Monolithic Power Systems Announces Results for the First Quarter Ended March 31, 2021

KIRKLAND, Wash., May 04, 2021 (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, 2021.

  • Revenue was $254.5 million for the quarter ended March 31, 2021, a 9.2% increase from $233.0 million for the quarter ended December 31, 2020 and a 53.5% increase from $165.8 million for the quarter ended March 31, 2020.

  • GAAP gross margin was 55.4% for the quarter ended March 31, 2021, compared with 55.2% for the quarter ended March 31, 2020.

  • Non-GAAP (1) gross margin was 55.8% for the quarter ended March 31, 2021, excluding the impact of $0.8 million for stock-based compensation expense and $0.2 million for deferred compensation plan expense, compared with 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.

  • GAAP operating expenses were $95.0 million for the quarter ended March 31, 2021, compared with $60.5 million for the quarter ended March 31, 2020.

  • Non-GAAP (1) operating expenses were $66.2 million for the quarter ended March 31, 2021, excluding $27.8 million for stock-based compensation expense and $1.0 million for deferred compensation plan expense, compared with $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.

  • GAAP operating income was $46.1 million for the quarter ended March 31, 2021, compared with $31.0 million for the quarter ended March 31, 2020.

  • Non-GAAP (1) operating income was $75.8 million for the quarter ended March 31, 2021, excluding $28.6 million for stock-based compensation expense and $1.1 million for deferred compensation plan expense, compared with $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.

  • GAAP other income, net, was $2.6 million for the quarter ended March 31, 2021, compared with other expense, net, of $1.7 million for the quarter ended March 31, 2020.

  • Non-GAAP (1) other income, net, was $1.4 million for the quarter ended March 31, 2021, excluding $1.2 million for deferred compensation plan income, compared with other income, net, of $2.0 million for the quarter ended March 31, 2020, excluding $3.8 million for deferred compensation plan expense.

  • GAAP income before income taxes was $48.7 million for the quarter ended March 31, 2021, compared with $29.3 million for the quarter ended March 31, 2020.

  • Non-GAAP (1) income before income taxes was $77.2 million for the quarter ended March 31, 2021, excluding $28.6 million for stock-based compensation expense and $0.1 million for deferred compensation plan income, compared with $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.

  • GAAP net income was $45.4 million and $0.95 per diluted share for the quarter ended March 31, 2021. Comparatively, GAAP net income was $35.8 million and $0.77 per diluted share for the quarter ended March 31, 2020.

  • Non-GAAP (1) net income was $69.5 million and $1.46 per diluted share for the quarter ended March 31, 2021, excluding stock-based compensation expense, net deferred compensation plan income and related tax effects, compared with non-GAAP net income of $44.3 million and $0.95 per diluted share for the quarter ended March 31, 2020, excluding stock-based compensation expense, 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 March 31, 
End Market  2021   2020 
Computing and storage $67,495  $51,957 
Automotive  44,867   23,312 
Industrial  39,788   25,237 
Communications  36,070   27,870 
Consumer  66,235   37,402 
Total $254,455  $165,778 
         

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

   Three Months Ended March 31,  
Product Family   2021     2020  
DC to DC   $ 241,429     $ 156,875  
Lighting Control     13,026       8,903  
Total   $ 254,455     $ 165,778  
                 

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