Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 26, 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 | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 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 $0.001 per share | |
Trading Symbol | MPWR | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 48,672,000 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 488,273 | $ 527,843 |
Short-term investments | 798,116 | 580,633 |
Accounts receivable, net | 194,428 | 179,858 |
Inventories | 395,990 | 383,702 |
Other current assets | 99,685 | 147,463 |
Total current assets | 1,976,492 | 1,819,499 |
Property and equipment, net | 375,573 | 368,952 |
Acquisition-related intangible assets, net | 9,518 | 0 |
Goodwill | 27,311 | 6,571 |
Deferred tax assets, net | 32,784 | 28,054 |
Other Assets, Noncurrent | 157,023 | 211,277 |
Total assets | 2,578,701 | 2,434,353 |
Liabilities, Current [Abstract] | ||
Accounts payable | 103,471 | 62,958 |
Accrued compensation and related benefits | 70,541 | 56,286 |
Other accrued liabilities | 137,868 | 115,791 |
Total current liabilities | 311,880 | 235,035 |
Income tax liabilities | 66,337 | 60,724 |
Other long-term liabilities | 86,927 | 88,655 |
Total liabilities | 465,144 | 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: 48,667 and 48,028, respectively | 1,176,382 | 1,129,937 |
Retained earnings | 977,724 | 947,064 |
Accumulated other comprehensive loss | (40,549) | (27,062) |
Total stockholders’ equity | 2,113,557 | 2,049,939 |
Total liabilities and stockholders’ equity | $ 2,578,701 | $ 2,434,353 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands | Mar. 31, 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) | 48,667 | 48,028 |
Common stock, shares outstanding (in shares) | 48,667 | 48,028 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue | $ 457,885 | $ 451,065 |
Cost of revenue | 205,444 | 192,285 |
Gross profit | 252,441 | 258,780 |
Operating expenses: | ||
Research and development | 75,990 | 63,709 |
Selling, general and administrative | 80,964 | 70,795 |
Total operating expenses | 156,954 | 134,504 |
Operating income | 95,487 | 124,276 |
Other income, net | 9,540 | 5,297 |
Income before income taxes | 105,027 | 129,573 |
Income tax expense | 12,486 | 19,771 |
Net income | $ 92,541 | $ 109,802 |
Net income per share | ||
Basic (in dollars per share) | $ 1.9 | $ 2.32 |
Diluted (in dollars per share) | $ 1.89 | $ 2.26 |
Weighted-average shares outstanding: | ||
Basic (in shares) | 48,635 | 47,234 |
Diluted (in shares) | 48,928 | 48,655 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net income | $ 92,541 | $ 109,802 |
Other comprehensive income (loss), net of tax: | ||
Foreign currency translation adjustments | (13,822) | 2,919 |
Change in unrealized gains and losses on available-for-sale securities, net of tax of $(248) and $311, respectively | 335 | 2,213 |
Other comprehensive income (loss), net of tax: | (13,487) | 5,132 |
Comprehensive income | $ 79,054 | $ 114,934 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Change in unrealized gain (loss) on available-for-sale securities, tax | $ (248) | $ 311 |
Condensed Consolidated Statem_4
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 | 109,802 | 0 | 109,802 |
Other comprehensive loss | 0 | 0 | 5,132 | 5,132 |
Dividends and dividend equivalents declared | $ 0 | (49,130) | 0 | (49,130) |
Common stock issued under the employee equity incentive plan (in shares) | 295,000 | |||
Common stock issued under the employee equity incentive plan | $ 1,110 | 0 | 0 | 1,110 |
Common stock issued under the employee stock purchase plan (in shares) | 9,000 | |||
Common stock issued under the employee stock purchase plan | $ 3,737 | 0 | 0 | 3,737 |
Stock-based compensation expense | $ 37,008 | 0 | 0 | 37,008 |
Balance (in shares) at Mar. 31, 2023 | 47,411,000 | |||
Balance at Mar. 31, 2023 | $ 1,017,131 | 777,075 | (17,945) | $ 1,776,261 |
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 | 92,541 | 0 | 92,541 |
Other comprehensive loss | 0 | 0 | (13,487) | (13,487) |
Dividends and dividend equivalents declared | $ 0 | (61,881) | 0 | (61,881) |
Common stock issued under the employee equity incentive plan (in shares) | 634,000 | |||
Common stock issued under the employee equity incentive plan | $ 0 | 0 | 0 | 0 |
Common stock issued under the employee stock purchase plan (in shares) | 11,000 | |||
Common stock issued under the employee stock purchase plan | $ 4,606 | 0 | 0 | $ 4,606 |
Repurchases of common stock (in shares) | (6,000) | (6,100) | ||
Repurchases of common stock | $ (4,076) | 0 | 0 | $ (4,076) |
Stock-based compensation expense | $ 45,915 | 0 | 0 | $ 45,915 |
Balance (in shares) at Mar. 31, 2024 | 48,667,000 | 48,667,000 | ||
Balance at Mar. 31, 2024 | $ 1,176,382 | $ 977,724 | $ (40,549) | $ 2,113,557 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Dividends and dividend equivalents declared per share (in dollars per share) | $ 1.25 | $ 1 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net income | $ 92,541 | $ 109,802 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 8,251 | 9,987 |
Amortization of premium (discount) on available-for-sale securities | (4,123) | 260 |
Gain on deferred compensation plan investments | (4,019) | (2,534) |
Deferred taxes, net | 248 | (622) |
Stock-based compensation expense | 45,926 | 37,009 |
Other | (63) | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (14,578) | (1,558) |
Inventories | (11,596) | 16,063 |
Other assets | 74,477 | 213 |
Accounts payable | 35,934 | (880) |
Accrued compensation and related benefits | 14,698 | 13,422 |
Income tax liabilities | 3,011 | 20,137 |
Other accrued liabilities | 7,344 | 17,508 |
Net cash provided by operating activities | 248,051 | 218,807 |
Cash flows from investing activities: | ||
Purchases of property and equipment | (15,991) | (8,854) |
Purchases of investments | (365,856) | (129,321) |
Maturities and sales of investments | 149,766 | 152,698 |
Cash paid for acquisition, net of cash acquired | (33,284) | 0 |
Contributions to deferred compensation plan, net | (650) | (2,209) |
Net cash provided by (used in) investing activities | (266,015) | 12,314 |
Cash flows from financing activities: | ||
Property and equipment purchased on extended payment terms | (978) | (374) |
Proceeds from common stock issued under the employee equity incentive plan | 0 | 1,110 |
Proceeds from common stock issued under the employee stock purchase plan | 4,606 | 3,737 |
Repurchases of common stock | (4,076) | 0 |
Dividends and dividend equivalents paid | (49,553) | (36,725) |
Net cash used in financing activities | (50,001) | (32,252) |
Effect of change in exchange rates | (4,818) | 1,497 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (72,783) | 200,366 |
Cash, cash equivalents and restricted cash, beginning of period | 561,181 | 288,729 |
Cash, cash equivalents and restricted cash, end of period | 488,398 | 489,095 |
Supplemental disclosures for cash flow information: | ||
Cash paid (refunded) for income taxes, net | 725 | (1,300) |
Non-cash investing and financing activities: | ||
Liability accrued for property and equipment purchases | 5,995 | 2,482 |
