Monolithic Power Systems, Inc. (“MPS”) (Nasdaq: MPWR), a fabless
global company that provides high-performance, semiconductor-based
power electronics solutions, today announced financial results for
the quarter ended September 30, 2024.
The financial results for the quarter
ended September 30, 2024 were as follows:
- Revenue was $620.1 million for the quarter ended September
30, 2024, a 22.2% increase from $507.4 million for
the quarter ended June 30, 2024 and a 30.6% increase
from $474.9 million for the quarter ended September 30,
2023.
- GAAP gross margin was 55.4% for the quarter ended
September 30, 2024, compared with 55.5% for the quarter ended
September 30, 2023.
- Non-GAAP gross margin (1) was 55.8% for the quarter
ended September 30, 2024, excluding the impact of $1.7 million
for stock-based compensation and related
expenses, $0.5 million for deferred compensation plan
expense and $0.3 million for amortization of
acquisition-related intangible assets, compared with 55.7% for
the quarter ended September 30, 2023, excluding the impact of
$1.0 million for stock-based compensation expense and
$0.1 million for deferred compensation plan income.
- GAAP operating expenses were $179.4 million for the
quarter ended September 30, 2024, compared with $128.0 million
for the quarter ended September 30, 2023.
- Non-GAAP operating expenses (1) were $125.2 million for
the quarter ended September 30, 2024, excluding $50.7 million
for stock-based compensation and related expenses and
$3.5 million for deferred compensation plan expense, compared
with $96.6 million for the quarter ended September 30, 2023,
excluding $32.6 million for stock-based compensation
expense and $1.3 million for deferred compensation plan
income.
- GAAP operating income was $164.0 million for the quarter
ended September 30, 2024, compared with $135.6 million for the
quarter ended September 30, 2023.
- Non-GAAP operating income (1) was $220.8 million for the
quarter ended September 30, 2024, excluding $52.4 million for
stock-based compensation and related expenses, $4.0 million
for deferred compensation plan expense and $0.3 million
for amortization of acquisition-related intangible assets, compared
with $167.8 million for the quarter ended September 30, 2023,
excluding $33.6 million for stock-based compensation
expense and $1.4 million for deferred compensation plan
income.
- GAAP other income, net was $10.3 million for the
quarter ended September 30, 2024, compared
with $2.3 million for the quarter ended September 30,
2023.
- Non-GAAP other income, net (1) was $6.4 million for
the quarter ended September 30, 2024, excluding $3.9 million
for deferred compensation plan income, compared with
$3.9 million for the quarter ended September 30, 2023,
excluding $1.6 million for deferred compensation plan
expense.
- GAAP income before income taxes was $174.3 million for the
quarter ended September 30, 2024, compared with $137.9 million
for the quarter ended September 30, 2023.
- Non-GAAP income before income taxes (1) was $227.2 million
for the quarter ended September 30, 2024, excluding
$52.4 million for stock-based compensation and related
expenses, $0.3 million for amortization of acquisition-related
intangible assets and $0.1 million for net deferred
compensation plan expense, compared with $171.7 million for
the quarter ended September 30, 2023, excluding $33.6 million
for stock-based compensation expense and $0.3 million for net
deferred compensation plan expense.
- GAAP net income was $144.4 million and $2.95 per
diluted share for the quarter ended September 30, 2024.
Comparatively, GAAP net income was $121.2 million and
$2.48 per diluted share for the quarter ended September 30,
2023.
- Non-GAAP net income (1) was $198.8 million and
$4.06 per diluted share for the quarter ended September 30,
2024, excluding $52.4 million for stock-based compensation and
related expenses, $0.3 million for amortization of
acquisition-related intangible assets, $0.1 million for
net deferred compensation plan
expense and $1.5 million for related tax
effects, compared with $150.3 million and
$3.08 per diluted share for the quarter ended September 30,
2023, excluding $33.6 million for stock-based compensation
expense, $0.3 million for net deferred compensation plan
expense and $4.8 million for related tax effects.
The financial results for the nine months
ended September 30, 2024 were as follows:
- Revenue was $1,585.4 million for the nine months ended
September 30, 2024, a 16.0% increase from
$1,367.1 million for the nine months ended September 30,
2023.
