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Tight t-shirts won't get GoDaddy out of its financial mess: but a public offering to the tune of $100 million might

By Catholic Online (NEWS CONSORTIUM)
6/10/2014 (3 years ago)
Catholic Online (www.catholic.org)

Offering $100 million in initial public stock

Website registration company, GoDaddy, has filed with the Security and Exchange Commission for a $100 million initial public offering of its stock.

Danica Patrick,is a professional auto racer and spokesperson for website domain registration website, GoDaddy.

Danica Patrick,is a professional auto racer and spokesperson for website domain registration website, GoDaddy.

Highlights

By Catholic Online (NEWS CONSORTIUM)
Catholic Online (www.catholic.org)
6/10/2014 (3 years ago)

Published in U.S.

Keywords: News, US, internet


LOS ANGELES, CA (Catholic Online) - The company, known for racy ads featuring professional driver Danica Patrick and other women, also showed a dismal finance history, revealing that the company hasn't made a profit since 2009.

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In 2012 the company lost $279 million and another $200 million in 2013. This trend looks to continue this year, posting losses of $51 million in the first quarter.

One possible explanation for these losses is the major debt accrued by the company back in 2011. Three private equity firms came to the rescue back then, with $2.25 billion to purchase a major stake in the company.

As part of this announcement, founder of GoDaddy, Bob Parsons is stepping down from his position as executive chairman, though he'll remain a board member. Back in 2011 he stepped down as the CEO.

Parsons owns 28% of the company, and the three firms who purchases the stake back in 2011-KKR & Co., Silver Lake Partners and Technology Crossover Ventures-own 28%, 28% and 12% of the company respectively.

Beyond the current dismal postings, GoDaddy is showing some positive growth. The company's customer base has been expanding by 13% a year and reached 11.6 million customers back in 2013. The current total of registered websites has also grown, hitting 1.4 million that same year.

The company is also looking into selling new top-level domains, like .nyc and .bike, which will soon become available pending approval from the Internet Corporation for Assigned Names and Numbers.

Back in 2006 GoDaddy tried to go public but backed out when it didn't get the pricing it wanted. This time, the company plans to offer an unknown number of shares of common stock. There's no word yet on what the company's ticker will be.

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