SCOTTSDALE, Ariz., Feb. 11, 2021 /PRNewswire/ -- GoDaddy Inc. (NYSE:
GDDY), the company that empowers everyday entrepreneurs, today
reported financial results for the fourth quarter and year ended
December 31, 2020.
"2020 was a really strong year for our business despite the
obvious challenges, as our customers proved once again to be
resourceful entrepreneurs and successfully pivoted to expand their
online presence," said GoDaddy CEO Aman
Bhutani. "We are confident that our 2021 plans to drive
innovation and growth will not only bring more everyday
entrepreneurs to the GoDaddy ecosystem, but will also help our
existing customers achieve new heights of individual success."
"Aggressive and disciplined investment led to an acceleration
across our business," said GoDaddy CFO Ray
Winborne. "With a continued tailwind from elevated demand,
and strong returns on our investments, we will continue to lean in
on product and marketing to drive further acceleration in
2021."
Consolidated
Fourth Quarter Financial Highlights
|
|
|
Three Months
Ended
December 31,
|
|
Year Ended
December 31,
|
|
2020
|
|
2019
|
|
Change
|
|
2020
|
|
2019
|
|
Change
|
|
(in millions, except
customers in thousands and ARPU)
|
GAAP
Results
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
|
873.9
|
|
$
|
780.4
|
|
12.0%
|
|
$
|
3,316.7
|
|
$
|
2,988.1
|
|
11.0%
|
Net cash provided by
operating activities
|
$
|
165.9
|
|
$
|
162.2
|
|
2.3%
|
|
$
|
764.6
|
|
$
|
723.4
|
|
5.7%
|
Non-GAAP
Results
|
|
|
|
|
|
|
|
|
|
|
Unlevered free cash
flow
|
$
|
181.1
|
|
$
|
177.7
|
|
1.9%
|
|
$
|
825.4
|
|
$
|
735.6
|
|
12.2%
|
Operating
Metrics
|
|
|
|
|
|
|
|
|
|
|
Total
bookings
|
$
|
943.1
|
|
$
|
833.6
|
|
13.1%
|
|
$
|
3,775.5
|
|
$
|
3,401.2
|
|
11.0%
|
Total customers at
period end
|
20,646
|
|
19,274
|
|
7.1%
|
|
20,646
|
|
19,274
|
|
7.1%
|
Annual revenue per
user (ARPU)
|
$
|
166
|
|
$
|
158
|
|
5.1%
|
|
$
|
166
|
|
$
|
158
|
|
5.1%
|
- Total revenue of $873.9 million,
up 12.0% year over year, on a reported and constant currency
basis.
- Total bookings of $943.1 million,
up 13.1% year over year, on a reported and constant currency
basis.
- Net cash provided by operating activities of $165.9 million, up 2.3% year over year.
- Unlevered free cash flow of $181.1
million, up 1.9% year over year.
- Customers of 20.6 million at December
31, 2020, up 7.1% year over year.
- ARPU of $166, up 5.1% year over
year.
- Domains revenue of $402.2
million, up 14.2% year over year.
- Hosting and Presence revenue of $308.8
million, up 5.5% year over year.
- Business Applications revenue of $162.9
million, up 20.4% year over year.
- International revenue of $293.2
million, up 12.2% year over year, or 12.3% on a constant
currency basis.
Business Updates
- GoDaddy's Chief Financial Officer, Ray
Winborne, and Chief Legal Officer, Nima Kelly, also announced their intention to
retire in 2021. Both leaders are committed to a seamless transition
to their respective successors, and will remain in their roles
throughout that process.
- GoDaddy completed the Poynt acquisition in February 2021, giving the company a head start in
integrating a set of products that span the full spectrum of
commerce enablement. This acquisition brings payment capabilities
as a payment facilitator and value to customers through its
innovative point of sale terminals, inventory management software,
loyalty management tools, and more.
- GoDaddy welcomed nearly 1.4 million net new customers in 2020,
the largest annual net customer growth in the company's history,
excluding the year in which HEG was acquired.
- GoDaddy sees strong growth in its commerce offering within
Websites + Marketing and in Sellbrite with GMV growth of 75% across
all platforms nearing $7
billion.