- GAAP gross margin was 55.3% for the nine months ended
September 30, 2024, compared with 56.3% for the nine
months ended September 30, 2023.
- Non-GAAP gross margin (1) was 55.7% for the nine
months ended September 30, 2024, excluding the impact of
$5.2 million for stock-based compensation and related
expenses, $1.1 million for deferred compensation plan
expense and $0.9 million for amortization of
acquisition-related intangible assets, compared with 56.6% for
the nine months ended September 30, 2023, excluding the impact of
$3.3 million for stock-based compensation expense and
$0.4 million for deferred compensation plan
expense.
- GAAP operating expenses were $500.4 million for the nine
months ended September 30, 2024, compared with $397.8 million
for the nine months ended September 30, 2023.
- Non-GAAP operating expenses (1) were $340.3 million for
the nine months ended September 30, 2024, excluding
$151.7 million for stock-based compensation and related
expenses, $8.4 million for deferred compensation plan
expense and $0.1 million for amortization of
acquisition-related intangible assets, compared with
$288.7 million for the nine months ended September 30, 2023,
excluding $105.3 million for stock-based compensation
expense, $3.8 million for deferred compensation plan
expense and $0.1 million for amortization of
acquisition-related intangible assets.
- GAAP operating income was $376.1 million for the nine
months ended September 30, 2024, compared with $372.2 million
for the nine months ended September 30, 2023.
- Non-GAAP operating income (1) was $543.4 million for the
nine months ended September 30, 2024, excluding $156.9 million
for stock-based compensation and related expenses,
$9.5 million for deferred compensation plan
expense and $1.0 million for amortization of
acquisition-related intangible assets, compared with
$485.0 million for the nine months ended September 30, 2023,
excluding $108.6 million for stock-based compensation
expense, $4.2 million for deferred compensation plan
expense and $0.1 million for amortization of
acquisition-related intangible assets.
- GAAP other income, net was $27.3 million for the nine
months ended September 30, 2024, compared
with $14.1 million for the nine months ended September
30, 2023.
- Non-GAAP other income, net (1) was $18.2 million for
the nine months ended September 30, 2024, excluding
$9.2 million for deferred compensation plan income, compared
with $10.7 million for the nine months ended September 30,
2023, excluding $3.4 million for deferred compensation plan
income.
- GAAP income before income taxes was $403.4 million for the
nine months ended September 30, 2024, compared with
$386.3 million for the nine months ended September 30,
2023.
- Non-GAAP income before income taxes (1) was $561.5 million
for the nine months ended September 30, 2024, excluding
$156.9 million for stock-based compensation and related
expenses, $1.0 million for amortization of
acquisition-related intangible
assets and $0.3 million for net deferred
compensation plan expense, compared with $495.8 million for
the nine months ended September 30, 2023, excluding
$108.6 million for stock-based compensation
expense, $0.8 million for net deferred compensation plan
expense and $0.1 million for amortization of
acquisition-related intangible assets.
- GAAP net income was $337.3 million and $6.89 per
diluted share for the nine months ended September 30, 2024.
Comparatively, GAAP net income was $330.5 million and
$6.78 per diluted share for the nine months ended September
30, 2023.
- Non-GAAP net income (1) was $491.4 million and
$10.04 per diluted share for the nine months ended September
30, 2024, excluding $156.9 million for stock-based
compensation and related expenses, $1.0 million for
amortization of acquisition-related intangible
assets, $0.3 million for net deferred compensation plan
expense and $4.1 million for related tax
effects, compared with $433.8 million and
$8.90 per diluted share for the nine months ended September
30, 2023, excluding $108.6 million for stock-based
compensation expense, $0.8 million for net deferred
compensation plan expense, $0.1 million for amortization
of acquisition-related intangible assets and $6.1 million for
related tax effects.
