Monolithic Power Systems to Report Third Quarter Results on October 30, 2024
Monolithic Power Systems (MPWR) reported strong Q3 2024 results with record quarterly revenue of $620.1 million, up 22.2% QoQ and 30.6% YoY. GAAP net income reached $144.4 million ($2.95 per share), while non-GAAP net income was $198.8 million ($4.06 per share). The company saw improved ordering trends across most end markets, with notable growth in Enterprise Data (86.4% YoY), Communications (53.6% YoY), and Automotive (17.0% YoY). For Q4 2024, MPWR forecasts revenue between $600-620 million with GAAP gross margin of 55.2-55.8%.
Monolithic Power Systems (MPWR) ha riportato risultati solidi per il terzo trimestre del 2024, con un fatturato trimestrale record di 620,1 milioni di dollari, in aumento del 22,2% rispetto al trimestre precedente e del 30,6% su base annua. L'utile netto GAAP ha raggiunto 144,4 milioni di dollari (2,95 dollari per azione), mentre l'utile netto non-GAAP è stato di 198,8 milioni di dollari (4,06 dollari per azione). L'azienda ha registrato tendenze di ordinazione migliorate in gran parte dei mercati finali, con una crescita notevole nel settore Enterprise Data (86,4% su base annua), Comunicazioni (53,6% su base annua) e Automotive (17,0% su base annua). Per il quarto trimestre del 2024, MPWR prevede ricavi compresi tra 600 e 620 milioni di dollari, con un margine lordo GAAP del 55,2-55,8%.
Monolithic Power Systems (MPWR) reportó resultados sólidos para el tercer trimestre de 2024, con ingresos trimestrales récord de 620,1 millones de dólares, un aumento del 22,2% respecto al trimestre anterior y del 30,6% interanual. El ingreso neto GAAP alcanzó 144,4 millones de dólares (2,95 dólares por acción), mientras que el ingreso neto no GAAP fue de 198,8 millones de dólares (4,06 dólares por acción). La empresa vio tendencias de pedidos mejoradas en la mayoría de los mercados finales, con un crecimiento notable en Datos Empresariales (86,4% interanual), Comunicaciones (53,6% interanual) y Automotriz (17,0% interanual). Para el cuarto trimestre de 2024, MPWR pronostica ingresos entre 600 y 620 millones de dólares, con un margen bruto GAAP del 55,2-55,8%.
모노리스틱 파워 시스템즈 (MPWR)는 2024년 3분기 실적을 발표했으며, 분기 매출이 6억 201만 달러로 기록적인 수치를 달성하였고, 전 분기 대비 22.2%, 전년 대비 30.6% 증가했습니다. GAAP 순이익은 1억 444만 달러 (주당 2.95달러)에 도달했으며, 비GAAP 순이익은 1억 988만 달러 (주당 4.06달러)였습니다. 회사는 대부분의 최종 시장에서 주문 추세가 개선되었고, 특히 기업 데이터(전년 대비 86.4%), 통신(전년 대비 53.6%) 및 자동차(전년 대비 17.0%) 부문에서 두드러진 성장을 보였습니다. MPWR은 2024년 4분기 매출을 6억에서 6억 2000만 달러로 예상하며, GAAP 총이익률은 55.2-55.8%로 예상하고 있습니다.
Monolithic Power Systems (MPWR) a annoncé de solides résultats pour le troisième trimestre 2024, avec un chiffre d'affaires trimestriel record de 620,1 millions de dollars, en hausse de 22,2 % par rapport au trimestre précédent et de 30,6 % par rapport à l'année dernière. Le bénéfice net GAAP a atteint 144,4 millions de dollars (2,95 dollars par action), tandis que le bénéfice net non-GAAP s'élevait à 198,8 millions de dollars (4,06 dollars par action). L'entreprise a constaté une amélioration des tendances de commande dans la plupart des marchés finaux, avec une croissance notable dans le secteur des données d'entreprise (86,4 % en glissement annuel), des communications (53,6 % en glissement annuel) et de l'automobile (17,0 % en glissement annuel). Pour le quatrième trimestre 2024, MPWR prévoit un chiffre d'affaires compris entre 600 et 620 millions de dollars, avec une marge brute GAAP de 55,2 à 55,8 %.
