10-Q 1 gddy-20220930.htm 10-Q gddy-20220930
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Costs and operating expenses include equity-based compensation expense as follows:
Three months ended
 September 30,
Nine months ended
 September 30,
2022202120222021
Cost of revenue$0.4 $0.3 $1.1 $0.7 
Technology and development34.4 27.3 102.4 82.2 
Marketing and advertising7.2 5.6 21.7 18.8 
Customer care4.9 3.5 14.6 10.2 
General and administrative18.5 14.2 53.5 43.0 
Total equity-based compensation expense$65.4 $50.9 $193.3 $154.9 
Components of OCI are net of the tax effects reflected below:
Unrealized swap gain (loss), net— 0.3 (2.5)1.8 
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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, 2022
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)
2155 E. GoDaddy Way
Tempe, Arizona 85284
(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 28, 2022, there were 155,065,792 shares of GoDaddy Inc.'s Class A common stock, $0.001 par value per share, outstanding and 312,223 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, 2022

TABLE OF CONTENTS

i

NOTE ABOUT FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (this Quarterly Report), 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 (the Exchange Act), involving substantial risks and uncertainties. The words "believe," "may," "will," "potentially," "plan," "could," "should," "predict," "ongoing," "estimate," "continue," "anticipate," "intend," "project," "expect," "seek," or the negative of these words, or terms or similar expressions conveying uncertainty of future events or outcomes, or that concern our expectations, strategy, plans or intentions, are intended to identify forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, or expected. When considering forward-looking statements, you should keep in mind the risk factors and other cautionary statements discussed under the heading "Risk Factors" and in our publicly available filings and press releases. 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 Dan.com, our entry into new lines of business and our ability to achieve expected results from our integrations and new lines 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;
ii

NOTE ABOUT FORWARD-LOOKING STATEMENTS (continued)

•anticipated income tax rates, tax estimates and tax standards;
•interest rate changes;
•the future trading prices of our Class A common stock;
•our expectations regarding the outcome of any regulatory investigation or litigation;
•the amount and timing of future repurchases of our Class A common stock under any share repurchase program;
•the potential impact of shareholder activism on our business and operations;
•the length and severity of the coronavirus (COVID-19) pandemic and its impact on our business, customers and employees;
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 Quarterly 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 Quarterly 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," "company," "we," "us" and "our" refer to GoDaddy Inc. and its consolidated subsidiaries, including Desert Newco, LLC and its subsidiaries (Desert Newco).
iii
Part I - FINANCIAL INFORMATION
Item 1. Financial Statements
GoDaddy Inc.
Consolidated Balance Sheets (unaudited)
(In millions, except shares in thousands and per share amounts)
September 30,December 31,
 20222021
Assets
Current assets:
Cash and cash equivalents$826.2 $1,255.7 
Accounts and other receivables64.0 63.6 
Prepaid domain name registry fees435.7 419.7 
Prepaid expenses and other current assets443.9 150.8 
Total current assets1,769.8 1,889.8 
Property and equipment, net213.6 220.0 
Operating lease assets87.4 109.2 
Prepaid domain name registry fees, net of current portion190.8 181.4 
Goodwill3,458.3 3,540.8 
Intangible assets, net1,266.9 1,384.7 
Other assets86.1 91.2 
Total assets$7,072.9 $7,417.1 
Liabilities and stockholders' equity (deficit)
Current liabilities:
Accounts payable$124.3 $85.2 
Accrued expenses and other current liabilities351.6 437.3 
Deferred revenue1,975.2 1,890.1 
Long-term debt24.4 24.1 
Total current liabilities2,475.5 2,436.7 
Deferred revenue, net of current portion773.6 743.3 
Long-term debt, net of current portion3,842.9 3,858.2 
Operating lease liabilities, net of current portion119.9 142.7 
Other long-term liabilities84.2 77.7 
Deferred tax liabilities52.8 75.3 
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; 155,704 and 166,901 issued and outstanding as of September 30, 2022 and December 31, 2021, respectively
0.2 0.2 
Class B common stock, $0.001 par value - 500,000 shares authorized; 312 and 320 issued and outstanding as of September 30, 2022 and December 31, 2021, respectively
— — 
Additional paid-in capital1,827.8 1,594.7 
Accumulated deficit(2,312.1)(1,474.6)
Accumulated other comprehensive income (loss)205.7 (38.6)
Total stockholders' equity (deficit) attributable to GoDaddy Inc.(278.4)81.7 
Non-controlling interests2.4 1.5 
Total stockholders' equity (deficit)(276.0)83.2 
Total liabilities and stockholders' equity (deficit)$7,072.9 $7,417.1 
See accompanying notes to consolidated financial statements.
1
GoDaddy Inc.
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,
2022202120222021
Revenue:
Applications & commerce$326.0 $289.6 $946.3 $827.8 
Core platform707.2 674.4 2,105.1 1,968.6 
Total revenue1,033.2 964.0 3,051.4 2,796.4 
Costs and operating expenses(1):
Cost of revenue (excluding depreciation and amortization)374.3 345.8 1,105.0 999.0 
Technology and development199.5 172.4 587.7 530.8 
Marketing and advertising100.4 124.0 317.4 383.2 
Customer care74.0 74.0 230.6 230.9 
General and administrative101.6 81.2 286.9 260.9 
Restructuring and other5.2 (15.4)14.8 (15.4)
Depreciation and amortization48.5 50.7 145.1 149.7 
Total costs and operating expenses903.5 832.7 2,687.5 2,539.1 
Operating income129.7 131.3 363.9 257.3 
Interest expense(35.6)(32.5)(104.1)(93.8)
Other income (expense), net3.1 (1.2)0.8 (1.4)
Income before income taxes97.2 97.6 260.6 162.1 
Benefit (provision) for income taxes2.8 0.1 (1.5)(6.7)
Net income 100.0 97.7 259.1 155.4 
Less: net income attributable to non-controlling interests0.2 0.2 0.5 0.3 
Net income attributable to GoDaddy Inc. $99.8 $97.5 $258.6 $155.1 
Net income attributable to GoDaddy Inc. per share of Class A common stock:
Basic$0.64 $0.58 $1.61 $0.92 
Diluted$0.63 $0.58 $1.59 $0.90 
Weighted-average shares of Class A common stock outstanding:
Basic156,393 167,542 160,150 168,387 
Diluted158,418 169,823 162,665 171,724 
___________________________
(1) Costs and operating expenses include equity-based compensation expense as follows:
Cost of revenue$0.4 $0.3 $1.1 $0.7 
Technology and development34.4 27.3 102.4 82.2 
Marketing and advertising7.2 5.6 21.7 18.8 
Customer care4.9 3.5 14.6 10.2 
General and administrative18.5 14.2 53.5 43.0 
Total equity-based compensation expense$65.4 $50.9 $193.3 $154.9 
See accompanying notes to consolidated financial statements.
2
GoDaddy Inc.
Consolidated Statements of Comprehensive Income (unaudited)
(In millions)

