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  "documentTitle": "Multiple (BILL Holdings, Tripadvisor, Fluor Corporation)",
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  "notes": "The chart compares two metrics (Backlog vs Unfunded Losses) over time to demonstrate risk reduction.",
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      "text": "We believe the quality of Fluor’s earnings has improved materially",
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      "kind": "chart",
      "text": "Fluor Exposure to Ongoing Legacy Projects in a Loss Position Since David Constable's CEO Tenure",
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      "text": "Source: Public company filings. (1) Shown from FY21, the first full year of David Constable's tenure as CEO of Fluor. (2) No financial data available for estimated unfunded losses associated with ongoing legacy projects in a loss position for FY21.",
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      "text": "Backlog for Ongoing Legacy Projects in a Loss Position; Estimated Unfunded Losses Associated with Ongoing Legacy Projects",
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      "text": "Legacy Project Backlog: $158",
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      "text": "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. The work is not yet complete, but Fluor's risk profile is no longer out of line with peers.",
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      "text": "Fluor Has also Made Meaningful Progress Resolving Legacy Projects",
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