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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, 2020
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: 001-36131
Endurance International Group Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware 46-3044956
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
10 Corporate Drive, Suite 300 01803
Burlington, Massachusetts
(Address of principal executive offices) (Zip Code)
(781) 852-3200
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.0001 par valueEIGIThe Nasdaq Global Select Market
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  ý    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  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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.
1


Large accelerated filer¨  Accelerated filer ý
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  ý
As of August 3, 2020, there were 140,737,472 shares of the issuer’s common stock, $0.0001 par value per share, outstanding.
2


TABLE OF CONTENTS
 
 Page
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)
3


Endurance International Group Holdings, Inc.
Consolidated Balance Sheets
(in thousands, except share and per share amounts)
December 31, 2019June 30, 2020
Assets(unaudited)
Current assets:
Cash and cash equivalents$111,265  $149,193  
Restricted cash1,732  1,632  
Accounts receivable10,224  10,734  
Prepaid domain name registry fees55,237  57,716  
Prepaid commissions38,435  39,879  
Prepaid and refundable taxes6,810  5,290  
Prepaid expenses and other current assets23,883  26,718  
Total current assets247,586  291,162  
Property and equipment—net85,925  91,024  
Operating lease right-of-use assets90,519  79,397  
Goodwill1,835,310  1,834,685  
Other intangible assets—net245,002  210,044  
Deferred financing costs—net1,778  1,340  
Investments15,000  15,000  
Prepaid domain name registry fees, net of current portion11,107  12,187  
Prepaid commissions, net of current portion48,780  58,267  
Deferred tax asset64  196  
Other assets3,015  2,900  
Total assets$2,584,086  $2,596,202  
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable$10,054  $15,134  
Accrued expenses64,560  67,297  
Accrued taxes251  1,230  
Accrued interest23,434  21,580  
Deferred revenue369,475  382,489  
Operating lease liabilities—short term21,193  18,775  
Current portion of notes payable31,606  31,606  
Current portion of financed equipment790  4,017  
Deferred consideration—short term2,201  746  
Other current liabilities2,165  2,757  
Total current liabilities525,729  545,631  
Long-term deferred revenue99,652  104,023  
Operating lease liabilities—long term
78,151  69,746  
Notes payable—long term, net of original issue discounts of $16,859 and $14,356 and deferred financing costs of $25,690 and $21,967, respectively
1,649,867  1,628,060  
Financed equipment—long term  401  
Deferred tax liability27,097  32,916  
Other liabilities6,636  10,508  
Total liabilities2,387,132  2,391,285  
Stockholders’ equity:
Preferred Stock—par value $0.0001; 5,000,000 shares authorized; no shares issued or outstanding
    
Common Stock—par value $0.0001; 500,000,000 shares authorized; 146,259,868 and 147,570,072 shares issued at December 31, 2019 and June 30, 2020, respectively; 146,259,868 and 140,433,255 outstanding at December 31, 2019 and June 30, 2020, respectively
15  16  
Additional paid-in capital996,958  1,013,802  
Treasury stock, at cost, 0 and 7,136,817 shares at December 31, 2019 and June 30, 2020, respectively
  (11,828) 
Accumulated other comprehensive loss(4,088) (3,496) 
Accumulated deficit(795,931) (793,577) 
Total stockholders’ equity196,954  204,917  
Total liabilities and stockholders’ equity$2,584,086  $2,596,202  
See accompanying notes to consolidated financial statements.
4


Endurance International Group Holdings, Inc.
Consolidated Statements of Operations and Comprehensive Income (Loss)
(unaudited)
(in thousands, except share and per share amounts)
 Three Months Ended June 30,Six Months Ended June 30,
 2019202020192020
Revenue$278,204  $273,987  $558,887  $546,181  
Cost of revenue (including impairment of $17,892 for the three and six months ended June 30, 2019)
139,587  113,065  263,441  229,329  
Gross profit138,617  160,922  295,446  316,852  
Operating expense:
Sales and marketing65,490  63,062  132,078  130,253  
Engineering and development25,348  24,659  49,042  51,533  
General and administrative31,124  28,901  62,517  59,777  
Gain on sale of intangible assets  (2,365)   (2,365) 
Total operating expense121,962  114,257  243,637  239,198  
Income from operations16,655  46,665  51,809  77,654  
Other income (expense):
Interest income314  162  605  332  
Interest expense(37,037) (31,186) (74,251) (63,920) 
Total other expense—net(36,723) (31,024) (73,646) (63,588) 
(Loss) income before income taxes and equity earnings of unconsolidated entities
(20,068) 15,641  (21,837) 14,066  
Income tax expense 6,160  11,043  7,879  11,712  
Net (loss) income$(26,228) $4,598  $(29,716) $2,354  
Comprehensive (loss) income:
Foreign currency translation adjustments348  434  (53) (123) 
Unrealized gain (loss) on cash flow hedge, net of tax benefit (expense) of $(35) and $269 for the three and six months ended June 30, 2019, respectively, and $(111) and $(231) for the three and six months ended June 30, 2020, respectively
110  343  (851) 715  
Total comprehensive (loss) income$(25,770) $5,375  $(30,620) $2,946  
Basic net (loss) income per share
$(0.18) $0.03  $(0.21) $0.02  
Diluted net (loss) income per share
$(0.18) $0.03  $(0.21) $0.02  
Weighted-average common shares used in computing net (loss) income per share:
Basic145,308,823  141,380,644  144,414,929  143,703,943  
Diluted145,308,823  142,258,812  144,414,929  145,783,086  
See accompanying notes to consolidated financial statements.
5


