{
  "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": 38,
  "pageCount": 44,
  "prevPage": 37,
  "nextPage": 39,
  "slideType": "thesis_headline",
  "function": "diagnose_problem",
  "density": "overcrowded",
  "nDataPoints": 8,
  "notes": "The slide uses two bar charts to contrast margin decline with expense growth.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "bar_chart_vertical",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-8cb69d3843ea/38",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-8cb69d3843ea#slide-38",
  "components": [
    {
      "bbox": {
        "h": 0.05,
        "w": 1,
        "x": 0,
        "y": 0.9
      },
      "kind": "callout",
      "text": "We believe that Brand Tripadvisor should be more profitable",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b38ad868-400b-4c9c-a57a-3cafe99e2218",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.45,
        "x": 0.03,
        "y": 0.25
      },
      "kind": "chart",
      "text": "Brand Tripadvisor Margins Have Declined in Recent Years",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1a40409d-9d98-4513-b7a8-5254501d929f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.5,
        "w": 0.45,
        "x": 0.52,
        "y": 0.25
      },
      "kind": "chart",
      "text": "We Believe Personnel Expense is the Single Largest Cost Opportunity",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ee144aeb-7dc9-413e-bafe-d381b022f123",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "operating margin: 36%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-fb96-7553-b1e0-cf78f122d2fc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.03,
        "y": 0.14
      },
      "kind": "paragraph",
      "text": "We believe there is a substantial cost savings opportunity at Brand Tripadvisor, especially if revenue growth does not accelerate.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a25766a7-d5ef-4bdd-beec-535c1ca4a965",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.4,
        "x": 0.03,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Company Filings, Capital IQ. Market Data as of October 17, 2025. 1) Includes corporate allocation of operating expenses.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "14d7603b-5319-493a-a662-a3980f0bf362",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.03,
        "y": 0.03
      },
      "kind": "title",
      "text": "Brand Tripadvisor Must Be More Profitable, Especially if Growth Does Not Improve",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d2f6aa58-8408-42d2-b898-90767464b131",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 44,
      "from": 34,
      "beatId": "65b63574-f9bd-4059-9662-6e2939e550da",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Impact & Next Steps",
      "beatSlug": "consultants-gambit-impact-next-steps",
      "evidence": "Slides 34-44 discuss the potential impact and next steps, including Tripadvisor's strategic value and attractiveness as an acquisition target.",
      "position": 4,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}