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GoDaddy Reports Third Quarter 2024 Financial Results

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

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

“GoDaddy delivered a solid third quarter, with continued progress on our key initiatives,” said GoDaddy CEO Aman Bhutani. “We are committed to empowering entrepreneurs worldwide with innovative solutions and look forward to sharing the enhanced capabilities of the GoDaddy Airo experience at our Investor Dinner in December.”

“Our third quarter results demonstrated continued progress delivering durable top-line growth, expanded profitability and strong cash generation,” said GoDaddy CFO Mark McCaffrey. “Our execution, combined with our strong balance sheet and disciplined capital allocation framework, powers our ability to create enduring value for our shareholders.”

Third Quarter 2024 Business and Financial Highlights

Total revenue of $1.15 billion, up 7% year-over-year on a reported and constant currency basis.Applications and Commerce (A&C) revenue grew 16%, year-over-year, to $423.1 million. Annualized recurring revenue (ARR) for A&C grew 15% year-over-year, to $1.6 billion.Core Platform (Core) revenue totaled $724.5 million, growing 3% year-over-year. Core ARR grew 4% year-over-year, to $2.4 billion.Total bookings of $1.2 billion, up 9% year-over-year on a reported and constant currency basis.Net income of $190.5 million, up 45% year-over-year, representing a 17% margin.Normalized EBITDA (NEBITDA) of $366.5 million, up 24% year-over-year, representing a 32% margin.Net cash provided by operating activities of $355.2 million, up 26% year-over-year.Free cash flow of $362.7 million, up 29% year-over-year.The company continued rolling out its innovative GoDaddy Airo™ AI-powered experience, now available in over 180 countries globally. Discovery and engagement continue to build positive momentum as we focus on optimizing monetization pathways.

Consolidated Third Quarter Financial Highlights 

Three Months Ended

 September 30,

Nine Months Ended 

September 30,

2024

2023

Change

Constant
Currency

2024

2023

Change

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

Total Revenue

$ 1,147.6

$ 1,069.7

7.3 %

7.3 %

$ 3,380.6

$ 3,153.8

7.2 %

Applications and commerce revenue

$    423.1

$    363.3

16.5 %

$ 1,211.8

$ 1,053.0

15.1 %

Core platform revenue

$    724.5

$    706.4

2.6 %

$ 2,168.8

$ 2,100.8

3.2 %

International revenue

$    369.4

$    345.5

6.9 %

6.9 %

$ 1,079.4

$ 1,027.2

5.1 %

Net income(1)

$    190.5

$    131.0

45.4 %

$    738.3

$    261.5

182.3 %

Net income margin

16.6 %

12.2 %

21.8 %

8.3 %

Net cash provided by operating activities

$    355.2

$    281.6

26.1 %

$    947.2

$    749.9

26.3 %

Segment EBITDA – A&C

$    194.6

$    154.3

26.1 %

$    533.1

$    429.4

24.1 %

Segment EBITDA margin – A&C

46.0 %

42.5 %

350bps

44.0 %

40.8 %

320bps

Segment EBITDA – Core

$    239.0

$    208.6

14.6 %

$    675.2

$    588.6

14.7 %

Segment EBITDA margin – Core

33.0 %

29.5 %

 350bps

31.1 %

28.0 %

  310bps

Non-GAAP Results(2):

NEBITDA

$    366.5

$    296.0

23.8 %

$ 1,011.2

$    810.3

24.8 %

NEBITDA Margin

31.9 %

27.7 %

420bps

29.9 %

25.7 %

420bps

Unlevered free cash flow

$    399.4

$    320.1

24.8 %

$ 1,126.7

$    907.6

24.1 %

Free cash flow

$    362.7

$    280.2

29.4 %

$ 1,013.5

$    779.3

30.1 %

Operating and Business Metrics:

