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  "documentTitle": "Herbalife, Ltd. (HLF)",
  "authorId": "01_Pershing_Square",
  "authorName": "William Ackman",
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  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-07-20 00:00:00",
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  "pageNumber": 44,
  "pageCount": 48,
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  "nDataPoints": 45,
  "notes": "The slide uses a bridge-style table to adjust GAAP EPS down to a 'Pro Forma EPS' by subtracting items management adds back, and further adjusting for U.S. business impact and compliance costs.",
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      "kind": "callout",
      "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": "Pro forma for the expected decline in the U.S. business, normalized EPS is significantly below consensus estimates",
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      "text": "Pro forma for the expected decline in the U.S. business, normalized EPS is significantly below consensus estimates\nHerbalife adds-back multiple items we believe are true ongoing costs to the business",
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      "text": "Pro Forma EPS: $1.42",
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      "text": "Source: Herbalife public financials. Bloomberg consensus estimates.",
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      "text": "Pro forma earnings bridge table showing adjustments from GAAP EPS to Pro Forma EPS for FY'2015 and 2016 (Low/High)",
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      "kind": "title",
      "text": "HLF's Normalized Earnings Power",
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