{
  "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": 43,
  "pageCount": 136,
  "prevPage": 42,
  "nextPage": 44,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 24,
  "notes": "The slide uses a callout structure to show a dialogue between the SEC and Mettler-Toledo.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-ad29603ddb10/43",
  "deckHref": "/decks/019dd923-622c-750b-8b98-ad29603ddb10",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-ad29603ddb10.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ad29603ddb10#slide-43",
  "components": [
    {
      "bbox": {
        "h": 0.12,
        "w": 0.8,
        "x": 0.15,
        "y": 0.31
      },
      "kind": "callout",
      "text": "Your computation of free cash flow differs from the typical calculation... Please revise the title of this non-GAAP measure so it is not confused with free cash flow as typically calculated.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7545bc0c-334c-4dd6-a8fe-8f26009a5495",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.06,
        "w": 0.8,
        "x": 0.15,
        "y": 0.46
      },
      "kind": "callout",
      "text": "We acknowledge the Staff's comment and will refer to \"adjusted free cash flow\" in future presentations.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b678c18f-063f-4555-bd36-9cccc86216c6",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "If Mettler’s is exaggerating and inflating profits, it should be no surprise that it would try to use highly aggressive and non-standard ways to portray inflated free cash flow.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-1ac6-76d9-862c-09fa69e059bd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Adjusted free cash flow",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-1ac6-76d9-862c-10b2ed020cf9",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.18
      },
      "kind": "paragraph",
      "text": "If Mettler's is exaggerating and inflating profits, it should be no surprise that it would try to use highly aggressive and non-standard ways to portray inflated free cash flow. The SEC has already questioned it, and Mettler agreed to put the word \"adjusted\" before Free Cash Flow. However, the extent of the adjustments we find troubling.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "a7410ddb-c18c-4472-8023-befcb4573b48",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "Your computation of free cash flow differs from the typical calculation, which is cash flows from operating activities as presented in the statement of cash flows under GAAP less capital expenditures by excluding restructuring payments. Please revise the title of this non-GAAP measure so it is not confused with free cash flow as typically calculated. See Question 102.07 of the Compliance and Disclosure Interpretations on Non-GAAP Financial Measures. — SEC Staff",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-1ac6-76d9-862c-0e8f61e961a8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.03,
        "w": 0.25,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: SEC Comment Letter, May 2018; MTD 2018 Financial Results",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "cc6e67a0-e6be-4d6d-a54f-8196d1d18e53",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.32,
        "w": 0.9,
        "x": 0.05,
        "y": 0.58
      },
      "kind": "table",
      "text": "RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c7f87f52-534a-449a-beb6-611d8e930172",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.55,
        "x": 0.32,
        "y": 0.05
      },
      "kind": "title",
      "text": "SEC Concerns of Inflated Cash Flow",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c9f7c07b-b607-47fd-8e36-9a1be97b93d5",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "ddf92c56-74c8-4460-b00d-2294b0983eb7",
      "evidence": "The slide explicitly frames the company's accounting adjustments as a point of regulatory concern and potential 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
}