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  "documentTitle": "Multiple (BILL Holdings, Tripadvisor, Fluor Corporation)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2025-10-17 00:00:00",
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  "notes": "The slide uses two bar charts to contrast margin decline with expense growth, framing personnel costs as the primary opportunity for improvement.",
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      "kind": "callout",
      "text": "We believe that Brand Tripadvisor should be more profitable",
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      "kind": "chart",
      "text": "Brand Tripadvisor Margins Have Declined in Recent Years",
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      "text": "We Believe Personnel Expense is the Single Largest Cost Opportunity",
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      "text": "operating margin",
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      "text": "We believe there is a substantial cost savings opportunity at Brand Tripadvisor, especially if revenue growth does not accelerate.",
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      "kind": "source-note",
      "text": "Source: Company Filings, Capital IQ. Market Data as of October 17, 2025. 1) Includes corporate allocation of operating expenses.",
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      "text": "Brand Tripadvisor Must Be More Profitable, Especially if Growth Does Not Improve",
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