Monolithic Power Systems Announces Results for the Fourth Quarter and Year Ended December 31, 2023 and an Increase in Quarterly Cash Dividend

About  Monolithic Power Systems
Monolithic Power Systems, Inc. (“MPS”) is a fabless global company that provides high-performance, semiconductor-based power electronic 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 expertise, and innovative proprietary technologies in the areas of semiconductor processes, system integration, and packaging. These combined advantages enable MPS to deliver reliable, compact, and monolithic solutions that are highly energy-efficient, cost-effective, and environmentally responsible while 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
Executive Vice President and Chief Financial Officer
Monolithic Power Systems, Inc.
408-826-0777
MPSInvestor.Relations@monolithicpower.com


Monolithic Power Systems, Inc.
Condensed Consolidated Balance Sheets
(Unaudited, in thousands, except par value)
 
   December 31,   December 31, 
   2023   2022 
ASSETS          
Current assets:        
Cash and cash equivalents $527,843  $288,607 
Short-term investments  580,633   449,266 
Accounts receivable, net  179,858   182,714 
Inventories  383,702   447,290 
Other current assets  147,463   42,742 
Total current assets  1,819,499   1,410,619 
Property and equipment, net  368,952   357,157 
Goodwill  6,571   6,571 
Deferred tax assets, net  28,054   35,252 
Other long-term assets  211,277   249,286 
Total assets  $ 2,434,353     $ 2,058,885  
                 
LIABILITIES AND STOCKHOLDERS’ EQUITY                
Current liabilities:                
Accounts payable   $ 62,958     $ 61,461  
Accrued compensation and related benefits     56,286       88,260  
Other accrued liabilities     115,791       113,679  
Total current liabilities     235,035       263,400  
Income tax liabilities     60,724       53,509  
Other long-term liabilities     88,655       73,374  
Total liabilities     384,414       390,283  
Commitments and contingencies                
Stockholders’ equity:                
Common stock and additional paid-in capital: $0.001 par value; shares authorized: 150,000; shares issued and outstanding: 48,028 and 47,107, respectively     1,129,937       975,276  
Retained earnings     947,064       716,403  
Accumulated other comprehensive loss     (27,062 )     (23,077 )
Total stockholders’ equity     2,049,939       1,668,602  
Total liabilities and stockholders’ equity   $ 2,434,353     $ 2,058,885  



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