GODADDY INC., 10-Q filed on 5/3/2024
Quarterly Report
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Cover Page - shares
 3 Months Ended
Mar. 31, 2024
Apr. 26, 2024
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2024  
Document Transition Report false  
Entity File Number 001-36904  
Entity Registrant Name GoDaddy Inc.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 46-5769934  
Entity Address, Address Line One 100 S. Mill Ave  
Entity Address, City or Town Tempe  
Entity Address, State or Province AZ  
Entity Address, Postal Zip Code 85281  
City Area Code 480  
Local Phone Number 505-8800  
Title of 12(b) Security Class A Common Stock, $0.001 par value per share  
Trading Symbol GDDY  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   140,940,862
Entity Central Index Key 0001609711  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.24.1.u1
Consolidated Balance Sheets (unaudited) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 664.0 $ 458.8
Short-term investments 0.0 40.0
Accounts and other receivables 93.9 76.6
Registry deposits 35.8 37.3
Prepaid domain name registry fees 480.3 466.0
Prepaid expenses and other current assets 221.8 177.2
Total current assets 1,495.8 1,255.9
Noncurrent Assets    
Property and equipment, net 171.3 185.3
Operating lease assets 49.3 60.8
Prepaid domain name registry fees, net of current portion 216.4 209.0
Goodwill 3,548.7 3,569.3
Intangible assets, net 1,123.7 1,158.6
Deferred tax assets 1,271.5 1,020.4
Other assets 102.1 105.6
Total assets 7,978.8 7,564.9
Current liabilities:    
Accounts payable 120.8 148.1
Accrued expenses and other current liabilities 409.5 442.2
Deferred revenue 2,174.4 2,074.9
Long-term debt 17.6 17.9
Total current liabilities 2,722.3 2,683.1
Noncurrent Liabilities    
Deferred revenue, net of current portion 842.9 802.4
Long-term debt, net of current portion 3,794.8 3,798.5
Operating lease liabilities, net of current portion 83.9 90.2
Other long-term liabilities 91.2 90.7
Deferred tax liabilities 28.9 37.8
Commitments and contingencies
Stockholders' equity:    
Preferred stock, $0.001 par value - 50,000 shares authorized; none issued and outstanding 0.0 0.0
Additional paid-in capital 2,345.9 2,271.6
Accumulated deficit (2,066.2) (2,320.7)
Accumulated other comprehensive income 135.0 111.2
Total stockholders' equity 414.8 62.2
Total liabilities and stockholders' equity 7,978.8 7,564.9
Class A Common Stock    
Stockholders' equity:    
Common stock 0.1 0.1
Class B Common Stock    
Stockholders' equity:    
Common stock $ 0.0 $ 0.0
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Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares
shares in Thousands
Mar. 31, 2024
Dec. 31, 2023
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, shares authorized (in shares) 50,000 50,000
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Class A Common Stock    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 1,000,000 1,000,000
Common stock, shares issued (in shares) 142,429 142,051
Common stock, shares outstanding (in shares) 142,429 142,051
Class B Common Stock    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 500,000 500,000
Common stock, shares issued (in shares) [1] 0 259
Common stock, shares outstanding (in shares) 0 [1] 259
[1] Substantially all Class B shares were no longer outstanding as of March 31, 2024.
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Consolidated Statements of Operations (unaudited) - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Revenue:    
Revenue $ 1,108.5 $ 1,036.0
Costs and operating expenses    
Cost of revenue (excluding depreciation and amortization) [1] 414.5 386.1
Technology and development [1] 202.9 215.0
Marketing and advertising [1] 87.5 92.4
Customer care [1] 76.4 76.8
General and administrative [1] 91.7 94.1
Restructuring and other [1] 22.4 52.3
Depreciation and amortization [1] 37.2 48.5
Total costs and operating expenses [1] 932.6 965.2
Operating income 175.9 70.8
Interest expense (41.3) (45.8)
Loss on debt extinguishment (1.0) 0.0
Other income (expense), net 9.6 22.6
Income before income taxes 143.2 47.6
Benefit (provision) for income taxes 258.3 (0.2)
Net income 401.5 47.4
Less: net income attributable to non-controlling interests 0.0 0.1
Net income attributable to GoDaddy Inc. 401.5 47.3
Applications and commerce    
Revenue:    
Revenue 383.1 338.0
Core platform    
Revenue:    
Revenue $ 725.4 $ 698.0
Class A Common Stock    
Net income attributable to GoDaddy Inc. per share of Class A common stock:    
Basic (in USD per share) $ 2.82 $ 0.31
Diluted (in USD per share) $ 2.76 $ 0.30
Weighted-average shares of Class A common stock outstanding:    
Basic (in shares) 142,528 154,124
Diluted (in shares) 145,676 156,644
[1]
Costs and operating expenses include equity-based compensation expense as follows:
Cost of revenue$— $0.4 
Technology and development37.5 39.0 
Marketing and advertising7.3 6.6 
Customer care5.8 5.4 
General and administrative20.4 20.2 
Restructuring and other0.8 2.3 
Total equity-based compensation expense$71.8 $73.9 
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Consolidated Statements of Operations (unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Equity-based compensation expense $ 71.8 $ 73.9
Cost of revenue    
Equity-based compensation expense 0.0 0.4
Technology and development    
Equity-based compensation expense 37.5 39.0
Marketing and advertising    
Equity-based compensation expense 7.3 6.6
Customer care    
Equity-based compensation expense 5.8 5.4
General and administrative    
Equity-based compensation expense 20.4 20.2
Restructuring and other    
Equity-based compensation expense $ 0.8 $ 2.3
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Consolidated Statements of Comprehensive Income (unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Statement of Comprehensive Income [Abstract]    
Net income $ 401.5 $ 47.4
Foreign exchange forward contracts gain (loss), net 9.3 (6.9)
Unrealized swap gain (loss), net [1] 10.5 (32.6)
Change in foreign currency translation adjustment 3.8 2.1
Comprehensive income 425.1 10.0
Less: comprehensive income attributable to non-controlling interests 0.0 0.2
Comprehensive income attributable to GoDaddy Inc. $ 425.1 $ 9.8
[1]
Components of OCI are net of the tax effects reflected below:

Three Months Ended
March 31,
20242023
Unrealized swap gain (loss), net$8.5 $— 
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Consolidated Statements of Comprehensive Income (unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Statement of Comprehensive Income [Abstract]    
Unrealized swap gain (loss), net $ 8.5 $ 0.0
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Consolidated Statements of Stockholders' Equity (Deficit) (unaudited) - USD ($)
shares in Thousands, $ in Millions
Total
Class A Common Stock
Class B Common Stock
Common Stock
Class A Common Stock
Common Stock
Class B Common Stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Income (Loss)
Non- Controlling Interests
Beginning balance (in shares) at Dec. 31, 2022       153,830 312        
Beginning balance at Dec. 31, 2022 $ (329.3)     $ 0.2 $ 0.0 $ 1,912.6 $ (2,422.6) $ 178.0 $ 2.5
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income 47.4           47.3   0.1
Equity-based compensation, including amounts capitalized 74.5         74.5      
Stock option exercises (in shares)       132          
Stock option exercises 3.2         3.2      
Repurchases of Class A common stock (in shares)       (1,553)          
Repurchases of Class A common stock (113.9)           (113.9)    
Impact of derivatives, net (39.5)             (39.5)  
Change in foreign currency translation adjustment 2.1             2.1  
Vesting of restricted stock units and other (in shares)       1,705 5        
Vesting of restricted stock units and other 0.0         0.2 (0.1) 0.1 (0.2)
Ending balance (in shares) at Mar. 31, 2023       154,114 307        
Ending balance at Mar. 31, 2023 (355.5)     $ 0.2 $ 0.0 1,990.5 (2,489.3) 140.7 $ 2.4
Beginning balance (in shares) at Dec. 31, 2023   142,051 259 142,051 259 [1]        
Beginning balance at Dec. 31, 2023 62.2     $ 0.1 $ 0.0 2,271.6 (2,320.7) 111.2  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income 401.5           401.5    
Equity-based compensation, including amounts capitalized 72.3         72.3      
Stock option exercises (in shares)       80          
Stock option exercises 2.1         2.1      
Repurchases of Class A common stock (in shares) [2]       (1,245)          
Repurchases of Class A common stock [2] (147.1)           (147.1)    
Impact of derivatives, net 19.8             19.8  
Change in foreign currency translation adjustment 3.8             3.8  
Vesting of restricted stock units and other (in shares)       1,543 259 [1]        
Vesting of restricted stock units and other 0.2         (0.1) 0.1 0.2  
Ending balance (in shares) at Mar. 31, 2024   142,429 0 [3] 142,429 0 [1]        
Ending balance at Mar. 31, 2024 $ 414.8     $ 0.1 $ 0.0 $ 2,345.9 $ (2,066.2) $ 135.0  
[1] Substantially all Class B shares were no longer outstanding as of March 31, 2024. See Note 1 for further discussion.
[2] Includes a 1% excise tax on shares repurchased, net of the fair market value of new share issuances, of $0.5 million.
[3] Substantially all Class B shares were no longer outstanding as of March 31, 2024.
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Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities    
Net income $ 401.5 $ 47.4
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization [1] 37.2 48.5
Equity-based compensation expense 71.8 73.9
Non-cash restructuring and other charges 1.9 21.0
Deferred taxes (259.5) (10.0)
Other 5.6 8.9
Changes in operating assets and liabilities, net of amounts acquired:    
Prepaid domain name registry fees (22.1) (29.5)
Deferred revenue 146.1 114.8
Other operating assets and liabilities (85.3) (4.7)
Net cash provided by operating activities 297.2 270.3
Investing activities    
Maturities of short-term investments 40.0 0.0
Net proceeds received from disposition of a business 8.1 0.0
Purchases of property and equipment (4.4) (22.8)
Net cash provided by (used in) investing activities 43.7 (22.8)
Financing activities    
Proceeds from stock option exercises 2.1 3.2
Payments made for:    
Repurchases of Class A common stock (128.3) (119.7)
Repayment of long-term debt (6.3) (6.3)
Other financing obligations (2.5) (1.4)
Net cash used in financing activities (135.0) (124.2)
Cash and cash equivalents classified within assets held for sale 0.0 (5.2)
Effect of exchange rate changes on cash and cash equivalents (0.7) 0.3
Net increase in cash and cash equivalents 205.2 118.4
Cash and cash equivalents, beginning of period 458.8 774.0
Cash and cash equivalents, end of period 664.0 892.4
Cash paid during the period for:    
Interest on long-term debt, including impact of interest rate swaps 31.2 44.7
Income taxes, net of refunds received 5.2 2.2
Amounts included in the measurement of operating lease liabilities 10.6 12.1
Supplemental disclosure of non-cash transactions    
Operating lease assets obtained in exchange for operating lease liabilities 0.3 1.4
Accrued purchases of property and equipment at period end 0.5 2.0
Share repurchases not yet settled $ 19.3 $ 0.0
[1]
Costs and operating expenses include equity-based compensation expense as follows:
Cost of revenue$— $0.4 
Technology and development37.5 39.0 
Marketing and advertising7.3 6.6 
Customer care5.8 5.4 
General and administrative20.4 20.2 
Restructuring and other0.8 2.3 
Total equity-based compensation expense$71.8 $73.9 
v3.24.1.u1
Consolidated Statements of Stockholders' Equity (Deficit) (unaudited) (Parenthetical)
$ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
Statement of Stockholders' Equity [Abstract]  
Fair market value of new share issuances $ 0.5
v3.24.1.u1
Organization and Background
 3 Months Ended
Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and Background Organization and Background
Organization
We are the sole managing member of Desert Newco, LLC (Desert Newco), and as a result, we consolidate its financial results into the results and financial position of the Company. As of March 31, 2024, we owned 100% of Desert Newco.
On December 11, 2023, we completed a series of transactions (the DNC Restructure) designed to simplify our capital structure, commonly referred to as an "Up-C" structure, and provide us with additional strategic flexibility which resulted in Desert Newco becoming a wholly-owned subsidiary of GoDaddy Inc. Pursuant to the DNC Restructure, 271 Limited Liability Company Units (LLC Units) of Desert Newco not held by us or our subsidiaries were cancelled and converted into 271 newly issued shares of our Class A common stock. Each LLC Unit formerly held by such other unitholders was paired with one share of our Class B common stock, which shares of Class B common stock remained outstanding immediately following the DNC Restructure. To the extent the shares of Class B common stock remain outstanding, the holders are entitled to one vote for each share held of record on all matters submitted to a vote of our stockholders, but such shares have no economic rights and are non-transferrable. As of March 31, 2024, substantially all Class B shares outstanding immediately following the DNC Restructure were surrendered and no longer outstanding. Subsequent to the DNC Restructure, on January 1, 2024, Desert Newco was converted from a partnership to a disregarded entity and as a result we are now treated as a consolidated C corporation group for U.S. income tax purposes.

Basis of Presentation
Our financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) and include our accounts and the accounts of our subsidiaries. All material intercompany accounts and transactions have been eliminated.
Our interim financial statements are unaudited and, in our opinion, include all adjustments of a normal recurring nature necessary for the fair presentation of the periods presented. The results for interim periods are not necessarily indicative of the results to be expected for any subsequent period or for the year ending December 31, 2024.
