Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Monolithic Power Systems Inc., consolidated balance sheet: assets

US$ in thousands

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Cash and cash equivalents	691,816)	527,843)	288,607)	189,265)	334,944)
Short-term investments	171,130)	580,633)	449,266)	535,817)	260,169)
Accounts receivable, net	172,518)	179,858)	182,714)	104,813)	66,843)
Inventories	419,611)	383,702)	447,290)	259,417)	157,062)
Other receivables	60,000)	50,000)	—)	—)	—)
Prepaid expense	36,083)	28,964)	11,045)	9,526)	5,032)
RSU tax withholding proceeds receivable	10)	20,141)	14,480)	16,224)	12,504)
Restricted cash	—)	33,204)	—)	—)	—)
Other	13,885)	15,154)	17,217)	9,790)	5,444)
Other current assets	109,978)	147,463)	42,742)	35,540)	22,980)
Current assets	1,565,053)	1,819,499)	1,410,619)	1,124,852)	841,998)
Property and equipment, net	494,945)	368,952)	357,157)	362,962)	281,528)
Acquisition-related intangible assets, net	9,938)	—)	—)	—)	—)
Goodwill	25,944)	6,571)	6,571)	6,571)	6,571)
Deferred tax assets, net	1,326,840)	28,054)	35,252)	21,917)	18,556)
Deferred compensation plan assets	92,586)	78,381)	63,022)	53,172)	46,146)
Prepaid wafer purchases	60,000)	120,000)	170,000)	—)	—)
Operating lease ROU and related assets	34,198)	8,355)	4,288)	6,297)	3,719)
Other	7,593)	4,541)	11,976)	10,054)	9,973)
Other long-term assets	194,377)	211,277)	249,286)	69,523)	59,838)
Long-term assets	2,052,044)	614,854)	648,266)	460,973)	366,493)
Total assets	3,617,097)	2,434,353)	2,058,885)	1,585,825)	1,208,491)

Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).

The analysis of the annual financial data reveals distinct trends across various asset categories over the reported periods.

Cash and Cash Equivalents: A notable fluctuation is observed, with a decline from $334,944k in 2020 to $189,265k in 2021, followed by a substantial recovery to $691,816k by 2024. This indicates improved liquidity management or enhanced cash generation in recent years.
Short-term Investments: The value increased sharply from $260,169k in 2020 to $535,817k in 2021, then declined to $171,130k by 2024. This pattern may reflect strategic asset reallocation, possibly influenced by market conditions or investment priorities.
Accounts Receivable, Net: There is consistent growth from $66,843k in 2020 to $182,714k in 2022, followed by a slight decrease through 2024. The rising trend until 2022 suggests expanding sales on credit, whereas the subsequent decline might indicate improved collection or sales normalization.
Inventories: Inventories increased significantly from $157,062k in 2020 to $447,290k in 2022, then moderated to $419,611k in 2024. This substantial accumulation by 2022 suggests stockpiling or increased production, followed by controlled inventory levels.
Other Receivables: Reported only in 2023 and 2024 at $50,000k and $60,000k respectively, indicating a new or expanding category of receivables in recent years.
Prepaid Expense: Prepaid expenses show steady growth from $5,032k in 2020 to $36,083k in 2024, which may reflect increased advance payments or contractual commitments.
RSU Tax Withholding Proceeds Receivable: This item rises initially from $12,504k in 2020 to $20,141k in 2023, then sharply drops to $10k in 2024, indicating possible changes in equity compensation or tax-related transactions.
Restricted Cash: Data is sparse but shows $33,204k reported in 2023, potentially linked to specific contractual requirements or legal restrictions.
Other Current Assets: Values increased markedly to $147,463k in 2023, then decreased to $109,978k in 2024. The volatility suggests changes in miscellaneous current asset components.
Current Assets: Overall current assets grew steadily from $841,998k in 2020 to a peak of $1,819,499k in 2023, followed by a decline to $1,565,053k in 2024, reflecting dynamic management of liquid and short-term resources.
Property and Equipment, Net: General upward trend with an acceleration in 2024 reaching $494,945k, indicating significant capital investment or asset acquisitions.
Acquisition-Related Intangible Assets, Net: Reported only in 2024 at $9,938k, suggesting a recent acquisition or recognition of intangible assets.
Goodwill: Remained stable at $6,571k from 2020 to 2023, then increased considerably to $25,944k in 2024, consistent with acquisition activity observed in intangible assets.
Deferred Tax Assets, Net: Showed steady increase to $35,252k in 2022, a slight decline in 2023, then a significant surge to $1,326,840k in 2024, representing a major change in tax position or recognition of deferred tax benefits.
Deferred Compensation Plan Assets: Consistent growth from $46,146k in 2020 to $92,586k in 2024, reflecting increased liabilities or employee benefit accruals.
Prepaid Wafer Purchases: First reported in 2022 at $170,000k, declined to $60,000k by 2024, indicating changing commitments in supply chain or procurement.
Operating Lease ROU and Related Assets: Values generally increased from $3,719k in 2020 to $34,198k in 2024, depicting expansion in leasing arrangements or recognition according to lease accounting standards.
Other Long-term Assets: Displayed a rising trend with a peak at $249,286k in 2022, then moderate decline through 2024, indicating movement in non-current miscellaneous asset categories.
Long-term Assets: Growth from $366,493k in 2020 to $2,052,044k in 2024 shows substantial increases, principally driven by deferred tax assets and property, equipment, and goodwill.
Total Assets: Total assets increased steadily over five years, from $1,208,491k in 2020 to $3,617,097k in 2024, reflecting overall growth, CAPEX, acquisitions, and enhanced asset base.

In summary, the data reveals ongoing expansion with significant investment in assets and strategic acquisitions in later years. The liquidity profile improved substantially by 2024 despite some volatility in short-term investments. The pronounced increase in deferred tax assets and goodwill in 2024 highlights recent tax strategy adjustments and acquisition activity, respectively. Inventory levels and accounts receivable trends suggest scaling operations with managed working capital. Overall, the financial position demonstrates robust growth and evolving asset composition, indicating active capital deployment and potential operational scaling.

Assets: Selected Items

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Current Assets: Selected Items

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Monolithic Power Systems Inc. (NASDAQ:MPWR)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items