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  "documentTitle": "Monster Beverage Corp. (MNST)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2025-04-08 00:00:00",
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  "notes": "The slide uses a 'before' (2022 text excerpt) and 'after' (2023 data table) comparison to highlight a lack of transparency.",
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      "text": "In 2023 after the auditor switch, Monster Energy UK no longer provided a discussion about its cost of sales under principal risks which appears below in the 2022 report. However, from the 2023 filing we see that gross margin contracted by 280 basis points.",
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      "text": "In 2023 after the auditor switch, Monster Energy UK no longer provided a discussion about its cost of sales under principal risks which appears below in the 2022 report.",
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      "text": "2022: Risks And Cost of Sales Discussion",
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      "text": "Gross margin: -2.8%",
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      "text": "Source: Companies House filings and Spruce Point analysis",
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      "text": "UK Filings Avoid Discussing Factors Affecting Margins, But They Continued To Decline",
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