Monolithic Power Systems Announces Results for the Fourth Quarter and Year Ended December 31, 2022 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, 
   2022   2021   2022   2021 
Revenue $460,012  $336,504  $1,794,148  $1,207,798 
Cost of revenue  192,203   142,631   745,596   522,339 
Gross profit  267,809   193,873   1,048,552   685,459 
Operating expenses:                
Research and development  61,674   54,514   240,171   190,627 
Selling, general and administrative  66,057   61,208   273,595   226,190 
Litigation expense (benefit), net  3,186   (420)  8,001   6,225 
Total operating expenses     130,917       115,302       521,767       423,042  
Operating income     136,892       78,571       526,785       262,417  
Other income (expense), net     3,872       3,391       (1,848 )     9,802  
Income before income taxes     140,764       81,962       524,937       272,219  
Income tax expense     21,674       9,291       87,265       30,196  
Net income   $ 119,090     $ 72,671     $ 437,672     $ 242,023  
                                 
Net income per share:                                
Basic   $ 2.53     $ 1.58     $ 9.37     $ 5.28  
Diluted   $ 2.45     $ 1.51     $ 9.05     $ 5.05  
Weighted-average shares outstanding:                                
Basic     46,979       46,139       46,727       45,851  
Diluted     48,549       48,240       48,358       47,889  

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