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  "docSlug": "886ebab3088d",
  "documentTitle": "Herbalife, Ltd. (HLF)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
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  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-12-20 00:00:00",
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  "pageNumber": 122,
  "pageCount": 334,
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  "slideType": "comparison_table",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 18,
  "notes": "The slide uses a comparison frame to expose the contradiction between Herbalife's claims and the reality of their distributor churn.",
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      "text": "Renewal Rate: ~10%",
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      "kind": "quote",
      "text": "For the latest twelve month re-qualification period ending January 2005, approximately 60 percent of our supervisors did not re-qualify and more than 90% of our distributors that are not supervisors turned over. — Herbalife 2005 Annual Report",
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      "text": "Footnotes (1)-(4) detailing sources for Herbalife churn, GNC data, and pricing calculations.",
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      "kind": "table",
      "text": "Comparison table of Costco, Herbalife, and GNC across 8 metrics including Signup Cost, Renewal Fee, Renewal Rate, Product Offering, Paperwork, Product Returns, Membership loss, and Price.",
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      "kind": "title",
      "text": "We Believe the Majority of Herbalife's So-Called \"Discount Buyers\" are, in Fact, Failed Distributors",
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