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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": 68,
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  "notes": "The slide uses a table to contrast FY2023 and quarterly 2024 data to show the anomaly in the 'Implied Return' row.",
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      "kind": "callout",
      "text": "After analyzing Monster's cash and investment accounts, we have difficulty explaining how Monster realized a higher return on investments in 2024 vs. 2023.",
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      "text": "Implied Return on Cash And Investments: 4.95%",
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      "text": "After analyzing Monster's cash and investment accounts, we have difficulty explaining how Monster realized a higher return on investments in 2024 vs. 2023. Total cash and investments declined by $1.8 billion, primarily from stock repurchases. Investments declined to zero which means all of Monster's holdings were in cash, money markets or CDs.(1) Interest rates declined globally late in 2024 as the FED cut but were ~15bps higher in 2024 vs. 2023. While an increasing percentage of cash was held in foreign subsidiaries, the US$ rallied (foreign currencies fell) more than 7% in Q4 2024.",
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      "text": "Source: MNST SEC filings and Spruce Point analysis. 1) This can be verified by looking at Monster's Level I & II financial asset reporting. 2) For FY 2023 and 2024, we take the trailing 5 quarters and for the quarterly figures the past two quarters. 3) Interest income divided by average balance.",
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      "text": "Concerns Around Cash And Interest Income",
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