Monolithic Power Systems Announces Results for the Second

Monolithic Power Systems Announces Results for the Second Quarter Ended June 30, 2023

SUPPLEMENTAL FINANCIAL INFORMATION

STOCK-BASED COMPENSATION EXPENSE

(Unaudited, in thousands)

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Cost of revenue	$	1,150	$	1,198	$	2,297	$	2,505
Research and development		9,313		9,187		17,927		17,588
Selling, general and administrative		27,529		32,530		54,777		62,633
Total stock-based compensation expense	$	37,992	$	42,915	$	75,001	$	82,726


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,
		2023			2022			2023			2022
Net income	$	99,504		$	114,679		$	209,306		$	194,245

Adjustments to reconcile net income to non-GAAP net income:
Stock-based compensation expense		37,992			42,915			75,001			82,726
Amortization of purchased intangible assets		33			33			66			66
Deferred compensation plan expense (income), net		260			(302	)		511			(475	)
Tax effect		(280	)		(314	)		(1,367	)		(1,276	)
Non-GAAP net income	$	137,509		$	157,011		$	283,517		$	275,286

Non-GAAP net income per share:
Basic	$	2.90		$	3.36		$	5.99		$	5.91
Diluted	$	2.82		$	3.25		$	5.82		$	5.70

Shares used in the calculation of non-GAAP net income per share:
Basic		47,489			46,675			47,361			46,550
Diluted		48,756			48,286			48,705			48,268


RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN
(Unaudited, in thousands)

	Three Months Ended June 30,						Six Months Ended June 30,
		2023			2022			2023			2022
Gross profit	$	247,675		$	270,961		$	506,455		$	489,841
Gross margin		56.1	%		58.8	%		56.8	%		58.4	%

Adjustments to reconcile gross profit to non-GAAP gross profit:
Stock-based compensation expense		1,150			1,198			2,297			2,505
Deferred compensation plan expense (income)		280			(48	)		460			(51	)
Non-GAAP gross profit	$	249,105		$	272,111		$	509,212		$	492,295
Non-GAAP gross margin		56.5	%		59.0	%		57.1	%		58.7	%


RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
(Unaudited, in thousands)

	Three Months Ended June 30,						Six Months Ended June 30,
		2023			2022			2023			2022
Total operating expenses	$	135,350		$	129,073		$	269,854		$	251,819

Adjustments to reconcile total operating expenses to non-GAAP total operating expenses:
Stock-based compensation expense		(36,842	)		(41,717	)		(72,704	)		(80,221	)
Amortization of purchased intangible assets		(33	)		(33	)		(66	)		(66	)
Deferred compensation plan income (expense)		(2,469	)		5,338			(5,073	)		7,701
Non-GAAP operating expenses	$	96,006		$	92,661		$	192,011		$	179,233


RECONCILIATION OF OPERATING INCOME TO NON-GAAP OPERATING INCOME
(Unaudited, in thousands)

	Three Months Ended June 30,						Six Months Ended June 30,
		2023			2022			2023			2022
Total operating income	$	112,325		$	141,888		$	236,601		$	238,022

Adjustments to reconcile total operating income to non-GAAP total operating income:
Stock-based compensation expense		37,992			42,915			75,001			82,726
Amortization of purchased intangible assets		33			33			66			66
Deferred compensation plan expense (income)		2,748			(5,387	)		5,533			(7,752	)
Non-GAAP operating income	$	153,098		$	179,449		$	317,201		$	313,062


RECONCILIATION OF OTHER INCOME (EXPENSE), NET, TO NON-GAAP OTHER INCOME, NET
(Unaudited, in thousands)

	Three Months Ended June 30,						Six Months Ended June 30,
		2023			2022			2023			2022
Total other income (expense), net	$	6,543		$	(5,092	)	$	11,840		$	(5,726	)

Adjustments to reconcile other income (expense), net to non-GAAP other income (expense), net:
Deferred compensation plan expense (income)		(2,488	)		5,085			(5,022	)		7,277
Non-GAAP other income (expense), net	$	4,055		$	(7	)	$	6,818		$	1,551


RECONCILIATION OF INCOME BEFORE INCOME TAXES TO NON-GAAP INCOME BEFORE INCOME TAXES
(Unaudited, in thousands)

	Three Months Ended June 30,						Six Months Ended June 30,
		2023			2022			2023			2022
Total income before income taxes	$	118,868		$	136,796		$	248,441		$	232,296

Adjustments to reconcile income before income taxes to non-GAAP income before income taxes:
Stock-based compensation expense		37,992			42,915			75,001			82,726
Amortization of purchased intangible assets		33			33			66			66
Deferred compensation plan expense (income), net		260			(302	)		511			(475	)
Non-GAAP income before income taxes	$	157,153		$	179,442		$	324,019		$	314,613

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