{ "schemaVersion": "deck-intelligence.v1", "id": "019dd923-622c-750b-8b98-c99fec0ed8aa", "slug": "1c836eeb374c", "title": "Monolithic Power Systems (MPWR)", "subtitle": "Ben Axler · 2019-10", "author": "Ben Axler", "date": "2019-10-09 00:00:00", "pageCount": 95, "kind": "activist-deck", "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "Monolithic Power Systems", "targetTicker": "MPWR", "document": { "id": "019dd923-622c-750b-8b98-c99fec0ed8aa", "slug": "1c836eeb374c", "title": "Monolithic Power Systems (MPWR)", "rawTitle": "64e7a3a2b8390f861a273f96 mpwr research thesis 10 9 2019", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "authorDisplay": "Ben Axler", "kind": { "slug": "activist-deck", "label": "Activist deck" }, "sourceType": { "slug": "short_seller", "label": "Short seller" }, "fileName": "2019-10-64e7a3a2b8390f861a273f96_mpwr_research_thesis_10-9-2019.pdf", "sourceUrl": null, "sourceDate": "2019-10-09 00:00:00", "presentationDate": "2019-10-09 00:00:00", "ingestedAt": "2026-04-22 21:14:08+00", "status": "ready", "pageCount": 95, "orientation": "landscape", "aspectRatio": 1.3333334, "targetCompany": "Monolithic Power Systems", "targetTicker": "MPWR", "metadata": { "local_root": "/tmp/legacy-images/1c836eeb374c", "activist_firm": "Spruce Point Capital Management", "origin_corpus": "contrarian", "extraction_seconds": 142.7098731994629 } }, "coverage": { "pageCount": 95, "pagesIndexed": 95, "pagesWithImages": 95, "pagesWithMetadata": 95, "imageCoveragePct": 100, "metadataCoveragePct": 100, "componentCount": 630, "chartCount": 33, "metricSlides": 0, "toolMatches": 12, "documentToolMatches": 6, "frameworkMatches": 73, "arcMatches": 1, "beatMatches": 3, "loopMatches": 3, "patternMatches": 0, "storymakersMatch": false, "scoreAvailable": false, "reviewAvailable": false, "activistThesisAvailable": true, "pitchdeckMetadataAvailable": false, "pitchdeckProfileAvailable": false }, "blocks": [], "matches": { "arcs": [ { "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "matchId": "0b2e1d4b-1f9b-4100-ae32-44efc0095852", "evidence": "The document follows a clear problem-agitate-solution structure, presenting a detailed critique of MPWR and highlighting the potential for significant downside risk.", "isPrimary": true, "confidence": 0.8, "extraction": { "at": "2026-07-16 22:00:08.859747+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "beats": [ { "to": 6, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 1, "name": "Problem (Identify pain)", "beatId": "e4e29099-6e13-4eb4-ab65-9d532ae88f88", "matchId": "0b2e1d4b-1f9b-4100-ae32-44efc0095852", "beatType": { "name": "Problem (Identify pain)", "slug": "problem-agitate-solution-problem-identify-pain", "status": "active", "canonId": "019dd9b8-0e78-74bb-b8f6-54348367a131", "version": 1, "description": null }, "evidence": "The document begins by highlighting the problem, presenting a detailed critique of MPWR's financials and disclosures.", "position": 0, "isPrimaryArc": true, "parentBeatType": { "name": "Complication", "slug": "complication", "status": "active", "canonId": "019dd9b8-0275-7709-b2d6-4f77c3fc7579", "version": 1, "description": "The point in the narrative where the audience should feel discomfort. Required for argumentative arcs." }, "alignedBlockIds": null, "matchConfidence": 0.8 }, { "to": 40, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null, "categoryName": "Strategy & Business", "categorySlug": "strategy-business" }, "from": 7, "name": "Agitate (Make it worse)", "beatId": "d8746476-9a97-4214-9f12-49d6bd9131a5", "matchId": "0b2e1d4b-1f9b-4100-ae32-44efc0095852", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The document then agitates the problem, presenting numerous examples of accounting and disclosure red flags.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. 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"Classic Spruce Point short report with cinematic CGI cover ('Powering Down Fab-U-Less Earnings', damaged-chips warehouse). Ben Axler (CIO) is quoted on page 3 but the cover credits only the firm; author_name set to Axler as the identified signatory voice. Strong SCQA, forensic reconciliation of Chinese tax filings to SEC filings, use of on-the-ground due diligence and former-executive interviews. Uses 'Bull Case Misperception vs. Investigative Reality' format (p.13) and precedent shorts (MOMO, iRobot, Mettler-Toledo, A.O. Smith) as track-record framing. No explicit stake disclosure; disclaimer states only that Spruce Point and subscribers hold a short position. Two-scenario valuation (overstated revenue vs overstated margins) rather than true SOTP.", "kpisCited": [ { "detail": "$73m per Chinese tax filings vs $335m per SEC (2018), a $262m / 78% gap", "metric": "China revenue discrepancy" }, { "detail": "183.5 days vs peer average 106.4 (industry range 94-117)", "metric": "Days inventory outstanding" }, { "detail": "35.9% in Chinese filings vs 55.6% consolidated — 1,970bps lower", "metric": "China gross margin gap" }, { "detail": "10x EV/Sales, 37x EV/EBITDA, 37x P/E on 2019E vs peer averages of 4.5x, 15x, 24x", "metric": "Valuation multiples" }, { "detail": "3% today vs 37.5% at IPO; CEO Hsing owns just 1.3%", "metric": "Insider ownership" }, { "detail": "$126m on office real estate, including $53m Kirkland HQ at 35% premium", "metric": "Real estate spend" }, { "detail": "Exploded from $1.8m to $6.4m in 2018 as warranty periods extended to 2 years", "metric": "Warranty costs" }, { "detail": "$245-$265m (~40% of sales) deemed irreconcilable with Chinese filings", "metric": "Overstated revenue estimate" } ], "closingAsk": "Short MPWR on evidence that $245-$265m of reported sales are irreconcilable with Chinese tax filings, implying $21-$35/share and 75-85% downside.", "extraction": { "at": "2026-04-22 21:14:08+00", "model": "unknown-legacy", "runId": null, "seconds": 142.70987, "promptVersion": null }, "scqaReward": "Downside scenarios project 75-85% losses with price targets of $21-$35/share versus the $142 market price, reflecting either revenue or margin overstatement plus multiple compression.", "thesisTypes": [ "fraud_exposure", "governance_board" ], "top3Reasons": [ "Chinese tax filings show $262m missing revenue — 78% lower than SEC filings", "Days inventory outstanding at 183 vs. 106 peer average, echoing Sipex/Vitesse scandals", "Deloitte dismissed as auditor in March 2019 after deepening China scrutiny" ], "scqaSituation": "MPWR is a Nasdaq-listed power-chip designer trading at record-high multiples (37x EV/EBITDA), with ~90% of production and 58% of sales in China, praised by bullish analysts as a best-in-class takeover target.", "thesisSummary": "Spruce Point argues MPWR is a U.S.