GoDaddy Inc
For the period ended Jun 30, 2024. Filed Aug 2, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 2, 2024
GDDY$114.38-4.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-05-03.
0001609711-24-000072
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-08-02.
0001609711-24-000133
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 112 previous paragraphs and 122 current paragraphs.
68 unchanged; 34 reworded; 19 added; 10 removed; 0 previous and 1 current paragraphs rearranged.
Tables are not compared: 17 previous and 18 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (19)
Current report
Consolidated Second Quarter Financial Highlights
Current report
•Total revenue of $1,124.5 million, an increase of approximately 7.3% on a reported and constant currency basis(1).
Current report
•International revenue of $357.1 million, an increase of approximately 4.7% on a reported and constant currency basis(1).
Current report
•Total bookings of $1,261.9 million, an increase of 10.6%, or approximately 11.1% on a constant currency basis(1).
Current report
•Operating income of $208.2 million, an increase of 74.1%(2).
Current report
•Net income of $146.3 million, an increase of 76.1%(2).
Current report
Non-GAAP Financial Measures, Operating Metrics and Business Metrics
Current report
Domains under management (DUM). DUM is a business metric representing the total number of domains that are registered through GoDaddy and its affiliated registrars.
Current report
Prior period disclosures for DUM reported as of March 31, 2024 and December 31, 2023 were revised from previously disclosed amounts due to a calculation error identified during the second quarter in connection with our brand migration efforts, which led to an overstatement of DUM in those periods. These revisions to previously disclosed DUM had no impact to our financial results.
Current report
The 6.2% increase in cost of revenue for the six months ended June 30, 2024 was driven by: (i) 6.8% growth in domain registration and add-on revenues and 11.3% growth in aftermarket revenues; (ii) 18.5% growth in revenue related to our productivity applications, most notably our pricing and bundling initiatives; and (iii) 48.1% growth in revenue related to our commerce solutions.
Current report
The 5.7% and 3.1% decreases in customer care for the three and six months ended June 30, 2024 were attributable to decreases of $4.3 million and $6.2 million, respectively, in personnel costs driven by lower average headcount in conjunction with cost optimization initiatives.
Current report
Restructuring and other was $69.8 million for the six months ended June 30, 2023, which included $33.8 million incurred pursuant to restructuring activities and a $16.8 million loss on disposal in connection with the sale of certain assets and liabilities of our hosting business within our Core segment. In addition, during the three and six months ended June 30, 2023, we recorded a charge of$17.0 million related to the termination of a revenue sharing agreement.
Current report
The change for other income (expense), net for the three months ended June 30, 2024 was not material.
Current report
Loss on debt extinguishment
Current report
In 2024, we recognized a loss on debt extinguishment for the three and six months ended June 30, 2024 of $2.1 million and $3.1 million, respectively, primarily related to the refinancing of the 2027 and 2029 Term Loans. See Note 9 to our financial statements for additional discussion.
Current report
The 23.0% increase in A&C Segment EBITDA for the six months ended June 30, 2024 was attributed to a $99.0 million increase in revenue as described above. This increase was partially offset by an increase in cost of revenue resulting from 18.5% growth in revenue related to our productivity applications, most notably our pricing and bundling initiatives, a 48.1% growth in revenue related to our commerce solutions, and a $6.6 million increase in operating expenses (excluding acquisition-related costs, equity-based compensation expense and depreciation and amortization) attributable to higher customer care and marketing costs.
Current report
The 14.8% increase in Core Segment EBITDA for the six months ended June 30, 2024 was attributed to a $49.9 million increase in revenue as described above and a $26.1 million decrease in operating expenses (excluding acquisition-related costs and equity-based compensation expense and depreciation and amortization) attributable to lower marketing, customer care and technology and development costs. Partially offsetting these increases was an increase in cost of revenue due to 6.8% growth in domain registration and add-on revenues and 11.3% growth in aftermarket revenues.