The following is a summary of revenue by end market (in
thousands):
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
End Market |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Enterprise Data |
|
$ |
184,459 |
|
|
$ |
98,938 |
|
|
$ |
521,397 |
|
|
$ |
194,083 |
|
Storage and Computing |
|
|
143,993 |
|
|
|
129,462 |
|
|
|
365,069 |
|
|
|
373,827 |
|
Automotive |
|
|
111,344 |
|
|
|
95,171 |
|
|
|
285,629 |
|
|
|
304,907 |
|
Communications |
|
|
71,884 |
|
|
|
46,786 |
|
|
|
162,095 |
|
|
|
163,985 |
|
Consumer |
|
|
64,401 |
|
|
|
62,369 |
|
|
|
144,704 |
|
|
|
190,919 |
|
Industrial |
|
|
44,038 |
|
|
|
42,141 |
|
|
|
106,541 |
|
|
|
139,339 |
|
Total |
|
$ |
620,119 |
|
|
$ |
474,867 |
|
|
$ |
1,585,435 |
|
|
$ |
1,367,060 |
|
|
In the second quarter of 2024, the Company
reorganized its product family and the amounts for the first
quarter of 2024 have been restated to conform with the updates. No
other prior-period amounts have been restated due to
immateriality.
The following is a summary of revenue by product
family (in thousands):
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
Product Family |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Direct Current (“DC”) to DC |
|
$ |
616,105 |
|
|
$ |
447,394 |
|
|
$ |
1,563,472 |
|
|
$ |
1,290,750 |
|
Lighting Control |
|
|
4,014 |
|
|
|
27,473 |
|
|
|
21,963 |
|
|
|
76,310 |
|
Total |
|
$ |
620,119 |
|
|
$ |
474,867 |
|
|
$ |
1,585,435 |
|
|
$ |
1,367,060 |
|
|
“Our results continue to demonstrate the success of our proven,
long-term growth strategy and our transformation from being only a
chip supplier to a full solutions provider,” said Michael Hsing,
CEO and founder of MPS.
Business Outlook
The following are MPS’s financial targets for
the fourth quarter ending December 31, 2024:
- Revenue in the range of $600.0 million to
$620.0 million.
- GAAP gross margin between 55.2% and 55.8%. Non-GAAP gross
margin (1) between 55.5% and 56.1%, which excludes the
impact from stock-based compensation and related expenses as
well as the impact from amortization of acquisition-related
intangible assets.
- GAAP operating expenses between $170.7 million and $174.7
million. Non-GAAP operating expenses (1) between $122.0 million and
$124.0 million, which excludes estimated stock-based
compensation and related expenses in the range of $48.7 million to
$50.7 million.
- Total stock-based compensation and related expenses of
$50.3 million to $52.3 million including approximately
$1.6 million that would be charged to cost of goods sold.
- Interest and other income in the range of
$6.2 million to $6.6 million before foreign exchange
gains or losses.
- Non-GAAP tax rate of 12.5% for 2024.
- Fully diluted shares outstanding between 48.8 million and
49.2 million.
(1) Non-GAAP net income, non-GAAP net income per
share, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP
other income, net, non-GAAP operating income and non-GAAP income
before income taxes differ from net income, net income per share,
gross margin, operating expenses, other income, net, operating
income and income before income taxes determined in accordance with
U.S. Generally Accepted Accounting Principles (“GAAP”). Non-GAAP
net income and non-GAAP net income per share exclude the effect of
stock-based compensation and related expenses, which include
stock-based compensation expense and employer payroll taxes in
relation to the stock-based compensation, net deferred compensation
plan expense, amortization of acquisition-related intangible
assets and related tax effects. Non-GAAP gross margin excludes the
effect of stock-based compensation and related
expenses, amortization of acquisition-related intangible
assets and deferred compensation plan expense (income). Non-GAAP
operating expenses exclude the effect of stock-based compensation
and related expenses, amortization of acquisition-related
intangible assets and deferred compensation plan income (expense).
Non-GAAP operating income excludes the effect of stock-based
compensation and related expenses, amortization of
acquisition-related intangible assets and deferred compensation
plan expense (income). Non-GAAP other income, net excludes the
effect of deferred compensation plan expense (income).
