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  "docSlug": "954987ce0454",
  "documentTitle": "Mettler-Toledo International, Inc. (MTD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-07-24 00:00:00",
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  "pageNumber": 65,
  "pageCount": 136,
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  "notes": "The slide uses two bar charts to compare Mettler's historical capex against a peer group average.",
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      "text": "The only other company with abnormally high capex spending is Bio-Rad, which recently reported a material weakness of internal controls.",
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      "kind": "chart",
      "text": "Overall Peer 3 Year Average: 2.9% of Sales",
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      "kind": "chart",
      "text": "Structural Capex Spending Change Post 2007 Blue Ocean Program",
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      "kind": "metric",
      "text": "capex as % of sales: 4.0%",
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      "text": "Mettler first reported spending on its Blue Ocean ERP / business process transformation program in 2007. Not surprisingly, we find a structural change in capex spending (as measured by % of sales), post-implementation. The only other company with abnormally high capex spending is Bio-Rad, which recently reported a material weakness of internal controls.",
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      "text": "Source: Mettler and peer financials",
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      "kind": "title",
      "text": "Evidence of Aggressive Capitalization",
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