GoDaddy Inc Opportunities and Challenges

研报英文原文证据摘录

GoDaddy Inc Opportunities and Challenges

J P M O R G A N North America Credit Research

30 July 2026

Overweight

GoDaddy Inc GDDY

Opportunities and Challenges Moody's:S&P: Ba3BB- Outlook:Outlook: STABLESTABLE

The above agency ratings are at the corporate level

North America Corporate Credit -

Results and guidance were in line, so most of the focus on the earnings call revolved Technology and Telecommunication

around the company’s transition to the use of agentic AI. Services (HY)

• Results were in line. GDDY posted first quarter revenue of $1,298mn (+7% Thomas Egan, CFA AC

y/y), in line with the Street estimate of $1,294mn. EBITDA was a bit better at (1-212) 270-2149

thomas.j.egan@jpmorgan.com

$434mn (+14% y/y) compared to the $427mn consensus view. Some key

Natalie Bilyew-Conn

operating metrics came in a bit soft, with $1,422mn in bookings (vs. $1,425mn

(1-212) 270-7734

est.). ARPU was healthy at $250 (vs. $242 est.) and the customer count climbed natalie.bilyew-conn@jpmorgan.com

by 22K this quarter to 20.5mn. The soft bookings were impacted by a J.P. Morgan Securities LLC

promotional price for .com domains that the firm discussed in the past.

However, management said that the company has moved past the peak effect

of that promotional offering.

• Guidance was in line too. Management said it expects 3Q26 revenue to come

in at $1.325bn at the midpoint, which is essentially in line with the $1.33bn that

analysts were looking for. They also guided to a midpoint EBITDA of $437mn,

which was on target with the consensus estimate. The company narrowed the

range of its outlook for FY2026 with Revenue to $5.215bn - $5.225bn from its

prior range of $5.195bn - $5.275bn The EBITDA margin is now “about 33%”

compared to “greater than 33%” previously. FCF guidance remained at $1.8bn.