SAN JOSE, Calif., Feb. 4, 2016 /PRNewswire/ -- 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,
2015.
The results for the quarter ended December 31, 2015 are as follows:
- Net revenue was $86.9 million, a
4.7% decrease from $91.2 million in
the third quarter of 2015 and a 14.8% increase from $75.7 million in the fourth quarter of 2014.
- GAAP gross margin was 54.0%, compared with 54.1% in the fourth
quarter of 2014.
- Non-GAAP gross margin(1) was 55.0%, excluding the impact of
$0.3 million for stock-based
compensation expense and $0.5 million
for the amortization of acquisition-related intangible assets,
compared with 54.9% in the fourth quarter of 2014, excluding the
impact of $0.2 million for
stock-based compensation expense and $0.4
million for the amortization of acquisition-related
intangible assets.
- GAAP operating expenses were $35.1
million, compared with $31.8
million for the quarter ended December 31, 2014.
- Non-GAAP(1) operating expenses were $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, compared with $23.3 million, excluding $8.3 million for stock-based compensation expense
and $0.2 million for deferred
compensation plan expense, for the quarter ended December 31, 2014.
- GAAP operating income was $11.8
million, compared with $9.2
million for the quarter ended December 31, 2014.
- Non-GAAP(1) operating income was $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, compared with
$18.3 million, excluding $8.6 million for stock-based compensation
expense, $0.4 million for the
amortization of acquisition-related intangible assets and
$0.1 million for deferred
compensation plan expense, for the quarter ended December 31, 2014.
- GAAP net income was $10.1 million
and GAAP earnings per share were $0.24 per diluted share. Comparatively, GAAP net
income was $8.9 million and GAAP
earnings per share were $0.22 per
diluted share for the quarter ended December
31, 2014.
- Non-GAAP(1) net income was $21.1
million and non-GAAP earnings per share were $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 and
related tax effects, compared with non-GAAP net income of
$17.2 million and non-GAAP earnings
per share of $0.43 per diluted share,
excluding stock-based compensation expense, amortization of
acquisition-related intangible assets, net deferred compensation
plan expense and related tax effects, for the quarter ended
December 31, 2014.
The results for the year ended December
31, 2015 are as follows:
- Net revenue was $333.1 million, a
17.9% increase from $282.5 million
for the year ended December 31,
2014.
- GAAP gross margin was 54.1%, compared with 54.0% for the year
ended December 31, 2014.
- Non-GAAP gross margin(1) was 55.0%, excluding the impact of
$1.2 million for stock-based
compensation expense and $1.8 million
for the amortization of acquisition-related intangible assets,
compared with 54.6% for the year ended December 31, 2014, excluding the impact of
$0.9 million for stock-based
compensation expense and $0.7 million
for the amortization of acquisition-related intangible assets.
- GAAP operating expenses were $139.1
million, compared with $117.3
million for the year ended December
31, 2014.
- Non-GAAP(1) operating expenses were $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, compared with $84.0 million, excluding $32.6 million for stock-based compensation
expense, $0.6 million for
acquisition-related transaction costs and $0.1 million for deferred compensation plan
expense, for the year ended December 31,
2014.
- GAAP operating income was $41.1
million, compared with $35.3
million for the year ended December
31, 2014.
- Non-GAAP(1) operating income was $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, compared with
$70.1 million, excluding $33.4 million for stock-based compensation
expense, $0.6 million for
acquisition-related transaction costs, $0.7
million for the amortization of acquisition-related
intangible assets and $0.1 million
for deferred compensation plan expense, for the year ended
December 31, 2014.
- GAAP net income was $35.2 million
and GAAP earnings per share were $0.86 per diluted share. Comparatively, GAAP net
income was $35.5 million and GAAP
earnings per share were $0.89 per
diluted share for the year ended December
31, 2014.
- Non-GAAP(1) net income was $77.2
million and non-GAAP earnings per share were $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 and
related tax effects, compared with non-GAAP net income of
$65.8 million and non-GAAP earnings
per share of $1.65 per diluted share,
excluding stock-based compensation expense, amortization of
acquisition-related intangible assets, acquisition-related
transaction costs, net deferred compensation plan income and
related tax effects, for the year ended December 31, 2014.
