SCOTTSDALE, Ariz., Aug. 5, 2020 /PRNewswire/ -- GoDaddy Inc. (NYSE:
GDDY), the company that empowers everyday entrepreneurs, today
reported financial results for the second quarter ended
June 30, 2020.
"Q2 was a very strong quarter for GoDaddy," said GoDaddy CEO
Aman Bhutani. "In addition to
delivering great financial results, we found innovative ways to
improve our products and allocate resources to drive long-term
value for customers and shareholders."
"We are extremely pleased to be able to settle our TRA
obligation for a one-time payment of $850
million, versus what would have been $1.8 billion over the next 10+ years," said
GoDaddy CFO Ray Winborne. "This
settlement is an efficient and highly accretive use of capital, and
a good opportunity to reduce uncertainty around our future cash
flows."
Consolidated
Second Quarter Financial Highlights
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
2020
|
|
2019
|
|
Change
|
|
2020
|
|
2019
|
|
Change
|
|
(in
millions)
|
GAAP
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
$
|
806.4
|
|
$
|
737.2
|
|
9.4
|
%
|
|
$
|
1,598.4
|
|
$
|
1,447.2
|
|
10.4
|
%
|
Net cash provided by
operating
activities
|
$
|
168.1
|
|
$
|
161.3
|
|
4.2
|
%
|
|
$
|
401.4
|
|
$
|
361.0
|
|
11.2
|
%
|
Net income
(loss)
|
$
|
(673.2)
|
|
$
|
(12.7)
|
|
NM
|
|
|
$
|
(630.0)
|
|
$
|
0.5
|
|
NM
|
|
Non-GAAP
Results
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unlevered free cash
flow
|
$
|
185.9
|
|
$
|
167.8
|
|
10.8
|
%
|
|
$
|
420.4
|
|
$
|
366.6
|
|
14.7
|
%
|
Operating
Metric
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
bookings
|
$
|
936.3
|
|
$
|
846.1
|
|
10.7
|
%
|
|
$
|
1,887.4
|
|
$
|
1,716.6
|
|
9.9
|
%
|
- Total revenue of $806.4 million,
up 9.4% year over year, or 10.2% on a constant currency basis.
- Total bookings of $936.3 million,
up 10.7% year over year, or 12.1% on a constant currency
basis.
- Net cash provided by operating activities of $168.1 million, up 4.2% year over year.
- Unlevered free cash flow of $185.9
million, up 10.8% year over year.
- Domains revenue of $369.6
million, up 10.5% year over year.
- Hosting and presence revenue of $292.2
million, up 4.4% year over year.
- Business applications revenue of $144.6
million, up 17.6% year over year.
- International revenue of $266.1
million, up 7.4% year over year, or 9.9% on a constant
currency basis.
Operating Highlights
- GoDaddy has now surpassed 20 million paying customers, having
added more than 400,000 net new customers during Q2.
- Investment in marketing expected to continue at increased rate
as thresholds for return on spend remain attractive and unit
economics improved quarter over quarter.
- Websites + Marketing, GoDaddy's website building platform, sees
solid user and revenue growth, as well as a strong funnel of new
freemium users.
- GoDaddy added its Sellbrite commerce offering to the freemium
lineup, as well as more accessible pricing for paid
subscriptions.
- The commerce tier of GoDaddy's Websites + Marketing product
accelerated with net adds growing 60% quarter-over-quarter and 90%
year-over-year.
- As the global champion of WordPress, GoDaddy sees strong
adoption of its Go Theme in the top 8 of nearly 8,000 available
themes in the WordPress ecosystem.
- GoDaddy's acquisition of Uniregistry is showing significant
progress in integration with shorter sales cycles and early revenue
synergies.
- Over, GoDaddy's content creation acquisition, sees acceleration
in both monthly average users and subscribers since
completion.
- In August, GoDaddy completed the previously announced
acquisition of the registry business of Neustar Inc. for
$215.9 million in cash, subject to
final adjustments.
- GoDaddy announces settlement of its entire Tax Receivable
Agreements (TRAs) obligation for a one-time aggregate $850 million payment. At current tax rates, the
settlement is expected to eliminate an estimated $1 billion in tax-related payments through 2028,
and more thereafter.
Balance Sheet
At June 30, 2020, total cash and cash equivalents were
$772.7 million, total debt was
$2,419.8 million and net debt was
$1,647.1 million.
Tax Receivable Agreement Settlement
GoDaddy today announces that key parties to GoDaddy's TRAs have
agreed to settle the TRAs obligation in its entirety for a
one-time, $850 million payment. This
agreement is expected to eliminate approximately $1 billion in cash tax-related payments through
2028 under the current tax regime. The transaction will be funded
by a combination of cash on hand and new debt.