These financial statements should be read in conjunction with our audited financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2023 (the 2023 Form 10-K).
Prior Period Presentation
Certain immaterial prior period amounts have been reclassified to conform to the current period presentation.
Use of Estimates
GAAP requires us to make estimates and assumptions affecting amounts reported in our financial statements. We periodically evaluate our estimates and adjust prospectively, if necessary. We believe our estimates and assumptions are reasonable; however, actual results may differ.
Segments
We report our operating results through two reportable segments: Applications and Commerce (A&C) and Core Platform (Core), as further discussed in Note 16.
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Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Property and Equipment
Property and equipment, net by geography was as follows:
 March 31, 2024December 31, 2023
U.S.$139.0 $146.9 
France17.3 19.8 
All other international15.0 18.6 
$171.3 $185.3 
No other international country represented more than 10% of property and equipment, net in any period presented.
Equity Investments
We hold investments in privately held equity securities, which are recorded in other assets with a carrying value of $53.1 million as of March 31, 2024 and December 31, 2023.
Revenue Recognition
Disaggregated Revenue
Revenue by major product type was as follows:
 Three Months Ended March 31,
 20242023
A&C$383.1 $338.0 
Core: domains532.0 492.1 
Core: other193.4 205.9 
$1,108.5 $1,036.0 
No single customer represented over 10% of our total revenue for any period presented.
Revenue by geography is based on the customer's billing address and was as follows:
 Three Months Ended March 31,
 20242023
U.S.$755.6 $695.4 
International352.9 340.6 
$1,108.5 $1,036.0 
No international country represented more than 10% of total revenue in any period presented.
See Note 7 for information regarding our deferred revenue.
Assets Recognized from Contract Costs
Fees paid to various registries at the inception of a domain registration or renewal represent costs to fulfill a contract. We capitalize and amortize these prepaid domain name registry fees to cost of revenue consistent with the pattern of transfer of the product to which the asset relates. Amortization expense of such asset was $193.8 million and $185.1 million for the three months ended March 31, 2024 and 2023, respectively.
Restructuring and Other
Restructuring and other primarily represents: (i) charges related to restructuring activities undertaken to reduce future operating expenses and improve cash flows through a combination of reductions in force and the sale of certain assets and liabilities of our hosting business within our Core segment; and (ii) charges incurred in the first quarter of 2024 related to the abandonment of right-of-use assets associated with certain operating leases. See Note 13 for further discussion.
Fair Value Measurements
Fair value is defined as an exit price, representing the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. The framework for measuring fair value provides a three-tier hierarchy prioritizing inputs to valuation techniques used in measuring fair value as follows:
Level 1— Observable inputs such as quoted prices for identical assets or liabilities in active markets;
Level 2— Inputs, other than quoted prices for identical assets or liabilities in active markets, which are observable either directly or indirectly; and
Level 3— Unobservable inputs in which there is little or no market data requiring the reporting entity to develop its own assumptions.
We hold certain assets required to be measured at fair value on a recurring basis. These include time deposits, which we classify within Level 1 because we use quoted market prices to determine their fair value. Level 2 assets and liabilities include commercial paper and derivative financial instruments associated with hedging activity, as further discussed in Note 10. Derivative financial instruments are measured at fair value on the contract date and are subsequently remeasured each reporting period using inputs such as spot rates, discount rates and forward rates. There are not active markets for the hedge contracts themselves; however, the inputs used to calculate the fair value of the instruments are tied to active markets.
The following tables set forth our material assets and liabilities measured and recorded at fair value on a recurring basis:
March 31, 2024
Level 1Level 2Level 3Total
Assets:
 Cash and cash equivalents:
Commercial paper$— $49.8 $— $49.8 
Time deposits58.8 — — 58.8 
 Derivative assets— 150.4 — 150.4 
Total assets$58.8 $200.2 $— $259.0 
Liabilities:
 Derivative liabilities$— $18.2 $— $18.2 
December 31, 2023
Level 1Level 2Level 3Total
Assets:
 Cash and cash equivalents:
Commercial paper$— $39.6 $— $39.6 
Time deposits40.0 — — 40.0 
 Short-term investments:
Time deposits40.0 40.0 
 Derivative assets— 128.6 — 128.6 
Total assets$80.0 $168.2 $— $248.2 
Liabilities:
 Derivative liabilities $— $46.4 $— $46.4 
We have no other material assets or liabilities measured at fair value on a recurring basis.
Recent Accounting Pronouncements
In November 2023, the Financial Standards Accounting Board (FASB) issued guidance to update reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. This update is effective for our 2024 fiscal year and interim periods in fiscal year 2025, with early adoption permitted. We are currently evaluating the impact that the adoption of this standard will have on our consolidated financial statements.
In December 2023, the FASB issued guidance to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this guidance require additional disclosures about income taxes, primarily focused on the disclosure of income taxes paid and the rate reconciliation table. The new guidance will be effective for the 2025 fiscal year, with early adoption permitted. We are currently evaluating the impact of this standard on our disclosures within our consolidated financial statements.
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Goodwill and Intangible Assets
 3 Months Ended
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
The following table summarizes changes in our goodwill balance by segment:
A&CCoreTotal
Balance at December 31, 2023$1,513.6 $2,055.7 $3,569.3 
Impact of foreign currency translation(7.9)(11.0)(18.9)
Less: goodwill related to disposition of a business— (1.7)(1.7)
Balance at March 31, 2024$1,505.7 $2,043.0 $3,548.7 
Intangible assets, net are summarized as follows:
March 31, 2024
Gross 
Carrying
Amount		Accumulated
Amortization		Net Carrying
Amount
Indefinite-lived intangible assets:
Trade names and branding$445.0 n/a$445.0 
Domain portfolio232.6 n/a232.6 
Contractual-based assets292.7 n/a292.7 
Finite-lived intangible assets:
Customer-related399.6 $(315.1)84.5 
Developed technology237.3 (202.1)35.2 
Trade names and other95.2 (61.5)33.7 
$1,702.4 $(578.7)$1,123.7 

 December 31, 2023
Gross 
Carrying
Amount		Accumulated
Amortization		Net Carrying
Amount
Indefinite-lived intangible assets:
Trade names and branding$445.0 n/a$445.0 
Domain portfolio233.6 n/a233.6 
Contractual-based assets292.7 n/a292.7 
Finite-lived intangible assets:
Customer-related459.3 $(352.2)107.1 
Developed technology246.8 (205.6)41.2 
Trade names and other104.8 (65.8)39.0 
$1,782.2 $(623.6)$1,158.6 
Amortization expense was $20.5 million and $32.7 million for the three months ended March 31, 2024 and 2023, respectively. As of March 31, 2024, the weighted-average remaining amortization period for amortizable intangible assets was 25 months for customer-related, 21 months for developed technology and 43 months for trade names and other, and was 28 months in total.
Based on the balance of finite-lived intangible assets as of March 31, 2024, expected future amortization expense is as follows:
Year Ending December 31:
2024 (remainder of)$55.7 
202567.8 
202622.5 
20274.2 
20281.9 
Thereafter1.3 
$153.4 
v3.24.1.u1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
Share Repurchase Program
Our board of directors has authorized a share repurchase program of up to $4,000.0 million. During the three months ended March 31, 2024, we repurchased a total of 1,245 shares of our Class A common stock in the open market, which were retired upon repurchase, for an aggregate purchase price of $147.7 million. As of March 31, 2024, we had $1,287.8 million of remaining authorization available for repurchases.
v3.24.1.u1
Prepaid Expenses and Other Current Assets
 3 Months Ended
Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Prepaid Expenses and Other Current Assets Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following:
March 31, 2024December 31, 2023
Derivative assets$148.5 $127.2 
Prepaid software and maintenance expenses40.2 23.0 
Other33.1 27.0 
$221.8 $177.2 
v3.24.1.u1
Equity-Based Compensation Plans
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Equity-Based Compensation Plans Equity-Based Compensation Plans
We have granted stock options at exercise prices equal to the fair market value of our Class A common stock on the grant date as well as granted both stock options and restricted stock awards (RSUs) vesting solely upon the continued service of the recipient. Performance-based awards (PSUs) vest based on our relative total stockholder return (TSR) as compared to an index of public internet companies.
The following table summarizes stock option activity:
Number of
Shares of Class A Common Stock (#)		Weighted-
Average
Exercise
Price Per Share ($)
Outstanding at December 31, 2023
845 49.60 
Exercised(80)26.52 
Forfeited— 18.00 
Outstanding at March 31, 2024
765 52.03 
Vested at March 31, 2024
764 52.01 
The following table summarizes stock award activity:
Number of
Shares of Class A Common Stock (#)
Outstanding at December 31, 20236,257 
Granted: RSUs2,472 
Granted: TSR-based PSUs212 
TSR-based PSU achievement above target230 
Vested(1,542)
Forfeited(221)
Outstanding at March 31, 2024(1)
7,408 
_________________________________
(1)The balance of outstanding awards is comprised of the following:
Number of
Shares of Class A Common Stock (#)		Weighted-Average Grant-Date Fair Value Per Share ($)
RSUs6,757 91.62
TSR-based PSUs651 142.30
Outstanding at March 31, 20247,408 
As of March 31, 2024, total unrecognized compensation expense related to non-vested equity grants was $552.9 million with an expected remaining weighted-average recognition period of 2.3 years.
v3.24.1.u1
Deferred Revenue
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
Deferred Revenue Deferred Revenue
Deferred revenue consisted of the following:
March 31, 2024December 31, 2023
Current:
A&C$742.2 $683.8 
Core1,432.2 1,391.1 
$2,174.4 $2,074.9 
Noncurrent:
A&C$186.7 $173.5 
Core656.2 628.9 
$842.9 $802.4 
The increase in deferred revenue is primarily driven by payments received in advance of satisfying our performance obligations, offset by $810.3 million of revenue recognized during the three months ended March 31, 2024, which was included in deferred revenue as of December 31, 2023. Deferred revenue as of March 31, 2024 represents our aggregate remaining performance obligations that will be recognized as revenue over the period in which the performance obligations are expected to be satisfied, as follows:
Remainder of 2024
2025202620272028ThereafterTotal
A&C$663.4 $186.5 $59.8 $11.7 $4.5 $3.0 $928.9 
Core1,238.7 492.2 172.5 80.2 43.6 61.2 2,088.4 
$1,902.1 $678.7 $232.3 $91.9 $48.1 $64.2 $3,017.3 
v3.24.1.u1
Accrued Expenses and Other Current Liabilities
 3 Months Ended
Mar. 31, 2024
Payables and Accruals [Abstract]  
Accrued Expenses and Other Current Liabilities Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following:
March 31, 2024December 31, 2023
Accrued payroll and employee benefits$104.6 $143.6 
Tax-related accruals68.9 56.2 
Accrued legal and professional37.8 34.2 
Current portion of operating lease liabilities26.6 29.1 
Share repurchases not yet settled19.3 — 
Derivative liabilities18.1 46.4 
Accrued marketing and advertising16.1 12.3 
Accrued interest14.9 13.6 
Accrued restructuring costs10.0 7.4 
Accrued acquisition-related expenses1.6 20.6 
Other91.6 78.8 
$409.5 $442.2 
v3.24.1.u1
Long-Term Debt
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt consisted of the following:
 Maturity DateMarch 31, 2024December 31, 2023
2027 Term Loans (effective interest rate of 7.7% at March 31, 2024 and 7.4% at December 31, 2023)
August 10, 2027$721.9 $723.8 
2029 Term Loans (effective interest rate of 7.9% at March 31, 2024 and 8.4% at December 31, 2023)
November 10, 20291,748.0 1,752.3 
2027 Senior Notes (effective interest rate of 5.5% at March 31, 2024 and 5.4% at December 31, 2023)
December 1, 2027600.0 600.0 
2029 Senior Notes (effective interest rate of 3.7% at March 31, 2024 and 3.6% at December 31, 2023)
March 1, 2029800.0 800.0 
Revolver
November 10, 2027— — 
Total3,869.9 3,876.1 
Less: unamortized original issue discount and debt issuance costs(1)
(57.5)(59.7)
Less: current portion of long-term debt(17.6)(17.9)
$3,794.8 $3,798.5 
_________________________________
(1)Original issue discount and debt issuance costs are amortized to interest expense over the life of the related debt instruments using the interest method.
Credit Facility
As described in our 2023 Form 10-K, our secured credit agreement (the Credit Facility) includes two tranches of term loans (the 2027 Term Loans and the 2029 Term Loans) and a revolving credit facility (the Revolver). A portion of the term loans is hedged by interest rate swap arrangements, as discussed in Note 10.
In January 2024, we entered into an amendment to the Credit Facility to provide for a new tranche of term loans maturing in 2029, the proceeds of which were used to refinance our existing 2029 Term Loans. Pursuant to this amendment, these loans were issued at par and bear interest at a rate equal to, at our option, either (a) Secured Overnight Financing Rate (SOFR) for the applicable interest period plus a margin of 2.0% per annum or (b) a margin of 1.0% per annum plus the highest of (i) the Federal Funds Rate plus 0.5%, (ii) the Prime Rate or (iii) SOFR for an interest period of one month plus 1.0%.
