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  "documentTitle": "Pershing Square | Activist Presentation Deck | 48 slides",
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  "authorName": "Pershing Square Capital Management, L.P.",
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  "presentationDate": "2016-07-01 00:00:00",
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  "pageNumber": 43,
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      "kind": "callout",
      "text": "This analysis assumes no further regulatory action by other U.S. AG's, international regulators, etc. and no impact on intl. distributor recruiting",
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      "text": "Herbalife's LTM reported Net Sales in the United States are $879 million(1)\nAt a ~43% contribution margin(2) this represents $375 million maximum potential EBIT exposure (assuming no commensurate SG&A reduction)",
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      "text": "While it is true the U.S. accounted for 22% of net sales in Q1'2016, the impact to profitability will be significantly larger:",
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      "text": "(1) Source: Herbalife public financials.\n(2) Contribution Margin consist of net sales less cost of sales and royalty overrides.",
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      "text": "ILLUSTRATIVE EPS IMPACT table showing EBIT impact, tax rate, net income impact, diluted shares, EPS impact, and implied P/E multiple across three scenarios.",
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      "kind": "title",
      "text": "It's Only 22% of the Business",
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