-listed semiconductor company operating largely as a Chinese business, with ~90% of production and 58% of sales in China. Chinese tax filings for its three subsidiaries report just $73m of 2018 revenue versus $335m claimed to U.S. investors — a $262m (78%) gap — while reporting near-zero inventory despite consolidated inventory of $136m. Days inventory outstanding has exploded to 183 versus a 106-day peer average, mirroring patterns at prior fraud cases Vitesse and Sipex, where a former MPWR audit member concealed revenue overstatement. Deloitte was dismissed as auditor in March 2019 after deepening China scrutiny, the former CFO left under suspicious circumstances, insiders own just 3%, and the company squandered $126m on inflated real estate. Spruce Point values MPWR at $21-$35 versus $142, implying 75-85% downside.", "primaryDemands": [ "Sell / short MPWR shares on 75-85% downside risk", "Demand disclosure of Company A (Microsoft) customer concentration", "Investigate reconciliation between Chinese tax filings and SEC revenue", "Scrutinize Bermuda/Singapore cash routing and auditor dismissal" ], "scqaResolution": "Spruce Point publishes a Strong Sell opinion exposing accounting red flags, governance lapses, CEO self-dealing, and opaque Bermuda/Singapore cash routing, urging investors to short the stock.", "thesisOneLiner": "MPWR's Chinese tax filings show $262m missing revenue and near-zero inventory despite 90% production in China — accounting red flags point to 75-85% downside.", "precedentsCited": [ "Vitesse Semiconductor accounting scandal", "Sipex Corp revenue overstatement / gross margin restatement", "Super Micro (SMCI) revenue recognition delisting" ], "scqaComplication": "Chinese tax filings disclose $262m less 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(Shanghai): The Shanghai company does sales and marketing.\nHangzhou MPS Semiconductor Technology Ltd.: In Hangzhou, the company does application design.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:48.822+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "315a84f8-8eb5-443e-8a80-56512450aa9a", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "China Revenue: $261.7m", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:51:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-ee38-728b-98ca-0be8a6669b09", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.94, "x": 0.03, "y": 0.17 }, "kind": "paragraph", "text": "Through a Chinese attorneys, we obtained tax filings for MPWR’s three Chinese subsidiaries. Assuming no inter-company sales, the three subsidiaries together reported ~$73m in gross revenues and 35.9% gross margin in 2018: 78% lower sales and gross margins 1,970bps lower. Despite our estimate that 90% of production occurs in China, the Chinese entities reported almost no inventory. Where is the $100-$136m of year end inventory reported at the consolidated level if none of it is being reported to the tax authorities in China?", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:48.822+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cdf3233e-3518-4c83-8e5b-ec72f931e948", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.6, "x": 0.03, "y": 0.89 }, "kind": "source-note", "text": "Source: MPWR’s SEC filings and Chinese Tax Filings. Note: China RMB depreciated ~5% in 2018. 1) Subsidiaries disclosed as Exhibit 21.1 to 10-K. 2) China gross margins are from Chengdu while margins reported to investors are consolidated Non-GAAP. 3) Reported inventories at the consolidated level as MPWR doesn’t report inventory by geography", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. Numbered footnotes use attrs.numbered." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:48.822+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e7841067-fb2a-4e10-802d-665701c370a0", "parentComponentId": null }, { "bbox": { "h": 0.39, "w": 0.94, "x": 0.03, "y": 0.48 }, "kind": "table", "text": "Comparison table of China Revenue, Gross Margin, and Inventories for 2017-2018 across Local Tax Bureaus vs U.S. Investors.", "attrs": null, "canon": { "kind": { "name": "Table", "slug": "table", "status": "active", "canonId": "019de52c-f9c8-7148-8119-eaac9594cd28", "version": 1, "description": "Tabular data layout." }, "tool": null, "subkind": { "name": "Data table", "slug": "data", "status": "active", "canonId": "019de52d-02d5-75b8-8abf-88e92bf63569", "version": 1, "description": null }, "framework": null }, "subkind": "data", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:48.822+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "6bb0e9b8-07a5-4ce0-ae39-7a8e770cfa0d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.65, "x": 0.31, "y": 0.03 }, "kind": "title", "text": "Enormous Discrepancy In China Sales And Inventory", "attrs": null, "canon": { "kind": { "name": "Title", "slug": "title", "status": "active", "canonId": "019de52c-f7dd-76d9-b848-b1f12bd85cf4", "version": 1, "description": "Slide title or headline." }, "tool": null, "subkind": { "name": "Headline", "slug": "headline", "status": "active", "canonId": "019de52c-fae1-7463-9a7c-d60668eced0d", "version": 1, "description": null }, "framework": null }, "subkind": "headline", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:48.822+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "67d9ca35-22e2-4774-80cd-5a1a90ab456f", "parentComponentId": null } ], "metrics": [], "tools": [ { "tool": { "name": "Table data", "slug": "table-data", "status": "active", "bestFor": null, "canonId": "019dd9e1-4fab-7168-a82f-b847350a006d", "version": 1, "bodyDocId": null, "description": "Tabular layouts of structured data.", "familyLabel": null, "categoryName": null, "categorySlug": null }, "agent": null, "layer": "slide", "agents": null, "matchId": "a1c84f39-048d-4b95-8f5d-f893b387d699", "evidence": "Comparison table of China Revenue, Gross Margin, and Inventories for 2017-2018 across Local Tax Bureaus vs U.S. Investors.", "pageRefs": null, "priority": null, "whenToUse": null, "confidence": 0.7, "extraction": { "at": "2026-07-16 23:01:55.572024+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "whyItWorks": null, "antipattern": null, "cardinality": "common", "narrativePurpose": null } ], "frameworks": [ { "matchId": "9c81bd3c-b740-49bf-ae95-1928aa9aa1f7", "evidence": "The slide explicitly compares two sets of financial data to highlight a massive discrepancy, a classic technique for exposing potential financial fraud.", "framework": null, "confidence": 0.95, "extraction": { "at": "2026-05-02 20:38:48.822+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "pageNumber": 11, "frameworkName": "fraud-exposure" } ], "arcBeats": [ { "to": 40, "arc": { "name": "Problem-Agitate-Solution", "slug": "problem-agitate-solution", "status": "active", "bestFor": "Sales pitches, urgency-driven, competitive displacement", "canonId": "019dd956-5ec6-70f9-9fd8-fdbaaff39acf", "version": 1, "bodyDocId": "019df22a-2356-73eb-8061-d8c81dc0aa49", "structure": "Problem (Identify pain) -> Agitate (Make it worse) -> Solution (Provide relief)", "description": null, "familyLabel": null }, "from": 7, "name": "Agitate (Make it worse)", "beatId": "d8746476-9a97-4214-9f12-49d6bd9131a5", "matchId": "0b2e1d4b-1f9b-4100-ae32-44efc0095852", "beatType": { "name": "Agitate (Make it worse)", "slug": "problem-agitate-solution-agitate-make-it-worse", "status": "active", "canonId": "019dd9b8-0f5a-71dd-bae7-8fadb0d09456", "version": 1, "description": null }, "evidence": "The document then agitates the problem, presenting numerous examples of accounting and disclosure red flags.", "position": 1, "isPrimaryArc": true, "parentBeatType": { "name": "Development", "slug": "development", "status": "active", "canonId": "019dd9b8-0332-7008-b3aa-11b0840a57b1", "version": 1, "description": "The middle stretch in arcs that have one. Often where length problems creep in." