Monolithic Power Systems Announces Results for the Second Quarter Ended June 30, 2019

KIRKLAND, Wash., July 31, 2019 (GLOBE NEWSWIRE) -- Monolithic Power Systems, Inc. (MPS) (Nasdaq: MPWR), a leading company in high performance analog solutions, today announced financial results for the quarter ended June 30, 2019.

The financial results for the quarter ended June 30, 2019 are as follows:

  • Revenue was $151.0 million for the quarter ended June 30, 2019, a 6.8% increase from $141.4 million for the quarter ended March 31, 2019 and an 8.0% increase from $139.8 million for the quarter ended June 30, 2018.
  • GAAP gross margin was 55.1% for the quarter ended June 30, 2019, compared with 55.5% for the quarter ended June 30, 2018.
  • Non-GAAP (1) gross margin was 55.6% for the quarter ended June 30, 2019, excluding the impact of $0.7 million for stock-based compensation expense and $0.1 million for the amortization of acquisition-related intangible assets, compared with 56.0% for the quarter ended June 30, 2018, excluding the impact of $0.5 million for stock-based compensation expense and $0.2 million for the amortization of acquisition-related intangible assets.
  • GAAP operating expenses were $63.1 million for the quarter ended June 30, 2019, compared with $52.7 million for the quarter ended June 30, 2018.
  • Non-GAAP (1) operating expenses were $40.3 million for the quarter ended June 30, 2019, excluding $22.0 million for stock-based compensation expense and $0.8 million for deferred compensation plan expense, compared with $36.9 million for the quarter ended June 30, 2018, excluding $15.4 million for stock-based compensation expense and $0.4 million for deferred compensation plan expense.
  • GAAP operating income was $20.1 million for the quarter ended June 30, 2019, compared with $24.9 million for the quarter ended June 30, 2018.
  • Non-GAAP (1) operating income was $43.7 million for the quarter ended June 30, 2019, excluding $22.7 million for stock-based compensation expense, $0.1 million for the amortization of acquisition-related intangible assets and $0.8 million for deferred compensation plan expense, compared with $41.4 million for the quarter ended June 30, 2018, excluding $15.9 million for stock-based compensation expense, $0.2 million for the amortization of acquisition-related intangible assets and $0.4 million for deferred compensation plan expense.
  • GAAP interest and other income, net was $2.2 million for the quarter ended June 30, 2019, compared with $2.2 million for the quarter ended June 30, 2018.
  • Non-GAAP (1) interest and other income, net was $1.6 million for the quarter ended June 30, 2019, excluding $0.6 million for deferred compensation plan income, compared with $1.8 million for the quarter ended June 30, 2018, excluding $0.4 million for deferred compensation plan income.
  • GAAP income before income taxes was $22.3 million for the quarter ended June 30, 2019, compared with $27.1 million for the quarter ended June 30, 2018.
  • Non-GAAP (1) income before income taxes was $45.3 million for the quarter ended June 30, 2019, excluding $22.7 million for stock-based compensation expense, $0.1 million for the amortization of acquisition-related intangible assets and $0.2 million for deferred compensation plan expense, compared with $43.2 million for the quarter ended June 30, 2018, excluding $15.9 million for stock-based compensation expense and $0.2 million for the amortization of acquisition-related intangible assets.
  • GAAP net income was $20.7 million and GAAP earnings per share were $0.45 per diluted share for the quarter ended June 30, 2019. Comparatively, GAAP net income was $24.2 million and GAAP earnings per share were $0.55 per diluted share for the quarter ended June 30, 2018.
  • Non-GAAP (1) net income was $41.9 million and non-GAAP earnings per share were $0.92 per diluted share for the quarter ended June 30, 2019, excluding stock-based compensation expense, amortization of acquisition-related intangible assets, net deferred compensation plan expense and related tax effects, compared with non-GAAP net income of $40.0 million and non-GAAP earnings per share of $0.90 per diluted share for the quarter ended June 30, 2018, excluding stock-based compensation income, amortization of acquisition-related intangible assets, net deferred compensation plan income and related tax effects.

