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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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  "notes": "The slide uses a red arrow to link a table of percentages to a visual breakdown of the 73% distributor payout.",
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      "text": "However, Herbalife projected forward its business in China using this same methodology – simply multiplying China Retail Sales by the same Royalty Override (15%), Production Bonus (7%) and Mark Hughes Bonus (1%) percentages to derive “China Sales Employees.” In addition, China has an extra 1% China Bonus, implying a potentially greater emphasis on recruiting in China. The Company also included Rebates (25%) in the calculation.",
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      "text": "However, Herbalife projected forward its business in China using this same methodology - simply multiplying China Retail Sales by the same Royalty Override (15%), Production Bonus (7%) and Mark Hughes Bonus (1%) percentages to derive \"China Sales Employees.\"",
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      "text": "73% Distributor Payout breakdown showing 1% MH Bonus, 7% Production Bonus, 15% Royalty Overrides, and 50% Discount (Retail Profit).",
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      "text": "Distributor Payout: 73%",
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      "text": "Source: Herbalife financial information spreadsheets and Herbalife’s 2009 Investor Day Presentation",
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      "kind": "title",
      "text": "An Internal Herbalife Document Confirms how Herbalife Calculates Hourly Consulting Pay",
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