10-Q 1 gddy-20240930.htm 10-Q gddy-20240930
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Costs and operating expenses include equity-based compensation expense as follows:
Cost of revenue0.3 0.3 0.6 1.1 
Technology and development38.6 42.2 115.4 123.2 
Marketing and advertising7.7 7.1 22.9 21.0 
Customer care4.9 6.1 16.4 18.0 
General and administrative22.9 20.5 66.3 62.0 
Restructuring and other— — 0.8 2.3 
Total equity-based compensation expense$74.4 $76.2 $222.4 $227.6 
Components of OCI are net of the tax effects reflected below:

Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Unrealized swap gain (loss), net$(22.9)$— $(13.2)$— 
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission File Number: 001-36904
GoDaddy Inc.
(Exact name of registrant as specified in its charter)
Delaware46-5769934
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)
100 S. Mill Ave, Suite 1600
Tempe, Arizona 85281
(Address of principal executive offices) (zip code)
(480) 505-8800
(Registrant's telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.001 par value per shareGDDYNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes    ☒    No    ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                    Yes    ☒    No    ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.                         ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes    ☐    No    ☒
As of October 25, 2024, there were 140,391,395 shares outstanding of GoDaddy Inc.'s Class A common stock, $0.001 par value per share.



GoDaddy Inc.
Quarterly Report on Form 10-Q
For the Quarterly Period Ended September 30, 2024

TABLE OF CONTENTS

i

NOTE ABOUT FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (this Quarterly Report), including the sections titled "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors," contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), involving substantial risks and uncertainties. The words "believe," "may," "will," "potentially," "plan," "could," "should," "predict," "ongoing," "estimate," "continue," "anticipate," "intend," "project," "expect," "seek," or the negative of these words, or terms or similar expressions conveying uncertainty of future events or outcomes, or that concern our expectations, strategy, plans or intentions, are intended to identify forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, or expected. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements discussed under the heading "Risk Factors" in Part II, Item 1A, and in our publicly available filings and press releases. These statements include, among other things, those regarding:
•our ability to continue to add new customers and increase sales to our existing customers;
•our ability to develop new solutions and bring them to market in a timely manner;
•our ability to timely and effectively scale and adapt our existing solutions;
•our ability to deploy new and evolving technologies, such as artificial intelligence, machine learning, data analytics and similar tools (collectively, AI), in our offerings;
•our dependence on establishing and maintaining a strong brand;
•the occurrence of service interruptions and security or privacy breaches and related remediation efforts and fines;
•system failures or capacity constraints;
•the rate of growth of, and anticipated trends and challenges in, our business and in the market for our products;
•our future financial performance, including our expectations regarding our revenue, cost of revenue, operating expenses, including changes in technology and development, marketing and advertising, general and administrative and customer care expenses, and our ability to maintain future profitability;
•our ability to continue to efficiently acquire customers, maintain our high customer retention rates and grow the level of our customers' lifetime spend;
•our ability to provide high quality customer care;
•the effects of increased competition in our markets and our ability to compete effectively;
•our ability to grow internationally;
•the impact of fluctuations in foreign currency exchange rates on our business and our ability to effectively manage the exposure to such fluctuations;
•our ability to effectively manage our growth and associated investments, including the migration of applications and services to the public cloud;
•our ability to integrate acquisitions, our entry into new lines of business and our ability to achieve expected results from our integrations and new lines of business;
•our ability to complete desired or proposed divestitures;
•our ability to maintain our relationships with our partners;
•adverse consequences of our level of indebtedness and our ability to repay our debt;
•our ability to maintain, protect and enhance our intellectual property;
•our ability to maintain or improve our market share;
•sufficiency of cash and cash equivalents to meet our needs for at least the next 12 months;
•beliefs and objectives for future operations;
•our ability to stay in compliance with laws and regulations currently applicable to, or which may become applicable to, our business both in the United States (U.S.) and internationally;
ii

NOTE ABOUT FORWARD-LOOKING STATEMENTS (continued)