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 millions):
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
End
Market
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Communication
|
|
$ 15.8
|
|
$ 17.8
|
|
$ 65.1
|
|
$ 64.6
|
Storage and
Computing
|
|
14.6
|
|
12.0
|
|
56.6
|
|
46.1
|
Consumer
|
|
38.6
|
|
32.6
|
|
145.1
|
|
122.8
|
Industrial
|
|
17.9
|
|
13.3
|
|
66.3
|
|
49.0
|
Total
|
|
$ 86.9
|
|
$ 75.7
|
|
$ 333.1
|
|
$ 282.5
|
The following is a summary of revenue by product family for the
periods indicated (in millions):
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
Product
Family
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
DC to DC
|
|
$ 77.5
|
|
$ 67.8
|
|
$ 299.8
|
|
$ 253.1
|
Lighting
Control
|
|
9.4
|
|
7.9
|
|
33.3
|
|
29.4
|
Total
|
|
$ 86.9
|
|
$ 75.7
|
|
$ 333.1
|
|
$ 282.5
|
"In 2015, we continued to deliver," said Michael Hsing, CEO and founder of MPS. "We
have great expectations for the future."
Business Outlook
The following are MPS' financial targets for the first quarter
ending March 31, 2016:
- Revenue in the range of $81 million to
$85 million.
- GAAP gross margin between 53.5% and 54.5%. Non-GAAP(1) gross
margin between 54.5% and 55.5%. This excludes an estimated impact
of stock-based compensation expenses of 0.4% and amortization of
acquisition-related intangible assets of 0.6%.
- GAAP R&D and SG&A expenses between $36 million and $39 million. Non-GAAP(1) R&D
and SG&A expenses between $25.4 million
and $26.4 million. This excludes an estimate of stock-based
compensation expenses in the range of $10.6
million to $12.6 million.
- Total stock-based compensation expense of $11 million to $13 million.
- Litigation expenses of $150,000 to
$250,000.
- Other income of $200,000 to
$300,000 before foreign exchange gains or losses.
- Fully diluted shares outstanding between 41.2 million and
42.2 million before shares buyback.
(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 and non-GAAP operating income differ from net
income, earnings per share, gross margin, R&D and SG&A
expenses, operating expenses and operating income determined in
accordance with GAAP (Generally Accepted Accounting Principles in
the United States). Non-GAAP net
income and non-GAAP earnings per share exclude the effect of
stock-based compensation expense, amortization of
acquisition-related intangible assets, acquisition-related
transaction costs, deferred compensation plan income/expense,
change in fair value of contingent consideration and related tax
effects. Non-GAAP gross margin exclude the effect of stock-based
compensation expense and amortization of acquisition-related
intangible assets. Non-GAAP operating expenses exclude the effect
of stock-based compensation expense, acquisition-related
transaction costs, deferred compensation plan income/expense and
change in fair value of contingent consideration. Non-GAAP
operating income excludes the effect of stock-based compensation
expense, amortization of acquisition-related intangible assets,
acquisition-related transaction costs, deferred compensation plan
income/expense and change in fair value of contingent
consideration. Projected non-GAAP gross margin excludes the effect
of stock-based compensation expense and amortization of
acquisition-related intangible assets. 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.
Conference Call
MPS plans to conduct an investor
teleconference covering its quarter and year ended December 31, 2015 results at 2:00 p.m. PT / 5:00 p.m.