Liability accrued for dividends and dividend equivalents | $ 61,892 | $ 49,219 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. 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 December 31, 2023 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 not may December 31, 2024 Summary of Significant Accounting Policies no three March 31, 2024. 10 December 31, 2023, Goodwill and Acquisition-Related Intangible Assets not 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 New Accounting Pronouncements Not March 31, 2024 In November 2023, 2023 07, 280 January 1, 2024 January 1, 2025, In December 2023, 2023 09, 740 January 1, 2025. not |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 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 both the three March 31, 2024 2023 third 8 The Company sells its products primarily through third three March 31, 2024 2023 not 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. 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 Certain distributors have limited stock rotation rights that permit the return of a small percentage of the previous six 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 90 not may not Contract Liabilities: For customers without credit terms, the Company requires cash payments two March 31, 2024 December 31, 2023 , three March 31, 2024 December 31, 2023 . Practical Expedients The Company has elected the practical expedient to expense sales commissions as incurred because the amortization period would have been one 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 The Company’s unsatisfied performance obligations primarily include products held in consignment arrangements and customer purchase orders for products that the Company has not one not |
Note 3 - Stock-based Compensati
Note 3 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 3. 2014 In April 2013, 2014 “2014 June 2013. October 2014, 2014 2014 November 13, 2014, April 2020, 2014 2014 June 2020. 2014 June 11, 2020, 2014 June 11, 2030. March 31, 2024 2014 Stock-Based Compensation Expense The Company recognized stock-based compensation expenses as follows (in thousands): Three Months Ended March 31, 2024 2023 Cost of revenue $ 1,398 $ 1,147 Research and development 10,447 8,614 Selling, general and administrative (“SG&A”) 34,081 27,248 Total stock-based compensation expense $ 45,926 $ 37,009 Tax benefit related to stock-based compensation (1) $ 708 $ 423 ( 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 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 21 $ 632.98 240 (1) $ 609.22 - $ - 261 $ 610.67 Vested (14 ) $ 372.30 (57 ) $ 287.31 (563 ) $ 68.48 (634 ) $ 94.76 Forfeited (2 ) $ 467.30 - $ - - $ - (2 ) $ 423.45 Outstanding at March 31, 2024 107 $ 458.67 665 $ 489.68 939 $ 203.38 1,711 $ 330.53 ( 1 Amount reflects the number of awards that may The intrinsic value related to vested RSUs was $403.0 million and $141.6 million for the three March 31, 2024 2023 March 31, 2024 March 31, 2024 two Time-Based RSUs: For the three March 31, 2024 four one 2024 In February 2024, three “2024 first 2024 three 2024 2026 three second 2024 2026 25% 1 2 2022 third 2024 one third 2026 third 2024 2026 48V 200% 2023 first 2024 December 31, 2026, 2024 second third December 31, 2026 2024 February 2024, 2025 two 2024 2025 two “2024 2024 2024 first 2026 2024 two 2024 The 2024 2024 $30 $30 2024 2024 three no not 2004 2004 ) On August 16, 2023, 2004 2004 August 16, 2038. For the three March 31, 2024 2023 2004 March 31, 2024 2004 The intrinsic value of the shares issued was $3.5 million and $0.7 million for the three March 31, 2024 2023 March 31, 2024 third 2024. Three Months Ended March 31, 2024 2023 Expected term (in years) 0.5 0.5 Expected volatility 42.4 % 55.8 % Risk-free interest rate 5.3 % 5.0 % Dividend yield 0.7 % 0.8 % Cash proceeds from the shares issued under the 2004 three March 31, 2024 2023 |
Note 4 - Acquisition
Note 4 - Acquisition | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 4. On January 3, 2024 ( Purchase Consideration The preliminary purchase consideration was approximately $33.7 million in cash and includes an estimated working capital adjustment and other adjustments. Cash paid at the Acquisition Date included $3.8 million that is being held in an escrow account for a one 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. Preliminary Purchase Price Allocation The preliminary purchase price allocation for Axign is as follows (in thousands): Preliminary Estimated Net Asset Fair Value Inventory $ 720 Other tangible assets acquired, net of liabilities assumed 1,948 Intangible assets: Developed technology 8,337 IPR&D 1,612 Total identifiable net assets acquired 12,617 Goodwill 21,066 Total net assets acquired $ 33,683 The intangible asset acquired with a finite life includes the core developed technology with an estimated remaining useful life of eight not 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 The Company is still in the process of determining the final fair values of the assets acquired and liabilities assumed. As a result, the purchase price allocation for Axign is not March 31, 2024. June 30, 2024. |
Note 5 - Balance Sheet Componen
Note 5 - Balance Sheet Components | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 5. Inventories Inventories consist of the following (in thousands): March 31, December 31, 2024 2023 Raw materials $ 108,425 $ 118,917 Work in process 141,703 112,750 Finished goods 145,862 152,035 Total $ 395,990 $ 383,702 Other Current Assets Other current assets consist of the following (in thousands): March 31, December 31, 2024 2023 Prepaid wafer expenses $ 60,000 $ - Prepaid expenses 21,588 28,964 RSU tax withholding proceeds receivable 15 20,141 Other receivables - 50,000 Restricted cash - 33,204 Other 18,082 15,154 Total $ 99,685 $ 147,463 As of March 31, 2024 December 31, 2023, 9 December 31, 2023 January 2024. 4 Other Long-Term Assets Other long-term assets consist of the following (in thousands): March 31, December 31, 2024 2023 Deferred compensation plan assets $ 83,050 $ 78,381 Prepaid wafer purchases 60,000 120,000 Other 13,973 12,896 Total $ 157,023 $ 211,277 Prepaid wafer purchases relate to a deposit made to a supplier under a long-term wafer supply agreement. See Note 9 Other Accrued Liabilities Other accrued liabilities consist of the following (in thousands): March 31, December 31, 2024 2023 Dividends and dividend equivalents $ 69,291 $ 57,697 Stock rotation and sales returns 30,208 18,843 Warranty 12,873 16,906 Income tax payable 8,032 8,063 Other 17,464 14,282 Total $ 137,868 $ 115,791 As of March 31, 2024 December 31, 2023 Other Long-Term Liabilities Other long-term liabilities consist of the following (in thousands): March 31, December 31, 2024 2023 Deferred compensation plan liabilities $ 78,085 $ 80,903 Operating lease liabilities 5,920 5,565 Dividend equivalents 2,922 2,187 Total $ 86,927 $ 88,655 |
Note 6 - Leases
Note 6 - Leases | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Leases Disclosure [Text Block] | 6. 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 seven five not The following table summarizes the balances of operating lease right-of-use (“ROU”) assets and liabilities (in thousands): March 31, December 31, Financial Statement Line Item 2024 2023 Operating lease ROU assets Other long-term assets $ 8,910 $ 8,355 Operating lease liabilities Other accrued liabilities $ 2,635 $ 2,303 Other long-term liabilities $ 5,920 $ 5,565 The following tables summarize certain information related to the leases (in thousands, except percentages and years): Three Months Ended March 31, 2024 2023 Lease costs: Operating lease costs $ 897 $ 716 Other 550 538 Total lease costs $ 1,447 $ 1,254 Three Months Ended March 31, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 673 $ 864 ROU assets obtained in exchange for new operating lease liabilities $ 1,462 $ 4,545 March 31, December 31, 2024 2023 Weighted-average remaining lease term (in years) 4.3 4.7 Weighted-average discount rate 4.5 % 4.3 % As of March 31, 2024 2024 (remaining nine months) $ 2,244 2025 2,411 2026 1,636 2027 1,418 2028 771 Thereafter 868 Total remaining lease payments 9,348 Less: imputed interest (793 ) Total lease liabilities $ 8,555 As of March 31, 2024 , not not Lessor The Company owns certain office buildings and leases a portion of these properties to third one two five For the three March 31, 2024 2023 March 31, 2024 2024 (remaining nine months) $ 554 2025 228 2026 40 Total $ 822 |