- Websites + Marketing, GoDaddy's website and marketing suite,
launched freemium options in select markets, resulting in millions
of sign-ups with strong conversion rates.
- GoDaddy introduced new Websites + Marketing templates and tools
to make it easier than ever for entrepreneurs to quickly start
selling their products online.
- GoDaddy introduced new tools across Websites + Marketing to
power easy promotion of highlighted products and offers across the
website and in organic social posts via streamlined
integrations.
- GoDaddy invested aggressively in marketing in 2020, generating
high incremental returns on both bookings and gross profit.
- For the third year in a row, The Human Rights Campaign awarded
GoDaddy a perfect score in its 2021 Corporate Equality Index.
- In January 2021, GoDaddy launched
The Hub, by GoDaddy Pro, allowing website designers and developers
to perform their work in WordPress, a platform they know, in a
simple, intuitive way that saves them time and money.
Balance Sheet
At December 31, 2020, total cash and cash equivalents were
$765.2 million, total debt was
$3,153.6 million and net debt was
$2,388.4 million.
Business Outlook
For the first quarter ending March 31, 2021, GoDaddy
expects total revenue of approximately $885
million, or approximately 12% year over year growth.
For the full year ending December 31, 2021, GoDaddy expects
total revenue of approximately $3.70
billion, representing approximately 12% year over year
growth, versus the $3.32 billion of
revenue generated in 2020, and unlevered free cash flow of
approximately $945 million,
representing growth of 15%, versus the $825
million of unlevered free cash generated in 2020.
Modeling
Guide
|
2021
|
|
|
|
Capital
expenditures
|
~$65
million
|
Cash interest on
long-term debt
|
~$100
million
|
Cash income
taxes
|
~$25
million
|
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 webcast to discuss fourth quarter 2020
results at 5:00 p.m. Eastern Time on
February 11, 2021. To hear the call, please pre-register
online at
https://investors.godaddy.net/investor-relations/overview/default.aspx
for webcast information. 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: 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, partner integrations and marketing
strategy; any statements regarding future financial results;
statements concerning GoDaddy's ability to integrate its
acquisitions and achieve desired synergies and vertical
integration; changes to executive leadership; as well as the impact
of the COVID-19 pandemic on our business, customers, employees and
third-party partners; 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, including as a result of
COVID-19; 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
September 30, 2020 and "Management's
Discussion and Analysis of Financial Condition" in our Annual
Report on Form 10-K for the year ended December 31, 2019 and in our Quarterly Report on
Form 10-Q for the quarter ended September
30, 2020, 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.
Total customers. We define a customer as an individual or
entity, as of the end of a period, having an account with one or
more paid product subscriptions. A single user may be counted as a
customer more than once if they maintain paid subscriptions in
multiple accounts. Total customers is one way we measure the scale
of our business and is an important part of our ability to increase
our revenue base.
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.
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
restructuring and after purchases of property and equipment. Such
liquidity 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.
Gross Merchandise Volume (GMV). GMV is an operating
metric and represents the total dollar value of orders facilitated
by our customers through the Websites + Marketing and Sellbrite
platforms, including shipping and handling, and taxes, and is shown
net of discounts, and returns (where visibility exists). While GMV
is not indicative of our performance, we believe it is helpful to
illustrate the volume of commerce facilitated by our products.
About GoDaddy
GoDaddy is empowering everyday entrepreneurs around the world by
providing all of the help and tools to succeed online.