As of March 31, 2024, we had $998.8 million available for borrowing under the Revolver as $1.2 million has been used to secure the issuance of standby letters of credit. We were not in violation of any covenants of the Credit Facility as of March 31, 2024.
Senior Notes
As described in our 2023 Form 10-K, we have completed two offerings of senior notes (the 2027 Senior Notes and the 2029 Senior Notes).
As of March 31, 2024, we were not in violation of any covenants of the Senior Notes.
Fair Value
The estimated fair values of our long-term debt instruments are based on observable market prices for these instruments, which are traded in less active markets and therefore classified as Level 2 fair value measurements, and were as follows as of March 31, 2024:
2027 Term Loans$722.8 
2029 Term Loans$1,748.0 
2027 Senior Notes$587.2 
2029 Senior Notes$721.6 
Future Debt Maturities
Aggregate principal payments, exclusive of any unamortized original issue discount and debt issuance costs, due on long-term debt as of March 31, 2024 were as follows:
Year Ending December 31:
2024 (remainder of)$18.8 
202525.0 
202625.0 
20271,318.8 
202817.5 
Thereafter2,464.8 
$3,869.9 
v3.24.1.u1
Derivatives and Hedging
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Derivatives and Hedging Derivatives and Hedging
We utilize the following derivative instruments designated as cash flow hedges:
•foreign exchange forward contracts to hedge certain forecasted sales transactions denominated in foreign currencies;
•cross-currency swaps used to manage variability due to movements in foreign currency exchange rates related to a Euro-denominated intercompany loan; and
•pay-fixed rate, receive-floating rate interest rate swaps to effectively convert portions of our variable-rate debt to fixed.
We also utilize cross-currency swaps designated as net investment hedges to mitigate the risk associated with exchange rate fluctuations on our net investment in certain foreign operations.
The following table summarizes our outstanding derivative instruments on a gross basis, all of which are considered Level 2 financial instruments:
Notional Amount
Fair Value of Derivative Assets(2)
Fair Value of Derivative Liabilities(2)
 March 31, 2024December 31, 2023March 31, 2024December 31, 2023March 31, 2024December 31, 2023
Cash flow hedges:
Foreign exchange forward contracts(1)
$663.7 $592.1 $1.9 $1.4 $3.6 $14.7 
Cross-currency swaps(2)
546.9 560.8 — — 6.4 13.9 
Interest rate swaps1,954.5 1,959.7 148.5 127.2 — — 
Net investment hedges:
Cross-currency swaps(3)
701.1 718.8 — — 8.2 17.8 
Total hedges$3,866.2 $3,831.4 $150.4 $128.6 $18.2 $46.4 
_________________________________
(1)The notional amount includes $0.7 million of foreign exchange forward contracts not designated as cash flow hedges, the aggregate fair value of which was $0.9 million at March 31, 2024.
(2)The notional values of the cross-currency swaps have been translated from Euros to U.S. dollars at the foreign currency rates in effect of approximately 1.08 and 1.10 as of March 31, 2024 and December 31, 2023, respectively.
(3)In our balance sheets, all derivative assets are recorded within prepaid expenses and other current assets and all derivative liabilities are recorded within accrued expenses and other current liabilities.
The following table summarizes the effect of our hedging relationships on accumulated other comprehensive income (AOCI):
Unrealized Gains (Losses) Recognized in Other Comprehensive Income
 Three Months Ended
March 31, 2024March 31, 2023
Cash flow hedges:
Foreign exchange forward contracts(1)
$9.3 $(6.9)
Cross-currency swaps(2.1)2.0 
Interest rate swaps21.1 (34.6)
Net investment hedges:
Cross-currency swaps13.2 (6.4)
Total hedges$41.5 $(45.9)
_________________________________
(1)Amounts include gains and losses realized upon contract settlement but not yet recognized into earnings from AOCI.
The following tables summarize the locations and amounts of gains (losses) recognized within earnings related to our hedging relationships:
Three Months Ended March 31, 2024Three Months Ended March 31, 2023
RevenueInterest ExpenseOther Income (Expense), NetRevenueInterest ExpenseOther Income (Expense), Net
Cash flow hedges:
Foreign exchange forward contracts:
Reclassified from AOCI into income$1.6 $— $— $4.8 $— $— 
Cross-currency swaps:
Reclassified from AOCI into income(1)
— 2.4 12.4 — 2.4 (7.1)
Interest rate swaps:
Reclassified from AOCI into income— 18.0 — — 14.1 — 
Net investment hedges:
Cross-currency swaps:
Reclassified from AOCI into income— 3.1 — — 3.2 — 
Total hedges$1.6 $23.5 $12.4 $4.8 $19.7 $(7.1)
_________________________________
(1)The amounts reflected in other income (expense), net include $(12.4) million and $7.0 million reclassified from AOCI to offset the earnings impact of the remeasurement of the Euro-denominated intercompany loan hedged by cross-currency swaps during the three months ended March 31, 2024 and 2023, respectively.
As of March 31, 2024, we estimate that $97.2 million of net deferred gains related to our designated hedges will be recognized in earnings over the next 12 months. No amounts have been excluded from our hedge effectiveness testing.
Risk Management Strategies
Foreign Exchange Forward Contracts
From time-to-time, we may enter into foreign exchange forward contracts with financial institutions to hedge certain forecasted sales transactions denominated in foreign currencies. We designate these forward contracts as cash flow hedges, which are recognized as either assets or liabilities at fair value. At March 31, 2024, all such contracts had maturities of 24 months or less.
Cross-Currency Swaps
In April 2017, in order to manage variability due to movements in foreign currency rates related to a Euro-denominated intercompany loan, we entered into five-year cross-currency swaps. In March 2022, we entered into a transaction to extend the maturity of these swaps to August 31, 2027. We and the existing counterparties executed cancellation agreements to terminate all rights, obligations and liabilities associated with the original swaps. On the modification date, the existing cash flow hedging relationships were de-designated and new hedging relationships incorporating the terms of the new swaps (the 2022 Cross-Currency Swaps) were designated as either cash flow hedging relationships or net investment hedging relationships. The 2022 Cross-Currency Swaps had an aggregate amortizing notional amount of €1,184.2 million at inception (approximately $1,262.5 million). The swaps designated as cash flow hedging relationships convert the 3.00% fixed rate Euro-denominated interest and principal receipts on the intercompany loan into U.S. dollar interest and principal receipts at a fixed rate of 4.81%. The swaps designated as net investment hedging relationships hedge the foreign currency exposure of our net investment in certain Euro denominated functional currency subsidiaries. Pursuant to the contracts, the Euro notional value will be exchanged for the U.S. dollar notional value at maturity.
Interest Rate Swaps
In April 2017, we entered into a five-year pay-fixed rate, receive-floating rate interest rate swap arrangement to effectively convert a portion of the variable-rate borrowings under the previously issued term loans maturing in 2024, which were refinanced with the 2029 Term Loans, to a fixed rate of 5.44%. In March 2022, we entered into a transaction to extend the maturity of the swaps to August 31, 2027. We and the existing counterparties executed cancellation agreements to terminate all rights, obligations and liabilities associated with the original swaps. On the modification date, the existing cash flow hedging relationships were de-designated and new hedging relationships incorporating the terms of the new interest rate swaps (the 2022 Interest Rate Swaps) were designated. The 2022 Interest Rate Swaps, which had an amortizing notional amount of $1,262.5 million at inception, serve to convert a portion of the variable-rate borrowings under the 2029 Term Loans to a fixed rate of 4.81%. In November 2022, in conjunction with the concurrent Credit Facility refinancing discussed in our 2023 Form 10-K, we terminated these swaps and entered into new SOFR-based interest rate swaps. This modification impacted no critical terms other than the reference rate change from LIBOR to SOFR and thus had no impact on our hedging relationships or financial statements.
In August 2020, in conjunction with the issuance of the 2027 Term Loans, we entered into seven-year pay-fixed rate, receive-floating rate interest rate swaps to effectively convert the variable one-month LIBOR interest rate on the 2027 Term Loans borrowings to a fixed rate of 0.705%. These interest rate swaps, which mature on August 10, 2027, had an aggregate notional amount of $750.0 million at inception. In May 2023, in conjunction with the concurrent Credit Facility amendment, we terminated these swaps and entered into new SOFR-based interest rate swaps. This modification impacted no critical terms other than the reference rate change from LIBOR to SOFR and thus had no impact on our hedging relationships or financial statements.
The objective of these arrangements, which are designated as cash flow hedges and recognized as assets or liabilities at fair value, is to manage the variability of cash flows in the interest payments related to the portion of the variable-rate debt designated as being hedged. The unrealized gains and losses on the swaps are included in AOCI and will be recognized in earnings within or against interest expense when the hedged interest payments are accrued each month.
v3.24.1.u1
Leases
 3 Months Ended
Mar. 31, 2024
Leases [Abstract]  
Leases Leases
Our operating leases primarily consist of office and data center space expiring at various dates through October 2034. Certain leases include options to renew or terminate at our discretion. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. As of March 31, 2024, operating leases have a remaining weighted average lease term of 6.5 years and our operating lease liabilities were measured using a weighted average discount rate of 5.5%.
The components of operating lease expense were as follows:
Three Months Ended
 March 31, 2024March 31, 2023
Operating lease costs$7.5 $9.8 
Variable lease costs3.7 3.8 
Sublease income(2.9)(2.3)
Total net lease cost$8.3 $11.3 
During the three months ended March 31, 2024, we recognized $5.8 million of expense related to the abandonment of certain operating leases, which is included within restructuring and other.
As of March 31, 2024, we have $14.9 million in commitments for operating leases that have not yet commenced, and therefore are not included in our right-of-use assets or operating lease liabilities. These leases will commence during Q2 2024 with a weighted average lease term of 6.7 years.
v3.24.1.u1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Litigation
From time-to-time, we are a party to litigation and subject to claims, suits, regulatory and government investigations, other proceedings and consent decrees in the ordinary course of business, including intellectual property claims, putative and certified class actions, commercial and consumer protection claims, labor and employment claims, breach of contract claims and
other asserted and unasserted claims. We investigate claims as they arise and accrue estimates for resolution of legal and other contingencies when losses are probable and reasonably estimable.
There have been no material changes outside of the ordinary course of business to our known contractual obligations, which were included in Note 13 of Item 8 of our 2023 Form 10-K.
Indirect Taxes
We are subject to indirect taxation in some, but not all, of the various states and foreign jurisdictions in which we conduct business. Laws and regulations attempting to subject communications and commerce conducted over the Internet to various indirect taxes are becoming more prevalent, both in the U.S. and internationally, and may impose additional burdens on us in the future. Increased regulation could negatively affect our business directly, as well as the businesses of our customers. Taxing authorities may impose indirect taxes on the Internet-related revenue we generate based on regulations currently being applied to similar, but not directly comparable, industries. There are many transactions and calculations where the ultimate indirect tax determination is uncertain. In addition, domestic and international indirect taxation laws are complex and subject to change. We may be audited in the future, which could result in changes to our indirect tax estimates. We continually evaluate those jurisdictions in which nexus exists, and believe we maintain adequate indirect tax accruals.
Our accrual for estimated indirect tax liabilities was $25.5 million and $23.6 million as of March 31, 2024 and December 31, 2023, respectively, reflecting our best estimate of the probable liability based on an analysis of our business activities, revenues subject to indirect taxes and applicable regulations. Although we believe our indirect tax estimates and associated liabilities are reasonable, the final determination of indirect tax audits, litigation or settlements could be materially different than the amounts established for indirect tax contingencies.
v3.24.1.u1
Restructuring and Other Charges
 3 Months Ended
Mar. 31, 2024
Restructuring and Related Activities [Abstract]  
Restructuring and Other Charges Restructuring and Other Charges
During the three months ended March 31, 2024, we implemented restructuring activities to further reduce operating expenses and improve cash flows through a reduction in force, which impacted approximately 180 employees. In conjunction with these restructuring activities, we recognized $11.1 million of pre-tax restructuring charges in our statement of operations related to severance, employee benefits and equity-based compensation. Of the $11.1 million of pre-tax restructuring charges recognized during the three months ended March 31, 2024, $4.5 million and $6.1 million were recognized within our A&C and Core segments, respectively, and $0.5 million was recognized as corporate overhead.
Cash payments of $1.3 million related to the restructuring activities described above were made during the three months ended March 31, 2024. We expect to make substantially all remaining restructuring payments by the end of the third quarter of 2024.
The following table shows the total amount incurred and the accrued restructuring costs, which are recorded in accrued expenses and other current liabilities in our balance sheet, for severance and employee benefits:
 Accrued Restructuring Costs
Accrued restructuring costs as of December 31, 2023$7.4 
Restructuring costs incurred during the three months ended March 31, 2024(1)
10.6 
Amount paid during the three months ended March 31, 2024
(8.0)
Accrued restructuring costs as of March 31, 2024
$10.0 
Accrued restructuring costs as of December 31, 2022$— 
Restructuring costs incurred during the three months ended March 31, 2023(1)
27.1 
Amount paid during the three months ended March 31, 2023
(6.4)
Accrued restructuring costs as of March 31, 2023
$20.7 
________________________________
(1)The three months ended March 31, 2024 and March 31, 2023 excludes $0.8 million and $2.3 million, respectively, of equity-based compensation expense associated with our restructuring plans which was recorded within additional paid-in capital.