Monolithic Power Systems (MPWR) berichtete über starke Ergebnisse im 3. Quartal 2024, mit einem Rekordumsatz von 620,1 Millionen US-Dollar, was einem Anstieg von 22,2% im Vergleich zum Vorquartal und 30,6% im Vergleich zum Vorjahr entspricht. Der GAAP-Nettoeinkommen erreichte 144,4 Millionen US-Dollar (2,95 US-Dollar pro Aktie), während das nicht-GAAP-Nettoeinkommen 198,8 Millionen US-Dollar (4,06 US-Dollar pro Aktie) betrug. Das Unternehmen verzeichnete verbesserte Bestelltrends in den meisten Endmärkten, mit bemerkenswertem Wachstum im Bereich Unternehmensdaten (86,4% im Vergleich zum Vorjahr), Kommunikation (53,6% im Vergleich zum Vorjahr) und Automobile (17,0% im Vergleich zum Vorjahr). Für das 4. Quartal 2024 prognostiziert MPWR einen Umsatz zwischen 600 und 620 Millionen US-Dollar bei einer GAAP-Bruttomarge von 55,2-55,8%.
- Record quarterly revenue of $620.1M, up 22.2% QoQ and 30.6% YoY
- GAAP net income increased 43.9% QoQ to $144.4M
- Strong operating cash flow of $231.7M, up from $141.0M in Q2
- Significant growth in Enterprise Data (86.4% YoY) and Communications (53.6% YoY)
- Cash and investments position strengthened to $1.46B from $1.31B in Q2
- GAAP operating margin declined 2.0 pts YoY to 26.5%
- Operating expenses increased 40.2% YoY to $179.4M
- Q4 guidance suggests potential sequential revenue decline
- Days of inventory remains elevated at 140 days
Insights
Monolithic Power Systems delivered an exceptionally strong Q3 2024 with impressive growth across key metrics. Revenue reached a record
Profitability metrics were robust, with non-GAAP net income of
The Q4 guidance suggests continued momentum, projecting revenue between
The company's market diversification strategy is proving highly effective. The standout performance in Enterprise Data, now representing
Notably, the improved inventory management, with days of inventory decreasing to 140 days from 171 days QoQ, indicates better operational efficiency while maintaining readiness for market opportunities. The company's focus on expanding its global supply chain enhances its ability to capture future growth opportunities and maintain supply stability.
KIRKLAND, Wash., Oct. 30, 2024 (GLOBE NEWSWIRE) -- MPS will report its results after the market closes on October 30, 2024 and host a question-and-answer webinar at 2:00 p.m. PT / 5:00 p.m. ET. The live event will be held via a Zoom webcast, which can be accessed at https://mpsic.zoom.us/j/99356457350.
Q3 2024 Financial Summary | (Unaudited) | |||||||||||||
GAAP | ||||||||||||||
Q3’24 | Q2’24 | Q3’23 | QoQ Change | YoY Change | ||||||||||
Revenue ($k) | Up | Up | ||||||||||||
Gross Margin | Up 0.1 pts | Down 0.1 pts | ||||||||||||
Opex ($k) | Up | Up | ||||||||||||
Operating Margin | Up 3.5 pts | Down 2.0 pts | ||||||||||||
Net income ($k) | Up | Up | ||||||||||||
Diluted EPS | Up | Up | ||||||||||||
Non-GAAP | ||||||||||||||
Q3’24 | Q2’24 | Q3’23 | QoQ Change | YoY Change | ||||||||||
Revenue ($k) | Up | Up | ||||||||||||
Gross Margin | Up 0.1 pts | Up 0.1 pts | ||||||||||||
Opex ($k) | Up | Up | ||||||||||||
Operating Margin | Up 1.9 pts | Up 0.3 pts | ||||||||||||
Net income ($k) | Up | Up | ||||||||||||
Diluted EPS | Up | Up | ||||||||||||
Revenue by End Market | ||||||||||||||
Revenue | YoY Change | % of Total Rev | ||||||||||||
End Market ($M) | Q3’24 | Q3’23 | $ | % | Q3’24 | Q3’23 | ||||||||
Enterprise Data | 85.6 | |||||||||||||
Storage & Computing | 144.0 | 129.5 | 14.5 | 23.2 | 27.3 | |||||||||
Automotive | 111.3 | 95.2 | 16.1 | 18.0 | 20.0 | |||||||||
Communications | 71.9 | 46.8 | 25.1 | 11.6 | 9.9 | |||||||||
Consumer | 64.4 | 62.4 | 2.0 | 10.4 | 13.1 | |||||||||
Industrial | 44.0 | 42.1 | 1.9 | 7.1 | 8.9 | |||||||||
Total | 145.2 | |||||||||||||
Ongoing Business Conditions
In Q3 2024, MPS achieved record quarterly revenue of
Our performance during the quarter reflected the strength of our diversified market strategy as we saw improved ordering trends across most end markets, and benefited from revenue ramps associated with design wins secured in past years.
