Monolithic Power Systems Announces Results for the Third Quarter Ended September 30, 2023

The following is a summary of revenue by product family (in thousands):

   Three Months Ended
September 30,
   Nine Months
Ended September 30,
 
Product Family  2023   2022   2023   2022 
DC to DC $447,394  $462,982  $1,290,750  $1,264,081 
Lighting Control  27,473   32,436   76,310   70,055 
Total $474,867  $495,418  $1,367,060  $1,334,136 


“While we expect visibility to remain limited in the short term, which was the same as last quarter, we continue to execute on our long-term strategy,” said Michael Hsing, CEO and founder of MPS.

Business Outlook

The following are MPS’s financial targets for the fourth quarter ending December 31, 2023:

Revenue in the range of $442.0 million to $462.0 million.
  
GAAP gross margin between 55.2% and 55.8%. Non-GAAP gross margin (1) between 55.4% and 56.0%, which excludes an estimated impact of stock-based compensation expenses of 0.2%.
  
GAAP operating expenses, between $127.1 million and $131.1 million. Non-GAAP operating expenses (1) between $95.9 million and $97.9 million, which excludes estimated stock-based compensation expenses in the range of $31.2 million to $33.2 million.
   
Total stock-based compensation expenses of $32.2 million to $34.2 million.
   
Interest and other income of $4.1 million to $4.5 million.
   
Fully diluted shares outstanding between 48.7 million and 49.1 million.
   

(1) Non-GAAP net income, non-GAAP net income per share, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP other income, net, non-GAAP operating income and non-GAAP income before income taxes differ from net income, net income per share, gross margin, operating expenses, other income (expense), net, operating income and income before income taxes determined in accordance with Generally Accepted Accounting Principles in the United States (“GAAP”). Non-GAAP net income and non-GAAP net income per share exclude the effect of stock-based compensation expense, net deferred compensation plan expense (income), amortization of purchased intangible assets and related tax effects. Non-GAAP gross margin excludes the effect of stock-based compensation expense and deferred compensation plan expense (income). Non-GAAP operating expenses exclude the effect of stock-based compensation expense, amortization of purchased intangible assets and deferred compensation plan income (expense). Non-GAAP other income, net excludes the effect of deferred compensation plan expense (income). Non-GAAP operating income excludes the effect of stock-based compensation expense, amortization of purchased intangible assets and deferred compensation plan expense (income). Non-GAAP income before income taxes excludes the effect of stock-based compensation expense, amortization of purchased intangible assets and net deferred compensation plan expense (income). Projected non-GAAP gross margin excludes the effect of stock-based compensation expense. Projected non-GAAP operating expenses exclude the effect of stock-based compensation expense. These non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. A schedule reconciling non-GAAP financial measures is included at the end of this press release. MPS utilizes both GAAP and non-GAAP financial measures to assess what it believes to be its core operating performance and to evaluate and manage its internal business and assist in making financial operating decisions. MPS believes that the inclusion of non-GAAP financial measures, together with GAAP measures, provides investors with an alternative presentation useful to investors’ understanding of MPS’s core operating results and trends. Additionally, MPS believes that the inclusion of non-GAAP measures, together with GAAP measures, provides investors with an additional dimension of comparability to similar companies. However, investors should be aware that non-GAAP financial measures utilized by other companies are not likely to be comparable in most cases to the non-GAAP financial measures used by MPS.

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