Monolithic Power Systems Announces Results for the Third Quarter Ended September 30, 2023

KIRKLAND, Wash., Oct. 30, 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 and nine months ended September 30, 2023.

The financial results for the quarter ended September 30, 2023 were as follows:

Revenue was $474.9 million for the quarter ended September 30, 2023, a 7.6% increase from $441.1 million for the quarter ended June 30, 2023 and a 4.1% decrease from $495.4 million for the quarter ended September 30, 2022.
  
GAAP gross margin was 55.5% for the quarter ended September 30, 2023, compared with 58.7% for the quarter ended September 30, 2022.
  
Non-GAAP gross margin (1) was 55.7% for the quarter ended September 30, 2023, excluding the impact of $1.0 million for stock-based compensation expense and $0.1 million for deferred compensation plan income, compared with 59.0% for the quarter ended September 30, 2022, excluding the impact of $1.2 million for stock-based compensation expense. 
  
GAAP operating expenses were $128.0 million for the quarter ended September 30, 2023, compared with $139.0 million for the quarter ended September 30, 2022.
  
Non-GAAP operating expenses (1) were $96.6 million for the quarter ended September 30, 2023, excluding $32.6 million for stock-based compensation expense and $1.3 million for deferred compensation plan income, compared with $98.4 million for the quarter ended September 30, 2022, excluding $41.8 million for stock-based compensation expense and $1.2 million for deferred compensation plan income.
  
GAAP operating income was $135.6 million for the quarter ended September 30, 2023, compared with $151.9 million for the quarter ended September 30, 2022.
  
Non-GAAP operating income (1) was $167.8 million for the quarter ended September 30, 2023, excluding $33.6 million for stock-based compensation expense and $1.4 million for deferred compensation plan income, compared with $193.7 million for the quarter ended September 30, 2022, excluding $43.0 million for stock-based compensation expense and $1.2 million for deferred compensation plan income.
  
GAAP other income, net, was $2.3 million for the quarter ended September 30, 2023, compared with $5.0 thousand for the quarter ended September 30, 2022.
  
Non-GAAP other income, net (1) was $3.9 million for the quarter ended September 30, 2023, excluding $1.6 million for deferred compensation plan expense, compared with $1.3 million for the quarter ended September 30, 2022, excluding $1.3 million for deferred compensation plan expense.
  
GAAP income before income taxes was $137.9 million for the quarter ended September 30, 2023, compared with $151.9 million for the quarter ended September 30, 2022.
  
Non-GAAP income before income taxes (1) was $171.7 million for the quarter ended September 30, 2023, excluding $33.6 million for stock-based compensation expense and $0.3 million for net deferred compensation plan expense, compared with $195.0 million for the quarter ended September 30, 2022, excluding $43.0 million for stock-based compensation expense and $0.1 million for net deferred compensation plan expense.
  
GAAP net income was $121.2 million and $2.48 per diluted share for the quarter ended September 30, 2023. Comparatively, GAAP net income was $124.3 million and $2.57 per diluted share for the quarter ended September 30, 2022.
  
Non-GAAP net income (1) was $150.3 million and $3.08 per diluted share for the quarter ended September 30, 2023, excluding $33.6 million for stock-based compensation expense, $0.3 million for net deferred compensation plan expense and $4.8 million for related tax effects, compared with $170.7 million and $3.53 per diluted share for the quarter ended September 30, 2022, excluding $43.0 million for stock-based compensation expense, $0.1 million for net deferred compensation plan expense and $3.2 million for related tax effects.
  

The financial results for the nine months ended September 30, 2023 were as follows:

Revenue was $1,367.1 million for the nine months ended September 30, 2023, a 2.5% increase from $1,334.1 million for the nine months ended September 30, 2022.
  
GAAP gross margin was 56.3% for the nine months ended September 30, 2023, compared with 58.5% for the nine months ended September 30, 2022.
  
Non-GAAP gross margin (1) was 56.6% for the nine months ended September 30, 2023, excluding the impact of $3.3 million for stock-based compensation expense and $0.4 million for deferred compensation plan expense, compared with 58.8% for the nine months ended September 30, 2022, excluding the impact of $3.7 million for stock-based compensation expense.
   
GAAP operating expenses were $397.8 million for the nine months ended September 30, 2023, compared with $390.9 million for the nine months ended September 30, 2022.
   
Non-GAAP operating expenses (1) were $288.7 million for the nine months ended September 30, 2023, excluding $105.3 million for stock-based compensation expense, $3.8 million for deferred compensation plan expense and $0.1 million for amortization of purchased intangible assets, compared with $277.6 million for the nine months ended September 30, 2022, excluding $122.0 million for stock-based compensation expense, $8.9 million for deferred compensation plan income and $0.1 million for amortization of purchased intangible assets.
   
GAAP operating income was $372.2 million for the nine months ended September 30, 2023, compared with $389.9 million for the nine months ended September 30, 2022.
   
Non-GAAP operating income (1) was $485.0 million for the nine months ended September 30, 2023, excluding $108.6 million for stock-based compensation expense, $4.2 million for deferred compensation plan expense and $0.1 million for amortization of purchased intangible assets, compared with $506.8 million for the nine months ended September 30, 2022, excluding $125.7 million for stock-based compensation expense, $9.0 million for deferred compensation plan income and $0.1 million for amortization of purchased intangible assets.
   
GAAP other income, net, was $14.1 million for the nine months ended September 30, 2023, compared with other expense, net, of $5.7 million for the nine months ended September 30, 2022.
   
Non-GAAP other income, net (1) was $10.7 million for the nine months ended September 30, 2023, excluding $3.4 million for deferred compensation plan income, compared with $2.9 million for the nine months ended September 30, 2022, excluding $8.6 million for deferred compensation plan expense.
   
GAAP income before income taxes was $386.3 million for the nine months ended September 30, 2023, compared with $384.2 million for the nine months ended September 30, 2022.
   
Non-GAAP income before income taxes (1) was $495.8 million for the nine months ended September 30, 2023, excluding $108.6 million for stock-based compensation expense, $0.8 million for net deferred compensation plan expense and $0.1 million for amortization of purchased intangible assets, compared with $509.6 million for the nine months ended September 30, 2022, excluding $125.7 million for stock-based compensation expense, $0.4 million for net deferred compensation plan income and $0.1 million for amortization of purchased intangible assets.
   
GAAP net income was $330.5 million and $6.78 per diluted share for the nine months ended September 30, 2023. Comparatively, GAAP net income was $318.6 million and $6.60 per diluted share for the nine months ended September 30, 2022.
   
Non-GAAP net income (1) was $433.8 million and $8.90 per diluted share for the nine months ended September 30, 2023, excluding $108.6 million for stock-based compensation expense, $0.8 million for net deferred compensation plan expense, $0.1 million for amortization of purchased intangible assets and $6.1 million for related tax effects, compared with $445.9 million and $9.23 per diluted share for the nine months ended September 30, 2022, excluding $125.7 million for stock-based compensation expense, $0.4 million for net deferred compensation plan income, $0.1 million for amortization of purchased intangible assets and $1.9 million for related tax effects.
   

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