{
  "docId": "019de06f-fac0-7028-97e9-79b5a868635b",
  "docSlug": "a9dbd2afd8b67eb9b43951ae299ef9e4",
  "documentTitle": "Pershing Square | Activist Presentation Deck | 62 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Holdings",
  "documentKindSlug": "deck",
  "documentKindLabel": "Deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2020-02-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 41,
  "pageCount": 62,
  "prevPage": 40,
  "nextPage": 42,
  "slideType": "other",
  "function": "analyze_data",
  "density": "overcrowded",
  "nDataPoints": 3,
  "notes": "The chart includes a baseline marker at $73 representing the average cost at announcement date.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-fac0-7028-97e9-79b5a868635b/41",
  "deckHref": "/decks/019de06f-fac0-7028-97e9-79b5a868635b",
  "deckJsonHref": "/decks/019de06f-fac0-7028-97e9-79b5a868635b.json",
  "deckAnchorHref": "/decks/019de06f-fac0-7028-97e9-79b5a868635b#slide-41",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.18
      },
      "kind": "callout",
      "text": "HLT's share price including dividends increased 55% in 2019 and is flat year-to-date in 2020",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ec7a3b94-ff07-48fb-ad66-f038ad327b85",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.88,
        "x": 0.08,
        "y": 0.33
      },
      "kind": "chart",
      "text": "HLT share price performance from 10/8/2018 to 2/4/2020",
      "attrs": null,
      "subkind": "line",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bb32a34f-8bb9-4eab-a857-fe0ca0949139",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.85,
        "x": 0.07,
        "y": 0.92
      },
      "kind": "disclaimer",
      "text": "Note: The performance of HLT's share price is provided for illustrative purposes only and is not an indication of future returns of the Pershing Square funds. *Average cost at announcement date. Please see the additional disclaimers and notes to performance results at the end of the presentation. (1) As of 2/4/2020",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "87b3b3a0-e729-49c0-bd0c-a861250079ec",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.28,
        "x": 0.51,
        "y": 0.358
      },
      "kind": "legend",
      "text": "10/23/19: HLT Q3 2019 earnings call. Despite weaker RevPAR trends HLT reports a “beat and raise” quarter. Preliminary 2020 guidance is well received",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0faa7b9e-5fbc-4865-bb8e-a91320d9728b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.28,
        "x": 0.16,
        "y": 0.407
      },
      "kind": "legend",
      "text": "2/13/19: HLT Q4 2018 earnings call. Reports robust financial results despite modest RevPAR growth. HLT modifies the presentation of EPS to be more closely aligned with economic earnings",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "16d91d13-4762-44cb-ac15-dc76c1c3d6b6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.28,
        "x": 0.48,
        "y": 0.64
      },
      "kind": "legend",
      "text": "5/1/19: HLT Q1 2019 earnings call. Reports continued strong financial performance. Management positively revises guidance",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c751df14-3671-4aa5-af3d-a7915900d9b6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.04,
        "y": 0.08
      },
      "kind": "title",
      "text": "HLT Share Price Performance Since Inception",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c73e002b-daae-46ee-af9e-6b6cb01e8784",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall chart",
      "slug": "waterfall-chart",
      "agent": null,
      "layer": "slide",
      "matchId": "aa32b16b-99a9-43f7-b013-ecf9f18a7782",
      "evidence": "chart/line: HLT share price performance from 10/8/2018 to 2/4/2020",
      "confidence": 0.7
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 49,
      "from": 31,
      "beatId": "4844ba62-45b2-49cd-81b4-4377d9c5ba3b",
      "arcName": "The Sparkline",
      "arcSlug": "sparkline",
      "beatName": "Climax",
      "beatSlug": "mountain-climax",
      "evidence": "The portfolio update section, with its focus on specific investments and their performance, represents a climax in the narrative.",
      "position": 5,
      "confidence": 0.8,
      "parentBeatName": "Turn",
      "parentBeatSlug": "turn"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}