{
  "docId": "019dd923-622c-750b-8b98-58a1b82469f3",
  "docSlug": "c4de14509091",
  "documentTitle": "MGP Ingredients, Inc. (MGPI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2017-01-12 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 39,
  "pageCount": 53,
  "prevPage": 38,
  "nextPage": 40,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 16,
  "notes": "Includes annotations highlighting specific numerical inconsistencies in 10-Q filings.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-58a1b82469f3/39",
  "deckHref": "/decks/019dd923-622c-750b-8b98-58a1b82469f3",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-58a1b82469f3.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-58a1b82469f3#slide-39",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.28,
        "x": 0.69,
        "y": 0.625
      },
      "kind": "callout",
      "text": "Notice the YTD 2015/2016 numbers don't add up to the quarterly results. YTD '16 should equal $11.68m and YTD '15 should equal $11.59m",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0eaac52c-0c64-4ec7-9f6f-63f46cefb6ef",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.5,
        "x": 0.05,
        "y": 0.29
      },
      "kind": "list",
      "text": "2016 Disclosures of Customer Paid Freight Costs Included In Sales",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2fc0056d-5927-42f9-97dc-d1d8baf1bda7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.5,
        "x": 0.05,
        "y": 0.7
      },
      "kind": "list",
      "text": "2015 Disclosures of Customer Paid Freight Costs Included In Sales",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f1845705-2e31-4c71-a6e1-e73cf0df46e7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "revenue recognition",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-2b64-7193-87fd-96eb77ef624c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "As another subtle indicator of potential financial issues, we suggest investors look closely at MGPI's revenue recognition disclosures of customer paid freight costs included in sales. The YTD 2016 results are not adding up, and 2015 results are retroactively being revised higher.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ec8b3754-9649-42b9-b6b1-47ddecfdf0f8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.9,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Q1'16 10-Q, p. 8; Q2'16 10-Q, p. 8; Q3'16 10-Q, p. 8; Q2'15 10-Q, p. 9; Q3'15 10-Q, p. 8",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0a741bca-8d45-4d64-a347-538ffad22850",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.31,
        "y": 0.03
      },
      "kind": "title",
      "text": "Warning: Inconsistencies Suggesting Potential Revenue Overstatement",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3a1e81dd-c4cf-4c3c-99eb-cb00b2b9e6d0",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "714fef5a-d8df-4bc5-82ed-bfc5285cb623",
      "evidence": "The slide explicitly identifies inconsistencies in financial reporting to suggest revenue overstatement.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}