Monolithic Power Systems Announces Results for the Second Quarter Ended June 30, 2021

KIRKLAND, Wash., July 27, 2021 (GLOBE NEWSWIRE) -- Monolithic Power Systems, Inc. (MPS) (Nasdaq: MPWR), a global company that provides high-performance, semiconductor-based power electronics solutions, today announced financial results for the quarter ended June 30, 2021.

Revenue was $293.3 million for the quarter ended June 30, 2021, a 15.3% increase from $254.5 million for the quarter ended March 31, 2021 and a 57.5% increase from $186.2 million for the quarter ended June 30, 2020.
  
GAAP gross margin was 56.0% for the quarter ended June 30, 2021, compared with 55.1% for the quarter ended June 30, 2020.
  
Non-GAAP (1) gross margin was 56.3% for the quarter ended June 30, 2021, excluding the impact of $0.9 million for stock-based compensation expense and $0.1 million for deferred compensation plan expense, compared with 55.7% for the quarter ended June 30, 2020, excluding the impact of $0.6 million for stock-based compensation expense and $0.5 million for deferred compensation plan expense.
  
GAAP operating expenses were $103.6 million for the quarter ended June 30, 2021, compared with $74.6 million for the quarter ended June 30, 2020.
  
Non-GAAP (1) operating expenses were $70.3 million for the quarter ended June 30, 2021, excluding $31.2 million for stock-based compensation expense and $2.0 million for deferred compensation plan expense, compared with $50.7 million for the quarter ended June 30, 2020, excluding $20.4 million for stock-based compensation expense and $3.6 million for deferred compensation plan expense.
  
GAAP operating income was $60.6 million for the quarter ended June 30, 2021, compared with $28.0 million for the quarter ended June 30, 2020.
  
Non-GAAP (1) operating income was $94.9 million for the quarter ended June 30, 2021, excluding $32.1 million for stock-based compensation expense and $2.2 million for deferred compensation plan expense, compared with $53.0 million for the quarter ended June 30, 2020, excluding $21.0 million for stock-based compensation expense and $4.0 million for deferred compensation plan expense.
  
GAAP other income, net, was $3.0 million for the quarter ended June 30, 2021, compared with $5.2 million for the quarter ended June 30, 2020.
  
Non-GAAP (1) other income, net, was $1.2 million for the quarter ended June 30, 2021, excluding $1.9 million for deferred compensation plan income, compared with $1.6 million for the quarter ended June 30, 2020, excluding $3.6 million for deferred compensation plan income.
  
GAAP income before income taxes was $63.7 million for the quarter ended June 30, 2021, compared with $33.2 million for the quarter ended June 30, 2020.
  
Non-GAAP (1) income before income taxes was $96.1 million for the quarter ended June 30, 2021, excluding $32.1 million for stock-based compensation expense and $0.3 million for deferred compensation plan expense, compared with $54.7 million for the quarter ended June 30, 2020, excluding $21.0 million for stock-based compensation expense, and $0.5 million for deferred compensation plan expense.
  
GAAP net income was $55.2 million and $1.16 per diluted share for the quarter ended June 30, 2021. Comparatively, GAAP net income was $30.2 million and $0.64 per diluted share for the quarter ended June 30, 2020.
  
Non-GAAP (1) net income was $86.5 million and $1.81 per diluted share for the quarter ended June 30, 2021, excluding stock-based compensation expense, net deferred compensation plan expense and related tax effects, compared with non-GAAP net income of $50.6 million and $1.08 per diluted share for the quarter ended June 30, 2020, excluding stock-based compensation expense, net deferred compensation plan expense and related tax effects.

The financial results for the six months ended June 30, 2021 are as follows:

Revenue was $547.8 million for the six months ended June 30, 2021, a 55.6% increase from $352.0 million for the six months ended June 30, 2020.
  
GAAP gross margin was 55.7% for the six months ended June 30, 2021, compared with 55.1% for the six months ended June 30, 2020.
  
Non-GAAP (1) gross margin was 56.1% for the six months ended June 30, 2021, excluding the impact of $1.7 million for stock-based compensation expense and $0.3 million for deferred compensation plan expense, compared with 55.6% for the six months ended June 30, 2020, excluding the impact of $1.2 million for stock-based compensation expense and $0.4 million for the deferred compensation plan expense.
   
GAAP operating expenses were $198.6 million for the six months ended June 30, 2021, compared with $135.1 million for the six months ended June 30, 2020.
   
Non-GAAP (1) operating expenses were $136.6 million for the six months ended June 30, 2021, excluding $59.0 million for stock-based compensation expense and $3.0 million for deferred compensation plan expense, compared with $96.7 million for the six months ended June 30, 2020, excluding $38.4 million for stock-based compensation expense.
   
GAAP operating income was $106.7 million for the six months ended June 30, 2021, compared with $58.9 million for the six months ended June 30, 2020.
   
Non-GAAP (1) operating income was $170.7 million for the six months ended June 30, 2021, excluding $60.7 million for stock-based compensation expense and $3.3 million for deferred compensation plan expense, compared with $98.9 million for the six months ended June 30, 2020, excluding $39.6 million for stock-based compensation expense and $0.4 million for deferred compensation plan expense.
   
GAAP other income, net, was $5.6 million for the six months ended June 30, 2021, compared with $3.5 million for the six months ended June 30, 2020.
   
Non-GAAP (1) other income, net was $2.6 million for the six months ended June 30, 2021, excluding $3.0 million for deferred compensation plan income, compared with $3.7 million for the six months ended June 30, 2020, excluding $0.2 million for deferred compensation plan expense.
   
GAAP income before income taxes was $112.3 million for the six months ended June 30, 2021, compared with $62.4 million for the six months ended June 30, 2020.
   
Non-GAAP (1) income before income taxes was $173.3 million for the six months ended June 30, 2021, excluding $60.7 million for stock-based compensation expense and $0.2 million for deferred compensation plan expense, compared with $102.6 million for the six months ended June 30, 2020, excluding $39.6 million for stock-based compensation expense, and $0.6 million for deferred compensation plan expense.
   
GAAP net income was $100.6 million and $2.11 per diluted share for the six months ended June 30, 2021. Comparatively, GAAP net income was $65.9 million and $1.41 per diluted share for the six months ended June 30, 2020.
   
Non-GAAP (1) net income was $155.9 million and $3.27 per diluted share for the six months ended June 30, 2021, excluding stock-based compensation expense, net deferred compensation plan expense and related tax effects, compared with non-GAAP net income of $94.9 million and $2.03 per diluted share for the six months ended June 30, 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):

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