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [ { "to": 20, "from": 11, "loop": { "name": "10_iceberg", "slug": "10-iceberg", "status": "active", "bestFor": "Consulting, complex problem solving, organizational change", "canonId": "019dd956-69f4-738c-852a-643798da0899", "version": 1, "bodyDocId": "019df22a-2420-77be-bc41-ded96d08cb21", "structure": "The Symptom (Visible) -> The System (Hidden) -> The Root Cause", "description": "Reveal that the visible problem is merely a symptom of a deeper root cause", "familyLabel": null }, "matchId": "ad3628c0-3aed-426e-8797-d2edb57cbace", "evidence": "The document highlights numerous accounting and disclosure red flags, including discrepancies in revenue and inventory reporting.", "position": 0, "objective": "To reveal hidden risks and red flags in MPWR's financials", "confidence": 0.7, "extraction": { "at": "2026-07-16 22:00:09.019907+00", "model": "or:meta-llama/llama-4-scout", "runId": null, "seconds": null, "promptVersion": "doc-narrative-v1" } } ], "locked": true }, { "page": 12, "type": "tension", "title": "Uses a peer benchmark table to justify the adjustment assumptions applied to the financial model on the left.", "function": "expose_contradiction", "rawType": "valuation_table", "block": null, "metadata": { "slideType": "valuation_table", "slideTypeCanon": { "name": "Valuation table", "slug": "valuation_table", "status": "active", "canonId": "019de52d-12c3-77cd-8474-6cd39cf844cb", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 66, "componentCount": 7, "textChars": 982, "nDataPoints": 60, "notes": "Uses a peer benchmark table to justify the adjustment assumptions applied to the financial model on the left.", "elementsJson": [ "headline_text", "callout_box", "valuation_table", "comparison_table" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:38:48.729+00", "seconds": 3.569, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-c99fec0ed8aa/12", "deck": "/decks/019dd923-622c-750b-8b98-c99fec0ed8aa", "deckAnchor": "/decks/019dd923-622c-750b-8b98-c99fec0ed8aa#slide-12", "deckJson": "/decks/019dd923-622c-750b-8b98-c99fec0ed8aa.json" }, "components": [ { "bbox": null, "kind": "callout", "text": "As we've already shown: 1) MPWR's Chinese tax filings do not account for ~$262m of revenue, and 2) MPWR's inventory turnover metrics are ballooning and a significant industry outlier despite stable and steady gross margin growth that management touts.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:51:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-ee38-728b-98c9-efaf7164f3c0", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "inventory turnover: $265m", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:51:41+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-ee38-728b-98c9-f23471f3e171", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.96, "x": 0.02, "y": 0.19 }, "kind": "paragraph", "text": "As we've already shown: 1) MPWR's Chinese tax filings do not account for ~$262m of revenue, and 2) MPWR's inventory turnover metrics are ballooning and a significant industry outlier despite stable and steady gross margin growth that management touts. If we assume that MPWR's inventory metrics should be in line with industry peers, and that $245 - $265m of revenue is overstated, it implies ~$93m of inventory is also overstated.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:48.729+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9ec2447d-5fb8-4f62-8ee9-e9d3307f6159", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.35, "x": 0.52, "y": 0.92 }, "kind": "source-note", "text": "Source: Bloomberg. 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Their designs use 15-16 masks. Typical power control chips used to use 30; MPWR's process was materially cheaper. Each mask takes 1 - 1.5 days at the foundry, so MPWR's process cut foundry time in half. 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The Company fought hard to protect its intellectual property, and succeeded. 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The last quote from former CFO Meera Rao in Jan 2016 about new products not translating into higher ASPs or margins is very revealing.....see next slide", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:56.421+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "cb1b0381-b8aa-4545-a000-1436b475c238", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.82, "x": 0.17, "y": 0.00885 }, "kind": "quote", "text": "CFO Neely: \"No, we don't (discuss ASPs) do that because we have so many different products with so many different price ranges it doesn't really come up with anything. Typically, we don't give a blended ASP because of the breadth of our products\" CEO Hsing: \"It is difficult for us and overall product line we're within a few percentage difference with our average.\"", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:56.421+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3d507f28-80b3-4297-82f0-5088fa3faf17", "parentComponentId": null }, { "bbox": { "h": 0.15, "w": 0.82, "x": 0.17, "y": 0.00285 }, "kind": "quote", "text": "The way we roll out new products is that we usually -- once we have an idea and we know that technically we can do it, we go and approach our customers to see if there is an interest in the product and to ascertain how strong is their interest; and more importantly, even though there might be an interest, whether they would actually pay us a premium for it, because we have found out that you can introduce really interesting products for markets like smart phones, TVs, and while they might give customers a lot of benefits, it doesn't translate into higher ASPs or better margin for us. So we do go and verify that.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:56.421+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5f94a432-222c-42fd-9eec-8ddda8fbb3bd", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.82, "x": 0.17, "y": 0.0046500000000000005 }, "kind": "quote", "text": "We optimized our top loading as much as we can, but in terms of prices, we haven't seen any movement down. And the last part was ASPs? In terms of ASPs, we're not seeing any significant movement other than whatever would be the normal year-over-year price decreases.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:56.421+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9b3d8432-d4af-43a6-986e-8b4cf9014199", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.82, "x": 0.17, "y": 0.00615 }, "kind": "quote", "text": "Actually our ASPs are very stable throughout our years. So customer now is -- customers always ask for lower, lower, lower price, and I think the bigger issue for us is still dealing with the shipment allocation. We just gone through that, and our -- that's our biggest issue is with our -- the relation -- the biggest relationship issues with our customers.