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  "documentTitle": "Pershing Square Holdings Portfolio (multi-position) (PSH)",
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  "authorName": "William Ackman",
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      "text": "Uber is a high-quality business which is positioned for rapid earnings growth over the medium-term based on strong revenue growth and robust operating leverage",
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      "text": "Rapid earnings growth potential over the medium term: Strong top-line revenue growth combined with excellent expense control drives significant operating leverage and margin expansion; Large degree of fixed-costs allow for significant operating leverage (e.g. 3% annual headcount growth vs. 20% annual bookings CAGR since 2019); Continued focus on operational efficiencies will limit future expense growth",
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      "text": "Robust mid-to-high-teens revenue growth potential: Growth driven by new customers and increased frequency of existing consumers; Growth in new customers due to increased penetration of mature markets, expansion into new geographies, and new product offerings",
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      "text": "Attractive business model: Leading global two-sided marketplace with strong and growing network effects and ingrained consumer behaviors driving expanding user frequency; Strong consumer and driver synergies from integrated and scaled mobility and delivery platform",
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      "text": "Source: Company filings and Pershing Square estimates. 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.",
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