Quarterly Report (10-q)

Date : 08/02/2019 @ 11:08AM
Source : Edgar (US Regulatory)
Stock : GoDaddy Inc (GDDY)
Quote : 56.24  0.0 (0.00%) @ 9:00AM
GoDaddy share price Chart

Quarterly Report (10-q)

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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 June 30, 2019
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)
 
 
 
 
 
Delaware
 
 
 
46-5769934
(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)
 
 
 
 
 
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    
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Class A Common Stock
 
GDDY
 
NYSE
As of July 26, 2019 , there were 176,970,256 shares of GoDaddy Inc.'s Class A common stock, $0.001 par value per share, outstanding and 1,546,018 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 June 30, 2019


TABLE OF CONTENTS
 
 
 
 
 
 
 
 



i


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," "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;
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;
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;
the amount and timing of any payments we make under tax receivable agreements (TRAs) or for tax distributions;
the future trading prices of our Class A common stock;
the amount and timing of any repurchases of our Class A common stock under our share repurchase program;
as well as other statements regarding our future operations, financial condition, growth prospects and business strategies.

ii


NOTE ABOUT FORWARD-LOOKING STATEMENTS (continued)


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). We refer to Kohlberg Kravis Roberts & Co. L.P., together with its affiliates, as KKR. We refer to Silver Lake Partners, together with its affiliates, as SLP.

iii


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)
 
June 30,
 
December 31,
 
2019
 
2018
Assets
 
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
1,198.8

 
$
932.4

Short-term investments
23.6

 
18.9

Accounts and other receivables
24.8

 
26.4

Registry deposits
24.2

 
28.3

Prepaid domain name registry fees
385.7

 
363.2

Prepaid expenses and other current assets
63.3

 
58.1

Total current assets
1,720.4

 
1,427.3

Property and equipment, net
260.1

 
299.0

Operating lease assets
148.3

 

Prepaid domain name registry fees, net of current portion
185.7

 
183.6

Goodwill
2,965.8

 
2,948.0

Intangible assets, net
1,153.1

 
1,211.5

Other assets
15.5

 
14.0

Total assets
$
6,448.9

 
$
6,083.4

Liabilities and stockholders' equity
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
82.9

 
$
61.6

Accrued expenses and other current liabilities
396.7

 
414.3

Deferred revenue
1,521.3

 
1,393.7

Long-term debt
19.2

 
16.6

Total current liabilities
2,020.1

 
1,886.2

Deferred revenue, net of current portion
652.4

 
623.8

Long-term debt, net of current portion
2,387.7

 
2,394.2

Operating lease liabilities, net of current portion
134.3

 

Payable to related parties pursuant to tax receivable agreements
175.3

 
174.3

Other long-term liabilities
14.9

 
63.2

Deferred tax liabilities
107.5

 
117.2

Commitments and contingencies

 

Stockholders' equity:
 
 
 
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; 176,727 and 168,549 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively
0.2

 
0.2

Class B common stock, $0.001 par value - 500,000 shares authorized; 1,566 and 6,254 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively

 

Additional paid-in capital
894.1

 
699.8

Retained earnings
168.4

 
164.8

Accumulated other comprehensive loss
(117.6
)
 
(72.1
)
Total stockholders' equity attributable to GoDaddy Inc.
945.1

 
792.7

Non-controlling interests
11.6

 
31.8

Total stockholders' equity
956.7

 
824.5

Total liabilities and stockholders' equity
$
6,448.9

 
$
6,083.4

See accompanying notes to condensed consolidated financial statements.

1

GoDaddy Inc.
Condensed Consolidated Statements of Operations (unaudited)
(In millions, except share amounts in thousands and per share amounts)
 


 
Three Months Ended   June 30,
 
Six Months Ended   June 30,
 
2019
 
2018
 
2019
 
2018
Revenue:
 
 
 
 
 
 
 
Domains
$
334.4

 
$
304.8

 
$
654.0

 
$
596.5

Hosting and presence
279.8

 
244.6

 
548.7

 
484.4

Business applications
123.0

 
102.2

 
244.5

 
203.9

Total revenue
737.2

 
651.6

 
1,447.2

 
1,284.8

Costs and operating expenses (1) :
 
 
 
 
 
 
 