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:56.421+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bc6e39ee-fe74-473e-89e4-df00fd4a30cd", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.82, "x": 0.17, "y": 0.0076500000000000005 }, "kind": "quote", "text": "Actually, Evan, we don't talk about ASP, because it just depends on a product by product. 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The product descriptions are vague, but appear to be focused on the communications segment. Revenues in communications decreased 1.7% in 2017 and increased 11% in 2018 due to higher networking applications. 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I think we released already. And so that's our growth strategy. And other things worth to mention about, since we're now focused on the mega market and also we're now focusing -- we're now doing things chasing the revenue next 12 months. We have really a long consistency, see where our values, where things ought to be. 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MPS International Ltd. (Shanghai): The Shanghai company does sales and marketing. Hangzhou MPS Semiconductor Technology Ltd.: In Hangzhou, the company does application design.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:53.921+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "3dadbd16-4bb6-49dc-a6a3-f556dfa36d37", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "China Revenue: $261.7m", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:51:42+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-ee38-728b-98ca-a6660a817644", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.92, "x": 0.04, "y": 0.17 }, "kind": "paragraph", "text": "Through Chinese attorneys, we obtained tax filings for MPWR’s three Chinese subsidiaries. Assuming no inter-company sales, the three subsidiaries together reported ~$73m in gross revenues and 35.9% gross margin in 2018: 78% lower sales and gross margins 1,970bps lower.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:53.921+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "31078fe9-d49f-4bda-a974-3026285de426", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.6, "x": 0.03, "y": 0.89 }, "kind": "source-note", "text": "Source: MPWR's SEC filings and Chinese Tax Filings. Note: China RMB depreciated ~5% in 2018. 1) Subsidiaries disclosed as Exhibit 21.1 to 10-K. 2) China gross margins are from Chengdu while margins reported to investors are consolidated Non-GAAP. 3) Reported inventories at the consolidated level as MPWR doesn't report inventory by geography.", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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If we assume that MPWR's inventory metrics should be in line with industry peers, and that $245 - $265m of revenue is overstated, it implies ~$93m of inventory is also overstated.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:50.219+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "970eccb8-07e4-4fc4-b3cb-0589d425a92a", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.3, "x": 0.52, "y": 0.93 }, "kind": "source-note", "text": "Source: Bloomberg. 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Given that raw materials can be a powerful indicator of future demand growth, we find this omission concerning.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:51:44+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-ee38-728b-98cb-83dc5a72a755", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.94, "x": 0.03, "y": 0.19 }, "kind": "paragraph", "text": "For a period of 10 years after its IPO, MPWR omitted disclosure of its raw materials inventory accounts. 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Recent raw material disclosures in 2014 now provide useful insights.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:52.711+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "67477c2a-bf41-4acc-801d-8b31929d0ab4", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.54, "y": 0.96 }, "kind": "source-note", "text": "Source: MPWR's 2014 10-K", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Raw material growth is slowing, and turned negative in Q2 2019.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:51:44+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-ee38-728b-98cb-e270f65288a0", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Raw material growth: -2.0%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:51:44+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-ee38-728b-98cb-eaaea86fb39f", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.92, "x": 0.04, "y": 0.0019 }, "kind": "paragraph", "text": "We believe MPWR's inventory accounts are signaling a sharp slow down in demand. Per MPWR's disclosures, it builds inventory in advance of expected demand for its products. As a result, raw material inventory growth should be a leading indicator for future performance. We find that raw materials to total inventory peaked in Q4 2018. 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Flextronics used to, but has moved away from the business.(1) Pegatron's market commentary outlook about consumer end markets is bearish.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:54.22+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2009980c-c330-4cd8-9808-6a7bac584943", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.5, "x": 0.25, "y": 0.31 }, "kind": "paragraph", "text": "c. Consumer Electronics Industry\nTablets, game consoles and IoT devices are the major revenue contributors in consumer electronics segment. According to IDC, around 150 million units of tablet shipped in 2018, decline by 8.9% YoY. While consumer tablet market has been declining with cannibalization from lower price convertible PC and smartphones with large screen size, commercial tablets have been on a growing trend mainly driven by increasing adoption in education, financial, and public sectors. Looking forward to 2019, despite potential growth of commercial tablets with specific functions aiming at education, retail, medical and logistics sectors, it is believed that continuous decline in consumer tablets will negatively impact the overall tablet market. As a result, the compound annual growth rate of tablet market is expected to be -4.6% from 2017 to 2022.\nLed by continuous market demand in Sony PS4 and Nintendo Switch, around 45.3 million units of game console shipped in 2018, an increase of 3.6% YoY. In 2019, market estimates that overall game console volume is expected to decline as Sony and Microsoft game consoles have been in the market for quite some time, while demand for Nintendo Switch also started to slow down. IDC further predicts that next wave of growth will start from 2020 after the launch of 9th general game console and volume will pick up from 2021. As a result, the compound growth rate for game console will be -6.8% from 2017 to 2022.