{
  "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": 293,
  "pageCount": 334,
  "prevPage": 292,
  "nextPage": 294,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "balanced",
  "nDataPoints": 4,
  "notes": "The slide uses a comparison of density metrics to argue for market saturation.",
  "elementsJson": [
    "headline_text",
    "subtitle_text",
    "callout_box",
    "bar_chart_vertical",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-74abb4a757e7/293",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-74abb4a757e7",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-74abb4a757e7.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-74abb4a757e7#slide-293",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.17
      },
      "kind": "callout",
      "text": "Herbalife has one Nutrition Club for every 2,800 people in Mexico, equivalent to the density of the top 15 QSRs in the U.S. combined",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1d94dd62-5f85-4153-ad4d-b4a52c516bfa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.9,
        "x": 0.05,
        "y": 0.3
      },
      "kind": "chart",
      "text": "Population per Unit",
      "attrs": null,
      "subkind": "bar-vertical",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "71a8b5ad-178d-4760-bb55-e045935e72a1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Population per Unit: 2,800",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-1ac1-76e9-bccf-53e35be65467",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: public company filings, QSR Magazine, CIA World Factbook. (1) Represents Herbalife nutrition clubs per capita in Mexico. For QSR restaurants, represents total number of owned and franchised units per capita in U.S.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "021aa54d-2bf5-4744-953e-0ac9da97832d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.9,
        "x": 0.05,
        "y": 0.05
      },
      "kind": "title",
      "text": "So How Does HLF Compare to the Competition? One Might Even Conclude HLF has Saturated the Market",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7a943c5b-56d6-4ab7-8d4a-20fa6b0f1fd6",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison-frame",
      "slug": null,
      "matchId": "552cf6b3-ee5f-4cb0-874b-cd3efbbf5987",
      "evidence": "Direct comparison of density metrics between HLF and QSR industry peers.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}