Monolithic Power Systems Announces Results for the First Quarter Ended March 31, 2022

KIRKLAND, Wash., May 02, 2022 (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 March 31, 2022.

Revenue was $377.7 million for the quarter ended March 31, 2022, a 12.2% increase from $336.5 million for the quarter ended December 31, 2021 and a 48.4% increase from $254.5 million for the quarter ended March 31, 2021.
  
GAAP gross margin was 57.9% for the quarter ended March 31, 2022, compared with 55.4% for the quarter ended March 31, 2021.
  
Non-GAAP gross margin (1) was 58.3% for the quarter ended March 31, 2022, excluding the impact of $1.3 million for stock-based compensation expense, compared with 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.
  
GAAP operating expenses were $122.7 million for the quarter ended March 31, 2022, compared with $95.0 million for the quarter ended March 31, 2021.
  
Non-GAAP operating expenses (1) were $86.6 million for the quarter ended March 31, 2022, excluding $38.5 million for stock-based compensation expense and $2.4 million for deferred compensation plan income, compared with $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.
  
GAAP operating income was $96.1 million for the quarter ended March 31, 2022, compared with $46.1 million for the quarter ended March 31, 2021.
  
Non-GAAP operating income (1) was $133.6 million for the quarter ended March 31, 2022, excluding $39.8 million for stock-based compensation expense and $2.4 million for deferred compensation plan income, compared with $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.
  
GAAP other expense, net, was $0.6 million for the quarter ended March 31, 2022, compared with other income, net, of $2.6 million for the quarter ended March 31, 2021.
  
Non-GAAP other income, net (1) was $1.6 million for the quarter ended March 31, 2022, excluding $2.2 million for deferred compensation plan expense, compared with $1.4 million for the quarter ended March 31, 2021, excluding $1.2 million for deferred compensation plan income.
  
GAAP income before income taxes was $95.5 million for the quarter ended March 31, 2022, compared with $48.7 million for the quarter ended March 31, 2021.
  
Non-GAAP income before income taxes (1) was $135.2 million for the quarter ended March 31, 2022, excluding $39.8 million for stock-based compensation expense and $0.2 million for deferred compensation plan income, compared with $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.
  
GAAP net income was $79.6 million and $1.65 per diluted share for the quarter ended March 31, 2022. Comparatively, GAAP net income was $45.4 million and $0.95 per diluted share for the quarter ended March 31, 2021.
  
Non-GAAP net income (1) was $118.3 million and $2.45 per diluted share for the quarter ended March 31, 2022, excluding $39.8 million for stock-based compensation expense, $0.2 million for deferred compensation plan income and $1.0 million for related tax effects, compared with non-GAAP net income (1) of $69.5 million and $1.46 per diluted share for the quarter ended March 31, 2021, excluding $28.6 million for stock-based compensation expense, $0.1 million for deferred compensation plan income and $4.5 million for related tax effects.
  

In the first quarter of 2022, the Company reorganized its end markets and broke out Computing and Storage into two new end markets: Storage and Computing, and Enterprise Data. All prior-period amounts have been restated to reflect the changes in the end markets. The following is a summary of revenue by end market (in thousands):

   Three Months Ended March 31,   Year Ended December 31, 
End Market  2022   2021   2021     2020     2019     2018     2017  
Storage and Computing   $ 96,586     $ 51,312     $ 255,933     $ 180,293     $ 141,277     $ 116,887     $ 77,119  
Enterprise Data     42,509       16,183       116,345       72,884       47,938       42,234       23,663  
Automotive     54,546       44,867       204,335       108,966       90,303       80,078       53,888  
Industrial     48,538       39,788       184,784       119,603       99,381       88,472       62,896  
Communications     55,574       36,070       164,091       142,326       84,794       70,589       63,606  
Consumer     79,961       66,235       282,310       220,380       164,228       184,122       189,757  
Total   $ 377,714     $ 254,455     $ 1,207,798     $ 844,452     $ 627,921     $ 582,382     $ 470,929  
                                                         

The following is a summary of revenue by product family (in thousands):

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