Monolithic Power Systems Announces Results for the Second Quarter Ended June 30, 2017

The forward-looking statements in this press release and statements made during the accompanying teleconference represent MPS’ projections and current expectations, as of the date hereof, not predictions of actual performance. MPS assumes no obligation to update the information in this press release or in the accompanying conference call.

About Monolithic Power Systems
Monolithic Power Systems, Inc. (MPS) provides small, highly energy efficient, easy-to-use power solutions for systems found in industrial applications, telecom infrastructures, cloud computing, automotive, and consumer applications. MPS' mission is to reduce total energy consumption in its customers' systems with green, practical, compact solutions. The company was founded by Michael Hsing in 1997 and is headquartered in San Jose, CA. MPS can be contacted through its website at www.monolithicpower.com or its support offices around the world.

Monolithic Power Systems, MPS, and the MPS logo are registered trademarks of Monolithic Power Systems, Inc. in the U.S. and trademarked in certain other countries.


Condensed Consolidated Balance Sheets 
(Unaudited, in thousands, except par value) 
  
  June 30,  December 31, 
   2017    2016  
ASSETS    
Current assets:    
Cash and cash equivalents$  71,110  $  112,703  
Short-term investments   206,561     155,521  
Accounts receivable, net    41,982     34,248  
Inventories   92,666     71,469  
Other current assets   14,894     9,043  
Total current assets   427,213     382,984  
Property and equipment, net   100,562     85,171  
Long-term investments   5,348     5,354  
Goodwill   6,571     6,571  
Acquisition-related intangible assets, net   1,977     3,002  
Deferred tax assets, net   650     633  
Other long-term assets   25,725     27,411  
Total assets$  568,046  $  511,126  
     
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Current liabilities:    
Accounts payable$  25,232  $  17,427  
Accrued compensation and related benefits    14,561         12,578    
Accrued liabilities     22,993         22,916    
Total current liabilities     62,786         52,921    
Income tax liabilities     4,303         3,870    
Other long-term liabilities     27,164         23,219    
  Total liabilities     94,253         80,010    
Commitments and contingencies         
Stockholders' equity:        
  Common stock and additional paid-in capital, $0.001 par value; shares authorized:         
  150,000; shares issued and outstanding: 41,366 and 40,793        
  as of June 30, 2017 and December 31, 2016, respectively     349,447         315,969    
Retained earnings      125,726         119,362    
Accumulated other comprehensive loss     (1,380 )       (4,215 )  
Total stockholders’ equity     473,793         431,116    
Total liabilities and stockholders’ equity $   568,046     $   511,126    
         

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