Non-GAAP income before income taxes excludes the effect of
stock-based compensation and related expenses, amortization of
acquisition-related intangible assets and net deferred compensation
plan expense. Projected non-GAAP gross margin excludes the effect
of stock-based compensation and related expenses, and
amortization of acquisition-related intangible assets. Projected
non-GAAP operating expenses exclude the effect of stock-based
compensation and related expenses. These non-GAAP financial
measures are not prepared in accordance with GAAP and should not be
considered as a substitute for, or superior to, measures of
financial performance prepared in accordance with GAAP. A schedule
reconciling non-GAAP financial measures is included at the end of
this press release. MPS utilizes both GAAP and non-GAAP financial
measures to assess what it believes to be its core operating
performance and to evaluate and manage its internal business and
assist in making financial operating decisions. MPS believes that
the inclusion of non-GAAP financial measures, together with GAAP
measures, provides investors with an alternative presentation
useful to investors’ understanding of MPS’s core operating results
and trends. Additionally, MPS believes that the inclusion of
non-GAAP measures, together with GAAP measures, provides investors
with an additional dimension of comparability to similar companies.
However, investors should be aware that non-GAAP financial measures
utilized by other companies are not likely to be comparable in most
cases to the non-GAAP financial measures used by MPS. See the GAAP
to non-GAAP reconciliations in the tables set forth below.
Earnings CommentaryEarnings
commentary on the results of operations for the quarter ended
September 30, 2024 is available under the Investor Relations
page on the MPS website.
Earnings WebinarMPS plans to
host a question-and-answer conference call covering its
financial results at 2:00 p.m. PT / 5:00 p.m.
ET, October 30, 2024. The live event will be held via a Zoom
webcast, which can be accessed at:
https://mpsic.zoom.us/j/99356457350. The Zoom webcast can also be
accessed live over the phone by dialing (669) 444-9171; the webcast
ID is 99356457350. A replay of the event will be archived and
available for replay for one year under the Investor Relations page
on the MPS website.
Safe Harbor StatementThis press
release contains, and statements that will be made during the
accompanying webinar will contain, forward-looking statements, as
that term is defined in the Private Securities Litigation Reform
Act of 1995, including under the “Business Outlook” section and the
quote from our CEO herein, including, among other things, (i)
projected revenue, GAAP and non-GAAP gross margin, GAAP and
non-GAAP operating expenses, stock-based compensation and related
expenses, amortization of acquisition-related intangible
assets, other income before foreign exchange gains or losses, and
fully diluted shares outstanding, (ii) our outlook for the
fourth quarter of fiscal year 2024 and the near-term,
medium-term and long-term prospects of MPS, including our ability
to adapt to changing market conditions, performance against our
business plan, our ability to grow despite the softening in our
business, our industry and the global economic environment, revenue
growth in certain of our market segments, potential new business
segments, our continued investment in research and development
(“R&D”), expected revenue growth, customers’ acceptance of our
new product offerings, the prospects of our new product
development, our expectations regarding market and industry segment
trends and prospects, and our projected expansion of capacity and
the impact it may have on our business, (iii) our ability to
penetrate new markets and expand our market share, (iv) the
seasonality of our business, (v) our ability to reduce our
expenses, and (vi) statements regarding the assumptions underlying
or relating to any statement described in (i), (ii), (iii), (iv),
or (v). These forward-looking statements are not historical facts
or guarantees of future performance or events, are based on current
expectations, estimates, beliefs, assumptions, goals, and
objectives, and involve significant known and unknown risks,
uncertainties and other factors that may cause actual results to be
materially different from the results expressed by these
statements. Readers of this press release and listeners to the
accompanying conference call are cautioned not to place undue
reliance on any forward-looking statements, which speak only as of
the date hereof. Factors that could cause actual results to differ
include, but are not limited to, continued uncertainties in
the global economy, including due to the Russia-Ukraine and Middle
