美国
证券交易委员会
华盛顿特区20549
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表格
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(标记一个)
| | 根据1934年证券交易法第13或15(d)条款的季度报告。 |
截至2024年6月30日季度结束
或
| | 根据1934年证券交易法第13或15(d)条款的过渡报告 |
委员会文件号码：
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单片式功率系统股份有限公司。 (注册人的确切名称 依据其凭证所规定的)
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| (依据所在地或其他管辖区) 的注册地或组织地点) | (国税局雇主识别号码) 识别号码) |
(主要执行办公室地址)(邮政编码)
(
(注册人电话号码，包括区号)
根据该法案第12(b)条规定登记的证券：
| 每种类别的名称
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| 交易符号 |
| 每个交易所的名称 已注册 |
| 普通股票，面值为0.001美元 每股盈利 |
| |
| 辉瑞公司面临数起分开的诉讼，这些诉讼仍在进行中，需等待第三项索赔条款的裁决。2023年9月，我们与辉瑞公司同意合并2022和2023年的诉讼，并将审判日期从2024年11月推迟至2025年上半年，具体时间将由法院确定。 |
请勾选以下项目，以判定在过去12个月(或更短期间，该注册人被要求提交报告)内所有根据1934年证券交易法第13条或第15(d)条要求提供报告的报告是否已经提交，并且该注册人在过去90天中是否受到提交报告的要求。
在前12个月内（或公司需要提交这些文件的较短时间内），公司是否已通过选中标记表明已阅读并提交了应根据S-t法规第405条规定（本章第232.405条）提交的所有互动式数据文件？
请勾选指示登记者是否为大型快速提交人、快速提交人、非快速提交人、较小的报告公司或新兴成长型公司。请参阅交易所法规120亿2条，了解「大型快速提交人」、「快速提交人」、「较小的报告公司」和「新兴成长型公司」的定义。
| | 加速提交人 ☐ | 非加速申报者 ☐ |
| 较小的报告公司 | 新兴成长型公司 |
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如果是新兴成长型企业，在符合任何依据证券交易法第13(a)条所提供的任何新的或修改的财务会计准则的遵循的延伸过渡期方面，是否选择不使用核准记号进行指示。☐
在核准的名册是否属于壳公司（如股市法规第1202条所定义之意义）方面，请用勾选符号表示。是
在2023和2024年6月30日结束的三个和六个月中，有资产减损处理记录。更新计算公司进行中的研究和开发资产（“IPR&D”）公平价值所使用的关键假设可能会改变公司未来短期内回收IPR&D资产的带值估计。
单体电力系统股份有限公司
截至2024年9月30日季度结束
目录
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页面 |
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| 项目一。 |
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| 项目二。 |
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| 第三项目。 |
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| 第四项。 |
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| 项目一。 |
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| 项目 1A。 |
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| 项目二。 |
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| 第三项目。 |
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| 第四项。 |
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| 第五项。 |
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| 第六项 |
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MONOLITHIC POWER SYSTEMS，INC。
（以千为单位，除面值外）
(未经查核)
| 九月三十日， | 12月31日， | |||||||
| 2024 | 2023 | |||||||
| 资产 | ||||||||
| 流动资产: | ||||||||
| 现金及现金等价物 | $ | $ | ||||||
| 短期投资 | ||||||||
| 应收帐款净额 | ||||||||
| 存货 | ||||||||
| 其他流动资产 | ||||||||
| 全部流动资产 | ||||||||
| 物业及设备，扣除折旧后净值 | ||||||||
| 并购相关的无形资产，净值 | ||||||||
| 商誉 | ||||||||
| 递延税款资产，净额 | ||||||||
| 其他长期资产 | ||||||||
| 资产总额 | $ | $ | ||||||
| 负债及股东权益 | ||||||||
| 流动负债： | ||||||||
| 应付账款 | $ | $ | ||||||
| 应计的薪酬及相关福利 | ||||||||
| 其他应计负债 | ||||||||
| 流动负债合计 | ||||||||
| 所得税负债 | ||||||||
| 其他长期负债 | ||||||||
| 总负债 | ||||||||
| 合约和可能负债 | ||||||||
| 股东权益： | ||||||||
| 普通股及额外资本公积：$ 票面价值；授权股数： ；已发行并流通股数： 和 ，分别为 | ||||||||
| 保留收益 | ||||||||
| 累积其他全面损失 | ( | ) | ( | ) | ||||
| 股东权益总额 | ||||||||
| 负债和股东权益总额 | $ | $ | ||||||
请参阅未经审计的简明合并基本报表所附注释。
MONOLITHIC POWER SYSTEMS，INC。
（以千为单位，除每股金额外）
(未经查核)
| 截至九月三十日止三个月， |
截至九月三十日止九个月 |
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| 2024 |
2023 |
2024 |
2023 |
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| 收入 |
$ | $ | $ | $ | ||||||||||||
| 收入成本 |
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| 毛利 |
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| 营运费用： |
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| 研究与开发 |
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| 销售、一般及行政 |
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| 营运开支总额 |
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| 营业收入 |
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| 其他收入净额 |
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| 所得税前所得 |
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| 所得税费用 |
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| 净收入 |
$ | $ | $ | $ | ||||||||||||
| 每股净利润： |
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| 基本 |
$ | $ | $ | $ | ||||||||||||
| 稀释 |
$ | $ | $ | $ | ||||||||||||
| 权重平均未发行股份： |
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| 基本 |
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| 稀释 |
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请参阅未经审计的简明合并基本报表所附注释。
MONOLITHIC POWER SYSTEMS，INC。
(以千为单位)
(未经查核)
| 截至9月30日的三个月 | 截至9月30日的九个月 | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| 净利润 | $ | $ | $ | $ | ||||||||||||
| 其他综合损益（税后净额）： | ||||||||||||||||
| 外汇转换调整 | ( | ) | ( | ) | ||||||||||||
| 可供出售金融资产未实现收益和损失变动，减税净额为$, $, $(和美元，分别剩余余额为美元。，分别为 | ||||||||||||||||
| 其他综合损益（税后净额）： | ( | ) | ( | ) | ||||||||||||
| 综合收益 | $ | $ | $ | $ | ||||||||||||
请参阅未经审计的简明合并基本报表所附注释。
MONOLITHIC POWER SYSTEMS，INC。
（以千为单位，除每股金额外）
(未经查核)
| 累积的 | ||||||||||||||||||||
| 普通股份和 | 其他 | 总计 | ||||||||||||||||||
| 股本外溢价 | 留存收益 | 综合 | 股东的 | |||||||||||||||||
| 2024年9月30日止三个月 | 股份 | 金额 | 收益 | 损失 | 股权 | |||||||||||||||
| 2024年7月1日的余额 | $ | $ | $ | ( | ) | $ | ||||||||||||||
| 净利润 | - | |||||||||||||||||||
| 其他综合收益 | - | |||||||||||||||||||
| 宣布的股息及股息等价物（$每股) | - | ( | ) | ( | ) | |||||||||||||||
| 员工权益激励计划下发行的普通股 | ||||||||||||||||||||
| 员工股票购买计划下发行的普通股 | ||||||||||||||||||||
| 购回普通股 | ( | ) | ( | ) | ( | ) | ||||||||||||||
| 股票补偿费用 | - | |||||||||||||||||||
| 2024年9月30日余额 | $ | $ | $ | ( | ) | $ | ||||||||||||||
| 累积的 | ||||||||||||||||||||
| 普通股份和 | 其他 | 总计 | ||||||||||||||||||
| 股本外溢价 | 留存收益 | 综合 | 股东的 | |||||||||||||||||
| 2023年9月30日止三个月 | 股份 | 金额 | 收益 | 损失 | 股权 | |||||||||||||||
| 截至2023年7月1日的余额 | $ | $ | $ | ( | ) | $ | ||||||||||||||
| 净利润 | - | |||||||||||||||||||
| 其他综合损失 | - | ( | ) | ( | ) | |||||||||||||||
| 宣布的股息及股息等价物（$每股) | - | ( | ) | ( | ) | |||||||||||||||
| 员工股权激励计划下发行的普通股 | ||||||||||||||||||||
| 员工股票购买计划下发行的普通股 | ||||||||||||||||||||
| 股票补偿费用 | - | |||||||||||||||||||
| 截至2023年9月30日的余额 | $ | $ | $ | ( | ) | $ | ||||||||||||||
| 累积的 | ||||||||||||||||||||
| 普通股份和 | 其他 | 总计 | ||||||||||||||||||
| 股本外溢价 | 留存收益 | 综合 | 股东的 | |||||||||||||||||
| 2024年9月30日止九个月 | 股份 | 金额 | 收益 | 损失 | 股权 | |||||||||||||||
| 2024年1月1日的余额 | $ | $ | $ | ( | ) | $ | ||||||||||||||
| 净利润 | - | |||||||||||||||||||
| 其他综合收益 | - | |||||||||||||||||||
| 宣布的股息及股息等价物（$每股) | - | ( | ) | ( | ) | |||||||||||||||
| 员工股权激励计划下发行的普通股 | ||||||||||||||||||||
| 员工股票购买计划下发行的普通股 | ||||||||||||||||||||
| 购回普通股 | ( | ) | ( | ) | ( | ) | ||||||||||||||
| 股票补偿费用 | - | |||||||||||||||||||
| 2024年9月30日余额 | $ | $ | $ | ( | ) | $ | ||||||||||||||
| 累积的 | ||||||||||||||||||||
| 普通股份和 | 其他 | 总计 | ||||||||||||||||||
| 股本外溢价 | 留存收益 | 综合 | 股东的 | |||||||||||||||||
| 2023年9月30日止九个月 | 股份 | 金额 | 收益 | 损失 | 股权 | |||||||||||||||
