{
  "docId": "019de06f-52ef-7226-b4e8-f3f08eb88a26",
  "docSlug": "7c032e01619eda769cbeaf2bcfe382bc",
  "documentTitle": "Pershing Square | Activist Presentation Deck | 110 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2014-04-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 60,
  "pageCount": 110,
  "prevPage": 59,
  "nextPage": 61,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "sparse",
  "nDataPoints": 6,
  "notes": "The slide uses a visual bracket to emphasize the $4.5bn cumulative difference between the two metrics over the three-year period.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-52ef-7226-b4e8-f3f08eb88a26/60",
  "deckHref": "/decks/019de06f-52ef-7226-b4e8-f3f08eb88a26",
  "deckJsonHref": "/decks/019de06f-52ef-7226-b4e8-f3f08eb88a26.json",
  "deckAnchorHref": "/decks/019de06f-52ef-7226-b4e8-f3f08eb88a26#slide-60",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.19
      },
      "kind": "callout",
      "text": "GAAP Net Income has not been a good proxy for Valeant's free cash flow",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bc355ba1-404f-41e9-9397-7d130b397b64",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.58,
        "w": 0.85,
        "x": 0.08,
        "y": 0.32
      },
      "kind": "chart",
      "text": "Comparison of GAAP Net Income vs Cash From Operations",
      "attrs": null,
      "subkind": "bar-grouped",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "e91cea5e-b4b8-45c9-aed1-e17e7cce9765",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.3,
        "x": 0.04,
        "y": 0.94
      },
      "kind": "source-note",
      "text": "Source: 2011, 2012, 2013 Valeant Form 10-k.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c3fa0b8a-df81-48fd-be99-0311e926b9eb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.75,
        "x": 0.04,
        "y": 0.04
      },
      "kind": "title",
      "text": "Valeant's GAAP Net Income Does Not Track Cash Flow",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "458f1f2a-9798-418a-85c5-a05562b9e605",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "3e43eb2c-4119-4e49-ac69-4fee8270f717",
      "evidence": "Highlighting the divergence between accounting earnings and cash flow as a red flag for financial manipulation.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}