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  "documentTitle": "Multiple (BILL Holdings, Tripadvisor, Fluor Corporation)",
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  "presentationDate": "2025-10-17 00:00:00",
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  "notes": "The slide uses a visual connection (dashed lines) to emphasize the growth of the Urban Solutions segment slice.",
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      "text": "Fluor has nearly doubled its exposure to Urban Solutions, which we believe is poised to see substantial growth",
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      "text": "Fluor Core Backlog Mix Since David Constable's CEO Tenure",
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      "text": "While many people think of legacy energy projects when they think of Fluor, the vast majority of the business today is levered to faster growing markets within their Urban Solutions segment – including infrastructure, life sciences, mining, semiconductors, and data centers. Even within Energy Solutions, Fluor is exposed to growth trends in LNG, power generation, and energy transition.",
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      "text": "Source: Public company filings, industry research. (1) Core backlog excludes “Other”, which historically included NuScale, Stork, AMECO, and other non-core businesses. (2) Shown from FY21, the first full year of David Constable’s tenure as CEO of Fluor.",
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      "text": "We Believe Fluor Is Well Positioned to Benefit from Faster Growing End Markets",
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