KIRKLAND, Wash., Oct. 27, 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 September 30, 2022.

The financial results for the quarter ended September 30, 2022 are as follows:

• Revenue was $495.4 million for the quarter ended September 30, 2022, a 7.5% increase from $461.0 million for the quarter ended June 30, 2022 and a 53.1% increase from $323.5 million for the quarter ended September 30, 2021.
  
  
• GAAP gross margin was 58.7% for the quarter ended September 30, 2022, compared with 57.6% for the quarter ended September 30, 2021.
  
  
• Non-GAAP gross margin (1) was 59.0% for the quarter ended September 30, 2022, excluding the impact of $1.2 million for stock-based compensation expense, compared with 57.8% for the quarter ended September 30, 2021, excluding the impact of $0.9 million for stock-based compensation expense and $0.2 million for deferred compensation plan income.
  
  
• GAAP operating expenses were $139.0 million for the quarter ended September 30, 2022, compared with $109.2 million for the quarter ended September 30, 2021.
  
  
• Non-GAAP operating expenses (1) were $98.4 million for the quarter ended September 30, 2022, excluding $41.8 million for stock-based compensation expense and $1.2 million for deferred compensation plan income, compared with $78.7 million for the quarter ended September 30, 2021, excluding $30.7 million for stock-based compensation expense and $0.1 million for deferred compensation plan income.
  
  
• GAAP operating income was $151.9 million for the quarter ended September 30, 2022, compared with $77.1 million for the quarter ended September 30, 2021.
  
  
• Non-GAAP operating income (1) was $193.7 million for the quarter ended September 30, 2022, excluding $43.0 million for stock-based compensation expense and $1.2 million for deferred compensation plan income, compared with $108.4 million for the quarter ended September 30, 2021, excluding $31.6 million for stock-based compensation expense and $0.3 million for deferred compensation plan income.
  
  
• GAAP other income, net, was $5,000 for the quarter ended September 30, 2022, compared with $0.8 million for the quarter ended September 30, 2021.
  
  
• Non-GAAP other income, net (1) was $1.3 million for the quarter ended September 30, 2022, excluding $1.3 million for deferred compensation plan expense, compared with $1.2 million for the quarter ended September 30, 2021, excluding $0.4 million for deferred compensation plan expense.
  
  
• GAAP income before income taxes was $151.9 million for the quarter ended September 30, 2022, compared with $77.9 million for the quarter ended September 30, 2021.
  
  
• Non-GAAP income before income taxes (1) was $195.0 million for the quarter ended September 30, 2022, excluding $43.0 million for stock-based compensation expense and $0.1 million for deferred compensation plan expense, compared with $109.6 million for the quarter ended September 30, 2021, excluding $31.6 million for stock-based compensation expense and $0.1 million for deferred compensation plan expense.
  
  
• GAAP net income was $124.3 million and $2.57 per diluted share for the quarter ended September 30, 2022. Comparatively, GAAP net income was $68.8 million and $1.44 per diluted share for the quarter ended September 30, 2021.
  
  
• Non-GAAP net income (1) was $170.7 million and $3.53 per diluted share for the quarter ended September 30, 2022, excluding $43.0 million for stock-based compensation expense, $0.1 million for net deferred compensation plan expense and $3.2 million for related tax effects, compared with $98.6 million and $2.06 per diluted share for the quarter ended September 30, 2021, excluding $31.6 million for stock-based compensation expense, $0.1 million for net deferred compensation plan expense and $1.8 million for related tax effects.

The financial results for the nine months ended September 30, 2022 are as follows:

• Revenue was $1,334.1 million for the nine months ended September 30, 2022, a 53.1% increase from $871.3 million for the nine months ended September 30, 2021.
  
  
• GAAP gross margin was 58.5% for the nine months ended September 30, 2022, compared with 56.4% for the nine months ended September 30, 2021.
  
  
• Non-GAAP gross margin (1) was 58.8% for the nine months ended September 30, 2022, excluding the impact of $3.7 million for stock-based compensation expense, compared with 56.7% for the nine months ended September 30, 2021, excluding the impact of $2.6 million for stock-based compensation expense and $0.1 million for deferred compensation plan expense.
  
  
• GAAP operating expenses were $390.9 million for the nine months ended September 30, 2022, compared with $307.7 million for the nine months ended September 30, 2021.
  
  
• Non-GAAP operating expenses (1) were $277.6 million for the nine months ended September 30, 2022, excluding $122.0 million for stock-based compensation expense, $8.9 million for deferred compensation plan income and $0.1 million for amortization of purchased intangible assets, compared with $215.2 million for the nine months ended September 30, 2021, excluding $89.7 million for stock-based compensation expense and $2.8 million for deferred compensation plan expense.
  
  
• GAAP operating income was $389.9 million for the nine months ended September 30, 2022, compared with $183.8 million for the nine months ended September 30, 2021.
  
  
• Non-GAAP operating income (1) was $506.8 million for the nine months ended September 30, 2022, excluding $125.7 million for stock-based compensation expense, $9.0 million for deferred compensation plan income and $0.1 million for amortization of purchased intangible assets, compared with $279.1 million for the nine months ended September 30, 2021, excluding $92.3 million for stock-based compensation expense and $2.9 million for deferred compensation plan expense.
  
  
• GAAP other expense, net, was $5.7 million for the nine months ended September 30, 2022, compared with other income, net, of $6.4 million for the nine months ended September 30, 2021.
  
  
• Non-GAAP other income, net (1) was $2.9 million for the nine months ended September 30, 2022, excluding $8.6 million for deferred compensation plan expense, compared with $3.8 million for the nine months ended September 30, 2021, excluding $2.6 million for deferred compensation plan income.
  
  
• GAAP income before income taxes was $384.2 million for the nine months ended September 30, 2022, compared with $190.3 million for the nine months ended September 30, 2021.
  
  
• Non-GAAP income before income taxes (1) was $509.6 million for the nine months ended September 30, 2022, excluding $125.7 million for stock-based compensation expense, $0.4 million for deferred compensation plan income and $0.1 million for amortization of purchased intangible assets, compared with $282.9 million for the nine months ended September 30, 2021, excluding $92.3 million for stock-based compensation expense and $0.3 million for deferred compensation plan expense.
  
  
• GAAP net income was $318.6 million and $6.60 per diluted share for the nine months ended September 30, 2022. Comparatively, GAAP net income was $169.4 million and $3.55 per diluted share for the nine months ended September 30, 2021.
  
  
• Non-GAAP net income (1) was $445.9 million and $9.23 per diluted share for the nine months ended September 30, 2022, excluding $125.7 million for stock-based compensation expense, $0.4 million for net deferred compensation plan income, $0.1 million for amortization of purchased intangible assets and $1.9 million for related tax effects, compared with $254.6 million and $5.33 per diluted share for the nine months ended September 30, 2021, excluding $92.3 million for stock-based compensation expense, $0.3 million for net deferred compensation plan expense and $7.4 million for related tax effects.

The following is a summary of revenue by end market (in thousands):