GoDaddy Inc
For the period ended Mar 31, 2025. Filed May 2, 2025.
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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.
Mar 31, 2025 · Filed May 2, 2025
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 2024-09-30; filed 2024-10-31.
0001609711-24-000167
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-03-31; filed 2025-05-02.
0001609711-25-000077
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 121 previous paragraphs and 109 current paragraphs.
65 unchanged; 25 reworded; 19 added; 31 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 17 previous and 17 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 First Quarter Financial Highlights
Current report
•Total revenue of $1,194.3 million, an increase of 7.7%, or approximately 8.0% on a constant currency basis(1).
Current report
•International revenue of $388.8 million, an increase of 10.2%, or approximately 11.4% on a constant currency basis(1).
Current report
•Total bookings of $1,417.0 million, an increase of 7.9%, or approximately 8.7% on a constant currency basis(1).
Current report
•Operating income of $247.3 million, an increase of 40.6%(2).
Current report
•Net income of $219.5 million, a decrease of 45.3%(2)(3).
Current report
•Normalized EBITDA(4) of $364.4 million, an increase of 16.4%.
Current report
(3)Net income for the three months ended March 31, 2025 included a one-time benefit for the recognition of an uncertain tax position of $34.6 million. Net income for the three months ended March 31, 2024 included a non-routine, non-cash benefit to income taxes of $267.4 million related to the conversion of our Desert Newco, LLC subsidiary from a partnership to a disregarded entity for U.S. income tax purposes.
Current report
A&C revenue grew $63.3 million, or 16.5%, for the three months ended March 31, 2025 driven by continued customer adoption of our subscription-based products.
Current report
The 7.9% increase in total bookings for the three months ended March 31, 2025, respectively, was driven by strength in domains and aftermarket, and continued customer adoption of our subscription-based A&C products, partially offset by a $10.0 million impact from changes in foreign currency exchange rates net of hedging gains from our cash flow hedging program.
Current report
The $26.0 million, or 6.3%, increase in cost of revenue for the three months ended March 31, 2025 was driven by the increases in revenue described above.
Current report
There was no material change in technology and development expenses for the three months ended March 31, 2025.
Current report
The $12.6 million, or 14.4%, increase in marketing and advertising expenses for the three months ended March 31, 2025 was attributable to an increase in discretionary advertising spend in support of our strategic initiatives, including broader awareness of our GoDaddy Airo experience.
Current report
There was no material change in customer care expenses for the three months ended March 31, 2025.
Current report
There was no material change in depreciation and amortization expenses for the three months ended March 31, 2025.
Current report
There was no material change in interest expense for the three months ended March 31, 2025.
Current report
Material Cash Requirements and Uses of Cash
Current report
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, 2025, we entered into two ASRs to repurchase shares of our Class A common stock in exchange for upfront payments totaling $767.4 million. During April 2025, the ASRs were settled in full with the delivery of 4,359 shares of Class A common stock at a weighted average price of$176.02 per share. Upon completion of the ASRs, no amount was remaining for repurchases under the current board authorization. Cumulatively, we have repurchased 43,738 shares at an average price of $91.45, representing a gross reduction of over 25% in fully diluted shares from those outstanding at the January 2022 inception of the authorization.
Current report
In April 2025, our board of directors approved the repurchase of up to an additional $3,000 million of our Class A common stock through the end of 2027 as further discussed in Note 18 to the financial statements.
Removed paragraphs (31)
Previous report
Consolidated Third Quarter Financial Highlights
Previous report
•Total revenue of $1,147.6 million, an increase of approximately 7.3% on a reported and constant currency basis(1).
Previous report
•International revenue of $369.4 million, an increase of approximately 6.9% on a reported and constant currency basis(1).
Previous report
•Total bookings of $1,241.7 million, an increase of 9.0%, or approximately 9.4% on a constant currency basis(1).
Previous report
•Operating income of $253.8 million, an increase of 51.9%(2).
Previous report
•Net income of $190.5 million, an increase of 45.4%(2).