Cost of revenue (excluding depreciation and amortization)
254.6

 
221.3

 
491.0

 
436.6

Technology and development
127.2

 
105.1

 
251.2

 
207.1

Marketing and advertising
90.3

 
67.4

 
180.6

 
141.9

Customer care
87.6

 
76.3

 
177.9

 
156.7

General and administrative
104.8

 
81.0

 
197.8

 
157.4

Depreciation and amortization
53.8

 
57.0

 
111.0

 
114.8

Total costs and operating expenses
718.3

 
608.1

 
1,409.5

 
1,214.5

Operating income
18.9

 
43.5

 
37.7


70.3

Interest expense
(23.1
)
 
(24.7
)
 
(47.5
)
 
(48.5
)
Tax receivable agreements liability adjustment

 

 
8.7

 
(0.1
)
Loss on debt extinguishment
(14.5
)
 

 
(14.5
)
 

Other income (expense), net
5.2

 
0.2

 
11.4

 
1.2

Income (loss) before income taxes
(13.5
)
 
19.0

 
(4.2
)

22.9

Benefit for income taxes
0.8

 
1.2

 
4.7

 
1.5

Net income (loss)
(12.7
)

20.2


0.5


24.4

Less: net income (loss) attributable to non-controlling interests
(0.1
)
 
2.1

 
0.2

 
3.0

Net income (loss) attributable to GoDaddy Inc.
$
(12.6
)
 
$
18.1

 
$
0.3

 
$
21.4

Net income (loss) attributable to GoDaddy Inc. per share of Class A common stock:
 
 
 
 
 
 
 
Basic
$
(0.07
)
 
$
0.12

 
$

 
$
0.15

Diluted
$
(0.07
)
 
$
0.11

 
$

 
$
0.14

Weighted-average shares of Class A common stock outstanding:
 
 
 
 
 
 
 
Basic
176,007

 
152,577

 
173,517

 
145,249

Diluted
176,007

 
180,881

 
183,874

 
179,955

___________________________
 
 
 
 
 
 
 
(1) Costs and operating expenses include equity-based compensation as follows:
 
 
Cost of revenue
$
0.2


$


$
0.2

 
$

Technology and development
20.3

 
13.6

 
40.3

 
27.3

Marketing and advertising
4.1

 
2.1

 
8.4

 
5.0

Customer care
2.6

 
1.3

 
5.2

 
2.5

General and administrative
14.4

 
11.2

 
34.4

 
24.9

Total equity-based compensation
$
41.6

 
$
28.2

 
$
88.5

 
$
59.7


See accompanying notes to condensed consolidated financial statements.

2

GoDaddy Inc.
Condensed Consolidated Statements of Comprehensive Income (unaudited)
(In millions)


 
Three Months Ended   June 30,
 
Six Months Ended   June 30,
 
2019
 
2018
 
2019
 
2018
Net income (loss)
$
(12.7
)
 
$
20.2

 
$
0.5

 
$
24.4

Foreign exchange forward contracts gain (loss), net

 
7.7

 
0.8

 
7.0

Unrealized swap gain (loss), net
(10.1
)
 
8.6

 
(11.1
)
 
11.6

Change in foreign currency translation adjustment
(21.5
)
 
(2.0
)
 
6.3

 
3.6

Comprehensive income (loss)
(44.3
)
 
34.5

 
(3.5
)
 
46.6

Less: comprehensive income (loss) attributable to non-controlling interests
(0.4
)
 
3.8

 
0.6

 
7.3

Comprehensive income (loss) attributable to GoDaddy Inc.
$
(43.9
)
 
$
30.7

 
$
(4.1
)
 
$
39.3

See accompanying notes to condensed consolidated financial statements.