| 2023年1月1日余额 | $ | $ | $ | ( | ) | $ | ||||||||||||||
| 净利润 | - | |||||||||||||||||||
| 其他综合损失 | - | ( | ) | ( | ) | |||||||||||||||
| 宣布的股息及股息等价物（$每股) | - | ( | ) | ( | ) | |||||||||||||||
| 员工股权激励计划下发行的普通股 | ||||||||||||||||||||
| 员工股票购买计划下发行的普通股 | ||||||||||||||||||||
| 股票补偿费用 | - | |||||||||||||||||||
| 截至2023年9月30日的余额 | $ | $ | $ | ( | ) | $ | ||||||||||||||
请参见附注的未经审计的简明合并财务报表。
单片机电源系统公司。
（以千为单位）
(未经审计)
| 截至9月30日的九个月 |
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| 2024 |
2023 |
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| 经营活动现金流量： |
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| 净利润 |
$ | $ | ||||||
| 调整净利润以计入经营活动现金流量: |
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| 折旧和摊销 |
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| 可供出售证券折价摊销 |
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| 延期薪酬计划投资收益 |
( |
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| 递延所得税资产/负债，净额 |
( |
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| 股票补偿费用 |
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| 其他 |
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| 经营性资产和负债变动: |
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| 应收账款 |
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| 存货 |
( |
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| 其他 |
( |
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| 应付账款 |
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| 应计的工资和相关福利 |
( |
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| 所得税负债 |
( |
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| 其他应计负债 |
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| 经营活动产生的现金流量净额 |
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| 投资活动现金流量： |
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| 购买固定资产 |
( |
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| 支付的现金用于承担租赁 |
( |
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| 投资购买 |
( |
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| 投资到期和出售收益 |
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| 净现金支付的收购价，减去现金收购价 |
( |
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| 对延期薪酬计划的捐赠，净额 |
( |
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| 投资活动产生的净现金流出 |
( |
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| 筹集资金的现金流量： |
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| 购买的物业和设备以延长付款期限 |
( |
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| 根据员工股权激励计划发行的普通股筹资 |
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| 根据员工股票购买计划发行的普通股筹资 |
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| 购回普通股 |
( |
) | ||||||
| 分红派息及股利等效支付 |
( |
) | ( |
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| 筹集资金净额 |
( |
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| 汇率变动影响 |
( |
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| 现金，现金等价物和受限制现金的净增加额 |
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| 期初现金、现金等价物及受限制的现金 |
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| 期末现金、现金等价物及受限制的现金 |
$ | $ | ||||||
| 现金流信息的补充披露: |
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| 所支付的所得税款，净额 |
$ | $ | ||||||
| 非现金投资和筹资活动: |
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| 为购买资产和设备计提的负债 |
$ | $ | ||||||
| 为分红和股利等计提的负债 |
$ | $ | ||||||
请参见附注的未经审计的简明合并财务报表。
单片机电源系统公司。
(未经审计)
1. 报告基础
Monolithic Power Systems, Inc.（以下简称"公司"或"MPS"）编制的附表中未经审计的简要合并基本财务报表遵循证券交易委员会（以下简称"SEC"）的规则和法规。根据这些会计准则、规则和法规，根据美国通用会计准则（"GAAP"）编制的财务报表通常包含的某些信息和披露已经被压缩或省略。本报告中的信息应与公司截至2023年12月31日年度报告的经审计合并财务报表及相关附注一起阅读，该报告已于2024年2月29日提交给SEC。
在管理层看来，随附的未经审计的简明综合财务报表反映了为展示公司财务状况、经营成果和现金流量而进行的所有必要调整（仅包括正常经常性调整）。本季度报告10-Q表格中包含的财务报表并不一定代表截至2024年12月31日的年度或任何其他未来时段预期的结果。
重要会计政策摘要
截至2024年9月30日止三个月和九个月期间，公司重要会计政策未发生变化。除在公司年度报告Form 10-K中包含的经审计合并财务报表中描述的政策外，由于最近的收购，公司还适用以下重要会计政策。
商誉和收购相关的无形资产
商誉代表收购考虑的公允价值超出收购日取得的净有形及可识别无形资产的公允价值。进行中的研发（“I&D”）资产代表收购日尚未达到技术可行性的不完整研发（“R&D”）项目的公允价值。I&D资产最初以无限期的有形资产的公允价值计入资本化。当I&D项目完成时，它们将重新分类为可摊销的无形资产，并按估计的可用年限摊销。或者，如果I&D项目被放弃，它们将被视为受损，并作为R&D成本支出。具有有限使用年限的收购相关无形资产包括开发技术，这些技术按照剩余可用年限的直线法摊销。摊销费用记录在利润和损失的营业成本中。
使用估计
按照通用会计准则编制基本报表需要管理层进行涉及资产和负债金额、披露基本报表日期时的待定资产和负债金额、以及揭示报告期间营业收入和费用金额等方面的估计和假设。这些简明综合基本报表中使用的重要估计和假设主要包括与营业收入确认、存货估值、基于股票的奖励估值、或有事项和所得税估值准备相关的。实际结果可能与这些估计和假设存在差异，此类差异可能对公司的简明综合基本报表具有重大影响。
截至2024年9月30日尚未采纳的新会计准则
2023年11月，财务会计准则委员会（“FASB”）发布了《会计准则更新》（“ASU”） 2023年07月，分部报告（主题280）：改进可报告段披露，旨在通过更全面披露重要段费用来改善关于上市实体可报告段的披露。该标准适用于2024年1月1日开始的年度期间和2025年1月1日开始的中期期间，并应追溯到过往提出的所有期间。公司正在评估更新后标准可能对其财务报表披露产生的潜在影响。
2023年12月，FASB发布了ASU 2023年09月，所得税（主题740）：改进所得税披露旨在改善实体关于有效税率调解、所得税支付、所得税前所得分解和所得税开支的所得税披露。该指南将于2025年1月1日开始的年度适用。标准应按前瞻性执行，但允许追溯执行。公司预计采纳该标准不会对其合并财务报表产生重大影响。
2. 收入确认。
产品销售收入。
公司主要通过产品销售实现营业收入，包括装配和测试的特斯拉-集成电路（ICs）、 功率模块以及晶圆形式的芯片。这些产品销售占了公司营业收入的百分之
该公司主要通过第三方分销商、增值经销商、原始设备制造商（OEM）、原始设计制造商（ODM）和电子制造服务（EMS）提供商销售其产品。截至2024年9月30日和2023年这三个月，
公司在向客户交付承诺的货物或服务并转让控制权时，确认相关营业收入金额应反映公司预计能够交换货物或服务所获得的对价。公司将政府机构评定的税收，例如销售税，从营业收入中排除。
产品销售包括一项单一履约义务，公司在某一时间点履行完毕。 公司确认从分销商和直接最终客户处获得的产品营业收入，条件是发生以下事件：(a) 公司已将产品的实际控制转移，(b) 公司具有支付的现有权利，(c) 客户对产品具有合法所有权，以及 (d) 客户承担产品所有权的重大风险和回报。 根据合同中规定的运输条款，通常当产品从公司设施发货（如“离岸价”运输条款）或交付至客户地点（如“交货付清” 运输条款）时，这些标准通常得到满足。
根据一些寄售协议，公司在客户从寄售库存地点消费产品时确认营业收入，此时控制权转移给客户，公司会开具发票。
可变的考虑因素
公司将价格调整和库存轮换权视为变量考虑因素，以减少交易价格，并在关联营业收入确认的同期内确认该减少。当总部位于美国的分销商以低于公司开具的分销价格向最终客户销售公司产品时，他们具有价格调整权。当公司收到来自分销商的索赔，称产品已以较低价格销售给最终客户时，公司为价格调整发出信贷备忘录。公司使用预期价值方法估计价格调整，基于历史索赔的分析，以及在分销商和产品层面的已知产品销售组合趋势评估。其他总部位于美国的分销商和非总部位于美国的分销商没有价格调整权。公司针对预估价格调整在应收账款方面记入信贷，相应减少营业收入。
某些经销商拥有有限的库存轮换权利，根据合同条款，允许退还前九个月购买数量的少量商品。公司使用预期价值法估计库存轮换退货，基于历史退货分析以及分销渠道中当前库存的水平。公司为库存轮换准备了一笔负债，同时将营业收入相应减少。此外，公司确认了与库存轮换相关的客户退货资产，代表从客户回收产品的权利，并相应减少成本收入。
合同余额
应收款项：
公司在履行完履约义务后有无条件权利收到款项时确认应收款项。公司的应收账款是短期的，标准付款条件通常为30至90天。公司不要求其客户提供担保来支持应收账款。公司通过逐客户评估应收账款来评估可收回性。为了管理信用风险，管理层对客户的财务状况进行持续信用评估，监控付款表现，并评估当前经济状况以及可能影响未收回应收款项的未来经济状况的合理且可支持的预测。 对于某些客户，公司要求在货物发运之前提供备用信用证或预付款。公司未确认任何应收账款核销或记录任何透支损失准备金。
合同负债:
对于没有信用条款的客户，公司要求现金支付。 在产品计划发货给客户之前的几周，公司要求客户提前支付。公司将收到的这些预付款记录为当前应计负债中的客户预付款。截至2024年9月30日和2023年12月31日，客户预付款分别总计$
实用豁免
公司已选择以实际简化方式将销售佣金作为发生费用，因为摊销期将为一年或更短。
公司的标准付款条件通常要求客户在公司满足履约义务后支付
公司的未履行履约义务主要包括存放在寄售安排中的产品和客户未付产品的采购订单。由于公司预计会在一年内履行这些履约义务，因此公司选择不披露这些剩余履约义务的金额。
3.基于股票的薪酬
2014年股权激励计划
2013年4月，董事会通过了公司的2014年股权激励计划（“2014计划”），该公司股东于2013年6月批准。2014年10月，董事会批准了对2014计划的某些修订。修订后的2014计划于2014年11月13日生效，规定最多可发行
股票补偿费用
公司按以下方式确认股票报酬支出（以千为单位）：
| 截至9月30日的三个月 |
截至9月30日的九个月 |
|||||||||||||||
| 2024 |
2023 |
2024 |
2023 |
|||||||||||||
| 营业收入成本 |
$ | $ | $ | $ | ||||||||||||
| 研发 |
||||||||||||||||
| 销售、一般和行政费用（SG&A） |
||||||||||||||||
| 共计股份奖励支出 |
$ | $ | $ | $ | ||||||||||||
| 与股权激励相关的税收优惠 (1) |
$ | $ | $ | $ | ||||||||||||
| (1) |
金额反映了与基于股票补偿的税收优惠相关的税收，这些税收预计在未来期间获得税收减免时会产生。授予公司高管的股权奖励受到《内部税收法典》第162(m)条规定的税收减免限制的约束。 |