Previous report
•Normalized EBITDA(3) of $366.5 million, an increase of 23.8%.
Previous report
(2)The three and nine months ended September 30, 2023 include an adjustment of $6.0 million to a previously-recognized acquisition milestone liability.
Previous report
For the three months ended September 30, 2024, the 16.5% increase in A&C revenue was driven by: (i) 20.5% growth in revenue related to our productivity applications, most notably from our pricing and bundling initiatives; (ii) 8.7% growth in revenues due to continued customer adoption of our subscription-based products designed to establish and grow an online presence; and (iii) 60.0% growth in revenue related to our commerce solutions, as continued customer adoption has resulted in an increase in payment volume.
Previous report
For the nine months ended September 30, 2024, the 15.1% increase in A&C revenue was driven by: (i) 19.2% growth in revenue related to our productivity applications, most notably from our pricing and bundling initiatives; (ii) 8.3% growth in revenues due to continued customer adoption of our subscription-based products designed to establish and grow an online presence; and (iii) 52.1% growth in revenue related to our commerce solutions, as continued customer adoption has resulted in an increase in payment volume.
Previous report
For the nine months ended September 30, 2024, the 3.2% increase in Core revenue was driven by 6.9% growth in domain registration and add-on revenues and 7.2% growth in aftermarket revenues due to increased sales volume. Partially offsetting these increases was a 9.8% decrease in hosting revenues primarily due to end-of-life migrations from certain products and disposition of certain hosting assets.
Previous report
The 9.0% and 9.7% increases in total bookings for the three and nine months ended September 30, 2024, respectively, were driven by continued customer adoption of our productivity solutions and related add-ons as well aspricing and bundling initiatives, strength in domains, and continued strong adoption of our website-building presence products and commerce solutions.
Previous report
The 2.6% increase in cost of revenue for the three months ended September 30, 2024 was driven by: (i) 7.1% growth in domain registration and add-on revenues; (ii) 20.5% growth in revenue related to our productivity applications, most notably our pricing and bundling initiatives; and (iii) 60.0% growth in revenue related to our commerce solutions.
Previous report
The 5.0% increase in cost of revenue for the nine months ended September 30, 2024 was driven by: (i) 6.9% growth in domain registration and add-on revenues and 7.2% growth in aftermarket revenues; (ii) 19.2% growth in revenue related to our productivity applications, most notably our pricing and bundling initiatives; and (iii) 52.1% growth in revenue related to our commerce solutions.
Previous report
The 1.7% increase in technology and development expenses for the three months ended September 30, 2024 was attributable to a $6.8 million increase in public cloud cost offset by a $2.5 million decrease in data center and systems infrastructure costs as we migrate to a cloud-based infrastructure.
Previous report
The 3.4% decrease in technology and development expenses for the nine months ended September 30, 2024 was attributable to a $9.1 million decrease in personnel costs driven by lower average headcount, and a $7.5 million decrease in legal, professional, and technology license costs. Additionally, data center and systems infrastructure costs decreased by $11.5 million, offset by an $8.8 million increase in public cloud cost as we migrate to a cloud-based infrastructure.
Previous report
There were no material changes in marketing and advertising expenses for the three and nine months ended September 30, 2024.
Previous report
The 9.0% and 5.0% decreases in customer care for the three and nine months ended September 30, 2024 were attributable to decreases of $7.3 million and $13.7 million, respectively, in personnel costs driven by lower average headcount in conjunction with cost optimization initiatives.
Previous report
Restructuring and other was $9.8 million and $79.6 million for the three and nine months ended September 30, 2023, respectively. These costs were primarily incurred pursuant to restructuring activities in the first and third quarters of 2023. For the three and nine months ended September 30, 2023, we recognized $10.0 million and $43.8 million, respectively, in severance, employee benefits and equity-based compensation. Additionally, during the nine months ended September 30, 2023, we recognized 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 as well as a charge of $17.0 million related to the termination of a revenue sharing agreement.
