MONOLITHIC POWER SYSTEMS INC
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
MPWR$1,357.60-2.2%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities: | |||
| Net income | $427,374 | $437,672 | $242,023 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 40,168 | 37,114 | 28,699 |
| Amortization of premium (discount) on available-for-sale securities | (5,277) | 4,375 | 4,674 |
| Loss (gain) on deferred compensation plan investments | (8,505) | 6,600 | (4,563) |
| Deferred taxes, net | 5,865 | (13,220) | (2,772) |
| Gain on sale of equity investment | (1,424) | - | - |
| Stock-based compensation expense | 149,711 | 160,992 | 123,479 |
| Other | (23) | 97 | 110 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | 2,884 | (77,903) | (37,976) |
| Inventories | 63,583 | (188,073) | (102,323) |
| Other assets | (24,310) | (177,284) | (15,311) |
| Accounts payable | 4,797 | (11,240) | 32,926 |
| Accrued compensation and related benefits | (31,187) | 28,514 | 16,536 |
| Income tax liabilities | (308) | 16,559 | 11,771 |
| Other accrued liabilities | 14,865 | 22,471 | 22,737 |
| Net cash provided by operating activities | 638,213 | 246,674 | 320,010 |
| Cash flows from investing activities: | |||
| Purchases of property and equipment | (57,578) | (58,843) | (94,420) |
| Purchases of investments | (582,603) | (65,785) | (394,886) |
| Maturities and sales of investments | 468,308 | 128,610 | 113,755 |
| Contributions to deferred compensation plan, net | (6,853) | (16,492) | (2,542) |
| Purchases of intangible assets | - | - | (793) |
| Net cash used in investing activities | (178,726) | (12,510) | (378,886) |
| Cash flows from financing activities: | |||
| Property and equipment purchased on extended payment terms | (2,826) | (2,055) | (2,834) |
| Proceeds from common stock issued under the employee equity incentive plan | 1,118 | 5,358 | 17,322 |
| Proceeds from common stock issued under the employee stock purchase plan | 7,568 | 5,877 | 4,670 |
| Repurchase of common stock | (3,741) | - | - |
| Dividends and dividend equivalents paid | (185,844) | (137,965) | (109,364) |
| Net cash used in financing activities | (183,725) | (128,785) | (90,206) |
| Effect of change in exchange rates | (3,310) | (6,039) | 3,400 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 272,452 | 99,340 | (145,682) |
| Cash, cash equivalents and restricted cash, beginning of period | 288,729 | 189,389 | 335,071 |
| Cash, cash equivalents and restricted cash, end of period | $561,181 | $288,729 | $189,389 |
| Supplemental disclosures for cash flow information: | |||
| Cash paid for income taxes, net | $85,128 | $85,031 | $21,148 |
| Non-cash investing and financing activities: | |||
| Liability accrued for property and equipment purchases | $1,784 | $5,743 | $17,877 |
| Liability accrued for dividends and dividend equivalents | $53,213 | $40,939 | $33,059 |
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