Sentences and paragraphs of MPWR's Risk Factors and MD&A, 10-K 2026-02-27 against 10-K 2025-03-03.
Each links to the text at sec.gov.
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RewordedRisk Factors
The potential impact, if any, to impact on our provision for income taxes, net income, and cash flows could be materially impacted by the implementation global minimum tax of the Pillar Two 15% in our international jurisdictions where we have significant business operations.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
In addition, events such as the Russia-Ukraine conflict, the Middle East conflict current and potential global conflicts and supply chain disruptions may materially impact our assembly or testing suppliers’ ability to operate.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
Remote working arrangements, the Russia-Ukraine conflict, the Middle East conflict, current and potential global conflicts, and AI-powered cybersecurity threats have also heightened our potential exposure to cyberattacks, which could put the sensitive data we store on our internal or third-party systems at risk.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
Many aspects of Pillar Two are were effective for tax years beginning in January 2024, with certain impacts to be effective in 2024 and 2025.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
The $61.1 $57.6 million increase in R&D expenses was primarily due to a $27.7 $30.1 million increase in cash cash-based compensation expenses and benefits, an $11.0 million increase in stock-based compensation expenses and related payroll taxes, a $7.6 $9.1 million increase in new product development expenses expenses, a $5.8 million increase in laboratory and other supplies, and a $5.0 $4.1 million increase consisting mostly of software licensing fees. in stock-based compensation and related payroll taxes.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
The $81.0 $72.0 million increase in SG&A expenses was primarily driven by a $50.1 $37.3 million increase in cash-based compensation and benefits, and a $23.8 million increase in stock-based compensation expenses and related payroll taxes, a $16.4 million increase in cash compensation expenses and benefits, and a $6.7 million increase in professional services. taxes.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
The lower effective tax rate relative to the federal statutory rate was partially offset by the inclusion U.S. taxation of the GILTI tax, the addition of a valuation allowance against foreign subsidiaries’ deferred tax assets arising from the indefinite extension of an R&D super deduction policy, earnings and excess tax benefits from non-deductible stock-based compensation.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
As of December 31, 2024, 2025, we had cash and cash equivalents of $1.1 billion and short-term investments of $157.2 million, compared with cash and cash equivalents of $691.8 million and short-term investments of $171.1 million, compared with cash and cash equivalents of $527.8 million and short-term investments of $580.6 million as of December 31, 2023. 2024.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
Cost of revenue was $1,250.7 million, or 44.8% of revenue, for the year ended December 31, 2025, and $986.2 million, or 44.7% of revenue, for the year ended December 31, 2024, and $800.0 million, or 43.9% of revenue, for the year ended December 31, 2023. 2024.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
R&D expenses were $382.3 million, or 13.7% of revenue, for the year ended December 31, 2025, and $324.7 million, or 14.7% of revenue, for the year ended December 31, 2024, and $263.6 million, or 14.5% of revenue, for the year ended December 31, 2023. 2024.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
SG&A expenses were $428.8 million, or 15.4% of revenue, for the year ended December 31, 2025, and $356.8 million, or 16.2% of revenue, for the year ended December 31, 2024, and $275.7 million, or 15.1% of revenue, for the year ended December 31, 2023. 2024.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
December 31, 2025 2024 2023 (As Restated) (In thousands, except percentages) Cash and cash equivalents $ 691,816 $527,843 1,099,302 $691,816 Short-term investments 157,243 171,130 580,633 Total cash, cash equivalents and short-term investments $ 862,946 $1,108,476 1,256,545 $862,946 Percentage of total assets 23.9% 45.5% 30.0% 24.5% Total current assets $ 1,565,053 $1,819,499 2,183,802 $1,565,053 Total current liabilities (369,365) (294,567) (235,035) Working capital $ 1,270,486 $1,584,464 1,814,437 $1,270,486
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
As of For the year ended December 31, 2024 2025 and through the date we filed this Annual Report, no restrictions or requirements have had a material impact on our revenue and operations; however, such restrictions can be enacted quickly and unexpectedly and could impact our business in the future. operations.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
Estimates and judgments used in the preparation of our 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, global economic uncertainties and geopolitical tensions. control.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
Other income, net, was $37.6 million for the year ended December 31, 2025, compared with $33.6 million for the year ended December 31, 2024, compared with $24.1 million for the year ended December 31, 2023. 2024.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
Although consequences of economic uncertainties and macroeconomic conditions conditions, including tariffs and retaliatory measures and announcements regarding the same, and many other factors could adversely affect our liquidity and capital resources in the future, and 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 $862.9 million $1.3 billion as of December 31, 2024, 2025, along with cash generated by ongoing operations, will be sufficient to satisfy our liquidity requirements for the next 12 months and beyond. months.
Read it in 10-K 2026-02-27 at sec.gov ↗