{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6da-8cb69d3843ea", "slug": "436ccd4c75f6", "title": "Tripadvisor, Inc. (TRIP)", "subtitle": "Starboard Value · 2025-10", "author": "Starboard Value", "date": "2025-10-01 00:00:00", "pageCount": 44, "kind": "conference-presentation", "orientation": "landscape", "aspectRatio": 1.7777778, "targetCompany": "Tripadvisor, Inc.", "targetTicker": "TRIP", "document": { "id": "019dd923-622b-71dc-a6da-8cb69d3843ea", "slug": "436ccd4c75f6", "title": "Tripadvisor, Inc. (TRIP)", "rawTitle": "2025 Active Passive Investor Summit Tripadvisor Inc", "authorId": "03_Starboard_Value", "authorName": "Starboard Value", "authorDisplay": "Starboard Value", "kind": { "slug": "conference-presentation", "label": "Conference presentation" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2025-10-2025_Active-Passive_Investor_Summit_-_Tripadvisor_Inc.pdf", "sourceUrl": "https://www.starboardvalue.com/wp-content/uploads/2025_Active-Passive_Investor_Summit_-_Tripadvisor_Inc.pdf", "sourceDate": "2025-10-15 00:00:00", "presentationDate": "2025-10-01 00:00:00", "ingestedAt": "2026-04-22 15:58:35+00", "status": "ready", "pageCount": 44, "orientation": "landscape", "aspectRatio": 1.7777778, "targetCompany": "Tripadvisor, Inc.", "targetTicker": "TRIP", "metadata": { "local_root": "/tmp/legacy-images/436ccd4c75f6", "activist_firm": "Starboard Value", "origin_corpus": "contrarian", "extraction_seconds": 176.5808289051056 } }, "coverage": { "pageCount": 44, "pagesIndexed": 44, "pagesWithImages": 44, "pagesWithMetadata": 44, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 267, "chartCount": 29, "metricSlides": 0, "toolMatches": 15, "documentToolMatches": 3, "frameworkMatches": 21, "arcMatches": 1, "beatMatches": 5, "loopMatches": 1, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "evidence": "The presentation follows a clear structure of situation/context, problem/complication, solution/approach, and impact/next steps.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-17 03:20:27.914789+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 5, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 1, "name": "Situation & Context", "beatId": "a2931ba8-13ec-4009-a575-ea51b7a64ae2", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "Slides 1-5 provide an overview of Tripadvisor's current situation and context.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 10, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 5, "name": "Problem & Complication", "beatId": "f0ba2ec7-7c5a-4a10-8fa2-587217145b01", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "Slides 5-10 identify the two misconceptions driving Tripadvisor's undervaluation.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 24, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 11, "name": "Evidence & Proof", "beatId": "4890217c-891f-44ba-bb15-86d7bcfb0bb3", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "Slides 11-24 provide data and analysis to support the thesis.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 33, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 25, "name": "Solution & Approach", "beatId": "36b1e1d9-4ddf-4c49-a605-b521ff49f25b", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Solution & Approach", "slug": "consultants-gambit-solution-approach", "status": "active", "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9", "version": 1, "description": null }, "evidence": "Slides 25-33 outline potential solutions, including exploring a sale of TheFork and improving Viator's financial profile.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 44, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 34, "name": "Impact & Next Steps", "beatId": "65b63574-f9bd-4059-9662-6e2939e550da", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "Slides 34-44 discuss the potential impact and next steps, including Tripadvisor's strategic value and attractiveness as an acquisition target.", "position": 4, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 20, "from": 18, "loop": { "name": "39_benchmark_gap", "slug": "39-benchmark-gap", "status": "active", "bestFor": "Performance improvement, competitive analysis, target setting", "canonId": "019dd956-75a4-7522-8d1a-af94da4703e9", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity", "description": "Compare performance against best-in-class to quantify the opportunity", "familyLabel": null, "categoryName": "Comparison", "categorySlug": "comparison" }, "matchId": "f4848a80-d932-4730-b99e-624f069a99eb", "evidence": "The presentation provides a peer benchmark analysis.", "position": 0, "objective": "How does Tripadvisor's valuation compare to its peers?", "confidence": 0.7, "extraction": { "at": "2026-07-17 03:20:28.161848+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "tools": [ { "tool": { "name": "CEO quote contradiction", "slug": "ceo-quote-contradiction", "status": "active", "bestFor": "When management credibility is the lever", "canonId": "019dd9e1-52e9-717f-8454-93e627563ed6", "version": 1, "bodyDocId": "019dd9a1-8296-720d-8f51-da76937f9415", "description": "You reproduce management's own words — verbatim, with source and date — and\nthen place them next to the outcome that contradicts them. The CEO built\nthe rope; you put it around their own neck.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "3d858bb3-d364-46f7-b5f6-a4d468d6fb5b", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "When management credibility is the lever", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.865912+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Maximum credibility**: no adjective you could write is as damning as the\n target's own prior statement.\n- **No rebuttal path**: management can't argue they didn't say it.\n- **It forces accountability onto a person**, not an institution — even if\n you aren't explicitly naming a villain elsewhere.\n- **Reporters amplify it**. A CEO-quote-contradiction slide is quotable,\n which means it lands in WSJ/FT/Bloomberg coverage.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Peer gap chart", "slug": "peer-gap", "status": "active", "bestFor": "When relative underperformance is the core argument", "canonId": "019dd9e1-54f1-775a-94a1-d5cf3bb75abf", "version": 1, "bodyDocId": "019dd9a1-8653-7748-9050-807f067196c3", "description": "A single visual that benchmarks the target against its best-in-class peers on\na single quantitative KPI — and shows the target losing. The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "675f44cc-9542-40f7-b652-97168c8ba789", "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": "Sum of parts", "slug": "sum-of-parts", "status": "active", "bestFor": "For breakup / spin-off theses", "canonId": "019dd9e1-51e5-73ad-9d1e-e77d4afe3125", "version": 1, "bodyDocId": "019df22a-9ecd-71db-8fa1-5f5eff36697f", "description": "You break the target into its constituent businesses or asset classes, value\neach separately against its own peer set, and show that the total is\nmaterially greater than the current market capitalisation. The \"gap\" is the\nconglomerate discount — or worse, accounting opacity hiding a crown-jewel\nasset.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "f75dbf2e-a998-4b8b-a9b3-ef4a33fd0306", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "For breakup / spin-off theses", "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 forces the market to confront **mismatched valuation multiples**:\n \"this company trades like X but owns Y, which trades at", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Audience Definition", "slug": "audience-definition", "status": "active", "bestFor": null, "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756", "version": 1, "bodyDocId": null, "description": "Six key questions: Who are they? What do they know? What do they believe? What do they care about? What do they fear? What decisions can they make?", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "6a0353aa-c780-49bd-8d93-ed60d273fc7f", "evidence": "Tripadvisor, Inc. (\"Tripadvisor\" or the \"Company\") is a leader in the online travel category, with leading platforms in travel guidance, experiences, and dining.", "pageRefs": null, "priority": "Core", "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:49:58.909674+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "2x2 matrix", "slug": "matrix-2x2", "status": "active", "bestFor": null, "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8", "version": 1, "bodyDocId": null, "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "17d9c8ac-ea33-4a8b-b83e-da7965de1c27", "evidence": "Enterprise Value / CY2026E EBITDA", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 22:49:59.006147+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Slide recipe: the peer-gap chart", "slug": "peer-gap-chart-recipe", "status": "active", "bestFor": null, "canonId": "019df269-2b04-75bc-ad85-e0179264bdd7", "version": 1, "bodyDocId": "019df269-2ae1-771d-9cd1-193a2e25f21c", "description": "The single most-copied slide in activism. This is the exact layout, used", "familyLabel": "slide-recipe", "categoryName": "Slide", "categorySlug": "slide" }, "agent": "designer", "layer": "slide", "agents": [ "designer" ], "matchId": "bf1642ae-a355-41bc-9873-6a5bc6f31a0c", "evidence": "Tripadvisor is trading at a compelling valuation of just 6.5x EBITDA, well below peers with comparable revenue growth profiles.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:49:58.97395+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "whyItWorks": null, "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": "352fcdc0-50e3-4d21-ac0d-81bc789f717a", "evidence": "Tripadvisor Operates Three Distinct Market-Leading Businesses", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:49:59.295745+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Before-After-Bridge", "slug": "before-after-bridge", "status": "active", "bestFor": null, "canonId": "019dd956-8604-7188-883f-42370288ad05", "version": 1, "bodyDocId": null, "description": "Narrative structure: Paint the before, show the after, explain the bridge", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "e4c3d454-2642-4787-9c46-f69bc35779b1", "evidence": "The slide compares revenue mix between FY19 and FY26E", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:49:56.80847+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Audience Definition", "slug": "audience-definition", "status": "active", "bestFor": null, "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756", "version": 1, "bodyDocId": null, "description": "Six key questions: Who are they? What do they know? What do they believe? What do they care about? What do they fear? What decisions can they make?", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "8f9e3c7c-b8c4-4f5a-ac2c-5d6f6e20649f", "evidence": "The slide presents key metrics and market positioning, indicating an effort to define and address the audience.", "pageRefs": null, "priority": "Core", "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 03:26:44.819177+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 27, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Peer gap chart", "slug": "peer-gap", "status": "active", "bestFor": "When relative underperformance is the core argument", "canonId": "019dd9e1-54f1-775a-94a1-d5cf3bb75abf", "version": 1, "bodyDocId": "019dd9a1-8653-7748-9050-807f067196c3", "description": "A single visual that benchmarks the target against its best-in-class peers on\na single quantitative KPI — and shows the target losing. The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "94d0f359-6498-4fa7-9ad0-d4218f041a89", "evidence": "The slide highlights differences between Viator and GetYourGuide, suggesting a peer gap analysis.", "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": 0.7, "extraction": { "at": "2026-07-17 03:26:44.898279+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 28, "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": "Peer gap chart", "slug": "peer-gap", "status": "active", "bestFor": "When relative underperformance is the core argument", "canonId": "019dd9e1-54f1-775a-94a1-d5cf3bb75abf", "version": 1, "bodyDocId": "019dd9a1-8653-7748-9050-807f067196c3", "description": "A single visual that benchmarks the target against its best-in-class peers on\na single quantitative KPI — and shows the target losing. The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "5768da16-8cb7-433b-b918-3cc9d211145e", "evidence": "The slide directly compares Viator and GetYourGuide, highlighting performance differences.", "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": 0.9, "extraction": { "at": "2026-07-17 03:26:44.975931+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 29, "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": "Peer gap chart", "slug": "peer-gap", "status": "active", "bestFor": "When relative underperformance is the core argument", "canonId": "019dd9e1-54f1-775a-94a1-d5cf3bb75abf", "version": 1, "bodyDocId": "019dd9a1-8653-7748-9050-807f067196c3", "description": "A single visual that benchmarks the target against its best-in-class peers on\na single quantitative KPI — and shows the target losing. The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "ca94e8ed-3a76-4586-a23a-8f35812dfa35", "evidence": "The slide presents a comparison of Viator and GetYourGuide, focusing on financial performance.", "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": 0.8, "extraction": { "at": "2026-07-17 03:26:45.056214+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 30, "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": "Peer gap chart", "slug": "peer-gap", "status": "active", "bestFor": "When relative underperformance is the core argument", "canonId": "019dd9e1-54f1-775a-94a1-d5cf3bb75abf", "version": 1, "bodyDocId": "019dd9a1-8653-7748-9050-807f067196c3", "description": "A single visual that benchmarks the target against its best-in-class peers on\na single quantitative KPI — and shows the target losing. The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "c8197755-2a48-446a-8b09-ac5a9b917433", "evidence": "Similar to other slides, it compares Viator and GetYourGuide, highlighting a peer gap.", "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": 0.8, "extraction": { "at": "2026-07-17 03:26:45.133218+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "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": "Section divider", "slug": "section-divider", "status": "active", "bestFor": null, "canonId": "019dd9e1-4c66-707d-8d1f-6e14547134c7", "version": 1, "bodyDocId": null, "description": "A transitional slide marking the start of a new section.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "84d8bc28-f480-4e37-acb4-3758e6ef2eb5", "evidence": "The slide is titled as a section divider, clearly separating content sections.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 03:26:45.293572+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 34, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Storytelling: audience calibration", "slug": "audience", "status": "active", "bestFor": null, "canonId": "019df269-23ea-723a-87c0-af1d78d702d2", "version": 1, "bodyDocId": "019df269-23c5-72ec-8b94-78fc1da7b656", "description": "The same thesis, written for four different audiences, produces four", "familyLabel": "narrative-block", "categoryName": "Narrative & Transformation", "categorySlug": "narrative-transformation" }, "agent": "storyteller", "layer": "slide", "agents": [ "storyteller" ], "matchId": "97347315-e8f0-425a-afa2-ad2aa927eb0c", "evidence": "Brand Tripadvisor is already a partner with the leading consumer AI platform today.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:50:01.76576+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 37, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "028674d5-037e-4ae9-88cd-3135d49134af", "evidence": "Direct comparison of valuation multiples between subject company and peer group.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:10:24.446+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "frameworkName": "comparison_frame" }, { "matchId": "d6fdd4bc-5475-4df2-bd76-b01b78ec14c7", "evidence": "The slide explicitly labels the section as 'Tripadvisor Ownership Timeline'.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:10:22.409+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "frameworkName": "timeline" }, { "matchId": "25cef1b1-e6ba-45b8-879d-c6455ca906f0", "evidence": "Chronological presentation of ownership events", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:10:24.471+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "frameworkName": "timeline" }, { "matchId": "a15c7ec3-6774-4b1a-a0af-1be7ccb0a085", "evidence": "Chronological presentation of ownership changes", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:10:21.681+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "timeline" }, { "matchId": "7b3c4cf4-9551-4aa6-bc57-fc0c45afdaa5", "evidence": "Comparison of FY19 and FY26E revenue mix to show business evolution.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:10:22.808+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "before-after-framing" }, { "matchId": "7cdb6195-556f-460d-bf5f-621ba842464e", "evidence": "The headline is a full sentence summarizing the slide's conclusion.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:10:26.885+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "frameworkName": "action-titles" }, { "matchId": "9251e8dc-ea07-455a-90e7-27af6ebdc435", "evidence": "Comparing valuation multiples across a peer group to establish relative value.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:10:22.963+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "frameworkName": "comparison_frame" }, { "matchId": "b3c73b3d-268e-4525-910e-224bd2117a3d", "evidence": "The slide uses a clear, declarative action-oriented headline to state the core recommendation.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:10:22.875+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 20, "frameworkName": "action-titles" }, { "matchId": "41fe32a4-917e-4b0f-a16f-d259d7eb4fd2", "evidence": "Visual sequence of app screens showing the user flow from discovery to booking.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:10:23.619+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "frameworkName": "customer-journey-map" }, { "matchId": "0f22683d-26dc-458e-9bbc-97dcc8c3d2f7", "evidence": "Comparing precedent transactions to TheFork's metrics to establish valuation potential.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:10:23.586+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 23, "frameworkName": "comparison_frame" }, { "matchId": "10f89f67-c759-4c1a-a846-262d98f73998", "evidence": "The slide illustrates the impact of a hypothetical divestiture on the company's valuation multiple relative to peers.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:10:24.253+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 24, "frameworkName": "valuation-bridge" }, { "matchId": "89791687-3fe5-49d4-9562-07a7cb093390", "evidence": "Visual representation of the user flow through the app.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:10:26.393+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 26, "frameworkName": "customer-journey-map" }, { "matchId": "27f82d6e-102c-4326-aff9-14957535407b", "evidence": "Direct side-by-side comparison of key performance metrics between two competitors.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:10:26.692+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 28, "frameworkName": "comparison-frame" }, { "matchId": "f7a0c931-6321-4f4e-b2f1-0308ee681c8d", "evidence": "Direct comparison of financial performance between two industry peers.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:10:28.022+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 29, "frameworkName": "comparison_frame" }, { "matchId": "8f12abce-e1be-48b8-86ae-9fb6356463ba", "evidence": "Direct comparison of two companies across two key financial metrics.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:10:26.032+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 30, "frameworkName": "comparison_frame" }, { "matchId": "c9bbe5d3-6921-42b9-b587-a307046087f9", "evidence": "Viator should be a Rule of 40 business", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:10:24.57+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "frameworkName": "Rule of 40" }, { "matchId": "8481de78-e892-4563-a372-ee6040d4190f", "evidence": "Quote from Tripadvisor CFO used to validate thesis", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:10:28.915+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 32, "frameworkName": "authority-citation" }, { "matchId": "034503f4-f671-42c1-b3c1-502fa053aab3", "evidence": "Citing industry news headlines to validate a business thesis.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:10:29.435+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 39, "frameworkName": "authority-citation" }, { "matchId": "487b87bd-4270-4ac1-9cdd-bed5485c60e5", "evidence": "The chart shows a step-by-step reduction in valuation multiple based on specific strategic assumptions.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:10:26.025+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 40, "frameworkName": "waterfall-bridge" }, { "matchId": "5d8e243c-f73a-44c2-88b6-eff38814dfc3", "evidence": "Uses news headlines to validate the thesis of acquisition interest.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:10:26.464+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 42, "frameworkName": "authority-citation" }, { "matchId": "8eac0d90-3e03-4936-9b08-3d3c6d2ca818", "evidence": "The slide demonstrates how specific operational changes and divestitures reduce the implied valuation multiple.