Monolithic Power Systems Announces Results for the Fourth Quarter and Year Ended December 31, 2020, and an Increase in Quarterly Cash Dividend

Monolithic Power Systems, Inc.
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share amounts)

   Three Months Ended December 31,  Year Ended December 31,
   2020  2019  2020  2019
Revenue $233,043 $166,738 $844,452 $627,921
Cost of revenue  104,169  74,802  378,498  281,596
Gross profit  128,874  91,936  465,954  346,325
Operating expenses:            
Research and development  42,252  27,011  137,598  107,757
Selling, general and administrative  45,120  33,240  161,670  133,542
Litigation expense  1,539  991  7,804  2,464
Total operating expenses  88,911  61,242  307,072  243,763
Income from operations  39,963  30,694  158,882   102,562
Other income, net     4,480     2,731     10,460     10,558
Income before income taxes     44,443     33,425     169,342     113,120
Income tax expense     1,556     989     4,967     4,281
Net income   $ 42,887   $ 32,436   $ 164,375   $ 108,839
                         
Net income per share:                        
Basic   $ 0.95   $ 0.75   $ 3.67   $ 2.52
Diluted   $ 0.90   $ 0.70   $ 3.50   $ 2.38
Weighted-average shares outstanding:                        
Basic     45,148     43,496     44,840     43,165
Diluted     47,600     46,503     47,014     45,763

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