Thursday , August 11 2022

Godaddy reports Q1 earnings under new segmentation

Results divided into only two segments now, providing less visibility into the domains business.

GoDaddy logo showing the heart-shaped design

GoDaddy reported Q1 results after the market closed today.

For the quarter, GoDaddy generated $1.003 billion in revenue, up 11% from the same quarter last year. This slightly topped guidance.

Net income was up from $10.8 million a year ago to $68.6 million. The company’s normalized EBITDA number increased 17.5% to $225.9 million. Bookings increased only 6% year over year.

This is the first quarter that GoDaddy provided results under its new segmentation. Previously, it provided results for Domains, Hosting & Presence, and Business Applications.

Now, it provides results in just two segments: Applications & Commerce and Core Platform. Domains and the aftermarket are under Core Platform, along with security and hosting. But not all hosting. Managed WordPress is bundled under Applications & Commerce. That’s a bit confusing.

As I mentioned when GoDaddy announced this change, it concerns me when companies reduce or change their segments because it makes me think they are trying to obfuscate a decline in part of their business.

The net-net is we will get reduced visibility into the domains business from now on.

The Core Platform segment delivered $700 million of Q1 revenue, up 9% year over year. Applications & Commerce grew 16% to $303 million.

 

 

 

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