filings.toolsMonolithic Power Systems 10-Q 2022-09-30
Filed 2022-11-09. 1 sections, 243K characters. Original on sec.gov · Markdown · JSON
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the quarterly period ended September 30, 2022
OR
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
Commission file number: 000-51026
Monolithic Power Systems, Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 77-0466789 |
|---|---|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
5808 Lake Washington Blvd. NE, Kirkland, Washington 98033
(Address of principal executive offices)(Zip Code)
(425) 296-9956
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||
|---|---|---|---|---|
| Common Stock, par value $0.001 per share | MPWR | The NASDAQ Global Select Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer ☒ | Accelerated filer ☐ | Non-accelerated filer ☐ |
|---|---|---|
| Smaller reporting company ☐ | Emerging growth company ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
There were 46,942,000 shares of the registrant’s common stock issued and outstanding as of November 2, 2022.
MONOLITHIC POWER SYSTEMS, INC.
Form 10-Q
For the Quarter Ended September 30, 2022
MONOLITHIC POWER SYSTEMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except par value)
(unaudited)
| September 30, | December 31, | |||||||
|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 316,210 | $ | 189,265 | ||||
| Short-term investments | 419,837 | 535,817 | ||||||
| Accounts receivable, net | 153,404 | 104,813 | ||||||
| Inventories | 397,435 | 259,417 | ||||||
| Other current assets | 36,571 | 35,540 | ||||||
| Total current assets | 1,323,457 | 1,124,852 | ||||||
| Property and equipment, net | 343,123 | 362,962 | ||||||
| Goodwill | 6,571 | 6,571 | ||||||
| Deferred tax assets, net | 23,905 | 21,917 | ||||||
| Other long-term assets | 234,165 | 69,523 | ||||||
| Total assets | $ | 1,931,221 | $ | 1,585,825 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 78,673 | $ | 83,027 | ||||
| Accrued compensation and related benefits | 103,253 | 62,635 | ||||||
| Other accrued liabilities | 109,062 | 81,282 | ||||||
| Total current liabilities | 290,988 | 226,944 | ||||||
| Income tax liabilities | 49,963 | 47,669 | ||||||
| Other long-term liabilities | 59,561 | 67,227 | ||||||
| Total liabilities | 400,512 | 341,840 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Common stock and additional paid-in capital: $0.001 par value; shares authorized: 150,000; shares issued and outstanding: 46,941 and 46,256, respectively | 938,993 | 803,226 | ||||||
| Retained earnings | 633,640 | 424,879 | ||||||
| Accumulated other comprehensive income (loss) | (41,924 | ) | 15,880 | |||||
| Total stockholders’ equity | 1,530,709 | 1,243,985 | ||||||
| Total liabilities and stockholders’ equity | $ | 1,931,221 | $ | 1,585,825 |
See accompanying notes to unaudited condensed consolidated financial statements.
MONOLITHIC POWER SYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per-share amounts)
(unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2022 | 2021 | 2022 | 2021 | |||||||||||||
| Revenue | $ | 495,418 | $ | 323,522 | $ | 1,334,136 | $ | 871,294 | ||||||||
| Cost of revenue | 204,516 | 137,211 | 553,393 | 379,709 | ||||||||||||
| Gross profit | 290,902 |
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