Business Outlook
For the third quarter ending September 30, 2020, GoDaddy
expects total revenue of approximately $835
million, or approximately 10% year over year growth. Revenue
growth by category is expected to approximate double-digit growth
in domains, mid-single-digit growth in Hosting and Presence, and
high-teens growth in Business Applications.
For the full year, GoDaddy expects revenue growth of
approximately 10% versus 2019.
For the full year, unlevered free cash flow is expected in the
range of $815 to $825 million as go-to-market savings from the
restructuring we implemented in the second quarter are reinvested
to drive long-term growth. 2020 includes 27 pay periods versus 26
in a normal year, resulting in an incremental cash outflow of
approximately $18 million in the
fourth quarter.
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
second quarter 2020 results at 5:00 p.m.
Eastern Time on August 5, 2020. To hear the call,
please pre-register online at
http://www.directeventreg.com/registration/event/4183668 for
dial-in and passcode 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 and marketing strategy; any
statements regarding integration of recent or planned acquisitions,
any statements regarding our future financial results; statements
concerning GoDaddy's ability to integrate its recent acquisitions
and proposed acquisitions and achieve desired synergies and
vertical integration, potential tax and cash flow implications of
the settlement and related leverage considerations of our TRAs, the
expected impact of our second quarter restructuring, 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
March 31, 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 March 31,
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.
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 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.
About GoDaddy
GoDaddy is empowering everyday entrepreneurs around the
world by providing all of the help and tools to succeed online.
With 20 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 shares in thousands and per share amounts)
|
|
|
Three Months
Ended
June
30,
|
|
Six Months
Ended
June
30,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
Revenue:
|
|
|
|
|
|
|
|
Domains
|
$
|
369.6
|
|
$
|
334.4
|
|
$
|
725.5
|
|
$
|
654.0
|
Hosting and
presence
|
292.2
|
|
279.8
|
|
589.4
|
|
548.7
|
Business
applications
|
144.6
|
|
123.0
|
|
283.5
|
|
244.5
|
Total
revenue
|
806.4
|
|
737.2
|
|
1,598.4
|
|
1,447.2
|
Costs and operating
expenses(1)
|
|
|
|
|
|
|
|
Cost of revenue
(excluding depreciation and
amortization)
|
289.4
|
|
254.6
|
|
566.5
|
|
491.0
|
Technology and
development
|
135.9
|
|
127.2
|
|
270.4
|
|
251.2
|
Marketing and
advertising
|
104.4
|
|
90.3
|
|
197.5
|
|
180.6
|
Customer
care
|
83.8
|
|
87.6
|
|
169.0
|
|
177.9
|
General and
administrative
|
82.2
|
|
104.8
|
|
167.7
|
|
197.8
|
Restructuring
charges
|
39.4
|
|
—
|
|
39.4
|
|
—
|
Depreciation and
amortization
|
48.4
|
|
53.8
|
|
100.6
|
|
111.0
|
Total costs and
operating expenses
|
783.5
|
|
718.3
|
|
1,511.1
|
|
1,409.5
|
Operating
income
|
22.9
|
|
18.9
|
|
87.3
|
|
37.7
|
Interest
expense
|
(19.4)
|
|
(23.1)
|
|
(40.6)
|
|
(47.5)
|
Tax receivable
agreements liability adjustment
|
(674.7)
|
|
—
|
|
(674.7)
|
|
8.7
|
Loss on debt
extinguishment
|
—
|
|
(14.5)
|
|
—
|
|
(14.5)
|
Other income
(expense), net
|
(1.1)
|
|
5.2
|
|
(2.5)
|
|
11.4
|
Loss before income
taxes
|
(672.3)
|
|
(13.5)
|
|
(630.5)
|
|
(4.2)
|
Benefit (provision)
for income taxes
|
(0.9)
|
|
0.8
|
|
0.5
|
|
4.7
|
Net income
(loss)
|
(673.2)
|
|
(12.7)
|
|
(630.0)
|
|
0.5
|
Less: net income
(loss) attributable to non-controlling
interests
|
—
|
|
(0.1)
|
|
0.3
|
|
0.2
|
Net income (loss)
attributable to GoDaddy Inc.
