SCOTTSDALE, Ariz., Feb. 13, 2020 /PRNewswire/ - GoDaddy Inc. (NYSE:
GDDY), the company that empowers everyday entrepreneurs, today
reported financial results for the fourth quarter and year ended
December 31, 2019.
"GoDaddy continues to execute against its strategy - empowering
everyday entrepreneurs through sage guidance, seamlessly intuitive
experiences, and activating our community," said GoDaddy CEO
Aman Bhutani. "We are well
positioned to deliver strong results for our customers,
communities, and shareholders in 2020."
"We are pleased that we were able to land 2019 financial
performance right where we said we would. As we look to 2020, we
have provided guidance that reflects the ongoing strength of our
business," said GoDaddy CFO Ray
Winborne.
Consolidated
Fourth Quarter Financial Highlights(1)
|
|
|
Three Months
Ended
December 31,
|
|
Year Ended
December 31,
|
|
2019
|
|
2018
|
|
Change
|
|
2019
|
|
2018
|
|
Change
|
|
(in millions, except
customers in thousands and ARPU)
|
GAAP
Results
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
|
780.4
|
|
$
|
695.8
|
|
12.2%
|
|
$
|
2,988.1
|
|
$
|
2,660.1
|
|
12.3%
|
Net cash provided by
operating activities(2)
|
$
|
162.2
|
|
$
|
128.5
|
|
26.2%
|
|
$
|
723.4
|
|
$
|
559.8
|
|
29.2%
|
Non-GAAP
Results
|
|
|
|
|
|
|
|
|
|
|
|
Unlevered Free Cash
Flow
|
$
|
177.7
|
|
$
|
126.8
|
|
40.1%
|
|
$
|
735.6
|
|
$
|
619.5
|
|
18.7%
|
Operating
Metrics
|
|
|
|
|
|
|
|
|
|
|
|
Total
bookings
|
$
|
833.6
|
|
$
|
732.4
|
|
13.8%
|
|
$
|
3,401.2
|
|
$
|
3,011.5
|
|
12.9%
|
Total customers at
period end
|
19,274
|
|
18,518
|
|
4.1%
|
|
19,274
|
|
18,518
|
|
4.1%
|
ARPU
|
$
|
158
|
|
$
|
148
|
|
6.6%
|
|
$
|
158
|
|
$
|
148
|
|
6.6%
|
|
|
|
|
(1)
|
See reconciliation
tables for a detailed listing of certain items included in our
consolidated statements of operations.
|
(2)
|
cash provided by
operating activities in the year ended December 31, 2018 includes
cash tax payments made in connection with the gain on the August
2017 sale of PlusServer.
|
- Total revenue of $780.4 million,
up 12.2% year over year, or 13.0% on a constant currency
basis.
- Total bookings of $833.6 million,
up 13.8% year over year, or 14.1% on a constant currency
basis.
- Net cash provided by operating activities of $162.2 million, up 26.2% year over year.
- Unlevered free cash flow of $177.7
million, up 40.1% year over year.
- Customers of 19.3 million at December
31, 2019, up 4.1% year over year.
- Average revenue per user (ARPU) of $158, up 6.6% year over year.
- Domains revenue of $352.3
million, up 12.1% year over year.
- Hosting and Presence revenue of $292.8
million, up 8.4% year over year.
- Business Applications revenue of $135.3
million, up 21.3% year over year.
- International revenue of $261.4
million, up 8.8% year over year, or 11.2% on a constant
currency basis.
Business Highlights
- Websites + Marketing, GoDaddy's website and marketing suite,
launched integrations with Google Shopping and the Facebook
Developer Platform, enabling service commerce bookings in Facebook
and Instagram.
- Websites + Marketing introduced inventory import capabilities,
enabling online commerce customers to easily import inventory data
from popular marketplaces into a newly created website.
- GoDaddy launched the Go theme for WordPress, bringing
proprietary technology for ease of use and design to the WordPress
community. Go has quickly become one of the fastest growing themes
in the WordPress ecosystem, continuing GoDaddy's trajectory of
leading the way in what WordPress can accomplish.
- GoDaddy acquired Over, a multifaceted content creation tool for
small businesses and entrepreneurs, equipping anyone and everyone
to grow a brand and stand out in an increasingly crowded
world.
