{
  "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": 62,
  "pageCount": 136,
  "prevPage": 61,
  "nextPage": 63,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 8,
  "notes": "The slide uses a 'before-after' or 'contradiction' framing by juxtaposing internal Luxembourg documents with public SEC disclosures.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "screenshot",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 0.95,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-ad29603ddb10/62",
  "deckHref": "/decks/019dd923-622c-750b-8b98-ad29603ddb10",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-ad29603ddb10.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-ad29603ddb10#slide-62",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.45,
        "x": 0.52,
        "y": 0.35
      },
      "kind": "callout",
      "text": "No Mention of Internal Restructuring In Mettler’s U.S. SEC Filing Related To Tax Enhancements",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ab195c61-3096-4eab-a6f8-1fd1f18989c1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.45,
        "x": 0.52,
        "y": 0.65
      },
      "kind": "callout",
      "text": "Mettler’s Accounts Show Balance Sheet Assets Significantly Above EUR 4.4M Audit Threshold",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f6e45287-121d-4cc6-a659-c8180d456fb1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "U.S. investors are in the dark that Mettler conducted a transaction in 2018 accounting for 127% of its consolidated book value that went unaudited!",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-1ac6-76d9-862d-51902e8dc364",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.45,
        "x": 0.05,
        "y": 0.35
      },
      "kind": "image",
      "text": "Luxembourg financial document snippet",
      "attrs": null,
      "subkind": "screenshot",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f7b7fb92-727f-41e6-af7c-49d7dfd6b166",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.45,
        "x": 0.52,
        "y": 0.76
      },
      "kind": "list",
      "text": "Supervision/control of the company... balance sheet total: EUR 4.4 million; net turnover: EUR 8.8 million; average number of (full-time) staff: 50.",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dede361e-c984-4ee5-8f62-a67ccdbada0f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.92,
        "x": 0.05,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "U.S. investors are in the dark that Mettler conducted a transaction in 2018 accounting for 127% of its consolidated book value that went unaudited!",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9c08345a-5e9f-484f-9eed-3aca7f2d5172",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.15,
        "w": 0.45,
        "x": 0.52,
        "y": 0.46
      },
      "kind": "quote",
      "text": "The Company's reported effective tax rate was 21.4% in 2018, 34.5% in 2017... related to the Tax Cuts and Jobs Act...",
      "attrs": null,
      "subkind": "pull-quote",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "02257447-74f8-4fb0-aa5b-5872dba28d5f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"The Company's reported effective tax rate was 21.4% in 2018, 34.5% in 2017, and 23.8% in 2016. As discussed below, the provision for income taxes included charges of $3.6 million in 2018 and $72 million in 2017 related to the Tax Cuts and Jobs Act (\"the Act\") which had the effect of increasing our effective tax rate by 0.6% and 12.5% in 2018 and 2017, respectively. The 2018 effective tax rate also included a benefit of 0.7% associated with the one-time gain related to the settlement of the Biotix contingent consideration.\" — Mettler-Toledo SEC Filing",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-1ac6-76d9-862d-56255be3cf7a",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.15,
        "x": 0.05,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Luxembourg",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5a37064e-2be6-4a2e-a75e-ec96ac9cecef",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.25,
        "x": 0.52,
        "y": 0.97
      },
      "kind": "source-note",
      "text": "Source: Luxembourg Audit Requirement",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "873b067d-73ca-447a-8df3-684002d34846",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.65,
        "x": 0.32,
        "y": 0.03
      },
      "kind": "title",
      "text": "Massive Hidden Tax Restructuring In 2018 Found In Luxembourg",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2eb31099-0cf5-4385-8158-d813fbf1180f",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "fraud-exposure",
      "slug": null,
      "matchId": "90c6a7db-5047-4053-b3c7-392ac19b9393",
      "evidence": "The slide explicitly frames the discrepancy as a hidden transaction to mislead investors.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 70,
      "from": 51,
      "beatId": "ecf1d0fa-cb72-45cb-ab24-2090be201950",
      "arcName": "Overcoming the Monster",
      "arcSlug": "overcoming-monster",
      "beatName": "Valuation Table",
      "beatSlug": null,
      "evidence": "The deck presents valuation tables and analysis to support the strong sell opinion.",
      "position": 3,
      "confidence": 0.8,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}