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  "documentTitle": "Monster Beverage Corp. (MNST)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2025-04-08 00:00:00",
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  "notes": "The slide uses a red box to highlight negative QoQ growth in Q3 and Q4 2024, contrasting it with management's price increase strategy.",
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      "kind": "callout",
      "text": "There is also the potential the organic growth was even worse since we found that Monster apparently purchased customer relationships in 2024 without providing much detail.",
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      "text": "Source: MNST SEC filings and conference calls, Spruce Point research interview",
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      "text": "Red box highlighting negative QoQ growth in Q3 and Q4 2024.",
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      "text": "QoQ growth: -2.6%",
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      "kind": "paragraph",
      "text": "Monster Energy sales in the U.S. & Canada is by far the Company's biggest product and geographic segment so it should be closely evaluated. Even with a 5% prince increase in the U.S. on November 1, 2024, growth was grinding to a halt and went negative.",
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      "kind": "quote",
      "text": "I feel like it was the wrong decision to make. So when you're down in market share and you're down in volume because of competition, the last thing we need to do is take a price increase to try to, they're trying to make the revenue goals...",
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      "text": "I feel like it was the wrong decision to make. So when you're down in market share and you're down in volume because of competition, the last thing we need to do is take a price increase to try to, they're trying to make the revenue goals, but at the end of the day, you can't let volume erode to make your overall profit. — Former Monster Employee Familiar With Sales",
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      "text": "Monster Energy Sales (U.S. & Canada) table showing 2023, Q1-Q4 2024 data for sales, QoQ growth, and YoY growth.",
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      "kind": "title",
      "text": "Anemic U.S. & Canada Growth Is Even Worse Considering Price Increases",
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