East conflicts, inflation, consumer sentiment and other factors;
adverse events arising from orders or regulations of governmental
entities, including such orders or regulations that impact our
customers or suppliers, and adoption of new or amended accounting
standards; adverse changes in laws and government regulations such
as tariffs on imports of foreign goods, export regulations and
export classifications, and tax laws or the interpretation of same,
including in foreign countries where MPS has offices or operations;
the effect of export controls, trade and economic sanctions
regulations and other regulatory or contractual limitations on our
ability to sell or develop our products in certain foreign markets,
particularly in China; our ability to obtain governmental licenses
and approvals for international trading activities or technology
transfers, including export licenses; acceptance of, or demand for,
our products, in particular the new products launched recently,
being different than expected; our ability to increase market share
in our targeted markets; difficulty in predicting or budgeting for
future customer demand and channel inventories, expenses and
financial contingencies (including as a result of any continuing
impact from the Russia-Ukraine and Middle East conflicts); our
ability to efficiently and effectively develop new products and
receive a return on our R&D expense investment; our ability to
attract new customers and retain existing customers; our ability to
meet customer demand for our products due to constraints on our
third-party suppliers’ ability to manufacture sufficient quantities
of our products or otherwise; our ability to expand manufacturing
capacity to support future growth; adverse changes in production
and testing efficiency of our products; any political, cultural,
military, regulatory, economic, foreign exchange and operational
changes in China, where a significant portion of our manufacturing
capacity comes from; any market disruptions or interruptions in our
schedule of new product development releases; our ability to manage
our inventory levels; adequate supply of our products from our
third-party manufacturing partners; adverse changes or developments
in the semiconductor industry generally, which is cyclical in
nature, and our ability to adjust our operations to address such
changes or developments; the ongoing consolidation of companies in
the semiconductor industry; competition generally and the
increasingly competitive nature of our industry; our ability to
realize the anticipated benefits of companies and products that MPS
acquires, and our ability to effectively and efficiently integrate
these acquired companies and products into our operations; the
risks, uncertainties and costs of litigation in which MPS is
involved; the outcome of any upcoming trials, hearings, motions and
appeals; the adverse impact on our financial performance if its tax
and litigation provisions are inadequate; our ability to
effectively manage our growth and attract and retain qualified
personnel; the effect of epidemics and pandemics on the global
economy and on our business; the risks associated with the
financial market, economy and geopolitical uncertainties, including
the collapse of certain banks in the U.S. and elsewhere and the
Russia-Ukraine and Middle East conflicts; our ability to adequately
remediate our material weakness; and other important risk factors
identified under the caption “Risk Factors” and elsewhere in our
Securities and Exchange Commission (“SEC”) filings, including, but
not limited to, our Annual Report on Form 10-K filed with the SEC
on February 29, 2024. MPS assumes no obligation to update the
information in this press release or in the accompanying
webinar.
About Monolithic Power
SystemsMonolithic Power Systems, Inc. (“MPS”) is a fabless
global company that provides high-performance, semiconductor-based
power electronics solutions. MPS’s mission is to reduce energy and
material consumption to improve all aspects of quality of life.
Founded in 1997 by our CEO Michael Hsing, MPS has three core
strengths: deep system-level knowledge, strong semiconductor
expertise, and innovative proprietary technologies in the areas of
semiconductor processes, system integration, and packaging. These
combined advantages enable MPS to deliver reliable, compact, and
monolithic solutions that are highly energy-efficient,
cost-effective, and environmentally responsible while providing a
consistent return on investment to our stockholders. MPS can be
contacted through its website at www.monolithicpower.com or its
support offices around the world.
Monolithic Power Systems, MPS, and the MPS logo
are registered trademarks of Monolithic Power Systems, Inc. in the
U.S. and trademarked in certain other countries.
