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  "docSlug": "1c836eeb374c",
  "documentTitle": "Monolithic Power Systems (MPWR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "presentationDate": "2019-10-09 00:00:00",
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  "notes": "Uses a combination of corporate disclosure text and financial charts to imply accounting manipulation.",
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      "kind": "callout",
      "text": "Inventory Storage Warehouse Disclosed Just As Margins Expand and DIOs explode",
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      "kind": "paragraph",
      "text": "Just as MPWR's gross margins started to expand, and its Days Inventory Outstanding exploded, we observe that MPWR disclosed a 42,000 sqft warehouse for inventory storage.",
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      "text": "We lease a facility with approximately 60,000 square feet in Chengdu, China... We also lease a warehouse facility with approximately 42,000 square feet in Chengdu, China, which is primarily used for inventory storage.",
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      "text": "Source: Bloomberg",
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      "text": "Source: 2015 Annual Report 10-K",
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      "kind": "title",
      "text": "Magical Warehouse Appears",
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