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Monolithic Power Systems Announces Results for the Fourth Quarter and Year Ended December 31, 2016

SAN JOSE, Calif., Feb. 09, 2017 (GLOBE NEWSWIRE) -- Monolithic Power Systems, Inc. (MPS) (Nasdaq:MPWR), a leading company in high performance power solutions, today announced financial results for the quarter and year ended December 31, 2016.

The results for the quarter ended December 31, 2016 are as follows:

  • Revenue was $103.6 million, a 2.7% decrease from $106.5 million in the third quarter of 2016 and a 19.2% increase from $86.9 million in the fourth quarter of 2015.
  • GAAP gross margin was 54.5%, compared with 54.0% in the fourth quarter of 2015.
  • Non-GAAP gross margin(1) was 55.4%, excluding the impact of $0.4 million for stock-based compensation expense and $0.5 million for the amortization of acquisition-related intangible assets, compared with 55.0% in the fourth quarter of 2015, excluding the impact of $0.3 million for stock-based compensation expense and $0.5 million for the amortization of acquisition-related intangible assets.
  • GAAP operating expenses were $39.0 million, compared with $35.1 million for the quarter ended December 31, 2015.
  • Non-GAAP(1) operating expenses were $28.4 million, excluding $10.4 million for stock-based compensation expense and $0.2 million for deferred compensation plan expense, compared with $25.3 million, excluding $12.0 million for stock-based compensation expense, $0.3 million for deferred compensation plan expense and a credit of $2.5 million related to the change in fair value of contingent consideration for a completed acquisition, for the quarter ended December 31, 2015.
  • GAAP operating income was $17.5 million, compared with $11.8 million for the quarter ended December 31, 2015.
  • Non-GAAP(1) operating income was $29.0 million, excluding $10.8 million for stock-based compensation expense, $0.5 million for the amortization of acquisition-related intangible assets and $0.2 million for deferred compensation plan expense, compared with $22.5 million, excluding $12.4 million for stock-based compensation expense, $0.5 million for the amortization of acquisition-related intangible assets, $0.3 million for deferred compensation plan expense and a credit of $2.5 million related to the change in fair value of contingent consideration for a completed acquisition, for the quarter ended December 31, 2015.
  • GAAP interest and other income, net was $0.9 million, compared with $0.6 million for the quarter ended December 31, 2015.
  • Non-GAAP(1) interest and other income, net was $0.7 million, excluding $0.2 million for deferred compensation plan income, compared with $0.4 million, excluding $0.2 million for deferred compensation plan income, for the quarter ended December 31, 2015.
  • GAAP net income was $16.6 million and GAAP earnings per share were $0.39 per diluted share. Comparatively, GAAP net income was $10.1 million and GAAP earnings per share were $0.24 per diluted share for the quarter ended December 31, 2015.
  • Non-GAAP(1) net income was $27.5 million and non-GAAP earnings per share were $0.65 per diluted share, excluding stock-based compensation expense, amortization of acquisition-related intangible assets, net deferred compensation plan expense and related tax effects, compared with non-GAAP net income of $21.1 million and non-GAAP earnings per share of $0.51 per diluted share, excluding stock-based compensation expense, amortization of acquisition-related intangible assets, net deferred compensation plan expense, a credit related to the change in fair value of contingent consideration for a completed acquisition and related tax effects, for the quarter ended December 31, 2015.

The results for the year ended December 31, 2016 are as follows:

  • Revenue was $388.7 million, a 16.7% increase from $333.1 million for the year ended December 31, 2015.
  • GAAP gross margin was 54.3%, compared with 54.1% for the year ended December 31, 2015.
  • Non-GAAP gross margin(1) was 55.2%, excluding the impact of $1.6 million for stock-based compensation expense and $2.1 million for the amortization of acquisition-related intangible assets, compared with 55.0% for the year ended December 31, 2015, excluding the impact of $1.2 million for stock-based compensation expense and $1.8 million for the amortization of acquisition-related intangible assets.
  • GAAP operating expenses were $156.4 million, compared with $139.1 million for the year ended December 31, 2015.
  • Non-GAAP(1) operating expenses were $111.9 million, excluding $43.4 million for stock-based compensation expense and $1.1 million for deferred compensation plan expense, compared with $101.4 million, excluding $40.4 million for stock-based compensation expense, $0.2 million for deferred compensation plan income and a credit of $2.5 million related to the change in fair value of contingent consideration for a completed acquisition, for the year ended December 31, 2015.
  • GAAP operating income was $54.4 million, compared with $41.1 million for the year ended December 31, 2015.
  • Non-GAAP(1) operating income was $102.6 million, excluding $45.0 million for stock-based compensation expense, $2.1 million for the amortization of acquisition-related intangible assets and $1.1 million for deferred compensation plan expense, compared with $81.7 million, excluding $41.6 million for stock-based compensation expense, $1.8 million for the amortization of acquisition-related intangible assets, $0.2 million for deferred compensation plan income and a credit of $2.5 million related to the change in fair value of contingent consideration for a completed acquisition, for the year ended December 31, 2015.
  • GAAP interest and other income, net was $2.8 million, compared with $1.4 million for the year ended December 31, 2015.
  • Non-GAAP(1) interest and other income, net was $1.6 million, excluding $1.2 million for deferred compensation plan income, compared with $1.8 million, excluding $0.4 million for deferred compensation plan expense, for the year ended December 31, 2015.
  • GAAP net income was $52.7 million and GAAP earnings per share were $1.26 per diluted share. Comparatively, GAAP net income was $35.2 million and GAAP earnings per share were $0.86 per diluted share for the year ended December 31, 2015.
  • Non-GAAP(1) net income was $96.3 million and non-GAAP earnings per share were $2.30 per diluted share, excluding stock-based compensation expense, amortization of acquisition-related intangible assets, net deferred compensation plan income and related tax effects, compared with non-GAAP net income of $77.2 million and non-GAAP earnings per share of $1.89 per diluted share, excluding stock-based compensation expense, amortization of acquisition-related intangible assets, net deferred compensation plan expense, a credit related to the change in fair value of contingent consideration for a completed acquisition and related tax effects, for the year ended December 31, 2015.

The following is a summary of revenue by end market for the periods indicated, estimated based on MPS's assessment of available end market data (in thousands):

Three Months Ended December 31, Year Ended December 31,
End Market 2016 2015 2016 2015
Consumer $ 37,970 $ 38,594 $ 153,732 $ 145,090
Industrial 25,190 17,928 89,639 66,343
Storage and computing 23,405 14,552 80,562 56,568
Communications 17,053 15,844 64,732 65,066
Total $ 103,618 $ 86,918 $ 388,665 $ 333,067

The following is a summary of revenue by product family for the periods indicated (in thousands):

...
Three Months Ended December 31, Year Ended December 31,
Product Family 2016 2015 2016 2015

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