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  "documentTitle": "Herbalife, Ltd. (HLF)",
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  "authorName": "William Ackman",
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  "presentationDate": "2016-07-20 00:00:00",
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  "notes": "The slide uses a bearish scenario analysis to counter the '22% of sales' argument by showing the disproportionate impact on earnings.",
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      "text": "This analysis assumes no further regulatory action by other U.S. AG's, international regulators, etc. and no impact on intl. distributor recruiting",
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      "text": "EPS: $1.84",
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      "text": "While it is true the U.S. accounted for 22% of net sales in Q1'2016, the impact to profitability will be significantly larger: Herbalife's LTM reported Net Sales in the United States are $879 million. At a ~43% contribution margin this represents $375 million maximum potential EBIT exposure.",
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      "text": "(1) Source: Herbalife public financials. (2) Contribution Margin consist of net sales less cost of sales and royalty overrides.",
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      "text": "It's Only 22% of the Business",
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