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Costs and operating expenses include equity-based compensation expense as follows:

Cost of revenue$0.2 $0.1 $0.5 $0.3 
Technology and development22.5 10.6 65.6 50.9 
Marketing and advertising5.7 2.3 15.7 10.7 
Customer care2.6 1.5 8.5 6.7 
General and administrative17.1 3.2 51.8 37.6 
Total equity-based compensation expense48.1 17.7 142.1 106.2 
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09-30



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission File Number: 001-36904
GoDaddy Inc.
(Exact name of registrant as specified in its charter)
Delaware46-5769934
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)
14455 N. Hayden Road
Scottsdale, Arizona 85260
(Address of principal executive offices, including zip code)
(480) 505-8800
(Registrant's telephone number, including area code)
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 shareGDDYNYSE
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes    ☒    No    ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                    Yes    ☒    No    ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
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.                         ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes    ☐    No    ☒
As of October 30, 2020, there were 167,903,851 shares of GoDaddy Inc.'s Class A common stock, $0.001 par value per share, outstanding and 993,256 shares of GoDaddy Inc.'s Class B common stock, $0.001 par value per share, outstanding.



GoDaddy Inc.
Quarterly Report on Form 10-Q
For the Quarterly Period Ended September 30, 2020

TABLE OF CONTENTS

i
Table of Contents

NOTE ABOUT FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q, including the sections titled "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors," contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, involving substantial risks and uncertainties. The words "believe," "may," "will," "potentially," "plan," "could," "should," "predict," "ongoing," "estimate," "continue," "anticipate," "intend," "project," "expect" and similar expressions conveying uncertainty of future events or outcomes are intended to identify forward-looking statements. These statements include, among other things, those regarding:
•our ability to continue to add new customers and increase sales to our existing customers;
•our ability to develop new solutions and bring them to market in a timely manner;
•our ability to timely and effectively scale and adapt our existing solutions;
•our dependence on establishing and maintaining a strong brand;
•the occurrence of service interruptions and security or privacy breaches and related remediation efforts and fines;
•system failures or capacity constraints;
•the rate of growth of, and anticipated trends and challenges in, our business and in the market for our products;
•our future financial performance, including our expectations regarding our revenue, cost of revenue, operating expenses, including changes in technology and development, marketing and advertising, general and administrative and customer care expenses, and our ability to achieve and maintain future profitability;
•our ability to continue to efficiently acquire customers, maintain our high customer retention rates and maintain the level of our customers' lifetime spend;
•our ability to provide high quality customer care;
•the effects of increased competition in our markets and our ability to compete effectively;
•our ability to grow internationally;
•the impact of fluctuations in foreign currency exchange rates on our business and our ability to effectively manage the exposure to such fluctuations;
•our ability to effectively manage our growth and associated investments, including our migration of the vast majority of our infrastructure to the public cloud;
•our ability to integrate acquisitions, including our recent acquisition of the registry operations of Neustar Inc., and our entry into a new line of business;
•our ability to maintain our relationships with our partners;
•adverse consequences of our substantial level of indebtedness and our ability to repay our debt;
•our ability to maintain, protect and enhance our intellectual property;
•our ability to maintain or improve our market share;
•sufficiency of cash and cash equivalents to meet our needs for at least the next 12 months;
•beliefs and objectives for future operations;
•our ability to stay in compliance with laws and regulations currently applicable to, or which may become applicable to, our business both in the United States (U.S.) and internationally;
•economic and industry trends or trend analysis;
•our ability to attract and retain qualified employees and key personnel;
•anticipated income tax rates, tax estimates and tax standards;
•interest rate changes;
•the future trading prices of our Class A common stock;
ii
Table of Contents

NOTE ABOUT FORWARD-LOOKING STATEMENTS (continued)

