$MPWR
Monolithic Power Systems Inc

2024 Q2 Form 10-Q Financial Statement

#000143774924014648 Filed on May 03, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q4
Revenue $507.4M $457.9M $454.0M
YoY Change 15.03% 1.51% -1.3%
Cost Of Revenue $226.9M $205.4M $202.9M
YoY Change 17.27% 6.84% 5.56%
Gross Profit $280.6M $252.4M $251.1M
YoY Change 13.28% -2.45% -6.23%
Gross Profit Margin 55.29% 55.13% 55.31%
Selling, General & Admin $86.10M $80.96M $70.10M
YoY Change 20.14% 14.36% 6.11%
% of Gross Profit 30.69% 32.07% 27.91%
Research & Development $77.95M $75.99M $71.46M
YoY Change 22.39% 19.28% 15.87%
% of Gross Profit 27.78% 30.1% 28.46%
Depreciation & Amortization $8.691M $8.251M $10.27M
YoY Change -12.68% -17.38% 17.15%
% of Gross Profit 3.1% 3.27% 4.09%
Operating Expenses $164.0M $157.0M $141.6M
YoY Change 21.2% 16.69% 10.82%
Operating Profit $116.5M $95.49M $109.6M
YoY Change 3.75% -23.17% -21.78%
Interest Expense $6.630M $6.914M $6.519M
YoY Change 1.33% 43.8% 87.17%
% of Operating Profit 5.69% 7.24% 5.95%
Other Income/Expense, Net $7.512M $9.540M $9.976M
YoY Change 14.81% 80.1% 2464.52%
Pretax Income $124.0M $105.0M $119.5M
YoY Change 4.36% -18.94% -15.07%
Income Tax $23.70M $12.49M $22.64M
% Of Pretax Income 19.11% 11.89% 18.94%
Net Earnings $100.4M $92.54M $96.91M
YoY Change 0.87% -15.72% -18.63%
Net Earnings / Revenue 19.78% 20.21% 21.34%
Basic Earnings Per Share $2.06 $1.90
Diluted Earnings Per Share $2.05 $1.89 $1.98
COMMON SHARES
Basic Shares Outstanding 48.67M 48.66M 47.91M
Diluted Shares Outstanding 48.95M 48.93M

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.307B $1.286B $1.108B
YoY Change 39.0% 40.2% 50.23%
Cash & Equivalents $550.5M $488.3M $527.8M
Short-Term Investments $756.8M $798.1M $580.6M
Other Short-Term Assets $105.5M $99.69M $147.5M
YoY Change 10.81% 10.82% 245.01%
Inventory $426.8M $396.0M $383.7M
Prepaid Expenses $27.57M $21.59M $28.96M
Receivables $157.9M $194.4M $179.9M
Other Receivables $0.00 $0.00 $50.00M
Total Short-Term Assets $1.997B $1.976B $1.819B
YoY Change 22.37% 21.81% 28.99%
LONG-TERM ASSETS
Property, Plant & Equipment $400.5M $375.6M $369.0M
YoY Change 17.15% 6.0% 3.3%
Goodwill $26.08M $27.31M $6.571M
YoY Change 296.9% 315.63% 0.0%
Intangibles $10.51M $9.518M $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets $183.9M $157.0M $211.3M
YoY Change -9.88% -24.35% -15.25%
Total Long-Term Assets $650.7M $602.2M $614.9M
YoY Change 10.61% -0.3% -5.15%
TOTAL ASSETS
Total Short-Term Assets $1.997B $1.976B $1.819B
Total Long-Term Assets $650.7M $602.2M $614.9M
Total Assets $2.648B $2.579B $2.434B
YoY Change 19.25% 15.81% 18.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $99.89M $103.5M $62.96M
YoY Change 41.46% 78.4% 2.44%
Accrued Expenses $131.3M $137.9M $115.8M
YoY Change 15.82% -11.6% 1.86%
Deferred Revenue $5.564M $2.792M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $295.2M $311.9M $235.0M
YoY Change 17.67% -1.25% -10.77%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $96.68M $86.93M $88.66M
YoY Change 26.11% 11.95% 20.83%
Total Long-Term Liabilities $96.68M $86.93M $88.66M
YoY Change 26.11% 11.95% 20.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $295.2M $311.9M $235.0M
Total Long-Term Liabilities $96.68M $86.93M $88.66M
Total Liabilities $452.3M $465.1M $384.4M
YoY Change 18.54% 3.28% -1.5%
SHAREHOLDERS EQUITY
Retained Earnings $1.016B $977.7M $947.1M
YoY Change 22.83% 25.82% 32.2%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.196B $2.114B $2.050B
YoY Change
Total Liabilities & Shareholders Equity $2.648B $2.579B $2.434B
YoY Change 19.25% 15.81% 18.24%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income $100.4M $92.54M $96.91M
YoY Change 0.87% -15.72% -18.63%
Depreciation, Depletion And Amortization $8.691M $8.251M $10.27M
YoY Change -12.68% -17.38% 17.15%
Cash From Operating Activities $141.0M $248.1M $153.3M
YoY Change 56.32% 13.37% 193.69%
INVESTING ACTIVITIES
Capital Expenditures $49.68M $15.99M $13.78M
YoY Change 534.74% 80.61% 7.3%
Acquisitions $33.28M
YoY Change
Other Investing Activities $46.33M -$216.7M $47.75M
YoY Change -1196.83% -1123.9% -227.89%
Cash From Investing Activities -$3.351M -$266.0M $33.97M
YoY Change -72.19% -2260.26% -167.71%
FINANCING ACTIVITIES
Cash Dividend Paid $49.55M
YoY Change 34.93%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -73.64M -$50.00M -54.42M
YoY Change 47.42% 55.03% 51.79%
NET CHANGE
Cash From Operating Activities 141.0M $248.1M 153.3M
Cash From Investing Activities -3.351M -$266.0M 33.97M
Cash From Financing Activities -73.64M -$50.00M -54.42M
Net Change In Cash 63.99M -$72.78M 132.9M
YoY Change 127.05% -136.33% -492.71%
FREE CASH FLOW
Cash From Operating Activities $141.0M $248.1M $153.3M
Capital Expenditures $49.68M $15.99M $13.78M
Free Cash Flow $91.29M $232.1M $139.5M
YoY Change 10.85% 10.53% 254.49%

