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under the Exchange Act or the Securities Act, except to the extent we specifically incorporate it by reference in such filing.
−Removed: The graph set forth below compares the cumulative total return to stockholders on our Class A common stock relative to the cumulative total returns of the Standard & Poor's 500 Index (the S&P 500) and the Dow Jones Internet Composite Index.
−Removed: An investment of $100 (with reinvestment of all dividends) is assumed to have been made in our Class A common stock and in each index on April 1, 2015, the date our Class A common stock began trading on the NYSE, with relative performance tracked through December 31, 2019.
+Added: The following graph compares, for the five year period ending December 31, 2020, the cumulative total return to stockholders on our Class A common stock relative to the cumulative total returns of the Standard & Poor's 500 Index (the S&P 500), the Dow Jones Internet Composite Index and the NASDAQ Internet Index.
+Added: In 2020, we began granting certain performance equity awards with vesting based on a relative total shareholder return calculation.
+Added: Accordingly, we changed our peer index to the NASDAQ Internet Index to align with the index used for such grants and have included both the current and prior indices in the graph below.
+Added: We plan to include only the NASDAQ Internet Index going forward.
+Added: An investment of $100 (with reinvestment of all dividends) is assumed to have been made in our Class A common stock and in each index.
The returns shown are based on historical results and are not intended to suggest future performance.
+Added: See the disclosures in Part I, Item 1A.
+Added: "Risk Factors."
Holders of Record
−Removed: As of December 31, 2019, there were 6 holders of record of our Class A common stock, although we believe there are a significantly larger number of beneficial owners of our Class A common stock because many shares are held by brokers and other institutions on behalf of stockholders.
+Added: As of December 31, 2020, there were 7 holders of record of our Class A common stock, although we believe there are a significantly larger number of beneficial owners because many shares are held by brokers and other institutions on behalf of stockholders.
Dividend Policy
2 unchanged sentences
If Desert Newco makes such distributions to us, the other holders of LLC Units will be entitled to receive pro rata distributions.
−Removed: Our ability to pay dividends is limited by the covenants of our debt agreements.
+Added: Our ability to pay dividends is limited by the covenants of our long-term debt agreements.
See "Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources." In addition, Desert Newco is generally prohibited under Delaware law from making a distribution to unit holders (including us) to the extent that, at the time of the distribution, after giving effect to the distribution, liabilities of Desert Newco (with certain exceptions) exceed the fair value of its assets.
1 unchanged sentence
Share Repurchases
−Removed: Our board of directors has authorized two share repurchase programs as described in Note 6 to our audited financial statements appearing in "Financial Statements and Supplementary Data." Share repurchase activity during the three months ended December 31, 2019 pursuant to our share repurchase programs was as follows:
−Removed: Period Total Number of Shares Purchased (in thousands) Average Price Paid Per Share Total Number of Shares Purchased as Part of Publicly Announced Programs (in thousands) Approximate Dollar Value of Shares that May Yet be Purchased under the Programs (in millions)
−Removed: October 1 - October 31 959 $ 61.60 959
−Removed: November 1 - November 30 — N/A —
−Removed: December 1 - December 31 — N/A —
−Removed: Total 959 959 $ 541.4
+Added: Our board of directors has authorized the share repurchase programs described in Note 5 to our audited financial statements.
+Added: There were no share repurchases during the three months ended December 31, 2020.
Selected Financial Data
−Removed: You should read the following selected financial data in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our financial statements and the related notes appearing in "Financial Statements and Supplementary Data."
−Removed: We were incorporated in May 2014 and, pursuant to a series of pre-IPO organizational transactions, became a holding company whose principal asset is a controlling equity interest in Desert Newco.
−Removed: 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.
−Removed: Because our pre-IPO organizational transactions were considered transactions between entities under common control, the financial statements for 2015 have been adjusted to combine the previously separate entities for presentation purposes.
