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  "documentTitle": "Valeant Pharmaceuticals International (VRX)",
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  "authorName": "William Ackman",
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  "presentationDate": "2015-05-04 00:00:00",
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      "text": "Operations: 90% of Adj. Net Income converts to Cash Income",
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      "text": "Leverage: Annually leverage balance sheet to 4x trailing Net Debt/Pro-Forma LTM EBITDA. Current leverage is >5.5x Net Debt/Pro-Forma LTM EBITDA. 5.75% cost of debt. Cost of debt for Salix transaction = ~5%",
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