Multiple (BILL Holdings, Tripadvisor, Fluor Corporation)

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While Fluor's projects often take years to complete, Fluor has diligently worked through its backlog of problem projects, substantially reducing this long-standing earnings drag.

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The slide contrasts the past state of legacy project backlog with the current improved state.

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The chart compares two metrics (Backlog vs Unfunded Losses) over time to demonstrate risk reduction.