{
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  "docSlug": "679fae06ffaf",
  "documentTitle": "Bloomin' Brands (BLMN)",
  "authorId": "03_Starboard_Value",
  "authorName": "Starboard Value",
  "documentKindSlug": "conference-presentation",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2023-10-01 00:00:00",
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  "pageNumber": 21,
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  "density": "overcrowded",
  "nDataPoints": 9,
  "notes": "The slide uses a 'win-win' framing to argue that expansion targets are beneficial for shareholders regardless of whether they are met (via high ROI or capital return).",
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  "slideHref": "/slides/019dd923-622b-71dc-a6da-2deb87941ff3/21",
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      "kind": "callout",
      "text": "With a high bar for new store ROI, Bloomin' shareholders face a win-win setup: build stores with high ROIs or return capital to shareholders",
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      "kind": "chart",
      "text": "Comparison of 2Q 2023 unit counts vs. future targets for three restaurant concepts.",
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      "text": "New Unit Expansion",
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      "text": "With a high bar for new store ROI, Bloomin' shareholders face a win-win setup: build stores with high ROIs or return capital to shareholders",
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      "kind": "source-note",
      "text": "Source: Company filings. The restaurants presented are concepts of Bloomin'. Unit targets represent company-stated targets of 75-100 (~88 at the midpoint) additional Outback U.S. units from Q1 2022, 100 total Fleming's units from Q4 2022, and 300 total Outback Brazil units as stated in the Q2 2023 earnings call.",
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      "kind": "title",
      "text": "Bloomin' Has Ambitious Targets for New Unit Expansion, Giving Shareholders a Win-Win Setup",
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      "evidence": "Slides 20-23 discuss the potential for value creation through capital allocation and new unit expansion.",
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