Monolithic Power Systems to Report Second Quarter Results on August 1, 2024
Monolithic Power Systems (MPWR) reported its Q2 2024 financial results on August 1, 2024. Revenue increased by 10.8% quarter-over-quarter (QoQ) and 15.0% year-over-year (YoY) to $507.4M. GAAP net income rose by 8.5% QoQ to $100.4M, while non-GAAP net income increased by 12.8% to $155.1M. Diluted EPS also rose to $2.05 (GAAP) and $3.17 (non-GAAP).
Enterprise Data revenue grew by 290.0% YoY to $187.2M, representing 36.9% of total revenue. Other sectors like Consumer, Automotive, and Industrial faced YoY declines. GAAP gross margin stood at 55.3%, up by 20 basis points from Q1 2024. Operating expenses were $164.0M (GAAP) and $111.7M (non-GAAP). The company forecasts Q3 2024 revenue of $590M-$610M, with a GAAP gross margin between 55.2%-55.8%.
MPS continues to manage inventories strategically, reducing days of sales outstanding and days of inventory. Cash and equivalents totaled $1.31B at the end of Q2 2024, with operating cash flow at $141M.
Monolithic Power Systems (MPWR) ha riportato i risultati finanziari del Q2 2024 il 1° agosto 2024. I ricavi sono aumentati del 10.8% rispetto al trimestre precedente (QoQ) e del 15.0% rispetto allo stesso trimestre dell'anno scorso (YoY), raggiungendo $507.4M. L'utile netto GAAP è aumentato dell'8.5% QoQ, arrivando a $100.4M, mentre l'utile netto non-GAAP è cresciuto del 12.8% a $155.1M. Anche l'EPS diluito è salito a $2.05 (GAAP) e $3.17 (non-GAAP).
I ricavi derivanti dai dati aziendali sono aumentati del 290.0% YoY, raggiungendo $187.2M, che rappresenta il 36.9% dei ricavi totali. Altri settori come Consumer, Automotive e Industrial hanno registrato cali YoY. Il margine lordo GAAP si è attestato al 55.3%, in aumento di 20 punti base rispetto al Q1 2024. Le spese operative sono state di $164.0M (GAAP) e $111.7M (non-GAAP). L'azienda prevede ricavi per il Q3 2024 compresi tra $590M-$610M, con un margine lordo GAAP tra 55.2%-55.8%.
MPS continua a gestire strategicamente le scorte, riducendo i giorni di vendita in sospeso e i giorni di inventario. Alla fine del Q2 2024, la liquidità e gli equivalenti ammontavano a $1.31B, con un flusso di cassa operativo di $141M.
Monolithic Power Systems (MPWR) reportó sus resultados financieros del Q2 2024 el 1 de agosto de 2024. Los ingresos aumentaron un 10.8% respecto al trimestre anterior (QoQ) y un 15.0% en comparación con el año anterior (YoY), alcanzando $507.4M. La ganancia neta GAAP subió un 8.5% QoQ a $100.4M, mientras que la ganancia neta no-GAAP creció un 12.8% a $155.1M. El EPS diluido también aumentó a $2.05 (GAAP) y $3.17 (no-GAAP).
Los ingresos por datos empresariales crecieron un 290.0% YoY a $187.2M, representando el 36.9% de los ingresos totales. Otros sectores como Consumer, Automotive y Industrial experimentaron caídas YoY. El margen bruto GAAP se situó en 55.3%, aumentando en 20 puntos básicos desde el Q1 2024. Los gastos operativos fueron de $164.0M (GAAP) y $111.7M (no-GAAP). La compañía prevé ingresos para el Q3 2024 de entre $590M-$610M, con un margen bruto GAAP entre 55.2%-55.8%.
MPS sigue gestionando las inventarios de manera estratégica, reduciendo los días de ventas pendientes y los días de inventario. Al final del Q2 2024, el efectivo y equivalentes sumaron $1.31B, con un flujo de efectivo operativo de $141M.
모노리스틱 파워 시스템즈 (MPWR)는 2024년 8월 1일 2024년 2분기 재무 결과를 보고했습니다. 수익은 분기 대비 10.8% 및 연간 15.0% 증가하여 $507.4M에 달했습니다. GAAP 순이익은 분기 대비 8.5% 증가하여 $100.4M에 도달했으며, 비-GAAP 순이익은 12.8% 증가하여 $155.1M에 달했습니다. 희석 EPS는 GAAP 기준으로 $2.05, 비-GAAP 기준으로 $3.17로 상승했습니다.