•economic and industry trends or trend analysis;
•our ability to attract and retain qualified employees and key personnel;
•anticipated income tax rates, tax estimates and tax standards;
•our future taxable income and ability to realize our deferred tax assets;
•interest rate changes;
•the future trading prices of our Class A common stock;
•our expectations regarding the outcome of any regulatory investigation or litigation;
•the amount and timing of future repurchases of our Class A common stock under any share repurchase program;
•the potential impact of shareholder activism on our business and operations;
•our expectations regarding the effectiveness of our restructuring efforts;
•our ability to remediate the identified material weakness in our internal control over financial reporting and to maintain effective internal control over financial reporting;
as well as other statements regarding our future operations, financial condition, growth prospects and business strategies.
We operate in very competitive and rapidly-changing environments, and new risks emerge from time-to-time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this Quarterly Report may not occur, and actual results could differ materially and adversely from those implied in our forward-looking statements.
You should not rely upon forward-looking statements as predictions of future events. Although we believe the expectations reflected in our forward-looking statements are reasonable, we cannot guarantee the future results, levels of activity, performance or events and circumstances described in the forward-looking statements will be achieved or occur. Neither we, nor any other person, assume responsibility for the accuracy and completeness of the forward-looking statements. We undertake no obligation to publicly update any forward-looking statements for any reason after the date of this Quarterly Report to conform such statements to actual results or to changes in our expectations, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Investors and others should note that we use our Investor Relations website (https://investors.godaddy.net) as a means of disclosing material financial information. Accordingly, investors should monitor our Investor Relations website, in addition to following press releases, Securities and Exchange Commission filings, public conference calls and webcasts.
Unless expressly indicated or the context suggests otherwise, references to "GoDaddy," "company," "we," "us" and "our" refer to GoDaddy Inc. and its consolidated subsidiaries, including Desert Newco, LLC and its subsidiaries (Desert Newco).
iii
Part I - FINANCIAL INFORMATION
Item 1. Financial Statements
GoDaddy Inc.
Consolidated Balance Sheets (unaudited)
(In millions, except shares in thousands and per share amounts)
September 30,December 31,
 20242023
Assets
Current assets:
Cash and cash equivalents$767.1 $458.8 
Short-term investments— 40.0 
Accounts and other receivables90.7 76.6 
Registry deposits42.3 37.3 
Prepaid domain name registry fees490.3 466.0 
Prepaid expenses and other current assets163.8 177.2 
Total current assets1,554.2 1,255.9 
Property and equipment, net155.8 185.3 
Operating lease assets56.4 60.8 
Prepaid domain name registry fees, net of current portion225.7 209.0 
Goodwill3,594.0 3,569.3 
Intangible assets, net1,091.2 1,158.6 
Deferred tax assets1,219.0 1,020.4 
Other assets100.9 105.6 
Total assets$7,997.2 $7,564.9 
Liabilities and stockholders' equity
Current liabilities:
Accounts payable$73.7 $148.1 
Accrued expenses and other current liabilities438.2 442.2 
Deferred revenue2,256.1 2,074.9 
Long-term debt16.5 17.9 
Total current liabilities2,784.5 2,683.1 
Deferred revenue, net of current portion881.3 802.4 
Long-term debt, net of current portion3,783.6 3,798.5 
Operating lease liabilities, net of current portion83.5 90.2 
Other long-term liabilities84.4 90.7 
Deferred tax liabilities23.2 37.8 
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value - 50,000 shares authorized; none issued and outstanding
— — 
Class A common stock, $0.001 par value - 1,000,000 shares authorized; 140,349 and 142,051 issued and outstanding as of September 30, 2024 and December 31, 2023, respectively
0.1 0.1 
Class B common stock, $0.001 par value - 500,000 shares authorized; none and 259 issued and outstanding as of September 30, 2024 and December 31, 2023, respectively
— — 
Additional paid-in capital2,519.0 2,271.6 
Accumulated deficit(2,252.6)(2,320.7)
Accumulated other comprehensive income90.2 111.2 
Total stockholders' equity356.7 62.2 
Total liabilities and stockholders' equity$7,997.2 $7,564.9 
See accompanying notes to consolidated financial statements.
1
GoDaddy Inc.
Consolidated Statements of Operations (unaudited)
(In millions, except shares in thousands and per share amounts)

Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Revenue:
Applications and commerce$423.1 $363.3 $1,211.8 $1,053.0 
Core platform724.5 706.4 2,168.8 2,100.8 
Total revenue1,147.6 1,069.7 3,380.6 3,153.8 
Costs and operating expenses(1):
Cost of revenue (excluding depreciation and amortization)407.4 396.9 1,230.2 1,171.4 
Technology and development205.1 201.6 613.9 635.8 
Marketing and advertising84.4 86.4 265.1 268.3 
Customer care68.9 75.7 218.6 230.2 
General and administrative94.8 91.6 282.1 278.4 
Restructuring and other0.4 9.8 29.7 79.6 
Depreciation and amortization32.8 40.6 103.1 132.6 
Total costs and operating expenses893.8 902.6 2,742.7 2,796.3 
Operating income
253.8 167.1 637.9 357.5 
Interest expense(39.4)(44.0)(120.2)(135.4)
Loss on debt extinguishment— (1.5)(3.1)(1.5)
Other income (expense), net6.6 6.3 24.5 35.7 
Income before income taxes
221.0 127.9 539.1 256.3 
Benefit (provision) for income taxes
(30.5)3.1 199.2 5.2 
Net income
190.5 131.0 738.3 261.5 
Less: net income attributable to non-controlling interests
— 0.3 — 0.6 
Net income attributable to GoDaddy Inc.
$190.5 $130.7 $738.3 $260.9 
Net income attributable to GoDaddy Inc. per share of Class A common stock:
Basic$1.36 $0.90 $5.22 $1.73 
Diluted$1.32 $0.89 $5.09 $1.71 
Weighted-average shares of Class A common stock outstanding:
Basic140,523 145,484 141,437 150,614 
Diluted144,138 147,291 145,179 153,303 
___________________________
(1) Costs and operating expenses include equity-based compensation expense as follows:
Cost of revenue$0.3 $0.3 $0.6 $1.1 
Technology and development38.6 42.2 115.4 123.2 
Marketing and advertising7.7 7.1 22.9 21.0 
Customer care4.9 6.1 16.4 18.0 
General and administrative22.9 20.5 66.3 62.0 
Restructuring and other— — 0.8 2.3 
Total equity-based compensation expense$74.4 $76.2 $222.4 $227.6 
See accompanying notes to consolidated financial statements.
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GoDaddy Inc.
Consolidated Statements of Comprehensive Income (unaudited)
(In millions)

Three Months Ended
September 30,
Nine Months Ended
September 30,
2024202320242023
Net income
$190.5 $131.0 $738.3 $261.5 
Foreign exchange forward contracts gain (loss), net(21.0)8.7 (10.5)(7.2)
Unrealized swap gain (loss), net(1)
(31.2)7.8 (27.4)2.0 
Change in foreign currency translation adjustment6.6 (9.9)16.7 (3.9)
Comprehensive income
144.9 137.6 717.1 252.4 
Less: comprehensive income attributable to non-controlling interests
— 0.3 — 0.6 
Comprehensive income attributable to GoDaddy Inc.
$144.9 $137.3 $717.1 $251.8 
___________________________
(1) Amounts are net of the tax effects reflected below:
Unrealized swap gain (loss), net$(22.9)$— $(13.2)$— 
See accompanying notes to consolidated financial statements.
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GoDaddy Inc.
Consolidated Statements of Stockholders' Equity (Deficit) (unaudited)
(In millions, except shares in thousands)