Total bookings

$ 1,241.7

$ 1,138.9

9.0 %

9.4 %

$ 3,816.3

$ 3,479.2

9.7 %

Total customers at period end

20,725

21,025

(1.4) %

20,725

21,025

(1.4) %

Average revenue per user (ARPU)

$       215

$       200

7.5 %

$       215

$       200

7.5 %

Annualized recurring revenue (ARR)

$ 3,974.6

$ 3,675.1

8.1 %

$ 3,974.6

$ 3,675.1

8.1 %

_______________________________

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

(2) Reconciliations of our non-GAAP results to their most directly comparable GAAP financial measures are set forth in “Reconciliation of Non-GAAP Financial Measures” below.

 

Share Repurchases

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

Balance Sheet

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

Business Outlook

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

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

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

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

GoDaddy’s consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States (GAAP). GoDaddy does not provide reconciliations from non-GAAP guidance to GAAP equivalents because projections of changes in individual balance sheet amounts are not possible without unreasonable effort and presentation of such reconciliations would imply an inappropriate degree of precision. GoDaddy’s reported results provide reconciliations of non-GAAP financial measures to their nearest GAAP equivalents.

Upcoming Investor Event

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

Quarterly Earnings Webcast

GoDaddy will host a webcast to discuss third quarter 2024 results at 5:00 p.m. Eastern Time on October 30, 2024. To participate in the webcast, please preregister online at https://investors.godaddy.net/investor-relations/overview/default.aspx. The live webcast of the event, together with a slide presentation including supplemental financial information and reconciliations of certain non-GAAP measures to their nearest comparable GAAP measures, will be available through GoDaddy’s Investor Relations website at https://investors.godaddy.net. A transcript of pre-recorded remarks will be available on the Investor Relations website at the time of the webcast. Following the event, a recorded replay of the webcast will be available on the website.

GoDaddy uses its Investor Relations website at https://investors.godaddy.net as a means of disclosing material non-public information and to comply with its disclosure obligations under Regulation FD. Accordingly, investors should monitor GoDaddy’s Investor Relations website, in addition to following press releases, Securities and Exchange Commission (SEC) filings, public conference calls and webcasts.

Forward-Looking Statements

This press release contains forward-looking statements which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on estimates and information available to us at the time of this press release and are not guarantees of future performance. Statements in this press release involve risks, uncertainties and assumptions. If the risks or uncertainties materialize or the assumptions prove incorrect, our results may differ materially from those expressed or implied by such forward-looking statements. All statements other than statements of historical fact could be deemed forward-looking statements, including, but not limited to any statements regarding: our business outlook; launches of new or expansion of existing products or services, including GoDaddy Airo, any projections of product or service availability, technology developments and innovation, customer growth, or other future events; historical results that may suggest future trends for our business; our plans, strategies or objectives with respect to future operations, partnerships and partner integrations and marketing strategy; future financial results; our ability to achieve desired synergies and vertical integration; the expected impacts of our restructuring efforts; our forecasted levels of future taxable income and ability to realize our deferred tax assets; and assumptions underlying any of the foregoing.

Actual results could differ materially from our current expectations as a result of many factors, including, but not limited to: the unpredictable nature of our rapidly evolving market; fluctuations in our financial and operating results; our rate of growth; interruptions or delays in our service or our web hosting; our dependence on payment card networks and acquiring processors; cyberattacks or breaches of our security measures; the impact of any previous or future acquisitions or divestitures; our ability to innovate and continue to release, and gain customer acceptance of, our existing and future products and services; our ability to deploy new and evolving technologies, such as artificial intelligence, machine learning, data analytics and similar tools, in our offerings; our ability to manage our growth; our ability to hire, retain and motivate employees; the effects of competition; technological, regulatory and legal developments; litigation and government inquiries; privacy, legislative and regulatory concerns or developments; impacts of our restructuring efforts; macroeconomic conditions and developments in the economy, financial markets and credit markets; continued escalation of geopolitical tensions; the level of interest rates and inflationary pressures; execution of share repurchases; and our ability to remediate the identified material weakness in our internal control over financial reporting and to maintain effective internal control over financial reporting.

