Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 000-51026

Monolithic Power Systems, Inc.

(Exact name of registrant

as specified in its charter)

Delaware

77-0466789

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification Number)

5808 Lake Washington Blvd. NE, Kirkland, Washington 98033

(Address of principal executive offices)(Zip Code)

(425) 296-9956

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which

registered

Common Stock, par value $0.001

per share

MPWR

The NASDAQ Global Select Market

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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒	Accelerated filer ☐	Non-accelerated filer ☐
Smaller reporting company ☐	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

There were 48,780,000 shares of the registrant’s common stock issued and outstanding as of October 30, 2024.

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MONOLITHIC POWER SYSTEMS, INC.

Form 10-Q

For the Quarter Ended September 30, 2024

TABLE OF CONTENTS

		PAGE
PART I. FINANCIAL INFORMATION		4
Item 1.	Financial Statements (unaudited)	4
	Condensed Consolidated Balance Sheets	4
	Condensed Consolidated Statements of Operations	5
	Condensed Consolidated Statements of Comprehensive Income	6
	Condensed Consolidated Statements of Stockholders’ Equity	7
	Condensed Consolidated Statements of Cash Flows	8
	Notes to Condensed Consolidated Financial Statements	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	28
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	35
Item 4.	Controls and Procedures	35

PART II. OTHER INFORMATION		36
Item 1.	Legal Proceedings	36
Item 1A.	Risk Factors	36
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	37
Item 3.	Defaults Upon Senior Securities	37
Item 4.	Mine Safety Disclosures	37
Item 5.	Other Information	37
Item 6.	Exhibits	38

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

MONOLITHIC POWER SYSTEMS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except par value)

(Unaudited)

	September 30,			December 31,
	2024			2023
ASSETS
Current assets:
Cash and cash equivalents	$	700,347		$	527,843
Short-term investments		762,003			580,633
Accounts receivable, net		164,704			179,858
Inventories		424,942			383,702
Other current assets		108,454			147,463
Total current assets		2,160,450			1,819,499
Property and equipment, net		436,265			368,952
Acquisition-related intangible assets, net		10,225			-
Goodwill		26,080			6,571
Deferred tax assets, net		30,697			28,054
Other long-term assets		191,023			211,277
Total assets	$	2,854,740		$	2,434,353

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	115,865		$	62,958
Accrued compensation and related benefits		81,292			56,286
Other accrued liabilities		139,431			115,791
Total current liabilities		336,588			235,035
Income tax liabilities		64,656			60,724
Other long-term liabilities		101,806			88,655
Total liabilities		503,050			384,414
Commitments and contingencies
Stockholders’ equity:
Common stock and additional paid-in capital: $0.001 par value; shares authorized: 150,000; shares issued and outstanding: 48,779 and 48,028, respectively		1,274,127			1,129,937
Retained earnings		1,098,759			947,064
Accumulated other comprehensive loss		(21,196	)		(27,062	)
Total stockholders’ equity		2,351,690			2,049,939
Total liabilities and stockholders’ equity	$	2,854,740		$	2,434,353

See accompanying notes to unaudited condensed consolidated financial statements.

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MONOLITHIC POWER SYSTEMS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per-share amounts)

(Unaudited)

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Revenue	$	620,119	$	474,867	$	1,585,435	$	1,367,060
Cost of revenue		276,676		211,326		708,973		597,064
Gross profit		343,443		263,541		876,462		769,996
Operating expenses:
Research and development		85,051		64,787		238,986		192,184
Selling, general and administrative		94,364		63,188		261,425		205,645
Total operating expenses		179,415		127,975		500,411		397,829
Operating income		164,028		135,566		376,051		372,167
Other income, net		10,278		2,289		27,330		14,129
Income before income taxes		174,306		137,855		403,381		386,296
Income tax expense		29,876		16,692		66,044		55,827
Net income	$	144,430	$	121,163	$	337,337	$	330,469

Net income per share:
Basic	$	2.96	$	2.54	$	6.93	$	6.96
Diluted	$	2.95	$	2.48	$	6.89	$	6.78
Weighted-average shares outstanding:
Basic		48,757		47,780		48,692		47,501
Diluted		48,964		48,792		48,945		48,734

See accompanying notes to unaudited condensed consolidated financial statements.

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MONOLITHIC POWER SYSTEMS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

(Unaudited)

	Three Months Ended September 30,					Nine Months Ended September 30,
	2024		2023			2024		2023
Net income	$	144,430	$	121,163		$	337,337	$	330,469
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments		22,321		(4,838	)		4,186		(28,099	)
Changes in unrealized gains and losses on available-for-sale securities, net of tax of $37, $156, $(161) and $625, respectively		977		1,132			1,680		4,073
Other comprehensive income (loss), net of tax:		23,298		(3,706	)		5,866		(24,026	)
Comprehensive income	$	167,728	$	117,457		$	343,203	$	306,443

See accompanying notes to unaudited condensed consolidated financial statements.

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MONOLITHIC POWER SYSTEMS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands, except per-share amounts)

(Unaudited)

										Accumulated
	Common Stock and									Other			Total
	Additional Paid-in Capital						Retained			Comprehensive			Stockholders’
Three Months Ended September 30, 2024	Shares			Amount			Earnings			Loss			Equity
Balance as of July 1, 2024		48,698		$	1,224,144		$	1,016,208		$	(44,494	)	$	2,195,858
Net income		-			-			144,430			-			144,430
Other comprehensive income		-			-			-			23,298			23,298
Dividends and dividend equivalents declared ($1.25 per share)		-			-			(61,879	)		-			(61,879	)
Common stock issued under the employee equity incentive plan		81			-			-			-			-
Common stock issued under the employee stock purchase plan		7			4,121									4,121
Repurchases of common stock		(7	)		(5,534	)		-			-			(5,534	)
Stock-based compensation expense		-			51,396			-			-			51,396
Balance as of September 30, 2024		48,779		$	1,274,127		$	1,098,759		$	(21,196	)	$	2,351,690

								Accumulated
	Common Stock and							Other			Total
	Additional Paid-in Capital				Retained			Comprehensive			Stockholders’
Three Months Ended September 30, 2023	Shares		Amount		Earnings			Loss			Equity
Balance as of July 1, 2023		47,611	$	1,055,130	$	827,356		$	(43,397	)	$	1,839,089
Net income		-		-		121,163			-			121,163
Other comprehensive loss		-		-		-			(3,706	)		(3,706	)
Dividends and dividend equivalents declared ($1.00 per share)		-		-		(49,121	)		-			(49,121	)
Common stock issued under the employee equity incentive plan		291		4		-			-			4
Common stock issued under the employee stock purchase plan		9		3,831		-			-			3,831
Stock-based compensation expense		-		33,604		-			-			33,604
Balance as of September 30, 2023		47,911	$	1,092,569	$	899,398		$	(47,103	)	$	1,944,864

										Accumulated
	Common Stock and									Other			Total
	Additional Paid-in Capital						Retained			Comprehensive			Stockholders’
Nine Months Ended September 30, 2024	Shares			Amount			Earnings			Loss			Equity
Balance as of January 1, 2024		48,028		$	1,129,937		$	947,064		$	(27,062	)	$	2,049,939
Net income		-			-			337,337			-			337,337
Other comprehensive income		-			-			-			5,866			5,866
Dividends and dividend equivalents declared ($3.75 per share)		-			-			(185,642	)		-			(185,642	)
Common stock issued under the employee equity incentive plan		752			-			-			-			-
Common stock issued under the employee stock purchase plan		18			8,727			-			-			8,727
Repurchases of common stock		(19	)		(14,160	)		-			-			(14,160	)
Stock-based compensation expense		-			149,623			-			-			149,623
Balance as of September 30, 2024		48,779		$	1,274,127		$	1,098,759		$	(21,196	)	$	2,351,690

								Accumulated
	Common Stock and							Other			Total
	Additional Paid-in Capital				Retained			Comprehensive			Stockholders’
Nine Months Ended September 30, 2023	Shares		Amount		Earnings			Loss			Equity
Balance as of January 1, 2023		47,107	$	975,276	$	716,403		$	(23,077	)	$	1,668,602
Net income		-		-		330,469			-			330,469
Other comprehensive loss		-		-		-			(24,026	)		(24,026	)
Dividends and dividend equivalents declared ($3.00 per share)		-		-		(147,474	)		-			(147,474	)
Common stock issued under the employee equity incentive plan		786		1,118		-			-			1,118
Common stock issued under the employee stock purchase plan		18		7,568		-			-			7,568
Stock-based compensation expense		-		108,607		-			-			108,607
Balance as of September 30, 2023		47,911	$	1,092,569	$	899,398		$	(47,103	)	$	1,944,864

See accompanying notes to unaudited condensed consolidated financial statements.

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MONOLITHIC POWER SYSTEMS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

	Nine Months Ended September 30,
	2024			2023
Cash flows from operating activities:
Net income	$	337,337		$	330,469
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		26,387			29,940
Amortization of discount on available-for-sale securities		(16,684	)		(1,591	)
Gain on deferred compensation plan investments		(9,180	)		(3,411	)
Deferred taxes, net		(6,598	)		10,927
Stock-based compensation expense		149,630			108,603
Other		50			(1,447	)
Changes in operating assets and liabilities:
Accounts receivable		15,148			(3,103	)
Inventories		(40,535	)		49,989
Other assets		57,781			(21,423	)
Accounts payable		44,210			6,915
Accrued compensation and related benefits		24,450			(22,355	)
Income tax liabilities		13,345			(12,797	)
Other accrued liabilities		25,388			14,184
Net cash provided by operating activities		620,729			484,900
Cash flows from investing activities:
Purchases of property and equipment		(81,316	)		(43,772	)
Cash paid for an assumed lease		(18,175	)		-
Purchases of investments		(941,451	)		(492,638	)
Maturities and sales of investments		779,861			328,181
Cash paid for acquisition, net of cash acquired		(33,283	)		-
Contributions to deferred compensation plan, net		(1,764	)		(4,466	)
Net cash used in investing activities		(296,128	)		(212,695	)
Cash flows from financing activities:
Property and equipment purchased on extended payment terms		(2,654	)		(2,732	)
Proceeds from common stock issued under the employee equity incentive plan		-			1,118
Proceeds from common stock issued under the employee stock purchase plan		8,727			7,568
Repurchases of common stock		(14,160	)		-
Dividends and dividend equivalents paid		(178,766	)		(135,265	)
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
Cash, cash equivalents and restricted cash, beginning of period		561,181			288,729
Cash, cash equivalents and restricted cash, end of period	$	700,481		$	421,300
Supplemental disclosures for cash flow information:
Cash paid for income taxes, net	$	58,614		$	73,678
Non-cash investing and financing activities:
Liability accrued for property and equipment purchases	$	9,577		$	2,893
Liability accrued for dividends and dividend equivalents	$	63,922		$	52,509

See accompanying notes to unaudited condensed consolidated financial statements.

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MONOLITHIC POWER SYSTEMS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1. BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements have been prepared by Monolithic Power Systems, Inc. (the “Company” or “MPS”) in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted in accordance with these accounting principles, rules and regulations. The information in this report should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 29, 2024.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations and cash flows for the interim periods presented. The financial statements contained in this Quarterly Report on Form 10-Q are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or for any other future periods.

Summary of Significant Accounting Policies

There have been no changes to the Company’s significant accounting policies during the three and nine months ended September 30, 2024. In addition to those described in the Company’s audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2023, the Company is subject to the following significant accounting policy due to its recent acquisition.

Goodwill and Acquisition-Related Intangible Assets

Goodwill represents the excess of fair value of purchase consideration over fair value of net tangible and identifiable intangible assets acquired as of the date of an acquisition. In-process research and development (“IPR&D”) assets represent the fair value of incomplete research and development (“R&D”) projects that had not reached technological feasibility as of the date of acquisition. IPR&D assets are initially capitalized at fair value as intangible assets with indefinite lives. When IPR&D projects are completed, they are reclassified as amortizable intangible assets and are amortized over their estimated useful lives. Alternatively, if IPR&D projects are abandoned, they are impaired and expensed as R&D costs. Acquisition-related intangible assets with finite lives consist of developed technologies, which are amortized on a straight-line basis over their estimated remaining useful lives. The amortization expense is recorded in cost of revenue in the Condensed Consolidated Statements of Operations.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Significant estimates and assumptions used in these condensed consolidated financial statements primarily include those related to revenue recognition, inventory valuation, valuation of share-based awards, contingencies and income tax valuation allowances. Actual results could differ from these estimates and assumptions, and any such differences may be material to the Company’s condensed consolidated financial statements.

New Accounting Pronouncements Not Yet Adopted as of September 30, 2024

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which aims to improve disclosures regarding a public entity’s reportable segments, primarily through more comprehensive disclosures around significant segment expenses. The standard is effective for annual periods beginning January 1, 2024 and for interim periods beginning January 1, 2025, and should be applied retroactively to all prior periods presented. The Company is evaluating the potential effect that the updated standard will have on its financial statement disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which aims to improve an entity’s income tax disclosures around its effective rate reconciliation, income taxes paid, disaggregation of income before income taxes and income tax expense. The guidance will be effective for annual periods beginning January 1, 2025. The standard should be applied prospectively but retrospective application is permitted. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements.

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2. REVENUE RECOGNITION

Revenue from Product Sales

The Company generates revenue primarily from product sales, which include assembled and tested integrated circuits (“ICs”), power modules as well as dies in wafer form. These product sales accounted for 99% of the Company’s total revenue for each of the three and nine months ended September 30, 2024 and 2023. The remaining revenue primarily includes royalty revenue from licensing arrangements and revenue from wafer testing services performed for third parties. See Note 8 for the disaggregation of the Company’s revenue by geographic region and by product family.

The Company sells its products primarily through third-party distributors, value-added resellers, original equipment manufacturers (“OEMs”), original design manufacturers (“ODMs”) and electronic manufacturing service (“EMS”) providers. For the three months ended September 30, 2024 and 2023, 88% and 77%, respectively, of the Company’s product sales were made through distribution arrangements. For the nine months ended September 30, 2024 and 2023, 87% and 79%, respectively, of the Company’s product sales were made through distribution arrangements. These distribution arrangements contain enforceable rights and obligations specific to those distributors and not the end customers. Purchase orders, which are generally governed by sales agreements or the Company’s standard terms of sale, set the final terms for unit price, quantity, shipping and payment agreed between the Company and the customer. The Company considers purchase orders to be the contracts with customers. The unit price as stated on the purchase orders is considered the observable, stand-alone selling price for the arrangements.

The Company recognizes revenue when it satisfies a performance obligation by transferring control of the promised goods or services to its customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company excludes taxes assessed by government authorities, such as sales taxes, from revenue.

Product sales consist of a single performance obligation that the Company satisfies at a point in time. The Company recognizes product revenue from distributors and direct end customers when the following events have occurred: (a) the Company has transferred physical possession of the products, (b) the Company has a present right to payment, (c) the customer has legal title to the products, and (d) the customer bears significant risks and rewards of ownership of the products. In accordance with the shipping terms specified in the contracts, these criteria are generally met when the products are shipped from the Company’s facilities (such as the “Ex Works” shipping term) or delivered to the customers’ locations (such as the “Delivered Duty Paid” shipping term).

Under certain consignment agreements, the Company recognizes revenue when the customers consume the products from the consigned inventory locations, at which time control transfers to the customers and the Company issues invoices.

