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  "documentTitle": "Monolithic Power Systems (MPWR)",
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  "authorName": "Ben Axler",
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  "notes": "Uses SEC filing excerpts to contrast stated tax jurisdictions (Chengdu, Hangzhou, Switzerland) with the existence of a Bermuda subsidiary.",
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      "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.",
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      "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...",
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      "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.",
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      "text": "Income Before Tax: $529.4",
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      "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. MPWR also appears to run a majority of its cash through Bermuda, yet doesn't call Bermuda out as a special tax jurisdiction, instead citing Chengdu, Hangzhou, and Switzerland.",
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      "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 to fund our future expenditures in the U.S. — MPWR 10-K",
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      "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.",
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      "text": "Source: MPWR's SEC filings",
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      "text": "Bermuda Tax Haven",
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