the full year ending December 31, 2024, GoDaddy raised its revenue expectations to a range of $4.545 billion to $4.565 billion, representing year-over-year growth of 7% at the midpoint. GoDaddy also raised its NEBITDA margin expectations to approximately 30%.

For the fourth quarter ending December 31, 2024, GoDaddy expects total revenue in the range of $1.165 billion to $1.185 billion, representing year-over-year growth of 7% at the midpoint, versus the same period in 2023. Within total revenue, GoDaddy expects fourth quarter and full year A&C revenue growth in the mid-teens and Core revenue growth in the low single digits.

For the fourth quarter ending December 31, 2024, GoDaddy expects NEBITDA margin to be approximately 31%.

For the full year ending December 31, 2024, GoDaddy raised its unlevered free cash flow target to at least $1.475 billion, representing growth of 18%, year-over-year, versus $1.254 billion of unlevered free cash flow generated in 2023. Additionally, GoDaddy raised its free cash flow target to at least $1.325 billion, representing growth of 22%, year-over-year, versus the $1.084 billion of free cash flow generated in 2023.

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.

Upcoming Investor Event

GoDaddy plans to demonstrate the expanded capabilities and features of its Airo experience, as well as share more on its innovation and execution, at its Investor Dinner in Tempe, Arizona on December 3, 2024. Please contact investors@godaddy.com for registration information. GoDaddy Airo is a proactive, intelligent AI-driven experience that helps our customers name, build and grow their small businesses, allowing them to go from idea to online in minutes.

Quarterly Earnings Webcast

GoDaddy will host a webcast to discuss third quarter 2024 results at 5:00 p.m. Eastern Time on October 30, 2024. To participate in the webcast, please preregister online at https://investors.godaddy.net/investor-relations/overview/default.aspx. The 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: our business outlook; launches of new or expansion of existing products or services, including GoDaddy Airo, 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 achieve desired synergies and vertical integration; the expected impacts of our restructuring efforts; our forecasted levels of future taxable income and ability to realize our deferred tax assets; 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; cyberattacks or breaches of our security measures; the impact of any previous or future acquisitions or divestitures; our ability to innovate and 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; litigation and government inquiries; privacy, legislative and regulatory concerns or developments; impacts 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; execution of share repurchases; and our ability to remediate the identified material weakness in our internal control over financial reporting and to maintain effective internal control over financial reporting.

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 June 30, 2024 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, 2023 and in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, which are 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. NEBITDA 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.

Annualized recurring revenue (ARR). ARR is an operating metric defined as annualized 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 our customers.

Total customers. We define a customer as an individual or entity, each with a unique account and paid transactions in the trailing twelve months or with paid subscriptions as of the end of the period. Total customers is one way we measure the scale of our business and can be a contributing factor to our ability to increase our revenue base.

About GoDaddy

GoDaddy helps millions of entrepreneurs globally start 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 small business 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

September 30,

Nine Months Ended

September 30,

2024

2023

2024

2023

Revenue:

Applications and commerce

$          423.1

$          363.3

$       1,211.8

$       1,053.0

Core platform

724.5

706.4

2,168.8

2,100.8

Total revenue

1,147.6

1,069.7

3,380.6

3,153.8

Costs and operating expenses(1)

Cost of revenue (excluding depreciation and amortization)

407.4

396.9

1,230.2

1,171.4

Technology and development

205.1

201.6

613.9

635.8

Marketing and advertising

84.4

86.4

265.1

268.3

Customer care

68.9

75.7

218.6

230.2

General and administrative

94.8

91.6

282.1

278.4

Restructuring and other

0.4

9.8

29.7

79.6

Depreciation and amortization

32.8

40.6

103.1

132.6

Total costs and operating expenses

893.8

902.6

2,742.7

2,796.3

Operating income

253.8

167.1

637.9

357.5

Interest expense

(39.4)

(44.0)

(120.2)

(135.4)

Loss on debt extinguishment

—

(1.5)

(3.1)

(1.5)

Other income (expense), net

6.6

6.3

24.5

35.7

Income before income taxes

221.0

127.9

539.1

256.3

Benefit (provision) for income taxes

(30.5)

3.1

199.2

5.2

Net income

190.5

131.0

738.3

261.5

Less: net income attributable to non-controlling interests

—

0.3

—

0.6

Net income attributable to GoDaddy Inc.

