gddy-20210210
0001609711false00016097112021-02-102021-02-10


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
February 10, 2021
GoDaddy Inc.
(Exact name of registrant as specified in its charter)
Delaware
001-36904
46-5769934
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
14455 N. Hayden Road
Scottsdale
Arizona
85260
(Address of Principal Executive Offices)
(Zip Code)
(480) 505-8800
Registrant's telephone number, including area code
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement commu8nications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.001 par value per shareGDDYNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
¨



Item 2.02    Results of Operations and Financial Condition
On February 11, 2021, GoDaddy Inc. (the "Company") issued a press release and will hold a conference call announcing its financial results for the quarter and year ended December 31, 2020. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K and is incorporated by reference herein.
This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
GoDaddy Inc. refers to non-GAAP financial information in both the press release and the conference call. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the attached press release.
Item 5.02    Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Chief Financial Officer and Principal Financial Officer
On February 11, 2021, the Company announced that Raymond E. Winborne, the Company’s Chief Financial Officer and principal financial officer, would retire from his positions with the Company effective as of June 30, 2021, or such earlier date as a new Chief Financial Officer of the Company is appointed (the "Winborne Transition Date"). The Board has accepted Mr. Winborne’s resignation, effective as the Winborne Transition Date.
In connection with the announcement of Mr. Winborne’s retirement, on February 10, 2021, the Company and certain of its affiliates entered into a transition agreement with Mr. Winborne (the "Winborne Transition Agreement") that sets forth the terms of Mr. Winborne’s employment through June 30, 2021 (the "Winborne Retirement Date"). The Winborne Transition Agreement provides that Mr. Winborne will remain an employee on a full-time basis through the Winborne Transition Date as Chief Financial Officer and, if a new Chief Financial Officer of the Company is appointed prior to Winborne Transition Date, thereafter as a strategic advisor through the Winborne Retirement Date. Mr. Winborne will continue to receive his current compensation and benefits (including Company equity award vesting) through the Winborne Retirement Date, other than as described in this paragraph. Mr. Winborne will not participate in the Company’s 2021 bonus plans. On the Winborne Retirement Date, Mr. Winborne will become entitled to receive the following separation consideration, subject to him signing and not revoking a release of claims with the Company, (i) a lump sum cash payment equal to $262,500, which amount equals a pro-rated amount of his target bonus opportunity for 2021, (ii) payment of premiums for continuation coverage for Mr. Winborne and his eligible dependents under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"), for a period of up to 12 months following the Winborne Retirement Date, and (iii) subject to the approval of the Company’s board of directors, extension of the period in which Mr. Winborne has to exercise his outstanding and vested Company options until December 31, 2021, subject to earlier termination under the Company’s equity incentive plan, each as set forth in the Winborne Transition Agreement. Mr. Winborne will continue to serve as the Company’s principal financial officer until the Winborne Transition Date.
Chief Legal Officer, Executive Vice President and Secretary
On February 11, 2021, the Company also announced that Nima J. Kelly, the Company’s Chief Legal Officer, Executive Vice President and Secretary, would retire from her positions with the Company effective as of June 30, 2021, or such earlier date as a new Chief Legal Officer of the Company is appointed (the "Kelly Transition Date"). The Board has accepted Ms. Kelly’s resignation as Chief Legal Officer, Executive Vice President and Secretary, effective as the Kelly Transition Date.
In connection with the announcement of Ms. Kelly’s retirement, on February 10, 2021, the Company and certain of its affiliates entered into a transition agreement with Ms. Kelly (the "Kelly Transition Agreement") that sets forth the terms of Ms. Kelly’s employment through December 31, 2021 (the "Kelly Retirement Date"). The Kelly Transition Agreement provides that Ms. Kelly will remain an employee on a full-time basis through the Kelly Transition Date as Chief Legal Officer, Executive Vice President and Secretary and, if a new Chief Legal Officer of the Company is appointed prior to Kelly Transition Date, thereafter as a strategic advisor. On the Kelly Transition Date, Ms. Kelly will be employed as a strategic advisor on a part-time basis through the Kelly Retirement Date.