Current report
Share Repurchases
Current report
Additionally, during the three months ended June 30, 2024, we entered into ASRs to repurchase shares of our Class A common stock in exchange for an upfront payment of $245.0 million. No shares were initially received in connection with these ASRs. The total number of shares ultimately delivered under each ASR, and therefore the average purchase price paid per share, will be determined based on the volume weighted-average price of our stock during the term of the transaction. The ASRs are expected to be completed in the third quarter of 2024.
Removed paragraphs (10)
Previous report
Consolidated First Quarter Financial Highlights
Previous report
•Total revenue of $1,108.5 million, an increase of 7.0%, or approximately 6.9% on a constant currency basis(1).
Previous report
•International revenue of $352.9 million, an increase of 3.6%, or approximately 3.5% on a constant currency basis(1).
Previous report
•Total bookings of $1,312.7 million, an increase of 9.5%, or approximately 9.5% on a constant currency basis(1).
Previous report
•Operating income of $175.9 million, an increase of 148.4%(2).
Previous report
•Net income of $401.5 million, an increase of 747.0%(2).
Previous report
Non-GAAP Financial Measure and Other Operating Metrics
Previous report
The 5.3% decrease in marketing and advertising expenses for the three months ended March 31, 2024 was attributable to a $2.7 million decrease in advertising expenses driven by the level of discretionary investments.
Previous report
During the three months ended March 31, 2023, restructuring and other was $52.3 million which primarily includes $29.4 million in severance, employee benefits and equity-based compensation costs incurred pursuant to a restructuring plan implemented in February 2023 and 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 closed on June 30, 2023.
Previous report
Share Repurchase Program
Reworded paragraphs (34)
Previous wording
•Normalized EBITDA(3) of $313.0 million, an increase of 25.4%.
Current wording
•Normalized EBITDA(3) of $331.7 million, an increase of 25.4%.
Previous wording
•Net cash provided by operating activities of $297.2 million, an increase of 10.0%.
Current wording
•Net cash provided by operating activities of $294.8 million, an increase of 48.9%.
Previous wording
(2)Our operating results for the three months ended March 31, 2024 included $22.4 million in restructuring and other charges, as further discussed in Note 13 to our financial statements.
Current wording
(2)Our operating results for the three months ended June 30, 2024 and June 30, 2023 included $6.9 million and $17.5 million, respectively, in restructuring and other charges, as further discussed in Note 13 to our financial statements.
Previous wording
Annualized recurring revenue (ARR). ARR is an operating metric defined as quarterly recurring revenue (QRR) multiplied by four. QRR represents the quarterly recurring GAAP revenue, net of refunds, from new and renewed subscription-based services. ARR is exclusive of any revenue that is non-recurring, including, without limitation, domain aftermarket, domain transfers, one-time set-up or migration fees and non-recurring professional website services fees. We believe ARR helps illustrate the scale of certain of our products and facilitates comparisons to other companies in our industry.
Current wording
Annualized recurring revenue (ARR). ARR is an operating metric defined as annualized quarterly recurring GAAP revenue, net of refunds, from new and renewed subscription-based services. ARR is exclusive of any revenue that is non-recurring, including, without limitation, domain aftermarket, domain transfers, one-time set-up or migration fees and non-recurring professional website services fees. We believe ARR helps illustrate the scale of certain of our products and facilitates comparisons to other companies in our industry.
Previous wording
Total customers. We define a customer as an individual or entity with paid transactions in the trailing twelve months or with paid subscriptions as of the end of the period. A single user may be counted as a customer more than once if they maintain paid subscriptions or transactions in multiple accounts. Total customers is one way we measure the scale of our business and is an important part of our ability to increase our revenue base.
Current wording
Total customers. We define a customer as an individual or entity, each with a unique account and paid transactions in the trailing twelve months or with paid subscriptions as of the end of the period. Total customers is one way we measure the scale of our business and can be a contributing factor to our ability to increase our revenue base.
Previous wording
(1)The three months ended March 31, 2024 and 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.
Current wording
(1)The six months ended June 30, 2024 and 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.
Previous wording
(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, expenses incurred in relation to the refinancing of our long-term debt, and incremental expenses associated with certain professional services.
