Technology

GoDaddy Reports Third Quarter 2024 Financial Results

Published

2 years ago

October 30, 2024

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 %

$ 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 %

$ 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

$ 0.6

$ 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

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.

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SOURCE GoDaddy Inc.

Technology

AI-Powered Connectivity: APAC Charts a Path to a Smarter Digital Future

Published

2 hours ago

July 18, 2026

Asia-Pacific’s first Broadband Development Summit brings regulators and operators to Bangkok to set the agenda

BANGKOK, July 19, 2026 /PRNewswire/ — Government officials, standards bodies and telecom operators gathered in Bangkok on 14 July for the inaugural Broadband Development Summit APAC 2026, convened by the World Broadband Association (WBBA) to build consensus on AI-era networks.

Participants included the ITU, Thailand’s National Board of the Digital Economy and Society, WBBA, IAB, FNCAP, WAA, NIDA and the IPv6 Council, alongside operators Telkomsel, XLSmart, Surge, Globe, AIS, CMI and HKT and Huawei.

Denny Deng, President of Huawei Asia Pacific Carrier Business, envisions a “faster, smarter, greener” Asia-Pacific.

VOICES FROM THE SUMMIT

“To seize the opportunities of the AI era, we call on the industry to accelerate broadband evolution, advance computing-network synergy, and strengthen the cross-border connectivity. Together, let us build faster, smarter, and greener digital infrastructure for Asia-Pacific.”
— Denny Deng, President of Asia Pacific Carrier Business, Huawei

“High-speed broadband is no longer just about ‘getting online’ — it is the vital infrastructure upon which the entire AI revolution is being built. We view AI not merely as a tool, but as a primary engine for national competitiveness and a catalyst for improving the quality of life for all.”
— Wetang Phuangsup, Ph.D., Secretary-General, the National Board of the Digital Economy and Society, Thailand

“Three initiatives define the road to 2030. We must close the quality divide so the value of broadband reaches everyone. We must build AI-ready networks — 10G access, 800GE cores, intelligence end to end. And we must do it together, through shared standards.”
— Martin Creaner, Director General of WBBA

“Moving towards next-generation networks, network architectures must continue to evolve to deliver broader connectivity, superior quality, enhanced security, and greater intelligence. This evolution is essential for Net5.5G, positioning the network not simply as infrastructure, but as the foundation that enables AI, strengthens resilience and efficiency, and supports digital transformation across industries.”
— Dhruv Dhody, Industry Standardization Expert at Huawei, Chair of the IAB, IETF

“Across Asia-Pacific, fibre is extending beyond homes and offices into rooms, devices, and machines. By working together, we can accelerate fibre innovation and adoption to build truly AI-ready infrastructure.”
— Ilham Nandana, Chair of the Market Intelligence Committee, Fiber Network Council APAC (FNCAP)

“We fixed it before you feel it! AIS is redefining premium home broadband by combining ultra-fast connectivity with AI-driven network intelligence and smart home ecosystem — delivering proactive, invisible service excellence that transforms connectivity into differentiated customer value and sustainable ARPU growth.”
— Thanit Chaiyaboonthanit, Head of Technology Department, Broadband Business, AIS

“Connecting the Unconnected: Affordable Broadband at Scale. Create equal access to global information and empower Indonesia’s digital society.”
— Shannedy Ong, CTO of Surge Indonesia

“Beyond Connectivity: Telkomsel is transforming into a true value creator. By leveraging our FBB market-leading footprint, we power growth through service excellence, customer loyalty, and a next-generation home ecosystem.”
— Stanislaus Susatyo, Director of Sales, Telkomsel Indonesia

“We stopped treating AI as an add-on feature. Instead, our approach at Globe starts with architecture, embedding intelligence into the very core of how we build, how we sell, and how we operate.
AI continuously monitors network health, customer behavior and service quality. Rather than waiting for failures, the system predicts degradation and initiates corrective actions. By maintaining minute-level awareness of network health, our systems automatically resolve 30% of all Wi-Fi issues without any human intervention.”
— Danny Theseira, Head of Broadband Business Group at Globe Telecom