3

GoDaddy Inc.
Condensed Consolidated Statement of Stockholders' Equity (unaudited)
(In millions, except share amounts in thousands)


 
Class A Common Stock
 
Class B Common Stock
 
Additional
Paid-in
Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Non-
Controlling
Interests
 
Total
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
Balance at December 31, 2018
168,549

 
$
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

Sales of Class A common stock, net of issuance costs
8

 

 

 

 

 

 

 

 

Stock option exercises
894

 

 

 

 
18.3

 

 

 
(0.7
)
 
17.6

Exchanges of LLC Units
4,601

 

 
(4,601
)
 

 
8.5

 

 
(2.6
)
 
(5.9
)
 

Liability pursuant to tax receivable agreements resulting from exchanges of LLC Units

 

 

 

 
(9.7
)
 

 

 

 
(9.7
)
Impact of derivatives, net

 

 

 

 

 

 
(0.2
)
 

 
(0.2
)
Change in foreign currency translation adjustment

 

 

 

 

 

 
27.8

 

 
27.8

Attribution of AOCI to non-controlling interests

 

 

 

 

 

 
(0.7
)
 
0.7

 

Vesting of restricted stock units
1,063

 

 

 

 

 

 

 

 

Adjustment to prior period allocations of non-controlling interests

 

 

 

 
51.7

 

 
(38.5
)
 
(13.2
)
 

Balance at March 31, 2019
175,115

 
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 exercises
867

 

 

 

 
20.1

 

 

 
(0.7
)
 
19.4

Issuance of Class A common stock under ESPP
303

 

 

 

 
16.6

 

 

 

 
16.6

Exchanges of LLC Units
87

 

 
(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 AOCI to non-controlling interests

 

 

 

 

 

 
0.3

 
(0.3
)
 

Vesting of restricted stock units
355

 

 

 

 

 

 

 

 

Balance at June 30, 2019
176,727

 
$
0.2

 
1,566

 
$

 
$
894.1

 
$
168.4

 
$
(117.6
)
 
$
11.6

 
$
956.7


4

GoDaddy Inc.
Condensed Consolidated Statement of Stockholders' Equity (unaudited) (continued)
(In millions, except share amounts in thousands)

 
Class A Common Stock
 
Class B Common Stock
 
Additional
Paid-in
Capital
 
Retained Earnings
 
Accumulated Other Comprehensive Income (Loss)
 
Non-
Controlling
Interest
 
Total
 
Shares
 
Amount
 
Shares
 
Amount
 
 
 
 
 
Balance at December 31, 2017
132,993

 
$
0.1

 
35,006

 
$

 
$
484.4

 
$
87.7

 
$
(85.7
)
 
$
60.0

 
$
546.5

Net income

 

 

 

 

 
3.3

 

 
0.9

 
4.2

Equity-based compensation

 

 

 

 
31.5

 

 

 

 
31.5

Stock option exercises
1,632

 

 

 

 
24.4

 

 

 
(3.7
)
 
20.7

Effect of exchanges of LLC Units
12,925

 

 
(12,925
)
 

 
11.8

 

 

 
(11.8
)
 

Liability pursuant to tax receivable agreements resulting from exchanges of LLC Units

 

 

 

 
(14.5
)
 

 

 

 
(14.5
)
Impact of derivatives, net

 

 

 

 

 

 
2.3

 

 
2.3

Change in foreign currency translation adjustment

 

 

 

 

 

 
5.6

 

 
5.6

Attribution of AOCI to non-controlling interests

 

 

 

 

 

 
(2.6
)
 
2.6

 

Vesting of restricted stock units
809

 

 

 

 

 

 

 

 

Balance at March 31, 2018
148,359

 
0.1

 
22,081

 

 
537.6

 
91.0

 
(80.4
)
 
48.0

 
596.3

Net income

 

 

 

 

 
18.1

 

 
2.1

 
20.2

Equity-based compensation

 

 

 

 
28.2

 

 

 

 
28.2

Stock option exercises
1,020

 
0.1

 

 

 
16.1

 

 

 
(1.2
)
 
15.0

Issuance of Class A common stock under ESPP
286

 

 

 

 
11.9

 

 

 

 
11.9

Exchanges of LLC Units
8,175

 

 
(8,175
)
 

 
7.9

 

 

 
(7.9
)
 

Liability pursuant to tax receivable agreements resulting from exchanges of LLC Units

 

 

 

 
(11.6
)
 

 

 

 
(11.6
)
Impact of derivatives, net

 

 

 

 

 

 
16.3

 

 
16.3

Change in foreign currency translation adjustment

 

 

 

 

 

 
(2.0
)
 

 
(2.0
)
Attribution of AOCI to non-controlling interests

 

 

 

 

 

 
(1.7
)
 
1.7

 

Vesting of restricted stock units
258

 

 

 

 

 

 

 

 

Balance at June 30, 2018
158,098

 
$
0.2

 
13,906

 
$

 
$
590.1

 
$
109.1

 
$
(67.8
)
 
$
42.7

 
$
674.3

See accompanying notes to condensed consolidated financial statements.