Current wording
(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, charges related to certain legal matters, adjustments to the fair value of our equity investments, expenses incurred in relation to the refinancing of our long-term debt, and incremental expenses associated with certain professional services.
Previous wording
The 7.0% increase in total revenue for the three months ended March 31, 2024 was due to the changes in our A&C and Core revenues, as described below:
Current wording
The 7.3% and 7.1% increase in total revenue for the three and six months ended June 30, 2024 was due to the changes in our A&C and Core revenues, as described below:
Previous wording
For the three months ended March 31, 2024, the 13.3% increase in A&C revenue was driven by: (i) 17.3% growth in revenue related to our productivity applications, most notably our email solutions; (ii) 8.7% growth in revenues due to continued customer adoption of our subscription-based products designed to establish and grow online presence; and (iii) 41.1% growth in revenue related to our commerce solutions, as continued customer adoption has resulted in an increase in payment volume.
Current wording
For the three months ended June 30, 2024, the 15.3% increase in A&C revenue was driven by: (i) 19.6% growth in revenue related to our productivity applications, most notably from our pricing and bundling initiatives; (ii) 53.5% growth in revenue related to our commerce solutions, as continued customer adoption has resulted in an increase in payment volume; and (iii) 7.8% growth in revenues due to continued customer adoption of our subscription-based products designed to establish and grow an online presence.
Previous wording
The 13.3% increase in A&C revenue for the three months ended March 31, 2024 was driven by: (i) 17.3% growth in revenue related to our productivity applications, most notably our email solutions; (ii) 8.7% growth in revenues due to continued customer adoption of our subscription-based products designed to establish and grow online presence; and (iii) 41.1% growth in revenue related to our commerce solutions, as continued customer adoption has resulted in an increase in payment volume.
Current wording
For the six months ended June 30, 2024, the 14.4% increase in A&C revenue was driven by: (i) 18.5% growth in revenue related to our productivity applications, most notably from our pricing and bundling initiatives; (ii) 8.0% growth in revenues due to continued customer adoption of our subscription-based products designed to establish and grow an online presence; and (iii) 48.1% growth in revenue related to our commerce solutions, as continued customer adoption has resulted in an increase in payment volume.
Previous wording
The 3.9% increase in Core revenue for the three months ended March 31, 2024 was driven by 7.0% growth in domain-related revenues and the continued growth of our registry business and 12.1% growth in aftermarket revenues due to increasing sales volume. Partially offsetting these increases was a 9.0% decrease in hosting revenues due to end-of-life migrations from certain products and disposition of certain hosting assets.
Current wording
For the three months ended June 30, 2024, the 3.2% increase in Core revenue was driven by 6.6% growth in domain registration and add-on revenues and 10.4% growth in aftermarket revenues due to increasing sales volume and higher average selling prices. Partially offsetting these increases was a 11.4% decrease in hosting revenues primarily due to end-of-life migrations from certain products and disposition of certain hosting assets.
Previous wording
For the three months ended March 31, 2024, the 3.9% increase in Core revenue was driven by 7.0% growth in domain registration and add-on revenues and 12.1% growth in aftermarket revenues due to increasing sales volume. Partially offsetting these increases was a 9.0% decrease in hosting revenues primarily due to end-of-life migrations from certain products and disposition of certain hosting assets. Domains under management was 84.6 million as of March 31, 2024.
Current wording
For the six months ended June 30, 2024, the 3.6% increase in Core revenue was driven by 6.8% growth in domain registration and add-on revenues and 11.3% growth in aftermarket revenues due to increasing sales volume. Partially offsetting these increases was a 10.5% decrease in hosting revenues primarily due to end-of-life migrations from certain products and disposition of certain hosting assets.
Previous wording
The 9.5% increase in total bookings for the three months ended March 31, 2024 was driven by continued customer adoption of our productivity solutions and related add-ons as well as price increases, strength in domains and aftermarket and continued strong adoption of website-building presence products. These increases were partially offset by decreased hosting bookings following the divestiture of certain hosting assets.
