GoDaddy Reports Fourth Quarter And Full Year 2019 Results

SCOTTSDALE, Ariz., Feb. 13, 2020 /PRNewswire/ - GoDaddy Inc. (NYSE: GDDY), the company that empowers everyday entrepreneurs, today reported financial results for the fourth quarter and year ended December 31, 2019.

"GoDaddy continues to execute against its strategy - empowering everyday entrepreneurs through sage guidance, seamlessly intuitive experiences, and activating our community," said GoDaddy CEO Aman Bhutani. "We are well positioned to deliver strong results for our customers, communities, and shareholders in 2020."

"We are pleased that we were able to land 2019 financial performance right where we said we would. As we look to 2020, we have provided guidance that reflects the ongoing strength of our business," said GoDaddy CFO Ray Winborne.



     
              Consolidated Fourth Quarter Financial Highlights(1)




                                            
            
              Three Months Ended                                             
           
              Year Ended
                                                         December 31,                                                                  December 31,


                                                      2019                             2018                                              Change                2019   2018                Change


                                                                        
            (in millions, except customers in thousands and ARPU)


                 GAAP Results


      Revenue                                                $
            780.4                                                    $
           695.8                12.2%        $
         2,988.1        $
         2,660.1 12.3%


      Net cash
       provided by
       operating
       activities(2)                                         $
            162.2                                                    $
           128.5                26.2%          $
         723.4          $
         559.8 29.2%


                 Non-GAAP Results


      Unlevered
       Free Cash
       Flow                                                  $
            177.7                                                    $
           126.8                40.1%          $
         735.6          $
         619.5 18.7%


                 Operating Metrics


      Total
       bookings                                              $
            833.6                                                    $
           732.4                13.8%        $
         3,401.2        $
         3,011.5 12.9%


      Total
       customers at
       period end                                   19,274                           18,518                                                4.1%              19,274 18,518                  4.1%



     ARPU                                                     $
            158                                                      $
           148                 6.6%            $
         158            $
         148  6.6%




              (1)              See
                                  reconciliation
                                  tables for a
                                  detailed
                                  listing of
                                  certain
                                  items
                                  included in
                                  our
                                  consolidated
                                  statements
                                  of
                                  operations.



              (2)              cash provided
                                  by operating
                                  activities
                                  in the year
                                  ended
                                  December 31,
                                  2018
                                  includes
                                  cash tax
                                  payments
                                  made in
                                  connection
                                  with the
                                  gain on the
                                  August 2017
                                  sale of
                                  PlusServer.
    --  Total revenue of $780.4 million, up 12.2% year over year, or 13.0% on a
        constant currency basis.
    --  Total bookings of $833.6 million, up 13.8% year over year, or 14.1% on a
        constant currency basis.
    --  Net cash provided by operating activities of $162.2 million, up 26.2%
        year over year.
    --  Unlevered free cash flow of $177.7 million, up 40.1% year over year.
    --  Customers of 19.3 million at December 31, 2019, up 4.1% year over year.
    --  Average revenue per user (ARPU) of $158, up 6.6% year over year.
    --  Domains revenue of $352.3 million, up 12.1% year over year.
    --  Hosting and Presence revenue of $292.8 million, up 8.4% year over year.
    --  Business Applications revenue of $135.3 million, up 21.3% year over
        year.
    --  International revenue of $261.4 million, up 8.8% year over year, or
        11.2% on a constant currency basis.

