GoDaddy reports Q2 2022 financial results

GoDaddy Inc. (NYSE: GDDY) today reported financial results for the second quarter ended June 30, 2022:

• Revenue up 9% year-over-year
• Net Income up 93% year-over-year
• Normalized EBITDA up 30% year-over-year
• GoDaddy buys back $1 billion of shares year-to-date

“GoDaddy’s strong second quarter results reflect our focus on achieving the strategic initiatives and financial targets we laid out at our Investor Day earlier this year,” said GoDaddy CEO Aman Bhutani. “We continue to adapt to the challenging macroeconomic environment, including using success-based marketing spend to drive demand where we see opportunity and investing in technology and development to drive future growth.”

“GoDaddy’s durable top-line growth, profitability at scale and robust cash flow continue to shine in our second quarter financial results as evidenced by solid revenue growth with margin expansion,” said GoDaddy CFO Mark McCaffrey. “Along with returning $1 billion in cash to shareholders year-to-date through our share buyback program, we are actively managing investments and expenses to deliver short-term performance while keeping our eye on achieving our committed long-term goals.”

Business Highlights

• Annualized recurring revenue (ARR) for applications and commerce grew 12% year-over-year to $1.2 billion in the second quarter of 2022.
• ARR for core platform grew 5% year-over-year to $2.3 billion in the second quarter of 2022.
• GoDaddy drove continued strength in adoption of GoDaddy Payments for eCommerce solutions during the second quarter with 80% of Websites + Marketing commerce customers and 30% of Managed WordPress customers in the WooCommerce tier selecting GoDaddy Payments.
• GoDaddy achieved strong growth in its commerce offerings with gross merchandise volume (GMV) of $28 billion, up 12% year-over-year in the second quarter.
• GoDaddy launched Payable Domains pilot program, with full launch expected in the third quarter. Payable Domains simplifies the online payments process by providing customers a professional branded checkout and allowing them to accept payments without any other subscription.
• GoDaddy continued to innovate and enhance solutions provided to GoDaddy Pros in the second quarter, launching a beta WooSaas online store, offering a solution targeted to larger merchants. This offering simplifies user experience with exclusive functionality as well as premium extensions and features.