Q3 2024 GoDaddy Inc Earnings Call Transcript
Key Points
- GoDaddy Inc (GDDY) reported a 29% year-over-year increase in free cash flow, demonstrating strong financial performance.
- The company achieved a 20% growth in application and commerce bookings, indicating robust demand for its services.
- Normalized EBITDA margin expanded by over 400 basis points, reflecting improved operational efficiency.
- The launch of new AI-powered features and products, such as GoDaddy Airo, has shown positive adoption trends and is driving customer engagement.
- GoDaddy Inc (GDDY) successfully reduced its fully diluted shares outstanding to 144 million through share buybacks, enhancing shareholder value.
- Customer count declined slightly to 20.7 million, indicating challenges in customer acquisition or retention.
- Aftermarket growth slowed significantly, with flat year-on-year performance compared to double-digit growth earlier in the year.
- The company faces tougher year-over-year comparisons for its applications and commerce segment, which may impact future growth rates.
- Despite strong financial performance, GoDaddy Inc (GDDY) plans to increase marketing investments, which could pressure margins in the short term.
- The company is still in the early stages of monetizing its Airo platform, which may delay immediate financial benefits.
Welcome to GoDaddy's third quarter 2024 earnings call. Thank you for joining us. I'm Christie Masoner, VP of Investor Relations, and with me today are Aman Bhutani, Chief Executive Officer; and Mark McCaffrey, Chief Financial Officer. (Event Instructions)
On today's call, we'll be referencing both GAAP and non-GAAP financial measures and other operating and business metrics. A discussion of why we use non-GAAP financial measures and reconciliations of our non-GAAP financial measures to their GAAP equivalents may be found in the presentation posted to our investor relations site at investors.godaddy.net or in today's earnings release, our first (inaudible) represent year-over-year comparisons unless as noted.
The matters we'll be discussing today include forward-looking statements such as those related to future financial results and our strategies or objectives with respect to operations. These forward-looking statements are subject to risks and uncertainties that are discussed in detail in our periodic SEC filings.
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