Business Highlights

    --  Websites + Marketing, GoDaddy's website and marketing suite, launched
        integrations with Google Shopping and the Facebook Developer Platform,
        enabling service commerce bookings in Facebook and Instagram.
    --  Websites + Marketing introduced inventory import capabilities, enabling
        online commerce customers to easily import inventory data from popular
        marketplaces into a newly created website.
    --  GoDaddy launched the Go theme for WordPress, bringing proprietary
        technology for ease of use and design to the WordPress community. Go has
        quickly become one of the fastest growing themes in the WordPress
        ecosystem, continuing GoDaddy's trajectory of leading the way in what
        WordPress can accomplish.
    --  GoDaddy acquired Over, a multifaceted content creation tool for small
        businesses and entrepreneurs, equipping anyone and everyone to grow a
        brand and stand out in an increasingly crowded world.
    --  GoDaddy announced the acquisition of Uniregistry's leading domain
        registrar and marketplace businesses as well as their domain portfolio,
        reinforcing the company's commitment to domain investors.
    --  GoDaddy's influencer driven brand and creative strategy, which are
        tightly linked to the day-to-day experiences of its customers, are
        seeing strong performance in brand affinity, impressions, and social
        buzz, all of which now substantially outpace the competitive
        environment.
    --  In January, GoDaddy launched its new logo, the "Go", a joyful reflection
        of how GoDaddy brings together humanity and technology to serve everyday
        entrepreneurs from all walks of life, backgrounds and cultures.
    --  The Human Rights Campaign's 2020 Corporate Equality Index awarded
        GoDaddy with a perfect score for the second year in a row.
    --  GoDaddy appointed Leah Sweet to its board of directors. Ms. Sweet,
        Senior Vice President at PayPal, brings deep, customer-focused product
        strategy experience and leadership to the board.
    --  GoDaddy announced it will host an Investor Day on April 2, 2020 at the
        New York Stock Exchange in New York City, New York. Interested
        shareholders and analysts are encouraged to email investors@godaddy.com
        for an invitation.

Balance Sheet

At December 31, 2019, total cash and cash equivalents and short-term investments were $1,086.4 million, total debt was $2,432.3 million and net debt was $1,345.9 million.

Business Outlook

For the full year ending December 31, 2020, GoDaddy expects the following:


                               Metric                      Year-Over-
                                                     Year
                                                    Growth




     Revenue              $
            3.315 
     billion                   11%


     Unlevered Free
      Cash Flow(1)          $
            835 
     million                   14%


     Capital
      Expenditures  ~$85 
            million


     Cash Interest
      on Long-Term
      Debt          ~$80 
            million


     Cash Income
      Taxes         <$20 
            million




              (1)              2020 includes
                                  27 pay
                                  periods
                                  versus 26 in
                                  a normal
                                  year,
                                  resulting in
                                  an
                                  incremental
                                  cash outflow
                                  of ~$18
                                  million.
                                  Normalized
                                  for this
                                  item, uFCF
                                  growth in
                                  2020 would be
                                  approximately
                                  16%.

For the first quarter ending March 31, 2020, GoDaddy expects total revenue of approximately $795 million, or approximately 12% year over year growth.

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 conference call and webcast to discuss fourth quarter 2019 results at 5:00 p.m. Eastern Time on February 13, 2020. To hear the call, dial (833) 286-5800 in the United States or (647) 689-4445 from international locations, with passcode 2145709. A live webcast of the call, together with a slide presentation including supplemental financial information and reconciliations of certain non-GAAP financial measures to their nearest GAAP equivalent, will be available through the GoDaddy 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 the company'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 adoption and expansion of existing products or services, any projections of product or service availability, technology developments and innovation, customer growth, addressable market size, market acceptance of products 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; any statements regarding integration of recent or planned acquisitions, any statements regarding our future financial results; statements concerning GoDaddy's ability to integrate its acquisition of Over and the expected acquisition of Uniregistry's domain registrar and marketplace businesses, and the projected impact of the acquisitions on GoDaddy's business and results of operations; 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; 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 the risks described under the captions "Risk Factors" in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2019 as well as those described in "Management's Discussion and Analysis of Financial Condition and Results of Operations," in the company's Annual Report on Form 10-K for the year ended December 31, 2018 and in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, which are available on the company'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 the company 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.

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, though the impact to date has been muted due to our continued growth in total 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 purchases of property and equipment, such as data center and infrastructure investments, that 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. We believe the presentation of net debt provides useful information to investors because our management reviews net debt as part of its management of our overall liquidity, financial flexibility, capital structure and leverage. 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 19 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.