GoDaddy is the place people come to name their idea, build a
professional website, attract customers, sell their products and
services, 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,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Revenue:
|
|
|
|
|
|
|
|
Domains
|
$
|
402.2
|
|
$
|
352.3
|
|
$
|
1,515.1
|
|
$
|
1,351.6
|
Hosting and
presence
|
308.8
|
|
292.8
|
|
1,200.6
|
|
1,126.5
|
Business
applications
|
162.9
|
|
135.3
|
|
601.0
|
|
510.0
|
Total
revenue
|
873.9
|
|
780.4
|
|
3,316.7
|
|
2,988.1
|
Costs and operating
expenses(1):
|
|
|
|
|
|
|
|
Cost of revenue
(excluding depreciation and amortization)
|
301.9
|
|
270.8
|
|
1,158.6
|
|
1,026.8
|
Technology and
development
|
148.6
|
|
125.0
|
|
560.4
|
|
492.6
|
Marketing and
advertising
|
125.6
|
|
85.4
|
|
438.5
|
|
345.6
|
Customer
care
|
74.3
|
|
84.8
|
|
316.9
|
|
348.7
|
General and
administrative
|
79.7
|
|
92.1
|
|
323.8
|
|
362.1
|
Restructuring
charges
|
(0.1)
|
|
—
|
|
43.6
|
|
—
|
Depreciation and
amortization
|
51.4
|
|
48.8
|
|
202.7
|
|
209.7
|
Total costs and
operating expenses
|
781.4
|
|
706.9
|
|
3,044.5
|
|
2,785.5
|
Operating
income
|
92.5
|
|
73.5
|
|
272.2
|
|
202.6
|
Interest
expense
|
(26.8)
|
|
(21.7)
|
|
(91.3)
|
|
(92.1)
|
Loss on debt
extinguishment
|
—
|
|
(0.3)
|
|
—
|
|
(14.8)
|
Tax receivable
agreements liability adjustment
|
—
|
|
—
|
|
(674.7)
|
|
8.7
|
Other income
(expense), net
|
(0.3)
|
|
5.0
|
|
(1.6)
|
|
22.0
|
Income (loss) before
income taxes
|
65.4
|
|
56.5
|
|
(495.4)
|
|
126.4
|
Benefit for income
taxes
|
5.4
|
|
4.6
|
|
1.3
|
|
12.0
|
Net income
(loss)
|
70.8
|
|
61.1
|
|
(494.1)
|
|
138.4
|
Less: net income
attributable to non-controlling interests
|
0.3
|
|
0.6
|
|
1.0
|
|
1.4
|
Net income (loss)
attributable to GoDaddy Inc.
|
$
|
70.5
|
|
$
|
60.5
|
|
$
|
(495.1)
|
|
$
|
137.0
|
Net income (loss)
attributable to GoDaddy Inc. per share of Class A common
stock:
|
|
|
|
|
|
|
|
Basic
|
$
|
0.42
|
|
$
|
0.35
|
|
$
|
(2.94)
|
|
$
|
0.79
|
Diluted
|
$
|
0.41
|
|
$
|
0.34
|
|
$
|
(2.94)
|
|
$
|
0.76
|
Weighted-average
shares of Class A common stock outstanding:
|
|
|
|
|
|
|
|
Basic
|
168,345
|
|
171,870
|
|
168,636
|
|
173,431
|
Diluted
|
172,423
|
|
177,642
|
|
168,636
|
|
181,721
|
___________________________
|
|
|
|
|
|
|
|
(1) Costs
and operating expenses include equity-based compensation expense as
follows:
|
|
|
|
|
|
|
|
|
Cost of
revenue
|
$
|
0.2
|
|
$
|
0.1
|
|
$
|
0.7
|
|
$
|
0.4
|
Technology and
development
|
24.6
|
|
19.4
|
|
90.2
|
|
70.3
|
Marketing and
advertising
|
6.0
|
|
4.7
|
|
21.7
|
|
15.4
|
Customer
care
|
3.5
|
|
2.6
|
|
12.0
|
|
9.3
|
General and
administrative
|
15.1
|
|
14.0
|
|
66.9
|
|
51.6
|
Total equity-based
compensation expense
|
$
|
49.4
|
|
$
|
40.8
|
|
$
|
191.5
|
|
$
|
147.0
|
GoDaddy
Inc.
