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  "documentTitle": "McDonald's | Investor Presentation Deck | 9 slides",
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      "text": "Conventional License (~55% of Restaurants): Investment (Equipment, Building, Real estate) and Profits (Operating profits (Cash flow), Rent, Royalties). Rent and royalties to the Company based upon a percent of sales with minimum rent payments.\nDevelopmental License (~20% of Restaurants): Investment (Equipment, Building, Real estate) and Profits (Operating profits (Cash flow), Rent, Royalties). Royalties to the Company based upon a percent of sales, and licensees provide the capital to develop restaurants.\nForeign Affiliated (~20% of Restaurants): Investment (Equipment, Building, Real estate) and Profits (Operating profits (Cash flow), Rent, Royalties, Equity in Earnings). Royalties to the Company based upon a percent of sales, and equity in earnings representing McDonald's ownership stake.\nMcOpCo (~5% of Restaurants): Investment (Equipment, Building, Real estate) and Profits (All Operating Profits). Profits to the Company from directly operating restaurants.",
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