$          190.5

$          130.7

$          738.3

$          260.9

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

Basic

$            1.36

$           0.90

$           5.22

$           1.73

Diluted

$            1.32

$           0.89

$           5.09

$           1.71

Weighted-average shares of Class A common stock outstanding:

Basic

140,523

145,484

141,437

150,614

Diluted

144,138

147,291

145,179

153,303

___________________________

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

Cost of revenue

$                     0.3

$                    0.3

$                    0.6

$                    1.1

Technology and development

38.6

42.2

115.4

123.2

Marketing and advertising

7.7

7.1

22.9

21.0

Customer care

4.9

6.1

16.4

18.0

General and administrative

22.9

20.5

66.3

62.0

Restructuring and other

—

—

0.8

2.3

Total equity-based compensation expense

$                   74.4

$                  76.2

$                 222.4

$                 227.6

 

GoDaddy Inc.

Consolidated Balance Sheets (unaudited)

(In millions, except per share amounts)

September 30,

December 31,

2024

2023

Assets

Current assets:

Cash and cash equivalents

$            767.1

$            458.8

Short-term investments

—

40.0

Accounts and other receivables

90.7

76.6

Registry deposits

42.3

37.3

Prepaid domain name registry fees

490.3

466.0

Prepaid expenses and other current assets

163.8

177.2

Total current assets

1,554.2

1,255.9

Property and equipment, net

155.8

185.3

Operating lease assets

56.4

60.8

Prepaid domain name registry fees, net of current portion

225.7

209.0

Goodwill

3,594.0

3,569.3

Intangible assets, net

1,091.2

1,158.6

Deferred tax assets

1,219.0

1,020.4

Other assets

100.9

105.6

Total assets

$         7,997.2

$         7,564.9

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

$             73.7

$            148.1

Accrued expenses and other current liabilities

438.2

442.2

Deferred revenue

2,256.1

2,074.9

Long-term debt

16.5

17.9

Total current liabilities

2,784.5

2,683.1

Deferred revenue, net of current portion

881.3

802.4

Long-term debt, net of current portion

3,783.6

3,798.5

Operating lease liabilities, net of current portion

83.5

90.2

Other long-term liabilities

84.4

90.7

Deferred tax liabilities

23.2

37.8

Commitments and contingencies

Stockholders’ equity:

Preferred stock, $0.001 par value

—

—

Class A common stock, $0.001 par value

0.1

0.1

Class B common stock, $0.001 par value

—

—

Additional paid-in capital

2,519.0

2,271.6

Accumulated deficit

(2,252.6)

(2,320.7)

Accumulated other comprehensive income

90.2

111.2

Total stockholders’ equity

356.7

62.2

Total liabilities and stockholders’ equity

$         7,997.2

$         7,564.9

 

GoDaddy Inc.

Consolidated Statements of Cash Flows (unaudited)

(In millions)

Nine Months Ended

September 30,

2024

2023

Operating activities

Net income

$           738.3

$           261.5

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

Depreciation and amortization

103.1

132.6

Equity-based compensation expense

222.4

227.6

(Gain) loss on derivative instruments

6.7

(9.2)

Deferred taxes

(213.7)

(19.4)

Loss on dispositions

1.9

16.8

Other

29.7

37.4

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

Prepaid domain name registry fees

(40.3)

(47.3)

Accounts payable

(73.9)

6.2

Accrued expenses and other current liabilities

(15.7)

45.2

Deferred revenue

262.3

173.4

Other operating assets and liabilities

(73.6)

(74.9)

Net cash provided by operating activities

947.2

749.9

Investing activities

Maturities of short-term investments

40.0

—

Purchases of intangible assets

—

(35.4)

