{
  "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": 61,
  "pageCount": 110,
  "prevPage": 60,
  "nextPage": 62,
  "slideType": "appendix_data",
  "function": "expose_contradiction",
  "density": "sparse",
  "nDataPoints": 0,
  "notes": "The slide highlights the specific add-backs used by Valeant, which are often criticized in activist contexts for inflating earnings.",
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de06f-52ef-7226-b4e8-f3f08eb88a26/61",
  "deckHref": "/decks/019de06f-52ef-7226-b4e8-f3f08eb88a26",
  "deckJsonHref": "/decks/019de06f-52ef-7226-b4e8-f3f08eb88a26.json",
  "deckAnchorHref": "/decks/019de06f-52ef-7226-b4e8-f3f08eb88a26#slide-61",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.04,
        "y": 0.85
      },
      "kind": "callout",
      "text": "Valeant does not add back stock-based compensation, depreciation, or ordinary-course legal expense",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9d5611d8-05ad-4c37-aba5-d5ead2ecf080",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.6,
        "x": 0.04,
        "y": 0.0016
      },
      "kind": "list",
      "text": "GAAP Net Income\n+ Inventory Step-Up Reversal (COGS)\n+ Acquired In-Process R&D Impairment\n+ Restructuring & Integration Acquisition Costs\n+ Amortization of Intangible Assets\n+ Asset Impairments\n+ Change in Fair Value of Contingent Consideration\n+ Debt Extinguishment Loss (Gain)\n+ Non-Cash Interest Expenses\n+ Non-Cash Taxes\n+ Other (Acq.-Related Litigation Settlements, Gain/Loss on Sale)\nCash Net Income",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "74ad3097-c97a-49d5-97c6-86d30a63910d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.3,
        "x": 0.04,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Valeant Q4 2013 Earnings Press Release",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "26a81b65-cdce-48fa-8fd6-1d1cd4f5dfca",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.55,
        "x": 0.04,
        "y": 0.07
      },
      "kind": "title",
      "text": "Valeant's Definition of Cash Net Income",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "af17c167-c7e9-493f-b9dc-9c037c38b0b8",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "a6ea35f7-0994-4a27-9a1c-0a88ede0358f",
      "evidence": "Exposing non-GAAP accounting adjustments to inflate earnings",
      "confidence": 0.8
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}