The Kelly Transition Agreement provides that Ms. Kelly will continue to receive her compensation and benefits (including Company equity award vesting) through the Kelly Transition Date, other than as described herein. Between the Kelly Transition Date and the Kelly Retirement Date, Ms. Kelly will receive a gross monthly salary of $20,000, continue to vest in her Company equity awards in accordance with the equity documents, and participate in employee benefit plans. If, during the period she is a strategic advisor, she is no longer eligible to participate in the health plans, a Company affiliate will pay for the premium costs for her and her eligible dependents to continue coverage pursuant to COBRA for up to 12 months from the date she is no longer eligible for COBRA coverage. On the Kelly Transition Date, Ms. Kelly also will become entitled to receive a lump sum cash payment of her accrued paid-time off balance, in the amount of $121,153.85. Ms. Kelly will not participate in the Company’s 2021 bonus plans. On the Kelly Retirement Date, 100% of her equity award with a grant date of February 23, 2018 will immediately vest as to 779 shares, and Ms. Kelly will become entitled to receive the following separation consideration, subject to her signing and not revoking a release of claims with the Company, (i) a lump sum cash payment equal to $262,500, which payment equals a pro-rated amount of her target bonus opportunity for 2021 and (ii) the portion of her equity award with a grant date of February 28, 2020 that is scheduled to vest on March 1, 2022 will immediately vest as to 17,183 shares, each as set forth in the Kelly Transition Agreement. Ms. Kelly will continue to serve as the Company’s Chief Legal Officer, Executive Vice President and Secretary until the Kelly Transition Date.
Item 7.01    Regulation FD Disclosure
On February 11, 2021, the Company issued a press release entitled "GoDaddy Announces Executive Retirements." A copy of this press release is furnished as Exhibit 99.2.
The information set forth under this item 7.01, including Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01    Financial Statements and Exhibits
(d)    Exhibits
Exhibit Number Exhibit Description
99.1
99.2



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
GODADDY INC.
Date: February 11, 2021/s/ Ray E. Winborne
Ray E. Winborne
Chief Financial Officer





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news release


GODADDY REPORTS FOURTH QUARTER AND FULL YEAR 2020 RESULTS
2020 Full Year Revenue Growth of 11%, Bookings Growth of 11%
Guides to accelerating growth in 2021
GoDaddy adds 1.4 million net customers in 2020, nearly double the number added in 2019

SCOTTSDALE, Ariz., February 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,
20202019Change20202019Change
(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 end20,646 19,274 7.1 %20,646 19,274 7.1 %
Annual revenue per user (ARPU)$166 $158 5.1 %$166 $158 5.1 %

14455 N. Hayden Road, Suite 100 Scottsdale, AZ 85260 T: 480.505.8800 https://investors.godaddy.net

•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.
14455 N. Hayden Road Scottsdale, AZ 85260 T: 480.505.8800 https://investors.godaddy.net

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 Guide2021
Capital expenditures~$65million
Cash interest on long-term debt~$100million
Cash income taxes~$25million

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
14455 N. Hayden Road Scottsdale, AZ 85260 T: 480.505.8800 https://investors.godaddy.net

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.
14455 N. Hayden Road Scottsdale, AZ 85260 T: 480.505.8800 https://investors.godaddy.net

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.
14455 N. Hayden Road Scottsdale, AZ 85260 T: 480.505.8800 https://investors.godaddy.net

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,
 2020201920202019
Revenue:
Domains$402.2 $352.3 $1,515.1 $1,351.6 
Hosting and presence308.8 292.8 1,200.6 1,126.5 
Business applications162.9 135.3 601.0 510.0 
Total revenue873.9 780.4 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 development148.6 125.0 560.4 492.6 
Marketing and advertising125.6 85.4 438.5 345.6 
Customer care74.3 84.8 316.9 348.7 
General and administrative79.7 92.1 323.8 362.1 
Restructuring charges(0.1)— 43.6 — 
Depreciation and amortization51.4 48.8 202.7 209.7 
Total costs and operating expenses781.4 706.9 3,044.5 2,785.5 
Operating income92.5 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 taxes65.4 56.5 (495.4)126.4 
Benefit for income taxes5.4 4.6 1.3 12.0 
Net income (loss)70.8 61.1 (494.1)138.4 
Less: net income attributable to non-controlling interests0.3 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:
Basic168,345 171,870 168,636 173,431 
Diluted172,423 177,642 168,636 181,721 
___________________________
(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 development24.6 19.4 90.2 70.3 
Marketing and advertising6.0 4.7 21.7 15.4 
Customer care3.5 2.6 12.0 9.3 
General and administrative15.1 14.0 66.9 51.6 
Total equity-based compensation expense$49.4 $40.8 $191.5 $147.0 

14455 N. Hayden Road Scottsdale, AZ 85260 T: 480.505.8800 https://investors.godaddy.net

GoDaddy Inc.
Consolidated Balance Sheets (unaudited)
(In millions, except per share amounts)


December 31,
 20202019
Assets
Current assets:
Cash and cash equivalents$765.2 $1,062.8 
Short-term investments— 23.6 
Accounts and other receivables41.8 30.2 
Registry deposits31.1 27.2 
Prepaid domain name registry fees392.4 382.6 
Prepaid expenses and other current assets60.8 48.9 
Total current assets1,291.3 1,575.3 
Property and equipment, net257.3 258.6 
Operating lease assets142.0 196.6 
Prepaid domain name registry fees, net of current portion176.1 179.3 
Goodwill3,275.1 2,976.5 
Intangible assets, net1,255.1 1,097.7 
Other assets36.0 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 liabilities527.4 366.0 
Deferred revenue1,711.3 1,544.4 
Long-term debt24.3 18.4 
Payable pursuant to tax receivable agreements0.2 — 
Total current liabilities2,314.2 2,001.1 
Deferred revenue, net of current portion725.1 654.4 
Long-term debt, net of current portion3,090.1 2,376.8 
Operating lease liabilities, net of current portion166.7 192.9 
Payable pursuant to tax receivable agreements, net of current portion— 175.3 
Other long-term liabilities56.6 17.7 
Deferred tax liabilities92.0 100.9 
Commitments and contingencies
Stockholders' equity (deficit):
Preferred stock, $0.001 par value— — 
Class A common stock, $0.001 par value0.2 0.2 
Class B common stock, $0.001 par value— — 
Additional paid-in capital1,308.8 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 interests1.1 10.1 
Total stockholders' equity (deficit)(11.8)782.1 
Total liabilities and stockholders' equity (deficit)$6,432.9 $6,301.2 

