Monolithic Power Systems Announces Results for the Second Quarter Ended June 30, 2020

KIRKLAND, Wash., July 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 June 30, 2020.

  • Revenue was $186.2 million for the quarter ended June 30, 2020, a 12.3% increase from $165.8 million for the quarter ended March 31, 2020 and a 23.3% increase from $151.0 million for the quarter ended June 30, 2019.

  • GAAP gross margin was 55.1% for the quarter ended June 30, 2020, compared with 55.1% for the quarter ended June 30, 2019.

  • Non-GAAP (1) gross margin was 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, compared with 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.

  • GAAP operating expenses were $74.6 million for the quarter ended June 30, 2020, compared with $63.1 million for the quarter ended June 30, 2019.

  • Non-GAAP (1) operating expenses were $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, compared with $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.

  • GAAP operating income was $28.0 million for the quarter ended June 30, 2020, compared with $20.1 million for the quarter ended June 30, 2019.  

  • Non-GAAP (1) operating income was $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, compared with $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.
     
  • GAAP other income, net, was $5.2 million for the quarter ended June 30, 2020, compared with other income, net, of $2.2 million for the quarter ended June 30, 2019.  

  • Non-GAAP (1) other income, net was $1.6 million for the quarter ended June 30, 2020, excluding $3.6 million for deferred compensation plan income, compared with $1.6 million for the quarter ended June 30, 2019, excluding $0.6 million for deferred compensation plan income.  

  • GAAP income before income taxes was $33.2 million for the quarter ended June 30, 2020, compared with $22.3 million for the quarter ended June 30, 2019.

  • Non-GAAP (1) income before income taxes was $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, compared with $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.

  • GAAP net income was $30.2 million and $0.64 per diluted share for the quarter ended June 30, 2020. Comparatively, GAAP net income was $20.7 million and $0.45 per diluted share for the quarter ended June 30, 2019.

  • Non-GAAP (1) net income was $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, compared with non-GAAP net income of $41.9 million and $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.

The financial results for the six months ended June 30, 2020 are as follows:

  • Revenue was $352.0 million for the six months ended June 30, 2020, a 20.4% increase from $292.4 million for the six months ended June 30, 2019. 
     
  • GAAP gross margin was 55.1% for the six months ended June 30, 2020, compared with 55.1% for the six months ended June 30, 2019.  

  • Non-GAAP (1) gross margin was 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 deferred compensation plan expense, compared with 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.  

  • GAAP operating expenses were $135.1 million for the six months ended June 30, 2020, compared with $119.4 million for the six months ended June 30, 2019. 
     
  • Non-GAAP (1) operating expenses were $96.7 million for the six months ended June 30, 2020, excluding $38.4 million for stock-based compensation expense, compared with $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.

  • GAAP operating income was $58.9 million for the six months ended June 30, 2020, compared with $41.8 million for the six months ended June 30, 2019.  

  • Non-GAAP (1) operating income was $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, compared with $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.  

  • GAAP other income, net, was $3.5 million for the six months ended June 30, 2020, compared with other income, net, of $5.6 million for the six months ended June 30, 2019.

  • Non-GAAP (1) other income, net was $3.7 million for the six months ended June 30, 2020, excluding $0.2 million for deferred compensation plan expense, compared with $3.0 million for the six months ended June 30, 2019, excluding $2.6 million for deferred compensation plan income.  

  • GAAP income before income taxes was $62.4 million for the six months ended June 30, 2020, compared with $47.4 million for the six months ended June 30, 2019.  

  • Non-GAAP (1) income before income taxes was $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, compared with $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.  

  • GAAP net income was $65.9 million and $1.41 per diluted share for the six months ended June 30, 2020. Comparatively, GAAP net income was $46.9 million and $1.03 per diluted share for the six months ended June 30, 2019.

  • Non-GAAP (1) net income was $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, compared with non-GAAP net income of $79.8 million and $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.

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  2020   2019     2020     2019  
Computing and storage   $ 64,087     $ 41,590     $ 116,044     $ 80,778  
Automotive     17,779       21,225       41,091       41,742  
Industrial     26,592       22,438       51,829       43,778  
Communications     30,095       21,968       57,965       44,150  
Consumer     47,656       43,786       85,058       81,922  
Total   $ 186,209     $ 151,007     $ 351,987     $ 292,370  

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

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