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  "documentTitle": "Herbalife, Ltd. (HLF)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "presentationDate": "2015-08-01 00:00:00",
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  "pageNumber": 47,
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  "notes": "The slide uses an internal document to expose the mechanical nature of their financial forecasting, specifically targeting the 'China Sales Employees' line item.",
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      "text": "Herbalife's methodology for forecasting “China Sales Employees” (a/k/a “China Royalty Overrides”) for 2010 and beyond was simply to multiply its China Retail Sales projection by the various Rebate, Royalty Override, Production Bonus, Mark Hughes and China Bonus percentages.",
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      "text": "Herbalife’s methodology for forecasting “China Sales Employees” (a/k/a “China Royalty Overrides”) for 2010 and beyond was simply to multiply its China Retail Sales projection by the various Rebate, Royalty Override, Production Bonus, Mark Hughes and China Bonus percentages.",
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      "text": "China Sales Employees: 46.7%",
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      "text": "Source: Herbalife financial information spreadsheets.",
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      "text": "Herbalife International 2010 Five-Year Plan Projected Pro Forma Financial Model",
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      "kind": "title",
      "text": "An Internal Herbalife Document Confirms how Herbalife Calculates Hourly Consulting Pay",
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