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  "docSlug": "886ebab3088d",
  "documentTitle": "Herbalife, Ltd. (HLF)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-12-20 00:00:00",
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  "pageNumber": 118,
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  "notes": "Uses a visual flow to show how retail customer spending is distributed across various levels, contradicting the 'single-level' classification.",
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      "kind": "callout",
      "text": "Herbalife refers to these distributors as \"Single-Level\" (59% of total distributors) (1)",
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      "kind": "callout",
      "text": "Herbalife refers to these distributors as “Single-Level” (59% of total distributors)",
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      "text": "(1) On average, there were 2.38mm distributors in 2011. Of these, 0.46mm were Sales Leaders (source: Herbalife Regional Key Metrics supplement). Of the Non-Sales Leader distributors: 27% were \"Discount Buyers\" (22% of total distributors), 61% were \"Small Retailers\" (49% of total), and 12% were \"Potential Supervisors\" (10% of total). Source: HLF 8-K (5-2-12).",
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      "kind": "title",
      "text": "Herbalife Refers to All Non-Sales Leaders as \"Single-Level,\" Though Most NSLs are Eligible to Receive Multilevel Wholesale Commissions",
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