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  "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 callout box to link the geographic revenue table to the foreign currency risk disclosure, pointing out the Bermuda entity.",
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      "kind": "callout",
      "text": "MPS International Ltd. (Bermuda) would be a material subsidiary based on the majority of sales being foreign. Yet, per the recent PCAOB Form AP filing, there is no local auditor evaluating this region",
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      "text": "MPWR's segment and geographic reporting gives a potentially misleading view of its business. It claims that ~58% of revenues in 2018 were to China, “based on the customers ship-to-locations”. As a U.S. based and stock listed company, MPWR claims just 3% of sales are to United States customers.",
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      "kind": "callout",
      "text": "MPS International Ltd. (Bermuda) would be a material subsidiary based on the majority of sales being foreign. Yet, per the recent PCAOB Form AP filing, there is no local auditor evaluating this region.",
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      "text": "17. SEGMENT AND GEOGRAPHIC INFORMATION table and text",
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      "text": "Foreign Currency Exchange Risk: Our sales outside the United States are primarily transacted in U.S. dollars through our subsidiary in Bermuda.",
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      "kind": "title",
      "text": "Beware of Bermuda: Material Cash Center In A Notoriously Secret Tax Haven",
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