•our expectations regarding the outcome of any litigation;
•the amount and timing of future repurchases of our Class A common stock under any share repurchase program;
•the length and severity of the novel coronavirus (COVID-19) pandemic and its impact on our business, customers and employees;
•the effectiveness of our June 2020 restructuring efforts;
as well as other statements regarding our future operations, financial condition, growth prospects and business strategies.
We operate in very competitive and rapidly-changing environments, and new risks emerge from time-to-time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this report may not occur, and actual results could differ materially and adversely from those implied in our forward-looking statements.
You should not rely upon forward-looking statements as predictions of future events. Although we believe the expectations reflected in our forward-looking statements are reasonable, we cannot guarantee the future results, levels of activity, performance or events and circumstances described in the forward-looking statements will be achieved or occur. Neither we, nor any other person, assume responsibility for the accuracy and completeness of the forward-looking statements. We undertake no obligation to publicly update any forward-looking statements for any reason after the date of this report to conform such statements to actual results or to changes in our expectations, except as required by law. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements.
Unless expressly indicated or the context suggests otherwise, references to GoDaddy, we, us and our refer to GoDaddy Inc. and its consolidated subsidiaries, including Desert Newco, LLC and its subsidiaries (Desert Newco).
iii
Table of Contents

OUR RESPONSE TO THE COVID-19 PANDEMIC

In March 2020, the World Health Organization designated COVID-19 as a global pandemic. Since that time, governments across the world have mandated orders to slow the transmission of the virus, which, at times, have included "shelter-in-place" orders or quarantines. Additionally, significant restrictions have been placed on office work, travel and commercial activities, many of which are ongoing or have been reinstated as outbreaks emerge or re-emerge in areas across the world. Certain cities and countries have experienced improvement as a result of these mitigation strategies. However, significant uncertainty remains with respect to: i) the duration of the virus and the availability of effective treatments or a vaccine; ii) the duration and parameters of governmental measures put in place to control the spread of the virus; and iii) the future economic impacts that will be sustained. Such uncertainty has caused volatility within the financial markets as well as had a significant negative impact on the global economic and operating environment, including the United States officially entering a recession in June 2020.
We have implemented a variety of measures to ensure the availability and functioning of our critical infrastructure to promote the safety and security of our employees and to support the communities in which we operate. These measures include the cancellation of CloudFest and requiring remote working arrangements for nearly all of our employees as well as for our third-party GoDaddy Guides through at least the end of March 2021. We continue to follow the guidance of national and local government leaders, as well as health experts, to best determine when to start bringing our employees back into the office. To date, incremental costs associated with these remote working arrangements have not been material. We also continue to commit significant resources to our #OpenWeStand movement to support small businesses dealing with the impact of COVID-19 and connect our customers with resources to help their businesses.
The pandemic exacerbated the challenges we face in U.S. outbound sales, specifically, soft customer demand for certain higher-priced, do-it-for-you services such as GoDaddy Social, and reduced the effectiveness of our U.S. outbound calling process. Given these challenges and the continued uncertainty surrounding the pandemic, we implemented a restructuring plan in June 2020 to address the sustainability of our U.S. outbound sales and operations, as further discussed in Note 13 to our financial statements.
Due to the rapidly changing business environment and government orders, unprecedented market volatility and other circumstances resulting from this pandemic, including the impact on customer demand and employee productivity, we are currently unable to fully determine the extent of its impact on our business in future periods. The potential effects of COVID-19 could impact us in a number of ways including, but not limited to, reductions to our sales or profitability, less demand for certain of our products, the introduction of new laws and regulations affecting our business, fluctuations in foreign currency and interest rates, the availability and costs of future borrowings, increased credit risks of our customers and counterparties and potential impairment of the carrying value of goodwill or other indefinite-lived intangible assets. In particular, the current global economic slowdown has had a negative impact on subscriptions for certain of our higher-priced services. In addition, moving our GoDaddy Guides to work remotely has had a negative impact on that team’s productivity and its generation of new sales. We are actively monitoring the rapidly evolving situation and any impacts it has on our financial position, results of operations and cash flows. Given the evolving health, economic, social and governmental environments, the continuing impact of COVID-19 on our business remains uncertain.
See "Risk Factors" for additional information on the risks we may face associated with COVID-19.
iv
Table of Contents
Part I - FINANCIAL INFORMATION
Item 1. Financial Statements
GoDaddy Inc.
Condensed Consolidated Balance Sheets (unaudited)
(In millions, except shares in thousands and per share amounts)

