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  "documentTitle": "Tripadvisor, Inc. (TRIP)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
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  "presentationDate": "2026-02-17 00:00:00",
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  "notes": "This is a formal letter from an activist investor.",
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      "kind": "callout",
      "text": "However, it is time for bold action and substantive change, not a continuation of the status quo.",
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      "text": "EBITDA multiple: 4.0x",
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      "text": "Today, Tripadvisor trades at $9.61 per share, a new all-time low, or less than 4.0x 2026E EBITDA. We believe there remains a meaningful value creation opportunity at the Company, but we do not have confidence that this management team and Board can deliver it.",
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      "kind": "paragraph",
      "text": "Sincerely, Jeffrey C. Smith, Managing Member, Starboard Value",
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      "text": "Shareholders' patience for the status quo has worn thin as value continues to be destroyed. We continue to believe Tripadvisor has an opportunity to create significant shareholder value, and we remain open to working with the Company to accomplish that goal.",
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      "kind": "source-note",
      "text": "5 Source: Bloomberg. Reflects consensus estimates as of February 13, 2026.",
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