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 ended March 31, 2023.
- Revenue was $451.1 million for
the quarter ended March 31, 2023, a 1.9% decrease from $460.0
million for the quarter ended December 31, 2022 and a 19.4%
increase from $377.7 million for the quarter ended March 31,
2022.
- GAAP gross margin was 57.4% for the
quarter ended March 31, 2023, compared with 57.9% for the quarter
ended March 31, 2022.
- Non-GAAP gross margin (1) was
57.7% for the quarter ended March 31, 2023, excluding the impact of
$1.1 million for stock-based compensation expense and $0.2 million
for deferred compensation plan expense, compared with 58.3% for the
quarter ended March 31, 2022, excluding the impact of $1.3 million
for stock-based compensation expense.
- GAAP operating expenses were
$134.5 million for the quarter ended March 31, 2023, compared
with $122.7 million for the quarter ended March 31, 2022.
- Non-GAAP operating expenses (1)
were $96.0 million for the quarter ended March 31, 2023,
excluding $35.9 million for stock-based compensation expense and
$2.6 million for deferred compensation plan expense, compared with
$86.6 million for the quarter ended March 31, 2022, excluding
$38.5 million for stock-based compensation expense and $2.4 million
for deferred compensation plan income.
- GAAP operating income was $124.3
million for the quarter ended March 31, 2023, compared with $96.1
million for the quarter ended March 31, 2022.
- Non-GAAP operating income (1) was
$164.1 million for the quarter ended March 31, 2023, excluding
$37.0 million for stock-based compensation expense and $2.8 million
for deferred compensation plan expense, compared with $133.6
million for the quarter ended March 31, 2022, excluding $39.8
million for stock-based compensation expense and $2.4 million for
deferred compensation plan income.
- GAAP other income, net, was $5.3
million for the quarter ended March 31, 2023, compared
with other expense, net, of $0.6 million for the quarter ended
March 31, 2022.
- Non-GAAP other income, net (1) was
$2.8 million for the quarter ended March 31, 2023, excluding
$2.5 million for deferred compensation plan income, compared with
$1.6 million for the quarter ended March 31, 2022, excluding $2.2
million for deferred compensation plan expense.
- GAAP income before income taxes was
$129.6 million for the quarter ended March 31, 2023, compared with
$95.5 million for the quarter ended March 31, 2022.
- Non-GAAP income before income taxes
(1) was $166.9 million for the quarter ended March 31, 2023,
excluding $37.0 million for stock-based compensation expense and
$0.3 million for net deferred compensation plan expense, compared
with $135.2 million for the quarter ended March 31, 2022, excluding
$39.8 million for stock-based compensation expense and $0.2 million
for net deferred compensation plan income.
- GAAP net income was $109.8 million
and $2.26 per diluted share for the quarter ended March 31, 2023.
Comparatively, GAAP net income was $79.6 million and $1.65 per
diluted share for the quarter ended March 31, 2022.
- Non-GAAP net income (1) was $146.0
million and $3.00 per diluted share for the quarter ended
March 31, 2023, excluding $37.0 million for stock-based
compensation expense, $0.3 million for net deferred compensation
plan expense and $1.1 million for related tax effects, compared
with $118.3 million and $2.45 per diluted share for the
quarter ended March 31, 2022, excluding $39.8 million for
stock-based compensation expense, $0.2 million for net deferred
compensation plan income and $1.0 million for related tax
effects.
The following is a summary of revenue by end market (in
thousands):
|
|
|
Three Months Ended March 31, |
|
End Market |
|
2023 |
|
2022 |
|
Storage and Computing |
|
$ |
119,822 |
|
$ |
96,586 |
|
Enterprise Data |
|
|
47,163 |
|
|
42,509 |
|
Automotive |
|
|
105,342 |
|
|
54,546 |
|
Industrial |
|
|
47,469 |
|
|
48,538 |
|
Communications |
|
|
67,906 |
|
|
55,574 |
|
Consumer |
|
|
63,363 |
|
|
79,961 |
|
Total |
|
$ |
451,065 |
|
$ |
377,714 |
The following is a summary of revenue by product
family (in thousands):
|
|
|
Three Months Ended March 31, |
|
Product Family |
|
2023 |
|
2022 |
|
DC to DC |
|
$ |
425,181 |
|
$ |
358,849 |
|
Lighting Control |
|
|
25,884 |
|
|
18,865 |
|
Total |
|
$ |
451,065 |
|
$ |
377,714 |
“While we remain cautious about near-term
business conditions, MPS will continue to focus on business
development and investing in infrastructure as necessary to support
our long-term growth,” said Michael Hsing, CEO and founder of
MPS.