Note 7 - Net Income Per Share
Note 7 - Net Income Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 7. 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 not not The following table sets forth the computation of basic and diluted net income per share (in thousands, except per-share amounts): Three Months Ended March 31, 2024 2023 Numerator: Net income $ 92,541 $ 109,802 Denominator: Weighted-average outstanding shares — basic 48,635 47,234 Effect of dilutive securities 293 1,421 Weighted-average outstanding shares — diluted 48,928 48,655 Net income per share: Basic $ 1.90 $ 2.32 Diluted $ 1.89 $ 2.26 Anti-dilutive common stock equivalents were not Stock Repurchase Program October 2023, October 29, 2026. three March 31, 2024 may not may 2022 1% December 31, 2022. not three March 31, 2024 |
Note 8 - Segment, Significant C
Note 8 - Segment, Significant Customers and Geographic Information | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 8. The Company operates in one The Company sells its products primarily to third 10% Three Months Ended March 31, Customer 2024 2023 Distributor A 41 % 20 % Distributor B 13 % 21 % The Company’s agreements with these third may may not The following table summarizes those customers with accounts receivable equal to 10% March 31, December 31, Customer 2024 2023 Distributor A 49 % 42 % Distributor B 14 % 13 % Distributor C * 10 % * Represents less than 10% The following is a summary of revenue by geographic region (in thousands): Three Months Ended March 31, Country or Region 2024 2023 China $ 263,040 $ 225,052 Taiwan 100,450 48,833 South Korea 35,537 45,680 Europe 17,742 43,103 United States 14,820 31,017 Southeast Asia 13,239 26,432 Japan 12,948 30,815 Other 109 133 Total $ 457,885 $ 451,065 The following is a summary of revenue by product family (in thousands): Three Months Ended March 31, Product Family 2024 2023 Direct Current (“DC”) to DC $ 415,975 $ 425,181 Lighting Control 41,910 25,884 Total $ 457,885 $ 451,065 The following is a summary of long-lived assets by geographic region (in thousands): March 31, December 31, Country 2024 2023 China $ 188,698 $ 184,685 United States 121,775 119,430 Taiwan 38,084 39,419 Other 27,016 25,418 Total $ 375,573 $ 368,952 |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 9. Product Warranties The Company generally provides either a one two no not The changes in warranty reserves are as follows (in thousands): Three Months Ended March 31, 2024 2023 Balance at beginning of period $ 16,906 $ 24,082 Warranties issued 100 362 Repairs, replacement and refund (4,015 ) (672 ) Changes in liability for pre-existing warranties (118 ) (4,046 ) Balance at end of period $ 12,873 $ 19,726 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, four March 31, 2024 Total estimated future unconditional purchase commitments to all suppliers and other parties, net of the $120.0 March 31, 2024 2024 (remaining nine months) $ 269,531 2025 329,050 2026 1,600 2027 29,993 Total $ 630,174 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 may March 31, 2024 , no |
Note 10 - Cash, Cash Equivalent
Note 10 - Cash, Cash Equivalents, Investments and Restricted Cash | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Financial Instruments Disclosure [Text Block] | 10. The following is a summary of the Company’s cash, cash equivalents and debt investments (in thousands): March 31, December 31, 2024 2023 Cash $ 363,038 $ 392,329 Money market funds 125,235 135,514 Certificates of deposit 166,157 127,123 Corporate debt securities 60,380 95,101 U.S. treasuries and government agency bonds 571,579 358,409 Auction-rate securities backed by student-loan notes 518 567 Total $ 1,286,907 $ 1,109,043 March 31, December 31, 2024 2023 Reported as: Cash and cash equivalents $ 488,273 $ 527,843 Short-term investments 798,116 580,633 Investment within other long-term assets 518 567 Total $ 1,286,907 $ 1,109,043 The following table summarizes the contractual maturities of the short-term and long-term available-for-sale investments as of March 31, 2024 Amortized Cost Fair Value Due in less than 1 year $ 738,665 $ 737,861 Due in 1 - 5 years 60,667 60,255 Due in greater than 5 years 525 518 Total $ 799,857 $ 798,634 Gross realized gains and losses recognized on the sales of available-for-sale investments were not The following tables summarize the unrealized gain and loss positions related to the available-for-sale investments (in thousands): March 31, 2024 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Money market funds $ 125,235 $ - $ - $ 125,235 Certificates of deposit 166,157 - - 166,157 Corporate debt securities 61,353 1 (974 ) 60,380 U.S. treasuries and government agency bonds 571,822 7 (250 ) 571,579 Auction-rate securities backed by student-loan notes 525 - (7 ) 518 Total $ 925,092 $ 8 $ (1,231 ) $ 923,869 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 12 March 31, 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 $ 5,436 $ (9 ) $ 51,943 $ (965 ) $ 57,379 $ (974 ) U.S. treasuries and government agency bonds 509,959 (250 ) - - 509,959 (250 ) Auction-rate securities backed by student-loan notes - - 518 (7 ) 518 (7 ) Total $ 515,395 $ (259 ) $ 52,461 $ (972 ) $ 567,856 $ (1,231 ) 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 March 31, 2024 December 31, 2023 not one not 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): March 31, December 31, 2024 2023 Cash and cash equivalents $ 488,273 $ 527,843 Restricted cash included in other current assets - 33,204 Restricted cash included in other long-term assets 125 134 Total cash, cash equivalents and restricted cash reported on the Condensed Consolidated Statements of Cash Flows $ 488,398 $ 561,181 The restricted cash included in other current assets as of December 31, 2023 January 2024. 4 March 31, 2024 December 31, 2023 |
Note 11 - Fair Value Measuremen
Note 11 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 11. 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 ● Level 1 ● Level 2 may third ● Level 3 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): March 31, 2024 Total Level 1 Level 2 Level 3 Money market funds $ 125,235 $ 125,235 $ - $ - Certificates of deposit 166,157 - 166,157 - Corporate debt securities 60,380 - 60,380 - U.S. treasuries and government agency bonds 571,579 - 571,579 - Auction-rate securities backed by student-loan notes 518 - - 518 Mutual funds and money market funds under deferred compensation plan 57,373 57,373 - - Total $ 981,242 $ 182,608 $ 798,116 $ 518 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 not |
Note 12 - Deferred Compensation
Note 12 - Deferred Compensation Plan | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 12. The following table summarizes the deferred compensation plan balances on the Condensed Consolidated Balance Sheets (in thousands): March 31, December 31, 2024 2023 Deferred compensation plan asset components: Cash surrender value of corporate-owned life insurance policies $ 25,677 $ 23,545 Fair value of mutual funds and money market funds 57,373 54,836 Total $ 83,050 $ 78,381 Deferred compensation plan assets reported in: Other long-term assets $ 83,050 $ 78,381 Deferred compensation plan liabilities reported in: Accrued compensation and related benefits (short-term) $ 7,534 $ 384 Other long-term liabilities 78,085 80,903 Total $ 85,619 $ 81,287 |