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:10:26.629+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 43, "frameworkName": "valuation-bridge" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "analytical", "notes": "Conference presentation delivered at the 13D Monitor 2025 Active-Passive Investor Summit (Oct 2025). No stake disclosed in the deck and no individual author named — firm credit only. Deck uses the CFO's September 2025 quote ('we can achieve OTA-like margins') as corroborative rather than contradictory — hence uses_ceo_quote_contradiction=false. Structure is classic Starboard: two 'misconceptions' setup (controlled company, legacy internet) followed by three operational levers (TheFork sale, Viator margin expansion, Brand transformation), with stair-step pro forma multiple charts at 4.5x → 3.0x → 2.5x. Closes with a strategic-sale kicker citing the $18-19/share January 2025 bid. Campaign phase set to initial_thesis as this appears to be Starboard's first public Tripadvisor presentation.", "kpisCited": [ { "detail": "TRIP 6.5x vs. online-travel peer avg 12.4x and marketplace peer avg 12.3x", "metric": "EV / CY26E EBITDA" }, { "detail": "$2.5B including deferred merchant payables", "metric": "Enterprise Value" }, { "detail": "$2.1B total (Tripadvisor 41%, Viator 47%, TheFork 11%)", "metric": "FY26E Revenue" }, { "detail": "Brand Tripadvisor fell from 75% to 41%; experiences rose from 26% to 58%", "metric": "Revenue mix shift FY19 to FY26E" }, { "detail": "~200% since 2019; projected mid-teens through 2026E", "metric": "Online experiences category growth" }, { "detail": "14% vs. GetYourGuide est. 25%+ on similar S&M spend", "metric": "Viator FY24 revenue growth" }, { "detail": "4% vs. OTA-like aspirational 25-30%", "metric": "Viator FY24 EBITDA margin" }, { "detail": "36% FY22 declining to <30% FY25E", "metric": "Brand Tripadvisor EBITDA margin trend" }, { "detail": "25.8% FY22 rising to high-20s FY25E", "metric": "Brand Tripadvisor personnel expense" }, { "detail": "$181M FY24 to $249M FY26E, accelerating +21% this year", "metric": "TheFork revenue growth" }, { "detail": "Brand Tripadvisor at 12%, the most-cited travel domain", "metric": "LLM citation share (June 2025)" }, { "detail": "$18-19 per share from undisclosed strategic bidder, January 2025", "metric": "Rejected strategic bid" } ], "closingAsk": "Pursue the three-part value-creation plan — sell TheFork, fix Viator, transform Brand Tripadvisor — or evaluate the strategic acquisition interest already on the table.", "extraction": { "at": "2026-04-22 15:58:35+00", "model": "unknown-legacy", "runId": null, "seconds": 176.58083, "promptVersion": null }, "scqaReward": "A pro forma Tripadvisor trades at just 2.5x EBITDA versus peers at 12.4x — and a strategic bidder offered $18-19/share for the whole company in January 2025.", "thesisTypes": [ "breakup_spinoff", "undervaluation", "operational_turnaround", "multiple_rerating", "sale_of_company" ], "top3Reasons": [ "Tripadvisor trades at just 6.5x CY26E EBITDA versus 12.4x online-travel peer average", "Dual-class structure collapsed in April 2025 — first time independent in 20+ years", "Sum-of-parts unlocks drive pro forma multiple to ~2.5x EBITDA after TheFork sale + Viator margin fix" ], "scqaSituation": "Tripadvisor owns three market-leading online travel businesses — Brand Tripadvisor, Viator and TheFork — generating $2.1B in FY26E revenue across travel guidance, experiences and dining reservations.", "thesisSummary": "Tripadvisor is misunderstood as a controlled, legacy Tripadvisor.com business, when in fact its dual-class structure was eliminated in April 2025 and Viator plus TheFork now generate nearly 60% of revenue. Despite owning the leading global experiences marketplace (Viator, $1B+ revenue, 20% CAGR) and Europe's largest dining platform (TheFork, $249M FY26E), the stock trades at 6.5x CY26E EBITDA versus a peer average of 12.4x. Starboard argues three levers unlock the discount: sell TheFork at ~5x revenue (Resy/Tock/SevenRooms precedents), push Viator to OTA-like 25-30% margins as the CFO himself suggested, and revitalize Brand Tripadvisor by cutting personnel costs and monetizing its LLM-cited dataset. Pro forma, Tripadvisor would trade at just 2.5x EBITDA — and a strategic bidder already offered $18-19/share in January 2025.", "primaryDemands": [ "Explore a sale of TheFork at a premium revenue multiple similar to Resy/Tock/SevenRooms precedents", "Meaningfully improve Viator's margins toward OTA-like 25-30% EBITDA and accelerate growth to Rule of 40", "Transform Brand Tripadvisor by cutting personnel costs, stabilizing growth and monetizing its data/LLM-cited content", "Evaluate strategic sale of the entire company given recent $18-19/share takeover bid" ], "scqaResolution": "Starboard demands Tripadvisor sell TheFork at a premium revenue multiple, lift Viator to OTA-like 25-30% EBITDA margins, transform Brand Tripadvisor's cost base, and evaluate the recent strategic bid.", "thesisOneLiner": "Tripadvisor trades at 6.5x EBITDA, half its peers, because investors still view it as a controlled legacy Tripadvisor.com — sell TheFork, fix Viator margins, revitalize the brand, or take the $18-19/share bid.", "precedentsCited": [ "Resy / American Express acquisition (May 2019)", "Tock / American Express acquisition (June 2024)", "SevenRooms / DoorDash acquisition (May 2025)", "Reddit / Google $60M AI data licensing deal", "News Corp / OpenAI $250M licensing deal", "Reddit / OpenAI $70M licensing deal" ], "scqaComplication": "The market still prices Tripadvisor as a controlled legacy dot-com at 6.5x EBITDA, ignoring that the dual-class structure ended in April 2025 and experiences now drive 60% of revenue.", "narrativeInterest": 4, "notableSlidePages": [ 1, 4, 13, 24, 33, 40, 42 ], "peerCompaniesCited": [ "BKNG", "ABNB", "EXPE", "W", "CHWY", "EBAY", "ETSY", "MTCH", "CART", "GetYourGuide", "Resy", "Tock", "SevenRooms", "OpenTable" ], "valuationFrameworks": [ "sum_of_parts", "multiple_comparison", "precedent_transactions" ], "visualCraftInterest": 4 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/eKKppW9uSnfXoEYioU5e7_QKK9-8ez78MCB3k4sFqB0/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy80MzZjY2Q0Yzc1ZjYvcDAwMS5qcGc", "rawType": "cover", "block": null, "metadata": { "slideType": "cover", "slideTypeCanon": { "name": "Cover", "slug": "cover", "status": "active", "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "balanced", "densityScore": 46, "componentCount": 5, "textChars": 299, "nDataPoints": 0, "notes": null, "elementsJson": [ "logo_grid", "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:22.968+00", "seconds": 4.944, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/1", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-1", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": { "h": 0.06, "w": 0.9, "x": 0.05, "y": 0.92 }, "kind": "disclaimer", "text": "This presentation is for discussion and general informational purposes only. Under no circumstances is this presentation to be used or considered as an offer to sell or a solicitation of an offer to buy any security.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.968+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "afd54828-fa88-403d-a279-aece60290da0", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.27, "x": 0.03, "y": 0.17 }, "kind": "image", "text": "Starboard Value logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.968+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7d7ab1a0-6302-4606-a2ba-279c5ca4d2f0", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.5, "x": 0.25, "y": 0.435 }, "kind": "image", "text": "Tripadvisor logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.968+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b48c5535-f128-45fc-be3f-fcf2a7b9e773", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.25, "y": 0.68 }, "kind": "title", "text": "2025 Active-Passive Investor Summit", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.968+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2b50bd37-250c-4a54-9896-3b7f88987fd6", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.1, "x": 0.45, "y": 0.82 }, "kind": "title", "text": "October 2025", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.968+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "faca656f-8542-451a-902a-392c48f9a54d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 5, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 1, "name": "Situation & Context", "beatId": "a2931ba8-13ec-4009-a575-ea51b7a64ae2", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "Slides 1-5 provide an overview of Tripadvisor's current situation and context.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/PtUiAk4GWb05MNuSc8Qs03fF2urU5I5wul7Rn6_Jvjo/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy80MzZjY2Q0Yzc1ZjYvcDAwMS5qcGc", "imagePathAlt": "https://imgproxy.kitesheet.com/H79MdVM2jwqD7FEkiCmQrLhKlGwMVm0zeQjcRWpjE9w/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy80MzZjY2Q0Yzc1ZjYvcDAwMS5wbmc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/IY7FX9Qxx9YmZqXcEVJRIoaYJZLo4Up-787AUgNTeCE/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy80MzZjY2Q0Yzc1ZjYvcDAwMS5wbmc" }, { "page": 2, "type": "setup", "function": "other", "rawType": "disclaimer", "block": null, "metadata": { "slideType": "disclaimer", "slideTypeCanon": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "019de52d-0801-727b-b98a-5ed095aeee78", "version": 1, "description": null }, "function": "other", "functionCanon": { "name": "Other (fallback)", "slug": "other", "status": "active", "canonId": "019de52d-15e1-75bc-99dc-07732380e2ce", "version": 1, "description": null }, "density": "sparse", "densityScore": 23, "componentCount": 3, "textChars": 256, "nDataPoints": 0, "notes": null, "elementsJson": [ "paragraph" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:21.568+00", "seconds": 3.473, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/2", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-2", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": { "h": 0.75, "w": 0.9, "x": 0.05, "y": 0.14 }, "kind": "disclaimer", "text": "Except where otherwise indicated herein, this presentation is as of the date indicated on the cover, is not complete and is subject to change. This presentation is for general information purposes only...", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:21.568+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a158369b-8fe8-4956-95bd-3c3a0bb0d11f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.1, "x": 0.45, "y": 0.91 }, "kind": "paragraph", "text": "© Starboard Value 2025\nAll Rights Reserved", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:21.568+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f60e2379-03aa-4c82-9876-3990bda05031", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.15, "x": 0.05, "y": 0.08 }, "kind": "title", "text": "Disclaimer", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:21.568+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "439df57f-b12c-435c-af6b-27956a7de45d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 5, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 1, "name": "Situation & Context", "beatId": "a2931ba8-13ec-4009-a575-ea51b7a64ae2", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "Slides 1-5 provide an overview of Tripadvisor's current situation and context.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 3, "type": "setup", "title": "The slide uses a donut chart to show revenue contribution from Tripadvisor, Viator, and TheFork.", "function": "summarize", "rawType": "kpi_overview", "block": null, "metadata": { "slideType": "kpi_overview", "slideTypeCanon": { "name": "KPI overview (contrarian)", "slug": "kpi_overview", "status": "active", "canonId": "019de52d-11d5-7328-b1d1-5368a03e7796", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "dense", "densityScore": 73, "componentCount": 7, "textChars": 445, "nDataPoints": 5, "notes": "The slide uses a donut chart to show revenue contribution from Tripadvisor, Viator, and TheFork.", "elementsJson": [ "headline_text", "paragraph", "big_number", "donut_chart", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:20.973+00", "seconds": 2.597, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/3", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-3", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": { "h": 0.5, "w": 0.35, "x": 0.6, "y": 0.3 }, "kind": "chart", "text": "Revenue breakdown by segment: Tripadvisor (41%), Viator (47%), TheFork (11%)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Donut chart", "slug": "donut", "status": "active", "canonId": "019de52d-0006-752c-9528-0fef476b8004", "version": 1, "description": null }, "framework": null }, "subkind": "donut", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:20.973+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "946497ca-7df7-460b-ba86-3b40135d1137", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.3, "x": 0.04, "y": 0.65 }, "kind": "metric", "text": "6.5x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": null, "subkind": { "name": "Big number", "slug": "big-number", "status": "active", "canonId": "019de52c-fc70-70c8-b965-0584548a9204", "version": 1, "description": null }, "framework": null }, "subkind": "big-number", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:20.973+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2376625d-e5ab-4323-bad8-32680c736038", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.3, "x": 0.04, "y": 0.35 }, "kind": "metric", "text": "$2.5 Billion", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": null, "subkind": { "name": "Big number", "slug": "big-number", "status": "active", "canonId": "019de52c-fc70-70c8-b965-0584548a9204", "version": 1, "description": null }, "framework": null }, "subkind": "big-number", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:20.973+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9a787dba-73f1-43b0-b627-e06478c9abd1", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Enterprise Value / FY26E EBITDA: 6.5x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:25+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1dd-9f9434c1f07e", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.9, "x": 0.04, "y": 0.15 }, "kind": "paragraph", "text": "Tripadvisor, Inc. (\"Tripadvisor\" or the \"Company\") is a leader in the online travel category, with leading platforms in travel guidance, experiences, and dining.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:20.973+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "debc6d8b-3bd1-4b5c-9d72-f62065a2c166", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.04, "y": 0.95 }, "kind": "source-note", "text": "Source: Company Filings, Capital IQ. Market Data as of October 17, 2025. 1) Includes deferred merchant payables.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:20.973+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2385ea34-1380-447c-be18-b805627e9da0", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.5, "x": 0.04, "y": 0.07 }, "kind": "title", "text": "Tripadvisor Is a Leader in Online Travel...", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:20.973+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "26984811-c602-4f32-b649-8dd49fa52518", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Audience Definition", "slug": "audience-definition", "status": "active", "bestFor": null, "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756", "version": 1, "bodyDocId": null, "description": "Six key questions: Who are they? What do they know? What do they believe? What do they care about? What do they fear? What decisions can they make?", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "6a0353aa-c780-49bd-8d93-ed60d273fc7f", "evidence": "Tripadvisor, Inc. (\"Tripadvisor\" or the \"Company\") is a leader in the online travel category, with leading platforms in travel guidance, experiences, and dining.", "pageRefs": null, "priority": "Core", "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:49:58.909674+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 5, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 1, "name": "Situation & Context", "beatId": "a2931ba8-13ec-4009-a575-ea51b7a64ae2", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "Slides 1-5 provide an overview of Tripadvisor's current situation and context.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 4, "type": "setup", "title": "The slide uses a dashed green box to emphasize the subject company (TRIP) and dashed lines to indicate peer group averages.", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 78, "componentCount": 6, "textChars": 727, "nDataPoints": 19, "notes": "The slide uses a dashed green box to emphasize the subject company (TRIP) and dashed lines to indicate peer group averages.", "elementsJson": [ "headline_text", "subtitle_text", "bar_chart_vertical", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:24.446+00", "seconds": 6.053, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/4", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-4", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.94, "x": 0.03, "y": 0.87 }, "kind": "callout", "text": "We believe Tripadvisor trades at an attractive multiple compared to its peers", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:24.446+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "913af245-4d7e-4c33-98a8-18a4af28d640", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.94, "x": 0.03, "y": 0.22 }, "kind": "chart", "text": "Enterprise Value / CY2026E EBITDA", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:24.446+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "27fa9eed-5bed-4105-bdeb-b07e6c12f69e", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Enterprise Value / CY2026E EBITDA: 6.5x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:25+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1dd-3bfd849fb099", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.85, "x": 0.03, "y": 0.93 }, "kind": "source-note", "text": "Source: Capital IQ. Market Data as of October 17, 2025. Note: The peer companies identified here reflect Starboard's assessment of what firms can be reasonably considered Tripadvisor's peers in the online travel and online marketplace industries. However, this analysis contains elements of subjectivity and the comparisons made herein may differ materially if other firms had been included.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:24.446+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4b4293e8-03f5-48e8-8302-08eff6fe7e7e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.7, "x": 0.03, "y": 0.13 }, "kind": "subtitle", "text": "Tripadvisor is trading at a compelling valuation of just 6.5x EBITDA, well below peers with comparable revenue growth profiles.", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:24.446+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e216099c-2e31-4956-afdf-1646e8050fcd", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.03, "y": 0.07 }, "kind": "title", "text": "...Yet the Company Trades at a Significant Discount to Peers", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:24.446+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "afaf46a1-9c6f-42e8-abc4-41d03020b7b3", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "2x2 matrix", "slug": "matrix-2x2", "status": "active", "bestFor": null, "canonId": "019dd9e1-50ab-72d1-8afb-3ab0a38e32a8", "version": 1, "bodyDocId": null, "description": "BCG matrix, importance/urgency, any axes-and-quadrants frame.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "17d9c8ac-ea33-4a8b-b83e-da7965de1c27", "evidence": "Enterprise Value / CY2026E EBITDA", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.5, "extraction": { "at": "2026-07-16 22:49:59.006147+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null }, { "tool": { "name": "Slide recipe: the peer-gap chart", "slug": "peer-gap-chart-recipe", "status": "active", "bestFor": null, "canonId": "019df269-2b04-75bc-ad85-e0179264bdd7", "version": 1, "bodyDocId": "019df269-2ae1-771d-9cd1-193a2e25f21c", "description": "The single most-copied slide in activism. This is the exact layout, used", "familyLabel": "slide-recipe", "categoryName": "Slide", "categorySlug": "slide" }, "agent": "designer", "layer": "slide", "agents": [ "designer" ], "matchId": "bf1642ae-a355-41bc-9873-6a5bc6f31a0c", "evidence": "Tripadvisor is trading at a compelling valuation of just 6.5x EBITDA, well below peers with comparable revenue growth profiles.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:49:58.97395+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "028674d5-037e-4ae9-88cd-3135d49134af", "evidence": "Direct comparison of valuation multiples between subject company and peer group.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:10:24.446+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 4, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 5, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 1, "name": "Situation & Context", "beatId": "a2931ba8-13ec-4009-a575-ea51b7a64ae2", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "Slides 1-5 provide an overview of Tripadvisor's current situation and context.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 5, "type": "setup", "function": "transition", "rawType": "transition", "block": null, "metadata": { "slideType": "transition", "slideTypeCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-0693-7766-9f05-887f41f8e41e", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 11, "componentCount": 2, "textChars": 142, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:21.662+00", "seconds": 3.265, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/5", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-5", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We Believe Tripadvisor’s Undervaluation Is Driven by Two Misconceptions", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1dd-eb45aa6ec87c", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.75, "x": 0.04, "y": 0.45 }, "kind": "title", "text": "We Believe Tripadvisor's Undervaluation Is Driven by Two Misconceptions", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:21.662+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "193e0edb-5bee-43ab-833e-67bddd3ff159", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 5, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 1, "name": "Situation & Context", "beatId": "a2931ba8-13ec-4009-a575-ea51b7a64ae2", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Situation & Context", "slug": "consultants-gambit-situation-context", "status": "active", "canonId": "019dd9b8-05ae-741b-992d-65ee83c639b3", "version": 1, "description": null }, "evidence": "Slides 1-5 provide an overview of Tripadvisor's current situation and context.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Setup", "slug": "setup", "status": "active", "canonId": "019dd9b8-020e-7505-af9b-d9b9a4679bcc", "version": 1, "description": "Where the deck grounds the reader before doing anything else. Almost every arc opens here." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 10, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 5, "name": "Problem & Complication", "beatId": "f0ba2ec7-7c5a-4a10-8fa2-587217145b01", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "Slides 5-10 identify the two misconceptions driving Tripadvisor's undervaluation.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 6, "type": "setup", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 3, "componentCount": 1, "textChars": 48, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:21.718+00", "seconds": 3.226, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/6", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-6", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": { "h": 0.06, "w": 0.66, "x": 0.04, "y": 0.47 }, "kind": "title", "text": "1) Tripadvisor Is Viewed as a Controlled Company", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:21.718+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "100aa7f3-cef0-44a9-b831-234106068cb8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 10, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 5, "name": "Problem & Complication", "beatId": "f0ba2ec7-7c5a-4a10-8fa2-587217145b01", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "Slides 5-10 identify the two misconceptions driving Tripadvisor's undervaluation.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 7, "type": "setup", "title": "The slide serves as a setup for a broader argument about corporate control, using a news clipping as a historical anchor.", "function": "establish_context", "rawType": "timeline", "block": null, "metadata": { "slideType": "timeline", "slideTypeCanon": { "name": "Timeline", "slug": "timeline", "status": "active", "canonId": "019de52d-0851-75eb-b758-ea2965e7739a", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 75, "componentCount": 8, "textChars": 541, "nDataPoints": 0, "notes": "The slide serves as a setup for a broader argument about corporate control, using a news clipping as a historical anchor.", "elementsJson": [ "headline_text", "subtitle_text", "screenshot" ], "confidence": 0.9, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:22.409+00", "seconds": 3.833, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/7", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-7", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Expedia owned Tripadvisor until Tripadvisor was spun off in 2011...", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:25+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1dd-5360d4478758", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.3, "x": 0.04, "y": 0.46 }, "kind": "image", "text": "Expedia to Spin Off TripAdvisor By Scott Morrison Updated April 8, 2011 12:01 am ET", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.409+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4d36c32d-630e-45b3-b89e-4deaa04fabda", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.65, "x": 0.03, "y": 0.15 }, "kind": "paragraph", "text": "Tripadvisor was controlled by Expedia, Barry Diller, and Liberty over the course of the past two decades.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.409+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "523724ee-6e15-44a9-bba4-74519d509838", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.3, "x": 0.07, "y": 0.3 }, "kind": "paragraph", "text": "Expedia owned Tripadvisor until Tripadvisor was spun off in 2011...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.409+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b85ea854-0601-417e-b3d5-9e19091930c6", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "EXPEDIA TO SPIN OFF TRIPADVISOR — By Scott Morrison, Updated April 8, 2011 12:01 am ET", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:25+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1dd-56bc95ea933a", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Public News Articles.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.409+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "71508c21-0ca6-4233-ac6e-b01c3a6e48e6", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.85, "x": 0.03, "y": 0.03 }, "kind": "title", "text": "While Tripadvisor Has Been a Controlled Company for Most of Its History...", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.409+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eb60a7b1-9d19-4cc3-a110-e931a5a7261b", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.94, "x": 0.03, "y": 0.22 }, "kind": "title", "text": "Tripadvisor Ownership Timeline", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.409+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a059ec59-ce9b-4433-9e59-4884e7e83b3f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "d6fdd4bc-5475-4df2-bd76-b01b78ec14c7", "evidence": "The slide explicitly labels the section as 'Tripadvisor Ownership Timeline'.