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Press Release: Monolithic Power Systems Announces -3-

· 02/04/2021 16:39
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 $ 348,898Three Months Ended Year Ended December December 31, 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 45,763Three 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 === ====== ======== ======= ========Three Months Ended Year Ended December December 31, 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 45,763December 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 ========= =======

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

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Monolithic Power Systems, Inc.

Condensed Consolidated Statements of Operations

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SUPPLEMENTAL FINANCIAL INFORMATION

STOCK-BASED COMPENSATION EXPENSE

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RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME

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RECONCILIATION OF GROSS MARGIN TO NON-GAAP GROSS MARGIN

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February 04, 2021 16:39 ET (21:39 GMT)