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  "docSlug": "954987ce0454",
  "documentTitle": "Mettler-Toledo International, Inc. (MTD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-07-24 00:00:00",
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  "pageNumber": 54,
  "pageCount": 136,
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  "slideType": "expose_contradiction",
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  "density": "dense",
  "nDataPoints": 28,
  "notes": "The slide uses a line chart to show Mettler's declining ratio over time and a table to compare this trend against a peer group.",
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      "kind": "callout",
      "text": "In the footnotes disclosing contractual purchase obligations, Mettler reveals its next-twelve months commitments to buy materials, supplies, services and fixed assets. For the peers we investigated, the ratio of purchase commitments to inventory has generally risen in the past 10 years. We find it suspicious that Mettler's ratio has consistently fallen. This strongly suggests that it is sitting on significant inventory it cannot sell.",
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      "text": "This strongly suggests that it is sitting on significant inventory it cannot sell.",
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      "kind": "chart",
      "text": "Next 12 Month (NTM) Purchase Obligations / Inventory trend line for Mettler-Toledo from 2007 to 2018",
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      "text": "NTM Purchase Commitments / Inventory: 23.9%",
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      "kind": "source-note",
      "text": "Source: MTD 10-K Annual Reports; Company filings. Note: Not all of MTD peers report contractual purchase obligations in footnotes. 1) Excludes Intuitive Surgical",
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      "kind": "table",
      "text": "NTM Purchase Commitments / Inventory peer comparison table for years 2007, 2017, and 2018",
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      "kind": "title",
      "text": "More Evidence of Inventory Anomalies",
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      "matchId": "4af0fb6e-9a48-4c9e-bb24-a38ebb356566",
      "evidence": "Comparing Mettler-Toledo's NTM Purchase Commitments / Inventory ratio against a peer group of 13 companies.",
      "confidence": 0.9
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