KIRKLAND, Wash., July 31, 2023 (GLOBE NEWSWIRE) -- Monolithic Power Systems, Inc. (“MPS”) (Nasdaq: MPWR), a fabless company with a global footprint that provides high-performance, semiconductor-based power electronic solutions, today announced financial results for the quarter ended June 30, 2023.
The financial results for the quarter ended June 30, 2023 are as follows:
| • | Revenue was $441.1 million for the quarter ended June 30, 2023, a 2.2% decrease from $451.1 million for the quarter ended March 31, 2023 and a 4.3% decrease from $461.0 million for the quarter ended June 30, 2022. | |
| • | GAAP gross margin was 56.1% for the quarter ended June 30, 2023, compared with 58.8% for the quarter ended June 30, 2022. | |
| • | Non-GAAP gross margin (1) was 56.5% for the quarter ended June 30, 2023, excluding the impact of $1.2 million for stock-based compensation expense and $0.3 million for deferred compensation plan expense, compared with 59.0% for the quarter ended June 30, 2022, excluding the impact of $1.2 million for stock-based compensation expense. | |
| • | GAAP operating expenses were $135.4 million for the quarter ended June 30, 2023, compared with $129.1 million for the quarter ended June 30, 2022. | |
| • | Non-GAAP operating expenses (1) were $96.0 million for the quarter ended June 30, 2023, excluding $36.8 million for stock-based compensation expense and $2.5 million for deferred compensation plan expense, compared with $92.7 million for the quarter ended June 30, 2022, excluding $41.7 million for stock-based compensation expense and $5.3 million for deferred compensation plan income. | |
| • | GAAP operating income was $112.3 million for the quarter ended June 30, 2023, compared with $141.9 million for the quarter ended June 30, 2022. | |
| • | Non-GAAP operating income (1) was $153.1 million for the quarter ended June 30, 2023, excluding $38.0 million for stock-based compensation expense and $2.7 million for deferred compensation plan expense, compared with $179.4 million for the quarter ended June 30, 2022, excluding $42.9 million for stock-based compensation expense and $5.4 million for deferred compensation plan income. | |
| • | GAAP other income, net, was $6.5 million for the quarter ended June 30, 2023, compared with other expense, net, of $5.1 million for the quarter ended June 30, 2022. | |
| • | Non-GAAP other income, net (1) was $4.1 million for the quarter ended June 30, 2023, excluding $2.5 million for deferred compensation plan income, compared with non-GAAP other expense, net, of $7,000 for the quarter ended June 30, 2022, excluding $5.1 million for deferred compensation plan expense. | |
| • | GAAP income before income taxes was $118.9 million for the quarter ended June 30, 2023, compared with $136.8 million for the quarter ended June 30, 2022. | |
| • | Non-GAAP income before income taxes (1) was $157.2 million for the quarter ended June 30, 2023, excluding $38.0 million for stock-based compensation expense and $0.3 million for net deferred compensation plan expense, compared with $179.4 million for the quarter ended June 30, 2022, excluding $42.9 million for stock-based compensation expense and $0.3 million for net deferred compensation plan income. | |
| • | GAAP net income was $99.5 million and $2.04 per diluted share for the quarter ended June 30, 2023. Comparatively, GAAP net income was $114.7 million and $2.37 per diluted share for the quarter ended June 30, 2022. | |
| • | Non-GAAP net income (1) was $137.5 million and $2.82 per diluted share for the quarter ended June 30, 2023, excluding $38.0 million for stock-based compensation expense, $0.3 million for net deferred compensation plan expense and $0.3 million for related tax effects, compared with $157.0 million and $3.25 per diluted share for the quarter ended June 30, 2022, excluding $42.9 million for stock-based compensation expense, $0.3 million for net deferred compensation plan income and $0.3 million for related tax effects. | |
The financial results for the six months ended June 30, 2023 are as follows:
| • | Revenue was $892.2 million for the six months ended June 30, 2023, a 6.4% increase from $838.7 million for the six months ended June 30, 2022. | |
| • | GAAP gross margin was 56.8% for the six months ended June 30, 2023, compared with 58.4% for the six months ended June 30, 2022. | |
| • | Non-GAAP gross margin (1) was 57.1% for the six months ended June 30, 2023, excluding the impact of $2.3 million for stock-based compensation expense and $0.5 million for deferred compensation plan expense, compared with 58.7% for the six months ended June 30, 2022, excluding the impact of $2.5 million for stock-based compensation expense and $0.1 million for deferred compensation plan income. | |
| • | GAAP operating expenses were $269.9 million for the six months ended June 30, 2023, compared with $251.8 million for the six months ended June 30, 2022. | |
| • | Non-GAAP operating expenses (1) were $192.0 million for the six months ended June 30, 2023, excluding $72.7 million for stock-based compensation expense, $5.1 million for deferred compensation plan expense and $0.1 million for amortization of purchased intangible assets, compared with $179.2 million for the six months ended June 30, 2022, excluding $80.2 million for stock-based compensation expense, $7.7 million for deferred compensation plan income and $0.1 million for amortization of purchased intangible assets. | |
| • | GAAP operating income was $236.6 million for the six months ended June 30, 2023, compared with $238.0 million for the six months ended June 30, 2022. | |
| • | Non-GAAP operating income (1) was $317.2 million for the six months ended June 30, 2023, excluding $75.0 million for stock-based compensation expense, $5.5 million for deferred compensation plan expense and $0.1 million for amortization of purchased intangible assets, compared with $313.1 million for the six months ended June 30, 2022, excluding $82.7 million for stock-based compensation expense, $7.8 million for deferred compensation plan income and $0.1 million for amortization of purchased intangible assets. | |
| • | GAAP other income, net, was $11.8 million for the six months ended June 30, 2023, compared with other expense, net, of $5.7 million for the six months ended June 30, 2022. | |
| • | Non-GAAP other income, net (1) was $6.8 million for the six months ended June 30, 2023, excluding $5.0 million for deferred compensation plan income, compared with $1.6 million for the six months ended June 30, 2022, excluding $7.3 million for deferred compensation plan expense. | |
| • | GAAP income before income taxes was $248.4 million for the six months ended June 30, 2023, compared with $232.3 million for the six months ended June 30, 2022. | |
| • | Non-GAAP income before income taxes (1) was $324.0 million for the six months ended June 30, 2023, excluding $75.0 million for stock-based compensation expense, $0.5 million for net deferred compensation plan expense and $0.1 million for amortization of purchased intangible assets, compared with $314.6 million for the six months ended June 30, 2022, excluding $82.7 million for stock-based compensation expense, $0.5 million for net deferred compensation plan income and $0.1 million for amortization of purchased intangible assets. | |
| • | GAAP net income was $209.3 million and $4.30 per diluted share for the six months ended June 30, 2023. Comparatively, GAAP net income was $194.2 million and $4.02 per diluted share for the six months ended June 30, 2022. | |
| • | Non-GAAP net income (1) was $283.5 million and $5.82 per diluted share for the six months ended June 30, 2023, excluding $75.0 million for stock-based compensation expense, $0.5 million for net deferred compensation plan expense, $0.1 million for amortization of purchased intangible assets and $1.4 million for related tax effects, compared with $275.3 million and $5.70 per diluted share for the six months ended June 30, 2022, excluding $82.7 million for stock-based compensation expense, $0.5 million for net deferred compensation plan income, $0.1 million for amortization of purchased intangible assets and $1.3 million for related tax effects. | |