Business Outlook
The following are MPS’s financial targets for
the second quarter ending June 30, 2023:
- Revenue in the range of
$430.0 million to $450.0 million.
- GAAP gross margin between 55.9% and
56.5%. Non-GAAP gross margin (1) between 56.2% and 56.8%, which
excludes an estimated impact of stock-based compensation expenses
of 0.3%.
- GAAP research and development
(“R&D”) and selling, general and administrative (“SG&A”)
expenses, between $132.5 million and $136.5 million.
Non-GAAP R&D and SG&A expenses (1) between $94.9 million
and $96.9 million, which excludes estimated stock-based
compensation expenses in the range of $37.6 million to $39.6
million.
- Total stock-based compensation
expenses of $38.8 million to $40.8 million.
- Interest and other income of $3.8
million to $4.2 million.
- Fully diluted shares outstanding
between 48.6 million and 49.0 million.
(1) Non-GAAP net income, non-GAAP earnings per share, non-GAAP
gross margin, non-GAAP R&D and SG&A expenses, non-GAAP
operating expenses, non-GAAP other income, net, non-GAAP operating
income and non-GAAP income before taxes differ from net income,
earnings per share, gross margin, R&D and SG&A expenses,
operating expenses, other income (expense), net, operating income
and income before taxes determined in accordance with Generally
Accepted Accounting Principles in the United States (“GAAP”).
Non-GAAP net income and non-GAAP earnings per share exclude the
effect of stock-based compensation expense, deferred compensation
plan income/expense, amortization of purchased intangible assets
and related tax effects. Non-GAAP gross margin excludes the effect
of stock-based compensation expense and deferred compensation plan
income/expense. Non-GAAP operating expenses exclude the effect of
stock-based compensation expense, amortization of purchased
intangible assets and deferred compensation plan income/expense.
Non-GAAP other income, net excludes the effect of deferred
compensation plan income/expense. Non-GAAP operating income
excludes the effect of stock-based compensation expense,
amortization of purchased intangible assets and deferred
compensation plan income/expense. Non-GAAP income before taxes
excludes the effect of stock-based compensation expense,
amortization of purchased intangible assets and deferred
compensation plan income/expense. Projected non-GAAP gross margin
excludes the effect of stock-based compensation expense. Projected
non-GAAP R&D and SG&A expenses exclude the effect of
stock-based compensation expense. 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.
Earnings WebinarMPS plans to
host a Zoom webinar covering its financial results at 2:00
p.m. PT / 5:00 p.m. ET, May 4, 2023. You can access
the webinar at: https://mpsic.zoom.us/j/92875545715. The webinar
will be archived and available for replay for one year under the
Investor Relations page on the MPS website.
Safe Harbor StatementThis press
release 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 sections “Business Outlook” and
the quote from our CEO herein, including, among other things, (i)
projected revenue, GAAP and non-GAAP gross margin, GAAP and
non-GAAP R&D and SG&A expenses, stock-based compensation
expenses, litigation expenses, interest income, and fully diluted
shares outstanding, (ii) our outlook for the second quarter of
fiscal year 2023 and the near-term,
medium-term and long-term prospects of the company,
including our 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 into 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 of 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 press release 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, adverse changes to the global
economy, including due to the Russia-Ukraine conflict and the
global economic downturn; adverse events arising from orders or
regulations of governmental entities, including such orders or
regulations that impact our customers, 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, MPS’s
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 the COVID-19
pandemic and the Russia-Ukraine conflict); 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 market disruptions or
interruptions in MPS’s 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 we acquire, 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 we are involved; the outcome of any upcoming
trials, hearings, motions and appeals; the adverse impact on MPS’s
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, such as the COVID-19 outbreak, on the global economy and
on our business; the risks associated with the financial market,
economy and geopolitical uncertainties, including the recent
banking collapse and the Russia-Ukraine conflict; and other
important risk factors identified under the caption “Risk Factors”
and elsewhere in MPS’s Securities and Exchange Commission (“SEC”)
filings, including, but not limited to, our Annual Report on Form
10-K filed with the SEC on February 24, 2023. The forward-looking
statements in this press release and statements made during the
accompanying webinar represent MPS’s projections and current
expectations, as of the date hereof, not predictions of actual
performance. MPS assumes no obligation to update the information in
this press release or in the accompanying webinar.
