{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622b-71dc-a6da-ad31fdb3c502", "slug": "6a571576328c", "title": "Tripadvisor, Inc. (TRIP)", "subtitle": "Jeffrey C. Smith · 2026-02", "author": "Jeffrey C. Smith", "date": "2026-02-17 00:00:00", "pageCount": 4, "kind": "shareholder-letter", "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Tripadvisor, Inc.", "targetTicker": "TRIP", "document": { "id": "019dd923-622b-71dc-a6da-ad31fdb3c502", "slug": "6a571576328c", "title": "Tripadvisor, Inc. (TRIP)", "rawTitle": "Starboard Value LP Letter to TRIP Board CEO 02.17.2026", "authorId": "03_Starboard_Value", "authorName": "Jeffrey C. Smith", "authorDisplay": "Jeffrey C. Smith", "kind": { "slug": "shareholder-letter", "label": "Shareholder letter" }, "sourceType": { "slug": "activist_investor", "label": "Activist investor" }, "fileName": "2026-02-Starboard_Value_LP_Letter_to_TRIP_Board_CEO_02.17.2026.pdf", "sourceUrl": "https://www.starboardvalue.com/wp-content/uploads/Starboard_Value_LP_Letter_to_TRIP_Board_CEO_02.17.2026.pdf", "sourceDate": "2026-02-17 00:00:00", "presentationDate": "2026-02-17 00:00:00", "ingestedAt": "2026-04-22 16:03:35+00", "status": "ready", "pageCount": 4, "orientation": "portrait", "aspectRatio": 0.77272725, "targetCompany": "Tripadvisor, Inc.", "targetTicker": "TRIP", "metadata": { "local_root": "/tmp/legacy-images/6a571576328c", "activist_firm": "Starboard Value LP", "origin_corpus": "contrarian", "extraction_seconds": 75.89310479164124 } }, "coverage": { "pageCount": 4, "pagesIndexed": 4, "pagesWithImages": 4, "pagesWithMetadata": 4, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 30, "chartCount": 1, "metricSlides": 0, "toolMatches": 4, "documentToolMatches": 4, "frameworkMatches": 2, "arcMatches": 1, "beatMatches": 3, "loopMatches": 1, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "c8a7951d-e253-4026-a233-8572052da7ec", "evidence": "The document critiques Tripadvisor's performance and leadership", "isPrimary": true, "confidence": 0.7, "extraction": { "at": "2026-07-16 21:54:35.875021+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 2, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 2, "name": "Complication", "beatId": "05a7b9dc-5bb4-46ef-95f3-85ca1c38493e", "matchId": "c8a7951d-e253-4026-a233-8572052da7ec", "beatType": { "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." }, "evidence": "Tripadvisor vs. Russell 2000 Indexed Price Performance During CEO Matt Goldberg’s Tenure", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.7 }, { "to": 3, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 3, "name": "Expose Contradiction", "beatId": "7ff1f89c-99b7-420a-a459-ae80804601f8", "matchId": "c8a7951d-e253-4026-a233-8572052da7ec", "beatType": null, "evidence": "Moreover, despite Liberty TripAdvisor being bought out at a premium", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.7 }, { "to": 4, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 4, "name": "CEO Quote", "beatId": "52015f14-0d25-42a3-b2d2-c2fd98c4a770", "matchId": "c8a7951d-e253-4026-a233-8572052da7ec", "beatType": null, "evidence": "Sincerely,", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.7 } ], "loops": [ { "to": 3, "from": 2, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null, "categoryName": "Urgency", "categorySlug": "urgency" }, "matchId": "5c78e83b-562d-401c-a713-ceff194b5795", "evidence": "Subpar stock performance and leadership inaction", "position": 0, "objective": "Highlight the consequences of not addressing leadership issues", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:54:36.031985+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": "891661ae-5069-48b0-a9af-b612102fb97e", "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": "069e0f8e-d5e9-415a-9b5b-14b9526be1ae", "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": "Villain naming", "slug": "villain-naming", "status": "active", "bestFor": "When governance or specific decisions are the core thesis", "canonId": "019dd9e1-55a4-74db-9314-0ced4cd46cd2", "version": 1, "bodyDocId": "019dd9a1-88f1-72ad-8f4e-56ec29d7b369", "description": "You identify a **specific person** responsible for the target's underperformance\nor the behaviour you want changed — and name them. Not \"management\" or \"the\nboard\". A named executive or director with a specific failure attributable to\nthem.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "d0cfaf71-1bdd-4cda-8d17-ae638c0438cb", "evidence": "Matt Goldberg (CEO) and Greg Maffei (Chairman)", "pageRefs": null, "priority": null, "whenToUse": "When governance or specific decisions are the core thesis", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.865912+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "- **Accountability needs a face.** Voters (shareholders, regulators,\n journalists) act faster against people than institutions.