Cash flow Monolithic Power Systems, Inc.

Equities

MPWR

US6098391054

Semiconductors

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Published financial data: MONOLITHIC POWER SYSTEMS, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2019	2020	2021	2022	2023
Revenues	628M	844M	1.21B	1.79B	1.82B
Total Revenues	628M	844M	1.21B	1.79B	1.82B
Cost of Goods Sold, Total	282M	378M	522M	746M	800M
Gross Profit	346M	466M	685M	1.05B	1.02B
Selling General & Admin Expenses, Total	134M	162M	226M	274M	276M
R&D Expenses	108M	138M	191M	240M	264M
Other Operating Expenses, Total	241M	299M	417M	514M	539M
Operating Income	105M	167M	269M	535M	482M
Interest And Investment Income	7.3M	9.33M	11.64M	14.37M	23.36M
Net Interest Expenses	7.3M	9.33M	11.64M	14.37M	23.36M
Currency Exchange Gains (Loss)	-310K	-1.36M	-727K	454K	-200K
Other Non Operating Income (Expenses)	3.59M	6.56M	3.6M	-12.39M	-5.76M
EBT, Excl. Unusual Items	116M	181M	283M	537M	499M
Merger & Related Restructuring Charges	-	-	-	-	-
Gain (Loss) On Sale Of Investments	-728K	-4.07M	-4.71M	-4.28M	6.7M
Gain (Loss) On Sale Of Assets	700K	-	-	-	-
Legal Settlements	-2.46M	-7.8M	-6.22M	-8M	-
Other Unusual Items	-	-	-	-	-
EBT, Incl. Unusual Items	113M	169M	272M	525M	506M
Income Tax Expense	4.28M	4.97M	30.2M	87.26M	78.47M
Earnings From Continuing Operations	109M	164M	242M	438M	427M
Net Income to Company	109M	164M	242M	438M	427M
Net Income - (IS)	109M	164M	242M	438M	427M
Net Income to Common Incl Extra Items	109M	164M	242M	438M	427M
Net Income to Common Excl. Extra Items	109M	164M	242M	438M	427M
Per Share Items
Net EPS - Basic	2.52	3.67	5.28	9.37	8.98
Basic EPS - Continuing Operations	2.52	3.67	5.28	9.37	8.98
Basic Weighted Average Shares Outstanding	43.16M	44.84M	45.85M	46.73M	47.61M
Net EPS - Diluted	2.38	3.5	5.05	9.05	8.76
Diluted EPS - Continuing Operations	2.38	3.5	5.05	9.05	8.76
Diluted Weighted Average Shares Outstanding	45.76M	47.01M	47.89M	48.36M	48.77M
Normalized Basic EPS	1.67	2.53	3.86	7.19	6.55
Normalized Diluted EPS	1.58	2.41	3.7	6.94	6.4
Dividend Per Share	1.6	2	2.4	3	4
Payout Ratio	61.83	54.01	45.19	31.52	43.48
Supplemental Items
EBITDA	120M	186M	297M	572M	522M
EBITA	105M	167M	269M	535M	482M
EBIT	105M	167M	269M	535M	482M
EBITDAR	122M	188M	301M	576M	527M
Effective Tax Rate - (Ratio)	3.78	2.93	11.09	16.62	15.51
Current Domestic Taxes	1.69M	2.84M	24.99M	95.19M	65.32M
Current Foreign Taxes	3.1M	3.81M	3.8M	5.02M	5.7M
Total Current Taxes	4.8M	6.66M	28.79M	100M	71.02M
Deferred Domestic Taxes	-213K	-1.22M	4.93M	-8.52M	-2.45M
Deferred Foreign Taxes	-301K	-467K	-3.52M	-4.42M	9.89M
Total Deferred Taxes	-514K	-1.69M	1.4M	-12.94M	7.44M
Normalized Net Income	72.26M	113M	177M	336M	312M
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	108M	138M	191M	240M	264M
Net Rental Expense, Total	1.97M	1.79M	3.19M	4.47M	5.23M
Stock-Based Comp., COGS (Total)	2.41M	2.59M	3.54M	4.72M	4.54M
Stock-Based Comp., R&D Exp. (Total)	19.58M	20.03M	26.03M	35.36M	36.61M
Stock-Based Comp., SG&A Exp. (Total)	56.71M	62.93M	93.91M	121M	109M
Total Stock-Based Compensation	78.7M	85.55M	123M	161M	150M

