34 unchanged sentences
Issued shares:
−Removed: 355.1 at March 31, 2024 and 354.9 at December 31, 2023;
+Added: 355.1 at June 30, 2024 and 354.9 at December 31, 2023;
Outstanding shares:
−Removed: 100.1 at March 31, 2024 and 101.3 at December 31, 2023
+Added: 98.0 at June 30, 2024 and 101.3 at December 31, 2023
11,179.9 11,808.0
7 unchanged sentences
(In millions, except per share data)
−Removed: Three Months Ended March 31,
+Added: Three Months Ended June 30, Six Months Ended June 30,
+Added: 2024 2023 2024 2023
Revenues $ 387.1 $ 372.0 $ 771.4 $ 736.4
22 unchanged sentences
(In millions)
−Removed: Three Months Ended March 31,
+Added: Three Months Ended June 30, Six Months Ended June 30,
+Added: 2024 2023 2024 2023
Total stockholders’ deficit, beginning of period $ ( 1,635.7 ) $ ( 1,593.8 ) $ ( 1,581.0 ) $ ( 1,562.2 )
19 unchanged sentences
(In millions)
−Removed: Three Months Ended March 31,
+Added: Six Months Ended June 30,
Cash flows from operating activities:
21 unchanged sentences
Effect of exchange rate changes on cash, cash equivalents, and restricted cash ( 0.3 ) ( 0.2 )
−Removed: Net increase in cash, cash equivalents, and restricted cash 491.7 446.1
+Added: Net increase (decrease) in cash, cash equivalents, and restricted cash 12.0 ( 29.8 )
Cash, cash equivalents, and restricted cash at beginning of period 245.5 379.0
30 unchanged sentences
The following table summarizes the Company’s cash, cash equivalents, and marketable securities and the fair value categorization of the financial instruments measured at fair value on a recurring basis:
−Removed: March 31, December 31,
+Added: June 30, December 31,
(In millions)
11 unchanged sentences
The gross and net unrealized gains and losses included in the fair value of the debt securities were not significant for the periods presented.
−Removed: All of the debt securities held as of March 31, 2024 are scheduled to mature in less than one year.
+Added: All of the debt securities held as of June 30, 2024 are scheduled to mature in less than one year.
Fair Value Measurements
6 unchanged sentences
The fair value of all of these financial instruments are classified as Level 1 in the fair value hierarchy.
−Removed: As of March 31, 2024, the Company’s other financial instruments include cash, accounts receivable, restricted cash, and accounts payable whose carrying values approximated their face values.
−Removed: The aggregate fair value of the Company’s senior notes is $ 1.67 billion and $ 1.69 billion as of March 31, 2024 and December 31, 2023, respectively.
+Added: As of June 30, 2024, the Company’s other financial instruments include cash, accounts receivable, restricted cash, and accounts payable whose carrying values approximated their face values.
+Added: The aggregate fair value of the Company’s senior notes is $ 1.67 billion and $ 1.69 billion as of June 30, 2024 and December 31, 2023, respectively.
The fair values of these debt instruments are based on available market information from public data sources and are classified as Level 2.
2 unchanged sentences
Other current assets consist of the following:
−Removed: March 31, December 31,
+Added: June 30, December 31,
(In millions)
1 unchanged sentence
Prepaid registry fees 24.5 23.8
−Removed: Accounts receivable, net 6.5 6.3
−Removed: Foreign currency forward contracts 5.3 —
Taxes receivable 11.0 7.3
+Added: Accounts receivable, net 3.6 6.3
Other 2.1 1.2
2 unchanged sentences
Other long-term assets consist of the following:
−Removed: March 31, December 31,
+Added: June 30, December 31,
(In millions)
−Removed: Long-term prepaid registry fees $ 8.3 $ 8.3
Operating lease right-of-use asset $ 11.7 $ 7.4
Long-term prepaid expenses 10.3 4.8
+Added: Long-term prepaid registry fees 8.2 8.3
Restricted cash 5.3 5.4
5 unchanged sentences
Accounts payable and accrued liabilities consist of the following:
−Removed: March 31, December 31,
+Added: June 30, December 31,
(In millions)
Accounts payable and accrued expenses $ 9.0 $ 12.5
−Removed: Taxes payable 83.7 49.5
Customer deposits 67.4 77.2
+Added: Taxes payable 54.7 49.5
Accrued employee compensation 45.3 61.2
1 unchanged sentence
Accrued registry fees 13.2 12.3
−Removed: Customer incentives payable 6.2 6.5
Current operating lease liabilities 6.0 5.1
+Added: Customer incentives payable 5.4 6.5
Foreign currency forward contracts — 10.7
1 unchanged sentence
Total accounts payable and accrued liabilities $ 224.2 $ 257.4
+Added: The balance of customer deposits varies from period to period due to the timing of payments from certain large customers.
Taxes payable reflects amounts accrued for the income tax provision and payments made during the period.
This balance fluctuates from period to period due to the timing of income tax payments in the Company’s major tax jurisdictions.
−Removed: The balance of customer deposits varies from period to period due to the timing of payments from certain large customers.
Accrued employee compensation primarily consists of liabilities for employee leave, salaries, payroll taxes, employee contributions to the employee stock purchase plan, and incentive compensation.
−Removed: Accrued employee incentive compensation as of December 31, 2023 was paid during the three months ended March 31, 2024.
−Removed: Interest payable varies at each period-end based on the payment due dates for each senior note issuance.
