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GoDaddy Reports Second Quarter 2024 Financial Results

Published

7 months ago

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

TEMPE, Ariz., Aug. 1, 2024 /PRNewswire/ — GoDaddy Inc. (NYSE: GDDY) today reported financial results for the second quarter that ended June 30, 2024.

“GoDaddy successfully delivered a great quarter,” said GoDaddy CEO Aman Bhutani. “We are making progress on our key initiatives, including growing discovery and engagement of our AI-powered experience, GoDaddy Airo. We see tremendous opportunity for long-term growth as we continue to create value for our customers with innovative solutions and seamless experiences.”

“We are pleased with our strong second-quarter results, demonstrating execution against our plan to drive both innovation and operational efficiency,” said GoDaddy CFO Mark McCaffrey. “Our track record of profitable growth, driving compounding free cash flow and maintaining a strong balance sheet, alongside our capital allocation strategy, positions GoDaddy well to drive long-term shareholder value.”

Second Quarter 2024 Business Highlights

Total revenue of $1.1 billion, up 7% year-over-year on a reported and constant currency basis and exceeding the high end of the guided range for the second quarter.Applications and Commerce (A&C) revenue grew 15%, year-over-year, to $405.6 million. Annualized recurring revenue (ARR) for A&C grew 14% year-over-year, to $1.5 billion.Core Platform (Core) revenue totaled $718.9 million, growing 3% year-over-year. Core ARR grew 2% year-over-year, to $2.3 billion.Total bookings of $1.3 billion, up 11% year-over-year on a reported and constant currency basis.Net income of $146.3 million, up 76% year-over-year, representing a 13% margin.Normalized EBITDA (NEBITDA) of $331.7 million, up 25% year-over-year, representing a 29% margin and exceeding the second quarter NEBITDA margin guidance of 28%.Net cash provided by operating activities of $294.8 million, up 49% year-over-year.Free cash flow of $323.4 million, up 35% year-over-year.The Company continued rolling out its innovative GoDaddy Airo™ experience to its existing 20.9 million customer base. GoDaddy Airo is now available with all new and existing domain purchases in English-speaking markets, with further expansion planned into over 90 additional countries later this year.Launched the GoDaddy Digital Marketing suite, a new customer onboarding path providing personalized marketing tools and content on one dashboard that customers can use to build their brand, generate leads and grow their businesses, even if they do not have a website.The board of directors of GoDaddy Inc. unanimously elected Graham Smith as a new independent director effective June 26, 2024.

Consolidated Second Quarter Financial Highlights 

Three Months Ended June 30,

Six Months Ended June 30,

2024

2023

Change

Constant
Currency

2024

2023

Change

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

Total Revenue

$ 1,124.5

$ 1,048.1

7.3 %

7.3 %

$ 2,233.0

$ 2,084.1

7.1 %

Applications and commerce revenue

$    405.6

$    351.7

15.3 %

$    788.7

$    689.7

14.4 %

Core platform revenue

$    718.9

$    696.4

3.2 %

$ 1,444.3

$ 1,394.4

3.6 %

International revenue

$    357.1

$    341.1

4.7 %

4.7 %

$    710.0

$    681.7

4.2 %

Net income(1)

$    146.3

$      83.1

76.1 %

$    547.8

$    130.5

319.8 %

Net income margin

13.0 %

7.9 %

24.5 %

6.3 %

Net cash provided by operating activities

$    294.8

$    198.0

48.9 %

$    592.0

$    468.3

26.4 %

Segment EBITDA – A&C

$    176.6

$    142.7

23.8 %

$    338.5

$    275.1

23.0 %

Segment EBITDA margin – A&C

43.5 %

40.6 %

290bps

42.9 %

39.9 %

300bps

Segment EBITDA – Core

$    219.5

$    191.0

14.9 %

$    436.2

$    380.0

14.8 %

Segment EBITDA margin – Core

30.5 %

27.4 %

 310bps

30.2 %

27.2 %

  300bps

Non-GAAP Results(2):

NEBITDA

$    331.7

$    264.6

25.4 %

$    644.7

$    514.3

25.4 %

NEBITDA Margin

29.5 %

25.2 %

430bps

28.9 %

24.7 %

420bps

Unlevered free cash flow

$    368.7

$    283.6

30.0 %

$    727.3

$    587.5

23.8 %

Free cash flow

$    323.4

$    239.9

34.8 %

$    650.8

$    499.1

30.4 %

Operating and Business Metrics:

Total bookings

$ 1,261.9

$ 1,141.1

10.6 %

11.1 %

$ 2,574.5

$ 2,340.3

10.0 %

Total customers at period end

20,866

20,985

(0.6) %

20,866

20,985

(0.6) %

Average revenue per user (ARPU)

$       210

$       199

5.5 %

$       210

$       199

5.5 %

Annualized recurring revenue (ARR)

$ 3,853.4

$ 3,619.6

6.5 %

$ 3,853.4

$ 3,619.6

6.5 %

_______________________________

(1) Net income for the three and six months ended June 30, 2024 includes $6.9 million and $29.3 million, respectively, in restructuring and other charges. In addition, the six months ended June 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 July 30, 2024, GoDaddy repurchased 4.1 million shares of its common stock for an aggregate purchase price of $520.8 million, with an average price per share of $126.35. 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 June 30, 2024, total cash and cash equivalents were $444.9 million, total debt was $3.9 billion and net debt was $3.4 billion.

Debt Refinancing

In May 2024, GoDaddy entered into an amendment to its credit agreement providing for a new $1.0 billion tranche of term loans, extending the maturity of certain term loans to 2031 and securing a 25 basis point reduction on the refinanced debt. In addition, the proceeds were used to repay a portion of its existing term loans maturing in 2029. Cumulatively, this transaction and other repricings to date since 2023 are expected to reduce annual cash interest expense by approximately $25.0 million.

Business Outlook

For the third quarter ending September 30, 2024, GoDaddy expects total revenue in the range of $1.13 billion to $1.15 billion, representing year-over-year growth of 7% at the midpoint, versus the same period in 2023. Within total revenue, GoDaddy expects third quarter A&C revenue growth in the mid-teens and Core revenue growth in the low single digits.

For the third quarter ending September 30, 2024, GoDaddy expects NEBITDA margin to be approximately 29%.

For the full year ending December 31, 2024, GoDaddy raised its revenue expectations to a range of $4.525 billion to $4.565 billion, representing year-over-year growth of 7% at the midpoint. GoDaddy expects full-year NEBITDA margin of approximately 29%, with a fourth quarter Normalized EBITDA margin of approximately 31%.

For the full year ending December 31, 2024, GoDaddy raised its unlevered free cash flow target to at least $1.45 billion, representing growth of 16%, year-over-year, versus $1.3 billion of unlevered free cash flow generated in 2023. Additionally, GoDaddy raised its free cash flow target to at least $1.3 billion, representing growth of 20%, year-over-year, versus the $1.1 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.

Quarterly Earnings Webcast

GoDaddy will host a webcast to discuss second quarter 2024 results at 5:00 p.m. Eastern Time on August 1, 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 integrate acquisitions and achieve desired synergies and vertical integration; the expected impacts of our restructuring efforts and our debt repricing; 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; breaches of our security measures; the impact of any previous or future acquisitions or divestitures; our ability to continue to release, and gain customer acceptance of, our existing and future products and services; our ability to deploy new and evolving technologies, such as artificial intelligence, machine learning, data analytics and similar tools, in our offerings; our ability to manage our growth; our ability to hire, retain and motivate employees; the effects of competition; technological, regulatory and legal developments; intellectual property litigation; impacts of our restructuring efforts and debt repricing; 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 March 31, 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 March 31, 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 but should not be viewed as a substitute for comparable GAAP measures.

NEBITDA margin. NEBITDA margin is used by management as a supplemental measure of our operating performance and refers to the ratio of NEBITDA to revenue, expressed as a percentage.

Unlevered free cash flow. Unlevered free cash flow is a measure of our liquidity used by management to evaluate our business prior to the impact of our capital structure and restructuring and after purchases of property and equipment. Such liquidity can be used by us for strategic opportunities and strengthening our balance sheet. However, given our debt obligations, unlevered free cash flow does not represent residual cash flow available for discretionary expenses.

Free cash flow. Free cash flow is defined as our unlevered free cash flow less interest payments for the period. We use free cash flow as a supplemental measure of our liquidity, including our ability to generate cash flow in excess of capital requirements and return cash to shareholders, though it should not be considered as an alternative to, or more meaningful than, comparable GAAP measures.