Net proceeds received from dispositions

8.1

12.4

Purchases of property and equipment

(12.2)

(38.0)

Other investing activities

—

(0.4)

Net cash provided by (used in) investing activities

35.9

(61.4)

Financing activities

Proceeds received from:

Issuance of term loans

2,752.3

1,759.9

    Stock option exercises

4.4

9.6

Issuance of Class A common stock under ESPP

19.5

18.2

Payments made for:

Repurchases of Class A common stock

(668.1)

(1,133.2)

Repayment of long-term debt

(2,768.4)

(1,780.0)

Other financing obligations

(15.6)

(7.8)

Net cash used in financing activities

(675.9)

(1,133.3)

Effect of exchange rate changes on cash and cash equivalents

1.1

—

Net increase (decrease) in cash and cash equivalents

308.3

(444.8)

Cash and cash equivalents, beginning of period

458.8

774.0

Cash and cash equivalents, end of period

$           767.1

$           329.2

 

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

September 30,

Nine Months Ended 

September 30,

2024

2023

2024

2023

(in millions)

NEBITDA and NEBITDA Margin:

Net income

$         190.5

$         131.0

$       738.3

$       261.5

Depreciation and amortization

32.8

40.6

103.1

132.6

Equity-based compensation expense(1)

74.4

76.2

221.6

225.3

Interest expense, net

33.2

39.8

102.4

115.2

Acquisition-related expenses, net of reimbursements(2)

0.1

(1.4)

0.2

7.2

Restructuring and other(3)

5.0

12.9

44.8

73.7

Provision (benefit) for income taxes

30.5

(3.1)

(199.2)

(5.2)

NEBITDA

$         366.5

$         296.0

$    1,011.2

$       810.3

Net income margin

16.6 %

12.2 %

21.8 %

8.3 %

NEBITDA margin

31.9 %

27.7 %

29.9 %

25.7 %

_______________________________

(1)

The nine months ended September 30, 2024 and 2023 excludes $0.8 million and $2.3 million, respectively, of equity-based compensation expense associated with our restructuring activities, which is included within restructuring and other.

(2)

The three and nine months ended September 30, 2023 include 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 certain professional services.

 

September 30,
2024

(in millions)

Net Debt:

Current portion of long-term debt

$                16.5

Long-term debt

3,783.6

Unamortized original issue discount and debt issuance costs

59.9

Total debt

3,860.0

Less: cash and cash equivalents

(767.1)

Less: Short-term investments

—

Net debt

$           3,092.9

 

Three Months Ended

September 30,

Nine Months Ended

September 30,

2024

2023

2024

2023

(in millions)

Free Cash Flow and Unlevered Free Cash Flow:

Net cash provided by operating activities

$          355.2

$          281.6

$          947.2

$          749.9

Capital expenditures

(5.0)

(9.4)

(12.2)

(38.0)

Cash paid for acquisition-related costs

0.1

0.8

16.1

10.4

Cash paid for restructuring and other charges(1)

12.4

7.2

62.4

57.0

Free cash flow

$          362.7

$          280.2

$       1,013.5

$          779.3

Cash paid for interest on long-term debt

36.7

39.9

113.2

128.3

Unlevered free cash flow

$          399.4

$          320.1

$       1,126.7

$          907.6

_______________________________

(1)

In addition to payments made pursuant to our restructuring activities, cash paid for restructuring and other charges includes lease-related payments associated with closed facilities, payments related to certain legal matters, incremental payments associated with professional services and third party payments incurred in relation to the refinancing of our long-term debt. For the nine months ended September 30, 2023, it also includes a payment related to the termination of a revenue sharing agreement.

 

Shares Outstanding

Total shares of common stock outstanding are as follows:

September 30,

2024

2023

(in thousands)

Shares Outstanding:

Class A common stock

140,349

141,989

Class B common stock(1)

—

307

Total common stock outstanding

140,349

142,296

Effect of dilutive securities(2)

3,615

1,500

Total shares outstanding

143,964

143,796

_______________________________

(1)

As of September 30, 2024, following a series of transactions undertaken to simplify our capital structure, there are no longer any Class B shares outstanding. Shares of Class B common stock were not participating securities and had no rights to share in our earnings.

