Monolithic Power Systems Announces Results for the Second Quarter Ended June 30, 2016


Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share amounts)
        
  Three Months Ended June 30,  Six Months Ended June 30,
   2016     2015    2016     2015 
Revenue$94,079  $81,416  $178,591  $154,954 
Cost of revenue 43,153   37,287   82,155   71,142 
Gross profit 50,926   44,129   96,436   83,812 
Operating expenses:       
Research and development 17,876   15,743   35,197   31,781 
Selling, general and administrative 21,531   17,964   39,299   35,482 
Litigation expense (benefit), net (8)  311   37   581 
Total operating expenses 39,399   34,018   74,533   67,844 
Income from operations 11,527   10,111   21,903   15,968 
Interest and other income, net 597   235   1,140   877 
Income before income taxes 12,124   10,346   23,043   16,845  
Income tax provision   926       2,447       1,270       2,983  
Net income $ 11,198     $ 7,899     $ 21,773     $ 13,862  
               
Net income per share:              
Basic $ 0.28     $ 0.20     $ 0.54     $ 0.35  
Diluted $ 0.27     $ 0.19     $ 0.52     $ 0.34  
Weighted-average shares outstanding:              
Basic   40,387       39,570       40,208       39,337  
Diluted   41,716       40,745       41,681       40,670  
               
Cash dividends declared per common share $ 0.20     $ 0.20     $ 0.40     $ 0.40  
               
SUPPLEMENTAL FINANCIAL INFORMATION  
STOCK-BASED COMPENSATION EXPENSE
(Unaudited, in thousands)
  Three Months Ended June 30,   Six Months Ended June 30,
    2016       2015       2016       2015  
Cost of revenue $ 380     $ 284     $ 814     $ 526  
Research and development   3,318       2,503       7,016       5,123  
Selling, general and administrative   8,049       6,710       12,896       13,067  
Total stock-based compensation expense $ 11,747     $ 9,497     $ 20,726     $ 18,716  
               
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,
    2016       2015       2016       2015  
Net income $ 11,198     $ 7,899     $ 21,773     $ 13,862  
Net income as a percentage of revenue   11.9 %     9.7 %     12.2 %     8.9 %
               
Adjustments to reconcile net income to non-GAAP net income:            
Stock-based compensation expense   11,747       9,497       20,726       18,716  
Amortization of acquisition-related intangible assets   513       367       1,026       733  
Deferred compensation plan expense (income)   (3 )     69       (147 )     109  
Tax effect   (903 )     926       (2,079 )     253  
Non-GAAP net income $ 22,552     $ 18,758     $ 41,299     $ 33,673  
Non-GAAP net income as a percentage of revenue   24.0 %     23.0 %     23.1 %     21.7 %
               
Non-GAAP net income per share:              
Basic $ 0.56     $ 0.47     $ 1.03     $ 0.86  
Diluted $ 0.54     $ 0.46     $ 0.99     $ 0.83  
               
Shares used in the calculation of non-GAAP net income per share:            
Basic   40,387       39,570       40,208       39,337  
Diluted   41,716       40,745       41,681       40,670  
               
RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN
(Unaudited, in thousands)
  Three Months Ended June 30,   Six Months Ended June 30,
    2016       2015       2016       2015  
Gross profit $ 50,926     $ 44,129     $ 96,436     $ 83,812  
Gross margin   54.1 %     54.2 %     54.0 %     54.1 %
               
Adjustments to reconcile gross profit to non-GAAP gross profit:            
Stock-based compensation expense   380       284       814       526  
Amortization of acquisition-related intangible assets   513       367       1,026       733  
Non-GAAP gross profit $ 51,819     $ 44,780     $ 98,276     $ 85,071  
Non-GAAP gross margin   55.1 %     55.0 %     55.0 %     54.9 %
               
RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
(Unaudited, in thousands)
  Three Months Ended June 30,   Six Months Ended June 30,
    2016       2015       2016       2015  
Total operating expenses $ 39,399     $ 34,018     $ 74,533     $ 67,844  
               
Adjustments to reconcile total operating expenses to non-GAAP total operating expenses:        
Stock-based compensation expense   (11,367 )     (9,213 )     (19,912 )     (18,190 )
Deferred compensation plan income (expense)   (304 )     146       (461 )     (20 )
Non-GAAP operating expenses $ 27,728     $ 24,951     $ 54,160     $ 49,634  
               
               
RECONCILIATION OF OPERATING INCOME TO NON-GAAP OPERATING INCOME
(Unaudited, in thousands)
  Three Months Ended June 30,   Six Months Ended June 30,
    2016       2015       2016       2015  
Total operating income $ 11,527     $ 10,111     $ 21,903     $ 15,968  
Operating income as a percentage of revenue   12.3 %     12.4 %     12.3 %     10.3 %
               
Adjustments to reconcile total operating income to non-GAAP total operating income:        
Stock-based compensation expense   11,747       9,497       20,726       18,716  
Amortization of acquisition-related intangible assets   513       367       1,026       733  
Deferred compensation plan expense (income)   304       (146 )     461       20  
Non-GAAP operating income $ 24,091     $ 19,829     $ 44,116     $ 35,437  
Non-GAAP operating income as a percentage of revenue   25.6 %     24.4 %     24.7 %     22.9 %
               
               
RECONCILIATION OF OTHER INCOME TO NON-GAAP OTHER INCOME
(Unaudited, in thousands)
  Three Months Ended June 30,   Six Months Ended June 30,
    2016       2015       2016       2015  
Total interest and other income, net $ 597     $ 235     $ 1,140     $ 877  
               
Adjustments to reconcile interest and other income to non-GAAP interest and other income:        
Deferred compensation plan expense (income)   (307 )     215       (608 )     89  
Non-GAAP interest and other income, net $ 290     $ 450     $ 532     $ 966  
               

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