- GoDaddy announced the acquisition of Uniregistry's leading
domain registrar and marketplace businesses as well as their domain
portfolio, reinforcing the company's commitment to domain
investors.
- GoDaddy's influencer driven brand and creative strategy, which
are tightly linked to the day-to-day experiences of its customers,
are seeing strong performance in brand affinity, impressions, and
social buzz, all of which now substantially outpace the competitive
environment.
- In January, GoDaddy launched its new logo, the "Go", a joyful
reflection of how GoDaddy brings together humanity and technology
to serve everyday entrepreneurs from all walks of life, backgrounds
and cultures.
- The Human Rights Campaign's 2020 Corporate Equality Index
awarded GoDaddy with a perfect score for the second year in a
row.
- GoDaddy appointed Leah Sweet to
its board of directors. Ms. Sweet, Senior Vice President at PayPal,
brings deep, customer-focused product strategy experience and
leadership to the board.
- GoDaddy announced it will host an Investor Day on April 2, 2020 at the New York Stock Exchange in
New York City, New York. Interested shareholders and analysts
are encouraged to email investors@godaddy.com for an
invitation.
Balance Sheet
At December 31, 2019, total cash and cash equivalents and
short-term investments were $1,086.4
million, total debt was $2,432.3
million and net debt was $1,345.9
million.
Business Outlook
For the full year ending December 31, 2020, GoDaddy expects
the following:
|
Metric
|
|
Year-Over-
Year
Growth
|
|
|
|
|
|
Revenue
|
$
|
3.315
|
billion
|
|
11%
|
Unlevered Free Cash
Flow(1)
|
$
|
835
|
million
|
|
14%
|
Capital
Expenditures
|
~$85
|
million
|
|
|
Cash Interest on
Long-Term Debt
|
~$80
|
million
|
|
|
Cash Income
Taxes
|
<$20
|
million
|
|
|
|
|
|
|
(1)
|
2020 includes 27 pay
periods versus 26 in a normal year, resulting in an incremental
cash outflow of ~$18 million. Normalized for this item, uFCF growth
in 2020 would be approximately 16%.
|
For the first quarter ending March 31, 2020, GoDaddy
expects total revenue of approximately $795
million, or approximately 12% year over year growth.
Our consolidated financial statements are prepared in accordance
with generally accepted accounting principles in the United States (GAAP). GoDaddy does 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 presentation 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
fourth quarter 2019 results at 5:00 p.m.
Eastern Time on February 13, 2020. To hear the call,
dial (833) 286-5800 in the United
States or (647) 689-4445 from international locations, with
passcode 2145709. A live webcast of the call, together with a slide
presentation including supplemental financial information and
reconciliations of certain non-GAAP financial measures to their
nearest GAAP equivalent, will be available through the GoDaddy
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 the company'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: launches of new or
adoption and expansion of existing products or services, any
projections of product or service availability, technology
developments and innovation, customer growth, addressable market
size, market acceptance of products 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; any statements regarding integration
of recent or planned acquisitions, any statements regarding our
future financial results; statements concerning GoDaddy's ability
to integrate its acquisition of Over and the expected acquisition
of Uniregistry's domain registrar and marketplace businesses, and
the projected impact of the acquisitions on GoDaddy's business and
results of operations; 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: 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 the risks described under the
captions "Risk Factors" in our Quarterly Report on Form 10-Q for
the quarter ended September 30, 2019
as well as those described in "Management's Discussion and Analysis
of Financial Condition and Results of Operations," in the company's
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 September
30, 2019, which are available on the company'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 the company 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 data center and 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. We believe the presentation of net debt provides useful
information to investors because our management reviews net debt as
part of its management of our overall liquidity, financial
flexibility, capital structure and leverage. 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.
