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Mar 31, 2024
GoDaddy Q1 2024 Earnings Report
GoDaddy's Q1 2024 results highlighted strong revenue growth, increased profitability, and significant free cash flow generation.
Key Takeaways
GoDaddy reported a strong start to 2024 with total revenue of $1.1 billion, up 7% year-over-year. Net income increased significantly to $401.5 million, and free cash flow grew by 26% to $327.4 million. The company is focused on profitable growth and maximizing free cash flow.
Total revenue reached $1.1 billion, a 7% increase year-over-year.
Applications and Commerce revenue grew by 13% year-over-year, reaching $383.1 million.
Net income surged by 747% year-over-year to $401.5 million.
Free cash flow increased by 26% year-over-year to $327.4 million.
GoDaddy
GoDaddy
GoDaddy Revenue by Segment
Revenue by Segment
Apps & Commerce Revenue
CapyFin.comCore Platform Revenue
CapyFin.com Forward Guidance
GoDaddy expects total revenue between $1.10 billion and $1.12 billion for Q2 2024, with A&C revenue growth in the low- to mid-teens and Core revenue growth in the low single digits. They raised the full year 2024 revenue expectations to a range of $4.50 billion to $4.56 billion.
Positive Outlook
- Total revenue growth of 6% at the midpoint for Q2 2024.
- A&C revenue growth in the low- to mid-teens for Q2 2024.
- Full-year revenue expectations raised to $4.50 billion to $4.56 billion.
- Full-year NEBITDA margin of approximately 29%.
- Full-year unlevered free cash flow of at least $1.4 billion, representing growth of 12% year-over-year.
Challenges Ahead
- Core revenue growth in the low single digits for Q2 2024.
- Projections of changes in individual balance sheet amounts are not possible without unreasonable effort.
- Second quarter ending June 30, 2024, GoDaddy expects NEBITDA margin to be approximately 28%.
- GoDaddy does not provide reconciliations from non-GAAP guidance to GAAP equivalents
- Free cash flow of at least $1.2 billion, representing growth of 11%, year-over-year.
Revenue & Expenses
Visualization of income flow from segment revenue to net income