Net debt. We define net debt as total debt less cash and cash equivalents and short-term investments. Total debt consists of the current portion of long-term debt plus long-term debt and unamortized original issue discount and debt issuance costs. Our management reviews net debt as part of its management of our overall liquidity, financial flexibility, capital structure and leverage and we believe such information is useful to investors. Furthermore, certain analysts and debt rating agencies monitor our net debt as part of their assessments of our business.

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 customers, though the impact to date has been muted due to our continued growth in total customers.

Total customers. We define a customer as an individual or entity, 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, grow, and scale their businesses. People come to GoDaddy to name their idea, build a professional website, attract customers, sell their products and services, and accept payments online and in-person. GoDaddy’s easy-to-use tools help 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
June 30,

Six Months Ended
June 30,

2024

2023

2024

2023

Revenue:

Applications and commerce

$          405.6

$          351.7

$          788.7

$          689.7

Core platform

718.9

696.4

1,444.3

1,394.4

Total revenue

1,124.5

1,048.1

2,233.0

2,084.1

Costs and operating expenses(1)

Cost of revenue (excluding depreciation and amortization)

408.3

388.4

822.8

774.5

Technology and development

205.9

219.2

408.8

434.2

Marketing and advertising

93.2

89.5

180.7

181.9

Customer care

73.3

77.7

149.7

154.5

General and administrative

95.6

92.7

187.3

186.8

Restructuring and other

6.9

17.5

29.3

69.8

Depreciation and amortization

33.1

43.5

70.3

92.0

Total costs and operating expenses

916.3

928.5

1,848.9

1,893.7

Operating income

208.2

119.6

384.1

190.4

Interest expense

(39.5)

(45.6)

(80.8)

(91.4)

Loss on debt extinguishment

(2.1)

—

(3.1)

—

Other income (expense), net

8.3

6.8

17.9

29.4

Income before income taxes

174.9

80.8

318.1

128.4

Benefit (provision) for income taxes

(28.6)

2.3

229.7

2.1

Net income

146.3

83.1

547.8

130.5

Less: net income attributable to non-controlling interests

—

0.2

—

0.3

Net income attributable to GoDaddy Inc.

$          146.3

$           82.9

$          547.8

$          130.2

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

Basic

$            1.04

$           0.54

$           3.86

$           0.85

Diluted

$            1.01

$           0.54

$           3.77

$           0.84

Weighted-average shares of Class A common stock outstanding:

Basic

141,269

152,328

141,899

153,221

Diluted

144,644

154,064

145,321

155,756

___________________________

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

Cost of revenue

$                     0.3

$                    0.4

$                    0.3

$                    0.8

Technology and development

39.3

42.0

76.8

81.0

Marketing and advertising

7.9

7.3

15.2

13.9

Customer care

5.7

6.5

11.5

11.9

General and administrative

23.0

21.3

43.4

41.5

Restructuring and other

—

—

0.8

2.3

Total equity-based compensation expense

$                   76.2

$                  77.5

$                 148.0

$                 151.4

 

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

June 30,

December 31,

2024

2023

Assets

Current assets:

Cash and cash equivalents

$            444.9

$            458.8

Short-term investments

—

40.0

Accounts and other receivables

92.9

76.6

Registry deposits

34.1

37.3

Prepaid domain name registry fees

487.2

466.0

Prepaid expenses and other current assets

238.1

177.2

Total current assets

1,297.2

1,255.9

Property and equipment, net

160.4

185.3

Operating lease assets

61.4

60.8

Prepaid domain name registry fees, net of current portion

220.2

209.0

Goodwill

3,545.0

3,569.3

Intangible assets, net

1,107.3

1,158.6

Deferred tax assets

1,234.0

1,020.4

Other assets

96.4

105.6

Total assets

$         7,721.9

$         7,564.9

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

$             94.7

$            148.1

Accrued expenses and other current liabilities

365.1

442.2

Deferred revenue

2,230.4

2,074.9

Long-term debt

17.0

17.9

Total current liabilities

2,707.2

2,683.1

Deferred revenue, net of current portion

866.1

802.4

Long-term debt, net of current portion

3,787.7

3,798.5

Operating lease liabilities, net of current portion

88.3

90.2

Other long-term liabilities

89.9

90.7

Deferred tax liabilities

25.7

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

2,443.9

2,271.6

Accumulated deficit

(2,422.8)