\n- **Credibility rises with specificity.** \"The CFO has repeatedly missed\n guidance\" > \"Management has missed guidance\".\n- It **pre-empts evasion**. An individual can be removed; an abstraction\n cannot.\n- It **forces the target to respond personally** — and their defensive\n response usually generates more attention for your thesis.", "antipattern": null, "cardinality": null, "narrativePurpose": null }, { "tool": { "name": "Villain slide", "slug": "villain-slide", "status": "active", "bestFor": "In activist decks where the personality matters", "canonId": "019dd9e1-518c-7404-976a-5be5a517b659", "version": 1, "bodyDocId": null, "description": "A dedicated slide presenting the named villain visually", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "document", "agents": null, "matchId": "331753ae-39c1-4980-b38b-4c0958cf0c3a", "evidence": null, "pageRefs": null, "priority": null, "whenToUse": "In activist decks where the personality matters", "confidence": null, "extraction": { "at": "2026-04-29 12:07:49.865912+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": null, "whyItWorks": "Makes the antagonist concrete", "antipattern": null, "cardinality": null, "narrativePurpose": null } ], "frameworks": [ { "matchId": "e44753c5-ffdf-4ae5-a518-b9f0ba77c7d7", "evidence": "The slide explicitly frames the CEO and Board as the cause of value destruction.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:09:54.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "frameworkName": "antagonist-introduction" }, { "matchId": "bf6fb042-41c1-46ed-a0fb-25cd68d931f8", "evidence": "Repeatedly highlights management's stated goals vs. actual slow performance.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:09:57.782+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "ceo-quote-contradiction" } ], "patterns": [] }, "storymakers": null, "score": null, "review": null, "activistThesis": { "tone": "adversarial", "notes": "Escalation letter transitioning a cordial engagement (since July 2025 13D) into an open proxy fight. Rhetorical device: repeated refrain 'How is this possible?' used 7+ times as a drumbeat indictment of the Board. Quotes management's Q3 FY2025 earnings-call language ('nothing is off the table') to expose contradiction with delayed TheFork review. Single peer-gap chart on page 2 (TRIP vs. Russell 2000 indexed price). No sum-of-parts math despite mentioning three distinct assets (Brand TA, Viator, TheFork). Signed by Jeffrey C. Smith as Managing Member. Classified as proxy_fight given explicit intent to nominate majority board slate; could also be read as follow_up to July 2025 13D but the nomination announcement is the defining action.", "kpisCited": [ { "detail": "Tripadvisor -48% vs. Russell 2000 +53%, a >100% underperformance gap", "metric": "Stock price performance since CEO Goldberg tenure (Jul 2022)" }, { "detail": "$9.61 per share, a new all-time low as of Feb 13, 2026", "metric": "Current share price" }, { "detail": "Less than 4.0x 2026E EBITDA on Bloomberg consensus", "metric": "Valuation multiple" }, { "detail": "$18.00-$19.00 per share, ~95% premium to current price", "metric": "Rejected acquisition offer (Jan 2025)" }, { "detail": "$16.28 effective purchase price, ~70% premium to current price", "metric": "Liberty TripAdvisor buyout price (Apr 2025)" }, { "detail": ">9.0% of Tripadvisor shares outstanding", "metric": "Starboard ownership stake" } ], "closingAsk": "Stop the incrementalism, run a credible process to sell the entire company, and accept board reconstitution — otherwise shareholders will replace a majority of the directors at the 2026 annual meeting.", "extraction": { "at": "2026-04-22 16:03:35+00", "model": "unknown-legacy", "runId": null, "seconds": 75.893105, "promptVersion": null }, "scqaReward": "With shares at $9.61 and less than 4.0x 2026E EBITDA, a credible sale process could deliver upside implied by the January 2025 offer of $18-19 per share, roughly a 95% premium.", "thesisTypes": [ "sale_of_company", "governance_board", "management_change", "strategic_pivot" ], "top3Reasons": [ "Stock down ~50% under CEO Goldberg, underperforming Russell 2000 by 100%+", "Board rejected $18-19/share offer then bought out Liberty at $16.28 — stock now $9.61", "Tripadvisor is squandering its AI lead through slow, incrementalist execution" ], "scqaSituation": "Tripadvisor is a global online-travel leader owning Brand Tripadvisor, Viator and TheFork, with unparalleled brand equity and one of the most-cited websites by LLMs in the emerging AI trip-planning category.", "thesisSummary": "Starboard Value, holding greater than 9.0% of Tripadvisor, escalates after months of unproductive engagement with Chairman Greg Maffei and CEO Matt Goldberg. Since Goldberg took over in July 2022 the stock has fallen ~50%, underperforming the Russell 2000 by more than 100%, yet the Board rejected a $18-19 per share acquisition offer in January 2025 and then repurchased Liberty TripAdvisor's controlling stake at an effective $16.28 while the shares now trade at $9.61, below 4.0x 2026E EBITDA. Starboard argues Tripadvisor is squandering its AI-incumbency advantage through incrementalism and a too-late TheFork strategic review. Rather than accept more half measures, Starboard demands the Board run a full sale process, and announces it will nominate a majority slate of directors at the 2026 annual meeting.", "primaryDemands": [ "Formally explore a sale of the entire company, in one or multiple transactions", "Reconstitute the Board; Starboard intends to nominate a majority slate at the 2026 annual meeting", "Accelerate Generative AI product roadmap to avoid disintermediation", "Hold management accountable for ~50% stock decline under CEO Matt Goldberg", "Complete divestiture of TheFork and evaluate further non-core asset sales" ], "scqaResolution": "Starboard demands the Board formally explore a sale of the entire company in one or multiple transactions, and will nominate a majority slate of directors at Tripadvisor's 2026 annual meeting.", "thesisOneLiner": "Tripadvisor's Board has tolerated ~50% value destruction under CEO Goldberg; Starboard demands a sale of the entire company or will run a majority-slate proxy fight at the 2026 meeting.", "precedentsCited": [], "scqaComplication": "Under CEO Matt Goldberg the stock has fallen ~50% since July 2022, the Board rejected an $18-19 buyout and overpaid Liberty at $16.28, and incrementalist execution is letting AI disintermediation erode the franchise.", "narrativeInterest": 4, "notableSlidePages": [ 1, 2, 3 ], "peerCompaniesCited": [ "Russell 2000 Index" ], "valuationFrameworks": [ "multiple_comparison", "precedent_transactions" ], "visualCraftInterest": 2 }, "pitchdeck": { "metadata": null, "profile": null }, "slides": [ { "page": 1, "type": "setup", "title": "This is the first page of a shareholder letter from Starboard Value to Tripadvisor.", "function": "front_matter", "imagePath": "https://imgproxy.kitesheet.com/uw_nQWtV6uC7hv06Axma1vIvEUFbk5WEgPSdTsgCCqY/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy82YTU3MTU3NjMyOGMvcDAwMS5qcGc", "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": "dense", "densityScore": 73, "componentCount": 8, "textChars": 1293, "nDataPoints": 1, "notes": "This is the first page of a shareholder letter from Starboard Value to Tripadvisor.", "elementsJson": [ "paragraph", "logo_grid" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:09:55.178+00", "seconds": 3.459, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-ad31fdb3c502/1", "deck": "/decks/019dd923-622b-71dc-a6da-ad31fdb3c502", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-ad31fdb3c502#slide-1", "deckJson": "/decks/019dd923-622b-71dc-a6da-ad31fdb3c502.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Unfortunately, as the saying goes, talk is cheap, and Tripadvisor has only been willing to talk, rather than commit to meaningful change.", "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 23:11:02+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0936-7173-ab13-dc03282fd020", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.3, "x": 0.35, "y": 0.05 }, "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 21:09:55.178+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5f1e6f5c-6b90-4f55-8daf-d38c96953f56", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.7, "x": 0.15, "y": 0.35 }, "kind": "paragraph", "text": "Dear Greg, Matt, and Members of the Board, Starboard Value LP (together with its affiliates, “Starboard” or “we”) is a large shareholder of Tripadvisor, Inc. (“Tripadvisor” or the “Company”) with a greater than 9.0% ownership stake.", "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 21:09:55.178+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "020e643a-0390-4e70-aa7c-b2793e0ef808", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.7, "x": 0.15, "y": 0.15 }, "kind": "paragraph", "text": "February 17, 2026. Tripadvisor, Inc. 400 1st Avenue, Needham, Massachusetts 02494. Attn: Greg Maffei, Chairman; Matt Goldberg, Chief Executive Officer; Board of Directors. cc: Mike Noonan, Chief Financial Officer.", "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 21:09:55.178+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3c78b001-06de-4ac4-a1c8-a6c1ac29bfde", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.15, "y": 0.65 }, "kind": "paragraph", "text": "We have repeatedly communicated that the status quo pace of change is unacceptable in an environment where speed matters and where incumbents are at risk of being disintermediated.", "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 