SCOTTSDALE, Ariz., Nov. 6, 2019 /PRNewswire/ -- GoDaddy Inc. (NYSE:
GDDY), the company that empowers everyday entrepreneurs, today
reported financial results for the third quarter ended
September 30, 2019.
"GoDaddy sits in a privileged position relative to a massive
opportunity, strengthened by our differentiation in guidance,
seamlessly intuitive experiences, and the potential in activating
our community," said GoDaddy CEO Aman
Bhutani. "Our execution focus is on strengthening our
platform, increasing our experimentation, and continually
accelerating our product, which lays the foundation to increase
value to customers and returns to shareholders for years to
come."
Consolidated Third
Quarter Financial Highlights(1)
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2019
|
|
2018
|
|
Change
|
|
2019
|
|
2018
|
|
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions, except
customers in thousands and ARPU)
|
GAAP
Results
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
|
760.5
|
|
$
|
679.5
|
|
11.9%
|
|
$
|
2,207.7
|
|
$
|
1,964.3
|
|
12.4%
|
Net cash provided by
operating activities(2)
|
$
|
200.2
|
|
$
|
154.0
|
|
30.0%
|
|
$
|
561.2
|
|
$
|
431.3
|
|
30.1%
|
Non-GAAP
Results
|
|
|
|
|
|
|
|
|
|
|
|
Unlevered free cash
flow
|
$
|
191.3
|
|
$
|
175.6
|
|
8.9%
|
|
$
|
557.9
|
|
$
|
492.7
|
|
13.2%
|
Operating
Metrics
|
|
|
|
|
|
|
|
|
|
|
|
Total
bookings
|
$
|
851.0
|
|
$
|
741.8
|
|
14.7%
|
|
$
|
2,567.6
|
|
$
|
2,279.1
|
|
12.7%
|
Total customers at
period end
|
19,110
|
|
18,267
|
|
4.6%
|
|
19,110
|
|
18,267
|
|
4.6%
|
ARPU
|
$
|
155
|
|
$
|
145
|
|
7.1%
|
|
$
|
155
|
|
$
|
145
|
|
7.1%
|
|
|
|
|
|
|
(1)
|
See reconciliation
tables for a detailed listing of certain items included in our
condensed consolidated statements of operations.
|
(2)
|
Net cash provided by
operating activities in 2018 includes cash tax payments made in
connection with the gain on the August 2017 sale of
PlusServer.
|
- Total revenue of $760.5 million,
up 11.9% year over year, or 13.3% on a constant currency
basis.
- Total bookings of $851.0 million,
up 14.7% year over year, or 15.7% on a constant currency
basis.
- Net cash provided by operating activities of $200.2 million, up 30.0% year over year.
- Unlevered free cash flow of $191.3
million, up 8.9% year over year.
- Customers of 19.1 million, up 4.6% year over year.
- Average revenue per user (ARPU) of $155, up 7.1% year over year.
- Domains revenue of $345.3
million, up 11.6% year over year.
- Hosting and Presence revenue of $285.0
million, up 8.3% year over year.
- Business Applications revenue of $130.2
million, up 21.9% year over year.
- International revenue of $254.3
million, up 7.8% year over year, or 11.7% on a constant
currency basis.
Operating Highlights
- GoDaddy's Websites + Marketing platform exceeded 1 million paid
subscriptions, reflecting the power and popularity of this rapidly
evolving suite since its debut as GoCentral in 2017.
- In September 2019, GoDaddy
announced InSight, a feature of Websites + Marketing that delivers
specific, tailored, step-by-step marketing plans for customers
across their websites, social media, online reviews and
marketplaces.
- GoDaddy launched a platform-wide update to its Managed
WordPress platform, compounding its leading position in WordPress
with unparalleled simplicity, proprietary design tools, security,
and plugin automation.
- GoDaddy announced a partnership with WooCommerce, the most
popular and powerful eCommerce engine available for WordPress,
dramatically simplifying the process of starting and running an
eCommerce store.
- In October 2019, GoDaddy
refinanced the entire outstanding principal amount of its term
loans to lower the interest rate margins by 0.25%, reducing annual
cash interest by $4.6 million. The
refinanced loans were issued at a 0.125% discount at original
issue, with no changes made to the maturity date or other terms of
the loans.
