{
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  "docSlug": "06bee195e08c",
  "documentTitle": "Buffalo Wild Wings (BWLD)",
  "authorId": "07_Marcato",
  "authorName": "Marcato",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-06-13 00:00:00",
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  "pageNumber": 34,
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  "density": "dense",
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  "notes": "The slide highlights the company's strategy of re-levering and returning capital to shareholders, showing a 210% cumulative payout ratio.",
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      "kind": "callout",
      "text": "Using an appropriate mix of debt and equity as well as growing cash flow from their franchise operations, they have paid out 210% of their cumulative Free Cash Flow since IPO.",
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      "kind": "chart",
      "text": "DOMINO'S NET DEBT / EBITDA (LTM)",
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      "text": "Over time, Domino's has continually re-levered to high multiples and returned capital to shareholders. In addition to consistent refranchising domestically, most of Domino's system growth has come from International franchisees. Using an appropriate mix of debt and equity as well as growing cash flow from their franchise operations, they have paid out 210% of their cumulative Free Cash Flow since IPO. DPZ has been richly rewarded both for its growth and capital allocation.",
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      "text": "Cumulative Payout Ratio: 210%",
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      "text": "Source: Company filings, CapitalIQ, MCM estimates. Market data as of 6/13/16, EBITDA calculation includes amortization expense related to deferred financing costs, debt discount and other.",
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      "text": "Financial table showing Free Cash Flow, Dividends, Repurchases, Payout Ratios, and TSR from 2004 to 2015/LTM.",
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      "kind": "title",
      "text": "USING THE BALANCE SHEET TO CREATE VALUE: DOMINO'S PIZZA CASE STUDY",
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      "name": "Cost Of Inaction",
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