(2,320.7)

Accumulated other comprehensive income

135.8

111.2

Total stockholders’ equity

157.0

62.2

Total liabilities and stockholders’ equity

$         7,721.9

$         7,564.9

 

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

Six Months Ended
June 30,

2024

2023

Operating activities

Net income

$           547.8

$           130.5

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

Depreciation and amortization

70.3

92.0

Equity-based compensation expense

148.0

151.4

Deferred taxes

(225.1)

(12.2)

Loss on dispositions

1.9

16.8

Other

7.1

5.5

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

Prepaid domain name registry fees

(32.7)

(38.6)

Accounts payable

(52.4)

25.7

Accrued expenses and other current liabilities

(39.3)

3.9

Deferred revenue

225.3

153.3

Other operating assets and liabilities

(58.9)

(60.0)

Net cash provided by operating activities

592.0

468.3

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

(7.2)

(28.6)

Other investing activities

—

(0.4)

Net cash provided by (used in) investing activities

40.9

(52.0)

Financing activities

Proceeds received from:

Issuance of term loans

2,752.3

—

   Stock option exercises

3.9

4.7

Issuance of Class A common stock under ESPP

19.5

18.2

Payments made for:

Repurchases of Class A common stock(1)

(649.2)

(611.7)

Repayment of long-term debt

(2,762.3)

(12.6)

Other financing obligations

(10.4)

(6.9)

Net cash used in financing activities

(646.2)

(608.3)

Effect of exchange rate changes on cash and cash equivalents

(0.6)

0.6

Net decrease in cash and cash equivalents

(13.9)

(191.4)

Cash and cash equivalents, beginning of period

458.8

774.0

Cash and cash equivalents, end of period

$           444.9

$           582.6

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
June 30,

Six Months Ended
 June 30,

2024

2023

2024

2023

(in millions)

NEBITDA and NEBITDA Margin:

Net income

$         146.3

$           83.1

$       547.8

$       130.5

Depreciation and amortization

33.1

43.5

70.3

92.0

Equity-based compensation expense(1)

76.2

77.5

147.2

149.1

Interest expense, net

34.5

37.4

69.2

75.4

Acquisition-related expenses, net of reimbursements

(0.8)

4.2

0.1

8.6

Restructuring and other(2)

13.8

21.2

39.8

60.8

Provision (benefit) for income taxes

28.6

(2.3)

(229.7)

(2.1)

NEBITDA

$         331.7

$         264.6

$       644.7

$       514.3

Net income margin

13.0 %

7.9 %

24.5 %

6.3 %

NEBITDA margin

29.5 %

25.2 %

28.9 %

24.7 %

_______________________________

(1) The six months ended June 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) 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.

 

June 30, 2024

(in millions)

Net Debt:

Current portion of long-term debt

$                17.0

Long-term debt

3,787.7

Unamortized original issue discount and debt issuance costs

61.5

Total debt

3,866.2

Less: cash and cash equivalents

(444.9)

Less: Short-term investments

—

Net debt

$           3,421.3

 

Three Months Ended
June 30,

Six Months Ended
June 30,

2024

2023

2024

2023

(in millions)

Free Cash Flow and Unlevered Free Cash Flow:

Net cash provided by operating activities

$          294.8

$          198.0

$          592.0

$          468.3

Capital expenditures

(2.8)

(5.8)

(7.2)

(28.6)

Cash paid for acquisition-related costs

0.2

8.2

16.0

9.6

Cash paid for restructuring and other charges(1)

31.2

39.5

50.0

49.8

Free cash flow

$          323.4

$          239.9

$          650.8

$          499.1

Cash paid for interest on long-term debt

45.3

43.7

76.5

88.4

Unlevered free cash flow

$          368.7

$          283.6

$          727.3

$          587.5

_______________________________

(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 six months ended June 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:

June 30,

2024

2023

(in thousands)

Shares Outstanding:

Class A common stock

141,455

148,293

Class B common stock(1)

—

307

Total common stock outstanding

141,455

148,600

Effect of dilutive securities(2)

3,375

1,429

Total shares outstanding

144,830

150,029

_______________________________

(1) As of June 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:

June 30, 2024

(in millions)

Constant Currency:

Revenue

$           1,124.5

Constant currency adjustment

0.2

Constant currency revenue

$           1,124.7

Bookings

$           1,261.9

Constant currency adjustment

5.3

Constant currency bookings

$           1,267.2

Source: GoDaddy Inc.