Current wording
The 10.6% and 10.0% increases in total bookings for the three and six months ended June 30, 2024, respectively, were driven by continued customer adoption of our productivity solutions and related add-ons as well as price increases, strength in domains and aftermarket, and continued strong adoption of our website-building presence products and commerce solutions. These increases were partially offset by decreased hosting bookings following the divestiture of certain hosting assets.
Previous wording
Costs of revenue are primarily the direct costs incurred in connection with selling an incremental product to our customers. Substantially all cost of revenue relates to domain registration fees, payment processing fees, third-party commissions and licensing fees for third-party productivity applications. Similar to our billing practices, we pay domain costs at the time of purchase for the life of each subscription but recognize the costs of service ratably over the term of our customer contracts. The terms for domain costs are established by agreements between registries and registrars and can vary significantly depending on the top-level domain (TLD). We expect cost of revenue to increase in absolute dollars in future periods due to increased sales of domains and third-party productivity applications as well as continued growth in our customer base. However, cost of revenue may fluctuate as a percentage of total revenue, depending on the mix of products sold in a particular period.
Current wording
Costs of revenue are primarily the direct costs incurred in connection with selling an incremental product to our customers. Substantially all cost of revenue relates to domain registration fees, payment processing fees, third-party commissions and licensing fees for third-party productivity applications. Similar to our billing practices, we pay domain costs at the time of purchase for the life of each subscription but recognize the costs of service ratably over the term of our customer contracts. The terms for domain costs are established by agreements between registries and registrars and can vary significantly depending on the top-level domain (TLD). We expect cost of revenue to increase in absolute dollars in future periods due to increased sales of domains and third-party productivity applications. However, cost of revenue may fluctuate as a percentage of total revenue, depending on the mix of products sold in a particular period.
Previous wording
The 7.4% increase in cost of revenue for the three months ended March 31, 2024 was driven by (i) 7.0% growth in domain registration and add-on revenues and 12.1% growth in aftermarket revenues; (ii) 17.3% growth in revenue related to our productivity applications, most notably our email solutions; and (iii) 41.1% growth in revenue related to our commerce solutions.
Current wording
The 5.1% increase in cost of revenue for the three months ended June 30, 2024 was driven by: (i) 6.6% growth in domain registration and add-on revenues and 10.4% growth in aftermarket revenues; (ii) 19.6% growth in revenue related to our productivity applications, most notably our pricing and bundling initiatives; and (iii) 53.5% growth in revenue related to our commerce solutions.
Previous wording
Technology and development expenses represent the costs associated with the creation, development and distribution of our products and websites. These expenses primarily consist of personnel costs associated with the design, development, deployment, testing, operation and enhancement of our products, as well as costs associated with the data centers and systems infrastructure supporting those products, excluding depreciation expense. We expect technology and development expense to decrease as a percentage of revenue in future periods following a period of investment in product development and migration toward a unified infrastructure platform.
Current wording
Technology and development expenses represent the costs associated with the creation, development and distribution of our products and websites. These expenses primarily consist of personnel costs associated with the design, development, deployment, testing, operation and enhancement of our products, as well as costs associated with the data centers and systems infrastructure supporting those products, excluding depreciation expense. We expect technology and development expenses to decrease as a percentage of revenue in future periods following a period of investment in product development and migration toward a unified infrastructure platform.
Previous wording
The 5.6% decrease in technology and development expenses for the three months ended March 31, 2024 was attributable to a $4.5 million decrease in personnel costs driven by lower average headcount and a $3.5 million decrease in data center and systems infrastructure costs driven by migration towards a unified infrastructure platform.
Current wording
The 6.1% decrease in technology and development expenses for the three months ended June 30, 2024 was attributable to a $5.9 million decrease in personnel costs driven by lower average headcount and a $4.1 million decrease in data center and systems infrastructure costs driven by migration towards a unified infrastructure platform.
Previous wording
There were no material changes in customer care expenses.