During the three months ended March 31, 2024, we also recognized $5.8 million of expense related to the abandonment of certain operating leases as discussed in Note 11. During the three months ended March 31, 2023, we recognized a $21.0 million charge in connection with the planned disposition of certain assets and liabilities of our hosting business within our Core segment which occurred on June 30, 2023.
v3.24.1.u1
Income Taxes
 3 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
We completed the DNC Restructure to simplify our capital structure, and on January 1, 2024, Desert Newco was converted from a partnership to a disregarded entity for U.S. income tax purposes. As a result, we now account for our deferred taxes related to Desert Newco based on the inside basis differences of our assets and liabilities where prior to the DNC Restructure we accounted for our deferred tax assets and liabilities related to Desert Newco based on the outside basis difference of our investment in Desert Newco. In connection with this change, we adjusted certain temporary differences on existing assets and liabilities which resulted in a one-time non-cash income tax benefit in the first quarter of 2024 of $267.4 million.
The components of our deferred taxes before and after the DNC restructuring are as follows:
January 1, 2024December 31, 2023
(Post-DNC Restructure)(Pre-DNC Restructure)
Deferred tax assets (DTAs) related to:
Deferred revenue$636.3 $— 
Goodwill385.2 — 
Net operating losses (NOLs)198.9 473.1 
Intangible assets168.0 (40.0)
Tax credits167.6 167.6 
Deferred interest44.0 44.0 
Operating lease liabilities31.8 15.3 
Accrued expenses24.2 — 
Investment in Desert Newco— 697.2 
Other27.2 9.3 
Valuation allowance(167.0)(377.5)
Total DTAs1,516.2 989.0 
Deferred tax liabilities (DTLs) related to:
Deferred cost of revenue(149.2)— 
Unrealized gains(71.9)— 
Operating lease assets(18.1)(6.4)
Original issue discount and debt issuance costs(14.0)— 
Total DTLs(253.2)(6.4)
Net DTAs$1,263.0 $982.6 
Our effective tax rate differs from the U.S. federal statutory rate primarily due to a one-time benefit related to the DNC Restructure and the impact of foreign earnings primarily related to the United Kingdom, Germany and India jurisdictions.
We monitor the realizability of our DTAs considering all relevant factors at each reporting period. As of March 31, 2024, based on the relevant weight of positive and negative evidence, including our ability to forecast future operating results, historical tax losses and our ability to utilize DTAs within the requisite carryforward periods, we do not maintain a valuation allowance on the majority of our U.S. federal and state DTAs. During the first quarter of 2024, management applied judgment and recorded a $13.0 million tax benefit for the reversal of a valuation allowance as a result of changes to our U.S. filing group from the DNC Restructure.
We do maintain valuation allowances on certain U.S., state, and foreign carry forwards as we concluded they are not more likely than not to be realized.
Uncertain Tax Positions
The total amount of gross unrecognized tax benefits was $171.3 million as of March 31, 2024, of which $48.6 million, if fully recognized, would decrease our effective tax rate. Although we believe the amounts reflected in our tax returns substantially comply with applicable U.S. federal, state and foreign tax regulations, the respective taxing authorities may take contrary positions based on their interpretation of the law. A tax position successfully challenged by a taxing authority could result in an adjustment to our provision or benefit for income taxes in the period in which a final determination is made.
v3.24.1.u1
Income Per Share
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Income Per Share Income Per Share
Basic income per share is computed by dividing net income attributable to GoDaddy Inc. by the weighted-average number of shares of Class A common stock outstanding during the period. Diluted income per share is computed giving effect to all potentially dilutive shares unless their effect is antidilutive.
A reconciliation of the numerator and denominator used in the calculation of basic and diluted income per share is as follows:
 Three Months Ended March 31,
 20242023
Numerator:
Net income$401.5 $47.4 
Less: net income attributable to non-controlling interests— 0.1 
Net income attributable to GoDaddy Inc.$401.5 $47.3 
Denominator:
Weighted-average shares of Class A common stock outstanding—basic142,528 154,124 
Effect of dilutive securities:
Class B common stock— 309 
Stock options443 535 
RSUs, PSUs and ESPP shares2,705 1,676 
Weighted-average shares of Class A Common stock outstanding—diluted145,676 156,644 
Net income attributable to GoDaddy Inc. per share of Class A common stock—basic$2.82 $0.31 
Net income attributable to GoDaddy Inc. per share of Class A common stock—diluted$2.76 $0.30 

The following number of weighted-average potentially dilutive shares were excluded from the calculation of diluted income per share because the effect of including such potentially dilutive shares would have been antidilutive:
 Three Months Ended March 31,
 20242023
Stock options— 20 
RSUs, PSUs and ESPP shares939 554 
939 574 

Shares of Class B common stock were not participating securities and, therefore, do not have rights to share in our earnings. Accordingly, separate presentation of income per share of Class B common stock under the two-class method is not required. Prior to the DNC Restructure, each LLC Unit was exchangeable into a share of Class A common stock only together with an equal number of shares of Class B common stock. All LLC Units of DNC not held by us or our subsidiaries were cancelled and converted into newly issued shares of Class A common stock in conjunction with the DNC Restructure.
v3.24.1.u1
Segment Information
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segment Information Segment Information
We report our operating results through two reportable segments: A&C and Core.
Our chief operating decision maker (CODM), which, as of March 31, 2024, was our Chief Executive Officer, evaluates the performance of and allocates resources to our segments based on each segment's revenue and earnings before interest, taxes, depreciation and amortization (Segment EBITDA). Segment EBITDA is defined as segment revenues less costs and operating expenses, 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 Segment EBITDA serves as a measure that assists our CODM and our investors in comparing our segments' performance on a consistent basis.
Our CODM does not use assets by segment to evaluate performance or allocate resources; therefore, we do not provide disclosure of assets by segment. See Note 2 for property, plant, and equipment, net as well as revenue disaggregated by geography.
The A&C and Core segments provide a view into the product-focused organization of our business and generate revenue as follows:
•A&C primarily consists of sales of products containing proprietary software, notably our website building products, as well as our commerce products and third-party email and productivity solutions and sales of certain products when they are included in bundled offerings of our proprietary software products.
•Core primarily consists of sales of domain registrations and renewals, aftermarket domain sales, website hosting products and website security products when not included in bundled offerings of our proprietary software products as well as sales of products not containing a software component.
There are no internal revenue transactions between our reportable segments.
Corporate overhead primarily includes general and administrative expenses and items not allocated to either segment as well as those costs specifically excluded from Segment EBITDA, our segment measure of profitability, such as depreciation and amortization, interest expense and income and provision or benefit for income taxes.
The following table presents our segment information for the periods indicated:
 Three Months Ended March 31,
20242023
Revenue:
A&C$383.1 $338.0 
Core725.4 698.0 
Total revenue$1,108.5 $1,036.0 
Segment EBITDA:
A&C$161.9 $132.4 
Core216.7 189.0 
Total Segment EBITDA378.6 321.4 
Unallocated corporate overhead(65.6)(71.7)
Depreciation and amortization(37.2)(48.5)
Equity-based compensation expense(1)
(71.0)(71.6)
Interest expense, net of interest income(34.7)(38.0)
Acquisition-related expenses(0.9)(4.4)
Restructuring and other (2)
(26.0)(39.6)
Income before income taxes143.2 47.6 
Benefit (provision) for income taxes258.3 (0.2)
Net income$401.5 $47.4 
_________________________________
(1)The three months ended March 31, 2024 and March 31, 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 and lease abandonments, charges related to certain legal matters, adjustments to the fair value of our equity investments and expenses incurred in relation to the refinancing of our long-term debt.
v3.24.1.u1
Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)
The following table presents AOCI activity in equity:
Foreign Currency Translation Adjustments
Net Unrealized Gains (Losses) on Cash Flow Hedges(1)
Total AOCI
Gross balance as of December 31, 2023(2)
$(83.6)$195.0 $111.4 
Other comprehensive income (loss) before reclassifications3.8 (17.7)(13.9)
Amounts reclassified from AOCI— 37.5 37.5 
Other comprehensive income3.8 19.8 23.6 
Balance as of March 31, 2024$(79.8)$214.8 $135.0 
Gross balance as of December 31, 2022(2)
$(75.0)$253.4 $178.4 
Other comprehensive income (loss) before reclassifications2.1 (56.9)(54.8)
Amounts reclassified from AOCI— 17.4 17.4 
Other comprehensive income (loss)2.1 (39.5)(37.4)
$(72.9)$213.9 141.0 
Less: AOCI attributable to non-controlling interests(0.3)
Balance as of March 31, 2023$140.7 
_________________________________
(1)Amounts shown for our foreign exchange forward contracts include gains and losses realized upon contract settlement but not yet recognized into earnings from AOCI.
(2)Beginning balance is presented on a gross basis, excluding the allocation of AOCI attributable to non-controlling interests.
v3.24.1.u1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Pay vs Performance Disclosure    
Net Income (Loss) $ 401.5 $ 47.3
v3.24.1.u1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2024
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Aman Bhutani [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On March 8, 2024, Aman Bhutani, Chief Executive Officer, adopted a 10b5-1 trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The 10b5-1 trading plan provides for the sale of an aggregate of
37,500 shares of the company's Class A common stock between July 2024 and July 2025. Trades under such 10b5-1 trading plan will not begin until after all trades under his previously adopted 10b5-1 trading plan are completed or expire without execution.
Name Aman Bhutani
Title Chief Executive Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 8, 2024
Arrangement Duration 395 days
Aggregate Available 37,500
Nick Daddario [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On March 8, 2024, following the completion of all trades under his previously adopted 10b5-1 trading plan, Nick Daddario, Chief Accounting Officer, adopted a 10b5-1 trading plan intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. The 10b5-1 trading plan provides for the sale of an aggregate of 7,878 shares of the company's Class A common stock between June 2024 and June 2025.
Name Nick Daddario
Title Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 8, 2024
Arrangement Duration 394 days
Aggregate Available 7,878
v3.24.1.u1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
Our financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) and include our accounts and the accounts of our subsidiaries. All material intercompany accounts and transactions have been eliminated.
Our interim financial statements are unaudited and, in our opinion, include all adjustments of a normal recurring nature necessary for the fair presentation of the periods presented. The results for interim periods are not necessarily indicative of the results to be expected for any subsequent period or for the year ending December 31, 2024.
These financial statements should be read in conjunction with our audited financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2023 (the 2023 Form 10-K).
Prior Period Presentation
Certain immaterial prior period amounts have been reclassified to conform to the current period presentation.
Use of Estimates
Use of Estimates
GAAP requires us to make estimates and assumptions affecting amounts reported in our financial statements. We periodically evaluate our estimates and adjust prospectively, if necessary. We believe our estimates and assumptions are reasonable; however, actual results may differ.
Segments
Segments
We report our operating results through two reportable segments: Applications and Commerce (A&C) and Core Platform (Core), as further discussed in Note 16.
Assets Recognized from Contract Costs
Assets Recognized from Contract Costs
Fees paid to various registries at the inception of a domain registration or renewal represent costs to fulfill a contract. We capitalize and amortize these prepaid domain name registry fees to cost of revenue consistent with the pattern of transfer of the product to which the asset relates.
Restructuring and Other
Restructuring and Other
Restructuring and other primarily represents: (i) charges related to restructuring activities undertaken to reduce future operating expenses and improve cash flows through a combination of reductions in force and the sale of certain assets and liabilities of our hosting business within our Core segment; and (ii) charges incurred in the first quarter of 2024 related to the abandonment of right-of-use assets associated with certain operating leases.
Fair Value Measurements
Fair Value Measurements
Fair value is defined as an exit price, representing the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants. The framework for measuring fair value provides a three-tier hierarchy prioritizing inputs to valuation techniques used in measuring fair value as follows:
Level 1— Observable inputs such as quoted prices for identical assets or liabilities in active markets;
Level 2— Inputs, other than quoted prices for identical assets or liabilities in active markets, which are observable either directly or indirectly; and
Level 3— Unobservable inputs in which there is little or no market data requiring the reporting entity to develop its own assumptions.
We hold certain assets required to be measured at fair value on a recurring basis. These include time deposits, which we classify within Level 1 because we use quoted market prices to determine their fair value. Level 2 assets and liabilities include commercial paper and derivative financial instruments associated with hedging activity, as further discussed in Note 10. Derivative financial instruments are measured at fair value on the contract date and are subsequently remeasured each reporting period using inputs such as spot rates, discount rates and forward rates. There are not active markets for the hedge contracts themselves; however, the inputs used to calculate the fair value of the instruments are tied to active markets.
Recent Accounting Pronouncements
In November 2023, the Financial Standards Accounting Board (FASB) issued guidance to update reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information used to assess segment performance. This update is effective for our 2024 fiscal year and interim periods in fiscal year 2025, with early adoption permitted. We are currently evaluating the impact that the adoption of this standard will have on our consolidated financial statements.