21:09:55.178+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "82cfeb6e-9b3f-4a08-88e2-c421cec9f626", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.7, "x": 0.15, "y": 0.45 }, "kind": "paragraph", "text": "We continue to believe there is a significant opportunity to unlock value at Tripadvisor. However, we are frustrated by the Company’s lack of urgency in taking action to address this value creation opportunity.", "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 21:09:55.178+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a58970b1-e84a-4377-be0f-496a7772dd3d", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.7, "x": 0.15, "y": 0.75 }, "kind": "paragraph", "text": "We have also expressed our belief that meaningful governance improvements, including Board refreshment, are warranted given the Company’s material underperformance.", "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 21:09:55.178+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "aa7eeb02-8ea7-4306-adf7-4ef574d76c90", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.7, "x": 0.15, "y": 0.55 }, "kind": "paragraph", "text": "Unfortunately, as the saying goes, talk is cheap, and Tripadvisor has only been willing to talk, rather than commit to meaningful change.", "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 21:09:55.178+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c64d942d-42e1-4543-8636-7faaae4ad7c5", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "thumbSrc": "https://imgproxy.kitesheet.com/tAEFi4CGYqQa1Oum_0L-c6n7DueCfP6mpeQEPaqW7jM/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy82YTU3MTU3NjMyOGMvcDAwMS5qcGc", "imagePathAlt": "https://imgproxy.kitesheet.com/czA0LP13XnQDeCKRVj64qRiLUNrgTNg-SDL6abXvDH8/rs:fit:1200:1200:0/q:82/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy82YTU3MTU3NjMyOGMvcDAwMS5wbmc", "thumbSrcAlt": "https://imgproxy.kitesheet.com/bmmHaSR7oByRkwJj__j_MFyvTIXGgLWHPdNzk4wUwzE/rs:fit:480:480:0/q:78/f:webp/czM6Ly9raXRlc2hlZXQvY29ycHVzL3NsaWRlcy82YTU3MTU3NjMyOGMvcDAwMS5wbmc" }, { "page": 2, "type": "tension", "title": "The slide uses rhetorical questions ('how is this possible?') to frame management's actions as negligent.", "function": "name_villain", "rawType": "villain_critique", "block": null, "metadata": { "slideType": "villain_critique", "slideTypeCanon": { "name": "Villain critique", "slug": "villain_critique", "status": "active", "canonId": "019de52d-10bc-7136-bf20-09de59d17447", "version": 1, "description": null }, "function": "name_villain", "functionCanon": { "name": "Name villain", "slug": "name_villain", "status": "active", "canonId": "019de52d-1746-70d6-bc58-5eeaf5865526", "version": 1, "description": null }, "density": "dense", "densityScore": 63, "componentCount": 7, "textChars": 978, "nDataPoints": 4, "notes": "The slide uses rhetorical questions ('how is this possible?') to frame management's actions as negligent.", "elementsJson": [ "paragraph", "line_chart", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:09:54.78+00", "seconds": 3, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-ad31fdb3c502/2", "deck": "/decks/019dd923-622b-71dc-a6da-ad31fdb3c502", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-ad31fdb3c502#slide-2", "deckJson": "/decks/019dd923-622b-71dc-a6da-ad31fdb3c502.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Since Mr. Goldberg was appointed CEO on July 1, 2022, Tripadvisor's stock price has declined by nearly 50%, underperforming the broader market by more than 100%.", "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 23:11:03+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0936-7173-ab14-4c39d2dc05c6", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.76, "x": 0.12, "y": 0.35 }, "kind": "chart", "text": "Indexed price performance chart comparing Tripadvisor stock to the Russell 2000 index from July 2022 to Jan 2026.", "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 21:09:54.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "173999de-bd04-4687-b53c-2b742929c6ba", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "stock price performance: (48%)", "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 23:11:03+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0936-7173-ab14-539132ea9021", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.65 }, "kind": "paragraph", "text": "In January 2025, Tripadvisor received an acquisition offer for $18.00 to $19.00 per share, approximately a 95% premium to the current stock price, and decided not to even engage on a potential transaction.", "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 21:09:54.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4b7887f9-606f-4c7b-b425-adcc3bb1b3f0", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "Unfortunately, throughout our engagement, we have consistently been faced with the reality that change at Tripadvisor has been either non-existent or far too slow and far too limited.", "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 21:09:54.