5

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

 
Six Months Ended   June 30,
 
2019
 
2018
Operating activities
 
 
 
Net income
$
0.5

 
$
24.4

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
111.0

 
114.8

Equity-based compensation
88.5

 
59.7

Loss on debt extinguishment
14.5

 

Tax receivable agreements liability adjustment
(8.7
)
 
0.1

Other
11.4

 
(6.5
)
Changes in operating assets and liabilities, net of amounts acquired:
 
 
 
Registry deposits
4.0

 
(11.5
)
Prepaid domain name registry fees
(25.7
)
 
(26.6
)
Deferred revenue
157.2

 
154.2

Other operating assets and liabilities
8.3

 
(31.3
)
Net cash provided by operating activities
361.0

 
277.3

Investing activities
 
 
 
Purchases of short-term investments
(40.6
)
 
(6.9
)
Maturities of short-term investments
36.3

 
0.4

Business acquisitions, net of cash acquired
(37.0
)
 
(14.1
)
Purchases of property and equipment
(45.9
)
 
(35.9
)
Other investing activities
(1.3
)
 
(14.3
)
Net cash used in investing activities
(88.5
)
 
(70.8
)
Financing activities
 
 
 
Proceeds received from:
 
 
 
Issuance of Senior Notes
600.0

 

Stock option exercises
37.0

 
35.7

Issuance of Class A common stock under ESPP
16.6

 
11.9

Payments made for:
 
 
 
Repayment of term loans
(612.5
)
 
(12.5
)
Contingent consideration for business acquisitions
(33.5
)
 
(9.2
)
Financing-related costs
(10.9
)
 

Leases and other financing obligations
(2.1
)
 
(4.0
)
Net cash provided by (used in) financing activities
(5.4
)
 
21.9

Effect of exchange rate changes on cash and cash equivalents
(0.7
)
 
(1.4
)
Net increase in cash and cash equivalents
266.4

 
227.0

Cash and cash equivalents, beginning of period
932.4

 
582.7

Cash and cash equivalents, end of period
$
1,198.8

 
$
809.7

Supplemental cash flow information:
 
 
 
Cash paid during the period for:
 
 
 
Interest on long-term debt, net of swap benefit
$
39.8

 
$
40.5

Income taxes, net of refunds received
$
4.2

 
$
15.7

Supplemental information for non-cash investing and financing activities:
 
 
 
Acquisition date fair value of contingent consideration
$

 
$
2.2

Accrued capital expenditures at period end
$
5.1

 
$
4.2


See accompanying notes to condensed consolidated financial statements.

6


GoDaddy Inc.
Notes to Condensed Consolidated Financial Statements (unaudited)
(In millions, except share amounts in thousands and per share amounts)
1.      Organization and Background
Organization
We are the sole managing member of Desert Newco, and as a result, we consolidate its financial results and report non-controlling interests representing the economic interests held by its other members. Non-controlling interests exclude any net income (loss) attributable directly to GoDaddy Inc. We owned approximately 99% of Desert Newco's limited liability company units (LLC Units) as of June 30, 2019 .
Basis of Presentation
Our financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP), and include our accounts and the accounts of our subsidiaries. All material intercompany accounts and transactions have been eliminated.
Our interim financial statements are unaudited, and in our opinion, include all adjustments of a normal recurring nature necessary for the fair presentation of the periods presented. The results for interim periods are not necessarily indicative of the results to be expected for any subsequent period or for the year ending  December 31, 2019 .
These financial statements should be read in conjunction with our audited financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2018 (the 2018 Form 10-K).
Prior Period Reclassifications
Reclassifications of certain immaterial prior period amounts have been made to conform to the current period presentation.