Note 13 - Other Income, Net
Note 13 - Other Income, Net | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Other Nonoperating Income and Expense [Text Block] | 13. The components of other income, net, are as follows (in thousands): Three Months Ended March 31, 2024 2023 Interest income $ 6,914 $ 4,808 Amortization of discount (premium) on available-for-sale securities 4,123 (260 ) Gain on deferred compensation plan investments 4,019 2,534 Charitable contributions (5,850 ) (2,000 ) Other 334 215 Total $ 9,540 $ 5,297 |
Note 14 - Income Taxes
Note 14 - Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 14. 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 March 31, 2024 the inclusion of the global intangible low-taxed income (“GILTI”) tax The income tax expense for the three March 31, 2023 On December 27, 2023, 2023 15% €750M 2025. “ ” September 30, 2023. not January 1, 2025, not not March 31, 2024 |
Note 15 - Accumulated Other Com
Note 15 - Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 15. 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 ) |
Note 16 - Dividends and Dividen
Note 16 - Dividends and Dividend Equivalents | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Dividends And Dividend Equivalents [Text Block] | 16. Cash Dividend Program The Company has a dividend program approved by the 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 March 31, 2024 2023 Dividend declared per share $ 1.25 $ 1.00 Total amount $ 60,834 $ 47,330 As of March 31, 2024 December 31, 2023 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 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 not March 31, 2024 December 31, 2023 , |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 shares | |
ecd_TradingArrByIndTable | |
Material Terms of Trading Arrangement [Text Block] | 5. Certain of our executive officers have entered into trading plans pursuant to Rule 10b5 1 1934, 2004 The following table summarizes the adoption of trading plans intended to satisfy the affirmative defense conditions of Rule 10b5 1 three March 31, 2024 Name and Title Adoption Plan Duration Intended Sale Amount (in shares) Victor K. Lee Director February 28, 2024 Through February 28, 2025 Up to 1,000 Saria Tseng Executive Vice President, Strategic Corporate Development, General Counsel and Corporate Secretary February 29, 2024 Through February 28, 2025 Up to 38,951 The following table summarizes the termination of trading plans intended to satisfy the affirmative defense conditions of Rule 10b5 1 three March 31, 2024 Name and Title Termination Plan Duration Intended Sale Amount (in shares) Sold Amount (in shares) Deming Xiao Executive Vice President, Global Operations February 12, 2024 Through December 31, 2024 Up to 138,180 11,515 During the three March 31, 2024 no 10b5 1 no not 10b5 1 |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Victor K Lee [Member] | |
ecd_TradingArrByIndTable | |
Rule 10b5-1 Arrangement Adopted [Flag] | true |
Trading Arrangement, Individual Name | Victor K. Lee |
Trading Arrangement, Individual Title | Director |
Trading Arrangement Adoption Date | February 28, 2024 |
Trading Arrangement Expiration Date | February 28, 2025 |
Trading Arrangement, Securities Aggregate Available Amount | 1,000 |
Saria Tseng [Member] | |
ecd_TradingArrByIndTable | |
Rule 10b5-1 Arrangement Adopted [Flag] | true |
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 | February 29, 2024 |
Trading Arrangement Expiration Date | February 28, 2025 |
Trading Arrangement, Securities Aggregate Available Amount | 38,951 |
Deming Xiao [Member] | |
ecd_TradingArrByIndTable | |
Trading Arrangement, Individual Name | Deming Xiao |
Trading Arrangement, Individual Title | Executive Vice President, Global Operations |
Trading Arrangement Expiration Date | December 31, 2024 |
Trading Arrangement, Securities Aggregate Available Amount | 138,180 |
Rule 10b5-1 Arrangement Terminated [Flag] | true |
Trading Arrangement Termination Date | February 12, 2024 |
Note 3 - Stock-based Compensa_2
Note 3 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Share-Based Payment Arrangement, Cost by Plan [Table Text Block] | Three Months Ended March 31, 2024 2023 Cost of revenue $ 1,398 $ 1,147 Research and development 10,447 8,614 Selling, general and administrative (“SG&A”) 34,081 27,248 Total stock-based compensation expense $ 45,926 $ 37,009 Tax benefit related to stock-based compensation (1) $ 708 $ 423 |
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 21 $ 632.98 240 (1) $ 609.22 - $ - 261 $ 610.67 Vested (14 ) $ 372.30 (57 ) $ 287.31 (563 ) $ 68.48 (634 ) $ 94.76 Forfeited (2 ) $ 467.30 - $ - - $ - (2 ) $ 423.45 Outstanding at March 31, 2024 107 $ 458.67 665 $ 489.68 939 $ 203.38 1,711 $ 330.53 |
Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | Three Months Ended March 31, 2024 2023 Expected term (in years) 0.5 0.5 Expected volatility 42.4 % 55.8 % Risk-free interest rate 5.3 % 5.0 % Dividend yield 0.7 % 0.8 % |
Note 4 - Acquisition (Tables)
Note 4 - Acquisition (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Preliminary Estimated Net Asset Fair Value Inventory $ 720 Other tangible assets acquired, net of liabilities assumed 1,948 Intangible assets: Developed technology 8,337 IPR&D 1,612 Total identifiable net assets acquired 12,617 Goodwill 21,066 Total net assets acquired $ 33,683 |
Note 5 - Balance Sheet Compon_2
Note 5 - Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2024 2023 Raw materials $ 108,425 $ 118,917 Work in process 141,703 112,750 Finished goods 145,862 152,035 Total $ 395,990 $ 383,702 |
Schedule of Other Current Assets [Table Text Block] | March 31, December 31, 2024 2023 Prepaid wafer expenses $ 60,000 $ - Prepaid expenses 21,588 28,964 RSU tax withholding proceeds receivable 15 20,141 Other receivables - 50,000 Restricted cash - 33,204 Other 18,082 15,154 Total $ 99,685 $ 147,463 |
Schedule of Other Assets, Noncurrent [Table Text Block] | March 31, December 31, 2024 2023 Deferred compensation plan assets $ 83,050 $ 78,381 Prepaid wafer purchases 60,000 120,000 Other 13,973 12,896 Total $ 157,023 $ 211,277 |
Schedule of Accrued Liabilities [Table Text Block] | March 31, December 31, 2024 2023 Dividends and dividend equivalents $ 69,291 $ 57,697 Stock rotation and sales returns 30,208 18,843 Warranty 12,873 16,906 Income tax payable 8,032 8,063 Other 17,464 14,282 Total $ 137,868 $ 115,791 |
Other Noncurrent Liabilities [Table Text Block] | March 31, December 31, 2024 2023 Deferred compensation plan liabilities $ 78,085 $ 80,903 Operating lease liabilities 5,920 5,565 Dividend equivalents 2,922 2,187 Total $ 86,927 $ 88,655 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Lessee, Operating Lease, Balance Sheet Information [Table Text Block] | March 31, December 31, Financial Statement Line Item 2024 2023 Operating lease ROU assets Other long-term assets $ 8,910 $ 8,355 Operating lease liabilities Other accrued liabilities $ 2,635 $ 2,303 Other long-term liabilities $ 5,920 $ 5,565 |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2024 2023 Lease costs: Operating lease costs $ 897 $ 716 Other 550 538 Total lease costs $ 1,447 $ 1,254 Three Months Ended March 31, 2024 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 673 $ 864 ROU assets obtained in exchange for new operating lease liabilities $ 1,462 $ 4,545 March 31, December 31, 2024 2023 Weighted-average remaining lease term (in years) 4.3 4.7 Weighted-average discount rate 4.5 % 4.3 % |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | 2024 (remaining nine months) $ 2,244 2025 2,411 2026 1,636 2027 1,418 2028 771 Thereafter 868 Total remaining lease payments 9,348 Less: imputed interest (793 ) Total lease liabilities $ 8,555 |