Class A Common StockClass B Common StockAdditional
Paid-in
Capital		Accumulated DeficitAccumulated Other Comprehensive IncomeTotal
SharesAmountSharesAmount
Balance at December 31, 2023142,051 $0.1 259 $— $2,271.6 $(2,320.7)$111.2 $62.2 
Net income — — — — — 401.5 — 401.5 
Equity-based compensation, including amounts capitalized— — — — 72.3 — — 72.3 
Stock option exercises80 — — — 2.1 — — 2.1 
Repurchases of Class A common stock(1)
(1,245)— — — — (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 other1,543 — (259)— (0.1)0.1 0.2 0.2 
Balance at March 31, 2024142,429 0.1 — — 2,345.9 (2,066.2)135.0 414.8 
Net income— — — — — 146.3 — 146.3 
Equity-based compensation, including amounts capitalized— — — — 76.8 — — 76.8 
Stock option exercises46 — — — 1.8 — — 1.8 
Repurchases of Class A common stock(1)(2)
(2,058)— — — — (502.8)— (502.8)
Issuance of Class A common stock under 2015 Employee Stock Purchase Plan (ESPP)249 — — — 19.5 — — 19.5 
Impact of derivatives, net— — — — — — (5.5)(5.5)
Change in foreign currency translation adjustment— — — — — — 6.3 6.3 
Vesting of restricted stock units and other789 — — — (0.1)(0.1)— (0.2)
Balance at June 30, 2024141,455 0.1 — — 2,443.9 (2,422.8)135.8 157.0 
Net income— — — — — 190.5 — 190.5 
Equity-based compensation, including amounts capitalized— — — — 74.9 — — 74.9 
Stock option exercises29 — — — 0.5 — — 0.5 
Repurchases of Class A common stock(1)(2)
(1,876)— — — — (20.3)— (20.3)
Impact of derivatives, net— — — — — — (52.2)(52.2)
Change in foreign currency translation adjustment— — — — — — 6.6 6.6 
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GoDaddy Inc.
Consolidated Statements of Stockholders' Equity (Deficit) (unaudited) (continued)
(In millions, except shares in thousands)
Class A Common StockClass B Common StockAdditional
Paid-in
Capital		Accumulated DeficitAccumulated Other Comprehensive IncomeTotal
SharesAmountSharesAmount
Vesting of restricted stock units and other741 — — — (0.3)— — (0.3)
Balance at September 30, 2024140,349 $0.1 $— $— $2,519.0 $(2,252.6)$90.2 $356.7 
_________________________________
(1)Includes a 1% excise tax on shares repurchased, net of the fair market value of new share issuances, of $1.4 million, $1.3 million, and $(0.5) million, for the three months ended September 30, 2024, June 30, 2024, and March 31, 2024, respectively.
(2)During the three months ended June 30, 2024, we entered into accelerated share repurchase agreements (ASRs) to repurchase shares of our Class A common stock, pursuant to which, an upfront payment of $245.0 million was made. No shares were initially received in connection with these ASRs. During the three months ended September 30, 2024, as further discussed in Note 4, the ASRs were settled in full with the delivery of 1,353 shares of Class A common stock for $188.9 million and a return of $56.1 million in cash of the upfront payment.
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GoDaddy Inc.
Consolidated Statements of Stockholders' Equity (Deficit) (unaudited) (continued)
(In millions, except shares in thousands)
Class A Common StockClass B Common StockAdditional
Paid-in
Capital		Accumulated DeficitAccumulated Other Comprehensive Income (Loss)Non-
Controlling
Interests		Total
SharesAmountSharesAmount
Balance at December 31, 2022153,830 $0.2 312 $— $1,912.6 $(2,422.6)$178.0 $2.5 $(329.3)
Net income — — — — — 47.3 — 0.1 47.4 
Equity-based compensation, including amounts capitalized— — — — 74.5 — — — 74.5 
Stock option exercises132 — — — 3.2 — — — 3.2 
Repurchases of Class A common stock(1,553)— — — — (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 other1,705 — (5)— 0.2 (0.1)0.1 (0.2)— 
Balance at March 31, 2023154,114 0.2 307 — 1,990.5 (2,489.3)140.7 2.4 (355.5)
Net income— — — — — 82.9 — 0.2 83.1 
Equity-based compensation, including amounts capitalized— — — — 78.0 — — — 78.0 
Stock option exercises115 — — — 1.6 — — (0.1)1.5 
Repurchases of Class A common stock(1)
(7,019)(0.1)— — — (511.5)— — (511.6)
Issuance of Class A common stock under ESPP299 — — — 18.2 — — — 18.2 
Impact of derivatives, net— — — — — — 17.8 — 17.8 
Change in foreign currency translation adjustment— — — — — — 3.9 — 3.9 
Vesting of restricted stock units and other784 — — — (0.1)0.1 — 0.1 0.1 
Balance at June 30, 2023148,293 0.1 307 — 2,088.2 (2,917.8)162.4 2.6 (664.5)
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GoDaddy Inc.
Consolidated Statements of Stockholders' Equity (Deficit) (unaudited) (continued)
(In millions, except shares in thousands)
Class A Common StockClass B Common StockAdditional
Paid-in
Capital		Accumulated DeficitAccumulated Other Comprehensive Income (Loss)Non-
Controlling
Interests		Total
SharesAmountSharesAmount
Net income — — — — — 130.7 — 0.3 131.0 
Equity-based compensation, including amounts capitalized— — — — 76.7 — — — 76.7 
Stock option exercises59 — — — 4.9 — — — 4.9 
Repurchases of Class A common stock(1)
(7,166)— — — — (528.2)— — (528.2)
Impact of derivatives, net— — — — — — 16.5 — 16.5 
Change in foreign currency translation adjustment— — — — — — (9.9)— (9.9)
Vesting of restricted stock units and other803 — — — 0.2 — (0.1)— 0.1 
Balance at September 30, 2023141,989 $0.1 307 $— $2,170.0 $(3,315.3)$168.9 $2.9 $(973.4)
_________________________________
(1)Includes a 1% excise tax on shares repurchased, net of the fair market value of new share issuances, of $4.6 million.
See accompanying notes to consolidated financial statements.
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GoDaddy Inc.
Consolidated Statements of Cash Flows (unaudited)
(In millions)
 
