{
  "docId": "019dd923-622c-750b-8b9b-74abb4a757e7",
  "docSlug": "886ebab3088d",
  "documentTitle": "Herbalife, Ltd. (HLF)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-12-20 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 104,
  "pageCount": 334,
  "prevPage": 103,
  "nextPage": 105,
  "slideType": "revenue_buildup",
  "function": "analyze_data",
  "density": "balanced",
  "nDataPoints": 3,
  "notes": "The chart uses a waterfall-style logic to show how surcharges and other costs inflate the base SRP to a 'True SRP'.",
  "elementsJson": [
    "headline_text",
    "waterfall_chart",
    "callout_box"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-74abb4a757e7/104",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-74abb4a757e7",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-74abb4a757e7.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-74abb4a757e7#slide-104",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.15,
        "x": 0.77,
        "y": 0.17
      },
      "kind": "callout",
      "text": "Distributors must re-sell here to capture full Retail Profit",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bb22fb05-7d09-4949-97d8-5b296f9b7f7b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.75,
        "x": 0.13,
        "y": 0.25
      },
      "kind": "chart",
      "text": "Waterfall chart showing SRP, Surcharge, Adj. SRP, Taxes/Other, and True SRP",
      "attrs": null,
      "subkind": "waterfall-bridge",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0952a449-8387-4792-a94a-d45adef2ada1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Suggested Retail Price: 107%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-1ac1-76e9-bcc1-07a5c0f1180f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.92,
        "x": 0.04,
        "y": 0.85
      },
      "kind": "paragraph",
      "text": "We conservatively assume an Adjusted SRP of 107% for the purpose of our analysis",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "07efdacb-a75c-439b-bb0d-4cab870aca3e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.92,
        "x": 0.04,
        "y": 0.04
      },
      "kind": "title",
      "text": "Herbalife Distributors Must Resell Product at a Significant Premium to SRP to Earn Full Retail Profit",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d9609472-7b64-41ad-81d1-7d89c98b9881",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Waterfall / value bridge",
      "slug": "waterfall-bridge",
      "agent": null,
      "layer": "slide",
      "matchId": "c8480ca7-d655-42f9-a3d3-4577f9b54538",
      "evidence": "chart/waterfall-bridge: Waterfall chart showing SRP, Surcharge, Adj. SRP, Taxes/Other, and True SRP",
      "confidence": 0.8
    }
  ],
  "frameworks": [
    {
      "name": "waterfall-bridge",
      "slug": null,
      "matchId": "d29634f8-9b46-44d2-a5bf-1f5bb8450810",
      "evidence": "The chart structure visually bridges the gap between base SRP and True SRP through additive components.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 150,
      "from": 6,
      "beatId": "5f7d58b7-65aa-4344-b7b3-2f8a867ee10c",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The document extensively uses this beat to highlight contradictions in Herbalife's statements and practices.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 150,
      "from": 6,
      "name": "Logic Chain",
      "slug": "01-logic-chain",
      "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis",
      "matchId": "1adf2f4c-7781-447d-8ff2-151cfcce11be",
      "evidence": "The document builds a logical argument against Herbalife's practices.",
      "position": 0,
      "objective": "To demonstrate that Herbalife's business model is flawed",
      "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)",
      "confidence": 0.8,
      "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}