Additional risks and uncertainties that could affect GoDaddy’s business and financial results are included in the filings we make with the SEC from time to time, including those described in “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2023 and in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, which are available on GoDaddy’s website at https://investors.godaddy.net and on the SEC’s website at www.sec.gov. Additional information will also be set forth in other filings that GoDaddy makes with the SEC from time to time. All forward-looking statements in this press release are based on information available to GoDaddy as of the date hereof. Except to the extent required by law, GoDaddy does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

Non-GAAP Financial Measures and Other Operating and Business Metrics

In addition to our financial results prepared in accordance with GAAP, this press release includes certain non-GAAP financial measures and other operating and business metrics. We believe that these non-GAAP financial measures and other operating and business metrics are useful as a supplement in evaluating our ongoing operational performance and enhancing an overall understanding of our past financial performance. The non-GAAP financial measures included in this press release should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. In addition, similarly titled measures may be calculated differently by other companies and may not be comparable. A reconciliation between each non-GAAP financial measure and its nearest GAAP equivalent is included in this press release following the financial statements. We use both GAAP and non-GAAP measures to evaluate and manage our operations.

Total bookings. Total bookings is an operating metric representing the total value of customer contracts entered into during the period, excluding refunds. We believe total bookings provides additional insight into the performance of our business and the effectiveness of our marketing efforts since we typically collect payment at the inception of a customer contract but recognize revenue ratably over the term of the contract.

Constant currency. Constant currency is calculated by translating bookings and revenue for each month in the current period using the foreign currency exchange rates for the corresponding month in the prior period, excluding any hedging gains or losses realized during the period. We believe constant currency information is useful in analyzing underlying trends in our business by eliminating the impact of fluctuations in foreign currency exchange rates and allows for period-to-period comparisons of our performance.

Normalized EBITDA (NEBITDA). NEBITDA is a supplemental measure of our operating performance used by management and investors to evaluate our business. We calculate NEBITDA as net income excluding depreciation and amortization, interest expense (net), provision or benefit for income taxes, equity-based compensation expense, acquisition-related costs, restructuring-related expenses and certain other items. We believe that the inclusion or exclusion of certain recurring and non-recurring items provides a supplementary measure of our core operating results and permits useful alternative period-over-period comparisons of our operations. NEBITDA should not be viewed as a substitute for comparable GAAP measures.

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

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

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

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

Annualized recurring revenue (ARR). ARR is an operating metric defined as annualized quarterly recurring GAAP revenue, net of refunds, from new and renewed subscription-based services. ARR is exclusive of any revenue that is non-recurring, including, without limitation, domain aftermarket, domain transfers, one-time set-up or migration fees and non-recurring professional website services fees. We believe ARR helps illustrate the scale of certain of our products and facilitates comparisons to other companies in our industry.

Average revenue per user (ARPU). We calculate ARPU as total revenue during the preceding 12 month period divided by the average of the number of total customers at the beginning and end of the period. ARPU provides insight into our ability to sell additional products to our customers.

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

About GoDaddy

GoDaddy helps millions of entrepreneurs globally start and scale their businesses. People come to GoDaddy to name their idea, build a professional website, attract customers, sell their products and services, and accept payments online and in-person. GoDaddy’s easy-to-use tools help small business owners manage everything in one place and its expert guides are available to provide assistance 24/7. To learn more about the company, visit www.GoDaddy.com.

 

GoDaddy Inc.

