Monolithic Power Systems Announces Results For the Second Quarter Ended June 30, 2014

 

SUPPLEMENTAL FINANCIAL INFORMATION 

STOCK-BASED COMPENSATION EXPENSE

(Unaudited, in thousands)


Three Months Ended June 30,


Six Months Ended June 30,


2014


2013


2014


2013

Cost of revenue

$      219


$      146


$        424


$        302

Research and development

2,245


1,693


4,250


3,066

Selling, general and administrative

5,951


3,351


11,339


6,482

Total stock-based compensation expense

$   8,415


$   5,190


$   16,013


$     9,850

 

 

RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME

(Unaudited, in thousands, except per share amounts)


Three Months Ended June 30,


Six Months Ended June 30,


2014


2013


2014


2013

Net income 

$   6,397


$   5,489


$   15,415


$     7,989

   Net income as a percentage of revenue

9.3%


9.5%


12.0%


7.3%









Adjustments to reconcile net income to non-GAAP net income:








    Stock-based compensation expense

8,415


5,190


16,013


9,850

    Acquisition-related expense

515


-


515


-

    Cash award

-


(266)


-


(266)

    Tax effect 

(685)


(1,111)


(1,694)


(1,838)

    Non-GAAP net income

$ 14,642


$   9,302


$   30,249


$   15,735

        Non-GAAP net income as a percentage of revenue

21.4%


16.1%


23.5%


14.4%









Non-GAAP net income per share:








    Basic

$     0.38


$     0.25


$       0.78


$       0.43

    Diluted

$     0.37


$     0.24


$       0.76


$       0.41









Shares used in the calculation of non-GAAP net income per share:








    Basic

38,684


37,053


38,577


36,657

    Diluted

39,608


38,239


39,563


38,019


RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN

(Unaudited, in thousands)


Three Months Ended June 30,


Six Months Ended June 30,


2014


2013


2014


2013

Gross profit

$ 37,099


$ 30,928


$   69,196


$   58,313

   Gross margin

54.2%


53.6%


53.9%


53.4%









Adjustments to reconcile gross margin to non-GAAP gross margin:








   Stock-based compensation expense

219


146


424


302

Non-GAAP gross profit

$ 37,318


$ 31,074


$   69,620


$   58,615

Non-GAAP gross margin

54.5%


53.8%


54.2%


53.7%









RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES

(Unaudited, in thousands)


Three Months Ended June 30,


Six Months Ended June 30,


2014


2013


2014


2013

Total operating expenses

$ 30,495


$ 26,014


$   53,507


$   51,094









Adjustments to reconcile total operating expenses to non-GAAP total operating expenses:








    Stock-based compensation expense

(8,196)


(5,044)


(15,589)


(9,548)

    Acquisition-related expense

(515)


-


(515)


-

Non-GAAP operating expenses

$ 21,784


$ 20,970


$   37,403


$   41,546

















RECONCILIATION OF OPERATING INCOME TO NON-GAAP OPERATING INCOME

(Unaudited, in thousands)


Three Months Ended June 30,


Six Months Ended June 30,


2014


2013


2014


2013

Total operating income

$   6,604


$   4,914


$   15,689


$     7,219

   Operating income as a percentage of revenue

9.6%


8.5%


12.2%


6.6%









Adjustments to reconcile total operating income to non-GAAP total operating income:








    Stock-based compensation expense

8,415


5,190


16,013


9,850

    Acquisition-related expense

515


-


515


-

    Non-GAAP operating income

$ 15,534


$ 10,104


$   32,217


$   17,069

Non-GAAP operating income as a percentage of revenue

22.7%


17.5%


25.1%


15.6%


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