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:54.22+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "fc235230-18d2-4e1c-b3cf-9b94f4a10b04", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "As a result, the compound growth rate for game console will be -6.8% from 2017 to 2022. — Pegatron 2018 Annual Report", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64d2-7657-bbde-6b60b774c4a9", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.7, "x": 0.02, "y": 0.94 }, "kind": "source-note", "text": "1) \"Microsoft tapping Pegatron as its high end Surface AIO manufacturer\" - onmsft.com\n2) \"Microsoft and Flextronics to Open Xbox Manufacturing Facility In China\" - Microsoft.com and Citigroup Tech Conf, 9/14/19", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Auto revenues really started ramping in 2014-15, and per the CEO the design cycle is 3-4 years, it shouldn't be a surprise that auto sales are peaking. Despite MPWR talking sustainable 40-50% revenue CAGRs, actual results are decelerating fast in H1 2019.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:55.043+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4b40f066-2cc9-4230-9423-e7c6876f630d", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.8, "x": 0.15, "y": 0.27 }, "kind": "quote", "text": "We've seen [auto] revenue off of a substantial base doubled in each of the last two years. And we expect to grow, while not at that faster rate, well over 50% for several years to come", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:55.043+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "435147b7-b1a9-44dd-be14-4aa93e8744f9", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.8, "x": 0.15, "y": 0.37 }, "kind": "quote", "text": "Yes, for the automotive in MPS, as you know, we entered the market about 4 or 5 years ago, and 4 or 5 years ago, our revenue almost 0. And even 2, 3 years ago very teeny, teeny, tiny. And it takes a long time to get the revenue. And so design cycle is about 3 to 4 years. And we are total TAM in automotive, it's about $6 billion, probably a little -- now they're more than that. And so what is our percentage? It's less than 1%. So it's a total greenfield for us to grow", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:55.043+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "48430ad7-ca59-4d16-99e4-d5ff8121110c", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.8, "x": 0.15, "y": 0.67 }, "kind": "quote", "text": "The other thing I want to also point out is we're growing so fast, okay? 55% year-on-year growth last year. Take a look at the total semiconductor market in auto. It's about 13%, 4x growth versus the market. And you can see the TAM that we're going after, $7 billion. ...Really, we're at this moment where the opportunity is incredible. MPS happens to be at the right place at the right time. We've learned from the last 5 years of innovation of selling. We understand the customers. We have the great products. We see the growth really continuing over the next 5, 6 years, easily, 40% to 50% CAGR", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:55.043+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9e15f97d-d3ef-4f7c-8912-31c4e67b67ff", "parentComponentId": null }, { "bbox": { "h": 0.14, "w": 0.8, "x": 0.15, "y": 0.51 }, "kind": "quote", "text": "Yes, it is fair that the growth rate it will not change much. Okay, but don't quote me exactly what's the rate. It would be very similar to this year. Which applications or which segments, I think in the next couple of years we're going to expand lot more segments. Now the lighting, infotainments and the safeties, and we will have a lot more safety products come out. And as Bernie said in his script, we have an ADAS and also the battery management as well as the connectivities. And those areas have a very little revenue or some of the items have no revenue, only sampling. And we expect to have a very high percentage growth in -- a very dollar amount growth in 2019, '20 and '21", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Pull quote", "slug": "pull-quote", "status": "active", "canonId": "019de52c-fbf9-76fe-97e1-a0b7540445c9", "version": 1, "description": null }, "framework": null }, "subkind": "pull-quote", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:55.043+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "de2ab632-8996-4d66-ba8e-78d80be0e7c3", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"We've seen [auto] revenue off of a substantial base doubled in each of the last two years. And we expect to grow, while not at that faster rate, well over 50% for several years to come\" — CFO Stifel Conf June 2016; \"Yes, for the automotive in MPS, as you know, we entered the market about 4 or 5 years ago, and 4 or 5 years ago, our revenue almost 0. And even 2, 3 years ago very teeny, teeny, tiny. And it takes a long time to get the revenue. And so design cycle is about 3 to 4 years. And we are total TAM in automotive, it's about $6 billion, probably a little -- now they're more than that. And so what is our percentage? It's less than 1%. So it's a total greenfield for us to grow\" — CEO Hsing April 2017; \"Yes, it is fair that the growth rate it will not change much. Okay, but don't quote me exactly what's the rate. It would be very similar to this year. Which applications or which segments, I think in the next couple of years we're going to expand lot more segments. Now the lighting, infotainments and the safeties, and we will have a lot more safety products come out. And as Bernie said in his script, we have an ADAS and also the battery management as well as the connectivities. And those areas have a very little revenue or some of the items have no revenue, only sampling. And we expect to have a very high percentage growth in -- a very dollar amount growth in 2019, '20 and '21\" — CEO Hsing Commenting on Auto Feb 2018; \"The other thing I want to also point out is we're growing so fast, okay? 55% year-on-year growth last year. Take a look at the total semiconductor market in auto. It's about 13%, right? 4x growth versus the market. And you can see the TAM that we're going after, $7 billion. ...Really, we're at this moment where the opportunity is incredible. MPS happens to be at the right place at the right time. We've learned from the last 5 years of innovation of selling. We understand the customers. We have the great products. We see the growth really continuing over the next 5, 6 years, easily, 40% to 50% CAGR\" — Allan Chan MPWR Auto Marketing June 2018", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:51:46+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-ee38-728b-98cd-2e1354f8b3e0", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.96 }, "kind": "source-note", "text": "1) On Semiconductor just noted at the 2019 Deutsche Bank Tech conference weakness in China, and notably autos and industrial – Sept 2019", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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The 2018 backlog is pretty intense, so this year’s sales will drop.”", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:54.209+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "62bf85ed-948d-427a-ade8-20055c07f89b", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "For 2019, Distributors Were Uniformly Negative: Though about half said that they expected sales to be roughly flat or to grow a little bit. Most expected sales declines but did not predict by how much.