{
  "docId": "019dd923-622c-750b-8b9c-03cf0520f67b",
  "docSlug": "c3322730abd5",
  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2024-02-08 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.2941177,
  "pageNumber": 41,
  "pageCount": 59,
  "prevPage": 40,
  "nextPage": 42,
  "slideType": "key_takeaways",
  "function": "summarize",
  "density": "dense",
  "nDataPoints": 6,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "callout_box",
    "logo_grid",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9c-03cf0520f67b/41",
  "deckHref": "/decks/019dd923-622c-750b-8b9c-03cf0520f67b",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9c-03cf0520f67b.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9c-03cf0520f67b#slide-41",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.8,
        "x": 0.16,
        "y": 0.18
      },
      "kind": "callout",
      "text": "Chipotle’s continued focus on exceptional food and operational excellence fueled impressive growth in 2023",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6ac068a2-7f2b-450d-b9b5-126fe796eabc",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.16,
        "y": 0.58
      },
      "kind": "callout",
      "text": "Chipotle has a long runway for robust growth",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "de93b5df-be5e-4bac-a92d-bec5b5832948",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.13,
        "w": 0.13,
        "x": 0.04,
        "y": 0.19
      },
      "kind": "image",
      "text": null,
      "attrs": null,
      "subkind": "logo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d9b02fd5-2c88-463c-be25-bce7a3f77b4a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.8,
        "x": 0.16,
        "y": 0.28
      },
      "kind": "list",
      "text": "Industry-leading same-store sales growth and profitability\nSame-store sales (\"SSS\") grew 8% in 2023, or 42% from 2019 levels\nTraffic increased 5% in 2023\n2023 restaurant margin expansion of 230bps to 26.2%",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5a3e7e85-c03d-4897-bbbd-30e41ded97df",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.2,
        "w": 0.8,
        "x": 0.16,
        "y": 0.65
      },
      "kind": "list",
      "text": "Improve in-restaurant execution to drive SSS and profitability\nNew unit growth of 8% to 10% annually in North America\nInternational expansion\nLong-term potential to offer breakfast and leverage automation",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8d0a46ec-2fa8-4657-8d6d-218a84b6a541",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "same-store sales growth: 8%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b62-723f-b681-1e0d01f88fd9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.8,
        "x": 0.04,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Company filings. This slide contains Pershing Square's own views and opinions, based on publicly available information, to illustrate Pershing Square's thinking on the matters therein.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a34b692f-a251-4c37-b599-12c629b27358",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.04,
        "y": 0.1
      },
      "kind": "title",
      "text": "Chipotle Mexican Grill (\"CMG\")",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "75f2d75f-2466-4fa6-8b4e-d41ef0cec6e6",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}