{
  "docId": "019dd923-622b-71dc-a6da-992480932888",
  "docSlug": "9d06bebd9e8f",
  "documentTitle": "Multiple (BILL Holdings, Tripadvisor, Fluor Corporation)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-10-17 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.7777778,
  "pageNumber": 20,
  "pageCount": 114,
  "prevPage": 19,
  "nextPage": 21,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 10,
  "notes": "The slide uses the company's own disclosure to undermine their reliance on float income for performance metrics.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "bar_chart_vertical",
    "data_table",
    "quote_block"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-992480932888/20",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-992480932888",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-992480932888.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-992480932888#slide-20",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Float income is largely dependent on the Fed Funds Rate, which is outside of the Company's control.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-203e-77ad-a6b6-7423c46e33e1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.45,
        "x": 0.05,
        "y": 0.22
      },
      "kind": "chart",
      "text": "Float Income Over Time",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fe632992-481d-44c8-8fe6-d2d1b6f2ff6e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Float Income: $167",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-203e-77ad-a6b6-7ece9a9f959e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.42,
        "x": 0.53,
        "y": 0.32
      },
      "kind": "quote",
      "text": "We use EBITDA Less Float to measure the profitability of our core business (excluding “float” revenue, over which we have less control), and believe EBITDA Less Float acts as a guardrail to ensure that Core Revenue performance is achieved in a sustainable way.",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0b4eafab-e9b8-4545-af4a-73f10781cf7f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“We use EBITDA Less Float to measure the profitability of our core business (excluding “float” revenue, over which we have less control), and believe EBITDA Less Float acts as a guardrail to ensure that Core Revenue performance is achieved in a sustainable way.” — BILL 2024 Definitive Proxy Statement (10/25/24)",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-203e-77ad-a6b6-7af078e7a838",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.3,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Company filings, Starboard estimates. Note: Quotes are bolded and underlined for emphasis.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6b1d647b-1047-4cf8-9bc0-e41fb56043d7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.6,
        "x": 0.05,
        "y": 0.13
      },
      "kind": "subtitle",
      "text": "Float income is largely dependent on the Fed Funds Rate, which is outside of the Company's control.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d47d7508-335b-462b-bdcc-8a517e120227",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.7,
        "x": 0.05,
        "y": 0.07
      },
      "kind": "title",
      "text": "Float Income Is Highly Volatile and Not in BILL's Control",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1db16164-cdc1-439d-ade2-9f4e8942c86f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "2fc89eb9-6dd6-4e81-86c1-bb7d44637a45",
      "evidence": "Uses company's own proxy statement quote to contradict their performance reporting.",
      "confidence": 0.95
    }
  ],
  "arcBeats": [
    {
      "to": 22,
      "from": 6,
      "beatId": "ac767340-3b70-4252-b720-0625165673f3",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Problem & Complication",
      "beatSlug": "consultants-gambit-problem-complication",
      "evidence": "Analysis of challenges and opportunities for each company",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}