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  "documentTitle": "GoDaddy Inc. (GDDY)",
  "authorId": "03_Starboard_Value",
  "authorName": "Peter A. Feld",
  "documentKindSlug": "shareholder-letter",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2023-09-12 00:00:00",
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      "text": "If current 2024 consensus estimates prove to be accurate, this would mean that GoDaddy missed its implied 2024 targets from the Investor Day by over $500 million in revenue, over $100 million",
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      "text": "2024 performance comparison",
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      "text": "2023 performance comparison",
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      "text": "Revenue: $500 million",
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      "text": "Based on consensus estimates, GoDaddy is expected to underperform its Investor Day targets by an even greater margin in 2024. Although GoDaddy is expected to modestly reaccelerate revenue growth, albeit to a level still well below the Investor Day commitment, analysts are expecting only slight EBITDA margin expansion. As a result, GoDaddy is expected to dramatically miss its implied Investor Day targets for 2024 revenue, Adjusted EBITDA and FCF, as shown below.",
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      "text": "If current 2024 consensus estimates prove to be accurate, this would mean that GoDaddy missed its implied 2024 targets from the Investor Day by over $500 million in revenue, over $100 million",
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      "text": "Source: Capital IQ. The implied 2023 Investor Day revenue target is based on the Company's original 2022 guidance and estimates of 2023 and 2024 target growth rates based on the Company's commentary regarding growth acceleration in 2023 and 2024 to reach a 10% CAGR. Adj. EBITDA Investor Day targets are based on a 15% annual growth rate, and FCF Investor Day targets are from Page 106 from the GoDaddy 2022 Investor Day presentation.",
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      "text": "2024 Consensus Estimates vs Investor Day Targets",
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