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Variable Consideration

The Company accounts for price adjustments and stock rotation rights as variable consideration that reduces the transaction price and recognizes that reduction in the same period the associated revenue is recognized. Certain U.S.-based distributors have price adjustment rights when they sell the Company’s products to their end customers at a price that is lower than the distribution price invoiced by the Company. When the Company receives claims from the distributors that products have been sold to the end customers at the lower price, the Company issues the distributors credit memos for the price adjustments. The Company estimates the price adjustments using the expected value method based on an analysis of historical claims, at both the distributor and product level, as well as an assessment of any known trends of product sales mix. Other U.S. distributors and non-U.S. distributors do not have price adjustment rights. The Company records a credit against accounts receivable for the estimated price adjustments, with a corresponding reduction to revenue.

Certain distributors have limited stock rotation rights that permit the return of a small percentage of the previous nine months’ purchases in accordance with the contract terms. The Company estimates the stock rotation returns using the expected value method based on an analysis of historical returns, and the current level of inventory in the distribution channel. The Company records a liability for the stock rotation reserve, with a corresponding reduction to revenue. In addition, the Company recognizes an asset for product returns which represents the right to recover products from the customers related to stock rotations, with a corresponding reduction to cost of revenue.

Contract Balances

Accounts Receivable:

The Company records a receivable when it has an unconditional right to receive consideration after the performance obligations are satisfied. The Company’s accounts receivables are short-term, with standard payment terms generally ranging from 30 to 90 days. The Company does not require its customers to provide collateral to support accounts receivable. The Company assesses collectability by reviewing accounts receivable on a customer-by-customer basis. To manage credit risk, management performs ongoing credit evaluations of the customers’ financial condition, monitors payment performance, and assesses current economic conditions, as well as reasonable and supportable forecasts of future economic conditions, that may affect collectability of the outstanding receivables. For certain customers, the Company requires standby letters of credit or advance payments prior to shipments of goods. The Company did not recognize any write-offs of accounts receivable or record any allowance for credit losses for the periods presented.

Contract Liabilities:

For customers without credit terms, the Company requires cash payments two weeks before the products are scheduled to be shipped to the customers. The Company records these payments received in advance of performance as customer prepayments within current accrued liabilities. As of September 30, 2024 and December 31, 2023, customer prepayments totaled $6.3 million and $2.8 million, respectively. The increase in the customer prepayment balance for the nine months ended September 30, 2024 resulted from an increase in unfulfilled customer orders for which the Company had received payments.

Practical Expedients

The Company has elected the practical expedient to expense sales commissions as incurred because the amortization period would have been one year or less.

The Company’s standard payment terms generally require customers to pay 30 to 90 days after the Company satisfies the performance obligations. For those customers who are required to pay in advance, the Company satisfies the performance obligations generally within a quarter. For these reasons, the Company has elected not to determine whether contracts with customers contain significant financing components.

The Company’s unsatisfied performance obligations primarily include products held in consignment arrangements and customer purchase orders for products that the Company has not yet shipped. Because the Company expects to fulfill these performance obligations within one year, the Company has elected not to disclose the amount of these remaining performance obligations.

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3. STOCK-BASED COMPENSATION

2014 Equity Incentive Plan

In April 2013, the Board of Directors adopted the Company’s 2014 Equity Incentive Plan (the “2014 Plan”), which the Company’s stockholders approved in June 2013. In October 2014, the Board of Directors approved certain amendments to the 2014 Plan. The amended 2014 Plan became effective on November 13, 2014, and provided for the issuance of up to 5.5 million shares. In April 2020, the Board of Directors further amended and restated the amended 2014 Plan (the “Amended and Restated 2014 Plan”), which the Company’s stockholders approved in June 2020. The Amended and Restated 2014 Plan became effective on June 11, 2020, and provides for the issuance of up to 10.5 million shares. The Amended and Restated 2014 Plan will cease being available for new awards on June 11, 2030. As of September 30, 2024, 3.9 million shares remained available for future issuance under the Amended and Restated 2014 Plan.

Stock-Based Compensation Expense

The Company recognized stock-based compensation expenses as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of revenue	$	1,576	$	1,020	$	4,585	$	3,317
Research and development		11,331		8,479		33,460		26,406
Selling, general and administrative (“SG&A”)		38,491		24,103		111,585		78,880
Total stock-based compensation expense	$	51,398	$	33,602	$	149,630	$	108,603
Tax benefit related to stock-based compensation ⁽¹⁾	$	766	$	667	$	2,272	$	1,753

(1)

Amount reflects the tax benefit related to stock-based compensation recorded for equity awards that are expected to generate tax deductions when they vest in future periods. Equity awards granted to the Company’s executive officers are subject to the tax deduction limitations set by Section 162(m) of the Internal Revenue Code.

Restricted Stock Units (“RSUs”)

The Company’s RSUs include time-based RSUs, RSUs with performance conditions (“PSUs”), RSUs with market conditions (“MSUs”), and RSUs with both market and performance conditions (“MPSUs”). Vesting of awards with performance conditions or market conditions is subject to the achievement of pre-determined performance or market goals and the approval of such achievement by the Compensation Committee of the Board of Directors (the “Compensation Committee”). All awards include service conditions which require continued employment with or services to the Company.

A summary of RSU activity is presented in the table below (in thousands, except per-share amounts):

	Time-Based RSUs					PSUs and MPSUs						MSUs					Total
				Weighted-						Weighted-					Weighted-					Weighted-
				Average						Average					Average					Average
				Grant Date						Grant Date					Grant Date					Grant Date
	Number of			Fair Value		Number of				Fair Value		Number of			Fair Value		Number of			Fair Value
	Shares			Per Share		Shares				Per Share		Shares			Per Share		Shares			Per Share
Outstanding at January 1, 2024		102		$	411.11		482			$	397.77		1,502		$	152.89		2,086		$	222.04
Granted		31		$	643.98		344		⁽¹⁾	$	593.33		-		$	-		375		$	597.56
Vested		(39	)	$	374.15		(150	)		$	272.21		(563	)	$	68.48		(752	)	$	125.04
Forfeited		(4	)	$	471.15		(1	)		$	400.96		(1	)	$	270.15		(6	)	$	419.22
Outstanding at September 30, 2024		90		$	505.64		675			$	525.43		938		$	203.32		1,703		$	346.88

(1)	Amount reflects the number of awards that may ultimately be earned based on management’s probability assessment of the achievement of performance conditions at each reporting period.

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The intrinsic value related to vested RSUs was $65.7 million and $148.9 million for the three months ended September 30, 2024 and 2023, respectively. The intrinsic value related to vested RSUs was $494.4 million and $388.6 million for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, the total intrinsic value of all outstanding RSUs was $1.6 billion, based on the closing stock price of $924.50. As of September 30, 2024, unamortized compensation expense related to all outstanding RSUs was $299.6 million with a weighted-average remaining recognition period of approximately two years.

Time-Based RSUs:

For the nine months ended September 30, 2024, the Compensation Committee granted 31,000 RSUs with service conditions to non-executive employees and non-employee directors. The RSUs generally vest over four years for employees and one year for directors, subject to continued service with the Company.

2024 PSUs:

In February 2024, the Compensation Committee granted 50,000 PSUs to the executive officers, which represent the target number of shares that can be earned based on the degree of achievement of three sets of independent performance goals (“2024 Executive PSUs”). For the first goal, the executive officers can earn up to 300% of the target number of the 2024 Executive PSUs based on the achievement of the Company’s average three-year (2024 through 2026) revenue growth rate in excess of the analog industry’s average three-year revenue growth rate as published by the Semiconductor Industry Association (the “SIA”). For the second goal, the executive officers can earn 100% of the target number of the 2024 Executive PSUs if the Company achieves a reduction in 2026 of 25% global combined Scope 1 and Scope 2 greenhouse gas emissions against the 2022 baseline. For the third goal, the executive officers can earn 50% of the target number of the 2024 Executive PSUs if more than one-third of the Company’s total 2026 revenue in the automotive market is generated from Electronic Vehicle (“EV”) automakers. In addition, for the third goal, the executive officers can earn 50% of the target number of the 2024 Executive PSUs if total 2026 revenue from products enabling EV powertrains and EV 48V systems grows to 200% of the 2023 baseline. For the first goal, a percentage of the 2024 Executive PSUs will fully vest on December 31, 2026, depending on the degree to which the pre-determined goal is met during the performance period. The 2024 Executive PSUs related to the second and the third goal will fully vest on December 31, 2026 if the pre-determined goals are met during the performance period. Assuming the achievement of the highest level of the performance goals, the total stock-based compensation cost for the 2024 Executive PSUs will be $154.3 million.

In February 2024, the Compensation Committee granted 11,000 PSUs to certain non-executive employees, which represent the target number of shares that can be earned based on the degree of achievement of the Company’s 2025 revenue goals for certain regions or product line divisions, or based on the degree of achievement of the Company’s average two-year (2024 and 2025) revenue growth rate compared against the analog industry’s average two-year revenue growth rate as published by the SIA (“2024 Non-Executive PSUs”). The maximum number of shares that an employee can earn is either 200% or 300% of the target number of the 2024 Non-Executive PSUs, depending on the job classification of the employee. 50% of the 2024 Non-Executive PSUs will vest in the first quarter of 2026 depending on the degree to which the pre-determined goals are met during the performance period. The remaining 2024 Non-Executive PSUs will vest over the following two years on a quarterly basis. Assuming the achievement of the highest level of performance goals, the total stock-based compensation cost for the 2024 Non-Executive PSUs will be $17.7 million.

The 2024 Executive PSUs and the 2024 Non-Executive PSUs contain a purchase price feature, which requires the employees to pay the Company $30 per share upon vesting of the shares. The $30 purchase price requirement is deemed satisfied and waived if the Company’s stock price on the last trading day of the performance period is $30 higher than the grant date stock price of $632.98. The Company determined the grant date fair value of the 2024 Executive PSUs and the 2024 Non-Executive PSUs using a Monte Carlo simulation model with the following assumptions: stock price of $632.98, simulation term of three years, expected volatility of 49.4%, risk-free interest rate of 4.1%, and expected dividend yield of 0.8%. There is no illiquidity discount because the awards do not contain any post-vesting sales restrictions.

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2004 Employee Stock Purchase Plan (as amended and restated, the “2004 ESPP”)

On August 16, 2023, the 2004 ESPP was amended and restated to, among other changes, provide for the issuance of up to 4.4 million shares of the Company’s common stock. The 2004 ESPP will expire on August 16, 2038.

For the three months ended September 30, 2024 and 2023, 7,000 and 9,000 shares were issued under the 2004 ESPP, respectively. For the nine months ended September 30, 2024 and 2023, 18,000 and 18,000 shares were issued under the 2004 ESPP, respectively. As of September 30, 2024, 4.4 million shares were available for future issuance under the 2004 ESPP.

The intrinsic value of the shares issued was $2.0 million and $0.7 million for the three months ended September 30, 2024 and 2023, respectively. The intrinsic value of the shares issued was $5.4 million and $1.4 million for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, the unamortized expense was $1.4 million, which will be recognized through the first quarter of 2025. The Black-Scholes model was used to value the employee stock purchase rights with the following weighted-average assumptions:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Expected term (in years)		0.5			0.5			0.5			0.5
Expected volatility		47.8	%		50.8	%		45.1	%		53.3	%
Risk-free interest rate		5.0	%		5.5	%		5.2	%		5.3	%
Dividend yield		0.6	%		0.8	%		0.6	%		0.8	%

Cash proceeds from the shares issued under the 2004 ESPP were $8.7 million and $7.6 million for the nine months ended September 30, 2024 and 2023, respectively.

4. ACQUISITION

On January 3, 2024 (the “Acquisition Date”), the Company acquired 100% of the outstanding capital stock of Axign B.V. (“Axign”), a Dutch company that designs and develops class-D audio ICs, targeting applications ranging from portable consumer speakers to automotive and professional-grade multi-speaker systems. Commencing on the Acquisition Date, Axign became a wholly-owned subsidiary of the Company and its results of operations have been included in the Company’s consolidated financial statements.

Purchase Consideration

The purchase consideration was $33.4 million in cash. Cash paid at the Acquisition Date included $3.8 million that is being held in an escrow account for a one-year period as recourse in the event of a breach of Axign’s representations and warranties.

In connection with the acquisition, the Company incurred $0.4 million in transaction costs that were expensed as incurred and included in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations.

Purchase Price Allocation

The purchase price allocation for Axign is as follows (in thousands):

Inventory	$	720
Other tangible assets acquired, net of liabilities assumed		1,487
Intangible assets:
Developed technology		9,184
IPR&D		2,147
Total identifiable net assets acquired		13,538
Goodwill		19,860
Total net assets acquired	$	33,398

The intangible asset acquired with a finite life includes the core developed technology with an estimated remaining useful life of eight years. The acquired intangible asset with an indefinite life includes an incomplete R&D project that had not reached technological feasibility as of the Acquisition Date. The fair values of the developed technology and the IPR&D were determined using the income approach.

The goodwill arising from the acquisition was primarily attributed to the assembled workforce and synergies that are anticipated to enable the Company to develop solutions with lower power consumption in the consumer and automotive markets using Axign’s digital feedback technology. The goodwill is not expected to be deductible for tax purposes.

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5. BALANCE SHEET COMPONENTS

Inventories

Inventories consist of the following (in thousands):

	September 30,		December 31,
	2024		2023
Raw materials	$	70,567	$	118,917
Work in process		182,312		112,750
Finished goods		172,063		152,035
Total	$	424,942	$	383,702

Other Current Assets

Other current assets consist of the following (in thousands):

	September 30,		December 31,
	2024		2023
Prepaid wafer purchases ⁽¹⁾	$	60,000	$	-
Prepaid expenses		31,379		28,964
RSU tax withholding proceeds receivable		54		20,141
Other receivables ⁽¹⁾		-		50,000
Restricted cash ⁽²⁾		-		33,204
Other		17,021		15,154
Total	$	108,454	$	147,463

(1)

The Company held $60 million in prepaid wafer purchases as of September 30, 2024 related to deposits made to a supplier under a long-term wafer supply agreement. The Company held $50 million in other receivables as of December 31, 2023 associated with those deposits. See Note 9 for details about the supply agreement.

(2)	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. See Note 4 for further details.

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Other Long-Term Assets

Other long-term assets consist of the following (in thousands):

	September 30,		December 31,
	2024		2023
Deferred compensation plan assets	$	89,324	$	78,381
Prepaid wafer purchases ⁽¹⁾		60,000		120,000
Operating lease right-of-use (“ROU”) and related assets ⁽²⁾		35,026		8,355
Other		6,673		4,541
Total	$	191,023	$	211,277

(1)	Prepaid wafer purchases relate to a deposit made to a supplier under a long-term wafer supply agreement. See Note 9 for details about the supply agreement.

(2)	The operating lease ROU and related assets as of September 30, 2024 includes a fair value measurement related to favorable market terms on a building lease.

