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  "documentTitle": "Allergan, Inc. (AGN)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2014-04-22 00:00:00",
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  "notes": "This slide is part of a larger activist presentation critiquing Valeant's accounting practices.",
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      "text": "Non-Cash expenses Valeant does not remove",
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      "text": "Unlike many companies that report Non-GAAP financials, Valeant does not add back Stock-Based Compensation",
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      "text": "Inventory Step-Up ($436mm adjustment, 2013): GAAP requires purchasers to write-up the value of an acquired company's inventory to estimated fair value; For Valeant, this write-up is often large; Large inventory write-ups reduce GAAP gross margin; Removing this provides a better measure of recurring gross profits.",
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