Monolithic Power Systems Announces Results for the Third Quarter Ended September 30, 2023
KIRKLAND, Wash., Oct. 30, 2023 — Monolithic Power Systems, Inc. (“MPS”) (Nasdaq: MPWR), a fabless company with a global footprint that provides high-performance, semiconductor-based power electronic solutions, today announced financial results for the quarter and nine months ended September 30, 2023.
The financial results for the quarter ended September 30, 2023 were as follows:
-- Revenue was $474.9 million for the quarter ended September
30, 2023, a 7.6% increase from $441.1 million for
the quarter ended June 30, 2023 and a 4.1% decrease
from $495.4 million for the quarter ended September
30, 2022.
-- GAAP gross margin was 55.5% for the quarter ended
September 30, 2023, compared with 58.7% for the quarter
ended September 30, 2022.
-- Non-GAAP gross margin (1) was 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,
compared with 59.0% for the quarter ended September
30, 2022, excluding the impact of $1.2 million for
stock-based compensation expense.
-- GAAP operating expenses were $128.0 million for the
quarter ended September 30, 2023, compared with $139.0
million for the quarter ended September 30, 2022.
-- Non-GAAP operating expenses (1) were $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,
compared with $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.
-- GAAP operating income was $135.6 million for the quarter
ended September 30, 2023, compared with $151.9 million
for the quarter ended September 30, 2022.
-- Non-GAAP operating income (1) was $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, compared
with $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.
-- GAAP other income, net, was $2.3 million for the quarter
ended September 30, 2023, compared with $5.0 thousand
for the quarter ended September 30, 2022.
-- Non-GAAP other income, net (1) was $3.9 million for
the quarter ended September 30, 2023, excluding $1.6
million for deferred compensation plan expense, compared
with $1.3 million for the quarter ended September
30, 2022, excluding $1.3 million for deferred compensation
plan expense.
-- GAAP income before income taxes was $137.9 million
for the quarter ended September 30, 2023, compared
with $151.9 million for the quarter ended September
30, 2022.
-- Non-GAAP income before income taxes (1) was $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, compared with $195.0 million for the
quarter ended September 30, 2022, excluding $43.0
million for stock-based compensation expense and $0.1
million for net deferred compensation plan expense.
-- GAAP net income was $121.2 million and $2.48 per diluted
share for the quarter ended September 30, 2023. Comparatively,
GAAP net income was $124.3 million and $2.57 per diluted
share for the quarter ended September 30, 2022.
-- Non-GAAP net income (1) was $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, compared with $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.
The financial results for the nine months ended September 30, 2023 were as follows:
-- Revenue was $1,367.1 million for the nine months ended
September 30, 2023, a 2.5% increase from $1,334.1
million for the nine months ended September 30, 2022.
-- GAAP gross margin was 56.3% for the nine months ended
September 30, 2023, compared with 58.5% for the nine
months ended September 30, 2022.
-- Non-GAAP gross margin (1) was 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,
compared with 58.8% for the nine months ended September
30, 2022, excluding the impact of $3.7 million for
stock-based compensation expense.
-- GAAP operating expenses were $397.8 million for the
nine months ended September 30, 2023, compared with
$390.9 million for the nine months ended September
30, 2022.
-- Non-GAAP operating expenses (1) were $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 purchased intangible
assets, compared with $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.
-- GAAP operating income was $372.2 million for the nine
months ended September 30, 2023, compared with $389.9
million for the nine months ended September 30, 2022.
-- Non-GAAP operating income (1) was $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 purchased intangible
assets, compared with $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.
-- GAAP other income, net, was $14.1 million for the
nine months ended September 30, 2023, compared with
other expense, net, of $5.7 million for the nine months
ended September 30, 2022.
-- Non-GAAP other income, net (1) was $10.7 million for
the nine months ended September 30, 2023, excluding
$3.4 million for deferred compensation plan income,
compared with $2.9 million for the nine months ended
September 30, 2022, excluding $8.6 million for deferred
compensation plan expense.
-- GAAP income before income taxes was $386.3 million
for the nine months ended September 30, 2023, compared
with $384.2 million for the nine months ended September
30, 2022.
-- Non-GAAP income before income taxes (1) was $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
purchased intangible assets, compared with $509.6
million 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 and $0.1 million for amortization of purchased
intangible assets.
-- GAAP net income was $330.5 million and $6.78 per diluted
share for the nine months ended September 30, 2023.
Comparatively, GAAP net income was $318.6 million
and $6.60 per diluted share for the nine months ended
September 30, 2022.
-- Non-GAAP net income (1) was $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 purchased intangible assets and $6.1 million for
related tax effects, compared with $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.