Monolithic Power Systems Announces Results for the Fourth Quarter and Year Ended December 31, 2016

Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share amounts)
        
  Three Months Ended December 31,  Year Ended December 31,
   2016     2015    2016     2015 
Revenue$103,618  $86,918  $388,665  $333,067 
Cost of revenue 47,107   40,001   177,792   152,898 
Gross profit 56,511   46,917   210,873   180,169 
Operating expenses:       
Research and development 17,974   16,734   73,643   65,787 
Selling, general and administrative 21,316   18,107   83,012   72,312 
Litigation expense (benefit), net (321)  283   (229)  1,000 
Total operating expenses 38,969   35,124   156,426   139,099 
Income from operations 17,542   11,793   54,447   41,070 
Interest and other income, net 897   550   2,817   1,421 
Income before income taxes 18,439   12,343   57,264   42,491 
Income tax provision   1,866       2,233       4,544       7,319  
Net income $ 16,573     $ 10,110     $ 52,720     $ 35,172  
               
Net income per share:              
Basic $ 0.41     $ 0.26     $ 1.30     $ 0.89  
Diluted $ 0.39     $ 0.24     $ 1.26     $ 0.86  
Weighted-average shares outstanding:              
Basic   40,739       39,615       40,436       39,470  
Diluted   42,404       41,445       41,915       40,869  
               
Cash dividends declared per common share $ 0.20     $ 0.20     $ 0.80     $ 0.80  
               
SUPPLEMENTAL FINANCIAL INFORMATION  
STOCK-BASED COMPENSATION EXPENSE
(Unaudited, in thousands)
  Three Months Ended December 31,   Year Ended December 31,
    2016       2015       2016       2015  
Cost of revenue $ 358     $ 336     $ 1,575     $ 1,166  
Research and development   3,039       3,102       14,041       11,156  
Selling, general and administrative   7,350       8,934       29,373       29,241  
Total stock-based compensation expense $ 10,747     $ 12,372     $ 44,989     $ 41,563  
               
RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME
(Unaudited, in thousands, except per share amounts)
  Three Months Ended December 31,   Year Ended December 31,
    2016       2015       2016       2015  
Net income $ 16,573     $ 10,110     $ 52,720     $ 35,172  
Net income as a percentage of revenue   16.0 %     11.6 %     13.6 %     10.6 %
               
Adjustments to reconcile net income to non-GAAP net income:            
Stock-based compensation expense   10,747       12,372       44,989       41,563  
Change in fair value of contingent consideration   -       (2,507 )     -       (2,507 )
Amortization of acquisition-related intangible assets   512       512       2,051       1,759  
Deferred compensation plan expense (income)   29       98       (188 )     175  
Tax effect   (364 )     522       (3,265 )     1,058  
Non-GAAP net income $ 27,497     $ 21,107     $ 96,307     $ 77,220  
Non-GAAP net income as a percentage of revenue   26.5 %     24.3 %     24.8 %     23.2 %
               
Non-GAAP net income per share:              
Basic $ 0.67     $ 0.53     $ 2.38     $ 1.96  
Diluted $ 0.65     $ 0.51     $ 2.30     $ 1.89  
               
Shares used in the calculation of non-GAAP net income per share:            
Basic   40,739       39,615       40,436       39,470  
Diluted   42,404       41,445       41,915       40,869  
               
RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN
(Unaudited, in thousands)
  Three Months Ended December 31,   Year Ended December 31,
    2016       2015       2016       2015  
Gross profit $ 56,511     $ 46,917     $ 210,873     $ 180,169  
Gross margin   54.5 %     54.0 %     54.3 %     54.1 %
               
Adjustments to reconcile gross profit to non-GAAP gross profit:            
Stock-based compensation expense   358       336       1,575       1,166  
Amortization of acquisition-related intangible assets   512       512       2,051       1,759  
Non-GAAP gross profit $ 57,381     $ 47,765     $ 214,499     $ 183,094  
Non-GAAP gross margin   55.4 %     55.0 %     55.2 %     55.0 %
               
RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
(Unaudited, in thousands)
  Three Months Ended December 31,   Year Ended December 31,
    2016       2015       2016       2015  
Total operating expenses $ 38,969     $ 35,124     $ 156,426     $ 139,099  
               
Adjustments to reconcile total operating expenses to non-GAAP total operating expenses:        
Stock-based compensation expense   (10,389 )     (12,036 )     (43,414 )     (40,397 )
Change in fair value of contingent consideration   -       2,507       -       2,507  
Deferred compensation plan income (expense)   (189 )     (290 )     (1,069 )     200  
Non-GAAP operating expenses $ 28,391     $ 25,305     $ 111,943     $ 101,409  
               
               
RECONCILIATION OF OPERATING INCOME TO NON-GAAP OPERATING INCOME
(Unaudited, in thousands)
  Three Months Ended December 31,   Year Ended December 31,
    2016       2015       2016       2015  
Total operating income $ 17,542     $ 11,793     $ 54,447     $ 41,070  
Operating income as a percentage of revenue   16.9 %     13.6 %     14.0 %     12.3 %
               
Adjustments to reconcile total operating income to non-GAAP total operating income:        
Stock-based compensation expense   10,747       12,372       44,989       41,563  
Change in fair value of contingent consideration   -       (2,507 )     -       (2,507 )
Amortization of acquisition-related intangible assets   512       512       2,051       1,759  
Deferred compensation plan expense (income)   189       290       1,069       (200 )
Non-GAAP operating income $ 28,990     $ 22,460     $ 102,556     $ 81,685  
Non-GAAP operating income as a percentage of revenue   28.0 %     25.8 %     26.4 %     24.5 %
               
               
RECONCILIATION OF OTHER INCOME TO NON-GAAP OTHER INCOME
(Unaudited, in thousands)
  Three Months Ended December 31,   Year Ended December 31,
    2016       2015       2016       2015  
Total interest and other income, net $ 897     $ 550     $ 2,817     $ 1,421  
               
Adjustments to reconcile interest and other income to non-GAAP interest and other income:        
Deferred compensation plan expense (income)   (160 )     (192 )     (1,257 )     375  
Non-GAAP interest and other income, net $ 737     $ 358     $ 1,560     $ 1,796  
               

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