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  "documentTitle": "GoDaddy Inc. (GDDY)",
  "authorId": "03_Starboard_Value",
  "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 management's focus on revenue growth is unrealistic and that margin expansion is a more viable path to performance improvement.",
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      "text": "Technology & Development expense growth (including stock-based compensation) has outpaced revenue growth over the last five years, as expenses have grown at a 16% CAGR, while revenue has grown at an 11% rate.",
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      "text": "Stacked bar chart showing Revenue Growth and Adj. EBITDA Margin from FY2021 to FY2024E",
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      "text": "EBITDA margin: 33%",
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      "text": "We believe GoDaddy can drive significant margin improvement by reducing expenses in multiple cost centers, with the greatest opportunity in Technology & Development expenses.",
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      "kind": "paragraph",
      "text": "Despite our disappointment with these results and the Company's stagnant stock price, we believe there are significant opportunities within the control of the management team and Board to improve operating and financial performance.",
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      "kind": "source-note",
      "text": "Source: Company filings, Capital IQ. 2023E is based on management guidance, and 2024E is based on consensus expectations.",
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      "text": "Growth + Profitability Over Time",
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