10-Q Filing

MONOLITHIC POWER SYSTEMS INC CIK: 1280452 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001437749-21-011491`
Period End Date	20210331
Filing Date	20210510
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	mpwr20210331_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 32 Cash Flow Statement 70 Stockholders Equity 26 Comprehensive Income 12

Balance Sheet 58 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$334.94M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$218.37M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	45.27M	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$260.17M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	45.74M	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$420.45M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$66.84M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$84.06M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	45.27M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	45.74M	shares	Point-in-time
Inventories	`InventoryNet`	$175.22M	USD	Point-in-time
Inventories	`InventoryNet`	$157.06M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$24.32M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$22.98M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$922.43M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$842.00M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$281.53M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$297.74M	USD	Point-in-time
Goodwill	`Goodwill`	$6.57M	USD	Point-in-time
Goodwill	`Goodwill`	$6.57M	USD	Point-in-time
Deferred tax assets, net	`DeferredIncomeTaxAssetsNet`	$18.56M	USD	Point-in-time
Deferred tax assets, net	`DeferredIncomeTaxAssetsNet`	$17.67M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$63.78M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$59.84M	USD	Point-in-time
Total assets	`Assets`	$1.31B	USD	Point-in-time
Total assets	`Assets`	$1.21B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$57.23M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$38.17M	USD	Point-in-time
Accrued compensation and related benefits	`EmployeeRelatedLiabilitiesCurrent`	$45.84M	USD	Point-in-time
Accrued compensation and related benefits	`EmployeeRelatedLiabilitiesCurrent`	$56.31M	USD	Point-in-time
Other accrued liabilities	`AccruedLiabilitiesCurrent`	$62.96M	USD	Point-in-time
Other accrued liabilities	`AccruedLiabilitiesCurrent`	$74.37M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$187.91M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$146.97M	USD	Point-in-time
Income tax liabilities	`AccruedIncomeTaxesNoncurrent`	$37.06M	USD	Point-in-time
Income tax liabilities	`AccruedIncomeTaxesNoncurrent`	$37.06M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$61.64M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$57.87M	USD	Point-in-time
Total liabilities	`Liabilities`	$241.90M	USD	Point-in-time
Total liabilities	`Liabilities`	$286.62M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock and additional paid-in capital: $0.001 par value; shares authorized: 150,000; shares issued and outstanding: 45,737 and 45,267, respectively	`CommonStocksIncludingAdditionalPaidInCapital`	$657.70M	USD	Point-in-time
Common stock and additional paid-in capital: $0.001 par value; shares authorized: 150,000; shares issued and outstanding: 45,737 and 45,267, respectively	`CommonStocksIncludingAdditionalPaidInCapital`	$699.36M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$298.75M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$315.21M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$10.14M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$7.01M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$1.02B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$813.19M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$966.59M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$773.49M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$1.21B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$1.31B	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$254.46M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$165.78M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$113.40M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$74.33M	USD	1 Quarter
Gross profit	`GrossProfit`	$91.45M	USD	1 Quarter
Gross profit	`GrossProfit`	$141.06M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$41.89M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$25.96M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$51.45M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$32.16M	USD	1 Quarter
Litigation expense	`LitigationExpenseBenefitNet`	$1.63M	USD	1 Quarter
Litigation expense	`LitigationExpenseBenefitNet`	$2.34M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$60.46M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$94.97M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$30.99M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$46.09M	USD	1 Quarter
Other income (expense), net	`NonoperatingIncomeExpense`	$-1.71M	USD	1 Quarter
Other income (expense), net	`NonoperatingIncomeExpense`	$2.59M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$48.67M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$29.27M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$3.26M	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-6.48M	USD	1 Quarter
Net income	`NetIncomeLoss`	$35.76M	USD	1 Quarter
Net income	`NetIncomeLoss`	$45.41M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$0.80	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$1.00	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.95	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$0.77	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	45.50M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	44.45M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	47.71M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	46.67M	shares	1 Quarter

