Pershing Square Activist Presentation Deck
DPZ Share Price Performance Since Inception
DPZ's share price including dividends increased 58% from our average cost at
inception to December 31, 2021, and has decreased 22% year-to-date in 2022(¹)
DPZ Share Price Performance From 3/8/2021 to 2/8/2022:
Share price
$600
$550
$500
$450
$400
$350
$300
4/9/21: DPZ completes
recapitalization transaction
and announces a $1bn
accelerated share
repurchase program
Mar-2021
7/22/21: DPZ reports strong Q2 earnings, with
U.S. 2-Year SSS accelerating from 15% to 20%
May-2021
10/14/21: DPZ reports Q3 earnings, with U.S.
2-Year SSS slowing from 20% to 15% due to
waning stimulus effect and labor shortages
Jul-2021
Sep-2021
1/11/22: DPZ transitions $7.99
national carryout offer to
online-only and reduces
chicken wing count in
an order from 10 to 8
Nov-2021
Jan-2022
Note: The performance of DPZ'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 2/8/2022.
$439
$359*
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