|
Consolidated
Balance Sheets (unaudited)
|
(In millions,
except per share amounts)
|
|
|
December
31,
|
|
2020
|
|
2019
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
765.2
|
|
$
|
1,062.8
|
Short-term
investments
|
—
|
|
23.6
|
Accounts and other
receivables
|
41.8
|
|
30.2
|
Registry
deposits
|
31.1
|
|
27.2
|
Prepaid domain name
registry fees
|
392.4
|
|
382.6
|
Prepaid expenses and
other current assets
|
60.8
|
|
48.9
|
Total current
assets
|
1,291.3
|
|
1,575.3
|
Property and
equipment, net
|
257.3
|
|
258.6
|
Operating lease
assets
|
142.0
|
|
196.6
|
Prepaid domain name
registry fees, net of current portion
|
176.1
|
|
179.3
|
Goodwill
|
3,275.1
|
|
2,976.5
|
Intangible assets,
net
|
1,255.1
|
|
1,097.7
|
Other
assets
|
36.0
|
|
17.2
|
Total
assets
|
$
|
6,432.9
|
|
$
|
6,301.2
|
Liabilities and
stockholders' equity (deficit)
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
|
51.0
|
|
$
|
72.3
|
Accrued expenses and
other current liabilities
|
527.4
|
|
366.0
|
Deferred
revenue
|
1,711.3
|
|
1,544.4
|
Long-term
debt
|
24.3
|
|
18.4
|
Payable pursuant to
tax receivable agreements
|
0.2
|
|
—
|
Total current
liabilities
|
2,314.2
|
|
2,001.1
|
Deferred revenue, net
of current portion
|
725.1
|
|
654.4
|
Long-term debt, net
of current portion
|
3,090.1
|
|
2,376.8
|
Operating lease
liabilities, net of current portion
|
166.7
|
|
192.9
|
Payable pursuant to
tax receivable agreements, net of current portion
|
—
|
|
175.3
|
Other long-term
liabilities
|
56.6
|
|
17.7
|
Deferred tax
liabilities
|
92.0
|
|
100.9
|
Commitments and
contingencies
|
|
|
|
Stockholders' equity
(deficit):
|
|
|
|
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
|
1,308.8
|
|
1,003.5
|
Accumulated
deficit
|
(1,190.9)
|
|
(153.5)
|
Accumulated other
comprehensive loss
|
(131.0)
|
|
(78.2)
|
Total stockholders'
equity (deficit) attributable to GoDaddy Inc.
|
(12.9)
|
|
772.0
|
Non-controlling
interests
|
1.1
|
|
10.1
|
Total stockholders'
equity (deficit)
|
(11.8)
|
|
782.1
|
Total liabilities and
stockholders' equity (deficit)
|
$
|
6,432.9
|
|
$
|
6,301.2
|
GoDaddy
Inc.
|
Consolidated
Statements of Cash Flows (unaudited)
|
(In
millions)
|
|
|
Year Ended
December 31,
|
|
2020
|
|
2019
|
Operating
activities
|
|
|
|
Net income
(loss)
|
$
|
(494.1)
|
|
$
|
138.4
|
Adjustments to
reconcile net income (loss) to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
202.7
|
|
209.7
|
Equity-based
compensation
|
191.5
|
|
147.0
|
Non-cash restructuring
charges
|
29.0
|
|
—
|
Loss on debt
extinguishment
|
—
|
|
14.8
|
Tax receivable
agreements liability adjustment
|
674.7
|
|
(8.7)
|
Other
|
32.7
|
|
32.7
|
Changes in operating
assets and liabilities, net of amounts acquired:
|
|
|
|
Registry
deposits
|
(2.7)
|
|
1.1
|
Prepaid domain name
registry fees
|
(17.5)
|
|
(15.1)
|
Accounts
payable
|
(20.5)
|
|
13.6
|
Accrued expenses and
other current liabilities
|
22.3
|
|
40.4
|
Deferred
revenue
|
215.6
|
|
179.5
|
Other operating assets
and liabilities
|
(69.1)
|
|
(30.0)
|
Net cash provided by
operating activities
|
764.6
|
|
723.4
|
Investing
activities
|
|
|
|
Purchases of
short-term investments
|
—
|
|
(64.1)
|
Maturities of
short-term investments
|
23.7
|
|
59.9
|
Business
acquisitions, net of cash acquired
|
(424.7)
|
|
(40.3)
|
Purchases of
intangible assets
|
(15.0)
|
|
(4.7)
|