限制性股票单位 (“RSU”)
公司的 RSUs 包括基于时间的 RSUs、带绩效条件的 RSUs（PSUs）、带市场条件的 RSUs（MSUs），以及同时带有市场和绩效条件的 RSUs（MPSUs）。具有绩效条件或市场条件的奖励需要达到预定的绩效或市场目标，并经董事会薪酬委员会（“薪酬委员会”）的批准。所有奖励都包括要求与公司继续雇佣或提供服务的服务条件。
以下表格总结了RSU活动（单位为千，除每股金额外）：
| 阿尼尔·谢蒂 |
PSUs和MPSUs |
MSUs |
总计 |
||||||||||||||||||||||||||||||
| 加权授予日期公允价值的平均数 |
加权授予日期公允价值的平均数 |
加权授予日期公允价值的平均数 |
加权授予日期公允价值的平均数 |
||||||||||||||||||||||||||||||
| 平均数 |
平均数 |
平均数 |
平均数 |
||||||||||||||||||||||||||||||
| 授予日期 |
授予日期 |
授予日期 |
授予日期 |
||||||||||||||||||||||||||||||
| 数量 |
公正价值 |
数量 |
公正价值 |
数量 |
公正价值 |
数量 |
公正价值 |
||||||||||||||||||||||||||
| 股份 |
每股 |
股份 |
每股 |
股份 |
每股 |
股份 |
每股 |
||||||||||||||||||||||||||
| 2024年1月1日未行使的期权 |
$ | $ | $ | $ | |||||||||||||||||||||||||||||
| 已行权 |
$ | (1) |
$ | $ | $ | ||||||||||||||||||||||||||||
| 34,105 |
( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | |||||||||||||||||||||
| 被取消 |
( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | |||||||||||||||||||||
| 截至2024年9月30日应收款项 |
$ | $ | $ | $ | |||||||||||||||||||||||||||||
| (1) |
金额反映了基于管理层对于在每个报告期间实现绩效条件可能性评估而最终可以获得的奖励数量。 |
已授予的RSUs相关的内在价值为$
基于时间的限制性股票单位：
截至2024年9月30日止九个月，薪酬委员会授予了
2024年度机构课题：
2024年2月，薪酬委员会授予
2024年2月，薪酬委员会授予
2024年执行PSU和2024年非执行PSU包含购买价格特性，员工需支付每股$
2004年员工股票购买计划（经修订和重新制定， “2004 ESPP”)
2023年8月16日，修改和重新制定了2004年ESPP，其中包括提供发行高达
截至2024年9月30日和2023年，根据2004年股票期权计划，发行了股票。
发行股份的内在价值为$
| 截至九月三十日止三个月， | 截至九月三十日止九个月 | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| 预期期限（以年为单位） | 0.5 | 0.5 | 0.5 | 0.5 | ||||||||||||
| 预期波动 | 47.8 | % | 50.8 | % | 45.1 | % | 53.3 | % | ||||||||
| 无风险利率 | 5.0 | % | 5.5 | % | 5.2 | % | 5.3 | % | ||||||||
| 股息收益率 | 0.6 | % | 0.8 | % | 0.6 | % | 0.8 | % | ||||||||
2004年股票期权计划发行的股票所得现金为$
4. 并购
2024年1月3日（「收购日」），本公司收购
购买考量
购买代价为$ ______ 百万，包括前期支付 $ ______ 百万和具有 $ ______ 百万公允价值的盈余支付条款，该条款基于在2026年之前实现一定的营业收入和EBITDA目标，并且根据股票买卖协议中的定义。购买代价中，$ ______ 百万被分配给商誉，$ ______ 百万被分配给可识别的无形资产。无形资产、条件性支付负债和开端资产负债表的估值是暂时估计，随著我们完成程序可能会有变动。所获商誉和无形资产可以作为税务扣除。
关于收购，公司遭受了**百万美元的交易成本，这些支出被列为当期支出，并包括在经营、总务和行政费用中的简明综合营业报表中。
收购价分配
Axign的购买价格分配如下（以千为单位）：
| 存货 |
$ | |||
| 其他有形资产购入后，减去负债 |
||||
| 无形资产： |
||||
| 开发出的科技 |
||||
| 研发与知识产权 |
||||
| 已取得的总识别资产 |
||||
| 商誉 |
||||
| 总净资产取得 |
$ |
具有有限寿命的无形资产包括具有估计剩余使用年限八年的核心开发科技。具有无限寿命的无形资产包括在收购日期尚未达到技术可行性的未完成研发项目。采用收益法确定了开发科技和知识产权研发(IPR&D)的公允价值。
并购所产生的商誉主要归功于整合的劳动力和预期能够使公司在消费和汽车市场使用Axign的数字反馈科技开发具较低功耗解决方案的协同效应。预计无法在税务上扣除商誉。
5. 资产负债表元件
存货
存货包括以下内容（以千为单位）：
| 九月三十日， |
12月31日， |
|||||||
| 2024 |
2023 |
|||||||
| 原材料 |
$ | $ | ||||||
| 在制品 |
||||||||
| 成品 |
||||||||
| 总计 |
$ | $ | ||||||
其他流动资产
其他流动资产包括以下内容（以千元计算）：
| 九月三十日， |
12月31日， |
|||||||
| 2024 |
2023 |
|||||||
| 预付晶圆购买 (1) |
$ | $ | ||||||
| 预付款项 |
||||||||
| 员工股酬税收款 |
||||||||
| 其他应收款项 (1) |
||||||||
| 限制性现金 (2) |
- |
|
||||||
| 其他 |
||||||||
| 总计 |
$ | $ | ||||||
| (1) |
该公司持有 $ |
| (2) |
2023年12月31日所包括在其他流动资产中的受限现金与公司收购Axign相关的初步购买考量存放在信托账户中，并于2024年1月支付。详情请参见附注4。 |
其他长期资产
其他长期资产包括以下项目（单位：千元）：
| 九月三十日， |
12月31日， |
|||||||
| 2024 |
2023 |
|||||||
| 延迟薪酬计划资产 |
$ | $ | ||||||
| 预付晶圆购买 (1) |
||||||||
| 营运租赁使用权（“ROU”）及相关资产 (2) |
||||||||
| 其他 |
||||||||
| 总计 |
$ | $ | ||||||
| (1) |
预付晶圆采购涉及根据长期晶圆供应协议向供应商存入资金。详情请参见注9有关供应协议。 |
| (2) |
到2024年9月30日止，营运租赁权利义务及相关资产包含一项关于建筑物租赁中有利市场条件之公平价值计量。 |
其他应付负债
其他应计负债包括以下项目（以千元计）：
| 九月三十日， |
12月31日， |
|||||||
| 2024 |
2023 |
|||||||
| 分红派息和股利相当额 |
$ | $ | ||||||
| 股票轮换和销售退货 |
||||||||
| 保固 |
||||||||
| 客户预付款 |
||||||||
| 应付所得税 |
||||||||
| 其他 |
||||||||
| 总计 |
$ | $ | ||||||
其他长期负债
其他长期负债包括以下项目（以千计）：
| 九月三十日， |
12月31日， |
|||||||
| 2024 |
2023 |
|||||||
| 推迟支付计划负债 |
$ | $ | ||||||
| 营业租赁负债 |
||||||||
| 股息等值 |
||||||||
| 总计 |
$ | $ | ||||||
6. 租赁
承租人
公司主要有用于行政、销售和市场办事处、制造业作业和研发设施、员工住宅单位以及某些设备的营运租赁。这些租赁剩余租赁期限不超过 年至
下表总结了营运租赁ROU资产和负债的余额（以千美元计）：
| 九月三十日 | 十二月三十一日 | ||||||||
| 财务报表明细行项目 | 2024 | 2023 | |||||||
| 营运租赁 ROU 资产 |
| $ | $ | ||||||
| 营运租赁负债 |
| $ | $ | ||||||
|
| $ | $ | |||||||
以下表格概述了与租赁相关的某些信息（单位：千元，除百分比和年份外）。
| 截至9月30日的三个月 |
截至9月30日的九个月 |
|||||||||||||||
| 2024 |
2023 |
2024 |
2023 |
|||||||||||||
| 租赁成本: |
||||||||||||||||
| 经营租赁成本 |
$ | $ | $ | $ | ||||||||||||
| 其他 |
||||||||||||||||
| 租赁成本总额 |
$ | $ | $ | $ | ||||||||||||
| 截至9月30日的三个月 |
截至9月30日的九个月 |
|||||||||||||||
| 2024 |
2023 |
2024 |
2023 |
|||||||||||||
| 计入租赁负债衡量的金额所支付的现金： |
||||||||||||||||
| 营运租赁的营运现金流量 |
$ | $ | $ | $ | ||||||||||||
| 以新营业租赁负债换取的租赁资产 |
$ | $ | $ | $ | ||||||||||||
| 九月三十日， |
12月31日， |
|||||||
| 2024 |
2023 |
|||||||
| 加权平均剩余租约期限（年） |
||||||||
| 加权平均折现利率 |
% | % | ||||||
截至2024年9月30日，租赁负债到期情况如下（以千计）：
| 2024年（剩下三个月） |
$ | |||
| 2025 |
||||
| 2026 |
||||
| 2027 |
||||
| 2028 |
||||
| 此后 |
||||
| 总剩余租赁付款 |
||||
| 减：隐含利息 |
( |
) | ||
| 租赁负债总额 |
$ |
截至2024年9月30日, 尚未启动的营运租赁 重要。
出租人
公司拥有某些办公大楼，并将部分物业租给第三方，在被归类为营运租赁的安排下。这些租约剩余租期从少于 年至 年。其中一些租约包括承租户有权选择最多续租 年
在2024年和2023年截至9月30日的三个月中，与租金支付相关的收入分别为$
| 2024 年（剩余三个月） |
$ | |||
| 2025 |
||||
| 2026 |
||||
| 2027 |
||||
| 2028 |
||||
| 之后 |
||||
| 总计 |
$ |
7. 每股净利润
基本每股净利润是透过将净利润除以期间内流通普通股的加权平均数计算得出的。稀释每股净利润反映了如果现有证券或其他发行普通股的合同被行使或转换为普通股，可能发生的潜在稀释，并利用库藏股法计算。待发生条件获得所有所需条件后，具有可能性发行的股份，包括具有履行条件或市场条件的股权奖励，在基本每股净利润中被视为已发行的普通股份，并包含在当所有必要条件都已满足的日期的基本每股净利润中。在条件期限届满之前，包含在稀释每股净利润中的可能发行股份的数量基于报告期结束时根据安排条款可能发行的股份数，如果有的话。
公司的限制性股票单位(RSUs)包含可放弃的权利，以接收现金股息等值金额，当基础的RSUs生效时，这些金额会累积并支付给员工。如果员工未履行所需的服务要求，相应的股息等值金额将被放弃，结果导致奖励不会生效。因此，这些奖励不被视为每股净利润计算中的参与证券。
以下表格列出了基本和稀释每股净利润的计算（以千为单位，除每股数额之外）：
| 截至9月30日的三个月 |
截至9月30日的九个月 |
|||||||||||||||
| 2024 |
2023 |
2024 |
2023 |
|||||||||||||
| 分子: |
||||||||||||||||
| 净利润 |
$ | $ | $ | $ | ||||||||||||
| 分母: |
||||||||||||||||
| 加权平均已发行股份 — 普通 |
||||||||||||||||
| 稀释证券的影响 |
||||||||||||||||
| 加权平均已发行股份 — 稀释 |
||||||||||||||||
| 每股净利润： |
||||||||||||||||
| 基础 |
$ | $ | $ | $ | ||||||||||||
| 稀释 |
$ | $ | $ | $ | ||||||||||||
在呈现的任何时期，具有反稀释性的普通股等同物均不具有重大影响。
股票回购计划
2023年10月，董事会批准了一项授权公司回购最多$百万普通股的股票回购计划。
根据该计划回购的股票可能通过公开市场回购、私下谈判交易或其他结构，符合适用州和联邦证券法，由管理层认为适当的时间和数量进行。公司管理层将根据对市场条件、法律要求、股价和其他因素的评估，决定任何回购的普通股的时机和数量。回购计划并不义务公司购买任何特定数量的股份，并可在任何时候无需事先通知而暂停、修改或停止。
2022年美国通胀减少法案要求对于2022年12月31日后进行的超过员工补偿股份发行的某些股票回购价值征收1%的消费税。该条款对截至2024年9月30日的三个月和九个月并没有对公司的简明综合基本报表产生影响。
8. SEGMENT, SIGNIFICANT CUSTOMERS AND GEOGRAPHIC INFORMATION
The Company operates in reportable segment that includes the design, development, marketing and sale of high-performance, semiconductor-based power electronics solutions for the enterprise data, storage and computing, automotive, communications, consumer and industrial markets. The Company’s chief operating decision maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. The Company derives a majority of its revenue from sales to customers located outside North America, with geographic revenue based on the customers’ ship-to locations.