About Monolithic
Power SystemsMonolithic Power Systems, Inc. (“MPS”) is a
fabless company with a global footprint that provides
high-performance, semiconductor-based power electronic solutions.
MPS’s mission is to reduce energy and material consumption to
improve all aspects of quality of life. Founded in 1997 by our CEO
Michael Hsing, MPS has three core strengths: deep system-level
knowledge, strong semiconductor expertise, and innovative
proprietary technologies in the areas of semiconductor processes,
system integration, and packaging. These combined advantages enable
MPS to deliver reliable, compact, and monolithic solutions that are
highly energy-efficient and cost-effective, while providing a
consistent return on investment to our stockholders. MPS can be
contacted through its website at www.monolithicpower.com or its
support offices around the world.
Monolithic Power Systems, MPS, and the MPS logo
are registered trademarks of Monolithic Power Systems, Inc. in the
U.S. and trademarked in certain other countries.
Contact: Bernie BlegenChief Financial
OfficerMonolithic Power Systems,
Inc.408-826-0777investors@monolithicpower.com
Monolithic Power Systems,
Inc.Condensed Consolidated Balance
Sheets(Unaudited, in thousands, except par
value) |
|
March 31,2023 |
|
December 31,2022 |
|
ASSETS |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ |
488,972 |
|
|
$ |
288,607 |
|
|
Short-term investments |
|
428,598 |
|
|
|
449,266 |
|
|
Accounts receivable, net |
|
184,274 |
|
|
|
182,714 |
|
|
Inventories |
|
430,830 |
|
|
|
447,290 |
|
|
Other current assets |
|
89,955 |
|
|
|
42,742 |
|
|
Total current assets |
|
1,622,629 |
|
|
|
1,410,619 |
|
|
Property and equipment, net |
|
354,313 |
|
|
|
357,157 |
|
|
Goodwill |
|
6,571 |
|
|
|
6,571 |
|
|
Deferred tax assets, net |
|
35,571 |
|
|
|
35,252 |
|
|
Other long-term assets |
|
207,567 |
|
|
|
249,286 |
|
|
Total assets |
$ |
2,226,651 |
|
|
$ |
2,058,885 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
$ |
58,001 |
|
|
$ |
61,461 |
|
|
Accrued compensation and related benefits |
|
101,881 |
|
|
|
88,260 |
|
|
Other accrued liabilities |
|
155,961 |
|
|
|
113,679 |
|
|
Total current liabilities |
|
315,843 |
|
|
|
263,400 |
|
|
Income tax liabilities |
|
56,900 |
|
|
|
53,509 |
|
|
Other long-term liabilities |
|
77,647 |
|
|
|
73,374 |
|
|
Total liabilities |
|
450,390 |
|
|
|
390,283 |
|
|
Commitments and contingencies |
|
|
|
|
Stockholders’ equity: |
|
|
|
|
Common stock and additional paid-in capital: $0.001 par value;
shares authorized: 150,000; |
|
|
|
|
shares issued and outstanding: 47,411 and 47,107, respectively |
|
1,017,131 |
|
|
|
975,276 |
|
|
Retained earnings |
|
777,075 |
|
|
|
716,403 |
|
|
Accumulated other comprehensive loss |
|
(17,945 |
) |
|
|
(23,077 |
) |
|
Total stockholders’ equity |
|
1,776,261 |
|
|
|
1,668,602 |
|
|
Total liabilities and stockholders’ equity |
$ |
2,226,651 |
|
|
$ |
2,058,885 |
|
|
|
|
|
|
|
Monolithic Power Systems, Inc.Condensed
Consolidated Statements of Operations(Unaudited, in
thousands, except per share amounts) |
|
Three Months Ended March 31, |
|
|
2023 |