Previous report
The 19.2% and 22.2% decreases for the three and nine months ended September 30, 2024 were attributable to decreases of $4.3 million and $23.5 million, respectively, in amortization of acquired intangible assets driven by certain intangible assets reaching the end of their useful lives.
Previous report
The 10.5% and 11.2% decreases in interest expense for the three and nine months ended September 30, 2024, respectively, were attributable to the refinancings of the 2029 Term Loans in July 2023 and January 2024 and of the 2027 Term Loans in May 2024, which reduced our interest margin. See Note 9 to our financial statements for additional discussion.
Previous report
The 31.4% decrease in other income (expense), net for the nine months ended September 30, 2024 was attributable to a $12.1 million increase in the carrying value of one of our equity investments during the nine months ended September 30, 2023. See Note 2 to our financial statements for additional information regarding our equity investments.
Previous report
Loss on debt extinguishment
Previous report
During the nine months ended September 30, 2024, we recognized a loss on debt extinguishment of $3.1 million related to the refinancing of the 2027 and 2029 Term Loans. During the three and nine months ended September 30, 2023, we recognized a loss on debt extinguishment of $1.5 million related to the refinancing of the 2029 Term Loans. See Note 9 to our financial statements for additional discussion.
Previous report
The 14.6% increase in Core Segment EBITDA for the three months ended September 30, 2024 was attributed to a $18.1 million increase in revenue as described above and a $9.5 million decrease in operating expenses (excluding acquisition-related costs, equity-based compensation expense and depreciation and amortization) attributable to lower customer care and marketing costs. Partially offsetting these increases was an increase in cost of revenue due to 7.1% growth in domain registration and add-on revenues.
Previous report
The 14.7% increase in Core Segment EBITDA for the nine months ended September 30, 2024 was attributed to a $68.0 million increase in revenue as described above and a $35.9 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 6.9% growth in domain registration and add-on revenues and 7.2% growth in aftermarket revenues.
Previous report
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 from time to time with the consent of the lenders and the holders of our Senior Notes, as applicable.
Previous report
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 nine months ended September 30, 2024, we repurchased a total of 5,179 shares of our Class A common stock in the open market for an aggregate purchase price of $668.1 million. As of September 30, 2024, we had $767.4 million of remaining authorization available for repurchases.
Previous report
During the three months ended June 30, 2024, we entered into ASRs to repurchase shares of our Class A common stock, pursuant to which, we made an upfront payment of $245.0 million. No shares were initially received in connection with these ASRs. During the three months ended September 30, 2024, the ASRs were settled in full with the delivery of 1,353 shares of Class A common stock for $188.9 million at an average price of $139.65 per share, and a return of $56.1 million in cash of the upfront payment.
Previous report
Restructuring and Other
Previous report
As further discussed in Note 13 to our financial statements, we undertook restructuring activities during the nine months ended September 30, 2024 to reduce future operating expenses and improve cash flows through reductions in force. Cash payments of $15.3 million related to these restructuring activities were made during the nine months ended September 30, 2024, with approximately $0.9 million remaining to be paid as of September 30, 2024 relating to the restructuring activities undertaken in 2023 and the nine months ended September 30, 2024. We expect to make substantially all remaining restructuring payments by the end of 2024.
Reworded paragraphs (25)
Previous wording
We serve a large market of entrepreneurs, developing and delivering easy-to-use products in a one stop shop solution alongside personalized guidance. We serve small businesses, individuals, organizations, developers, designers and domain investors. We manage and report our business in the following two segments:
Current wording
We serve a large market of entrepreneurs through the development and delivery of easy-to-use products in a one stop shop solution alongside personalized guidance. We serve small businesses, individuals, organizations, developers, designers and domain investors. We manage and report our business in the following two segments:
Previous wording
•Applications and Commerce (A&C), which primarily consists of sales of products containing proprietary software, notably our website building products, as well as our commerce products and third-party email and productivity solutions and sales of certain products when they are included in bundled offerings of our proprietary software products.
Current wording
•Applications and Commerce (A&C), which primarily consists of sales of products containing proprietary software, notably our website building products, as well as our proprietary commerce solutions and third-party email and productivity solutions and sales of certain products when they are included in bundled offerings of our proprietary software products.