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:10:22.409+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 7, "frameworkName": "timeline" } ], "arcBeats": [ { "to": 10, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 5, "name": "Problem & Complication", "beatId": "f0ba2ec7-7c5a-4a10-8fa2-587217145b01", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "Slides 5-10 identify the two misconceptions driving Tripadvisor's undervaluation.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 8, "type": "setup", "title": "Uses news headlines as evidence for the timeline events.", "function": "establish_context", "rawType": "timeline", "block": null, "metadata": { "slideType": "timeline", "slideTypeCanon": { "name": "Timeline", "slug": "timeline", "status": "active", "canonId": "019de52d-0851-75eb-b758-ea2965e7739a", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 76, "componentCount": 8, "textChars": 594, "nDataPoints": 0, "notes": "Uses news headlines as evidence for the timeline events.", "elementsJson": [ "headline_text", "subtitle_text", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:24.471+00", "seconds": 5.879, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/8", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-8", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Tripadvisor was controlled by Expedia, Barry Diller, and Liberty over the course of the past two decades.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:25+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1dd-870c02acfa27", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.32, "x": 0.36, "y": 0.46 }, "kind": "image", "text": "Barry Diller sells shares in TripAdvisor, steps down as chairman", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:24.471+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2ae5a298-371f-46ee-a200-b7bff189286e", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.32, "x": 0.04, "y": 0.46 }, "kind": "image", "text": "Expedia to Spin Off TripAdvisor", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:24.471+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a53d886a-183d-4abf-9cdf-b11ebe41c85f", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"Expedia to Spin Off TripAdvisor\" — Scott Morrison, Wall Street Journal. \"Barry Diller sells shares in TripAdvisor, steps down as chairman\" — Business News.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:25+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1dd-893507b73af7", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Public News Articles.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:24.471+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3aefd2fa-b265-417f-8b51-bd191e671028", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.68, "x": 0.04, "y": 0.15 }, "kind": "subtitle", "text": "Tripadvisor was controlled by Expedia, Barry Diller, and Liberty over the course of the past two decades.", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:24.471+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7676af95-4cfa-4875-aed9-c4dc923e000e", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.85, "x": 0.04, "y": 0.03 }, "kind": "title", "text": "While Tripadvisor Has Been a Controlled Company for Most of Its History...", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:24.471+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0d70ad32-8939-4c5d-a454-d858f3d03a2f", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.94, "x": 0.03, "y": 0.22 }, "kind": "title", "text": "Tripadvisor Ownership Timeline", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "019de52c-fb09-739d-900c-815b0d9ac526", "version": 1, "description": null }, "framework": null }, "subkind": "subtitle", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:24.471+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "69da0e02-203b-4e9e-ab2b-3d274ef19207", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "25cef1b1-e6ba-45b8-879d-c6455ca906f0", "evidence": "Chronological presentation of ownership events", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:10:24.471+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 8, "frameworkName": "timeline" } ], "arcBeats": [ { "to": 10, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 5, "name": "Problem & Complication", "beatId": "f0ba2ec7-7c5a-4a10-8fa2-587217145b01", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "Slides 5-10 identify the two misconceptions driving Tripadvisor's undervaluation.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 9, "type": "evidence", "title": "Uses news headlines as evidence for the timeline events.", "function": "cite_precedent", "rawType": "timeline", "block": null, "metadata": { "slideType": "timeline", "slideTypeCanon": { "name": "Timeline", "slug": "timeline", "status": "active", "canonId": "019de52d-0851-75eb-b758-ea2965e7739a", "version": 1, "description": null }, "function": "cite_precedent", "functionCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-142b-714b-86d4-58aad7b568ec", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 81, "componentCount": 10, "textChars": 678, "nDataPoints": 0, "notes": "Uses news headlines as evidence for the timeline events.", "elementsJson": [ "headline_text", "subtitle_text", "timeline_visual", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:21.681+00", "seconds": 2.986, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/9", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-9", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Tripadvisor has been a controlled company for the last two decades", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:25+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1dd-b6ba4e1c7583", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.28, "x": 0.67, "y": 0.45 }, "kind": "image", "text": "Liberty Interactive Buys Control of TripAdvisor headline", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:21.681+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa2470f2-ca72-46e8-8e51-533bdd264ac4", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.28, "x": 0.05, "y": 0.45 }, "kind": "image", "text": "Expedia to Spin Off TripAdvisor headline", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:21.681+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ae3fb3a2-384f-4995-8297-556149b5a563", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.28, "x": 0.36, "y": 0.45 }, "kind": "image", "text": "Barry Diller sells shares in TripAdvisor headline", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:21.681+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c32aa053-a31a-4504-988f-45be7ee914d4", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.28, "x": 0.36, "y": 0.3 }, "kind": "list", "text": "...But Barry Diller still controlled the majority of Tripadvisor's voting power until 2012...", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Timeline item", "slug": "timeline-item", "status": "active", "canonId": "019de52c-fd0e-74ce-9443-440fbd8c23b4", "version": 1, "description": null }, "framework": null }, "subkind": "timeline-item", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:21.681+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "55aa5fc2-4413-416d-a690-37f20fb63f45", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.28, "x": 0.05, "y": 0.3 }, "kind": "list", "text": "Expedia owned Tripadvisor until Tripadvisor was spun off in 2011...", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Timeline item", "slug": "timeline-item", "status": "active", "canonId": "019de52c-fd0e-74ce-9443-440fbd8c23b4", "version": 1, "description": null }, "framework": null }, "subkind": "timeline-item", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:21.681+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b744ecfa-09e2-46c6-bc64-fb3a8465aa99", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.28, "x": 0.67, "y": 0.3 }, "kind": "list", "text": "...Before Liberty Interactive bought out Mr. Diller's stake and became the controlling shareholder.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Timeline item", "slug": "timeline-item", "status": "active", "canonId": "019de52c-fd0e-74ce-9443-440fbd8c23b4", "version": 1, "description": null }, "framework": null }, "subkind": "timeline-item", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:21.681+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eb4cc96e-0c3e-4f14-85e9-47bdb4619839", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.7, "x": 0.04, "y": 0.15 }, "kind": "paragraph", "text": "Tripadvisor was controlled by Expedia, Barry Diller, and Liberty over the course of the past two decades.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:21.681+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0b7108dc-9701-446f-a03f-b4156f1912e8", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Public News Articles.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:21.681+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6adbb635-ea48-40af-9efc-0d07a4341073", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.85, "x": 0.04, "y": 0.03 }, "kind": "title", "text": "While Tripadvisor Has Been a Controlled Company for Most of Its History...", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:21.681+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d45da3f4-6003-486a-9375-7d9b857648f6", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "a15c7ec3-6774-4b1a-a0af-1be7ccb0a085", "evidence": "Chronological presentation of ownership changes", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:10:21.681+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 9, "frameworkName": "timeline" } ], "arcBeats": [ { "to": 10, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 5, "name": "Problem & Complication", "beatId": "f0ba2ec7-7c5a-4a10-8fa2-587217145b01", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "Slides 5-10 identify the two misconceptions driving Tripadvisor's undervaluation.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 10, "type": "setup", "title": "Includes a screenshot of a news article as evidence.", "function": "summarize", "rawType": "thesis_headline", "block": null, "metadata": { "slideType": "thesis_headline", "slideTypeCanon": { "name": "Thesis headline", "slug": "thesis_headline", "status": "active", "canonId": "019de52d-073a-70cb-b9f6-772a597bb5af", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 76, "componentCount": 7, "textChars": 563, "nDataPoints": 1, "notes": "Includes a screenshot of a news article as evidence.", "elementsJson": [ "headline_text", "subtitle_text", "callout_box", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:22.095+00", "seconds": 3.09, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/10", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-10", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": { "h": 0.07, "w": 0.66, "x": 0.17, "y": 0.285 }, "kind": "callout", "text": "Economic ownership and voting power are now aligned at one-share, one-vote", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.095+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "26b6f1ed-0eeb-41fd-bcbd-4d881371813b", "parentComponentId": null }, { "bbox": { "h": 0.34, "w": 0.66, "x": 0.17, "y": 0.395 }, "kind": "image", "text": "Tripadvisor Gains New Freedom in $430 Million Merger With Liberty Tripadvisor", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.095+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a6a416f6-1e99-4195-b9e3-bd77a8861d75", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.9, "x": 0.05, "y": 0.13 }, "kind": "paragraph", "text": "Tripadvisor's dual-class share structure was eliminated in April 2025 through a transaction with Liberty TripAdvisor Holdings, Inc.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.095+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "096607b9-eab9-4075-bf05-5decd9dcd7a4", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Tripadvisor Gains New Freedom in $430 Million Merger With Liberty Tripadvisor — Dennis Schaal", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1de-1f698b7e27a1", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Company Filings, Public News Articles.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.095+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f74d20f9-ae6d-4160-9c0d-ba6ac07d05ba", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.9, "x": 0.05, "y": 0.9 }, "kind": "title", "text": "Tripadvisor is now an independent company for the first time in over 20 years", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.095+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5ed6ddf5-fad9-49b9-bd01-2681b2d1e0af", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.06 }, "kind": "title", "text": "...Tripadvisor Is No Longer a Controlled Company as of April 2025", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.095+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2c1d12dd-0ac5-4ae3-8028-e6f709ca83b7", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 10, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 5, "name": "Problem & Complication", "beatId": "f0ba2ec7-7c5a-4a10-8fa2-587217145b01", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Problem & Complication", "slug": "consultants-gambit-problem-complication", "status": "active", "canonId": "019dd9b8-064a-777f-a374-e9a8c43dedd4", "version": 1, "description": null }, "evidence": "Slides 5-10 identify the two misconceptions driving Tripadvisor's undervaluation.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 11, "type": "setup", "function": "transition", "rawType": "transition", "block": null, "metadata": { "slideType": "transition", "slideTypeCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-0693-7766-9f05-887f41f8e41e", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 6, "componentCount": 1, "textChars": 95, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:21.177+00", "seconds": 1.979, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/11", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-11", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.45 }, "kind": "title", "text": "2) Tripadvisor Is Viewed as a Legacy Internet Company Whose Primary Business Is Tripadvisor.com", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:21.177+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3019f586-396c-4134-8a11-88321999a263", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 24, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 11, "name": "Evidence & Proof", "beatId": "4890217c-891f-44ba-bb15-86d7bcfb0bb3", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "Slides 11-24 provide data and analysis to support the thesis.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 12, "type": "setup", "title": "The slide uses a structured layout to compare three distinct business units under the Tripadvisor umbrella.", "function": "establish_context", "rawType": "executive_summary", "block": null, "metadata": { "slideType": "executive_summary", "slideTypeCanon": { "name": "Executive summary", "slug": "executive_summary", "status": "active", "canonId": "019de52d-06be-73ff-81b3-f99fe7f0025e", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 78, "componentCount": 7, "textChars": 558, "nDataPoints": 9, "notes": "The slide uses a structured layout to compare three distinct business units under the Tripadvisor umbrella.", "elementsJson": [ "headline_text", "subtitle_text", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:22.449+00", "seconds": 3.068, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/12", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-12", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Each of Brand Tripadvisor, Viator, and TheFork is a leader in its respective category", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1de-69e67dc2e30a", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "FY26E Revenue: $1+ Billion", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1de-6c67c36ca5c9", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.04, "y": 0.14 }, "kind": "paragraph", "text": "Tripadvisor operates three valuable, scaled, global consumer internet businesses.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.449+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fe4f2fda-2b11-4226-b15c-fa6a5771cb12", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.04, "y": 0.95 }, "kind": "source-note", "text": "Source: Company Filings, Capital IQ. Market Data as of October 17, 2025. 1) Includes intra-segment revenues for each segment.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.449+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4a97d7db-ab1a-4e16-9072-a979742aefd8", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.92, "x": 0.04, "y": 0.25 }, "kind": "table", "text": "Comparison of Tripadvisor, Viator, and TheFork across revenue, growth, and operational metrics.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.449+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e0f2a359-344e-496b-8399-b9fa835d76cc", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.88 }, "kind": "title", "text": "Each of Brand Tripadvisor, Viator, and TheFork is a leader in its respective category", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.449+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "663e88cc-e048-4253-a945-bb5871417e1d", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.85, "x": 0.04, "y": 0.07 }, "kind": "title", "text": "Tripadvisor Operates Three Distinct Market-Leading Businesses", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.449+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "42233a6c-8fb5-4667-895c-d91a13e58c66", "parentComponentId": null } ], "metrics": [], "tools": [ { "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": "352fcdc0-50e3-4d21-ac0d-81bc789f717a", "evidence": "Tripadvisor Operates Three Distinct Market-Leading Businesses", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:49:59.295745+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 12, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 24, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 11, "name": "Evidence & Proof", "beatId": "4890217c-891f-44ba-bb15-86d7bcfb0bb3", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "Slides 11-24 provide data and analysis to support the thesis.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 13, "type": "evidence", "title": "The slide uses a before-after pie chart comparison to illustrate business transformation.", "function": "analyze_data", "rawType": "before_after", "block": null, "metadata": { "slideType": "before_after", "slideTypeCanon": { "name": "Before / after", "slug": "before_after", "status": "active", "canonId": "019de52d-11fd-771e-bb45-e27f849bc560", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 71, "componentCount": 7, "textChars": 391, "nDataPoints": 6, "notes": "The slide uses a before-after pie chart comparison to illustrate business transformation.", "elementsJson": [ "headline_text", "subtitle_text", "pie_chart", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:22.808+00", "seconds": 3.292, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/13", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-13", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": { "h": 0.18, "w": 0.18, "x": 0.78, "y": 0.415 }, "kind": "callout", "text": "Viator and TheFork now represent nearly 60% of the total business!", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.808+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ba504d6-f94e-4f3c-88e6-07e5197a2fae", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.3, "x": 0.5, "y": 0.3 }, "kind": "chart", "text": "FY26E Revenue Mix", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Pie chart", "slug": "pie", "status": "active", "canonId": "019de52c-ffdb-71bb-a800-5c5ab9f1c373", "version": 1, "description": null }, "framework": null }, "subkind": "pie", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.808+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d8c4a0ce-bb69-4590-b006-b3c3943e5a8d", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.3, "x": 0.08, "y": 0.3 }, "kind": "chart", "text": "FY19 Revenue Mix", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Pie chart", "slug": "pie", "status": "active", "canonId": "019de52c-ffdb-71bb-a800-5c5ab9f1c373", "version": 1, "description": null }, "framework": null }, "subkind": "pie", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.808+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f073333b-0610-4673-9082-5c517a20ca42", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "revenue mix: 60%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1de-8b5b57d418d7", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Company Filings, Capital IQ. Market Data as of October 17, 2025.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.808+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "15a3e0aa-0326-4579-b60a-a6ee63cfba61", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.6, "x": 0.04, "y": 0.15 }, "kind": "title", "text": "Viator and TheFork now comprise nearly 60% of total Company revenue and are growing quickly.", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.808+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3843e35b-7330-478e-be8d-262a5afd7ac4", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.92, "x": 0.04, "y": 0.03 }, "kind": "title", "text": "Brand Tripadvisor Is No Longer Tripadvisor's Largest Business, and Experiences Now Comprise the Bulk of Revenues", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.808+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cfd66ba8-ea44-4615-9eac-4cdcb6e848db", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Before-After-Bridge", "slug": "before-after-bridge", "status": "active", "bestFor": null, "canonId": "019dd956-8604-7188-883f-42370288ad05", "version": 1, "bodyDocId": null, "description": "Narrative structure: Paint the before, show the after, explain the bridge", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "e4c3d454-2642-4787-9c46-f69bc35779b1", "evidence": "The slide compares revenue mix between FY19 and FY26E", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-16 22:49:56.80847+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "7b3c4cf4-9551-4aa6-bc57-fc0c45afdaa5", "evidence": "Comparison of FY19 and FY26E revenue mix to show business evolution.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:10:22.808+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 13, "frameworkName": "before-after-framing" } ], "arcBeats": [ { "to": 24, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 11, "name": "Evidence & Proof", "beatId": "4890217c-891f-44ba-bb15-86d7bcfb0bb3", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "Slides 11-24 provide data and analysis to support the thesis.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 14, "type": "resolution", "title": "The chart uses a 100% baseline from Jan 2019. The 'Travel Experiences OTAs' line shows a dramatic recovery and growth trajectory compared to other travel catego", "function": "analyze_data", "rawType": "key_takeaways", "block": null, "metadata": { "slideType": "key_takeaways", "slideTypeCanon": { "name": "Key takeaways", "slug": "key_takeaways", "status": "active", "canonId": "019de52d-06e7-7674-a891-9f7de3b11b6d", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 67, "componentCount": 6, "textChars": 427, "nDataPoints": 5, "notes": "The chart uses a 100% baseline from Jan 2019. The 'Travel Experiences OTAs' line shows a dramatic recovery and growth trajectory compared to other travel categories.", "elementsJson": [ "headline_text", "subtitle_text", "line_chart", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:22.744+00", "seconds": 3.025, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/14", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-14", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.89 }, "kind": "callout", "text": "Online experiences is the single fastest growing category in travel", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.744+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dc1b5f19-5569-4aee-b875-7d8ed5a0b95d", "parentComponentId": null }, { "bbox": { "h": 0.65, "w": 0.92, "x": 0.04, "y": 0.225 }, "kind": "chart", "text": "Sales Indexed Growth across Travel Categories", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Line chart", "slug": "line", "status": "active", "canonId": "019de52c-ff62-778f-8f6c-a952ceae8677", "version": 1, "description": null }, "framework": null }, "subkind": "line", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.744+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "11858af3-4463-44c1-9d41-890f8c9ecd0c", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Sales Indexed Growth: ~200%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1dd-d2e7a35ad29f", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.04, "y": 0.96 }, "kind": "source-note", "text": "Source: GetYourGuide. 