10-Q Filing

MONOLITHIC POWER SYSTEMS INC CIK: 1280452 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001437749-23-012797`
Period End Date	20230331
Filing Date	20230505
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	mpwr20230331_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 30 Cash Flow Statement 66 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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$488.97M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$288.61M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	47.11M	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$428.60M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	47.41M	shares	Point-in-time
Short-term investments	`ShortTermInvestments`	$449.27M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$182.71M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	47.11M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	47.41M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$184.27M	USD	Point-in-time
Inventories	`InventoryNet`	$447.29M	USD	Point-in-time
Inventories	`InventoryNet`	$430.83M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$89.95M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$42.74M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.62B	USD	Point-in-time
Total current assets	`AssetsCurrent`	$1.41B	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$354.31M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$357.16M	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`	$35.25M	USD	Point-in-time
Deferred tax assets, net	`DeferredIncomeTaxAssetsNet`	$35.57M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$249.29M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$207.57M	USD	Point-in-time
Total assets	`Assets`	$2.23B	USD	Point-in-time
Total assets	`Assets`	$2.06B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$58.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$61.46M	USD	Point-in-time
Accrued compensation and related benefits	`EmployeeRelatedLiabilitiesCurrent`	$101.88M	USD	Point-in-time
Accrued compensation and related benefits	`EmployeeRelatedLiabilitiesCurrent`	$88.26M	USD	Point-in-time
Other accrued liabilities	`AccruedLiabilitiesCurrent`	$113.68M	USD	Point-in-time
Other accrued liabilities	`AccruedLiabilitiesCurrent`	$155.96M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$315.84M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$263.40M	USD	Point-in-time
Income tax liabilities	`AccruedIncomeTaxesNoncurrent`	$53.51M	USD	Point-in-time
Income tax liabilities	`AccruedIncomeTaxesNoncurrent`	$56.90M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$73.37M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$77.65M	USD	Point-in-time
Total liabilities	`Liabilities`	$390.28M	USD	Point-in-time
Total liabilities	`Liabilities`	$450.39M	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: 47,411 and 47,107, respectively	`CommonStocksIncludingAdditionalPaidInCapital`	$1.02B	USD	Point-in-time
Common stock and additional paid-in capital: $0.001 par value; shares authorized: 150,000; shares issued and outstanding: 47,411 and 47,107, respectively	`CommonStocksIncludingAdditionalPaidInCapital`	$975.28M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$716.40M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$777.08M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-23.08M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-17.95M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$1.33B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$1.67B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$1.24B	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$1.78B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$2.06B	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$2.23B	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$377.71M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerExcludingAssessedTax`	$451.06M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$192.28M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$158.83M	USD	1 Quarter
Gross profit	`GrossProfit`	$258.78M	USD	1 Quarter
Gross profit	`GrossProfit`	$218.88M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$54.10M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost`	$63.71M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$68.64M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$70.80M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$134.50M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$122.75M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$124.28M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$96.13M	USD	1 Quarter
Other income (expense), net	`NonoperatingIncomeExpense`	$5.30M	USD	1 Quarter
Other income (expense), net	`NonoperatingIncomeExpense`	$-634.00K	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$129.57M	USD	1 Quarter
Income before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$95.50M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$15.93M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$19.77M	USD	1 Quarter
Net income	`NetIncomeLoss`	$109.80M	USD	1 Quarter
Net income	`NetIncomeLoss`	$79.57M	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$2.32	USD	1 Quarter
Basic (in dollars per share)	`EarningsPerShareBasic`	$1.71	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$2.26	USD	1 Quarter
Diluted (in dollars per share)	`EarningsPerShareDiluted`	$1.65	USD	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	46.42M	shares	1 Quarter
Basic (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	47.23M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	48.66M	shares	1 Quarter
Diluted (in shares)	`WeightedAverageNumberOfDilutedSharesOutstanding`	48.25M	shares	1 Quarter