Nine Months Ended
September 30,
 20242023
Operating activities
Net income
$738.3 $261.5 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization103.1 132.6 
Equity-based compensation expense222.4 227.6 
(Gain) loss on derivative instruments6.7 (9.2)
Deferred taxes(213.7)(19.4)
Loss on dispositions1.9 16.8 
Other29.7 37.4 
Changes in operating assets and liabilities, net of amounts acquired:
Prepaid domain name registry fees(40.3)(47.3)
Accounts payable(73.9)6.2 
Accrued expenses and other current liabilities(15.7)45.2 
Deferred revenue262.3 173.4 
Other operating assets and liabilities(73.6)(74.9)
Net cash provided by operating activities947.2 749.9 
Investing activities
Maturities of short-term investments40.0 — 
Purchases of intangible assets— (35.4)
Net proceeds received from dispositions8.1 12.4 
Purchases of property and equipment(12.2)(38.0)
Other investing activities— (0.4)
Net cash provided by (used in) investing activities35.9 (61.4)
Financing activities
Proceeds received from:
Issuance of term loans2,752.3 1,759.9 
    Stock option exercises4.4 9.6 
Issuance of Class A common stock under ESPP19.5 18.2 
Payments made for:
Repurchases of Class A common stock(668.1)(1,133.2)
Repayment of long-term debt(2,768.4)(1,780.0)
Other financing obligations(15.6)(7.8)
Net cash used in financing activities(675.9)(1,133.3)
Effect of exchange rate changes on cash and cash equivalents1.1 — 
Net increase (decrease) in cash and cash equivalents308.3 (444.8)
Cash and cash equivalents, beginning of period458.8 774.0 
Cash and cash equivalents, end of period$767.1 $329.2 
Cash paid during the period for:
Interest on long-term debt, including impact of interest rate swaps$113.2 $128.3 
Income taxes, net of refunds received$16.8 $7.2 
Amounts included in the measurement of operating lease liabilities$29.9 $34.0 
Supplemental disclosure of non-cash transactions
Operating lease assets obtained in exchange for operating lease liabilities$11.5 $8.4 
Accrued purchases of property and equipment at period end$1.6 $1.0 
Share repurchases not yet settled$— $17.9 
See accompanying notes to consolidated financial statements.
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GoDaddy Inc.
Notes to Consolidated Financial Statements (unaudited)
(In millions, except shares in thousands and per share amounts)
1.    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 September 30, 2024, we owned 100% of Desert Newco.
On December 11, 2023, we completed a series of transactions (the DNC Restructure) designed to simplify our then existing capital structure, commonly referred to as an "Up-C" structure, and provide us with additional strategic flexibility. Completion of these transactions resulted in Desert Newco becoming a wholly-owned subsidiary of GoDaddy Inc. Pursuant to the DNC Restructure, all Limited Liability Company Units of Desert Newco not held by us or our subsidiaries were cancelled and converted into newly issued shares of our Class A common stock. 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.
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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.
2.    Summary of Significant Accounting Policies
Property and Equipment
Property and equipment, net by geography was as follows:
 September 30, 2024December 31, 2023
U.S.$131.4 $146.9 
France13.5 19.8 
All other international10.9 18.6 
$155.8 $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 September 30, 2024 and December 31, 2023.
Revenue Recognition
Disaggregated Revenue
Revenue by major product type was as follows:
 Three Months Ended September 30,
Nine Months Ended September 30,
 2024202320242023
A&C$423.1 $363.3 $1,211.8 $1,053.0 
Core: domains535.9 508.2 1,597.1 1,493.0 
Core: other188.6 198.2 571.7 607.8 
$1,147.6 $1,069.7 $3,380.6 $3,153.8 
