Monolithic Power Systems Announces Results for the First Quarter Ended March 31, 2024

RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN
(Unaudited, in thousands)
 
  Three Months Ended March 31, 
  2024   2023 
Gross profit$252,441  $258,780 
Gross margin 55.1%  57.4%
        
Adjustments to reconcile gross profit to non-GAAP gross profit:       
Stock-based compensation and related expenses* 1,900   1,147 
Amortization of acquisition-related intangible assets 258   - 
Deferred compensation plan expense 440   181 
Non-GAAP gross profit$255,039  $260,108 
Non-GAAP gross margin 55.7%  57.7%
        

*Prior period excludes stock-based compensation related employer payroll taxes from non-GAAP measures due to immateriality.

RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
(Unaudited, in thousands)
 
  Three Months Ended March 31,  
  2024     2023  
Total operating expenses $ 156,954     $ 134,504  
               
Adjustments to reconcile total operating expenses to non-GAAP total operating expenses:              
Stock-based compensation and related expenses*   (49,869 )     (35,862 )
Amortization of acquisition-related intangible assets   (33 )     (33 )
Deferred compensation plan expense   (3,626 )     (2,604 )
Non-GAAP operating expenses $ 103,426     $ 96,005  
               

*Prior period excludes stock-based compensation related employer payroll taxes from non-GAAP measures due to immateriality.

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