Monolithic Power Systems Announces Results for the Fourth Quarter and Year Ended December 31, 2023 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,
 
   2023   2022   2023   2022 
Revenue $454,012  $460,012  $1,821,072  $1,794,148 
Cost of revenue  202,889   192,203   799,953   745,596 
  Gross profit  251,123   267,809   1,021,119   1,048,552 
Operating expenses:                
Research and development  71,459   61,674   263,643   240,171 
Selling, general and administrative  70,095   69,243   275,740   281,596 
  Total operating expenses  141,554   130,917   539,383   521,767 
Operating income     109,569       136,892       481,736       526,785  
Other income (expense), net     9,976       3,872       24,105       (1,848 )
Income before income taxes     119,545       140,764       505,841       524,937  
Income tax expense     22,640       21,674       78,467       87,265  
Net income   $ 96,905     $ 119,090     $ 427,374     $ 437,672  
                                 
Net income per share:                                
  Basic   $ 2.02     $ 2.53     $ 8.98     $ 9.37  
  Diluted   $ 1.98     $ 2.45     $ 8.76     $ 9.05  
Weighted-average shares outstanding:                                
  Basic     47,936       46,979       47,610       46,727  
  Diluted     48,881       48,549       48,771       48,358  

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