Previous wording
•Core Platform (Core), which primarily consists of sales of domain registrations and renewals, aftermarket domain sales, website hosting products and website security products when not included in bundled offerings of our proprietary software products as well as sales of products not containing a software component.
Current wording
•Core Platform (Core), which primarily consists of sales of domain registrations and renewals, aftermarket domain sales, domain protection, website hosting products and website security products when not included in bundled offerings of our proprietary software products as well as sales of products not containing a software component.
Previous wording
•Net cash provided by operating activities of $355.2 million, an increase of 26.1%.
Current wording
•Net cash provided by operating activities of $404.7 million, an increase of 36.2%.
Previous wording
(2)Our operating results for the three months ended September 30, 2024 and September 30, 2023 included $0.4 million and $9.8 million, respectively, 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 March 31, 2025 and March 31, 2024 included $2.1 million and $22.4 million, respectively, in restructuring and other charges, as further discussed in Note 13 to our financial statements.
Previous wording
(3)A reconciliation of Normalized EBITDA to net income, its most directly comparable GAAP financial measure, is set forth in "Reconciliation of NEBITDA" below.
Current wording
(4)A reconciliation of Normalized EBITDA to net income, its most directly comparable GAAP financial measure, is set forth in "Reconciliation of NEBITDA" below.
Previous wording
In addition to our results determined in accordance with GAAP, we believe that Normalized EBITDA, a non-GAAP measure, and the following other operating and business metrics are useful as supplements in evaluating our ongoing operational performance and help provide an enhanced understanding of our business:
Current wording
In addition to our results determined in accordance with GAAP, we believe that the following non-GAAP financial measures, operating metrics and business metrics may be useful as supplements in evaluating our ongoing operational performance:
Previous wording
Normalized EBITDA (NEBITDA). NEBITDA is a supplemental measure of our operating performance used by management and investors to evaluate our business. We calculate NEBITDA as net income excluding depreciation and amortization, interest expense (net), provision or benefit for income taxes, equity-based compensation expense, acquisition-related costs, restructuring-related expenses and certain other items. We believe that the inclusion or exclusion of certain recurring and non-recurring items provides a supplementary measure of our core operating results and permits useful alternative period-over-period comparisons of our operations. NEBITDA should not be viewed as a substitute for comparable GAAP measures.
Current wording
Normalized EBITDA (NEBITDA). NEBITDA is a supplemental measure of our operating performance used by management to evaluate our business. We calculate NEBITDA as net income excluding depreciation and amortization, interest expense (net), provision or benefit for income taxes, equity-based compensation expense, acquisition-related costs, restructuring-related expenses and certain other items. We believe that the inclusion or exclusion of certain recurring and non-recurring items provides a supplementary measure of our core operating results and permits useful alternative period-over-period comparisons of our operations. NEBITDA should not be viewed as a substitute for comparable GAAP measures.
Previous wording
Average revenue per user (ARPU). We calculate ARPU as total revenue during the preceding 12 month period divided by the average of the number of total customers at the beginning and end of the period. ARPU provides insight into our ability to sell additional products to our customers.
Current wording
Average revenue per user (ARPU). We calculate ARPU as total revenue during the preceding 12 month period divided by the average of the number of total customers at the beginning and end of the period. ARPU is one measure that provides insight into our ability to sell additional products to our customers.
Previous wording
(1)The nine months ended September 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.
Current wording
(1)The three months ended March 31, 2024 excludes $0.8 million of equity-based compensation expense associated with our restructuring activities, which is included within restructuring and other.
Previous wording
(3)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.
Current wording
(2)In addition to the restructuring and other in our statements of operations, other charges are primarily composed of lease-related expenses associated with closed facilities, charges related to certain legal matters, expenses incurred in relation to the refinancing of our long-term debt and incremental expenses associated with certain professional services.