“Huawei is driving the Optics-AI Synergy to foster their collaborative growth. Through AI-ON, operators could build an AI-centric all-optical target network and establish 1-5-20ms latency circles across the Asia Pacific region. AI-ON also supports efficient computing access and usage while delivering an ultimate network experience through gigabit/ultra-gigabit home broadband, accelerating the widespread adoption of AI services.”
— Kim Jin, Vice President & Chief Marketing Officer Optical Business Product Line, Huawei

“Connectivity is not just about technology. It is a lifeline, a platform for opportunity, and a driver of sustainable development. I believe the intersection of connectivity and artificial intelligence will shape the future of smarter, more resilient networks.”
— Dr. Cosmas Zavazava, Director of the Telecommunication Development Bureau, ITU

“Performance and user experience are the essential path to the next-generation WLAN. Based on standards and AI-driven innovation, let’s jointly explore the path to the future autonomous WLAN with all the stakeholders.”
— Dr. Crane H. Yang, Secretary-General, World WLAN Application Alliance (WAA)

“At the summit, NIDA and WBBA signed an MOU to accelerate next-generation network evolution and establish pioneering smart city benchmarks through the co-development of industry standards, the harmonization of global regulations, and the sharing of vertical industry insights.
NIDA focuses on advancing network architecture standards, while WBBA drives global consensus on broadband evolution. This natural strategic complementarity creates vast opportunities for future collaboration.”
— Joey Deng, Secretary-General of NIDA

“ION-2030 develops the global standard for next generation optical networks in the AI era. It provides exceptional AI application and service experience. The WBBA and ITU will jointly accelerate its development, and this is a unique opportunity for Asia-Pacific stakeholders to actively influence the future of optical broadband networks.”
— Dr. Marcus Brunner, Chief Expert Standardization, WBBA WG1 Chair and Vice-Chair of ETSI ISG F5G

“The transition into the AI era demands a high-quality, deterministic digital foundation. By releasing Net5.5G policy guidelines, Malaysia is accelerating the evolution of next-generation network standards based on IPv6, establishing an innovative infrastructure to unleash AI’s value and drive a prosperous digital economy for 2030.”
— Prof. Sureswaran Ramadass, Chair of APAC at IPv6 Council, Industry Partner of WBBA

“The digital economy is thriving across the Asia-Pacific region, with AI emerging as a core catalyst for intelligent transformation. China Mobile International (CMI) is driving regional growth by integrating China’s advanced AI capabilities with comprehensive communications, computing, and AI services. Moving forward, CMI will collaborate closely with industry partners to foster a shared, AI-driven future for the region.”
— Paul Lin, Managing Director of Commercial and Technology, Asia Pacific, China Mobile International

“Next-generation network infrastructure is the oxygen of the intelligent economy. By integrating cutting-edge 800G connectivity with quantum-safe security, HKT is laying the essential foundations to keep Hong Kong’s enterprises highly competitive, secure, and ready for the computing paradigm shifts of tomorrow.”
— Wilson Cheung, Vice President, Broadband Design & Cyber Security, HKT

“The evolution toward Net5.5G AI WAN is an important step in strengthening XLSMART’s transport network for the future. By progressively adopting AI-assisted operations, SRv6, SDN, service differentiation, and higher-capacity transport infrastructure, we are enhancing network intelligence, operational efficiency, and service resilience while supporting long-term sustainability. This transformation is a continuous journey that aligns with the industry’s vision of AI-native broadband networks. Through collaboration with our technology partners and the broader ecosystem, we will continue to develop capabilities that deliver better network performance and support Indonesia’s growing digital connectivity needs.”
— Regie Ginanjar, Head of Transport Autonomy & Orchestration, Transport Network Transformation, XLSMART

“For the AI era, Huawei upgrades the IP bearer network via security resilience, multi-dimensional awareness, and network autonomy. This empowers carriers to guarantee service experience, accelerate monetization, and enhance efficiency, ushering in a new chapter of intelligent connectivity.”
— Arthur Wang, Vice President of Data Communication Product Line, Huawei

A CONVERGING VIEW

Speakers agreed AI is shifting networks from connectivity to intelligent connectivity, as broadband, IP, computing and cross-border infrastructure converge to support innovation and coordination.

WBBA launched the AI-Net Certification, a global benchmark for national policy, industrial ecosystems and network intelligence. XLSmart was named first AI-Net Champion, and Indonesia was among the first with a certified operator, backed by its Net5.5G roadmap.