7


Use of Estimates
GAAP requires us to make estimates and assumptions affecting amounts reported in our financial statements. We periodically evaluate our estimates and adjust prospectively, if necessary. We believe our estimates and assumptions are reasonable; however, actual results may differ.
Segment
As of June 30, 2019 , our chief operating decision maker function was comprised of our Chief Executive Officer who reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance for the entire company. Accordingly, we have a single operating and reportable segment.
2.      Summary of Significant Accounting Policies
Assets Recognized from Contract Costs
Fees paid to various registries at the inception of a domain registration or renewal represent costs to fulfill a contract. We capitalize and amortize these prepaid domain name registry fees to cost of revenue consistent with the pattern of transfer of the service to which the asset relates. During the three months ended June 30, 2019 and 2018 , amortization expense of such asset was $151.7 million and $148.7 million , respectively. During the six months ended June 30, 2019 and 2018 , amortization expense of such asset was $302.3 million and $294.0 million , respectively.
No other material contract costs were capitalized during any of the periods presented.
Leases
Adoption of New Standard on Leases
On January 1, 2019, we adopted the Financial Accounting Standards Board's (FASB) new lease accounting standard using a modified retrospective transition and recorded a $3.3 million cumulative-effect adjustment to beginning retained earnings (the effective date method). Under the effective date method, comparative period financial information is not adjusted. The new standard requires lessees to recognize a right-of-use (ROU) asset and lease liability on the balance sheet for operating leases while the accounting for finance leases is substantially unchanged. We recognized $111.3 million and $108.0 million of additional assets and liabilities, respectively, upon adoption of the new standard. The impact to deferred taxes was immaterial.
The increases to assets and liabilities resulting from the recognition of ROU assets and operating lease liabilities included the derecognition of existing assets and liabilities related to leases. The most significant impact resulted from the derecognition of our lease financing obligation and related building asset. At adoption, we were required to reassess whether the failed sale-leaseback transaction that resulted in the recognition of a lease financing obligation and related building asset would have met the sale criteria under the new standard. We concluded that the sale criteria would have been met and recognized a $3.3 million adjustment to beginning retained earnings as a result of the derecognition of the lease financing obligation and related building asset. The previously recognized lease financing obligation is now classified as an operating lease and was included in the initial measurement of the ROU assets and operating lease liabilities.
We have adopted the package of practical expedients allowing us to not reassess prior conclusions related to contracts containing leases, lease classification and initial direct costs. Adoption of this standard did not have a material impact to our statements of operations or cash flows.
We determine whether a contract contains a lease at contract inception. We have lease agreements with lease and non-lease components and have elected the practical expedient to account for such components as a single lease component. This election must be made by class of underlying asset and was elected for our leases of office space, data center space and server equipment. We initially recognize and measure contracts containing a lease and determine lease classification at commencement. ROU assets and operating lease liabilities are measured based on the estimated present value of lease payments over the lease term. In determining the present value of lease payments, we use our estimated incremental borrowing rate when the rate implicit in the lease cannot be readily determined. The estimated incremental borrowing rate is based upon information available at lease commencement including publicly available data for debt instruments. The lease term includes periods covered by options to extend when it is reasonably certain we will exercise such options as well as periods subsequent to an option to terminate the lease if it is reasonably certain we will not exercise the termination option. Operating lease costs

8


are recognized on a straight-line basis over the lease term while finance leases result in a front-loaded expense pattern. Variable lease costs are recognized as incurred. On our balance sheets, assets and liabilities associated with operating leases are included within operating lease assets, accrued expenses and other current liabilities and operating lease liabilities. Assets and liabilities associated with finance leases are included in property and equipment, net, accrued expenses and other current liabilities and other long-term liabilities.
See Note 10 for additional information regarding leases.
Fair Value Measurements
The following tables set forth assets and liabilities measured at fair value on a recurring basis:
 
June 30, 2019
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
 Cash and cash equivalents:
 
 
 
 
 
 
 
Reverse repurchase agreements (1)
$

 
$
70.0

 
$

 
$
70.0

Commercial paper

 
100.5

 

 
100.5

Money market funds
373.1

 

 

 
373.1

 Short-term investments:
 
 
 
 
 
 

Certificates of deposit and time deposits
0.7

 

 

 
0.7

Commercial paper

 
22.9

 

 
22.9

 Derivative assets

 
1.7

 

 
1.7

Total assets measured and recorded at fair value
$
373.8

 
$
195.1

 
$

 
$
568.9

Liabilities:
 
 
 
 
 
 
 
 Contingent consideration liabilities
$

 
$

 
$
28.0

 
$
28.0

 Derivative liabilities

 
122.9

 

 
122.9

Total liabilities measured and recorded at fair value
$

 
$
122.9

 
$
28.0

 
$
150.9

 
 
(1)
Reverse repurchase agreements include a $70.0 million repurchase agreement with Morgan Stanley, callable with 31 days notice.
 