ET, February 4, 2016. To
access the conference call and the following replay of the
conference call, go to http://ir.monolithicpower.com and click
on the webcast link. From this site, you can listen to the
teleconference, assuming that your computer system is configured
properly. In addition to the webcast replay, which will be archived
for all investors for one year on the MPS website, a phone replay
will be available for seven days after the live call at (404)
537-3406, code number 26447652. This press release and any other
information related to the call will also be posted on the
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, amortization of
acquisition-related intangible assets, litigation expenses, other
income and diluted shares outstanding for the quarter ending
March 31, 2016, (ii) our outlook for
the long-term prospects of the company, including our performance
against our business plan, expected revenue growth and the
prospects of our new product families, (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' products, in particular the new products launched within
the past 18 months, being different than expected; competition
generally and the increasingly competitive nature of our industry;
any market disruptions or interruptions in MPS' schedule of new
product release development; adverse changes in production and
testing efficiency of our products; 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; our ability to manage
our inventory levels; adverse changes in government regulations in
foreign countries where MPS has offices or operations; the effect
of catastrophic events; 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' financial performance if its tax and litigation provisions
are inadequate; adverse changes or developments in the
semiconductor industry generally, which is cyclical in nature;
difficulty in predicting or budgeting for future customer demand
and channel inventories, expenses and financial contingencies; and
other important risk factors identified in MPS' Securities and
Exchange Commission (SEC) filings, including, but not limited to,
its annual report on Form 10-K filed with the SEC on March 2, 2015 and quarterly report on Form 10-Q
filed with the SEC on October 28,
2015.
The forward-looking statements in this press release represent
MPS' 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 R. Hsing in 1997 and is headquartered in
San Jose, CA. 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.
Condensed
Consolidated Balance Sheets
|
(Unaudited, in
thousands, except par value)
|
|
|
December
31,
|
|
2015
|
|
2014
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
90,860
|
|
$
126,266
|
Short-term
investments
|
144,103
|
|
112,452
|
Accounts receivable,
net
|
30,830
|
|
25,630
|
Inventories
|
63,209
|
|
40,918
|
Prepaid expenses and
other current assets
|
2,926
|
|
2,646
|
Total current
assets
|
331,928
|
|
307,912
|
Property and
equipment, net
|
65,359
|
|
62,942
|
Long-term
investments
|
5,361
|
|
5,389
|
Goodwill
|
6,571
|
|
6,571
|
Acquisition-related
intangible assets, net
|
5,053
|
|
6,812
|
Deferred tax assets,
net
|
672
|
|
1,283
|
Other long-term
assets
|
16,341
|
|
8,457
|
Total
assets
|
$
431,285
|
|
$
399,366
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
13,487
|
|
$
13,138
|
Accrued compensation
and related benefits
|
9,812
|
|
9,020
|
Accrued
liabilities
|
19,984
|
|
14,703
|
Total current
liabilities
|
43,283
|
|
36,861
|
Deferred tax and
other tax liabilities
|
2,941
|
|
5,876
|
Other long-term
liabilities
|