Lessor, Operating Lease, Payment to be Received, Maturity [Table Text Block] | 2024 (remaining nine months) $ 554 2025 228 2026 40 Total $ 822 |
Note 7 - Net Income Per Share (
Note 7 - Net Income Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2024 2023 Numerator: Net income $ 92,541 $ 109,802 Denominator: Weighted-average outstanding shares — basic 48,635 47,234 Effect of dilutive securities 293 1,421 Weighted-average outstanding shares — diluted 48,928 48,655 Net income per share: Basic $ 1.90 $ 2.32 Diluted $ 1.89 $ 2.26 |
Note 8 - Segment, Significant_2
Note 8 - Segment, Significant Customers and Geographic Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Three Months Ended March 31, Customer 2024 2023 Distributor A 41 % 20 % Distributor B 13 % 21 % March 31, December 31, Customer 2024 2023 Distributor A 49 % 42 % Distributor B 14 % 13 % Distributor C * 10 % |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Three Months Ended March 31, Country or Region 2024 2023 China $ 263,040 $ 225,052 Taiwan 100,450 48,833 South Korea 35,537 45,680 Europe 17,742 43,103 United States 14,820 31,017 Southeast Asia 13,239 26,432 Japan 12,948 30,815 Other 109 133 Total $ 457,885 $ 451,065 |
Revenue from External Customers by Products and Services [Table Text Block] | Three Months Ended March 31, Product Family 2024 2023 Direct Current (“DC”) to DC $ 415,975 $ 425,181 Lighting Control 41,910 25,884 Total $ 457,885 $ 451,065 |
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block] | March 31, December 31, Country 2024 2023 China $ 188,698 $ 184,685 United States 121,775 119,430 Taiwan 38,084 39,419 Other 27,016 25,418 Total $ 375,573 $ 368,952 |
Note 9 - Commitments and Cont_2
Note 9 - Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended March 31, 2024 2023 Balance at beginning of period $ 16,906 $ 24,082 Warranties issued 100 362 Repairs, replacement and refund (4,015 ) (672 ) Changes in liability for pre-existing warranties (118 ) (4,046 ) Balance at end of period $ 12,873 $ 19,726 |
Contractual Obligation, Fiscal Year Maturity [Table Text Block] | 2024 (remaining nine months) $ 269,531 2025 329,050 2026 1,600 2027 29,993 Total $ 630,174 |
Note 10 - Cash, Cash Equivale_2
Note 10 - Cash, Cash Equivalents, Investments and Restricted Cash (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, December 31, 2024 2023 Cash $ 363,038 $ 392,329 Money market funds 125,235 135,514 Certificates of deposit 166,157 127,123 Corporate debt securities 60,380 95,101 U.S. treasuries and government agency bonds 571,579 358,409 Auction-rate securities backed by student-loan notes 518 567 Total $ 1,286,907 $ 1,109,043 March 31, December 31, 2024 2023 Reported as: Cash and cash equivalents $ 488,273 $ 527,843 Short-term investments 798,116 580,633 Investment within other long-term assets 518 567 Total $ 1,286,907 $ 1,109,043 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Cost Fair Value Due in less than 1 year $ 738,665 $ 737,861 Due in 1 - 5 years 60,667 60,255 Due in greater than 5 years 525 518 Total $ 799,857 $ 798,634 |
Unrealized Gain (Loss) on Investments [Table Text Block] | March 31, 2024 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Money market funds $ 125,235 $ - $ - $ 125,235 Certificates of deposit 166,157 - - 166,157 Corporate debt securities 61,353 1 (974 ) 60,380 U.S. treasuries and government agency bonds 571,822 7 (250 ) 571,579 Auction-rate securities backed by student-loan notes 525 - (7 ) 518 Total $ 925,092 $ 8 $ (1,231 ) $ 923,869 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] | March 31, 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 $ 5,436 $ (9 ) $ 51,943 $ (965 ) $ 57,379 $ (974 ) U.S. treasuries and government agency bonds 509,959 (250 ) - - 509,959 (250 ) Auction-rate securities backed by student-loan notes - - 518 (7 ) 518 (7 ) Total $ 515,395 $ (259 ) $ 52,461 $ (972 ) $ 567,856 $ (1,231 ) 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] | March 31, December 31, 2024 2023 Cash and cash equivalents $ 488,273 $ 527,843 Restricted cash included in other current assets - 33,204 Restricted cash included in other long-term assets 125 134 Total cash, cash equivalents and restricted cash reported on the Condensed Consolidated Statements of Cash Flows $ 488,398 $ 561,181 |
Note 11 - Fair Value Measurem_2
Note 11 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | March 31, 2024 Total Level 1 Level 2 Level 3 Money market funds $ 125,235 $ 125,235 $ - $ - Certificates of deposit 166,157 - 166,157 - Corporate debt securities 60,380 - 60,380 - U.S. treasuries and government agency bonds 571,579 - 571,579 - Auction-rate securities backed by student-loan notes 518 - - 518 Mutual funds and money market funds under deferred compensation plan 57,373 57,373 - - Total $ 981,242 $ 182,608 $ 798,116 $ 518 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 Compensati_2
Note 12 - Deferred Compensation Plan (Tables) | 3 Months Ended |
Mar. 31, 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] | March 31, December 31, 2024 2023 Deferred compensation plan asset components: Cash surrender value of corporate-owned life insurance policies $ 25,677 $ 23,545 Fair value of mutual funds and money market funds 57,373 54,836 Total $ 83,050 $ 78,381 Deferred compensation plan assets reported in: Other long-term assets $ 83,050 $ 78,381 Deferred compensation plan liabilities reported in: Accrued compensation and related benefits (short-term) $ 7,534 $ 384 Other long-term liabilities 78,085 80,903 Total $ 85,619 $ 81,287 |
Note 13 - Other Income, Net (Ta
Note 13 - Other Income, Net (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Three Months Ended March 31, 2024 2023 Interest income $ 6,914 $ 4,808 Amortization of discount (premium) on available-for-sale securities 4,123 (260 ) Gain on deferred compensation plan investments 4,019 2,534 Charitable contributions (5,850 ) (2,000 ) Other 334 215 Total $ 9,540 $ 5,297 |
Note 15 - Accumulated Other C_2
Note 15 - Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 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 ) |
Note 16 - Dividends and Divid_2
Note 16 - Dividends and Dividend Equivalents (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Dividends Declared [Table Text Block] | Three Months Ended March 31, 2024 2023 Dividend declared per share $ 1.25 $ 1.00 Total amount $ 60,834 $ 47,330 |
Note 2 - Revenue Recognition (D
Note 2 - Revenue Recognition (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2023 | |
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 | $ 2.7 | $ 2.8 | ||
Product [Member] | ||||
Percentage of Revenue | 99% | 99% | ||
Product Sales Through Distribution Arrangements [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||
Concentration Risk, Percentage | 85% | 81% |
Note 3 - Stock-based Compensa_3
Note 3 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | ||||
Jun. 11, 2020 | Feb. 29, 2024 | Mar. 31, 2024 | Mar. 31, 2023 | Aug. 16, 2023 | Nov. 13, 2014 | |
Share Price (in dollars per share) | $ 632.98 | $ 677.42 | ||||
