GoDaddy Q2 2023 Earnings Report
Key Takeaways
GoDaddy reported Q2 2023 financial results, with total revenue of $1,048.1 million, a net income of $83.1 million, and normalized EBITDA of $264.6 million. Applications and Commerce revenue grew by 11% year-over-year, and the company repurchased $746 million in shares through July 2023.
Applications and Commerce revenue increased by 11% year-over-year to $352 million.
Annualized recurring revenue (ARR) for Applications and Commerce reached $1.3 billion, up 10% year-over-year.
GoDaddy implemented generative AI tools into Websites + Marketing.
The company repurchased $746 million in shares through July 2023, reducing share count by 16%.
GoDaddy
GoDaddy
GoDaddy Revenue by Geographic Location
Forward Guidance
For Q3 2023, GoDaddy targets revenue between $1.055 billion and $1.075 billion, with a Normalized EBITDA margin of approximately 26%. For the full year 2023, the company expects a Normalized EBITDA margin of approximately 26% and unlevered free cash flow of approximately $1.2 billion.
Positive Outlook
- Targeting Q3 2023 revenue between $1.055 billion and $1.075 billion, representing year-over-year growth of 3% at the midpoint.
- Targeting Normalized EBITDA margin of approximately 26% for Q3 2023.
- Expecting Normalized EBITDA margin of approximately 26% for the full year 2023.
- Expecting unlevered free cash flow of approximately $1.2 billion for the full year 2023, representing growth of 9% year-over-year.
- Expecting free cash flow of approximately $1.0 billion for the full year 2023, representing growth of 3% year-over-year.