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  "docSlug": "954987ce0454",
  "documentTitle": "Mettler-Toledo International, Inc. (MTD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-07-24 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 134,
  "pageCount": 136,
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  "density": "balanced",
  "nDataPoints": 18,
  "notes": "The slide highlights a 'Very Similar Result' between R&D expense avoidance and excess capitalization impacts.",
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      "kind": "callout",
      "text": "We estimate that Mettler's Adj. Diluted EPS is $1.90 - $2.23 (8.3% - 9.8%) overstated due to aggressive capitalization policies and failures to recognize inventory obsolescence charges.",
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      "text": "EPS Impact: $1.90 - $2.23",
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      "kind": "source-note",
      "text": "1) On a previous slide, we estimated average R&D per employee but we exclude the high growth med tech names Intuitive Surgical, Hologic and Bio -Rad\n2) Based on a previous slide, we found certain foreign subsidiaries reserving at 7.7% - 27.9% of stated gross inventory value with peers at 3% – 4%\n3) 22% tax rate (Note; 2018 was 21.4% but included a one-time 0.7% gain from the Biotix reversal) and 24.9m shares accounting for increase share repurchases",
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      "kind": "table",
      "text": "Table showing R&D, Capex, and Inventory adjustments with EPS impacts.",
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      "kind": "title",
      "text": "Normalized Earnings",
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      "name": "Cost Of Inaction",
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      "evidence": "The deck presents a sense of urgency and highlights the potential risks of not taking action.",
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      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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