Previous wording
The 7.3% and 7.2% increase in total revenue for the three and nine months ended September 30, 2024, respectively, were due to the changes in our A&C and Core revenues, as described below:
Current wording
Total revenue increased 7.7% due to the increases in our A&C and Core revenues, as described below:
Previous wording
For the three months ended September 30, 2024, the 2.6% increase in Core revenue was driven by 7.1% growth in domain registration and add-on revenues. Partially offsetting this increase was an 8.1% decrease in hosting revenues primarily due to end-of-life migrations from certain products and disposition of certain hosting assets.
Current wording
Core revenue grew $22.5 million, or 3.1%, for the three months ended March 31, 2025 driven by $24.0 million growth in domain registration and add-on revenues and $5.9 million growth in aftermarket revenue. Partially offsetting this increase was a $2.9 million decrease in hosting revenues primarily due to the disposition of certain hosting assets.
Previous wording
There were no material changes in general and administrative expenses for the three and nine months ended September 30, 2024.
Current wording
There was no material change in general and administrative expenses for the three months ended March 31, 2025.
Previous wording
Restru cturing and other was $29.7 million for the nine months ended September 30, 2024 which includes $17.4 million in severance, employee benefits and equity-based compensation and $5.7 million of expense related to the abandonment of certain operating leases, as further discussed in Note 13 to the financial statements.
Current wording
Restructuring and other was $2.1 million for the three months ended March 31, 2025, which related to severance and employee benefits incurred pursuant to restructuring activities. Restructuring and other was $22.4 million for the three months ended March 31, 2024, which included $11.1 million of severance and employee benefits incurred pursuant to restructuring activities and $5.8 million of expense related to the abandonment of certain operating leases, as further discussed in Note 13 to the financial statements.
Previous wording
The change in other income (expense), net for the three months ended September 30, 2024 was not material.
Current wording
There was no material change in other income (expense), net for the three months ended March 31, 2025.
Previous wording
Our two operating segments, A&C and Core, reflect the way we manage and evaluate the performance of our business. Our CODM evaluates segment performance based upon several factors, of which the primary financial measures are revenue and Segment EBITDA, our segment measure of profitability.
Current wording
Our two operating segments, A&C and Core, reflect the way we manage and evaluate the performance of our business. Our chief operating decision maker evaluates segment performance based upon several factors, of which the primary financial measures are revenue and Segment EBITDA, our segment measure of profitability. See Note 16 to our financial statements for a reconciliation of Segment EBITDA to net income, its most directly comparable GAAP financial measure.
Previous wording
The 26.1% increase in A&C Segment EBITDA for the three months ended September 30, 2024 was attributed to a $59.8 million increase in revenue as described above. This increase was partially offset by an increase in cost of revenue resulting from 20.5% growth in revenue related to our productivity applications, a 60.0% growth in revenue related to our commerce solutions and a $8.3 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.
Current wording
The $35.0 million, or 21.6%, increase in A&C Segment EBITDA for the three months ended March 31, 2025 was attributed to a $63.3 million increase in revenue as described above. This increase was partially offset by a $28.3 million increase in other segment items driven by an increase in cost of revenue and operating expenses (excluding acquisition-related costs, equity-based compensation expense and depreciation and amortization expense) attributable to the increase in revenue, higher marketing costs and higher technology and development costs.
Previous wording
The 24.1% increase in A&C Segment EBITDA for the nine months ended September 30, 2024 was attributed to a $158.8 million increase in revenue as described above. This increase was partially offset by an increase in cost of revenue resulting from 19.2% growth in revenue related to our productivity applications, a 52.1% growth in revenue related to our commerce solutions, and a $13.4 million increase in operating expenses (excluding acquisition-related costs, equity-based compensation expense and depreciation and amortization) attributable to higher technology and development costs and marketing costs.
Current wording
The $18.6 million, or 8.6%, increase in Core Segment EBITDA for the three months ended March 31, 2025 was attributed to a $22.5 million increase in revenue as described above. This increase was partially offset by a $3.9 million increase in other segment items driven by an increase in cost of revenue and marketing costs (excluding equity-based compensation expense) partially offset by lower care and technology and development costs (excluding equity-based compensation expense).