Consolidated Statements of Operations (unaudited)

(In millions, except shares in thousands and per share amounts)

Three Months Ended

September 30,

Nine Months Ended

September 30,

2024

2023

2024

2023

Revenue:

Applications and commerce

$          423.1

$          363.3

$       1,211.8

$       1,053.0

Core platform

724.5

706.4

2,168.8

2,100.8

Total revenue

1,147.6

1,069.7

3,380.6

3,153.8

Costs and operating expenses(1)

Cost of revenue (excluding depreciation and amortization)

407.4

396.9

1,230.2

1,171.4

Technology and development

205.1

201.6

613.9

635.8

Marketing and advertising

84.4

86.4

265.1

268.3

Customer care

68.9

75.7

218.6

230.2

General and administrative

94.8

91.6

282.1

278.4

Restructuring and other

0.4

9.8

29.7

79.6

Depreciation and amortization

32.8

40.6

103.1

132.6

Total costs and operating expenses

893.8

902.6

2,742.7

2,796.3

Operating income

253.8

167.1

637.9

357.5

Interest expense

(39.4)

(44.0)

(120.2)

(135.4)

Loss on debt extinguishment

—

(1.5)

(3.1)

(1.5)

Other income (expense), net

6.6

6.3

24.5

35.7

Income before income taxes

221.0

127.9

539.1

256.3

Benefit (provision) for income taxes

(30.5)

3.1

199.2

5.2

Net income

190.5

131.0

738.3

261.5

Less: net income attributable to non-controlling interests

—

0.3

—

0.6

Net income attributable to GoDaddy Inc.

$          190.5

$          130.7

$          738.3

$          260.9

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

Basic

$            1.36

$           0.90

$           5.22

$           1.73

Diluted

$            1.32

$           0.89

$           5.09

$           1.71

Weighted-average shares of Class A common stock outstanding:

Basic

140,523

145,484

141,437

150,614

Diluted

144,138

147,291

145,179

153,303

___________________________

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

Cost of revenue

$                     0.3

$                    0.3

$                    0.6

$                    1.1

Technology and development

38.6

42.2

115.4

123.2

Marketing and advertising

7.7

7.1

22.9

21.0

Customer care

4.9

6.1

16.4

18.0

General and administrative

22.9

20.5

66.3

62.0

Restructuring and other

—

—

0.8

2.3

Total equity-based compensation expense

$                   74.4

$                  76.2

$                 222.4

$                 227.6

 

GoDaddy Inc.

Consolidated Balance Sheets (unaudited)

(In millions, except per share amounts)

September 30,

December 31,

2024

2023

Assets

Current assets:

Cash and cash equivalents

$            767.1

$            458.8

Short-term investments

—

40.0

Accounts and other receivables

90.7

76.6

Registry deposits

42.3

37.3

Prepaid domain name registry fees

490.3

466.0

Prepaid expenses and other current assets

163.8

177.2

Total current assets

1,554.2

1,255.9

Property and equipment, net

155.8

185.3

Operating lease assets

56.4

60.8

Prepaid domain name registry fees, net of current portion

225.7

209.0

Goodwill

3,594.0

3,569.3

Intangible assets, net

1,091.2

1,158.6

Deferred tax assets

1,219.0

1,020.4

Other assets

100.9

105.6

Total assets

$         7,997.2

$         7,564.9

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

$             73.7

$            148.1

Accrued expenses and other current liabilities

438.2

442.2

Deferred revenue

2,256.1

2,074.9

Long-term debt

16.5

17.9

Total current liabilities

2,784.5

2,683.1

Deferred revenue, net of current portion

881.3

802.4

Long-term debt, net of current portion

3,783.6

3,798.5

Operating lease liabilities, net of current portion

83.5

90.2

Other long-term liabilities

84.4

90.7

Deferred tax liabilities

23.2

37.8

Commitments and contingencies

Stockholders’ equity:

Preferred stock, $0.001 par value

—

—

Class A common stock, $0.001 par value

0.1

0.1

Class B common stock, $0.001 par value

—

—

Additional paid-in capital

2,519.0

2,271.6

Accumulated deficit

(2,252.6)

(2,320.7)

Accumulated other comprehensive income

90.2

111.2

Total stockholders’ equity

356.7

62.2

Total liabilities and stockholders’ equity

$         7,997.2

$         7,564.9

 

GoDaddy Inc.

