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  "docId": "019de06f-348e-73d8-928d-dae890b6fefa",
  "docSlug": "026aa39efc5ddd02b246ab06000ae2aa",
  "documentTitle": "Pershing Square | Activist Presentation Deck | 31 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2008-05-01 00:00:00",
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  "pageNumber": 4,
  "pageCount": 31,
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  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 4,
  "notes": "Uses a before-after bridge to visualize the reclassification of EBITDA components.",
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  "slideHref": "/slides/019de06f-348e-73d8-928d-dae890b6fefa/4",
  "deckHref": "/decks/019de06f-348e-73d8-928d-dae890b6fefa",
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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 Adjusted for Market Rent and Franchise Fees",
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      "text": "EBITDA As Reported",
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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": "Visual transition between reported and adjusted EBITDA states.",
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      "evidence": "The deck identifies the problem with McDonald's and Wendy's stock performance",
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      "parentBeatName": "Complication",
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