Contact: Bernie BlegenExecutive Vice President
and Chief Financial OfficerMonolithic Power Systems,
Inc.408-826-0777MPSInvestor.Relations@monolithicpower.com
Monolithic Power Systems, Inc.Condensed
Consolidated Balance Sheets(Unaudited, in thousands,
except par value) |
|
|
|
September 30, |
|
|
December 31, |
|
|
|
2024 |
|
|
2023 |
|
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
700,347 |
|
|
$ |
527,843 |
|
Short-term investments |
|
|
762,003 |
|
|
|
580,633 |
|
Accounts receivable, net |
|
|
164,704 |
|
|
|
179,858 |
|
Inventories |
|
|
424,942 |
|
|
|
383,702 |
|
Other current assets |
|
|
108,454 |
|
|
|
147,463 |
|
Total current assets |
|
|
2,160,450 |
|
|
|
1,819,499 |
|
Property and equipment,
net |
|
|
436,265 |
|
|
|
368,952 |
|
Acquisition-related intangible
assets, net |
|
|
10,225 |
|
|
|
- |
|
Goodwill |
|
|
26,080 |
|
|
|
6,571 |
|
Deferred tax assets, net |
|
|
30,697 |
|
|
|
28,054 |
|
Other long-term assets |
|
|
191,023 |
|
|
|
211,277 |
|
Total assets |
|
$ |
2,854,740 |
|
|
$ |
2,434,353 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
115,865 |
|
|
$ |
62,958 |
|
Accrued compensation and related benefits |
|
|
81,292 |
|
|
|
56,286 |
|
Other accrued liabilities |
|
|
139,431 |
|
|
|
115,791 |
|
Total current liabilities |
|
|
336,588 |
|
|
|
235,035 |
|
Income tax liabilities |
|
|
64,656 |
|
|
|
60,724 |
|
Other long-term
liabilities |
|
|
101,806 |
|
|
|
88,655 |
|
Total liabilities |
|
|
503,050 |
|
|
|
384,414 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Common stock and additional paid-in capital: $0.001 par value;
shares authorized: 150,000; shares issued and outstanding: 48,779
and 48,028, respectively |
|
|
1,274,127 |
|
|
|
1,129,937 |
|
Retained earnings |
|
|
1,098,759 |
|
|
|
947,064 |
|
Accumulated other comprehensive loss |
|
|
(21,196 |
) |
|
|
(27,062 |
) |
Total stockholders’ equity |
|
|
2,351,690 |
|
|
|
2,049,939 |
|
Total liabilities and stockholders’ equity |
|
$ |
2,854,740 |
|
|
$ |
2,434,353 |
|
Monolithic Power Systems, Inc.Condensed
Consolidated Statements of Operations(Unaudited, in
thousands, except per share amounts) |
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Revenue |
|
$ |
620,119 |
|
|
$ |
474,867 |
|
|
$ |
1,585,435 |
|
|
$ |
1,367,060 |
|
Cost of revenue |
|
|
276,676 |
|
|
|
211,326 |
|
|
|
708,973 |
|
|
|
597,064 |
|
Gross profit |
|
|
343,443 |
|
|
|
263,541 |
|
|
|
876,462 |
|
|
|
769,996 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
85,051 |
|
|
|
64,787 |
|
|
|
238,986 |
|
|
|
192,184 |
|
Selling, general and administrative |
|
|
94,364 |
|
|
|
63,188 |
|
|
|
261,425 |
|
|
|
205,645 |
|
Total operating expenses |
|
|
179,415 |
|
|
|
127,975 |
|
|
|
500,411 |
|
|
|
397,829 |
|
Operating income |
|
|
164,028 |
|
|
|
135,566 |
|
|
|
376,051 |
|
|
|
372,167 |
|
Other income, net |
|
|
10,278 |
|
|
|
2,289 |
|
|
|
27,330 |
|
|
|
14,129 |
|
Income before income
taxes |
|
|
174,306 |
|
|
|
137,855 |
|
|
|
403,381 |
|
|
|
386,296 |
|
Income tax expense |
|
|
29,876 |
|
|
|
16,692 |
|
|
|
66,044 |
|
|
|
55,827 |
|
Net income |
|
$ |
144,430 |
|
|
$ |
121,163 |
|
|
$ |
337,337 |
|
|
$ |
330,469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
2.96 |
|
|
$ |
2.54 |
|
|
$ |
6.93 |
|
|
$ |
6.96 |
|
Diluted |
|
$ |
2.95 |
|
|
$ |
2.48 |
|
|
$ |
6.89 |
|
|
$ |
6.78 |
|
Weighted-average shares
outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
48,757 |
|
|
|
47,780 |
|
|
|
48,692 |
|
|
|
47,501 |
|
Diluted |
|
|
48,964 |
|
|
|
48,792 |
|
|
|
48,945 |
|
|
|
48,734 |
|
SUPPLEMENTAL FINANCIAL
INFORMATIONSTOCK-BASED COMPENSATION
EXPENSE(Unaudited, in thousands) |
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Cost of revenue |
|
$ |