No single customer represented over 10% of our total revenue for any period presented.
10
Revenue by geography is based on the customer's billing address and was as follows:
 Three Months Ended September 30,Nine Months Ended September 30,
 2024202320242023
U.S.$778.2 $724.2 $2,301.2 $2,126.6 
International369.4 345.5 1,079.4 1,027.2 
$1,147.6 $1,069.7 $3,380.6 $3,153.8 
No single 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 assets was $200.3 million and $194.4 million for the three months ended September 30, 2024 and 2023, respectively, and was $589.9 million and $571.6 million for the nine months ended September 30, 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 during the nine months ended September 30, 2024 and September 30, 2023 and the sale of certain assets and liabilities of our hosting business within our Core segment during the nine months ended September 30, 2023; (ii) charges incurred related to the abandonment of right-of-use assets associated with certain operating leases during the nine months ended September 30, 2024; and (iii) a charge related to the termination of a revenue sharing arrangement during the nine months ended September 30, 2023. 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 and notice 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 no active markets for the hedge contracts themselves; however, the inputs used to calculate the fair value of the instruments are tied to active markets.
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The following tables set forth our material assets and liabilities measured and recorded at fair value on a recurring basis:
September 30, 2024
Level 1Level 2Level 3Total
Assets:
 Cash and cash equivalents:
Notice deposits$100.0 $— $— $100.0 
Commercial paper— 39.7 — 39.7 
Time deposits100.0 100 
 Derivative assets— 85.8 — 85.8 
Total assets$200.0 $125.5 $— $325.5 
Liabilities:
 Derivative liabilities$— $56.6 $— $56.6 
December 31, 2023
Level 1Level 2Level 3Total
Assets:
 Cash and cash equivalents:
Commercial paper$— $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 the 2024 fiscal year and interim periods in fiscal year 2025, with early adoption permitted, and will be applied retrospectively for all periods presented. Adoption of this guidance will result in additional disclosures, but it will not impact our consolidated financial position, results of operations or cash flows.
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.
3.    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 translation11.1 15.3 26.4 
Less: goodwill related to disposition of a business— (1.7)(1.7)
Balance at September 30, 2024$1,524.7 $2,069.3 $3,594.0 
12

Intangible assets, net are summarized as follows:
September 30, 2024
Gross 
Carrying
Amount		Accumulated
Amortization		Net Carrying
Amount
Indefinite-lived intangible assets:
Trade names and branding$445.0 n/a$445.0 
Domain portfolio231.2 n/a231.2 
Contractual-based assets292.7 n/a292.7 
Finite-lived intangible assets:
Customer-related419.1 $(350.5)68.6 
Developed technology240.3 (215.5)24.8 
Trade names and other98.0 (69.1)28.9 
$1,726.3 $(635.1)$1,091.2 

 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 $19.6 million and $24.0 million for the three months ended September 30, 2024 and 2023, respectively, and was $59.3 million and $82.8 million for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, the weighted-average remaining amortization period for amortizable intangible assets was 19 months for customer-related, 16 months for developed technology and 38 months for trade names and other, and was 22 months in total.
Based on the balance of finite-lived intangible assets as of September 30, 2024, expected future amortization expense is as follows:
Year Ending December 31:
2024 (remainder of)$19.7 
202571.9 
2026