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  "documentTitle": "Pershing Square | Activist Presentation Deck | 62 slides",
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      "text": "Despite meaningful share price appreciation since our investment, HLT continues to offer a compelling return profile given high levels of durable earnings growth",
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      "text": "Hilton’s unique asset-light model and unit growth opportunity should allow it to sustainably grow earnings at a mid-teens rate",
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      "text": "Robust earnings growth in 2019 despite muted macro environment validate the durability of Hilton’s business model: ~1% RevPAR growth, 13% earnings growth, embedded growth, cost control, capital return",
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      "text": "Strong business performance in 2019: 9% Adjusted EBITDA growth, 13% growth in economic earnings per share, 7% net unit growth, 5% reduction of outstanding shares",
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      "text": "(1) Based on the midpoint of management’s guidance for Q4. Excludes Other Non-Operating Income and gain or loss on foreign currency transactions. Source: Company filings",
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