(2)

Calculated using the treasury stock method, which excludes the impact of antidilutive securities.

 

Constant Currency

The following table provides a reconciliation of constant currency:

September 30,
2024

(in millions)

Constant Currency:

Revenue

$           1,147.6

Constant currency adjustment

0.2

Constant currency revenue

$           1,147.8

Bookings

$           1,241.7

Constant currency adjustment

4.1

Constant currency bookings

$           1,245.8

 

Source: GoDaddy Inc.

© 2024 GoDaddy Inc. All Rights Reserved.

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SOURCE GoDaddy Inc.

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Japan’s first DJI and Hasselblad Dual-Concept Flagship Store: “DJI | Hasselblad Authorized Concept Store Tokyo Omotesando” to Grand Open in Late October 2026!

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October 22, 2026

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Offering an unprecedented creative experience with hands-on latest drones and medium-format cameras, an indoor drone flight cage, and 1-on-1 support from multilingual dedicated specialists

TOKYO, Oct. 22, 2026 /PRNewswire/ — DJI, the global leader in innovative aerial and imaging technology, will announce that SEKIDO Co., Ltd., an authorized domestic distributor, will hold the grand opening of the “DJI | Hasselblad Authorized Concept Store Tokyo Omotesando” in the Omotesando area of Tokyo on Saturday, October 31, 2026. This dual-concept store allows visitors to experience the combined worlds of DJI and Hasselblad, the Swedish premium camera brand boasting over 180 years of history as the pinnacle of medium-format photography.

The store consists of two floors, the first and second floors above ground, bringing together the world’s finest imaging technologies, from DJI’s latest drones, handheld gimbals, and action cameras to Hasselblad’s flagship medium-format digital camera systems. The store features a permanent indoor “Drone Flight Cage” for actual flight and operational experiences. It also offers 1-on-1 personalized consulting by expert staff and a multilingual support system (Japanese, English, and Chinese), strongly backing the expressive activities of all creators from Japan and abroad.

Background and Aim of Opening: A Permanent Flagship Hub to Meet the Growing Demand for “Real-World Experience and Expert Consultation”

The use of DJI products has been rapidly expanding in the Japanese market across a wide range of fields, including aerial photography, film and commercial production, still photography, and even industrial applications such as surveying and infrastructure inspection.

In recent years, while the demand for high-performance imaging equipment for creators has further increased, many customers have voiced their desire for real-world experiential value, stating, “I want to check the actual operational feel, image quality, and holding grip before purchasing,” and “I want to consult professionals to select the optimal equipment for my specific production needs and shooting environments.” For highly advanced equipment like drones in particular, it is extremely crucial to verify the intuitive operability and shooting sensation, which are difficult to convey solely through spec sheets and online information.

In response to these changing market dynamics, we decided to open a store in “Tokyo Omotesando,” an epicenter of trends and culture. This permanent flagship hub integrates “product experience,” “expert consulting,” and “experiencing the brand’s world view,” which cannot be fully covered by online sales and short-term events alone. We aim to create an open creative community space for all visual expressers, from highly sensitive top creators domestically and internationally to entry-level enthusiasts aspiring to begin serious content creation.

4 Key Highlights of “DJI Hasselblad Authorized Concept Store Tokyo Omotesando”

1. [Brand Convergence] A Dual-Concept Store to Experience the Worlds of DJI and Hasselblad

“DJI,” which develops innovative imaging technologies, and “Hasselblad,” which continues to support photographic expression as a historic medium-format camera brand. This is a new, dual-concept official store where the craftsmanship and cutting-edge technology of both brands intersect in a single space. From still images to motion pictures, and from the ground to the sky, we offer an equipment lineup that supports diverse creative activities.