Purchases of property
and equipment
|
(66.5)
|
|
(87.6)
|
Other investing
activities, net
|
0.2
|
|
1.5
|
Net cash used in
investing activities
|
(482.3)
|
|
(135.3)
|
Financing
activities
|
|
|
|
Proceeds received
from:
|
|
|
|
Issuance of term
loans
|
746.3
|
|
—
|
Issuance of Senior
Notes
|
—
|
|
600.0
|
Stock option
exercises
|
77.7
|
|
70.7
|
Issuance of Class A
common stock under employee stock purchase plan
|
29.6
|
|
28.5
|
Payments made
for:
|
|
|
|
Settlement of tax
receivable agreements
|
(849.8)
|
|
—
|
Repurchases of Class A
common stock
|
(541.7)
|
|
(458.6)
|
Repayment of term
loans
|
(28.7)
|
|
(625.0)
|
Financing-related
costs
|
(6.4)
|
|
(13.2)
|
Contingent
consideration for business acquisitions
|
(0.5)
|
|
(54.8)
|
Other financing
obligations
|
(8.2)
|
|
(4.5)
|
Net cash used in
financing activities
|
(581.7)
|
|
(456.9)
|
Effect of exchange
rate changes on cash and cash equivalents
|
1.8
|
|
(0.8)
|
Net increase
(decrease) in cash and cash equivalents
|
(297.6)
|
|
130.4
|
Cash and cash
equivalents, beginning of period
|
1,062.8
|
|
932.4
|
Cash and cash
equivalents, end of period
|
$
|
765.2
|
|
$
|
1,062.8
|
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,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
(in
millions)
|
Total
Bookings:
|
|
|
|
|
|
|
|
Total
revenue
|
$
|
873.9
|
|
$
|
780.4
|
|
$
|
3,316.7
|
|
$
|
2,988.1
|
Change in deferred
revenue
|
11.9
|
|
(3.1)
|
|
210.5
|
|
180.5
|
Net
refunds
|
55.9
|
|
56.6
|
|
247.3
|
|
233.4
|
Other
|
1.4
|
|
(0.3)
|
|
1.0
|
|
(0.8)
|
Total
bookings
|
$
|
943.1
|
|
$
|
833.6
|
|
$
|
3,775.5
|
|
$
|
3,401.2
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
December 31,
|
|
Year
Ended December 31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
(in
millions)
|
Unlevered Free Cash
Flow:
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
$
|
165.9
|
|
$
|
162.2
|
|
$
|
764.6
|
|
$
|
723.4
|
Cash paid for
interest on long-term debt
|
31.9
|
|
26.9
|
|
80.5
|
|
80.3
|
Cash paid for
acquisition-related costs
|
7.0
|
|
5.1
|
|
27.4
|
|
19.5
|
Capital
expenditures
|
(27.4)
|
|
(16.5)
|
|
(66.5)
|
|
(87.6)
|
Cash paid for
restructuring charges(1)
|
3.7
|
|
—
|
|
19.4
|
|
—
|
Unlevered free cash
flow
|
$
|
181.1
|
|
$
|
177.7
|
|
$
|
825.4
|
|
$
|
735.6
|
|
|
|
|
|
|
(1)
|
Includes lease
payments related to our Austin facility, which was closed in
connection with the June 2020 restructuring.
|
The following table provides a reconciliation of net debt:
|
December 31,
2020
|
|
(in
millions)
|
Net Debt:
|
|
Current portion of
long-term debt
|
$
|
24.3
|
Long-term
debt
|
3,090.1
|
Unamortized original
issue discount on long-term debt
|
13.5
|
Unamortized debt
issuance costs
|
25.7
|
Total debt
|
3,153.6
|
Less: Cash and cash
equivalents
|
(765.2)
|
Net debt
|
$
|
2,388.4
|
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:
|
December
31,
|
|
2020
|
|
2019
|
|
|
|
|
|
(in
thousands)
|
Shares
Outstanding:
|
|
|
|
Class A common
stock
|
169,157
|
|
172,867
|
Class B common
stock
|
688
|
|
1,490
|
Total common stock
outstanding
|
169,845
|
|
174,357
|
Effect of dilutive
securities(1)
|
3,156
|
|
4,263
|
|
173,001
|
|
178,620
|
|
|
|
|
|
|
(1)
|
Calculated using the
treasury stock method, which excludes the impact of antidilutive
securities.
|
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