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Covers three Starboard ideas in sequence: (1) GoDaddy — margin expansion / Tech & Development cost rationalization — the primary target per the filename; (2) News Corp — sum-of-parts thesis arguing separation of Digital Real Estate assets unlocks ~50% upside to ~$33/share, with ex-REA business trading at just 4x EBITDA vs. NYT >15x; (3) Fortrea — recently-spun LabCorp CRO with margins ~500bp below peer median, CEO Tom Pike cited as IQVIA margin-turnaround precedent, 60-144% upside. Deck opens with a recap of last year's Wix/Splunk/Salesforce ideas as track-record proof (playbook signal). Document is watermarked 'www.10XEBITDA.com' throughout and has 13D Monitor website screenshots standing in for redacted visuals on pp. 11-14 — suggests this is a publicly-scraped version, not the original Starboard file. Stake size not disclosed in the deck; Starboard's GoDaddy 13D was filed December 2021 per footnote. No named author; firm-credited only. No CEO villain-naming — critique stays impersonal and performance-focused. Fortrea section does include a positive verbatim quote from CEO Tom Pike on margin plans.", "kpisCited": [ { "detail": "20.9% in Q2'23 annualized, up from 16.3% in FY18", "metric": "Tech & Development as % of revenue" }, { "detail": "3.2% Q2'23 annualized vs. 10%+ Investor Day commitment; FY23E 4.8% vs. target of higher", "metric": "Revenue growth" }, { "detail": "~26% FY23E, target 33%+ exiting 2024", "metric": "Adjusted EBITDA margin" }, { "detail": "31% GDDY vs. 39% peer median; 700bp decline from 38% in FY21", "metric": "Growth + Profitability (rev growth + EBITDA margin)" }, { "detail": "11.0x GDDY vs. 17.7x peer median", "metric": "Price / CY2023E FCF multiple" }, { "detail": "21M (3-5x Wix 6.1M, Ionos ~6.0M, Squarespace 4.3M)", "metric": "Customer count" }, { "detail": ">$500M revenue miss, >$100M EBITDA miss, >$150M FCF miss vs. Investor Day", "metric": "FY24 target miss" }, { "detail": "GDDY flat vs. Nasdaq Internet +37%, S&P +13%", "metric": "YTD share price performance" }, { "detail": "4.0x FY24E EBITDA vs. NYT >15x", "metric": "News Corp ex-REA implied multiple" }, { "detail": "~9% guide vs. 18% peer median at comparable scale", "metric": "Fortrea FY23 EBITDA margin" } ], "closingAsk": "Management should execute on margin expansion to 33%+ Adjusted EBITDA exiting 2024 so GoDaddy re-rates to scaled recurring-revenue peer multiples.", "extraction": { "at": "2026-04-22 15:45:13+00", "model": "unknown-legacy", "runId": null, "seconds": 379.4571, "promptVersion": null }, "scqaReward": "Free cash flow per share re-rates from $7.25 to $10+ and the multiple re-rates from 11x toward the ~17.7x peer median, closing GoDaddy's valuation discount to predictable-growth technology peers.", "thesisTypes": [ "operational_turnaround", "cost_cutting", "breakup_spinoff", "undervaluation", "multiple_rerating" ], "top3Reasons": [ "GoDaddy tracking to miss 2024 Investor Day targets by >$500M revenue, >$100M EBITDA, >$150M FCF", "Tech & Development expense now ~21% of revenue while revenue growth collapsed to 3-7%", "GDDY trades 11x FCF vs. 17.7x peer median — 33%+ EBITDA margins would lift FCF/share to $10+" ], "scqaSituation": "GoDaddy is the dominant $14 billion small-business web-presence platform with 21 million customers — 3-5x Wix, Ionos or Squarespace — generating ~$4.1 billion of recurring revenue across domains, hosting, web presence and applications/commerce.", "thesisSummary": "Starboard argues GoDaddy, a $14 billion domains/hosting/web-presence leader with 21 million customers (3-5x its nearest peers), is underperforming because Tech & Development expense has ballooned to ~21% of revenue while revenue growth slowed to 3-7% — causing GDDY to miss its 2022 Investor Day revenue, EBITDA and free cash flow targets and trail tech peers by 37% YTD. The fix is margin expansion: rationalize Tech & Development, trim G&A, customer care and marketing, and let operating leverage push Adjusted EBITDA margins from ~26% in 2023 to 33%+ exiting 2024, lifting growth+profitability from 31% to 40% — in line with scaled recurring-revenue technology peers. Execution would drive FCF per share from $7.25 to $10+ and enable a multiple re-rating from 11x toward the 17.7x peer median. 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