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  "docSlug": "416ab93b6285",
  "documentTitle": "Darden Restaurants, Inc. (DRI)",
  "authorId": "03_Starboard_Value",
  "authorName": "Jeffrey C. Smith",
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  "presentationDate": "2014-09-11 00:00:00",
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  "pageNumber": 34,
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  "notes": "The slide uses a dual-chart layout to show the inverse relationship between capital deployment and return on capital.",
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      "kind": "callout",
      "text": "Darden has spent more than its current market cap on acquisitions and capex",
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      "text": "2005-2013: Capex increased ~225% and ROC decreased by ~45%",
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      "text": "Return on Capital: $6.7 billion",
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      "kind": "paragraph",
      "text": "Since Mr. Otis became CEO in 2004, Darden has spent $6.7 billion – or more than $56.00 per current Darden share(1) – on capital expenditures and acquisitions to fund revenue and EPS growth.",
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      "kind": "source-note",
      "text": "Source: Company filings and Capital IQ.",
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      "kind": "title",
      "text": "Excessive spending on acquisitions and capex have led to questionable returns",
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