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  "documentTitle": "Pershing Square | Activist Presentation Deck | 48 slides",
  "authorId": "pershing-square",
  "authorName": "Pershing Square Capital Management, L.P.",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2016-07-01 00:00:00",
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  "notes": "The slide highlights the discrepancy between management's 'Herbalife EPS' and the activist's 'Normalized' and 'Pro Forma' EPS calculations.",
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  "slideHref": "/slides/019de06f-712c-74af-a205-88bd7c92013e/44",
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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": "Pro forma for the expected decline in the U.S. business, normalized EPS is significantly below consensus estimates\nHerbalife adds-back multiple items we believe are true ongoing costs to the business",
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      "text": "Source: Herbalife public financials. Bloomberg consensus estimates.",
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      "text": "Pro forma earnings power table showing adjustments from GAAP EPS to Pro Forma EPS",
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