1,576 |
|
|
$ |
1,020 |
|
|
$ |
4,585 |
|
|
$ |
3,317 |
|
Research and development |
|
|
11,331 |
|
|
|
8,480 |
|
|
|
33,460 |
|
|
|
26,407 |
|
Selling, general and
administrative |
|
|
38,491 |
|
|
|
24,103 |
|
|
|
111,585 |
|
|
|
78,880 |
|
Total stock-based compensation
expense |
|
$ |
51,398 |
|
|
$ |
33,603 |
|
|
$ |
149,630 |
|
|
$ |
108,604 |
|
RECONCILIATION OF NET INCOME TO NON-GAAP NET
INCOME(Unaudited, in thousands, except per share
amounts) |
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Net income |
|
$ |
144,430 |
|
|
$ |
121,163 |
|
|
$ |
337,337 |
|
|
$ |
330,469 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to reconcile net
income to non-GAAP net income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation and related expenses* |
|
|
52,416 |
|
|
|
33,603 |
|
|
|
156,889 |
|
|
|
108,604 |
|
Amortization of acquisition-related intangible assets |
|
|
320 |
|
|
|
33 |
|
|
|
983 |
|
|
|
99 |
|
Deferred compensation plan expense, net |
|
|
141 |
|
|
|
256 |
|
|
|
294 |
|
|
|
767 |
|
Tax effect |
|
|
1,479 |
|
|
|
(4,777 |
) |
|
|
(4,149 |
) |
|
|
(6,144 |
) |
Non-GAAP net income |
|
$ |
198,786 |
|
|
$ |
150,278 |
|
|
$ |
491,354 |
|
|
$ |
433,795 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income per
share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
4.08 |
|
|
$ |
3.15 |
|
|
$ |
10.09 |
|
|
$ |
9.13 |
|
Diluted |
|
$ |
4.06 |
|
|
$ |
3.08 |
|
|
$ |
10.04 |
|
|
$ |
8.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in the calculation
of non-GAAP net income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
48,757 |
|
|
|
47,780 |
|
|
|
48,692 |
|
|
|
47,501 |
|
Diluted |
|
|
48,964 |
|
|
|
48,792 |
|
|
|
48,945 |
|
|
|
48,734 |
|
*Prior periods exclude stock-based compensation related
employer payroll taxes from non-GAAP measures due to
immateriality.
RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS
MARGIN(Unaudited, in thousands) |
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Gross profit |
|
$ |
343,443 |
|
|
$ |
263,541 |
|
|
$ |
876,462 |
|
|
$ |
769,996 |
|
Gross margin |
|
|
55.4 |
% |
|
|
55.5 |
% |
|
|
55.3 |
% |
|
|
56.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to reconcile gross
profit to non-GAAP gross profit: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation and related expenses* |
|
|
1,695 |
|
|
|
1,020 |
|
|
|
5,230 |
|
|
|
3,317 |
|
Amortization of acquisition-related intangible assets |
|
|
287 |
|
|
|
- |
|
|
|
884 |
|
|
|
- |
|
Deferred compensation plan expense (income) |
|
|
543 |
|
|
|
(75 |
) |
|
|
1,083 |
|
|
|
385 |
|
Non-GAAP gross profit |
|
$ |
345,968 |
|
|
$ |
264,486 |
|
|
$ |
883,659 |
|
|
$ |
773,698 |
|
Non-GAAP gross margin |
|
|
55.8 |
% |
|
|
55.7 |
% |
|
|
55.7 |
% |
|
|
56.6 |
% |
*Prior periods exclude 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 September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Total operating expenses |
|
$ |
179,415 |
|
|
$ |
127,975 |
|
|
$ |
500,411 |
|
|
$ |
397,829 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to reconcile total
operating expenses to non-GAAP total operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation and related expenses* |
|
|
(50,721 |
) |
|
|
(32,583 |
) |
|
|
(151,659 |
) |
|
|
(105,287 |
) |
Amortization of acquisition-related intangible assets |
|
|
(33 |
) |
|
|
(33 |
) |
|
|
(99 |
) |
|
|
(99 |
) |
Deferred compensation plan income (expense) |
|
|
(3,492 |
) |
|
|
1,280 |
|
|
|
(8,391 |
) |
|
|
(3,793 |
) |
Non-GAAP operating
expenses |
|
$ |
125,169 |
|
|
$ |
96,639 |
|
|
$ |
340,262 |
|
|
$ |
288,650 |
|
*Prior periods exclude stock-based compensation related
employer payroll taxes from non-GAAP measures due to
immateriality.