The Company sells its products primarily to third-party distributors and value-added resellers, and directly to OEMs, ODMs and EMS providers. The following table summarizes those customers with sales equal to 10% or more of the Company’s total revenue:
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| Customer | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Distributor A | % | % | % | % | ||||||||||||
| Distributor B | % | % | % | % | ||||||||||||
| Distributor C | * | 11 | % | * | % | |||||||||||
* Represents less than 10%
The Company’s agreements with these third-party customers were made in the ordinary course of business and may be terminated with or without cause by these customers with advance notice. Although the Company may experience a short-term disruption in the distribution of its products and a short-term decline in revenue if its agreement with any of the distributors were terminated, the Company believes that such termination would not have a material adverse effect on its financial statements because it would be able to engage alternative distributors, resellers and other distribution channels to deliver its products to end customers within a short period following any termination of the agreement with a distributor.
The following table summarizes those customers with accounts receivable equal to 10% or more of the Company’s total accounts receivable:
| September 30, |
December 31, |
|||||||
| Customer |
2024 |
2023 |
||||||
| Distributor A |
% | % | ||||||
| Distributor B |
% | % | ||||||
| Distributor C |
% | % | ||||||
The following is a summary of revenue by geographic region (in thousands):
| Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
| Country or Region |
2024 |
2023 |
2024 |
2023 |
||||||||||||
| China |
$ | $ | $ | $ | ||||||||||||
| Taiwan |
||||||||||||||||
| South Korea |
||||||||||||||||
| Europe |
||||||||||||||||
| United States |
||||||||||||||||
| Southeast Asia |
||||||||||||||||
| Japan |
||||||||||||||||
| Other |
||||||||||||||||
| Total |
$ | $ | $ | $ | ||||||||||||
In the second quarter of 2024, the Company reclassified certain products in its product families. The prior periods in the table below have been updated to conform with the new methodology.
The following is a summary of revenue by product family (in thousands):
| Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
| Product Family |
2024 |
2023 |
2024 |
2023 |
||||||||||||
| Direct Current (“DC”) to DC |
$ | $ | $ | $ | ||||||||||||
| Lighting Control |
||||||||||||||||
| Total |
$ | $ | $ | $ | ||||||||||||
The following is a summary of long-lived assets by geographic region (in thousands):
| September 30, |
December 31, |
|||||||
| Country |
2024 |
2023 |
||||||
| China |
$ | $ | ||||||
| United States |
||||||||
| Taiwan |
||||||||
| Other |
||||||||
| Total |
$ | $ | ||||||
9. COMMITMENTS AND CONTINGENCIES
Product Warranties
The Company generally provides either a - or -year warranty against defects in materials and workmanship and will repair the products, provide replacements at no charge to customers or issue a refund. As they are considered assurance-type warranties, the Company does not account for them as separate performance obligations. Warranty reserve requirements are generally based on a specific assessment of the products sold with warranties when a customer asserts a claim for warranty or for a product defect.
The changes in warranty reserves are as follows (in thousands):
| Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
| 2024 |
2023 |
2024 |
2023 |
|||||||||||||
| Balance at beginning of period |
$ | $ | $ | $ | ||||||||||||
| Warranties issued |
||||||||||||||||
| Repairs, replacement and refund |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| Changes in liability for pre-existing warranties |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| Balance at end of period |
$ | $ | $ | $ | ||||||||||||
Changes in liability for pre-existing warranties result from changes in estimates for warranties issued in prior periods.
Purchase Commitments
The Company has outstanding purchase obligations with its suppliers and other parties that require the purchases of goods or services. The purchase obligations primarily consist of wafer and other inventory purchases, assembly and other manufacturing services, construction of manufacturing and R&D facilities, purchases of production and other equipment, and license arrangements.
In May 2022, the Company entered into a long-term supply agreement in order to secure manufacturing production capacity for silicon wafers over a four-year period. As of September 30, 2024, the Company had remaining prepayments under this agreement of $
Total estimated future unconditional purchase commitments to all suppliers and other parties, net of the $120.0 million prepayment, as of September 30, 2024 were as follows (in thousands):
| 2024 (remaining three months) |
$ | |||
| 2025 |
||||
| 2026 |
||||
| 2027 |
||||
| Total |
$ |
Litigation
The Company is a party to actions and proceedings in the ordinary course of business, including challenges to the enforceability or validity of its intellectual property, claims that the Company’s products infringe on the intellectual property rights of others, and employment matters. The Company may also be subject to litigation initiated by its stockholders. These proceedings often involve complex questions of fact and law and may require the expenditure of significant funds and the diversion of other resources to prosecute and defend. The Company defends itself vigorously against any such claims. As of September 30, 2024, there were no material pending legal proceedings to which the Company was a party.
10. CASH, CASH EQUIVALENTS, INVESTMENTS AND RESTRICTED CASH
The following is a summary of the Company’s cash, cash equivalents and debt investments (in thousands):
| September 30, |
December 31, |
|||||||
| 2024 |
2023 |
|||||||
| Cash |
$ | $ | ||||||
| Money market funds |
||||||||
| Certificates of deposit |
||||||||
| Corporate debt securities |
||||||||
| U.S. treasuries and government agency bonds |
||||||||
| Auction-rate securities backed by student-loan notes |
||||||||
| Total |
$ | $ | ||||||
| September 30, |
December 31, |
|||||||
| 2024 |
2023 |
|||||||
| Reported as: |
||||||||
| Cash and cash equivalents |
$ | $ | ||||||
| Short-term investments |
||||||||
| Investment within other long-term assets |
||||||||
| Total |
$ | $ | ||||||
The following table summarizes the contractual maturities of the short-term and long-term available-for-sale investments as of September 30, 2024 (in thousands):
| Amortized Cost |
Fair Value |
|||||||
| Due in less than 1 year |
$ | $ | ||||||
| Due in 1 - 5 years |
||||||||
| Due in greater than 5 years |
||||||||
| Total |
$ | $ | ||||||
Gross realized gains and losses recognized on the sales of available-for-sale investments were not material for the periods presented.
The following tables summarize the unrealized gain and loss positions related to the available-for-sale investments (in thousands):
| September 30, 2024 |
||||||||||||||||
| Amortized Cost |
Unrealized Gains |
Unrealized Losses |
Fair Value |
|||||||||||||
| Money market funds |
$ | $ | $ | $ | ||||||||||||
| Certificates of deposit |
||||||||||||||||
| Corporate debt securities |
( |
) | ||||||||||||||
| U.S. treasuries and government agency bonds |
( |
) | ||||||||||||||
| Auction-rate securities backed by student-loan notes |
( |
) | ||||||||||||||
| Total |
$ | $ | $ | ( |
) | $ | ||||||||||
| December 31, 2023 |
||||||||||||||||
| Amortized Cost |
Unrealized Gains |
Unrealized Losses |
Fair Value |
|||||||||||||
| Money market funds |
$ | $ | $ | $ | ||||||||||||
| Certificates of deposit |
||||||||||||||||
| Corporate debt securities |
( |
) | ||||||||||||||
| U.S. treasuries and government agency bonds |
( |
) | ||||||||||||||
| Auction-rate securities backed by student-loan notes |
( |
) | ||||||||||||||
| Total |
$ | $ | $ | ( |
) | $ | ||||||||||
The following tables present information about the available-for-sale investments that had been in a continuous unrealized loss position for less than 12 months and for greater than 12 months (in thousands):
| September 30, 2024 |
||||||||||||||||||||||||
| Less than 12 Months |
Greater than 12 Months |
Total |
||||||||||||||||||||||
| Fair Value |
Unrealized Losses |
Fair Value |
Unrealized Losses |
Fair Value |
Unrealized Losses |
|||||||||||||||||||
| Corporate debt securities |
$ | $ | $ | $ | ( |
) | $ | $ | ( |
) | ||||||||||||||
| U.S. treasuries and government agency bonds |
( |
) | ( |
) | ( |
) | ||||||||||||||||||
| Auction-rate securities backed by student-loan notes |
( |
) | ( |
) | ||||||||||||||||||||
| Total |
$ | $ | ( |
) | $ | $ | ( |
) | $ | $ | ( |
) | ||||||||||||
| December 31, 2023 |
||||||||||||||||||||||||
| Less than 12 Months |
Greater than 12 Months |
Total |
||||||||||||||||||||||
| Fair Value |
Unrealized Losses |
Fair Value |
Unrealized Losses |
Fair Value |
Unrealized Losses |
|||||||||||||||||||
| Corporate debt securities |
$ | $ | ( |
) | $ | $ | ( |
) | $ | $ | ( |
) | ||||||||||||
| U.S. treasuries and government agency bonds |
( |
) | ( |
) | ||||||||||||||||||||
| Auction-rate securities backed by student-loan notes |
( |
) | ( |
) | ||||||||||||||||||||
| Total |
$ | $ | ( |
) | $ | $ | ( |
) | $ | $ | ( |
) | ||||||||||||
An impairment exists when the fair value of an investment is less than its amortized cost basis. As of September 30, 2024 and December 31, 2023, the Company did not consider the impairment of its investments to be a result of credit losses. The Company typically invests in highly rated securities, with the primary objective of minimizing the potential risk of principal loss. The Company’s investment policy generally requires securities to be investment grade and limits the amount of credit exposure to any one issuer. When evaluating a debt security for impairment, management reviews factors such as the Company’s intent to sell, or whether it will more likely than not be required to sell, the security before recovery of its amortized cost basis, the extent to which the fair value of the security is less than its cost, the financial condition of the issuer and the credit quality of the investment.
Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Condensed Consolidated Balance Sheets to the amounts reported on the Condensed Consolidated Statements of Cash Flows (in thousands):
| September 30, |
December 31, |
|||||||
| 2024 |
2023 |
|||||||
| Cash and cash equivalents |
$ | $ | ||||||
| Restricted cash included in other current assets (1) |
||||||||
| Restricted cash included in other long-term assets (2) |
||||||||
| Total cash, cash equivalents and restricted cash reported on the Condensed Consolidated Statements of Cash Flows |
$ | $ | ||||||
| (1) |
The restricted cash included in other current assets as of December 31, 2023 was related to preliminary purchase consideration held in a trust account in connection with the Company’s acquisition of Axign and was paid in January 2024. |
| (2) |
The restricted cash included in other long-term assets as of September 30, 2024 and December 31, 2023 was related to a security deposit that is set aside in a bank account and cannot be withdrawn by the Company under the terms of a lease agreement. The restriction will end upon the expiration of the lease. |
11. FAIR VALUE MEASUREMENTS
公允价值层次结构
公司估计其金融资产的公允价值时，采用以下层次结构，优先考虑用于衡量公允价值的输入，分为三个级别，并基于在层次结构内最低级别的可用且对公允价值测量重要的输入来进行分类：
| ● | 一级 — 包括在活跃市场中具有相同资产的报价价格的工具。 |
| ● | 二级 — 包括根据活跃市场中报价市场价格涉及类似资产或除了资产的报价价格外对基于这些工具的估值进行评估的工具，用于估值的市场输入通常由市场收益率、最近执行的交易、经纪/交易商报价或具有合理价格透明度水平的替代定价来源组成。定价来源可能包括行业标准数据提供商、大型金融机构的安全管理文件，以及其他用于确定每日市场价值的第三方来源。 |
| ● | 三级 — 包括根据不可观察且对整体公平价值评估具有重要意义的输入进行估值的工具。 |
在重复基础上计量的金融资产按公允价值计量
下表总结了公司按照递延基础衡量的金融资产的公允价值（以千为单位）：
| September 30, 2024 |
||||||||||||||||
| Total |
Level 1 |
Level 2 |
Level 3 |
|||||||||||||
| Money market funds |
$ | $ | $ | $ | ||||||||||||
| Certificates of deposit |
||||||||||||||||
| Corporate debt securities |
||||||||||||||||
| U.S. treasuries and government agency bonds |
||||||||||||||||
| Auction-rate securities backed by student-loan notes |
||||||||||||||||
| Mutual funds and money market funds under deferred compensation plan |
||||||||||||||||
| Total |
$ | $ | $ | $ | ||||||||||||
| December 31, 2023 |
||||||||||||||||
| Total |
Level 1 |
Level 2 |
Level 3 |
|||||||||||||
| Money market funds |
$ | $ | $ | $ | ||||||||||||
| Certificates of deposit |
||||||||||||||||
| Corporate debt securities |
||||||||||||||||
| U.S. treasuries and government agency bonds |
||||||||||||||||
| Auction-rate securities backed by student-loan notes |
||||||||||||||||
| Mutual funds and money market funds under deferred compensation plan |
||||||||||||||||
| Total |
$ | $ | $ | $ | ||||||||||||
Redemptions and changes in the fair value of the auction-rate securities classified as Level 3 assets were not material for the periods presented.
12. DEFERRED COMPENSATION PLAN
The following table summarizes the deferred compensation plan balances on the Condensed Consolidated Balance Sheets (in thousands):
| September 30, |
December 31, |
|||||||
| 2024 |
2023 |
|||||||
| Deferred compensation plan asset components: |
||||||||
| Cash surrender value of corporate-owned life insurance policies |
$ | $ | ||||||
| Fair value of mutual funds and money market funds |
||||||||
| Total |
$ | $ | ||||||
| Deferred compensation plan assets reported in: |
||||||||
| Other long-term assets |
$ | $ | ||||||
| Deferred compensation plan liabilities reported in: |
||||||||
| Accrued compensation and related benefits (short-term) |
$ | $ | ||||||
| Other long-term liabilities |
||||||||
| Total |
$ | $ | ||||||
13. OTHER INCOME, NET
The components of other income, net, are as follows (in thousands):
| Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
| 2024 |
2023 |
2024 |
2023 |
|||||||||||||
| Interest income |
$ | $ | $ | $ | ||||||||||||
| Amortization of discount on available-for-sale securities |
||||||||||||||||
| Gain (loss) on deferred compensation plan investments |
( |
) | ||||||||||||||
| Charitable contributions |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| Other |
( |
) | ( |
) | ||||||||||||
| Total |
$ | $ | $ | $ | ||||||||||||
14. INCOME TAXES
The income tax provision or benefit for interim periods is generally determined using an estimate of the Company’s annual effective tax rate and adjusted for discrete items, if any, in the relevant period. Each quarter the estimate of the annual effective tax rate is updated, and if the Company’s estimated tax rate changes, a cumulative adjustment is made.
The income tax expense for the three months ended September 30, 2024 was $
The income tax expense for the three months ended September 30, 2023 was $
On December 27, 2023, the Bermuda Corporate Income Tax Act of 2023 (the “Bermuda CIT Act”) was enacted and signed into law. It includes a 15% CIT applicable to Bermuda businesses that are multinational enterprises (“MNE”) with annual revenue of €750M or more beginning in 2025. The Bermuda CIT Act also includes an Economic Transition Adjustment (“ETA”) that requires MNEs to revalue their assets and liabilities, excluding goodwill, at their fair value as of September 30, 2023. There is an election to opt out of the ETA. As the Bermuda CIT Act is not effective until January 1, 2025, the Company is evaluating whether or not to adopt this ETA. Based on the information available, the Company has not recorded any changes to income tax expense related to the Bermuda CIT Act as of September 30, 2024.
In September 2024, a subsidiary of the Company was granted a tax credit with a ten-year life by a foreign jurisdiction. The tax credit may be utilized beginning in tax year 2025 to offset income tax liabilities in that jurisdiction, subject to various criteria as outlined by the granting authorities. As of September 30, 2024, the Company has evaluated the sources of income necessary to benefit from the tax credit and has determined that it currently does not meet the more likely than not criteria for realization of this deferred tax asset. As a result, the Company has recorded a full valuation allowance on this deferred tax asset. The Company is evaluating the steps necessary, some of which are not within its immediate control, to generate sufficient future taxable income in the required jurisdiction and will reassess the realizability of this deferred tax asset each reporting period.
15. ACCUMULATED OTHER COMPREHENSIVE LOSS
The following table summarizes the changes in accumulated other comprehensive loss (in thousands):
| Unrealized |
||||||||||||
| Losses on |
Foreign Currency |
|||||||||||
| Available-for-Sale |
Translation |
|||||||||||
| Securities |
Adjustments |
Total |
||||||||||
| Balance as of January 1, 2024 |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
| Other comprehensive income (loss) before reclassifications |
( |
) | ( |
) | ||||||||
| Tax effect |
||||||||||||
| Net current period other comprehensive income (loss) |
( |
) | ( |
) | ||||||||
| Balance as of March 31, 2024 |
( |
) | ( |
) | ( |
) | ||||||
| Other comprehensive income (loss) before reclassifications |
( |
) | ( |
) | ||||||||
| Amounts reclassified from accumulated other comprehensive loss |
||||||||||||
| Tax effect |
( |
) | ( |
) | ||||||||
| Net current period other comprehensive income (loss) |
( |
) | ( |
) | ||||||||
| Balance as of June 30, 2024 |
( |
) | ( |
) | ( |
) | ||||||
| Other comprehensive income before reclassifications |
||||||||||||
| Tax effect |
( |
) | ( |
) | ||||||||
| Net current period other comprehensive income |
||||||||||||
| Balance as of September 30, 2024 |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
The amount reclassified from accumulated other comprehensive loss for the period presented was recorded in other income, net, on the Condensed Consolidated Statements of Operations.
16. DIVIDENDS AND DIVIDEND EQUIVALENTS
Cash Dividend Program
The Company has a dividend program approved by its Board of Directors, pursuant to which the Company intends to pay quarterly cash dividends on its common stock. Based on the Company’s historical practice, stockholders of record as of the last business day of the quarter are entitled to receive the quarterly cash dividends when and if declared by the Board of Directors, which are payable to the stockholders in the following month. The Board of Directors declared the following cash dividends (in thousands, except per-share amounts):
| Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
| 2024 |
2023 |
2024 |
2023 |
|||||||||||||
| Dividend declared per share |
$ | $ | $ | $ | ||||||||||||
| Total amount |
$ | $ | $ | $ | ||||||||||||
As of September 30, 2024 and December 31, 2023, accrued dividends totaled $
The declaration of any future cash dividends is at the discretion of the Board of Directors and will depend on, among other things, the Company’s financial condition, results of operations, capital requirements, business conditions, and other factors that the Board of Directors may deem relevant, as well as a determination that cash dividends are in the best interests of the Company’s stockholders.
The Company anticipates that cash used for future dividend payments will come from its domestic cash, cash generated from ongoing U.S. operations, and cash repatriated from its Bermuda subsidiary. The Company also anticipates that earnings from other foreign subsidiaries will continue to be indefinitely reinvested.
Cash Dividend Equivalent Rights
The Company’s RSUs contain rights to receive cash dividend equivalents, which entitle employees who hold RSUs to the same dividend value per share as holders of common stock. The dividend equivalents are accumulated and paid to the employees when the underlying RSUs vest. Dividend equivalents accumulated on the underlying RSUs are forfeited if the employees do not fulfill the requisite service requirement and, as a result, the awards do not vest. As of September 30, 2024 and December 31, 2023, accrued dividend equivalents totaled $
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that have been made pursuant to and in reliance on the provisions of the Private Securities Litigation Reform Act of 1995. These statements include, among others, statements concerning:
| • |
the above-average industry growth of product and market areas that we have targeted; |
| • |
our plan to increase our revenue through the introduction of new products within our existing product families as well as in new product categories and families; |
| • |
our mission statement to reduce energy and material consumption to improve all aspects of quality of life and create a sustainable future; |
| • |
the effects of macroeconomic factors, including global economic uncertainties, the Russia-Ukraine conflict and the Middle East conflict on the semiconductor industry and our business; |
| • |
the effect that liquidity of our investments has on our capital resources; |
| • |
the continuing application of our products in the enterprise data, storage and computing, automotive, communications, consumer and industrial markets; |
| • |
estimates of our future liquidity requirements; |
| • |
the cyclical nature of the semiconductor industry; |
| • |
our belief that we may incur significant legal expenses that vary with the level of activity in each of our current or future legal proceedings; |
| • |
expectations regarding protection of our proprietary technology; |
| • |
business outlook for the remainder of 2024 and beyond; |
| • |
the factors that we believe will impact our business, operations and financial condition, as well as our ability to achieve revenue growth; |
| • |
the expected percentage of our total revenue from various end markets; |
| • |
our ability to identify, acquire and integrate companies, businesses and products, and achieve the anticipated benefits from such acquisitions and integrations; |
| • |
the expected impact of various U.S. and international tax laws and regulations on our income tax provision, financial position and cash flows; |
| • |
our plan to repatriate cash from our subsidiary in Bermuda; |
| • |
our intention and ability to continue our stock repurchase program and pay cash dividends and dividend equivalents; |
| • |
the factors that differentiate us from our competitors; and |
| • |
our ability to adequately remediate our material weakness. |
In some cases, words such as “would,” “could,” “may,” “should,” “predict,” “potential,” “targets,” “continue,” “anticipate,” “expect,” “intend,” “plan,” “believe,” “seek,” “estimate,” “project,” “forecast,” “will,” the negative of these terms or other variations of such terms and similar expressions relating to the future identify forward-looking statements. All forward-looking statements are based on our current outlook, expectations, estimates, projections, beliefs and plans or objectives about our business, our industry and the global economy, including our expectations regarding the potential impacts of macroeconomic factors, such as global economic uncertainties, the Russia-Ukraine conflict and the Middle East conflict on the semiconductor industry and our business. These statements are not guarantees of future performance and are subject to significant risks and uncertainties. Actual events or results could differ materially and adversely from those expressed in any such forward-looking statements. Risks and uncertainties that could cause actual results to differ materially include those set forth throughout this Quarterly Report on Form 10-Q and in our Annual Report on Form 10-K including, in particular, in the sections entitled “Risk Factors.” Except as required by law, we disclaim any duty, and undertake no obligation, to update any forward-looking statements, whether as a result of new information relating to existing conditions, future events or otherwise or to release publicly the results of any future revisions we may make to forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Readers are cautioned not to place undue reliance on such statements, which speak only as of the date of this Quarterly Report on Form 10-Q and entail significant risks. Readers should carefully review future reports and documents that we file from time to time with the SEC, such as our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and any Current Reports on Form 8-K.