Q3 2024 revenue highlights include:
- Automotive was up
28% sequentially across all areas including infotainment, lighting, ADAS, and body controls. - Communications was up
65% from Q2 2024 reflecting new product ramps for Wi-Fi, optical, networking, and router solutions. - Storage and Compute was up
25% sequentially on the strength of demand for DDR5 and SSD memory, and notebooks.
MPS continues to focus on innovation, solving our customers’ most challenging problems, and maintaining the highest level of quality. In addition, we continue to expand and diversify our global supply chain which will allow us to capture future growth, maintain supply stability, and swiftly adapt to market changes as they occur.
“Our results continue to demonstrate the 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 third quarter revenue of
Third quarter 2024 Communications revenue of
Third quarter Consumer revenue of
Third quarter 2024 Industrial revenue of
Third quarter Automotive revenue of
Storage and Computing revenue of
In our Enterprise Data market, third quarter 2024 revenue of
Gross Margin & Operating Income
GAAP gross margin was
Non-GAAP gross margin for the third quarter of 2024 was
Operating Expenses
Our GAAP operating expenses were
Our Non-GAAP third 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 third quarter of 2024, total stock compensation and related expenses, including approximately
The Bottom Line
Third quarter 2024 GAAP net income was
Third quarter 2024 non-GAAP net income was
There were 49.0 million fully diluted shares outstanding at the end of the third quarter of 2024.
Balance Sheet and Cash Flow
Cash, cash equivalents and short-term investments were
Accounts receivable ended the third quarter of 2024 at
Our internal inventories at the end of the third 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 at the end of the third quarter of 140 days were flat to the end of the second quarter of 2024.
Selected Balance Sheet and Inventory Data | (Unaudited) | ||||||
Q3’24 | Q2’24 | Q3’23 | |||||
Cash, Cash Equivalents, and Short-Term Investments | |||||||
Operating Cash Flow | |||||||
Accounts Receivable | |||||||
Days of Sales Outstanding | 24 Days | 28 Days | 36 Days | ||||
Internal Inventories | |||||||
Days of Inventory (current quarter revenue) | 140 Days | 171 Days | 171 Days | ||||
Days of Inventory (next quarter revenue) | 140 Days | 140 Days | 178 Days | ||||
Q4’24 Business Outlook
For the fourth quarter of 2024 ending December 31, we are forecasting:
- Revenue in the range of
$600 million to$620 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
$50.3 million to$52.3 million including approximately$1.6 million that would be charged to cost of goods sold. - GAAP operating expenses between
$170.7 million and$174.7 million . - Non-GAAP operating expenses in the range of
$122.0 million to$124.0 million . This estimate excludes stock-based compensation and related expenses in the range of$48.7 million to$50.7 million . - Interest and other income in the range from
$6.2 million to$6.6 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 “Q4’24 Business Outlook” section herein, our statement regarding our business focus, our statement regarding the expansion and diversification of our global supply chain and the quote from our CEO and founder, 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 fourth 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 uncertainties 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, and tax laws or the interpretation of same, 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 (income). Non-GAAP operating expenses exclude the effect of stock-based compensation and related expenses, amortization of acquisition-related intangible assets and deferred compensation plan income (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 (income). Non-GAAP other income, net excludes the effect of deferred compensation plan expense (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. See the GAAP to Non-GAAP reconciliations in the tables set forth below.
RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME | ||||||||||||||||
(Unaudited, in thousands, except per share amounts) | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Net income | $ | 144,430 | $ | 121,163 | $ | 337,337 | $ | 330,469 | ||||||||
Adjustments to reconcile net income to non-GAAP net income: | ||||||||||||||||
Stock-based compensation and related expenses* | 52,416 | 33,603 | 156,889 | 108,604 | ||||||||||||
Amortization of acquisition-related intangible assets | 320 | 33 | 983 | 99 | ||||||||||||
Deferred compensation plan expense, net | 141 | 256 | 294 | 767 | ||||||||||||
Tax effect | 1,479 | (4,777 | ) | (4,149 | ) | (6,144 | ) | |||||||||
Non-GAAP net income | $ | 198,786 | $ | 150,278 | $ | 491,354 | $ | 433,795 | ||||||||
Non-GAAP net income per share: | ||||||||||||||||
Basic | $ | 4.08 | $ | 3.15 | $ | 10.09 | $ | 9.13 | ||||||||
Diluted | $ | 4.06 | $ | 3.08 | $ | 10.04 | $ | 8.90 | ||||||||
Shares used in the calculation of non-GAAP net income per share: | ||||||||||||||||
Basic | 48,757 | 47,780 | 48,692 | 47,501 | ||||||||||||
Diluted | 48,964 | 48,792 | 48,945 | 48,734 | ||||||||||||
*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 September 30, | Nine Months Ended September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Gross profit | $ | 343,443 | $ | 263,541 | $ | 876,462 | $ | 769,996 | ||||||||
Gross margin | 55.4 | % | 55.5 | % | 55.3 | % | 56.3 | % | ||||||||
Adjustments to reconcile gross profit to non-GAAP gross profit: | ||||||||||||||||
Stock-based compensation and related expenses* | 1,695 | 1,020 | 5,230 | 3,317 | ||||||||||||
Amortization of acquisition-related intangible assets | 287 | - | 884 | - | ||||||||||||
Deferred compensation plan expense (income) | 543 | (75 | ) | 1,083 | 385 | |||||||||||
Non-GAAP gross profit | $ | 345,968 | $ | 264,486 | $ | 883,659 | $ | 773,698 | ||||||||
Non-GAAP gross margin | 55.8 | % | 55.7 | % | 55.7 | % | 56.6 | % | ||||||||
*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 September 30, | Nine Months Ended September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Total operating expenses | $ | 179,415 | $ | 127,975 | $ | 500,411 | $ | 397,829 | ||||||||
Adjustments to reconcile total operating expenses to non-GAAP total operating expenses: | ||||||||||||||||
Stock-based compensation and related expenses* | (50,721 | ) | (32,583 | ) | (151,659 | ) | (105,287 | ) | ||||||||
Amortization of acquisition-related intangible assets | (33 | ) | (33 | ) | (99 | ) | (99 | ) | ||||||||
Deferred compensation plan income (expense) | (3,492 | ) | 1,280 | (8,391 | ) | (3,793 | ) | |||||||||
Non-GAAP operating expenses | $ | 125,169 | $ | 96,639 | $ | 340,262 | $ | 288,650 | ||||||||
*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 September 30, | Nine Months Ended September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Total operating income | $ | 164,028 | $ | 135,566 | $ | 376,051 | $ | 372,167 | ||||||||
Adjustments to reconcile total operating income to non-GAAP total operating income: | ||||||||||||||||
Stock-based compensation and related expenses* | 52,416 | 33,603 | 156,889 | 108,604 | ||||||||||||
Amortization of acquisition-related intangible assets | 320 | 33 | 983 | 99 | ||||||||||||
Deferred compensation plan expense (income) | 4,035 | (1,355 | ) | 9,474 | 4,178 | |||||||||||
Non-GAAP operating income | $ | 220,799 | $ | 167,847 | $ | 543,397 | $ | 485,048 | ||||||||
*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 September 30, | Nine Months Ended September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Total other income, net | $ | 10,278 | $ | 2,289 | $ | 27,330 | $ | 14,129 | ||||||||
Adjustments to reconcile other income, net to non-GAAP other income, net: | ||||||||||||||||
Deferred compensation plan expense (income) | (3,895 | ) | 1,611 | (9,180 | ) | (3,411 | ) | |||||||||
Non-GAAP other income, net | $ | 6,383 | $ | 3,900 | $ | 18,150 | $ | 10,718 | ||||||||
RECONCILIATION OF INCOME BEFORE INCOME TAXES TO NON-GAAP INCOME BEFORE INCOME TAXES | ||||||||||||||||
(Unaudited, in thousands) | ||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Total income before income taxes | $ | 174,306 | $ | 137,855 | $ | 403,381 | $ | 386,296 | ||||||||
Adjustments to reconcile income before income taxes to non-GAAP income before income taxes: | ||||||||||||||||
Stock-based compensation and related expenses* | 52,416 | 33,603 | 156,889 | 108,604 | ||||||||||||
Amortization of acquisition-related intangible assets | 320 | 33 | 983 | 99 | ||||||||||||
Deferred compensation plan expense, net | 141 | 256 | 294 | 767 | ||||||||||||
Non-GAAP income before income taxes | $ | 227,183 | $ | 171,747 | $ | 561,547 | $ | 495,766 | ||||||||
*Prior periods exclude stock-based compensation related employer payroll taxes from non-GAAP measures due to immateriality.
2024 FOURTH QUARTER OUTLOOK RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN (Unaudited) | ||||||||
Three Months Ending | ||||||||
December 31, 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 | ||||||||
December 31, 2024 | ||||||||
Low | High | |||||||
Operating expenses | $ | 170,700 | $ | 174,700 | ||||
Adjustments to reconcile operating expenses to non-GAAP operating expenses: | ||||||||
Stock-based compensation and other expenses | (48,700 | ) | (50,700 | ) | ||||
Non-GAAP operating expenses | $ | 122,000 | $ | 124,000 | ||||
12
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