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  "docSlug": "7928eb40991c",
  "documentTitle": "Monster Beverage Corp. (MNST)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2025-04-08 00:00:00",
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  "pageNumber": 63,
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  "notes": "The slide highlights a specific anomaly in the 2023 column of the table.",
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      "text": "Spruce Point finds a large deviation between our estimated ending gross PP&E and actual PP&E in 2023 which is the period the auditor was changed.",
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      "text": "PP&E discrepancy: $81.5",
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      "text": "Spruce Point finds a large deviation between our estimated ending gross PP&E and actual PP&E in 2023 which is the period the auditor was changed. We do not believe currency movements are likely to explain the difference given that most assets are in the U.S. and the dollar depreciated ~3% in 2023. One possibility is that Monster retired a large component of PP&E, potentially equipment. However, accumulated depreciation and amortization (D&A) still increased by $28 million (D&A was $63 million).",
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      "text": "1) $39.2m of the $42.4m of the purchase of intangible assets in the cash flow statement was recorded within amortizing intangible assets (see slide) 2) We assume the ROU asset increase in 2023 on p.89 in 2023 is related to the ROU asset of $12.5 acquired in the Bang transaction Source: MNST SEC filings, Spruce Point analysis.",
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      "text": "Estimated vs. Actual Gross PP&E table",
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      "kind": "title",
      "text": "We Can't Reconcile Monster's Changes In PP&E Accounts",
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