RECONCILIATION OF OPERATING INCOME TO NON-GAAP OPERATING
INCOME(Unaudited, in thousands) |
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Total operating income |
|
$ |
164,028 |
|
|
$ |
135,566 |
|
|
$ |
376,051 |
|
|
$ |
372,167 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to reconcile total
operating income to non-GAAP total operating income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation and related expenses* |
|
|
52,416 |
|
|
|
33,603 |
|
|
|
156,889 |
|
|
|
108,604 |
|
Amortization of acquisition-related intangible assets |
|
|
320 |
|
|
|
33 |
|
|
|
983 |
|
|
|
99 |
|
Deferred compensation plan expense (income) |
|
|
4,035 |
|
|
|
(1,355 |
) |
|
|
9,474 |
|
|
|
4,178 |
|
Non-GAAP operating income |
|
$ |
220,799 |
|
|
$ |
167,847 |
|
|
$ |
543,397 |
|
|
$ |
485,048 |
|
*Prior periods exclude stock-based compensation related
employer payroll taxes from non-GAAP measures due to
immateriality.
RECONCILIATION OF OTHER INCOME, NET, TO NON-GAAP OTHER
INCOME, NET(Unaudited, in thousands) |
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Total other income, net |
|
$ |
10,278 |
|
|
$ |
2,289 |
|
|
$ |
27,330 |
|
|
$ |
14,129 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to reconcile other
income, net to non-GAAP other income, net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred compensation plan expense (income) |
|
|
(3,895 |
) |
|
|
1,611 |
|
|
|
(9,180 |
) |
|
|
(3,411 |
) |
Non-GAAP other income,
net |
|
$ |
6,383 |
|
|
$ |
3,900 |
|
|
$ |
18,150 |
|
|
$ |
10,718 |
|
RECONCILIATION OF INCOME BEFORE INCOME TAXES TO NON-GAAP
INCOME BEFORE INCOME TAXES(Unaudited, in thousands) |
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Total income before income taxes |
|
$ |
174,306 |
|
|
$ |
137,855 |
|
|
$ |
403,381 |
|
|
$ |
386,296 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to reconcile
income before income taxes to non-GAAP income before income
taxes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation and related expenses* |
|
|
52,416 |
|
|
|
33,603 |
|
|
|
156,889 |
|
|
|
108,604 |
|
Amortization of acquisition-related intangible assets |
|
|
320 |
|
|
|
33 |
|
|
|
983 |
|
|
|
99 |
|
Deferred compensation plan expense, net |
|
|
141 |
|
|
|
256 |
|
|
|
294 |
|
|
|
767 |
|
Non-GAAP income before income
taxes |
|
$ |
227,183 |
|
|
$ |
171,747 |
|
|
$ |
561,547 |
|
|
$ |
495,766 |
|
*Prior periods exclude stock-based compensation related
employer payroll taxes from non-GAAP measures due to
immateriality.
2024 FOURTH QUARTER
OUTLOOKRECONCILIATION OF GROSS MARGIN TO NON-GAAP
GROSS MARGIN(Unaudited) |
|
|
|
Three Months Ending |
|
|
|
December 31, 2024 |
|
|
|
Low |
|
|
High |
|
Gross margin |
|
|
55.2 |
% |
|
|
55.8 |
% |
Adjustment to reconcile gross
margin to non-GAAP gross margin: |
|
|
|
|
|
|
|
|
Stock-based compensation and other expenses |
|
|
0.3 |
% |
|
|
0.3 |
% |
Non-GAAP gross margin |
|
|
55.5 |
% |
|
|
56.1 |
% |
RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING
EXPENSES(Unaudited, in thousands) |
|
|
|
Three Months Ending |
|
|
|
December 31, 2024 |
|
|
|
Low |
|
|
High |
|
Operating expenses |
|
$ |
170,700 |
|
|
$ |
174,700 |
|
Adjustments to reconcile
operating expenses to non-GAAP operating expenses: |
|
|
|
|
|
|
|
|
Stock-based compensation and other expenses |
|
|
(48,700 |
) |
|
|
(50,700 |
) |
Non-GAAP operating
expenses |
|
$ |
122,000 |
|
|
$ |
124,000 |
|
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