Exhibit 99.1

 image01.jpg

 

 

PRESS RELEASE

 

For Immediate Release

 

 

Monolithic Power Systems Announces

Results for the Fourth Quarter and Year Ended December 31, 2020,

and an Increase in Quarterly Cash Dividend

 

KIRKLAND, WASHINGTON, February 4, 2021--

Monolithic Power Systems, Inc. (MPS) (Nasdaq: MPWR), a leading company in high performance analog solutions, today announced financial results for the quarter and year ended December 31, 2020. The Company also announced that its Board of Directors has approved an increase in the quarterly cash dividend from $0.50 per share to $0.60 per share. The first quarter dividend of $0.60 per share will be paid on April 15, 2021 to all stockholders of record as of the close of business on March 31, 2021. 

 

The financial results for the quarter ended December 31, 2020 are as follows:

 

Revenue was $233.0 million for the quarter ended December 31, 2020, a 10.2% decrease from $259.4 million for the quarter ended September 30, 2020 and a 39.8% increase from $166.7 million for the quarter ended December 31, 2019.

 

 

GAAP gross margin was 55.3% for the quarter ended December 31, 2020, compared with 55.1% for the quarter ended December 31, 2019.

 

 

Non-GAAP (1) gross margin was 55.7% for the quarter ended December 31, 2020, excluding the impact of $0.7 million for stock-based compensation expense and $0.3 million for deferred compensation plan expense, compared with 55.5% for the quarter ended December 31, 2019, excluding the impact of $0.6 million for stock-based compensation expense.

 

 

GAAP operating expenses were $88.9 million for the quarter ended December 31, 2020, compared with $61.2 million for the quarter ended December 31, 2019.

 

 

Non-GAAP (1) operating expenses were $63.6 million for the quarter ended December 31, 2020, excluding $22.3 million for stock-based compensation expense and $3.0 million for deferred compensation plan expense, compared with $41.8 million for the quarter ended December 31, 2019, excluding $18.1 million for stock-based compensation expense and $1.4 million for deferred compensation plan expense.

 

 

GAAP operating income was $40.0 million for the quarter ended December 31, 2020, compared with $30.7 million for the quarter ended December 31, 2019.

 

 

Non-GAAP (1) operating income was $66.3 million for the quarter ended December 31, 2020, excluding $23.0 million for stock-based compensation expense and $3.3 million for deferred compensation plan expense, compared with $50.8 million for the quarter ended December 31, 2019, excluding $18.7 million for stock-based compensation expense and $1.4 million for deferred compensation plan expense.

 

 

GAAP other income, net, was $4.5 million for the quarter ended December 31, 2020, compared with $2.7 million for the quarter ended December 31, 2019.

 

 

Non-GAAP (1) other income, net, was $1.3 million for the quarter ended December 31, 2020, excluding $3.2 million for deferred compensation plan income, compared with $1.6 million for the quarter ended December 31, 2019, excluding $1.2 million for deferred compensation plan income.

 

 

GAAP income before income taxes was $44.4 million for the quarter ended December 31, 2020, compared with $33.4 million for the quarter ended December 31, 2019.

 

 

Non-GAAP (1) income before income taxes was $67.6 million for the quarter ended December 31, 2020, excluding $23.0 million for stock-based compensation expense and $0.2 million for deferred compensation plan expense, compared with $52.3 million for the quarter ended December 31, 2019, excluding $18.7 million for stock-based compensation expense, and $0.2 million for deferred compensation plan expense.

 

 

 

GAAP net income was $42.9 million and $0.90 per diluted share for the quarter ended December 31, 2020. Comparatively, GAAP net income was $32.4 million and $0.70 per diluted share for the quarter ended December 31, 2019.

   

Non-GAAP (1) net income was $62.5 million and $1.31 per diluted share for the quarter ended December 31, 2020, excluding stock-based compensation expense, net deferred compensation plan expense and related tax effects, compared with non-GAAP net income of $48.4 million and $1.04 per diluted share for the quarter ended December 31, 2019, excluding stock-based compensation expense, net deferred compensation plan expense and related tax effects.

  

The financial results for the year ended December 31, 2020 are as follows:

 

Revenue was $844.5 million for the year ended December 31, 2020, a 34.5% increase from $627.9 million for the year ended December 31, 2019.

 

 

GAAP gross margin was 55.2% for the year ended December 31, 2020, compared with 55.2% for the year ended December 31, 2019.