|
2022 |
|
Revenue |
$ |
451,065 |
|
|
$ |
377,714 |
|
|
Cost of revenue |
|
192,285 |
|
|
|
158,834 |
|
|
Gross profit |
|
258,780 |
|
|
|
218,880 |
|
|
Operating expenses: |
|
|
|
|
Research and development |
|
63,709 |
|
|
|
54,104 |
|
|
Selling, general and administrative |
|
70,795 |
|
|
|
68,642 |
|
|
Total operating expenses |
|
134,504 |
|
|
|
122,746 |
|
|
Operating income |
|
124,276 |
|
|
|
96,134 |
|
|
Other income (expense),
net |
|
5,297 |
|
|
|
(634 |
) |
|
Income before income
taxes |
|
129,573 |
|
|
|
95,500 |
|
|
Income tax expense |
|
19,771 |
|
|
|
15,934 |
|
|
Net income |
$ |
109,802 |
|
|
$ |
79,566 |
|
|
|
|
|
|
|
Net income per share: |
|
|
|
|
Basic |
$ |
2.32 |
|
|
$ |
1.71 |
|
|
Diluted |
$ |
2.26 |
|
|
$ |
1.65 |
|
|
Weighted-average shares
outstanding: |
|
|
|
|
Basic |
|
47,234 |
|
|
|
46,424 |
|
|
Diluted |
|
48,655 |
|
|
|
48,250 |
|
|
|
|
|
|
|
SUPPLEMENTAL FINANCIAL INFORMATION |
STOCK-BASED COMPENSATION EXPENSE |
(Unaudited, in thousands) |
|
Three Months Ended March 31, |
|
|
2023 |
|
2022 |
|
Cost of revenue |
$ |
1,147 |
|
|
$ |
1,307 |
|
|
Research and development |
|
8,614 |
|
|
|
8,401 |
|
|
Selling, general and administrative |
|
27,248 |
|
|
|
30,103 |
|
|
Total stock-based compensation expense |
$ |
37,009 |
|
|
$ |
39,811 |
|
|
|
|
|
|
|
RECONCILIATION OF NET INCOME TO NON-GAAP NET
INCOME |
(Unaudited, in thousands, except per share amounts) |
|
Three Months Ended March 31, |
|
|
2023 |
|
2022 |
|
Net income |
$ |
109,802 |
|
|
$ |
79,566 |
|
|
|
|
|
|
|
Adjustments to reconcile net income to non-GAAP net income: |
|
|
|
Stock-based compensation expense |
|
37,009 |
|
|
|
39,811 |
|
|
Amortization of purchased intangible assets |
|
33 |
|
|
|
33 |
|
|
Deferred compensation plan expense (income), net |
|
251 |
|
|
|
(173 |
) |
|
Tax effect |
|
(1,087 |
) |
|
|
(962 |
) |
|
Non-GAAP net income |
$ |
146,008 |
|
|
$ |
118,275 |
|
|
|
|
|
|
|
Non-GAAP net income per share: |
|
|
|
|
Basic |
$ |
3.09 |
|
|
$ |
2.55 |
|
|
Diluted |
$ |
3.00 |
|
|
$ |
2.45 |
|
|
|
|
|
|
|
Shares used in the calculation of non-GAAP net income per
share: |
|
|
|
Basic |
|
47,234 |
|
|
|
46,424 |
|
|
Diluted |
|
48,655 |
|
|
|
48,250 |
|
|
|
|
|
|
|
RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS
MARGIN |
(Unaudited, in thousands) |
|
Three Months Ended March 31, |
|
|
2023 |
|
2022 |
|
Gross profit |
$ |
258,780 |
|
|
$ |
218,880 |
|
|
Gross margin |
|
57.4 |
% |
|
|
57.9 |
% |
|
|
|
|
|
|
Adjustments to reconcile gross profit to non-GAAP gross
profit: |
|
|
|
Stock-based compensation expense |
|
1,147 |
|
|
|
1,307 |
|
|
Deferred compensation plan expense (income) |
|
181 |
|
|
|
(3 |
) |
|
Non-GAAP gross profit |
$ |
260,108 |
|
|
$ |
220,184 |
|
|
Non-GAAP gross margin |
|
57.7 |
% |
|
|
58.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING
EXPENSES |
(Unaudited, in thousands) |
|
Three Months Ended March 31, |
|
|
2023 |
|
2022 |
|
Total operating expenses |
$ |
134,504 |
|
|
$ |
122,746 |
|
|
|
|
|
|
|
Adjustments to reconcile total operating expenses to non-GAAP total
operating expenses: |
|
Stock-based compensation expense |
