{
  "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",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 6,
  "pageCount": 95,
  "prevPage": 5,
  "nextPage": 7,
  "slideType": "executive_summary",
  "function": "diagnose_problem",
  "density": "overcrowded",
  "nDataPoints": 12,
  "notes": "The slide uses a two-column layout with callout boxes on the left and detailed bulleted evidence on the right.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "bullet_list",
    "callout_box"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-c99fec0ed8aa/6",
  "deckHref": "/decks/019dd923-622c-750b-8b98-c99fec0ed8aa",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-c99fec0ed8aa.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-c99fec0ed8aa#slide-6",
  "components": [
    {
      "bbox": {
        "h": 0.4,
        "w": 0.13,
        "x": 0.02,
        "y": 0.3
      },
      "kind": "callout",
      "text": "MPWR’s Business Becoming More Opaque Over Time. Signs of Irreconcilable Revenue And Bloated Inventory",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "13f00df3-c036-4390-9238-821c3d99dd79",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.13,
        "x": 0.02,
        "y": 0.74
      },
      "kind": "callout",
      "text": "Last CFO Left Under Suspicious Circumstances. Current CFO Potentially Misrepresenting Himself",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "5a2c189a-a592-4232-8b6b-ad35d38814a2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Spruce Point has significant concerns about Monolithic Power Systems (Nasdaq: MPWR), a designer and manufacturer of power management solutions.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee38-728b-98ca-362d0ce25075",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.22,
        "w": 0.82,
        "x": 0.16,
        "y": 0.74
      },
      "kind": "list",
      "text": "Dodgy ASP Disclosures; Former CFO Rao Claimed ASPs/Margins Don't Go Up; ASPs Soar Post-Resignation; Bernie Blegen CPA license issues",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6d0a234f-c730-466b-8c53-6d538d14ee68",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.4,
        "w": 0.82,
        "x": 0.16,
        "y": 0.3
      },
      "kind": "list",
      "text": "Accounting Weaknesses Since IPO; Key Disclosures At IPO Have Vanished; China Tax Filings Show ~$262M Missing Revenue; Days Inventory Exploding; Former Employee Allegations; Connection To Super Micro; Dismissal Of Deloitte",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "79703584-733f-4572-b349-f3b54e10a4a8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "downside risk: 75% – 85%",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-ee38-728b-98ca-3f04618c2c72",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.96,
        "x": 0.02,
        "y": 0.16
      },
      "kind": "paragraph",
      "text": "Spruce Point has significant concerns about Monolithic Power Systems (Nasdaq: MPWR), a designer and manufacturer of power management solutions...",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "6ae9ed37-92a5-4a3f-8603-8906915ae7f5",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“...if they need to hit a number to show a sale, they will force the distributor ..They'll make a deal. They'll cut a deal with the distributor and they'll convert that inventory to distributor owned inventory to show that they met their numbers for the quarter” — A Former Employee",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-ee38-728b-98ca-3802a64f67f3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.7,
        "x": 0.28,
        "y": 0.02
      },
      "kind": "title",
      "text": "Spruce Point Estimates 75% – 85% Downside Risk For Monolithic Power (Nasdaq: MPWR)",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "87a21236-4af0-4ed7-8a55-ced15818cdfd",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 6,
      "from": 1,
      "beatId": "e4e29099-6e13-4eb4-ab65-9d532ae88f88",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Problem (Identify pain)",
      "beatSlug": "problem-agitate-solution-problem-identify-pain",
      "evidence": "The document begins by highlighting the problem, presenting a detailed critique of MPWR's financials and disclosures.",
      "position": 0,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}