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  "docId": "019dd923-622c-750b-8b99-acb9ee1902a4",
  "docSlug": "7928eb40991c",
  "documentTitle": "Monster Beverage Corp. (MNST)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-04-08 00:00:00",
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  "pageNumber": 27,
  "pageCount": 79,
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  "slideType": "expose_contradiction",
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  "density": "dense",
  "nDataPoints": 3,
  "notes": "Uses a table to contrast management quotes with employee testimony and maps new product launches to Amazon-only availability.",
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      "kind": "callout",
      "text": "Of the 27 new product introductions, 12 direct consumers to purchase the product on Amazon through Monster’s website which we believe is a lower contribution margin distribution outlet.",
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      "kind": "paragraph",
      "text": "Of the 27 new product introductions, 12 direct consumers to purchase the product on Amazon through Monster's website which we believe is a lower contribution margin distribution outlet. One product appears to be already discontinued. Management has stopped talking about Amazon growth.",
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      "kind": "quote",
      "text": "“If we turn to Amazon, which is an emerging channel, it’s continuing to grow at 36% over last year. Monster’s growth is at 55% and is continuing to lead the category sales in the Amazon section. 4 weeks numbers are very similar with Monster’s growth at 62% and continuing to still be the leading brand in Amazon.” — Monster Management (Jan 2023); “But I’ve said in the past that we have a large unmeasured channel, channels, food service, Amazon.” — Monster Management (Jan 2024); “Monster has become more dependent on selling through Amazon due to Amazon’s market share increases. Higher gross margin however lower contribution margin due to the costs to service Amazon.” — Former Monster Employee",
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      "kind": "source-note",
      "text": "Source: Monster conference calls, Spruce Point research interview. 1) Viking Berry link does not show the product, but directs to the Juiced Monster page",
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      "kind": "table",
      "text": "2024 New Product Introductions Listed In The Annual Report",
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      "text": "Comparison of management quotes from Jan 2023 and Jan 2024 against former employee testimony regarding Amazon dependency.",
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      "kind": "title",
      "text": "New Product Launches Dependent on Amazon, A Lower Margin Distribution Outlet",
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      "evidence": "Contrasts management's positive statements about Amazon with the reality of lower margins and discontinued products.",
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      "evidence": "Repeated use of 'expose_contradiction' slides to highlight discrepancies in Monster Beverage's reporting and operations.",
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