© 2024 GoDaddy Inc. All Rights Reserved.

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SOURCE GoDaddy Inc.

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Technology

Progressive Planet Reports Q3 Results: $422K EBITDA vs. $732K Last Year and $4.8M Cash on Hand as of January 31, 2025

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48 minutes ago

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March 13, 2025

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/NOT FOR DISTRIBUTION IN THE USA/

–  Progressive Planet reports highest cash on hand ever
–  Receives $1.56 million of grant funding for pilot plant
–  Gross margin impacted by several one-time expenses and events

KAMLOOPS, BC, March 13, 2025 /CNW/ – Progressive Planet Solutions Inc. (TSXV: PLAN) (OTCQB: ASHXF) (“Progressive Planet”, “PLAN”, or the “Company”) is pleased to announce its financial results for its third quarter ending on January 31, 2025.

The Company was profitable in the current quarter and continued to grow to its cash position from operational cash flow as well as from the receipt of grant funding. Gross margin was lower due to some higher costs along with taking a write down on a receivable from the bankruptcy of a Canadian chain of stores.

Key Financial Results – Q3 Fiscal 2024 vs. Q3 Fiscal 2025:

The Company’s cash balance increased by $1,867,662 during the current quarter, ending at $4,819,839 on January 31, 2025. This included $1,555,682 in grant funding received.Revenue decreased by 1% to $4,779,099 compared to $4,812,604 in Q3 F2024 (the comparable period in the prior fiscal year).Planned plant shutdown in quarter impacted production and revenues.Gross profit decreased 13% to $1,359,051 compared to $1,566,847 in Q3 F2024.Income from operations was $231,455 compared to $549,255 in Q3 F2024.Net income was $114,838 compared to $348,689 in Q3 F2024.Existing credit facilities remain unused with greater than $3,000,000 in credit available at January 31, 2025.

“While we remain profitable and continue to grow our cash on hand, Q3 had its challenges including the write down of a receivable associated with a rural chain of farm supply stores which went bankrupt. We also went though a scheduled shutdown in the quarter where we lost one week of production. We saw increases in operating costs in several areas including freight,” said Harpur. “While we commenced investment in robotics in the quarter, we will not see savings on variable production costs until Q3 of next year, when our new robotic investments will be installed and operational,” continued Harpur.

EBITDA is a non-IFRS financial measure. This ratio expresses earnings before interest, income taxes, depreciation, and amortization. It assists in explaining the Company’s results from period to period. There is not directly comparable IFRS measure.Gross margin is a non-IFRS financial measure. This ratio expresses gross profit as a percentage of revenue for a given period. It assists in explaining the Company’s results from period to period and measuring profitability. This ratio is calculated by dividing gross profit for a period by the corresponding revenue for the period. There is no directly comparable IFRS measure.

_________________________

Progressive Planet provides regular information for investors on its website:  progressiveplanet.com/investors/. This includes press releases and other information about financial performance, patents filed, and information on corporate governance. For further information or investor relations inquiries, please contact:

Steve Harpur, CEO
1 (800) 910-3072
investors@progressiveplanet.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

About Progressive Planet:

Progressive Planet, based in Kamloops, British Columbia, is redefining sustainability with our Products for a Healthy Planet™. By leveraging owned mineral assets and recycled materials, we develop patented and patent-pending innovations that promote a healthier planet.

Our C-Quester™ Centre of Sustainable Solutions leads advancements in low-carbon cement technologies, while our second on-site lab focuses on sustainable solutions for agriculture and animal care. Progressive Planet’s products are proudly available in over 10,000 retail locations across North America. For more information, visit progressiveplanet.com.

Forward-Looking Statements:
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the matters described herein. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such statements are subject to risks and uncertainties that may cause actual results, performance, or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including factors beyond the Company’s control. These forward-looking statements are made as of the date of this news release.

Disclaimer:
This news release, required by Canadian laws, does not constitute an offer of securities and is not for distribution or dissemination outside Canada.

SOURCE Progressive Planet Solutions Inc.