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CY2024Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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OperatingLeaseLiabilityCurrent
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CY2023Q1 us-gaap Operating Lease Cost
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CY2024Q1 us-gaap Short Term Lease Cost
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CY2023Q1 us-gaap Short Term Lease Cost
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CY2024Q1 us-gaap Lease Cost
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CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2024Q1 us-gaap Operating Lease Liability
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CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q4 us-gaap Standard Product Warranty Accrual
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CY2024Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
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CY2023Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
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Cash
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USGovernmentSecuritiesAtCarryingValue
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CY2023Q4 us-gaap Us Government Securities At Carrying Value
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CY2024Q1 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Fair Value
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CY2024Q1 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date Amortized Cost Basis
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CY2024Q1 us-gaap Available For Sale Securities Debt Maturities Single Maturity Date
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CY2024Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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CY2024Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
8000 usd
CY2024Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1231000 usd
CY2024Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
923869000 usd
CY2023Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
718024000 usd
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
331000 usd
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1641000 usd
CY2023Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
716714000 usd
CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
515395000 usd
CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
259000 usd
CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
52461000 usd
CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
972000 usd
CY2024Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
567856000 usd
CY2024Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
1231000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
118391000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
114000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
71373000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
1527000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
189764000 usd
CY2023Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
1641000 usd
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
488273000 usd
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
527843000 usd
CY2024Q1 us-gaap Restricted Cash Current
RestrictedCashCurrent
0 usd
CY2023Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
33204000 usd
CY2024Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
125000 usd
CY2023Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
134000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
488398000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
561181000 usd
CY2024Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
981242000 usd
CY2023Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
771550000 usd
CY2024Q1 us-gaap Deferred Compensation Plan Assets
DeferredCompensationPlanAssets
83050000 usd
CY2023Q4 us-gaap Deferred Compensation Plan Assets
DeferredCompensationPlanAssets
78381000 usd
CY2024Q1 us-gaap Deferred Compensation Liability Current And Noncurrent
DeferredCompensationLiabilityCurrentAndNoncurrent
85619000 usd
CY2023Q4 us-gaap Deferred Compensation Liability Current And Noncurrent
DeferredCompensationLiabilityCurrentAndNoncurrent
81287000 usd
CY2024Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
6914000 usd
CY2023Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
4808000 usd
CY2024Q1 us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
4123000 usd
CY2023Q1 us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
-260000 usd
CY2024Q1 mpwr Gain Loss On Deferred Compensation Plan Investments
GainLossOnDeferredCompensationPlanInvestments
4019000 usd
CY2023Q1 mpwr Gain Loss On Deferred Compensation Plan Investments
GainLossOnDeferredCompensationPlanInvestments
2534000 usd
CY2024Q1 mpwr Gain Loss On Charitable Contribution
GainLossOnCharitableContribution
-5850000 usd
CY2023Q1 mpwr Gain Loss On Charitable Contribution
GainLossOnCharitableContribution
-2000000 usd
CY2024Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
334000 usd
CY2023Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
215000 usd
CY2024Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
9540000 usd
CY2023Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
5297000 usd
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
12500000 usd
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.119 pure
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
19800000 usd
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.153 pure
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2024Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.25
CY2023Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1
CY2024Q1 us-gaap Dividends Common Stock
DividendsCommonStock
60834000 usd
CY2023Q1 us-gaap Dividends Common Stock
DividendsCommonStock
47330000 usd
CY2024Q1 us-gaap Dividends Payable Current
DividendsPayableCurrent
60800000 usd
CY2023Q4 us-gaap Dividends Payable Current
DividendsPayableCurrent
47900000 usd
CY2024Q1 mpwr Accrued Dividend Equivalents
AccruedDividendEquivalents
11400000 usd
CY2023Q4 mpwr Accrued Dividend Equivalents
AccruedDividendEquivalents
11900000 usd

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