September 30,December 31,
 20202019
Assets
Current assets:
Cash and cash equivalents$621.8 $1,062.8 
Short-term investments— 23.6 
Accounts and other receivables38.7 30.2 
Registry deposits24.6 27.2 
Prepaid domain name registry fees388.2 382.6 
Prepaid expenses and other current assets62.6 48.9 
Total current assets1,135.9 1,575.3 
Property and equipment, net246.7 258.6 
Operating lease assets146.6 196.6 
Prepaid domain name registry fees, net of current portion176.2 179.3 
Goodwill3,221.3 2,976.5 
Intangible assets, net1,254.7 1,097.7 
Other assets26.4 17.2 
Total assets$6,207.8 $6,301.2 
Liabilities and stockholders' equity (deficit)
Current liabilities:
Accounts payable$49.6 $72.3 
Accrued expenses and other current liabilities465.3 366.0 
Deferred revenue1,700.0 1,544.4 
Long-term debt22.6 18.4 
Payable pursuant to tax receivable agreements0.2 — 
Total current liabilities2,237.7 2,001.1 
Deferred revenue, net of current portion715.7 654.4 
Long-term debt, net of current portion3,097.4 2,376.8 
Operating lease liabilities, net of current portion173.7 192.9 
Payable pursuant to tax receivable agreements, net of current portion— 175.3 
Other long-term liabilities50.1 17.7 
Deferred tax liabilities97.0 100.9 
Commitments and contingencies
Stockholders' equity (deficit):
Preferred stock, $0.001 par value - 50,000 shares authorized; none issued and outstanding
— — 
Class A common stock, $0.001 par value - 1,000,000 shares authorized; 167,813 and 172,867 issued and outstanding as of September 30, 2020 and December 31, 2019, respectively
0.2 0.2 
Class B common stock, $0.001 par value - 500,000 shares authorized; 993 and 1,490 issued and outstanding as of September 30, 2020 and December 31, 2019, respectively
— — 
Additional paid-in capital1,228.0 1,003.5 
Accumulated deficit(1,261.4)(153.5)
Accumulated other comprehensive loss(131.0)(78.2)
Total stockholders' equity (deficit) attributable to GoDaddy Inc.(164.2)772.0 
Non-controlling interests0.4 10.1 
Total stockholders' equity (deficit)(163.8)782.1 
Total liabilities and stockholders' equity (deficit)$6,207.8 $6,301.2 
See accompanying notes to condensed consolidated financial statements.
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GoDaddy Inc.
Condensed Consolidated Statements of Operations (unaudited)
(In millions, except shares in thousands and per share amounts)


Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Revenue:
Domains$387.4 $345.3 $1,112.9 $999.3 
Hosting and presence302.4 285.0 891.8 833.7 
Business applications154.6 130.2 438.1 374.7 
Total revenue844.4 760.5 2,442.8 2,207.7 
Costs and operating expenses(1):
Cost of revenue (excluding depreciation and amortization)290.2 265.0 856.7 756.0 
Technology and development141.4 116.4 411.8 367.6 
Marketing and advertising115.4 79.6 312.9 260.2 
Customer care73.6 86.0 242.6 263.9 
General and administrative76.4 72.2 244.1 270.0 
Restructuring charges4.3 — 43.7 — 
Depreciation and amortization50.7 49.9 151.3 160.9 
Total costs and operating expenses752.0 669.1 2,263.1 2,078.6 
Operating income92.4 91.4 179.7 129.1 
Interest expense(23.9)(22.9)(64.5)(70.4)
Tax receivable agreements liability adjustment— — (674.7)8.7 
Loss on debt extinguishment— — — (14.5)
Other income (expense), net1.2 5.6 (1.3)17.0 
Income (loss) before income taxes69.7 74.1 (560.8)69.9 
Benefit (provision) for income taxes(4.6)2.7 (4.1)7.4 
Net income (loss)65.1 76.8 (564.9)77.3 
Less: net income attributable to non-controlling interests0.4 0.6 0.7 0.8 
Net income (loss) attributable to GoDaddy Inc. $64.7 $76.2 $(565.6)$76.5 
Net income (loss) attributable to GoDaddy Inc. per share of Class A common stock:
Basic$0.39 $0.44 $(3.35)$0.44 
Diluted$0.38 $0.42 $(3.35)$0.42 
Weighted-average shares of Class A common stock outstanding:
Basic167,258 174,820 168,734 173,957 
Diluted171,405 181,654 168,734 182,926 
___________________________
(1) Costs and operating expenses include equity-based compensation expense as follows:
Cost of revenue$0.2 $0.1 $0.5 $0.3 
Technology and development22.5 10.6 65.6 50.9 
Marketing and advertising5.7 2.3 15.7 10.7 
Customer care2.6 1.5 8.5 6.7 
General and administrative17.1 3.2 51.8 37.6 
Total equity-based compensation expense$48.1 $17.7 $142.1 $106.2 
See accompanying notes to condensed consolidated financial statements.
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GoDaddy Inc.
Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited)
(In millions)


Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Net income (loss)$65.1 $76.8 $(564.9)$77.3 
Foreign exchange forward contracts gain (loss), net(9.4)2.0 (3.1)2.8 
Unrealized swap gain (loss), net (net of tax effect of $0.5 million and $1.6 million for the three and nine months ended September 30, 2020, respectively)
(13.4)9.6 (5.8)(1.5)
Change in foreign currency translation adjustment(8.4)7.7 (44.0)14.0 
Comprehensive income (loss)33.9 96.1 (617.8)92.6 
Less: comprehensive income attributable to non-controlling interests0.3 0.8 0.6 1.4 
Comprehensive income (loss) attributable to GoDaddy Inc.$33.6 $95.3 $(618.4)$91.2 
See accompanying notes to condensed consolidated financial statements.
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GoDaddy Inc.
Condensed Consolidated Statements of Stockholders' Equity (Deficit) (unaudited)
(In millions, except shares in thousands)


Class A Common StockClass B Common StockAdditional
Paid-in
Capital		Accumulated DeficitAccumulated Other Comprehensive Income (Loss)Non-
Controlling
Interests		Total
SharesAmountSharesAmount
Balance at December 31, 2019172,867 $0.2 1,490 $— $1,003.5 $(153.5)$(78.2)$10.1 $782.1 
Impact of adoption of credit losses accounting standard— — — — — (0.6)— — (0.6)
Net income — — — — — 42.9 — 0.3 43.2 
Equity-based compensation, including amounts capitalized— — — — 46.0 — — — 46.0 
Stock option exercises724 — — — 16.0 — — (0.7)15.3 
Repurchases of Class A common stock(7,341)— — — — (398.0)— — (398.0)
Exchanges of LLC Units204 — (204)— 1.4 — — (1.4)— 
Impact of derivatives, net— — — — — — 26.0 — 26.0 
Change in foreign currency translation adjustment— — — — — — (24.9)— (24.9)
Attribution of accumulated other comprehensive income (loss)— — — — — — (0.1)0.1 — 
Vesting of restricted stock units1,173 — — — — — — — — 
Balance at March 31, 2020167,627 0.2 1,286 — 1,066.9 (509.2)(77.2)8.4 489.1 
Net loss— — — — — (673.2)— — (673.2)
Equity-based compensation, including amounts capitalized— — — — 49.4 — — — 49.4 
Stock option exercises907 — — — 29.7 — — (0.5)29.2 
Repurchases of Class A common stock(2,645)— — — — (143.7)— — (143.7)
Issuance of Class A common stock under ESPP302 — — — 17.5 — — — 17.5 
Exchanges of LLC Units166 — (166)— 1.0 — — (1.0)— 
Impact of derivatives, net— — — — — — (12.1)— (12.1)
Change in foreign currency translation adjustment— — — — — — (10.7)— (10.7)
Attribution of accumulated other comprehensive income (loss)— — — — — — 0.1 (0.1)— 
Vesting of restricted stock units394 — — — — — — — — 
Balance at June 30, 2020166,751 0.2 1,120 — 1,164.5 (1,326.1)(99.9)6.8 (254.5)
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GoDaddy Inc.
Condensed Consolidated Statements of Stockholders' Equity (Deficit) (unaudited) (continued)
(In millions, except shares in thousands)
Class A Common StockClass B Common StockAdditional
Paid-in
Capital		Accumulated DeficitAccumulated Other Comprehensive Income (Loss)Non-
Controlling
Interests		Total
SharesAmountSharesAmount
Net income— — — — — 64.7 — 0.4 65.1 
Equity-based compensation, including amounts capitalized— — — — 48.6 — — — 48.6 
Stock option exercises517 — — — 14.7 — — (0.5)14.2 
Exchanges of LLC Units127 — (127)— 0.2 — — (0.2)— 
Distributions to holders of LLC Units
— — — — — — — (6.0)(6.0)
Impact of derivatives, net— — — — — — (22.8)— (22.8)
Change in foreign currency translation adjustment— — — — — — (8.4)— (8.4)
Attribution of accumulated other comprehensive income (loss)— — — — — — 0.1 (0.1)— 
Vesting of restricted stock units418 — — — — — — — — 
Balance at September 30, 2020167,813 $0.2 993 $— $1,228.0 $(1,261.4)$(131.0)$0.4 $(163.8)

