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Dec 31, 2020
Monolithic Power Q4 2020 Earnings Report
Monolithic Power Systems reported an increase in revenue and net income for Q4 2020.
Key Takeaways
Monolithic Power Systems (MPS) announced financial results for the quarter and year ended December 31, 2020. Revenue for Q4 2020 was $233.0 million, a 39.8% increase compared to Q4 2019. GAAP net income was $42.9 million, or $0.90 per diluted share, compared to $32.4 million, or $0.70 per diluted share, for Q4 2019.
Revenue was $233.0 million, up 39.8% year-over-year.
GAAP gross margin was 55.3%, compared to 55.1% for the same quarter last year.
GAAP operating income was $40.0 million, compared to $30.7 million for the same quarter last year.
GAAP net income was $42.9 million, or $0.90 per diluted share, compared to $32.4 million, or $0.70 per diluted share, for the same quarter last year.
Forward Guidance
MPS provided financial targets for the first quarter ending March 31, 2021, including revenue in the range of $236 million to $248 million and GAAP gross margin between 55.1% and 55.7%.
Positive Outlook
- Revenue in the range of $236 million to $248 million.
- GAAP gross margin between 55.1% and 55.7%.
- Non-GAAP 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.
- Interest income of $1.4 million to $1.8 million.
Challenges Ahead
- Non-GAAP 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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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