Current wording
There were no material changes in marketing and advertising expenses for the three and six months ended June 30 2024.
Previous wording
Restructuring and other was $22.4 million for the three months ended March 31, 2024 which includes $11.1 million of costs incurred pursuant to restructuring activities during the quarter and $5.8 million of expense related to the abandonment of certain operating leases, as further discussed in Note 13 to our financial statements.
Current wording
Restructuring and other was $6.9 million for the three months ended June 30, 2024 which includes$6.0 million of costs incurred pursuant to restructuring activities, as further discussed in Note 13 to our financial statements. For the six months ended June 30, 2024, restructuring and other was $29.3 million which includes $17.5 million of costs incurred pursuant to restructuring activities and $6.0 million of expense related to the abandonment of certain operating leases, as further discussed in Note 13 to the financial statements.
Previous wording
The 23.3% decrease for the three months ended March 31, 2024 was attributable to a $12.3 million decrease in amortization of acquired intangible assets driven by certain intangible assets reaching the end of their useful lives.
Current wording
The 23.9% and 23.6% decreases for the three and six months ended June 30, 2024 were attributable to decreases of $6.9 million and$19.2 million, respectively, in amortization of acquired intangible assets driven by certain intangible assets reaching the end of their useful lives.
Previous wording
The 9.8% decrease in interest expense for the three months ended March 31, 2024 was attributable to the refinancing of the 2029 Term Loans in July 2023 and January 2024 which reduced our interest margin. See Note 10 to our financial statements for additional discussion.
Current wording
The 13.4% and 11.6% decreases in interest expense for the three and six months ended June 30, 2024, respectively, were attributable to the refinancing of the 2029 Term Loans in July 2023 and January 2024, which reduced our interest margin. See Note 9 to our financial statements for additional discussion.
Previous wording
The 57.5% decrease in other income (expense), net for the three months ended March 31, 2024 was attributable to a $14.4 million increase in the carrying value of one of our equity investments during the three months ended March 31, 2023. See Note 2 to our financial statements for additional information regarding our equity investments.
Current wording
The 39.1% decrease in other income (expense), net for the six months ended June 30, 2024 was attributable to a $12.1 million increase in the carrying value of one of our equity investments during the six months ended June 30, 2023. See Note 2 to our financial statements for additional information regarding our equity investments.
Previous wording
The 22.3% increase in A&C Segment EBITDA for the three months ended March 31, 2024 was attributed to a $45.1 million increase in revenue as described. This increase was partially offset by an increase in cost of revenue (excluding depreciation and amortization) resulting from 17.3% growth in revenue related to our productivity applications, most notably our email solutions and 41.1% growth in revenue related to our commerce solutions.
Current wording
The 23.8% increase in A&C Segment EBITDA for the three months ended June 30, 2024 was attributed to a $53.9 million increase in revenue as described above. This increase was partially offset by an increase in cost of revenue resulting from 19.6% growth in revenue related to our productivity applications, most notably our pricing and bundling initiatives, a 53.5% growth in revenue related to our commerce solutions and a $6.8 million increase in operating expenses (excluding acquisition-related costs, equity-based compensation expense and depreciation and amortization) attributable to higher marketing and technology and development costs.
Previous wording
The 14.7% increase in Core Segment EBITDA for the three months ended March 31, 2024 was attributed to a $27.4 million increase in revenue as described above and a $13.2 million decrease in operating expenses excluding acquisition-related costs and equity-based compensation expense attributable to lower marketing and technology and development costs. Partially offsetting these increases was an increase in cost of revenue (excluding depreciation and amortization) due to 7.0% growth in domain registration and add-on revenues and 12.1% growth in aftermarket revenues.
Current wording
The 14.9% increase in Core Segment EBITDA for the three months ended June 30, 2024 was attributed to a $22.5 million increase in revenue as described above and a $12.9 million decrease in operating expenses (excluding acquisition-related costs, equity-based compensation expense and depreciation and amortization) attributable to lower customer care and technology and development costs. Partially offsetting these increases was an increase in cost of revenue due to 6.6% growth in domain registration and add-on revenues and 10.4% growth in aftermarket revenues.