December 31, 2018
 
Level 1
 
Level 2
 
Level 3
 
Total
Assets:
 
 
 
 
 
 
 
 Cash and cash equivalents:
 
 
 
 
 
 
 
Reverse repurchase agreements (1)
$

 
$
70.0

 
$

 
$
70.0

Commercial paper

 
71.4

 

 
71.4

Money market funds
338.6

 

 

 
338.6

 Short-term investments:
 
 
 
 
 
 
 
Certificates of deposit and time deposits
1.0

 

 

 
1.0

Commercial paper

 
18.0

 

 
18.0

Total assets measured and recorded at fair value
$
339.6

 
$
159.4

 
$

 
$
499.0

Liabilities:
 
 
 
 
 
 
 
 Contingent consideration liabilities
$

 
$

 
$
67.9

 
$
67.9

 Derivative liabilities

 
120.5

 

 
120.5

Total liabilities measured and recorded at fair value
$

 
$
120.5

 
$
67.9

 
$
188.4

 
 
(1)
Reverse repurchase agreements include a  $70.0 million  repurchase agreement with Morgan Stanley, callable with  31  days notice.

9


Our contingent consideration liabilities, which relate to future earn-out payments associated with our business acquisitions, are classified within Level 3 and valued using discounted cash flow valuation methods encompassing significant unobservable inputs. The inputs include estimated operating results scenarios for the applicable performance periods, probability weightings assigned to operating results scenarios (generally assessed at 100% probability) and the discount rates applied (generally ranging from 14% to 25% ). The fair values of our contingent consideration arrangements are sensitive to changes in forecasts and discount rates. A reconciliation of these liabilities is as follows:
 
Six Months Ended June 30,
 
2019
 
2018
Balance at beginning of period
$
67.9

 
$
20.7

Acquisition date fair value of contingent consideration

 
2.2

Adjustments to fair value recognized in earnings
1.4

 
6.7

Contingent consideration payments
(41.3
)
 
(10.0
)
Impact of foreign currency translation and other

 
(0.2
)
Balance at end of period
$
28.0

 
$
19.4


We have no other material assets or liabilities measured at fair value on a recurring basis.
Recent Accounting Pronouncements
In June 2016 , the FASB issued new guidance for the accounting for credit losses on instruments that will require entities to measure all expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial instruments measured at amortized cost and also applies to some off-balance sheet credit exposures. We expect this guidance to impact our accounting for allowances for doubtful accounts and other assets subject to credit risk. We plan to adopt this guidance on January 1, 2020 and are currently evaluating its expected impact.
In January 2017 , the FASB issued new guidance simplifying the goodwill impairment test, eliminating the requirement for an entity to determine the fair value of its assets and liabilities (including unrecognized assets and liabilities) at the impairment testing date following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, an entity will be required to perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity will be required to recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to the reporting unit. Our adoption of this guidance on January 1, 2019 did not have a material impact.
In August 2018 , the FASB issued new guidance to modify or eliminate certain fair value disclosures and require additional disclosures for Level 3 measurements. We do not expect our adoption of this guidance on January 1, 2020 to have a material impact.
In August 2018 , the FASB issued new guidance aligning the accounting for implementation costs incurred in cloud computing arrangements with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The guidance is effective for annual and interim reporting periods beginning after December 15, 2019 , with early adoption permitted. We are currently evaluating the timing of our adoption and the expected impact of this new guidance.
3.      Goodwill and Intangible Assets
The following table summarizes changes in goodwill:
Balance at December 31, 2018
$
2,948.0

Goodwill related to acquisitions
21.0

Impact of foreign currency translation
(3.2
)
Balance at June 30, 2019
$
2,965.8



10


Intangible assets, net are as follows:
 
June 30, 2019
 
Gross 
Carrying
Amount
 
Accumulated
Amortization
 
Net Carrying
Amount
Indefinite-lived intangible assets:
 
