KIRKLAND, Wash., May 02, 2022 (GLOBE NEWSWIRE) -- Monolithic Power Systems, Inc. (“MPS”) (Nasdaq: MPWR), a global company that provides high-performance, semiconductor-based power electronics solutions, today announced financial results for the quarter ended March 31, 2022.
| ● | Revenue was $377.7 million for the quarter ended March 31, 2022, a 12.2% increase from $336.5 million for the quarter ended December 31, 2021 and a 48.4% increase from $254.5 million for the quarter ended March 31, 2021. |
| ● | GAAP gross margin was 57.9% for the quarter ended March 31, 2022, compared with 55.4% for the quarter ended March 31, 2021. |
| ● | Non-GAAP gross margin (1) was 58.3% for the quarter ended March 31, 2022, excluding the impact of $1.3 million for stock-based compensation expense, compared with 55.8% for the quarter ended March 31, 2021, excluding the impact of $0.8 million for stock-based compensation expense and $0.2 million for deferred compensation plan expense. |
| ● | GAAP operating expenses were $122.7 million for the quarter ended March 31, 2022, compared with $95.0 million for the quarter ended March 31, 2021. |
| ● | Non-GAAP operating expenses (1) were $86.6 million for the quarter ended March 31, 2022, excluding $38.5 million for stock-based compensation expense and $2.4 million for deferred compensation plan income, compared with $66.2 million for the quarter ended March 31, 2021, excluding $27.8 million for stock-based compensation expense and $1.0 million for deferred compensation plan expense. |
| ● | GAAP operating income was $96.1 million for the quarter ended March 31, 2022, compared with $46.1 million for the quarter ended March 31, 2021. |
| ● | Non-GAAP operating income (1) was $133.6 million for the quarter ended March 31, 2022, excluding $39.8 million for stock-based compensation expense and $2.4 million for deferred compensation plan income, compared with $75.8 million for the quarter ended March 31, 2021, excluding $28.6 million for stock-based compensation expense and $1.1 million for deferred compensation plan expense. |
| ● | GAAP other expense, net, was $0.6 million for the quarter ended March 31, 2022, compared with other income, net, of $2.6 million for the quarter ended March 31, 2021. |
| ● | Non-GAAP other income, net (1) was $1.6 million for the quarter ended March 31, 2022, excluding $2.2 million for deferred compensation plan expense, compared with $1.4 million for the quarter ended March 31, 2021, excluding $1.2 million for deferred compensation plan income. |
| ● | GAAP income before income taxes was $95.5 million for the quarter ended March 31, 2022, compared with $48.7 million for the quarter ended March 31, 2021. |
| ● | Non-GAAP income before income taxes (1) was $135.2 million for the quarter ended March 31, 2022, excluding $39.8 million for stock-based compensation expense and $0.2 million for deferred compensation plan income, compared with $77.2 million for the quarter ended March 31, 2021, excluding $28.6 million for stock-based compensation expense and $0.1 million for deferred compensation plan income. |
| ● | GAAP net income was $79.6 million and $1.65 per diluted share for the quarter ended March 31, 2022. Comparatively, GAAP net income was $45.4 million and $0.95 per diluted share for the quarter ended March 31, 2021. |
| ● | Non-GAAP net income (1) was $118.3 million and $2.45 per diluted share for the quarter ended March 31, 2022, excluding $39.8 million for stock-based compensation expense, $0.2 million for deferred compensation plan income and $1.0 million for related tax effects, compared with non-GAAP net income (1) of $69.5 million and $1.46 per diluted share for the quarter ended March 31, 2021, excluding $28.6 million for stock-based compensation expense, $0.1 million for deferred compensation plan income and $4.5 million for related tax effects. |
In the first quarter of 2022, the Company reorganized its end markets and broke out Computing and Storage into two new end markets: Storage and Computing, and Enterprise Data. All prior-period amounts have been restated to reflect the changes in the end markets. The following is a summary of revenue by end market (in thousands):
| Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||||||
| End Market | 2022 | 2021 | 2021 | 2020 | 2019 | 2018 | 2017 | |||||||||||||||||||||
| Storage and Computing | $ | 96,586 | $ | 51,312 | $ | 255,933 | $ | 180,293 | $ | 141,277 | $ | 116,887 | $ | 77,119 | ||||||||||||||
| Enterprise Data | 42,509 | 16,183 | 116,345 | 72,884 | 47,938 | 42,234 | 23,663 | |||||||||||||||||||||
| Automotive | 54,546 | 44,867 | 204,335 | 108,966 | 90,303 | 80,078 | 53,888 | |||||||||||||||||||||
| Industrial | 48,538 | 39,788 | 184,784 | 119,603 | 99,381 | 88,472 | 62,896 | |||||||||||||||||||||
| Communications | 55,574 | 36,070 | 164,091 | 142,326 | 84,794 | 70,589 | 63,606 | |||||||||||||||||||||
| Consumer | 79,961 | 66,235 | 282,310 | 220,380 | 164,228 | 184,122 | 189,757 | |||||||||||||||||||||
| Total | $ | 377,714 | $ | 254,455 | $ | 1,207,798 | $ | 844,452 | $ | 627,921 | $ | 582,382 | $ | 470,929 | ||||||||||||||
The following is a summary of revenue by product family (in thousands):