 

 

Non-GAAP (1) gross margin was 55.6% for the year ended December 31, 2020, excluding the impact of $2.6 million for stock-based compensation expense and $0.9 million for deferred compensation plan expense, compared with 55.6% for the year ended December 31, 2019, excluding the impact of $2.4 million for stock-based compensation expense, $0.1 million for the amortization of acquisition-related intangible assets and $0.1 million for deferred compensation plan expense.

 

 

GAAP operating expenses were $307.1 million for the year ended December 31, 2020, compared with $243.8 million for the year ended December 31, 2019.

 

 

Non-GAAP (1) operating expenses were $219.4 million for the year ended December 31, 2020, excluding $83.0 million for stock-based compensation expense and $4.7 million for deferred compensation plan expense, compared with $163.5 million for the year ended December 31, 2019, excluding $76.3 million for stock-based compensation expense and $3.9 million for deferred compensation plan expense.

 

 

GAAP operating income was $158.9 million for the year ended December 31, 2020, compared with $102.6 million for the year ended December 31, 2019.

 

 

Non-GAAP (1) operating income was $250.1 million for the year ended December 31, 2020, excluding $85.6 million for stock-based compensation expense and $5.7 million for deferred compensation plan expense, compared with $185.4 million for the year ended December 31, 2019, excluding $78.7 million for stock-based compensation expense, $0.1 million for the amortization of acquisition-related intangible assets and $4.0 million for deferred compensation plan expense.

 

 

GAAP other income, net, was $10.5 million for the year ended December 31, 2020, compared with $10.6 million for the year ended December 31, 2019.

  

Non-GAAP (1) other income, net, was $5.9 million for the year ended December 31, 2020, excluding $4.6 million for deferred compensation plan income, compared with $6.8 million for the year ended December 31, 2019, excluding $3.8 million for deferred compensation plan income.

 

 

GAAP income before income taxes was $169.3 million for the year ended December 31, 2020, compared with $113.1 million for the year ended December 31, 2019.

 

 

Non-GAAP (1) income before income taxes was $256.0 million for the year ended December 31, 2020, excluding $85.6 million for stock-based compensation expense and $1.1 million for deferred compensation plan expense, compared with $192.1 million for the year ended December 31, 2019, excluding $78.7 million for stock-based compensation expense, and $0.1 million for the amortization of acquisition-related intangible assets and $$0.2 million for deferred compensation plan expense.

 

 

GAAP net income was $164.4 million and $3.50 per diluted share for the year ended December 31, 2020. Comparatively, GAAP net income was $108.8 million and $2.38 per diluted share for the year ended December 31, 2019.

 

 

 

Non-GAAP (1) net income was $236.8 million and $5.04 per diluted share for the year ended December 31, 2020, excluding stock-based compensation expense, net deferred compensation plan expense and related tax effects, compared with non-GAAP net income of $177.7 million and $3.88 per diluted share for the year ended December 31, 2019, excluding stock-based compensation expense, amortization of acquisition-related intangible assets, net deferred compensation plan expense and related tax effects.

 

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

 

   

Three Months Ended December 31,

   

Year Ended December 31,

 

End Market

 

2020

   

2019

   

2020

   

2019

 

Computing and storage

  $ 61,831     $ 55,644     $ 253,177     $ 189,215  

Automotive

    39,363       24,129       108,966       90,303  

Industrial

    37,117       26,741       119,603       99,381  

Communications

    29,656       21,866       142,326       84,794  

Consumer

    65,076       38,358       220,380       164,228  

Total

  $ 233,043     $ 166,738     $ 844,452     $ 627,921  

 

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

 

2020

   

2019

   

2020

   

2019

 

DC to DC

  $ 219,930     $ 157,525     $ 800,478     $ 589,651  

Lighting Control

    13,113       9,213       43,974       38,270  

Total

  $ 233,043     $ 166,738     $ 844,452     $ 627,921  

 

“Our performance in 2020 validated our strategy to grow through diversification and sustainability. We will continue to execute this strategy and invest in our future,” said Michael Hsing, CEO and founder of MPS.

 

Business Outlook

 

The following are MPS’ financial targets for the first quarter ending March 31, 2021:

 

 

Revenue in the range of $236 million to $248 million.