 
 
 
 
Trade names and branding
$
445.0

 
n/a

 
$
445.0

Domain portfolio
151.4

 
n/a

 
151.4

Finite-lived intangible assets:
 
 
 
 
 
Customer-related
831.8

 
$
(432.5
)
 
399.3

Developed technology
150.5

 
(54.0
)
 
96.5

Trade names
80.3

 
(19.4
)
 
60.9

 
$
1,659.0

 
$
(505.9
)
 
$
1,153.1

 
December 31, 2018
 
Gross 
Carrying
Amount
 
Accumulated
Amortization
 
Net Carrying
Amount
Indefinite-lived intangible assets:
 
 
 
 
 
Trade names and branding
$
445.0

 
n/a

 
$
445.0

Domain portfolio
152.4

 
n/a

 
152.4

Finite-lived intangible assets:
 
 
 
 
 
Customer-related
850.5

 
$
(407.5
)
 
443.0

Developed technology
206.9

 
(103.1
)
 
103.8

Trade names and other
92.9

 
(25.6
)
 
67.3

 
$
1,747.7

 
$
(536.2
)
 
$
1,211.5


Amortization expense was $31.2 million and $32.8 million for the three months ended June 30, 2019 and 2018 , respectively and was $62.0 million and $66.0 million for the six months ended June 30, 2019 and 2018 , respectively. The weighted-average remaining amortization period for amortizable intangible assets was 72 months as of June 30, 2019 .
Based on the balance of finite-lived intangible assets at June 30, 2019 , expected future amortization expense is as follows:
Year Ending December 31:
 
2019 (remainder of)
$
58.0

2020
110.7

2021
87.4

2022
85.6

2023
70.4

Thereafter
144.6

 
$
556.7


4.      Stockholders' Equity
Secondary Offering
In February 201 9, we completed an underwritten public offering in which KKR and SLP sold shares of our Class A common stock. We did not receive any proceeds from the shares sold by the selling stockholders. We used the net proceeds from the shares sold by us to pay expenses incurred in connection with the offering. The offering included the exchange of LLC Units (together with the corresponding shares of Class B common stock) for Class A common stock by the selling stockholders,

11


which resulted in an increase in additional paid-in capital, with an offsetting reduction in non-controlling interests, and a material increase to the liability under the TRAs (see Note 13 ). Significant details for the offering are as follows:
Offering Date
 
Offering Price Per Share ($)
 
Shares Sold by GoDaddy (#)
 
Proceeds Received by GoDaddy ($)
 
Aggregate Shares Sold by Selling Stockholders (#)
 
LLC Units Exchanged by Selling Stockholders (#)
 
Increase in Additional Paid-in Capital ($)
February 2019 (1)
 
75.40

 
8

 
0.6

 
8,539

 
4,278

 
5.7

 
 
(1)
Following the offering, KKR and SLP no longer own shares of GoDaddy's common stock.
Share Repurchase Program
In  November 2018 , our Board approved the repurchase of up to  $500.0 million  of our Class A common stock. We may purchase shares from time to time in open market purchases, block transactions and privately negotiated transactions, in accordance with applicable federal securities laws. The share repurchase program has no time limit, does not obligate us to make any repurchases and may be modified, suspended or terminated by us at any time without prior notice. The amount and timing of repurchases are subject to a variety of factors including liquidity, share price, market conditions and legal requirements, and will be funded by available cash and cash equivalents. As of June 30, 2019 , no shares have been repurchased.
5.      Equity-Based Compensation Plans
As of December 31, 2018 , 19,195 shares of Class A common stock were available for issuance as future awards under the 2015 Equity Incentive Plan (the 2015 Plan). On January 1, 2019 , an additional 6,992 shares were reserved for issuance pursuant to the automatic increase provisions of the 2015 Plan. As of June 30, 2019 , 23,263  shares were available for issuance as future awards under the 2015 Plan.
As of December 31, 2018 , 3,082 shares of Class A common stock were available for issuance under the 2015 Employee Stock Purchase Plan (the ESPP). On January 1, 2019 , an additional 1,000 shares were reserved for issuance pursuant to the ESPP. As of June 30, 2019 , 3,780  shares were available for issuance under the ESPP.
We grant options at exercise prices equal to the fair market value of our Class A common stock on the grant date. We grant both options and restricted stock units (RSUs) vesting solely upon the continued service of the recipient as well as awards vesting upon the achievement of annual or cumulative financial-based targets. We recognize the grant date fair value of equity-based awards as compensation expense over the required service period of each award, taking into account the probability of our achievement of associated performance targets.
The following table summarizes option activity:
 