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Technology

Argos Multilingual Publishes the “End-User in the Loop: Why the How of Using GenAI Matters” Report

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48 minutes ago

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March 13, 2025

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Argos Multilingual, a global content solutions leader, launches its newest flagship research publication, the “End-User in the Loop: Why the How of Using GenAI Matters” report. The report is based on an end-user survey gathering perspectives on AI from respondents across eight countries: Brazil, China, France, Germany, India, Japan, Spain, and the United States. It explores key questions of transparency, trust, and bias.

SAN FRANCISCO, March 13, 2025 /PRNewswire-PRWeb/ — Argos Multilingual, a global content solutions leader, launches its newest flagship research publication, the “End-User in the Loop: Why the How of Using GenAI Matters” report. The report is based on an end-user survey gathering perspectives on AI from respondents across eight countries: Brazil, China, France, Germany, India, Japan, Spain, and the United States. It explores key questions of transparency, trust, and bias.

In a world dominated by headlines about GenAI’s capabilities, this publication highlights a critical factor in any AI initiative: its success depends on helping end-users achieve their goals.

In a world dominated by headlines about GenAI’s capabilities, this publication highlights a critical factor in any AI initiative: its success depends on helping end-users achieve their goals. Any enterprise that produces, markets, or distributes AI-generated content ultimately relies on keeping the end-user in the loop.

The “End-User in the Loop” report is the latest result of Argos’ efforts to offer world-class, technology-centric advisory to its clients. It aligns with the company’s belief that humans are central to maximizing AI’s transformative potential, whether in creating engaging content or developing innovative product features.

Download the full End-User in the Loop: Why the How of Using GenAI Matters and Why We Look to the End-User to Keep Us All Honest report here.

Highlights from the report

AI hype has had its benefits — awareness and exposure to generative AI continue to grow across the board. Users have now encountered it enough to form critical opinions and expectations about how brands should implement the technology.

77% of users have previously mistaken AI-generated content for human content: Mistakes happen, and there is a learning curve when engaging with AI. However, this underscores the importance of transparency so that users are never at a disadvantage when interacting with AI-powered systems or consuming AI-generated content.

78% of respondents say they have had to fact-check GenAI output: This demonstrates a potential obstacle to making GenAI widely accessible and usable. When user experience is the priority, it shouldn’t be the user’s responsibility to do extra work to get reliable results.

Users focus on achieving their goals: 71% of respondents say they don’t mind the occasional language error when interacting with AI, as long as it helps them accomplish their objectives. For brands, success depends on understanding user intent.

Human preference leans toward human-created content: 81% of users prefer content produced by humans. Creativity, originality, and human flair in content or brand messaging remain irreplaceable — for now.

About Argos Multilingual

Argos Multilingual provides global language solutions. With over 30 years of experience, we serve clients in the high-tech, life sciences, human resources, and financial industries. We make it easy for businesses to grow globally and connect with expert talent anywhere in the world. With production centers in Europe, the Americas, and Asia, we follow a strategy of building robust programs for continuous translation and localization. You can expect a long-term and transparent partnership, backed by innovative solutions around technology, AI & data, creative content, and quality assurance. For more information, please visit us at www.argosmultilingual.com.

Media Contact

Stephanie Harris-Yee, Argos Multilingual, 1 415 738-7705, info@argosmultilingual.com, https://www.argosmultilingual.com/

LinkedIn

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SOURCE Argos Multilingual

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Technology

Pivot Bio Unveils PROVEN G3, with Powerful New Modes of Action and Patent-Protected Gene-Editing Technology

Published

49 minutes ago

on

March 13, 2025

By

Company Continues to Lead the Biologicals Industry with Third-Generation Nitrogen Product Line

Product to Be Available to Growers in the United States

ST. LOUIS, March 13, 2025 /PRNewswire/ — Pivot Bio, one of the world’s leading innovative agtech companies, announced that it has launched a new product in its line of innovative ag solutions for growers in the U.S. Pivot Bio PROVEN® G3 will join the company’s notable Pivot Bio PROVEN® 40 nitrogen-fixing solution, which has been successfully used by growers on millions of acres to date. PROVEN G3, the company’s third-generation nitrogen solution for corn, will be commercially available in 2026, pending state registrations. This marks a major advancement in nitrogen innovation, as PROVEN G3 is the first PROVEN product with multiple modes of action and significant benefits to American farmers, who work hard to feed, clothe and fuel the world.