- During Q3, GoDaddy repurchased 6.2 million shares of its Class
A common stock in the open market for an aggregate purchase price
of $399.6 million. Subsequent to
quarter end, GoDaddy repurchased an additional 1.0 million shares
of its Class A common stock for an aggregate purchase price of
$59.0 million.
Balance Sheet
At September 30, 2019, total cash, cash equivalents and
short-term investments were $990.2
million, total debt was $2,438.6
million and net debt was $1,448.4
million.
Share Repurchase Authorization
GoDaddy today announced that its Board of Directors has approved
a new share repurchase authorization to acquire an incremental
$500.0 million of the company's Class
A common stock, bringing the total repurchase capacity to
$541.0 million. GoDaddy may purchase
shares from time to time in open market purchases, block
transactions and privately negotiated transactions, in accordance
with applicable federal securities laws. The new program has no
time limit and may be modified, suspended or terminated by the
company at any time without prior notice. The amount and timing of
repurchases are subject to a variety of factors including
liquidity, share price, market conditions and legal requirements.
Share repurchases will be funded by available cash and cash
equivalents.
Business Outlook
For the full year 2019, GoDaddy expects revenue in the range of
$2.98 billion to $2.99 billion, representing full-year growth of
12% versus 2018, and unlevered free cash flow of $730 million to $740
million, representing full-year growth of 18% to 19% versus
2018. GoDaddy expects full-year cash interest payments of
approximately $80 million.
Our consolidated financial statements are prepared in accordance
with generally accepted accounting principles in the United States (GAAP). We do not provide
reconciliations from non-GAAP guidance to GAAP, because projections
of changes in individual balance sheet amounts are not possible
without unreasonable effort, and release of such reconciliations
would imply an inappropriate degree of precision. Our reported
results provide reconciliations of non-GAAP financial measures to
their nearest GAAP equivalents.
Quarterly Conference Call and Webcast
GoDaddy will host a conference call and webcast to discuss third
quarter 2019 results at 5:00 p.m. Eastern
Time on November 6, 2019. To hear the call, dial (833)
286-5800 in the United States or
(647) 689-4445 from international locations, with passcode 5273677.
A live webcast of the call, together with a slide presentation
including supplemental financial information and reconciliations of
certain non-GAAP measures to their nearest comparable GAAP
measures, will be available through GoDaddy's Investor Relations
website at https://investors.godaddy.net. Following the call, a
recorded replay of the webcast will be available on the
website.
GoDaddy Inc. uses its Investor Relations website at
https://investors.godaddy.net as a means of disclosing material
non-public information and for complying with its disclosure
obligations under Regulation FD. Accordingly, investors should
monitor GoDaddy's Investor Relations website, in addition to
following press releases, Securities and Exchange Commission (SEC)
filings, public conference calls and webcasts.
Forward-Looking Statements
This press release contains forward-looking statements which are
subject to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These statements are based on
estimates and information available to us at the time of this press
release and are not guarantees of future performance. Statements in
this release involve risks, uncertainties and assumptions. If the
risks or uncertainties materialize or the assumptions prove
incorrect, our results may differ materially from those expressed
or implied by such forward-looking statements. All statements other
than statements of historical fact could be deemed forward-looking
statements, including, but not limited to: our CEO transition;
launches of new or expansion of existing products or services, any
projections of product or service availability, technology
developments and innovation, customer growth, or other future
events; any statements about historical results that may suggest
future trends for our business; any statements regarding our plans,
strategies or objectives with respect to future operations,
including international expansion plans and marketing strategy; any
statements regarding our future financial results; and any
statements of assumptions underlying any of the foregoing.
Actual results could differ materially from our current
expectations as a result of many factors, including, but not
limited to: our ability to manage our CEO transition successfully;
the unpredictable nature of our rapidly evolving market;
fluctuations in our financial and operating results; our rate of
growth; interruptions or delays in our service or our web hosting;
breaches of our security measures; the impact of any previous or
future acquisitions; our ability to continue to release, and gain
customer acceptance of, our existing and future products and
services; our ability to manage our growth; our ability to hire,
retain and motivate employees; the effects of competition;
technological, regulatory and legal developments; intellectual
property litigation; developments in the economy, financial markets
and credit markets; and execution of share repurchases.