Endurance International Group Holdings, Inc.
Consolidated Statements of Changes in Stockholders’ Equity
(in thousands, except share amounts)
(unaudited)
 Common StockAdditional
Paid-in
Capital
Treasury StockAccumulated
Other
Comprehensive
Loss
Accumulated
Deficit
Total
Stockholders’
Equity
 NumberAmountNumberAmount
Balance—December 31, 2018143,444,178  $14  $961,235    $  $(3,211) $(783,584) $174,454  
Vesting of restricted shares116,526  —  —  —  —  —  —    
Exercise of stock options892  —  5  —  —  —  —  5  
Other comprehensive gain (loss)—  —  —  —  —  (1,362) —  (1,362) 
Net loss —  —  —  —  —  —  (3,488) (3,488) 
Stock-based compensation—  —  9,016  —  —  —  —  9,016  
Balance—March 31, 2019143,561,596  14  970,256      (4,573) (787,072) 178,625  
Vesting of restricted shares2,176,738  —  —  —  —  —  —    
Exercise of stock options2,918  —  16  —  —  —  —  16  
Other comprehensive gain (loss)—  —  —  —  —  458  —  458  
Net loss—  —  —  —  —  —  (26,228) (26,228) 
Stock-based compensation—  —  9,354  —  —  —  —  9,354  
Balance—June 30, 2019145,741,252  14  979,626      (4,115) (813,300) 162,225  
Vesting of restricted shares398,293  1  (1) —  —  —  —    
Exercise of stock options1,331  —  5  —  —  —  —  5  
Other comprehensive gain (loss)—  —  —  —  —  (761) —  (761) 
Net income—  —  —  —  —  —  7,816  7,816  
Stock-based compensation—  —  9,143  —  —  —  —  9,143  
Balance—September 30, 2019146,140,876  15  988,773      (4,876) (805,484) 178,428  
Vesting of restricted shares117,340  —  —  —  —  —  —    
Exercise of stock options1,652  —  6  —  —  —  —  6  
Other comprehensive gain (loss)—  —  —  —  —  788  —  788  
Net income—  —  —  —  —  —  9,553  9,553  
Stock-based compensation—  —  8,179  —  —  —  —  8,179  
Balance—December 31, 2019146,259,868  $15  $996,958    $  $(4,088) $(795,931) $196,954  
 Common StockAdditional
Paid-in
Capital
Treasury StockAccumulated
Other
Comprehensive
Loss
Accumulated
Deficit
Total
Stockholders’
Equity
 NumberAmountNumberAmount
Balance—December 31, 2019146,259,868  $15  $996,958    $  $(4,088) $(795,931) $196,954  
Vesting of restricted shares1,306,607  —  —  —  —  —  —    
Exercise of stock options3,597  —  13  —  —  —  —  13  
Other comprehensive gain (loss)—  —  —  —  —  (185) —  (185) 
Net loss—  —  —  —  —  —  (2,244) (2,244) 
Stock-based compensation—  —  9,836  —  —  —  —  9,836  
Repurchase of common stock—  —  —  (7,603,620) (12,329) —  —  (12,329) 
Balance—March 31, 2020147,570,072  15  $1,006,807  (7,603,620) (12,329) (4,273) (798,175) 192,045  
Vesting of restricted shares1,571,903  1  —  —  —  —  —  1  
Other comprehensive gain (loss)—  —  —  —  —  777  —  777  
Net income—  —  —  —  —  —  4,598  4,598  
Stock-based compensation—  —  9,595  —  —  —  —  9,595  
Repurchase of common stock—  —  —  (1,105,100) (2,099) —  —  (2,099) 
Reissuance of treasury stock(1,571,903) —  (2,600) 1,571,903  2,600    
Balance—June 30, 2020147,570,072  $16  $1,013,802  (7,136,817) $(11,828) $(3,496) $(793,577) $204,917  
See accompanying notes to consolidated financial statements.
6


Endurance International Group Holdings, Inc.
Consolidated Statements of Cash Flows
(unaudited)
(in thousands)
 Six Months Ended June 30,
 20192020
Cash flows from operating activities:
Net (loss) income$(29,716) $2,354  
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation of property and equipment22,105  25,442  
Amortization of other intangible assets42,469  34,593  
Impairment of long-lived assets17,892    
Amortization of deferred financing costs3,509  3,792  
Amortization of net present value of deferred consideration120  45  
Amortization of original issue discounts2,198  2,367  
Stock-based compensation18,370  19,431  
Deferred tax expense2,627  5,455  
Loss on sale of assets136    
Gain on sale of intangible assets  (2,365) 
Loss on early extinguishment of debt  83  
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable(793) (850) 
Prepaid and refundable taxes725  1,512  
Prepaid expenses and other current assets2,328  (18,090) 
Leases right-of-use asset, net653  318  
Accounts payable and accrued expenses(15,135) 8,274  
Deferred revenue7,241  20,302  
Net cash provided by operating activities74,729  102,663  
Cash flows from investing activities:
Purchases of property and equipment(16,164) (20,009) 
Proceeds from sale of intangible assets  2,705  
Net cash used in investing activities(16,164) (17,304) 
Cash flows from financing activities:
Repayments of term loans(50,000) (15,803) 
Repayments of senior notes  (11,807) 
Purchase of treasury stock  (14,428) 
Principal payments on financed equipment(3,861) (2,974) 
Payment of deferred consideration(2,500) (1,500) 
Proceeds from exercise of stock options22  13  
Net cash used in financing activities