{
  "docId": "019dd923-622c-750b-8b99-acb9ee1902a4",
  "docSlug": "7928eb40991c",
  "documentTitle": "Monster Beverage Corp. (MNST)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-04-08 00:00:00",
  "orientation": "landscape",
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  "pageNumber": 45,
  "pageCount": 79,
  "prevPage": 44,
  "nextPage": 46,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 12,
  "notes": "Uses visual comparison of product portfolios between Q1 and Q2 2023 to show the removal of Burn.",
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  "components": [
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      "kind": "callout",
      "text": "Monster said there was \"inconsistent purchasing patterns by our bottler\" but there was no mention of Burn being dropped.",
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      "text": "Portfolio comparison showing Burn present in Q1 and missing in Q2",
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      "kind": "list",
      "text": "Monster comments on Brazil performance across Q1, Q2, and Q3 2023",
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      "kind": "paragraph",
      "text": "Brazil is a large market for energy drinks in South America. Sometime between Q1 and Q2 2023, Coca-Cola Andina, one of the largest Coke distributors in Latin America dropped Burn Energy from its portfolio in Brazil.",
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      "kind": "quote",
      "text": "\"In Brazil, net sales in the 2023 3rd quarter decreased by 4.3% in dollars and decreased by 9.6% in local currency due in part to inconsistent purchasing patterns by our bottler\" — Monster Beverage Corp. Q3 2023 Earnings Call",
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      "kind": "source-note",
      "text": "Source: Coca-Cola Andina, Monster conference calls",
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      "kind": "title",
      "text": "Burn Dropped By Andina In Brazil",
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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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