Additional risks and uncertainties that could affect GoDaddy's
financial results are included in the other filings we make with
the SEC from time to time, including those described in "Risk
Factors" in our Quarterly Report on Form 10-Q for the quarter ended
June 30, 2019 as well as those
described in "Management's Discussion and Analysis of Financial
Condition and Results of Operations" in our Annual Report on Form
10-K for the year ended December 31,
2018 and in our Quarterly Report on Form 10-Q for the
quarter ended June 30, 2019, which
are available on GoDaddy's website at https://investors.godaddy.net
and on the SEC's website at www.sec.gov. Additional information
will also be set forth in other filings that GoDaddy makes with the
SEC from time to time. All forward-looking statements in this press
release are based on information available to GoDaddy as of the
date hereof. GoDaddy does not assume any obligation to update the
forward-looking statements provided to reflect events that occur or
circumstances that exist after the date on which they were
made.
Non-GAAP Financial Measures and Other Operating
Metrics
In addition to our results determined in accordance with GAAP,
this release includes certain non-GAAP financial measures and other
operating metrics. We believe that these non-GAAP financial
measures and other operating metrics are useful as a supplement in
evaluating our ongoing operational performance and enhancing an
overall understanding of our past financial performance. The
non-GAAP financial measures included in this release should not be
considered in isolation from, or as a substitute for, financial
information prepared in accordance with GAAP. A reconciliation
between each non-GAAP financial measure and its nearest GAAP
equivalent is included in this release following the financial
statements. We use both GAAP and non-GAAP measures to evaluate and
manage our operations.
Total bookings. Total bookings represents cash receipts
from the sale of products to customers in a given period adjusted
for products where we recognize revenue on a net basis and without
giving effect to certain adjustments, primarily net refunds granted
in the period. Total bookings provides valuable insight into the
sales of our products and the performance of our business since we
typically collect payment at the time of sale and recognize revenue
ratably over the term of our customer contracts. We report total
bookings without giving effect to refunds granted in the period
because refunds often occur in periods different from the period of
sale for reasons unrelated to the marketing efforts leading to the
initial sale. Accordingly, by excluding net refunds, we believe
total bookings reflects the effectiveness of our sales efforts in a
given period.
ARPU. We calculate ARPU as total revenue during the
preceding 12 month period divided by the average of the number of
total customers at the beginning and end of the period. ARPU
provides insight into our ability to sell additional products to
customers, though the impact to date has been muted due to our
continued growth in total customers.
Unlevered Free Cash Flow. Unlevered free cash flow is a
measure of our liquidity used by management to evaluate our
business prior to the impact of our capital structure and purchases
of property and equipment, such as infrastructure investments, that
can be used by us for strategic opportunities and strengthening our
balance sheet. However, given our debt obligations, unlevered free
cash flow does not represent residual cash flow available for
discretionary expenses.
Net Debt. We define net debt as total debt less cash and
cash equivalents and short-term investments. Total debt consists of
the current portion of long-term debt plus long-term debt,
unamortized original issue discount and unamortized debt issuance
costs. Our management reviews net debt as part of its management of
our overall liquidity, financial flexibility, capital structure and
leverage and we believe such information is useful to investors.
Furthermore, certain analysts and debt rating agencies monitor our
net debt as part of their assessments of our business.
About GoDaddy
GoDaddy is empowering everyday entrepreneurs around the
world by providing all of the help and tools to succeed online.
With 19 million customers worldwide, GoDaddy is the place
people come to name their idea, build a professional website,
attract customers and manage their work. Our mission is to give our
customers the tools, insights and the people to transform their
ideas and personal initiative into success. To learn more about the
company visit www.GoDaddy.com.
GoDaddy
Inc.
