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  "authorName": "Pershing Square Capital Management",
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  "presentationDate": "2014-04-01 00:00:00",
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      "text": "Four large adjustments comprise ~90% of Valeant's pre-tax income adjustments",
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      "text": "A one-time cash charge that economically should be capitalized as purchase consideration rather than expensed in the income statement",
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      "text": "Source: Valeant Q4 2013 Earnings Press Release",
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      "text": "Major Adjustments: Amount; Non-Cash Expenses; Amortization of Intangible Assets $ 1,902; Inventory Step-Up Reversal (COGS) 436; Acquired In-Process R&D Impairment 154; Cash Expenses; Restructuring & Acq. Costs $ 551; Total \"Major Adjustments\" $ 3,043; Other Adjustments 382; Total Operating Inc. Adjustments $ 3,425",
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      "text": "Cash Net Income Reconciliation: Major Adjustments",
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