|
Consolidated
Statements of Operations (unaudited)
|
(In millions,
except shares in thousands and per share amounts)
|
|
|
Three Months
Ended
December 31,
|
|
Year Ended
December 31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
Revenue:
|
|
|
|
|
|
|
|
Domains
|
$
|
352.3
|
|
$
|
314.3
|
|
$
|
1,351.6
|
|
$
|
1,220.3
|
Hosting and
presence
|
292.8
|
|
270.0
|
|
1,126.5
|
|
1,017.6
|
Business
applications
|
135.3
|
|
111.5
|
|
510.0
|
|
422.2
|
Total
revenue
|
780.4
|
|
695.8
|
|
2,988.1
|
|
2,660.1
|
Costs and operating
expenses(1):
|
|
|
|
|
|
|
|
Cost of revenue
(excluding depreciation and amortization)
|
270.8
|
|
230.4
|
|
1,026.8
|
|
893.9
|
Technology and
development
|
125.0
|
|
114.7
|
|
492.6
|
|
434.0
|
Marketing and
advertising
|
85.4
|
|
79.4
|
|
345.6
|
|
291.4
|
Customer
care
|
84.8
|
|
84.6
|
|
348.7
|
|
323.1
|
General and
administrative
|
92.1
|
|
86.9
|
|
362.1
|
|
334.0
|
Depreciation and
amortization
|
48.8
|
|
58.0
|
|
209.7
|
|
234.1
|
Total costs and
operating expenses
|
706.9
|
|
654.0
|
|
2,785.5
|
|
2,510.5
|
Operating
income(2)
|
73.5
|
|
41.8
|
|
202.6
|
|
149.6
|
Interest
expense
|
(21.7)
|
|
(24.9)
|
|
(92.1)
|
|
(98.4)
|
Loss on debt
extinguishment
|
(0.3)
|
|
—
|
|
(14.8)
|
|
—
|
Tax receivable
agreements liability adjustment
|
—
|
|
15.0
|
|
8.7
|
|
14.9
|
Other income
(expense), net
|
5.0
|
|
5.0
|
|
22.0
|
|
6.9
|
Income before income
taxes
|
56.5
|
|
36.9
|
|
126.4
|
|
73.0
|
Benefit for income
taxes
|
4.6
|
|
6.6
|
|
12.0
|
|
9.0
|
Net income
|
61.1
|
|
43.5
|
|
138.4
|
|
82.0
|
Less: net income
attributable to non-controlling interests
|
0.6
|
|
1.0
|
|
1.4
|
|
4.9
|
Net income
attributable to GoDaddy Inc.
|
$
|
60.5
|
|
$
|
42.5
|
|
$
|
137.0
|
|
$
|
77.1
|
Net income
attributable to GoDaddy Inc. per share of Class A common
stock:
|
|
|
|
|
|
|
|
Basic
|
$
|
0.35
|
|
$
|
0.25
|
|
$
|
0.79
|
|
$
|
0.50
|
Diluted
|
$
|
0.34
|
|
$
|
0.24
|
|
$
|
0.76
|
|
$
|
0.45
|
Weighted-average
shares of Class A common stock outstanding:
|
|
|
|
|
|
|
|
Basic
|
171,870
|
|
167,753
|
|
173,431
|
|
155,234
|
Diluted
|
177,642
|
|
182,244
|
|
181,721
|
|
181,353
|
|
(1) Costs
and operating expenses include equity-based compensation expense as
follows:
|
|
|
Cost of
revenue
|
$
|
0.1
|
|
$
|
—
|
|
$
|
0.4
|
|
$
|
—
|
Technology and
development
|
19.4
|
|
16.0
|
|
70.3
|
|
57.8
|
Marketing and
advertising
|
4.7
|
|
2.9
|
|
15.4
|
|
10.3
|
Customer
care
|
2.6
|
|
2.3
|
|
9.3
|
|
6.2
|
General and
administrative
|
14.0
|
|
14.0
|
|
51.6
|
|
51.2
|
Total equity-based
compensation expense
|
$
|
40.8
|
|
$
|
35.2
|
|
$
|
147.0
|
|
$
|
125.5
|
|
|
(2)
|
See reconciliation
tables for a detailed listing of certain items included in our
consolidated statements of operations.
|
GoDaddy
Inc.