Other Accrued Liabilities

Other accrued liabilities consist of the following (in thousands):

	September 30,		December 31,
	2024		2023
Dividends and dividend equivalents	$	62,564	$	57,697
Stock rotation and sales returns		24,033		18,843
Warranty		14,344		16,906
Customer prepayments		6,315		2,792
Income tax payable		11,407		8,063
Other		20,768		11,490
Total	$	139,431	$	115,791

Other Long-Term Liabilities

Other long-term liabilities consist of the following (in thousands):

	September 30,		December 31,
	2024		2023
Deferred compensation plan liabilities	$	84,128	$	80,903
Operating lease liabilities		13,482		5,565
Dividend equivalents		4,196		2,187
Total	$	101,806	$	88,655

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6. LEASES

Lessee

The Company has operating leases primarily for administrative, sales and marketing offices, manufacturing operations and R&D facilities, employee housing units and certain equipment. These leases have remaining lease terms from less than one year to 20 years. Some of these leases include options to renew the lease term for up to five years or on a month-to-month basis. The Company does not have finance lease arrangements.

The following table summarizes the balances of operating lease ROU assets and liabilities (in thousands):

		September 30,		December 31,
	Financial Statement Line Item	2024		2023
Operating lease ROU assets	Other long-term assets	$	17,522	$	8,355

Operating lease liabilities	Other accrued liabilities	$	2,814	$	2,303
	Other long-term liabilities	$	13,482	$	5,565

The following tables summarize certain information related to the leases (in thousands, except percentages and years):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Lease costs:
Operating lease costs	$	948	$	852	$	2,859	$	2,327
Other		822		480		2,020		1,572
Total lease costs	$	1,770	$	1,332	$	4,879	$	3,899

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	1,704	$	629	$	3,404	$	2,267
ROU assets obtained in exchange for new operating lease liabilities	$	2,339	$	2,086	$	11,610	$	6,921

	September 30,			December 31,
	2024			2023
Weighted-average remaining lease term (in years)		11.3			4.7
Weighted-average discount rate		5.4	%		4.3	%

As of September 30, 2024, the maturities of the lease liabilities were as follows (in thousands):

2024 (remaining three months)	$	958
2025		3,326
2026		2,787
2027		2,298
2028		1,550
Thereafter		12,639
Total remaining lease payments		23,558
Less: imputed interest		(7,262	)
Total lease liabilities	$	16,296

As of September 30, 2024, operating leases that have not yet commenced are not material.

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Lessor

The Company owns certain office buildings and leases a portion of these properties to third parties under arrangements that are classified as operating leases. These leases have remaining lease terms ranging from less than one year to five years. Some of these leases include a tenant option to renew the lease term for up to five years.

For the three months ended September 30, 2024 and 2023, income related to lease payments was $0.3 million and $0.4 million, respectively. For the nine months ended September 30, 2024 and 2023, income related to lease payments was $0.7 million and $1.2 million, respectively. As of September 30, 2024, future income related to lease payments was as follows (in thousands):

2024 (remaining three months)	$	264
2025		583
2026		403
2027		373
2028		384
Thereafter		129
Total	$	2,136

7. NET INCOME PER SHARE

Basic net income per share is computed by dividing net income by the weighted-average number of shares of common stock outstanding for the period. Diluted net income per share reflects the potential dilution that would occur if outstanding securities or other contracts to issue common stock were exercised or converted into shares of common stock, and calculated using the treasury stock method. Contingently issuable shares, including equity awards with performance conditions or market conditions, are considered outstanding shares of common stock and included in the basic net income per share as of the date that all necessary conditions to earn the awards have been satisfied. Prior to the end of the contingency period, the number of contingently issuable shares included in the diluted net income per share is based on the number of shares, if any, that would be issuable under the terms of the arrangement at the end of the reporting period.

The Company’s RSUs contain forfeitable rights to receive cash dividend equivalents, which 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. Accordingly, these awards are not treated as participating securities in the net income per share calculation.

The following table sets forth the computation of basic and diluted net income per share (in thousands, except per-share amounts):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net income	$	144,430	$	121,163	$	337,337	$	330,469

Denominator:
Weighted-average outstanding shares — basic		48,757		47,780		48,692		47,501
Effect of dilutive securities		207		1,012		253		1,233
Weighted-average outstanding shares — diluted		48,964		48,792		48,945		48,734

Net income per share:
Basic	$	2.96	$	2.54	$	6.93	$	6.96
Diluted	$	2.95	$	2.48	$	6.89	$	6.78

Anti-dilutive common stock equivalents were not material in any of the periods presented.

Stock Repurchase Program

In October 2023, the Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $640.0 million in the aggregate of its common stock through October 29, 2026. Shares are retired upon repurchase. The Company repurchased 6,000 and 19,000 shares of its 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.

Stock repurchased under the program may be made through open market repurchases, privately negotiated transactions or other structures in accordance with applicable state and federal securities laws, at times and in amounts as management deems appropriate. The timing and the number of any repurchased common stock will be determined by the Company’s management based on its evaluation of market conditions, legal requirements, share price, and other factors. The repurchase program does not obligate the Company to purchase any particular number of shares, and may be suspended, modified, or discontinued at any time without prior notice.

The U.S. Inflation Reduction Act of 2022 requires a 1% excise tax based on the value of certain stock repurchases in excess of stock issued for employee compensation made after December 31, 2022. This provision did not have an impact on the Company’s condensed consolidated financial statements for the three and nine months ended September 30, 2024.

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8. SEGMENT, SIGNIFICANT CUSTOMERS AND GEOGRAPHIC INFORMATION

The Company operates in one 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		24	%		27	%		33	%		23	%
Distributor B		25	%		21	%		19	%		21	%
Distributor C		*			11	%		*			10	%

* 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		25	%		42	%
Distributor B		25	%		13	%
Distributor C		10	%		10	%

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	$	310,472	$	234,924	$	856,026	$	676,148
Taiwan		179,747		103,537		407,593		222,582
South Korea		51,815		41,698		126,865		128,047
Europe		25,145		29,827		61,992		109,278
United States		13,797		23,565		42,544		82,153
Southeast Asia		22,772		22,538		47,363		70,678
Japan		16,286		18,605		42,786		77,708
Other		85		173		266		466
Total	$	620,119	$	474,867	$	1,585,435	$	1,367,060

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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	$	616,105	$	447,394	$	1,563,472	$	1,290,750
Lighting Control		4,014		27,473		21,963		76,310
Total	$	620,119	$	474,867	$	1,585,435	$	1,367,060

The following is a summary of long-lived assets by geographic region (in thousands):

	September 30,		December 31,
Country	2024		2023
China	$	237,113	$	184,685
United States		125,952		119,430
Taiwan		39,929		39,419
Other		33,271		25,418
Total	$	436,265	$	368,952

9. COMMITMENTS AND CONTINGENCIES

Product Warranties

The Company generally provides either a one- or two-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	$	14,702		$	17,654		$	16,906		$	24,082
Warranties issued		570			1,858			2,895			2,800
Repairs, replacement and refund		(849	)		(367	)		(4,979	)		(2,619	)
Changes in liability for pre-existing warranties		(79	)		(2,102	)		(478	)		(7,220	)
Balance at end of period	$	14,344		$	17,043		$	14,344		$	17,043

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 $120.0 million, of which $60.0 million was classified as short-term.

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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)	$	36,496
2025		518,513
2026		1,613
2027		30,248
Total	$	586,870

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	$	413,010	$	392,329
Money market funds		282,883		135,514
Certificates of deposit		171,065		127,123
Corporate debt securities		14,236		95,101
U.S. treasuries and government agency bonds		581,156		358,409
Auction-rate securities backed by student-loan notes		173		567
Total	$	1,462,523	$	1,109,043

	September 30,		December 31,
	2024		2023
Reported as:
Cash and cash equivalents	$	700,347	$	527,843
Short-term investments		762,003		580,633
Investment within other long-term assets		173		567
Total	$	1,462,523	$	1,109,043

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	$	765,440	$	765,683
Due in 1 - 5 years		805		774
Due in greater than 5 years		175		173
Total	$	766,420	$	766,630

Gross realized gains and losses recognized on the sales of available-for-sale investments were not material for the periods presented.

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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	$	282,883	$	-	$	-		$	282,883
Certificates of deposit		171,065		-		-			171,065
Corporate debt securities		14,522		-		(286	)		14,236
U.S. treasuries and government agency bonds		580,658		515		(17	)		581,156
Auction-rate securities backed by student-loan notes		175		-		(2	)		173
Total	$	1,049,303	$	515	$	(305	)	$	1,049,513

	December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Money market funds	$	135,514	$	-	$	-		$	135,514
Certificates of deposit		127,123		-		-			127,123
Corporate debt securities		96,636		4		(1,539	)		95,101
U.S. treasuries and government agency bonds		358,177		327		(95	)		358,409
Auction-rate securities backed by student-loan notes		574		-		(7	)		567
Total	$	718,024	$	331	$	(1,641	)	$	716,714

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	$	-	$	-		$	14,236	$	(286	)	$	14,236	$	(286	)
U.S. treasuries and government agency bonds		45,331		(15	)		4,883		(2	)		50,214		(17	)
Auction-rate securities backed by student-loan notes		-		-			173		(2	)		173		(2	)
Total	$	45,331	$	(15	)	$	19,292	$	(290	)	$	64,623	$	(305	)

	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	$	20,792	$	(19	)	$	70,806	$	(1,520	)	$	91,598	$	(1,539	)
U.S. treasuries and government agency bonds		97,599		(95	)		-		-			97,599		(95	)
Auction-rate securities backed by student-loan notes		-		-			567		(7	)		567		(7	)
Total	$	118,391	$	(114	)	$	71,373	$	(1,527	)	$	189,764	$	(1,641	)

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.

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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	$	700,347	$	527,843
Restricted cash included in other current assets ⁽¹⁾		-		33,204
Restricted cash included in other long-term assets ⁽²⁾		134		134
Total cash, cash equivalents and restricted cash reported on the Condensed Consolidated Statements of Cash Flows	$	700,481	$	561,181

(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.

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11. FAIR VALUE MEASUREMENTS

Fair Value Hierarchy

The Company has estimated the fair value of its financial assets by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement:

●	Level 1 —includes instruments with quoted prices in active markets for identical assets.
●	Level 2 —includes instruments for which the valuations are based upon quoted market prices in active markets involving similar assets or inputs other than quoted prices that are observable for the assets. The market inputs used to value these instruments generally consist of market yields, recently executed transactions, broker/dealer quotes or alternative pricing sources with reasonable levels of price transparency. Pricing sources may include industry standard data providers, security master files from large financial institutions, and other third-party sources used to determine a daily market value.
●	Level 3 —includes instruments for which the valuations are based on inputs that are unobservable and significant to the overall fair value measurement.

Financial Assets Measured at Fair Value on a Recurring Basis

The following tables summarize the fair value of the Company’s financial assets measured on a recurring basis (in thousands):

	September 30, 2024
	Total		Level 1		Level 2		Level 3
Money market funds	$	282,883	$	282,883	$	-	$	-
Certificates of deposit		171,065		-		171,065		-
Corporate debt securities		14,236		-		14,236		-
U.S. treasuries and government agency bonds		581,156		-		581,156		-
Auction-rate securities backed by student-loan notes		173		-		-		173
Mutual funds and money market funds under deferred compensation plan		61,637		61,637		-		-
Total	$	1,111,150	$	344,520	$	766,457	$	173

	December 31, 2023
	Total		Level 1		Level 2		Level 3
Money market funds	$	135,514	$	135,514	$	-	$	-
Certificates of deposit		127,123		-		127,123		-
Corporate debt securities		95,101		-		95,101		-
U.S. treasuries and government agency bonds		358,409		-		358,409		-
Auction-rate securities backed by student-loan notes		567		-		-		567
Mutual funds and money market funds under deferred compensation plan		54,836		54,836		-		-
Total	$	771,550	$	190,350	$	580,633	$	567

Redemptions and changes in the fair value of the auction-rate securities classified as Level 3 assets were not material for the periods presented.

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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	$	27,687	$	23,545
Fair value of mutual funds and money market funds		61,637		54,836
Total	$	89,324	$	78,381

Deferred compensation plan assets reported in:
Other long-term assets	$	89,324	$	78,381

Deferred compensation plan liabilities reported in:
Accrued compensation and related benefits (short-term)	$	8,012	$	384
Other long-term liabilities		84,128		80,903
Total	$	92,140	$	81,287

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	$	6,805		$	6,071		$	20,349		$	16,844
Amortization of discount on available-for-sale securities		6,644			1,647			16,684			1,591
Gain (loss) on deferred compensation plan investments		3,894			(1,611	)		9,180			3,411
Charitable contributions		(6,400	)		(3,850	)		(18,550	)		(9,650	)
Other		(665	)		32			(333	)		1,933
Total	$	10,278		$	2,289		$	27,330		$	14,129

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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 $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 the Company’s 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 global intangible low-taxed income (“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 the Company’s 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.

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	$	(2,184	)	$	(24,878	)	$	(27,062	)
Other comprehensive income (loss) before reclassifications		87			(13,822	)		(13,735	)
Tax effect		248			-			248
Net current period other comprehensive income (loss)		335			(13,822	)		(13,487	)
Balance as of March 31, 2024		(1,849	)		(38,700	)		(40,549	)
Other comprehensive income (loss) before reclassifications		355			(4,313	)		(3,958	)
Amounts reclassified from accumulated other comprehensive loss		63			-			63
Tax effect		(50	)		-			(50	)
Net current period other comprehensive income (loss)		368			(4,313	)		(3,945	)
Balance as of June 30, 2024		(1,481	)		(43,013	)		(44,494	)
Other comprehensive income before reclassifications		1,014			22,321			23,335
Tax effect		(37	)		-			(37	)
Net current period other comprehensive income		977			22,321			23,298
Balance as of September 30, 2024	$	(504	)	$	(20,692	)	$	(21,196	)

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.

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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	$	1.25	$	1.00	$	3.75	$	3.00
Total amount	$	60,974	$	47,832	$	182,680	$	142,692

As of September 30, 2024 and December 31, 2023, accrued dividends totaled $61.0 million and $47.9 million, respectively.

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 $5.8 million and $11.9 million, respectively.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

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.

Item 1A. Risk Factors

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.

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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

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.

Stock repurchases under the program may be made through open market repurchases, privately negotiated transactions or other structures in accordance with applicable state and federal securities laws, at times and in amounts as management deems appropriate. The timing and the number of shares of any repurchased common stock will be determined by our management based on the evaluation of market conditions, legal requirements, stock price, and other factors. The repurchase program does not obligate us to purchase any particular number of shares and may be suspended, modified, or discontinued at any time without prior notice.

The following table represents details of our stock repurchase transactions during the three months ended September 30, 2024:

Period	Total Number of Shares Purchased		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Program		Approximate Dollar Value of Shares that May Yet Be Purchased Under the Program
	(In thousands, except per share amounts)
July 1, 2024 – July 31, 2024		2	$	837.82		2	$	625,790
August 1, 2024 – August 31, 2024		2	$	872.16		2	$	623,871
September 1, 2024 – September 30, 2024		2	$	885.99		2	$	622,100
Total		6	$	864.68		6

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Certain of our executive officers have entered into trading plans pursuant to Rule 10b5-1(c) of the Securities Exchange Act of 1934, as amended. A trading plan is a written document that pre-establishes the amounts, prices and dates (or formula for determining the amounts, prices and dates) of future purchases or sales of our common stock, including the exercise and sale of shares acquired pursuant to the 2004 ESPP, and upon vesting of RSUs.

