Starboard Value · conference-presentation
Multiple (BILL Holdings, Tripadvisor, Fluor Corporation)
114 pages · 5 arc beats · 3 loops
Multiple (BILL Holdings, Tripadvisor, Fluor Corporation)
Starboard Value · 2025-10 arc beats above · slides in the middle · loops below · scroll → 3 LOOPS
15101520253035404550556065707580859095100105110114
Deck intelligence map
5 coverage by narrative range · generated from this deck JSON
Narrative range 114 total
Metadata
Components
Metrics
Tools
Frameworks
Beats
Loops
Situation & Context 5 slides 100% 5/5 slides 100% 5/5 slides · 29 hits — 0/5 slides
60% 3/5 slides · 4 hits 40% 2/5 slides 100% 5/5 slides — 0/5 slides
Problem & Complication 17 slides 100% 17/17 slides 100% 17/17 slides · 100 hits — 0/17 slides
58.8% 10/17 slides 47.1% 8/17 slides 100% 17/17 slides 23.5% 4/17 slides Solution & Approach 28 slides 100% 28/28 slides 100% 28/28 slides · 182 hits — 0/28 slides
14.3% 4/28 slides · 5 hits 53.6% 15/28 slides 100% 28/28 slides — 0/28 slides
Evidence & Proof 30 slides 100% 30/30 slides 100% 30/30 slides · 194 hits — 0/30 slides
13.3% 4/30 slides · 5 hits 63.3% 19/30 slides · 20 hits 100% 30/30 slides 16.7% 5/30 slides Impact & Next Steps 34 slides 100% 34/34 slides 100% 34/34 slides · 238 hits — 0/34 slides
35.3% 12/34 slides · 13 hits 73.5% 25/34 slides 100% 34/34 slides — 0/34 slides
Slide inventory
114 every slide · same image gating as the playbook
03
The slide is a template with three empty placeholders for the agenda items.transition
Open slide detailBeat · Situation & Context
04
The slide highlights the decline in performance metrics post-COVID for specific companies targeted by Starboard Value.compare_peers
Open slide detailBeat · Situation & Context
05
Uses stacked bar charts to show the composition of Rule of 40 (Growth + Margin) over time for Splunk, Wix, Salesforce, and GoDaddy.illustrate_case
Open slide detailBeat · Situation & Context
06
The chart uses a red arrow to visually emphasize the downward trend in the Rule of 40 score.diagnose_problem
Open slide detailBeat · Problem & Complication
09
Uses a classic 'before-after' framing to highlight the value proposition of the software.present_solution
10
Uses a cartoon sequence to illustrate the 'before' state and a UI mockup for the 'after' state.present_solution
11
Uses a before-after framework to contrast manual paper checks with the BILL mobile interface.present_solution
12
Uses a before-after framing to highlight the value proposition of BILL's integration capabilities.present_solution
16
The slide appears to be part of a series, as the title mentions 'Three Ways' but only one is displayed.analyze_data
Open slide detailBeat · Problem & Complication
17
The slide title mentions 'Three Ways' but only two are displayed.analyze_data
Open slide detailBeat · Problem & Complication
18
The slide title mentions 'Three Ways' but only two are displayed in the visual.analyze_data
Open slide detailBeat · Problem & Complication
19
The slide uses a visual additive model to distinguish between 'Core Revenue' (subscription + transaction) and total revenue.analyze_data
Open slide detailBeat · Problem & Complication
20
The slide uses the company's own disclosure to undermine their reliance on float income for performance metrics.expose_contradiction
Open slide detailBeat · Problem & Complication
21
The slide uses a waterfall-style logic to adjust headline financial metrics for float income.analyze_data
Open slide detailBeat · Problem & Complication
22
The slide uses stacked bar charts to decompose the Rule of 40 into Revenue Growth and Adjusted EBITDA Margin components.analyze_data
Open slide detailBeat · Problem & Complication
23
The slide uses external citations (McKinsey, Forbes, etc.) to validate the macro-environment thesis.establish_context
Open slide detailBeat · Solution & Approach
25
The slide uses a red dashed box to highlight the projected growth period, emphasizing the negative trend.diagnose_problem
Open slide detailBeat · Solution & Approach
26
The chart highlights the stagnation of the Rule of 40 score, which remains below the industry benchmark line.expose_gap
Open slide detailBeat · Solution & Approach
27
The slide uses two bar charts to compare valuation multiples against growth and margin metrics for a set of peer companies.compare_peers
Open slide detailBeat · Solution & Approach
28
The chart highlights BILL in red to emphasize its underperformance relative to the peer group.compare_peers
Open slide detailBeat · Solution & Approach
29
The slide uses a combination of historical data and management guidance to support a bullish growth thesis.analyze_data
Open slide detailBeat · Solution & Approach
30
The chart uses a dashed line to indicate the median gross margin of 81%.compare_peers
Open slide detailBeat · Solution & Approach
31
The chart uses a red bar for BILL to emphasize its underperformance relative to the peer group median.compare_peers
Open slide detailBeat · Solution & Approach
32
The chart highlights the gap between BILL's 4% incremental margin and the 32% peer median.compare_peers
Open slide detailBeat · Solution & Approach
33
The chart uses a red bar to highlight BILL, distinguishing it from the blue bars representing peers.compare_peers
Open slide detailBeat · Solution & Approach
