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  "documentTitle": "Multiple (BILL Holdings, Tripadvisor, Fluor Corporation)",
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  "presentationDate": "2025-10-17 00:00:00",
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  "notes": "The chart highlights the stagnation of the Rule of 40 score, which remains below the industry benchmark line.",
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      "text": "BILL's 'Rule of 40' Score has been stagnant for 3 years as revenue growth has slowed and margins remain well below peer levels",
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      "text": "Source: Company filings, Capital IQ, Bloomberg, Starboard estimates.",
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      "text": "As core revenue growth has decelerated, BILL has not sufficiently increased profitability, which was led to a decline in BILL's combination of growth and profitability.",
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      "text": "Margins Have Remained Below Industry Standards, Resulting in a Significant Opportunity to Improve BILL's 'Rule of 40' Score",
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