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  "docSlug": "954987ce0454",
  "documentTitle": "Mettler-Toledo International, Inc. (MTD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-07-24 00:00:00",
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  "pageNumber": 40,
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  "notes": "The slide highlights Mettler-Toledo's position in two tables to argue for accounting manipulation.",
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      "text": "Mettler's low R&D expense ratio is inconsistent with its relative high capex spending as a % of sales (especially in light of it not adding significant new capacity for expansion).",
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      "text": "Capex % of Sales: 4.9%",
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      "kind": "paragraph",
      "text": "Mettler's low R&D expense ratio is inconsistent with its relative high capex spending as a % of sales (especially in light of it not adding significant new capacity for expansion). We believe the culprit appears to be an aggressive cost capitalization scheme designed to inflate earnings.",
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      "kind": "source-note",
      "text": "Source: Company financials",
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      "kind": "source-note",
      "text": "Note: Sartorius 15% capex spend excluded due to significant capacity expansion. Historical capex range around 7% of sales",
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      "kind": "title",
      "text": "R&D Spend Way Low... Capex Way High?",
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