The following table summarizes the adoption of trading plans intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) during the three months ended September 30, 2024:

Name and Title	Adoption Date	Plan Duration	Intended Sale Amount (in shares)
Victor K. Lee, Director	August 21, 2024	Through August 21, 2025	Up to 1,000
Maurice Sciammas, Executive Vice President of Worldwide Sales and Marketing*	August 22, 2024	Through August 29, 2025	Up to 19,000
Michael Hsing, President, Chief Executive Officer and Director	August 30, 2024	Through December 31, 2025	Up to 133,082
Saria Tseng, Executive Vice President, Strategic Corporate Development, General Counsel and Corporate Secretary	August 30, 2024	Through December 31, 2025	Up to 33,963

*On behalf of the Sciammas Family 2020 Irrevocable Trust.

During the three months ended September 30, 2024, no trading plans intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) were modified or terminated, and no other written trading arrangements that are not intended to qualify for the Rule 10b5-1(c) affirmative defense were adopted, modified, or terminated.

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Item 6. Exhibits

Exhibit No.	Description
31.1	Certification of Chief Executive Officer pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2	Certification of Chief Financial Officer pursuant to Securities Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*	Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS	Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

This exhibit shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filings under the Securities Act of 1933 or the Securities Exchange Act of 1934, whether made before or after the date hereof and irrespective of any general incorporation language in any filings.

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MONOLITHIC POWER SYSTEMS, INC

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	MONOLITHIC POWER SYSTEMS, INC.

Dated: November 6, 2024
	By:	/s/ T. Bernie Blegen
		T. Bernie Blegen
		Executive Vice President and Chief Financial Officer
		(Duly Authorized Officer and Principal
		Financial and Accounting Officer)

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO

SECURITIES EXCHANGE ACT RULES 13a-14(a) and 15d-14(a), AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Michael Hsing, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Monolithic Power Systems, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 6, 2024

	/s/ Michael Hsing
	Michael Hsing
	Chief Executive Officer

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO

SECURITIES EXCHANGE ACT RULES 13a-14(a) and 15d-14(a), AS ADOPTED PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, T. Bernie Blegen, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Monolithic Power Systems, Inc.;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 6, 2024

	/s/ T. Bernie Blegen
	T. Bernie Blegen
	Executive Vice President and Chief Financial Officer

Exhibit 32.1

The following certification shall not be deemed “filed” for purposes of section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, whether made before or after the date hereof and irrespective of any general incorporation language in any filings.

CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND

CHIEF FINANCIAL OFFICER PURSUANT TO

18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q of Monolithic Power Systems, Inc., a Delaware corporation, for the quarter ended September 30, 2024 (the “Report”), as filed with the Securities and Exchange Commission, each of the undersigned officers of Monolithic Power Systems, Inc. certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1) the accompanying Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Monolithic Power Systems, Inc. for the periods presented therein.

Date: November 6, 2024

	/s/ Michael Hsing
	Michael Hsing
	Chief Executive Officer

Date: November 6, 2024

	/s/ T. Bernie Blegen
	T. Bernie Blegen
	Executive Vice President and Chief Financial Officer

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2024	Oct. 30, 2024
Document Information [Line Items]
Entity Central Index Key	0001280452
Entity Registrant Name	MONOLITHIC POWER SYSTEMS INC
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	000-51026
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0466789
Entity Address, Address Line One	5808 Lake Washington Blvd. NE
Entity Address, City or Town	Kirkland
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	98033
City Area Code	425
Local Phone Number	296-9956
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	MPWR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		48,780,000

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 700,347	$ 527,843
Short-term investments	762,003	580,633
Accounts receivable, net	164,704	179,858
Inventories	424,942	383,702
Other current assets	108,454	147,463
Total current assets	2,160,450	1,819,499
Property and equipment, net	436,265	368,952
Acquisition-related intangible assets, net	10,225	0
Goodwill	26,080	6,571
Deferred tax assets, net	30,697	28,054
Other Assets, Noncurrent	191,023	211,277
Total assets	2,854,740	2,434,353
Liabilities, Current [Abstract]
Accounts payable	115,865	62,958
Accrued compensation and related benefits	81,292	56,286
Other accrued liabilities	139,431	115,791
Total current liabilities	336,588	235,035
Income tax liabilities	64,656	60,724
Other long-term liabilities	101,806	88,655
Total liabilities	503,050	384,414
Commitments and contingencies
Stockholders’ equity:
Common stock and additional paid-in capital: $0.001 par value; shares authorized: 150,000; shares issued and outstanding: 48,779 and 48,028, respectively	1,274,127	1,129,937
Retained earnings	1,098,759	947,064
Accumulated other comprehensive loss	(21,196)	(27,062)
Total stockholders’ equity	2,351,690	2,049,939
Total liabilities and stockholders’ equity	$ 2,854,740	$ 2,434,353

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands	Sep. 30, 2024	Dec. 31, 2023
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	150,000	150,000
Common stock, shares issued (in shares)	48,779	48,028
Common stock, shares outstanding (in shares)	48,779	48,028

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue	$ 620,119	$ 474,867	$ 1,585,435	$ 1,367,060
Cost of revenue	276,676	211,326	708,973	597,064
Gross profit	343,443	263,541	876,462	769,996
Operating expenses:
Research and development	85,051	64,787	238,986	192,184
Selling, general and administrative	94,364	63,188	261,425	205,645
Total operating expenses	179,415	127,975	500,411	397,829
Operating income	164,028	135,566	376,051	372,167
Other income, net	10,278	2,289	27,330	14,129
Income before income taxes	174,306	137,855	403,381	386,296
Income tax expense	29,876	16,692	66,044	55,827
Net income	$ 144,430	$ 121,163	$ 337,337	$ 330,469
Net income per share
Basic (in dollars per share)	$ 2.96	$ 2.54	$ 6.93	$ 6.96
Diluted (in dollars per share)	$ 2.95	$ 2.48	$ 6.89	$ 6.78
Weighted-average shares outstanding:
Basic (in shares)	48,757	47,780	48,692	47,501
Diluted (in shares)	48,964	48,792	48,945	48,734

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income	$ 144,430	$ 121,163	$ 337,337	$ 330,469
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	22,321	(4,838)	4,186	(28,099)
Changes in unrealized gains and losses on available-for-sale securities, net of tax of $37, $156, $(161) and $625, respectively	977	1,132	1,680	4,073
Other comprehensive income (loss), net of tax:	23,298	(3,706)	5,866	(24,026)
Comprehensive income	$ 167,728	$ 117,457	$ 343,203	$ 306,443

Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Change in unrealized gain (loss) on available-for-sale securities, tax	$ 37	$ 156	$ (161)	$ 625

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock Including Additional Paid in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2022	47,107,000
Balance at Dec. 31, 2022	$ 975,276	$ 716,403	$ (23,077)	$ 1,668,602
Net income	0	330,469	0	330,469
Other comprehensive income	0	0	(24,026)	(24,026)
Dividends and dividend equivalents declared	$ 0	(147,474)	0	(147,474)
Common stock issued under the employee equity incentive plan (in shares)	786,000
Common stock issued under the employee equity incentive plan	$ 1,118	0	0	1,118
Common stock issued under the employee stock purchase plan (in shares)	18,000
Common stock issued under the employee stock purchase plan	$ 7,568	0	0	7,568
Stock-based compensation expense	$ 108,607	0	0	108,607
Balance (in shares) at Sep. 30, 2023	47,911,000
Balance at Sep. 30, 2023	$ 1,092,569	899,398	(47,103)	1,944,864
Balance (in shares) at Jun. 30, 2023	47,611,000
Balance at Jun. 30, 2023	$ 1,055,130	827,356	(43,397)	1,839,089
Net income	0	121,163	0	121,163
Other comprehensive income	0	0	(3,706)	(3,706)
Dividends and dividend equivalents declared	$ 0	(49,121)	0	(49,121)
Common stock issued under the employee equity incentive plan (in shares)	291,000
Common stock issued under the employee equity incentive plan	$ 4	0	0	4
Common stock issued under the employee stock purchase plan (in shares)	9,000
Common stock issued under the employee stock purchase plan	$ 3,831	0	0	3,831
Stock-based compensation expense	$ 33,604	0	0	33,604
Balance (in shares) at Sep. 30, 2023	47,911,000
Balance at Sep. 30, 2023	$ 1,092,569	899,398	(47,103)	$ 1,944,864
Balance (in shares) at Dec. 31, 2023	48,028,000			48,028,000
Balance at Dec. 31, 2023	$ 1,129,937	947,064	(27,062)	$ 2,049,939
Net income	0	337,337	0	337,337
Other comprehensive income	0	0	5,866	5,866
Dividends and dividend equivalents declared	$ 0	(185,642)	0	(185,642)
Common stock issued under the employee equity incentive plan (in shares)	752,000
Common stock issued under the employee equity incentive plan	$ 0	0	0	0
Common stock issued under the employee stock purchase plan (in shares)	18,000
Common stock issued under the employee stock purchase plan	$ 8,727	0	0	$ 8,727
Repurchases of common stock (in shares)	(19,000)			(19,000)
Repurchases of common stock	$ (14,160)	0	0	$ (14,160)
Stock-based compensation expense	$ 149,623	0	0	$ 149,623
Balance (in shares) at Sep. 30, 2024	48,779,000			48,779,000
Balance at Sep. 30, 2024	$ 1,274,127	1,098,759	(21,196)	$ 2,351,690
Balance (in shares) at Jun. 30, 2024	48,698,000
Balance at Jun. 30, 2024	$ 1,224,144	1,016,208	(44,494)	2,195,858
Net income	0	144,430	0	144,430
Other comprehensive income	0	0	23,298	23,298
Dividends and dividend equivalents declared	$ 0	(61,879)	0	(61,879)
Common stock issued under the employee equity incentive plan (in shares)	81,000
Common stock issued under the employee equity incentive plan	$ 0	0	0	0
Common stock issued under the employee stock purchase plan (in shares)	7,000
Common stock issued under the employee stock purchase plan	$ 4,121			$ 4,121
Repurchases of common stock (in shares)	(7,000)			(6,000)
Repurchases of common stock	$ (5,534)	0	0	$ (5,534)
Stock-based compensation expense	$ 51,396	0	0	$ 51,396
Balance (in shares) at Sep. 30, 2024	48,779,000			48,779,000
Balance at Sep. 30, 2024	$ 1,274,127	$ 1,098,759	$ (21,196)	$ 2,351,690

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Dividends and dividend equivalents declared per share (in dollars per share)	$ 1.25	$ 1	$ 3.75	$ 3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 337,337	$ 330,469
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	26,387	29,940
Amortization of discount on available-for-sale securities	(16,684)	(1,591)
Gain on deferred compensation plan investments	(9,180)	(3,411)
Deferred taxes, net	(6,598)	10,927
Stock-based compensation expense	149,630	108,603
Other	50	(1,447)
Changes in operating assets and liabilities:
Accounts receivable	15,148	(3,103)
Inventories	(40,535)	49,989
Other assets	57,781	(21,423)
Accounts payable	44,210	6,915
Accrued compensation and related benefits	24,450	(22,355)
Income tax liabilities	13,345	(12,797)
Other accrued liabilities	25,388	14,184
Net cash provided by operating activities	620,729	484,900
Cash flows from investing activities:
Purchases of property and equipment	(81,316)	(43,772)
Cash paid for an assumed lease	(18,175)	0
Purchases of investments	(941,451)	(492,638)
Maturities and sales of investments	779,861	328,181
Cash paid for acquisition, net of cash acquired	(33,283)	0
Contributions to deferred compensation plan, net	(1,764)	(4,466)
Net cash used in investing activities	(296,128)	(212,695)
Cash flows from financing activities:
Property and equipment purchased on extended payment terms	(2,654)	(2,732)
Proceeds from common stock issued under the employee equity incentive plan	0	1,118
Proceeds from common stock issued under the employee stock purchase plan	8,727	7,568
Repurchases of common stock	(14,160)	0
Dividends and dividend equivalents paid	(178,766)	(135,265)
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
Cash, cash equivalents and restricted cash, beginning of period	561,181	288,729
Cash, cash equivalents and restricted cash, end of period	700,481	421,300
Supplemental disclosures for cash flow information:
Cash paid for income taxes, net	58,614	73,678
Non-cash investing and financing activities:
Liability accrued for property and equipment purchases	9,577	2,893
Liability accrued for dividends and dividend equivalents	$ 63,922	$ 52,509

Note 1 - Basis of Presentation

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Significant Accounting Policies [Text Block]

1. BASIS OF PRESENTATION

Use of Estimates

New Accounting Pronouncements Not Yet Adopted as of September 30, 2024

Note 2 - Revenue Recognition

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

2. REVENUE RECOGNITION

Revenue from Product Sales

Variable Consideration

Contract Balances

Accounts Receivable:

Contract Liabilities:

Practical Expedients

The Company has elected the practical expedient to expense sales commissions as incurred because the amortization period would have been one year or less.

Note 3 - Stock-based Compensation

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

3. STOCK-BASED COMPENSATION

2014 Equity Incentive Plan

Stock-Based Compensation Expense

The Company recognized stock-based compensation expenses as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of revenue	$	1,576	$	1,020	$	4,585	$	3,317
Research and development		11,331		8,479		33,460		26,406
Selling, general and administrative (“SG&A”)		38,491		24,103		111,585		78,880
Total stock-based compensation expense	$	51,398	$	33,602	$	149,630	$	108,603
Tax benefit related to stock-based compensation ⁽¹⁾	$	766	$	667	$	2,272	$	1,753

(1)

Restricted Stock Units (“RSUs”)

A summary of RSU activity is presented in the table below (in thousands, except per-share amounts):

	Time-Based RSUs					PSUs and MPSUs						MSUs					Total
				Weighted-						Weighted-					Weighted-					Weighted-
				Average						Average					Average					Average
				Grant Date						Grant Date					Grant Date					Grant Date
	Number of			Fair Value		Number of				Fair Value		Number of			Fair Value		Number of			Fair Value
	Shares			Per Share		Shares				Per Share		Shares			Per Share		Shares			Per Share
Outstanding at January 1, 2024		102		$	411.11		482			$	397.77		1,502		$	152.89		2,086		$	222.04
Granted		31		$	643.98		344		⁽¹⁾	$	593.33		-		$	-		375		$	597.56
Vested		(39	)	$	374.15		(150	)		$	272.21		(563	)	$	68.48		(752	)	$	125.04
Forfeited		(4	)	$	471.15		(1	)		$	400.96		(1	)	$	270.15		(6	)	$	419.22
Outstanding at September 30, 2024		90		$	505.64		675			$	525.43		938		$	203.32		1,703		$	346.88

(1)	Amount reflects the number of awards that may ultimately be earned based on management’s probability assessment of the achievement of performance conditions at each reporting period.

Time-Based RSUs:

2024 PSUs:

2004 Employee Stock Purchase Plan (as amended and restated, the “2004 ESPP”)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Expected term (in years)		0.5			0.5			0.5			0.5
Expected volatility		47.8	%		50.8	%		45.1	%		53.3	%
Risk-free interest rate		5.0	%		5.5	%		5.2	%		5.3	%
Dividend yield		0.6	%		0.8	%		0.6	%		0.8	%

Cash proceeds from the shares issued under the 2004 ESPP were $8.7 million and $7.6 million for the nine months ended September 30, 2024 and 2023, respectively.

