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  "documentTitle": "Herbalife, Ltd. (HLF)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
  "documentKindSlug": "activist-deck",
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  "presentationDate": "2015-08-01 00:00:00",
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  "notes": "The slide uses a red box to highlight the matching figures between the internal document and the public 10-K filing.",
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      "kind": "callout",
      "text": "The 2009 actual expense for “China Sales Employees” (a/k/a “China Royalty Overrides”) of $79,082,000 matches the $79.1 million Herbalife later reported as its 2009 “compensation to China sales employees and service fees to China licensed business providers.”",
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      "text": "Excerpt from Herbalife Form 10-K showing the $79.1 million figure.",
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      "text": "China Sales Employees expense: $79,082,000",
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      "kind": "quote",
      "text": "Compensation to China sales employees and service fees to China licensed business providers totaling $87.3 million $79.1 million and $70.3 million for the years ended December 31, 2010, 2009 and 2008, respectively, are included in selling, general and administrative expenses while distributor compensation for all other countries is included in royalty overrides. — Herbalife 2010 Form 10-K",
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      "text": "Source: Herbalife financial information spreadsheets from 2010 and Herbalife’s 2010 year-ended 10K",
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      "text": "Table showing rows 53-64 with various China-related financial metrics from 2009 to 2014.",
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      "kind": "title",
      "text": "An Internal Herbalife Document Confirms how Herbalife Calculates Hourly Consulting Pay",
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