Three Months Ended
September 30,
Nine Months Ended
September 30,
2022202120222021
Net income$100.0 $97.7 $259.1 $155.4 
Foreign exchange forward contracts gain (loss), net24.2 11.0 48.0 14.0 
Unrealized swap gain (loss), net(1)
77.7 4.6 216.7 22.9 
Change in foreign currency translation adjustment5.4 3.8 (19.9)31.6 
Comprehensive income207.3 117.1 503.9 223.9 
Less: comprehensive income attributable to non-controlling interests0.4 0.3 1.0 0.7 
Comprehensive income attributable to GoDaddy Inc.$206.9 $116.8 $502.9 $223.2 
___________________________
(1) Amounts are net of the tax effects reflected below:
Unrealized swap gain (loss), net$— $0.3 $(2.5)$1.8 
See accompanying notes to consolidated financial statements.
3
GoDaddy Inc.
Consolidated Statements of Stockholders' 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, 2021166,901 $0.2 320 $— $1,594.7 $(1,474.6)$(38.6)$1.5 $83.2 
Net income — — — — — 68.4 — 0.2 68.6 
Equity-based compensation, including amounts capitalized— — — — 62.2 — — — 62.2 
Stock option exercises202 — — — 8.5 — — — 8.5 
Repurchases of Class A common stock(6,532)— — — — (750.2)— — (750.2)
Impact of derivatives, net— — — — — — 93.1 — 93.1 
Change in foreign currency translation adjustment— — — — — — (34.3)— (34.3)
Vesting of restricted stock units and other1,115 — (8)— 0.2 — (0.1)0.1 0.2 
Balance at March 31, 2022161,686 0.2 312 — 1,665.6 (2,156.4)20.1 1.8 (468.7)
Net income— — — — — 90.4 — 0.1 90.5 
Equity-based compensation, including amounts capitalized— — — — 67.5 — — — 67.5 
Stock option exercises158 — — — 4.9 — — — 4.9 
Repurchases of Class A common stock(6,059)— — — — (236.3)— — (236.3)
Issuance of Class A common stock under ESPP302 — — — 18.4 — — — 18.4 
Impact of derivatives, net— — — — — — 69.7 — 69.7 
Change in foreign currency translation adjustment— — — — — — 9.0 — 9.0 
Vesting of restricted stock units and other458 — — — (0.1)— (0.2)— (0.3)
Balance at June 30, 2022156,545 0.2 312 — 1,756.3 (2,302.3)98.6 1.9 (445.3)
4
GoDaddy Inc.
Condensed Consolidated Statements of Stockholders' 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— — — — — 99.8 — 0.2 100.0 
Equity-based compensation, including amounts capitalized— — — — 66.1 — — — 66.1 
Stock option exercises138 — — — 5.5 — — (0.1)5.4 
Repurchases of Class A common stock(1,466)— — — — (109.6)— — (109.6)
Impact of derivatives, net— — — — — — 101.9 — 101.9 
Change in foreign currency translation adjustment— — — — — — 5.4 — 5.4 
Vesting of restricted stock units and other487 — — — (0.1)— (0.2)0.4 0.1 
Balance at September 30, 2022155,704 $0.2 312 $— $1,827.8 $(2,312.1)$205.7 $2.4 $(276.0)
5
GoDaddy Inc.
Condensed Consolidated Statements of Stockholders' Deficit (unaudited) (continued)
(In millions, except shares in thousands)
Class A Common StockClass B Common StockAdditional
Paid-in
Capital		Accumulated DeficitAccumulated Other Comprehensive LossNon-
Controlling
Interests		Total
