KIRKLAND, Wash., Feb. 07, 2024 (GLOBE NEWSWIRE) -- Monolithic Power Systems, Inc. (“MPS”) (Nasdaq: MPWR), a fabless global company that provides high-performance, semiconductor-based power electronics solutions, today announced financial results for the quarter and year ended December 31, 2023. MPS also announced that its Board of Directors has approved an increase in the quarterly cash dividend from $1.00 per share to $1.25 per share. The first quarter dividend of $1.25 per share will be paid on April 15, 2024 to all stockholders of record as of the close of business on March 29, 2024.
The financial results for the quarter ended December 31, 2023 were as follows:
| ● | Revenue was $454.0 million for the quarter ended December 31, 2023, a 4.4% decrease from $474.9 million for the quarter ended September 30, 2023 and a 1.3% decrease from $460.0 million for the quarter ended December 31, 2022. |
| ● | GAAP gross margin was 55.3% for the quarter ended December 31, 2023, compared with 58.2% for the quarter ended December 31, 2022. |
| ● | Non-GAAP gross margin (1) was 55.7% for the quarter ended December 31, 2023, excluding the impact of $1.2 million for stock-based compensation expense and $0.5 million for deferred compensation plan expense, compared with 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. |
| ● | GAAP operating expenses were $141.6 million for the quarter ended December 31, 2023, compared with $130.9 million for the quarter ended December 31, 2022. |
| ● | Non-GAAP operating expenses (1) were $96.7 million for the quarter ended December 31, 2023, excluding $39.9 million for stock-based compensation expense and $4.9 million for deferred compensation plan expense, compared with $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. |
| ● | GAAP operating income was $109.6 million for the quarter ended December 31, 2023, compared with $136.9 million for the quarter ended December 31, 2022. |
| ● | Non-GAAP operating income (1) was $156.1 million for the quarter ended December 31, 2023, excluding $41.1 million for stock-based compensation expense and $5.4 million for deferred compensation plan expense, compared with $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. |
| ● | GAAP other income, net, was $10.0 million for the quarter ended December 31, 2023, compared with $3.9 million for the quarter ended December 31, 2022. |
| ● | Non-GAAP other income, net (1) was $4.9 million for the quarter ended December 31, 2023, excluding $5.1 million for deferred compensation plan income, compared with $1.9 million for the quarter ended December 31, 2022, excluding $2.0 million for deferred compensation plan income. |
| ● | GAAP income before income taxes was $119.5 million for the quarter ended December 31, 2023, compared with $140.8 million for the quarter ended December 31, 2022. |
| ● | Non-GAAP income before income taxes (1) was $161.0 million for the quarter ended December 31, 2023, excluding $41.1 million for stock-based compensation expense and $0.3 million for net deferred compensation plan expense, compared with $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. |
| ● | GAAP net income was $96.9 million and $1.98 per diluted share for the quarter ended December 31, 2023. Comparatively, GAAP net income was $119.1 million and $2.45 per diluted share for the quarter ended December 31, 2022. |
| ● | Non-GAAP net income (1) was $140.9 million and $2.88 per diluted share for the quarter ended December 31, 2023, excluding $41.1 million for stock-based compensation expense, $0.3 million for net deferred compensation plan expense and $2.5 million for related tax effects, compared with $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. |
The financial results for the year ended December 31, 2023 were as follows:
| ● | Revenue was $1,821.1 million for the year ended December 31, 2023, a 1.5% increase from $1,794.1 million for the year ended December 31, 2022. |
| ● | GAAP gross margin was 56.1% for the year ended December 31, 2023, compared with 58.4% for the year ended December 31, 2022. |
| ● | Non-GAAP gross margin (1) was 56.4% for the year ended December 31, 2023, excluding the impact of $4.5 million for stock-based compensation expense and $0.9 million for deferred compensation plan expense, compared with 58.7% for the year ended December 31, 2022, excluding the impact of $4.7 million for stock-based compensation expense. |
| ● | GAAP operating expenses were $539.4 million for the year ended December 31, 2023, compared with $521.8 million for the year ended December 31, 2022. |
| ● | Non-GAAP operating expenses (1) were $385.4 million for the year ended December 31, 2023, excluding $145.2 million for stock-based compensation expense, $8.7 million for deferred compensation plan expense and $0.1 million for amortization of purchased intangible assets, compared with $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. |
| ● | GAAP operating income was $481.7 million for the year ended December 31, 2023, compared with $526.8 million for the year ended December 31, 2022. |
| ● | Non-GAAP operating income (1) was $641.1 million for the year ended December 31, 2023, excluding $149.7 million for stock-based compensation expense, $9.6 million for deferred compensation plan expense and $0.1 million for amortization of purchased intangible assets, compared with $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. |
| ● | GAAP other income, net, was $24.1 million for the year ended December 31, 2023, compared with other expense, net, of $1.8 million for the year ended December 31, 2022. |
| ● | Non-GAAP other income, net (1) was $15.6 million for the year ended December 31, 2023, excluding $8.5 million for deferred compensation plan income, compared with $4.8 million for the year ended December 31, 2022, excluding $6.6 million for deferred compensation plan expense. |
| ● | GAAP income before income taxes was $505.8 million for the year ended December 31, 2023, compared with $524.9 million for the year ended December 31, 2022. |
| ● | Non-GAAP income before income taxes (1) was $656.7 million for the year ended December 31, 2023, excluding $149.7 million for stock-based compensation expense, $1.1 million for net deferred compensation plan expense and $0.1 million for amortization of purchased intangible assets, compared with $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. |
| ● | GAAP net income was $427.4 million and $8.76 per diluted share for the year ended December 31, 2023. Comparatively, GAAP net income was $437.7 million and $9.05 per diluted share for the year ended December 31, 2022. |
| ● | Non-GAAP net income (1) was $574.6 million and $11.78 per diluted share for the year ended December 31, 2023, excluding $149.7 million for stock-based compensation expense, $1.1 million for net deferred compensation plan expense, $0.1 million for amortization of purchased intangible assets and $3.6 million for related tax effects, compared with $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. |