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e0ad9198-309a-4f98-a147-f249e0dada65", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.11, "y": 0.87 }, "kind": "source-note", "text": "Market data as of February 13, 2026. Market is defined as the Russell 2000 index. Liberty TripAdvisor Holdings Inc. Schedule 14A from March 24, 2025. Tripadvisor FY 2025 10-K from February 13, 2026.", "attrs": { "numbered": true }, "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 21:09:54.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "857aa4c6-370e-4c99-87df-7f5ea9c08a58", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.7, "x": 0.15, "y": 0.315 }, "kind": "title", "text": "Tripadvisor vs. Russell 2000 Indexed Price Performance During CEO Matt Goldberg's Tenure", "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 21:09:54.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5a489c70-53e6-4c79-a606-7c138ed0c9c8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "e44753c5-ffdf-4ae5-a518-b9f0ba77c7d7", "evidence": "The slide explicitly frames the CEO and Board as the cause of value destruction.", "framework": null, "confidence": 0.9, "extraction": { "at": "2026-05-02 21:09:54.78+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 2, "frameworkName": "antagonist-introduction" } ], "arcBeats": [ { "to": 2, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 2, "name": "Complication", "beatId": "05a7b9dc-5bb4-46ef-95f3-85ca1c38493e", "matchId": "c8a7951d-e253-4026-a233-8572052da7ec", "beatType": { "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." }, "evidence": "Tripadvisor vs. Russell 2000 Indexed Price Performance During CEO Matt Goldberg’s Tenure", "position": 0, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.7 } ], "loops": [ { "to": 3, "from": 2, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "5c78e83b-562d-401c-a713-ceff194b5795", "evidence": "Subpar stock performance and leadership inaction", "position": 0, "objective": "Highlight the consequences of not addressing leadership issues", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:54:36.031985+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 3, "type": "tension", "title": "The slide uses the rhetorical device of repeating 'How is this possible?' to highlight management failures.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 82, "componentCount": 9, "textChars": 3532, "nDataPoints": 0, "notes": "The slide uses the rhetorical device of repeating 'How is this possible?' to highlight management failures.", "elementsJson": [ "paragraph" ], "confidence": 0.95, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:09:57.782+00", "seconds": 5.978, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-ad31fdb3c502/3", "deck": "/decks/019dd923-622b-71dc-a6da-ad31fdb3c502", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-ad31fdb3c502#slide-3", "deckJson": "/decks/019dd923-622b-71dc-a6da-ad31fdb3c502.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "Instead of yet another half measure, we believe Tripadvisor should be formally exploring a sale of the entire company, in one or multiple transactions.", "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 23:11:02+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0936-7173-ab14-0b50e985c7a9", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.7 }, "kind": "paragraph", "text": "If this Board cannot take decisive action in a timely manner, as it has proven time and time again, we believe it is time for meaningful change. We have offered to work with Tripadvisor to reconstitute the Board, but it has become clear to us that we must take action into our own hands and seek to replace a majority of the Board.", "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 21:09:57.782+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1c31e89d-186e-4bf2-bef4-9c5eed4552b9", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.78, "x": 0.11, "y": 0.62 }, "kind": "paragraph", "text": "This Board has proven one thing to us. They will not do enough. They will not do it fast enough. Instead of yet another half measure, we believe Tripadvisor should be formally exploring a sale of the entire company, in one or multiple transactions. Shareholders deserve a credible, comprehensive process focused on maximizing value.", "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 21:09:57.782+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "26fcb8de-4572-446f-b021-d41ed3e27ca3", "parentComponentId": null }, { "bbox": { "h": 0.26, "w": 0.78, "x": 0.11, "y": 0.35 }, "kind": "paragraph", "text": "Most recently, on the Company’s Q4 FY2025 earnings