Conference Call
MPS plans to conduct an investor teleconference covering its quarter ended March 31, 2017 results at 2:00 p.m. PT / 5:00 p.m. ET, April 26, 2017. To access the conference call and the following replay of the conference call, go to
http://ir.monolithicpower.com and click on the webcast link. From this site, you can listen to the teleconference, assuming that your computer system is configured properly. In addition to the webcast replay, which will be archived for all investors for one year on the MPS website, a phone replay will be available for seven days after the live call at (404) 537-3406, code number 5343522. This press release and any other information related to the call will also be posted on the website.
Safe Harbor Statement
This press release contains, and statements that will be made during the accompanying teleconference will contain, forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including, among other things, (i) projected revenues, GAAP and non-GAAP gross margin, GAAP and non-GAAP R&D and SG&A expenses, stock-based compensation expenses, amortization of acquisition-related intangible assets, litigation expenses, interest and other income and diluted shares outstanding for the quarter ending June 30, 2017, (ii) our outlook for the long-term prospects of the company, including our performance against our business plan, revenue growth in certain of our market segments, our continued investment into R&D, expected revenue growth, customers’ acceptance of our new product offerings, the prospects of our new product development, and our expectations regarding market and industry segment trends and prospects, (iii) our ability to penetrate new markets and expand our market share, (iv) the seasonality of our business, (v) our ability to reduce our expenses, and (vi) statements of the assumptions underlying or relating to any statement described in (i), (ii), (iii), (iv), or (v). These forward-looking statements are not historical facts or guarantees of future performance or events, are based on current expectations, estimates, beliefs, assumptions, goals, and objectives, and involve significant known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from the results expressed by these statements. Readers of this press release and listeners to the accompanying conference call are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. Factors that could cause actual results to differ include, but are not limited to, our ability to attract new customers and retain existing customers; acceptance of, or demand for, MPS’ products, in particular the new products launched recently, being different than expected; our ability to efficiently and effectively develop new products and receive a return on our R&D expense investment; competition generally and the increasingly competitive nature of our industry; any market disruptions or interruptions in MPS’ schedule of new product development releases; adverse changes in production and testing efficiency of our products; our ability to realize the anticipated benefits of companies and products that we acquire, and our ability to effectively and efficiently integrate these acquired companies and products into our operations; our ability to manage our inventory levels; adverse changes in government regulations in foreign countries where MPS has offices or operations; the effect of catastrophic events; adequate supply of our products from our third-party manufacturing partners; the risks, uncertainties and costs of litigation in which we are involved; the outcome of any upcoming trials, hearings, motions and appeals; the adverse impact on MPS’ financial performance if its tax and litigation provisions are inadequate; adverse changes or developments in the semiconductor industry generally, which is cyclical in nature; difficulty in predicting or budgeting for future customer demand and channel inventories, expenses and financial contingencies; the ongoing consolidation of companies in the semiconductor industry; and other important risk factors identified in MPS’ Securities and Exchange Commission (SEC) filings, including, but not limited to, our annual report on Form 10-K filed with the SEC on March 1, 2017.
The forward-looking statements in this press release and statements made during the accompanying teleconference represent MPS’ projections and current expectations, as of the date hereof, not predictions of actual performance. MPS assumes no obligation to update the information in this press release or in the accompanying conference call.
About Monolithic Power Systems
Monolithic Power Systems, Inc. (MPS) provides small, highly energy efficient, easy-to-use power solutions for systems found in industrial applications, telecom infrastructures, cloud computing, automotive, and consumer applications. MPS' mission is to reduce total energy consumption in its customers' systems with green, practical, compact solutions. The company was founded by Michael Hsing in 1997 and is headquartered in San Jose, CA. MPS can be contacted through its website at or its support offices around the world.
Monolithic Power Systems, MPS, and the MPS logo are registered trademarks of Monolithic Power Systems, Inc. in the U.S. and trademarked in certain other countries.
Condensed Consolidated Balance Sheets
(Unaudited, in thousands, except par value) | |||||||
March 31, | December 31, | ||||||
2017 | 2016 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 76,826 | $ | 112,703 | |||
Short-term investments | 201,815 | 155,521 | |||||
Accounts receivable, net | 38,115 | 34,248 | |||||
Inventories | 78,535 | 71,469 | |||||
Other current assets | 11,045 | 9,043 | |||||
Total current assets | 406,336 | 382,984 | |||||
Property and equipment, net | 85,617 | 85,171 | |||||
Long-term investments | 5,342 | 5,354 | |||||
Goodwill | 6,571 | 6,571 | |||||
Acquisition-related intangible assets, net | 2,489 | 3,002 | |||||
Deferred tax assets, net | 641 | 633 | |||||
Other long-term assets | 29,808 | 27,411 | |||||
Total assets | $ | 536,804 | $ | 511,126 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 22,637 | $ | 17,427 | |||
Accrued compensation and related benefits | 10,454 | 12,578 | |||||
Accrued liabilities | 22,917 | 22,916 | |||||
Total current liabilities | 56,008 | 52,921 | |||||
Income tax liabilities | 4,111 | 3,870 | |||||
Other long-term liabilities | 25,557 | 23,219 | |||||
Total liabilities | 85,676 | 80,010 | |||||
Commitments and contingencies | |||||||
Stockholders' equity: | |||||||
Common stock and additional paid-in capital, $0.001 par value; shares authorized: | |||||||
150,000; shares issued and outstanding: 41,239 and 40,793 | |||||||
as of March 31, 2017 and December 31, 2016, respectively | 334,222 | 315,969 | |||||
Retained earnings | 119,613 | 119,362 | |||||
Accumulated other comprehensive loss | (2,707 | ) | (4,215 | ) | |||
Total stockholders’ equity | 451,128 | 431,116 | |||||
Total liabilities and stockholders’ equity | $ | 536,804 | $ | 511,126 |