{
  "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": 69,
  "pageCount": 95,
  "prevPage": 68,
  "nextPage": 70,
  "slideType": "peer_benchmark",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 18,
  "notes": "The slide highlights that Monolithic Power has the highest square footage per employee, which the author uses to imply suspicious margin stability.",
  "elementsJson": [
    "headline_text",
    "callout_box",
    "comparison_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b98-c99fec0ed8aa/69",
  "deckHref": "/decks/019dd923-622c-750b-8b98-c99fec0ed8aa",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b98-c99fec0ed8aa.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b98-c99fec0ed8aa#slide-69",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "Why does Monolithic need to have so much square footage per employee? MPWR's 381 sqft per employee is the highest among peers, and well above the industry average at 312.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-ee38-728b-98ce-624a1b309605",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "Square Foot / Employees: 381.3",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-ee38-728b-98ce-6568683dc7b4",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.12,
        "w": 0.96,
        "x": 0.02,
        "y": 0.19
      },
      "kind": "paragraph",
      "text": "Why does Monolithic need to have so much square footage per employee? MPWR's 381 sqft per employee is the highest among peers, and well above the industry average at 312. With so much real estate square footage, and no disclosures of employees by region / function, or margins by product / region, MPWR can allocate overhead in a way that it deems best to flatter its margins. As we've previously illustrated, margins are suspiciously stable.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "dff88589-a479-45c1-9da5-0f66d106d363",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.3,
        "x": 0.08,
        "y": 0.82
      },
      "kind": "source-note",
      "text": "1) Includes new 75,000 Sqft. Kirkland, WA facility\nSource: Company filings",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1584e94d-dddd-4f4e-8573-c6eeb8a09f0d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.84,
        "x": 0.08,
        "y": 0.41
      },
      "kind": "table",
      "text": "Comparison table of real estate, employees, and sqft/employee for 6 companies.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "92f36610-6af2-407b-92b4-8343e8aa4f26",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.5,
        "x": 0.305,
        "y": 0.05
      },
      "kind": "title",
      "text": "Industry Leading Sqft Per Employee",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "9134d223-4125-4962-ae10-c8afc1c27ba3",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "comparison_frame",
      "slug": null,
      "matchId": "e8352d60-b3ad-4799-b3dc-25f3c277b47d",
      "evidence": "Comparing Monolithic Power against a peer group to highlight an outlier metric.",
      "confidence": 0.9
    }
  ],
  "arcBeats": [
    {
      "to": 95,
      "from": 41,
      "beatId": "7f502b1a-d13a-4cdb-a619-66898178d5f2",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution (Provide relief)",
      "beatSlug": "problem-agitate-solution-solution-provide-relief",
      "evidence": "The document finally presents a solution, estimating 75-85% downside risk and providing a detailed valuation analysis.",
      "position": 2,
      "confidence": 0.8,
      "parentBeatName": "Resolution",
      "parentBeatSlug": "resolution"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}