Number of
Shares of Class A Common Stock (#)
 
Weighted-
Average
Grant-
Date Fair
Value ($)
 
Weighted-
Average
Exercise
Price ($)
Outstanding at December 31, 2018
9,527

 
 
 
25.77

Granted
981

 
26.30

 
74.88

Exercised
(1,761
)
 
 
 
20.97

Forfeited
(176
)
 
 
 
49.67

Outstanding at June 30, 2019
8,571

 
 
 
31.88

Vested at June 30, 2019
5,430

 
 
 
19.60


12


The following table summarizes RSU activity:
 
Number of
Shares of Class A Common Stock (#)
 
Weighted-
Average
Grant-
Date Fair
Value ($)
Outstanding at December 31, 2018
5,356

 
 
Granted
2,401

 
74.30

Vested
(1,418
)
 
 
Forfeited
(281
)
 
 
Outstanding at June 30, 2019
6,058

 
 

At June 30, 2019 , total unrecognized compensation expense related to non-vested stock options and RSUs was $42.6 million and $243.6 million , respectively, with expected remaining weighted-average recognition periods of 2.3 years and 2.5 years , respectively. We currently believe the performance targets related to the vesting of performance awards will be achieved. If such targets are not achieved, or are subsequently determined to not be probable of being achieved, we will not recognize any compensation expense for performance awards not expected to vest, and will reverse any previously recognized expense on such awards.
6.      Deferred Revenue
Deferred revenue consisted of the following:
 
June 30, 2019
 
December 31, 2018
Current:
 
 
 
Domains
$
746.0

 
$
686.3

Hosting and presence
524.1

 
483.3

Business applications
251.2

 
224.1

 
$
1,521.3

 
$
1,393.7

Noncurrent:
 
 
 
Domains
$
384.4

 
$
365.8

Hosting and presence
185.3

 
180.6

Business applications
82.7

 
77.4

 
$
652.4

 
$
623.8


The increase in the deferred revenue balance is primarily driven by payments received in advance of satisfying our performance obligations, offset by $416.7 million and $962.0 million of revenue recognized during the three and six months ended June 30, 2019 , respectively, that was included in the deferred revenue balance as of December 31, 2018 . The deferred revenue balance as of June 30, 2019 represents our aggregate remaining performance obligations that will be recognized as revenue over the period in which the performance obligations are satisfied.
Deferred revenue as of June 30, 2019 is expected to be recognized as revenue as follows:
 
Remainder of 2019
 
2020
 
2021
 
2022
 
2023
 
Thereafter
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Domains
$
486.0

 
$
384.5

 
$
121.1

 
$
58.6

 
$
34.7

 
$
45.5

 
$
1,130.4

Hosting and presence
354.5

 
244.4

 
69.8

 
22.8

 
10.4

 
7.5

 
709.4

Business applications
171.6

 
113.6

 
34.5

 
9.3

 
2.9

 
2.0

 
333.9

 
$
1,012.1

 
$
742.5

 
$
225.4

 
$
90.7

 
$
48.0

 
$
55.0

 
$
2,173.7



13


7.      Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following:
 
June 30, 2019
 
December 31, 2018
Derivative liabilities
$
122.9

 
$
120.5

Accrued payroll and employee benefits
85.8

 
105.9

Current portion of operating lease liabilities
37.4

 

Tax-related accruals
36.1

 
38.4

Accrued acquisition-related expenses and acquisition consideration payable
32.4

 
74.4

Accrued legal and professional fees
29.9

 
10.9

Accrued marketing and advertising expenses
15.1

 
19.4

Accrued other
37.1

 
44.8

 
$
396.7


$
414.3


8.      Long-Term Debt
Long-term debt consisted of the following:
 
June 30, 2019
 
December 31, 2018
Term Loans (effective interest rate of 5.0% at June 30, 2019 and 4.6% at December 31, 2018)