{
  "docId": "019dd923-622b-71dc-a6da-8838cac54105",
  "docSlug": "385560c2d7f5",
  "documentTitle": "Fluor Corporation (FLR)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": null,
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 20,
  "pageCount": 35,
  "prevPage": 19,
  "nextPage": 21,
  "slideType": "before_after",
  "function": "analyze_data",
  "density": "overcrowded",
  "nDataPoints": 6,
  "notes": "The slide uses a before-after comparison of pie charts to illustrate strategic portfolio shift.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "donut_chart",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-8838cac54105/20",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-8838cac54105",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-8838cac54105.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-8838cac54105#slide-20",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 1,
        "x": 0,
        "y": 0.88
      },
      "kind": "callout",
      "text": "Fluor has nearly doubled its exposure to Urban Solutions, which we believe is poised to see substantial growth",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e1def096-9e0d-47be-86fb-18da2d7eed3d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.45,
        "x": 0.05,
        "y": 0.35
      },
      "kind": "chart",
      "text": "FY21 Core Backlog Mix",
      "attrs": null,
      "subkind": "pie",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2b33d442-99df-4858-8fb0-abedc978b380",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.45,
        "x": 0.55,
        "y": 0.35
      },
      "kind": "chart",
      "text": "FY25 YTD Core Backlog Mix",
      "attrs": null,
      "subkind": "pie",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fec2ed08-e2a5-4c9f-a598-a7bbf818f357",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "backlog mix: 73%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-fb90-708a-8675-823829dabb54",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.94,
        "x": 0.03,
        "y": 0.14
      },
      "kind": "paragraph",
      "text": "While many people think of legacy energy projects when they think of Fluor, the vast majority of the business today is levered to faster growing markets within their Urban Solutions segment – including infrastructure, life sciences, mining, semiconductors, and data centers. Even within Energy Solutions, Fluor is exposed to growth trends in LNG, power generation, and energy transition.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "13a0ae70-30e1-491e-a9e9-e086d91d1461",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.85,
        "x": 0.03,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Source: Public company filings, industry research. (1) Core backlog excludes “Other”, which historically included NuScale, Stork, AMECO, and other non-core businesses. (2) Shown from FY21, the first full year of David Constable’s tenure as CEO of Fluor.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ee651af1-7ce4-4deb-a00d-8b964d603035",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.94,
        "x": 0.03,
        "y": 0.03
      },
      "kind": "title",
      "text": "We Believe Fluor Is Well Positioned to Benefit from Faster Growing End Markets",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "50df7f0d-2a7e-4e8d-bc2f-ff51950c7a92",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "9e372ff5-7915-40b5-abef-9f542edede07",
      "evidence": "Comparison of FY21 and FY25 YTD data to show strategic shift.",
      "confidence": 1
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}