2. [Real Experience] Indoor Drone Flight Cage & Product Touch & Try

On the 1st floor, a dedicated “Drone Flight Cage” is permanently installed, allowing visitors to safely fly and pilot drones. Without worrying about weather conditions or restricted flight areas, you can directly experience the hovering stability, camera operation, and control responsiveness of the latest drones on the spot. In addition, handheld cameras and gimbals such as the Osmo series led by the latest Osmo 360 II and Osmo Pocket 4P, as well as the Hasselblad medium-format cameras on the 2nd floor, are all displayed fully powered on, allowing you to freely pick them up and experience shooting.

3. [Expert Consultation] 1-on-1 Personalized Support System by Dedicated Specialists

Expert staff who are thoroughly familiar with product knowledge and on-site shooting know-how are permanently stationed at the store. We propose the optimal equipment configuration and peripheral accessories tailored to each customer’s shooting style, application, and business implementation goals. From comparing products to lectures on initial setup and consultation after introduction, we politely address all questions before and after purchase on a 1-on-1 basis.

4. [Global] Trilingual Support (Japanese, English, Chinese) to Fully Accommodate Inbound Demand

Tailored to the internationally diverse location of Omotesando, not only Japanese but also English and Chinese communication will be supported at the store. We have established a hospitable environment where international tourists and overseas business visitors can experience, purchase, and process tax exemptions for high-end equipment with peace of mind, without feeling any language barriers.

Floor Guide and Overview of Each Area

Each of the two floors offers independent themes and experiential value.

Floor

Main Exhibits and Services

1F
DJI Area

[DJI Touch & Try, Sales, and Flight Cage]
Latest aerial drones (Mavic series, Air series, Mini series, etc.)
Handheld gimbals and action cameras (Osmo Pocket, Osmo 360, Osmo Action, etc.)
Indoor drone flight cage (Actual piloting experience)
Product consultation by dedicated staff

2F
Hasselblad Area

[Hasselblad Touch & Try, Sales, and Gallery]
Medium-format mirrorless digital cameras (X2D II 100C, 907X series, etc.) and XCD lenses
Hasselblad art gallery (Exhibiting the overwhelming gradation and details captured by medium-format cameras)
Premium lounge and consulting booths for in-depth discussions in a relaxed atmosphere

Future Outlook: Regular Events and Workshops to Foster a Creator Community

This store will play a role not merely as an equipment sales hub, but as a communication hub where creators can connect, learn, and collaborate.

Following the grand opening, we plan to regularly host shooting workshops led by front-line professional photographers and video creators, drone flight experience seminars, and advance hands-on preview events for new products. Through the enthusiasm and learning opportunities unique to a physical store, we will contribute to the advancement of Japan’s creative culture.

Store Overview

Item

Store Basic Information

Store Name (Japanese)

DJI | Hasselblad Authorized Concept Store 東京表参道

Store Name (English)

DJI | Hasselblad Authorized Concept Store Tokyo Omotesando

Scheduled Opening Date & Time

Saturday, October 31, 2026 (Grand Opening)

Location

1F & 2F, La Porte Aoyama, 5-51-8 Jingumae, Shibuya-ku, Tokyo 150-0001

Access

4-minute walk from Exit B2 of Omotesando Station on the Tokyo Metro Ginza, Chiyoda,
and Hanzomon Lines

Business Hours / Holidays

11:00 – 20:00 (Planned) / Irregular holidays

Phone Number

03-6803-8400

Official Instagram

https://www.instagram.com/djihasselblad_tokyo_omotesando/

For details regarding the opening day and related campaigns, please check the store’s official Instagram or DJI’s official social media accounts.
We sincerely look forward to welcoming you to our store.

*Please note that all store images featured in this press release are computer-generated (CG) conceptual renderings. The actual design, layout, and specifications are subject to change without prior notice.

