GoDaddy reports Q4 and full year 2023 results

GoDaddy Inc. (NYSE: GDDY) today reported financial results for the fourth quarter and full year that ended December 31, 2023.

Seeking Alpha wrote that GoDaddy GAAP EPS of $7.85 beats by $6.80, revenue of $1.1B in-line.

“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 Airo^TM, within the U.S. GoDaddy Airo^TM 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.

Full press release here