Previous wording
In general, we seek to deploy our capital in a prioritized manner focusing first on requirements for our operations, then on growth investments, and finally on stockholder returns. Our strategy is to deploy capital, whether debt, equity or internally generated cash, depending on the adequacy and availability of the source of capital and which source may be used most efficiently and at the lowest cost at such time. Therefore, while cash from operations is our primary source of operating liquidity and we believe our internally-generated cash flows are sufficient to support our day-to-day operations, we may use a variety of capital sources to fund our needs for less predictable investment decisions such as strategic acquisitions and share repurchases.
Current wording
In general, we seek to deploy our capital by focusing on requirements for our operations, on growth investments and on stockholder returns. Our strategy is to deploy capital, whether debt, equity or internally generated cash, depending on the adequacy and availability of the source of capital and which source may be used most efficiently and at the lowest cost at such time. Therefore, while cash from operations is our primary source of operating liquidity and we believe our internally-generated cash flows are sufficient to support our day-to-day operations, we may use a variety of capital sources to fund our needs for less predictable investment decisions such as strategic acquisitions and share repurchases.
Previous wording
We have incurred significant long-term debt, primarily to fund acquisitions, share repurchases and the settlement of our prior tax receivable agreements. As a result, we are limited as to how we conduct our business and may be unable to raise additional debt or equity financing to compete effectively or to take advantage of new business opportunities, strategic acquisitions or share repurchases. However, the restrictions under our long-term debt agreements are subject to a number of qualifications and may be amended with the consent of the lenders and the holders of the Senior Notes, as applicable.
Current wording
We have incurred significant long-term debt and as a result, we are limited as to how we conduct our business and may be unable to raise additional debt or equity financing to compete effectively or to take advantage of new business opportunities, strategic acquisitions or share repurchases. However, the restrictions under our long-term debt agreements are subject to a number of qualifications and may be amended with the consent of the lenders and the holders of the our Senior Notes due in 2027 (the 2027 Senior Notes) and Senior Notes due in 2029 (the 2029 Senior Notes, and with the 2027 Senior Notes, the Senior Notes), as applicable.
Previous wording
Our long-term debt consists of the Credit Facility, which includes two tranches of term loans and a revolving credit facility, and the Senior Notes. In January 2024, we entered into an amendment to the Credit Facility to refinance the 2029 Term Loans. See Note 9 to our financial statements for additional information regarding our long-term debt.
Current wording
Our long-term debt consists of the Credit Facility, which includes two tranches of term loans and a revolving credit facility, and the Senior Notes. In May 2024, we entered into an amendment to the Credit Facility to provide for a new tranche of term loans maturing in 2031, the proceeds of which were used to refinance and extend the maturity of all outstanding 2027 Term Loans as defined in our 2023 Form 10-K(the 2031 Term Loans)andrepay a portion of our 2029 Term Loans. See Note 9 to our financial statements for additional information regarding our long-term debt.
Previous wording
Our long-term debt agreements contain covenants restricting, among other things, our ability, or the ability of our subsidiaries, to incur indebtedness, issue certain types of equity, incur liens, enter into fundamental changes including mergers and consolidations, sell assets, make restricted payments including dividends, distributions and investments, prepay junior indebtedness and engage in operations other than in connection with acting as a holding company, subject to customary exceptions. As of March 31, 2024, we were in compliance with all such covenants and had no amounts drawn on our revolving credit facility.
Current wording
Our long-term debt agreements contain covenants restricting, among other things, our ability, or the ability of our subsidiaries, to incur indebtedness, issue certain types of equity, incur liens, enter into fundamental changes including mergers and consolidations, sell assets, make restricted payments including dividends, distributions and investments, prepay junior indebtedness and engage in operations other than in connection with acting as a holding company, subject to customary exceptions. As of June 30, 2024, we were in compliance with all such covenants and had $998.7 million available for borrowing under the Revolver.