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:51:45+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-ee38-728b-98cc-890ef85fe14c", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.96, "x": 0.02, "y": 0.35 }, "kind": "list", "text": "To understand sales trends this year and last, we interviewed various distributors that operate in and around Monolithic's industry. Public Chinese tax filings for three of the distributors can be obtained. Almost all saw strong sales growth in 2018, but many expect flat to declining sales in 2019. The average growth in China for 2018, based on the financial statements obtained, was around 18%. This compares with 30% reported revenue growth in China by MPWR for 2018. The distributors said growth came mostly from new customers. The growing segments named were: Security products and storage, Automotive, Camera lenses for mobile phones and computers. One distributor said sales had declined in 2018 by 20-25% because of volatility in prices of end-user products due to the U.S.-China trade frictions. For 2019, Distributors Were Uniformly Negative: Though about half said that they expected sales to be roughly flat or to grow a little bit. Most expected sales declines but did not predict by how much. They blamed trade tensions and declining Chinese consumption. Some sectors at risk: Chips supplied to set-top boxes, Consumer electronics, especially mobile phones, are weak, In low-end electrical components, like plug converters, price competition is very intense.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Bullet list", "slug": "bullet", "status": "active", "canonId": "019de52c-fc98-7169-a083-5cab805076ca", "version": 1, "description": null }, "framework": null }, "subkind": "bullet", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:54.209+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "c685d120-9e8e-46f1-8879-27b408bc344c", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "\"We expect sales to be down by about 15,\" said one distributor that sells about $45m in electronic components annually. \"This year the consumer products market is very poor. Huawei's orders are down, and that directly affects my customers and indirectly drags down our sales. ZTE's orders are also down. . . 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The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 54, "type": "tension", "title": "The slide uses a 'too good to be true' argument to suggest potential earnings manipulation.", "function": "expose_contradiction", "rawType": "preempt_rebuttal", "block": null, "metadata": { "slideType": "preempt_rebuttal", "slideTypeCanon": { "name": "Preempt rebuttal", "slug": "preempt_rebuttal", "status": "active", "canonId": "019de52d-1225-7368-af32-6381fddabdb3", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 53, "componentCount": 6, "textChars": 845, "nDataPoints": 120, "notes": "The slide uses a 'too good to be true' argument to suggest potential earnings manipulation.", "elementsJson": [ "headline_text", "data_table", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:38:55.087+00", "seconds": 3.129, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-c99fec0ed8aa/54", "deck": "/decks/019dd923-622c-750b-8b98-c99fec0ed8aa", "deckAnchor": "/decks/019dd923-622c-750b-8b98-c99fec0ed8aa#slide-54", "deckJson": "/decks/019dd923-622c-750b-8b98-c99fec0ed8aa.json" }, "components": [ { "bbox": { "h": 0.45, "w": 0.32, "x": 0.66, "y": 0.3 }, "kind": "callout", "text": "It's remarkable that MPWR has missed only one quarterly sales estimate in Q1 2014 since 2013, and that only one sales guide was modestly light in Q4 2018 when Trump's China trade wars were escalating. 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Our conclusion: Either MPWR has a superior ability to manage its business in a cyclical industry, or its numbers are being reported in a way as to never miss analyst estimates", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:55.087+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9660b784-2425-42d8-aeb3-92723a0585b0", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Our conclusion: Either MPWR has a superior ability to manage its business in a cyclical industry, or its numbers are being reported in a way as to never miss analyst estimates", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:51:46+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-ee38-728b-98cc-b6f1d47a2c4b", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Sales Beat/Miss: 1.01%", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-22 22:51:46+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd952-ee38-728b-98cc-ba5bee3b68e2", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.2, "x": 0.02, "y": 0.97 }, "kind": "source-note", "text": "Source: Bloomberg SURP function", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 55, "type": "tension", "title": "The slide uses a callout box to frame the data as evidence of potential earnings manipulation.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 51, "componentCount": 6, "textChars": 768, "nDataPoints": 125, "notes": "The slide uses a callout box to frame the data as evidence of potential earnings manipulation.", "elementsJson": [ "headline_text", "data_table", "callout_box" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:38:55.316+00", "seconds": 3.018, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-c99fec0ed8aa/55", "deck": "/decks/019dd923-622c-750b-8b98-c99fec0ed8aa", "deckAnchor": "/decks/019dd923-622c-750b-8b98-c99fec0ed8aa#slide-55", "deckJson": "/decks/019dd923-622c-750b-8b98-c99fec0ed8aa.json" }, "components": [ { "bbox": { "h": 0.35, "w": 0.32, "x": 0.66, "y": 0.34 }, "kind": "callout", "text": "It's remarkable that after analyzing the average quarterly gross margin deviation from estimate and the average gross margin guidance deviation, the result is zero with negligible standard deviation. 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The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 60, "type": "tension", "title": "Uses SEC filing excerpts to contrast stated tax jurisdictions (Chengdu, Hangzhou, Switzerland) with the existence of a Bermuda subsidiary.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "overcrowded", "densityScore": 91, "componentCount": 10, "textChars": 1585, "nDataPoints": 45, "notes": "Uses SEC filing excerpts to contrast stated tax jurisdictions (Chengdu, Hangzhou, Switzerland) with the existence of a Bermuda subsidiary.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "data_table", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:38:56.507+00", "seconds": 3.714, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-c99fec0ed8aa/60", "deck": "/decks/019dd923-622c-750b-8b98-c99fec0ed8aa", "deckAnchor": "/decks/019dd923-622c-750b-8b98-c99fec0ed8aa#slide-60", "deckJson": "/decks/019dd923-622c-750b-8b98-c99fec0ed8aa.json" }, "components": [ { "bbox": { "h": 0.08, "w": 0.8, "x": 0.15, "y": 0.46 }, "kind": "callout", "text": "The Company currently has reduced tax rates in its subsidiaries in Chengdu and Hangzhou, China... In addition, the Company had a tax holiday in Switzerland, which expired on December 31, 2018.