{
  "docId": "019dd923-622c-750b-8b9b-2dc82567e925",
  "docSlug": "d7c37d317649",
  "documentTitle": "Wendy's International (WEN)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "conference-presentation",
  "documentKindLabel": "Conference presentation",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2008-05-21 00:00:00",
  "orientation": "portrait",
  "aspectRatio": 0.77272725,
  "pageNumber": 15,
  "pageCount": 31,
  "prevPage": 14,
  "nextPage": 16,
  "slideType": "before_after",
  "function": "analyze_data",
  "density": "overcrowded",
  "nDataPoints": 4,
  "notes": "The slide uses a before-after bridge to reclassify EBITDA, highlighting the shift from OpCo-heavy to Brand-heavy profitability.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "pie_chart",
    "pie_chart",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-2dc82567e925/15",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-2dc82567e925",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-2dc82567e925.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-2dc82567e925#slide-15",
  "components": [
    {
      "bbox": {
        "h": 0.15,
        "w": 0.88,
        "x": 0.06,
        "y": 0.18
      },
      "kind": "callout",
      "text": "Even more so than McDonald’s, Wendy’s is fundamentally a Franchise and Real Estate business (“Brand Wendy’s”). Wendy’s company-operated restaurants (“OpCo”), once adjusted for market rent and franchise fees, are generating virtually no profits",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b8ecda1d-4508-47bc-b78c-74966469184a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Wendy’s company-operated restaurants (“OpCo”), once adjusted for market rent and franchise fees, are generating virtually no profits",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-3f40-73bb-a60c-d27431625ac5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.42,
        "x": 0.06,
        "y": 0.41
      },
      "kind": "chart",
      "text": "2008E Total EBITDA As Reported",
      "attrs": null,
      "subkind": "pie",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5f941055-358f-413d-bb6f-d1003ab0ce37",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.42,
        "x": 0.58,
        "y": 0.41
      },
      "kind": "chart",
      "text": "2008E Total EBITDA Adjusted for Market Rent and Franchise Fees",
      "attrs": null,
      "subkind": "pie",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "65a4dedb-2eea-4282-a913-4e8c75cb309a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EBITDA: $313mm",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-3f40-73bb-a60c-d73d80d8923a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.94,
        "x": 0.03,
        "y": 0.91
      },
      "kind": "source-note",
      "text": "Note: The analysis assumes that approximately 75% of total Wendy’s G&A is allocated to Brand Wendy’s business and 25% is allocated to OpCo. The analysis assumes that rent is charged to OpCo at a 7.25% cap rate. The analysis excludes non-recurring expenses.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "287ec7f3-bf92-491b-a015-36fb83f9133b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.94,
        "x": 0.03,
        "y": 0.08
      },
      "kind": "title",
      "text": "Wendy’s: A Brand Royalty and Real Estate Company",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8a1edf2e-1397-47cf-9af9-aee70980aa4a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Before-After-Bridge",
      "slug": "before-after-bridge",
      "agent": "Storyteller",
      "layer": "slide",
      "matchId": "23d172fa-df66-451d-aa5c-a86234eaad33",
      "evidence": "The slide presents a comparison of Wendy's company-operated restaurants with and without adjustments for market rent and franchise fees.",
      "confidence": 0.7
    }
  ],
  "frameworks": [
    {
      "name": "before-after-bridge",
      "slug": null,
      "matchId": "cec2dce6-6464-45b4-acd0-ccae72514808",
      "evidence": "The slide uses a visual bridge to show the transformation of EBITDA composition.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 15,
      "from": 14,
      "beatId": "b921c556-761f-4ef3-b8c7-eb1615f01687",
      "arcName": "The Sequoia Pitch",
      "arcSlug": "sequoia-pitch",
      "beatName": "Product",
      "beatSlug": "sequoia-pitch-product",
      "evidence": "The presentation describes Wendy's as a brand royalty and real estate company",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Evidence",
      "parentBeatSlug": "evidence"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}