Monolithic Power Systems Announces Results for the First Quarter Ended March 31, 2017

 

Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share amounts)
 
  Three Months Ended March 31,
   2017    2016 
Revenue$100,362  $84,512 
Cost of revenue 45,520   39,002 
Gross profit 54,842   45,510 
Operating expenses:   
Research and development 18,894   17,321 
Selling, general and administrative 22,092   17,768 
Litigation expense 286   45 
Total operating expenses 41,272   35,134 
Income from operations 13,570   10,376 
Interest and other income, net 1,381   543 
Income before income taxes 14,951   10,919 
Income tax provision 474   344 
Net income$14,477  $10,575 
    
Net income per share:   
Basic$0.35  $0.26 
Diluted$0.33  $0.25 
Weighted-average shares outstanding:   
Basic 41,047   40,028 
Diluted 43,268   41,646 
    
Cash dividends declared per common share$0.20  $0.20 
    
SUPPLEMENTAL FINANCIAL INFORMATION
STOCK-BASED COMPENSATION EXPENSE
(Unaudited, in thousands)
  Three Months Ended March 31,
   2017    2016 
Cost of revenue$  358    $   434  
Research and development     3,498         3,698  
Selling, general and administrative     7,806         4,847  
Total stock-based compensation expense $   11,662     $   8,979  
       
RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME
(Unaudited, in thousands, except per share amounts)
  Three Months Ended March 31,
    2017       2016  
Net income $ 14,477     $ 10,575  
Net income as a percentage of revenue   14.4 %     12.5 %
       
Adjustments to reconcile net income to non-GAAP net income:    
Stock-based compensation expense   11,662       8,979  
Amortization of acquisition-related intangible assets   513       513  
Deferred compensation plan expense (income)   71       (145 )
Tax effect   (1,566 )     (1,176 )
Non-GAAP net income $ 25,157     $ 18,746  
Non-GAAP net income as a percentage of revenue   25.1 %     22.2 %
       
Non-GAAP net income per share:      
Basic $ 0.61     $ 0.47  
Diluted $ 0.58     $ 0.45  
       
Shares used in the calculation of non-GAAP net income per share:    
Basic   41,047       40,028  
Diluted   43,268       41,646  
       
RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN
(Unaudited, in thousands)
  Three Months Ended March 31,
    2017       2016  
Gross profit $   54,842     $   45,510  
Gross margin   54.6 %     53.9 %
       
Adjustments to reconcile gross profit to non-GAAP gross profit:    
Stock-based compensation expense     358         434  
Amortization of acquisition-related intangible assets     513         513  
Non-GAAP gross profit $   55,713     $   46,457  
Non-GAAP gross margin   55.5 %     55.0 %
       
RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
(Unaudited, in thousands)
  Three Months Ended March 31,
    2017       2016  
Total operating expenses $   41,272     $   35,134  
       
Adjustments to reconcile total operating expenses to non-GAAP total operating expenses:
Stock-based compensation expense     (11,304 )       (8,545 )
Deferred compensation plan expense     (804 )       (157 )
Non-GAAP operating expenses $   29,164     $   26,432  
       
       
RECONCILIATION OF OPERATING INCOME TO NON-GAAP OPERATING INCOME
(Unaudited, in thousands)
  Three Months Ended March 31,
    2017       2016  
Total operating income $   13,570     $   10,376  
Operating income as a percentage of revenue   13.5 %     12.3 %
       
Adjustments to reconcile total operating income to non-GAAP total operating income:
Stock-based compensation expense   11,662       8,979  
Amortization of acquisition-related intangible assets   513       513  
Deferred compensation plan expense   804       157  
Non-GAAP operating income $ 26,549     $ 20,025  
Non-GAAP operating income as a percentage of revenue   26.5 %     23.7 %
       
       
RECONCILIATION OF OTHER INCOME TO NON-GAAP OTHER INCOME
(Unaudited, in thousands)
  Three Months Ended March 31,
    2017       2016  
Total interest and other income, net $   1,381     $   543  
       
Adjustments to reconcile interest and other income to non-GAAP interest and other income:
Deferred compensation plan income     (733 )       (302 )
Non-GAAP interest and other income, net $   648     $   241  
       

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