Consolidated Statements of Cash Flows (unaudited)

(In millions)

Nine Months Ended

September 30,

2024

2023

Operating activities

Net income

$           738.3

$           261.5

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

Depreciation and amortization

103.1

132.6

Equity-based compensation expense

222.4

227.6

(Gain) loss on derivative instruments

6.7

(9.2)

Deferred taxes

(213.7)

(19.4)

Loss on dispositions

1.9

16.8

Other

29.7

37.4

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

Prepaid domain name registry fees

(40.3)

(47.3)

Accounts payable

(73.9)

6.2

Accrued expenses and other current liabilities

(15.7)

45.2

Deferred revenue

262.3

173.4

Other operating assets and liabilities

(73.6)

(74.9)

Net cash provided by operating activities

947.2

749.9

Investing activities

Maturities of short-term investments

40.0

—

Purchases of intangible assets

—

(35.4)

Net proceeds received from dispositions

8.1

12.4

Purchases of property and equipment

(12.2)

(38.0)

Other investing activities

—

(0.4)

Net cash provided by (used in) investing activities

35.9

(61.4)

Financing activities

Proceeds received from:

Issuance of term loans

2,752.3

1,759.9

    Stock option exercises

4.4

9.6

Issuance of Class A common stock under ESPP

19.5

18.2

Payments made for:

Repurchases of Class A common stock

(668.1)

(1,133.2)

Repayment of long-term debt

(2,768.4)

(1,780.0)

Other financing obligations

(15.6)

(7.8)

Net cash used in financing activities

(675.9)

(1,133.3)

Effect of exchange rate changes on cash and cash equivalents

1.1

—

Net increase (decrease) in cash and cash equivalents

308.3

(444.8)

Cash and cash equivalents, beginning of period

458.8

774.0

Cash and cash equivalents, end of period

$           767.1

$           329.2

 

Reconciliation of Non-GAAP Financial Measures

The following tables reconcile each non-GAAP financial measure to its most directly comparable GAAP financial measure:

Three Months Ended

September 30,

Nine Months Ended 

September 30,

2024

2023

2024

2023

(in millions)

NEBITDA and NEBITDA Margin:

Net income

$         190.5

$         131.0

$       738.3

$       261.5

Depreciation and amortization

32.8

40.6

103.1

132.6

Equity-based compensation expense(1)

74.4

76.2

221.6

225.3

Interest expense, net

33.2

39.8

102.4

115.2

Acquisition-related expenses, net of reimbursements(2)

0.1

(1.4)

0.2

7.2

Restructuring and other(3)

5.0

12.9

44.8

73.7

Provision (benefit) for income taxes

30.5

(3.1)

(199.2)

(5.2)

NEBITDA

$         366.5

$         296.0

$    1,011.2

$       810.3

Net income margin

16.6 %

12.2 %

21.8 %

8.3 %

NEBITDA margin

31.9 %

27.7 %

29.9 %

25.7 %

_______________________________

(1)

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

(2)

The three and nine months ended September 30, 2023 include an adjustment of $6.0 million to a previously-recognized acquisition milestone liability.

(3)

In addition to the restructuring and other in our statements of operations, other charges included are primarily composed of lease-related expenses associated with closed facilities, charges related to certain legal matters, adjustments to the fair value of our equity investments, expenses incurred in relation to the refinancing of our long-term debt, and incremental expenses associated with certain professional services.

