Herbalife The Frantic Effort To Fill The U. S. Recruitment Gap Herbalife Ltd. NYSE HLFIntroduction. As Michael Johnson, the President of Herbalife once said, Its all recruitment. Of course, he did not realize at the time, that his statement would become public knowledge. This article proves, using the companys own published data for North America, just how true that statement really is. Having established that Herbalifes success in North America is primarily based on recruiting new members, we will look at Herbalifes frantic attempts to swell its member ranks and sustain the outward impression of business as usual at Herbalife North America. Form Description TDS forms Form 16, 16A, 16AA, 16B and other TDS forms in Excel Fillable PDF PAN TAN forms Forms PAN 49, PAN 49A, PAN 49AA, TAN 49B and. IQkWFci3ycA/VE6whCxIyNI/AAAAAAAAMdY/EfBhCAPK2yI/s1600/online%2Bpan%2Bapplication.png' alt='Form 49B Excel Format' title='Form 49B Excel Format' />Republic of south africa. Excel format autofill automated TAN application form 49B for allotment of Tax Deduction Account NumberTAN Tax Collection Account NumberTCN. Part 1 Approaching Q2 Earnings. Going into Q2 earnings Herbalife shares had been on a steady decline since the middle of July, closing lower 9 out of 1. The Q2 earnings report showed North America Volume Points were down 1. Yo. Y. Was this a sign that Ackman was right Is Herbalife a pyramid scheme that was starting to collapse under the mandated FTC restructuring In the after hours market, the stock dropped another 3 4, despite a large EPS beat. BON DE COMMANDE France CEE au format Excel Collez ce lien dans votre navigateur Internet pour TELECHARGER LE BON DE Cde. AU FORMAT EXCEL vous pouvez donc remplir. OHdF8daYzteRTkVNLZFpEAwJMlrk85r2ZcKNc2sI_6wEuYzJI7FBj00Zp2Gk9THvLFqM4A=w1200-h630-p' alt='Form 49B Excel Format' title='Form 49B Excel Format' />This was the tone of the market leading into the Q2 earnings call. Rich Goudis, on his first earnings call as CEO, quickly sought to allay investor fears saying, we anticipated the results in the U. S. and making this statement in his prepared remarks. As those of you who have followed us for a while know, we have gone through similar transitions in recent years and the short term volume softness we experienced this past quarter is typical when our distributors shift their attention from building their businesses to a temporary acute focus on learning new tools and procedures, and business techniques. We saw a similar situation in many markets as recently as late 2. During that implementation time period, we experienced a temporary decline in volume, which wasthen followed by accelerating growth ratesand led to record volume in 2. Lest we forget our history, 2. B, 2. 01. 5 sales were 4. B and 2. 01. 6 sales were 4. B. Citing a prior 1. Later in the call John De. Simone CFO echoed the CEOs statement with these comments. This decline in volume is the result of short term trends from behavior, pattern adjustments due to the FTC implementation, which we believe is transitionary in nature. Throughout this transition, our distributors have continued to adapt and educate their organizations, our new tools and procedures and continued to demonstrate high engagement levelsOverall, these remarks combined with raised EPS guidance were sufficient to appease the market, the prior slide halted and a mild recovery has since taken place. To paraphrase management, sales in North America are down because distributors are learning new tools and processes related to the FTC requirements. Form 49B Excel Format' title='Form 49B Excel Format' />an card, how to apply for new pan card online, apply new pan card online, pan card apply online in hindi, aadhar ekyc system, pan card apply online, apply. Tds rate chart financial year 201314,tds deposit due dates,form 16,16A, 24Q,26Q due dates interest penalty surcharge cess on tds. Form 49B Excel Format' title='Form 49B Excel Format' />Im wary when Herbalife uses blanket explanations for disappointing results as they often turn out to be of questionable accuracy. South Korea and the United Kingdom are two recent examples where they predicted a rosy future, only to be followed by multi year declines. If you misdiagnose the problem its unlikely you will find the cure. With this history in mind lets compare North America to another market that is undergoing similar changes, India. How Did India Do In my article, How Herbalife Fooled Wall Street with its Preferred Member Numbers published on May 2nd 2. I revealed that Herbalife had initiated a Preferred Member program in India that commenced in January of 2. Herbalife had not previously disclosed. Turnitin Software Crack here. According to their Q1 1. Q, which was issued a few days later after my article, Herbalife has been required to segment its customer base into distributors and Preferred Members to meet local regulations, just as they have done in the US. The Quarterly Breakout Key Metrics now shows this segmentation of the customer base in India. In mid March Herbalife rolled out their Point of Sale POS app for SmartphonesTablets to their distributors in India, just as they have done in the US. Surely some of this customer segmentation and learning of new tools and procedures would affect India in the same way that it has the US. The table below compares the performance of these geographies during Q1 and Q2, at the time when these changes were most impactful. While North America has substantially declined in the first half of 2. India has positively thrived while undergoing some of the same changes being implemented in the US. Those that follow Herbalife closely may know that each quarter Herbalife posts a document on their Investor Relations website called Quarterly Breakout Key Metrics. This single page document lists many key metrics for all 6 Herbalife geographies covering a moving 3 year span. All of the key metrics for North America from 2. North America Only tab along with all of the calculations and graph used in this article. The spreadsheet has a second tab titled Distributor Compensation whose contents are described The attached spreadsheet contains two tabs, Using the Wayback Machine I have collected these key metrics going back to 2. North America Only tab. KeyMetrics2. 01. We will use this data to analyze what is really going on in North America to cause the decline. Part 2 The North America Volume Points Problem in Three Graphs. To understand why Volume Points are declining we must look at how Volume Points in North America correlate to other key metrics. We can do this using the Excel CORREL function which gives us a numeric value to indicate how strongly two sets of data correlate to one another. Suffice it to say that the nearer the correlation coefficient is to 1, the stronger the correlation. Read Appendix 2 for more detail on correlation coefficients if needed. The table below shows the results of three correlation tests using Herbalifes North America data from 2. These correlation coefficients are a little abstract so Ill present them in a graphical form, by looking at how the two sets of data points move in tandem. This is done by calculating the percentage change in Volume Points each consecutive quarter and comparing it to the percentage change in the respective member numbers for the same period. All graphs are generated using Herbalifes own quarterly Breakout Key Metrics. The first graph shows the correlation between Volume Points and Combined New Members Average Sales Leaders with VP in North America. Note Herbalife sometimes refers to Average Sales Leaders with VP as Active Sales Leaders, they are the same thing. Clearly the correlation here is extremely strong and the message is simple, as Combined New Members and retained Sales Leaders with VP go up, so do Volume Points, the inverse is also true. But lets look at this relationship if we break it down into its two component parts, Combined New Members Average Sales Leaders with VP. Matlab Save .Fig File Command Line here. The next graph shows the correlation only between Volume Points and Average Sales Leaders with VP. In this graph, a correlation does not immediately jump off the page, which is why the correlation is only considered moderate 0. Now compare that to the graph below which shows the correlation between Volume Points and Combined New Members for the same period. In this graph, the correlation is once again extremely obvious. All the periods of peak Volume Points exactly match the peaks of new membership and most of the troughs follow the same relationship.