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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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  "notes": "The slide uses dual-axis charts to contrast growth metrics (bars) with margin performance (lines).",
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      "kind": "callout",
      "text": "Revenue and unit growth have not provided the operating leverage Darden promised",
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      "kind": "chart",
      "text": "Total Company revenue vs. SG&A margin",
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      "text": "Because Darden is a restaurant conglomerate, one would expect economies of scale in SG&A.\nSince 2004, Darden almost doubled both its total revenue and unit count, but SG&A as a % of sales has worsened.",
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      "text": "SG&A margin: 50bp",
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      "kind": "source-note",
      "text": "Source: Company filings and Capital IQ.",
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      "text": "Revenue increased 71% from 2004-2013, but Darden’s SG&A margin increased 50bp, while EBITDA margin decreased by 40bp",
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      "text": "Total units increased 61% from 2004-2013, but Darden’s SG&A margin increased 50bp, while EBITDA margin decreased by 40bp",
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      "text": "Despite Darden’s significant revenue and unit growth, margins have not improved",
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