Another day, another Internet IPO. GoDaddy announced yesterday that it would be filing a $100 million IPO with the SEC. In the same breath, the domain name marketplace's founder, Bob Parsons, stepped down as executive chairman "in order to devote more time to his ventures outside of GoDaddy."
That may seem like a nice way of saying that he was pushed out, but Business Insider confirms that there are indeed several things Parsons has been working on lately, specifically philanthropy after he signed Bill Gates' and Warren Buffet's Giving Pledge. Parsons still owns 28.1% of the company, so he'll still come out of this pretty good.
GoDaddy filed for its first IPO back in 2006 but ended up withdrawing it "due to market conditions." However, it seems more like it was more due to the fact that the company was losing money than anything else. But this time around, things are looking a little better.
According to Yahoo! Finance, Company bookings in 2013 were $1.4 billion, up at a 17% compound annual growth rate since the $753 million in 2009. Its 2013 revenue was listed as $1.1 billion, also up at a 17% compound annual growth rate from $610 million in 2009.
They reported a loss of $199.9 million for 2013, narrowing from $279.3 million a year earlier, while revenue rose 24%. For the quarter ended March 31, they posted a slightly narrower loss of $51.3 million and a 22% revenue increase to $320.2 million. They also claim to have 11.9 million customers, adding 1.3 million last year.
So they're still losing money, but I'm sure they're hoping that will change soon as they have recently announced aggressive plans to expand internationally. They're looking to be in 60 markets, 52 countries and 30 languages in the next year and a half.
So is this going to be just another Internet IPO bust? Or is it the right time? They seem to have been reasonable to pull the IPO eight years ago when they realized it was a bust, so hopefully this time around they're doing it because they know it's the right time?