The financial results for the six months ended June 30, 2019 are as follows:

  • Revenue was $292.4 million for the six months ended June 30, 2019, an 8.7% increase from $268.9 million for the six months ended June 30, 2018.
  • GAAP gross margin was 55.1% for the six months ended June 30, 2019, compared with 55.4% for the six months ended June 30, 2018.
  • Non-GAAP (1) gross margin was 55.6% for the six months ended June 30, 2019, excluding the impact of $1.2 million for stock-based compensation expense and $0.1 million for the amortization of acquisition-related intangible assets, compared with 55.9% for the six months ended June 30, 2018, excluding the impact of $0.9 million for stock-based compensation expense and $0.4 million for the amortization of acquisition-related intangible assets.
  • GAAP operating expenses were $119.4 million for the six months ended June 30, 2019, compared with $102.1 million for the six months ended June 30, 2018.
  • Non-GAAP (1) operating expenses were $79.3 million for the six months ended June 30, 2019, excluding $37.5 million for stock-based compensation expense and $2.6 million for deferred compensation plan expense, compared with $71.9 million for the six months ended June 30, 2018, excluding $30.0 million for stock-based compensation expense and $0.3 million for deferred compensation plan expense.
  • GAAP operating income was $41.8 million for the six months ended June 30, 2019, compared with $46.9 million for the six months ended June 30, 2018.
  • Non-GAAP (1) operating income was $83.2 million for the six months ended June 30, 2019, excluding $38.7 million for stock-based compensation expense, $0.1 million for the amortization of acquisition-related intangible assets and $2.6 million for deferred compensation plan expense, compared with $78.6 million for the six months ended June 30, 2018, excluding $30.9 million for stock-based compensation expense, $0.4 million for the amortization of acquisition-related intangible assets and $0.3 million for deferred compensation plan expense.
  • GAAP interest and other income, net was $5.6 million for the six months ended June 30, 2019, compared with $2.7 million for the six months ended June 30, 2018.
  • Non-GAAP (1) interest and other income, net was $3.0 million for the six months ended June 30, 2019, excluding $2.6 million for deferred compensation plan income, compared with $2.4 million for the six months ended June 30, 2018, excluding $0.2 million for deferred compensation plan income.
  • GAAP income before income taxes was $47.4 million for the six months ended June 30, 2019, compared with $49.6 million for the six months ended June 30, 2018.
  • Non-GAAP (1) income before income taxes was $86.2 million for the six months ended June 30, 2019, excluding $38.7 million for stock-based compensation expense and $0.1 million for the amortization of acquisition-related intangible assets, compared with $81.0 million for the six months ended June 30, 2018, excluding $30.9 million for stock-based compensation expense and $0.4 million for the amortization of acquisition-related intangible assets.
  • GAAP net income was $46.9 million and GAAP earnings per share were $1.03 per diluted share for the six months ended June 30, 2019. Comparatively, GAAP net income was $46.1 million and GAAP earnings per share were $1.04 per diluted share for the six months ended June 30, 2018.
  • Non-GAAP (1) net income was $79.8 million and non-GAAP earnings per share were $1.76 per diluted share for the six months ended June 30, 2019, excluding stock-based compensation expense, amortization of acquisition-related intangible assets, net deferred compensation plan expense and related tax effects, compared with non-GAAP net income of $74.9 million and non-GAAP earnings per share of $1.69 per diluted share for the six months ended June 30, 2018, excluding stock-based compensation income, amortization of acquisition-related intangible assets, net deferred compensation plan expense and related tax effects.

The following is a summary of revenue by end market for the periods indicated (in thousands):

   Three Months Ended June 30,     Six Months Ended June 30,  
End Market   2019     2018     2019     2018  
Computing and storage   $ 41,590     $ 36,957     $ 80,778     $ 67,927  
Automotive     21,225       20,340       41,742       38,072  
Industrial     22,438       19,121       43,778       36,676  
Communications     21,968       15,534       44,150       31,283  
Consumer     43,786       47,809       81,922       94,953  
Total   $ 151,007     $ 139,761     $ 292,370     $ 268,911  

The following is a summary of revenue by product family for the periods indicated (in thousands):

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