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:56.507+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1802bbbe-b74b-48e5-8037-2036103976e2", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.8, "x": 0.15, "y": 0.31 }, "kind": "callout", "text": "As of December 31, 2018, we had cash and cash equivalents of $172.7 million and short-term investments of $204.6 million... As a result of the enactment of the 2017 Tax Act, we currently plan to repatriate cash from our Bermuda subsidiary...", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:56.507+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2275f872-a989-4981-9281-3ce25d40760d", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "In light of our findings that >17% of revenues are to Microsoft, a U.S. company, it’s remarkable that MPWR reports pre-tax losses from U.S. operations.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": { "name": "Visual emphasis", "slug": "visual-emphasis", "status": "active", "bestFor": null, "canonId": "019dd9e1-474b-736b-a8eb-a794dd88241c", "version": 1, "bodyDocId": null, "description": "Drawing the eye to one element above the rest of the slide.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64d2-7657-bbde-810547668097", "parentComponentId": null }, { "bbox": null, "kind": "metric", "text": "Income Before Tax: $529.4", "attrs": null, "canon": { "kind": { "name": "Metric", "slug": "metric", "status": "active", "canonId": "019de52c-f923-73bf-8081-d0b1a8c5264d", "version": 1, "description": "Big-number or KPI value." }, "tool": { "name": "Quantification", "slug": "quantification", "status": "active", "bestFor": null, "canonId": "019dd9e1-47ab-72ce-a079-aab1f5299e88", "version": 1, "bodyDocId": null, "description": "Translating a claim into numbers, charts, or tables.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64d2-7657-bbde-89c4d2698b44", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.9, "x": 0.05, "y": 0.17 }, "kind": "paragraph", "text": "In light of our findings that >17% of revenues are to Microsoft, a U.S. company, it's remarkable that MPWR reports pre-tax losses from U.S. operations. The Company has been audited before by the IRS and settled.(1) Additional audits could result in greater financial risk to investors. 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As a result of the enactment of the 2017 Tax Act, we currently plan to repatriate cash from our Bermuda subsidiary to fund our future expenditures in the U.S. — MPWR 10-K", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": { "name": "Authority citation", "slug": "authority-citation", "status": "active", "bestFor": null, "canonId": "019dd9e1-49ae-7557-89ad-3fca70469b45", "version": 1, "bodyDocId": null, "description": "Quoting an authority figure, study, or precedent to lend weight.", "familyLabel": null }, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-04-23 01:18:10+00", "model": "unknown-legacy", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "019dd953-64d2-7657-bbde-86176bcd8de5", "parentComponentId": null }, { "bbox": { "h": 0.03, "w": 0.9, "x": 0.05, "y": 0.95 }, "kind": "source-note", "text": "1) In April 2015, the Company reached a final resolution with the IRS in connection with the income tax audits for the years 2005 through 2007.", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Required in 19/20 arcs. The exception (Sparkline) ends with new bliss which is functionally a resolution." }, "alignedBlockIds": null, "matchConfidence": 0.8 } ], "loops": [], "locked": true }, { "page": 61, "type": "tension", "title": "Includes screenshots of financial statements with red arrows and callout boxes highlighting suspicious details.", "function": "expose_contradiction", "rawType": "expose_contradiction", "block": null, "metadata": { "slideType": "expose_contradiction", "slideTypeCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-124c-75aa-984a-0a3d0d8fc8df", "version": 1, "description": null }, "function": "expose_contradiction", "functionCanon": { "name": "Expose contradiction", "slug": "expose_contradiction", "status": "active", "canonId": "019de52d-171f-776f-887c-73edaff4cf9c", "version": 1, "description": null }, "density": "dense", "densityScore": 65, "componentCount": 7, "textChars": 1158, "nDataPoints": 4, "notes": "Includes screenshots of financial statements with red arrows and callout boxes highlighting suspicious details.", "elementsJson": [ "headline_text", "callout_box", "screenshot", "footnote" ], "confidence": 1, "extraction": { "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "at": "2026-05-02 20:38:55.804+00", "seconds": 2.855, "promptVersion": "v2-canon-conditioned" } }, "links": { "slide": "/slides/019dd923-622c-750b-8b98-c99fec0ed8aa/61", "deck": "/decks/019dd923-622c-750b-8b98-c99fec0ed8aa", "deckAnchor": "/decks/019dd923-622c-750b-8b98-c99fec0ed8aa#slide-61", "deckJson": "/decks/019dd923-622c-750b-8b98-c99fec0ed8aa.json" }, "components": [ { "bbox": { "h": 0.07, "w": 0.2, "x": 0.4, "y": 0.91 }, "kind": "callout", "text": "What services with the Bermuda subsidiary were rendered?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:55.804+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "293c8a1c-a8f4-4bb3-96cd-8719900883c8", "parentComponentId": null }, { "bbox": { "h": 0.07, "w": 0.25, "x": 0.65, "y": 0.67 }, "kind": "callout", "text": "Why is MPWR's CEO the only one from the Company overseeing this entity?", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:55.804+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9aee2771-34a0-485c-9f7a-14fbb669d572", "parentComponentId": null }, { "bbox": { "h": 0.11, "w": 0.88, "x": 0.06, "y": 0.16 }, "kind": "callout", "text": "Spruce Point believes it's likely that MPWR routes its cash through Singapore, which is owned by MPS International Ltd. (Bermuda). Singapore engaged in related-party transactions with Bermuda for \"Services Rendered\". Yet, its Singapore subsidiary Monolithic Power Systems (Singapore) PTE. LTD currently has a going concern warning, and is audited by a three person firm called Plus LLP.(1) Why didn't Deloitte, MPWR's auditor of record for 2018, audit the Singapore subsidiary when it has a Singapore office?(2)", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:55.804+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f66faf4c-b72a-4b7d-8911-cdd964015a7f", "parentComponentId": null }, { "bbox": null, "kind": "callout", "text": "Spruce Point believes it’s likely that MPWR routes its cash through Singapore, which is owned by MPS International Ltd. (Bermuda). Singapore engaged in related-party transactions with Bermuda for “Services Rendered”. Yet, its Singapore subsidiary Monolithic Power Systems (Singapore) PTE. 