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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
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  "authorName": "Starboard Value",
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  "presentationDate": "2014-03-31 00:00:00",
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  "notes": "The slide uses a dual-chart layout to highlight the divergence between capital allocation and performance metrics.",
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      "text": "2005-2013: Capex increased ~225% and ROC decreased by ~45%",
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      "text": "Darden's historical capex spend and acquisitions",
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      "text": "Since Mr. Otis became CEO in 2004, Darden has spent $6.1 billion – or $46.50 per current Darden share – on capital expenditures and acquisitions to fund revenue and EPS growth.",
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      "text": "As one of the largest cash flow generating businesses inside of Darden, Red Lobster was used to finance a significant portion of this growth.",
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      "text": "Darden continued to increase growth spending year after year to increase revenue and EPS, even though returns on capital were declining dramatically.",
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      "text": "Return on Capital: 9.2%",
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      "kind": "source-note",
      "text": "Source: Company filings and Capital IQ.",
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      "text": "Historically, Darden spent significant capital to fund growth, possibly for compensation purposes, even while returns were deteriorating",
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