16,545
|
|
10,204
|
Total
liabilities
|
62,769
|
|
52,941
|
Stockholders'
equity:
|
|
|
|
Common stock, $0.001
par value; shares authorized: 150,000; shares issued and
outstanding: 39,689 and 38,832 as of December 31, 2015 and
December 31, 2014, respectively
|
265,763
|
|
240,500
|
Retained
earnings
|
101,287
|
|
100,114
|
Accumulated other
comprehensive income
|
1,466
|
|
5,811
|
Total stockholders'
equity
|
368,516
|
|
346,425
|
Total liabilities and
stockholders' equity
|
$
431,285
|
|
$
399,366
|
Condensed
Consolidated Statements of Operations
|
(Unaudited, in
thousands, except per share amounts)
|
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Revenue
|
$ 86,918
|
|
$ 75,703
|
|
$ 333,067
|
|
$ 282,535
|
Cost of
revenue
|
40,001
|
|
34,744
|
|
152,898
|
|
129,917
|
Gross
profit
|
46,917
|
|
40,959
|
|
180,169
|
|
152,618
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development
|
16,734
|
|
14,941
|
|
65,787
|
|
58,590
|
Selling,
general and administrative
|
18,107
|
|
16,787
|
|
72,312
|
|
66,755
|
Litigation
expense (benefit), net
|
283
|
|
66
|
|
1,000
|
|
(8,027)
|
Total operating
expenses
|
35,124
|
|
31,794
|
|
139,099
|
|
117,318
|
Income from
operations
|
11,793
|
|
9,165
|
|
41,070
|
|
35,300
|
Interest and other
income, net
|
550
|
|
407
|
|
1,421
|
|
1,092
|
Income before income
taxes
|
12,343
|
|
9,572
|
|
42,491
|
|
36,392
|
Income tax
provision
|
2,233
|
|
712
|
|
7,319
|
|
897
|
Net income
|
$ 10,110
|
|
$ 8,860
|
|
$ 35,172
|
|
$ 35,495
|
|
|
|
|
|
|
|
|
Net income per share:
|
|
|
|
|
|
|
|
Basic
|
$ 0.26
|
|
$ 0.23
|
|
$ 0.89
|
|
$ 0.92
|
Diluted
|
$ 0.24
|
|
$ 0.22
|
|
$ 0.86
|
|
$ 0.89
|
Weighted-average
shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
39,615
|
|
38,807
|
|
39,470
|
|
38,686
|
Diluted
|
41,445
|
|
40,321
|
|
40,869
|
|
39,793
|
|
|
|
|
|
|
|
|
Cash dividends
declared per common share
|
$ 0.20
|
|
$ 0.15
|
|
$ 0.80
|
|
$ 0.45
|
SUPPLEMENTAL
FINANCIAL INFORMATION
|
STOCK-BASED
COMPENSATION EXPENSE
|
(Unaudited, in
thousands)
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Cost of
revenue
|
$
336
|
|
$
234
|
|
$
1,166
|
|
$
903
|
Research and
development
|
3,102
|
|
2,381
|
|
11,156
|
|
9,019
|
Selling, general and
administrative
|
8,934
|
|
5,967
|
|
29,241
|
|
23,532
|
Total stock-based
compensation expense
|
$
12,372
|
|
$
8,582
|
|
$
41,563
|
|
$
33,454
|
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,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Net income
|
$
10,110
|
|
$
8,860
|
|
$
35,172
|
|
$
35,495
|
Net
income as a percentage of revenue
|
11.6%
|
|
11.7%
|
|
10.6%
|
|
12.6%
|
|
|
|
|
|
|
|
|
Adjustments to
reconcile net income to non-GAAP net income:
|
|
|
|
|
|
|
|
Stock-based compensation expense
|
12,372
|
|
8,582
|
|
41,563
|
|
33,454
|
Change in fair value of contingent consideration
|
(2,507)
|
|
-
|
|
(2,507)
|
|
-
|
Amortization of acquisition-related intangible assets
|
512
|
|
367
|
|
1,759
|
|
672
|
Acquisition-related transaction costs
|
-
|
|
-
|
|
-
|
|
622
|
Deferred compensation plan expense (income)
|
98
|
|
56
|
|
175
|
|
(53)
|
Tax effect
|
522
|
|
(681)
|
|
1,058
|
|
(4,435)
|
Non-GAAP net income
|
$
21,107
|
|
$
17,184
|
|
$
77,220
|
|
$
65,755
|
Non-GAAP
net income as a percentage of revenue
|
24.3%
|
|
22.7%
|
|
23.2%
|
|
23.3%
|
|
|
|
|
|
|
|
|
Non-GAAP net income
per share:
|
|
|
|
|
|
|
|
Basic
|
$
0.53
|
|
$
0.44
|
|
$
1.96
|
|
$
1.70
|
Diluted
|
$
0.51
|
|
$
0.43
|
|
$
1.89
|
|
$
1.65
|
|
|
|
|
|
|
|
|
Shares used in the
calculation of non-GAAP net income per share:
|
|
|
|