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However, state records show his license is “Cancelled” as of Aug 31, 1985. We believe it is disingenuous for him to represent himself as a CPA.", "attrs": null, "canon": { "kind": { "name": "Callout", "slug": "callout", "status": "active", "canonId": "019de52c-f8d3-761a-8953-7d37080de5e2", "version": 1, "description": "Highlighted callout box." }, "tool": null, "subkind": { "name": "Primary callout", "slug": "primary", "status": "active", "canonId": "019de52c-fbd1-70eb-a9ce-8997f8674c1d", "version": 1, "description": null }, "framework": null }, "subkind": "primary", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:58.061+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "64a79910-6a92-498e-adf2-3d2048e6f4b4", "parentComponentId": null }, { "bbox": { "h": 0.55, "w": 0.49, "x": 0.49, "y": 0.36 }, "kind": "image", "text": "California Board of Accountancy license record for Theodore Bernie Blegen", "attrs": null, "canon": { "kind": { "name": "Image", "slug": "image", "status": "active", "canonId": "019de52c-f978-701f-a720-51d029d769e7", "version": 1, "description": "Photo, illustration, screenshot or icon." }, "tool": null, "subkind": { "name": "Screenshot", "slug": "screenshot", "status": "active", "canonId": "019de52c-fd87-7509-8391-3d79fb339379", "version": 1, "description": null }, "framework": null }, "subkind": "screenshot", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:58.061+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "78cd618d-b27e-4e5d-97d2-00ec0bfb643a", "parentComponentId": null }, { "bbox": { "h": 0.25, "w": 0.45, "x": 0.02, "y": 0.44 }, "kind": "paragraph", "text": "Bernie Blegen has served as our Chief Financial Officer since July 2016... Mr. Blegen is a CPA and holds a BA from the University of California, Santa Barbara.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:58.061+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4cdce567-555c-49af-b315-f8d3ab2dc02d", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.15, "x": 0.02, "y": 0.72 }, "kind": "source-note", "text": "Source: Monolithic Website", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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Super Micro has been embroiled in an accounting scandal, had its stock delisted from the Nasdaq, and is currently delinquent in its SEC filings.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:58.162+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "48155b93-140c-458e-a5ea-0ad0d75482f6", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.6, "x": 0.05, "y": 0.93 }, "kind": "source-note", "text": "1) Super Micro delists from Nasdaq\n2) The Big Hack: How China Used A Tiny Chip To Infiltrate America's Top Companies - Bloomberg\n3) 10-K filing", "attrs": { "numbered": true }, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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His insights about the Board, and notably that the Audit Chairman was asked to leave for “asking questions the CEO didn’t like” that “rocked the boat” should be viewed as a major red flag.", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:59.629+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "f7202899-559c-41f1-9599-00a9aa7293b8", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.2, "y": 0.28 }, "kind": "quote", "text": "Can you talk about Herbert Chang as an early investor in the Company and Board member.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:59.629+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "5c7a1138-2c69-4fb7-8512-c516c3a58ab4", "parentComponentId": null }, { "bbox": { "h": 0.22, "w": 0.78, "x": 0.2, "y": 0.38 }, "kind": "quote", "text": "I would not put him very high on that list. But he's Taiwanese. He's a Taiwanese entrepreneur. He's invested in a lot of different things. He's made tons of money. His latest fun thing was he was, uh, helping, uh, singers in Taiwan. Uh, you know, it's like K-pop, Taiwan pop singers. He was sponsoring singers and stuff just for fun, very interesting guy. But, uh, uh, he's not, he's, Taiwanese, he doesn't really care much about corporate governance per se. I always thought Herbet would leave the Board because on the other hand, Michael doesn't make board members do much. So I think Herbert just stays on the Board just cause it's, you know, he's friends with Michael and it's fine with him. He doesn't have to do much work. He (Herbert) probably, makes/missed half the Board meetings.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:59.629+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "7cfa35d5-746f-4d03-9368-9b5f5c065ccd", "parentComponentId": null }, { "bbox": { "h": 0.18, "w": 0.78, "x": 0.2, "y": 0.77 }, "kind": "quote", "text": "And we went through some real hard, and we had some real difficulties with the failed Sarbanes-Oxley and Alan was a straight shooter. I mean, he's a partner for big four accounting firm. Um, and that was actually what got, Allen fired from the Board. Like, well, you're not fired. You're told not to sign up. Again, happened to Alan, he was kind of quite happy. Michael (CEO) doesn't like people asking questions he doesn't like. And Alan was doing his job as audit chairman and sort of rocked the boat too much. We got through all the three statements and all kinds of problems that we had to fix and things are going smoothly and then Alan disappeared.", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:59.629+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8f4eac26-e896-43ec-9de4-151fd10ba014", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.78, "x": 0.2, "y": 0.67 }, "kind": "quote", "text": "Just looking back at the original people involved. Mr Alan Earhart, PwC, he was the Chairman of the Audit Committee. He left in 2009, did you interact with him?", "attrs": null, "canon": { "kind": { "name": "Quote", "slug": "quote", "status": "active", "canonId": "019de52c-f8fb-751e-8bc6-d58e2d59562a", "version": 1, "description": "Pull quote or testimonial." }, "tool": null, "subkind": { "name": "Testimonial", "slug": "testimonial", "status": "active", "canonId": "019de52c-fc21-71b6-9ac3-8266a64945e8", "version": 1, "description": null }, "framework": null }, "subkind": "testimonial", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:59.629+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "e19b002c-d47f-4730-ad44-2bbf422ee578", "parentComponentId": null }, { "bbox": null, "kind": "quote", "text": "“I would not put him very high on that list. But he's Taiwanese. He's a Taiwanese entrepreneur... he doesn't really care much about corporate governance per se.” — MPWR's Early Executive; “Michael (CEO) doesn't like people asking questions he doesn't like. 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Sipex Corporation Announces Approval of Change in Revenue Recognition Methodology and Restatement of Financial Statements...", "attrs": null, "canon": { "kind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "5f2affc0-941d-4d07-959d-4bfc1930cea4", "version": 1, "description": "Single prose block in the body of a slide." }, "tool": null, "subkind": { "name": "Paragraph", "slug": "paragraph", "status": "active", "canonId": "019de52c-fb80-75af-aa5c-a7a4bfac2433", "version": 1, "description": null }, "framework": null }, "subkind": "paragraph", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 20:38:58.41+00", "model": "google/gemini-3.1-flash-lite-preview-20260303", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "2b3bfbed-15bd-4866-8e80-63e0facff5a7", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.45, "x": 0.05, "y": 0.00325 }, "kind": "paragraph", "text": "Douglas McBurnie has served on our Board since May 2007. 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