Note 4 - Acquisition

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Business Combination Disclosure [Text Block]

4. ACQUISITION

Purchase Consideration

Purchase Price Allocation

The purchase price allocation for Axign is as follows (in thousands):

Inventory	$	720
Other tangible assets acquired, net of liabilities assumed		1,487
Intangible assets:
Developed technology		9,184
IPR&D		2,147
Total identifiable net assets acquired		13,538
Goodwill		19,860
Total net assets acquired	$	33,398

Note 5 - Balance Sheet Components

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Supplemental Balance Sheet Disclosures [Text Block]

5. BALANCE SHEET COMPONENTS

Inventories

Inventories consist of the following (in thousands):

	September 30,		December 31,
	2024		2023
Raw materials	$	70,567	$	118,917
Work in process		182,312		112,750
Finished goods		172,063		152,035
Total	$	424,942	$	383,702

Other Current Assets

Other current assets consist of the following (in thousands):

	September 30,		December 31,
	2024		2023
Prepaid wafer purchases ⁽¹⁾	$	60,000	$	-
Prepaid expenses		31,379		28,964
RSU tax withholding proceeds receivable		54		20,141
Other receivables ⁽¹⁾		-		50,000
Restricted cash ⁽²⁾		-		33,204
Other		17,021		15,154
Total	$	108,454	$	147,463

(1)

(2)	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. See Note 4 for further details.

Other Long-Term Assets

Other long-term assets consist of the following (in thousands):

	September 30,		December 31,
	2024		2023
Deferred compensation plan assets	$	89,324	$	78,381
Prepaid wafer purchases ⁽¹⁾		60,000		120,000
Operating lease right-of-use (“ROU”) and related assets ⁽²⁾		35,026		8,355
Other		6,673		4,541
Total	$	191,023	$	211,277

(1)	Prepaid wafer purchases relate to a deposit made to a supplier under a long-term wafer supply agreement. See Note 9 for details about the supply agreement.

(2)	The operating lease ROU and related assets as of September 30, 2024 includes a fair value measurement related to favorable market terms on a building lease.

Other Accrued Liabilities

Other accrued liabilities consist of the following (in thousands):

	September 30,		December 31,
	2024		2023
Dividends and dividend equivalents	$	62,564	$	57,697
Stock rotation and sales returns		24,033		18,843
Warranty		14,344		16,906
Customer prepayments		6,315		2,792
Income tax payable		11,407		8,063
Other		20,768		11,490
Total	$	139,431	$	115,791

Other Long-Term Liabilities

Other long-term liabilities consist of the following (in thousands):

	September 30,		December 31,
	2024		2023
Deferred compensation plan liabilities	$	84,128	$	80,903
Operating lease liabilities		13,482		5,565
Dividend equivalents		4,196		2,187
Total	$	101,806	$	88,655

Note 6 - Leases

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Leases Disclosure [Text Block]

6. LEASES

Lessee

The following table summarizes the balances of operating lease ROU assets and liabilities (in thousands):

		September 30,		December 31,
	Financial Statement Line Item	2024		2023
Operating lease ROU assets	Other long-term assets	$	17,522	$	8,355

Operating lease liabilities	Other accrued liabilities	$	2,814	$	2,303
	Other long-term liabilities	$	13,482	$	5,565

The following tables summarize certain information related to the leases (in thousands, except percentages and years):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Lease costs:
Operating lease costs	$	948	$	852	$	2,859	$	2,327
Other		822		480		2,020		1,572
Total lease costs	$	1,770	$	1,332	$	4,879	$	3,899

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	1,704	$	629	$	3,404	$	2,267
ROU assets obtained in exchange for new operating lease liabilities	$	2,339	$	2,086	$	11,610	$	6,921

	September 30,			December 31,
	2024			2023
Weighted-average remaining lease term (in years)		11.3			4.7
Weighted-average discount rate		5.4	%		4.3	%

As of September 30, 2024, the maturities of the lease liabilities were as follows (in thousands):

2024 (remaining three months)	$	958
2025		3,326
2026		2,787
2027		2,298
2028		1,550
Thereafter		12,639
Total remaining lease payments		23,558
Less: imputed interest		(7,262	)
Total lease liabilities	$	16,296

As of September 30, 2024, operating leases that have not yet commenced are not material.

Lessor

2024 (remaining three months)	$	264
2025		583
2026		403
2027		373
2028		384
Thereafter		129
Total	$	2,136

Note 7 - Net Income Per Share

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Earnings Per Share [Text Block]

7. NET INCOME PER SHARE

The following table sets forth the computation of basic and diluted net income per share (in thousands, except per-share amounts):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net income	$	144,430	$	121,163	$	337,337	$	330,469

Denominator:
Weighted-average outstanding shares — basic		48,757		47,780		48,692		47,501
Effect of dilutive securities		207		1,012		253		1,233
Weighted-average outstanding shares — diluted		48,964		48,792		48,945		48,734

Net income per share:
Basic	$	2.96	$	2.54	$	6.93	$	6.96
Diluted	$	2.95	$	2.48	$	6.89	$	6.78

Anti-dilutive common stock equivalents were not material in any of the periods presented.

Note 8 - Segment, Significant Customers and Geographic Information

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

8. SEGMENT, SIGNIFICANT CUSTOMERS AND GEOGRAPHIC INFORMATION

	Three Months Ended September 30,						Nine Months Ended September 30,
Customer	2024			2023			2024			2023
Distributor A		24	%		27	%		33	%		23	%
Distributor B		25	%		21	%		19	%		21	%
Distributor C		*			11	%		*			10	%

* Represents less than 10%

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		25	%		42	%
Distributor B		25	%		13	%
Distributor C		10	%		10	%

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	$	310,472	$	234,924	$	856,026	$	676,148
Taiwan		179,747		103,537		407,593		222,582
South Korea		51,815		41,698		126,865		128,047
Europe		25,145		29,827		61,992		109,278
United States		13,797		23,565		42,544		82,153
Southeast Asia		22,772		22,538		47,363		70,678
Japan		16,286		18,605		42,786		77,708
Other		85		173		266		466
Total	$	620,119	$	474,867	$	1,585,435	$	1,367,060

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	$	616,105	$	447,394	$	1,563,472	$	1,290,750
Lighting Control		4,014		27,473		21,963		76,310
Total	$	620,119	$	474,867	$	1,585,435	$	1,367,060

The following is a summary of long-lived assets by geographic region (in thousands):

	September 30,		December 31,
Country	2024		2023
China	$	237,113	$	184,685
United States		125,952		119,430
Taiwan		39,929		39,419
Other		33,271		25,418
Total	$	436,265	$	368,952

Note 9 - Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

9. COMMITMENTS AND CONTINGENCIES

Product Warranties

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	$	14,702		$	17,654		$	16,906		$	24,082
Warranties issued		570			1,858			2,895			2,800
Repairs, replacement and refund		(849	)		(367	)		(4,979	)		(2,619	)
Changes in liability for pre-existing warranties		(79	)		(2,102	)		(478	)		(7,220	)
Balance at end of period	$	14,344		$	17,043		$	14,344		$	17,043

Changes in liability for pre-existing warranties result from changes in estimates for warranties issued in prior periods.

Purchase Commitments

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)	$	36,496
2025		518,513
2026		1,613
2027		30,248
Total	$	586,870

Litigation

Note 10 - Cash, Cash Equivalents, Investments and Restricted Cash

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Financial Instruments Disclosure [Text Block]

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	$	413,010	$	392,329
Money market funds		282,883		135,514
Certificates of deposit		171,065		127,123
Corporate debt securities		14,236		95,101
U.S. treasuries and government agency bonds		581,156		358,409
Auction-rate securities backed by student-loan notes		173		567
Total	$	1,462,523	$	1,109,043

	September 30,		December 31,
	2024		2023
Reported as:
Cash and cash equivalents	$	700,347	$	527,843
Short-term investments		762,003		580,633
Investment within other long-term assets		173		567
Total	$	1,462,523	$	1,109,043

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	$	765,440	$	765,683
Due in 1 - 5 years		805		774
Due in greater than 5 years		175		173
Total	$	766,420	$	766,630

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	$	282,883	$	-	$	-		$	282,883
Certificates of deposit		171,065		-		-			171,065
Corporate debt securities		14,522		-		(286	)		14,236
U.S. treasuries and government agency bonds		580,658		515		(17	)		581,156
Auction-rate securities backed by student-loan notes		175		-		(2	)		173
Total	$	1,049,303	$	515	$	(305	)	$	1,049,513

	December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Money market funds	$	135,514	$	-	$	-		$	135,514
Certificates of deposit		127,123		-		-			127,123
Corporate debt securities		96,636		4		(1,539	)		95,101
U.S. treasuries and government agency bonds		358,177		327		(95	)		358,409
Auction-rate securities backed by student-loan notes		574		-		(7	)		567
Total	$	718,024	$	331	$	(1,641	)	$	716,714

	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	$	-	$	-		$	14,236	$	(286	)	$	14,236	$	(286	)
U.S. treasuries and government agency bonds		45,331		(15	)		4,883		(2	)		50,214		(17	)
Auction-rate securities backed by student-loan notes		-		-			173		(2	)		173		(2	)
Total	$	45,331	$	(15	)	$	19,292	$	(290	)	$	64,623	$	(305	)

	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	$	20,792	$	(19	)	$	70,806	$	(1,520	)	$	91,598	$	(1,539	)
U.S. treasuries and government agency bonds		97,599		(95	)		-		-			97,599		(95	)
Auction-rate securities backed by student-loan notes		-		-			567		(7	)		567		(7	)
Total	$	118,391	$	(114	)	$	71,373	$	(1,527	)	$	189,764	$	(1,641	)

Restricted Cash

	September 30,		December 31,
	2024		2023
Cash and cash equivalents	$	700,347	$	527,843
Restricted cash included in other current assets ⁽¹⁾		-		33,204
Restricted cash included in other long-term assets ⁽²⁾		134		134
Total cash, cash equivalents and restricted cash reported on the Condensed Consolidated Statements of Cash Flows	$	700,481	$	561,181

(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)

Note 11 - Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Fair Value Disclosures [Text Block]

11. FAIR VALUE MEASUREMENTS

Fair Value Hierarchy

●	Level 1 —includes instruments with quoted prices in active markets for identical assets.
●	Level 2 —includes instruments for which the valuations are based upon quoted market prices in active markets involving similar assets or inputs other than quoted prices that are observable for the assets. The market inputs used to value these instruments generally consist of market yields, recently executed transactions, broker/dealer quotes or alternative pricing sources with reasonable levels of price transparency. Pricing sources may include industry standard data providers, security master files from large financial institutions, and other third-party sources used to determine a daily market value.
●	Level 3 —includes instruments for which the valuations are based on inputs that are unobservable and significant to the overall fair value measurement.

Financial Assets Measured at Fair Value on a Recurring Basis

The following tables summarize the fair value of the Company’s financial assets measured on a recurring basis (in thousands):

	September 30, 2024
	Total		Level 1		Level 2		Level 3
Money market funds	$	282,883	$	282,883	$	-	$	-
Certificates of deposit		171,065		-		171,065		-
Corporate debt securities		14,236		-		14,236		-
U.S. treasuries and government agency bonds		581,156		-		581,156		-
Auction-rate securities backed by student-loan notes		173		-		-		173
Mutual funds and money market funds under deferred compensation plan		61,637		61,637		-		-
Total	$	1,111,150	$	344,520	$	766,457	$	173

	December 31, 2023
	Total		Level 1		Level 2		Level 3
Money market funds	$	135,514	$	135,514	$	-	$	-
Certificates of deposit		127,123		-		127,123		-
Corporate debt securities		95,101		-		95,101		-
U.S. treasuries and government agency bonds		358,409		-		358,409		-
Auction-rate securities backed by student-loan notes		567		-		-		567
Mutual funds and money market funds under deferred compensation plan		54,836		54,836		-		-
Total	$	771,550	$	190,350	$	580,633	$	567

Redemptions and changes in the fair value of the auction-rate securities classified as Level 3 assets were not material for the periods presented.

Note 12 - Deferred Compensation Plan

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Compensation and Employee Benefit Plans [Text Block]

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	$	27,687	$	23,545
Fair value of mutual funds and money market funds		61,637		54,836
Total	$	89,324	$	78,381

Deferred compensation plan assets reported in:
Other long-term assets	$	89,324	$	78,381

Deferred compensation plan liabilities reported in:
Accrued compensation and related benefits (short-term)	$	8,012	$	384
Other long-term liabilities		84,128		80,903
Total	$	92,140	$	81,287

Note 13 - Other Income, Net

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Other Nonoperating Income and Expense [Text Block]

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	$	6,805		$	6,071		$	20,349		$	16,844
Amortization of discount on available-for-sale securities		6,644			1,647			16,684			1,591
Gain (loss) on deferred compensation plan investments		3,894			(1,611	)		9,180			3,411
Charitable contributions		(6,400	)		(3,850	)		(18,550	)		(9,650	)
Other		(665	)		32			(333	)		1,933
Total	$	10,278		$	2,289		$	27,330		$	14,129

Note 14 - Income Taxes

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Income Tax Disclosure [Text Block]

14. INCOME TAXES

Note 15 - Accumulated Other Comprehensive Loss

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Comprehensive Income (Loss) Note [Text Block]

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	$	(2,184	)	$	(24,878	)	$	(27,062	)
Other comprehensive income (loss) before reclassifications		87			(13,822	)		(13,735	)
Tax effect		248			-			248
Net current period other comprehensive income (loss)		335			(13,822	)		(13,487	)
Balance as of March 31, 2024		(1,849	)		(38,700	)		(40,549	)
Other comprehensive income (loss) before reclassifications		355			(4,313	)		(3,958	)
Amounts reclassified from accumulated other comprehensive loss		63			-			63
Tax effect		(50	)		-			(50	)
Net current period other comprehensive income (loss)		368			(4,313	)		(3,945	)
Balance as of June 30, 2024		(1,481	)		(43,013	)		(44,494	)
Other comprehensive income before reclassifications		1,014			22,321			23,335
Tax effect		(37	)		-			(37	)
Net current period other comprehensive income		977			22,321			23,298
Balance as of September 30, 2024	$	(504	)	$	(20,692	)	$	(21,196	)

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.

Note 16 - Dividends and Dividend Equivalents

9 Months Ended

Sep. 30, 2024

Notes to Financial Statements

Dividends And Dividend Equivalents [Text Block]

16. DIVIDENDS AND DIVIDEND EQUIVALENTS

Cash Dividend Program

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Dividend declared per share	$	1.25	$	1.00	$	3.75	$	3.00
Total amount	$	60,974	$	47,832	$	182,680	$	142,692

As of September 30, 2024 and December 31, 2023, accrued dividends totaled $61.0 million and $47.9 million, respectively.

