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  "documentTitle": "Mettler-Toledo International, Inc. (MTD)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-07-24 00:00:00",
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      "kind": "callout",
      "text": "Not growing much despite capex 2x depreciation",
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      "kind": "callout",
      "text": "Note Total Asset revision 2014/15. Big asset drop, yet no sale or impairment recorded? Assets +144% since 2015, Sales +30%",
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      "text": "Capex/Sales ratio below corporate total of 4.8%",
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      "text": "Multiple restatements (without explanation) each time boosting margins a major red flag",
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      "text": "Note: Intersegment revision changes to revenues without explanation",
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      "text": "We observe significant red flags in Mettler's SEC reported Chinese Operations segment. Our biggest concerns: two unexplained restatements boosting segment margins, and total asset growth since 2015 of 144% vs. 30% sales growth.",
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      "text": "Segment Profit: 144%",
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      "text": "We observe significant red flags in Mettler's SEC reported Chinese Operations segment. Our biggest concerns: two unexplained restatements boosting segment margins, unaccounted cash, and total asset growth since 2015 of 144% vs. 30% sales growth.",
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      "text": "Source: Mettler 10-K reports. 1) In 2016 10-K \"2015 and 2014 net sales and segment profit have been reclassified to conform to the current period.\" 2) In 2015 10-k \"2014 and 2013 segment profit between the U.S., Swiss, and Chinese Operations has been reclassified to conform to the current period.\" 3) Revisions made between 2015 and 2014 annual report",
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      "text": "Financial data table comparing Pre-Restatements and Post Two Segment Restatements across 2013-2018.",
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      "kind": "title",
      "text": "Concerns Identified From China As Depicted In Mettler's SEC Filings",
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