엔터프라이즈 데이터 수익은 연간 290.0% 성장하여 $187.2M에 도달했으며, 이는 전체 수익의 36.9%를 차지합니다. 소비자, 자동차, 산업과 같은 다른 부문은 YoY 감소를 겪었습니다. GAAP 총마진은 55.3%로, 2024년 1분기 대비 20 베이시스 포인트 증가했습니다. 운영 비용은 GAAP 기준으로 $164.0M, 비-GAAP 기준으로 $111.7M입니다. 회사는 2024년 3분기 수익을 $590M-$610M으로 예상하고, GAAP 총마진은 55.2%-55.8%로 예상하고 있습니다.
MPS는 매출채권 일수와 재고일수를 줄이며 재고를 전략적으로 관리하고 있습니다. 2024년 2분기 말에 현금 및 현금성 자산은 $1.31B에 달해, 운영 현금 흐름은 $141M입니다.
Monolithic Power Systems (MPWR) a publié ses résultats financiers du Q2 2024 le 1er août 2024. Les revenus ont augmenté de 10.8% par rapport au trimestre précédent (QoQ) et de 15.0% d'une année sur l'autre (YoY) pour atteindre $507.4M. Le bénéfice net GAAP a augmenté de 8.5% QoQ à $100.4M, tandis que le bénéfice net non-GAAP a augmenté de 12.8% à $155.1M. Le BPA dilué a également augmenté pour atteindre $2.05 (GAAP) et $3.17 (non-GAAP).
Les revenus provenant des données d'entreprise ont cru de 290.0% YoY à $187.2M, représentant 36.9% des revenus totaux. D'autres secteurs tels que Consommation, Automobile et Industriel ont rencontré des baisses d'une année sur l'autre. La marge brute GAAP s'est élevée à 55.3%, en hausse de 20 points de base par rapport au Q1 2024. Les dépenses d'exploitation ont atteint $164.0M (GAAP) et $111.7M (non-GAAP). L'entreprise prévoit des revenus pour le Q3 2024 de $590M-$610M, avec une marge brute GAAP comprise entre 55.2%-55.8%.
MPS continue de gérer ses stocks de manière stratégique, en réduisant les jours de créances et les jours d'inventaire. À la fin du Q2 2024, la trésorerie et équivalents s'élevaient à $1.31B, avec un flux de trésorerie opérationnel de $141M.
Monolithic Power Systems (MPWR) hat am 1. August 2024 die finanziellen Ergebnisse Q2 2024 veröffentlicht. Der Umsatz stieg um 10.8% gegenüber dem Vorquartal (QoQ) und um 15.0% im Vergleich zum Vorjahr (YoY) auf $507.4M. Der GAAP-Nettoertrag stieg um 8.5% QoQ auf $100.4M, während das non-GAAP-Nettoergebnis um 12.8% auf $155.1M zunahm. Der verwässerte EPS stieg ebenfalls auf $2.05 (GAAP) und $3.17 (non-GAAP).
Die Einnahmen aus Unternehmensdaten wuchsen um 290.0% YoY auf $187.2M und machen 36.9% des Gesamtumsatzes aus. Andere Bereiche wie Konsumenten, Automotive und Industrie verzeichneten YoY-Rückgänge. Die GAAP-Bruttomarge betrug 55.3%, was einem Anstieg von 20 Basispunkten im Vergleich zum Q1 2024 entspricht. Die Betriebskosten lagen bei $164.0M (GAAP) und $111.7M (non-GAAP). Das Unternehmen prognostiziert für Q3 2024 einen Umsatz von $590M-$610M mit einer GAAP-Bruttomarge zwischen 55.2%-55.8%.
MPS verwaltet weiterhin strategisch die Bestände, indem es die Forderungstage und die Lagerhaltungstage reduziert. Zum Ende des Q2 2024 betrugen die liquiden Mittel und Äquivalente $1.31B, während der operative Cashflow bei $141M lag.