1) Aggregate of Viator, Tiqets, Klook, GetYourGuide.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.744+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dd9badbf-b2b5-4db9-99b6-1fac62439981", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.75, "x": 0.04, "y": 0.12 }, "kind": "subtitle", "text": "The online experiences category is the fastest growing category within all of travel, having grown ~200% since 2019.", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.744+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "08f18cf4-b331-4699-bc85-8c28e67845ac", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.03 }, "kind": "title", "text": "We Believe Experiences Is an Exciting Vertical and Is the Fastest Growing Segment in Online Travel", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.744+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ce2f5eb2-5fcf-4f14-b2a6-d608d1ba1fc1", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 24, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 11, "name": "Evidence & Proof", "beatId": "4890217c-891f-44ba-bb15-86d7bcfb0bb3", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "Slides 11-24 provide data and analysis to support the thesis.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 15, "type": "resolution", "function": "size_opportunity", "rawType": "key_takeaways", "block": null, "metadata": { "slideType": "key_takeaways", "slideTypeCanon": { "name": "Key takeaways", "slug": "key_takeaways", "status": "active", "canonId": "019de52d-06e7-7674-a891-9f7de3b11b6d", "version": 1, "description": null }, "function": "size_opportunity", "functionCanon": { "name": "Size opportunity", "slug": "size_opportunity", "status": "active", "canonId": "019de52d-147b-7568-8828-a74a27697618", "version": 1, "description": null }, "density": "dense", "densityScore": 68, "componentCount": 6, "textChars": 446, "nDataPoints": 5, "notes": null, "elementsJson": [ "headline_text", "subtitle_text", "bar_chart_vertical", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:23.253+00", "seconds": 3.534, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/15", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-15", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": { "h": 0.07, "w": 0.32, "x": 0.03, "y": 0.24 }, "kind": "callout", "text": "Experiences Has The Lowest Online Penetration Of All Travel Categories", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:23.253+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ccd6ecbd-6861-4d99-937b-d43bd771deb7", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.32, "x": 0.03, "y": 0.32 }, "kind": "chart", "text": "Online penetration by travel category", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:23.253+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7ac56d08-f616-46b1-b677-30a115509dc4", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "online penetration: <30%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1de-3757ca3f80bc", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.94, "x": 0.03, "y": 0.12 }, "kind": "paragraph", "text": "The online experiences category is expected to grow in the teens, driven by the shift from offline to online channels and growth of the overall category of tours, activities, and attractions.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:23.253+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "36c0b280-2d2b-4615-93c9-5f4eb23b1032", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Barclays Research.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:23.253+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7a7f4d5e-3f4a-4b21-ae33-c08d09ec48af", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.94, "x": 0.03, "y": 0.03 }, "kind": "title", "text": "We Believe Experiences Is an Exciting Vertical and Is the Fastest Growing Segment in Online Travel", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:23.253+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "35605ff6-d7ec-4b62-90a1-d43caa89ee89", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 24, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 11, "name": "Evidence & Proof", "beatId": "4890217c-891f-44ba-bb15-86d7bcfb0bb3", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "Slides 11-24 provide data and analysis to support the thesis.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 16, "type": "resolution", "title": "The slide uses a dual-chart layout to support a thesis about market opportunity.", "function": "size_opportunity", "rawType": "thesis_headline", "block": null, "metadata": { "slideType": "thesis_headline", "slideTypeCanon": { "name": "Thesis headline", "slug": "thesis_headline", "status": "active", "canonId": "019de52d-073a-70cb-b9f6-772a597bb5af", "version": 1, "description": null }, "function": "size_opportunity", "functionCanon": { "name": "Size opportunity", "slug": "size_opportunity", "status": "active", "canonId": "019de52d-147b-7568-8828-a74a27697618", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 79, "componentCount": 7, "textChars": 589, "nDataPoints": 9, "notes": "The slide uses a dual-chart layout to support a thesis about market opportunity.", "elementsJson": [ "headline_text", "subtitle_text", "bar_chart_vertical", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:25.17+00", "seconds": 5.411, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/16", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-16", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "The online experiences category is expected to grow in the teens, driven by the shift from offline to online channels and growth of the overall category of tours, activities, and attractions.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1de-a2567cf6b7e1", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.32, "x": 0.04, "y": 0.35 }, "kind": "chart", "text": "Online penetration by travel category", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:25.17+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6b5017be-8522-44ff-a117-f4594bf6d15f", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.32, "x": 0.38, "y": 0.35 }, "kind": "chart", "text": "Growth rates by sector", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:25.17+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e960da03-58d3-4573-8f07-f544f9b079e0", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "online penetration: <30%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1de-a5d90a7f3dd6", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Barclays Research.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:25.17+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f66783cd-1be4-4b67-85bf-a3648df305c4", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.92, "x": 0.04, "y": 0.12 }, "kind": "subtitle", "text": "The online experiences category is expected to grow in the teens, driven by the shift from offline to online channels and growth of the overall category of tours, activities, and attractions.", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:25.17+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "91b33481-8d2d-4700-b43b-7e612e6ad791", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.03 }, "kind": "title", "text": "We Believe Experiences Is an Exciting Vertical and Is the Fastest Growing Segment in Online Travel", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:25.17+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "30a3665b-ec2b-4dc8-a5a6-d6435e22488d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 24, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 11, "name": "Evidence & Proof", "beatId": "4890217c-891f-44ba-bb15-86d7bcfb0bb3", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "Slides 11-24 provide data and analysis to support the thesis.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 17, "type": "resolution", "title": "The slide uses three distinct chart types (bar, bar, and combo bar/line) to support a thesis about the growth potential of the 'Experiences' vertical.", "function": "size_opportunity", "rawType": "key_takeaways", "block": null, "metadata": { "slideType": "key_takeaways", "slideTypeCanon": { "name": "Key takeaways", "slug": "key_takeaways", "status": "active", "canonId": "019de52d-06e7-7674-a891-9f7de3b11b6d", "version": 1, "description": null }, "function": "size_opportunity", "functionCanon": { "name": "Size opportunity", "slug": "size_opportunity", "status": "active", "canonId": "019de52d-147b-7568-8828-a74a27697618", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 85, "componentCount": 8, "textChars": 629, "nDataPoints": 18, "notes": "The slide uses three distinct chart types (bar, bar, and combo bar/line) to support a thesis about the growth potential of the 'Experiences' vertical.", "elementsJson": [ "headline_text", "subtitle_text", "bar_chart_vertical", "bar_chart_vertical", "bar_chart_vertical", "line_chart", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:26.885+00", "seconds": 7.094, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/17", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-17", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.92, "x": 0.04, "y": 0.88 }, "kind": "callout", "text": "Tripadvisor is increasingly levered to the fastest growing segment in travel", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:26.885+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fd565263-e158-4f15-b8b8-26fca6d2987f", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.28, "x": 0.68, "y": 0.28 }, "kind": "chart", "text": "The Online Experiences Category Is Projected To Grow In The Mid-teens", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:26.885+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0b39b9ad-1e54-4ee5-8607-eff50ba93f4b", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.28, "x": 0.04, "y": 0.28 }, "kind": "chart", "text": "Experiences Has The Lowest Online Penetration Of All Travel Categories", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:26.885+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1be3350b-f827-40c5-b85c-b10c59e9e3ad", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.28, "x": 0.36, "y": 0.28 }, "kind": "chart", "text": "Tours, Activities & Attractions Is The Fastest Growing Experiences Category", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:26.885+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f304683f-7d2e-453d-a2a3-2f6689695018", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Online penetration: <30%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1de-c791a9e41b5c", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Barclays Research.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:26.885+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c807ad90-ca27-4d8d-8fdd-876ce2fc8ef3", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.92, "x": 0.04, "y": 0.12 }, "kind": "subtitle", "text": "The online experiences category is expected to grow in the teens, driven by the shift from offline to online channels and growth of the overall category of tours, activities, and attractions.", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:26.885+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "caf793d6-6ec5-4ac9-8ae2-5c4fda0aafaa", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.03 }, "kind": "title", "text": "We Believe Experiences Is an Exciting Vertical and Is the Fastest Growing Segment in Online Travel", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:26.885+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6b1639d2-79c6-49f4-a96e-7cf2e2f373e5", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "7cdb6195-556f-460d-bf5f-621ba842464e", "evidence": "The headline is a full sentence summarizing the slide's conclusion.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:10:26.885+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 17, "frameworkName": "action-titles" } ], "arcBeats": [ { "to": 24, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 11, "name": "Evidence & Proof", "beatId": "4890217c-891f-44ba-bb15-86d7bcfb0bb3", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "Slides 11-24 provide data and analysis to support the thesis.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 18, "type": "setup", "title": "The chart uses a dashed line to indicate peer group averages (12.4x and 12.3x).", "function": "compare_peers", "rawType": "peer_benchmark", "block": null, "metadata": { "slideType": "peer_benchmark", "slideTypeCanon": { "name": "Peer benchmark", "slug": "peer_benchmark", "status": "active", "canonId": "019de52d-08f0-7158-a78d-d7b5331fefaf", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "dense", "densityScore": 67, "componentCount": 6, "textChars": 387, "nDataPoints": 19, "notes": "The chart uses a dashed line to indicate peer group averages (12.4x and 12.3x).", "elementsJson": [ "headline_text", "subtitle_text", "bar_chart_vertical", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:22.963+00", "seconds": 3.062, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/18", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-18", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.92, "x": 0.04, "y": 0.88 }, "kind": "callout", "text": "We believe Tripadvisor trades at an attractive multiple compared to its peers", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.963+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7827f13e-b403-4346-86df-08ae9dc7914a", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.92, "x": 0.04, "y": 0.22 }, "kind": "chart", "text": "Enterprise Value / CY2026E EBITDA", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.963+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "05b703a9-9acc-4ea2-b5d1-1eef8dc1562d", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Enterprise Value / CY2026E EBITDA: 6.5x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1de-5089d0659b3b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.04, "y": 0.13 }, "kind": "paragraph", "text": "Tripadvisor is trading at a compelling valuation of just 6.5x EBITDA, well below peers with comparable revenue growth profiles.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.963+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "59821945-baf3-4e8e-ba6a-6c961b44e0c9", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.04, "y": 0.95 }, "kind": "source-note", "text": "Source: Capital IQ. Market Data as of October 17, 2025.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.963+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "22b0dcb2-3722-4d89-917f-d64c3cd34ea8", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.04, "y": 0.07 }, "kind": "title", "text": "Again, Tripadvisor Is Cheap Based on Its Current Profile", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.963+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "405cb360-7219-4d04-b818-ceeae9f66d4e", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "9251e8dc-ea07-455a-90e7-27af6ebdc435", "evidence": "Comparing valuation multiples across a peer group to establish relative value.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:10:22.963+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 18, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 24, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 11, "name": "Evidence & Proof", "beatId": "4890217c-891f-44ba-bb15-86d7bcfb0bb3", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "Slides 11-24 provide data and analysis to support the thesis.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 20, "from": 18, "loop": { "name": "39_benchmark_gap", "slug": "39-benchmark-gap", "status": "active", "bestFor": "Performance improvement, competitive analysis, target setting", "canonId": "019dd956-75a4-7522-8d1a-af94da4703e9", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity", "description": "Compare performance against best-in-class to quantify the opportunity", "familyLabel": null }, "matchId": "f4848a80-d932-4730-b99e-624f069a99eb", "evidence": "The presentation provides a peer benchmark analysis.", "position": 0, "objective": "How does Tripadvisor's valuation compare to its peers?", "confidence": 0.7, "extraction": { "at": "2026-07-17 03:20:28.161848+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 19, "type": "setup", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 7, "componentCount": 1, "textChars": 101, "nDataPoints": 0, "notes": null, "elementsJson": [ "headline_text" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:21.589+00", "seconds": 1.543, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/19", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-19", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": { "h": 0.15, "w": 0.9, "x": 0.05, "y": 0.45 }, "kind": "title", "text": "We Believe Tripadvisor Has an Opportunity to Create Significant Value at Each of Its Three Businesses", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:21.589+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4ca4cb4e-5e7f-4eda-9712-770c4f57e56f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 24, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 11, "name": "Evidence & Proof", "beatId": "4890217c-891f-44ba-bb15-86d7bcfb0bb3", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "Slides 11-24 provide data and analysis to support the thesis.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 20, "from": 18, "loop": { "name": "39_benchmark_gap", "slug": "39-benchmark-gap", "status": "active", "bestFor": "Performance improvement, competitive analysis, target setting", "canonId": "019dd956-75a4-7522-8d1a-af94da4703e9", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity", "description": "Compare performance against best-in-class to quantify the opportunity", "familyLabel": null }, "matchId": "f4848a80-d932-4730-b99e-624f069a99eb", "evidence": "The presentation provides a peer benchmark analysis.", "position": 0, "objective": "How does Tripadvisor's valuation compare to its peers?", "confidence": 0.7, "extraction": { "at": "2026-07-17 03:20:28.161848+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 20, "type": "setup", "title": "This is a transition or thesis slide in an activist investor presentation.", "function": "propose_solution", "rawType": "thesis_headline", "block": null, "metadata": { "slideType": "thesis_headline", "slideTypeCanon": { "name": "Thesis headline", "slug": "thesis_headline", "status": "active", "canonId": "019de52d-073a-70cb-b9f6-772a597bb5af", "version": 1, "description": null }, "function": "propose_solution", "functionCanon": { "name": "Propose solution (contrarian)", "slug": "propose_solution", "status": "active", "canonId": "019de52d-185b-74e9-bdfd-ea8cf318563f", "version": 1, "description": null }, "density": "sparse", "densityScore": 15, "componentCount": 3, "textChars": 123, "nDataPoints": 0, "notes": "This is a transition or thesis slide in an activist investor presentation.", "elementsJson": [ "headline_text" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:22.875+00", "seconds": 2.429, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/20", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-20", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "1) We Believe Tripadvisor Should Explore a Sale of TheFork", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:26+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1dd-f7558f28c3ee", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.42, "x": 0.05, "y": 0.38 }, "kind": "image", "text": "TheFork", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.875+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e2a5e6e3-c703-4f28-9f8e-301c2d6c1302", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.75, "x": 0.05, "y": 0.575 }, "kind": "title", "text": "1) We Believe Tripadvisor Should Explore a Sale of TheFork", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:22.875+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "14c8f529-06c6-426b-b682-f45bbc4a4397", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "b3c73b3d-268e-4525-910e-224bd2117a3d", "evidence": "The slide uses a clear, declarative action-oriented headline to state the core recommendation.", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:10:22.875+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 20, "frameworkName": "action-titles" } ], "arcBeats": [ { "to": 24, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 11, "name": "Evidence & Proof", "beatId": "4890217c-891f-44ba-bb15-86d7bcfb0bb3", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "Slides 11-24 provide data and analysis to support the thesis.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 20, "from": 18, "loop": { "name": "39_benchmark_gap", "slug": "39-benchmark-gap", "status": "active", "bestFor": "Performance improvement, competitive analysis, target setting", "canonId": "019dd956-75a4-7522-8d1a-af94da4703e9", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "Our Performance -> Industry Average -> Best-in-Class -> The Gap = The Opportunity", "description": "Compare performance against best-in-class to quantify the opportunity", "familyLabel": null }, "matchId": "f4848a80-d932-4730-b99e-624f069a99eb", "evidence": "The presentation provides a peer benchmark analysis.", "position": 0, "objective": "How does Tripadvisor's valuation compare to its peers?", "confidence": 0.7, "extraction": { "at": "2026-07-17 03:20:28.161848+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 21, "type": "evidence", "title": "The slide uses a linear process flow to demonstrate the product's core value proposition.", "function": "illustrate_case", "rawType": "customer_journey", "block": null, "metadata": { "slideType": "customer_journey", "slideTypeCanon": { "name": "Customer journey", "slug": "customer_journey", "status": "active", "canonId": "019de52d-0966-70ce-afe3-bc7c98ffc8c9", "version": 1, "description": null }, "function": "illustrate_case", "functionCanon": { "name": "Illustrate case", "slug": "illustrate_case", "status": "active", "canonId": "019de52d-13b4-772c-bb73-1873612a7463", "version": 1, "description": null }, "density": "dense", "densityScore": 50, "componentCount": 6, "textChars": 234, "nDataPoints": 0, "notes": "The slide uses a linear process flow to demonstrate the product's core value proposition.", "elementsJson": [ "headline_text", "screenshot", "process_diagram", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:23.619+00", "seconds": 3.122, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/21", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-21", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": { "h": 0.75, "w": 0.88, "x": 0.06, "y": 0.15 }, "kind": "framework", "text": "Linear flow of user actions", "attrs": null, "canon": { "kind": { "name": "Framework", "slug": "framework", "status": "active", "canonId": "019de52c-fa18-77c6-b10a-ccb8277ac0fa", "version": 1, "description": "Named conceptual framework instance." }, "tool": null, "subkind": { "name": "Framework instance", "slug": "instance", "status": "active", "canonId": "019de52d-05a2-72af-be0b-7edc60708a03", "version": 1, "description": null }, "framework": null }, "subkind": "instance", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:23.619+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7bcc872c-d48c-4fcd-9c7f-8652b2ad4059", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.28, "x": 0.36, "y": 0.15 }, "kind": "image", "text": "App screenshot 2: Restaurant details page", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:23.619+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "399ccd92-2a94-49e2-b452-30242566f243", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.28, "x": 0.66, "y": 0.15 }, "kind": "image", "text": "App screenshot 3: Reservation confirmation page", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:23.619+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "86cd67d9-1192-4607-a6c8-28b50b40be34", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.28, "x": 0.06, "y": 0.15 }, "kind": "image", "text": "App screenshot 1: Map view with restaurant ratings", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:23.619+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b546f226-c8cf-4c3f-b4de-964ddead05ad", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: TheFork App.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:23.619+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7dbf9acd-1fb4-43bf-ad20-5838085ec5e1", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.65, "x": 0.03, "y": 0.05 }, "kind": "title", "text": "1 TheFork Helps You Reserve Restaurants in Europe", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:23.619+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fd9c2820-951b-4f20-98a9-f9e98a98b083", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "41fe32a4-917e-4b0f-a16f-d259d7eb4fd2", "evidence": "Visual sequence of app screens showing the user flow from discovery to booking.