−Removed: The statements of operations data for the years ended December 31, 2019, 2018 and 2017, and the balance sheets data as of December 31, 2019 and 2018, are derived from our audited financial statements and the related notes appearing in "Financial Statements and Supplementary Data." The statements of operations data for the years ended December 31, 2016 and 2015, and the balance sheets data as of December 31, 2017, 2016 and 2015, are derived from our audited financial statements not included in this Form 10-K.
−Removed: Our historical results are not necessarily indicative of the results to be expected in any future period.
−Removed: Year Ended December 31,
−Removed: 2019 2018 2017 2016 2015
−Removed: Consolidated Statements of Operations Data:
−Removed: (in millions, except shares in thousands and per share amounts)
−Removed: Total revenue $ 2,988.1 $ 2,660.1 $ 2,231.9 $ 1,847.9 $ 1,607.3
−Removed: Costs and operating expenses (1) :
−Removed: Cost of revenue (excluding depreciation and amortization) 1,026.8 893.9 775.5 657.8 565.9
−Removed: Technology and development 492.6 434.0 355.8 287.8 270.2
−Removed: Marketing and advertising 345.6 291.4 253.2 228.8 202.2
−Removed: Customer care 348.7 323.1 292.3 242.1 221.5
−Removed: General and administrative 362.1 334.0 282.4 221.2 219.7
−Removed: Depreciation and amortization 209.7 234.1 205.8 160.1 158.8
−Removed: Total costs and operating expenses 2,785.5 2,510.5 2,165.0 1,797.8 1,638.3
−Removed: Operating income (loss) 202.6 149.6 66.9 50.1 (31.0)
−Removed: Interest expense (92.1) (98.4) (83.0) (57.2) (69.2)
−Removed: Loss on debt extinguishment (14.8) — (7.3) — (21.4)
−Removed: Tax receivable agreements liability adjustment 8.7 14.9 123.2 (12.5) —
−Removed: Other income (expense), net 22.0 6.9 7.0 (1.9) 1.0
−Removed: Income (loss) from continuing operations before income taxes 126.4 73.0 106.8 (21.5) (120.6)
−Removed: Benefit (provision) for income taxes 12.0 9.0 18.9 (0.4) 0.2
−Removed: Income (loss) from continuing operations 138.4 82.0 125.7 (21.9) (120.4)
−Removed: Income from discontinued operations, net of income taxes — — 14.1 — —
−Removed: Net income (loss) 138.4 82.0 139.8 (21.9) (120.4)
−Removed: net income (loss) attributable to non-controlling interests 1.4 4.9 3.4 (5.4) (44.8)
−Removed: Net income (loss) attributable to GoDaddy Inc.
−Removed: $ 137.0 $ 77.1 $ 136.4 $ (16.5) $ (75.6)
−Removed: Net income (loss) attributable to GoDaddy Inc.
−Removed: per share of Class A common stock—basic (2) :
−Removed: Continuing operations $ 0.79 $ 0.50 $ 1.17 $ (0.21) $ (0.81)
−Removed: Discontinued operations — — 0.08 — —
−Removed: Net income (loss) attributable to GoDaddy Inc.
−Removed: $ 0.79 $ 0.50 $ 1.25 $ (0.21) $ (0.81)
−Removed: Net income (loss) attributable to GoDaddy Inc.
−Removed: per share of Class A common stock—diluted (2) :
−Removed: Continuing operations $ 0.76 $ 0.45 $ 0.71 $ (0.21) $ (0.81)
−Removed: Discontinued operations — — 0.08 — —
−Removed: Net income (loss) attributable to GoDaddy Inc.