Cash Dividend Equivalent Rights

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024 shares
ecd_TradingArrByIndTable
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false
Victor K Lee [Member]
ecd_TradingArrByIndTable
Trading Arrangement, Securities Aggregate Available Amount	1,000
Trading Arrangement, Individual Name	Victor K. Lee
Trading Arrangement, Individual Title	Director
Trading Arrangement Adoption Date	August 21, 2024
Rule 10b5-1 Arrangement Terminated [Flag]	true
Trading Arrangement Termination Date	August 21, 2025
Rule 10b5-1 Arrangement Adopted [Flag]	true
Maurice Sciammas [Member]
ecd_TradingArrByIndTable
Trading Arrangement, Securities Aggregate Available Amount	19,000
Trading Arrangement, Individual Name	Maurice Sciammas
Trading Arrangement, Individual Title	Executive Vice President of Worldwide Sales and Marketing
Trading Arrangement Adoption Date	August 22, 2024
Rule 10b5-1 Arrangement Terminated [Flag]	true
Trading Arrangement Termination Date	August 29, 2025
Rule 10b5-1 Arrangement Adopted [Flag]	true
Michael Hsing [Member]
ecd_TradingArrByIndTable
Trading Arrangement, Securities Aggregate Available Amount	133,082
Trading Arrangement, Individual Name	Michael Hsing
Trading Arrangement, Individual Title	President, Chief Executive Officer and Director
Trading Arrangement Adoption Date	August 30, 2024
Rule 10b5-1 Arrangement Terminated [Flag]	true
Trading Arrangement Termination Date	December 31, 2025
Rule 10b5-1 Arrangement Adopted [Flag]	true
Saria Tseng [Member]
ecd_TradingArrByIndTable
Trading Arrangement, Securities Aggregate Available Amount	33,963
Trading Arrangement, Individual Name	Saria Tseng
Trading Arrangement, Individual Title	Executive Vice President, Strategic Corporate Development, General Counsel and Corporate Secretary
Trading Arrangement Adoption Date	August 30, 2024
Rule 10b5-1 Arrangement Terminated [Flag]	true
Trading Arrangement Termination Date	December 31, 2025
Rule 10b5-1 Arrangement Adopted [Flag]	true

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Goodwill and Intangible Assets, Policy [Policy Text Block]	Goodwill and Acquisition-Related Intangible Assets Goodwill represents the excess of fair value of purchase consideration over fair value of net tangible and identifiable intangible assets acquired as of the date of an acquisition. In-process research and development (“IPR&D”) assets represent the fair value of incomplete research and development (“R&D”) projects that had not reached technological feasibility as of the date of acquisition. IPR&D assets are initially capitalized at fair value as intangible assets with indefinite lives. When IPR&D projects are completed, they are reclassified as amortizable intangible assets and are amortized over their estimated useful lives. Alternatively, if IPR&D projects are abandoned, they are impaired and expensed as R&D costs. Acquisition-related intangible assets with finite lives consist of developed technologies, which are amortized on a straight-line basis over their estimated remaining useful lives. The amortization expense is recorded in cost of revenue in the Condensed Consolidated Statements of Operations.
Use of Estimates, Policy [Policy Text Block]	*Use of Estimates* The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. Significant estimates and assumptions used in these condensed consolidated financial statements primarily include those related to revenue recognition, inventory valuation, valuation of share-based awards, contingencies and income tax valuation allowances. Actual results could differ from these estimates and assumptions, and any such differences may be material to the Company’s condensed consolidated financial statements.
New Accounting Pronouncements, Policy [Policy Text Block]	*New Accounting Pronouncements Not Yet Adopted as of September 30, 2024* In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which aims to improve disclosures regarding a public entity’s reportable segments, primarily through more comprehensive disclosures around significant segment expenses. The standard is effective for annual periods beginning January 1, 2024 and for interim periods beginning January 1, 2025, and should be applied retroactively to all prior periods presented. The Company is evaluating the potential effect that the updated standard will have on its financial statement disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which aims to improve an entity’s income tax disclosures around its effective rate reconciliation, income taxes paid, disaggregation of income before income taxes and income tax expense. The guidance will be effective for annual periods beginning January 1, 2025. The standard should be applied prospectively but retrospective application is permitted. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements.

Note 3 - Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Share-Based Payment Arrangement, Cost by Plan [Table Text Block]

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cost of revenue	$	1,576	$	1,020	$	4,585	$	3,317
Research and development		11,331		8,479		33,460		26,406
Selling, general and administrative (“SG&A”)		38,491		24,103		111,585		78,880
Total stock-based compensation expense	$	51,398	$	33,602	$	149,630	$	108,603
Tax benefit related to stock-based compensation ⁽¹⁾	$	766	$	667	$	2,272	$	1,753

Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]

	Time-Based RSUs					PSUs and MPSUs						MSUs					Total
				Weighted-						Weighted-					Weighted-					Weighted-
				Average						Average					Average					Average
				Grant Date						Grant Date					Grant Date					Grant Date
	Number of			Fair Value		Number of				Fair Value		Number of			Fair Value		Number of			Fair Value
	Shares			Per Share		Shares				Per Share		Shares			Per Share		Shares			Per Share
Outstanding at January 1, 2024		102		$	411.11		482			$	397.77		1,502		$	152.89		2,086		$	222.04
Granted		31		$	643.98		344		⁽¹⁾	$	593.33		-		$	-		375		$	597.56
Vested		(39	)	$	374.15		(150	)		$	272.21		(563	)	$	68.48		(752	)	$	125.04
Forfeited		(4	)	$	471.15		(1	)		$	400.96		(1	)	$	270.15		(6	)	$	419.22
Outstanding at September 30, 2024		90		$	505.64		675			$	525.43		938		$	203.32		1,703		$	346.88

Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block]

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Expected term (in years)		0.5			0.5			0.5			0.5
Expected volatility		47.8	%		50.8	%		45.1	%		53.3	%
Risk-free interest rate		5.0	%		5.5	%		5.2	%		5.3	%
Dividend yield		0.6	%		0.8	%		0.6	%		0.8	%

Note 4 - Acquisition (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Inventory	$	720
Other tangible assets acquired, net of liabilities assumed		1,487
Intangible assets:
Developed technology		9,184
IPR&D		2,147
Total identifiable net assets acquired		13,538
Goodwill		19,860
Total net assets acquired	$	33,398

Note 5 - Balance Sheet Components (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	September 30,		December 31,
	2024		2023
Raw materials	$	70,567	$	118,917
Work in process		182,312		112,750
Finished goods		172,063		152,035
Total	$	424,942	$	383,702

Schedule of Other Current Assets [Table Text Block]

	September 30,		December 31,
	2024		2023
Prepaid wafer purchases ⁽¹⁾	$	60,000	$	-
Prepaid expenses		31,379		28,964
RSU tax withholding proceeds receivable		54		20,141
Other receivables ⁽¹⁾		-		50,000
Restricted cash ⁽²⁾		-		33,204
Other		17,021		15,154
Total	$	108,454	$	147,463

Schedule of Other Assets, Noncurrent [Table Text Block]

	September 30,		December 31,
	2024		2023
Deferred compensation plan assets	$	89,324	$	78,381
Prepaid wafer purchases ⁽¹⁾		60,000		120,000
Operating lease right-of-use (“ROU”) and related assets ⁽²⁾		35,026		8,355
Other		6,673		4,541
Total	$	191,023	$	211,277

Schedule of Accrued Liabilities [Table Text Block]

	September 30,		December 31,
	2024		2023
Dividends and dividend equivalents	$	62,564	$	57,697
Stock rotation and sales returns		24,033		18,843
Warranty		14,344		16,906
Customer prepayments		6,315		2,792
Income tax payable		11,407		8,063
Other		20,768		11,490
Total	$	139,431	$	115,791

Other Noncurrent Liabilities [Table Text Block]

	September 30,		December 31,
	2024		2023
Deferred compensation plan liabilities	$	84,128	$	80,903
Operating lease liabilities		13,482		5,565
Dividend equivalents		4,196		2,187
Total	$	101,806	$	88,655

Note 6 - Leases (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Lessee, Operating Lease, Balance Sheet Information [Table Text Block]

		September 30,		December 31,
	Financial Statement Line Item	2024		2023
Operating lease ROU assets	Other long-term assets	$	17,522	$	8,355

Operating lease liabilities	Other accrued liabilities	$	2,814	$	2,303
	Other long-term liabilities	$	13,482	$	5,565

Lease, Cost [Table Text Block]

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Lease costs:
Operating lease costs	$	948	$	852	$	2,859	$	2,327
Other		822		480		2,020		1,572
Total lease costs	$	1,770	$	1,332	$	4,879	$	3,899

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	1,704	$	629	$	3,404	$	2,267
ROU assets obtained in exchange for new operating lease liabilities	$	2,339	$	2,086	$	11,610	$	6,921

	September 30,			December 31,
	2024			2023
Weighted-average remaining lease term (in years)		11.3			4.7
Weighted-average discount rate		5.4	%		4.3	%

Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]

2024 (remaining three months)	$	958
2025		3,326
2026		2,787
2027		2,298
2028		1,550
Thereafter		12,639
Total remaining lease payments		23,558
Less: imputed interest		(7,262	)
Total lease liabilities	$	16,296

Lessor, Operating Lease, Payment to be Received, Maturity [Table Text Block]

2024 (remaining three months)	$	264
2025		583
2026		403
2027		373
2028		384
Thereafter		129
Total	$	2,136

Note 7 - Net Income Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net income	$	144,430	$	121,163	$	337,337	$	330,469

Denominator:
Weighted-average outstanding shares — basic		48,757		47,780		48,692		47,501
Effect of dilutive securities		207		1,012		253		1,233
Weighted-average outstanding shares — diluted		48,964		48,792		48,945		48,734

Net income per share:
Basic	$	2.96	$	2.54	$	6.93	$	6.96
Diluted	$	2.95	$	2.48	$	6.89	$	6.78

Note 8 - Segment, Significant Customers and Geographic Information (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Schedules of Concentration of Risk, by Risk Factor [Table Text Block]

	Three Months Ended September 30,						Nine Months Ended September 30,
Customer	2024			2023			2024			2023
Distributor A		24	%		27	%		33	%		23	%
Distributor B		25	%		21	%		19	%		21	%
Distributor C		*			11	%		*			10	%

	September 30,			December 31,
Customer	2024			2023
Distributor A		25	%		42	%
Distributor B		25	%		13	%
Distributor C		10	%		10	%

Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block]

	Three Months Ended September 30,				Nine Months Ended September 30,
Country or Region	2024		2023		2024		2023
China	$	310,472	$	234,924	$	856,026	$	676,148
Taiwan		179,747		103,537		407,593		222,582
South Korea		51,815		41,698		126,865		128,047
Europe		25,145		29,827		61,992		109,278
United States		13,797		23,565		42,544		82,153
Southeast Asia		22,772		22,538		47,363		70,678
Japan		16,286		18,605		42,786		77,708
Other		85		173		266		466
Total	$	620,119	$	474,867	$	1,585,435	$	1,367,060

Revenue from External Customers by Products and Services [Table Text Block]

	Three Months Ended September 30,				Nine Months Ended September 30,
Product Family	2024		2023		2024		2023
Direct Current (“DC”) to DC	$	616,105	$	447,394	$	1,563,472	$	1,290,750
Lighting Control		4,014		27,473		21,963		76,310
Total	$	620,119	$	474,867	$	1,585,435	$	1,367,060

The following is a summary of long-lived assets by geographic region (in thousands):

Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block]

	September 30,		December 31,
Country	2024		2023
China	$	237,113	$	184,685
United States		125,952		119,430
Taiwan		39,929		39,419
Other		33,271		25,418
Total	$	436,265	$	368,952

Note 9 - Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of Product Warranty Liability [Table Text Block]

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Balance at beginning of period	$	14,702		$	17,654		$	16,906		$	24,082
Warranties issued		570			1,858			2,895			2,800
Repairs, replacement and refund		(849	)		(367	)		(4,979	)		(2,619	)
Changes in liability for pre-existing warranties		(79	)		(2,102	)		(478	)		(7,220	)
Balance at end of period	$	14,344		$	17,043		$	14,344		$	17,043

Contractual Obligation, Fiscal Year Maturity [Table Text Block]

2024 (remaining three months)	$	36,496
2025		518,513
2026		1,613
2027		30,248
Total	$	586,870

Note 10 - Cash, Cash Equivalents, Investments and Restricted Cash (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Fair Value, by Balance Sheet Grouping [Table Text Block]

	September 30,		December 31,
	2024		2023
Cash	$	413,010	$	392,329
Money market funds		282,883		135,514
Certificates of deposit		171,065		127,123
Corporate debt securities		14,236		95,101
U.S. treasuries and government agency bonds		581,156		358,409
Auction-rate securities backed by student-loan notes		173		567
Total	$	1,462,523	$	1,109,043

	September 30,		December 31,
	2024		2023
Reported as:
Cash and cash equivalents	$	700,347	$	527,843
Short-term investments		762,003		580,633
Investment within other long-term assets		173		567
Total	$	1,462,523	$	1,109,043

Investments Classified by Contractual Maturity Date [Table Text Block]

	Amortized Cost		Fair Value
Due in less than 1 year	$	765,440	$	765,683
Due in 1 - 5 years		805		774
Due in greater than 5 years		175		173
Total	$	766,420	$	766,630

Unrealized Gain (Loss) on Investments [Table Text Block]

	September 30, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Money market funds	$	282,883	$	-	$	-		$	282,883
Certificates of deposit		171,065		-		-			171,065
Corporate debt securities		14,522		-		(286	)		14,236
U.S. treasuries and government agency bonds		580,658		515		(17	)		581,156
Auction-rate securities backed by student-loan notes		175		-		(2	)		173
Total	$	1,049,303	$	515	$	(305	)	$	1,049,513

	December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Money market funds	$	135,514	$	-	$	-		$	135,514
Certificates of deposit		127,123		-		-			127,123
Corporate debt securities		96,636		4		(1,539	)		95,101
U.S. treasuries and government agency bonds		358,177		327		(95	)		358,409
Auction-rate securities backed by student-loan notes		574		-		(7	)		567
Total	$	718,024	$	331	$	(1,641	)	$	716,714

Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value [Table Text Block]

	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	$	-	$	-		$	14,236	$	(286	)	$	14,236	$	(286	)
U.S. treasuries and government agency bonds		45,331		(15	)		4,883		(2	)		50,214		(17	)
Auction-rate securities backed by student-loan notes		-		-			173		(2	)		173		(2	)
Total	$	45,331	$	(15	)	$	19,292	$	(290	)	$	64,623	$	(305	)

	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	$	20,792	$	(19	)	$	70,806	$	(1,520	)	$	91,598	$	(1,539	)
U.S. treasuries and government agency bonds		97,599		(95	)		-		-			97,599		(95	)
Auction-rate securities backed by student-loan notes		-		-			567		(7	)		567		(7	)
Total	$	118,391	$	(114	)	$	71,373	$	(1,527	)	$	189,764	$	(1,641	)

Restrictions on Cash and Cash Equivalents [Table Text Block]

	September 30,		December 31,
	2024		2023
Cash and cash equivalents	$	700,347	$	527,843
Restricted cash included in other current assets ⁽¹⁾		-		33,204
Restricted cash included in other long-term assets ⁽²⁾		134		134
Total cash, cash equivalents and restricted cash reported on the Condensed Consolidated Statements of Cash Flows	$	700,481	$	561,181

Note 11 - Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

	September 30, 2024
	Total		Level 1		Level 2		Level 3
Money market funds	$	282,883	$	282,883	$	-	$	-
Certificates of deposit		171,065		-		171,065		-
Corporate debt securities		14,236		-		14,236		-
U.S. treasuries and government agency bonds		581,156		-		581,156		-
Auction-rate securities backed by student-loan notes		173		-		-		173
Mutual funds and money market funds under deferred compensation plan		61,637		61,637		-		-
Total	$	1,111,150	$	344,520	$	766,457	$	173