- Q2 2024 revenue up 10.8% QoQ and 15.0% YoY to $507.4M
- GAAP net income increased 8.5% QoQ to $100.4M
- Non-GAAP net income increased 12.8% QoQ and YoY to $155.1M
- GAAP operating margin improved by 2.1 percentage points QoQ
- Enterprise Data revenue up 290.0% YoY to $187.2M
- GAAP EPS up 8.5% YoY to $2.05, Non-GAAP EPS up 12.8% YoY to $3.17
- Revenue forecast for Q3 2024 in the range of $590M to $610M
- Cash, cash equivalents, and investments totaled $1.31B at the end of Q2 2024
- Consumer revenue down 35.3% YoY
- Automotive revenue down 16.5% YoY
- Industrial revenue down 35.0% YoY
- Communications revenue down 11.6% YoY
- Operating cash flow decreased from $248M in Q1 2024 to $141M in Q2 2024
KIRKLAND, Wash., Aug. 01, 2024 (GLOBE NEWSWIRE) -- MPS will report its results after the market closes on August 1, 2024 and host a question-and-answer webinar at 2:00 p.m. PT / 5:00 p.m. ET. The live event will be held via a Zoom webcast, which can be accessed at https://mpsic.zoom.us/j/97644523160.
| Q2 2024 Financial Summary | (Unaudited) | |||||||||||||
| GAAP | ||||||||||||||
| Q2’24 | Q1’24 | Q2’23 | QoQ Change | YoY Change | ||||||||||
| Revenue ($k) | $ | 507,431 | $ | 457,885 | $ | 441,128 | Up | Up | ||||||
| Gross Margin | 55.3 | % | 55.1 | % | 56.1 | % | Up 0.2 pts | Down 0.8 pts | ||||||
| Opex ($k) | $ | 164,042 | $ | 156,954 | $ | 135,350 | Up | Up | ||||||
| Operating Margin | 23.0 | % | 20.9 | % | 25.5 | % | Up 2.1 pts | Down 2.5 pts | ||||||
| Net income ($k) | $ | 100,366 | $ | 92,541 | $ | 99,504 | Up | Up | ||||||
| Diluted EPS | $ | 2.05 | $ | 1.89 | $ | 2.04 | Up | Up | ||||||
| Non-GAAP | ||||||||||||||
| Q2’24 | Q1’24 | Q2’23 | QoQ Change | YoY Change | ||||||||||
| Revenue ($k) | $ | 507,431 | $ | 457,885 | $ | 441,128 | Up | Up | ||||||
| Gross Margin | 55.7 | % | 55.7 | % | 56.5 | % | Flat | Down 0.8 pts | ||||||
| Opex ($k) | $ | 111,667 | $ | 103,426 | $ | 96,006 | Up | Up | ||||||
| Operating Margin | 33.7 | % | 33.1 | % | 34.7 | % | Up 0.6 pts | Down 1.0 pts | ||||||
| Net income ($k) | $ | 155,076 | $ | 137,492 | $ | 137,509 | Up | Up | ||||||
| Diluted EPS | $ | 3.17 | $ | 2.81 | $ | 2.82 | Up | Up | ||||||
| Revenue by End Market | ||||||||||||||||||||||||
| Revenue | YoY Change | % of Total Rev | ||||||||||||||||||||||
| End Market ($M) | Q2’24 | Q2’23 | $ | % | Q2’24 | Q2’23 | ||||||||||||||||||
| Enterprise Data | $ | 187.2 | $ | 48.0 | 139.2 | 290.0 | % | 36.9 | % | 10.9 | % | |||||||||||||
| Storage & Computing | 114.9 | 124.5 | (9.6 | ) | (7.7 | %) | 22.7 | 28.2 | ||||||||||||||||
| Automotive | 87.2 | 104.4 | (17.2 | ) | (16.5 | %) | 17.2 | 23.7 | ||||||||||||||||
| Communications | 43.6 | 49.3 | (5.7 | ) | (11.6 | %) | 8.5 | 11.1 | ||||||||||||||||
| Consumer | 42.2 | 65.2 | (23.0 | ) | (35.3 | %) | 8.3 | 14.8 | ||||||||||||||||
| Industrial | 32.3 | 49.7 | (17.4 | ) | (35.0 | %) | 6.4 | 11.3 | ||||||||||||||||
| Total | $ | 507.4 | $ | 441.1 | 66.3 | 15.0 | % | 100 | % | 100 | % | |||||||||||||
Ongoing Business Conditions
MPS reported record quarterly revenue with Q2 2024 revenue of
Our strong Q2 2024 revenue growth was attributed to three factors:
- Increased demand for AI power solutions,
- Stabilization and improving order trends in several of our end markets, and
- Initial revenue ramps associated with design wins secured in past years.