In December 2023, the FASB issued guidance to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this guidance require additional disclosures about income taxes, primarily focused on the disclosure of income taxes paid and the rate reconciliation table. The new guidance will be effective for the 2025 fiscal year, with early adoption permitted. We are currently evaluating the impact of this standard on our disclosures within our consolidated financial statements.
v3.24.1.u1
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
Property and Equipment, Net by Geography
Property and equipment, net by geography was as follows:
 March 31, 2024December 31, 2023
U.S.$139.0 $146.9 
France17.3 19.8 
All other international15.0 18.6 
$171.3 $185.3 
Revenue by Product Type
Revenue by major product type was as follows:
 Three Months Ended March 31,
 20242023
A&C$383.1 $338.0 
Core: domains532.0 492.1 
Core: other193.4 205.9 
$1,108.5 $1,036.0 
Revenue by Geography
Revenue by geography is based on the customer's billing address and was as follows:
 Three Months Ended March 31,
 20242023
U.S.$755.6 $695.4 
International352.9 340.6 
$1,108.5 $1,036.0 
Fair Value of Assets and Liabilities Measured on a Recurring Basis
The following tables set forth our material assets and liabilities measured and recorded at fair value on a recurring basis:
March 31, 2024
Level 1Level 2Level 3Total
Assets:
 Cash and cash equivalents:
Commercial paper$— $49.8 $— $49.8 
Time deposits58.8 — — 58.8 
 Derivative assets— 150.4 — 150.4 
Total assets$58.8 $200.2 $— $259.0 
Liabilities:
 Derivative liabilities$— $18.2 $— $18.2 
December 31, 2023
Level 1Level 2Level 3Total
Assets:
 Cash and cash equivalents:
Commercial paper$— $39.6 $— $39.6 
Time deposits40.0 — — 40.0 
 Short-term investments:
Time deposits40.0 40.0 
 Derivative assets— 128.6 — 128.6 
Total assets$80.0 $168.2 $— $248.2 
Liabilities:
 Derivative liabilities $— $46.4 $— $46.4 
v3.24.1.u1
Goodwill and Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The following table summarizes changes in our goodwill balance by segment:
A&CCoreTotal
Balance at December 31, 2023$1,513.6 $2,055.7 $3,569.3 
Impact of foreign currency translation(7.9)(11.0)(18.9)
Less: goodwill related to disposition of a business— (1.7)(1.7)
Balance at March 31, 2024$1,505.7 $2,043.0 $3,548.7 
Schedule of Indefinite-Lived Intangible Assets
Intangible assets, net are summarized as follows:
March 31, 2024
Gross 
Carrying
Amount		Accumulated
Amortization		Net Carrying
Amount
Indefinite-lived intangible assets:
Trade names and branding$445.0 n/a$445.0 
Domain portfolio232.6 n/a232.6 
Contractual-based assets292.7 n/a292.7 
Finite-lived intangible assets:
Customer-related399.6 $(315.1)84.5 
Developed technology237.3 (202.1)35.2 
Trade names and other95.2 (61.5)33.7 
$1,702.4 $(578.7)$1,123.7 

 December 31, 2023
Gross 
Carrying
Amount		Accumulated
Amortization		Net Carrying
Amount
Indefinite-lived intangible assets:
Trade names and branding$445.0 n/a$445.0 
Domain portfolio233.6 n/a233.6 
Contractual-based assets292.7 n/a292.7 
Finite-lived intangible assets:
Customer-related459.3 $(352.2)107.1 
Developed technology246.8 (205.6)41.2 
Trade names and other104.8 (65.8)39.0 
$1,782.2 $(623.6)$1,158.6 
Schedule of Finite-Lived Intangible Assets
Intangible assets, net are summarized as follows:
March 31, 2024
Gross 
Carrying
Amount		Accumulated
Amortization		Net Carrying
Amount
Indefinite-lived intangible assets:
Trade names and branding$445.0 n/a$445.0 
Domain portfolio232.6 n/a232.6 
Contractual-based assets292.7 n/a292.7 
Finite-lived intangible assets:
Customer-related399.6 $(315.1)84.5 
Developed technology237.3 (202.1)35.2 
Trade names and other95.2 (61.5)33.7 
$1,702.4 $(578.7)$1,123.7 

 December 31, 2023
Gross 
Carrying
Amount		Accumulated
Amortization		Net Carrying
Amount
Indefinite-lived intangible assets:
Trade names and branding$445.0 n/a$445.0 
Domain portfolio233.6 n/a233.6 
Contractual-based assets292.7 n/a292.7 
Finite-lived intangible assets:
Customer-related459.3 $(352.2)107.1 
Developed technology246.8 (205.6)41.2 
Trade names and other104.8 (65.8)39.0 
$1,782.2 $(623.6)$1,158.6 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
Based on the balance of finite-lived intangible assets as of March 31, 2024, expected future amortization expense is as follows:
Year Ending December 31:
2024 (remainder of)$55.7 
202567.8 
202622.5 
20274.2 
20281.9 
Thereafter1.3 
$153.4 
v3.24.1.u1
Prepaid Expenses and Other Current Assets (Tables)
 3 Months Ended
Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following:
March 31, 2024December 31, 2023
Derivative assets$148.5 $127.2 
Prepaid software and maintenance expenses40.2 23.0 
Other33.1 27.0 
$221.8 $177.2 
v3.24.1.u1
Equity-Based Compensation Plans (Tables)
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Award Activity
The following table summarizes stock option activity:
Number of
Shares of Class A Common Stock (#)		Weighted-
Average
Exercise
Price Per Share ($)
Outstanding at December 31, 2023
845 49.60 
Exercised(80)26.52 
Forfeited— 18.00 
Outstanding at March 31, 2024
765 52.03 
Vested at March 31, 2024
764 52.01 
The following table summarizes stock award activity:
Number of
Shares of Class A Common Stock (#)
Outstanding at December 31, 20236,257 
Granted: RSUs2,472 
Granted: TSR-based PSUs212 
TSR-based PSU achievement above target230 
Vested(1,542)
Forfeited(221)
Outstanding at March 31, 2024(1)
7,408 
_________________________________
(1)The balance of outstanding awards is comprised of the following:
Number of
Shares of Class A Common Stock (#)		Weighted-Average Grant-Date Fair Value Per Share ($)
RSUs6,757 91.62
TSR-based PSUs651 142.30
Outstanding at March 31, 20247,408 
v3.24.1.u1
Deferred Revenue (Tables)
 3 Months Ended
Mar. 31, 2024
Revenue from Contract with Customer [Abstract]  
Composition of Deferred Revenue
Deferred revenue consisted of the following:
March 31, 2024December 31, 2023
Current:
A&C$742.2 $683.8 
Core1,432.2 1,391.1 
$2,174.4 $2,074.9 
Noncurrent:
A&C$186.7 $173.5 
Core656.2 628.9 
$842.9 $802.4 
Expected Recognition of Deferred Revenue Deferred revenue as of March 31, 2024 represents our aggregate remaining performance obligations that will be recognized as revenue over the period in which the performance obligations are expected to be satisfied, as follows:
Remainder of 2024
2025202620272028ThereafterTotal
A&C$663.4 $186.5 $59.8 $11.7 $4.5 $3.0 $928.9 
Core1,238.7 492.2 172.5 80.2 43.6 61.2 2,088.4 
$1,902.1 $678.7 $232.3 $91.9 $48.1 $64.2 $3,017.3 
v3.24.1.u1
Accrued Expenses and Other Current Liabilities (Tables)
 3 Months Ended
Mar. 31, 2024
Payables and Accruals [Abstract]  
Composition of Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following:
March 31, 2024December 31, 2023
Accrued payroll and employee benefits$104.6 $143.6 
Tax-related accruals68.9 56.2 
Accrued legal and professional37.8 34.2 
Current portion of operating lease liabilities26.6 29.1 
Share repurchases not yet settled19.3 — 
Derivative liabilities18.1 46.4 
Accrued marketing and advertising16.1 12.3 
Accrued interest14.9 13.6 
Accrued restructuring costs10.0 7.4 
Accrued acquisition-related expenses1.6 20.6 
Other91.6 78.8 
$409.5 $442.2 
v3.24.1.u1
Long-Term Debt (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Composition of Long-Term Debt
Long-term debt consisted of the following:
 Maturity DateMarch 31, 2024December 31, 2023
2027 Term Loans (effective interest rate of 7.7% at March 31, 2024 and 7.4% at December 31, 2023)
August 10, 2027$721.9 $723.8 
2029 Term Loans (effective interest rate of 7.9% at March 31, 2024 and 8.4% at December 31, 2023)
November 10, 20291,748.0 1,752.3 
2027 Senior Notes (effective interest rate of 5.5% at March 31, 2024 and 5.4% at December 31, 2023)
December 1, 2027600.0 600.0 
2029 Senior Notes (effective interest rate of 3.7% at March 31, 2024 and 3.6% at December 31, 2023)
March 1, 2029800.0 800.0 
Revolver
November 10, 2027— — 
Total3,869.9 3,876.1 
Less: unamortized original issue discount and debt issuance costs(1)
(57.5)(59.7)
Less: current portion of long-term debt(17.6)(17.9)
$3,794.8 $3,798.5 
_________________________________
(1)Original issue discount and debt issuance costs are amortized to interest expense over the life of the related debt instruments using the interest method.
Estimated Fair Values of Long-Term Debt Instruments
The estimated fair values of our long-term debt instruments are based on observable market prices for these instruments, which are traded in less active markets and therefore classified as Level 2 fair value measurements, and were as follows as of March 31, 2024:
2027 Term Loans$722.8 
2029 Term Loans$1,748.0 
2027 Senior Notes$587.2 
2029 Senior Notes$721.6 
Aggregate Principal Payments Due on Long-Term Debt
Aggregate principal payments, exclusive of any unamortized original issue discount and debt issuance costs, due on long-term debt as of March 31, 2024 were as follows:
Year Ending December 31:
2024 (remainder of)$18.8 
202525.0 
202625.0 
20271,318.8 
202817.5 
Thereafter2,464.8 
$3,869.9 
v3.24.1.u1
Derivatives and Hedging (Tables)
 3 Months Ended
Mar. 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Outstanding Derivative Instruments
The following table summarizes our outstanding derivative instruments on a gross basis, all of which are considered Level 2 financial instruments:
Notional Amount
Fair Value of Derivative Assets(2)
Fair Value of Derivative Liabilities(2)
 March 31, 2024December 31, 2023March 31, 2024December 31, 2023March 31, 2024December 31, 2023
Cash flow hedges:
Foreign exchange forward contracts(1)
$663.7 $592.1 $1.9 $1.4 $3.6 $14.7 
Cross-currency swaps(2)
546.9 560.8 — — 6.4 13.9 
Interest rate swaps1,954.5 1,959.7 148.5 127.2 — — 
Net investment hedges:
Cross-currency swaps(3)
701.1 718.8 — — 8.2 17.8 
Total hedges$3,866.2 $3,831.4 $150.4 $128.6 $18.2 $46.4 
_________________________________
(1)The notional amount includes $0.7 million of foreign exchange forward contracts not designated as cash flow hedges, the aggregate fair value of which was $0.9 million at March 31, 2024.
(2)The notional values of the cross-currency swaps have been translated from Euros to U.S. dollars at the foreign currency rates in effect of approximately 1.08 and 1.10 as of March 31, 2024 and December 31, 2023, respectively.
(3)In our balance sheets, all derivative assets are recorded within prepaid expenses and other current assets and all derivative liabilities are recorded within accrued expenses and other current liabilities.
Summary of the Gains (Losses) Recognized within Earnings Related to Derivative Instruments
The following table summarizes the effect of our hedging relationships on accumulated other comprehensive income (AOCI):
Unrealized Gains (Losses) Recognized in Other Comprehensive Income
 Three Months Ended
March 31, 2024March 31, 2023
Cash flow hedges:
Foreign exchange forward contracts(1)
$9.3 $(6.9)
Cross-currency swaps(2.1)2.0 
Interest rate swaps21.1 (34.6)
Net investment hedges:
Cross-currency swaps13.2 (6.4)
Total hedges$41.5 $(45.9)
_________________________________
(1)Amounts include gains and losses realized upon contract settlement but not yet recognized into earnings from AOCI.
