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  "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",
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  "pageNumber": 311,
  "pageCount": 334,
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  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 1,
  "notes": "This is a continuation slide (311) from an activist investor presentation (likely Pershing Square's Herbalife short thesis).",
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      "kind": "callout",
      "text": "Herbalife's return percentage would be twice as high if the company reported returns as a percent of GAAP Product Sales",
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      "text": "Returns are reported as a percent of Retail Sales not Product Sales. Herbalife's return percentage would be twice as high if the company reported returns as a percent of GAAP Product Sales.",
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      "text": "Trend toward smaller order sizes reduces likelihood of returns. Distributors who buy in smaller quantities are less likely to go through the enormous effort required to return product. They are also more likely to sample and use a higher percentage of the product they purchase, thereby making it ineligible for return.",
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      "text": "Distributors are encouraged to “Use, Wear, Talk”. Herbalife pushes new distributors to create their own personal testimonial by using their newly purchased Herbalife products. Only unopened product can be returned.",
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      "text": "Distributors are encouraged to sell to friends and family. Herbalife encourages new distributors to sell product to friends and family who may be reluctant to return product even if they are not using it.",
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      "text": "return percentage: 0.4%",
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      "kind": "title",
      "text": "Herbalife's 0.4% Return Percentage Does Not Necessarily Indicate Retail Activity (Cont'd)",
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