Pershing Square Activist Presentation Deck
Reinvestment of Hedge Proceeds into Netflix
Amidst a volatile market backdrop in 2022, hedging gains provided the
capital to fund the purchase of Netflix
NFLX Share Price Performance From 12/31/2019 to 2/8/2022:
$700
Share price
$650
$600
$550
$500
$450
$400
$350
$300
$250
2/20/20: Pre-
pandemic share
price of $386
اراد ان لا اله
тр
Dec-2019 Mar-2020 Jun-2020 Sep-2020 Dec-2020
worth.
1/20/22: The company issues lower
than expected short-term guidance on
margins and next quarter's subscriber
growth. NFLX's substantial stock price
decline was further exacerbated by
recent market volatility
Mar-2021 Jun-2021 Sep-2021
1/21/22 - 1/25/22:
Pershing Square
acquires 3.1mm
shares of NFLX
Dec-2021
Note: The performance of Netflix'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.
$404
$395*
Despite ~50% increase in revenue, ~800bps of margin expansion and improved free cash flow over the last two
years, NFLX's share price is down more than 40% from recent highs and has nearly returned to pre-pandemic levels
37View entire presentation