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:10:23.619+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 21, "frameworkName": "customer-journey-map" } ], "arcBeats": [ { "to": 24, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 11, "name": "Evidence & Proof", "beatId": "4890217c-891f-44ba-bb15-86d7bcfb0bb3", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "Slides 11-24 provide data and analysis to support the thesis.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 22, "type": "resolution", "title": "The slide uses a combination of key performance indicators and a bar chart to establish market leadership and growth.", "function": "summarize", "rawType": "key_takeaways", "block": null, "metadata": { "slideType": "key_takeaways", "slideTypeCanon": { "name": "Key takeaways", "slug": "key_takeaways", "status": "active", "canonId": "019de52d-06e7-7674-a891-9f7de3b11b6d", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 88, "componentCount": 12, "textChars": 633, "nDataPoints": 7, "notes": "The slide uses a combination of key performance indicators and a bar chart to establish market leadership and growth.", "elementsJson": [ "headline_text", "subtitle_text", "icon_grid", "bar_chart_vertical", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:24.681+00", "seconds": 3.978, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/22", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-22", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": { "h": 0.1, "w": 0.25, "x": 0.52, "y": 0.28 }, "kind": "callout", "text": "Revenue growth at TheFork is accelerating this year", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:24.681+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5b95654c-fcf1-4edb-9590-a18ae2085f7e", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We believe TheFork is a highly strategic asset in a category with significant recent M&A activity", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1de-fc72996258a2", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.45, "x": 0.52, "y": 0.22 }, "kind": "chart", "text": "Revenue Over Time", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:24.681+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "05e7b574-bc0b-4461-b6f7-f97095817083", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.2, "x": 0.03, "y": 0.53 }, "kind": "metric", "text": "70M+ Diners Per Year", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": null, "subkind": { "name": "Big number", "slug": "big-number", "status": "active", "canonId": "019de52c-fc70-70c8-b965-0584548a9204", "version": 1, "description": null }, "framework": null }, "subkind": "big-number", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:24.681+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "63106c28-f96b-461e-9922-41465f8a1dc8", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.2, "x": 0.27, "y": 0.75 }, "kind": "metric", "text": "20M+ Ratings, Reviews & Photos", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": null, "subkind": { "name": "Big number", "slug": "big-number", "status": "active", "canonId": "019de52c-fc70-70c8-b965-0584548a9204", "version": 1, "description": null }, "framework": null }, "subkind": "big-number", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:24.681+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "85d0f84f-55c8-4435-8c08-22d35780e00d", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.2, "x": 0.27, "y": 0.53 }, "kind": "metric", "text": "55K+ Bookable Restaurants", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": null, "subkind": { "name": "Big number", "slug": "big-number", "status": "active", "canonId": "019de52c-fc70-70c8-b965-0584548a9204", "version": 1, "description": null }, "framework": null }, "subkind": "big-number", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:24.681+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "936aa283-2d4d-40d6-ad59-7985712628e3", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.2, "x": 0.03, "y": 0.75 }, "kind": "metric", "text": "Leader in All 11 Countries", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": null, "subkind": { "name": "Big number", "slug": "big-number", "status": "active", "canonId": "019de52c-fc70-70c8-b965-0584548a9204", "version": 1, "description": null }, "framework": null }, "subkind": "big-number", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:24.681+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "95a6655c-1a1c-4862-a475-1990a695ce3d", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Revenue: $249M", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1df-0203019ccd6e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.03, "y": 0.9 }, "kind": "paragraph", "text": "We believe TheFork is a highly strategic asset in a category with significant recent M&A activity", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:24.681+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a985b366-0c53-485b-afc2-a04eb15ebc50", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.03, "y": 0.14 }, "kind": "paragraph", "text": "TheFork is the largest restaurant review and reservation platform in the European market.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:24.681+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e3d0392c-972c-4f27-a702-31acb76eb14c", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.03, "y": 0.95 }, "kind": "source-note", "text": "Source: Company Filings, Capital IQ. Market Data as of October 17, 2025. 1) Includes intra-segment revenues.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:24.681+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "226cc42e-9162-4512-b1da-fac7977bdd40", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.75, "x": 0.03, "y": 0.07 }, "kind": "title", "text": "TheFork is the Leading European Dining Reservation Platform", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:24.681+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2535bf22-615d-415a-af2a-d15c2c3d79d9", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 24, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 11, "name": "Evidence & Proof", "beatId": "4890217c-891f-44ba-bb15-86d7bcfb0bb3", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "Slides 11-24 provide data and analysis to support the thesis.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 23, "type": "evidence", "title": "MSD likely stands for Mid-Single Digit or Multi-Single Digit, though in M&A context often implies a range. The slide uses a comparison frame to establish valuat", "function": "cite_precedent", "rawType": "precedent_table", "block": null, "metadata": { "slideType": "precedent_table", "slideTypeCanon": { "name": "Precedent table", "slug": "precedent_table", "status": "active", "canonId": "019de52d-115e-757e-a38f-486981054171", "version": 1, "description": null }, "function": "cite_precedent", "functionCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-142b-714b-86d4-58aad7b568ec", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 75, "componentCount": 6, "textChars": 654, "nDataPoints": 9, "notes": "MSD likely stands for Mid-Single Digit or Multi-Single Digit, though in M&A context often implies a range. The slide uses a comparison frame to establish valuation benchmarks.", "elementsJson": [ "headline_text", "subtitle_text", "comparison_table", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:23.586+00", "seconds": 2.594, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/23", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-23", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.94, "x": 0.03, "y": 0.86 }, "kind": "callout", "text": "We believe TheFork would attract significant strategic interest", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:23.586+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "39461da2-bb81-4ddc-aa97-3082e3e95d82", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Est. Forward Revenue Multiple: 10x+", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1df-217987265eb3", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.03, "y": 0.14 }, "kind": "paragraph", "text": "There are numerous peers to TheFork that have been acquired at a premium multiple.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:23.586+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3f876b7f-86c8-4c7b-9c83-ddfd50e84e97", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.94, "x": 0.03, "y": 0.94 }, "kind": "source-note", "text": "Source: Company Filings, Wall Street Analyst Estimates. Note: The peer companies identified here reflect Starboard's assessment of what firms can be reasonably considered TheFork's peers in the dining reservation industry. However, this analysis contains elements of subjectivity and the comparisons made herein may differ materially if other firms had been included.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:23.586+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4c517444-fe5d-4a73-870c-58974b33f736", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.94, "x": 0.03, "y": 0.22 }, "kind": "table", "text": "Summary of Select Precedent Transactions", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:23.586+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8929084a-4999-49ee-a924-5c7c13c3be33", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.85, "x": 0.03, "y": 0.07 }, "kind": "title", "text": "Dining Reservation Apps Have Been Acquired at Attractive Valuations", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:23.586+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f3628ca5-e7c7-4df0-a899-c0181dee339f", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "0f22683d-26dc-458e-9bbc-97dcc8c3d2f7", "evidence": "Comparing precedent transactions to TheFork's metrics to establish valuation potential.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:10:23.586+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 23, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 24, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 11, "name": "Evidence & Proof", "beatId": "4890217c-891f-44ba-bb15-86d7bcfb0bb3", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "Slides 11-24 provide data and analysis to support the thesis.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 24, "type": "setup", "title": "The slide uses a bar chart to compare Tripadvisor's current valuation multiple against a pro forma scenario and a set of online travel and marketplace peers.", "function": "show_valuation_bridge", "rawType": "valuation_reveal", "block": null, "metadata": { "slideType": "valuation_reveal", "slideTypeCanon": { "name": "Valuation reveal", "slug": "valuation_reveal", "status": "active", "canonId": "019de52d-11ad-7735-8b3c-1701af31f382", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 84, "componentCount": 7, "textChars": 797, "nDataPoints": 11, "notes": "The slide uses a bar chart to compare Tripadvisor's current valuation multiple against a pro forma scenario and a set of online travel and marketplace peers.", "elementsJson": [ "headline_text", "paragraph", "bar_chart_vertical", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:24.253+00", "seconds": 2.985, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/24", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-24", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "If we illustratively assume TheFork is sold at 5x CY26E revenue, similar to peer transactions, it would imply Tripadvisor trades at just ~4.5x EBITDA on a pro forma basis, an even larger discount to peers", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1df-3a0b754e2048", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.95, "x": 0.03, "y": 0.35 }, "kind": "chart", "text": "Enterprise Value / CY2026E EBITDA", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:24.253+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3b8f3730-353e-4824-89bd-9af8f11ad27b", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Enterprise Value / CY2026E EBITDA: 4.5x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:27+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1df-3d95bf1bb5e9", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.03, "y": 0.13 }, "kind": "paragraph", "text": "We believe TheFork, the most easily separable and least-integrated of the three businesses, could be sold at an attractive multiple.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:24.253+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5aade142-70b6-41d6-9936-19b9e4ffbc1e", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0, "y": 0.94 }, "kind": "source-note", "text": "Source: Capital IQ. Market Data as of October 17, 2025. Note: The peer companies identified here reflect Starboard's assessment of what firms can be reasonably considered Tripadvisor's peers in the online travel and online marketplace industries.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:24.253+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7157526a-e473-40bc-8315-7b324bcdce04", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 1, "x": 0, "y": 0.89 }, "kind": "title", "text": "We believe TheFork could be sold at a premium multiple to where Tripadvisor trades today", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:24.253+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5e6116cf-5712-48aa-8ba0-a958e7865246", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.6, "x": 0.03, "y": 0.07 }, "kind": "title", "text": "We Believe Tripadvisor Should Explore a Sale of TheFork", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:24.253+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "41dc7123-c883-438a-9381-23eaccce7046", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "10f89f67-c759-4c1a-a846-262d98f73998", "evidence": "The slide illustrates the impact of a hypothetical divestiture on the company's valuation multiple relative to peers.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:10:24.253+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 24, "frameworkName": "valuation-bridge" } ], "arcBeats": [ { "to": 24, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 11, "name": "Evidence & Proof", "beatId": "4890217c-891f-44ba-bb15-86d7bcfb0bb3", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Evidence & Proof", "slug": "consultants-gambit-evidence-proof", "status": "active", "canonId": "019dd9b8-07b1-7688-8e1e-7637fec3802a", "version": 1, "description": null }, "evidence": "Slides 11-24 provide data and analysis to support the thesis.", "position": 2, "isPrimaryArc": true, "parentBeatType": { "name": "Evidence", "slug": "evidence", "status": "active", "canonId": "019dd9b8-03f9-772a-b84a-4f07b415b77a", "version": 1, "description": "A dedicated proof beat exists in only ~4 arcs (Gambit, Sequoia, AIDA, Monroes). Other arcs embed evidence inline within development." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 25, "type": "setup", "function": "transition", "rawType": "transition", "block": null, "metadata": { "slideType": "transition", "slideTypeCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-0693-7766-9f05-887f41f8e41e", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 15, "componentCount": 3, "textChars": 130, "nDataPoints": 0, "notes": null, "elementsJson": [ "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:23.391+00", "seconds": 2.098, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/25", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-25", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "2) We Believe Viator’s Performance Should Meaningfully Improve", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1df-8dea6431bd08", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.85, "x": 0.34, "y": 0.575 }, "kind": "title", "text": "2) We Believe Viator’s Performance Should Meaningfully Improve", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:23.391+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "07a14e87-2f23-44c4-89eb-c08e0b3584c6", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.36, "x": 0.34, "y": 0.385 }, "kind": "title", "text": "viator", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:23.391+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "434102ce-b65c-4dbd-99e4-9976c8984057", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 33, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 25, "name": "Solution & Approach", "beatId": "36b1e1d9-4ddf-4c49-a605-b521ff49f25b", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Solution & Approach", "slug": "consultants-gambit-solution-approach", "status": "active", "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9", "version": 1, "description": null }, "evidence": "Slides 25-33 outline potential solutions, including exploring a sale of TheFork and improving Viator's financial profile.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 26, "type": "evidence", "title": "The slide uses screenshots to demonstrate the user flow.", "function": "illustrate_case", "rawType": "customer_journey", "block": null, "metadata": { "slideType": "customer_journey", "slideTypeCanon": { "name": "Customer journey", "slug": "customer_journey", "status": "active", "canonId": "019de52d-0966-70ce-afe3-bc7c98ffc8c9", "version": 1, "description": null }, "function": "illustrate_case", "functionCanon": { "name": "Illustrate case", "slug": "illustrate_case", "status": "active", "canonId": "019de52d-13b4-772c-bb73-1873612a7463", "version": 1, "description": null }, "density": "balanced", "densityScore": 43, "componentCount": 5, "textChars": 155, "nDataPoints": 6, "notes": "The slide uses screenshots to demonstrate the user flow.", "elementsJson": [ "headline_text", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:26.393+00", "seconds": 5.063, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/26", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-26", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": { "h": 0.75, "w": 0.28, "x": 0.36, "y": 0.15 }, "kind": "image", "text": "Product detail screen", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:26.393+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "18c700c4-f940-4fe4-90ac-ab781bf4b362", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.28, "x": 0.06, "y": 0.15 }, "kind": "image", "text": "Search results screen", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:26.393+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "240f966c-208e-4189-8c06-4243bbeff43e", "parentComponentId": null }, { "bbox": { "h": 0.75, "w": 0.28, "x": 0.66, "y": 0.15 }, "kind": "image", "text": "Availability selection screen", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:26.393+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f89a2fe4-d63e-4819-93c5-731b0a96c32b", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.1, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: Viator App.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:26.393+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d3e78f02-3e3d-47c9-acc5-a8e4107b9131", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.85, "x": 0.03, "y": 0.06 }, "kind": "title", "text": "Viator Helps You Book Tours, Activities, and Attractions Globally", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:26.393+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "92318549-9436-497e-addb-65a4f6427b13", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "89791687-3fe5-49d4-9562-07a7cb093390", "evidence": "Visual representation of the user flow through the app.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:10:26.393+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 26, "frameworkName": "customer-journey-map" } ], "arcBeats": [ { "to": 33, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 25, "name": "Solution & Approach", "beatId": "36b1e1d9-4ddf-4c49-a605-b521ff49f25b", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Solution & Approach", "slug": "consultants-gambit-solution-approach", "status": "active", "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9", "version": 1, "description": null }, "evidence": "Slides 25-33 outline potential solutions, including exploring a sale of TheFork and improving Viator's financial profile.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 27, "type": "setup", "title": "The slide uses a combination of key performance indicators and a bar chart to demonstrate market leadership and growth.", "function": "summarize", "rawType": "key_messages", "block": null, "metadata": { "slideType": "key_messages", "slideTypeCanon": { "name": "Key messages", "slug": "key_messages", "status": "active", "canonId": "019de52d-0712-703f-89f5-bda6688faf3f", "version": 1, "description": null }, "function": "summarize", "functionCanon": { "name": "Summarize", "slug": "summarize", "status": "active", "canonId": "019de52d-1541-704f-b86f-bf7b75056373", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 85, "componentCount": 11, "textChars": 528, "nDataPoints": 8, "notes": "The slide uses a combination of key performance indicators and a bar chart to demonstrate market leadership and growth.", "elementsJson": [ "headline_text", "subtitle_text", "icon_grid", "bar_chart_vertical", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:28.341+00", "seconds": 7.001, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/27", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-27", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Viator is a highly strategic asset and is the leader in the online experiences category", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1df-9c4f25074c03", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.45, "x": 0.52, "y": 0.225 }, "kind": "chart", "text": "Revenue Over Time", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:28.341+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e5967d0-06fb-450e-ade2-f5dae7d8b0cd", "parentComponentId": null }, { "bbox": { "h": 0.085, "w": 0.258, "x": 0.148, "y": 0.292 }, "kind": "image", "text": "viator", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:28.341+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ada0fe3e-ab3a-4acf-9dcf-0575e400c323", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.248, "x": 0.27, "y": 0.67 }, "kind": "metric", "text": "4,000+ Demand Partners", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": null, "subkind": { "name": "Big number", "slug": "big-number", "status": "active", "canonId": "019de52c-fc70-70c8-b965-0584548a9204", "version": 1, "description": null }, "framework": null }, "subkind": "big-number", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:28.341+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "22ed5032-8cd4-41da-8ef3-abc09ebc8b7e", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.248, "x": 0.27, "y": 0.525 }, "kind": "metric", "text": "400K Bookable Experiences #1 in the Industry", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": null, "subkind": { "name": "Big number", "slug": "big-number", "status": "active", "canonId": "019de52c-fc70-70c8-b965-0584548a9204", "version": 1, "description": null }, "framework": null }, "subkind": "big-number", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:28.341+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3dae1f10-0ead-4bf4-8406-ffebee79d12e", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.248, "x": 0.03, "y": 0.67 }, "kind": "metric", "text": "65K Operators Globally", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": null, "subkind": { "name": "Big number", "slug": "big-number", "status": "active", "canonId": "019de52c-fc70-70c8-b965-0584548a9204", "version": 1, "description": null }, "framework": null }, "subkind": "big-number", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:28.341+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b77ae178-fab5-4718-b60c-559740e82fa0", "parentComponentId": null }, { "bbox": { "h": 0.115, "w": 0.248, "x": 0.03, "y": 0.525 }, "kind": "metric", "text": "$4B+ Gross Booking Value", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": null, "subkind": { "name": "Big number", "slug": "big-number", "status": "active", "canonId": "019de52c-fc70-70c8-b965-0584548a9204", "version": 1, "description": null }, "framework": null }, "subkind": "big-number", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:28.341+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "df882d48-0b93-4bae-a5b9-8e33d53652aa", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Revenue: $1,040M", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1df-a0659922f6f0", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.3, "x": 0.01, "y": 0.95 }, "kind": "source-note", "text": "Source: Company Filings, Capital IQ. Market Data as of October 17, 2025. 1) Includes intra-segment revenues.