The following tables summarize the locations and amounts of gains (losses) recognized within earnings related to our hedging relationships:
Three Months Ended March 31, 2024Three Months Ended March 31, 2023
RevenueInterest ExpenseOther Income (Expense), NetRevenueInterest ExpenseOther Income (Expense), Net
Cash flow hedges:
Foreign exchange forward contracts:
Reclassified from AOCI into income$1.6 $— $— $4.8 $— $— 
Cross-currency swaps:
Reclassified from AOCI into income(1)
— 2.4 12.4 — 2.4 (7.1)
Interest rate swaps:
Reclassified from AOCI into income— 18.0 — — 14.1 — 
Net investment hedges:
Cross-currency swaps:
Reclassified from AOCI into income— 3.1 — — 3.2 — 
Total hedges$1.6 $23.5 $12.4 $4.8 $19.7 $(7.1)
_________________________________
(1)The amounts reflected in other income (expense), net include $(12.4) million and $7.0 million reclassified from AOCI to offset the earnings impact of the remeasurement of the Euro-denominated intercompany loan hedged by cross-currency swaps during the three months ended March 31, 2024 and 2023, respectively.
v3.24.1.u1
Leases (Tables)
 3 Months Ended
Mar. 31, 2024
Leases [Abstract]  
Components of Lease Expenses
The components of operating lease expense were as follows:
Three Months Ended
 March 31, 2024March 31, 2023
Operating lease costs$7.5 $9.8 
Variable lease costs3.7 3.8 
Sublease income(2.9)(2.3)
Total net lease cost$8.3 $11.3 
v3.24.1.u1
Restructuring and Other Charges (Tables)
 3 Months Ended
Mar. 31, 2024
Restructuring and Related Activities [Abstract]  
Summary of the Activity in the Restructuring Related Accruals
The following table shows the total amount incurred and the accrued restructuring costs, which are recorded in accrued expenses and other current liabilities in our balance sheet, for severance and employee benefits:
 Accrued Restructuring Costs
Accrued restructuring costs as of December 31, 2023$7.4 
Restructuring costs incurred during the three months ended March 31, 2024(1)
10.6 
Amount paid during the three months ended March 31, 2024
(8.0)
Accrued restructuring costs as of March 31, 2024
$10.0 
Accrued restructuring costs as of December 31, 2022$— 
Restructuring costs incurred during the three months ended March 31, 2023(1)
27.1 
Amount paid during the three months ended March 31, 2023
(6.4)
Accrued restructuring costs as of March 31, 2023
$20.7 
________________________________
(1)The three months ended March 31, 2024 and March 31, 2023 excludes $0.8 million and $2.3 million, respectively, of equity-based compensation expense associated with our restructuring plans which was recorded within additional paid-in capital.
v3.24.1.u1
Income Taxes (Tables)
 3 Months Ended
Mar. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Deferred Tax Assets and Liabilities
The components of our deferred taxes before and after the DNC restructuring are as follows:
January 1, 2024December 31, 2023
(Post-DNC Restructure)(Pre-DNC Restructure)
Deferred tax assets (DTAs) related to:
Deferred revenue$636.3 $— 
Goodwill385.2 — 
Net operating losses (NOLs)198.9 473.1 
Intangible assets168.0 (40.0)
Tax credits167.6 167.6 
Deferred interest44.0 44.0 
Operating lease liabilities31.8 15.3 
Accrued expenses24.2 — 
Investment in Desert Newco— 697.2 
Other27.2 9.3 
Valuation allowance(167.0)(377.5)
Total DTAs1,516.2 989.0 
Deferred tax liabilities (DTLs) related to:
Deferred cost of revenue(149.2)— 
Unrealized gains(71.9)— 
Operating lease assets(18.1)(6.4)
Original issue discount and debt issuance costs(14.0)— 
Total DTLs(253.2)(6.4)
Net DTAs$1,263.0 $982.6 
v3.24.1.u1
Income Per Share (Tables)
 3 Months Ended
Mar. 31, 2024
Earnings Per Share [Abstract]  
Reconciliation of the Numerator and Denominator Used in the Calculation of Basic and Diluted Net Income Per Share
A reconciliation of the numerator and denominator used in the calculation of basic and diluted income per share is as follows:
 Three Months Ended March 31,
 20242023
Numerator:
Net income$401.5 $47.4 
Less: net income attributable to non-controlling interests— 0.1 
Net income attributable to GoDaddy Inc.$401.5 $47.3 
Denominator:
Weighted-average shares of Class A common stock outstanding—basic142,528 154,124 
Effect of dilutive securities:
Class B common stock— 309 
Stock options443 535 
RSUs, PSUs and ESPP shares2,705 1,676 
Weighted-average shares of Class A Common stock outstanding—diluted145,676 156,644 
Net income attributable to GoDaddy Inc. per share of Class A common stock—basic$2.82 $0.31 
Net income attributable to GoDaddy Inc. per share of Class A common stock—diluted$2.76 $0.30 
Summary of Weighted Average Potentially Dilutive Shares
The following number of weighted-average potentially dilutive shares were excluded from the calculation of diluted income per share because the effect of including such potentially dilutive shares would have been antidilutive:
 Three Months Ended March 31,
 20242023
Stock options— 20 
RSUs, PSUs and ESPP shares939 554 
939 574 
v3.24.1.u1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Schedule of Segment Information
The following table presents our segment information for the periods indicated:
 Three Months Ended March 31,
20242023
Revenue:
A&C$383.1 $338.0 
Core725.4 698.0 
Total revenue$1,108.5 $1,036.0 
Segment EBITDA:
A&C$161.9 $132.4 
Core216.7 189.0 
Total Segment EBITDA378.6 321.4 
Unallocated corporate overhead(65.6)(71.7)
Depreciation and amortization(37.2)(48.5)
Equity-based compensation expense(1)
(71.0)(71.6)
Interest expense, net of interest income(34.7)(38.0)
Acquisition-related expenses(0.9)(4.4)
Restructuring and other (2)
(26.0)(39.6)
Income before income taxes143.2 47.6 
Benefit (provision) for income taxes258.3 (0.2)
Net income$401.5 $47.4 
_________________________________
(1)The three months ended March 31, 2024 and March 31, 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 and lease abandonments, charges related to certain legal matters, adjustments to the fair value of our equity investments and expenses incurred in relation to the refinancing of our long-term debt.
v3.24.1.u1
Accumulated Other Comprehensive Income (Loss) (Tables)
 3 Months Ended
Mar. 31, 2024
Equity [Abstract]  
OCI Activity in Equity
The following table presents AOCI activity in equity:
Foreign Currency Translation Adjustments
Net Unrealized Gains (Losses) on Cash Flow Hedges(1)
Total AOCI
Gross balance as of December 31, 2023(2)
$(83.6)$195.0 $111.4 
Other comprehensive income (loss) before reclassifications3.8 (17.7)(13.9)
Amounts reclassified from AOCI— 37.5 37.5 
Other comprehensive income3.8 19.8 23.6 
Balance as of March 31, 2024$(79.8)$214.8 $135.0 
Gross balance as of December 31, 2022(2)
$(75.0)$253.4 $178.4 
Other comprehensive income (loss) before reclassifications2.1 (56.9)(54.8)
Amounts reclassified from AOCI— 17.4 17.4 
Other comprehensive income (loss)2.1 (39.5)(37.4)
$(72.9)$213.9 141.0 
Less: AOCI attributable to non-controlling interests(0.3)
Balance as of March 31, 2023$140.7 
_________________________________
(1)Amounts shown for our foreign exchange forward contracts include gains and losses realized upon contract settlement but not yet recognized into earnings from AOCI.
(2)Beginning balance is presented on a gross basis, excluding the allocation of AOCI attributable to non-controlling interests.
v3.24.1.u1
Organization and Background (Details)
 3 Months Ended
Mar. 31, 2024
segment
shares
Dec. 31, 2023
shares
Dec. 12, 2023
vote
shares
Dec. 11, 2023
shares
Class of Stock [Line Items]        
Number of reportable segments | segment 2      
Number of operating segments | segment 2      
Class A Common Stock        
Class of Stock [Line Items]        
Common stock, shares outstanding (in shares) 142,429,000 142,051,000    
Common stock, shares issued (in shares) 142,429,000 142,051,000    
Class B Common Stock        
Class of Stock [Line Items]        
Common stock, shares outstanding (in shares) 0 [1] 259,000    
Common stock, shares issued (in shares) [1] 0 259,000    
Number of votes for each share held | vote     1  
Desert Newco, LLC        
Class of Stock [Line Items]        
LLC units held (as a percent) 100.00%      
Common stock, shares outstanding (in shares)       271
GoDaddy Inc. | Class A Common Stock        
Class of Stock [Line Items]        
Common stock, shares issued (in shares)     271  
[1] Substantially all Class B shares were no longer outstanding as of March 31, 2024.
v3.24.1.u1
Summary of Significant Accounting Policies - Property and Equipment, Net by Geography (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]    
Property and equipment, net $ 171.3 $ 185.3
U.S.    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Property and equipment, net 139.0 146.9
France    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Property and equipment, net 17.3 19.8
All other international    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Property and equipment, net $ 15.0 $ 18.6
v3.24.1.u1
Summary of Significant Accounting Policies - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Accounting Policies [Abstract]      
Equity investments $ 53.1   $ 53.1
Amortization of contract costs $ 193.8 $ 185.1  
v3.24.1.u1
Summary of Significant Accounting Policies - Revenue by Product Type (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Disaggregation of Revenue [Line Items]    
Revenue $ 1,108.5 $ 1,036.0
A&C    
Disaggregation of Revenue [Line Items]    
Revenue 383.1 338.0
Core    
Disaggregation of Revenue [Line Items]    
Revenue 725.4 698.0
Core | Domains    
Disaggregation of Revenue [Line Items]    
Revenue 532.0 492.1
Core | Other    
Disaggregation of Revenue [Line Items]    
Revenue $ 193.4 $ 205.9
v3.24.1.u1
Summary of Significant Accounting Policies - Revenue by Geography (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]    
Revenue $ 1,108.5 $ 1,036.0
U.S.    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Revenue 755.6 695.4
International    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Revenue $ 352.9 $ 340.6
v3.24.1.u1
Summary of Significant Accounting Policies - Fair Value of Assets and Liabilities Measured on a Recurring Basis (Details) - Measured on a Recurring Basis - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Assets:    
Derivative assets $ 150.4 $ 128.6
Total assets 259.0 248.2
Liabilities:    
Derivative liabilities 18.2 46.4
Commercial paper and other    
Assets:    
Cash and cash equivalents 49.8 39.6
Time deposits    
Assets:    
Cash and cash equivalents 58.8 40.0
Short-term investments   40.0
Level 1    
Assets:    
Derivative assets 0.0 0.0
Total assets 58.8 80.0
Liabilities:    
Derivative liabilities 0.0 0.0
Level 1 | Commercial paper and other    
Assets:    
Cash and cash equivalents 0.0 0.0
Level 1 | Time deposits    
Assets:    
Cash and cash equivalents 58.8 40.0
Short-term investments   40.0
Level 2    
Assets:    
Derivative assets 150.4 128.6
Total assets 200.2 168.2
Liabilities:    
Derivative liabilities 18.2 46.4
Level 2 | Commercial paper and other    
Assets:    
Cash and cash equivalents 49.8 39.6
Level 2 | Time deposits    
Assets:    
Cash and cash equivalents 0.0 0.0
Short-term investments  
Level 3    
Assets:    
Derivative assets 0.0 0.0
Total assets 0.0 0.0
Liabilities:    
Derivative liabilities 0.0 0.0
Level 3 | Commercial paper and other    
Assets:    
Cash and cash equivalents 0.0 0.0
Level 3 | Time deposits    
Assets:    
Cash and cash equivalents $ 0.0 0.0
Short-term investments  
v3.24.1.u1
Goodwill and Intangible Assets - Schedule of Goodwill (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
Goodwill [Roll Forward]  
Balance at December 31, 2023 $ 3,569.3
Impact of foreign currency translation (18.9)
Less: goodwill related to disposition of a business (1.7)
Balance at March 31, 2024 3,548.7
Applications and commerce  
Goodwill [Roll Forward]  
Balance at December 31, 2023 1,513.6
Impact of foreign currency translation (7.9)
Less: goodwill related to disposition of a business 0.0
Balance at March 31, 2024 1,505.7
Core platform  
Goodwill [Roll Forward]  
Balance at December 31, 2023 2,055.7
Impact of foreign currency translation (11.0)
Less: goodwill related to disposition of a business (1.7)
Balance at March 31, 2024 $ 2,043.0
v3.24.1.u1
Goodwill and Intangible Assets - Schedule of Intangible Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Accumulated Amortization $ (578.7) $ (623.6)
Net Carrying Amount 153.4  
Gross  Carrying Amount 1,702.4 1,782.2
Net Carrying Amount 1,123.7 1,158.6
Trade names and branding    
Indefinite-lived Intangible Assets [Line Items]    
Carrying Amount 445.0 445.0
Domain portfolio    
Indefinite-lived Intangible Assets [Line Items]    
Carrying Amount 232.6 233.6
Contractual-based assets    
Indefinite-lived Intangible Assets [Line Items]    
Carrying Amount 292.7 292.7
Customer-related    
Finite-Lived Intangible Assets [Line Items]    
Gross  Carrying Amount 399.6 459.3
Accumulated Amortization (315.1) (352.2)
Net Carrying Amount 84.5 107.1
Developed technology    
Finite-Lived Intangible Assets [Line Items]    
Gross  Carrying Amount 237.3 246.8
Accumulated Amortization (202.1) (205.6)
Net Carrying Amount 35.2 41.2
Trade names and other    
Finite-Lived Intangible Assets [Line Items]    
Gross  Carrying Amount 95.2 104.8
Accumulated Amortization (61.5) (65.8)
Net Carrying Amount $ 33.7 $ 39.0
v3.24.1.u1
Goodwill and Intangible Assets - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Finite-Lived Intangible Assets [Line Items]    
Amortization expense $ 20.5 $ 32.7
Weighted Average    
Finite-Lived Intangible Assets [Line Items]    
Weighted average remaining amortization period 28 months  
Customer-related    
Finite-Lived Intangible Assets [Line Items]    
Weighted average remaining amortization period 25 months  
Developed technology    
Finite-Lived Intangible Assets [Line Items]    
Weighted average remaining amortization period 21 months  
Trade names and other    
Finite-Lived Intangible Assets [Line Items]    
Weighted average remaining amortization period 43 months  
v3.24.1.u1
Goodwill and Intangible Assets - Future Amortization of Finite Lived Intangible Assets (Details)
$ in Millions
Mar. 31, 2024
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2024 (remainder of) $ 55.7
2025 67.8
2026 22.5
2027 4.2
2028 1.9
Thereafter 1.3
Net Carrying Amount $ 153.4
v3.24.1.u1
Stockholders' Equity (Details) - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Aug. 31, 2023
Class of Stock [Line Items]      
Aggregate purchase price $ 147.1 [1] $ 113.9  
Remaining authorization available $ 1,287.8    
Class A Common Stock      
Class of Stock [Line Items]      
Authorized amount     $ 4,000.0
Class A Common Stock | New Accelerated Share Repurchase Agreement      
Class of Stock [Line Items]      
Repurchases of Class A common stock (in shares) 1,245    
Aggregate purchase price $ 147.7    
[1] Includes a 1% excise tax on shares repurchased, net of the fair market value of new share issuances, of $0.5 million.
