{
  "docId": "019de06f-7b6a-7599-b88b-e5db756b283e",
  "docSlug": "e8ed5b303558509d41c1162984588b13",
  "documentTitle": "Pershing Square | Activist Presentation Deck | 79 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-11-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2938006,
  "pageNumber": 73,
  "pageCount": 79,
  "prevPage": 72,
  "nextPage": 74,
  "slideType": "appendix_data",
  "function": "analyze_data",
  "density": "balanced",
  "nDataPoints": 12,
  "notes": "The slide includes a yellow callout box explaining the derivation of Free Cash Flows and the impact of proceeds from restaurant closures.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-7b6a-7599-b88b-e5db756b283e/73",
  "deckHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e",
  "deckJsonHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e.json",
  "deckAnchorHref": "/decks/019de06f-7b6a-7599-b88b-e5db756b283e#slide-73",
  "components": [
    {
      "bbox": {
        "h": 0.55,
        "w": 0.27,
        "x": 0.074,
        "y": 0.305
      },
      "kind": "callout",
      "text": "Set forth herein is a table which demonstrates net capital expenditures by category for McOpCo, PF McDonald’s and the standalone (consolidated) McDonald’s. Note: Our Free Cash Flows are derived using Net Capital Expenditures, net of proceeds received from closures. We note that the Company typically generates $300 - $400mm of proceeds annually from closures.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "70625bae-1f69-4735-95f1-b37c077d2d1c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.625,
        "x": 0.311,
        "y": 0.305
      },
      "kind": "table",
      "text": "2006E Net Capital Expenditures (U.S. $ in millions) Consolidated McDonald's McOpCo Pro Forma McDonald's New Restaurants, Net $316 $30 $286 Existing Restaurants 787 465 322 Corporate/Other 156 39 117 Net Capital Expenditures $1,259 $534 $724",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "65909d26-0f61-4fb0-b7b8-d428612b3eb2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.44,
        "x": 0.363,
        "y": 0.145
      },
      "kind": "title",
      "text": "2006E Net Capital Expenditures Reconciliation",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8395f5c3-1675-4de5-8dfb-0faedcdfab0a",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Table data",
      "slug": "table-data",
      "agent": null,
      "layer": "slide",
      "matchId": "8ae18f4a-ac9f-4e58-b51a-aba3367af56d",
      "evidence": "2006E Net Capital Expenditures (U.S. $ in millions) Consolidated McDonald's McOpCo Pro Forma McDonald's New Restaurants, Net $316 $30 $286 Existing Restaurants 787 465 322 Corporate/Other 156 39 117 Net Capit",
      "confidence": 0.9
    }
  ],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}