Monolithic Power Systems Announces Results for the First Quarter Ended March 31, 2019

Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share amounts) 

  Three Months Ended March 31,
   2019    2018 
Revenue$141,363  $129,150 
Cost of revenue 63,357   57,655 
Gross profit 78,006   71,495 
Operating expenses:   
Research and development 25,458   21,609 
Selling, general and administrative 30,553   27,318 
Litigation expense 278   531 
Total operating expenses 56,289   49,458 
Income from operations 21,717   22,037 
Interest and other income, net 3,341   440 
Income before income taxes 25,058   22,477 
Income tax expense (benefit) (1,123)  621 
Net income$26,181  $21,856 
    
Net income per share:   
Basic$0.61  $0.52 
Diluted$0.58  $0.49 
Weighted-average shares outstanding:   
Basic 42,749   41,922 
Diluted 45,232   44,282 
    
SUPPLEMENTAL FINANCIAL INFORMATION
STOCK-BASED COMPENSATION EXPENSE
(Unaudited, in thousands)
 Three Months Ended March 31,
  2019   2018 
Cost of revenue$531  $433 
Research and development 4,429   3,995 
Selling, general and administrative 11,050   10,602 
Total stock-based compensation expense$16,010  $15,030 
    
RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME
(Unaudited, in thousands, except per share amounts)
  Three Months Ended March 31,
    2019       2018  
Net income $ 26,181     $ 21,856  
Net income as a percentage of revenue   18.5 %     16.9 %
       
Adjustments to reconcile net income to non-GAAP net income:      
Stock-based compensation expense   16,010       15,030  
Amortization of acquisition-related intangible assets   51       250  
Deferred compensation plan expense (income)   (136 )     49  
Tax effect   (4,197 )     (2,214 )
Non-GAAP net income $ 37,909     $ 34,971  
Non-GAAP net income as a percentage of revenue   26.8 %     27.1 %
       
Non-GAAP net income per share:      
Basic $ 0.89     $ 0.83  
Diluted $ 0.84     $ 0.79  
       
Shares used in the calculation of non-GAAP net income per share:      
Basic   42,749       41,922  
Diluted   45,232       44,282  
       
RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN
(Unaudited, in thousands)
  Three Months Ended March 31,
    2019       2018  
Gross profit $ 78,006     $ 71,495  
Gross margin   55.2 %     55.4 %
       
Adjustments to reconcile gross profit to non-GAAP gross profit:      
Stock-based compensation expense   531       433  
Amortization of acquisition-related intangible assets   51       250  
Non-GAAP gross profit $ 78,588     $ 72,178  
Non-GAAP gross margin   55.6 %     55.9 %
       
RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
(Unaudited, in thousands)
  Three Months Ended March 31,
    2019       2018  
Total operating expenses $ 56,289     $ 49,458  
       
Adjustments to reconcile total operating expenses to non-GAAP total operating expenses:      
Stock-based compensation expense   (15,479 )     (14,597 )
Deferred compensation plan income (expense)   (1,799 )     137  
Non-GAAP operating expenses $ 39,011     $ 34,998  
       
       
RECONCILIATION OF OPERATING INCOME TO NON-GAAP OPERATING INCOME
(Unaudited, in thousands)
  Three Months Ended March 31,
    2019       2018  
Total operating income $ 21,717     $ 22,037  
       
Adjustments to reconcile total operating income to non-GAAP total operating income:      
Stock-based compensation expense   16,010       15,030  
Amortization of acquisition-related intangible assets   51       250  
Deferred compensation plan expense (income)   1,799       (137 )
Non-GAAP operating income $ 39,577     $ 37,180  
       
       
RECONCILIATION OF INTEREST AND OTHER INCOME, NET, TO NON-GAAP INTEREST AND OTHER INCOME, NET
(Unaudited, in thousands)
  Three Months Ended March 31,
    2019       2018  
Total interest and other income, net $ 3,341     $ 440  
       
Adjustments to reconcile interest and other income to non-GAAP interest and other income:      
Deferred compensation plan expense (income)   (1,935 )     186  
Non-GAAP interest and other income, net $ 1,406     $ 626  
       
       
RECONCILIATION OF INCOME BEFORE INCOME TAXES TO NON-GAAP INCOME BEFORE INCOME TAXES
(Unaudited, in thousands)
  Three Months Ended March 31,
    2019       2018  
Total income before income taxes $ 25,058     $ 22,477  
       
Adjustments to reconcile income before income taxes to non-GAAP income before income taxes:      
Stock-based compensation expense   16,010       15,030  
Amortization of acquisition-related intangible assets   51       250  
Deferred compensation plan expense (income)   (136 )     49  
Non-GAAP income before income taxes $ 40,983     $ 37,806  
       

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