Fiscal Period: December	2019	2020	2021	2022	2023
Assets
Cash And Equivalents	173M	335M	189M	289M	528M
Short Term Investments	282M	260M	536M	449M	581M
Total Cash And Short Term Investments	455M	595M	725M	738M	1.11B
Accounts Receivable, Total	52.7M	66.84M	105M	183M	180M
Other Receivables	2.49M	1.91M	5.44M	8.75M	50M
Total Receivables	55.19M	68.76M	110M	191M	230M
Inventory	128M	157M	259M	447M	384M
Prepaid Expenses	7.99M	5.03M	9.53M	11.04M	28.96M
Restricted Cash	-	-	-	-	33.2M
Other Current Assets, Total	9.12M	16.03M	20.57M	22.94M	35.3M
Total Current Assets	655M	842M	1.12B	1.41B	1.82B
Gross Property Plant And Equipment	350M	428M	541M	556M	607M
Accumulated Depreciation	-119M	-143M	-172M	-194M	-229M
Net Property Plant And Equipment	231M	285M	369M	361M	377M
Long-term Investments	3.14M	6.26M	5.7M	7.11M	567K
Goodwill	6.57M	6.57M	6.57M	6.57M	6.57M
Other Intangibles, Total	-	-	-	-	-
Deferred Tax Assets Long-Term	17.19M	18.56M	21.92M	35.25M	28.05M
Other Long-Term Assets, Total	43.09M	49.86M	57.52M	238M	202M
Total Assets	956M	1.21B	1.59B	2.06B	2.43B
Liabilities
Accounts Payable, Total	27.27M	38.17M	83.03M	61.46M	62.96M
Accrued Expenses, Total	35.44M	51.22M	77.98M	103M	68.26M
Current Portion of Leases	1.25M	1.41M	2.54M	2.13M	2.3M
Current Income Taxes Payable	2.44M	3.76M	-	15.6M	8.06M
Unearned Revenue Current, Total	3.41M	7.24M	4.3M	-	-
Other Current Liabilities	28.42M	45.18M	59.1M	81.18M	93.45M
Total Current Liabilities	98.22M	147M	227M	263M	235M
Long-Term Leases	1.1M	1.69M	3.27M	1.66M	5.56M
Other Non Current Liabilities	83.56M	93.24M	112M	125M	144M
Total Liabilities	183M	242M	342M	390M	384M
Common Stock, Total	550M	658M	803M	975M	1.13B
Retained Earnings	229M	299M	425M	716M	947M
Comprehensive Income and Other	-5.48M	10.14M	15.88M	-23.08M	-27.06M
Total Common Equity	773M	967M	1.24B	1.67B	2.05B
Total Equity	773M	967M	1.24B	1.67B	2.05B
Total Liabilities And Equity	956M	1.21B	1.59B	2.06B	2.43B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	44.6M	45.62M	46.51M	47.3M	48.66M
ECS Total Common Shares Outstanding	43.62M	45.27M	46.26M	47.11M	48.03M
Book Value / Share	17.73	21.35	26.89	35.42	42.68
Tangible Book Value	767M	960M	1.24B	1.66B	2.04B
Tangible Book Value Per Share	17.58	21.21	26.75	35.28	42.55
Total Debt	2.36M	3.1M	5.81M	3.8M	7.87M
Net Debt	-453M	-592M	-719M	-734M	-1.1B
Debt Equivalent of Unfunded Proj. Benefit Obligation	40.09M	48.44M	55.77M	64.98M	81.29M
Debt Equivalent Oper. Leases	15.79M	14.3M	25.55M	35.78M	41.86M
Account Code - Inventory Valuation	3	3	5	5	5
Inventories - Raw Materials, Total	22.87M	25.5M	29.48M	127M	119M
Inventories - Work In Process, Total	42.68M	77.1M	130M	134M	113M
Inventories - Finished Goods, Total	61.95M	54.46M	99.91M	186M	152M
Land - (BS)	35.04M	35.43M	38.87M	41.92M	48.49M
Buildings, Total	149M	143M	203M	195M	205M
Machinery, Total	156M	188M	273M	295M	311M
Full Time Employees	2K	2.21K	2.77K	3.25K	3.56K