Overview
We are a fabless 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 and create a sustainable future. Founded in 1997 by our CEO Michael Hsing, MPS has three core strengths: deep system-level knowledge, strong semiconductor design expertise, and innovative proprietary technologies in the areas of semiconductor processes, system integration, and packaging. These combined advantages are designed to 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.
We operate in the cyclical semiconductor industry. We are subject to industry downturns, but we have targeted product and market areas that we believe have the ability to offer above average industry performance over the long term. Historically, our revenue has generally been higher in the second half of the year than in the first half although various factors, such as market conditions and the timing of key product introductions, could impact this trend.
We work with third parties to manufacture and assemble our ICs. This has enabled us to limit our capital expenditures and fixed costs, while focusing our engineering and design resources on our core strengths.
Following the introduction of a product, our sales cycle generally takes a number of quarters after we receive an initial customer order for a new product to ramp up. Typical supply chain lead times for orders are generally 16 to 26 weeks. These factors, combined with the fact that our customers can cancel or reschedule orders without significant penalty to the customer, make the forecasting of our orders, revenue and expenses difficult.
We derive most of our revenue from sales through distribution arrangements and direct sales to customers in Asia, where our products are incorporated into end-user products. Our revenue from sales to customers in Asia was 94% and 89% of our total revenue for the three months ended September 30, 2024 and 2023, respectively, and 93% and 86% of our total revenue for the nine months ended September 30, 2024 and 2023, respectively. Our revenue from indirect sales to one customer, which primarily comprised power management solutions for artificial intelligence (“AI”) applications, was 15% and 12% of our total revenue for the three months ended September 30, 2024 and 2023, respectively, and 18% and 7% of our total revenue for the nine months ended September 30, 2024 and 2023, respectively.
We derive a majority of our revenue from the sales of our DC to DC converter products which serve the enterprise data, storage and computing, automotive, communications, consumer and industrial markets. We believe our ability to achieve revenue growth will depend, in part, on our ability to develop new products, enter new market segments, gain market share, manage litigation risk, diversify our customer base and continue to secure manufacturing capacity.
Macroeconomic Conditions and Regulations
The semiconductor industry has historically been impacted by various macro-economic challenges including fluctuations in consumer spending, fluctuations in demand for semiconductors, rising inflation, increased interest rates, and fluctuations in currency rates. We remain cautious in light of continued challenging macroeconomic conditions and will continue to monitor the potential impact on our operations. The extent and duration of the direct and indirect impact of macroeconomic events on our business, results of operations and overall financial position remain uncertain and depend on future developments.
We closely monitor changes to export control laws, trade regulations and other trade requirements. To date, no restrictions have had a material impact on our revenue and operations. We will continue to monitor any changes to export control laws, trade regulations and other trade requirements and are committed to complying with all applicable trade laws, regulations and other requirements.
Critical Accounting Policies and Estimates
In preparing our condensed consolidated financial statements in accordance with GAAP, we are required to make estimates, assumptions and judgments that affect the amounts reported in our financial statements and the accompanying disclosures. Estimates and judgments used in the preparation of our condensed consolidated financial statements are, by their nature, uncertain and unpredictable, and depend upon, among other things, many factors outside of our control, including demand for our products, economic conditions and other current and future events, such as macroeconomic factors, including the impact of global economic uncertainties, Russia-Ukraine conflict and the Middle East conflict. Actual results could differ from these estimates and assumptions, and any such differences may be material to our condensed consolidated financial statements.
Results of Operations
The table below sets forth the data on the Condensed Consolidated Statements of Operations as a percentage of revenue:
| Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||||||||||||||||||
| 2024 |
2023 |
2024 |
2023 |
|||||||||||||||||||||||||||||
| (In thousands, except percentages) |
||||||||||||||||||||||||||||||||
| Revenue |
$ | 620,119 | 100.0 | % | $ | 474,867 | 100.0 | % | $ | 1,585,435 | 100.0 | % | $ | 1,367,060 | 100.0 | % | ||||||||||||||||
| Cost of revenue |
276,676 | 44.6 | 211,326 | 44.5 | 708,973 | 44.7 | 597,064 | 43.7 | ||||||||||||||||||||||||
| Gross profit |
343,443 | 55.4 | 263,541 | 55.5 | 876,462 | 55.3 | 769,996 | 56.3 | ||||||||||||||||||||||||
| Operating expenses: |
||||||||||||||||||||||||||||||||
| Research and development |
85,051 | 13.7 | 64,787 | 13.6 | 238,986 | 15.1 | 192,184 | 14.1 | ||||||||||||||||||||||||
| Selling, general and administrative |
94,364 | 15.2 | 63,188 | 13.3 | 261,425 | 16.5 | 205,645 | 15.0 | ||||||||||||||||||||||||
| Total operating expenses |
179,415 | 28.9 | 127,975 | 26.9 | 500,411 | 31.6 | 397,829 | 29.1 | ||||||||||||||||||||||||
| Operating income |
164,028 | 26.5 | 135,566 | 28.6 | 376,051 | 23.7 | 372,167 | 27.2 | ||||||||||||||||||||||||
| Other income, net |
10,278 | 1.6 | 2,289 | 0.5 | 27,330 | 1.7 | 14,129 | 1.1 | ||||||||||||||||||||||||
| Income before income taxes |
174,306 | 28.1 | 137,855 | 29.1 | 403,381 | 25.4 | 386,296 | 28.3 | ||||||||||||||||||||||||
| Income tax expense |
29,876 | 4.8 | 16,692 | 3.6 | 66,044 | 4.1 | 55,827 | 4.1 | ||||||||||||||||||||||||
| Net income |
$ | 144,430 | 23.3 | % | $ | 121,163 | 25.5 | % | $ | 337,337 | 21.3 | % | $ | 330,469 | 24.2 | % | ||||||||||||||||
Revenue
The following table summarizes our revenue by end market:
| Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||||||||||||||||||
| End Market |
2024 |
% of Revenue |
2023 |
% of Revenue |
2024 |
% of Revenue |
2023 |
% of Revenue |
||||||||||||||||||||||||
| (In thousands, except percentages) |
||||||||||||||||||||||||||||||||
| Enterprise Data |
$ | 184,459 | 29.7 | % | $ | 98,938 | 20.8 | % | $ | 521,397 | 32.9 | % | $ | 194,083 | 14.2 | % | ||||||||||||||||
| Storage and Computing |
143,993 | 23.2 | 129,462 | 27.3 | 365,069 | 23.0 | 373,827 | 27.3 | ||||||||||||||||||||||||
| Automotive |
111,344 | 18.0 | 95,171 | 20.0 | 285,629 | 18.0 | 304,907 | 22.3 | ||||||||||||||||||||||||
| Communications |
71,884 | 11.6 | 46,786 | 9.9 | 162,095 | 10.2 | 163,985 | 12.0 | ||||||||||||||||||||||||
| Consumer |
64,401 | 10.4 | 62,369 | 13.1 | 144,704 | 9.1 | 190,919 | 14.0 | ||||||||||||||||||||||||
| Industrial |
44,038 | 7.1 | 42,141 | 8.9 | 106,541 | 6.8 | 139,339 | 10.2 | ||||||||||||||||||||||||
| Total |
$ | 620,119 | 100.0 | % | $ | 474,867 | 100.0 | % | $ | 1,585,435 | 100.0 | % | $ | 1,367,060 | 100.0 | % | ||||||||||||||||
Revenue for the three months ended September 30, 2024 was $620.1 million, an increase of $145.2 million, or 30.6%, from $474.9 million for the three months ended September 30, 2023. The increase in revenue was primarily due to higher shipment volume.
For the three months ended September 30, 2024, revenue from the enterprise data market increased $85.5 million, or 86.4%, from the same period in 2023. This increase was primarily due to higher sales of our power management solutions for AI applications. Revenue from the storage and computing market for the three months ended September 30, 2024 increased $14.5 million, or 11.2%, from the same period in 2023. This increase was primarily due to higher sales of commercial notebook and storage applications. Third quarter 2024 automotive revenue increased $16.2 million, or 17.0%, from the same period in 2023. This increase was primarily due to higher sales of applications supporting advanced driver assistance systems and lighting, partially offset by lower sales of applications supporting infotainment. Revenue from the communications market increased $25.1 million, or 53.6%, from the same period in 2023. This increase was primarily driven by higher demand for infrastructure related products and wireless applications. Third quarter 2024 revenue from the consumer market increased $2.0 million, or 3.3%, from the same period in 2023. Revenue from the industrial market increased $1.9 million, or 4.5%, from the same period in 2023.
Revenue for the nine months ended September 30, 2024 was $1,585.4 million, an increase of $218.3 million, or 16.0%, from $1,367.1 million for the nine months ended September 30, 2023. The increase in revenue was primarily due to higher average selling prices resulting primarily from product mix.
For the nine months ended September 30, 2024, revenue from the enterprise data market increased $327.3 million, or 168.6%, from the same period in 2023. This increase was primarily due to higher sales of our power management solutions for AI applications. Revenue from the storage and computing market for the first nine months of 2024 decreased $8.8 million, or 2.3%, from the same period in 2023. This decrease was primarily due to lower sales of storage, graphic card and other applications, partially offset by higher sales of commercial notebooks. Revenue from the automotive market for the first nine months of 2024 decreased $19.3 million, or 6.3%, from the same period in 2023. This decrease was primarily due to lower sales of applications supporting infotainment, body electronics and USB connectors, partially offset by higher sales of applications supporting advanced driver assistance systems. Revenue from the communications market decreased $1.9 million, or 1.2%, from the same period in 2023. For the nine months ended September 30, 2024, consumer revenue decreased $46.2 million, or 24.2%, from the same period in 2023. This decrease was broad-based and primarily driven by lower sales of products for gaming, home appliances and mobile devices. Revenue from the industrial market decreased $32.8 million, or 23.5%, from the same period in 2023. This decrease was mainly driven by lower sales of products related to industrial meter, security and instrumentation applications.
