{
  "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": 89,
  "pageCount": 334,
  "prevPage": 88,
  "nextPage": 90,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 18,
  "notes": "The slide uses a visual bridge to connect the payout components to the P&L line item.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "data_table",
    "process_diagram",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9b-74abb4a757e7/89",
  "deckHref": "/decks/019dd923-622c-750b-8b9b-74abb4a757e7",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9b-74abb4a757e7.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9b-74abb4a757e7#slide-89",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.18
      },
      "kind": "callout",
      "text": "Herbalife records \"Retail Profit\" as Distributor Allowances, which represents a ~50% discount to Retail Sales",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "d8ee72b5-58ab-4c5c-9c09-dee58b1e0bb1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Herbalife records “Retail Profit” as Distributor Allowances, which represents a ~50% discount to Retail Sales",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-1ac1-76e9-bcc0-6d6cef66d4cd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.3,
        "x": 0.09,
        "y": 0.365
      },
      "kind": "diagram",
      "text": "73% Distributor Payout breakdown",
      "attrs": null,
      "subkind": "other",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a7359c8f-96d7-49d0-b54e-4a5ee53baa52",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Distributor Payout: 73%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-1ac1-76e9-bcc0-7175450a5df7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.05,
        "y": 0.91
      },
      "kind": "source-note",
      "text": "(1) Actual results referenced in Herbalife's 2008 10K, not including China.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8ef02d43-a5e4-496a-a760-3aec5a0729d3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.9,
        "x": 0.05,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "(1) In 2011, Distributor Allowances represented ~47% of Retail Sales in Herbalife's consolidated P&L. This is because in some markets Sales Leaders purchase product for less than a 50% discount to SRP.",
      "attrs": {
        "numbered": true
      },
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c4ebd3d8-73cf-4ee1-8610-2d132255e5c2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.45,
        "x": 0.45,
        "y": 0.365
      },
      "kind": "table",
      "text": "Herbalife P&L 2008a and 2011a",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "eaf418b7-38ba-4131-aef6-9d590f23ad70",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.9,
        "x": 0.05,
        "y": 0.08
      },
      "kind": "title",
      "text": "Reconciling Herbalife's \"73%\" Payout Ratio to the P&L",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9cc193d7-8e08-4ec0-b4c0-d5fd519c0872",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "251ec038-2ba7-4710-8111-cebdca2055e5",
      "evidence": "The slide explicitly attempts to reconcile a claimed payout ratio with P&L accounting to expose potential misrepresentation.",
      "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
}