                                                                
              
                Consolidated Statements of Operations (unaudited)


                                                         
              
                (In millions, except shares in thousands and per share amounts)




                                                                             Three Months Ended                                             Year Ended
                                                                  December 31,                                            December 31,


                                                                   2019                                  2018                                             2019           2018



     Revenue:



     Domains                                                             $
              352.3                                          $
              314.3         $
          1,351.6     $
        1,220.3


      Hosting and presence                                        292.8                                 270.0                                          1,126.5        1,017.6


      Business applications                                       135.3                                 111.5                                            510.0          422.2



     Total revenue                                               780.4                                 695.8                                          2,988.1        2,660.1



     Costs and operating expenses(1):


      Cost of revenue (excluding
       depreciation and
       amortization)                                              270.8                                 230.4                                          1,026.8          893.9


      Technology and development                                  125.0                                 114.7                                            492.6          434.0


      Marketing and advertising                                    85.4                                  79.4                                            345.6          291.4



     Customer care                                                84.8                                  84.6                                            348.7          323.1


      General and administrative                                   92.1                                  86.9                                            362.1          334.0


      Depreciation and amortization                                48.8                                  58.0                                            209.7          234.1


      Total costs and operating
       expenses                                                   706.9                                 654.0                                          2,785.5        2,510.5



     Operating income(2)                                          73.5                                  41.8                                            202.6          149.6



     Interest expense                                           (21.7)                               (24.9)                                           (92.1)        (98.4)


      Loss on debt extinguishment                                 (0.3)                                                                                (14.8)             -


      Tax receivable agreements
       liability adjustment                                                                             15.0                                              8.7           14.9


      Other income (expense), net                                   5.0                                   5.0                                             22.0            6.9


      Income before income taxes                                   56.5                                  36.9                                            126.4           73.0


      Benefit for income taxes                                      4.6                                   6.6                                             12.0            9.0



     Net income                                                   61.1                                  43.5                                            138.4           82.0


      Less: net income attributable
       to non-controlling interests                                 0.6                                   1.0                                              1.4            4.9


      Net income attributable to
       GoDaddy Inc.                                                        $
              60.5                                           $
              42.5           $
          137.0        $
        77.1


      Net income attributable to GoDaddy Inc. per
       share of Class A common stock:



     Basic                                                                $
              0.35                                           $
              0.25            $
          0.79        $
        0.50



     Diluted                                                              $
              0.34                                           $
              0.24            $
          0.76        $
        0.45


      Weighted-average shares of Class A common
       stock outstanding:



     Basic                                                     171,870                               167,753                                          173,431        155,234



     Diluted                                                   177,642                               182,244                                          181,721        181,353






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



     Cost of revenue                                                       $
              0.1                           
              $                                $
          0.4  
     $


      Technology and development                                   19.4                                  16.0                                             70.3           57.8


      Marketing and advertising                                     4.7                                   2.9                                             15.4           10.3



     Customer care                                                 2.6                                   2.3                                              9.3            6.2


      General and administrative                                   14.0                                  14.0                                             51.6           51.2


      Total equity-based
       compensation expense                                                $
              40.8                                           $
              35.2           $
          147.0       $
        125.5

                                                                                                                                                                                          ===




              (2)              See reconciliation tables for a
                                  detailed listing of certain
                                  items included in our
                                  consolidated statements of
                                  operations.


                                    
              
                GoDaddy Inc.


                       
              
                Consolidated Balance Sheets (unaudited)


                       
              
                (In millions, except per share amounts)




                                                                                   December 31,


                                                                        2019                          2018



     
                Assets



     Current assets:


      Cash and cash equivalents                                                $
              1,062.8           $
        932.4


      Short-term investments                                            23.6                          18.9


      Accounts and other receivables                                    30.2                          26.4



     Registry deposits                                                 27.2                          28.3


      Prepaid domain name registry
       fees                                                            382.6                         363.2


      Prepaid expenses and other
       current assets                                                   48.9                          58.1



     Total current assets                                           1,575.3                       1,427.3


      Property and equipment, net                                      258.6                         299.0


      Operating lease assets                                           196.6                             -


      Prepaid domain name registry
       fees, net of current portion                                    179.3                         183.6