v3.24.1.u1
Prepaid Expenses and Other Current Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Derivative assets $ 148.5 $ 127.2
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] Prepaid expenses and other current assets Prepaid expenses and other current assets
Prepaid software and maintenance expenses $ 40.2 $ 23.0
Other 33.1 27.0
Prepaid expenses and other current assets $ 221.8 $ 177.2
v3.24.1.u1
Equity-Based Compensation Plans - Summary of Stock Option Activity (Details)
shares in Thousands
 3 Months Ended
Mar. 31, 2024
$ / shares
shares
Number of Shares of Class A Common Stock (#)  
Outstanding at beginning of period (in shares) | shares 845
Exercised (in shares) | shares (80)
Forfeited (in shares) | shares 0
Outstanding at end of period (in shares) | shares 765
Vested at end of period (in shares) | shares 764
Weighted- Average Exercise Price Per Share ($)  
Outstanding weighted average exercise price (in dollars per share) | $ / shares $ 49.60
Exercised (in dollars per share) | $ / shares 26.52
Forfeited (in dollars per share) | $ / shares 18.00
Outstanding weighted average exercise price (in dollars per share) | $ / shares 52.03
Vested at end of period (in dollars per share) | $ / shares $ 52.01
v3.24.1.u1
Equity-Based Compensation Plans - Summary of Stock Award Activity (Details)
shares in Thousands
 3 Months Ended
Mar. 31, 2024
$ / shares
shares
Number of Shares of Class A Common Stock (#)  
Outstanding at beginning of period (in shares) 6,257
Vested (in shares) (1,542)
Forfeited (in shares) (221)
Outstanding at end of period (in shares) 7,408
RSUs  
Number of Shares of Class A Common Stock (#)  
Granted (in shares) 2,472
Outstanding at end of period (in shares) 6,757
Weighted-average grant-date fair value per share (in dollars per share) | $ / shares $ 91.62
TSR-based PSUs  
Number of Shares of Class A Common Stock (#)  
Granted (in shares) 212
Outstanding at end of period (in shares) 651
Weighted-average grant-date fair value per share (in dollars per share) | $ / shares $ 142.30
TSR-Based Performance Stock Units Above Target  
Number of Shares of Class A Common Stock (#)  
Granted (in shares) 230
v3.24.1.u1
Equity-Based Compensation Plans - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
RSU's and ESPP  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized compensation costs $ 552.9
RSUs  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Weighted average recognition period 2 years 3 months 18 days
v3.24.1.u1
Deferred Revenue - Composition of Deferred Revenue (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]    
Deferred revenue, current $ 2,174.4 $ 2,074.9
Deferred revenue, noncurrent 842.9 802.4
Applications and commerce    
Disaggregation of Revenue [Line Items]    
Deferred revenue, current 742.2 683.8
Deferred revenue, noncurrent 186.7 173.5
Core platform    
Disaggregation of Revenue [Line Items]    
Deferred revenue, current 1,432.2 1,391.1
Deferred revenue, noncurrent $ 656.2 $ 628.9
v3.24.1.u1
Deferred Revenue - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
Revenue from Contract with Customer [Abstract]  
Revenue recognized $ 810.3
v3.24.1.u1
Deferred Revenue - Expected Recognition of Deferred Revenue (Details)
$ in Millions
Mar. 31, 2024
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue expected to be recognized as revenue $ 3,017.3
Applications and commerce  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue expected to be recognized as revenue 928.9
Core platform  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue expected to be recognized as revenue 2,088.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue expected to be recognized as revenue $ 1,902.1
Expected recognition period 9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | Applications and commerce  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue expected to be recognized as revenue $ 663.4
Expected recognition period 9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | Core platform  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue expected to be recognized as revenue $ 1,238.7
Expected recognition period 9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue expected to be recognized as revenue $ 678.7
Expected recognition period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Applications and commerce  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue expected to be recognized as revenue $ 186.5
Expected recognition period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Core platform  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue expected to be recognized as revenue $ 492.2
Expected recognition period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue expected to be recognized as revenue $ 232.3
Expected recognition period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Applications and commerce  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue expected to be recognized as revenue $ 59.8
Expected recognition period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Core platform  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue expected to be recognized as revenue $ 172.5
Expected recognition period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue expected to be recognized as revenue $ 91.9
Expected recognition period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Applications and commerce  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue expected to be recognized as revenue $ 11.7
Expected recognition period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Core platform  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue expected to be recognized as revenue $ 80.2
Expected recognition period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue expected to be recognized as revenue $ 48.1
Expected recognition period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | Applications and commerce  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue expected to be recognized as revenue $ 4.5
Expected recognition period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | Core platform  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue expected to be recognized as revenue $ 43.6
Expected recognition period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue expected to be recognized as revenue $ 64.2
Expected recognition period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | Applications and commerce  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue expected to be recognized as revenue $ 3.0
Expected recognition period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01 | Core platform  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Deferred revenue expected to be recognized as revenue $ 61.2
Expected recognition period
v3.24.1.u1
Accrued Expenses and Other Current Liabilities (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Payables and Accruals [Abstract]    
Accrued payroll and employee benefits $ 104.6 $ 143.6
Tax-related accruals 68.9 56.2
Accrued legal and professional 37.8 34.2
Current portion of operating lease liabilities 26.6 29.1
Share repurchases not yet settled 19.3 0.0
Derivative liabilities $ 18.1 $ 46.4
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] Accrued expenses and other current liabilities Accrued expenses and other current liabilities
Accrued marketing and advertising $ 16.1 $ 12.3
Accrued interest 14.9 13.6
Accrued restructuring costs 10.0 7.4
Accrued acquisition-related expenses 1.6 20.6
Other 91.6 78.8
Accrued expenses and other current liabilities $ 409.5 $ 442.2
v3.24.1.u1
Long-Term Debt - Composition of Long-Term Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]    
Long-term debt $ 3,869.9 $ 3,876.1
Less unamortized original issue discount and debt issuance costs (57.5) (59.7)
Less: current portion of long-term debt (17.6) (17.9)
Long-term debt, net of current portion 3,794.8 3,798.5
2027 Term Loans | Secured Debt    
Debt Instrument [Line Items]    
Long-term debt $ 721.9 $ 723.8
Effective interest rate percentage 7.70% 7.40%
2029 Term Loans | Secured Debt    
Debt Instrument [Line Items]    
Long-term debt $ 1,748.0 $ 1,752.3
Effective interest rate percentage 7.90% 8.40%
2027 Senior Notes | Senior Notes    
Debt Instrument [Line Items]    
Long-term debt $ 600.0 $ 600.0
Effective interest rate percentage 5.50% 5.40%
2029 Senior Notes | Senior Notes    
Debt Instrument [Line Items]    
Long-term debt $ 800.0 $ 800.0
Effective interest rate percentage 3.70% 3.60%
Revolver | Line of Credit | Revolving Credit Facility    
Debt Instrument [Line Items]    
Long-term debt $ 0.0 $ 0.0
v3.24.1.u1
Long-Term Debt - Narrative (Details)
$ in Millions
 1 Months Ended
Jan. 31, 2024
Mar. 31, 2024
USD ($)
tranche
The Credit Facility | SOFR | Variable Rate Component One | Line of Credit    
Debt Instrument [Line Items]    
Basis spread on variable rate 2.00%  
The Credit Facility | SOFR | Variable Rate Component Two | Line of Credit    
Debt Instrument [Line Items]    
Basis spread on variable rate 1.00%  
Revolving Credit Facility | The Credit Facility | SOFR | Line of Credit    
Debt Instrument [Line Items]    
Basis spread on variable rate 1.00%  
Revolving Credit Facility | The Credit Facility | Federal Funds Rate | Line of Credit    
Debt Instrument [Line Items]    
Basis spread on variable rate 0.50%  
Line of Credit | Revolver    
Debt Instrument [Line Items]    
Available borrowing capacity   $ 998.8
Line of Credit | 2027 Term Loans And 2029 Term Loans    
Debt Instrument [Line Items]    
Number of tranches | tranche   2
Standby Letters of Credit | Senior Unsecured Revolving Credit Facility    
Debt Instrument [Line Items]    
Borrowings used   $ 1.2
v3.24.1.u1
Long-Term Debt - Estimated Fair Values of Long-Term Debt Instruments (Details) - Level 2
$ in Millions
Mar. 31, 2024
USD ($)
2027 Term Loans | Secured Debt  
Debt Instrument [Line Items]  
Estimated fair value of long-term debt $ 722.8
2029 Term Loans | Secured Debt  
Debt Instrument [Line Items]  
Estimated fair value of long-term debt 1,748.0
2027 Senior Notes | Senior Notes  
Debt Instrument [Line Items]  
Estimated fair value of long-term debt 587.2
2029 Senior Notes | Senior Notes  
Debt Instrument [Line Items]  
Estimated fair value of long-term debt $ 721.6
v3.24.1.u1
Long-Term Debt - Aggregate Principal Payments Due on Long-Term Debt (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]    
2024 (remainder of) $ 18.8  
2025 25.0  
2026 25.0  
2027 1,318.8  
2028 17.5  
Thereafter 2,464.8  
Aggregate principal payments $ 3,869.9 $ 3,876.1
v3.24.1.u1
Derivatives and Hedging - Summary of Outstanding Derivative Instruments (Details)
€ in Millions, $ in Millions
Mar. 31, 2024
USD ($)
€ / $
Dec. 31, 2023
USD ($)
€ / $
Apr. 30, 2017
USD ($)
Apr. 30, 2017
EUR (€)
Derivative [Line Items]        
Derivative Asset, Statement of Financial Position [Extensible Enumeration] Prepaid Expense and Other Assets, Current Prepaid Expense and Other Assets, Current    
Derivative Liability, Statement of Financial Position [Extensible Enumeration] Accrued expenses and other current liabilities Accrued expenses and other current liabilities    
Designated as Hedging Instrument | Level 2        
Derivative [Line Items]        
Notional amount $ 3,866.2 $ 3,831.4    
Fair value of derivative assets 150.4 128.6    
Fair value of derivative liabilities 18.2 46.4    
Cash Flow Hedging | Foreign exchange forward contracts(1) | Designated as Hedging Instrument | Level 2        
Derivative [Line Items]        
Notional amount 663.7 592.1    
Fair value of derivative assets 1.9 1.4    
Fair value of derivative liabilities 3.6 $ 14.7    
Cash Flow Hedging | Foreign exchange forward contracts(1) | Not Designated as Hedging Instrument | Level 2        
Derivative [Line Items]        
Notional amount 0.7      
Aggregate fair value $ 0.9      
Cash Flow Hedging | Cross-currency swaps | Designated as Hedging Instrument        
Derivative [Line Items]        
Notional amount     $ 1,262.5 € 1,184.2
Euro to U.S. dollar exchange rate for translation | € / $ 1.08 1.10    
Cash Flow Hedging | Cross-currency swaps | Designated as Hedging Instrument | Level 2        
Derivative [Line Items]        
Notional amount $ 546.9 $ 560.8    
Fair value of derivative assets 0.0 0.0    
Fair value of derivative liabilities 6.4 13.9    
Cash Flow Hedging | Interest rate swaps | Designated as Hedging Instrument | Level 2        
Derivative [Line Items]        
Notional amount 1,954.5 1,959.7    
Fair value of derivative assets 148.5 127.2    
Fair value of derivative liabilities 0.0 0.0    
Net Investment Hedging | Cross-currency swaps | Designated as Hedging Instrument | Level 2        
Derivative [Line Items]        
Notional amount 701.1 718.8    
Fair value of derivative assets 0.0 0.0    
Fair value of derivative liabilities $ 8.2 $ 17.8    
v3.24.1.u1