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:28.341+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "46edc18a-6d31-43c9-8eef-be6db5fcce53", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.65, "x": 0.03, "y": 0.12 }, "kind": "subtitle", "text": "Viator is the leading online experiences platform globally, with the largest scale across all operators in the industry.", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:28.341+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d53c2c57-c5a1-45bf-97d6-31cfaeaf303f", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.75, "x": 0.03, "y": 0.06 }, "kind": "title", "text": "Viator Is A Leading Player in the Growing Experiences Category", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:28.341+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4820eb96-b861-4547-9110-00c25a32638c", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Audience Definition", "slug": "audience-definition", "status": "active", "bestFor": null, "canonId": "019dd956-7f2a-775d-aeee-ff099bcb7756", "version": 1, "bodyDocId": null, "description": "Six key questions: Who are they? What do they know? What do they believe? What do they care about? What do they fear? What decisions can they make?", "familyLabel": null, "categoryName": "Block", "categorySlug": "block" }, "agent": "Storyteller", "layer": "slide", "agents": [ "Storyteller" ], "matchId": "8f9e3c7c-b8c4-4f5a-ac2c-5d6f6e20649f", "evidence": "The slide presents key metrics and market positioning, indicating an effort to define and address the audience.", "pageRefs": null, "priority": "Core", "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-17 03:26:44.819177+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 27, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 33, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 25, "name": "Solution & Approach", "beatId": "36b1e1d9-4ddf-4c49-a605-b521ff49f25b", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Solution & Approach", "slug": "consultants-gambit-solution-approach", "status": "active", "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9", "version": 1, "description": null }, "evidence": "Slides 25-33 outline potential solutions, including exploring a sale of TheFork and improving Viator's financial profile.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 28, "type": "setup", "title": "The slide uses a direct comparison to establish market leadership.", "function": "compare_peers", "rawType": "competitive_analysis", "block": null, "metadata": { "slideType": "competitive_analysis", "slideTypeCanon": { "name": "Competitive analysis", "slug": "competitive_analysis", "status": "active", "canonId": "019de52d-093e-776b-94c6-c1573f5f1a31", "version": 1, "description": null }, "function": "compare_peers", "functionCanon": { "name": "Compare peers", "slug": "compare_peers", "status": "active", "canonId": "019de52d-1453-72ba-a367-9ba3d34c1630", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 80, "componentCount": 7, "textChars": 634, "nDataPoints": 6, "notes": "The slide uses a direct comparison to establish market leadership.", "elementsJson": [ "headline_text", "subtitle_text", "bar_chart_vertical", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:26.692+00", "seconds": 5.222, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/28", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-28", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Viator compares favorably to its closest peer, GetYourGuide, across a variety of operating metrics.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1df-f48b6510ebf1", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.9, "x": 0.05, "y": 0.25 }, "kind": "chart", "text": "Comparison of Viator and GetYourGuide across three key metrics", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Grouped bar chart", "slug": "bar-grouped", "status": "active", "canonId": "019de52c-ff3b-751e-a8ff-f21ff11097b1", "version": 1, "description": null }, "framework": null }, "subkind": "bar-grouped", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:26.692+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1c5c2866-aa13-475d-b2e8-736e7717da1c", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Gross Bookings Value: $4B+", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1df-fa41d137e254", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.55, "x": 0.04, "y": 0.12 }, "kind": "paragraph", "text": "Viator compares favorably to its closest peer, GetYourGuide, across a variety of operating metrics.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:26.692+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fb83a61b-efa3-4a5f-ac00-82410d3a3b8a", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.85, "x": 0.02, "y": 0.95 }, "kind": "source-note", "text": "Source: Company Filings, Wall Street Analyst Estimates. Note: The peer company identified here reflects Starboard's assessment of what firm can be reasonably considered Viator's peer in the online experiences industry.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:26.692+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2df501d2-dc16-4261-8bf6-77dedf6cc7a0", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 1, "x": 0, "y": 0.89 }, "kind": "title", "text": "Viator is the largest marketplace for tours, activities, and attractions", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:26.692+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fb05d823-8f3c-46e1-a773-2d72ce39a39f", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.65, "x": 0.04, "y": 0.07 }, "kind": "title", "text": "Viator is the Largest Marketplace for Experiences Globally", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:26.692+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "06c69a1c-65eb-4600-bdf6-630f77b30309", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Peer gap chart", "slug": "peer-gap", "status": "active", "bestFor": "When relative underperformance is the core argument", "canonId": "019dd9e1-54f1-775a-94a1-d5cf3bb75abf", "version": 1, "bodyDocId": "019dd9a1-8653-7748-9050-807f067196c3", "description": "A single visual that benchmarks the target against its best-in-class peers on\na single quantitative KPI — and shows the target losing. The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "94d0f359-6498-4fa7-9ad0-d4218f041a89", "evidence": "The slide highlights differences between Viator and GetYourGuide, suggesting a peer gap analysis.", "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": 0.7, "extraction": { "at": "2026-07-17 03:26:44.898279+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 28, "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 } ], "frameworks": [ { "matchId": "27f82d6e-102c-4326-aff9-14957535407b", "evidence": "Direct side-by-side comparison of key performance metrics between two competitors.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:10:26.692+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 28, "frameworkName": "comparison-frame" } ], "arcBeats": [ { "to": 33, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 25, "name": "Solution & Approach", "beatId": "36b1e1d9-4ddf-4c49-a605-b521ff49f25b", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Solution & Approach", "slug": "consultants-gambit-solution-approach", "status": "active", "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9", "version": 1, "description": null }, "evidence": "Slides 25-33 outline potential solutions, including exploring a sale of TheFork and improving Viator's financial profile.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 29, "type": "analysis", "title": "The slide uses a bar chart to contrast growth rates, supporting an activist investor's argument for operational improvement.", "function": "expose_gap", "rawType": "peer_gap", "block": null, "metadata": { "slideType": "peer_gap", "slideTypeCanon": { "name": "Peer gap", "slug": "peer_gap", "status": "active", "canonId": "019de52d-10e5-74bd-8325-9f49c945a0aa", "version": 1, "description": null }, "function": "expose_gap", "functionCanon": { "name": "Expose gap", "slug": "expose_gap", "status": "active", "canonId": "019de52d-1795-772d-8f3a-75ccfb93fe58", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 82, "componentCount": 7, "textChars": 855, "nDataPoints": 2, "notes": "The slide uses a bar chart to contrast growth rates, supporting an activist investor's argument for operational improvement.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "bar_chart_vertical" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:28.022+00", "seconds": 6.235, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/29", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-29", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.48, "x": 0.03, "y": 0.22 }, "kind": "callout", "text": "Viator Has Been Growing Slower Than Its Closest Peer...", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:28.022+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "50d4c90d-d330-4524-aea9-03eb6cfd6d29", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Viator has grown slower than GetYourGuide over the last few years...", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1df-df6dfbf8d7f3", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.25, "x": 0.22, "y": 0.25 }, "kind": "chart", "text": "FY24 Revenue Growth: Viator (14%) vs GetYourGuide (Est. 25%+)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:28.022+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6a6684eb-6b7b-42d7-a552-a5fb1af08559", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "FY24 Revenue Growth: 25%+", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1df-e3663b0b8d63", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.94, "x": 0.03, "y": 0.15 }, "kind": "paragraph", "text": "Viator is growing slower than its closest peer, GetYourGuide, despite both companies spending similar amounts on sales & marketing and having significant overlap in experiences inventory.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:28.022+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "90740e5a-7bd8-4988-b2e0-5cdb3ba4b851", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.8, "x": 0.03, "y": 0.95 }, "kind": "source-note", "text": "Source: Company Filings, Wall Street Analyst Estimates. Note: The peer company identified here reflects Starboard's assessment of what firm can be reasonably considered Viator's peer in the online experiences industry. However, this analysis contains elements of subjectivity and the comparisons made herein may differ materially if other firms had been included.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:28.022+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8fb53c37-6df4-4d2d-aa78-3979603b1712", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.94, "x": 0.03, "y": 0.03 }, "kind": "title", "text": "Despite This Strong Market Positioning, Viator Is Underperforming Its Closest Peer, GetYourGuide", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:28.022+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e4af2501-1c8e-466d-8820-857d606a9238", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Peer gap chart", "slug": "peer-gap", "status": "active", "bestFor": "When relative underperformance is the core argument", "canonId": "019dd9e1-54f1-775a-94a1-d5cf3bb75abf", "version": 1, "bodyDocId": "019dd9a1-8653-7748-9050-807f067196c3", "description": "A single visual that benchmarks the target against its best-in-class peers on\na single quantitative KPI — and shows the target losing. The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "5768da16-8cb7-433b-b918-3cc9d211145e", "evidence": "The slide directly compares Viator and GetYourGuide, highlighting performance differences.", "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": 0.9, "extraction": { "at": "2026-07-17 03:26:44.975931+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 29, "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 } ], "frameworks": [ { "matchId": "f7a0c931-6321-4f4e-b2f1-0308ee681c8d", "evidence": "Direct comparison of financial performance between two industry peers.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:10:28.022+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 29, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 33, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 25, "name": "Solution & Approach", "beatId": "36b1e1d9-4ddf-4c49-a605-b521ff49f25b", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Solution & Approach", "slug": "consultants-gambit-solution-approach", "status": "active", "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9", "version": 1, "description": null }, "evidence": "Slides 25-33 outline potential solutions, including exploring a sale of TheFork and improving Viator's financial profile.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 30, "type": "analysis", "title": "LSD likely refers to Low Single Digits.", "function": "expose_gap", "rawType": "peer_gap", "block": null, "metadata": { "slideType": "peer_gap", "slideTypeCanon": { "name": "Peer gap", "slug": "peer_gap", "status": "active", "canonId": "019de52d-10e5-74bd-8325-9f49c945a0aa", "version": 1, "description": null }, "function": "expose_gap", "functionCanon": { "name": "Expose gap", "slug": "expose_gap", "status": "active", "canonId": "019de52d-1795-772d-8f3a-75ccfb93fe58", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 81, "componentCount": 7, "textChars": 768, "nDataPoints": 4, "notes": "LSD likely refers to Low Single Digits.", "elementsJson": [ "headline_text", "subtitle_text", "bar_chart_vertical", "bar_chart_vertical", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:26.032+00", "seconds": 4.242, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/30", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-30", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": { "h": 0.05, "w": 1, "x": 0, "y": 0.88 }, "kind": "callout", "text": "We believe the current financial profile of Viator is unacceptable", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:26.032+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8aa94140-393a-4df9-bc85-a620d07ad714", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.3, "x": 0.22, "y": 0.6 }, "kind": "chart", "text": "FY24 EBITDA Margin", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:26.032+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0b049b30-dcbb-4b0f-b965-73605dd59caa", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.3, "x": 0.22, "y": 0.26 }, "kind": "chart", "text": "FY24 Revenue Growth", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:26.032+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2b9075bf-4dea-4937-8c8f-2850cff83d97", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "revenue growth: 14%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1df-c0b0b1d748cd", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.94, "x": 0.03, "y": 0.13 }, "kind": "paragraph", "text": "Viator is growing slower than its closest peer, GetYourGuide, despite both companies spending similar amounts on sales & marketing and having significant overlap in experiences inventory.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:26.032+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bbf01ba8-8ab8-437a-8bed-b39ef0270b90", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.94, "x": 0.03, "y": 0.95 }, "kind": "source-note", "text": "Source: Company Filings, Wall Street Analyst Estimates. Note: The peer company identified here reflects Starboard's assessment of what firm can be reasonably considered Viator's peer in the online experiences industry. However, this analysis contains elements of subjectivity and the comparisons made herein may differ materially if other firms had been included.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:26.032+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f3f6514e-4c9c-4653-a7f4-19f3032364d4", "parentComponentId": null }, { "bbox": { "h": 0.09, "w": 0.94, "x": 0.03, "y": 0.03 }, "kind": "title", "text": "Despite This Strong Market Positioning, Viator Is Underperforming Its Closest Peer, GetYourGuide", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:26.032+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "82ba1f9d-847b-4f8d-8005-ddf4c90bd473", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Peer gap chart", "slug": "peer-gap", "status": "active", "bestFor": "When relative underperformance is the core argument", "canonId": "019dd9e1-54f1-775a-94a1-d5cf3bb75abf", "version": 1, "bodyDocId": "019dd9a1-8653-7748-9050-807f067196c3", "description": "A single visual that benchmarks the target against its best-in-class peers on\na single quantitative KPI — and shows the target losing. The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "ca94e8ed-3a76-4586-a23a-8f35812dfa35", "evidence": "The slide presents a comparison of Viator and GetYourGuide, focusing on financial performance.", "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": 0.8, "extraction": { "at": "2026-07-17 03:26:45.056214+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 30, "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 } ], "frameworks": [ { "matchId": "8f12abce-e1be-48b8-86ae-9fb6356463ba", "evidence": "Direct comparison of two companies across two key financial metrics.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:10:26.032+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 30, "frameworkName": "comparison_frame" } ], "arcBeats": [ { "to": 33, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 25, "name": "Solution & Approach", "beatId": "36b1e1d9-4ddf-4c49-a605-b521ff49f25b", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Solution & Approach", "slug": "consultants-gambit-solution-approach", "status": "active", "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9", "version": 1, "description": null }, "evidence": "Slides 25-33 outline potential solutions, including exploring a sale of TheFork and improving Viator's financial profile.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 31, "type": "analysis", "title": "The slide uses a 'Rule of 40' framework reference to argue for better performance.", "function": "expose_gap", "rawType": "peer_gap", "block": null, "metadata": { "slideType": "peer_gap", "slideTypeCanon": { "name": "Peer gap", "slug": "peer_gap", "status": "active", "canonId": "019de52d-10e5-74bd-8325-9f49c945a0aa", "version": 1, "description": null }, "function": "expose_gap", "functionCanon": { "name": "Expose gap", "slug": "expose_gap", "status": "active", "canonId": "019de52d-1795-772d-8f3a-75ccfb93fe58", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 84, "componentCount": 8, "textChars": 726, "nDataPoints": 4, "notes": "The slide uses a 'Rule of 40' framework reference to argue for better performance.", "elementsJson": [ "headline_text", "paragraph", "bar_chart_vertical", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:24.57+00", "seconds": 2.755, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/31", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-31", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": { "h": 0.4, "w": 0.4, "x": 0.55, "y": 0.28 }, "kind": "callout", "text": "We believe Viator should grow faster and be much more profitable. Viator should be a Rule of 40 business", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:24.57+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "031356cc-b2f2-40c7-acba-19676658a371", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We believe Viator should grow faster and be much more profitable", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1df-73f890990e92", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.25, "x": 0.22, "y": 0.25 }, "kind": "chart", "text": "FY24 Revenue Growth", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:24.57+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "20d4cbbc-c3cf-44d3-abb4-8ef9668f91b3", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.25, "x": 0.22, "y": 0.6 }, "kind": "chart", "text": "FY24 EBITDA Margin", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:24.57+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f3b7fd97-2613-465c-930f-39899b04ac29", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.96, "x": 0.02, "y": 0.95 }, "kind": "disclaimer", "text": "Source: Company Filings, Wall Street Analyst Estimates. Note: The peer company identified here reflects Starboard's assessment of what firm can be reasonably considered Viator's peer in the online experiences industry.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:24.57+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6df0bcdd-9256-4ea7-ae8a-0addca9b8be3", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "revenue growth: 25%+", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1df-7799786a6103", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.14 }, "kind": "paragraph", "text": "Viator is growing slower than its closest peer, GetYourGuide, despite both companies spending similar amounts on sales & marketing and having significant overlap in experiences inventory.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:24.57+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5e5403d5-19de-4c10-bdeb-da739c84d3da", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.92, "x": 0.04, "y": 0.03 }, "kind": "title", "text": "Despite This Strong Market Positioning, Viator Is Underperforming Its Closest Peer, GetYourGuide", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:24.57+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "52a5f982-5386-4ebf-9751-9943704be796", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Peer gap chart", "slug": "peer-gap", "status": "active", "bestFor": "When relative underperformance is the core argument", "canonId": "019dd9e1-54f1-775a-94a1-d5cf3bb75abf", "version": 1, "bodyDocId": "019dd9a1-8653-7748-9050-807f067196c3", "description": "A single visual that benchmarks the target against its best-in-class peers on\na single quantitative KPI — and shows the target losing. The gap is the\npunchline.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "c8197755-2a48-446a-8b09-ac5a9b917433", "evidence": "Similar to other slides, it compares Viator and GetYourGuide, highlighting a peer gap.", "pageRefs": null, "priority": null, "whenToUse": "When relative underperformance is the core argument", "confidence": 0.8, "extraction": { "at": "2026-07-17 03:26:45.133218+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "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 } ], "frameworks": [ { "matchId": "c9bbe5d3-6921-42b9-b587-a307046087f9", "evidence": "Viator should be a Rule of 40 business", "framework": null, "confidence": 1, "extraction": { "at": "2026-05-02 21:10:24.57+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 31, "frameworkName": "Rule of 40" } ], "arcBeats": [ { "to": 33, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 25, "name": "Solution & Approach", "beatId": "36b1e1d9-4ddf-4c49-a605-b521ff49f25b", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Solution & Approach", "slug": "consultants-gambit-solution-approach", "status": "active", "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9", "version": 1, "description": null }, "evidence": "Slides 25-33 outline potential solutions, including exploring a sale of TheFork and improving Viator's financial profile.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 32, "type": "setup", "title": "The slide uses a quote from the Tripadvisor CFO to validate the investment thesis regarding margin expansion.", "function": "quantify_opportunity", "rawType": "thesis_headline", "block": null, "metadata": { "slideType": "thesis_headline", "slideTypeCanon": { "name": "Thesis headline", "slug": "thesis_headline", "status": "active", "canonId": "019de52d-073a-70cb-b9f6-772a597bb5af", "version": 1, "description": null }, "function": "quantify_opportunity", "functionCanon": { "name": "Quantify opportunity", "slug": "quantify_opportunity", "status": "active", "canonId": "019de52d-17e4-726f-aa15-83350acef1dd", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 89, "componentCount": 9, "textChars": 843, "nDataPoints": 6, "notes": "The slide uses a quote from the Tripadvisor CFO to validate the investment thesis regarding margin expansion.", "elementsJson": [ "headline_text", "subtitle_text", "bar_chart_vertical", "quote_block", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:28.915+00", "seconds": 7.063, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/32", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-32", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We believe Viator has the potential to reach OTA-like margins over the next few years", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1e0-23a5171edd7f", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.94, "x": 0.03, "y": 0.225 }, "kind": "chart", "text": "Viator Adj. EBITDA Margins Over Time", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:28.915+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "19a63d72-26d5-478e-b63a-371fb6bd4095", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Adj. EBITDA Margin: 25-30%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1e0-2b949496c606", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.4, "x": 0.04, "y": 0.275 }, "kind": "quote", "text": "…We do believe, as you mentioned, that we can achieve OTA-like margins over the longer term [at Viator].", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:28.915+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f598d577-d3d5-4e06-abd0-f8d531049236", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“...We do believe, as you mentioned, that we can achieve OTA-like margins over the longer term [at Viator].” — Tripadvisor CFO, September 2025", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1e0-2766fa1ed30d", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.5, "x": 0.03, "y": 0.95 }, "kind": "source-note", "text": "Source: Company Filings, Capital IQ. Market Data as of October 17, 2025. Note: quote is bolded and underlined for emphasis. 