	December 31, 2023
	Total		Level 1		Level 2		Level 3
Money market funds	$	135,514	$	135,514	$	-	$	-
Certificates of deposit		127,123		-		127,123		-
Corporate debt securities		95,101		-		95,101		-
U.S. treasuries and government agency bonds		358,409		-		358,409		-
Auction-rate securities backed by student-loan notes		567		-		-		567
Mutual funds and money market funds under deferred compensation plan		54,836		54,836		-		-
Total	$	771,550	$	190,350	$	580,633	$	567

Note 12 - Deferred Compensation Plan (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits by Title of Individual and Type of Deferred Compensation [Table Text Block]

	September 30,		December 31,
	2024		2023
Deferred compensation plan asset components:
Cash surrender value of corporate-owned life insurance policies	$	27,687	$	23,545
Fair value of mutual funds and money market funds		61,637		54,836
Total	$	89,324	$	78,381

Deferred compensation plan assets reported in:
Other long-term assets	$	89,324	$	78,381

Deferred compensation plan liabilities reported in:
Accrued compensation and related benefits (short-term)	$	8,012	$	384
Other long-term liabilities		84,128		80,903
Total	$	92,140	$	81,287

Note 13 - Other Income, Net (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of Other Nonoperating Income (Expense) [Table Text Block]

	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Interest income	$	6,805		$	6,071		$	20,349		$	16,844
Amortization of discount on available-for-sale securities		6,644			1,647			16,684			1,591
Gain (loss) on deferred compensation plan investments		3,894			(1,611	)		9,180			3,411
Charitable contributions		(6,400	)		(3,850	)		(18,550	)		(9,650	)
Other		(665	)		32			(333	)		1,933
Total	$	10,278		$	2,289		$	27,330		$	14,129

Note 15 - Accumulated Other Comprehensive Loss (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	Unrealized
	Losses on			Foreign Currency
	Available-for-Sale			Translation
	Securities			Adjustments			Total
Balance as of January 1, 2024	$	(2,184	)	$	(24,878	)	$	(27,062	)
Other comprehensive income (loss) before reclassifications		87			(13,822	)		(13,735	)
Tax effect		248			-			248
Net current period other comprehensive income (loss)		335			(13,822	)		(13,487	)
Balance as of March 31, 2024		(1,849	)		(38,700	)		(40,549	)
Other comprehensive income (loss) before reclassifications		355			(4,313	)		(3,958	)
Amounts reclassified from accumulated other comprehensive loss		63			-			63
Tax effect		(50	)		-			(50	)
Net current period other comprehensive income (loss)		368			(4,313	)		(3,945	)
Balance as of June 30, 2024		(1,481	)		(43,013	)		(44,494	)
Other comprehensive income before reclassifications		1,014			22,321			23,335
Tax effect		(37	)		-			(37	)
Net current period other comprehensive income		977			22,321			23,298
Balance as of September 30, 2024	$	(504	)	$	(20,692	)	$	(21,196	)

Note 16 - Dividends and Dividend Equivalents (Tables)

9 Months Ended

Sep. 30, 2024

Notes Tables

Dividends Declared [Table Text Block]

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Dividend declared per share	$	1.25	$	1.00	$	3.75	$	3.00
Total amount	$	60,974	$	47,832	$	182,680	$	142,692

Note 2 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Contract with Customer, Liability, Current	$ 6,315		$ 6,315		$ 2,792
Minimum [Member]
Contract with Customer, Payment Term (Day)			30 days
Maximum [Member]
Contract with Customer, Payment Term (Day)			90 days
Certain Customers in China [Member]
Contract with Customer, Payment Term Required Prior to Shipping Products (Week)			14 days
Certain Customers in China [Member] \| Accrued Liabilities, Current [Member]
Contract with Customer, Liability, Current	$ 6,300		$ 6,300		$ 2,800
Product Concentration Risk [Member] \| Revenue Benchmark [Member] \| Product [Member]
Concentration Risk, Percentage	99.00%	99.00%	99.00%	99.00%
Customer Concentration Risk [Member] \| Revenue Benchmark [Member] \| Product Sales Through Distribution Arrangements [Member]
Concentration Risk, Percentage	88.00%	77.00%	87.00%	79.00%

Note 3 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended	9 Months Ended
	Jun. 11, 2020	Feb. 29, 2024	Sep. 30, 2024	Sep. 30, 2023	Jun. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Aug. 16, 2023	Nov. 13, 2014
Share Price (in dollars per share)		$ 632.98	$ 924.5			$ 924.5
Proceeds from Stock Plans						$ 8,727	$ 7,568
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested			$ 65,700	$ 148,900		494,400	$ 388,600
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding			1,600,000			1,600,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount			$ 299,600			$ 299,600
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)						2 years
Time-Based RSUs [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)						31,000
Time-Based RSUs [Member] \| Employees [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)						31,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)						4 years
Time-Based RSUs [Member] \| Director [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)						1 year
PSU 2024 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Price Per Share Payable Upon Vesting of Equity Instruments Other than Options (in dollars per share)						$ 30
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Term (Year)						3 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate						49.40%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate						4.10%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate						0.80%
PSU 2024 [Member] \| Executive Officer [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		50,000
Maximum Stock Compensation Costs					$ 154,300
PSU 2024 [Member] \| Executive Officer [Member] \| Share-Based Payment Arrangement, Tranche One [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Maximum Percentage Allowed		300.00%
PSU 2024 [Member] \| Executive Officer [Member] \| Share-Based Payment Arrangement, Tranche Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Maximum Percentage Allowed		100.00%
PSU 2024 [Member] \| Executive Officer [Member] \| Share-Based Payment Arrangement, Tranche Three [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Maximum Percentage Allowed		50.00%
PSU 2024 [Member] \| Non-Executive Employees [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		11,000
Maximum Stock Compensation Costs						$ 17,700
PSU 2024 [Member] \| Non-Executive Employees [Member] \| Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Maximum Percentage Allowed		300.00%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Minimum Percentage Allowed		200.00%
PSU 2024 [Member] \| Non-Executive Employees [Member] \| Vesting First Quarter of 2026 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		50.00%
The2014 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)									5,500,000
Amended and Restated 2014 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares)	10,500,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)			3,900,000			3,900,000
The 2004 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)								4,400,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)			4,400,000			4,400,000
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount			$ 1,400			$ 1,400
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares)			7,000	9,000		18,000	18,000
Employee Stock Purchase Plan Shares Issued, Intrinsic Value			$ 2,000	$ 700		$ 5,400	$ 1,400
Proceeds from Stock Plans						$ 8,700	$ 7,600

Note 3 - Stock-based Compensation - Stock-based Compensation Plan Expenses (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Share based compensation expense

$ 51,398

$ 33,602

$ 149,630

$ 108,603

^[1]

766

667

2,272

1,753

Cost of Sales [Member]

Share based compensation expense

1,576

1,020

4,585

3,317

Research and Development Expense [Member]

Share based compensation expense

11,331

8,479

33,460

26,406

Selling, General and Administrative Expenses [Member]

Share based compensation expense

$ 38,491

$ 24,103

$ 111,585

$ 78,880

[1]

Note 3 - Stock-based Compensation - RSU Summary (Details)
shares in Thousands

9 Months Ended

Sep. 30, 2024

$ / shares

Time-Based RSUs [Member]

Balance (in shares) | shares

102

Outstanding, weighted average (in dollars per share) | $ / shares

$ 411.11

Granted (in shares) | shares

Granted, weighted average (in dollars per share) | $ / shares

$ 643.98

Vested (in shares) | shares

(39)

Vested, weighted average (in dollars per share) | $ / shares

$ 374.15

Forfeited (in shares) | shares

(4)

Forfeited, weighted average (in dollars per share) | $ / shares

$ 471.15

Balance (in shares) | shares

Outstanding, weighted average (in dollars per share) | $ / shares

$ 505.64

PSUs and MPSUs [Member]

Balance (in shares) | shares

482

Outstanding, weighted average (in dollars per share) | $ / shares

$ 397,770

Granted (in shares) | shares

344

^[1]

Granted, weighted average (in dollars per share) | $ / shares

$ 593.33

Vested (in shares) | shares

(150)

Vested, weighted average (in dollars per share) | $ / shares

$ 272.21

Forfeited (in shares) | shares

(1)

Forfeited, weighted average (in dollars per share) | $ / shares

$ 400.96

Balance (in shares) | shares

675

Outstanding, weighted average (in dollars per share) | $ / shares

$ 525.43

MSUs [Member]

Balance (in shares) | shares

1,502

Outstanding, weighted average (in dollars per share) | $ / shares

$ 152.89

Granted (in shares) | shares

Granted, weighted average (in dollars per share) | $ / shares

$ 0

Vested (in shares) | shares

(563)

Vested, weighted average (in dollars per share) | $ / shares

$ 68.48

Forfeited (in shares) | shares

(1)

Forfeited, weighted average (in dollars per share) | $ / shares

$ 270.15

Balance (in shares) | shares

938

Outstanding, weighted average (in dollars per share) | $ / shares

$ 203.32

Time-Based RSUs PSUs MSUs [Member]

Balance (in shares) | shares

2,086

Outstanding, weighted average (in dollars per share) | $ / shares

$ 222.04

Granted (in shares) | shares

375

Granted, weighted average (in dollars per share) | $ / shares

$ 597.56

Vested (in shares) | shares

(752)

Vested, weighted average (in dollars per share) | $ / shares

$ 125.04

Forfeited (in shares) | shares

(6)

Forfeited, weighted average (in dollars per share) | $ / shares

$ 419.22

Balance (in shares) | shares

1,703

Outstanding, weighted average (in dollars per share) | $ / shares

$ 346.88

[1]	Amount reflects the number of awards that may ultimately be earned based on management's probability assessment of the achievement of performance conditions at each reporting period.

Note 4 - Acquisition (Details Textual) - Axign [Member] - USD ($) $ in Millions	Jan. 03, 2024	Sep. 30, 2024
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Business Combination, Consideration Transferred	$ 33.4
Payment to Acquire Business Held in Escrow	$ 3.8
Business Acquisition, Transaction Costs		$ 0.4

Note 4 - Acquisitions - Preliminary Purchase Price Allocation (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jan. 03, 2024	Dec. 31, 2023
Goodwill	$ 26,080		$ 6,571
Axign [Member]
Inventory		$ 720
Other tangible assets acquired, net of liabilities assumed		1,487
Developed technology		9,184
IPR&D		2,147
Total identifiable net assets acquired		13,538
Goodwill		19,860
Total net assets acquired		$ 33,398

Note 5 - Balance Sheet Components (Details Textual) - USD ($)
$ in Thousands

Sep. 30, 2024

Dec. 31, 2023

Prepaid Wafer Purchase, Current

$ 60,000

Other Receivables, Net, Current

^[1]

$ 0

$ 50,000

[1]

Note 5 - Balance Sheet Components - Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Raw materials	$ 70,567	$ 118,917
Work in process	182,312	112,750
Finished goods	172,063	152,035
Total	$ 424,942	$ 383,702

Note 5 - Balance Sheet Components - Other Current Assets (Details) - USD ($)
$ in Thousands

Sep. 30, 2024

Dec. 31, 2023

Prepaid wafer purchases

^[1]

$ 60,000

$ 0

Prepaid expenses

31,379

28,964

RSU tax withholding proceeds receivable

20,141

Other receivables

^[1]

50,000

Restricted cash

^[2],[3]

33,204

Other

17,021

15,154

Total

$ 108,454

$ 147,463

[1]	The Company held $60 million in prepaid wafer purchases as of September 30, 2024 related to deposits made to a supplier under a long-term wafer supply agreement. The Company held $50 million in other receivables as of December 31, 2023 associated with those deposits. See Note 9 for details about the supply agreement.
[2]	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.
[3]	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. See Note 4 for further details.

Note 5 - Balance Sheet Components - Other Long-term Assets (Details) - USD ($)
$ in Thousands

Sep. 30, 2024

Dec. 31, 2023

Deferred compensation plan assets

$ 89,324

$ 78,381

Prepaid wafer purchases

^[1]

60,000

120,000

Operating lease right-of-use (“ROU”) and related assets

^[2]

35,026

8,355

Other

6,673

4,541

Total

$ 191,023

$ 211,277

[1]	Prepaid wafer purchases relate to a deposit made to a supplier under a long-term wafer supply agreement. See Note 9 for details about the supply agreement.
[2]	The operating lease ROU and related assets as of September 30, 2024 includes a fair value measurement related to favorable market terms on a building lease.

Note 5 - Balance Sheet Components - Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Dividends and dividend equivalents	$ 62,564	$ 57,697
Stock rotation and sales returns	24,033	18,843
Warranty	14,344	16,906
Customer prepayments	6,315	2,792
Income tax payable	11,407	8,063
Other	20,768	11,490
Total	$ 139,431	$ 115,791

Note 5 - Balance Sheet Components - Other Long-term Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Deferred compensation plan liabilities	$ 84,128	$ 80,903
Operating lease liabilities	13,482	5,565
Dividend equivalents	4,196	2,187
Total	$ 101,806	$ 88,655

Note 6 - Leases (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Note 6 - Leases (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Lessee, Operating Lease, Lease Not yet Commenced, Future Lease Obligations	$ 0		$ 0
Operating Lease, Lease Income, Lease Payments	$ 300	$ 400	$ 700	$ 1,200
Minimum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	1 year		1 year
Lessor, Operating Lease, Remaining Lease Term (Year)			1 year
Maximum [Member]
Lessee, Operating Lease, Remaining Lease Term (Year)	20 years		20 years
Lessee, Operating Lease, Renewal Term (Year)	5 years		5 years
Lessor, Operating Lease, Remaining Lease Term (Year)			5 years
Lessor, Operating Lease, Renewal Term (Year)	5 years		5 years

Note 6 - Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Operating lease ROU assets	$ 17,522	$ 8,355
Operating lease liabilities, current	2,814	2,303
Operating lease liabilities, noncurrent	$ 13,482	$ 5,565

Note 6 - Leases - Balance Sheet Information (Details) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets [Abstract]
Other Assets, Noncurrent	$ 191,023	$ 211,277
Liabilities, Current [Abstract]
Accrued Liabilities, Current	139,431	115,791
Liabilities, Noncurrent [Abstract]
Other Liabilities, Noncurrent	$ 101,806	$ 88,655
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued Liabilities, Current	Accrued Liabilities, Current
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent

Note 6 - Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Operating lease costs	$ 948	$ 852	$ 2,859	$ 2,327
Other	822	480	2,020	1,572
Total lease costs	1,770	1,332	4,879	3,899
Operating cash flows for operating leases	1,704	629	3,404	2,267
ROU assets obtained in exchange for new operating lease liabilities	$ 2,339	$ 2,086	$ 11,610	$ 6,921
Weighted-average remaining lease term (in years) (Year)	11 years 3 months 18 days		11 years 3 months 18 days		4 years 8 months 12 days
Weighted-average discount rate	5.40%		5.40%		4.30%

Note 6 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands	Sep. 30, 2024 USD ($)
2024 (remaining three months)	$ 958
2025	3,326
2026	2,787
2027	2,298
2028	1,550
Thereafter	12,639
Total remaining lease payments	23,558
Less: imputed interest	(7,262)
Total lease liabilities	$ 16,296

