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GoDaddy Inc. (NYSE: GDDY) is a global leader in domain registration and web services, helping millions of entrepreneurs start, grow, and scale their businesses online. Founded with the mission to make it easy and affordable for people to get their ideas online, GoDaddy has evolved into a comprehensive platform offering domain registration, website hosting, security, design, business productivity tools, commerce solutions, and domain registry services.
GoDaddy primarily serves micro- to small businesses, website design professionals, registrar peers, and domain investors. In 2021, the company expanded its offerings by acquiring payment processing platform Poynt, enabling it to offer omnicommerce solutions, including online payment gateways and offline point-of-sale devices.
Recent Achievements and Current Projects:
- In February 2024, GoDaddy's Venture Forward research initiative, in collaboration with Nasdaq and Wells Fargo, highlighted the growing impact of women-led microbusinesses. The panel discussed challenges like access to capital and provided insights to support women entrepreneurs.
- GoDaddy reported strong financial results for Q1 2024, with a focus on sustainable growth and innovation. The company repurchased 2.8 million shares year-to-date, demonstrating solid financial health.
- GoDaddy implemented infrastructure simplifications and restructuring efforts to reduce operating expenses and improve cash flows, impacting approximately 180 employees.
- In May 2024, GoDaddy closed a $1 billion tranche of term loans maturing in 2031 to refinance and extend the maturity date of previous loans, enhancing its financial flexibility.
Financial Condition and Outlook:
As of March 31, 2024, GoDaddy had $664 million in cash and cash equivalents, total debt of $3.9 billion, and net debt of $3.2 billion. The company expects Q2 2024 revenue to range between $1.10 billion and $1.12 billion, with full-year 2024 revenue projected at $4.50 billion to $4.56 billion. GoDaddy aims for a full-year normalized EBITDA margin of approximately 29% and expects unlevered free cash flow of at least $1.4 billion.
For more information, visit GoDaddy's website or their Investor Relations page.
GoDaddy's Venture Forward research reveals that over half of microbusiness owners in the U.S. and U.K. believe life is better as an entrepreneur. The survey, conducted in August 2023 with 3,525 U.S. and 2,651 U.K. participants, found that 63% of respondents feel positively about entrepreneurship. The primary joys cited include full-time employment by their businesses (U.S. 33%, U.K. 31%), connecting with customers (U.S. 20%, U.K. 18%), and community impact (U.S. 16%, U.K. 14%). Notably, generational differences emerged, with U.S. Baby Boomers more satisfied than Gen Z. Women, particularly in the U.S., are narrowing the gender gap in entrepreneurship with lower startup capital needs. GoDaddy's research underscores the significant economic impact of microbusinesses, despite their often informal nature.
GoDaddy's 2023 Sustainability Report emphasizes the company's commitment to corporate governance and sustainability.
Key highlights include the role of the Board of Directors in providing oversight on strategic and financial goals, with three standing committees: Audit and Finance, Nominating and Governance, and Compensation and Human Capital.
Risk management is a significant focus, with the Board overseeing enterprise-wide risk assessment. Sustainability governance is integrated at both the Board and management levels, with the Nominating and Governance Committee and the Compensation and Human Capital Committee playing important roles.
The report also details the Sustainability Working Group's efforts in driving progress across priority topics and supporting sustainability disclosures.
Ashwini Siddhi, Director for Product Security Engineering at GoDaddy, discusses her role and the importance of cybersecurity in the company's mission. Based in India with a background in Electronics Engineering and extensive experience in cybersecurity, Siddhi leads efforts to embed robust security measures from inception to deployment at GoDaddy. She champions diversity and inclusion within the cybersecurity community and serves as a mentor, particularly for women.
Siddhi highlights GoDaddy's mission to empower entrepreneurs globally by offering secure and resilient tools. She shares her pride in GoDaddy's engineering culture, the adoption of cloud technologies, and the advancements in AI/ML. Siddhi also provides insights into managing stress, emphasizing the balance between urgency and importance, and offers advice for those interested in a career in security engineering.
GoDaddy's 2023 Sustainability Report highlights significant advancements across multiple areas. The company leveraged generative artificial intelligence (GenAI) to innovate products and services, aiding customers in starting and growing their businesses. GoDaddy maintained gender pay parity globally for the ninth year and ethnicity pay parity in the U.S. for the seventh year. Moreover, they accomplished a major environmental goal by reducing their scope 1 and 2 greenhouse gas emissions by 50% from a 2019 baseline.
Kristy Lilas, VP of Diversity, Inclusion, and Belonging at GoDaddy, emphasizes the importance of workplace inclusion without solely depending on self-advocacy, especially for marginalized individuals. She notes that biases and systemic barriers can hinder self-promotion for these employees. The article suggests fostering environments where advocacy is a shared responsibility, identifying opportunities for education, and creating spaces for diverse voices. This approach aims to build equity and belonging within organizations.
GoDaddy's 2023 Sustainability Report, highlighted by the Chief Executive Officer, emphasizes the company's mission to empower entrepreneurs globally. The report showcases GoDaddy's support for microbusiness owners, inclusive entrepreneurship, innovative technologies like GoDaddy Airo™, exceptional customer service, commitment to employee development, global gender and ethnicity pay parity, successful reduction in greenhouse gas emissions, and future sustainability goals.
Michaela Krasteva, a member of the Global Quality Assurance (QA) Team at GoDaddy, shares her journey, inspirations, and experiences at the company. With a background in tech and beauty industry, she emphasizes the importance of diversity, impactful customer interactions, and organizational support at GoDaddy.
In a recent survey by GoDaddy, it was found that 50% of microbusiness owners in the US have used generative artificial intelligence (GenAI) tools in the past few months. 44% of microbusinesses believe that GenAI helps them compete with larger businesses. Usage of GenAI varies across demographic groups, with young and Black microbusiness owners being more likely to use it. Black-owned microbusinesses are almost twice as likely to use GenAI for customer service compared to white-owned microbusinesses.
GoDaddy's study reveals valuable mindset advice for aspiring entrepreneurs in The Ultimate Guide to the Entrepreneurial Mindset. The guide covers building confidence, developing resilience, mastering time management, cultivating a growth mindset, and more. Alongside the guide, GoDaddy Airo™, an AI-powered experience, helps entrepreneurs launch a business efficiently.
GoDaddy Inc. (NYSE: GDDY) will be presenting at the 52nd Annual J.P. Morgan Global Technology, Media and Communications Conference on May 20, 2024, and participating in the 3rd Annual Evercore ISI Nothing But Net Internet Investors Summit on May 29, 2024. Aman Bhutani, CEO, and Mark McCaffrey, CFO, will represent GoDaddy at these events.
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