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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",
  "orientation": "landscape",
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  "pageNumber": 61,
  "pageCount": 79,
  "prevPage": 60,
  "nextPage": 62,
  "slideType": "expose_contradiction",
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  "density": "dense",
  "nDataPoints": 42,
  "notes": "The slide uses a line chart to contrast the DSO trends of Monster and Coke, with annotations pointing to specific growth milestones and distribution changes.",
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  "slideHref": "/slides/019dd923-622c-750b-8b99-acb9ee1902a4/61",
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  "components": [
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      "kind": "callout",
      "text": "All distribution territories in the United States, and substantially all distribution territories internationally have been transitioned to TCCC network bottlers/distributors.",
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      "kind": "callout",
      "text": "International Net Sales 2018: 29% to 2024: 40% or +$1.9 billion",
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      "kind": "callout",
      "text": "We find that as international expansion increased since 2018, the DSOs widened. This could indicate that Monster was more promotional or offering extended payment terms or otherwise is taking longer to collect from customers.",
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      "kind": "chart",
      "text": "Days Sales Outstanding line chart comparing Monster and Coke",
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      "kind": "metric",
      "text": "Days Sales Outstanding: 58.5",
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      "kind": "paragraph",
      "text": "While Monster has said that international gross margins are lower than domestic, they do not discuss how the terms of sales might be different. We find that as international expansion increased since 2018, the DSOs widened. This could indicate that Monster was more promotional or offering extended payment terms or otherwise is taking longer to collect from customers.",
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      "kind": "source-note",
      "text": "Source: Bloomberg and Spruce Point analysis",
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      "kind": "title",
      "text": "DSOs Widen As International Growth Expands",
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