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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": 64,
  "pageCount": 79,
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  "slideType": "expose_contradiction",
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  "density": "balanced",
  "nDataPoints": 4,
  "notes": "The slide uses a red box to highlight the 'Additions to intangibles' line item across two periods to demonstrate a mathematical discrepancy.",
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      "kind": "callout",
      "text": "The large spike of intangible asset purchases in 2024 in the second half was preceded by an unusual reversal in Q2.",
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      "text": "Implied -$2.2M Capex Reversal",
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      "text": "Additions to intangibles: -$2.2M",
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      "text": "Source: MNST SEC filings, Spruce Point analysis",
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      "kind": "title",
      "text": "Negative Implied Capex In Q2'24?",
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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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