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  "documentTitle": "Darden Restaurants, Inc. (DRI)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
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  "presentationDate": "2014-09-11 00:00:00",
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  "pageNumber": 33,
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  "density": "overcrowded",
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  "notes": "Uses a table of historical EPS misses and a table of revised guidance to argue management is gaming expectations.",
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      "kind": "callout",
      "text": "Over that time, Darden's stock has cumulatively declined ~30% in the days following each of its earnings announcements.",
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      "text": "We believe that management and the Board, in anticipation of the upcoming vote, may be attempting to unrealistically shift expectations for the balance of FY 2015",
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      "text": "Most recently, in what we believe to be a transparent attempt to avoid having to report yet another quarterly miss, management decided to “update guidance” by unrealistically back-end weighting FY 2015 guidance, in order to lower consensus estimates for Q1, which Darden is scheduled to report on September 12th.",
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      "text": "Darden has a long history of missing expectations, as evidenced by having missed consensus earnings forecasts for four of the last five quarters, and its earnings report has caused a negative stock price reaction in 13 of the last 17 quarters, dating back to 2010.",
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      "text": "EPS: ~30%",
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      "text": "Historical EPS and stock price reaction table",
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      "text": "FY 2015 guidance revision table",
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      "kind": "title",
      "text": "Darden has a long history of earnings misses and, we believe, management recently “updated” guidance to avoid the appearance of another miss",
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      "evidence": "Contrasts historical performance with current guidance to allege manipulation.",
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      "evidence": "The document emphasizes the need for change at Darden, highlighting the costs of inaction and the potential benefits of Starboard's plan.",
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