Cash Flow Statement
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Income Statement
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Analysis of Revenues
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Monolithic Power Systems Inc., consolidated cash flow statement
US$ in thousands
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).
- Net Income
- Net income exhibited strong growth overall, more than doubling from 164,375 thousand US$ in 2020 to 1786700 thousand US$ in 2024. Despite a slight dip in 2023 compared to 2022, the company demonstrated significant profitability expansion in the long term.
- Depreciation and Amortization
- This expense steadily increased from 19,186 thousand US$ in 2020 to a peak of 40,168 thousand US$ in 2023, before slightly decreasing to 36,430 thousand US$ in 2024, indicating ongoing investment in capital assets with stable related expenses.
- Amortization of Premium (Discount) on Available-for-Sale Securities
- This item fluctuated, moving from a positive amortization in 2020-2022 to a negative amortization in 2023 and deteriorating further in 2024. It suggests changing market or investment conditions impacting the value adjustments of securities held.
- Deferred Taxes, Net
- Deferred taxes exhibited volatility, with a notable sharp increase in liabilities as reflected by a significant negative number in 2024 (-1,302,911 thousand US$), indicating a substantial deferred tax expense or asset revaluation in that year.
- Stock-Based Compensation Expense
- The expense rose steadily from 85,551 thousand US$ in 2020 to 205,640 thousand US$ in 2024, reflecting an increased reliance on equity incentives as part of employee compensation.
- Working Capital Items (Accounts Receivable, Inventories, Other Assets, Accounts Payable, Accrued Liabilities)
- The working capital components displayed mixed movements. Accounts receivable and inventories showed significant negative adjustments in 2021 and 2022, followed by recovery in subsequent years. Accounts payable and accrued liabilities fluctuated, with some volatility in accrued compensation and related benefits, especially a sharp drop in 2023. Changes in operating assets and liabilities saw considerable negative values in 2021 and 2022 but improved in later years, positively impacting cash flow.
- Cash Flows from Operating Activities
- Net cash provided by operating activities increased overall with some variability, starting at 267,803 thousand US$ in 2020 and peaking at 788,410 thousand US$ in 2024. There was a decrease in 2022 but strong recovery afterward, indicating resilient operational cash generation.
- Investing Activities
- Cash used in investing activities was negative or small in most years, except for a positive cash flow in 2024 (223,047 thousand US$). Purchases of property and equipment showed irregular but substantial capital expenditures, especially marked increase in 2024. Purchases of investments were large and spiked in 2024, with maturity and sales of investments showing increases offering some offset.
- Financing Activities
- Cash used in financing activities increased over time, driven largely by growing dividends payments each year, rising to 240,623 thousand US$ in 2024. Stock repurchases began in 2023 and expanded significantly in 2024 (-636,244 thousand US$). Proceeds from stock issuance under equity plans were positive but comparatively small. Overall financing outflows grew notably in 2024.
- Cash Position
- The cash, cash equivalents, and restricted cash balance grew substantially over the period, increasing from 335,071 thousand US$ at the end of 2020 to 691,941 thousand US$ at the end of 2024. Despite fluctuations in cash inflows and outflows, liquidity improved considerably.
- Summary
- The data reveals a company with strong and growing profitability that is investing significantly in capital assets and equity compensation. Operating cash flow remains robust despite some volatility. The company increased its financial distributions via dividends and share repurchases, especially sharply in 2024. An unusual large deferred tax adjustment in 2024 merits further examination. Overall, liquidity has strengthened throughout the period.