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  "docId": "019dd923-622c-750b-8b98-c99fec0ed8aa",
  "docSlug": "1c836eeb374c",
  "documentTitle": "Monolithic Power Systems (MPWR)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2019-10-09 00:00:00",
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  "pageNumber": 42,
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  "density": "dense",
  "nDataPoints": 18,
  "notes": "The slide uses a red box to highlight the specific row in the table that supports the activist's thesis.",
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      "kind": "callout",
      "text": "For the first time in Q2 2019, MPWR disclosed “Company A (direct)” as a material customer and accounting for 16% of accounts receivables outstanding. We believe this supports our opinion that MPWR’s distributor channels are full, and it is now going direct to a customer.",
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      "text": "accounts receivable: 16%",
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      "kind": "paragraph",
      "text": "The Company sells its products primarily through third-party distributors and value-added resellers, and directly to original equipment manufacturers, original design manufacturers and electronic manufacturing service providers. The following table summarizes those customers with sales equal to 10% or more of the Company's total revenue, or with accounts receivable balances equal to 10% or more of the Company's total accounts receivable:",
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      "text": "For the first time in Q2 2019, MPWR disclosed “Company A (direct)” as a material customer and accounting for 16% of accounts receivables outstanding. We believe this supports our opinion that MPWR’s distributor channels are full, and it is now going direct to a customer. Given the materiality, we believe MPWR must disclose this customer.",
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      "text": "Source: MPWR's Q2 2019 10-Q",
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      "text": "Customer Revenue (Three Months Ended June 30, 2019/2018, Six Months Ended June 30, 2019/2018) Accounts Receivable (June 30, 2019, December 31, 2018)",
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      "kind": "title",
      "text": "More Signs Suggesting A Stuffed Distributor Channel",
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      "evidence": "The document finally presents a solution, estimating 75-85% downside risk and providing a detailed valuation analysis.",
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