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  "documentTitle": "Allergan, Inc. (AGN)",
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  "authorName": "William Ackman",
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  "presentationDate": "2014-04-22 00:00:00",
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  "notes": "The slide justifies non-GAAP adjustments by arguing that GAAP accounting conventions for acquisitions do not reflect the underlying economic reality of the business.",
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      "text": "Valeant removes certain non-cash expenses to better match Net Income with recurring Free Cash Flow",
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      "text": "Acquired In-Process R&D Impairments ($154mm charge, 2013)\nThese are impairments of pipeline assets that Valeant is required to capitalize under GAAP purchase accounting rules\nThese impairments do not impact the company’s free cash flow in the reporting period or management’s expectation of future free cash flow\nValeant underwrites all of its acquisitions assuming the value of the target’s pipeline is zero",
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      "text": "Amortization of Intangible Assets ($1.9bn charge, 2013)\nGAAP requires companies to amortize the accounting value of acquired assets\nThis amortization is purely a GAAP accounting convention and is unrelated to the economic value of the asset",
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