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  "documentTitle": "Pershing Square | Activist Presentation Deck | 63 slides",
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  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2014-03-01 00:00:00",
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  "nDataPoints": 48,
  "notes": "The slide uses a red arrow and a dashed red box to highlight the discrepancy between reported and pro forma margins.",
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      "kind": "callout",
      "text": "Despite Herbalife's claim that its compensation structure in China is different from other markets, the pro forma Contribution Margin in China essentially mirrors those in the rest of the world",
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      "text": "Red arrow pointing to the comparison of China pro forma vs. global margins",
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      "text": "On a reported basis, China's Contribution Margin (as a % of Net Sales) appears to be more than double the rest of the world. But when you adjust for the expense called \"compensation to China sales employees,\" China's pro forma Contribution Margin consistently mirrors those in the rest of the world.",
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      "text": "Herbalife's Reporting Segments table showing contribution margins for 2010-2013",
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      "text": "What do Herbalife's SEC filings tell us about its China business model?",
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