call, Tripadvisor announced a formal evaluation of strategic alternatives for TheFork. We are left confused as to what Tripadvisor has been doing on this front over the last several months, as management addressed this topic on the Q3 FY2025 earnings call, stating that they “consistently evaluate all options to unlock value in all of our assets, and that includes TheFork”, and that “nothing is off the table”. If that was truly the case, why does it take three additional months to simply announce a formal exploration of strategic alternatives for a single business unit when shareholders have been waiting for decisive action for years? In fact, months ago, we specifically expressed our view to management and the Board that selling TheFork was an obvious decision, as it is non-core and based on our belief that there were numerous parties interested in potentially acquiring the business. Once again, this action is too little, too late, and represents the same type of incrementalism that has plagued the Company’s decision making for years. How can the Board allow this to happen? How is this possible?", "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 21:09:57.782+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "413ae2bc-1bd6-4ad6-8f61-898d40fd8761", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "Moreover, despite Liberty TripAdvisor being bought out at a premium and at a price far higher than the current stock price, its representatives remain on the Board, where Mr. Maffei continues to serve as Chairman of the Board. How is this possible?", "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 21:09:57.782+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a6a7be5b-dbe5-4cb9-8b9c-8bd2e307f074", "parentComponentId": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.16 }, "kind": "paragraph", "text": "In fact, despite announcing its transition away from being a controlled company more than 1 year ago, Tripadvisor has made only minimal changes to its Board. How is this possible?", "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 21:09:57.782+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cff4471d-fe8b-473a-a422-62c5889e64c5", "parentComponentId": null }, { "bbox": { "h": 0.13, "w": 0.78, "x": 0.11, "y": 0.21 }, "kind": "paragraph", "text": "Over the past 12-24 months, Tripadvisor has witnessed the rapid advancement of Generative AI technologies. Trip planning has become a popular LLM use case, and Tripadvisor is actually one of the most cited websites by LLMs. However, despite the risk of AI disintermediation increasing daily, Tripadvisor has been massively late and incredibly slow to develop and launch a compelling AI-enabled version of Tripadvisor. In a period of such rapid innovation and change, and with such an advantaged position, Tripadvisor appears to be squandering its lead. Once again, shareholders are left to ask, how is this possible?", "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 21:09:57.782+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "de8a36b2-860f-4e13-9644-b5eb947b5347", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.78, "x": 0.11, "y": 0.77 }, "kind": "paragraph", "text": "As such, during the Company’s upcoming window for shareholders to submit director nominations with respect to the Company’s 2026 annual meeting of shareholders, we intend to nominate a highly-qualified slate of directors representing a majority of the Board. We look forward to sharing more details with the Company and our fellow shareholders in the coming weeks.", "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 21:09:57.782+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e52cf41e-1ed9-4b6a-8f1d-a12db189a339", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "consistently evaluate all options to unlock value in all of our assets, and that includes TheFork — Tripadvisor management (Q3 FY2025 earnings call)", "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 23:11:02+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0936-7173-ab14-0e366b692607", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [ { "matchId": "bf6fb042-41c1-46ed-a0fb-25cd68d931f8", "evidence": "Repeatedly highlights management's stated goals vs. actual slow performance.", "framework": null, "confidence": 0.8, "extraction": { "at": "2026-05-02 21:09:57.782+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 3, "frameworkName": "ceo-quote-contradiction" } ], "arcBeats": [ { "to": 3, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 3, "name": "Expose Contradiction", "beatId": "7ff1f89c-99b7-420a-a459-ae80804601f8", "matchId": "c8a7951d-e253-4026-a233-8572052da7ec", "beatType": null, "evidence": "Moreover, despite Liberty TripAdvisor being bought out at a premium", "position": 1, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.7 } ], "loops": [ { "to": 3, "from": 2, "loop": { "name": "27_cost_of_inaction", "slug": "27-cost-of-inaction", "status": "active", "bestFor": "Urgent budget requests, compliance, risk mitigation", "canonId": "019dd956-70d1-7395-a15b-857ba858b394", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point", "description": "Quantify what happens if the audience does nothing", "familyLabel": null }, "matchId": "5c78e83b-562d-401c-a713-ceff194b5795", "evidence": "Subpar stock performance and leadership inaction", "position": 0, "objective": "Highlight the consequences of not addressing leadership issues", "confidence": 0.6, "extraction": { "at": "2026-07-16 21:54:36.031985+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 4, "type": "tension", "title": "This is a formal letter from an activist investor.", "function": "summarize", "rawType": "ceo_quote", "block": null, "metadata": { "slideType": "ceo_quote", "slideTypeCanon": { "name": "CEO quote", "slug": "ceo_quote", "status": "active", "canonId": "019de52d-09b6-71c8-93a5-f90a9772a8fa", "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": 51, "componentCount": 6, "textChars": 771, "nDataPoints": 2, "notes": "This is a formal letter from an activist investor.", "elementsJson": [ "paragraph", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 21:10:01.557+00", "seconds": 9.697, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622b-71dc-a6da-ad31fdb3c502/4", "deck": "/decks/019dd923-622b-71dc-a6da-ad31fdb3c502", "deckAnchor": "/decks/019dd923-622b-71dc-a6da-ad31fdb3c502#slide-4", "deckJson": "/decks/019dd923-622b-71dc-a6da-ad31fdb3c502.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "However, it is time for bold action and substantive change, not a continuation of the status quo.", "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 23:11:02+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0936-7173-ab13-f077f4e9383a", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "EBITDA multiple: 4.0x", "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 23:11:02+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-0936-7173-ab13-f47084a32226", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.09 }, "kind": "paragraph", "text": "Today, Tripadvisor trades at $9.61 per share, a new all-time low, or less than 4.0x 2026E EBITDA. We believe there remains a meaningful value creation opportunity at the Company, but we do not have confidence that this management team and Board can deliver it.", "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 21:10:01.557+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5aec3783-7ae6-4a5a-a598-57b41394e995", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.2, "x": 0.59, "y": 0.37 }, "kind": "paragraph", "text": "Sincerely, Jeffrey C. Smith, Managing Member, Starboard Value", "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 21:10:01.557+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7b167a16-258c-4630-83fa-6afe3da5c468", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.11, "y": 0.21 }, "kind": "paragraph", "text": "Shareholders' patience for the status quo has worn thin as value continues to be destroyed. We continue to believe Tripadvisor has an opportunity to create significant shareholder value, and we remain open to working with the Company to accomplish that goal.", "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 21:10:01.557+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f5bd6aa5-c11f-4604-8f8c-563aa9fee16e", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.45, "x": 0.11, "y": 0.89 }, "kind": "source-note", "text": "5 Source: Bloomberg. Reflects consensus estimates as of February 13, 2026.", "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 21:10:01.557+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "adabc565-b6b4-4ceb-9199-c727ab6e67c8", "parentComponentId": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 4, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 4, "name": "CEO Quote", "beatId": "52015f14-0d25-42a3-b2d2-c2fd98c4a770", "matchId": "c8a7951d-e253-4026-a233-8572052da7ec", "beatType": null, "evidence": "Sincerely,", "position": 2, "isPrimaryArc": true, "parentBeatType": null, "alignedBlockIds": null, "matchConfidence": 0.7 } ], "loops": [], "locked": true } ], "arcBeats": [ { "from": 2, "to": 2, "label": "Complication", "description": "Tripadvisor vs. Russell 2000 Indexed Price Performance During CEO Matt Goldberg’s Tenure" }, { "from": 3, "to": 3, "label": "Expose Contradiction", "description": "Moreover, despite Liberty TripAdvisor being bought out at a premium" }, { "from": 4, "to": 4, "label": "CEO Quote", "description": "Sincerely," } ], "loops": [ { "from": 2, "to": 3, "label": "Cost Of Inaction", "description": "Highlight the consequences of not addressing leadership issues" } ] }