 

September 30,
2024

(in millions)

Net Debt:

Current portion of long-term debt

$                16.5

Long-term debt

3,783.6

Unamortized original issue discount and debt issuance costs

59.9

Total debt

3,860.0

Less: cash and cash equivalents

(767.1)

Less: Short-term investments

—

Net debt

$           3,092.9

 

Three Months Ended

September 30,

Nine Months Ended

September 30,

2024

2023

2024

2023

(in millions)

Free Cash Flow and Unlevered Free Cash Flow:

Net cash provided by operating activities

$          355.2

$          281.6

$          947.2

$          749.9

Capital expenditures

(5.0)

(9.4)

(12.2)

(38.0)

Cash paid for acquisition-related costs

0.1

0.8

16.1

10.4

Cash paid for restructuring and other charges(1)

12.4

7.2

62.4

57.0

Free cash flow

$          362.7

$          280.2

$       1,013.5

$          779.3

Cash paid for interest on long-term debt

36.7

39.9

113.2

128.3

Unlevered free cash flow

$          399.4

$          320.1

$       1,126.7

$          907.6

_______________________________

(1)

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

 

Shares Outstanding

Total shares of common stock outstanding are as follows:

September 30,

2024

2023

(in thousands)

Shares Outstanding:

Class A common stock

140,349

141,989

Class B common stock(1)

—

307

Total common stock outstanding

140,349

142,296

Effect of dilutive securities(2)

3,615

1,500

Total shares outstanding

143,964

143,796

_______________________________

(1)

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

(2)

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

 

Constant Currency

The following table provides a reconciliation of constant currency:

September 30,
2024

(in millions)

Constant Currency:

Revenue

$           1,147.6

Constant currency adjustment

0.2

Constant currency revenue

$           1,147.8

Bookings

$           1,241.7

Constant currency adjustment

4.1

Constant currency bookings

$           1,245.8

 

Source: GoDaddy Inc.

© 2024 GoDaddy Inc. All Rights Reserved.

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SOURCE GoDaddy Inc.

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Technology

MOIN Successfully Complete POC for Cross-Border Tuition Payments, Paving the Way for Solution Commercialization

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October 31, 2024

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SEOUL, South Korea, Oct. 30, 2024 /PRNewswire/ — MOIN, a leading cross-border remittance service provider, has successfully collaborated with Visa to address a long-standing challenge in cross-border payments: the inability to seamlessly transmit detailed non-financial data alongside financial transactions. The Proof of Concept (POC), developed in collaboration with Visa, enables enhanced transparency and efficiency in tuition payments for international students. Following the POC’s success, MOIN is now working towards the commercialization phase of the solution.

MOIN, known for its innovative approach to remittance services, has long specialized in offering cross-border payment solutions tailored to individuals and businesses. By combining MOIN’s expertise with Visa’s real-time money movement platform, Visa Direct, the POC sought to resolve the critical issue of limited data transmission in international payments. Currently, when cross-border payments are sent through traditional banking systems, the sender is restricted by the limited text field available within the SWIFT network, which often fails to capture vital information, such as student identification numbers or the purpose of payment. These limitations create inefficiencies in payment reconciliation and financial management, particularly for educational institutions that rely on accurate data for administrative processes.

The Solution: Comprehensive Data Transfer with Payments

The POC successfully demonstrated a new solution that allows for the transmission of comprehensive, detailed non-financial data alongside the financial transaction itself. For example, when an international student sends a tuition payment to a university, the transaction is now accompanied by essential details such as the student’s ID number, a description of the payment purpose (e.g., tuition, dormitory fees, meal plans), the expected delivery date, the exact amount, the applied foreign exchange (FX) rate, and the status of the transfer. This not only facilitates smoother and quicker financial management for universities but also improves the student’s administrative experience by minimizing payment-related delays.

MOIN acts as both the originating remittance service provider and the reconciliation entity, ensuring that the right data reaches the right parties at each step. Visa Direct’s secure and fast network plays a critical role in the transmission of both the funds and the associated data, overcoming the data transmission restrictions previously faced by the SWIFT network.

