This isn't surprising given how different businesses may value a payment against an ongoing obligation to customers. @patio11 had a good podcast about this "Cash received is not revenue earned" last April.
What the GoDaddy CEO said in many interviews and investor presentations is:
"Look, since we're not going out of business, and since the cost of serving
domain names is essentially the same whether we're serving a million of them
versus a hundred million of them, you should really treat this as a
cash-and-carry business. So all of the money that comes in this year is our
revenue, regardless of this massive balance sheet item that says deferred
revenue." What sophisticated investors looking at GoDaddy said was, "Well,
no. You do have to still keep running the business. And so from my
perspective, it looks like GoDaddy is incredibly levered. You've got so much
debt on the books. The debt isn't to a bank or to a private credit fund–it's
just to your customers. But oh goodness, is there a lot of debt. And since
that debt must get satisfied before US equity holders get the residual value
of the company, we are not willing to extend equity investment at the
valuation you think you're worth."