Separately, we continued to expand and diversify our global supply chain to ensure supply stability and capture future growth. Overall, our proven strategy remains intact, and we believe we can swiftly adapt to market changes as they occur.
“As we have emphasized for many years, our results reflect the continued success of our proven, long-term growth strategy and our transformation from being only a chip supplier to a full solutions provider,” said Michael Hsing, CEO and founder of MPS.
Revenue
MPS reported second quarter revenue of
In our Enterprise Data market, second quarter 2024 revenue of
Second quarter Consumer revenue of
Storage and Computing revenue of
Second quarter 2024 Industrial revenue of
Second quarter Automotive revenue of
Second quarter 2024 Communications revenue of
Gross Margin & Operating Income
GAAP gross margin was
Non-GAAP gross margin for the second quarter of 2024 was
Operating Expenses
Our GAAP operating expenses were
Our Non-GAAP second quarter 2024 operating expenses were approximately
The differences between non-GAAP operating expenses and GAAP operating expenses for the quarters discussed here are primarily stock compensation and related expense and deferred compensation plan expense.
For the second quarter of 2024, total stock compensation and related expenses, including approximately
The Bottom Line
Second quarter 2024 GAAP net income was
Second quarter 2024 non-GAAP net income was
There were 48.9 million fully diluted shares outstanding at the end of the second quarter of 2024.
Balance Sheet and Cash Flow
Cash, cash equivalents and investments were
Accounts receivable ended the second quarter of 2024 at
Our internal inventories at the end of the second quarter of 2024 were
We have carefully managed our internal inventories throughout the year, balancing the uncertainty in the market with being prepared to capture market upturns when they occur. Comparing current inventory levels using next quarter’s projected revenue, days of inventory decreased to 145 days at the end of the second quarter from 159 days at the end of the first quarter of 2024.
| Selected Balance Sheet and Inventory Data | (Q2’24 Unaudited) | |||||||||||||
| Q2’24 | Q1’24 | Q2’23 | ||||||||||||
| Cash, Cash Equivalents, and Investments | $ | 1,307.6 | M | $ | 1,286.9 | M | $ | 941.1 | M | |||||
| Operating Cash Flow | $ | 141.0 | M | $ | 248.0 | M | $ | 90.2 | M | |||||
| Accounts Receivable | $ | 157.9 | M | $ | 194.4 | M | $ | 169.2 | M | |||||
| Days of Sales Outstanding | 28 | Days | 39 | Days | 35 | Days | ||||||||
| Internal Inventories | $ | 426.8 | M | $ | 396.0 | M | $ | 427.4 | M | |||||
| Days of Inventory (current quarter revenue) | 171 | Days | 175 | Days | 201 | Days | ||||||||
| Days of Inventory (next quarter revenue) | 145 | Days | 159 | Days | 184 | Days | ||||||||
Q3’24 Business Outlook
For the third quarter of 2024 ending September 30, we are forecasting:
- Revenue in the range of
$590 million to$610 million . - GAAP gross margin in the range of
55.2% to55.8% . - Non-GAAP gross margin in the range of
55.5% to56.1% which excludes the impact from stock-based compensation and related expenses as well as the impact from amortization of acquisition-related intangible assets. - Total stock-based compensation and related expenses in the range of
$51.7 million to$53.7 million including approximately$1.6 million that would be charged to cost of goods sold. - GAAP operating expenses between
$160.1 million and$164.1 million . - Non-GAAP operating expenses in the range of
$118.3 million to$120.3 million . This estimate excludes stock-based compensation and related expenses. - Interest and other income in the range from
$6.1 million to$6.5 million before foreign exchange gains or losses. - Non-GAAP tax rate of
12.5% for 2024. - Fully diluted shares outstanding in the range of 48.8 to 49.2 million shares.
For further information, contact:
Bernie Blegen
Executive Vice President and Chief Financial Officer
Monolithic Power Systems, Inc.
