GoDaddy, Inc. (NYSE:GDDY) Q3 2023 Earnings Conference Call November 3, 2023 5:00 PM ET
Company Participants
Christie Masoner - Vice President, Investor Relations
Aman Bhutani - Chief Executive Officer
Mark McCaffrey - Chief Financial Officer
Conference Call Participants
Vikram Kesavabhotla - Baird
Trevor Young - Barclays
Matthew Pfau - William Blair
Christopher Kuntarich - UBS
Naved Khan - B. Riley
Ella Smith - JPMorgan
Ygal Arounian - Citi
Ken Wong - Oppenheimer
Deepak Mathivanan - Wolfe
Christie Masoner
Good afternoon, and thank you for joining us for GoDaddy's Third Quarter 2023 Earnings Call. I'm Christie Masoner, VP of Investor Relations. And with me today are Aman Bhutani, Chief Executive Officer; and Mark McCaffrey, Chief Financial Officer. Following prepared remarks, we will open up the call for your questions. [Operator Instructions].
On today's call, we'll be referencing both GAAP and non-GAAP financial measures and other operating and business metrics. A discussion of why we use non-GAAP financial measures and reconciliations of our non-GAAP financial measures to their GAAP equivalents may be found in the presentation posted to our Investor Relations site at investors.goddady.net or in today's earnings release on our Form 8-K furnished at the SEC. Growth rates presented represent year-over-year comparisons, unless otherwise noted.
The matters we'll be discussing today include forward-looking statements such as those related to future financial results and our strategies or objectives with respect to future operations. These forward-looking statements are subject to risks and uncertainties that are discussed in detail in our periodic SEC filings. Actual results may differ materially from those contained in forward-looking statements. Any forward-looking statements that we make on this call are based on assumptions as of today, November 2, 2023. And except to the extent required by law, we undertake no obligation to update these statements because of new information or future events.
With that, I'm pleased to introduce Aman.
Aman Bhutani
Good afternoon, and thank you for joining us today. At GoDaddy, our mission is to empower everyday entrepreneurs and make opportunity more inclusive for all. Our strategy centers on driving profitable growth, resulting in compounding free cash flow per share and long-term shareholder value. In recent years, we have proven our commitment through decisive actions and margin expansion even in slower growth conditions.
Q3 was an important quarter for us. I am pleased with the results and the continued trajectory into Q4 and 2024. Third quarter normalized EBITDA margins jumped 250 basis points sequentially, primarily driven by a reduction in tech and dev spend, some of which was expected and some realized a quarter early. While margin improvement is increasingly evident in our financial performance, this stems from our earlier restructuring, brand integration and diligent efforts for over a year to drive cloud adoption, which unlock additional savings.