Derivatives and Hedging - Summary of the Gains (Losses) Recognized within Earnings Related to Derivative Instruments (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Derivative [Line Items]    
Revenue $ 1,108.5 $ 1,036.0
Interest Expense 41.3 45.8
Other Income (Expense), Net 9.6 22.6
Reclassification out of Accumulated Other Comprehensive Income | Total hedges    
Derivative [Line Items]    
Revenue 1.6 4.8
Interest Expense 23.5 19.7
Other Income (Expense), Net 12.4 (7.1)
Designated as Hedging Instrument    
Derivative [Line Items]    
Total hedges 41.5 (45.9)
Foreign exchange forward contracts(1) | Cash Flow Hedging | Reclassification out of Accumulated Other Comprehensive Income | Cash flow hedges    
Derivative [Line Items]    
Revenue 1.6 4.8
Interest Expense 0.0 0.0
Other Income (Expense), Net 0.0 0.0
Foreign exchange forward contracts(1) | Cash Flow Hedging | Designated as Hedging Instrument    
Derivative [Line Items]    
Unrealized Gains (Losses) Recognized in Other Comprehensive Income 9.3 (6.9)
Cross-currency swaps | Reclassification out of Accumulated Other Comprehensive Income | Cash flow hedges | Euro-Denominated Intercompany Loan    
Derivative [Line Items]    
Other Income (Expense), Net (12.4) 7.0
Cross-currency swaps | Cash Flow Hedging | Reclassification out of Accumulated Other Comprehensive Income | Cash flow hedges    
Derivative [Line Items]    
Revenue 0.0 0.0
Interest Expense 2.4 2.4
Other Income (Expense), Net 12.4 (7.1)
Cross-currency swaps | Cash Flow Hedging | Designated as Hedging Instrument    
Derivative [Line Items]    
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (2.1) 2.0
Cross-currency swaps | Net Investment Hedging | Reclassification out of Accumulated Other Comprehensive Income | Net investment hedges    
Derivative [Line Items]    
Revenue 0.0 0.0
Interest Expense 3.1 3.2
Other Income (Expense), Net 0.0 0.0
Cross-currency swaps | Net Investment Hedging | Designated as Hedging Instrument    
Derivative [Line Items]    
Unrealized Gains (Losses) Recognized in Other Comprehensive Income 13.2 (6.4)
Interest rate swaps | Cash Flow Hedging | Reclassification out of Accumulated Other Comprehensive Income | Cash flow hedges    
Derivative [Line Items]    
Revenue 0.0 0.0
Interest Expense 18.0 14.1
Other Income (Expense), Net 0.0 0.0
Interest rate swaps | Cash Flow Hedging | Designated as Hedging Instrument    
Derivative [Line Items]    
Unrealized Gains (Losses) Recognized in Other Comprehensive Income $ 21.1 $ (34.6)
v3.24.1.u1
Derivatives and Hedging - Narrative (Details)
€ in Millions, $ in Millions
 1 Months Ended
Aug. 31, 2020
USD ($)
Apr. 30, 2017
USD ($)
Mar. 31, 2024
USD ($)
Apr. 30, 2017
EUR (€)
Derivative [Line Items]        
Net deferred losses from cash flow hedges     $ 97.2  
Euro-Denominated Intercompany Loan        
Derivative [Line Items]        
Base rate   3.00%   3.00%
Cash Flow Hedging | Designated as Hedging Instrument | Foreign exchange forward contracts(1)        
Derivative [Line Items]        
Derivative remaining maturity     24 months  
Cash Flow Hedging | Designated as Hedging Instrument | Cross-currency swaps        
Derivative [Line Items]        
Derivative contract term   5 years    
Notional amount   $ 1,262.5   € 1,184.2
Fixed rate   4.81%   4.81%
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap Agreement - April 2017        
Derivative [Line Items]        
Derivative contract term   5 years    
Notional amount   $ 1,262.5    
Fixed rate   5.44%   5.44%
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap Agreement - August 2020        
Derivative [Line Items]        
Derivative contract term 7 years      
Notional amount $ 750.0      
Fixed rate 0.705% 4.81%   4.81%
v3.24.1.u1
Leases - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Lessee, Lease, Description [Line Items]    
Operating lease, remaining weighted average lease term 6 years 6 months  
Operating lease, weighted average discount rate 5.50%  
Restructuring and other [1] $ 22.4 $ 52.3
Commitments for operating leases that have not yet commenced $ 14.9  
Term of leases not yet commenced 6 years 8 months 12 days  
Abandonment Of Operating Leases    
Lessee, Lease, Description [Line Items]    
Restructuring and other $ 5.8  
[1]
Costs and operating expenses include equity-based compensation expense as follows:
Cost of revenue$— $0.4 
Technology and development37.5 39.0 
Marketing and advertising7.3 6.6 
Customer care5.8 5.4 
General and administrative20.4 20.2 
Restructuring and other0.8 2.3 
Total equity-based compensation expense$71.8 $73.9 
v3.24.1.u1
Leases - Components of Lease Expenses (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Leases [Abstract]    
Operating lease costs $ 7.5 $ 9.8
Variable lease costs 3.7 3.8
Sublease income (2.9) (2.3)
Total net lease cost $ 8.3 $ 11.3
v3.24.1.u1
Commitments and Contingencies (Details) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Indirect Taxation    
Loss Contingencies [Line Items]    
Accrual for estimated indirect tax liabilities $ 25.5 $ 23.6
v3.24.1.u1
Restructuring and Other Charges - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
employee
Mar. 31, 2023
USD ($)
Restructuring Cost and Reserve [Line Items]    
Restructuring and other $ 26.0 $ 39.6
Restructuring and other [1] 22.4 52.3
Abandonment Of Operating Leases    
Restructuring Cost and Reserve [Line Items]    
Restructuring and other 5.8  
Additional Restructuring Plan | Disposal Group, Held-for-sale    
Restructuring Cost and Reserve [Line Items]    
Restructuring and other $ 11.1  
Additional Restructuring Plan | Workforce Reduction | Disposal Group, Held-for-sale    
Restructuring Cost and Reserve [Line Items]    
Reduction in current workforce | employee 180  
Restructuring Plan    
Restructuring Cost and Reserve [Line Items]    
Cash payments related to restructuring $ 8.0 6.4
Restructuring Plan | Disposal Group, Held-for-sale    
Restructuring Cost and Reserve [Line Items]    
Cash payments related to restructuring 1.3  
Restructuring Plan | Disposal Group, Held-for-sale | Applications and commerce    
Restructuring Cost and Reserve [Line Items]    
Restructuring and other 4.5  
Restructuring Plan | Disposal Group, Held-for-sale | Core platform    
Restructuring Cost and Reserve [Line Items]    
Restructuring and other 6.1  
Restructuring Plan | Corporate Overhead | Disposal Group, Held-for-sale    
Restructuring Cost and Reserve [Line Items]    
Restructuring and other $ 0.5  
Restructuring Plan | Disposition Of Assets | Disposal Group, Held-for-sale    
Restructuring Cost and Reserve [Line Items]    
Restructuring and other   $ 21.0
[1]
Costs and operating expenses include equity-based compensation expense as follows:
Cost of revenue$— $0.4 
Technology and development37.5 39.0 
Marketing and advertising7.3 6.6 
Customer care5.8 5.4 
General and administrative20.4 20.2 
Restructuring and other0.8 2.3 
Total equity-based compensation expense$71.8 $73.9 
v3.24.1.u1
Restructuring and Other Charges - Summary of the Activity in the Restructuring Related Accruals (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Dec. 31, 2023
Restructuring Reserve [Roll Forward]      
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] Restructuring and other    
Additional paid-in capital $ 2,345.9   $ 2,271.6
Restructuring Plan      
Restructuring Reserve [Roll Forward]      
Accrued restructuring costs as of December 31, 2023 7.4 $ 0.0  
Restructuring costs incurred during the nine months ended September 30, 2023 10.6 27.1  
Amount paid during the three months ended March 31, 2024 (8.0) (6.4)  
Accrued restructuring costs as of March 31, 2024 $ 10.0 $ 20.7  
v3.24.1.u1
Income Taxes (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
Income Tax Disclosure [Abstract]  
Non-cash income tax benefit $ 267.4
Net income tax benefit 13.0
Unrecognized tax benefits 171.3
Unrecognized tax benefits that if fully recognized would decrease the effective tax rate $ 48.6
v3.24.1.u1
Income Taxes - Net Deferred Tax Assets (Liabilities) (Details) - USD ($)
$ in Millions
Jan. 01, 2024
Dec. 31, 2023
Deferred tax assets (DTAs) related to:    
Deferred revenue $ 636.3 $ 0.0
Goodwill 385.2 0.0
Net operating losses (NOLs) 198.9 473.1
Intangible assets 168.0 (40.0)
Tax credits 167.6 167.6
Deferred interest 44.0 44.0
Operating lease liabilities 31.8 15.3
Accrued expenses 24.2 0.0
Investment in Desert Newco 0.0 697.2
Other 27.2 9.3
Valuation allowance (167.0) (377.5)
Total DTAs 1,516.2 989.0
Deferred tax liabilities (DTLs) related to:    
Deferred cost of revenue (149.2) 0.0
Unrealized gains (71.9) 0.0
Operating lease assets (18.1) (6.4)
Original issue discount and debt issuance costs (14.0) 0.0
Total DTLs (253.2) (6.4)
Net DTAs $ 1,263.0 $ 982.6
v3.24.1.u1
Income Per Share - Reconciliation of the Numerator and Denominator Used in the Calculation of Basic and Diluted Net Income Per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Numerator:    
Net income $ 401.5 $ 47.4
Less: net income attributable to non-controlling interests 0.0 0.1
Net income attributable to GoDaddy Inc. $ 401.5 $ 47.3
Class A Common Stock    
Denominator:    
Weighted-average shares of Class A common stock outstanding—basic (in shares) 142,528 154,124
Weighted-average shares of Class A Common stock outstanding—diluted (in shares) 145,676 156,644
Net income attributable to GoDaddy Inc. per share of Class A common stock—basic (in USD per share) $ 2.82 $ 0.31
Net income attributable to GoDaddy Inc. per share of Class A common stock—diluted (in USD per share) $ 2.76 $ 0.30
Class B Common Stock    
Denominator:    
Effect of dilutive securities (in shares) 0 309
Stock options    
Denominator:    
Effect of dilutive securities (in shares) 443 535
RSUs, PSUs and ESPP shares    
Denominator:    
Effect of dilutive securities (in shares) 2,705 1,676
v3.24.1.u1
Income Per Share - Summary of Weighted Average Potentially Dilutive Shares (Details) - shares
shares in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities (in shares) 939 574
Stock options    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities (in shares) 0 20
RSUs, PSUs and ESPP shares    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities (in shares) 939 554
v3.24.1.u1
Segment Information (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2024
USD ($)
segment
Mar. 31, 2023
USD ($)
Segment Reporting [Abstract]    
Number of reportable segments | segment 2  
Number of operating segments | segment 2  
Segment Reporting Information [Line Items]    
Revenue $ 1,108.5 $ 1,036.0
Unallocated corporate overhead (65.6) (71.7)
Depreciation and amortization (37.2) (48.5)
Equity-based compensation expense (71.0) (71.6)
Interest expense (34.7) (38.0)
Acquisition-related expenses (0.9) (4.4)
Restructuring and other (26.0) (39.6)
Income before income taxes 143.2 47.6
Benefit (provision) for income taxes 258.3 (0.2)
Net income 401.5 47.4
Restructuring Plan | Equity Based Compensation Expense    
Segment Reporting Information [Line Items]    
Restructuring and other (0.8) (2.3)
Operating Segments    
Segment Reporting Information [Line Items]    
Revenue 1,108.5 1,036.0
Total Segment EBITDA 378.6 321.4
Applications and commerce    
Segment Reporting Information [Line Items]    
Revenue 383.1 338.0
Applications and commerce | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue 383.1 338.0
Total Segment EBITDA 161.9 132.4
Core platform    
Segment Reporting Information [Line Items]    
Revenue 725.4 698.0
Core platform | Operating Segments    
Segment Reporting Information [Line Items]    
Revenue 725.4 698.0
Total Segment EBITDA $ 216.7 $ 189.0
v3.24.1.u1
Accumulated Other Comprehensive Income (Loss) - AOCI Activity in Equity (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning balance $ 62.2 $ (329.3)
Other comprehensive income (loss) before reclassifications (13.9) (54.8)
Amounts reclassified from AOCI 37.5 17.4
Other comprehensive income 23.6 (37.4)
Ending balance 414.8 (355.5)
AOCI Including Portion Attributable to Noncontrolling Interest    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning balance 111.4 178.4
Ending balance 135.0 141.0
AOCI Attributable to Parent    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning balance 111.2 178.0
Ending balance 135.0 140.7
Net investment hedges    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning balance (83.6) (75.0)
Other comprehensive income (loss) before reclassifications 3.8 2.1
Amounts reclassified from AOCI 0.0 0.0
Other comprehensive income 3.8 2.1
Ending balance (79.8) (72.9)
Net Unrealized Gains (Losses) on Cash Flow Hedges    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Beginning balance 195.0 253.4
Other comprehensive income (loss) before reclassifications (17.7) (56.9)
Amounts reclassified from AOCI 37.5 17.4
Other comprehensive income 19.8 (39.5)
Ending balance $ 214.8 213.9
AOCI Attributable to Noncontrolling Interest    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Ending balance   $ (0.3)