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Three discrete activist theses bundled in one deck: (1) BILL Holdings — cooperation agreement already signed with four new directors including Peter Feld; (2) Tripadvisor — three sub-theses (sell TheFork at Resy/Tock/SevenRooms-style premium, improve Viator margins to GetYourGuide-style OTA levels, revitalize Brand TA via cost cuts and AI data licensing) plus optionality on $18-19/share takeover bid received Jan 2025; (3) Fluor — separate ~39% NuScale stake worth ~$4bn to expose 2.8x core EBITDA. Cites Starboard's own prior engagements (AECOM construction; Splunk/Wix/Salesforce/GoDaddy software) as track-record evidence. Filename has unusual '2025-02-2025' string that appears to be a typo. No specific stake disclosure. Pro forma valuation reveal slides (TRIP 2.5x, FLR 2.8x) are the deck's signature framing devices.", "kpisCited": [ { "detail": "BILL 2.7x vs 4.8x peer median, despite 14% growth in line with peers", "metric": "EV / CY2026E Revenue (BILL vs peers)" }, { "detail": "BILL 20% vs 43% peer median in CY2025E", "metric": "Rule of 40 score (BILL vs peers)" }, { "detail": "19% vs 11% peer median, second-highest among software peers", "metric": "Stock-based compensation as % of revenue (BILL)" }, { "detail": "TRIP 6.5x vs 12.4x online travel peer average and 12.3x marketplace peer average", "metric": "EV / CY2026E EBITDA (Tripadvisor vs peers)" }, { "detail": "Viator 14% vs GetYourGuide est. 25%+, with similar margins (~4% vs LSD)", "metric": "Viator vs GetYourGuide FY24 growth" }, { "detail": "8.9x headline, 2.8x ex-NuScale stake post-tax, vs 6.0x construction and 13.0x EPCM peer medians", "metric": "EV / CY2027E EBITDA (Fluor)" }, { "detail": "~39% ownership = ~$4bn post-tax, on $30M initial 2011 investment", "metric": "NuScale stake value (Fluor)" }, { "detail": "86% in FY2025, best-in-class for SMB software", "metric": "BILL AP/AR gross retention" } ], "closingAsk": null, "extraction": { "at": "2026-04-22 16:00:53+00", "model": "unknown-legacy", "runId": null, "seconds": 318.5876, "promptVersion": null }, "scqaReward": "Pro forma multiples imply substantial rerating: BILL toward the 4.8x peer revenue median if it reaches Rule of 40, Tripadvisor down to 2.5x EBITDA versus 12x peers after all three actions, and Fluor's core EPCM toward the 6-13x construction/EPCM peer range.", "thesisTypes": [ "operational_turnaround", "breakup_spinoff", "governance_board", "undervaluation", "multiple_rerating", "sale_of_company" ], "top3Reasons": [ "BILL trades at 2.7x revenue vs 4.8x peer median despite similar 14% growth and a 20% Rule of 40 (half peers)", "Tripadvisor trades at just 2.5x EBITDA pro forma for TheFork sale, Viator margin fix, and Brand TA revival", "Fluor's core EPCM trades at only 2.8x CY27E EBITDA once its $4bn NuScale stake is separated, vs 6-13x peers" ], "scqaSituation": "Starboard presents three new long ideas at the 2025 Active-Passive Investor Summit: SMB software platform BILL Holdings, online-travel conglomerate Tripadvisor, and global EPCM contractor Fluor, each trading at material discounts to peers.", "thesisSummary": "Starboard presents three contrarian ideas at the 2025 Active-Passive Investor Summit. BILL Holdings trades at 2.7x revenue versus a 4.8x peer median despite similar 14% growth and a 20% Rule of 40 score half of peers; Starboard has signed a cooperation agreement adding four directors including Peter Feld. Tripadvisor (6.5x EBITDA, well below the 12x peer median) should sell TheFork using Resy/Tock/SevenRooms precedents, improve Viator margins to OTA-like 25-30% to match GetYourGuide, and revitalize Brand Tripadvisor via cost cuts and AI data licensing, with pro forma valuation of just 2.5x EBITDA. Fluor (8.9x headline EBITDA) actually trades at 2.8x ex-NuScale; its 39% NuScale stake worth ~$4bn should be separated via spin-off or exchange offer to unlock rerating toward the 6.0x construction-peer median or 13x EPCM-peer median.", "primaryDemands": [ "BILL Holdings: achieve Rule of 40 via revenue growth, cost discipline, and incremental margin expansion (cooperation agreement signed adding 4 new directors including Peter Feld)", "Tripadvisor: explore sale of TheFork at premium multiple in line with Resy/Tock/SevenRooms precedents", "Tripadvisor: improve Viator profitability to OTA-like 25-30% margins, matching GetYourGuide growth", "Tripadvisor: revitalize Brand Tripadvisor via cost cuts (personnel) and monetization of AI data licensing", "Fluor: separate the ~39% NuScale stake (worth ~$4bn post-tax) via taxable monetization or tax-free spin-off" ], "scqaResolution": "Starboard urges Rule-of-40 discipline at BILL (4-director cooperation agreement already signed), a TheFork sale plus Viator margin expansion plus Brand TA revival at Tripadvisor, and a tax-efficient separation of Fluor's NuScale stake via spin-off or exchange offer.", "thesisOneLiner": "Three contrarian longs at undemanding multiples: BILL needs Rule of 40 discipline, Tripadvisor should break up TheFork and fix Viator, and Fluor must separate its $4bn NuScale stake.", "precedentsCited": [ "Starboard / AECOM construction exit (2019-2025)", "Starboard / Splunk Rule of 40 turnaround", "Starboard / Wix Rule of 40 turnaround", "Starboard / Salesforce Rule of 40 turnaround", "Starboard / GoDaddy Rule of 40 turnaround", "Resy / American Express acquisition (May 2019)", "Tock / American Express acquisition (June 2024)", "SevenRooms / DoorDash acquisition (May 2025)" ], "scqaComplication": "All three suffer from valuation gaps driven by suboptimal capital allocation, conglomerate complexity, or operational under-performance: BILL's 20% Rule of 40 lags peers, Tripadvisor's three businesses are tangled, and Fluor's $4bn NuScale stake masks a 2.8x core multiple.", "narrativeInterest": 4, "notableSlidePages": [ 5, 27, 59, 76, 103, 113 ], "peerCompaniesCited": [ "Splunk", "Wix", "Salesforce", "GoDaddy", "WK", "HUBS", "VERX", "DT", "INTU", "PTC", "SPSC", "OKTA", "FRSH", "PCTY", "DOCN", "BKNG", "ABNB", "EXPE", "W", "CHWY", "EBAY", "ETSY", "MTCH", "CART", "GetYourGuide", "Bechtel", "Black & Veatch", "Burns & McDonnell", "Kiewit", "Technip Energies", "Worley", "AECOM", "Jacobs", "KBR", "McDermott", "Wood", "Zachry", "J", "STN", "TTEK", "ACM", "WSP", "ATRL", "PWR", "EME", "MTZ", "AGX", "BWXT", "PSN", "Resy", "Tock", "SevenRooms", "NuScale", "Oklo", "X-energy", "Kairos Power", "Holtec", "GE Vernova Hitachi", "Westinghouse", "TerraPower" ], "valuationFrameworks": [ "multiple_comparison", "precedent_transactions", "sum_of_parts" ], "visualCraftInterest": 4 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/WKbDeEede7Nevs6s0KqhQLC38A4QdKaHo7tEqquGC0k/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy85ZDA2YmViZDllOGYvcDAwMS5qcGc", "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": 34, "componentCount": 4, "textChars": 280, "nDataPoints": 0, "notes": null, "elementsJson": [ "logo_grid", "headline_text", "subtitle_text", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:03.328+00", "seconds": 2.697, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-992480932888/1", "deck": "/decks/019dd923-622b-71dc-a6da-992480932888", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-992480932888#slide-1", "deckJson": "/decks/019dd923-622b-71dc-a6da-992480932888.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. 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Over the ensuing multi-year engagement, AECOM refreshed its board, appointed a new CEO, exited self-perform construction, and divested Management Services.", "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 21:10:15.026+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5039421a-7c9a-4b8b-a157-8adce3136d0c", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.85, "x": 0.03, "y": 0.93 }, "kind": "source-note", "text": "Source: Public company filings, company websites, Capital IQ. 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In just 4 short months, we are respected again, respected like never before, and just wait, with many Trillions of Dollars of Investment in Plants and Factories, until you see the numbers on GROWTH. This is, indeed, THE GOLDEN AGE OF AMERICA!!!", "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": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 21:10:19.123+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9daeeeb5-3116-4cf6-b809-d479cc07f819", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "Our Nation is staging one if the greatest and fastest comebacks in history. In just 4 short months, we are respected again, respected like never before, and just wait, with many Trillions of Dollars of Investment in Plants and Factories, until you see the numbers on GROWTH. This is, indeed, THE GOLDEN AGE OF AMERICA!!! — Donald J. 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"kind": "source-note", "text": "Source: Public company filings, Wall Street consensus estimates, Bloomberg, Capital IQ. 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