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  "docSlug": "8a2b56079f523e69bea9092fc1eb3322",
  "documentTitle": "Pershing Square | Activist Presentation Deck | 58 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2006-01-01 00:00:00",
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  "pageNumber": 20,
  "pageCount": 58,
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  "slideType": "before_after",
  "function": "analyze_data",
  "density": "balanced",
  "nDataPoints": 8,
  "notes": "Uses a before-after bridge to illustrate the impact of accounting adjustments on EBITDA attribution.",
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      "kind": "chart",
      "text": "2004 Total EBITDA Adjusted for Market Rent and Franchise Fees",
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      "text": "2004 Total EBITDA As Reported",
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      "kind": "paragraph",
      "text": "In 2004, McDonald's company-operated restaurants appeared to contribute 46% of total EBITDA. However, once adjusted for a franchise fee and a market rent fee, McOpCo constituted only 22% of total EBITDA, with Brand McDonald's contributing 78% of total EBITDA.",
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      "text": "Note: The analysis assumes that 75% of the total G&A is allocated to Brand McDonald's business and 25% is allocated to McOpCo. McDonald's management has indicated this is a conservative assumption regarding Brand McDonald's. Analysis excludes $441 mm of non-recurring other net operating expenses.",
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      "text": "EBITDA breakdown tables",
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      "kind": "title",
      "text": "Objective 3: Unlock Shareholder Value at McDonald's (cont'd)",
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      "evidence": "The document proposes solutions to address McDonald's challenges",
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