Scottsdale-Based GoDaddy Files for IPO
|Danica Patrick's stock car, the other thing GoDaddy is known for.|
GoDaddy, the Scottsdale-based web hosting company that's undoubtedly best known for showing a few seconds of cleavage during the Super Bowl every year, wants to go public.
The company has filed for an initial public offering, which it also did in 2006, but didn't go through with back then.
GoDaddy says in a statement that founder Bob Parsons will step down as the executive chairman of the company, but plans to stay on the board of directors. Parsons stepped down as the company's CEO in 2011.
Thanks to GoDaddy's filing with the Securities and Exchange Commission, some information about the company's finances becomes public, like the fact that it has lost a bit of money over the last few years. From the Form S-1:
We had net losses on a [Generally Accepted Accounting Principles] basis of $324 million, $279 million and $200 million in 2011 (on a combined basis), 2012 and 2013, respectively. While we have experienced revenue growth over these same periods, we may not be able to sustain or increase our growth or achieve profitability in the future or on a consistent basis. We have incurred substantial expenses and expended significant resources upfront to market, promote and sell our products. We also expect to continue to invest for future growth. In addition, as a public company, we expect to incur significant accounting, legal and other expenses that we have not incurred to date as a private company.If you need a quick primer on IPOs, check out the short investopedia video below:
(This is an oversimplified explanation, as GoDaddy already has quite a bit of debt, and the company's filing says part of the proceeds will go towards that debt.)
There are still several more steps in this process before shares of GoDaddy can be traded.
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