Addressing a Growing Market Need

With over 6.4 million international students globally and an estimated tuition payment volume of approximately $128 billion(Source : Project Atlas, 2023), there is a clear need for more efficient and transparent payment solutions. This newly tested POC addresses a significant market gap, providing universities with all the necessary information they need to accurately and efficiently reconcile incoming tuition payments. The benefits extend beyond educational institutions, offering improvements across various sectors where cross-border payments are crucial, including healthcare, housing, and business transactions.

MOIN’s Role and Expertise: A Dual Function in the POC

MOIN’s expertise and experience in cross-border remittance played a pivotal role in this POC, particularly in managing transactions involving international students. MOIN not only facilitated the sending of payments from students but also took on the additional responsibility of validating and reconciling the received payments at universities. Specifically, MOIN’s system allows universities to easily access transaction details tied to a unique reference ID through a user-friendly dashboard. This provides clear visibility into which student made the payment and the exact purpose of the funds, enabling universities to manage and reconcile payments efficiently. This dual role showcases MOIN’s ability to manage both sides of the transaction process—sending and receiving—while ensuring transparency and efficiency.

Visa Direct was integral to this success. It enabled faster, more cost-effective cross-border payments with the added benefit of carrying detailed transaction data. MOIN’s deep understanding of the needs of international students and educational institutions, particularly in Korea—one of the world’s largest markets for study abroad—helped tailor the solution to meet these unique requirements. As a result, the POC has proven that MOIN’s technical capabilities are not only on par with global payment industry standards but also lead the field in innovative remittance solutions.

Looking Ahead: Global Commercialization

Following the successful completion of the POC, MOIN is now focused on bringing this solution across markets with high penetration of overseas students. While the initial test was conducted between Korea and Europe, the commercialization phase will extend to markets in North America, Asia, and beyond. The POC has already attracted the interest of major global acquirers, who are preparing to join the new reconciliation payment network, further expanding its reach.

MOIN will continue to play a key role as both a sending and reconciliation partner in this network, demonstrating its ability to handle large-scale cross-border transactions with unmatched efficiency and accuracy. The company’s technological prowess has been solidified through this partnership, setting the stage for future collaborations with global payment and remittance firms.

A Word from MOIN’s CEO

MOIN’s CEO, ILSEOK SUH, expressed his enthusiasm for the success of the POC, stating, “This collaboration with Visa has allowed us to solve a critical issue in cross-border remittances and payments. The ability to seamlessly transmit detailed non-financial data alongside payments is a major step forward, not only for students and educational institutions but for the entire remittance and payments industry. We are excited to build on this success and continue expanding our global partnerships.”

SUH further added that MOIN is now positioned to broaden its partnerships globally, collaborating with a diverse range of companies and payment networks across different regions.

As the demand for more efficient, transparent, and cost-effective payment solutions continues to grow, MOIN’s expertise will remain at the forefront of this evolution.

View original content:https://www.prnewswire.com/news-releases/moin-successfully-complete-poc-for-cross-border-tuition-payments-paving-the-way-for-solution-commercialization-302291198.html

SOURCE Moin

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Technology

Just Flow Events & Marketing Grows Team with the Addition of Three New Staff Members

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47 mins ago

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October 31, 2024

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Just Flow Events & Marketing, a full-service strategic marketing agency, has expanded its Manchester-based team with the addition of three new staff members.

MANCHESTER, N.H., Oct. 30, 2024 /PRNewswire-PRWeb/ — Just Flow Events & Marketing, a full-service strategic marketing agency, has expanded its Manchester-based team with the addition of three new staff members.

The positive impact of having Mairead, Sarah and Heather on board is already noticeable. They each bring deep expertise, strategic marketing approaches and insightful ideas to the table. We are excited to elevate our client services with the addition of these integral team members.

Mairead Fregeau of Manchester serves as Account Manager, working closely with the agency’s clients to manage their marketing plans and strategies from inception to completion. She brings more than a decade of experience in public relations, social media and multichannel ad campaign content development to the role. Fregeau holds a Bachelor of Arts degree in Communications, with specializations in advertising and digital media, from Loyola University Maryland.

