{
  "docId": "019dd923-622b-71dc-a6d9-b7733990b4fe",
  "docSlug": "9c639b8b1898",
  "documentTitle": "Darden Restaurants, Inc. (DRI)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-03-31 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 104,
  "pageCount": 108,
  "prevPage": 103,
  "nextPage": 105,
  "slideType": "key_messages",
  "function": "summarize",
  "density": "balanced",
  "nDataPoints": 1,
  "notes": "This slide serves as a transition or summary of the activist's operational thesis.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-b7733990b4fe/104",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-b7733990b4fe",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-b7733990b4fe.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-b7733990b4fe#slide-104",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.75
      },
      "kind": "callout",
      "text": "If Darden can execute on the operational opportunities that we will discuss prior to the Special Meeting, the potential for value creation is even greater than the value creation available through a real estate separation alone.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "04f6c829-56ad-4e6b-9095-99509101767f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.9,
        "x": 0.05,
        "y": 0.35
      },
      "kind": "list",
      "text": "This is the opportunity that first attracted us to Darden, and we will address it in detail prior to the Special Meeting. We have been working on a plan to address this opportunity for more than a year.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3258ce59-0a74-4bd9-9e6e-3818f3b59a1b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.9,
        "x": 0.05,
        "y": 0.18
      },
      "kind": "list",
      "text": "Stripping out Darden’s real estate “subsidy” reveals another large opportunity – an operational turnaround. The fully-leased EBITDA analysis reveals a 300 basis point margin gap between Darden and peers.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7a056527-959c-471c-84b8-ea7c8194382a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EBITDA margin: 300 basis point",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-203e-77ad-a6ae-091cc24cf21d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.87
      },
      "kind": "paragraph",
      "text": "Importantly, we believe these operational changes should be made in addition to a real estate transaction, not instead of one.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8f45ed77-52af-417a-97e2-c009cd79056a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.8,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "Improving Darden’s operations would create substantial shareholder value",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b791c710-9c91-4a14-91d3-6282f3c60bf6",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 107,
      "from": 44,
      "beatId": "b1a77d71-e262-47a6-b9b8-0075198da524",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Propose Solution",
      "beatSlug": null,
      "evidence": "The document proposes alternative solutions, including a comprehensive value creation plan and a detailed turnaround plan for Darden.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}