408-826-0777
MPSInvestor.Relations@monolithicpower.com
Safe Harbor Statement
This earnings commentary contains, and statements that will be made during the accompanying webinar will contain, forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including under the “Q3’24 Business Outlook” section herein, our statement regarding our proven strategy remaining intact, and the statement regarding our ability to swiftly adapt to market change, including, among other things, (i) projected revenue, GAAP and non-GAAP gross margin, GAAP and non-GAAP operating expenses, stock-based compensation and related expenses, amortization of acquisition-related intangible assets, other income before foreign exchange gains or losses, and fully diluted shares outstanding, (ii) our outlook for the third quarter of fiscal year 2024 and the near-term, medium-term and long-term prospects of MPS, including our ability to adapt to changing market conditions, performance against our business plan, our ability to grow despite the softening in our business, our industry and the global economic environment, revenue growth in certain of our market segments, potential new business segments, our continued investment in research and development (“R&D”), expected revenue growth, customers’ acceptance of our new product offerings, the prospects of our new product development, our expectations regarding market and industry segment trends and prospects, and our projected expansion of capacity and the impact it may have on our business, (iii) our ability to penetrate new markets and expand our market share, (iv) the seasonality of our business, (v) our ability to reduce our expenses, and (vi) statements regarding the assumptions underlying or relating to any statement described in (i), (ii), (iii), (iv), or (v). These forward-looking statements are not historical facts or guarantees of future performance or events, are based on current expectations, estimates, beliefs, assumptions, goals, and objectives, and involve significant known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from the results expressed by these statements. Readers of this earnings commentary and listeners to the accompanying conference call are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. Factors that could cause actual results to differ include, but are not limited to, continued downturn in the global economy, including due to the Russia-Ukraine and Middle East conflicts, inflation, consumer sentiment and other factors; adverse events arising from orders or regulations of governmental entities, including such orders or regulations that impact our customers or suppliers, and adoption of new or amended accounting standards; adverse changes in laws and government regulations such as tariffs on imports of foreign goods, export regulations and export classifications, including in foreign countries where MPS has offices or operations; the effect of export controls, trade and economic sanctions regulations and other regulatory or contractual limitations on our ability to sell or develop our products in certain foreign markets, particularly in China; our ability to obtain governmental licenses and approvals for international trading activities or technology transfers, including export licenses; acceptance of, or demand for, our products, in particular the new products launched recently, being different than expected; our ability to increase market share in our targeted markets; difficulty in predicting or budgeting for future customer demand and channel inventories, expenses and financial contingencies (including as a result of any continuing impact from the Russia-Ukraine and Middle East conflicts); our ability to efficiently and effectively develop new products and receive a return on our R&D expense investment; our ability to attract new customers and retain existing customers; our ability to meet customer demand for our products due to constraints on our third-party suppliers’ ability to manufacture sufficient quantities of our products or otherwise; our ability to expand manufacturing capacity to support future growth; adverse changes in production and testing efficiency of our products; any political, cultural, military, regulatory, economic, foreign exchange and operational changes in China, where a significant portion of our manufacturing capacity comes from; any market disruptions or interruptions in our schedule of new product development releases; our ability to manage our inventory levels; adequate supply of our products from our third-party manufacturing partners; adverse changes or developments in the semiconductor industry generally, which is cyclical in nature, and our ability to adjust our operations to address such changes or developments; the ongoing consolidation of companies in the semiconductor industry; competition generally and the increasingly competitive nature of our industry; our ability to realize the anticipated benefits of companies and products that MPS acquires, and our ability to effectively and efficiently integrate these acquired companies and products into our operations; the risks, uncertainties and costs of litigation in which MPS is involved; the outcome of any upcoming trials, hearings, motions and appeals; the adverse impact on our financial performance if its tax and litigation provisions are inadequate; our ability to effectively manage our growth and attract and retain qualified personnel; the effect of epidemics and pandemics on the global economy and on our business; the risks associated with the financial market, economy and geopolitical uncertainties, including the collapse of certain banks in the U.S. and elsewhere and the Russia-Ukraine and Middle East conflicts; our ability to adequately remediate our material weakness; and other important risk factors identified under the caption “Risk Factors” and elsewhere in our Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10-K filed with the SEC on February 29, 2024. MPS assumes no obligation to update the information in this earnings commentary or in the accompanying webinar.
