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  "documentTitle": "Multiple (BILL Holdings, Tripadvisor, Fluor Corporation)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2025-10-17 00:00:00",
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  "notes": "The slide uses a bar chart with growth arcs to illustrate EBITDA trajectory during the CEO's tenure.",
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      "kind": "callout",
      "text": "We believe Fluor should be able to grow EBITDA following the reset in the base business",
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      "text": "Fluor Adj. EBITDA Growth Since David Constable's CEO Tenure",
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      "text": "EBITDA: $751",
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      "kind": "source-note",
      "text": "Source: Public company filings, Bloomberg, Wall Street consensus estimates. Market data as of October 17, 2025. (1) Fluor's definition of adj. EBITDA excludes “Other” earnings and losses, which is comprised of NuScale, Stork, and AMECO. (2) Shown from FY21, the first full year of David Constable's tenure as CEO of Fluor.",
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      "text": "Since 2021, Fluor has delivered healthy EBITDA growth while exiting fixed-price work. Looking ahead, the Company is positioned to benefit from market tailwinds and a stronger backlog, with analysts projecting a ~9% CAGR from FY24.",
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      "kind": "title",
      "text": "Fluor's EBITDA Growth Reflects its Successful Business Transformation",
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