About DJI
Since its founding in 2006, DJI has pioneered the civilian drone industry, driving innovation while empowering individuals to take flight for the first time, turning imagination into reality, and continuously revolutionizing professional video production. Today, DJI strives every day with the goal of promoting human advancement and building a better world. With a solution-oriented mindset and genuine curiosity, DJI has expanded its business into fields such as renewable energy, agriculture, public safety, surveying and mapping, and infrastructure inspection. In each of these areas, DJI products create new value and bring unprecedented, fundamental changes to the lives of people around the world.

www.dji.com/jp  |  facebook.com/dji.jp  |  twitter.com/djijapan  |  youtube.com/DJIJapan  |  instagram.com/dji_japan  |  www.linkedin.com/company/dji

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SOURCE DJI JAPAN

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Technology

Shareholder Proposal Support Nudges Up as Proposal Volume Falls, Broadridge ProxyPulse™ Report Finds

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October 22, 2026

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2026 proxy season sees a sharp decline in environmental and social proposals, a 10-year high in say-on-pay support and expanded opportunities for investor participation

NEW YORK, Oct. 22, 2026 /PRNewswire/ — Shareholder support for proposals increased in the 2026 proxy season even as the number of proposals continued to decline, according to the latest ProxyPulse™ report from global Fintech leader Broadridge (NYSE: BR).  Average support for shareholder proposals rose to 27.9% from 24.3% in 2025 with increases in both retail and institutional investor segments.

“The number of environmental and social proposals that were voted on declined by 47% between the 2025 and 2026 proxy seasons,” said Chuck Callan, Senior Vice President of Regulatory Affairs at Broadridge. “At the same time, shareholder support for proposals on disclosing political spending, at 42% on average, rose to a new high. Backing for directors and say-on-pay remained strong, with say-on-pay support hitting a 10-year high.”

Retail Investors Vote More Shares as Participation Options Expand

Retail investors owned 6 billion more shares this season than last and voted 2 billion more of the shares they own. The report also highlights the continued expansion of “voting choice” and digital governance capabilities to expand the options that shareholders have to make their voices heard. More than 900 funds offered pass-through voting in the 12 months ended June 30, 2026, up from approximately 400 a year earlier, with more than 400,000 shareholders enrolled. Companies held a record 2,542 virtual shareholder meetings between July 2025 and June 2026, including more than 200 first-time adopters.

About ProxyPulse™

The 2026 Broadridge ProxyPulse report examines ownership and voting trends across the past five proxy seasons and explores developments shaping corporate governance, including standing voting instructions, voting choice and support for tokenized equities.

ProxyPulse™ is based on Broadridge’s processing of shares held in street name at the 1,000+ broker-dealers and custodian banks it services. Accounts are classified as either “retail” or “institutional” based on the delivery channels and voting platforms they utilize. All data is reported in the aggregate. Comparative information covers annual meetings between January 1 and June 30 in each of the past five years.

About Broadridge

Broadridge (NYSE: BR) is a global technology leader with trusted expertise and transformative technology, helping clients and the financial services industry operate, innovate, and grow. We power investing, governance, and communications for our clients – driving operational resiliency, elevating business performance, and transforming investor experiences.

Broadridge’s technology and operations platforms process and generate over 8 billion communications annually and underpin the daily average trading of over $18 trillion in tokenized and traditional securities globally. A certified Great Place to Work®, Broadridge is part of the S&P 500® Index, employing approximately 16,000 associates in 28 countries. For more information about us, please visit www.broadridge.com.

Broadridge Contacts:

Investors: broadridgeir@broadridge.com

Media: Gregg.Rosenberg@broadridge.com

 

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SOURCE Broadridge Financial Solutions, Inc.

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UMC and AP Memory Collaborate to Enable Advanced Power Delivery Solutions for AI and HPC Systems

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10 minutes ago

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October 22, 2026

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HSINCHU, Oct. 22, 2026 /PRNewswire/ — United Microelectronics Corporation (NYSE: UMC; TWSE: 2303) (“UMC”) and AP Memory (TWSE: 6531) today announced a technology and manufacturing collaboration to advance power delivery solutions for AI and high-performance computing (HPC) systems. This partnership combines UMC’s deep trench capacitor (DTC) foundry technology and scalable wafer manufacturing with AP Memory’s silicon capacitor designs and system-level integration to address the power efficiency challenges of next-generation data centers.