Non-GAAP Financial Measures
This CFO Commentary contains references to certain non-GAAP financial measures. Non-GAAP net income, non-GAAP net income per share, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP other income, net, non-GAAP operating income and non-GAAP income before income taxes differ from net income, net income per share, gross margin, operating expenses, other income, net, operating income and income before income taxes determined in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). Non-GAAP net income and non-GAAP net income per share exclude the effect of stock-based compensation and related expenses, which include stock-based compensation expense and employer payroll taxes in relation to the stock-based compensation, net deferred compensation plan expense, amortization of acquisition-related intangible assets and related tax effects. Non-GAAP gross margin excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense. Non-GAAP operating expenses exclude the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense. Non-GAAP operating income excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan expense. Non-GAAP other income, net excludes the effect of deferred compensation plan income. Non-GAAP income before income taxes excludes the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and net deferred compensation plan expense. Projected non-GAAP gross margin excludes the effect of stock-based compensation and related expenses, and amortization of acquisition-related intangible assets. Projected non-GAAP operating expenses exclude the effect of stock-based compensation and related expenses. These non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. A schedule reconciling non-GAAP financial measures is included at the end of this press release. MPS utilizes both GAAP and non-GAAP financial measures to assess what it believes to be its core operating performance and to evaluate and manage its internal business and assist in making financial operating decisions. MPS believes that the inclusion of non-GAAP financial measures, together with GAAP measures, provides investors with an alternative presentation useful to investors’ understanding of MPS’s core operating results and trends. Additionally, MPS believes that the inclusion of non-GAAP measures, together with GAAP measures, provides investors with an additional dimension of comparability to similar companies. However, investors should be aware that non-GAAP financial measures utilized by other companies are not likely to be comparable in most cases to the non-GAAP financial measures used by MPS.
| 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, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Net income | $ | 100,366 | $ | 99,504 | $ | 192,907 | $ | 209,306 | ||||||||
| Adjustments to reconcile net income to non-GAAP net income: | ||||||||||||||||
| Stock-based compensation and related expenses* | 52,704 | 37,992 | 104,473 | 75,001 | ||||||||||||
| Amortization of acquisition-related intangible assets | 372 | 33 | 663 | 66 | ||||||||||||
| Deferred compensation plan expense, net | 106 | 260 | 153 | 511 | ||||||||||||
| Tax effect | 1,528 | (280 | ) | (5,628 | ) | (1,367 | ) | |||||||||
| Non-GAAP net income | $ | 155,076 | $ | 137,509 | $ | 292,568 | $ | 283,517 | ||||||||
| Non-GAAP net income per share: | ||||||||||||||||
| Basic | $ | 3.19 | $ | 2.90 | $ | 6.01 | $ | 5.99 | ||||||||
| Diluted | $ | 3.17 | $ | 2.82 | $ | 5.98 | $ | 5.82 | ||||||||
| Shares used in the calculation of non-GAAP net income per share: | ||||||||||||||||
| Basic | 48,687 | 47,489 | 48,660 | 47,361 | ||||||||||||
| Diluted | 48,945 | 48,756 | 48,935 | 48,705 | ||||||||||||
| *Prior periods exclude stock-based compensation related employer payroll taxes from non-GAAP measures due to immateriality. | ||||||||||||||||
| RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN (Unaudited, in thousands) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Gross profit | $ | 280,578 | $ | 247,675 | $ | 533,019 | $ | 506,455 | ||||||||
| Gross margin | 55.3 | % | 56.1 | % | 55.2 | % | 56.8 | % | ||||||||
| Adjustments to reconcile gross profit to non-GAAP gross profit: | ||||||||||||||||
| Stock-based compensation and related expenses* | 1,635 | 1,150 | 3,535 | 2,297 | ||||||||||||
| Amortization of acquisition-related intangible assets | 339 | - | 597 | - | ||||||||||||
| Deferred compensation plan expense | 100 | 280 | 540 | 460 | ||||||||||||