Fiscal Period: December	2019	2020	2021	2022	2023
Net Income	109M	164M	242M	438M	427M
Depreciation & Amortization - CF	14.87M	19.19M	28.7M	37.11M	40.17M
Amortization of Goodwill and Intangible Assets - (CF)	-	-	-	-	-
Depreciation & Amortization, Total	14.87M	19.19M	28.7M	37.11M	40.17M
Amortization of Deferred Charges, Total - (CF)	-	-	-	-	-
(Gain) Loss From Sale Of Asset	-259K	-	-	-	-
(Gain) Loss on Sale of Investments - (CF)	729K	2.98M	4.67M	4.38M	-6.7M
Stock-Based Compensation (CF)	78.7M	85.55M	123M	161M	150M
Tax Benefit from Stock Options	-	-	-	-	-
Other Operating Activities, Total	-4.38M	-7.29M	-7.22M	-6.52M	-2.66M
Change In Accounts Receivable	2.51M	-14.12M	-37.98M	-77.9M	2.88M
Change In Inventories	8.86M	-29.5M	-102M	-188M	63.58M
Change In Accounts Payable	3.05M	10.41M	32.93M	-11.24M	4.8M
Change In Income Taxes	-1.36M	747K	11.77M	16.56M	-308K
Change in Other Net Operating Assets	4.74M	35.47M	23.96M	-126M	-40.63M
Cash from Operations	216M	268M	320M	247M	638M
Capital Expenditure	-95.81M	-55.64M	-94.44M	-58.84M	-57.58M
Sale of Property, Plant, and Equipment	9.27M	29K	25K	-	-
Cash Acquisitions	-	-	-	-	-
Sale (Purchase) of Intangible assets	-	-	-793K	-	-
Investment in Marketable and Equity Securities, Total	-76.51M	19.13M	-281M	62.82M	-114M
Net (Increase) Decrease in Loans Originated / Sold - Investing	-981K	-	-	-	-
Other Investing Activities, Total	-3.08M	-2.7M	-2.54M	-16.49M	-6.85M
Cash from Investing	-167M	-39.18M	-379M	-12.51M	-179M
Issuance of Common Stock	19.93M	22.59M	21.99M	11.24M	8.69M
Repurchase of Common Stock	-	-	-	-	-3.74M
Common Dividends Paid	-67.29M	-88.79M	-109M	-138M	-186M
Common & Preferred Stock Dividends Paid	-67.29M	-88.79M	-109M	-138M	-186M
Other Financing Activities, Total	-683K	-5.36M	-2.83M	-2.06M	-2.83M
Cash from Financing	-48.05M	-71.56M	-90.21M	-129M	-184M
Foreign Exchange Rate Adjustments	-883K	4.93M	3.4M	-6.04M	-3.31M
Net Change in Cash	258K	162M	-146M	99.34M	272M
Supplemental Items
Cash Income Tax Paid (Refund)	10.7M	1.4M	21.15M	85.03M	85.13M
Levered Free Cash Flow	83.65M	155M	151M	237M	367M
Unlevered Free Cash Flow	83.65M	155M	151M	237M	367M
Change In Net Working Capital	-20.25M	-1.52M	74.04M	236M	66.81M