 

 

GAAP gross margin between 55.1% and 55.7%. Non-GAAP (1) gross margin between 55.4% and 56.0%, 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 $89.0 million and $93.0 million. Non-GAAP (1) R&D and SG&A expenses between $62.8 million and $64.8 million, which excludes estimated stock-based compensation expenses in the range of $26.2 million to $28.2 million.

 

 

Total stock-based compensation expense of $27.0 million to $29.0 million.

 

 

Litigation expenses ranging between $2.3 million and $2.7 million.

 

 

Interest income of $1.4 million to $1.8 million.

 

 

Fully diluted shares outstanding between 47.3 million and 48.3 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, 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, amortization of acquisition-related intangible assets, deferred compensation plan income/expense and related tax effects. Non-GAAP gross margin excludes the effect of stock-based compensation expense, amortization of acquisition-related intangible assets and deferred compensation plan income/expense. Non-GAAP operating expenses exclude the effect of stock-based compensation expense 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 acquisition-related intangible assets and deferred compensation plan income/expense. Non-GAAP income before taxes excludes the effect of stock-based compensation expense, amortization of acquisition-related 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' 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 Webinar

MPS plans to host a Zoom webinar covering its financial results at 2:00 p.m. PT / 5:00 p.m. ET, February 4, 2021. You can access the webinar, free of charge, at: https://mpsic.zoom.us/s/98817942109. The webinar will be archived and available for replay for one year under the Investor Relations page on the MPS website.

 

Safe Harbor Statement

This press release contains, and statements that will be made during the accompanying teleconference will contain, forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, including, among other things, (i) projected revenues, 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 diluted shares outstanding, (ii) our outlook for the long-term prospects of the company, including our performance against our business plan, revenue growth in certain of our market segments, our continued investment into R&D, expected revenue growth, customers' acceptance of our new product offerings, the prospects of our new product development, and our expectations regarding market and industry segment trends and prospects, (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, our ability to attract new customers and retain existing customers; acceptance of, or demand for, MPS’s products, in particular the new products launched recently, being different than expected; our ability to efficiently and effectively develop new products and receive a return on our R&D expense investment; our ability to increase market share in our targeted markets; 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; competition generally and the increasingly competitive nature of our industry; any market disruptions or interruptions in MPS’s schedule of new product development releases; adverse changes in production and testing efficiency of our products; our ability to manage our inventory levels; our ability to effectively manage our growth and attract and retain qualified personnel; 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; 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; adverse events arising from orders of governmental entities, including such orders that impact our customers, and adoption of new or amended accounting standards; the effect of epidemics and pandemics, such as the COVID-19 outbreak first identified in December 2019, on the global economy and on our business; adequate supply of our products from our third-party manufacturing partners; 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; 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; 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); 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 ongoing consolidation of companies in the semiconductor industry; and other important risk factors identified 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 28, 2020 and our quarterly report on Form 10-Q filed with the SEC on November 6, 2020. The forward-looking statements in this press release and statements made during the accompanying teleconference 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 conference call.

   

 

 

About Monolithic Power Systems

Monolithic Power Systems, Inc. (MPS) provides small, highly energy efficient, easy-to-use power solutions for systems found in industrial applications, telecom infrastructures, cloud computing, automotive, and consumer applications. MPS' mission is to reduce total energy consumption in its customers' systems with green, practical, compact solutions. The company was founded by Michael Hsing in 1997 and is based in the United States. 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 Blegen

Chief Financial Officer

Monolithic Power Systems, Inc.

408-826-0777

investors@monolithicpower.com

 

 

 

Monolithic Power Systems, Inc.

Condensed Consolidated Balance Sheets

(Unaudited, in thousands, except par value) 

 

   

December 31,

 
   

2020

   

2019

 

ASSETS

               

Current assets:

               

Cash and cash equivalents

  $ 334,944     $ 172,960  

Short-term investments

    260,169       282,437  

Accounts receivable, net

    66,843       52,704  

Inventories

    157,062       127,500  

Other current assets

    22,980       19,605  

Total current assets

    841,998       655,206  

Property and equipment, net

    281,528       228,315  

Goodwill

    6,571       6,571  

Deferred tax assets, net

    18,556       17,193  

Other long-term assets

    59,838       49,090  

Total assets

  $ 1,208,491     $ 956,375  
                 

LIABILITIES AND STOCKHOLDERS’ EQUITY

               

Current liabilities:

               

