{
  "docId": "019dd923-622c-750b-8b98-ad29603ddb10",
  "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",
  "aspectRatio": 1.3333334,
  "pageNumber": 22,
  "pageCount": 136,
  "prevPage": 21,
  "nextPage": 23,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 160,
  "notes": "The slide uses a 'too good to be true' argument to cast doubt on the company's financial reporting integrity.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-ad29603ddb10/22",
  "deckHref": "/decks/019dd923-622c-750b-8b98-ad29603ddb10",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-ad29603ddb10.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ad29603ddb10#slide-22",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Our concerns about Mettler's financial reporting and accounting are heightened by the fact it has never reported an earnings disappointment in 44 quarters since 2008.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-1ac6-76d9-8628-a86e97b52813",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "earnings disappointment: 0",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-1ac6-76d9-8628-ae63c1758d8e",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "Since CEO Filliol took over in 2008, Mettler has done the improbable. Our concerns about Mettler's financial reporting and accounting are heightened by the fact it has never reported an earnings disappointment in 44 quarters since 2008.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "408e2800-7277-463e-8151-b519d51eaa1a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.88
      },
      "kind": "source-note",
      "text": "Source: Bloomberg SURP function. A meet of expectations counted as a miss. 1) Ametek report... 2) While KEYS has the highest % of revenue beats...",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "541c7de1-8127-4711-8a6a-ab9888166629",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.9,
        "x": 0.05,
        "y": 0.32
      },
      "kind": "table",
      "text": "Comparison table of Adj EPS and Revenue performance across 10 companies.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "29d25667-586a-429e-9346-845533572e9b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.32,
        "y": 0.03
      },
      "kind": "title",
      "text": "Holy Toledo: Mettler Hasn't Missed Consensus Earnings Estimates Since 2008",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "79391b18-b4f9-4a8e-911c-51d2b5d07956",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "20df8218-9101-44ed-9b74-3fc3ab201dc8",
      "evidence": "Uses statistical anomaly (perfect record) to imply accounting manipulation.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 50,
      "from": 21,
      "beatId": "c37f8437-d1bd-4ac1-a0bb-6311eb8c8ebb",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Evidence",
      "beatSlug": "evidence",
      "evidence": "The deck presents detailed evidence and analysis of Mettler-Toledo's financial results and accounting practices.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}