Rapid scaling of AI workloads is placing unprecedented demands on power delivery within computing systems, driving an architecture shift in data center design from placing power stabilization components on the circuit board to embedding capacitors directly in the interposer or substrate. This innovative approach shortens the power delivery path, improves power integrity, and supports more efficient voltage regulation within advanced packages.

The collaboration reached a significant milestone in the third quarter of 2026, with AP Memory’s S-SiCap™ Gen2D discrete silicon capacitor designs completing tape-out and initial functional validation. The next step is to proceed to comprehensive system-level performance and reliability testing of capacitors in substrate packages, targeting support for a range of capacitance and operating voltage requirements. UMC and AP Memory are also exploring opportunities to extend the collaboration to other product lines including capacitor-embedded interposers and landside capacitors to address diverse system designs.

GC Hung, Senior Vice President of UMC, said: “The growth of AI and HPC is driving a fundamental shift in power delivery – from board-level towards increasingly vertical power integration on the chip-level. UMC is offering robust power delivery solutions, including our DTC technology, which enables high-density capacitance to be placed closer to the computing die for more stable power delivery. By partnering with AP Memory, we are helping to bring scalable solutions to the market to solve the critical power bottleneck challenges as AI infrastructure continues to evolve.”

Ivan Hong, President of AP Memory, said: “The successful tape-out and initial wafer validation of our customized S-SiCap™ products using DTC technology represents an important milestone in demonstrating the flexibility and manufacturability of AP Memory’s S-SiCap™ design. By working with UMC, we are providing our customers a total solution, from product design to wafer manufacturing.”

UMC’s power delivery solutions roadmap covers both discrete and embedded silicon capacitors that can be applied to different system architectures, and extends to active components such as internal voltage regulators. UMC is also leveraging its advanced packaging capabilities to enable higher-density integration of power components to meet the higher voltage and capacitance requirements of next-generation data centers. In parallel, UMC is further investing in new manufacturing capacity to support both power delivery and heterogeneous integration solutions.

About UMC

UMC (NYSE: UMC, TWSE: 2303) is a leading global semiconductor foundry company. The company provides high-quality IC fabrication services, focusing on logic and various specialty technologies to serve all major sectors of the electronics industry. UMC’s comprehensive IC processing technologies and manufacturing solutions include Logic/Mixed-Signal, embedded High-Voltage, embedded Non-Volatile-Memory, RFSOI, BCD etc. Most of UMC’s 12-in and 8-in fabs with its core R&D are located in Taiwan, with additional ones throughout Asia. UMC has a total of 12 fabs in production with combined capacity of more than 400,000 wafers per month (12-in equivalent), and all of them are certified with IATF 16949 automotive quality standard. UMC is headquartered in Hsinchu, Taiwan, plus local offices in United States, Europe, China, Japan, Korea & Singapore, with a worldwide total of 20,000 employees. For more information, please visit: http://www.umc.com.

Note from UMC Concerning Forward-Looking Statements

Some of the statements in the foregoing announcement are forward-looking within the meaning of the U.S. Federal Securities laws, including statements about introduction of new services and technologies, future outsourcing, competition, wafer capacity, business relationships and market conditions. Investors are cautioned that actual events and results could differ materially from these statements as a result of a variety of factors, including conditions in the overall semiconductor market and economy; acceptance and demand for products from UMC; and technological and development risks. Further information regarding these and other risks is included in UMC’s filings with the U.S. Securities and Exchange Commission. UMC does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under applicable law.

About AP Memory

AP Memory (TWSE: 6531) is a global fabless design semiconductor company specializing in customized memory design and IP solutions. Products include IoT memory (IoTRAM™), AI memory solutions (VHM™), and silicon capacitors (S-SiCap™). With strong R&D capabilities, AP Memory is committed to providing high performance, low-power and innovative customized products and solutions for applications such as mobile communication, wearable, IoT, high-end mobile application, high-performance computing, and edge computing.

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SOURCE United Microelectronics Corporation; AP Memory Technology Corp.

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