|
Condensed
Consolidated Statements of Operations (unaudited)
|
(In millions,
except share amounts in thousands and per share
amounts)
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Revenue:
|
|
|
|
|
|
|
|
Domains
|
$
|
345.3
|
|
$
|
309.5
|
|
$
|
999.3
|
|
$
|
906.0
|
Hosting and
presence
|
285.0
|
|
263.2
|
|
833.7
|
|
747.6
|
Business
applications
|
130.2
|
|
106.8
|
|
374.7
|
|
310.7
|
Total
revenue
|
760.5
|
|
679.5
|
|
2,207.7
|
|
1,964.3
|
Costs and operating
expenses(1):
|
|
|
|
|
|
|
|
Cost of revenue
(excluding depreciation and amortization)
|
265.0
|
|
226.9
|
|
756.0
|
|
663.5
|
Technology and
development
|
116.4
|
|
112.2
|
|
367.6
|
|
319.3
|
Marketing and
advertising
|
79.6
|
|
70.1
|
|
260.2
|
|
212.0
|
Customer
care
|
86.0
|
|
81.8
|
|
263.9
|
|
238.5
|
General and
administrative
|
72.2
|
|
89.7
|
|
270.0
|
|
247.1
|
Depreciation and
amortization
|
49.9
|
|
61.3
|
|
160.9
|
|
176.1
|
Total costs and
operating expenses
|
669.1
|
|
642.0
|
|
2,078.6
|
|
1,856.5
|
Operating
income(2)(3)
|
91.4
|
|
37.5
|
|
129.1
|
|
107.8
|
Interest
expense
|
(22.9)
|
|
(25.0)
|
|
(70.4)
|
|
(73.5)
|
Tax receivable
agreements liability adjustment
|
—
|
|
—
|
|
8.7
|
|
(0.1)
|
Loss on debt
extinguishment
|
—
|
|
—
|
|
(14.5)
|
|
—
|
Other income
(expense), net
|
5.6
|
|
0.7
|
|
17.0
|
|
1.9
|
Income before income
taxes
|
74.1
|
|
13.2
|
|
69.9
|
|
36.1
|
Benefit for income
taxes
|
2.7
|
|
0.9
|
|
7.4
|
|
2.4
|
Net income
|
76.8
|
|
14.1
|
|
77.3
|
|
38.5
|
Less: net income
attributable to non-controlling interests
|
0.6
|
|
0.9
|
|
0.8
|
|
3.9
|
Net income
attributable to GoDaddy Inc.
|
$
|
76.2
|
|
$
|
13.2
|
|
$
|
76.5
|
|
$
|
34.6
|
Net income
attributable to GoDaddy Inc. per share of Class A common
stock:
|
|
|
|
|
|
|
|
Basic
|
$
|
0.44
|
|
$
|
0.08
|
|
$
|
0.44
|
|
$
|
0.23
|
Diluted
|
$
|
0.42
|
|
$
|
0.08
|
|
$
|
0.42
|
|
$
|
0.21
|
Weighted-average
shares of Class A common stock outstanding:
|
|
|
|
|
|
|
|
Basic
|
174,820
|
|
162,359
|
|
173,957
|
|
151,015
|
Diluted
|
181,654
|
|
182,392
|
|
182,926
|
|
180,938
|
___________________________
|
|
|
|
|
|
|
|
(1)
Costs and operating expenses include equity-based compensation as
follows:
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
$
|
0.1
|
|
$
|
—
|
|
$
|
0.3
|
|
$
|
—
|
|
Technology and
development
|
10.6
|
|
14.5
|
|
50.9
|
|
41.8
|
|
Marketing and
advertising
|
2.3
|
|
2.4
|
|
10.7
|
|
7.4
|
|
Customer
care
|
1.5
|
|
1.4
|
|
6.7
|
|
3.9
|
|
General and
administrative
|
3.2
|
|
12.3
|
|
37.6
|
|
37.2
|
|
Total equity-based
compensation
|
$
|
17.7
|
|
$
|
30.6
|
|
$
|
106.2
|
|
$
|
90.3
|
|
|
(2)
|
See reconciliation
tables for certain items included in our condensed consolidated
statements of operations.
|
|
|
(3)
|
Equity-based
compensation expense for the three and nine months ended September
30, 2019 has been reduced by $20.4 million to correct an immaterial
error related to our accounting for certain performance-based
awards, decreasing operating costs and expenses as follows:
technology and development $9.4 million, marketing and advertising
$2.0 million, customer care $1.1 million and general and
administrative $7.9 million.
|
GoDaddy
Inc.