1) Includes corporate allocation of operating expenses.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:28.915+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "93445e69-bc9a-47f1-ac22-8de65be40a99", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.5, "x": 0.03, "y": 0.15 }, "kind": "subtitle", "text": "We believe there is a significant opportunity to improve margins at Viator.", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:28.915+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2c531a8e-b655-4571-a824-f9181ba4d046", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.94, "x": 0.03, "y": 0.9 }, "kind": "title", "text": "We believe Viator has the potential to reach OTA-like margins over the next few years", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:28.915+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bf028753-d075-4a8e-b93d-7eb771d571be", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.03, "y": 0.03 }, "kind": "title", "text": "At the Very Least, We Believe That Viator Can Significantly Improve Its Profitability to Reach OTA-Like Margins", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:28.915+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8670f90d-8552-41ef-bf31-e0bf4a8cf30d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "8481de78-e892-4563-a372-ee6040d4190f", "evidence": "Quote from Tripadvisor CFO used to validate thesis", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:10:28.915+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 32, "frameworkName": "authority-citation" } ], "arcBeats": [ { "to": 33, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 25, "name": "Solution & Approach", "beatId": "36b1e1d9-4ddf-4c49-a605-b521ff49f25b", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Solution & Approach", "slug": "consultants-gambit-solution-approach", "status": "active", "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9", "version": 1, "description": null }, "evidence": "Slides 25-33 outline potential solutions, including exploring a sale of TheFork and improving Viator's financial profile.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 33, "type": "setup", "title": "The chart highlights the potential valuation upside for Tripadvisor based on specific operational and divestiture assumptions.", "function": "show_valuation_bridge", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 76, "componentCount": 6, "textChars": 660, "nDataPoints": 11, "notes": "The chart highlights the potential valuation upside for Tripadvisor based on specific operational and divestiture assumptions.", "elementsJson": [ "headline_text", "subtitle_text", "bar_chart_vertical", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:25.005+00", "seconds": 3.149, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/33", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-33", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "If TheFork is sold at 5x CY26E revenue and Viator improves its EBITDA margins, Tripadvisor trades at just ~3.0x EBITDA on a pro forma basis", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1e0-41be37b8d055", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.94, "x": 0.03, "y": 0.22 }, "kind": "chart", "text": "Enterprise Value / CY2026E EBITDA", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:25.005+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d4ce9eb6-071c-4bea-9c14-6855dd62f297", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Enterprise Value / CY2026E EBITDA: 3.0x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1e0-4597567b6c1c", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.8, "x": 0.03, "y": 0.12 }, "kind": "paragraph", "text": "We believe Tripadvisor's valuation is compelling after factoring in a potential sale of TheFork and margin improvements at Viator.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:25.005+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4eb8b742-ff80-4e7b-add9-de3439b4b42b", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.03, "y": 0.93 }, "kind": "source-note", "text": "Source: Capital IQ. Market Data as of October 17, 2025. Note: The peer companies identified here reflect Starboard's assessment of what firms can be reasonably considered Tripadvisor's peers in the online travel and online marketplace industries.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:25.005+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "58d59022-43dc-48c0-badf-33c36b844101", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.85, "x": 0.03, "y": 0.03 }, "kind": "title", "text": "Pro Forma for Improvement at Viator, Tripadvisor is Even More Undervalued", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:25.005+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3ea40efb-0cfc-4d54-ae89-454d6d7fbffd", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 33, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 25, "name": "Solution & Approach", "beatId": "36b1e1d9-4ddf-4c49-a605-b521ff49f25b", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Solution & Approach", "slug": "consultants-gambit-solution-approach", "status": "active", "canonId": "019dd9b8-071c-7161-9184-580fdac7a4f9", "version": 1, "description": null }, "evidence": "Slides 25-33 outline potential solutions, including exploring a sale of TheFork and improving Viator's financial profile.", "position": 3, "isPrimaryArc": true, "parentBeatType": { "name": "Turn", "slug": "turn", "status": "active", "canonId": "019dd9b8-0396-702b-ac2f-9901f8dd8b54", "version": 1, "description": "The pivot — solution proposed, catalyst introduced, decision made. Common (15/20 arcs) but not universal: Triple-take, AIDA, PAS, Voyage-return and Pixar substitute it with a strong reflection or development beat." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 34, "type": "setup", "function": "transition", "rawType": "section_divider", "block": null, "metadata": { "slideType": "section_divider", "slideTypeCanon": { "name": "Section divider", "slug": "section_divider", "status": "active", "canonId": "019de52d-066a-7402-9554-6ae504999041", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 15, "componentCount": 3, "textChars": 118, "nDataPoints": 0, "notes": null, "elementsJson": [ "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:23.831+00", "seconds": 1.956, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/34", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-34", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "3) We Believe Brand Tripadvisor Must Be Transformed", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:28+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1e0-1382a214e3e8", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.45, "x": 0.03, "y": 0.38 }, "kind": "image", "text": "Tripadvisor logo", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:23.831+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4c1979e4-b96a-4504-844a-40326ef81608", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.03, "y": 0.575 }, "kind": "title", "text": "3) We Believe Brand Tripadvisor Must Be Transformed", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:23.831+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a6a36cd4-d451-4018-bd1b-5105a494f863", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Section divider", "slug": "section-divider", "status": "active", "bestFor": null, "canonId": "019dd9e1-4c66-707d-8d1f-6e14547134c7", "version": 1, "bodyDocId": null, "description": "A transitional slide marking the start of a new section.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "84d8bc28-f480-4e37-acb4-3758e6ef2eb5", "evidence": "The slide is titled as a section divider, clearly separating content sections.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.9, "extraction": { "at": "2026-07-17 03:26:45.293572+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 34, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 44, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 34, "name": "Impact & Next Steps", "beatId": "65b63574-f9bd-4059-9662-6e2939e550da", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "Slides 34-44 discuss the potential impact and next steps, including Tripadvisor's strategic value and attractiveness as an acquisition target.", "position": 4, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 35, "type": "setup", "title": "The slide uses a mix of qualitative brand highlights and quantitative performance data.", "function": "establish_context", "rawType": "key_messages", "block": null, "metadata": { "slideType": "key_messages", "slideTypeCanon": { "name": "Key messages", "slug": "key_messages", "status": "active", "canonId": "019de52d-0712-703f-89f5-bda6688faf3f", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 84, "componentCount": 10, "textChars": 503, "nDataPoints": 9, "notes": "The slide uses a mix of qualitative brand highlights and quantitative performance data.", "elementsJson": [ "headline_text", "subtitle_text", "icon_grid", "bar_chart_vertical", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:25.541+00", "seconds": 3.333, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/35", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-35", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.41, "x": 0.54, "y": 0.25 }, "kind": "callout", "text": "Brand Tripadvisor revenue has been declining modestly", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:25.541+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bd056894-9991-4883-8611-8a52583f06f4", "parentComponentId": null }, { "bbox": { "h": 0.6, "w": 0.45, "x": 0.52, "y": 0.225 }, "kind": "chart", "text": "Revenue Over Time", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:25.541+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0ca2fb60-0703-4f87-90eb-efeca618fd08", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.22, "x": 0.27, "y": 0.71 }, "kind": "metric", "text": "1B+ Reviews & Opinions", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": null, "subkind": { "name": "Big number", "slug": "big-number", "status": "active", "canonId": "019de52c-fc70-70c8-b965-0584548a9204", "version": 1, "description": null }, "framework": null }, "subkind": "big-number", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:25.541+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1208d1ba-c0bd-4ee2-a616-defcbc012f54", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.22, "x": 0.03, "y": 0.525 }, "kind": "metric", "text": "300M Monthly Unique Users", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": null, "subkind": { "name": "Big number", "slug": "big-number", "status": "active", "canonId": "019de52c-fc70-70c8-b965-0584548a9204", "version": 1, "description": null }, "framework": null }, "subkind": "big-number", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:25.541+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1a10c67c-180a-4a5c-bfd2-55cc35ddf299", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.22, "x": 0.27, "y": 0.525 }, "kind": "metric", "text": "40+ Global Markets Served", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": null, "subkind": { "name": "Big number", "slug": "big-number", "status": "active", "canonId": "019de52c-fc70-70c8-b965-0584548a9204", "version": 1, "description": null }, "framework": null }, "subkind": "big-number", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:25.541+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1e00a39c-8914-429d-86cb-dd1093ae2e6e", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.22, "x": 0.03, "y": 0.71 }, "kind": "metric", "text": "100M+ Active Members", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": null, "subkind": { "name": "Big number", "slug": "big-number", "status": "active", "canonId": "019de52c-fc70-70c8-b965-0584548a9204", "version": 1, "description": null }, "framework": null }, "subkind": "big-number", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:25.541+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "505033b8-6d2c-4996-83a6-8ad20ee34640", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Revenue: $911M", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1e0-ac80207141f3", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.94, "x": 0.03, "y": 0.13 }, "kind": "paragraph", "text": "Brand Tripadvisor is a durable asset that is difficult to replicate with a trusted brand, authentic user-generated content, and large global audience.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:25.541+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b05e0dc9-a413-46cb-9f6b-3c7672896542", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.4, "x": 0.03, "y": 0.95 }, "kind": "source-note", "text": "Source: Company Filings, Capital IQ. Market Data as of October 17, 2025. 1) Includes intra-segment revenues.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:25.541+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b3940d7b-a818-439e-86a9-f77d33517118", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.94, "x": 0.03, "y": 0.06 }, "kind": "title", "text": "Brand Tripadvisor Is a Unique, Trusted, Scaled Online Travel Platform", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:25.541+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2df15ad4-5189-42fc-9689-c4f1b5a3107d", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 44, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 34, "name": "Impact & Next Steps", "beatId": "65b63574-f9bd-4059-9662-6e2939e550da", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "Slides 34-44 discuss the potential impact and next steps, including Tripadvisor's strategic value and attractiveness as an acquisition target.", "position": 4, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 36, "type": "resolution", "title": "The chart highlights Tripadvisor with a green dashed border to distinguish it from other general web domains.", "function": "analyze_data", "rawType": "key_takeaways", "block": null, "metadata": { "slideType": "key_takeaways", "slideTypeCanon": { "name": "Key takeaways", "slug": "key_takeaways", "status": "active", "canonId": "019de52d-06e7-7674-a891-9f7de3b11b6d", "version": 1, "description": null }, "function": "analyze_data", "functionCanon": { "name": "Analyze data", "slug": "analyze_data", "status": "active", "canonId": "019de52d-1590-7413-8c82-cc218cff40b4", "version": 1, "description": null }, "density": "dense", "densityScore": 69, "componentCount": 6, "textChars": 443, "nDataPoints": 10, "notes": "The chart highlights Tripadvisor with a green dashed border to distinguish it from other general web domains.", "elementsJson": [ "headline_text", "subtitle_text", "bar_chart_vertical", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:28.259+00", "seconds": 5.752, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/36", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-36", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": { "h": 0.04, "w": 0.94, "x": 0.03, "y": 0.89 }, "kind": "callout", "text": "As the single most cited source for travel data, we believe Tripadvisor has an opportunity to monetize its unique dataset of user-generated content", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:28.259+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bc106278-d7a2-4196-b801-7ae645391006", "parentComponentId": null }, { "bbox": { "h": 0.62, "w": 0.94, "x": 0.03, "y": 0.22 }, "kind": "chart", "text": "Top 10 Web Domains Cited by LLMs (as of June 2025)", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:28.259+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ca4a8bff-945b-48ee-8781-ab8771822cc6", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "LLM citation frequency: 12%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1e0-683fde3662bc", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.06, "x": 0.03, "y": 0.97 }, "kind": "source-note", "text": "Source: Semrush.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:28.259+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "15c5b8b7-92ba-4c20-a17f-abfc410ef1e0", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.94, "x": 0.03, "y": 0.14 }, "kind": "subtitle", "text": "Brand Tripadvisor is one of the most cited web domains across large language models (“LLMs”) and is the single most cited source for travel data.", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:28.259+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "472f2113-97d0-4427-8799-ed846ad0e975", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.75, "x": 0.03, "y": 0.07 }, "kind": "title", "text": "Brand Tripadvisor is the Most Cited Travel Website by LLMs", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:28.259+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "20daefbd-f682-41ae-907f-0050aa3f7d2b", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 44, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 34, "name": "Impact & Next Steps", "beatId": "65b63574-f9bd-4059-9662-6e2939e550da", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "Slides 34-44 discuss the potential impact and next steps, including Tripadvisor's strategic value and attractiveness as an acquisition target.", "position": 4, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 37, "type": "setup", "title": "The slide uses screenshots of OpenAI announcements to validate the partnership claim.", "function": "establish_context", "rawType": "key_messages", "block": null, "metadata": { "slideType": "key_messages", "slideTypeCanon": { "name": "Key messages", "slug": "key_messages", "status": "active", "canonId": "019de52d-0712-703f-89f5-bda6688faf3f", "version": 1, "description": null }, "function": "establish_context", "functionCanon": { "name": "Establish context", "slug": "establish_context", "status": "active", "canonId": "019de52d-1314-74e6-9074-d213dc0bdcdf", "version": 1, "description": null }, "density": "dense", "densityScore": 66, "componentCount": 7, "textChars": 416, "nDataPoints": 0, "notes": "The slide uses screenshots of OpenAI announcements to validate the partnership claim.", "elementsJson": [ "headline_text", "subtitle_text", "screenshot", "logo_grid", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:27.734+00", "seconds": 4.989, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/37", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-37", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Tripadvisor has been a partner across multiple OpenAI product launches", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1e0-8220aff16b8f", "parentComponentId": null }, { "bbox": { "h": 0.46, "w": 0.42, "x": 0.07, "y": 0.34 }, "kind": "image", "text": "OpenAI Operator Launch screenshot", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:27.734+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2539d200-8ca2-4757-aa4b-9fbb28999bf4", "parentComponentId": null }, { "bbox": { "h": 0.46, "w": 0.42, "x": 0.52, "y": 0.34 }, "kind": "image", "text": "OpenAI DevDay Apps in ChatGPT screenshot", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:27.734+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5fc1aa98-be48-470f-adbf-08314f1804f1", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.6, "x": 0.03, "y": 0.13 }, "kind": "paragraph", "text": "Brand Tripadvisor is already a partner with the leading consumer AI platform today.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:27.734+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "68aa8b69-b84e-4eb2-b3dc-0bdff2da7555", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.01, "y": 0.97 }, "kind": "source-note", "text": "Source: OpenAI Press Releases.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:27.734+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dcd00d74-0394-4c01-b357-3f11ab581a47", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.9, "x": 0.05, "y": 0.89 }, "kind": "title", "text": "Tripadvisor has been a partner across multiple OpenAI product launches", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:27.734+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1b2ae3fb-817d-4087-b4f5-9d4d6f61afba", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.03, "y": 0.03 }, "kind": "title", "text": "Tripadvisor Is Already a Partner to OpenAI for both ChatGPT and its Agentic Tool, Operator", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:27.734+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d9b484c1-efbe-4033-bff0-9e960ea558cb", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Storytelling: audience calibration", "slug": "audience", "status": "active", "bestFor": null, "canonId": "019df269-23ea-723a-87c0-af1d78d702d2", "version": 1, "bodyDocId": "019df269-23c5-72ec-8b94-78fc1da7b656", "description": "The same thesis, written for four different audiences, produces four", "familyLabel": "narrative-block", "categoryName": "Narrative & Transformation", "categorySlug": "narrative-transformation" }, "agent": "storyteller", "layer": "slide", "agents": [ "storyteller" ], "matchId": "97347315-e8f0-425a-afa2-ad2aa927eb0c", "evidence": "Brand Tripadvisor is already a partner with the leading consumer AI platform today.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 22:50:01.76576+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 37, "whyItWorks": null, "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [], "arcBeats": [ { "to": 44, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 34, "name": "Impact & Next Steps", "beatId": "65b63574-f9bd-4059-9662-6e2939e550da", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "Slides 34-44 discuss the potential impact and next steps, including Tripadvisor's strategic value and attractiveness as an acquisition target.", "position": 4, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 38, "type": "analysis", "title": "The slide uses two bar charts to contrast margin decline with expense growth.", "function": "diagnose_problem", "rawType": "thesis_headline", "block": null, "metadata": { "slideType": "thesis_headline", "slideTypeCanon": { "name": "Thesis headline", "slug": "thesis_headline", "status": "active", "canonId": "019de52d-073a-70cb-b9f6-772a597bb5af", "version": 1, "description": null }, "function": "diagnose_problem", "functionCanon": { "name": "Diagnose problem", "slug": "diagnose_problem", "status": "active", "canonId": "019de52d-176d-761f-b608-cf52262d2ab2", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 78, "componentCount": 7, "textChars": 540, "nDataPoints": 8, "notes": "The slide uses two bar charts to contrast margin decline with expense growth.", "elementsJson": [ "headline_text", "subtitle_text", "bar_chart_vertical", "callout_box", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:25.471+00", "seconds": 2.714, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/38", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-38", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": { "h": 0.05, "w": 1, "x": 0, "y": 0.9 }, "kind": "callout", "text": "We believe that Brand Tripadvisor should be more profitable", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:25.471+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b38ad868-400b-4c9c-a57a-3cafe99e2218", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.45, "x": 0.03, "y": 0.25 }, "kind": "chart", "text": "Brand Tripadvisor Margins Have Declined in Recent Years", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:25.471+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1a40409d-9d98-4513-b7a8-5254501d929f", "parentComponentId": null }, { "bbox": { "h": 0.5, "w": 0.45, "x": 0.52, "y": 0.25 }, "kind": "chart", "text": "We Believe Personnel Expense is the Single Largest Cost Opportunity", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:25.471+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ee144aeb-7dc9-413e-bafe-d381b022f123", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "operating margin: 36%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1e0-cf78f122d2fc", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.8, "x": 0.03, "y": 0.14 }, "kind": "paragraph", "text": "We believe there is a substantial cost savings opportunity at Brand Tripadvisor, especially if revenue growth does not accelerate.