Monolithic Power Systems Announces Results for the First Quarter Ended March 31, 2020

KIRKLAND, Wash., April 28, 2020 (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 March 31, 2020. 

  • Revenue was $165.8 million for the quarter ended March 31, 2020, a 0.6% decrease from $166.7 million for the quarter ended December 31, 2019 and a 17.3% increase from $141.4 million for the quarter ended March 31, 2019.

  • GAAP gross margin was 55.2% for the quarter ended March 31, 2020, compared with 55.2% for the quarter ended March 31, 2019.

  • Non-GAAP (1) gross margin was 55.5% for the quarter ended March 31, 2020, excluding the impact of $0.6 million for stock-based compensation expense and $0.1 million for deferred compensation plan income, compared with 55.6% for the quarter ended March 31, 2019, excluding the impact of $0.5 million for stock-based compensation expense and $0.1 million for the amortization of acquisition-related intangible assets.

  • GAAP operating expenses were $60.5 million for the quarter ended March 31, 2020, compared with $56.3 million for the quarter ended March 31, 2019.

  • Non-GAAP (1) operating expenses were $46.1 million for the quarter ended March 31, 2020, excluding $18.0 million for stock-based compensation expense and $3.6 million for deferred compensation plan income, compared with $39.0 million for the quarter ended March 31, 2019, excluding $15.5 million for stock-based compensation expense and $1.8 million for deferred compensation plan expense.

  • GAAP operating income was $31.0 million for the quarter ended March 31, 2020, compared with $21.7 million for the quarter ended March 31, 2019.

  • Non-GAAP (1) operating income was $45.9 million for the quarter ended March 31, 2020, excluding $18.6 million for stock-based compensation expense and $3.7 million for deferred compensation plan income, compared with $39.6 million for the quarter ended March 31, 2019, excluding $16.0 million for stock-based compensation expense, $0.1 million for the amortization of acquisition-related intangible assets and $1.8 million for deferred compensation plan expense.

  • GAAP other expense, net, was $1.7 million for the quarter ended March 31, 2020, compared with other income, net, of $3.3 million for the quarter ended March 31, 2019.

  • Non-GAAP (1) other income, net was $2.0 million for the quarter ended March 31, 2020, excluding $3.8 million for deferred compensation plan expense, compared with $1.4 million for the quarter ended March 31, 2019, excluding $1.9 million for deferred compensation plan income.

  • GAAP income before income taxes was $29.3 million for the quarter ended March 31, 2020, compared with $25.1 million for the quarter ended March 31, 2019.

  • Non-GAAP (1) income before income taxes was $47.9 million for the quarter ended March 31, 2020, excluding $18.6 million for stock-based compensation expense and $0.1 million for deferred compensation plan expense, compared with $41.0 million for the quarter ended March 31, 2019, excluding $16.0 million for stock-based compensation expense, $0.1 million for the amortization of acquisition-related intangible assets, and $0.1 million for deferred compensation plan income.

  • GAAP net income was $35.8 million and GAAP earnings per share were $0.77 per diluted share for the quarter ended March 31, 2020. Comparatively, GAAP net income was $26.2 million and GAAP earnings per share were $0.58 per diluted share for the quarter ended March 31, 2019.

  • Non-GAAP (1) net income was $44.3 million and non-GAAP earnings per share were $0.95 per diluted share for the quarter ended March 31, 2020, 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 $37.9 million and non-GAAP earnings per share of $0.84 per diluted share for the quarter ended March 31, 2019, excluding stock-based compensation expense, amortization of acquisition-related intangible assets, net deferred compensation plan income and related tax effects.

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

   Three Months Ended March 31, 
End Market  2020   2019 
Computing and storage $51,957  $39,188 
Automotive  23,312   20,517 
Industrial  25,237   21,340 
Communications  27,870   22,182 
Consumer  37,402   38,136 
Total $165,778  $141,363 

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

   Three Months Ended March 31, 
Product Family  2020     2019  
DC to DC   $ 156,875     $ 132,711  
Lighting Control     8,903       8,652  
Total   $ 165,778     $ 141,363  

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