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$109.80M	USD	1 Quarter
Net income	`NetIncomeLoss`	$79.57M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$9.99M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$9.12M	USD	1 Quarter
Amortization of premium on available-for-sale securities	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$-1.35M	USD	1 Quarter
Amortization of premium on available-for-sale securities	`AccretionAmortizationOfDiscountsAndPremiumsInvestments`	$-260.00K	USD	1 Quarter
(Gain) loss on deferred compensation plan investments	`GainLossOnDeferredCompensationPlanInvestmentsCashFlow`	$-2.19M	USD	1 Quarter
(Gain) loss on deferred compensation plan investments	`GainLossOnDeferredCompensationPlanInvestmentsCashFlow`	$2.53M	USD	1 Quarter
Deferred taxes, net	`DeferredIncomeTaxExpenseBenefit`	$-622.00K	USD	1 Quarter
Deferred taxes, net	`DeferredIncomeTaxExpenseBenefit`	$-381.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$39.81M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$37.01M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$1.56M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInReceivables`	$15.51M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$51.80M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-16.06M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$5.92M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-213.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-4.18M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-880.00K	USD	1 Quarter
Accrued compensation and related benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$13.42M	USD	1 Quarter
Accrued compensation and related benefits	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$27.38M	USD	1 Quarter
Income tax liabilities	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$16.02M	USD	1 Quarter
Income tax liabilities	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$20.14M	USD	1 Quarter
Other accrued liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$17.51M	USD	1 Quarter
Other accrued liabilities	`IncreaseDecreaseInOtherAccruedLiabilities`	$9.76M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$107.42M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$218.81M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$26.88M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$8.85M	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireShortTermInvestments`	$129.32M	USD	1 Quarter
Purchases of investments	`PaymentsToAcquireShortTermInvestments`	$16.24M	USD	1 Quarter
Maturities and sales of investments	`ProceedsFromSaleOfShortTermInvestments`	$152.70M	USD	1 Quarter
Maturities and sales of investments	`ProceedsFromSaleOfShortTermInvestments`	$32.27M	USD	1 Quarter
Contributions to deferred compensation plan, net	`ContributionsMadeToDeferredCompensationPlan`	$760.00K	USD	1 Quarter
Contributions to deferred compensation plan, net	`ContributionsMadeToDeferredCompensationPlan`	$2.21M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-11.61M	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$12.31M	USD	1 Quarter
Property and equipment purchased on extended payment terms	`PropertyAndEquipmentPurchasedOnExtendedPaymentTerms`	$374.00K	USD	1 Quarter
Property and equipment purchased on extended payment terms	`PropertyAndEquipmentPurchasedOnExtendedPaymentTerms`	$528.00K	USD	1 Quarter
Proceeds from common stock issued under the employee equity incentive plan	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans`	$1.11M	USD	1 Quarter
Proceeds from common stock issued under the employee equity incentive plan	`ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans`	$2.32M	USD	1 Quarter
Proceeds from common stock issued under the employee stock purchase plan	`ProceedsFromStockPlans`	$3.74M	USD	1 Quarter
Proceeds from common stock issued under the employee stock purchase plan	`ProceedsFromStockPlans`	$2.79M	USD	1 Quarter
Dividends and dividend equivalents paid	`PaymentsOfDividends`	$36.73M	USD	1 Quarter
Dividends and dividend equivalents paid	`PaymentsOfDividends`	$28.82M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-32.25M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-24.25M	USD	1 Quarter
Effect of change in exchange rates	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$-220.00K	USD	1 Quarter
Effect of change in exchange rates	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$1.50M	USD	1 Quarter
Net increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$71.34M	USD	1 Quarter
Net increase in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$200.37M	USD	1 Quarter
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$189.39M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$260.73M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$288.73M	USD	Point-in-time
Cash, cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$489.10M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$189.39M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$260.73M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$288.73M	USD	Point-in-time
Cash, cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$489.10M	USD	Point-in-time
Cash paid (refund) for income taxes, net	`IncomeTaxesPaidNet`	$-1.30M	USD	1 Quarter
Cash paid (refund) for income taxes, net	`IncomeTaxesPaidNet`	$244.00K	USD	1 Quarter
Liability accrued for property and equipment purchases	`CapitalExpendituresIncurredButNotYetPaid`	$6.12M	USD	1 Quarter
Liability accrued for property and equipment purchases	`CapitalExpendituresIncurredButNotYetPaid`	$2.48M	USD	1 Quarter
Liability accrued for dividends and dividend equivalents	`DividendsAndDividendEquivalentsAccrued`	$49.22M	USD	Point-in-time
Liability accrued for dividends and dividend equivalents	`DividendsAndDividendEquivalentsAccrued`	$36.61M	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`	$1.00	USD	1 Quarter
Dividends and dividend equivalents declared per share (in dollars per share)	`CommonStockDividendsPerShareDeclared`	$0.75	USD	1 Quarter
Balance (in shares)	`CommonStockSharesOutstanding`	47.11M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	47.41M	shares	Point-in-time
Balance	`StockholdersEquity`	$1.33B	USD	Point-in-time
Balance	`StockholdersEquity`	$1.67B	USD	Point-in-time
Balance	`StockholdersEquity`	$1.24B	USD	Point-in-time
Balance	`StockholdersEquity`	$1.78B	USD	Point-in-time
Net income	`NetIncomeLoss`	$109.80M	USD	1 Quarter
Net income	`NetIncomeLoss`	$79.57M	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$5.13M	USD	1 Quarter
Other comprehensive income (loss)	`OtherComprehensiveIncomeLossNetOfTax`	$-5.58M	USD	1 Quarter
Dividends and dividend equivalents declared	`Dividends`	$49.13M	USD	1 Quarter
Dividends and dividend equivalents declared	`Dividends`	$36.60M	USD	1 Quarter
Common stock issued under the employee equity incentive plan	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$1.11M	USD	1 Quarter
Common stock issued under the employee equity incentive plan	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$2.32M	USD	1 Quarter
Common stock issued under the employee stock purchase plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$2.79M	USD	1 Quarter
Common stock issued under the employee stock purchase plan	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$3.74M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$37.01M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$39.64M	USD	1 Quarter
Balance (in shares)	`CommonStockSharesOutstanding`	47.11M	shares	Point-in-time
Balance (in shares)	`CommonStockSharesOutstanding`	47.41M	shares	Point-in-time
Balance	`StockholdersEquity`	$1.33B	USD	Point-in-time
Balance	`StockholdersEquity`	$1.67B	USD	Point-in-time
Balance	`StockholdersEquity`	$1.24B	USD	Point-in-time
Balance	`StockholdersEquity`	$1.78B	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`	$311.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$109.80M	USD	1 Quarter
Net income	`NetIncomeLoss`	$79.57M	USD	1 Quarter
Change in unrealized gain (loss) on available-for-sale securities, tax	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax`	$565.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-178.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$2.92M	USD	1 Quarter
Change in unrealized gain (loss) on available-for-sale securities, net of tax of $311 and $565, respectively	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$2.21M	USD	1 Quarter
Change in unrealized gain (loss) on available-for-sale securities, net of tax of $311 and $565, respectively	`OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax`	$-5.40M	USD	1 Quarter
Other comprehensive income (loss), net of tax:	`OtherComprehensiveIncomeLossNetOfTax`	$5.13M	USD	1 Quarter
Other comprehensive income (loss), net of tax:	`OtherComprehensiveIncomeLossNetOfTax`	$-5.58M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$73.99M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTax`	$114.93M	USD	1 Quarter

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