Proceeds from Stock Plans | $ 4,606 | $ 3,737 | ||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Vested | 403,000 | $ 141,600 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | 1,100,000 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 339,500 | |||||
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) | 21,000 | |||||
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) | 21,000 | |||||
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% | |||||
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% | |||||
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% | |||||
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% | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Minimum Percentage Allowed | 200% | |||||
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% | |||||
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 | |||||
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 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 1,100 | |||||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 11,000 | 9,000 | ||||
Employee Stock Purchase Plan Shares Issued, Intrinsic Value | $ 3,500 | $ 700 | ||||
Proceeds from Stock Plans | $ 4,600 | $ 3,700 |
Note 3 - Stock-based Compensa_4
Note 3 - Stock-based Compensation - Stock-based Compensation Plan Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Share based compensation expense | $ 45,926 | $ 37,009 | |
Tax benefit related to stock-based compensation | [1] | 708 | 423 |
Cost of Sales [Member] | |||
Share based compensation expense | 1,398 | 1,147 | |
Research and Development Expense [Member] | |||
Share based compensation expense | 10,447 | 8,614 | |
Selling, General and Administrative Expenses [Member] | |||
Share based compensation expense | $ 34,081 | $ 27,248 | |
[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. |
Note 3 - Stock-based Compensa_5
Note 3 - Stock-based Compensation - RSU Summary (Details) shares in Thousands | 3 Months Ended | |
Mar. 31, 2024 $ / shares shares | ||
Time-Based RSUs [Member] | ||
Balance (in shares) | shares | 102 | |
Outstanding, weighted average (in dollars per share) | $ / shares | $ 411.11 | |
Granted (in shares) | shares | 21 | |
Granted, weighted average (in dollars per share) | $ / shares | $ 632.98 | |
Vested (in shares) | shares | (14) | |
Vested, weighted average (in dollars per share) | $ / shares | $ 372.3 | |
Forfeited (in shares) | shares | (2) | |
Forfeited, weighted average (in dollars per share) | $ / shares | $ 467.3 | |
Balance (in shares) | shares | 107 | |
Outstanding, weighted average (in dollars per share) | $ / shares | $ 458.67 | |
PSUs and MPSUs [Member] | ||
Balance (in shares) | shares | 482 | |
Outstanding, weighted average (in dollars per share) | $ / shares | $ 397,770 | |
Granted (in shares) | shares | 240 | [1] |
Granted, weighted average (in dollars per share) | $ / shares | $ 609.22 | |
Vested (in shares) | shares | (57) | |
Vested, weighted average (in dollars per share) | $ / shares | $ 287.31 | |
Forfeited (in shares) | shares | 0 | |
Forfeited, weighted average (in dollars per share) | $ / shares | $ 0 | |
Balance (in shares) | shares | 665 | |
Outstanding, weighted average (in dollars per share) | $ / shares | $ 489.68 | |
MSUs [Member] | ||
Balance (in shares) | shares | 1,502 | |
Outstanding, weighted average (in dollars per share) | $ / shares | $ 152.89 | |
Granted (in shares) | shares | 0 | |
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 | 0 | |
Forfeited, weighted average (in dollars per share) | $ / shares | $ 0 | |
Balance (in shares) | shares | 939 | |
Outstanding, weighted average (in dollars per share) | $ / shares | $ 203.38 | |
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 | 261 | |
Granted, weighted average (in dollars per share) | $ / shares | $ 610.67 | |
Vested (in shares) | shares | (634) | |
Vested, weighted average (in dollars per share) | $ / shares | $ 94.76 | |
Forfeited (in shares) | shares | (2) | |
Forfeited, weighted average (in dollars per share) | $ / shares | $ 423.45 | |
Balance (in shares) | shares | 1,711 | |
Outstanding, weighted average (in dollars per share) | $ / shares | $ 330.53 | |
[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 3 - Stock-based Compensa_6
Note 3 - Stock-based Compensation - Valuation Assumptions (Details) - 2004 Employee Stock Plan [Member] - Employee Stock Purchase Plan [Member] | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Expected term (Year) | 6 months | 6 months |
Expected volatility | 42.40% | 55.80% |
Risk-free interest rate | 5.30% | 5% |
Dividend yield | 0.70% | 0.80% |
Note 4 - Acquisition (Details T
Note 4 - Acquisition (Details Textual) - Axign [Member] - USD ($) $ in Millions | Jan. 03, 2024 | Mar. 31, 2024 |
Business Acquisition, Percentage of Voting Interests Acquired | 100% | |
Business Combination, Consideration Transferred | $ 33.7 | |
Payment to Acquire Business Held in Escrow | $ 3.8 | |
Business Acquisition, Transaction Costs | $ 0.4 |
Note 4 - Acquisitions - Prelimi
Note 4 - Acquisitions - Preliminary Purchase Price Allocation (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jan. 03, 2024 | Dec. 31, 2023 |
Goodwill | $ 27,311 | $ 6,571 | |
Axign [Member] | |||
Inventory | $ 720 | ||
Other tangible assets acquired, net of liabilities assumed | 1,948 | ||
Developed technology | 8,337 | ||
IPR&D | 1,612 | ||
Total identifiable net assets acquired | 12,617 | ||
Goodwill | 21,066 | ||
Total net assets acquired | $ 33,683 |
Note 5 - Balance Sheet Compon_3
Note 5 - Balance Sheet Components (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Prepaid Wafer Purchase, Current | $ 60,000 | $ 0 |
Other Receivables, Net, Current | 0 | 50,000 |
Inventory, Stock Rotation Reserve | $ 24,700 | $ 16,700 |
Note 5 - Balance Sheet Compon_4
Note 5 - Balance Sheet Components - Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Raw materials | $ 108,425 | $ 118,917 |
Work in process | 141,703 | 112,750 |
Finished goods | 145,862 | 152,035 |
Total | $ 395,990 | $ 383,702 |
Note 5 - Balance Sheet Compon_5
Note 5 - Balance Sheet Components - Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Prepaid wafer expenses | $ 60,000 | $ 0 |
Prepaid expenses | 21,588 | 28,964 |
RSU tax withholding proceeds receivable | 15 | 20,141 |
Other receivables | 0 | 50,000 |
Restricted cash | 0 | 33,204 |
Other | 18,082 | 15,154 |
Total | $ 99,685 | $ 147,463 |
Note 5 - Balance Sheet Compon_6
Note 5 - Balance Sheet Components - Other Long-term Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Deferred compensation plan assets | $ 83,050 | $ 78,381 |
Prepaid wafer purchases | 60,000 | 120,000 |
Other | 13,973 | 12,896 |
Total | $ 157,023 | $ 211,277 |
Note 5 - Balance Sheet Compon_7
Note 5 - Balance Sheet Components - Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Dividends and dividend equivalents | $ 69,291 | $ 57,697 |
Stock rotation and sales returns | 30,208 | 18,843 |
Warranty | 12,873 | 16,906 |
Income tax payable | 8,032 | 8,063 |
Other | 17,464 | 14,282 |
Total | $ 137,868 | $ 115,791 |
Note 5 - Balance Sheet Compon_8
Note 5 - Balance Sheet Components - Other Long-term Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Deferred compensation plan liabilities | $ 78,085 | $ 80,903 |
Operating lease liabilities | 5,920 | 5,565 |
Dividend equivalents | 2,922 | 2,187 |
Total | $ 86,927 | $ 88,655 |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Lessee, Operating Lease, Lease Not yet Commenced, Future Lease Obligations | $ 0 | |
Operating Lease, Lease Income, Lease Payments | $ 200 | $ 500 |
Minimum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Year) | 1 year | |