     Goodwill                                                       2,976.5                       2,948.0


      Intangible assets, net                                         1,097.7                       1,211.5



     Other assets                                                      17.2                          14.0



     Total assets                                                             $
              6,301.2         $
        6,083.4


                   Liabilities and stockholders' equity



     Current liabilities:



     Accounts payable                                                            $
              72.3            $
        61.6


      Accrued expenses and other
       current liabilities                                             366.0                         414.3



     Deferred revenue                                               1,544.4                       1,393.7



     Long-term debt                                                    18.4                          16.6


      Total current liabilities                                      2,001.1                       1,886.2


      Deferred revenue, net of current
       portion                                                         654.4                         623.8


      Long-term debt, net of current
       portion                                                       2,376.8                       2,394.2


      Operating lease liabilities, net
       of current portion                                              192.9                             -


      Payable to related parties
       pursuant to tax receivable
       agreements                                                      175.3                         174.3


      Other long-term liabilities                                       17.7                          63.2


      Deferred tax liabilities                                         100.9                         117.2



     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                                     1,003.5                         699.8


      Retained earnings (accumulated
       deficit)                                                      (153.5)                        164.8


      Accumulated other comprehensive
       loss                                                           (78.2)                       (72.1)


      Total stockholders' equity
       attributable to GoDaddy Inc.                                    772.0                         792.7


      Non-controlling interests                                         10.1                          31.8


      Total stockholders' equity                                       782.1                         824.5


      Total liabilities and
       stockholders' equity                                                    $
              6,301.2         $
        6,083.4

                                                                                                                    ===


                                   
              
                GoDaddy Inc.


                 
              
                Consolidated Statements of Cash Flows (unaudited)


                                   
              
                (In millions)




                                                                                    Year Ended
                                                                       December 31,


                                                                       2019                           2018



     
                Operating activities



     Net income                                                                $
              138.4           $
      82.0


      Adjustments to reconcile net income to net cash
       provided by operating activities:


      Depreciation and amortization                                   209.7                          234.1


      Equity-based compensation                                       147.0                          125.5


      Loss on debt extinguishment                                      14.8                              -


      Tax receivable agreements
       liability adjustment                                           (8.7)                        (14.9)



     Other                                                            32.7                         (11.4)


      Changes in operating assets and liabilities, net
       of amounts acquired:



     Registry deposits                                                 1.1                            6.2


      Prepaid domain name registry
       fees                                                          (15.1)                        (15.9)



     Accounts payable                                                 13.6                          (3.4)


      Accrued expenses and other
       current liabilities                                             40.4                           14.9



     Deferred revenue                                                179.5                          158.0


      Other operating assets and
       liabilities                                                   (30.0)                        (15.3)


      Net cash provided by operating
       activities                                                     723.4                          559.8



     
                Investing activities


      Purchases of short-term
       investments                                                   (64.1)                        (24.8)


      Maturities of short-term
       investments                                                     59.9                           18.5


      Business acquisitions, net of
       cash acquired                                                 (40.3)                       (147.2)


      Purchases of intangible assets                                  (4.7)                         (9.3)


      Purchases of property and
       equipment                                                     (87.6)                        (87.7)


      Other investing activities, net                                   1.5                          (4.3)


      Net cash used in investing
       activities                                                   (135.3)                       (254.8)



     
                Financing activities



     Proceeds received from:


      Issuance of Senior Notes                                        600.0                              -


      Stock option exercises                                           70.7                           67.2


      Issuances of Class A common
       stock under employee stock
       purchase plan                                                   28.5                           21.9



     Payments made for:


      Repayment of term loans                                       (625.0)                        (25.0)


      Repurchases of Class A common
       stock                                                        (458.6)                             -


      Contingent consideration for
       business acquisitions                                         (54.8)                        (10.4)


      Financing-related costs                                        (13.2)                             -


      Other financing obligations                                     (4.5)                         (6.7)


      Net cash provided by (used in)
       financing activities                                         (456.9)                          47.0


      Effect of exchange rate changes
       on cash and cash equivalents                                   (0.8)                         (2.3)