In another high-profile segment, WBBA Director General Martin Creaner presented the Gigacity Certification to KOMDIGI, SURGE, Telkomsel, AIS, TRUE, HKT and Globe, recognizing regional broadband pioneers.

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SOURCE HUAWEI

Technology

Laifen Expands U.S. Retail Footprint with Costco Launch of Best-Selling SE Hair Dryer

Published

3 hours ago

July 18, 2026

Starting July 18, Costco Members Can Shop Laifen’s Award-Winning Hair Dryer in Select Warehouse Locations Across the U.S.

NEW YORK, July 18, 2026 /PRNewswire/ — Laifen, ranked the world’s No.1 high-speed hair dryer brand, today announced the launch of its best-selling SE High-Speed Hair Dryer at select Costco warehouse locations, marking the brand’s largest U.S. retail expansion to date and bringing its award-winning haircare technology to Costco members across select U.S. markets.

The launch brings Laifen’s award-winning haircare technology to Costco, making it easier for consumers to experience the brand through one of the nation’s leading membership retailers. Laifen joins Costco’s growing portfolio of premium beauty and personal care brands. The initial rollout includes select Costco warehouse locations across the United States, with a strong presence across the Western U.S., including California, the Pacific Northwest and the Southwest.

Costco’s reputation for quality and its highly selective merchandising approach make this partnership especially meaningful. The Costco launch reflects Laifen’s continued expansion beyond direct-to-consumer channels as the brand accelerates its U.S. omnichannel retail strategy. “Costco represents an important milestone in our U.S. retail strategy,” said Romeo, General Manager of International Business of Laifen. “As more consumers seek salon-quality performance at an accessible price, we’re excited to make Laifen available through one of America’s most trusted retailers.”

Engineered to deliver professional-level performance in a sleek, lightweight design, the Laifen SE is powered by the brand’s proprietary high-speed brushless motor, delivering fast drying, reduced heat damage and smoother styling. An intelligent temperature control system continuously monitors airflow to help minimize frizz while protecting hair from excessive heat.

The Costco launch represents the next phase of Laifen’s U.S. retail expansion as the brand continues to grow beyond its direct-to-consumer and online channels. By expanding into one of the nation’s most trusted retailers, Laifen aims to broaden access to its category-disrupting haircare solutions while advancing its mission to bring more thoughtful design and everyday excellence into more homes.

The Laifen SE High-Speed Hair Dryer in White will be available at select Costco locations, while Costco.com shoppers will have access to additional color options including Purple and Pink, alongside the White model.

For more information on Laifen, please visit LaifenTech.com.

About Laifen:

Founded in 2019, Laifen is a global personal care technology brand combining high-performance engineering with modern design across hair care, oral care, and grooming categories. Ranked the world’s No. 1 high-speed hair dryer brand by Euromonitor International, Laifen first gained recognition for its self-developed 110,000 RPM high-speed brushless motor, the proprietary technology behind its award-winning hair dryers.

Building on this innovation, Laifen has expanded its portfolio to include electric toothbrushes and shavers, delivering premium technology and elevated everyday experiences to consumers worldwide. Today, Laifen products and accessories are used by over 22 million households across more than 60 countries, supported by more than 600 patents and recognized with over 50 international design and innovation awards. Driven by continuous technological breakthroughs, Laifen is committed to making cutting-edge personal care technology more accessible to consumers around the world.

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SOURCE Laifen

Technology

Pillsbury Notice of Data Breach

Published

6 hours ago

July 18, 2026

NEW YORK, July 18, 2026 /PRNewswire/ — Pillsbury Winthrop Shaw Pittman LLP (“Pillsbury”) was among many law firms targeted by sophisticated social engineering attempts in an incident last year. While the firm quickly detected and blocked the activity, an unauthorized actor was able to access some of the firm’s documents during a short window of time. Pillsbury notified any impacted clients last year and undertook a detailed process to review the accessed documents for personal information. Pillsbury then began notifying individuals whose personal information was affected. That process is now complete, and today, Pillsbury is publishing substitute notice as a final step.

For more information, please visit the substitute notice on our website at https://www.pillsburylaw.com/en/breach-notice.html.

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SOURCE Pillsbury Winthrop Shaw Pittman LLP