Cash Flow Statement 70 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$35.76M	USD	1 Quarter
Net income	`NetIncomeLoss`	$45.41M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$5.53M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$4.33M	USD	1 Quarter
Amortization of premium on available-for-sale securities	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$-494.00K	USD	1 Quarter
Amortization of premium on available-for-sale securities	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$-813.00K	USD	1 Quarter
(Gain) loss on deferred compensation plan investments	`GainLossOnDeferredCompensationPlanInvestmentsCashFlow`	$-3.75M	USD	1 Quarter
(Gain) loss on deferred compensation plan investments	`GainLossOnDeferredCompensationPlanInvestmentsCashFlow`	$1.18M	USD	1 Quarter
Deferred taxes, net	`DeferredIncomeTaxExpenseBenefit`	$3.41M	USD	1 Quarter
Deferred taxes, net	`DeferredIncomeTaxExpenseBenefit`	$1.00M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$28.58M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$18.56M	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$-5.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$1.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$17.24M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$1.64M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$3.99M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$18.15M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$10.06M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$2.21M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$7.18M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$13.51M	USD	1 Quarter
Accrued compensation and related benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$10.61M	USD	1 Quarter
Accrued compensation and related benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-7.37M	USD	1 Quarter
Income tax liabilities	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$34.00K	USD	1 Quarter
Income tax liabilities	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$1.80M	USD	1 Quarter
Other accrued liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$8.57M	USD	1 Quarter
Other accrued liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$963.00K	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$51.42M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$77.06M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$18.97M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.95M	USD	1 Quarter
Purchases of short-term investments	`PaymentsToAcquireShortTermInvestments`	$201.52M	USD	1 Quarter
Purchases of short-term investments	`PaymentsToAcquireShortTermInvestments`	$101.57M	USD	1 Quarter
Proceeds from maturities and sales of short-term investments	`ProceedsFromSaleOfShortTermInvestments`	$38.47M	USD	1 Quarter
Proceeds from maturities and sales of short-term investments	`ProceedsFromSaleOfShortTermInvestments`	$47.40M	USD	1 Quarter
Proceeds from sales of long-term investments	`ProceedsFromSaleOfLongtermInvestments`	$100.00K	USD	1 Quarter
Proceeds from sales of long-term investments	`ProceedsFromSaleOfLongtermInvestments`	$25.00K	USD	1 Quarter
Contributions to deferred compensation plan, net	`ContributionsMadeToDeferredCompensationPlan`	$438.00K	USD	1 Quarter
Contributions to deferred compensation plan, net	`ContributionsMadeToDeferredCompensationPlan`	$876.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-64.46M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-182.87M	USD	1 Quarter
Property and equipment purchased on extended payment terms	`PropertyAndEquipmentPurchasedOnExtendedPaymentTerms`	$563.00K	USD	1 Quarter
Property and equipment purchased on extended payment terms	`PropertyAndEquipmentPurchasedOnExtendedPaymentTerms`	$279.00K	USD	1 Quarter
Proceeds from common stock issued under the employee equity incentive plan	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans`	$10.74M	USD	1 Quarter
Proceeds from common stock issued under the employee equity incentive plan	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans`	$11.76M	USD	1 Quarter
Proceeds from common stock issued under the employee stock purchase plan	`ProceedsFromStockPlans`	$1.89M	USD	1 Quarter
Proceeds from common stock issued under the employee stock purchase plan	`ProceedsFromStockPlans`	$2.29M	USD	1 Quarter
Dividends and dividend equivalents paid	`PaymentsOfDividends`	$23.47M	USD	1 Quarter
Dividends and dividend equivalents paid	`PaymentsOfDividends`	$17.43M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.06M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-10.99M	USD	1 Quarter
Effect of change in exchange rates	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-985.00K	USD	1 Quarter
Effect of change in exchange rates	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$218.00K	USD	1 Quarter
Net decrease in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-18.08M	USD	1 Quarter
Net decrease in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-116.58M	USD	1 Quarter
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$173.08M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$218.49M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$335.07M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$155.00M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$173.08M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$218.49M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$335.07M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$155.00M	USD	Point-in-time
Cash paid for taxes	`IncomeTaxesPaidNet`	$377.00K	USD	1 Quarter
Cash paid for taxes	`IncomeTaxesPaidNet`	$279.00K	USD	1 Quarter
Liability accrued for property and equipment purchases	`CapitalExpendituresIncurredButNotYetPaid`	$12.96M	USD	1 Quarter
Liability accrued for property and equipment purchases	`CapitalExpendituresIncurredButNotYetPaid`	$10.91M	USD	1 Quarter
Liability accrued for dividends and dividend equivalents	`DividendsAndDividendEquivalentsAccrued`	$29.00M	USD	Point-in-time
Liability accrued for dividends and dividend equivalents	`DividendsAndDividendEquivalentsAccrued`	$23.73M	USD	Point-in-time

Stockholders Equity 26 line items

Line Item	Tag	Value	Unit	Period
Dividends and dividend equivalents declared per share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.60	USD	1 Quarter
Dividends and dividend equivalents declared per share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.50	USD	1 Quarter
Balance (in shares)	`CommonStockSharesOutstanding`	45.27M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	45.74M	shares	Point-in-time
Balance	`StockholdersEquity`	$1.02B	USD	Point-in-time
Balance	`StockholdersEquity`	$813.19M	USD	Point-in-time
Balance	`StockholdersEquity`	$966.59M	USD	Point-in-time
Balance	`StockholdersEquity`	$773.49M	USD	Point-in-time
Net income	`NetIncomeLoss`	$35.76M	USD	1 Quarter
Net income	`NetIncomeLoss`	$45.41M	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-3.13M	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-4.54M	USD	1 Quarter
Dividends and dividend equivalents declared	`Dividends`	$28.95M	USD	1 Quarter
Dividends and dividend equivalents declared	`Dividends`	$23.74M	USD	1 Quarter
Common stock issued under the employee equity incentive plan	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$11.76M	USD	1 Quarter
Common stock issued under the employee equity incentive plan	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$10.74M	USD	1 Quarter
Common stock issued under the employee stock purchase plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$2.29M	USD	1 Quarter
Common stock issued under the employee stock purchase plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$1.89M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$28.62M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$18.57M	USD	1 Quarter
Balance (in shares)	`CommonStockSharesOutstanding`	45.27M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	45.74M	shares	Point-in-time
Balance	`StockholdersEquity`	$1.02B	USD	Point-in-time
Balance	`StockholdersEquity`	$813.19M	USD	Point-in-time
Balance	`StockholdersEquity`	$966.59M	USD	Point-in-time
Balance	`StockholdersEquity`	$773.49M	USD	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Change in unrealized gain (loss) on available-for-sale securities, tax	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax`	$-55.00K	USD	1 Quarter
Change in unrealized gain (loss) on available-for-sale securities, tax	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax`	$-124.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$35.76M	USD	1 Quarter
Net income	`NetIncomeLoss`	$45.41M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-2.88M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-2.47M	USD	1 Quarter
Change in unrealized loss on available-for-sale securities, net of tax of $124 and $55, respectively	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$-1.65M	USD	1 Quarter
Change in unrealized loss on available-for-sale securities, net of tax of $124 and $55, respectively	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$-654.00K	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-3.13M	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-4.54M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$31.22M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$42.28M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.