{
  "docId": "019de06f-5162-774d-b6ad-08aa71fdb0bc",
  "docSlug": "345ff108ad03e42764e2730db1ef15e0",
  "documentTitle": "Pershing Square | Activist Presentation Deck | 63 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-03-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 44,
  "pageCount": 63,
  "prevPage": 43,
  "nextPage": 45,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 85,
  "notes": "The slide uses an internal document to validate specific financial assumptions, likely to challenge public claims.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-5162-774d-b6ad-08aa71fdb0bc/44",
  "deckHref": "/decks/019de06f-5162-774d-b6ad-08aa71fdb0bc",
  "deckJsonHref": "/decks/019de06f-5162-774d-b6ad-08aa71fdb0bc.json",
  "deckAnchorHref": "/decks/019de06f-5162-774d-b6ad-08aa71fdb0bc#slide-44",
  "components": [
    {
      "bbox": {
        "h": 0.22,
        "w": 0.92,
        "x": 0.04,
        "y": 0.15
      },
      "kind": "callout",
      "text": "This screen shot from an internal document from 2010 shows how Herbalife calculates “China Royalty Overrides” – also called “China Sales Employees.” The key inputs are: Line 54 – “Rebate” – 25.0% Line 55 – “R/O” for Royalty Overrides – 15.0% Line 56 – “P/B” for Production Bonuses – 7.0% Line 57 – “MH Bonus” for Mark Hughes Bonus – 1.0% Line 58 – China Bonus 1.0%",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9da57c15-74fd-453a-92c1-1a2910635373",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.4,
        "x": 0.04,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Herbalife financial information spreadsheets from 2010.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f3459fe0-03e3-40d9-8ef3-54be44d39a98",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.51,
        "w": 0.92,
        "x": 0.04,
        "y": 0.44
      },
      "kind": "table",
      "text": "Herbalife International 2010 Five-Year Plan Projected Pro Forma Financial Model",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a60a805c-ac4c-4c5a-81a4-1b0f98303438",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.04
      },
      "kind": "title",
      "text": "An Internal Herbalife Document Confirms how Herbalife Calculates Hourly Consulting Pay",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "12255c9e-d067-43fc-aae1-b8d6c256ec32",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 55,
      "from": 8,
      "beatId": "8f41381c-764a-4bb5-a641-90d1aab210eb",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Expose Contradiction",
      "beatSlug": null,
      "evidence": "The document presents multiple slides that expose contradictions in Herbalife's business practices in China, highlighting the company's violations of Chinese law.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}