Fiscal Period: December	2019	2020	2021	2022	2023
Profitability
Return on Assets	7.5	9.62	12.02	18.34	13.4
Return on Total Capital	9.27	11.94	15.13	22.88	16.14
Return On Equity %	15.4	18.89	21.9	30.05	22.99
Return on Common Equity	15.4	18.89	21.9	30.05	22.99
Margin Analysis
Gross Profit Margin %	55.15	55.18	56.75	58.44	56.07
SG&A Margin	21.27	19.14	18.73	15.25	15.14
EBITDA Margin %	19.09	22.01	24.62	31.88	28.66
EBITA Margin %	16.73	19.74	22.24	29.81	26.45
EBIT Margin %	16.73	19.74	22.24	29.81	26.45
Income From Continuing Operations Margin %	17.33	19.47	20.04	24.39	23.47
Net Income Margin %	17.33	19.47	20.04	24.39	23.47
Net Avail. For Common Margin %	17.33	19.47	20.04	24.39	23.47
Normalized Net Income Margin	11.51	13.41	14.65	18.71	17.13
Levered Free Cash Flow Margin	13.32	18.33	12.49	13.23	20.13
Unlevered Free Cash Flow Margin	13.32	18.33	12.49	13.23	20.13
Asset Turnover
Asset Turnover	0.72	0.78	0.86	0.98	0.81
Fixed Assets Turnover	3.29	3.27	3.69	4.91	4.93
Receivables Turnover (Average Receivables)	11.64	14.13	14.07	12.48	10.05
Inventory Turnover (Average Inventory)	2.13	2.66	2.51	2.11	1.93
Short Term Liquidity
Current Ratio	6.67	5.73	4.96	5.36	7.74
Quick Ratio	5.2	4.52	3.68	3.53	5.69
Operating Cash Flow to Current Liabilities	2.2	1.82	1.41	0.94	2.72
Days Sales Outstanding (Average Receivables)	31.37	25.91	25.94	29.25	36.34
Days Outstanding Inventory (Average Inventory)	171.02	137.58	145.51	172.98	189.58
Average Days Payable Outstanding	33.43	29.35	35.41	28.25	30.84
Cash Conversion Cycle (Average Days)	168.96	134.14	136.04	173.98	195.08
Long Term Solvency
Total Debt/Equity	0.3	0.32	0.47	0.23	0.38
Total Debt / Total Capital	0.3	0.32	0.46	0.23	0.38
LT Debt/Equity	0.14	0.18	0.26	0.1	0.27
Long-Term Debt / Total Capital	0.14	0.17	0.26	0.1	0.27
Total Liabilities / Total Assets	19.12	20.02	21.56	18.96	15.79
Total Debt / EBITDA	0.02	0.02	0.02	0.01	0.01
Net Debt / EBITDA	-3.72	-3.15	-2.39	-1.27	-2.09
Total Debt / (EBITDA - Capex)	0.09	0.02	0.03	0.01	0.02
Net Debt / (EBITDA - Capex)	-17.38	-4.48	-3.49	-1.42	-2.34
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	7.82	34.48	43.03	48.55	1.5
Gross Profit, 1 Yr. Growth %	7.33	34.54	47.11	52.97	-2.62
EBITDA, 1 Yr. Growth %	-6.13	55.03	59.97	92.34	-7.45
EBITA, 1 Yr. Growth %	-9	58.71	61.17	99.07	-8.55
EBIT, 1 Yr. Growth %	-9	58.71	61.17	99.07	-8.55
Earnings From Cont. Operations, 1 Yr. Growth %	3.39	51.03	47.24	80.84	-2.35
Net Income, 1 Yr. Growth %	3.39	51.03	47.24	80.84	-2.35
Normalized Net Income, 1 Yr. Growth %	-5.1	55.8	56.25	89.73	-5.68
Diluted EPS Before Extra, 1 Yr. Growth %	0.85	47.06	44.29	79.21	-3.2
Accounts Receivable, 1 Yr. Growth %	-4.55	26.83	56.8	74.32	-1.56
Inventory, 1 Yr. Growth %	-6.51	23.19	65.17	72.42	-14.22
Net Property, Plant and Equip., 1 Yr. Growth %	54.12	23.39	29.45	-2.12	4.39
Total Assets, 1 Yr. Growth %	20.54	26.36	31.22	29.83	18.24
Tangible Book Value, 1 Yr. Growth %	21.06	25.18	28.9	34.31	22.94
Common Equity, 1 Yr. Growth %	20.84	24.96	28.7	34.13	22.85
Cash From Operations, 1 Yr. Growth %	52.92	23.81	19.49	-22.92	158.73
Capital Expenditures, 1 Yr. Growth %	325.31	-41.93	69.75	-37.68	-2.15
Levered Free Cash Flow, 1 Yr. Growth %	0.07	85.04	-2.58	57.4	57.74
Unlevered Free Cash Flow, 1 Yr. Growth %	0.07	85.04	-2.58	57.4	57.74
Dividend Per Share, 1 Yr. Growth %