{
  "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": 20,
  "pageCount": 79,
  "prevPage": 19,
  "nextPage": 21,
  "slideType": "kpi_overview",
  "function": "analyze_data",
  "density": "dense",
  "nDataPoints": 25,
  "notes": "The slide highlights the resilience of the Real Estate and Franchise segment compared to the core McOpCo business.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "bar_chart_stacked",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-296b2ce8c9e2/20",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-296b2ce8c9e2",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-296b2ce8c9e2.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-296b2ce8c9e2#slide-20",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.07,
        "y": 0.26
      },
      "kind": "callout",
      "text": "Despite an economic recession in 2001-2003, significant dips in McDonald's system wide same-store sales growth and declines in McDonald's stock prices, the Real Estate and Franchise business has grown every year over the last five years.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "63421fe4-6914-4e53-af7c-746271d99fab",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Despite an economic recession in 2001-2003, significant dips in McDonald’s system wide same-store sales growth and declines in McDonald’s stock prices, the Real Estate and Franchise business has grown every year over the last five years.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-0f1a-773e-97ed-64288e743359",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.75,
        "x": 0.12,
        "y": 0.39
      },
      "kind": "chart",
      "text": "McDonald's Consolidated EBITDA ($ in millions)",
      "attrs": null,
      "subkind": "bar-stacked",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "76e7bd92-e713-417c-928b-5906690b8f23",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.6,
        "x": 0.07,
        "y": 0.87
      },
      "kind": "disclaimer",
      "text": "Notes: Assumes McOpCo G&A to be 25% of consolidated G&A and Real Estate and Franchise G&A to be 75% of consolidated G&A. Assumes McOpCo pays franchise fees of 4% of sales and rent of 9% of sales.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "730eb6a0-df0b-48b4-bb66-a29594917a1e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EBITDA: $5,183",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-0f1a-773e-97ed-6bebf7830d54",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.92,
        "x": 0.07,
        "y": 0.71
      },
      "kind": "table",
      "text": "Same-store sales, McOpCo Growth, RE/Franchise Growth table",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ebc89655-022e-4ffd-8514-310f2e3f2f1b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.36,
        "y": 0.15
      },
      "kind": "title",
      "text": "Historical EBITDA by Business Type: Adjusted for a Market Rent and Franchise Fee",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d83e00a6-cbf5-42f3-80b8-5064d03d4e83",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Table data",
      "slug": "table-data",
      "agent": null,
      "layer": "slide",
      "matchId": "bb3603ac-9b00-4347-9980-0a233817f8c0",
      "evidence": "table/data: Same-store sales, McOpCo Growth, RE/Franchise Growth table",
      "confidence": 0.9
    }
  ],
  "frameworks": [],
  "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
}