|
Condensed
Consolidated Balance Sheets (unaudited)
|
(In millions,
except per share amounts)
|
|
|
September
30,
|
|
December
31,
|
|
2019
|
|
2018
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
966.7
|
|
$
|
932.4
|
Short-term
investments
|
23.5
|
|
18.9
|
Accounts and other
receivables
|
29.0
|
|
26.4
|
Registry
deposits
|
22.5
|
|
28.3
|
Prepaid domain name
registry fees
|
382.7
|
|
363.2
|
Prepaid expenses and
other current assets
|
60.2
|
|
58.1
|
Total current
assets
|
1,484.6
|
|
1,427.3
|
Property and
equipment, net
|
255.4
|
|
299.0
|
Operating lease
assets
|
190.4
|
|
—
|
Prepaid domain name
registry fees, net of current portion
|
182.1
|
|
183.6
|
Goodwill
|
2,932.2
|
|
2,948.0
|
Intangible assets,
net
|
1,108.6
|
|
1,211.5
|
Other
assets
|
14.3
|
|
14.0
|
Total
assets
|
$
|
6,167.6
|
|
$
|
6,083.4
|
Liabilities and
stockholders' equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
|
71.4
|
|
$
|
61.6
|
Accrued expenses and
other current liabilities
|
338.9
|
|
414.3
|
Deferred
revenue
|
1,539.9
|
|
1,393.7
|
Long-term
debt
|
19.1
|
|
16.6
|
Total current
liabilities
|
1,969.3
|
|
1,886.2
|
Deferred revenue, net
of current portion
|
656.2
|
|
623.8
|
Long-term debt, net
of current portion
|
2,383.1
|
|
2,394.2
|
Operating lease
liabilities, net of current portion
|
184.0
|
|
—
|
Payable to related
parties pursuant to tax receivable agreements
|
175.3
|
|
174.3
|
Other long-term
liabilities
|
19.4
|
|
63.2
|
Deferred tax
liabilities
|
100.4
|
|
117.2
|
Commitments and
contingencies
|
|
|
|
Stockholders'
equity:
|
|
|
|
Preferred stock,
$0.001 par value
|
—
|
|
—
|
Class A common stock,
$0.001 par value
|
0.2
|
|
0.2
|
Class B common stock,
$0.001 par value
|
—
|
|
—
|
Additional paid-in
capital
|
921.2
|
|
699.8
|
Retained earnings
(accumulated deficit)
|
(155.0)
|
|
164.8
|
Accumulated other
comprehensive loss
|
(98.5)
|
|
(72.1)
|
Total stockholders'
equity attributable to GoDaddy Inc.
|
667.9
|
|
792.7
|
Non-controlling
interests
|
12.0
|
|
31.8
|
Total stockholders'
equity
|
679.9
|
|
824.5
|
Total liabilities and
stockholders' equity
|
$
|
6,167.6
|
|
$
|
6,083.4
|
GoDaddy
Inc.
|
Condensed
Consolidated Statements of Cash Flows (unaudited)
|
(In
millions)
|
|
|
Nine Months
Ended
September 30,
|
|
2019
|
|
2018
|
Operating
activities
|
|
|
|
|
Net income
|
$
|
77.3
|
|
$
|
38.5
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
160.9
|
|
176.1
|
Equity-based
compensation
|
106.2
|
|
90.3
|
Loss on debt
extinguishment
|
14.5
|
|
—
|
Other
|
12.7
|
|
(9.8)
|
Changes in operating
assets and liabilities, net of amounts acquired:
|
|
|
|
Registry
deposits
|
5.5
|
|
9.5
|
Prepaid domain name
registry fees
|
(20.1)
|
|
(23.0)
|
Deferred
revenue
|
182.8
|
|
168.5
|
Other operating
assets and liabilities
|
21.4
|
|
(18.8)
|
Net cash provided by
operating activities
|
561.2
|
|
431.3
|
Investing
activities
|
|
|
|
Purchases of
short-term investments
|
(64.1)
|
|
(6.9)
|
Maturities of
short-term investments
|
59.9
|
|
18.4
|
Business
acquisitions, net of cash acquired
|
(40.3)
|
|
(147.2)
|
Purchases of property
and equipment
|
(71.1)
|
|
(49.5)
|
Other investing
activities
|
(1.8)
|
|
(10.1)
|
Net cash used in
investing activities
|
(117.4)
|
|
(195.3)
|
Financing
activities
|
|
|
|
Proceeds received
from:
|
|
|
|
Issuance of Senior
Notes
|
600.0
|
|
—
|
Stock option
exercises
|
46.0
|
|
54.8
|
Issuance of Class A
common stock under ESPP
|
16.6
|
|
11.9
|
Payments made
for:
|
|
|
|
Repayment of term
loans
|
(618.7)
|
|
(18.7)
|
Repurchases of Class
A common stock
|
(399.6)
|
|
—
|
Contingent
consideration for business acquisitions
|
(35.5)
|
|