Lessor, Operating Lease, Remaining Lease Term (Year) | 1 year | |
Maximum [Member] | ||
Lessee, Operating Lease, Remaining Lease Term (Year) | 7 years | |
Lessee, Operating Lease, Renewal Term (Year) | 5 years | |
Lessor, Operating Lease, Remaining Lease Term (Year) | 2 years | |
Lessor, Operating Lease, Renewal Term (Year) | 5 years |
Note 6 - Leases - Balance Sheet
Note 6 - Leases - Balance Sheet Information (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets [Abstract] | ||
Other Assets, Noncurrent | $ 157,023 | $ 211,277 |
Liabilities, Current [Abstract] | ||
Accrued Liabilities, Current | 137,868 | 115,791 |
Liabilities, Noncurrent [Abstract] | ||
Other Liabilities, Noncurrent | $ 86,927 | 88,655 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | |
Operating lease ROU assets | $ 8,910 | 8,355 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued Liabilities, Current | |
Operating lease liabilities | $ 2,635 | 2,303 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | |
Operating Lease, Liability, Noncurrent | $ 5,920 | $ 5,565 |
Note 6 - Leases - Lease Cost (D
Note 6 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Operating lease costs | $ 897 | $ 716 | |
Other | 550 | 538 | |
Total lease costs | 1,447 | 1,254 | |
Operating cash flows for operating leases | 673 | 864 | |
ROU assets obtained in exchange for new operating lease liabilities | $ 1,462 | $ 4,545 | |
Weighted-average remaining lease term (in years) (Year) | 4 years 3 months 18 days | 4 years 8 months 12 days | |
Weighted-average discount rate | 4.50% | 4.30% |
Note 6 - Leases - Maturities of
Note 6 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
2024 (remaining nine months) | $ 2,244 |
2025 | 2,411 |
2026 | 1,636 |
2027 | 1,418 |
2028 | 771 |
Thereafter | 868 |
Total remaining lease payments | 9,348 |
Less: imputed interest | (793) |
Total lease liabilities | $ 8,555 |
Note 6 - Leases - Maturities _2
Note 6 - Leases - Maturities of Income Related to Lease Payments (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
2024 (remaining nine months) | $ 554 |
2025 | 228 |
2026 | 40 |
Total | $ 822 |
Note 7 - Net Income Per Share_2
Note 7 - Net Income Per Share (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Oct. 31, 2023 | |
Stock Repurchased and Retired During Period, Shares (in shares) | 6,100 | |
Stock Repurchased and Retired During Period, Value | $ 4,076 | |
Maximum [Member] | ||
Share Repurchase Program, Authorized, Amount | $ 640,000 |
Note 7 - Net Income Per Share -
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net income | $ 92,541 | $ 109,802 |
Weighted-average outstanding shares — basic (in shares) | 48,635 | 47,234 |
Effect of dilutive securities (in shares) | 293 | 1,421 |
Weighted-average outstanding shares — diluted (in shares) | 48,928 | 48,655 |
Earnings per share, basic (in dollars per share) | $ 1.9 | $ 2.32 |
Earnings per share, diluted (in dollars per share) | $ 1.89 | $ 2.26 |
Note 8 - Segment, Significant_3
Note 8 - Segment, Significant Customers and Geographic Information (Details Textual) | 3 Months Ended |
Mar. 31, 2024 | |
Number of Reportable Segments | 1 |
Note 8 - Segment, Significant_4
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue Benchmark [Member] | Distributor A [Member] | ||
Concentration risk | 41% | 20% |
Revenue Benchmark [Member] | Distributor B [Member] | ||
Concentration risk | 13% | 21% |
Accounts Receivable [Member] | Distributor A [Member] | ||
Concentration risk | 49% | 42% |
Accounts Receivable [Member] | Distributor B [Member] | ||
Concentration risk | 14% | 13% |
Accounts Receivable [Member] | Distributor C [Member] | ||
Concentration risk | 10% |
Note 8 - Segment, Significant_5
Note 8 - Segment, Significant Customers and Geographic Information - Revenue By Region (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue | $ 457,885 | $ 451,065 |
CHINA | ||
Revenue | 263,040 | 225,052 |
TAIWAN | ||
Revenue | 100,450 | 48,833 |
KOREA, REPUBLIC OF | ||
Revenue | 35,537 | 45,680 |
Europe [Member] | ||
Revenue | 17,742 | 43,103 |
UNITED STATES | ||
Revenue | 14,820 | 31,017 |
South East Asia [Member] | ||
Revenue | 13,239 | 26,432 |
JAPAN | ||
Revenue | 12,948 | 30,815 |
Other Region [Member] | ||
Revenue | $ 109 | $ 133 |
Note 8 - Segment, Significant_6
Note 8 - Segment, Significant Customers and Geographic Information - Revenue By Product Family (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue | $ 457,885 | $ 451,065 |
DC To DC Products [Member] | ||
Revenue | 415,975 | 425,181 |
Lighting Control Products [Member] | ||
Revenue | $ 41,910 | $ 25,884 |
Note 8 - Segment, Significant_7
Note 8 - Segment, Significant Customers and Geographic Information - Long Lived Assets By Geographic Region (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Long lived assets by region | $ 375,573 | $ 368,952 |
CHINA | ||
Long lived assets by region | 188,698 | 184,685 |
UNITED STATES | ||
Long lived assets by region | 121,775 | 119,430 |
TAIWAN | ||
Long lived assets by region | 38,084 | 39,419 |
Other Region [Member] | ||
Long lived assets by region | $ 27,016 | $ 25,418 |
Note 9 - Commitments and Cont_3
Note 9 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Purchase Obligation | $ 630,174 | |
Prepaid Wafer Purchase, Current | 60,000 | $ 0 |
Long-term Supply Agreement [Member] | ||
Purchase Obligation | $ 120,000 | |
Minimum [Member] | ||
Warranty Term (Year) | 1 year | |
Maximum [Member] | ||
Warranty Term (Year) | 2 years |
Note 9 - Commitments and Cont_4
Note 9 - Commitments and Contingencies - Changes in Warranty Reserve (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Balance | $ 16,906 | $ 24,082 |
Warranties issued | 100 | 362 |
Repairs, replacement and refund | (4,015) | (672) |
Changes in liability for pre-existing warranties | (118) | (4,046) |
Balance | $ 12,873 | $ 19,726 |
Note 9 - Commitments and Cont_5
Note 9 - Commitments and Contingencies - Estimated Future Unconditional Purchase Commitments (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
2024 (remaining nine months) | $ 269,531 |
2025 | 329,050 |
2026 | 1,600 |
2027 | 29,993 |
Total | $ 630,174 |
Note 10 - Cash, Cash Equivale_3
Note 10 - Cash, Cash Equivalents, Investments and Restricted Cash - Cash, Cash Equivalents, Short-term and Long-term Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Cash | $ 363,038 | $ 392,329 |
Money market funds | 125,235 | 135,514 |
Certificates of deposit | 166,157 | 127,123 |
U.S. treasuries and government agency bonds | 571,579 | 358,409 |
Total | 1,286,907 | 1,109,043 |
Cash and cash equivalents | 488,273 | 527,843 |
Short-term investments | 798,116 | 580,633 |
Investment within other long-term assets | 518 | 567 |
Corporate Debt Securities [Member] | ||
Available-for-sale securities | 60,380 | 95,101 |
Auction Rate Securities [Member] | ||
Available-for-sale securities | $ 518 | $ 567 |
Note 10 - Cash, Cash Equivale_4
Note 10 - Cash, Cash Equivalents, Investments and Restricted Cash - Investment Maturity Classification (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Due in less than 1 year, Amortized cost | $ 738,665 |
Due in less than 1 year, fair value | 737,861 |
Due in 1 - 5 years, Amortized cost | 60,667 |
Due in 1 - 5 years, fair value | 60,255 |
Due in greater than 5 years, Amortized cost | 525 |
Due in greater than 5 years, fair value | 518 |
Total, Amortized cost | 799,857 |
Total, fair value | $ 798,634 |
Note 10 - Cash, Cash Equivale_5
Note 10 - Cash, Cash Equivalents, Investments and Restricted Cash - Unrealized Gains and Losses on Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Amortized Cost | $ 925,092 | $ 718,024 |