|
Consolidated
Balance Sheets (unaudited)
|
(In millions,
except per share amounts)
|
|
|
December
31,
|
|
2019
|
|
2018
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
1,062.8
|
|
$
|
932.4
|
Short-term
investments
|
23.6
|
|
18.9
|
Accounts and other
receivables
|
30.2
|
|
26.4
|
Registry
deposits
|
27.2
|
|
28.3
|
Prepaid domain name
registry fees
|
382.6
|
|
363.2
|
Prepaid expenses and
other current assets
|
48.9
|
|
58.1
|
Total current
assets
|
1,575.3
|
|
1,427.3
|
Property and
equipment, net
|
258.6
|
|
299.0
|
Operating lease
assets
|
196.6
|
|
—
|
Prepaid domain name
registry fees, net of current portion
|
179.3
|
|
183.6
|
Goodwill
|
2,976.5
|
|
2,948.0
|
Intangible assets,
net
|
1,097.7
|
|
1,211.5
|
Other
assets
|
17.2
|
|
14.0
|
Total
assets
|
$
|
6,301.2
|
|
$
|
6,083.4
|
Liabilities and
stockholders' equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
|
72.3
|
|
$
|
61.6
|
Accrued expenses and
other current liabilities
|
366.0
|
|
414.3
|
Deferred
revenue
|
1,544.4
|
|
1,393.7
|
Long-term
debt
|
18.4
|
|
16.6
|
Total current
liabilities
|
2,001.1
|
|
1,886.2
|
Deferred revenue, net
of current portion
|
654.4
|
|
623.8
|
Long-term debt, net
of current portion
|
2,376.8
|
|
2,394.2
|
Operating lease
liabilities, net of current portion
|
192.9
|
|
—
|
Payable to related
parties pursuant to tax receivable agreements
|
175.3
|
|
174.3
|
Other long-term
liabilities
|
17.7
|
|
63.2
|
Deferred tax
liabilities
|
100.9
|
|
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
|
1,003.5
|
|
699.8
|
Retained earnings
(accumulated deficit)
|
(153.5)
|
|
164.8
|
Accumulated other
comprehensive loss
|
(78.2)
|
|
(72.1)
|
Total stockholders'
equity attributable to GoDaddy Inc.
|
772.0
|
|
792.7
|
Non-controlling
interests
|
10.1
|
|
31.8
|
Total stockholders'
equity
|
782.1
|
|
824.5
|
Total liabilities and
stockholders' equity
|
$
|
6,301.2
|
|
$
|
6,083.4
|
GoDaddy
Inc.
|
Consolidated
Statements of Cash Flows (unaudited)
|
(In
millions)
|
|
|
Year Ended
December 31,
|
|
2019
|
|
2018
|
Operating
activities
|
|
|
|
Net income
|
$
|
138.4
|
|
$
|
82.0
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
209.7
|
|
234.1
|
Equity-based
compensation
|
147.0
|
|
125.5
|
Loss on debt
extinguishment
|
14.8
|
|
—
|
Tax receivable
agreements liability adjustment
|
(8.7)
|
|
(14.9)
|
Other
|
32.7
|
|
(11.4)
|
Changes in operating
assets and liabilities, net of amounts acquired:
|
|
|
|
Registry
deposits
|
1.1
|
|
6.2
|
Prepaid domain name
registry fees
|
(15.1)
|
|
(15.9)
|
Accounts
payable
|
13.6
|
|
(3.4)
|
Accrued expenses and
other current liabilities
|
40.4
|
|
14.9
|
Deferred
revenue
|
179.5
|
|
158.0
|
Other operating assets
and liabilities
|
(30.0)
|
|
(15.3)
|
Net cash provided by
operating activities
|
723.4
|
|
559.8
|
Investing
activities
|
|
|
|
Purchases of
short-term investments
|
(64.1)
|
|
(24.8)
|
Maturities of
short-term investments
|
59.9
|
|
18.5
|
Business
acquisitions, net of cash acquired
|
(40.3)
|
|
(147.2)
|
Purchases of
intangible assets
|
(4.7)
|
|
(9.3)
|
Purchases of property
and equipment
|
(87.6)
|
|
(87.7)
|
Other investing
activities, net
|
1.5
|
|
(4.3)
|
Net cash used in
investing activities
|
(135.3)
|
|
(254.8)
|
Financing
activities
|
|
|
|
Proceeds received
from:
|
|
|
|
Issuance of Senior
Notes
|
600.0
|
|
—
|
Stock option
exercises
|
70.7
|
|
67.2
|
Issuances of Class A
common stock under employee stock purchase plan
