Monolithic Power Systems Announces Results for the Second Quarter Ended June 30, 2015

 

Condensed Consolidated Statements of Operations

(Unaudited, in thousands, except per share amounts) 



Three Months Ended June 30,


Six Months Ended June 30,


2015


2014


2015


2014

Revenue 

$ 81,416


$ 68,436


$ 154,954


$ 128,497

Cost of revenue 

37,287


31,337


71,142


59,301

Gross profit 

44,129


37,099


83,812


69,196

Operating expenses:








  Research and development 

15,743


13,368


31,781


28,971

  Selling, general and administrative 

17,964


16,853


35,482


32,962

  Litigation expense (benefit), net

311


274


581


(8,426)

Total operating expenses 

34,018


30,495


67,844


53,507

Income from operations 

10,111


6,604


15,968


15,689

Interest and other income, net

235


295


877


485

Income before income taxes 

10,346


6,899


16,845


16,174

Income tax provision 

2,447


502


2,983


759

Net income 

$   7,899


$   6,397


$   13,862


$   15,415









 Net income per share:








          Basic

$     0.20


$     0.17


$       0.35


$       0.40

          Diluted

$     0.19


$     0.16


$       0.34


$       0.39

Weighted-average shares outstanding:








          Basic

39,570


38,684


39,337


38,577

          Diluted

40,745


39,608


40,670


39,563









Cash dividends declared per common share

$     0.20


$     0.15


$       0.40


$       0.15










SUPPLEMENTAL FINANCIAL INFORMATION 

STOCK-BASED COMPENSATION EXPENSE

(Unaudited, in thousands)


Three Months Ended June 30,


Six Months Ended June 30,


2015


2014


2015


2014

Cost of revenue

$      284


$      219


$        526


$        424

Research and development

2,503


2,245


5,123


4,250

Selling, general and administrative

6,710


5,951


13,067


11,339

Total stock-based compensation expense

$   9,497


$   8,415


$   18,716


$   16,013










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,


2015


2014


2015


2014

Net income 

$   7,899


$   6,397


$   13,862


$   15,415

   Net income as a percentage of revenue

9.7%


9.3%


8.9%


12.0%









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








    Stock-based compensation expense

9,497


8,415


18,716


16,013

    Amortization of acquisition-related intangible assets

367


-


733


-

    Acquisition-related expense

-


515


-


515

    Deferred compensation expense 

69


-


109


-

    Tax effect 

926


(685)


253


(1,694)

    Non-GAAP net income

$ 18,758


$ 14,642


$   33,673


$   30,249

        Non-GAAP net income as a percentage of revenue

23.0%


21.4%


21.7%


23.5%









Non-GAAP net income per share:








    Basic

$     0.47


$     0.38


$       0.86


$       0.78

    Diluted

$     0.46


$     0.37


$       0.83


$       0.76









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








    Basic

39,570


38,684


39,337


38,577

    Diluted

40,745


39,608


40,670


39,563










RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN

(Unaudited, in thousands)


Three Months Ended June 30,


Six Months Ended June 30,


2015


2014


2015


2014

Gross profit

$ 44,129


$ 37,099


$   83,812


$   69,196

   Gross margin

54.2%


54.2%


54.1%


53.9%









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








   Stock-based compensation expense

284


219


526


424

   Amortization of acquisition-related intangible assets

367


-


733


-

Non-GAAP gross profit

$ 44,780


$ 37,318


$   85,071


$   69,620

Non-GAAP gross margin

55.0%


54.5%


54.9%


54.2%










RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES

(Unaudited, in thousands)


Three Months Ended June 30,


Six Months Ended June 30,


2015


2014


2015


2014

Total operating expenses

$ 34,018


$ 30,495


$   67,844


$   53,507









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








    Stock-based compensation expense

(9,213)


(8,196)


(18,190)


(15,589)

    Acquisition-related expense

-


(515)


-


(515)

    Deferred compensation plan income (expense)

146


-


(20)


-

Non-GAAP operating expenses

$ 24,951


$ 21,784


$   49,634


$   37,403


















RECONCILIATION OF OPERATING INCOME TO NON-GAAP OPERATING INCOME

(Unaudited, in thousands)


Three Months Ended June 30,


Six Months Ended June 30,


2015


2014


2015


2014

Total operating income

$ 10,111


$   6,604


$   15,968


$   15,689

   Operating income as a percentage of revenue

12.4%


9.6%


10.3%


12.2%









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








    Stock-based compensation expense

9,497


8,415


18,716


16,013

    Amortization of acquisition-related intangible assets

367


-


733


-

    Acquisition-related expense

-


515


-


515

    Deferred compensation plan expense (income)

(146)


-


20


-

    Non-GAAP operating income

$ 19,829


$ 15,534


$   35,437


$   32,217

Non-GAAP operating income as a percentage of revenue

24.4%


22.7%


22.9%


25.1%


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