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  "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",
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  "pageNumber": 4,
  "pageCount": 31,
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  "slideType": "before_after",
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  "density": "dense",
  "nDataPoints": 4,
  "notes": "Uses a before-after framing to challenge the conventional perception of McDonald's business model.",
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      "kind": "callout",
      "text": "McDonald’s company-operated restaurants (“McOpCo”) appeared to contribute ~50% of total EBITDA. However, once adjusted for market rent and franchise fees, McOpCo actually constituted ~20% of total EBITDA, with Brand McDonald’s contributing ~80% of total EBITDA.",
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      "kind": "chart",
      "text": "EBITDA As Reported",
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      "text": "EBITDA contribution: 80%",
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      "kind": "source-note",
      "text": "Note: Based on 2005A Reported financials. McOpCo contribution includes Other Brands. The analysis assumes that approximately 79% of the total G&A is allocated to Brand McDonald’s business and 21% is allocated to McOpCo. Analysis excludes non-recurring expenses and other net operating expenses.",
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      "kind": "title",
      "text": "But McDonald’s Was Not a Restaurant Company...",
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      "evidence": "The slide explicitly compares 'As Reported' vs 'Adjusted' data to reveal a hidden truth.",
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