|
28.5
|
|
21.9
|
Payments made
for:
|
|
|
|
Repayment of term
loans
|
(625.0)
|
|
(25.0)
|
Repurchases of Class A
common stock
|
(458.6)
|
|
—
|
Contingent
consideration for business acquisitions
|
(54.8)
|
|
(10.4)
|
Financing-related
costs
|
(13.2)
|
|
—
|
Other financing
obligations
|
(4.5)
|
|
(6.7)
|
Net cash provided by
(used in) financing activities
|
(456.9)
|
|
47.0
|
Effect of exchange
rate changes on cash and cash equivalents
|
(0.8)
|
|
(2.3)
|
Net increase in cash
and cash equivalents
|
130.4
|
|
349.7
|
Cash and cash
equivalents, beginning of period
|
932.4
|
|
582.7
|
Cash and cash
equivalents, end of period
|
$
|
1,062.8
|
|
$
|
932.4
|
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
December 31,
|
|
Year
Ended December 31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
(in
millions)
|
Total
Bookings:
|
|
|
|
|
|
|
|
Total
revenue
|
$
|
780.4
|
|
$
|
695.8
|
|
$
|
2,988.1
|
|
$
|
2,660.1
|
Change in deferred
revenue
|
(3.1)
|
|
(7.9)
|
|
180.5
|
|
163.2
|
Net
refunds
|
56.6
|
|
46.8
|
|
233.4
|
|
192.6
|
Other
|
(0.3)
|
|
(2.3)
|
|
(0.8)
|
|
(4.4)
|
Total
bookings
|
$
|
833.6
|
|
$
|
732.4
|
|
$
|
3,401.2
|
|
$
|
3,011.5
|
|
|
|
|
|
Three Months
Ended
December 31,
|
|
Year
Ended December 31,
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
|
|
|
|
|
|
|
|
|
(in
millions)
|
Unlevered Free Cash
Flow:
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
$
|
162.2
|
|
$
|
128.5
|
|
$
|
723.4
|
|
$
|
559.8
|
Impact of
discontinued operations(1)
|
—
|
|
—
|
|
—
|
|
23.8
|
Cash paid for
interest on long-term debt
|
26.9
|
|
22.3
|
|
80.3
|
|
84.1
|
Cash paid for
acquisition-related costs(2)
|
5.1
|
|
12.9
|
|
19.5
|
|
32.2
|
Capital
expenditures
|
(16.5)
|
|
(38.2)
|
|
(87.6)
|
|
(87.7)
|
Cash paid for
indirect taxes
|
—
|
|
1.3
|
|
—
|
|
7.3
|
Unlevered free cash
flow
|
$
|
177.7
|
|
$
|
126.8
|
|
$
|
735.6
|
|
$
|
619.5
|
|
|
|
|
(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.
|
(2)
|
The 2018 periods
include $5.7 million of capital expenditures related to data
center, networking and data platform consolidation for Host Europe
Group.
|
The following table details certain items included in our
consolidated statements of operations:
|
Three Months
Ended
December 31,
|
|
Year
Ended December 31,
|
|
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
|
$
|
2.7
|
|
$
|
7.0
|
|
$
|
9.4
|
|
$
|
32.7
|
The following table provides a reconciliation of net debt:
|
December 31,
2019
|
|
(in
millions)
|
Net Debt:
|
|
Current portion of
long-term debt
|
$
|
18.4
|
Long-term
debt
|
2,376.8
|
Unamortized original
issue discount on long-term debt
|
13.2
|
Unamortized debt
issuance costs
|
23.9
|
Total debt
|
2,432.3
|
Less: Cash and cash
equivalents
|
(1,062.8)
|
Less: Short-term
investments
|
(23.6)
|
Net debt
|
$
|
1,345.9
|
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:
|
December
31,
|
|
2019
|
|
2018
|
|
|
|
|
|
(in
thousands)
|
Shares
Outstanding:
|
|
|
|
Class A common
stock
|
172,867
|
|
168,549
|
Class B common
stock
|
1,490
|
|
6,254
|
Total common stock
outstanding
|
174,357
|
|
174,803
|
Effect of dilutive
securities(1)
|
4,263
|
|
8,206
|
|
178,620
|
|
183,009
|
|
|
|
|
(1)
|
Calculated using the
treasury stock method, which excludes the impact of antidilutive
securities.
|
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Source: GoDaddy Inc.
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SOURCE GoDaddy Inc.