KIRKLAND, Wash., Feb. 08, 2023 (GLOBE NEWSWIRE) -- Monolithic Power Systems, Inc. (“MPS”) (Nasdaq: MPWR), a fabless company with a global footprint that provides high-performance, semiconductor-based power electronic solutions, today announced financial results for the quarter and year ended December 31, 2022. The Company also announced that its Board of Directors has approved an increase in the quarterly cash dividend from $0.75 per share to $1.00 per share. The first quarter dividend of $1.00 per share will be paid on April 14, 2023 to all stockholders of record as of the close of business on March 31, 2023.

The financial results for the quarter ended December 31, 2022 are as follows:

• Revenue was $460.0 million for the quarter ended December 31, 2022, a 7.1% decrease from $495.4 million for the quarter ended September 30, 2022 and a 36.7% increase from $336.5 million for the quarter ended December 31, 2021.
• GAAP gross margin was 58.2% for the quarter ended December 31, 2022, compared with 57.6% for the quarter ended December 31, 2021.
• Non-GAAP gross margin (1) was 58.5% for the quarter ended December 31, 2022, excluding the impact of $1.0 million for stock-based compensation expense and $0.1 million for deferred compensation plan expense, compared with 57.9% for the quarter ended December 31, 2021, excluding the impact of $0.9 million for stock-based compensation expense and $0.2 million for deferred compensation plan expense. 
• GAAP operating expenses were $130.9 million for the quarter ended December 31, 2022, compared with $115.3 million for the quarter ended December 31, 2021.
• Non-GAAP operating expenses (1) were $94.8 million for the quarter ended December 31, 2022, excluding $34.2 million for stock-based compensation expense and $1.9 million for deferred compensation plan expense, compared with $83.0 million for the quarter ended December 31, 2021, excluding $30.3 million for stock-based compensation expense and $2.0 million for deferred compensation plan expense.
• GAAP operating income was $136.9 million for the quarter ended December 31, 2022, compared with $78.6 million for the quarter ended December 31, 2021.
• Non-GAAP operating income (1) was $174.1 million for the quarter ended December 31, 2022, excluding $35.3 million for stock-based compensation expense and $1.9 million for deferred compensation plan expense, compared with $112.0 million for the quarter ended December 31, 2021, excluding $31.2 million for stock-based compensation expense and $2.2 million for deferred compensation plan expense.
• GAAP other income, net, was $3.9 million for the quarter ended December 31, 2022, compared with $3.4 million for the quarter ended December 31, 2021.
• Non-GAAP other income, net (1) was $1.9 million for the quarter ended December 31, 2022, excluding $2.0 million for deferred compensation plan income, compared with $1.5 million for the quarter ended December 31, 2021, excluding $1.9 million for deferred compensation plan income.
• GAAP income before income taxes was $140.8 million for the quarter ended December 31, 2022, compared with $82.0 million for the quarter ended December 31, 2021.
• Non-GAAP income before income taxes (1) was $176.0 million for the quarter ended December 31, 2022, excluding $35.3 million for stock-based compensation expense and $0.1 million for net deferred compensation plan income, compared with $113.4 million for the quarter ended December 31, 2021, excluding $31.2 million for stock-based compensation expense and $0.3 million for net deferred compensation plan expense.
• GAAP net income was $119.1 million and $2.45 per diluted share for the quarter ended December 31, 2022. Comparatively, GAAP net income was $72.7 million and $1.51 per diluted share for the quarter ended December 31, 2021.
• Non-GAAP net income (1) was $154.0 million and $3.17 per diluted share for the quarter ended December 31, 2022, excluding $35.3 million for stock-based compensation expense, $0.1 million for net deferred compensation plan income and $0.3 million for related tax effects, compared with $102.1 million and $2.12 per diluted share for the quarter ended December 31, 2021, excluding $31.2 million for stock-based compensation expense, $0.3 million for net deferred compensation plan expense and $2.1 million for related tax effects.

The financial results for the year ended December 31, 2022 are as follows:

• Revenue was $1,794.1 million for the year ended December 31, 2022, a 48.5% increase from $1,207.8 million for the year ended December 31, 2021.
• GAAP gross margin was 58.4% for the year ended December 31, 2022, compared with 56.8% for the year ended December 31, 2021.
• Non-GAAP gross margin (1) was 58.7% for the year ended December 31, 2022, excluding the impact of $4.7 million for stock-based compensation expense, compared with 57.1% for the year ended December 31, 2021, excluding the impact of $3.5 million for stock-based compensation expense and $0.3 million for deferred compensation plan expense.
• GAAP operating expenses were $521.8 million for the year ended December 31, 2022, compared with $423.0 million for the year ended December 31, 2021.
• Non-GAAP operating expenses (1) were $372.4 million for the year ended December 31, 2022, excluding $156.3 million for stock-based compensation expense, $7.1 million for deferred compensation plan income and $0.1 million for amortization of purchased intangible assets, compared with $298.2 million for the year ended December 31, 2021, excluding $119.9 million for stock-based compensation expense and $4.9 million for deferred compensation plan expense.
• GAAP operating income was $526.8 million for the year ended December 31, 2022, compared with $262.4 million for the year ended December 31, 2021.
• Non-GAAP operating income (1) was $680.9 million for the year ended December 31, 2022, excluding $161.0 million for stock-based compensation expense, $7.0 million for deferred compensation plan income and $0.1 million for amortization of purchased intangible assets, compared with $391.1 million for the year ended December 31, 2021, excluding $123.5 million for stock-based compensation expense and $5.1 million for deferred compensation plan expense.
• GAAP other expense, net, was $1.8 million for the year ended December 31, 2022, compared with other income, net, of $9.8 million for the year ended December 31, 2021.
• Non-GAAP other income, net (1) was $4.8 million for the year ended December 31, 2022, excluding $6.6 million for deferred compensation plan expense, compared with $5.2 million for the year ended December 31, 2021, excluding $4.6 million for deferred compensation plan income.
• GAAP income before income taxes was $524.9 million for the year ended December 31, 2022, compared with $272.2 million for the year ended December 31, 2021.
• Non-GAAP income before income taxes (1) was $685.7 million for the year ended December 31, 2022, excluding $161.0 million for stock-based compensation expense, $0.4 million for net deferred compensation plan income and $0.1 million for amortization of purchased intangible assets, compared with $396.3 million for the year ended December 31, 2021, excluding $123.5 million for stock-based compensation expense and $0.6 million for net deferred compensation plan expense.
• GAAP net income was $437.7 million and $9.05 per diluted share for the year ended December 31, 2022. Comparatively, GAAP net income was $242.0 million and $5.05 per diluted share for the year ended December 31, 2021.
• Non-GAAP net income (1) was $599.9 million and $12.41 per diluted share for the year ended December 31, 2022, excluding $161.0 million for stock-based compensation expense, $0.4 million for net deferred compensation plan income, $0.1 million for amortization of purchased intangible assets and $1.6 million for related tax effects, compared with $356.7 million and $7.45 per diluted share for the year ended December 31, 2021, excluding $123.5 million for stock-based compensation expense, $0.6 million for net deferred compensation plan expense and $9.4 million for related tax effects.

The following is a summary of revenue by end market (in thousands):

In the first quarter of 2022, the Company reorganized its end markets and broke out Computing and Storage into two new end markets: (i) Storage and Computing and (ii) Enterprise Data. All prior-period amounts have been restated to reflect the changes in these end markets.