Unrealized Gains | 8 | 331 |
Unrealized Losses | (1,231) | (1,641) |
Total Fair Value | 923,869 | 716,714 |
Money Market Funds [Member] | ||
Amortized Cost | 125,235 | 135,514 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Total Fair Value | 125,235 | 135,514 |
Certificates of Deposit [Member] | ||
Amortized Cost | 166,157 | 127,123 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Total Fair Value | 166,157 | 127,123 |
Corporate Debt Securities [Member] | ||
Amortized Cost | 61,353 | 96,636 |
Unrealized Gains | 1 | 4 |
Unrealized Losses | (974) | (1,539) |
Total Fair Value | 60,380 | 95,101 |
US Government Agencies Short-Term Debt Securities [Member] | ||
Amortized Cost | 571,822 | 358,177 |
Unrealized Gains | 7 | 327 |
Unrealized Losses | (250) | (95) |
Total Fair Value | 571,579 | 358,409 |
Auction Rate Securities [Member] | ||
Amortized Cost | 525 | 574 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (7) | (7) |
Total Fair Value | $ 518 | $ 567 |
Note 10 - Cash, Cash Equivale_6
Note 10 - Cash, Cash Equivalents, Investments and Restricted Cash - Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Continuous Unrealized Loss Position, Less than 12 Months | $ 515,395 | $ 118,391 |
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (259) | (114) |
Continuous Unrealized Loss Position, 12 Months or Longer | 52,461 | 71,373 |
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (972) | (1,527) |
Unrealized Loss Position, Total | 567,856 | 189,764 |
Unrealized Loss Position, Accumulated Loss, Total | (1,231) | (1,641) |
Corporate Debt Securities [Member] | ||
Continuous Unrealized Loss Position, Less than 12 Months | 5,436 | 20,792 |
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (9) | (19) |
Continuous Unrealized Loss Position, 12 Months or Longer | 51,943 | 70,806 |
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (965) | (1,520) |
Unrealized Loss Position, Total | 57,379 | 91,598 |
Unrealized Loss Position, Accumulated Loss, Total | (974) | (1,539) |
US Treasury and Government Short-Term Debt Securities [Member] | ||
Continuous Unrealized Loss Position, Less than 12 Months | 509,959 | |
Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (250) | |
Continuous Unrealized Loss Position, 12 Months or Longer | 0 | |
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Unrealized Loss Position, Total | 509,959 | |
Unrealized Loss Position, Accumulated Loss, Total | (250) | |
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 | 518 | 567 |
Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (7) | (7) |
Unrealized Loss Position, Total | 518 | 567 |
Unrealized Loss Position, Accumulated Loss, Total | $ (7) | $ (7) |
Note 10 - Cash, Cash Equivale_7
Note 10 - Cash, Cash Equivalents, Investments and Restricted Cash - Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Cash and cash equivalents | $ 488,273 | $ 527,843 | ||
Restricted cash | 0 | 33,204 | ||
Restricted cash included in other long-term assets | 125 | 134 | ||
Total cash, cash equivalents and restricted cash reported on the Condensed Consolidated Statements of Cash Flows | $ 488,398 | $ 561,181 | $ 489,095 | $ 288,729 |
Note 11 - Fair Value Measurem_3
Note 11 - Fair Value Measurements - Financial Assets and Liabilities, Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Total Fair Value | $ 923,869 | $ 716,714 |
Assets, fair value | 981,242 | 771,550 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets, fair value | 182,608 | 190,350 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets, fair value | 798,116 | 580,633 |
Fair Value, Inputs, Level 3 [Member] | ||
Assets, fair value | 518 | 567 |
Money Market Funds [Member] | ||
Total Fair Value | 125,235 | 135,514 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Fair Value | 125,235 | 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 | 166,157 | 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 | 166,157 | 127,123 |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total Fair Value | 0 | 0 |
Corporate Debt Securities [Member] | ||
Total Fair Value | 60,380 | 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 | 60,380 | 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 | 571,579 | 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 | 571,579 | 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 | 518 | 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 | 518 | 567 |
Mutual Fund [Member] | ||
Total Fair Value | 57,373 | 54,836 |
Mutual Fund [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total Fair Value | 57,373 | 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 Compensati_3
Note 12 - Deferred Compensation Plan - Summary of Deferred Compensation Plan (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Deferred compensation plan assets | $ 83,050 | $ 78,381 |
Deferred compensation plan liabilities | 85,619 | 81,287 |
Other Long-term Assets [Member] | ||
Deferred compensation plan assets | 83,050 | 78,381 |
Accrued Compensation and Related Benefits [Member] | ||
Deferred compensation plan liabilities | 7,534 | 384 |
Other Long-term Liabilities [Member] | ||
Deferred compensation plan liabilities | 78,085 | 80,903 |
Cash Surrender Value [Member] | ||
Deferred compensation plan assets | 25,677 | 23,545 |
Mutual Funds and Money Market Funds, Fair Value [Member] | ||
Deferred compensation plan assets | $ 57,373 | $ 54,836 |
Note 13 - Other Income, Net - I
Note 13 - Other Income, Net - Interest and Other Income Components (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest income | $ 6,914 | $ 4,808 |
Amortization of discount (premium) on available-for-sale securities | 4,123 | (260) |
Gain on deferred compensation plan investments | 4,019 | 2,534 |
Charitable contributions | (5,850) | (2,000) |
Other | 334 | 215 |
Total | $ 9,540 | $ 5,297 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Tax Expense (Benefit) | $ 12,486 | $ 19,771 |
Effective Income Tax Rate Reconciliation, Percent | 11.90% | 15.30% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% |
Note 15 - Accumulated Other C_3
Note 15 - Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Income (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Balance | $ 2,049,939 |
Balance | 2,113,557 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Parent [Member] | |
Balance | (2,184) |
Other comprehensive income (loss) before reclassifications | 87 |
Tax effect | 248 |
Net current period other comprehensive income (loss) | 335 |
Balance | (1,849) |
Accumulated Foreign Currency Adjustment Attributable to Parent [Member] | |
Balance | (24,878) |
Other comprehensive income (loss) before reclassifications | (13,822) |
Tax effect | 0 |
Net current period other comprehensive income (loss) | (13,822) |
Balance | (38,700) |
AOCI Attributable to Parent [Member] | |
Balance | (27,062) |
Other comprehensive income (loss) before reclassifications | (13,735) |
Tax effect | 248 |
Net current period other comprehensive income (loss) | (13,487) |
Balance | $ (40,549) |
Note 16 - Dividends and Divid_3
Note 16 - Dividends and Dividend Equivalents (Details Textual) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Dividends Payable, Current | $ 60.8 | $ 47.9 |
Accrued Dividend Equivalents | $ 11.4 | $ 11.9 |
Note 16 - Dividends and Divid_4
Note 16 - Dividends and Dividend Equivalents - Cash Dividends (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Dividend declared per share (in dollars per share) | $ 1.25 | $ 1 |
Total amount | $ 60,834 | $ 47,330 |