−Removed: $ 0.76 $ 0.45 $ 0.79 $ (0.21) $ (0.81)
−Removed: Weighted-average shares of Class A common stock outstanding (2) :
−Removed: Basic 173,431 155,234 108,779 79,835 58,676
−Removed: Diluted 181,721 181,353 177,054 79,835 58,676
−Removed: ___________________________
−Removed: (1) Costs and operating expenses include equity-based compensation expense as follows:
−Removed: Cost of revenue $ 0.4 $ — $ — $ — $ —
−Removed: Technology and development 70.3 57.8 37.1 23.2 18.2
−Removed: Marketing and advertising 15.4 10.3 7.3 8.1 6.1
−Removed: Customer care 9.3 6.2 3.6 3.9 2.9
−Removed: General and administrative 51.6 51.2 28.4 21.6 13.2
−Removed: Total equity-based compensation expense $ 147.0 $ 125.5 $ 76.4 $ 56.8 $ 40.4
−Removed: (2) Amounts for 2015 have been retrospectively adjusted to give effect to our pre-IPO organizational transactions.
−Removed: 2019 2018 2017 2016 2015
−Removed: Consolidated Balance Sheets Data:
−Removed: (in millions)
−Removed: Cash and cash equivalents $ 1,062.8 $ 932.4 $ 582.7 $ 566.1 $ 348.0
−Removed: Prepaid domain name registry fees 561.9 546.8 532.3 479.1 456.3
−Removed: Property and equipment, net 258.6 299.0 297.9 231.0 225.0
−Removed: Total assets 6,301.2 6,083.4 5,738.3 3,786.9 3,498.8
−Removed: Deferred revenue 2,198.8 2,017.5 1,861.6 1,576.2 1,416.2
−Removed: Total debt (1)
−Removed: 2,432.3 2,457.3 2,482.3 1,072.5 1,083.5
−Removed: Total liabilities 5,519.1 5,258.9 5,191.8 3,072.7 2,817.8
−Removed: _________________________________
−Removed: (1) Total debt includes long-term debt, unamortized original issue discount and unamortized debt issuance costs.
−Removed: In addition to our results determined in accordance with GAAP, we believe the following operating metrics are useful as supplements in evaluating our ongoing operational performance and help provide an enhanced understanding of our business:
−Removed: Year Ended December 31,
−Removed: 2019 2018 2017 2016 2015
−Removed: Total bookings (in millions) $ 3,401.2 $ 3,011.5 $ 2,618.2 $ 2,155.5 $ 1,914.2
−Removed: Total customers at period end (in thousands) 19,274 18,518 17,339 14,740 13,774
−Removed: Average revenue per user $ 158 $ 148 $ 139 $ 130 $ 121
−Removed: Total bookings .
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: Accordingly, by excluding net refunds, we believe total bookings reflects the effectiveness of our sales efforts in a given period.
−Removed: Total customers .
−Removed: We define a customer as an individual or entity, as of the end of a period, having an account with one or more paid product subscriptions.
−Removed: A single user may be counted as a customer more than once if the user maintains paid subscriptions in multiple accounts.
−Removed: Total customers is one way we measure the scale of our business and is an important part of our ability to increase our revenue base.
−Removed: Average revenue per user (ARPU) .
−Removed: 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.
−Removed: 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.
−Removed: Reconciliation of Bookings
−Removed: The following table reconciles total bookings to total revenue, its most directly comparable GAAP financial measure:
−Removed: Year Ended December 31,
−Removed: 2019 2018 2017 2016 2015
−Removed: Total Bookings:
−Removed: Total revenue $ 2,988.1 $ 2,660.1 $ 2,231.9 $ 1,847.9 $ 1,607.3
−Removed: Change in deferred revenue (1)
−Removed: 180.5 163.2 214.4 163.5 165.9
−Removed: Net refunds 233.4 192.6 170.0 141.9 137.8
−Removed: Other (0.8) (4.4) 1.9 2.2 3.2
−Removed: Total bookings $ 3,401.2 $ 3,011.5 $ 2,618.2 $ 2,155.5 $ 1,914.2
−Removed: _________________________________
−Removed: (1) Change in deferred revenue also includes the impact of realized gains or losses from the hedging of bookings in foreign currencies.
+Added: This item is no longer required as we have elected to early adopt the changes to Item 301 of Regulation S-K contained in SEC Release No.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.