|
|
|
|
Basic
|
39,615
|
|
38,807
|
|
39,470
|
|
38,686
|
Diluted
|
41,445
|
|
40,321
|
|
40,869
|
|
39,793
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
GROSS MARGIN TO NON-GAAP GROSS MARGIN
|
(Unaudited, in
thousands)
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Gross
profit
|
$
46,917
|
|
$
40,959
|
|
$
180,169
|
|
$
152,618
|
Gross
margin
|
54.0%
|
|
54.1%
|
|
54.1%
|
|
54.0%
|
|
|
|
|
|
|
|
|
Adjustments to
reconcile gross profit to non-GAAP gross profit:
|
|
|
|
|
|
|
|
Stock-based compensation expense
|
336
|
|
234
|
|
1,166
|
|
903
|
Amortization of acquisition-related intangible assets
|
512
|
|
367
|
|
1,759
|
|
672
|
Non-GAAP gross
profit
|
$
47,765
|
|
$
41,560
|
|
$
183,094
|
|
$
154,193
|
Non-GAAP gross
margin
|
55.0%
|
|
54.9%
|
|
55.0%
|
|
54.6%
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
|
(Unaudited, in
thousands)
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Total operating
expenses
|
$
35,124
|
|
$
31,794
|
|
$
139,099
|
|
$
117,318
|
|
|
|
|
|
|
|
|
Adjustments to
reconcile total operating expenses to non-GAAP total operating
expenses:
|
|
|
|
|
Stock-based compensation expense
|
(12,036)
|
|
(8,348)
|
|
(40,397)
|
|
(32,551)
|
Change in fair value of contingent consideration
|
2,507
|
|
-
|
|
2,507
|
|
-
|
Acquisition-related transaction costs
|
-
|
|
-
|
|
-
|
|
(622)
|
Deferred compensation plan (expense) income
|
(290)
|
|
(175)
|
|
200
|
|
(66)
|
Non-GAAP operating
expenses
|
$
25,305
|
|
$
23,271
|
|
$
101,409
|
|
$
84,079
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF
OPERATING INCOME TO NON-GAAP OPERATING INCOME
|
(Unaudited, in
thousands)
|
|
Three Months Ended
December 31,
|
|
Year Ended
December 31,
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
Total operating
income
|
$
11,793
|
|
$
9,165
|
|
$
41,070
|
|
$
35,300
|
Operating income as a percentage of revenue
|
13.6%
|
|
12.1%
|
|
12.3%
|
|
12.5%
|
|
|
|
|
|
|
|
|
Adjustments to
reconcile total operating income to non-GAAP total operating
income:
|
|
|
|
|
|
|
Stock-based compensation expense
|
12,372
|
|
8,582
|
|
41,563
|
|
33,454
|
Change in fair value of contingent consideration
|
(2,507)
|
|
-
|
|
(2,507)
|
|
-
|
Amortization of acquisition-related intangible assets
|
512
|
|
367
|
|
1,759
|
|
672
|
Acquisition-related transaction costs
|
-
|
|
-
|
|
-
|
|
622
|
Deferred compensation plan expense (income)
|
290
|
|
175
|
|
(200)
|
|
66
|
Non-GAAP operating income
|
$
22,460
|
|
$
18,289
|
|
$
81,685
|
|
$
70,114
|
Non-GAAP operating
income as a percentage of revenue
|
25.8%
|
|
24.2%
|
|
24.5%
|
|
24.8%
|
2016 FIRST QUARTER
OUTLOOK
|
RECONCILIATION OF
GROSS MARGIN TO NON-GAAP GROSS MARGIN
|
(Unaudited)
|
|
Three Months
Ending
|
|
March 31,
2016
|
|
Low
|
|
High
|
Gross
margin
|
53.5%
|
|
54.5%
|
Adjustments to
reconcile gross margin to non-GAAP gross margin:
|
|
|
|
Stock-based compensation expense
|
0.4%
|
|
0.4%
|
Amortization of acquisition-related intangible assets
|
0.6%
|
|
0.6%
|
Non-GAAP gross
margin
|
54.5%
|
|
55.5%
|
|
|
|
|
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,
2016
|
|
Low
|
|
High
|
R&D and SG&A
expense
|
$ 36,000
|
|
$ 39,000
|
Adjustments to
reconcile R&D and SG&A expense to non-GAAP R&D and
SG&A expense:
|
|
|
|
Stock-based compensation expense
|
(10,600)
|
|
(12,600)
|
Non-GAAP R&D and
SG&A expense
|
$ 25,400
|
|
$ 26,400
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/monolithic-power-systems-announces-results-for-the-fourth-quarter-and-year-ended-december-31-2015-300215564.html
SOURCE Monolithic Power Systems, Inc.