|
$
|
(673.2)
|
|
$
|
(12.6)
|
|
$
|
(630.3)
|
|
$
|
0.3
|
Net income (loss)
attributable to GoDaddy Inc. per
share of Class A common stock:
|
|
|
|
|
|
|
|
Basic
|
$
|
(4.06)
|
|
$
|
(0.07)
|
|
$
|
(3.72)
|
|
$
|
—
|
Diluted
|
$
|
(4.06)
|
|
$
|
(0.07)
|
|
$
|
(3.72)
|
|
$
|
—
|
Weighted-average
shares of Class A common stock
outstanding:
|
|
|
|
|
|
|
|
Basic
|
165,845
|
|
176,007
|
|
169,479
|
|
173,517
|
Diluted
|
165,845
|
|
176,007
|
|
169,479
|
|
183,874
|
___________________________
|
|
|
|
|
|
|
|
(1) Costs and
operating expenses include equity-based compensation expense as
follows:
|
|
|
|
|
|
Cost of
revenue
|
$
|
0.2
|
|
$
|
0.2
|
|
$
|
0.3
|
|
$
|
0.2
|
Technology and
development
|
22.0
|
|
20.3
|
|
43.1
|
|
40.3
|
Marketing and
advertising
|
5.4
|
|
4.1
|
|
10.0
|
|
8.4
|
Customer
care
|
3.3
|
|
2.6
|
|
5.9
|
|
5.2
|
General and
administrative
|
17.7
|
|
14.4
|
|
34.7
|
|
34.4
|
Total equity-based
compensation expense
|
$
|
48.6
|
|
$
|
41.6
|
|
$
|
94.0
|
|
$
|
88.5
|
GoDaddy
Inc.
|
Condensed
Consolidated Balance Sheets (unaudited)
|
(In millions,
except per share amounts)
|
|
|
June
30,
|
|
December
31,
|
|
2020
|
|
2019
|
Assets
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
772.7
|
|
$
|
1,062.8
|
Short-term
investments
|
—
|
|
23.6
|
Accounts and other
receivables
|
33.4
|
|
30.2
|
Registry
deposits
|
27.7
|
|
27.2
|
Prepaid domain name
registry fees
|
401.7
|
|
382.6
|
Prepaid expenses and
other current assets
|
69.0
|
|
48.9
|
Total current
assets
|
1,304.5
|
|
1,575.3
|
Property and
equipment, net
|
248.8
|
|
258.6
|
Operating lease
assets
|
154.4
|
|
196.6
|
Prepaid domain name
registry fees, net of current portion
|
181.5
|
|
179.3
|
Goodwill
|
3,044.3
|
|
2,976.5
|
Intangible assets,
net
|
1,136.7
|
|
1,097.7
|
Other
assets
|
21.9
|
|
17.2
|
Total
assets
|
$
|
6,092.1
|
|
$
|
6,301.2
|
Liabilities and
stockholders' equity
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
|
76.0
|
|
$
|
72.3
|
Accrued expenses and
other current liabilities
|
369.2
|
|
366.0
|
Deferred
revenue
|
1,659.0
|
|
1,544.4
|
Long-term
debt
|
18.1
|
|
18.4
|
Payable pursuant to
tax receivable agreements
|
850.0
|
|
—
|
Total current
liabilities
|
2,972.3
|
|
2,001.1
|
Deferred revenue, net
of current portion
|
697.5
|
|
654.4
|
Long-term debt, net
of current portion
|
2,368.0
|
|
2,376.8
|
Operating lease
liabilities, net of current portion
|
181.4
|
|
192.9
|
Payable pursuant to
tax receivable agreements, net of current portion
|
—
|
|
175.3
|
Other long-term
liabilities
|
38.0
|
|
17.7
|
Deferred tax
liabilities
|
89.4
|
|
100.9
|
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
|
1,164.5
|
|
1,003.5
|
Accumulated
deficit
|
(1,326.1)
|
|
(153.5)
|
Accumulated other
comprehensive loss
|
(99.9)
|
|
(78.2)
|
Total stockholders'
equity attributable to GoDaddy Inc.
|
(261.3)
|
|
772.0
|
Non-controlling
interests
|
6.8
|
|
10.1
|
Total stockholders'
equity
|
(254.5)
|
|
782.1
|
Total liabilities and
stockholders' equity
|
$
|
6,092.1
|
|
$
|
6,301.2
|
GoDaddy
Inc.
