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  "docSlug": "87c25d09bf41",
  "documentTitle": "Herbalife, Ltd. (HLF)",
  "authorId": "01_Pershing_Square",
  "authorName": "Pershing Square Capital Management, L.P.",
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  "presentationDate": "2017-05-11 00:00:00",
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  "pageNumber": 14,
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  "notes": "The slide highlights the discrepancy between 'Reported' and 'Adjusted' EPS by listing specific line items that are recurring but treated as non-recurring.",
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      "kind": "callout",
      "text": "Herbalife continues to add-back certain costs which should be considered recurring to the business. Some costs have been added back consistently for the past 4 years",
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      "text": "Herbalife continues to add-back certain costs which should be considered recurring to the business. Some costs have been added back consistently for the past 4 years",
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      "text": "Source: Herbalife SEC filings and financial press releases.",
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      "text": "HERBALIFE ADJUSTED EPS table showing 2012A-2017E data for various expense add-backs.",
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      "kind": "title",
      "text": "Recurring Use of Questionable Add-Backs",
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