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GoDaddy Inc.
Condensed Consolidated Statements of Stockholders' Equity (Deficit) (unaudited) (continued)
(In millions, except shares in thousands)

Class A Common StockClass B Common StockAdditional
Paid-in
Capital		Retained Earnings (Accumulated Deficit)Accumulated Other Comprehensive Income (Loss)Non-
Controlling
Interests		Total
SharesAmountSharesAmount
Balance at December 31, 2018168,549 $0.2 6,254 $— $699.8 $164.8 $(72.1)$31.8 $824.5 
Impact of adoption of lease accounting standard— — — — — 3.3 — — 3.3 
Net income — — — — — 12.9 — 0.3 13.2 
Equity-based compensation— — — — 46.9 — — — 46.9 
Stock option exercises894 — — — 18.3 — — (0.7)17.6 
Exchanges of LLC Units4,601 — (4,601)— 8.5 — (2.6)(5.9)— 
Tax receivable agreements liability arising from exchanges— — — — (9.7)— — — (9.7)
Impact of derivatives, net— — — — — — (0.2)— (0.2)
Change in foreign currency translation adjustment— — — — — — 27.8 — 27.8 
Attribution of accumulated other comprehensive income (loss)— — — — — — (0.7)0.7 — 
Vesting of restricted stock units and other1,071 — — — — — — — — 
Adjustment to prior period non-controlling interests allocations— — — — 51.7 — (38.5)(13.2)— 
Balance at March 31, 2019175,115 0.2 1,653 — 815.5 181.0 (86.3)13.0 923.4 
Net loss— — — — — (12.6)— (0.1)(12.7)
Equity-based compensation— — — — 41.6 — — — 41.6 
Stock option exercises867 — — — 20.1 — — (0.7)19.4 
Issuance of Class A common stock under ESPP303 — — — 16.6 — — — 16.6 
Exchanges of LLC Units87 — (87)— 0.3 — — (0.3)— 
Impact of derivatives, net— — — — — — (10.1)— (10.1)
Change in foreign currency translation adjustment— — — — — — (21.5)— (21.5)
Attribution of accumulated other comprehensive income (loss)— — — — — — 0.3 (0.3)— 
Vesting of restricted stock units355 — — — — — — — — 
Balance at June 30, 2019176,727 0.2 1,566 — 894.1 168.4 (117.6)11.6 956.7 
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GoDaddy Inc.
Condensed Consolidated Statements of Stockholders' Equity (Deficit) (unaudited) (continued)
(In millions, except shares in thousands)
Class A Common StockClass B Common StockAdditional
Paid-in
Capital		Retained Earnings (Accumulated Deficit)Accumulated Other Comprehensive Income (Loss)Non-
Controlling
Interests		Total
SharesAmountSharesAmount
Net income — — — — — 76.2 — 0.6 76.8 
Equity-based compensation— — — — 17.7 — — — 17.7 
Stock option exercises425 — — — 9.3 — — (0.3)9.0 
Repurchases of Class A common stock(6,166)— — — — (399.6)— — (399.6)
Exchanges of LLC Units37 — (37)— 0.1 — — (0.1)— 
Impact of derivatives, net— — — — — — 11.6 —