Cost of Revenue and Gross Margin
Cost of revenue primarily consists of costs incurred to manufacture, assemble and test our products, as well as warranty costs, inventory-related and other overhead costs, and stock-based compensation expenses.
| Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
| 2024 |
2023 |
2024 |
2023 |
|||||||||||||
| (In thousands, except percentages) |
||||||||||||||||
| Cost of revenue |
$ | 276,676 | $ | 211,326 | $ | 708,973 | $ | 597,064 | ||||||||
| As a percentage of revenue |
44.6 | % | 44.5 | % | 44.7 | % | 43.7 | % | ||||||||
| Gross profit |
$ | 343,443 | $ | 263,541 | $ | 876,462 | $ | 769,996 | ||||||||
| Gross margin |
55.4 | % | 55.5 | % | 55.3 | % | 56.3 | % | ||||||||
Cost of revenue was $276.7 million, or 44.6% of revenue, for the three months ended September 30, 2024, and $211.3 million, or 44.5% of revenue, for the three months ended September 30, 2023. The $65.4 million increase in cost of revenue was primarily driven by higher shipment volume, particularly of power management solutions for AI applications.
Gross margin was 55.4% for the three months ended September 30, 2024, compared with 55.5% for the three months ended September 30, 2023. The decrease in gross margin was mainly driven by an increase in inventory write-downs as a percentage of revenue, partially offset by lower warranty expenses as a percentage of revenue and product mix.
Cost of revenue was $709.0 million, or 44.7% of revenue, for the nine months ended September 30, 2024, and $597.1 million, or 43.7% of revenue, for the nine months ended September 30, 2023. The $111.9 million increase in cost of revenue was primarily driven by higher average costs due to product mix.
Gross margin was 55.3% for the nine months ended September 30, 2024, compared with 56.3% for the nine months ended September 30, 2023. The decrease in gross margin was mainly driven by an increase in inventory write-downs and warranty expenses as a percentage of revenue, partially offset by lower manufacturing overhead costs.
Research and Development
R&D expenses primarily consist of cash compensation and benefits, stock-based compensation and deferred compensation for design and product engineers, expenses related to new product development and supplies, and facility costs.
| Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
| 2024 |
2023 |
2024 |
2023 |
|||||||||||||
| (In thousands, except percentages) |
||||||||||||||||
| R&D expenses |
$ | 85,051 | $ | 64,787 | $ | 238,986 | $ | 192,184 | ||||||||
| As a percentage of revenue |
13.7 | % | 13.6 | % | 15.1 | % | 14.1 | % | ||||||||
R&D expenses were $85.1 million, or 13.7% of revenue, for the three months ended September 30, 2024, and $64.8 million, or 13.6% of revenue, for the three months ended September 30, 2023. The $20.3 million increase in R&D expenses was primarily due to a $6.9 million increase in cash compensation and benefits, a $3.5 million increase in new product development expenses, a $3.0 million increase in stock-based compensation expenses and related payroll taxes, a $1.9 million increase in expense related to changes in the value of deferred compensation plan liabilities, and a $0.9 million increase in laboratory supplies.
R&D expenses were $239.0 million, or 15.1% of revenue, for the nine months ended September 30, 2024, and $192.2 million, or 14.1% of revenue, for the nine months ended September 30, 2023. The $46.8 million increase in R&D expenses was primarily due to a $22.2 million increase in cash compensation and benefits, a $9.0 million increase in stock-based compensation expenses and related payroll taxes, a $3.2 million increase in new product development expenses, a $1.9 million increase in expense related to changes in the value of deferred compensation plan liabilities, and $1.9 million increase in laboratory supplies.
Selling, General and Administrative
SG&A expenses primarily include cash compensation and benefits, stock-based compensation and deferred compensation for sales, marketing and administrative personnel, sales commissions, travel expenses, facilities costs, third party service fees and legal expenses.
| Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||
| 2024 |
2023 |
2024 |
2023 |
|||||||||||||
| (In thousands, except percentages) |
||||||||||||||||
| SG&A expenses |
$ | 94,364 | $ | 63,188 | $ | 261,425 | $ | 205,645 | ||||||||
| As a percentage of revenue |
15.2 | % | 13.3 | % | 16.5 | % | 15.0 | % | ||||||||
SG&A expenses were $94.4 million, or 15.2% of revenue, for the three months ended September 30, 2024, and $63.2 million, or 13.3% of revenue, for the three months ended September 30, 2023. The $31.2 million increase in SG&A expenses was primarily driven by a $14.4 million increase in stock-based compensation expenses, a $5.5 million increase in cash compensation and benefits, a $2.8 million increase in expense related to changes in the value of deferred compensation plan liabilities, a $2.6 million increase in sales commissions, and a $2.2 million increase in legal expenses.
SG&A expenses were $261.4 million, or 16.5% of revenue, for the nine months ended September 30, 2024, and $205.6 million, or 15.0% of revenue, for the nine months ended September 30, 2023. The $55.8 million increase in SG&A expenses was primarily driven by a $32.7 million increase in stock-based compensation expenses, a $6.9 million increase in cash compensation and benefits, a $3.9 million increase in professional services, and a $2.7 million increase in expense related to changes in the value of deferred compensation plan liabilities.
Other Income, Net
Other income, net, was $10.3 million for the three months ended September 30, 2024, compared with $2.3 million for the three months ended September 30, 2023. The increase in other income was primarily due to an increase in amortization of discount on available-for-sale securities, and an increase in income related to changes in the value of deferred compensation plan investments.
Other income, net, was $27.3 million for the nine months ended September 30, 2024, compared with $14.1 million for the nine months ended September 30, 2023. The increase in other income was primarily due to an increase in amortization of discount on available-for-sale securities, and an increase in income related to changes in the value of deferred compensation plan investments, partially offset by an increase in charitable contributions.
Income Tax Expense
The income tax provision for interim periods is generally determined using an estimate of our annual effective tax rate and adjusted for discrete items, if any, in the relevant period. Each quarter the estimate of the annual effective tax rate is updated, and if our estimated tax rate changes, a cumulative adjustment is made.
The income tax expense for the three months ended September 30, 2024 was $29.9 million, or 17.1% of pre-tax income. The income tax expense for the nine months ended September 30, 2024 was $66.0 million, or 16.4% of pre-tax income. The effective tax rates were lower than the federal statutory rate of 21% primarily due to foreign income from our subsidiaries in Bermuda and China being taxed at lower statutory tax rates, and excess tax benefits from stock-based compensation. The decrease in the effective tax rates relative to the federal statutory rate was partially offset by the inclusion of the GILTI tax.
The income tax expense for the three months ended September 30, 2023 was $16.7 million, or 12.1% of pre-tax income. The income tax expense for the nine months ended September 30, 2023 was $55.8 million, or 14.5% of pre-tax income. The effective tax rates were lower than the federal statutory rate of 21% primarily due to foreign income from our subsidiaries in Bermuda and China being taxed at lower statutory tax rates, and excess tax benefits from stock-based compensation. The decrease in the effective tax rates relative to the federal statutory rate was partially offset by the inclusion of the GILTI tax.
The Organization for Economic Co-operation and Development enacted model rules for a new global minimum tax framework, also known as Pillar Two, and certain governments globally have enacted, or are in the process of enacting, legislation considering these model rules. These rules did not have a material impact on our taxes for the three and nine months ended September 30, 2024.
In December 2023, the Bermuda CIT Act was enacted and signed into law. See Note 14 for further details.
In September 2024, one of our subsidiaries was granted a tax credit with a ten-year life by a foreign jurisdiction. The tax credit may be utilized beginning in tax year 2025 to offset income tax liabilities in that jurisdiction, subject to various criteria as outlined by the granting authorities. As of September 30, 2024, we have evaluated the sources of income necessary to benefit from the tax credit and have determined that we currently do not meet the more likely than not criteria for realization of this deferred tax asset. As a result, we have recorded a full valuation allowance on this deferred tax asset. We are evaluating the steps necessary, some of which are not within our immediate control, to generate sufficient future taxable income in the required jurisdiction and will reassess the realizability of this deferred tax asset each reporting period. A release of the valuation allowance could result in a significant one-time noncash tax benefit.
Liquidity and Capital Resources
| September 30, |
December 31, |
|||||||
| 2024 |
2023 |
|||||||
| (In thousands, except percentages) |
||||||||
| Cash and cash equivalents |
$ | 700,347 | $ | 527,843 | ||||
| Short-term investments |
762,003 | 580,633 | ||||||
| Total cash, cash equivalents and short-term investments |
$ | 1,462,350 | $ | 1,108,476 | ||||
| Percentage of total assets |
51.2 | % | 45.5 | % | ||||
| Total current assets |
$ | 2,160,450 | $ | 1,819,499 | ||||
| Total current liabilities |
(336,588 | ) | (235,035 | ) | ||||
| Working capital |
$ | 1,823,862 | $ | 1,584,464 | ||||
As of September 30, 2024, we had cash and cash equivalents of $700.3 million and short-term investments of $762.0 million, compared with cash and cash equivalents of $527.8 million and short-term investments of $580.6 million as of December 31, 2023. As of September 30, 2024, $506.5 million of cash and cash equivalents and $725.5 million of short-term investments were held by our international subsidiaries. We have repatriated and will likely repatriate cash from our Bermuda subsidiary to fund our expenditures. We anticipate that earnings from other foreign subsidiaries will continue to be indefinitely reinvested.
Summary of Cash Flows
The following table summarizes our cash flow activities:
| Nine Months Ended September 30, |
||||||||
| 2024 |
2023 |
|||||||
| (In thousands) |
||||||||
| Net cash provided by operating activities |
$ | 620,729 | $ | 484,900 | ||||
| Net cash used in investing activities |
(296,128 | ) | (212,695 | ) | ||||
| Net cash used in financing activities |
(186,853 | ) | (129,311 | ) | ||||
| Effect of change in exchange rates |
1,552 | (10,323 | ) | |||||
| Net increase in cash, cash equivalents and restricted cash |
$ | 139,300 | $ | 132,571 | ||||
For the nine months ended September 30, 2024, the $135.8 million increase in cash provided by operating activities compared to the same period in 2023 was primarily due to increased accounts receivable collections and the collection of $50.0 million of other receivables related to a long-term wafer supply agreement, partially offset by increased inventory purchases. This increase was also affected by changes in other working capital.
For the nine months ended September 30, 2024, the $83.4 million increase in cash used in investing activities compared to the same period in 2023 was primarily due to an increase of $37.2 million in purchases of property and equipment and the $33.3 million acquisition in the nine months ended September 30, 2024.
For the nine months ended September 30, 2024, the $57.5 million increase in cash used in financing activities compared to the same period in 2023 was primarily due to an increase of $43.5 million in dividend and dividend equivalent payments.
