{
  "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": 47,
  "pageCount": 63,
  "prevPage": 46,
  "nextPage": 48,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "balanced",
  "nDataPoints": 85,
  "notes": "The slide uses a red box to highlight the specific rows (54-58) containing the percentage multipliers used for the calculation.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-5162-774d-b6ad-08aa71fdb0bc/47",
  "deckHref": "/decks/019de06f-5162-774d-b6ad-08aa71fdb0bc",
  "deckJsonHref": "/decks/019de06f-5162-774d-b6ad-08aa71fdb0bc.json",
  "deckAnchorHref": "/decks/019de06f-5162-774d-b6ad-08aa71fdb0bc#slide-47",
  "components": [
    {
      "bbox": {
        "h": 0.09,
        "w": 0.92,
        "x": 0.04,
        "y": 0.17
      },
      "kind": "callout",
      "text": "Herbalife’s methodology for forecasting “China Sales Employees” (a/k/a “China Royalty Overrides”) for 2010 and beyond was simply to multiply its China Retail Sales projection by the various Rebate, Royalty Override, Production Bonus, Mark Hughes and China Bonus percentages.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ea675ea1-a4f3-4208-a8b0-c40d17b1f3ae",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.35,
        "x": 0.04,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Herbalife financial information spreadsheets.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8881e23c-c22b-47da-b661-a670430dd86c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.62,
        "w": 0.92,
        "x": 0.04,
        "y": 0.33
      },
      "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": "a8d2a334-b89c-4c57-9bea-0bddf577c7ee",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "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": "70b69093-eff4-4b9c-baf5-730343b461b1",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "c9162ca0-c083-44d9-8be0-f67230e4407b",
      "evidence": "The slide uses internal documentation to expose a discrepancy between public claims and internal financial modeling.",
      "confidence": 0.9
    }
  ],
  "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
}