On Friday McDonald's.CFO spent 45 minutes with an analyst from J.P. Morgan.
I'll never understand why they send out a bean counter to discuss operations and
marketing, but the analysts share the same type of education so they take him/her
About half-way through the discussion the CFO talks about Operator cash flow and
for the first time McDonald's has admitted that the Operator cash flow numbers they
give Wall Street are "pre-debt".
Here's the Seeking Alpha Transcript