Cash Requirements
Although consequences of economic uncertainties and macroeconomic conditions and other factors could adversely affect our liquidity and capital resources in the future, and our cash requirements may fluctuate based on the timing and extent of many factors such as those discussed above, we believe that our balances of cash, cash equivalents and short-term investments of $1,462.4 million as of September 30, 2024, along with cash generated by ongoing operations, will be sufficient to satisfy our liquidity requirements for the next 12 months and beyond.
Our material cash requirements include the following contractual and other obligations:
Purchase Obligations
Purchase obligations represent commitments to our suppliers and other parties requiring the purchases of goods or services. Our purchase obligations primarily consist of wafer and other inventory purchases, assembly and other manufacturing services, construction of manufacturing and R&D facilities, purchases of production and other equipment, and license arrangements.
In May 2022, we entered into a long-term supply agreement in order to secure manufacturing production capacity for silicon wafers over a four-year period. As of September 30, 2024, we had remaining prepayments under this agreement of $120.0 million, of which $60.0 million was classified as short-term.
As of September 30, 2024, total estimated future unconditional purchase commitments to all suppliers and other parties, net of the $120.0 million prepayment, were $586.9 million, of which $470.9 million was classified as short-term.
Transition Tax Liability
The transition tax liability represents the one-time, mandatory deemed repatriation tax imposed on previously deferred foreign earnings under the U.S. Tax Cuts and Jobs Act enacted in December 2017 (the “2017 Tax Act”). As permitted by the 2017 Tax Act, we have elected to pay the tax liability in installments on an interest-free basis through 2025. As of September 30, 2024, the remaining liability totaled $6.2 million, all of which was classified as short-term.
Operating Leases
Operating lease obligations represent the undiscounted remaining lease payments primarily for our leased facilities and equipment. As of September 30, 2024, these obligations totaled $16.3 million, of which $2.8 million was classified as short-term.
Capital Return to Stockholders
In October 2023, our Board of Directors approved a stock repurchase program authorizing us to repurchase up to $640.0 million in the aggregate of our common stock through October 29, 2026. Shares are retired upon repurchase. We repurchased 6,000 and 19,000 shares of our common stock for an aggregate purchase price of $5.5 million and $14.2 million during the three and nine months ended September 30, 2024, respectively. As of September 30, 2024, $622.1 million remained available for future repurchases under the program.
We currently have a dividend program approved by our Board of Directors, pursuant to which we intend to pay quarterly cash dividends on our common stock. Based on our historical practice, stockholders of record as of the last business day of the quarter are entitled to receive the quarterly cash dividends when and if declared by the Board of Directors, which are payable to the stockholders in the following month. As of September 30, 2024, accrued dividends totaled $61.0 million. The declaration of any future cash dividends is at the discretion of our Board of Directors and will depend on, among other things, our financial condition, results of operations, capital requirements, business conditions and other factors that our Board of Directors may deem relevant, as well as a determination that cash dividends are in the best interests of our stockholders.
Other Long-Term Obligations
Other long-term obligations primarily include payments for deferred compensation plan liabilities and accrued dividend equivalents. As of September 30, 2024, these obligations totaled $88.3 million.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
For a discussion of market risks, refer to Item 7A, “Quantitative and Qualitative Disclosures about Market Risk” in our Annual Report on Form 10-K for the year ended December 31, 2023. During the three and nine months ended September 30, 2024, there were no material changes or developments that would have materially altered, or were reasonably likely to materially alter, the market risk assessment performed as of December 31, 2023.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures pursuant to Rule 13a-15(e) and Rule 15d-15(e) under the Securities Exchange Act of 1934 as of the end of the period covered by this Quarterly Report on Form 10-Q.
Based on this evaluation, and due to the finding of the material weakness described below, our Chief Executive Officer and Chief Financial Officer concluded that, as of September 30, 2024, our disclosure controls and procedures were not effective to provide reasonable assurance that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms.
As previously reported in our Annual Report on Form 10-K for the year ended December 31, 2023, during the year-end financial reporting process of fiscal year 2023, a material weakness was identified in internal control over financial reporting within the Company’s demand forecast process regarding excess and obsolete inventory. The material weakness resulted from ineffective design of the controls related to management’s review and documentation of the Company’s inventory demand information and other assumptions used to determine the inventory carrying value adjustments necessary to record such quantities at the lower of their cost or net realizable value.
A material weakness is a deficiency, or a combination of deficiencies in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim consolidated financial statements will not be prevented or detected on a timely basis. This material weakness did not result in a misstatement to the audited consolidated financial statements for the year ended December 31, 2023.
Notwithstanding the material weakness in internal control over financial reporting described above, management believes and has concluded that the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q fairly present, in all material respects, our financial position, results of operations and cash flows for the periods presented in conformity with GAAP.
Ongoing Remediation of Previously Identified Material Weakness
With respect to the material weakness described above, management, under the oversight of the Audit Committee, has implemented measures designed to ensure that control deficiencies contributing to the material weakness are remediated, such that these controls are designed, implemented, and operating effectively. However, the weakness will not be considered remediated until the applicable controls operate for a sufficient period of time and management has concluded, through testing, that these controls are operating effectively. The Company will monitor the effectiveness of its remediation plan and refine its remediation plan as appropriate.
Changes in Internal Control over Financial Reporting
As described above, we are taking steps to remediate the material weakness in our internal control over financial reporting. Other than in connection with the remediation process described above, no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the quarter ended September 30, 2024 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
Limitations on Effectiveness of Controls and Procedures
In designing and evaluating the disclosure controls and procedures, management recognizes that any set of controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints, and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.
We are a party to actions and proceedings in the ordinary course of business, including challenges to the enforceability or validity of our intellectual property, claims that our products infringe on the intellectual property rights of others, and employment matters. We may also be subject to litigation initiated by our stockholders. These proceedings often involve complex questions of fact and law and may require the expenditure of significant funds and the diversion of other resources to prosecute and defend. We defend ourselves vigorously against any such claims. As of September 30, 2024, there were no material pending legal proceedings to which we were a party.
The Company’s business, reputation, results of operations, financial condition and stock price can be affected by a number of factors, whether currently known or unknown, including those described in Part I, Item 1A of the Annual Report on Form 10-K for the year ended December 31, 2023 under the heading “Risk Factors.” When any one or more of these risks materialize from time to time, the Company’s business, reputation, results of operations, financial condition and stock price can be materially and adversely affected. There have been no material changes to the Company’s risk factors since the filing of the Annual Report on Form 10-K for the year ended December 31, 2023.
发行人购置股权证券
2023年10月，我们的董事会批准了一项股票回购计划，授权我们在2026年10月29日前回购最多64000万美元我们普通股的股份总额。股份在回购时被注销。在截至2024年9月30日的三个月和九个月内，我们分别回购了6,000和19,000股我们的普通股，总购买价为550万和1420万美元。
根据适用的州和联邦证券法，我们可以通过公开市场回购、私下协商交易或其他结构来进行股票回购计划，至管理层认为适当的时候和金额。我们的管理层将根据对市场条件、法律要求、股价和其他因素的评估来决定回购的普通股的时间和股数。回购计划不会迫使我们购买任何特定数量的股份，并且可以在任何时候暂停、修改或终止而无需事先通知。
以下表格显示了我们在2024年9月30日结束的三个月内的股票回购交易细节：
| 期间 |
购买股份总数 |
每股平均支付价 |
作为公开公布计划一部分购买的股份总数 |
可能根据本计划购买的股份的估计美元价值 |
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| （以千计，每股金额除外） |
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| 二零二四年七月一日至二零二四年七月三十一日 |
2 | $ | 837.82 | 2 | $ | 625,790 | ||||||||||
| 二零二四年八月一日至二零二四年八月三十一日 |
2 | $ | 872.16 | 2 | $ | 623,871 | ||||||||||
| 二零二四年九月一日至二零二四年九月三十日 |
2 | $ | 885.99 | 2 | $ | 622,100 | ||||||||||
| 总计 |
6 | $ | 864.68 | 6 | ||||||||||||
无。
暂不适用。
我们的某些高管根据1934年修订后的《证券交易法》第10b5-1(c)条款订定了交易计划。交易计划是一份书面文件，预先确定了未来购买或出售我们普通股的数量、价格和日期（或确定数量、价格和日期的公式），包括根据2004年员工持股计划获得的股份的行使和出售，及RSUs解禁时。
以下表格汇总了在2024年9月30日结束的三个月内采用旨在满足第10b5-1(c)条款肯定防御条件的交易计划情况：
| 姓名和头衔 | 采纳日期 | 计划期限 | 预期出售金额（以股份计） | |||
| , |
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| 天从发票日期计算，被视为商业合理。 | |||
| , * |
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| 天从发票日期计算，被视为商业合理。 | |||
| , |
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| 天从发票日期计算，被视为商业合理。 | |||
| , |
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| 天从发票日期计算，被视为商业合理。 |
*代表Sciammas家族2020 Irrevocable Trust。
在2024年9月30日结束的三个月内， 交易计划旨在满足10b5-1(c)条规的肯定防守条件被修改或终止，并 其他不打算符合第10b5-1(c)规则积极自我防卫的书面交易安排已被采纳、修改或终止。
| 展览 的修改主要是针对汇率调整和所得税已付信息改进所得税披露，以回应投资者对所得税信息更多的透明度要求。 |
描述 |
| 31.1 |
根据《证券交易法》第13a-14(a)条及第15d-14(a)条，签署执行长的认证书，该法案乃根据2002年《萨班斯-豪利法案》第302条获得通过。 |
| 31.2 |
根据《证券交易法》第13a-14(a)条及第15d-14(a)条，签署财务长的认证书，该法案乃根据2002年《萨班斯-豪利法案》第302条获得通过。 |
| 32.1* |
根据《刑法》第1350条及根据2002年《萨班斯-豪利法案》第906条获得通过，签署执行长和致富金融(临时代码)的认证书。 |
| 101.INS |
Inline XBRL 实例文件 - 实例文件在交互式数据文件中未出现，因为其XBRL标签嵌入在Inline XBRL文件中。 |
| 101.SCH |
Inline XBRL分类扩充模式文件 |
| 101.CAL |
Inline XBRL分类扩充计算链接库文件 |
| 101.DEF |
Inline XBRL分类扩充定义链接库文件 |
| 101.LAB |
Inline XBRL分类扩充标记链接库文件 |
| 101.PRE |
Inline XBRL分类扩充演示链接库文件 |
| 104 |
封面互动数据档（格式为内嵌XBRL，包含于展览101中） |
| * |
本展品不应被视为《证券交易法》第18条的文件，也不应被视为在《证券法》或《证券交易法》的任何提交中，不论是在本日期前还是后制成的，也不论该提交中是否有一般性的纳入语言。 |
单片电源系统股份有限公司
签名
根据1934年证券交易所法案的要求，本公司已经授权下述人员代表本公司签署此报告。
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MONOLITHIC POWER SYSTEMS，INC。 |
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| Dated: November 6, 2024 |
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作者： |
/s/ t. Bernie Blegen |
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t. Bernie Blegen |
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执行副总裁兼财务长 |
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(经过授权的主管及财务长 |
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财务及会计主管) |
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