35
The slide uses a quote from the CEO to validate the thesis that the company can reach the Rule of 40.summarize
Open slide detailBeat · Solution & Approach
36
The slide uses a 'pro forma' valuation for BILL in the second chart to illustrate the impact of reaching the Rule of 40.compare_peers
Open slide detailBeat · Solution & Approach
37
The slide uses placeholders for the second and third ideas, suggesting a progressive disclosure or teaser approach.establish_context
Open slide detailBeat · Solution & Approach
38
The third item is a blank dark blue rectangle, suggesting a redacted or upcoming reveal.transition
Open slide detailBeat · Solution & Approach
39
The slide uses a donut chart to show revenue contribution by segment (Tripadvisor, Viator, TheFork).analyze_data
Open slide detailBeat · Solution & Approach
40
The slide uses a dashed green box to emphasize the subject company (TRIP) and dashed horizontal lines to indicate peer group averages.compare_peers
Open slide detailBeat · Solution & Approach
43
The slide appears to be the start of a timeline sequence, though the timeline itself is currently empty.establish_context
Open slide detailBeat · Solution & Approach
44
Uses news headlines as evidence for historical corporate events.establish_context
Open slide detailBeat · Solution & Approach
45
Uses news headlines as evidence for the timeline events.establish_context
Open slide detailBeat · Solution & Approach
46
Includes a screenshot of a news article from Skift regarding the merger.summarize
Open slide detailBeat · Solution & Approach
48
The slide highlights the 'Experiences Businesses' (Viator and TheFork) as a distinct grouping within the portfolio.summarize
Open slide detailBeat · Solution & Approach
49
The slide uses a before-after pie chart comparison to illustrate business transformation.analyze_data
Open slide detailBeat · Solution & Approach
50
The chart uses an indexed baseline of 100% at 19-Jan.analyze_data
Open slide detailBeat · Solution & Approach
51
The slide uses a bar chart to illustrate the 'opportunity gap' for the Experiences category.size_opportunity
Open slide detailBeat · Evidence & Proof
52
The slide uses two bar charts to support the thesis: one showing low penetration in travel and one showing high growth in experiences.quantify_opportunity
Open slide detailBeat · Evidence & Proof
53
The slide uses a three-part structure to justify the investment thesis in the 'Experiences' vertical.size_opportunity
Open slide detailBeat · Evidence & Proof
54
The chart uses a dashed green box to emphasize Tripadvisor's 6.5x multiple against the peer group averages.compare_peers
Open slide detailBeat · Evidence & Proof
57
The slide uses a linear process flow to demonstrate the ease of use of the application.illustrate_case
Open slide detailBeat · Evidence & Proof
58
Includes a bar chart showing revenue growth from FY19 to FY26E.summarize
Open slide detailBeat · Evidence & Proof
60
Uses a pro forma valuation bridge to demonstrate the impact of a divestiture on the remaining company's trading multiple.show_valuation_bridge
62
The slide uses a process flow diagram to demonstrate the user experience.illustrate_case
Open slide detailBeat · Evidence & Proof
63
The slide uses a combination of key performance indicators and a bar chart to demonstrate market leadership.summarize
Open slide detailBeat · Evidence & Proof
65
The slide uses a bar chart to contrast growth rates, framing the performance gap as a key issue.expose_gap
Open slide detailBeat · Evidence & Proof
67
The slide uses a 'Rule of 40' reference as a benchmark for SaaS/platform performance.expose_gap
Open slide detailBeat · Evidence & Proof
68
Uses a quote from the Tripadvisor CFO to validate the thesis.quantify_opportunity
Open slide detailBeat · Evidence & Proof
69
The slide uses a pro forma analysis to argue for a lower valuation multiple for Tripadvisor, suggesting it is undervalued.show_valuation_bridge
Open slide detailBeat · Evidence & Proof
71
The slide highlights the brand's scale (users, markets, members, reviews) while acknowledging a modest decline in revenue.summarize
Open slide detailBeat · Evidence & Proof
72
The chart uses a green highlight for Tripadvisor to distinguish it from other general web domains.summarize
Open slide detailBeat · Evidence & Proof
73
The slide uses a side-by-side comparison of two distinct OpenAI product announcements to demonstrate the depth of the partnership.establish_context
Open slide detailBeat · Evidence & Proof
74
The slide uses two bar charts to contrast margin decline with expense growth, framing personnel costs as the primary opportunity for improvement.diagnose_problem
75
Uses precedent-based argumentation to validate a potential revenue stream.quantify_opportunity
76
The chart uses a waterfall-style logic to show the impact of specific strategic actions on the valuation multiple.show_valuation_bridge
78
Uses news headlines as social proof/authority citation for the valuation claim.quantify_opportunity
Open slide detailBeat · Evidence & Proof
79
The slide uses a waterfall-style logic to show multiple compression through asset sale and margin improvement.show_valuation_bridge
Open slide detailBeat · Evidence & Proof
80
