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  "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",
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  "pageNumber": 56,
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  "density": "dense",
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  "notes": "The slide uses red text for negative values and highlights specific cells in yellow to draw attention to discrepancies.",
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      "text": "Something doesn't add up with Monster's MD&A discussion of changes in operating expenses. Notably, in 2023 total costs increased by $251 million, but the MD&A discusses changes amounting to $314.3 million.",
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      "text": "Operating Expense Discrepancy: $63.3mm",
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      "text": "Something doesn't add up with Monster's MD&A discussion of changes in operating expenses. Notably, in 2023 total costs increased by $251 million, but the MD&A discusses changes amounting to $314.3 million. Monster also did not discuss freight and warehousing increases. In 2024, we observe discrepancies related to impairment charges in the Alcohol segment.",
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      "kind": "source-note",
      "text": "Source: MNST SEC filings and Spruce Point analysis",
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      "text": "1) \"Additionally, the increase in operating expenses was primarily due to increased general and administrative expenses of $110.0 million (primarily impairment charges related to the Alcohol Brands segment).\"\n2) \"For example, in 2024, we recognized impairment charges of $127.1 million related to goodwill and to certain other indefinite lived intangible assets and impairment charges of $8.2 million related to property and equipment in the Alcohol Brands segment.\"\n3) \"Operating expenses for the year ended December 31, 2024 included impairment charges of $138.8 million related to the Alcohol Brands segment.\"",
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      "text": "Analysis of Operating Expense Changes table",
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      "kind": "title",
      "text": "Operating Expense Explanations Don't Seem To Be Adding Up",
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