Note 6 - Leases - Maturities of Income Related to Lease Payments (Details) $ in Thousands	Sep. 30, 2024 USD ($)
2024 (remaining three months)	$ 264
2025	583
2026	403
2027	373
2028	384
Thereafter	129
Total	$ 2,136

Note 7 - Net Income Per Share (Details Textual) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Oct. 31, 2023
Stock Repurchased and Retired During Period, Shares (in shares)	6,000	19,000
Stock Repurchased and Retired During Period, Value	$ 5,534	$ 14,160
Maximum [Member]
Share Repurchase Program, Authorized, Amount			$ 640,000

Note 7 - Net Income Per Share - Net Income Per Share Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income	$ 144,430	$ 121,163	$ 337,337	$ 330,469
Weighted-average outstanding shares — basic (in shares)	48,757	47,780	48,692	47,501
Effect of dilutive securities (in shares)	207	1,012	253	1,233
Weighted-average outstanding shares — diluted (in shares)	48,964	48,792	48,945	48,734
Earnings per share, basic (in dollars per share)	$ 2.96	$ 2.54	$ 6.93	$ 6.96
Earnings per share, diluted (in dollars per share)	$ 2.95	$ 2.48	$ 6.89	$ 6.78

Note 8 - Segment, Significant Customers and Geographic Information (Details Textual)	9 Months Ended
	Sep. 30, 2024
Number of Reportable Segments	1

Note 8 - Segment, Significant Customers and Geographic Information - Customers with Sales and Accounts Receivable Greater Than 10% (Details) - Customer Concentration Risk [Member]	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Accounts Receivable [Member] \| Distributor A [Member]
Concentration risk			25.00%		42.00%
Accounts Receivable [Member] \| Distributor B [Member]
Concentration risk			25.00%		13.00%
Accounts Receivable [Member] \| Distributor C [Member]
Concentration risk			10.00%		10.00%
Revenue Benchmark [Member] \| Distributor A [Member]
Concentration risk	24.00%	27.00%	33.00%	23.00%
Revenue Benchmark [Member] \| Distributor B [Member]
Concentration risk	25.00%	21.00%	19.00%	21.00%
Revenue Benchmark [Member] \| Distributor C [Member]
Concentration risk				10.00%

Note 8 - Segment, Significant Customers and Geographic Information - Revenue By Region (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue	$ 620,119	$ 474,867	$ 1,585,435	$ 1,367,060
CHINA
Revenue	310,472	234,924	856,026	676,148
TAIWAN
Revenue	179,747	103,537	407,593	222,582
KOREA, REPUBLIC OF
Revenue	51,815	41,698	126,865	128,047
Europe [Member]
Revenue	25,145	29,827	61,992	109,278
UNITED STATES
Revenue	13,797	23,565	42,544	82,153
South East Asia [Member]
Revenue	22,772	22,538	47,363	70,678
JAPAN
Revenue	16,286	18,605	42,786	77,708
Other Region [Member]
Revenue	$ 85	$ 173	$ 266	$ 466

Note 8 - Segment, Significant Customers and Geographic Information - Revenue By Product Family (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue	$ 620,119	$ 474,867	$ 1,585,435	$ 1,367,060
DC To DC Products [Member]
Revenue	616,105	447,394	1,563,472	1,290,750
Lighting Control Products [Member]
Revenue	$ 4,014	$ 27,473	$ 21,963	$ 76,310

Note 8 - Segment, Significant Customers and Geographic Information - Long Lived Assets By Geographic Region (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Long lived assets by region	$ 436,265	$ 368,952
CHINA
Long lived assets by region	237,113	184,685
UNITED STATES
Long lived assets by region	125,952	119,430
TAIWAN
Long lived assets by region	39,929	39,419
Other Region [Member]
Long lived assets by region	$ 33,271	$ 25,418

Note 9 - Commitments and Contingencies (Details Textual) $ in Thousands	Sep. 30, 2024 USD ($)
Purchase Obligation	$ 586,870
Prepaid Wafer Purchase, Current	60,000
Long-term Supply Agreement [Member]
Purchase Obligation	$ 120,000
Minimum [Member]
Product Warranty Obligation, Term (Year)	1 year
Maximum [Member]
Product Warranty Obligation, Term (Year)	2 years

Note 9 - Commitments and Contingencies - Changes in Warranty Reserve (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Balance	$ 14,702	$ 17,654	$ 16,906	$ 24,082
Warranties issued	570	1,858	2,895	2,800
Repairs, replacement and refund	(849)	(367)	(4,979)	(2,619)
Changes in liability for pre-existing warranties	(79)	(2,102)	(478)	(7,220)
Balance	$ 14,344	$ 17,043	$ 14,344	$ 17,043

Note 9 - Commitments and Contingencies - Estimated Future Unconditional Purchase Commitments (Details) $ in Thousands	Sep. 30, 2024 USD ($)
2024 (remaining three months)	$ 36,496
2025	518,513
2026	1,613
2027	30,248
Total	$ 586,870

Note 10 - Cash, Cash Equivalents, Investments and Restricted Cash - Cash, Cash Equivalents, Short-term and Long-term Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Cash	$ 413,010	$ 392,329
Money market funds	282,883	135,514
Certificates of deposit	171,065	127,123
U.S. treasuries and government agency bonds	581,156	358,409
Total	1,462,523	1,109,043
Cash and cash equivalents	700,347	527,843
Short-term investments	762,003	580,633
Investment within other long-term assets	173	567
Corporate Debt Securities [Member]
Available-for-sale securities	14,236	95,101
Auction Rate Securities [Member]
Available-for-sale securities	$ 173	$ 567

Note 10 - Cash, Cash Equivalents, Investments and Restricted Cash - Investment Maturity Classification (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Due in less than 1 year, Amortized cost	$ 765,440
Due in less than 1 year, fair value	765,683
Due in 1 - 5 years, Amortized cost	805
Due in 1 - 5 years, fair value	774
Due in greater than 5 years, Amortized cost	175
Due in greater than 5 years, fair value	173
Total, Amortized cost	766,420
Total, fair value	$ 766,630

Note 10 - Cash, Cash Equivalents, Investments and Restricted Cash - Unrealized Gains and Losses on Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Amortized Cost	$ 1,049,303	$ 718,024
Unrealized Gains	515	331
Unrealized Losses	(305)	(1,641)
Total Fair Value	1,049,513	716,714
Money Market Funds [Member]
Amortized Cost	282,883	135,514
Unrealized Gains	0	0
Unrealized Losses	0	0
Total Fair Value	282,883	135,514
Certificates of Deposit [Member]
Amortized Cost	171,065	127,123
Unrealized Gains	0	0
Unrealized Losses	0	0
Total Fair Value	171,065	127,123
Corporate Debt Securities [Member]
Amortized Cost	14,522	96,636
Unrealized Gains	0	4
Unrealized Losses	(286)	(1,539)
Total Fair Value	14,236	95,101
US Government Agencies Short-Term Debt Securities [Member]
Amortized Cost	580,658	358,177
Unrealized Gains	515	327
Unrealized Losses	(17)	(95)
Total Fair Value	581,156	358,409
Auction Rate Securities [Member]
Amortized Cost	175	574
Unrealized Gains	0	0
Unrealized Losses	(2)	(7)
Total Fair Value	$ 173	$ 567

Note 10 - Cash, Cash Equivalents, Investments and Restricted Cash - Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Continuous Unrealized Loss Position, Less than 12 Months	$ 45,331	$ 118,391
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(15)	(114)
Continuous Unrealized Loss Position, 12 Months or Longer	19,292	71,373
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(290)	(1,527)
Unrealized Loss Position, Total	64,623	189,764
Unrealized Loss Position, Accumulated Loss, Total	(305)	(1,641)
Corporate Debt Securities [Member]
Continuous Unrealized Loss Position, Less than 12 Months	0	20,792
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	0	(19)
Continuous Unrealized Loss Position, 12 Months or Longer	14,236	70,806
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(286)	(1,520)
Unrealized Loss Position, Total	14,236	91,598
Unrealized Loss Position, Accumulated Loss, Total	(286)	(1,539)
US Treasury and Government Short-Term Debt Securities [Member]
Continuous Unrealized Loss Position, Less than 12 Months	45,331
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(15)
Continuous Unrealized Loss Position, 12 Months or Longer	4,883
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(2)
Unrealized Loss Position, Total	50,214
Unrealized Loss Position, Accumulated Loss, Total	(17)
US Government Agencies Short-Term Debt Securities [Member]
Continuous Unrealized Loss Position, Less than 12 Months		97,599
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss		(95)
Continuous Unrealized Loss Position, 12 Months or Longer		0
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss		0
Unrealized Loss Position, Total		97,599
Unrealized Loss Position, Accumulated Loss, Total		(95)
Auction Rate Securities [Member]
Continuous Unrealized Loss Position, Less than 12 Months	0	0
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	0	0
Continuous Unrealized Loss Position, 12 Months or Longer	173	567
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(2)	(7)
Unrealized Loss Position, Total	173	567
Unrealized Loss Position, Accumulated Loss, Total	$ (2)	$ (7)

Note 10 - Cash, Cash Equivalents, Investments and Restricted Cash - Restricted Cash (Details) - USD ($)
$ in Thousands

Sep. 30, 2024

Dec. 31, 2023

Sep. 30, 2023

Dec. 31, 2022

Cash and cash equivalents

$ 700,347

$ 527,843

Restricted cash

^[1],[2]

33,204

Restricted cash included in other long-term assets

^[3]

134

Total cash, cash equivalents and restricted cash reported on the Condensed Consolidated Statements of Cash Flows

$ 700,481

$ 561,181

$ 421,300

$ 288,729

[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 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. See Note 4 for further details.
[3]	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.

Note 11 - Fair Value Measurements - Financial Assets and Liabilities, Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Total Fair Value	$ 1,049,513	$ 716,714
Assets, fair value	1,111,150	771,550
Fair Value, Inputs, Level 1 [Member]
Assets, fair value	344,520	190,350
Fair Value, Inputs, Level 2 [Member]
Assets, fair value	766,457	580,633
Fair Value, Inputs, Level 3 [Member]
Assets, fair value	173	567
Money Market Funds [Member]
Total Fair Value	282,883	135,514
Money Market Funds [Member] \| Fair Value, Inputs, Level 1 [Member]
Total Fair Value	282,883	135,514
Money Market Funds [Member] \| Fair Value, Inputs, Level 2 [Member]
Total Fair Value	0	0
Money Market Funds [Member] \| Fair Value, Inputs, Level 3 [Member]
Total Fair Value	0	0
Certificates of Deposit [Member]
Total Fair Value	171,065	127,123
Certificates of Deposit [Member] \| Fair Value, Inputs, Level 1 [Member]
Total Fair Value	0	0
Certificates of Deposit [Member] \| Fair Value, Inputs, Level 2 [Member]
Total Fair Value	171,065	127,123
Certificates of Deposit [Member] \| Fair Value, Inputs, Level 3 [Member]
Total Fair Value	0	0
Corporate Debt Securities [Member]
Total Fair Value	14,236	95,101
Corporate Debt Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Total Fair Value	0	0
Corporate Debt Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Total Fair Value	14,236	95,101
Corporate Debt Securities [Member] \| Fair Value, Inputs, Level 3 [Member]
Total Fair Value	0	0
US Government Agencies Short-Term Debt Securities [Member]
Total Fair Value	581,156	358,409
US Government Agencies Short-Term Debt Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Total Fair Value	0	0
US Government Agencies Short-Term Debt Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Total Fair Value	581,156	358,409
US Government Agencies Short-Term Debt Securities [Member] \| Fair Value, Inputs, Level 3 [Member]
Total Fair Value	0	0
Auction Rate Securities [Member]
Total Fair Value	173	567
Auction Rate Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Total Fair Value	0	0
Auction Rate Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Total Fair Value	0	0
Auction Rate Securities [Member] \| Fair Value, Inputs, Level 3 [Member]
Total Fair Value	173	567
Mutual Fund [Member]
Total Fair Value	61,637	54,836
Mutual Fund [Member] \| Fair Value, Inputs, Level 1 [Member]
Total Fair Value	61,637	54,836
Mutual Fund [Member] \| Fair Value, Inputs, Level 2 [Member]
Total Fair Value	0	0
Mutual Fund [Member] \| Fair Value, Inputs, Level 3 [Member]
Total Fair Value	$ 0	$ 0

Note 12 - Deferred Compensation Plan - Summary of Deferred Compensation Plan (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Deferred compensation plan assets	$ 89,324	$ 78,381
Deferred compensation plan liabilities	92,140	81,287
Other Long-term Assets [Member]
Deferred compensation plan assets	89,324	78,381
Accrued Compensation and Related Benefits [Member]
Deferred compensation plan liabilities	8,012	384
Other Long-term Liabilities [Member]
Deferred compensation plan liabilities	84,128	80,903
Cash Surrender Value [Member]
Deferred compensation plan assets	27,687	23,545
Mutual Funds and Money Market Funds, Fair Value [Member]
Deferred compensation plan assets	$ 61,637	$ 54,836

Note 13 - Other Income, Net - Interest and Other Income Components (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Interest income	$ 6,805	$ 6,071	$ 20,349	$ 16,844
Amortization of discount on available-for-sale securities	6,644	1,647	16,684	1,591
Gain (loss) on deferred compensation plan investments	3,894	(1,611)	9,180	3,411
Charitable contributions	(6,400)	(3,850)	(18,550)	(9,650)
Other	(665)	32	(333)	1,933
Total	$ 10,278	$ 2,289	$ 27,330	$ 14,129

Note 14 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Expense (Benefit)	$ 29,876	$ 16,692	$ 66,044	$ 55,827
Effective Income Tax Rate Reconciliation, Percent	17.10%	12.10%	16.40%	14.50%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%	21.00%

Note 15 - Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024
Balance	$ 2,195,858		$ 2,049,939
Balance	2,351,690	$ 2,195,858
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member]
Balance	(1,481)	(1,849)	(2,184)
Other comprehensive income (loss) before reclassifications	1,014	355	87
Tax effect	(37)	(50)	248
Other comprehensive loss, net of tax	977	368	335
Amounts reclassified from accumulated other comprehensive loss		63
Balance	(504)	(1,481)	(1,849)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Balance	(43,013)	(38,700)	(24,878)
Other comprehensive income (loss) before reclassifications	22,321	(4,313)	(13,822)
Tax effect	0	0	0
Other comprehensive loss, net of tax	22,321	(4,313)	(13,822)
Amounts reclassified from accumulated other comprehensive loss		0
Balance	(20,692)	(43,013)	(38,700)
AOCI Attributable to Parent [Member]
Balance	(44,494)	(40,549)	(27,062)
Other comprehensive income (loss) before reclassifications	23,335	(3,958)	(13,735)
Tax effect	(37)	(50)	248
Other comprehensive loss, net of tax	23,298	(3,945)	(13,487)
Amounts reclassified from accumulated other comprehensive loss		63
Balance	$ (21,196)	$ (44,494)	$ (40,549)

Note 16 - Dividends and Dividend Equivalents (Details Textual) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Dividends Payable, Current	$ 61.0	$ 47.9
Accrued Dividend Equivalents	$ 5.8	$ 11.9

Note 16 - Dividends and Dividend Equivalents - Cash Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Dividend declared per share (in dollars per share)	$ 1.25	$ 1	$ 3.75	$ 3
Total amount	$ 60,974	$ 47,832	$ 182,680	$ 142,692

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