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

 
Monolithic Power Systems, Inc.
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share amounts)
 
   Three Months Ended
September 30,
   Nine Months Ended
September 30,
 
   2023   2022   2023   2022 
Revenue $474,867  $495,418  $1,367,060  $1,334,136 
Cost of revenue  211,326   204,516   597,064   553,393 
Gross profit  263,541   290,902   769,996   780,743 
Operating expenses:                
Research and development    64,787       67,263       192,184       178,497  
Selling, general and administrative     63,188       71,768       205,645       212,353  
Total operating expenses     127,975       139,031       397,829       390,850  
Operating income     135,566       151,871       372,167       389,893  
Other income (expense), net     2,289       5       14,129       (5,720 )
Income before income taxes     137,855       151,876       386,296       384,173  
Income tax expense     16,692       27,539       55,827       65,591  
Net income   $ 121,163     $ 124,337     $ 330,469     $ 318,582  
                                 
Net income per share:                                
Basic   $ 2.54     $ 2.66     $ 6.96     $ 6.83  
Diluted   $ 2.48     $ 2.57     $ 6.78     $ 6.60  
Weighted-average shares outstanding:                                
Basic     47,780       46,829       47,501       46,643  
Diluted     48,792       48,349       48,734       48,295  

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