Sarah Harkness is Just Flow Events & Marketing’s Social Media Specialist. The Epsom resident executes and manages the social media marketing campaigns of the agency’s clients, including strategic development, graphic design and analytics. She has nearly five years of experience as a freelance social media specialist for local hospitality companies, in addition to serving as a kindergarten teacher. Harkness is a graduate of Plymouth State University with a Master of Education in Special Education. She also earned a Bachelor of Arts in Communications from Southern New Hampshire University.

Heather Lockwood of Auburn is the agency’s Marketing Coordinator. She supports the team by leveraging data-driven marketing strategies and executing the tactics that make them successful. She has more than 15 years of marketing experience, most recently as a Marketing Manager for a multi-rooftop dealership. Lockwood graduated from Southern New Hampshire University with Master of Science and Bachelor of Science degrees in Marketing.

“The positive impact of having Mairead, Sarah and Heather on board is already noticeable. They each bring deep expertise, strategic marketing approaches and insightful ideas to the table,” says Ami D’Amelio, CEO & President of Just Flow Events & Marketing. “We are excited to elevate our client services with the addition of these integral team members.”

To learn more about Just Flow Events & Marketing, visit justflownh.com.

About Just Flow Events & Marketing
Supporting clients since 2010, Just Flow provides event planning and management, strategic marketing and branding, social media management, website design development, graphic design, copywriting, and other related corporate communication services. Just Flow offers extensive experience in a variety of industries, including education, fine arts, healthcare and medical, high tech, hospitality and dining, manufacturing, membership organizations, professional services and more. With headquarters in downtown Manchester, the full-service agency provides services for clients across New Hampshire and throughout the Northeast. For more information, visit justflownh.com.

Media Contact

Ami D’Amelio, Just Flow Events & Marketing, 603-703-5588, ami@justflownh.com, https://justflownh.com/

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SOURCE Just Flow Events & Marketing

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BRICS Summit safeguards the stability of greater BRICS collaboration

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47 mins ago

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October 31, 2024

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BEIJING, Oct. 30, 2024 /PRNewswire/ — A news report by China.org.cn on the 16th BRICS Summit:

 

Recently, the 16th BRICS Summit concluded in Kazan, an ancient city by the Volga in Russia. As the bloc’s first meeting since its expansion of five new members in BRICS, the event drew attendees from more than 30 countries, safeguarding the stability of greater BRICS collaboration in the long run.

BRICS, first proposed as the term “BRICs” in 2001, has been evolving along the way. But the enlargement of BRICS membership last year, and the beginning of the greater BRICS cooperation have garnered much more attention from the international community than any previous iterations. Among them, many developing countries have spoken highly of it, which can be proven by over 30 countries wishing eagerly to join BRICS.

Data and examples speak for themselves. Nine years into the establishment of the New Development Bank, it has approved about 35 billion USD worth of loans. It was exactly such loans that funded over 100 projects including urban railway tracks in India and green wind power facilities in Brazil. Under the BRICS cooperation mechanism, Shanghai customs has opened “green lanes” for tangerines from South Africa, enabling clearance into China on the day of arrival; China launched the MisrSat-2 for Egypt, which has been fulfilling the latter’s needs in agriculture, forestry, urban construction and so on. The BRICS mechanism has achieved fruitful results in advancing South-South Cooperation and improving global governance.

After BRICS expanded its membership, the ten members together account for about 30% of global GDP, and one-fifth of global trade volume, and they sure will continue to function as a powerful driver of global economic growth.

China Mosaic 
http://chinamosaic.china.com.cn/index.htm
BRICS Summit safeguards the stability of greater BRICS collaboration
http://www.china.org.cn/video/2024-10/30/content_117515649.htm

View original content to download multimedia:https://www.prnewswire.com/news-releases/brics-summit-safeguards-the-stability-of-greater-brics-collaboration-302292218.html

SOURCE China.org.cn

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