SharesAmountSharesAmount
Balance at December 31, 2020169,157 $0.2 688 $— $1,308.8 $(1,190.9)$(131.0)$1.1 $(11.8)
Net income — — — — — 10.8 — — 10.8 
Equity-based compensation, including amounts capitalized— — — — 53.2 — — — 53.2 
Stock option exercises309 — — — 11.8 — — (0.2)11.6 
Repurchases of Class A common stock(2,544)— — — — (195.1)— — (195.1)
Impact of derivatives, net— — — — — — 26.5 — 26.5 
Change in foreign currency translation adjustment— — — — — — 33.7 — 33.7 
Vesting of restricted stock units and other1,523 — (209)— (0.4)— (0.4)0.9 0.1 
Balance at March 31, 2021168,445 0.2 479 — 1,373.4 (1,375.2)(71.2)1.8 (71.0)
Net income— — — — — 46.8 — 0.1 46.9 
Equity-based compensation, including amounts capitalized— — — — 52.1 — — — 52.1 
Stock option exercises337 — — — 14.2 — — — 14.2 
Repurchases of Class A common stock(956)— — — — (80.8)— — (80.8)
Issuance of Class A common stock under ESPP291 — — — 18.4 — — — 18.4 
Impact of derivatives, net— — — — — — (5.2)— (5.2)
Change in foreign currency translation adjustment— — — — — — (5.9)— (5.9)
Vesting of restricted stock units and other603 — (100)— (0.1)— — — (0.1)
Balance at June 30, 2021168,720 0.2 379 — 1,458.0 (1,409.2)(82.3)1.9 (31.4)
6
GoDaddy Inc.
Condensed Consolidated Statements of Stockholders' Deficit (unaudited) (continued)
(In millions, except shares in thousands)
Class A Common StockClass B Common StockAdditional
Paid-in
Capital		Accumulated DeficitAccumulated Other Comprehensive LossNon-
Controlling
Interests		Total
SharesAmountSharesAmount
Net income — — — — — 97.5 — 0.2 97.7 
Equity-based compensation, including amounts capitalized— — — — 52.0 — — — 52.0 
Stock option exercises322 — — — 11.3 — — (0.1)11.2 
Repurchases of Class A common stock(3,425)— — — — (250.1)— — (250.1)
Impact of derivatives, net— — — — — — 15.6 — 15.6 
Change in foreign currency translation adjustment— — — — — — 3.8 — 3.8 
Vesting of restricted stock units and other504 — (59)— 0.5 — (0.1)(0.3)0.1 
Balance at September 30, 2021166,121 $0.2 320 $— $1,521.8 $(1,561.8)$(63.0)$1.7 $(101.1)
See accompanying notes to consolidated financial statements.
7
GoDaddy Inc.
Consolidated Statements of Cash Flows (unaudited)
(In millions)
 
Nine Months Ended
September 30,
 20222021
Operating activities
Net income$259.1 $155.4 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization145.1 149.7 
Equity-based compensation expense193.3 154.9 
 (Gain) loss on derivative instruments21.7 (8.6)
Non-cash restructuring charges10.4 — 
Other34.4 19.3 
Changes in operating assets and liabilities, net of amounts acquired:
Prepaid domain name registry fees(30.3)(42.0)
Deferred revenue132.9 214.8 
Other operating assets and liabilities5.1 13.6 
Net cash provided by operating activities771.7 657.1 
Investing activities
Business acquisitions, net of cash acquired(72.5)(320.1)
Purchases of intangible assets(0.4)(201.8)
Purchases of property and equipment(