{
  "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": 92,
  "pageCount": 114,
  "prevPage": 91,
  "nextPage": 93,
  "slideType": "before_after",
  "function": "analyze_data",
  "density": "overcrowded",
  "nDataPoints": 32,
  "notes": "The green box highlights the period starting from David Constable's tenure as CEO.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "bar_chart_stacked",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6da-992480932888/92",
  "deckHref": "/decks/019dd923-622b-71dc-a6da-992480932888",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6da-992480932888.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6da-992480932888#slide-92",
  "components": [
    {
      "bbox": {
        "h": 0.04,
        "w": 0.92,
        "x": 0.04,
        "y": 0.88
      },
      "kind": "callout",
      "text": "We believe Fluor has materially reduced its risk profile and positioned the business for success",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "84edcba3-18c1-46e3-8e8d-fec8c8b9877d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.62,
        "w": 0.92,
        "x": 0.04,
        "y": 0.23
      },
      "kind": "chart",
      "text": "Fluor Historical Backlog Mix",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2e13313b-4c2a-4c01-91d0-6915e73e710f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Reimbursable contract mix: 80%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-203f-7169-9f82-b3ef58549700",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.92,
        "x": 0.04,
        "y": 0.12
      },
      "kind": "paragraph",
      "text": "Starting in 2021, Fluor’s new management team began rebuilding the culture and shifting towards a more sustainable model focused on lower-risk reimbursable contracts, which now account for 80% of Fluor’s contract mix.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1f07ad26-2877-41b5-9f21-1408951bd640",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.5,
        "x": 0.04,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Source: Public company filings. (1) Highlighted green bars shown from FY21, the first full year of David Constable's tenure as CEO of Fluor.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5b0bf6d4-fd2a-48e3-956f-d41f0254b0a6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.03
      },
      "kind": "title",
      "text": "Starting in 2021, New CEO David Constable Transformed Fluor’s Strategy by Pursuing Lower-Risk Reimbursable Projects",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6273e5fb-a516-4486-9cdf-e06edae5c0ce",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Before-After-Bridge",
      "slug": "before-after-bridge",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "44edde65-6583-49bf-9ee1-14dd53853c3b",
      "evidence": "Starting in 2021, Fluor’s new management team began rebuilding the culture and shifting towards a more sustainable model focused on lower-risk reimbursable contracts, which now account for 80% of Flu",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "a4a8140d-2d63-4701-a633-f79476683952",
      "evidence": "The slide contrasts the pre-2021 strategy with the post-2021 strategy to demonstrate risk reduction.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 114,
      "from": 81,
      "beatId": "754df6d6-ed13-48a1-bf5c-0c14bbb2b7b4",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Impact & Next Steps",
      "beatSlug": "consultants-gambit-impact-next-steps",
      "evidence": "Conclusion and recommendations for investors",
      "position": 4,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}