{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6da-5ff62cc81c42", "slug": "fcf373477c67", "title": "GoDaddy Inc. (GDDY)", "subtitle": "Peter A. Feld · 2024-01", "author": "Peter A. Feld", "date": "2024-01-31 00:00:00", "pageCount": 4, "kind": "shareholder-letter", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "GoDaddy Inc.", "targetTicker": "GDDY", "document": { "id": "019dd923-622b-71dc-a6da-5ff62cc81c42", "slug": "fcf373477c67", "title": "GoDaddy Inc. (GDDY)", "rawTitle": "Starboard Value LP Letter to GDDY 01.31.2024", "authorId": "03_Starboard_Value", "authorName": "Peter A. Feld", "authorDisplay": "Peter A. 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The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "6a0234f6-a349-4649-82fd-104af8392430", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.865912+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- It's the **most credible claim in the deck** because it's arithmetic, not\n opinion.\n- It's immediately **actionable** — close this gap and value accrues.\n- It **pre-empts the \"context is different\" defence** by pitting the target\n against direct peers in the same category.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Executive summary", "slug": "executive-summary", "status": "active", "bestFor": null, "canonId": "019dd9e1-4b63-72d5-9734-da757d91ca61", "version": 1, "bodyDocId": null, "description": "A condensed view of the entire argument on a single slide / block.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "6ac1bc0b-ba8c-44ce-b92b-f90cb1598dbc", "evidence": "This is an executive summary slide.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:49:38.208183+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 1, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Storytelling: the closing ask", "slug": "closing-ask", "status": "active", "bestFor": null, "canonId": "019df269-24e0-70ab-8dd9-983832c1c665", "version": 1, "bodyDocId": "019df269-24bc-7554-b88d-245127606b8d", "description": "The single most important slide in the deck — after the cover. 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Signed by Peter A. Feld, Managing Member. Stake disclosed as 'more than 6%' — recorded as 6.0 (floor). References a prior September 2023 public letter plus two years of private dialogue, hence follow_up phase. Tone is notably collaborative for an activist letter: 'we remain open to working constructively' with no named villain and no CEO-quote contradiction. Two simple visuals: a peer FCF-multiple bar chart (p.2) and a three-bar upside scenario chart showing $108 → ~$170 → ~$200+ (p.3). Implicit precedent is GoDaddy's own missed 2022 Investor Day, cited as a warning against aspirational guidance.", "kpisCited": [ { "detail": "12.2x vs. peer median 17.4x and GDDY 5-year average 14.6x", "metric": "Price / CY2024E FCF (GDDY)" }, { "detail": "Demand of at least 40%, in line with peers", "metric": "Growth + Profitability target (FY2025)" }, { "detail": "Lowered from 7% to 6%, yet shares outperformed", "metric": "Q4 FY2023 revenue growth guidance" }, { "detail": ">$4bn, ~30% of current market cap", "metric": "Three-year cumulative FCF" }, { "detail": ">$9.00 in FY2024, growing to ~$14.00 by FY2026", "metric": "FCF per share trajectory" }, { "detail": "~33% underpinning the upside-scenario math", "metric": "FY2026 EBITDA margin assumption" }, { "detail": "~$170 at current multiple, $200+ at historical/peer multiples", "metric": "Implied FY2026 share price" } ], "closingAsk": "Set credible growth-plus-profitability targets at the 2024 Investor Day and deploy free cash flow into share repurchases, while Starboard continues to engage constructively with the Board and management.", "extraction": { "at": "2026-04-22 15:46:29+00", "model": "unknown-legacy", "runId": null, "seconds": 75.41764, "promptVersion": null }, "scqaReward": "Execution plus buybacks drive FCF/share from >$9 in FY24 to ~$14 by FY26, lifting the share price from $108 to ~$170 at the current multiple and $200+ on re-rating to historical or peer multiples.", "thesisTypes": [ "operational_turnaround", "capital_return", "multiple_rerating" ], "top3Reasons": [ "GDDY trades at 12.2x 2024E FCF vs. peer median 17.4x and own 5-yr avg 14.6x", "Margin expansion can drive FCF/share from >$9 in FY24 to ~$14 by FY26", "Three-year FCF of >$4bn equals ~30% of market cap — fuel for buybacks" ], "scqaSituation": "GoDaddy is a high-quality, infrastructure-like tech platform in which Starboard has owned more than 6% since 2021, engaging privately for two years before a September 2023 public letter on costs, margins, and FCF.", "thesisSummary": "Starboard, a >6% holder since 2021, argues that GoDaddy remains materially undervalued at ~12.2x 2024E FCF versus a peer median of 17.4x and its own five-year average of 14.6x, despite recent share-price outperformance following higher Q4 FY2023 Adj. EBITDA margin guidance. The fix is not another aspirational revenue plan like the 2022 Investor Day but a credible combination of durable growth and meaningful margin expansion: at the March 2024 Investor Day, management should commit to at least 40% growth-plus-profitability for FY2025, publish a detailed cost-savings bridge (including Technology & Development), and set trackable KPIs for Payments & Commerce and Airo. With >$4bn of three-year FCF — nearly 30% of market cap — deployed into buybacks, FCF/share rises from >$9 in FY2024 to ~$14 by FY2026, implying ~$170 upside at the current multiple and $200+ on re-rating toward peers.", "primaryDemands": [ "Commit at 2024 Investor Day to at least 40% growth-plus-profitability for FY2025", "Provide a detailed bridge of margin expansion with discrete cost-reduction targets (incl. Technology & Development)", "Publish specific, trackable KPIs for Payments & Commerce and Airo growth initiatives", "Avoid overly aggressive revenue guidance (do not repeat the 2022 Investor Day mistake)", "Continue and sustain the share repurchase program as the best use of capital" ], "scqaResolution": "At the March 2024 Investor Day, commit to at least 40% growth-plus-profitability for FY2025, publish a discrete margin-expansion bridge and KPIs for Payments & Commerce and Airo, and keep buying back undervalued shares.", "thesisOneLiner": "GoDaddy is a high-quality infrastructure business trading at a wide FCF-multiple discount; committing to 40% growth-plus-profitability and buying back stock unlocks $170-$200+ per share.", "precedentsCited": [ "GoDaddy's own 2022 Investor Day (cautionary precedent of aspirational guidance missed)" ], "scqaComplication": "Despite a recent bump after better Q4 FY23 margin guidance, GDDY still trades at 12.2x 2024E FCF versus peer median 17.4x and its 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