Monolithic Power Systems Announces Results for the Second Quarter Ended June 30, 2017



  Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share amounts) 
        
  Three Months Ended June 30,  Six Months Ended June 30,
   2017    2016    2017    2016 
Revenue $  112,198  $  94,079  $  212,560  $  178,591 
Cost of revenue    50,773     43,153     96,293     82,155 
Gross profit    61,425     50,926     116,267     96,436 
Operating expenses:       
  Research and development    20,292     17,876     39,186     35,197 
  Selling, general and administrative    25,873     21,531     47,965     39,299 
  Litigation expense (benefit)   290     (8)    576     37 
Total operating expenses    46,455     39,399     87,727     74,533 
Income from operations    14,970     11,527     28,540     21,903 
Interest and other income, net   1,237     597     2,618     1,140 
Income before income taxes    16,207     12,124        31,158         23,043  
Income tax provision      1,193         926         1,668         1,270  
Net income  $   15,014     $   11,198     $   29,490     $   21,773  
               
  Net income per share:              
  Basic $   0.36     $   0.28     $   0.72     $   0.54  
  Diluted $   0.35     $   0.27     $   0.68     $   0.52  
Weighted-average shares outstanding:              
  Basic     41,323         40,387         41,185         40,208  
  Diluted     43,397         41,716         43,332         41,681  
               
Cash dividends declared per common share $   0.20     $   0.20     $   0.40     $   0.40  
               
               
               
SUPPLEMENTAL FINANCIAL INFORMATION  
STOCK-BASED COMPENSATION EXPENSE
(Unaudited, in thousands)
  Three Months Ended June 30,   Six Months Ended June 30,
    2017       2016       2017       2016  
Cost of revenue $   452     $   380     $   810     $   814  
Research and development     3,961         3,318         7,459         7,016  
Selling, general and administrative     10,714         8,049         18,520         12,896  
Total stock-based compensation expense $   15,127     $   11,747     $   26,789     $   20,726  
               
               
               
RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME
(Unaudited, in thousands, except per share amounts)
  Three Months Ended June 30,   Six Months Ended June 30,
    2017       2016       2017       2016  
Net income  $   15,014     $   11,198     $   29,490     $   21,773  
  Net income as a percentage of revenue   13.4 %     11.9 %     13.9 %     12.2 %
               
Adjustments to reconcile net income to non-GAAP net income:            
  Stock-based compensation expense     15,127         11,747         26,789         20,726  
  Amortization of acquisition-related intangible assets     513         513         1,026         1,026  
  Deferred compensation plan expense (income)     70         (3 )       141         (147 )
  Tax effect      (1,201 )       (903 )       (2,766 )       (2,079 )
  Non-GAAP net income $   29,523     $   22,552     $   54,680     $   41,299  
  Non-GAAP net income as a percentage of revenue   26.3 %     24.0 %     25.7 %     23.1 %
               
Non-GAAP net income per share:              
  Basic $   0.71     $   0.56     $   1.33     $   1.03  
  Diluted $   0.68     $   0.54     $   1.26     $   0.99  
               
Shares used in the calculation of non-GAAP net income per share:            
  Basic     41,323         40,387         41,185         40,208  
  Diluted     43,397         41,716         43,332         41,681  
               
               
               
RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN
(Unaudited, in thousands)
  Three Months Ended June 30,   Six Months Ended June 30,
    2017       2016       2017       2016  
Gross profit $   61,425     $   50,926     $   116,267     $   96,436  
  Gross margin   54.7 %     54.1 %     54.7 %     54.0 %
               
Adjustments to reconcile gross profit to non-GAAP gross profit:            
  Stock-based compensation expense     452         380         810         814  
  Amortization of acquisition-related intangible assets     513         513         1,026         1,026  
Non-GAAP gross profit $   62,390     $   51,819     $   118,103     $   98,276  
Non-GAAP gross margin   55.6 %     55.1 %     55.6 %     55.0 %
               
               
               
RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
(Unaudited, in thousands)
  Three Months Ended June 30,   Six Months Ended June 30,
    2017       2016       2017       2016  
Total operating expenses $   46,455     $   39,399     $   87,727     $   74,533  
               
Adjustments to reconcile total operating expenses to non-GAAP total operating expenses:        
  Stock-based compensation expense     (14,675 )       (11,367 )       (25,979 )       (19,912 )
  Deferred compensation plan expense     (603 )       (304 )       (1,407 )       (461 )
Non-GAAP operating expenses $   31,177     $   27,728     $   60,341     $   54,160  
               
               
               
RECONCILIATION OF OPERATING INCOME TO NON-GAAP OPERATING INCOME
(Unaudited, in thousands)
  Three Months Ended June 30,   Six Months Ended June 30,
    2017       2016       2017       2016  
Total operating income $   14,970     $   11,527     $   28,540     $   21,903  
  Operating income as a percentage of revenue   13.3 %     12.3 %     13.4 %     12.3 %
               
Adjustments to reconcile total operating income to non-GAAP total operating income:        
  Stock-based compensation expense     15,127         11,747         26,789         20,726  
  Amortization of acquisition-related intangible assets     513         513         1,026         1,026  
  Deferred compensation plan expense      603         304         1,407         461  
  Non-GAAP operating income $   31,213     $   24,091     $   57,762     $   44,116  
Non-GAAP operating income as a percentage of revenue   27.8 %     25.6 %     27.2 %     24.7 %
               
               
               
RECONCILIATION OF INTEREST AND OTHER INCOME, NET, TO NON-GAAP INTEREST AND OTHER INCOME, NET
(Unaudited, in thousands)
  Three Months Ended June 30,   Six Months Ended June 30,
    2017       2016       2017       2016  
Total interest and other income, net $   1,237     $   597     $   2,618     $   1,140  
               
Adjustments to reconcile interest and other income to non-GAAP interest and other income:        
  Deferred compensation plan income     (533 )       (307 )       (1,266 )       (608 )
Non-GAAP interest and other income, net $   704     $   290     $   1,352     $   532  
               

« Previous Page 1 | 2 | 3 | 4 | 5  Next Page »



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us
ShareCG™ is a trademark of Internet Business Systems, Inc.

Report a Bug Report Abuse Make a Suggestion About Privacy Policy Contact Us User Agreement Advertise