{
  "docId": "019dd923-622b-71dc-a6d9-c007c91e862b",
  "docSlug": "28a425ed69eb",
  "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": "2014-09-11 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 284,
  "pageCount": 294,
  "prevPage": 283,
  "nextPage": 285,
  "slideType": "preempt_rebuttal",
  "function": "preempt_rebuttal",
  "density": "overcrowded",
  "nDataPoints": 18,
  "notes": "Includes a waterfall-style bar chart and a scenario table comparing payout ratios under different EBITDA improvement assumptions.",
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "bar_chart_stacked",
    "kpi_table",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6d9-c007c91e862b/284",
  "deckHref": "/decks/019dd923-622b-71dc-a6d9-c007c91e862b",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6d9-c007c91e862b.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6d9-c007c91e862b#slide-284",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Our plan would protect and strengthen Darden’s dividend",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-f5cf-7048-87f5-57bb862913c8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.42,
        "w": 0.41,
        "x": 0.05,
        "y": 0.32
      },
      "kind": "chart",
      "text": "Illustrative Dividend Payments",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d0bec2c1-5c0d-4f74-9880-2c9c27c72d43",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.15,
        "x": 0.69,
        "y": 0.63
      },
      "kind": "legend",
      "text": "Compares to 78% today",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "aef84300-91cc-4603-be9c-85213bcee699",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.89,
        "x": 0.07,
        "y": 0.22
      },
      "kind": "list",
      "text": "Although a spinoff of SRG modestly reduces the amount of cash flow available to pay dividends at the operating company, the magnitude is not significant enough to offset the cash flow benefits of a REIT spinoff.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "37c259d2-5fba-45f0-82df-166eeea49082",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.09,
        "w": 0.92,
        "x": 0.04,
        "y": 0.81
      },
      "kind": "list",
      "text": "If Darden can realize the $90 million in savings assumed on the previous page, the OpCo’s payout ratio would fall to under 60%. With full achievement of the targeted cost savings, the OpCo’s payout ratio would be well below 50%, positioning Darden for substantial dividend increases.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f0dc5c49-93b0-46ee-aa79-f9d034481453",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Cash Flow Payout Ratio: 78%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-f5cf-7048-87f5-58878d57f5a9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.92,
        "x": 0.04,
        "y": 0.14
      },
      "kind": "paragraph",
      "text": "With or without cost savings, Darden should be able to maintain its current dividend payments following an SRG spinoff.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dd6abbf3-341c-4132-8ec0-3c986722689f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.52,
        "x": 0.43,
        "y": 0.4
      },
      "kind": "table",
      "text": "Cash Flow Payout Ratio table",
      "attrs": null,
      "subkind": "scenario",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b3bcfd8d-7ff1-4a83-84ae-80acc9685ead",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.94,
        "x": 0.03,
        "y": 0.92
      },
      "kind": "title",
      "text": "Our plan would protect and strengthen Darden’s dividend",
      "attrs": null,
      "subkind": "action-title",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c11f8159-9b3f-4333-8277-f85dde4f706a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.04,
        "w": 0.45,
        "x": 0.04,
        "y": 0.06
      },
      "kind": "title",
      "text": "SRG Spinoff – dividend impact",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "34c98aae-2293-46a7-acee-8d2444135c4e",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "preempt_rebuttal",
      "slug": null,
      "matchId": "a7d7de53-8a97-48ce-a4f1-d44e0610736e",
      "evidence": "Addresses potential investor concern regarding dividend sustainability post-spinoff.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}