      Net increase in cash and cash
       equivalents                                                    130.4                          349.7


      Cash and cash equivalents,
       beginning of period                                            932.4                          582.7


      Cash and cash equivalents, end
       of period                                                              $
              1,062.8          $
      932.4

                                                                                                                ===

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                            Year Ended
                         December 31,                               
     December 31,


                          2019                            2018                           2019      2018




                                      
              
          (in millions)


      Total Bookings:


      Total revenue              $
              780.4                         $
              695.8            $
       2,988.1 $
       2,660.1


      Change in
       deferred revenue  (3.1)                          (7.9)                         180.5     163.2


      Net refunds         56.6                            46.8                          233.4     192.6



     Other              (0.3)                          (2.3)                         (0.8)    (4.4)


      Total bookings             $
              833.6                         $
              732.4            $
       3,401.2 $
       3,011.5





                                    Three Months Ended                            Year Ended
                         December 31,                               
     December 31,


                          2019                            2018                           2019      2018




                                      
              
          (in millions)


      Unlevered Free
       Cash Flow:


      Net cash provided
       by operating
       activities                $
              162.2                         $
              128.5              $
       723.4   $
       559.8


      Impact of
       discontinued
       operations(1)                                                                            23.8


      Cash paid for
       interest on
       long-term debt     26.9                            22.3                           80.3      84.1


      Cash paid for
       acquisition-
       related costs(2)    5.1                            12.9                           19.5      32.2


      Capital
       expenditures     (16.5)                         (38.2)                        (87.6)   (87.7)


      Cash paid for
       indirect taxes                                     1.3                                     7.3


      Unlevered free
       cash flow                 $
              177.7                         $
              126.8              $
       735.6   $
       619.5




              (1)              Impact of
                                  discontinued
                                  operations
                                  in 2018
                                  relates to
                                  cash tax
                                  payments
                                  made in
                                  connection
                                  with the
                                  gain on the
                                  August 2017
                                  sale of
                                  PlusServer.



              (2)              The 2018
                                  periods
                                  include $5.7
                                  million of
                                  capital
                                  expenditures
                                  related to
                                  data center,
                                  networking
                                  and data
                                  platform
                                  consolidation
                                  for Host
                                  Europe
                                  Group.

The following table details certain items included in our consolidated statements of operations:


                                                              Three Months Ended                             Year Ended
                                                  December 31,                               
       December 31,


                                                     2019                               2018                            2019        2018




                                                       
              
                (in millions)




                  Operating income includes the
                   following:


     Accrual for legal settlement
      expenses recorded in general and
      administrative expenses                   
           $                                      
      $                          $
        18.1   
     $


     Acquisition-related expenses
      recorded in general and
      administrative expenses                               $
              2.7                            $
              7.0          $
        9.4     $
     32.7

The following table provides a reconciliation of net debt:


                                      December 31,
                                               2019


                                      (in millions)



     Net Debt:


      Current portion of long-term
       debt                                            $
        18.4



     Long-term debt                        2,376.8


      Unamortized original issue
       discount on long-term debt              13.2


      Unamortized debt issuance costs          23.9



     Total debt                            2,432.3


      Less: Cash and cash equivalents     (1,062.8)


      Less: Short-term investments           (23.6)



     Net debt                                      $
        1,345.9

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,


                                          2019        2018




                                               (in thousands)


                   Shares Outstanding:



     Class A common stock             172,867     168,549



     Class B common stock               1,490       6,254


      Total common stock outstanding   174,357     174,803


      Effect of dilutive securities(1)   4,263       8,206


                                       178,620     183,009



                                Calculated
                                  using the
                                  treasury
                                  stock
                                  method,
                                  which
                                  excludes
                                  the impact
                                  of
                                  antidilutive

              (1)               securities.

© 2020 GoDaddy Inc. All Rights Reserved.

Source: GoDaddy Inc.

View original content to download multimedia:http://www.prnewswire.com/news-releases/godaddy-reports-fourth-quarter-and-full-year-2019-results-301004872.html

SOURCE GoDaddy Inc.