{
  "docId": "019dd923-622b-71dc-a6da-8cb69d3843ea",
  "docSlug": "436ccd4c75f6",
  "documentTitle": "Tripadvisor, Inc. (TRIP)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-10-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 23,
  "pageCount": 44,
  "prevPage": 22,
  "nextPage": 24,
  "slideType": "precedent_table",
  "function": "cite_precedent",
  "density": "overcrowded",
  "nDataPoints": 9,
  "notes": "MSD likely stands for Mid-Single Digit or Multi-Single Digit, though in M&A context often implies a range. The slide uses a comparison frame to establish valuation benchmarks.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "comparison_table",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/23",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-23",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 0.94,
        "x": 0.03,
        "y": 0.86
      },
      "kind": "callout",
      "text": "We believe TheFork would attract significant strategic interest",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "39461da2-bb81-4ddc-aa97-3082e3e95d82",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Est. Forward Revenue Multiple: 10x+",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-fb96-7553-b1df-217987265eb3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.5,
        "x": 0.03,
        "y": 0.14
      },
      "kind": "paragraph",
      "text": "There are numerous peers to TheFork that have been acquired at a premium multiple.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3f876b7f-86c8-4c7b-9c83-ddfd50e84e97",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.94,
        "x": 0.03,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Source: Company Filings, Wall Street Analyst Estimates. Note: The peer companies identified here reflect Starboard's assessment of what firms can be reasonably considered TheFork's peers in the dining reservation industry. However, this analysis contains elements of subjectivity and the comparisons made herein may differ materially if other firms had been included.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4c517444-fe5d-4a73-870c-58974b33f736",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.94,
        "x": 0.03,
        "y": 0.22
      },
      "kind": "table",
      "text": "Summary of Select Precedent Transactions",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8929084a-4999-49ee-a924-5c7c13c3be33",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.85,
        "x": 0.03,
        "y": 0.07
      },
      "kind": "title",
      "text": "Dining Reservation Apps Have Been Acquired at Attractive Valuations",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f3628ca5-e7c7-4df0-a899-c0181dee339f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "0f22683d-26dc-458e-9bbc-97dcc8c3d2f7",
      "evidence": "Comparing precedent transactions to TheFork's metrics to establish valuation potential.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 24,
      "from": 11,
      "beatId": "4890217c-891f-44ba-bb15-86d7bcfb0bb3",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Evidence & Proof",
      "beatSlug": "consultants-gambit-evidence-proof",
      "evidence": "Slides 11-24 provide data and analysis to support the thesis.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}