(9.2)
|
Financing-related
costs
|
(13.1)
|
|
—
|
Leases and other
financing obligations
|
(3.1)
|
|
(4.8)
|
Net cash provided by
(used in) financing activities
|
(407.4)
|
|
34.0
|
Effect of exchange
rate changes on cash and cash equivalents
|
(2.1)
|
|
(1.5)
|
Net increase in cash
and cash equivalents
|
34.3
|
|
268.5
|
Cash and cash
equivalents, beginning of period
|
932.4
|
|
582.7
|
Cash and cash
equivalents, end of period
|
$
|
966.7
|
|
$
|
851.2
|
Reconciliation of Non-GAAP Financial Measures and Other
Operating Metric
The following tables reconcile each non-GAAP financial measure
and other operating metric to its most directly comparable GAAP
financial measure:
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
(in
millions)
|
Total
Bookings:
|
|
|
|
|
|
|
|
Total
revenue
|
$
|
760.5
|
|
$
|
679.5
|
|
$
|
2,207.7
|
|
$
|
1,964.3
|
Change in deferred
revenue
|
26.3
|
|
16.6
|
|
183.6
|
|
171.1
|
Net
refunds
|
64.7
|
|
45.9
|
|
176.8
|
|
145.8
|
Other
|
(0.5)
|
|
(0.2)
|
|
(0.5)
|
|
(2.1)
|
Total
bookings
|
$
|
851.0
|
|
$
|
741.8
|
|
$
|
2,567.6
|
|
$
|
2,279.1
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
(in
millions)
|
Unlevered Free Cash
Flow:
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
$
|
200.2
|
|
$
|
154.0
|
|
$
|
561.2
|
|
$
|
431.3
|
Impact of
discontinued operations(1)
|
—
|
|
2.4
|
|
—
|
|
23.8
|
Cash paid for
interest on long-term debt
|
13.6
|
|
21.3
|
|
53.4
|
|
61.8
|
Cash paid for
acquisition-related costs
|
2.7
|
|
5.5
|
|
14.4
|
|
19.3
|
Capital
expenditures
|
(25.2)
|
|
(13.6)
|
|
(71.1)
|
|
(49.5)
|
Cash paid for
indirect taxes
|
—
|
|
6.0
|
|
—
|
|
6.0
|
Unlevered free cash
flow
|
$
|
191.3
|
|
$
|
175.6
|
|
$
|
557.9
|
|
$
|
492.7
|
|
|
|
|
|
|
(1)
|
Impact of
discontinued operations in 2018 relates to cash tax payments made
in connection with the gain on the August 2017 sale of
PlusServer.
|
The following table details certain items included in our
condensed consolidated statements of operations:
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
(in
millions)
|
Operating income
includes the following:
|
|
|
|
|
|
|
|
Accrual for legal
settlement expenses recorded in general and administrative
expenses
|
$
|
—
|
|
$
|
—
|
|
$
|
18.1
|
|
$
|
—
|
Acquisition-related
expenses recorded in general and administrative expenses
|
$
|
1.5
|
|
$
|
9.2
|
|
$
|
6.7
|
|
$
|
25.7
|
Equity-based
compensation expense error correction
|
$
|
(20.4)
|
|
$
|
—
|
|
$
|
(20.4)
|
|
$
|
—
|
The following table provides a reconciliation of net debt:
|
September 30,
2019
|
|
|
|
(in
millions)
|
Net Debt:
|
|
Current portion of
long-term debt
|
$
|
19.1
|
Long-term
debt
|
2,383.1
|
Unamortized original
issue discount on long-term debt
|
11.8
|
Unamortized debt
issuance costs
|
24.6
|
Total debt
|
2,438.6
|
Less: Cash and cash
equivalents
|
(966.7)
|
Less: Short-term
investments
|
(23.5)
|
Net debt
|
$
|
1,448.4
|
Shares Outstanding
Shares of Class B common stock do not share in our earnings and
are not participating securities. Total shares of common stock
outstanding are as follows:
|
September
30,
|
|
2019
|
|
2018
|
|
|
|
|
|
(in
thousands)
|
Shares
Outstanding:
|
|
|
|
Class A common
stock
|
171,422
|
|
166,928
|
Class B common
stock
|
1,529
|
|
6,319
|
Total common stock
outstanding
|
172,951
|
|
173,247
|
Effect of dilutive
securities(1)
|
5,291
|
|
9,775
|
|
178,242
|
|
183,022
|
|
|
|
|
|
|
(1)
|
Calculated using the
treasury stock method, which excludes the impact of antidilutive
securities.
|
© 2019 GoDaddy Inc. All Rights Reserved.
Source: GoDaddy Inc.
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SOURCE GoDaddy Inc.