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  "documentTitle": "Multiple (GoDaddy, News Corp, Fortrea) (GDDY, NWSA, FTRE)",
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  "presentationDate": "2023-10-13 00:00:00",
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  "notes": "The slide argues that the actual spend on specific business units is likely higher than the aggregate ratio shown.",
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      "text": "Note: Approximately 2/3 of GoDaddy’s revenue is generated from its Domains and Hosting businesses, which should require less Tech & Development spending. This means that the Tech & Development spend on Applications & Commerce revenue is likely far higher than the expense ratio shown above and peer levels.",
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