|
Condensed
Consolidated Statements of Cash Flows (unaudited)
|
(In
millions)
|
|
|
Six Months
Ended
June
30,
|
|
2020
|
|
2019
|
Operating
activities
|
|
|
|
Net income
(loss)
|
$
|
(630.0)
|
|
$
|
0.5
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
100.6
|
|
111.0
|
Equity-based
compensation expense
|
94.0
|
|
88.5
|
Non-cash restructuring
charges
|
29.0
|
|
—
|
Loss on debt
extinguishment
|
—
|
|
14.5
|
Tax receivable
agreements liability adjustment
|
674.7
|
|
(8.7)
|
Other
|
18.4
|
|
11.4
|
Changes in operating
assets and liabilities, net of amounts acquired:
|
|
|
|
Registry
deposits
|
0.3
|
|
4.0
|
Prepaid domain name
registry fees
|
(17.5)
|
|
(25.7)
|
Deferred
revenue
|
155.1
|
|
157.2
|
Other operating assets
and liabilities
|
(23.2)
|
|
8.3
|
Net cash provided by
operating activities
|
401.4
|
|
361.0
|
Investing
activities
|
|
|
|
Purchases of
short-term investments
|
—
|
|
(40.6)
|
Maturities of
short-term investments
|
23.7
|
|
36.3
|
Business
acquisitions, net of cash acquired
|
(189.9)
|
|
(37.0)
|
Purchases of property
and equipment
|
(30.7)
|
|
(45.9)
|
Other investing
activities
|
0.3
|
|
(1.3)
|
Net cash used in
investing activities
|
(196.6)
|
|
(88.5)
|
Financing
activities
|
|
|
|
Proceeds received
from:
|
|
|
|
Issuance of senior
notes
|
—
|
|
600.0
|
Stock option
exercises
|
44.5
|
|
37.0
|
Issuance of Class A
common stock under ESPP
|
17.5
|
|
16.6
|
Payments made
for:
|
|
|
|
Repurchases of Class A
common stock
|
(541.7)
|
|
—
|
Repayment of term
loans
|
(12.5)
|
|
(612.5)
|
Contingent
consideration for business acquisitions
|
(0.2)
|
|
(33.5)
|
Other financing
obligations
|
(1.6)
|
|
(13.0)
|
Net cash used in
financing activities
|
(494.0)
|
|
(5.4)
|
Effect of exchange
rate changes on cash and cash equivalents
|
(0.9)
|
|
(0.7)
|
Net increase
(decrease) in cash and cash equivalents
|
(290.1)
|
|
266.4
|
Cash and cash
equivalents, beginning of period
|
1,062.8
|
|
932.4
|
Cash and cash
equivalents, end of period
|
$
|
772.7
|
|
$
|
1,198.8
|
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
June
30,
|
|
Six Months
Ended
June
30,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
(in
millions)
|
Total
bookings:
|
|
|
|
|
|
|
|
Total
revenue
|
$
|
806.4
|
|
$
|
737.2
|
|
$
|
1,598.4
|
|
$
|
1,447.2
|
Change in deferred
revenue
|
59.4
|
|
52.0
|
|
155.7
|
|
157.3
|
Net
refunds
|
69.7
|
|
56.9
|
|
133.0
|
|
112.1
|
Other
|
0.8
|
|
—
|
|
0.3
|
|
—
|
Total
bookings
|
$
|
936.3
|
|
$
|
846.1
|
|
$
|
1,887.4
|
|
$
|
1,716.6
|
|
|
Three Months
Ended
June
30,
|
|
Six Months
Ended
June
30,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
(in
millions)
|
Unlevered Free Cash
Flow:
|
|
|
|
|
|
|
|
Net cash provided by
operating activities
|
$
|
168.1
|
|
$
|
161.3
|
|
$
|
401.4
|
|
$
|
361.0
|
Cash paid for
interest on long-term debt
|
25.0
|
|
18.4
|
|
36.2
|
|
39.8
|
Cash paid for
acquisition-related costs
|
9.6
|
|
4.6
|
|
13.1
|
|
11.7
|
Capital
expenditures
|
(17.2)
|
|
(16.5)
|
|
(30.7)
|
|
(45.9)
|
Cash paid for
restructuring charges
|
0.4
|
|
—
|
|
0.4
|
|
—
|
Unlevered free cash
flow
|
$
|
185.9
|
|
$
|
167.8
|
|
$
|
420.4
|
|
$
|
366.6
|
The following table provides a reconciliation of net debt:
|
June 30,
2020
|
|
(in
millions)
|
Net Debt:
|
|
Current portion of
long-term debt
|
$
|
18.1
|
Long-term
debt
|
2,368.0
|
Unamortized original
issue discount on long-term debt
|
12.0
|
Unamortized debt
issuance costs
|
21.7
|
Total debt
|
2,419.8
|
Less: cash and cash
equivalents
|
(772.7)
|
Net debt
|
$
|
1,647.1
|
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:
|
June
30,
|
|
2020
|
|
2019
|
|
(in
thousands)
|
Shares
Outstanding:
|
|
|
|
Class A common
stock
|
166,751
|
|
176,727
|
Class B common
stock
|
1,120
|
|
1,566
|
Total common stock
outstanding
|
167,871
|
|
178,293
|
Effect of dilutive
securities(1)
|
—
|
|
—
|
|
167,871
|
|
178,293
|
_______________________________
(1) Calculated using
the treasury stock method, which excludes the impact of
antidilutive securities.
|
Source: GoDaddy Inc
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