{
  "docId": "019dd923-622c-750b-8b9b-296b2ce8c9e2",
  "docSlug": "70a313a8c0c3",
  "documentTitle": "McDonald's Corporation (MCD)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2005-11-15 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 17,
  "pageCount": 79,
  "prevPage": 16,
  "nextPage": 18,
  "slideType": "before_after",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 8,
  "notes": "The slide uses a before-after visual to demonstrate how accounting adjustments shift the perceived value contribution of McDonald's business segments.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "pie_chart",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-296b2ce8c9e2/17",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-296b2ce8c9e2",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-296b2ce8c9e2.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-296b2ce8c9e2#slide-17",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.86,
        "x": 0.07,
        "y": 0.25
      },
      "kind": "callout",
      "text": "Once adjusted for market rent and franchise fees, McOpCo would be contributing only 14% of total EBITDA-Maintenance Capex, with the Real Estate and Franchise business contributing 86% of total EBITDA-Maintenance Capex ,based on FY 2005E projections.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c4f191de-3cc0-4eb6-b336-bb002b18ce23",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.35,
        "x": 0.07,
        "y": 0.46
      },
      "kind": "chart",
      "text": "2005E Total EBITDA – Capex As Reported",
      "attrs": null,
      "subkind": "pie",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0a8cfcc9-f5a9-4814-9ec5-175e06af2481",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.35,
        "x": 0.56,
        "y": 0.46
      },
      "kind": "chart",
      "text": "2005E Total EBITDA – Capex Adjusted for Market Rent and Franchise Fees",
      "attrs": null,
      "subkind": "pie",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b4b837c3-c854-45f1-846b-7bc50872b523",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.7,
        "x": 0.17,
        "y": 0.85
      },
      "kind": "disclaimer",
      "text": "The analysis assumes that 75% of the total G&A is allocated to the Real Estate and Franchise business and 25% is allocated to McOpCo. McDonald’s management has indicated this is a conservative assumption regarding the real estate and franchise business. In addition, we note that 2005E maintenance capex includes certain one-time capital expenditures related to systemwide remodeling program. Please see appendix for full reconciliation",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8d413178-d23b-4317-9f53-b9afa9b14825",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EBITDA-Maintenance Capex: 86%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0f1a-773e-97ed-31a4575552cd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.3,
        "x": 0.12,
        "y": 0.71
      },
      "kind": "table",
      "text": "Table showing '05 EBITDA-Maint. Capex for McOpCo and PF McDonald's",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0a219cbe-00f8-43fb-99d0-ea705cef3975",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.3,
        "x": 0.64,
        "y": 0.71
      },
      "kind": "table",
      "text": "Table showing '05 EBITDA-Maint. Capex for McOpCo and PF McDonald's (Adjusted)",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "992f1630-44fb-415d-ae6d-88bd3249d3b5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.36,
        "y": 0.15
      },
      "kind": "title",
      "text": "Adjusting for Market Rent and Franchise Fees (Cont'd)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f68debd5-4793-4ced-99b3-42f21561d2d9",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Before/after framing",
      "slug": "before-after-framing",
      "agent": null,
      "layer": "slide",
      "matchId": "f5024760-dbcc-4def-874d-a88165e2db70",
      "evidence": "The slide presents another before-after comparison of McDonald's EBITDA with and without market rent and franchise fees.",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "before-after-framing",
      "slug": null,
      "matchId": "b7ff9a69-9ef8-4083-bcb5-ad5b3f8fd25f",
      "evidence": "Visual comparison of 'As Reported' vs 'Adjusted' data to highlight the impact of the proposed adjustment.",
      "confidence": 1
    }
  ],
  "arcBeats": [
    {
      "to": 20,
      "from": 15,
      "beatId": "04971b0e-b324-458c-9286-3cd6ef335c7c",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Evidence & Proof",
      "beatSlug": "consultants-gambit-evidence-proof",
      "evidence": "The document provides data and analysis to support the proposal, including financial metrics and valuation multiples.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}