−Removed: The liability related to the unrealized loss on foreign currency forward contracts as of December 31, 2023 was remeasured and paid upon settlement of the forward contract during the three months ended March 31, 2024.
+Added: Accrued employee incentive compensation as of December 31, 2023 was paid during the six months ended June 30, 2024.
+Added: The liability related to the unrealized loss on foreign currency forward contracts as of December 31, 2023 was remeasured and paid upon settlement of the forward contract during the six months ended June 30, 2024.
+Added: Long-term Tax and Other Liabilities
+Added: Long-term tax and other liabilities consist of the following:
+Added: June 30, December 31,
+Added: (In millions)
+Added: Long-term tax liabilities $ 11.7 $ 34.1
+Added: Long-term operating lease liabilities 5.6 2.2
+Added: Long-term tax and other liabilities $ 17.3 $ 36.3
+Added: Long-term tax liabilities as of June 30, 2024 reflects a $24.1 million reclassification to current liabilities of the final installment of the transition tax liability on accumulated foreign earnings resulting from the 2017 Tax Cuts and Jobs Act.
Share Repurchases
2 unchanged sentences
Purchases made under the program could be effected through open market transactions, block purchases, accelerated share repurchase agreements or other negotiated transactions.
−Removed: As of March 31, 2024 there was approximately $ 859.6 million remaining available for repurchases under the program.
+Added: As of June 30, 2024 there was approximately $ 471.6 million remaining available for repurchases under the program.
+Added: Effective July 25, 2024, the Company’s Board of Directors authorized the repurchase of its common stock in the amount of $ 1.11 billion, in addition to the $ 388.0 million that remained available for repurchases under the share repurchase program, for a total repurchase authorization of up to $ 1.50 billion under the program.
The Company’s share repurchases are as following.
Amounts may not add up due to rounding:
−Removed: Three Months Ended March 31, 2024
−Removed: Shares Total Costs Average Price
+Added: Three Months Ended June 30, 2024 Six Months Ended June 30, 2024
+Added: Shares Total Costs Average Price Shares Total Costs Average Price
(In millions, except average price amounts)
6 unchanged sentences
The following table presents the computation of weighted-average shares used in the calculation of basic and diluted earnings per share:
−Removed: Three Months Ended March 31,
+Added: Three Months Ended June 30, Six Months Ended June 30,
+Added: 2024 2023 2024 2023
(In millions)
9 unchanged sentences
The following table presents the Company’s revenues disaggregated by geography, based on the billing addresses of our customers:
−Removed: Three Months Ended March 31,
+Added: Three Months Ended June 30, Six Months Ended June 30,
+Added: 2024 2023 2024 2023
(In millions)
10 unchanged sentences
As payments for domain name registrations and renewals are due in advance of our performance, we record these amounts as deferred revenues.
−Removed: The increase in the deferred revenues balance for the three months ended March 31, 2024 was primarily driven by amounts billed in the three months ended March 31, 2024 for domain name registrations and renewals to be recognized as revenues in future periods, offset by refunds for domain name renewals deleted during the 45-day grace period, and $ 343.0 million of revenues recognized that were included in the deferred revenues balance at December 31, 2023.
−Removed: The balance of deferred revenues as of March 31, 2024 represents our aggregate remaining performance obligations.
+Added: The increase in the deferred revenues balance for the six months ended June 30, 2024 was primarily driven by amounts billed in the six months ended June 30, 2024 for domain name registrations and renewals to be recognized as revenues in future periods, offset by refunds for domain name renewals deleted during the 45-day grace period, and $ 606.7 million of revenues recognized that were included in the deferred revenues balance at December 31, 2023.
+Added: The balance of deferred revenues as of June 30, 2024 represents our aggregate remaining performance obligations.
Amounts included in current deferred revenues are all expected to be recognized in revenues within 12 months, except for a portion of deferred revenues that relates to domain name renewals that are deleted in the 45-day grace period following the transaction.
3 unchanged sentences
The following table presents the classification of stock-based compensation:
−Removed: Three Months Ended March 31,
+Added: Three Months Ended June 30, Six Months Ended June 30,
+Added: 2024 2023 2024 2023
(In millions)
6 unchanged sentences
The following table presents the nature of the Company’s total stock-based compensation:
−Removed: Three Months Ended March 31,
+Added: Three Months Ended June 30, Six Months Ended June 30,
+Added: 2024 2023 2024 2023
(In millions)
1 unchanged sentence
Performance-based RSUs 1.6 3.2 3.7 5.3
+Added: ESPP 1.1 1.1 2.2 2.2
Total stock-based compensation $ 14.6 $ 15.9 $ 29.9 $ 30.0
1 unchanged sentence
Non-operating income, net, primarily consists of interest income from the Company’s surplus cash balances and marketable securities.
−Removed: Interest income was $ 12.0 million and $ 10.7 million during the three months ended March 31, 2024 and 2023, respectively.
−Removed: The increase in interest income in the first quarter of 2024 reflects higher interest rates on the Company’s investments in debt securities.
+Added: Interest income was $ 9.7 million and $ 21.7 million during the three and six months ended June 30, 2024, respectively, compared to $ 11.5 million and $ 22.2 million during the same periods in 2023.
The following table presents Income tax expense and the effective tax rate:
−Removed: Three Months Ended March 31,
+Added: Three Months Ended June 30, Six Months Ended June 30,
+Added: 2024 2023 2024 2023
(Dollars in millions)
4 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.