| Non-GAAP gross profit | $ | 282,652 | $ | 249,105 | $ | 537,691 | $ | 509,212 | ||||||||
| Non-GAAP gross margin | 55.7 | % | 56.5 | % | 55.7 | % | 57.1 | % | ||||||||
| *Prior periods exclude stock-based compensation related employer payroll taxes from non-GAAP measures due to immateriality. | ||||||||||||||||
| RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES (Unaudited, in thousands) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Total operating expenses | $ | 164,042 | $ | 135,350 | $ | 320,996 | $ | 269,854 | ||||||||
| Adjustments to reconcile total operating expenses to non-GAAP total operating expenses: | ||||||||||||||||
| Stock-based compensation and related expenses* | (51,069 | ) | (36,842 | ) | (100,938 | ) | (72,704 | ) | ||||||||
| Amortization of acquisition-related intangible assets | (33 | ) | (33 | ) | (66 | ) | (66 | ) | ||||||||
| Deferred compensation plan expense | (1,273 | ) | (2,469 | ) | (4,899 | ) | (5,073 | ) | ||||||||
| Non-GAAP operating expenses | $ | 111,667 | $ | 96,006 | $ | 215,093 | $ | 192,011 | ||||||||
| *Prior periods exclude stock-based compensation related employer payroll taxes from non-GAAP measures due to immateriality. | ||||||||||||||||
| RECONCILIATION OF OPERATING INCOME TO NON-GAAP OPERATING INCOME (Unaudited, in thousands) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Total operating income | $ | 116,536 | $ | 112,325 | $ | 212,023 | $ | 236,601 | ||||||||
| Adjustments to reconcile total operating income to non-GAAP total operating income: | ||||||||||||||||
| Stock-based compensation and related expenses* | 52,704 | 37,992 | 104,473 | 75,001 | ||||||||||||
| Amortization of acquisition-related intangible assets | 372 | 33 | 663 | 66 | ||||||||||||
| Deferred compensation plan expense | 1,373 | 2,748 | 5,439 | 5,533 | ||||||||||||
| Non-GAAP operating income | $ | 170,985 | $ | 153,098 | $ | 322,598 | $ | 317,201 | ||||||||
| *Prior periods exclude stock-based compensation related employer payroll taxes from non-GAAP measures due to immateriality. | ||||||||||||||||
| RECONCILIATION OF OTHER INCOME, NET, TO NON-GAAP OTHER INCOME, NET (Unaudited, in thousands) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Total other income, net | $ | 7,512 | $ | 6,543 | $ | 17,052 | $ | 11,840 | ||||||||
| Adjustments to reconcile other income, net to non-GAAP other income, net: | ||||||||||||||||
| Deferred compensation plan income | (1,266 | ) | (2,488 | ) | (5,285 | ) | (5,022 | ) | ||||||||
| Non-GAAP other income, net | $ | 6,246 | $ | 4,055 | $ | 11,767 | $ | 6,818 | ||||||||
| RECONCILIATION OF INCOME BEFORE INCOME TAXES TO NON-GAAP INCOME BEFORE INCOME TAXES (Unaudited, in thousands) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Total income before income taxes | $ | 124,048 | $ | 118,868 | $ | 229,075 | $ | 248,441 | ||||||||
| Adjustments to reconcile income before income taxes to non-GAAP income before income taxes: | ||||||||||||||||
| Stock-based compensation and related expenses* | 52,704 | 37,992 | 104,473 | 75,001 | ||||||||||||
| Amortization of acquisition-related intangible assets | 372 | 33 | 663 | 66 | ||||||||||||
| Deferred compensation plan expense, net | 106 | 260 | 153 | 511 | ||||||||||||
| Non-GAAP income before income taxes | $ | 177,230 | $ | 157,153 | $ | 334,364 | $ | 324,019 | ||||||||
| *Prior periods exclude stock-based compensation related employer payroll taxes from non-GAAP measures due to immateriality. | ||||||||||||||||
| 2024 THIRD QUARTER OUTLOOK RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN (Unaudited) | ||||||||
| Three Months Ending | ||||||||
| September 30, 2024 | ||||||||
| Low | High | |||||||
| Gross margin | 55.2 | % | 55.8 | % | ||||
| Adjustment to reconcile gross margin to non-GAAP gross margin: | ||||||||
| Stock-based compensation and other expenses | 0.3 | % | 0.3 | % | ||||
| Non-GAAP gross margin | 55.5 | % | 56.1 | % | ||||
| RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES (Unaudited, in thousands) | ||||||||
| Three Months Ending | ||||||||
| September 30, 2024 | ||||||||
| Low | High | |||||||
| Operating expenses | $ | 160,100 | $ | 164,100 | ||||
| Adjustments to reconcile operating expenses to non-GAAP operating expenses: | ||||||||
| Stock-based compensation and other expenses | (41,800 | ) | (43,800 | ) | ||||
| Non-GAAP operating expenses | $ | 118,300 | $ | 120,300 | ||||
12
FAQ
When did Monolithic Power Systems report its Q2 2024 results?
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