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Core rhetorical device is 'promised vs. delivered' (Investor Day targets vs. 2023/2024 consensus) combined with peer-gap framing on the growth+profitability metric. Signed by Peter A. Feld, Managing Member. Letter format with embedded institutional charts — not a full deck. No explicit precedents cited; alludes generically to Starboard's 'long history of investing in the technology sector'. Sale-of-company floated as fallback, not primary demand.", "kpisCited": [ { "detail": "10%+ Investor Day target vs. decelerating growth; 2024 consensus $4,573M vs. $5,079M implied target", "metric": "Revenue CAGR 2022-2024 target vs. actual" }, { "detail": "$1,327M Investor Day target vs. $1,211M consensus — >$100M miss", "metric": "Adj. EBITDA 2024 target vs. consensus" }, { "detail": "$1,300M+ Investor Day target vs. $1,135M consensus — >$150M miss", "metric": "FCF 2024 target vs. consensus" }, { "detail": "38% (2021) → 32% (2022) → 31% (2023E) → 33% (2024E); multi-year low vs. peers expanding", "metric": "Growth + profitability metric" }, { "detail": "$434M (2018) → $877M Q2'23 annualized; 16.3% → 20.9% of revenue; 16% CAGR vs. 11% revenue CAGR", "metric": "Technology & Development expenses" }, { "detail": "Grown by more than 50%", "metric": "T&D headcount growth since 2018" }, { "detail": "GDDY 11x vs. peer median 17.9x; pro forma ~7x — ~40% discount", "metric": "Price / 2023E FCF multiple" }, { "detail": "GDDY ~0% vs. Nasdaq Internet 45%, Squarespace 42%, Wix 21%, S&P 500 16%", "metric": "YTD 2023 share price performance" }, { "detail": "28% margin on 7% revenue growth = 35% combined metric", "metric": "Q4 2023 Adj. EBITDA margin commitment" }, { "detail": ">$1.5B Adjusted EBITDA at 7-8% revenue growth and 32-33% margins", "metric": "2024 exit run-rate EBITDA goal" } ], "closingAsk": "We remain open to finding a constructive solution, but we do believe changes are needed to ensure that the Company is appropriately focused on the proper metrics and creates long-term shareholder value.", "extraction": { "at": "2026-04-22 15:39:37+00", "model": "unknown-legacy", "runId": null, "seconds": 111.371056, "promptVersion": null }, "scqaReward": "Closing the ~40% FCF multiple discount — from today's 11x toward the peer median of 17.9x (with a pro forma multiple of just 7x) — implies material re-rating and significant shareholder value creation.", "thesisTypes": [ "operational_turnaround", "cost_cutting", "governance_board", "multiple_rerating" ], "top3Reasons": [ "2024 consensus implies GoDaddy will miss Investor Day targets by >$500M revenue, >$100M EBITDA, >$150M FCF", "Tech & Development expenses grew at 16% CAGR vs. 11% revenue CAGR, ballooning to 20.9% of revenue", "GDDY trades at 11x 2023E FCF versus peer median 17.9x — an almost 40% discount" ], "scqaSituation": "GoDaddy is a high-quality, infrastructure-like one-stop shop for micro and small businesses seeking a web presence; Starboard, owning 7.8%, is the third-largest shareholder and has engaged privately with the Board for 18 months.", "thesisSummary": "Starboard, owning 7.8% of GoDaddy as its third-largest shareholder, argues that management has fallen well short of the 10% revenue / 15% Adj. EBITDA / 20% FCF-per-share CAGR targets laid out at the 2022 Investor Day, with 2024 consensus implying shortfalls of roughly $500M revenue, $100M EBITDA and $150M FCF. The core issue is a deteriorating growth+profitability metric, expected at ~31% in 2023 versus 38% in 2021 and below peers Wix and Squarespace, driven largely by Technology & Development expenses that grew at a 16% CAGR against 11% revenue growth and now consume 20.9% of revenue. Starboard wants GoDaddy to commit to a 40%+ growth+profitability exit rate in 2024 through aggressive cost rationalization, lifting Adjusted EBITDA above $1.5B. At 11x FCF versus peers at 17.9x, closing the gap — or pursuing a sale if the Board refuses engagement — offers substantial upside.", "primaryDemands": [ "Commit to a 40%+ growth+profitability metric (revenue growth + Adj. EBITDA margin) exit rate by end of 2024", "Rationalize Technology & Development expenses, which have grown faster than revenue and reached 20.9% of revenue", "Grant Starboard direct board representation after 18 months of rejected private requests", "Remain open to alternative value creation, including a potential sale of the Company, if targets are missed" ], "scqaResolution": "Commit to a 40%+ growth+profitability exit rate in 2024 via aggressive Technology & Development cost cuts, add a Starboard representative to the Board, and keep a sale of the Company on the table if targets are missed.", "thesisOneLiner": "GoDaddy has missed its 2022 Investor Day targets as Tech & Dev expenses ballooned; cutting costs to a 40% growth+profitability exit rate and adding a Starboard director unlocks a ~40% valuation re-rating.", "precedentsCited": [], "scqaComplication": "GoDaddy has missed its 2022 Investor Day targets on revenue, EBITDA and FCF while Technology & Development expenses ballooned 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As a result of the disappointing performance in 2023 and muted expectations for 2024, GoDaddy's share price has significantly underperformed peers and the broader market this year.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:11:52.423+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1f403ec9-a2e6-4204-80d6-72ccc96876e1", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.766, "x": 0.117, "y": 0.46 }, "kind": "paragraph", "text": "Further, over the past four years, since Mr. Bhutani was announced as CEO, GoDaddy's share price has been stagnant, with no value creation over that time frame despite meaningful investment in the business.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:11:52.423+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "47f97e3c-eeaf-4d6e-ac34-88a992519269", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.766, "x": 0.117, "y": 0.53 }, "kind": "paragraph", "text": "We believe key contributors to GoDaddy's poor share price performance include the deterioration of GoDaddy's growth + profitability profile and the perception among investors that the Company is overly reliant on a reacceleration of growth.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:11:52.423+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a66d35c5-8f71-4463-81ac-97b0bb356ec1", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.766, "x": 0.117, "y": 0.6 }, "kind": "paragraph", "text": "Technology investors believe that the combination of growth and profitability is a key measure for evaluating the financial performance and operating efficiency of a company.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:11:52.423+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e00176b0-0327-47c1-8698-34020bfd24ad", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.766, "x": 0.117, "y": 0.86 }, "kind": "source-note", "text": "Source: Capital IQ. 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