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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",
  "orientation": "landscape",
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  "pageNumber": 66,
  "pageCount": 136,
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  "slideType": "valuation_table",
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  "density": "dense",
  "nDataPoints": 150,
  "notes": "The slide uses a 'Stopped Disclosing' callout to highlight a lack of transparency in financial reporting.",
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      "kind": "callout",
      "text": "We estimate $661m of costs have been capitalized in software since 2007, yet only $217m has gone through the income statement as amortization.",
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      "text": "According to a recent study on ERP projects(1)\nAverage implementation time is 16.9 – 17.4 months vs 144 months at MTD\nOn average organizations spend 3.6% of annual revenues on the project. From 2007-2012, MTD spent 9.5% of average annual revenues",
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      "kind": "metric",
      "text": "Ending Software in PP&E: $471.0m",
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      "toolName": "Quantification",
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      "kind": "source-note",
      "text": "1) Panorama Consulting Study 2018\n2) We take the two year average beginning software divided by the year's amortization of capitalized software expense\n3) 2007 includes $16.1m reclassified from other non-current assets (10-K, F-7). Additions are implied mathematically from the beginning, ending, and annual amortization disclosures\n4) Assumes no write-offs or impairments which have never been disclosed and are reviewed annually",
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      "kind": "table",
      "text": "Financial table showing Ending Software, Amortization, Implied Amortization, Beginning Software, Additions, and Disclosed Capex from 2006-2018.",
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      "kind": "title",
      "text": "Software Capitalization Exploding",
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