Previous wording
Our principal sources of liquidity have been cash flow generated from operations and long-term debt borrowings. Our principal uses of cash have been to fund operations, acquisitions and capital expenditures, as well as to make mandatory principal and interest payments on our long-term debt and to repurchase shares of our Class A common stock. Our liquidity position also benefits from U.S. and state deferred tax assets (DTAs) such that we have not historically paid a significant amount of U.S. federal or state income taxes. We acquired the right to benefit from the majority of our DTAs when we settled certain tax receivable agreements (collectively TRA Settlement Agreements) in 2020.
Current wording
Our principal sources of liquidity have been cash flow generated from operations and long-term debt borrowings. Our principal uses of cash have been to fund operations and capital expenditures, to make mandatory principal and interest payments on our long-term debt and to effectuate our share repurchase program. Our liquidity position also benefits from U.S. and state DTAs such that we have not historically paid a significant amount of U.S. federal or state income taxes.
Previous wording
We believe our existing cash and cash equivalents and cash generated by operating activities will be sufficient to meet our anticipated operating cash needs for at least the next 12 months. However, our future capital requirements will depend on many factors, including our growth rate, macroeconomic activity, the timing and extent of spending to support domestic and international development efforts, continued brand development and advertising spend, the level of customer care and general and administrative activities, the introduction of new and enhanced product offerings, the costs to support new and replacement capital equipment, the completion of strategic acquisitions or share repurchases and other factors. Should we pursue additional strategic acquisitions or share repurchases, we may need to raise additional capital, which may be in the form of long-term debt or equity financings.
Current wording
We believe our existing cash and cash equivalents and cash generated by operating activities will be sufficient to meet our anticipated operating cash needs for at least the next 12 months. However, our future capital requirements will depend on many factors, including our growth rate, macroeconomic activity, the timing and extent of spending to support domestic and international development efforts, continued brand development and advertising spend, the level of customer care and general and administrative activities, the introduction of new and enhanced product offerings, the costs to support new and replacement capital equipment, the completion of strategic acquisitions or share repurchases. Should we pursue additional strategic acquisitions or share repurchases, we may need to raise additional capital, which may be in the form of long-term debt or equity financings.
Previous wording
Net cash provided by operating activities increased $197.3 million from $749.9 million during the nine months ended September 30, 2023 to $947.2 million during the nine months ended September 30, 2024, driven by the growth in total bookings. Bookings growth was 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.
Current wording
Net cash provided by operating activities increased $107.5 million from $297.2 million during the three months ended March 31, 2024 to $404.7 million during the three months ended March 31, 2025, driven by the growth in total bookings. Bookings growth was due to strong adoption across our A&C product suite, as well as continued strength in domains and aftermarket performance. 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 $97.3 million from $61.4 million net cash used during the nine months ended September 30, 2023 to $35.9 million net cash provided during the nine months ended September 30, 2024, due to maturities of short-term investments totaling $40.0 million. Additionally, capital expenditures and intangible asset purchases decreased in the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023.
Current wording
Net cash provided by investing activities decreased $47.3 million from $43.7 million net cash provided during the three months ended March 31, 2024 to $3.6 million net cash used during the three months ended March 31, 2025, 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 in the three months ended March 31, 2024.
Previous wording
Net cash used in financing activities decreased $457.4 million from $1,133.3 million during the nine months ended September 30, 2023 to $675.9 million during the nine months ended September 30, 2024, primarily due to a $465.1 million decrease in share repurchases.
Current wording
Net cash used in financing activities increased $637.2 million from $135.0 million during the three months ended March 31, 2024 to $772.2 million during the three months ended March 31, 2025, primarily due to a $639.1 million increase in share repurchases.
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 May 2024, we entered into an amendment to the Credit Facility to provide for a new tranche of term loans maturing in 2031 (the 2031 Terms Loans), 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) andrepay a portion of our 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. See Note 9 to our financial statements for additional information regarding our long-term debt.