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  "documentTitle": "McDonald's Corporation (MCD)",
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  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2006-01-18 00:00:00",
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  "notes": "The slide provides a breakdown of unit-level economics comparing US McOpCo, International McOpCo, and US Franchisee units.",
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      "text": "Set forth herein is a table which details our assumptions regarding average unit level 4-Wall EBITDA margins for McOpCo and U.S. Franchisees.",
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      "text": "4-Wall EBITDA margin: 14.8%",
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      "text": "Set forth herein is a table which details our assumptions regarding average unit level 4-Wall EBITDA margins for McOpCo and U.S. Franchisees.",
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      "kind": "quote",
      "text": "As presented by Ralph Alvarez, President of McDonald's North America, at McDonald's Analyst Meeting at Oak Brook, IL on 9/21/05.",
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      "text": "Note: McOpCo estimates based on FY 2004 financial data and assumes 2,002 U.S. McOpCo units and 6,117 International McOpCo units. (1) As presented by Ralph Alvarez, President of McDonald's North America, at McDonald's Analyst Meeting at Oak Brook, IL on 9/21/05.",
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      "text": "Table showing unit sales, operating income, rent/fees, D&A, and EBITDA for three unit types.",
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      "text": "Average Unit Level EBITDA Margins",
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