The developmental-license structure shifts nearly 70% of new-unit capital to third-party licensees while McDonald's collects incremental royalties from day one. This asset-light expansion path accelerates unit growth toward the 50,000-unit target without proportionately burdening McDonald's balance sheet, amplifying returns on invested capital.
the thesis · admitted · the reason above is the thesis, not printed twice
no findingread · nothing bore on it
It held on this filing. No finding was written because nothing in it bore on the reason — the sentences it was read against are below.
the evidence · every sentence checkedthree sentences · whole, uncut
the claims it rests on · in our words, not the filing’s