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  "documentTitle": "Pershing Square | Activist Presentation Deck | 58 slides",
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  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2006-01-01 00:00:00",
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  "notes": "The slide provides a detailed breakdown of FCF adjustments including minority interest and share count pro-forma.",
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      "text": "Set forth herein is a schedule for 2006E Free Cash Flow based on our estimates. Attributable free cash flow per share deducts the minority interest free cash flow pertaining to the 20% stake of McOpCo's no longer owned by McDonald's. FY2006E shares outstanding is pro forma for the proposed share buyback.",
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      "text": "2006E Cash Flow Data ($ in mm except per share data) EBITDA $5,594 less: Cash Taxes (1,186) less: Cash Interest Expense (563) less: Growth CapEx (316) less: Maintenance CapEx (943) less: Change in Working Capital 12 less: Minority Interest FCF (74) Attributable FCF $2,525",
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      "text": "McDonald's 2006E Free Cash Flow Assuming a 20% IPO of McOpCo",
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