The third idea is redacted with a dark blue rectangle.transition
Open slide detailBeat · Evidence & Proof
82
The slide uses a donut chart to represent the breakdown of the $28B YTD backlog by business segment.establish_context
Open slide detailBeat · Impact & Next Steps
84
The slide uses a grid-based layout to categorize business segments and sub-sectors.present_framework
Open slide detailBeat · Impact & Next Steps
85
The slide uses a grid-based segmentation to map sub-sectors to three main business units.decompose_segments
Open slide detailBeat · Impact & Next Steps
86
The slide uses a logo grid to represent the competitive landscape and a line chart to show market growth trends.compare_peers
Open slide detailBeat · Impact & Next Steps
87
The slide uses a logo-grid to categorize competitors, framing the market as inherently challenging and unprofitable.name_villain
Open slide detailBeat · Impact & Next Steps
88
The slide uses a line chart to correlate specific activist interventions with share price growth.expose_contradiction
Open slide detailBeat · Impact & Next Steps
89
The slide uses a negative framing of past management's strategic choices to justify a need for change.expose_contradiction
Open slide detailBeat · Impact & Next Steps
90
The slide uses a combination of a bar chart for project losses and a line chart for stock performance to build a case for management failure.diagnose_problem
Open slide detailBeat · Impact & Next Steps
91
The slide uses a logo-grid to categorize competitors into 'Current' and 'Past' (Bankruptcy/Distressed or Exit/Scaled Back).compare_peers
Open slide detailBeat · Impact & Next Steps
92
The green box highlights the period starting from David Constable's tenure as CEO.analyze_data
Open slide detailBeat · Impact & Next Steps
93
The chart compares two metrics (Backlog vs Unfunded Losses) over time to demonstrate risk reduction.analyze_data
Open slide detailBeat · Impact & Next Steps
94
The slide uses a visual contrast between the greyed-out 'Prior EPCM Players' and the highlighted green 'Current EPCM Players' to emphasize market consolidation.compare_peers
Open slide detailBeat · Impact & Next Steps
95
The slide uses a combination of a line chart and a logo cloud to illustrate market fragmentation and competition.compare_peers
Open slide detailBeat · Impact & Next Steps
96
The slide highlights a consolidation of the competitive landscape in the EPCM sector.compare_peers
Open slide detailBeat · Impact & Next Steps
97
The chart illustrates a strategic shift in contract mix during David Constable's tenure as CEO.analyze_data
Open slide detailBeat · Impact & Next Steps
98
The slide uses a bar chart with growth arcs to illustrate EBITDA trajectory during the CEO's tenure.analyze_data
Open slide detailBeat · Impact & Next Steps
99
The slide uses a visual connection (dashed lines) to emphasize the growth of the Urban Solutions segment slice.present_solution
Open slide detailBeat · Impact & Next Steps
100
The slide uses a 'Truth Social' post as a source of authority to validate the investment thesis.cite_precedent
Open slide detailBeat · Impact & Next Steps
101
The chart uses color-coding to distinguish between six different industry sub-sectors.compare_peers
Open slide detailBeat · Impact & Next Steps
102
The calculation methodology is provided in the footnote.show_valuation_bridge
Open slide detailBeat · Impact & Next Steps
103
The slide uses a waterfall-style bridge to isolate the core business value.show_valuation_bridge
Open slide detailBeat · Impact & Next Steps
104
The slide uses a timeline framework to establish the long-term strategic relationship between Fluor and NuScale.establish_context
Open slide detailBeat · Impact & Next Steps
105
The slide uses a process flow diagram to explain the SMR mechanism.present_solution
Open slide detailBeat · Impact & Next Steps
106
The slide uses a green dashed box to highlight NuScale as the primary subject.compare_peers
Open slide detailBeat · Impact & Next Steps
107
The slide uses the performance data to justify a divestment argument by labeling the asset 'non-strategic'.analyze_data
Open slide detailBeat · Impact & Next Steps
108
The slide uses a causal link (the blue arrow) to connect rising data center power demand to the need for SMR investment.quantify_opportunity
Open slide detailBeat · Impact & Next Steps
109
The chart uses color-coding to distinguish between different industry segments (EPCM, Construction, Specialty EPCM, Specialty Contractors, Natural Gas EPC, Govecompare_peers
Open slide detailBeat · Impact & Next Steps
110
The chart highlights a specific event (NuScale IPO) and a median line to emphasize the valuation gap.expose_contradiction
Open slide detailBeat · Impact & Next Steps
111
Uses a combination of a line chart showing a 27% decline and direct quotes from the CEO and CFO to frame the narrative of investor disappointment.expose_contradiction
Open slide detailBeat · Impact & Next Steps
112
Uses a structural diagram to categorize financial separation alternatives.propose_solution
Open slide detailBeat · Impact & Next Steps
113
The chart uses a bridge structure to show the impact of removing the SMR stake on the valuation multiple.show_valuation_bridge
Open slide detailBeat · Impact & Next Steps