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:25.471+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a25766a7-d5ef-4bdd-beec-535c1ca4a965", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.03, "y": 0.96 }, "kind": "source-note", "text": "Source: Company Filings, Capital IQ. Market Data as of October 17, 2025. 1) Includes corporate allocation of operating expenses.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:25.471+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "14d7603b-5319-493a-a662-a3980f0bf362", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.03, "y": 0.03 }, "kind": "title", "text": "Brand Tripadvisor Must Be More Profitable, Especially if Growth Does Not Improve", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:25.471+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d2f6aa58-8408-42d2-b898-90767464b131", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 44, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 34, "name": "Impact & Next Steps", "beatId": "65b63574-f9bd-4059-9662-6e2939e550da", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "Slides 34-44 discuss the potential impact and next steps, including Tripadvisor's strategic value and attractiveness as an acquisition target.", "position": 4, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 39, "type": "evidence", "title": "Uses news headlines as social proof/precedent for a business strategy.", "function": "cite_precedent", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "cite_precedent", "functionCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-142b-714b-86d4-58aad7b568ec", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 88, "componentCount": 9, "textChars": 877, "nDataPoints": 3, "notes": "Uses news headlines as social proof/precedent for a business strategy.", "elementsJson": [ "headline_text", "subtitle_text", "callout_box", "screenshot" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:29.435+00", "seconds": 6.652, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/39", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-39", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": { "h": 0.06, "w": 1, "x": 0, "y": 0.89 }, "kind": "callout", "text": "We believe Tripadvisor's data could also be monetized through more significant licensing agreements", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:29.435+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c4a59480-fe65-4ddb-9f8a-5c6796448399", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "We believe Tripadvisor’s data could also be monetized through more significant licensing agreements", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1e0-e49de6a4740b", "parentComponentId": null }, { "bbox": { "h": 0.146, "w": 0.456, "x": 0.262, "y": 0.283 }, "kind": "image", "text": "Google strikes $60 million deal with Reddit", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:29.435+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1776809e-4398-4e11-a038-349097372eea", "parentComponentId": null }, { "bbox": { "h": 0.146, "w": 0.456, "x": 0.262, "y": 0.69 }, "kind": "image", "text": "OpenAI may pay Reddit $70M for licensing deal", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:29.435+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a5f5b319-5384-4a6c-a15b-3f4b84e5e861", "parentComponentId": null }, { "bbox": { "h": 0.146, "w": 0.456, "x": 0.262, "y": 0.461 }, "kind": "image", "text": "News Corp Inks OpenAI Licensing Deal Potentially Worth More Than $250 Million", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:29.435+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c4b717dc-de88-4201-a566-9268ce47db11", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Google strikes $60 million deal with Reddit, allowing search giant to train AI models on human posts — MoneyWatch. News Corp Inks OpenAI Licensing Deal Potentially Worth More Than $250 Million — News Corp. OpenAI may pay Reddit $70M for licensing deal — Search Engine Land.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:29+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1e0-eb5fb91985e1", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.01, "y": 0.975 }, "kind": "source-note", "text": "Source: CBS MoneyWatch, Variety, Search Engine Land.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:29.435+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ce11747f-c48f-4358-a9a7-481d4694ad95", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.75, "x": 0.03, "y": 0.13 }, "kind": "subtitle", "text": "Brand Tripadvisor has one of the most valuable sets of consumer travel data that could be licensed to various AI partners.", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:29.435+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dfe265e6-4221-4255-a1a0-bb5cc1d6e41b", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.85, "x": 0.03, "y": 0.06 }, "kind": "title", "text": "3 Tripadvisor's Incredibly Valuable Dataset Could Also Be Monetized", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:29.435+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "209f359c-8338-47b6-bfa2-2f4454fb8562", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "034503f4-f671-42c1-b3c1-502fa053aab3", "evidence": "Citing industry news headlines to validate a business thesis.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:10:29.435+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 39, "frameworkName": "authority-citation" } ], "arcBeats": [ { "to": 44, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 34, "name": "Impact & Next Steps", "beatId": "65b63574-f9bd-4059-9662-6e2939e550da", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "Slides 34-44 discuss the potential impact and next steps, including Tripadvisor's strategic value and attractiveness as an acquisition target.", "position": 4, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 40, "type": "setup", "title": "The chart uses a waterfall-style logic to show the impact of specific strategic actions on the valuation multiple.", "function": "show_valuation_bridge", "rawType": "valuation_reveal", "block": null, "metadata": { "slideType": "valuation_reveal", "slideTypeCanon": { "name": "Valuation reveal", "slug": "valuation_reveal", "status": "active", "canonId": "019de52d-11ad-7735-8b3c-1701af31f382", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 84, "componentCount": 7, "textChars": 834, "nDataPoints": 11, "notes": "The chart uses a waterfall-style logic to show the impact of specific strategic actions on the valuation multiple.", "elementsJson": [ "headline_text", "subtitle_text", "bar_chart_vertical", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:26.025+00", "seconds": 2.94, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/40", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-40", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Assuming TheFork gets sold at 5x CY26E revenue, Viator improves margins, and Brand Tripadvisor stabilizes growth and/or improves margins, the PF Company trades at just 2.5x EBITDA!", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:30+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1e1-1855230ef8d5", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.9, "x": 0.05, "y": 0.25 }, "kind": "chart", "text": "Enterprise Value / CY2026E EBITDA", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:26.025+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2f5472f3-f554-483c-b88f-ac36abd1c513", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Enterprise Value / CY2026E EBITDA: 2.5x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:30+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1e1-1e5ff3e3c268", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.14 }, "kind": "paragraph", "text": "We believe Tripadvisor’s valuation is compelling after factoring in a potential sale of TheFork, improvements at Viator, and a revitalization of Brand Tripadvisor.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:26.025+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "29f298bb-5b67-4c9f-a97e-0a5412300b2d", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.92, "x": 0.04, "y": 0.93 }, "kind": "source-note", "text": "Source: Capital IQ. Market Data as of October 17, 2025. Note: The peer companies identified here reflect Starboard's assessment of what firms can be reasonably considered Tripadvisor's peers in the online travel and online marketplace industries.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:26.025+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6ba8368f-0035-4883-9b97-b28ce4143952", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.92, "x": 0.04, "y": 0.89 }, "kind": "title", "text": "We believe Brand Tripadvisor has the potential to meaningfully improve its financial profile", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Action title", "slug": "action-title", "status": "active", "canonId": "019de52c-fb31-734c-a0f5-a3935b73135d", "version": 1, "description": null }, "framework": null }, "subkind": "action-title", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:26.025+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f262eb37-db9a-43db-be2d-484135b518a0", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.92, "x": 0.04, "y": 0.03 }, "kind": "title", "text": "Revitalizing Brand Tripadvisor Makes Tripadvisor’s Valuation Even More Compelling", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:26.025+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4f3cb373-f396-4e4e-8e31-5528e014f377", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "487b87bd-4270-4ac1-9cdd-bed5485c60e5", "evidence": "The chart shows a step-by-step reduction in valuation multiple based on specific strategic assumptions.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:10:26.025+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 40, "frameworkName": "waterfall-bridge" } ], "arcBeats": [ { "to": 44, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 34, "name": "Impact & Next Steps", "beatId": "65b63574-f9bd-4059-9662-6e2939e550da", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "Slides 34-44 discuss the potential impact and next steps, including Tripadvisor's strategic value and attractiveness as an acquisition target.", "position": 4, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 41, "type": "setup", "function": "transition", "rawType": "transition", "block": null, "metadata": { "slideType": "transition", "slideTypeCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-0693-7766-9f05-887f41f8e41e", "version": 1, "description": null }, "function": "transition", "functionCanon": { "name": "Transition", "slug": "transition", "status": "active", "canonId": "019de52d-1365-7149-92aa-66df859e75fd", "version": 1, "description": null }, "density": "sparse", "densityScore": 1, "componentCount": 1, "textChars": 20, "nDataPoints": 0, "notes": null, "elementsJson": [], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:25.088+00", "seconds": 1.96, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/41", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-41", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": { "h": 0.05, "w": 0.281, "x": 0.038, "y": 0.475 }, "kind": "title", "text": "To Top It All Off...", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:25.088+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "dcca80ef-e598-4646-a2c1-5fa4d9177aba", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 44, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 34, "name": "Impact & Next Steps", "beatId": "65b63574-f9bd-4059-9662-6e2939e550da", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "Slides 34-44 discuss the potential impact and next steps, including Tripadvisor's strategic value and attractiveness as an acquisition target.", "position": 4, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 42, "type": "evidence", "title": "Uses news headlines as social proof/precedent for valuation and market interest.", "function": "cite_precedent", "rawType": "thesis_headline", "block": null, "metadata": { "slideType": "thesis_headline", "slideTypeCanon": { "name": "Thesis headline", "slug": "thesis_headline", "status": "active", "canonId": "019de52d-073a-70cb-b9f6-772a597bb5af", "version": 1, "description": null }, "function": "cite_precedent", "functionCanon": { "name": "Cite precedent", "slug": "cite_precedent", "status": "active", "canonId": "019de52d-142b-714b-86d4-58aad7b568ec", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 78, "componentCount": 7, "textChars": 627, "nDataPoints": 2, "notes": "Uses news headlines as social proof/precedent for valuation and market interest.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "screenshot" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:26.464+00", "seconds": 3.218, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/42", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-42", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "We believe there would be multiple parties interested in purchasing Tripadvisor", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:32+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb97-7552-b55c-61242859920f", "parentComponentId": null }, { "bbox": { "h": 0.45, "w": 0.84, "x": 0.08, "y": 0.35 }, "kind": "image", "text": "News headlines regarding Tripadvisor takeover interest", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:26.464+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4f35395b-04af-49e2-859d-e0c385436c5f", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "acquisition price: $18-19", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:32+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb97-7552-b55c-6925c5e655c5", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "REJECTED TAKEOVER OFFER OF $18-$19/ SHARE FROM UNDISCLOSED STRATEGIC BIDDER", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:32+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb97-7552-b55c-667a7d643871", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Public News Articles, Wall Street Research Reports.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:26.464+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c3417c38-2af2-4060-8cb6-7be56bbfdf72", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.9, "x": 0.05, "y": 0.15 }, "kind": "subtitle", "text": "We believe there would be meaningful interest in an acquisition of Tripadvisor by strategics and/or financial sponsors, with an acquisition offer of $18-19 per share for the entire company submitted as recently as January 2025.", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:26.464+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "d7d2e649-c4c0-41b2-b05f-8a7e1a98bd77", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.9, "x": 0.05, "y": 0.05 }, "kind": "title", "text": "...We Also Believe Tripadvisor Has Significant Strategic Value and Would Be an Attractive Acquisition Target", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:26.464+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "21504c3a-15dc-4b99-88f1-b096b367805c", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "5d8e243c-f73a-44c2-88b6-eff38814dfc3", "evidence": "Uses news headlines to validate the thesis of acquisition interest.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:10:26.464+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 42, "frameworkName": "authority-citation" } ], "arcBeats": [ { "to": 44, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 34, "name": "Impact & Next Steps", "beatId": "65b63574-f9bd-4059-9662-6e2939e550da", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "Slides 34-44 discuss the potential impact and next steps, including Tripadvisor's strategic value and attractiveness as an acquisition target.", "position": 4, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 43, "type": "setup", "title": "The slide uses a waterfall-style logic to show multiple compression based on hypothetical business improvements and asset sales.", "function": "show_valuation_bridge", "rawType": "valuation_reveal", "block": null, "metadata": { "slideType": "valuation_reveal", "slideTypeCanon": { "name": "Valuation reveal", "slug": "valuation_reveal", "status": "active", "canonId": "019de52d-11ad-7735-8b3c-1701af31f382", "version": 1, "description": null }, "function": "show_valuation_bridge", "functionCanon": { "name": "Show valuation bridge", "slug": "show_valuation_bridge", "status": "active", "canonId": "019de52d-1883-716e-9dec-4981e70b840a", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 77, "componentCount": 6, "textChars": 752, "nDataPoints": 11, "notes": "The slide uses a waterfall-style logic to show multiple compression based on hypothetical business improvements and asset sales.", "elementsJson": [ "headline_text", "subtitle_text", "bar_chart_vertical", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:26.629+00", "seconds": 3.371, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/43", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-43", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.28 }, "kind": "callout", "text": "Assuming TheFork gets sold at 5x CY26E revenue, Viator improves margins, and Brand Tripadvisor stabilizes growth and/or improves margins, the PF Company trades at just 2.5x EBITDA!", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:26.629+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4f1761f6-9bce-498f-90ba-0da3dacd0f97", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.92, "x": 0.04, "y": 0.22 }, "kind": "chart", "text": "Enterprise Value / CY2026E EBITDA", "attrs": null, "canon": { "kind": { "name": "Chart", "slug": "chart", "status": "active", "canonId": "019de52c-f9a0-76ef-adc6-0b859109d1f8", "version": 1, "description": "Quantitative chart." }, "tool": null, "subkind": { "name": "Vertical bar chart", "slug": "bar-vertical", "status": "active", "canonId": "019de52c-fe9d-70f2-b3b7-a9ae294f5917", "version": 1, "description": null }, "framework": null }, "subkind": "bar-vertical", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:26.629+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3902b689-47d7-42ab-aa75-8489f84f3d06", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Enterprise Value / CY2026E EBITDA: 2.5x", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 23:02:30+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-fb96-7553-b1e1-01b947406c93", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.92, "x": 0.04, "y": 0.94 }, "kind": "source-note", "text": "Source: Capital IQ. Market Data as of October 17, 2025. Note: The peer companies identified here reflect Starboard's assessment of what firms can be reasonably considered Tripadvisor's peers in the online travel and online marketplace industries.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:26.629+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "854d14c0-f717-4d2d-b4e0-b12640c9f37a", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.92, "x": 0.04, "y": 0.11 }, "kind": "subtitle", "text": "We believe Tripadvisor is an attractive investment owing to its compelling valuation for a Company that is growing and strategically valuable, and for a business that has multiple avenues to unlock value.", "attrs": null, "canon": { "kind": { "name": "Subtitle", "slug": "subtitle", "status": "active", "canonId": "82d821ee-2793-42e7-8f16-c6131385a3ce", "version": 1, "description": "Header-zone supporting text near the title (= ex body.description with bbox)." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:26.629+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "873e735b-5797-44eb-aee4-01553a269894", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.04, "y": 0.04 }, "kind": "title", "text": "We Are Excited About Our Investment in Tripadvisor", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:26.629+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ef930456-2f3e-4f6a-ab86-f72c6d4a69e0", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "8eac0d90-3e03-4936-9b08-3d3c6d2ca818", "evidence": "The slide demonstrates how specific operational changes and divestitures reduce the implied valuation multiple.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:10:26.629+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 43, "frameworkName": "valuation-bridge" } ], "arcBeats": [ { "to": 44, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 34, "name": "Impact & Next Steps", "beatId": "65b63574-f9bd-4059-9662-6e2939e550da", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "Slides 34-44 discuss the potential impact and next steps, including Tripadvisor's strategic value and attractiveness as an acquisition target.", "position": 4, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 44, "type": "setup", "function": "front_matter", "rawType": "cover", "block": null, "metadata": { "slideType": "cover", "slideTypeCanon": { "name": "Cover", "slug": "cover", "status": "active", "canonId": "019de52d-05f2-729d-9f93-e0504f0a2410", "version": 1, "description": null }, "function": "front_matter", "functionCanon": { "name": "Front matter", "slug": "front_matter", "status": "active", "canonId": "019de52d-133d-73f0-9e26-201eda96b098", "version": 1, "description": null }, "density": "sparse", "densityScore": 1, "componentCount": 1, "textChars": 15, "nDataPoints": 0, "notes": null, "elementsJson": [ "other" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:25.308+00", "seconds": 1.88, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/44", "deck": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-44", "deckJson": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json" }, "components": [ { "bbox": { "h": 0.56, "w": 0.52, "x": 0.24, "y": 0.22 }, "kind": "image", "text": "STARBOARD VALUE", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Logo", "slug": "logo", "status": "active", "canonId": "019de52c-fdaf-743d-94c4-d7c6a0e55302", "version": 1, "description": null }, "framework": null }, "subkind": "logo", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:25.308+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "0693b2af-df45-426e-9d3b-d48f1570f086", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 44, "arc": { "name": "The Consultant's Gambit", "slug": "consultants-gambit", "status": "active", "bestFor": "Business cases, project proposals, strategic recommendations", "canonId": "019dd956-5e0a-73c8-b305-81c38c959e9c", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Situation & Context -> Problem & Complication -> Solution & Approach -> Evidence & Proof -> Impact & Next Steps", "description": null, "familyLabel": null }, "from": 34, "name": "Impact & Next Steps", "beatId": "65b63574-f9bd-4059-9662-6e2939e550da", "matchId": "94022d05-49da-4a0c-a1e9-278d0b0dcded", "beatType": { "name": "Impact & Next Steps", "slug": "consultants-gambit-impact-next-steps", "status": "active", "canonId": "019dd9b8-0849-7728-9ee9-fd1609c4c655", "version": 1, "description": null }, "evidence": "Slides 34-44 discuss the potential impact and next steps, including Tripadvisor's strategic value and attractiveness as an acquisition target.", "position": 4, "isPrimaryArc": true, "parentBeatType": { "name": "Resolution", "slug": "resolution", "status": "active", "canonId": "019dd9b8-045d-703b-8dd7-e92aba3ba91b", "version": 1, "description": "How the deck ends. Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true } ], "arcBeats": [ { "from": 1, "to": 5, "label": "Situation & Context", "description": "Slides 1-5 provide an overview of Tripadvisor's current situation and context." }, { "from": 5, "to": 10, "label": "Problem & Complication", "description": "Slides 5-10 identify the two misconceptions driving Tripadvisor's undervaluation." }, { "from": 11, "to": 24, "label": "Evidence & Proof", "description": "Slides 11-24 provide data and analysis to support the thesis." }, { "from": 25, "to": 33, "label": "Solution & Approach", "description": "Slides 25-33 outline potential solutions, including exploring a sale of TheFork and improving Viator's financial profile." }, { "from": 34, "to": 44, "label": "Impact & Next Steps", "description": "Slides 34-44 discuss the potential impact and next steps, including Tripadvisor's strategic value and attractiveness as an acquisition target." } ], "loops": [ { "from": 18, "to": 20, "label": "Benchmark Gap", "description": "How does Tripadvisor's valuation compare to its peers?" } ] }