Either a blown head gasket or if the water smells sweet it could be a problem
If the water is appearing before the engine has reached normal operating temperature this is normal. If it's running out of the tailpipe all the time and you're losing water from your cooling system then yes it is not good.
If water is constantly running out of your tailpipe, it may be a blown/cracked head. And no, this is not good. If this is the problem, would be a major rebuild.
If it is water, that would be normal when your car was hot and it cools down that is what they call condense water. If it is gasoline that could be a big problem and you need to be cautious. Stay safe and I hope it is only water .
Warped heads or blown head gasket