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  "documentTitle": "Herbalife, Ltd. (HLF)",
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  "authorName": "Pershing Square Capital Management, L.P.",
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  "presentationDate": "2017-05-11 00:00:00",
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  "notes": "The table explicitly calculates the 'adjusted' performance by subtracting the estimated pull-forward volume.",
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      "text": "Excluding the volume pull-forward, we estimate reported net sales would have declined 23% to 25%, or 17% to 20% on a constant-currency basis",
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      "text": "YoY Growth (%): (25%)",
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      "text": "Excluding the volume pull-forward, we estimate reported net sales would have declined 23% to 25%, or 17% to 20% on a constant-currency basis",
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      "kind": "quote",
      "text": "\"Moving on to China, first quarter volume points increased 17% compared to the previous year... this was primarily driven by volume in the month of March, which was pull[ed] forward ahead of our 5% price increase effective April 1.\"",
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      "text": "\"Moving on to China, first quarter volume points increased 17% compared to the previous year. As stated previously, this was primarily driven by volume in the month of March, which was pull[ed] forward ahead of our 5% price increase effective April 1. We estimated that this impact to be approximately 40 million to 45 million volume points, which will lead to a lower than previously planned second quarter for China.\" — John DeSimone, CFO (May 4, 2017)",
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      "text": "Source: Herbalife SEC filings and Q1'2017 conference call transcript.",
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