KIRKLAND, Wash., Aug. 01, 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 June 30, 2022.
The financial results for the quarter ended June 30, 2022 are as follows:
| ● | Revenue was $461.0 million for the quarter ended June 30, 2022, a 22.1% increase from $377.7 million for the quarter ended March 31, 2022 and a 57.2% increase from $293.3 million for the quarter ended June 30, 2021. | |
| ● | GAAP gross margin was 58.8% for the quarter ended June 30, 2022, compared with 56.0% for the quarter ended June 30, 2021. | |
| ● | Non-GAAP gross margin (1) was 59.0% for the quarter ended June 30, 2022, excluding the impact of $1.2 million for stock-based compensation expense, compared with 56.3% for the quarter ended June 30, 2021, excluding the impact of $0.9 million for stock-based compensation expense and $0.1 million for deferred compensation plan expense. | |
| ● | GAAP operating expenses were $129.1 million for the quarter ended June 30, 2022, compared with $103.6 million for the quarter ended June 30, 2021. | |
| ● | Non-GAAP operating expenses (1) were $92.7 million for the quarter ended June 30, 2022, excluding $41.7 million for stock-based compensation expense and $5.3 million for deferred compensation plan income, compared with $70.3 million for the quarter ended June 30, 2021, excluding $31.2 million for stock-based compensation expense and $2.0 million for deferred compensation plan expense. | |
| ● | GAAP operating income was $141.9 million for the quarter ended June 30, 2022, compared with $60.6 million for the quarter ended June 30, 2021. | |
| ● | Non-GAAP operating income (1) was $179.4 million for the quarter ended June 30, 2022, excluding $42.9 million for stock-based compensation expense and $5.4 million for deferred compensation plan income, compared with $94.9 million for the quarter ended June 30, 2021, excluding $32.1 million for stock-based compensation expense and $2.2 million for deferred compensation plan expense. | |
| ● | GAAP other expense, net, was $5.1 million for the quarter ended June 30, 2022, compared with other income, net, of $3.0 million for the quarter ended June 30, 2021. | |
| ● | Non-GAAP other expense, net (1) was $7,000 for the quarter ended June 30, 2022, excluding $5.1 million for deferred compensation plan expense, compared with non-GAAP other income, net (1), of $1.2 million for the quarter ended June 30, 2021, excluding $1.9 million for deferred compensation plan income. | |
| ● | GAAP income before income taxes was $136.8 million for the quarter ended June 30, 2022, compared with $63.7 million for the quarter ended June 30, 2021. | |
| ● | Non-GAAP income before income taxes (1) was $179.4 million for the quarter ended June 30, 2022, excluding $42.9 million for stock-based compensation expense and $0.3 million for deferred compensation plan income, compared with $96.1 million for the quarter ended June 30, 2021, excluding $32.1 million for stock-based compensation expense and $0.3 million for deferred compensation plan expense. | |
| ● | GAAP net income was $114.7 million and $2.37 per diluted share for the quarter ended June 30, 2022. Comparatively, GAAP net income was $55.2 million and $1.16 per diluted share for the quarter ended June 30, 2021. | |
| ● | Non-GAAP net income (1) was $157.0 million and $3.25 per diluted share for the quarter ended June 30, 2022, excluding $42.9 million for stock-based compensation expense, $0.3 million for net deferred compensation plan income and $0.3 million for related tax effects, compared with $86.5 million and $1.81 per diluted share for the quarter ended June 30, 2021, excluding $32.1 million for stock-based compensation expense, $0.3 million for net deferred compensation plan expense and $1.1 million for related tax effects. |
The financial results for the six months ended June 30, 2022 are as follows:
| ● | Revenue was $838.7 million for the six months ended June 30, 2022, a 53.1% increase from $547.8 million for the six months ended June 30, 2021. | |
| ● | GAAP gross margin was 58.4% for the six months ended June 30, 2022, compared with 55.7% for the six months ended June 30, 2021. | |
| ● | Non-GAAP gross margin (1) was 58.7% for the six months ended June 30, 2022, excluding the impact of $2.5 million for stock-based compensation expense and $0.1 million for deferred compensation plan income, compared with 56.1% for the six months ended June 30, 2021, excluding the impact of $1.7 million for stock-based compensation expense and $0.3 million for deferred compensation plan expense. | |
| ● | GAAP operating expenses were $251.8 million for the six months ended June 30, 2022, compared with $198.6 million for the six months ended June 30, 2021. | |
| ● | Non-GAAP operating expenses (1) were $179.2 million for the six months ended June 30, 2022, excluding $80.2 million for stock-based compensation expense, $7.7 million for deferred compensation plan income and $0.1 million for amortization of purchased intangible assets, compared with $136.6 million for the six months ended June 30, 2021, excluding $59.0 million for stock-based compensation expense and $3.0 million for deferred compensation plan expense. | |
| ● | GAAP operating income was $238.0 million for the six months ended June 30, 2022, compared with $106.7 million for the six months ended June 30, 2021. | |
| ● | Non-GAAP operating income (1) was $313.1 million for the six months ended June 30, 2022, excluding $82.7 million for stock-based compensation expense, $7.8 million for deferred compensation plan income and $0.1 million for amortization of purchased intangible assets, compared with $170.7 million for the six months ended June 30, 2021, excluding $60.7 million for stock-based compensation expense and $3.3 million for deferred compensation plan expense. | |
| ● | GAAP other expense, net, was $5.7 million for the six months ended June 30, 2022, compared with other income, net, of $5.6 million for the six months ended June 30, 2021. | |
| ● | Non-GAAP other income, net (1) was $1.6 million for the six months ended June 30, 2022, excluding $7.3 million for deferred compensation plan expense, compared with $2.6 million for the six months ended June 30, 2021, excluding $3.0 million for deferred compensation plan income. | |
| ● | GAAP income before income taxes was $232.3 million for the six months ended June 30, 2022, compared with $112.3 million for the six months ended June 30, 2021. | |
| ● | Non-GAAP income before income taxes (1) was $314.6 million for the six months ended June 30, 2022, excluding $82.7 million for stock-based compensation expense, $0.5 million for deferred compensation plan income and $0.1 million for amortization of purchased intangible assets, compared with $173.3 million for the six months ended June 30, 2021, excluding $60.7 million for stock-based compensation expense and $0.2 million for deferred compensation plan expense. | |
| ● | GAAP net income was $194.2 million and $4.02 per diluted share for the six months ended June 30, 2022. Comparatively, GAAP net income was $100.6 million and $2.11 per diluted share for the six months ended June 30, 2021. | |
| ● | Non-GAAP net income (1) was $275.3 million and $5.70 per diluted share for the six months ended June 30, 2022, excluding $82.7 million for stock-based compensation expense, $0.5 million for net deferred compensation plan income, $0.1 million for amortization of purchased intangible assets and $1.3 million for related tax effects, compared with $155.9 million and $3.27 per diluted share for the six months ended June 30, 2021, excluding $60.7 million for stock-based compensation expense, $0.2 million for net deferred compensation plan expense and $5.6 million for related tax effects. |
The following is a summary of revenue by end market (in thousands):