Previous wording
As discussed in Note 4 to our financial statements, we are authorized to repurchase up to $4,000.0 million of our Class A common stock. 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 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.
Current wording
As discussed in Note 4 to our financial statements, we are authorized to repurchase up to $4,000.0 million of our Class A common stock. During the six months ended June 30, 2024, we repurchased a total of 3,303 shares of our Class A common stock in the open market for an aggregate purchase price of $404.2 million. As of June 30, 2024, we had $1,031.3 million of remaining authorization available for repurchases.
Previous wording
As further discussed in Note 13 to our financial statements, we undertook restructuring activities during the three months ended March 31, 2024 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. Cash payments of $1.3 million related to these restructuring activities were made during the three months ended March 31, 2024, with approximately $10.0 million remaining to be paid relating to the 2023 and Q1 2024 restructuring activities as of March 31, 2024. We expect to make substantially all remaining restructuring payments by the end of the third quarter of 2024.
Current wording
As further discussed in Note 13 to our financial statements, we undertook restructuring activities during the six months ended June 30, 2024 to reduce future operating expenses and improve cash flows through a combination of reductions in force. Cash payments of $10.1 million related to these restructuring activities were made during the six months ended June 30, 2024, with approximately $6.5 million remaining to be paid as of June 30, 2024 relating to the restructuring activities undertaken in 2023 and the six months ended June 30, 2024. We expect to make substantially all remaining restructuring payments by the end of the fourth quarter of 2024.
Previous wording
Net cash provided by operating activities increased $26.9 million from $270.3 million during the three months ended March 31, 2023 to $297.2 million during the three months ended March 31, 2024, driven by the growth in total bookings due to increased adoption of productivity solutions and our Websites + Marketing product. The increase was also driven by lower restructuring related payments as well as lower discretionary marketing and technology and development related spending.
Current wording
Net cash provided by operating activities increased $123.7 million from $468.3 million during the six months ended June 30, 2023 to $592.0 million during the six months ended June 30, 2024, driven by the growth in total bookings due to strong adoption across our A&C product suite, particularly within productivity solutions as a result of our pricing and bundling initiatives, as well as continued strength in domains. The increase was also driven by lower restructuring related payments as well as lower technology and development related spending.
Previous wording
Net cash provided by investing activities increased $66.5 million from $22.8 million net cash used during the three months ended March 31, 2023 to $43.7 million net cash provided during the three months ended March 31, 2024, due to maturities of short-term investments totaling $40.0 million as well as proceeds from dispositions of certain assets and liabilities of our hosting business.
Current wording
Net cash provided by investing activities increased $92.9 million from $52.0 million net cash used during the six months ended June 30, 2023 to $40.9 million net cash provided during the six months ended June 30, 2024, due to maturities of short-term investments totaling $40.0 million as well as proceeds from dispositions of certain assets and liabilities of our hosting business. Additionally, capital expenditures and intangible asset purchases decreased in thesix months ended June 30, 2024 as compared to the six months ended June 30 2023.
Previous wording
Our financing activities generally consist of long-term debt borrowings, the repayment of principal on long-term debt, stock option exercise and ESPP proceeds and share repurchases.
Current wording
Our financing activities generally consist of long-term debt borrowings, the repayment of principal on long-term debt, stock option exercises, ESPP proceeds and share repurchases.
Previous wording
Net cash used in financing activities increased $10.8 million from $124.2 million during the three months ended March 31, 2023 to $135.0 million during the three months ended March 31, 2024, primarily due to a $8.6 million increase in share repurchases.
Current wording
Net cash used in financing activities increased $37.9 million from $608.3 million during the six months ended June 30, 2023 to $646.2 million during the six months ended June 30, 2024, primarily due to a$37.5 million increase in share repurchases.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
The 5.8% decrease in technology and development expenses for the six months ended June 30, 2024 was attributable to a$9.9 million decrease in personnel costs driven by lower average headcount, a $6.6 million decrease in data center and systems infrastructure costs driven by migration towards a unified infrastructure platform and a $3.3 million decrease in professional fees.