14455 N. Hayden Road Scottsdale, AZ 85260 T: 480.505.8800 https://investors.godaddy.net

GoDaddy Inc.
Consolidated Statements of Cash Flows (unaudited)
(In millions)


 Year Ended December 31,
 20202019
Operating activities
Net income (loss)$(494.1)$138.4 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization202.7 209.7 
Equity-based compensation191.5 147.0 
Non-cash restructuring charges29.0 — 
Loss on debt extinguishment— 14.8 
Tax receivable agreements liability adjustment674.7 (8.7)
Other32.7 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 liabilities22.3 40.4 
Deferred revenue215.6 179.5 
Other operating assets and liabilities(69.1)(30.0)
Net cash provided by operating activities764.6 723.4 
Investing activities
Purchases of short-term investments— (64.1)
Maturities of short-term investments23.7 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, net0.2 1.5 
Net cash used in investing activities(482.3)(135.3)
Financing activities
Proceeds received from:
Issuance of term loans746.3 — 
Issuance of Senior Notes— 600.0 
Stock option exercises77.7 70.7 
Issuance of Class A common stock under employee stock purchase plan29.6 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 equivalents1.8 (0.8)
Net increase (decrease) in cash and cash equivalents(297.6)130.4 
Cash and cash equivalents, beginning of period1,062.8 932.4 
Cash and cash equivalents, end of period$765.2 $1,062.8 

14455 N. Hayden Road Scottsdale, AZ 85260 T: 480.505.8800 https://investors.godaddy.net

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,
 2020201920202019
 (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 refunds55.9 56.6 247.3 233.4 
Other1.4 (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,
2020201920202019
(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 costs7.0 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 debt3,090.1 
Unamortized original issue discount on long-term debt13.5 
Unamortized debt issuance costs25.7 
Total debt3,153.6 
Less: Cash and cash equivalents(765.2)
Net debt$2,388.4 
14455 N. Hayden Road Scottsdale, AZ 85260 T: 480.505.8800 https://investors.godaddy.net

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,
 20202019
(in thousands)
Shares Outstanding:
Class A common stock169,157 172,867 
Class B common stock688 1,490 
Total common stock outstanding169,845 174,357 
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.



CONTACTS:
Investors
Mark Grant
602.817.7200
[email protected]

Media
Dan Race
480.505.8877
[email protected]

© 2021 GoDaddy Inc. All Rights Reserved.
14455 N. Hayden Road Scottsdale, AZ 85260 T: 480.505.8800 https://investors.godaddy.net

GoDaddy Announces Executive Retirements

Chief Financial Officer and Chief Legal Officer to Retire in 2021

SCOTTSDALE, Ariz., February 11, 2021 /PRNewswire/ - GoDaddy Inc. (NYSE: GDDY), the company that empowers everyday entrepreneurs, today announced that Nima Kelly, Chief Legal Officer, and Ray Winborne, Chief Financial Officer, plan to retire in 2021. Both Kelly and Winborne will remain in their positions until successors have been named and will aid in the transitions.

“Nima and Ray have both had immeasurable impact on GoDaddy, and their contributions will be long-felt,” said Aman Bhutani, GoDaddy CEO. “They have built world-class legal and financial teams, which will serve GoDaddy well as we onboard new leaders and continue to grow the company. We wish both of them all the best in their retirements and thank them for their extraordinary leadership.”

Kelly joined GoDaddy in 2002, becoming GoDaddy’s General Counsel in 2012. Under her leadership, Kelly built a high-performing legal team that took the company public, structured ongoing M&A transactions, including the $1.85 billion acquisition of HEG, and established corporate governance and public company processes. Winborne took the role of GoDaddy CFO in 2016 and helped steer GoDaddy’s tremendous growth over the last five years, during which the company’s revenue nearly doubled. During his tenure, GoDaddy created significant shareholder value, deploying nearly $5 billion in capital, including M&A, share repurchases, and the settlement of the company’s TRA.

GoDaddy has begun to search for both replacements, evaluating both internal and external talent.


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.




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Source: GoDaddy Inc.

© 2021 GoDaddy Inc. All Rights Reserved.