|
(35,862 |
) |
|
|
(38,504 |
) |
|
Amortization of purchased intangible assets |
|
(33 |
) |
|
|
(33 |
) |
|
Deferred compensation plan income (expense) |
|
(2,604 |
) |
|
|
2,362 |
|
|
Non-GAAP operating expenses |
$ |
96,005 |
|
|
$ |
86,571 |
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF OPERATING INCOME TO NON-GAAP OPERATING
INCOME |
(Unaudited, in thousands) |
|
Three Months Ended March 31, |
|
|
2023 |
|
2022 |
|
Total operating income |
$ |
124,276 |
|
|
$ |
96,134 |
|
|
|
|
|
|
|
Adjustments to reconcile total operating income to non-GAAP total
operating income: |
|
Stock-based compensation expense |
|
37,009 |
|
|
|
39,811 |
|
|
Amortization of purchased intangible assets |
|
33 |
|
|
|
33 |
|
|
Deferred compensation plan expense (income) |
|
2,785 |
|
|
|
(2,365 |
) |
|
Non-GAAP operating income |
$ |
164,103 |
|
|
$ |
133,613 |
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF OTHER INCOME (EXPENSE), NET, TO NON-GAAP
OTHER INCOME, NET |
(Unaudited, in thousands) |
|
Three Months Ended March 31, |
|
|
2023 |
|
2022 |
|
Total other income (expense), net |
$ |
5,297 |
|
|
$ |
(634 |
) |
|
|
|
|
|
|
Adjustments to reconcile other income (expense), net to non-GAAP
other income, net: |
|
Deferred compensation plan expense (income) |
|
(2,534 |
) |
|
|
2,192 |
|
|
Non-GAAP other income, net |
$ |
2,763 |
|
|
$ |
1,558 |
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF INCOME BEFORE INCOME TAXES TO NON-GAAP
INCOME BEFORE INCOME TAXES |
(Unaudited, in thousands) |
|
Three Months Ended March 31, |
|
|
2023 |
|
2022 |
|
Total income before income taxes |
$ |
129,573 |
|
|
$ |
95,500 |
|
|
|
|
|
|
|
Adjustments to reconcile income before income taxes to non-GAAP
income before income taxes: |
Stock-based compensation expense |
|
37,009 |
|
|
|
39,811 |
|
|
Amortization of purchased intangible assets |
|
33 |
|
|
|
33 |
|
|
Deferred compensation plan expense (income), net |
|
251 |
|
|
|
(173 |
) |
|
Non-GAAP income before income taxes |
$ |
166,866 |
|
|
$ |
135,171 |
|
|
|
|
|
|
|
2023 SECOND QUARTER OUTLOOK |
|
RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS
MARGIN |
|
(Unaudited) |
|
|
Three Months Ending |
|
|
June 30, 2023 |
|
|
Low |
|
High |
|
Gross margin |
|
55.9 |
% |
|
|
56.5 |
% |
|
Adjustment to reconcile gross margin to non-GAAP gross margin: |
|
|
|
|
Stock-based compensation expense |
|
0.3 |
% |
|
|
0.3 |
% |
|
Non-GAAP gross margin |
|
56.2 |
% |
|
|
56.8 |
% |
|
|
|
|
|
|
RECONCILIATION OF R&D AND SG&A EXPENSES TO NON-GAAP
R&D AND SG&A EXPENSES |
|
(Unaudited, in thousands) |
|
|
Three Months Ending |
|
|
June 30, 2023 |
|
|
Low |
|
High |
|
R&D and SG&A expenses |
$ |
132,500 |
|
|
$ |
136,500 |
|
|
Adjustments to reconcile R&D and SG&A expenses to non-GAAP
R&D and SG&A expenses: |
|
|
|
Stock-based compensation expense |
|
(37,600 |
) |
|
|
(39,600 |
) |
|
Non-GAAP R&D and SG&A expenses |
$ |
94,900 |
|
|
$ |
96,900 |
|
|
|
|
|
|
|
Monolithic Power Systems (NASDAQ:MPWR)
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Monolithic Power Systems (NASDAQ:MPWR)
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