“Built to enhance our industry-leading and proprietary gene-edited nitrogen-fixing technology, PROVEN G3 adds an exclusive microbe blend that increases nutrient uptake and nitrogen-use efficiency. PROVEN G3 consistently drives improved nitrogen production, seamlessly enhancing farmers’ current nitrogen programs and yield potential,” said Ryan Van Roekel, Ph.D., commercial agronomy leader for Pivot Bio.

“Pivot Bio realizes every farm presents unique challenges, including varying soil types, field conditions and nutrient-management approaches,” said Van Roekel. “PROVEN G3 was designed by some of the top scientists and agronomists working side by side with growers to adapt to these differences, allowing farmers to customize timing and placement to maximize efficiency, productivity and profitability across their diverse acres. As a weatherproof and most efficient source of nitrogen per pound, PROVEN G3 seamlessly integrates into current fertility programs.”

With PROVEN G3, the company will continue its industry-leading research program with notable colleges and universities and will be completing the largest farmer demo in Pivot Bio’s history, spanning 300-plus locations, demonstrating the performance and consistency of PROVEN G3 at scale.

This research will join recent peer-reviewed research from Wisconsin and Purdue universities, published in Scientific Reports, confirming that Pivot Bio’s gene-edited microbes successfully fix nitrogen from the air and deliver it directly to plant roots, even in the presence of synthetic fertilizers. Additionally, a three-year study from the University of Illinois further validates Pivot Bio’s products as a reliable third source of nitrogen for corn. The research demonstrates that crops utilizing Pivot Bio’s gene-edited technology absorb more nitrogen —including nitrogen derived from the atmosphere — helping farmers implement multi-mode nitrogen plans for improved efficiency and productivity.

In addition to this latest advancement for corn, the company also recently announced a new product launch for cotton — a first for the cotton market — with CERT-N™.

About the Technology: 
Not all nitrogen-fixing microbes perform the same. Traditional or “native,” non-gene-edited microbes stop fixing nitrogen when other nitrogen sources are present, limiting their effectiveness in real-world field conditions. Pivot Bio’s proprietary gene-edited technology sets a new standard. As the only company with patented gene-edited nitrogen-fixing microbes, Pivot Bio ensures its microbes continue working during key growth stages, even in the presence of synthetic or organic fertilizers.

With a growing number of biological products entering the market, Pivot Bio’s product portfolio stands apart, built on a foundation of exclusive, patent-protected innovation that no other company can replicate. Backed by rigorous research and real-world testing, this technology helps farmers protect against nitrogen loss, sustain top-end yield potential and improve efficiency, seamlessly integrating into existing fertility plans.

About PROVEN G3: PROVEN G3 is powered by Pivot Bio’s patented gene-edited technology and introduces a new proprietary microbe blend, working through three distinct modes of action to enhance nitrogen fixation, and optimize nutrient uptake and nitrogen use efficiency.

1.  Boosting crop growth by increasing the uptake of critical nutrients.

Helps mobilize additional nutrients, such as iron and manganese, maximizing plant uptake.

2.  Feeding nitrogen directly to the roots daily via the only patented gene-edited nitrogen-fixing microbe that continues to supply nitrogen even when other nitrogen is present.

3.  Amplifying yield potential via greater plant health and driving enhanced nitrogen-use efficiency.

Supports biomass growth and overall plant health, ultimately driving greater yield potential.

This next-generation innovation reinforces Pivot Bio’s commitment to delivering more predictable and efficient nitrogen solutions that work seamlessly alongside farmers’ existing practices.

About Pivot Bio
Pivot Bio, one of the world’s leading innovative agtech companies, delivers to farmers patented crop nutrition technologies that harness the power of nature to reliably and productively grow the food the world needs in the face of increasing volatility. Currently available in North America and soon in Brazil, the company’s products are a breakthrough innovation and one of the agriculture industry’s most promising solutions. Pivot Bio has been recognized three times by Time magazine on its annual list of best inventions, by Fast Company on its World Changing Ideas and World’s 50 Most Innovative Companies lists, by CNBC on its Disruptor 50 list of private companies, by Fortune on its Impact 20 list of startups driving social good and by MIT Tech Review as one of 15 climate tech companies to watch. For more information, visit PivotBio.com.

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SOURCE Pivot Bio, Inc

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