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  "documentTitle": "Herbalife, Ltd. (HLF)",
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  "authorName": "William Ackman",
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  "presentationDate": "2015-08-01 00:00:00",
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  "notes": "The slide uses a table to perform a pro forma adjustment on contribution margins, highlighting the discrepancy between reported and adjusted figures.",
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      "text": "Despite Herbalife’s claim that its compensation structure in China is different from other markets, the pro forma Contribution Margin in China essentially mirrors those in the rest of the world",
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      "text": "Despite Herbalife's claim that its compensation structure in China is different from other markets, the pro forma Contribution Margin in China essentially mirrors those in the rest of the world",
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      "text": "Contribution Margin %: 43.9%",
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      "text": "On a reported basis, China’s Contribution Margin (as a % of Net Sales) appears to be more than double the rest of the world. But when you adjust for the expense called “compensation to China sales employees,” China’s pro forma Contribution Margin consistently mirrors those in the rest of the world.",
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      "text": "Herbalife's Reporting Segments table showing Contribution Margin by region and pro forma adjustments for China.",
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      "text": "What do Herbalife’s SEC filings tell us about its China business model?",
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