Monolithic Power Systems Announces Results for the First Quarter Ended March 31, 2022

About  Monolithic Power Systems
Monolithic Power Systems, Inc. (“MPS”) is a global company that provides high-performance, semiconductor-based power electronics solutions. MPS’s mission is to reduce energy and material consumption to improve all aspects of quality of life. Founded in 1997 by our CEO Michael Hsing, MPS has three core strengths: deep system-level knowledge, strong semiconductor design expertise, and innovative proprietary semiconductor process and system integration technologies. These combined advantages enable MPS to provide customers with reliable, compact and monolithic solutions that offer highly energy-efficient and cost-effective products, as well as providing a consistent return on investment to our stockholders. 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.

Contact:
Bernie Blegen
Chief Financial Officer
Monolithic Power Systems, Inc.
408-826-0777
investors@monolithicpower.com

MONOLITHIC POWER SYSTEMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands, except par value) 

   March 31,   December 31, 
   2022   2021 
ASSETS              
Current assets:        
Cash and cash equivalents $260,604  $189,265 
Short-term investments  512,908   535,817 
Accounts receivable, net  120,318   104,813 
Inventories  311,040   259,417 
Other current assets  42,266   35,540 
Total current assets  1,247,136   1,124,852 
Property and equipment, net  369,374   362,962 
Goodwill  6,571   6,571 
Deferred tax assets, net  22,848   21,917 
Other long-term assets  68,052   69,523 
Total assets  $ 1,713,981     $ 1,585,825  
                 
LIABILITIES AND STOCKHOLDERS EQUITY                
Current liabilities:                
Accounts payable   $ 71,572     $ 83,027  
Accrued compensation and related benefits     89,869       62,635  
Other accrued liabilities     111,087       81,282  
Total current liabilities     272,528       226,944  
Income tax liabilities     49,782       47,669  
Other long-term liabilities     65,559       67,227  
Total liabilities     387,869       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: 46,625 and 46,256, respectively     847,966       803,226  
Retained earnings     467,844       424,879  
Accumulated other comprehensive income     10,302       15,880  
Total stockholders’ equity     1,326,112       1,243,985  
Total liabilities and stockholders’ equity   $ 1,713,981     $ 1,585,825  
                 



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