Accounts payable

  $ 38,169     $ 27,271  

Accrued compensation and related benefits

    45,840       26,164  

Other accrued liabilities

    62,960       44,790  

Total current liabilities

    146,969       98,225  

Income tax liabilities

    37,062       37,596  

Other long-term liabilities

    57,873       47,063  

Total liabilities

    241,904       182,884  

Commitments and contingencies

               

Stockholders’ equity:

               

Common stock and additional paid-in capital: $0.001 par value; shares authorized: 150,000; shares issued and outstanding: 45,267 and 43,616, respectively

    657,701       549,517  

Retained earnings

    298,746       229,450  

Accumulated other comprehensive income (loss)

    10,140       (5,476 )

Total stockholders’ equity

    966,587       773,491  

Total liabilities and stockholders’ equity

  $ 1,208,491     $ 956,375  

 

 

 

Monolithic Power Systems, Inc.

Condensed Consolidated Statements of Operations

(Unaudited, in thousands, except per share amounts)

 

   

Three Months Ended December 31,

   

Year Ended December 31,

 
   

2020

   

2019

   

2020

   

2019

 

Revenue

  $ 233,043     $ 166,738     $ 844,452     $ 627,921  

Cost of revenue

    104,169       74,802       378,498       281,596  

Gross profit

    128,874       91,936       465,954       346,325  

Operating expenses:

                               

Research and development

    42,252       27,011       137,598       107,757  

Selling, general and administrative

    45,120       33,240       161,670       133,542  

Litigation expense

    1,539       991       7,804       2,464  

Total operating expenses

    88,911       61,242       307,072       243,763  

Income from operations

    39,963       30,694       158,882       102,562  

Other income, net

    4,480       2,731       10,460       10,558  

Income before income taxes

    44,443       33,425       169,342       113,120  

Income tax expense

    1,556       989       4,967       4,281  

Net income

  $ 42,887     $ 32,436     $ 164,375     $ 108,839  
                                 

Net income per share:

                               

Basic

  $ 0.95     $ 0.75     $ 3.67     $ 2.52  

Diluted

  $ 0.90     $ 0.70     $ 3.50     $ 2.38  

Weighted-average shares outstanding:

                               

Basic

    45,148       43,496       44,840       43,165  

Diluted

    47,600       46,503       47,014       45,763  

 

 

 

SUPPLEMENTAL FINANCIAL INFORMATION

STOCK-BASED COMPENSATION EXPENSE

(Unaudited, in thousands)

 

   

Three Months Ended December 31,

   

Year Ended December 31,

 
   

2020

   

2019

   

2020

   

2019

 

Cost of revenue

  $ 686     $ 574     $ 2,592     $ 2,409  

Research and development

    5,367       4,784       20,033       19,584  

Selling, general and administrative

    16,917       13,322       62,926       56,706  

Total stock-based compensation expense

  $ 22,970     $ 18,680     $ 85,551     $ 78,699  

 

 

 

RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME

(Unaudited, in thousands, except per share amounts)

 

   

Three Months Ended December 31,

   

Year Ended December 31,

 
   

2020

   

2019

   

2020

   

2019

 

Net income

  $ 42,887     $ 32,436     $ 164,375     $ 108,839  
                                 

Adjustments to reconcile net income to non-GAAP net income:

                         

Stock-based compensation expense

    22,970       18,680       85,551       78,699  

Amortization of acquisition-related intangible assets

    -       -       -       110  

Deferred compensation plan expense

    156       235       1,057       189  

Tax effect

    (3,512 )     (2,937 )     (14,229 )     (10,128 )

Non-GAAP net income

  $ 62,501     $ 48,414     $ 236,754     $ 177,709  
                                 

Non-GAAP net income per share:

                               

Basic

  $ 1.38     $ 1.11     $ 5.28     $ 4.12  

Diluted

  $ 1.31     $ 1.04     $ 5.04     $ 3.88  
                                 

Shares used in the calculation of non-GAAP net income per share:

                               

Basic

    45,148       43,496       44,840       43,165  

Diluted

    47,600       46,503       47,014       45,763  

 

 

 

RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN

(Unaudited, in thousands)

 

   

Three Months Ended December 31,

   

Year Ended December 31,

 
   

2020

   

2019

   

2020

   

2019

 

Gross profit

  $ 128,874     $ 91,936     $ 465,954     $ 346,325  

Gross margin

    55.3 %     55.1 %     55.2 %     55.2 %
                                 

Adjustments to reconcile gross profit to non-GAAP gross profit:

                               

Stock-based compensation expense

    686       574       2,592       2,409  

Deferred compensation plan expense

    281       29       931       54  

Amortization of acquisition-related intangible assets

    -       -       -       110  

Non-GAAP gross profit

  $ 129,841     $ 92,539     $ 469,477     $ 348,898  

Non-GAAP gross margin

    55.7 %     55.5 %     55.6 %     55.6 %

 

 

RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES

(Unaudited, in thousands)

 

 

   

Three Months Ended December 31,

   

Year Ended December 31,

 
   

2020

   

2019

   

2020

   

2019

 

Total operating expenses

  $ 88,911     $ 61,242     $ 307,072     $ 243,763  
                                 

Adjustments to reconcile total operating expenses to non-GAAP total operating expenses:

                               

Stock-based compensation expense

    (22,284 )     (18,106 )     (82,959 )     (76,290 )

Deferred compensation plan expense

    (3,047 )     (1,383 )     (4,719 )     (3,941 )

Non-GAAP operating expenses

  $ 63,580     $ 41,753     $ 219,394     $ 163,532  

 

 

RECONCILIATION OF OPERATING INCOME TO NON-GAAP OPERATING INCOME

(Unaudited, in thousands)

 

   

Three Months Ended December 31,

   

Year Ended December 31,

 
   

2020

   

2019

   

2020

   

2019

 

Total operating income

  $ 39,963     $ 30,694     $ 158,882     $ 102,562  
                                 

Adjustments to reconcile total operating income to non-GAAP total operating income:

                               

Stock-based compensation expense

    22,970       18,680       85,551       78,699  

Amortization of acquisition-related intangible assets

    -       -       -       110  

Deferred compensation plan expense

    3,328       1,412       5,650       3,995  

Non-GAAP operating income

  $ 66,261     $ 50,786     $ 250,083     $ 185,366  

 

 

RECONCILIATION OF OTHER INCOME, NET, TO NON-GAAP OTHER INCOME, NET

(Unaudited, in thousands)

 

   

Three Months Ended December 31,

   

Year Ended December 31,

 
   

2020

   

2019

   

2020

   

2019

 

Total other income, net

  $ 4,480     $ 2,731     $ 10,460     $ 10,558  
                                 

Adjustments to reconcile other income, net to non-GAAP other income, net:

                               

Deferred compensation plan income

    (3,172 )     (1,176 )     (4,593 )     (3,806 )

Non-GAAP other income, net

  $ 1,308     $ 1,555     $ 5,867     $ 6,752  

 

 

RECONCILIATION OF INCOME BEFORE INCOME TAXES TO NON-GAAP INCOME BEFORE INCOME TAXES

(Unaudited, in thousands)

 

   

Three Months Ended December 31,

   

Year Ended December 31,

 
   

2020

   

2019

   

2020

   

2019

 

Total income before income taxes

  $ 44,443     $ 33,425     $ 169,342     $ 113,120  
                                 

Adjustments to reconcile income before income taxes to non-GAAP income before income taxes:

                               

Stock-based compensation expense

    22,970       18,680       85,551       78,699  

Amortization of acquisition-related intangible assets

    -       -       -       110  

Deferred compensation plan expense

    156       235       1,057       189  

Non-GAAP income before income taxes

  $ 67,569     $ 52,340     $ 255,950     $ 192,118  

 

 

 

2021 FIRST QUARTER OUTLOOK

RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN

(Unaudited)

 

   

Three Months Ending

 
   

March 31, 2021

 
   

Low

   

High

 

Gross margin

    55.1 %     55.7 %

Adjustments to reconcile gross margin to non-GAAP gross margin:

               

Stock-based compensation expense

    0.3 %     0.3 %

Non-GAAP gross margin

    55.4 %     56.0 %

 

 

RECONCILIATION OF R&D AND SG&A EXPENSES TO NON-GAAP R&D AND SG&A EXPENSES

(Unaudited, in thousands)

 

   

Three Months Ending

 
   

March 31, 2021

 
   

Low

   

High

 

R&D and SG&A expense

  $ 89,000     $ 93,000  

Adjustments to reconcile R&D and SG&A expense to non-GAAP R&D and SG&A expense:

               

Stock-based compensation expense

    (26,200 )     (28,200 )

Non-GAAP R&D and SG&A expense

  $ 62,800     $ 64,800  

 

 

 

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