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  "documentTitle": "GoDaddy Inc. (GDDY)",
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  "authorName": "Peter A. Feld",
  "documentKindSlug": "shareholder-letter",
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  "presentationDate": "2023-09-12 00:00:00",
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  "notes": "The slide argues that GoDaddy's poor performance is linked to a deteriorating growth and profitability profile compared to peers.",
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      "text": "More specifically, GoDaddy has underperformed peers by nearly 50% year-to-date.",
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      "kind": "chart",
      "text": "Line chart showing share price performance from Jan-23 to Sep-23 for GDDY, Nasdaq Internet Index, S&P 500, Wix.com, and Squarespace.",
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      "text": "share price performance: (0%)",
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      "text": "As shown below, GoDaddy's growth + profitability metric is actually expected to decline in 2023, resulting in a multi-year low for this metric of approximately 31%. This poor result stands in stark contrast to peers.",
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      "text": "In Adjusted EBITDA, and over $150 million in FCF. 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.",
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      "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.",
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      "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.",
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      "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.",
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      "kind": "source-note",
      "text": "Source: Capital IQ. Market data as of September 8, 2023. Mr. Bhutani's appointment as CEO was announced on August 1, 2019. Source: Company financials. Growth + profitability is calculated as revenue growth + Adj. EBITDA margin.",
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      "kind": "title",
      "text": "GoDaddy Share Price Performance Year-to-Date",
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